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, 2004
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ITEM 1. REPORTS TO STOCKHOLDERS.
The Semi-Annual Reports to Shareholders follows:
SEMI-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
June 30, 2004
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
----
Semi-Annual Report of Mutual of America Investment Corporation
President's Message .................................................... 1
Portfolio Management Discussions ....................................... 3
Portfolio of Investments in Securities:
Money Market Fund .................................................... 14
All America Fund ..................................................... 15
Equity Index Fund .................................................... 23
Mid-Cap Equity Index Fund ............................................ 28
Bond Fund ............................................................ 32
Short-Term Bond Fund ................................................. 36
Mid-Term Bond Fund ................................................... 39
Composite Fund ....................................................... 42
Aggressive Equity Fund ............................................... 47
Conservative Allocation Fund ......................................... 49
Moderate Allocation Fund ............................................. 49
Aggressive Allocation Fund ........................................... 49
Statement of Assets and Liabilities .................................... 50
Statement of Operations ................................................ 52
Statements of Changes in Net Assets .................................... 54
Financial Highlights ................................................... 56
Notes to Financial Statements .......................................... 66
Semi-Annual Report of Scudder Variable Series I: Bond Portfolio
Semi-Annual Report of Scudder Variable Series I: Capital Growth Portfolio
Semi-Annual Report of Scudder Variable Series I: International Portfolio
Semi-Annual Report of VP Capital Appreciation Fund of American Century Variable
Portfolios, Inc.
Semi-Annual Report of Calvert Social Balanced Portfolio of Calvert Variable
Series, Inc.
Semi-Annual Report of Fidelity Investments Variable Insurance Products Funds:
Equity-Income Portfolio
Semi-Annual Report of Fidelity Investments Variable Insurance Products Funds:
Contrafund Portfolio
Semi-Annual Report of Fidelity Investments Variable Insurance Products Funds:
Asset Manager Portfolio
MUTUAL OF AMERICA INVESTMENT CORPORATION
The first six months of this year was a challenging period for the
financial markets and for investors. The S&P 500 increased by only 3.4% after a
15.2% increase during the last six months of 2003, and a 28.7% increase for all
of 2003. This relatively weak stock performance took place as corporations
delivered well above expected first quarter earnings and second quarter earnings
estimates were raised dramatically. The bond market, as represented by the
Lehman Brothers Aggregate Bond Index, increased by a very modest 0.2%, which is
remarkable considering that it occurred during a period in which signs of an
economic recovery were evident and a Federal Reserve rate increase was imminent.
During the first quarter, fears that the recovery would falter on a
failure of job growth led to rapid sector rotation in equities and a fair degree
of volatility in interest rates. However, a strong jobs report for March,
released during the first week of April, confirmed the sustainability of a
recovery, but raised a new, and opposite, fear that inflation would accelerate
and force the Federal Reserve to raise short term interest rates more quickly
and higher than the markets had expected. The rising price of oil also
exacerbated inflationary concerns.
As a result, long term interest rates increased by over 100 basis points
in April and equity markets continued to move sideways. The last two months of
the second quarter were marked by the stock market's concern regarding whether
the Federal Reserve interest rate hike would be 25 or 50 basis points, how
quickly rates would be raised, and by how much rates would eventually rise
through the tightening cycle. In addition, investors continued to be concerned
by the uncertainty regarding whether a smooth and effective transfer of power
would take place in Iraq.
While the stock market in aggregate was essentially flat for the period,
there was considerable sector rotation in the face of a variety of
uncertainties, discussed above. By the end of the second quarter, there was over
a 20% difference between the top performing Energy sector and the worst
performing Technology sector of the S&P 500. The Energy Sector outperformance
was driven by the rise in the price per barrel of oil from $33.77 to an
intra-period peak of $42.32. This resulted from high and rising demand, very
high capacity utilization and fear of supply disruptions, whether from the
Middle East or Russia. The underperformance in Technology resulted from the
expectation that the highly leveraged growth in earnings delivered during the
first six months of this year would slow considerably in the second half of
2004. Most other sectors showed less diverse price movements; however more
defensive sectors (Telecom, Utilities, and Consumer Staples) clearly
outperformed more cyclical sectors (Materials, Consumer Discretionary).
Similarly, the bond market's total return over the first six months belied
a fair degree of interest rate volatility. For instance, 10-year Treasuries
closed 2003 at 4.25%, up from 3.82% at the beginning of 2003. During the first
quarter of 2004, long rates dropped back to 3.68% as the recovery's endurance
came under suspicion with the failure of job growth. However, in response to a
strong jobs report for March, and the consequent questions regarding how
aggressive the Federal Reserve would be in raising short-term interest rates,
10-year Treasury rates backed up to a high of 4.87% in early June, and closed at
4.58% on the last day of the period.
Looking ahead, the consensus view is that the economic recovery will
continue, but at a reduced rate of advance; corporate earnings will also grow,
but at a slower pace; and the Fed will raise short-term interest rates in
modest, probably 25 basis point increments, at each of its next two to three
meetings. The key issues of debate and uncertainty remain inflation, especially
the price of oil; the continuing threat of terrorism; the Iraqi situation; and,
over the next several months, the outcome of the Presidential and Congressional
elections in the United States.
1
The total return performance for each of the Mutual of America Investment
Corporation Funds is reflected below:
Total Returns--Six Months Ended June 30, 2004
Money Market Fund ........................................... +0.4%
All America Fund ............................................ +1.2%
Equity Index Fund ........................................... +3.3%
Mid-Cap Index Fund .......................................... +6.0%
Bond Fund ................................................... +0.5%
Short-Term Bond Fund ........................................ +0.5%
Mid-Term Bond Fund .......................................... -0.5%
Composite Fund .............................................. +0.9%
Aggressive Equity Fund ...................................... -5.0%
Conservative Allocation Fund ................................ +0.6%
Moderate Allocation Fund .................................... +2.3%
Aggressive Allocation Fund .................................. +2.4%
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.
On the pages immediately following are brief presentations and graphs for each
Fund (except the Money Market Fund) which illustrate each Fund's respective:
o Historical total return achieved over specified periods, expressed
as an 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 to realize high current
income while maintaining liquidity, investment quality and stability of capital.
Through investing in high-quality commercial paper issued by U.S. corporations
and securities issued by the U.S. government and its agencies, the Fund returned
0.79% for the twelve months ended June 30, 2004. Short-term rates remained low
during the twelve months ended June 30, 2004 as the Federal Reserve Board kept
the Federal Funds rate at 1.00% in an attempt to stimulate the economy. It was
not until June 30, 2004 that the Fed Funds rates increased modestly to keep the
economy from expanding too quickly. The seven-day effective yield as of August
17, 2004 is 1.2%. 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 investment objective of the All America Fund is to outperform the S&P
500 Index(R). The Fund is approximately 60% invested in the 500 stocks that
comprise the S&P 500 Index(R) with the remaining 40% actively managed using four
different investment approaches. The actively managed portion of the fund is
approximately equally distributed among 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
sub-advisor manages the large cap growth assets.
The U.S. equity markets continued their advances that had started in early
2003 into the first half of 2004, with positive performance across all market
caps. However, the overall equity performance in the first half of 2004 was not
nearly as robust as that of 2003. Equity markets have been held in check year to
date due to opposing forces of strong earnings growth and fairly reasonable
equity valuation levels on one side and the prospect of higher interest rates
and the inevitable slowing of growth on the other side.
The Fund's return for the twelve months ending June 30, 2004 was 20.3%
versus the benchmark return of 19.1%.
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates All America Fund S & P 500
----- ---------------- ---------
6/30/1994 10,000 10,000
6/30/1995 12,767 12,607
6/30/1996 15,925 15,885
6/30/1997 20,395 21,397
6/30/1998 25,293 27,850
6/30/1999 30,108 34,186
6/30/2000 35,419 36,661
6/30/2001 28,801 31,224
6/30/2002 23,751 25,607
6/30/2003 22,988 25,674
6/30/2004 27,661 30,577
- ----------------------------------------------------
All America Fund
----------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $12,033 20.3% 20.3%
5 Years $9,188 -8.1% -1.7%
10 Years $27,661 176.6% 10.7%
- ----------------------------------------------------
- ----------------------------------------------------
S & P 500 INDEX
---------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,910 19.1% 19.1%
5 Years $8,943 -10.6% -2.2%
10 Years $30,577 205.8% 11.8%
- ----------------------------------------------------
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 Equity Index Fund's objective is to replicate the performance of the
S&P 500 Index(R).
The S&P 500 Index(R) 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 the twelve months ended June 30, 2004, the S&P 500 Index(R) posted a
positive return following three straight years of negative or flat performance.
All sectors within the Index posted positive returns with materials and energy
representing the best performing sectors. The weakest sectors were telecom
services and health care. Within the Index, value stocks outperformed growth
stocks during this period.
The Fund's performance for the twelve months ended June 30, 2004 was
18.9%, in line with the benchmark return of 19.1%. Note that the Fund's
performance includes expenses, such as transaction costs and management fees,
which are not carried by the benchmark.
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Equity Index Fund S & P 500
----- ----------------- ---------
6/30/1994 10,000 10,000
6/30/1995 12,580 12,607
6/30/1996 15,764 15,885
6/30/1997 21,224 21,397
6/30/1998 27,543 27,850
6/30/1999 33,824 34,186
6/30/2000 36,211 36,661
6/30/2001 30,801 31,224
6/30/2002 25,211 25,607
6/30/2003 25,235 25,674
6/30/2004 30,004 30,577
- ----------------------------------------------------
Equity Index Fund
-----------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,890 18.9% 18.9%
5 Years $8,871 -11.3% -2.4%
10 Years $30,004 200.0% 11.6%
- ----------------------------------------------------
- ----------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,910 19.1% 19.1%
5 Years $8,943 -10.6% -2.2%
10 Years $30,576 205.8% 11.8%
- ----------------------------------------------------
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 400 MidCap Index(R). 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 twelve months ended June 30, 2004, mid-cap stocks outperformed the
large-cap S&P 500 Index(R), but trailed the small-cap Russell 2000 Index(R).
During this period the S&P 400 Mid-Cap Index(R) generated a positive return
after two-years of negative returns. For the 12 months ended June 30, 2004, the
best performing sectors were consumer staples and industrials. The weakest
sectors were utilities and telecom, although both posted positive returns for
the period. Within the index for the period, value stocks outperformed growth
stocks.
The Mid-Cap Equity Index Fund's performance for the twelve-month period
ending June 30, 2004 was 27.6% versus the 28.0% return of the S&P MidCap 400
Index(R). 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 a large impact on
the performance, which therefore, may vary from the benchmark. In addition, the
performance of the Fund includes expenses, such as transaction costs and
management fees, which are not carried by the benchmark.
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Mid Cap Eq.Index Fund S & P 500
----- --------------------- ---------
5/3/1999 10,000 10,000
6/30/1999 10,409 10,581
6/30/2000 12,079 12,377
6/30/2001 13,143 13,475
6/30/2002 12,439 12,839
6/30/2003 12,284 12,747
6/30/2004 15,677 16,315
- ----------------------------------------------------
Mid-Cap Equity Index Fund
-------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $12,762 27.6% 27.6%
5 Years $15,061 50.6% 8.5%
Since 5/3/99
(Inception) $15,677 56.8% 9.1%
- ----------------------------------------------------
- ----------------------------------------------------
S & P MidCap 400 Index
----------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $12,799 28.0% 28.0%
5 Years $15,418 54.2% 9.0%
Since 5/3/99
(Inception) $16,315 63.2% 10.0%
- ----------------------------------------------------
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
The Bond Fund's primary investment objective is to provide as high a level
of current income over time as is believed to be consistent with prudent
investment risk by investing primarily in investment grade, publicly traded debt
securities. A secondary objective is preservation of capital. The Fund primarily
invests in corporate, U.S. Government agency and mortgage-backed securities, all
of which normally yield more than U.S. Treaury issues.
The ten-year Treasury rate at June 30, 2004 was 4.6%, 1.1% higher than a
year ago and over 0.3% higher than year end 2003. Yields on five-year Treasuries
also increased by 1.4% from the prior June 30, and over 0.5% over year-end 2003.
An increasingly weak dollar and the growing Federal budget deficit combined to
push rates higher. Despite rising long-term rates, short-term rates remained
relatively low as the Federal Reserve kept the Fed Funds rate at 1.0%,
increasing it to 1.25% on June 30, 2004.
Mortgage-backed securities outperformed Treasury and Agency issues as
volatility decreased and spreads tightened due to increased institutional
demand. Corporate bonds, which also outperformed Treasuries and Agencies,
benefited from a decline in the default rate, contributing to the positive
performance.
The Fund's return was 0.9% for the twelve months ending June 30, 2004,
compared to the Lehman Brothers Aggregate Bond Index(R) which returned 0.3% for
the same period. The primary reason for the outperformance was the overweighting
in corporate bonds relative to the index.
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Bond Fund Lehman AGBI
----- --------- -----------
6/30/1994 10,000 10,000
6/30/1995 11,311 11,254
6/30/1996 11,912 11,818
6/30/1997 12,824 12,782
6/30/1998 14,310 14,129
6/30/1999 14,493 14,572
6/30/2000 14,993 15,236
6/30/2001 16,657 16,947
6/30/2002 17,561 18,410
6/30/2003 19,460 20,324
6/30/2004 19,626 20,391
- ----------------------------------------------------
Bond Fund
---------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,086 0.9% 0.9%
5 Years $13,542 35.4% 6.3%
10 Years $19,626 96.3% 7.0%
- ----------------------------------------------------
- ----------------------------------------------------
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,033 0.3% 0.3%
5 Years $13,993 39.9% 7.0%
10 Years $20,392 103.9% 7.4%
- ----------------------------------------------------
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, all of which normally yield more than U.S. Treasury
issues. The Fund's strategy focuses on well-structured U.S. Government agency
mortgage securities, which are normally less volatile than other mortgage-backed
securities of similar average lives.
Over the 12-month period ended June 30, 2004, the yield on two-year
Treasury issues increased from approximately 1.30% to approximately 2.70%.
Mortgage securities, which make up a large portion of the Fund but are not in
the index, outperformed other securities with similar duration. However, as
these bonds mature, generally they will be replaced by corporate bonds. The
Fund's return was 1.7% for the twelve months ended June 30, 2004, compared to
the Salomon Brothers 1-3 Year Bond Index(R) which returned 0.8% for the same
period.
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Short Term Bond Sal Br.1-3
----- --------------- ----------
6/30/1994 10,000 10,000
6/30/1995 10,601 10,769
6/30/1996 11,136 11,363
6/30/1997 11,805 12,114
6/30/1998 12,507 12,943
6/30/1999 13,129 13,613
6/30/2000 13,849 14,287
6/30/2001 15,029 15,663
6/30/2002 15,944 16,728
6/30/2003 16,409 17,713
6/30/2004 16,681 17,855
- ----------------------------------------------------
Short-Term Bond Fund
--------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,166 1.7% 1.7%
5 Years $12,705 27.0% 4.9%
10 Years $16,681 66.8% 5.2%
- ----------------------------------------------------
- ----------------------------------------------------
Salomon Bros. 1-3 Year Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,080 0.8% 0.8%
5 Years $13,115 31.1% 5.6%
10 Years $17,855 78.6% 5.6%
- ----------------------------------------------------
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 and U.S. Government agency securities,
which normally yield more than U.S. Treasury issues.
The Fund is significantly overweighted in Agencies and underweighted in
Treasuries, which contributed to outperformance in 2003 but more recently has
resulted in underperformance. For the twelve-months ended June 30, 2004, the
Fund returned -1.1% compared to the Salomon Brothers 3-7 Year Bond Index(R),
which returned -0.2%.
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Mid Term Bond Sal Br.3-7
----- ------------- ----------
6/30/1994 10,000 10,000
6/30/1995 11,132 11,118
6/30/1996 11,597 11,657
6/30/1997 12,486 12,526
6/30/1998 13,444 13,668
6/30/1999 13,895 14,252
6/30/2000 14,282 14,820
6/30/2001 15,567 16,577
6/30/2002 16,834 18,002
6/30/2003 18,446 20,283
6/30/2004 18,245 20,247
- ----------------------------------------------------
Mid-Term Bond Fund
------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $9,891 -1.1% -1.1%
5 Years $13,131 31.3% 5.6%
10 Years $18,245 82.5% 6.2%
- ----------------------------------------------------
- ----------------------------------------------------
Salomon Bros. 3-7 Year Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $9,982 -0.2% -0.2%
5 Years $14,205 42.1% 7.3%
10 Years $20,247 102.5% 6.7%
- ----------------------------------------------------
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 invests in a diversified portfolio of common stocks and
fixed income securities seeking appreciation and current income. The equity
portion of the Fund invests in stocks within the S&P 500 Index(R).
The S&P 500 Index(R) continued its advance that started at the beginning
of 2003 and lasted into the first half of 2004. However, the index's performance
in the first half of 2004 was not nearly as robust as that of 2003. This was
mainly due to opposing forces of strong earnings growth and fairly reasonable
equity valuation levels on one side, and the prospect of higher interest rates
and the inevitable slowing of growth on the other side.
The ten-year Treasury rate was 4.6% at June 30, 2004, 1.1% higher than a
year ago and over 0.3% higher than year-end 2003. Yields on five-year Treasuries
also increased by 1.4% from the prior June 30, and over 0.5% over year-end 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 relatively low as the Federal Reserve kept the
Fed Funds rate at 1.0%, increasing it to 1.25% on June 30, 2004.
Mortgage-backed securities outperformed Treasury and Agency issues as
volatility decreased and spreads tightened due to increased institutional
demand. Corporate bonds, which also outperformed Treasuries and Agencies,
benefited from a decline in the default rate, contributing to the positive
performance.
For the twelve months ended June 30, 2004, the Composite Fund returned
12.4%. The Lehman Brothers Aggregate Bond Index(R) returned 0.3% and the S&P 500
Index(R) returned 19.1%.
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Composite Fund Lehman ABGI S & P 500 Sal 3 Mo T Bill
----- -------------- ----------- --------- ---------------
6/30/1994 10,000 10,000 10,000 10,000
6/30/1995 11,396 11,254 12,607 10,537
6/30/1996 12,964 11,818 15,885 11,110
6/30/1997 14,874 12,782 21,397 11,694
6/30/1998 17,926 14,129 27,850 12,306
6/30/1999 19,730 14,572 34,186 12,886
6/30/2000 21,558 15,236 36,661 13,569
6/30/2001 20,515 16,947 31,224 14,335
6/30/2002 18,517 18,410 25,607 14,687
6/30/2003 18,718 20,324 25,673 14,894
6/30/2004 21,035 20,391 30,577 15,037
- ----------------------------------------------------
Composite Fund
--------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,238 12.4% 12.4%
5 Years $10,662 6.6% 1.3%
10 Years $21,035 110.4% 7.7%
- ----------------------------------------------------
- ----------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,910 19.1% 19.1%
5 Years $8,943 -10.6% -2.2%
10 Years $30,576 205.8% 11.8%
- ----------------------------------------------------
- ----------------------------------------------------
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,033 0.3% 0.3%
5 Years $13,993 39.9% 7.0%
10 Years $20,392 103.9% 7.4%
- ----------------------------------------------------
- ----------------------------------------------------
Salomon Bros. 3 - Month T-Bill Index
------------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,096 1.0% 1.0%
5 Years $11,668 16.7% 3.1%
10 Years $15,038 50.4% 4.2%
- ----------------------------------------------------
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
The objective of the Aggressive Equity Fund is to generate capital
appreciation by investing in small-cap growth and value stocks, with the
respective weightings to be determined by market conditions.
For the twelve months ended June 30, 2004, the small-cap Russell 2000(R)
Index returned 33.4%, outperforming larger caps as measured by either the S&P
400 Index(R) or the S&P 500(R). For the period ending June 30, 2004, the best
performing sectors were energy and producer durables and the worst performers
were utility and financial services. All sectors contributed positively for the
period and, overall, value outperformed growth.
Over the twelve-month period ended June 30, 2004, the Fund returned 19.7%
versus the 33.4% return for the Russell 2000 Index(R). The underperformance for
the period was mainly due to the technology, health care and consumer
discretionary sectors in the index performing better than the Fund's
representation in those sectors.
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Aggressive Equity S & P 500
----- ----------------- ---------
6/30/1994 10,000 10,000
6/30/1995 12,822 12,105
6/30/1996 17,308 14,593
6/30/1997 21,540 16,976
6/30/1998 23,371 19,777
6/30/1999 23,376 20,073
6/30/2000 32,524 22,950
6/30/2001 29,019 23,101
6/30/2002 27,912 21,114
6/30/2003 24,367 20,768
6/30/2004 29,159 27,698
- ----------------------------------------------------
Aggressive Equity Fund
----------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,967 19.7% 19.7%
5 Years $12,474 24.7% 4.5%
Since 5/2/94
(Inception) $29,159 191.6% 11.3%
- ----------------------------------------------------
- ----------------------------------------------------
Russell 2000 Index
------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $13,337 33.4% 33.4%
5 Years $13,798 38.0% 6.7%
Since 5/2/94
(Inception) $27,698 177.0% 10.7%
- ----------------------------------------------------
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 primarily in the fixed income
Funds of the Investment Company and also invests in an equity Fund of the
Investment Company. The Fund's target allocation is approximately 75% of net
assets in fixed income Funds and approximately 25% of net assets in equity
Funds. The Fund seeks to maintain approximately 30% of its net assets in the
Bond Fund, approximately 30% in the Mid-Term Bond Fund, approximately 15% in the
Short-Term Bond Fund and approximately 25% in the Equity Index Fund.
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 Lehman Brothers Aggregate Bond Index(R) and the S&P 500 Index(R). For the
twelve months ended June 30, 2004, the Fund returned 4.3% versus a 0.3% return
in the Lehman Brothers Aggregate Bond Index(R) and a 19.1% return in the S&P 500
Index(R).
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Conservative Alloc S&P 500 Lehman Agg
----- ------------------ ------- ----------
5/20/2003 10,000 10,000 10,000
6/30/2003 10,159 10,603 10,135
6/30/2004 10,600 12,628 10,150
- ----------------------------------------------------
Conservative Allocation Fund
----------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,434 4.3% 4.3%
Since 5/20/03
(Inception) $10,600 6.0% 5.4%
- ----------------------------------------------------
- ----------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,910 19.1% 19.1%
Since 5/20/03
(Inception) $12,628 26.3% 23.4%
- ----------------------------------------------------
- ----------------------------------------------------
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,015 0.2% 0.2%
Since 5/20/03
(Inception) $10,150 1.5% 1.4%
- ----------------------------------------------------
The line representing the performance return of the Conservative
Allocation Fund includes expenses, such as transaction costs and
management fees in the underlying funds that reduce returns, while the
performance return line of the Index does not.
11
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 approximately 50% of net assets in fixed income
Funds. The Fund seeks to maintain approximately 35% of its net assets in the
Equity Index Fund, approximately 15% in the Mid-Cap Equity Index Fund,
approximately 30% in the Bond Fund and approximately 20% in the Mid-Term Bond
Fund.
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(R) and
the Lehman Brothers Aggregate Bond Index(R). For the twelve months ending June
30, 2004, the Fund returned 10.5% versus a 19.1% return for the S&P 500 Index(R)
and a 0.3% return in the Lehman Brothers Aggregate Bond Index(R).
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Moderate Allocation S&P 500 Lehman Agg
----- ------------------- ------- ----------
5/20/2003 10,000 10,000 10,000
6/30/2003 10,345 10,603 10,135
6/30/2004 11,435 12,628 10,150
- ----------------------------------------------------
Moderate Allocation Fund
------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,054 10.5% 10.5%
Since 5/20/03
(Inception) $11,435 14.4% 12.8%
- ----------------------------------------------------
- ----------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,910 19.1% 19.1%
Since 5/20/03
(Inception) $12,628 26.3% 23.4%
- ----------------------------------------------------
- ----------------------------------------------------
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,015 0.2% 0.2%
Since 5/20/03
(Inception) $10,150 1.5% 1.4%
- ----------------------------------------------------
The line representing the performance return of the Moderate Allocation
Fund includes expenses, such as transaction costs and management fees in
the underlying funds that reduce returns, while the performance return
line of the Index does not.
12
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 approximately 25% of net assets in fixed
income Funds. The Fund seeks to maintain approximately 45% of its net assets in
the Equity Index Fund, approximately 20% in the Mid-Cap Equity Index Fund,
approximately 10% in the Aggressive Equity Fund and approximately 25% in the
Bond Fund.
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(R) and the Lehman Brothers Aggregate Bond Index(R). For the
twelve months ending June 30, 2004 the Fund returned 16.0% versus a 19.1% return
for the S&P 500 Index(R) and a 0.3% return in the Lehman Brothers Aggregate Bond
Index(R).
GROWTH OF A $10,000 INVESTMENT
[The following table was represented as a line graph in the printed material.]
Dates Aggressive Allocation S&P 500 Lehman Agg
----- --------------------- ------- ----------
5/20/2003 10,000 10,000 10,000
6/30/2003 10,530 10,603 10,135
6/30/2004 12,210 12,628 10,150
- ----------------------------------------------------
Aggressive Allocation Fund
--------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,595 16.0% 16.0%
Since 5/20/03
(Inception) $12,210 22.1% 19.7%
- ----------------------------------------------------
- ----------------------------------------------------
S & P 500 Index
---------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $11,910 19.1% 19.1%
Since 5/20/03
(Inception) $12,628 26.3% 23.4%
- ----------------------------------------------------
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ------------
Ended of Cumu- Average
06/30/04 $10,000 lative Annual
- ----------------------------------------------------
1 Year $10,015 0.2% 0.2%
Since 5/20/03
(Inception) $10,150 1.5% 1.4%
- ----------------------------------------------------
The line representing the performance return of the Aggressive Allocation
Fund includes expenses, such as transaction costs and management fees in
the underlying funds that reduce returns, while the performance return
line of the Index does not.
13
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- -------- --------- ---------- -----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERMENT AGENCIES
DISCOUNT NOTES (75.0%)
FHLB ................................... AAA 1.20% 07/01/04 $ 4,684,000 $ 4,684,000
FHLB ................................... AAA 1.01 07/02/04 3,839,000 3,838,892
FHLB ................................... AAA 1.01 07/02/04 1,000,000 999,972
FHLB ................................... AAA 1.02 07/02/04 900,000 899,974
FHLB ................................... AAA 1.06 07/08/04 4,492,000 4,491,074
FHLB ................................... AAA 1.12 07/28/04 1,000,000 999,159
FHLB ................................... AAA 1.31 08/18/04 347,000 346,394
FHLB ................................... AAA 1.25 08/20/04 667,000 665,841
FHLB ................................... AAA 1.27 08/20/04 1,448,000 1,445,445
FHLMC .................................. AAA 1.02 07/06/04 1,049,000 1,048,851
FHLMC .................................. AAA 1.04 07/06/04 5,284,000 5,283,236
FHLMC .................................. AAA 1.05 07/06/04 2,482,000 2,481,641
FHLMC .................................. AAA 1.27 08/23/04 2,000,000 1,996,259
FHLMC .................................. AAA 1.35 08/23/04 1,900,000 1,896,223
FHLMC .................................. AAA 1.35 08/24/04 3,700,000 3,692,507
FHLMC .................................. AAA 1.35 08/24/04 1,900,000 1,896,152
FHLMC .................................. AAA 1.30 08/27/04 250,000 249,485
FHLMC .................................. AAA 1.27 08/31/04 4,490,000 4,479,398
FHLMC .................................. AAA 1.30 08/31/04 2,463,000 2,457,118
FHLMC .................................. AAA 1.33 08/31/04 4,290,000 4,279,939
FNMA ................................... AAA 1.02 07/07/04 4,200,000 4,199,285
FNMA ................................... AAA 1.02 07/14/04 4,899,000 4,897,194
-----------
57,228,039
-----------
COMMERCIAL PAPER (25.0%)
7-Eleven Inc. .......................... A1+/P1 1.25 07/21/04 1,411,000 1,410,020
Bemis Co. .............................. A1/P1 1.02 07/09/04 2,000,000 1,999,546
Exxon Asset Management Corp. ........... A1+/P1 1.07 07/06/04 2,200,000 2,199,673
General Electric Capital Corp. ......... A1+/P1 1.06 07/09/04 208,000 207,951
General Electric Capital Corp. ......... A1+/P1 1.09 07/13/04 300,000 299,891
General Electric Capital Corp. ......... A1+/P1 1.35 08/26/04 1,000,000 997,900
Kimberly-Clark Worldwide ............... A1+/P1 1.08 07/07/04 2,000,000 1,999,640
Nestle Capital Corp. ................... A1+/P1 1.25 08/11/04 788,000 786,878
New York Times Co. ..................... A1/P1 1.32 07/06/04 2,200,000 2,199,597
Novartis Finance Corp. ................. A1+/P1 1.30 07/09/04 2,200,000 2,199,364
Procter & Gamble Co. ................... A1+/P1 1.28 08/12/04 1,102,000 1,100,353
Procter & Gamble Co. ................... A1+/P1 1.30 08/19/04 862,000 860,474
PepsiCo Inc. ........................... A1/P1 1.28 07/23/04 2,200,000 2,198,280
Pfizer, Inc. ........................... A1+/P1 1.30 08/23/04 640,000 638,775
-----------
19,098,342
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $76,328,153) 100% ...................................................................... $76,326,381
===========
- ----------
Abbreviations: FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Service, Inc.
