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
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Mutual of America Investment Corporation
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(Exact name of registrant as specified in charter)
320 Park Avenue, New York, N.Y. 10022
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(Address of principal executive offices) (Zip code)
John R. Greed
Executive Vice President and
Treasurer
Mutual of America Life Insurance Company
320 Park Avenue
New York, NY 10022
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(Name and address of agents for service)
Registrant's telephone number, including area code: (212) 224-1600
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Date of fiscal year end: December 31
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Date of reporting period: June 30, 2003
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ITEM 1. REPORTS TO STOCKHOLDERS.
The Annual Report to Shareholders which was filed via EDGAR on
March 1, 2004 follows:
ANNUAL REPORTS OF
MUTUAL OF AMERICA INVESTMENT CORPORATION
SCUDDER VARIABLE SERIES I
AMERICAN CENTURY VP CAPITAL APPRECIATION FUND
CALVERT SOCIAL BALANCED PORTFOLIO
FIDELITY INVESTMENTS(R) VARIABLE INSURANCE
PRODUCTS FUNDS:
EQUITY-INCOME PORTFOLIO
CONTRAFUND PORTFOLIO
AND ASSET MANAGER PORTFOLIO
DECEMBER 31, 2003
This report is not to be construed as an offering for sale of any Variable
Policy. No offering is made except in conjunction with a prospectus which must
precede or accompany this report.
CONTENTS
Page
----
Annual Report of Mutual of America Investment Corporation
President's Message ...................................................... 1
Portfolio Management Discussions ......................................... 3
Portfolio of Investments in Securities:
Money Market Fund ...................................................... 3
All America Fund ....................................................... 3
Equity Index Fund ...................................................... 4
Mid-Cap Equity Index Fund .............................................. 5
Bond Fund .............................................................. 6
Short-Term Bond Fund ................................................... 7
Mid-Term Bond Fund ..................................................... 8
Composite Fund ......................................................... 9
Aggressive Equity Fund ................................................. 10
Conservative Allocation Fund ........................................... 11
Moderate Allocation Fund ............................................... 11
Aggressive Allocation Fund ............................................. 11
Statement of Assets and Liabilities ...................................... 53
Statement of Operations .................................................. 55
Statements of Changes in Net Assets ...................................... 57
Financial Highlights ..................................................... 59
Notes to Financial Statements ............................................ 68
Independent Auditors' Report ............................................. 75
Directors and Officers ................................................... 76
Supplemental Dividend Information ........................................ 77
Annual Report of Scudder Variable Series I
Annual Report of VP Capital Appreciation Fund of
American Century Variable Portfolios, Inc.
Annual Report of Calvert Social Balanced Portfolio of
Calvert Variable Series, Inc.
Annual Report of Fidelity Investments Variable Insurance
Products Funds: Equity-Income Portfolio
Annual Report of Fidelity Investments Variable Insurance
Products Funds: Contrafund Portfolio
Annual Report of Fidelity Investments Variable Insurance
Products Funds: Asset Manager Portfolio
MUTUAL OF AMERICA INVESTMENT CORPORATION
The twelve months ended December 31, 2003 was a respectable one for the
capital markets in general, especially given geopolitical uncertainties
surrounding war in Iraq, as well as persistent skepticism regarding prospects
for economic recovery in the United States and abroad. Equities, as represented
by the S&P 500 Index, generated a total return of 28.7%, easily the best
performance for large-cap stocks in the past four years. Bonds, represented by
the Lehman Brothers Aggregate Bond Index, achieved a total return of 4.1%, low
by recent years' standards, but positive despite increased interest rate
volatility at mid-year.
Equity markets began to anticipate economic recovery as early as mid-year
2002, but increasing prospects for war with Iraq during the fall and winter
prompted several false starts to the market recovery. Once invasion occurred and
it became quickly apparent that domestic economic implications were nil, the
market took off. Only during the summer did it pause as uncertainty regarding
Federal Reserve policy led to a quick, but finite, rise in long-term interest
rates. Again, once the equity market digested the Fed's commitment to keep
short-term rates low for a "considerable period," it advanced again through
year-end.
Bond markets reacted throughout the year in response to Fed policy
signals. During the first half of 2003, the Fed lowered the Fed Funds rate one
last time following twelve previous reductions over the prior two and a half
years. In April, some of its members even suggested that the Fed might be
willing to take even more aggressive actions, such as purchasing long-term
Treasuries, if continued sluggish growth and signs of deflation persisted. But
when the Fed explicitly retracted the possibility that it would buy Treasuries,
long-term rates rapidly increased by approximately 100 basis points, giving back
most of the price gains realized from earlier in the year. Since that time,
however, with the Fed adamantly on hold in the short end of the market,
long-term rates have traded within a 50 basis points range depending upon what
the most recent economic statistics suggest about the health of the recovery.
The underlying backdrop for this generally favorable investment
environment was the improving U.S. economy and the consequent recovery in
corporate profits. Consumer spending on goods and housing was the driver
throughout most of the year. The one factor that has stubbornly resisted
improvement is reported employment growth, which remains anemic by any of the
historical standards of economic recovery. However, most economists expect
further GDP growth in 2004 as well as further advances in corporate profits.
The total return performance for each of the Mutual of America Investment
Corporation Funds (excluding the three new Allocation Funds which only commenced
operations in May of 2003) is reflected below:
Total Returns--Twelve Months Ended December 31, 2003
Money Market Fund ......................................... + 0.9%
All America Fund .......................................... +33.0%
Equity Index Fund ......................................... +28.3%
Mid-Cap Index Fund ........................................ +35.2%
Bond Fund ................................................. + 6.7%
Short-term Bond Fund ...................................... + 1.7%
Mid-Term Bond Fund ........................................ + 2.8%
Composite Fund ............................................ +18.2%
Aggressive Equity Fund .................................... +39.4%
The above total return performance figures do not reflect the deduction of
respective Separate Account fees and expenses imposed by Mutual of America Life
Insurance Company. 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.
1
On the pages immediately following are brief presentations and graphs for
each Fund (except the Money Market Fund and the Allocation Funds) which
illustrate each Fund's respective:
o Historical total return achieved over specified periods, expressed
as an average annual rate and as a cumulative rate;
o Equivalent in dollars of a $10,000 hypothetical investment at the
beginning of each specified period; and
o Historical performance compared with an appropriate index.
The portfolios of each Fund and financial statements are presented in the
pages which then follow.
Thank you for your continued investment in our Funds.
Sincerely,
/s/ Manfred Altstadt
Manfred Altstadt
Chairman of the Board, President
and Chief Executive Officer
Mutual of America Investment Corporation
2
MONEY MARKET FUND
The Money Market Fund's investment objective is the realization of high
current income to the extent consistent with the maintenance of liquidity,
investment quality and stability of capital. Through investing in high-quality
commercial paper issued by U.S. corporations and securities issued by the U.S.
government and its agencies, the Fund returned 0.9% for the twelve months ended
December 31, 2003. Short-term rates declined modestly during the first half of
the year as the Federal Reserve Board lowered the Federal Funds rate from 1.25%
to 1.00% in an attempt to stimulate the economy, and remained low for the rest
of the year as it became clear the Fed would keep the Fed Funds rate at 1.00%.
The seven-day effective yield as of February 17, 2004 is 0.8%. 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 the Separate Account's investments in
shares of the Money Market Fund.
ALL AMERICA FUND
The U.S. equity markets posted strong returns for the fourth quarter of
2003 and ended the year with positive performance across all market caps. In the
last quarter, small caps, as represented by the Russell 2000(R) Index, returned
14.5%, edging out both mid-caps and large caps with returns of 13.2% and 12.2%,
respectively. However, for the year, the Russell 2000(R) was the clear winner,
returning 47.3% versus the S&P MidCap 400 return of 35.6% and the S&P 500(R)
return of 28.7%, These positive returns followed three years of negative returns
for the S&P 500(R). Within large caps, value outperformed growth in both the
fourth quarter and all of 2003. Among small caps, value outperformed growth in
the fourth quarter but for the year 2003 growth outperformed value for the first
time in four years.
The market was buoyed by an improving corporate earnings trend, a strong
Gross Domestic Product (GDP) and an apparent reduction in equity risk premium
and volatility. Many companies whose stocks were trounced during the previous
two years rebounded despite a lack of earnings. Investors were optimistic about
both the U.S. and global economic prospects and did not want to miss an upward
movement in the equity markets. For 2003, the technology, financials and
consumer discretionary sectors substantially contributed to the S&P 500(R)
performance. The weakest sector was telecom services, which continued to be
hampered by overcapacity, excess capital and intense competition. Among small
caps, the technology and consumer discretionary sectors led performance while
telecom was the only sector to post a negative performance.
The investment objective of the All America Fund is to outperform the
Standard & Poor's 500 Index. The Fund is approximately 60% invested in the 500
stocks that comprise the S&P 500 Index with the remaining approximately 40%
being actively managed using four different investment approaches. The actively
managed portion of the Fund is approximately equally distributed in large-cap
growth, small-cap growth, large-cap value and small-cap value. Mutual of America
Capital Management Corporation manages the value assets and the small cap growth
assets. A subadvisor manages the large cap growth assets.
The Fund's return for the twelve months ended December 31, 2003 was 33.0%
versus the benchmark return of 28.7%.
GROWTH OF A $10,000 INVESTMENT
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
Dates All America Fund S & P 500
----- ---------------- ---------
12/31/1993 10,000 10,000
12/31/1994 10,128 10,133
12/31/1995 13,833 13,940
12/31/1996 16,699 17,147
12/31/1997 21,173 22,867
12/31/1998 25,674 29,400
12/31/1999 32,298 35,586
12/31/2000 30,685 32,344
12/31/2001 25,353 28,502
12/31/2002 19,678 22,203
12/31/2003 26,174 28,573
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All America Fund
----------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
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1 Year $13,301 33.0% 33.0%
5 Years $10,195 1.9% 0.4%
Since 5/2/94* $26,716 167.2% 10.7%
10 Years $26,174 161.7% 10.1%
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S & P 500 INDEX
---------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
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1 Year $12,869 28.7% 28.7%
5 Years $9,718 -2.8% -0.6%
Since 5/2/94 $29,164 191.6% 11.7%
10 Years $28,572 185.7% 11.1%
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* Prior to May 2, 1994, the Fund was known as the Stock Fund, had a
different investment objective and did not have any subadvisers.
Performance data which includes periods prior to 5/2/94, reflects
performance results achieved in accordance with the previous objective of
the Fund.
The line representing the performance return of the All America Fund
includes expenses, such as transaction costs and management fees that
reduce returns, while the performance return line of the Index does not.
3
EQUITY INDEX FUND
The S&P 500 Index consists of 500 stocks chosen for market size, liquidity
and industry group representation. It is a market-weighted index of 500 stocks
that are 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 Index's performance directly
proportional to that company's market value.
For 2003, the S&P 500 Index posted a positive return following three
straight years of negative performance. All sectors within the Index posted
positive returns with the largest contributions to return coming from the
technology, financials, consumer discretionary and industrial sectors. The
weakest sector, although still posting a slight positive return, was telecom
services as that industry continues to be hampered by a myriad of problems.
Within the Index, for the full year, value stocks outperformed growth stocks.
All market caps within the Index showed positive returns for the year. The
stocks within the smallest market caps had the best returns, but their smaller
weights in the Index, diminished their contributions to return. The market
appeared to be boosted by an improving corporate earnings trend, strong Gross
Domestic Product (GDP) and a reduction in equity risk premium and volatility.
The Fund's performance for the twelve months ending December 31, 2003 was
28.3%, slightly below the benchmark return of 28.7%, due to the impact on Fund
performance caused by the timing of cash flows.
GROWTH OF A $10,000 INVESTMENT
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
Dates Equity Index Fund S & P 500
----- ----------------- ---------
12/31/1993 10,000 10,000
12/31/1994 10,153 10,133
12/31/1995 13,870 13,940
12/31/1996 17,025 17,147
12/31/1997 22,660 22,867
12/31/1998 29,136 29,400
12/31/1999 35,145 35,586
12/31/2000 31,976 32,344
12/31/2001 28,084 28,502
12/31/2002 21,867 22,203
12/31/2003 28,061 28,573
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Equity Index Fund
-----------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
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1 Year $12,832 28.3% 28.3%
5 Years $9,631 -3.7% -0.7%
10 Years $28,061 180.6% 10.9%
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- -------------------------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $12,869 28.7% 28.7%
5 Years $9,718 -2.8% -0.6%
10 Years $28,572 185.7% 11.1%
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The line representing the performance return of the Equity Index Fund
includes expenses, such as transaction costs and management fees that
reduce returns, while the performance return line of the Index does not.
4
MID-CAP EQUITY INDEX FUND
The Mid-Cap Equity Index Fund invests in the 400 stocks that comprise the
S&P MidCap 400 Index. The Index 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 Index's performance directly
proportional to that company's market value. The companies included in the Index
tend to be typical of this asset class, the medium-capitalized sector of the
U.S. securities market.
For 2003, mid-cap stocks outperformed the S&P 500 Index, but trailed the
Russell 2000 Index's return. This positive return followed two-years of negative
returns for the S&P MidCap 400 Index. For the year 2003, the largest sector
contributors to performance were technology, financials and consumer
discretionary. The weakest sectors were telecom and utilities, although both
posted positive returns for the year. Earnings for companies within the S&P
MidCap 400 Index rose throughout 2003 as there were fewer negative
pre-announcements than historical averages. Both factors contributed positively
to performance.
The Mid-Cap Equity Index Fund's performance for the twelve-month period
ending December 31, 2003 was 35.2% versus the 35.6% return of the S&P MidCap 400
Index. Mid-cap futures do not trade as precisely as the larger cap instruments
so the cash flows in and out of the Fund can have an impact on the performance,
which therefore, may vary from the benchmark.
GROWTH OF A $10,000 INVESTMENT
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
Dates Mid Cap Eq.Index Fund S & P 500
----- --------------------- ---------
5/3/1999 10,000 10,000
12/31/1999 11,174 11,180
12/31/2000 13,039 13,138
12/31/2001 12,900 13,057
12/31/2002 10,934 11,163
12/31/2003 14,787 15,140
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Mid-Cap Equity Index Fund
-------------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $13,523 35.2% 35.2%
Since 5/3/99
(Inception) $14,787 47.9% 8.8%
- -------------------------------------------------------------------
- -------------------------------------------------------------------
S & P MidCap 400 Index
----------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $13,563 35.6% 35.6%
Since 5/3/99
(Inception) $15,140 51.4% 9.3%
- -------------------------------------------------------------------
The line representing the performance return of the Mid-Cap Equity Index
Fund includes expenses, such as transaction costs and management fees that
reduce returns, while the performance return line of the Index does not.
5
BOND FUND
Long-term Treasury rates ended the year 2003 at 5.07%, 29 basis points
higher than their close at year end 2002, and 19 basis points higher than their
close on September 30, 2003. Yields on five-year Treasuries also increased,
finishing 2003 at 3.25%, up 51 basis points from the prior year's close, and 42
basis points higher than at the close of the third quarter of 2003. An
increasingly weak dollar, the growing Federal budget deficit and rallying equity
markets all combined to push rates higher. Despite rising long-term rates,
short-term rates remained at historically low levels as the Federal Reserve
pegged its Fed Funds rate at 1.0%. Chairman Greenspan continues to maintain that
short-term rates will stay low until an economic recovery is firmly in the
works.
Mortgage-backed securities outperformed Treasury and Agency issues as
volatility decreased and spreads tightened due to increased institutional
demand. Capping off an impressive year, corporate bonds also performed strongly.
Strong cash flows into bond funds and a decline in the default rate contributed
to the positive performance. Active deleveraging of corporate balance sheets, as
well as fewer accounting-related surprises and incidents of corporate
malfeasance also helped to make corporates a top performer in 2003.
The Fund's return was 6.7% for the twelve months ended December 31, 2003,
compared to the Lehman Brothers Aggregate Bond Index that returned 4.1% for the
same period.
GROWTH OF A $10,000 INVESTMENT
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
Dates Bond Fund Lehman AGBI
----- --------- -----------
12/31/1993 10,000 10,000
12/31/1994 9,684 9,708
12/31/1995 11,564 11,501
12/31/1996 11,976 11,917
12/31/1997 13,224 13,070
12/31/1998 14,170 14,203
12/31/1999 13,900 14,085
12/31/2000 15,132 15,724
12/31/2001 16,453 17,048
12/31/2002 17,564 18,798
12/31/2003 18,746 19,571
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Bond Fund
---------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $10,673 6.7% 6.7%
5 Years $13,230 32.3% 5.8%
10 Years $18,746 87.5% 6.5%
- -------------------------------------------------------------------
- -------------------------------------------------------------------
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $10,411 4.1% 4.1%
5 Years $13,778 37.8% 6.6%
10 Years $19,571 95.7% 6.9%
- -------------------------------------------------------------------
The line representing the performance return of the Bond Fund includes
expenses, such as transaction costs and management fees that reduce
returns, while the performance return lines of the Indices do not.
6
SHORT-TERM BOND FUND
The Short-Term Bond Fund seeks a high level of return consistent with the
preservation of capital through investment in publicly traded debt securities.
The Fund primarily invests in corporate, U.S. Government agency and
mortgage-backed securities, which yield more than U.S. Treasury issues. The
Fund's strategy focuses on tightly structured U.S. Government agency
mortgage-backed securities, which are normally less volatile than other
securities of similar maturity. Over the 12-month period, the yield on two-year
Treasury issues increased from 1.60% to 1.82%. Mortgage securities held by the
Fund underperformed the Index as homeowners refinanced existing mortgages
throughout the year. The Fund's return was 1.7% for the twelve months ended
December 31, 2003, compared to the Salomon Brothers 1-3 Year Bond Index that
returned 2.9% for the same period.
GROWTH OF A $10,000 INVESTMENT
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
Dates Short Term Bond Sal Br.1-3
----- --------------- ----------
12/31/1993 10,000 10,000
12/31/1994 10,145 10,060
12/31/1995 10,930 11,156
12/31/1996 11,470 11,732
12/31/1997 12,162 12,514
12/31/1998 12,851 13,386
12/31/1999 13,397 13,825
12/31/2000 14,440 14,952
12/31/2001 15,515 16,272
12/31/2002 16,298 17,284
12/31/2003 16,582 17,782
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Short-Term Bond Fund
--------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $10,174 1.7% 1.7%
5 Years $12,903 29.0% 5.2%
10 Years $16,582 65.8% 5.2%
- -------------------------------------------------------------------
- -------------------------------------------------------------------
Salomon Bros. 1-3 Year Bond Index
---------------------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $10,288 2.9% 2.9%
5 Years $13,283 32.8% 5.8%
10 Years $17,781 77.8% 5.8%
- -------------------------------------------------------------------
The line representing the performance return of the Short-Term Bond Fund
includes expenses, such as transaction costs and management fees that
reduce returns, while the performance return line of the Index does not.
7
MID-TERM BOND FUND
The Mid-Term Bond Fund seeks a high level of return consistent with the
preservation of capital through investment in publicly traded debt securities.
The Fund primarily invests in corporate U.S. Government agency, and
mortgage-backed securities, which yield more than U.S. Treasury issues.
Corporate spreads against Treasuries narrowed considerably during 2003, enabling
them to outperform the Fund's holdings of mortgage-backed issues. For the
twelve-months ended December 31, 2003, the Fund returned 2.8% compared to the
Salomon Bros. 3-7 Year Bond Index, which returned 5.0%.
GROWTH OF A $10,000 INVESTMENT
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
Dates Mid Term Bond Sal Br.3-7
----- ------------- ----------
12/31/1993 10,000 10,000
12/31/1994 9,653 9,733
12/31/1995 11,226 11,376
12/31/1996 11,662 11,816
12/31/1997 12,519 12,793
12/31/1998 13,314 13,933
12/31/1999 13,498 13,932
12/31/2000 14,152 15,414
12/31/2001 15,629 16,871
12/31/2002 17,138 18,723
12/31/2003 17,612 19,665
- -------------------------------------------------------------------
Mid-Term Bond Fund
------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $10,276 2.8% 2.8%
5 Years $13,228 32.3% 5.8%
10 Years $17,612 76.1% 5.8%
- -------------------------------------------------------------------
- -------------------------------------------------------------------
Salomon Bros. 3-7 Year Bond Index
---------------------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $10,503 5.0% 5.0%
5 Years $14,113 41.1% 7.1%
10 Years $19,664 96.6% 7.1%
- -------------------------------------------------------------------
The line representing the performance return of the Mid-Term Bond Fund
includes expenses, such as transaction costs and management fees that
reduce returns, while the performance return line of the Index does not.
8
COMPOSITE FUND
The Composite Fund seeks appreciation and current income by investing in a
diversified portfolio of common stocks and fixed income securities. The equity
portion of the Fund invests in stocks within the S&P 500 Index. Approximately 25
of the largest stocks by market capitalization will have representation in the
Fund. The Fund's equity exposure usually falls between 75-100 companies.
The S&P 500 came back to life in 2003 following three successive years of
declines. This strong performance was driven by surprisingly robust recoveries
in both economic growth and corporate earnings. Gross Domestic Product was up
4.3% in 2003 and corporate earnings within the S&P 500 advanced 14%
year-over-year. Within the S&P 500 Index, all sectors posted positive returns
with the largest contributions to return coming from technology, financials,
consumer discretionary and industrials.
The year 2003 may be viewed as a transition year for the bond market.
Although returns were up 4.1% for the year, this performance was less than half
that returned in each of the previous three years. The period of Federal Reserve
interest rate reductions seems to have ended around mid-year as signs that the
economy was beginning to gain traction became more apparent. In response,
long-term rates rose as bond prices declined, thus constraining total return.
However, short-rates have remained low as the Fed seems to wait for definitive
signs that the recovery is self-sustaining before beginning to raise them.
For the twelve months ended December 31, 2003, the Lehman Brothers
Aggregate Bond Index returned 4.1% and the S&P 500 Index returned 28.7%. The
Composite Fund returned 18.2%.
GROWTH OF A $10,000 INVESTMENT
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
Dates Composite Fund Lehman ABGI S & P 500 Sal 3 Mo T Bill
----- -------------- ----------- --------- ---------------
12/31/1993 10,000 10,000 10,000 10,000
12/31/1994 9,693 9,708 10,132 10,424
12/31/1995 11,816 11,501 13,940 11,023
12/31/1996 13,221 11,917 17,146 11,603
12/31/1997 15,562 13,070 22,867 12,212
12/31/1998 17,812 14,203 29,399 12,828
12/31/1999 20,517 14,085 35,585 13,436
12/31/2000 20,407 15,724 32,343 14,237
12/31/2001 18,163 17,048 28,501 14,819
12/31/2002 16,800 18,798 22,202 15,071
12/31/2003 19,863 19,571 28,572 15,233
- -------------------------------------------------------------------
Composite Fund
--------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $11,823 18.2% 18.2%
5 Years $11,151 11.5% 2.2%
10 Years $19,863 98.6% 7.1%
- -------------------------------------------------------------------
- -------------------------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $12,869 28.7% 28.7%
5 Years $9,718 -2.8% -0.6%
10 Years $28,572 185.7% 11.1%
- -------------------------------------------------------------------
- -------------------------------------------------------------------
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $10,411 4.1% 4.1%
5 Years $13,778 37.8% 6.6%
10 Years $19,571 95.7% 6.9%
- -------------------------------------------------------------------
- -------------------------------------------------------------------
Salomon Bros. 3 - Month T-Bill Index
------------------------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $10,107 1.1% 1.1%
5 Years $11,873 18.7% 3.5%
10 Years $15,232 52.3% 4.3%
- -------------------------------------------------------------------
The line representing the performance return of the Composite Fund
includes expenses, such as transaction costs and management fees that
reduce returns, while the performance return lines of the Indices do not.
9
AGGRESSIVE EQUITY FUND
For the twelve months ended December 31, 2003, the Russell 2000(R) Index
recorded its best-ever return of 47.3%. Since 1979, the Index has returned over
40% for a one-year period only three times. Small caps have outperformed large
caps as measured by either the Russell l000(R) or the S&P 500(R) for five
straight years, although there was some evidence that this trend was reversing
late in the year. For 2003, the largest sector contributors to return were
technology, consumer discretionary, health care and financial services. A
dynamic that began early in 2003 continued through December, namely, the
strongest performance occurred in the smallest of market caps and/or companies
without earnings. Investors appeared to demand less risk premium and drove the
prices of these stocks up significantly.
The objective of the Aggressive Equity Fund is capital appreciation
through investing in both growth and value stocks, with the respective
weightings to be determined by market conditions. Over the twelve-month period
ended December 31, 2003, the Fund returned 39.4% versus the 47.3% return for the
Russell 2000 Index(R).
GROWTH OF A $10,000 INVESTMENT
[THE FOLLOWING TABLE WAS REPRESENTED AS A LINE CHART IN THE PRINTED MATERIAL]
Dates Aggressive Equity S & P 500
----- ----------------- ---------
5/1/1994 10,000 10,000
12/31/1994 10,597 9,845
12/31/1995 14,640 12,645
12/31/1996 18,678 14,730
12/31/1997 22,556 18,024
12/31/1998 21,395 17,564
12/31/1999 30,656 21,298
12/31/2000 30,300 20,653
12/31/2001 27,082 21,167
12/31/2002 21,540 16,832
12/31/2003 30,021 24,785
- -------------------------------------------------------------------
Aggressive Equity Fund
----------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $13,937 39.4% 39.4%
5 Years $14,032 40.3% 7.0%
Since 5/2/94
(Inception) $30,021 200.2% 12.0%
- -------------------------------------------------------------------
- -------------------------------------------------------------------
Russell 2000 Index
------------------
Total Return
Period Growth ---------------------
Ended of Cumu- Average
12/31/03 $10,000 lative Annual
- -------------------------------------------------------------------
1 Year $14,725 47.3% 47.3%
5 Years $14,110 41.1% 7.1%
Since 5/2/94
(Inception) $24,785 147.9% 9.8%
- -------------------------------------------------------------------
The line representing the performance return of the Aggressive Equity Fund
includes expenses, such as transaction costs and management fees that
reduce returns, while the performance return line of the Index does not.
10
CONSERVATIVE ALLOCATION FUND
The Conservative Allocation Fund invests in the equity Funds and the fixed
income Funds of the Investment Company. The Fund's target allocation is
approximately 75% of net assets in fixed income Funds and 25% of net assets in
equity Funds. The Fund seeks to maintain approximately 30% of its net assets in
the Bond Fund, 30% in the Mid-Term Bond Fund, 15% in the Short-Term Bond Fund
and 25% in the Equity Index Fund respectively.
The objective of the Conservative Allocation Fund is current income and,
to a lesser extent, capital appreciation. Performance for the Fund is compared
to the S&P 500 Index and the Lehman Aggregate Bond Index. Since the Fund began
its operations May 20, 2003 no graphic depiction is being presented at this
time.
MODERATE ALLOCATION FUND
The Moderate Allocation Fund invests in the equity and fixed income Funds
of the Investment Company. The Fund's target allocation is approximately 50% of
net assets in equity Funds and 50% of net assets in fixed income Funds. The Fund
seeks to maintain approximately 35% of its net assets in the Equity Index Fund,
15% in the MidCap Equity Index Fund, 30% in the Bond Fund and 20% in the
Mid-Term Bond Fund respectively.
The objective of the Moderate Allocation Fund is capital appreciation and
current income. Performance for the Fund is compared to the S&P 500 Index and
the Lehman Aggregate Bond Index. Since the Fund began its operations May 20,
2003 no graphic depiction is being presented at this time.
AGGRESSIVE ALLOCATION FUND
The Aggressive Allocation Fund invests in the equity and fixed income
Funds of the Investment Company. The Fund's target allocation is approximately
75% of net assets in equity Funds and 25% of net assets in fixed income Funds.
The Fund seeks to maintain approximately 45% of its net assets in the Equity
Index Fund, 20% in the MidCap Equity Index Fund, 10% in the Aggressive Equity
Fund and 25% in the Bond Fund respectively.
The objective of the Aggressive Allocation Fund is capital appreciation
and to a lesser extent current income. Performance for the Fund is compared to
the S&P 500 Index and the Lehman Aggregate Bond Index. Since the Fund began its
operations May 20, 2003 no graphic depiction is being presented at this time.
11
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ---- -------- ----------- -----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
DISCOUNT NOTES (80.3%)
FHLB ...................................... AAA 1.05% 01/16/04 $ 1,700,000 $ 1,699,255
FHLB ...................................... AAA 1.05 01/23/04 4,115,000 4,112,356
FHLB ...................................... AAA 1.06 01/28/04 1,000,000 999,204
FHLB ...................................... AAA 1.03 02/18/04 4,595,000 4,588,702
FHLMC ..................................... AAA 1.07 01/15/04 500,000 499,792
FHLMC ..................................... AAA 1.06 01/20/04 2,187,000 2,185,781
FHLMC ..................................... AAA 1.07 01/20/04 1,063,000 1,062,402
FHLMC ..................................... AAA 1.06 01/21/04 3,500,000 3,497,927
FHLMC ..................................... AAA 1.06 01/22/04 3,338,000 3,335,933
FHLMC ..................................... AAA 1.06 01/29/04 523,000 522,568
FHLMC ..................................... AAA 1.06 02/02/04 4,745,000 4,740,525
FHLMC ..................................... AAA 1.07 02/05/04 1,412,000 1,410,530
FHLMC ..................................... AAA 1.05 02/19/04 2,683,000 2,679,192
FHLMC ..................................... AAA 1.04 03/18/04 600,000 598,630
FNMA ...................................... AAA 0.69 01/02/04 527,000 526,990
FNMA ...................................... AAA 1.05 01/02/04 1,944,000 1,943,944
FNMA ...................................... AAA 1.06 01/02/04 1,075,000 1,074,969
FNMA ...................................... AAA 1.06 01/05/04 743,000 742,913
FNMA ...................................... AAA 1.06 01/14/04 2,972,000 2,970,862
FNMA ...................................... AAA 1.06 01/20/04 808,000 807,547
FNMA ...................................... AAA 1.06 01/21/04 3,044,000 3,042,204
FNMA ...................................... AAA 1.06 01/28/04 1,100,000 1,099,120
FNMA ...................................... AAA 1.06 02/02/04 3,645,000 3,641,563
FNMA ...................................... AAA 1.05 02/04/04 3,241,000 3,237,803
FNMA ...................................... AAA 1.06 02/23/04 4,051,000 4,044,674
FNMA ...................................... AAA 1.04 02/24/04 1,200,000 1,198,136
FNMA ...................................... AAA 1.04 02/25/04 2,418,000 2,414,187
FNMA ...................................... AAA 1.04 03/24/04 500,000 498,787
-----------
59,176,496
-----------
COMMERCIAL PAPER (19.7%)
7-Eleven Inc. ............................. A1+/P1 1.06 01/12/04 1,500,000 1,499,514
7-Eleven Inc. ............................. A1+/P1 1.06 01/16/04 700,000 699,691
Archer Daniel Midland ..................... A1/P1 1.05 02/26/04 839,000 837,629
American Express Credit Corp. ............. A1/P1 1.06 02/17/04 2,200,000 2,196,954
Bemis Co. ................................. A1/P1 1.05 01/23/04 2,200,000 2,198,587
Du Pont (E.I.) de Nemours ................. A1+/P1 1.05 02/03/04 700,000 699,326
Du Pont (E.I.) de Nemours ................. A1+/P1 1.05 02/10/04 1,290,000 1,288,494
General Electric Capital Corp. ............ A1+/P1 1.09 01/05/04 2,200,000 2,199,733
Kimberly-Clark Worldwide .................. A1+/P1 1.02 01/28/04 1,445,000 1,443,894
Nestle Capital Corp. ...................... A1+/P1 1.06 01/06/04 654,000 653,904
Nestle Capital Corp. ...................... A1+/P1 1.10 02/09/04 400,000 399,523
Pfizer, Inc. .............................. A1+/P1 1.04 02/02/04 431,000 430,601
-----------
14,547,850
-----------
TOTAL INVESTMENTS
(Cost: $73,724,395) 100.0%.................................................................................... $73,724,346
===========
- ----------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Service, Inc.
