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: December 31, 2004
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ITEM 1. REPORTS TO STOCKHOLDERS.
The Annual Report to Shareholders follows:
ANNUAL REPORTS OF
MUTUAL OF AMERICA INVESTMENT CORPORATION
SCUDDER VARIABLE SERIES I
AMERICAN CENTURY VP CAPITAL APPRECIATION FUND
CALVERT SOCIAL BALANCED PORTFOLIO
FIDELITY INVESTMENTS(R) VARIABLE INSURANCE
PRODUCTS FUNDS
DECEMBER 31, 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
----
Annual Report of Mutual of America Investment Corporation
President's Message .................................................... 1
Portfolio Management Discussions ....................................... 3
Asset Allocations ...................................................... 14
Expense Example ........................................................ 16
Summary Portfolios of Investments in Securities:
Money Market Fund .................................................... 20
All America Fund ..................................................... 22
Equity Index Fund .................................................... 24
Mid-Cap Equity Index Fund ............................................ 26
Bond Fund ............................................................ 28
Short-Term Bond Fund ................................................. 31
Mid-Term Bond Fund ................................................... 34
Composite Fund ....................................................... 37
Aggressive Equity Fund ............................................... 40
Conservative Allocation Fund ......................................... 41
Moderate Allocation Fund
Aggressive Allocation Fund
Statements of Assets and Liabilities ................................... 42
Statements of Operations ............................................... 44
Statements of Changes in Net Assets .................................... 46
Financial Highlights ................................................... 48
Notes to Financial Statements .......................................... 58
Report of Independent Registered Public Accounting Firm ................ 65
Directors and Officers ................................................. 66
Additional Information ................................................. 66
Annual Report of Scudder Variable Series I: Bond Portfolio
Annual Report of Scudder Variable Series I: Capital Growth Portfolio
Annual Report of Scudder Variable Series I: International Portfolio
Annual Report of VP Capital Appreciation Fund of American Century Variable
Portfolios, Inc.
Annual Report of Calvert Social Balanced Portfolio of Calvert Variable Series,
Inc.
Annual Report of Fidelity Investments Variable Insurance Products Funds:
Equity-Income Portfolio
Annual Report of Fidelity Investments Variable Insurance Products Funds:
Contrafund Portfolio
Annual Report of Fidelity Investments Variable Insurance Products Funds: Asset
Manager Portfolio
Mutual of America Investment Corporation
The year 2004 was characterized by greater-than-normal uncertainty. There
was concern early in the year that the nascent economic recovery was not
sustainable because job growth remained muted. Also troubling at this time were
continually escalating crude oil prices, from the high $20s to $40 per barrel by
early summer. Despite these apparent obstacles to growth, the Federal Reserve
had been strongly suggesting for some time that short-term interest rates would
have to be revised from abnormally low levels. Meanwhile, military efforts to
stabilize Iraq so that it could assume self-government were not going as well as
had been hoped for.
During the first half of 2004, both the bond and stock markets moved
sideways, but with a fair degree of volatility. The 10-Year Treasury bond began
the year at a yield of 4.25%, fell to 3.68% by the middle of March, and then
rose dramatically to a high for the year of 4.87% in mid-June. The stock market
reacted to the noted uncertainty by engaging in very rapid sector rotation -- by
the end of June, the S&P 500 had advanced little more than 2%, none of the 10
S&P 500 sectors traded outside a range of plus or minus 4% of the overall index,
and no one sector ranked either first or last in more than one month.
Two important events occurred around June 30th. First, following through
on announced plans, the United States Military Command in Iraq handed over
political authority to an interim Iraqi government in anticipation of free
democratic elections scheduled for January 2005. Second, the Federal Reserve
changed the Fed Funds rate for the first time in 13 months with an increase of
25 basis points in what was clearly telegraphed as only the beginning of a
monetary tightening cycle.
While both of these events eliminated some of the uncertainty that had
prevailed, they simultaneously raised new issues. Would the new Iraqi authority
succeed in preparing the way to elections, and could the Iraqis assume the
responsibility for their own security? As for domestic monetary policy, when and
by how much would the Federal Reserve raise rates again, and more importantly,
how high would short rates eventually go? Furthermore, the price of oil reached
$50 per barrel by the end of September. And during the same period of time,
domestic attention shifted to the upcoming Presidential and Congressional
elections as the summer political party conventions and subsequent debates
focused the issues, making it apparent that the campaign would be intense and
the results likely to be very close.
In this context, the stock market continued its sideways motion, although
energy stocks began to clearly outperform as rising oil prices ensured
increasing earnings estimates for companies in this sector. Interestingly, from
the end of June, the long-term bond yield proceeded to drift lower, dropping
below the 4% level in late October, even while short rates had risen twice in
the interim, bringing the Fed Funds rate to 1.75% from the low of 1.00%.
Then two pivotal events seemed to give the markets at least a partial
respite from the outstanding uncertainties. On October 25th, oil prices peaked
at $55 per barrel, and began a quick 5% decline over the next week to close at
$49.62 on November 2nd, the day that George W. Bush was reelected to his second
term as President of the United States.
During the last two months of 2004, the stock market rallied 7%, with the
S&P 500 finishing the year exactly 100 points above its prior year close. This
year-over-year increase from 1,111.92 to 1,211.92 represented a 9% price advance
for the year. When dividends are included, the total return measured 10.9%. The
10-Year Treasury yield drifted up modestly during the same time period despite
two Fed Funds rate hikes to end the year at 4.22%, ironically almost exactly the
same yield at which it ended 2003 (4.25%).
In retrospect, the key driving force behind the stock market in 2004 was
the persistence of economic growth and the profits, cash flows and returns that
were generated. S&P 500 corporate profits for the fourth quarter of 2004 are
likely to be up nearly 20%, which would be the third quarter out of four in
which profits advanced 20% or more, confirmation of a powerful recovery. The
fact that stock prices did not advance as much as did profits in 2004 has in
part to do with the prior year's 28% increase in the S&P 500 in anticipation of
the strong profits of 2004, but also as a result of a valuation overhang created
by the end of the technology bubble. Price/Earnings multiples expanded
dramatically during the final phase of the late 1990s bull market, but have
contracted significantly since then. They are still viewed as potentially too
high by investors still recovering from a 75% collapse in the Nasdaq Composite
and a nearly 50% decline in S&P 500 stocks since 2000.
1
The total return performance for each of the Mutual of America Investment
Corporation Funds is reflected below:
Total Returns -- Twelve Months Ended December 31, 2004
Money Market Fund .......................................... + 1.10%
All America Fund ........................................... + 8.23%
Equity Index Fund .......................................... +10.69%
Mid-Cap Index Fund ......................................... +16.28%
Bond Fund .................................................. + 4.61%
Short-Term Bond Fund ....................................... + 1.56%
Mid-Term Bond Fund ......................................... + 2.26%
Composite Fund ............................................. + 6.34%
Aggressive Equity Fund ..................................... + 5.42%
Conservative Allocation Fund ............................... + 4.72%
Moderate Allocation Fund ................................... + 8.27%
Aggressive Allocation Fund ................................. + 9.92%
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
1.10% for the twelve months ended December 31, 2004. Short-term rates moved
higher over the second half of 2004 as the Federal Open Market Committee raised
the Fed Funds rate five times, bringing it to 2.25%, up from 1.0% on December
31, 2003. The seven-day effective yield as of February 15, 2005 is 2.31%. 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 started in early
2003 through year-end 2004, with positive performance across all market caps.
However, the overall equity performance in 2004 was not nearly as robust as that
of 2003. Equity markets have been held in check 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 December 31, 2004 was 8.23%
versus the benchmark return of 10.88%, due to underperformance of the active
small-cap growth and large-cap growth portions of the Fund.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Dates All America Fund S & P 500 Index
----- ---------------- ---------------
12/31/1994 10,000 10,000
12/31/1995 13,658 13,758
12/31/1996 16,488 16,922
12/31/1997 20,906 22,568
12/31/1998 25,350 29,015
12/31/1999 31,890 35,120
12/31/2000 30,297 31,921
12/31/2001 25,033 28,128
12/31/2002 19,429 21,912
12/31/2003 25,843 28,199
12/31/2004 27,971 31,267
All America Fund*
-----------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,823 8.23% 8.23%
5 Years $ 8,771 -12.29% -2.59%
10 Years $27,971 179.71% 10.83%
S & P 500 INDEX
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,088 10.88% 10.88%
5 Years $ 8,902 -10.98% -2.30%
10 Years $31,266 212.66% 12.07%
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 December 31, 2004, the S&P 500 Index(R) had a
positive double digit return for the second consecutive year following three
years of negative performance. All sectors within the Index posted positive
returns with energy and utilities representing the best performing sectors. The
weakest sectors were healthcare and technology.
The Fund's performance for the twelve months ended December 31, 2004 was
10.69%, in line with the benchmark return of 10.88%. Note that the Fund's
performance includes expenses, such as transaction costs and management fees,
which are not reflected in the benchmark.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Dates Equity Index Fund S & P 500 Index
----- ----------------- ---------------
12/31/1994 10,000 10,000
12/31/1995 13,662 13,758
12/31/1996 16,770 16,922
12/31/1997 22,320 22,568
12/31/1998 28,699 29,015
12/31/1999 34,617 35,120
12/31/2000 31,496 31,921
12/31/2001 27,662 28,128
12/31/2002 21,539 21,912
12/31/2003 27,639 28,199
12/31/2004 30,595 31,267
Equity Index Fund
-----------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,069 10.69% 10.69%
5 Years $ 8,838 -11.62% -2.44%
10 Years $30,595 205.95% 11.83%
S & P 500 Index
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,088 10.88% 10.88%
5 Years $ 8,902 -10.98% -2.30%
10 Years $31,266 212.66% 12.07%
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 the twelve months ended December 31, 2004, the S&P 400 outperformed
the S&P 500 Index(R) for the fifth consecutive year. During this period the S&P
400 Mid-Cap Index(R) generated its second consecutive year of double-digit
growth after two years of negative returns. For the 12 months ended December 31,
2004, the best performing sectors were energy and materials. The weakest sector
was technology; the only sector to post a negative return.
The Mid-Cap Equity Index Fund's performance for the twelve-month period
ending December 31, 2004 was 16.28% versus the 16.48% 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 larger 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 reflected in the benchmark.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Dates Mid Cap Eq.Index Fund S & P 400 Index
----- --------------------- ---------------
5/3/1999 10,000 10,000
12/31/1999 11,174 11,180
12/31/2000 13,039 13,138
12/31/2001 12,900 13,057
12/31/2002 10,934 11,163
12/31/2003 14,787 15,140
12/31/2004 17,194 17,635
Mid-Cap Equity Index Fund
-------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,628 16.28% 16.28%
5 Years $15,388 53.88% 9.00%
Since 5/3/99
(Inception) $17,194 71.94% 10.05%
S & P MidCap 400 Index
----------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,648 16.48% 16.48%
5 Years $15,773 57.73% 9.54%
Since 5/3/99
(Inception) $17,635 76.35% 10.54%
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. Treasury issues. The Fund measures its
performance against the Lehman Brothers Aggregate Bond Index(R) ("Index").
The ten-year Treasury rate on December 31, 2004 was 4.22%, three basis
points lower than the prior year-end. Conversely, yields on five-year Treasuries
increased by 36 basis points, finishing 2004 at 3.61%. After five rate hikes
over 2004 the Fed Funds rate finished the year at 2.25%, causing short rates to
move higher. Concerns over both inflation, though still tame, and economic
growth drove longer rates lower causing the yield curve to flatten considerably.
The spread between the two-year treasury yield and the 30-year treasury yield
declined by 149 basis points, finishing 2004 at 176 basis points.
In the Index, corporate bonds outperformed Treasuries and Agencies due to
improved fundamentals and a 50% decline in the default rate. Mortgage-backed
securities, which also outperformed Treasuries and Agencies, benefited as a
result of low volatility and increased demand from foreign central banks.
The Bond Fund's return for 2004 was 4.61%, compared to 4.34% for the
Index. The primary reason for the outperformance was the overweighting in
corporate bonds relative to the Index. The effects of the outperformance are
further enhanced when one considers that the performance of the Fund includes
expenses, such as transaction costs and management fees, which are not reflected
in the benchmark.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Dates Bond Fund Lehman AGBI
----- --------- -----------
12/31/1994 10,000 10,000
12/31/1995 11,941 11,848
12/31/1996 12,366 12,275
12/31/1997 13,655 13,463
12/31/1998 14,631 14,631
12/31/1999 14,353 14,509
12/31/2000 15,625 16,197
12/31/2001 16,990 17,560
12/31/2002 18,137 19,364
12/31/2003 19,357 20,160
12/31/2004 20,250 21,035
Bond Fund
---------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,461 4.61% 4.61%
5 Years $14,109 41.09% 7.13%
10 Years $20,250 102.50% 7.31%
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,434 4.34% 4.34%
5 Years $14,496 44.96% 7.71%
10 Years $21,035 110.35% 7.72%
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 overweighting corporate and agency bonds,
which yield more than competing index sectors.
Over the 12-month period ended December 31, 2004 the yield on two-year
Treasury issues increased from 1.82% to 3.07%. Mortgage-backed securities, which
make up a large portion of the Fund, outperformed other securities with a
similar duration. However, as these bonds mature, generally they will be
replaced by corporate bonds. The Fund's return was 1.56% for 2004, compared to
the Citigroup 1-3 Year Government and Corporate Index(R) return of 1.29% for the
same period, due to strong performance in mortgage-backed securities and a
concentration in agency bonds. The effects of the outperformance are further
enhanced when one considers that the performance of the Fund includes expenses,
such as transaction costs and management fees, which are not reflected in the
benchmark.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Short-Term Citigroup 1-3 Year
Dates Bond Fund Bond Index
----- --------- ----------
12/31/1994 10,000 10,000
12/31/1995 10,774 11,089
12/31/1996 11,306 11,661
12/31/1997 11,989 12,439
12/31/1998 12,668 13,306
12/31/1999 13,206 13,742
12/31/2000 14,234 14,862
12/31/2001 15,294 16,175
12/31/2002 16,066 17,181
12/31/2003 16,345 17,676
12/31/2004 16,601 17,904
Short-Term Bond Fund
--------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,156 1.56% 1.56%
5 Years $12,571 25.71% 4.68%
10 Years $16,601 66.01% 5.20%
Citigroup 1-3 Year Bond Index
-----------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,129 1.29% 1.29%
5 Years $13,027 30.27% 5.43%
10 Years $17,903 79.03% 6.00%
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 and corporate bonds compared to the Citigroup 3-7 Year Government and
Corporate Index(R) ("Index"). For the twelve months ended December 31, 2004, the
Fund returned 2.26% compared to the Index, which returned 3.42%, due to the
underweighting in corporate bonds.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Mid-Term Citigroup 3-7 Year
Dates Bond Fund Bond Index
----- --------- ----------
12/31/1994 10,000 10,000
12/31/1995 11,629 11,688
12/31/1996 12,081 12,140
12/31/1997 12,968 13,144
12/31/1998 13,792 14,315
12/31/1999 13,982 14,314
12/31/2000 14,660 15,837
12/31/2001 16,190 17,334
12/31/2002 17,754 19,237
12/31/2003 18,244 20,205
12/31/2004 18,657 20,896
Mid-Term Bond Fund
------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,226 2.26% 2.26%
5 Years $13,343 33.43% 5.94%
10 Years $18,657 86.57% 6.43%
Citigroup 3-7 Year Bond Index
-----------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,342 3.42% 3.42%
5 Years $14,597 45.97% 7.86%
10 Years $20,895 108.95% 7.65%
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 through the end of 2004. However, the index's performance in
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 on December 31, 2004 was 4.22%, three basis
points lower than one year ago. Conversely, yields on five-year Treasuries
increased by 36 basis points, finishing 2004 at 3.61%. After five rate hikes
over 2004, Fed Funds finished the year at 2.25%, causing short rates to move
higher. Concern over both inflation, though still tame, and economic growth
drove longer rates lower, causing the yield curve to flatten considerably. The
spread between the two-year treasury yield and the 30-year treasury yield
declined by 149 basis points, finishing 2004 at 176 basis points.
In the Lehman Brothers Aggregate Bond Index(R), corporate bonds
outperformed Treasuries and Agencies due to improved fundamentals and a 50%
decline in the default rate. Mortgage-backed securities, which also outperformed
Treasuries and Agencies, benefited as a result of low volatility and increased
demand from foreign central banks.
For the twelve months ended December 31, 2004, the Composite Fund returned
6.34% compared to the benchmark return of 7.30%, 40% of which is based on the
Lehman Brothers Aggregate Bond Index(R) (which returned 4.34%), 50% of which is
based on the S&P 500 Index(R) (which returned 10.88%) and 10% of which is based
on the Citigroup 3-Month T-Bill Index(R) (which returned 1.24%). The
underperformance was attributable to the equity portion of the Fund,
specifically an underweighting in the energy sector and an emphasis on
particular segments of the healthcare industry.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Citigroupx
Lehman Bros S & P 3 - Mo.
Composite Aggregate 500 Treasury Bill
Dates Fund Bond Index Index Index
----- ---- ----------- ----- ------
12/31/1994 10,000 10,000 10,000 10,000
12/31/1995 12,190 11,848 13,758 10,575
12/31/1996 13,640 12,275 16,922 11,130
12/31/1997 16,055 13,463 22,567 11,715
12/31/1998 18,376 14,631 29,015 12,306
12/31/1999 21,166 14,509 35,120 12,889
12/31/2000 21,053 16,197 31,920 13,658
12/31/2001 18,738 17,560 28,128 14,216
12/31/2002 17,332 19,364 21,912 14,458
12/31/2003 20,492 20,160 28,198 14,613
12/31/2004 21,792 21,035 31,266 14,794
Composite Fund
--------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,634 6.34% 6.34%
5 Years $10,296 2.96% 0.58%
10 Years $21,792 117.92% 8.10%
S & P 500 Index
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,088 10.88% 10.88%
5 Years $ 8,902 -10.98% -2.30%
10 Years $31,266 212.66% 12.07%
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,434 4.34% 4.34%
5 Years $14,496 44.96% 7.71%
10 Years $21,035 110.35% 7.72%
Citigroup 3 - Month T-Bill Index
--------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,124 1.24% 1.24%
5 Years $11,476 14.76% 2.79%
10 Years $14,794 47.94% 3.99%
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 December 31, 2004, the small-cap Russell
2000(R) Index returned 18.33%, outperforming larger caps as measured by either
the S&P 400 Index(R) or the S&P 500 Index(R). For the period ending December 31,
2004, the best performing sectors were financial services and materials &
processing; the worst performer was technology. All sectors, with the exception
of technology, contributed positively for the period and, overall, value
outperformed growth.
Over the twelve-month period ended December 31, 2004, the Fund returned
5.42% versus an 18.33% return for the Russell 2000 Index(R). The
underperformance for the period was mainly due to an overconcentration within
components of the technology and health care sectors, which under-performed
relative to the index.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Aggressive Russell
Dates Equity Fund 2000 Index
----- ----------- ----------
12/31/1994 10,000 10,000
12/31/1995 13,815 12,844
12/31/1996 17,626 14,962
12/31/1997 21,285 18,307
12/31/1998 20,190 17,841
12/31/1999 28,929 21,634
12/31/2000 28,593 20,978
12/31/2001 25,556 21,500
12/31/2002 20,327 17,097
12/31/2003 28,330 25,176
12/31/2004 29,865 29,790
Aggressive Equity Fund
----------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,542 5.42% 5.42%
5 Years $10,323 3.23% 0.64%
10 Years $29,865 198.65% 11.56%
Russell 2000 Index
------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,833 18.33% 18.33%
5 Years $13,769 37.69% 6.61%
10 Years $29,789 197.89% 11.53%
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) (75% weighting) and the S&P 500
Index(R) (25% weighting). For the twelve months ended December 31, 2004, the
Fund returned 4.72% versus a 5.98% return based on the weighted returns in the
Lehman Brothers Aggregate Bond Index(R) and the S&P 500 Index(R). The Fund's
underperformance was due to the portion of its investments in the shorter-term
bond funds, which underperformed the longer-term benchmark.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Conservative S&P Lehman Bros.
Allocation 500 Aggregate Bond
Dates Fund Index Index
----- ---- ----- -----
5/20/2003 10,000 10,000 10,000
12/31/2003 10,532 12,208 10,037
12/31/2004 11,030 13,536 10,473
Conservative Allocation Fund
----------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,472 4.72% 4.72%
Since 5/20/03
(Inception) $11,030 10.30% 6.26%
S & P 500 Index
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,088 10.88% 10.88%
Since 5/20/03
(Inception) $13,536 35.36% 20.64%
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,434 4.34% 4.34%
Since 5/20/03
(Inception) $10,473 4.73% 2.90%
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
Indicies do 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)
(50% weighting) and the Lehman Brothers Aggregate Bond Index(R) (50% weighting).
For the twelve months ending December 31, 2004, the Fund returned 8.27% versus a
7.61% return based on the weighted returns of the S&P 500 Index(R) and the
Lehman Brothers Aggregate Bond Index(R). The Bond Fund portion of the Fund
outperformed the Lehman Index (due to the Fund's overweighting in corporate
bonds) and the Mid-Cap Equity Index Fund portion of the Fund outperformed the
S&P 500 Index(R), which leans more towards large-cap stocks. The effects of the
outperformance are further enhanced when one considers that the performance of
the Fund includes expenses, such as transaction costs and management fees, which
are not reflected in the benchmark.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Moderate S&P Lehman Bros.
Allocation 500 Aggregate
Dates Fund Index Bond Index
----- ---- ----- ----------
5/20/2003 10,000 10,000 10,000
12/31/2003 11,173 12,208 10,037
12/31/2004 12,098 13,536 10,473
Moderate Allocation Fund
------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,827 8.27% 8.27%
Since 5/20/03
(Inception) $12,098 20.98% 12.52%
S & P 500 Index
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,088 10.88% 10.88%
Since 5/20/03
(Inception) $13,536 35.36% 20.64%
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,434 4.34% 4.34%
Since 5/20/03
(Inception) $10,473 4.73% 2.90%
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
Indicies do 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) (75% weighting) and the Lehman Brothers Aggregate Bond
Index(R) (25% weighting). For the twelve months ending December 31, 2004, the
Fund returned 9.92% versus a 9.25%% return based on the weighted returns of the
S&P 500 Index(R) and the Lehman Brothers Aggregate Bond Index(R). The Fund's
outperformance was due to its investments in the Mid-Cap Equity Index Fund and
the small-cap stocks included in the Aggressive Equity Fund, which outperformed
the S&P 500 Index(R). In addition, the Bond Fund outperformed the Lehman Index
due to the Fund's overweighting in corporate bonds. The effects of the
outperformance are further enhanced when one considers that the performance of
the Fund includes expenses, such as transaction costs and management fees, which
are not reflected in the benchmark.
[The following table was represented as a line chart in the printed material.]
GROWTH OF A $10,000 INVESTMENT
Aggressive S&P Lehman Bros.
Allocation 500 Aggregage Bond
Dates Fund Index Index
----- ---- ----- -----
5/20/2003 10,000 10,000 10,000
12/31/2003 11,927 12,208 10,037
12/31/2004 13,110 13,536 10,473
Aggressive Allocation Fund
--------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,992 9.92% 9.92%
Since 5/20/03
(Inception) $13,110 31.10% 18.27%
S & P 500 Index
---------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $11,088 10.88% 10.88%
Since 5/20/03
(Inception) $13,536 35.36% 20.64%
Lehman Bros. Aggregate Bond Index
---------------------------------
Total Return
Period Growth ----------------------
Ended of Cumu- Average
12/31/04 $10,000 lative Annual
--------------------------------------------------------
1 Year $10,434 4.34% 4.34%
Since 5/20/03
(Inception) $10,473 4.73% 2.90%
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
Indicies do not.
13
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF DECEMBER 31, 2004
[The following table was represented as a pie chart in the printed material.]
Money Market Fund
U.S. Government Agencies Discount Notes 58.0% Commercial Paper
42.0%
[The following table was represented as a pie chart in the printed material.]
All America
Indexed Common Stocks 39.6%
Active Common Stocks 56.2%
Short-Term Debt Securities 4.1%
Cash Investments 0.1%
[The following table was represented as a pie chart in the printed material.]
Equity Index Fund
Common Stocks 95.7%
Short-Term Debt Securities 4.3%
[The following table was represented as a pie chart in the printed material.]
Mid-Cap Equity Index Fund
Common Stocks 89.8%
Short-Term Debt Securities 10.2%
[The following table was represented as a pie chart in the printed material.]
Bond Fund
U.S. Gov't Long-Term Debt 4.1%
U.S. Gov't Agency Long-Term Debt 43.4%
Corporate Long-Term Debt 45.7%
Short-Term Debt Securities 6.8%
[The following table was represented as a pie chart in the printed material.]
Short-Term Bond Fund
U.S. Gov't. Long-Term Debt 30.1%
U.S. Gov't. Agency Long-Term Debt 51.5%
Corporate Long-Term Debt 12.5%
Short-Term Debt Securities 2.9%
Cash Investments 3.0%
14
MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF DECEMBER 31, 2004 (Continued)
[The following table was represented as a pie chart in the printed material.]
Mid-Term bond Fund
U.S. Gov't. Long-Term Debt 4.4%
U.S. Gov't. Agency Long-Term Debt 61.2%
Corporate Debt 31.2%
Short-Term Debt Securities 2.2%
Cash Investments 1.0%
[The following table was represented as a pie chart in the printed material.]
Composite Fund
Common Stocks 60.6%
Long-Term Debt Securities 38.3%
Short-Term Debt Securities 1.0%
Cash Investments 0.1%
[The following table was represented as a pie chart in the printed material.]
Aggressive Equity Fund
Common Stocks 97.0%
Short-Term Debt Securities 3.0%
[The following table was represented as a pie chart in the printed material.]
Conservative Allocation Fund
MoA Bond Fund 30.0%
MoA Mid-Term Bond Fund 30.0%
MoA Equity Index Fund 25.0%
MoA Short-Term Bond Fund 15.0%
[The following table was represented as a pie chart in the printed material.]
Moderate Allocation Fund
MoA Bond Fund 30.0%
MoA Mid-Term Bond Fund 20.0%
MoA Equity Index Fund 35.0%
MoA Mid-Cap Equity Index Fund 15.0%
[The following table was represented as a pie chart in the printed material.]