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
June 30, 2004 (Unaudited)
Shares Value
------ -----
INDEXED ASSETS:
COMMON STOCKS:
BASIC MATERIALS (1.7%)
Air Products & Chemicals, Inc. ................ 5,401 $ 283,282
Alcoa, Inc. ................................... 20,685 683,226
Allegheny Technologies, Inc. .................. 1,915 34,566
Ball Corp. .................................... 1,340 96,547
Bemis Co. ..................................... 2,523 71,275
Dow Chemical Co. .............................. 22,231 904,802
Du Pont (E.I.) de Nemours & Co. ............... 23,705 1,052,976
Eastman Chemical Co. .......................... 1,838 84,971
Ecolab, Inc. .................................. 6,113 193,782
Engelhard Corp. ............................... 2,985 96,445
Freeport-McMoran Copper Cl B .................. 4,204 139,363
Georgia-Pacific (Timber Group) ................ 6,025 222,804
Great Lakes Chemical Corp. .................... 1,202 32,526
Hercules, Inc.* ............................... 2,639 32,169
International Paper Co. ....................... 11,529 515,346
Intl. Flavors & Fragrances .................... 2,223 83,140
Louisiana-Pacific Corp. ....................... 2,507 59,291
MeadWestvaco Corp. ............................ 4,778 140,425
Monsanto Co. .................................. 6,310 242,935
Newmont Mining Corp. Holding Co. .............. 10,521 407,794
Nucor Corp. ................................... 1,858 142,620
PPG Industries, Inc. .......................... 4,068 254,209
Pactiv Corp.* ................................. 3,637 90,707
Phelps Dodge Corp. ............................ 2,201 170,600
Praxair, Inc. ................................. 7,729 308,464
Rohm & Haas Co. ............................... 5,287 219,833
Sealed Air Corp.* ............................. 2,021 107,659
Sigma-Aldrich Corp. ........................... 1,648 98,237
Temple-Inland, Inc. ........................... 1,297 89,817
United States Steel Group ..................... 2,689 94,438
Vulcan Materials Co. .......................... 2,416 114,881
Weyerhaeuser Co. .............................. 5,727 361,488
Worthington Industries, Inc. .................. 2,053 42,148
------------
7,472,766
------------
CONSUMER, CYCLICAL (6.1%)
eBay, Inc.* ................................... 15,610 1,435,340
AutoZone, Inc.* ............................... 1,974 158,117
Autonation, Inc* .............................. 6,350 108,585
Bed Bath & Beyond, Inc.* ...................... 7,084 272,380
Best Buy Co., Inc. ............................ 7,716 391,510
Big Lots, Inc.* ............................... 2,784 40,257
Black & Decker Corp. .......................... 1,863 115,748
Boise Cascade Corp. ........................... 2,071 77,952
Brunswick Corp. ............................... 2,222 90,658
Carnival Corp. ................................ 14,963 703,261
Centex Corp. .................................. 2,942 134,597
Circuit City Group, Inc. ...................... 4,722 61,150
Clear Channel Communications .................. 14,634 540,726
Comcast Corp. Cl A* ........................... 53,251 1,492,626
Cooper Tire & Rubber Co. ...................... 1,754 40,342
Dana Corp. .................................... 3,535 69,286
Darden Restaurants, Inc. ...................... 3,823 78,563
Delphi Corporation ............................ 13,315 142,204
Dillard's Inc. Cl A ........................... 1,979 44,132
Disney (Walt) Co. ............................. 48,645 1,239,961
Dollar General Corp. .......................... 7,829 153,135
Dow Jones & Co., Inc. ......................... 1,938 87,404
Eastman Kodak Co. ............................. 6,810 183,734
Family Dollar Stores, Inc. .................... 4,092 124,479
Federated Department Stores ................... 4,300 211,130
Ford Motor Co. ................................ 43,524 681,151
Fortune Brands, Inc. .......................... 3,465 261,365
Gannett Co., Inc. ............................. 6,437 546,179
Gap, Inc. ..................................... 21,378 518,417
General Motors Corp. .......................... 13,346 621,790
Genuine Parts Co. ............................. 4,133 163,997
Goodyear Tire & Rubber Co.* ................... 4,167 37,878
Harley-Davidson, Inc. ......................... 7,009 434,137
Harrah's Entertainment, Inc. .................. 2,641 142,878
Hasbro, Inc. .................................. 4,140 78,660
Hilton Hotels Corp. ........................... 9,104 169,881
Home Depot, Inc. .............................. 52,783 1,857,962
International Game Technology ................. 8,234 317,832
Interpublic Group of Cos., Inc. ............... 9,948 136,586
Johnson Controls, Inc. ........................ 4,476 238,929
Jones Apparel Group, Inc. ..................... 3,003 118,558
KB Home ....................................... 1,110 76,179
Knight-Ridder, Inc. ........................... 1,902 136,944
Kohl's Corp.* ................................. 8,078 341,538
Leggett & Platt ............................... 4,562 121,851
Limited Brands, Inc. .......................... 11,191 209,272
Liz Claiborne, Inc. ........................... 2,588 93,116
Lowe's Companies, Inc. ........................ 18,689 982,107
Marriott International, Inc. .................. 5,371 267,905
Mattel, Inc. .................................. 10,031 183,066
May Department Stores Co. ..................... 6,851 188,334
Maytag Corp. .................................. 1,866 45,736
McDonald's Corp. .............................. 29,994 779,844
McGraw-Hill Cos., Inc. ........................ 4,551 348,470
Meredith Corp. ................................ 1,191 65,457
NIKE, Inc. Cl B ............................... 6,251 473,513
New York Times Co. Cl A ....................... 3,566 159,436
Newell Rubbermaid, Inc. ....................... 6,520 153,220
Nordstrom, Inc. ............................... 3,261 138,951
Office Depot, Inc.* ........................... 7,373 132,050
Omnicom Group, Inc. ........................... 4,518 342,871
Penney (J.C.) Co., Inc. ....................... 6,700 252,992
Pulte Homes, Inc. ............................. 2,976 154,841
RadioShack Corp. .............................. 3,911 111,972
Reebok International, Ltd. .................... 1,396 50,228
Sears Roebuck & Co. ........................... 5,053 190,801
Sherwin-Williams Co. .......................... 3,473 144,303
Snap-On, Inc. ................................. 1,385 46,467
Stanley Works ................................. 1,924 87,696
Staples, Inc. ................................. 11,873 347,998
Starbucks Corp.* .............................. 9,413 409,277
Starwood Hotels & Resorts ..................... 4,843 217,209
TJX Companies, Inc. ........................... 11,753 283,717
Target Corp. .................................. 21,654 919,645
Tiffany & Co. ................................. 3,486 128,459
Time Warner, Inc.* ............................ 108,176 1,901,734
Toys R Us, Inc.* .............................. 5,072 80,797
Tribune Co. ................................... 7,855 357,717
Univision Communications, Inc. ................ 7,661 244,616
V F Corp. ..................................... 2,563 124,818
Viacom, Inc. Cl B ............................. 41,144 1,469,664
Visteon Corp. ................................. 3,111 36,305
Wendy's International, Inc. ................... 2,707 94,312
Whirlpool Corp. ............................... 1,657 113,670
Yum! Brands, Inc. ............................. 6,873 255,813
------------
27,588,388
------------
CONSUMER, NON-CYCLICAL (6.2%)
Alberto-Culver Co. Cl A ....................... 2,138 107,199
Albertson's, Inc. ............................. 8,717 231,349
Altria Group, Inc. ............................ 48,624 2,433,631
Anheuser-Busch Cos., Inc. ..................... 19,098 1,031,292
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER, NON-CYCLICAL (CONTINUED)
Archer-Daniels-Midland Co. .................... 15,393 $ 258,295
Avon Products, Inc. ........................... 11,186 516,122
Brown-Forman Corp. Cl B ....................... 2,883 139,162
CVS Corp. ..................................... 9,417 395,702
Campbell Soup Co. ............................. 9,769 262,591
Clorox Co. .................................... 4,988 268,255
Coca-Cola Co. ................................. 57,839 2,919,713
Coca-Cola Enterprises, Inc. ................... 11,163 323,615
Colgate-Palmolive Co. ......................... 12,659 739,919
ConAgra Foods, Inc. ........................... 12,548 339,800
Coors (Adolph) Co. Cl B ....................... 863 62,429
Costco Wholesale Corp. ........................ 10,883 446,965
General Mills, Inc. ........................... 8,898 422,922
Gillette Co. .................................. 23,829 1,010,350
Heinz (H.J.) Co. .............................. 8,367 327,986
Hershey Food Corp. ............................ 6,188 286,319
Kellogg Co. ................................... 9,806 410,381
Kimberly Clark Corp. .......................... 11,920 785,290
Kroger Co.* ................................... 17,713 322,377
McCormick & Co., Inc. ......................... 3,263 110,942
Pepsi Bottling Group, Inc. .................... 6,178 188,676
PepsiCo, Inc. ................................. 40,536 2,184,080
Proctor & Gamble Co. .......................... 61,044 3,323,235
RJ Reynolds Tobacco Holdings .................. 2,009 135,788
Safeway, Inc.* ................................ 10,598 268,553
Sara Lee Corp. ................................ 18,805 432,327
Supervalu, Inc. ............................... 3,193 97,738
Sysco Corp. ................................... 15,184 544,650
UST, Inc. ..................................... 3,942 141,912
Wal-Mart Stores, Inc. ......................... 101,844 5,373,289
Walgreen Co. .................................. 24,357 881,967
Winn-Dixie Stores, Inc.* ...................... 3,368 24,250
Wrigley (Wm.) Jr. Co. ......................... 5,344 336,939
------------
28,086,010
------------
ENERGY (3.7%)
Amerada Hess Corp. ............................ 2,136 169,150
Anadarko Petroleum Corp. ...................... 5,979 350,369
Apache Corp. .................................. 7,698 335,248
Ashland, Inc. ................................. 1,649 87,084
BJ Services Co.* .............................. 3,778 173,184
Baker Hughes, Inc. ............................ 7,964 299,845
Burlington Resources, Inc. .................... 9,401 340,128
ChevronTexaco Corp. ........................... 25,421 2,392,370
ConocoPhillips ................................ 16,254 1,240,018
Devon Energy Corp. ............................ 5,694 375,804
EOG Resources, Inc. ........................... 2,731 163,068
El Paso Corp. ................................. 15,234 120,044
Exxon Mobil Corp. ............................. 155,305 6,897,095
Halliburton Co. ............................... 10,404 314,825
Kerr-McGee Corp. .............................. 3,545 190,615
Kinder Morgan, Inc. ........................... 2,926 173,483
Marathon Oil Corp. ............................ 8,203 310,402
Nabors Industries, Ltd* ....................... 3,476 157,185
Noble Corporation* ............................ 3,189 120,831
Occidental Petroleum Corp. .................... 9,214 446,050
Rowan Cos., Inc.* ............................. 2,468 60,046
Schlumberger, Ltd. ............................ 13,988 888,378
Sunoco, Inc. .................................. 1,841 117,124
Transocean, Inc.* ............................. 7,599 219,915
Unocal Corp. .................................. 6,258 237,804
Valero Energy Corp. ........................... 2,990 220,542
Williams Cos., Inc. ........................... 12,309 146,477
------------
16,547,084
------------
FINANCIAL (11.4%)
Ace, Ltd. ..................................... 6,723 284,248
Aflac, Inc. ................................... 12,078 492,903
Allstate Corp. ................................ 16,723 778,456
AmSouth Bancorporation ........................ 8,339 212,394
Ambac Financial Group, Inc. ................... 2,535 186,170
American Express Co. .......................... 30,346 1,559,177
American Int'l. Group, Inc. ................... 62,002 4,419,503
Aon Corp. ..................................... 7,448 212,045
Apartment Investment & Mgmt.Co ................ 2,221 69,140
BB & T Corp. .................................. 13,324 492,588
Bank of America Corp. ......................... 48,415 4,096,877
Bank of New York Co., Inc. .................... 18,378 541,783
Bear Stearns Cos., Inc. ....................... 2,461 207,487
Capital One Financial Corp. ................... 5,693 389,287
Charles Schwab Corp. .......................... 32,410 311,460
Charter One Financial, Inc. ................... 5,287 233,633
Chubb Corp. ................................... 4,456 303,810
Cincinnati Financial Corp. .................... 4,003 174,211
Citigroup, Inc. ............................... 122,806 5,710,479
Comerica, Inc. ................................ 4,175 229,124
Countrywide Financial Corp. ................... 6,552 460,278
E*Trade Financial Corp.* ...................... 8,712 97,139
Equity Office Properties ...................... 9,487 258,046
Equity Residential ............................ 6,614 196,634
Fannie Mae .................................... 23,099 1,648,345
Federated Investors, Inc. ..................... 2,585 78,429
Fifth Third Bancorp ........................... 13,432 722,373
First Tennessee Natl. Corp. ................... 2,988 135,864
Franklin Resources, Inc. ...................... 5,925 296,724
Freddie Mac ................................... 16,362 1,035,715
Golden West Financial Corp. ................... 3,608 383,711
Goldman Sachs Group, Inc. ..................... 11,488 1,081,710
Hartford Financial Svc. Gp., Inc. ............. 6,922 475,818
Huntington Bancshares, Inc. ................... 5,451 124,828
J.P. Morgan Chase & Co. ....................... 84,561 3,278,418
Janus Capital Group ........................... 5,723 94,372
Jefferson-Pilot Corp. ......................... 3,355 170,434
KeyCorp ....................................... 9,744 291,248
Lehman Brothers Holdings, Inc. ................ 6,590 495,898
Lincoln National Corp. ........................ 4,229 199,820
Loews Corp. ................................... 4,407 264,244
M & T Bank Corp. .............................. 2,836 247,583
MBIA, Inc. .................................... 3,424 195,579
MBNA Corp. .................................... 30,363 783,062
MGIC Investment Corp. ......................... 2,338 177,361
Marsh & McLennan Cos., Inc. ................... 12,426 563,892
Marshall & Ilsley Corp. ....................... 5,276 206,239
Mellon Financial Corp. ........................ 10,081 295,676
Merrill Lynch & Co., Inc. ..................... 22,820 1,231,824
MetLife, Inc. ................................. 17,948 643,436
Moody's Corp. ................................. 3,533 228,444
Morgan Stanley ................................ 26,061 1,375,239
National City Corp. ........................... 16,054 562,051
North Fork Bancorp, Inc. ...................... 4,044 153,874
Northern Trust Corp. .......................... 5,236 221,378
PNC Financial Services Group .................. 6,697 355,477
Plum Creek Timber Co. ......................... 4,353 141,821
Principal Financial Group, Inc. ............... 7,629 265,337
Progressive Corp. of Ohio ..................... 5,153 439,551
Prologis Trust ................................ 4,302 141,622
Providian Financial Corp.* .................... 6,894 101,135
Prudential Financial, Inc. .................... 12,491 580,457
Regions Financial Corp. ....................... 9,764 356,874
SLM Corporation ............................... 10,424 421,651
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIAL (CONTINUED)
Safeco Corp. .................................. 3,291 $ 144,804
Simon Property Group .......................... 4,941 254,066
SouthTrust Corp. .............................. 7,852 304,736
Sovereign Bancorp, Inc. ....................... 7,280 160,888
St. Paul Travelers Cos., Inc. ................. 15,754 638,667
State Street Corp. ............................ 7,968 390,751
Suntrust Banks, Inc. .......................... 6,706 435,823
Synovus Financial Corp. ....................... 7,162 181,342
T. Rowe Price Group, Inc. ..................... 2,989 150,646
Torchmark Corp. ............................... 2,696 145,045
UNUM Provident Corp. .......................... 7,035 111,857
US Bancorp .................................... 45,008 1,240,420
Wachovia Corp. ................................ 31,248 1,390,536
Washington Mutual, Inc. ....................... 20,539 793,627
Wells Fargo & Company ......................... 40,074 2,293,435
XL Capital Limited ............................ 3,259 245,924
Zions Bancorporation .......................... 2,137 131,319
------------
51,398,272
------------
HEALTHCARE (7.6%)
Abbott Laboratories ............................. 37,037 1,509,628
Aetna, Inc. ................................... 3,647 309,995
Allergan, Inc. ................................ 3,119 279,213
Amerisource Bergen Corp. ...................... 2,668 159,493
Amgen, Inc.* .................................. 30,197 1,647,850
Anthem, Inc.* ................................. 3,285 294,205
Applera Corp.-Applied Biosys .................. 4,793 104,248
Bard (C.R.), Inc. ............................. 2,464 139,586
Bausch & Lomb, Inc. ........................... 1,244 80,947
Baxter International, Inc. .................... 14,495 500,222
Becton Dickinson & Co. ........................ 6,004 311,007
Biogen Idec, Inc.* ............................ 8,069 510,364
Biomet, Inc. .................................. 6,085 270,417
Boston Scientific Corp.* ...................... 19,831 848,767
Bristol-Myers Squibb Co. ...................... 46,118 1,129,891
CIGNA Corp. ................................... 3,348 230,376
Cardinal Health, Inc. ......................... 10,220 715,911
Caremark Rx, Inc.* ............................ 10,862 357,794
Chiron Corp.* ................................. 4,452 198,737
Express Scripts, Inc.* ........................ 1,843 146,021
Forest Laboratories, Inc.* .................... 8,733 494,550
Genzyme Corp. (Genl. Div.)* ................... 5,319 251,748
Gilead Sciences, Inc.* ........................ 5,090 341,030
Guidant Corp. ................................. 7,396 413,288
HCA, Inc. ..................................... 11,532 479,616
Hospira, Inc. ................................. 3,717 102,589
Health Management Associates .................. 5,773 129,431
Humana, Inc.* ................................. 3,855 65,150
IMS Health, Inc. .............................. 5,580 130,795
Johnson & Johnson ............................. 70,527 3,928,354
King Pharmaceuticals, Inc.* ................... 5,730 65,609
Lilly (Eli) & Co. ............................. 26,822 1,875,126
Manor Care, Inc. .............................. 2,124 69,412
McKesson Corp. ................................ 6,910 237,220
Medco Health Solutions* ....................... 6,421 240,788
Medimmune, Inc.* .............................. 5,878 137,545
Medtronic, Inc. ............................... 28,807 1,403,477
Merck & Co., Inc. ............................. 52,767 2,506,433
Millipore Corp.* .............................. 1,158 65,276
Mylan Laboratories, Inc. ...................... 6,330 128,183
Pfizer, Inc. .................................. 181,189 6,211,159
Quest Diagnostics, Inc. ....................... 2,463 209,232
Schering-Plough Corp. ......................... 34,961 646,079
St. Jude Medical, Inc.* ....................... 4,088 309,257
Stryker Corp. ................................. 9,477 521,235
Tenet Healthcare Corp.* ....................... 11,044 148,100
Thermo Electron Corp.* ........................ 3,936 120,993
UnitedHealth Group Inc. ....................... 14,623 910,282
Waters Corp.* ................................. 2,892 138,180
Watson Pharmaceuticals, Inc.* ................. 2,563 68,945
Wellpoint Health Networks, Inc. ............... 3,684 412,645
Wyeth ......................................... 31,644 1,144,247
Zimmer Holdings, Inc.* ........................ 5,740 506,268
------------
34,156,914
------------
INDUSTRIAL (6.4%)
3M Company .................................... 18,627 1,676,616
Allied Waste Industries, Inc.* ................ 7,620 100,432
American Power Conversion ..................... 4,713 92,610
American Standard Cos., Inc.* ................. 5,155 207,798
Apollo Group, Inc. Cl A* ...................... 4,185 369,494
Avery Dennison Corp. .......................... 2,625 168,026
Block (H. & R.), Inc. ......................... 4,248 202,545
Boeing Co. .................................... 20,019 1,022,771
Burlington Northern Santa Fe .................. 8,843 310,124
CSX Corp. ..................................... 5,083 166,570
Caterpillar, Inc. ............................. 8,120 645,053
Cendant Corp. ................................. 24,221 592,930
Cintas Corp. .................................. 4,064 193,731
Cooper Industries, Ltd.* ...................... 2,186 129,870
Crane Co. ..................................... 1,412 44,323
Cummins, Inc. ................................. 1,016 63,500
Danaher Corp. ................................. 7,313 379,179
Deere & Co. ................................... 5,912 414,668
Delta Air Lines, Inc.* ........................ 2,930 20,862
Deluxe Corp. .................................. 1,204 52,374
Donnelley (R.R.) & Sons Co. ................... 5,081 167,775
Dover Corp. ..................................... 4,827 203,217
Eaton Corp. ................................... 3,617 234,165
Emerson Electric Co. .......................... 10,022 636,898
Equifax, Inc. ................................. 3,312 81,972
FedEx Corp. ................................... 7,090 579,182
Fluor Corp. ................................... 1,946 92,766
General Dynamics Corp. ........................ 4,707 467,405
General Electric Co. .......................... 250,631 8,120,444
Goodrich Corporation .......................... 2,795 90,362
Grainger (W.W.), Inc. ......................... 2,171 124,833
Honeywell International, Inc. ................. 20,409 747,582
ITT Industries, Inc. .......................... 2,192 181,936
Illinois Tool Works, Inc. ..................... 7,317 701,627
Ingersoll Rand Co.* ........................... 4,175 285,194
Lockheed Martin Corp. ......................... 10,722 558,402
Masco Corp. ................................... 10,402 324,334
Monster Worldwide, Inc.* ...................... 2,783 71,579
Navistar International Corp.* ................. 1,635 63,373
Norfolk Southern Corp. ........................ 9,288 246,318
Northrop Grumman Corp. ........................ 8,538 458,491
PACCAR, Inc. .................................. 4,157 241,064
Pall Corp. .................................... 2,990 78,308
Parker Hannifin Corp. ......................... 2,815 167,380
Pitney Bowes, Inc. ............................ 5,560 246,030
Power One, Inc.* .............................. 1,978 21,718
Raytheon Co. .................................. 10,631 380,271
Robert Half Intl., Inc. ....................... 4,068 121,104
Rockwell Automation, Inc. ..................... 4,449 166,882
Rockwell Collins .............................. 4,247 141,510
Ryder System, Inc. ............................ 1,540 61,708
Southwest Airlines Co. ........................ 18,757 314,555
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIAL (CONTINUED)
Textron, Inc. ................................. 3,274 $ 194,312
Thomas & Betts Corp. .......................... 1,389 37,822
Tyco International, Ltd. ...................... 47,624 1,578,259
Union Pacific Corp. ........................... 6,151 365,677
United Parcel Service Cl B .................... 26,838 2,017,412
United Technologies Corp. ..................... 12,260 1,121,545
Waste Management, Inc. ........................ 13,696 419,782
------------
28,966,670
------------
TECHNOLOGY (9.6%)
ADC Telecommunications, Inc.* ................. 19,161 54,417
Adobe Systems, Inc. ........................... 5,662 263,283
Advanced Micro Devices, Inc.* ................. 8,397 133,512
Affiliated Computer Svcs.* .................... 3,230 170,996
Agilent Technologies, Inc.* ................... 11,433 334,758
Altera Corp.* ................................. 8,890 197,536
Analog Devices, Inc. .......................... 8,876 417,882
Andrew Corp.* ................................. 3,767 75,378
Apple Computer, Inc.* ......................... 9,025 293,674
Applied Materials, Inc.* ...................... 39,944 783,701
Applied Micro Circuits Corp.* ................. 7,382 39,272
Autodesk, Inc. ................................ 2,679 114,688
Automatic Data Processing, Inc. ............... 14,018 587,074
Avaya, Inc.* .................................. 10,536 166,363
BMC Software, Inc.* ........................... 5,358 99,123
Broadcom Corp. Cl A* .......................... 7,459 348,857
Ciena Corp.* .................................. 13,480 50,146
Cisco Systems, Inc.* .......................... 160,564 3,805,367
Citrix Systems, Inc.* ......................... 4,042 82,295
Computer Associates Intl., Inc. ............... 13,820 387,789
Computer Sciences Corp.* ...................... 4,457 206,939
Compuware Corp.* .............................. 9,130 60,258
Comverse Technology, Inc.* .................... 4,572 91,166
Convergys Corp.* .............................. 3,405 52,437
Corning, Inc.* ................................ 32,585 425,560
Dell, Inc.* ................................... 59,913 2,146,084
EMC Corp.* .................................... 58,035 661,599
Electronic Arts, Inc.* ........................ 7,092 386,869
Electronic Data Systems Corp. ................. 11,502 220,263
First Data Corp. .............................. 20,719 922,410
Fiserv, Inc.* ................................. 4,624 179,827
Gateway, Inc.* ................................ 8,905 40,073
Hewlett-Packard Co. ........................... 72,504 1,529,834
Intel Corp. ................................... 153,594 4,239,194
Intl. Business Machines Corp. ................. 40,022 3,527,939
Intuit, Inc.* ................................. 4,549 175,500
JDS Uniphase Corp.* ........................... 34,112 129,284
Jabil Circuit, Inc.* .......................... 4,751 119,630
KLA Tencor Corp.* ............................. 4,664 230,308
LSI Logic Corp.* .............................. 8,998 68,565
Lexmark Int'l, Inc.* .......................... 3,048 294,223
Linear Technology Corp. ....................... 7,430 293,262
Lucent Technologies* .......................... 101,770 384,691
Maxim Integrated Products, Inc. ............... 7,652 401,118
Mercury Interactive Corp.* .................... 2,132 106,238
Micron Technology, Inc.* ...................... 14,478 221,658
Microsoft Corp. ............................... 256,339 7,321,034
Molex, Inc., Cl A ............................. 4,527 145,226
Motorola, Inc. ................................ 55,614 1,014,956
NCR Corp.* .................................... 2,247 111,429
NVIDIA Corporation* ........................... 3,841 78,741
National Semiconductor Corp.* ................. 8,453 185,881
Network Appliance, Inc.* ...................... 8,193 176,395
Novell, Inc.* ................................. 9,182 77,037
Novellus Systems, Inc.* ....................... 3,511 110,386
Oracle Corp.* ................................. 123,364 1,471,733
PMC Sierra, Inc.* ............................. 4,194 60,184
Parametric Technology Corp.* .................. 6,328 31,640
Paychex, Inc. ................................. 8,971 303,937
Peoplesoft, Inc.* ............................. 8,645 159,933
PerkinElmer, Inc. ............................. 3,012 60,360
QLogic Corp.* ................................. 2,257 60,014
Qualcomm, Inc. ................................ 19,239 1,404,062
Sabre Group Holdings, Inc. .................... 3,333 92,357
Sanmina Corp.* ................................ 12,322 112,130
Scientific-Atlanta, Inc. ...................... 3,622 124,959
Siebel Systems, Inc.* ......................... 11,935 127,466
Solectron Corp.* .............................. 22,794 147,477
Sun Microsystems, Inc.* ....................... 78,984 342,791
Sungard Data Sys., Inc.* ...................... 6,818 177,268
Symantec Corp.* ............................... 7,394 323,709
Symbol Technologies, Inc. ..................... 5,484 80,834
Tektronix, Inc. ............................... 2,014 68,516
Tellabs, Inc.* ................................ 9,870 86,264
Teradyne, Inc.* ............................... 4,539 103,035
Texas Instruments, Inc. ....................... 41,173 995,563
Unisys Corp.* ................................. 7,880 109,374
Veritas Software Corp.* ....................... 10,254 284,036
Xerox Corp.* .................................. 18,949 274,761
Xilinx, Inc. .................................. 8,185 272,642
Yahoo!, Inc.* ................................. 31,980 1,161,833
------------
43,179,003
------------
TELECOMMUNICATIONS (1.9%)
AT&T Corp. .................................... 18,856 275,863
AT&T Wireless* ................................ 64,733 926,977
Alltel Corp. .................................. 7,318 370,437
BellSouth Corp. ............................... 43,516 1,140,990
CenturyTel, Inc. .............................. 3,298 99,072
Citizens Communications Co.* .................. 6,749 81,663
Nextel Communications, Inc.* .................. 26,354 702,598
Qwest Communications Intl.* ................... 42,373 152,119
SBC Communications, Inc. ...................... 78,592 1,905,856
Sprint Corp. (FON Gp.) ........................ 33,871 596,130
Verizon Communications ........................ 65,786 2,380,795
------------
8,632,500
------------
UTILITIES (1.5%)
AES Corp.* .................................... 15,131 150,251
Allegheny Energy, Inc.* ....................... 3,018 46,507
Ameren Corp. .................................. 4,322 185,673
American Electric Power, Inc. ................. 9,385 300,320
CINergy Corp. ................................. 4,226 160,588
CMS Energy Corp.* ............................. 3,821 34,886
Calpine Corp.* ................................ 9,808 42,371
Centerpoint Energy, Inc. ...................... 7,271 83,617
Consolidated Edison, Inc. ..................... 5,711 227,069
Constellation Energy Group .................... 3,970 150,463
DTE Energy Co. ................................ 4,119 166,984
Dominion Resources, Inc. ...................... 7,704 485,968
Duke Energy Corp. ............................. 21,725 440,800
Dynergy, Inc.* ................................ 8,947 38,114
Edison International .......................... 7,743 197,989
Entergy Corp. ................................. 5,433 304,302
Exelon Corp. .................................. 15,641 520,689
FPL Group, Inc. ............................... 4,379 280,037
FirstEnergy Corp. ............................. 7,838 293,220
Keyspan Corporation ........................... 3,776 138,579
NiSource, Inc. ................................ 6,234 128,545
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Nicor, Inc. ................................... 1,046 $ 35,533
PG & E Corp.* ................................. 9,957 278,199
PPL Corporation ............................... 4,213 193,377
Peoples Energy Corp. .......................... 885 37,303
Pinnacle West Capital Corp. ................... 2,168 87,566
Progress Energy, Inc. ......................... 5,820 256,371
Public Svc. Enterprise Group .................. 5,612 224,648
Sempra Energy ................................. 5,392 185,647
Southern Co. .................................. 17,512 510,475
TXU Corp. ..................................... 7,697 311,806
Teco Energy, Inc. ............................. 4,462 53,499
Xcel Energy, Inc. ............................. 9,476 158,344
------------
6,709,740
------------
TOTAL INDEXED ASSETS -- COMMON STOCKS
(Cost: $194,885,500) 56.1% .................... $252,737,347
------------
- ----------
* Non-income producing security.
