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, 2020
| ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders follows:
JUNE 30, 2020
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.
August 2020
As a valued variable annuity owner 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, 2020. Please note that portfolio performance does not take into account the fees charged by the annuity contract. 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.
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
| | | | |
Mutual of America Life Insurance Company | | 320 Park Avenue, New York, NY 10022-6839 | | mutualofamerica.com |
JUNE 30, 2020
Semi-Annual Reports of Mutual of America Investment Corporation Funds
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.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Mutual of America. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from Mutual of America electronically by signing up for the eDocuments program. You can sign up for eDocuments by completing the Consent Agreement located on the Mutual of America website and indicating your consent to receive documents through the Mutual of America website.
You may elect to receive all future reports in paper free of charge. You can inform us that you wish to continue receiving paper copies of your shareholder reports by writing to us at 320 Park Avenue, New York, New York 10022, by calling 1-800-574-9267, or by sending an email to mutualofamerica@dfinsolutions.com. Your election to receive reports in paper will apply to all of the Funds.
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, 2020.
During the first half of 2020 (as measured through June 30, 2020), the S&P 500® Index (S&P 500) declined 3.1%. This was a result of two very different market environments. In the first three months, the S&P 500 was down 19.6%, and in the last three months, it appreciated 20.5%, which was its best quarterly performance since the fourth quarter of 1998. Most other equity indexes — both domestic and around the world — also posted losses. U.S. small cap stocks as measured by the Russell 2000 retreated 13.0%. Internationally, the MSCI EAFE (International Developed Markets Stocks) and MSCI EM (Emerging Markets Stocks) returned -11.3% and -9.8%, respectively.
Bond prices, as measured by the Bloomberg Barclays US Aggregate Bond Index, advanced 6.1%. However, rising bond prices, which translate into falling yields, are generally indicative of rising concern that the economy is slowing and perhaps heading toward recession. The yield on the benchmark 10-year Treasury note started the year at 1.92% and dropped 126 basis points to end the second quarter at 0.66%.
The first six months of this year proved to be a period of unimaginable events and surprises. The Great Lockdown likely tipped the world into its deepest economic contraction since the Great Depression. The Coronavirus has caused a devasting loss of life throughout the world, including the deaths of more than 158,000 Americans through August 3, 2020.1 Since March 21, 2020, 54 million initial jobless claims have been filed, and the stock market experienced its quickest decline on record. However, as astonishing as the global pandemic and its economic impact have been, the resilience of the American people and the rapid recovery of the financial markets are just as remarkable.
Global stimulus has been massive
The efforts by the Fed and other central banks around the world to provide liquidity to their countries’ economies through direct intervention in credit markets are unprecedented. To date, the U.S. Government has allocated $9.5 trillion in fiscal and monetary stimulus, accounting for approximately 44.4% of its Gross Domestic Product (GDP). Globally, $23.0 trillion of stimulus has been provided, including the commitment by the U.S., with much of the rest coming from the Eurozone and Japan.
The fiscal and monetary support are the driving forces allowing financial markets to stabilize and equity markets to experience a dramatic recovery. Given that the second-quarter GDP came in at -32.9%, which is the sharpest downturn on record, there is likely to be more fiscal stimulus in the coming months. To that end, as the Fed previously stated, it is committed to doing whatever it takes to revive the economy.
Unemployment is high, but better than expected
America’s labor market, measured by the nonfarm payroll report, unexpectedly rebounded in May by adding 2.5 million jobs. June was another strong month, adding another 4.8 million nonfarm payroll jobs. The bounce-back signals the economy is picking up faster than anticipated in response to the damage caused by stay-at-home orders initiated by almost every state in March and April.
While the markets continued to rally on this fast turnaround in hiring, particularly among furloughed workers, some economists have questioned the reliability of these numbers as the unemployment status for many workers is changing rapidly. We think it would be prudent to observe more data points in the coming months before affirming a downward trend in unemployment rates. Moreover, an unemployment level of 11.1% is still extremely high and could take years to return to pre-pandemic levels — in fact, it is roughly double what the nation experienced during the entire financial crisis from 2007 to 2009.
Complicating the landscape even more is the increase in unemployment benefits of $600 a week that was approved by Congress with bipartisan support in late March and ended on July 31. Congress came up with the $600 figure because that amount, together with state benefits, added up to the average weekly wage; therefore, workers would earn their full paycheck while being temporarily laid off. However, job losses have been concentrated among workers who make below-average wages. As a result, about two-thirds of those eligible are collecting more in the enhanced benefits than they earned while working, according to a study by University of Chicago economists. Many argue that this is a disincentive for unemployed workers to return to work. Nonetheless, it is likely that some amount of increase in unemployment benefits will be part of the next round of fiscal stimulus being negotiated by the Administration with Congress.
| 1 | Centers for Disease Control and Prevention (CDC). |
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Outlook
While some forecasters predict that the economic bottom in the U.S. is near, few expect the economy to snap back to the way it was before the pandemic. The mandatory closing of businesses and the various steps taken by the federal, state and local governments to deal with the pandemic and the economic pain it has caused may lead to unintended consequences. While the financial markets have responded positively to fiscal and monetary stimulus, along with initial stages of reopening the economy and better unemployment levels, many risks remain in a post-pandemic era. These include the ongoing massive debt burden, the upcoming U.S. presidential election, structurally higher unemployment levels, more government intervention, heightened trade tensions between the U.S. and China, and new ways to conduct business. The possibility of a significant return of the virus looms as well. In short, the financial markets may have rebounded nicely so far, but there are many issues to resolve before the real economy gets back on track.
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, 2020 | |
| |
Equity Index Fund | | | - 3.16% | |
All America Fund | | | - 6.77% | |
Small Cap Value Fund | | | - 25.69% | |
Small Cap Growth Fund | | | + 1.47% | |
Small Cap Equity Index Fund | | | - 18.13% | |
Mid Cap Value Fund | | | - 19.01% | |
Mid-Cap Equity Index Fund | | | - 12.84% | |
International Fund | | | - 11.26% | |
Composite Fund | | | - 1.02% | |
Retirement Income Fund | | | + 1.66% | |
2010 Retirement Fund | | | + 0.61% | |
2015 Retirement Fund | | | - 0.53% | |
2020 Retirement Fund | | | - 1.59% | |
2025 Retirement Fund | | | - 2.97% | |
2030 Retirement Fund | | | - 4.44% | |
2035 Retirement Fund | | | - 5.80% | |
2040 Retirement Fund | | | - 6.53% | |
2045 Retirement Fund | | | - 7.11% | |
2050 Retirement Fund | | | - 7.64% | |
2055 Retirement Fund | | | - 7.68% | |
2060 Retirement Fund | | | - 8.10% | |
Conservative Allocation Fund | | | + 1.27% | |
Moderate Allocation Fund | | | - 2.14% | |
Aggressive Allocation Fund | | | - 5.51% | |
Money Market Fund | | | + 0.39% | |
Mid-Term Bond Fund | | | + 4.62% | |
Bond Fund | | | + 6.17% | |
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, 2020, compared to its relevant index.
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Following the discussions are the graphical representations of the asset allocations of each Fund and an illustration of each Fund’s operating expenses. The 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.
S&P® and S&P 500® are trademarks of Standard & Poor’s Financial Services LLC.
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EQUITY INDEX FUND (Unaudited)
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, 2020, was -3.09% before expenses and -3.16% after expenses. The benchmark returned -3.08%. 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 (Unaudited)
The investment objective of the All America Fund is to outperform the S&P 500® Index (S&P 500). The All America Fund is approximately 60% passively invested in the 500 stocks that comprise the S&P 500, with the remaining 40% actively managed, comprised of 20% mid-cap capitalization stocks and 20% small cap stocks, thus providing exposure to all levels of market capitalization among domestic stocks.
For the six months ended June 30, 2020, the S&P 500 of large capitalization stocks decreased by -3.08% on a total return basis, while the Russell® Midcap Core Index was down -9.12% and the Russell Midcap® Value Index was down -18.09%. The Russell 2000® Growth Index decreased -3.06% and the Russell 2000® Value Index decreased -23.50%.
The All America Fund’s return for the six months ended June 30, 2020, before expenses was -6.54% and -6.77% after expenses versus the benchmark return of -3.08% The underperformance of the Fund versus the S&P 500 during the year was due to the underperformance of the small and mid capitalization segments of the fund as compared to the large capitalization benchmark.
SMALL CAP VALUE FUND (Unaudited)
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, 2020, the Small Cap Value Fund returned -25.38% before expenses and -25.69% after expenses versus a -23.50% return for the Russell 2000® Value Index.
Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Fund performance included Industrials and REITs, while sectors detracting from Fund performance included Health Care and Finance.
SMALL CAP GROWTH FUND (Unaudited)
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 1.89% before expenses and 1.47% after expenses during the six months ended June 30, 2020. The Fund’s benchmark, the Russell 2000® Growth Index, returned -3.06% for the comparable period.
Holding to our investment discipline buoyed our performance during the market downdraft of the first quarter as non-earners and highly levered companies declined sharply. As the market rallied in the second quarter, we kept pace.
For the six month period, Health Care and Technology contributed the most to our outperformance while the Consumer Discretionary and Financial sectors detracted the most from our performance. Overall stock selection was significantly positive to our performance as opposed to sector allocation.
Given fears of slowing global growth, consumer spending and consumer credit fears remain concerns for the overall equity market.
SMALL CAP EQUITY INDEX FUND (Unaudited)
The Small Cap Equity Index Fund invests in the 600 stocks that comprise the S&P SmallCap 600® Index (S&P SmallCap 600). The S&P SmallCap 600 is a market-weighted index of 600 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P SmallCap 600’s performance directly proportional to that company’s market value.
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The Small Cap Equity Index Fund’s return for the six months ended June 30, 2020, was -18.07% before expenses and -18.13% after expenses. The return of the S&P SmallCap 600 was -17.85%. Note that the performance of the Small Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.
MID CAP VALUE FUND (Unaudited)
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, 2020, the Mid Cap Value Fund returned -18.73% before expenses and -19.01% after expenses versus a -18.09% return for the Russell Midcap® Value Index.
Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Fund performance included Retail and REITs, while sectors detracting from Fund performance included Insurance and Energy.
MID-CAP EQUITY INDEX FUND (Unaudited)
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, 2020, was -12.78% before expenses and -12.84% after expenses. The return of the S&P MidCap 400 was -12.78%. 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 (Unaudited)
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, 2020, the International Fund returned -11.20% before expenses and -11.26% after expenses. The return of the MSCI EAFE benchmark was -11.34%. 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 (Unaudited)
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 securities, all of which normally yield more than U.S. Treasury issues.
For the six months ended June 30, 2020, the fixed income portion of the Fund had a total return of 6.48% before expenses. The Bloomberg Barclays U.S. Aggregate Index returned 6.14% for the six months ended June 30, 2020. All the asset classes represented in the Index delivered positive results during the period. In general, higher quality bonds outperformed lower and those with longer maturities outperformed shorter.
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.
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For the six months ended June 30, 2020, the equity portion of the Fund had a total return of -5.91% (before expenses), underperforming the S&P 500® Index (S&P 500) which decreased -3.08%. The underperformance of the Fund was due to less favorable stock selection, as the dividend paying stocks favored by the Fund’s strategy were generally not in favor during the year.
The Fund’s aggregate performance for the six months ended June 30, 2020, was -0.77% before expenses and -1.02% after expenses, versus a 1.57% return in the weighted benchmark.
RETIREMENT INCOME FUND (Unaudited)
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, 30% in the Mid-Term Bond Funds and 15% 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).
Performance for the Retirement Income Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (15% weighting) and the S&P 500® Index (25% weighting). For the six months ended June 30, 2020, the Fund returned 1.73% before expenses and 1.66% after expenses, versus a 3.74% return in the weighted benchmark.
2010 RETIREMENT FUND (Unaudited)
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 75% of net assets in fixed-income funds (approximately 30% in the Bond Fund, 30% in the Mid-Term Bond Fund and 15% 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 2020).
Performance for the 2010 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (15% weighting) and the S&P 500® Index (25% weighting). For the six months ended June 30, 2020, the Fund returned 0.63% before expenses and 0.61% after expenses, versus a 3.74 % return in the weighted benchmark.
2015 RETIREMENT FUND (Unaudited)
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 65% of net assets in fixed-income funds (30% in the Bond Fund, 25% in the Mid-Term Bond Fund and 10% in the Money Market Fund) and approximately 35% of net assets in equity funds (approximately 22% in the Equity Index Fund, 8% in the Mid-Cap Equity Index Fund and 5% in the International Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2020).
Performance for the 2015 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (55% weighting), the FTSE 3-Month Treasury Bill Index (10% weighting) and the S&P 500® Index (35% weighting). For the six months ended June 30, 2020, the Fund returned -0.46% before expenses and -0.53% after expenses, versus a 3.26% return in the weighted benchmark.
2020 RETIREMENT FUND (Unaudited)
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 45% of net assets in equity funds (approximately 25% in the Equity Index Fund, 10% in the Mid-Cap Equity Index Fund, 8% in the International Fund and 1% each in the Small Cap Growth and Small Cap Value Funds) and approximately 55% of net assets in fixed-income funds (28% in the Bond Fund, 22% in the Mid-Term Bond Fund and 5% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2020).
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Performance for the 2020 Retirement Fund is compared to the S&P 500® Index (45% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (50% weighting). For the six months ended June 30, 2020, the Fund returned -1.55% before expenses and -1.59% after expenses, versus a 2.70% return in the weighted benchmark.
2025 RETIREMENT FUND (Unaudited)
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 55% of net assets in equity funds (approximately 29% in the Equity Index Fund, 12% in the Mid-Cap Equity Index Fund, 10% in the International Fund and 2% each in the Small Cap Growth and Small Cap Value Funds) and approximately 45% of net assets in fixed-income funds (27% in the Bond Fund and 18% 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 2020).
Performance for the 2025 Retirement Fund is compared to the S&P 500® Index (55% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (45% weighting). For the six months ended June 30, 2020, the Fund returned -2.93% before expenses and -2.97% after expenses, versus a 2.06% return in the weighted benchmark.
2030 RETIREMENT FUND (Unaudited)
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 67% of net assets in equity funds (approximately 33% in the Equity Index Fund, 16% in the Mid-Cap Equity Index Fund, 12% in the International Fund and 3% each in the Small Cap Growth and Small Cap Value Funds) and approximately 33% of net assets in fixed-income funds (23% in the Bond Fund and 10% 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 2020).
Performance for the 2030 Retirement Fund is compared to the S&P 500® Index (67% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (33% weighting). For the six months ended June 30, 2020, the Fund returned -4.40% before expenses and -4.44% after expenses, versus a 0.85% return in the weighted benchmark.
2035 RETIREMENT FUND (Unaudited)
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 77% of net assets in equity funds (approximately 35% in the Equity Index Fund, 18% in the Mid-Cap Equity Index Fund, 15% in the International Fund, 4% each in the Small Cap Growth and Small Cap Value Funds and 1% in the Small-Cap Equity Index Fund) and approximately 23% 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 2020).
Performance for the 2035 Retirement Fund is compared to the S&P 500® Index (77% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (23% weighting). For the six months ended June 30, 2020, the Fund returned -5.76% before expenses and -5.80% after expenses, versus a -0.25% return in the weighted benchmark.
2040 RETIREMENT FUND (Unaudited)
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 84% of net assets in equity funds (approximately 35% in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 18% in the International Fund, 4% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 16% 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 2020).
Performance for the 2040 Retirement Fund is compared to the S&P 500® Index (84% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (16% weighting). For the six months ended June 30, 2020, the Fund returned -6.49% before expenses and -6.53% after expenses, versus a -1.07 return in the weighted benchmark.
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2045 RETIREMENT FUND (Unaudited)
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 86% of net assets in equity funds (approximately 35% in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 18% in the International Fund, 5% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 14% 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 2020).
Performance for the 2045 Retirement Fund is compared to the S&P 500® Index (86% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (14% weighting). For the six months ended June 30, 2020, the Fund returned -7.07% before expenses and -7.11% after expenses, versus a -1.31% return in the weighted benchmark.
2050 RETIREMENT FUND (Unaudited)
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 88% of net assets in equity funds (approximately 34% in the Equity Index Fund, 22% in the Mid-Cap Equity Index Fund, 19% in the International Fund, 5% each in the Small Cap Growth and Small Cap Value Funds and 3% in the Small-Cap Equity Index Fund) 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 2020).
Performance for the 2050 Retirement Fund is compared to the S&P 500® Index (88% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (12% weighting). For the six months ended June 30, 2020, the Fund returned -7.60% before expenses and -7.64% after expenses, versus a -1.55% return in the weighted benchmark.
2055 RETIREMENT FUND (Unaudited)
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 90% of net assets in equity funds (approximately 34% in the Equity Index Fund, 22% in the Mid-Cap Equity Index Fund, 19% in the International Fund, 6% each in the Small Cap Growth and Small Cap Value Funds and 3% in the Small-Cap Equity Index Fund) 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 2020).
Performance for the 2055 Retirement Fund is compared to the S&P 500® Index (90% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (10% weighting). For the six months ended June 30, 2020, the Fund returned -7.62% before expenses and -7.68% after expenses, versus a -1.80% return in the weighted benchmark.
2060 RETIREMENT FUND (Unaudited)
The objective of the 2060 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2060. The 2060 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 92% of net assets in equity funds (approximately 33% in the Equity Index Fund, 23% in the Mid-Cap Equity Index Fund, 20% in the International Fund, 6% each in the Small Cap Growth and Small Cap Value Funds and 4% in the Small-Cap Equity Index Fund) and approximately 8% of net assets in the Bond (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2020).
Performance for the 2060 Retirement Fund is compared to the S&P 500® Index (92% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (8% weighting). For the six months ended June 30, 2020, the Fund returned -8.08% before expenses and -8.10% after expenses, versus a -2.05% return in the weighted benchmark.
CONSERVATIVE ALLOCATION FUND (Unaudited)
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 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).
8
Performance for the Conservative Allocation Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (65% weighting) and the S&P 500® Index (35% weighting). For the six months ended June 30, 2020, the Conservative Allocation Fund returned 1.31% before expenses and 1.27% after expenses, versus a 3.82% return in the weighted benchmark.
MODERATE ALLOCATION FUND (Unaudited)
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 U.S. Aggregate Bond Index (40% weighting). For the six months ended June 30, 2020, the Moderate Allocation Fund returned -2.12% before expenses and -2.14% after expenses, versus a 1.57% return for the weighted benchmark.
AGGRESSIVE ALLOCATION FUND (Unaudited)
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 U.S. Aggregate Bond Index (20% weighting). For the six months ended June 30, 2020, the Aggressive Allocation Fund returned -5.49% before expenses and -5.51% after expenses, versus an -0.60% return for the weighted benchmark.
MONEY MARKET FUND (Unaudited)
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, 2020, the Money Market Fund returned 0.51% before expenses and 0.39% after expenses, compared to a 0.52% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.
Early in the year the Federal Reserve governors (the Fed) had telegraphed a neutral stance with respect to adjustments to the Fed Funds target. The emergence and economic impact of the Covid-19 virus quickly changed those plans as the Fed lowered rates twice, an inter-meeting cut of 50 basis points on March 3 and a 100 basis points, or 1.00% easing on March 15. This action returned the target range to 0-0.25%, a level first seen during the Global Financial Crisis of 2008-2009. Additionally, The Fed has implemented eleven programs since March designed to facilitate market liquidity. These programs are independent of the Fed’s commitment to buy Treasuries and mortgage-backed securities. The effect of these measures was the growth of the Fed’s balance sheet from $4.2 trillion in late February to $7.1 trillion in late June and the collapse of the three month Treasury-bill yield from about 1.50% in January to 0.13% at the end of June with a brief period in late March when it yielded less than 0%.
The Fund’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On June 30, 2020, the fund held 29% U.S. Treasury Bills, 13% U.S. agency discount notes and the remainder in commercial paper and corporate bonds with less than three months to maturity. The average maturity was 32 days.
The seven-day effective yield as of August 11, 2020, was -0.07%. 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.
MID-TERM BOND FUND (Unaudited)
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
9
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. The objective of the Fund is to maintain a maturity profile similar to that of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index benchmark. To achieve the duration target, intermediate corporate and U.S. Treasury maturities are emphasized. In addition, the Fund’s corporate positions will remain highly diversified in order to help shield the portfolio from any credit risks.
For the six months ended June 30, 2020, the Mid-Term Bond Fund returned 4.86% before expenses and 4.62% after expenses versus a 5.28% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period. The Fund’s shorter duration relative to its benchmark contributed to the underperformance.
BOND FUND (Unaudited)
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 securities, all of which normally yield more than U.S. Treasury issues.
Over the long term, 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, with an overweighting of BBB-rated issuers. To achieve the duration target, 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. 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 strong returns in the first six months of the year. The benchmark returned 6.14% for the two-quarter period ending June 30, 2020. All the asset classes represented in the Index delivered positive results during the period. In general, higher quality bonds outperformed lower and those with longer maturities outperformed shorter. Much of that was driven by the decrease in interest rates as Treasuries performed best. For the two quarters ending June 30, 2020, the Bond Fund returned 6.40% before expenses and 6.17% after expenses. The Fund’s outperformance was driven primarily by its exposure to intermediate and long-dated Treasuries and its underweight position in long-dated BBB securities.
Early in the year the Federal Reserve governors (the Fed) had telegraphed a neutral stance with respect to adjustments to the Fed Funds target. The emergence and economic impact of the Covid-19 virus quickly changed those plans as the Fed lowered rates twice, an inter-meeting cut of 50 basis points on March 3 and a 100 basis points, or 1.00% easing on March 15. This action returned the target range to 0-0.25%, a level first seen during the Global Financial Crisis of 2008-2009. Additionally, The Fed has implemented eleven programs since March designed to facilitate market liquidity. These programs are independent of the Fed’s commitment to buy Treasuries and mortgage-backed securities. The effect of these measures was the growth of the Fed’s balance sheet from $4.2 trillion in late February to $7.1 trillion in late June and the collapse of the three month Treasury-bill yield from about 1.50% in January to 0.13% at the end of June with a brief period in late March when it yielded less than 0%.
Interest rates traded with a slight downward bias for the first six weeks of the year. In March however, concerns about the strength of the Covid-19 economy and the collapse in crude oil prices served to quickly push yields to all-time lows. On March 9, for example, the thirty-year Treasury yield was less than 1%. Federal Reserve cuts of the Fed Funds target had a visible effect on the shape of the interest rate curve. As would be expected with these actions by the Fed, the curve steepened as yields on short-dated Treasuries fell more than did the yields of long-dated Treasuries. Two-year Treasury Notes yielded 1.57% on December 31, 2019 and 0.15% on June 30, 2020, a 142 basis point drop. Ten-year yields fell 126 basis points or 1.26% to 0.66%. The thirty-year bond yield fell the least with a 98 basis point drop to 1.41%.
Investment grade spreads ended 2019 at close to post-economic crisis tights. Much like Treasury yields, spreads moved without much direction through mid-February. Then, spreads which usually widen as conditions worsen did just that. By March 23, investment grade corporate bond spreads had widened to levels not seen since 2009. Spreads on bonds maturing in less than a year were greater than those of longer paper, a sign of market disfunction. It was about that time the Fed instituted several of the programs designed to restore liquidity and confidence to the market. It was met with some success as, by June 30, corporate spreads had recovered about half the widening of the January through March period.
10
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited)
Equity Index Fund
All America Fund
Small Cap Value Fund
Small Cap Growth Fund
Small Cap Equity Index Fund
Mid Cap Value Fund
11
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)
Mid-Cap Equity Index Fund
International Fund
Composite Fund
Retirement Income Fund
2010 Retirement Fund
2015 Retirement Fund
12
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)
2020 Retirement Fund
2025 Retirement Fund
2030 Retirement Fund
2035 Retirement Fund
2040 Retirement Fund
2045 Retirement Fund
13
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)
2050 Retirement Fund
2055 Retirement Fund
2060 Retirement Fund
Conservative Allocation Fund
Moderate Allocation Fund
Aggressive Allocation Fund
14
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)
Money Market Fund
Mid-Term Bond Fund
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, 2021 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. Furthermore, the Funds’ Adviser has contractually agreed to reimburse the non-advisory operating expenses of the Small Cap Equity Index Fund to the extent that such operating expenses exceed 0.07% of net assets. This contractual obligation remains in effect through April 30, 2021 and continues into successive 12 month periods ending April 30 unless i) the Investment Company gives not less than 30 days written notice to the Adviser, or ii) 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, 2020 and held for the entire period ending June 30, 2020 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, 2020 | | | Ending
Account Value June 30, 2020 | | | Expenses Paid
During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $968.42 | | | | $0.69 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.85 | | | | $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 182/366 (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, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $932.35 | | | | $2.45 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,021.96 | | | | $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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Small Cap Value Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $743.17 | | | | $3.53 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,020.39 | | | | $4.12 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.82%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Small Cap Growth Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,014.66 | | | | $4.11 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,020.39 | | | | $4.12 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.82%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Small Cap Equity Index Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $818.76 | | | | $0.63 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.85 | | | | $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 182/366 (to reflect the one-half year period). |
17
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | Mid Cap Value Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $809.89 | | | | $3.14 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,021.00 | | | | $3.52 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Mid-Cap Equity Index Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $871.58 | | | | $0.70 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.79 | | | | $0.75 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | International Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $887.43 | | | | $1.69 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.73 | | | | $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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Composite Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $989.75 | | | | $2.52 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,021.96 | | | | $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 182/366 (to reflect the one-half year period). |
18
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | Retirement Income Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,016.62 | | | | $2.41 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.12 | | | | $2.41 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.48% (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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2010 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,006.15 | | | | $1.95 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.57 | | | | $1.96 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.39% (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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2015 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $994.71 | | | | $2.33 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.17 | | | | $2.36 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.47% (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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2020 Retirement Fund | | | | |
| | | | | Beginning
Account Value January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $984.11 | | | | $1.97 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.52 | | | | $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 182/366 (to reflect the one-half year period). |
19
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | 2025 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $970.32 | | | | $1.86 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.62 | | | | $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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2030 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $955.59 | | | | $1.75 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.73 | | | | $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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2035 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $942.01 | | | | $1.69 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.78 | | | | $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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2040 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $934.64 | | | | $1.63 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.83 | | | | $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 182/366 (to reflect the one-half year period). |
20
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | 2045 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $928.92 | | | | $1.68 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.78 | | | | $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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2050 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $923.66 | | | | $1.72 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.73 | | | | $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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2055 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $923.17 | | | | $1.96 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.47 | | | | $2.06 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.41% (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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | 2060 Retirement Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid During Period* January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $919.01 | | | | $1.57 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.88 | | | | $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 182/366 (to reflect the one-half year period). |
21
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | Conservative Allocation Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,012.70 | | | | $2.10 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.42 | | | | $2.11 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.42% (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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Moderate Allocation Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $978.58 | | | | $1.52 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.98 | | | | $1.56 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.31% (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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Aggressive Allocation Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $944.91 | | | | $1.55 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.93 | | | | $1.61 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.32% (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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Money Market Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,003.87 | | | | $1.25 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,023.29 | | | | $1.26 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.25%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
22
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
| | | | | | | | | | | | | | | | | | |
| | | Mid-Term Bond Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,046.26 | | | | $2.34 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.22 | | | | $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 182/366 (to reflect the one-half year period). |
| | | | | | | | | | | | | | | | | | |
| | | Bond Fund | | | | |
| | | | | Beginning
Account Value
January 1, 2020 | | | Ending
Account Value
June 30, 2020 | | | Expenses Paid
During Period*
January 1, 2020 to
June 30, 2020 | | | | |
| | | Actual | | | $1,000.00 | | | | $1,061.72 | | | | $2.26 | | | | | |
| | | Hypothetical
(5% return before expenses) | | | $1,000.00 | | | | $1,022.32 | | | | $2.21 | | | | | |
| | * | Expenses are equal to the Fund’s annual expense ratio of 0.44%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). |
23
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS: | | | | | | |
| COMMON STOCKS: | | | | | | |
| COMMUNICATION SERVICES (10.7%) | | | | | | |
Activision Blizzard, Inc. | | | 95,248 | | | $ | 7,229,323 | |
Alphabet, Inc. Cl A* | | | 36,730 | | | | 52,084,977 | |
Alphabet, Inc. Cl C* | | | 35,796 | | | | 50,601,584 | |
AT&T, Inc. | | | 880,357 | | | | 26,613,192 | |
CenturyLink, Inc. | | | 121,317 | | | | 1,216,810 | |
Charter Communications, Inc. Cl A* | | | 18,743 | | | | 9,559,680 | |
Comcast Corp. Cl A | | | 560,452 | | | | 21,846,419 | |
Discovery, Inc. Cl A* | | | 19,571 | | | | 412,948 | |
Discovery, Inc. Cl C* | | | 38,884 | | | | 748,906 | |
DISH Network Corp. Cl A* | | | 31,114 | | | | 1,073,744 | |
Electronic Arts, Inc.* | | | 35,514 | | | | 4,689,624 | |
Facebook, Inc. Cl A* | | | 291,207 | | | | 66,124,373 | |
Fox Corp. Cl A | | | 42,553 | | | | 1,141,271 | |
Fox Corp. Cl B | | | 19,830 | | | | 532,237 | |
Interpublic Group of Cos., Inc. | | | 48,631 | | | | 834,508 | |
Live Nation Entertainment, Inc.* | | | 17,691 | | | | 784,242 | |
Netflix, Inc.* | | | 53,831 | | | | 24,495,258 | |
News Corp. Cl A | | | 47,391 | | | | 562,057 | |
News Corp. Cl B | | | 14,899 | | | | 178,043 | |
Omnicom Group, Inc. | | | 26,808 | | | | 1,463,717 | |
Take-Two Interactive Software, Inc.* | | | 14,046 | | | | 1,960,400 | |
T-Mobile US, Inc.* | | | 69,993 | | | | 7,289,771 | |
T-Mobile US, Inc. — rights issue exp. 07/31/2020* | | | 46,920 | | | | 7,883 | |
Twitter, Inc.* | | | 95,193 | | | | 2,835,799 | |
Verizon Communications, Inc. | | | 510,688 | | | | 28,154,229 | |
ViacomCBS, Inc. Cl B | | | 66,823 | | | | 1,558,312 | |
Walt Disney Co. | | | 221,709 | | | | 24,722,771 | |
| | | | | | | | |
| | | | | | | 338,722,078 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (10.7%) | | | | | | |
Advance Auto Parts, Inc. | | | 8,505 | | | | 1,211,537 | |
Amazon.com, Inc.* | | | 51,246 | | | | 141,378,490 | |
Aptiv PLC | | | 32,905 | | | | 2,563,958 | |
AutoZone, Inc.* | | | 2,877 | | | | 3,245,601 | |
Best Buy Co., Inc. | | | 27,834 | | | | 2,429,073 | |
Booking Hldgs., Inc.* | | | 4,983 | | | | 7,934,630 | |
BorgWarner, Inc. | | | 25,266 | | | | 891,890 | |
CarMax, Inc.* | | | 20,762 | | | | 1,859,237 | |
Carnival Corp. | | | 58,467 | | | | 960,028 | |
Chipotle Mexican Grill, Inc. Cl A* | | | 3,147 | | | | 3,311,777 | |
Darden Restaurants, Inc. | | | 16,026 | | | | 1,214,290 | |
Dollar General Corp. | | | 31,126 | | | | 5,929,814 | |
Dollar Tree, Inc.* | | | 29,042 | | | | 2,691,613 | |
Domino’s Pizza, Inc. | | | 4,807 | | | | 1,775,898 | |
DR Horton, Inc. | | | 41,510 | | | | 2,301,729 | |
eBay, Inc. | | | 82,337 | | | | 4,318,576 | |
Expedia Group, Inc. | | | 16,612 | | | | 1,365,506 | |
Ford Motor Co. | | | 488,757 | | | | 2,971,643 | |
Gap, Inc. | | | 25,869 | | | | 326,467 | |
Garmin Ltd. | | | 17,859 | | | | 1,741,252 | |
General Motors Co. | | | 154,599 | | | | 3,911,355 | |
Genuine Parts Co. | | | 17,807 | | | | 1,548,497 | |
H&R Block, Inc. | | | 24,021 | | | | 343,020 | |
Hanesbrands, Inc. | | | 43,003 | | | | 485,504 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| CONSUMER DISCRETIONARY (CONTINUED) | | | | | | |
Hasbro, Inc. | | | 15,750 | | | $ | 1,180,462 | |
Hilton Worldwide Hldgs., Inc. | | | 33,988 | | | | 2,496,419 | |
Home Depot, Inc. | | | 133,360 | | | | 33,408,014 | |
Kohl’s Corp. | | | 19,211 | | | | 399,012 | |
L Brands, Inc. | | | 29,262 | | | | 438,052 | |
Las Vegas Sands Corp. | | | 40,929 | | | | 1,863,907 | |
Leggett & Platt, Inc. | | | 16,224 | | | | 570,274 | |
Lennar Corp. Cl A | | | 34,365 | | | | 2,117,571 | |
LKQ Corp.* | | | 37,071 | | | | 971,260 | |
Lowe’s Cos., Inc. | | | 93,324 | | | | 12,609,939 | |
Marriott International, Inc. Cl A | | | 33,169 | | | | 2,843,578 | |
McDonald’s Corp. | | | 91,779 | | | | 16,930,472 | |
MGM Resorts International | | | 60,669 | | | | 1,019,239 | |
Mohawk Industries, Inc.* | | | 7,252 | | | | 737,964 | |
Newell Brands, Inc. | | | 46,731 | | | | 742,088 | |
NIKE, Inc. Cl B | | | 152,886 | | | | 14,990,472 | |
Norwegian Cruise Line Hldgs. Ltd.* | | | 31,805 | | | | 522,556 | |
NVR, Inc.* | | | 435 | | | | 1,417,556 | |
O’Reilly Automotive, Inc.* | | | 9,066 | | | | 3,822,860 | |
PulteGroup, Inc. | | | 31,443 | | | | 1,070,005 | |
PVH Corp. | | | 8,677 | | | | 416,930 | |
Ralph Lauren Corp. Cl A | | | 5,951 | | | | 431,567 | |
Ross Stores, Inc. | | | 43,444 | | | | 3,703,167 | |
Royal Caribbean Cruises Ltd. | | | 21,350 | | | | 1,073,905 | |
Starbucks Corp. | | | 143,519 | | | | 10,561,563 | |
Tapestry, Inc. | | | 33,240 | | | | 441,427 | |
Target Corp. | | | 60,543 | | | | 7,260,922 | |
Tiffany & Co. | | | 13,345 | | | | 1,627,289 | |
TJX Cos., Inc. | | | 145,460 | | | | 7,354,458 | |
Tractor Supply Co. | | | 14,238 | | | | 1,876,426 | |
Ulta Beauty, Inc.* | | | 7,037 | | | | 1,431,467 | |
Under Armour, Inc. Cl A* | | | 23,296 | | | | 226,903 | |
Under Armour, Inc. Cl C* | | | 24,130 | | | | 213,309 | |
VF Corp. | | | 39,371 | | | | 2,399,269 | |
Whirlpool Corp. | | | 7,624 | | | | 987,537 | |
Wynn Resorts Ltd. | | | 11,805 | | | | 879,354 | |
Yum! Brands, Inc. | | | 37,138 | | | | 3,227,664 | |
| | | | | | | | |
| | | | | | | 340,976,242 | |
| | | | | | | | |
| CONSUMER STAPLES (6.9%) | | | | | | |
Altria Group, Inc. | | | 230,100 | | | | 9,031,425 | |
Archer-Daniels-Midland Co. | | | 68,224 | | | | 2,722,138 | |
Brown-Forman Corp. Cl B | | | 22,456 | | | | 1,429,549 | |
Campbell Soup Co. | | | 20,625 | | | | 1,023,619 | |
Church & Dwight Co., Inc. | | | 30,165 | | | | 2,331,755 | |
Clorox Co. | | | 15,230 | | | | 3,341,005 | |
Coca-Cola Co. | | | 476,056 | | �� | | 21,270,182 | |
Colgate-Palmolive Co. | | | 103,766 | | | | 7,601,897 | |
Conagra Brands, Inc. | | | 59,209 | | | | 2,082,381 | |
Constellation Brands, Inc. Cl A | | | 20,674 | | | | 3,616,916 | |
Costco Wholesale Corp. | | | 53,844 | | | | 16,326,039 | |
Coty, Inc. Cl A | | | 34,793 | | | | 155,525 | |
Estee Lauder Cos., Inc. Cl A | | | 27,430 | | | | 5,175,492 | |
General Mills, Inc. | | | 74,186 | | | | 4,573,567 | |
Hershey Co. | | | 18,178 | | | | 2,356,232 | |
Hormel Foods Corp. | | | 34,098 | | | | 1,645,910 | |
The accompanying notes are an integral part of these portfolio schedules.
24
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| CONSUMER STAPLES (CONTINUED) | | | | | | |
JM Smucker Co. | | | 13,967 | | | $ | 1,477,848 | |
Kellogg Co. | | | 30,794 | | | | 2,034,252 | |
Kimberly-Clark Corp. | | | 41,755 | | | | 5,902,069 | |
Kraft Heinz Co. | | | 76,632 | | | | 2,443,795 | |
Kroger Co. | | | 97,000 | | | | 3,283,450 | |
Lamb Weston Hldgs., Inc. | | | 17,722 | | | | 1,132,967 | |
McCormick & Co., Inc. | | | 15,209 | | | | 2,728,647 | |
Molson Coors Brewing Co. Cl B | | | 23,318 | | | | 801,207 | |
Mondelez International, Inc. Cl A | | | 174,607 | | | | 8,927,656 | |
Monster Beverage Corp.* | | | 45,703 | | | | 3,168,132 | |
PepsiCo, Inc. | | | 169,270 | | | | 22,387,650 | |
Philip Morris International, Inc. | | | 191,478 | | | | 13,414,949 | |
Procter & Gamble Co. | | | 300,216 | | | | 35,896,827 | |
Sysco Corp. | | | 61,594 | | | | 3,366,728 | |
Tyson Foods, Inc. Cl A | | | 36,185 | | | | 2,160,606 | |
Walgreens Boots Alliance, Inc. | | | 89,277 | | | | 3,784,452 | |
Walmart, Inc. | | | 172,586 | | | | 20,672,351 | |
| | | | | | | | |
| | | | | | | 218,267,218 | |
| | | | | | | | |
| ENERGY (2.8%) | | | | | | |
Apache Corp. | | | 46,161 | | | | 623,173 | |
Baker Hughes Co. Cl A | | | 82,054 | | | | 1,262,811 | |
Cabot Oil & Gas Corp. | | | 49,536 | | | | 851,028 | |
Chevron Corp. | | | 229,798 | | | | 20,504,876 | |
Concho Resources, Inc. | | | 24,144 | | | | 1,243,416 | |
ConocoPhillips | | | 132,736 | | | | 5,577,567 | |
Devon Energy Corp. | | | 46,744 | | | | 530,077 | |
Diamondback Energy, Inc. | | | 19,543 | | | | 817,288 | |
EOG Resources, Inc. | | | 71,057 | | | | 3,599,748 | |
Exxon Mobil Corp. | | | 522,238 | | | | 23,354,483 | |
Halliburton Co. | | | 108,072 | | | | 1,402,775 | |
Hess Corp. | | | 31,706 | | | | 1,642,688 | |
HollyFrontier Corp. | | | 18,510 | | | | 540,492 | |
Kinder Morgan, Inc. | | | 238,237 | | | | 3,614,055 | |
Marathon Oil Corp. | | | 96,920 | | | | 593,150 | |
Marathon Petroleum Corp. | | | 79,945 | | | | 2,988,344 | |
National Oilwell Varco, Inc. | | | 48,527 | | | | 594,456 | |
Noble Energy, Inc. | | | 58,163 | | | | 521,140 | |
Occidental Petroleum Corp. | | | 108,799 | | | | 1,991,022 | |
ONEOK, Inc. | | | 54,281 | | | | 1,803,215 | |
Phillips 66 | | | 53,598 | | | | 3,853,696 | |
Pioneer Natural Resources Co. | | | 20,184 | | | | 1,971,977 | |
Schlumberger Ltd. | | | 172,941 | | | | 3,180,385 | |
TechnipFMC PLC | | | 52,134 | | | | 356,597 | |
Valero Energy Corp. | | | 50,866 | | | | 2,991,938 | |
Williams Cos., Inc. | | | 147,675 | | | | 2,808,779 | |
| | | | | | | | |
| | | | | | | 89,219,176 | |
| | | | | | | | |
| FINANCIALS (10.0%) | | | | | | |
Aflac, Inc. | | | 88,217 | | | | 3,178,459 | |
Allstate Corp. | | | 38,496 | | | | 3,733,727 | |
American Express Co. | | | 81,214 | | | | 7,731,573 | |
American International Group, Inc. | | | 106,387 | | | | 3,317,147 | |
Ameriprise Financial, Inc. | | | 15,182 | | | | 2,277,907 | |
Aon PLC Cl A | | | 28,296 | | | | 5,449,810 | |
Arthur J. Gallagher & Co. | | | 23,574 | | | | 2,298,229 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | |
Assurant, Inc. | | | 7,387 | | | $ | 763,003 | |
Bank of America Corp. | | | 967,355 | | | | 22,974,681 | |
Bank of New York Mellon Corp. | | | 100,160 | | | | 3,871,184 | |
Berkshire Hathaway, Inc. Cl B* | | | 239,149 | | | | 42,690,488 | |
BlackRock, Inc. Cl A | | | 19,090 | | | | 10,386,678 | |
Capital One Financial Corp. | | | 56,252 | | | | 3,520,813 | |
Cboe Global Markets, Inc. | | | 13,719 | | | | 1,279,708 | |
Charles Schwab Corp. | | | 143,123 | | | | 4,828,970 | |
Chubb Ltd. | | | 55,578 | | | | 7,037,286 | |
Cincinnati Financial Corp. | | | 18,586 | | | | 1,190,062 | |
Citigroup, Inc. | | | 259,380 | | | | 13,254,318 | |
Citizens Financial Group, Inc. | | | 53,557 | | | | 1,351,779 | |
CME Group, Inc. Cl A | | | 44,285 | | | | 7,198,084 | |
Comerica, Inc. | | | 17,502 | | | | 666,826 | |
Discover Financial Svcs. | | | 37,772 | | | | 1,891,999 | |
E*TRADE Financial Corp. | | | 27,292 | | | | 1,357,231 | |
Everest Re Group Ltd. | | | 4,904 | | | | 1,011,205 | |
Fifth Third Bancorp | | | 89,414 | | | | 1,723,902 | |
First Republic Bank | | | 21,355 | | | | 2,263,416 | |
Franklin Resources, Inc. | | | 34,033 | | | | 713,672 | |
Globe Life, Inc. | | | 12,184 | | | | 904,418 | |
Goldman Sachs Group, Inc. | | | 38,233 | | | | 7,555,605 | |
Hartford Financial Svcs. Group, Inc. | | | 44,328 | | | | 1,708,844 | |
Huntington Bancshares, Inc. | | | 126,533 | | | | 1,143,226 | |
Intercontinental Exchange, Inc. | | | 67,242 | | | | 6,159,367 | |
Invesco Ltd. | | | 45,820 | | | | 493,023 | |
JPMorgan Chase & Co. | | | 376,354 | | | | 35,399,857 | |
KeyCorp | | | 123,021 | | | | 1,498,396 | |
Lincoln National Corp. | | | 24,220 | | | | 891,054 | |
Loews Corp. | | | 29,530 | | | | 1,012,584 | |
M&T Bank Corp. | | | 16,095 | | | | 1,673,397 | |
MarketAxess Hldgs., Inc. | | | 4,593 | | | | 2,300,726 | |
Marsh & McLennan Cos., Inc. | | | 62,749 | | | | 6,737,360 | |
MetLife, Inc. | | | 95,908 | | | | 3,502,560 | |
Moody’s Corp. | | | 19,705 | | | | 5,413,555 | |
Morgan Stanley | | | 147,698 | | | | 7,133,813 | |
MSCI, Inc. Cl A | | | 10,314 | | | | 3,443,019 | |
Nasdaq, Inc. | | | 14,146 | | | | 1,690,023 | |
Northern Trust Corp. | | | 25,798 | | | | 2,046,813 | |
People’s United Financial, Inc. | | | 53,064 | | | | 613,950 | |
PNC Financial Svcs. Group, Inc. | | | 53,045 | | | | 5,580,864 | |
Principal Financial Group, Inc. | | | 31,883 | | | | 1,324,420 | |
Progressive Corp. | | | 72,293 | | | | 5,791,392 | |
Prudential Financial, Inc. | | | 48,971 | | | | 2,982,334 | |
Raymond James Financial, Inc. | | | 15,105 | | | | 1,039,677 | |
Regions Financial Corp. | | | 119,879 | | | | 1,333,054 | |
S&P Global, Inc. | | | 29,799 | | | | 9,818,175 | |
State Street Corp. | | | 43,765 | | | | 2,781,266 | |
SVB Financial Group* | | | 6,352 | | | | 1,369,047 | |
Synchrony Financial | | | 66,648 | | | | 1,476,920 | |
T. Rowe Price Group, Inc. | | | 28,236 | | | | 3,487,146 | |
Travelers Cos., Inc. | | | 30,936 | | | | 3,528,251 | |
Truist Financial Corp. | | | 167,332 | | | | 6,283,317 | |
U.S. Bancorp | | | 170,112 | | | | 6,263,524 | |
Unum Group | | | 25,425 | | | | 421,801 | |
Wells Fargo & Co. | | | 462,345 | | | | 11,836,032 | |
The accompanying notes are an integral part of these portfolio schedules.
25
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | |
Willis Towers Watson PLC | | | 15,766 | | | $ | 3,105,114 | |
WR Berkley Corp. | | | 17,317 | | | | 992,091 | |
Zions Bancorporation | | | 20,342 | | | | 691,628 | |
| | | | | | | | |
| | | | | | | 319,389,800 | |
| | | | | | | | |
| HEALTH CARE (14.5%) | | | | | | |
Abbott Laboratories | | | 216,330 | | | | 19,779,052 | |
AbbVie, Inc. | | | 217,477 | | | | 21,351,892 | |
ABIOMED, Inc.* | | | 5,466 | | | | 1,320,367 | |
Agilent Technologies, Inc. | | | 37,969 | | | | 3,355,321 | |
Alexion Pharmaceuticals, Inc.* | | | 26,880 | | | | 3,017,011 | |
Align Technology, Inc.* | | | 8,750 | | | | 2,401,350 | |
AmerisourceBergen Corp. Cl A | | | 18,147 | | | | 1,828,673 | |
Amgen, Inc. | | | 72,207 | | | | 17,030,743 | |
Anthem, Inc. | | | 30,588 | | | | 8,044,032 | |
Baxter International, Inc. | | | 62,281 | | | | 5,362,394 | |
Becton Dickinson & Co. | | | 36,172 | | | | 8,654,874 | |
Biogen, Inc.* | | | 19,782 | | | | 5,292,674 | |
Bio-Rad Laboratories, Inc. Cl A* | | | 2,625 | | | | 1,185,161 | |
Boston Scientific Corp.* | | | 175,371 | | | | 6,157,276 | |
Bristol-Myers Squibb Co. | | | 280,478 | | | | 16,492,106 | |
Cardinal Health, Inc. | | | 35,908 | | | | 1,874,039 | |
Centene Corp.* | | | 71,854 | | | | 4,566,322 | |
Cerner Corp. | | | 37,158 | | | | 2,547,181 | |
Cigna Corp. | | | 44,623 | | | | 8,373,506 | |
Cooper Cos., Inc. | | | 5,959 | | | | 1,690,211 | |
CVS Health Corp. | | | 160,379 | | | | 10,419,824 | |
Danaher Corp. | | | 77,505 | | | | 13,705,209 | |
DaVita, Inc.* | | | 10,386 | | | | 821,948 | |
DENTSPLY SIRONA, Inc. | | | 26,775 | | | | 1,179,707 | |
DexCom, Inc.* | | | 11,299 | | | | 4,580,615 | |
Edwards Lifesciences Corp.* | | | 75,203 | | | | 5,197,279 | |
Eli Lilly & Co. | | | 104,341 | | | | 17,130,705 | |
Gilead Sciences, Inc. | | | 153,244 | | | | 11,790,593 | |
HCA Healthcare, Inc. | | | 32,565 | | | | 3,160,759 | |
Henry Schein, Inc.* | | | 17,392 | | | | 1,015,519 | |
Hologic, Inc.* | | | 31,430 | | | | 1,791,510 | |
Humana, Inc. | | | 15,769 | | | | 6,114,430 | |
IDEXX Laboratories, Inc.* | | | 10,379 | | | | 3,426,731 | |
Illumina, Inc.* | | | 17,815 | | | | 6,597,785 | |
Incyte Corp.* | | | 21,643 | | | | 2,250,223 | |
Intuitive Surgical, Inc.* | | | 14,296 | | | | 8,146,290 | |
IQVIA Hldgs., Inc.* | | | 21,774 | | | | 3,089,295 | |
Johnson & Johnson | | | 324,251 | | | | 45,599,418 | |
Laboratory Corp. of America Hldgs.* | | | 11,956 | | | | 1,986,011 | |
McKesson Corp. | | | 19,714 | | | | 3,024,522 | |
Medtronic PLC | | | 164,997 | | | | 15,130,225 | |
Merck & Co., Inc. | | | 311,984 | | | | 24,125,723 | |
Mettler-Toledo International, Inc.* | | | 2,922 | | | | 2,353,817 | |
Mylan NV* | | | 64,256 | | | | 1,033,237 | |
PerkinElmer, Inc. | | | 13,670 | | | | 1,340,890 | |
Perrigo Co. PLC | | | 16,732 | | | | 924,778 | |
Pfizer, Inc. | | | 682,883 | | | | 22,330,274 | |
Quest Diagnostics, Inc. | | | 16,414 | | | | 1,870,539 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Regeneron Pharmaceuticals, Inc.* | | | 12,206 | | | $ | 7,612,272 | |
ResMed, Inc. | | | 17,853 | | | | 3,427,776 | |
STERIS PLC | | | 10,471 | | | | 1,606,670 | |
Stryker Corp. | | | 39,681 | | | | 7,150,119 | |
Teleflex, Inc. | | | 5,657 | | | | 2,059,035 | |
Thermo Fisher Scientific, Inc. | | | 48,315 | | | | 17,506,457 | |
UnitedHealth Group, Inc. | | | 115,415 | | | | 34,041,654 | |
Universal Health Svcs., Inc. Cl B | | | 9,523 | | | | 884,591 | |
Varian Medical Systems, Inc.* | | | 11,273 | | | | 1,381,168 | |
Vertex Pharmaceuticals, Inc.* | | | 31,568 | | | | 9,164,506 | |
Waters Corp.* | | | 7,756 | | | | 1,399,182 | |
West Pharmaceutical Svcs., Inc. | | | 9,080 | | | | 2,062,704 | |
Zimmer Biomet Hldgs., Inc. | | | 25,383 | | | | 3,029,715 | |
Zoetis, Inc. Cl A | | | 58,846 | | | | 8,064,256 | |
| | | | | | | | |
| | | | | | | 459,852,146 | |
| | | | | | | | |
| INDUSTRIALS (8.0%) | | | | | | |
3M Co. | | | 70,979 | | | | 11,072,014 | |
Alaska Air Group, Inc. | | | 14,960 | | | | 542,450 | |
Allegion PLC | | | 11,347 | | | | 1,159,890 | |
American Airlines Group, Inc. | | | 60,728 | | | | 793,715 | |
AMETEK, Inc. | | | 28,482 | | | | 2,545,436 | |
AO Smith Corp. | | | 16,764 | | | | 789,920 | |
Boeing Co. | | | 66,512 | | | | 12,191,650 | |
Carrier Global Corp. | | | 99,100 | | | | 2,202,002 | |
Caterpillar, Inc. | | | 67,140 | | | | 8,493,210 | |
CH Robinson Worldwide, Inc. | | | 16,528 | | | | 1,306,704 | |
Cintas Corp. | | | 10,390 | | | | 2,767,480 | |
Copart, Inc.* | | | 25,595 | | | | 2,131,296 | |
CSX Corp. | | | 94,529 | | | | 6,592,452 | |
Cummins, Inc. | | | 18,247 | | | | 3,161,475 | |
Deere & Co. | | | 38,761 | | | | 6,091,291 | |
Delta Air Lines, Inc. | | | 70,226 | | | | 1,969,839 | |
Dover Corp. | | | 17,739 | | | | 1,712,878 | |
Eaton Corp. PLC | | | 49,121 | | | | 4,297,105 | |
Emerson Electric Co. | | | 73,755 | | | | 4,575,023 | |
Equifax, Inc. | | | 14,965 | | | | 2,572,184 | |
Expeditors International of Washington, Inc. | | | 20,681 | | | | 1,572,583 | |
Fastenal Co. | | | 70,945 | | | | 3,039,284 | |
FedEx Corp. | | | 29,625 | | | | 4,154,018 | |
Flowserve Corp. | | | 16,038 | | | | 457,404 | |
Fortive Corp. | | | 36,297 | | | | 2,455,855 | |
Fortune Brands Home & Security, Inc. | | | 17,267 | | | | 1,103,879 | |
General Dynamics Corp. | | | 28,652 | | | | 4,282,328 | |
General Electric Co. | | | 1,075,209 | | | | 7,343,678 | |
Honeywell International, Inc. | | | 86,933 | | | | 12,569,642 | |
Howmet Aerospace, Inc. | | | 47,886 | | | | 758,993 | |
Huntington Ingalls Industries, Inc. | | | 5,020 | | | | 875,940 | |
IDEX Corp. | | | 9,288 | | | | 1,467,876 | |
IHS Markit Ltd. | | | 55,486 | | | | 4,189,193 | |
The accompanying notes are an integral part of these portfolio schedules.
26
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INDUSTRIALS (CONTINUED) | | | | | | |
Illinois Tool Works, Inc. | | | 35,260 | | | $ | 6,165,211 | |
Ingersoll Rand, Inc.* | | | 42,732 | | | | 1,201,624 | |
Jacobs Engineering Group, Inc. | | | 15,845 | | | | 1,343,656 | |
JB Hunt Transport Svcs., Inc. | | | 10,549 | | | | 1,269,467 | |
Johnson Controls International PLC | | | 91,862 | | | | 3,136,169 | |
Kansas City Southern | | | 11,660 | | | | 1,740,721 | |
L-3 Harris Technologies, Inc. | | | 26,758 | | | | 4,540,030 | |
Lockheed Martin Corp. | | | 30,242 | | | | 11,035,911 | |
Masco Corp. | | | 32,707 | | | | 1,642,218 | |
Nielsen Hldgs. PLC | | | 43,993 | | | | 653,736 | |
Norfolk Southern Corp. | | | 31,695 | | | | 5,564,691 | |
Northrop Grumman Corp. | | | 19,072 | | | | 5,863,496 | |
Old Dominion Freight Line, Inc. | | | 11,709 | | | | 1,985,729 | |
Otis Worldwide Corp. | | | 49,807 | | | | 2,832,026 | |
PACCAR, Inc. | | | 42,872 | | | | 3,208,969 | |
Parker-Hannifin Corp. | | | 15,747 | | | | 2,885,953 | |
Pentair PLC | | | 20,480 | | | | 778,035 | |
Quanta Svcs., Inc. | | | 16,843 | | | | 660,751 | |
Raytheon Technologies Corp. | | | 183,114 | | | | 11,283,485 | |
Republic Svcs., Inc. Cl A | | | 25,676 | | | | 2,106,716 | |
Robert Half International, Inc. | | | 14,236 | | | | 752,088 | |
Rockwell Automation, Inc. | | | 14,217 | | | | 3,028,221 | |
Rollins, Inc. | | | 17,367 | | | | 736,187 | |
Roper Technologies, Inc. | | | 12,841 | | | | 4,985,647 | |
Snap-on, Inc. | | | 6,634 | | | | 918,875 | |
Southwest Airlines Co. | | | 66,252 | | | | 2,264,493 | |
Stanley Black & Decker, Inc. | | | 19,016 | | | | 2,650,450 | |
Teledyne Technologies, Inc.* | | | 4,584 | | | | 1,425,395 | |
Textron, Inc. | | | 28,302 | | | | 931,419 | |
Trane Technologies PLC | | | 29,327 | | | | 2,609,516 | |
TransDigm Group, Inc. | | | 6,163 | | | | 2,724,354 | |
Union Pacific Corp. | | | 84,235 | | | | 14,241,611 | |
United Airlines Hldgs., Inc.* | | | 31,504 | | | | 1,090,353 | |
United Parcel Svc., Inc. Cl B | | | 86,188 | | | | 9,582,382 | |
United Rentals, Inc.* | | | 8,781 | | | | 1,308,720 | |
Verisk Analytics, Inc. Cl A | | | 19,749 | | | | 3,361,280 | |
Waste Management, Inc. | | | 47,565 | | | | 5,037,609 | |
Westinghouse Air Brake Technologies Corp. | | | 22,374 | | | | 1,288,071 | |
WW Grainger, Inc. | | | 5,342 | | | | 1,678,243 | |
Xylem, Inc. | | | 21,966 | | | | 1,426,911 | |
| | | | | | | | |
| | | | | | | 253,179,106 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (27.2%) | | | | | | |
Accenture PLC Cl A | | | 78,503 | | | | 16,856,164 | |
Adobe, Inc.* | | | 58,821 | | | | 25,605,370 | |
Advanced Micro Devices, Inc.* | | | 142,784 | | | | 7,511,866 | |
Akamai Technologies, Inc.* | | | 19,728 | | | | 2,112,672 | |
Amphenol Corp. Cl A | | | 36,399 | | | | 3,487,388 | |
Analog Devices, Inc. | | | 45,483 | | | | 5,578,035 | |
ANSYS, Inc.* | | | 10,455 | | | | 3,050,037 | |
Apple, Inc. | | | 501,515 | | | | 182,952,672 | |
Applied Materials, Inc. | | | 111,462 | | | | 6,737,878 | |
Arista Networks, Inc.* | | | 6,635 | | | | 1,393,549 | |
Autodesk, Inc.* | | | 26,756 | | | | 6,399,768 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | | | |
Automatic Data Processing, Inc. | | | 53,060 | | | $ | 7,900,103 | |
Broadcom, Inc. | | | 49,210 | | | | 15,531,168 | |
Broadridge Financial Solutions, Inc. | | | 14,222 | | | | 1,794,674 | |
Cadence Design Systems, Inc.* | | | 34,394 | | | | 3,300,448 | |
CDW Corp. | | | 17,391 | | | | 2,020,486 | |
Cisco Systems, Inc. | | | 523,163 | | | | 24,400,322 | |
Citrix Systems, Inc. | | | 14,277 | | | | 2,111,711 | |
Cognizant Technology Solutions Corp. Cl A | | | 66,550 | | | | 3,781,371 | |
Corning, Inc. | | | 94,275 | | | | 2,441,723 | |
DXC Technology Co. | | | 30,610 | | | | 505,065 | |
F5 Networks, Inc.* | | | 7,553 | | | | 1,053,492 | |
Fidelity National Information Svcs., Inc. | | | 75,900 | | | | 10,177,431 | |
Fiserv, Inc.* | | | 69,690 | | | | 6,803,138 | |
FleetCor Technologies, Inc.* | | | 10,248 | | | | 2,577,679 | |
FLIR Systems, Inc. | | | 16,116 | | | | 653,826 | |
Fortinet, Inc.* | | | 16,617 | | | | 2,281,016 | |
Gartner, Inc.* | | | 11,005 | | | | 1,335,237 | |
Global Payments, Inc. | | | 37,516 | | | | 6,363,464 | |
Hewlett Packard Enterprise Co. | | | 156,723 | | | | 1,524,915 | |
HP, Inc. | | | 173,078 | | | | 3,016,750 | |
Intel Corp. | | | 520,848 | | | | 31,162,336 | |
International Business Machines Corp. | | | 109,268 | | | | 13,196,296 | |
Intuit, Inc. | | | 31,984 | | | | 9,473,341 | |
IPG Photonics Corp.* | | | 4,341 | | | | 696,253 | |
Jack Henry & Associates, Inc. | | | 9,515 | | | | 1,751,045 | |
Juniper Networks, Inc. | | | 40,848 | | | | 933,785 | |
Keysight Technologies, Inc.* | | | 22,954 | | | | 2,313,304 | |
KLA Corp. | | | 19,114 | | | | 3,717,291 | |
Lam Research Corp. | | | 17,832 | | | | 5,767,939 | |
Leidos Hldgs., Inc. | | | 16,584 | | | | 1,553,423 | |
Mastercard, Inc. Cl A | | | 108,501 | | | | 32,083,746 | |
Maxim Integrated Products, Inc. | | | 32,888 | | | | 1,993,342 | |
Microchip Technology, Inc. | | | 30,142 | | | | 3,174,254 | |
Micron Technology, Inc.* | | | 133,808 | | | | 6,893,788 | |
Microsoft Corp. | | | 932,780 | | | | 189,830,058 | |
Motorola Solutions, Inc. | | | 20,789 | | | | 2,913,163 | |
NetApp, Inc. | | | 26,739 | | | | 1,186,409 | |
NortonLifeLock, Inc. | | | 65,840 | | | | 1,305,607 | |
NVIDIA Corp. | | | 74,573 | | | | 28,331,028 | |
Oracle Corp. | | | 257,964 | | | | 14,257,670 | |
Paychex, Inc. | | | 39,128 | | | | 2,963,946 | |
Paycom Software, Inc.* | | | 5,878 | | | | 1,820,593 | |
PayPal Hldgs., Inc.* | | | 145,102 | | | | 25,281,122 | |
Qorvo, Inc.* | | | 14,065 | | | | 1,554,604 | |
QUALCOMM, Inc. | | | 138,494 | | | | 12,632,038 | |
Salesforce.com, Inc.* | | | 110,192 | | | | 20,642,267 | |
Seagate Technology PLC | | | 27,316 | | | | 1,322,368 | |
ServiceNow, Inc.* | | | 23,266 | | | | 9,424,126 | |
Skyworks Solutions, Inc. | | | 20,724 | | | | 2,649,771 | |
Synopsys, Inc.* | | | 18,610 | | | | 3,628,950 | |
TE Connectivity Ltd. | | | 40,648 | | | | 3,314,844 | |
Texas Instruments, Inc. | | | 112,797 | | | | 14,321,835 | |
The accompanying notes are an integral part of these portfolio schedules.
27
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | | | |
Tyler Technologies, Inc.* | | | 4,908 | | | $ | 1,702,487 | |
VeriSign, Inc.* | | | 12,512 | | | | 2,587,857 | |
Visa, Inc. Cl A | | | 207,149 | | | | 40,014,972 | |
Western Digital Corp. | | | 35,542 | | | | 1,569,179 | |
Western Union Co. | | | 50,866 | | | | 1,099,723 | |
Xerox Hldgs. Corp. | | | 22,619 | | | | 345,845 | |
Xilinx, Inc. | | | 30,207 | | | | 2,972,067 | |
Zebra Technologies Corp. Cl A* | | | 6,607 | | | | 1,691,062 | |
| | | | | | | | |
| | | | | | | 865,333,152 | |
| | | | | | | | |
| MATERIALS (2.5%) | | | | | | |
Air Products & Chemicals, Inc. | | | 27,263 | | | | 6,582,924 | |
Albemarle Corp. | | | 13,065 | | | | 1,008,749 | |
Amcor PLC | | | 192,343 | | | | 1,963,822 | |
Avery Dennison Corp. | | | 10,285 | | | | 1,173,416 | |
Ball Corp. | | | 39,949 | | | | 2,776,056 | |
Celanese Corp. Cl A | | | 14,343 | | | | 1,238,375 | |
CF Industries Hldgs., Inc. | | | 26,175 | | | | 736,564 | |
Corteva, Inc. | | | 93,224 | | | | 2,497,471 | |
Dow, Inc. | | | 90,849 | | | | 3,703,005 | |
DuPont de Nemours, Inc. | | | 89,442 | | | | 4,752,053 | |
Eastman Chemical Co. | | | 16,863 | | | | 1,174,339 | |
Ecolab, Inc. | | | 30,506 | | | | 6,069,169 | |
FMC Corp. | | | 15,871 | | | | 1,581,069 | |
Freeport-McMoRan, Inc. | | | 176,911 | | | | 2,046,860 | |
International Flavors & Fragrances, Inc. | | | 13,131 | | | | 1,608,022 | |
International Paper Co. | | | 48,451 | | | | 1,705,960 | |
Linde PLC | | | 64,901 | | | | 13,766,151 | |
LyondellBasell Industries NV Cl A | | | 31,669 | | | | 2,081,287 | |
Martin Marietta Materials, Inc. | | | 7,628 | | | | 1,575,716 | �� |
Mosaic Co. | | | 42,849 | | | | 536,041 | |
Newmont Corp. | | | 98,408 | | | | 6,075,710 | |
Nucor Corp. | | | 37,612 | | | | 1,557,513 | |
Packaging Corp. of America | | | 11,718 | | | | 1,169,456 | |
PPG Industries, Inc. | | | 29,058 | | | | 3,081,891 | |
Sealed Air Corp. | | | 18,950 | | | | 622,508 | |
Sherwin-Williams Co. | | | 9,854 | | | | 5,694,134 | |
Vulcan Materials Co. | | | 16,167 | | | | 1,872,947 | |
WestRock Co. | | | 31,815 | | | | 899,092 | |
| | | | | | | | |
| | | | | | | 79,550,300 | |
| | | | | | | | |
| REAL ESTATE (2.8%) | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 15,425 | | | | 2,502,706 | |
American Tower Corp. | | | 54,241 | | | | 14,023,468 | |
Apartment Investment & Management Co. Cl A | | | 18,357 | | | | 690,958 | |
AvalonBay Communities, Inc. | | | 17,522 | | | | 2,709,602 | |
Boston Properties, Inc. | | | 18,020 | | | | 1,628,648 | |
CBRE Group, Inc. Cl A* | | | 41,350 | | | | 1,869,847 | |
Crown Castle International Corp. | | | 51,147 | | | | 8,559,450 | |
Digital Realty Trust, Inc. | | | 33,529 | | | | 4,764,806 | |
Duke Realty Corp. | | | 45,583 | | | | 1,613,182 | |
Equinix, Inc. | | | 10,991 | | | | 7,718,979 | |
Equity Residential | | | 43,651 | | | | 2,567,552 | |
Essex Property Trust, Inc. | | | 8,165 | | | | 1,871,173 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| REAL ESTATE (CONTINUED) | | | | | | |
Extra Space Storage, Inc. | | | 15,952 | | | $ | 1,473,486 | |
Federal Realty Investment Trust | | | 8,688 | | | | 740,305 | |
Healthpeak Properties, Inc. | | | 67,069 | | | | 1,848,422 | |
Host Hotels & Resorts, Inc. | | | 88,335 | | | | 953,135 | |
Iron Mountain, Inc. | | | 35,546 | | | | 927,751 | |
Kimco Realty Corp. | | | 54,105 | | | | 694,708 | |
Mid-America Apartment Communities, Inc. | | | 14,266 | | | | 1,635,882 | |
Prologis, Inc. | | | 91,407 | | | | 8,531,015 | |
Public Storage | | | 18,687 | | | | 3,585,848 | |
Realty Income Corp. | | | 41,596 | | | | 2,474,962 | |
Regency Centers Corp. | | | 21,243 | | | | 974,841 | |
SBA Communications Corp. Cl A | | | 13,674 | | | | 4,073,758 | |
Simon Property Group, Inc. | | | 38,160 | | | | 2,609,381 | |
SL Green Realty Corp. | | | 9,544 | | | | 470,424 | |
UDR, Inc. | | | 36,189 | | | | 1,352,745 | |
Ventas, Inc. | | | 47,400 | | | | 1,735,788 | |
Vornado Realty Trust | | | 19,630 | | | | 750,062 | |
Welltower, Inc. | | | 52,626 | | | | 2,723,396 | |
Weyerhaeuser Co. | | | 90,828 | | | | 2,039,997 | |
| | | | | | | | |
| | | | | | | 90,116,277 | |
| | | | | | | | |
| UTILITIES (3.0%) | | | | | | |
AES Corp. | | | 79,769 | | | | 1,155,853 | |
Alliant Energy Corp. | | | 30,444 | | | | 1,456,441 | |
Ameren Corp. | | | 30,078 | | | | 2,116,288 | |
American Electric Power Co., Inc. | | | 60,867 | | | | 4,847,448 | |
American Water Works Co., Inc. | | | 22,067 | | | | 2,839,140 | |
Atmos Energy Corp. | | | 14,971 | | | | 1,490,812 | |
CenterPoint Energy, Inc. | | | 66,665 | | | | 1,244,636 | |
CMS Energy Corp. | | | 35,113 | | | | 2,051,301 | |
Consolidated Edison, Inc. | | | 41,160 | | | | 2,960,639 | |
Dominion Energy, Inc. | | | 103,432 | | | | 8,396,610 | |
DTE Energy Co. | | | 23,428 | | | | 2,518,510 | |
Duke Energy Corp. | | | 90,509 | | | | 7,230,764 | |
Edison International | | | 46,359 | | | | 2,517,757 | |
Entergy Corp. | | | 24,400 | | | | 2,288,964 | |
Evergy, Inc. | | | 27,586 | | | | 1,635,574 | |
Eversource Energy | | | 41,166 | | | | 3,427,893 | |
Exelon Corp. | | | 119,631 | | | | 4,341,409 | |
FirstEnergy Corp. | | | 66,486 | | | | 2,578,327 | |
NextEra Energy, Inc. | | | 60,096 | | | | 14,433,256 | |
NiSource, Inc. | | | 46,832 | | | | 1,064,960 | |
NRG Energy, Inc. | | | 30,036 | | | | 977,972 | |
Pinnacle West Capital Corp. | | | 13,781 | | | | 1,010,009 | |
PPL Corp. | | | 93,450 | | | | 2,414,748 | |
Public Svc. Enterprise Group, Inc. | | | 61,842 | | | | 3,040,153 | |
Sempra Energy | | | 36,089 | | | | 4,230,713 | |
Southern Co. | | | 129,973 | | | | 6,739,100 | |
WEC Energy Group, Inc. | | | 39,032 | | | | 3,421,155 | |
Xcel Energy, Inc. | | | 63,643 | | | | 3,977,688 | |
| | | | | | | | |
| | | | | | | 96,408,120 | |
| | | | | | | | |
TOTAL INDEXED ASSETS-COMMON STOCKS | | | | | | | | |
(Cost: $1,772,174,623) 99.1% | | | | | | | 3,151,013,615 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
28
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020
| | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | |
| U.S. GOVERNMENT (0.8%) | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | 0.05 | | 07/02/20 | | $ | 3,900,000 | | | $ | 3,899,993 | |
U.S. Treasury Bill (1) | | | A-1+ | | | 0.14 | | 07/21/20 | | | 20,300,000 | | | | 20,298,547 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 24,198,540 | |
| | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $24,198,540) 0.8% | | | | 24,198,540 | |
| | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.0%) (2) | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | 0.01 | | 07/01/20 | | $ | 83,666 | | | $ | 83,666 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $83,666) 0.0% (2) | | | | 83,666 | |
| | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,796,456,829) 99.9% | | | | 3,175,295,821 | |
| | | | | | | | |
OTHER NET ASSETS 0.1% | | | | 4,043,790 | |
| | | | | | | | |
NET ASSETS 100.0% | | | $ | 3,179,339,611 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
29
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS: | | | | | | |
| COMMON STOCKS: | | | | | | |
| COMMUNICATION SERVICES (6.3%) | | | | | | |
Activision Blizzard, Inc. | | | 4,673 | | | $ | 354,681 | |
Alphabet, Inc. Cl A* | | | 1,811 | | | | 2,568,089 | |
Alphabet, Inc. Cl C* | | | 1,766 | | | | 2,496,435 | |
AT&T, Inc. | | | 43,086 | | | | 1,302,490 | |
CenturyLink, Inc. | | | 6,008 | | | | 60,260 | |
Charter Communications, Inc. Cl A* | | | 911 | | | | 464,646 | |
Comcast Corp. Cl A | | | 27,503 | | | | 1,072,067 | |
Discovery, Inc. Cl A* | | | 976 | | | | 20,594 | |
Discovery, Inc. Cl C* | | | 1,927 | | | | 37,114 | |
DISH Network Corp. Cl A* | | | 1,559 | | | | 53,801 | |
Electronic Arts, Inc.* | | | 1,758 | | | | 232,144 | |
Facebook, Inc. Cl A* | | | 14,519 | | | | 3,296,829 | |
Fox Corp. Cl A | | | 2,074 | | | | 55,625 | |
Fox Corp. Cl B | | | 965 | | | | 25,900 | |
Interpublic Group of Cos., Inc. | | | 2,353 | | | | 40,378 | |
Live Nation Entertainment, Inc.* | | | 857 | | | | 37,991 | |
Netflix, Inc.* | | | 2,666 | | | | 1,213,137 | |
News Corp. Cl A | | | 2,355 | | | | 27,930 | |
News Corp. Cl B | | | 737 | | | | 8,807 | |
Omnicom Group, Inc. | | | 1,303 | | | | 71,144 | |
Take-Two Interactive Software, Inc.* | | | 694 | | | | 96,861 | |
T-Mobile US, Inc.* | | | 3,460 | | | | 360,359 | |
Twitter, Inc.* | | | 4,768 | | | | 142,039 | |
Verizon Communications, Inc. | | | 25,040 | | | | 1,380,455 | |
ViacomCBS, Inc. Cl B | | | 3,305 | | | | 77,073 | |
Walt Disney Co. | | | 10,902 | | | | 1,215,682 | |
| | | | | | | | |
| | | | | | | 16,712,531 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (6.3%) | | | | | | |
Advance Auto Parts, Inc. | | | 418 | | | | 59,544 | |
Amazon.com, Inc.* | | | 2,533 | | | | 6,988,091 | |
Aptiv PLC | | | 1,615 | | | | 125,841 | |
AutoZone, Inc.* | | | 141 | | | | 159,065 | |
Best Buy Co., Inc. | | | 1,361 | | | | 118,775 | |
Booking Hldgs., Inc.* | | | 248 | | | | 394,900 | |
BorgWarner, Inc. | | | 1,249 | | | | 44,089 | |
CarMax, Inc.* | | | 985 | | | | 88,207 | |
Carnival Corp. | | | 2,840 | | | | 46,633 | |
Chipotle Mexican Grill, Inc. Cl A* | | | 156 | | | | 164,168 | |
Darden Restaurants, Inc. | | | 785 | | | | 59,479 | |
Dollar General Corp. | | | 1,519 | | | | 289,385 | |
Dollar Tree, Inc.* | | | 1,428 | | | | 132,347 | |
Domino’s Pizza, Inc. | | | 237 | | | | 87,557 | |
DR Horton, Inc. | | | 1,993 | | | | 110,512 | |
eBay, Inc. | | | 3,979 | | | | 208,698 | |
Expedia Group, Inc. | | | 823 | | | | 67,651 | |
Ford Motor Co. | | | 23,566 | | | | 143,281 | |
Gap, Inc. | | | 1,289 | | | | 16,267 | |
Garmin Ltd. | | | 881 | | | | 85,897 | |
General Motors Co. | | | 7,621 | | | | 192,812 | |
Genuine Parts Co. | | | 874 | | | | 76,003 | |
H&R Block, Inc. | | | 1,158 | | | | 16,536 | |
Hanesbrands, Inc. | | | 2,090 | | | | 23,596 | |
Hasbro, Inc. | | | 769 | | | | 57,637 | |
Hilton Worldwide Hldgs., Inc. | | | 1,681 | | | | 123,469 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| CONSUMER DISCRETIONARY (CONTINUED) | | | | | | |
Home Depot, Inc. | | | 6,479 | | | $ | 1,623,054 | |
Kohl’s Corp. | | | 949 | | | | 19,711 | |
L Brands, Inc. | | | 1,397 | | | | 20,913 | |
Las Vegas Sands Corp. | | | 2,023 | | | | 92,127 | |
Leggett & Platt, Inc. | | | 792 | | | | 27,839 | |
Lennar Corp. Cl A | | | 1,657 | | | | 102,104 | |
LKQ Corp.* | | | 1,831 | | | | 47,972 | |
Lowe’s Cos., Inc. | | | 4,560 | | | | 616,147 | |
Marriott International, Inc. Cl A | | | 1,615 | | | | 138,454 | |
McDonald’s Corp. | | | 4,480 | | | | 826,426 | |
MGM Resorts International | | | 2,993 | | | | 50,282 | |
Mohawk Industries, Inc.* | | | 360 | | | | 36,634 | |
Newell Brands, Inc. | | | 2,292 | | | | 36,397 | |
NIKE, Inc. Cl B | | | 7,459 | | | | 731,355 | |
Norwegian Cruise Line Hldgs. Ltd.* | | | 1,539 | | | | 25,286 | |
NVR, Inc.* | | | 21 | | | | 68,434 | |
O’Reilly Automotive, Inc.* | | | 450 | | | | 189,752 | |
PulteGroup, Inc. | | | 1,520 | | | | 51,726 | |
PVH Corp. | | | 427 | | | | 20,517 | |
Ralph Lauren Corp. Cl A | | | 290 | | | | 21,031 | |
Ross Stores, Inc. | | | 2,140 | | | | 182,414 | |
Royal Caribbean Cruises Ltd. | | | 1,032 | | | | 51,910 | |
Starbucks Corp. | | | 7,055 | | | | 519,177 | |
Tapestry, Inc. | | | 1,655 | | | | 21,978 | |
Target Corp. | | | 3,019 | | | | 362,068 | |
Tiffany & Co. | | | 661 | | | | 80,602 | |
TJX Cos., Inc. | | | 7,207 | | | | 364,386 | |
Tractor Supply Co. | | | 704 | | | | 92,780 | |
Ulta Beauty, Inc.* | | | 336 | | | | 68,349 | |
Under Armour, Inc. Cl A* | | | 1,129 | | | | 10,997 | |
Under Armour, Inc. Cl C* | | | 1,180 | | | | 10,431 | |
VF Corp. | | | 1,910 | | | | 116,396 | |
Whirlpool Corp. | | | 376 | | | | 48,703 | |
Wynn Resorts Ltd. | | | 585 | | | | 43,577 | |
Yum! Brands, Inc. | | | 1,815 | | | | 157,742 | |
| | | | | | | | |
| | | | | | | 16,758,111 | |
| | | | | | | | |
| CONSUMER STAPLES (4.1%) | | | | | | |
Altria Group, Inc. | | | 11,240 | | | | 441,170 | |
Archer-Daniels-Midland Co. | | | 3,358 | | | | 133,984 | |
Brown-Forman Corp. Cl B | | | 1,094 | | | | 69,644 | |
Campbell Soup Co. | | | 1,022 | | | | 50,722 | |
Church & Dwight Co., Inc. | | | 1,486 | | | | 114,868 | |
Clorox Co. | | | 758 | | | | 166,282 | |
Coca-Cola Co. | | | 23,380 | | | | 1,044,618 | |
Colgate-Palmolive Co. | | | 5,176 | | | | 379,194 | |
Conagra Brands, Inc. | | | 2,958 | | | | 104,033 | |
Constellation Brands, Inc. Cl A | | | 1,016 | | | | 177,749 | |
Costco Wholesale Corp. | | | 2,670 | | | | 809,571 | |
Coty, Inc. Cl A | | | 1,796 | | | | 8,028 | |
Estee Lauder Cos., Inc. Cl A | | | 1,362 | | | | 256,982 | |
General Mills, Inc. | | | 3,658 | | | | 225,516 | |
Hershey Co. | | | 890 | | | | 115,362 | |
Hormel Foods Corp. | | | 1,696 | | | | 81,866 | |
JM Smucker Co. | | | 691 | | | | 73,115 | |
Kellogg Co. | | | 1,511 | | | | 99,816 | |
The accompanying notes are an integral part of these portfolio schedules.