Aggressive Allocation Fund
MoA Bond Fund 24.9%
MoA Equity Index Fund 44.9%
MoA Mid-Cap Equity Index Fund 20.1%
Aggressive Equity Fund 10.1%
15
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE
EXAMPLE
As a shareholder of one of the Mutual of America Investment Corporation
Funds, you incur ongoing costs, including management fees and other Fund
expenses. You do not incur transactional costs, such as sales charges (loads),
redemption fees or exchange fees. Additionally, Mutual of America Capital
Management Corporation, the Funds' Advisor, has contractually agreed to limit
each Fund's total operating expenses to its investment management fees. This
contractual obligation remains in effect for 2005 and will continue for each
following calendar year unless the Advisor gives notice to the Investment
Company within two weeks before the next calendar year begins.
This Example is intended to help you understand your ongoing costs (in
dollars) of investing in a Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The Example is based on an investment
of $1,000 invested at July 1, 2004 and held for the entire period ending
December 31, 2004.
ACTUAL EXPENSES
The first line of the tables below provides information about actual
account values and actual expenses. You may use the information in this line,
together with the amount you invested, to estimate the expenses that you paid
over the period. Simply divide your account value by $1,000 (for example, an
$8,600 account value divided by $1,000=8.6), then multiply the result by the
number in the first line under the heading entitled "Expenses Paid During
Period" to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the tables below provides information about
hypothetical account values and hypothetical expenses based on each Fund's
actual expense ratio and an assumed rate of return of 5% per year before
expenses, which is not the Fund's actual return. The hypothetical account values
and expenses may not be used to estimate the actual ending account balance or
expenses you paid for the period. You may use this information to compare the
ongoing costs of investing in the Fund with other funds. To do so, compare this
5% hypothetical example with the 5% hypothetical examples that appear in the
shareholder reports of the other funds.
Please note that the second line of the table is useful in comparing
ongoing costs only, and will not help you determine the relative total costs of
owning other funds, which may also charge transactional costs, such as sales
charges (loads), redemption fees or exchange fees.
Money Market Fund
-----------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,007 $1
Hypothetical
(5% return before expenses) $1,000 $1,024 $1
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.25%, multiplied
by the average account value over the period, multiplied by 184/366 (to
reflect the one-half year period).
All America Fund
----------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,069 $3
Hypothetical
(5% return before expenses) $1,000 $1,022 $3
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.50%, multiplied
by the average account value over the period, multiplied by 184/366 (to
reflect the one-half year period).
16
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Continued)
Equity Index Fund
-----------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,071 $1
Hypothetical
(5% return before expenses) $1,000 $1,024 $1
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.125%,
multiplied by the average account value over the period, multiplied by
184/366 (to reflect the one-half year period).
Mid-Cap Equity Index Fund
-------------------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,097 $1
Hypothetical
(5% return before expenses) $1,000 $1,024 $1
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.125%,
multiplied by the average account value over the period, multiplied by
184/366 (to reflect the one-half year period).
Bond Fund
---------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,040 $3
Hypothetical
(5% return before expenses) $1,000 $1,022 $3
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.50%, multiplied
by the average account value over the period, multiplied by 184/366 (to
reflect the one-half year period).
Short-Term Bond Fund
--------------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,011 $3
Hypothetical
(5% return before expenses) $1,000 $1,022 $3
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.50%, multiplied
by the average account value over the period, multiplied by 184/366 (to
reflect the one-half year period).
17
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Continued)
Mid-Term Bond Fund
------------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,028 $3
Hypothetical
(5% return before expenses) $1,000 $1,022 $3
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.50%, multiplied
by the average account value over the period, multiplied by 184/366 (to
reflect the one-half year period).
Composite Fund
--------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,053 $3
Hypothetical
(5% return before expenses) $1,000 $1,022 $3
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.50%, multiplied
by the average account value over the period, multiplied by 184/366 (to
reflect the one-half year period).
Aggressive Equity Index Fund
----------------------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,110 $5
Hypothetical
(5% return before expenses) $1,000 $1,020 $4
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.85%, multiplied
by the average account value over the period, multiplied by 184/366 (to
reflect the one-half year period).
Conservative Allocation Fund
----------------------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,041 $2
Hypothetical
(5% return before expenses) $1,000 $1,023 $2
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.41% (which is
based on the expenses of the underlying funds), multiplied by the average
account value over the period, multiplied by 184/366 (to reflect the
one-half year period).
18
MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Continued)
Moderate Allocation Fund
------------------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,058 $2
Hypothetical
(5% return before expenses) $1,000 $1,023 $2
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.31% (which is
based on the expenses of the underlying funds), multiplied by the average
account value over the period, multiplied by 184/366 (to reflect the
one-half year period).
Aggressive Allocation Fund
--------------------------
Expenses Paid
Beginning Ending During Period*
Account Value Account Value July 1 -
July 1, 2004 December 31, 2004 December 31, 2004
------------ ----------------- -----------------
Actual $1,000 $1,074 $2
Hypothetical
(5% return before expenses) $1,000 $1,023 $1
- ----------
* Expenses are equal to the Fund's annual expense ratio of 0.29% (which is
based on the expenses of the underlying funds), multiplied by the average
account value over the period, multiplied by 184/366 (to reflect the
one-half year period).
19
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ---- -------- ---------- ----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
DISCOUNT NOTES (58.0%)
FFCC........................................................ AAA 2.30% 01/05/05 $ 264,000 $ 263,933
FHLB........................................................ AAA 2.26 01/14/05 200,000 199,837
FHLB........................................................ AAA 2.30 01/21/05 200,000 199,744
FHLMC....................................................... AAA 2.26 01/06/05 316,000 315,901
FHLMC....................................................... AAA 2.27 01/10/05 500,000 499,716
FHLMC....................................................... AAA 2.26 01/11/05 9,761,000 9,754,866
FHLMC....................................................... AAA 2.26 01/14/05 2,434,000 2,432,011
FHLMC....................................................... AAA 2.27 01/18/05 250,000 249,732
FHLMC....................................................... AAA 2.27 02/01/05 17,750,000 17,715,266
FHLMC....................................................... AAA 2.29 02/01/05 200,000 199,605
FHLMC....................................................... AAA 2.26 02/08/05 700,000 698,328
FNMA........................................................ AAA 1.06 01/03/05 2,513,000 2,512,853
FNMA........................................................ AAA 2.27 01/05/05 1,000,000 999,747
FNMA........................................................ AAA 2.27 01/07/05 1,200,000 1,199,545
FNMA........................................................ AAA 2.30 01/07/05 340,000 339,870
FNMA........................................................ AAA 2.27 01/10/05 1,365,000 1,364,224
FNMA........................................................ AAA 2.26 01/11/05 1,728,000 1,726,914
FNMA........................................................ AAA 2.33 01/18/05 200,000 199,783
FNMA........................................................ AAA 2.29 01/19/05 400,000 399,543
FNMA........................................................ AAA 2.26 01/24/05 1,100,000 1,098,403
FNMA........................................................ AAA 2.25 01/24/05 550,000 549,205
FNMA........................................................ AAA 2.27 01/26/05 2,635,000 2,630,840
----------
45,549,866
----------
COMMERCIAL PAPER (42.0%)
7-Eleven, Inc............................................... A1+/P1 2.25 01/25/05 1,070,000 1,068,393
7-Eleven, Inc............................................... A1+/P1 2.30 01/03/05 1,021,000 1,020,869
Archer Daniel Midland....................................... A1/P1 2.15 01/03/05 2,100,000 2,099,749
Anheuser-Busch Cos., Inc.................................... A1/P1 2.05 01/03/05 2,100,000 2,099,761
Coca Cola Enterprises....................................... A1/P1 2.30 01/31/05 435,000 434,165
Coca Cola................................................... A1/P1 2.25 02/01/05 2,100,000 2,095,925
Gannett Co., Inc............................................ A1/P1 2.28 01/28/05 2,150,000 2,146,320
General Electric Capital Corp............................... A1+/P1 2.28 01/19/05 1,625,000 1,623,147
General Electric Capital Corp............................... A1+/P1 2.28 01/18/05 450,000 449,515
Kimberly-Clark Worldwide.................................... A1+/P1 2.13 01/03/05 2,100,000 2,099,751
Merck & Co., Inc............................................ A1+/P1 2.27 01/21/05 2,100,000 2,097,349
National Rural Utilities.................................... A1/P1 2.32 01/21/05 2,100,000 2,097,290
National Rural Utilities.................................... A1/P1 2.28 01/14/05 350,000 349,711
Nestle Capital Corp......................................... A1+/P1 2.28 01/18/05 1,348,000 1,346,547
Nestle Capital Corp......................................... A1+/P1 2.28 01/31/05 800,000 798,478
New Jersey Natural Gas...................................... A1/P1 2.31 01/07/05 1,336,000 1,335,485
New Jersey Natural Gas...................................... A1/P1 2.30 01/07/05 814,000 813,688
New York Times Co........................................... A1/P1 2.34 01/03/05 270,000 269,965
Novartis Finance Corp....................................... A1+/P1 2.15 01/04/05 341,000 340,939
Sherwin-Williams............................................ A1/P1 2.29 01/13/05 1,500,000 1,498,854
Sherwin-Williams............................................ A1/P1 2.26 01/04/05 600,000 599,887
The accompanying notes are an integral part of these financial statements.
20
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rating* Rate Maturity Amount Value
-------- -------- --------- ---------- ------------
SHORT-TERM DEBT SECURITIES: (Continued)
COMMERCIAL PAPER (CONTINUED)
Washington Gas Light Company................................ A1/P1 2.28% 01/06/05 $2,150,000 $ 2,149,319
Washington Post............................................. A1/P1 2.15 01/03/05 2,000,000 1,999,761
XTRA, Inc................................................... A1+/P1 2.31 01/03/05 2,100,000 2,099,730
-----------
32,934,598
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $78,484,464) 100 %................................................................................ $78,484,464
===========
- ----------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Service, Inc.
Abbreviations: FFCC = Federal Farm Credit Corp.
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
The accompanying notes are an integral part of these financial statements.
21
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Shares Value
-------- ------------
INDEXED ASSETS:
COMMON STOCKS
BASIC MATERIALS (1.7%) .................... 177,372 $ 7,942,969
------------
CONSUMER, CYCLICAL (6.7%)
eBay, Inc.* ............................. 15,082 1,753,735
Home Depot, Inc. ........................ 49,960 2,135,290
Time Warner, Inc.* ...................... 104,207 2,025,784
Other Securities ........................ 702,235 24,643,929
------------
30,558,738
------------
CONSUMER, NON-CYCLICAL (5.9%)
Altria Group, Inc. ...................... 46,698 2,853,248
Coca-Cola Co. ........................... 55,044 2,291,482
PepsiCo, Inc. ........................... 38,323 2,000,461
Proctor & Gamble Co. .................... 57,712 3,178,777
Wal-Mart Stores, Inc. ................... 96,347 5,089,049
Other Securities ........................ 296,363 11,500,984
------------
26,914,001
------------
ENERGY (4.0%)
ChevronTexaco Corp. ..................... 48,200 2,530,982
Exxon Mobil Corp. ....................... 146,772 7,523,533
Other Securities ........................ 176,041 8,326,078
------------
18,380,593
------------
FINANCIAL (11.6%)
American Int'l. Group, Inc. ............. 59,256 3,891,342
Bank of America Corp. ................... 91,895 4,318,146
Citigroup, Inc. ......................... 118,071 5,688,661
J.P. Morgan Chase & Co. ................. 81,049 3,161,721
Wachovia Corp. .......................... 36,484 1,919,058
Wells Fargo & Company ................... 38,491 2,392,216
Other Securities ........................ 695,616 31,641,707
------------
53,012,851
------------
HEALTHCARE (7.1%)
Johnson & Johnson ....................... 67,518 4,281,992
Pfizer, Inc. ............................ 171,336 4,607,225
Other Securities ........................ 538,800 23,504,018
------------
32,393,235
------------
INDUSTRIAL (6.7%)
General Electric Co. .................... 240,525 8,779,163
United Parcel Service Cl B .............. 25,499 2,179,145
Other Securities ........................ 392,623 19,499,968
------------
30,458,276
------------
TECHNOLOGY (9.0%)
Cisco Systems, Inc.* .................... 149,808 2,891,294
Dell, Inc.* ............................. 56,520 2,381,753
EMC Corp.* .............................. 54,517 810,668
Intel Corp. ............................. 143,853 3,364,722
Intl. Business Machines Corp. ........... 37,873 3,733,520
Microsoft Corp. ......................... 247,338 6,606,391
Other Securities..................1,121,063 21,435,370
------------
41,223,718
------------
TELECOMMUNICATIONS (1.8%)
SBC Communications, Inc. ................ 75,428 1,943,780
Verizon Communications .................. 62,996 2,551,968
Other Securities ........................ 177,447 3,896,714
------------
8,392,462
------------
UTILITIES (1.7%) .......................... 229,248 7,553,126
------------
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $190,266,310) 56.2% .............. $256,829,969
------------
- ----------
* Non-income producing security
Face
Rate Maturity Amount Value
-------- -------- ---------- --------------
INDEXED ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.2%) (a) .................................... -- -- $ 1,100,000 $ 1,095,362
------------
COMMERCIAL PAPER (3.3%)
7-Eleven, Inc. .............................................. 2.23% 01/04/05 2,840,000 2,839,472
Archer Daniels Midland ...................................... 2.15 01/03/05 12,190,000 12,188,544
------------
15,028,016
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $16,123,898) 3.5% .............................................................................. 16,123,378
------------
TOTAL INDEXED ASSETS
(Cost: $206,390,208) 59.7% ............................................................................ $272,953,347
------------
- ----------
(a) The securities or a portion thereof in this investment category have been
segregated to cover initial margin requirements on open futures contracts.
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain/(Loss)
---------- --------------- -----------
PURCHASED
54 S&P 500 Stock Index
Futures Contracts .......... March 2005 $16,384,950 $66,525
=========== =======
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 3.6%
The accompanying notes are an integral part of these financial statements.
22
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Shares Value
-------- ------------
ACTIVE ASSETS:
Common Stocks
BASIC MATERIALS (1.9%) .................... 326,449 $ 8,851,726
------------
Consumer, Cyclical (5.4%)
eBay, Inc.* ............................. 28,700 3,337,236
Staples, Inc. ........................... 58,200 1,961,922
Target Corp. ............................ 37,510 1,947,894
Other Securities ........................ 823,303 17,444,676
------------
24,691,728
------------
CONSUMER, NON-CYCLICAL (1.2%) ............. 222,456 5,502,000
------------
ENERGY (1.0%)
Exxon Mobil Corp. ....................... 7,930 406,492
Other Securities ........................ 176,487 4,060,870
------------
4,467,362
------------
FINANCIAL (8.6%)
Bank of America Corp. ................... 40,080 1,883,359
Charles Schwab Corp. .................... 173,500 2,075,060
Citigroup, Inc. ......................... 77,370 3,727,687
MBNA Corp. .............................. 82,800 2,334,132
Wells Fargo & Company ................... 31,000 1,926,650
Other Securities ........................ 980,656 27,536,567
------------
39,483,455
------------
HEALTHCARE (3.7%)
Amgen, Inc.* ............................ 29,500 1,892,425
Medtronic, Inc. ......................... 42,000 2,086,140
Pfizer, Inc. ............................ 83,000 2,231,870
Other Securities ........................ 560,184 10,624,683
------------
16,835,118
------------
INDUSTRIAL (6.0%)
General Electric Co. .................... 48,000 1,752,000
Grainger (W.W.), Inc. ................... 30,000 1,998,600
United Parcel Service Cl B .............. 27,576 2,356,645
Other Securities ........................ 918,991 21,353,767
------------
27,461,012
------------
TECHNOLOGY (10.0%)
Applied Materials, Inc.* ................ 122,500 2,094,749
Cisco Systems, Inc.* .................... 127,000 2,451,100
Dell, Inc.* ............................. 56,000 2,359,840
EMC Corp.* .............................. 261,751 3,892,237
Electronic Arts, Inc.* .................. 35,000 2,158,800
Juniper Networks, Inc.* ................. 78,500 2,134,415
Linear Technology Corp. ................. 52,000 2,015,520
Maxim Integrated Products, Inc. ......... 47,000 1,992,330
Microsoft Corp. ......................... 75,000 2,003,250
Other Securities.................. 1,498,140 24,735,887
------------
45,838,128
------------
TELECOMMUNICATIONS (0.9%) ................. 224,949 3,912,313
------------
UTILITIES (0.9%) .......................... 118,472 4,073,389
------------
TOTAL ACTIVE ASSETS-COMMON STOCKS
(Cost: $154,394,124) 39.6% .............. $181,116,231
------------
- ----------
* Non-income producing security
Face
Rate Maturity Amount Value
-------- -------- ---------- --------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (0.0%) (a).................................... -- -- $ 139,000 $ 138,992
------------
COMMERCIAL PAPER (0.6%)
Archer Daniels Midland.............................................. 2.15% 01/03/05 2,435,000 2,434,709
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $2,573,702) 0.6%................................................................................. 2,573,701
------------
TOTAL ACTIVE ASSETS
(Cost: $156,967,826) 40.2%.............................................................................. 183,689,932
------------
TEMPORARY CASH INVESTMENTS **
(Cost: $545,200) 0.1%................................................................................... 545,200
------------
TOTAL INVESTMENTS
(Cost: $363,903,234) 100.0%............................................................................. $457,188,479
============
- ----------
(a) 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 December 31, 2004 was 1.74%.
The total value of non-income producing investments was $122,197,391, or
26.7% of the Fund's total investments as of December 31, 2004.
The accompanying notes are an integral part of these financial statements.
23
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Shares Value
-------- ------------
COMMON STOCKS:
BASIC MATERIALS (3.0%) .................... 476,319 $ 21,330,586
------------
CONSUMER, CYCLICAL (11.4%)
eBay, Inc.* ............................. 40,495 4,708,759
Comcast Corp. Cl A* ..................... 135,605 4,512,934
Disney (Walt) Co. ....................... 124,816 3,469,885
Home Depot, Inc. ........................ 134,142 5,733,229
Time Warner, Inc.* ...................... 279,797 5,439,254
Viacom, Inc. Cl B ....................... 104,154 3,790,164
Other Securities ........................ 1,520,896 54,395,292
------------
82,049,517
------------
CONSUMER, NON-CYCLICAL (10.0%)
Altria Group, Inc. ...................... 125,384 7,660,962
Coca-Cola Co. ........................... 147,794 6,152,664
PepsiCo, Inc. ........................... 102,898 5,371,276
Proctor & Gamble Co. .................... 154,956 8,534,976
Wal-Mart Stores, Inc. ................... 258,692 13,664,111
Other Securities ........................ 795,753 30,880,582
------------
72,264,571
------------
ENERGY (6.8%)
ChevronTexaco Corp. ..................... 129,418 6,795,739
ConocoPhillips .......................... 42,164 3,661,100
Exxon Mobil Corp. ....................... 394,085 20,200,797
Other Securities ........................ 430,572 18,697,500
------------
49,355,136
------------
FINANCIAL (19.8%)
American Express Co. .................... 76,675 4,322,170
American Int'l. Group, Inc. ............. 159,103 10,448,294
Bank of America Corp. ................... 246,738 11,594,219
Citigroup, Inc. ......................... 317,022 15,274,120
Fannie Mae .............................. 59,126 4,210,362
J.P. Morgan Chase & Co. ................. 217,617 8,489,239
Merrill Lynch & Co., Inc. ............... 56,896 3,400,674
Morgan Stanley .......................... 66,863 3,712,234
US Bancorp .............................. 114,058 3,572,297
Wachovia Corp. .......................... 97,960 5,152,696
Wells Fargo & Company ................... 103,350 6,423,203
Other Securities ........................ 1,494,114 65,740,224
------------
142,339,732
------------
HEALTHCARE (12.1%)
Abbott Laboratories ..................... 95,135 4,438,048
Amgen, Inc.* ............................ 77,589 4,977,334
Johnson & Johnson ....................... 181,287 11,497,222
Lilly (Eli) & Co. ....................... 69,127 3,922,957
Medtronic, Inc. ......................... 73,836 3,667,434
Merck & Co., Inc. ....................... 135,464 4,353,813
Pfizer, Inc. ............................ 460,040 12,370,476
UnitedHealth Group, Inc. ................ 39,928 3,514,862
Wyeth ................................... 81,501 3,471,128
Other Securities ........................ 873,992 34,757,613
------------
86,970,887
------------
INDUSTRIAL (11.3%)
3M Company .............................. 47,558 3,903,085
General Electric Co. .................... 645,811 23,572,095
Tyco International, Ltd. ................ 122,881 4,391,767
United Parcel Service Cl B .............. 68,465 5,851,019
Other Securities ........................ 883,660 44,057,130
------------
81,775,096
------------
TECHNOLOGY (15.4%)
Cisco Systems, Inc.* .................... 402,236 7,763,155
Dell, Inc.* ............................. 151,757 6,395,040
Hewlett-Packard Co. ..................... 184,474 3,868,420
Intel Corp. ............................. 386,248 9,034,341
Intl. Business Machines Corp. ........... 101,690 10,024,600
Microsoft Corp. ......................... 664,104 17,738,217
Oracle Corp.* ........................... 313,278 4,298,174
Qualcomm, Inc. .......................... 100,125 4,245,300
Other Securities ........................ 2,558,591 47,318,126
------------
110,685,373
------------
TELECOMMUNICATIONS (3.1%)
SBC Communications, Inc. ................ 202,526 5,219,095
Verizon Communications .................. 169,145 6,852,064
Other Securities ........................ 476,445 10,462,573
------------
22,533,732
------------
UTILITIES (2.8%) .......................... 615,535 20,279,856
------------
TOTAL COMMON STOCKS
(Cost: $601,484,836) 95.7% .............. $689,584,486
------------
- ----------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
24
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rate Maturity Amount Value
-------- -------- ---------- --------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.3%) (b)......................................... -- -- $ 1,800,000 $ 1,793,611
------------
U.S. GOVERNMENT AGENCIES (3.2%)
Federal National Mtge. Assoc.................................... 1.06% 01/03/05 23,280,000 23,278,642
------------
COMMERCIAL PAPER (0.8%)
XTRA, Inc....................................................... 2.27 01/14/05 3,950,000 3,946,762
Other Securities................................................ -- -- 1,730,000 1,729,567
------------
5,676,329
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $30,748,807) 4.3%............................................................................ 30,748,582
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $11,900) 0.0% (a)............................................................................ 11,900
------------
TOTAL INVESTMENTS
(Cost: $632,245,543) 100.0% ........................................................................ $720,344,968
============
- ----------
(a) 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 December 31, 2004 was 1.74%.
The total value of non-income producing investments was $103,063,240, or
14.3% of the Fund's total investments as of December 31, 2004.
(b) The securities or a portion thereof in this investment category have been
segregated to cover initial margin requirements on open futures contracts.
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain (Loss)
---------- --------------- ----------
PURCHASED
102 S&P 500 Stock Index
Futures Contracts ........... March 2005 $30,949,350 $198,750
=========== ========
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 4.3%
The accompanying notes are an integral part of these financial statements.
25
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Shares Value
-------- ------------
COMMON STOCKS:
BASIC MATERIALS (4.8%)
Lyondell Chemical Co. ................... 59,289 $ 1,714,638
Peabody Energy Corp. .................... 15,855 1,282,828
Other Securities ........................ 352,660 11,030,001
------------
14,027,467
------------
CONSUMER, CYCLICAL (17.4%)
Caesars Entertainment, Inc.* ............ 76,819 1,547,135
D.R. Horton, Inc. ....................... 57,231 2,306,982
Harman Intl. Industries, Inc. ........... 16,437 2,087,499
Lennar Corp. ............................ 38,321 2,172,034
Mandalay Resort Group* .................. 16,566 1,166,743
Mohawk Industries, Inc.* ................ 16,362 1,493,033
PetSmart, Inc. .......................... 35,640 1,266,289
Toll Brothers, Inc.* .................... 18,341 1,258,376
Washington Post Co. Cl B ................ 2,355 2,315,012
Other Securities......................... 1,112,131 35,585,121
------------
51,198,224
------------
CONSUMER, NON-CYCLICAL (4.1%)
Constellation Brands, Inc. Cl A ......... 26,484 1,231,771
Dean Foods Co.* ......................... 36,581 1,205,344
Tyson Foods, Inc. ....................... 86,622 1,593,845
Whole Foods Market, Inc. ................ 15,283 1,457,234
Other Securities ........................ 198,890 6,525,410
------------
12,013,604
------------
ENERGY (6.1%)
ENSCO International, Inc. ............... 37,075 1,176,761
Murphy Oil Corp. ........................ 22,579 1,816,481
Pioneer Natural Resources Co. ........... 35,780 1,255,878
Smith International, Inc.* .............. 25,737 1,400,350
Weatherford International, Ltd. ......... 33,341 1,710,393
Other Securities ........................ 333,439 10,602,576
------------
17,962,439
------------
FINANCIAL (16.6%)
Banknorth Group, Inc. ................... 43,159 1,579,619
Commerce Bancorp, Inc. (N.J.) ........... 19,469 1,253,804
Developers Diversified Realty ........... 26,440 1,173,143
Everest RE Group* ....................... 13,772 1,233,420
Fidelity Natl. Finl., Inc. .............. 42,812 1,955,224
Hibernia Corp. Cl A ..................... 38,050 1,122,856
Legg Mason, Inc. ........................ 24,727 1,811,500
Leucadia National ....................... 17,600 1,222,848
New York Community Bancorp, Inc. ........ 65,068 1,338,449
Old Republic Intl. Corp. ................ 44,745 1,132,049
Radian Group, Inc. ...................... 22,548 1,200,456
TCF Financial ........................... 34,051 1,094,399
Other Securities ........................ 897,977 32,932,566
------------
49,050,333
------------
HEALTHCARE (9.7%)
Barr Pharmaceuticals, Inc.* ............. 25,153 1,145,468
Coventry Health Care* ................... 22,027 1,169,193
Dentsply International, Inc. ............ 19,793 1,112,367
Pacificare Health Systems, Inc. ......... 20,677 1,168,664
Patterson Cos., Inc.* ................... 33,667 1,460,811
Sepracor, Inc.* ......................... 25,786 1,530,915
Varian Medical Systems, Inc.* ........... 33,343 1,441,751
Other Securities ........................ 636,376 19,408,975
------------
28,438,144
------------
INDUSTRIAL (11.5%)
C.H. Robinson Worldwide, Inc. ........... 20,937 1,162,422
Expeditors Int'l Wash., Inc. ............ 26,151 1,461,318
Fastenal Co. ............................ 18,620 1,146,247
Republic Services, Inc. ................. 37,003 1,241,081
Other Securities ........................ 836,132 28,725,205
------------
33,736,273
------------
TECHNOLOGY (13.1%)
CDW Corp. ............................... 20,394 1,353,142
Cognizant Tech Solutions* ............... 32,629 1,381,186
McAfee, Inc.* ........................... 39,311 1,137,267
Microchip Technology, Inc. .............. 50,633 1,349,876
Other Securities ........................ 1,721,993 33,468,829
------------
38,690,300
------------
TELECOMMUNICATIONS (0.4%)
Telephone & Data Systems, Inc............ 14,084 1,083,764
Other Securities ........................ 60,188 249,780
------------
1,333,544
------------
UTILITIES (6.1%)
SCANA Corp. ............................. 27,566 1,086,100
Other Securities ........................ 651,686 16,947,155
------------
18,033,255
------------
TOTAL COMMON STOCKS
(Cost: $220,458,601) 89.8% .............. $264,483,583
------------
- ----------
* Non-income producing security
The accompanying notes are an integral part of these financial statements.