Face
Rate Maturity Amount Value
------- -------- ---------- ------------
SHORT-TERM DEBT SECURITIES:
U.S. Government (0.8%)
U.S. Treasury Bill (a) .............. 0.92% 07/15/04 $ 1,000,000 $ 999,642
U.S. Treasury Bill (a) .............. 1.28 09/23/04 2,700,000 2,692,111
------------
3,691,753
------------
U.S. GOVERNMENT AGENCIES (2.6%)
Federal Home Loan Mtge. Corp. ....... 1.20 07/01/04 11,730,000 11,730,000
------------
Total Short-Term Debt Securities
(Cost: $15,421,576) 3.4% ............................................... 15,421,753
------------
TOTAL INDEXED ASSETS
(Cost: $210,307,076) 59.5% . .......................................... $268,159,100
------------
- ----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
- ----------
Futures Contracts Outstanding As Of June 30, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain/(Loss)
----------- --------------- ----------
PURCHASED
55 S&P 500 Stock Index Futures Contracts September 2004 $15,680,500 $84,075
=========== =======
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 3.5%
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
Active Assets:
COMMON STOCKS:
BASIC MATERIALS (1.7%)
A. Schulman, Inc. ............................ 24,370 $ 523,711
Cleveland-Cliffs, Inc.* ...................... 9,950 561,081
Commercial Metals Co. ........................ 17,010 551,975
Cytec Industries, Inc. ....................... 10,730 487,679
Du Pont (E.I.) de Nemours & Co. .............. 26,000 1,154,920
Georgia Gulf Corp. ........................... 17,590 630,777
Graftech International, Ltd.* ................ 70,120 733,455
International Paper Co. ...................... 22,600 1,010,220
Lone Star Technologies, Inc.* ................ 10,030 276,427
Longview Fibre Co.* .......................... 18,980 279,575
Lubrizol Corp. ............................... 11,260 412,341
Pactiv Corp.* ................................ 21,500 536,210
Steel Dynamics, Inc.* ........................ 21,080 603,520
------------
7,761,891
------------
CONSUMER, CYCLICAL (6.2%)
eBay, Inc.* .................................. 28,700 2,638,965
Aaron Rents, Inc. ............................ 20,860 691,300
American Eagle Outfitters* ................... 21,680 626,769
Ameristar Casinos, Inc. ...................... 14,010 470,456
Ann Taylor Stores Corp.* ..................... 21,420 620,752
Boyd Gaming Corp. ............................ 29,810 792,052
Brookstone, Inc.* ............................ 28,045 562,302
Buffalo Wild Wings, Inc.* .................... 18,800 519,820
CSK Auto Corp* ............................... 30,530 523,284
Cache, Inc.* ................................. 38,390 518,649
Circuit City Group, Inc. ..................... 116,000 1,502,200
Collins & Aikman Corp* ....................... 42,010 234,836
Crown Holdings, Inc.* ........................ 122,360 1,219,929
Deckers Outdoor Corp* ........................ 21,680 639,343
Fossil, Inc.* ................................ 24,390 664,628
Genuine Parts Co. .............................. 30,000 1,190,400
Guitar Center, Inc.* ......................... 15,459 687,462
Gymboree Corp.* .............................. 42,360 650,650
Jacuzzi Brands, Inc.* ........................ 80,350 647,621
Landry's Restaurant, Inc. .................... 37,990 1,135,521
Lithia Motors, Inc. Cl A ..................... 21,590 535,000
McGraw-Hill Cos., Inc. ....................... 20,600 1,577,342
Meredith Corp. ............................... 30,000 1,648,800
Pinnacle Entertainment, Inc.* ................ 33,870 427,101
Quiksilver, Inc.* ............................ 29,810 709,776
Red Robin Gourmet Burgers* ................... 20,140 551,232
Select Comfort Corporation* .................. 21,140 600,376
Shopko Stores, Inc.* ......................... 34,220 483,871
Staples, Inc. ................................ 58,200 1,705,842
Sunterra Corporation* ........................ 16,840 212,184
Target Corp. ................................. 33,000 1,401,510
The Steak N Shake Company* ................... 24,620 448,576
The Warnaco Group, Inc.* ..................... 27,100 576,417
United Online, Inc.* ......................... 28,770 506,640
------------
27,921,606
------------
CONSUMER, NON-CYCLICAL (0.9%)
Anheuser-Busch Cos., Inc. .................... 12,370 667,980
Cabela's, Inc. Cl A* ......................... 410 11,050
Chiquita Brands Intl., Inc.* ................. 35,170 735,756
Clorox Co. ................................... 17,000 914,260
Conmed Corp.* ................................ 6,930 189,882
Jarden Corp* ................................. 21,485 773,245
Longs Drug Stores Corp. ...................... 9,660 230,584
Walter Industries, Inc. ...................... 29,850 406,557
------------
3,929,314
------------
ENERGY (1.7%)
Anadarko Petroleum Corp. ..................... 10,000 586,000
Brigham Exploration Company* ................. 52,880 486,496
Denbury Resources, Inc.* ..................... 14,770 309,432
Exxon Mobil Corp. ............................ 7,930 352,171
FMC Technologies Inc.* ....................... 21,100 607,680
Grey Wolf, Inc.* ............................. 32,160 136,358
KFX, Inc.* ................................... 32,520 247,802
Maverick Tube Corp.* ......................... 10,030 263,388
Patina Oil & Gas Corp. ....................... 10,130 302,583
Patterson UTI Energy, Inc. ................... 7,610 254,250
Plains Exploration & Power* .................. 23,370 428,840
Quicksilver Resources* ....................... 8,440 566,071
Range Resources Corp. ........................ 58,670 856,582
Stone Energy Corp.* .......................... 9,190 419,799
Ultra Petroleum Corp* ........................ 6,650 248,245
Unisource Energy Corp. ....................... 20,320 504,952
Western Gas Resources ........................ 16,260 528,125
Whiting Petroleum Corp.* ..................... 13,430 337,765
------------
7,436,539
------------
FINANCIAL (7.5%)
Accredited Home Lenders* ..................... 11,230 316,125
Alabama National Bancorp ..................... 12,489 692,765
American Express Co. ......................... 15,080 774,810
American Home Mortgage
Investment ................................. 23,870 618,949
American Int'l. Group, Inc. .................. 41,600 2,965,248
Amli Residential Properties .................. 17,300 507,582
Argonaut Group, Inc.* ........................ 13,220 243,645
Bank of America Corp. ........................ 20,040 1,695,785
Bank of the Ozarks ........................... 12,660 294,978
BankAtlantic Bancorp, Inc. Cl A .............. 38,940 718,443
Banner Corporation ........................... 13,530 393,182
Brookline Bankcorp ........................... 40,300 591,201
Capital Automotive REIT ...................... 15,620 458,135
Carramerica Realty Corp. ..................... 9,440 285,371
Charles Schwab Corp. ......................... 173,500 1,667,335
Cincinnati Financial Corp. ................... 25,200 1,096,704
Citigroup, Inc. .............................. 24,870 1,156,455
Columbia Banking System ...................... 14,710 326,856
Comerica, Inc. ............................... 21,750 1,193,640
Direct General Corp. ......................... 17,960 579,030
Equity Inns, Inc. ............................ 54,990 510,857
First Niagara Financial Grp .................. 34,530 414,360
First State Banck Corporation ................ 11,690 359,117
Highwoods Properties, Inc. ................... 18,760 440,860
Huntington Bancshares, Inc. .................. 43,500 996,150
J.P. Morgan Chase & Co. ...................... 19,650 761,831
KNBT Bancorp, Inc. ........................... 28,390 474,113
LandAmerica Financial Group .................. 14,960 582,393
Luminent Mortgage Capital, Inc. .............. 24,830 297,960
MAF Bancorp .................................. 14,170 604,776
MBNA Corp. ................................... 99,600 2,568,684
Medical Properties of America* ............... 34,720 347,200
Mid-America Apt. Communities ................. 16,960 642,614
Morgan Stanley ............................... 46,500 2,453,805
National City Corp. .......................... 15,000 525,150
Pennsylvania REIT ............................ 13,750 470,938
Principal Financial Group, Inc. .............. 15,000 521,700
PrivateBancorp, Inc. ......................... 30,914 849,517
Provident Financial Services ................. 22,660 397,683
Santander Bancorp ............................ 13,400 331,248
Selective Insurance Group .................... 15,570 620,932
Sterling Financial Corp.* .................... 20,009 637,687
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIAL (CONTINUED)
Stewart Information Services ................. 13,500 $ 455,895
Sws Group, Inc. .............................. 14,400 220,320
Texas Regional Bancshares .................... 11,915 547,018
------------
33,609,047
------------
HEALTHCARE (3.8%)
Able Laboratories, Inc* ...................... 13,270 272,831
Advanced Medical Optics, Inc.* ............... 18,970 807,553
Alexion Pharmaceuticals, Inc.* ............... 22,058 410,279
Amylin Pharmaceuticals, Inc.* ................ 16,300 371,640
Atherogenics* ................................ 11,590 220,558
Becton Dickinson & Co. ....................... 23,500 1,217,300
Bioenvision, Inc.* ........................... 29,810 261,136
Caliper Life Sciences, Inc.* ................. 37,810 175,817
Cardinal Health, Inc. ........................ 33,900 2,374,695
Closure Medical Corporation* ................. 11,273 283,065
Cubist Pharmaceuticals, Inc.* ................ 21,943 243,567
Dendreon Corp.* .............................. 45,347 555,501
Flamel Technologies S.A.* .................... 10,840 266,989
GTC Biotherapeutics* ......................... 88,652 139,184
IDEXX Laboratories, Inc.* .................... 11,535 726,013
ISTA Pharmaceuticals, Inc.* .................. 19,930 208,269
Immunicon Corp.* ............................. 33,360 261,876
Introgen Therapeutics, Inc.* ................. 29,765 127,097
Inveresk Research Group* ..................... 6,330 195,217
Kensey Nash Corp.* ........................... 18,970 654,465
Kinetic Concepts, Inc.* ...................... 7,670 382,733
Maxim Pharmaceuticals, Inc.* ................. 28,770 277,631
Medtronic, Inc. .............................. 55,000 2,679,600
Merck & Co., Inc. ............................ 26,000 1,235,000
Pfizer, Inc. ................................. 65,000 2,228,200
Telik, Inc.* ................................. 19,882 474,583
------------
17,050,799
------------
INDUSTRIAL (6.2%)
American Italian Pasta Co. ................... 17,740 540,715
Apogee Enterprises, Inc. ..................... 50,530 525,512
Applied Industrial Tech, Inc. ................ 21,080 634,930
Aviall, Inc.* ................................ 29,580 562,316
Benchmark Electronics* ....................... 10,790 313,989
Boeing Co. ................................... 19,200 980,928
Champion Enterprises, Inc.* .................. 81,270 746,059
Ciber, Inc.* ................................. 105,150 864,333
Ciphergen Biosystems, Inc* ................... 33,870 247,928
Digital River, Inc.* ......................... 17,610 574,614
Dycom Industries, Inc.* ...................... 22,850 639,800
Engineered Support Systems ................... 5,070 296,646
Esterline Technologies* ...................... 19,360 571,701
Flowserve Corporation* ....................... 9,030 225,208
General Cable Corp* .......................... 89,240 763,002
General Electric Co. ......................... 48,000 1,555,200
Grainger (W.W.), Inc. ........................ 30,000 1,725,000
Kennametal, Inc. ............................. 3,450 158,010
Kirby Corp.* ................................. 19,303 750,887
Laureate Education, Inc.* .................... 13,420 513,181
MKS Instruments, Inc.* ....................... 24,600 561,372
Mine Safety Appliances Co. ................... 13,550 456,635
Mykrolis Corp* ............................... 34,880 607,610
Northrop Grumman Corp. ....................... 26,400 1,417,680
Northwest Airlines Corp* ..................... 49,000 544,880
Precision Castparts Corp. .................... 15,410 842,773
RailAmerica Inc.* ............................ 66,150 965,790
Siligan Holdings, Inc. ....................... 15,650 630,852
Spherion Corp.* .............................. 59,310 601,403
TTM Technologies* ............................ 52,950 627,458
Thomas & Betts Corp. ......................... 53,300 1,451,359
Trinity Industries ........................... 20,710 658,371
Triumph Group, Inc.* ......................... 9,070 289,605
Tyco International, Ltd. ..................... 57,000 1,888,980
UTI Worldwide, Inc.* ......................... 15,730 830,859
Ultimate Electronics, Inc.* .................. 35,730 176,506
United Parcel Service Cl B ................... 23,750 1,785,288
Universal Forest Products .................... 14,930 479,104
Us Home Systems, Inc.* ....................... 17,550 125,658
------------
28,132,142
------------
TECHNOLOGY (10.8%)
ASE Test Limited* ............................ 46,310 341,305
ATS Medical, Inc.* ........................... 56,440 212,214
Aeroflex, Inc.* .............................. 21,220 303,022
Affiliated Computer Svcs.* ................... 22,000 1,164,680
Andrew Corp.* ................................ 32,610 652,526
Angiotech Pharmaceuticals* ................... 9,940 200,291
Anixter International, Inc. .................. 13,050 444,092
Applied Materials, Inc.* ..................... 122,500 2,403,450
Ask Jeeves, Inc.* ............................ 11,590 452,358
Avid Technology, Inc.* ....................... 12,190 665,208
Axcelis Technology* .......................... 57,720 718,037
CSG Systems Intl., Inc.* ..................... 33,870 701,109
Cisco Systems, Inc.* ......................... 143,500 3,400,950
Credence Systems Corp.* ...................... 33,170 457,746
Cypress Semiconductor Corp.* ................. 45,440 644,794
DRS Technologies, Inc.* ...................... 20,430 651,717
Dell Inc.* ................................... 68,000 2,435,760
EMC Corp.* ................................... 185,000 2,109,000
Embarcardero Technologies, Inc. .............. 43,160 533,458
First Data Corp. ............................. 34,000 1,513,680
Hewlett-Packard Co. .......................... 13,130 277,043
Hyperion Solutions, Corp.* ................... 16,260 710,887
Information Corp.* ........................... 26,610 203,034
Integrated Device Tech., Inc.* ............... 40,650 562,596
Integrated Silicon Solution* ................. 35,720 436,141
Intersil Corp. Cl A .......................... 58,500 1,267,110
Juniper Networks, Inc.* ...................... 121,000 2,972,970
Kulicke and Soffa Industries* ................ 51,270 561,919
LTX Corp.* ................................... 40,280 435,427
Lecroy Corp.* ................................ 29,180 525,532
Linear Technology Corp. ...................... 73,300 2,893,151
Lionbridge Technologies, Inc.* ............... 67,740 518,211
Mapinfo Corp.* ............................... 10,410 110,346
Mastec, Inc.* ................................ 48,910 265,581
Maxim Integrated Products, Inc. .............. 60,000 3,145,200
Micrel, Inc.* ................................ 54,190 658,409
Micromuse, Inc.* ............................. 59,650 399,059
Microsoft Corp. .............................. 90,000 2,570,386
On Semiconductor* ............................ 108,390 544,118
Quest Software, Inc.* ........................ 37,120 478,848
Sabre Group Holdings, Inc. ................... 69,000 1,911,990
Silicon Storage Technology* .................. 39,290 404,687
Varian, Inc.* ................................ 13,550 571,133
Veritas Software Corp.* ...................... 71,000 1,966,700
Viasat Inc.* ................................. 24,300 606,285
Western Digital Corp.* ....................... 33,730 292,102
Xilinx, Inc. ................................. 76,500 2,548,215
Zoran Corp.* ................................. 10,300 189,005
aQuantive, Inc.* ............................. 56,910 562,271
------------
48,593,753
------------
The accompanying notes are an integral part of these financial statements.
21
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2004 (Unaudited)
Shares Value
------ -----
ACTIVE ASSETS (CONTINUED):
TELECOMMUNICATIONS (0.5%)
CT Communications, Inc. ...................... 10,400 $ 156,520
Citizens Communications Co.* ................. 61,500 744,150
Gray Television, Inc. ........................ 40,920 568,379
SBC Communications, Inc. ..................... 30,000 727,500
------------
2,196,549
------------
UTILITIES (1.0%)
Avista Corp .................................. 10,240 188,621
CINergy Corp. ................................ 22,460 853,480
Energen Corp. ................................ 12,780 613,312
Integrated Electrical Svcs.* ................. 77,720 625,646
PNM Resources, Inc. .......................... 29,640 615,623
Southwestern Energy Co.* ..................... 42,830 1,227,936
Westar Energy, Inc. .......................... 26,190 521,443
------------
4,646,061
------------
TOTAL ACTIVE ASSETS-COMMON STOCKS
(Cost: $161,423,590) 40.3% ................... $181,277,701
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $782,700) 0.2% ........................ 782,700
------------
TOTAL INVESTMENTS
(Cost: $372,513,366) 100.0% .................. $450,219,501
============
- ----------
* Non-income producing security.
** 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 June 30, 2004 was
0.63%.
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)
June 30, 2004 (Audited)
Shares Value
------ -----
COMMON STOCKS:
BASIC MATERIALS (2.9%)
Air Products & Chemicals, Inc. ............... 13,923 $ 730,261
Alcoa, Inc. .................................. 53,191 1,756,899
Allegheny Technologies, Inc. ................. 4,942 89,203
Ball Corp. ................................... 3,452 248,717
Bemis Co. .................................... 6,510 183,908
Dow Chemical Co. ............................. 57,277 2,331,174
Du Pont (E.I.) de Nemours & Co. .............. 61,126 2,715,217
Eastman Chemical Co. ......................... 4,740 219,130
Ecolab, Inc. ................................. 15,754 499,402
Engelhard Corp. .............................. 7,681 248,173
Freeport-McMoran Copper Cl B ................. 10,832 359,081
Georgia-Pacific (Timber Group) ............... 15,543 574,780
Great Lakes Chemical Corp. ................... 3,100 83,886
Hercules, Inc.* .............................. 6,790 82,770
International Paper Co. ...................... 29,702 1,327,679
Intl. Flavors & Fragrances ................... 5,739 214,639
Louisiana-Pacific Corp. ...................... 6,657 157,438
MeadWestvaco Corp ............................ 12,319 362,051
Monsanto Co. ................................. 16,264 626,164
Newmont Mining Corp. Holding Co. ............. 27,107 1,050,667
Nucor Corp. .................................. 4,798 368,294
PPG Industries, Inc. ......................... 10,489 655,458
Pactiv Corp.* ................................ 9,372 233,738
Phelps Dodge Corp. ........................... 5,684 440,567
Praxair, Inc. ................................ 19,918 794,927
Rohm & Haas Co. .............................. 13,645 567,359
Sealed Air Corp.* ............................ 5,204 277,217
Sigma-Aldrich Corp. .......................... 4,246 253,104
Temple-Inland, Inc. .......................... 3,353 232,195
United States Steel Group .................... 6,933 243,487
Vulcan Materials Co. ......................... 6,232 296,332
Weyerhaeuser Co. ............................. 14,753 931,209
Worthington Industries, Inc. ................. 5,295 108,706
------------
19,263,832
------------
CONSUMER, CYCLICAL (10.6%)
eBay, Inc.* .................................. 40,218 3,698,045
AutoZone, Inc.* .............................. 5,086 407,389
Autonation, Inc.* ............................ 16,358 279,722
Bed Bath & Beyond, Inc.* ..................... 18,384 706,865
Best Buy Co., Inc. ........................... 19,885 1,008,965
Big Lots, Inc.* .............................. 7,048 101,914
Black & Decker Corp. ......................... 4,807 298,659
Boise Cascade Corp. .......................... 5,344 201,148
Brunswick Corp. .............................. 5,740 234,192
Carnival Corp. ............................... 38,708 1,819,276
Centex Corp. ................................. 7,578 346,694
Circuit City Group, Inc. ..................... 12,169 157,589
Clear Channel Communications ................. 37,583 1,388,692
Comcast Corp. Cl A* .......................... 137,194 3,845,548
Cooper Tire & Rubber Co. ..................... 4,525 104,075
Dana Corp. ................................... 9,105 178,458
Darden Restaurants, Inc. ..................... 9,849 202,397
Delphi Corporation ........................... 34,323 366,570
Dillard's Inc. Cl A .......................... 5,103 113,797
Disney (Walt) Co. ............................ 125,555 3,200,397
Dollar General Corp. ......................... 20,171 394,545
Dow Jones & Co., Inc. ........................ 4,998 225,410
Eastman Kodak Co. ............................ 17,556 473,661
Family Dollar Stores, Inc. ................... 10,541 320,657
Federated Department Stores .................. 11,071 543,586
Ford Motor Co. ............................... 112,013 1,753,003
Fortune Brands, Inc. ......................... 8,938 674,193
Gannett Co., Inc. ............................ 16,610 1,409,359
Gap, Inc. .................................... 55,077 1,335,617
General Motors Corp. ......................... 34,544 1,609,405
Genuine Parts Co. ............................ 10,659 422,949
Goodyear Tire & Rubber Co.* .................. 10,741 97,636
Harley-Davidson, Inc. ........................ 18,057 1,118,451
Harrah's Entertainment, Inc. ................. 6,823 369,124
Hasbro, Inc. ................................. 10,695 203,205
Hilton Hotels Corp. .......................... 23,455 437,670
Home Depot, Inc. ............................. 135,991 4,786,883
International Game Technology ................ 21,249 820,211
Interpublic Group of Cos., Inc. .............. 25,630 351,900
Johnson Controls, Inc. ....................... 11,554 616,753
Jones Apparel Group, Inc. .................... 7,738 305,496
KB Home ...................................... 2,860 196,282
Knight-Ridder, Inc. .......................... 4,889 352,008
Kohl's Corp.* ................................ 20,834 880,862
Leggett & Platt .............................. 11,757 314,029
Limited Brands, Inc. ......................... 28,832 539,158
Liz Claiborne, Inc. .......................... 6,692 240,778
Lowe's Companies, Inc. ....................... 48,171 2,531,386
Marriott International, Inc. ................. 13,839 690,289
Mattel, Inc. ................................. 25,843 471,635
May Department Stores Co. .................... 17,794 489,157
Maytag Corp. ................................. 4,812 117,942
McDonald's Corp. ............................. 77,030 2,002,780
McGraw-Hill Cos., Inc. ....................... 11,720 897,400
Meredith Corp. ............................... 3,073 168,892
NIKE, Inc. Cl B .............................. 16,119 1,221,014
New York Times Co. Cl A ...................... 9,176 410,259
Newell Rubbermaid, Inc. ...................... 16,810 395,035
Nordstrom, Inc. .............................. 8,426 359,032
Office Depot, Inc.* .......................... 19,142 342,833
Omnicom Group, Inc. .......................... 11,636 883,056
Penney (J.C.) Co., Inc. ...................... 17,261 651,775
Pulte Homes Inc. ............................. 7,688 400,007
RadioShack Corp. ............................. 9,840 281,719
Reebok International, Ltd. ................... 3,612 129,960
Sears Roebuck & Co. .......................... 13,019 491,597
Sherwin-Williams Co. ......................... 8,760 363,978
Snap-On, Inc. ................................ 3,569 119,740
Stanley Works ................................ 4,968 226,441
Staples, Inc. ................................ 30,432 891,962
Starbucks Corp.* ............................. 24,265 1,055,042
Starwood Hotels & Resorts .................... 12,664 567,980
TJX Companies, Inc. .......................... 30,280 730,959
Target Corp. ................................. 55,843 2,371,652
Tiffany & Co. ................................ 8,981 330,950
Time Warner, Inc.* ........................... 278,883 4,902,763
Toys R Us, Inc.* ............................. 13,079 208,348
Tribune Co. .................................. 20,047 912,940
Univision Communications, Inc. ............... 19,760 630,937
V F Corp. .................................... 6,627 322,735
Viacom, Inc. Cl B ............................ 106,003 3,786,427
Visteon Corp. ................................ 8,004 93,407
Wendy's International, Inc. .................. 6,980 243,183
Whirlpool Corp. .............................. 4,265 292,579
Yum! Brands, Inc. ............................ 17,706 659,017
------------
71,100,031
------------
CONSUMER, NON-CYCLICAL (10.8%)
Alberto-Culver Co. Cl A ...................... 5,517 276,622
Albertson's, Inc. ............................ 22,480 596,619
Altria Group, Inc. ........................... 125,372 6,274,869
Anheuser-Busch Cos., Inc. .................... 49,202 2,656,908
Archer-Daniels-Midland Co. ................... 39,695 666,082
Avon Products, Inc. .......................... 28,840 1,330,678
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)
June 30, 2004 (Audited)
Shares Value
------ -----
COMMON STOCKS (CONTINUED):
CONSUMER, NON-CYCLICAL (CONTINUED)
Brown-Forman Corp. Cl B ...................... 7,436 $ 358,936
CVS Corp. .................................... 24,283 1,020,372
Campbell Soup Co. ............................ 25,177 676,758
Clorox Co. ................................... 12,979 698,011
Coca-Cola Co. ................................ 149,017 7,522,378
Coca-Cola Enterprises, Inc. .................. 28,759 833,723
Colgate-Palmolive Co. ........................ 32,619 1,906,581
ConAgra Foods, Inc. .......................... 32,329 875,469
Coors (Adolph) Co. Cl B ...................... 2,233 161,535
Costco Wholesale Corp. ....................... 28,060 1,152,424
General Mills, Inc. .......................... 23,123 1,099,036
Gillette Co. ................................. 61,393 2,603,063
Heinz (H.J.) Co. ............................. 21,565 845,348
Hershey Food Corp. ........................... 15,939 737,498
Kellogg Co. .................................. 25,124 1,051,439
Kimberly Clark Corp. ......................... 30,718 2,023,702
Kroger Co.* .................................. 45,429 826,808
McCormick & Co., Inc. ........................ 8,413 286,042
Pepsi Bottling Group, Inc. ................... 15,756 481,188
PepsiCo, Inc. ................................ 104,437 5,627,066
Proctor & Gamble Co. ......................... 157,271 8,561,833
RJ Reynolds Tobacco Holdings ................. 5,186 350,522
Safeway, Inc.* ............................... 27,305 691,909
Sara Lee Corp. ............................... 48,353 1,111,635
Supervalu, Inc. .............................. 8,234 252,043
Sysco Corp. .................................. 39,121 1,403,270
UST, Inc. .................................... 10,158 365,688
Wal-Mart Stores, Inc. ........................ 262,390 13,843,696
Walgreen Co. ................................. 62,773 2,273,010
Winn-Dixie Stores, Inc.* ..................... 8,677 62,474
Wrigley (Wm.) Jr. Co. ........................ 13,767 868,009
------------
72,373,244
------------
ENERGY (6.4%)
Amerada Hess Corp. ........................... 5,507 436,099
Anadarko Petroleum Corp. ..................... 15,415 903,319
Apache Corp. ................................. 19,858 864,816
Ashland, Inc. ................................ 4,260 224,971
BJ Services Co.* ............................. 9,757 447,261
Baker Hughes, Inc. ........................... 20,379 767,269
Burlington Resources, Inc. ................... 24,238 876,931
ChevronTexaco Corp. .......................... 65,522 6,166,275
ConocoPhillips ............................... 41,912 3,197,466
Devon Energy Corp. ........................... 14,671 968,286
EOG Resources, Inc. .......................... 7,055 421,254
El Paso Corp. ................................ 39,261 309,377
Exxon Mobil Corp. ............................ 400,126 17,769,596
Halliburton Co. .............................. 26,844 812,299
Kerr-McGee Corp. ............................. 9,120 490,382
Kinder Morgan, Inc. .......................... 7,552 447,758
Marathon Oil Corp. ........................... 21,133 799,673
Nabors Industries, Ltd.* ..................... 9,090 411,050
Noble Corporation* ........................... 8,226 311,683
Occidental Petroleum Corp. ................... 23,934 1,158,645
Rowan Cos., Inc.* ............................ 6,381 155,250
Schlumberger, Ltd. ........................... 36,057 2,289,980
Sunoco, Inc. ................................. 4,624 294,179
Transocean, Inc.* ............................ 19,600 567,224
Unocal Corp. ................................. 16,124 612,712
Valero Energy Corp. .......................... 7,876 580,934
Williams Cos., Inc. .......................... 31,749 377,813
------------
42,662,502
------------
FINANCIAL (19.8%)
Ace, Ltd. .................................... 17,323 732,416
Aflac, Inc. .................................. 31,117 1,269,885
Allstate Corp. ............................... 42,988 2,001,091
AmSouth Bancorporation ....................... 21,511 547,885
Ambac Financial Group, Inc. .................. 6,552 481,179
American Express Co. ......................... 78,182 4,016,991
American Int'l. Group, Inc. .................. 159,573 11,374,363
Aon Corp. .................................... 19,217 547,108
Apartment Investment & Mgmt.Co ............... 5,733 178,468
BB & T Corp. ................................. 34,328 1,269,106
Bank of America Corp. ........................ 124,735 10,555,076
Bank of New York Co., Inc. ................... 47,570 1,402,364
Bear Stearns Cos., Inc. ...................... 6,362 536,380
Capital One Financial Corp. .................. 14,668 1,002,998