30
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| CONSUMER STAPLES (CONTINUED) | | | | | | |
Kimberly-Clark Corp. | | | 2,060 | | | $ | 291,181 | |
Kraft Heinz Co. | | | 3,762 | | | | 119,970 | |
Kroger Co. | | | 4,771 | | | | 161,498 | |
Lamb Weston Hldgs., Inc. | | | 876 | | | | 56,003 | |
McCormick & Co., Inc. | | | 748 | | | | 134,198 | |
Molson Coors Brewing Co. Cl B | | | 1,141 | | | | 39,205 | |
Mondelez International, Inc. Cl A | | | 8,626 | | | | 441,047 | |
Monster Beverage Corp.* | | | 2,275 | | | | 157,703 | |
PepsiCo, Inc. | | | 8,385 | | | | 1,109,000 | |
Philip Morris International, Inc. | | | 9,402 | | | | 658,704 | |
Procter & Gamble Co. | | | 14,940 | | | | 1,786,376 | |
Sysco Corp. | | | 3,050 | | | | 166,713 | |
Tyson Foods, Inc. Cl A | | | 1,770 | | | | 105,687 | |
Walgreens Boots Alliance, Inc. | | | 4,449 | | | | 188,593 | |
Walmart, Inc. | | | 8,557 | | | | 1,024,958 | |
| | | | | | | | |
| | | | | | | 10,793,356 | |
| | | | | | | | |
| ENERGY (1.6%) | | | | | | |
Apache Corp. | | | 2,262 | | | | 30,537 | |
Baker Hughes, a GE Co. Cl A | | | 3,924 | | | | 60,390 | |
Cabot Oil & Gas Corp. | | | 2,387 | | | | 41,009 | |
Chevron Corp. | | | 11,240 | | | | 1,002,945 | |
Concho Resources, Inc. | | | 1,186 | | | | 61,079 | |
ConocoPhillips | | | 6,443 | | | | 270,735 | |
Devon Energy Corp. | | | 2,290 | | | | 25,969 | |
Diamondback Energy, Inc. | | | 950 | | | | 39,729 | |
EOG Resources, Inc. | | | 3,495 | | | | 177,057 | |
Exxon Mobil Corp. | | | 25,458 | | | | 1,138,482 | |
Halliburton Co. | | | 5,242 | | | | 68,041 | |
Hess Corp. | | | 1,565 | | | | 81,083 | |
HollyFrontier Corp. | | | 887 | | | | 25,900 | |
Kinder Morgan, Inc. | | | 11,673 | | | | 177,079 | |
Marathon Oil Corp. | | | 4,728 | | | | 28,935 | |
Marathon Petroleum Corp. | | | 3,891 | | | | 145,445 | |
National Oilwell Varco, Inc. | | | 2,314 | | | | 28,347 | |
Noble Energy, Inc. | | | 2,882 | | | | 25,823 | |
Occidental Petroleum Corp. | | | 5,408 | | | | 98,966 | |
ONEOK, Inc. | | | 2,638 | | | | 87,634 | |
Phillips 66 | | | 2,628 | | | | 188,953 | |
Pioneer Natural Resources Co. | | | 991 | | | | 96,821 | |
Schlumberger Ltd. | | | 8,279 | | | | 152,251 | |
TechnipFMC PLC | | | 2,506 | | | | 17,141 | |
Valero Energy Corp. | | | 2,457 | | | | 144,521 | |
Williams Cos., Inc. | | | 7,261 | | | | 138,104 | |
| | | | | | | | |
| | | | | | | 4,352,976 | |
| | | | | | | | |
| FINANCIALS (5.9%) | | | | | | |
Aflac, Inc. | | | 4,331 | | | | 156,046 | |
Allstate Corp. | | | 1,894 | | | | 183,699 | |
American Express Co. | | | 3,990 | | | | 379,848 | |
American International Group, Inc. | | | 5,174 | | | | 161,325 | |
Ameriprise Financial, Inc. | | | 738 | | | | 110,730 | |
Aon PLC Cl A | | | 1,393 | | | | 268,292 | |
Arthur J. Gallagher & Co. | | | 1,144 | | | | 111,529 | |
Assurant, Inc. | | | 360 | | | | 37,184 | |
Bank of America Corp. | | | 47,114 | | | | 1,118,957 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | |
Bank of New York Mellon Corp. | | | 4,858 | | | $ | 187,762 | |
Berkshire Hathaway, Inc. Cl B* | | | 11,756 | | | | 2,098,564 | |
BlackRock, Inc. Cl A | | | 933 | | | | 507,636 | |
Capital One Financial Corp. | | | 2,757 | | | | 172,561 | |
Cboe Global Markets, Inc. | | | 667 | | | | 62,218 | |
Charles Schwab Corp. | | | 6,922 | | | | 233,548 | |
Chubb Ltd. | | | 2,726 | | | | 345,166 | |
Cincinnati Financial Corp. | | | 908 | | | | 58,139 | |
Citigroup, Inc. | | | 12,503 | | | | 638,903 | |
Citizens Financial Group, Inc. | | | 2,579 | | | | 65,094 | |
CME Group, Inc. Cl A | | | 2,168 | | | | 352,387 | |
Comerica, Inc. | | | 836 | | | | 31,852 | |
Discover Financial Svcs. | | | 1,849 | | | | 92,616 | |
E*TRADE Financial Corp. | | | 1,333 | | | | 66,290 | |
Everest Re Group Ltd. | | | 242 | | | | 49,900 | |
Fifth Third Bancorp | | | 4,295 | | | | 82,808 | |
First Republic Bank | | | 1,035 | | | | 109,699 | |
Franklin Resources, Inc. | | | 1,675 | | | | 35,125 | |
Globe Life, Inc. | | | 590 | | | | 43,796 | |
Goldman Sachs Group, Inc. | | | 1,864 | | | | 368,364 | |
Hartford Financial Svcs. Group, Inc. | | | 2,160 | | | | 83,268 | |
Huntington Bancshares, Inc. | | | 6,132 | | | | 55,403 | |
Intercontinental Exchange, Inc. | | | 3,314 | | | | 303,562 | |
Invesco Ltd. | | | 2,248 | | | | 24,188 | |
JPMorgan Chase & Co. | | | 18,399 | | | | 1,730,610 | |
KeyCorp | | | 5,840 | | | | 71,131 | |
Lincoln National Corp. | | | 1,161 | | | | 42,713 | |
Loews Corp. | | | 1,458 | | | | 49,995 | |
M&T Bank Corp. | | | 772 | | | | 80,265 | |
MarketAxess Hldgs., Inc. | | | 232 | | | | 116,213 | |
Marsh & McLennan Cos., Inc. | | | 3,088 | | | | 331,559 | |
MetLife, Inc. | | | 4,646 | | | | 169,672 | |
Moody’s Corp. | | | 970 | | | | 266,488 | |
Morgan Stanley | | | 7,221 | | | | 348,774 | |
MSCI, Inc. Cl A | | | 517 | | | | 172,585 | |
Nasdaq, Inc. | | | 695 | | | | 83,032 | |
Northern Trust Corp. | | | 1,254 | | | | 99,492 | |
People’s United Financial, Inc. | | | 2,557 | | | | 29,584 | |
PNC Financial Svcs. Group, Inc. | | | 2,553 | | | | 268,601 | |
Principal Financial Group, Inc. | | | 1,527 | | | | 63,432 | |
Progressive Corp. | | | 3,543 | | | | 283,830 | |
Prudential Financial, Inc. | | | 2,385 | | | | 145,247 | |
Raymond James Financial, Inc. | | | 735 | | | | 50,590 | |
Regions Financial Corp. | | | 5,731 | | | | 63,729 | |
S&P Global, Inc. | | | 1,450 | | | | 477,746 | |
State Street Corp. | | | 2,122 | | | | 134,853 | |
SVB Financial Group* | | | 311 | | | | 67,030 | |
Synchrony Financial | | | 3,241 | | | | 71,821 | |
T. Rowe Price Group, Inc. | | | 1,375 | | | | 169,813 | |
Travelers Cos., Inc. | | | 1,521 | | | | 173,470 | |
Truist Financial Corp. | | | 8,127 | | | | 305,169 | |
U.S. Bancorp | | | 8,267 | | | | 304,391 | |
Unum Group | | | 1,226 | | | | 20,339 | |
WR Berkley Corp. | | | 851 | | | | 48,754 | |
Wells Fargo & Co. | | | 22,560 | | | | 577,536 | |
The accompanying notes are an integral part of these portfolio schedules.
31
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | |
Willis Towers Watson PLC | | | 777 | | | $ | 153,030 | |
Zions Bancorporation | | | 988 | | | | 33,592 | |
| | | | | | | | |
| | | | | | | 15,601,545 | |
| | | | | | | | |
| HEALTH CARE (8.6%) | | | | | | |
Abbott Laboratories | | | 10,693 | | | | 977,661 | |
AbbVie, Inc. | | | 10,651 | | | | 1,045,715 | |
ABIOMED, Inc.* | | | 274 | | | | 66,188 | |
Agilent Technologies, Inc. | | | 1,864 | | | | 164,722 | |
Alexion Pharmaceuticals, Inc.* | | | 1,335 | | | | 149,841 | |
Align Technology, Inc.* | | | 434 | | | | 119,107 | |
AmerisourceBergen Corp. Cl A | | | 898 | | | | 90,491 | |
Amgen, Inc. | | | 3,559 | | | | 839,426 | |
Anthem, Inc. | | | 1,517 | | | | 398,941 | |
Baxter International, Inc. | | | 3,084 | | | | 265,532 | |
Becton Dickinson & Co. | | | 1,781 | | | | 426,140 | |
Biogen, Inc.* | | | 982 | | | | 262,734 | |
Bio-Rad Laboratories, Inc. Cl A* | | | 129 | | | | 58,242 | |
Boston Scientific Corp.* | | | 8,611 | | | | 302,332 | |
Bristol-Myers Squibb Co. | | | 13,709 | | | | 806,089 | |
Cardinal Health, Inc. | | | 1,768 | | | | 92,272 | |
Centene Corp.* | | | 3,492 | | | | 221,917 | |
Cerner Corp. | | | 1,836 | | | | 125,858 | |
Cigna Corp. | | | 2,234 | | | | 419,210 | |
Cooper Cos., Inc. | | | 295 | | | | 83,674 | |
CVS Health Corp. | | | 7,901 | | | | 513,328 | |
Danaher Corp. | | | 3,806 | | | | 673,015 | |
DaVita, Inc.* | | | 515 | | | | 40,757 | |
DENTSPLY SIRONA, Inc. | | | 1,323 | | | | 58,291 | |
DexCom, Inc.* | | | 561 | | | | 227,430 | |
Edwards Lifesciences Corp.* | | | 3,753 | | | | 259,370 | |
Eli Lilly & Co. | | | 5,092 | | | | 836,005 | |
Gilead Sciences, Inc. | | | 7,560 | | | | 581,666 | |
HCA Healthcare, Inc. | | | 1,587 | | | | 154,034 | |
Henry Schein, Inc.* | | | 859 | | | | 50,157 | |
Hologic, Inc.* | | | 1,565 | | | | 89,205 | |
Humana, Inc. | | | 798 | | | | 309,424 | |
IDEXX Laboratories, Inc.* | | | 513 | | | | 169,372 | |
Illumina, Inc.* | | | 890 | | | | 329,611 | |
Incyte Corp.* | | | 1,095 | | | | 113,847 | |
Intuitive Surgical, Inc.* | | | 707 | | | | 402,870 | |
IQVIA Hldgs., Inc.* | | | 1,072 | | | | 152,095 | |
Johnson & Johnson | | | 15,933 | | | | 2,240,658 | |
Laboratory Corp. of America Hldgs.* | | | 585 | | | | 97,174 | |
McKesson Corp. | | | 975 | | | | 149,584 | |
Medtronic PLC | | | 8,095 | | | | 742,312 | |
Merck & Co., Inc. | | | 15,254 | | | | 1,179,592 | |
Mettler-Toledo International, Inc.* | | | 144 | | | | 115,999 | |
Mylan NV* | | | 3,103 | | | | 49,896 | |
PerkinElmer, Inc. | | | 675 | | | | 66,211 | |
Perrigo Co. PLC | | | 826 | | | | 45,653 | |
Pfizer, Inc. | | | 33,573 | | | | 1,097,837 | |
Quest Diagnostics, Inc. | | | 807 | | | | 91,966 | |
Regeneron Pharmaceuticals, Inc.* | | | 610 | | | | 380,427 | |
ResMed, Inc. | | | 873 | | | | 167,616 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
STERIS PLC | | | 514 | | | $ | 78,868 | |
Stryker Corp. | | | 1,948 | | | | 351,010 | |
Teleflex, Inc. | | | 280 | | | | 101,914 | |
Thermo Fisher Scientific, Inc. | | | 2,384 | | | | 863,819 | |
UnitedHealth Group, Inc. | | | 5,750 | | | | 1,695,963 | |
Universal Health Svcs., Inc. Cl B | | | 468 | | | | 43,473 | |
Varian Medical Systems, Inc.* | | | 547 | | | | 67,018 | |
Vertex Pharmaceuticals, Inc.* | | | 1,575 | | | | 457,238 | |
Waters Corp.* | | | 373 | | | | 67,289 | |
West Pharmaceutical Svcs., Inc. | | | 446 | | | | 101,318 | |
Zimmer Biomet Hldgs., Inc. | | | 1,248 | | | | 148,961 | |
Zoetis, Inc. Cl A | | | 2,873 | | | | 393,716 | |
| | | | | | | | |
| | | | | | | 22,672,081 | |
| | | | | | | | |
| INDUSTRIALS (4.7%) | | | | | | |
3M Co. | | | 3,485 | | | | 543,625 | |
AO Smith Corp. | | | 819 | | | | 38,591 | |
Alaska Air Group, Inc. | | | 740 | | | | 26,832 | |
Allegion PLC | | | 559 | | | | 57,141 | |
American Airlines Group, Inc. | | | 2,995 | | | | 39,145 | |
AMETEK, Inc. | | | 1,389 | | | | 124,135 | |
Boeing Co. | | | 3,205 | | | | 587,477 | |
Carrier Global Corp. | | | 4,911 | | | | 109,122 | |
Caterpillar, Inc. | | | 3,281 | | | | 415,046 | |
CH Robinson Worldwide, Inc. | | | 813 | | | | 64,276 | |
Cintas Corp. | | | 507 | | | | 135,044 | |
Copart, Inc.* | | | 1,253 | | | | 104,337 | |
CSX Corp. | | | 4,623 | | | | 322,408 | |
Cummins, Inc. | | | 892 | | | | 154,548 | |
Deere & Co. | | | 1,897 | | | | 298,114 | |
Delta Air Lines, Inc. | | | 3,433 | | | | 96,296 | |
Dover Corp. | | | 867 | | | | 83,717 | |
Eaton Corp. PLC | | | 2,420 | | | | 211,702 | |
Emerson Electric Co. | | | 3,610 | | | | 223,928 | |
Equifax, Inc. | | | 730 | | | | 125,472 | |
Expeditors International of Washington, Inc. | | | 1,008 | | | | 76,648 | |
Fastenal Co. | | | 3,466 | | | | 148,484 | |
FedEx Corp. | | | 1,448 | | | | 203,038 | |
Flowserve Corp. | | | 783 | | | | 22,331 | |
Fortive Corp. | | | 1,790 | | | | 121,111 | |
Fortune Brands Home & Security, Inc. | | | 845 | | | | 54,021 | |
General Dynamics Corp. | | | 1,401 | | | | 209,393 | |
General Electric Co. | | | 52,702 | | | | 359,955 | |
Honeywell International, Inc. | | | 4,227 | | | | 611,182 | |
Howmet Aerospace, Inc. | | | 2,304 | | | | 36,518 | |
Huntington Ingalls Industries, Inc. | | | 243 | | | | 42,401 | |
IDEX Corp. | | | 457 | | | | 72,224 | |
IHS Markit Ltd. | | | 2,737 | | | | 206,643 | |
Illinois Tool Works, Inc. | | | 1,734 | | | | 303,190 | |
Ingersoll Rand, Inc.* | | | 2,093 | | | | 58,855 | |
Jacobs Engineering Group, Inc. | | | 786 | | | | 66,653 | |
JB Hunt Transport Svcs., Inc. | | | 512 | | | | 61,614 | |
Johnson Controls International PLC | | | 4,487 | | | | 153,186 | |
Kansas City Southern | | | 574 | | | | 85,693 | |
The accompanying notes are an integral part of these portfolio schedules.
32
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INDUSTRIALS (CONTINUED) | | | | | | |
L-3 Harris Technologies, Inc. | | | 1,298 | | | $ | 220,232 | |
Lockheed Martin Corp. | | | 1,488 | | | | 543,001 | |
Masco Corp. | | | 1,593 | | | | 79,985 | |
Nielsen Hldgs. PLC | | | 2,145 | | | | 31,875 | |
Norfolk Southern Corp. | | | 1,551 | | | | 272,309 | |
Northrop Grumman Corp. | | | 935 | | | | 287,456 | |
Old Dominion Freight Line, Inc. | | | 570 | | | | 96,666 | |
Otis Worldwide Corp. | | | 2,461 | | | | 139,933 | |
PACCAR, Inc. | | | 2,091 | | | | 156,511 | |
Parker-Hannifin Corp. | | | 773 | | | | 141,668 | |
Pentair PLC | | | 1,000 | | | | 37,990 | |
Quanta Svcs., Inc. | | | 830 | | | | 32,561 | |
Raytheon Technologies Corp. | | | 8,860 | | | | 545,953 | |
Republic Svcs., Inc. Cl A | | | 1,272 | | | | 104,368 | |
Robert Half International, Inc. | | | 694 | | | | 36,664 | |
Rockwell Automation, Inc. | | | 700 | | | | 149,100 | |
Rollins, Inc. | | | 851 | | | | 36,074 | |
Roper Technologies, Inc. | | | 631 | | | | 244,992 | |
Snap-on, Inc. | | | 327 | | | | 45,293 | |
Southwest Airlines Co. | | | 3,253 | | | | 111,187 | |
Stanley Black & Decker, Inc. | | | 933 | | | | 130,042 | |
Teledyne Technologies, Inc.* | | | 221 | | | | 68,720 | |
Textron, Inc. | | | 1,369 | | | | 45,054 | |
Trane Technologies PLC | | | 1,449 | | | | 128,932 | |
TransDigm Group, Inc. | | | 302 | | | | 133,499 | |
Union Pacific Corp. | | | 4,101 | | | | 693,356 | |
United Airlines Hldgs., Inc.* | | | 1,521 | | | | 52,642 | |
United Parcel Svc., Inc. Cl B | | | 4,259 | | | | 473,516 | |
United Rentals, Inc.* | | | 435 | | | | 64,832 | |
Verisk Analytics, Inc. Cl A | | | 979 | | | | 166,626 | |
Waste Management, Inc. | | | 2,349 | | | | 248,783 | |
Westinghouse Air Brake Technologies Corp. | | | 1,091 | | | | 62,809 | |
WW Grainger, Inc. | | | 262 | | | | 82,310 | |
Xylem, Inc. | | | 1,086 | | | | 70,547 | |
| | | | | | | | |
| | | | | | | 12,389,582 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (16.1%) | | | | | | |
Accenture PLC Cl A | | | 3,847 | | | | 826,028 | |
Adobe, Inc.* | | | 2,922 | | | | 1,271,976 | |
Advanced Micro Devices, Inc.* | | | 7,080 | | | | 372,479 | |
Akamai Technologies, Inc.* | | | 986 | | | | 105,591 | |
Amphenol Corp. Cl A | | | 1,787 | | | | 171,212 | |
Analog Devices, Inc. | | | 2,233 | | | | 273,855 | |
ANSYS, Inc.* | | | 518 | | | | 151,116 | |
Apple, Inc. | | | 24,653 | | | | 8,993,414 | |
Applied Materials, Inc. | | | 5,575 | | | | 337,009 | |
Arista Networks, Inc.* | | | 327 | | | | 68,680 | |
Autodesk, Inc.* | | | 1,318 | | | | 315,252 | |
Automatic Data Processing, Inc. | | | 2,593 | | | | 386,072 | |
Broadcom, Inc. | | | 2,427 | | | | 765,985 | |
Broadridge Financial Solutions, Inc. | | | 694 | | | | 87,576 | |
Cadence Design Systems, Inc.* | | | 1,691 | | | | 162,268 | |
CDW Corp. | | | 858 | | | | 99,682 | |
Cisco Systems, Inc. | | | 25,799 | | | | 1,203,265 | |
Citrix Systems, Inc. | | | 702 | | | | 103,833 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | | | |
Cognizant Technology Solutions Corp. Cl A | | | 3,291 | | | $ | 186,995 | |
Corning, Inc. | | | 4,599 | | | | 119,114 | |
DXC Technology Co. | | | 1,536 | | | | 25,344 | |
F5 Networks, Inc.* | | | 369 | | | | 51,468 | |
Fidelity National Information Svcs., Inc. | | | 3,733 | | | | 500,558 | |
Fiserv, Inc.* | | | 3,393 | | | | 331,225 | |
FleetCor Technologies, Inc.* | | | 505 | | | | 127,023 | |
FLIR Systems, Inc. | | | 792 | | | | 32,131 | |
Fortinet, Inc.* | | | 813 | | | | 111,601 | |
Gartner, Inc.* | | | 533 | | | | 64,669 | |
Global Payments, Inc. | | | 1,803 | | | | 305,825 | |
Hewlett Packard Enterprise Co. | | | 7,760 | | | | 75,505 | |
HP, Inc. | | | 8,669 | | | | 151,101 | |
Intel Corp. | | | 25,620 | | | | 1,532,845 | |
International Business Machines Corp. | | | 5,381 | | | | 649,863 | |
Intuit, Inc. | | | 1,575 | | | | 466,499 | |
IPG Photonics Corp.* | | | 215 | | | | 34,484 | |
Jack Henry & Associates, Inc. | | | 464 | | | | 85,390 | |
Juniper Networks, Inc. | | | 2,009 | | | | 45,926 | |
Keysight Technologies, Inc.* | | | 1,129 | | | | 113,781 | |
KLA Corp. | | | 942 | | | | 183,200 | |
Lam Research Corp. | | | 882 | | | | 285,292 | |
Leidos Hldgs., Inc. | | | 808 | | | | 75,685 | |
Mastercard, Inc. Cl A | | | 5,354 | | | | 1,583,178 | |
Maxim Integrated Products, Inc. | | | 1,620 | | | | 98,188 | |
Microchip Technology, Inc. | | | 1,487 | | | | 156,596 | |
Micron Technology, Inc.* | | | 6,713 | | | | 345,854 | |
Microsoft Corp. | | | 45,760 | | | | 9,312,618 | |
Motorola Solutions, Inc. | | | 1,030 | | | | 144,334 | |
NetApp, Inc. | | | 1,344 | | | | 59,633 | |
NortonLifeLock, Inc. | | | 3,274 | | | | 64,923 | |
NVIDIA Corp. | | | 3,724 | | | | 1,414,785 | |
Oracle Corp. | | | 12,596 | | | | 696,181 | |
Paychex, Inc. | | | 1,930 | | | | 146,197 | |
Paycom Software, Inc.* | | | 290 | | | | 89,822 | |
PayPal Hldgs., Inc.* | | | 7,124 | | | | 1,241,215 | |
Qorvo, Inc.* | | | 693 | | | | 76,597 | |
QUALCOMM, Inc. | | | 6,828 | | | | 622,782 | |
Salesforce.com, Inc.* | | | 5,462 | | | | 1,023,196 | |
Seagate Technology PLC | | | 1,368 | | | | 66,225 | |
ServiceNow, Inc.* | | | 1,159 | | | | 469,465 | |
Skyworks Solutions, Inc. | | | 1,011 | | | | 129,266 | |
Synopsys, Inc.* | | | 913 | | | | 178,035 | |
TE Connectivity Ltd. | | | 1,991 | | | | 162,366 | |
Texas Instruments, Inc. | | | 5,557 | | | | 705,572 | |
Tyler Technologies, Inc.* | | | 240 | | | | 83,251 | |
VeriSign, Inc.* | | | 615 | | | | 127,200 | |
Visa, Inc. Cl A | | | 10,206 | | | | 1,971,493 | |
Western Digital Corp. | | | 1,816 | | | | 80,176 | |
Western Union Co. | | | 2,483 | | | | 53,682 | |
Xerox Hldgs. Corp. | | | 1,104 | | | | 16,880 | |
Xilinx, Inc. | | | 1,469 | | | | 144,535 | |
Zebra Technologies Corp. Cl A* | | | 321 | | | | 82,160 | |
| | | | | | | | |
| | | | | | | 42,597,222 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
33
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| MATERIALS (1.5%) | | | | | | |
Air Products & Chemicals, Inc. | | | 1,328 | | | $ | 320,659 | |
Albemarle Corp. | | | 644 | | | | 49,723 | |
Amcor PLC | | | 9,481 | | | | 96,801 | |
Avery Dennison Corp. | | | 503 | | | | 57,387 | |
Ball Corp. | | | 1,966 | | | | 136,617 | |
Celanese Corp. Cl A | | | 710 | | | | 61,301 | |
CF Industries Hldgs., Inc. | | | 1,293 | | | | 36,385 | |
Corteva, Inc. | | | 4,543 | | | | 121,707 | |
Dow, Inc. | | | 4,475 | | | | 182,401 | |
DuPont de Nemours, Inc. | | | 4,433 | | | | 235,525 | |
Eastman Chemical Co. | | | 814 | | | | 56,687 | |
Ecolab, Inc. | | | 1,491 | | | | 296,635 | |
FMC Corp. | | | 778 | | | | 77,504 | |
Freeport-McMoRan, Inc. | | | 8,656 | | | | 100,150 | |
International Flavors & Fragrances, Inc. | | | 645 | | | | 78,987 | |
International Paper Co. | | | 2,355 | | | | 82,920 | |
Linde PLC | | | 3,177 | | | | 673,874 | |
LyondellBasell Industries NV Cl A | | | 1,547 | | | | 101,669 | |
Martin Marietta Materials, Inc. | | | 374 | | | | 77,257 | |
Mosaic Co. | | | 2,116 | | | | 26,471 | |
Newmont Goldcorp Corp. | | | 4,775 | | | | 294,808 | |
Nucor Corp. | | | 1,811 | | | | 74,994 | |
Packaging Corp. of America | | | 570 | | | | 56,886 | |
PPG Industries, Inc. | | | 1,424 | | | | 151,029 | |
Sealed Air Corp. | | | 935 | | | | 30,715 | |
Sherwin-Williams Co. | | | 488 | | | | 281,991 | |
Vulcan Materials Co. | | | 800 | | | | 92,680 | |
WestRock Co. | | | 1,549 | | | | 43,775 | |
| | | | | | | | |
| | | | | | | 3,897,538 | |
| | | | | | | | |
| REAL ESTATE (1.7%) | | | | | | |
Alexandria Real Estate Equities, Inc. | | | 763 | | | | 123,797 | |
American Tower Corp. | | | 2,685 | | | | 694,180 | |
Apartment Investment & Management Co. Cl A | | | 893 | | | | 33,613 | |
AvalonBay Communities, Inc. | | | 844 | | | | 130,516 | |
Boston Properties, Inc. | | | 874 | | | | 78,992 | |
CBRE Group, Inc. Cl A* | | | 2,014 | | | | 91,073 | |
Crown Castle International Corp. | | | 2,512 | | | | 420,383 | |
Digital Realty Trust, Inc. | | | 1,616 | | | | 229,650 | |
Duke Realty Corp. | | | 2,218 | | | | 78,495 | |
Equinix, Inc. | | | 534 | | | | 375,028 | |
Equity Residential | | | 2,095 | | | | 123,228 | |
Essex Property Trust, Inc. | | | 394 | | | | 90,293 | |
Extra Space Storage, Inc. | | | 784 | | | | 72,418 | |
Federal Realty Investment Trust | | | 424 | | | | 36,129 | |
Healthpeak Properties, Inc. | | | 3,240 | | | | 89,294 | |
Host Hotels & Resorts, Inc. | | | 4,250 | | | | 45,857 | |
Iron Mountain, Inc. | | | 1,736 | | | | 45,310 | |
Kimco Realty Corp. | | | 2,610 | | | | 33,512 | |
Mid-America Apartment Communities, Inc. | | | 685 | | | | 78,549 | |
Prologis, Inc. | | | 4,456 | | | | 415,878 | |
Public Storage | | | 909 | | | | 174,428 | |
Realty Income Corp. | | | 2,078 | | | | 123,641 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| REAL ESTATE (CONTINUED) | | | | | | |
Regency Centers Corp. | | | 1,019 | | | $ | 46,762 | |
SBA Communications Corp. Cl A | | | 674 | | | | 200,798 | |
Simon Property Group, Inc. | | | 1,844 | | | | 126,093 | |
SL Green Realty Corp. | | | 462 | | | | 22,772 | |
UDR, Inc. | | | 1,775 | | | | 66,350 | |
Ventas, Inc. | | | 2,234 | | | | 81,809 | |
Vornado Realty Trust | | | 959 | | | | 36,643 | |
Welltower, Inc. | | | 2,516 | | | | 130,203 | |
Weyerhaeuser Co. | | | 4,512 | | | | 101,340 | |
| | | | | | | | |
| | | | | | | 4,397,034 | |
| | | | | | | | |
| UTILITIES (1.8%) | | | | | | |
AES Corp. | | | 3,990 | | | | 57,815 | |
Alliant Energy Corp. | | | 1,504 | | | | 71,951 | |
Ameren Corp. | | | 1,491 | | | | 104,907 | |
American Electric Power Co., Inc. | | | 2,995 | | | | 238,522 | |
American Water Works Co., Inc. | | | 1,093 | | | | 140,625 | |
Atmos Energy Corp. | | | 739 | | | | 73,590 | |
CenterPoint Energy, Inc. | | | 3,284 | | | | 61,312 | |
CMS Energy Corp. | | | 1,731 | | | | 101,125 | |
Consolidated Edison, Inc. | | | 2,018 | | | | 145,155 | |
Dominion Energy, Inc. | | | 5,062 | | | | 410,933 | |
DTE Energy Co. | | | 1,159 | | | | 124,592 | |
Duke Energy Corp. | | | 4,440 | | | | 354,712 | |
Edison International | | | 2,276 | | | | 123,610 | |
Entergy Corp. | | | 1,207 | | | | 113,229 | |
Evergy, Inc. | | | 1,369 | | | | 81,168 | |
Eversource Energy | | | 2,035 | | | | 169,454 | |
Exelon Corp. | | | 5,874 | | | | 213,167 | |
FirstEnergy Corp. | | | 3,256 | | | | 126,268 | |
NextEra Energy, Inc. | | | 2,952 | | | | 708,982 | |
NiSource, Inc. | | | 2,316 | | | | 52,666 | |
NRG Energy, Inc. | | | 1,467 | | | | 47,765 | |
Pinnacle West Capital Corp. | | | 679 | | | | 49,764 | |
PPL Corp. | | | 4,644 | | | | 120,001 | |
Public Svc. Enterprise Group, Inc. | | | 3,060 | | | | 150,430 | |
Sempra Energy | | | 1,762 | | | | 206,559 | |
Southern Co. | | | 6,374 | | | | 330,492 | |
WEC Energy Group, Inc. | | | 1,905 | | | | 166,973 | |
Xcel Energy, Inc. | | | 3,177 | | | | 198,562 | |
| | | | | | | | |
| | | | | | | 4,744,329 | |
| | | | | | | | |
TOTAL INDEXED ASSETS-COMMON STOCKS | |
(Cost: $96,698,443 ) 58.6% | | | | | | | 154,916,305 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
34
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| INDEXED ASSETS: | | | | | | | | | | | | | | | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (0.0%) (2) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.04 | | | | 07/02/20 | | | $ | 10,000 | | | $ | 10,000 | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.22 | | | | 07/21/20 | | | | 75,000 | | | | 74,991 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 84,991 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INDEXED ASSETS-SHORT TERM-DEBT (0.0%) (2)
(Cost: $84,991) 0.0% (2) | | | | 84,991 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INDEXED ASSETS
(Cost: $96,783,434) 58.6% | | | | 155,001,296 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
35
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS: | | | | | | |
| COMMON STOCKS: | | | | | | |
| COMMUNICATION SERVICES (0.8%) | | | | | | |
Cardlytics, Inc.* | | | 1,938 | | | $ | 135,621 | |
Cogent Communications Hldgs., Inc. | | | 1,866 | | | | 144,354 | |
Discovery, Inc. Cl A* | | | 3,848 | | | | 81,192 | |
Discovery, Inc. Cl C* | | | 21,570 | | | | 415,438 | |
Gray Television, Inc.* | | | 7,422 | | | | 103,537 | |
ORBCOMM, Inc.* | | | 32,280 | | | | 124,278 | |
Shenandoah Telecommunications Co. | | | 3,311 | | | | 163,199 | |
Take-Two Interactive Software,
Inc.* | | | 1,739 | | | | 242,713 | |
TEGNA, Inc. | | | 25,903 | | | | 288,559 | |
ViacomCBS, Inc. Cl B | | | 3,461 | | | | 80,710 | |
World Wrestling Entertainment, Inc. Cl A | | | 1,205 | | | | 52,357 | |
Zynga, Inc. Cl A* | | | 43,548 | | | | 415,449 | |
| | | | | | | | |
| | | | | | | 2,247,407 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (3.9%) | | | | | | |
AutoZone, Inc.* | | | 705 | | | | 795,325 | |
Bloomin’ Brands, Inc. | | | 42,941 | | | | 457,751 | |
BorgWarner, Inc. | | | 6,506 | | | | 229,662 | |
Bright Horizons Family Solutions, Inc.* | | | 1,520 | | | | 178,144 | |
Capri Hldgs. Ltd.* | | | 14,805 | | | | 231,402 | |
Chegg, Inc.* | | | 1,937 | | | | 130,282 | |
Darden Restaurants, Inc. | | | 2,259 | | | | 171,165 | |
Dollar General Corp. | | | 1,301 | | | | 247,853 | |
Eldorado Resorts, Inc.* | | | 8,680 | | | | 347,721 | |
Extended Stay America, Inc. | | | 28,560 | | | | 319,586 | |
Five Below, Inc.* | | | 8,858 | | | | 947,009 | |
Foot Locker, Inc. | | | 2,520 | | | | 73,483 | |
Fox Factory Hldg. Corp.* | | | 2,314 | | | | 191,160 | |
Grand Canyon Education, Inc.* | | | 1,222 | | | | 110,628 | |
Haverty Furniture Cos., Inc. | | | 9,412 | | | | 150,592 | |
Hilton Grand Vacations, Inc.* | | | 1,930 | | | | 37,732 | |
Johnson Outdoors, Inc. Cl A | | | 1,994 | | | | 181,494 | |
Lithia Motors, Inc. Cl A | | | 5,025 | | | | 760,433 | |
Marriott Vacations Worldwide Corp. | | | 9,967 | | | | 819,387 | |
Meritage Homes Corp.* | | | 2,650 | | | | 201,718 | |
NVR, Inc.* | | | 83 | | | | 270,476 | |
Ralph Lauren Corp. Cl A | | | 4,199 | | | | 304,511 | |
Red Rock Resorts, Inc. Cl A | | | 12,563 | | | | 137,062 | |
Skyline Champion Corp.* | | | 11,178 | | | | 272,073 | |
Sonic Automotive, Inc. Cl A | | | 12,536 | | | | 400,024 | |
Sonos, Inc.* | | | 13,399 | | | | 196,027 | |
Stamps.com, Inc.* | | | 796 | | | | 146,217 | |
Steven Madden Ltd. | | | 9,306 | | | | 229,765 | |
Taylor Morrison Home Corp. Cl A* | | | 3,537 | | | | 68,229 | |
Thor Industries, Inc. | | | 4,241 | | | | 451,794 | |
Tractor Supply Co. | | | 4,272 | | | | 563,007 | |
Williams-Sonoma, Inc. | | | 9,670 | | | | 793,037 | |
| | | | | | | | |
| | | | | | | 10,414,749 | |
| | | | | | | | |
| CONSUMER STAPLES (1.2%) | | | | | | |
BJ’s Wholesale Club Hldgs., Inc.* | | | 5,660 | | | | 210,948 | |
Church & Dwight Co., Inc. | | | 7,525 | | | | 581,682 | |
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| CONSUMER STAPLES (CONTINUED) | | | | | | |
Constellation Brands, Inc. Cl A | | | 5,362 | | | $ | 938,082 | |
Crimson Wine Group Ltd.* | | | 45,094 | | | | 243,508 | |
Freshpet, Inc.* | | | 2,899 | | | | 242,530 | |
Ingredion, Inc. | | | 1,032 | | | | 85,656 | |
JM Smucker Co. | | | 1,395 | | | | 147,605 | |
TreeHouse Foods, Inc.* | | | 8,381 | | | | 367,088 | |
Tyson Foods, Inc. Cl A | | | 1,391 | | | | 83,056 | |
Vector Group Ltd. | | | 5,413 | | | | 54,455 | |
WD-40 Co. | | | 856 | | | | 169,746 | |
| | | | | | | | |
| | | | | | | 3,124,356 | |
| | | | | | | | |
| ENERGY (0.7%) | | | | | | |
Baker Hughes, a GE Co. Cl A | | | 3,892 | | | | 59,898 | |
Cheniere Energy, Inc.* | | | 5,962 | | | | 288,084 | |
Devon Energy Corp. | | | 11,262 | | | | 127,711 | |
EQT Corp. | | | 5,030 | | | | 59,857 | |
Hess Corp. | | | 1,704 | | | | 88,284 | |
Kosmos Energy Ltd. | | | 66,155 | | | | 109,817 | |
Matrix Svc. Co.* | | | 771 | | | | 7,494 | |
MPLX LP | | | 4,492 | | | | 77,622 | |
Noble Energy, Inc. | | | 33,663 | | | | 301,620 | |
PBF Energy, Inc. Cl A | | | 51,646 | | | | 528,855 | |
Williams Cos., Inc. | | | 17,120 | | | | 325,624 | |
| | | | | | | | |
| | | | | | | 1,974,866 | |
| | | | | | | | |
| FINANCIALS (5.8%) | | | | | | |
American Equity Investment Life Hldg. Co. | | | 12,749 | | | | 315,028 | |
American Financial Group, Inc. | | | 2,733 | | | | 173,436 | |
Ameriprise Financial, Inc. | | | 3,716 | | | | 557,548 | |
Argo Group International Hldgs. Ltd. | | | 5,106 | | | | 177,842 | |
Associated Banc-Corp. | | | 8,844 | | | | 120,986 | |
BancFirst Corp. | | | 8,915 | | | | 361,682 | |
Bank of Marin Bancorp | | | 4,548 | | | | 151,585 | |
Banner Corp. | | | 8,638 | | | | 328,244 | |
Brookline Bancorp, Inc. | | | 31,548 | | | | 318,004 | |
Brown & Brown, Inc. | | | 8,136 | | | | 331,623 | |
Bryn Mawr Bank Corp. | | | 10,774 | | | | 298,009 | |
Cboe Global Markets, Inc. | | | 2,435 | | | | 227,137 | |
Citizens Financial Group, Inc. | | | 2,014 | | | | 50,833 | |
Columbia Banking System, Inc. | | | 4,712 | | | | 133,562 | |
Dime Community Bancshares, Inc. | | | 13,072 | | | | 179,479 | |
Discover Financial Svcs. | | | 6,447 | | | | 322,931 | |
Ellington Financial, Inc. | | | 27,859 | | | | 328,179 | |
Enterprise Financial Svcs. Corp. | | | 9,127 | | | | 284,032 | |
Essent Group Ltd. | | | 13,229 | | | | 479,816 | |
Everest Re Group Ltd. | | | 1,533 | | | | 316,105 | |
Fifth Third Bancorp | | | 19,964 | | | | 384,906 | |
First Financial Bankshares, Inc. | | | 5,290 | | | | 152,828 | |
First Interstate BancSystem, Inc. Cl A | | | 13,197 | | | | 408,579 | |
First Merchants Corp. | | | 4,678 | | | | 128,972 | |
First Republic Bank | | | 2,736 | | | | 289,989 | |
Flushing Financial Corp. | | | 7,115 | | | | 81,965 | |
Great Southern Bancorp, Inc. | | | 3,966 | | | | 160,068 | |
The accompanying notes are an integral part of these portfolio schedules.
36
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 3,283 | | | $ | 93,434 | |
Hartford Financial Svcs. Group, Inc. | | | 10,575 | | | | 407,666 | |
Heritage Commerce Corp. | | | 19,185 | | | | 143,983 | |
Houlihan Lokey, Inc. Cl A | | | 3,283 | | | | 182,666 | |
IBERIABANK Corp. | | | 2,727 | | | | 124,188 | |
Investors Bancorp, Inc. | | | 14,105 | | | | 119,892 | |
iShares Micro-Cap ETF | | | 1,675 | | | | 146,177 | |
iShares Russell Mid-Cap ETF | | | 6,390 | | | | 342,504 | |
iShares Russell Mid-Cap Value ETF | | | 4,590 | | | | 351,273 | |
KeyCorp | | | 14,358 | | | | 174,881 | |
Lincoln National Corp. | | | 2,118 | | | | 77,921 | |
M&T Bank Corp. | | | 3,247 | | | | 337,590 | |
Marlin Business Svcs. Corp. | | | 8,908 | | | | 75,362 | |
Moelis & Co. Cl A | | | 10,479 | | | | 326,526 | |
National Bank Hldgs. Corp. Cl A | | | 2,396 | | | | 64,692 | |
Northfield Bancorp, Inc. | | | 18,919 | | | | 217,947 | |
Peoples Bancorp, Inc. | | | 7,853 | | | | 167,112 | |
Primerica, Inc. | | | 3,121 | | | | 363,909 | |
Progressive Corp. | | | 3,704 | | | | 296,727 | |
Raymond James Financial, Inc. | | | 2,401 | | | | 165,261 | |
Reinsurance Group of America, Inc. Cl A | | | 1,633 | | | | 128,092 | |
RLI Corp. | | | 1,564 | | | | 128,404 | |
Safety Insurance Group, Inc. | | | 1,384 | | | | 105,544 | |
Selective Insurance Group, Inc. | | | 10,272 | | | | 541,745 | |
Starwood Property Trust, Inc. | | | 41,063 | | | | 614,303 | |
Sterling Bancorp | | | 7,388 | | | | 86,587 | |
Stifel Financial Corp. | | | 3,302 | | | | 156,614 | |
Stock Yards Bancorp, Inc. | | | 18,666 | | | | 750,373 | |
SVB Financial Group* | | | 819 | | | | 176,519 | |
Synchrony Financial | | | 2,218 | | | | 49,150 | |
TriCo Bancshares | | | 7,662 | | | | 233,308 | |
UMB Financial Corp. | | | 4,326 | | | | 223,005 | |
Voya Financial, Inc. | | | 14,396 | | | | 671,573 | |
Webster Financial Corp. | | | 5,391 | | | | 154,236 | |
Wintrust Financial Corp. | | | 1,503 | | | | 65,561 | |
Zions Bancorporation | | | 4,682 | | | | 159,188 | |
| | | | | | | | |
| | | | | | | 15,487,281 | |
| | | | | | | | |
| HEALTH CARE (6.1%) | | | | | | |
1Life Healthcare, Inc.* | | | 5,080 | | | | 184,506 | |
ABIOMED, Inc.* | | | 552 | | | | 133,341 | |
ACADIA Pharmaceuticals, Inc.* | | | 5,860 | | | | 284,034 | |
Acceleron Pharma, Inc.* | | | 2,049 | | | | 195,208 | |
Agilent Technologies, Inc. | | | 6,402 | | | | 565,744 | |
Alder Biopharmaceuticals, Inc. — contingent value rights* | | | 6,072 | | | | 5,343 | †† |
Align Technology, Inc.* | | | 725 | | | | 198,969 | |
Alnylam Pharmaceuticals, Inc.* | | | 1,303 | | | | 192,987 | |
Amicus Therapeutics, Inc.* | | | 10,747 | | | | 162,065 | |
Arrowhead Pharmaceuticals, Inc.* | | | 1,459 | | | | 63,014 | |
Biohaven Pharmaceutical Hldg. Co.
Ltd.* | | | 2,398 | | | | 175,318 | |
Blueprint Medicines Corp.* | | | 1,749 | | | | 136,422 | |
CareDx, Inc.* | | | 3,511 | | | | 124,395 | |
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Centene Corp.* | | | 6,535 | | | $ | 415,299 | |
Chemed Corp. | | | 677 | | | | 305,374 | |
ChemoCentryx, Inc.* | | | 2,467 | | | | 141,951 | |
CRISPR Therapeutics AG* | | | 1,567 | | | | 115,159 | |
DexCom, Inc.* | | | 648 | | | | 262,699 | |
Emergent BioSolutions, Inc.* | | | 5,830 | | | | 461,036 | |
Encompass Health Corp. | | | 2,919 | | | | 180,774 | |
Esperion Therapeutics, Inc.* | | | 2,593 | | | | 133,047 | |
Exact Sciences Corp.* | | | 1,662 | | | | 144,494 | |
Fate Therapeutics, Inc.* | | | 3,491 | | | | 119,776 | |
FibroGen, Inc.* | | | 3,150 | | | | 127,670 | |
Global Blood Therapeutics, Inc.* | | | 2,150 | | | | 135,730 | |
Globus Medical, Inc. Cl A* | | | 3,031 | | | | 144,609 | |
Haemonetics Corp.* | | | 1,506 | | | | 134,877 | |
HealthEquity, Inc.* | | | 4,363 | | | | 255,977 | |
Hill-Rom Hldgs., Inc. | | | 3,478 | | | | 381,815 | |
Horizon Therapeutics PLC* | | | 10,549 | | | | 586,313 | |
Humana, Inc. | | | 685 | | | | 265,609 | |
IDEXX Laboratories, Inc.* | | | 544 | | | | 179,607 | |
Incyte Corp.* | | | 1,409 | | | | 146,494 | |
Inmode Ltd.* | | | 2,371 | | | | 67,147 | |
Insmed, Inc.* | | | 4,440 | | | | 122,278 | |
Inspire Medical Systems, Inc.* | | | 1,405 | | | | 122,263 | |
Intersect ENT, Inc.* | | | 7,015 | | | | 94,983 | |
Invitae Corp.* | | | 7,609 | | | | 230,477 | |
iRhythm Technologies, Inc.* | | | 2,056 | | | | 238,270 | |
Karyopharm Therapeutics, Inc.* | | | 7,460 | | | | 141,292 | |
Kodiak Sciences, Inc.* | | | 2,193 | | | | 118,685 | |
Krystal Biotech, Inc.* | | | 1,198 | | | | 49,621 | |
LHC Group, Inc.* | | | 2,193 | | | | 382,284 | |
Madrigal Pharmaceuticals, Inc.* | | | 899 | | | | 101,812 | |
Masimo Corp.* | | | 895 | | | | 204,051 | |
Medpace Hldgs., Inc.* | | | 1,179 | | | | 109,671 | |
Mettler-Toledo International, Inc.* | | | 378 | | | | 304,498 | |
Mirati Therapeutics, Inc.* | | | 1,065 | | | | 121,591 | |
MyoKardia, Inc.* | | | 1,242 | | | | 120,002 | |
NanoString Technologies, Inc.* | | | 2,744 | | | | 80,536 | |
Natera, Inc.* | | | 3,348 | | | | 166,931 | |
Neogen Corp.* | | | 2,402 | | | | 186,395 | |
NeoGenomics, Inc.* | | | 5,652 | | | | 175,099 | |
Neurocrine Biosciences, Inc.* | | | 752 | | | | 91,744 | |
Nevro Corp.* | | | 1,014 | | | | 121,143 | |
Omnicell, Inc.* | | | 2,786 | | | | 196,747 | |
Orchard Therapeutics PLC* | | | 7,267 | | | | 43,602 | |
OrthoPediatrics Corp.* | | | 2,398 | | | | 104,937 | |
Pacific Biosciences of California, Inc.* | | | 25,172 | | | | 86,843 | |
Penumbra, Inc.* | | | 1,234 | | | | 220,664 | |
Prestige Consumer Healthcare, Inc.* | | | 3,002 | | | | 112,755 | |
Quidel Corp.* | | | 729 | | | | 163,106 | |
Repligen Corp.* | | | 1,574 | | | | 194,562 | |
Sage Therapeutics, Inc.* | | | 2,744 | | | | 114,096 | |
Schrodinger, Inc.* | | | 1,600 | | | | 146,512 | |
SeaSpine Hldgs. Corp.* | | | 11,089 | | | | 116,102 | |
Sientra, Inc.* | | | 69,459 | | | | 268,806 | |
The accompanying notes are an integral part of these portfolio schedules.
37
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Silk Road Medical, Inc.* | | | 2,611 | | | $ | 109,375 | |
Simulations Plus, Inc. | | | 4,542 | | | | 271,703 | |
Sorrento Therapeutics, Inc.* | | | 4,810 | | | | 30,207 | |
STAAR Surgical Co.* | | | 3,679 | | | | 226,406 | |
Supernus Pharmaceuticals, Inc.* | | | 20,538 | | | | 487,778 | |
Syneos Health, Inc. Cl A* | | | 2,521 | | | | 146,848 | |
Tabula Rasa HealthCare, Inc.* | | | 1,986 | | | | 108,694 | |
Tactile Systems Technology, Inc.* | | | 2,819 | | | | 116,791 | |
Tandem Diabetes Care, Inc.* | | | 2,784 | | | | 275,393 | |
Ultragenyx Pharmaceutical, Inc.* | | | 1,469 | | | | 114,905 | |
US Physical Therapy, Inc. | | | 1,010 | | | | 81,830 | |
Veeva Systems, Inc. Cl A* | | | 2,246 | | | | 526,507 | |
Vericel Corp.* | | | 20,764 | | | | 286,958 | |
Wright Medical Group NV* | | | 6,321 | | | | 187,860 | |
Xencor, Inc.* | | | 3,640 | | | | 117,900 | |
Zimmer Biomet Hldgs., Inc. | | | 3,759 | | | | 448,675 | |
Zoetis, Inc. Cl A | | | 1,503 | | | | 205,971 | |
Zogenix, Inc.* | | | 2,066 | | | | 55,803 | |
Zynex, Inc.* | | | 3,551 | | | | 88,313 | |
| | | | | | | | |
| | | | | | | 16,067,078 | |
| | | | | | | | |
| INDUSTRIALS (5.6%) | | | | | | |
Alaska Air Group, Inc. | | | 13,005 | | | | 471,562 | |
Arcosa, Inc. | | | 4,710 | | | | 198,762 | |
Axon Enterprise, Inc.* | | | 1,620 | | | | 158,971 | |
Builders FirstSource, Inc.* | | | 7,826 | | | | 161,998 | |
Carlisle Cos., Inc. | | | 2,454 | | | | 293,670 | |
CH Robinson Worldwide, Inc. | | | 1,814 | | | | 143,415 | |
Clean Harbors, Inc.* | | | 5,130 | | | | 307,697 | |
Donaldson Co., Inc. | | | 4,875 | | | | 226,785 | |
Dover Corp. | | | 2,863 | | | | 276,452 | |
Ducommun, Inc.* | | | 1,180 | | | | 41,147 | |
EMCOR Group, Inc. | | | 4,748 | | | | 314,033 | |
Encore Wire Corp. | | | 8,165 | | | | 398,615 | |
EnPro Industries, Inc. | | | 5,589 | | | | 275,482 | |
ESCO Technologies, Inc. | | | 3,165 | | | | 267,537 | |
Exponent, Inc. | | | 3,177 | | | | 257,115 | |
Federal Signal Corp. | | | 6,672 | | | | 198,359 | |
Franklin Electric Co., Inc. | | | 2,597 | | | | 136,394 | |
Generac Hldgs., Inc.* | | | 3,078 | | | | 375,301 | |
Gorman-Rupp Co. | | | 6,726 | | | | 209,044 | |
HEICO Corp. Cl A | | | 2,973 | | | | 241,526 | |
Heidrick & Struggles International, Inc. | | | 4,037 | | | | 87,280 | |
Hillenbrand, Inc. | | | 7,625 | | | | 206,409 | |
IAA, Inc.* | | | 8,023 | | | | 309,447 | |
ICF International, Inc. | | | 3,705 | | | | 240,195 | |
Kirby Corp.* | | | 1,663 | | | | 89,070 | |
Knoll, Inc. | | | 3,346 | | | | 40,788 | |
Kratos Defense & Security Solutions, Inc.* | | | 10,601 | | | | 165,694 | |
L-3 Harris Technologies, Inc. | | | 3,712 | | | | 629,815 | |
Lennox International, Inc. | | | 1,631 | | | | 380,007 | |
Mercury Systems, Inc.* | | | 1,423 | | | | 111,933 | |
Miller Industries, Inc. | | | 22,503 | | | | 669,914 | |
MSA Safety, Inc. | | | 845 | | | | 96,702 | |
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INDUSTRIALS (CONTINUED) | | | | | | |
Mueller Industries, Inc. | | | 32,271 | | | $ | 857,763 | |
Old Dominion Freight Line, Inc. | | | 5,287 | | | | 896,623 | |
Oshkosh Corp. | | | 2,348 | | | | 168,164 | |
Quanta Svcs., Inc. | | | 4,679 | | | | 183,557 | |
Rexnord Corp. | | | 8,535 | | | | 248,795 | |
Rockwell Automation, Inc. | | | 1,673 | | | | 356,349 | |
Saia, Inc.* | | | 1,529 | | | | 169,994 | |
Simpson Manufacturing Co., Inc. | | | 4,653 | | | | 392,527 | |
SPX FLOW, Inc.* | | | 10,654 | | | | 398,886 | |
Stanley Black & Decker, Inc. | | | 1,387 | | | | 193,320 | |
Stericycle, Inc.* | | | 3,131 | | | | 175,273 | |
Teledyne Technologies, Inc.* | | | 755 | | | | 234,767 | |
Tetra Tech, Inc. | | | 1,945 | | | | 153,888 | |
TransUnion | | | 2,328 | | | | 202,629 | |
Trex Co., Inc.* | | | 4,752 | | | | 618,093 | |
UFP Industries, Inc. | | | 6,297 | | | | 311,765 | |
VSE Corp. | | | 13,180 | | | | 413,720 | |
Werner Enterprises, Inc. | | | 6,436 | | | | 280,158 | |
WESCO International, Inc. Preferred* | | | 699 | | | | 18,536 | |
Woodward, Inc. | | | 6,621 | | | | 513,459 | |
| | | | | | | | |
| | | | | | | 14,769,385 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (6.5%) | | | | | | |
Akoustis Technologies, Inc.* | | | 13,195 | | | | 109,387 | |
Altair Engineering, Inc. Cl A* | | | 2,074 | | | | 82,441 | |
Amphenol Corp. Cl A | | | 3,749 | | | | 359,192 | |
Analog Devices, Inc. | | | 3,331 | | | | 408,514 | |
Blackline, Inc.* | | | 2,162 | | | | 179,251 | |
Cabot Microelectronics Corp. | | | 1,376 | | | | 192,007 | |
Cardtronics PLC Cl A* | | | 8,702 | | | | 208,674 | |
CDW Corp. | | | 1,005 | | | | 116,761 | |
Ciena Corp.* | | | 2,349 | | | | 127,222 | |
Cirrus Logic, Inc.* | | | 2,439 | | | | 150,681 | |
Cloudera, Inc.* | | | 23,370 | | | | 297,266 | |
Cohu, Inc. | | | 14,156 | | | | 245,465 | |
Cornerstone OnDemand, Inc.* | | | 2,123 | | | | 81,863 | |
Domo, Inc. Cl B* | | | 3,057 | | | | 98,344 | |
DXC Technology Co. | | | 2,345 | | | | 38,692 | |
EchoStar Corp. Cl A* | | | 2,339 | | | | 65,399 | |
Enphase Energy, Inc.* | | | 2,793 | | | | 132,863 | |
EPAM Systems, Inc.* | | | 1,301 | | | | 327,865 | |
Euronet Worldwide, Inc.* | | | 2,336 | | | | 223,836 | |
Everspin Technologies, Inc.* | | | 15,186 | | | | 106,606 | |
Fiserv, Inc.* | | | 4,449 | | | | 434,311 | |
Five9, Inc.* | | | 6,966 | | | | 770,927 | |
Global Payments, Inc. | | | 3,734 | | | | 633,361 | |
Globant S.A.* | | | 1,186 | | | | 177,722 | |
Guidewire Software, Inc.* | | | 2,155 | | | | 238,882 | |
II-VI, Inc.* | | | 10,240 | | | | 483,533 | |
Itron, Inc.* | | | 1,692 | | | | 112,095 | |
Keysight Technologies, Inc.* | | | 1,431 | | | | 144,216 | |
KLA Corp. | | | 1,183 | | | | 230,070 | |
Lam Research Corp. | | | 566 | | | | 183,078 | |
Lattice Semiconductor Corp.* | | | 6,980 | | | | 198,162 | |
LivePerson, Inc.* | | | 6,008 | | | | 248,911 | |
The accompanying notes are an integral part of these portfolio schedules.
38
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | | | |
LogMeIn, Inc. | | | 1,166 | | | $ | 98,842 | |
Lumentum Hldgs., Inc.* | | | 3,300 | | | | 268,719 | |
ManTech International Corp. Cl A | | | 3,153 | | | | 215,949 | |
MAXIMUS, Inc. | | | 2,481 | | | | 174,786 | |
MaxLinear, Inc. Cl A* | | | 9,177 | | | | 196,938 | |
Microchip Technology, Inc. | | | 1,885 | | | | 198,509 | |
MKS Instruments, Inc. | | | 3,094 | | | | 350,365 | |
Monolithic Power Systems, Inc. | | | 1,140 | | | | 270,180 | |
Motorola Solutions, Inc. | | | 1,927 | | | | 270,030 | |
New Relic, Inc.* | | | 2,028 | | | | 139,729 | |
Nokia OYJ | | | 15,428 | | | | 67,883 | |
NortonLifeLock, Inc. | | | 3,893 | | | | 77,199 | |
Novanta, Inc.* | | | 1,750 | | | | 186,847 | |
Okta, Inc. Cl A* | | | 1,527 | | | | 305,751 | |
Palo Alto Networks, Inc.* | | | 750 | | | | 172,252 | |
Perficient, Inc.* | | | 9,026 | | | | 322,950 | |
Perspecta, Inc. | | | 9,494 | | | | 220,546 | |
Ping Identity Hldg. Corp.* | | | 5,565 | | | | 178,581 | |
Plexus Corp.* | | | 1,991 | | | | 140,485 | |
Proofpoint, Inc.* | | | 2,705 | | | | 300,580 | |
PTC, Inc.* | | | 4,745 | | | | 369,114 | |
Pure Storage, Inc. Cl A* | | | 13,928 | | | | 241,372 | |
Q2 Hldgs., Inc.* | | | 2,288 | | | | 196,288 | |
Qorvo, Inc.* | | | 1,408 | | | | 155,627 | |
Rapid7, Inc.* | | | 8,065 | | | | 411,476 | |
Richardson Electronics Ltd.* | | | 37,112 | | | | 149,932 | |
RingCentral, Inc. Cl A* | | | 507 | | | | 144,500 | |
Rogers Corp.* | | | 590 | | | | 73,514 | |
SailPoint Technologies Hldgs., Inc.* | | | 16,145 | | | | 427,358 | |
Science Applications International Corp. | | | 1,574 | | | | 122,268 | |
Sequans Communications S.A.* | | | 16,841 | | | | 103,404 | |
Silicon Laboratories, Inc.* | | | 2,259 | | | | 226,510 | |
SiTime Corp.* | | | 2,864 | | | | 135,782 | |
Splunk, Inc.* | | | 2,642 | | | | 524,965 | |
SYNNEX Corp. | | | 3,589 | | | | 429,855 | |
Synopsys, Inc.* | | | 1,779 | | | | 346,905 | |
Twilio, Inc. Cl A* | | | 1,636 | | | | 358,971 | |
ViaSat, Inc.* | | | 7,708 | | | | 295,756 | |
Virtusa Corp.* | | | 2,788 | | | | 90,526 | |
Western Digital Corp. | | | 1,504 | | | | 66,402 | |
Xilinx, Inc. | | | 1,260 | | | | 123,971 | |
Xperi Hldg. Corp. | | | 11,658 | | | | 172,073 | |
Yext, Inc.* | | | 4,053 | | | | 67,320 | |
Zendesk, Inc.* | | | 4,994 | | | | 442,120 | |
| | | | | | | | |
| | | | | | | 17,240,727 | |
| | | | | | | | |
| MATERIALS (2.1%) | | | | | | |
Ashland Global Hldgs., Inc. | | | 2,739 | | | | 189,265 | |
Berry Global Group, Inc.* | | | 1,658 | | | | 73,482 | |
Boise Cascade Co. | | | 3,999 | | | | 150,402 | |
Cleveland-Cliffs, Inc. | | | 8,542 | | | | 47,152 | |
Coeur Mining, Inc.* | | | 32,666 | | | | 165,943 | |
Crown Hldgs., Inc.* | | | 11,591 | | | | 754,922 | |
Ferro Corp.* | | | 13,540 | | | | 161,669 | |
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| MATERIALS (CONTINUED) | | | | | | |
Ferroglobe Representation & Warranty Insurance Trust* | | | 6,080 | | | $ | 0 | †† |
FMC Corp. | | | 1,380 | | | | 137,476 | |
Freeport-McMoRan, Inc. | | | 16,048 | | | | 185,675 | |
Innospec, Inc. | | | 2,957 | | | | 228,428 | |
International Flavors & Fragrances, Inc. | | | 2,151 | | | | 263,411 | |
International Paper Co. | | | 3,630 | | | | 127,812 | |
Mosaic Co. | | | 2,665 | | | | 33,339 | |
Newmont Goldcorp Corp. | | | 13,114 | | | | 809,659 | |
Nucor Corp. | | | 2,107 | | | | 87,251 | |
Olin Corp. | | | 13,675 | | | | 157,126 | |
Packaging Corp. of America | | | 6,789 | | | | 677,542 | |
PolyOne Corp. | | | 7,864 | | | | 206,273 | |
Quaker Chemical Corp. | | | 716 | | | | 132,925 | |
Steel Dynamics, Inc. | | | 3,387 | | | | 88,367 | |
Stepan Co. | | | 1,949 | | | | 189,248 | |
Valvoline, Inc. | | | 21,454 | | | | 414,706 | |
Vulcan Materials Co. | | | 2,131 | | | | 246,877 | |
| | | | | | | | |
| | | | | | | 5,528,950 | |
| | | | | | | | |
| REAL ESTATE (3.3%) | | | | | | |
Alexander’s, Inc. | | | 698 | | | | 168,148 | |
American Campus Communities, Inc. | | | 3,200 | | | | 111,872 | |
Americold Realty Trust | | | 3,744 | | | | 135,907 | |
Apartment Investment & Management Co. Cl A | | | 4,150 | | | | 156,206 | |
AvalonBay Communities, Inc. | | | 1,124 | | | | 173,816 | |
Brandywine Realty Trust | | | 12,707 | | | | 138,379 | |
Camden Property Trust | | | 2,501 | | | | 228,141 | |
Cousins Properties, Inc. | | | 14,585 | | | | 435,071 | |
CTO Realty Growth, Inc. | | | 2,093 | | | | 82,673 | |
Duke Realty Corp. | | | 24,811 | | | | 878,061 | |
Easterly Government Properties, Inc. | | | 31,220 | | | | 721,807 | |
EastGroup Properties, Inc. | | | 1,308 | | | | 155,142 | |
Equity Commonwealth | | | 5,846 | | | | 188,241 | |
Equity LifeStyle Properties, Inc. | | | 1,794 | | | | 112,089 | |
Essex Property Trust, Inc. | | | 636 | | | | 145,752 | |
GEO Group, Inc. | | | 26,236 | | | | 310,372 | |
Highwoods Properties, Inc. | | | 7,749 | | | | 289,270 | |
Host Hotels & Resorts, Inc. | | | 22,059 | | | | 238,017 | |
Industrial Logistics Properties Trust | | | 11,388 | | | | 234,023 | |
JBG SMITH Properties | | | 6,829 | | | | 201,934 | |
Kilroy Realty Corp. | | | 7,258 | | | | 426,045 | |
Medical Properties Trust, Inc. | | | 18,028 | | | | 338,926 | |
Physicians Realty Trust | | | 7,319 | | | | 128,229 | |
PotlatchDeltic Corp. | | | 6,226 | | | | 236,775 | |
Prologis, Inc. | | | 3,086 | | | | 288,017 | |
QTS Realty Trust, Inc. Cl A | | | 6,570 | | | | 421,071 | |
Redfin Corp.* | | | 5,979 | | | | 250,580 | |
Regency Centers Corp. | | | 937 | | | | 42,999 | |
Sabra Health Care REIT, Inc. | | | 11,642 | | | | 167,994 | |
SBA Communications Corp. Cl A | | | 1,851 | | | | 551,450 | |
Sun Communities, Inc. | | | 2,562 | | | | 347,612 | |
The accompanying notes are an integral part of these portfolio schedules.