26
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rate Maturity Amount Value
------- -------- ----------- ------------
SHORT-TERM DEBT SECURITIES:
U.S. Government (0.4%) (b) ............................................ -- -- $ 1,300,000 $ 1,295,876
------------
U.S. GOVERNMENT AGENCIES (9.8%)
Federal National Mtge. Assoc........................................ 1.06% 01/03/05 28,800,000 28,798,320
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $30,094,284) 10.2%............................................................................... 30,094,196
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $10,800) 0.0% (a)................................................................................ 10,800
------------
TOTAL INVESTMENTS
(Cost: $250,563,685) 100.0% ............................................................................ $294,588,579
============
- ----------
(a) 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 December 31, 2004 was 1.74%.
The total value of non-income producing investments was $94,098,649, or
31.9% of the Fund's total investments as of December 31, 2004.
(b) The securities or a portion thereof in this investment category have been
segregated to cover initial margin requirements on open futures contracts.
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain (Loss)
---------- --------------- -----------
PURCHASED
86 S&P MidCap 400 Stock
Index Futures Contracts .... March 2005 $28,610,050 $406,350
=========== ========
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 9.7%
The accompanying notes are an integral part of these financial statements.
27
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ----------- -----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (4.1%)
U.S. Treasury Strip ........................... AAA 0.00 02/15/17 $15,000,000 $ 8,492,955
U.S. Treasury Strip ........................... AAA 0.00 05/15/14 10,000,000 6,645,920
-----------
15,138,875
-----------
U.S. GOVERNMENT AGENCIES (43.4%) MORTGAGE-BACKED OBLIGATIONS (32.6%)
FHLMC ......................................... AAA 8.00 07/15/06 26,586 26,561
FHLMC ......................................... AAA 4.00 10/15/26 9,000,000 8,876,088
FNMA .......................................... AAA 6.50 05/01/32 4,444,528 4,665,065
FNMA .......................................... AAA 6.00 05/01/32 3,653,718 3,783,085
FNMA .......................................... AAA 6.00 04/01/33 4,301,167 4,453,459
FNMA .......................................... AAA 5.00 06/01/33 3,492,844 3,472,355
FNMA .......................................... AAA 5.50 07/01/33 6,169,109 6,268,314
FNMA .......................................... AAA 5.50 09/01/33 2,968,881 3,016,623
FNMA .......................................... AAA 5.50 10/01/33 3,775,190 3,835,898
FNMA .......................................... AAA 5.00 11/01/33 4,750,065 4,722,202
FNMA .......................................... AAA 5.00 01/01/34 3,653,943 3,632,509
FNMA .......................................... AAA 5.50 03/01/34 2,676,664 2,719,707
FNMA .......................................... AAA 4.50 05/01/34 1,651,852 1,597,600
FNMA .......................................... AAA 4.50 06/01/34 2,747,938 2,657,688
FNMA .......................................... AAA 5.50 07/01/34 3,369,963 3,423,228
FNMA .......................................... AAA 5.50 09/01/34 2,881,367 2,926,910
FNMA .......................................... AAA 5.50 10/01/34 6,196,569 6,294,512
FNMA .......................................... AAA 5.00 10/25/15 5,000,000 5,101,560
FNMA .......................................... AAA 4.50 05/01/18 3,767,839 3,764,327
FNMA .......................................... AAA 5.00 09/01/18 2,878,188 2,927,008
FNMA .......................................... AAA 4.00 05/01/19 3,178,368 3,104,694
FNMA .......................................... AAA 4.00 11/25/26 4,750,000 4,675,278
FNMA .......................................... AAA -- -- 24,872,789 25,630,316
GNMA (a) ...................................... AAA 6.27 10/16/27 3,000,000 3,297,135
GNMA (a) ...................................... AAA -- -- 4,213,086 4,418,851
-----------
119,290,973
-----------
NON-MORTGAGE-BACKED OBLIGATION (10.8%)
FFCB .......................................... AAA 2.88 06/29/06 2,500,000 2,490,700
FFCB .......................................... AAA 4.15 05/15/13 10,000,000 9,795,050
FHLMC ......................................... AAA 4.50 01/15/13 2,500,000 2,520,878
FHLMC ......................................... AAA 5.20 03/05/19 10,000,000 9,886,970
FNMA .......................................... AAA 3.25 02/15/09 15,000,000 14,708,325
Other Securities .............................. -- -- 300,000 298,937
-----------
39,700,860
-----------
BASIC MATERIALS (5.7%)
Intl. Flavors & Fragrances .................... BBB+ 6.45 05/15/06 2,500,000 2,599,668
Lyondell Chemical Co. ......................... B+ 10.25 11/01/10 5,000,000 5,750,000
PolyOne Corp. ................................. B+ 7.50 12/15/15 3,750,000 3,600,000
Praxair, Inc. ................................. A- 6.90 11/01/06 5,000,000 5,328,360
Other Securities .............................. -- -- 3,500,000 3,512,136
-----------
20,790,164
-----------
The accompanying notes are an integral part of these financial statements.
28
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ----------- -----------
LONG-TERM DEBT SECURITIES: (CONTINUED)
CONSUMER, CYCLICAL (7.8%)
Centex Corp. .................................. BBB- 7.38 06/01/05 $5,000,000 $ 5,070,580
Centex Corp. .................................. BBB- 8.75 03/01/07 2,000,000 2,191,780
Kellwood, Co. ................................. BBB- 7.88 07/15/09 4,000,000 4,419,200
Newell Rubbermaid ............................. BBB+ 4.63 12/15/09 2,500,000 2,523,570
Target Corp. .................................. A+ 5.38 06/15/09 3,250,000 3,440,232
Other Securities .............................. -- -- 12,336,985 11,083,220
------------
28,728,582
------------
CONSUMER, NON-CYCLICAL (3.1%)
Wal-Mart Stores, Inc. ......................... AA 6.88 08/10/09 3,000,000 3,368,673
Other Securities .............................. -- -- 8,000,000 7,868,357
------------
11,237,030
------------
ENERGY (1.0%) .................................... -- -- 3,750,000 3,741,192
------------
FINANCIAL (23.0%)
Berkley (W.R.) Corp. .......................... BBB+ 8.70 01/01/22 5,000,000 6,097,740
Deere Capital Corp. ........................... A- 3.90 01/15/08 2,500,000 2,517,763
Executive Risk, Inc. .......................... A 7.13 12/15/07 5,000,000 5,442,615
First Horizon Mtge ............................ AAA 5.00 06/25/33 4,943,831 4,969,109
Fairfax Financial Holdings, Ltd. .............. BB 8.25 10/01/15 2,500,000 2,550,000
First Tennessee Natl. Corp. ................... BBB+ 4.50 05/15/13 5,000,000 4,805,915
Ford Motor Credit Co. ......................... BBB- 7.38 10/28/09 3,000,000 3,236,004
GE Capital Corp. .............................. AAA 2.75 09/25/06 4,000,000 3,960,864
General Motors Accep. Corp. ................... BBB- 0.00 12/01/12 10,000,000 5,726,740
Nationwide Health Properties .................. BBB- 7.90 11/20/06 5,000,000 5,303,944
Simon Property Group, Inc. .................... BBB+ 7.88 03/15/16 5,000,000 5,934,615
Other Securities .............................. -- -- 33,000,000 33,511,117
------------
84,056,426
------------
HEALTHCARE (1.1%) ................................ -- -- 3,750,000 3,883,883
------------
INDUSTRIAL (2.3%)
Seariver Maritime ............................. AAA 0.00 09/01/12 10,000,000 7,037,770
Other Securities .............................. -- -- 1,500,000 1,480,682
------------
8,518,452
------------
TECHNOLOGY (1.1%) ................................ -- -- 4,000,000 4,135,944
------------
TELECOMMUNICATIONS (0.6%) ........................ -- -- 2,000,000 2,016,618
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $336,938,170) 93.2% .......................................................................... $341,238,999
------------
- ----------
* Ratings as per Standard & Poor's Corporation.
The accompanying notes are an integral part of these financial statements.
29
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rate Maturity Amount Value
------ -------- ----------- -----------
SHORT-TERM DEBT SECURITIES:
U. S. GOVERNMENT AGENCIES (6.5%)
Federal Home Loan Bank ............................... 1.01% 01/03/05 $23,966,000 $ 23,964,668
------------
COMMERCIAL PAPER (0.3%) ................................. -- -- 916,000 915,892
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $24,880,560) 6.8% ................................................................................. 24,880,560
------------
TOTAL INVESTMENTS
(Cost: $361,818,730) 100.0% .............................................................................. $366,119,559
============
- ----------
Abbreviations: FFCB = Federal Farm Credit Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GNMA = Government National Mortgage Association
(a) U.S. Government guaranteed security.
The total value of investments whose issuer has filed for Chapter XI bankruptcy
law (or equivalent) protection was $126,659, or 0.03% of the Fund's total
investments as of December 31, 2004.
The total value of investments not rated or below-investment grade was
$12,026,659, or 3.3% of the Fund's total investments as of December 31, 2004.
The accompanying notes are an integral part of these financial statements.
30
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ----------- -----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (30.1%)
Treasury Notes .................................... AAA 2.75% 07/31/06 $7,250,000 $7,226,494
Treasury Notes .................................... AAA 3.00 11/15/07 1,500,000 1,490,742
Treasury Notes .................................... AAA 1.63 04/30/05 1,000,000 997,539
----------
9,714,775
----------
U.S. GOVERNMENT AGENCIES (51.5%) MORTGAGE-BACKED OBLIGATIONS (23.7%)
FHLMC ............................................. AAA 6.00 10/01/08 130,974 136,538
FHLMC ............................................. AAA 5.50 04/01/09 97,271 99,755
FHLMC ............................................. AAA 6.50 04/01/14 310,961 328,498
FHLMC ............................................. AAA 4.50 03/15/22 2,000,000 2,010,192
FHLMC ............................................. AAA 4.50 08/15/22 542,474 544,039
FHLMC ............................................. AAA 4.00 11/15/26 787,772 787,324
FHLMC ............................................. AAA -- -- 475,886 493,738
FNMA .............................................. AAA 5.50 06/01/09 122,192 126,479
FNMA .............................................. AAA 6.00 09/01/12 110,063 115,586
FNMA .............................................. AAA 4.50 10/25/17 1,000,000 1,011,550
FNMA .............................................. AAA 6.00 12/25/18 168,797 169,556
FNMA .............................................. AAA 6.50 01/25/23 103,180 105,643
FNMA .............................................. AAA 6.50 12/25/23 200,000 205,745
FNMA .............................................. AAA 4.00 11/25/26 100,000 99,249
FNMA .............................................. AAA -- -- 775,258 806,990
Residential Funding Mtge. Sec ..................... AAA 5.00 02/25/33 271,133 271,546
Other Securities .................................. -- -- 330,115 343,711
----------
7,656,139
----------
NON-MORTGAGE-BACKED OBLIGATIONS (27.8%)
FFCB .............................................. AAA 2.88 06/29/06 1,000,000 996,280
FHLB .............................................. AAA 2.50 03/15/06 500,000 496,707
FHLB .............................................. AAA 2.88 09/15/06 2,800,000 2,790,077
FHLMC ............................................. 2.75 08/15/06 1,000,000 993,439
FNMA .............................................. AAA 2.25 05/15/06 2,000,000 1,976,226
FNMA .............................................. AAA 2.63 11/15/06 1,000,000 989,130
FNMA .............................................. AAA 2.38 02/15/07 750,000 736,123
----------
8,977,982
----------
BASIC MATERIALS (0.3%)
Monsanto Co. ...................................... A- 4.00 05/15/08 100,000 100,321
----------
CONSUMER, CYCLICAL (0.8%)
Caterpillar Fin. Svc .............................. A 2.63 01/30/07 250,000 245,625
----------
CONSUMER, NON-CYCLICAL (1.4%)
CVS Corp. ......................................... A- 5.63 03/15/06 150,000 153,809
Safeway, Inc. ..................................... BBB 2.50 11/01/05 100,000 99,435
Other Securities .................................. -- -- 200,000 196,866
----------
450,110
----------
The accompanying notes are an integral part of these financial statements.
31
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ----------- -----------
LONG-TERM DEBT SECURITIES (Continued):
ENERGY (0.6%)
Devon Energy Corporation .......................... BBB 2.75% 08/01/06 $ 100,000 $ 98,828
Ocean Energy, Inc. ................................ BBB 4.38 10/01/07 100,000 101,462
-----------
200,290
-----------
FINANCIAL (5.5%)
American Express Co. .............................. A+ 5.50 09/12/06 200,000 207,149
Bank of America Corp. ............................. A+ 4.75 10/15/06 100,000 102,413
Bank of Oklahoma .................................. BBB 7.13 08/15/07 250,000 270,897
Bear Stearns Cos., Inc. ........................... A 3.00 03/30/06 100,000 99,793
CIT Group Hldgs. Inc. ............................. A 2.88 09/29/06 100,000 98,958
GE Capital Corp. .................................. AAA 2.75 09/25/06 250,000 247,554
JP Morgan Chase Bank .............................. A+ 5.63 08/15/06 100,000 103,599
Natl Rural Utils. Coop. Fin. Corp. ................ A+ 3.00 02/15/06 185,000 184,627
Northern Trust Co. ................................ AA- 2.88 12/15/06 200,000 198,374
Textron Finance Corp. ............................. A- 2.69 10/03/06 100,000 98,582
US Bank NA ........................................ AA- 2.85 11/15/06 150,000 148,737
-----------
$ 1,760,683
-----------
HEALTHCARE (1.0%)
Baxter International, Inc. ........................ A- 5.25 05/01/07 100,000 103,253
Bristol-Myers Squibb Co. .......................... A+ 4.75 10/01/06 200,000 204,505
-----------
307,758
-----------
INDUSTRIAL (1.7%)
Conoco Funding Co. ................................ A- 5.45 10/15/06 200,000 207,131
Deluxe Corp. ...................................... BBB+ 3.50 10/01/07 250,000 246,780
Other Securities .................................. -- -- 100,000 98,571
-----------
552,482
-----------
TECHNOLOGY (0.6%)
Hewlett-Packard Co. ............................... A- 5.75 12/15/06 100,000 104,114
Intl. Business Machines Corp. ..................... A+ 4.88 10/01/06 100,000 102,683
-----------
206,797
-----------
UTILITIES (0.6%)
DTE Energy Co. ................................. BBB- 6.45 06/01/06 200,000 208,200
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $30,626,653) 94.1% ........................................................................ 30,381,162
-----------
- ----------
* Ratings as per Standard & Poor's Corporation.
The accompanying notes are an integral part of these financial statements.
32
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rate Maturity Amount Value
------ -------- ----------- -----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (2.9%)
Federal Home Loan Bank .................................. 1.01% 01/03/05 $957,000 $ 956,947
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $956,947) 2.9% ..................................................................................... 956,947
-----------
Temporary Cash Investments**
(Cost: $960,900) 3.0% ..................................................................................... 960,900
-----------
TOTAL INVESTMENTS
(Cost: $32,544,500) 100.0% ................................................................................ $32,299,009
-----------
- ----------
Abbreviations: FFCB = Federal Farm Credit Bank
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2004 was 1.74%.
The accompanying notes are an integral part of these financial statements.
33
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ----------- -----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (4.4%)
U.S. Treasury Notes ............................ AAA 5.00% 08/15/11 $3,000,000 $ 3,193,710
-----------
U.S. GOVERNMENT AGENCIES (61.2%) MORTGAGE-BACKED OBLIGATIONS (4.4%)
FHLMC .......................................... AAA 5.00 06/15/17 3,000,000 3,074,430
FHLMC .......................................... AAA -- -- 87,312 92,561
FNMA ........................................... AAA -- -- 55,722 57,204
-----------
3,224,195
-----------
NON-MORTGAGE-BACKED OBLIGATIONS (56.8%)
FHLB ........................................... AAA 2.75 03/14/08 4,750,000 4,641,933
FHLMC .......................................... AAA 6.63 09/15/09 5,000,000 5,591,705
FHLMC .......................................... AAA 5.63 03/15/11 4,000,000 4,323,268
FNMA ........................................... AAA 4.25 07/15/07 14,000,000 14,293,415
FNMA ........................................... AAA 3.25 01/15/08 5,000,000 4,961,565
FNMA ........................................... AAA 3.25 02/15/09 1,500,000 1,470,833
FNMA ........................................... AAA 6.63 09/15/09 5,500,000 6,141,157
-----------
41,423,876
-----------
BASIC MATERIALS (2.1%)
Cytec Industries, Inc. ......................... BBB 6.85 05/11/05 500,000 504,824
Intl. Flavors & Fragrances ..................... BBB+ 6.45 05/15/06 250,000 259,967
Monsanto Co. ................................... A- 4.00 05/15/08 500,000 501,604
Other Securities ............................... -- -- 250,000 250,916
-----------
1,517,311
-----------
CONSUMER, CYCLICAL (4.8%)
Caterpillar Fin. Svc ........................... A 2.63 01/30/07 500,000 491,249
Cox Communications, Inc. Cl A .................. BBB- 3.88 10/01/08 500,000 494,828
Newell Rubbermaid .............................. BBB+ 4.63 12/15/09 500,000 504,714
Target Corp. ................................... A+ 5.38 06/15/09 1,000,000 1,058,533
Other Securities ............................... -- -- 936,000 950,429
-----------
3,499,753
-----------
CONSUMER, NON-CYCLICAL (3.8%)
Campbell Soup Co. .............................. A 5.50 03/15/07 500,000 518,470
Coca-Cola Enterprises, Inc. .................... A 2.50 09/15/06 500,000 492,832
General Mills, Inc. ............................ BBB+ 2.63 10/24/06 500,000 491,499
Kellogg Co. .................................... BBB+ 2.88 06/01/08 500,000 485,641
Safeway, Inc. .................................. BBB 4.13 11/01/08 500,000 497,064
Wal-Mart Stores, Inc. .......................... AA 6.88 08/10/09 250,000 280,723
-----------
2,766,229
-----------
ENERGY (1.0%)
Anadarko Petroleum Corp. ....................... BBB+ 3.25 05/01/08 500,000 491,404
Other Securities ............................... -- -- 250,000 253,654
-----------
745,058
-----------
The accompanying notes are an integral part of these financial statements.
34
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ----------- -----------
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIAL (16.7%)
American Honda Finance ......................... A+ 3.85% 11/06/08 $ 500,000 $ 498,607
Bank of America Corp. .......................... A+ 4.75 10/15/06 500,000 512,063
Bank of Oklahoma ............................... BBB 7.13 08/15/07 350,000 379,255
Berkshire Hathaway Financial ................... AAA 4.20 12/15/10 500,000 496,791
Deere Capital Corp. ............................ A- 3.90 01/15/08 500,000 503,553
Ford Motor Credit Co. .......................... BBB- 7.38 10/28/09 750,000 809,001
GE Capital Corp. ............................... AAA 2.75 09/25/06 750,000 742,662
General Motors Acceptance Corp. ................ BBB- 6.75 01/15/06 500,000 512,940
Heller Financial, Inc. ......................... AAA 6.38 03/15/06 500,000 517,494
Household Finance Corp. ........................ A 6.50 01/24/06 500,000 516,884
JP Morgan Chase Bank ........................... A+ 5.63 08/15/06 500,000 517,996
Lehman Brothers Holdings, Inc. ................. A 4.00 01/22/08 500,000 503,451
Nationwide Health Properties ................... BBB- 7.60 11/20/28 350,000 391,428
Nationwide Health Properties ................... BBB- 7.90 11/20/06 250,000 265,197
Roslyn Bancorp, Inc. ........................... BBB- 7.50 12/01/08 500,000 554,385
SLM Corp. ...................................... A 4.00 01/15/09 500,000 499,758
Sprint Capital Corp. ........................... BBB- 7.13 01/30/06 500,000 520,058
Textron Finance Corp. .......................... A- 2.69 10/03/06 500,000 492,910
The CIT Group, Inc. ............................ A 6.50 02/07/06 500,000 517,574
U S Bancorp .................................... A+ 3.95 08/23/07 500,000 504,805
Union Planters Corp. ........................... A- 6.75 11/01/05 500,000 514,661
Other Securities ............................... -- -- 1,400,000 1,402,502
-----------
12,173,975
-----------
INDUSTRIAL (0.7%)
Deluxe Corp. ................................... BBB+ 3.50 10/01/07 500,000 493,561
-----------
TECHNOLOGY (1.4%)
Hewlett-Packard Co. ............................ A- 5.75 12/15/06 500,000 520,572
Intl. Business Machines Corp. .................. A+ 4.88 10/01/06 500,000 513,415
-----------
1,033,987
-----------
TELECOMMUNICATIONS (0.7%)
Verizon Global ................................. A+ 4.00 01/15/08 500,000 504,155
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $70,832,708) 96.8% .......................................................................... $70,575,810
-----------
- ----------
* Ratings as per Standard & Poor's Corporation.
The accompanying notes are an integral part of these financial statements.
35
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rate Maturity Amount Value
------ -------- ----------- -----------
SHORT-TERM DEBT SECURITIES:
U.S. Government Agencies (2.2%)
Federal Home Loan Bank ................................... 1.01% 01/03/05 $ 1,591,000 $ 1,590,912
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,590,912) 2.2% .................................................................................... 1,590,912
-----------
TEMPORARY CASH INVESTMENTS**
(Cost: $750,000) 1.0% ...................................................................................... 750,000
-----------
TOTAL INVESTMENTS
(Cost: $73,173,620) 100.0% ................................................................................ $72,916,722
-----------
- ----------
Abbreviations: FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2004 was 1.74%.
The accompanying notes are an integral part of these financial statements.
36
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Shares Value
-------- ------------
COMMON STOCKS:
BASIC MATERIALS (2.3%)
Du Pont (E.I.) de Nemours & Co. ......... 74,000 $ 3,629,700
PPG Industries, Inc. .................... 35,000 2,385,600
------------
6,015,300
------------
CONSUMER, CYCLICAL (8.4%)
Circuit City Group, Inc. ................ 286,000 4,473,040
Genuine Parts Co. ....................... 90,000 3,965,400
Staples, Inc. ........................... 152,000 5,123,920
Target Corp. ............................ 120,050 6,234,197
Other Securities ........................ 27,960 1,611,335
------------
21,407,892
------------
CONSUMER, NON-CYCLICAL (5.3%)
Proctor & Gamble Co. .................... 58,200 3,205,656
Wal-Mart Stores, Inc. ................... 76,590 4,045,484
Walgreen Co. ............................ 119,740 4,594,424
Other Securities ........................ 56,000 1,649,200
------------
13,494,764
------------
ENERGY (0.8%) ............................. 32,940 2,040,804
------------
FINANCIAL (13.3%)
American Express Co. .................... 87,063 4,907,741
Bank of America Corp. ................... 126,660 5,951,753
Citigroup, Inc. ......................... 85,983 4,142,661
Comerica, Inc. .......................... 58,400 3,563,568
Golden West Financial Corp. ............. 75,018 4,607,606
J.P. Morgan Chase & Co. ................. 69,100 2,695,591
Providian Financial Corp.* .............. 190,000 3,129,300
Wells Fargo & Company ................... 79,623 4,948,569
------------
33,946,789
------------
HEALTHCARE (6.8%)
Abbott Laboratories ..................... 125,541 5,856,488
Medtronic, Inc. ......................... 56,285 2,795,676
Pfizer, Inc. ............................ 69,290 1,863,208
Wyeth ................................... 60,000 2,555,400
Other Securities ........................ 80,338 4,427,148
------------
17,497,920
------------
INDUSTRIAL (7.8%)
General Electric Co. .................... 202,020 7,373,718
Grainger (W.W.), Inc. ................... 93,000 6,195,660
Tyco International Ltd. ................. 144,665 5,170,327
Other Securities ........................ 14,391 1,229,856
------------
19,969,561
------------
TECHNOLOGY (12.3%)
Affiliated Computer Svcs.* .............. 85,842 5,166,831
Dell Inc.* .............................. 76,640 3,229,611
EMC Corp.* .............................. 367,129 5,459,209
First Data Corp. ........................ 63,172 2,687,338
Microsoft Corp. ......................... 173,401 4,631,542
Network Appliance, Inc.* ................ 58,584 1,946,161
Sabre Group Holdings, Inc. .............. 98,044 2,172,656
Texas Instruments, Inc. ................. 129,317 3,183,786
Other Securities ........................ 135,020 3,083,286
------------
31,560,420
------------
TELECOMMUNICATIONS (2.4%)
SBC Communications, Inc. ................ 73,870 1,903,630
Sprint Corp. (FON Gp.) .................. 134,522 3,342,872
Other Securities ........................ 62,000 854,980
------------
6,101,482
------------
UTILITIES (1.2%)
CINergy Corp. ........................... 75,500 3,143,065
------------
TOTAL COMMON STOCKS
(Cost: $139,854,643) 60.6% .............. $155,177,997
============
- ----------
* Non-income producing security.
The accompanying notes are an integral part of these financial statements.