Charles Schwab Corp. ......................... 83,501 802,445
Charter One Financial, Inc. .................. 13,642 602,840
Chubb Corp. .................................. 11,510 784,752
Cincinnati Financial Corp. ................... 10,318 449,039
Citigroup, Inc. .............................. 316,396 14,712,414
Comerica, Inc. ............................... 10,599 581,673
Countrywide Financial Corp. .................. 17,092 1,200,713
E*Trade Financial Corp.* ..................... 22,441 250,217
Equity Office Properties ..................... 24,692 671,622
Equity Residential ........................... 17,066 507,372
Fannie Mae ................................... 59,291 4,231,006
Federated Investors, Inc. .................... 6,654 201,882
Fifth Third Bancorp .......................... 34,436 1,851,968
First Tennessee Natl. Corp. .................. 7,683 349,346
Franklin Resources, Inc. ..................... 15,279 765,172
Freddie Mac .................................. 42,167 2,669,171
Golden West Financial Corp. .................. 9,310 990,119
Goldman Sachs Group, Inc. .................... 29,600 2,787,136
Hartford Financial Svc. Gp., Inc. ............ 17,847 1,226,803
Huntington Bancshares, Inc. .................. 14,049 321,722
J.P. Morgan Chase & Co. ...................... 217,933 8,449,272
Janus Capital Group .......................... 14,739 243,046
Jefferson-Pilot Corp. ........................ 8,636 438,709
KeyCorp ...................................... 25,105 750,388
Lehman Brothers Holdings, Inc. ............... 16,980 1,277,745
Lincoln National Corp. ....................... 10,905 515,261
Loews Corp. .................................. 11,361 681,206
M & T Bank Corp. ............................. 7,301 637,377
MBIA, Inc. ................................... 8,831 504,427
MBNA Corp. ................................... 78,256 2,018,222
MGIC Investment Corp. ........................ 6,033 457,663
Marsh & McLennan Cos., Inc. .................. 32,016 1,452,886
Marshall & Ilsley Corp. ...................... 13,591 531,272
Mellon Financial Corp. ....................... 25,971 761,729
Merrill Lynch & Co., Inc. .................... 58,794 3,173,700
MetLife, Inc. ................................ 46,243 1,657,812
Moody's Corp. ................................ 9,118 589,570
Morgan Stanley ............................... 67,196 3,545,933
National City Corp. .......................... 41,362 1,448,084
North Fork Bancorp, Inc. ..................... 10,583 402,683
Northern Trust Corp. ......................... 13,499 570,738
PNC Financial Services Group ................. 17,255 915,895
Plum Creek Timber Co. ........................ 11,211 365,254
Principal Financial Group, Inc. .............. 19,529 679,219
Progressive Corp. of Ohio .................... 13,289 1,133,552
Prologis Trust ............................... 11,091 365,116
Providian Financial Corp.* ................... 17,783 260,877
Prudential Financial, Inc. ................... 32,181 1,495,451
Regions Financial Corp. ...................... 24,985 913,202
SLM Corporation .............................. 26,856 1,086,325
Safeco Corp. ................................. 8,492 373,648
Simon Property Group ......................... 12,732 654,679
SouthTrust Corp. ............................. 20,230 785,126
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)
June 30, 2004 (Audited)
Shares Value
------ -----
COMMON STOCKS (CONTINUED):
FINANCIAL (CONTINUED)
Sovereign Bancorp, Inc. ...................... 18,750 $ 414,375
St. Paul Travelers Cos., Inc. ................ 40,814 1,654,600
State Street Corp. ........................... 20,544 1,007,478
Suntrust Banks, Inc. ......................... 17,284 1,123,287
Synovus Financial Corp. ...................... 18,646 472,117
T. Rowe Price Group, Inc. .................... 7,711 388,634
Torchmark Corp. .............................. 6,810 366,378
UNUM Provident Corp. ......................... 18,137 288,378
US Bancorp ................................... 115,959 3,195,830
Wachovia Corp. ............................... 80,535 3,583,808
Washington Mutual, Inc. ...................... 52,915 2,044,636
Wells Fargo & Company ........................ 103,246 5,908,769
XL Capital Limited ........................... 8,412 634,770
Zions Bancorporation ......................... 5,504 338,221
------------
132,430,070
------------
HEALTHCARE (13.2%)
Abbott Laboratories .......................... 95,422 3,889,401
Aetna, Inc. .................................. 9,387 797,895
Allergan, Inc. ............................... 8,038 719,562
Amerisource Bergen Corp. ..................... 6,875 410,988
Amgen, Inc.* ................................. 77,801 4,245,601
Anthem, Inc.* ................................ 8,471 758,663
Applera Corp.-Applied Biosys ................. 12,348 268,569
Bard (C.R.), Inc. ............................ 6,356 360,067
Bausch & Lomb, Inc. .......................... 3,213 209,070
Baxter International, Inc. ................... 37,499 1,294,090
Becton Dickinson & Co. ....................... 15,480 801,864
Biogen Idec, Inc.* ........................... 20,787 1,314,778
Biomet, Inc. ................................. 15,657 695,797
Boston Scientific Corp.* ..................... 51,091 2,186,695
Bristol-Myers Squibb Co. ..................... 118,901 2,913,075
CIGNA Corp. .................................. 8,637 594,312
Cardinal Health, Inc. ........................ 26,332 1,844,557
Caremark Rx, Inc.* ........................... 27,984 921,793
Chiron Corp.* ................................ 11,492 513,003
Express Scripts, Inc.* ....................... 4,752 376,501
Forest Laboratories, Inc.* ................... 22,535 1,276,157
Genzyme Corp. (Genl. Div)* ................... 13,858 655,899
Gilead Sciences, Inc.* ....................... 13,920 932,640
Guidant Corp. ................................ 19,190 1,072,337
HCA, Inc. .................................... 29,711 1,235,680
HOSPIRA, Inc. ................................ 9,575 264,270
Health Management Associates ................. 14,880 333,610
Humana, Inc.* ................................ 9,926 167,749
IMS Health, Inc. ............................. 14,376 336,973
Johnson & Johnson ............................ 181,622 10,116,345
King Pharmaceuticals, Inc.* .................. 14,773 169,151
Lilly (Eli) & Co. ............................ 69,103 4,830,991
Manor Care, Inc. ............................. 5,471 178,792
McKesson Corp. ............................... 17,833 612,207
Medco Health Solutions* ...................... 16,562 621,075
Medimmune, Inc.* ............................. 15,168 354,931
Medtronic, Inc. .............................. 74,249 3,617,411
Merck & Co., Inc. ............................ 135,951 6,457,673
Millipore Corp.* ............................. 2,992 168,659
Mylan Laboratories, Inc. ..................... 16,337 330,824
Pfizer, Inc. ................................. 466,843 16,003,378
Quest Diagnostics, Inc. ...................... 6,345 539,008
Schering-Plough Corp. ........................ 90,111 1,665,251
St. Jude Medical, Inc.* ...................... 10,778 815,356
Stryker Corp. ................................ 24,444 1,344,420
Tenet Healthcare Corp.* ...................... 28,475 381,850
Thermo Electron Corp.* ....................... 10,144 311,827
UnitedHealth Group, Inc. ..................... 37,677 2,345,393
Waters Corp.* ................................ 7,312 349,367
Watson Pharmaceuticals, Inc.* ................ 6,616 177,970
Wellpoint Health Networks Inc. ............... 9,501 1,064,207
Wyeth ........................................ 81,577 2,949,824
Zimmer Holdings, Inc.* ....................... 14,929 1,316,738
------------
88,114,244
------------
INDUSTRIAL (11.2%)
3M Company ................................... 47,850 4,306,979
Allied Waste Industries, Inc.* ............... 19,412 255,850
American Power Conversion .................... 12,169 239,121
American Standard Cos., Inc.* ................ 13,157 530,359
Apollo Group, Inc. Cl A* ..................... 10,789 952,561
Avery Dennison Corp. ......................... 6,767 433,156
Block (H. & R.), Inc. ........................ 10,705 510,414
Boeing Co. ................................... 51,601 2,636,295
Burlington Northern Santa Fe ................. 22,781 798,930
CSX Corp. .................................... 13,114 429,746
Caterpillar, Inc. ............................ 20,918 1,661,726
Cendant Corp. ................................ 62,403 1,527,625
Cintas Corp. ................................. 10,477 499,439
Cooper Industries, Ltd.* ..................... 5,639 335,013
Crane Co. .................................... 3,640 114,260
Cummins Inc. ................................. 2,623 163,938
Danaher Corp. ................................ 18,852 977,476
Deere & Co. .................................. 15,230 1,068,232
Delta Air Lines, Inc.* ....................... 7,567 53,877
Deluxe Corp. ................................. 3,094 134,589
Donnelley (R.R.) & Sons Co. .................. 13,291 438,869
Dover Corp. .................................. 12,444 523,892
Eaton Corp. .................................. 9,307 602,535
Emerson Electric Co. ......................... 25,832 1,641,624
Equifax, Inc. ................................ 8,380 207,405
FedEx Corp. .................................. 18,273 1,492,721
Fluor Corp. .................................. 5,029 239,732
General Dynamics Corp. ....................... 12,143 1,205,800
General Electric Co. ......................... 645,724 20,921,458
Goodrich Corporation ......................... 7,204 232,905
Grainger (W.W.), Inc. ........................ 5,589 321,368
Honeywell International, Inc. ................ 52,601 1,926,775
ITT Industries, Inc. ......................... 5,653 469,199
Illinois Tool Works, Inc. .................... 18,881 1,810,499
Ingersoll Rand Co.* .......................... 10,602 724,223
Lockheed Martin Corp. ........................ 27,458 1,430,013
Masco Corp. .................................. 26,799 835,593
Monster Worldwide, Inc.* ..................... 7,170 184,412
Navistar International Corp.* ................ 4,223 163,683
Norfolk Southern Corp. ....................... 23,952 635,207
Northrop Grumman Corp. ....................... 21,994 1,181,078
PACCAR, Inc. ................................. 10,723 621,827
Pall Corp. ................................... 7,697 201,584
Parker Hannifin Corp. ........................ 7,267 432,096
Pitney Bowes, Inc. ........................... 14,141 625,739
Power One, Inc.* ............................. 5,102 56,020
Raytheon Co, ................................. 27,389 979,705
Robert Half Intl., Inc. ...................... 10,490 312,287
Rockwell Automation, Inc. .................... 11,449 429,452
Rockwell Collins ............................. 10,930 364,188
Ryder System, Inc. ........................... 3,976 159,318
Southwest Airlines Co. ....................... 48,352 810,863
Textron, Inc. ................................ 8,435 500,617
Thomas & Betts Corp. ......................... 3,582 97,538
Tyco International, Ltd. ..................... 122,699 4,066,245
Union Pacific Corp. .......................... 15,854 942,520
United Parcel Service Cl B ................... 68,961 5,183,798
United Technologies Corp. .................... 31,444 2,876,497
Waste Management, Inc. ....................... 35,517 1,088,596
------------
74,567,467
------------
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)
June 30, 2004 (Audited)
Shares Value
------ -----
COMMON STOCKS (CONTINUED):
TECHNOLOGY (16.7%)
ADC Telecommunications, Inc.* ................ 49,412 $ 140,330
Adobe Systems, Inc. .......................... 14,597 678,761
Advanced Micro Devices, Inc.* ................ 21,633 343,965
Affiliated Computer Svcs.* ................... 8,337 441,361
Agilent Technologies, Inc.* .................. 29,456 862,472
Altera Corp.* ................................ 22,903 508,905
Analog Devices, Inc. ......................... 22,901 1,078,179
Andrew Corp.* ................................ 9,734 194,777
Apple Computer, Inc.* ........................ 23,252 756,620
Applied Materials, Inc.* ..................... 103,140 2,023,607
Applied Micro Circuits, Corp.* ............... 19,036 101,272
Autodesk, Inc. ............................... 6,912 295,903
Automatic Data Processing, Inc. .............. 36,133 1,513,250
Avaya, Inc.* ................................. 27,145 428,620
BMC Software, Inc.* .......................... 13,632 252,192
Broadcom Corp. Cl A* ......................... 19,217 898,779
Ciena Corp.* ................................. 34,731 129,199
Cisco Systems, Inc.* ......................... 413,674 9,804,074
Citrix Systems, Inc.* ........................ 10,413 212,009
Computer Associates Intl., Inc. .............. 35,779 1,003,959
Computer Sciences Corp.* ..................... 11,490 533,481
Compuware Corp.* ............................. 23,551 155,437
Comverse Technology, Inc.* ................... 11,969 238,662
Convergys Corp.* ............................. 8,775 135,135
Corning, Inc.* ............................... 83,953 1,096,426
Dell, Inc.* .................................. 154,358 5,529,104
EMC Corp.* ................................... 149,520 1,704,528
Electronic Arts, Inc.* ....................... 18,519 1,010,211
Electronic Data Systems Corp. ................ 29,635 567,510
First Data Corp. ............................. 53,379 2,376,433
Fiserv, Inc.* ................................ 11,921 463,608
Gateway, Inc.* ............................... 22,783 102,524
Hewlett-Packard Co. .......................... 186,562 3,936,458
Intel Corp. .................................. 395,718 10,921,817
Intl. Business Machines Corp. ................ 103,113 9,089,411
Intuit, Inc.* ................................ 11,720 452,158
JDS Uniphase Corp.* .......................... 88,110 333,937
Jabil Circuit, Inc.* ......................... 12,253 308,531
KLA Tencor Corp.* ............................ 12,025 593,795
LSI Logic Corp.* ............................. 23,377 178,133
Lexmark Int'l., Inc.* ........................ 7,875 760,174
Linear Technology Corp. ...................... 18,931 747,207
Lucent Technologies* ......................... 262,198 991,108
Maxim Integrated Products, Inc. .............. 19,715 1,033,460
Mercury Interactive Corp.* ................... 5,640 281,041
Micron Technology, Inc.* ..................... 37,327 571,476
Microsoft Corp. .............................. 660,429 18,861,849
Molex Inc., Cl A ............................. 11,658 373,989
Motorola, Inc. ............................... 143,376 2,616,612
NCR Corp.* ................................... 5,794 287,324
NVIDIA Corporation* .......................... 10,152 208,116
National Semiconductor Corp.* ................ 21,949 482,659
Network Appliance, Inc.* ..................... 21,261 457,749
Novell, Inc.* ................................ 23,658 198,491
Novellus Systems, Inc.* ...................... 9,046 284,406
Oracle Corp.* ................................ 317,834 3,791,760
PMC Sierra, Inc.* ............................ 10,805 155,052
Parametric Technology Corp.* ................. 16,329 81,645
Paychex, Inc. ................................ 23,124 783,441
Peoplesoft, Inc.* ............................ 22,294 412,439
PerkinElmer, Inc. ............................ 7,774 155,791
QLogic Corp.* ................................ 5,799 154,195
Qualcomm, Inc. ............................... 49,568 3,617,473
Sabre Group Holdings, Inc. ................... 8,577 237,669
Sanmina Corp.* ............................... 31,784 289,234
Scientific-Atlanta, Inc. ..................... 9,344 322,368
Siebel Systems, Inc.* ........................ 30,748 328,389
Solectron Corp.* ............................. 58,777 380,287
Sun Microsystems, Inc.* ...................... 203,492 883,155
Sungard Data Sys. Inc.* ...................... 17,750 461,500
Symantec Corp.* .............................. 19,065 834,666
Symbol Technologies, Inc. .................... 14,347 211,475
Tektronix, Inc. .............................. 5,190 176,564
Tellabs, Inc.* ............................... 25,441 222,354
Teradyne, Inc.* .............................. 11,868 269,404
Texas Instruments, Inc. ...................... 105,910 2,560,904
Unisys Corp.* ................................ 20,328 282,153
Veritas Software Corp.* ...................... 26,421 731,862
Xerox Corp.* ................................. 48,868 708,586
Xilinx, Inc. ................................. 21,237 707,404
Yahoo!, Inc.* ................................ 82,394 2,993,374
------------
111,304,338
------------
TELECOMMUNICATIONS (3.3%)
AT&T Corp. ................................... 48,604 711,077
AT&T Wireless* ............................... 166,875 2,389,650
Alltel Corp. ................................. 18,854 954,389
BellSouth Corp. .............................. 112,190 2,941,622
CenturyTel, Inc. ............................. 8,496 255,220
Citizens Communications Co.* ................. 17,586 212,791
Nextel Communications, Inc.* ................. 67,899 1,810,187
Qwest Communications Intl.* .................. 109,168 391,913
SBC Communications, Inc. ..................... 202,607 4,913,220
Sprint Corp. (FON Gp.) ....................... 87,263 1,535,820
Verizon Communications ....................... 169,490 6,133,843
------------
22,249,732
------------
UTILITIES (2.6%)
AES Corp.* ................................... 38,982 387,091
Allegheny Energy, Inc.* ...................... 7,778 119,859
Ameren Corp. ................................. 11,146 478,832
American Electric Power, Inc. ................ 24,200 774,400
CINergy Corp. ................................ 10,916 414,808
CMS Energy Corp.* ............................ 10,006 91,355
Calpine Corp.* ............................... 25,454 109,961
Centerpoint Energy, Inc. ..................... 18,753 215,660
Consolidated Edison, Inc. .................... 14,718 585,188
Constellation Energy Group ................... 10,252 388,551
DTE Energy Co. ............................... 10,611 430,170
Dominion Resources, Inc. ..................... 19,881 1,254,093
Duke Energy Corp. ............................ 55,973 1,135,692
Dynergy, Inc.* ............................... 23,186 98,772
Edison International ......................... 19,958 510,326
Entergy Corp. ................................ 14,021 785,316
Exelon Corp. ................................. 40,340 1,342,919
FPL Group, Inc. .............................. 11,293 722,187
FirstEnergy Corp. ............................ 20,204 755,832
Keyspan Corporation .......................... 9,748 357,752
NiSource, Inc. ............................... 16,081 331,590
Nicor, Inc. .................................. 2,697 91,617
PG & E Corp.* ................................ 25,662 716,996
PPL Corporation .............................. 10,865 498,704
Peoples Energy Corp. ......................... 2,283 96,228
Pinnacle West Capital Corp. .................. 5,592 225,861
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)
June 30, 2004 (Audited)
Shares Value
------ -----
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Progress Energy, Inc. ........................ 15,018 $ 661,543
Public Svc. Enterprise Group ................. 14,467 579,114
Sempra Energy ................................ 14,056 483,948
Southern Co. ................................. 45,119 1,315,218
TXU Corp. .................................... 19,842 803,799
Teco Energy, Inc. ............................ 11,508 137,981
Xcel Energy, Inc. ............................ 24,433 408,275
------------
17,309,638
------------
Total Indexed Assets
(Cost: $598,936,762) 97.5% ................. $651,375,098
------------
- ------------
* Non-income producing security
Face
Rate Maturity Amount Value
------- -------- ---------- -------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.3%)
U.S. Treasury Bill (a) ..................... 0.93% 07/15/04 $1,200,000 $ 1,199,567
U.S. Treasury Bill (a) ..................... 1.11 08/26/04 200,000 199,656
U.S. Treasury Bill (a) ..................... 1.16 09/02/04 100,000 99,797
U.S. Treasury Bill (a) ..................... 1.28 09/23/04 700,000 697,910
------------
2,196,930
------------
U.S. GOVERNMENT AGENCIES (1.5%)
Federal Home Loan Bank ..................... 1.20 07/01/04 9,930,000 9,930,000
------------
COMMERCIAL PAPER (0.7%)
Gannett Co., Inc. .......................... 1.21 07/07/04 4,950,000 4,949,002
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $17,075,931) 2.5% ........................................................ 17,075,932
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $21,900) 0.0%(1) ......................................................... 21,900
------------
TOTAL INVESTMENTS
(Cost: $616,034,593) 100.0% ..................................................... $668,472,930
============
- ----------
(1) Less than 0.05%
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
** 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 June
30, 2004 was 0.63%.
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain (Loss)
---------- --------------- ----------
PURCHASED
58 S&P 500 Stock Index Futures Contracts ......... September 2004 $16,535,800 $146,212
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 2.5%
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
June 30, 2004 (Unaudited)
Shares Value
------ -----
COMMON STOCKS:
BASIC MATERIALS (4.2%)
Airgas, Inc. ................................. 17,160 $ 410,296
Albemarle Corp. .............................. 9,627 304,695
Arch Coal, Inc. .............................. 12,635 462,315
Bowater, Inc. ................................ 12,877 535,554
Cabot Corp. .................................. 14,354 584,208
Crompton Corp. ............................... 26,497 166,931
Cytec Industries, Inc. ....................... 8,993 408,732
FMC Corp.* ................................... 8,410 362,555
Ferro Corp. .................................. 9,692 258,583
Glatfelter ................................... 10,173 143,236
IMC Global, Inc.* ............................ 26,757 358,544
Longview Fibre Co.* .......................... 11,814 174,020
Lubrizol Corp. ............................... 11,939 437,206
Lyondell Petrochemical Co. ................... 41,110 714,903
Martin Marietta Materials, Inc. .............. 11,150 494,280
Minerals Technologies, Inc. .................. 4,736 274,688
Olin Corp. ................................... 16,064 283,048
Packaging Corp. of America ................... 24,564 587,080
Peabody Energy Corp. ......................... 14,790 828,092
Potlatch Corp. ............................... 6,815 283,777
RPM International, Inc. ...................... 26,825 407,740
Scotts Co. Cl A* ............................. 7,530 481,016
Sensient Technologies Corp. .................. 10,848 233,015
Sonoco Products Co. .......................... 22,688 578,544
Valspar Corp. ................................ 11,868 598,029
------------
10,371,087
------------
CONSUMER, CYCLICAL (17.3%)
99 Cent Only Stores* ......................... 16,703 254,721
Abercrombie & Fitch Co. Cl A ................. 21,948 850,485
American Eagle Outfitters* ................... 16,549 478,432
American Greetings Corp. Cl A* ............... 15,766 365,456
Ann Taylor Stores Corp.* ..................... 15,780 457,304
Applebees Intl., Inc. ........................ 19,052 438,577
Arvin Meritor, Inc. .......................... 16,047 314,040
Bandag, Inc. ................................. 4,482 199,583
Barnes & Noble, Inc.* ........................ 15,947 541,879
Belo Corporation ............................. 26,830 720,386
Blyth, Inc. .................................. 10,563 364,318
Bob Evans Farms, Inc. ........................ 8,143 222,955
Borders Group, Inc. .......................... 17,943 420,584
Borg-Warner, Inc. ............................ 12,884 563,933
Boyd Gaming Corp. ............................ 15,385 408,779
Brinker International, Inc.* ................. 22,261 759,545
Caesars Entertainment, Inc.* ................. 71,106 1,066,590
Callaway Golf Co. ............................ 17,397 197,282
CarMax, Inc.* ................................ 23,967 524,158
Catalina Marketing Corp.* .................... 12,058 220,541
CBRL Group, Inc. ............................. 11,269 347,649
Cheesecake Factory, Inc.* .................... 12,015 478,077
Chico's FAS, Inc.* ........................... 20,618 931,109
Claire's Stores, Inc. ........................ 22,878 496,453
Coach Inc.* .................................. 43,526 1,966,940
D.R. Horton, Inc. ............................ 53,900 1,530,760
Dollar Tree Stores* .......................... 26,294 721,244
Emmis Communications Cl A* ................... 12,932 271,313
Entercom Communications* ..................... 11,967 446,369
Furniture Brands Intl., Inc. ................. 12,967 324,823
Gentex Corp. ................................. 17,908 710,589
GTECH Holdings Corp. ......................... 13,734 636,022
Harman Intl. Industries, Inc. ................ 15,316 1,393,756
Harte-Hanks, Inc. ............................ 20,162 492,154
Hovanian Enterprises, Inc.* .................. 14,123 490,209
International Speedway Corp. ................. 12,309 598,710
Krispy Kreme Doughnuts, Inc.* ................ 14,183 270,753
Lear Corp. ................................... 15,910 938,531
Lee Enterprises .............................. 10,445 501,464
Lennar Corp. ................................. 36,095 1,614,168
Mandalay Resort Group ........................ 15,604 1,071,059
Media General, Inc. Cl A ..................... 5,470 351,283
Michaels Stores, Inc. ........................ 15,769 867,295
Modine Manufacturing Co. ..................... 7,976 254,036
Mohawk Industries, Inc.* ..................... 15,489 1,135,808
Neiman-Marcus Group, Inc. .................... 11,374 632,963
O'Reilly Automotive, Inc.* ................... 12,671 572,729
Outback Steakhouse, Inc. ..................... 17,192 711,061
Pacific Sunwear of California* ............... 17,731 346,996
Payless Shoesource, Inc.* .................... 15,720 234,385
PetSmart, Inc. ............................... 33,419 1,084,447
Pier 1 Imports, Inc. ......................... 20,360 360,168
Reader's Digest Assn ......................... 22,898 366,139
Regis Corporation ............................ 10,238 456,512
Rent-A-Center, Inc.* ......................... 18,601 556,728
Ross Stores, Inc. ............................ 34,657 927,421
Ruby Tuesday, Inc. ........................... 15,396 422,620
Ryland Group, Inc. ........................... 5,569 435,496
Saks Incorporated ............................ 33,015 495,225
Scholastic Corp.* ............................ 9,161 274,372
Six Flags, Inc.* ............................. 21,529 156,301
Superior Industries Intl ..................... 6,160 206,052
Thor Industries, Inc. ........................ 13,205 441,839
Timberland Company Cl A* ..................... 8,104 523,437
Toll Brothers, Inc.* ......................... 17,191 727,523
Tupperware Corp. ............................. 13,519 262,674
Valassis Communication, Inc.* ................ 12,099 368,657
Washington Post Co. Cl B ..................... 2,216 2,060,902
Westwood One, Inc.* .......................... 22,598 537,832
Williams-Sonoma, Inc.* ....................... 26,889 886,261
------------
42,258,862
------------
CONSUMER, NON-CYCLICAL (4.7%)
BJ's Wholesale Club, Inc.* ................... 16,162 404,050
Church & Dwight .............................. 9,521 435,871
Constellation Brands, Inc. Cl A .............. 24,709 917,445
Dean Foods Co.* .............................. 36,339 1,355,808
Energizer Holdings, Inc.* .................... 18,937 852,165
Hormel Foods Corp. ........................... 32,015 995,667
Interstate Bakeries Corp.* ................... 10,497 113,892
J.M. Smucker Co. ............................. 13,537 621,484
Lancaster Colony Corp. ....................... 8,248 343,447
PepsiAmericas, Inc. .......................... 31,753 674,434
Ruddick Corp. ................................ 10,775 241,899
Smithfield Foods, Inc.* ...................... 25,662 754,463
Tootsie Roll Inds., Inc. ..................... 12,161 395,233
Tyson Foods, Inc. ............................ 81,467 1,706,734
Universal Corp. .............................. 5,846 297,795
Whole Foods Market, Inc. ..................... 14,299 1,364,840
------------
11,475,227
------------
ENERGY (6.8%)
Cooper Cameron Corp.* ........................ 12,425 605,098
ENSCO International, Inc. .................... 34,926 1,016,347
FMC Technologies, Inc.* ...................... 15,545 447,696
Forest Oil Corp.* ............................ 13,467 367,918
Grant Prideco, Inc.* ......................... 28,227 521,070
Hanover Compressor Co.* ...................... 17,771 211,475
Helmerich & Payne, Inc. ...................... 11,670 305,171
Murphy Oil Corp. ............................. 21,273 1,567,820
National-Oilwell, Inc.* ...................... 19,844 624,888
NewField Exploration Company* ................ 13,041 726,905
Noble Energy, Inc. ........................... 13,426 684,726
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Overseas Shipholding Group ................... 9,124 $ 402,642
Patterson UTI Energy, Inc. ................... 19,223 642,240
Pioneer Natural Resources Co. ................ 27,745 973,295
Plains Exploration & Power* .................. 17,809 326,795
Pogo Producing Co. ........................... 14,772 729,737
Pride International, Inc.* ................... 31,410 537,425
Smith International, Inc.* ................... 24,143 1,346,214
Tidewater, Inc. .............................. 14,009 417,468
Varco International, Inc.* ................... 22,434 491,080
Weatherford International, Ltd. .............. 30,653 1,378,772
Western Gas Resources ........................ 17,117 555,960
XTO Energy, Inc. ............................. 59,843 1,782,723
------------
16,663,465
------------
FINANCIAL (17.6%)
AMB Property Corp. ........................... 19,108 661,710
Allmerica Financial Corp.* ................... 12,328 416,686