39
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| REAL ESTATE (CONTINUED) | | | | | | |
Terreno Realty Corp. | | | 2,292 | | | $ | 120,651 | |
Vornado Realty Trust | | | 1,704 | | | | 65,110 | |
Welltower, Inc. | | | 2,995 | | | | 154,991 | |
Weyerhaeuser Co. | | | 3,334 | | | | 74,880 | |
| | | | | | | | |
| | | | | | | 8,720,251 | |
| | | | | | | | |
| UTILITIES (2.6%) | | | | | | |
AES Corp. | | | 9,337 | | | | 135,293 | |
Ameren Corp. | | | 3,995 | | | | 281,088 | |
American States Water Co. | | | 3,157 | | | | 248,235 | |
Avista Corp. | | | 8,240 | | | | 299,854 | |
Black Hills Corp. | | | 4,518 | | | | 255,990 | |
Chesapeake Utilities Corp. | | | 3,569 | | | | 299,796 | |
Consolidated Edison, Inc. | | | 3,097 | | | | 222,767 | |
Edison International | | | 3,838 | | | | 208,441 | |
Entergy Corp. | | | 2,467 | | | | 231,429 | |
Evergy, Inc. | | | 12,328 | | | | 730,927 | |
| | | | | | | | |
| | | Shares | | | Value | |
| ACTIVE ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| UTILITIES (CONTINUED) | | | | | | |
Eversource Energy | | | 2,322 | | | $ | 193,353 | |
FirstEnergy Corp. | | | 10,734 | | | | 416,264 | |
Fortis, Inc. | | | 10,071 | | | | 383,504 | |
IDACORP, Inc. | | | 2,833 | | | | 247,519 | |
NiSource, Inc. | | | 25,104 | | | | 570,865 | |
Northwest Natural Hldg. Co. | | | 2,424 | | | | 135,235 | |
NorthWestern Corp. | | | 3,954 | | | | 215,572 | |
PNM Resources, Inc. | | | 6,528 | | | | 250,936 | |
Portland General Electric Co. | | | 6,302 | | | | 263,487 | |
PPL Corp. | | | 6,257 | | | | 161,681 | |
Public Svc. Enterprise Group, Inc. | | | 5,685 | | | | 279,475 | |
Sempra Energy | | | 4,565 | | | | 535,156 | |
Spire, Inc. | | | 2,946 | | | | 193,583 | |
| | | | | | | | |
| | | | | | | 6,760,450 | |
| | | | | | | | |
TOTAL ACTIVE ASSETS -COMMON STOCKS | | | | | | | | |
(Cost: $94,649,035) 38.6% | | | | | | | 102,335,500 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| ACTIVE ASSETS: | | | | | | | | | | | | | | | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (0.4%): | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.12 | | | | 07/14/20 | | | $ | 1,000,000 | | | $ | 999,957 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ACTIVE ASSETS-SHORT-TERM DEBT SECURITIES
(Cost: $999,957) 0.4% | | | | 999,957 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL ACTIVE ASSETS
(Cost: $95,648,992) 39.0% | | | | 103,335,457 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (1.0%) | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | | 0.01 | | | | 07/01/20 | | | $ | 2,684,950 | | | $ | 2,684,950 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $2,684,950) 1.0% | | | | 2,684,950 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $195,117,376) 98.6% | | | | 261,021,703 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 1.4% | | | | 3,810,978 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 264,832,681 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
40
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | |
| COMMUNICATION SERVICES (1.6%) | |
ORBCOMM, Inc.* | | | 463,447 | | | $ | 1,784,271 | |
TEGNA, Inc. | | | 381,109 | | | | 4,245,554 | |
| | | | | | | | |
| | | | | | | 6,029,825 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (8.2%) | |
Bloomin’ Brands, Inc. | | | 337,750 | | | | 3,600,415 | |
Capri Hldgs. Ltd.* | | | 132,680 | | | | 2,073,788 | |
Extended Stay America, Inc. | | | 64,620 | | | | 723,098 | |
Haverty Furniture Cos., Inc. | | | 133,977 | | | | 2,143,632 | |
Johnson Outdoors, Inc. Cl A | | | 28,330 | | | | 2,578,597 | |
Marriott Vacations Worldwide Corp. | | | 80,386 | | | | 6,608,533 | |
Meritage Homes Corp.* | | | 37,670 | | | | 2,867,440 | |
Sonic Automotive, Inc. Cl A | | | 185,458 | | | | 5,917,965 | |
Williams-Sonoma, Inc. | | | 51,520 | | | | 4,225,155 | |
| | | | | | | | |
| | | | | | | 30,738,623 | |
| | | | | | | | |
| CONSUMER STAPLES (2.1%) | | | | | | |
Crimson Wine Group Ltd.* | | | 623,027 | | | | 3,364,346 | |
TreeHouse Foods, Inc.* | | | 95,520 | | | | 4,183,776 | |
Vector Group Ltd. | | | 46,763 | | | | 470,436 | |
| | | | | | | | |
| | | | | | | 8,018,558 | |
| | | | | | | | |
| ENERGY (2.2%) | | | | | | |
Matrix Svc. Co.* | | | 11,250 | | | | 109,350 | |
Noble Energy, Inc. | | | 392,690 | | | | 3,518,502 | |
PBF Energy, Inc. Cl A | | | 462,165 | | | | 4,732,570 | |
| | | | | | | | |
| | | | | | | 8,360,422 | |
| | | | | | | | |
| FINANCIALS (27.0%) | | | | | | |
American Equity Investment Life Hldg. Co. | | | 181,065 | | | | 4,474,116 | |
Argo Group International Hldgs. Ltd. | | | 74,826 | | | | 2,606,190 | |
BancFirst Corp. | | | 112,861 | | | | 4,578,771 | |
Bank of Marin Bancorp | | | 55,668 | | | | 1,855,414 | |
Banner Corp. | | | 123,005 | | | | 4,674,190 | |
Brookline Bancorp, Inc. | | | 463,980 | | | | 4,676,918 | |
Bryn Mawr Bank Corp. | | | 153,314 | | | | 4,240,665 | |
Columbia Banking System, Inc. | | | 66,652 | | | | 1,889,251 | |
Dime Community Bancshares, Inc. | | | 224,464 | | | | 3,081,891 | |
Ellington Financial, Inc. | | | 393,489 | | | | 4,635,300 | |
Enterprise Financial Svcs. Corp. | | | 134,946 | | | | 4,199,520 | |
Essent Group Ltd. | | | 131,885 | | | | 4,783,469 | |
First Interstate BancSystem, Inc. Cl A | | | 187,788 | | | | 5,813,917 | |
Flushing Financial Corp. | | | 116,321 | | | | 1,340,018 | |
Great Southern Bancorp, Inc. | | | 59,439 | | | | 2,398,958 | |
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | | | 50,213 | | | | 1,429,062 | |
Heritage Commerce Corp. | | | 272,278 | | | | 2,043,446 | |
IBERIABANK Corp. | | | 45,958 | | | | 2,092,927 | |
Investors Bancorp, Inc. | | | 198,423 | | | | 1,686,596 | |
Marlin Business Svcs. Corp. | | | 145,548 | | | | 1,231,336 | |
Moelis & Co. Cl A | | | 65,740 | | | | 2,048,458 | |
Northfield Bancorp, Inc. | | | 277,290 | | | | 3,194,381 | |
Peoples Bancorp, Inc. | | | 116,181 | | | | 2,472,332 | |
Safety Insurance Group, Inc. | | | 19,690 | | | | 1,501,559 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | | | | | | |
Selective Insurance Group, Inc. | | | 118,338 | | | $ | 6,241,146 | |
Sterling Bancorp | | | 104,534 | | | | 1,225,139 | |
Stifel Financial Corp. | | | 47,629 | | | | 2,259,044 | |
Stock Yards Bancorp, Inc. | | | 269,885 | | | | 10,849,377 | |
TriCo Bancshares | | | 109,014 | | | | 3,319,476 | |
UMB Financial Corp. | | | 64,775 | | | | 3,339,151 | |
Wintrust Financial Corp. | | | 21,523 | | | | 938,833 | |
| | | | | | | | |
| | | | | | | 101,120,851 | |
| | | | | | | | |
| HEALTH CARE (4.5%) | |
NanoString Technologies, Inc.* | | | 39,660 | | | | 1,164,021 | |
Pacific Biosciences of California, Inc.* | | | 363,182 | | | | 1,252,978 | |
Prestige Consumer Healthcare, Inc.* | | | 42,660 | | | | 1,602,309 | |
SeaSpine Hldgs. Corp.* | | | 160,138 | | | | 1,676,645 | |
Sientra, Inc.* | | | 431,118 | | | | 1,668,427 | |
Supernus Pharmaceuticals, Inc.* | | | 203,153 | | | | 4,824,884 | |
Syneos Health, Inc. Cl A* | | | 35,840 | | | | 2,087,680 | |
Vericel Corp.* | | | 180,731 | | | | 2,497,702 | |
| | | | | | | | |
| | | | | | | 16,774,646 | |
| | | | | | | | |
| INDUSTRIALS (16.8%) | |
Arcosa, Inc. | | | 69,390 | | | | 2,928,258 | |
Builders FirstSource, Inc.* | | | 111,440 | | | | 2,306,808 | |
Encore Wire Corp. | | | 107,520 | | | | 5,249,126 | |
EnPro Industries, Inc. | | | 82,350 | | | | 4,059,032 | |
Hillenbrand, Inc. | | | 112,125 | | | | 3,035,224 | |
ICF International, Inc. | | | 19,240 | | | | 1,247,329 | |
Kratos Defense & Security Solutions, Inc.* | | | 152,740 | | | | 2,387,326 | |
Miller Industries, Inc. | | | 325,021 | | | | 9,675,875 | |
Mueller Industries, Inc. | | | 345,532 | | | | 9,184,241 | |
Rexnord Corp. | | | 125,560 | | | | 3,660,074 | |
SPX FLOW, Inc.* | | | 118,320 | | | | 4,429,901 | |
UFP Industries, Inc. | | | 90,955 | | | | 4,503,182 | |
VSE Corp. | | | 186,992 | | | | 5,869,679 | |
Werner Enterprises, Inc. | | | 93,127 | | | | 4,053,818 | |
WESCO International, Inc. Preferred* | | | 11,639 | | | | 308,666 | |
| | | | | | | | |
| | | | | | | 62,898,539 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (10.7%) | |
Cardtronics PLC Cl A* | | | 65,491 | | | | 1,570,474 | |
Cirrus Logic, Inc.* | | | 34,680 | | | | 2,142,531 | |
Cloudera, Inc.* | | | 231,600 | | | | 2,945,952 | |
Cohu, Inc. | | | 118,924 | | | | 2,062,142 | |
EchoStar Corp. Cl A* | | | 40,260 | | | | 1,125,670 | |
Everspin Technologies, Inc.* | | | 120,167 | | | | 843,572 | |
II-VI, Inc.* | | | 75,344 | | | | 3,557,744 | |
Lumentum Hldgs., Inc.* | | | 17,787 | | | | 1,448,396 | |
ManTech International Corp. Cl A | | | 45,416 | | | | 3,110,542 | |
MKS Instruments, Inc. | | | 18,305 | | | | 2,072,858 | |
Perficient, Inc.* | | | 40,296 | | | | 1,441,791 | |
Perspecta, Inc. | | | 98,766 | | | | 2,294,334 | |
Plexus Corp.* | | | 28,636 | | | | 2,020,556 | |
Richardson Electronics Ltd.* | | | 593,607 | | | | 2,398,172 | |
The accompanying notes are an integral part of these portfolio schedules.
41
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | |
Sequans Communications S.A.* | | | 226,544 | | | $ | 1,390,980 | |
SYNNEX Corp. | | | 51,003 | | | | 6,108,629 | |
ViaSat, Inc.* | | | 23,461 | | | | 900,199 | |
Xperi Hldg. Corp. | | | 165,612 | | | | 2,444,433 | |
| | | | | | | | |
| | | | | | | 39,878,975 | |
| | | | | | | | |
| MATERIALS (3.6%) | |
Berry Global Group, Inc.* | | | 23,496 | | | | 1,041,343 | |
Boise Cascade Co. | | | 58,104 | | | | 2,185,291 | |
Cleveland-Cliffs, Inc. | | | 142,294 | | | | 785,463 | |
Coeur Mining, Inc.* | | | 120,940 | | | | 614,375 | |
Ferro Corp.* | | | 199,270 | | | | 2,379,284 | |
Olin Corp. | | | 65,910 | | | | 757,306 | |
PolyOne Corp. | | | 115,643 | | | | 3,033,316 | |
Stepan Co. | | | 28,760 | | | | 2,792,596 | |
| | | | | | | | |
| | | | | | | 13,588,974 | |
| | | | | | | | |
| REAL ESTATE (10.9%) | |
Alexander’s, Inc. | | | 6,487 | | | | 1,562,718 | |
Cousins Properties, Inc. | | | 141,544 | | | | 4,222,258 | |
CTO Realty Growth, Inc. | | | 31,229 | | | | 1,233,546 | |
Easterly Government Properties, Inc. | | | 279,560 | | | | 6,463,427 | |
Equity Commonwealth | | | 86,000 | | | | 2,769,200 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | |
| REAL ESTATE (CONTINUED) | |
GEO Group, Inc. | | | 289,794 | | | $ | 3,428,263 | |
Highwoods Properties, Inc. | | | 111,984 | | | | 4,180,363 | |
Industrial Logistics Properties Trust | | | 166,142 | | | | 3,414,218 | |
JBG SMITH Properties | | | 97,646 | | | | 2,887,392 | |
Medical Properties Trust, Inc. | | | 259,409 | | | | 4,876,889 | |
PotlatchDeltic Corp. | | | 91,725 | | | | 3,488,302 | |
Sabra Health Care REIT, Inc. | | | 167,566 | | | | 2,417,977 | |
| | | | | | | | |
| | | | | | | 40,944,553 | |
| | | | | | | | |
| UTILITIES (7.5%) | |
Avista Corp. | | | 118,460 | | | | 4,310,759 | |
Black Hills Corp. | | | 64,973 | | | | 3,681,370 | |
IDACORP, Inc. | | | 40,772 | | | | 3,562,250 | |
Northwest Natural Hldg. Co. | | | 34,991 | | | | 1,952,148 | |
NorthWestern Corp. | | | 56,183 | | | | 3,063,097 | |
PNM Resources, Inc. | | | 108,458 | | | | 4,169,126 | |
Portland General Electric Co. | | | 105,640 | | | | 4,416,808 | |
Spire, Inc. | | | 42,489 | | | | 2,791,952 | |
| | | | | | | | |
| | | | | | | 27,947,510 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $379,005,765) 95.1% | | | | | | | 356,301,476 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (4.0%) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.07 | | | | 07/02/20 | | | $ | 6,200,000 | | | $ | 6,199,988 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.09 | | | | 07/09/20 | | | | 3,600,000 | | | | 3,599,925 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.10 | | | | 07/21/20 | | | | 5,000,000 | | | | 4,999,736 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 14,799,649 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $14,799,649) 4.0% | | | | 14,799,649 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.6%) | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | | 0.01 | | | | 07/01/20 | | | $ | 2,102,588 | | | $ | 2,102,588 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $2,102,588) 0.6% | | | | 2,102,588 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $395,908,002) 99.7% | | | | 373,203,713 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.3% | | | | 1,279,314 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 374,483,027 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
42
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| COMMUNICATION SERVICES (2.6%) | |
Cardlytics, Inc.* | | | 34,377 | | | $ | 2,405,703 | |
Cogent Communications Hldgs., Inc. | | | 38,995 | | | | 3,016,653 | |
Gray Television, Inc.* | | | 146,876 | | | | 2,048,920 | |
Shenandoah Telecommunications Co. | | | 67,470 | | | | 3,325,596 | |
World Wrestling Entertainment, Inc. Cl A | | | 24,285 | | | | 1,055,183 | |
Zynga, Inc. Cl A* | | | 234,070 | | | | 2,233,028 | |
| | | | | | | | |
| | | | | | | 14,085,083 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (10.9%) | | | | | | |
Bloomin’ Brands, Inc. | | | 396,653 | | | | 4,228,321 | |
Chegg, Inc.* | | | 38,288 | | | | 2,575,251 | |
Eldorado Resorts, Inc.* | | | 82,473 | | | | 3,303,868 | |
Extended Stay America, Inc. | | | 256,580 | | | | 2,871,130 | |
Five Below, Inc.* | | | 70,548 | | | | 7,542,287 | |
Fox Factory Hldg. Corp.* | | | 45,768 | | | | 3,780,895 | |
Lithia Motors, Inc. Cl A | | | 43,793 | | | | 6,627,195 | |
Marriott Vacations Worldwide Corp. | | | 30,591 | | | | 2,514,886 | |
Red Rock Resorts, Inc. Cl A | | | 260,868 | | | | 2,846,070 | |
Skyline Champion Corp.* | | | 220,763 | | | | 5,373,371 | |
Sonos, Inc.* | | | 272,129 | | | | 3,981,247 | |
Stamps.com, Inc.* | | | 15,755 | | | | 2,894,036 | |
Steven Madden Ltd. | | | 186,811 | | | | 4,612,364 | |
Thor Industries, Inc. | | | 36,516 | | | | 3,890,049 | |
Williams-Sonoma, Inc. | | | 34,922 | | | | 2,863,953 | |
| | | | | | | | |
| | | | | | | 59,904,923 | |
| | | | | | | | |
| CONSUMER STAPLES (2.3%) | | | | | | |
BJ’s Wholesale Club Hldgs., Inc.* | | | 111,997 | | | | 4,174,128 | |
Freshpet, Inc.* | | | 58,494 | | | | 4,893,608 | |
WD-40 Co. | | | 18,641 | | | | 3,696,511 | |
| | | | | | | | |
| | | | | | | 12,764,247 | |
| | | | | | | | |
| ENERGY (0.3%) | | | | | | |
Kosmos Energy Ltd. | | | 256,464 | | | | 425,730 | |
PBF Energy, Inc. Cl A | | | 102,956 | | | | 1,054,270 | |
| | | | | | | | |
| | | | | | | 1,480,000 | |
| | | | | | | | |
| FINANCIALS (5.8%) | | | | | | |
Essent Group Ltd. | | | 80,293 | | | | 2,912,227 | |
First Financial Bankshares, Inc. | | | 95,866 | | | | 2,769,569 | |
First Merchants Corp. | | | 95,302 | | | | 2,627,476 | |
Houlihan Lokey, Inc. Cl A | | | 65,763 | | | | 3,659,053 | |
iShares Micro-Cap ETF | | | 29,362 | | | | 2,562,422 | |
Moelis & Co. Cl A | | | 122,322 | | | | 3,811,554 | |
National Bank Hldgs. Corp. Cl A | | | 48,621 | | | | 1,312,767 | |
Primerica, Inc. | | | 33,877 | | | | 3,950,058 | |
RLI Corp. | | | 32,200 | | | | 2,643,620 | |
Selective Insurance Group, Inc. | | | 43,719 | | | | 2,305,740 | |
Starwood Property Trust, Inc. | | | 236,656 | | | | 3,540,374 | |
| | | | | | | | |
| | | | | | | 32,094,860 | |
| | | | | | | | |
| HEALTH CARE (32.5%) | | | | | | |
1Life Healthcare, Inc.* | | | 90,167 | | | | 3,274,865 | |
ACADIA Pharmaceuticals, Inc.* | | | 61,624 | | | | 2,986,915 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Acceleron Pharma, Inc.* | | | 41,269 | | | $ | 3,931,698 | |
Alder Biopharmaceuticals, Inc. — contingent value rights* | | | 102,015 | | | | 89,773 | †† |
Amicus Therapeutics, Inc.* | | | 218,128 | | | | 3,289,370 | |
Arrowhead Pharmaceuticals, Inc.* | | | 28,903 | | | | 1,248,321 | |
Biohaven Pharmaceutical Hldg. Co. Ltd.* | | | 47,527 | | | | 3,474,699 | |
Blueprint Medicines Corp.* | | | 35,707 | | | | 2,785,146 | |
CareDx, Inc.* | | | 74,070 | | | | 2,624,300 | |
ChemoCentryx, Inc.* | | | 48,790 | | | | 2,807,377 | |
CRISPR Therapeutics AG* | | | 32,885 | | | | 2,416,719 | |
Emergent BioSolutions, Inc.* | | | 119,206 | | | | 9,426,810 | |
Esperion Therapeutics, Inc.* | | | 51,355 | | | | 2,635,025 | |
Fate Therapeutics, Inc.* | | | 69,171 | | | | 2,373,257 | |
FibroGen, Inc.* | | | 67,894 | | | | 2,751,744 | |
Global Blood Therapeutics, Inc.* | | | 42,894 | | | | 2,707,898 | |
Globus Medical, Inc. Cl A* | | | 61,592 | | | | 2,938,554 | |
Haemonetics Corp.* | | | 30,610 | | | | 2,741,432 | |
HealthEquity, Inc.* | | | 86,252 | | | | 5,060,405 | |
Horizon Therapeutics PLC* | | | 61,310 | | | | 3,407,610 | |
Inmode Ltd.* | | | 46,921 | | | | 1,328,803 | |
Insmed, Inc.* | | | 88,643 | | | | 2,441,228 | |
Inspire Medical Systems, Inc.* | | | 27,804 | | | | 2,419,504 | |
Intersect ENT, Inc.* | | | 138,803 | | | | 1,879,393 | |
Invitae Corp.* | | | 160,425 | | | | 4,859,273 | |
iRhythm Technologies, Inc.* | | | 42,468 | | | | 4,921,617 | |
Karyopharm Therapeutics, Inc.* | | | 148,024 | | | | 2,803,575 | |
Kodiak Sciences, Inc.* | | | 46,301 | | | | 2,505,810 | |
Krystal Biotech, Inc.* | | | 24,174 | | | | 1,001,287 | |
LHC Group, Inc.* | | | 43,372 | | | | 7,560,607 | |
Madrigal Pharmaceuticals, Inc.* | | | 18,836 | | | | 2,133,177 | |
Medpace Hldgs., Inc.* | | | 21,062 | | | | 1,959,187 | |
Mirati Therapeutics, Inc.* | | | 21,067 | | | | 2,405,219 | |
MyoKardia, Inc.* | | | 26,197 | | | | 2,531,154 | |
Natera, Inc.* | | | 67,530 | | | | 3,367,046 | |
Neogen Corp.* | | | 48,871 | | | | 3,792,390 | |
NeoGenomics, Inc.* | | | 114,318 | | | | 3,541,572 | |
Nevro Corp.* | | | 20,321 | | | | 2,427,750 | |
Omnicell, Inc.* | | | 56,162 | | | | 3,966,160 | |
Orchard Therapeutics PLC* | | | 143,915 | | | | 863,490 | |
OrthoPediatrics Corp.* | | | 49,040 | | | | 2,145,990 | |
Quidel Corp.* | | | 14,419 | | | | 3,226,107 | |
Repligen Corp.* | | | 31,145 | | | | 3,849,833 | |
Sage Therapeutics, Inc.* | | | 29,292 | | | | 1,217,961 | |
Schrodinger, Inc.* | | | 29,266 | | | | 2,679,888 | |
Sientra, Inc.* | | | 734,310 | | | | 2,841,780 | |
Silk Road Medical, Inc.* | | | 51,646 | | | | 2,163,451 | |
Simulations Plus, Inc. | | | 96,869 | | | | 5,794,704 | |
Sorrento Therapeutics, Inc.* | | | 101,426 | | | | 636,955 | |
STAAR Surgical Co.* | | | 72,911 | | | | 4,486,943 | |
Supernus Pharmaceuticals, Inc.* | | | 128,179 | | | | 3,044,251 | |
Tabula Rasa HealthCare, Inc.* | | | 40,344 | | | | 2,208,027 | |
Tactile Systems Technology, Inc.* | | | 55,790 | | | | 2,311,380 | |
Tandem Diabetes Care, Inc.* | | | 55,045 | | | | 5,445,051 | |
The accompanying notes are an integral part of these portfolio schedules.
43
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Ultragenyx Pharmaceutical, Inc.* | | | 30,063 | | | $ | 2,351,528 | |
US Physical Therapy, Inc. | | | 20,524 | | | | 1,662,854 | |
Vericel Corp.* | | | 164,101 | | | | 2,267,876 | |
Wright Medical Group NV* | | | 117,932 | | | | 3,504,939 | |
Xencor, Inc.* | | | 77,436 | | | | 2,508,152 | |
Zogenix, Inc.* | | | 40,774 | | | | 1,101,306 | |
Zynex, Inc.* | | | 70,261 | | | | 1,747,391 | |
| | | | | | | | |
| | | | | | | 178,876,527 | |
| | | | | | | | |
| INDUSTRIALS (13.5%) | | | | | | |
Alaska Air Group, Inc. | | | 36,303 | | | | 1,316,347 | |
Axon Enterprise, Inc.* | | | 32,026 | | | | 3,142,711 | |
Clean Harbors, Inc.* | | | 33,163 | | | | 1,989,117 | |
Ducommun, Inc.* | | | 23,296 | | | | 812,332 | |
EMCOR Group, Inc. | | | 81,003 | | | | 5,357,539 | |
ESCO Technologies, Inc. | | | 56,714 | | | | 4,794,034 | |
Exponent, Inc. | | | 62,836 | | | | 5,085,318 | |
Federal Signal Corp. | | | 118,344 | | | | 3,518,367 | |
Franklin Electric Co., Inc. | | | 51,391 | | | | 2,699,055 | |
Generac Hldgs., Inc.* | | | 35,069 | | | | 4,275,963 | |
Gorman-Rupp Co. | | | 140,915 | | | | 4,379,638 | |
Heidrick & Struggles International, Inc. | | | 81,887 | | | | 1,770,397 | |
IAA, Inc.* | | | 62,294 | | | | 2,402,680 | |
ICF International, Inc. | | | 48,096 | | | | 3,118,064 | |
Knoll, Inc. | | | 67,200 | | | | 819,168 | |
Mercury Systems, Inc.* | | | 28,136 | | | | 2,213,178 | |
MSA Safety, Inc. | | | 16,769 | | | | 1,919,044 | |
Saia, Inc.* | | | 30,567 | | | | 3,398,439 | |
Simpson Manufacturing Co., Inc. | | | 82,517 | | | | 6,961,134 | |
SPX FLOW, Inc.* | | | 52,735 | | | | 1,974,398 | |
Tetra Tech, Inc. | | | 39,551 | | | | 3,129,275 | |
Trex Co., Inc.* | | | 44,844 | | | | 5,832,859 | |
Woodward, Inc. | | | 41,268 | | | | 3,200,333 | |
| | | | | | | | |
| | | | | | | 74,109,390 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (21.6%) | | | | | | |
Akoustis Technologies, Inc.* | | | 269,257 | | | | 2,232,141 | |
Altair Engineering, Inc. Cl A* | | | 40,372 | | | | 1,604,787 | |
Blackline, Inc.* | | | 43,327 | | | | 3,592,242 | |
Cabot Microelectronics Corp. | | | 27,269 | | | | 3,805,116 | |
Cardtronics PLC Cl A* | | | 84,117 | | | | 2,017,126 | |
Cloudera, Inc.* | | | 156,595 | | | | 1,991,888 | |
Cohu, Inc. | | | 118,308 | | | | 2,051,461 | |
Cornerstone OnDemand, Inc.* | | | 43,507 | | | | 1,677,630 | |
Domo, Inc.* | | | 60,543 | | | | 1,947,668 | |
Enphase Energy, Inc.* | | | 55,534 | | | | 2,641,752 | |
Everspin Technologies, Inc.* | | | 140,724 | | | | 987,883 | |
Five9, Inc.* | | | 95,640 | | | | 10,584,479 | |
Globant S.A.* | | | 23,772 | | | | 3,562,234 | |
II-VI, Inc.* | | | 104,628 | | | | 4,940,534 | |
Itron, Inc.* | | | 34,393 | | | | 2,278,536 | |
The accompanying notes are an integral part of these portfolio schedules.
44
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | | | |
Lattice Semiconductor Corp.* | | | 137,445 | | | $ | 3,902,064 | |
LivePerson, Inc.* | | | 122,881 | | | | 5,090,960 | |
Lumentum Hldgs., Inc.* | | | 42,460 | | | | 3,457,518 | |
MAXIMUS, Inc. | | | 51,371 | | | | 3,619,087 | |
MaxLinear, Inc. Cl A* | | | 187,698 | | | | 4,027,999 | |
New Relic, Inc.* | | | 40,902 | | | | 2,818,148 | |
Novanta, Inc.* | | | 33,884 | | | | 3,617,795 | |
Perficient, Inc.* | | | 118,248 | | | | 4,230,913 | |
Ping Identity Hldg. Corp.* | | | 110,093 | | | | 3,532,884 | |
Pure Storage, Inc. Cl A* | | | 112,759 | | | | 1,954,113 | |
Q2 Hldgs., Inc.* | | | 46,198 | | | | 3,963,326 | |
Rapid7, Inc.* | | | 158,612 | | | | 8,092,384 | |
Rogers Corp.* | | | 12,739 | | | | 1,587,279 | |
SailPoint Technologies Hldg., Inc.* | | | 318,724 | | | | 8,436,624 | |
Science Applications International Corp. | | | 31,095 | | | | 2,415,460 | |
Silicon Laboratories, Inc.* | | | 44,321 | | | | 4,444,067 | |
SiTime Corp.* | | | 58,693 | | | | 2,782,635 | |
ViaSat, Inc.* | | | 51,549 | | | | 1,977,935 | |
Virtusa Corp.* | | | 55,723 | | | | 1,809,326 | |
Yext, Inc.* | | | 82,554 | | | | 1,371,222 | |
| | | | | | | | |
| | | | | | | 119,047,216 | |
| | | | | | | | |
| MATERIALS (2.4%) | | | | | | |
Coeur Mining, Inc.* | | | 504,657 | | | | 2,563,660 | |
Ferroglobe Representation & Warranty Insurance Trust* | | | 72,345 | | | | 0 | †† |
Innospec, Inc. | | | 52,466 | | | | 4,053,000 | |
Quaker Chemical Corp. | | | 14,419 | | | | 2,676,889 | |
Valvoline, Inc. | | | 200,253 | | | | 3,870,892 | |
| | | | | | | | |
| | | | | | | 13,164,441 | |
| | | | | | | | |
| REAL ESTATE (4.7%) | | | | | | |
Cousins Properties, Inc. | | | 78,845 | | | | 2,351,946 | |
Easterly Government Properties, Inc. | | | 294,345 | | | | 6,805,257 | |
EastGroup Properties, Inc. | | | 26,584 | | | | 3,153,128 | |
Physicians Realty Trust | | | 146,995 | | | | 2,575,352 | |
QTS Realty Trust, Inc. Cl A | | | 57,897 | | | | 3,710,619 | |
Redfin Corp.* | | | 110,300 | | | | 4,622,673 | |
Terreno Realty Corp. | | | 46,880 | | | | 2,467,763 | |
| | | | | | | | |
| | | | | | | 25,686,738 | |
| | | | | | | | |
| UTILITIES (2.0%) | | | | | | |
American States Water Co. | | | 62,480 | | | | 4,912,802 | |
Chesapeake Utilities Corp. | | | 70,608 | | | | 5,931,072 | |
| | | | | | | | |
| | | | | | | 10,843,874 | |
| | | | | | | | |
| TOTAL COMMON STOCKS | | | | | | |
(Cost: $469,357,871) 98.6% | | | | | | | 542,057,299 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (0.9%) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.07 | | | | 07/02/20 | | | $ | 1,500,000 | | | $ | 1,499,997 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.09 | | | | 07/09/20 | | | | 2,500,000 | | | | 2,499,948 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.12 | | | | 07/21/20 | | | | 1,000,000 | | | | 999,934 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 4,999,879 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $4,999,879) 0.9% | | | | 4,999,879 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.6%) | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | | 0.01 | | | | 07/01/20 | | | $ | 3,110,553 | | | $ | 3,110,553 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $3,110,553) 0.6% | | | | 3,110,553 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $477,468,303) 100.1% | | | | 550,167,731 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.1% | | | | (338,324 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 549,829,407 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
45
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS: | | | | | | |
| COMMON STOCKS: | | | | | | |
| COMMUNICATION SERVICES (2.6%) | | | | | | |
ATN International, Inc. | | | 479 | | | $ | 29,013 | |
Cincinnati Bell, Inc.* | | | 2,226 | | | | 33,056 | |
Cogent Communications Hldgs., Inc. | | | 1,848 | | | | 142,961 | |
Consolidated Communications Hldgs., Inc.* | | | 3,182 | | | | 21,542 | |
EW Scripps Co. Cl A | | | 2,426 | | | | 21,227 | |
Gannett Co., Inc. | | | 5,919 | | | | 8,168 | |
Glu Mobile, Inc.* | | | 5,864 | | | | 54,359 | |
Iridium Communications, Inc.* | | | 4,368 | | | | 111,122 | |
Marcus Corp. | | | 1,026 | | | | 13,615 | |
Meredith Corp. | | | 1,812 | | | | 26,365 | |
QuinStreet, Inc.* | | | 2,047 | | | | 21,412 | |
Scholastic Corp. | | | 1,336 | | | | 40,000 | |
Shenandoah Telecommunications Co. | | | 2,061 | | | | 101,587 | |
Spok Hldgs., Inc. | | | 768 | | | | 7,181 | |
TechTarget, Inc.* | | | 1,007 | | | | 30,240 | |
Vonage Hldgs. Corp.* | | | 10,167 | | | | 102,280 | |
| | | | | | | | |
| | | | | | | 764,128 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (14.4%) | | | | | | |
Abercrombie & Fitch Co. Cl A | | | 2,720 | | | | 28,941 | |
American Axle & Manufacturing Hldgs., Inc.* | | | 5,026 | | | | 38,198 | |
American Public Education, Inc.* | | | 658 | | | | 19,477 | |
America’s Car-Mart, Inc.* | | | 273 | | | | 23,989 | |
Asbury Automotive Group, Inc.* | | | 855 | | | | 66,117 | |
Barnes & Noble Education, Inc.* | | | 1,701 | | | | 2,722 | |
Bed Bath & Beyond, Inc. | | | 5,762 | | | | 61,077 | |
Big Lots, Inc. | | | 1,736 | | | | 72,912 | |
BJ’s Restaurants, Inc. | | | 986 | | | | 20,647 | |
Bloomin’ Brands, Inc. | | | 3,867 | | | | 41,222 | |
Boot Barn Hldgs., Inc.* | | | 1,276 | | | | 27,511 | |
Brinker International, Inc. | | | 1,998 | | | | 47,952 | |
Buckle, Inc. | | | 1,259 | | | | 19,741 | |
Caleres, Inc. | | | 1,794 | | | | 14,962 | |
Callaway Golf Co. | | | 4,116 | | | | 72,071 | |
Capri Hldgs. Ltd.* | | | 6,569 | | | | 102,674 | |
Cato Corp. Cl A | | | 939 | | | | 7,681 | |
Cavco Industries, Inc.* | | | 380 | | | | 73,283 | |
Century Communities, Inc.* | | | 1,271 | | | | 38,969 | |
Cheesecake Factory, Inc. | | | 1,864 | | | | 42,723 | |
Chico’s FAS, Inc. | | | 5,359 | | | | 7,395 | |
Children’s Place, Inc. | | | 645 | | | | 24,136 | |
Chuy’s Hldgs., Inc.* | | | 733 | | | | 10,907 | |
Conn’s, Inc.* | | | 849 | | | | 8,566 | |
Cooper Tire & Rubber Co. | | | 2,220 | | | | 61,294 | |
Cooper-Standard Hldgs., Inc.* | | | 750 | | | | 9,938 | |
Core-Mark Hldg. Co., Inc. | | | 1,986 | | | | 49,561 | |
Crocs, Inc.* | | | 2,966 | | | | 109,208 | |
Dave & Buster’s Entertainment, Inc. | | | 2,144 | | | | 28,580 | |
Designer Brands, Inc. Cl A | | | 2,377 | | | | 16,092 | |
Dine Brands Global, Inc. | | | 734 | | | | 30,901 | |
Dorman Products, Inc.* | | | 1,271 | | | | 85,246 | |
El Pollo Loco Hldgs., Inc.* | | | 872 | | | | 12,871 | |
Ethan Allen Interiors, Inc. | | | 1,027 | | | | 12,149 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| CONSUMER DISCRETIONARY (CONTINUED) | | | | | | |
Express, Inc.* | | | 2,895 | | | $ | 4,458 | |
Fiesta Restaurant Group, Inc.* | | | 903 | | | | 5,761 | |
Fossil Group, Inc.* | | | 2,067 | | | | 9,612 | |
Fox Factory Hldg. Corp.* | | | 1,815 | | | | 149,937 | |
GameStop Corp. Cl A* | | | 2,927 | | | | 12,703 | |
Garrett Motion, Inc.* | | | 3,316 | | | | 18,371 | |
Genesco, Inc.* | | | 616 | | | | 13,343 | |
Gentherm, Inc.* | | | 1,441 | | | | 56,055 | |
G-III Apparel Group Ltd.* | | | 1,931 | | | | 25,663 | |
Group 1 Automotive, Inc. | | | 756 | | | | 49,873 | |
Guess?, Inc. | | | 1,926 | | | | 18,624 | |
Haverty Furniture Cos., Inc. | | | 768 | | | | 12,288 | |
Hibbett Sports, Inc.* | | | 728 | | | | 15,244 | |
Installed Building Products, Inc.* | | | 931 | | | | 64,034 | |
iRobot Corp.* | | | 1,230 | | | | 103,197 | |
Kontoor Brands, Inc. | | | 2,073 | | | | 36,920 | |
La-Z-Boy, Inc. | | | 2,048 | | | | 55,419 | |
LCI Industries | | | 1,107 | | | | 127,283 | |
LGI Homes, Inc.* | | | 957 | | | | 84,245 | |
Liquidity Svcs., Inc.* | | | 1,214 | | | | 7,235 | |
Lithia Motors, Inc. Cl A | | | 979 | | | | 148,152 | |
Lumber Liquidators Hldgs., Inc.* | | | 1,284 | | | | 17,796 | |
M/I Homes, Inc.* | | | 1,259 | | | | 43,360 | |
Macy’s, Inc. | | | 13,490 | | | | 92,811 | |
MarineMax, Inc.* | | | 937 | | | | 20,979 | |
MDC Hldgs., Inc. | | | 2,209 | | | | 78,861 | |
Meritage Homes Corp.* | | | 1,555 | | | | 118,367 | |
Michaels Cos., Inc.* | | | 3,383 | | | | 23,918 | |
Monarch Casino & Resort, Inc.* | | | 530 | | | | 18,062 | |
Monro, Inc. | | | 1,457 | | | | 80,048 | |
Motorcar Parts of America, Inc.* | | | 835 | | | | 14,754 | |
Movado Group, Inc. | | | 741 | | | | 8,032 | |
Office Depot, Inc. | | | 24,216 | | | | 56,908 | |
Oxford Industries, Inc. | | | 741 | | | | 32,611 | |
Perdoceo Education Corp.* | | | 3,054 | | | | 48,650 | |
PetMed Express, Inc. | | | 886 | | | | 31,577 | |
Red Robin Gourmet Burgers, Inc.* | | | 578 | | | | 5,896 | |
Regis Corp.* | | | 1,078 | | | | 8,818 | |
Rent-A-Center, Inc. | | | 2,130 | | | | 59,257 | |
Ruth’s Hospitality Group, Inc. | | | 1,399 | | | | 11,416 | |
Shake Shack, Inc. Cl A* | | | 1,551 | | | | 82,172 | |
Shoe Carnival, Inc. | | | 394 | | | | 11,532 | |
Shutterstock, Inc. | | | 844 | | | | 29,515 | |
Signet Jewelers Ltd. | | | 2,340 | | | | 24,032 | |
Sleep Number Corp.* | | | 1,224 | | | | 50,967 | |
Sonic Automotive, Inc. Cl A | | | 1,059 | | | | 33,793 | |
Stamps.com, Inc.* | | | 719 | | | | 132,073 | |
Standard Motor Products, Inc. | | | 881 | | | | 36,297 | |
Steven Madden Ltd. | | | 3,362 | | | | 83,008 | |
Sturm Ruger & Co., Inc. | | | 730 | | | | 55,480 | |
Tupperware Brands Corp. | | | 2,083 | | | | 9,894 | |
Unifi, Inc.* | | | 645 | | | | 8,308 | |
Universal Electronics, Inc.* | | | 609 | | | | 28,513 | |
Vera Bradley, Inc.* | | | 1,028 | | | | 4,564 | |
Vista Outdoor, Inc.* | | | 2,574 | | | | 37,194 | |
The accompanying notes are an integral part of these portfolio schedules.
46
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| CONSUMER DISCRETIONARY (CONTINUED) | | | | | | |
Wingstop, Inc. | | | 1,313 | | | $ | 182,468 | |
Winnebago Industries, Inc. | | | 1,491 | | | | 99,330 | |
Wolverine World Wide, Inc. | | | 3,580 | | | | 85,240 | |
YETI Hldgs., Inc.* | | | 2,952 | | | | 126,139 | |
Zumiez, Inc.* | | | 884 | | | | 24,204 | |
| | | | | | | | |
| | | | | | | 4,224,974 | |
| | | | | | | | |
| CONSUMER STAPLES (3.7%) | | | | | | |
Andersons, Inc. | | | 1,443 | | | | 19,856 | |
B&G Foods, Inc. | | | 2,843 | | | | 69,312 | |
Calavo Growers, Inc. | | | 726 | | | | 45,673 | |
Cal-Maine Foods, Inc.* | | | 1,336 | | | | 59,425 | |
Central Garden & Pet Co. Cl A* | | | 425 | | | | 15,296 | |
Central Garden & Pet Co. Cl A* | | | 1,738 | | | | 58,727 | |
Chefs’ Warehouse, Inc.* | | | 1,372 | | | | 18,632 | |
Coca-Cola Consolidated, Inc. | | | 204 | | | | 46,755 | |
Fresh Del Monte Produce, Inc. | | | 1,325 | | | | 32,621 | |
Inter Parfums, Inc. | | | 777 | | | | 37,413 | |
J&J Snack Foods Corp. | | | 657 | | | | 83,524 | |
John B Sanfilippo & Son, Inc. | | | 394 | | | | 33,620 | |
Medifast, Inc. | | | 523 | | | | 72,577 | |
MGP Ingredients, Inc. | | | 584 | | | | 21,436 | |
National Beverage Corp.* | | | 519 | | | | 31,669 | |
PriceSmart, Inc. | | | 983 | | | | 59,304 | |
Seneca Foods Corp. Cl A* | | | 297 | | | | 10,042 | |
SpartanNash Co. | | | 1,562 | | | | 33,192 | |
United Natural Foods, Inc.* | | | 4,060 | | | | 73,933 | |
Universal Corp. | | | 1,079 | | | | 45,868 | |
USANA Health Sciences, Inc.* | | | 537 | | | | 39,432 | |
Vector Group Ltd. | | | 5,284 | | | | 53,157 | |
WD-40 Co. | | | 600 | | | | 118,980 | |
| | | | | | | | |
| | | | | | | 1,080,444 | |
| | | | | | | | |
| ENERGY (2.9%) | | | | | | |
Archrock, Inc. | | | 5,700 | | | | 36,993 | |
Bonanza Creek Energy, Inc.* | | | 832 | | | | 12,330 | |
Callon Petroleum Co.* | | | 17,559 | | | | 20,193 | |
CONSOL Energy, Inc.* | | | 1,144 | | | | 5,800 | |
Core Laboratories N.V. | | | 1,970 | | | | 40,030 | |
Denbury Resources, Inc.* | | | 22,458 | | | | 6,201 | |
DMC Global, Inc. | | | 649 | | | | 17,912 | |
Dorian LPG Ltd.* | | | 1,192 | | | | 9,226 | |
Dril-Quip, Inc.* | | | 1,545 | | | | 46,026 | |
Exterran Corp.* | | | 1,235 | | | | 6,657 | |
Geospace Technologies Corp.* | | | 599 | | | | 4,504 | |
Green Plains, Inc.* | | | 1,487 | | | | 15,190 | |
Gulfport Energy Corp.* | | | 6,589 | | | | 7,182 | |
Helix Energy Solutions Group, Inc.* | | | 6,350 | | | | 22,034 | |
Helmerich & Payne, Inc. | | | 4,757 | | | | 92,809 | |
Laredo Petroleum, Inc.* | | | 404 | | | | 5,599 | |
Matador Resources Co.* | | | 4,845 | | | | 41,183 | |
Matrix Svc. Co.* | | | 1,159 | | | | 11,265 | |
Nabors Industries Ltd. | | | 311 | | | | 11,513 | |
Newpark Resources, Inc.* | | | 4,033 | | | | 8,994 | |
Oasis Petroleum, Inc.* | | | 13,005 | | | | 9,754 | |
Oceaneering International, Inc.* | | | 4,438 | | | | 28,359 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| ENERGY (CONTINUED) | | | | | | |
Oil States International, Inc.* | | | 2,737 | | | $ | 13,001 | |
Par Pacific Hldgs., Inc.* | | | 1,720 | | | | 15,463 | |
Patterson-UTI Energy, Inc. | | | 8,461 | | | | 29,360 | |
PDC Energy, Inc.* | | | 4,236 | | | | 52,696 | |
Penn Virginia Corp.* | | | 591 | | | | 5,632 | |
ProPetro Hldg. Corp.* | | | 3,715 | | | | 19,095 | |
QEP Resources, Inc. | | | 11,294 | | | | 14,569 | |
Range Resources Corp. | | | 9,330 | | | | 52,528 | |
Renewable Energy Group, Inc.* | | | 1,724 | | | | 42,721 | |
REX American Resources Corp.* | | | 242 | | | | 16,788 | |
Ring Energy, Inc.* | | | 2,634 | | | | 3,055 | |
RPC, Inc.* | | | 2,313 | | | | 7,124 | |
SEACOR Hldgs., Inc.* | | | 780 | | | | 22,090 | |
SM Energy Co. | | | 4,716 | | | | 17,685 | |
Southwestern Energy Co.* | | | 23,949 | | | | 61,309 | |
Talos Energy, Inc.* | | | 901 | | | | 8,289 | |
US Silica Hldgs., Inc. | | | 3,288 | | | | 11,870 | |
Valaris PLC Cl A* | | | 8,824 | | | | 5,752 | |
| | | | | | | | |
| | | | | | | 858,781 | |
| | | | | | | | |
| FINANCIALS (17.2%) | | | | | | |
Allegiance Bancshares, Inc. | | | 827 | | | | 20,998 | |
Ambac Financial Group, Inc.* | | | 1,316 | | | | 18,845 | |
American Equity Investment Life Hldg. Co. | | | 4,007 | | | | 99,013 | |
Ameris Bancorp | | | 2,880 | | | | 67,939 | |
AMERISAFE, Inc. | | | 850 | | | | 51,986 | |
Apollo Commercial Real Estate Finance, Inc. | | | 6,338 | | | | 62,176 | |
ARMOUR Residential REIT, Inc. | | | 2,856 | | | | 26,818 | |
Axos Financial, Inc.* | | | 2,297 | | | | 50,718 | |
Banc of California, Inc. | | | 1,921 | | | | 20,804 | |
Banner Corp. | | | 1,540 | | | | 58,520 | |
Berkshire Hills Bancorp, Inc. | | | 1,892 | | | | 20,850 | |
Blucora, Inc.* | | | 2,118 | | | | 24,188 | |
Boston Private Financial Hldgs., Inc. | | | 3,570 | | | | 24,562 | |
Brightsphere Investment Group, Inc. | | | 2,749 | | | | 34,253 | |
Brookline Bancorp, Inc. | | | 3,468 | | | | 34,957 | |
Cadence BanCorp Cl A | | | 5,568 | | | | 49,332 | |
Capstead Mortgage Corp. | | | 4,229 | | | | 23,217 | |
Central Pacific Financial Corp. | | | 1,228 | | | | 19,685 | |
City Hldg. Co. | | | 710 | | | | 46,271 | |
Columbia Banking System, Inc. | | | 3,131 | | | | 88,748 | |
Community Bank System, Inc. | | | 2,280 | | | | 130,006 | |
Customers Bancorp, Inc.* | | | 1,265 | | | | 15,205 | |
CVB Financial Corp. | | | 5,653 | | | | 105,937 | |
Dime Community Bancshares, Inc. | | | 1,256 | | | | 17,245 | |
Donnelley Financial Solutions, Inc.* | | | 1,361 | | | | 11,432 | |
Eagle Bancorp, Inc. | | | 1,402 | | | | 45,915 | |
eHealth, Inc.* | | | 1,142 | | | | 112,190 | |
Employers Hldgs., Inc. | | | 1,336 | | | | 40,280 | |
Encore Capital Group, Inc.* | | | 1,223 | | | | 41,802 | |
Enova International, Inc.* | | | 1,325 | | | | 19,703 | |
EZCORP, Inc. Cl A* | | | 2,294 | | | | 14,452 | |
First BanCorp. | | | 9,580 | | | | 53,552 | |
First Commonwealth Financial Corp. | | | 4,305 | | | | 35,645 | |
The accompanying notes are an integral part of these portfolio schedules.
47
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | |
First Financial Bancorp | | | 4,326 | | | $ | 60,088 | |
First Midwest Bancorp, Inc. | | | 5,022 | | | | 67,044 | |
Flagstar Bancorp, Inc. | | | 1,521 | | | | 44,763 | |
Franklin Financial Network, Inc. | | | 592 | | | | 15,244 | |
Granite Point Mortgage Trust, Inc. | | | 2,436 | | | | 17,490 | |
Great Western Bancorp, Inc. | | | 2,410 | | | | 33,162 | |
Green Dot Corp. Cl A* | | | 2,157 | | | | 105,866 | |
Greenhill & Co., Inc. | | | 648 | | | | 6,473 | |
Hanmi Financial Corp. | | | 1,341 | | | | 13,021 | |
HCI Group, Inc. | | | 277 | | | | 12,792 | |
Heritage Financial Corp. | | | 1,575 | | | | 31,500 | |
HomeStreet, Inc. | | | 1,029 | | | | 25,324 | |
Hope Bancorp, Inc. | | | 5,407 | | | | 49,853 | |
Horace Mann Educators Corp. | | | 1,811 | | | | 66,518 | |
Independent Bank Corp. | | | 1,450 | | | | 97,280 | |
Independent Bank Group, Inc. | | | 1,608 | | | | 65,156 | |
INTL. FCStone, Inc.* | | | 719 | | | | 39,545 | |
Invesco Mortgage Capital, Inc. | | | 7,782 | | | | 29,105 | |
iShares Core S&P Small-Cap ETF | | | 10,978 | | | | 749,688 | |
James River Group Hldgs. Ltd. | | | 1,339 | | | | 60,255 | |
Kinsale Capital Group, Inc. | | | 914 | | | | 141,862 | |
KKR Real Estate Finance Trust, Inc. | | | 1,030 | | | | 17,077 | |
Meta Financial Group, Inc. | | | 1,414 | | | | 25,692 | |
National Bank Hldgs. Corp. Cl A | | | 1,354 | | | | 36,558 | |
NBT Bancorp, Inc. | | | 1,912 | | | | 58,813 | |
New York Mortgage Trust, Inc. | | | 16,621 | | | | 43,381 | |
NMI Hldgs., Inc. Cl A* | | | 3,694 | | | | 59,400 | |
Northfield Bancorp, Inc. | | | 1,912 | | | | 22,026 | |
Northwest Bancshares, Inc. | | | 5,209 | | | | 53,262 | |
OFG Bancorp | | | 2,256 | | | | 30,163 | |
Old National Bancorp. | | | 7,229 | | | | 99,471 | |
Pacific Premier Bancorp, Inc. | | | 3,554 | | | | 77,051 | |
Palomar Hldgs., Inc.* | | | 777 | | | | 66,636 | |
PennyMac Mortgage Investment Trust | | | 4,394 | | | | 77,027 | |
Piper Sandler Cos. | | | 636 | | | | 37,626 | |
PRA Group, Inc.* | | | 1,996 | | | | 77,165 | |
Preferred Bank | | | 598 | | | | 25,624 | |
ProAssurance Corp. | | | 2,353 | | | | 34,048 | |
Provident Financial Svcs., Inc. | | | 2,639 | | | | 38,134 | |
Ready Capital Corp. | | | 1,660 | | | | 14,425 | |
Redwood Trust, Inc. | | | 5,035 | | | | 35,245 | |
S&T Bancorp, Inc. | | | 1,666 | | | | 39,068 | |
Safety Insurance Group, Inc. | | | 641 | | | | 48,883 | |
Seacoast Banking Corp. of Florida* | | | 2,298 | | | | 46,879 | |
ServisFirst Bancshares, Inc. | | | 2,023 | | | | 72,342 | |
Simmons First National Corp. Cl A | | | 4,753 | | | | 81,324 | |
Southside Bancshares, Inc. | | | 1,368 | | | | 37,921 | |
Stewart Information Svcs. Corp. | | | 1,038 | | | | 33,745 | |
Third Point Reinsurance Ltd.* | | | 3,551 | | | | 26,668 | |
Tompkins Financial Corp. | | | 538 | | | | 34,846 | |
Triumph Bancorp, Inc.* | | | 974 | | | | 23,639 | |
TrustCo Bank Corp. | | | 4,260 | | | | 26,966 | |
United Community Banks, Inc. | | | 3,433 | | | | 69,072 | |
United Fire Group, Inc. | | | 930 | | | | 25,770 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | |
United Insurance Hldgs. Corp. | | | 908 | | | $ | 7,101 | |
Universal Insurance Hldgs., Inc. | | | 1,311 | | | | 23,270 | |
Veritex Hldgs., Inc. | | | 2,038 | | | | 36,073 | |
Virtus Investment Partners, Inc. | | | 319 | | | | 37,096 | |
Waddell & Reed Financial, Inc. Cl A | | | 2,882 | | | | 44,700 | |
Walker & Dunlop, Inc. | | | 1,270 | | | | 64,529 | |
Westamerica Bancorporation | | | 1,183 | | | | 67,928 | |
WisdomTree Investments, Inc. | | | 5,220 | | | | 18,113 | |
World Acceptance Corp.* | | | 231 | | | | 15,135 | |
| | | | | | | | |
| | | | | | | 5,029,165 | |
| | | | | | | | |
| HEALTH CARE (12.7%) | | | | | | |
Addus HomeCare Corp.* | | | 596 | | | | 55,166 | |
Allscripts Healthcare Solutions, Inc.* | | | 7,174 | | | | 48,568 | |
AMAG Pharmaceuticals, Inc.* | | | 1,532 | | | | 11,720 | |
AMN Healthcare Svcs., Inc.* | | | 2,065 | | | | 93,421 | |
Amphastar Pharmaceuticals, Inc.* | | | 1,490 | | | | 33,465 | |
AngioDynamics, Inc.* | | | 1,650 | | | | 16,781 | |
ANI Pharmaceuticals, Inc.* | | | 418 | | | | 13,518 | |
Anika Therapeutics, Inc.* | | | 622 | | | | 23,468 | |
BioTelemetry, Inc.* | | | 1,503 | | | | 67,921 | |
Cardiovascular Systems, Inc.* | | | 1,545 | | | | 48,745 | |
Coherus Biosciences, Inc.* | | | 2,679 | | | | 47,847 | |
Community Health Systems, Inc.* | | | 5,251 | | | | 15,806 | |
Computer Programs & Systems, Inc. | | | 560 | | | | 12,762 | |
CONMED Corp. | | | 856 | | | | 61,623 | |
Contra Progenics Pharmaceuticals, Inc. — contingent value rights* | | | 3,670 | | | | 37 | †† |
Corcept Therapeutics, Inc.* | | | 4,577 | | | | 76,985 | |
CorVel Corp.* | | | 387 | | | | 27,434 | |
Covetrus, Inc.* | | | 4,375 | | | | 78,269 | |
Cross Country Healthcare, Inc.* | | | 1,655 | | | | 10,195 | |
CryoLife, Inc.* | | | 1,651 | | | | 31,650 | |
Cutera, Inc.* | | | 777 | | | | 9,456 | |
Cytokinetics, Inc.* | | | 2,645 | | | | 62,343 | |
Eagle Pharmaceuticals, Inc.* | | | 447 | | | | 21,447 | |
Emergent BioSolutions, Inc.* | | | 1,957 | | | | 154,760 | |
Enanta Pharmaceuticals, Inc.* | | | 722 | | | | 36,252 | |
Endo International PLC* | | | 9,081 | | | | 31,148 | |
Ensign Group, Inc. | | | 2,211 | | | | 92,530 | |
Glaukos Corp.* | | | 1,758 | | | | 67,542 | |
Hanger, Inc.* | | | 1,698 | | | | 28,119 | |
HealthStream, Inc.* | | | 1,118 | | | | 24,741 | |
Heska Corp.* | | | 372 | | | | 34,659 | |
HMS Hldgs. Corp.* | | | 3,907 | | | | 126,548 | |
Innoviva, Inc.* | | | 2,959 | | | | 41,367 | |
Inogen, Inc.* | | | 803 | | | | 28,523 | |
Integer Hldgs. Corp.* | | | 1,447 | | | | 105,703 | |
Invacare Corp. | | | 1,523 | | | | 9,702 | |
Lannett Co., Inc.* | | | 1,481 | | | | 10,752 | |
Lantheus Hldgs., Inc.* | | | 4,056 | | | | 58,001 | |
LeMaitre Vascular, Inc. | | | 735 | | | | 19,404 | |
Luminex Corp. | | | 1,862 | | | | 60,571 | |
Magellan Health, Inc.* | | | 977 | | | | 71,301 | |
Medpace Hldgs., Inc.* | | | 1,186 | | | | 110,322 | |
Meridian Bioscience, Inc.* | | | 1,879 | | | | 43,762 | |
The accompanying notes are an integral part of these portfolio schedules.
48
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Merit Medical Systems, Inc.* | | | 2,440 | | | $ | 111,386 | |
Mesa Laboratories, Inc. | | | 178 | | | | 38,590 | |
Momenta Pharmaceuticals, Inc.* | | | 5,205 | | | | 173,170 | |
Myriad Genetics, Inc.* | | | 3,277 | | | | 37,161 | |
Natus Medical, Inc.* | | | 1,486 | | | | 32,425 | |
Neogen Corp.* | | | 2,330 | | | | 180,808 | |
NeoGenomics, Inc.* | | | 4,833 | | | | 149,726 | |
NextGen Healthcare, Inc.* | | | 2,178 | | | | 23,914 | |
Omnicell, Inc.* | | | 1,853 | | | | 130,859 | |
OraSure Technologies, Inc.* | | | 3,159 | | | | 36,739 | |
Orthofix Medical, Inc.* | | | 843 | | | | 26,976 | |
Owens & Minor, Inc. | | | 2,786 | | | | 21,229 | |
Pacira BioSciences, Inc.* | | | 1,863 | | | | 97,752 | |
Pennant Group, Inc.* | | | 1,165 | | | | 26,329 | |
Phibro Animal Health Corp. Cl A | | | 893 | | | | 23,459 | |
Providence Svc. Corp.* | | | 509 | | | | 40,165 | |
RadNet, Inc.* | | | 1,840 | | | | 29,201 | |
REGENXBIO, Inc.* | | | 1,407 | | | | 51,820 | |
Select Medical Hldgs. Corp.* | | | 4,786 | | | | 70,498 | |
Simulations Plus, Inc. | | | 537 | | | | 32,123 | |
Spectrum Pharmaceuticals, Inc.* | | | 5,120 | | | | 17,306 | |
Supernus Pharmaceuticals, Inc.* | | | 2,331 | | | | 55,361 | |
Surmodics, Inc.* | | | 594 | | | | 25,685 | |
Tabula Rasa HealthCare, Inc.* | | | 903 | | | | 49,421 | |
Tactile Systems Technology, Inc.* | | | 845 | | | | 35,008 | |
Tivity Health, Inc.* | | | 1,937 | | | | 21,946 | |
US Physical Therapy, Inc. | | | 573 | | | | 46,424 | |
Vanda Pharmaceuticals, Inc.* | | | 2,395 | | | | 27,399 | |
Varex Imaging Corp.* | | | 1,708 | | | | 25,876 | |
Xencor, Inc.* | | | 2,178 | | | | 70,545 | |
Zynex, Inc.* | | | 675 | | | | 16,787 | |
| | | | | | | | |
| | | | | | | 3,750,422 | |
| | | | | | | | |
| INDUSTRIALS (17.5%) | | | | | | |
AAON, Inc. | | | 1,796 | | | | 97,505 | |
AAR Corp. | | | 1,479 | | | | 30,571 | |
ABM Industries, Inc. | | | 2,940 | | | | 106,722 | |
Aegion Corp. Cl A* | | | 1,328 | | | | 21,075 | |
Aerojet Rocketdyne Hldgs., Inc.* | | | 3,178 | | | | 125,976 | |
AeroVironment, Inc.* | | | 945 | | | | 75,250 | |
Alamo Group, Inc. | | | 428 | | | | 43,930 | |
Albany International Corp. Cl A | | | 1,347 | | | | 79,082 | |
Allegiant Travel Co. Cl A | | | 574 | | | | 62,687 | |
American Woodmark Corp.* | | | 686 | | | | 51,896 | |
Apogee Enterprises, Inc. | | | 1,166 | | | | 26,865 | |
Applied Industrial Technologies, Inc. | | | 1,698 | | | | 105,938 | |
ArcBest Corp. | | | 1,112 | | | | 29,479 | |
Arcosa, Inc. | | | 2,118 | | | | 89,380 | |
Astec Industries, Inc. | | | 993 | | | | 45,986 | |
Atlas Air Worldwide Hldgs., Inc.* | | | 1,148 | | | | 49,398 | |
AZZ, Inc. | | | 1,146 | | | | 39,331 | |
Barnes Group, Inc. | | | 2,099 | | | | 83,036 | |
Brady Corp. Cl A | | | 2,132 | | | | 99,820 | |
Bristow Group, Inc.* | | | 294 | | | | 4,095 | |
Chart Industries, Inc.* | | | 1,573 | | | | 76,275 | |
CIRCOR International, Inc.* | | | 876 | | | | 22,321 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INDUSTRIALS (CONTINUED) | | | | | | |
Comfort Systems USA, Inc. | | | 1,599 | | | $ | 65,159 | |
Cubic Corp. | | | 1,370 | | | | 65,801 | |
DXP Enterprises, Inc.* | | | 710 | | | | 14,136 | |
Echo Global Logistics, Inc.* | | | 1,172 | | | | 25,339 | |
Encore Wire Corp. | | | 906 | | | | 44,231 | |
Enerpac Tool Group Corp. Cl A | | | 2,356 | | | | 41,466 | |
EnPro Industries, Inc. | | | 899 | | | | 44,312 | |
ESCO Technologies, Inc. | | | 1,144 | | | | 96,702 | |
Exponent, Inc. | | | 2,273 | | | | 183,954 | |
Federal Signal Corp. | | | 2,661 | | | | 79,112 | |
Forrester Research, Inc.* | | | 471 | | | | 15,091 | |
Forward Air Corp. | | | 1,231 | | | | 61,328 | |
Foundation Building Materials, Inc.* | | | 788 | | | | 12,301 | |
Franklin Electric Co., Inc. | | | 1,682 | | | | 88,339 | |
Gibraltar Industries, Inc.* | | | 1,429 | | | | 68,606 | |
GMS, Inc.* | | | 1,853 | | | | 45,565 | |
Granite Construction, Inc. | | | 2,067 | | | | 39,562 | |
Greenbrier Cos., Inc. | | | 1,435 | | | | 32,646 | |
Griffon Corp. | | | 1,890 | | | | 35,003 | |
Harsco Corp.* | | | 3,476 | | | | 46,961 | |
Hawaiian Hldgs., Inc. | | | 2,034 | | | | 28,557 | |
Heartland Express, Inc. | | | 2,042 | | | | 42,514 | |
Heidrick & Struggles International, Inc. | | | 845 | | | | 18,269 | |
Hillenbrand, Inc. | | | 3,295 | | | | 89,196 | |
Hub Group, Inc. Cl A* | | | 1,469 | | | | 70,306 | |
Insteel Industries, Inc. | | | 803 | | | | 15,313 | |
Interface, Inc. Cl A | | | 2,607 | | | | 21,221 | |
John Bean Technologies Corp. | | | 1,383 | | | | 118,966 | |
Kaman Corp. | | | 1,223 | | | | 50,877 | |
Kelly Svcs., Inc. Cl A | | | 1,463 | | | | 23,137 | |
Korn Ferry | | | 2,421 | | | | 74,397 | |
Lindsay Corp. | | | 471 | | | | 43,431 | |
Lydall, Inc.* | | | 783 | | | | 10,618 | |
Marten Transport Ltd. | | | 1,715 | | | | 43,149 | |
Matson, Inc. | | | 1,888 | | | | 54,941 | |
Matthews International Corp. Cl A | | | 1,365 | | | | 26,072 | |
Meritor, Inc.* | | | 3,193 | | | | 63,221 | |
Moog, Inc. Cl A | | | 1,322 | | | | 70,040 | |
Mueller Industries, Inc. | | | 2,500 | | | | 66,450 | |
MYR Group, Inc.* | | | 728 | | | | 23,230 | |
National Presto Industries, Inc. | | | 223 | | | | 19,488 | |
NOW, Inc.* | | | 4,871 | | | | 42,037 | |
Park Aerospace Corp. | | | 858 | | | | 9,558 | |
Patrick Industries, Inc. | | | 973 | | | | 59,596 | |
PGT Innovations, Inc.* | | | 2,571 | | | | 40,313 | |
Pitney Bowes, Inc. | | | 7,631 | | | | 19,841 | |
Powell Industries, Inc. | | | 388 | | | | 10,627 | |
Proto Labs, Inc.* | | | 1,171 | | | | 131,702 | |
Quanex Building Products Corp. | | | 1,453 | | | | 20,168 | |
Raven Industries, Inc. | | | 1,574 | | | | 33,857 | |
Resideo Technologies, Inc.* | | | 5,432 | | | | 63,663 | |
Resources Connection, Inc. | | | 1,332 | | | | 15,944 | |
RR Donnelley & Sons Co. | | | 3,194 | | | | 3,801 | |
Saia, Inc.* | | | 1,156 | | | | 128,524 | |
The accompanying notes are an integral part of these portfolio schedules.
49
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INDUSTRIALS (CONTINUED) | | | | | | |
Simpson Manufacturing Co., Inc. | | | 1,728 | | | $ | 145,774 | |
SkyWest, Inc. | | | 2,224 | | | | 72,547 | |
SPX Corp.* | | | 1,970 | | | | 81,066 | |
SPX FLOW, Inc.* | | | 1,878 | | | | 70,312 | |
Standex International Corp. | | | 555 | | | | 31,940 | |
Sunrun, Inc.* | | | 3,506 | | | | 69,138 | |
Team, Inc.* | | | 1,359 | | | | 7,570 | |
Tennant Co. | | | 816 | | | | 53,048 | |
Titan International, Inc. | | | 2,186 | | | | 3,192 | |
Triumph Group, Inc. | | | 2,309 | | | | 20,804 | |
TrueBlue, Inc.* | | | 1,590 | | | | 24,279 | |
UFP Industries, Inc. | | | 2,682 | | | | 132,786 | |
UniFirst Corp. | | | 671 | | | | 120,075 | |
US Ecology, Inc. | | | 1,127 | | | | 38,183 | |
Veritiv Corp.* | | | 552 | | | | 9,362 | |
Viad Corp. | | | 900 | | | | 17,118 | |
Vicor Corp.* | | | 805 | | | | 57,920 | |
Wabash National Corp. | | | 2,321 | | | | 24,649 | |
Watts Water Technologies, Inc. Cl A | | | 1,206 | | | | 97,686 | |
WESCO International, Inc. Preferred* | | | 823 | | | | 21,826 | |
| | | | | | | | |
| | | | | | | 5,124,531 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (13.6%) | | | | | | |
3D Systems Corp.* | | | 5,197 | | | | 36,327 | |
8x8, Inc.* | | | 4,570 | | | | 73,120 | |
ADTRAN, Inc. | | | 2,117 | | | | 23,139 | |
Advanced Energy Industries, Inc.* | | | 1,686 | | | | 114,294 | |
Agilysys, Inc.* | | | 894 | | | | 16,038 | |
Alarm.com Hldgs., Inc.* | | | 1,888 | | | | 122,361 | |
Applied Optoelectronics, Inc.* | | | 850 | | | | 9,240 | |
Arlo Technologies, Inc.* | | | 3,476 | | | | 8,968 | |
Axcelis Technologies, Inc.* | | | 1,453 | | | | 40,466 | |
Badger Meter, Inc. | | | 1,280 | | | | 80,538 | |
Bel Fuse, Inc. Cl B | | | 447 | | | | 4,796 | |
Benchmark Electronics, Inc. | | | 1,595 | | | | 34,452 | |
Bottomline Technologies DE, Inc.* | | | 1,667 | | | | 84,634 | |
Brooks Automation, Inc. | | | 3,275 | | | | 144,886 | |
CalAmp Corp.* | | | 1,541 | | | | 12,343 | |
Cardtronics PLC Cl A* | | | 1,573 | | | | 37,721 | |
CEVA, Inc.* | | | 969 | | | | 36,260 | |
Cohu, Inc. | | | 1,841 | | | | 31,923 | |
Comtech Telecommunications Corp. | | | 1,094 | | | | 18,478 | |
CSG Systems International, Inc. | | | 1,455 | | | | 60,222 | |
CTS Corp. | | | 1,421 | | | | 28,477 | |
Daktronics, Inc. | | | 1,659 | | | | 7,217 | |
Diebold Nixdorf, Inc.* | | | 3,435 | | | | 20,816 | |
Digi International, Inc.* | | | 1,283 | | | | 14,947 | |
Diodes, Inc.* | | | 1,843 | | | | 93,440 | |
DSP Group, Inc.* | | | 1,019 | | | | 16,182 | |
Ebix, Inc. | | | 1,001 | | | | 22,382 | |
ePlus, Inc.* | | | 594 | | | | 41,984 | |
EVERTEC, Inc. | | | 2,616 | | | | 73,510 | |
ExlService Hldgs., Inc.* | | | 1,513 | | | | 95,924 | |
Extreme Networks, Inc.* | | | 5,356 | | | | 23,245 | |
Fabrinet* | | | 1,616 | | | | 100,871 | |
FARO Technologies, Inc.* | | | 780 | | | | 41,808 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| INFORMATION TECHNOLOGY (CONTINUED) | | | | | | |
FormFactor, Inc.* | | | 3,366 | | | $ | 98,725 | |
Harmonic, Inc.* | | | 4,293 | | | | 20,392 | |
Ichor Hldgs. Ltd.* | | | 990 | | | | 26,314 | |
Insight Enterprises, Inc.* | | | 1,541 | | | | 75,817 | |
Itron, Inc.* | | | 1,570 | | | | 104,013 | |
Knowles Corp.* | | | 3,771 | | | | 57,545 | |
Kulicke & Soffa Industries, Inc. | | | 2,757 | | | | 57,428 | |
LivePerson, Inc.* | | | 2,718 | | | | 112,607 | |
ManTech International Corp. Cl A | | | 1,191 | | | | 81,572 | |
MaxLinear, Inc. Cl A* | | | 2,905 | | | | 62,341 | |
Methode Electronics, Inc. | | | 1,625 | | | | 50,798 | |
MicroStrategy, Inc. Cl A* | | | 341 | | | | 40,337 | |
MTS Systems Corp. | | | 791 | | | | 13,914 | |
NETGEAR, Inc.* | | | 1,305 | | | | 33,786 | |
NIC, Inc. | | | 2,944 | | | | 67,594 | |
OneSpan, Inc.* | | | 1,438 | | | | 40,163 | |
Onto Innovation, Inc.* | | | 2,096 | | | | 71,348 | |
OSI Systems, Inc.* | | | 733 | | | | 54,711 | |
PC Connection, Inc. | | | 481 | | | | 22,299 | |
PDF Solutions, Inc.* | | | 1,234 | | | | 24,137 | |
Perficient, Inc.* | | | 1,451 | | | | 51,917 | |
Photronics, Inc.* | | | 2,904 | | | | 32,322 | |
Plantronics, Inc. | | | 1,508 | | | | 22,137 | |
Plexus Corp.* | | | 1,287 | | | | 90,811 | |
Power Integrations, Inc. | | | 1,313 | | | | 155,105 | |
Progress Software Corp. | | | 1,979 | | | | 76,686 | |
Rambus, Inc.* | | | 5,005 | | | | 76,076 | |
Rogers Corp.* | | | 812 | | | | 101,175 | |
Sanmina Corp.* | | | 3,006 | | | | 75,270 | |
ScanSource, Inc.* | | | 1,116 | | | | 26,884 | |
SMART Global Hldgs., Inc.* | | | 602 | | | | 16,362 | |
SPS Commerce, Inc.* | | | 1,542 | | | | 115,835 | |
Sykes Enterprises, Inc.* | | | 1,662 | | | | 45,971 | |
TTEC Hldgs., Inc. | | | 771 | | | | 35,898 | |
TTM Technologies, Inc.* | | | 4,377 | | | | 51,911 | |
Ultra Clean Hldgs., Inc.* | | | 1,761 | | | | 39,851 | |
Unisys Corp.* | | | 2,317 | | | | 25,278 | |
Veeco Instruments, Inc.* | | | 2,168 | | | | 29,246 | |
Viavi Solutions, Inc.* | | | 10,054 | | | | 128,088 | |
Virtusa Corp.* | | | 1,317 | | | | 42,763 | |
Xperi Hldg. Corp. | | | 5,073 | | | | 74,878 | |
| | | | | | | | |
| | | | | | | 4,001,314 | |
| | | | | | | | |
| MATERIALS (4.8%) | | | | | | |
AdvanSix, Inc.* | | | 1,253 | | | | 14,710 | |
American Vanguard Corp. | | | 1,171 | | | | 16,113 | |
Arconic Corp.* | | | 4,254 | | | | 59,258 | |
Balchem Corp. | | | 1,417 | | | | 134,417 | |
Boise Cascade Co. | | | 1,732 | | | | 65,140 | |
Century Aluminum Co.* | | | 2,226 | | | | 15,871 | |
Clearwater Paper Corp.* | | | 737 | | | | 26,628 | |
Cleveland-Cliffs, Inc. | | | 17,519 | | | | 96,705 | |
Ferro Corp.* | | | 3,628 | | | | 43,318 | |
FutureFuel Corp. | | | 1,134 | | | | 13,551 | |
GCP Applied Technologies, Inc.* | | | 2,367 | | | | 43,979 | |
Hawkins, Inc. | | | 415 | | | | 17,671 | |
The accompanying notes are an integral part of these portfolio schedules.