Abbreviations: FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
12
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Shares Value
------ -----------
INDEXED ASSETS:
COMMON STOCKS
BASIC MATERIALS (1.8%)
Air Products & Chemicals, Inc. ............ 6,265 $ 330,980
Alcoa, Inc. ............................... 23,855 906,490
Allegheny Technologies, Inc. .............. 2,223 29,388
Ball Corp. ................................ 1,554 92,572
Bemis Co. ................................. 1,464 73,200
Dow Chemical Co. .......................... 25,376 1,054,880
Du Pont (E.I.) de Nemours & Co. ........... 27,478 1,260,965
Eastman Chemical Co. ...................... 2,133 84,317
Ecolab, Inc. .............................. 7,103 194,409
Engelhard Corp. ........................... 3,458 103,567
Freeport-McMoran Copper Cl B .............. 5,019 211,450
Georgia-Pacific (Timber Group) ............ 7,006 214,874
Great Lakes Chemical Corp. ................ 1,395 37,930
Hercules, Inc.* ........................... 3,057 37,295
International Paper Co. ................... 13,245 570,992
Intl. Flavors & Fragrances ................ 2,582 90,163
Louisiana-Pacific Corp.* .................. 2,919 52,192
MeadWestvaco Corp. ........................ 5,529 164,488
Monsanto Co. .............................. 7,222 207,849
Newmont Mining Corp. Holding Co. .......... 11,911 578,994
Nucor Corp. ............................... 2,158 120,848
PPG Industries, Inc. ...................... 4,684 299,870
Pactiv Corp.* ............................. 4,335 103,607
Phelps Dodge Corp.* ....................... 2,463 187,410
Praxair, Inc. ............................. 8,964 342,425
Rohm & Haas Co. ........................... 6,138 262,154
Sealed Air Corp.* ......................... 2,343 126,850
Sigma-Aldrich Corp. ....................... 1,911 109,271
Temple-Inland, Inc. ....................... 1,496 93,754
United States Steel Group ................. 2,847 99,702
Vulcan Materials Co. ...................... 2,803 133,339
Weyerhaeuser Co. .......................... 6,060 387,840
Worthington Industries, Inc. .............. 2,373 42,785
-----------
8,606,850
-----------
CONSUMER, CYCLICAL (6.5%)
eBay, Inc.* ............................... 17,808 1,150,219
American Greetings Corp. Cl A* ............ 1,832 40,066
AutoZone, Inc.* ........................... 2,447 208,509
Autonation, Inc* .......................... 7,583 139,300
Bed Bath & Beyond, Inc.* .................. 8,163 353,866
Best Buy Co., Inc. ........................ 8,921 466,033
Big Lots, Inc.* ........................... 3,222 45,785
Black & Decker Corp. ...................... 2,143 105,693
Boise Cascade Corp. ....................... 2,384 78,338
Brunswick Corp. ........................... 2,523 80,307
Carnival Corp. ............................ 17,365 689,911
Centex Corp. .............................. 1,713 184,404
Circuit City Group, Inc. .................. 5,774 58,491
Clear Channel Communications .............. 16,969 794,658
Comcast Corp. Cl A* ....................... 62,050 2,034,620
Cooper Tire & Rubber Co. .................. 2,036 43,530
Dana Corp. ................................ 4,097 75,180
Darden Restaurants, Inc. .................. 4,545 95,627
Delphi Corporation ........................ 15,445 157,693
Dillard's, Inc. Cl A ...................... 2,296 37,792
Disney (Walt) Co. ......................... 56,384 1,315,439
Dollar General Corp. ...................... 9,290 194,997
Dow Jones & Co., Inc. ..................... 2,249 112,113
Eastman Kodak Co. ......................... 7,900 202,793
Family Dollar Stores, Inc. ................ 4,753 170,538
Federated Department Stores ............... 4,984 234,896
Ford Motor Co. ............................ 50,476 807,616
Fortune Brands, Inc. ...................... 4,021 287,461
Gannett Co., Inc. ......................... 7,472 666,204
Gap, Inc. ................................. 24,695 573,171
General Motors Corp. ...................... 15,458 825,457
Genuine Parts Co. ......................... 4,796 159,227
Goodyear Tire & Rubber Co.* ............... 4,833 37,987
Harley-Davidson, Inc. ..................... 8,352 396,971
Harrah's Entertainment, Inc. .............. 3,045 151,550
Hasbro, Inc. .............................. 4,810 102,357
Hilton Hotels Corp. ....................... 10,458 179,146
Home Depot, Inc. .......................... 62,720 2,225,933
International Game Technology ............. 9,544 340,721
Interpublic Group of Cos., Inc. ........... 11,430 178,308
Johnson Controls, Inc. .................... 2,490 289,139
Jones Apparel Group, Inc. ................. 3,483 122,706
KB Home ................................... 1,278 92,681
Knight-Ridder, Inc. ....................... 2,202 170,369
Kohl's Corp.* ............................. 9,373 421,223
Leggett & Platt ........................... 5,291 114,444
Limited Brands, Inc. ...................... 14,243 256,801
Liz Claiborne, Inc. ....................... 3,008 106,664
Lowe's Companies, Inc. .................... 21,677 1,200,689
Marriott International, Inc. .............. 6,374 294,479
Mattel, Inc. .............................. 11,850 228,350
May Department Stores Co. ................. 7,955 231,252
Maytag Corp. .............................. 2,165 60,295
McDonald's Corp. .......................... 34,986 868,702
McGraw-Hill Cos., Inc. .................... 5,282 369,317
Meredith Corp. ............................ 1,383 67,504
NIKE, Inc. Cl B ........................... 7,234 495,240
New York Times Co. Cl A ................... 4,106 196,226
Newell Rubbermaid, Inc. ................... 7,564 172,232
Nordstrom, Inc. ........................... 3,789 129,963
Office Depot, Inc.* ....................... 8,632 144,241
Omnicom Group, Inc. ....................... 5,238 457,435
Penney (J.C.) Co., Inc. ................... 7,526 197,783
Pulte Homes, Inc. ......................... 1,711 160,184
RadioShack Corp. .......................... 4,524 138,796
Reebok International, Ltd. ................ 1,623 63,816
Sears Roebuck & Co. ....................... 6,997 318,294
Sherwin-Williams Co. ...................... 4,019 139,620
Snap-On, Inc. ............................. 1,606 51,777
Stanley Works ............................. 2,234 84,602
Staples, Inc.* ............................ 13,649 372,618
Starbucks Corp.* .......................... 10,781 356,420
Starwood Hotels & Resorts ................. 5,575 200,533
TJX Companies, Inc. ....................... 13,874 305,922
Target Corp. .............................. 25,126 964,838
Tiffany & Co. ............................. 4,042 182,698
Time Warner, Inc.* ........................ 124,649 2,242,436
Toys R Us, Inc.* .......................... 5,885 74,386
Tribune Co. ............................... 8,608 444,173
Tupperware Corp. .......................... 1,611 27,935
Univision Communications, Inc. ............ 8,890 352,844
V F Corp. ................................. 2,979 128,812
Viacom, Inc. Cl B ......................... 48,221 2,140,048
Visteon Corp. ............................. 3,604 37,518
Wendy's International, Inc. ............... 3,141 123,253
Whirlpool Corp. ........................... 1,920 139,488
Yum! Brands, Inc.* ........................ 8,109 278,950
-----------
32,020,603
-----------
CONSUMER, NON-CYCLICAL (6.3%)
Alberto-Culver Co. Cl A ................... 1,620 102,190
Albertson's, Inc. ......................... 10,115 229,105
The accompanying notes are an integral part of these financial statements.
13
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
CONSUMER, NON-CYCLICAL (CONTINUED)
Altria Group, Inc. ........................ 55,992 $ 3,047,085
Anheuser-Busch Cos., Inc. ................. 22,460 1,183,193
Archer-Daniels-Midland Co. ................ 17,826 271,312
Avon Products, Inc. ....................... 6,520 440,035
Brown-Forman Corp. Cl B ................... 1,673 156,342
CVS Corp. ................................. 10,887 393,238
Campbell Soup Co. ......................... 11,312 303,162
Clorox Co. ................................ 5,817 282,474
Coca-Cola Co. ............................. 67,580 3,429,685
Coca-Cola Enterprises, Inc. ............... 12,540 274,250
Colgate-Palmolive Co. ..................... 14,810 741,241
ConAgra Foods, Inc. ....................... 14,801 390,598
Coors (Adolph) Co. Cl B ................... 1,003 56,268
Costco Wholesale Corp.* ................... 12,619 469,174
General Mills, Inc. ....................... 10,292 466,228
Gillette Co. .............................. 27,890 1,024,400
Heinz (H.J.) Co. .......................... 9,700 353,371
Hershey Food Corp. ........................ 3,587 276,163
Kellogg Co. ............................... 11,251 428,438
Kimberly Clark Corp. ...................... 13,906 821,706
Kroger Co.* ............................... 20,540 380,195
McCormick & Co., Inc. ..................... 3,827 115,193
Pepsi Bottling Group, Inc. ................ 7,244 175,160
PepsiCo, Inc. ............................. 47,325 2,206,292
Proctor & Gamble Co. ...................... 35,746 3,570,310
RJ Reynolds Tobacco Holdings .............. 2,333 135,664
Safeway, Inc.* ............................ 12,193 267,149
Sara Lee Corp. ............................ 21,786 472,974
Supervalu, Inc. ........................... 3,696 105,669
Sysco Corp. ............................... 17,840 664,183
UST, Inc. ................................. 4,572 163,175
Wal-Mart Stores, Inc. ..................... 119,302 6,328,971
Walgreen Co. .............................. 28,261 1,028,135
Winn-Dixie Stores, Inc. ................... 3,904 38,845
Wrigley (Wm.) Jr. Co. ..................... 6,196 348,277
-----------
31,139,850
-----------
ENERGY (3.4%)
Amerada Hess Corp. ........................ 2,478 131,755
Anadarko Petroleum Corp. .................. 6,916 352,785
Apache Corp. .............................. 4,467 362,274
Ashland, Inc. ............................. 1,891 83,317
BJ Services Co.* .......................... 4,363 156,632
Baker Hughes, Inc. ........................ 9,231 296,869
Burlington Resources, Inc. ................ 5,476 303,261
ChevronTexaco Corp. ....................... 29,467 2,545,654
ConocoPhillips ............................ 18,767 1,230,552
Devon Energy Corp. ........................ 6,411 367,094
EOG Resources, Inc. ....................... 3,173 146,497
Exxon Mobil Corp. ......................... 182,209 7,470,569
Halliburton Co. ........................... 12,076 313,976
Kerr-McGee Corp. .......................... 2,780 129,242
Marathon Oil Corp. ........................ 8,552 282,986
Nabors Industries, Ltd* ................... 4,041 167,702
Noble Corporation* ........................ 3,688 131,957
Occidental Petroleum Corp. ................ 10,617 448,462
Rowan Cos., Inc.* ......................... 2,593 60,080
Schlumberger, Ltd. ........................ 16,139 883,126
Sunoco, Inc. .............................. 2,129 108,898
Transocean, Inc.* ......................... 8,818 211,720
Unocal Corp. .............................. 7,138 262,893
-----------
16,448,301
-----------
FINANCIAL (11.9%)
Ace, Ltd. ................................. 7,693 318,644
Aflac, Inc. ............................... 14,137 511,477
Allstate Corp. ............................ 19,395 834,373
AmSouth Bancorporation .................... 9,678 237,111
Ambac Financial Group, Inc. ............... 2,946 204,423
American Express Co. ...................... 35,458 1,710,139
American Int'l. Group, Inc. ............... 71,892 4,765,002
Aon Corp. ................................. 8,645 206,961
Apartment Investment & Mgmt.Co ............ 2,597 89,597
BB & T Corp. .............................. 15,068 582,228
Bank One Corp. ............................ 30,817 1,404,947
Bank of America Corp. ..................... 40,958 3,294,252
Bank of New York Co., Inc. ................ 21,325 706,284
Bear Stearns Cos., Inc. ................... 2,702 216,025
Capital One Financial Corp. ............... 6,366 390,172
Charles Schwab Corp. ...................... 37,397 442,780
Charter One Financial, Inc. ............... 6,137 212,033
Chubb Corp. ............................... 5,176 352,486
Cincinnati Financial Corp. ................ 4,422 185,193
Citigroup, Inc. ........................... 142,207 6,902,728
Comerica, Inc. ............................ 4,834 270,994
Countrywide Financial Corp. ............... 6,299 477,779
Equity Office Properties .................. 11,020 315,723
Equity Residential ........................ 7,594 224,099
Fannie Mae ................................ 26,785 2,010,482
Federated Investors, Inc. ................. 2,996 87,963
Fifth Third Bancorp ....................... 15,686 927,043
First Tennessee Natl. Corp. ............... 3,460 152,586
FleetBoston Financial Corp. ............... 29,071 1,268,949
Franklin Resources, Inc. .................. 6,919 360,203
Freddie Mac ............................... 19,178 1,118,461
Golden West Financial Corp. ............... 4,188 432,160
Goldman Sachs Group, Inc. ................. 13,052 1,288,624
Hartford Financial Svc. Gp., Inc. ......... 7,799 460,375
Huntington Bancshares, Inc. ............... 6,310 141,975
J.P. Morgan Chase & Co. ................... 56,243 2,065,805
Janus Capital Group ....................... 6,634 108,864
Jefferson-Pilot Corp. ..................... 3,888 196,927
John Hancock Financial Services ........... 7,975 299,063
KeyCorp ................................... 11,554 338,763
Lehman Brothers Holdings, Inc. ............ 7,485 577,992
Lincoln National Corp. .................... 4,906 198,055
Loews Corp. ............................... 5,112 252,788
MBIA, Inc. ................................ 3,973 235,321
MBNA Corp. ................................ 35,221 875,242
MGIC Investment Corp. ..................... 2,714 154,535
Marsh & McLennan Cos., Inc. ............... 14,617 700,008
Marshall & Ilsley Corp. ................... 6,242 238,757
Mellon Financial Corp. .................... 11,860 380,825
Merrill Lynch & Co., Inc. ................. 26,059 1,528,360
MetLife, Inc. ............................. 20,955 705,555
Moody's Corp. ............................. 4,102 248,376
Morgan Stanley ............................ 29,856 1,727,767
National City Corp. ....................... 16,758 568,767
North Fork Bancorp, Inc. .................. 4,181 169,205
Northern Trust Corp. ...................... 6,074 281,955
PNC Financial Services Group .............. 7,643 418,301
Plum Creek Timber Co. ..................... 5,045 153,620
Principal Financial Group, Inc. ........... 8,903 294,422
Progressive Corp. of Ohio ................. 5,954 497,695
Prologis Trust ............................ 4,960 159,166
Providian Financial Corp.* ................ 8,001 93,132
The accompanying notes are an integral part of these financial statements.
14
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
FINANCIAL (CONTINUED)
Prudential Financial, Inc. ................ 14,900 $ 622,373
Regions Financial Corp. ................... 6,124 227,813
SLM Corporation ........................... 12,428 468,287
Safeco Corp. .............................. 3,820 148,713
Simon Property Group ...................... 5,274 244,397
SouthTrust Corp. .......................... 9,147 299,381
St. Paul Companies, Inc. .................. 6,289 249,359
State Street Corp. ........................ 9,213 479,813
Suntrust Banks, Inc. ...................... 7,761 554,912
Synovus Financial Corp. ................... 8,319 240,585
T. Rowe Price Group, Inc. ................. 3,433 162,759
Torchmark Corp. ........................... 3,120 142,085
Travelers Property Casualty Co. ........... 27,700 470,069
UNUM Provident Corp. ...................... 8,161 128,699
US Bancorp ................................ 53,169 1,583,373
Union Planters Corp. ...................... 5,198 163,685
Wachovia Corp. ............................ 36,491 1,700,116
Washington Mutual, Inc. ................... 24,792 994,655
Wells Fargo & Company ..................... 46,643 2,746,806
XL Capital Limited ........................ 3,784 293,449
Zions Bancorporation ...................... 2,477 151,914
-----------
58,646,780
-----------
HEALTHCARE (7.7%)
Abbott Laboratories ....................... 43,096 2,008,274
Aetna, Inc. ............................... 4,206 284,241
Allergan, Inc. ............................ 3,596 276,209
Amerisource Bergen Corp. .................. 3,085 173,223
Amgen, Inc.* .............................. 35,559 2,197,546
Anthem, Inc.* ............................. 3,812 285,900
Applera Corp.-Applied Biosys .............. 5,735 118,772
Bard (C.R.), Inc. ......................... 1,430 116,188
Bausch & Lomb, Inc. ....................... 1,445 74,996
Baxter International, Inc. ................ 16,824 513,468
Becton Dickinson & Co. .................... 7,000 287,980
Biogen Idec, Inc.* ........................ 9,031 332,160
Biomet, Inc. .............................. 7,048 256,618
Boston Scientific Corp.* .................. 22,581 830,078
Bristol-Myers Squibb Co. .................. 53,459 1,528,927
CIGNA Corp. ............................... 3,873 222,698
Cardinal Health, Inc. ..................... 11,935 729,945
Chiron Corp.* ............................. 5,175 294,923
Express Scripts, Inc.* .................... 2,165 143,821
Forest Laboratories, Inc.* ................ 10,079 622,882
Genzyme Corp. (Genl. Div.)* ............... 6,179 304,872
Guidant Corp. ............................. 8,325 501,165
HCA, Inc. ................................. 13,659 586,791
Health Management Associates .............. 6,611 158,664
Humana, Inc.* ............................. 4,441 101,477
IMS Health, Inc. .......................... 6,601 164,101
Johnson & Johnson ......................... 81,821 4,226,873
King Pharmaceuticals, Inc.* ............... 6,647 101,433
Lilly (Eli) & Co. ......................... 30,955 2,177,065
Manor Care, Inc. .......................... 2,457 84,938
McKesson Corp. ............................ 8,033 258,341
Medco Health Solutions* ................... 7,451 253,259
Medimmune, Inc.* .......................... 6,824 173,330
Medtronic, Inc. ........................... 33,412 1,624,157
Merck & Co., Inc. ......................... 61,335 2,833,677
Millipore Corp.* .......................... 1,345 57,902
Pfizer, Inc. .............................. 210,375 7,432,549
Quest Diagnostics, Inc. ................... 2,866 209,533
Schering-Plough Corp. ..................... 40,507 704,417
St. Jude Medical, Inc.* ................... 4,756 291,781
Stryker Corp. ............................. 5,499 467,470
Tenet Healthcare Corp.* ................... 12,812 205,633
UnitedHealth Group, Inc. .................. 16,172 940,887
Watson Pharmaceuticals, Inc.* ............. 2,976 136,896
Wellpoint Health Networks, Inc. ........... 4,188 406,194
Wyeth ..................................... 36,713 1,558,467
Zimmer Holdings, Inc.* .................... 6,666 469,286
-----------
37,730,007
-----------
INDUSTRIAL (6.3%)
3M Company ................................ 21,637 1,839,794
Allied Waste Industries, Inc.* ............ 8,827 122,519
American Power Conversion ................. 5,473 133,815
American Standard Cos., Inc.* ............. 2,007 202,105
Apollo Group, Inc. Cl A* .................. 4,862 330,616
Avery Dennison Corp. ...................... 3,045 170,581
Block (H. & R.), Inc. ..................... 4,915 272,144
Boeing Co. ................................ 23,190 977,227
Burlington Northern Santa Fe .............. 10,233 331,038
CSX Corp. ................................. 5,900 212,046
Caterpillar, Inc. ......................... 9,572 794,667
Cendant Corp.* ............................ 27,931 622,023
Cintas Corp. .............................. 4,708 236,012
Cooper Industries, Ltd.* .................. 2,573 149,054
Crane Co. ................................. 1,638 50,352
Cummins, Inc. ............................. 1,166 57,064
Danaher Corp. ............................. 4,233 388,378
Deere & Co. ............................... 6,616 430,371
Delta Air Lines, Inc.* .................... 3,403 40,189
Deluxe Corp. .............................. 1,393 57,573
Donnelley (R.R.) & Sons Co. ............... 3,132 94,430
Dover Corp. ............................... 5,583 221,924
Eaton Corp. ............................... 2,095 226,218
Emerson Electric Co. ...................... 11,600 751,100
Equifax, Inc. ............................. 3,834 93,933
FedEx Corp. ............................... 8,223 555,053
Fluor Corp. ............................... 2,262 89,666
General Dynamics Corp. .................... 5,451 492,716
General Electric Co. ...................... 276,792 8,575,016
Goodrich Corporation ...................... 3,242 96,255
Grainger (W.W.), Inc. ..................... 2,516 119,233
Honeywell International, Inc. ............. 23,764 794,431
ITT Industries, Inc. ...................... 2,544 188,790
Illinois Tool Works, Inc. ................. 8,494 712,732
Ingersoll Rand Co.* ....................... 4,782 324,602
Lockheed Martin Corp. ..................... 12,429 638,851
Masco Corp. ............................... 12,767 349,943
Monster Worldwide, Inc.* .................. 3,109 68,274
Navistar International Corp.* ............. 1,894 90,704
Norfolk Southern Corp. .................... 10,762 254,521
Northrop Grumman Corp. .................... 5,048 482,589
PACCAR, Inc. .............................. 3,217 273,831
Pall Corp. ................................ 3,445 92,429
Parker Hannifin Corp. ..................... 3,269 194,506
Pitney Bowes, Inc. ........................ 6,439 261,552
Power One, Inc.* .......................... 2,295 24,855
Raytheon Co. .............................. 11,474 344,679
Robert Half Intl., Inc.* .................. 4,720 110,165
Rockwell Automation, Inc. ................. 5,139 182,948
Rockwell Collins .......................... 4,880 146,546
Ryder System, Inc. ........................ 1,768 60,377
Southwest Airlines Co. .................... 21,700 350,238
Textron, Inc. ............................. 3,750 213,975
Thomas & Betts Corp. ...................... 1,612 36,899
The accompanying notes are an integral part of these financial statements.
15
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
INDUSTRIAL (CONTINUED)
Tyco International, Ltd. .................. 55,108 $ 1,460,362
Union Pacific Corp. ....................... 7,034 488,722
United Parcel Service Cl B ................ 30,991 2,310,379
United Technologies Corp. ................. 12,972 1,229,356
Waste Management, Inc. .................... 16,056 475,258
-----------
30,895,626
-----------
TECHNOLOGY (10.2%)
ADC Telecommunications, Inc.* ............. 22,187 65,894
Adobe Systems, Inc. ....................... 6,451 253,523
Advanced Micro Devices, Inc.* ............. 9,609 143,173
Agilent Technologies, Inc.* ............... 13,108 383,277
Altera Corp.* ............................. 10,441 237,010
Analog Devices, Inc. ...................... 10,125 462,205
Andrew Corp.* ............................. 4,233 48,721
Apple Computer, Inc.* ..................... 9,993 213,549
Applied Materials, Inc.* .................. 45,847 1,029,264
Applied Micro Circuits Corp.* ............. 8,463 50,608
Autodesk, Inc. ............................ 3,076 75,607
Automatic Data Processing, Inc. ........... 16,387 649,088
Avaya, Inc.* .............................. 11,487 148,641
BMC Software, Inc.* ....................... 6,237 116,319
Broadcom Corp. Cl A* ...................... 8,348 283,998
Ciena Corp.* .............................. 13,061 86,724
Cisco Systems, Inc.* ...................... 190,301 4,622,411
Citrix Systems, Inc.* ..................... 4,524 95,954
Computer Associates Intl., Inc. ........... 15,963 436,428
Computer Sciences Corp.* .................. 5,164 228,404
Compuware Corp.* .......................... 10,588 63,952
Comverse Technology, Inc.* ................ 5,316 93,508
Concord EFS, Inc.* ........................ 12,822 190,278
Convergys Corp.* .......................... 3,943 68,845
Corning, Inc.* ............................ 36,656 382,322
Dell, Inc.* ............................... 70,582 2,396,965
EMC Corp.* ................................ 66,248 855,924
Electronic Arts, Inc.* .................... 8,211 392,322
Electronic Data Systems Corp. ............. 13,242 324,959
First Data Corp. .......................... 20,091 825,539
Fiserv, Inc.* ............................. 5,343 211,102
Gateway, Inc.* ............................ 8,942 41,133
Hewlett-Packard Co. ....................... 84,054 1,930,720
Intel Corp. ............................... 180,065 5,798,093
Intl. Business Machines Corp. ............. 47,426 4,395,442
Intuit, Inc.* ............................. 5,472 289,524
JDS Uniphase Corp.* ....................... 39,556 144,379
Jabil Circuit, Inc.* ...................... 5,506 155,820
KLA Tencor Corp.* ......................... 5,368 314,941
LSI Logic Corp.* .......................... 10,449 92,683
Lexmark Int'l, Inc.* ...................... 3,542 278,543
Linear Technology Corp. ................... 8,612 362,307
Lucent Technologies* ...................... 115,602 328,310
Maxim Integrated Products, Inc ............ 9,058 451,088
Mercury Interactive Corp.* ................ 2,482 120,724
Micron Technology, Inc.* .................. 16,832 226,727
Microsoft Corp. ........................... 298,062 8,208,627
Molex Inc., Cl A .......................... 5,247 183,068
Motorola, Inc. ............................ 64,168 902,844
NCR Corp.* ................................ 2,608 101,190
NVIDIA Corporation* ....................... 4,471 103,951
National Semiconductor Corp.* ............. 5,110 201,385
Network Appliance, Inc.* .................. 9,511 195,261
Novell, Inc.* ............................. 10,294 108,293
Novellus Systems, Inc.* ................... 4,199 176,568
Oracle Corp.* ............................. 144,080 1,901,856
PMC Sierra, Inc.* ......................... 4,763 95,974
Parametric Technology Corp.* .............. 7,340 28,920
Paychex, Inc. ............................. 10,394 386,657
Peoplesoft, Inc.* ......................... 10,336 235,661
PerkinElmer, Inc. ......................... 3,497 59,694
QLogic Corp.* ............................. 2,604 134,366
Qualcomm, Inc. ............................ 22,055 1,189,426
Sabre Group Holdings, Inc. ................ 3,955 85,388
Sanmina Corp.* ............................ 14,261 179,831
Scientific-Atlanta, Inc. .................. 4,186 114,278
Siebel Systems, Inc.* ..................... 13,670 189,603
Solectron Corp.* .......................... 23,046 136,202
Sun Microsystems, Inc.* ................... 90,053 404,338
Sungard Data Sys. Inc.* ................... 7,920 219,463
Symantec Corp.* ........................... 8,492 294,248
Symbol Technologies, Inc. ................. 6,356 107,353
Tektronix, Inc. ........................... 2,331 73,660
Tellabs, Inc.* ............................ 11,502 96,962
Teradyne, Inc.* ........................... 5,275 134,249
Texas Instruments, Inc. ................... 47,707 1,401,632
Thermo Electron Corp.* .................... 4,488 113,098
Unisys Corp.* ............................. 9,108 135,254
Veritas Software Corp.* ................... 11,787 438,005
Waters Corp.* ............................. 3,347 110,987
Xerox Corp.* .............................. 21,829 301,240
Xilinx, Inc.* ............................. 9,437 365,589
Yahoo!, Inc.* ............................. 18,120 818,480
-----------
50,300,549
-----------
TELECOMMUNICATIONS (2.0%)
AT&T Corp. ................................ 21,774 442,012
AT&T Wireless Services.* .................. 74,829 597,884
Alltel Corp. .............................. 8,603 400,728
BellSouth Corp. ........................... 50,946 1,441,772
CenturyTel, Inc. .......................... 3,975 129,665
Citizens Communications Co.* .............. 7,841 97,385
Nextel Communications, Inc.* .............. 30,310 850,499
Qwest Communications Intl.* ............... 48,746 210,583
SBC Communications, Inc. .................. 91,264 2,379,252
Sprint Corp. (FON Gp.) .................... 24,919 409,170
Sprint Corp. (PCS Gp.)* ................... 28,533 160,070
Verizon Communications .................... 76,126 2,670,500
-----------
9,789,520
-----------
UTILITIES (1.6%)
AES Corp.* ................................ 17,165 162,038
Allegheny Energy, Inc.* ................... 3,500 44,660
Ameren Corp. .............................. 4,477 205,942
American Electric Power, Inc. ............. 10,889 332,223
CINergy Corp. ............................. 4,909 190,518
CMS Energy Corp.* ......................... 4,442 37,846
Calpine Corp.* ............................ 11,389 54,781
Centerpoint Energy, Inc. .................. 8,438 81,764
Consolidated Edison, Inc. ................. 6,215 267,307
Constellation Energy Group ................ 4,611 180,521
DTE Energy Co. ............................ 4,639 182,777
Dominion Resources, Inc. .................. 8,943 570,832
Duke Energy Corp. ......................... 25,018 511,618
Dynergy, Inc.* ............................ 10,392 44,478
The accompanying notes are an integral part of these financial statements.
16
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
UTILITIES (CONTINUED)
Edison International ...................... 8,981 $ 196,953
El Paso Corp. ............................. 16,766 137,314
Entergy Corp. ............................. 6,307 360,319
Exelon Corp. .............................. 9,015 598,235
FPL Group, Inc. ........................... 5,071 331,745
FirstEnergy Corp. ......................... 9,092 320,038
Keyspan Corporation ....................... 4,385 161,368
Kinder Morgan, Inc. ....................... 3,397 200,763
NiSource, Inc. ............................ 7,235 158,736
Nicor, Inc. ............................... 1,214 41,325
PG & E Corp.* ............................. 11,433 317,494
PPL Corporation ........................... 4,888 213,850
Peoples Energy Corp. ...................... 1,014 42,629
Pinnacle West Capital Corp. ............... 2,516 100,690
Progress Energy, Inc. ..................... 6,756 305,777
Public Svc. Enterprise Group .............. 6,483 283,955
Sempra Energy ............................. 6,237 187,484
Southern Co. .............................. 20,184 610,566
TXU Corp. ................................. 8,929 211,796
Teco Energy, Inc. ......................... 5,178 74,615
Williams Cos., Inc. ....................... 14,285 140,279
Xcel Energy, Inc. ......................... 10,994 186,678
------------
8,049,914
------------
TOTAL INDEXED ASSETS --
COMMON STOCKS
(Cost: $209,803,313) 57.7% ................ $283,628,000
------------
- ----------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
17
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
INDEXED ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.2%)
U.S. Treasury Bill(a) ................................. 0.90% 01/15/04 $ 700,000 $ 699,756
U.S. Treasury Bill(a) ................................. 0.94 01/22/04 500,000 499,727
------------
1,199,483
------------
U.S. GOVERNMENT AGENCIES (1.8%)
Federal National Mortgage Association ................. 0.69 01/02/04 8,670,000 8,669,834
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $9,869,317) 2.0%....................................................................................... 9,869,317
------------
TOTAL INDEXED ASSETS
(Cost: $219,672,630) 59.7% .................................................................................. $293,497,317
------------
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF December 31, 2003:
Expiration Underlying Face Unrealized
Date Amount at Value Gain/(Loss)
---------- --------------- -----------
PURCHASED
36 S&P 500 Stock Index Futures Contracts ..................... March 2004 $9,995,400 $ 244,500
========== ==========
Face value of futures purchased and outstanding as a percentage of total
investments in securites: 2.0%
- ----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
The accompanying notes are an integral part of these financial statements.