37
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ------ --------- ----------- -----------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.8%)
U.S. Treasury Notes ............................ AAA 3.88% 02/15/13 $2,000,000 $ 1,973,282
-----------
U.S. GOVERNMENT AGENCIES (20.1%) MORTGAGE-BACKED OBLIGATIONS (14.5%)
FHLMC .......................................... AAA 8.00 07/15/06 13,293 13,280
FHLMC .......................................... AAA 5.00 06/15/17 4,000,000 4,099,240
FNMA ........................................... AAA 5.00 11/01/33 1,871,238 1,860,261
FNMA ........................................... AAA 5.50 05/01/34 2,337,024 2,373,963
FNMA ........................................... AAA 5.00 04/01/18 1,781,813 1,812,036
FNMA ........................................... AAA -- -- 19,200,997 19,539,622
GNMA (1) ....................................... AAA 6.27 10/16/27 3,000,000 3,297,135
GNMA (1) ....................................... AAA -- -- 990,038 1,039,383
Other Securities ............................... -- -- 3,009,751 3,004,091
-----------
37,039,011
-----------
NON-MORTGAGE-BACKED OBLIGATIONS (5.6%)
FNMA ........................................... AAA 4.38 03/15/13 4,500,000 4,487,688
FNMA ........................................... AAA 3.25 02/15/09 4,250,000 4,167,359
FHLMC .......................................... AAA 4.50 01/15/13 3,500,000 3,529,229
Other Securities ............................... -- -- 2,250,000 2,255,863
-----------
14,440,139
-----------
BASIC MATERIALS (2.0%)
Praxair, Inc. .................................. A- 6.90 11/01/06 2,500,000 2,664,180
Other Securities ............................... -- -- 2,500,000 2,538,435
-----------
5,202,615
-----------
CONSUMER, CYCLICAL (2.0%) ......................... -- -- 5,437,594 4,998,862
-----------
CONSUMER, NON-CYCLICAL (1.0%)
Wal-Mart Stores, Inc. .......................... AA 6.88 08/10/09 1,000,000 1,122,891
Other Securities ............................... -- -- 1,500,000 1,469,972
-----------
2,592,863
-----------
ENERGY (0.4%) ..................................... -- -- 1,000,000 998,712
-----------
FINANCIAL (10.0%)
Bank of America Corp. .......................... A+ 4.75 10/15/06 500,000 512,063
Berkley (W.R.) Corp. ........................... BBB+ 8.70 01/01/22 1,500,000 1,829,322
GE Capital Corp. ............................... AAA 5.45 01/15/13 2,000,000 2,110,926
Nationwide Health Properties ................... BBB- 7.90 11/20/056 5,000,000 5,303,944
Wells Fargo & Company .......................... AA- 3.50 04/04/08 250,000 248,430
Other Securities ............................... -- -- 16,482,651 15,571,063
-----------
25,575,748
-----------
HEALTHCARE (0.4%)
Wyeth .......................................... A 5.50 03/15/13 500,000 519,662
Other Securities ............................... -- -- 500,000 516,267
-----------
1,035,929
-----------
The accompanying notes are an integral part of these financial statements.
38
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
December 31, 2004
Face
Rating* Rate Maturity Amount Value
------- ------ -------- --------- -----------
LONG-TERM DEBT SECURITIES (CONTINUED):
INDUSTRIAL (1.0%)
Seariver Maritime ....................................... AAA 0.00% 09/01/12 $3,000,000 $ 2,111,331
-- -- 500,000 493,561
-----------
2,604,892
-----------
TECHNOLOGY (0.4%) .......................................... -- -- 1,000,000 1,033,987
-----------
TELECOMMUNICATIONS (0.2%) .................................. -- -- 500,000 504,155
-----------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $97,899,547) 38.3% ............................................................................ $98,000,195
-----------
Face
Rate Maturity Amount Value
------ -------- ----------- -----------
SHORT-TERM DEBT SECURITIES:
U.S. Government Agencies (0.8%)
Federal National Mtge. Assoc ............................. 1.94% 01/03/05 $2,090,000 $ 2,089,878
------------
COMMERCIAL PAPER (0.2%) ..................................... 570,000 569,932
------------
Total Short-Term Debt Securities
Cost: $2,659,810) 1.0% ..................................................................................... 2,659,810
------------
Temporary Cash Investments**
(Cost: $222,400) 0.1% ..................................................................................... 222,400
------------
Total Investments
(Cost: $240,636,400) 100.0% ................................................................................ $256,060,402
============
- ----------
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GNMA = Government National Mortgage Association
(1) U.S. Government guaranteed security.
The total value of investments whose issuer has filed for Chapter XI bankruptcy
law (or equivalent) protection was $50,664, or 0.02% of the Fund's total
investments as of December 31, 2004.
The total value of non-income producing investments was $24,191,742, or 9.4% of
the Fund's total investments as of December 31, 2004.
The total value of investments not rated or below-investment grade was
$2,095,664, or 0.8% the Fund's total investments as of December 31, 2004.
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2004 was 1.74%.
The accompanying notes are an integral part of these financial statements.
39
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
SUMMARY PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Shares Value
-------- ------------
COMMON STOCKS:
BASIC MATERIALS (6.4%)
Cytec Industries, Inc. .................. 50,410 $ S2,592,082
Georgia Gulf Corp. ...................... 84,296 4,197,941
Graftech International, Ltd.* ........... 265,610 2,512,671
Other Securities ........................ 659,333 14,498,234
------------
23,800,928
------------
CONSUMER, CYCLICAL (14.3%)
Aaron Rents, Inc. ....................... 116,710 2,917,750
Crown Holdings, Inc.* ................... 473,831 6,510,438
Jacuzzi Brands, Inc.* ................... 321,250 2,794,875
Shopko Stores, Inc.* .................... 132,450 2,474,166
Sunterra Corporation* ................... 161,600 2,268,864
Other Securities ........................ 1,596,070 36,651,481
------------
53,617,574
------------
CONSUMER, NON-CYCLICAL (4.5%)
Chiquita Brands Intl., Inc. ............. 136,800 3,017,808
Longs Drug Stores Corp. ................. 86,820 2,393,627
MGI Pharma, Inc.,* ...................... 102,600 2,873,826
Walter Industries, Inc. ................. 112,030 3,778,772
Other Securities ........................ 282,556 4,613,865
------------
16,677,898
------------
ENERGY (3.7%)
Range Resources Corp. ................... 182,767 3,739,413
Southern Union Co.* ..................... 102,961 2,469,005
Other Securities ........................ 389,343 7,739,411
------------
13,947,829
------------
FINANCIAL (20.0%)
American Home Mortgage Inv .............. 67,760 2,320,780
Assured Guaranty Co.* ................... 120,910 2,378,300
BankAtlantic Bancorp, Inc. Cl A ......... 152,050 3,025,795
Brookline Bankcorp ...................... 157,860 2,576,275
Direct General Corp. .................... 76,120 2,443,452
Equity Inns, Inc. ....................... 213,170 2,502,616
LandAmerica Financial Group ............. 57,880 3,121,468
MAF Bancorp ............................. 55,300 2,478,546
PrivateBancorp, Inc. .................... 75,717 2,440,359
Provident Financial Services ............ 137,000 2,653,690
Sterling Financial Corp.* ............... 69,381 2,723,898
W Holding Co., Inc. ..................... 102,330 2,347,450
Other Securities ........................ 1,693,261 43,906,428
------------
74,919,057
------------
HEALTHCARE (8.2%)
Advanced Medical Optics, Inc.* .......... 64,474 2,652,460
Centene Corporation* .................... 80,586 2,284,613
Other Securities ........................ 1,769,308 25,560,008
------------
30,497,081
------------
INDUSTRIAL (20.3%)
Apogee Enterprises, Inc. ................ 191,610 2,569,490
Audiovox Corp. Cl A* .................... 153,382 2,420,368
Benchmark Electronics* .................. 96,716 3,298,016
Champion Enterprises, Inc.* ............. 308,100 3,641,742
Ciber Inc.* ............................. 248,997 2,400,331
Dycom Industries, Inc.* ................. 86,780 2,648,526
Engineered Support Systems .............. 51,214 3,032,893
General Cable Corp.* .................... 347,740 4,816,199
Kirby Corp.* ............................ 74,614 3,311,369
Landstar System, Inc.* .................. 38,393 2,827,261
RailAmerica, Inc.* ...................... 277,670 3,623,594
Siligan Holdings, Inc. .................. 59,290 3,614,318
Trinity Industries ...................... 78,660 2,680,733
UTI Worldwide, Inc.* .................... 36,032 2,450,897
Universal Forest Products ............... 58,110 2,521,974
Other Securities ........................ 1,392,265 29,931,611
------------
75,789,322
------------
TECHNOLOGY (15.6%)
Cypress Semiconductor Corp.* ............ 290,567 3,408,351
DRS Technologies, Inc* .................. 56,110 2,396,458
Other Securities ........................ 4,336,192 52,375,279
------------
58,180,088
------------
TELECOMMUNICATIONS (1.0%) ................. 336,840 3,723,421
------------
UTILITIES (3.0%)
Energen Corp. ........................... 48,430 2,854,949
PNM Resources, Inc. ..................... 114,690 2,900,510
Southwestern Energy Co.* ................ 45,199 2,291,137
Westar Energy, Inc. ..................... 99,360 2,272,363
Other Securities ........................ 47,540 840,032
------------
11,158,991
------------
TOTAL COMMON STOCKS
(Cost: $316,390,189) 97.0% .............. $362,312,189
------------
- ----------
* Non-income producing security.
Face
Rate Maturity Amount Value
----- --------- ------------- --------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (3.0%)
Federal National Mtge. Assoc........................................ 1.94% 01/03/05 $11,280,000 $ 11,279,342
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $11,279,342) 3.0%................................................................................ 11,279,342
------------
TOTAL INVESTMENTS
(Cost: $327,669,531) 100.0%............................................................................. $373,591,531
============
The total value of non-income producing investments was $215,322,753, or 57.6%
of the Fund's total investments as of December 31, 2004.
The accompanying notes are an integral part of these financial statements.
40
MUTUAL OF AMERICA INVESTMENT CORPORATION (CONSERVATIVE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Shares Value
--------- ----------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100%)
Mutual of America Investment Corporation
Bond Fund .................................. 1,942,742 $2,507,867
Mid Term Bond Fund ......................... 2,651,479 2,504,722
Equity Index Fund .......................... 990,433 2,096,297
Short Term Bond Fund ....................... 1,223,595 1,251,008
----------
TOTAL INVESTMENTS
(Cost: $8,318,727) 100% .................. $8,359,894
==========
MUTUAL OF AMERICA INVESTMENT CORPORATION (MODERATE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Shares Value
--------- ----------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100%)
Mutual of America Investment Corporation
Equity Index Fund .......................... 6,196,563 $13,115,310
Bond Fund .................................. 8,681,890 11,207,365
Mid Term Bond Fund ......................... 7,899,705 7,462,464
Mid Cap Equity Index Fund .................. 3,876,979 5,665,558
-----------
TOTAL INVESTMENTS
(Cost: $36,771,402) 100% ................ $37,450,697
===========
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
December 31, 2004
Shares Value
--------- ----------
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100%)
Mutual of America Investment Corporation
Equity Index Fund .......................... 6,293,894 $13,321,315
Bond Fund .................................. 5,716,282 7,379,091
Mid-Cap Equity Index Fund .................. 4,083,221 5,966,946
Aggressive Equity Fund ..................... 1,697,875 2,980,901
-----------
TOTAL INVESTMENTS
(Cost: $28,473,839) 100% ................. $29,648,253
===========
The accompanying notes are an integral part of these financial statements.
41
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 2004
Money Market All America Equity Index
Fund Fund Fund
----------- ------------ ------------
ASSETS:
Investments at market value
(Cost:
Money Market Fund -- $78,484,464
All America Fund -- $363,903,234
Equity Index Fund -- $632,245,543)
(Notes 1 and 3) ............................................... $78,484,464 $457,188,479 $720,344,968
Cash ............................................................. 2,762 16,072 96
Interest and dividends receivable ................................ -- 451,563 891,933
Receivable for securities sold ................................... -- 226,115 607,093
Receivable for daily variation margin on futures contracts ....... -- -- --
----------- ------------ ------------
TOTAL ASSETS ..................................................... 78,487,226 457,882,229 721,844,090
----------- ------------ ------------
LIABILITIES:
Payable for securities purchased ................................. -- 138,988 --
Payable for daily variation margin on future contracts ........... -- 13,500 25,912
----------- ------------ ------------
TOTAL LIABILITIES ................................................ -- 152,488 25,912
----------- ------------ ------------
NET ASSETS ....................................................... $78,487,226 $457,729,741 $721,818,178
=========== ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) ............................ 66,233,088 223,626,559 341,035,099
=========== ============ ============
NET ASSET VALUES, offering and redemption price per share ........ $1.19 $2.05 $2.12
===== ===== =====
Mid-Cap
Equity Index Bond Short-Term
Fund Fund Bond Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Mid-Cap Equity Index Fund -- $250,563,685 Bond Fund -- $361,818,730
Short-Term Bond Fund -- $32,544,500)
(Notes 1 and 3) ............................................... $294,588,579 $366,119,559 $ 32,299,009
Cash ............................................................. 32 2,615 43
Interest and dividends receivable ................................ 178,558 2,905,636 222,727
Receivable for securities sold ................................... 152,878 -- 9,004
Receivable for daily variation margin on futures contracts ....... 78,526 -- --
------------ ------------ ------------
TOTAL ASSETS ..................................................... 294,998,573 369,027,810 32,530,783
------------ ------------ ------------
LIABILITIES:
Payable for securities purchased ................................. -- -- 956,920
------------ ------------ ------------
Net Assets ....................................................... $294,998,573 $369,027,810 $ 31,573,863
============ ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) ............................ 201,869,864 285,870,568 30,881,978
============ ============ ============
NET ASSETS VALUES, offering and redemption price per share ....... $1.46 $1.29 $1.02
===== ===== =====
The accompanying notes are an integral part of these financial statements.
42
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
December 31, 2004
Aggressive
Mid-Term Composite Equity
Bond Fund Fund Fund
----------- ------------ ------------
ASSETS:
Investments at market value
(Cost:
Mid-Term Bond Fund -- $73,173,620 Composite Fund -- $240,636,400 Aggressive
Equity Fund -- $327,669,531)
(Notes 1 and 3) ............................................... $72,916,722 $256,060,402 $373,591,531
Cash ............................................................. 844,899 9,317 11,823
Interest and dividends receivable ................................ 1,041,345 1,078,704 194,566
Receivable for securities sold ................................... -- -- --
----------- ------------ ------------
TOTAL ASSETS ..................................................... 74,802,966 257,148,423 373,797,920
LIABILITIES:
Payable for securities purchased ................................. 1,590,867 -- --
----------- ------------ ------------
NET ASSETS ....................................................... $73,212,099 $257,148,423 $373,797,920
=========== ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) ............................ 77,501,724 176,457,672 212,909,336
=========== ============ ============
NET ASSET VALUES, offering and redemption price per share ........ $0.94 $1.46 $1.76
===== ===== =====
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ------------ ------------
ASSETS:
Investments at market value
(Cost:
Conservative Allocation Fund -- $8,318,727
Moderate Allocation Fund -- $36,771,402
Aggressive Allocation Fund -- $28,473,839)
(Notes 1 and 3) ............................................... $ 8,359,894 $ 37,450,697 $ 29,648,253
----------- ------------ ------------
TOTAL ASSETS ..................................................... 8,359,894 37,450,697 29,648,253
LIABILITIES:
Payable for securities purchased ................................. -- -- --
----------- ------------ ------------
NET ASSETS ....................................................... $ 8,359,894 $ 37,450,697 $ 29,648,253
=========== ============ ============
NUMBER OF SHARES OUTSTANDING (Note 4) ............................ 8,204,622 33,766,624 24,504,532
=========== ============ ============
NET ASSET VALUES, offering and redemption price per share ........ $1.02 $1.11 $1.21
===== ===== =====
The accompanying notes are an integral part of these financial statements.
43
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 2004
Mid-Cap
Money Market All America Equity Index Equity Index Bond
Fund Fund Fund Fund Fund
---------- ----------- ----------- ----------- -----------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends .................................. $ -- $ 7,510,388 $12,919,458 $ 2,661,860 $ --
Interest ................................... 1,006,827 181,306 252,686 272,573 17,381,771
---------- ----------- ----------- ----------- -----------
Total income .................................. 1,006,827 7,691,694 13,172,144 2,934,433 17,381,771
---------- ----------- ----------- ----------- -----------
Expenses:
Investment advisory fees (Note 2) .......... 182,957 2,310,650 808,816 302,640 1,752,979
Accounting and recordkeeping
expenses ................................... 14,759 93,117 130,300 48,758 99,405
Shareholders reports ....................... 33,578 211,843 296,438 110,927 160,796
Custodian expenses ......................... 16,286 149,471 77,944 67,219 22,646
Directors' (independent) fees and
expenses ................................. 24,530 24,530 24,530 24,530 24,530
Audit ...................................... 6,052 38,181 53,427 19,992 28,981
Other ...................................... 80 26,220 26,424 17,251 385
---------- ----------- ----------- ----------- -----------
Total expenses before reimbursement ........... 278,242 2,854,012 1,417,879 591,317 2,089,722
Expense reimbursement ......................... (95,285) (543,362) (609,063) (288,677) (336,743)
---------- ----------- ----------- ----------- -----------
Net Expenses .................................. 182,957 2,310,650 808,816 302,640 1,752,979
---------- ----------- ----------- ----------- -----------
Net Investment Income ......................... 823,870 5,381,044 12,363,328 2,631,793 15,628,792
---------- ----------- ----------- ----------- -----------
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 .... (1,539) 38,562,267 8,421,491 9,332,054 762,481
Net realized gain (loss) on futures
contracts ................................ -- 1,055,005 2,478,964 2,007,431 --
---------- ----------- ----------- ----------- -----------
(1,539) 39,617,272 10,900,455 11,339,485 762,481
---------- ----------- ----------- ----------- -----------
Net unrealized appreciaton (depreciation) of investments and futures contracts:
Net unrealized appreciation (depreciation)
of investments ........................... 49 (9,643,803) 45,279,678 23,657,765 (304,025)
Net unrealized appreciation
(depreciation) of futures contracts ...... -- (177,975) (201,625) 89,975 --
---------- ----------- ----------- ----------- -----------
49 (9,821,778) 45,078,053 23,747,740 (304,025)
---------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS AND
FUTURES CONTRACTS .......................... (1,490) 29,795,494 55,978,508 35,087,225 458,456
---------- ----------- ----------- ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS .................. $ 822,380 $35,176,538 $68,341,836 $37,719,018 $16,087,248
========== =========== =========== =========== ===========
The accompanying notes are an integral part of these financial statements.
44
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (Continued)
For the Year Ended December 31, 2004
Aggressive
Short-Term Mid-Term Composite Equity
Bond Fund Bond Fund Fund Fund
---------- ----------- ------------ ------------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ........................................... $ -- $ -- $ 2,669,620 $ 2,425,322
Interest ............................................ 914,809 2,633,967 4,794,540 138,580
--------- ----------- ------------ ------------
Total income ........................................... 914,809 2,633,967 7,464,160 2,563,902
--------- ----------- ------------ ------------
Expenses:
Investment advisory fees (Note 2) ................... 148,868 349,687 1,259,244 2,988,923
Accounting and recordkeeping expenses ............... 35,702 29,958 75,519 70,866
Shareholders reports ................................ 13,617 32,099 115,466 161,223
Custodian expenses .................................. 22,599 12,052 45,966 58,046
Directors' (independent) fees and expenses .......... 24,530 24,530 24,530 24,530
Audit ............................................... 2,454 5,785 20,810 29,057
Other ............................................... 33 77 277 386
--------- ----------- ------------ ------------
Total expenses before reimbursement .................... 247,803 454,188 1,541,812 3,333,031
Expense reimbursement .................................. (98,935) (104,501) (282,568) (344,108)
--------- ----------- ------------ ------------
Net Expenses ........................................ 148,868 349,687 1,259,244 2,988,923
--------- ----------- ------------ ------------
Net Investment Income (Loss) ........................... 765,941 2,284,280 6,204,916 (425,021)
======= ========= ========= ========
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments ................ (32,919) 227,112 6,286,697 35,651,268
Net unrealized appreciation(depreciation)
of investments ...................................... (265,873) (889,302) 2,938,167 (17,518,525)
--------- ----------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS ............................... (298,792) (662,190) 9,224,864 18,132,743
--------- ----------- ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........................... $ 467,149 $ 1,622,090 $ 15,429,780 $ 17,707,722
========= =========== ============ ============
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ---------- -----------
INVESTMENT INCOME AND EXPENSES:
Income:
Dividends ............................................................. $252,499 $ 987,433 $ 591,931
Interest .............................................................. -- -- --
-------- ---------- ----------
Total income ............................................................. 252,499 987,433 591,931
-------- ---------- ----------
Expenses(a):
Investment advisory fees (Note 2) ..................................... -- -- --
Other operating expenses .............................................. -- -- --
-------- ---------- ----------
Total expenses before reimbursement ...................................... -- -- --
-------- ---------- ----------
Expense reimbursement .................................................... -- -- --
Net Expenses .......................................................... -- -- --
-------- ---------- ----------
Net Investment Income .................................................... 252,499 987,433 591,931
-------- ---------- ----------
NET REALIZED AND UNREALIZED GAIN
(LOSS) ON INVESTMENTS (Note 1):
Net realized gain (loss) on investments .................................. 10,466 937,822 997,371
Net unrealized appreciation(depreciation) of investments ................. 62,408 382,614 636,330
----------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................... 72,874 1,320,436 1,633,701
-------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS ....................................................... $325,373 $2,307,869 $2,225,632
======== ========== ==========
- ----------
(a) There are no other advisory or operating expenses other than those
included in each of the underlying funds in which the Allocation Funds
invest.
The accompanying notes are an integral part of these financial statements.
45
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
For the Years Ended December 31,
Money Market Fund All America Fund Equity Index Fund
--------------------------- ------------------------------- ------------------------------
2004 2003 2004 2003 2004 2003
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS:
From Operations:
Net investment income ........ $ 823,870 $ 765,804 $ 5,381,044 $ 3,676,696 $ 12,363,328 $ 8,040,598
Net realized gain (loss)
on investments and
futures contracts .......... (1,539) 95 39,617,272 31,071,650 10,900,455 2,670,163
Unrealized appreciation
(depreciation) of
investments and futures
contracts .................. 49 65 (9,821,778) 90,830,550 45,078,053 114,559,461
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS ................... 822,380 765,964 35,176,538 125,578,896 68,341,836 125,270,222
------------ ------------ ------------- ------------- ------------- -------------
DIVIDEND DISTRIBUTIONS (Note 5)
From net investment income ... (826,630) (770,955) (5,385,057) (3,535,195) (12,302,210) (7,869,784)
From capital gains ........... -- -- (43,759,898) -- (2,583,414) --
------------ ------------ ------------- ------------- ------------- -------------
Total distributions .............. (826,630) (770,955) (49,144,955) (3,535,195) (14,885,624) (7,869,784)
------------ ------------ ------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS
(Note 4):
Net proceeds from sale
of shares .................. 43,158,736 48,750,527 112,125,241 76,080,371 266,480,179 304,723,470
Dividends reinvested ......... 826,630 770,955 49,144,955 3,535,195 14,885,624 7,869,784
Cost of shares redeemed ...... (39,220,075) (69,000,171) (181,275,410) (130,754,441) (230,629,440) (202,766,244)
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM CAPITAL
SHARE TRANSACTIONS ............. 4,765,291 (19,478,689) (20,005,214) (51,138,875) 50,736,363 109,827,010
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS ..................... 4,761,041 (19,483,680) (33,973,631) 70,904,826 104,192,575 227,227,448
NET ASSETS, BEGINNING OF YEAR .... 73,726,185 93,209,865 491,703,372 420,798,546 617,625,603 390,398,155
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR .......... $ 78,487,226 $ 73,726,185 $ 457,729,741 $ 491,703,372 $ 721,818,178 $ 617,625,603
============ ============ ============= ============= ============= =============
COMPONENTS OF NET ASSETS:
Paid-in capital .............. $ 78,457,129 $ 73,691,919 $ 365,563,195 $ 385,568,390 $ 634,765,974 $ 584,029,611
Accumulated undistributed
net investment income
(loss) ..................... 44,153 46,913 1,487,487 2,077,059 419,293 358,175
Accumulated undistributed
net realized gain (loss)
on investments and futures
contracts .................. (14,056) (12,598) (2,672,711) 884,375 (1,665,264) (9,982,305)
Unrealized appreciation
(depreciation) of
investments and futures
contracts .................. -- (49) 93,351,770 103,173,548 88,298,175 43,220,122
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR .......... $ 78,487,226 $ 73,726,185 $ 457,729,741 $ 491,703,372 $ 721,818,178 $ 617,625,603
============ ============ ============= ============= ============= =============
Mid-Cap Short-Term
Equity Index Fund Bond Fund Bond Fund
--------------------------- ------------------------------ ------------------------------
2004 2003 2004 2003 2004 2003
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS:
FROM OPERATIONS:
Net investment income ........ $ 2,631,793 $ 1,537,052 $ 15,628,792 $ 17,851,442 $ 765,941 $ 968,801
Net realized gain (loss)
on investments and
futures contracts .......... 11,339,485 2,049,728 762,481 (10,850,586) (32,919) (135,037)
Unrealized appreciation
(depreciation) of
investments and
futures contracts .......... 23,747,740 42,156,348 (304,025) 15,428,361 (265,873) (267,402)
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS ................. 37,719,018 45,743,128 16,087,248 22,429,217 467,149 566,362
------------ ------------ ------------- ------------- ------------- -------------
DIVIDEND DISTRIBUTIONS (Note 5)
From net investment
income ..................... (2,634,824) (1,480,749) (15,850,366) (17,956,541) (767,960) (968,857)
From capital gains ........... (6,148,832) -- -- -- -- --
------------ ------------ ------------- ------------- ------------- -------------
Total distributions .............. (8,783,656) (1,480,749) (15,850,366) (17,956,541) (767,960) (968,857)
------------ ------------ ------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS
(Note 4):
Net proceeds from sale
of shares .................. 126,265,303 135,526,489 71,651,883 63,563,208 9,885,481 14,203,736
Dividends reinvested ......... 8,783,656 1,480,749 15,850,366 17,956,541 767,960 968,857
Cost of shares redeemed ...... (85,494,947) (79,111,459) (67,561,068) (173,906,686) (7,402,225) (24,016,745)
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE)
IN NET ASSETS
FROM CAPITAL SHARE
TRANSACTIONS ................. 49,554,012 57,895,779 19,941,181 (92,386,937) 3,251,216 (8,844,152)
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE)
IN NET ASSETS .................. 78,489,374 102,158,158 20,178,063 (87,914,261) 2,950,405 (9,246,647)
NET ASSETS, BEGINNING
OF YEAR ........................ 216,509,199 114,351,041 348,849,747 436,764,008 28,623,458 37,870,105
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR .......... $294,998,573 $216,509,199 $ 369,027,810 $ 348,849,747 $ 31,573,863 $ 28,623,458
============ ============ ============= ============= ============= =============
COMPONENTS OF NET ASSETS:
Paid-in capital .............. $248,791,197 $199,237,185 $ 388,079,863 $ 368,138,682 $ 32,038,484 $ 28,787,268
Accumulated undistributed
net investment income
(loss) ..................... 1,339,822 1,342,853 1,219 222,793 22,275 24,294
Accumulated undistributed
net realized gain
(loss) on investments
and futures contracts ...... 436,310 (4,754,343) (23,354,101) (24,116,582) (241,405) (208,486)
Unrealized appreciation
(depreciation)
of investments and
futures contracts .......... 44,431,244 20,683,504 4,300,829 4,604,854 (245,491) 20,382
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR .......... $294,998,573 $216,509,199 $ 369,027,810 $ 348,849,747 $ 31,573,863 $ 28,623,458
============ ============ ============= ============= ============= =============
The accompanying notes are an integral part of these financial statements.