50
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| MATERIALS (CONTINUED) | | | | | | |
Haynes International, Inc. | | | 556 | | | $ | 12,988 | |
HB Fuller Co. | | | 2,261 | | | | 100,841 | |
Innospec, Inc. | | | 1,083 | | | | 83,662 | |
Kaiser Aluminum Corp. | | | 695 | | | | 51,166 | |
Koppers Hldgs., Inc.* | | | 916 | | | | 17,257 | |
Kraton Corp.* | | | 1,394 | | | | 24,088 | |
Livent Corp.* | | | 6,459 | | | | 39,787 | |
Materion Corp. | | | 896 | | | | 55,095 | |
Mercer International, Inc.* | | | 1,776 | | | | 14,492 | |
Myers Industries, Inc. | | | 1,576 | | | | 22,931 | |
Neenah, Inc. | | | 740 | | | | 36,600 | |
Olympic Steel, Inc. | | | 396 | | | | 4,653 | |
PH Glatfelter Co. | | | 1,957 | | | | 31,410 | |
Quaker Chemical Corp. | | | 567 | | | | 105,264 | |
Rayonier Advanced Materials, Inc.* | | | 2,176 | | | | 6,115 | |
Schweitzer-Mauduit International, Inc. | | | 1,372 | | | | 45,839 | |
Stepan Co. | | | 881 | | | | 85,545 | |
SunCoke Energy, Inc. | | | 3,657 | | | | 10,825 | |
TimkenSteel Corp.* | | | 1,739 | | | | 6,765 | |
Tredegar Corp. | | | 1,094 | | | | 16,848 | |
Trinseo S.A. | | | 1,692 | | | | 37,495 | |
US Concrete, Inc.* | | | 698 | | | | 17,310 | |
Warrior Met Coal, Inc. | | | 2,249 | | | | 34,612 | |
| | | | | | | | |
| | | | | | | 1,408,949 | |
| | | | | | | | |
| REAL ESTATE (8.1%) | | | | | | |
Acadia Realty Trust | | | 3,818 | | | | 49,558 | |
Agree Realty Corp. | | | 2,352 | | | | 154,550 | |
Alexander & Baldwin, Inc. | | | 3,023 | | | | 36,850 | |
American Assets Trust, Inc. | | | 2,125 | | | | 59,160 | |
Armada Hoffler Properties, Inc. | | | 2,482 | | | | 24,696 | |
Brandywine Realty Trust | | | 7,514 | | | | 81,827 | |
CareTrust REIT, Inc. | | | 4,257 | | | | 73,050 | |
Cedar Realty Trust, Inc. | | | 3,765 | | | | 3,727 | |
Chatham Lodging Trust | | | 2,061 | | | | 12,613 | |
Community Healthcare Trust, Inc. | | | 913 | | | | 37,342 | |
DiamondRock Hospitality Co. | | | 8,806 | | | | 48,697 | |
Diversified Healthcare Trust | | | 10,620 | | | | 46,994 | |
Easterly Government Properties, Inc. | | | 3,286 | | | | 75,972 | |
Essential Properties Realty Trust, Inc. | | | 4,062 | | | | 60,280 | |
Four Corners Property Trust, Inc. | | | 3,110 | | | | 75,884 | |
Franklin Street Properties Corp. | | | 4,733 | | | | 24,091 | |
Getty Realty Corp. | | | 1,515 | | | | 44,965 | |
Global Net Lease, Inc. | | | 3,939 | | | | 65,900 | |
Hersha Hospitality Trust Cl A | | | 1,580 | | | | 9,101 | |
Independence Realty Trust, Inc. | | | 4,141 | | | | 47,580 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| REAL ESTATE (CONTINUED) | | | | | | |
Industrial Logistics Properties Trust | | | 2,841 | | | $ | 58,383 | |
Innovative Industrial Properties, Inc. Cl A | | | 820 | | | | 72,176 | |
Investors Real Estate Trust | | | 536 | | | | 37,783 | |
iStar, Inc. | | | 3,187 | | | | 39,264 | |
Kite Realty Group Trust | | | 3,717 | | | | 42,894 | |
Lexington Realty Trust | | | 12,176 | | | | 128,457 | |
LTC Properties, Inc. | | | 1,734 | | | | 65,320 | |
Marcus & Millichap, Inc.* | | | 1,038 | | | | 29,957 | |
National Storage Affiliates Trust | | | 2,744 | | | | 78,643 | |
NexPoint Residential Trust, Inc. | | | 962 | | | | 34,007 | |
Office Properties Income Trust | | | 2,122 | | | | 55,108 | |
Pennsylvania REIT | | | 2,674 | | | | 3,637 | |
RE/MAX Hldgs., Inc. Cl A | | | 796 | | | | 25,018 | |
Realogy Hldgs. Corp. | | | 5,094 | | | | 37,747 | |
Retail Opportunity Investments Corp. | | | 5,155 | | | | 58,406 | |
Retail Properties of America, Inc. Cl A | | | 9,429 | | | | 69,020 | |
RPT Realty | | | 3,543 | | | | 24,659 | |
Safehold, Inc. | | | 577 | | | | 33,172 | |
Saul Centers, Inc. | | | 520 | | | | 16,780 | |
SITE Centers Corp. | | | 6,591 | | | | 53,387 | |
St Joe Co.* | | | 1,374 | | | | 26,683 | |
Summit Hotel Properties, Inc. | | | 4,666 | | | | 27,669 | |
Tanger Factory Outlet Centers, Inc. | | | 4,136 | | | | 29,490 | |
Uniti Group, Inc. | | | 8,557 | | | | 80,008 | |
Universal Health Realty Income Trust | | | 557 | | | | 44,276 | |
Urstadt Biddle Properties, Inc. Cl A | | | 1,324 | | | | 15,729 | |
Washington Prime Group, Inc. | | | 8,535 | | | | 7,176 | |
Washington Real Estate Investment Trust | | | 3,628 | | | | 80,542 | |
Whitestone REIT Cl B | | | 1,843 | | | | 13,399 | |
Xenia Hotels & Resorts, Inc. | | | 5,022 | | | | 46,855 | |
| | | | | | | | |
| | | | | | | 2,368,482 | |
| | | | | | | | |
| UTILITIES (2.2%) | | | | | | |
American States Water Co. | | | 1,623 | | | | 127,616 | |
Avista Corp. | | | 2,960 | | | | 107,714 | |
California Water Service Group | | | 2,139 | | | | 102,030 | |
El Paso Electric Co. | | | 1,793 | | | | 120,131 | |
Northwest Natural Hldg. Co. | | | 1,340 | | | | 74,759 | |
South Jersey Industries, Inc. | | | 4,045 | | | | 101,085 | |
| | | | | | | | |
| | | | | | | 633,335 | |
| | | | | | | | |
| TOTAL INDEXED ASSETS-COMMON STOCKS | | | | | | |
(Cost: $33,601,296) 99.7% | | | | | | | 29,244,525 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
51
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.3%) | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | | 0.01 | | | | 07/01/20 | | | $ | 95,459 | | | $ | 95,459 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $95,459) 0.3% | | | | 95,459 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $33,696,755) 100.0% | | | | 29,339,984 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.0% (2) | | | | (10,351 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 29,329,633 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
52
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| COMMUNICATION SERVICES (0.9%) | | | | | | |
Discovery, Inc. Cl A* | | | 17,470 | | | $ | 368,617 | |
Discovery, Inc. Cl C* | | | 18,337 | | | | 353,171 | |
| | | | | | | | |
| | | | | | | 721,788 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (4.6%) | | | | | | |
Capri Hldgs. Ltd.* | | | 24,151 | | | | 377,480 | |
Foot Locker, Inc. | | | 11,795 | | | | 343,942 | |
Hilton Grand Vacations, Inc.* | | | 8,542 | | | | 166,996 | |
Marriott Vacations Worldwide Corp. | | | 12,436 | | | | 1,022,364 | |
Ralph Lauren Corp. Cl A | | | 5,197 | | | | 376,886 | |
Taylor Morrison Home Corp. Cl A* | | | 16,128 | | | | 311,109 | |
Williams-Sonoma, Inc. | | | 10,790 | | | | 884,888 | |
| | | | | | | | |
| | | | | | | 3,483,665 | |
| | | | | | | | |
| CONSUMER STAPLES (2.6%) | | | | | | |
Constellation Brands, Inc. Cl A | | | 4,453 | | | | 779,052 | |
Ingredion, Inc. | | | 4,717 | | | | 391,511 | |
TreeHouse Foods, Inc.* | | | 8,420 | | | | 368,796 | |
Tyson Foods, Inc. Cl A | | | 6,336 | | | | 378,323 | |
Vector Group Ltd. | | | 9,781 | | | | 98,397 | |
| | | | | | | | |
| | | | | | | 2,016,079 | |
| | | | | | | | |
| ENERGY (4.4%) | | | | | | |
Baker Hughes, a GE Co. Cl A | | | 19,021 | | | | 292,733 | |
Cheniere Energy, Inc.* | | | 10,254 | | | | 495,473 | |
Devon Energy Corp. | | | 11,579 | | | | 131,306 | |
EQT Corp. | | | 22,330 | | | | 265,727 | |
Hess Corp. | | | 7,779 | | | | 403,030 | |
MPLX LP | | | 21,029 | | | | 363,381 | |
Noble Energy, Inc. | | | 31,622 | | | | 283,333 | |
PBF Energy, Inc. Cl A | | | 58,951 | | | | 603,658 | |
Williams Cos., Inc. | | | 26,573 | | | | 505,419 | |
| | | | | | | | |
| | | | | | | 3,344,060 | |
| | | | | | | | |
| FINANCIALS (19.5%) | | | | | | |
American Financial Group, Inc. | | | 13,259 | | | | 841,416 | |
Ameriprise Financial, Inc. | | | 11,631 | | | | 1,745,115 | |
Associated Banc-Corp. | | | 39,046 | | | | 534,149 | |
Citizens Financial Group, Inc. | | | 9,504 | | | | 239,881 | |
Discover Financial Svcs. | | | 12,797 | | | | 641,002 | |
Everest Re Group Ltd. | | | 4,237 | | | | 873,669 | |
Fifth Third Bancorp | | | 34,235 | | | | 660,051 | |
Hartford Financial Svcs. Group, Inc. | | | 22,099 | | | | 851,917 | |
iShares Russell Mid-Cap ETF | | | 15,000 | | | | 804,000 | |
iShares Russell Mid-Cap Value ETF | | | 20,360 | | | | 1,558,151 | |
KeyCorp. | | | 64,383 | | | | 784,185 | |
Lincoln National Corp. | | | 9,651 | | | | 355,060 | |
Progressive Corp. | | | 16,841 | | | | 1,349,133 | |
Reinsurance Group of America, Inc. | | | 7,628 | | | | 598,340 | |
Starwood Property Trust, Inc. | | | 35,135 | | | | 525,620 | |
SVB Financial Group* | | | 3,612 | | | | 778,494 | |
Synchrony Financial | | | 10,477 | | | | 232,170 | |
Voya Financial, Inc. | | | 16,432 | | | | 766,553 | |
Zions Bancorporation | | | 22,145 | | | | 752,930 | |
| | | | | | | | |
| | | | | | | 14,891,836 | |
| | | | | | | | |
| HEALTH CARE (7.8%) | | | | | | |
Agilent Technologies, Inc. | | | 15,762 | | | | 1,392,888 | |
Centene Corp.* | | | 14,503 | | | | 921,666 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
Hill-Rom Hldgs., Inc. | | | 9,070 | | | $ | 995,705 | |
Horizon Therapeutics PLC* | | | 7,730 | | | | 429,633 | |
Humana, Inc. | | | 3,203 | | | | 1,241,963 | |
Zimmer Biomet Hldgs., Inc. | | | 8,341 | | | | 995,582 | |
| | | | | | | | |
| | | | | | | 5,977,437 | |
| | | | | | | | |
| INDUSTRIALS (11.4%) | | | | | | |
Alaska Air Group, Inc. | | | 22,372 | | | | 811,209 | |
HEICO Corp. Cl A | | | 4,740 | | | | 385,078 | |
Kirby Corp.* | | | 7,351 | | | | 393,720 | |
L-3 Harris Technologies, Inc. | | | 8,323 | | | | 1,412,163 | |
Mueller Industries, Inc. | �� | | 37,675 | | | | 1,001,401 | |
Old Dominion Freight Line, Inc. | | | 13,015 | | | | 2,207,214 | |
Oshkosh Corp. | | | 11,001 | | | | 787,892 | |
Stanley Black & Decker, Inc. | | | 6,324 | | | | 881,439 | |
Stericycle, Inc.* | | | 14,293 | | | | 800,122 | |
| | | | | | | | |
| | | | | | | 8,680,238 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (8.0%) | | | | | | |
Analog Devices, Inc. | | | 5,761 | | | | 706,529 | |
Ciena Corp.* | | | 11,083 | | | | 600,255 | |
DXC Technology Co. | | | 10,554 | | | | 174,141 | |
KLA Corp. | | | 2,404 | | | | 467,530 | |
LogMeIn, Inc. | | | 5,140 | | | | 435,718 | |
MKS Instruments, Inc. | | | 2,641 | | | | 299,067 | |
Nokia OYJ | | | 72,957 | | | | 321,011 | |
NortonLifeLock, Inc. | | | 17,935 | | | | 355,651 | |
Perspecta, Inc. | | | 16,420 | | | | 381,437 | |
Proofpoint, Inc.* | | | 5,287 | | | | 587,491 | |
PTC, Inc.* | | | 7,225 | | | | 562,033 | |
Qorvo, Inc.* | | | 6,129 | | | | 677,438 | |
ViaSat, Inc.* | | | 5,943 | | | | 228,033 | |
Western Digital Corp. | | | 7,349 | | | | 324,458 | |
| | | | | | | | |
| | | | | | | 6,120,792 | |
| | | | | | | | |
| MATERIALS (12.0%) | | | | | | |
Crown Hldgs., Inc.* | | | 35,173 | | | | 2,290,818 | |
FMC Corp. | | | 6,304 | | | | 628,004 | |
Freeport-McMoRan, Inc. | | | 73,912 | | | | 855,162 | |
International Paper Co. | | | 18,109 | | | | 637,618 | |
Mosaic Co. | | | 12,141 | | | | 151,884 | |
Newmont Corp. | | | 16,333 | | | | 1,008,399 | |
Nucor Corp. | | | 10,249 | | | | 424,411 | |
Olin Corp. | | | 44,527 | | | | 511,615 | |
Packaging Corp. of America | | | 22,350 | | | | 2,230,530 | |
Steel Dynamics, Inc. | | | 15,806 | | | | 412,379 | |
| | | | | | | | |
| | | | | | | 9,150,820 | |
| | | | | | | | |
| REAL ESTATE (12.3%) | | | | | | |
Alexander’s, Inc. | | | 1,173 | | | | 282,576 | |
American Campus Communities, Inc. | | | 14,592 | | | | 510,136 | |
Apartment Investment & Management Co. Cl A | | | 19,151 | | | | 720,844 | |
AvalonBay Communities, Inc. | | | 5,368 | | | | 830,108 | |
Brandywine Realty Trust | | | 56,870 | | | | 619,314 | |
Duke Realty Corp. | | | 52,806 | | | | 1,868,804 | |
Equity LifeStyle Properties, Inc. | | | 8,711 | | | | 544,263 | |
The accompanying notes are an integral part of these portfolio schedules.
53
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| REAL ESTATE (CONTINUED) | | | | | | |
GEO Group, Inc. | | | 29,523 | | | $ | 349,257 | |
Host Hotels & Resorts, Inc. | | | 20,012 | | | | 215,929 | |
Kilroy Realty Corp. | | | 8,550 | | | | 501,885 | |
Prologis, Inc. | | | 14,606 | | | | 1,363,178 | |
Regency Centers Corp. | | | 4,051 | | | | 185,900 | |
Vornado Realty Trust | | | 7,732 | | | | 295,440 | |
Welltower, Inc. | | | 13,758 | | | | 711,977 | |
Weyerhaeuser Co. | | | 16,293 | | | | 365,941 | |
| | | | | | | | |
| | | | | | | 9,365,552 | |
| | | | | | | | |
| UTILITIES (12.8%) | | | | | | |
AES Corp. | | | 42,784 | | | | 619,940 | |
Ameren Corp. | | | 18,789 | | | | 1,321,994 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| UTILITIES (CONTINUED) | | | | | | |
Consolidated Edison, Inc. | | | 14,565 | | | $ | 1,047,660 | |
Edison International | | | 6,977 | | | | 378,921 | |
Entergy Corp. | | | 10,960 | | | | 1,028,158 | |
Evergy, Inc. | | | 23,158 | | | | 1,373,038 | |
Eversource Energy | | | 11,345 | | | | 944,698 | |
FirstEnergy Corp. | | | 25,082 | | | | 972,680 | |
PPL Corp. | | | 29,417 | | | | 760,135 | |
Public Svc. Enterprise Group, Inc. | | | 27,778 | | | | 1,365,567 | |
| | | | | | | | |
| | | | | | | 9,812,791 | |
| | | | | | | | |
TOTAL COMMON STOCKS | |
(Cost: $69,686,861) 96.3% | | | | | | | 73,565,058 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (2.6%) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.09 | | | | 07/09/20 | | | $ | 2,000,000 | | | $ | 1,999,958 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,999,958) 2.6% | | | | 1,999,958 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (1.6%) | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | | 0.01 | | | | 07/01/20 | | | $ | 1,195,783 | | | $ | 1,195,783 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $1,195,783) 1.6% | | | | 1,195,783 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $72,882,602) 100.5% | | | | 76,760,799 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.5% | | | | (350,276 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 76,410,523 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
54
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS: | | | | | | |
| COMMON STOCKS: | |
| COMMUNICATION SERVICES (1.8%) | | | | | | |
AMC Networks, Inc. Cl A* | | | 35,032 | | | $ | 819,398 | |
Cable One, Inc. | | | 4,549 | | | | 8,073,793 | |
Cinemark Hldgs., Inc. | | | 95,811 | | | | 1,106,617 | |
John Wiley & Sons, Inc. Cl A | | | 37,964 | | | | 1,480,596 | |
New York Times Co. Cl A | | | 126,063 | | | | 5,298,428 | |
TEGNA, Inc. | | | 189,858 | | | | 2,115,018 | |
Telephone & Data Systems, Inc. | | | 84,738 | | | | 1,684,591 | |
TripAdvisor, Inc. | | | 87,599 | | | | 1,665,257 | |
World Wrestling Entertainment, Inc. Cl A | | | 39,410 | | | | 1,712,365 | |
Yelp, Inc. Cl A* | | | 55,601 | | | | 1,286,051 | |
| | | | | | | | |
| | | | | | | 25,242,114 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (13.8%) | |
Aaron’s, Inc. | | | 57,600 | | | | 2,615,040 | |
Adient PLC* | | | 72,342 | | | | 1,187,856 | |
Adtalem Global Education, Inc.* | | | 44,309 | | | | 1,380,225 | |
American Eagle Outfitters, Inc. | | | 135,747 | | | | 1,479,642 | |
AutoNation, Inc.* | | | 49,667 | | | | 1,866,486 | |
Boyd Gaming Corp. | | | 69,291 | | | | 1,448,182 | |
Brunswick Corp. | | | 69,124 | | | | 4,424,627 | |
Caesars Entertainment Corp.* | | | 476,081 | | | | 5,774,863 | |
Carter’s, Inc. | | | 36,894 | | | | 2,977,346 | |
Choice Hotels International, Inc. | | | 27,447 | | | | 2,165,568 | |
Churchill Downs, Inc. | | | 30,539 | | | | 4,066,268 | |
Columbia Sportswear Co. | | | 24,649 | | | | 1,986,216 | |
Cracker Barrel Old Country Store, Inc. | | | 20,418 | | | | 2,264,560 | |
Dana, Inc. | | | 122,276 | | | | 1,490,545 | |
Deckers Outdoor Corp.* | | | 24,191 | | | | 4,750,871 | |
Delphi Technologies PLC* | | | 74,306 | | | | 1,055,888 | |
Dick’s Sporting Goods, Inc. | | | 57,469 | | | | 2,371,171 | |
Dunkin’ Brands Group, Inc. | | | 71,462 | | | | 4,661,466 | |
Eldorado Resorts, Inc.* | | | 72,904 | | | | 2,920,534 | |
Etsy, Inc.* | | | 97,784 | | | | 10,387,594 | |
Five Below, Inc.* | | | 48,134 | | | | 5,146,006 | |
Foot Locker, Inc. | | | 90,698 | | | | 2,644,754 | |
Gentex Corp. | | | 212,577 | | | | 5,478,109 | |
Goodyear Tire & Rubber Co. | | | 199,490 | | | | 1,784,438 | |
Graham Hldgs. Co. Cl B | | | 3,736 | | | | 1,280,215 | |
Grand Canyon Education, Inc.* | | | 40,536 | | | | 3,669,724 | |
Grubhub, Inc.* | | | 78,838 | | | | 5,542,311 | |
Harley-Davidson, Inc. | | | 132,984 | | | | 3,161,030 | |
Helen of Troy Ltd.* | | | 21,986 | | | | 4,145,680 | |
Jack in the Box, Inc. | | | 19,402 | | | | 1,437,494 | |
KB Home | | | 76,931 | | | | 2,360,243 | |
Lear Corp. | | | 45,333 | | | | 4,942,204 | |
Marriott Vacations Worldwide Corp. | | | 30,771 | | | | 2,529,684 | |
Mattel, Inc.* | | | 299,254 | | | | 2,893,786 | |
Murphy USA, Inc.* | | | 23,364 | | | | 2,630,553 | |
Nordstrom, Inc. | | | 94,829 | | | | 1,468,901 | |
Ollie’s Bargain Outlet Hldgs., Inc.* | | | 48,646 | | | | 4,750,282 | |
Papa John’s International, Inc. | | | 19,176 | | | | 1,522,766 | |
Penn National Gaming, Inc.* | | | 112,328 | | | | 3,430,497 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | |
| CONSUMER DISCRETIONARY (CONTINUED) | |
Polaris, Inc. | | | 49,270 | | | $ | 4,559,939 | |
Pool Corp. | | | 34,172 | | | | 9,290,342 | |
RH* | | | 14,463 | | | | 3,599,841 | |
Sally Beauty Hldgs., Inc.* | | | 99,643 | | | | 1,248,527 | |
Scientific Games Corp.* | | | 47,127 | | | | 728,583 | |
Service Corp. International | | | 153,559 | | | | 5,971,910 | |
Six Flags Entertainment Corp. | | | 67,739 | | | | 1,301,266 | |
Skechers U.S.A., Inc. Cl A* | | | 118,907 | | | | 3,731,302 | |
Strategic Education, Inc. | | | 19,245 | | | | 2,956,994 | |
Taylor Morrison Home Corp. Cl A* | | | 113,765 | | | | 2,194,527 | |
Tempur Sealy International, Inc.* | | | 37,335 | | | | 2,686,253 | |
Texas Roadhouse, Inc. Cl A | | | 57,806 | | | | 3,038,861 | |
Thor Industries, Inc. | | | 48,168 | | | | 5,131,337 | |
Toll Brothers, Inc. | | | 100,917 | | | | 3,288,885 | |
TopBuild Corp.* | | | 29,148 | | | | 3,316,168 | |
TRI Pointe Group, Inc.* | | | 115,053 | | | | 1,690,129 | |
Urban Outfitters, Inc.* | | | 61,468 | | | | 935,543 | |
Visteon Corp.* | | | 24,024 | | | | 1,645,644 | |
Wendy’s Co. | | | 153,580 | | | | 3,344,972 | |
Williams-Sonoma, Inc. | | | 66,546 | | | | 5,457,438 | |
WW International, Inc.* | | | 40,638 | | | | 1,031,392 | |
Wyndham Destinations, Inc. | | | 72,561 | | | | 2,044,769 | |
Wyndham Hotels & Resorts, Inc. | | | 79,393 | | | | 3,383,730 | |
| | | | | | | | |
| | | | | | | 194,671,977 | |
| | | | | | | | |
| CONSUMER STAPLES (3.6%) | |
BJ’s Wholesale Club Hldgs., Inc.* | | | 105,038 | | | | 3,914,766 | |
Boston Beer Co., Inc. Cl A* | | | 8,159 | | | | 4,378,528 | |
Casey’s General Stores, Inc. | | | 31,359 | | | | 4,688,798 | |
Darling Ingredients, Inc.* | | | 142,458 | | | | 3,507,316 | |
Edgewell Personal Care Co.* | | | 45,783 | | | | 1,426,598 | |
Energizer Hldgs., Inc. | | | 54,166 | | | | 2,572,343 | |
Flowers Foods, Inc. | | | 166,316 | | | | 3,718,826 | |
Grocery Outlet Hldg. Corp.* | | | 54,540 | | | | 2,225,232 | |
Hain Celestial Group, Inc.* | | | 68,643 | | | | 2,162,941 | |
Ingredion, Inc. | | | 57,740 | | | | 4,792,420 | |
Lancaster Colony Corp. | | | 16,965 | | | | 2,629,406 | |
Nu Skin Enterprises, Inc. Cl A | | | 45,379 | | | | 1,734,839 | |
Pilgrim’s Pride Corp.* | | | 44,989 | | | | 759,864 | |
Post Hldgs., Inc.* | | | 54,744 | | | | 4,796,669 | |
Sanderson Farms, Inc. | | | 17,215 | | | | 1,995,046 | |
Sprouts Farmers Market, Inc.* | | | 100,339 | | | | 2,567,675 | |
Tootsie Roll Industries, Inc. | | | 14,779 | | | | 506,476 | |
TreeHouse Foods, Inc.* | | | 49,317 | | | | 2,160,085 | |
| | | | | | | | |
| | | | | | | 50,537,828 | |
| | | | | | | | |
| ENERGY (1.4%) | |
Antero Midstream Corp. | | | 242,659 | | | | 1,237,561 | |
ChampionX Corp.* | | | 158,901 | | | | 1,550,874 | |
Cimarex Energy Co. | | | 87,217 | | | | 2,397,595 | |
CNX Resources Corp.* | | | 161,270 | | | | 1,394,986 | |
EQT Corp. | | | 220,899 | | | | 2,628,698 | |
The accompanying notes are an integral part of these portfolio schedules.
55
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | |
| ENERGY (CONTINUED) | |
Equitrans Midstream Corp. | | | 347,495 | | | $ | 2,887,684 | |
Murphy Oil Corp. | | | 126,618 | | | | 1,747,328 | |
PBF Energy, Inc. Cl A | | | 87,912 | | | | 900,219 | |
Transocean Ltd.* | | | 511,019 | | | | 935,165 | |
World Fuel Svcs. Corp. | | | 54,654 | | | | 1,407,887 | |
WPX Energy, Inc.* | | | 356,330 | | | | 2,273,385 | |
| | | | | | | | |
| | | | | | | 19,361,382 | |
| | | | | | | | |
| FINANCIALS (14.6%) | |
Affiliated Managers Group, Inc. | | | 40,838 | | | | 3,044,881 | |
Alleghany Corp. | | | 12,402 | | | | 6,066,314 | |
American Financial Group, Inc. | | | 63,811 | | | | 4,049,446 | |
Associated Banc-Corp. | | | 135,656 | | | | 1,855,774 | |
BancorpSouth Bank | | | 85,606 | | | | 1,946,680 | |
Bank of Hawaii Corp. | | | 35,101 | | | | 2,155,552 | |
Bank OZK | | | 107,255 | | | | 2,517,275 | |
Brighthouse Financial, Inc.* | | | 83,030 | | | | 2,309,895 | |
Brown & Brown, Inc. | | | 203,993 | | | | 8,314,755 | |
Cathay General Bancorp | | | 68,005 | | | | 1,788,532 | |
CIT Group, Inc. | | | 86,983 | | | | 1,803,158 | |
CNO Financial Group, Inc. | | | 126,459 | | | | 1,968,967 | |
Commerce Bancshares, Inc. | | | 88,389 | | | | 5,256,494 | |
Cullen/Frost Bankers, Inc. | | | 50,720 | | | | 3,789,291 | |
East West Bancorp, Inc. | | | 125,369 | | | | 4,543,373 | |
Eaton Vance Corp. | | | 99,014 | | | | 3,821,940 | |
Essent Group Ltd. | | | 96,645 | | | | 3,505,314 | |
Evercore, Inc. Cl A | | | 35,534 | | | | 2,093,663 | |
FactSet Research Systems, Inc. | | | 32,831 | | | | 10,783,999 | |
Federated Hermes, Inc. Cl B | | | 83,533 | | | | 1,979,732 | |
First American Financial Corp. | | | 97,213 | | | | 4,668,168 | |
First Financial Bankshares, Inc. | | | 127,250 | | | | 3,676,253 | |
First Horizon National Corp. | | | 271,548 | | | | 2,704,618 | |
FirstCash, Inc. | | | 35,670 | | | | 2,407,012 | |
FNB Corp. | | | 282,196 | | | | 2,116,470 | |
Fulton Financial Corp. | | | 143,753 | | | | 1,513,719 | |
Genworth Financial, Inc. Cl A* | | | 428,167 | | | | 989,066 | |
Glacier Bancorp, Inc. | | | 76,649 | | | | 2,704,943 | |
Hancock Whitney Corp. | | | 78,438 | | | | 1,662,886 | |
Hanover Insurance Group, Inc. | | | 32,704 | | | | 3,313,896 | |
Home BancShares, Inc. | | | 132,808 | | | | 2,042,587 | |
Interactive Brokers Group, Inc. Cl A | | | 67,072 | | | | 2,801,597 | |
International Bancshares Corp. | | | 48,700 | | | | 1,559,374 | |
Janus Henderson Group PLC | | | 134,009 | | | | 2,835,630 | |
Jefferies Financial Group, Inc. | | | 198,247 | | | | 3,082,741 | |
Kemper Corp. | | | 54,143 | | | | 3,926,450 | |
Legg Mason, Inc. | | | 72,125 | | | | 3,588,219 | |
LendingTree, Inc.* | | | 6,563 | | | | 1,900,185 | |
Mercury General Corp. | | | 23,655 | | | | 963,941 | |
Navient Corp. | | | 149,092 | | | | 1,048,117 | |
New York Community Bancorp, Inc. | | | 408,386 | | | | 4,165,537 | |
Old Republic International Corp. | | | 248,816 | | | | 4,058,189 | |
PacWest Bancorp | | | 103,919 | | | | 2,048,243 | |
Pinnacle Financial Partners, Inc. | | | 62,812 | | | | 2,637,476 | |
Primerica, Inc. | | | 34,980 | | | | 4,078,668 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | |
| FINANCIALS (CONTINUED) | |
Prosperity Bancshares, Inc. | | | 83,338 | | | $ | 4,948,610 | |
Reinsurance Group of America, Inc. | | | 58,647 | | | | 4,600,271 | |
RenaissanceRe Hldgs. Ltd. | | | 43,000 | | | | 7,354,290 | |
RLI Corp. | | | 35,009 | | | | 2,874,239 | |
SEI Investments Co. | | | 108,700 | | | | 5,976,326 | |
Selective Insurance Group, Inc. | | | 52,314 | | | | 2,759,040 | |
Signature Bank | | | 46,799 | | | | 5,003,749 | |
SLM Corp. | | | 326,257 | | | | 2,293,587 | |
Sterling Bancorp | | | 172,496 | | | | 2,021,653 | |
Stifel Financial Corp. | | | 60,009 | | | | 2,846,227 | |
Synovus Financial Corp. | | | 129,624 | | | | 2,661,181 | |
TCF Financial Corp. | | | 134,375 | | | | 3,953,313 | |
Texas Capital Bancshares, Inc.* | | | 43,540 | | | | 1,344,080 | |
Trustmark Corp. | | | 54,747 | | | | 1,342,396 | |
UMB Financial Corp. | | | 37,585 | | | | 1,937,507 | |
Umpqua Hldgs. Corp. | | | 192,924 | | | | 2,052,711 | |
United Bankshares, Inc. | | | 113,735 | | | | 3,145,910 | |
Valley National Bancorp | | | 345,613 | | | | 2,702,694 | |
Washington Federal, Inc. | | | 68,209 | | | | 1,830,730 | |
Webster Financial Corp. | | | 80,640 | | | | 2,307,110 | |
Wintrust Financial Corp. | | | 51,287 | | | | 2,237,139 | |
| | | | | | | | |
| | | | | | | 206,281,783 | |
| | | | | | | | |
| HEALTH CARE (10.6%) | |
Acadia Healthcare Co., Inc.* | | | 75,949 | | | | 1,907,839 | |
Amedisys, Inc.* | | | 28,162 | | | | 5,591,284 | |
Arrowhead Pharmaceuticals, Inc.* | | | 89,884 | | | | 3,882,090 | |
Avanos Medical, Inc.* | | | 41,183 | | | | 1,210,368 | |
Bio-Techne Corp. | | | 33,076 | | | | 8,734,379 | |
Cantel Medical Corp. | | | 30,967 | | | | 1,369,670 | |
Catalent, Inc.* | | | 140,641 | | | | 10,308,985 | |
Charles River Laboratories International, Inc.* | | | 42,681 | | | | 7,441,432 | |
Chemed Corp. | | | 13,675 | | | | 6,168,382 | |
Encompass Health Corp. | | | 85,647 | | | | 5,304,119 | |
Exelixis, Inc.* | | | 263,377 | | | | 6,252,570 | |
Globus Medical, Inc. Cl A* | | | 64,752 | | | | 3,089,318 | |
Haemonetics Corp.* | | | 43,092 | | | | 3,859,320 | |
HealthEquity, Inc.* | | | 60,880 | | | | 3,571,830 | |
Hill-Rom Hldgs., Inc. | | | 56,786 | | | | 6,233,967 | |
ICU Medical, Inc.* | | | 16,782 | | | | 3,093,091 | |
Integra LifeSciences Hldgs. Corp.* | | | 59,946 | | | | 2,816,863 | |
LHC Group, Inc.* | | | 25,112 | | | | 4,377,524 | |
Ligand Pharmaceuticals, Inc.* | | | 13,836 | | | | 1,547,557 | |
LivaNova PLC* | | | 40,964 | | | | 1,971,597 | |
Masimo Corp.* | | | 42,817 | | | | 9,761,848 | |
MEDNAX, Inc.* | | | 73,337 | | | | 1,254,063 | |
Molina Healthcare, Inc.* | | | 50,520 | | | | 8,991,550 | |
Nektar Therapeutics Cl A* | | | 152,132 | | | | 3,523,377 | |
NuVasive, Inc.* | | | 44,040 | | | | 2,451,266 | |
Patterson Cos., Inc. | | | 72,296 | | | | 1,590,512 | |
Penumbra, Inc.* | | | 27,933 | | | | 4,994,979 | |
PRA Health Sciences, Inc.* | | | 55,546 | | | | 5,404,070 | |
The accompanying notes are an integral part of these portfolio schedules.
56
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | |
| HEALTH CARE (CONTINUED) | |
Prestige Consumer Healthcare,
Inc.* | | | 43,357 | | | $ | 1,628,489 | |
Quidel Corp.* | | | 31,918 | | | | 7,141,333 | |
Repligen Corp.* | | | 40,781 | | | | 5,040,939 | |
Syneos Health, Inc. Cl A* | | | 52,529 | | | | 3,059,814 | |
Tenet Healthcare Corp.* | | | 90,753 | | | | 1,643,537 | |
United Therapeutics Corp.* | | | 37,925 | | | | 4,588,925 | |
| | | | | | | | |
| | | | | | | 149,806,887 | |
| | | | | | | | |
| INDUSTRIALS (15.4%) | |
Acuity Brands, Inc. | | | 34,453 | | | | 3,298,530 | |
AECOM* | | | 138,859 | | | | 5,218,321 | |
AGCO Corp. | | | 53,744 | | | | 2,980,642 | |
ASGN, Inc.* | | | 46,190 | | | | 3,079,949 | |
Avis Budget Group, Inc.* | | | 46,769 | | | | 1,070,542 | |
Axon Enterprise, Inc.* | | | 54,556 | | | | 5,353,580 | |
Brink’s Co. | | | 44,834 | | | | 2,040,395 | |
Carlisle Cos., Inc. | | | 47,096 | | | | 5,635,978 | |
Clean Harbors, Inc.* | | | 43,232 | | | | 2,593,055 | |
Colfax Corp.* | | | 73,171 | | | | 2,041,471 | |
CoreLogic, Inc. | | | 69,451 | | | | 4,668,496 | |
Crane Co. | | | 43,182 | | | | 2,567,602 | |
Curtiss-Wright Corp. | | | 36,497 | | | | 3,258,452 | |
Deluxe Corp. | | | 36,963 | | | | 870,109 | |
Donaldson Co., Inc. | | | 108,228 | | | | 5,034,767 | |
Dycom Industries, Inc.* | | | 27,243 | | | | 1,113,966 | |
EMCOR Group, Inc. | | | 47,133 | | | | 3,117,377 | |
EnerSys | | | 37,476 | | | | 2,412,705 | |
Fluor Corp. | | | 116,505 | | | | 1,407,380 | |
FTI Consulting, Inc.* | | | 31,805 | | | | 3,643,263 | |
GATX Corp. | | | 30,566 | | | | 1,863,915 | |
Generac Hldgs., Inc.* | | | 54,259 | | | | 6,615,800 | |
Graco, Inc. | | | 145,263 | | | | 6,971,171 | |
Healthcare Svcs. Group, Inc. | | | 64,558 | | | | 1,579,089 | |
Herman Miller, Inc. | | | 51,828 | | | | 1,223,659 | |
Hexcel Corp. | | | 72,497 | | | | 3,278,314 | |
HNI Corp. | | | 37,590 | | | | 1,149,126 | |
Hubbell, Inc. Cl B | | | 46,966 | | | | 5,887,658 | |
Insperity, Inc. | | | 31,296 | | | | 2,025,790 | |
ITT, Inc. | | | 75,296 | | | | 4,422,887 | |
JetBlue Airways Corp.* | | | 234,014 | | | | 2,550,753 | |
KAR Auction Svcs, Inc. | | | 113,410 | | | | 1,560,522 | |
Kennametal, Inc. | | | 72,204 | | | | 2,072,977 | |
Kirby Corp.* | | | 51,885 | | | | 2,778,961 | |
Knight-Swift Transportation Hldgs., Inc. Cl A | | | 105,887 | | | | 4,416,547 | |
Landstar System, Inc. | | | 33,530 | | | | 3,765,754 | |
Lennox International, Inc. | | | 30,342 | | | | 7,069,383 | |
Lincoln Electric Hldgs., Inc. | | | 51,517 | | | | 4,339,792 | |
ManpowerGroup, Inc. | | | 50,346 | | | | 3,461,287 | |
MasTec, Inc.* | | | 50,320 | | | | 2,257,858 | |
Mercury Systems, Inc.* | | | 49,022 | | | | 3,856,071 | |
Middleby Corp.* | | | 47,094 | | | | 3,717,600 | |
MSA Safety, Inc. | | | 31,418 | | | | 3,595,476 | |
MSC Industrial Direct Co., Inc. Cl A | | | 39,772 | | | | 2,895,799 | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | |
| INDUSTRIALS (CONTINUED) | |
Nordson Corp. | | | 44,193 | | | $ | 8,383,854 | |
nVent Electric PLC | | | 135,522 | | | | 2,538,327 | |
Oshkosh Corp. | | | 59,086 | | | | 4,231,739 | |
Owens Corning | | | 94,034 | | | | 5,243,336 | |
Regal Beloit Corp. | | | 35,106 | | | | 3,065,456 | |
Ryder System, Inc. | | | 46,724 | | | | 1,752,617 | |
Stericycle, Inc.* | | | 78,414 | | | | 4,389,616 | |
Terex Corp. | | | 55,851 | | | | 1,048,323 | |
Tetra Tech, Inc. | | | 46,406 | | | | 3,671,643 | |
Timken Co. | | | 57,851 | | | | 2,631,642 | |
Toro Co. | | | 90,934 | | | | 6,032,562 | |
Trex Co., Inc.* | | | 51,014 | | | | 6,635,391 | |
Trinity Industries, Inc. | | | 82,047 | | | | 1,746,781 | |
Univar Solutions, Inc.* | | | 119,735 | | | | 2,018,732 | |
Valmont Industries, Inc. | | | 18,456 | | | | 2,096,971 | |
Watsco, Inc. | | | 28,436 | | | | 5,053,077 | |
Werner Enterprises, Inc. | | | 50,167 | | | | 2,183,770 | |
Woodward, Inc. | | | 49,034 | | | | 3,802,587 | |
XPO Logistics, Inc.* | | | 78,464 | | | | 6,061,344 | |
| | | | | | | | |
| | | | | | | 217,350,537 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (15.4%) | |
ACI Worldwide, Inc.* | | | 99,124 | | | | 2,675,357 | |
Alliance Data Systems Corp. | | | 37,117 | | | | 1,674,719 | |
Arrow Electronics, Inc.* | | | 67,094 | | | | 4,608,687 | |
Avnet, Inc. | | | 85,650 | | | | 2,388,350 | |
Belden, Inc. | | | 33,290 | | | | 1,083,590 | |
Blackbaud, Inc. | | | 42,536 | | | | 2,427,955 | |
Cabot Microelectronics Corp. | | | 25,299 | | | | 3,530,222 | |
CACI International, Inc. Cl A* | | | 21,513 | | | | 4,665,739 | |
CDK Global, Inc. | | | 104,446 | | | | 4,326,153 | |
Ceridian HCM Hldg., Inc.* | | | 86,639 | | | | 6,867,874 | |
Ciena Corp.* | | | 131,764 | | | | 7,136,338 | |
Cirrus Logic, Inc.* | | | 51,001 | | | | 3,150,842 | |
Cognex Corp. | | | 147,655 | | | | 8,817,957 | |
Coherent, Inc.* | | | 20,487 | | | | 2,683,387 | |
CommVault Systems, Inc.* | | | 36,649 | | | | 1,418,316 | |
Cree, Inc.* | | | 92,480 | | | | 5,473,891 | |
Enphase Energy, Inc.* | | | 66,472 | | | | 3,162,073 | |
Fair Isaac Corp.* | | | 24,977 | | | | 10,441,385 | |
First Solar, Inc.* | | | 65,031 | | | | 3,219,035 | |
II-VI, Inc.* | | | 75,147 | | | | 3,548,441 | |
InterDigital, Inc. | | | 26,293 | | | | 1,488,973 | |
j2 Global, Inc.* | | | 38,518 | | | | 2,434,723 | |
Jabil, Inc. | | | 120,700 | | | | 3,872,056 | |
KBR, Inc. | | | 122,870 | | | | 2,770,719 | |
Littelfuse, Inc. | | | 20,900 | | | | 3,566,167 | |
LiveRamp Hldgs., Inc.* | | | 49,277 | | | | 2,092,794 | |
LogMeIn, Inc. | | | 42,164 | | | | 3,574,242 | |
Lumentum Hldgs., Inc.* | | | 64,756 | | | | 5,273,081 | |
Manhattan Associates, Inc.* | | | 54,682 | | | | 5,151,044 | |
MAXIMUS, Inc. | | | 53,416 | | | | 3,763,157 | |
MKS Instruments, Inc. | | | 46,338 | | | | 5,247,315 | |
Monolithic Power Systems, Inc. | | | 36,281 | | | | 8,598,597 | |
National Instruments Corp. | | | 102,086 | | | | 3,951,749 | |
NCR Corp.* | | | 110,810 | | | | 1,919,229 | |
The accompanying notes are an integral part of these portfolio schedules.
57
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | |
| INFORMATION TECHNOLOGY (CONTINUED) | |
NetScout Systems, Inc.* | | | 54,683 | | | $ | 1,397,697 | |
Paylocity Hldg. Corp.* | | | 31,241 | | | | 4,557,750 | |
Perspecta, Inc. | | | 122,746 | | | | 2,851,390 | |
PTC, Inc.* | | | 89,907 | | | | 6,993,866 | |
Qualys, Inc.* | | | 29,034 | | | | 3,020,117 | |
Sabre Corp. | | | 235,342 | | | | 1,896,857 | |
Science Applications International Corp. | | | 42,751 | | | | 3,320,898 | |
Semtech Corp.* | | | 56,133 | | | | 2,931,265 | |
Silicon Laboratories, Inc.* | | | 38,011 | | | | 3,811,363 | |
SolarEdge Technologies, Inc.* | | | 41,912 | | | | 5,816,547 | |
Synaptics, Inc.* | | | 29,251 | | | | 1,758,570 | |
SYNNEX Corp. | | | 34,810 | | | | 4,169,194 | |
Teradata Corp.* | | | 94,103 | | | | 1,957,342 | |
Teradyne, Inc. | | | 141,968 | | | | 11,997,716 | |
Trimble, Inc.* | | | 214,315 | | | | 9,256,265 | |
Universal Display Corp. | | | 36,626 | | | | 5,479,982 | |
ViaSat, Inc.* | | | 50,079 | | | | 1,921,531 | |
Vishay Intertechnology, Inc. | | | 114,859 | | | | 1,753,897 | |
WEX, Inc.* | | | 37,536 | | | | 6,193,815 | |
| | | | | | | | |
| | | | | | | 218,090,219 | |
| | | | | | | | |
| MATERIALS (5.7%) | |
Allegheny Technologies, Inc.* | | | 115,681 | | | | 1,178,789 | |
AptarGroup, Inc. | | | 55,387 | | | | 6,202,236 | |
Ashland Global Hldgs., Inc. | | | 52,459 | | | | 3,624,917 | |
Cabot Corp. | | | 48,378 | | | | 1,792,405 | |
Carpenter Technology Corp. | | | 42,457 | | | | 1,030,856 | |
Chemours Co. | | | 141,369 | | | | 2,170,014 | |
Commercial Metals Co. | | | 104,041 | | | | 2,122,436 | |
Compass Minerals International, Inc. | | | 29,584 | | | | 1,442,220 | |
Domtar Corp. | | | 47,904 | | | | 1,011,254 | |
Eagle Materials, Inc. | | | 36,120 | | | | 2,536,346 | |
Greif, Inc. Cl A | | | 22,982 | | | | 790,811 | |
Ingevity Corp.* | | | 35,200 | | | | 1,850,464 | |
Louisiana-Pacific Corp. | | | 95,718 | | | | 2,455,167 | |
Minerals Technologies, Inc. | | | 29,792 | | | | 1,398,139 | |
NewMarket Corp. | | | 6,224 | | | | 2,492,588 | |
O-I Glass, Inc. | | | 132,553 | | | | 1,190,326 | |
Olin Corp. | | | 138,147 | | | | 1,587,309 | |
PolyOne Corp. | | | 78,663 | | | | 2,063,331 | |
Reliance Steel & Aluminum Co. | | | 55,974 | | | | 5,313,612 | |
Royal Gold, Inc. | | | 55,829 | | | | 6,940,661 | |
RPM International, Inc. | | | 111,217 | | | | 8,347,948 | |
Scotts Miracle-Gro Co. | | | 33,915 | | | | 4,560,550 | |
Sensient Technologies Corp. | | | 36,756 | | | | 1,917,193 | |
Silgan Hldgs., Inc. | | | 67,196 | | | | 2,176,478 | |
Sonoco Products Co. | | | 86,822 | | | | 4,539,922 | |
Steel Dynamics, Inc. | | | 182,443 | | | | 4,759,938 | |
United States Steel Corp. | | | 189,261 | | | | 1,366,464 | |
Valvoline, Inc. | | | 163,422 | | | | 3,158,947 | |
Worthington Industries, Inc. | | | 32,650 | | | | 1,217,845 | |
| | | | | | | | |
| | | | | | | 81,239,166 | |
| | | | | | | | |
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | |
| REAL ESTATE (9.6%) | |
American Campus Communities, Inc. | | | 118,464 | | | $ | 4,141,501 | |
Brixmor Property Group, Inc. | | | 261,300 | | | | 3,349,866 | |
Camden Property Trust | | | 84,879 | | | | 7,742,662 | |
CoreCivic, Inc. | | | 105,377 | | | | 986,329 | |
CoreSite Realty Corp. | | | 35,024 | | | | 4,240,005 | |
Corporate Office Properties Trust | | | 98,015 | | | | 2,483,700 | |
Cousins Properties, Inc. | | | 131,153 | | | | 3,912,294 | |
CyrusOne, Inc. | | | 100,175 | | | | 7,287,731 | |
Douglas Emmett, Inc. | | | 145,830 | | | | 4,471,148 | |
EastGroup Properties, Inc. | | | 33,991 | | | | 4,031,672 | |
EPR Properties | | | 64,871 | | | | 2,149,176 | |
First Industrial Realty Trust, Inc. | | | 112,136 | | | | 4,310,508 | |
GEO Group, Inc. | | | 107,814 | | | | 1,275,440 | |
Healthcare Realty Trust, Inc. | | | 117,136 | | | | 3,430,913 | |
Highwoods Properties, Inc. | | | 91,551 | | | | 3,417,599 | |
Hudson Pacific Properties, Inc. | | | 136,316 | | | | 3,429,711 | |
JBG SMITH Properties | | | 102,533 | | | | 3,031,901 | |
Jones Lang LaSalle, Inc. | | | 44,184 | | | | 4,571,277 | |
Kilroy Realty Corp. | | | 94,007 | | | | 5,518,211 | |
Lamar Advertising Co. Cl A | | | 74,237 | | | | 4,956,062 | |
Life Storage, Inc. | | | 41,038 | | | | 3,896,558 | |
Macerich Co. | | | 100,882 | | | | 904,912 | |
Mack-Cali Realty Corp. | | | 78,397 | | | | 1,198,690 | |
Medical Properties Trust, Inc. | | | 458,436 | | | | 8,618,597 | |
National Retail Properties, Inc. | | | 148,590 | | | | 5,271,973 | |
Omega Healthcare Investors, Inc. | | | 195,896 | | | | 5,823,988 | |
Park Hotels & Resorts, Inc. | | | 205,529 | | | | 2,032,682 | |
Pebblebrook Hotel Trust | | | 114,434 | | | | 1,563,168 | |
Physicians Realty Trust | | | 176,121 | | | | 3,085,640 | |
PotlatchDeltic Corp. | | | 56,407 | | | | 2,145,158 | |
PS Business Parks, Inc. | | | 17,313 | | | | 2,292,241 | |
Rayonier, Inc. | | | 116,944 | | | | 2,899,042 | |
Sabra Health Care REIT, Inc. | | | 179,172 | | | | 2,585,452 | |
Service Properties Trust | | | 142,488 | | | | 1,010,240 | |
Spirit Realty Capital, Inc. | | | 89,333 | | | | 3,114,148 | |
STORE Capital Corp. | | | 191,112 | | | | 4,550,377 | |
Taubman Centers, Inc. | | | 53,476 | | | | 2,019,254 | |
Urban Edge Properties | | | 98,148 | | | | 1,165,017 | |
Weingarten Realty Investors | | | 105,898 | | | | 2,004,649 | |
| | | | | | | | |
| | | | | | | 134,919,492 | |
| | | | | | | | |
| UTILITIES (4.0%) | | | | | | |
ALLETE, Inc. | | | 44,895 | | | | 2,451,716 | |
Black Hills Corp. | | | 54,209 | | | | 3,071,482 | |
Essential Utilities, Inc. | | | 189,707 | | | | 8,013,224 | |
Hawaiian Electric Industries, Inc. | | | 94,849 | | | | 3,420,255 | |
IDACORP, Inc. | | | 43,944 | | | | 3,839,387 | |
MDU Resources Group, Inc. | | | 172,275 | | | | 3,821,060 | |
National Fuel Gas Co. | | | 78,924 | | | | 3,309,283 | |
New Jersey Resources Corp. | | | 81,603 | | | | 2,664,338 | |
NorthWestern Corp. | | | 43,881 | | | | 2,392,392 | |
OGE Energy Corp. | | | 171,881 | | | | 5,218,307 | |
ONE Gas, Inc. | | | 46,043 | | | | 3,547,613 | |
The accompanying notes are an integral part of these portfolio schedules.
58
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| INDEXED ASSETS (CONTINUED): | | | | | | |
| COMMON STOCKS (CONTINUED): | |
| UTILITIES (CONTINUED) | | | | | | |
PNM Resources, Inc. | | | 68,848 | | | $ | 2,646,517 | |
Southwest Gas Hldgs., Inc. | | | 47,388 | | | | 3,272,141 | |
Spire, Inc. | | | 44,230 | | | | 2,906,353 | |
UGI Corp. | | | 179,517 | | | | 5,708,641 | |
| | | | | | | | |
| | | | | | | 56,282,709 | |
| | | | | | | | |
TOTAL INDEXED ASSETS-COMMON STOCKS | |
(Cost: $1,276,610,346) 95.9% | | | | | | | 1,353,784,094 | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (3.8%) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.09 | | | | 07/09/20 | | | $ | 15,000,000 | | | $ | 14,999,686 | |
U.S. Treasury Bill (1) | | | A-1+ | | | | 0.53 | | | | 07/21/20 | | | | 29,100,000 | | | | 29,098,223 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.11 | | | | 07/02/20 | | | | 9,800,000 | | | | 9,799,983 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 53,897,892 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $53,897,892) 3.8% | | | | | | | | | | | | | | | | | | | 53,897,892 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.4%) | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | | 0.01 | | | | 07/01/20 | | | $ | 4,501,850 | | | $ | 4,501,850 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $4,501,850) 0.4% | | | | 4,501,850 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,335,010,088) 100.1% | | | | 1,412,183,836 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.1% | | | | (730,435 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,411,453,401 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
59
MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | | | | | | | | | | |
| FINANCIALS (98.5%) | | | | | | | | | | | | | | | |
iShares Core MSCI EAFE ETF | | | | 2,033,040 | | | $ | 116,208,566 | |
iShares Core MSCI Emerging Markets ETF | | | | 731,880 | | | | 34,837,488 | |
iShares Core MSCI Europe ETF | | | | 387,100 | | | | 16,552,396 | |
iShares Core MSCI Pacific ETF | | | | 174,227 | | | | 9,181,763 | |
iShares MSCI EAFE ETF | | | | 3,955,923 | | | | 240,797,033 | |
iShares MSCI EAFE Growth ETF | | | | 698,656 | | | | 58,065,300 | |
iShares MSCI EAFE Value ETF | | | | 1,447,364 | | | | 57,851,139 | |
Vanguard FTSE Developed Markets ETF | | | | 2,121,236 | | | | 82,282,744 | |
Vanguard FTSE Europe ETF | | | | 417,953 | | | | 21,035,575 | |
Vanguard FTSE Pacific ETF | | | | 532,373 | | | | 33,885,541 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 670,697,545 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | | |
(Cost: $679,956,721) 98.5% | | | | | | | | 670,697,545 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
U.S. GOVERNMENT (1.0%) | | | | | | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.10 | | | | 07/14/20 | | | $ | 3,700,000 | | | $ | 3,699,866 | |
U.S. Treasury Bill | | | A-1+ | | | | 0.12 | | | | 07/21/20 | | | | 2,700,000 | | | | 2,699,822 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 6,399,688 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $6,399,688) 1.0% | | | | 6,399,688 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.5%) | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | 0.01 | | | | 07/01/20 | | | $ | 3,467,301 | | | $ | 3,467,301 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $3,467,301) 0.5% | | | | 3,467,301 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $689,823,710) 100.0% | | | | 680,564,534 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.0% (2) | | | | 325,269 | |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 680,889,803 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
60
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| COMMUNICATION SERVICES (3.0%) | | | | | | |
AT&T, Inc. | | | 43,307 | | | $ | 1,309,171 | |
Comcast Corp. Cl A | | | 59,339 | | | | 2,313,034 | |
ViacomCBS, Inc. Cl B | | | 30,856 | | | | 719,562 | |
Walt Disney Co. | | | 9,155 | | | | 1,020,874 | |
| | | | | | | | |
| | | | | | | 5,362,641 | |
| | | | | | | | |
| CONSUMER DISCRETIONARY (5.5%) | | | | | | |
Best Buy Co., Inc. | | | 20,728 | | | | 1,808,933 | |
eBay, Inc. | | | 9,878 | | | | 518,101 | |
Home Depot, Inc. | | | 11,187 | | | | 2,802,455 | |
PVH Corp. | | | 8,485 | | | | 407,704 | |
Ross Stores, Inc. | | | 8,542 | | | | 728,120 | |
Tapestry, Inc. | | | 15,535 | | | | 206,305 | |
Target Corp. | | | 15,119 | | | | 1,813,222 | |
TJX Cos., Inc. | | | 16,668 | | | | 842,734 | |
Whirlpool Corp. | | | 4,434 | | | | 574,336 | |
| | | | | | | | |
| | | | | | | 9,701,910 | |
| | | | | | | | |
| CONSUMER STAPLES (4.0%) | | | | | | |
Constellation Brands, Inc. Cl A | | | 6,626 | | | | 1,159,219 | |
Keurig Dr Pepper, Inc. | | | 7,046 | | | | 200,107 | |
PepsiCo, Inc. | | | 12,309 | | | | 1,627,988 | |
Procter & Gamble Co. | | | 20,702 | | | | 2,475,338 | |
Walmart, Inc. | | | 12,971 | | | | 1,553,666 | |
| | | | | | | | |
| | | | | | | 7,016,318 | |
| | | | | | | | |
| ENERGY (2.0%) | | | | | | |
Cabot Oil & Gas Corp. | | | 21,115 | | | | 362,756 | |
Chevron Corp. | | | 10,448 | | | | 932,275 | |
ConocoPhillips | | | 11,903 | | | | 500,164 | |
Noble Energy, Inc. | | | 52,868 | | | | 473,697 | |
Valero Energy Corp. | | | 11,652 | | | | 685,371 | |
Williams Cos., Inc. | | | 26,052 | | | | 495,509 | |
| | | | | | | | |
| | | | | | | 3,449,772 | |
| | | | | | | | |
| FINANCIALS (5.0%) | | | | | | |
Bank of America Corp. | | | 67,000 | | | | 1,591,250 | |
Citigroup, Inc. | | | 25,160 | | | | 1,285,676 | |
Intercontinental Exchange, Inc. | | | 16,186 | | | | 1,482,637 | |
JPMorgan Chase & Co. | | | 22,378 | | | | 2,104,875 | |
Morgan Stanley | | | 36,036 | | | | 1,740,539 | |
Synchrony Financial | | | 28,624 | | | | 634,308 | |
| | | | | | | | |
| | | | | | | 8,839,285 | |
| | | | | | | | |
| HEALTH CARE (8.9%) | | | | | | |
AbbVie, Inc. | | | 23,498 | | | | 2,307,034 | |
Becton Dickinson & Co. | | | 2,935 | | | | 702,257 | |
Bristol-Myers Squibb Co. | | | 17,657 | | | | 1,038,231 | |
Bristol-Myers Squibb Co. Right Issue 31/03/21 * | | | 7,757 | | | | 27,770 | |
Cigna Corp. | | | 5,689 | | | | 1,067,541 | |
CVS Health Corp. | | | 12,544 | | | | 814,984 | |
Eli Lilly & Co. | | | 9,170 | | | | 1,505,531 | |
Gilead Sciences, Inc. | | | 20,120 | | | | 1,548,033 | |
HCA Healthcare, Inc. | | | 5,450 | | | | 528,977 | |
Humana, Inc. | | | 3,963 | | | | 1,536,653 | |
Merck & Co., Inc. | | | 18,203 | | | | 1,407,638 | |
Quest Diagnostics, Inc. | | | 4,701 | | | | 535,726 | |
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS (CONTINUED): | | | | | | |
| HEALTH CARE (CONTINUED) | | | | | | |
UnitedHealth Group, Inc. | | | 9,322 | | | $ | 2,749,524 | |
| | | | | | | | |
| | | | | | | 15,769,899 | |
| | | | | | | | |
| INDUSTRIALS (3.2%) | | | | | | |
Eaton Corp. PLC | | | 11,087 | | | | 969,891 | |
Honeywell International, Inc. | | | 8,457 | | | | 1,222,798 | |
Lockheed Martin Corp. | | | 4,005 | | | | 1,461,504 | |
Northrop Grumman Corp. | | | 3,532 | | | | 1,085,878 | |
Trane Technologies PLC | | | 10,951 | | | | 974,420 | |
| | | | | | | | |
| | | | | | | 5,714,491 | |
| | | | | | | | |
| INFORMATION TECHNOLOGY (17.5%) | | | | | | |
Apple, Inc. | | | 22,211 | | | | 8,102,573 | |
Broadcom, Inc. | | | 5,978 | | | | 1,886,717 | |
Cisco Systems, Inc. | | | 29,153 | | | | 1,359,696 | |
DXC Technology Co. | | | 12,750 | | | | 210,375 | |
Fidelity National Information Svcs., Inc. | | | 9,522 | | | | 1,276,805 | |
HP, Inc. | | | 61,549 | | | | 1,072,799 | |
Lam Research Corp. | | | 5,290 | | | | 1,711,103 | |
Micron Technology, Inc. * | | | 15,169 | | | | 781,507 | |
Microsoft Corp. | | | 40,210 | | | | 8,183,137 | |
Motorola Solutions, Inc. | | | 6,046 | | | | 847,226 | |
NVIDIA Corp. | | | 2,841 | | | | 1,079,324 | |
QUALCOMM, Inc. | | | 11,564 | | | | 1,054,753 | |
Visa, Inc. Cl A | | | 13,308 | | | | 2,570,706 | |
VMware, Inc. Cl A * | | | 2,348 | | | | 363,611 | |
Western Digital Corp. | | | 6,799 | | | | 300,176 | |
| | | | | | | | |
| | | | | | | 30,800,508 | |
| | | | | | | | |
| MATERIALS (1.9%) | | | | | | |
Dow, Inc. | | | 10,518 | | | | 428,714 | |
Eastman Chemical Co. | | | 5,975 | | | | 416,099 | |
Freeport-McMoRan, Inc. | | | 33,336 | | | | 385,697 | |
Newmont Corp. | | | 28,386 | | | | 1,752,552 | |
WestRock Co. | | | 15,412 | | | | 435,543 | |
| | | | | | | | |
| | | | | | | 3,418,605 | |
| | | | | | | | |
| REAL ESTATE (1.9%) | | | | | | |
American Tower Corp. | | | 6,007 | | | | 1,553,050 | |
Equinix, Inc. | | | 1,997 | | | | 1,402,493 | |
Ventas, Inc. | | | 8,777 | | | | 321,413 | |
| | | | | | | | |
| | | | | | | 3,276,956 | |
| | | | | | | | |
| UTILITIES (1.9%) | | | | | | |
NextEra Energy, Inc. | | | 7,334 | | | | 1,761,407 | |
NRG Energy, Inc. | | | 27,361 | | | | 890,874 | |
Sempra Energy | | | 5,501 | | | | 644,882 | |
| | | | | | | | |
| | | | | | | 3,297,163 | |
| | | | | | | | |
TOTAL COMMON STOCKS | | | | | | | | |
(Cost: $73,999,856) 54.8% | | | | | | | 96,647,548 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
61
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (19.3%) | | | | | | | | | | | | | | | |
U.S. Treasury Note | | | AA+ | | | | 0.63 | | | | 05/15/30 | | | $ | 1,375,000 | | | $ | 1,370,811 | |
U.S. Treasury Note | | | AA+ | | | | 1.25 | | | | 08/31/24 | | | | 650,000 | | | | 677,295 | |
U.S. Treasury Note | | | AA+ | | | | 1.50 | | | | 02/28/23 | | | | 350,000 | | | | 362,332 | |
U.S. Treasury Note | | | AA+ | | | | 1.50 | | | | 09/30/24 | | | | 500,000 | | | | 526,641 | |
U.S. Treasury Note | | | AA+ | | | | 1.50 | | | | 02/15/30 | | | | 500,000 | | | | 540,449 | |
U.S. Treasury Note | | | AA+ | | | | 1.63 | | | | 02/15/26 | | | | 750,000 | | | | 802,383 | |
U.S. Treasury Note | | | AA+ | | | | 1.63 | | | | 08/15/29 | | | | 1,750,000 | | | | 1,909,141 | |
U.S. Treasury Note | | | AA+ | | | | 2.00 | | | | 02/15/25 | | | | 500,000 | | | | 539,863 | |
U.S. Treasury Note | | | AA+ | | | | 2.00 | | | | 11/15/26 | | | | 1,000,000 | | | | 1,098,086 | |
U.S. Treasury Note | | | AA+ | | | | 2.13 | | | | 05/15/25 | | | | 1,000,000 | | | | 1,088,828 | |
U.S. Treasury Note | | | AA+ | | | | 2.25 | | | | 02/15/27 | | | | 2,000,000 | | | | 2,234,141 | |
U.S. Treasury Note | | | AA+ | | | | 2.25 | | | | 08/15/27 | | | | 2,600,000 | | | | 2,920,328 | |
U.S. Treasury Note | | | AA+ | | | | 2.25 | | | | 11/15/27 | | | | 2,150,000 | | | | 2,421,353 | |
U.S. Treasury Note | | | AA+ | | | | 2.38 | | | | 05/15/27 | | | | 1,850,000 | | | | 2,087,971 | |
U.S. Treasury Note | | | AA+ | | | | 2.63 | | | | 02/15/29 | | | | 1,500,000 | | | | 1,757,578 | |
U.S. Treasury Note | | | AA+ | | | | 2.88 | | | | 05/15/28 | | | | 7,250,000 | | | | 8,555,566 | |
U.S. Treasury Strip | | | AA+ | | | | 0.00 | | | | 08/15/29 | | | | 5,500,000 | | | | 5,134,553 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 34,027,319 | |
| | | | | | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (12.0%) | | | | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (12.0%) | | | | | | | | | | | | | | | |
FHLMC | | | AA+ | | | | 2.50 | | | | 09/01/27 | | | | 141,429 | | | | 148,421 | |
FHLMC | | | AA+ | | | | 2.50 | | | | 10/01/34 | | | | 335,025 | | | | 350,910 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 06/01/27 | | | | 78,845 | | | | 82,981 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 08/01/27 | | | | 67,222 | | | | 70,668 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 02/01/32 | | | | 218,666 | | | | 232,275 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 10/15/37 | | | | 112,430 | | | | 115,491 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 11/01/39 | | | | 276,212 | | | | 291,029 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 11/01/42 | | | | 146,288 | | | | 158,174 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 04/01/43 | | | | 158,579 | | | | 170,566 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 11/01/49 | | | | 379,860 | | | | 402,155 | |
FHLMC | | | AA+ | | | | 3.00 | | | | 11/01/49 | | | | 485,821 | | | | 511,865 | |
FHLMC | | | AA+ | | | | 3.50 | | | | 02/01/32 | | | | 98,390 | | | | 105,247 | |
FHLMC | | | AA+ | | | | 3.50 | | | | 01/01/43 | | | | 146,606 | | | | 158,289 | |
FHLMC | | | AA+ | | | | 3.50 | | | | 06/01/45 | | | | 244,693 | | | | 266,039 | |
FHLMC | | | AA+ | | | | 3.50 | | | | 07/01/45 | | | | 267,593 | | | | 293,703 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 02/01/25 | | | | 12,735 | | | | 13,476 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 11/01/33 | | | | 136,361 | | | | 144,344 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 01/01/38 | | | | 153,392 | | | | 168,357 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 06/15/38 | | | | 300,000 | | | | 313,546 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 03/01/41 | | | | 81,906 | | | | 89,737 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 07/01/41 | | | | 112,856 | | | | 125,389 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 11/01/42 | | | | 77,945 | | | | 85,337 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 01/01/43 | | | | 144,013 | | | | 158,227 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 01/01/44 | | | | 148,717 | | | | 163,322 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 10/01/44 | | | | 122,671 | | | | 134,433 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 06/01/45 | | | | 226,237 | | | | 247,210 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 05/01/47 | | | | 201,301 | | | | 214,437 | |
FHLMC | | | AA+ | | | | 4.00 | | | | 09/01/48 | | | | 303,936 | | | | 322,210 | |
FHLMC | | | AA+ | | | | 4.50 | | | | 08/01/34 | | | | 17,223 | | | | 18,813 | |
FHLMC | | | AA+ | | | | 4.50 | | | | 08/15/35 | | | | 11,667 | | | | 12,705 | |
FHLMC | | | AA+ | | | | 4.50 | | | | 02/01/44 | | | | 113,396 | | | | 125,536 | |
FHLMC | | | AA+ | | | | 4.50 | | | | 05/01/48 | | | | 266,790 | | | | 287,068 | |
FHLMC | | | AA+ | | | | 5.00 | | | | 02/01/26 | | | | 8,562 | | | | 9,343 | |
FHLMC | | | AA+ | | | | 5.00 | | | | 10/01/40 | | | | 117,188 | | | | 134,672 | |
FHLMC | | | AA+ | | | | 5.50 | | | | 07/01/32 | | | | 20,141 | | | | 22,379 | |
FHLMC | | | AA+ | | | | 5.50 | | | | 05/01/33 | | | | 16,665 | | | | 18,350 | |
The accompanying notes are an integral part of these portfolio schedules.