18
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
ACTIVE ASSETS:
COMMON STOCKS
BASIC MATERIALS (2.3%)
Alcoa, Inc. ............................... 4,100 $ 155,800
Celanese AG* .............................. 18,490 752,358
Cleveland-Cliffs, Inc.* ................... 20,470 1,042,947
Coeur D'Alene Mines Corp.* ................ 87,180 503,900
Cytec Industries, Inc.* ................... 15,320 588,135
Georgia Gulf Corp. ........................ 51,750 1,494,540
Goldcorp, Inc. ............................ 7,280 116,116
Graftech International, Ltd.* ............. 71,380 963,630
International Paper Co. ................... 22,600 974,286
Lyondell Petrochemical Co. ................ 27,810 471,380
Monsanto Co. .............................. 34,400 990,032
Pactiv Corp.* ............................. 43,000 1,027,700
Praxair, Inc. ............................. 10,700 408,740
Steel Dynamics, Inc.* ..................... 30,020 690,460
TETRA Technologies* ....................... 31,380 780,107
Valspar Corp. ............................. 9,230 456,147
-----------
11,416,278
-----------
CONSUMER, CYCLICAL (5.6%)
American Axle & Mfg. Holdings* ............ 24,240 979,781
Borg-Warner, Inc. ......................... 9,960 847,297
Buffalo Wild Wings, Inc.* ................. 4,000 103,480
CBRL Group, Inc. .......................... 18,220 697,097
Cheesecake Factory, Inc.* ................. 16,990 748,070
Clear Channel Communications .............. 12,200 571,326
Courier Corp. ............................. 11,058 425,412
Dick's Sporting Goods, Inc.* .............. 17,610 856,903
Disney (Walt) Co. ......................... 43,200 1,007,856
Ford Motor Co. ............................ 114,000 1,824,000
Gap, Inc. ................................. 20,250 470,003
General Motors Corp. ...................... 23,000 1,228,200
Guitar Center, Inc.* ...................... 29,209 953,382
Hibbett Sporting Goods, Inc.* ............. 27,110 807,878
Hot Topic, Inc.* .......................... 18,015 530,722
ITT Educational Services, Inc. ............ 12,650 594,171
Jacuzzi Brands, Inc.* ..................... 95,730 678,726
Landry's Restaurant, Inc. ................. 62,490 1,607,243
P.F. Changs China Bistro, Inc.* ........... 9,487 482,699
Quality Distribution, Inc.* ............... 32,630 639,548
Rare Hospitality Int'l., Inc.* ............ 22,160 541,590
Red Robin Gourmet Burgers* ................ 32,200 981,134
Redenvelope, Inc.* ........................ 54,940 917,498
The Finish Line Cl A* ..................... 27,110 812,487
The Steak N Shake Company* ................ 37,550 670,268
Time Warner, Inc.* ........................ 123,000 2,212,770
Tribune Co. ............................... 37,000 1,909,200
West Marine, Inc.* ........................ 72,420 2,014,000
Wet Seal, Inc. Cl A* ...................... 52,680 521,005
XM Satellite Radio Holdings Cl A .......... 24,269 638,032
-----------
27,271,778
-----------
CONSUMER, NON-CYCLICAL (1.0%)
Anheuser-Busch Cos., Inc. ................. 24,750 1,303,830
Gillette Co. .............................. 40,500 1,487,565
Jarden Corp.* ............................. 54,405 1,487,433
-----------
4,278,828
-----------
ENERGY (2.1%)
Apache Corp. .............................. 5,717 463,649
Brigham Exploration Company* .............. 86,800 696,917
Chesapeake Energy Corp. ................... 34,370 466,745
ChevronTexaco Corp. ....................... 16,950 1,464,311
Denbury Resources, Inc.* .................. 29,460 409,789
Exxon Mobil Corp. ......................... 15,860 650,260
Maverick Tube Corp.* ...................... 42,930 826,403
Occidental Petroleum Corp. ................ 15,380 649,651
Patina Oil & Gas Corp. .................... 19,640 962,164
Pogo Producing Co. ........................ 6,390 308,637
Quicksilver Resources* .................... 8,040 259,692
Southwestern Energy Co.* .................. 50,580 1,208,862
Ultra Petroleum Corp.* .................... 26,120 643,074
Western Gas Resources ..................... 32,630 1,541,768
-----------
10,551,922
-----------
FINANCIAL (5.4%)
Aflac, Inc. ............................... 58,970 2,133,535
Alabama National Bancorp .................. 16,732 879,267
American Express Co. ...................... 5,080 245,008
American Int'l. Group, Inc. ............... 65,400 4,334,712
Bank of America Corp. ..................... 6,680 537,272
Bank of the Ozarks ........................ 22,940 516,838
Charles Schwab Corp. ...................... 53,300 631,072
Cincinnati Financial Corp. ................ 32,000 1,340,160
Citigroup, Inc. ........................... 8,290 402,397
Comerica, Inc. ............................ 13,500 756,810
Conseco, Inc.* ............................ 28,720 626,096
East West Bancorp, Inc. ................... 21,373 1,147,303
Huntington Bancshares, Inc. ............... 65,250 1,468,125
J.P. Morgan Chase & Co. ................... 19,300 708,889
MBNA Corp. ................................ 118,500 2,944,725
Morgan Stanley ............................ 60,750 3,515,603
PNC Financial Services Group .............. 11,600 634,868
PrivateBancorp, Inc. ...................... 38,563 1,746,518
SouthTrust Corp. .......................... 15,050 492,587
Texas Regional Bancshares ................. 17,035 630,295
Wachovia Corp. ............................ 10,000 465,900
Wells Fargo & Company ..................... 4,300 253,227
-----------
26,411,207
-----------
HEALTHCARE (3.8%)
Acusphere, Inc.* .......................... 23,570 206,945
Alaris Medical Systems, Inc.* ............. 35,021 532,669
Alexion Pharmaceuticals, Inc* ............. 23,568 401,127
Bristol-Myers Squibb Co. .................. 61,850 1,768,910
Cardinal Health, Inc. ..................... 33,900 2,073,324
Centene Corporation* ...................... 19,060 533,871
Closure Medical Corporation* .............. 12,533 427,250
Cubist Pharmaceuticals, Inc.* ............. 23,373 284,216
Dendreon Corp.* ........................... 48,687 392,417
Edwards Lifesciences Corp.* ............... 14,138 425,271
GTC Biotherapeutics* ...................... 70,122 210,261
IDEXX Laboratories, Inc.* ................. 9,855 456,089
Introgen Therapeutics, Inc.* .............. 34,585 293,281
Maxim Pharmaceuticals, Inc.* .............. 45,990 409,311
Medtronic, Inc. ........................... 55,000 2,673,550
Neurocrine Biosciences, Inc.* ............. 3,005 163,893
Pfizer, Inc. .............................. 65,000 2,296,450
Pharmaceutical Resources, Inc.* ........... 8,464 551,430
Select Medical Corp. ...................... 73,700 1,199,836
Shire Pharmaceuticals Group Plc ........... 23,120 671,867
Staar Surgical Co.* ....................... 38,272 430,943
Telik, Inc.* .............................. 18,062 415,426
Vicuron Pharmaceuticals, Inc.* ............ 15,915 296,815
VistaCare, Inc. Cl A* ..................... 33,630 1,175,032
Vital Images, Inc.* ....................... 31,887 569,502
-----------
18,859,686
-----------
The accompanying notes are an integral part of these financial statements.
19
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ ------------
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED)
INDUSTRIAL (5.8%)
3M Company ................................ 4,600 $ 391,138
AGCO Corp.* ............................... 33,910 682,947
Actuant Corp. Cl A* ....................... 34,830 1,260,846
Ametek, Inc. .............................. 13,410 647,167
Applied Industrial Tech, Inc. ............. 30,460 726,776
Aspect Communications, Inc.* .............. 36,080 568,621
Asyst Technologies, Inc.* ................. 15,380 266,843
Benchmark Electronics* .................... 18,933 659,058
Boeing Co. ................................ 38,400 1,618,176
Buckeye Technologies, Inc.* ............... 55,410 556,871
Cendant Corp.* ............................ 48,300 1,075,641
Clarcor, Inc. ............................. 27,639 1,218,880
Cymer, Inc.* .............................. 8,800 406,472
Electro Scientific Inds., Inc.* ........... 26,110 621,418
Esterline Technologies* ................... 30,450 812,102
Graco, Inc. ............................... 17,770 712,577
Jacobs Engineering Group, Inc. ............ 15,916 764,127
Joy Global, Inc. .......................... 36,980 967,027
Kirby Corp.* .............................. 43,063 1,502,037
Magma Design Automation* .................. 64,041 1,494,717
Moog, Inc. Cl A* .......................... 12,430 614,042
Mykrolis Corp* ............................ 41,720 670,858
NN, Inc. .................................. 42,850 538,196
Northrop Grumman Corp. .................... 12,800 1,223,680
Precision Castparts Corp. ................. 18,150 824,192
Roper Industries, Inc. .................... 13,920 685,699
Shaw Group, Inc.* ......................... 54,390 740,792
TTM Technologies* ......................... 52,900 892,952
UTI Worldwide, Inc.* ...................... 25,140 950,543
Union Pacific Corp. ....................... 29,320 2,037,154
United Parcel Service Cl B ................ 3,500 260,925
Wabash National Corp.* .................... 25,410 744,513
York International Corp. .................. 40,270 1,481,936
------------
28,618,923
------------
TECHNOLOGY (11.3%)
ASE Test Limited* ......................... 52,060 779,337
Agilent Technologies, Inc.* ............... 68,500 2,002,939
Altiris, Inc.* ............................ 28,060 1,023,628
Applied Materials, Inc.* .................. 158,000 3,547,099
Ascential Software Corp.* ................. 36,800 954,223
Axcelis Technology* ....................... 30,500 311,710
Brocade Communication Sys.* ............... 125,000 722,499
Chordiant Software, Inc.* ................. 105,510 575,029
Cisco Systems, Inc.* ...................... 143,500 3,485,614
Corning, Inc.* ............................ 120,000 1,251,599
Cray, Inc.* ............................... 47,672 473,382
Cypress Semiconductor Corp.* .............. 24,669 526,929
Dell, Inc.* ............................... 68,000 2,309,279
EMC Corp.* ................................ 185,000 2,390,199
Embarcardero Technologies, Inc. ........... 35,530 566,703
Emulex Corp.* ............................. 25,700 685,676
Fairchild Semiconductor Intl.* ............ 38,681 965,865
Integrated Device Tech., Inc.* ............ 41,940 720,110
Integrated Silicon Solution* .............. 54,220 849,627
International Rectifier* .................. 26,637 1,316,134
Intersil Corp. Cl A ....................... 40,000 994,000
Juniper Networks, Inc.* ................... 175,000 3,269,000
Kulicke and Soffa Industries* ............. 16,240 233,531
LTX Corp.* ................................ 26,840 403,405
Lecroy Corp.* ............................. 13,680 247,334
Linear Technology Corp. ................... 86,000 3,618,020
Mapinfo Corp.* ............................ 45,280 456,875
Mastec, Inc.* ............................. 51,700 765,677
Maxim Integrated Products, Inc. ........... 75,000 3,735,000
Microsoft Corp. ........................... 90,000 2,478,600
Mindspeed Technologies* ................... 158,240 1,083,944
Nortel Networks Corp.* .................... 150,000 634,500
Power Integrations, Inc.* ................. 18,980 635,071
Quest Software, Inc.* ..................... 59,320 842,344
SONUS Networks, Inc.* ..................... 54,927 414,150
Semtech Corp.* ............................ 33,880 770,092
Silicon Storage Technology* ............... 56,190 618,090
Technitrol, Inc.* ......................... 29,970 621,578
Varian Semiconductor Equip.* .............. 8,810 384,909
Veritas Software Corp.* ................... 71,000 2,638,360
Websense, Inc.* ........................... 33,740 986,558
Xilinx, Inc.* ............................. 92,000 3,564,080
Zebra Technologies Cl A* .................. 12,860 852,747
------------
55,705,446
------------
TELECOMMUNICATIONS (0.8%)
BellSouth Corp. ........................... 42,800 1,211,240
CenturyTel, Inc. .......................... 26,670 869,975
Citizens Communications Co.* .............. 61,500 763,830
Nextel Communications, Inc.* .............. 4,130 115,888
SpectraLink Corporation ................... 41,980 804,757
------------
3,765,690
------------
UTILITIES (1.0%)
CINergy Corp. ............................. 44,920 1,743,345
Energen Corp. ............................. 21,750 892,403
Equitable Resources, Inc. ................. 4,160 178,547
Exelon Corp. .............................. 20,400 1,353,744
Williams Cos., Inc. ....................... 84,760 832,343
------------
5,000,382
------------
TOTAL ACTIVE ASSETS -- COMMON STOCKS
(Cost: $162,775,779) 39.1% ................ $191,880,140
------------
- ----------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
20
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
ACTIVE ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (1.1%)
Federal National Mortgage Association ................. 0.69% 01/02/04 $5,280,000 $ 5,279,899
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $5,279,899) 1.1%..................................................................................... 5,279,899
------------
TOTAL ACTIVE ASSETS
(Cost: $168,055,678) 40.2%................................................................................. 197,160,039
------------
TEMPORARY CASH INVESTMENTS
(Cost: $404,100) 0.1%**.................................................................................... 404,100
------------
TOTAL INVESTMENTS
(Cost: $388,132,408) 100.0%................................................................................. $491,061,456
============
- ----------
** The fund has an arrangement with its custodian bank, JP Morgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2003 was 0.44%.
The accompanying notes are an integral part of these financial statements.
21
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Shares Value
------ -----------
COMMON STOCKS:
BASIC MATERIALS (2.9%)
Air Products & Chemicals, Inc. ............ 13,070 $ 690,488
Alcoa, Inc. ............................... 49,765 1,891,070
Allegheny Technologies, Inc. .............. 4,638 61,314
Ball Corp. ................................ 3,241 193,066
Bemis Co. ................................. 3,055 152,750
Dow Chemical Co. .......................... 52,939 2,200,674
Du Pont (E.I.) de Nemours & Co. ........... 57,323 2,630,552
Eastman Chemical Co. ...................... 4,449 175,869
Ecolab, Inc. .............................. 14,817 405,541
Engelhard Corp. ........................... 7,215 216,089
Freeport-McMoran Copper Cl B .............. 10,475 441,312
Georgia-Pacific (Timber Group) ............ 14,615 448,242
Great Lakes Chemical Corp. ................ 2,910 79,123
Hercules, Inc.* ........................... 6,378 77,812
International Paper Co. ................... 27,631 1,191,172
Intl. Flavors & Fragrances ................ 5,386 188,079
Louisiana-Pacific Corp.* .................. 6,090 108,889
MeadWestvaco Corp. ........................ 11,534 343,137
Monsanto Co. .............................. 15,067 433,628
Newmont Mining Corp. Holding Co. .......... 24,848 1,207,861
Nucor Corp. ............................... 4,502 252,112
PPG Industries, Inc. ...................... 9,772 625,603
Pactiv Corp.* ............................. 9,043 216,128
Phelps Dodge Corp.* ....................... 5,138 390,950
Praxair, Inc. ............................. 18,700 714,340
Rohm & Haas Co. ........................... 12,805 546,902
Sealed Air Corp.* ......................... 4,887 264,582
Sigma-Aldrich Corp. ....................... 3,988 228,034
Temple-Inland, Inc. ....................... 3,121 195,593
United States Steel Group ................. 5,939 207,984
Vulcan Materials Co. ...................... 5,849 278,237
Weyerhaeuser Co. .......................... 12,641 809,024
Worthington Industries, Inc. .............. 4,951 89,267
-----------
17,955,424
-----------
CONSUMER, CYCLICAL (10.8%)
eBay, Inc.* ............................... 37,150 2,399,519
American Greetings Corp. Cl A* ............ 3,822 83,587
AutoZone, Inc.* ........................... 5,105 434,997
Autonation, Inc.* ......................... 15,819 290,595
Bed Bath & Beyond, Inc.* .................. 17,029 738,207
Best Buy Co., Inc. ........................ 18,611 972,239
Big Lots, Inc.* ........................... 6,722 95,520
Black & Decker Corp. ...................... 4,471 220,510
Boise Cascade Corp. ....................... 4,973 163,413
Brunswick Corp. ........................... 5,263 167,521
Carnival Corp. ............................ 36,226 1,439,259
Centex Corp. .............................. 3,575 384,849
Circuit City Group, Inc. .................. 12,046 122,026
Clear Channel Communications .............. 35,401 1,657,829
Comcast Corp. Cl A* ....................... 129,448 4,244,600
Cooper Tire & Rubber Co. .................. 4,247 90,801
Dana Corp. ................................ 8,547 156,837
Darden Restaurants, Inc. .................. 9,481 199,480
Delphi Corporation ........................ 32,222 328,987
Dillard's, Inc. Cl A ...................... 4,790 78,843
Disney (Walt) Co. ......................... 117,626 2,744,215
Dollar General Corp. ...................... 19,381 406,807
Dow Jones & Co., Inc. ..................... 4,691 233,846
Eastman Kodak Co. ......................... 16,481 423,067
Family Dollar Stores, Inc. ................ 9,916 355,786
Federated Department Stores ............... 10,397 490,011
Ford Motor Co. ............................ 105,301 1,684,816
Fortune Brands, Inc. ...................... 8,389 599,730
Gannett Co., Inc. ......................... 15,588 1,389,826
Gap, Inc. ................................. 51,518 1,195,733
General Motors Corp. ...................... 32,248 1,722,043
Genuine Parts Co. ......................... 10,005 332,166
Goodyear Tire & Rubber Co.* ............... 10,083 79,252
Harley-Davidson, Inc. ..................... 17,423 828,115
Harrah's Entertainment, Inc. .............. 6,353 316,189
Hasbro, Inc. .............................. 10,034 213,524
Hilton Hotels Corp. ....................... 21,818 373,742
Home Depot, Inc. .......................... 130,845 4,643,689
International Game Technology ............. 19,911 710,823
Interpublic Group of Cos.,Inc ............. 23,845 371,982
Johnson Controls, Inc. .................... 5,194 603,127
Jones Apparel Group, Inc. ................. 7,265 255,946
KB Home ................................... 2,666 193,338
Knight-Ridder, Inc. ....................... 4,595 355,515
Kohl's Corp.* ............................. 19,554 878,757
Leggett & Platt ........................... 11,038 238,752
Limited Brands, Inc. ...................... 29,714 535,743
Liz Claiborne, Inc. ....................... 6,276 222,547
Lowe's Companies, Inc. .................... 45,222 2,504,847
Marriott International, Inc. .............. 13,298 614,368
Mattel, Inc. .............................. 24,722 476,393
May Department Stores Co. ................. 16,596 482,446
Maytag Corp. .............................. 4,517 125,798
McDonald's Corp. .......................... 72,988 1,812,292
McGraw-Hill Cos., Inc. .................... 11,019 770,448
Meredith Corp. ............................ 2,885 140,817
NIKE, Inc. Cl B ........................... 15,091 1,033,130
New York Times Co. Cl A ................... 8,566 409,369
Newell Rubbermaid, Inc. ................... 15,780 359,311
Nordstrom, Inc. ........................... 7,904 271,107
Office Depot, Inc.* ....................... 18,008 300,914
Omnicom Group, Inc. ....................... 10,927 954,255
Penney (J.C.) Co., Inc. ................... 15,701 412,622
Pulte Homes, Inc. ......................... 3,568 334,036
RadioShack Corp. .......................... 9,438 289,558
Reebok International, Ltd. ................ 3,387 133,177
Sears Roebuck & Co. ....................... 14,597 664,018
Sherwin-Williams Co. ...................... 8,383 291,225
Snap-On, Inc. ............................. 3,351 108,036
Stanley Works ............................. 4,661 176,512
Staples, Inc.* ............................ 28,475 777,367
Starbucks Corp.* .......................... 22,491 743,552
Starwood Hotels & Resorts ................. 11,631 418,367
TJX Companies, Inc. ....................... 28,943 638,193
Target Corp. .............................. 52,417 2,012,813
Tiffany & Co. ............................. 8,433 381,172
Time Warner, Inc.* ........................ 260,040 4,678,120
Toys R Us, Inc.* .......................... 12,277 155,181
Tribune Co. ............................... 17,957 926,581
Tupperware Corp. .......................... 3,361 58,280
Univision Communications, Inc. ............ 18,547 736,130
V F Corp. ................................. 6,215 268,737
Viacom, Inc. Cl B ......................... 100,597 4,464,495
Visteon Corp. ............................. 7,518 78,262
Wendy's International, Inc. ............... 6,552 257,100
Whirlpool Corp. ........................... 4,006 291,036
Yum! Brands, Inc.* ........................ 16,916 581,910
-----------
66,800,681
-----------
CONSUMER, NON-CYCLICAL (10.5%)
Alberto-Culver Co. Cl A ................... 3,380 213,210
Albertson's, Inc. ......................... 21,101 477,938
Altria Group, Inc. ........................ 116,810 6,356,800
Anheuser-Busch Cos., Inc. ................. 46,856 2,468,374
The accompanying notes are an integral part of these financial statements.
22
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
Common Stocks (CONTINUED):
CONSUMER, NON-CYCLICAL (CONTINUED)
Archer Daniels Midland Co. ................ 37,189 $ 566,017
Avon Products, Inc. ....................... 13,601 917,931
Brown-Forman Corp. Cl B ................... 3,490 326,141
CVS Corp. ................................. 22,712 820,357
Campbell Soup Co. ......................... 23,599 632,453
Clorox Co. ................................ 12,136 589,324
Coca-Cola Co. ............................. 140,983 7,154,887
Coca-Cola Enterprises, Inc. ............... 26,161 572,141
Colgate-Palmolive Co. ..................... 30,896 1,546,345
ConAgra Foods, Inc. ....................... 30,878 814,870
Coors (Adolph) Co. Cl B ................... 2,093 117,417
Costco Wholesale Corp.* ................... 26,325 978,764
General Mills, Inc. ....................... 21,472 972,682
Gillette Co. .............................. 58,183 2,137,062
Heinz (H.J.) Co. .......................... 20,235 737,161
Hershey Food Corp. ........................ 7,483 576,116
Kellogg Co. ............................... 23,472 893,814
Kimberly Clark Corp. ...................... 29,011 1,714,260
Kroger Co.* ............................... 42,850 793,154
McCormick & Co., Inc. ..................... 7,983 240,288
Pepsi Bottling Group, Inc. ................ 15,112 365,408
PepsiCo, Inc. ............................. 98,728 4,602,699
Proctor & Gamble Co. ...................... 74,573 7,448,351
RJ Reynolds Tobacco Holdings .............. 4,867 283,016
Safeway, Inc.* ............................ 25,436 557,303
Sara Lee Corp. ............................ 45,450 986,720
Supervalu, Inc. ........................... 7,711 220,457
Sysco Corp. ............................... 37,217 1,385,589
UST, Inc. ................................. 9,538 340,411
Wal-Mart Stores, Inc. ..................... 248,885 13,203,349
Walgreen Co. .............................. 58,958 2,144,892
Winn-Dixie Stores, Inc. ................... 8,145 81,043
Wrigley (Wm.) Jr. Co. ..................... 12,925 726,514
-----------
64,963,258
-----------
ENERGY (5.6%)
Amerada Hess Corp. ........................ 5,169 274,836
Anadarko Petroleum Corp. .................. 14,429 736,023
Apache Corp. .............................. 9,319 755,771
Ashland, Inc. ............................. 3,945 173,817
BJ Services Co.* .......................... 9,103 326,798
Baker Hughes, Inc. ........................ 19,257 619,305
Burlington Resources, Inc. ................ 11,423 632,606
ChevronTexaco Corp. ....................... 61,474 5,310,739
ConocoPhillips ............................ 39,151 2,567,131
Devon Energy Corp. ........................ 13,374 765,795
EOG Resources, Inc. ....................... 6,618 305,553
Exxon Mobil Corp. ......................... 380,121 15,584,961
Halliburton Co. ........................... 25,193 655,018
Kerr-McGee Corp. .......................... 5,800 269,642
Marathon Oil Corp. ........................ 17,842 590,392
Nabors Industries, Ltd* ................... 8,430 349,845
Noble Corporation* ........................ 7,694 275,291
Occidental Petroleum Corp. ................ 22,148 935,532
Rowan Cos., Inc.* ......................... 5,409 125,327
Schlumberger, Ltd. ........................ 33,668 1,842,313
Sunoco, Inc. .............................. 4,442 227,208
Transocean, Inc.* ......................... 18,397 441,712
Unocal Corp. .............................. 14,892 548,472
-----------
34,314,087
-----------
FINANCIAL (19.8%)
Ace, Ltd. ................................. 16,049 664,750
Aflac, Inc. ............................... 29,492 1,067,021
Allstate Corp. ............................ 40,462 1,740,675
AmSouth Bancorporation .................... 20,190 494,655
Ambac Financial Group, Inc. ............... 6,145 426,402
American Express Co. ...................... 73,973 3,567,718
American Int'l. Group, Inc. ............... 149,980 9,940,674
Aon Corp. ................................. 18,035 431,758
Apartment Investment & Mgmt.Co ............ 5,418 186,921
BB & T Corp. .............................. 31,435 1,214,648
Bank One Corp. ............................ 64,290 2,930,981
Bank of America Corp. ..................... 85,447 6,872,502
Bank of New York Co., Inc. ................ 44,488 1,473,443
Bear Stearns Cos., Inc. ................... 5,637 450,678
Capital One Financial Corp. ............... 13,280 813,931
Charles Schwab Corp. ...................... 78,016 923,709
Charter One Financial, Inc. ............... 12,803 442,344
Chubb Corp. ............................... 10,799 735,412
Cincinnati Financial Corp. ................ 9,226 386,385
Citigroup, Inc. ........................... 296,669 14,400,313
Comerica, Inc. ............................ 10,085 565,365
Countrywide Financial Corp. ............... 13,150 997,427
Equity Office Properties .................. 22,990 658,664
Equity Residential ........................ 15,841 467,468
Fannie Mae ................................ 55,879 4,194,278
Federated Investors, Inc. ................. 6,249 183,471
Fifth Third Bancorp ....................... 32,723 1,933,929
First Tennessee Natl. Corp. ............... 7,218 318,314
FleetBoston Financial Corp. ............... 60,646 2,647,198
Franklin Resources, Inc. .................. 14,434 751,434
Freddie Mac ............................... 40,009 2,333,325
Golden West Financial Corp. ............... 8,737 901,571
Goldman Sachs Group Inc. .................. 27,228 2,688,220
Hartford Financial Svc, Gp., Inc. ......... 16,269 960,359
Huntington Bancshares, Inc. ............... 13,163 296,168
J.P. Morgan Chase & Co. ................... 117,333 4,309,641
Janus Capital Group ....................... 13,841 227,131
Jefferson-Pilot Corp. ..................... 8,112 410,873
John Hancock Financial Services ........... 16,638 623,925
KeyCorp ................................... 24,104 706,729
Lehman Brothers Holdings, Inc. ............ 15,615 1,205,790
Lincoln National Corp. .................... 10,236 413,227
Loews Corp. ............................... 10,665 527,384
MBIA, Inc. ................................ 8,289 490,957
MBNA Corp. ................................ 73,477 1,825,903
MGIC Investment Corp. ..................... 5,662 322,394
Marsh & McLennan Cos., Inc. ............... 30,493 1,460,310
Marshall & Ilsley Corp. ................... 13,022 498,092
Mellon Financial Corp. .................... 24,742 794,466
Merrill Lynch & Co., Inc. ................. 54,363 3,188,390
MetLife, Inc. ............................. 43,716 1,471,918
Moody's Corp. ............................. 8,557 518,126
Morgan Stanley ............................ 62,284 3,604,375
National City Corp. ....................... 34,960 1,186,542
North Fork Bancorp, Inc. .................. 8,723 353,020
Northern Trust Corp. ...................... 12,672 588,234
PNC Financial Services Group .............. 15,945 872,670
Plum Creek Timber Co. ..................... 10,524 320,456
Principal Financial Group, Inc. ........... 18,573 614,209
Progressive Corp. of Ohio ................. 12,422 1,038,355
Prologis Trust ............................ 10,347 332,035
Providian Financial Corp.* ................ 16,691 194,283
Prudential Financial, Inc. ................ 31,083 1,298,337
Regions Financial Corp. ................... 12,776 475,267
SLM Corporation ........................... 25,926 976,892
Safeco Corp. .............................. 7,969 310,233
Simon Property Group ...................... 11,002 509,833
SouthTrust Corp. .......................... 19,082 624,554
St. Paul Companies, Inc. .................. 13,121 520,248
The accompanying notes are an integral part of these financial statements.
23
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
COMMON STOCKS (CONTINUED):
FINANCIAL (CONTINUED)
State Street Corp. ........................ 19,220 $ 1,000,978
Suntrust Banks, Inc. ...................... 16,190 1,157,585
Synovus Financial Corp. ................... 17,354 501,878
T. Rowe Price Group, Inc. ................. 7,161 339,503
Torchmark Corp. ........................... 6,509 296,420
Travelers Property Casualty Co. ........... 57,786 980,628
UNUM Provident Corp. ...................... 17,026 268,500
US Bancorp ................................ 110,920 3,303,198
Union Planters Corp. ...................... 10,844 341,478
Wachovia Corp. ............................ 76,128 3,546,804
Washington Mutual, Inc. ................... 51,720 2,075,006
Wells Fargo & Company ..................... 97,306 5,730,350
XL Capital Limited ........................ 7,894 612,180
Zions Bancorporation ...................... 5,168 316,953
-----------
122,348,371
-----------
HEALTHCARE (12.8%)
Abbott Laboratories ....................... 89,906 4,189,620
Aetna, Inc. ............................... 8,774 592,947
Allergan, Inc. ............................ 7,501 576,152
Amerisource Bergen Corp. .................. 6,435 361,325
Amgen, Inc.* .............................. 74,183 4,584,509
Anthem, Inc.* ............................. 7,952 596,400
Applera Corp.-Applied Biosys .............. 11,963 247,754
Bard (C.R.), Inc. ......................... 2,982 242,288
Bausch & Lomb, Inc. ....................... 3,015 156,479
Baxter International, Inc. ................ 35,098 1,071,191
Becton Dickinson & Co. .................... 14,604 600,809
Biogen Idec, Inc.* ........................ 18,840 692,935
Biomet, Inc. .............................. 14,703 535,336
Boston Scientific Corp.* .................. 47,109 1,731,727
Bristol-Myers Squibb Co. .................. 111,526 3,189,644
CIGNA Corp. ............................... 8,079 464,543
Cardinal Health, Inc. ..................... 24,898 1,522,762
Chiron Corp.* ............................. 10,795 615,207
Express Scripts, Inc.* .................... 4,517 300,064
Forest Laboratories, Inc.* ................ 21,027 1,299,469
Genzyme Corp. (Genl. Div)* ................ 12,890 635,993
Guidant Corp. ............................. 17,368 1,045,554
HCA, Inc. ................................. 28,496 1,224,188
Health Management Associates .............. 13,791 330,984
Humana, Inc.* ............................. 9,264 211,682
IMS Health, Inc. .......................... 13,771 342,347
Johnson & Johnson ......................... 170,694 8,818,052
King Pharmaceuticals Inc.* ................ 13,868 211,626
Lilly (Eli) & Co. ......................... 64,577 4,541,700
Manor Care, Inc. .......................... 5,126 177,206
McKesson Corp. ............................ 16,759 538,969
Medco Health Solutions* ................... 15,545 528,375
Medimmune, Inc.* .......................... 14,235 361,569
Medtronic, Inc. ........................... 69,704 3,388,311
Merck & Co., Inc. ......................... 127,957 5,911,613
Millipore Corp.* .......................... 2,807 120,841
Pfizer, Inc. .............................. 438,879 15,505,595
Quest Diagnostics, Inc. ................... 5,978 437,052
Schering-Plough Corp. ..................... 84,504 1,469,525
St. Jude Medical, Inc.* ................... 9,922 608,715
Stryker Corp. ............................. 11,472 975,235
Tenet Healthcare Corp.* ................... 26,729 429,000
UnitedHealth Group, Inc. .................. 33,737 1,962,819
Watson Pharmaceuticals, Inc.* ............. 6,208 285,568
Wellpoint Health Networks, Inc. ........... 8,738 847,499
Wyeth ..................................... 76,590 3,251,246
Zimmer Holdings, Inc.* .................... 13,907 979,053
-----------
78,711,478
-----------
INDUSTRIAL (10.5%)
3M Company ................................ 45,138 3,838,084
Allied Waste Industries, Inc.* ............ 18,415 255,600
American Power Conversion ................. 11,418 279,170
American Standard Cos., Inc.* ............. 4,187 421,631
Apollo Group, Inc. Cl A* .................. 10,142 689,656
Avery Dennison Corp. ...................... 6,353 355,895
Block (H. & R.), Inc. ..................... 10,253 567,709
Boeing Co. ................................ 48,378 2,038,649
Burlington Northern Santa Fe .............. 21,348 690,608
CSX Corp. ................................. 12,308 442,350
Caterpillar, Inc. ......................... 19,969 1,657,826
Cendant Corp.* ............................ 58,268 1,297,628
Cintas Corp. .............................. 9,821 492,327
Cooper Industries, Ltd.* .................. 5,368 310,968
Crane Co. ................................. 3,417 105,039
Cummins, Inc. ............................. 2,433 119,071
Danaher Corp. ............................. 8,831 810,244
Deere & Co. ............................... 13,802 897,820
Delta Air Lines, Inc.* .................... 7,100 83,851
Deluxe Corp. .............................. 2,907 120,146
Donnelley (R.R.) & Sons Co. ............... 6,534 197,000
Dover Corp. ............................... 11,647 462,968
Eaton Corp. ............................... 4,371 471,981
Emerson Electric Co. ...................... 24,200 1,566,950
Equifax, Inc. ............................. 7,998 195,951
FedEx Corp. ............................... 17,154 1,157,895
Fluor Corp. ............................... 4,718 187,022
General Dynamics Corp. .................... 11,372 1,027,915
General Electric Co. ...................... 577,437 17,888,998
Goodrich Corporation ...................... 6,763 200,793
Grainger (W.W.), Inc. ..................... 5,248 248,703
Honeywell International, Inc. ............. 49,575 1,657,292
ITT Industries, Inc. ...................... 5,306 393,758
Illinois Tool Works, Inc. ................. 17,720 1,486,885
Ingersoll Rand Co.* ....................... 9,977 677,239
Lockheed Martin Corp. ..................... 25,929 1,332,751
Masco Corp. ............................... 26,635 730,065
Monster Worldwide, Inc.* .................. 6,485 142,411
Navistar International Corp.* ............. 3,951 189,213
Norfolk Southern Corp. .................... 22,453 531,013
Northrop Grumman Corp. .................... 10,532 1,006,859
PACCAR, Inc. .............................. 6,710 571,155
Pall Corp. ................................ 7,187 192,827
Parker Hannifin Corp. ..................... 6,819 405,731
Pitney Bowes, Inc. ........................ 13,434 545,689
Power One, Inc.* .......................... 4,789 51,865
Raytheon Co, .............................. 23,937 719,067
Robert Half Intl., Inc.* .................. 9,847 229,829
Rockwell Automation, Inc. ................. 10,721 381,668
Rockwell Collins .......................... 10,180 305,705
Ryder System, Inc. ........................ 3,688 125,945
Southwest Airlines Co. .................... 45,270 730,658
Textron, Inc. ............................. 7,822 446,323
Thomas & Betts Corp. ...................... 3,362 76,956
Tyco International, Ltd. .................. 114,965 3,046,573
Union Pacific Corp. ....................... 14,675 1,019,619
United Parcel Service Cl B ................ 64,654 4,819,956
United Technologies Corp. ................. 27,061 2,564,571
Waste Management, Inc. .................... 33,497 991,511
-----------
64,453,582
-----------
TECHNOLOGY (17.0%)
ADC Telecommunications, Inc.* ............. 46,286 137,469
Adobe Systems, Inc. ....................... 13,458 528,899
Advanced Micro Devices, Inc.* ............. 20,047 298,700
The accompanying notes are an integral part of these financial statements.