AmerUs Group Co. ............................. 9,106 376,988
American Financial Group ..................... 16,970 518,773
Americredit Corp.* ........................... 36,444 711,751
Associated Banc-Corp ......................... 25,490 755,269
Astoria Financial Corp. ...................... 18,069 660,964
Bank of Hawaii Corp .......................... 12,324 557,291
Banknorth Group, Inc. ........................ 39,846 1,294,198
Berkley (W.R.) Corp. ......................... 19,384 832,543
Brown & Brown, Inc. .......................... 15,956 687,704
City National Corp. .......................... 11,270 740,439
Colonial BancGroup, Inc. ..................... 29,420 534,561
Commerce Bancorp, Inc. N.J ................... 18,021 991,335
Compass Bancshares, Inc. ..................... 28,298 1,216,814
Cullen/Frost Bankers, Inc. ................... 11,875 531,406
Eaton Vance Corp. ............................ 15,648 597,910
Edwards (A.G.), Inc. ......................... 18,493 629,317
Everest RE Group* ............................ 12,894 1,036,162
Fidelity Natl. Finl., Inc. ................... 39,847 1,487,887
First American Corp. ......................... 20,575 532,687
Firstmerit Corp. ............................. 19,614 517,221
GATX Corp. ................................... 11,427 310,814
Gallagher (Arthur J.) & Co. .................. 21,000 639,450
Greater Bay Bancorp .......................... 11,878 343,274
Greenpoint Financial Corp. ................... 30,490 1,210,453
HCC Insurance Holdings, Inc. ................. 14,918 498,410
Hibernia Corp. Cl A .......................... 35,887 872,054
Highwoods Properties, Inc. ................... 12,404 291,494
Horace Mann Educators Corp. .................. 9,929 173,559
Hospitality Properties Trust ................. 15,540 657,342
Independence Community
Bank Corp. .................................. 19,184 698,298
Indymac Bancorp, Inc. ........................ 14,119 446,160
Investors Financial Services ................. 15,323 667,776
Jefferies Group .............................. 12,805 395,931
Labranche & Co.* ............................. 13,836 116,499
Legg Mason, Inc. ............................. 15,348 1,396,821
Leucadia National ............................ 16,392 814,682
Liberty Property Trust ....................... 19,586 787,553
MONY Group, Inc. ............................. 11,595 362,924
Mack-Cali Realty Corp. ....................... 13,968 577,996
Mercantile Bankshares Corp. .................. 18,271 855,448
National City Corp. .......................... 13,004 455,260
Natl. Commerce Financial Corp. ............... 47,191 1,533,708
New Plan Excel Realty Trust .................. 23,131 540,340
New York Community Bancorp, Inc. ............. 61,146 1,200,296
Ohio Casualty Corp.* ......................... 14,165 285,141
Old Republic Intl. Corp. ..................... 42,088 998,327
PMI Group, Inc. .............................. 22,126 962,924
Protective Life Corp. ........................ 16,020 619,493
Radian Group, Inc. ........................... 21,736 1,041,154
Raymond James Financial, Inc. ................ 17,039 450,682
Rayonier, Inc. ............................... 11,453 509,086
SEI Investments .............................. 23,942 695,276
Silicon Valley Bancshares* ................... 8,169 323,901
StanCorp Financial Group, Inc. ............... 6,681 447,627
TCF Financial ................................ 16,308 946,679
United Dominion Realty Tr, Inc ............... 29,577 585,033
Unitrin Inc. ................................. 15,771 671,845
Waddell & Reed Financial, Inc. ............... 19,083 421,925
Washington Federal, Inc. ..................... 18,147 435,528
Webster Financial Corp. ...................... 12,277 577,265
Westamerica Bancorp .......................... 7,343 385,140
Wilmington Trust Corp. ....................... 15,341 570,992
------------
43,064,176
------------
HEALTHCARE (10.1%)
Apogent Technologies, Inc.* .................. 20,687 661,984
Apria Healthcare Group, Inc.* ................ 11,540 331,198
Barr Pharmaceuticals, Inc.* .................. 24,134 813,316
Beckman Coulter, Inc. ........................ 14,252 869,372
Cephalon, Inc.* .............................. 12,938 698,652
Charles River Laboratories, Inc. ............. 10,641 520,026
Community Health Systems, Inc.* .............. 22,894 612,872
Covance, Inc.* ............................... 14,520 560,182
Coventry Health Care* ........................ 20,502 1,002,548
Cytyc Corp.* ................................. 25,566 648,609
Dentsply International, Inc. ................. 18,627 970,467
Edwards Lifesciences Corp.* .................. 13,774 480,024
First Health Group Corp.* .................... 21,181 330,635
Health Net, Inc.* ............................ 26,093 691,465
Henry Schein, Inc.* .......................... 10,148 640,745
Hillenbrand Industries, Inc. ................. 14,413 871,266
Inamed Corp.* ................................ 8,330 523,541
Ivax Corp.* .................................. 45,662 1,095,431
Lifepoint Hospitals, Inc.* ................... 8,839 328,988
Lincare Holdings, Inc.* ...................... 22,998 755,714
Millennium Pharmaceuticals, Inc. ............. 70,485 972,693
Omnicare, Inc. ............................... 24,019 1,028,253
Oxford Health Plans, Inc. .................... 18,855 1,037,779
Pacificare Health Systems, Inc. .............. 19,923 770,223
Par Pharmaceutical Cos., Inc.* ............... 7,909 278,476
Patterson Cos., Inc.* ........................ 15,860 1,213,131
Perrigo Co. .................................. 16,302 309,249
Protein Design* .............................. 21,787 416,785
Renal Care Group, Inc.* ...................... 15,447 511,759
Sepracor, Inc.* .............................. 19,795 1,047,156
Steris Corp.* ................................ 15,928 359,336
Triad Hospitals, Inc.* ....................... 17,589 654,838
Universal Health Services Cl B ............... 13,477 618,460
VISX, Inc.* .................................. 11,236 300,226
Valeant Pharmaceuticals ...................... 19,377 387,540
Varian Medical Systems, Inc.* ................ 15,818 1,255,158
Vertex Pharmaceutical* ....................... 18,223 197,537
------------
24,765,634
------------
INDUSTRIAL (12.5%)
AGCO Corp.* .................................. 20,855 424,816
AirTran Holdings, Inc.* ...................... 19,870 280,962
Alaska Air Group, Inc.* ...................... 6,208 148,185
Alexander & Baldwin, Inc. .................... 9,833 328,914
Allete, Inc. ................................. 20,410 679,653
Alliant TechSystems, Inc.* ................... 8,605 545,041
Ametek, Inc. ................................. 15,580 481,422
Banta Corp. .................................. 5,756 255,624
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
COMMON STOCKS (CONTINUED):
INDUSTRIAL (CONTINUED)
C.H. Robinson Worldwide, Inc. ................ 19,760 $ 905,798
CNF Transportation, Inc. ..................... 11,670 485,005
Career Education Corp.* ...................... 23,423 1,067,152
Carlisle Companies, Inc. ..................... 7,175 446,644
ChoicePoint, Inc.* ........................... 20,446 933,564
Copart, Inc.* ................................ 20,813 555,707
Corinthian Colleges, Inc.* ................... 20,859 516,052
DeVry, Inc.* ................................. 16,294 446,781
Donaldson Company, Inc. ...................... 19,975 585,268
Dun & Bradstreet* ............................ 16,449 886,766
Dycom Industries, Inc.* ...................... 11,217 314,076
Education Management Corp.* .................. 16,953 557,076
Expeditors Int'l Wash., Inc. ................. 24,343 1,202,788
Fastenal Co. ................................. 17,550 997,367
Federal Signal Corp. ......................... 11,153 207,557
Flowserve Corporation* ....................... 12,547 312,922
Graco, Inc. .................................. 16,054 498,477
Granite Construction ......................... 9,654 175,992
HON Industries, Inc. ......................... 13,445 569,127
Harsco Corp. ................................. 9,497 446,359
Hubbell, Inc. Cl B ........................... 14,007 654,267
ITT Educational Services, Inc. ............... 10,614 403,544
J.B. Hunt Transport Svcs., Inc ............... 18,559 716,006
Jacobs Engineering Group, Inc. ............... 13,003 512,058
JetBlue Airways Corp.* ....................... 23,727 697,099
Kelly Services, Inc. ......................... 8,084 240,903
Kennametal, Inc. ............................. 8,429 386,048
Korn/Ferry International* .................... 8,746 169,410
L-3 Communications Hldgs., Inc. .............. 24,488 1,635,798
Laureate Education, Inc.* .................... 10,442 399,302
Manpower, Inc. ............................... 20,787 1,055,356
Miller (Herman), Inc. ........................ 16,651 481,880
Nordson Corp. ................................ 8,247 357,672
Pentair, Inc. ................................ 23,198 780,381
Precision Castparts Corp. .................... 14,945 817,342
Quanta Services, Inc.* ....................... 27,099 168,556
Republic Services, Inc. ...................... 35,659 1,031,971
Rollins, Inc. ................................ 10,488 241,329
SPX, Inc. .................................... 17,537 814,418
Sequa Corp. Cl A* ............................ 2,425 141,790
Sotheby's Holdings* .......................... 14,527 231,851
Stericycle, Inc.* ............................ 10,046 519,780
Swift Transportation Co., Inc. ............... 18,657 334,893
Tecumseh Products Co. Cl A ................... 4,295 176,911
Teleflex, Inc. ............................... 9,229 462,834
The Brink's Company .......................... 13,126 449,566
Trinity Industries ........................... 10,891 346,225
United Rentals* .............................. 17,843 319,211
Werner Enterprises, Inc. ..................... 18,360 387,396
York International Corp. ..................... 9,559 392,588
------------
30,581,480
------------
TECHNOLOGY (15.1%)
3Com Corp.* .................................. 90,284 564,275
Activision, Inc.* ............................ 31,914 507,433
Acxiom Corp. ................................. 19,957 495,532
Adtran, Inc. ................................. 18,395 613,841
Advanced Fibre Communication* ................ 20,350 411,070
Advent Software, Inc.* ....................... 7,622 137,730
Alliance Data Systems* ....................... 18,870 797,258
Arrow Electronics, Inc.* ..................... 26,658 714,968
Ascential Software Corp.* .................... 13,717 219,335
Atmel Corp.* ................................. 109,927 650,768
Avnet, Inc.* ................................. 27,860 632,422
Avocent Corp.* ............................... 11,343 416,742
BISYS Group, Inc.* ........................... 27,838 391,402
CDW Corp. .................................... 19,348 1,233,628
CSG Systems Intl., Inc.* ..................... 12,034 249,104
Cabot MicroElectronics Corp.* ................ 5,762 176,375
Cadence Design Systems, Inc.* ................ 63,225 924,982
Ceridian Corp.* .............................. 34,368 773,280
Certegy, Inc. ................................ 14,713 570,864
CheckFree Corp.* ............................. 19,589 587,670
Cognizant Tech Solutions* .................... 29,849 758,463
CommScope, Inc.* ............................. 14,230 305,234
Credence Systems Corp.* ...................... 22,293 307,643
Cree, Inc.* .................................. 17,142 399,066
Cypress Semiconductor Corp.* ................. 28,538 404,954
DST Systems, Inc.* ........................... 19,526 939,005
Diebold, Inc. ................................ 16,783 887,317
Fair Isaac Corporation ....................... 16,317 544,661
Fairchild Semiconductor Intl.* ............... 27,573 451,370
Gartner, Inc.* ............................... 30,475 402,880
Harris Corp. ................................. 15,392 781,144
Henry (Jack) & Associates .................... 20,770 417,477
Imation Corp. ................................ 8,215 350,041
Integrated Circuit Systems, Inc. ............. 16,804 456,397
Integrated Device Tech., Inc.* ............... 24,504 339,135
International Rectifier* ..................... 15,286 633,146
Intersil Corp. Cl A .......................... 32,417 702,152
Keane, Inc.* ................................. 14,671 200,846
Kemet Corp.* ................................. 20,006 244,473
LTX Corp.* ................................... 14,110 152,529
Lam Research Corp.* .......................... 30,961 829,755
Lattice Semiconductor Corp.* ................. 26,213 183,753
MPS Group, Inc.* ............................. 24,277 294,237
Macromedia, Inc.* ............................ 15,982 392,358
Macrovision Corp.* ........................... 11,376 284,741
McAfee, Inc.* ................................ 38,239 693,273
McData Corporation Cl A* ..................... 27,189 146,277
Mentor Graphics Corp.* ....................... 16,200 250,614
Micrel, Inc.* ................................ 21,353 259,439
Microchip Technology, Inc. ................... 48,131 1,518,051
National Instruments Corp. ................... 18,196 557,707
Newport Corp.* ............................... 9,066 146,597
Plantronics, Inc.* ........................... 11,025 464,153
Plexus Corp.* ................................ 9,986 134,811
Polycom, Inc.* ............................... 23,059 516,752
Powerwave Technologies, Inc.* ................ 24,189 186,255
Quantum Corp.* ............................... 41,748 129,419
RF Micro Devices* ............................ 43,134 323,505
RSA Security, Inc.* .......................... 14,284 292,393
Retek, Inc.* ................................. 12,902 79,218
Reynolds & Reynolds Co. ...................... 15,151 350,443
Sandisk Corp.* ............................... 37,349 810,100
Semtech Corp.* ............................... 17,435 410,420
Silicon Laboratories, Inc.* .................. 11,913 552,168
Storage Technology Corp.* .................... 25,971 753,159
Sybase, Inc.* ................................ 22,415 403,470
Synopsys, Inc.* .............................. 35,876 1,019,955
Tech Data Corp.* ............................. 13,409 524,694
Titan Corp.* ................................. 19,406 251,890
Transaction Systems Architects ............... 8,601 185,180
Triquint Semiconductor, Inc.* ................ 31,479 171,875
Utstarcom, Inc* .............................. 26,319 796,150
Varian, Inc.* ................................ 8,019 338,001
Vishay Intertechnology, Inc.* ................ 37,139 690,043
Wind River Systems* .......................... 18,909 222,370
Zebra Technologies Cl A* ..................... 11,043 960,741
------------
36,870,579
------------
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)
June 30, 2004 (Unaudited)
Shares Value
------ -----
COMMON STOCKS (CONTINUED):
TELECOMMUNICATIONS (0.5%)
Cincinnati Bell, Inc.* ....................... 56,674 $ 251,633
Telephone & Data Systems, Inc. ............... 13,255 943,756
------------
1,195,389
------------
UTILITIES (6.1%)
AGL Resources, Inc. .......................... 15,012 436,099
Alliant Energy Corp. ......................... 25,738 671,247
Aqua America, Inc. ........................... 21,486 430,794
Aquila, Inc.* ................................ 45,244 161,069
Black Hills Corp. ............................ 7,477 235,526
DPL, Inc. .................................... 29,258 568,190
Duquesne Light Holdings, Inc. ................ 17,620 340,242
Energy East Corporation ...................... 33,881 821,614
Equitable Resources, Inc. .................... 14,454 747,416
Great Plains Energy, Inc. .................... 17,175 510,098
Hawaiian Electric Inds ....................... 18,590 485,199
IdaCorp, Inc. ................................ 8,869 239,463
MDU Resources Group .......................... 27,009 649,026
NSTAR ........................................ 12,266 587,296
National Fuel Gas Co. ........................ 19,007 475,175
Northeast Utilities .......................... 29,608 576,468
OGE Energy Corp. ............................. 20,266 516,175
Oneok, Inc. .................................. 23,759 522,460
PNM Resources, Inc. .......................... 13,971 290,178
Pepco Holdings, Inc. ......................... 39,839 728,257
Puget Energy, Inc. ........................... 22,960 503,054
Questar Corp. ................................ 19,377 748,727
SCANA Corp. .................................. 25,739 936,127
Sierra Pacific Resources* .................... 27,121 209,103
Vectren Corporation .......................... 17,547 440,254
WGL Holdings, Inc. ........................... 11,251 323,129
WPS Resources ................................ 8,583 397,822
Westar Energy, Inc. .......................... 19,779 393,800
Wisconsin Energy Corp. ....................... 27,347 891,786
------------
14,835,794
------------
TOTAL COMMON STOCKS
(Cost:$205,207,723) 94.9 ..................... $232,081,693
------------
- ----------
* Non-income producing security.
Face
Rate Maturity Amount Value
-------- -------- ---------- ------------
Short-Term Debt Securities:
U.S. GOVERNMENT (0.7%)
U.S. Treasury Bill (a) ............ 0.93% 07/15/04 $1,100,000 $ 1,099,604
U.S. Treasury Bill (a) ............ 1.28 09/23/04 600,000 598,242
------------
1,697,846
------------
COMMERCIAL PAPER (4.4%)
Archer Daniels Midland ............ 1.45 07/01/04 4,977,000 4,977,000
Medtronic, Inc. ................... 1.07 07/01/04 5,000,000 5,000,000
New York Times Co. ................ 1.32 07/06/04 760,000 759,861
------------
10,736,861
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $12,434,672) 5.1% ................................................... 12,434,707
------------
TOTAL INVESTMENTS
(Cost: $217,642,395) 100.0% ............................................... $244,516,400
============
- ----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
Standard and Poor's does not sponsor, endorse, sell or promote the Mid-Cap
Equity Index Fund, "Standard & Poor's", "S&P", and S&P 500" 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.
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain/(Loss)
------------ --------------- ----------
PURCHASED
41 S&P MidCap 400 Stock Index Futures Contracts ......... September 2004 $12,469,125 $264,175
=========== ========
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 5.1%
The accompanying notes are an integral part of these financial statements.
31
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
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 $ 6,165,050
U.S. Treasury Strip .................... AAA 0.00 02/15/17 15,000,000 7,722,165
-----------
13,887,215
-----------
U.S. GOVERNMENT AGENCIES (39.4%)
MORTGAGE-BACKED OBLIGATIONS (31.7%)
FHLMC .................................. AAA 8.00 07/15/06 42,142 42,123
FHLMC .................................. AAA 5.50 08/15/26 4,500,000 4,660,272
FHLMC .................................. AAA 4.00 10/15/26 9,000,000 8,753,868
FNMA ................................... AAA 8.00 03/01/31 433,551 471,401
FNMA ................................... AAA 7.00 09/01/31 461,018 487,523
FNMA ................................... AAA 7.00 11/01/31 1,284,494 1,358,345
FNMA ................................... AAA 6.00 04/01/32 1,576,606 1,612,390
FNMA ................................... AAA 8.00 04/01/32 758,340 820,187
FNMA ................................... AAA 6.50 04/01/32 1,605,206 1,672,605
FNMA ................................... AAA 7.50 04/01/32 748,740 801,465
FNMA ................................... AAA 8.00 04/01/32 178,549 193,945
FNMA ................................... AAA 6.00 04/01/32 998,101 1,020,755
FNMA ................................... AAA 6.00 05/01/32 4,308,171 4,405,953
FNMA ................................... AAA 6.50 05/01/32 5,716,238 5,956,252
FNMA ................................... AAA 6.50 05/01/32 1,489,641 1,552,188
FNMA ................................... AAA 7.50 06/01/32 1,835,555 1,964,811
FNMA ................................... AAA 7.00 06/01/32 1,672,137 1,764,792
FNMA ................................... AAA 6.00 04/01/33 5,230,642 5,349,362
FNMA ................................... AAA 5.00 06/01/33 3,776,096 3,659,623
FNMA ................................... AAA 5.50 07/01/33 6,589,969 6,577,474
FNMA ................................... AAA 5.50 09/01/33 3,233,501 3,227,370
FNMA ................................... AAA 5.50 10/01/33 4,027,219 4,019,584
FNMA ................................... AAA 5.00 11/01/33 4,868,970 4,718,787
FNMA ................................... AAA 5.50 03/01/34 1,494,375 1,491,542
FNMA ................................... AAA 5.00 03/01/34 1,958,010 1,897,615
FNMA ................................... AAA 4.50 05/01/34 1,694,411 1,587,092
FNMA ................................... AAA 4.50 06/01/34 2,847,392 2,667,046
FNMA ................................... AAA 5.00 10/25/15 5,000,000 5,005,810
FNMA ................................... AAA 6.50 09/01/16 459,028 485,216
FNMA ................................... AAA 6.00 03/01/17 969,317 1,011,027
FNMA ................................... AAA 6.50 03/01/17 2,024,906 2,139,906
FNMA ................................... AAA 5.50 04/01/17 584,521 599,536
FNMA ................................... AAA 6.50 05/01/17 512,421 541,523
FNMA ................................... AAA 5.50 05/01/17 1,262,351 1,294,777
FNMA ................................... AAA 5.50 05/01/17 505,459 518,442
FNMA ................................... AAA 5.00 04/01/18 1,057,929 1,061,694
FNMA ................................... AAA 4.50 05/01/18 4,056,500 3,974,794
FNMA ................................... AAA 5.00 09/01/18 3,169,410 3,180,690
FNMA ................................... AAA 4.50 12/01/18 1,914,055 1,875,502
FNMA ................................... AAA 4.50 02/01/19 1,465,736 1,434,894
FNMA ................................... AAA 4.00 05/01/19 3,266,498 3,116,503
FNMA ................................... AAA 4.00 11/25/26 4,750,000 4,609,818
The accompanying notes are an integral part of these financial statements.
32
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ---------- --------------
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (1) ............................... AAA 6.50% 04/15/31 $ 257,125 $ 269,038
GNMA (1) ............................... AAA 7.00 09/15/31 338,770 360,099
GNMA (1) ............................... AAA 7.00 09/15/31 347,414 369,287
GNMA (1) ............................... AAA 6.50 12/15/31 1,004,446 1,050,982
GNMA (1) ............................... AAA 6.50 05/15/32 504,145 527,389
GNMA (1) ............................... AAA 7.00 05/15/32 327,124 347,611
GNMA (1) ............................... AAA 6.27 10/16/27 3,000,000 3,182,963
------------
109,691,871
------------
NON-MORTGAGE-BACKED OBLIGATION (7.7%)
FFCB ................................... AAA 2.88 06/29/06 2,500,000 2,492,468
FFCB ................................... AAA 4.15 05/15/13 10,000,000 9,393,110
FHLB ................................... AAA 2.88 09/15/06 300,000 298,687
FHLMC .................................. AAA 4.50 01/15/13 2,500,000 2,407,830
FHLMC .................................. AAA 5.20 03/05/19 10,000,000 9,395,690
FNMA ................................... AAA 5.50 03/01/34 2,794,437 2,789,138
------------
26,776,923
------------
BASIC MATERIALS (5.2%)
International Paper Co. ................ BBB 4.25 01/15/09 2,000,000 1,966,060
Intl. Flavors & Fragrances ............. BBB+ 6.45 05/15/06 2,500,000 2,641,340
Lyondell Chemical Co. .................. B+ 10.25 11/01/10 5,000,000 5,075,000
PolyOne Corp. .......................... B+ 7.50 12/15/15 3,750,000 3,018,750
Praxair, Inc. .......................... A- 6.90 11/01/06 5,000,000 5,408,455
------------
18,109,605
------------
CONSUMER, CYCLICAL (9.1%)
Centex Corp. ........................... BBB- 8.75 03/01/07 2,000,000 2,237,218
Centex Corp. ........................... BBB- 7.38 06/01/05 5,000,000 5,161,710
Coors Brewing Co. ...................... BBB+ 6.38 05/15/12 2,000,000 2,142,420
Cox Communications, Inc. Cl A .......... BBB 3.88 10/01/08 2,000,000 1,949,910
Daimlerchrysler ........................ BBB 4.05 06/04/08 1,000,000 980,525
Fruit of the Loom, Inc. (2) ............ NR 7.00 03/15/11 1,352,599 126,622
Fruit of the Loom, Inc. (2) ............ NR 7.38 11/15/23 366,386 37
Harman Intl. Industries, Inc. .......... BBB- 7.13 02/15/07 1,868,000 2,014,188
Johnson Controls, Inc. ................. A 4.88 09/15/13 2,000,000 1,967,160
Kellwood, Co. .......................... BBB- 7.88 07/15/09 8,000,000 8,784,128
Newell Rubbermaid ...................... BBB+ 4.63 12/15/09 2,500,000 2,478,148
Stanley Works .......................... A 3.50 11/01/07 250,000 249,229
Target Corp. ........................... A+ 5.38 06/15/09 3,250,000 3,387,625
------------
31,478,920
------------
CONSUMER, NON-CYCLICAL (4.3%)
Anheuser-Busch Cos., Inc. .............. A+ 4.38 01/15/13 1,750,000 1,660,820
Campbell Soup Co. ...................... A 4.88 10/01/13 2,000,000 1,942,654
Coca-Cola Enterprises, Inc. ............ A 2.50 09/15/06 2,000,000 1,970,458
General Mills, Inc. .................... BBB+ 2.63 10/24/06 2,000,000 1,956,872
Kellogg Co. ............................ BBB 2.88 06/01/08 2,000,000 1,914,466
Safeway, Inc. .......................... BBB 2.50 11/01/05 1,000,000 993,857
Safeway, Inc. .......................... BBB 4.13 11/01/08 1,000,000 978,841
Wal-Mart Stores, Inc. .................. AA 6.88 08/10/09 3,000,000 3,345,192
------------
14,763,160
------------
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)
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ---------- --------------
LONG-TERM DEBT SECURITIES (CONTINUED):
ENERGY (0.6%)
Anadarko Petroleum Corp. ............... BBB+ 3.25% 05/01/08 $ 2,000,000 $ 1,951,096
--------------
FINANCIAL (25.4%)
American Honda Finance ................. A+ 3.85 11/06/08 2,000,000 1,964,528
Bank of America Corp. .................. A+ 4.75 10/15/06 2,000,000 2,064,410
Bear Stearns Cos., Inc. ................ A 3.00 03/30/06 2,000,000 1,998,076
Berkley (W.R.) Corp. ................... BBB+ 8.70 01/01/22 5,000,000 5,877,525
CIT Group Hldgs, Inc. .................. A 2.88 09/29/06 2,000,000 1,973,800
Deere Capital Corp. .................... A- 3.90 01/15/08 2,500,000 2,498,790
Executive Risk, Inc. ................... A 7.13 12/15/07 5,000,000 5,564,360
First Horizon Mtge. .................... AAA 5.00 06/25/33 6,086,548 6,173,372
Fairfax Financial Holdings, Ltd. ....... BB 8.25 10/01/15 2,500,000 2,350,000
First Tennessee Natl. Corp. ............ BBB+ 4.50 05/15/13 5,000,000 4,664,450
Ford Motor Credit Co. .................. BBB- 7.38 10/28/09 3,000,000 3,201,678
GE Capital Corp. ....................... AAA 2.75 09/25/06 4,000,000 3,959,976
General Motors Acceptance Corp. ........ BBB 0.00 12/01/12 10,000,000 5,702,700
HJ Heinz Finance Co. ................... A 6.00 03/15/12 3,000,000 3,180,708
JP Morgan Chase Bank ................... A+ 5.63 08/15/06 2,000,000 2,095,660
Lehman Brothers Holdings, Inc. ......... A 4.00 01/22/08 2,000,000 1,995,980
Markel Corporation ..................... BBB- 7.00 05/15/08 1,000,000 1,061,786
Markel Corporation ..................... BBB- 6.80 02/15/13 1,000,000 1,038,326
Morgan Stanley ......................... A+ 3.88 01/15/09 1,750,000 1,706,495
Nationwide Health Properties ........... BBB- 7.90 11/20/06 5,000,000 5,390,975
Natl. Rural Utils. Coop. Fin. Corp. .... A+ 3.88 02/15/08 1,500,000 1,495,754
Northern Trust Co. ..................... AA- 2.88 12/15/06 2,500,000 2,475,860
Rank Group Financial ................... BBB- 6.75 11/30/04 5,000,000 5,084,025
Roslyn Bancorp, Inc. ................... BBB- 7.50 12/01/08 1,000,000 1,108,873
SLM Corp. .............................. A 4.00 01/15/09 2,250,000 2,209,946
Simon Property Group, Inc. ............. BBB 7.88 03/15/16 5,000,000 5,707,180
Textron Finance Corp. .................. A- 2.69 10/03/06 2,000,000 1,969,100
US Bank NA ............................. AA- 2.85 11/15/06 1,000,000 998,467
Union Planters Bank .................... BBB+ 5.13 06/15/07 2,000,000 2,096,954
------------
87,609,754
------------
HEALTHCARE (3.8%)
Abbott Laboratories .................... AA 3.75 03/15/11 6,500,000 6,165,790
Bausch & Lomb, Inc. .................... BBB- 6.75 12/15/04 2,000,000 2,031,788
Bristol-Myers Squibb Co. ............... AA- 5.75 10/01/11 3,000,000 3,125,964
Wyeth .................................. A 5.50 03/15/13 1,750,000 1,688,941
------------
13,012,483
------------
INDUSTRIAL (1.9%)
Seariver Maritime ...................... AAA 0.00 09/01/12 10,000,000 6,605,570
------------
TECHNOLOGY (1.2%)
Hewlett-Packard Co. .................... A- 5.75 12/15/06 2,000,000 2,108,140
Intl. Business Machines Corp. .......... A+ 4.88 10/01/06 2,000,000 2,074,652
------------
4,182,792
------------
TELECOMMUNICATIONS (0.6%)
Verizon Global ......................... A+ 4.00 01/15/08 2,000,000 2,002,654
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $331,611,985) 95.5% .................................................................. $330,072,043
------------
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)
June 30, 2004 (Unaudited)
Face
Rate Maturity Amount Value
------ -------- ---------- --------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (4.5%)
Federal Home Loan Mtge. Corp. .......... 1.20% 07/01/04 $15,510,000 $ 15,510,000
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $15,510,000) 4.5% ...................................................... 15,510,000
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $10,000) 0.0% (3) ...................................................... 10,000
------------
TOTAL INVESTMENTS
(Cost: $347,131,985) 100.0% ................................................... $345,592,043
============
- ----------
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 0.05%.
The total value of investments not rated and or below-investment grade as a
percentage of the Fund's total investments as of June 30, 2004 is 3.1%
* Ratings as per Standard & Poors 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 June
30, 2004 was 0.63%.
The accompanying notes are an integral part of these financial statements.