46
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
For the Years Ended December 31,
Mid-Term Aggressive
Bond Fund Composite Fund Equity Fund
--------------------------- ------------------------------- ------------------------------
2004 2003 2004 2003 2004 2003
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS:
FROM OPERATIONS:
Net investment income
(loss) ..................... $ 2,284,280 $ 2,796,978 $ 6,204,916 $ 6,095,261 $ (425,021) $ (1,318,079)
Net realized gain (loss)
on investments ............. 227,112 573,478 6,286,697 15,014,794 35,651,268 32,871,438
Unrealized appreciation
(depreciation) of
investments ................ (889,302) (1,015,164) 2,938,167 18,992,627 (17,518,525) 63,776,080
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS ................ 1,622,090 2,355,292 15,429,780 40,102,682 17,707,722 95,329,439
------------ ------------ ------------- ------------- ------------- -------------
DIVIDEND DISTRIBUTIONS (Note 5)
From net investment
income ..................... (2,301,912) (2,779,799) (6,213,327) (6,126,289) -- --
From capital gains ........... (288,913) (626,331) -- -- (14,179,143) --
------------ ------------ ------------- ------------- ------------- -------------
Total distributions .............. (2,590,825) (3,406,130) (6,213,327) (6,126,289) (14,179,143) --
------------ ------------ ------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS
(Note 4):
Net proceeds from sale
of shares .................... 28,518,548 28,547,404 8,131,915 9,604,154 74,156,460 92,465,164
Dividends reinvested ......... 2,590,825 3,406,130 6,213,327 6,126,289 14,179,143 --
Cost of shares redeemed ...... (31,569,505) (43,871,696) (25,046,841) (16,102,913) (88,777,624) (54,849,032)
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM
CAPITAL SHARE TRANSACTIONS ..... (460,132) (11,918,162) (10,701,599) (372,470) (442,021) 37,616,132
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS ..................... (1,428,867) (12,969,000) (1,485,146) 33,603,923 3,086,558 132,945,571
NET ASSETS, BEGINNING
OF YEAR ........................ 74,640,966 87,609,966 258,633,569 225,029,646 370,711,362 237,765,791
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR .......... $ 73,212,099 $ 74,640,966 $ 257,148,423 $ 258,633,569 $ 373,797,920 $ 370,711,362
============ ============ ============= ============= ============= =============
COMPONENTS OF NET ASSETS:
Paid-in capital .............. $ 73,468,997 $ 73,936,380 $ 288,351,345 $ 299,052,900 $ 328,132,231 $ 342,230,220
Accumulated undistributed
net investment
income (loss) .............. -- 47,179 4,511,361 4,519,772 -- --
Accumulated undistributed
net realized gain (loss)
on investments ............. -- 25,003 (51,138,285) (57,424,938) (256,311) (34,959,383)
Unrealized appreciation
(depreciation)
of investments ............. (256,898) 632,404 15,424,002 12,485,835 45,922,000 63,440,525
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR .......... $ 73,212,099 $ 74,640,966 $ 257,148,423 $ 258,633,569 $ 373,797,920 $ 370,711,362
============ ============ ============= ============= ============= =============
Conservative Conservative Moderate Moderate Aggressive Aggressive
Allocation Allocation Allocation Allocation Allocation Allocation
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------- ------------- ------------- -------------
2004 2003(1) 2004 2003(1) 2004 2003(1)
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS:
FROM OPERATIONS:
Net investment income
(loss) ..................... $ 252,499 $ 100,693 $ 987,433 $ 413,192 $ 591,931 $ 217,129
Net realized gain (loss)
on investments ............. 10,466 11,315 937,822 66,311 997,371 74,951
Unrealized appreciation
(depreciation)
of investments ............. 62,408 (21,241) 382,614 296,681 636,330 538,084
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE) IN NET
ASSETS RESULTING
FROM OPERATIONS ................ 325,373 90,767 2,307,869 776,184 2,225,632 830,164
------------ ------------ ------------- ------------- ------------- -------------
DIVIDEND DISTRIBUTIONS
(Note 5)
From net investment
income ..................... (251,792) (98,762) (985,400) (397,667) (591,931) (205,040)
From capital gains ........... (67,084) (13,488) (1,032,891) (53,682) (1,041,552) (42,769)
------------ ------------ ------------- ------------- ------------- -------------
Total distributions .............. (318,876) (112,250) (2,018,291) (451,349) (1,633,483) (247,809)
------------ ------------ ------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS
(Note 4):
Net proceeds from sale
of shares .................. 10,483,014 4,867,188 46,027,147 16,257,172 25,756,150 12,583,286
Dividends reinvested ......... 318,876 112,250 2,018,291 451,349 1,633,483 247,809
Cost of shares redeemed ...... (5,341,171) (2,065,277) (25,703,974) (2,213,701) (9,574,761) (2,172,218)
------------ ------------ ------------- ------------- ------------- -------------
NET INCREASE (DECREASE)
IN NET ASSETS FROM
CAPITAL SHARE
TRANSACTIONS ............... 5,460,719 2,914,161 22,341,464 14,494,820 17,814,872 10,658,877
------------ ------------ ------------- ------------- ------------- -------------
INCREASE (DECREASE) IN
NET ASSETS ..................... 5,467,216 2,892,678 22,631,042 14,819,655 18,407,021 11,241,232
NET ASSETS, BEGINNING
OF YEAR ........................ 2,892,678 -- 14,819,655 -- 11,241,232 --
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR .......... $ 8,359,894 $ 2,892,678 $ 37,450,697 $ 14,819,655 $ 29,648,253 $ 11,241,232
============ ============ ============= ============= ============= =============
Components of Net Assets:
Paid-in capital .............. $ 8,374,880 $ 2,914,161 $ 36,836,339 $ 14,494,820 $ 28,473,749 $ 10,658,877
Accumulated undistributed
net investment
income (loss) .............. 1,152 1,931 22,608 15,525 -- 12,089
Accumulated undistributed
net realized gain (loss)
on investments ............. (57,305) (2,173) (87,545) 12,629 90 32,182
Unrealized appreciation
(depreciation)
of investments ............. 41,167 (21,241) 679,295 296,681 1,174,414 538,084
------------ ------------ ------------- ------------- ------------- -------------
NET ASSETS, END OF YEAR .......... $ 8,359,894 $ 2,892,678 $ 37,450,697 $ 14,819,655 $ 29,648,253 $ 11,241,232
============ ============ ============= ============= ============= =============
- ----------
(1) Commenced operations May 20, 2003.
The accompanying notes are an integral part of these financial statements.
47
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Fund
share outstanding throughout each of the previous five years ended December 31,
(or since the Fund's inception date if in existence less than five years) and
other supplementary data with respect to each Fund are presented below and in
the pages following:
Money Market Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 1.18 $ 1.19 $ 1.19 $ 1.20 $ 1.19
------ ------ ------ ------ ------
Income From Investment Operations:
Net Investment Income ............................................... 0.02 0.01 0.02 0.07 0.07
Net Realized and Unrealized Gains or (Losses) on Securities ......... -- (0.01) -- (0.01) --
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.02 -- 0.02 0.06 0.07
------ ------ ------ ------ ------
Less: Dividend Distributions:
From Net Investment Income .......................................... (0.01) (0.01) (0.02) (0.07) (0.06)
------ ------ ------ ------ ------
Total Distributions ................................................... (0.01) (0.01) (0.02) (0.07) (0.06)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 1.19 $ 1.18 $ 1.19 $ 1.19 $ 1.20
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 1.10 0.84 1.45 3.94 6.19
Net Assets, End of Year ($ millions) .................................. 78 74 93 94 141
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.25 0.25 0.25 0.25 0.25
Ratio of Net Investment Income to Average Net Assets (%) .............. 1.12 0.90 1.48 4.12 6.17
Portfolio Turnover Rate(a) ............................................ N/A N/A N/A N/A N/A
- ----------
(a) Portfolio turnover rate excludes all short-term securities.
(b) Total return would have been lower had non-investment advisory expenses
not been reduced through expense reimbursement (Note 2).
(c) Expense ratios as presented are limited to the Fund's investment advisory
fee. During the years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .38%,
.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
2005 and continues into the successive calendar years unless the Adviser
gives adequate advance notice to terminate or modify its expense
limitation policy with the Fund.
N/A=Not Applicable.
The accompanying notes are an integral part of these financial statements.
48
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
All America Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 2.12 $ 1.60 $ 2.09 $ 2.54 $ 3.37
------ ------ ------ ------ ------
Income (Loss) From Investment Operations:
Net Investment Income ............................................... 0.02 0.01 0.03 0.02 0.03
Net Realized and Unrealized Gains (Losses) on Securities ............ 0.15 0.52 (0.50) (0.46) (0.19)
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.17 0.53 (0.47) (0.44) (0.16)
------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income .......................................... (0.02) (0.01) (0.02) (0.01) (0.02)
From Capital Gains .................................................. (0.22) -- -- -- (0.65)
------ ------ ------ ------ ------
Total Distributions ................................................... (0.24) (0.01) (0.02) (0.01) (0.67)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 2.05 $ 2.12 $ 1.60 $ 2.09 $ 2.54
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 8.23 33.01 -22.38 -17.38 -4.99
Net Assets, End of Year ($ millions) .................................. 458 492 421 604 771
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to Average Net Assets (%) .............. 1.16 0.84 0.80 0.70 0.64
Portfolio Turnover Rate (%)(a) ........................................ 53.03 76.73 85.27 75.93 90.00
- ----------
(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 years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .62%,
.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
2005 and continues into the successive calendar years unless the Adviser
gives adequate advance notice to terminate or modify its expense
limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
49
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Equity Index Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 1.95 $ 1.54 $ 2.02 $ 2.37 $ 2.88
------ ------ ------ ------ ------
Income (Loss) From Investment Operations:
Net Investment Income ............................................... 0.05 0.03 0.03 0.03 0.06
Net Realized and Unrealized Gains (Losses) on Securities ............ 0.17 0.41 (0.48) (0.31) (0.32)
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.22 0.44 (0.45) (0.28) (0.26)
------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income .......................................... (0.04) (0.03) (0.03) (0.03) (0.03)
From Capital Gains .................................................. (0.01) -- -- (0.04) (0.22)
------ ------ ------ ------ ------
Total Distributions ................................................... (0.05) (0.03) (0.03) (0.07) (0.25)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 2.12 $ 1.95 $ 1.54 $ 2.02 $ 2.37
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 10.69 28.32 -22.14 -12.17 -9.02
Net Assets, End of Year ($ millions) .................................. 722 618 390 464 499
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.13 0.13 0.13 0.13 0.13
Ratio of Net Investment Income to Average Net Assets (%) .............. 1.91 1.65 1.49 1.24 1.09
Portfolio Turnover Rate (%)(a) ........................................ 4.87 0.89 7.36 10.06 10.78
- ----------
(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 each Fund's investment advisory
fee. During the years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .22%,
.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 2005 and continues into the successive calendar years
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.
50
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Mid-Cap Equity Index Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 1.30 $ 0.97 $ 1.16 $ 1.21 $ 1.11
------ ------ ------ ------ ------
Income (Loss) From Investment Operations:
Net Investment Income ............................................... 0.01 0.01 0.01 0.01 0.02
Net Realized and Unrealized Gains (Losses) on Securities ............ 0.19 0.33 (0.18) (0.03) 0.17
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.20 0.34 (0.17) (0.02) 0.19
------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income .......................................... (0.01) (0.01) -- (0.01) (0.01)
From Capital Gains .................................................. (0.03) -- (0.02) (0.02) (0.08)
------ ------ ------ ------ ------
Total Distributions ................................................... (0.04) (0.01) (0.02) (0.03) (0.09)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 1.46 $ 1.30 $ 0.97 $ 1.16 $ 1.21
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 16.28 35.23 -15.24 -1.06 16.69
Net Assets, End of Year ($ millions) .................................. 295 217 114 112 95
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.13 0.13 0.13 0.13 0.13
Ratio of Net Investment Income to Average Net Assets (%) .............. 1.08 1.06 1.00 1.13 1.65
Portfolio Turnover Rate (%)(a) ........................................ 15.73 7.87 28.11 34.78 50.10
- ----------
(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 each Fund's investment advisory
fee. During the years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .24%,
.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 2005 and continues into the successive calendar years
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.
51
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Bond Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 1.29 $ 1.27 $ 1.30 $ 1.31 $ 1.30
------ ------ ------ ------ ------
Income From Investment Operations:
Net Investment Income ............................................... 0.06 0.07 0.09 0.13 0.15
Net Realized and Unrealized Gains or (Losses) on Securities ......... -- 0.02 (0.01) (0.01) (0.04)
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.06 0.09 0.08 0.12 0.11
------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income .......................................... (0.06) (0.07) (0.08) (0.13) (0.10)
From Capital Gains .................................................. -- -- (0.03) -- --
------ ------ ------ ------ ------
Total Distributions ................................................... (0.06) (0.07) (0.11) (0.13) (0.10)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 1.29 $ 1.29 $ 1.27 $ 1.30 $ 1.31
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 4.61 6.73 6.75 8.73 8.86
Net Assets, End of Year ($ millions) .................................. 369 349 437 404 513
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to Average Net Assets (%) .............. 4.44 5.10 6.38 7.19 7.40
Portfolio Turnover Rate (%)(a) ........................................ 35.12 72.09 76.91 9.25 18.42
- ----------
(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 years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .59%,
.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
2005 and continues into the successive calendar years unless the Adviser
gives adequate advance notice to terminate or modify its expense
limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
52
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Short-Term Bond Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 1.03 $ 1.05 $ 1.03 $ 1.01 $ 0.99
------ ------ ------ ------ ------
Income From Investment Operations:
Net Investment Income ............................................... 0.03 0.04 0.03 0.06 0.09
Net Realized and Unrealized Gains or (Losses) on Securities ......... (0.01) (0.02) 0.02 0.02 (0.01)
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.02 0.02 0.05 0.08 0.08
------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income .......................................... (0.03) (0.04) (0.03) (0.06) (0.06)
From Capital Gains .................................................. -- -- -- -- --
------ ------ ------ ------ ------
Total Distributions ................................................... (0.03) (0.04) (0.03) (0.06) (0.06)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 1.02 $ 1.03 $ 1.05 $ 1.03 $ 1.01
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 1.56 1.74 5.05 7.45 7.78
Net Assets, End of Year ($ millions) .................................. 32 29 38 16 12
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to Average Net Assets (%) .............. 2.57 2.88 4.19 5.79 6.10
Portfolio Turnover Rate (%)(a) ........................................ 31.87 70.34 38.75 60.13 45.01
- ----------
(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 years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .83%,
.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
2005 and continues into the successive calendar years unless the Adviser
gives adequate advance notice to terminate or modify its expense
limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
53
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Mid-Term Bond Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 0.96 $ 0.98 $ 0.91 $ 0.85 $ 0.87
------ ------ ------ ------ ------
Income From Investment Operations:
Net Investment Income ............................................... 0.02 0.03 0.03 0.03 0.08
Net Realized and Unrealized Gains or (Losses) on Securities ......... (0.01) -- 0.07 0.06 (0.05)
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.01 0.03 0.10 0.09 0.03
------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income .......................................... (0.03) (0.04) (0.03) (0.03) (0.05)
From Capital Gains .................................................. -- (0.01) -- -- --
------ ------ ------ ------ ------
Total Distributions ................................................... (0.03) (0.05) (0.03) (0.03) (0.05)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 0.94 $ 0.96 $ 0.98 $ 0.91 $ 0.85
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 2.26 2.76 9.66 10.44 4.85
Net Assets, End of Year ($ millions) .................................. 73 75 88 44 14
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to Average Net Assets (%) .............. 3.25 3.23 4.11 5.16 6.26
Portfolio Turnover Rate (%)(a) ........................................ 27.23 41.55 106.79 6.38 10.57
- ----------
(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 years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .65%,
.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
2005 and continues into the successive calendar years unless the Adviser
gives adequate advance notice to terminate or modify its expense
limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
54
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Composite Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 1.40 $ 1.22 $ 1.37 $ 1.60 $ 1.91
------ ------ ------ ------ ------
Income (Loss) From Investment Operations:
Net Investment Income ............................................... 0.04 0.03 0.02 0.06 0.10
Net Realized and Unrealized Gains (Losses) on Securities ............ 0.06 0.18 (0.13) (0.23) (0.11)
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.10 0.21 (0.11) (0.17) (0.01)
------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income .......................................... (0.04) (0.03) (0.02) (0.04) (0.07)
From Capital Gains .................................................. -- -- (0.02) (0.02) (0.23)
------ ------ ------ ------ ------
Total Distributions ................................................... (0.04) (0.03) (0.04) (0.06) (0.30)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 1.46 $ 1.40 $ 1.22 $ 1.37 $ 1.60
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 6.34 18.23 -7.51 -11.00 -0.53
Net Assets, End of Year ($ millions) .................................. 257 259 225 272 341
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.50 0.50 0.50 0.50 0.50
Ratio of Net Investment Income to Average Net Assets (%) .............. 2.46 2.59 3.37 3.64 3.36
Portfolio Turnover Rate (%)(a) ........................................ 94.56 177.43 204.99 248.42 161.01
- ----------
(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 years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .61%,
.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
2005 and continues into the successive calendar years unless the Adviser
gives adequate advance notice to terminate or modify its expense
limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
55
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Aggressive Equity Fund
------------------------------------------------------
Years Ended December 31,
------------------------------------------------------
2004 2003 2002 2001 2000
------ ------ ------ ------ ------
Net Asset Value, Beginning of Year .................................... $ 1.73 $ 1.24 $ 1.56 $ 1.76 $ 2.16
------ ------ ------ ------ ------
Income (Loss) From Investment Operations:
Net Investment Income (Loss) ........................................ -- (0.01) -- -- 0.01
Net Realized and Unrealized Gains (Losses) on Securities ............ 0.10 0.50 (0.32) (0.19) (0.04)
------ ------ ------ ------ ------
Total From Investment Operations ...................................... 0.10 0.49 (0.32) (0.19) (0.03)
------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income .......................................... -- -- -- (0.01) (0.01)
From Capital Gains .................................................. (0.07) -- -- -- (0.36)
------ ------ ------ ------ ------
Total Distributions ................................................... (0.07) -- -- (0.01) (0.37)
------ ------ ------ ------ ------
Net Asset Value, End of Year .......................................... $ 1.76 $ 1.73 $ 1.24 $ 1.56 $ 1.76
====== ====== ====== ====== ======
Total Return (%)(b) ................................................... 5.42 39.37 -20.46 -10.62 -1.16
Net Assets, End of Year ($ millions) .................................. 374 371 238 295 309
Ratio of Expenses to Average Net Assets After Expense
Reimbursement (%)(c) ................................................ 0.85 0.85 0.85 0.85 0.85
Ratio of Net Investment Income to Average Net Assets (%) .............. -0.12 -0.48 -0.13 0.18 0.61
Portfolio Turnover Rate (%)(a) ........................................ 144.47 200.77 204.53 221.49 162.44
- ----------
(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 years ended December 31, 2004, 2003 and 2002, the expense
ratio before the Adviser's expense reimbursement to the Fund was .95%,
.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
2005 and continues into the successive calendar years unless the Adviser
gives adequate advance notice to terminate or modify its expense
limitation policy with the Fund.
The accompanying notes are an integral part of these financial statements.
56
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Conservative Allocation Fund Moderate Allocation Fund Aggressive Allocation Fund
---------------------------- ------------------------ --------------------------
2004 2003(b) 2004 2003(b) 2004 2003(b)
------ ------ ------ ------ ------ ------
Net Asset Value, Beginning of
Year/Period ............................... $ 1.01 $ 1.00 $ 1.08 $ 1.00 $ 1.17 $ 1.00
------ ------ ------ ------ ------ ------
Income From Investment Operations:
Net Investment Income ..................... 0.03 0.01 0.03 0.01 0.02 0.03
Net Realized and Unrealized
Gains on Securities ..................... 0.02 0.05 0.06 0.11 0.09 0.17
------ ------ ------ ------ ------ ------
Total From Investment Operations ............ 0.05 0.06 0.09 0.12 0.11 0.20
------ ------ ------ ------ ------ ------
Less Dividend Distributions:
From Net Investment Income ................ (0.03) (0.01) (0.03) (0.01) (0.03) (0.01)
From Capital Gains ........................ (0.01) (0.04) (0.03) (0.03) (0.04) (0.02)
------ ------ ------ ------ ------ ------
Total Distributions ......................... (0.04) (0.05) (0.06) (0.04) (0.07) (0.03)
------ ------ ------ ------ ------ ------
Net Asset Value, End of Year/Period ......... $ 1.02 $ 1.01 $ 1.11 $ 1.08 $ 1.21 $ 1.17
====== ====== ====== ====== ====== ======
Total Return (%) ............................ 4.72 5.32(c) 8.27 11.73(c) 9.92 19.27(c)
Net Assets, End of Year/Period
($ millions) .............................. 8 3 37 15 30 11
Ratio of Expenses to Average
Net Assets (%)(e) ......................... 0.00 0.00(d) 0.00 0.00(d) 0.00 0.00(d)
Ratio of Net Investment Income to
Average Net Assets (%) .................... 4.51 8.59(d) 3.81 8.85(d) 2.98 6.48(d)
Portfolio Turnover Rate (%)(a) .............. 92.83 66.44(c) 99.27 18.44(c) 48.24 26.92(c)
- ----------
(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.
57
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS
1. Significant Accounting Policies and Organization
Mutual of America Investment Corporation (the "Investment Company") is a
diversified, open-end management investment company -- a type of company
commonly known as a "mutual fund". It is registered as such under the Investment
Company Act of 1940 (the "Investment Company Act"). The Investment Company was
formed on February 21, 1986 as a Maryland corporation and offers its shares
exclusively to separate accounts of Mutual of America Life Insurance Company
("Mutual of America Life") 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, a
Moderate Allocation Fund and an 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 are 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 are 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 "Summary Portfolio of
Investments
58
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
1. Significant Accounting Policies and Organization (Continued)
in Securities") representing the aggregate of outstanding contractual amounts
under futures contracts reflects the extent of a Fund's exposure to off-balance
sheet risk. The use of futures transactions involves the risk of imperfect
correlation in the price movements of the contract and the underlying
securities.
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 invest in the following underlying funds of the
Investment Company in accordance with the percentage allocations noted:
Conservative Allocation: Equity Index (25%), Bond (30%), Mid-Term Bond
(30%), Short-Term Bond (15%).
Moderate Allocation: Equity Index (35%), Bond (30%),
Mid-Term Bond (20%), Mid-Cap Equity Index (15%).
Aggressive Allocation: Equity Index (45%), Bond (25%),
Mid-Cap Equity Index (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 daily on an accrual basis. A debt
obligation may cease accrual of income and result in a reduction to interest
income when the collection of all or a portion of current and past due interest
is in doubt. Dividend income is recorded on the ex-dividend date. Foreign source
tax withheld from dividends is recorded as a reduction from dividend income.
Should reclamation efforts succeed, such amounts are recorded as income upon
collection.
Distributions to Shareholders ("Dividends") -- Distributions to
shareholders are recorded on the ex-dividend date. It is the Investment
Company's policy to make distributions of its net investment income and to
distribute net realized gains, if any, on an annual basis, in accordance with
federal income tax regulations, which may differ from accounting principles
generally accepted in the United States of America. Accordingly, periodic
reclassifications (which do not impact the funds' net asset values) are made
within the funds' capital accounts to reflect income and gains available for
distribution under federal income tax regulations.
Federal Income Taxes -- Each Fund in the Investment Company intends to
comply with the requirements of the Internal Revenue Code applicable to
regulated investment companies and to distribute substantially all of its
taxable income to shareholders. Therefore, no federal income or excise tax
provision is required.
At December 31, 2004, certain funds had the following capital loss
carryforwards to offset net capital gains, to the extent provided by Federal
income tax regulations. In addition, the Bond Fund generated a post-October 2004
net capital loss of $65,144, which if unused, will expire on December 31, 2013.