24
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
COMMON STOCKS (CONTINUED):
TECHNOLOGY (CONTINUED)
Agilent Technologies, Inc.* ............... 27,346 $ 799,597
Altera Corp.* ............................. 21,781 494,429
Analog Devices, Inc. ...................... 21,123 964,265
Andrew Corp.* ............................. 8,831 101,645
Apple Computer, Inc.* ..................... 20,847 445,500
Applied Materials, Inc.* .................. 95,645 2,147,230
Applied Micro Circuits Corp.* ............. 17,655 105,577
Autodesk, Inc. ............................ 6,418 157,754
Automatic Data Processing, Inc. ........... 34,185 1,354,068
Avaya, Inc.* .............................. 23,963 310,081
BMC Software, Inc.* ....................... 13,011 242,655
Broadcom Corp. Cl A* ...................... 17,415 592,458
Ciena Corp.* .............................. 27,247 180,920
Cisco Systems, Inc.* ...................... 397,002 9,643,179
Citrix Systems, Inc.* ..................... 9,438 200,180
Computer Associates Intl., Inc. ........... 33,302 910,477
Computer Sciences Corp.* .................. 10,772 476,446
Compuware Corp.* .......................... 22,088 133,412
Comverse Technology, Inc.* ................ 11,089 195,056
Concord EFS, Inc.* ........................ 26,749 396,955
Convergys Corp.* .......................... 8,226 143,626
Corning, Inc.* ............................ 76,472 797,603
Dell Inc.* ................................ 147,247 5,000,508
EMC Corp.* ................................ 138,205 1,785,609
Electronic Arts, Inc.* .................... 17,130 818,471
Electronic Data Systems Corp. ............. 27,625 677,917
First Data Corp. .......................... 41,913 1,722,205
Fiserv, Inc.* ............................. 11,146 440,378
Gateway, Inc.* ............................ 18,655 85,813
Hewlett-Packard Co. ....................... 175,352 4,027,836
Intel Corp. ............................... 375,647 12,095,833
Intl. Business Machines Corp. ............. 98,939 9,169,667
Intuit, Inc.* ............................. 11,415 603,968
JDS Uniphase Corp.* ....................... 82,521 301,202
Jabil Circuit, Inc.* ...................... 11,487 325,082
KLA Tencor Corp.* ......................... 11,198 656,987
LSI Logic Corp.* .......................... 21,799 193,357
Lexmark Int'l, Inc.* ...................... 7,389 581,071
Linear Technology Corp. ................... 17,966 755,830
Lucent Technologies* ...................... 241,166 684,911
Maxim Integrated Products, Inc. ........... 18,897 941,071
Mercury Interactive Corp.* ................ 5,178 251,858
Micron Technology, Inc.* .................. 35,115 472,999
Microsoft Corp. ........................... 621,811 17,124,672
Molex Inc., Cl A .......................... 10,947 381,941
Motorola, Inc. ............................ 133,867 1,883,509
NCR Corp.* ................................ 5,440 211,072
NVIDIA Corporation* ....................... 9,326 216,830
National Semiconductor Corp.* ............. 10,661 420,150
Network Appliance, Inc.* .................. 19,842 407,356
Novell, Inc.* ............................. 21,475 225,917
Novellus Systems, Inc.* ................... 8,761 368,400
Oracle Corp.* ............................. 300,578 3,967,630
PMC Sierra, Inc.* ......................... 9,936 200,210
Parametric Technology Corp.* .............. 15,312 60,329
Paychex, Inc. ............................. 21,683 806,608
Peoplesoft, Inc.* ......................... 21,562 491,614
PerkinElmer, Inc. ......................... 7,295 124,526
QLogic Corp.* ............................. 5,432 280,291
Qualcomm, Inc. ............................ 46,011 2,481,373
Sabre Group Holdings, Inc. ................ 8,251 178,139
Sanmina Corp.* ............................ 29,751 375,160
Scientific-Atlanta, Inc. .................. 8,732 238,384
Siebel Systems, Inc.* ..................... 28,517 395,531
Solectron Corp.* .......................... 48,077 284,135
Sun Microsystems, Inc.* ................... 187,867 843,523
Sungard Data Sys. Inc.* ................... 16,522 457,825
Symantec Corp.* ........................... 17,716 613,859
Symbol Technologies, Inc. ................. 13,260 223,961
Tektronix, Inc. ........................... 4,862 153,639
Tellabs, Inc.* ............................ 23,994 202,269
Teradyne, Inc.* ........................... 11,004 280,052
Texas Instruments, Inc. ................... 99,526 2,924,074
Thermo Electron Corp.* .................... 9,364 235,973
Unisys Corp.* ............................. 19,002 282,180
Veritas Software Corp.* ................... 24,589 913,727
Waters Corp.* ............................. 6,983 231,556
Xerox Corp.* .............................. 45,539 628,438
Xilinx, Inc.* ............................. 19,687 762,674
Yahoo!, Inc.* ............................. 37,802 1,707,516
-----------
104,935,797
-----------
TELECOMMUNICATIONS (3.3%)
AT&T Corp. ................................ 45,425 922,128
AT&T Wireless Services* ................... 156,106 1,247,287
Alltel Corp. .............................. 17,947 835,971
BellSouth Corp. ........................... 106,283 3,007,809
CenturyTel, Inc. .......................... 8,293 270,518
Citizens Communications Co.* .............. 16,358 203,166
Nextel Communications, Inc.* .............. 63,232 1,774,290
Qwest Communications Intl.* ............... 101,693 439,314
SBC Communications, Inc. .................. 190,392 4,963,519
Sprint Corp. (FON Gp.) .................... 51,985 853,594
Sprint Corp. (PCS Gp.)* ................... 59,526 333,941
Verizon Communications .................... 158,813 5,571,160
-----------
20,422,697
-----------
UTILITIES (2.7%)
AES Corp.* ................................ 35,810 338,046
Allegheny Energy, Inc.* ................... 7,302 93,174
Ameren Corp. .............................. 9,339 429,594
American Electric Power, Inc. ............. 22,716 693,065
CINergy Corp. ............................. 10,241 397,453
CMS Energy Corp.* ......................... 9,266 78,946
Calpine Corp.* ............................ 23,759 114,281
Centerpoint Energy, Inc. .................. 17,602 170,563
Consolidated Edison, Inc. ................. 12,966 557,668
Constellation Energy Group ................ 9,620 376,623
DTE Energy Co. ............................ 9,679 381,353
Dominion Resources, Inc. .................. 18,657 1,190,876
Duke Energy Corp. ......................... 52,191 1,067,306
Dynergy, Inc.* ............................ 21,680 92,790
Edison International ...................... 18,737 410,902
El Paso Corp. ............................. 34,978 286,470
Entergy Corp. ............................. 13,158 751,717
Exelon Corp. .............................. 18,807 1,248,033
FPL Group, Inc. ........................... 10,579 692,078
FirstEnergy Corp. ......................... 18,968 667,674
Keyspan Corporation ....................... 9,147 336,610
Kinder Morgan, Inc. ....................... 7,087 418,842
NiSource, Inc. ............................ 15,094 331,162
Nicor, Inc. ............................... 2,532 86,189
PG & E Corp.* ............................. 23,852 662,370
PPL Corporation ........................... 10,198 446,163
Peoples Energy Corp. ...................... 2,116 88,957
Pinnacle West Capital Corp. ............... 5,249 210,065
Progress Energy, Inc. ..................... 14,093 637,849
Public Svc. Enterprise Group .............. 13,524 592,351
Sempra Energy ............................. 13,011 391,111
Southern Co. .............................. 42,108 1,273,767
The accompanying notes are an integral part of these financial statements.
25
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ ------------
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
TXU Corp. ................................. 18,627 $ 441,832
Teco Energy, Inc. ......................... 10,801 155,642
Williams Cos., Inc. ....................... 29,800 292,636
Xcel Energy, Inc. ......................... 22,936 389,453
------------
16,793,611
------------
TOTAL COMMON STOCKS
(Cost: $548,879,286) 95.9% ................ $591,698,986
------------
- ----------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
26
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.3%)
U.S. Treasury Bill(a) ................................. 0.90% 01/15/04 $ 200,000 $ 199,930
U.S. Treasury Bill(a) ................................. 0.94 01/22/04 500,000 499,727
U.S. Treasury Bill(a) ................................. 0.88 03/04/04 1,000,000 998,506
------------
1,698,163
------------
U.S. GOVERNMENT AGENCIES (3.8%)
Federal National Mortgage Association ................. 0.69 01/02/04 23,330,000 23,329,553
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $25,027,669) 4.1%.................................................................................... 25,027,716
------------
TOTAL INVESTMENTS
(Cost: $573,906,955) 100.0%................................................................................. $616,726,702
============
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2003:
Expiration Underlying Face Unrealized
Date Amount at Value Gain/(Loss)
---------- --------------- -----------
PURCHASED
90 S&P 500 Stock Index Futures Contracts ...................... March 2004 $24,988,500 $ 400,375
=========== ===========
Face value of futures purchased and outstanding as a percentage of total
investments in securites: 4.1%
- ----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
The accompanying notes are an integral part of these financial statements.
27
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Shares Value
------ -----------
COMMON STOCKS:
BASIC MATERIALS (4.1%)
Airgas, Inc. .............................. 15,006 $ 322,329
Albemarle Corp. ........................... 8,352 250,309
Arch Coal, Inc. ........................... 10,690 333,207
Bowater, Inc. ............................. 11,248 520,895
Cabot Corp. ............................... 12,530 398,955
Carpenter Technology Corp. ................ 4,537 134,159
Crompton Corp. ............................ 22,590 161,970
Cytec Industries, Inc.* ................... 7,925 304,241
FMC Corp.* ................................ 7,165 244,541
Ferro Corp. ............................... 8,381 228,047
Glatfelter ................................ 8,886 110,631
IMC Global, Inc.* ......................... 23,369 232,054
Longview Fibre Co.* ....................... 10,370 128,070
Lubrizol Corp. ............................ 10,468 340,419
Lyondell Petrochemical Co. ................ 35,905 608,590
Martin Marietta Materials, Inc. ........... 9,935 466,647
Minerals Technologies, Inc. ............... 4,136 245,058
Olin Corp. ................................ 11,907 238,854
Packaging Corp. of America ................ 21,407 467,957
Peabody Energy Corp. ...................... 11,012 459,311
Potlatch Corp. ............................ 5,837 202,952
Rayonier, Inc. ............................ 9,921 411,821
RPM International, Inc. ................... 23,481 386,497
Scotts Co. Cl A* .......................... 6,547 387,321
Sensient Technologies Corp. ............... 9,477 187,360
Sonoco Products Co. ....................... 19,701 485,039
Valspar Corp. ............................. 10,280 508,038
Wausau-Mosinee Paper Corp. ................ 10,468 141,527
-----------
8,906,799
-----------
CONSUMER, CYCLICAL (15.0%)
99 Cent Only Stores* ...................... 14,636 398,538
Abercrombie & Fitch Co. Cl A* ............. 19,633 485,131
American Eagle Outfitters* ................ 14,453 237,029
Applebees Intl., Inc. ..................... 11,162 438,332
Arvin Meritor, Inc. ....................... 13,906 335,413
Bandag, Inc. .............................. 3,909 161,051
Barnes & Noble, Inc.* ..................... 13,525 444,296
Belo Corporation .......................... 23,233 658,423
Blyth, Inc. ............................... 9,243 297,809
Bob Evans Farms, Inc. ..................... 7,099 230,434
Borders Group, Inc. ....................... 15,717 344,517
Borg-Warner, Inc. ......................... 5,569 473,755
Boyd Gaming Corp. ......................... 13,092 211,305
Brinker International, Inc.* .............. 19,631 650,964
Caesars Entertainment, Inc.* .............. 61,534 666,413
Callaway Golf Co. ......................... 15,341 258,496
CarMax, Inc.* ............................. 21,041 650,798
Catalina Marketing Corp.* ................. 10,847 218,676
CBRL Group, Inc. .......................... 10,047 384,398
Cheesecake Factory, Inc.* ................. 10,495 462,095
Chico's FAS, Inc.* ........................ 17,688 653,572
Claire's Stores, Inc. ..................... 19,266 362,971
Coach, Inc.* .............................. 37,678 1,422,345
D.R. Horton, Inc. ......................... 31,916 1,380,686
Dollar Tree Stores* ....................... 23,369 702,472
Emmis Communications Cl A* ................ 11,109 300,498
Entercom Communications* .................. 10,432 552,479
Extended Stay America, Inc. ............... 19,714 285,459
Furniture Brands Intl., Inc. .............. 11,329 332,280
Gentex Corp. .............................. 15,576 687,836
GTECH Holdings Corp. ...................... 11,969 592,346
Harte-Hanks, Inc. ......................... 17,745 385,954
Hovanian Enterprises, Inc.* ............... 6,096 530,718
International Speedway Corp. .............. 10,805 482,551
Krispy Kreme Doughnuts, Inc.* ............. 12,239 447,947
Lear Corp. ................................ 13,739 842,613
Lee Enterprises ........................... 9,052 395,120
Lennar Corp. .............................. 16,003 1,536,288
Mandalay Resort Group ..................... 12,485 558,329
Media General, Inc. Cl A .................. 4,777 310,983
Michaels Stores, Inc. ..................... 13,604 601,297
Modine Manufacturing Co. .................. 6,944 187,349
Mohawk Industries, Inc.* .................. 13,499 952,219
Neiman-Marcus Group, Inc.* ................ 9,933 533,104
O'Reilly Automotive, Inc.* ................ 11,021 422,766
Outback Steakhouse, Inc. .................. 15,191 671,594
Payless Shoesource, Inc.* ................. 13,817 185,286
PetSmart, Inc. ............................ 29,041 691,176
Pier 1 Imports, Inc. ...................... 18,057 394,726
Reader's Digest Assn ...................... 20,086 294,461
Rent-A-Center, Inc.* ...................... 16,425 490,779
Ross Stores, Inc. ......................... 30,864 815,736
Ruby Tuesday, Inc. ........................ 13,207 376,267
Saks Incorporated* ........................ 27,840 418,714
Scholastic Corp.* ......................... 7,985 271,809
Six Flags, Inc.* .......................... 18,805 141,414
Superior Industries Intl .................. 5,431 236,357
Timberland Company Cl A* .................. 7,109 370,166
Toll Brothers, Inc.* ...................... 14,834 589,800
Unifi, Inc.* .............................. 10,582 68,254
Washington Post Co. Cl B .................. 1,935 1,531,359
Westwood One, Inc.* ....................... 20,301 694,497
Williams-Sonoma, Inc.* .................... 23,708 824,327
-----------
32,534,777
-----------
CONSUMER, NON-CYCLICAL (4.1%)
BJ's Wholesale Club, Inc.* ................ 14,163 325,182
Church & Dwight ........................... 8,212 325,195
Constellation Brands, Inc. Cl A ........... 21,348 702,990
Dean Foods Co.* ........................... 31,679 1,041,289
Dial Corp. ................................ 19,569 557,129
Energizer Holdings, Inc.* ................. 17,164 644,680
Hormel Foods Corp. ........................ 28,128 725,984
Interstate Bakeries Corp. ................. 9,097 129,450
J.M. Smucker Co. .......................... 10,162 460,237
Lancaster Colony Corp. .................... 7,261 327,907
Longs Drug Stores Corp. ................... 7,605 188,148
PepsiAmericas, Inc. ....................... 29,304 501,684
Ruddick Corp. ............................. 9,397 168,206
Smithfield Foods, Inc.* ................... 22,476 465,253
Tootsie Roll Inds., Inc. .................. 10,471 376,956
Tyson Foods, Inc. ......................... 71,152 942,052
Universal Corp. ........................... 5,074 224,119
Whole Foods Market, Inc. .................. 12,161 816,368
-----------
8,922,829
-----------
ENERGY (5.9%)
Cooper Cameron Corp.* ..................... 10,963 510,876
ENSCO International, Inc. ................. 30,430 826,783
FMC Technologies, Inc.* ................... 13,448 313,338
Forest Oil Corp.* ......................... 10,840 309,699
Grant Prideco, Inc.* ...................... 24,652 320,969
Hanover Compressor Co.* ................... 14,941 166,592
Helmerich & Payne, Inc. ................... 10,171 284,076
Murphy Oil Corp. .......................... 18,650 1,218,032
National-Oilwell, Inc.* ................... 17,270 386,157
Noble Energy, Inc. ........................ 11,523 511,967
Overseas Shipholding Group ................ 7,239 246,488
Patterson UTI Energy, Inc.* ............... 16,430 540,876
Pioneer Natural Resources Co.* ............ 23,964 765,171
The accompanying notes are an integral part of these financial statements.
28
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Pogo Producing Co. ........................ 12,943 $ 625,147
Pride International, Inc.* ................ 27,540 513,346
Smith International, Inc.* ................ 20,328 844,019
Tidewater, Inc. ........................... 12,299 367,494
Valero Energy Corp. ....................... 24,419 1,131,576
Varco International, Inc.* ................ 19,815 408,783
Weatherford International, Ltd. ........... 26,420 951,120
Western Gas Resources ..................... 6,749 318,890
XTO Energy, Inc. .......................... 37,416 1,058,873
-----------
12,620,272
-----------
FINANCIAL (18.4%)
AMB Property Corp. ........................ 16,598 545,742
Allmerica Financial Corp.* ................ 10,768 331,331
AmerUs Group Co. .......................... 7,954 278,151
American Financial Group .................. 14,822 392,190
AmeriCredit Corp.* ........................ 31,774 506,160
Associated Banc-Corp ...................... 14,881 634,675
Astoria Financial Corp. ................... 16,120 599,664
Bank of Hawaii Corp. ...................... 11,355 479,181
Banknorth Group, Inc. ..................... 32,822 1,067,700
Berkley (W.R.) Corp. ...................... 16,930 591,704
Brown & Brown, Inc. ....................... 13,938 454,518
City National Corp. ....................... 9,939 617,411
Colonial BancGroup, Inc. .................. 25,262 437,538
Commerce Bancorp, Inc. (N.J.) ............. 15,397 811,114
Compass Bancshares, Inc. .................. 24,715 971,547
Cullen/Frost Bankers, Inc. ................ 10,529 427,162
E*Trade Financial Corp.* .................. 74,322 940,173
Eaton Vance Corp. ......................... 14,003 513,070
Edwards (A.G.), Inc. ...................... 15,973 578,702
Everest RE Group* ......................... 11,301 956,065
Fidelity Natl, Finl., Inc. ................ 30,100 1,167,278
First American Corp. ...................... 15,884 472,867
Firstmerit Corp. .......................... 17,172 463,129
GATX Corp. ................................ 9,982 279,296
Gallagher (Arthur J.) & Co. ............... 18,288 594,177
Greater Bay Bancorp ....................... 10,629 302,714
Greenpoint Financial Corp. ................ 27,075 956,289
HCC Insurance Holdings, Inc. .............. 12,954 411,937
Hibernia Corp. Cl A ....................... 31,512 740,847
Highwoods Properties, Inc. ................ 10,787 273,990
Horace Mann Educators Corp. ............... 8,674 121,176
Hospitality Properties Trust .............. 12,707 524,545
Independence Community Bank Corp. ......... 11,046 397,325
Indymac Bancorp, Inc. ..................... 11,291 336,359
Investment Technology Grp., Inc. .......... 9,488 153,231
Investors Financial Services .............. 13,257 509,201
LaBranche & Co.* .......................... 12,140 141,674
Legg Mason, Inc. .......................... 13,441 1,037,376
Leucadia National ......................... 14,140 651,854
Liberty Property Trust .................... 16,267 632,786
M & T Bank Corp. .......................... 24,371 2,395,669
MONY Group, Inc.* ......................... 9,580 299,758
Mack-Cali Realty Corp. .................... 11,835 492,573
Mercantile Bankshares Corp. ............... 16,165 736,801
Natl. Commerce Financial Corp. ............ 41,620 1,135,394
New Plan Excel Realty Trust ............... 19,840 489,453
New York Community Bancorp, Inc. .......... 39,088 1,487,298
Ohio Casualty Corp.* ...................... 12,372 214,778
Old Republic Intl. Corp. .................. 36,810 933,502
PMI Group, Inc. ........................... 19,280 717,794
Protective Life Corp. ..................... 13,992 473,489
Provident Financial Group ................. 9,928 317,200
Radian Group, Inc. ........................ 19,064 929,370
Raymond James Financial, Inc. ............. 9,873 372,212
SEI Investments ........................... 21,405 652,210
Silicon Valley Bancshares* ................ 7,051 254,330
Sovereign Bancorp, Inc. ................... 59,393 1,410,584
StanCorp Financial Group, Inc. ............ 5,927 372,690
TCF Financial ............................. 14,404 739,645
United Dominion Realty Trust, Inc. ........ 25,773 494,842
Unitrin, Inc. ............................. 13,720 568,145
Waddell & Reed Financial, Inc. ............ 16,725 392,369
Washington Federal, Inc. .................. 14,154 401,974
Webster Financial Corp. ................... 9,262 424,755
Westamerica Bancorp ....................... 6,630 329,511
Wilmington Trust Corp. .................... 13,399 482,364
-----------
39,820,559
-----------
HEALTHCARE (11.2%)
Advance PCS* .............................. 18,855 995,355
Apogent Technologies, Inc.* ............... 18,367 423,176
Apria Healthcare Group, Inc.* ............. 10,362 295,006
Barr Pharmaceuticals, Inc.* ............... 13,646 1,050,060
Beckman Coulter, Inc. ..................... 12,520 636,392
Charles River Laboratories, Inc. .......... 9,293 319,029
Community Health Systems, Inc.* ........... 19,997 531,520
Covance, Inc.* ............................ 12,587 337,332
Coventry Health Care* ..................... 12,197 786,585
Cytyc Corp.* .............................. 22,273 306,476
Dentsply International, Inc. .............. 16,070 725,882
Edwards Lifesciences Corp.* ............... 12,032 361,923
First Health Group Corp.* ................. 19,159 372,834
Gilead Sciences, Inc.* .................... 41,116 2,390,484
Health Net, Inc.* ......................... 23,077 754,618
Henry Schein, Inc.* ....................... 8,862 598,894
Hillenbrand Industries, Inc. .............. 12,547 778,667
Ivax Corp.* ............................... 39,883 952,406
Lifepoint Hospitals, Inc.* ................ 7,653 225,381
Lincare Holdings, Inc.* ................... 19,970 599,699
Millennium Pharmaceuticals, Inc. .......... 61,173 1,142,100
Mylan Laboratories, Inc. .................. 54,586 1,378,842
Omnicare, Inc. ............................ 20,799 840,072
Oxford Health Plans, Inc. ................. 16,443 715,271
Pacificare Health Systems, Inc. ........... 8,482 573,383
Patterson Dental Co.* ..................... 13,854 886,517
Perrigo Co. ............................... 14,187 223,020
Pharmaceutical Resources, Inc.* ........... 6,907 449,991
Protein Design* ........................... 19,029 340,619
SICOR, Inc.* .............................. 24,167 657,342
Sepracor, Inc.* ........................... 17,236 412,457
Steris Corp.* ............................. 14,096 318,570
Triad Hospitals, Inc.* .................... 15,294 508,831
Universal Health Services Cl B ............ 11,772 632,392
VISX, Inc.* ............................... 9,813 227,171
Valeant Pharmaceuticals ................... 16,870 424,281
Varian Medical Systems, Inc.* ............. 13,811 954,340
Vertex Pharmaceutical* .................... 15,776 161,388
-----------
24,288,306
-----------
INDUSTRIAL (10.9%)
AGCO Corp.* ............................... 15,309 308,323
Alaska Air Group, Inc.* ................... 5,423 147,994
Alexander & Baldwin, Inc. ................. 8,490 286,028
Allete, Inc. .............................. 17,650 540,090
Ametek, Inc. .............................. 6,778 327,106
Banta Corp. ............................... 5,187 210,074
C.H. Robinson Worldwide, Inc. ............. 17,146 650,005
CNF Transportation, Inc. .................. 10,096 342,254
Career Education Corp.* ................... 20,334 814,783
The accompanying notes are an integral part of these financial statements.
29
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ -----------
COMMON STOCKS (CONTINUED):
INDUSTRIAL (CONTINUED)
Carlisle Companies, Inc. .................. 6,266 $ 381,349
ChoicePoint, Inc.* ........................ 17,748 676,021
Copart Inc.* .............................. 18,053 297,875
Corinthian Colleges, Inc.* ................ 8,999 499,984
DeVry, Inc.* .............................. 14,221 357,374
Donaldson Company, Inc. ................... 8,806 520,963
Dun & Bradstreet* ......................... 14,762 748,581
Dycom Industries, Inc.* ................... 9,797 262,756
EGL, Inc.* ................................ 9,613 168,804
Education Management Corp.* ............... 14,690 455,978
Expeditors Int'l Wash., Inc. .............. 21,316 802,761
Fastenal Co. .............................. 15,406 769,376
Federal Signal Corp. ...................... 9,742 170,680
Flowserve Corporation* .................... 11,220 234,274
Graco, Inc. ............................... 9,338 374,454
Granite Construction ...................... 8,433 198,091
HON Industries, Inc. ...................... 11,821 512,086
Harsco Corp. .............................. 8,294 363,443
Hubbell, Inc. Cl B ........................ 12,128 534,845
J.B. Hunt Transport Svcs., Inc. ........... 16,249 438,885
Jacobs Engineering Group, Inc. ............ 11,258 540,497
JetBlue Airways Corp* ..................... 20,595 546,179
Kelly Services, Inc. ...................... 7,038 200,865
Kennametal, Inc. .......................... 7,319 290,930
Korn/Ferry International* ................. 7,636 101,864
L-3 Communications Hldgs., Inc. ........... 19,650 1,009,224
Manpower, Inc. ............................ 15,820 744,806
Miller (Herman), Inc. ..................... 14,804 359,293
Nordson Corp. ............................. 6,881 237,601
Pentair, Inc. ............................. 10,025 458,143
Precision Castparts Corp. ................. 12,589 571,666
Quanta Services, Inc.* .................... 23,670 172,791
Republic Services, Inc. ................... 32,163 824,338
Rollins, Inc. ............................. 9,159 206,535
SPX, Inc.* ................................ 15,466 909,555
Sequa Corp. Cl A* ......................... 2,119 103,831
Sotheby's Holdings* ....................... 12,526 171,105
Stericycle, Inc.* ......................... 8,543 398,958
Swift Transportation Co., Inc. ............ 16,976 356,836
Sylvan Learning Systems, Inc.* ............ 8,847 254,705
Tecumseh Products Co. Cl A ................ 3,752 181,709
Teleflex, Inc. ............................ 8,059 389,491
The Brink's Company ....................... 11,015 249,049
Trinity Industries ........................ 9,411 290,235
United Rentals* ........................... 15,643 301,284
Valassis Communication, Inc.* ............. 10,569 310,200
Viad Corp. ................................ 17,940 448,500
Werner Enterprises, Inc. .................. 16,193 315,602
York International Corp. .................. 8,136 299,405
-----------
23,640,434
-----------
TECHNOLOGY (14.8%)
3Com Corp.* ............................... 75,732 618,730
Activision, Inc.* ......................... 18,004 327,673
Acxiom Corp.* ............................. 17,233 320,017
Adtran, Inc. .............................. 16,065 498,015
Advanced Fibre Communication* ............. 17,649 355,627
Advent Software, Inc.* .................... 6,655 115,997
Affiliated Computer Svcs.* ................ 26,651 1,451,413
Arrow Electronics, Inc.* .................. 20,482 473,953
Ascential Software Corp.* ................. 12,061 312,742
Atmel Corp.* .............................. 95,720 575,277
Avnet, Inc.* .............................. 24,329 526,966
Avocent Corp.* ............................ 9,522 347,743
BISYS Group, Inc.* ........................ 23,998 357,090
CDW Corp. ................................. 16,900 976,144
CSG Systems Intl., Inc.* .................. 10,627 132,731
Cabot MicroElectronics Corp.* ............. 5,024 246,176
Cadence Design Systems, Inc.* ............. 53,408 960,276
Ceridian Corp.* ........................... 30,333 635,173
Certegy, Inc. ............................. 13,166 431,845
CheckFree Corp.* .......................... 16,167 447,018
CommScope, Inc.* .......................... 12,033 196,499
Credence Systems Corp.* ................... 12,889 169,619
Cree , Inc.* .............................. 15,067 266,535
Cypress Semiconductor Corp.* .............. 24,416 521,526
DST Systems, Inc.* ........................ 16,940 707,414
Diebold, Inc. ............................. 14,745 794,313
Fair Isaac Corporation .................... 9,786 481,080
Fairchild Semiconductor Intl.* ............ 23,906 596,933
Gartner, Inc.* ............................ 26,245 296,831
Harris Corp. .............................. 13,521 513,122
Henry (Jack) & Associates ................. 18,108 372,663
Imation Corp. ............................. 7,227 254,029
Integrated Circuit Systems, Inc. .......... 14,647 417,293
Integrated Device Tech., Inc.* ............ 21,284 365,446
International Rectifier* .................. 13,054 644,998
Internet Security Systems, Inc. ........... 10,109 190,352
Intersil Corp. Cl A ....................... 28,209 700,994
Keane, Inc.* .............................. 13,006 190,408
Kemet Corp.* .............................. 17,548 240,232
LTX Corp.* ................................ 10,640 159,919
Lam Research Corp.* ....................... 26,494 855,756
Lattice Semiconductor Corp.* .............. 22,897 221,643
MPS Group, Inc.* .......................... 21,203 198,248
Macromedia, Inc.* ......................... 12,710 226,746
Macrovision Corp.* ........................ 9,935 224,432
McData Corporation Cl A* .................. 23,431 223,297
Mentor Graphics Corp.* .................... 13,845 201,306
Micrel, Inc.* ............................. 18,709 291,486
Microchip Technology, Inc. ................ 42,117 1,405,023
National Instruments Corp. ................ 10,557 480,027
Networks Associates, Inc.* ................ 32,778 492,981
Newport Corp.* ............................ 7,918 130,885
Plantronics, Inc.* ........................ 9,019 294,470
Plexus Corp.* ............................. 8,629 148,160
Polycom, Inc.* ............................ 20,138 393,094
Powerwave Technologies, Inc.* ............. 12,817 98,050
Quantum Corp.* ............................ 36,140 112,757
RF Micro Devices* ......................... 37,657 378,453
RSA Security, Inc.* ....................... 12,220 173,524
Retek, Inc.* .............................. 11,095 102,962
Reynolds & Reynolds Co. ................... 13,608 395,312
Sandisk Corp.* ............................ 16,102 984,476
Semtech Corp.* ............................ 14,986 340,632
Silicon Laboratories, Inc.* ............... 10,102 437,215
Storage Technology Corp.* ................. 22,461 578,371
Sybase, Inc.* ............................. 19,633 404,047
Synopsys, Inc.* ........................... 31,536 1,064,655
Tech Data Corp.* .......................... 11,534 457,784
Titan Corp.* .............................. 16,540 360,737
Transaction Systems Architects ............ 7,235 163,728
Triquint Semiconductor, Inc.* ............. 27,255 192,693
Varian, Inc.* ............................. 7,035 293,571
Vishay Intertechnology, Inc.* ............. 32,577 746,013
Wind River Systems* ....................... 17,087 149,682
Zebra Technologies Cl A* .................. 9,603 636,775
-----------
32,049,803
-----------
The accompanying notes are an integral part of these financial statements.