62
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FHLMC | | AA+ | | 5.50 | | 06/01/37 | | $ | 74,603 | | | $ | 85,569 | |
FHLMC | | AA+ | | 6.00 | | 03/15/32 | | | 20,376 | | | | 23,649 | |
FHLMC ARM | | AA+ | | 3.56 | | 05/01/37 | | | 11,156 | | | | 11,242 | |
FHLMC ARM | | AA+ | | 3.73 | | 03/01/37 | | | 3,455 | | | | 3,494 | |
FHLMC ARM | | AA+ | | 3.76 | | 02/01/36 | | | 25,373 | | | | 25,632 | |
FHLMC ARM | | AA+ | | 3.86 | | 04/01/37 | | | 6,473 | | | | 6,535 | |
FHLMC Strip | | AA+ | | 3.00 | | 01/15/43 | | | 183,489 | | | | 198,892 | |
FNMA | | AA+ | | 2.50 | | 06/01/35 | | | 497,642 | | | | 521,237 | |
FNMA | | AA+ | | 2.50 | | 03/01/50 | | | 298,344 | | | | 311,877 | |
FNMA | | AA+ | | 2.68 | | 12/01/26 | | | 300,000 | | | | 324,504 | |
FNMA | | AA+ | | 2.92 | | 07/01/27 | | | 284,043 | | | | 309,509 | |
FNMA | | AA+ | | 3.00 | | 05/25/31 | | | 336,875 | | | | 359,072 | |
FNMA | | AA+ | | 3.00 | | 06/01/33 | | | 280,971 | | | | 298,380 | |
FNMA | | AA+ | | 3.00 | | 09/01/33 | | | 165,098 | | | | 175,939 | |
FNMA | | AA+ | | 3.00 | | 12/01/42 | | | 208,392 | | | | 217,270 | |
FNMA | | AA+ | | 3.00 | | 01/01/43 | | | 475,347 | | | | 509,264 | |
FNMA | | AA+ | | 3.00 | | 02/01/43 | | | 129,094 | | | | 137,906 | |
FNMA | | AA+ | | 3.00 | | 03/01/43 | | | 238,354 | | | | 259,152 | |
FNMA | | AA+ | | 3.00 | | 04/01/43 | | | 199,505 | | | | 207,993 | |
FNMA | | AA+ | | 3.00 | | 09/01/43 | | | 248,717 | | | | 268,831 | |
FNMA | | AA+ | | 3.00 | | 03/01/50 | | | 150,000 | | | | 159,863 | |
FNMA | | AA+ | | 3.50 | | 03/25/28 | | | 204,488 | | | | 219,583 | |
FNMA | | AA+ | | 3.50 | | 08/01/38 | | | 166,767 | | | | 179,890 | |
FNMA | | AA+ | | 3.50 | | 10/01/41 | | | 99,098 | | | | 106,467 | |
FNMA | | AA+ | | 3.50 | | 11/01/41 | | | 175,107 | | | | 189,514 | |
FNMA | | AA+ | | 3.50 | | 12/01/41 | | | 141,910 | | | | 151,466 | |
FNMA | | AA+ | | 3.50 | | 04/01/42 | | | 290,144 | | | | 314,053 | |
FNMA | | AA+ | | 3.50 | | 04/01/42 | | | 190,213 | | | | 204,536 | |
FNMA | | AA+ | | 3.50 | | 08/01/42 | | | 144,906 | | | | 156,846 | |
FNMA | | AA+ | | 3.50 | | 11/25/42 | | | 145,665 | | | | 147,118 | |
FNMA | | AA+ | | 3.50 | | 08/01/43 | | | 250,516 | | | | 270,528 | |
FNMA | | AA+ | | 3.50 | | 08/01/43 | | | 309,647 | | | | 330,344 | |
FNMA | | AA+ | | 3.50 | | 01/01/44 | | | 56,407 | | | | 58,728 | |
FNMA | | AA+ | | 3.50 | | 08/25/44 | | | 50,185 | | | | 50,902 | |
FNMA | | AA+ | | 3.50 | | 04/01/45 | | | 217,278 | | | | 236,154 | |
FNMA | | AA+ | | 3.50 | | 09/01/47 | | | 135,511 | | | | 147,222 | |
FNMA | | AA+ | | 3.50 | | 08/01/48 | | | 197,600 | | | | 208,098 | |
FNMA | | AA+ | | 3.50 | | 08/01/49 | | | 334,601 | | | | 351,789 | |
FNMA | | AA+ | | 3.53 | | 01/01/26 | | | 200,000 | | | | 223,920 | |
FNMA | | AA+ | | 4.00 | | 07/25/26 | | | 262,550 | | | | 275,846 | |
FNMA | | AA+ | | 4.00 | | 01/01/31 | | | 96,712 | | | | 104,115 | |
FNMA | | AA+ | | 4.00 | | 07/01/40 | | | 166,751 | | | | 182,876 | |
FNMA | | AA+ | | 4.00 | | 11/01/40 | | | 92,923 | | | | 101,974 | |
FNMA | | AA+ | | 4.00 | | 05/01/41 | | | 70,241 | | | | 75,831 | |
FNMA | | AA+ | | 4.00 | | 11/01/45 | | | 184,267 | | | | 203,281 | |
FNMA | | AA+ | | 4.00 | | 02/01/47 | | | 165,201 | | | | 183,186 | |
FNMA | | AA+ | | 4.00 | | 05/01/48 | | | 343,078 | | | | 363,828 | |
FNMA | | AA+ | | 4.00 | | 03/01/49 | | | 400,702 | | | | 424,758 | |
FNMA | | AA+ | | 4.00 | | 07/01/56 | | | 513,167 | | | | 566,054 | |
FNMA | | AA+ | | 4.50 | | 05/01/30 | | | 30,760 | | | | 33,449 | |
FNMA | | AA+ | | 4.50 | | 04/01/31 | | | 41,052 | | | | 44,807 | |
FNMA | | AA+ | | 4.50 | | 08/01/33 | | | 19,635 | | | | 21,449 | |
FNMA | | AA+ | | 4.50 | | 09/01/33 | | | 35,958 | | | | 39,269 | |
FNMA | | AA+ | | 4.50 | | 06/01/34 | | | 42,031 | | | | 45,656 | |
FNMA | | AA+ | | 4.50 | | 08/01/35 | | | 25,426 | | | | 27,775 | |
FNMA | | AA+ | | 4.50 | | 12/01/35 | | | 21,738 | | | | 23,838 | |
The accompanying notes are an integral part of these portfolio schedules.
63
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FNMA | | AA+ | | 4.50 | | 05/01/39 | | $ | 59,215 | | | $ | 66,020 | |
FNMA | | AA+ | | 4.50 | | 05/01/39 | | | 39,574 | | | | 43,996 | |
FNMA | | AA+ | | 4.50 | | 05/01/40 | | | 79,565 | | | | 86,944 | |
FNMA | | AA+ | | 4.50 | | 10/01/40 | | | 336,813 | | | | 374,800 | |
FNMA | | AA+ | | 4.50 | | 11/01/47 | | | 88,037 | | | | 96,679 | |
FNMA | | AA+ | | 4.50 | | 11/01/47 | | | 149,340 | | | | 161,053 | |
FNMA | | AA+ | | 5.00 | | 06/01/33 | | | 36,616 | | | | 41,837 | |
FNMA | | AA+ | | 5.00 | | 10/01/33 | | | 42,413 | | | | 48,669 | |
FNMA | | AA+ | | 5.00 | | 11/01/33 | | | 120,373 | | | | 138,075 | |
FNMA | | AA+ | | 5.00 | | 11/01/33 | | | 24,870 | | | | 28,525 | |
FNMA | | AA+ | | 5.00 | | 03/01/34 | | | 12,583 | | | | 14,433 | |
FNMA | | AA+ | | 5.00 | | 04/01/34 | | | 19,947 | | | | 22,731 | |
FNMA | | AA+ | | 5.00 | | 09/01/35 | | | 14,902 | | | | 17,080 | |
FNMA | | AA+ | | 5.00 | | 11/25/35 | | | 50,205 | | | | 58,042 | |
FNMA | | AA+ | | 5.00 | | 08/01/37 | | | 102,757 | | | | 117,860 | |
FNMA | | AA+ | | 5.00 | | 05/01/39 | | | 50,045 | | | | 55,598 | |
FNMA | | AA+ | | 5.00 | | 06/01/40 | | | 23,554 | | | | 27,050 | |
FNMA | | AA+ | | 5.50 | | 03/01/34 | | | 4,853 | | | | 5,335 | |
FNMA | | AA+ | | 5.50 | | 05/01/34 | | | 69,672 | | | | 79,893 | |
FNMA | | AA+ | | 5.50 | | 07/01/34 | | | 28,800 | | | | 32,248 | |
FNMA | | AA+ | | 5.50 | | 09/01/34 | | | 11,851 | | | | 13,353 | |
FNMA | | AA+ | | 5.50 | | 09/01/34 | | | 36,098 | | | | 41,098 | |
FNMA | | AA+ | | 5.50 | | 10/01/34 | | | 17,120 | | | | 19,628 | |
FNMA | | AA+ | | 5.50 | | 02/01/35 | | | 23,637 | | | | 27,088 | |
FNMA | | AA+ | | 5.50 | | 02/01/35 | | | 23,617 | | | | 27,092 | |
FNMA | | AA+ | | 5.50 | | 08/01/35 | | | 9,342 | | | | 10,498 | |
FNMA | | AA+ | | 5.50 | | 08/01/37 | | | 4,856 | | | | 5,561 | |
FNMA | | AA+ | | 5.50 | | 11/01/38 | | | 2,411 | | | | 2,644 | |
FNMA | | AA+ | | 5.50 | | 06/01/48 | | | 8,032 | | | | 9,254 | |
FNMA | | AA+ | | 6.00 | | 05/01/23 | | | 5,152 | | | | 5,722 | |
FNMA | | AA+ | | 6.00 | | 04/01/32 | | | 981 | | | | 1,090 | |
FNMA | | AA+ | | 6.00 | | 05/01/32 | | | 7,666 | | | | 8,899 | |
FNMA | | AA+ | | 6.00 | | 04/01/33 | | | 43,615 | | | | 48,856 | |
FNMA | | AA+ | | 6.00 | | 05/01/33 | | | 19,647 | | | | 21,857 | |
FNMA | | AA+ | | 6.00 | | 06/01/34 | | | 13,153 | | | | 14,941 | |
FNMA | | AA+ | | 6.00 | | 09/01/34 | | | 8,963 | | | | 10,069 | |
FNMA | | AA+ | | 6.00 | | 10/01/34 | | | 16,899 | | | | 18,826 | |
FNMA | | AA+ | | 6.00 | | 12/01/36 | | | 22,399 | | | | 26,074 | |
FNMA | | AA+ | | 6.00 | | 01/01/37 | | | 19,976 | | | | 23,257 | |
FNMA | | AA+ | | 6.00 | | 04/01/37 | | | 3,239 | | | | 3,681 | |
FNMA | | AA+ | | 6.00 | | 05/01/37 | | | 2,991 | | | | 3,347 | |
FNMA | | AA+ | | 6.00 | | 06/01/37 | | | 683 | | | | 705 | |
FNMA | | AA+ | | 6.00 | | 10/25/44 | | | 64,032 | | | | 76,246 | |
FNMA | | AA+ | | 6.00 | | 02/25/47 | | | 58,570 | | | | 70,004 | |
FNMA | | AA+ | | 6.00 | | 12/25/49 | | | 23,766 | | | | 27,527 | |
FNMA | | AA+ | | 6.50 | | 05/01/32 | | | 20,962 | | | | 23,854 | |
FNMA | | AA+ | | 6.50 | | 05/01/32 | | | 3,929 | | | | 4,370 | |
FNMA | | AA+ | | 6.50 | | 07/01/34 | | | 10,793 | | | | 12,470 | |
FNMA | | AA+ | | 6.50 | | 05/01/37 | | | 18,379 | | | | 19,682 | |
FNMA | | AA+ | | 6.50 | | 09/01/37 | | | 3,431 | | | | 3,816 | |
FNMA | | AA+ | | 7.00 | | 04/01/32 | | | 2,737 | | | | 3,131 | |
FNMA | | AA+ | | 7.50 | | 06/01/31 | | | 3,252 | | | | 3,839 | |
FNMA | | AA+ | | 7.50 | | 02/01/32 | | | 3,295 | | | | 3,911 | |
FNMA | | AA+ | | 7.50 | | 06/01/32 | | | 2,072 | | | | 2,547 | |
FNMA | | AA+ | | 8.00 | | 04/01/32 | | | 1,355 | | | | 1,441 | |
FNMA Strip | | AA+ | | 3.00 | | 08/25/42 | | | 141,817 | | | | 149,964 | |
The accompanying notes are an integral part of these portfolio schedules.
64
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FRESB Multifamily Mortgage | | AA+ | | 2.37 | | 10/25/26 | | $ | 93,783 | | | $ | 96,593 | |
FRESB Multifamily Mortgage | | AA+ | | 3.16 | | 11/25/27 | | | 154,277 | | | | 165,393 | |
FRESB Multifamily Mortgage | | AA+ | | 3.30 | | 12/25/27 | | | 94,036 | | | | 101,202 | |
GNMA (3) | | AA+ | | 3.00 | | 07/15/46 | | | 255,906 | | | | 272,451 | |
GNMA (3) | | AA+ | | 3.50 | | 05/20/31 | | | 86,845 | | | | 94,129 | |
GNMA (3) | | AA+ | | 4.00 | | 08/15/41 | | | 124,558 | | | | 136,609 | |
GNMA (3) | | AA+ | | 4.00 | | 01/15/42 | | | 168,824 | | | | 183,485 | |
GNMA (3) | | AA+ | | 4.00 | | 08/20/42 | | | 110,806 | | | | 120,018 | |
GNMA (3) | | AA+ | | 4.50 | | 04/20/31 | | | 64,796 | | | | 69,941 | |
GNMA (3) | | AA+ | | 4.50 | | 10/15/40 | | | 103,383 | | | | 118,290 | |
GNMA (3) | | AA+ | | 4.50 | | 10/20/43 | | | 212,782 | | | | 231,691 | |
GNMA (3) | | AA+ | | 5.00 | | 04/15/39 | | | 83,394 | | | | 96,329 | |
GNMA (3) | | AA+ | | 5.00 | | 06/20/39 | | | 91,628 | | | | 104,310 | |
GNMA (3) | | AA+ | | 5.00 | | 11/15/39 | | | 45,513 | | | | 52,015 | |
GNMA (3) | | AA+ | | 6.50 | | 04/15/31 | | | 1,646 | | | | 1,812 | |
GNMA (3) | | AA+ | | 6.50 | | 10/15/31 | | | 1,756 | | | | 2,092 | |
GNMA (3) | | AA+ | | 6.50 | | 12/15/31 | | | 1,204 | | | | 1,351 | |
GNMA (3) | | AA+ | | 6.50 | | 05/15/32 | | | 4,137 | | | | 4,553 | |
GNMA (3) | | AA+ | | 7.00 | | 05/15/31 | | | 1,770 | | | | 2,113 | |
GNMA (3) | | AA+ | | 7.00 | | 05/15/32 | | | 604 | | | | 624 | |
Vendee Mortgage Trust (3) | | AA+ | | 5.25 | | 01/15/32 | | | 51,475 | | | | 53,814 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 21,019,689 | |
| | | | | | | | | | | | | | |
| CORPORATE DEBT (10.1%) | | | | | | | | | | | | |
| COMMUNICATION SERVICES (0.5%) | | | | | | | | | | | | |
AT&T, Inc. | | BBB | | 3.00 | | 06/30/22 | | | 350,000 | | | | 365,522 | |
Omnicom Group, Inc. | | BBB+ | | 3.63 | | 05/01/22 | | | 100,000 | | | | 105,466 | |
ViacomCBS, Inc. | | BBB | | 3.25 | | 03/15/23 | | | 350,000 | | | | 357,579 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 828,567 | |
| | | | | | | | | | | | | | |
| CONSUMER DISCRETIONARY (2.7%) | | | | | | | | | | | | |
Advance Auto Parts, Inc. | | BBB- | | 4.50 | | 12/01/23 | | | 100,000 | | | | 108,489 | |
Amazon.com, Inc. | | AA- | | 5.20 | | 12/03/25 | | | 300,000 | | | | 368,085 | |
AutoZone, Inc. | | BBB | | 4.00 | | 11/15/20 | | | 250,000 | | | | 251,056 | |
Dollar General Corp. | | BBB | | 3.25 | | 04/15/23 | | | 300,000 | | | | 320,322 | |
eBay, Inc. | | BBB+ | | 2.88 | | 08/01/21 | | | 325,000 | | | | 332,371 | |
Expedia Group, Inc. | | BBB- | | 5.95 | | 08/15/20 | | | 250,000 | | | | 250,073 | |
Family Dollar Stores, Inc. | | BBB- | | 5.00 | | 02/01/21 | | | 300,000 | | | | 305,012 | |
Harman International Industries, Inc. | | A- | | 4.15 | | 05/15/25 | | | 300,000 | | | | 326,405 | |
Kohl’s Corp. | | BBB- | | 3.25 | | 02/01/23 | | | 250,000 | | | | 243,671 | |
Lowe’s Cos., Inc. | | BBB+ | | 3.12 | | 04/15/22 | | | 300,000 | | | | 312,213 | |
Lowe’s Cos., Inc. | | BBB+ | | 4.00 | | 04/15/25 | | | 150,000 | | | | 171,160 | |
Macy’s Retail Hldgs., Inc. | | B | | 2.88 | | 02/15/23 | | | 216,000 | | | | 171,180 | |
Marriott International, Inc. | | BBB- | | 3.13 | | 10/15/21 | | | 25,000 | | | | 25,052 | |
Marriott International, Inc. | | BBB- | | 3.25 | | 09/15/22 | | | 350,000 | | | | 350,808 | |
Mattel, Inc. | | B- | | 3.15 | | 03/15/23 | | | 350,000 | | | | 329,644 | |
NVR, Inc. | | BBB+ | | 3.95 | | 09/15/22 | | | 300,000 | | | | 319,380 | |
O’Reilly Automotive, Inc. | | BBB | | 3.80 | | 09/01/22 | | | 300,000 | | | | 315,093 | |
Tapestry, Inc. | | BBB- | | 4.25 | | 04/01/25 | | | 100,000 | | | | 96,844 | |
Tupperware Brands Corp. | | C | | 4.75 | | 06/01/21 | | | 350,000 | | | | 213,500 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4,810,358 | |
| | | | | | | | | | | | | | |
| CONSUMER STAPLES (0.6%) | | | | | | | | | | | | |
Ingredion, Inc. | | BBB | | 4.63 | | 11/01/20 | | | 250,000 | | | | 252,776 | |
Molson Coors Beverage Co. | | BBB- | | 3.50 | | 05/01/22 | | | 400,000 | | | | 417,383 | |
Sysco Corp. | | BBB- | | 2.60 | | 06/12/22 | | | 300,000 | | | | 309,195 | |
Sysco Corp. | | BBB- | | 3.75 | | 10/01/25 | | | 100,000 | | | | 109,489 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 1,088,843 | |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
65
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | |
| ENERGY (0.4%) | | | | | | | | | | | | | | | |
Energen Corp. | | | BBB- | | | | 4.63 | | | | 09/01/21 | | | $ | 250,000 | | | $ | 251,853 | |
EQT Corp. | | | BB- | | | | 4.88 | | | | 11/15/21 | | | | 49,000 | | | | 48,005 | |
Marathon Oil Corp. | | | BBB- | | | | 2.80 | | | | 11/01/22 | | | | 350,000 | | | | 350,367 | |
Valaris PLC | | | D | | | | 4.88 | | | | 06/01/22 | | | | 300,000 | | | | 33,000 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 683,225 | |
| | | | | | | | | | | | | | | | | | | | |
| FINANCIALS (2.3%) | | | | | | | | | | | | | | | |
American Express Co. | | | BBB | | | | 3.63 | | | | 12/05/24 | | | | 250,000 | | | | 277,222 | |
Bank of America Corp. | | | BBB+ | | | | 3.95 | | | | 04/21/25 | | | | 300,000 | | | | 331,953 | |
Block Financial LLC | | | BBB | | | | 5.25 | | | | 10/01/25 | | | | 350,000 | | | | 385,763 | |
Capital One Financial Corp. | | | BBB | | | | 4.75 | | | | 07/15/21 | | | | 300,000 | | | | 312,819 | |
Citizens Financial Group, Inc. | | | BBB | | | | 3.75 | | | | 07/01/24 | | | | 250,000 | | | | 268,756 | |
Citizens Financial Group, Inc. | | | BBB | | | | 4.35 | | | | 08/01/25 | | | | 100,000 | | | | 110,685 | |
Fairfax U.S., Inc. † | | | BBB- | | | | 4.88 | | | | 08/13/24 | | | | 250,000 | | | | 256,934 | |
Fifth Third Bancorp | | | BBB | | | | 4.30 | | | | 01/16/24 | | | | 300,000 | | | | 330,599 | |
Lincoln National Corp. | | | A- | | | | 4.00 | | | | 09/01/23 | | | | 250,000 | | | | 272,194 | |
Moody’s Corp. | | | BBB+ | | | | 4.50 | | | | 09/01/22 | | | | 250,000 | | | | 268,401 | |
Prudential Financial, Inc. | | | A | | | | 4.50 | | | | 11/16/21 | | | | 250,000 | | | | 263,420 | |
Signet UK Finance PLC | | | B+ | | | | 4.70 | | | | 06/15/24 | | | | 250,000 | | | | 175,000 | |
Synchrony Financial | | | BBB- | | | | 3.70 | | | | 08/04/26 | | | | 400,000 | | | | 414,018 | |
Unum Group | | | BBB | | | | 4.00 | | | | 03/15/24 | | | | 150,000 | | | | 157,420 | |
Voya Financial, Inc. | | | BBB+ | | | | 3.65 | | | | 06/15/26 | | | | 250,000 | | | | 277,048 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 4,102,232 | |
| | | | | | | | | | | | | | | | | | | | |
| HEALTH CARE (0.6%) | | | | | | | | | | | | | | | |
Anthem, Inc. | | | A | | | | 4.35 | | | | 08/15/20 | | | | 250,000 | | | | 250,035 | |
Bio-Rad Laboratories, Inc. | | | BBB | | | | 4.88 | | | | 12/15/20 | | | | 200,000 | | | | 203,340 | |
Quest Diagnostics, Inc. | | | BBB+ | | | | 4.70 | | | | 04/01/21 | | | | 150,000 | | | | 154,521 | |
Thermo Fisher Scientific, Inc. | | | BBB+ | | | | 4.13 | | | | 03/25/25 | | | | 150,000 | | | | 171,326 | |
Zimmer Biomet Hldgs., Inc. | | | BBB | | | | 3.15 | | | | 04/01/22 | | | | 250,000 | | | | 259,505 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,038,727 | |
| | | | | | | | | | | | | | | | | | | | |
| INDUSTRIALS (0.4%) | | | | | | | | | | | | | | | |
Deere & Co. | | | A | | | | 2.75 | | | | 04/15/25 | | | | 200,000 | | | | 218,514 | |
General Dynamics Corp. | | | A | | | | 3.25 | | | | 04/01/25 | | | | 150,000 | | | | 166,353 | |
JB Hunt Transport Svcs., Inc. | | | BBB+ | | | | 3.30 | | | | 08/15/22 | | | | 200,000 | | | | 207,509 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 592,376 | |
| | | | | | | | | | | | | | | | | | | | |
| INFORMATION TECHNOLOGY (1.2%) | | | | | | | | | | | | | | | |
Applied Materials, Inc. | | | A- | | | | 3.90 | | | | 10/01/25 | | | | 350,000 | | | | 399,968 | |
Arrow Electronics, Inc. | | | BBB- | | | | 4.50 | | | | 03/01/23 | | | | 300,000 | | | | 318,564 | |
Fiserv, Inc. | | | BBB | | | | 4.75 | | | | 06/15/21 | | | | 360,000 | | | | 374,305 | |
Ingram Micro, Inc. | | | NR | | | | 5.00 | | | | 08/10/22 | | | | 200,000 | | | | 200,030 | |
Intel Corp. | | | A+ | | | | 3.40 | | | | 03/25/25 | | | | 135,000 | | | | 151,456 | |
Mastercard, Inc. | | | A+ | | | | 3.30 | | | | 03/26/27 | | | | 300,000 | | | | 339,720 | |
NortonLifeLock, Inc. | | | BB- | | | | 4.20 | | | | 09/15/20 | | | | 350,000 | | | | 350,350 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 2,134,393 | |
| | | | | | | | | | | | | | | | | | | | |
| MATERIALS (0.7%) | | | | | | | | | | | | | | | |
Freeport-McMoRan, Inc. | | | BB | | | | 3.55 | | | | 03/01/22 | | | | 300,000 | | | | 300,000 | |
Packaging Corp. of America | | | BBB | | | | 4.50 | | | | 11/01/23 | | | | 150,000 | | | | 165,101 | |
Sherwin-Williams Co. | | | BBB- | | | | 3.95 | | | | 01/15/26 | | | | 350,000 | | | | 394,770 | |
Southern Copper Corp. | | | BBB+ | | | | 3.50 | | | | 11/08/22 | | | | 100,000 | | | | 104,749 | |
Teck Resources Ltd. | | | BBB- | | | | 4.75 | | | | 01/15/22 | | | | 300,000 | | | | 312,000 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 1,276,620 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
66
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | |
| REAL ESTATE (0.3%) | | | | | | | | | | | | | | | |
Healthcare Realty Trust, Inc. | | | BBB | | | | 3.75 | | | | 04/15/23 | | | $ | 250,000 | | | $ | 260,272 | |
Service Properties Trust | | | BB+ | | | | 5.00 | | | | 08/15/22 | | | | 250,000 | | | | 245,515 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 505,787 | |
| | | | | | | | | | | | | | | | | | | | |
| UTILITIES (0.4%) | | | | | | | | | | | | | | | |
Exelon Corp. | | | BBB | | | | 5.15 | | | | 12/01/20 | | | | 340,000 | | | | 342,461 | |
National Fuel Gas Co. | | | BBB- | | | | 4.90 | | | | 12/01/21 | | | | 250,000 | | | | 258,597 | |
National Fuel Gas Co. | | | BBB- | | | | 5.20 | | | | 07/15/25 | | | | 100,000 | | | | 105,901 | |
Southern Co. | | | BBB+ | | | | 3.25 | | | | 07/01/26 | | | | 50,000 | | | | 55,409 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 762,368 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL CORPORATE DEBT | | | | 17,823,496 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $67,279,524) 41.4% | | | | 72,870,504 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | | | | |
| U.S. GOVERNMENT (2.3%) | | | | | | | | | | | | | | | |
U.S. Treasury Bill | | | A-1+ | | | | 0.07 | | | | 07/02/20 | | | $ | 4,000,000 | | | $ | 3,999,993 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $3,999,993) 2.3% | | | | | | | | | | | | | | | | | | | 3,999,993 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (1.5%) | | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | | 0.01 | | | | 07/01/20 | | | $ | 2,687,517 | | | $ | 2,687,517 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $2,687,517) 1.5% | | | | 2,687,517 | |
| | | | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $147,966,890) 100.0% | | | | 176,205,562 | |
| | | | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | (25,942 | ) |
| | | | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 176,179,620 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
67
MUTUAL OF AMERICA INVESTMENT CORPORATION — RETIREMENT INCOME FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (31.0%) | | | 27,255,206 | | | $ | 42,729,922 | |
Equity Index Fund (20.3%) | | | 6,022,422 | | | | 27,932,690 | |
Mid-Cap Equity Index Fund (4.5%) | | | 3,173,167 | | | | 6,209,859 | |
Mid-Term Bond Fund (30.3%) | | | 37,451,289 | | | | 41,663,174 | |
Money Market Fund (13.9%) | | | 15,460,111 | | | | 19,112,129 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $129,484,040) 100.0% | | | | | | | 137,647,774 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,279 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 137,645,495 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2010 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (31.2%) | | | 5,397,222 | | | $ | 8,461,608 | |
Equity Index Fund (20.3%) | | | 1,184,754 | | | | 5,495,025 | |
Mid-Cap Equity Index Fund (4.8%) | | | 659,341 | | | | 1,290,325 | |
Mid-Term Bond Fund (30.3%) | | | 7,384,542 | | | | 8,215,030 | |
Money Market Fund (13.4%) | | | 2,924,234 | | | | 3,615,002 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $25,400,636) 100.0% | | | | | | | 27,076,990 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (857 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 27,076,133 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2015 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (30.5%) | | | 26,072,306 | | | $ | 40,875,405 | |
Equity Index Fund (23.3%) | | | 6,714,708 | | | | 31,143,594 | |
International Fund (4.4%) | | | 7,305,188 | | | | 5,867,885 | |
Mid-Cap Equity Index Fund (7.9%) | | | 5,433,663 | | | | 10,633,630 | |
Mid-Term Bond Fund (24.8%) | | | 29,873,232 | | | | 33,232,866 | |
Money Market Fund (9.1%) | | | 9,806,340 | | | | 12,122,813 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $123,449,443) 100.0% | | | | | | | 133,876,193 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (2,694 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 133,873,499 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
68
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2020 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (27.3%) | | | 95,564,065 | | | $ | 149,822,569 | |
Equity Index Fund (27.3%) | | | 32,328,705 | | | | 149,944,286 | |
International Fund (6.1%) | | | 41,627,053 | | | | 33,436,888 | |
Mid-Cap Equity Index Fund (9.7%) | | | 27,197,178 | | | | 53,224,632 | |
Mid-Term Bond Fund (21.0%) | | | 103,640,354 | | | | 115,296,058 | |
Money Market Fund (4.9%) | | | 22,043,854 | | | | 27,251,098 | |
Small Cap Growth Fund (2.2%) | | | 8,068,436 | | | | 11,976,755 | |
Small Cap Value Fund (1.5%) | | | 7,224,696 | | | | 8,113,651 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $509,656,392) 100.0% | | | | | | | 549,065,937 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (7,357 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 549,058,580 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2025 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (25.8%) | | | 146,561,917 | | | $ | 229,775,524 | |
Equity Index Fund (32.7%) | | | 62,958,305 | | | | 292,007,921 | |
International Fund (8.1%) | | | 89,765,275 | | | | 72,103,867 | |
Mid-Cap Equity Index Fund (11.4%) | | | 52,058,322 | | | | 101,877,667 | |
Mid-Term Bond Fund (15.7%) | | | 126,251,803 | | | | 140,450,460 | |
Small Cap Growth Fund (3.6%) | | | 21,785,554 | | | | 32,338,389 | |
Small Cap Value Fund (2.7%) | | | 21,217,332 | | | | 23,827,997 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $830,967,327) 100.0% | | | | | | | 892,381,825 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (4,346 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 892,377,479 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
69
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2030 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (23.1%) | | | 121,099,685 | | | $ | 189,856,574 | |
Equity Index Fund (36.0%) | | | 63,723,769 | | | | 295,558,233 | |
International Fund (10.1%) | | | 102,647,898 | | | | 82,451,821 | |
Mid-Cap Equity Index Fund (15.8%) | | | 66,457,904 | | | | 130,057,520 | |
Mid-Term Bond Fund (7.3%) | | | 53,934,042 | | | | 59,999,626 | |
Small Cap Growth Fund (4.3%) | | | 23,696,439 | | | | 35,174,899 | |
Small Cap Value Fund (3.4%) | | | 24,953,122 | | | | 28,023,454 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $766,602,541) 100.0% | | | | | | | 821,122,127 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (3,651 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 821,118,476 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2035 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (21.8%) | | | 95,591,759 | | | $ | 149,865,988 | |
Equity Index Fund (38.4%) | | | 56,782,786 | | | | 263,365,147 | |
International Fund (12.0%) | | | 102,642,191 | | | | 82,447,237 | |
Mid-Cap Equity Index Fund (18.5%) | | | 65,011,533 | | | | 127,226,985 | |
Small Cap Equity Index Fund (0.0%) (2) | | | 110,730 | | | | 89,987 | |
Small Cap Growth Fund (5.1%) | | | 23,584,237 | | | | 35,008,347 | |
Small Cap Value Fund (4.2%) | | | 25,521,129 | | | | 28,661,351 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $639,693,664) 100.0% | | | | | | | 686,665,042 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (3,713 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 686,661,329 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2040 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (16.2%) | | | 58,651,996 | | | $ | 91,952,899 | |
Equity Index Fund (39.1%) | | | 47,889,132 | | | | 222,115,349 | |
International Fund (15.0%) | | | 106,422,371 | | | | 85,483,663 | |
Mid-Cap Equity Index Fund (19.0%) | | | 55,225,752 | | | | 108,076,300 | |
Small Cap Equity Index Fund (0.4%) | | | 2,554,327 | | | | 2,075,827 | |
Small Cap Growth Fund (5.5%) | | | 21,085,555 | | | | 31,299,313 | |
Small Cap Value Fund (4.8%) | | | 24,485,724 | | | | 27,498,546 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $529,094,171) 100.0% | | | | | | | 568,501,897 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (4,724 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 568,497,173 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
70
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2045 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (14.2%) | | | 53,018,503 | | | $ | 83,120,871 | |
Equity Index Fund (38.0%) | | | 48,063,769 | | | | 222,925,338 | |
International Fund (15.2%) | | | 110,623,584 | | | | 88,858,283 | |
Mid-Cap Equity Index Fund (20.1%) | | | 60,384,208 | | | | 118,171,351 | |
Small Cap Equity Index Fund (0.3%) | | | 2,472,097 | | | | 2,009,001 | |
Small Cap Growth Fund (6.6%) | | | 26,248,715 | | | | 38,963,487 | |
Small Cap Value Fund (5.6%) | | | 29,072,901 | | | | 32,650,148 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $539,867,290) 100.0% | | | | | | | 586,698,479 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (5,456 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 586,693,023 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2050 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (12.3%) | | | 32,905,691 | | | $ | 51,588,588 | |
Equity Index Fund (36.9%) | | | 33,303,150 | | | | 154,463,872 | |
International Fund (16.6%) | | | 86,392,558 | | | | 69,394,736 | |
Mid-Cap Equity Index Fund (20.4%) | | | 43,708,715 | | | | 85,537,561 | |
Small Cap Equity Index Fund (0.7%) | | | 3,739,451 | | | | 3,038,944 | |
Small Cap Growth Fund (7.1%) | | | 19,851,048 | | | | 29,466,816 | |
Small Cap Value Fund (6.0%) | | | 22,285,633 | | | | 25,027,747 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $407,680,575) 100.0% | | | | | | | 418,518,264 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (4,191 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 418,514,073 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2055 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (10.8%) | | | 10,906,398 | | | $ | 17,098,735 | |
Equity Index Fund (35.6%) | | | 12,123,328 | | | | 56,229,401 | |
International Fund (18.0%) | | | 35,265,068 | | | | 28,326,631 | |
Mid-Cap Equity Index Fund (20.8%) | | | 16,791,078 | | | | 32,859,989 | |
Small Cap Equity Index Fund (0.9%) | | | 1,655,478 | | | | 1,345,359 | |
Small Cap Growth Fund (7.8%) | | | 8,286,715 | | | | 12,300,766 | |
Small Cap Value Fund (6.1%) | | | 8,566,130 | | | | 9,620,141 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $160,062,406) 100.0% | | | | | | | 157,781,022 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | 1,676 | |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 157,782,698 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
71
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2060 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (8.6%) | | | 2,432,927 | | | $ | 3,814,272 | |
Equity Index Fund (33.4%) | | | 3,203,171 | | | | 14,856,677 | |
International Fund (19.5%) | | | 10,792,175 | | | | 8,668,804 | |
Mid-Cap Equity Index Fund (22.2%) | | | 5,051,970 | | | | 9,886,660 | |
Small Cap Equity Index Fund (3.1%) | | | 1,730,896 | | | | 1,406,649 | |
Small Cap Growth Fund (6.5%) | | | 1,961,106 | | | | 2,911,058 | |
Small Cap Value Fund (6.7%) | | | 2,653,855 | | | | 2,980,396 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $44,495,506) 100.0% | | | | | | | 44,524,516 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (104 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 44,524,412 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
72
MUTUAL OF AMERICA INVESTMENT CORPORATION — CONSERVATIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (31.1%) | | | 34,400,978 | | | $ | 53,932,856 | |
Equity Index Fund (24.4%) | | | 9,117,120 | | | | 42,286,261 | |
International Fund (4.9%) | | | 10,654,951 | | | | 8,558,578 | |
Mid-Cap Equity Index Fund (4.4%) | | | 3,913,584 | | | | 7,658,849 | |
Mid-Term Bond Fund (35.2%) | | | 54,917,848 | | | | 61,094,074 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $160,300,198) 100.0% | | | | | | | 173,530,618 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (390 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 173,530,228 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — MODERATE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (25.9%) | | | 66,239,063 | | | $ | 103,847,682 | |
Equity Index Fund (34.6%) | | | 29,847,291 | | | | 138,435,199 | |
International Fund (9.8%) | | | 48,749,920 | | | | 39,158,324 | |
Mid-Cap Equity Index Fund (14.1%) | | | 28,851,990 | | | | 56,463,085 | |
Mid-Term Bond Fund (15.6%) | | | 56,000,331 | | | | 62,298,296 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $355,109,227) 100.0% | | | | | | | 400,202,586 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (1,306 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 400,201,280 | |
| | | | | | | | |
MUTUAL OF AMERICA INVESTMENT CORPORATION — AGGRESSIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | |
| | | Shares | | | Value | |
| COMMON STOCKS: | | | | | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) | | | | | | |
Mutual of America Investment Corporation | | | | | | | | |
Bond Fund (21.0%) | | | 39,053,235 | | | $ | 61,226,530 | |
Equity Index Fund (35.0%) | | | 21,932,974 | | | | 101,727,676 | |
International Fund (14.9%) | | | 53,799,960 | | | | 43,214,764 | |
Mid-Cap Equity Index Fund (18.9%) | | | 28,098,469 | | | | 54,988,451 | |
Small Cap Growth Fund (5.5%) | | | 10,774,434 | | | | 15,993,527 | |
Small Cap Value Fund (4.7%) | | | 12,163,203 | | | | 13,659,812 | |
| | | | | | | | |
TOTAL INVESTMENTS
(Cost: $255,253,046) 100.0% | | | | | | | 290,810,760 | |
| | | | | | | | |
OTHER NET ASSETS -0.0% (2) | | | | | | | (1,769 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 290,808,991 | |
| | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
73
MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| SHORT-TERM DEBT SECURITIES: | | | | | | | | | | | | |
| U.S. GOVERNMENT (28.4%) | | | | | | | | | | | | |
U.S. Treasury Bill | | A-1+ | | 0.02 | | 07/02/20 | | $ | 2,300,000 | | | $ | 2,299,998 | |
U.S. Treasury Bill | | A-1+ | | 0.04 | | 09/24/20 | | | 15,050,000 | | | | 15,044,847 | |
U.S. Treasury Bill | | A-1+ | | 0.11 | | 07/09/20 | | | 4,200,000 | | | | 4,199,898 | |
U.S. Treasury Bill | | A-1+ | | 0.12 | | 08/20/20 | | | 5,700,000 | | | | 5,699,028 | |
U.S. Treasury Bill | | A-1+ | | 0.13 | | 08/04/20 | | | 2,300,000 | | | | 2,299,726 | |
U.S. Treasury Bill | | A-1+ | | 0.15 | | 07/23/20 | | | 10,250,000 | | | | 10,249,079 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 39,792,576 | |
| | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (12.7%) | | | | | | | | | | | | |
FHLB | | A-1+ | | 0.11 | | 07/06/20 | | | 10,600,000 | | | | 10,599,841 | |
FHLB | | A-1+ | | 0.11 | | 07/22/20 | | | 5,000,000 | | | | 4,999,694 | |
FHLB | | A-1+ | | 0.15 | | 08/04/20 | | | 1,500,000 | | | | 1,499,794 | |
FHLB | | A-1+ | | 0.15 | | 08/07/20 | | | 100,000 | | | | 99,985 | |
FHLB | | A-1+ | | 0.15 | | 08/14/20 | | | 550,000 | | | | 549,899 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 17,749,213 | |
| | | | | | | | | | | | | | |
| COMMERCIAL PAPER (47.5%) | | | | | | | | | | | | |
Apple, Inc. † | | A-1+ | | 0.13 | | 07/01/20 | | | 3,165,000 | | | | 3,165,000 | |
Apple, Inc. † | | A-1+ | | 0.15 | | 07/23/20 | | | 2,325,000 | | | | 2,324,787 | |
Cargill, Inc. † | | A-1 | | 0.20 | | 08/03/20 | | | 3,000,000 | | | | 2,999,450 | |
Chevron Corp. † | | A-1+ | | 0.20 | | 07/22/20 | | | 2,300,000 | | | | 2,299,732 | |
Coca-Cola Co. † | | A-1 | | 0.13 | | 08/13/20 | | | 900,000 | | | | 899,860 | |
Eli Lilly & Co. † | | A-1+ | | 0.15 | | 07/28/20 | | | 1,750,000 | | | | 1,749,803 | |
Emerson Electric Co. † | | A-1 | | 0.10 | | 07/07/20 | | | 1,500,000 | | | | 1,499,975 | |
Emerson Electric Co. † | | A-1 | | 0.13 | | 08/06/20 | | | 1,000,000 | | | | 999,870 | |
Emerson Electric Co. † | | A-1 | | 0.15 | | 08/10/20 | | | 2,000,000 | | | | 1,999,667 | |
Exxon Mobil Corp. | | A-1+ | | 0.25 | | 09/25/20 | | | 300,000 | | | | 299,869 | |
Exxon Mobil Corp. | | A-1+ | | 0.75 | | 07/09/20 | | | 5,000,000 | | | | 4,999,167 | |
General Dynamics Corp. † | | A-1 | | 0.13 | | 07/16/20 | | | 850,000 | | | | 849,954 | |
Hershey Co. † | | A-1 | | 0.30 | | 07/20/20 | | | 3,000,000 | | | | 2,999,525 | |
J.P. Morgan Securities LLC | | A-1 | | 0.12 | | 07/15/20 | | | 1,350,000 | | | | 1,349,937 | |
J.P. Morgan Securities LLC | | A-1 | | 0.45 | | 07/23/20 | | | 3,700,000 | | | | 3,698,982 | |
Johnson & Johnson † | | A-1+ | | 0.11 | | 07/28/20 | | | 3,200,000 | | | | 3,199,736 | |
Merck & Co., Inc. † | | A-1+ | | 0.20 | | 08/19/20 | | | 5,000,000 | | | | 4,998,639 | |
National Rural Utilities | | A-1 | | 0.11 | | 07/13/20 | | | 1,000,000 | | | | 999,963 | |
Novartis Finance Corp. † | | A-1+ | | 0.13 | | 07/27/20 | | | 1,400,000 | | | | 1,399,869 | |
Novartis Finance Corp. † | | A-1+ | | 0.13 | | 07/31/20 | | | 3,800,000 | | | | 3,799,588 | |
One Gas, Inc. † | | A-1 | | 0.15 | | 07/31/20 | | | 1,600,000 | | | | 1,599,800 | |
One Gas, Inc. † | | A-1 | | 0.18 | | 07/06/20 | | | 700,000 | | | | 699,983 | |
Pfizer, Inc. † | | A-1+ | | 0.20 | | 10/06/20 | | | 2,250,000 | | | | 2,248,817 | |
Private Export Fund Corp. | | NR | | 0.17 | | 07/13/20 | | | 3,500,000 | | | | 3,499,802 | |
Private Export Fund Corp. | | NR | | 0.20 | | 07/07/20 | | | 1,500,000 | | | | 1,499,950 | |
Simon Property Group LP † | | A-1 | | 0.15 | | 07/20/20 | | | 750,000 | | | | 749,941 | |
Simon Property Group LP † | | A-1 | | 0.18 | | 07/21/20 | | | 4,500,000 | | | | 4,499,550 | |
Toyota Motor Credit Corp. | | A-1+ | | 0.20 | | 08/11/20 | | | 5,250,000 | | | | 5,248,804 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 66,580,020 | |
| | | | | | | | | | | | | | |
| CORPORATE DEBT (10.4%) | | | | | | | | | | | | |
Amazon.com, Inc. | | AA- | | 1.90 | | 08/21/20 | | | 5,369,000 | | | | 5,381,399 | |
Unilever Capital Corp. | | A+ | | 2.10 | | 07/30/20 | | | 5,130,000 | | | | 5,137,538 | |
Walmart, Inc. | | AA | | 3.63 | | 07/08/20 | | | 4,100,000 | | | | 4,102,785 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 14,621,722 | |
| | | | | | | | | | | | | | |
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $138,747,188) 99.0% | | | | 138,743,531 | |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
74
MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | |
| | | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.3%) | | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | 0.01 | | | | 07/01/20 | | | $ | 374,509 | | | $ | 374,509 | |
| | | | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $374,509) 0.3% | | | | 374,509 | |
| | | | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $139,121,697) 99.3% | | | | 139,118,040 | |
| | | | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.7% | | | | 922,917 | |
| | | | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 140,040,957 | |
| | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
75
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | |
| U.S. GOVERNMENT (71.8%) | | | | | | | | | | | | |
U.S. Treasury Note | | AA+ | | 0.50 | | 04/30/27 | | $ | 11,000,000 | | | $ | 11,017,188 | |
U.S. Treasury Note | | AA+ | | 0.50 | | 06/30/27 | | | 10,500,000 | | | | 10,506,563 | |
U.S. Treasury Note | | AA+ | | 1.25 | | 08/31/24 | | | 22,855,000 | | | | 23,814,732 | |
U.S. Treasury Note | | AA+ | | 1.38 | | 06/30/23 | | | 19,450,000 | | | | 20,145,945 | |
U.S. Treasury Note | | AA+ | | 1.38 | | 09/30/23 | | | 24,315,000 | | | | 25,254,357 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 10/31/21 | | | 14,590,000 | | | | 14,848,175 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 02/28/23 | | | 24,315,000 | | | | 25,171,724 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 09/30/24 | | | 4,865,000 | | | | 5,124,213 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 08/15/26 | | | 29,175,000 | | | | 31,088,470 | |
U.S. Treasury Note | | AA+ | | 1.63 | | 10/31/23 | | | 8,755,000 | | | | 9,172,572 | |
U.S. Treasury Note | | AA+ | | 1.63 | | 05/15/26 | | | 29,175,000 | | | | 31,268,534 | |
U.S. Treasury Note | | AA+ | | 1.63 | | 09/30/26 | | | 17,020,000 | | | | 18,277,884 | |
U.S. Treasury Note | | AA+ | | 1.75 | | 12/31/20 | | | 9,725,000 | | | | 9,800,597 | |
U.S. Treasury Note | | AA+ | | 1.75 | | 11/30/21 | | | 9,725,000 | | | | 9,942,673 | |
U.S. Treasury Note | | AA+ | | 1.75 | | 02/28/22 | | | 14,590,000 | | | | 14,971,278 | |
U.S. Treasury Note | | AA+ | | 1.88 | | 05/31/22 | | | 19,450,000 | | | | 20,084,404 | |
U.S. Treasury Note | | AA+ | | 2.00 | | 11/30/20 | | | 9,725,000 | | | | 9,798,317 | |
U.S. Treasury Note | | AA+ | | 2.00 | | 05/31/24 | | | 24,315,000 | | | | 26,002,803 | |
U.S. Treasury Note | | AA+ | | 2.00 | | 06/30/24 | | | 24,315,000 | | | | 26,032,247 | |
U.S. Treasury Note | | AA+ | | 2.13 | | 05/15/25 | | | 9,920,000 | | | | 10,801,175 | |
U.S. Treasury Note | | AA+ | | 2.38 | | 04/30/26 | | | 18,480,000 | | | | 20,603,756 | |
U.S. Treasury Note | | AA+ | | 2.38 | | 05/15/29 | | | 19,450,000 | | | | 22,444,996 | |
U.S. Treasury Note | | AA+ | | 2.50 | | 01/31/24 | | | 19,450,000 | | | | 21,041,709 | |
U.S. Treasury Note | | AA+ | | 2.50 | | 02/28/26 | | | 19,450,000 | | | | 21,777,162 | |
U.S. Treasury Note | | AA+ | | 2.75 | | 09/30/20 | | | 4,865,000 | | | | 4,896,058 | |
U.S. Treasury Note | | AA+ | | 2.75 | | 05/31/23 | | | 13,500,000 | | | | 14,508,281 | |
U.S. Treasury Note | | AA+ | | 2.88 | | 05/31/25 | | | 35,495,000 | | | | 39,967,924 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 498,363,737 | |
| | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (0.1%) | | | | | | | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (0.0%) (2) | | | | | | | | | | | | |
FHLMC | | AA+ | | 7.50 | | 03/15/21 | | | 38 | | | | 39 | |
| | | | | | | | | | | | | | |
| NON-MORTGAGE-BACKED OBLIGATIONS (0.1%) | | | | | | | | | | | | |
Tennessee Valley Authority Strip | | NR | | 0.00 | | 11/01/20 | | | 875,000 | | | | 873,308 | |
| | | | | | | | | | | | | | |
| CORPORATE DEBT (27.4%) | | | | | | | | | | | | |
| COMMUNICATION SERVICES (1.3%) | | | | | | | | | | | | |
AT&T, Inc. | | BBB | | 3.00 | | 02/15/22 | | | 1,945,000 | | | | 2,025,256 | |
Discovery Communications LLC | | BBB- | | 3.50 | | 06/15/22 | | | 2,430,000 | | | | 2,528,604 | |
Omnicom Group, Inc. | | BBB+ | | 3.63 | | 05/01/22 | | | 1,945,000 | | | | 2,051,324 | |
ViacomCBS, Inc. | | BBB | | 3.25 | | 03/15/23 | | | 2,430,000 | | | | 2,482,617 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 9,087,801 | |
| | | | | | | | | | | | | | |
| CONSUMER DISCRETIONARY (3.6%) | | | | | | | | | | | | |
Advance Auto Parts, Inc. | | BBB- | | 4.50 | | 01/15/22 | | | 485,000 | | | | 508,630 | |
Advance Auto Parts, Inc. | | BBB- | | 4.50 | | 12/01/23 | | | 245,000 | | | | 265,797 | |
AutoZone, Inc. | | BBB | | 3.70 | | 04/15/22 | | | 290,000 | | | | 303,388 | |
AutoZone, Inc. | | BBB | | 4.00 | | 11/15/20 | | | 680,000 | | | | 682,873 | |
Dollar General Corp. | | BBB | | 3.25 | | 04/15/23 | | | 1,017,000 | | | | 1,085,890 | |
eBay, Inc. | | BBB+ | | 2.88 | | 08/01/21 | | | 2,040,000 | | | | 2,086,269 | |
Expedia Group, Inc. | | BBB- | | 5.95 | | 08/15/20 | | | 1,945,000 | | | | 1,948,889 | |
Family Dollar Stores, Inc. | | BBB- | | 5.00 | | 02/01/21 | | | 1,945,000 | | | | 1,977,497 | |
Harman International Industries, Inc. | | A- | | 4.15 | | 05/15/25 | | | 1,945,000 | | | | 2,116,192 | |
Hyatt Hotels Corp. | | BBB- | | 5.38 | | 08/15/21 | | | 50,000 | | | | 51,402 | |
Kohl’s Corp. | | BBB- | | 3.25 | | 02/01/23 | | | 680,000 | | | | 662,786 | |
Lowe’s Cos., Inc. | | BBB+ | | 4.00 | | 04/15/25 | | | 1,320,000 | | | | 1,506,211 | |
Marriott International, Inc. | | BBB- | | 3.13 | | 02/15/23 | | | 1,945,000 | | | | 1,945,914 | |
Marriott International, Inc. | | BBB- | | 3.38 | | 10/15/20 | | | 780,000 | | | | 779,606 | |
The accompanying notes are an integral part of these portfolio schedules.
76
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| CONSUMER DISCRETIONARY (CONTINUED) | | | | | | | | | | | | |
Newell Brands, Inc. | | BB+ | | 4.70 | | 08/15/20 | | $ | 510,000 | | | $ | 510,838 | |
NVR, Inc. | | BBB+ | | 3.95 | | 09/15/22 | | | 1,945,000 | | | | 2,070,644 | |
O’Reilly Automotive, Inc. | | BBB | | 4.63 | | 09/15/21 | | | 271,000 | | | | 280,767 | |
Tapestry, Inc. | | BBB- | | 3.00 | | 07/15/22 | | | 2,430,000 | | | | 2,391,002 | |
Tupperware Brands Corp. | | C | | 4.75 | | 06/01/21 | | | 1,945,000 | | | | 1,186,450 | |
Wyndham Destinations, Inc. | | BB- | | 5.40 | | 04/01/24 | | | 2,430,000 | | | | 2,344,950 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 24,705,995 | |
| | | | | | | | | | | | | | |
| CONSUMER STAPLES (2.4%) | | | | | | | | | | | | |
Coca-Cola Co. | | A+ | | 2.95 | | 03/25/25 | | | 1,000,000 | | | | 1,101,930 | |
Flowers Foods, Inc. | | BBB | | 4.38 | | 04/01/22 | | | 1,945,000 | | | | 2,026,985 | |
Ingredion, Inc. | | BBB | | 4.63 | | 11/01/20 | | | 265,000 | | | | 267,943 | |
Kellogg Co. | | BBB | | 2.65 | | 12/01/23 | | | 1,945,000 | | | | 2,060,864 | |
Keurig Dr Pepper, Inc. | | BBB | | 3.13 | | 12/15/23 | | | 2,910,000 | | | | 3,128,496 | |
Kroger Co. | | BBB | | 2.95 | | 11/01/21 | | | 1,945,000 | | | | 2,002,149 | |
Molson Coors Beverage Co. | | BBB- | | 3.50 | | 05/01/22 | | | 975,000 | | | | 1,017,370 | |
Procter & Gamble Co. | | AA- | | 2.45 | | 03/25/25 | | | 2,900,000 | | | | 3,147,357 | |
Sysco Corp. | | BBB- | | 2.60 | | 10/01/20 | | | 1,945,000 | | | | 1,950,697 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,703,791 | |
| | | | | | | | | | | | | | |
| ENERGY (0.8%) | | | | | | | | | | | | |
Diamond Offshore Drilling, Inc. | | NR | | 3.45 | | 11/01/23 | | | 1,460,000 | | | | 157,388 | |
Energen Corp. | | BBB- | | 4.63 | | 09/01/21 | | | 1,945,000 | | | | 1,959,413 | |
EQT Corp. | | BB- | | 4.88 | | 11/15/21 | | | 279,000 | | | | 273,336 | |
Marathon Oil Corp. | | BBB- | | 2.80 | | 11/01/22 | | | 1,945,000 | | | | 1,947,041 | |
SESI LLC | | CC | | 7.13 | | 12/15/21 | | | 2,090,000 | | | | 721,050 | |
Valaris PLC | | D | | 4.88 | | 06/01/22 | | | 1,945,000 | | | | 213,950 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 5,272,178 | |
| | | | | | | | | | | | | | |
| FINANCIALS (8.7%) | | | | | | | | | | | | |
Aflac, Inc. | | A- | | 3.63 | | 06/15/23 | | | 535,000 | | | | 585,058 | |
Alleghany Corp. | | BBB+ | | 4.95 | | 06/27/22 | | | 1,945,000 | | | | 2,072,218 | |
American International Group, Inc. | | BBB+ | | 4.13 | | 02/15/24 | | | 1,945,000 | | | | 2,170,043 | |
Ares Capital Corp. | | BBB- | | 3.63 | | 01/19/22 | | | 2,430,000 | | | | 2,472,525 | |
Assurant, Inc. | | BBB | | 4.00 | | 03/15/23 | | | 1,945,000 | | | | 2,074,638 | |
Block Financial LLC | | BBB | | 5.50 | | 11/01/22 | | | 2,402,000 | | | | 2,559,836 | |
Capital One Financial Corp. | | BBB | | 4.75 | | 07/15/21 | | | 1,945,000 | | | | 2,028,113 | |
Citizens Financial Group, Inc. | | BBB | | 3.75 | | 07/01/24 | | | 2,000,000 | | | | 2,150,046 | |
Fairfax U.S., Inc.† | | BBB- | | 4.88 | | 08/13/24 | | | 730,000 | | | | 750,248 | |
Fifth Third Bancorp | | BBB | | 4.30 | | 01/16/24 | | | 2,430,000 | | | | 2,677,856 | |
FS KKR Capital Corp. | | NR | | 4.75 | | 05/15/22 | | | 2,600,000 | | | | 2,579,121 | |
Goldman Sachs Group, Inc. | | BBB+ | | 3.20 | | 02/23/23 | | | 2,430,000 | | | | 2,579,234 | |
Huntington Bancshares, Inc. | | BBB+ | | 2.30 | | 01/14/22 | | | 2,675,000 | | | | 2,743,978 | |
Infinity Property & Casualty Corp. | | BBB | | 5.00 | | 09/19/22 | | | 1,945,000 | | | | 2,052,519 | |
JPMorgan Chase & Co. | | BBB+ | | 3.88 | | 09/10/24 | | | 1,480,000 | | | | 1,640,909 | |
Legg Mason, Inc. | | BBB | | 3.95 | | 07/15/24 | | | 1,945,000 | | | | 2,092,964 | |
Lincoln National Corp. | | A- | | 4.00 | | 09/01/23 | | | 1,945,000 | | | | 2,117,670 | |
Morgan Stanley | | BBB+ | | 3.13 | | 01/23/23 | | | 2,430,000 | | | | 2,576,542 | |
People’s United Bank N.A. | | BBB+ | | 4.00 | | 07/15/24 | | | 1,750,000 | | | | 1,856,637 | |
PNC Bank NA | | A- | | 3.80 | | 07/25/23 | | | 2,500,000 | | | | 2,715,822 | |
Prospect Capital Corp. | | BBB- | | 4.95 | | 07/15/22 | | | 2,430,000 | | | | 2,210,373 | |
Prospect Capital Corp. | | BBB- | | 5.88 | | 03/15/23 | | | 1,870,000 | | | | 1,870,318 | |
Regions Financial Corp. | | BBB+ | | 2.75 | | 08/14/22 | | | 2,675,000 | | | | 2,786,093 | |
Signet UK Finance PLC | | B+ | | 4.70 | | 06/15/24 | | | 1,945,000 | | | | 1,361,500 | |
Stifel Financial Corp. | | BBB- | | 4.25 | | 07/18/24 | | | 1,945,000 | | | | 2,069,818 | |
Synchrony Financial | | BBB- | | 3.70 | | 08/04/26 | | | 1,460,000 | | | | 1,511,164 | |
Unum Group | | BBB | | 4.00 | | 03/15/24 | | | 1,945,000 | | | | 2,041,219 | |
Voya Financial, Inc. | | BBB+ | | 3.65 | | 06/15/26 | | | 1,945,000 | | | | 2,155,431 | |
The accompanying notes are an integral part of these portfolio schedules.
77
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | | Maturity | | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | | | |
| FINANCIALS (CONTINUED) | | | | | | | | | | | | | | | |
WR Berkley Corp. | | | BBB+ | | | | 4.63 | | | | 03/15/22 | | | $ | 1,945,000 | | | $ | 2,049,503 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 60,551,396 | |
| | | | | | | | | | | | | | | | | | | | |
| HEALTH CARE (2.7%) | | | | | | | | | | | | | | | |
AbbVie, Inc. | | | BBB+ | | | | 2.85 | | | | 05/14/23 | | | | 2,430,000 | | | | 2,562,938 | |
Aetna, Inc. | | | BBB | | | | 2.80 | | | | 06/15/23 | | | | 2,430,000 | | | | 2,560,072 | |
Anthem, Inc. | | | A | | | | 3.13 | | | | 05/15/22 | | | | 1,945,000 | | | | 2,037,329 | |
Bio-Rad Laboratories, Inc. | | | BBB | | | | 4.88 | | | | 12/15/20 | | | | 1,945,000 | | | | 1,977,485 | |
CVS Health Corp. | | | BBB | | | | 3.38 | | | | 08/12/24 | | | | 575,000 | | | | 626,324 | |
CVS Health Corp. | | | BBB | | | | 3.88 | | | | 07/20/25 | | | | 1,460,000 | | | | 1,639,578 | |
Humana, Inc. | | | BBB+ | | | | 3.85 | | | | 10/01/24 | | | | 2,430,000 | | | | 2,668,189 | |
Laboratory Corp. of America Hldgs. | | | BBB | | | | 3.75 | | | | 08/23/22 | | | | 585,000 | | | | 617,210 | |
Laboratory Corp. of America Hldgs. | | | BBB | | | | 4.63 | | | | 11/15/20 | | | | 390,000 | | | | 391,027 | |
Thermo Fisher Scientific, Inc. | | | BBB+ | | | | 4.13 | | | | 03/25/25 | | | | 1,320,000 | | | | 1,507,665 | |
Zimmer Biomet Hldgs., Inc. | | | BBB | | | | 3.15 | | | | 04/01/22 | | | | 1,945,000 | | | | 2,018,949 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 18,606,766 | |
| | | | | | | | | | | | | | | | | | | | |
| INDUSTRIALS (2.0%) | | | | | | | | | | | | | | | |
3M Co. | | | A+ | | | | 2.65 | | | | 04/15/25 | | | | 3,000,000 | | | | 3,244,355 | |
Deere & Co. | | | A | | | | 2.75 | | | | 04/15/25 | | | | 2,540,000 | | | | 2,775,132 | |
Flowserve Corp. | | | BBB- | | | | 3.50 | | | | 09/15/22 | | | | 1,945,000 | | | | 2,010,157 | |
General Dynamics Corp. | | | A | | | | 3.25 | | | | 04/01/25 | | | | 1,320,000 | | | | 1,463,910 | |
JB Hunt Transport Svcs., Inc. | | | BBB+ | | | | 3.30 | | | | 08/15/22 | | | | 1,945,000 | | | | 2,018,019 | |
Verisk Analytics, Inc. | | | BBB | | | | 4.13 | | | | 09/12/22 | | | | 1,945,000 | | | | 2,080,781 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 13,592,354 | |
| | | | | | | | | | | | | | | | | | | | |
| INFORMATION TECHNOLOGY (2.0%) | | | | | | | | | | | | | | | |
Arrow Electronics, Inc. | | | BBB- | | | | 4.50 | | | | 03/01/23 | | | | 50,000 | | | | 53,094 | |
Avnet, Inc. | | | BBB- | | | | 3.75 | | | | 12/01/21 | | | | 1,100,000 | | | | 1,128,745 | |
Fiserv, Inc. | | | BBB | | | | 4.75 | | | | 06/15/21 | | | | 1,850,000 | | | | 1,923,511 | |
Global Payments, Inc. | | | BBB- | | | | 3.75 | | | | 06/01/23 | | | | 925,000 | | | | 997,483 | |
Intel Corp. | | | A+ | | | | 3.40 | | | | 03/25/25 | | | | 2,000,000 | | | | 2,243,791 | |
Jabil, Inc. | | | BBB- | | | | 4.70 | | | | 09/15/22 | | | | 1,921,000 | | | | 2,040,474 | |
Juniper Networks, Inc. | | | BBB | | | | 4.50 | | | | 03/15/24 | | | | 1,460,000 | | | | 1,617,874 | |
Motorola Solutions, Inc. | | | BBB- | | | | 3.75 | | | | 05/15/22 | | | | 1,945,000 | | | | 2,044,662 | |
NortonLifeLock, Inc. | | | BB- | | | | 4.20 | | | | 09/15/20 | | | | 1,945,000 | | | | 1,946,945 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 13,996,579 | |
| | | | | | | | | | | | | | | | | | | | |
| MATERIALS (0.7%) | | | | | | | | | | | | | | | |
Domtar Corp. | | | BBB- | | | | 4.40 | | | | 04/01/22 | | | | 1,945,000 | | | | 1,987,317 | |
Freeport-McMoRan, Inc. | | | BB | | | | 3.55 | | | | 03/01/22 | | | | 245,000 | | | | 245,000 | |
Kinross Gold Corp. | | | BBB- | | | | 5.13 | | | | 09/01/21 | | | | 730,000 | | | | 750,222 | |
Southern Copper Corp. | | | BBB+ | | | | 3.50 | | | | 11/08/22 | | | | 1,945,000 | | | | 2,037,368 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 5,019,907 | |
| | | | | | | | | | | | | | | | | | | | |
| REAL ESTATE (2.2%) | | | | | | | | | | | | | | | |
Boston Properties LP | | | A- | | | | 3.80 | | | | 02/01/24 | | | | 2,920,000 | | | | 3,167,045 | |
CBRE Svcs., Inc. | | | BBB+ | | | | 5.25 | | | | 03/15/25 | | | | 1,945,000 | | | | 2,193,293 | |
Crown Castle International Corp. | | | BBB- | | | | 3.15 | | | | 07/15/23 | | | | 2,430,000 | | | | 2,593,188 | |
Diversified Healthcare Trust | | | BB | | | | 4.75 | | | | 05/01/24 | | | | 485,000 | | | | 436,196 | |
Healthpeak Properties, Inc. | | | BBB+ | | | | 3.15 | | | | 08/01/22 | | | | 730,000 | | | | 765,610 | |
Jones Lang LaSalle, Inc. | | | BBB+ | | | | 4.40 | | | | 11/15/22 | | | | 1,370,000 | | | | 1,436,015 | |
Mack-Cali Realty LP | | | BB- | | | | 4.50 | | | | 04/18/22 | | | | 975,000 | | | | 902,305 | |
Omega Healthcare Investors, Inc. | | | BBB- | | | | 4.38 | | | | 08/01/23 | | | | 1,700,000 | | | | 1,764,748 | |
Omega Healthcare Investors, Inc. | | | BBB- | | | | 4.50 | | | | 01/15/25 | | | | 730,000 | | | | 753,491 | |
Service Properties Trust | | | BB+ | | | | 5.00 | | | | 08/15/22 | | | | 1,265,000 | | | | 1,242,306 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | 15,254,197 | |
| | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
78
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| UTILITIES (1.0%) | | | | | | | | | | | | |
Exelon Corp. | | BBB | | 5.15 | | 12/01/20 | | $ | 1,460,000 | | | $ | 1,470,569 | |
Exelon Generation Co. LLC | | BBB+ | | 4.25 | | 06/15/22 | | | 975,000 | | | | 1,032,944 | |
National Fuel Gas Co. | | BBB- | | 4.90 | | 12/01/21 | | | 1,945,000 | | | | 2,011,882 | |
Southern Co. | | BBB+ | | 3.25 | | 07/01/26 | | | 2,430,000 | | | | 2,692,894 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 7,208,289 | |
| | | | | | | | | | | | | | |
TOTAL CORPORATE DEBT | | | | 189,999,253 | |
| | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $654,178,364) 99.3% | | | | 689,236,337 | |
| | | | | | | | | | | | | | |
| | | | | |
| | | | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.1%) | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | 0.01 | | 07/01/20 | | $ | 878,279 | | | $ | 878,279 | |
| | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $878,279) 0.1% | | | | 878,279 | |
| | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $655,056,643) 99.4% | | | | 690,114,616 | |
| | | | | | | | | | | | | | |
OTHER NET ASSETS 0.6% | | | | 4,260,432 | |
| | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 694,375,048 | |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
79
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES: | | | | | | | | | | | | |
| U.S. GOVERNMENT (42.8%) | | | | | | |
U.S. Treasury Bond | | AA+ | | 2.25 | | 08/15/46 | | $ | 28,885,000 | | | $ | 34,243,393 | |
U.S. Treasury Bond | | AA+ | | 2.75 | | 08/15/47 | | | 9,790,000 | | | | 12,785,511 | |
U.S. Treasury Bond | | AA+ | | 2.88 | | 05/15/49 | | | 28,395,000 | | | | 38,393,146 | |
U.S. Treasury Note | | AA+ | | 0.63 | | 05/15/30 | | | 36,000,000 | | | | 35,890,312 | |
U.S. Treasury Note | | AA+ | | 1.25 | | 08/31/24 | | | 20,070,000 | | | | 20,912,783 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 09/30/24 | | | 23,000,000 | | | | 24,225,469 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 08/15/26 | | | 40,350,000 | | | | 42,996,393 | |
U.S. Treasury Note | | AA+ | | 1.50 | | 02/15/30 | | | 5,500,000 | | | | 5,944,941 | |
U.S. Treasury Note | | AA+ | | 1.63 | | 08/15/29 | | | 48,955,000 | | | | 53,406,845 | |
U.S. Treasury Note | | AA+ | | 2.25 | | 02/15/27 | | | 43,080,000 | | | | 48,123,389 | |
U.S. Treasury Note | | AA+ | | 2.25 | | 08/15/27 | | | 72,945,000 | | | | 81,932,052 | |
U.S. Treasury Note | | AA+ | | 2.25 | | 11/15/27 | | | 50,035,000 | | | | 56,349,964 | |
U.S. Treasury Note | | AA+ | | 2.38 | | 05/15/27 | | | 62,420,000 | | | | 70,449,260 | |
U.S. Treasury Note | | AA+ | | 2.63 | | 02/15/29 | | | 48,955,000 | | | | 57,361,491 | |
U.S. Treasury Note | | AA+ | | 2.88 | | 05/15/28 | | | 39,165,000 | | | | 46,217,760 | |
U.S. Treasury Note | | AA+ | | 3.13 | | 11/15/28 | | | 3,915,000 | | | | 4,732,868 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/25 | | | 19,580,000 | | | | 19,172,125 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/26 | | | 19,580,000 | | | | 18,976,803 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/28 | | | 19,580,000 | | | | 18,529,946 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/29 | | | 19,580,000 | | | | 18,279,010 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/33 | | | 9,790,000 | | | | 8,589,971 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/35 | | | 9,790,000 | | | | 8,319,487 | |
U.S. Treasury Strip | | AA+ | | 0.00 | | 08/15/37 | | | 9,790,000 | | | | 7,980,793 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 733,813,712 | |
| | | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (30.7%) | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (30.7%) | | | | | | | | | | | | |
FHLMC | | AA+ | | 0.58 | | 10/15/41 | | | 616,185 | | | | 615,710 | |
FHLMC | | AA+ | | 0.68 | | 01/15/47 | | | 2,329,434 | | | | 2,334,367 | |
FHLMC | | AA+ | | 2.50 | | 09/01/27 | | | 848,576 | | | | 890,321 | |
FHLMC | | AA+ | | 2.50 | | 12/01/27 | | | 844,565 | | | | 894,496 | |
FHLMC | | AA+ | | 2.50 | | 10/01/34 | | | 3,266,498 | | | | 3,421,375 | |
FHLMC | | AA+ | | 2.50 | | 10/01/49 | | | 2,808,721 | | | | 2,936,983 | |
FHLMC | | AA+ | | 2.50 | | 01/01/50 | | | 1,569,192 | | | | 1,646,426 | |
FHLMC | | AA+ | | 2.50 | | 05/01/50 | | | 4,991,934 | | | | 5,217,906 | |
FHLMC | | AA+ | | 2.50 | | 05/01/50 | | | 3,977,914 | | | | 4,103,399 | |
FHLMC | | AA+ | | 3.00 | | 06/01/27 | | | 430,210 | | | | 452,687 | |
FHLMC | | AA+ | | 3.00 | | 08/01/27 | | | 219,128 | | | | 230,311 | |
FHLMC | | AA+ | | 3.00 | | 02/01/32 | | | 3,440,340 | | | | 3,653,630 | |
FHLMC | | AA+ | | 3.00 | | 10/15/37 | | | 770,949 | | | | 791,936 | |
FHLMC | | AA+ | | 3.00 | | 11/01/39 | | | 5,109,921 | | | | 5,384,038 | |
FHLMC | | AA+ | | 3.00 | | 12/15/40 | | | 814,860 | | | | 860,492 | |
FHLMC | | AA+ | | 3.00 | | 07/01/42 | | | 458,072 | | | | 497,687 | |
FHLMC | | AA+ | | 3.00 | | 11/01/42 | | | 1,429,295 | | | | 1,490,079 | |
FHLMC | | AA+ | | 3.00 | | 03/01/43 | | | 1,212,518 | | | | 1,306,421 | |
FHLMC | | AA+ | | 3.00 | | 04/01/43 | | | 1,733,979 | | | | 1,868,342 | |
FHLMC | | AA+ | | 3.00 | | 04/01/43 | | | 11,570,214 | | | | 12,395,960 | |
FHLMC | | AA+ | | 3.00 | | 04/01/43 | | | 5,502,679 | | | | 5,972,061 | |
FHLMC | | AA+ | | 3.00 | | 09/15/43 | | | 2,205,981 | | | | 2,263,268 | |
FHLMC | | AA+ | | 3.00 | | 04/15/44 | | | 756,418 | | | | 785,038 | |
FHLMC | | AA+ | | 3.00 | | 04/15/45 | | | 1,868,434 | | | | 1,920,526 | |
FHLMC | | AA+ | | 3.00 | | 09/01/46 | | | 1,442,771 | | | | 1,526,542 | |
FHLMC | | AA+ | | 3.00 | | 09/01/46 | | | 3,733,029 | | | | 4,021,069 | |
FHLMC | | AA+ | | 3.00 | | 11/01/46 | | | 1,000,281 | | | | 1,036,862 | |
FHLMC | | AA+ | | 3.00 | | 05/01/49 | | | 4,490,903 | | | | 4,731,658 | |
FHLMC | | AA+ | | 3.00 | | 11/01/49 | | | 3,513,702 | | | | 3,719,935 | |
FHLMC | | AA+ | | 3.00 | | 11/01/49 | | | 2,817,761 | | | | 2,968,820 | |
The accompanying notes are an integral part of these portfolio schedules.