Mid-Cap
Money All America Equity Index Equity Index Bond
Expiring on December 31, Market Fund Fund Fund Fund Fund
- ------------------------ ----------- ----------- ------------ ------------ ------------
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........................................ 1,539 0 0 0 171,798
--------- ---------- ----------- ---------- ------------
Total..................................... $ 14,056 $ 0 $ 0 $ 0 $ 23,288,957
========= ========== =========== ========== ============
59
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
1. Significant Accounting Policies and Organization (Continued)
Short-Term Mid-Term
Expiring on December 31 Bond Fund Bond Fund Composite Fund
- ----------------------- --------- --------- --------------
2005 .................... $ 0 $ 0 $ 0
2006 .................... 0 0 0
2007 .................... 73,348 0 0
2008 .................... 101 0 0
2009 .................... 0 0 30,720,347
2010 .................... 0 0 20,417,938
2011 .................... 111,136 0 0
2012 .................... 56,820 0 0
---------- --------- -----------
Total ................. $ 241,405 $ 0 $51,138,285
========== ========= ===========
Conservative Moderate Aggressive
Aggressive Allocation Allocation Allocation
Expiring on December 31 Equity Fund Fund Fund Fund
- ----------------------- ----------- ------------ ---------- ----------
2005 .................... $ 0 $ 0 $ 0 $ 0
2006 .................... 0 0 0 0
2007 .................... 0 0 0 0
2008 .................... 0 0 0 0
2009 .................... 0 0 0 0
2010 .................... 0 0 0 0
2011 .................... 0 0 0 0
2012 .................... 0 0 0 0
---------- ---------- --------- ----------
Total ................. $ 0 $ 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 2005 and continues
into the successive calendar years 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 twelve months
ended December 31, 2004 were as follows:
Mid-Cap
All America Equity Index Equity Index Bond
Fund Fund Fund Fund
------------ ------------ ------------ ------------
Cost of investment purchases $237,769,040 $ 75,190,103 $ 70,718,003 $119,316,284
============ ============ ============ ============
Proceeds from sales of investments $304,165,772 $ 30,776,945 $ 35,201,446 $124,403,959
============ ============ ============ ============
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
------------ ------------ ------------ ------------
Cost of investment purchases $ 11,625,851 $ 18,561,979 $233,755,452 $496,297,911
============ ============ ============ ============
Proceeds from sales of investments $ 8,984,894 $ 20,166,579 $244,576,177 $503,852,056
============ ============ ============ ============
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ------------ ------------
Cost of investment purchases $ 10,626,318 $ 47,075,087 $ 26,595,563
============ ============ ============
Proceeds from sales of investments $ 5,215,442 $ 25,572,543 $ 9,537,096
============ ============ ============
60
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
3. Purchases and Sales (Continued)
The cost of short-term security purchases for the Money Market Fund for
the period was $1,050,370,285; net proceeds from sales and redemptions for the
period were $1,046,615,945.
The components of net unrealized appreciation (depreciation) of
investments for Federal income tax purposes and the cost of investments for
Federal income tax purposes at December 31, 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 ....... $ 0 $119,044,670 $143,262,770 $ 59,021,061 $ 8,254,973 $ 62,277
Unrealized Depreciation ....... 0 28,365,611 58,665,002 18,264,740 3,954,144 307,768
----------- ------------ ------------ ------------ ------------ ------------
Net ......................... $ 0 $ 90,679,059 $ 84,597,768 $ 40,756,321 $ 4,300,829 $ (245,491)
=========== ============ ============ ============ ============ ============
Cost of Investments ........... $78,484,464 $366,509,420 $635,747,200 $253,832,258 $361,818,730 $ 32,544,500
=========== ============ ============ ============ ============ ============
Mid-Term Composite Aggressive Conservative Moderate Aggressive
Bond Fund Fund Equity Fund Allocation Fund Allocation Fund Allocation Fund
----------- ------------ ------------ --------------- --------------- ---------------
Unrealized Appreciation $ 314,673 $ 18,208,157 $ 56,183,400 $ 123,333 $ 1,087,936 $ 1,337,071
Unrealized Depreciation 571,571 2,784,155 10,517,711 145,632 507,987 216,851
----------- ------------ ------------ ----------- ----------- -----------
Net ................. $ (256,898) $ 15,424,002 $ 45,665,689 $ (22,299) $ 579,949 $ 1,120,220
=========== ============ ============ =========== =========== ===========
Cost of Investments ... $73,173,620 $240,636,400 $327,925,842 $ 8,382,193 $36,870,748 $28,528,033
=========== ============ ============ =========== =========== ===========
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
authorized 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 Year Ended December 31, 2004
-------------------------------------------------------------
Mid-Cap
Money Market All America Equity Index Equity Index
Fund Fund Fund Fund
----------- ----------- ------------ -----------
Shares issued............................... 36,282,977 53,041,602 132,943,667 92,750,786
Shares issued to shareholders as
reinvestment of dividends................. 697,368 23,990,889 7,043,949 6,104,563
----------- ----------- ------------ -----------
Total....................................... 36,980,345 77,032,491 139,987,616 98,855,349
Shares redeemed............................. (33,000,886) (85,586,039) (115,268,715) (63,988,226)
----------- ----------- ------------ -----------
Net increase (decrease)..................... 3,979,459 (8,553,548) 24,718,901 34,867,123
=========== =========== ============ ===========
61
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
4. Capital Share Activity (Continued)
For the Year Ended December 31, 2004
-----------------------------------------------------------
Bond Short-Term Mid-Term Composite
Fund Bond Fund Bond Fund Fund
----------- ---------- ----------- -----------
Shares issued............................... 54,391,826 9,499,013 29,502,800 5,739,708
Shares issued to shareholders as
reinvestment of dividends................. 12,273,170 750,595 2,740,256 4,391,212
----------- ---------- ----------- -----------
Total....................................... 66,664,996 10,249,608 32,243,054 10,130,920
Shares redeemed............................. (51,339,582) (7,109,439) (32,681,490) (17,760,555)
----------- ---------- ----------- -----------
Net increase (decrease)..................... 15,325,414 3,140,169 (438,436) (7,629,635)
=========== ========== =========== ===========
For the Year Ended December 31, 2004
-------------------------------------------------------------
Aggressive Conservative Moderate Aggressive
Equity Allocation Allocation Allocation
Fund Fund Fund Fund
---------- ---------- ----------- ----------
Shares issued .............................. 44,202,487 10,273,163 41,361,548 21,533,345
Shares issued to shareholders as
reinvestment of dividends ................ 8,076,219 322,695 1,877,391 1,391,525
----------- ---------- ----------- ----------
Total ...................................... 52,278,706 10,595,858 43,238,939 22,924,870
Shares redeemed ............................ (53,517,850) (5,248,611) (23,152,317) (8,057,684)
----------- ---------- ----------- ----------
Net increase (decrease) .................... (1,239,144) 5,347,247 20,086,622 14,867,186
=========== ========== =========== ==========
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-Term Mid-Term Composite
Fund Bond Fund Bond Fund Fund
------------ ----------- ----------- -----------
Shares issued .............................. 47,911,378 13,454,529 28,860,368 7,343,200
Shares issued to shareholders as
reinvestment of dividends ................ 13,919,945 938,434 3,552,841 4,592,730
------------ ----------- ----------- -----------
Total ...................................... 61,831,323 14,392,963 32,413,209 11,935,930
Shares redeemed ............................ (134,208,193) (22,729,980) (44,211,764) (12,523,177)
------------ ----------- ----------- -----------
Net increase (decrease) .................... (72,376,870) (8,337,017) (11,798,555) (587,247)
============ =========== =========== ===========
62
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
4. Capital Share Activity (Continued)
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.
5. DIVIDENDS
On December 31, 2004, dividend distributions were declared for each of the
funds from net investment income and, as applicable, from net realized gains on
investment transactions. Additionally, remaining required distributions relating
to 2003 were executed by Internal Revenue Sec. 855(a) elections declared and
paid on September 15, 2004. For the year ended December 31, 2003, dividend
distributions were declared for each of the funds from net investment income.
Pursuant to shareholders' instructions, substantially all divided distributions
throughout 2004 and 2003 were immediately reinvested into their respective
funds. The tax character of the distributions paid during 2004 and 2003 were as
follows:
Mid-Cap
Money All America Equity Index Equity Index Bond
Market Fund Fund Fund Fund Fund
----------- ----------- ------------ ------------ -----------
Ordinary Income (a)
- -------------------
2004 ........................... $826,630 $14,478,027 $12,302,210 $2,781,048 $15,850,366
2003 ........................... $770,955 $ 3,535,195 $ 7,869,784 $1,480,749 $17,956,541
Long-term capital gains (b)
- ---------------------------
2004 ........................... $ 0 $34,666,928 $ 2,583,414 $6,002,608 $ 0
2003 ........................... $ 0 $ 0 $ 0 $ 0 $ 0
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
---------- ---------- --------- -----------
Ordinary Income (a)
- -------------------
2004 ........................... $767,960 $2,396,579 $6,213,327 $13,230,947
2003 ........................... $968,857 $2,977,128 $6,126,289 $ 0
Long-term capital gains (b)
- ---------------------------
2004 ........................... $ 0 $ 194,246 $ 0 $ 948,196
2003 ........................... $ 0 $ 429,002 $ 0 $ 0
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ---------- ----------
Ordinary Income
- ---------------
2004 ........................... $304,197 $1,870,967 $1,419,081
2003 ........................... $108,219 $ 437,582 $ 247,809
Long-term capital gains (b)
- ---------------------------
2004 ........................... $ 14,679 $ 147,324 $ 214,402
2003 ........................... $ 4,031 $ 13,767 $ 0
- ----------
Notes:
No distribution paid during 2004 or 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.
63
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Continued)
5. DIVIDENDS (Continued)
As of December 31, 2004 undistributed net income and undistributed accumulated
gain (loss) on a tax basis were as follows:
Money
Market All America Equity Index
Fund Fund Fund
-------- ----------- -----------
Accumulated undistributed net
investment income ...................... $ 44,153 $ 1,487,487 $ 419,293
Accumulated net realized gain/(loss) on
investments and futures contracts ...... $(14,056) $ 0 $ 2,035,143
Net unrealized appreciation
(depreciation) of investments
and futures contracts .................. $ 30,096 $90,679,059 $84,597,768
Mid-Cap
Equity Bond Short-Term
Index Fund Fund Bond Fund
----------- ------------ ---------
Accumulated undistributed net
investment income ................... $ 2,719,693 $ 1,219 $ 22,275
Accumulated net realized gain/(loss) on
investments and futures contracts ... $ 2,731,362 $(23,354,101) $(241,405)
Net unrealized appreciation
(depreciation) of investments
and futures contracts ............... $40,759,321 $ 4,300,829 $(245,491)
Mid-Term Composite Aggressive
Bond Fund Fund Equity Fund
--------- ------------ -----------
Accumulated undistributed net investment income $ 0 $ 4,511,361 $ 0
Accumulated net realized gain/(loss) on
investments and futures contracts ........... $ 0 $(51,138,285) $ 0
Net unrealized appreciation
(depreciation) of investments
and futures contracts ....................... $(256,898) $ 15,424,002 $45,665,689
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ---------- ----------
Accumulated undistributed net investment income $ 3,436 $ 22,608 $ 0
Accumulated net realized gain/(loss) on
investments and futures contracts ........... $ 3,877 $ 11,801 $ 54,284
Net unrealized appreciation
(depreciation) of investments
and futures contracts ....................... $(22,299) $579,949 $1,120,220
The difference between the components of distributable earnings on a tax basis
and the amounts reflected in the statements of changes in net assets are
primarily due to wash sales, post-October losses and the Federal income tax
treatment of futures contracts.
During the year ended December 31, 2004, 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 $(585,559) $0 $0 $0
Accumulated undistributed net realized
gains (loss) on investments and futures
contracts ............................. 81 585,540 0 0 0
---- --------- -- -- --
Paid in capital ......................... $(81) $ 19 $0 $0 $0
==== ========= == == ==
Short-Term Mid-Term Composite Aggressive
Bond Fund Bond Fund Fund Equity Fund
---------- --------- --------- -----------
Accumulated undistributed net
investment income ................. $0 $ (29,547) $ 0 $ 425,021
Accumulated net realized gain/loss on
investments and futures contracts . 0 36,798 (44) 13,230,947
-- --------- ----- ------------
Paid in capital ..................... $0 $ (7,251) $ 44 $(13,655,968)
== ========= ===== ============
Conservative Moderate Aggressive
Allocation Allocation Allocation
Fund Fund Fund
------------ ---------- ----------
Accumulated undistributed net
investment income ................. $(1,486) $ 5,050 $(12,089)
Accumulated net realized gain/loss on
investments and futures contracts . 1,486 (5,105) 12,089
------- ------- --------
Paid in capital ..................... $ 0 $ 55 $ 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
64
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders
of Mutual of America Investment Corporation:
We have audited the accompanying statements of assets and liabilities of
Mutual of America Investment Corporation (comprised of: Money Market Fund, All
America Fund, Equity Index Fund, Mid-Cap Equity Index Fund, Bond Fund,
Short-Term Bond Fund, Mid-Term Bond Fund, Composite Fund, Aggressive Equity
Fund, Conservative Allocation Fund, Moderate Allocation Fund, and Aggressive
Allocation Fund, ("the Funds"), including the portfolios of investments in
securities for the Money Market Fund, Conservative Allocation Fund, Moderate
Allocation Fund and Aggressive Allocation Fund, and the summary portfolios of
investments in securities for each of the other Funds as of December 31, 2004,
and the related statements of operations for the year then ended, the statements
of changes in net assets for each of the years or period in the two-year period
then ended, and the financial highlights for each of the years or period in the
three-year period then ended. These financial statements and financial
highlights are the responsibility of the Fund's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits. The financial highlights for each of the years in the
two-year period ended December 31, 2001 were audited by other auditors who have
ceased operations. Those auditors expressed an unqualified opinion on those
financial highlights in their report dated February 20, 2002.
We conducted our audits in accordance with the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2004, by correspondence with
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the assets and liabilities of
the Funds as of December 31, 2004, the results of their operations for the year
then ended, changes in their net assets for each of the years or period in the
two-year period then ended, and the financial highlights for each of the years
or period in the three-year period then ended, in conformity with U.S. generally
accepted accounting principles.
/s/ KPMG LLP
New York, New York
February 28, 2005
65
MUTUAL OF AMERICA INVESTMENT CORPORATION
Directors and Officers -- unaudited
The tables below show information about the Directors and officers of the
Investment Company. The address of each Director and officer is c/o Mutual of
America Investment Corporation, 320 Park Avenue, New York, New York 10022. The
Investment Company does not hold annual meetings of shareholders, and each
Director has been elected by shareholders to serve until a successor is duly
elected at a meeting of shareholders called for the purpose of electing
directors. Each officer of the Investment Company has been elected by the Board
of Directors to serve until a successor is duly elected. The Independent
Directors do not serve as directors of any other fund that is affiliated with
the Adviser or Mutual of America with the sole exception of Patrick J. Waide,
Jr., who serves on the boards of Mutual of America Investment Corporation and
Mutual of America Institutional Funds, Inc. The Interested Directors and
officers of the Investment Company do not receive compensation from the
Investment Company for their service.
The Investment Company's Statement of Additional Information ("SAI"),
filed with the Securities and Exchange Commission, contains additional
information about the Investment Company's Directors and Officers. A copy of the
latest SAI can be obtained, without charge, by writing to Mutual of America
Investment Corporation at 320 Park Avenue, New York, NY 10022-6839 or by calling
1-800-468-3785 or through the following websites: http://www.mutualofamerica.com
or http://www.sec.gov.
Independent Directors
- ------------------------------------------------------------------------------------------------------------------------
Length of Principal Occupation(s) Other Directorships
Name and Age Time Served in Past Five Years Held by Director
========================================================================================================================
Peter J. Flanagan since 1992 Consultant and President None
age 74 Emeritus, Life Insurance Council
of New York, since 1998; prior
thereto, President
========================================================================================================================
Robert J. McGuire since 2/00 Attorney and Consultant, Emigrant Savings Bank; GAM
age 68 Morvillo, Abramowitz, Grand, Funds, Inc.; Brazilian Equity
Iason & Silberberg, P.C. (law Fund (special litigation
firm), since January 1998; committee); Police Athletic
President, Police Athletic League; Volunteers of Legal
League; President, Kroll Service; Office of the Appellate
Associates (investigation and Defender; Trump Hotels & Casino
consulting) until 1997 Resorts; Trustee of Iona College
========================================================================================================================
George Mertz since 1989 Retired, since September 1994 None
age 76
========================================================================================================================
Howard J. Nolan since 1989 President & CEO, United Way of None
age 67 San Antonio & Bexar County
========================================================================================================================
Patrick J. Waide, Jr. since 12/03 Senior Vice President, Trustee, School for Ethical
age 67 Administration, Sullivan & Education; Director, American
Company, until March 1998; Federation for Aging Research;
Director, Drucker Foundation, Mutual of America Institutional
1996-1999 and President, 1999 Funds, Inc.
66
Interested Directors
- ------------------------------------------------------------------------------------------------------------------------
Length of Principal Occupation(s) Other Directorships
Name, Position and Age Time Served in Past Five Years Held by Director
========================================================================================================================
Manfred Altstadt since 1992 Senior Executive Vice President Mutual of America; Mutual of
Chairman of the Board, and Chief Financial Officer, America Securities Corporation;
President and Chief Mutual of America, Mutual of Mutual of America Holding
Executive Officer, age 54 America Capital Management Company, Inc.; Fund Director and
Corporation and Mutual of Treasurer, Calvary Hospital;
America Holding Company, Inc.; Director and Treasurer, Orange
Senior Executive Vice President, County Community College
Chief Financial Officer and Educational Foundation
Treasurer, Mutual of America
Institutional Funds, Inc.
Mr. Altstadt is an "interested person" as an officer of the Adviser and of affiliates of the Adviser.
Officers
- ------------------------------------------------------------------------------------------------------------------------
Length of Principal Occupation(s) Other Directorships
Name, Position and Age Time Served in Past Five Years Held by Director
========================================================================================================================
Patrick A. Burns since 1986 Senior Executive Vice President Mutual of America; Mutual of
Senior Executive Vice and General Counsel, Mutual of America Holding Company, Inc.;
President and General America, Mutual of America Irish American Legal and
Counsel, age 58 Capital Management Corporation, Education Research Foundation
Mutual of America Securities
Corporation, Mutual of America
Holding Company, Inc. and Mutual
of America Institutional Funds,
Inc.
========================================================================================================================
John R. Greed since 9/97 Executive Vice President and None
Executive Vice President, Treasurer, Mutual of America,
Chief Financial Officer and Mutual of America Capital
Treasurer, age 44 Management Corporation and
Mutual of America Holding
Company, Inc.; Chairman of the
Board, President and Chief
Executive Officer, Mutual of
America Institutional Funds,
Inc.
========================================================================================================================
Thomas L. Martin since 8/03 Senior Vice President and None
Senior Vice President and Associate General Counsel,
Secretary, age 55 Mutual of America
67
MUTUAL OF AMERICA INVESTMENT CORPORATION
ADDITIONAL INFORMATION
Quarterly Portfolio Schedules
Included in this Annual Report are summary schedules of Mutual of America
Investment Corporation's ("Investment Company") Fund portfolio holdings as of
December 31, 2004. The Investment Company files complete schedules of Fund
portfolio holdings with the Securities and Exchange Commission ("SEC") for the
first and third quarters of each fiscal year on Form N-Q and for the second and
fourth quarters of each fiscal year on Form N-CSR. The Forms N-Q and N-CSR are
available on the SEC's website at http://www.sec.gov. Additionally, the Forms
N-Q and N-CSR may be reviewed and copied at the SEC's Public Reference Room in
Washington, DC. Information on the operation of the Public Reference Room may be
obtained by calling 1-800-SEC-0330.
Proxy Voting Policies and Procedures
A copy of the Investment Company's proxy voting policies and procedures
can be obtained free of charge by calling 1-800-468-3785. It is also available
on the SEC's website at http://www.sec.gov.
Information regarding how the Investment Company voted proxies relating to
portfolio securities during the 12-month period ended June 30, 2004 is available
without charge by calling 1-800-468-3785. It is also available on the SEC
website.
Code of Ethics
The Investment Company has adopted a Code of Ethics that complies with
Rule 17j-1 of the Investment Company Act of 1940 and with the requirements of
the Sarbanes-Oxley Act of 2002. A copy of the Code of Ethics is available free
of charge, upon request. To obtain a free copy of the Code of Ethics, please
call (212) 224-1376 or write to:
Mr. Paul J. Costagliola Chief Compliance Officer Mutual of
America Investment Corporation 320 Park Avenue New York, NY
10022-6839
Supplemental Dividend Information -- Unaudited
Dividends from the Money Market Fund and Bond Fund do not qualify for the
corporate dividends received deduction. The percentages of the ordinary
dividends distributed in 2004 by the Composite, All America, Mid-Cap Equity,
Conservative Allocation, Moderate Allocation, and Aggressive Allocation Funds
that qualify for the corporate dividends received deduction are 43.02%, 54.1%,
63.99%, 84.73%, 53.37%, and 43.22%, respectively. One hundred percent of the
Equity Index Fund's 2004 ordinary income dividend qualifies for the corporate
dividends received deduction.
Important tax information: The All America, Equity Index, Mid-Cap Equity
Index, Mid-Term Bond, Aggressive Equity, Conservative Allocation, Moderate
Allocation, and Aggressive Allocation Funds designate $34,657,451, $2,583,414,
$6,002,608, $194,246, $948,196, $14,679, $147,324 and $212,402, respectively, of
2004 long-term capital gains dividends as qualifying for the 15% reduced rate on
long-term capital gains.
68
Mutual of America
Life Insurance Company
320 Park Avenue
New York, NY 10022-6839
www.mutualofamerica.com
ITEM 2. CODE OF ETHICS.
Mutual of America Investment Corporation has adopted a Code of Ethics that
applies to its principal executive and financial officers. The Code of
Ethics is attached as an Exhibit hereto.
The Annual Report to Shareholders includes information on how to obtain a
copy of the Code of Ethics at no charge.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a)(1) Mutual of America Investment Corporation's Board of Directors has
determined that one audit committee financial expert serves on its
Audit Committee.
(a)(2) The audit committee financial expert is Patrick J. Waide, Jr. He
was Senior Vice-President, Administration at Sullivan & Company
until March 1998; Director of the Drucker Foundation from
1996-1999 and President, Drucker Foundation in 1999. Mr. Waide is
considered an independent director.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Aggregate Audit Fees:
2004: $237,440
2003: $107,150
(b), (c), (d) There were no Audit-Related, Tax or Other Fees.
(e) All non-audit fees are pre-approved by the Audit Committee in advance.
(f), (g), (h) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS.
Schedule I - Investments in Securities in Unaffiliated Issuers follows:
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
U.S. GOVERNMENT AGENCIES
DISCOUNT NOTES (58.0%)
FFCC AAA 2.30 01/05/05 264,000 263,933
FHLB AAA 2.26 01/14/05 200,000 199,837
FHLB AAA 2.30 01/21/05 200,000 199,744
FHLMC AAA 2.26 01/06/05 316,000 315,901
FHLMC AAA 2.27 01/10/05 500,000 499,716
FHLMC AAA 2.26 01/11/05 9,761,000 9,754,866
FHLMC AAA 2.26 01/14/05 2,434,000 2,432,011
FHLMC AAA 2.27 01/18/05 250,000 249,732
FHLMC AAA 2.27 02/01/05 17,750,000 17,715,266
FHLMC AAA 2.29 02/01/05 200,000 199,605
FHLMC AAA 2.26 02/08/05 700,000 698,328
FNMA AAA 1.06 01/03/05 2,513,000 2,512,853
FNMA AAA 2.27 01/05/05 1,000,000 999,747
FNMA AAA 2.27 01/07/05 1,200,000 1,199,545
FNMA AAA 2.30 01/07/05 340,000 339,870
FNMA AAA 2.27 01/10/05 1,365,000 1,364,224
FNMA AAA 2.26 01/11/05 1,728,000 1,726,914
FNMA AAA 2.33 01/18/05 200,000 199,783
FNMA AAA 2.29 01/19/05 400,000 399,543
FNMA AAA 2.26 01/24/05 1,100,000 1,098,403
FNMA AAA 2.25 01/24/05 550,000 549,205
FNMA AAA 2.27 01/26/05 2,635,000 2,630,840
-----------
45,549,866
-----------
COMMERCIAL PAPER (42.0%)
7-Eleven, Inc. A1+/P1 2.25 01/25/05 1,070,000 1,068,393
7-Eleven, Inc. A1+/P1 2.30 01/03/05 1,021,000 1,020,869
Archer Daniel Midland A1/P1 2.15 01/03/05 2,100,000 2,099,749
Anheuser-Busch Cos., Inc. A1/P1 2.05 01/03/05 2,100,000 2,099,761
Coca Cola Enterprises A1/P1 2.30 01/31/05 435,000 434,165
Coca Cola A1/P1 2.25 02/01/05 2,100,000 2,095,925
Gannett Co., Inc. A1/P1 2.28 01/28/05 2,150,000 2,146,320
General Electric Capital Corp. A1+/P1 2.28 01/19/05 1,625,000 1,623,147
General Electric Capital Corp. A1+/P1 2.28 01/18/05 450,000 449,515
Kimberly-Clark Worldwide A1+/P1 2.13 01/03/05 2,100,000 2,099,751
Merck & Co., Inc. A1+/P1 2.27 01/21/05 2,100,000 2,097,349
-13-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
COMMERCIAL PAPER (Cont'd.)
National Rural Utilities A1/P1 2.32 01/21/05 2,100,000 2,097,290
National Rural Utilities A1/P1 2.28 01/14/05 350,000 349,711
Nestle Capital Corp. A1+/P1 2.28 01/18/05 1,348,000 1,346,547
Nestle Capital Corp. A1+/P1 2.28 01/31/05 800,000 798,478
New Jersey Natural Gas A1/P1 2.31 01/07/05 1,336,000 1,335,485
New Jersey Natural Gas A1/P1 2.30 01/07/05 814,000 813,688
New York Times Co. A1/P1 2.34 01/03/05 270,000 269,965
Novartis Finance Corp. A1+/P1 2.15 01/04/05 341,000 340,939
Sherwin-Williams A1/P1 2.29 01/13/05 1,500,000 1,498,854
Sherwin-Williams A1/P1 2.26 01/04/05 600,000 599,887
Washington Gas Light Company A1/P1 2.28 01/06/05 2,150,000 2,149,319
Washington Post A1/P1 2.15 01/03/05 2,000,000 1,999,761
XTRA, Inc. A1+/P1 2.31 01/03/05 2,100,000 2,099,730
-----------
32,934,598
-----------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $78,484,464) 100% $78,484,464
===========
- ----------
* The ratings are provided by Standard & Poor's Corporation/Moody's Investor
Service, Inc.