30
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------ ------------
COMMON STOCKS (CONTINUED):
TELECOMMUNICATIONS (0.5%)
Cincinnati Bell, Inc.* .................... 49,587 $ 250,414
Price Communications Corp.* ............... 10,981 150,769
Telephone & Data Systems, Inc. ............ 11,662 729,458
------------
1,130,641
------------
UTILITIES (5.8%)
AGL Resources, Inc. ....................... 13,048 379,697
Alliant Energy Corp. ...................... 22,480 559,752
Aquila, Inc.* ............................. 39,626 134,332
Black Hills Corp. ......................... 6,530 194,790
DPL, Inc. ................................. 25,684 536,282
Duquesne Light Holdings, Inc. ............. 15,289 280,400
Energy East Corporation ................... 29,652 664,205
Equitable Resources, Inc. ................. 12,640 542,509
Great Plains Energy, Inc. ................. 14,061 447,421
Hawaiian Electric Inds .................... 7,663 362,996
IdaCorp, Inc. ............................. 7,757 232,089
MDU Resources Group ....................... 22,991 547,416
NSTAR ..................................... 10,768 522,248
National Fuel Gas Co. ..................... 16,513 403,578
Northeast Utilities ....................... 27,174 548,100
OGE Energy Corp. .......................... 17,647 426,881
Oneok, Inc. ............................... 19,221 424,400
PNM Resources, Inc. ....................... 8,172 229,633
Pepco Holdings Inc. ....................... 34,797 679,933
Philadelphia Suburban Corp. ............... 18,766 414,729
Puget Energy, Inc. ........................ 19,130 454,720
Questar Corp. ............................. 16,861 592,664
SCANA Corp. ............................... 22,486 770,145
Sierra Pacific Resources* ................. 23,792 174,632
Vectren Corporation ....................... 15,353 378,450
WGL Holdings, Inc. ........................ 9,868 274,231
WPS Resources ............................. 7,347 339,651
Westar Energy, Inc. ....................... 14,714 297,959
Wisconsin Energy Corp. .................... 23,890 799,121
------------
12,612,964
------------
TOTAL COMMON STOCKS
(Cost: $176,160,270) 90.7% ................ $196,527,384
------------
- ----------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
31
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.6%)
U.S. Treasury Bill(a) ................................. 0.89% 03/04/04 $ 200,000 $ 199,702
U.S. Treasury Bill(a) ................................. 0.90 01/08/04 500,000 499,913
U.S. Treasury Bill(a) ................................. 0.91 01/15/04 200,000 199,930
U.S. Treasury Bill(a) ................................. 0.94 01/22/04 300,000 299,836
------------
1,199,381
------------
U.S. GOVERNMENT AGENCIES (8.2%)
Federal National Mortgage Association ................. 0.69 01/02/04 17,698,000 17,697,661
------------
COMMERCIAL PAPER (0.5%)
Novartis Finance Corp. ................................ 0.88 01/05/04 1,062,000 1,061,896
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $19,958,923) 9.3%.................................................................................... 19,958,938
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $13,300) 0.0.%*...................................................................................... 13,300
------------
TOTAL INVESTMENTS
(Cost: $196,132,493) 100.0%................................................................................. $216,499,622
============
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2003:
Expiration Underlying Face Unrealized
Date Amount at Value Gain/(Loss)
---------- --------------- -----------
PURCHASED
69 S&P MidCap 400 Stock Index Futures Contracts .................. March 2004 $19,873,725 $ 316,375
===========
Face value of futures purchased and outstanding as a percentage of total
investments in securites: 9.2%
- ----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
* Less than .05%
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2003 was 0.44%.
Standard and Poor's does not sponsor, endorse, sell or promote the Mid-Cap
Equity Index Fund. "Standard & Poor's(R)", "S&P(R)", and "S&P 500(R)" are
trademarks of The McGraw-Hill Companies, Inc. and have been licensed for
use by the fund. Standard & Poor's has no obligation or liability for the
sale or operation of the Mid-Cap Equity Index Fund and makes no
representation as to the advisability of investing in the fund.
The accompanying notes are an integral part of these financial statements.
32
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (4.0%)
U.S. Treasury Strip ....................... AAA 0.00% 05/15/14 $10,000,000 $ 6,176,370
U.S. Treasury Strip ....................... AAA 0.00 02/15/17 15,000,000 7,736,325
-----------
13,912,695
-----------
U.S. GOVERNMENT AGENCIES (48.5%)
MORTGAGE-BACKED OBLIGATIONS (34.2%)
FHLMC ..................................... AAA 8.00 07/15/06 60,501 60,468
FHLMC ..................................... AAA 5.00 04/15/16 2,819,131 2,886,880
FHLMC ..................................... AAA 5.50 08/15/26 4,500,000 4,661,982
FHLMC ..................................... AAA 4.00 10/15/26 9,000,000 8,903,268
FNMA ...................................... AAA 8.00 03/01/31 596,042 644,418
FNMA ...................................... AAA 7.00 09/01/31 758,098 802,677
FNMA ...................................... AAA 7.00 11/01/31 1,570,392 1,662,735
FNMA ...................................... AAA 6.00 04/01/32 2,094,315 2,165,756
FNMA ...................................... AAA 8.00 04/01/32 1,181,969 1,274,620
FNMA ...................................... AAA 6.50 04/01/32 2,572,078 2,690,365
FNMA ...................................... AAA 7.50 04/01/32 918,351 981,363
FNMA ...................................... AAA 8.00 04/01/32 179,806 194,109
FNMA ...................................... AAA 6.00 04/01/32 1,712,313 1,770,723
FNMA ...................................... AAA 6.00 05/01/32 5,826,108 6,024,848
FNMA ...................................... AAA 6.50 05/01/32 7,748,849 8,105,211
FNMA ...................................... AAA 6.50 05/01/32 2,171,529 2,271,395
FNMA ...................................... AAA 7.50 06/01/32 2,673,783 2,857,242
FNMA ...................................... AAA 7.00 06/01/32 3,035,490 3,214,293
FNMA ...................................... AAA 5.00 09/25/32 3,500,000 3,599,796
FNMA ...................................... AAA 6.00 04/01/33 6,129,291 6,338,373
FNMA ...................................... AAA 5.00 06/01/33 4,069,851 4,029,527
FNMA ...................................... AAA 5.50 07/01/33 7,332,460 7,431,661
FNMA ...................................... AAA 5.50 09/01/33 3,438,697 3,485,219
FNMA ...................................... AAA 5.50 10/01/33 4,289,127 4,347,155
FNMA ...................................... AAA 5.00 11/01/33 2,884,252 2,855,675
FNMA ...................................... AAA 5.00 10/25/15 5,000,000 5,063,675
FNMA ...................................... AAA 6.50 09/01/16 661,557 701,927
FNMA ...................................... AAA 6.00 03/01/17 1,228,254 1,289,819
FNMA ...................................... AAA 6.50 03/01/17 2,556,628 2,713,303
FNMA ...................................... AAA 5.50 04/01/17 703,610 729,905
FNMA ...................................... AAA 6.50 05/01/17 584,362 620,173
FNMA ...................................... AAA 5.50 05/01/17 1,524,206 1,581,168
FNMA ...................................... AAA 5.50 05/01/17 605,964 628,610
FNMA ...................................... AAA 5.00 04/01/18 1,219,730 1,245,605
FNMA ...................................... AAA 4.50 05/01/18 4,368,389 4,378,415
FNMA ...................................... AAA 5.00 09/01/18 3,432,763 3,505,586
FNMA ...................................... AAA 4.00 11/25/26 4,750,000 4,621,902
GNMA (1) .................................. AAA 6.50 04/15/31 359,068 378,758
GNMA (1) .................................. AAA 7.00 09/15/31 505,001 538,374
GNMA (1) .................................. AAA 7.00 09/15/31 569,677 607,324
GNMA (1) .................................. AAA 6.50 12/15/31 1,497,257 1,579,364
GNMA (1) .................................. AAA 6.50 05/15/32 746,189 786,701
GNMA (1) .................................. AAA 7.00 05/15/32 570,126 607,579
GNMA (1) .................................. AAA 6.27 10/16/27 3,000,000 3,312,594
-----------
118,150,541
-----------
The accompanying notes are an integral part of these financial statements.
33
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES (CONTINUED):
NON-MORTGAGE-BACKED OBLIGATIONS (14.3%)
FFCB ...................................... AAA 2.88% 06/29/06 $ 2,500,000 $ 2,517,420
FFCB ...................................... AAA 4.15 05/15/13 10,000,000 9,620,920
FHLB ...................................... AAA 0.00 06/09/33 80,000,000 12,102,480
FHLB ...................................... AAA 2.88 09/15/06 5,300,000 5,356,297
FHLMC ..................................... AAA 4.50 01/15/13 10,000,000 9,949,490
FNMA ...................................... AAA 4.38 03/15/13 10,000,000 9,821,240
-----------
49,367,847
-----------
BASIC MATERIALS (5.3%)
International Paper Co. ................... BBB 4.25 01/15/09 2,000,000 2,008,198
Intl. Flavors & Fragrances ................ BBB+ 6.45 05/15/06 2,500,000 2,715,173
Lyondell Chemical Co. ..................... BB- 10.25 11/01/10 5,000,000 5,300,000
PolyOne Corp. ............................. BB- 7.50 12/15/15 3,750,000 2,906,250
Praxair, Inc. ............................. A- 6.90 11/01/06 5,000,000 5,571,675
-----------
18,501,296
-----------
CONSUMER, CYCLICAL (9.4%)
Centex Corp. .............................. BBB- 8.75 03/01/07 2,000,000 2,330,284
Centex Corp. .............................. BBB- 7.38 06/01/05 5,000,000 5,328,890
Cox Communications, Inc. Cl A ............. BBB 3.88 10/01/08 2,000,000 2,002,036
Daimlerchrysler ........................... BBB 4.05 06/04/08 1,000,000 993,192
Fruit of the Loom, Inc. (2) ............... NR 7.00 03/15/11 1,376,325 148,987
Fruit of the Loom, Inc. (2) ............... NR 7.38 11/15/23 381,681 6,801
Harman Intl. Industries, Inc. ............. BBB- 7.13 02/15/07 2,500,000 2,759,875
Johnson Controls, Inc. .................... A 4.88 09/15/13 2,000,000 2,017,564
Kellwood, Co. ............................. BBB- 7.88 07/15/09 10,000,000 10,825,000
Newell Rubbermaid ......................... BBB+ 4.63 12/15/09 2,500,000 2,514,413
Stanley Works ............................. A 3.50 11/01/07 250,000 251,624
Target Corp. .............................. A+ 5.38 06/15/09 3,250,000 3,483,454
-----------
32,662,120
-----------
CONSUMER, NON-CYCLICAL (3.9%)
Campbell Soup Co. ......................... A 4.88 10/01/13 2,000,000 2,002,120
Coca-Cola Enterprises, Inc. ............... A 2.50 09/15/06 2,000,000 1,994,566
General Mills, Inc. ....................... BBB+ 2.63 10/24/06 2,000,000 1,989,026
Kellogg Co. ............................... BBB 2.88 06/01/08 2,000,000 1,931,116
Safeway, Inc. ............................. BBB 2.50 11/01/05 1,000,000 990,316
Safeway, Inc. ............................. BBB 4.13 11/01/08 1,000,000 995,622
Wal-Mart Stores, Inc. ..................... AA 6.88 08/10/09 3,000,000 3,456,147
-----------
13,358,913
-----------
ENERGY (1.2%)
Anadarko Petroleum Corp. .................. BBB+ 3.25 05/01/08 2,000,000 1,963,940
Louis Dreyfus Natural Gas Corp. ........... BBB 9.25 06/15/04 2,000,000 2,057,008
-----------
4,020,948
-----------
FINANCIAL (22.8%)
American Honda Finance .................... A+ 3.85 11/06/08 2,000,000 2,013,848
Bank of America Corp. ..................... A+ 4.75 10/15/06 2,000,000 2,111,452
Bear Stearns Cos., Inc. ................... A 3.00 03/30/06 2,000,000 2,030,112
Berkley (W.R.) Corp. ...................... BBB+ 8.70 01/01/22 5,000,000 5,965,535
The accompanying notes are an integral part of these financial statements.
34
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- ------------
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIAL (CONTINUED)
CIT Group Hldgs., Inc. .................... A 2.88% 09/29/06 $ 2,000,000 $ 2,005,314
Deere Capital Corp. ....................... A- 3.90 01/15/08 2,500,000 2,540,685
Executive Risk, Inc. ...................... A 7.13 12/15/07 5,000,000 5,658,950
Fairfax Financial Holdings, Ltd. .......... BB 8.25 10/01/15 2,500,000 2,443,750
First Tennessee Natl. Corp. ............... BBB+ 4.50 05/15/13 5,000,000 4,803,005
Ford Motor Credit Co. ..................... BBB- 7.38 10/28/09 3,000,000 3,294,483
GE Capital Corp. .......................... AAA 2.75 09/25/06 4,000,000 4,014,700
General Motors Acceptance Corp. ........... BBB 0.00 12/01/12 10,000,000 5,647,010
HJ Heinz Finance Co. ...................... A 6.00 03/15/12 3,000,000 3,253,905
JP Morgan Chase Bank ...................... A+ 5.63 08/15/06 2,000,000 2,149,802
Lehman Brothers Holdings, Inc. ............ A 4.00 01/22/08 2,000,000 2,039,888
Markel Corporation ........................ BBB- 7.00 05/15/08 1,000,000 1,080,417
Markel Corporation ........................ BBB- 6.80 02/15/13 1,000,000 1,054,496
Nationwide Health Properties .............. BBB- 7.90 11/20/06 5,000,000 5,492,055
Natl. Rural Utils. Coop. Fin. Corp ........ A+ 3.88 02/15/08 1,500,000 1,518,866
Northern Trust Co. ........................ AA- 2.88 12/15/06 2,500,000 2,512,617
Rank Group Financial ...................... BBB- 6.75 11/30/04 5,000,000 5,201,170
Roslyn Bancorp, Inc. ...................... BBB- 7.50 12/01/08 1,000,000 1,122,635
Simon Property Group, Inc. ................ BBB 7.88 03/15/16 5,000,000 5,891,415
Textron Finance Corp. ..................... A- 2.69 10/03/06 2,000,000 1,986,532
US Bank NA ................................ AA- 2.85 11/15/06 1,000,000 1,004,838
Union Planters Bank ....................... BBB+ 5.13 06/15/07 2,000,000 2,130,410
------------
78,967,890
------------
HEALTHCARE (2.1%)
Bausch & Lomb, Inc. ....................... BBB- 6.75 12/15/04 2,000,000 2,072,500
Bristol-Myers Squibb Co. .................. AA- 5.75 10/01/11 3,000,000 3,241,866
Watson Pharmaceuticals, Inc. .............. BBB- 7.13 05/15/08 1,750,000 1,878,305
------------
7,192,671
------------
INDUSTRIAL (0.8%)
Arrow Electronics, Inc. ................... BBB- 8.70 10/01/05 2,500,000 2,733,455
------------
TECHNOLOGY (1.2%)
Hewlett-Packard Co. ....................... A- 5.75 12/15/06 2,000,000 2,165,210
Intl. Business Machines Corp. ............. A+ 4.88 10/01/06 2,000,000 2,125,288
------------
4,290,498
------------
TELECOMMUNICATIONS (0.6%)
Verizon Global ............................ A+ 4.00 01/15/08 2,000,000 2,037,600
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $340,591,620) 99.8%................................................................................... $345,196,474
------------
The accompanying notes are an integral part of these financial statements.
35
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
SHORT-TERM DEBT SECURITIES:
U. S. GOVERNMENT AGENCIES (0.2%)
Federal National Mortgage Association ................. 0.69% 01/02/04 $ 580,000 $ 579,989
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $579,989) 0.2%....................................................................................... 579,989
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $18,900) 0.0%(3)..................................................................................... 18,900
------------
TOTAL INVESTMENTS
(Cost: $341,190,509) 100.0%................................................................................ $345,795,363
============
- ----------
* Ratings as per Standard & Poor's Corporation.
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2003 was 0.44%.
Abbreviations: FFCB = Federal Farm Credit Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GNMA = Government National Mortgage Association
NR = Issue not rated by either S&P or Moody's
(1) U.S. Government guaranteed security.
(2) Issuer has filed for Chapter XI bankruptcy law (or equivalent) protection;
issue is non-income producing.
(3) Less than .05%.
The total value of investments not rated and/or below-investment grade as a
percentage of the Fund's total investments as of December 31, 2003 is 3.1%.
The accompanying notes are an integral part of these financial statements.
36
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (7.0%)
U.S.Treasury Notes ........................ AAA 1.50% 02/28/05 $ 1,000,000 $ 1,002,305
U.S.Treasury Notes ........................ AAA 1.63 04/30/05 1,000,000 1,003,008
-----------
2,005,313
-----------
U.S. GOVERNMENT AGENCIES (77.6%)
MORTGAGE-BACKED OBLIGATIONS (51.8%)
FHLMC ..................................... AAA 6.50 09/01/04 30,276 30,980
FHLMC ..................................... AAA 8.50 06/01/06 84,714 89,970
FHLMC ..................................... AAA 5.50 04/01/09 161,922 167,526
FHLMC ..................................... AAA 5.50 06/01/09 200,693 209,237
FHLMC ..................................... AAA 6.50 11/01/09 51,101 54,223
FHLMC ..................................... AAA 6.00 11/01/10 121,132 127,346
FHLMC ..................................... AAA 6.00 07/01/16 38,118 39,902
FHLMC ..................................... AAA 6.00 02/01/19 134,326 139,688
FHLMC ..................................... AAA 7.50 02/15/07 43,069 43,610
FHLMC ..................................... AAA 7.00 03/15/07 48,210 49,090
FHLMC ..................................... AAA 7.50 09/01/07 16,938 17,821
FHLMC ..................................... AAA 7.25 11/01/07 2,038 2,101
FHLMC ..................................... AAA 6.50 12/15/07 278,488 278,638
FHLMC ..................................... AAA 7.75 05/01/08 117,211 125,189
FHLMC ..................................... AAA 6.00 10/01/08 193,911 204,015
FHLMC ..................................... AAA 8.25 10/01/09 53,633 55,522
FHLMC ..................................... AAA 7.50 07/01/10 27,953 29,826
FHLMC ..................................... AAA 7.00 02/01/14 129,524 137,957
FHLMC ..................................... AAA 6.50 04/01/14 471,500 497,656
FHLMC ..................................... AAA 8.00 05/01/14 39,312 39,833
FHLMC ..................................... AAA 5.00 04/15/16 438,531 449,070
FHLMC ..................................... AAA 8.50 09/01/17 24,552 26,114
FHLMC ..................................... AAA 8.00 09/01/18 114,062 122,203
FHLMC ..................................... AAA 7.50 03/15/21 77,449 77,389
FHLMC ..................................... AAA 4.50 03/15/22 2,000,000 2,018,290
FHLMC ..................................... AAA 4.50 08/15/22 1,000,000 1,016,927
FHLMC ..................................... AAA 4.00 11/15/26 1,000,000 1,000,338
FNMA ...................................... AAA 7.50 07/01/06 48,660 50,542
FNMA ...................................... AAA 7.50 09/01/06 33,378 33,888
FNMA ...................................... AAA 7.50 05/01/07 16,668 16,721
FNMA ...................................... AAA 6.00 09/01/08 108,470 114,216
FNMA ...................................... AAA 6.00 09/01/12 168,201 176,858
FNMA ...................................... AAA 8.00 06/01/17 21,680 22,875
FNMA ...................................... AAA 8.25 10/01/05 1,997 2,068
FNMA ...................................... AAA 7.75 03/01/08 51,437 54,421
FNMA ...................................... AAA 8.00 04/01/08 38,656 41,883
FNMA ...................................... AAA 7.50 09/01/08 56,076 59,535
FNMA ...................................... AAA 5.50 11/01/08 114,525 119,243
FNMA ...................................... AAA 5.50 12/01/08 23,128 24,081
FNMA ...................................... AAA 7.50 01/01/09 24,135 24,938
FNMA ...................................... AAA 5.50 02/01/09 66,810 69,562
FNMA ...................................... AAA 6.00 07/01/09 125,116 131,743
The accompanying notes are an integral part of these financial statements.
37
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA ...................................... AAA 8.50% 12/01/09 $ 50,554 $ 55,350
FNMA ...................................... AAA 8.25 01/01/10 85,149 89,839
FNMA ...................................... AAA 6.00 01/01/11 69,168 72,832
FNMA ...................................... AAA 6.50 08/01/13 110,525 115,691
FNMA ...................................... AAA 5.50 02/25/16 51,285 51,451
FNMA ...................................... AAA 8.75 09/01/16 88,504 93,734
FNMA ...................................... AAA 4.50 10/25/17 1,000,000 1,021,957
FNMA ...................................... AAA 6.00 12/25/18 640,000 659,451
FNMA ...................................... AAA 4.75 12/25/20 1,250,000 1,268,601
FNMA ...................................... AAA 6.25 02/25/22 9,751 9,743
FNMA ...................................... AAA 5.00 09/25/22 163,238 164,643
FNMA ...................................... AAA 3.50 10/25/22 2,000,000 1,993,186
FNMA ...................................... AAA 6.50 01/25/23 181,760 190,525
FNMA ...................................... AAA 6.50 12/25/23 200,000 213,698
FNMA ...................................... AAA 4.00 11/25/26 100,000 96,561
GNMA (1) .................................. AAA 7.50 07/15/07 113,972 120,613
GNMA (1) .................................. AAA 7.00 08/15/07 89,928 95,710
GNMA (1) .................................. AAA 7.50 05/20/08 62,529 66,932
GNMA (1) .................................. AAA 6.00 11/15/08 93,947 99,423
GNMA (1) .................................. AAA 6.00 06/15/09 61,459 64,971
GNMA (1) .................................. AAA 9.00 03/15/10 22,090 24,448
GNMA (1) .................................. AAA 4.00 07/20/26 171,242 171,129
-----------
14,733,523
-----------
NON-MORTGAGE-BACKED OBLIGATIONS (25.8%)
FFCB ...................................... AAA 2.88 06/29/06 1,000,000 1,006,968
FHLB ...................................... AAA 2.50 03/15/06 500,000 504,030
FHLB ...................................... AAA 2.88 09/15/06 2,800,000 2,829,742
FHLMC ..................................... AAA 2.75 08/15/06 1,000,000 1,009,175
FNMA ...................................... AAA 2.25 05/15/06 2,000,000 1,999,990
-----------
7,349,905
-----------
CONSUMER, NON-CYCLICAL (1.6%)
CVS Corp. ................................. A 5.63 03/15/06 150,000 160,411
Coca-Cola Enterprises, Inc. ............... A 2.50 09/15/06 100,000 99,728
General Mills, Inc. ....................... BBB+ 2.63 10/24/06 100,000 99,451
Safeway, Inc. ............................. BBB 2.50 11/01/05 100,000 99,032
-----------
458,622
-----------
ENERGY (1.3%)
Devon Energy Corporation .................. BBB 2.75 08/01/06 100,000 100,047
Louis Dreyfus Natural Gas Corp. ........... BBB 9.25 06/15/04 250,000 257,126
-----------
357,173
-----------
The accompanying notes are an integral part of these financial statements.
38
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIAL (9.0%)
American Express Co. ...................... A+ 5.50% 09/12/06 $ 200,000 $ 215,224
Bank of America Corp. ..................... A+ 4.75 10/15/06 100,000 105,573
Bear Stearns Cos., Inc. ................... A 3.00 03/30/06 100,000 101,506
CIT Group Hldgs., Inc. .................... A 2.88 09/29/06 100,000 100,266
Conoco Funding Co. ........................ A- 5.45 10/15/06 200,000 214,579
GE Capital Corp. .......................... AAA 2.75 09/25/06 250,000 250,919
JP Morgan Chase Bank ...................... A+ 5.63 08/15/06 100,000 107,490
Natl. Rural Utils. Coop. Fin. Corp. ....... A+ 3.00 02/15/06 185,000 187,310
Northern Trust Co. ........................ AA- 2.88 12/15/06 200,000 201,009
Prudential Home Mtge.Secs. Co. ............ AAA 6.75 09/25/08 68,872 68,796
Residential Asset Mortgage Prod., Inc. .... AAA 4.92 07/25/26 17,796 17,796
Residential Funding Mtge. Sec ............. AAA 5.00 02/25/33 664,949 671,892
Residential Funding Mtge. Sec ............. AAA 6.50 08/25/13 62,496 62,386
Textron Finance Corp. ..................... A- 2.69 10/03/06 100,000 99,327
US Bank NA ................................ AA- 2.85 11/15/06 150,000 150,726
-----------
2,554,799
-----------
HEALTHCARE (0.7%)
Bristol-Myers Squibb Co. .................. AA- 4.75 10/01/06 200,000 211,491
-----------
INDUSTRIAL (0.3%)
General Dynamics Corp. .................... A 2.13 05/15/06 100,000 99,420
-----------
TECHNOLOGY (0.8%)
Hewlett-Packard Co. ....................... A- 5.75 12/15/06 100,000 108,261
Intl. Business Machines Corp. ............. A+ 4.88 10/01/06 100,000 106,264
-----------
214,525
-----------
UTILITIES (0.8%)
DTE Energy Co. ............................ BBB 6.45 06/01/06 200,000 216,188
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $28,180,577) 99.1%..................................................................................... 28,200,959
===========
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
SHORT-TERM DEBT SECURITIES:
FNMA .................................................. 0.69 01/02/04 258,000 $ 257,995
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $257,995) 0.9%........................................................................................ 257,995
-----------
TOTAL INVESTMENTS
(Cost: $28,438,572) 100.0%................................................................................... $28,458,954
===========
- ----------
* Ratings as per Standard & Poor's Corporation.
Abbreviations: FFCB = Federal Farm Credit Bank
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GNMA = Government National Mortgage Association
(1) U.S. Government guaranteed security.
The accompanying notes are an integral part of these financial statements.
39
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (70.2%)
MORTGAGE-BACKED OBLIGATIONS (4.5%)
FHLMC ..................................... AAA 8.00% 07/15/06 $ 30,250 $ 30,234
FHLMC ..................................... AAA 7.00 02/01/14 129,524 137,957
FHLMC ..................................... AAA 5.00 06/15/17 3,000,000 3,044,898
FNMA ...................................... AAA 7.00 04/25/07 106,824 112,054
-----------
3,325,143
-----------
NON-MORTGAGE-BACKED OBLIGATIONS (65.7%)
FFCB ...................................... AAA 3.72 04/08/08 500,000 502,581
FHLB ...................................... AAA 5.13 03/06/06 4,000,000 4,255,652
FHLB ...................................... AAA 2.88 09/15/06 3,000,000 3,031,866
FHLB ...................................... AAA 2.75 03/14/08 4,750,000 4,662,287
FHLMC ..................................... AAA 4.88 03/15/07 4,000,000 4,258,052
FHLMC ..................................... AAA 6.63 09/15/09 5,000,000 5,717,855
FNMA ...................................... AAA 4.25 07/15/07 14,000,000 14,621,418
FNMA ...................................... AAA 3.25 11/15/07 5,000,000 5,031,660
FNMA ...................................... AAA 6.63 09/15/09 5,500,000 6,289,135
-----------
48,370,506
-----------
BASIC MATERIALS (1.4%)
Cytec Industries, Inc. .................... BBB 6.85 05/11/05 500,000 526,462
International Paper Co. ................... BBB 4.25 01/15/09 250,000 251,025
Intl. Flavors & Fragrances ................ BBB+ 6.45 05/15/06 250,000 271,517
-----------
1,049,004
-----------
CONSUMER, CYCLICAL (3.9%)
Cox Communications, Inc. Cl A ............. BBB 3.88 10/01/08 500,000 500,509
Daimlerchrysler ........................... BBB 4.05 06/04/08 250,000 248,298
Harman Intl. Industries, Inc. ............. BBB- 7.13 02/15/07 250,000 275,988
Newell Rubbermaid ......................... BBB+ 4.63 12/15/09 500,000 502,883
Stanley Works ............................. A 3.50 11/01/07 250,000 251,624
Target Corp. .............................. A+ 5.38 06/15/09 1,000,000 1,071,832
-----------
2,851,134
-----------
CONSUMER, NON-CYCLICAL (3.8%)
Campbell Soup Co. ......................... A 5.50 03/15/07 500,000 539,849
Coca-Cola Enterprises, Inc. ............... A 2.50 09/15/06 500,000 498,642
General Mills, Inc. ....................... BBB+ 2.63 10/24/06 500,000 497,257
Kellogg Co. ............................... BBB 2.88 06/01/08 500,000 482,779
Safeway, Inc. ............................. BBB 4.13 11/01/08 500,000 497,811
Wal-Mart Stores, Inc. ..................... AA 6.88 08/10/09 250,000 288,012
-----------
2,804,350
-----------
ENERGY (0.7%)
Anadarko Petroleum Corp. .................. BBB+ 3.25 05/01/08 500,000 490,985
-----------
FINANCIAL (16.4%)
American Honda Finance .................... A+ 3.85 11/06/08 500,000 503,461
American Express Credit Corp. ............. A+ 3.00 05/16/08 250,000 244,667
Bank of America Corp. ..................... A+ 4.75 10/15/06 500,000 527,862
Bear Stearns Cos., Inc. ................... A 6.63 10/01/04 500,000 519,498
The accompanying notes are an integral part of these financial statements.
40
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIAL (Continued)
Deere Capital Corp. ....................... A- 3.90% 01/15/08 $ 500,000 $ 508,136
FleetBoston Financial Group ............... A 3.85 02/15/08 250,000 254,126
Ford Motor Credit Co. ..................... BBB- 7.38 10/28/09 750,000 823,620
GE Capital Corp. .......................... AAA 2.75 09/25/06 750,000 752,755
General Motors Acceptance Corp. ........... BBB 6.75 01/15/06 500,000 536,775
HJ Heinz Finance Co. ...................... A 6.00 03/15/12 250,000 271,159
Heller Financial, Inc. .................... AAA 6.38 03/15/06 500,000 545,421
Household Finance Corp. ................... A 6.50 01/24/06 500,000 540,738
JP Morgan Chase Bank ...................... A+ 5.63 08/15/06 500,000 537,451
Lehman Brothers Holdings, Inc. ............ A 4.00 01/22/08 500,000 509,972
Markel Corporation ........................ BBB- 7.00 05/15/08 150,000 162,063
Nationwide Health Properties .............. BBB- 7.60 11/20/28 350,000 360,783
Nationwide Health Properties .............. BBB- 7.90 11/20/06 250,000 274,603
Natl. Rural Utils. Coop. Fin. Corp. ....... A+ 3.88 02/15/08 250,000 253,144
Rank Group Financial ...................... BBB- 6.75 11/30/04 500,000 520,117
Roslyn Bancorp, Inc. ...................... BBB- 7.50 12/01/08 500,000 561,318
Sprint Capital Corp. ...................... BBB- 7.13 01/30/06 500,000 540,934
Textron Finance Corp. ..................... A- 2.69 10/03/06 500,000 496,633
The CIT Group, Inc. ....................... A 6.50 02/07/06 500,000 541,495
Union Planters Corp. ...................... BBB- 6.75 11/01/05 500,000 540,718
U S Bancorp ............................... A+ 3.95 08/23/07 500,000 514,455
Wells Fargo & Company ..................... AA- 3.50 04/04/08 250,000 250,798
-----------
12,092,702
-----------
HEALTHCARE (0.4%)
Bristol-Myers Squibb Co. .................. AA- 5.75 10/01/11 250,000 270,156
-----------
INDUSTRIAL (0.7%)
Arrow Electronics, Inc. ................... BBB- 8.70 10/01/05 500,000 546,691
-----------
TECHNOLOGY (1.4%)
Hewlett-Packard Co. ....................... A- 5.75 12/15/06 500,000 541,303
Intl. Business Machines Corp. ............. A+ 4.88 10/01/06 500,000 531,322
-----------
1,072,625
-----------
TELECOMMUNICATIONS (0.7%)
Verizon Global ............................ A+ 4.00 01/15/08 500,000 509,400
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $72,750,292) 99.6%................................................................................... $73,382,696
-----------
- ----------
* Ratings as per Standard & Poor's Corporation.
The accompanying notes are an integral part of these financial statements.