80
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FHLMC | | AA+ | | 3.00 | | 02/01/50 | | $ | 4,820,544 | | | $ | 5,080,657 | |
FHLMC | | AA+ | | 3.50 | | 02/01/35 | | | 1,859,002 | | | | 1,987,091 | |
FHLMC | | AA+ | | 3.50 | | 02/01/35 | | | 1,022,135 | | | | 1,092,525 | |
FHLMC | | AA+ | | 3.50 | | 04/01/35 | | | 881,898 | | | | 939,293 | |
FHLMC | | AA+ | | 3.50 | | 02/01/36 | | | 909,885 | | | | 973,109 | |
FHLMC | | AA+ | | 3.50 | | 01/01/41 | | | 944,613 | | | | 1,020,949 | |
FHLMC | | AA+ | | 3.50 | | 07/01/42 | | | 1,537,631 | | | | 1,696,768 | |
FHLMC | | AA+ | | 3.50 | | 06/01/43 | | | 1,869,430 | | | | 2,018,125 | |
FHLMC | | AA+ | | 3.50 | | 01/01/44 | | | 18,656,556 | | | | 20,191,091 | |
FHLMC | | AA+ | | 3.50 | | 05/15/44 | | | 1,459,119 | | | | 1,492,268 | |
FHLMC | | AA+ | | 3.50 | | 04/01/45 | | | 1,467,690 | | | | 1,595,191 | |
FHLMC | | AA+ | | 3.50 | | 07/01/45 | | | 1,605,557 | | | | 1,761,664 | |
FHLMC | | AA+ | | 3.50 | | 09/01/45 | | | 1,289,381 | | | | 1,385,017 | |
FHLMC | | AA+ | | 3.50 | | 11/01/45 | | | 4,450,963 | | | | 4,801,145 | |
FHLMC | | AA+ | | 3.50 | | 08/01/46 | | | 1,992,421 | | | | 2,172,735 | |
FHLMC | | AA+ | | 3.50 | | 08/01/47 | | | 6,447,425 | | | | 6,837,984 | |
FHLMC | | AA+ | | 3.50 | | 09/01/47 | | | 6,827,968 | | | | 7,235,641 | |
FHLMC | | AA+ | | 3.50 | | 11/01/47 | | | 2,901,299 | | | | 3,074,744 | |
FHLMC | | AA+ | | 3.50 | | 12/01/47 | | | 1,414,100 | | | | 1,498,392 | |
FHLMC | | AA+ | | 3.50 | | 07/01/49 | | | 3,081,658 | | | | 3,266,149 | |
FHLMC | | AA+ | | 3.50 | | 02/01/50 | | | 4,949,740 | | | | 5,256,013 | |
FHLMC | | AA+ | | 4.00 | | 02/01/25 | | | 41,868 | | | | 44,295 | |
FHLMC | | AA+ | | 4.00 | | 05/01/26 | | | 138,125 | | | | 146,413 | |
FHLMC | | AA+ | | 4.00 | | 11/01/33 | | | 3,877,846 | | | | 4,103,871 | |
FHLMC | | AA+ | | 4.00 | | 12/01/33 | | | 854,191 | | | | 916,437 | |
FHLMC | | AA+ | | 4.00 | | 01/01/38 | | | 2,051,807 | | | | 2,251,401 | |
FHLMC | | AA+ | | 4.00 | | 06/15/38 | | | 4,900,000 | | | | 5,121,254 | |
FHLMC | | AA+ | | 4.00 | | 12/15/38 | | | 185,994 | | | | 191,399 | |
FHLMC | | AA+ | | 4.00 | | 01/15/40 | | | 2,000,000 | | | | 2,122,076 | |
FHLMC | | AA+ | | 4.00 | | 07/01/41 | | | 705,350 | | | | 783,457 | |
FHLMC | | AA+ | | 4.00 | | 10/01/44 | | | 1,374,647 | | | | 1,509,223 | |
FHLMC | | AA+ | | 4.00 | | 10/01/44 | | | 795,986 | | | | 866,418 | |
FHLMC | | AA+ | | 4.00 | | 10/01/44 | | | 1,226,713 | | | | 1,343,943 | |
FHLMC | | AA+ | | 4.00 | | 02/01/45 | | | 3,986,349 | | | | 4,449,824 | |
FHLMC | | AA+ | | 4.00 | | 05/01/47 | | | 1,950,101 | | | | 2,076,832 | |
FHLMC | | AA+ | | 4.00 | | 02/01/48 | | | 1,011,636 | | | | 1,075,536 | |
FHLMC | | AA+ | | 4.00 | | 05/01/48 | | | 694,670 | | | | 737,443 | |
FHLMC | | AA+ | | 4.00 | | 05/01/48 | | | 1,545,360 | | | | 1,639,166 | |
FHLMC | | AA+ | | 4.00 | | 09/01/48 | | | 4,133,523 | | | | 4,382,056 | |
FHLMC | | AA+ | | 4.00 | | 10/01/48 | | | 2,838,683 | | | | 3,006,773 | |
FHLMC | | AA+ | | 4.00 | | 04/01/49 | | | 3,411,813 | | | | 3,646,057 | |
FHLMC | | AA+ | | 4.00 | | 04/01/49 | | | 3,572,696 | | | | 3,786,061 | |
FHLMC | | AA+ | | 4.50 | | 05/01/48 | | | 2,094,300 | | | | 2,252,717 | |
FHLMC | | AA+ | | 4.50 | | 05/01/48 | | | 3,050,071 | | | | 3,282,073 | |
FHLMC | | AA+ | | 5.00 | | 10/01/40 | | | 527,344 | | | | 605,796 | |
FHLMC | | AA+ | | 5.50 | | 03/01/21 | | | 1,824 | | | | 1,832 | |
FHLMC | | AA+ | | 5.50 | | 01/15/33 | | | 123,968 | | | | 142,054 | |
FHLMC | | AA+ | | 6.00 | | 07/15/29 | | | 70,846 | | | | 79,835 | |
FHLMC | | AA+ | | 6.00 | | 03/15/32 | | | 89,654 | | | | 104,058 | |
FHLMC ARM | | AA+ | | 3.56 | | 05/01/37 | | | 40,904 | | | | 41,222 | |
FHLMC ARM | | AA+ | | 3.65 | | 04/01/37 | | | 57,116 | | | | 60,324 | |
FHLMC ARM | | AA+ | | 3.73 | | 03/01/37 | | | 15,546 | | | | 15,721 | |
FHLMC ARM | | AA+ | | 3.76 | | 02/01/36 | | | 112,226 | | | | 113,372 | |
FHLMC ARM | | AA+ | | 3.86 | | 04/01/37 | | | 26,700 | | | | 26,959 | |
FHLMC Strip | | AA+ | | 3.00 | | 01/15/43 | | | 2,128,475 | | | | 2,307,146 | |
The accompanying notes are an integral part of these portfolio schedules.
81
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FHLMC Strip | | AA+ | | 3.50 | | 10/15/47 | | $ | 1,680,825 | | | $ | 1,810,517 | |
FNMA | | AA+ | | 0.58 | | 06/25/37 | | | 44,430 | | | | 44,613 | |
FNMA | | AA+ | | 0.91 | | 06/25/40 | | | 468,174 | | | | 474,475 | |
FNMA | | AA+ | | 2.25 | | 01/01/28 | | | 1,113,593 | | | | 1,171,113 | |
FNMA | | AA+ | | 2.50 | | 02/01/33 | | | 1,143,366 | | | | 1,189,376 | |
FNMA | | AA+ | | 2.50 | | 06/01/35 | | | 3,840,500 | | | | 4,022,593 | |
FNMA | | AA+ | | 2.50 | | 12/01/37 | | | 7,276,493 | | | | 7,622,909 | |
FNMA | | AA+ | | 2.50 | | 03/01/50 | | | 4,972,403 | | | | 5,197,958 | |
FNMA | | AA+ | | 2.68 | | 12/01/26 | | | 2,925,000 | | | | 3,163,917 | |
FNMA | | AA+ | | 2.92 | | 07/01/27 | | | 2,793,094 | | | | 3,043,504 | |
FNMA | | AA+ | | 3.00 | | 05/25/31 | | | 3,753,747 | | | | 4,001,093 | |
FNMA | | AA+ | | 3.00 | | 06/01/33 | | | 873,289 | | | | 927,399 | |
FNMA | | AA+ | | 3.00 | | 07/01/33 | | | 1,624,410 | | | | 1,731,064 | |
FNMA | | AA+ | | 3.00 | | 09/01/33 | | | 1,671,622 | | | | 1,781,382 | |
FNMA | | AA+ | | 3.00 | | 03/01/36 | | | 2,283,822 | | | | 2,416,666 | |
FNMA | | AA+ | | 3.00 | | 01/01/40 | | | 4,643,106 | | | | 4,892,022 | |
FNMA | | AA+ | | 3.00 | | 04/25/42 | | | 855,781 | | | | 885,293 | |
FNMA | | AA+ | | 3.00 | | 12/01/42 | | | 1,229,513 | | | | 1,281,893 | |
FNMA | | AA+ | | 3.00 | | 04/01/43 | | | 1,376,583 | | | | 1,435,151 | |
FNMA | | AA+ | | 3.00 | | 02/01/45 | | | 1,332,038 | | | | 1,451,740 | |
FNMA | | AA+ | | 3.00 | | 03/01/45 | | | 1,284,160 | | | | 1,338,287 | |
FNMA | | AA+ | | 3.00 | | 09/01/46 | | | 2,319,421 | | | | 2,456,968 | |
FNMA | | AA+ | | 3.00 | | 01/01/47 | | | 947,375 | | | | 981,518 | |
FNMA | | AA+ | | 3.00 | | 03/01/50 | | | 2,453,474 | | | | 2,585,860 | |
FNMA | | AA+ | | 3.00 | | 03/01/50 | | | 20,000,000 | | | | 21,315,010 | |
FNMA | | AA+ | | 3.00 | | 05/01/50 | | | 4,992,216 | | | | 5,261,603 | |
FNMA | | AA+ | | 3.00 | | 06/01/50 | | | 6,966,384 | | | | 7,342,259 | |
FNMA | | AA+ | | 3.50 | | 03/01/32 | | | 619,730 | | | | 662,849 | |
FNMA | | AA+ | | 3.50 | | 07/01/34 | | | 2,039,638 | | | | 2,192,557 | |
FNMA | | AA+ | | 3.50 | | 10/01/34 | | | 1,519,020 | | | | 1,597,188 | |
FNMA | | AA+ | | 3.50 | | 02/01/35 | | | 1,302,703 | | | | 1,384,733 | |
FNMA | | AA+ | | 3.50 | | 03/01/41 | | | 1,231,488 | | | | 1,358,935 | |
FNMA | | AA+ | | 3.50 | | 10/01/41 | | | 693,686 | | | | 745,272 | |
FNMA | | AA+ | | 3.50 | | 12/01/41 | | | 681,170 | | | | 727,035 | |
FNMA | | AA+ | | 3.50 | | 04/01/42 | | | 836,939 | | | | 899,960 | |
FNMA | | AA+ | | 3.50 | | 11/25/42 | | | 582,661 | | | | 588,473 | |
FNMA | | AA+ | | 3.50 | | 12/01/42 | | | 1,162,852 | | | | 1,262,910 | |
FNMA | | AA+ | | 3.50 | | 01/01/43 | | | 962,280 | | | | 1,038,790 | |
FNMA | | AA+ | | 3.50 | | 07/25/43 | | | 895,356 | | | | 905,859 | |
FNMA | | AA+ | | 3.50 | | 08/01/43 | | | 1,536,325 | | | | 1,639,013 | |
FNMA | | AA+ | | 3.50 | | 08/01/43 | | | 3,206,600 | | | | 3,462,762 | |
FNMA | | AA+ | | 3.50 | | 10/01/43 | | | 744,766 | | | | 792,415 | |
FNMA | | AA+ | | 3.50 | | 01/01/44 | | | 626,747 | | | | 652,539 | |
FNMA | | AA+ | | 3.50 | | 08/01/44 | | | 3,846,561 | | | | 4,004,096 | |
FNMA | | AA+ | | 3.50 | | 08/25/44 | | | 2,007,396 | | | | 2,036,097 | |
FNMA | | AA+ | | 3.50 | | 04/01/45 | | | 1,629,589 | | | | 1,771,158 | |
FNMA | | AA+ | | 3.50 | | 04/01/45 | | | 2,716,952 | | | | 2,969,544 | |
FNMA | | AA+ | | 3.50 | | 05/01/45 | | | 2,781,784 | | | | 2,990,445 | |
FNMA | | AA+ | | 3.50 | | 10/01/45 | | | 2,707,604 | | | | 2,959,611 | |
FNMA | | AA+ | | 3.50 | | 02/01/46 | | | 1,728,032 | | | | 1,846,688 | |
FNMA | | AA+ | | 3.50 | | 02/01/46 | | | 3,410,916 | | | | 3,728,421 | |
FNMA | | AA+ | | 3.50 | | 08/01/46 | | | 2,332,113 | | | | 2,549,213 | |
FNMA | | AA+ | | 3.50 | | 12/01/46 | | | 1,026,450 | | | | 1,086,833 | |
FNMA | | AA+ | | 3.50 | | 02/01/47 | | | 2,158,591 | | | | 2,302,096 | |
FNMA | | AA+ | | 3.50 | | 09/01/47 | | | 2,981,240 | | | | 3,238,889 | |
The accompanying notes are an integral part of these portfolio schedules.
82
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FNMA | | AA+ | | 3.50 | | 09/01/47 | | $ | 4,228,038 | | | $ | 4,468,417 | |
FNMA | | AA+ | | 3.50 | | 10/01/47 | | | 3,403,640 | | | | 3,604,867 | |
FNMA | | AA+ | | 3.50 | | 04/01/48 | | | 1,328,631 | | | | 1,393,617 | |
FNMA | | AA+ | | 3.50 | | 08/01/48 | | | 1,975,998 | | | | 2,080,984 | |
FNMA | | AA+ | | 3.50 | | 07/01/49 | | | 2,365,519 | | | | 2,486,574 | |
FNMA | | AA+ | | 3.50 | | 07/01/49 | | | 1,963,686 | | | | 2,064,559 | |
FNMA | | AA+ | | 3.50 | | 07/01/49 | | | 2,318,819 | | | | 2,457,116 | |
FNMA | | AA+ | | 3.50 | | 08/01/49 | | | 4,001,928 | | | | 4,207,510 | |
FNMA | | AA+ | | 3.50 | | 01/01/50 | | | 7,116,927 | | | | 7,563,770 | |
FNMA | | AA+ | | 3.50 | | 02/01/50 | | | 4,650,738 | | | | 4,940,205 | |
FNMA | | AA+ | | 3.50 | | 03/01/50 | | | 9,546,168 | | | | 10,142,544 | |
FNMA | | AA+ | | 3.53 | | 01/01/26 | | | 4,900,000 | | | | 5,486,038 | |
FNMA | | AA+ | | 4.00 | | 07/25/26 | | | 1,286,494 | | | | 1,351,646 | |
FNMA | | AA+ | | 4.00 | | 05/25/29 | | | 1,621,645 | | | | 1,693,054 | |
FNMA | | AA+ | | 4.00 | | 03/01/35 | | | 248,727 | | | | 269,364 | |
FNMA | | AA+ | | 4.00 | | 06/01/36 | | | 652,505 | | | | 702,316 | |
FNMA | | AA+ | | 4.00 | | 10/01/36 | | | 718,145 | | | | 772,967 | |
FNMA | | AA+ | | 4.00 | | 10/01/40 | | | 713,571 | | | | 797,785 | |
FNMA | | AA+ | | 4.00 | | 05/01/41 | | | 446,126 | | | | 481,627 | |
FNMA | | AA+ | | 4.00 | | 05/01/43 | | | 5,303,519 | | | | 5,814,472 | |
FNMA | | AA+ | | 4.00 | | 01/01/44 | | | 9,859,190 | | | | 10,815,130 | |
FNMA | | AA+ | | 4.00 | | 09/01/45 | | | 671,323 | | | | 729,038 | |
FNMA | | AA+ | | 4.00 | | 11/01/45 | | | 1,068,747 | | | | 1,179,032 | |
FNMA | | AA+ | | 4.00 | | 02/01/47 | | | 2,698,287 | | | | 2,992,035 | |
FNMA | | AA+ | | 4.00 | | 11/01/47 | | | 1,041,936 | | | | 1,109,637 | |
FNMA | | AA+ | | 4.00 | | 04/01/48 | | | 866,661 | | | | 919,458 | |
FNMA | | AA+ | | 4.00 | | 05/01/48 | | | 3,545,142 | | | | 3,759,552 | |
FNMA | | AA+ | | 4.00 | | 09/01/48 | | | 1,050,242 | | | | 1,112,707 | |
FNMA | | AA+ | | 4.00 | | 03/01/49 | | | 4,371,289 | | | | 4,633,721 | |
FNMA | | AA+ | | 4.00 | | 07/01/56 | | | 1,591,467 | | | | 1,755,485 | |
FNMA | | AA+ | | 4.50 | | 04/01/31 | | | 275,637 | | | | 300,850 | |
FNMA | | AA+ | | 4.50 | | 05/01/39 | | | 444,110 | | | | 495,147 | |
FNMA | | AA+ | | 4.50 | | 05/01/39 | | | 654,262 | | | | 727,364 | |
FNMA | | AA+ | | 4.50 | | 12/01/39 | | | 2,700,288 | | | | 2,943,563 | |
FNMA | | AA+ | | 4.50 | | 05/01/40 | | | 397,826 | | | | 434,718 | |
FNMA | | AA+ | | 4.50 | | 07/01/40 | | | 1,776,771 | | | | 1,963,546 | |
FNMA | | AA+ | | 4.50 | | 07/01/42 | | | 7,025,104 | | | | 7,798,771 | |
FNMA | | AA+ | | 4.50 | | 03/01/44 | | | 966,964 | | | | 1,071,610 | |
FNMA | | AA+ | | 4.50 | | 04/01/44 | | | 1,581,250 | | | | 1,740,580 | |
FNMA | | AA+ | | 4.50 | | 11/01/47 | | | 3,347,179 | | | | 3,675,738 | |
FNMA | | AA+ | | 4.50 | | 11/01/47 | | | 2,746,745 | | | | 3,016,374 | |
FNMA | | AA+ | | 4.50 | | 11/01/47 | | | 2,660,970 | | | | 2,869,672 | |
FNMA | | AA+ | | 4.50 | | 02/01/49 | | | 946,524 | | | | 1,016,882 | |
FNMA | | AA+ | | 5.00 | | 09/01/20 | | | 283 | | | | 297 | |
FNMA | | AA+ | | 5.00 | | 10/01/20 | | | 1,038 | | | | 1,091 | |
FNMA | | AA+ | | 5.00 | | 11/25/35 | | | 418,376 | | | | 483,686 | |
FNMA | | AA+ | | 5.00 | | 08/01/37 | | | 2,825,129 | | | | 3,237,998 | |
FNMA | | AA+ | | 5.00 | | 05/01/39 | | | 340,734 | | | | 378,538 | |
FNMA | | AA+ | | 5.00 | | 09/25/40 | | | 830,325 | | | | 851,516 | |
FNMA | | AA+ | | 5.50 | | 01/01/24 | | | 49,657 | | | | 54,588 | |
FNMA | | AA+ | | 5.50 | | 03/01/24 | | | 103,633 | | | | 113,925 | |
FNMA | | AA+ | | 5.50 | | 11/01/26 | | | 36,634 | | | | 40,288 | |
FNMA | | AA+ | | 5.50 | | 01/01/27 | | | 27,802 | | | | 30,611 | |
FNMA | | AA+ | | 5.50 | | 03/01/33 | | | 157,691 | | | | 171,803 | |
FNMA | | AA+ | | 5.50 | | 02/25/37 | | | 20,449 | | | | 22,700 | |
The accompanying notes are an integral part of these portfolio schedules.
83
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
FNMA | | AA+ | | 5.50 | | 05/01/38 | | $ | 2,440,024 | | | $ | 2,798,516 | |
FNMA | | AA+ | | 5.50 | | 11/01/38 | | | 13,351 | | | | 14,645 | |
FNMA | | AA+ | | 5.50 | | 06/01/48 | | | 45,516 | | | | 52,440 | |
FNMA | | AA+ | | 6.00 | | 05/01/23 | | | 50,704 | | | | 56,308 | |
FNMA | | AA+ | | 6.00 | | 03/01/28 | | | 75,742 | | | | 84,254 | |
FNMA | | AA+ | | 6.00 | | 04/01/32 | | | 3,846 | | | | 4,271 | |
FNMA | | AA+ | | 6.00 | | 05/01/32 | | | 102,729 | | | | 119,248 | |
FNMA | | AA+ | | 6.00 | | 04/01/33 | | | 249,113 | | | | 279,043 | |
FNMA | | AA+ | | 6.00 | | 12/01/36 | | | 86,583 | | | | 100,789 | |
FNMA | | AA+ | | 6.00 | | 01/01/37 | | | 96,996 | | | | 112,929 | |
FNMA | | AA+ | | 6.00 | | 05/01/37 | | | 13,443 | | | | 15,044 | |
FNMA | | AA+ | | 6.00 | | 06/01/37 | | | 2,868 | | | | 2,960 | |
FNMA | | AA+ | | 6.00 | | 07/01/37 | | | 54,260 | | | | 63,077 | |
FNMA | | AA+ | | 6.00 | | 08/01/37 | | | 57,348 | | | | 66,705 | |
FNMA | | AA+ | | 6.00 | | 10/25/44 | | | 325,085 | | | | 387,097 | |
FNMA | | AA+ | | 6.00 | | 02/25/47 | | | 708,930 | | | | 847,326 | |
FNMA | | AA+ | | 6.00 | | 12/25/49 | | | 237,658 | | | | 275,266 | |
FNMA | | AA+ | | 6.50 | | 05/01/32 | | | 82,195 | | | | 93,534 | |
FNMA | | AA+ | | 6.50 | | 09/01/36 | | | 14,244 | | | | 15,329 | |
FNMA | | AA+ | | 6.50 | | 05/01/37 | | | 82,707 | | | | 88,569 | |
FNMA | | AA+ | | 6.50 | | 07/01/37 | | | 10,751 | | | | 12,160 | |
FNMA | | AA+ | | 6.50 | | 09/01/37 | | | 13,088 | | | | 14,556 | |
FNMA | | AA+ | | 6.50 | | 05/01/38 | | | 6,784 | | | | 7,545 | |
FNMA | | AA+ | | 7.00 | | 01/25/44 | | | 205,347 | | | | 237,507 | |
FNMA | | AA+ | | 7.50 | | 06/01/32 | | | 29,418 | | | | 36,167 | |
FNMA | | AA+ | | 8.00 | | 04/01/32 | | | 17,614 | | | | 18,728 | |
FNMA Strip | | AA+ | | 3.00 | | 08/25/42 | | | 787,870 | | | | 833,133 | |
FRESB Multifamily Mortgage | | AA+ | | 2.37 | | 10/25/26 | | | 1,162,913 | | | | 1,197,757 | |
FRESB Multifamily Mortgage | | AA+ | | 3.16 | | 11/25/27 | | | 1,504,204 | | | | 1,612,579 | |
FRESB Multifamily Mortgage | | AA+ | | 3.30 | | 12/25/27 | | | 1,833,700 | | | | 1,973,437 | |
FRESB Multifamily Mortgage | | AA+ | | 3.61 | | 10/25/28 | | | 1,175,303 | | | | 1,272,001 | |
GNMA (3) | | AA+ | | 2.68 | | 10/16/47 | | | 1,145,984 | | | | 1,152,477 | |
GNMA (3) | | AA+ | | 3.00 | | 07/16/36 | | | 1,515,121 | | | | 1,654,913 | |
GNMA (3) | | AA+ | | 3.00 | | 08/20/44 | | | 2,059,144 | | | | 2,151,764 | |
GNMA (3) | | AA+ | | 3.00 | | 01/15/46 | | | 1,249,863 | | | | 1,330,450 | |
GNMA (3) | | AA+ | | 3.00 | | 03/15/46 | | | 4,408,819 | | | | 4,693,287 | |
GNMA (3) | | AA+ | | 3.00 | | 07/15/46 | | | 2,387,628 | | | | 2,541,991 | |
GNMA (3) | | AA+ | | 3.00 | | 02/20/47 | | | 2,844,714 | | | | 3,038,500 | |
GNMA (3) | | AA+ | | 3.50 | | 05/20/31 | | | 2,084,273 | | | | 2,259,104 | |
GNMA (3) | | AA+ | | 3.50 | | 02/20/42 | | | 1,237,252 | | | | 1,294,389 | |
GNMA (3) | | AA+ | | 3.50 | | 07/15/42 | | | 1,446,431 | | | | 1,546,212 | |
GNMA (3) | | AA+ | | 3.50 | | 11/15/42 | | | 611,724 | | | | 651,982 | |
GNMA (3) | | AA+ | | 3.50 | | 03/20/45 | | | 2,696,892 | | | | 2,886,689 | |
GNMA (3) | | AA+ | | 3.50 | | 05/20/45 | | | 1,966,060 | | | | 2,134,779 | |
GNMA (3) | | AA+ | | 3.70 | | 05/15/42 | | | 681,608 | | | | 733,552 | |
GNMA (3) | | AA+ | | 4.00 | | 01/20/41 | | | 1,040,219 | | | | 1,127,019 | |
GNMA (3) | | AA+ | | 4.00 | | 03/15/41 | | | 412,577 | | | | 453,232 | |
GNMA (3) | | AA+ | | 4.00 | | 08/15/41 | | | 776,657 | | | | 851,800 | |
GNMA (3) | | AA+ | | 4.00 | | 11/15/41 | | | 522,862 | | | | 583,910 | |
GNMA (3) | | AA+ | | 4.00 | | 12/15/41 | | | 922,953 | | | | 1,003,003 | |
GNMA (3) | | AA+ | | 4.00 | | 08/20/42 | | | 746,097 | | | | 808,123 | |
GNMA (3) | | AA+ | | 4.25 | | 04/20/41 | | | 557,427 | | | | 608,284 | |
GNMA (3) | | AA+ | | 4.29 | | 04/15/41 | | | 258,711 | | | | 280,069 | |
GNMA (3) | | AA+ | | 4.50 | | 06/20/30 | | | 24,272 | | | | 26,413 | |
GNMA (3) | | AA+ | | 4.50 | | 09/15/30 | | | 342,208 | | | | 377,181 | |
The accompanying notes are an integral part of these portfolio schedules.
84
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) | | | | | | |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | | | | | | | | | | | | |
GNMA (3) | | AA+ | | 4.50 | | 06/20/34 | | $ | 217,247 | | | $ | 238,479 | |
GNMA (3) | | AA+ | | 4.50 | | 09/15/40 | | | 732,536 | | | | 815,075 | |
GNMA (3) | | AA+ | | 4.50 | | 10/15/40 | | | 788,298 | | | | 901,963 | |
GNMA (3) | | AA+ | | 4.50 | | 10/15/40 | | | 196,633 | | | | 216,402 | |
GNMA (3) | | AA+ | | 5.00 | | 04/15/39 | | | 642,625 | | | | 742,298 | |
GNMA (3) | | AA+ | | 5.00 | | 06/20/39 | | | 778,835 | | | | 886,631 | |
GNMA (3) | | AA+ | | 5.00 | | 11/15/39 | | | 260,073 | | | | 297,229 | |
GNMA (3) | | AA+ | | 5.00 | | 05/15/40 | | | 104,888 | | | | 119,784 | |
GNMA (3) | | AA+ | | 5.00 | | 06/20/40 | | | 72,880 | | | | 80,272 | |
GNMA (3) | | AA+ | | 6.50 | | 04/15/31 | | | 6,145 | | | | 6,763 | |
GNMA (3) | | AA+ | | 6.50 | | 12/15/31 | | | 17,161 | | | | 19,251 | |
GNMA (3) | | AA+ | | 6.50 | | 05/15/32 | | | 15,797 | | | | 17,385 | |
GNMA (3) | | AA+ | | 7.00 | | 05/15/32 | | | 2,348 | | | | 2,428 | |
Vendee Mortgage Trust (3) | | AA+ | | 5.25 | | 01/15/32 | | | 283,112 | | | | 295,975 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 526,517,565 | |
| | | | | | | | | | | | | | |
| CORPORATE DEBT (25.4%) | | | | | | |
| COMMUNICATION SERVICES (0.9%) | | | | | | | | | | | | |
AT&T, Inc. | | BBB | | 3.00 | | 02/15/22 | | | 3,915,000 | | | | 4,076,543 | |
AT&T, Inc. | | BBB | | 3.00 | | 06/30/22 | | | 980,000 | | | | 1,023,463 | |
Discovery Communications LLC | | BBB- | | 3.50 | | 06/15/22 | | | 4,895,000 | | | | 5,093,627 | |
Omnicom Group, Inc. | | BBB+ | | 3.63 | | 05/01/22 | | | 980,000 | | | | 1,033,572 | |
ViacomCBS, Inc. | | BBB | | 3.25 | | 03/15/23 | | | 4,895,000 | | | | 5,000,992 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 16,228,197 | |
| | | | | | | | | | | | | | |
| CONSUMER DISCRETIONARY (4.8%) | | | | | | |
Advance Auto Parts, Inc. | | BBB- | | 4.50 | | 01/15/22 | | | 980,000 | | | | 1,027,748 | |
Advance Auto Parts, Inc. | | BBB- | | 4.50 | | 12/01/23 | | | 980,000 | | | | 1,063,190 | |
Amazon.com, Inc. | | AA- | | 5.20 | | 12/03/25 | | | 4,895,000 | | | | 6,005,916 | |
AutoZone, Inc. | | BBB | | 3.25 | | 04/15/25 | | | 1,960,000 | | | | 2,136,763 | |
AutoZone, Inc. | | BBB | | 3.70 | | 04/15/22 | | | 685,000 | | | | 716,624 | |
AutoZone, Inc. | | BBB | | 4.00 | | 11/15/20 | | | 2,935,000 | | | | 2,947,400 | |
Brinker International, Inc. | | B- | | 3.88 | | 05/15/23 | | | 3,915,000 | | | | 3,621,375 | |
Dollar General Corp. | | BBB | | 3.25 | | 04/15/23 | | | 3,915,000 | | | | 4,180,197 | |
eBay, Inc. | | BBB+ | | 2.88 | | 08/01/21 | | | 4,895,000 | | | | 5,006,022 | |
Expedia Group, Inc. | | BBB- | | 5.95 | | 08/15/20 | | | 3,915,000 | | | | 3,917,023 | |
Family Dollar Stores, Inc. | | BBB- | | 5.00 | | 02/01/21 | | | 3,915,000 | | | | 3,980,411 | |
Harman International Industries, Inc. | | A- | | 4.15 | | 05/15/25 | | | 4,895,000 | | | | 5,325,841 | |
Hyatt Hotels Corp. | | BBB- | | 5.38 | | 08/15/21 | | | 195,000 | | | | 200,467 | |
Kohl’s Corp. | | BBB- | | 3.25 | | 02/01/23 | | | 1,764,000 | | | | 1,719,344 | |
Lowe’s Cos., Inc. | | BBB+ | | 3.12 | | 04/15/22 | | | 1,960,000 | | | | 2,039,791 | |
Lowe’s Cos., Inc. | | BBB+ | | 4.00 | | 04/15/25 | | | 3,190,000 | | | | 3,640,010 | |
Marriott International, Inc. | | BBB- | | 3.13 | | 02/15/23 | | | 2,935,000 | | | | 2,936,379 | |
Marriott International, Inc. | | BBB- | | 3.38 | | 10/15/20 | | | 2,935,000 | | | | 2,933,519 | |
Mattel, Inc. | | B- | | 3.15 | | 03/15/23 | | | 1,960,000 | | | | 1,846,006 | |
McDonald’s Corp. | | BBB+ | | 3.50 | | 07/01/27 | | | 4,305,000 | | | | 4,887,425 | |
Newell Brands, Inc. | | BB+ | | 4.70 | | 08/15/20 | | | 2,935,000 | | | | 2,935,608 | |
NVR, Inc. | | BBB+ | | 3.95 | | 09/15/22 | | | 3,915,000 | | | | 4,167,903 | |
O’Reilly Automotive, Inc. | | BBB | | 3.80 | | 09/01/22 | | | 3,180,000 | | | | 3,339,983 | |
Tapestry, Inc. | | BBB- | | 4.25 | | 04/01/25 | | | 2,450,000 | | | | 2,372,683 | |
Tupperware Brands Corp. | | C | | 4.75 | | 06/01/21 | | | 3,915,000 | | | | 2,388,150 | |
Whirlpool Corp. | | BBB | | 3.70 | | 05/01/25 | | | 1,960,000 | | | | 2,147,962 | |
Whirlpool Corp. | | BBB | | 4.85 | | 06/15/21 | | | 980,000 | | | | 1,019,465 | |
Wyndham Destinations, Inc. | | BB- | | 3.90 | | 03/01/23 | | | 3,915,000 | | | | 3,654,848 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 82,158,053 | |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
85
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | | | |
| CONSUMER STAPLES (1.3%) | | | | | | |
Conagra Brands, Inc. | | BBB- | | 4.95 | | 08/15/20 | | $ | 630,000 | | | $ | 630,123 | |
Flowers Foods, Inc. | | BBB | | 4.38 | | 04/01/22 | | | 3,915,000 | | | | 4,080,024 | |
Ingredion, Inc. | | BBB | | 4.63 | | 11/01/20 | | | 3,160,000 | | | | 3,195,094 | |
Kroger Co. | | BBB | | 2.95 | | 11/01/21 | | | 4,700,000 | | | | 4,838,098 | |
Mead Johnson Nutrition Co. | | A- | | 4.13 | | 11/15/25 | | | 1,910,000 | | | | 2,211,601 | |
Molson Coors Beverage Co. | | BBB- | | 3.50 | | 05/01/22 | | | 2,935,000 | | | | 3,062,543 | |
Sysco Corp. | | BBB- | | 3.75 | | 10/01/25 | | | 3,500,000 | | | | 3,832,109 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 21,849,592 | |
| | | | | | | | | | | | | | |
| ENERGY (1.5%) | | | | | | |
Devon Energy Corp. | | BBB- | | 5.85 | | 12/15/25 | | | 2,450,000 | | | | 2,704,692 | |
Diamond Offshore Drilling, Inc. | | NR | | 3.45 | | 11/01/23 | | | 2,935,000 | | | | 316,393 | |
Energen Corp. | | BBB- | | 4.63 | | 09/01/21 | | | 3,915,000 | | | | 3,944,010 | |
EQT Corp. | | BB- | | 4.88 | | 11/15/21 | | | 899,000 | | | | 880,750 | |
Kinder Morgan Energy Partners LP | | BBB | | 4.30 | | 05/01/24 | | | 4,895,000 | | | | 5,345,976 | |
Marathon Oil Corp. | | BBB- | | 2.80 | | 11/01/22 | | | 3,915,000 | | | | 3,919,109 | |
Marathon Petroleum Corp. | | BBB | | 5.13 | | 03/01/21 | | | 3,230,000 | | | | 3,320,957 | |
Murphy Oil Corp. | | BB | | 4.95 | | 12/01/22 | | | 3,450,000 | | | | 3,329,250 | |
SESI LLC | | CC | | 7.13 | | 12/15/21 | | | 4,405,000 | | | | 1,519,725 | |
Valaris PLC | | D | | 4.88 | | 06/01/22 | | | 3,915,000 | | | | 430,650 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 25,711,512 | |
| | | | | | | | | | | | | | |
| FINANCIALS (6.4%) | | | | | | |
Alleghany Corp. | | BBB+ | | 4.95 | | 06/27/22 | | | 1,960,000 | | | | 2,088,199 | |
American Express Co. | | BBB | | 3.63 | | 12/05/24 | | | 4,895,000 | | | | 5,428,002 | |
American International Group, Inc. | | BBB+ | | 3.75 | | 07/10/25 | | | 4,895,000 | | | | 5,417,008 | |
Bank of America Corp. | | BBB+ | | 3.95 | | 04/21/25 | | | 4,895,000 | | | | 5,416,359 | |
Block Financial LLC | | BBB | | 5.25 | | 10/01/25 | | | 2,935,000 | | | | 3,234,898 | |
Block Financial LLC | | BBB | | 5.50 | | 11/01/22 | | | 2,205,000 | | | | 2,349,891 | |
Capital One Financial Corp. | | BBB | | 4.75 | | 07/15/21 | | | 3,915,000 | | | | 4,082,294 | |
Citigroup, Inc. | | BBB | | 3.88 | | 03/26/25 | | | 4,895,000 | | | | 5,331,697 | |
Citizens Financial Group, Inc. | | BBB | | 3.75 | | 07/01/24 | | | 5,000,000 | | | | 5,375,114 | |
Fairfax U.S., Inc.† | | BBB- | | 4.88 | | 08/13/24 | | | 3,425,000 | | | | 3,520,000 | |
Fifth Third Bancorp | | BBB | | 4.30 | | 01/16/24 | | | 4,895,000 | | | | 5,394,282 | |
Genworth Hldgs., Inc. | | B- | | 7.20 | | 02/15/21 | | | 1,715,000 | | | | 1,603,525 | |
Genworth Hldgs., Inc. | | B- | | 7.63 | | 09/24/21 | | | 1,275,000 | | | | 1,193,846 | |
JPMorgan Chase & Co. | | BBB+ | | 3.88 | | 09/10/24 | | | 4,895,000 | | | | 5,427,195 | |
Kemper Corp. | | BBB | | 4.35 | | 02/15/25 | | | 1,960,000 | | | | 2,113,859 | |
Lincoln National Corp. | | A- | | 4.00 | | 09/01/23 | | | 3,915,000 | | | | 4,262,559 | |
Marsh & McLennan Cos., Inc. | | A- | | 4.80 | | 07/15/21 | | | 2,935,000 | | | | 3,027,886 | |
Moody’s Corp. | | BBB+ | | 4.50 | | 09/01/22 | | | 3,915,000 | | | | 4,203,158 | |
Old Republic International Corp. | | BBB+ | | 3.88 | | 08/26/26 | | | 4,895,000 | | | | 5,232,519 | |
People’s United Bank N.A. | | BBB+ | | 4.00 | | 07/15/24 | | | 2,000,000 | | | | 2,121,871 | |
Prudential Financial, Inc. | | A | | 4.50 | | 11/16/21 | | | 980,000 | | | | 1,032,607 | |
Reinsurance Group of America, Inc. | | A | | 4.70 | | 09/15/23 | | | 980,000 | | | | 1,071,294 | |
Reinsurance Group of America, Inc. | | A | | 5.00 | | 06/01/21 | | | 2,935,000 | | | | 3,055,177 | |
Signet UK Finance PLC | | B+ | | 4.70 | | 06/15/24 | | | 4,895,000 | | | | 3,426,500 | |
Stifel Financial Corp. | | BBB- | | 4.25 | | 07/18/24 | | | 1,470,000 | | | | 1,564,335 | |
Synchrony Financial | | BBB- | | 3.70 | | 08/04/26 | | | 2,695,000 | | | | 2,789,444 | |
Travelers Cos., Inc. | | A | | 3.90 | | 11/01/20 | | | 2,450,000 | | | | 2,478,139 | |
Unum Group | | BBB | | 4.00 | | 03/15/24 | | | 4,895,000 | | | | 5,137,156 | |
Voya Financial, Inc. | | BBB+ | | 3.65 | | 06/15/26 | | | 4,895,000 | | | | 5,424,595 | |
W R Berkley Corp. | | BBB+ | | 4.63 | | 03/15/22 | | | 1,960,000 | | | | 2,065,310 | |
Wells Fargo & Co. | | BBB+ | | 3.45 | | 02/13/23 | | | 3,915,000 | | | | 4,159,243 | |
Wells Fargo & Co. | | BBB+ | | 4.13 | | 08/15/23 | | | 980,000 | | | | 1,067,079 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 110,095,041 | |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
86
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | |
| | | Rating** | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | | | |
| HEALTH CARE (1.9%) | | | | | | |
Anthem, Inc. | | A | | 3.30 | | 01/15/23 | | $ | 3,464,000 | | | $ | 3,691,884 | |
Anthem, Inc. | | A | | 4.35 | | 08/15/20 | | | 1,960,000 | | | | 1,960,275 | |
Biogen, Inc. | | A- | | 4.05 | | 09/15/25 | | | 2,450,000 | | | | 2,806,924 | |
Bio-Rad Laboratories, Inc. | | BBB | | 4.88 | | 12/15/20 | | | 3,915,000 | | | | 3,980,387 | |
Express Scripts Hldg. Co. | | A- | | 3.50 | | 06/15/24 | | | 1,960,000 | | | | 2,106,304 | |
Humana, Inc. | | BBB+ | | 3.85 | | 10/01/24 | | | 2,935,000 | | | | 3,222,689 | |
Laboratory Corp. of America Hldgs. | | BBB | | 3.75 | | 08/23/22 | | | 1,960,000 | | | | 2,067,918 | |
Laboratory Corp. of America Hldgs. | | BBB | | 4.63 | | 11/15/20 | | | 980,000 | | | | 982,579 | |
Owens & Minor, Inc. | | B- | | 4.38 | | 12/15/24 | | | 2,740,000 | | | | 2,349,550 | |
Quest Diagnostics, Inc. | | BBB+ | | 3.50 | | 03/30/25 | | | 685,000 | | | | 752,806 | |
Thermo Fisher Scientific, Inc. | | BBB+ | | 4.13 | | 03/25/25 | | | 3,190,000 | | | | 3,643,524 | |
Zimmer Biomet Hldgs., Inc. | | BBB | | 3.15 | | 04/01/22 | | | 4,895,000 | | | | 5,081,108 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 32,645,948 | |
| | | | | | | | | | | | | | |
| INDUSTRIALS (1.4%) | | | | | | |
Deere & Co. | | A | | 2.75 | | 04/15/25 | | | 6,440,000 | | | | 7,036,160 | |
Flowserve Corp. | | BBB- | | 3.50 | | 09/15/22 | | | 3,915,000 | | | | 4,046,153 | |
General Dynamics Corp. | | A | | 3.25 | | 04/01/25 | | | 3,190,000 | | | | 3,537,781 | |
Hexcel Corp. | | BBB | | 4.70 | | 08/15/25 | | | 3,820,000 | | | | 4,156,918 | |
Verisk Analytics, Inc. | | BBB | | 4.00 | | 06/15/25 | | | 4,895,000 | | | | 5,539,669 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 24,316,681 | |
| | | | | | | | | | | | | | |
| INFORMATION TECHNOLOGY (2.6%) | | | | | | |
Applied Materials, Inc. | | A- | | 3.90 | | 10/01/25 | | | 4,895,000 | | | | 5,593,834 | |
Arrow Electronics, Inc. | | BBB- | | 4.00 | | 04/01/25 | | | 980,000 | | | | 1,059,421 | |
Arrow Electronics, Inc. | | BBB- | | 4.50 | | 03/01/23 | | | 1,075,000 | | | | 1,141,521 | |
Avnet, Inc. | | BBB- | | 4.88 | | 12/01/22 | | | 265,000 | | | | 283,482 | |
Fidelity National Information Svcs., Inc. | | BBB | | 3.88 | | 06/05/24 | | | 4,895,000 | | | | 5,402,717 | |
Fiserv, Inc. | | BBB | | 4.75 | | 06/15/21 | | | 980,000 | | | | 1,018,941 | |
Global Payments, Inc. | | BBB- | | 3.75 | | 06/01/23 | | | 3,915,000 | | | | 4,221,781 | |
Ingram Micro, Inc. | | NR | | 5.00 | | 08/10/22 | | | 980,000 | | | | 980,147 | |
Ingram Micro, Inc. | | NR | | 5.45 | | 12/15/24 | | | 735,000 | | | | 740,898 | |
Intel Corp. | | A+ | | 3.40 | | 03/25/25 | | | 2,500,000 | | | | 2,804,738 | |
Juniper Networks, Inc. | | BBB | | 4.50 | | 03/15/24 | | | 2,935,000 | | | | 3,252,371 | |
Keysight Technologies, Inc. | | BBB | | 4.55 | | 10/30/24 | | | 4,895,000 | | | | 5,466,490 | |
Mastercard, Inc. | | A+ | | 3.30 | | 03/26/27 | | | 2,300,000 | | | | 2,604,522 | |
Motorola Solutions, Inc. | | BBB- | | 3.75 | | 05/15/22 | | | 3,915,000 | | | | 4,115,605 | |
Motorola Solutions, Inc. | | BBB- | | 4.00 | | 09/01/24 | | | 980,000 | | | | 1,081,048 | |
NortonLifeLock, Inc. | | BB- | | 4.20 | | 09/15/20 | | | 3,915,000 | | | | 3,918,915 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 43,686,431 | |
| | | | | | | | | | | | | | |
| MATERIALS (2.4%) | | | | | | |
Carpenter Technology Corp. | | BBB- | | 4.45 | | 03/01/23 | | | 3,525,000 | | | | 3,489,221 | |
Domtar Corp. | | BBB- | | 4.40 | | 04/01/22 | | | 4,895,000 | | | | 5,001,500 | |
Dow Chemical Co. | | BBB- | | 3.50 | | 10/01/24 | | | 4,700,000 | | | | 5,073,233 | |
Eastman Chemical Co. | | BBB- | | 4.50 | | 01/15/21 | | | 2,450,000 | | | | 2,466,276 | |
Freeport-McMoRan, Inc. | | BB | | 3.55 | | 03/01/22 | | | 3,915,000 | | | | 3,915,000 | |
Kinross Gold Corp. | | BBB- | | 5.13 | | 09/01/21 | | | 3,915,000 | | | | 4,023,452 | |
Methanex Corp. | | BB | | 5.25 | | 03/01/22 | | | 585,000 | | | | 575,494 | |
Packaging Corp. of America | | BBB | | 4.50 | | 11/01/23 | | | 1,960,000 | | | | 2,157,316 | |
Sherwin-Williams Co. | | BBB- | | 3.95 | | 01/15/26 | | | 4,895,000 | | | | 5,521,149 | |
Southern Copper Corp. | | BBB+ | | 3.50 | | 11/08/22 | | | 3,915,000 | | | | 4,100,924 | |
Teck Resources Ltd. | | BBB- | | 3.75 | | 02/01/23 | | | 980,000 | | | | 1,013,075 | |
Teck Resources Ltd. | | BBB- | | 4.75 | | 01/15/22 | | | 2,935,000 | | | | 3,052,400 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | 40,389,040 | |
| | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
87
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | |
| | | Rating** | | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| LONG-TERM DEBT SECURITIES (CONTINUED): | | | | | | | | | | | | | |
| CORPORATE DEBT (CONTINUED) | | | | | | | | | | | | | |
| REAL ESTATE (1.5%) | | | | | | |
Boston Properties LP | | | A- | | | 3.85 | | 02/01/23 | | $ | 2,935,000 | | | $ | 3,133,916 | |
Healthcare Realty Trust, Inc. | | | BBB | | | 3.75 | | 04/15/23 | | | 3,915,000 | | | | 4,075,855 | |
Healthpeak Properties, Inc. | | | BBB+ | | | 3.40 | | 02/01/25 | | | 3,670,000 | | | | 3,955,154 | |
Jones Lang LaSalle, Inc. | | | BBB+ | | | 4.40 | | 11/15/22 | | | 3,915,000 | | | | 4,103,649 | |
Mack-Cali Realty LP | | | BB- | | | 4.50 | | 04/18/22 | | | 4,895,000 | | | | 4,530,031 | |
National Retail Properties, Inc. | | | BBB+ | | | 3.30 | | 04/15/23 | | | 980,000 | | | | 1,020,545 | |
Service Properties Trust | | | BB+ | | | 5.00 | | 08/15/22 | | | 4,455,000 | | | | 4,375,078 | |
Ventas Realty LP / Ventas Capital Corp. | | | BBB+ | | | 3.25 | | 08/15/22 | | | 490,000 | | | | 501,546 | |
Welltower, Inc. | | | BBB+ | | | 3.75 | | 03/15/23 | | | 735,000 | | | | 777,824 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 26,473,598 | |
| | | | | | | | | | | | | | | | |
| UTILITIES (0.7%) | | | | | | |
Exelon Corp. | | | BBB | | | 5.15 | | 12/01/20 | | | 2,935,000 | | | | 2,956,246 | |
Exelon Generation Co. LLC | | | BBB+ | | | 4.25 | | 06/15/22 | | | 980,000 | | | | 1,038,241 | |
National Fuel Gas Co. | | | BBB- | | | 4.90 | | 12/01/21 | | | 2,935,000 | | | | 3,035,925 | |
National Fuel Gas Co. | | | BBB- | | | 5.20 | | 07/15/25 | | | 1,960,000 | | | | 2,075,656 | |
UIL Hldgs. Corp. | | | BBB | | | 4.63 | | 10/01/20 | | | 2,670,000 | | | | 2,685,168 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 11,791,236 | |
| | | | | | | | | | | | | | | | |
TOTAL CORPORATE DEBT | | | | 435,345,329 | |
| | | | | | | | | | | | | | | | |
| SOVEREIGN DEBT (0.2%) | | | | | | |
Sri Lanka AID | | | NR | | | 6.59 | | 09/15/28 | | | 2,332,085 | | | | 2,848,256 | |
| | | | | | | | | | | | | | | | |
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $1,578,489,238) 99.1% | | | | 1,698,524,862 | |
| | | | | | | | | | | | | | | | |
| | | | | |
| | | | | | Rate(%) | | Maturity | | Face Amount | | | Value | |
| TEMPORARY CASH INVESTMENT (0.8%) | | | | | | | | | | | | | |
Citibank, New York Time Deposit | | | | | | 0.01 | | 07/01/20 | | $ | 14,337,889 | | | $ | 14,337,889 | |
| | | | | | | | | | | | | | | | |
TOTAL TEMPORARY CASH INVESTMENT
(Cost: $14,337,889) 0.8% | | | | 14,337,889 | |
| | | | | | | | | | | | | | | | |
TOTAL INVESTMENTS
(Cost: $1,592,827,127) 99.9% | | | | 1,712,862,751 | |
| | | | | | | | | | | | | | | | |
OTHER NET ASSETS 0.1% | | | | 1,666,815 | |
| | | | | | | | | | | | | | | | |
NET ASSETS 100.0% | | | $ | 1,714,529,566 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these portfolio schedules.
88
MUTUAL OF AMERICA INVESTMENT CORPORATION
FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2020 (Unaudited)
| | |
| Abbreviations: | | ARM = Adjustable Rate Mortgage |
| | FHLB = Federal Home Loan Bank |
| | FHLMC = Federal Home Loan Mortgage Corporation |
| | FNMA = Federal National Mortgage Association |
| | FRESB = Federal Home Loan Mortgage Corporation Multifamily Securitization Small Loan Balance |
| | 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, 2020, 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 | |
COMPOSITE FUND | | $ | 256,934 | | | | 0.1 | % |
MONEY MARKET FUND | | $ | 44,983,546 | | | | 32.1 | % |
MID-TERM BOND FUND | | $ | 750,248 | | | | 0.1 | % |
BOND FUND | | $ | 3,520,000 | | | | 0.2 | % |
| (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, 2020, was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Fund | | Number of
Contracts | | | Contract Type | | Purchased (P)
or Sold (S) | | | Expiration
Date | | | Underlying
Face Amount
at Value | | | Unrealized
Gain(Loss)(a) | | | Face Value
of Futures
as a %
of Total
Investments | |
EQUITY INDEX FUND | | | 175 | | | E-mini S&P 500
Stock Index | | | P | | | | September 2020 | | | $ | 27,039,688 | | | $ | 498,395 | | | | 0.9 | % |
ALL AMERICA FUND | | | 27 | | | E-mini S&P 500
Stock Index | | | P | | | | September 2020 | | | $ | 4,171,838 | | | $ | 36,027 | | | | 1.6 | % |
MID-CAP EQUITY INDEX FUND | | | 322 | | | E-mini S&P MidCap
400 Stock Index | | | P | | | | September 2020 | | | $ | 57,287,020 | | | $ | 704,105 | | | | 4.1 | % |
| | (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. |
89
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity Index
Fund | |
ASSETS | | | | | | | | | | | | | | | | | | | | |
Investments at fair value | | | | | | | | | | | | | | | | | | | | |
(Cost: Equity Index Fund — $1,796,456,829 All America Fund — $195,117,376 Small Cap Value Fund — $395,908,002 Small Cap Growth Fund — $477,468,303 Small Cap Equity Index Fund — $33,696,755 Mid Cap Value Fund — $72,882,602 Mid-Cap Equity Index Fund — $1,335,010,088 International Fund — $689,823,710 Composite Fund — $147,966,890 Retirement Income Fund — $129,484,040 2010 Retirement Fund — $25,400,636 2015 Retirement Fund — $123,449,443 2020 Retirement Fund — $509,656,392 2025 Retirement Fund — $830,967,327) | | | | | | | | | | | | | | | | | | | | |
(Notes 1 and 3) | | $ | 3,175,295,821 | | | $ | 261,021,703 | | | $ | 373,203,713 | | | $ | 550,167,731 | | | $ | 29,339,984 | |
Cash | | | — | | | | 17,749 | | | | 10 | | | | 7 | | | | — | |
Interest and dividends receivable | | | 2,481,392 | | | | 230,537 | | | | 403,465 | | | | 241,364 | | | | 30,039 | |
Receivable for securities sold | | | — | | | | 4,428,031 | | | | 5,877,549 | | | | 2,069,445 | | | | 1,004,108 | |
Receivable for daily variation on future contracts | | | 368,832 | | | | 38,518 | | | | — | | | | — | | | | — | |
Shareholder subscriptions receivable | | | 1,456,029 | | | | — | | | | 67,185 | | | | 94,043 | | | | 66,372 | |
Other receivables | | | 67,201 | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL ASSETS | | | 3,179,669,275 | | | | 265,736,538 | | | | 379,551,922 | | | | 552,572,590 | | | | 30,440,503 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | |
Due to custodian bank | | | — | | | | — | | | | — | | | | — | | | | 15,009 | |
Payable for securities purchased | | | — | | | | 804,736 | | | | 4,995,235 | | | | 2,564,238 | | | | 1,090,486 | |
Shareholder redemptions payable | | | 329,664 | | | | 79,691 | | | | 31,440 | | | | 120,082 | | | | 4,842 | |
Accrued expenses | | | — | | | | 19,430 | | | | 42,220 | | | | 58,863 | | | | 533 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL LIABILITIES: | | | 329,664 | | | | 903,857 | | | | 5,068,895 | | | | 2,743,183 | | | | 1,110,870 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 3,179,339,611 | | | $ | 264,832,681 | | | $ | 374,483,027 | | | $ | 549,829,407 | | | $ | 29,329,633 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NUMBEROF SHARES OUTSTANDING (Note 4) | | | 685,481,758 | | | | 117,197,301 | | | | 333,472,759 | | | | 370,425,099 | | | | 36,091,062 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSET VALUES, offering and redemption price per share | | | $4.64 | | | | $2.26 | | | | $1.12 | | | | $1.48 | | | | $0.81 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
COMPONENTSOF NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 1,606,443,380 | | | $ | 163,094,887 | | | $ | 416,723,717 | | | $ | 421,423,454 | | | $ | 34,263,215 | |
Total Distributable Earnings (Loss) (Notes 1 and 5) | | | 1,572,896,231 | | | | 101,737,794 | | | | (42,240,690 | ) | | | 128,405,953 | | | | (4,933,582 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 3,179,339,611 | | | $ | 264,832,681 | | | $ | 374,483,027 | | | $ | 549,829,407 | | | $ | 29,329,633 | |
| | | | | | | | | | | | | | | | | | | | |
| (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.
90
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mid Cap
Value Fund | | | Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income
Fund | | | 2010
Retirement
Fund | | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 76,760,799 | | | $ | 1,412,183,836 | | | $ | 680,564,534 | | | $ | 176,205,562 | | | $ | 137,647,774 | (a) | | $ | 27,076,990 | (a) | | $ | 133,876,193 | (a) | | $ | 549,065,937 | (a) | | $ | 892,381,825 | (a) | | |
| | — | | | | 6 | | | | 5 | | | | 1,472 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 101,016 | | | | 1,400,081 | | | | — | | | | 452,219 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | — | | | | — | | | | 153 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | 744,291 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 329,741 | | | | 541,712 | | | | 397,768 | | | | 34,111 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 19,572 | | | | 3,355 | | | | 4,540 | | | | 7,434 | | | | 11,843 | | | | 8,652 | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 77,211,128 | | | | 1,414,873,281 | | | | 680,966,847 | | | | 176,700,951 | | | | 137,659,617 | | | | 27,085,642 | | | | 133,876,193 | | | | 549,065,937 | | | | 892,381,825 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | 800,605 | | | | 3,256,998 | | | | — | | | | 521,331 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | 162,882 | | | | 77,044 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | — | | | | — | | | | — | | | | 14,122 | | | | 9,509 | | | | 2,694 | | | | 7,357 | | | | 4,346 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 800,605 | | | | 3,419,880 | | | | 77,044 | | | | 521,331 | | | | 14,122 | | | | 9,509 | | | | 2,694 | | | | 7,357 | | | | 4,346 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 76,410,523 | | | $ | 1,411,453,401 | | | $ | 680,889,803 | | | $ | 176,179,620 | | | $ | 137,645,495 | | | $ | 27,076,133 | | | $ | 133,873,499 | | | $ | 549,058,580 | | | $ | 892,377,479 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 57,661,398 | | | | 721,233,654 | | | | 847,669,804 | | | | 95,307,540 | | | | 112,029,948 | | | | 26,946,017 | | | | 128,309,628 | | | | 449,066,532 | | | | 673,876,417 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | $1.33 | | | | $1.96 | | | | $0.80 | | | | $1.85 | | | | $1.23 | | | | $1.00 | | | | $1.04 | | | | $1.22 | | | | $1.32 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 66,416,290 | | | $ | 1,198,391,437 | | | $ | 667,229,815 | | | $ | 137,766,691 | | | $ | 125,495,805 | | | $ | 24,243,265 | | | $ | 113,790,499 | | | $ | 466,916,220 | | | $ | 772,767,495 | | | |
| | 9,994,233 | | | | 213,061,964 | | | | 13,659,988 | | | | 38,412,929 | | | | 12,149,690 | | | | 2,832,868 | | | | 20,083,000 | | | | 82,142,360 | | | | 119,609,984 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 76,410,523 | | | $ | 1,411,453,401 | | | $ | 680,889,803 | | | $ | 176,179,620 | | | $ | 137,645,495 | | | $ | 27,076,133 | | | $ | 133,873,499 | | | $ | 549,058,580 | | | $ | 892,377,479 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
91
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
June 30, 2020 (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 — $766,602,541 2035 Retirement Fund — $639,693,664 2040 Retirement Fund — $529,094,171 2045 Retirement Fund — $539,867,290 2050 Retirement Fund — $407,680,575 2055 Retirement Fund — $160,062,406 2060 Retirement Fund — $44,495,506 Conservative Allocation Fund — $160,300,198 Moderate Allocation Fund — $355,109,227 Aggressive Allocation Fund — $255,253,046 Money Market Fund — $139,121,697 Mid-Term Bond Fund — $655,056,643 Bond Fund — $1,592,827,127) | | | | | | | | | | | | | | | | | | | | |
(Notes 1 and 3) | | $ | 821,122,127 | (a) | | $ | 686,665,042 | (a) | | $ | 568,501,897 | (a) | | $ | 586,698,479 | (a) | | $ | 418,518,264 | (a) |
Cash | | | — | | | | — | | | | — | | | | — | | | | — | |
Interest and dividends receivable | | | — | | | | — | | | | — | | | | — | | | | — | |
Receivable for securities sold | | | — | | | | — | | | | — | | | | — | | | | — | |
Receivable for daily variation on future contracts | | | — | | | | — | | | | — | | | | — | | | | — | |
Shareholder subscriptions receivable | | | — | | | | — | | | | — | | | | — | | | | — | |
Other receivables | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | �� | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL ASSETS | | | 821,122,127 | | | | 686,665,042 | | | | 568,501,897 | | | | 586,698,479 | | | | 418,518,264 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
LIABILITIES | | | | | | | | | | | | | | | | | | | | |
Due to custodian bank | | | — | | | | — | | | | — | | | | — | | | | — | |
Payable for securities purchased | | | — | | | | — | | | | — | | | | — | | | | — | |
Shareholder redemptions payable | | | — | | | | — | | | | — | | | | — | | | | — | |
Accrued expenses | | | 3,651 | | | | 3,713 | | | | 4,724 | | | | 5,456 | | | | 4,191 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
TOTAL LIABILITIES | | | 3,651 | | | | 3,713 | | | | 4,724 | | | | 5,456 | | | | 4,191 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 821,118,476 | | | $ | 686,661,329 | | | $ | 568,497,173 | | | $ | 586,693,023 | | | $ | 418,514,073 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NUMBEROF SHARES OUTSTANDING (Note 4) | | | 600,119,487 | | | | 499,698,827 | | | | 419,921,232 | | | | 441,022,137 | | | | 259,323,012 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSET VALUES, offering and redemption price per share | | | $1.37 | | | | $1.37 | | | | $1.35 | | | | $1.33 | | | | $1.61 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
COMPONENTSOF NET ASSETS | | | | | | | | | | | | | | | | | | | | |
Paid-in capital | | $ | 713,174,609 | | | $ | 595,852,008 | | | $ | 494,870,121 | | | $ | 504,614,298 | | | $ | 390,006,845 | |
Total Distributable Earnings (Loss) (Notes 1 and 5) | | | 107,943,867 | | | | 90,809,321 | | | | 73,627,052 | | | | 82,078,725 | | | | 28,507,228 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET ASSETS | | $ | 821,118,476 | | | $ | 686,661,329 | | | $ | 568,497,173 | | | $ | 586,693,023 | | | $ | 418,514,073 | |
| | | | | | | | | | | | | | | | | | | | |
| (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.