35
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITES:
U.S. GOVERNMENT (3.4%)
U.S. Treasury Note ................. AAA 1.63% 04/30/05 $ 1,000,000 $ 997,188
----------- -----------
U.S. GOVERNMENT AGENCIES (71.2%)
MORTGAGE-BACKED OBLIGATIONS (41.2%)
FHLMC .............................. AA 7.50 02/15/07 30,343 30,330
FHLMC .............................. AA 7.00 03/15/07 33,263 33,248
FHLMC .............................. AA 7.50 09/01/07 7,469 7,809
FHLMC .............................. AA 7.25 11/01/07 1,513 1,548
FHLMC .............................. AA 7.75 05/01/08 104,311 110,620
FHLMC .............................. AA 6.00 10/01/08 160,769 168,365
FHLMC .............................. AA 5.50 04/01/09 127,011 130,415
FHLMC .............................. AA 8.25 10/01/09 39,893 40,871
FHLMC .............................. AA 7.50 07/01/10 13,760 14,721
FHLMC .............................. AA 7.00 02/01/14 92,842 98,938
FHLMC .............................. AA 6.50 04/01/14 381,182 401,879
FHLMC .............................. AA 8.00 05/01/14 29,192 29,413
FHLMC .............................. AA 8.50 09/01/17 20,150 21,342
FHLMC .............................. AA 8.00 09/01/18 82,626 87,932
FHLMC .............................. AA 6.00 02/01/19 103,985 107,631
FHLMC .............................. AA 7.50 03/15/21 63,708 63,669
FHLMC .............................. AA 4.50 03/15/22 2,000,000 2,023,396
FHLMC .............................. AA 4.50 08/15/22 1,000,000 1,015,591
FHLMC .............................. AA 4.00 11/15/26 959,105 953,395
FNMA ............................... AA 8.25 10/01/05 1,267 1,293
FNMA ............................... AA 8.50 06/01/06 65,680 68,630
FNMA ............................... AA 7.50 07/01/06 30,928 31,685
FNMA ............................... AA 7.50 09/01/06 20,331 20,497
FNMA ............................... AA 7.50 05/01/07 10,505 10,866
FNMA ............................... AA 7.75 03/01/08 38,594 40,253
FNMA ............................... AA 8.00 04/01/08 30,698 32,891
FNMA ............................... AA 6.00 09/01/08 82,696 86,552
FNMA ............................... AA 7.50 09/01/08 42,699 44,565
FNMA ............................... AA 5.50 11/01/08 89,788 92,705
FNMA ............................... AA 5.50 12/01/08 20,962 21,643
FNMA ............................... AA 7.50 01/01/09 14,633 14,954
FNMA ............................... AA 5.50 02/01/09 53,302 55,034
FNMA ............................... AA 5.50 06/01/09 149,978 154,649
FNMA ............................... AA 6.00 07/01/09 93,166 97,511
FNMA ............................... AA 6.50 11/01/09 39,712 42,042
FNMA ............................... AA 8.50 12/01/09 39,495 42,524
FNMA ............................... AA 8.25 01/01/10 62,333 65,051
FNMA ............................... AA 6.00 11/01/10 95,864 100,346
FNMA ............................... AA 6.00 01/01/11 53,727 56,233
FNMA ............................... AA 6.00 09/01/12 133,511 139,594
FNMA ............................... AA 6.50 08/01/13 80,811 84,411
FNMA ............................... AA 6.00 07/01/16 31,888 33,544
FNMA ............................... AA 8.75 09/01/16 69,378 72,711
FNMA ............................... AA 8.00 06/01/17 15,950 16,576
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 (Continued)
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA ............................... AAA 4.50% 10/25/17 $ 1,000,000 $ 1,010,477
FNMA ............................... AA 6.00 12/25/18 389,086 397,850
FNMA ............................... AA 4.75 12/25/20 1,250,000 1,272,549
FNMA ............................... AA 5.00 09/25/22 72,412 72,620
FNMA ............................... AA 3.50 10/25/22 2,000,000 2,002,738
FNMA ............................... AA 6.50 01/25/23 23,725 24,512
FNMA ............................... AA 6.50 01/25/23 114,976 118,833
FNMA ............................... AA 6.50 12/25/23 200,000 197,988
FNMA ............................... AA 4.00 11/25/26 100,000 96,060
GNMA (1) ........................... AA 7.50 07/15/07 54,128 56,718
GNMA (1) ........................... AA 7.00 08/15/07 76,849 80,053
GNMA (1) ........................... AA 7.50 05/20/08 45,973 48,785
GNMA (1) ........................... AA 6.00 11/15/08 85,140 89,419
GNMA (1) ........................... AA 6.00 06/15/09 49,332 51,800
GNMA (1) ........................... AA 9.00 03/15/10 14,784 16,141
-----------
12,304,416
-----------
NON-MORTGAGE-BACKED OBLIGATION (30.0%)
FFCB ............................... AA 2.88 06/29/06 1,000,000 996,987
FHLB ............................... AA 2.50 03/15/06 500,000 497,670
FHLB ............................... AA 2.88 09/15/06 2,800,000 2,787,744
FHLMC .............................. AA 2.75 08/15/06 1,000,000 993,103
FNMA ............................... AA 2.25 05/15/06 2,000,000 1,974,984
FNMA ............................... AA 2.63 11/15/06 1,000,000 984,963
FNMA ............................... AA 2.38 02/15/07 750,000 730,046
-----------
8,965,497
-----------
CONSUMER, CYCLICAL (0.8%)
Caterpillar Fin. Svc ............... A 2.63 01/30/07 250,000 244,417
-----------
CONSUMER, NON-CYCLICAL (1.5%)
CVS Corp. .......................... A- 5.63 03/15/06 150,000 156,375
Coca-Cola Enterprises, Inc. ........ A 2.50 09/15/06 100,000 98,523
General Mills, Inc. ................ BB 2.63 10/24/06 100,000 97,844
Safeway, Inc. ...................... BB 2.50 11/01/05 100,000 99,386
-----------
452,128
-----------
ENERGY (0.4%)
Devon Energy Corporation ........... BB 2.75 08/01/06 100,000 98,538
-----------
FINANCIAL (7.2%)
American Express Co. ............... A+ 5.50 09/12/06 200,000 209,381
Bank of America Corp. .............. A+ 4.75 10/15/06 100,000 103,221
Bank of Oklahoma ................... BB 7.13 08/15/07 250,000 278,773
Bear Stearns Cos., Inc. ............ A 3.00 03/30/06 100,000 99,904
CIT Group Hldgs., Inc. ............. A 2.88 09/29/06 100,000 98,690
GE Capital Corp. ................... AA 2.75 09/25/06 250,000 247,499
JP Morgan Chase Bank ............... A+ 5.63 08/15/06 100,000 104,783
Natl. Rural Utils. Coop. Fin. Corp. A+ 3.00 02/15/06 185,000 185,234
Northern Trust Co. ................. AA 2.88 12/15/06 200,000 198,069
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)
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITES (CONTINUED):
FINANCIAL (CONTINUED)
Residential Funding Mtge. Sec ...... AAA 5.00% 02/25/33 $ 373,310 $ 375,505
Textron Finance Corp. .............. A- 2.69 10/03/06 100,000 98,455
US Bank NA ......................... AA 2.85 11/15/06 150,000 149,770
-----------
2,149,284
-----------
HEALTHCARE (0.7%)
Bristol-Myers Squibb Co. ........... AA 4.75 10/01/06 200,000 206,055
-----------
INDUSTRIAL (1.0%)
Conoco Funding Co. ................. A- 5.45 10/15/06 200,000 209,347
General Dynamics Corp. ............. A 2.13 05/15/06 100,000 98,364
-----------
307,711
-----------
TECHNOLOGY (0.7%)
Hewlett-Packard Co. ................ A- 5.75 12/15/06 100,000 105,407
Intl. Business Machines Corp. ...... A+ 4.88 10/01/06 100,000 103,733
-----------
209,140
-----------
UTILITIES (0.7%)
DTE Energy Co. ..................... BB 6.45 06/01/06 200,000 210,346
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $26,371,010) 87.6% ............................................................. 26,144,720
-----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (12.4%)
Federal Home Loan Bank ........................ 1.20 07/01/04 3,710,000 3,710,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $3,710,000) 12.4% .............................................................. 3,710,000
-----------
TOTAL INVESTMENTS
(Cost: $30,081,010) 100.0% ............................................................ $29,854,720
===========
- ----------
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.
* Ratings as per Standard & Poor's Corporation.
The accompanying notes are an integral part of these financial statements.
38
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
Long-Term Debt Securities:
U.S. GOVERNMENT AGENCIES (63.5%)
MORTGAGE-BACKED OBLIGATIONS (4.6%)
FHLMC .............................. AAA 8.00% 07/15/06 $ 21,071 $ 21,062
FHLMC .............................. AAA 7.00 02/01/14 92,842 98,938
FHLMC .............................. AAA 5.00 06/15/17 3,000,000 3,002,163
FNMA ............................... AAA 7.00 04/25/07 77,400 80,234
-----------
3,202,397
-----------
NON-MORTGAGE-BACKED OBLIGATIONS (58.9%)
FHLB ............................... AAA 2.75 03/14/08 4,750,000 4,584,244
FHLMC .............................. AAA 6.63 09/15/09 5,000,000 5,525,175
FHLMC .............................. AAA 5.63 03/15/11 4,000,000 4,213,476
FNMA ............................... AAA 6.63 09/15/09 5,500,000 6,084,221
FNMA ............................... AAA 4.25 07/15/07 14,000,000 14,258,230
FNMA ............................... AAA 3.25 01/15/08 5,000,000 4,913,820
FNMA ............................... AAA 3.25 02/15/09 1,000,000 963,453
-----------
40,542,619
-----------
BASIC MATERIALS (1.5%)
Cytec Industries, Inc. ............. BBB 6.85 05/11/05 500,000 514,145
International Paper Co. ............ BBB 4.25 01/15/09 250,000 245,758
Intl. Flavors & Fragrances ......... BBB+ 6.45 05/15/06 250,000 264,134
-----------
1,024,037
-----------
CONSUMER, CYCLICAL (4.7%)
Caterpillar Finance Svc. ........... A 2.63 01/30/07 500,000 488,834
Cox Communications, Inc. Cl A ...... BBB 3.88 10/01/08 500,000 487,478
Daimlerchrysler .................... BBB 4.05 06/04/08 250,000 245,131
Harman Intl. Industries, Inc. ...... BBB- 7.13 02/15/07 186,000 200,556
Newell Rubbermaid .................. BBB+ 4.63 12/15/09 500,000 495,630
Stanley Works ...................... A 3.50 11/01/07 250,000 249,229
Target Corp. ....................... A+ 5.38 06/15/09 1,000,000 1,042,346
-----------
3,209,204
-----------
CONSUMER, NON-CYCLICAL (4.0%)
Campbell Soup Co. .................. A 5.50 03/15/07 500,000 524,086
Coca-Cola Enterprises, Inc. ........ A 2.50 09/15/06 500,000 492,615
General Mills, Inc. ................ BBB+ 2.63 10/24/06 500,000 489,218
Kellogg Co. ........................ BBB 2.88 06/01/08 500,000 478,617
Safeway, Inc. ...................... BBB 4.13 11/01/08 500,000 489,421
Wal-Mart Stores, Inc. .............. AA 6.88 08/10/09 250,000 278,766
-----------
2,752,723
-----------
ENERGY (0.7%)
Anadarko Petroleum Corp. ........... BBB+ 3.25 05/01/08 500,000 487,774
-----------
FINANCIAL (19.2%)
American Honda Finance ............. A+ 3.85 11/06/08 500,000 491,132
American Express Credit Corp. ...... A+ 3.00 05/16/08 250,000 240,665
Bank of America Corp. .............. A+ 4.75 10/15/06 500,000 516,103
Bank of Oklahoma ................... BBB 7.13 08/15/07 350,000 390,282
Bear Stearns Cos., Inc. ............ A 6.63 10/01/04 500,000 505,955
Berkshire Hathaway Financial ....... AAA 4.20 12/15/10 500,000 488,853
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 (Continued)
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ -------- ----------- -----------
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIAL (CONTINUED)
Deere Capital Corp. ................ A- 3.90% 01/15/08 $ 500,000 $ 499,758
FleetBoston Financial Group ........ A+ 3.85 02/15/08 250,000 249,023
Ford Motor Credit Co. .............. BBB- 7.38 10/28/09 750,000 800,420
GE Capital Corp. ................... AAA 2.75 09/25/06 750,000 742,496
General Motors Acceptance Corp. .... BBB 6.75 01/15/06 500,000 523,926
HJ Heinz Finance Co. ............... A 6.00 03/15/12 250,000 265,059
Heller Financial, Inc. ............. AAA 6.38 03/15/06 500,000 528,827
Household Finance Corp. ............ A 6.50 01/24/06 500,000 527,028
JP Morgan Chase Bank ............... A+ 5.63 08/15/06 500,000 523,915
Lehman Brothers Holdings, Inc. ..... A 4.00 01/22/08 500,000 498,995
Markel Corporation ................. BBB- 7.00 05/15/08 150,000 159,268
Nationwide Health Properties ....... BBB- 7.60 11/20/28 350,000 371,494
Nationwide Health Properties ....... BBB- 7.90 11/20/06 250,000 269,549
Natl Rural Utils. Coop. Fin. Corp. . A+ 3.88 02/15/08 250,000 249,291
Rank Group Financial ............... BBB- 6.75 11/30/04 500,000 508,402
Roslyn Bancorp, Inc. ............... BBB- 7.50 12/01/08 500,000 554,436
SLM Corp. .......................... A 4.00 01/15/09 500,000 491,098
Sprint Capital Corp. ............... BBB- 7.13 01/30/06 500,000 529,124
Textron Finance Corp. .............. A- 2.69 10/03/06 500,000 492,274
The CIT Group, Inc. ................ A 6.50 02/07/06 500,000 526,767
U S Bancorp ........................ A+ 3.95 08/23/07 500,000 503,351
Union Planters Corp. ............... BBB- 6.75 11/01/05 500,000 526,071
Wells Fargo & Company .............. AA- 3.50 04/04/08 250,000 246,365
-----------
13,219,927
-----------
HEALTHCARE (1.1%)
Abbott Laboratories ................ AA 3.75 03/15/11 500,000 474,292
Bristol-Myers Squibb Co. ........... AA- 5.75 10/01/11 250,000 260,497
-----------
734,789
-----------
TECHNOLOGY (1.5%)
Hewlett-Packard Co. ................ A- 5.75 12/15/06 500,000 527,035
Intl. Business Machines Corp. ...... A+ 4.88 10/01/06 500,000 518,663
-----------
1,045,698
-----------
TELECOMMNICATIONS (0.7%)
Verizon Global ..................... A+ 4.00 01/15/08 500,000 500,664
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $67,763,576) 96.9% ............................................................. $66,719,832
-----------
- ----------
* Ratings as per Standard & Poor's Corporation.
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)
June 30, 2004 (Unaudited)
Face
Rate Maturity Amount Value
------ -------- ----------- -----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (3.1%)
Federal Home Loan Bank ................ 1.20% 07/01/04 $2,150,000 $ 2,150,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $2,150,000) 3.1% .................................................... 2,150,000
-----------
TEMPORARY CASH INVESTMENTS**
(Cost: $11,000) 0.0% (1) ................................................... 11,000
-----------
TOTAL INVESTMENTS
(Cost: $69,924,576) 100.0% ................................................. $68,880,832
===========
- ----------
Abbreviations: FHLB = Federal Home Loan Bank
FHLMC= Federal Home Loan Mortgage Corporation
FNMA= Federal National Mortgage Association
(1) Less than 0.05%.
** 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 June
30, 2004 was 0.63%.
The accompanying notes are an integral part of these financial statements.
41
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Shares Value
------ -----
COMMON STOCKS:
BASIC MATERIALS (2.1%)
Du Pont (E.I.) de Nemours & Co. .............. 74,000 $ 3,287,080
International Paper Co. ...................... 33,500 1,497,450
Praxair, Inc. ................................ 10,500 419,055
------------
5,203,585
------------
CONSUMER, CYCLICAL (11.2%)
Circuit City Group, Inc. ..................... 386,680 5,007,506
Disney (Walt) Co. ............................ 97,500 2,485,275
Genuine Parts Co. ............................ 90,000 3,571,200
McGraw-Hill Cos., Inc. ....................... 40,000 3,062,800
Meredith Corp. ............................... 90,000 4,946,400
Staples, Inc. ................................ 152,000 4,455,120
Target Corp. ................................. 105,000 4,459,350
------------
27,987,651
------------
CONSUMER, NON-CYCLICAL (8.4%)
Alberto-Culver Co. Cl A ...................... 61,000 3,058,540
Anheuser-Busch Cos., Inc. .................... 42,000 2,268,000
Clorox Co. ................................... 30,000 1,613,400
Coca-Cola Co. ................................ 42,000 2,120,160
Gillette Co. ................................. 75,800 3,213,920
PepsiCo, Inc. ................................ 28,400 1,530,192
Proctor & Gamble Co. ......................... 58,200 3,168,408
Wal-Mart Stores, Inc. ........................ 76,590 4,040,888
------------
21,013,508
------------
ENERGY (0.7%)
Anadarko Petroleum Corp. ..................... 26,000 1,523,600
Exxon Mobil Corp. ............................ 6,940 308,205
------------
1,831,805
------------
FINANCIAL (9.0%)
American Express Co. ........................... 49,750 2,556,155
American Int'l. Group, Inc. .................. 24,000 1,710,720
Bank of America Corp. ........................ 63,330 5,358,985
Cincinnati Financial Corp. ................... 40,057 1,743,281
Citigroup, Inc. .............................. 53,233 2,475,335
Comerica, Inc. ............................... 58,400 3,204,992
Huntington Bancshares, Inc. .................. 53,330 1,221,257
J.P. Morgan Chase & Co. ...................... 69,100 2,679,007
National City Corp. .......................... 31,400 1,099,314
Principal Financial Group, Inc. .............. 17,250 599,955
------------
22,649,001
------------
HEALTHCARE (5.9%)
Becton Dickinson & Co. ....................... 50,000 2,590,000
Bristol-Myers Squibb Co. ..................... 37,110 909,195
Johnson & Johnson ............................ 65,770 3,663,389
Merck & Co., Inc. ............................ 60,500 2,873,750
Pfizer, Inc. ................................. 138,580 4,750,522
------------
14,786,856
------------
INDUSTRIAL (11.6%)
Boeing Co. ................................... 33,000 1,685,970
General Electric Co. ......................... 202,020 6,545,448
Grainger (W.W.), Inc. ........................ 93,000 5,347,500
Northrop Grumman Corp. ....................... 48,000 2,577,600
Thomas & Betts Corp. ......................... 118,530 3,227,572
Tyco International, Ltd. ..................... 149,330 4,948,796
United Parcel Service Cl B ................... 64,180 4,824,411
------------
29,157,297
------------
TECHNOLOGY (9.6%)
Affiliated Computer Svcs.* ................... 46,000 2,435,240
Cisco Systems, Inc.* ......................... 49,400 1,170,780
Dell, Inc.* .................................. 56,640 2,028,845
First Data Corp. ............................. 118,000 5,253,360
Hewlett-Packard Co. .......................... 53,870 1,136,657
Intl. Business Machines Corp. ................ 27,770 2,447,926
Microsoft Corp. .............................. 137,200 3,918,430
Sabre Group Holdings, Inc. ................... 199,500 5,528,145
------------
23,919,383
------------
TELECOMMUNICATIONS (1.0%)
Citizens Communications Co.* ................. 62,000 750,200
SBC Communications, Inc. ..................... 73,870 1,791,348
------------
2,541,548
------------
UTILITIES (0.5%)
CINergy Corp. ................................ 35,500 1,349,000
------------
TOTAL COMMON STOCKS
(Cost: $142,059,337) 60.0% ................... $150,439,634
------------
The accompanying notes are an integral part of these financial statements.
42
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ------------ ------------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.8%)
U.S. Treasury Note .................. AAA 3.88% 02/15/13 $ 2,000,000 $ 1,911,954
------------
U.S. GOVERNMENT AGENCIES (18.7%)
MORTGAGE-BACKED OBLIGATIONS (14.1%)
FHLMC ............................... AAA 5.50 10/15/30 409,825 420,684
FHLMC ............................... AAA 8.00 07/15/06 21,071 21,062
FHLMC ............................... AAA 5.00 06/15/17 4,000,000 4,002,884
FHLMC ............................... AAA 4.00 10/15/26 1,800,000 1,750,774
FNMA ................................ AAA 8.00 03/01/31 114,092 124,053
FNMA ................................ AAA 7.50 06/01/31 121,337 130,076
FNMA ................................ AAA 7.00 09/01/31 127,807 135,155
FNMA ................................ AAA 7.00 11/01/31 321,124 339,586
FNMA ................................ AAA 7.50 02/01/32 107,061 114,743
FNMA ................................ AAA 6.00 03/01/32 197,749 202,509
FNMA ................................ AAA 6.00 04/01/32 402,195 411,324
FNMA ................................ AAA 7.00 04/01/32 150,912 159,274
FNMA ................................ AAA 8.00 04/01/32 58,334 63,091
FNMA ................................ AAA 6.50 04/01/32 441,432 459,967
FNMA ................................ AAA 7.50 04/01/32 187,167 200,346
FNMA ................................ AAA 8.00 04/01/32 76,548 83,148
FNMA ................................ AAA 6.00 04/01/32 274,287 280,513
FNMA ................................ AAA 6.00 05/01/32 321,505 328,802
FNMA ................................ AAA 6.50 05/01/32 420,312 437,960
FNMA ................................ AAA 6.50 05/01/32 379,908 395,860
FNMA ................................ AAA 7.50 06/01/32 129,264 138,367
FNMA ................................ AAA 7.00 06/01/32 120,587 127,269
FNMA ................................ AAA 6.50 07/01/32 311,354 324,427
FNMA ................................ AAA 6.00 04/01/33 915,798 936,583
FNMA ................................ AAA 6.00 05/01/33 427,038 436,471
FNMA ................................ AAA 5.00 06/01/33 1,599,288 1,549,958
FNMA ................................ AAA 5.50 07/01/33 1,155,560 1,153,369
FNMA ................................ AAA 5.50 09/01/33 923,857 922,106
FNMA ................................ AAA 5.50 10/01/33 1,404,844 1,402,180
FNMA ................................ AAA 5.00 11/01/33 1,918,079 1,858,916
FNMA ................................ AAA 5.50 03/01/34 348,688 348,026
FNMA ................................ AAA 5.00 03/01/34 440,552 426,963
FNMA ................................ AAA 5.50 05/01/34 2,496,662 2,487,953
FNMA ................................ AAA 4.50 06/01/34 699,359 655,064
FNMA ................................ AAA 6.00 06/01/34 599,403 612,672
FNMA ................................ AAA 5.00 10/25/15 1,000,000 1,001,162
FNMA ................................ AAA 6.50 09/01/16 129,469 136,856
FNMA ................................ AAA 6.00 03/01/17 76,148 79,425
FNMA ................................ AAA 6.50 03/01/17 151,868 160,493
FNMA ................................ AAA 5.50 04/01/17 159,415 163,510
FNMA ................................ AAA 6.50 05/01/17 123,688 130,712
FNMA ................................ AAA 5.50 05/01/17 94,205 96,625
FNMA ................................ AAA 5.50 05/01/17 126,365 129,611
FNMA ................................ AAA 5.50 06/01/17 62,394 63,996
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)
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ------------ ------------
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA ................................ AAA 6.50% 06/01/17 $ 131,227 $ 138,679
FNMA ................................ AAA 5.00 04/01/18 1,974,801 1,981,829
FNMA ................................ AAA 4.50 05/01/18 854,000 836,799
FNMA ................................ AAA 5.00 09/01/18 905,546 908,769
FNMA ................................ AAA 4.50 12/01/18 669,919 656,426
FNMA ................................ AAA 4.50 02/01/19 342,005 334,809
FNMA ................................ AAA 4.00 05/01/19 398,353 380,061
FNMA ................................ AAA 4.00 11/25/26 1,000,000 970,488
GNMA (1) ............................ AAA 6.50 04/15/31 68,873 72,064
GNMA (1) ............................ AAA 7.00 05/15/31 55,947 59,469
GNMA (1) ............................ AAA 7.00 09/15/31 24,702 26,257
GNMA (1) ............................ AAA 7.00 09/15/31 96,093 102,143
GNMA (1) ............................ AAA 6.50 10/15/31 78,142 81,762
GNMA (1) ............................ AAA 6.50 12/15/31 70,487 73,753
GNMA (1) ............................ AAA 6.50 05/15/32 132,038 138,126
GNMA (1) ............................ AAA 7.00 05/15/32 84,118 89,386
GNMA (1) ............................ AAA 6.27 10/16/27 3,000,000 3,182,964
------------
35,438,309
------------
NON-MORTGAGE-BACKED OBLIGATION (4.6%)
FFCB ................................ AAA 2.88 06/29/06 1,000,000 996,987
FHLB ................................ AAA 2.88 09/15/06 500,000 497,812
FHLMC ............................... AAA 4.50 01/15/13 3,500,000 3,370,962
FNMA ................................ AAA 4.38 03/15/13 6,000,000 5,723,346
Suffolk County, New York ............ AAA 5.80 11/01/04 250,000 253,160
Suffolk County, New York ............ AAA 5.88 11/01/05 750,000 761,190
------------
11,603,457
------------
BASIC MATERIALS (1.8%)
International Paper Co. ............. BBB 4.25 01/15/09 500,000 491,515
Lyondell Chemical Co. ............... B+ 10.25 11/01/10 500,000 507,500
PolyOne Corp. ....................... B+ 7.50 12/15/15 1,000,000 805,000
Praxair, Inc. ....................... A- 6.90 11/01/06 2,500,000 2,704,228
------------
4,508,243
------------
CONSUMER, CYCLICAL (2.1%)
Coors Brewing Co. ................... BBB+ 6.38 05/15/12 500,000 535,605
Cox Communications, Inc. Cl A ....... BBB 3.88 10/01/08 500,000 487,478
Daimlerchrysler ..................... BBB 4.05 06/04/08 250,000 245,131
Fruit of the Loom, Inc. (2) ......... NR 7.00 03/15/11 541,040 50,649
Fruit of the Loom, Inc. (2) ......... NR 7.38 11/15/23 146,555 15
Johnson Controls, Inc. .............. A 4.88 09/15/13 500,000 491,790
Kellwood, Co. ....................... BBB- 7.88 07/15/09 1,500,000 1,647,024
Newell Rubbermaid ................... BBB+ 4.63 12/15/09 500,000 495,630
Stanley Works ....................... A 3.50 11/01/07 250,000 249,229
Target Corp. ........................ A+ 5.38 06/15/09 1,000,000 1,042,346
------------
5,244,897
------------
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)
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ------------ ------------
LONG-TERM DEBT SECURITIES (CONTINUED):
CONSUMER, NON-CYCLICAL (1.4%)
Anheuser-Busch Cos., Inc. ........... A+ 4.38% 01/15/13 $ 500,000 $ 474,520
Campbell Soup Co. ................... A 4.88 10/01/13 500,000 485,664
Coca-Cola Enterprises, Inc. ......... A 2.50 09/15/06 500,000 492,615
General Mills, Inc. ................. BBB+ 2.63 10/24/06 500,000 489,218
Kellogg Co. ......................... BBB 2.88 06/01/08 500,000 478,617
Wal-Mart Stores, Inc. ............... AA 6.88 08/10/09 1,000,000 1,115,064
------------
3,535,698
------------
ENERGY (0.2%)
Anadarko Petroleum Corp. ............ BBB+ 3.25 05/01/08 500,000 487,774
------------
FINANCIAL (10.2%)
American Honda Finance .............. A+ 3.85 11/06/08 500,000 491,132
American Express Credit Corp. ....... A+ 3.00 05/16/08 250,000 240,665
Bank of America Corp. ............... A+ 4.75 10/15/06 500,000 516,103
Bear Stearns Cos., Inc. ............. A 3.00 03/30/06 500,000 499,519
Berkley (W.R.) Corp. ................ BBB+ 8.70 01/01/22 1,500,000 1,763,258
Berkshire Hathaway Financial ........ AAA 4.20 12/15/10 500,000 488,853
CIT Group Hldgs Inc. ................ A 2.88 09/29/06 500,000 493,450
Deere Capital Corp. ................. A- 3.90 01/15/08 500,000 499,758
First Horizon Mortg. Pass Through Tr AAA 5.00 06/25/33 2,133,136 2,163,565
Fairfax Financial Holdings, Ltd ..... BB 8.25 10/01/15 500,000 470,000
First Tennessee Natl. Corp. ......... BBB+ 4.50 05/15/13 1,500,000 1,399,335
FleetBoston Financial Group ......... A+ 3.85 02/15/08 250,000 249,023
Ford Motor Credit Co. ............... BBB- 7.38 10/28/09 1,000,000 1,067,226
GE Capital Corp. .................... AAA 5.45 01/15/13 2,000,000 2,027,808
General Motors Acceptance Corp. ..... BBB 0.00 12/01/12 2,500,000 1,425,675
HJ Heinz Finance Co. ................ A 6.00 03/15/12 1,000,000 1,060,236
JP Morgan Chase Bank ................ A+ 5.63 08/15/06 500,000 523,915
Lehman Brothers Holdings, Inc. ...... A 4.00 01/22/08 500,000 498,995
Markel Corporation .................. BBB- 7.00 05/15/08 250,000 265,447
Markel Corporation .................. BBB- 6.80 02/15/13 250,000 259,582
Morgan Stanley ...................... A+ 3.88 01/15/09 500,000 487,570
Nationwide Health Properties ........ BBB- 7.90 11/20/06 5,000,000 5,390,975
Natl. Rural Utils. Coop. Fin. Corp. . A+ 3.88 02/15/08 250,000 249,291
Northern Trust Co. .................. AA- 2.88 12/15/06 1,000,000 990,343
Roslyn Bancorp, Inc. ................ BBB- 7.50 12/01/08 250,000 277,217
SLM Corp. ........................... A 4.00 01/15/09 500,000 491,098
Textron Finance Corp. ............... A- 2.69 10/03/06 500,000 492,274
Union Planters Bank ................. BBB+ 5.13 06/15/07 500,000 524,238
Wells Fargo & Company ............... AA- 3.50 04/04/08 250,000 246,365
------------
25,552,916
------------
HEALTHCARE (1.4%)
Abbott Laboratories ................. AA 3.75 03/15/11 2,000,000 1,897,166
Bristol-Myers Squibb Co. ............ AA- 5.75 10/01/11 1,000,000 1,041,988
Wyeth ............................... A 5.50 03/15/13 500,000 482,555
------------
3,421,709
------------
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)
June 30, 2004 (Unaudited)
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ------------ ------------
LONG-TERM DEBT SECURITIES (CONTINUED):
INDUSTRIAL (0.8%)
Seariver Maritime ................... AAA 0.00% 09/01/12 $ 3,000,000 $ 1,981,671
------------
TECHNOLOGY (0.4%)
Hewlett-Packard Co. ................. A- 5.75 12/15/06 500,000 527,035
Intl. Business Machines Corp. ....... A+ 4.88 10/01/06 500,000 518,663
------------
1,045,698
------------
TELECOMMUNICATIONS (0.2%)
Verizon Global ...................... A+ 4.00 01/15/08 500,000 500,664
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $96,919,659) 38.0% ........................................................................ 95,232,990
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (1.9%)
FHLB ............................................... 1.20 07/01/04 2,850,000 2,850,000
FHLB ............................................... 1.20 07/01/04 1,790,000 1,790,000
------------
4,640,000
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $4,640,000) 1.9% .......................................................................... 4,640,000
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $315,600) 0.1% ............................................................................ 315,600
------------
TOTAL INVESTMENTS
(Cost: $243,934,596) 100.0% ...................................................................... $250,628,224
============
- ----------
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
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.
The total value of investments not rated and or below-investment grade as a
percentage of the Fund's total investments as of June 30, 2004 is 0.7%
* 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 June
30, 2004 was 0.63%.
The accompanying notes are an integral part of these financial statements.