41
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (0.4%)
FNMA .................................................. 0.69% 01/02/04 $ 286,000 $ 285,995
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $285,995) 0.4%....................................................................................... 285,995
-----------
TOTAL INVESTMENTS
(Cost: $73,036,287) 100.0%.................................................................................. $73,668,691
===========
- ----------
Abbreviations: FFCB = Federal Farm Credit Bank
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
42
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Shares Value
------ ------------
COMMON STOCKS:
BASIC MATERIALS (1.6%)
Alcoa, Inc. ............................... 12,300 $ 467,400
International Paper Co. ................... 17,000 732,870
Monsanto Co. .............................. 41,250 1,187,175
Pactiv Corp.* ............................. 34,000 812,600
Praxair, Inc. ............................. 21,000 802,200
------------
4,002,245
------------
CONSUMER, CYCLICAL (8.9%)
Clear Channel Communications .............. 16,000 749,280
Comcast Corp. Cl A* ....................... 9,200 301,668
Disney (Walt) Co. ......................... 97,500 2,274,675
Ford Motor Co. ............................ 342,000 5,472,000
Gap, Inc. ................................. 40,000 928,400
General Motors Corp. ...................... 36,000 1,922,400
Home Depot, Inc. .......................... 50,580 1,795,084
Staples, Inc.* ............................ 18,750 511,875
Time Warner, Inc.* ........................ 275,000 4,947,250
Tribune Co. ............................... 80,000 4,128,000
------------
23,030,632
------------
CONSUMER, NON-CYCLICAL (8.4%)
Anheuser-Busch Cos., Inc. ................. 84,000 4,425,120
Coca-Cola Co. ............................. 84,000 4,263,000
Gillette Co. .............................. 37,700 1,384,721
PepsiCo, Inc. ............................. 56,400 2,629,368
Proctor & Gamble Co. ...................... 29,100 2,906,508
Sysco Corp. ............................... 61,500 2,289,645
Wal-Mart Stores, Inc. ..................... 18,030 956,492
Walgreen Co. .............................. 77,000 2,801,260
------------
21,656,114
------------
ENERGY (3.0%)
Apache Corp. .............................. 8,799 713,599
ChevronTexaco Corp. ....................... 57,000 4,924,230
Exxon Mobil Corp. ......................... 13,890 569,490
Occidental Petroleum Corp. ................ 33,350 1,408,704
------------
7,616,023
------------
FINANCIAL (10.5%)
Aflac, Inc. ............................... 144,000 5,209,920
American Express Co. ...................... 24,750 1,193,693
American Int'l. Group, Inc. ............... 48,000 3,181,440
Bank of America Corp. ..................... 9,110 732,717
Charles Schwab Corp. ...................... 130,000 1,539,200
Cincinnati Financial Corp. ................ 50,900 2,131,692
Citigroup, Inc. ........................... 17,743 861,245
Comerica, Inc. ............................ 56,800 3,184,208
Huntington Bancshares, Inc. ............... 80,000 1,800,000
J.P. Morgan Chase & Co. ................... 46,200 1,696,926
Morgan Stanley ............................ 42,000 2,430,540
PNC Financial Services Group .............. 13,300 727,909
SouthTrust Corp. .......................... 20,520 671,620
Synovus Financial Corp. ................... 22,480 650,122
Wachovia Corp. ............................ 8,000 372,720
Wells Fargo & Company ..................... 11,820 696,080
------------
27,080,032
------------
HEALTHCARE (6.4%)
Amgen, Inc.* .............................. 5,000 309,000
Bard (C.R.), Inc. ......................... 28,700 2,331,875
Biomet, Inc. .............................. 136,500 4,969,965
Bristol-Myers Squibb Co. .................. 148,420 4,244,812
Johnson & Johnson ......................... 5,885 304,019
Lilly (Eli) & Co. ......................... 26,990 1,898,207
Merck & Co., Inc. ......................... 500 23,100
Pfizer, Inc. .............................. 69,290 2,448,016
------------
16,528,994
------------
INDUSTRIAL (5.8%)
Boeing Co. ................................ 66,000 2,781,240
General Electric Co. ...................... 202,020 6,258,580
Northrop Grumman Corp. .................... 16,000 1,529,600
Union Pacific Corp. ....................... 56,500 3,925,620
United Parcel Service Cl B ................ 5,330 397,352
------------
14,892,392
------------
TECHNOLOGY (12.4%)
Agilent Technologies, Inc.* ............... 75,500 2,207,620
Cisco Systems, Inc.* ...................... 236,390 5,741,913
Corning, Inc.* ............................ 315,000 3,285,450
Dell, Inc.* ............................... 56,640 1,923,494
EMC Corp.* ................................ 24,500 316,540
Hewlett-Packard Co. ....................... 33,000 758,010
Intel Corp. ............................... 17,150 552,230
Intl. Business Machines Corp. ............. 55,540 5,147,447
Microsoft Corp. ........................... 205,800 5,667,731
Nortel Networks Corp.* .................... 320,000 1,353,600
Paychex, Inc. ............................. 121,800 4,530,960
Texas Instruments, Inc. ................... 11,690 343,452
------------
31,828,447
------------
TELECOMMUNICATIONS (1.5%)
BellSouth Corp. ........................... 27,000 764,100
CenturyTel, Inc. .......................... 36,000 1,174,320
Citizens Communications Co.* .............. 62,000 770,040
Nextel Communications, Inc.* .............. 10,940 306,976
SBC Communications, Inc. .................. 18,870 491,941
Verizon Communications .................... 8,100 284,148
------------
3,791,525
------------
UTILITIES (1.6%)
CINergy Corp. ............................. 71,000 2,755,510
Exelon Corp. .............................. 21,400 1,420,104
------------
4,175,614
------------
TOTAL EQUITY SECURITIES
(Cost: $142,201,646) 60.1% ................ $154,602,018
------------
- ----------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
43
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (1.9%)
U.S.Treasury Notes ......................... AAA 3.88% 02/15/13 $ 5,000,000 $ 4,894,530
-----------
U.S. GOVERNMENT AGENCIES (21.5%)
MORTGAGE-BACKED OBLIGATIONS (15.4%)
FHLMC ...................................... AAA 5.50 10/15/30 551,368 570,206
FHLMC ...................................... AAA 8.00 07/15/06 30,250 30,234
FHLMC ...................................... AAA 5.00 04/15/16 313,237 320,764
FHLMC ...................................... AAA 5.00 06/15/17 4,000,000 4,059,864
FHLMC ...................................... AAA 4.50 09/15/22 5,500,000 5,593,781
FHLMC ...................................... AAA 6.00 03/15/25 577,112 576,978
FHLMC ...................................... AAA 4.00 10/15/26 1,800,000 1,780,654
FNMA ....................................... AAA 8.00 03/01/31 156,853 169,584
FNMA ....................................... AAA 7.50 06/01/31 192,529 205,747
FNMA ....................................... AAA 7.00 09/01/31 210,166 222,524
FNMA ....................................... AAA 7.00 11/01/31 392,598 415,684
FNMA ....................................... AAA 7.50 02/01/32 141,800 151,525
FNMA ....................................... AAA 6.00 03/01/32 225,544 233,241
FNMA ....................................... AAA 6.00 04/01/32 534,264 552,489
FNMA ....................................... AAA 7.00 04/01/32 219,550 232,483
FNMA ....................................... AAA 8.00 04/01/32 90,921 98,048
FNMA ....................................... AAA 6.50 04/01/32 707,321 739,850
FNMA ....................................... AAA 7.50 04/01/32 229,565 245,317
FNMA ....................................... AAA 8.00 04/01/32 77,087 83,219
FNMA ....................................... AAA 6.00 04/01/32 470,559 486,611
FNMA ....................................... AAA 6.00 05/01/32 434,784 449,615
FNMA ....................................... AAA 6.50 05/01/32 569,768 595,971
FNMA ....................................... AAA 6.50 05/01/32 553,813 579,282
FNMA ....................................... AAA 7.50 06/01/32 188,295 201,214
FNMA ....................................... AAA 7.00 06/01/32 218,906 231,800
FNMA ....................................... AAA 6.50 07/01/32 454,635 475,544
FNMA ....................................... AAA 6.00 04/01/33 1,073,136 1,109,743
FNMA ....................................... AAA 6.00 05/01/33 479,308 495,678
FNMA ....................................... AAA 5.00 06/01/33 1,723,702 1,706,623
FNMA ....................................... AAA 5.50 07/01/33 1,285,757 1,303,152
FNMA ....................................... AAA 5.50 09/01/33 982,485 995,777
FNMA ....................................... AAA 5.50 10/01/33 1,496,207 1,516,449
FNMA ....................................... AAA 5.00 11/01/33 1,243,212 1,230,894
FNMA ....................................... AAA 5.00 10/25/15 1,000,000 1,012,735
FNMA ....................................... AAA 6.50 09/01/16 186,593 197,979
FNMA ....................................... AAA 6.00 03/01/17 96,490 101,326
FNMA ....................................... AAA 6.50 03/01/17 191,747 203,498
FNMA ....................................... AAA 5.50 04/01/17 191,894 199,065
FNMA ....................................... AAA 6.50 05/01/17 141,053 149,697
FNMA ....................................... AAA 5.50 05/01/17 113,747 117,998
FNMA ....................................... AAA 5.50 05/01/17 151,491 157,152
FNMA ....................................... AAA 5.50 06/01/17 66,455 68,938
FNMA ....................................... AAA 6.50 06/01/17 139,502 148,050
FNMA ....................................... AAA 5.00 04/01/18 2,276,829 2,325,130
The accompanying notes are an integral part of these financial statements.
44
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA ....................................... AAA 4.50% 05/01/18 $ 919,661 $ 921,772
FNMA ....................................... AAA 5.00 09/01/18 980,790 1,001,596
FNMA ....................................... AAA 4.00 11/25/26 1,000,000 973,032
GNMA (1) ................................... AAA 6.50 04/15/31 96,179 101,453
GNMA (1) ................................... AAA 7.00 05/15/31 81,492 86,878
GNMA (1) ................................... AAA 7.00 09/15/31 36,823 39,256
GNMA (1) ................................... AAA 7.00 09/15/31 157,568 167,981
GNMA (1) ................................... AAA 6.50 10/15/31 110,574 116,637
GNMA (1) ................................... AAA 6.50 12/15/31 105,072 110,833
GNMA (1) ................................... AAA 6.50 05/15/32 195,430 206,041
GNMA (1) ................................... AAA 7.00 05/15/32 146,604 156,235
GNMA (1) ................................... AAA 6.27 10/16/27 3,000,000 3,312,594
-----------
39,536,421
-----------
NON-MORTGAGE-BACKED OBLIGATIONS (6.1%)
FFCB ...................................... AAA 2.88 06/29/06 1,000,000 1,006,968
FFCB ...................................... AAA 3.72 04/08/08 500,000 502,581
FHLB ...................................... AAA 0.00 06/09/33 15,000,000 2,269,215
FHLB ...................................... AAA 2.88 09/15/06 1,000,000 1,010,622
FHLMC ..................................... AAA 4.50 01/15/13 5,000,000 4,974,745
FNMA ...................................... AAA 4.38 03/15/13 5,000,000 4,910,620
Suffolk County, New York .................. AAA 5.80 11/01/04 250,000 256,083
Suffolk County, New York .................. AAA 5.88 11/01/05 750,000 766,335
-----------
15,697,169
-----------
BASIC MATERIALS (1.8%)
International Paper Co. ................... BBB 4.25 01/15/09 500,000 502,050
Lyondell Chemical Co. ..................... BB- 10.25 11/01/10 500,000 530,000
PolyOne Corp. ............................. BB- 7.50 12/15/15 1,000,000 775,000
Praxair, Inc. ............................. A- 6.90 11/01/06 2,500,000 2,785,838
-----------
4,592,888
-----------
CONSUMER, CYCLICAL (2.3%)
Cox Communications, Inc. Cl A .............. BBB 3.88 10/01/08 500,000 500,509
Daimlerchrysler ............................ BBB 4.05 06/04/08 250,000 248,298
Fruit of the Loom, Inc. (2) ................ NR 7.00 03/15/11 550,530 59,595
Fruit of the Loom, Inc. (2) ................ NR 7.38 11/15/23 152,673 2,721
Johnson Controls, Inc. ..................... A 4.88 09/15/13 500,000 504,391
Kellwood, Co. .............................. BBB- 7.88 07/15/09 2,500,000 2,706,250
Newell Rubbermaid .......................... BBB+ 4.63 12/15/09 500,000 502,883
Stanley Works .............................. A 3.50 11/01/07 250,000 251,624
Target Corp. ............................... A+ 5.38 06/15/09 1,000,000 1,071,832
-----------
5,848,103
-----------
CONSUMER, NON-CYCLICAL (1.2%)
Campbell Soup Co. .......................... A 4.88 10/01/13 500,000 500,530
Coca-Cola Enterprises, Inc. ................ A 2.50 09/15/06 500,000 498,642
General Mills, Inc. ........................ BBB+ 2.63 10/24/06 500,000 497,257
Kellogg Co. ................................ BBB 2.88 06/01/08 500,000 482,779
The accompanying notes are an integral part of these financial statements.
45
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- ------------
LONG-TERM DEBT SECURITIES (CONTINUED):
CONSUMER, NON-CYCLICAL (CONTINUED)
Wal-Mart Stores, Inc. ...................... AA 6.88% 08/10/09 $ 1,000,000 $ 1,152,049
------------
3,131,257
------------
ENERGY (0.2%)
Anadarko Petroleum Corp. ................... BBB+ 3.25 05/01/08 500,000 490,985
------------
FINANCIAL (8.7%)
American Honda Finance ..................... A+ 3.85 11/06/08 500,000 503,462
American Express Credit Corp. .............. A+ 3.00 05/16/08 250,000 244,668
Bank of America Corp. ...................... A+ 4.75 10/15/06 500,000 527,863
Bear Stearns Cos., Inc. .................... A 3.00 03/30/06 500,000 507,528
Berkley (W.R.) Corp. ....................... BBB+ 8.70 01/01/22 1,500,000 1,789,661
CIT Group Hldgs., Inc. ..................... A 2.88 09/29/06 500,000 501,329
Deere Capital Corp. ........................ A- 3.90 01/15/08 500,000 508,137
Fairfax Financial Holdings, Ltd. ........... BB 8.25 10/01/15 500,000 488,750
First Tennessee Natl. Corp. ................ BBB+ 4.50 05/15/13 1,500,000 1,440,901
FleetBoston Financial Group ................ A 3.85 02/15/08 250,000 254,126
Ford Motor Credit Co. ...................... BBB- 7.38 10/28/09 1,000,000 1,098,160
GE Capital Corp. ........................... AAA 5.45 01/15/13 2,000,000 2,080,653
General Motors Acceptance Corp. ............ BBB 0.00 12/01/12 2,500,000 1,411,752
HJ Heinz Finance Co. ....................... A 6.00 03/15/12 1,000,000 1,084,634
JP Morgan Chase Bank ....................... A+ 5.63 08/15/06 500,000 537,450
Lehman Brothers Holdings, Inc. ............. A 4.00 01/22/08 500,000 509,972
Markel Corporation ......................... BBB- 7.00 05/15/08 250,000 270,104
Markel Corporation ......................... BBB- 6.80 02/15/13 250,000 263,624
Nationwide Health Properties ............... BBB- 7.90 11/20/06 5,000,000 5,492,055
Natl. Rural Utils. Coop. Fin. Corp. ........ A+ 3.88 02/15/08 250,000 253,144
Northern Trust Co. ......................... AA- 2.88 12/15/06 1,000,000 1,005,047
Roslyn Bancorp, Inc. ....................... BBB- 7.50 12/01/08 250,000 280,659
Textron Finance Corp. ...................... A- 2.69 10/03/06 500,000 496,633
Union Planters Bank ........................ BBB+ 5.13 06/15/07 500,000 532,603
Wells Fargo & Company ...................... AA- 3.50 04/04/08 250,000 250,798
------------
22,333,713
------------
HEALTHCARE (0.6%)
Bristol-Myers Squibb Co. .................. AA- 5.75 10/01/11 1,000,000 1,080,622
Watson Pharmaceuticals, Inc. .............. BBB- 7.13 05/15/08 500,000 536,659
------------
1,617,281
------------
INDUSTRIAL (0.2%)
Arrow Electronics, Inc. ................... BBB- 8.70 10/01/05 500,000 546,691
------------
TECHNOLOGY (0.4%)
Hewlett-Packard Co. ....................... A- 5.75 12/15/06 500,000 541,303
Intl. Business Machines Corp. ............. A+ 4.88 10/01/06 500,000 531,322
------------
1,072,625
------------
TELECOMMUNICATIONS (0.2%)
Verizon Global ............................ A+ 4.00 01/15/08 500,000 509,400
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $100,185,600) 39.0%..................................................................................... $100,271,063
------------
The accompanying notes are an integral part of these financial statements.
46
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (0.9%)
FNMA .................................................. 0.69% 01/02/04 $2,430,000 $ 2,429,953
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $2,429,953) 0.9%..................................................................................... 2,429,953
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $70,700) 0.0%(3).................................................................................... 70,700
------------
TOTAL INVESTMENTS
(Cost: $244,887,899) 100.0%................................................................................. $257,373,734
============
- ----------
* Ratings as per Standard & Poor's Corporation.
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2003 was 0.44%.
Abbreviations: FFCB = Federal Farm Credit Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GNMA = Government National Mortgage Association
NR = Issue not rated by either S&P or Moody's
(1) U.S. Government guaranteed security.
(2) Issuer has filed for Chapter XI bankruptcy law (or equivalent) protection;
issue is non-income producing.
(3) Less than .05%.
The total value of investments not rated and/or below-investment grade as a
percentage of the Fund's total investments as of December 31, 2003 is 0.7%.
The accompanying notes are an integral part of these financial statements.
47
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Shares Value
------ -----------
COMMON STOCKS:
BASIC MATERIALS (6.6%)
Celanese AG* .............................. 54,130 $ 2,202,550
Cleveland-Cliffs, Inc.* ................... 52,000 2,649,400
Coeur D'Alene Mines Corp.* ................ 292,430 1,690,245
Cytec Industries, Inc.* ................... 40,000 1,535,600
Georgia Gulf Corp. ........................ 166,000 4,794,080
Goldcorp, Inc. ............................ 24,520 391,094
Graftech International, Ltd.* ............. 267,560 3,612,060
Lyondell Petrochemical Co. ................ 99,360 1,684,152
Steel Dynamics, Inc.* ..................... 88,000 2,024,000
TETRA Technologies* ....................... 80,500 2,001,230
Valspar Corp. ............................. 35,080 1,733,654
-----------
24,318,065
-----------
CONSUMER, CYCLICAL (19.1%)
American Axle & Mfg. Holdings* ............ 63,350 2,560,607
Borg-Warner, Inc. ......................... 26,250 2,233,088
Buffalo Wild Wings, Inc.* ................. 51,260 1,326,096
CBRL Group, Inc. .......................... 51,270 1,961,590
Cheesecake Factory, Inc.* ................. 72,000 3,170,160
Courier Corp. ............................. 54,226 2,086,128
Dick's Sporting Goods, Inc.* .............. 65,000 3,162,900
Guitar Center Inc.* ....................... 155,270 5,068,013
Gymboree Corp.* ........................... 170,000 2,929,100
Hibbett Sporting Goods, Inc.* ............. 100,000 2,980,000
Hot Topic, Inc.* .......................... 90,000 2,651,400
ITT Educational Services, Inc. ............ 56,510 2,654,275
Jacuzzi Brands, Inc.* ..................... 220,000 1,559,800
Landry's Restaurant, Inc. ................. 172,500 4,436,700
P.F. Changs China Bistro, Inc.* ........... 47,665 2,425,195
Provide Commerce, Inc. .................... 185,570 2,815,097
Quality Distribution, Inc.* ............... 75,000 1,470,000
Rare Hospitality Int'l., Inc.* ............ 64,980 1,588,111
Red Robin Gourmet Burgers* ................ 105,000 3,199,350
Redenvelope, Inc.* ........................ 202,800 3,386,760
The Finish Line Cl A* ..................... 100,000 2,997,000
The Steak N Shake Company* ................ 178,870 3,192,830
West Marine, Inc.* ........................ 213,200 5,929,092
Wet Seal, Inc. Cl A* ...................... 160,980 1,592,092
XM Satellite Radio Holdings Cl A .......... 131,128 3,447,355
-----------
70,822,739
-----------
CONSUMER, NON-CYCLICAL (1.3%)
Jarden Corp.* ............................. 179,500 4,907,530
-----------
ENERGY (5.2%)
Brigham Exploration Company* .............. 269,500 2,163,816
Chesapeake Energy Corp. ................... 141,900 1,927,002
Denbury Resources, Inc.* .................. 121,000 1,683,110
Maverick Tube Corp.* ...................... 140,000 2,695,000
Patina Oil & Gas Corp. .................... 64,170 3,143,688
Quicksilver Resources* .................... 44,000 1,421,200
Ultra Petroleum Corp.* .................... 107,800 2,654,036
Western Gas Resources ..................... 75,000 3,543,750
-----------
19,231,602
-----------
FINANCIAL (4.8%)
Alabama National Bancorp .................. 70,939 3,727,844
Bank of the Ozarks ........................ 54,080 1,218,422
Conseco, Inc.* ............................ 75,000 1,635,000
East West Bancorp Inc. .................... 51,498 2,764,413
PrivateBancorp, Inc. ...................... 138,999 6,295,265
Texas Regional Bancshares ................. 62,099 2,297,663
-----------
17,938,607
-----------
HEALTHCARE (10.9%)
Acusphere, Inc.* .......................... 86,900 762,982
Alaris Medical Systems, Inc.* ............. 90,914 1,382,802
Alexion Pharmaceuticals, Inc.* ............ 114,987 1,957,079
Centene Corporation* ...................... 50,000 1,400,500
Closure Medical Corporation* .............. 58,785 2,003,981
Cubist Pharmaceuticals, Inc.* ............. 114,410 1,391,226
Dendreon Corp.* ........................... 236,405 1,905,424
Edwards Lifesciences Corp.* ............... 82,288 2,475,223
GTC Biotherapeutics* ...................... 312,201 936,135
IDEXX Laboratories, Inc.* ................. 60,131 2,782,863
Introgen Therapeutics, Inc.* .............. 155,203 1,316,121
Maxim Pharmaceuticals, Inc.* .............. 150,000 1,335,000
Neurocrine Biosciences, Inc.* ............. 17,436 950,959
Pharmaceutical Resources, Inc.* ........... 41,636 2,712,585
Select Medical Corp. ...................... 194,960 3,173,949
Shire Pharmaceuticals Group Plc ........... 72,820 2,116,149
Staar Surgical Co.* ....................... 174,913 1,969,520
Telik, Inc.* .............................. 106,196 2,442,508
Vicuron Pharmaceuticals, Inc.* ............ 78,313 1,460,537
VistaCare, Inc. Cl A* ..................... 88,540 3,093,588
Vital Images, Inc.* ....................... 154,739 2,763,639
-----------
40,332,770
-----------
INDUSTRIAL (20.3%)
AGCO Corp.* ............................... 86,650 1,745,131
Actuant Corp. Cl A* ....................... 91,000 3,294,200
Ametek, Inc. .............................. 35,000 1,689,100
Applied Industrial Tech., Inc. ............ 70,000 1,670,200
Aspect Communications, Inc.* .............. 216,830 3,417,241
Asyst Technologies, Inc.* ................. 144,900 2,514,015
Benchmark Electronics* .................... 96,691 3,365,814
Buckeye Technologies, Inc.* ............... 162,460 1,632,723
Clarcor, Inc. ............................. 113,707 5,014,479
Cymer, Inc.* .............................. 32,500 1,501,175
Electro Scientific Inds., Inc.* ........... 60,000 1,428,000
Esterline Technologies* ................... 69,990 1,866,633
Graco, Inc. ............................... 45,490 1,824,149
Jacobs Engineering Group, Inc. ............ 45,330 2,176,293
Joy Global, Inc. .......................... 85,000 2,222,750
Kirby Corp.* .............................. 117,574 4,100,981
Magma Design Automation* .................. 232,933 5,436,656
Moog, Inc. Cl A* .......................... 39,100 1,931,540
Mykrolis Corp.* ........................... 188,000 3,023,040
NN, Inc. .................................. 109,500 1,375,320
Precision Castparts Corp. ................. 45,510 2,066,609
Roper Industries, Inc. .................... 32,000 1,576,320
Shaw Group, Inc* .......................... 125,000 1,702,500
TTM Technologies* ......................... 260,720 4,400,954
UTI Worldwide, Inc.* ...................... 82,000 3,100,420
Wabash National Corp.* .................... 93,750 2,746,875
York International Corp. .................. 228,000 8,390,400
-----------
75,213,518
-----------
TECHNOLOGY (23.2%)
ASE Test Limited* ......................... 256,500 3,839,805
Altiris, Inc.* ............................ 103,500 3,775,680
Ascential Software Corp.* ................. 120,000 3,111,600
Axcelis Technology* ....................... 251,060 2,565,833
Chordiant Software, Inc.* ................. 667,380 3,637,221
Cray, Inc.* ............................... 275,439 2,735,109
Cypress Semiconductor Corp.* .............. 174,259 3,722,172
Embarcardero Technologies, Inc. ........... 225,000 3,588,750
Emulex Corp.* ............................. 129,339 3,450,765
Fairchild Semiconductor Intl.* ............ 169,830 4,240,655
Integrated Device Tech., Inc.* ............ 121,000 2,077,570
Integrated Silicon Solution* .............. 320,000 5,014,400
International Rectifier* .................. 122,404 6,047,982
Kulicke and Soffa Industries* ............. 157,220 2,260,824
LTX Corp.* ................................ 175,000 2,630,250
Lecroy Corp.* ............................. 50,470 912,498
Mapinfo Corp.* ............................ 220,660 2,226,459
Mastec, Inc.* ............................. 135,000 1,999,350
The accompanying notes are an integral part of these financial statements.
48
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2003
Shares Value
------- ------------
COMMON STOCKS: (CONTINUED):
TECHNOLOGY (CONTINUED)
Mindspeed Technologies* ................... 649,860 $ 4,451,541
Power Integrations, Inc.* ................. 84,000 2,810,640
Quest Software, Inc.* ..................... 193,500 2,747,700
SONUS Networks, Inc.* ..................... 354,891 2,675,878
Semtech Corp.* ............................ 125,000 2,841,250
Silicon Storage Technology* ............... 355,000 3,905,000
Technitrol, Inc.* ......................... 88,000 1,825,120
Varian Semiconductor Equip.* .............. 32,500 1,419,925
Websense, Inc.* ........................... 110,000 3,216,400
Zebra Technologies Cl A* .................. 35,640 2,363,288
------------
86,093,665
------------
TELECOMMUNICATIONS (0.8%)
SpectraLink Corporation ................... 155,000 2,971,350
------------
UTILITIES (2.7%)
Energen Corp. ............................. 50,000 2,051,500
Equitable Resources, Inc. ................. 13,070 560,964
Southwestern Energy Co.* .................. 216,070 5,164,073
Williams Cos., Inc. ....................... 216,620 2,127,208
------------
9,903,745
------------
TOTAL COMMON STOCKS
(Cost: $288,293,066) 94.9% ................ $351,733,591
------------
Face
Rate Maturity Amount Value
---- -------- ---------- ------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (5.1%)
Federal National Mortgage Association ................. 0.69% 01/02/04 $18,910,000 $ 18,909,638
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $18,909,638) 5.1%..................................................................................... 18,909,638
------------
TOTAL INVESTMENTS
(Cost: $307,202,704) 100.0%.................................................................................. $370,643,229
============
- ----------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
49
MUTUAL OF AMERICA INVESTMENT CORPORATION (CONSERVATIVE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Shares Value
------- ------------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund ................................ 668,072 $ 861,383
Equity Index Fund ........................ 376,766 735,602
Mid-Term Bond Fund ....................... 901,992 863,811
Short-Term Bond Fund ..................... 418,579 431,882
-----------
TOTAL INVESTMENTS
(Cost: $2,913,919) 100.0%............................... $ 2,892,678
===========
The accompanying notes are an integral part of these financial statements.
50
MUTUAL OF AMERICA INVESTMENT CORPORATION (MODERATE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Shares Value
--------- ------------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund ................................ 3,408,062 $ 4,394,205
Mid-Cap Equity Index Fund ................ 1,723,671 2,234,638
Equity Index Fund ........................ 2,690,577 5,253,114
Mid-Term Bond fund ....................... 3,067,547 2,937,698
-----------
TOTAL INVESTMENTS
(Cost: $14,522,974) 100.0%.............................. $14,819,655
===========
The accompanying notes are an integral part of these financial statements.
51
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2003
Shares Value
--------- ------------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund ................................ 2,143,027 $ 2,763,125
Mid-Cap Equity Index Fund ................ 1,733,423 2,247,280
Equity Index Fund ........................ 2,609,415 5,094,653
Aggressive Equity Fund ................... 656,333 1,136,174
-----------
TOTAL INVESTMENTS
(COST: $10,703,148) 100.0% ............................. $11,241,232
===========
The accompanying notes are an integral part of these financial statements.
52
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
December 31, 2003
Money Market All America Equity Index
Fund Fund Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Money Market Fund -- $73,724,395
All America Fund -- $388,132,408
Equity Index Fund -- $573,906,955)
(Notes 1 and 3) ............................................... $ 73,724,346 $491,061,456 $616,726,702
Cash ................................................................... 1,839 28,963 5,117
Interest and dividends receivable ...................................... -- 487,043 787,344
Receivable for securities sold ......................................... -- 100,446 46,066
Receivable for daily variation margin on futures contracts ............. -- 25,464 60,374
------------ ------------ ------------
TOTAL ASSETS ........................................................... 73,726,185 491,703,372 617,625,603
------------ ------------ ------------
NET ASSETS ............................................................. $ 73,726,185 $491,703,372 $617,625,603
============ ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) .................................. 62,253,630 232,180,108 316,316,198
============ ============ ============
NET ASSET VALUE, offering and redemption price per share ............... $1.18 $2.12 $1.95
===== ===== =====
Mid-Cap
Equity Index Bond Short-Term
Fund Fund Bond Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Mid-Cap Equity Index Fund -- $196,132,493
Bond Fund -- $341,190,509
Short-Term Bond Fund -- $28,438,572)
(Notes 1 and 3) ................................................... $216,499,622 $345,795,363 $ 28,458,954
Cash ................................................................... 17 51 2,355
Interest and dividends receivable ...................................... 121,895 3,043,972 146,700
Receivable for securities sold ......................................... -- 10,361 15,449
------------ ------------ ------------
TOTAL ASSETS ........................................................... 216,621,534 348,849,747 28,623,458
------------ ------------ ------------
LIABILITIES:
Payable for daily variation margin on futures contracts ................ 112,335 -- --
------------ ------------ ------------
NET ASSETS ............................................................. $216,509,199 $348,849,747 $ 28,623,458
============ ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) .................................. 167,002,741 270,545,154 27,741,809
============ ============ ============
NET ASSET VALUE, offering and redemption price per share ............... $1.30 $1.29 $1.03
===== ===== =====
The accompanying notes are an integral part of these financial statements.
53
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES (Continued)
December 31, 2003
Mid-Term Composite Aggressive
Bond Fund Fund Equity Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Mid-Term Bond Fund -- $73,036,287
Composite Fund -- $244,887,899
Aggressive Equity Fund -- $307,202,704)
(Notes 1 and 3) ................................................... $ 73,668,691 $257,373,734 $370,643,229
Cash ................................................................... 4,844 5,097 7,799
Interest and dividends receivable ...................................... 967,431 1,254,738 55,822
Receivable for securities sold ......................................... -- -- 4,512
------------ ------------ ------------
TOTAL ASSETS ........................................................... 74,640,966 258,633,569 370,711,362
------------ ------------ ------------
NET ASSETS ............................................................. $ 74,640,966 $258,633,569 $370,711,362
============ ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) .................................. 77,940,160 184,087,308 214,148,480
============ ============ ============
NET ASSET VALUE, offering and redemption price per share ............... $0.96 $1.40 $1.73
===== ===== =====
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Conservative Allocation Fund -- $2,913,919
Moderate Allocation Fund -- $14,522,974
Aggressive Allocation Fund -- $10,703,148)
(Notes 1 and 3) ................................................... $ 2,892,678 $ 14,819,655 $ 11,241,232
------------ ------------ ------------
TOTAL ASSETS ........................................................... 2,892,678 14,819,655 11,241,232
------------ ------------ ------------
NET ASSETS ............................................................. $ 2,892,678 $ 14,819,655 $ 11,241,232
============ ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) .................................. 2,857,375 13,680,002 9,637,346
============ ============ ============
NET ASSET VALUE, offering and redemption price per share ............... $1.01 $1.08 $1.17
===== ===== =====
The accompanying notes are an integral part of these financial statements.