Abbreviations: FFCC = Federal Farm Credit Corp.
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
-14-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
BASIC MATERIALS (1.7%)
Air Products & Chemicals, Inc. 5,171 299,763
Alcoa, Inc. 19,804 622,242
Allegheny Technologies, Inc. 2,173 47,089
Ball Corp. 2,562 112,677
Bemis Co. 2,433 70,776
Dow Chemical Co. 21,452 1,062,089
Du Pont (E.I.) de Nemours & Co. 22,596 1,108,334
Eastman Chemical Co. 1,765 101,893
Ecolab, Inc. 5,870 206,213
Engelhard Corp. 2,782 85,324
Freeport-McMoran Copper Cl B 4,062 155,290
Georgia-Pacific (Timber Group) 5,871 220,045
Great Lakes Chemical Corp. 1,155 32,906
Hercules, Inc.* 2,547 37,823
International Paper Co. 11,070 464,940
Intl. Flavors & Fragrances 2,135 91,463
Louisiana-Pacific Corp. 2,504 66,957
MeadWestvaco Corp. 4,610 156,233
Monsanto Co. 6,015 334,133
Newmont Mining Corp. Holding Co. 10,103 448,674
Nucor Corp. 3,619 189,418
PPG Industries, Inc. 3,906 266,233
Pactiv Corp.* 3,377 85,404
Phelps Dodge Corp. 2,172 214,854
Praxair, Inc. 7,388 326,180
Rohm & Haas Co. 5,115 226,236
Sealed Air Corp.* 1,901 101,266
Sigma-Aldrich Corp. 1,571 94,983
Temple-Inland, Inc. 1,274 87,142
United States Steel Group 2,582 132,328
Vulcan Materials Co. 2,330 127,241
Weyerhaeuser Co. 5,457 366,820
-------------
7,942,969
-------------
CONSUMER, CYCLICAL (6.7%)
eBay, Inc.* 15,082 1,753,735
AutoZone, Inc.* 1,815 165,728
Autonation, Inc* 6,019 115,625
Bed Bath & Beyond, Inc.* 6,846 272,676
-15-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
CONSUMER, CYCLICAL (Cont'd.)
Best Buy Co., Inc. 7,380 438,520
Big Lots, Inc.* 2,568 31,150
Black & Decker Corp. 1,837 162,262
Brunswick Corp. 2,189 108,356
Carnival Corp. 14,407 830,275
Centex Corp. 2,826 168,373
Circuit City Group, Inc. 4,446 69,535
Clear Channel Communications 13,048 436,978
Coach, Inc.* 4,293 242,125
Comcast Corp. Cl A* 50,504 1,680,773
Cooper Tire & Rubber Co. 1,703 36,700
Dana Corp. 3,408 59,061
Darden Restaurants, Inc. 3,577 99,226
Delphi Corporation 12,768 115,167
Dillard's, Inc. Cl A 1,868 50,193
Disney (Walt) Co. 46,486 1,292,311
Dollar General Corp. 7,455 154,840
Dow Jones & Co., Inc. 1,861 80,135
Eastman Kodak Co. 6,522 210,335
Family Dollar Stores, Inc. 3,815 119,142
Federated Department Stores 3,850 222,492
Ford Motor Co. 41,626 609,405
Fortune Brands, Inc. 3,280 253,150
Gannett Co., Inc. 5,807 474,432
Gap, Inc. 19,947 421,281
General Motors Corp. 12,850 514,771
Genuine Parts Co. 3,968 174,830
Goodyear Tire & Rubber Co.* 3,990 58,493
Harley-Davidson, Inc. 6,684 406,053
Harrah's Entertainment, Inc. 2,550 170,570
Hasbro, Inc. 4,027 78,043
Hilton Hotels Corp. 8,782 199,703
Home Depot, Inc. 49,960 2,135,290
International Game Technology 7,841 269,574
Interpublic Group of Cos., Inc. 9,621 128,921
Johnson Controls, Inc. 4,331 274,759
Jones Apparel Group, Inc. 2,781 101,701
KB Home 1,054 110,038
-16-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
CONSUMER, CYCLICAL (Cont'd.)
Knight-Ridder, Inc. 1,752 117,279
Kohl's Corp.* 7,806 383,821
Leggett & Platt 4,343 123,471
Limited Brands, Inc. 9,247 212,866
Liz Claiborne, Inc. 2,470 104,259
Lowe's Companies, Inc. 17,581 1,012,490
Marriott International, Inc. 5,087 320,379
Mattel, Inc. 9,441 184,005
May Department Stores Co. 6,643 195,304
Maytag Corp. 1,802 38,022
McDonald's Corp. 28,602 916,980
McGraw-Hill Cos., Inc. 4,320 395,453
Meredith Corp. 1,144 62,005
NIKE, Inc. Cl B 5,972 541,601
New York Times Co. Cl A 3,301 134,681
Newell Rubbermaid, Inc. 6,261 151,454
News Corp., Inc. 59,441 1,109,169
Nordstrom, Inc. 3,187 148,929
Office Depot, Inc.* 7,108 123,395
OfficeMax, Inc. 2,123 66,620
Omnicom Group, Inc. 4,239 357,432
Penney (J.C.) Co., Inc. 6,498 269,017
Pulte Homes, Inc. 2,902 185,148
RadioShack Corp. 3,605 118,532
Reebok International, Ltd. 1,322 58,168
Sears Roebuck & Co. 4,705 240,096
Sherwin-Williams Co. 3,216 143,530
Snap-On, Inc. 1,309 44,977
Stanley Works 1,871 91,660
Staples, Inc. 11,328 381,867
Starbucks Corp.* 9,100 567,476
Starwood Hotels & Resorts 4,716 275,414
TJX Companies, Inc. 10,963 275,500
Target Corp. 20,372 1,057,918
Tiffany & Co. 3,310 105,821
Time Warner, Inc.* 104,207 2,025,784
Toys R Us, Inc.* 4,893 100,160
Tribune Co. 7,228 304,588
-17-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
CONSUMER, CYCLICAL (Cont'd.)
Univision Communications, Inc. 7,357 215,339
V F Corp. 2,527 139,945
Viacom, Inc. Cl B 38,791 1,411,604
Visteon Corp. 2,947 28,792
Wendy's International, Inc. 2,600 102,076
Whirlpool Corp. 1,511 104,576
Yum! Brands Inc. 6,664 314,408
-------------
30,558,738
-------------
CONSUMER, NON-CYCLICAL (5.9%)
Alberto-Culver Co. Cl A 2,071 100,588
Albertson's, Inc. 8,370 199,876
Altria Group, Inc. 46,698 2,853,248
Anheuser-Busch Cos., Inc. 17,975 911,872
Archer-Daniels-Midland Co. 14,891 332,218
Avon Products, Inc. 10,760 416,412
Brown-Forman Corp. Cl B 2,769 134,795
CVS Corp. 9,102 410,227
Campbell Soup Co. 9,361 279,800
Clorox Co. 3,458 203,780
Coca-Cola Co. 55,044 2,291,482
Coca-Cola Enterprises, Inc. 10,675 222,574
Colgate-Palmolive Co. 12,064 617,194
ConAgra Foods, Inc. 11,701 344,594
Coors (Adolph) Co. Cl B 851 64,395
Costco Wholesale Corp. 10,672 516,632
General Mills, Inc. 8,289 412,046
Gillette Co. 22,587 1,011,446
Heinz (H.J.) Co. 7,948 309,893
Hershey Food Corp. 5,599 310,968
Kellogg Co. 9,394 419,536
Kimberly Clark Corp. 11,096 730,228
Kroger Co.* 16,815 294,935
McCormick & Co., Inc. 3,110 120,046
Pepsi Bottling Group, Inc. 5,690 153,858
PepsiCo, Inc. 38,323 2,000,461
Proctor & Gamble Co. 57,712 3,178,777
RJ Reynolds Tobacco Holdings 3,357 263,860
Safeway, Inc.* 10,177 200,894
-18-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
CONSUMER, NON-CYCLICAL (Cont'd.)
Sara Lee Corp. 17,855 431,020
Supervalu, Inc. 3,054 105,424
Sysco Corp. 14,556 555,603
UST, Inc. 3,759 180,845
Wal-Mart Stores, Inc. 96,347 5,089,049
Walgreen Co. 23,251 892,141
Wrigley (Wm.) Jr. Co. 5,106 353,284
--------------
26,914,001
--------------
ENERGY (4.0%)
Amerada Hess Corp. 2,085 171,762
Anadarko Petroleum Corp. 5,627 364,686
Apache Corp. 7,427 375,583
Ashland, Inc. 1,617 94,400
BJ Services Co. 3,674 170,988
Baker Hughes, Inc. 7,632 325,657
Burlington Resources, Inc. 8,907 387,455
ChevronTexaco Corp. 48,200 2,530,982
ConocoPhillips 15,703 1,363,491
Devon Energy Corp. 11,057 430,338
EOG Resources, Inc. 2,698 192,529
El Paso Corp. 14,629 152,142
Exxon Mobil Corp. 146,772 7,523,533
Halliburton Co. 10,055 394,558
Kerr-McGee Corp. 3,451 199,433
Kinder Morgan, Inc. 2,810 205,495
Marathon Oil Corp. 7,877 296,254
Nabors Industries, Ltd.* 3,401 174,437
Noble Corporation* 3,080 153,199
Occidental Petroleum Corp. 8,980 524,073
Rowan Cos., Inc.* 2,440 63,196
Schlumberger, Ltd. 13,394 896,728
Sunoco, Inc. 1,664 135,965
Transocean, Inc.* 7,316 310,125
Unocal Corp. 5,988 258,921
Valero Energy Corp. 5,839 265,091
Williams Cos., Inc. 12,660 206,231
XTO Energy, Inc. 6,030 213,341
-------------
18,380,593
-------------
-19-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
FINANCIAL (11.6%)
Ace, Ltd.* 6,466 276,422
Aflac, Inc. 11,512 458,638
Allstate Corp. 15,612 807,453
AmSouth Bancorporation 8,079 209,246
Ambac Financial Group, Inc. 2,472 203,025
American Express Co. 28,557 1,609,758
American Int'l. Group, Inc. 59,256 3,891,342
Aon Corp. 7,200 171,792
Apartment Investment & Mgmt.Co. 2,156 83,092
Archstone-Smith Trust 4,452 170,512
BB & T Corp. 12,567 528,442
Bank of America Corp. 91,895 4,318,146
Bank of New York Co., Inc. 17,675 590,699
Bear Stearns Cos., Inc. 2,349 240,326
CIT Group Hldgs., Inc. 4,782 219,111
Capital One Financial Corp. 5,522 465,008
Charles Schwab Corp. 30,645 366,514
Chubb Corp. 4,358 335,130
Cincinnati Financial Corp. 3,823 169,206
Citigroup, Inc. 118,071 5,688,661
Comerica, Inc. 3,880 236,758
Compass Bancshares, Inc. 2,790 135,789
Countrywide Financial Corp. 13,205 488,717
E*Trade Financial Corp.* 8,461 126,492
Equity Office Properties 9,174 267,147
Equity Residential 6,433 232,746
Fannie Mae 22,021 1,568,115
Federated Investors, Inc. 2,445 74,328
Fifth Third Bancorp 12,770 603,766
First Tennessee Natl. Corp. 2,801 120,751
Franklin Resources, Inc. 5,674 395,194
Freddie Mac 15,688 1,156,206
Golden West Financial Corp. 6,966 427,852
Goldman Sachs Group, Inc. 11,016 1,146,105
Hartford Financial Svc. Gp., Inc. 6,682 463,129
Huntington Bancshares, Inc. 5,258 130,293
J.P. Morgan Chase & Co. 81,049 3,161,721
Janus Capital Group 5,376 90,371
-20-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
FINANCIAL (Cont'd.)
Jefferson-Pilot Corp. 3,106 161,388
KeyCorp. 9,251 313,609
Lehman Brothers Holdings, Inc. 6,129 536,165
Lincoln National Corp. 3,972 185,413
Loews Corp. 4,220 296,666
M & T Bank Corp. 2,642 284,913
MBIA, Inc. 3,202 202,623
MBNA Corp. 29,068 819,427
MGIC Investment Corp. 2,202 151,740
Marsh & McLennan Cos., Inc. 11,988 394,405
Marshall & Ilsley Corp. 5,083 224,669
Mellon Financial Corp. 9,636 299,776
Merrill Lynch & Co., Inc. 21,190 1,266,526
MetLife Inc. 16,934 685,996
Moody's Corp. 3,365 292,250
Morgan Stanley 24,902 1,382,559
National City Corp. 15,415 578,833
North Fork Bancorp, Inc. 10,708 308,926
Northern Trust Corp. 4,987 242,268
PNC Financial Services Group 6,431 369,397
Plum Creek Timber Co. 4,180 160,679
Principal Financial Group, Inc. 6,984 285,925
Progressive Corp. of Ohio 4,559 386,786
Prologis Trust 4,184 181,293
Providian Financial Corp.* 6,669 109,838
Prudential Financial, Inc. 11,671 641,438
Regions Financial Corp. 10,568 376,115
SLM Corporation 9,779 522,101
Safeco Corp. 2,885 150,712
Simon Property Group 5,032 325,419
Sovereign Bancorp, Inc. 7,854 177,108
St. Paul Travelers Cos, Inc. 15,231 564,613
State Street Corp. 7,585 372,575
Suntrust Banks, Inc. 8,435 623,178
Synovus Financial Corp. 7,045 201,346
T. Rowe Price Group, Inc. 2,915 181,313
Torchmark Corp. 2,460 140,564
UNUM Provident Corp. 6,745 121,005
-21-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
FINANCIAL (Cont'd.)
US Bancorp 42,479 1,330,442
Wachovia Corp. 36,484 1,919,058
Washington Mutual, Inc. 19,863 839,808
Wells Fargo & Company 38,491 2,392,216
XL Capital Limited* 3,155 244,986
Zions Bancorporation 2,040 138,781
-------------
53,012,851
-------------
HEALTHCARE (7.1%)
Abbott Laboratories 35,432 1,652,903
Aetna, Inc. 3,359 419,035
Allergan, Inc. 2,995 242,805
Amerisource Bergen Corp. 2,391 140,304
Amgen, Inc.* 28,897 1,853,743
Applera Corp.-Applied Biosys 4,460 93,259
Bard (C.R.), Inc. 2,381 152,336
Bausch & Lomb, Inc. 1,216 78,383
Baxter International, Inc. 14,025 484,424
Becton Dickinson & Co. 5,768 327,622
Biogen Idec, Inc.* 7,589 505,503
Biomet, Inc. 5,759 249,883
Boston Scientific Corp.* 19,213 683,022
Bristol-Myers Squibb Co. 44,264 1,134,044
CIGNA Corp. 3,054 249,115
Cardinal Health, Inc. 9,830 571,615
Caremark Rx, Inc.* 10,342 407,785
Chiron Corp.* 4,251 141,686
Express Scripts, Inc.* 1,729 132,165
Forest Laboratories, Inc.* 8,384 376,106
Genzyme Corp. (Genl. Div)* 5,641 327,573
Gilead Sciences, Inc.* 9,849 344,617
Guidant Corp. 7,248 522,581
HCA, Inc. 9,583 382,937
Health Management Associates 5,544 125,960
Hospira, Inc.* 3,551 118,959
Humana, Inc.* 3,627 107,686
IMS Health, Inc. 5,277 122,479
Johnson & Johnson 67,518 4,281,992
King Pharmaceuticals, Inc.* 5,502 68,225
-22-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
HEALTHCARE (Cont'd.)
Laboratory Corp. of America* 3,147 156,784
Lilly (Eli) & Co. 25,755 1,461,596
Manor Care, Inc. 1,967 69,691
McKesson Corp. 6,687 210,373
Medco Health Solutions* 6,200 257,920
Medimmune, Inc.* 5,659 153,415
Medtronic, Inc. 27,499 1,365,875
Merck & Co., Inc. 50,452 1,621,527
Millipore Corp.* 1,131 56,335
Mylan Laboratories, Inc. 6,122 108,237
PerkinElmer, Inc. 2,914 65,536
Pfizer, Inc. 171,336 4,607,225
Quest Diagnostics, Inc. 2,302 219,956
Schering-Plough Corp. 33,507 699,626
St. Jude Medical, Inc.* 8,134 341,059
Stryker Corp. 9,146 441,295
Tenet Healthcare Corp.* 10,617 116,575
Thermo Electron Corp.* 3,639 109,861
UnitedHealth Group, Inc. 14,871 1,309,094
Waters Corp.* 2,749 128,626
Watson Pharmaceuticals, Inc.* 2,491 81,730
WellPoint, Inc.* 6,715 772,225
Wyeth 30,354 1,292,777
Zimmer Holdings, Inc.* 5,581 447,150
-------------
32,393,235
-------------
INDUSTRIAL (6.7%)
3M Company 17,712 1,453,624
Allied Waste Industries, Inc.* 7,240 67,187
American Power Conversion 4,351 93,111
American Standard Cos., Inc.* 4,881 201,683
Apollo Group, Inc. Cl A* 4,214 340,112
Avery Dennison Corp. 2,521 151,184
Block (H. & R.), Inc. 3,747 183,603
Boeing Co. 19,102 988,911
Burlington Northern Santa Fe 8,553 404,642
CSX Corp. 4,881 195,630
Caterpillar, Inc. 7,763 756,970
Cendant Corp. 23,953 560,021
-23-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
INDUSTRIAL (Cont'd.)
Cintas Corp. 3,903 171,186
Cooper Industries, Ltd.* 2,097 142,365
Cummins, Inc. 1,036 86,806
Danaher Corp. 7,022 403,133
Deere & Co. 5,646 420,062
Delta Air Lines, Inc.* 2,944 22,021
Donnelley (R.R.) & Sons Co. 5,004 176,591
Dover Corp. 4,636 194,387
Eaton Corp. 3,456 250,076
Emerson Electric Co. 9,549 669,385
Equifax, Inc. 3,073 86,351
FedEx Corp. 6,838 673,475
Fisher Scientific Intl.* 2,668 166,430
Fluor Corp. 1,906 103,896
General Dynamics Corp. 4,557 476,662
General Electric Co. 240,525 8,779,163
Goodrich Corporation 2,706 88,324
Grainger (W.W.), Inc. 2,049 136,504
Honeywell International, Inc. 19,570 692,974
ITT Industries, Inc. 2,105 177,767
Illinois Tool Works, Inc. 6,727 623,458
Ingersoll Rand Co.* 3,918 314,615
L-3 Communications Hldgs., Inc. 2,620 191,889
Lockheed Martin Corp. 10,071 559,444
Masco Corp. 10,192 372,314
Monster Worldwide, Inc.* 2,709 91,131
Navistar International Corp.* 1,589 69,884
Norfolk Southern Corp. 9,009 326,036
Northrop Grumman Corp. 8,377 455,374
PACCAR, Inc. 3,952 318,057
Pall Corp. 2,821 81,668
Parker Hannifin Corp. 2,718 205,861
Pitney Bowes, Inc. 5,247 242,831
Power One, Inc.* 1,910 17,037
Raytheon Co, 10,285 399,367
Robert Half Intl., Inc. 3,945 116,101
Rockwell Automation, Inc. 4,190 207,615
Rockwell Collins 4,016 158,391
-24-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
INDUSTRIAL (Cont'd.)
Ryder System, Inc. 1,463 69,888
Southwest Airlines Co. 17,736 288,742
Textron, Inc. 3,129 230,920
Tyco International, Ltd. 45,766 1,635,677
Union Pacific Corp. 5,907 397,246
United Parcel Service Cl B 25,499 2,179,145
United Technologies Corp. 11,627 1,201,650
Waste Management, Inc. 13,016 389,699
-------------
30,458,276
-------------
TECHNOLOGY (9.0%)
ADC Telecommunications, Inc.* 18,398 49,307
Adobe Systems, Inc. 5,436 341,055
Advanced Micro Devices, Inc.* 8,780 193,336
Affiliated Computer Svcs.* 2,923 175,935
Agilent Technologies, Inc.* 11,048 266,257
Altera Corp.* 8,470 175,329
Analog Devices, Inc. 8,551 315,703
Andrew Corp.* 3,658 49,859
Apple Computer, Inc.* 9,147 589,067
Applied Materials, Inc.* 38,636 660,676
Applied Micro Circuits Corp.* 7,011 29,516
Autodesk, Inc. 5,222 198,175
Automatic Data Processing, Inc. 13,253 587,771
Avaya, Inc.* 10,415 179,138
BMC Software, Inc.* 5,050 93,930
Broadcom Corp. Cl A* 7,487 241,680
Ciena Corp.* 13,008 43,447
Cisco Systems, Inc.* 149,808 2,891,294
Citrix Systems, Inc.* 3,854 94,539
Computer Associates Intl., Inc. 13,324 413,843
Computer Sciences Corp.* 4,306 242,729
Compuware Corp.* 8,808 56,988
Comverse Technology, Inc.* 4,497 109,952
Convergys Corp.* 3,222 48,298
Corning, Inc.* 31,902 375,487
Dell, Inc.* 56,520 2,381,753
EMC Corp.* 54,517 810,668
Electronic Arts, Inc.* 6,947 428,491
-25-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
TECHNOLOGY (Cont'd.)
Electronic Data Systems Corp. 11,686 269,947
First Data Corp. 18,880 803,155
Fiserv, Inc.* 4,450 178,846
Freescale Semiconductor Cl A* 8,869 162,835
Gateway, Inc.* 8,503 51,103
Hewlett-Packard Co. 68,705 1,440,744
Intel Corp. 143,853 3,364,722
Intl. Business Machines Corp. 37,873 3,733,520
Intuit, Inc.* 4,264 187,659
JDS Uniphase Corp.* 32,852 104,141
Jabil Circuit, Inc.* 4,584 117,259
KLA Tencor Corp.* 4,447 207,141
LSI Logic Corp.* 8,757 47,988
Lexmark Int'l., Inc.* 2,937 249,645
Linear Technology Corp. 6,985 270,739
Lucent Technologies* 100,573 378,154
Maxim Integrated Products, Inc. 7,400 313,686
Mercury Interactive Corp.* 1,921 87,502
Micron Technology, Inc.* 13,933 172,073
Microsoft Corp. 247,338 6,606,391
Molex, Inc., Cl A 4,287 128,610
Motorola, Inc. 55,386 952,639
NCR Corp.* 2,120 146,768
NVIDIA Corporation* 3,781 89,080
National Semiconductor Corp. 8,148 146,257
Network Appliance, Inc.* 8,168 271,341
Novell, Inc.* 8,552 57,726
Novellus Systems, Inc.* 3,180 88,690
Oracle Corp.* 116,677 1,600,808
PMC Sierra, Inc.* 4,055 45,619
Parametric Technology Corp.* 6,123 36,064
Paychex, Inc. 8,604 293,224
QLogic Corp.* 2,105 77,317
Qualcomm, Inc. 37,290 1,581,096
Sabre Group Holdings, Inc. 3,082 68,297
Sanmina Corp.* 11,857 100,429
Scientific-Atlanta, Inc. 3,488 115,139
Siebel Systems, Inc.* 11,561 121,391
-26-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
TECHNOLOGY (Cont'd.)
Solectron Corp.* 22,088 117,729
Sun Microsystems, Inc.* 76,513 411,640
Sungard Data Sys., Inc.* 6,572 186,185
Symantec Corp.* 14,428 371,665
Symbol Technologies, Inc. 5,466 94,562
Tektronix, Inc. 2,048 61,870
Tellabs, Inc.* 10,511 90,289
Teradyne, Inc.* 4,418 75,415
Texas Instruments, Inc. 39,312 967,861
Unisys Corp.* 7,643 77,806
Veritas Software Corp.* 9,604 274,194
Xerox Corp.* 21,695 369,032
Xilinx, Inc. 7,924 234,947
Yahoo!, Inc.* 31,278 1,178,555
-------------
41,223,718
-------------
TELECOMMUNICATIONS (1.8%)
AT&T Corp. 18,106 345,100
Alltel Corp. 6,911 406,090
BellSouth Corp. 41,674 1,158,120
CenturyTel, Inc. 3,062 108,609
Citizens Communications Co. 7,632 105,245
Nextel Communications, Inc.* 25,283 758,490
Qwest Communications Intl.* 41,313 183,430
SBC Communications, Inc. 75,428 1,943,780
Sprint Corp. (FON Gp.) 33,466 831,630
Verizon Communications 62,996 2,551,968
-------------
8,392,462
-------------
UTILITIES (1.7%)
AES Corp.* 14,761 201,783
Allegheny Energy, Inc.* 3,123 61,554
Ameren Corp. 4,432 222,220
American Electric Power, Inc. 9,012 309,472
CINergy Corp. 4,123 171,640
CMS Energy Corp.* 4,430 46,294
Calpine Corp.* 12,156 47,895
Centerpoint Energy, Inc. 7,003 79,134
Consolidated Edison, Inc. 5,506 240,888
Constellation Energy Group 4,007 175,146
-27-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
INDEXED ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
UTILITIES (Cont'd.)
DTE Energy Co. 3,955 170,579
Dominion Resources, Inc. 7,541 510,827
Duke Energy Corp. 21,765 551,307
Dynergy, Inc.* 8,646 39,945
Edison International 7,412 237,406
Entergy Corp. 5,086 343,763
Exelon Corp. 15,074 664,311
FPL Group, Inc. 4,222 315,595
FirstEnergy Corp. 7,504 296,483
Keyspan Corporation 3,654 144,150
NiSource, Inc. 6,152 140,143
Nicor, Inc. 1,005 37,125
PG & E Corp.* 9,171 305,211
PPL Corporation 4,302 229,211
Peoples Energy Corp. 850 37,358
Pinnacle West Capital Corp. 2,082 92,462
Progress Energy, Inc. 5,621 254,294
Public Svc. Enterprise Group 5,408 279,972
Sempra Energy 5,310 194,771
Southern Co. 16,828 564,075
TXU Corp. 5,465 352,820
Teco Energy, Inc. 4,543 69,690
Xcel Energy, Inc. 9,099 165,602
-------------
-------------
7,553,126
-------------
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $190,266,310) 56.2% 256,829,969
-------------
- ----------
* Non-income producing security.