92
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2055
Retirement
Fund | | | 2060
Retirement
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market
Fund | | | Mid-Term
Bond
Fund | | | Bond
Fund | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 157,781,022 | (a) | | $ | 44,524,516 | (a) | | $ | 173,530,618 | (a) | | $ | 400,202,586 | (a) | | $ | 290,810,760 | (a) | | $ | 139,118,040 | | | $ | 690,114,616 | | | $ | 1,712,862,751 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 7 | | | | — | | | | 12 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 155,922 | | | | 3,495,472 | | | | 8,949,743 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 816 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 780,616 | | | | 907,741 | | | | 1,206,607 | | | |
| | 1,676 | | | | — | | | | — | | | | — | | | | — | | | | 1,465 | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 157,782,698 | | | | 44,524,516 | | | | 173,530,618 | | | | 400,202,586 | | | | 290,810,760 | | | | 140,056,050 | | | | 694,517,829 | | | | 1,723,019,929 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | 8,261,387 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 15,093 | | | | 104,882 | | | | 188,691 | | | |
| | — | | | | 104 | | | | 390 | | | | 1,306 | | | | 1,769 | | | | — | | | | 37,899 | | | | 40,285 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | — | | | | 104 | | | | 390 | | | | 1,306 | | | | 1,769 | | | | 15,093 | | | | 142,781 | | | | 8,490,363 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 157,782,698 | | | $ | 44,524,412 | | | $ | 173,530,228 | | | $ | 400,201,280 | | | $ | 290,808,991 | | | $ | 140,040,957 | | | $ | 694,375,048 | | | $ | 1,714,529,566 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 128,382,655 | | | | 43,577,363 | | | | 134,848,559 | | | | 263,701,058 | | | | 177,266,701 | | | | 113,281,399 | | | | 624,177,677 | | | | 1,093,609,932 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | $1.23 | | | | $1.02 | | | | $1.29 | | | | $1.52 | | | | $1.64 | | | | $1.2362 | | | | $1.11 | | | | $1.57 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 155,385,040 | | | $ | 43,711,473 | | | $ | 152,837,110 | | | $ | 322,280,656 | | | $ | 226,618,618 | | | $ | 135,490,648 | | | $ | 638,444,951 | | | $ | 1,532,388,991 | | | |
| | 2,397,658 | | | | 812,939 | | | | 20,693,118 | | | | 77,920,624 | | | | 64,190,373 | | | | 4,550,309 | | | | 55,930,097 | | | | 182,140,575 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 157,782,698 | | | $ | 44,524,412 | | | $ | 173,530,228 | | | $ | 400,201,280 | | | $ | 290,808,991 | | | $ | 140,040,957 | | | $ | 694,375,048 | | | $ | 1,714,529,566 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
93
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2020 (Unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | |
Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity
Index Fund | |
INVESTMENT INCOMEAND EXPENSES | | | | | | | | | | | | | | | | | | | | |
INVESTMENT INCOME | | | | | | | | | | | | | | | | | | | | |
Dividends | | $ | 31,192,873 | | | $ | 2,545,836 | | | $ | 5,358,401 | | | $ | 2,001,454 | | | $ | 217,037 | |
Interest | | | 366,494 | | | | 27,957 | | | | 79,200 | | | | 56,460 | | | | 393 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total investment income | | | 31,559,367 | | | | 2,573,793 | | | | 5,437,601 | | | | 2,057,914 | | | | 217,430 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
EXPENSES | | | | | | | | | | | | | | | | | | | | |
Investment advisory fees (Note 2) | | | 1,165,208 | | | | 530,149 | | | | 1,500,077 | | | | 1,999,179 | | | | 9,891 | |
| | | | | |
Other operating expenses | | | | | | | | | | | | | | | | | | | | |
Accounting and recordkeeping expenses | | | 307,096 | | | | 45,526 | | | | 57,372 | | | | 69,871 | | | | 22,620 | |
Shareholders reports | | | 25,594 | | | | 38,248 | | | | 15,471 | | | | 17,933 | | | | 25,553 | |
Custodian expenses | | | 27,013 | | | | 16,072 | | | | 5,090 | | | | 8,354 | | | | 14,054 | |
Independent directors’ fees and expenses | | | 105,898 | | | | 9,032 | | | | 13,623 | | | | 18,170 | | | | 839 | |
Audit | | | 41,323 | | | | 9,600 | | | | 6,889 | | | | 10,379 | | | | 597 | |
Legal and Compliance | | | 57,244 | | | | 13,300 | | | | 9,544 | | | | 14,378 | | | | 827 | |
Administrative | | | 138,117 | | | | 11,780 | | | | 17,768 | | | | 23,698 | | | | 1,095 | |
Licenses | | | 269,662 | | | | 13,800 | | | | — | | | | — | | | | 2,138 | |
Other (including year-end accrual) | | | 76,330 | | | | (9,834 | ) | | | 15,501 | | | | 12,670 | | | | 403 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total operating expenses | | | 1,048,277 | | | | 147,524 | | | | 141,258 | | | | 175,453 | | | | 68,126 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total expenses before reimbursement | | | 2,213,485 | | | | 677,673 | | | | 1,641,335 | | | | 2,174,632 | | | | 78,017 | |
| | | | | |
Fee waiver and expense reimbursement (Note 2) | | | — | | | | — | | | | — | | | | — | | | | (58,895 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net expenses | | | 2,213,485 | | | | 677,673 | | | | 1,641,335 | | | | 2,174,632 | | | | 19,122 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Investment Income (Loss) | | | 29,345,882 | | | | 1,896,120 | | | | 3,796,266 | | | | (116,718 | ) | | | 198,308 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND
FUTURES CONTRACTS (Note 1) | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 77,466,763 | | | | 10,501,520 | | | | (47,303,299 | ) | | | 23,068,337 | | | | (616,287 | ) |
Futures contracts (Note 1) | | | (16,686,266 | ) | | | (56,717 | ) | | | — | | | | — | | | | — | |
Gain distributions from Mutual of America Investment Corp. Funds | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 60,780,497 | | | | 10,444,803 | | | | (47,303,299 | ) | | | 23,068,337 | | | | (616,287 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | (209,758,203 | ) | | | (32,691,505 | ) | | | (87,583,112 | ) | | | (23,280,287 | ) | | | (4,985,108 | ) |
Futures contracts (Note 1) | | | (1,569,343 | ) | | | (58,823 | ) | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | (211,327,546 | ) | | | (32,750,328 | ) | | | (87,583,112 | ) | | | (23,280,287 | ) | | | (4,985,108 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND
FUTURES CONTRACTS | | | (150,547,049 | ) | | | (22,305,525 | ) | | | (134,886,411 | ) | | | (211,950 | ) | | | (5,601,395 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | $ | (121,201,167 | ) | | $ | (20,409,405 | ) | | $ | (131,090,145 | ) | | $ | (328,668 | ) | | $ | (5,403,087 | ) |
| | | | | | | | | | | | | | | | | | | | |
| (a) | The Retirement and Allocation Funds are invested in affiliated funds of Mutual of America Investment Corp. 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 will also continue to 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 result from the disposition of shares of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
94
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mid Cap
Vaue Fund | | | Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income
Fund | | | 2010
Retirement
Fund | | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 1,254,815 | | | $ | 12,502,209 | | | $ | 7,542,853 | | | $ | 1,098,795 | | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | |
| | 11,225 | | | | 195,941 | | | | 18,347 | | | | 1,042,989 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 1,266,040 | | | | 12,698,150 | | | | 7,561,200 | | | | 2,141,784 | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 220,701 | | | | 522,915 | | | | 239,776 | | | | 349,457 | | | | 33,666 | (b) | | | 6,564 | (b) | | | 33,334 | (b) | | | 137,743 | (b) | | | 218,440 | (b) | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 27,923 | | | | 149,081 | | | | 78,471 | | | | 46,866 | | | | 22,766 | (b) | | | 22,219 | (b) | | | 22,707 | (b) | | | 24,402 | (b) | | | 25,713 | (b) | | |
| | 15,459 | | | | 23,051 | | | | 12,949 | | | | 28,712 | | | | 12,258 | (b) | | | 6,298 | (b) | | | 12,778 | (b) | | | 12,778 | (b) | | | 12,769 | (b) | | |
| | 2,455 | | | | 15,542 | | | | 4,901 | | | | 5,799 | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | 2,734 | | | | 47,512 | | | | 21,796 | | | | 5,955 | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | 2,905 | | | | 18,826 | | | | 950 | | | | 6,329 | | | | 5,355 | (b) | | | 476 | (b) | | | 4,830 | (b) | | | 19,956 | (b) | | | 31,652 | (b) | | |
| | 4,026 | | | | 26,080 | | | | 1,316 | | | | 8,767 | | | | 4,665 | (b) | | | 461 | (b) | | | 4,246 | (b) | | | 17,545 | (b) | | | 27,827 | (b) | | |
| | 3,565 | | | | 61,968 | | | | 28,427 | | | | 7,766 | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | — | | | | 120,989 | | | | — | | | | — | | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | |
| | (764 | ) | | | 35,050 | | | | 22,297 | | | | (14,514 | ) | | | 14,430 | (b) | | | (3,964 | )(b) | | | 15,527 | (b) | | | 13,247 | (b) | | | 11,040 | (b) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 58,303 | | | | 498,099 | | | | 171,107 | | | | 95,680 | | | | 59,474 | | | | 25,490 | | | | 60,088 | | | | 87,928 | | | | 109,001 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 279,004 | | | | 1,021,014 | | | | 410,883 | | | | 445,137 | | | | 93,140 | | | | 32,054 | | | | 93,422 | | | | 225,671 | | | | 327,441 | | | |
| | | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | (25,490 | ) | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 279,004 | | | | 1,021,014 | | | | 410,883 | | | | 445,137 | | | | 93,140 | | | | 6,564 | | | | 93,422 | | | | 225,671 | | | | 327,441 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 987,036 | | | | 11,677,136 | | | | 7,150,317 | | | | 1,696,647 | | | | (93,140 | ) | | | (6,564 | ) | | | (93,422 | ) | | | (225,671 | ) | | | (327,441 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 977,697 | | | | 37,127,016 | | | | (5,255,272 | ) | | | 644,413 | | | | 1,104,972 | (c) | | | 353,040 | (c) | | | 1,203,153 | (c) | | | 9,091,998 | (c) | | | 12,604,331 | (c) | | |
| | — | | | | (6,424,734 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 977,697 | | | | 30,702,282 | | | | (5,255,272 | ) | | | 644,413 | | | | 1,104,972 | | | | 353,040 | | | | 1,203,153 | | | | 9,091,998 | | | | 12,604,331 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (20,162,576 | ) | | | (253,568,807 | ) | | | (80,382,888 | ) | | | (4,750,181 | ) | | | 997,763 | | | | (148,533 | ) | | | (2,201,963 | ) | | | (19,936,634 | ) | | | (41,932,546 | ) | | |
| | — | | | | (1,003,575 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (20,162,576 | ) | | | (254,572,382 | ) | | | (80,382,888 | ) | | | (4,750,181 | ) | | | 997,763 | | | | (148,533 | ) | | | (2,201,963 | ) | | | (19,936,634 | ) | | | (41,932,546 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (19,184,879 | ) | | | (223,870,100 | ) | | | (85,638,160 | ) | | | (4,105,768 | ) | | | 2,102,735 | | | | 204,507 | | | | (998,810 | ) | | | (10,844,636 | ) | | | (29,328,215 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | (18,197,843 | ) | | $ | (212,192,964 | ) | | $ | (78,487,843 | ) | | $ | (2,409,121 | ) | | $ | 2,009,595 | | | $ | 197,943 | | | $ | (1,092,232 | ) | | $ | (11,070,307 | ) | | $ | (29,655,656 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
95
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2020 (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) | | | 197,616 | (b) | | | 164,392 | (b) | | | 135,447 | (b) | | | 139,894 | (b) | | | 98,316 | (b) |
| | | | | |
Other operating expenses | | | | | | | | | | | | | | | | | | | | |
Accounting and recordkeeping expenses | | | 25,375 | (b) | | | 24,836 | (b) | | | 24,366 | (b) | | | 24,438 | (b) | | | 23,763 | (b) |
Shareholders reports | | | 12,780 | (b) | | | 12,776 | (b) | | | 12,766 | (b) | | | 12,765 | (b) | | | 12,766 | (b) |
Custodian expenses | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Independent directors’ fees and expenses | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Audit | | | 28,637 | (b) | | | 23,825 | (b) | | | 19,630 | (b) | | | 20,274 | (b) | | | 14,249 | (b) |
Legal and Compliance | | | 25,176 | (b) | | | 20,944 | (b) | | | 17,258 | (b) | | | 17,824 | (b) | | | 12,527 | (b) |
Administrative | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Licenses | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) |
Other (including year-end accrual) | | | 11,270 | (b) | | | 12,033 | (b) | | | 12,740 | (b) | | | 12,650 | (b) | | | 13,617 | (b) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total operating expenses | | | 103,238 | | | | 94,414 | | | | 86,760 | | | | 87,951 | | | | 76,922 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Total expenses before reimbursement | | | 300,854 | | | | 258,806 | | | | 222,207 | | | | 227,845 | | | | 175,238 | |
| | | | | |
Fee waiver and expense reimbursement (Note 2) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net expenses | | | 300,854 | | | | 258,806 | | | | 222,207 | | | | 227,845 | | | | 175,238 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Net Investment Income (Loss) | | | (300,854 | ) | | | (258,806 | ) | | | (222,207 | ) | | | (227,845 | ) | | | (175,238 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND
FUTURES CONTRACTS (Note 1) | | | | | | | | | | | | | | | | | | | | |
Net realized gain (loss) on: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | 10,690,296 | (c) | | | 8,199,446 | (c) | | | 6,738,081 | (c) | | | 4,777,289 | (c) | | | (218,089 | )(c) |
Futures contracts (Note 1) | | | — | | | | — | | | | — | | | | — | | | | — | |
Gain distributions from Mutual of America Investment Corp. Funds | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 10,690,296 | | | | 8,199,446 | | | | 6,738,081 | | | | 4,777,289 | | | | (218,089 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Change in net unrealized appreciation (depreciation) of: | | | | | | | | | | | | | | | | | | | | |
Investment securities | | | (48,020,383 | ) | | | (48,614,438 | ) | | | (44,096,429 | ) | | | (47,057,116 | ) | | | (31,069,207 | ) |
Futures contracts (Note 1) | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | (48,020,383 | ) | | | (48,614,438 | ) | | | (44,096,429 | ) | | | (47,057,116 | ) | | | (31,069,207 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS AND
FUTURES CONTRACTS | | | (37,330,087 | ) | | | (40,414,992 | ) | | | (37,358,348 | ) | | | (42,279,827 | ) | | | (31,287,296 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | $ | (37,630,941 | ) | | $ | (40,673,798 | ) | | $ | (37,580,555 | ) | | $ | (42,507,672 | ) | | $ | (31,462,534 | ) |
| | | | | | | | | | | | | | | | | | | | |
| (a) | The Retirement and Allocation Funds are invested in affiliated funds of Mutual of America Investment Corp. 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 will also continue to 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 result from the disposition of shares of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
96
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2055
Retirement
Fund | | | 2060
Retirement
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market
Fund | | | Mid-Term
Bond Fund | | | Bond Fund | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | (a) | | $ | — | | | $ | — | | | $ | — | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 836,892 | | | | 8,286,167 | | | | 22,429,716 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | 836,892 | | | | 8,286,167 | | | | 22,429,716 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 35,192 | (b) | | | 8,562 | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 119,486 | | | | 1,351,365 | | | | 3,184,191 | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 22,738 | (b) | | | 22,305 | (b) | | | 22,846 | (b) | | | 23,777 | (b) | | | 23,329 | (b) | | | 35,652 | | | | 88,015 | | | | 186,594 | | | |
| | 12,761 | (b) | | | 12,764 | (b) | | | 12,469 | (b) | | | 12,454 | (b) | | | 12,439 | (b) | | | 15,500 | | | | 20,543 | | | | 35,786 | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 4,099 | | | | 5,545 | | | | 20,974 | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 5,426 | | | | 23,029 | | | | 55,663 | | | |
| | 5,102 | (b) | | | 1,243 | (b) | | | 6,070 | (b) | | | 14,373 | (b) | | | 10,376 | (b) | | | 3,725 | | | | 6,209 | | | | 15,370 | | | |
| | 4,485 | (b) | | | 1,092 | (b) | | | 5,337 | (b) | | | 12,636 | (b) | | | 9,123 | (b) | | | 5,158 | | | | 8,600 | | | | 21,292 | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | 7,077 | | | | 30,036 | | | | 72,598 | | | |
| | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | (b) | | | — | | | | — | | | | — | | | |
| | 15,130 | (b) | | | 21,374 | (b) | | | 14,643 | (b) | | | 13,495 | (b) | | | 14,103 | (b) | | | 3,106 | | | | 11,976 | | | | 28,507 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 60,216 | | | | 58,778 | | | | 61,365 | | | | 76,735 | | | | 69,370 | | | | 79,743 | | | | 193,953 | | | | 436,784 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 95,408 | | | | 67,340 | | | | 61,365 | | | | 76,735 | | | | 69,370 | | | | 199,229 | | | | 1,545,318 | | | | 3,620,975 | | | |
| | | | | | | | |
| | — | | | | (58,778 | ) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 95,408 | | | | 8,562 | | | | 61,365 | | | | 76,735 | | | | 69,370 | | | | 199,229 | | | | 1,545,318 | | | | 3,620,975 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | (95,408 | ) | | | (8,562 | ) | | | (61,365 | ) | | | (76,735 | ) | | | (69,370 | ) | | | 637,663 | | | | 6,740,849 | | | | 18,808,741 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (698,120 | )(c) | | | (65,332 | )(c) | | | 1,675,592 | (c) | | | 9,221,715 | (c) | | | 6,610,333 | (c) | | | 449 | | | | 691,043 | | | | 4,582,797 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | (698,120 | ) | | | (65,332 | ) | | | 1,675,592 | | | | 9,221,715 | | | | 6,610,333 | | | | 449 | | | | 691,043 | | | | 4,582,797 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (9,212,605 | ) | | | (1,497,384 | ) | | | 589,970 | | | | (19,630,230 | ) | | | (24,017,216 | ) | | | (3,657 | ) | | | 23,081,660 | | | | 73,679,285 | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | (9,212,605 | ) | | | (1,497,384 | ) | | | 589,970 | | | | (19,630,230 | ) | | | (24,017,216 | ) | | | (3,657 | ) | | | 23,081,660 | | | | 73,679,285 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| (9,910,725 | ) | | | (1,562,716 | ) | | | 2,265,562 | | | | (10,408,515 | ) | | | (17,406,883 | ) | | | (3,208 | ) | | | 23,772,703 | | | | 78,262,082 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | (10,006,133 | ) | | $ | (1,571,278 | ) | | $ | 2,204,197 | | | $ | (10,485,250 | ) | | $ | (17,476,253 | ) | | $ | 634,455 | | | $ | 30,513,552 | | | $ | 97,070,823 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
97
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
| | | | | | | | | | | | | | | | |
| | | Equity Index Fund | | | All America Fund | |
| | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | |
INCREASE (DECREASE)IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 29,345,882 | | | $ | 58,340,189 | | | $ | 1,896,120 | | | $ | 4,244,381 | |
Net realized gain (loss) on investments and futures contracts | | | 60,780,497 | | | | 65,501,118 | | | | 10,444,803 | | | | 23,143,223 | |
Change in net unrealized appreciation (depreciation) of investments and futures contracts | | | (211,327,546 | ) | | | 697,582,555 | | | | (32,750,328 | ) | | | 45,580,736 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | | (121,201,167 | ) | | | 821,423,862 | | | | (20,409,405 | ) | | | 72,968,340 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 1 and 5) | | | | | | | | | | | | | | | | |
From Distributable Earnings | | | — | | | | (106,988,440 | ) | | | — | | | | (23,427,563 | ) |
Return of Capital | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Total distributions | | | — | | | | (106,988,440 | ) | | | — | | | | (23,427,563 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 4) | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 101,140,255 | | | | 271,917,599 | | | | 2,017,146 | | | | 5,436,354 | |
Dividends reinvested | | | — | | | | 106,988,440 | | | | — | | | | 23,427,563 | |
Cost of shares redeemed | | | (278,743,955 | ) | | | (243,806,495 | ) | | | (29,237,574 | ) | | | (34,016,287 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | | | (177,603,700 | ) | | | 135,099,544 | | | | (27,220,428 | ) | | | (5,152,370 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
INCREASE (DECREASE)IN NET ASSETS | | | (298,804,867 | ) | | | 849,534,966 | | | | (47,629,833 | ) | | | 44,388,407 | |
| | | | |
NET ASSETS, BEGINNINGOF PERIOD | | | 3,478,144,478 | | | | 2,628,609,512 | | | | 312,462,514 | | | | 268,074,107 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS, ENDOF PERIOD | | $ | 3,179,339,611 | | | $ | 3,478,144,478 | | | $ | 264,832,681 | | | $ | 312,462,514 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION: | | | | | | | | | | | | | | | | |
Shares outstanding at the beginning of period | | | 726,217,158 | | | | 696,239,527 | | | | 128,915,074 | | | | 130,791,956 | |
| | | | | | | | | | | | | | | | |
Shares sold | | | 22,548,100 | | | | 61,130,333 | | | | 960,686 | | | | 2,348,043 | |
Shares issued as reinvestment of dividends | | | — | | | | 24,238,092 | | | | — | | | | 10,389,278 | |
Shares redeemed | | | (63,283,500 | ) | | | (55,390,794 | ) | | | (12,678,459 | ) | | | (14,614,203 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net increase (decrease) | | | (40,735,400 | ) | | | 29,977,631 | | | | (11,717,773 | ) | | | (1,876,882 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding at the end of period | | | 685,481,758 | | | | 726,217,158 | | | | 117,197,301 | | | | 128,915,074 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
98
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Small Cap Value Fund | | | Small Cap Growth Fund | | | Small Cap Equity Index Fund | | | Mid Cap Value Fund | | | Mid-Cap Equity Index Fund | | | |
For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 3,796,266 | | | $ | 8,010,977 | | | $ | (116,718 | ) | | $ | 951,884 | | | $ | 198,308 | | | $ | 385,415 | | | $ | 987,036 | | | $ | 1,692,617 | | | $ | 11,677,136 | | | $ | 25,088,216 | | | |
| | (47,303,299 | ) | | | 14,133,562 | | | | 23,068,337 | | | | 32,813,123 | | | | (616,287 | ) | | | 264,530 | | | | 977,697 | | | | 2,552,254 | | | | 30,702,282 | | | | 69,042,179 | | | |
| | | | | | | | | | |
| | (87,583,112 | ) | | | 59,711,157 | | | | (23,280,287 | ) | | | 93,905,018 | | | | (4,985,108 | ) | | | 4,099,279 | | | | (20,162,576 | ) | | | 17,085,010 | | | | (254,572,382 | ) | | | 241,541,079 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | (131,090,145 | ) | | | 81,855,696 | | | | (328,668 | ) | | | 127,670,025 | | | | (5,403,087 | ) | | | 4,749,224 | | | | (18,197,843 | ) | | | 21,329,881 | | | | (212,192,964 | ) | | | 335,671,474 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (31,707,427 | ) | | | — | | | | (47,335,647 | ) | | | — | | | | (582,155 | ) | | | — | | | | (3,524,728 | ) | | | — | | | | (118,631,886 | ) | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | — | | | | (31,707,427 | ) | | | — | | | | (47,335,647 | ) | | | — | | | | (582,155 | ) | | | — | | | | (3,524,728 | ) | | | — | | | | (118,631,886 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14,508,696 | | | | 42,283,185 | | | | 12,819,990 | | | | 39,204,538 | | | | 9,008,506 | | | | 20,001,338 | | | | 2,398,998 | | | | 4,504,565 | | | | 52,822,042 | | | | 140,657,884 | | | |
| | — | | | | 31,707,427 | | | | — | | | | 47,335,647 | | | | — | | | | 582,155 | | | | — | | | | 3,524,728 | | | | — | | | | 118,631,886 | | | |
| | (27,184,250 | ) | | | (33,892,240 | ) | | | (72,078,075 | ) | | | (40,790,740 | ) | | | (3,379,356 | ) | | | (12,855,094 | ) | | | (6,657,809 | ) | | | (7,009,046 | ) | | | (109,855,451 | ) | | | (77,017,175 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | (12,675,554 | ) | | | 40,098,372 | | | | (59,258,085 | ) | | | 45,749,445 | | | | 5,629,150 | | | | 7,728,399 | | | | (4,258,811 | ) | | | 1,020,247 | | | | (57,033,409 | ) | | | 182,272,595 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | (143,765,699 | ) | | | 90,246,641 | | | | (59,586,753 | ) | | | 126,083,823 | | | | 226,063 | | | | 11,895,468 | | | | (22,456,654 | ) | | | 18,825,400 | | | | (269,226,373 | ) | | | 399,312,183 | | | |
| | | | | | | | | | |
| | 518,248,726 | | | | 428,002,085 | | | | 609,416,160 | | | | 483,332,337 | | | | 29,103,570 | | | | 17,208,102 | | | | 98,867,177 | | | | 80,041,777 | | | | 1,680,679,774 | | | | 1,281,367,591 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| $ | 374,483,027 | | | $ | 518,248,726 | | | $ | 549,829,407 | | | $ | 609,416,160 | | | $ | 29,329,633 | | | $ | 29,103,570 | | | $ | 76,410,523 | | | $ | 98,867,177 | | | $ | 1,411,453,401 | | | $ | 1,680,679,774 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 342,935,529 | | | | 315,131,497 | | | | 416,566,028 | | | | 382,867,811 | | | | 29,319,454 | | | | 20,786,591 | | | | 60,426,862 | | | | 59,766,695 | | | | 748,512,338 | | | | 663,474,534 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12,232,120 | | | | 28,451,861 | | | | 9,459,730 | | | | 27,418,602 | | | | 10,720,295 | | | | 21,229,648 | | | | 1,815,839 | | | | 2,918,489 | | | | 27,339,493 | | | | 64,003,430 | | | |
| | — | | | | 22,355,954 | | | | — | | | | 34,866,845 | | | | — | | | | 585,402 | | | | — | | | | 2,305,738 | | | | — | | | | 56,310,136 | | | |
| | (21,694,890 | ) | | | (23,003,783 | ) | | | (55,600,659 | ) | | | (28,587,230 | ) | | | (3,948,687 | ) | | | (13,282,187 | ) | | | (4,581,303 | ) | | | (4,564,060 | ) | | | (54,618,177 | ) | | | (35,275,762 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | (9,462,770 | ) | | | 27,804,032 | | | | (46,140,929 | ) | | | 33,698,217 | | | | 6,771,608 | | | | 8,532,863 | | | | (2,765,464 | ) | | | 660,167 | | | | (27,278,684 | ) | | | 85,037,804 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | |
| | 333,472,759 | | | | 342,935,529 | | | | 370,425,099 | | | | 416,566,028 | | | | 36,091,062 | | | | 29,319,454 | | | | 57,661,398 | | | | 60,426,862 | | | | 721,233,654 | | | | 748,512,338 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
99
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | |
| | | International Fund | | | Composite Fund | |
| | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | |
INCREASE (DECREASE)IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | 7,150,317 | | | $ | 19,726,977 | | | $ | 1,696,647 | | | $ | 3,897,774 | |
Net realized gain (loss) on investments and futures contracts | | | (5,255,272 | ) | | | 2,650,695 | | | | 644,413 | | | | 4,398,323 | |
Change in net unrealized appreciation (depreciation) of investments and futures contracts | | | (80,382,888 | ) | | | 90,931,193 | | | | (4,750,181 | ) | | | 24,054,627 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | | (78,487,843 | ) | | | 113,308,865 | | | | (2,409,121 | ) | | | 32,350,724 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 1 and 5) | | | | | | | | | | | | | | | | |
From Distributable Earnings | | | — | | | | (14,819,838 | ) | | | — | | | | (12,225,889 | ) |
Return of Capital | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Total distributions | | | — | | | | (14,819,838 | ) | | | — | | | | (12,225,889 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 4) | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 67,298,884 | | | | 120,758,280 | | | | 3,759,878 | | | | 6,373,170 | |
Dividends reinvested | | | — | | | | 14,819,838 | | | | — | | | | 12,225,889 | |
Cost of shares redeemed | | | (28,347,633 | ) | | | (22,158,183 | ) | | | (19,021,201 | ) | | | (16,996,543 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | | | 38,951,251 | | | | 113,419,935 | | | | (15,261,323 | ) | | | 1,602,516 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE)IN NET ASSETS | | | (39,536,592 | ) | | | 211,908,962 | | | | (17,670,444 | ) | | | 21,727,351 | |
NET ASSETS, BEGINNINGOF PERIOD | | | 720,426,395 | | | | 508,517,433 | | | | 193,850,064 | | | | 172,122,713 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS, ENDOF PERIOD | | $ | 680,889,803 | | | $ | 720,426,395 | | | $ | 176,179,620 | | | $ | 193,850,064 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION: | | | | | | | | | | | | | | | | |
Shares outstanding at the beginning of period | | | 795,911,201 | | | | 663,808,196 | | | | 103,790,802 | | | | 102,773,411 | |
| | | | | | | | | | | | | | | | |
Shares sold | | | 86,918,327 | | | | 140,994,821 | | | | 2,065,592 | | | | 3,501,358 | |
Shares issued as reinvestment of dividends | | | — | | | | 17,562,109 | | | | — | | | | 6,935,577 | |
Shares redeemed | | | (35,159,724 | ) | | | (26,453,925 | ) | | | (10,548,854 | ) | | | (9,419,544 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net increase (decrease) | | | 51,758,603 | | | | 132,103,005 | | | | (8,483,262 | ) | | | 1,017,391 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding at the end of period | | | 847,669,804 | | | | 795,911,201 | | | | 95,307,540 | | | | 103,790,802 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
100
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Retirement Income Fund | | | 2010 Retirement Fund | | | 2015 Retirement Fund | | | 2020 Retirement Fund | | | | |
For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (93,140 | ) | | $ | 2,090,746 | | | $ | (6,564 | ) | | $ | 499,144 | | | $ | (93,422 | ) | | $ | 2,613,523 | | | $ | (225,671 | ) | | $ | 10,539,519 | | | | | |
| | 1,104,972 | | | | 1,584,964 | | | | 353,040 | | | | 486,365 | | | | 1,203,153 | | | | 6,570,605 | | | | 9,091,998 | | | | 24,077,801 | | | | | |
| | | | | | | | |
| | 997,763 | | | | 8,599,820 | | | | (148,533 | ) | | | 2,121,279 | | | | (2,201,963 | ) | | | 11,303,026 | | | | (19,936,634 | ) | | | 55,605,876 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 2,009,595 | | | | 12,275,530 | | | | 197,943 | | | | 3,106,788 | | | | (1,092,232 | ) | | | 20,487,154 | | | | (11,070,307 | ) | | | 90,223,196 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (3,834,448 | ) | | | — | | | | (1,225,655 | ) | | | — | | | | (9,405,376 | ) | | | — | | | | (34,980,211 | ) | | | | |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | — | | | | (3,834,448 | ) | | | — | | | | (1,225,655 | ) | | | — | | | | (9,405,376 | ) | | | — | | | | (34,980,211 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 12,082,696 | | | | 38,081,176 | | | | 3,950,858 | | | | 4,240,092 | | | | 4,891,208 | | | | 9,704,401 | | | | 13,661,606 | | | | 49,880,521 | | | | | |
| | — | | | | 3,834,448 | | | | — | | | | 1,225,655 | | | | — | | | | 9,405,376 | | | | — | | | | 34,980,211 | | | | | |
| | (14,501,317 | ) | | | (13,732,046 | ) | | | (3,935,744 | ) | | | (4,476,881 | ) | | | (18,471,131 | ) | | | (20,102,917 | ) | | | (61,994,883 | ) | | | (46,829,703 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | (2,418,621 | ) | | | 28,183,578 | | | | 15,114 | | | | 988,866 | | | | (13,579,923 | ) | | | (993,140 | ) | | | (48,333,277 | ) | | | 38,031,029 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (409,026 | ) | | | 36,624,660 | | | | 213,057 | | | | 2,869,999 | | | | (14,672,155 | ) | | | 10,088,638 | | | | (59,403,584 | ) | | | 93,274,014 | | | | | |
| | 138,054,521 | | | | 101,429,861 | | | | 26,863,076 | | | | 23,993,077 | | | | 148,545,654 | | | | 138,457,016 | | | | 608,462,164 | | | | 515,188,150 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| $ | 137,645,495 | | | $ | 138,054,521 | | | $ | 27,076,133 | | | $ | 26,863,076 | | | $ | 133,873,499 | | | $ | 148,545,654 | | | $ | 549,058,580 | | | $ | 608,462,164 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 114,227,959 | | | | 90,717,399 | | | | 26,897,811 | | | | 25,901,047 | | | | 141,618,271 | | | | 142,345,025 | | | | 489,747,546 | | | | 458,042,143 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10,016,891 | | | | 31,875,702 | | | | 4,049,488 | | | | 4,317,773 | | | | 4,770,880 | | | | 9,318,655 | | | | 11,209,642 | | | | 40,765,417 | | | | | |
| | — | | | | 3,247,586 | | | | — | | | | 1,260,885 | | | | — | | | | 9,262,365 | | | | — | | | | 29,287,363 | | | | | |
| | (12,214,902 | ) | | | (11,612,728 | ) | | | (4,001,282 | ) | | | (4,581,894 | ) | | | (18,079,523 | ) | | | (19,307,774 | ) | | | (51,890,656 | ) | | | (38,347,377 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | (2,198,011 | ) | | | 23,510,560 | | | | 48,206 | | | | 996,764 | | | | (13,308,643 | ) | | | (726,754 | ) | | | (40,681,014 | ) | | | 31,705,403 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | 112,029,948 | | | | 114,227,959 | | | | 26,946,017 | | | | 26,897,811 | | | | 128,309,628 | | | | 141,618,271 | | | | 449,066,532 | | | | 489,747,546 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
101
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,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | |
INCREASE (DECREASE)IN NET ASSETS | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (327,441 | ) | | $ | 14,893,019 | | | $ | (300,854 | ) | | $ | 12,546,666 | |
Net realized gain (loss) on investments and futures contracts | | | 12,604,331 | | | | 31,280,109 | | | | 10,690,296 | | | | 30,688,504 | |
Change in net unrealized appreciation (depreciation) of investments and futures contracts | | | (41,932,546 | ) | | | 98,695,600 | | | | (48,020,383 | ) | | | 97,822,620 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | | (29,655,656 | ) | | | 144,868,728 | | | | (37,630,941 | ) | | | 141,057,790 | |
| | | | | | | | | | | | | | | | |
| | | | |
DISTRIBUTIONS (Notes 1 and 5) | | | | | | | | | | | | | | | | |
From Distributable Earnings | | | — | | | | (44,597,370 | ) | | | — | | | | (38,055,400 | ) |
Return of Capital | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | |
| | | | |
Total distributions | | | — | | | | (44,597,370 | ) | | | — | | | | (38,055,400 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
CAPITAL TRANSACTIONS (Note 4) | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 33,515,796 | | | | 122,630,496 | | | | 40,355,912 | | | | 118,398,762 | |
Dividends reinvested | | | — | | | | 44,597,370 | | | | — | | | | 38,055,400 | |
Cost of shares redeemed | | | (57,696,323 | ) | | | (31,124,479 | ) | | | (35,265,220 | ) | | | (22,907,880 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | | | (24,180,527 | ) | | | 136,103,387 | | | | 5,090,692 | | | | 133,546,282 | |
| | | | | | | | | | | | | | | | |
INCREASE (DECREASE)IN NET ASSETS | | | (53,836,183 | ) | | | 236,374,745 | | | | (32,540,249 | ) | | | 236,548,672 | |
NET ASSETS, BEGINNINGOF PERIOD | | | 946,213,662 | | | | 709,838,917 | | | | 853,658,725 | | | | 617,110,053 | |
| | | | | | | | | | | | | | | | |
| | | | |
NET ASSETS, ENDOF PERIOD | | $ | 892,377,479 | | | $ | 946,213,662 | | | $ | 821,118,476 | | | $ | 853,658,725 | |
| | | | | | | | | | | | | | | | |
| | | | |
OTHER INFORMATION: | | | | | | | | | | | | | | | | |
Shares outstanding at the beginning of period | | | 693,309,402 | | | | 590,617,736 | | | | 596,181,783 | | | | 499,279,402 | |
| | | | | | | | | | | | | | | | |
Shares sold | | | 25,370,791 | | | | 92,114,736 | | | | 29,787,360 | | | | 85,626,778 | |
Shares issued as reinvestment of dividends | | | — | | | | 34,244,845 | | | | — | | | | 28,030,429 | |
Shares redeemed | | | (44,803,776 | ) | | | (23,667,915 | ) | | | (25,849,656 | ) | | | (16,754,826 | ) |
| | | | | | | | | | | | | | | | |
| | | | |
Net increase (decrease) | | | (19,432,985 | ) | | | 102,691,666 | | | | 3,937,704 | | | | 96,902,381 | |
| | | | | | | | | | | | | | | | |
| | | | |
Shares outstanding at the end of period | | | 673,876,417 | | | | 693,309,402 | | | | 600,119,487 | | | | 596,181,783 | |
| | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
102
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2035 Retirement Fund | | | 2040 Retirement Fund | | | 2045 Retirement Fund | | | 2050 Retirement Fund | |
For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (258,806 | ) | | $ | 10,034,584 | | | $ | (222,207 | ) | | $ | 7,921,399 | | | $ | (227,845 | ) | | $ | 8,045,756 | | | $ | (175,238 | ) | | $ | 5,396,796 | |
| | 8,199,446 | | | | 26,009,878 | | | | 6,738,081 | | | | 19,938,376 | | | | 4,777,289 | | | | 22,796,334 | | | | (218,089 | ) | | | 12,753,198 | |
| | | | | | | |
| | (48,614,438 | ) | | | 89,424,584 | | | | (44,096,429 | ) | | | 77,107,157 | | | | (47,057,116 | ) | | | 80,836,910 | | | | (31,069,207 | ) | | | 56,844,808 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | (40,673,798 | ) | | | 125,469,046 | | | | (37,580,555 | ) | | | 104,966,932 | | | | (42,507,672 | ) | | | 111,679,000 | | | | (31,462,534 | ) | | | 74,994,802 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (32,073,983 | ) | | | — | | | | (24,453,495 | ) | | | — | | | | (28,970,537 | ) | | | — | | | | (15,900,092 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | — | | | | (32,073,983 | ) | | | — | | | | (24,453,495 | ) | | | — | | | | (28,970,537 | ) | | | — | | | | (15,900,092 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 33,598,088 | | | | 90,053,419 | | | | 31,922,265 | | | | 79,727,430 | | | | 27,852,087 | | | | 70,672,077 | | | | 29,783,009 | | | | 70,704,905 | |
| | — | | | | 32,073,983 | | | | — | | | | 24,453,495 | | | | — | | | | 28,970,537 | | | | — | | | | 15,900,092 | |
| | (17,981,218 | ) | | | (13,250,318 | ) | | | (12,952,654 | ) | | | (10,244,896 | ) | | | (9,279,636 | ) | | | (9,834,819 | ) | | | (5,184,945 | ) | | | (5,610,537 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 15,616,870 | | | | 108,877,084 | | | | 18,969,611 | | | | 93,936,029 | | | | 18,572,451 | | | | 89,807,795 | | | | 24,598,064 | | | | 80,994,460 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (25,056,928 | ) | | | 202,272,147 | | | | (18,610,944 | ) | | | 174,449,466 | | | | (23,935,221 | ) | | | 172,516,258 | | | | (6,864,470 | ) | | | 140,089,170 | |
| | 711,718,257 | | | | 509,446,110 | | | | 587,108,117 | | | | 412,658,651 | | | | 610,628,244 | | | | 438,111,986 | | | | 425,378,543 | | | | 285,289,373 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| $ | 686,661,329 | | | $ | 711,718,257 | | | $ | 568,497,173 | | | $ | 587,108,117 | | | $ | 586,693,023 | | | $ | 610,628,244 | | | $ | 418,514,073 | | | $ | 425,378,543 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 487,900,512 | | | | 410,004,672 | | | | 405,333,306 | | | | 337,385,671 | | | | 426,390,250 | | | | 360,758,050 | | | | 243,450,034 | | | | 194,840,021 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 24,879,545 | | | | 64,160,092 | | | | 24,040,281 | | | | 57,574,655 | | | | 21,576,196 | | | | 51,363,476 | | | | 18,996,339 | | | | 42,485,971 | |
| | — | | | | 23,312,986 | | | | — | | | | 17,955,980 | | | | — | | | | 21,539,353 | | | | — | | | | 9,699,815 | |
| | (13,081,230 | ) | | | (9,577,238 | ) | | | (9,452,355 | ) | | | (7,583,000 | ) | | | (6,944,309 | ) | | | (7,270,629 | ) | | | (3,123,361 | ) | | | (3,575,773 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 11,798,315 | | | | 77,895,840 | | | | 14,587,926 | | | | 67,947,635 | | | | 14,631,887 | | | | 65,632,200 | | | | 15,872,978 | | | | 48,610,013 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
| | 499,698,827 | | | | 487,900,512 | | | | 419,921,232 | | | | 405,333,306 | | | | 441,022,137 | | | | 426,390,250 | | | | 259,323,012 | | | | 243,450,034 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
103
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2055 Retirement Fund | | | 2060 Retirement Fund | | | Conservative Allocation Fund | |
| | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | |
INCREASE (DECREASE)IN NET ASSETS | | | | | | | | | | | | | | | | | | | | | | | | |
FROM OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net investment income (loss) | | $ | (95,408 | ) | | $ | 1,627,710 | | | $ | (8,562 | ) | | $ | 272,940 | | | $ | (61,365 | ) | | $ | 3,398,541 | |
Net realized gain (loss) on investments and futures contracts | | | (698,120 | ) | | | 3,851,155 | | | | (65,332 | ) | | | 587,588 | | | | 1,675,592 | | | | 3,357,874 | |
Change in net unrealized appreciation (depreciation) of investments and futures contracts | | | (9,212,605 | ) | | | 15,808,618 | | | | (1,497,384 | ) | | | 1,879,340 | | | | 589,970 | | | | 14,439,798 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | | | (10,006,133 | ) | | | 21,287,483 | | | | (1,571,278 | ) | | | 2,739,868 | | | | 2,204,197 | | | | 21,196,213 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
DISTRIBUTIONS (Notes 1 and 5) | | | | | | | | | | | | | | | | | | | | | | | | |
From Distributable Earnings | | | — | | | | (3,354,071 | ) | | | — | | | | (36,916 | ) | | | — | | | | (7,283,221 | ) |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total distributions | | | — | | | | (3,354,071 | ) | | | — | | | | (36,916 | ) | | | — | | | | (7,283,221 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
CAPITAL TRANSACTIONS (Note 4) | | | | | | | | | | | | | | | | | | | | | | | | |
Proceeds from sale of shares | | | 24,930,485 | | | | 53,428,649 | | | | 17,364,379 | | | | 23,007,706 | | | | 12,653,115 | | | | 22,452,378 | |
Dividends reinvested | | | — | | | | 3,354,071 | | | | — | | | | 36,916 | | | | — | | | | 7,283,221 | |
Cost of shares redeemed | | | (1,222,377 | ) | | | (931,488 | ) | | | (877,373 | ) | | | (184,275 | ) | | | (19,280,116 | ) | | | (15,635,929 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | | | 23,708,108 | | | | 55,851,232 | | | | 16,487,006 | | | | 22,860,347 | | | | (6,627,001 | ) | | | 14,099,670 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
INCREASE (DECREASE)IN NET ASSETS | | | 13,701,975 | | | | 73,784,644 | | | | 14,915,728 | | | | 25,563,299 | | | | (4,422,804 | ) | | | 28,012,662 | |
NET ASSETS, BEGINNINGOF PERIOD | | | 144,080,723 | | | | 70,296,079 | | | | 29,608,684 | | | | 4,045,385 | | | | 177,953,032 | | | | 149,940,370 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
NET ASSETS, ENDOF PERIOD | | $ | 157,782,698 | | | $ | 144,080,723 | | | $ | 44,524,412 | | | $ | 29,608,684 | | | $ | 173,530,228 | | | $ | 177,953,032 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
OTHER INFORMATION: | | | | | | | | | | | | | | | | | | | | | | | | |
Shares outstanding at the beginning of period | | | 108,227,958 | | | | 63,777,224 | | | | 26,632,564 | | | | 4,522,127 | | | | 140,038,680 | | | | 128,699,580 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Shares sold | | | 21,106,863 | | | | 42,520,497 | | | | 17,780,211 | | | | 22,254,303 | | | | 10,044,569 | | | | 18,105,485 | |
Shares issued as reinvestment of dividends | | | — | | | | 2,685,139 | | | | — | | | | 35,429 | | | | — | | | | 5,902,229 | |
Shares redeemed | | | (952,166 | ) | | | (754,902 | ) | | | (835,412 | ) | | | (179,295 | ) | | | (15,234,690 | ) | | | (12,668,614 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Increase (decrease) | | | 20,154,697 | | | | 44,450,734 | | | | 16,944,799 | | | | 22,110,437 | | | | (5,190,121 | ) | | | 11,339,100 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Shares outstanding at the end of period | | | 128,382,655 | | | | 108,227,958 | | | | 43,577,363 | | | | 26,632,564 | | | | 134,848,559 | | | | 140,038,680 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
104
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Moderate Allocation Fund | | | Aggressive Allocation Fund | | | Money Market Fund | | | Mid-Term Bond Fund | | | Bond Fund | |
For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | | | For the
Six Months
Ended
June 30,
2020
(Unaudited) | | | For the
Year Ended
December 31,
2019 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | (76,735 | ) | | $ | 7,770,266 | | | $ | (69,370 | ) | | $ | 5,086,860 | | | $ | 637,663 | | | $ | 3,907,987 | | | $ | 6,740,849 | | | $ | 14,222,636 | | | $ | 18,808,741 | | | $ | 39,345,495 | |
| 9,221,715 | | | | 17,982,766 | | | | 6,610,333 | | | | 18,703,831 | | | | 449 | | | | 7,867 | | | | 691,043 | | | | 231,463 | | | | 4,582,797 | | | | 613,919 | |
| | | | | | | | | |
| | (19,630,230 | ) | | | 44,393,208 | | | | (24,017,216 | ) | | | 36,784,518 | | | | (3,657 | ) | | | (50 | ) | | | 23,081,660 | | | | 21,786,493 | | | | 73,679,285 | | | | 65,300,033 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| (10,485,250 | ) | | | 70,146,240 | | | | (17,476,253 | ) | | | 60,575,209 | | | | 634,455 | | | | 3,915,804 | | | | 30,513,552 | | | | 36,240,592 | | | | 97,070,823 | | | | 105,259,447 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (24,939,037 | ) | | | — | | | | (23,017,468 | ) | | | — | | | | (2,221,214 | ) | | | — | | | | (13,773,991 | ) | | | — | | | | (37,592,921 | ) |
| | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | — | | | | (24,939,037 | ) | | | — | | | | (23,017,468 | ) | | | — | | | | (2,221,214 | ) | | | — | | | | (13,773,991 | ) | | | — | | | | (37,592,921 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 14,357,420 | | | | 22,742,660 | | | | 5,070,995 | | | | 10,675,637 | | | | 61,782,787 | | | | 65,898,702 | | | | 52,070,181 | | | | 97,647,192 | | | | 145,473,825 | | | | 199,467,591 | |
| | — | | | | 24,939,037 | | | | — | | | | 23,017,468 | | | | — | | | | 2,221,214 | | | | — | | | | 13,773,991 | | | | — | | | | 37,592,921 | |
| | (36,637,432 | ) | | | (31,059,974 | ) | | | (16,906,297 | ) | | | (22,506,167 | ) | | | (76,161,569 | ) | | | (125,942,141 | ) | | | (60,570,256 | ) | | | (48,248,467 | ) | | | (102,030,665 | ) | | | (76,305,998 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| (22,280,012 | ) | | | 16,621,723 | | | | (11,835,302 | ) | | | 11,186,938 | | | | (14,378,782 | ) | | | (57,822,225 | ) | | | (8,500,075 | ) | | | 63,172,716 | | | | 43,443,160 | | | | 160,754,514 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | (32,765,262 | ) | | | 61,828,926 | | | | (29,311,555 | ) | | | 48,744,679 | | | | (13,744,327 | ) | | | (56,127,635 | ) | | | 22,013,477 | | | | 85,639,317 | | | | 140,513,983 | | | | 228,421,040 | |
| | 432,966,542 | | | | 371,137,616 | | | | 320,120,546 | | | | 271,375,867 | | | | 153,785,284 | | | | 209,912,919 | | | | 672,361,571 | | | | 586,722,254 | | | | 1,574,015,583 | | | | 1,345,594,543 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| $ | 400,201,280 | | | $ | 432,966,542 | | | $ | 290,808,991 | | | $ | 320,120,546 | | | $ | 140,040,957 | | | $ | 153,785,284 | | | $ | 694,375,048 | | | $ | 672,361,571 | | | $ | 1,714,529,566 | | | $ | 1,574,015,583 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 279,181,912 | | | | 267,950,109 | | | | 184,380,328 | | | | 177,406,835 | | | | 124,877,686 | | | | 171,848,668 | | | | 632,339,207 | | | | 572,739,290 | | | | 1,065,966,871 | | | | 956,663,157 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 9,498,348 | | | | 15,026,520 | | | | 3,193,922 | | | | 6,295,990 | | | | 50,061,861 | | | | 53,471,474 | | | | 47,765,916 | | | | 92,280,247 | | | | 94,721,740 | | | | 135,977,809 | |
| | — | | | | 16,819,607 | | | | — | | | | 14,034,639 | | | | — | | | | 1,811,413 | | | | — | | | | 13,004,416 | | | | — | | | | 25,481,336 | |
| | (24,979,202 | ) | | | (20,614,324 | ) | | | (10,307,549 | ) | | | (13,357,136 | ) | | | (61,658,148 | ) | | | (102,253,869 | ) | | | (55,927,446 | ) | | | (45,684,746 | ) | | | (67,078,679 | ) | | | (52,155,431 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | (15,480,854 | ) | | | 11,231,803 | | | | (7,113,627 | ) | | | 6,973,493 | | | | (11,596,287 | ) | | | (46,970,982 | ) | | | (8,161,530 | ) | | | 59,599,917 | | | | 27,643,061 | | | | 109,303,714 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| | 263,701,058 | | | | 279,181,912 | | | | 177,266,701 | | | | 184,380,328 | | | | 113,281,399 | | | | 124,877,686 | | | | 624,177,677 | | | | 632,339,207 | | | | 1,093,609,932 | | | | 1,065,966,871 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
105
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, 2020 and the five years ended December 31, 2019 (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,
2020
(Unaudited) | | | Years Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | |
Net Asset Value, Beginning of Period | | $ | 4.79 | | | $ | 3.78 | | | $ | 4.10 | | | $ | 3.49 | | | $ | 3.26 | | | $ | 3.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.05 | | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.06 | | | | 0.06 | |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | (0.20 | ) | | | 1.08 | | | | (0.23 | ) | | | 0.67 | | | | 0.32 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total From Investment Operations | | | (0.15 | ) | | | 1.16 | | | | (0.16 | ) | | | 0.74 | | | | 0.38 | | | | 0.03 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.07 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.06 | ) |
From Net Realized Gains | | | — | | | | (0.08 | ) | | | (0.09 | ) | | | (0.07 | ) | | | (0.09 | ) | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Distributions | | | — | | | | (0.15 | ) | | | (0.16 | ) | | | (0.13 | ) | | | (0.15 | ) | | | (0.18 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Asset Value, End of Period | | $ | 4.64 | | | $ | 4.79 | | | $ | 3.78 | | | $ | 4.10 | | | $ | 3.49 | | | $ | 3.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Return (%)(i) | | | (3.16 | )(b) | | | 31.31 | | | | (4.56 | ) | | | 21.65 | | | | 11.80 | | | | 1.24 | |
Net Assets, End of Period ($ millions) | | | 3,179 | | | | 3,478 | | | | 2,629 | | | | 2,712 | | | | 2,143 | | | | 1,854 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | 1.89 | (c) | | | 1.90 | | | | 1.83 | | | | 1.85 | | | | 2.03 | | | | 1.94 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.14 | (c) | | | 0.13 | | | | 0.13 | | | | 0.14 | | | | 0.14 | | | | 0.15 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.14 | (c) | | | 0.13 | | | | 0.13 | | | | 0.13 | (e) | | | 0.14 | | | | 0.15 | |
Portfolio Turnover Rate (%)(a) | | | 3.07 | (b) | | | 3.01 | | | | 3.48 | | | | 5.23 | | | | 5.58 | | | | 4.74 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | Includes one time reimbursement from Adviser for non-advisory operating expenses (Note 2). |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
| (h) | Amount is less than $0.005 per share. |
| (i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (j) | International Fund excludes the expenses of its ETF investments. |
| (k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
106
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| All America Fund | | | Small Cap Value Fund | | | |
Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | |
| | | | | | | | | | | | |
| $ | 2.42 | | | $ | 2.05 | | | $ | 2.38 | | | $ | 2.29 | | | $ | 2.22 | | | $ | 2.42 | | | $ | 1.51 | | | $ | 1.36 | | | $ | 1.74 | | | $ | 1.69 | | | $ | 1.44 | | | $ | 1.61 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.02 | | | | 0.04 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.01 | | | | 0.02 | | | | 0.01 | | | | 0.03 | | | | 0.02 | | | | 0.02 | | | |
| (0.18 | ) | | | 0.52 | | | | (0.20 | ) | | | 0.39 | | | | 0.21 | | | | (0.03 | ) | | | (0.40 | ) | | | 0.23 | | | | (0.24 | ) | | | 0.11 | | | | 0.26 | | | | (0.08 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | (0.16 | ) | | | 0.56 | | | | (0.17 | ) | | | 0.42 | | | | 0.24 | | | | — | | | | (0.39 | ) | | | 0.25 | | | | (0.23 | ) | | | 0.14 | | | | 0.28 | | | | (0.06 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | | | | (0.01 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.01 | ) | | |
| | — | | | | (0.16 | ) | | | (0.13 | ) | | | (0.30 | ) | | | (0.14 | ) | | | (0.15 | ) | | | — | | | | (0.09 | ) | | | (0.13 | ) | | | (0.08 | ) | | | (0.02 | ) | | | (0.10 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | — | | | | (0.19 | ) | | | (0.16 | ) | | | (0.33 | ) | | | (0.17 | ) | | | (0.18 | ) | | | — | | | | (0.10 | ) | | | (0.15 | ) | | | (0.09 | ) | | | (0.03 | ) | | | (0.11 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| $ | 2.26 | | | $ | 2.42 | | | $ | 2.05 | | | $ | 2.38 | | | $ | 2.29 | | | $ | 2.22 | | | $ | 1.12 | | | $ | 1.51 | | | $ | 1.36 | | | $ | 1.74 | | | $ | 1.69 | | | $ | 1.44 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | (6.77 | )(b) | | | 28.36 | | | | (8.27 | ) | | | 19.41 | | | | 11.49 | | | | (0.04 | ) | | | (25.69 | )(b) | | | 19.10 | | | | (14.57 | ) | | | 8.29 | | | | 20.04 | | | | (3.40 | ) | | |
| | 265 | | | | 312 | | | | 268 | | | | 325 | | | | 296 | | | | 295 | | | | 374 | | | | 518 | | | | 428 | | | | 506 | | | | 465 | | | | 376 | | | |
| | 1.43 | (c) | | | 1.43 | | | | 1.26 | | | | 1.33 | | | | 1.42 | | | | 1.32 | | | | 1.90 | (c) | | | 1.68 | | | | 1.10 | | | | 1.75 | | | | 1.17 | | | | 1.14 | | | |
| | 0.51 | (c) | | | 0.49 | | | | 0.52 | | | | 0.51 | | | | 0.53 | | | | 0.55 | | | | 0.82 | (c) | | | 0.81 | | | | 0.81 | | | | 0.81 | | | | 0.82 | | | | 0.83 | | | |
| | 0.51 | (c) | | | 0.49 | | | | 0.52 | | | | 0.51 | | | | 0.53 | | | | 0.55 | | | | 0.82 | (c) | | | 0.81 | | | | 0.81 | | | | 0.80 | (e) | | | 0.82 | | | | 0.83 | | | |
| | 11.59 | (b) | | | 26.06 | | | | 17.60 | | | | 22.28 | | | | 40.10 | | | | 14.73 | | | | 21.87 | (b) | | | 43.17 | | | | 29.58 | | | | 34.36 | | | | 32.06 | | | | 19.03 | | | |
The accompanying notes are an integral part of these financial statements.
107
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Small Cap Growth Fund | |
| | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | |
Net Asset Value, Beginning of Period | | $ | 1.46 | | | $ | 1.26 | | | $ | 1.54 | | | $ | 1.29 | | | $ | 1.32 | | | $ | 1.54 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (h) | | | — | (h) | | | — | (h) | | | — | (h) | | | — | (h) | | | — | (h) |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | 0.02 | | | | 0.32 | | | | (0.17 | ) | | | 0.30 | | | | 0.10 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total From Investment Operations | | | 0.02 | | | | 0.32 | | | | (0.17 | ) | | | 0.30 | | | | 0.10 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | — | (h) | | | — | (h) | | | — | (h) | | | — | | | | — | |
From Net Realized Gains | | | — | | | | (0.12 | ) | | | (0.11 | ) | | | (0.05 | ) | | | (0.13 | ) | | | (0.19 | ) |
Return of Capital | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Distributions | | | — | | | | (0.12 | ) | | | (0.11 | ) | | | (0.05 | ) | | | (0.13 | ) | | | (0.19 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Asset Value, End of Period | | $ | 1.48 | | | $ | 1.46 | | | $ | 1.26 | | | $ | 1.54 | | | $ | 1.29 | | | $ | 1.32 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Return (%)(i) | | | 1.47 | (b) | | | 26.59 | | | | (12.53 | ) | | | 23.82 | | | | 8.10 | | | | (2.39 | ) |
Net Assets, End of Period ($ millions) | | | 550 | | | | 609 | | | | 483 | | | | 555 | | | | 433 | | | | 402 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.04 | )(c) | | | 0.17 | | | | 0.13 | | | | 0.06 | | | | 0.06 | | | | (0.12 | ) |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | | | 0.82 | (c) | | | 0.81 | | | | 0.81 | | | | 0.82 | | | | 0.82 | | | | 0.83 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | | | 0.82 | (c) | | | 0.81 | | | | 0.81 | | | | 0.80 | (e) | | | 0.82 | | | | 0.83 | |
Portfolio Turnover Rate (%)(a) | | | 37.53 | (b) | | | 56.25 | | | | 60.57 | | | | 62.33 | | | | 53.80 | | | | 67.83 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | Includes one time reimbursement from Adviser for non-advisory operating expenses (Note 2). |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
| (h) | Amount is less than $0.005 per share. |
| (i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (j) | International Fund excludes the expenses of its ETF investments. |
| (k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
108
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Small Cap Equity Index Fund | | | Mid Cap Value Fund | | | Mid-Cap Equity Index Fund | | | |
Six Months
Ended
June 30,
2020
(Unaudited) | | | Year Ended
December 31,
2019 | | | Period Ended
December 31,
2018(g) | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | |
| | | | | | | | | | | | | | | |
| $ | 0.99 | | | $ | 0.83 | | | $ | 1.00 | | | $ | 1.64 | | | $ | 1.34 | | | $ | 1.71 | | | $ | 1.57 | | | $ | 1.46 | | | $ | 1.63 | | | $ | 2.25 | | | $ | 1.93 | | | $ | 2.34 | | | $ | 2.17 | | | $ | 1.95 | | | $ | 2.16 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | | | | 0.01 | | | | 0.01 | | | | 0.02 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | |
| | | | | | | | | | | | | | | |
| | (0.19 | ) | | | 0.17 | | | | (0.17 | ) | | | (0.33 | ) | | | 0.33 | | | | (0.24 | ) | | | 0.20 | | | | 0.20 | | | | (0.08 | ) | | | (0.31 | ) | | | 0.47 | | | | (0.26 | ) | | | 0.31 | | | | 0.36 | | | | (0.08 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | (0.18 | ) | | | 0.18 | | | | (0.16 | ) | | | (0.31 | ) | | | 0.36 | | | | (0.21 | ) | | | 0.23 | | | | 0.22 | | | | (0.06 | ) | | | (0.29 | ) | | | 0.50 | | | | (0.23 | ) | | | 0.34 | | | | 0.39 | | | | (0.05 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | (0.02 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.02 | ) | | |
| | — | | | | (0.01 | ) | | | — | (h) | | | — | | | | (0.04 | ) | | | (0.13 | ) | | | (0.07 | ) | | | (0.09 | ) | | | (0.10 | ) | | | — | | | | (0.15 | ) | | | (0.15 | ) | | | (0.14 | ) | | | (0.14 | ) | | | (0.14 | ) | | |
| | — | | | | — | | | | — | (h) | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.01 | ) | | | — | | | | (0.06 | ) | | | (0.16 | ) | | | (0.09 | ) | | | (0.11 | ) | | | (0.12 | ) | | | — | | | | (0.18 | ) | | | (0.18 | ) | | | (0.17 | ) | | | (0.17 | ) | | | (0.16 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| $ | 0.81 | | | $ | 0.99 | | | $ | 0.83 | | | $ | 1.33 | | | $ | 1.64 | | | $ | 1.34 | | | $ | 1.71 | | | $ | 1.57 | | | $ | 1.46 | | | $ | 1.96 | | | $ | 2.25 | | | $ | 1.93 | | | $ | 2.34 | | | $ | 2.17 | | | $ | 1.95 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | (18.13 | )(b) | | | 22.40 | | | | (16.54 | )(b) | | | (19.01 | )(b) | | | 27.04 | | | | (14.08 | ) | | | 14.92 | | | | 16.18 | | | | (3.34 | ) | | | (12.84 | )(b) | | | 26.01 | | | | (11.26 | ) | | | 16.05 | | | | 20.51 | | | | (2.37 | ) | | |
| | 29 | | | | 29 | | | | 17 | | | | 76 | | | | 99 | | | | 80 | | | | 103 | | | | 98 | | | | 82 | | | | 1,411 | | | | 1,681 | | | | 1,281 | | | | 1,452 | | | | 1,245 | | | | 977 | | | |
| | 1.50 | (c) | | | 1.50 | | | | 1.51 | (c) | | | 2.46 | (c) | | | 1.85 | | | | 1.51 | | | | 1.55 | | | | 1.48 | | | | 1.45 | | | | 1.67 | (c) | | | 1.67 | | | | 1.52 | | | | 1.46 | | | | 1.60 | | | | 1.45 | | | |
| | 0.59 | (c) | | | 0.42 | | | | 1.61 | (c) | | | 0.70 | (c) | | | 0.66 | | | | 0.65 | | | | 0.64 | | | | 0.66 | | | | 0.65 | | | | 0.15 | (c) | | | 0.13 | | | | 0.14 | | | | 0.14 | | | | 0.15 | | | | 0.16 | | | |
| | 0.14 | (c) | | | 0.14 | | | | 0.14 | (c) | | | 0.70 | (c) | | | 0.66 | | | | 0.65 | | | | 0.64 | | | | 0.66 | | | | 0.65 | | | | 0.15 | (c) | | | 0.13 | | | | 0.14 | | | | 0.14 | (e) | | | 0.15 | | | | 0.16 | | | |
| | 35.73 | (b) | | | 97.06 | | | | 81.79 | | | | 8.38 | (b) | | | 17.65 | | | | 10.75 | | | | 24.09 | | | | 25.80 | | | | 15.86 | | | | 11.39 | (b) | | | 14.30 | | | | 20.26 | | | | 19.36 | | | | 21.75 | | | | 21.67 | | | |
The accompanying notes are an integral part of these financial statements.
109
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | International Fund | |
| | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | |
Net Asset Value, Beginning of Period | | $ | 0.91 | | | $ | 0.77 | | | $ | 0.90 | | | $ | 0.74 | | | $ | 0.75 | | | $ | 0.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.01 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.01 | |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | (0.12 | ) | | | 0.14 | | | | (0.13 | ) | | | 0.16 | | | | (0.01 | ) | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total From Investment Operations | | | (0.11 | ) | | | 0.16 | | | | (0.11 | ) | | | 0.18 | | | | 0.01 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) |
From Net Realized Gains | | | — | | | | — | | | | — | (h) | | | — | (h) | | | — | (h) | | | — | (h) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Distributions | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Asset Value, End of Period | | $ | 0.80 | | | $ | 0.91 | | | $ | 0.77 | | | $ | 0.90 | | | $ | 0.74 | | | $ | 0.75 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Return (%)(i) | | | (11.26 | )(b) | | | 21.01 | | | | (13.36 | ) | | | 24.47 | | | | 1.69 | | | | (0.63 | ) |
Net Assets, End of Period ($ millions) | | | 681 | | | | 720 | | | | 509 | | | | 537 | | | | 377 | | | | 319 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | 2.24 | (c) | | | 3.26 | | | | 2.75 | | | | 2.67 | | | | 2.94 | | | | 2.47 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(j) | | | 0.13 | (c) | | | 0.12 | | | | 0.12 | | | | 0.12 | | | | 0.13 | | | | 0.14 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(j) | | | 0.13 | (c) | | | 0.12 | | | | 0.12 | | | | 0.12 | (e) | | | 0.13 | | | | 0.14 | |
Portfolio Turnover Rate (%)(a) | | | 6.82 | (b) | | | 3.61 | | | | — | | | | — | | | | 3.08 | | | | — | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | Includes one time reimbursement from Adviser for non-advisory operating expenses (Note 2). |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
| (h) | Amount is less than $0.005 per share. |
| (i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (j) | International Fund excludes the expenses of its ETF investments. |
| (k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
110
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Composite Fund | | | Retirement Income Fund | | | |
Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | |
| | | | | | | | | | | | |
| $ | 1.87 | | | $ | 1.67 | | | $ | 1.91 | | | $ | 1.95 | | | $ | 1.96 | | | $ | 2.00 | | | $ | 1.21 | | | $ | 1.12 | | | $ | 1.17 | | | $ | 1.12 | | | $ | 1.12 | | | $ | 1.16 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.02 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | |
| (0.04 | ) | | | 0.28 | | | | (0.09 | ) | | | 0.21 | | | | 0.11 | | | | (0.02 | ) | | | 0.02 | | | | 0.11 | | | | (0.03 | ) | | | 0.07 | | | | 0.04 | | | | (0.01 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | (0.02 | ) | | | 0.32 | | | | (0.05 | ) | | | 0.25 | | | | 0.15 | | | | 0.02 | | | | 0.02 | | | | 0.13 | | | | (0.01 | ) | | | 0.09 | | | | 0.06 | | | | 0.01 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | |
| | — | | | | (0.08 | ) | | | (0.15 | ) | | | (0.25 | ) | | | (0.12 | ) | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.04 | ) | | | (0.03 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | — | | | | (0.12 | ) | | | (0.19 | ) | | | (0.29 | ) | | | (0.16 | ) | | | (0.06 | ) | | | — | | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.06 | ) | | | (0.05 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| $ | 1.85 | | | $ | 1.87 | | | $ | 1.67 | | | $ | 1.91 | | | $ | 1.95 | | | $ | 1.96 | | | $ | 1.23 | | | $ | 1.21 | | | $ | 1.12 | | | $ | 1.17 | | | $ | 1.12 | | | $ | 1.12 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | (1.02 | )(b) | | | 19.37 | | | | (3.20 | ) | | | 13.37 | | | | 7.92 | | | | 0.80 | | | | 1.66 | (b) | | | 11.85 | | | | (1.21 | ) | | | 7.35 | | | | 6.18 | | | | 0.49 | | | |
| | 176 | | | | 194 | | | | 172 | | | | 190 | | | | 181 | | | | 180 | | | | 138 | | | | 138 | | | | 101 | | | | 101 | | | | 76 | | | | 63 | | | |
| | 1.94 | (c) | | | 2.12 | | | | 2.16 | | | | 2.11 | | | | 2.10 | | | | 1.93 | | | | (0.14 | )(c) | | | 1.87 | | | | 1.82 | | | | 2.01 | | | | 2.26 | | | | 2.35 | | | |
| 0.51 | (c) | | | 0.50 | | | | 0.51 | | | | 0.51 | | | | 0.52 | | | | 0.53 | | | | 0.14 | (c) | | | 0.12 | | | | 0.08 | | | | 0.08 | | | | 0.09 | | | | 0.09 | | | |
| 0.51 | (c) | | | 0.50 | | | | 0.51 | | | | 0.50 | (e) | | | 0.52 | | | | 0.53 | | | | 0.14 | (c) | | | 0.12 | | | | 0.08 | | | | 0.06 | (e) | | | 0.09 | | | | 0.05 | | | |
| | 20.66 | (b) | | | 41.92 | | | | 37.37 | | | | 60.13 | | | | 57.40 | | | | 13.13 | | | | 8.26 | (b) | | | 10.49 | | | | 21.90 | | | | 18.54 | | | | 16.88 | | | | 22.64 | | | |
The accompanying notes are an integral part of these financial statements.
111
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2010 Retirement Fund | |
| | | Six Months
Ended
June 30,
2020 | | | Years Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | |
Net Asset Value, Beginning of Period | | $ | 1.00 | | | $ | 0.93 | | | $ | 1.01 | | | $ | 0.99 | | | $ | 1.01 | | | $ | 1.09 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.03 | | | | 0.02 | | | | 0.02 | |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | — | (h) | | | 0.10 | | | | (0.04 | ) | | | 0.06 | | | | 0.04 | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total From Investment Operations | | | — | | | | 0.12 | | | | (0.02 | ) | | | 0.09 | | | | 0.06 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) |
From Net Realized Gains | | | — | | | | (0.03 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Distributions | | | — | | | | (0.05 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.08 | ) | | | (0.08 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Asset Value, End of Period | | $ | 1.00 | | | $ | 1.00 | | | $ | 0.93 | | | $ | 1.01 | | | $ | 0.99 | | | $ | 1.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Return (%)(i) | | | 0.61 | (b) | | | 13.15 | | | | (1.93 | ) | | | 9.06 | | | | 6.87 | | | | 0.40 | |
| | | | | | |
Net Assets, End of Period ($ millions) | | | 27 | | | | 27 | | | | 24 | | | | 26 | | | | 26 | | | | 26 | |
| | | | | | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.05 | )(c) | | | 1.95 | | | | 1.83 | | | | 1.92 | | | | 2.15 | | | | 2.10 | |
| | | | | | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.24 | (c) | | | 0.31 | | | | 0.16 | | | | 0.12 | | | | 0.12 | | | | 0.12 | |
| | | | | | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.05 | (c) | | | 0.05 | | | | 0.05 | | | | 0.01 | (e) | | | 0.05 | | | | 0.05 | |
| | | | | | |
Portfolio Turnover Rate (%)(a) | | | 23.54 | (b) | | | 17.52 | | | | 22.75 | | | | 24.48 | | | | 24.58 | | | | 23.28 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | Includes one time reimbursement from Adviser for non-advisory operating expenses (Note 2). |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
| (h) | Amount is less than $0.005 per share. |
| (i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (j) | International Fund excludes the expenses of its ETF investments. |
| (k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
112
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2015 Retirement Fund | | | 2020 Retirement Fund | | | |
Six Months
Ended
June 30,
2020 | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020 | | | Years Ended December 31, |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | |
| | | | | | | | | | | | |
| $ | 1.05 | | | $ | 0.97 | | | $ | 1.07 | | | $ | 1.03 | | | $ | 1.05 | | | $ | 1.13 | | | $ | 1.24 | | | $ | 1.12 | | | $ | 1.23 | | | $ | 1.14 | | | $ | 1.12 | | | $ | 1.18 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | |
| | | | | | | | | | | | |
| | (0.01 | ) | | | 0.13 | | | | (0.06 | ) | | | 0.09 | | | | 0.05 | | | | (0.02 | ) | | | (0.02 | ) | | | 0.17 | | | | (0.08 | ) | | | 0.13 | | | | 0.07 | | | | (0.01 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | (0.01 | ) | | | 0.15 | | | | (0.04 | ) | | | 0.11 | | | | 0.07 | | | | — | | | | (0.02 | ) | | | 0.19 | | | | (0.06 | ) | | | 0.15 | | | | 0.09 | | | | 0.01 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | |
| | — | | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.07 | ) | | | (0.06 | ) | | | — | | | | (0.05 | ) | | | (0.03 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.05 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.09 | ) | | | (0.08 | ) | | | — | | | | (0.07 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.07 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| $ | 1.04 | | | $ | 1.05 | | | $ | 0.97 | | | $ | 1.07 | | | $ | 1.03 | | | $ | 1.05 | | | $ | 1.22 | | | $ | 1.24 | | | $ | 1.12 | | | $ | 1.23 | | | $ | 1.14 | | | $ | 1.12 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | (0.53 | )(b) | | | 15.34 | | | | (3.01 | ) | | | 10.64 | | | | 7.72 | | | | 0.27 | | | | (1.59 | )(b) | | | 17.53 | | | | (4.04 | ) | | | 12.52 | | | | 8.57 | | | | 0.13 | | | |
| | | | | | | | | | | | |
| | 134 | | | | 149 | | | | 138 | | | | 155 | | | | 146 | | | | 149 | | | | 549 | | | | 608 | | | | 515 | | | | 525 | | | | 426 | | | | 364 | | | |
| | | | | | | | | | | | |
| | (0.14 | )(c) | | | 1.81 | | | | 1.83 | | | | 1.85 | | | | 2.07 | | | | 2.07 | | | | (0.08 | )(c) | | | 1.85 | | | | 1.89 | | | | 1.89 | | | | 2.03 | | | | 2.06 | | | |
| | | | | | | | | | | | |
| | 0.14 | (c) | | | 0.11 | | | | 0.07 | | | | 0.07 | | | | 0.08 | | | | 0.07 | | | | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | |
| | | | | | | | | | | | |
| | 0.14 | (c) | | | 0.11 | | | | 0.07 | | | | 0.07 | | | | 0.08 | | | | 0.07 | | | | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | |
| | | | | | | | | | | | |
| | 7.37 | (b) | | | 13.69 | | | | 14.75 | | | | 14.98 | | | | 12.96 | | | | 17.75 | | | | 4.37 | (b) | | | 10.33 | | | | 10.84 | | | | 7.09 | | | | 7.99 | | | | 7.76 | | | |
The accompanying notes are an integral part of these financial statements.
113
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2025 Retirement Fund | |
| | | Six Months
Ended
June 30,
2020 | | | Years Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | |
Net Asset Value, Beginning of Period | | $ | 1.36 | | | $ | 1.20 | | | $ | 1.33 | | | $ | 1.21 | | | $ | 1.17 | | | $ | 1.23 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | (0.04 | ) | | | 0.21 | | | | (0.09 | ) | | | 0.16 | | | | 0.09 | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total From Investment Operations | | | (0.04 | ) | | | 0.23 | | | | (0.07 | ) | | | 0.18 | | | | 0.11 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) |
From Net Realized Gains | | | — | | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Distributions | | | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Asset Value, End of Period | | $ | 1.32 | | | $ | 1.36 | | | $ | 1.20 | | | $ | 1.33 | | | $ | 1.21 | | | $ | 1.17 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Return (%)(i) | | | (2.97 | )(b) | | | 19.79 | | | | (5.22 | ) | | | 14.44 | | | | 9.84 | | | | (0.10 | ) |
| | | | | | |
Net Assets, End of Year ($ millions) | | | 892 | | | | 946 | | | | 710 | | | | 686 | | | | 504 | | | | 396 | |
| | | | | | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.07 | )(c) | | | 1.81 | | | | 1.81 | | | | 1.81 | | | | 1.91 | | | | 1.91 | |
| | | | | | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.07 | (c) | | | 0.07 | | | | 0.06 | | | | 0.07 | | | | 0.07 | | | | 0.07 | |
| | | | | | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.07 | (c) | | | 0.07 | | | | 0.06 | | | | 0.07 | | | | 0.07 | | | | 0.07 | |
| | | | | | |
Portfolio Turnover Rate (%)(a) | | | 5.06 | (b) | | | 5.08 | | | | 6.74 | | | | 5.78 | | | | 5.27 | | | | 4.36 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | Includes one time reimbursement from Adviser for non-advisory operating expenses (Note 2). |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
| (h) | Amount is less than $0.005 per share. |
| (i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (j) | International Fund excludes the expenses of its ETF investments. |
| (k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
114
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2030 Retirement Fund | | | 2035 Retirement Fund | | | |
Six Months
Ended
June 30,
2020 | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020 | | | Years Ended December 31, | | | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | |
| | | | | | | | | | | | |
| $ | 1.43 | | | $ | 1.24 | | | $ | 1.38 | | | $ | 1.25 | | | $ | 1.20 | | | $ | 1.27 | | | $ | 1.46 | | | $ | 1.24 | | | $ | 1.40 | | | $ | 1.25 | | | $ | 1.20 | | | $ | 1.27 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | |
| | (0.06 | ) | |
|
0.24 |
| | | (0.10 | ) | | | 0.17 | | | | 0.11 | | | | (0.02 | ) | | | (0.09 | ) | | | 0.27 | | | | (0.12 | ) | | | 0.20 | | | | 0.11 | | | | (0.03 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | (0.06 | ) | | | 0.26 | | | | (0.08 | ) | | | 0.19 | | | | 0.13 | | | | — | | | | (0.09 | ) | | | 0.29 | | | | (0.10 | ) | | | 0.22 | | | | 0.13 | | | | (0.01 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | |
| | — | | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.06 | ) | | | (0.05 | ) | | | — | | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.04 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.08 | ) | | | (0.07 | ) | | | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.07 | ) | | | (0.08 | ) | | | (0.06 | ) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| $ | 1.37 | | | $ | 1.43 | | | $ | 1.24 | | | $ | 1.38 | | | $ | 1.25 | | | $ | 1.20 | | | $ | 1.37 | | | $ | 1.46 | | | $ | 1.24 | | | $ | 1.40 | | | $ | 1.25 | | | $ | 1.20 | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | (4.44 | )(b) | | | 21.93 | | | | (6.49 | ) | | | 16.01 | | | | 10.73 | | | | (0.22 | ) | | | (5.80 | )(b) | | | 23.62 | | | | (7.36 | ) | | | 17.15 | | | | 11.43 | | | | (0.37 | ) | | |
| | | | | | | | | | | | |
| | 821 | | | | 854 | | | | 617 | | | | 578 | | | | 416 | | | | 328 | | | | 687 | | | | 712 | | | | 509 | | | | 484 | | | | 352 | | | | 271 | | | |
| | | | | | | | | | | | |
| | (0.08 | )(c) | | | 1.71 | | | | 1.74 | | | | 1.69 | | | | 1.78 | | | | 1.81 | | | | (0.08 | )(c) | | | 1.64 | | | | 1.64 | | | | 1.57 | | | | 1.67 | | | | 1.68 | | | |
| | | | | | | | | | | | |
| | 0.08 | (c) | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | |
| | | | | | | | | | | | |
| | 0.08 | (c) | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | |
| | | | | | | | | | | | |
| | 5.76 | (b) | | | 4.23 | | | | 5.01 | | | | 5.75 | | | | 5.12 | | | | 4.83 | | | | 4.69 | (b) | | | 3.33 | | | | 4.00 | | | | 4.02 | | | | 4.98 | | | | 5.16 | | | |
The accompanying notes are an integral part of these financial statements.
115
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2040 Retirement Fund | |
| | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | |
Net Asset Value, Beginning of Period | | $ | 1.45 | | | $ | 1.22 | | | $ | 1.39 | | | $ | 1.24 | | | $ | 1.19 | | | $ | 1.26 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.01 | | | | 0.02 | | | | 0.02 | |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | (0.10 | ) | | | 0.28 | | | | (0.13 | ) | | | 0.20 | | | | 0.11 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total From Investment Operations | | | (0.10 | ) | | | 0.30 | | | | (0.11 | ) | | | 0.21 | | | | 0.13 | | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.02 | ) | | | (0.02 | ) |
From Net Realized Gains | | | — | | | | (0.05 | ) | | | (0.04 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.04 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Distributions | | | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.06 | ) | | | (0.08 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Asset Value, End of Period | | $ | 1.35 | | | $ | 1.45 | | | $ | 1.22 | | | $ | 1.39 | | | $ | 1.24 | | | $ | 1.19 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Return (%)(i) | | | (6.53 | )(b) | | | 24.25 | | | | (7.94 | ) | | | 17.40 | | | | 11.66 | | | | (0.64 | ) |
Net Assets, End of Period ($ millions) | | | 568 | | | | 587 | | | | 413 | | | | 393 | | | | 286 | | | | 222 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.08 | )(c) | | | 1.59 | | | | 1.60 | | | | 1.53 | | | | 1.59 | | | | 1.58 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | |
Portfolio Turnover Rate (%)(a) | | | 5.01 | (b) | | | 2.38 | | | | 2.65 | | | | 4.07 | | | | 5.23 | | | | 5.17 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | Includes one time reimbursement from Adviser for non-advisory operating expenses (Note 2). |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
| (h) | Amount is less than $0.005 per share. |
| (i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (j) | International Fund excludes the expenses of its ETF investments. |
| (k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
116
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 2045 Retirement Fund | | | 2050 Retirement Fund | | | 2055 Retirement Fund | |
Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended
December 31, | | | Period Ended
December 31,
2016(f) | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | |
| | | | | | | | | | | | | | | | |
| $ | 1.43 | | | $ | 1.21 | | | $ | 1.39 | | | $ | 1.24 | | | $ | 1.19 | | | $ | 1.26 | | | $ | 1.75 | | | $ | 1.46 | | | $ | 1.66 | | | $ | 1.45 | | | $ | 1.35 | | | $ | 1.39 | | | $ | 1.33 | | | $ | 1.10 | | | $ | 1.23 | | | $ | 1.04 | | | $ | 1.00 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.01 | | | | 0.02 | | | | 0.02 | | | | — | (h) | | | 0.02 | | | | 0.02 | | | | 0.01 | | | | 0.01 | | | | 0.03 | | | | — | (h) | | | 0.01 | | | | 0.01 | | | | — | (h) | | | — | (h) |
| | | | | | | | | | | | | | | | |
| | (0.10 | ) | | | 0.27 | | | | (0.13 | ) | | | 0.20 | | | | 0.12 | | | | (0.03 | ) | | | (0.14 | ) | | | 0.34 | | | | (0.16 | ) | | | 0.25 | | | | 0.14 | | | | (0.04 | ) | | | (0.10 | ) | | | 0.26 | | | | (0.12 | ) | | | 0.19 | | | | 0.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | (0.10 | ) | | | 0.29 | | | | (0.11 | ) | | | 0.21 | | | | 0.14 | | | | (0.01 | ) | | | (0.14 | ) | | | 0.36 | | | | (0.14 | ) | | | 0.26 | | | | 0.15 | | | | (0.01 | ) | | | (0.10 | ) | | | 0.27 | | | | (0.11 | ) | | | 0.19 | | | | 0.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.02 | ) | | | (0.02 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.01 | ) | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | — | |
| | — | | | | (0.05 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.07 | ) | | | (0.04 | ) | | | — | | | | (0.05 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.02 | ) | | | — | | | | (0.03 | ) | | | (0.01 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | — | | | | (0.07 | ) | | | (0.07 | ) | | | (0.06 | ) | | | (0.09 | ) | | | (0.06 | ) | | | — | | | | (0.07 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.05 | ) | | | (0.03 | ) | | | — | | | | (0.04 | ) | | | (0.02 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| $ | 1.33 | | | $ | 1.43 | | | $ | 1.21 | | | $ | 1.39 | | | $ | 1.24 | | | $ | 1.19 | | | $ | 1.61 | | | $ | 1.75 | | | $ | 1.46 | | | $ | 1.66 | | | $ | 1.45 | | | $ | 1.35 | | | $ | 1.23 | | | $ | 1.33 | | | $ | 1.10 | | | $ | 1.23 | | | $ | 1.04 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | (7.11 | )(b) | | | 24.54 | | | | (8.29 | ) | | | 17.62 | | | | 11.68 | | | | (0.69 | ) | | | (7.64 | )(b) | | | 24.65 | | | | (8.74 | ) | | | 17.86 | | | | 11.78 | | | | (0.73 | ) | | | (7.68 | )(b) | | | 24.39 | | | | (8.88 | ) | | | 17.99 | | | | 4.01 | (b) |
| | 587 | | | | 611 | | | | 438 | | | | 437 | | | | 332 | | | | 265 | | | | 419 | | | | 425 | | | | 285 | | | | 256 | | | | 164 | | | | 94 | | | | 158 | | | | 144 | | | | 70 | | | | 34 | | | | 3 | |
| | (0.08 | )(c) | | | 1.54 | | | | 1.55 | | | | 1.45 | | | | 1.54 | | | | 1.55 | | | | (0.09 | )(c) | | | 1.53 | | | | 1.55 | | | | 1.47 | | | | 1.58 | | | | 1.65 | | | | (0.14 | )(c) | | | 1.58 | | | | 1.73 | | | | 1.90 | | | | (0.05 | )(c) |
| | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.09 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.08 | | | | 0.09 | | | | 0.14 | (c) | | | 0.12 | | | | 0.11 | | | | 0.14 | | | | 0.50 | (c) |
| | 0.08 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.07 | | | | 0.09 | (c) | | | 0.08 | | | | 0.07 | | | | 0.07 | (e) | | | 0.08 | | | | 0.05 | | | | 0.14 | (c) | | | 0.12 | | | | 0.05 | | | | 0.05 | | | | 0.05 | (c) |
| | 4.12 | (b) | | | 2.56 | | | | 3.67 | | | | 4.46 | | | | 3.91 | | | | 4.40 | | | | 3.81 | (b) | | | 2.11 | | | | 2.26 | | | | 3.75 | | | | 2.67 | | | | 2.67 | | | | 2.53 | (b) | | | 0.57 | | | | 3.42 | | | | 4.32 | | | | 22.25 | (b) |
The accompanying notes are an integral part of these financial statements.