54
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
For the Year Ended December 31, 2003
Money Market All America Equity Index Equity Index Bond
Fund Fund Fund Fund Fund
------------- ------------- ------------- ------------- -------------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends .................................. $ -- $ 5,675,493 $ 8,462,441 $ 1,601,769 $ --
Interest ................................... 979,210 187,956 189,185 117,696 19,601,642
------------- ------------- ------------- ------------- -------------
Total income .................................. 979,210 5,863,449 8,651,626 1,719,465 19,601,642
------------- ------------- ------------- ------------- -------------
Expenses:
Investment advisory fees (Note 2) .......... 213,406 2,186,753 611,028 182,413 1,750,200
Accounting and recordkeeping expenses ...... 29,180 122,555 116,719 35,016 139,341
Shareholders reports ....................... 31,836 133,710 127,343 38,203 114,609
Custodian expenses ......................... 23,639 132,673 72,354 34,868 21,551
Directors' (independent) fees and expenses . 14,040 14,040 14,040 14,040 14,040
Audit ...................................... 6,993 29,369 27,970 8,391 25,173
Legal and other ............................ 5,718 48,283 66,012 6,862 20,588
------------- ------------- ------------- ------------- -------------
Total expenses before reimbursement ........... 324,812 2,667,383 1,035,466 319,793 2,085,502
Expense reimbursement ......................... (111,406) (480,630) (424,438) (137,380) (335,302)
------------- ------------- ------------- ------------- -------------
Net Expenses ............................... 213,406 2,186,753 611,028 182,413 1,750,200
------------- ------------- ------------- ------------- -------------
NET INVESTMENT INCOME ......................... 765,804 3,676,696 8,040,598 1,537,052 17,851,442
------------- ------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS (Note 1):
Net realized gain (loss) on investments
and futures contracts:
Net realized gain (loss) on investments .. 95 29,027,380 (362,727) (472,379) (10,850,586)
Net realized gain (loss) on futures
contracts .............................. -- 2,044,270 3,032,890 2,522,107 --
------------- ------------- ------------- ------------- -------------
95 31,071,650 2,670,163 2,049,728 (10,850,586)
------------- ------------- ------------- ------------- -------------
Net unrealized appreciation (depreciation)
of investments and futures contracts:
Net unrealized appreciation
(depreciation) of investments ............ 65 90,447,150 113,998,461 41,842,973 15,428,361
Net unrealized appreciation
(depreciation) of futures contracts ...... -- 383,400 561,000 313,375 --
------------- ------------- ------------- ------------- -------------
65 90,830,550 114,559,461 42,156,348 15,428,361
------------- ------------- ------------- ------------- -------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS .......................... 160 121,902,200 117,229,624 44,206,076 4,577,775
------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .................. $ 765,964 $ 125,578,896 $ 125,270,222 $ 45,743,128 $ 22,429,217
============= ============= ============= ============= =============
The accompanying notes are an integral part of these financial statements.
55
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS (Continued)
For the Year Ended December 31, 2003
Aggressive
Short-Term Mid-Term Composite Equity
Bond Fund Bond Fund Fund Fund
------------ ------------ ------------ ------------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ........................................ $ -- $ -- $ 1,752,598 $ 843,167
Interest ......................................... 1,136,917 3,230,088 5,520,881 203,896
------------ ------------ ------------ ------------
Total income ........................................... 1,136,917 3,230,088 7,273,479 1,047,063
------------ ------------ ------------ ------------
Expenses:
Investment advisory fees (Note 2) ................ 168,116 433,110 1,178,218 2,365,142
Accounting and recordkeeping expenses .................. 47,148 48,101 93,758 70,031
Shareholders reports ............................. 12,734 31,836 70,039 76,406
Custodian expenses ............................... 28,976 13,823 90,799 56,433
Directors' (independent) fees and expenses ....... 14,040 14,040 14,040 14,040
Audit ............................................ 2,797 6,993 15,384 16,782
Legal and other .................................. 2,287 5,718 12,582 13,727
------------ ------------ ------------ ------------
Total expenses before reimbursement .................... 276,098 553,621 1,474,820 2,612,561
Expense reimbursement .................................. (107,982) (120,511) (296,602) (247,419)
------------ ------------ ------------ ------------
Net Expenses ..................................... 168,116 433,110 1,178,218 2,365,142
------------ ------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) ........................... 968,801 2,796,978 6,095,261 (1,318,079)
------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments ................ (135,037) 573,478 15,014,794 32,871,438
Net unrealized appreciation (depreciation)
of investments ................................... (267,402) (1,015,164) 18,992,627 63,776,080
------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS ............................ (402,439) (441,686) 34,007,421 96,647,518
------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........................ $ 566,362 $ 2,355,292 $ 40,102,682 $ 95,329,439
============ ============ ============ ============
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund(a) Fund(a) Fund(a)
------------ ------------ ------------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ........................................................ $ 100,693 $ 413,192 $ 217,129
Interest ......................................................... -- -- --
------------ ------------ ------------
Total income ........................................................... 100,693 413,192 217,129
------------ ------------ ------------
Expenses(b):
Investment advisory fees (Note 2) ................................ -- -- --
Other operating expenses ......................................... -- -- --
------------ ------------ ------------
Total expenses before reimbursement .................................... -- -- --
Expense reimbursement .................................................. -- -- --
------------ ------------ ------------
Net Expenses ..................................................... -- -- --
------------ ------------ ------------
NET INVESTMENT INCOME .................................................. 100,693 413,192 217,129
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments ................................ 11,315 66,311 74,951
Net unrealized appreciation (depreciation) of investments .............. (21,241) 296,681 538,084
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................. (9,926) 362,992 613,035
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS .................................................. $ 90,767 $ 776,184 $ 830,164
============ ============ ============
- ----------
(a) For the Period May 20, 2003 (Commencement of Operations) to December 31,
2003.
(b) There are no other advisory or operating expenses other than those
included in each of the underlying funds in which they invest.
The accompanying notes are an integral part of these financial statements.
56
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended December 31,
Money Market Fund All America Fund Equity Index Fund
------------------------------ ------------------------------ ------------------------------
2003 2002 2003 2002 2003 2002
------------- ------------- ------------- ------------- ------------- -------------
INCREASE (DECREASE)
IN NET ASSETS:
FROM OPERATIONS:
Net investment
income ................... $ 765,804 $ 1,387,838 $ 3,676,696 $ 4,035,453 $ 8,040,598 $ 6,314,961
Net realized gain
(loss) on
investments and
futures contracts ........ 95 (295) 31,071,650 (10,986,244) 2,670,163 (10,721,028)
Unrealized appreciation
(depreciation) of
investments and
futures contracts ......... 65 (182) 90,830,550 (118,968,696) 114,559,461 (106,320,254)
------------- ------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS ............ 765,964 1,387,361 125,578,896 (125,919,487) 125,270,222 (110,726,321)
------------- ------------- ------------- ------------- ------------- -------------
DIVIDEND DISTRIBUTIONS
(Note 5)
From net investment
income ................... (770,955) (1,424,275) (3,535,195) (4,171,220) (7,869,784) (6,127,600)
From capital gains ......... -- -- -- -- -- (807,547)
------------- ------------- ------------- ------------- ------------- -------------
Total distributions .......... (770,955) (1,424,275) (3,535,195) (4,171,220) (7,869,784) (6,935,147)
------------- ------------- ------------- ------------- ------------- -------------
CAPITAL SHARE
TRANSACTIONS (Note 4):
Net proceeds from sale
of shares ................ 48,750,527 111,407,357 76,080,371 99,421,733 304,723,470 217,527,425
Dividends reinvested ....... 770,955 1,424,275 3,535,195 4,171,220 7,869,784 6,935,147
Cost of shares redeemed .... (69,000,171) (114,053,883) (130,754,441) (156,254,491) (202,766,244) (180,808,800)
------------- ------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE)
IN NET ASSETS FROM
CAPITAL SHARE
TRANSACTIONS ............... (19,478,689) (1,222,251) (51,138,875) (52,661,538) 109,827,010 43,653,772
------------- ------------- ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS ................. (19,483,680) (1,259,165) 70,904,826 (182,752,245) 227,227,448 (74,007,696)
NET ASSETS, BEGINNING
OF YEAR .................... 93,209,865 94,469,030 420,798,546 603,550,791 390,398,155 464,405,851
------------- ------------- ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR ...... $ 73,726,185 $ 93,209,865 $ 491,703,372 $ 420,798,546 $ 617,625,603 $ 390,398,155
============= ============= ============= ============= ============= =============
COMPONENTS OF NET ASSETS:
Paid-in capital ............ $ 73,691,919 $ 93,172,545 $ 385,568,390 $ 436,707,265 $ 584,029,611 $ 474,202,601
Accumulated
undistributed net
investment income
(loss) ................... 46,913 52,064 2,077,059 1,935,558 358,175 187,361
Accumulated
undistributed net
realized gain (loss)
on investments and
futures contracts ........ (12,598) (14,630) 884,375 (30,187,275) (9,982,305) (12,652,468)
Unrealized appreciation
(depreciation) of
investments and
futures contracts ........ (49) (114) 103,173,548 12,342,998 43,220,122 (71,339,339)
------------- ------------- ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR ...... $ 73,726,185 $ 93,209,865 $ 491,703,372 $ 420,798,546 $ 617,625,603 $ 390,398,155
============= ============= ============= ============= ============= =============
Mid-Cap Short-Term
Equity Index Fund Bond Fund Bond Fund
------------------------------ ------------------------------ ------------------------------
2003 2002 2003 2002 2003 2002
------------- ------------- ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS:
FROM OPERATIONS:
Net investment income ....... $ 1,537,052 $ 1,286,550 $ 17,851,442 $ 26,944,781 $ 968,801 $ 1,030,568
Net realized gain (loss) on
investments and futures
contracts ................. 2,049,728 (3,792,624) (10,850,586) (7,612,362) (135,037) 1,123
Unrealized appreciation
(depreciation) of
investments and futures
contracts ................. 42,156,348 (22,334,281) 15,428,361 8,606,711 (267,402) 42,798
------------- ------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS .................. 45,743,128 (24,840,355) 22,429,217 27,939,130 566,362 1,074,489
------------- ------------- ------------- ------------- ------------- -------------
DIVIDEND DISTRIBUTIONS
(Note 5)
From net investment income .. (1,480,749) (131,585) (17,956,541) (27,965,312) (968,857) (1,025,375)
From capital gains .......... -- (2,103,896) -- (7,369,399) -- --
------------- ------------- ------------- ------------- ------------- -------------
Total distributions ........... (1,480,749) (2,235,481) (17,956,541) (35,334,711) (968,857) (1,025,375)
------------- ------------- ------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS
(Note 4):
Net proceeds from sale
of shares ................. 135,526,489 188,970,851 63,563,208 64,814,871 14,203,736 25,227,864
Dividends reinvested ........ 1,480,749 2,235,481 17,956,541 35,334,711 968,857 1,025,375
Cost of shares redeemed ..... (79,111,459) (162,199,591) (173,906,686) (60,288,050) (24,016,745) (4,893,304)
------------- ------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS .......... 57,895,779 29,006,741 (92,386,937) 39,861,532 (8,844,152) 21,359,935
------------- ------------- ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS .................. 102,158,158 1,930,905 (87,914,261) 32,465,951 (9,246,647) 21,409,049
NET ASSETS, BEGINNING OF YEAR . 114,351,041 112,420,136 436,764,008 404,298,057 37,870,105 16,461,056
------------- ------------- ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR ....... $ 216,509,199 $ 114,351,041 $ 348,849,747 $ 436,764,008 $ 28,623,458 $ 37,870,105
============= ============= ============= ============= ============= =============
COMPONENTS OF NET ASSETS:
Paid-in capital ............. $ 199,237,185 $ 141,341,406 $ 368,138,682 $ 460,525,619 $ 28,787,268 $ 37,631,420
Accumulated undistributed
net investment income
(loss) .................... 1,342,853 1,286,550 222,793 551,850 24,294 24,350
Accumulated undistributed
net realized gain (loss)
on investments and futures
contracts ................. (4,754,343) (6,804,071) (24,116,582) (13,489,954) (208,486) (73,449)
Unrealized appreciation
(depreciation) of
investments and futures
contracts ................. 20,683,504 (21,472,844) 4,604,854 (10,823,507) 20,382 287,784
------------- ------------- ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR ....... $ 216,509,199 $ 114,351,041 $ 348,849,747 $ 436,764,008 $ 28,623,458 $ 37,870,105
============= ============= ============= ============= ============= =============
The accompanying notes are an integral part of these financial statements.
57
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the Years Ended December 31,
Mid-Term Aggressive
Bond Fund Composite Fund Equity Fund
------------------------------ ------------------------------ ------------------------------
2003 2002 2003 2002 2003 2002
------------- ------------- ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) . $ 2,796,978 $ 2,222,328 $ 6,095,261 $ 8,361,481 $ (1,318,079) $ (357,744)
Net realized gain (loss)
on investments ............. 573,478 1,272,856 15,014,794 (20,107,603) 32,871,438 (43,255,000)
Unrealized appreciation
(depreciation) of
investments ................ (1,015,164) 1,603,019 18,992,627 (7,739,623) 63,776,080 (18,428,678)
------------- ------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS ................... 2,355,292 5,098,203 40,102,682 (19,485,745) 95,329,439 (62,041,422)
------------- ------------- ------------- ------------- ------------- -------------
DIVIDEND DISTRIBUTIONS (Note 5)
From net investment income ... (2,779,799) (2,205,615) (6,126,289) (8,256,558) -- --
From capital gains ........... (626,331) -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
Total distributions ............ (3,406,130) (2,205,615) (6,126,289) (8,256,558) -- --
------------- ------------- ------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS
(Note 4):
Net proceeds from sale of
shares ..................... 28,547,404 71,737,909 9,604,154 6,680,632 92,465,164 130,661,614
Dividends reinvested ......... 3,406,130 2,205,615 6,126,289 8,256,558 -- --
Cost of shares redeemed ...... (43,871,696) (33,349,984) (16,102,913) (34,254,770) (54,849,032) (125,471,772)
------------- ------------- ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS ........... (11,918,162) 40,593,540 (372,470) (19,317,580) 37,616,132 5,189,842
------------- ------------- ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS ................... (12,969,000) 43,486,128 33,603,923 (47,059,883) 132,945,571 (56,851,580)
NET ASSETS, BEGINNING OF YEAR .. 87,609,966 44,123,838 225,029,646 272,089,529 237,765,791 294,617,371
------------- ------------- ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR ........ $ 74,640,966 $ 87,609,966 $ 258,633,569 $ 225,029,646 $ 370,711,362 $ 237,765,791
============= ============= ============= ============= ============= =============
COMPONENTS OF NET ASSETS:
Paid-in capital .............. $ 73,936,380 $ 85,854,542 $ 299,052,900 $ 299,425,370 $ 342,230,220 $ 305,932,167
Accumulated undistributed
net investment income
(loss) ..................... 47,179 30,000 4,519,772 4,550,800 -- --
Accumulated undistributed
net realized gain (loss)
on investments ............. 25,003 77,856 (57,424,938) (72,439,732) (34,959,383) (67,830,821)
Unrealized appreciation
(depreciation) of
investments ................ 632,404 1,647,568 12,485,835 (6,506,792) 63,440,525 (335,555)
------------- ------------- ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR ........ $ 74,640,966 $ 87,609,966 $ 258,633,569 $ 225,029,646 $ 370,711,362 $ 237,765,791
============= ============= ============= ============= ============= =============
Conservative Moderate Aggressive
Allocation Fund Allocation Fund Allocation Fund
-------------------- -------------------- --------------------
For the Period For the Period For the Period
May 20, 2003 May 20, 2003 May 20, 2003
(Commencement (Commencement (Commencement
of Operations) of Operations) of Operations)
to December 31, 2003 to December 31, 2003 to December 31, 2003
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) ............................... $ 100,693 $ 413,192 $ 217,129
Net realized gain (loss) on investments .................... 11,315 66,311 74,951
Unrealized appreciation (depreciation)
of investments ........................................... (21,241) 296,681 538,084
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .................................. 90,767 776,184 830,164
------------ ------------ ------------
DIVIDEND DISTRIBUTIONs (Note 5)
From net investment income ................................. (98,762) (397,667) (205,040)
From capital gains ......................................... (13,488) (53,682) (42,769)
------------ ------------ ------------
Total distributions .......................................... (112,250) (451,349) (247,809)
------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (Note 4):
Net proceeds from sale of shares ........................... 4,867,188 16,257,172 12,583,286
Dividends reinvested ....................................... 112,250 451,349 247,809
Cost of shares redeemed .................................... (2,065,277) (2,213,701) (2,172,218)
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ................................. 2,914,161 14,494,820 10,658,877
------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS ............................ 2,892,678 14,819,655 11,241,232
NET ASSETS, BEGINNING OF PERIOD .............................. -- -- --
------------ ------------ ------------
NET ASSETS, END OF PERIOD .................................... $ 2,892,678 $ 14,819,655 $ 11,241,232
============ ============ ============
COMPONENTS OF NET ASSETS:
Paid-in capital ............................................ $ 2,914,161 $ 14,494,820 $ 10,658,877
Accumulated undistributed net
investment income (loss) ................................. 1,931 15,525 12,089
Accumulated undistributed net
realized gain (loss) on
investments .............................................. (2,173) 12,629 32,182
Unrealized appreciation
(depreciation) of investments ............................ (21,241) 296,681 538,084
------------ ------------ ------------
NET ASSETS, END OF YEAR ...................................... $ 2,892,678 $ 14,819,655 $ 11,241,232
============ ============ ============
The accompanying notes are an integral part of these financial statements.
58
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Fund
share outstanding throughout each of the previous five years ended December 31,
(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:
Money Market Fund
--------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------------------
2003 2002 2001 2000 1999
------- ------- ------- ------- -------
Net Asset Value, Beginning of Year ..................... $ 1.19 $ 1.19 $ 1.20 $ 1.19 $ 1.18
------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income (Loss) ......................... 0.01 0.02 0.07 0.07 0.06
Net Gains or (Losses) on Securities
realized and unrealized ............................ (0.01) -- (0.01) -- --
------- ------- ------- ------- -------
Total From Investment Operations ....................... -- 0.02 0.06 0.07 0.06
------- ------- ------- ------- -------
Less: Dividend Distributions:
From Net Investment Income ......................... (0.01) (0.02) (0.07) (0.06) (0.05)
------- ------- ------- ------- -------
Total Distributions .................................... (0.01) (0.02) (0.07) (0.06) (0.05)
------- ------- ------- ------- -------
Net Asset Value, End of Year ........................... $ 1.18 $ 1.19 $ 1.19 $ 1.20 $ 1.19
======= ======= ======= ======= =======
Total Return (%)(b) .................................... 0.9 1.5 3.9 6.2 5.1
Net Assets, End of Year ($ millions) ................... 74 93 94 141 74
Ratio of Expenses to Average Net
Assets after Expense
Reimbursement (%)(c) ................................. 0.25 0.25 0.25 0.25 0.25
Ratio of Net Investment Income to
Average Net Assets (%) ............................... 0.90 1.48 4.12 6.17 4.93
Portfolio Turnover Rate(a) ............................. N/A N/A N/A N/A N/A
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(c) Expense ratios as presented are limited to the Fund's investment advisory
fee. In 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund is .38% and .33%, respectively. The Adviser has
contractually agreed to limit the Fund's expenses, other than for brokers'
commissions and fees relating to portfolio transactions, to the amount of
its investment advisory fee. This contractual expense limitation agreement
remains in effect through 2004 and continues into the successive calendar
year unless the Adviser gives adequate advance notice to terminate or
modify its expense limitation policy with the Fund.
N/A=Not Applicable.
The accompanying notes are an integral part of these financial statements.
59
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
All America Fund
--------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------------------
2003 2002 2001 2000 1999
------- ------- ------- ------- -------
Net Asset Value, Beginning of Year ..................... $ 1.60 $ 2.09 $ 2.54 $ 3.37 $ 2.90
------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income (Loss) ......................... 0.01 0.03 0.02 0.03 0.02
Net Gains or (Losses) on Securities
realized and unrealized ............................ 0.52 (0.50) (0.46) (0.19) 0.72
------- ------- ------- ------- -------
Total From Investment Operations ....................... 0.53 (0.47) (0.44) (0.16) 0.74
------- ------- ------- ------- -------
Less Dividend Distributions:
From Net Investment Income ......................... (0.01) (0.02) (0.01) (0.02) (0.03)
From Capital Gains ................................. -- -- -- (0.65) (0.24)
------- ------- ------- ------- -------
Total Distributions .................................... (0.01) (0.02) (0.01) (0.67) (0.27)
------- ------- ------- ------- -------
Net Asset Value, End of Year ........................... $ 2.12 $ 1.60 $ 2.09 $ 2.54 $ 3.37
======= ======= ======= ======= =======
Total Return (%)(b) .................................... 33.0 -22.4 -17.4 -5.0 25.8
Net Assets, End of Year ($ millions) ................... 492 421 604 771 886
Ratio of Expenses to Average Net
Assets after Expense
Reimbursement (%)(c) ................................. 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................... 0.84 0.80 0.70 0.64 0.73
Portfolio Turnover Rate (%)(a) ......................... 76.73 85.27 75.93 90.00 30.03
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(c) Expense ratios as presented are limited to the Fund's investment advisory
fee. In 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund is .61% and .58%, respectively. The Adviser has
contractually agreed to limit the Fund's expenses, other than for brokers'
commissions and fees relating to portfolio transactions, to the amount of
its investment advisory fee. This contractual expense limitation agreement
remains in effect through 2004 and continues into the successive calendar
year unless the Adviser gives adequate advance notice to terminate or
modify its expense limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
60
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Equity Index Fund Mid-Cap Equity Index Fund
--------------------------------------------------- --------------------------------------------------
Years Ended December 31, Years Ended December 31,
--------------------------------------------------- --------------------------------------------------
2003 2002 2001 2000 1999 2003 2002 2001 2000 1999(c)
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Net Asset Value,
Beginning of
Period/Year ......... $ 1.54 $ 2.02 $ 2.37 $ 2.88 $ 2.45 $ 0.97 $ 1.16 $ 1.21 $ 1.11 $ 1.00
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Income From Investment
Operations:
Net Investment
Income (Loss) ..... 0.03 0.03 0.03 0.06 0.03 0.01 0.01 0.01 0.02 0.01
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Net Gains or
(Losses) on
Securities
realized and
unrealized ........ 0.41 (0.48) (0.31) (0.32) 0.48 0.33 (0.18) (0.03) 0.17 0.11
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total From Investment
Operations .......... 0.44 (0.45) (0.28) (0.26) 0.51 0.34 (0.17) (0.02) 0.19 0.12
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Less Dividend
Distributions:
From Net Investment
Income ............ (0.03) (0.03) (0.03) (0.03) (0.03) (0.01) -- (0.01) (0.01) (0.01)
From Capital Gains .. -- -- (0.04) (0.22) (0.05) -- (0.02) (0.02) (0.08) --
------- ------- ------- ------- ------- ------- ------- ------- ------- -------
Total Distributions ... (0.03) (0.03) (0.07) (0.25) (0.08) (0.01) (0.02) (0.03) (0.09) (0.01)
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Net Asset Value,
End of Period/Year .. $ 1.95 $ 1.54 $ 2.02 $ 2.37 $ 2.88 $ 1.30 $ 0.97 $ 1.16 $ 1.21 $ 1.11
======= ======= ======= ======= ======= ======= ======= ======= ======= =======
Total Return (%)(e) ... 28.3 -22.1 -12.2 -9.0 20.6 35.2 -15.2 -1.1 16.7 11.8(b)
Net Assets, End of
Period/Year
($ millions) ........ 618 390 464 499 583 217 114 112 95 34
Ratio of Expenses to
Average Net Assets
after Expense
Reimbursement (%)(f) 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13 0.13(a)
Ratio of Net Investment
Income to Average Net
Assets (%) .......... 1.65 1.49 1.24 1.09 1.34 1.06 1.00 1.13 1.65 1.70(a)
Portfolio Turnover
Rate (%)(d) ......... 0.89 7.36 10.06 10.78 6.89 7.87 28.11 34.78 50.10 31.67(b)
- ----------
(a) Annualized.
(b) Not annualized.
(c) Commenced operations May 3, 1999.
(d) Portfolio turnover rate excludes all short-term securities.
(e) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(f) Expense ratios as presented are limited to each Fund's investment advisory
fee. In 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Equity Index Fund is .21% and .20%, respectively, and
for the Mid-Cap Equity Index Fund is .22% and .25%, respectively. The
Adviser has contractually agreed to limit each Fund's expenses, other than
for brokers' commissions and fees relating to portfolio transactions, to
the amount of its investment advisory fee. This contractual expense
limitation agreement remains in effect through 2004 and continues into the
successive calendar year unless the Adviser gives adequate advance notice
to terminate or modify its expense limitation policy with the Funds.
The accompanying notes are an integral part of these financial statements.
61
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Bond Fund
--------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------------------
2003 2002 2001 2000 1999
------- ------- ------- ------- -------
Net Asset Value, Beginning of Year ..................... $ 1.27 $ 1.30 $ 1.31 $ 1.30 $ 1.42
------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income (Loss) ......................... 0.07 0.09 0.13 0.15 0.10
Net Gains or (Losses) on Securities
realized and unrealized ............................ 0.02 (0.01) (0.01) (0.04) (0.12)
------- ------- ------- ------- -------
Total From Investment Operations ....................... 0.09 0.08 0.12 0.11 (0.02)
------- ------- ------- ------- -------
Less Dividend Distributions:
From Net Investment Income ........................... (0.07) (0.08) (0.13) (0.10) (0.10)
From Capital Gains ................................... -- (0.03) -- -- --
------- ------- ------- ------- -------
Total Distributions .................................... (0.07) (0.11) (0.13) (0.10) (0.10)
------- ------- ------- ------- -------
Net Asset Value, End of Year ........................... $ 1.29 $ 1.27 $ 1.30 $ 1.31 $ 1.30
======= ======= ======= ======= =======
Total Return (%)(b) .................................... 6.7 6.8 8.7 8.9 -1.9
Net Assets, End of Year ($ millions) ................... 349 437 404 513 466
Ratio of Expenses to Average Net
Assets after Expense
Reimbursement (%)(c) ................................. 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................... 5.10 6.38 7.19 7.40 7.11
Portfolio Turnover Rate (%)(a) ......................... 72.09 76.91 9.25 18.42 29.32
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(c) Expense ratios as presented are limited to the Fund's investment advisory
fee. In 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund is .60% and .57%, respectively. The Adviser has
contractually agreed to limit the Fund's expenses, other than for brokers'
commissions and fees relating to portfolio transactions, to the amount of
its investment advisory fee. This contractual expense limitation agreement
remains in effect through 2004 and continues into the successive calendar
year unless the Adviser gives adequate advance notice to terminate or
modify its expense limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
62
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Short-Term Bond Fund
--------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------------------
2003 2002 2001 2000 1999
------- ------- ------- ------- -------
Net Asset Value, Beginning of Year ..................... $ 1.05 $ 1.03 $ 1.01 $ 0.99 $ 1.03
------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income (Loss) ......................... 0.04 0.03 0.06 0.09 0.09
Net Gains or (Losses) on Securities
realized and unrealized ............................ (0.02) 0.02 0.02 (0.01) (0.04)
------- ------- ------- ------- -------
Total From Investment Operations ....................... 0.02 0.05 0.08 0.08 0.05
------- ------- ------- ------- -------
Less Dividend Distributions:
From Net Investment Income ........................... (0.04) (0.03) (0.06) (0.06) (0.09)
From Capital Gains ................................... -- -- -- -- --
------- ------- ------- ------- -------
Total Distributions .................................... (0.04) (0.03) (0.06) (0.06) (0.09)
------- ------- ------- ------- -------
Net Asset Value, End of Year ........................... $ 1.03 $ 1.05 $ 1.03 $ 1.01 $ 0.99
======= ======= ======= ======= =======
Total Return (%)(b) .................................... 1.7 5.0 7.4 7.8 4.2
Net Assets, End of Year ($ millions) ................... 29 38 16 12 12
Ratio of Expenses to Average Net
Assets after Expense
Reimbursement (%)(c) ................................. 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................... 2.88 4.19 5.79 6.10 5.48
Portfolio Turnover Rate (%)(a) ......................... 70.34 38.75 60.13 45.01 44.68
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(c) Expense ratios as presented are limited to the Fund's investment advisory
fee. In 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund is .82% and .79%, respectively. The Adviser has
contractually agreed to limit the Fund's expenses, other than for brokers'
commissions and fees relating to portfolio transactions, to the amount of
its investment advisory fee. This contractual expense limitation agreement
remains in effect through 2004 and continues into the successive calendar
year unless the Adviser gives adequate advance notice to terminate or
modify its expense limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
63
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Mid-Term Bond Fund
--------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------------------
2003 2002 2001 2000 1999
------- ------- ------- ------- -------
Net Asset Value, Beginning of Year ..................... $ 0.98 $ 0.91 $ 0.85 $ 0.87 $ 0.91
------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income (Loss) ......................... 0.03 0.03 0.03 0.08 0.05
Net Gains or (Losses) on Securities
realized and unrealized ............................ -- 0.07 0.06 (0.05) (0.04)
------- ------- ------- ------- -------
Total From Investment Operations ....................... 0.03 0.10 0.09 0.03 0.01
------- ------- ------- ------- -------
Less Dividend Distributions:
From Net Investment Income ........................... (0.04) (0.03) (0.03) (0.05) (0.05)
From Capital Gains ................................... (0.01) -- -- -- --
------- ------- ------- ------- -------
Total Distributions .................................... (0.05) (0.03) (0.03) (0.05) (0.05)
------- ------- ------- ------- -------
Net Asset Value, End of Year ........................... $ .96 $ 0.98 $ 0.91 $ 0.85 $ 0.87
======= ======= ======= ======= =======
Total Return (%)(b) .................................... 2.8 9.7 10.4 4.8 1.4
Net Assets, End of Year ($ millions) ................... 75 88 44 14 13
Ratio of Expenses to Average Net
Assets after Expense
Reimbursement (%)(c) ................................. 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................... 3.23 4.11 5.16 6.26 5.75
Portfolio Turnover Rate (%)(a) ......................... 41.55 106.79 6.38 10.57 10.28
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(c) Expense ratios as presented are limited to the Fund's investment advisory
fee. In 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund is .64% and .62%, respectively. The Adviser has
contractually agreed to limit the Fund's expenses, other than for brokers'
commissions and fees relating to portfolio transactions, to the amount of
its investment advisory fee. This contractual expense limitation agreement
remains in effect through 2004 and continues into the successive calendar
year unless the Adviser gives adequate advance notice to terminate or
modify its expense limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
64
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Composite Fund
--------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------------------
2003 2002 2001 2000 1999
------- ------- ------- ------- -------
Net Asset Value, Beginning of Year ..................... $ 1.22 $ 1.37 $ 1.60 $ 1.91 $ 1.78
------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income (Loss) ......................... 0.03 0.02 0.06 0.10 0.06
Net Gains or (Losses) on Securities
realized and unrealized ............................ 0.18 (0.13) (0.23) (0.11) 0.21
------- ------- ------- ------- -------
Total From Investment Operations ....................... 0.21 (0.11) (0.17) (0.01) 0.27
------- ------- ------- ------- -------
Less Dividend Distributions:
From Net Investment Income ........................... (0.03) (0.02) (0.04) (0.07) (0.06)
From Capital Gains ................................... -- (0.02) (0.02) (0.23) (0.08)
------- ------- ------- ------- -------
Total Distributions .................................... (0.03) (0.04) (0.06) (0.30) (0.14)
------- ------- ------- ------- -------
Net Asset Value, End of Year ........................... $ 1.40 $ 1.22 $ 1.37 $ 1.60 $ 1.91
======= ======= ======= ======= =======
Total Return (%)(b) .................................... 18.2 -7.5 -11 -0.5 15.2
Net Assets, End of Year ($ millions) ................... 259 225 272 341 364
Ratio of Expenses to Average Net
Assets after Expense
Reimbursement (%)(c) ................................. 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................... 2.59 3.37 3.64 3.36 3.23
Portfolio Turnover Rate (%)(a) ......................... 177.43 204.99 248.42 161.01 99.41
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(c) Expense ratios as presented are limited to the Fund's investment advisory
fee. In 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund is .63% and .58%, respectively. The Adviser has
contractually agreed to limit the Fund's expenses, other than for brokers'
commissions and fees relating to portfolio transactions, to the amount of
its investment advisory fee. This contractual expense limitation agreement
remains in effect through 2004 and continues into the successive calendar
year unless the Adviser gives adequate advance notice to terminate or
modify its expense limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
65
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Aggressive Equity Fund
--------------------------------------------------------------------
Years Ended December 31,
--------------------------------------------------------------------
2003 2002 2001 2000 1999
------- ------- ------- ------- -------
Net Asset Value, Beginning of Year ..................... $ 1.24 $ 1.56 $ 1.76 $ 2.16 $ 1.51
------- ------- ------- ------- -------
Income From Investment Operations:
Net Investment Income (Loss) ......................... (0.01) -- -- 0.01 --
Net Gains or (Losses) on Securities
realized and unrealized ............................ 0.50 (0.32) (0.19) (0.04) 0.65
------- ------- ------- ------- -------
Total From Investment Operations ....................... 0.49 (0.32) (0.19) (0.03) 0.65
------- ------- ------- ------- -------
Less Dividend Distributions:
From Net Investment Income ........................... -- -- (0.01) (0.01) --
From Capital Gains ................................... -- -- -- -- (0.36)
------- ------- ------- ------- -------
Total Distributions .................................... -- -- (0.01) (0.37) --
------- ------- ------- ------- -------
Net Asset Value, End of Year ........................... $ 1.73 $ 1.24 $ 1.56 $ 1.76 $ 2.16
======= ======= ======= ======= =======
Total Return (%)(b) .................................... 39.4 -20.5 -10.6 -1.2 43.3
Net Assets, End of Year ($ millions) ................... 371 238 295 309 278
Ratio of Expenses to Average Net
Assets after Expense
Reimbursement (%)(c) ................................. 0.85 0.85 0.85 0.85 0.85
Ratio of Net Investment Income to
Average Net Assets (%) ............................... -0.48 -0.13 0.18 0.61 0.01
Portfolio Turnover Rate (%)(a) ......................... 200.77 204.53 221.49 162.44 134.62
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(c) Expense ratios as presented are limited to the Fund's investment advisory
fee. In 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund is .94% and .92%, respectively. The Adviser has
contractually agreed to limit the Fund's expenses, other than for brokers'
commissions and fees relating to portfolio transactions, to the amount of
its investment advisory fee. This contractual expense limitation agreement
remains in effect through 2004 and continues into the successive calendar
year unless the Adviser gives adequate advance notice to terminate or
modify its expense limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
66
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Conservative Moderate Aggressive
Allocation Fund Allocation Fund Allocation Fund
--------------- --------------- ---------------
2003(b) 2003(b) 2003(b)
--------------- --------------- ---------------
Net Asset Value, Beginning of Period ................................... $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------
Income From Investment Operations:
Net Investment Income (Loss) ......................................... 0.01 0.01 0.03
Net Gains or (Losses) on Securities
realized and unrealized ............................................ 0.05 0.11 0.17
------------ ------------ ------------
Total From Investment Operations ....................................... 0.06 0.12 0.20
------------ ------------ ------------
Less Dividend Distributions:
From Net Investment Income ........................................... (0.01) (0.01) (0.01)
From Capital Gains ................................................... (0.04) (0.03) (0.02)
------------ ------------ ------------
Total Distributions .................................................... (0.05) (0.04) (0.03)
------------ ------------ ------------
Net Asset Value, End of Period ......................................... $ 1.01 $ 1.08 $ 1.17
============ ============ ============
Total Return (%) ....................................................... 5.3(c) 11.7(c) 19.2(c)
Net Assets, End of Period ($ millions) ................................. 3 15 11
Ratio of Expenses to Average Net
Assets (%)(d)(e) ..................................................... 0 0 0
Ratio of Net Investment Income to
Average Net Assets (%)(d) ............................................ 8.59 8.85 6.48
Portfolio Turnover Rate (%)(a)(c) ...................................... 66.44 18.44 26.92
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Commenced operations May 20, 2003.