46
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Shares Value
------ -----
COMMON STOCKS:
BASIC MATERIALS (5.5%)
A. Schulman, Inc. ............................ 92,400 $ 1,985,676
Cleveland-Cliffs, Inc.* ...................... 39,040 2,201,466
Commercial Metals Co. ........................ 62,450 2,026,503
Cytec Industries, Inc. ....................... 41,300 1,877,085
Georgia Gulf Corp. ........................... 67,880 2,434,177
Graftech International, Ltd.* ................ 265,610 2,778,281
Lone Star Technologies, Inc.* ................ 37,000 1,019,720
Longview Fibre Co.* .......................... 83,710 1,233,048
Lubrizol Corp. ............................... 42,680 1,562,942
Steel Dynamics, Inc.* ........................ 81,670 2,338,212
------------
19,457,110
------------
CONSUMER, CYCLICAL (17.3%)
Aaron Rents, Inc. ............................ 76,990 2,551,449
American Eagle Outfitters* ................... 80,000 2,312,800
Ameristar Casinos, Inc. ...................... 51,700 1,736,086
Ann Taylor Stores Corp.* ..................... 82,620 2,394,328
Boyd Gaming Corp. ............................ 110,000 2,922,700
Brookstone, Inc.* ............................ 103,490 2,074,975
Buffalo Wild Wings, Inc.* .................... 69,370 1,918,081
CSK Auto Corp.* .............................. 120,410 2,063,827
Cache, Inc.* ................................. 141,690 1,914,232
Collins & Aikman Corp.* ...................... 189,240 1,057,852
Crown Holdings, Inc.* ........................ 471,720 4,703,048
Deckers Outdoor Corp.* ....................... 80,000 2,359,200
Fossil, Inc.* ................................ 90,000 2,452,500
Guitar Center, Inc.* ......................... 57,050 2,537,014
Gymboree Corp.* .............................. 156,340 2,401,382
Jacuzzi Brands, Inc.* ........................ 309,320 2,493,119
Landry's Restaurant, Inc. .................... 133,620 3,993,902
Lithia Motors, Inc. Cl A ..................... 83,520 2,069,626
Pinnacle Entertainment, Inc.* ................ 125,000 1,576,250
Quiksilver, Inc.* ............................ 110,000 2,619,100
Red Robin Gourmet Burgers* ................... 74,330 2,034,412
Select Comfort Corporation* .................. 78,000 2,215,200
Shopko Stores, Inc.* ......................... 132,450 1,872,843
Sunterra Corporation* ........................ 65,160 821,016
The Steak N Shake Company* ................... 90,850 1,655,287
The Warnaco Group, Inc.* ..................... 100,000 2,127,000
United Online, Inc.* ......................... 106,180 1,869,830
------------
60,747,059
------------
CONSUMER, NON-CYCLICAL (2.6%)
Cabela's, Inc. Cl A* ......................... 1,500 40,425
Chiquita Brands Intl., Inc.* ................. 136,800 2,861,856
Conmed Corp.* ................................ 26,970 738,978
Jarden Corp.* ................................ 79,280 2,853,287
Longs Drug Stores Corp. ...................... 36,750 877,223
Walter Industries, Inc. ...................... 121,850 1,659,597
------------
9,031,366
------------
ENERGY (6.9%)
Brigham Exploration Company* ................. 196,200 1,805,040
Denbury Resources, Inc.* ..................... 54,510 1,141,985
FMC Technologies, Inc.* ...................... 77,870 2,242,656
Grey Wolf, Inc.* ............................. 118,690 503,246
KFX, Inc.* ................................... 120,000 914,400
Maverick Tube Corp.* ......................... 37,000 971,620
Patina Oil & Gas Corp. ....................... 37,380 1,116,541
Patterson UTI Energy, Inc. ................... 28,090 938,487
Plains Exploration & Power* .................. 88,670 1,627,095
Quicksilver Resources* ....................... 31,150 2,089,231
Range Resources Corp. ........................ 223,910 3,269,086
Stone Energy Corp.* .......................... 34,860 1,592,405
Ultra Petroleum Corp.* ....................... 24,530 915,705
Unisource Energy Corp ........................ 80,250 1,994,213
Western Gas Resources ........................ 60,000 1,948,800
Whiting Petroleum Corp.* ..................... 49,550 1,246,183
------------
24,316,693
------------
COMMON STOCKS (CONTINUED):
FINANCIAL (16.6%)
Accredited Home Lenders* ..................... 42,580 $ 1,198,627
Alabama National Bancorp ..................... 46,093 2,556,779
American Home Mortgage
Investment ................................. 92,860 2,407,860
Amli Residential Properties .................. 68,750 2,017,125
Argonaut Group, Inc.* ........................ 57,590 1,061,384
Bank of the Ozarks ........................... 48,110 1,120,963
BankAtlantic Bancorp, Inc. Cl A .............. 152,050 2,805,323
Banner Corporation ........................... 45,210 1,313,803
Brookline Bankcorp ........................... 157,860 2,315,806
Capital Automotive REIT ...................... 60,550 1,775,932
Carramerica Realty Corp. ..................... 36,290 1,097,047
Columbia Banking System ...................... 61,635 1,369,530
Direct General Corp. ......................... 69,550 2,242,292
Equity Inns, Inc. ............................ 213,170 1,980,349
First Niagara Financial Grp .................. 131,090 1,573,080
First State Bank Corporation ................. 41,010 1,259,827
Highwoods Properties, Inc. ................... 74,340 1,746,990
KNBT Bancorp, Inc. ........................... 95,200 1,589,840
LandAmerica Financial Group .................. 57,880 2,253,268
Luminent Mortgage Capital, Inc. .............. 96,310 1,155,720
MAF Bancorp .................................. 55,300 2,360,204
Medical Properties of America* ............... 130,600 1,306,000
Mid-America Apt Communities .................. 65,660 2,487,857
Pennsylvania REIT ............................ 53,490 1,832,033
PrivateBancorp, Inc. ......................... 114,092 3,135,248
Provident Financial Services ................. 99,740 1,750,437
Santander Bancorp ............................ 47,850 1,182,852
Selective Insurance Group .................... 60,070 2,395,592
Sterling Financial Corp.* .................... 77,891 2,482,386
Stewart Information Services ................. 51,190 1,728,686
Sws Group, Inc. .............................. 62,700 959,310
Texas Regional Bancshares .................... 43,959 2,018,158
------------
58,480,308
------------
HEALTHCARE (7.7%)
Able Laboratories, Inc* ...................... 51,350 1,055,756
Advanced Medical Optics, Inc.* ............... 70,000 2,979,900
Alexion Pharmaceuticals, Inc* ................ 81,397 1,513,984
Amylin Pharmaceuticals, Inc.* ................ 60,170 1,371,876
Atherogenics* ................................ 44,780 852,163
Bioenvision, Inc.* ........................... 110,000 963,600
Caliper Life Sciences, Inc.* ................. 139,550 648,908
Closure Medical Corporation* ................. 41,615 1,044,953
Cubist Pharmaceuticals, Inc.* ................ 80,990 898,989
Dendreon Corp.* .............................. 167,345 2,049,976
Flamel Technologies S.A.* .................... 40,000 985,200
GTC Biotherapeutics* ......................... 327,171 513,658
IDEXX Laboratories, Inc.* .................... 42,561 2,678,789
ISTA Pharmaceuticals, Inc.* .................. 73,550 768,598
Immunicon Corp.* ............................. 123,120 966,492
Introgen Therapeutics, Inc.* ................. 109,863 469,115
Inveresk Research Group* ..................... 24,540 756,814
Kensey Nash Corp.* ........................... 69,990 2,414,655
Kinetic Concepts, Inc.* ...................... 28,310 1,412,669
Maxim Pharmaceuticals, Inc.* ................. 106,180 1,024,637
Telik, Inc.* ................................. 75,126 1,793,258
------------
27,163,990
------------
INDUSTRIAL (18.7%)
American Italian Pasta Co. ................... 67,250 2,049,780
Apogee Enterprises, Inc. ..................... 191,610 1,992,744
Applied Industrial Tech, Inc. ................ 80,300 2,418,636
Aviall, Inc.* ................................ 112,190 2,132,732
Benchmark Electronics* ....................... 41,840 1,217,544
Champion Enterprises, Inc* ................... 308,100 2,828,358
Ciber Inc.* .................................. 395,080 3,247,558
Ciphergen Biosystems, Inc* ................... 125,010 915,073
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 (Continued)
June 30, 2004 (Unaudited)
Shares Value
------ -----
COMMON STOCKS (CONTINUED):
INDUSTRIAL (CONTINUED)
Digital River, Inc.* ......................... 65,000 $ 2,120,950
Dycom Industries, Inc.* ...................... 86,780 2,429,840
Engineered Support Systems ................... 18,720 1,095,307
Esterline Technologies* ...................... 74,370 2,196,146
Flowserve Corporation* ....................... 34,770 867,164
General Cable Corp* .......................... 338,240 2,891,952
Kennametal, Inc. ............................. 13,370 612,346
Kirby Corp.* ................................. 74,614 2,902,485
Laureate Education, Inc.* .................... 49,510 1,893,262
MKS Instruments, Inc.* ....................... 90,790 2,071,828
Mine Safety Appliances Co. ................... 50,000 1,685,000
Mykrolis Corp* ............................... 128,740 2,242,651
Northwest Airlines Corp* ..................... 195,130 2,169,846
Precision Castparts Corp. .................... 59,610 3,260,071
RailAmerica ,Inc.* ........................... 251,110 3,666,206
Siligan Holdings, Inc. ....................... 59,290 2,389,980
Spherion Corp.* .............................. 228,340 2,315,368
TTM Technologies* ............................ 195,420 2,315,727
Trinity Industries ........................... 78,660 2,500,601
Triumph Group, Inc.* ......................... 35,690 1,139,582
UTI Worldwide, Inc.* ......................... 58,040 3,065,672
Ultimate Electronics, Inc.* .................. 135,320 668,480
Universal Forest Products .................... 58,110 1,864,750
Us Home Systems, Inc.* ....................... 67,480 483,157
------------
65,650,796
------------
TECHNOLOGY (16.9%)
ASE Test Limited* ............................ 170,900 1,259,532
ATS Medical, Inc.* ........................... 208,300 783,207
Aeroflex, Inc.* .............................. 80,600 1,150,967
Andrew Corp.* ................................ 120,340 2,408,002
Angiotech Pharmaceuticals* ................... 36,700 739,504
Anixter International, Inc. .................. 50,510 1,718,854
Ask Jeeves, Inc.* ............................ 42,770 1,669,312
Avid Technology, Inc.* ....................... 45,000 2,455,649
Axcelis Technology* .......................... 213,010 2,649,843
CSG Systems Intl., Inc.* ..................... 125,000 2,587,500
Credence Systems Corp.* ...................... 127,590 1,760,741
Cypress Semiconductor Corp.* ................. 170,510 2,419,537
DRS Technologies, Inc.* ...................... 79,480 2,535,412
Embarcardero Technologies, Inc. .............. 159,270 1,968,577
Hyperion Solutions, Corp.* ................... 60,000 2,623,200
Information Corp.* ........................... 103,060 786,348
Integrated Device Tech., Inc.* ............... 150,000 2,076,000
Integrated Silicon Solution* ................. 131,840 1,609,766
Kulicke and Soffa Industries* ................ 189,220 2,073,851
LTX Corp.* ................................... 148,650 1,606,907
Lecroy Corp.* ................................ 107,690 1,939,497
Lionbridge Technologies, Inc.* ............... 250,000 1,912,500
Mapinfo Corp.* ............................... 37,280 395,168
Mastec, Inc.* ................................ 173,880 944,168
Micrel, Inc.* ................................ 200,000 2,430,000
Micromuse, Inc.* ............................. 220,120 1,472,603
On Semiconductor* ............................ 400,000 2,008,000
Quest Software, Inc.* ........................ 136,970 1,766,913
Silicon Storage Technology* .................. 145,000 1,493,500
Varian, Inc.* ................................ 50,000 2,107,500
Viasat Inc.* ................................. 89,670 2,237,267
Western Digital Corp.* ....................... 129,530 1,121,730
Zoran Corp.* ................................. 37,440 687,024
aQuantive, Inc.* ............................. 210,030 2,075,096
------------
59,473,675
------------
TELECOMMUNICATIONS (0.9%)
CT Communications, Inc. ...................... 48,460 729,323
GRAY Television, Inc. ........................ 150,990 2,097,251
Ivillage, Inc.* .............................. 50,000 317,500
------------
3,144,074
------------
UTILITIES (4.1%)
Avista Corp. ................................. 38,800 714,696
Energen Corp. ................................ 48,430 2,324,156
Integrated Electrical Svcs.* ................. 298,890 2,406,065
PNM Resources, Inc. .......................... 114,690 2,382,111
Southwestern Energy Co.* ..................... 159,980 4,586,627
Westar Energy, Inc. .......................... 99,360 1,978,258
------------
14,391,913
------------
TOTAL COMMON STOCKS
(Cost: $325,082,981) 97.2% ................... $341,856,984
------------
- ----------
* Non-income producing security.
Face
Rate Maturity Amount Value
----- -------- ----------- -------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (2.8%)
Federal Home Loan Bank ....................... 1.20% 07/01/04 $6,760,000 $ 6,760,000
Federal Home Loan Bank ....................... 1.20 07/01/04 2,970,000 2,970,000
------------
9,730,000
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $9,730,000) 2.8% ........................................................... 9,730,000
------------
TOTAL INVESTMENTS
(Cost: $334,812,981) 100.0% ....................................................... $351,586,984
============
The accompanying notes are an integral part of these financial statements.
48
MUTUAL OF AMERICA INVESTMENT CORPORATION CONSERVATIVE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Shares Value
--------- ----------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100%)
Bond Fund ................................... 1,409,763 $1,828,053
Equity Index Fund ........................... 757,129 1,528,040
Mid-Term Bond Fund .......................... 1,915,261 1,824,899
Short-Term Bond fund ........................ 880,247 912,772
----------
6,093,764
----------
TOTAL INVESTMENTS
(Cost: $6,058,878) 100.0% ................................ $6,093,764
==========
MUTUAL OF AMERICA INVESTMENT CORPORATION (MODERATE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Shares Value
--------- ----------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100%)
Bond Fund ................................... 6,074,832 $ 7,877,295
Mid-Cap Equity Index Fund ................... 2,876,132 3,953,227
Equity Index Fund ........................... 4,564,724 9,212,535
Aggressive Equity Fund ...................... 5,502,200 5,242,606
-----------
26,285,663
-----------
TOTAL INVESTMENTS
(Cost: $26,246,901) 100.0% ............................... $26,285,663
===========
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2004 (Unaudited)
Shares Value
--------- ----------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100%)
Bond Fund ................................... 3,842,131 $ 4,982,130
Mid-Cap Equity Index Fund ................... 2,910,420 4,000,355
Equity Index Fund ........................... 4,454,235 8,989,546
Aggressive Equity Fund ...................... 1,216,261 2,000,252
-----------
19,972,283
-----------
TOTAL INVESTMENTS
(Cost: $19,748,069) 100.0% ............................... $19,972,283
===========
The accompanying notes are an integral part of these financial statements.
49
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES
June 30, 2004 (Unaudited)
Money Market All America Equity Index
Fund Fund Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Money Market Fund -- $76,328,153
All America Fund -- $372,513,366
Equity Index Fund -- $616,034,593)
(Notes 1 and 3) ....................................... $76,326,381 $450,219,501 $668,472,930
Cash ..................................................... 4,037 5,731 51
Interest and dividends receivable ........................ -- 429,362 701,981
Receivable for securities sold ........................... -- 494,419 17
Receivable for daily variation margin on futures contracts -- 63,250 66,700
----------- ------------ ------------
TOTAL ASSETS ............................................. 76,330,418 451,212,263 669,241,679
----------- ------------ ------------
LIABILITIES:
Payable for securities purchased ......................... -- 1,009,633 1,480,512
----------- ------------ ------------
NET ASSETS ............................................... $76,330,418 $450,202,630 $667,761,167
=========== ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) .................... 64,200,354 210,070,180 330,869,402
=========== ============ ============
NET ASSET VALUES, offering and redemption price per share $1.19 $2.14 $2.02
===== ===== =====
Mid-Cap
Equity Index Bond Short-Term
Fund Fund Bond Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Mid-Cap Equity Index Fund -- $217,642,395
Bond Fund -- $347,131,985
Short-Term Bond Fund -- $30,081,010)
(Notes 1 and 3) ....................................... $244,516,400 $345,592,043 $29,854,720
Cash ..................................................... 6,749 35 8,137
Interest and dividends receivable ........................ 140,060 2,964,214 145,594
Receivable for securities sold ........................... 5,438,080 -- 19,878
Receivable for daily variation margin on futures contracts 111,626 -- --
------------ ------------ ------------
TOTAL ASSETS ............................................. 250,212,915 348,556,292 30,028,329
------------ ------------ ------------
LIABILITIES:
Payable for securities purchased ......................... 1,615,218 -- --
------------ ------------ ------------
NET ASSETS ............................................... $248,597,697 $348,556,292 $30,028,329
============ ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) .................... 180,869,012 268,802,128 28,958,471
============ ============ ============
NET ASSET VALUES, offering and redemption price per share $1.37 $1.30 $1.04
===== ===== =====
The accompanying notes are an integral part of these financial statements.
50
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF ASSETS AND LIABILITIES (Continued)
June 30, 2004 (Unaudited)
Aggressive
Mid-Term Composite Equity
Bond Fund Fund Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Mid-Term Bond Fund -- $69,924,576
Composite Fund -- $243,934,596
Aggressive Equity Fund -- $334,812,981)
(Notes 1 and 3) ...................................... $68,880,832 $250,628,224 $351,586,984
Cash .................................................... 37 18,045 14,719
Interest and dividends receivable ....................... 971,097 1,136,748 175,156
Receivable for securities sold .......................... -- -- 1,540,597
----------- ------------ ------------
TOTAL ASSETS ............................................ 69,851,966 251,783,017 353,317,456
----------- ------------ ------------
LIABILITIES:
Payable for securities purchased ........................ -- -- 817,993
----------- ------------ ------------
NET ASSETS .............................................. $69,851,966 $251,783,017 $352,499,463
=========== ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) ................... 73,310,458 177,536,588 214,338,586
=========== ============ ============
NET ASSET VALUES, offering and redemption price per share $0.95 $1.42 $1.64
===== ===== =====
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Conservative Allocation Fund -- $6,058,878
Moderate Allocation Fund -- $26,246,901
Aggressive Allocation Fund -- $19,748,069)
(Notes 1 and 3) ...................................... $6,093,764 $26,285,663 $19,972,283
Cash .................................................... -- -- --
Interest and dividends receivable ....................... -- -- --
Receivable for securities sold .......................... -- -- --
---------- ----------- -----------
TOTAL ASSETS ............................................ 6,093,764 26,285,663 19,972,283
---------- ----------- -----------
LIABILITIES:
Payable for securities purchased ........................ -- -- --
---------- ----------- -----------
NET ASSETS .............................................. $6,093,764 $26,285,663 $19,972,283
========== =========== ===========
NUMBER OF SHARES OUTSTANDING (Note 4) ................... 5,981,107 23,708,981 16,725,814
========== =========== ===========
NET ASSET VALUES, offering and redemption price per share $1.02 $1.11 $1.19
===== ===== =====
The accompanying notes are an integral part of these financial statements.
51
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS
For the Six Months Ended June 30, 2004 (Unaudited)
Mid-Cap
Money Market All America Equity Index Equity Index Bond
Fund Fund Fund Fund Fund
------------ ----------- ----------- ----------- ------------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ................................ $ -- $ 3,223,953 $ 5,008,994 $ 1,273,252 $ --
Interest ................................. 380,958 72,222 90,501 85,698 8,788,930
-------- ------------ ----------- ----------- -----------
Total income ................................ 380,958 3,296,175 5,099,495 1,358,950 8,788,930
-------- ------------ ----------- ----------- -----------
Expenses:
Investment advisory fees (Note 2) ........ 90,944 1,220,351 389,949 144,282 851,359
Accounting and recordkeeping expenses .... 7,066 47,340 60,470 22,373 48,601
Shareholders reports ..................... 9,725 65,154 83,225 30,791 45,520
Custodian expenses ....................... 8,093 75,034 35,435 37,794 11,699
Independent directors' fees and
expenses ............................... 12,405 12,405 12,405 12,405 12,405
Audit .................................... 2,237 14,988 19,145 7,083 10,472
Legal and other .......................... 80 3,766 6,425 255 376
-------- ------------ ----------- ----------- -----------
Total expenses before reimbursement ......... 130,550 1,439,038 607,054 254,983 980,432
Expense reimbursement ....................... (39,606) (218,687) (217,105) (110,701) (129,073)
-------- ------------ ----------- ----------- -----------
Net Expenses ............................. 90,944 1,220,351 389,949 144,282 851,359
-------- ------------ ----------- ----------- -----------
NET INVESTMENT INCOME ....................... 290,014 2,075,824 4,709,546 1,214,668 7,937,571
-------- ------------ ----------- ----------- -----------
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 .. 31 28,212,565 5,687,280 4,981,955 343,831
Net realized gain (loss) on futures
contracts .............................. -- 759,101 1,238,387 197,467 --
-------- ------------ ----------- ----------- -----------
31 28,971,666 6,925,667 5,179,422 343,831
-------- ------------ ----------- ----------- -----------
Net unrealized appreciaton
(depreciation) of investments
and futures contracts:
Net unrealized appreciation (depreciation)
of investments ......................... (1,723) (25,222,913) 9,618,590 6,506,876 (6,144,796)
Net unrealized appreciation
(depreciation) of futures contracts .... -- (160,425) (254,162) (52,200) --
-------- ------------ ----------- ----------- -----------
(1,723) (25,383,338) 9,364,428 6,454,676 (6,144,796)
-------- ------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS ........................ (1,692) 3,588,328 16,290,095 11,634,098 (5,800,965)
-------- ------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................ $288,322 $ 5,664,152 $20,999,641 $12,848,766 $ 2,136,606
======== ============ =========== =========== ===========
The accompanying notes are an integral part of these financial statements.
52
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENT OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2004 (Unaudited)
Aggressive
Short-Term Mid-Term Composite Equity
Bond Fund Bond Fund Fund Fund
---------- ---------- --------- ----------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends .............................. $ -- $ -- $ 1,216,265 $ 997,269
Interest ............................... 465,290 1,326,857 2,416,912 61,327
--------- ----------- ----------- ------------
Total income .............................. 465,290 1,326,857 3,633,177 1,058,596
--------- ----------- ----------- ------------
Expenses:
Investment advisory fees (Note 2) ...... 71,436 172,473 629,946 1,531,408
Accounting and recordkeeping expenses .. 18,837 15,273 37,846 34,963
Shareholders reports ................... 3,818 9,229 33,665 48,119
Custodian expenses ..................... 12,158 5,851 23,300 29,923
Independent directors' fees and expenses 12,405 12,405 12,405 12,405
Audit .................................. 878 2,122 7,744 11,069
Legal and other ........................ 32 76 278 398
--------- ----------- ----------- ------------
Total expenses before reimbursement ....... 119,564 217,429 745,184 1,668,285
Expense reimbursement ..................... (48,128) (44,956) (115,238) (136,877)
--------- ----------- ----------- ------------
Net Expenses ........................... 71,436 172,473 629,946 1,531,408
--------- ----------- ----------- ------------
NET INVESTMENT INCOME (LOSS) .............. 393,854 1,154,384 3,003,231 (472,812)
--------- ----------- ----------- ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments ... (917) 232,460 5,132,304 28,049,570
Net unrealized appreciation (depreciation)
of investments ....................... (246,672) (1,676,148) (5,792,207) (46,666,522)
--------- ----------- ----------- ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS .................. (247,589) (1,443,688) (659,903) (18,616,952)
--------- ----------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. $ 146,265 $ (289,304) $ 2,343,328 $(19,089,764)
========= =========== =========== ============
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ---------- ----------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ............................................ $ -- $ -- $ --
Interest ............................................. -- -- --
-------- --------- ---------
Total income ............................................ -- -- --
-------- --------- ---------
Expenses:
Investment advisory fees (Note 2) .................... -- -- --
Accounting and recordkeeping expenses ................ -- -- --
Shareholders reports ................................. -- -- --
Custodian expenses ................................... -- -- --
Independent directors' fees and expenses ............. -- -- --
Audit ................................................ -- -- --
Legal and other ...................................... -- -- --
-------- --------- ---------
Total expenses before reimbursement ..................... -- -- --
Expense reimbursement ................................... -- -- --
-------- --------- ---------
Net Expenses ......................................... -- -- --
-------- --------- ---------
NET INVESTMENT INCOME ................................... -- -- --
-------- --------- ---------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments ................. (18,338) 725,703 658,759
Net unrealized appreciation (depreciation) of investments 56,127 (257,919) (313,870)
-------- --------- ---------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .. 37,789 467,784 344,889
-------- --------- ---------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ...................................... $ 37,789 $ 467,784 $ 344,889
======== ========= =========
The accompanying notes are an integral part of these financial statements.
53
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
Money Market Fund All America Fund Equity Index Fund
--------------------------- ---------------------------- -----------------------------
For the Six For the For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended
June 30, 2004 December 31, June 30, 2004 December 31, June 30, 2004 December 31,
(Unaudited) 2003 (Unaudited) 2003 (Unaudited) 2003
------------- ------------ -------------- ------------ ------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income .................. $ 290,014 $ 765,804 $ 2,075,824 $ 3,676,696 $ 4,709,546 $ 8,040,598
Net realized gain (loss) on investments
and futures contracts ................ 31 95 28,971,666 31,071,650 6,925,667 2,670,163
Unrealized appreciation (depreciation)
of investments and futures contracts . (1,723) 65 (25,383,338) 90,830,550 9,364,428 114,559,461
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. 288,322 765,964 5,664,152 125,578,896 20,999,641 125,270,222
------------ ------------ ------------- ------------- ------------- -------------
DIVIDEND DISTRIBUTIONS (Note 5)
From net investment income ............. -- (770,955) -- (3,535,195) -- (7,869,784)
From capital gains ..................... -- -- -- -- -- --
------------ ------------ ------------- ------------- ------------- -------------
Total distributions ...................... -- (770,955) -- (3,535,195) -- (7,869,784)
------------ ------------ ------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (Note 4):
Net proceeds from sale of shares ....... 27,394,280 48,750,527 58,637,924 76,080,371 180,966,752 304,723,470
Dividends reinvested ................... -- 770,955 -- 3,535,195 -- 7,869,784
Cost of shares redeemed ................ (25,078,369) (69,000,171) (105,802,818) (130,754,441) (151,830,829) (202,766,244)
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS ........ 2,315,911 (19,478,689) (47,164,894) (51,138,875) 29,135,923 109,827,010
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS ........ 2,604,233 (19,483,680) (41,500,742) 70,904,826 50,135,564 227,227,448
NET ASSETS, BEGINNING OF PERIOD/YEAR ..... 73,726,185 93,209,865 491,703,372 420,798,546 617,625,603 390,398,155
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF PERIOD/YEAR ........... $ 76,330,418 $ 73,726,185 $ 450,202,630 $ 491,703,372 $ 667,761,167 $ 617,625,603
============ ============ ============= ============= ============= =============
COMPONENTS OF NET ASSETS:
Paid-in capital ........................ $ 76,007,830 $ 73,691,919 $ 338,403,496 $ 385,568,390 $ 613,165,534 $ 584,029,611
Accumulated undistributed net investment
income (loss) ........................ 336,927 46,913 4,152,883 2,077,059 5,067,721 358,175
Accumulated undistributed net realized
gain (loss) on investments and futures
contracts ............................ (12,567) (12,598) 29,856,041 884,375 (3,056,637) (9,982,305)
Unrealized appreciation (depreciation)
of investments and futures contracts (1,772) (49) 77,790,210 103,173,548 52,584,549 43,220,122
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF PERIOD/YEAR ........... $ 76,330,418 $ 73,726,185 $ 450,202,630 $ 491,703,372 $ 667,761,167 $ 617,625,603
============ ============ ============= ============= ============= =============
Mid-Cap Short-Term
Equity Index Fund Bond Fund Bond Fund
--------------------------- ---------------------------- -----------------------------
For the Six For the For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended
June 30, 2004 December 31, June 30, 2004 December 31, June 30, 2004 December 31,
(Unaudited) 2003 (Unaudited) 2003 (Unaudited) 2003
------------- ------------ -------------- ------------ ------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income .................. $ 1,214,668 $ 1,537,052 $ 7,937,571 $ 17,851,442 $ 393,854 $ 968,801
Net realized gain (loss) on investments
and futures contracts ................ 5,179,422 2,049,728 343,831 (10,850,586) (917) (135,037)
Unrealized appreciation (depreciation)
of investments and futures contracts . 6,454,676 42,156,348 (6,144,796) 15,428,361 (246,672) (267,402)
------------ ------------ ------------ ------------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. 12,848,766 45,743,128 2,136,606 22,429,217 146,265 566,362
------------ ------------ ------------ ------------- ----------- ------------
DIVIDEND DISTRIBUTIONS (Note 5)
From net investment income ............. -- (1,480,749) -- (17,956,541) -- (968,857)
From capital gains ..................... -- -- -- -- -- --
------------ ------------ ------------ ------------- ----------- ------------
Total distributions ...................... -- (1,480,749) -- (17,956,541) -- (968,857)
------------ ------------ ------------ ------------- ----------- ------------
CAPITAL SHARE TRANSACTIONS (Note 4):
Net proceeds from sale of shares ....... 73,717,505 135,526,489 41,152,975 63,563,208 6,072,690 14,203,736
Dividends reinvested ................... -- 1,480,749 -- 17,956,541 -- 968,857
Cost of shares redeemed ................ (54,477,773) (79,111,459) (43,583,036) (173,906,686) (4,814,084) (24,016,745)
------------ ------------ ------------ ------------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
FROM CAPITAL SHARE TRANSACTIONS ........ 19,239,732 57,895,779 (2,430,061) (92,386,937) 1,258,606 (8,844,152)
------------ ------------ ------------ ------------- ----------- ------------
INCREASE (DECREASE) IN NET ASSETS ........ 32,088,498 102,158,158 (293,455) (87,914,261) 1,404,871 (9,246,647)
NET ASSETS, BEGINNING OF PERIOD/YEAR ..... 216,509,199 114,351,041 348,849,747 436,764,008 28,623,458 37,870,105
------------ ------------ ------------ ------------- ----------- ------------
NET ASSETS, END OF PERIOD/YEAR ........... $248,597,697 $216,509,199 $348,556,292 $ 348,849,747 $30,028,329 $ 28,623,458
============ ============ ============ ============= =========== ============
COMPONENTS OF NET ASSETS:
Paid-in capital ........................ $218,476,917 $199,237,185 $365,708,621 $ 368,138,682 $30,045,874 $ 28,787,268
Accumulated undistributed net investment
income (loss) ........................ 2,557,521 1,342,853 8,160,364 222,793 418,148 24,294
Accumulated undistributed net realized
gain (loss) on investments and futures
contracts ............................ 425,079 (4,754,343) (23,772,751) (24,116,582) (209,403) (208,486)
Unrealized appreciation (depreciation)
of investments and futures contracts . 27,138,180 20,683,504 (1,539,942) 4,604,854 (226,290) 20,382
------------ ------------ ------------ ------------- ----------- ------------
NET ASSETS, END OF PERIOD/YEAR ........... $248,597,697 $216,509,199 $348,556,292 $ 348,849,747 $30,028,329 $ 28,623,458
============ ============ ============ ============= =========== ============
The accompanying notes are an integral part of these financial statements.