117
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 2060 Retirement Fund | | | Conservative Allocation Fund | |
| | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Year Ended
December 31,
2019 | | | Period Ended
December 31,
2018(g) | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | | | |
Net Asset Value, Beginning of Period | | $ | 1.11 | | | $ | 0.89 | | | $ | 1.00 | | | $ | 1.27 | | | $ | 1.17 | | | $ | 1.27 | | | $ | 1.21 | | | $ | 1.20 | | | $ | 1.25 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | — | (h) | | | 0.01 | | | | — | (h) | | | — | (h) | | | 0.02 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.02 | |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | (0.09 | ) | | | 0.21 | | | | (0.11 | ) | | | 0.02 | | | | 0.14 | | | | (0.05 | ) | | | 0.08 | | | | 0.04 | | | | (0.01 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Total From Investment Operations | | | (0.09 | ) | | | 0.22 | | | | (0.11 | ) | | | 0.02 | | | | 0.16 | | | | (0.02 | ) | | | 0.11 | | | | 0.07 | | | | 0.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | — | (h) | | | — | | | | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) |
From Net Realized Gains | | | — | | | | — | (h) | | | — | | | | — | | | | (0.03 | ) | | | (0.05 | ) | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Total Distributions | | | — | | | | — | | | | — | | | | — | | | | (0.06 | ) | | | (0.08 | ) | | | (0.05 | ) | | | (0.06 | ) | | | (0.06 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Net Asset Value, End of Period | | $ | 1.02 | | | $ | 1.11 | | | $ | 0.89 | | | $ | 1.29 | | | $ | 1.27 | | | $ | 1.17 | | | $ | 1.27 | | | $ | 1.21 | | | $ | 1.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Total Return (%)(i) | | | (8.10 | )(b) | | | 24.53 | | | | (10.54 | )(b) | | | 1.27 | (b) | | | 13.99 | | | | (2.04 | ) | | | 8.92 | | | | 6.71 | | | | 0.44 | |
Net Assets, End of Period ($ millions) | | | 45 | | | | 30 | | | | 4 | | | | 174 | | | | 178 | | | | 150 | | | | 157 | | | | 140 | | | | 128 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | (0.05 | )(c) | | | 1.95 | | | | 0.74 | (b) | | | (0.07 | )(c) | | | 2.07 | | | | 2.11 | | | | 2.20 | | | | 2.31 | | | | 2.32 | |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.39 | (c) | | | 0.51 | | | | 1.54 | (c) | | | 0.07 | (c) | | | 0.05 | | | | 0.02 | | | | 0.02 | | | | 0.03 | | | | 0.02 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.05 | (c) | | | 0.05 | | | | 0.05 | (c) | | | 0.07 | (c) | | | 0.05 | | | | 0.02 | | | | 0.02 | | | | 0.03 | | | | 0.02 | |
Portfolio Turnover Rate (%)(a) | | | 4.68 | (b) | | | 1.73 | | | | 6.10 | | | | 6.80 | (b) | | | 9.54 | | | | 11.70 | | | | 23.64 | | | | 8.89 | | | | 10.58 | |
| (a) | Portfolio turnover rate excludes all short-term securities. |
| (d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
| (e) | Includes one time reimbursement from Adviser for non-advisory operating expenses (Note 2). |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
| (h) | Amount is less than $0.005 per share. |
| (i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (j) | International Fund excludes the expenses of its ETF investments. |
| (k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
118
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Moderate Allocation Fund | | | Aggressive Allocation Fund | |
Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | | | | | |
| $ | 1.55 | | | $ | 1.39 | | | $ | 1.56 | | | $ | 1.44 | | | $ | 1.41 | | | $ | 1.52 | | | $ | 1.74 | | | $ | 1.53 | | | $ | 1.77 | | | $ | 1.63 | | | $ | 1.60 | | | $ | 1.77 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | (h) | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | — | (h) | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | | | | 0.03 | |
| (0.03 | ) | | | 0.22 | | | | (0.09 | ) | | | 0.17 | | | | 0.10 | | | | (0.03 | ) | | | (0.10 | ) | | | 0.31 | | | | (0.14 | ) | | | 0.24 | | | | 0.14 | | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | (0.03 | ) | | | 0.25 | | | | (0.06 | ) | | | 0.20 | | | | 0.13 | | | | — | | | | (0.10 | ) | | | 0.34 | | | | (0.11 | ) | | | 0.27 | | | | 0.17 | | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) | | | (0.03 | ) |
| | — | | | | (0.06 | ) | | | (0.08 | ) | | | (0.05 | ) | | | (0.07 | ) | | | (0.08 | ) | | | — | | | | (0.10 | ) | | | (0.10 | ) | | | (0.10 | ) | | | (0.11 | ) | | | (0.12 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | — | | | | (0.09 | ) | | | (0.11 | ) | | | (0.08 | ) | | | (0.10 | ) | | | (0.11 | ) | | | — | | | | (0.13 | ) | | | (0.13 | ) | | | (0.13 | ) | | | (0.14 | ) | | | (0.15 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| $ | 1.52 | | | $ | 1.55 | | | $ | 1.39 | | | $ | 1.56 | | | $ | 1.44 | | | $ | 1.41 | | | $ | 1.64 | | | $ | 1.74 | | | $ | 1.53 | | | $ | 1.77 | | | $ | 1.63 | | | $ | 1.60 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | (2.14 | )(b) | | | 19.15 | | | | (4.41 | ) | | | 13.72 | | | | 9.08 | | | | 0.16 | | | | (5.51 | )(b) | | | 22.74 | | | | (7.13 | ) | | | 16.64 | | | | 10.86 | | | | (0.38 | ) |
| | 400 | | | | 433 | | | | 371 | | | | 397 | | | | 347 | | | | 316 | | | | 291 | | | | 320 | | | | 271 | | | | 304 | | | | 264 | | | | 249 | |
| (0.04 | )(c) | | | 1.91 | | | | 1.95 | | | | 1.90 | | | | 2.08 | | | | 2.09 | | | | (0.05 | )(c) | | | 1.69 | | | | 1.74 | | | | 1.65 | | | | 1.74 | | | | 1.81 | |
| 0.04 | (c) | | | 0.03 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.05 | (c) | | | 0.04 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | |
| 0.04 | (c) | | | 0.03 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.05 | (c) | | | 0.04 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.02 | |
| | 4.50 | (b) | | | 8.40 | | | | 9.50 | | | | 12.05 | | | | 6.65 | | | | 8.10 | | | | 3.20 | (b) | | | 9.06 | | | | 9.13 | | | | 9.55 | | | | 9.51 | | | | 7.86 | |
The accompanying notes are an integral part of these financial statements.
119
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Money Market Fund | |
| | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | |
| | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | |
Net Asset Value, Beginning of Period | | $ | 1.2315 | | | $ | 1.2215 | | | $ | 1.2040 | | | $ | 1.1972 | | | $ | 1.20 | | | $ | 1.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
INCOME (LOSS)FROM INVESTMENT OPERATIONS | | | | | | | | | | | | | | | | | | | | | | | | |
Net Investment Income (Loss) | | | 0.0088 | | | | 0.0329 | | | | 0.0081 | | | | 0.0077 | | | | — | (h) | | | — | (h) |
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | | | (0.0041 | ) | | | (0.0083 | ) | | | 0.0124 | | | | 0.0005 | | | | — | (h) | | | — | (h) |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total From Investment Operations | | | 0.0047 | | | | 0.0246 | | | | 0.0205 | | | | 0.0082 | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Less Distributions | | | | | | | | | | | | | | | | | | | | | | | | |
From Net Investment Income | | | — | | | | (0.0146 | ) | | | (0.0030 | ) | | | (0.0014 | ) | | | — | | | | — | |
From Net Realized Gains | | | — | | | | — | (k) | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Distributions | | | — | | | | (0.0146 | ) | | | (0.0030 | ) | | | (0.0014 | ) | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Net Asset Value, End of Period | | $ | 1.2362 | | | $ | 1.2315 | | | $ | 1.2215 | | | $ | 1.2040 | | | $ | 1.20 | | | $ | 1.20 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
Total Return (%)(i) | | | 0.39 | (b) | | | 2.01 | | | | 1.71 | | | | 0.70 | | | | 0.14 | | | | (0.11 | ) |
Net Assets, End of Period ($ millions) | | | 140 | | | | 154 | | | | 210 | | | | 71 | | | | 63 | | | | 67 | |
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | | | 0.80 | (c) | | | 2.02 | | | | 1.82 | | | | 0.70 | | | | 0.13 | | | | (0.11 | ) |
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | | | 0.25 | (c) | | | 0.24 | | | | 0.20 | | | | 0.25 | | | | 0.28 | | | | 0.26 | |
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | | | 0.25 | (c) | | | 0.24 | | | | 0.20 | | | | 0.24 | (e) | | | 0.28 | | | | 0.26 | |
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) | Includes one time reimbursement from Adviser for non-advisory operating expenses (Note 2). |
| (f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
| (g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
| (h) | Amount is less than $0.005 per share. |
| (i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
| (j) | International Fund excludes the expenses of its ETF investments. |
| (k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
120
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Mid-Term Bond Fund | | | Bond Fund | |
Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | | | Six Months
Ended
June 30,
2020
(Unaudited) | | | Years Ended December 31, | |
| | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| | | | | | | | | | | |
| $ | 1.06 | | | $ | 1.02 | | | $ | 1.04 | | | $ | 1.04 | | | $ | 1.03 | | | $ | 1.06 | | | $ | 1.48 | | | $ | 1.41 | | | $ | 1.44 | | | $ | 1.43 | | | $ | 1.41 | | | $ | 1.45 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 0.01 | | | | 0.02 | | | | 0.02 | | | | 0.02 | | | | 0.03 | | | | 0.03 | | | | 0.02 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | 0.04 | | | | 0.04 | |
| 0.04 | | | | 0.04 | | | | (0.02 | ) | | | — | (h) | | | 0.01 | | | | (0.03 | ) | | | 0.07 | | | | 0.07 | | | | (0.03 | ) | | | 0.01 | | | | 0.02 | | | | (0.03 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | 0.05 | | | | 0.06 | | | | — | | | | 0.02 | | | | 0.04 | | | | — | | | | 0.09 | | | | 0.11 | | | | 0.01 | | | | 0.05 | | | | 0.06 | | | | 0.01 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.05 | ) |
| | — | | | | — | | | | — | (h) | | | — | (h) | | | — | (h) | | | — | (h) | | | — | | | | — | | | | — | | | | — | (h) | | | — | (h) | | | — | (h) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | — | | | | (0.02 | ) | | | (0.02 | ) | | | (0.02 | ) | | | (0.03 | ) | | | (0.03 | ) | | | — | | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.04 | ) | | | (0.05 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| $ | 1.11 | | | $ | 1.06 | | | $ | 1.02 | | | $ | 1.04 | | | $ | 1.04 | | | $ | 1.03 | | | $ | 1.57 | | | $ | 1.48 | | | $ | 1.41 | | | $ | 1.44 | | | $ | 1.43 | | | $ | 1.41 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | |
| | 4.62 | (b) | | | 6.04 | | | | 0.57 | | | | 2.32 | | | | 3.51 | | | | 0.61 | | | | 6.17 | (b) | | | 7.65 | | | | 0.17 | | | | 3.62 | | | | 4.71 | | | | 0.33 | |
| | 694 | | | | 672 | | | | 587 | | | | 558 | | | | 492 | | | | 452 | | | | 1,715 | | | | 1,574 | | | | 1,346 | | | | 1,274 | | | | 1,108 | | | | 1,007 | |
| | 1.99 | (c) | | | 2.26 | | | | 2.44 | | | | 2.37 | | | | 2.45 | | | | 2.68 | | | | 2.30 | (c) | | | 2.70 | | | | 2.93 | | | | 2.98 | | | | 3.07 | | | | 2.93 | |
| 0.46 | (c) | | | 0.45 | | | | 0.45 | | | | 0.47 | | | | 0.46 | | | | 0.46 | | | | 0.44 | (c) | | | 0.44 | | | | 0.45 | | | | 0.45 | | | | 0.45 | | | | 0.45 | |
| 0.46 | (c) | | | 0.45 | | | | 0.45 | | | | 0.45 | (e) | | | 0.46 | | | | 0.46 | | | | 0.44 | (c) | | | 0.44 | | | | 0.45 | | | | 0.44 | (e) | | | 0.45 | | | | 0.45 | |
| | 5.91 | (b) | | | 19.47 | | | | 20.12 | | | | 14.18 | | | | 17.52 | | | | 19.07 | | | | 17.50 | (b) | | | 13.36 | | | | 10.71 | | | | 10.65 | | | | 13.54 | | | | 27.51 | |
The accompanying notes are an integral part of these financial statements.
121
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2020
| 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, 2020, there were 27 active funds (collectively, “the Funds”): Equity Index Fund, All America Fund, Small Cap Value Fund, Small Cap Growth Fund, Small Cap Equity Index 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, 2055 Retirement Fund and 2060 Retirement Fund (collectively, “Retirement Funds”); a Conservative Allocation Fund, a Moderate Allocation Fund and an Aggressive Allocation Fund (collectively, “Allocation Funds”). The 2055 Retirement Fund commenced operations on October 1, 2016. The Small Cap Equity Index Fund and the 2060 Retirement Fund commenced operations on July 2, 2018.
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 Funds follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Codification Topic 946 Financial Services — Investment Companies. 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, 2020, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of three securities in the All America, Small Cap Growth and Small Cap Equity Index Funds (see Note 1 below) which were 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, 2020. Fair value inputs for all debt securities and temporary cash investments 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. During 2020, there were no transfers between Level 1 and Level 2 securities.
122
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 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, 2020:
| | | | | | | | | | | | | | | | |
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-Indexed | | $ | 3,151,013,615 | | | | — | | | | — | | | $ | 3,151,013,615 | |
Short-Term Debt Securities | | | — | | | $ | 24,198,540 | | | | — | | | $ | 24,198,540 | |
Temporary Cash Investment | | | — | | | $ | 83,666 | | | | — | | | $ | 83,666 | |
| | | | | | | | | | | | | | | | |
| | $ | 3,151,013,615 | | | $ | 24,282,206 | | | | — | | | $ | 3,175,295,821 | |
All America Fund | | | | | | | | | | | | | | | | |
Common Stock-Indexed | | $ | 154,916,305 | | | | — | | | | — | | | $ | 154,916,305 | |
Common Stock-Active | | $ | 102,330,157 | | | | — | | | $ | 5,343 | (1) | | $ | 102,335,500 | |
Short-Term Debt Securities-Indexed | | | — | | | $ | 84,991 | | | | — | | | $ | 84,991 | |
Short-Term Debt Securities-Active | | | — | | | $ | 999,957 | | | | — | | | $ | 999,957 | |
Temporary Cash Investment | | | — | | | $ | 2,684,950 | | | | — | | | $ | 2,684,950 | |
| | | | | | | | | | | | | | | | |
| | $ | 257,246,462 | | | $ | 3,769,898 | | | $ | 5,343 | | | $ | 261,021,703 | |
Small Cap Value Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 356,301,476 | | | | — | | | | — | | | $ | 356,301,476 | |
Short-Term Debt Securities | | | — | | | $ | 14,799,649 | | | | — | | | $ | 14,799,649 | |
Temporary Cash Investment | | | — | | | $ | 2,102,588 | | | | — | | | $ | 2,102,588 | |
| | | | | | | | | | | | | | | | |
| | $ | 356,301,476 | | | $ | 16,902,237 | | | | | | | $ | 373,203,713 | |
Small Cap Growth Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 541,967,526 | | | | — | | | $ | 89,773 | (1) | | $ | 542,057,299 | |
Short-Term Debt Securities | | | — | | | $ | 4,999,879 | | | | — | | | $ | 4,999,879 | |
Temporary Cash Investment | | | — | | | $ | 3,110,553 | | | | — | | | $ | 3,110,553 | |
| | | | | | | | | | | | | | | | |
| | $ | 541,967,526 | | | $ | 8,110,432 | | | $ | 89,773 | | | $ | 550,167,731 | |
Small Cap Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock-Indexed | | $ | 29,244,488 | | | | — | | | $ | 37 | (1) | | $ | 29,244,525 | |
Temporary Cash Investment | | | — | | | $ | 95,459 | | | | — | | | $ | 95,459 | |
| | | | | | | | | | | | | | | | |
| | $ | 29,244,488 | | | $ | 95,459 | | | $ | 37 | | | $ | 29,339,984 | |
Mid Cap Value Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 73,565,058 | | | | — | | | | — | | | $ | 73,565,058 | |
Short-Term Debt Securities | | | — | | | $ | 1,999,958 | | | | — | | | $ | 1,999,958 | |
Temporary Cash Investment | | | — | | | $ | 1,195,783 | | | | — | | | $ | 1,195,783 | |
| | | | | | | | | | | | | | | | |
| | $ | 73,565,058 | | | $ | 3,195,741 | | | | — | | | $ | 76,760,799 | |
Mid-Cap Equity Index Fund | | | | | | | | | | | | | | | | |
Common Stock-Indexed | | $ | 1,353,784,094 | | | | — | | | | — | | | $ | 1,353,784,094 | |
Short-Term Debt Securities | | | — | | | $ | 53,897,892 | | | | — | | | $ | 53,897,892 | |
Temporary Cash Investment | | | — | | | $ | 4,501,850 | | | | — | | | $ | 4,501,850 | |
| | | | | | | | | | | | | | | | |
| | $ | 1,353,784,094 | | | $ | 58,399,742 | | | | — | | | $ | 1,412,183,836 | |
International Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 670,697,545 | | | | — | | | | — | | | $ | 670,697,545 | |
Short-Term Debt Securities | | | — | | | $ | 6,399,688 | | | | — | | | $ | 6,399,688 | |
Temporary Cash Investment | | | — | | | $ | 3,467,301 | | | | — | | | $ | 3,467,301 | |
| | | | | | | | | | | | | | | | |
| | $ | 670,697,545 | | | $ | 9,866,989 | | | | — | | | $ | 680,564,534 | |
Composite Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 96,647,548 | | | | — | | | | — | | | $ | 96,647,548 | |
U.S. Government Debt | | | — | | | $ | 34,027,319 | | | | — | | | $ | 34,027,319 | |
U.S. Government Agency Residential
Mortgage-Backed Obligations | | | — | | | $ | 21,019,689 | | | | — | | | $ | 21,019,689 | |
123
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
| | | | | | | | | | | | | | | | |
Fund | | Level 1 — Quoted
Prices | | | Level 2 — Significant
Observable Inputs | | | Level 3 — Significant
Unobservable Inputs | | | Total | |
Long-Term Corporate Debt | | | — | | | $ | 17,823,496 | | | | — | | | $ | 17,823,496 | |
Short-Term Debt Securities | | | — | | | $ | 3,999,993 | | | | — | | | $ | 3,999,993 | |
Temporary Cash Investment | | | — | | | $ | 2,687,517 | | | | — | | | $ | 2,687,517 | |
| | | | | | | | | | | | | | | | |
| | $ | 96,647,548 | | | $ | 79,558,014 | | | | — | | | $ | 176,205,562 | |
Retirement Income Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 137,647,774 | | | | — | | | | — | | | $ | 137,647,774 | |
2010 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 27,076,990 | | | | — | | | | — | | | $ | 27,076,990 | |
2015 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 133,876,193 | | | | — | | | | — | | | $ | 133,876,193 | |
2020 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 549,065,937 | | | | — | | | | — | | | $ | 549,065,937 | |
2025 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 892,381,825 | | | | — | | | | — | | | $ | 892,381,825 | |
2030 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 821,122,127 | | | | — | | | | — | | | $ | 821,122,127 | |
2035 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 686,665,042 | | | | — | | | | — | | | $ | 686,665,042 | |
2040 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 568,501,897 | | | | — | | | | — | | | $ | 568,501,897 | |
2045 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 586,698,479 | | | | — | | | | — | | | $ | 586,698,479 | |
2050 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 418,518,264 | | | | — | | | | — | | | $ | 418,518,264 | |
2055 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 157,781,022 | | | | — | | | | — | | | $ | 157,781,022 | |
2060 Retirement Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 44,524,516 | | | | — | | | | — | | | $ | 44,524,516 | |
Conservative Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 173,530,618 | | | | — | | | | — | | | $ | 173,530,618 | |
Moderate Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 400,202,586 | | | | — | | | | — | | | $ | 400,202,586 | |
Aggressive Allocation Fund | | | | | | | | | | | | | | | | |
Common Stock | | $ | 290,810,760 | | | | — | | | | — | | | $ | 290,810,760 | |
Money Market Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 39,792,576 | | | | — | | | $ | 39,792,576 | |
U.S. Government Agency Short-Term Debt | | | — | | | $ | 17,749,213 | | | | — | | | $ | 17,749,213 | |
Commercial Paper | | | — | | | $ | 66,580,020 | | | | — | | | $ | 66,580,020 | |
Corporate Debt | | | — | | | $ | 14,621,722 | | | | — | | | $ | 14,621,722 | |
Temporary Cash Investment | | | — | | | $ | 374,509 | | | | — | | | $ | 374,509 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 139,118,040 | | | | — | | | $ | 139,118,040 | |
Mid-Term Bond Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 498,363,737 | | | | — | | | $ | 498,363,737 | |
U.S. Government Agency Residential
Mortgage-Backed Obligations | | | — | | | $ | 39 | | | | — | | | $ | 39 | |
U.S. Government Agency
Non-Mortgage-Backed Obligations | | | — | | | $ | 873,308 | | | | — | | | $ | 873,308 | |
Long-Term Corporate Debt | | | — | | | $ | 189,999,253 | | | | — | | | $ | 189,999,253 | |
Temporary Cash Investment | | | — | | | $ | 878,279 | | | | — | | | $ | 878,279 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 690,114,616 | | | | — | | | $ | 690,114,616 | |
Bond Fund | | | | | | | | | | | | | | | | |
U.S. Government Debt | | | — | | | $ | 733,813,712 | | | | — | | | $ | 733,813,712 | |
U.S. Government Agency Residential
Mortgage-Backed Obligations | | | — | | | $ | 526,517,565 | | | | — | | | $ | 526,517,565 | |
124
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
| | | | | | | | | | | | | | | | |
Fund | | Level 1 — Quoted
Prices | | | Level 2 — Significant
Observable Inputs | | | Level 3 — Significant
Unobservable Inputs | | | Total | |
Long-Term Corporate Debt | | | — | | | $ | 435,345,329 | | | | — | | | $ | 435,345,329 | |
Sovereign Debt | | | — | | | $ | 2,848,256 | | | | — | | | $ | 2,848,256 | |
Temporary Cash Investment | | | — | | | $ | 14,337,889 | | | | — | | | $ | 14,337,889 | |
| | | | | | | | | | | | | | | | |
| | | — | | | $ | 1,712,862,751 | | | | — | | | $ | 1,712,862,751 | |
| | | | |
Other Financial Instruments:* | | | | | | | | | | | | | | | | |
| | | | |
Equity Index Fund | | $ | 498,395 | | | | — | | | | — | | | $ | 498,395 | |
All America Fund | | $ | 36,027 | | | | — | | | | — | | | $ | 36,027 | |
Mid-Cap Equity Index Fund | | $ | 704,105 | | | | — | | | | — | | | $ | 704,105 | |
| * | 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 securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company. |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Fair Value Measurement Using Significant Unobservable
Inputs (Level 3) for the Six Months Ended June 30, 2020 | |
| | | Balance
December 31,
2019(a) | | | Change in
Unrealized
Gains
(Losses) | | | Change in
Realized
Gains
(Losses) | | | Transfers
Into
Level 3 | | | Transfers
Out of
Level 3 | | | Purchases | | | Sales | | | Balance
June 30,
2020(a) | | | Unrealized
Gains/(Losses)
of Level 3
Assets
Held as of
June 30, 2020
Included in
Statements of
Operations | |
All America Fund — Active Common Stock | | $ | 176,715 | | | $ | (50,386 | )(b) | | $ | 62,958 | (b) | | | — | | | | — | | | | — | | | $ | (183,944 | )(b) | | $ | 5,343 | (b) | | $ | (50,386 | )(b) |
Small Cap Value Fund | | $ | 1,925,481 | | | $ | (563,673 | )(c) | | $ | 705,175 | (c) | | | — | | | | — | | | | — | | | $ | (2,066,983 | )(c) | | | — | | | | — | |
Small Cap Growth Fund | | $ | 89,773 | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | $ | 89,773 | (d) | | | — | |
Small Cap Equity Index Fund | | | — | | | | — | | | | — | | | | — | | | | — | | | $ | 37 | (e) | | | — | | | $ | 37 | (e) | | | — | |
| (a) | Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company. |
| (b) | Level 3 security, Ferroglobe Representation & Warranty Insurance Trust, with $0 fair value and Alder Biopharmaceuticals, Inc. — contingent value rights with $5,343 fair value. Level 3 security, Xura, Inc., with change in unrealized loss of $(50,386), realized gain of $62,958 and sales of $183,944. |
| (c) | Level 3 security, Lyondell Basell Industries — contingent value rights, with realized gain of $407 and sales of $407. Level 3 security, Xura, Inc., with change in unrealized loss of $(563,673), realized gain of $704,768 and sales of $2,066,576. |
| (d) | Level 3 security, Ferroglobe Representation & Warranty Insurance Trust with $0 fair value and Alder Biopharmaceuticals, Inc. — contingent value rights with $89,773 fair value. |
| (e) | Level 3 security Contra Progenics Pharmaceuticals, Inc. — contingent value rights, with $37 fair value and purchase of $37. |
125
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Security Valuation — Investment securities are carried at fair value as follows:
The Funds’ investments are fair valued as of the close of trading on the New York Stock Exchange (“Exchange”) on each day the Exchange is open for trading. The Exchange usually closes at 4:00 pm Eastern Time but sometimes closes earlier. The Board of Directors of the Investment Company (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to the Adviser. Pursuant to the Board’s delegation, the Adviser has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval and ratification at its next regularly scheduled quarterly meeting. For fiscal reporting year-end, securities were fair valued at the close of the last business day.
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.
Temporary cash investments are amounts on deposit with financial institutions that are swept daily into an overnight investment and returned the next business day. Cash equivalents such as short-term temporary cash investments are valued at amortized cost.
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.
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. These purchases of futures contracts allow the funds to invest available cash to attempt to efficiently and cost effectively keep the funds fully invested on a daily basis in an attempt to minimize deviation from the performance of the indices.
126
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
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 Total Distributable Earnings (Loss) 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 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.
The following table presents the financial statement impacts resulting from the funds’ use of futures contracts at their fair values as of June 30, 2020 and for the six months ended June 30, 2020:
| | | | | | | | | | | | | | | | | | |
Derivatives not accounted
for as hedging instruments | | Risk
Type | | | Location on Statements of Assets and Liabilities | | Equity Index
Fund | | | All America
Fund | | | Mid-Cap Equity
Index Fund | |
Futures Contracts | | | Equity | | | Total Distributable Earnings (Loss) | | $ | 498,395 | | | $ | 36,027 | | | $ | 704,105 | |
| | | | | | | | | | | | | | | | | | |
| | | | | |
Derivatives not accounted
for as hedging instruments | | Risk
Type | | | Location on Statements of Operations | | Equity Index
Fund | | | All America
Fund | | | Mid-Cap Equity
Index Fund | |
Futures Contracts | | | Equity | | | Net realized gain (loss) on Futures contracts | | $ | (16,686,266 | ) | | $ | (56,717 | ) | | $ | (6,424,734 | ) |
| | | | | | | | | | | | | | | | | | |
Futures Contracts | | | Equity | | | Change in net unrealized appreciation (depreciation) of Futures contracts | | $ | (1,569,343 | ) | | $ | (58,823 | ) | | $ | (1,003,575 | ) |
| | | | | | | | | | | | | | | | | | |
During the six months ended June 30, 2020, the Equity Index Fund, All America Fund and Mid-Cap Equity Index Fund held futures contracts with average notional amounts of $62,027,938, $43,015,031 and $2,987,497, 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.
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.
127
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 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 (unaudited):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Equity
Index
Fund | | | Mid-Cap
Equity
Index
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Equity
Index
Fund | | | International
Fund | | | Bond
Fund | | | Mid-Term
Bond
Fund | | | Money
Market
Fund | |
Retirement Income Fund | | | 20% | | | | 5% | | | | — | | | | — | | | | — | | | | — | | | | 30% | | | | 30% | | | | 15% | |
2010 Retirement Fund | | | 20% | | | | 5% | | | | — | | | | — | | | | — | | | | — | | | | 30% | | | | 30% | | | | 15% | |
2015 Retirement Fund | | | 22% | | | | 8% | | | | — | | | | — | | | | — | | | | 5% | | | | 30% | | | | 25% | | | | 10% | |
2020 Retirement Fund | | | 25% | | | | 10% | | | | 1% | | | | 1% | | | | — | | | | 8% | | | | 28% | | | | 22% | | | | 5% | |
2025 Retirement Fund | | | 29% | | | | 12% | | | | 2% | | | | 2% | | | | — | | | | 10% | | | | 27% | | | | 18% | | | | — | |
2030 Retirement Fund | | | 33% | | | | 16% | | | | 3% | | | | 3% | | | | — | | | | 12% | | | | 23% | | | | 10% | | | | — | |
2035 Retirement Fund | | | 35% | | | | 18% | | | | 4% | | | | 4% | | | | 1% | | | | 15% | | | | 23% | | | | — | | | | — | |
2040 Retirement Fund | | | 35% | | | | 21% | | | | 4% | | | | 4% | | | | 2% | | | | 18% | | | | 16% | | | | — | | | | — | |
2045 Retirement Fund | | | 35% | | | | 21% | | | | 5% | | | | 5% | | | | 2% | | | | 18% | | | | 14% | | | | — | | | | — | |
2050 Retirement Fund | | | 34% | | | | 22% | | | | 5% | | | | 5% | | | | 3% | | | | 19% | | | | 12% | | | | — | | | | — | |
2055 Retirement Fund | | | 34% | | | | 22% | | | | 6% | | | | 6% | | | | 3% | | | | 19% | | | | 10% | | | | — | | | | — | |
2060 Retirement Fund | | | 33% | | | | 23% | | | | 6% | | | | 6% | | | | 4% | | | | 20% | | | | 8% | | | | — | | | | — | |
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 (unaudited):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 (unaudited):
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Equity
Index
Fund | | | Mid-Cap
Equity
Index
Fund | | | Small Cap
Growth
Fund | | | Small Cap
Value
Fund | | | Small Cap
Equity
Index
Fund | | | International
Fund | | | Bond
Fund | | | Mid-Term
Bond
Fund | | | Money
Market
Fund | |
2010 Retirement Fund | | | — | | | | (1% | ) | | | — | | | | — | | | | — | | | | (2% | ) | | | — | | | | — | | | | 3% | |
2015 Retirement Fund | | | — | | | | — | | | | (1% | ) | | | (1% | ) | | | — | | | | — | | | | 2% | | | | — | | | | — | |
2020 Retirement Fund | | | — | | | | — | | | | (1% | ) | | | (1% | ) | | | — | | | | — | | | | 2% | | | | — | | | | — | |
2025 Retirement Fund | | | — | | | | — | | | | (1% | ) | | | (1% | ) | | | — | | | | — | | | | 2% | | | | — | | | | — | |
2030 Retirement Fund | | | — | | | | — | | | | (1% | ) | | | (1% | ) | | | — | | | | — | | | | — | | | | 2% | | | | — | |
2035 Retirement Fund | | | — | | | | (1% | ) | | | (1% | ) | | | (1% | ) | | | 1% | | | | 1% | | | | 1% | | | | — | | | | — | |
2040 Retirement Fund | | | (2% | ) | | | — | | | | (1% | ) | | | (1% | ) | | | 1% | | | | 2% | | | | 1% | | | | — | | | | — | |
2045 Retirement Fund | | | — | | | | — | | | | (1% | ) | | | (1% | ) | | | 1% | | | | — | | | | 1% | | | | — | | | | — | |
2050 Retirement Fund | | | — | | | | — | | | | (1% | ) | | | (1% | ) | | | 1% | | | | — | | | | 1% | | | | — | | | | — | |
2055 Retirement Fund | | | 1% | | | | — | | | | (1% | ) | | | (1% | ) | | | 1% | | | | (1% | ) | | | 1% | | | | — | | | | — | |
2060 Retirement Fund | | | 1% | | | | — | | | | (2% | ) | | | (2% | ) | | | 2% | | | | — | | | | 1% | | | | — | | | | — | |
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
128
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
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, 2020, 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, state and local income 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.
The Bond Fund and Mid-Term Bond Fund had a capital loss carry forward of $2,482,246 and $801,962, respectively, to offset net realized capital gains generated after December 31, 2019.
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, Small 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 Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Shareholders in the Allocation and Retirement Funds indirectly bear their pro-rata share of the investment management fees incurred by 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 the Retirement and Allocation Funds are now charged directly to those Funds. During 2017, Mutual of America reimbursed the applicable funds $492,285 to reflect the change in the operating expense allocation methodology.
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
129
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
remains in effect through April 30, 2021 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.
Effective July 2, 2018, the Investment Company and the Adviser entered into an agreement under which the Adviser agrees to reimburse the non-advisory operating expenses of the Small Cap Equity Index Fund to the extent that such operating expenses exceed 0.07% of net assets. This agreement remains in effect through April 30, 2021 and continues into successive 12 month periods ending April 30 unless i) the Investment Company gives not less than 30 days written notice to the Adviser, or ii) 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, 2020, were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity Index
Fund | |
Cost of investment purchases | | $ | 94,151,655 | | | $ | 30,106,144 | | | $ | 84,727,999 | | | $ | 195,520,471 | | | $ | 16,043,311 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 131,328,311 | | | $ | 52,918,991 | | | $ | 85,139,694 | | | $ | 257,839,536 | | | $ | 9,633,811 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid Cap
Value Fund | | | Mid-Cap Equity
Index Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income Fund | |
Cost of investment purchases | | $ | 6,487,502 | | | $ | 173,270,424 | | | $ | 85,630,145 | | | $ | 35,135,651 | | | $ | 11,199,757 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 9,427,031 | | | $ | 155,376,272 | | | $ | 43,802,038 | | | $ | 48,623,190 | | | $ | 13,711,517 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2010
Retirement
Fund | | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | |
Cost of investment purchases | | $ | 6,251,376 | | | $ | 9,937,492 | | | $ | 24,277,606 | | | $ | 44,663,504 | | | $ | 50,823,810 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 6,242,826 | | | $ | 23,610,834 | | | $ | 72,836,527 | | | $ | 69,171,427 | | | $ | 46,033,923 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2035
Retirement
Fund | | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | |
Cost of investment purchases | | $ | 46,553,605 | | | $ | 46,229,310 | | | $ | 41,680,301 | | | $ | 39,602,473 | | | $ | 27,225,810 | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 31,195,506 | | | $ | 27,481,887 | | | $ | 23,335,682 | | | $ | 15,179,640 | | | $ | 3,613,116 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2060
Retirement
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation Fund | | | Money Market
Fund | |
Cost of investment purchases | | $ | 18,110,183 | | | $ | 11,502,380 | | | $ | 18,011,263 | | | $ | 9,264,970 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 1,631,740 | | | $ | 18,190,747 | | | $ | 40,367,991 | | | $ | 21,169,622 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid-Term
Bond Fund | | | Bond Fund | | | | | | | | | | |
Cost of investment purchases | | $ | 42,870,011 | | | $ | 353,267,348 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Proceeds from sales of investments | | $ | 39,870,425 | | | $ | 284,495,719 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
130
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 3. | INVESTMENTS (CONTINUED) |
The cost of short-term security purchases for the Money Market Fund for the six months ended June 30, 2020, was $963,678,907; proceeds from sales for the same period were $978,779,173.
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, 2020 for each of the Funds were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity Index
Fund | |
Unrealized Appreciation | | $ | 1,517,931,257 | | | $ | 84,661,610 | | | $ | 39,386,582 | | | $ | 110,090,766 | | | $ | 2,013,544 | |
Unrealized Depreciation | | | (161,054,887 | ) | | | (21,892,342 | ) | | | (59,699,728 | ) | | | (39,818,909 | ) | | | (7,236,810 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 1,356,876,370 | | | $ | 62,769,268 | | | $ | (20,313,146 | ) | | $ | 70,271,857 | | | $ | (5,223,266 | ) |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 1,818,419,451 | | | $ | 198,252,435 | | | $ | 393,516,859 | | | $ | 479,895,874 | | | $ | 34,563,250 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid Cap
Value Fund | | | Mid-Cap Equity
Index Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income Fund | |
Unrealized Appreciation | | $ | 15,312,049 | | | $ | 279,550,249 | | | $ | 23,100,628 | | | $ | 32,062,093 | | | $ | 8,902,467 | |
Unrealized Depreciation | | | (11,591,284 | ) | | | (203,259,929 | ) | | | (33,696,960 | ) | | | (4,051,579 | ) | | | (1,504,992 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 3,720,765 | | | $ | 76,290,320 | | | $ | (10,596,332 | ) | | $ | 28,010,514 | | | $ | 7,397,475 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 73,040,034 | | | $ | 1,335,893,516 | | | $ | 691,160,866 | | | $ | 148,195,048 | | | $ | 130,250,299 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2010
Retirement
Fund | | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | |
Unrealized Appreciation | | $ | 1,813,625 | | | $ | 11,366,499 | | | $ | 48,441,516 | | | $ | 82,938,612 | | | $ | 77,248,645 | |
Unrealized Depreciation | | | (348,559 | ) | | | (1,623,116 | ) | | | (9,974,295 | ) | | | (21,825,201 | ) | | | (22,844,012 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 1,465,066 | | | $ | 9,743,383 | | | $ | 38,467,221 | | | $ | 61,113,411 | | | $ | 54,404,633 | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 25,611,924 | | | $ | 124,132,810 | | | $ | 510,598,716 | | | $ | 831,268,414 | | | $ | 766,717,494 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2035
Retirement
Fund | | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | |
Unrealized Appreciation | | $ | 67,115,142 | | | $ | 57,242,403 | | | $ | 64,122,321 | | | $ | 30,550,369 | | | $ | 6,225,471 | |
Unrealized Depreciation | | | (20,246,602 | ) | | | (17,963,021 | ) | | | (17,427,454 | ) | | | (20,084,836 | ) | | | (8,525,382 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 46,868,540 | | | $ | 39,279,382 | | | $ | 46,694,867 | | | $ | 10,465,533 | | | $ | (2,299,911 | ) |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 639,796,502 | | | $ | 529,222,515 | | | $ | 540,003,612 | | | $ | 408,052,731 | | | $ | 160,080,933 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | 2060
Retirement
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money Market
Fund | |
Unrealized Appreciation | | $ | 1,214,578 | | | $ | 14,455,645 | | | $ | 49,435,562 | | | $ | 40,649,633 | | | $ | 78 | |
Unrealized Depreciation | | | (1,205,666 | ) | | | (2,279,415 | ) | | | (5,971,773 | ) | | | (6,450,931 | ) | | | (3,735 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 8,912 | | | $ | 12,176,230 | | | $ | 43,463,789 | | | $ | 34,198,702 | | | $ | (3,657 | ) |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 44,515,604 | | | $ | 161,354,388 | | | $ | 356,738,797 | | | $ | 256,612,058 | | | $ | 139,121,697 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | Mid-Term Bond
Fund | | | Bond Fund | | | | | | | | | | |
Unrealized Appreciation | | $ | 41,521,205 | | | $ | 134,104,572 | | | | | | | | | | | | | |
Unrealized Depreciation | | | (6,443,675 | ) | | | (14,067,127 | ) | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Net | | $ | 35,077,530 | | | $ | 120,037,445 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
Tax Cost of Investments | | $ | 655,037,086 | | | $ | 1,592,825,306 | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
131
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 3. | INVESTMENTS (CONTINUED) |
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.
Investments in affiliated investment companies during the six months ended June 30, 2020 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment Company | | Value as of
December 31,
2019 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
June 30,
2020 | |
Retirement Income Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 40,998,749 | | | $ | 3,059,927 | | | $ | 143,773 | | | $ | 2,337,038 | | | $ | (3,809,565 | ) | | $ | 42,729,922 | |
Equity Index Fund | | | 30,765,719 | | | | 2,039,951 | | | | 852,866 | | | | (2,143,907 | ) | | | (3,581,939 | ) | | | 27,932,690 | |
Mid-Cap Equity Index Fund | | | 7,335,302 | | | | 509,988 | | | | (51,548 | ) | | | (944,149 | ) | | | (639,734 | ) | | | 6,209,859 | |
Mid-Term Bond Fund | | | 40,568,604 | | | | 3,059,927 | | | | 107,178 | | | | 1,729,844 | | | | (3,802,379 | ) | | | 41,663,174 | |
Money Market Fund | | | 18,388,425 | | | | 2,529,964 | | | | 52,703 | | | | 18,937 | | | | (1,877,900 | ) | | | 19,112,129 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 138,056,799 | | | $ | 11,199,757 | | | $ | 1,104,972 | | | $ | 997,763 | | | $ | (13,711,517 | ) | | $ | 137,647,774 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2010 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 7,939,153 | | | $ | 2,138,053 | | | $ | 107,595 | | | $ | 371,404 | | | $ | (2,094,597 | ) | | $ | 8,461,608 | |
Equity Index Fund | | | 6,150,823 | | | | 732,378 | | | | 331,596 | | | | (527,895 | ) | | | (1,191,877 | ) | | | 5,495,025 | |
International Fund | | | 789,092 | | | | 60,512 | | | | (82,178 | ) | | | (57,166 | ) | | | (710,260 | ) | | | — | |
Mid-Cap Equity Index Fund | | | 2,100,502 | | | | 213,351 | | | | (62,365 | ) | | | (238,461 | ) | | | (722,702 | ) | | | 1,290,325 | |
Mid-Term Bond Fund | | | 7,553,300 | | | | 1,398,567 | | | | 46,427 | | | | 305,674 | | | | (1,088,938 | ) | | | 8,215,030 | |
Money Market Fund | | | 2,331,063 | | | | 1,708,515 | | | | 11,965 | | | | (2,089 | ) | | | (434,452 | ) | | | 3,615,002 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 26,863,933 | | | $ | 6,251,376 | | | $ | 353,040 | | | $ | (148,533 | ) | | $ | (6,242,826 | ) | | $ | 27,076,990 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2015 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 41,149,238 | | | $ | 2,314,603 | | | $ | 161,948 | | | $ | 2,208,212 | | | $ | (4,958,596 | ) | | $ | 40,875,405 | |
Equity Index Fund | | | 39,213,614 | | | | 872,992 | | | | 1,781,892 | | | | (3,578,205 | ) | | | (7,146,699 | ) | | | 31,143,594 | |
International Fund | | | 6,089,722 | | | | 1,198,407 | | | | (45,004 | ) | | | (547,197 | ) | | | (828,043 | ) | | | 5,867,885 | |
Mid-Cap Equity Index Fund | | | 14,874,597 | | | | 317,451 | | | | (340,999 | ) | | | (1,696,581 | ) | | | (2,520,838 | ) | | | 10,633,630 | |
Mid-Term Bond Fund | | | 34,253,672 | | | | 1,805,661 | | | | 12,333 | | | | 1,456,657 | | | | (4,295,457 | ) | | | 33,232,866 | |
Money Market Fund | | | 10,268,752 | | | | 3,396,814 | | | | 44,055 | | | | (3,207 | ) | | | (1,583,601 | ) | | | 12,122,813 | |
Small Cap Growth Fund | | | 1,395,052 | | | | 15,782 | | | | (21,966 | ) | | | (76,264 | ) | | | (1,312,604 | ) | | | — | |
Small Cap Value Fund | | | 1,303,698 | | | | 15,782 | | | | (389,106 | ) | | | 34,622 | | | | (964,996 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 148,548,345 | | | $ | 9,937,492 | | | $ | 1,203,153 | | | $ | (2,201,963 | ) | | $ | (23,610,834 | ) | | $ | 133,876,193 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2020 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 153,345,428 | | | $ | 2,477,484 | | | $ | 1,003,933 | | | $ | 8,026,617 | | | $ | (15,030,893 | ) | | $ | 149,822,569 | |
Equity Index Fund | | | 186,776,304 | | | | 2,319,401 | | | | 8,282,168 | | | | (16,944,847 | ) | | | (30,488,740 | ) | | | 149,944,286 | |
International Fund | | | 41,949,107 | | | | 742,208 | | | | (152,453 | ) | | | (4,679,096 | ) | | | (4,422,878 | ) | | | 33,436,888 | |
Mid-Cap Equity Index Fund | | | 66,991,462 | | | | 927,762 | | | | 227,063 | | | | (8,983,078 | ) | | | (5,938,577 | ) | | | 53,224,632 | |
Mid-Term Bond Fund | | | 120,305,809 | | | | 2,041,073 | | | | 123,125 | | | | 5,154,583 | | | | (12,328,532 | ) | | | 115,296,058 | |
Money Market Fund | | | 14,141,367 | | | | 15,463,880 | | | | 5,739 | | | | 66,482 | | | | (2,426,370 | ) | | | 27,251,098 | |
Small Cap Growth Fund | | | 12,876,632 | | | | 152,899 | | | | (87,093 | ) | | | 152,629 | | | | (1,118,312 | ) | | | 11,976,755 | |
Small Cap Value Fund | | | 12,083,385 | | | | 152,899 | | | | (310,484 | ) | | | (2,729,924 | ) | | | (1,082,225 | ) | | | 8,113,651 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 608,469,494 | | | $ | 24,277,606 | | | $ | 9,091,998 | | | $ | (19,936,634 | ) | | $ | (72,836,527 | ) | | $ | 549,065,937 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
132
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 3. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment Company | | Value as of
December 31,
2019 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
June 30,
2020 | |
| | | | | |
2025 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 214,209,852 | | | $ | 14,828,011 | | | $ | 622,746 | | | $ | 12,526,236 | | | $ | (12,411,321 | ) | | $ | 229,775,524 | |
Equity Index Fund | | | 329,263,044 | | | | 7,732,417 | | | | 11,819,359 | | | | (25,685,105 | ) | | | (31,121,794 | ) | | | 292,007,921 | |
International Fund | | | 83,937,897 | | | | 2,666,351 | | | | 524,248 | | | | (10,166,102 | ) | | | (4,858,527 | ) | | | 72,103,867 | |
Mid-Cap Equity Index Fund | | | 120,715,056 | | | | 3,199,620 | | | | 465,423 | | | | (16,230,407 | ) | | | (6,272,025 | ) | | | 101,877,667 | |
Mid-Term Bond Fund | | | 127,929,626 | | | | 14,799,431 | | | | 127,877 | | | | 5,853,991 | | | | (8,260,465 | ) | | | 140,450,460 | |
Small Cap Growth Fund | | | 37,025,147 | | | | 718,837 | | | | (855,807 | ) | | | 131,862 | | | | (4,681,650 | ) | | | 32,338,389 | |
Small Cap Value Fund | | | 33,137,341 | | | | 718,837 | | | | (99,515 | ) | | | (8,363,021 | ) | | | (1,565,645 | ) | | | 23,827,997 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 946,217,963 | | | $ | 44,663,504 | | | $ | 12,604,331 | | | $ | (41,932,546 | ) | | $ | (69,171,427 | ) | | $ | 892,381,825 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2030 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 173,643,085 | | | $ | 12,009,465 | | | $ | 208,092 | | | $ | 10,552,370 | | | $ | (6,556,438 | ) | | $ | 189,856,574 | |
Equity Index Fund | | | 316,464,231 | | | | 11,491,890 | | | | 8,655,089 | | | | (20,551,230 | ) | | | (20,501,747 | ) | | | 295,558,233 | |
International Fund | | | 89,534,554 | | | | 6,178,852 | | | | 594,470 | | | | (10,470,003 | ) | | | (3,386,052 | ) | | | 82,451,821 | |
Mid-Cap Equity Index Fund | | | 148,364,589 | | | | 5,571,802 | | | | 1,325,343 | | | | (20,237,309 | ) | | | (4,966,905 | ) | | | 130,057,520 | |
Mid-Term Bond Fund | | | 46,775,369 | | | | 13,002,061 | | | | 42,887 | | | | 2,315,863 | | | | (2,136,554 | ) | | | 59,999,626 | |
Small Cap Growth Fund | | | 41,365,163 | | | | 1,284,870 | | | | (198,675 | ) | | | 8,674 | | | | (7,285,133 | ) | | | 35,174,899 | |
Small Cap Value Fund | | | 37,515,336 | | | | 1,284,870 | | | | 63,090 | | | | (9,638,748 | ) | | | (1,201,094 | ) | | | 28,023,454 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 853,662,327 | | | $ | 50,823,810 | | | $ | 10,690,296 | | | $ | (48,020,383 | ) | | $ | (46,033,923 | ) | | $ | 821,122,127 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2035 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 124,173,646 | | | $ | 20,585,624 | | | $ | 95,583 | | | $ | 7,906,100 | | | $ | (2,894,965 | ) | | $ | 149,865,988 | |
Equity Index Fund | | | 279,944,103 | | | | 10,337,731 | | | | 7,099,295 | | | | (17,789,717 | ) | | | (16,226,265 | ) | | | 263,365,147 | |
International Fund | | | 86,538,474 | | | | 7,222,667 | | | | 467,997 | | | | (9,878,544 | ) | | | (1,903,357 | ) | | | 82,447,237 | |
Mid-Cap Equity Index Fund | | | 143,878,875 | | | | 5,524,337 | | | | 980,109 | | | | (19,434,263 | ) | | | (3,722,073 | ) | | | 127,226,985 | |
Small Cap Equity Index Fund | | | 0 | | | | 104,756 | | | | 1,821 | | | | 4,590 | | | | (21,180 | ) | | | 89,987 | |
Small Cap Growth Fund | | | 39,569,557 | | | | 1,389,245 | | | | (468,765 | ) | | | 258,215 | | | | (5,739,905 | ) | | | 35,008,347 | |
Small Cap Value Fund | | | 37,617,280 | | | | 1,389,245 | | | | 23,406 | | | | (9,680,819 | ) | | | (687,761 | ) | | | 28,661,351 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 711,721,935 | | | $ | 46,553,605 | | | $ | 8,199,446 | | | $ | (48,614,438 | ) | | $ | (31,195,506 | ) | | $ | 686,665,042 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2040 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 74,199,182 | | | $ | 14,306,891 | | | $ | 88,979 | | | $ | 4,686,328 | | | $ | (1,328,481 | ) | | $ | 91,952,899 | |
Equity Index Fund | | | 233,034,241 | | | | 10,299,880 | | | | 7,204,560 | | | | (14,803,395 | ) | | | (13,619,937 | ) | | | 222,115,349 | |
International Fund | | | 82,763,293 | | | | 12,661,644 | | | | 222,428 | | | | (8,707,888 | ) | | | (1,455,814 | ) | | | 85,483,663 | |
Mid-Cap Equity Index Fund | | | 119,231,742 | | | | 5,928,152 | | | | 632,566 | | | | (15,767,400 | ) | | | (1,948,760 | ) | | | 108,076,300 | |
Small Cap Equity Index Fund | | | 2,200,674 | | | | 354,771 | | | | (14,393 | ) | | | (381,975 | ) | | | (83,250 | ) | | | 2,075,827 | |
Small Cap Growth Fund | | | 38,425,748 | | | | 1,338,986 | | | | (1,361,291 | ) | | | 429,579 | | | | (7,533,709 | ) | | | 31,299,313 | |
Small Cap Value Fund | | | 37,257,942 | | | | 1,338,986 | | | | (34,768 | ) | | | (9,551,678 | ) | | | (1,511,936 | ) | | | 27,498,546 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 587,112,822 | | | $ | 46,229,310 | | | $ | 6,738,081 | | | $ | (44,096,429 | ) | | $ | (27,481,887 | ) | | $ | 568,501,897 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2045 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 65,377,999 | | | $ | 14,272,621 | | | $ | 60,434 | | | $ | 4,187,485 | | | $ | (777,668 | ) | | $ | 83,120,871 | |
Equity Index Fund | | | 232,834,690 | | | | 8,638,101 | | | | 5,000,709 | | | | (13,246,677 | ) | | | (10,301,485 | ) | | | 222,925,338 | |
International Fund | | | 88,761,708 | | | | 10,442,452 | | | | 120,801 | | | | (9,412,101 | ) | | | (1,054,577 | ) | | | 88,858,283 | |
Mid-Cap Equity Index Fund | | | 130,915,375 | | | | 5,182,872 | | | | 340,221 | | | | (16,930,609 | ) | | | (1,336,508 | ) | | | 118,171,351 | |
Small Cap Equity Index Fund | | | 2,131,242 | | | | 310,986 | | | | (8,335 | ) | | | (369,285 | ) | | | (55,607 | ) | | | 2,009,001 | |
Small Cap Growth Fund | | | 46,690,086 | | | | 1,416,635 | | | | (690,670 | ) | | | (38,835 | ) | | | (8,413,729 | ) | | | 38,963,487 | |
Small Cap Value Fund | | | 43,922,587 | | | | 1,416,634 | | | | (45,871 | ) | | | (11,247,094 | ) | | | (1,396,108 | ) | | | 32,650,148 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 610,633,687 | | | $ | 41,680,301 | | | $ | 4,777,289 | | | $ | (47,057,116 | ) | | $ | (23,335,682 | ) | | $ | 586,698,479 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
133
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 3. | INVESTMENTS (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | | | | | |
Affiliated Investment Company | | Value as of
December 31,
2019 | | | Purchases | | | Realized
Gain
(Loss) on
Investment
Securities | | | Change in
Unrealized
Appreciation
(Depreciation)
of Investment
Securities | | | Sales | | | Value as of
June 30,
2020 | |
| | | | | |
2050 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 37,272,948 | | | $ | 12,125,904 | | | $ | 8,437 | | | $ | 2,486,811 | | | $ | (305,512 | ) | | $ | 51,588,588 | |
Equity Index Fund | | | 155,314,968 | | | | 9,384,846 | | | | 1,127,906 | | | | (6,219,352 | ) | | | (5,144,496 | ) | | | 154,463,872 | |
International Fund | | | 68,995,910 | | | | 8,244,469 | | | | 37,177 | | | | (7,342,507 | ) | | | (540,313 | ) | | | 69,394,736 | |
Mid-Cap Equity Index Fund | | | 91,679,185 | | | | 6,072,542 | | | | 25,034 | | | | (11,553,259 | ) | | | (685,941 | ) | | | 85,537,561 | |
Small Cap Equity Index Fund | | | 2,957,556 | | | | 641,681 | | | | (3,710 | ) | | | (517,814 | ) | | | (38,769 | ) | | | 3,038,944 | |
Small Cap Growth Fund | | | 35,910,848 | | | | 1,566,515 | | | | (964,151 | ) | | | 196,136 | | | | (7,242,532 | ) | | | 29,466,816 | |
Small Cap Value Fund | | | 33,251,312 | | | | 1,566,516 | | | | (448,782 | ) | | | (8,119,222 | ) | | | (1,222,077 | ) | | | 25,027,747 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 425,382,727 | | | $ | 39,602,473 | | | $ | (218,089 | ) | | $ | (31,069,207 | ) | | $ | (15,179,640 | ) | | $ | 418,518,264 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2055 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 12,075,994 | | | $ | 4,250,098 | | | $ | 2,386 | | | $ | 822,539 | | | $ | (52,282 | ) | | $ | 17,098,735 | |
Equity Index Fund | | | 49,476,683 | | | | 8,064,294 | | | | 59,330 | | | | (1,159,082 | ) | | | (211,824 | ) | | | 56,229,401 | |
International Fund | | | 25,228,284 | | | | 5,775,384 | | | | 18,082 | | | | (2,586,833 | ) | | | (108,286 | ) | | | 28,326,631 | |
Mid-Cap Equity Index Fund | | | 31,450,385 | | | | 5,329,679 | | | | 3,667 | | | | (3,790,664 | ) | | | (133,078 | ) | | | 32,859,989 | |
Small Cap Equity Index Fund | | | 951,280 | | | | 554,291 | | | | 57 | | | | (154,979 | ) | | | (5,290 | ) | | | 1,345,359 | |
Small Cap Growth Fund | | | 12,664,228 | | | | 1,626,032 | | | | (248,059 | ) | | | 311,448 | | | | (2,052,883 | ) | | | 12,300,766 | |
Small Cap Value Fund | | | 12,232,199 | | | | 1,626,032 | | | | (533,583 | ) | | | (2,655,034 | ) | | | (1,049,473 | ) | | | 9,620,141 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 144,079,053 | | | $ | 27,225,810 | | | $ | (698,120 | ) | | $ | (9,212,605 | ) | | $ | (3,613,116 | ) | | $ | 157,781,022 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
2060 Retirement Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 1,961,313 | | | $ | 1,745,924 | | | $ | 3,033 | | | $ | 148,976 | | | $ | (44,974 | ) | | $ | 3,814,272 | |
Equity Index Fund | | | 9,503,459 | | | | 5,523,470 | | | | 15,270 | | | | 20,125 | | | | (205,647 | ) | | | 14,856,677 | |
International Fund | | | 5,898,353 | | | | 3,422,037 | | | | (3,367 | ) | | | (522,677 | ) | | | (125,542 | ) | | | 8,668,804 | |
Mid-Cap Equity Index Fund | | | 6,764,000 | | | | 3,935,342 | | | | (22,899 | ) | | | (645,515 | ) | | | (144,268 | ) | | | 9,886,660 | |
Small Cap Equity Index Fund | | | 502,714 | | | | 938,628 | | | | (1,399 | ) | | | (17,976 | ) | | | (15,318 | ) | | | 1,406,649 | |
Small Cap Growth Fund | | | 2,582,811 | | | | 1,272,391 | | | | (48,891 | ) | | | 154,310 | | | | (1,049,563 | ) | | | 2,911,058 | |
Small Cap Value Fund | | | 2,396,139 | | | | 1,272,391 | | | | (7,079 | ) | | | (634,627 | ) | | | (46,428 | ) | | | 2,980,396 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 29,608,789 | | | $ | 18,110,183 | | | $ | (65,332 | ) | | $ | (1,497,384 | ) | | $ | (1,631,740 | ) | | $ | 44,524,516 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Conservative Allocation Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 52,787,947 | | | $ | 3,450,714 | | | $ | 213,113 | | | $ | 2,912,846 | | | $ | (5,431,764 | ) | | $ | 53,932,856 | |
Equity Index Fund | | | 45,379,902 | | | | 2,875,595 | | | | 1,332,419 | | | | (2,694,244 | ) | | | (4,607,411 | ) | | | 42,286,261 | |
International Fund | | | 10,011,276 | | | | 575,119 | | | | 36,013 | | | | (1,107,603 | ) | | | (956,227 | ) | | | 8,558,578 | |
Mid-Cap Equity Index Fund | | | 9,115,192 | | | | 575,119 | | | | 18,370 | | | | (1,134,586 | ) | | | (915,246 | ) | | | 7,658,849 | |
Mid-Term Bond Fund | | | 60,659,106 | | | | 4,025,833 | | | | 75,677 | | | | 2,613,557 | | | | (6,280,099 | ) | | | 61,094,074 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 177,953,423 | | | $ | 11,502,380 | | | $ | 1,675,592 | | | $ | 589,970 | | | $ | (18,190,747 | ) | | $ | 173,530,618 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Moderate Allocation Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 106,024,970 | | | $ | 3,002,816 | | | $ | 1,058,272 | | | $ | 5,280,381 | | | $ | (11,518,757 | ) | | $ | 103,847,682 | |
Equity Index Fund | | | 153,952,504 | | | | 4,203,942 | | | | 7,469,689 | | | | (13,031,716 | ) | | | (14,159,220 | ) | | | 138,435,199 | |
International Fund | | | 43,502,009 | | | | 4,201,126 | | | | (280,462 | ) | | | (4,838,327 | ) | | | (3,426,022 | ) | | | 39,158,324 | |
Mid-Cap Equity Index Fund | | | 65,738,985 | | | | 4,801,690 | | | | 888,262 | | | | (9,807,184 | ) | | | (5,158,668 | ) | | | 56,463,085 | |
Mid-Term Bond Fund | | | 63,749,361 | | | | 1,801,689 | | | | 85,954 | | | | 2,766,616 | | | | (6,105,324 | ) | | | 62,298,296 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 432,967,829 | | | $ | 18,011,263 | | | $ | 9,221,715 | | | $ | (19,630,230 | ) | | $ | (40,367,991 | ) | | $ | 400,202,586 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
Aggressive Allocation Fund | | | | | | | | | | | | | | | | | | | | | |
Bond Fund | | $ | 62,239,270 | | | $ | 672,994 | | | $ | 627,497 | | | $ | 3,115,746 | | | $ | (5,428,977 | ) | | $ | 61,226,530 | |
Equity Index Fund | | | 112,892,489 | | | | 1,177,740 | | | | 4,800,375 | | | | (8,267,944 | ) | | | (8,874,984 | ) | | | 101,727,676 | |
International Fund | | | 48,007,424 | | | | 2,904,745 | | | | (76,829 | ) | | | (5,337,869 | ) | | | (2,282,707 | ) | | | 43,214,764 | |
Mid-Cap Equity Index Fund | | | 64,512,611 | | | | 1,772,994 | | | | 941,829 | | | | (9,186,469 | ) | | | (3,052,514 | ) | | | 54,988,451 | |
Small Cap Growth Fund | | | 16,387,345 | | | | 168,248 | | | | 162,712 | | | | 47,616 | | | | (772,394 | ) | | | 15,993,527 | |
Small Cap Value Fund | | | 16,083,156 | | | | 2,568,249 | | | | 154,749 | | | | (4,388,296 | ) | | | (758,046 | ) | | | 13,659,812 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Total | | $ | 320,122,295 | | | $ | 9,264,970 | | | $ | 6,610,333 | | | $ | (24,017,216 | ) | | $ | (21,169,622 | ) | | $ | 290,810,760 | |
| | | | | | | | | | | | | | | | | | | | | | | | |
134
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
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, 2020, shares authorized were allocated into the 29 series of Funds as follows:
| | | | |
| | | Authorized No. of Shares | |
| | | Total Shares
Allocated | |
Equity Index Fund | | | 900,000,000 | |
All America Fund | | | 200,000,000 | |
Small Cap Value Fund | | | 475,000,000 | |
Small Cap Growth Fund | | | 570,000,000 | |
Small Cap Equity Index Fund | | | 200,000,000 | |
Mid Cap Value Fund | | | 100,000,000 | |
Mid-Cap Equity Index Fund | | | 1,050,000,000 | |
International Fund | | | 1,275,000,000 | |
Composite Fund | | | 150,000,000 | |
Retirement Income Fund | | | 270,000,000 | |
2010 Retirement Fund | | | 50,000,000 | |
2015 Retirement Fund | | | 200,000,000 | |
2020 Retirement Fund | | | 665,000,000 | |
2025 Retirement Fund | | | 1,025,000,000 | |
2030 Retirement Fund | | | 915,000,000 | |
2035 Retirement Fund | | | 845,000,000 | |
2040 Retirement Fund | | | 685,000,000 | |
2045 Retirement Fund | | | 675,000,000 | |
2050 Retirement Fund | | | 470,000,000 | |
2055 Retirement Fund | | | 350,000,000 | |
2060 Retirement Fund | | | 200,000,000 | |
2065 Retirement Fund* | | | 100,000,000 | |
Conservative Allocation Fund | | | 215,000,000 | |
Moderate Allocation Fund | | | 370,000,000 | |
Aggressive Allocation Fund | | | 265,000,000 | |
Money Market Fund | | | 425,000,000 | |
Mid-Term Bond Fund | | | 840,000,000 | |
Bond Fund | | | 1,525,000,000 | |
Catholic Values Index Fund* | | | 100,000,000 | |
| | | | |
Sub-Total | | | 15,110,000,000 | |
Shares to be allocated at the discretion of the Board of Directors | | | 3,640,000,000 | |
| | | | |
Total | | | 18,750,000,000 | |
| | | | |
| * | Fund to commence operations on, or after, July 1, 2020. |
| 5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION |
On September 19, 2019 and September 20, 2019, required distributions of net investment income and, as applicable, net realized gains relating to 2018 were declared and paid for all applicable funds in accordance with Internal Revenue Code Section 855(a). No such distributions were required for the Small Cap Equity Index Fund.
On December 26, 2019, required dividend distribution from net investment income and net realized gains were declared and paid for the Small Cap Equity Index Fund.
The Funds of Mutual of America Investment Corporation intend to declare and pay their respective tax year 2019 investment company taxable income and capital gains in 2020 in accordance with Internal Revenue Code Section 855(a).
135
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
Pursuant to shareholders’ instructions, substantially all dividend distributions throughout 2020 and 2019 were immediately reinvested into their respective funds. The tax character of the distributions paid during 2020 and 2019 were as follows:
| | | | | | | | | | | | | | | | | | | | |
| | | Equity Index
Fund | | | All America
Fund | | | Small Cap
Value Fund | | | Small Cap
Growth Fund | | | Small Cap
Equity Index
Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 50,705,532 | | | $ | 3,705,059 | | | $ | 4,007,612 | | | $ | 520,427 | | | $ | 506,895 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 56,282,908 | | | $ | 19,722,504 | | | $ | 27,699,815 | | | $ | 46,815,220 | | | $ | 75,260 | |
Return of Capital | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | |
| | | Mid Cap
Value Fund | | | Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 1,240,677 | | | $ | 22,769,062 | | | $ | 14,819,838 | | | $ | 4,065,765 | | | $ | 1,908,444 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 2,284,051 | | | $ | 95,862,824 | | | $ | 0 | | | $ | 8,160,124 | | | $ | 1,926,004 | |
| | | | | |
| | | 2010
Retirement
Fund | | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 476,056 | | | $ | 2,895,917 | | | $ | 10,744,694 | | | $ | 14,104,082 | | | $ | 11,887,199 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 749,599 | | | $ | 6,509,459 | | | $ | 24,235,517 | | | $ | 30,493,288 | | | $ | 26,168,201 | |
| | | | | |
| | | 2035
Retirement
Fund | | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 9,486,781 | | | $ | 7,589,088 | | | $ | 8,048,993 | | | $ | 5,028,164 | | | $ | 1,071,155 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 22,587,202 | | | $ | 16,864,407 | | | $ | 20,921,544 | | | $ | 10,871,928 | | | $ | 2,282,916 | |
| | | | | |
| | | 2060
Retirement
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market Fund | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 13,446 | | | $ | 3,384,999 | | | $ | 8,202,249 | | | $ | 5,732,958 | | | $ | 2,221,214 | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
2019 | | $ | 23,470 | | | $ | 3,898,222 | | | $ | 16,736,788 | | | $ | 17,284,510 | | | $ | 0 | |
136
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | |
| | | Mid-Term
Bond Fund | | | Bond Fund | | | | | | | | | | |
Ordinary Income (a) | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
2019 | | $ | 13,773,991 | | | $ | 37,592,921 | | | | | | | | | | | | | |
Long-Term Capital Gains | | | | | | | | | | | | | | | | | | | | |
2020 | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
2019 | | $ | 0 | | | $ | 0 | | | | | | | | | | | | | |
Notes:
| (a) | Includes distributions from Fund-level net short-term capital gains. |
Undistributed net income and gains (losses) — As of June 30, 2020, 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 | | | Small Cap
Equity Index
Fund | |
Accumulated undistributed net investment income | | $ | 96,742,565 | | | $ | 6,065,020 | | | $ | 11,239,320 | | | $ | 2,551,162 | | | $ | 463,099 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 119,277,296 | | | $ | 32,903,506 | | | $ | (33,166,864 | ) | | $ | 55,699,652 | | | $ | (165,615 | ) |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 1,356,876,370 | | | $ | 62,769,268 | | | $ | (20,313,146 | ) | | $ | 70,271,857 | | | $ | (5,223,266 | ) |
| | | | | |
| | | Mid Cap
Value Fund | | | Mid-Cap
Equity Index
Fund | | | International
Fund | | | Composite
Fund | | | Retirement
Income
Fund | |
Accumulated undistributed net investment income | | $ | 2,489,973 | | | $ | 34,869,721 | | | $ | 26,878,287 | | | $ | 5,688,597 | | | $ | 2,107,758 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 3,783,495 | | | $ | 101,901,923 | | | $ | (2,621,967 | ) | | $ | 4,713,818 | | | $ | 2,737,597 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 3,720,765 | | | $ | 76,290,320 | | | $ | (10,596,332 | ) | | $ | 28,010,514 | | | $ | 7,397,475 | |
| | | | | |
| | | 2010
Retirement
Fund | | | 2015
Retirement
Fund | | | 2020
Retirement
Fund | | | 2025
Retirement
Fund | | | 2030
Retirement
Fund | |
Accumulated undistributed net investment income | | $ | 504,828 | | | $ | 2,654,145 | | | $ | 10,724,031 | | | $ | 15,205,333 | | | $ | 12,928,252 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 869,538 | | | $ | 7,778,894 | | | $ | 33,172,169 | | | $ | 43,618,681 | | | $ | 40,911,836 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 1,465,066 | | | $ | 9,743,383 | | | $ | 38,467,221 | | | $ | 61,113,411 | | | $ | 54,404,633 | |
| | | | | |
| | | 2035
Retirement
Fund | | | 2040
Retirement
Fund | | | 2045
Retirement
Fund | | | 2050
Retirement
Fund | | | 2055
Retirement
Fund | |
Accumulated undistributed net investment income | | $ | 10,407,520 | | | $ | 8,239,164 | | | $ | 8,396,476 | | | $ | 5,645,620 | | | $ | 1,705,810 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 33,790,257 | | | $ | 26,330,713 | | | $ | 27,215,227 | | | $ | 12,571,313 | | | $ | 3,087,167 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 46,868,540 | | | $ | 39,279,382 | | | $ | 46,694,867 | | | $ | 10,465,533 | | | $ | (2,299,911 | ) |
137
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2020
| 5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
| | | | | | | | | | | | | | | | | | | | |
| | | 2060
Retirement
Fund | | | Conservative
Allocation
Fund | | | Moderate
Allocation
Fund | | | Aggressive
Allocation
Fund | | | Money
Market Fund | |
Accumulated undistributed net investment income | | $ | 287,721 | | | $ | 3,421,949 | | | $ | 7,941,711 | | | $ | 5,258,488 | | | $ | 4,553,966 | |
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | | $ | 524,868 | | | $ | 5,156,304 | | | $ | 26,591,859 | | | $ | 24,802,553 | | | $ | 0 | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 8,912 | | | $ | 12,176,230 | | | $ | 43,463,789 | | | $ | 34,198,702 | | | $ | (3,657 | ) |
| | | | | |
| | | Mid-Term
Bond Fund | | | Bond Fund | | | | | | | | | | |
Accumulated undistributed net investment income | | $ | 20,963,486 | | | $ | 60,050,491 | | | | | | | | | | | | | |
Accumulated undistributed net realized gain/(loss) on
investments and futures contracts | | $ | (110,919 | ) | | $ | 2,052,639 | | | | | | | | | | | | | |
Net unrealized appreciation (depreciation) of investments and futures contracts | | $ | 35,077,530 | | | $ | 120,037,445 | | | | | | | | | | | | | |
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.
| 6. | RECENT ACCOUNTING PRONOUNCEMENTS |
In March 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-08, which amends guidance on the amortization period of premiums on certain purchased callable debt securities. Specifically, the amendments shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date (that is, at a premium).
For public business entities, the amendments in ASU 2017-08 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Management has evaluated ASU 2017-08 and determined that there is no material impact on the financial statements.
In August 2018, the FASB issued ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has decided not to early adopt and continues to evaluate the provisions of the ASU and does not expect a material impact to financial statement disclosures.
138
MUTUAL OF AMERICA INVESTMENT CORPORATION
ADDITIONAL INFORMATION
Quarterly Portfolio Schedules
Included in this Semi-Annual Report are schedules of Mutual of America Investment Corporation’s (“Investment Company”) Fund portfolio holdings as of June 30, 2020. 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 or, starting in 2019, on Form N-PORT and for the second and fourth quarters of each fiscal year on Form N-CSR. The Forms N-Q, N-PORT and N-CSR are available on the SEC’s website at http://www.sec.gov.
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, 2020 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 27, 2020, 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, 2019, the Adviser had approximately $19 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 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
139
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 2019, 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.
140
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) | Not applicable. The complete Schedules of Investment are included as part of the Reports to Stockholders in Item 1. |
| 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 SECURITIES 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 period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
| ITEM 12. | DISCLOSURE OF SECURITIES LENDING FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. EXHIBITS.
Attached hereto:
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 4, 2020 |
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 4, 2020 |
| | |
| By: | | /s/ CHRIS W. FESTOG |
| | Chris W. Festog |
| | Senior Executive Vice President, |
| | Chief Financial Officer and Treasurer of |
| | Mutual of America Investment Corporation |
| |
| Date: | | September 4, 2020 |