(c) Not annualized.
(d) Annualized.
(e) Excludes expenses of the underlying funds.
The accompanying notes are an integral part of these financial statements.
67
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Mutual of America Investment Corporation (the "Investment Company") is a
diversified, open-end management investment company -- a type of company
commonly known as a "mutual fund". It is registered as such under the Investment
Company Act of 1940 (the "Investment Company Act"). The Investment Company was
formed on February 21, 1986 as a Maryland corporation and offers its shares
exclusively to separate accounts of Mutual of America Life Insurance Company
("Mutual of America Life"). As a "series" type mutual fund, the Investment
Company issues separate classes (or series) of capital stock, each of which
represents a separate Fund of investments. There are currently twelve Funds:
Money Market Fund, All America Fund, Equity Index Fund, Mid-Cap Equity Index
Fund, Bond Fund, Short-Term Bond Fund, Mid-Term Bond Fund, Composite Fund,
Aggressive Equity Fund; a Conservative Allocation Fund, Moderate Allocation Fund
and Aggressive Allocation Fund (collectively "Allocation Funds"), each of which
began operations on May 20, 2003.
Investment Company shares are issued to Mutual of America Life, and on a
limited basis, to 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
Allocation Funds.
The preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America may require
management to make estimates and assumptions that affect the reported amounts of
assets, liabilities, income, expenses and related disclosures. Actual results,
however, may differ from those estimates.
The following is a summary of the significant accounting policies
consistently followed by the Investment Company, which is in conformity with
accounting principles generally accepted in the United States:
Security Valuation -- Investment securities are valued as follows:
Equity securities are valued at the last 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 any 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.
The Allocation Funds value their investments in the underlying funds
of the Investment Company at their respective net asset values.
Debt securities are valued on the basis of prices obtained from an
independent pricing service. The pricing service may utilize various
pricing methodologies that incorporates both dealer supplied
valuations and analytical modeling techniques which considers
factors such as yield, quality, coupon rate, maturity, issue type,
broker quotes and trading characteristics to derive a valuation. In
the rare instance when such a price is not available from an
independent pricing service, a fair value is used, as determined in
good faith by the Adviser, in accordance with procedures adopted by
the Board of Directors of the Investment Company.
Short-term debt investments with a maturity of 60 days or less are
valued at amortized cost, which approximates market value.
Short-term debt securities, which mature in more than 60 days, are
stated at market value.
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 stock is based on the identified cost
basis of the security, determined on the first-in, first-out ("FIFO") basis.
Equity-type funds with an indexed portfolio component may, in order to
remain more fully invested in the equity markets while minimizing transaction
costs, purchase stock index futures contracts. Initial cash margin deposits
(represented by cash or Treasury bills) are made upon entering into futures
contracts. (This initial margin, maintained in a segregated account, is equal to
approximately 5%-6% of the contract amount, and does not involve the borrowing
of funds to finance the transaction). During the period the futures contract is
outstanding, changes in the value of the contract are recognized as unrealized
gains or losses by "marking-to-market" on a daily basis to reflect the market
value of the contract at the end of each trading day. Futures contracts are
valued at the settlement price established each day by the exchange on which
traded. Depending upon whether unrealized gains or losses are incurred,
variation margin payments are received or made. When the contract is closed, a
realized gain or loss from futures transactions is recorded, equal to the net
variation margin received or paid over the period the contract was outstanding.
The "Underlying Face Amount at Value" (appearing in the "Portfolio of
Investments in Securities") representing the aggregate of outstanding
contractual amounts under futures contracts reflects the extent of a
68
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)
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.
Each of the Allocation Funds invests in equity (stock) funds and fixed
income (bond) funds and targets different percentages to these asset classes.
The targets reflect three different approaches to asset allocation based on risk
tolerance.
The Allocation Funds with these percentage allocations invest in the
following underlying funds of the Investment Company:
Conservative Allocation: Equity Index (25%), Bond (30%),
Mid-Term (30%), Short-Term (15%).
Moderate Allocation: Equity Index (35%), Mid-Cap (15%),
Bond (30%), Mid-Term (20%).
Aggressive Allocation: Equity Index (45%), Mid-Cap (20%),
Aggressive Equity (10%), Bond (25%).
Generally, rebalancing of the Allocation Funds' holdings are performed on
a monthly basis.
Investment Income -- Interest income, accretion of discount and
amortization of premium are recorded on an accrual basis daily. A debt
obligation may cease accrual of income and result in a reduction to interest
income when the collection of all or a portion of current and past due interest
is in doubt. Dividend income is recorded on the ex-dividend date. Foreign source
tax withheld from dividends is recorded as a reduction from dividend income.
Should reclamation efforts succeed, such amounts are recorded as income upon
collection.
Distributions to Shareholders ("Dividends") -- Distributions to
shareholders are recorded on the ex-dividend date. It is the Investment
Company's policy to make distributions of its net investment income and to
distribute net realized gains, if any, on an annual basis, in accordance with
federal income tax regulations, which may differ from accounting principles
generally accepted in the United States of America. 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.
At December 31, 2003, certain funds had the following capital loss
carryforwards to offset net capital gains, to the extent provided by Federal
income tax regulations. In addition, Mid-Cap Equity Index, Bond, and Short-Term
Bond Funds generated post-October 2003, net capital losses of $17,403, $999,423
and $23,901 respectively, which, if unused, will expire on December 31, 2012.
Mid-Cap
Money All America Equity Index Equity Index Bond
Expiring on December 31, Market Fund Fund Fund Fund Fund
- ------------------------ ----------- ----------- ------------ ------------ -----------
2004 ........................... $ 81 $ 0 $ 0 $ 0 $ 0
2005 ........................... 3,447 0 0 0 0
2006 ........................... 2,238 0 0 0 0
2007 ........................... 1,434 0 0 0 0
2008 ........................... 5,103 0 0 0 0
2009 ........................... 0 0 0 0 0
2010 ........................... 295 0 7,639,292 857,761 0
2011 ........................... 0 0 0 0 23,117,159
------- --- ---------- -------- -----------
Total ........................ $12,598 $ 0 $7,639,292 $857,761 $23,117,159
======= === ========== ======== ===========
69
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)
Conservative Moderate Aggressive
Short-Term Mid-Term Aggressive Allocation Allocation Allocation
Expiring on December 31 Bond Fund Bond Fund Composite Fund Equity Fund Fund Fund Fund
- ----------------------- ---------- --------- -------------- ----------- ------------ ---------- ----------
2004 .......................... $ 0 $0 $ 0 $ 0 $ 0 $0 $0
2005 .......................... 0 0 0 0 0 0 0
2006 .......................... 0 0 0 0 0 0 0
2007 .......................... 73,348 0 0 0 0 0 0
2008 .......................... 101 0 0 0 0 0 0
2009 .......................... 0 0 36,913,390 0 0 0 0
2010 .......................... 0 0 20,417,938 33,657,956 0 0 0
2011 .......................... 111,136 0 0 0 0 0 0
-------- -- ----------- ----------- --- -- --
Total ....................... $184,585 $0 $57,331,328 $33,657,956 $ 0 $0 $0
======== == =========== =========== === == ==
2. EXPENSES
The Investment Company has an Investment Advisory Agreement with Mutual of
America Capital Management Corporation ("the Adviser"), an indirect wholly-owned
subsidiary of Mutual of America Life. For providing investment management
services to each of the Funds of the Investment Company, the Adviser receives a
fee, calculated as a daily charge, at the annual rate of .25% of the value of
the net assets of the Money Market Fund, .50% of the value of the net assets of
the All America Fund, Bond Fund, Short-Term Bond Fund, Mid-Term Bond Fund and
Composite Fund, .125% of the value of the net assets of the Equity Index Fund
and the Mid-Cap Equity Index Fund, and .85% of the value of the net assets of
the Aggressive Equity Fund. The Advisor does not assess a fee for investment
management to the Allocation Funds. However, shareholders in the Allocation
Funds, will indirectly bear their pro-rata share of the investment management
fees incurred by the underlying funds in which they invest.
Under a Sub-Advisory Agreement for the All America Fund, the Adviser has
delegated investment advisory responsibilities to a subadviser responsible for
providing management services for a portion of the Fund's assets. The Adviser
(not the Fund) is responsible for compensation payable under such Sub-Advisory
Agreement.
The Adviser contractually limits the expenses of each Fund, other than for
brokers' commissions and other fees relating to portfolio transactions, to the
amount of the advisory fee paid by the Funds of the Investment Company to the
Adviser. This expense limitation remains in effect through 2004 and continues
into the successive calendar year unless the Adviser gives adequate notice to
terminate or modify its expense limitation policy.
3. PURCHASES AND SALES
The cost of investment purchases and proceeds from sales of investments,
excluding short-term securities and futures contracts, for the year ended
December 31, 2003 was as follows:
Mid-Cap
All America Equity Index Equity Index Bond
Fund Fund Fund Fund
------------ ------------ ----------- ------------
Cost of investment purchases ........................ $321,309,341 $110,473,748 $ 58,735,935 $243,694,034
============ ============ ============ ============
Proceeds from sales of investments .................. $370,512,683 $ 4,177,240 $ 10,749,562 $328,163,188
============ ============ ============ ============
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
------------ ------------ ----------- ------------
Cost of investment purchases ........................ $ 23,037,888 $ 34,900,546 $405,541,408 $557,796,306
============ ============ ============ ============
Proceeds from sales of investments .................. $ 31,241,241 $ 45,733,899 $404,900,430 $523,589,886
============ ============ ============ ============
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ------------ -----------
Cost of investment purchases ........................ $ 4,731,662 $ 16,938,445 $12,143,882
============ ============ ============
Proceeds from sales of investments .................. $ 1,515,685 $ 1,822,711 $ 1,910,193
============ ============ ============
70
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
3. PURCHASES AND SALES (CONTINUED)
The cost of short-term security purchases for the Money Market Fund for
the period was $1,200,453,493; net proceeds from sales and redemptions for the
period were $1,220,915,469.
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 December 31, 2003, for each of the funds were as
follows:
Mid-Cap
Money All America Equity Index Equity Index Bond Short-Term
Market Fund Fund Fund Fund Fund Bond Fund
------------ ------------ ------------ ------------ ------------ -----------
Unrealized Appreciation ............ $ -- $138,725,274 $ 30,471,790 $101,656,755 $ 10,167,397 $ 188,661
Unrealized Depreciation ............ 49 38,026,637 13,667,466 60,779,646 5,562,543 168,279
------------ ------------ ------------ ------------ ------------ -----------
Net .............................. $ (49) $100,698,637 $ 16,804,324 $ 40,877,109 $ 4,604,854 $ 20,382
------------ ------------ ------------ ------------ ------------ -----------
Cost of Investments ................ $ 73,724,395 $390,362,819 $199,695,298 $575,849,593 $341,190,509 $28,438,572
============ ============ ============ ============ ============ ===========
Mid-Term Composite Aggressive Conservative Moderate Aggressive
Bond Fund Fund Equity Fund Allocation Fund Allocation Fund Allocation Fund
------------ ------------ ------------ --------------- --------------- ---------------
Unrealized Appreciation ... $ 811,629 $ 14,933,688 $ 64,251,015 $ 52,289 $ 567,082 $ 533,981
Unrealized Depreciation ... 179,224 2,541,506 2,111,917 84,197 280,494 $--
------------ ------------ ------------ ------------ ------------ -----------
Net ..................... $ 632,405 $ 12,392,182 $ 62,139,098 $ (31,908) $ 286,588 $ 533,981
------------ ------------ ------------ ------------ ------------ -----------
Cost of Investments ....... $73,036,287 $244,981,552 $308,504,131 $ 2,924,586 $ 14,533,067 $10,707,251
============ ============ ============ ============ ============ ===========
4. CAPITAL SHARE ACTIVITY
The Investment Company has registered an indefinite number of its capital
shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. Shares
are currently allocated into the twelve series of Funds as follows:
Authorized No. of Shares
------------------------
Money Market Fund .................................. 175,000,000
All America Fund ................................... 500,000,000
Equity Index Fund .................................. 325,000,000
Mid-Cap Equity Index Fund .......................... 175,000,000
Bond Fund .......................................... 450,000,000
Short-Term Bond Fund ............................... 50,000,000
Mid-Term Bond Fund ................................. 125,000,000
Composite Fund ..................................... 300,000,000
Aggressive Equity Fund ............................. 500,000,000
Conservative Allocation Fund ....................... 100,000,000
Moderate Allocation Fund ........................... 100,000,000
Aggressive Allocation Fund ......................... 100,000,000
-------------
Sub-Total ...................................... 2,900,000,000
Shares to be allocated at the discretion of
the Board of Directors ........................... 600,000,000
-------------
Total .......................................... 3,500,000,000
=============
Transactions in shares were as follows:
For the Year Ended December 31, 2003
-------------------------------------------------------------------------
Mid-Cap
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
------------ ----------- ------------ ------------
Shares issued ...................................... 40,942,050 42,722,244 178,117,210 121,630,513
Shares issued to shareholders as
reinvestment of dividends ........................ 650,662 1,764,361 4,039,147 1,249,980
----------- ----------- ------------ -----------
Total .............................................. 41,592,712 44,486,605 182,156,357 122,880,493
Shares redeemed .................................... (57,916,095) (74,654,763) (119,151,468) (74,111,997)
----------- ----------- ------------ -----------
Net increase (decrease) ............................ (16,323,383) (30,168,158) 63,004,889 48,768,496
=========== =========== ========== ==========
71
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
4. CAPITAL SHARE ACTIVITY (CONTINUED)
For the Year Ended December 31, 2003
------------------------------------------------------------------------
Bond Short-Term Mid-Term Composite
Fund Bond Fund Bond Fund Fund
------------ ----------- ----------- -----------
Shares issued ................................... 47,911,378 13,454,529 28,860,368 7,343,200
Shares issued to shareholders as
reinvestment of dividends ..................... 13,919,945 938,434 3,552,841 4,592,730
------------ ----------- ----------- -----------
Total ........................................... 61,831,323 14,392,963 32,413,209 11,935,930
Shares redeemed ................................. (134,208,193) (22,729,980) (44,211,764) (12,523,177)
------------ ----------- ----------- -----------
Net increase (decrease) ......................... (72,376,870) (8,337,017) (11,798,555) (587,247)
============ =========== =========== ===========
For the Year Ended December 31, 2003
--------------------------------------------------------------------------
Aggressive Conservative Moderate Aggressive
Equity Allocation Allocation Allocation
Fund Fund(a) Fund(a) Fund(a)
----------- ----------- ---------- ----------
Shares issued ................................... 60,887,763 4,773,853 15,362,194 11,386,216
Shares issued to shareholders as
reinvestment of dividends ..................... -- 111,059 417,156 212,604
----------- ---------- ----------- -----------
Total ........................................... 60,887,763 4,884,912 15,779,350 11,598,820
Shares redeemed ................................. (38,169,864) (2,027,537) (2,099,348) (1,961,473)
----------- ---------- ----------- -----------
Net increase (decrease) ......................... 22,717,899 2,857,375 13,680,002 9,637,347
=========== ========== =========== ===========
- ----------
(a) Commenced operations May 20, 2003.
For the Year Ended December 31, 2002
------------------------------------------------------------------------
Mid-Cap
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
----------- ----------- ------------ ------------
Shares issued ................................... 93,272,919 53,341,294 126,159,898 168,753,173
Shares issued to shareholders as
reinvestment of dividends ..................... 1,199,888 2,550,082 4,488,179 2,285,254
----------- ----------- ------------ ------------
Total ........................................... 94,472,807 55,891,376 130,648,077 171,038,427
Shares redeemed ................................. (95,480,326) (82,760,449) (107,801,537) (149,496,152)
----------- ----------- ------------ ------------
Net increase (decrease) ......................... (1,007,519) (26,869,073) 22,846,540 21,542,275
=========== =========== ============ ============
For the Year Ended December 31, 2002
---------------------------------------------------------------------------------------
Bond Short-Term Mid-Term Composite Aggressive
Fund Bond Fund Bond Fund Fund Equity Fund
----------- ----------- ----------- ----------- -----------
Shares issued .......................... 48,894,932 23,729,305 74,479,890 5,163,495 86,383,916
Shares issued to shareholders as
reinvestment of dividends ............ 27,597,376 976,472 2,259,181 6,648,525 --
----------- ----------- ----------- ----------- -----------
Total .................................. 76,492,308 24,705,777 76,739,071 11,812,020 86,383,916
Shares redeemed ........................ (45,221,439) (4,651,359) (35,309,529) (26,366,733) (83,621,978)
----------- ----------- ----------- ----------- -----------
Net increase (decrease) ................ 31,270,869 20,054,418 41,429,542 (14,554,713) 2,761,938
=========== =========== =========== =========== ===========
5. DIVIDENDS
On December 31, 2003 dividend distributions were declared for each of the
Funds from net realized gains on investment transactions and net investment
income. Additionally, on September 15, 2003 the remaining required distributions
relating to 2002 were executed by Internal Revenue Sec. 855(a) elections
declared and paid for each of the Funds. All dividend distributions are
immediately reinvested in additional shares of each respective Fund. The tax
character of the distributions paid during 2003 and 2002 was as follows:
72
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
5. DIVIDENDS (CONTINUED)
Mid-Cap
Money All America Equity Index Equity Index Bond
Market Fund Fund Fund Fund Fund
---------- ---------- ---------- ---------- -----------
Ordinary Income (b)
- -------------------
2003 ............................. $ 770,955 $3,535,195 $7,869,784 $1,480,749 $17,956,541
2002 ............................. 1,424,275 4,171,220 6,127,600 131,585 27,965,312
Long-term capital gains (c)
- ---------------------------
2003 ............................. 0 0 0 0 0
2002 ............................. 0 0 807,547 2,103,896 7,369,399
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
---------- ---------- ---------- -----------
Ordinary Income (b)
- -------------------
2003 $ 968,857 $2,977,128 $6,126,289 $ 0
2002 1,025,375 2,205,615 8,256,558 0
Long-term capital gains (c)
- ---------------------------
2003 ............................. 0 $ 429,002 0 0
2002 ............................. 0 0 0 0
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
----------- ---------- ----------
Ordinary Income
- ---------------
2003 ............................. $108,219 $437,582 $247,809
Long-term capital gains(c)
- --------------------------
2003 ............................. $ 4,031 $ 13,767 $ 0
- ----------
Notes:
(a) No distribution paid during 2003 constituted a return of capital for
Federal income tax purposes.
(b) Includes distributions from Fund-level net short-term capital gains.
(c) To the extent reported, each Fund designates these amounts as capital gain
dividends for federal income tax purposes.
As of December 31, 2003 undistributed net income and undistributed accumulated
gain (loss) on a tax basis was as follows:
Money Mid-Cap
Market All America Equity Index Equity Bond Short-Term
Fund Fund Fund Index Fund Fund Bond Fund
-------- ------------ ------------ ------------ ------------ ---------
Accumulated undistributed net
investment income .............................. $ 46,913 $ 2,077,060 $ 358,174 $ 1,342,853 $ 222,793 $ 24,294
Accumulated net realized gain/(loss) on
investments and futures contracts .............. (12,598) 3,359,267 (7,639,292) (875,163) (24,116,582) (208,486)
Net unrealized appreciation
(depreciation) of investments
and futures contracts .......................... $ (49) $100,698,655 $ 40,877,109 $ 16,804,324 $ 4,604,854 $ 20,382
73
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
5. DIVIDENDS (CONTINUED)
Conservative Moderate Aggressive
Mid-Term Composite Aggressive Allocation Allocation Allocation
Bond Fund Fund Equity Fund Fund Fund Fund
--------- ------------ ------------ ------------ ---------- ----------
Accumulated undistributed net
investment income ........................... $ 61,223 $ 4,519,772 $ 0 $ 10,422 $ 38,247 $ 48,374
Accumulated net realized gain/(loss) on
investments and futures contracts ........... 10,949 (57,331,328) (33,657,956) 0 0 0
Net unrealized appreciation
(depreciation) of investments
and futures contracts ....................... $632,414 $ 12,392,225 $ 62,139,088 $(31,908) $286,588 $533,981
The difference between the components of distributable earnings on a tax
basis and the amounts reflected in the statements of changes in net assets are
primarily due to wash sales, post-October losses and the Federal income tax
treatment of futures contracts.
During the year ended December 31, 2003, each fund reclassified the
following book to tax differences [increases (decreases)]:
Mid-Cap
Money All America Equity Index Equity Index Bond
Market Fund Fund Fund Fund Fund
----------- ----------- ------------ ------------ ---------
Accumulated undistributed net
investment income ............................... $ 0 $ 0 $ 0 $ 0 $(223,958)
Accumulated undistributed net realized
gains (loss) on investments and futures
contracts ....................................... 1,937 0 0 0 223,958
------- ----- ----- ----- ---------
Paid in capital ................................... $(1,937) $ 0 $ 0 $ 0 $ 0
======= ===== ===== ===== =========
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
---------- --------- --------- -----------
Accumulated undistributed net
investment income ............................... $ 0 $ 0 $ 0 $ 1,318,079
Accumulated net realized gain/loss on
investments and futures contracts ............... 0 0 0 0
------- ----- ----- -----------
Paid in capital ................................... $ 0 $ 0 $ 0 $(1,318,079)
======= ===== ===== ===========
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ---------- ----------
Accumulated undistributed net
investment income ............................... $ 0 $ 0 $ 0
Accumulated net realized gain/loss on
investments and futures contracts ............... 0 0 0
------- ----- -----
Paid in capital ................................... 0 $ 0 $ 0
======= ===== =====
These reclassifications were made as a result of the differences arising from
the disallowance of net operating losses, expiration of capital loss
carryforwards, and other cumulative adjustments for federal income tax purposes
versus financial reporting purposes. Each fund's net assets were not affected by
these reclassifications.
74
INDEPENDENT AUDITORS' REPORT
The Board Of Directors and Shareholders
Of Mutual of America Investment Corporation:
We have audited the accompanying statements of assets and liabilities of
the Mutual of America Investment Corporation (comprised of: Money Market Fund,
All America Fund, Equity Index Fund, Mid-Cap Equity Index Fund, Bond Fund,
Short-Term Bond Fund, Mid-Term Bond Fund, Composite Fund, Aggressive Equity
Fund, Conservative Allocation Fund, Moderate Allocation Fund, and Aggressive
Allocation Fund, ("the Funds")), including the portfolios of investments in
securities, as of December 31, 2003, and the related statements of operations
for the year or period then ended, and the statements of changes in net assets
and the financial highlights for each of the years or period in the two-year
period then ended. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for each of the years in the three-year period
ended December 31, 2001 were audited by other auditors who have ceased
operations. Those auditors expressed an unqualified opinion on those financial
highlights in their report dated February 20, 2002.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 2003, by correspondence with custodians and
brokers. As to securities purchased or sold but not yet received or delivered,
we performed other appropriate auditing procedures. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the assets and liabilities of
the Funds as of December 31, 2003, and the results of their operations for the
year or period then ended, and the changes in their net assets and the financial
highlights for each of the years or period in the two-year period then ended, in
conformity with accounting principles generally accepted in the United States of
America.
/s/ KPMG LLP
New York, New York
February 24, 2004
75
MUTUAL OF AMERICA INVESTMENT CORPORATION
Directors and Officers -- unaudited
The tables below show information about the Directors and officers of the
Investment Company. The address of each Director and officer is c/o the
Investment Company, 320 Park Avenue, New York, New York 10022. The Investment
Company does not hold annual meetings of shareholders, and each Director has
been elected by shareholders to serve until a successor is duly elected at a
meeting of shareholders called for the purpose of electing directors. Each
officer of the Investment Company has been elected by the Board of Directors to
serve until a successor is duly elected. The Independent Directors do not serve
as directors of any other fund that is affiliated with the Adviser or Mutual of
America with the sole exception of Patrick J. Waide, Jr., who serves on the
boards of Mutual of America Investment Corporation and Mutual of America
Institutional Funds, Inc. The Interested Directors and officers of the
Investment Company do not receive compensation from the Investment Company for
their service.
Independent Directors
- ------------------------------------------------------------------------------------------------------------------------------------
Length of Principal Occupation(s) Other Directorships
Name and Age Time Served in Past Five Years Held by Director
====================================================================================================================================
Peter J. Flanagan since 1992 Consultant and President Emeritus, Life none
age 73 Insurance Council of New York, since
1998; prior thereto, President
====================================================================================================================================
Robert J. McGuire since 2/00 Attorney and Consultant, Morvillo, Emigrant Savings Bank; GAM Funds, Inc.;
age 67 Abramowitz, Grand, Iason & Silberberg, Brazilian Equity Fund (special
P.C. (law firm), since January 1998; litigation committee); Police Athletic
President, Police Athletic League; League; Volunteers of Legal Service;
President, Kroll Associates Office of the Appellate Defender; Trump
(investigation and consulting) until Hotels & Casino Resorts; Trustee of Iona
1997 College
====================================================================================================================================
George Mertz since 1989 Retired, since September 1994 none
age 75
====================================================================================================================================
Howard J. Nolan since 1989 President & CEO, United Way of San none
age 66 Antonio & Bexar County
====================================================================================================================================
Patrick J. Waide, Jr. since 12/03 Senior Vice President, Administration, Trustee, School for Ethical Education;
age 66 Sullivan & Company, until March 1998; Director, American Federation for Aging
Director, Drucker Foundation, 1996-1999 Research; Mutual of America
and President, 1999 Institutional Funds, Inc.
Interested Directors
- ------------------------------------------------------------------------------------------------------------------------------------
Length of Principal Occupation(s) Other Directorships
Name, Position and Age Time Served in Past Five Years Held by Director
====================================================================================================================================
Manfred Altstadt since 1992 Senior Executive Vice President and Mutual of America; Mutual of America
Chairman of the Board, Chief Financial Officer, Mutual of Securities Corporation; Mutual of
President and Chief America, Mutual of America Capital America Holding Company, Inc.; Fund
Executive Officer, Management Corporation and Mutual of Director and Treasurer, Calvary
age 53 America Holding Company, Inc.; Senior Hospital; Director and Treasurer, Orange
Executive Vice President, Chief County Community College Educational
Financial Officer and Treasurer, Mutual Foundation
of America Institutional Funds, Inc.
76
Mr. Altstadt is an "interested person" as an officer of the Adviser and of
affiliates of the Adviser.
Officers
- ------------------------------------------------------------------------------------------------------------------------------------
Length of Principal Occupation(s) Other Directorships
Name, Position and Age Time Served in Past Five Years Held by Director
====================================================================================================================================
Patrick A. Burns since 1986 Senior Executive Vice President and Mutual of America; Mutual of America
Senior Executive Vice General Counsel, Mutual of America, Holding Company, Inc.; Irish American
President and General Mutual of America Capital Management Legal and Education Research Foundation
Counsel, age 57 Corporation, Mutual of America
Securities Corporation, Mutual of
America Holding Company, Inc. and Mutual
of America Institutional Funds, Inc.
====================================================================================================================================
John R. Greed since 9/97 Executive Vice President and Treasurer, none
Executive Vice President, Mutual of America, Mutual of America
Chief Financial Officer Capital Management Corporation and
and Treasurer, Mutual of America Holding Company, Inc.;
age 43 Chairman of the Board, President and
Chief Executive Officer, Mutual of
America Institutional Funds, Inc.
====================================================================================================================================
Thomas L. Martin since 8/03 Senior Vice President and Associate none
Senior Vice President General Counsel, Mutual of America
and Secretary, age 54
Supplemental Dividend Information -- Unaudited
- --------------------------------------------------------------------------------
With the exception of Money Market Fund and Bond Fund (whose dividend
distributions do not qualify for the corporate dividends received deduction) and
the Composite Fund (of which 28.75% of the Fund's ordinary income qualifies for
the corporate dividends received deduction), 100% of each of the remaining
Fund's ordinary income dividend qualifies for the corporate dividends received
deduction.
Important tax information: The Mid-Term Bond, Conservative Allocation and
Moderate Allocation Funds designates $292,424, $4,031 and $13,767, respectively
of long-term capital gain dividends that qualify for the 15% reduced rate on
long-term capital gains. In addition, the Mid-Term Bond Fund designates $136,578
of capital gains dividends taxable at a rate of 20% on long-term capital gains.
77
MUTUAL OF AMERICA
LIFE INSURANCE COMPANY
320 PARK AVENUE
NEW YORK, NY 10022-6839
www.mutualofamerica.com
ITEM 2. CODE OF ETHICS.
Mutual of America Investment Corporation has adopted a code of ethics
that applies to its principal executive and financial officers.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) Mutual of America Investment Corporation has determined that
one audit committee financial expert serves on its audit
committee.
(a)(2) Patrick J. Waide, Jr. -- Senior Vice President
Sullivan & Co., 3/98
Director; Drucker Foundation
Independent Financial Expert
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Aggregate Audit Fees.
2003 $122,100
2002 $ 98,100
There were no other audit fees under item 4(b), (c) or (d).
(e) All non-audit fees are pre-approved by the audit committee in
advance.
ITEM 5. Not applicable.
ITEM 6. Reserved
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES
FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. Reserved
ITEM 9. 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 registrant's most recent fiscal six-month period that has
materially affected, or is likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 10. EXHIBITS.
Exhibit 99 Code of Ethics.
Exhibit 99.1 Certifications by the registrant's principal
executive officer and principal financial officer,
pursuant to Section 302 of the Sarbanes-Oxley Act of
2002 and required by Rule 30a-2(a) under the
Investment Company Act of 1940, are attached.
Exhibit 99.2 Certification pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 and required by Rule
30a-2(b) under the Investment Company Act of 1940.
Exhibit 99.3 Policy Statement & Procedures regarding Proxy voting.
Exhibit 99.4 Proxy Voting Standards.
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/ MANFRED ALTSTADT
----------------------------------
Manfred Altstadt
Chairman of the Board, President
and Chief Executive Officer of
Mutual of America Investment Corporation
Date: February 27, 2004
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/ MANFRED ALTSTADT
----------------------------------
Manfred Altstadt
Chairman of the Board, President
and Chief Executive Officer of
Mutual of America Investment Corporation
Date: February 27, 2004
By: /s/ JOHN R. GREED
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John R. Greed
Executive Vice President,
Chief Financial Officer and Treasurer of
Mutual of America Investment Corporation
Date: February 27, 2004