54
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Mid-Term
Bond Fund Composite Fund Aggressive Equity Fund
--------------------------- ---------------------------- -----------------------------
For the Six For the For the Six For the For the Six For the
Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended
June 30, 2004 December 31, June 30, 2004 December 31, June 30, 2004 December 31,
(Unaudited) 2003 (Unaudited) 2003 (Unaudited) 2003
------------- ------------ -------------- ------------ ------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) ........... $ 1,154,384 $ 2,796,978 $ 3,003,231 $ 6,095,261 $ (472,812) $ (1,318,079)
Net realized gain (loss) on investments 232,460 573,478 5,132,304 15,014,794 28,049,570 32,871,438
Unrealized appreciation (depreciation)
of investments ....................... (1,676,148) (1,015,164) (5,792,207) 18,992,627 (46,666,522) 63,776,080
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. (289,304) 2,355,292 2,343,328 40,102,682 (19,089,764) 95,329,439
------------ ------------ ------------ ------------ ------------ ------------
DIVIDEND DISTRIBUTIONS (Note 5)
From net investment income ............. -- (2,779,799) -- (6,126,289) -- --
From capital gains ..................... -- (626,331) -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Total distributions ...................... -- (3,406,130) -- (6,126,289) -- --
------------ ------------ ------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS (Note 4):
Net proceeds from sale of shares ....... 19,112,053 28,547,404 4,987,650 9,604,154 45,550,886 92,465,164
Dividends reinvested ................... -- 3,406,130 -- 6,126,289 -- --
Cost of shares redeemed ................ (23,611,749) (43,871,696) (14,181,530) (16,102,913) (44,673,021) (54,849,032)
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ............. (4,499,696) (11,918,162) (9,193,880) (372,470) 877,865 37,616,132
------------ ------------ ------------ ------------ ------------ ------------
INCREASE (DECREASE) IN NET ASSETS ........ (4,789,000) (12,969,000) (6,850,552) 33,603,923 (18,211,899) 132,945,571
NET ASSETS, BEGINNING OF PERIOD/YEAR ..... 74,640,966 87,609,966 258,633,569 225,029,646 370,711,362 237,765,791
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS, END OF PERIOD/YEAR ........... $ 69,851,966 $ 74,640,966 $251,783,017 $258,633,569 $352,499,463 $370,711,362
============ ============ ============ ============ ============ ============
COMPONENTS OF NET ASSETS:
Paid-in capital ........................ $ 69,436,684 $ 73,936,380 $289,859,020 $299,052,900 $343,108,085 $342,230,220
Accumulated undistributed net investment
income (loss) ........................ 1,201,563 47,179 7,523,003 4,519,772 (472,812) --
Accumulated undistributed net realized
gain (loss) on investments ........... 257,463 25,003 (52,292,634) (57,424,938) (6,909,813) (34,959,383)
Unrealized appreciation (depreciation)
of investments ....................... (1,043,744) 632,404 6,693,628 12,485,835 16,774,003 63,440,525
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS, END OF PERIOD/YEAR ........... $ 69,851,966 $ 74,640,966 $251,783,017 $258,633,569 $352,499,463 $370,711,362
============ ============ ============ ============ ============ ============
Conservative Moderate Aggressive
Allocation Fund Allocation Fund Allocation Fund
--------------------------- ---------------------------- -----------------------------
For the Six For the For the Six For the For the Six For the
Months Ended Period Ended Months Ended Period Ended Months Ended Period Ended
June 30, 2004 December 31, June 30, 2004 December 31, June 30, 2004 December 31,
(Unaudited) 2003(a) (Unaudited) 2003(a) (Unaudited) 2003(a)
------------- ------------ -------------- ------------ ------------- ------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss) ........... $ -- $ 100,693 $ -- $ 413,192 $ -- $ 217,129
Net realized gain (loss) on investments (18,338) 11,315 725,703 66,311 658,759 74,951
Unrealized appreciation (depreciation)
of investments ....................... 56,127 (21,241) (257,919) 296,681 (313,870) 538,084
----------- ----------- ------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .............. 37,789 90,767 467,784 776,184 344,889 830,164
----------- ----------- ------------ ----------- ----------- -----------
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 ....... 7,757,639 4,867,188 34,667,656 16,257,172 16,266,524 12,583,286
Dividends reinvested ................... -- 112,250 -- 451,349 -- 247,809
Cost of shares redeemed ................ (4,594,342) (2,065,277) (23,669,432) (2,213,701) (7,880,362) (2,172,218)
----------- ----------- ------------ ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ............. 3,163,297 2,914,161 10,998,224 14,494,820 8,386,162 10,658,877
----------- ----------- ------------ ----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS ........ 3,201,086 2,892,678 11,466,008 14,819,655 8,731,051 11,241,232
NET ASSETS, BEGINNING OF PERIOD/YEAR ..... 2,892,678 -- 14,819,655 -- 11,241,232 --
----------- ----------- ------------ ----------- ----------- -----------
NET ASSETS, END OF PERIOD/YEAR ........... $ 6,093,764 $ 2,892,678 $ 26,285,663 $14,819,655 $19,972,283 $11,241,232
=========== =========== ============ =========== =========== ===========
COMPONENTS OF NET ASSETS:
Paid-in capital ........................ $ 6,077,458 $ 2,914,161 $ 25,493,044 $14,494,820 $19,045,039 $10,658,877
Accumulated undistributed net investment
income (loss) ........................ 1,931 1,931 15,525 15,525 12,089 12,089
Accumulated undistributed net realized
gain (loss) on investments ........... (20,511) (2,173) 738,332 12,629 690,941 32,082
Unrealized appreciation (depreciation)
of investments ....................... 34,886 (21,241) 38,762 296,681 224,214 538,084
----------- ----------- ------------ ----------- ----------- -----------
NET ASSETS, END OF PERIOD/YEAR ........... $ 6,093,764 $ 2,892,678 $ 26,285,663 $14,819,655 $19,972,283 $11,241,132
=========== =========== ============ =========== =========== ===========
- ----------
(a) Commenced operations May 20, 2003.
The accompanying notes are an integral part of these financial statements.
55
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Fund
share outstanding throughout the six months ended June 30, 2004 and 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
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of Year ..................... $1.18 $1.19 $1.19 $1.20 $1.19 $1.18
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ......................... 0.01 0.01 0.02 0.07 0.07 0.06
Net Realized and Unrealized Gains or (Losses)
on Securities ...................................... -- (0.01) -- (0.01) -- --
----- ----- ----- ----- ----- -----
Total From Investment Operations ....................... 0.01 -- 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 Period/Year .................... $1.19 $1.18 $1.19 $1.19 $1.20 $1.19
===== ===== ===== ===== ===== =====
Total Return (%)(b) .................................... 0.4(e) 0.9 1.5 3.9 6.2 5.1
Net Assets, End of Period/Year ($ millions) ............ 76 74 93 94 141 74
Ratio of Expenses to Average Net Assets after Expense
Reimbursement (%)(c) ................................. 0.25(d) 0.25 0.25 0.25 0.25 0.25
Ratio of Net Investment Income to
Average Net Assets (%) 0.79(d) 0.90 1.48 4.12 6.17 4.93
Portfolio Turnover Rate(a) ............................. N/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. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .36% (annualized), .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.
(d) Annualized.
(e) Not annualized.
N/A=Not Applicable.
The accompanying notes are an integral part of these financial statements.
56
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
All America Fund
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of Year ................... $2.12 $1.60 $ 2.09 $ 2.54 $ 3.37 $ 2.90
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ....................... 0.01 0.01 0.03 0.02 0.03 0.02
Net Realized and Unrealized Gains or (Losses)
on Securities .................................... 0.01 0.52 (0.50) (0.46) (0.19) 0.72
----- ----- ----- ----- ----- -----
Total From Investment Operations ..................... 0.02 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 Period/Year . ................ $2.14 $2.12 $1.60 $2.09 $2.54 $3.37
===== ===== ===== ===== ===== =====
Total Return (%)(b) .................................. 1.2(e) 33.0 -22.4 -17.4 -5.0 25.8
Net Assets, End of Period/Year ($ millions) .......... 450 492 421 604 771 886
Ratio of Expenses to Average Net Assets after Expense
Reimbursement (%)(c) ............................... 0.50(d) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................. 0.85(d) 0.84 0.80 0.70 0.64 0.73
Portfolio Turnover Rate (%)(a) ....................... 33.45(e) 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. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .59% (annualized), .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.
(d) Annualized.
(e) Not annualized.
The accompanying notes are an integral part of these financial statements.
57
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Equity Index Fund
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of
Period/Year ........................................ $1.95 $1.54 $2.02 $2.37 $2.88 $2.45
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ....................... 0.02 0.03 0.03 0.03 0.06 0.03
----- ----- ----- ----- ----- -----
Net Realized and Unrealized Gains or (Losses)
on Securities .................................... 0.05 0.41 (0.48) (0.31) (0.32) 0.48
----- ----- ----- ----- ----- -----
Total From Investment Operations ..................... 0.07 0.44 (0.45) (0.28) (0.26) 0.51
----- ----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income ......................... -- (0.03) (0.03) (0.03) (0.03) (0.03)
From Capital Gains ................................. -- -- -- (0.04) (0.22) (0.05)
----- ----- ----- ----- ----- -----
Total Distributions .................................. -- (0.03) (0.03) (0.07) (0.25) (0.08)
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period/Year .................. $2.02 $1.95 $1.54 $2.02 $2.37 $2.88
===== ===== ===== ===== ===== =====
Total Return (%)(e) .................................. 3.3(b) 28.3 -22.1 -12.2 -9.0 20.6
Net Assets, End of Period/Year
($ millions) ....................................... 668 618 390 464 499 583
Ratio of Expenses to Average Net Assets
after Expense Reimbursement (%)(f) ................. 0.13(a) 0.13 0.13 0.13 0.13 0.13
Ratio of Net Investment Income to
Average Net Assets (%) ............................. 1.50(a) 1.65 1.49 1.24 1.09 1.34
Portfolio Turnover Rate (%)(d) ....................... 3.15(b) 0.89 7.36 10.06 10.78 6.89
- ----------
(a) Annualized.
(b) Not annualized.
(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. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .19% (annualized), .21% and .20%,
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.
58
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Mid-Cap Equity Index Fund
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of
Period/Year ........................................ $1.30 $0.97 $1.16 $1.21 $1.11 $1.00
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ....................... -- 0.01 0.01 0.01 0.02 0.01
----- ----- ----- ----- ----- -----
Net Realized and Unrealized Gains or (Losses)
on Securities ...................................... 0.07 0.33 (0.18) (0.03) 0.17 0.11
----- ----- ----- ----- ----- -----
Total From Investment Operations ..................... 0.07 0.34 (0.17) (0.02) 0.19 0.12
----- ----- ----- ----- ----- -----
Less Dividend Distributions:
From Net Investment Income ......................... -- (0.01) -- (0.01) (0.01) (0.01)
From Capital Gains ................................. -- -- (0.02) (0.02) (0.08) --
----- ----- ----- ----- ----- -----
Total Distributions .................................. -- (0.01) (0.02) (0.03) (0.09) (0.01)
----- ----- ----- ----- ----- -----
Net Asset Value, End of Period/Year .................. $1.37 $1.30 $0.97 $1.16 $1.21 $1.11
===== ===== ===== ===== ===== =====
Total Return (%)(e) .................................. 6.0(b) 35.2 -15.2 -1.1 16.7 11.8(b)
Net Assets, End of Period/Year
($ millions) ....................................... 249 217 114 112 95 34
Ratio of Expenses to Average Net Assets
after Expense Reimbursement (%)(f) ................. 0.13(a) 0.13 0.13 0.13 0.13 0.13(a)
Ratio of Net Investment Income to
Average Net Assets (%) ............................. 1.05(a) 1.06 1.00 1.13 1.65 1.70(a)
Portfolio Turnover Rate (%)(d) ....................... 8.41(b) 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. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .22% (annualized), .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.
59
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Bond Fund
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of Year ................... $1.29 $1.27 $1.30 $1.31 $1.30 $1.42
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ......................... 0.03 0.07 0.09 0.13 0.15 0.10
Net Realized and Unrealized Gains or (Losses)
on Securities .................................... (0.02) 0.02 (0.01) (0.01) (0.04) (0.12)
----- ----- ----- ----- ----- -----
Total From Investment Operations ..................... 0.01 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 Period/Year .................. $1.30 $1.29 $1.27 $1.30 $1.31 $1.30
===== ===== ===== ===== ===== =====
Total Return (%)(b) .................................. 0.5(e) 6.7 6.8 8.7 8.9 -1.9
Net Assets, End of Period/Year ($ millions) .......... 349 349 437 404 513 466
Ratio of Expenses to Average Net Assets after Expense
Reimbursement (%)(c) ............................... 0.50(d) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................. 4.63(d) 5.10 6.38 7.19 7.40 7.11
Portfolio Turnover Rate (%)(a) ....................... 17.95(e) 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 ivestment advisory
fee. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .57% (annualized), .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.
(d) Annualized.
(e) Not annualized.
The accompanying notes are an integral part of these financial statements.
60
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Short-Term Bond Fund
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of Year ................... $1.03 $1.05 $1.03 $1.01 $0.99 $1.03
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ....................... 0.02 0.04 0.03 0.06 0.09 0.09
Net Realized and Unrealized Gains or (Losses)
on Securities .................................... (0.01) (0.02) 0.02 0.02 (0.01) (0.04)
----- ----- ----- ----- ----- -----
Total From Investment Operations ..................... 0.01 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 Period/Year .................. $1.04 $1.03 $1.05 $1.03 $1.01 $0.99
===== ===== ===== ===== ===== =====
Total Return (%)(b) .................................. 0.5(e) 1.7 5.0 7.4 7.8 4.2
Net Assets, End of Period/Year ($ millions) .......... 30 29 38 16 12 12
Ratio of Expenses to Average Net Assets after Expense
Reimbursement (%)(c) ............................... 0.50(d) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................. 2.74(d) 2.88 4.19 5.79 6.10 5.48
Portfolio Turnover Rate (%)(a) ....................... 8.15(e) 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. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .83% (annualized), .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.
(d) Annualized.
(e) Not annualized.
The accompanying notes are an integral part of these financial statements.
61
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Mid-Term Bond Fund
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of Year ................... $0.96 $0.98 $0.91 $0.85 $0.87 $0.91
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ....................... 0.01 0.03 0.03 0.03 0.08 0.05
Net Realized and Unrealized Gains or (Losses)
on Securities .................................... (0.02) -- 0.07 0.06 (0.05) (0.04)
----- ----- ----- ----- ----- -----
Total From Investment Operations ..................... (0.01) 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 Period/Year .................. $0.95 $ .96 $0.98 $0.91 $0.85 $0.87
===== ===== ===== ===== ===== =====
Total Return (%)(b) .................................. -0.5(e) 2.8 9.7 10.4 4.8 1.4
Net Assets, End of Period/Year ($ millions) .......... 70 75 88 44 14 13
Ratio of Expenses to Average Net Assets after Expense
Reimbursement (%)(c) ............................... 0.50(d) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................. 3.32(d) 3.23 4.11 5.16 6.26 5.75
Portfolio Turnover Rate (%)(a) ....................... 18.68(e) 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. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .63% (annualized), .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.
(d) Annualized.
(e) Not annualized.
The accompanying notes are an integral part of these financial statements.
62
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Composite Fund
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of Year ................... $1.40 $1.22 $1.37 $1.60 $1.91 $1.78
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ....................... 0.02 0.03 0.02 0.06 0.10 0.06
Net Realized and Unrealized Gains or (Losses)
on Securities .................................... -- 0.18 (0.13) (0.23) (0.11) 0.21
----- ----- ----- ----- ----- -----
Total From Investment Operations ..................... 0.02 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 Period/Year .................. $1.42 $1.40 $1.22 $1.37 $1.60 $1.91
===== ===== ===== ===== ===== =====
Total Return (%)(b) .................................. 0.9(e) 18.2 -7.5 -11 -0.5 15.2
Net Assets, End of Period/Year ($ millions) .......... 252 259 225 272 341 364
Ratio of Expenses to Average Net Assets after Expense
Reimbursement (%)(c) ............................... 0.50(d) 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to
Average Net Assets (%) ............................. 2.37(d) 2.59 3.37 3.64 3.36 3.23
Portfolio Turnover Rate (%)(a) ....................... 60.02(e) 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. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .59% (annualized), .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.
(d) Annualized.
(e) Not annualized.
The accompanying notes are an integral part of these financial statements.
63
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Aggressive Equity Fund
------------------------------------------------------------
Six Months
Ended Years Ended December 31,
June 30, 2004 --------------------------------------------
(Unaudited) 2003 2002 2001 2000 1999
----------- ---- ---- ---- ---- ----
Net Asset Value, Beginning of Year ................... $1.73 $1.24 $1.56 $1.76 $2.16 $1.51
----- ----- ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ....................... (0.01) (0.01) -- -- 0.01 --
Net Realized and Unrealized Gains or (Losses)
on Securities .................................... (0.08) 0.50 (0.32) (0.19) (0.04) 0.65
----- ----- ----- ----- ----- -----
Total From Investment Operations ..................... (0.09) 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 Period/Year .................. $1.64 $1.73 $1.24 $1.56 $1.76 $2.16
===== ===== ===== ===== ===== =====
Total Return (%)(b) .................................. -5.0(e) 39.4 -20.5 -10.6 -1.2 43.3
Net Assets, End of Period/Year ($ millions) .......... 352 371 238 295 309 278
Ratio of Expenses to Average Net Assets after Expense
Reimbursement (%)(c) ............................... 0.85(d) 0.85 0.85 0.85 0.85 0.85
Ratio of Net Investment Income to
Average Net Assets (%) ............................. -0.26(d) -0.48 -0.13 0.18 0.61 0.01
Portfolio Turnover Rate (%)(a) ....................... 96.89(e) 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. During the six months ended June 30, 2004 and the years ended
December 31, 2003 and 2002, the expense ratio before the Adviser's expense
reimbursement to the Fund was .92% (annualized), .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.
(d) Annualized.
(e) Not annualized.
The accompanying notes are an integral part of these financial statements.
64
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Conservative Moderate Aggressive
Allocation Fund Allocation Fund Allocation Fund
------------------------ ---------------------- ------------------------
Six Months For the Six Months For the Six Months For the
Ended Period Ended Period Ended Period
June 30, Ended June 30, Ended June 30, Ended
2004 December 31, 2004 December 31, 2004 December 31,
(Unaudited) 2003(b) (Unaudited) 2003(b) (Unaudited) 2003(b)
----------- ------- ----------- ------- ----------- -------
Net Asset Value, Beginning of Period ...... $1.01 $ 1.00 $1.08 $1.00 $1.17 $1.00
----- ------ ----- ----- ----- -----
Income From Investment Operations:
Net Investment Income (Loss) ............ -- 0.01 -- 0.01 -- 0.03
Net Realized and Unrealized Gains or
(Losses) on Securities ................ 0.01 0.05 0.03 0.11 0.02 0.17
----- ------ ----- ----- ----- -----
Total From Investment Operations .......... 0.01 0.06 0.03 0.12 0.02 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 ............ $1.02 $ 1.01 $1.11 $1.08 $1.19 $1.17
===== ====== ===== ===== ===== =====
Total Return (%)(c) ....................... 0.6 5.3 2.3 11.7 2.4 19.2
Net Assets, End of Period ($ millions) .... 6 3 26 15 20 11
Ratio of Expenses to Average
Net Assets (%)(d)(e) .................... 0 0 0 0 0 0
Ratio of Net Investment Income to
Average Net Assets (%)(d) ............... 0 8.59 0 8.85 0 6.48
Portfolio Turnover Rate (%)(a)(c) ......... 104.39 66.44 108.57 18.44 47.18 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.
65
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION
Mutual of America Investment Corporation (the "Investment Company") is a
diversified, open-end management investment company -- a type of company
commonly known as a "mutual fund". It is registered as such under the Investment
Company Act of 1940 (the "Investment Company Act"). The Investment Company was
formed on February 21, 1986 as a Maryland corporation and offers its shares
exclusively to separate accounts of Mutual of America Life Insurance Company
("Mutual of America Life") and its affiliates. 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
66
MUTUAL OFAMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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%), Bond (30%), Mid-Term (20%),
Mid-Cap (15%).
Aggressive Allocation: Equity Index (45%), Bond (25%), Mid-Cap (20%),
Aggressive Equity (10%).
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 June 30, 2004, certain funds had the following capital loss
carryforwards to offset net capital gains, to the extent provided by Federal
income tax regulations.
Mid-Cap
Money All America Equity Index Equity Index Bond
Expiring on December 31, Market Fund Fund Fund Fund Fund
- ----------------------- ----------- -------------- -------------- -------------- --------------
2004 .............................. $ 51 $ 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 0 0 0
2011 .............................. 0 0 0 0 23,117,159
2012 .............................. 0 0 0 0 655,592
------- ---------- --------- ----------- ------------
Total ........................... $12,568 $ 0 $ 0 $ 0 $ 23,772,751
======= ========== ========= =========== ============
67
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (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 31,740,514 0 0 0 0
2010 ................. 0 0 20,417,938 4,364,259 0 0 0
2011 ................. 111,136 0 0 0 0 0 0
2012 ................. 22,985 0 0 0 0 0 0
----------- ----------- ----------- ----------- ----------- ----------- -----------
Total ................... $ 207,570 $ 0 $52,158,452 $ 4,364,259 $ 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 June
30, 2004 was as follows:
Mid-Cap
All America Equity Index Equity Index Bond
Fund Fund Fund Fund
----------- ----------- ----------- -----------
Cost of investment purchases ............... $159,742,867 $ 64,015,390 $ 43,308,719 $ 61,133,188
============ ============ ============ ============
Proceeds from sales of investments ......... $204,255,401 $ 19,645,194 $ 18,699,615 $ 70,888,625
============ ============ ============ ============
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
----------- ----------- ----------- -----------
Cost of investment purchases ............... $ 2,293,605 $ 12,866,820 $150,107,550 $354,528,411
============ ============ ============ ============
Proceeds from sales of investments ......... $ 4,018,535 $ 17,838,906 $158,600,605 $345,788,067
============ ============ ============ ============
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
----------- ----------- -----------
Cost of investment purchases ............... $ 7,615,814 $ 34,048,664 $ 16,063,225
============ ============ ============
Proceeds from sales of investments ......... $ 4,452,518 $ 23,050,441 $ 7,677,063
============ ============ ============
68
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
3. PURCHASES AND SALES (CONTINUED)
The cost of short-term security purchases for the Money Market Fund for
the period was $419,764,042; net proceeds from sales and redemptions for the
period were $417,541,238.
The components of net unrealized appreciation (depreciation) of
investments for Federal income tax purposes and the cost of investments for
Federal income tax purposes at June 30, 2004, 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 ....... $ -- $110,213,644 $111,693,194 $ 45,529,662 $ 7,001,852 $ 83,533
Unrealized Depreciation ....... (1,772) (29,244,249) (55,697,527) (15,308,105) (8,541,794) (309,823)
----------- ------------ ------------ ------------ ------------ -----------
Net ......................... $ (1,772) $ 80,969,395 $ 55,995,667 $ 30,221,557 $ (1,539,942) $ (226,290)
=========== ============ ============ ============ ============ ===========
Cost of Investments ........... $76,328,153 $375,576,626 $619,591,923 $220,989,947 $347,131,985 $30,081,010
=========== ============ ============ ============ ============ ===========
Conservative Moderate Aggressive
Mid-Term Composite Aggressive Allocation Allocation Allocation
Bond Fund Fund Equity Fund Fund Fund Fund
---------- ----------- ----------- ----------- ----------- ------------
Unrealized Appreciation ....... $ 291,336 $ 11,315,650 $ 34,721,429 $ 119,215 $ 291,441 $ 412,440
Unrealized Depreciation ....... (1,335,080) (4,487,796) (16,349,081) (305) (148,350) $ (142,376)
----------- ------------ ------------ ---------- ----------- -----------
Net ......................... $(1,043,744) $ 6,827,854 $ 18,372,348 $ 118,910 $ 143,091 $ 270,064
=========== ============ ============ ========== =========== ===========
Cost of Investments ........... $69,924,576 $244,068,822 $336,411,326 $6,142,902 $26,351,230 $19,793,919
=========== ============ ============ ========== =========== ===========
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 .................................... 500,000,000
Mid-Cap Equity Index Fund ............................ 300,000,000
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 ........................................ 3,200,000,000
Shares to be allocated at the discretion of the
Board of Directors ................................. 300,000,000
-------------
Total ............................................ 3,500,000,000
=============
Transactions in shares were as follows:
For the Six Months Ended June 30, 2004
--------------------------------------------------------------
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
----------- ----------- ----------- -----------
Shares issued ............................... 23,082,451 27,418,482 90,795,319 54,771,709
Shares issued to shareholders as
reinvestment of dividends ................. -- -- -- --
----------- ----------- ----------- -----------
Total ....................................... 23,082,451 27,418,482 90,795,319 54,771,709
Shares redeemed ............................. (21,135,727) (49,528,409) (76,242,115) (40,905,438)
----------- ----------- ----------- -----------
Net increase (decrease) ..................... 1,946,724 (22,109,927) 14,553,204 13,866,271
=========== =========== =========== ===========
69
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
4. CAPITAL SHARE ACTIVITY (CONTINUED)
For the Six Months Ended June 30, 2004
----------------------------------------------------------
Bond Short-Term Mid-Term Composite
Fund Bond Fund Bond Fund Fund
----------- ---------- ----------- -----------
Shares issued ............................... 31,564,827 5,849,817 19,839,781 3,543,193
Shares issued to shareholders as
reinvestment of dividends ................. -- -- -- --
----------- ---------- ----------- -----------
Total ....................................... 31,564,827 5,849,817 19,839,781 3,543,193
Shares redeemed ............................. (33,307,853) (4,633,155) (24,469,482) (10,093,913)
----------- ---------- ----------- -----------
Net increase (decrease) ..................... (1,743,026) 1,216,662 (4,629,701) (6,550,720)
=========== ========== =========== ===========
For the Six Months Ended June 30, 2004
------------------------------------------------------------
Aggressive Conservative Moderate Aggressive
Equity Allocation Allocation Allocation
Fund Fund Fund Fund
----------- ---------- ----------- ----------
Shares issued ............................... 26,536,092 7,649,532 31,347,758 13,708,406
Shares issued to shareholders as
reinvestment of dividends ................. -- -- -- --
----------- ---------- ----------- ----------
Total ....................................... 26,536,092 7,649,532 31,347,758 13,708,406
Shares redeemed ............................. (26,345,986) (4,525,801) (21,318,779) (6,619,939)
----------- ---------- ----------- ----------
Net increase (decrease) ..................... 190,106 3,123,731 10,028,979 7,088,467
=========== ========== =========== ==========
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
=========== =========== ============ ===========
For the Year Ended December 31, 2003
-------------------------------------------------------------
Bond Short-TermMid-TermComposite
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.
70
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
5. DIVIDENDS
No dividends have been declared or paid during the six months ended June
30, 2004. It is the Investment Company's practice to declare and distribute such
dividends at the end of the year in conformity with Internal Revenue Code
regulations.
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 was as follows:
Mid-Cap
Money All America Equity Index Equity Index Bond
Market Fund Fund Fund Fund Fund
----------- ---- ---- ---- ----
Ordinary Income (a) ......................... $ 770,955 $3,535,195 $7,869,784 $1,480,749 $17,956,541
Long-term capital gains (b) ................. $ 0 $ 0 $ 0 $ 0 $ 0
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
---------- -------- --------- ----------
Ordinary Income (a) ......................... $ 968,857 $2,977,128 $6,126,289 $ 0
Long-term capital gains (b) ................. $ 0 $ 429,002 $ 0 $ 0
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
---------- ---------- ----------
Ordinary Income ............................. $108,219 $437,582 $247,809
Long-term capital gains (b) ................. $ 4,031 $ 13,767 $ 0
- ----------
Notes:
No distribution paid during 2003 constituted a return of capital for Federal
income tax purposes.
(a) Includes distributions from Fund-level net short-term capital gains.
(b) To the extent reported, each Fund designates these amounts as capital gain
dividends for federal income tax purposes.
As of June 30, 2004 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 ........................ $ 336,927 $ 4,152,883 $ 5,067,721 $ 2,557,521 $ 8,160,364 $ 418,148
Accumulated net realized gain/(loss) on
investments and futures contracts ........ $ (12,568) $33,003,376 $646,905 $ 4,036,806 $(23,772,751) $(209,403)
Net unrealized appreciation
(depreciation) of investments
and futures contracts ................ $ (1,772) $80,969,395 $55,995,667 $30,221,557 $ (1,539,942) $(226,290)
Conservative Moderate Aggressive
Mid-Term Composite Aggressive Allocation Allocation Allocation
Bond Fund Fund Equity Fund Fund Fund Fund
---------- ------------- ------------- ------------ --------- ----------
Accumulated undistributed net
investment income ....................... $ 1,201,563 $ 7,523,003 $ (472,812) $ 1,931 $ 15,525 $ 12,089
Accumulated net realized gain/(loss) on
investments and futures contracts ....... $ 257,463 $(52,158,408) $(5,311,468) $ 63,513 $842,661 $736,791
Net unrealized appreciation
(depreciation) of investments
and futures contracts ................... $(1,043,744) $ 6,827,854 $18,372,348 $118,910 $143,091 $270,064
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.
71
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
5. DIVIDENDS (CONTINUED)
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.
- --------------------------------------------------------------------------------
Proxy Voting Policies and Procedures
A copy of Mutual of America Investment Corporation's proxy voting policies and
procedures can be obtained free of charge by calling 1-800-468-3785. It is also
available on the Securities and Exchange Commission's website at www.sec.gov.
MUTUAL OF AMERICA
LIFE INSURANCE COMPANY
320 PARK AVENUE
NEW YORK, NY 10022-6839
www.mutualofamerica.com
ITEM 2. CODE OF ETHICS.
Item not applicable to semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Item not applicable to semi-annual report.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Item not applicable to semi-annual report.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Included in Item 1.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES
FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PURCHASES OF EQUITY SECURITES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.
ITEM 10. 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 11. EXHIBITS.
(a) Not required at this time.
(b) Attached hereto.
Exhibit 31 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.
Exhibit 32 Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 and required by Rule
30a-2(b) under the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Mutual of America Investment Corporation
By: /s/ MANFRED ALTSTADT
----------------------------------
Manfred Altstadt
Chairman of the Board,
President and Chief Executive Officer of
Mutual of America Investment Corporation
Date: August 30, 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: August 30, 2004
By: /s/ JOHN R. GREED
----------------------------------
John R. Greed
Executive Vice President,
Chief Financial Officer and Treasurer of
Mutual of America Investment Corporation
Date: August 30, 2004