-28-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
INDEXED ASSETS: Rate(%) Maturity Amount($) Value($)
------- -------- --------- --------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.2%)
U.S. Treasury Bill (a) 2.02 03/03/05 600,000 597,871
U.S. Treasury Bill (a) 1.98 03/17/05 500,000 497,491
-----------
1,095,362
-----------
COMMERCIAL PAPER (3.3%)
7-Eleven, Inc. 2.23 01/04/05 2,840,000 2,839,472
Archer Daniels Midland 2.15 01/03/05 12,190,000 12,188,544
-----------
15,028,016
-----------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $16,123,898) 3.5% 16,123,378
-----------
TOTAL INDEXED ASSETS (Cost: $206,390,208) 59.7% 272,953,347
-----------
- ----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain(Loss)
---------- --------------- ----------
Purchased
54 S&P 500 Stock Index
Futures Contracts March 2005 $16,384,950 $66,525
=========== =======
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 3.6%
-29-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
BASIC MATERIALS (1.9%)
A. Schulman, Inc. 21,977 470,528
Allegheny Technologies, Inc. 11,318 245,261
Cleveland-Cliffs, Inc. 1,908 198,165
Coeur D'Alene Mines Corp.* 48,217 189,493
Commercial Metals Co. 4,213 213,009
Cytec Industries, Inc. 11,990 616,526
Du Pont (E.I.) de Nemours & Co. 30,500 1,496,025
FMC Corp.* 10,736 518,549
Georgia Gulf Corp. 20,860 1,038,828
Graftech International, Ltd.* 63,173 597,617
Lone Star Technologies, Inc.* 10,088 337,544
Longview Fibre Co. 25,078 454,915
Lubrizol Corp. 11,600 427,576
Matthews Intl. Corp. Cl A 5,085 187,128
PPG Industries, Inc. 14,500 988,320
Pactiv Corp.* 21,500 543,735
Steel Dynamics, Inc. 4,862 184,173
The Mosaic Co.* 8,844 144,334
-------------
8,851,726
-------------
CONSUMER, CYCLICAL (5.4%)
eBay, Inc.* 28,700 3,337,236
Aaron Rents, Inc. 30,022 750,550
American Eagle Outfitters 5,685 267,764
Boyd Gaming Corp. 11,502 479,058
Buffalo Wild Wings, Inc.* 14,335 499,001
CNET Networks, Inc.* 16,035 180,073
CSK Auto Corp.* 28,639 479,417
Cache, Inc.* 14,018 252,604
Carnival Corp. 8,213 473,315
Catalina Marketing Corp. 5,705 169,039
Celebrate Express, Inc.* 19,372 368,068
Circuit City Group, Inc. 85,000 1,329,400
Collins & Aikman Corp* 45,009 196,239
Crown Holdings, Inc.* 113,798 1,563,585
Deckers Outdoor Corp.* 6,129 288,002
Dick's Sporting Goods, Inc.* 12,443 437,371
Fossil, Inc.* 12,065 309,347
Genuine Parts Co. 30,000 1,321,800
-30-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
CONSUMER, CYCLICAL (Cont'd.)
Guitar Center, Inc.* 10,949 576,903
Harman Intl. Industries, Inc. 6,500 825,500
Harris Interactive* 18,430 145,597
Hibbett Sporting Goods, Inc.* 16,760 445,984
Jacuzzi Brands, Inc.* 76,406 664,732
Lithia Motors, Inc. Cl A 6,665 178,755
Monaco Coach Corp. 7,630 156,949
P.F. Changs China Bistro, Inc.* 9,430 531,381
Petco Animal Supplies, Inc.* 12,656 499,659
Pinnacle Entertainment, Inc.* 15,776 312,049
Proquest Company* 5,377 159,697
Quiksilver, Inc.* 16,069 478,696
Red Robin Gourmet Burgers* 6,137 328,145
Regent Communications, Inc.* 24,448 129,574
Shopko Stores, Inc.* 31,502 588,457
Staples, Inc. 58,200 1,961,922
Sunterra Corporation* 38,435 539,627
Target Corp. 37,510 1,947,894
The Steak N Shake Company* 23,618 474,249
The Warnaco Group, Inc.* 20,113 434,441
Thor Industries, Inc. 5,420 200,811
Wolverine World Wide, Inc. 13,012 408,837
-------------
24,691,728
-------------
CONSUMER, NON-CYCLICAL (1.2%)
Alkermes, Inc.* 13,003 183,212
Chiquita Brands Intl., Inc. 32,537 717,766
ConAgra Foods, Inc. 33,500 986,575
Conmed Corp.* 6,415 182,314
Longs Drug Stores Corp. 20,650 569,321
MGI Pharma, Inc.,* 25,164 704,844
Medicines Company* 6,393 184,118
Phase Forward, Inc.* 28,882 235,966
Serologicals Corp.* 17,466 386,348
Walgreen Co. 11,800 452,766
Walter Industries, Inc. 26,646 898,770
-------------
5,502,000
-------------
-31-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
ENERGY (1.0%)
Anadarko Petroleum Corp. 10,000 648,100
Brigham Exploration Company* 2,930 26,370
Denbury Resources, Inc.* 14,170 388,967
Exxon Mobil Corp. 7,930 406,492
Frontier Oil Crop 13,146 350,472
Grey Wolf, Inc.* 30,855 162,606
Plains Exploration & Prod. Co. 13,120 341,120
Range Resources Corp. 44,646 913,457
Southern Union Co.* 24,489 587,246
Stone Energy Corp.* 4,044 182,344
Unisource Energy Corp. 19,087 460,188
-------------
4,467,362
-------------
FINANCIAL (8.6%)
Accredited Home Lenders* 10,128 503,159
Alabama National Bancorp 8,408 542,316
American Express Co. 26,390 1,487,604
American Home Mortgage Inv. 16,116 551,973
Amli Residential Properties 14,245 455,840
Argonaut Group, Inc.* 8,120 171,576
Assured Guaranty Co.* 28,758 565,670
Bank Mutual Corp. 16,207 197,239
Bank of America Corp. 40,080 1,883,359
BankAtlantic Bancorp, Inc.Cl A 36,164 719,664
Banner Corporation 10,753 335,386
Brookline Bankcorp 37,546 612,751
Capital Automotive REIT 14,402 511,631
Capital One Financial Corp. 17,192 1,447,738
Carramerica Realty Corp. 8,632 284,856
Charles Schwab Corp. 173,500 2,075,060
Choice Hotels Intl., Inc. 4,779 277,182
Citigroup, Inc. 77,370 3,727,687
Columbia Banking System 10,279 256,872
Comerica, Inc. 21,750 1,327,185
Conseco, Inc.* 16,859 336,337
Direct General Corp. 18,105 581,171
Equity Inns, Inc. 50,701 595,230
Equity One, Inc. 9,820 233,029
FNB Corp. 9,402 191,425
-32-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
FINANCIAL (Cont'd)
First Financial Holdings, Inc. 3,890 127,359
First Niagara Financial Grp. 38,602 538,498
First State Banck Corporation 9,754 358,557
Gladstone Capital Corp. 3,900 92,430
Glimcher Realty Trust 2,870 79,528
Golden West Financial Corp. 25,454 1,563,385
Highwoods Properties, Inc. 17,681 489,764
Huntington Bancshares, Inc. 43,500 1,077,930
J.P. Morgan Chase & Co. 19,650 766,547
KNBT Bancorp, Inc. 22,643 382,667
LandAmerica Financial Group 13,767 742,454
Luminent Mortgage Capital, Inc. 16,383 194,958
MAF Bancorp 13,153 589,517
MBNA Corp. 82,800 2,334,132
Medical Properties of America* 34,720 355,880
Mid-America Apt. Communities 12,242 504,615
National Financial Partners 5,752 223,178
New Century Financial Corp. 2,690 171,918
Pennsylvania REIT 10,962 469,174
PrivateBancorp, Inc. 19,477 627,744
Provident Financial Services 32,584 631,152
Providian Financial Corp.* 104,827 1,726,501
Santander Bancorp 12,519 377,573
Sterling Financial Corp.* 16,502 647,869
Stewart Information Services 12,175 507,089
Sws Group, Inc. 14,913 326,893
Texas Capital Bancshares* 25,910 560,174
Texas Regional Bancshares 17,141 560,168
TrustCo Bank Corp. (N.Y.) 7,170 98,874
W Holdind Co., Inc. 24,339 558,337
Wells Fargo & Company 31,000 1,926,650
-------------
39,483,455
-------------
HEALTHCARE (3.7%)
Abbott Laboratories 26,414 1,232,213
Able Laboratories, Inc.* 12,214 277,869
Adolor Corporation* 11,294 112,036
Advanced Medical Optics, Inc.* 16,155 664,617
Align Technology, Inc.* 20,895 224,621
-33-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
HEALTHCARE (Cont'd.)
Amgen, Inc.* 29,500 1,892,425
Amsurg Corp.* 6,360 187,874
Amylin Pharmaceuticals, Inc.* 9,384 219,210
Apria Healthcare Group, Inc.* 5,505 181,390
Auxilium Pharmaceuticals, Inc. 30,929 273,722
Bioenvision, Inc.* 23,166 207,567
CV Therapeutics, Inc.* 12,573 289,179
Caliper Life Sciences, Inc.* 52,520 395,476
Centene Corporation* 20,728 587,639
Cubist Pharmaceuticals, Inc.* 17,168 203,097
Dendreon Corp.* 21,744 234,400
First Health Group Corp.* 11,569 216,456
GTC Biotherapeutics* 73,626 111,912
Immunicon Corp.* 32,007 223,409
Inspire Pharmaceuticals, Inc.* 9,205 154,368
Kensey Nash Corp.* 7,260 250,688
Medtronic, Inc. 42,000 2,086,140
Par Pharmaceutical Cos., Inc.* 4,267 176,568
Pfizer, Inc. 83,000 2,231,870
Rigel Pharmaceuticals, Inc.* 7,799 190,452
Select Medical Corp. 12,142 213,699
Telik, Inc.* 21,306 407,797
Transkarayotic Therapies, Inc. 11,438 290,411
United Surgical Partners, Inc. 5,321 221,886
Valeant Pharmaceuticals 7,460 196,571
Ventana Medical Systems, Inc.* 7,627 488,052
VistaCare, Inc. Cl A* 9,010 149,836
Wright Medical Group, Inc.* 15,598 444,543
Wyeth 37,500 1,597,125
-------------
16,835,118
-------------
INDUSTRIAL (6.0%)
Affymetrix, Inc.* 21,000 767,550
American Italian Pasta Co. 15,995 371,884
Apogee Enterprises, Inc. 45,573 611,134
Applied Industrial Tech, Inc. 11,292 309,401
Audiovox Corp. Cl A* 35,196 555,393
Aviall, Inc.* 6,601 151,625
Benchmark Electronics* 24,067 820,685
-34-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
INDUSTRIAL (Cont'd.)
Cal Dive International, Inc.* 8,714 355,096
Champion Enterprises, Inc.* 73,279 866,158
Ciber, Inc.* 62,335 600,909
Digital River, Inc.* 8,415 350,148
Dycom Industries, Inc.* 20,640 629,933
Engineered Support Systems 13,174 780,164
Esterline Technologies* 16,230 529,910
Gardner Denver Machinery* 5,907 214,365
General Cable Corp.* 82,707 1,145,492
General Electric Co. 48,000 1,752,000
Grainger (W.W.), Inc. 30,000 1,998,600
Hydril Company* 7,227 328,901
Kerzner International, Ltd.* 6,560 393,928
Kirby Corp.* 17,747 787,612
Landstar System, Inc.* 9,876 727,269
Laureate Education, Inc.* 12,870 567,438
MKS Instruments, Inc.* 9,270 171,959
Mine Safety Appliances Co. 10,395 527,027
Molecular Devices Corp* 9,462 190,186
Mykrolis Corp.* 30,348 430,031
Northwest Airlines Corp.* 46,410 507,261
Noven Pharmaceuticals* 9,782 166,881
Optical Communication Product 1,120 2,800
Penn National Gaming, Inc.* 6,639 401,991
RailAmerica, Inc.* 66,041 861,835
Rockwell Automation, Inc. 20,500 1,015,775
Siligan Holdings, Inc. 14,102 859,658
Spherion Corp.* 54,309 456,196
TTM Technologies* 29,259 345,256
Trinity Industries 18,709 637,603
Triumph Group, Inc.* 8,489 335,316
Tyco International, Ltd. 28,500 1,018,590
UTI Worldwide, Inc.* 9,268 630,409
United Parcel Service Cl B 27,576 2,356,645
Universal Forest Products 13,821 599,831
Us Home Systems, Inc.* 16,050 98,708
Veeco Instruments, Inc.* 10,582 222,963
-35-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
INDUSTRIAL (Cont'd.)
Woodhead Industries, Inc. 530 8,496
-------------
27,461,012
-------------
TECHNOLOGY (10.0%)
ASE Test Limited* 44,428 300,332
Aeroflex, Inc.* 19,170 232,339
Affiliated Computer Svcs.* 25,757 1,550,313
Angiotech Pharmaceuticals* 9,540 175,630
Anixter International, Inc. 12,014 432,383
Applied Materials, Inc.* 122,500 2,094,749
Ask Jeeves, Inc.* 6,719 179,732
Avid Technology, Inc.* 21,391 1,320,894
Brocade Communication Sys.* 29,522 225,548
CACI International* 2,942 200,438
CMG Information Services, Inc. 83,514 212,961
Callwave, Inc.* 11,656 179,969
Cisco Systems, Inc.* 127,000 2,451,100
Cognex Corp. 5,290 147,591
Cognizant Tech Solutions* 28,500 1,206,405
Concord Communications, Inc.* 18,083 200,360
Credence Systems Corp.* 18,109 165,697
Cypress Semiconductor Corp.* 71,165 834,765
DRS Technologies Inc.* 13,346 570,008
DSP Group, Inc.* 7,583 169,328
Dell, Inc.* 56,000 2,359,840
EMC Corp.* 261,751 3,892,237
Electronic Arts, Inc.* 35,000 2,158,800
Electronics For Imaging, Inc.* 9,068 157,874
Embarcardero Technologies, Inc. 46,360 436,248
Exelixis, Inc.* 14,840 140,980
F5 Networks, Inc.* 3,385 164,917
First Data Corp. 17,584 748,023
Gartner, Inc.* 13,775 171,637
Hyperion Solutions, Corp.* 11,882 553,939
Informatica Corp.* 18,699 151,836
Infospace.Com, Inc.* 3,483 165,617
Integrated Device Tech., Inc.* 34,484 398,635
Integrated Silicon Solution* 28,567 234,249
Interdigital Comm. Corp.* 7,982 176,402
-36-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
TECHNOLOGY (Cont'd.)
Juniper Networks, Inc.* 78,500 2,134,415
Kronos, Inc.* 3,606 184,375
Lecroy Corp.* 18,805 438,909
Linear Technology Corp. 52,000 2,015,520
Lionbridge Technologies, Inc.* 38,592 259,338
Macrovision Corp.* 7,031 180,837
Maxim Integrated Products, Inc. 47,000 1,992,330
Mentor Graphics Corp.* 14,596 223,173
Micrel, Inc.* 40,258 443,643
Micros Systems, Inc.* 2,304 179,850
Microsoft Corp. 75,000 2,003,250
On Semiconductor* 62,303 282,856
PalmSource, Inc.* 15,924 202,872
Parametric Technology Corp.* 84,611 498,359
Perot Systems Corp Cl A* 7,635 122,389
Powerwave Technologies, Inc.* 21,866 185,424
Qualcomm, Inc. 38,500 1,632,400
RF Micro Devices* 30,242 206,855
RSA Security, Inc.* 7,614 152,737
RealNetworks, Inc.* 23,178 153,438
Sabre Group Holdings, Inc. 31,000 686,960
Silicon Image, Inc.* 20,304 334,204
Skyworks Solutions, Inc.* 59,907 564,923
Symantec Corp.* 70,000 1,803,200
Symbol Technologies, Inc. 62,000 1,072,600
Synaptics, Inc.* 8,756 267,758
Texas Instruments, Inc. 18,697 460,320
Titan Corp.* 11,257 182,363
Trimble Navigation, Ltd* 6,215 205,344
Viasat, Inc.* 18,416 446,956
Websense, Inc.* 7,476 379,183
Western Digital Corp.* 43,366 470,087
Wireless Facilities, Inc.* 18,453 174,196
Xenogen Corporation* 30,020 210,140
aQuantive, Inc.* 36,370 325,148
-------------
45,838,128
-------------
-37-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
ACTIVE ASSETS: Shares Value($)
COMMON STOCKS: ------ --------
TELECOMMUNICATIONS (0.9%)
CT Communications, Inc. 11,526 141,770
Citizens Communications Co. 61,500 848,085
Ivillage, Inc.* 31,162 192,581
SBC Communications, Inc. 47,000 1,211,190
SpectraLink Corporation 30,930 438,587
Sprint Corp. (FON Gp.) 38,331 952,525
Surewest Communications 4,500 127,575
-------------
3,912,313
-------------
UTILITIES (0.9%)
Avista Corp. 11,307 199,795
CINergy Corp. 33,460 1,392,940
Energen Corp. 11,517 678,927
PNM Resources, Inc. 27,289 690,139
Southwestern Energy Co.* 11,267 571,124
Westar Energy, Inc. 23,632 540,464
-------------
4,073,389
-------------
TOTAL ACTIVE ASSETS-COMMON STOCKS
(Cost: $154,394,124) 39.6% 181,116,231
-------------
- ----------
* Non-income producing security.
-38-
MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
ACTIVE ASSETS: Rate(%) Maturity Amount($) Value($)
------- -------- --------- --------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (0.0%) (1)
Federal Home Loan Bank 1.01 01/03/05 139,000 138,992
------------
COMMERCIAL PAPER (0.6%)
Archer Daniels Midland 2.15 01/03/05 2,435,000 2,434,709
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $2,573,702) 0.6% 2,573,701
------------
TOTAL ACTIVE ASSETS (Cost: $156,967,825) 40.2% 183,689,932
------------
TEMPORARY CASH INVESTMENTS** (Cost: $545,200) 0.1% 545,200
------------
TOTAL INVESTMENTS (Cost: $363,903,234) 100.0% $457,188,479
============
- ----------
(1) Less than 0.05%
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2004 was 1.74%.
-39-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
BASIC MATERIALS (3.0%)
Air Products & Chemicals, Inc. 13,885 804,913
Alcoa, Inc. 53,174 1,670,727
Allegheny Technologies, Inc. 5,840 126,553
Ball Corp. 6,879 302,538
Bemis Co. 6,532 190,016
Dow Chemical Co. 57,602 2,851,875
Du Pont (E.I.) de Nemours & Co. 60,670 2,975,863
Eastman Chemical Co. 4,760 274,795
Ecolab, Inc. 15,742 553,016
Engelhard Corp. 7,471 229,136
Freeport-McMoran Copper Cl B 10,906 416,936
Georgia-Pacific (Timber Group) 15,764 590,835
Great Lakes Chemical Corp. 3,119 88,860
Hercules, Inc.* 6,840 101,574
International Paper Co. 29,724 1,248,408
Intl. Flavors & Fragrances 5,757 246,630
Louisiana-Pacific Corp. 6,723 179,773
MeadWestvaco Corp. 12,379 419,524
Monsanto Co 16,151 897,188
Newmont Mining Corp. Holding Co. 27,117 1,204,266
Nucor Corp. 9,718 508,640
PPG Industries, Inc. 10,500 715,680
Pactiv Corp.* 9,067 229,304
Phelps Dodge Corp. 5,832 576,901
Praxair, Inc. 19,836 875,759
Rohm & Haas Co. 13,735 607,499
Sealed Air Corp.* 5,105 271,943
Sigma-Aldrich Corp. 4,217 254,960
Temple-Inland, Inc. 3,420 233,928
United States Steel Group 6,945 355,931
Vulcan Materials Co. 6,256 341,640
Weyerhaeuser Co. 14,653 984,975
-------------
21,330,586
-------------
CONSUMER, CYCLICAL (11.4%)
eBay, Inc.* 40,495 4,708,759
AutoZone, Inc.* 4,874 445,045
Autonation, Inc.* 16,162 310,472
Bed Bath & Beyond, Inc.* 18,384 732,235
Best Buy Co., Inc. 19,816 1,177,467
-40-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
CONSUMER, CYCLICAL (Cont'd.)
Big Lots, Inc.* 6,894 83,624
Black & Decker Corp. 4,932 435,644
Brunswick Corp. 5,877 290,912
Carnival Corp. 38,684 2,229,359
Centex Corp. 7,593 452,391
Circuit City Group, Inc. 11,937 186,695
Clear Channel Communications 35,035 1,173,322
Coach ,Inc.* 11,540 650,856
Comcast Corp. Cl A* 135,605 4,512,934
Cooper Tire & Rubber Co. 4,573 98,548
Dana Corp. 9,150 158,570
Darden Restaurants, Inc. 9,604 266,415
Delphi Corporation 34,281 309,215
Dillard's Inc. Cl A 5,017 134,807
Disney (Walt) Co. 124,816 3,469,885
Dollar General Corp. 20,016 415,732
Dow Jones & Co., Inc. 4,998 215,214
Eastman Kodak Co. 17,512 564,762
Family Dollar Stores, Inc. 10,243 319,889
Federated Department Stores 10,336 597,317
Ford Motor Co. 111,767 1,636,269
Fortune Brands, Inc. 8,806 679,647
Gannett Co., Inc. 15,592 1,273,866
Gap, Inc. 53,557 1,131,124
General Motors Corp. 34,503 1,382,190
Genuine Parts Co. 10,659 469,636
Goodyear Tire & Rubber Co.* 10,713 157,053
Harley-Davidson, Inc. 17,947 1,090,280
Harrah's Entertainment, Inc. 6,846 457,929
Hasbro, Inc. 10,813 209,556
Hilton Hotels Corp. 23,581 536,232
Home Depot, Inc. 134,142 5,733,229
International Game Technology 21,052 723,768
Interpublic Group of Cos., Inc. 25,833 346,162
Johnson Controls, Inc. 11,628 737,680
Jones Apparel Group, Inc. 7,466 273,032
KB Home 2,829 295,348
Knight-Ridder, Inc. 4,704 314,886
Kohl's Corp.* 20,958 1,030,505
-41-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
CONSUMER, CYCLICAL (Cont'd.)
Leggett & Platt 11,661 331,522
Limited Brands, Inc. 24,827 571,518
Liz Claiborne, Inc. 6,631 279,895
Lowe's Companies, Inc. 47,205 2,718,536
Marriott International, Inc. 13,660 860,307
Mattel, Inc. 25,349 494,052
May Department Stores Co. 17,836 524,378
Maytag Corp. 4,839 102,103
McDonald's Corp. 76,798 2,462,144
McGraw-Hill Cos., Inc. 11,600 1,061,864
Meredith Corp. 3,054 165,527
NIKE, Inc. Cl B 16,034 1,454,123
New York Times Co. Cl A 8,862 361,570
Newell Rubbermaid, Inc. 16,786 406,053
News Corp Inc 159,600 2,978,136
Nordstrom, Inc. 8,557 399,869
Office Depot, Inc.* 19,084 331,298
OfficeMax, Inc. 5,708 179,117
Omnicom Group, Inc. 11,382 959,730
Penney (J.C.) Co., Inc. 17,446 722,264
Pulte Homes Inc. 7,792 497,130
RadioShack Corp. 9,680 318,278
Reebok International, Ltd. 3,551 156,244
Sears Roebuck & Co. 12,634 644,713
Sherwin-Williams Co. 8,634 385,335
Snap-On, Inc. 3,515 120,775
Stanley Works 5,025 246,175
Staples, Inc. 30,415 1,025,290
Starbucks Corp.* 24,433 1,523,642
Starwood Hotels & Resorts 12,664 739,578
TJX Companies, Inc. 29,436 739,727
Target Corp. 54,698 2,840,467
Tiffany & Co. 8,888 284,149
Time Warner, Inc.* 279,797 5,439,254
Toys R Us, Inc.* 13,137 268,914
Tribune Co. 19,408 817,853
Univision Communications, Inc. 19,743 577,878
V F Corp. 6,785 375,753
Viacom, Inc. Cl B 104,154 3,790,164
-42-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
CONSUMER, CYCLICAL (Cont'd.)
Visteon Corp. 7,913 77,310
Wendy's International, Inc. 6,962 273,328
Whirlpool Corp. 4,058 280,854
Yum! Brands, Inc. 17,894 844,239
-------------
82,049,517
-------------
CONSUMER, NON-CYCLICAL (10.0%)
Alberto-Culver Co. Cl A 5,559 270,001
Albertson's, Inc. 22,480 536,822
Altria Group, Inc. 125,384 7,660,962
Anheuser-Busch Cos., Inc. 48,262 2,448,331
Archer-Daniels-Midland Co. 39,982 891,998
Avon Products, Inc. 28,891 1,118,082
Brown-Forman Corp. Cl B 7,436 361,984
CVS Corp. 24,438 1,101,421
Campbell Soup Co. 25,135 751,285
Clorox Co. 9,284 547,106
Coca-Cola Co. 147,794 6,152,664
Coca-Cola Enterprises, Inc. 28,663 597,624
Colgate-Palmolive Co. 32,393 1,657,226
ConAgra Foods, Inc. 31,416 925,201
Coors (Adolph) Co. Cl B 2,286 172,982
Costco Wholesale Corp. 28,654 1,387,140
General Mills, Inc. 22,257 1,106,395
Gillette Co. 60,647 2,715,773
Heinz (H.J.) Co. 21,339 832,008
Hershey Food Corp. 15,032 834,877
Kellogg Co. 25,223 1,126,459
Kimberly Clark Corp. 29,793 1,960,677
Kroger Co.* 45,149 791,913
McCormick & Co., Inc. 8,351 322,349
Pepsi Bottling Group, Inc. 15,277 413,090
PepsiCo, Inc. 102,898 5,371,276
Proctor & Gamble Co. 154,956 8,534,976
RJ Reynolds Tobacco Holdings 9,014 708,500
Safeway, Inc.* 27,336 539,613
Sara Lee Corp. 47,941 1,157,296
Supervalu, Inc. 8,201 283,099
Sysco Corp. 39,082 1,491,760
UST, Inc. 10,093 485,574
-43-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
CONSUMER, NON-CYCLICAL (Cont'd.)
Wal-Mart Stores, Inc. 258,692 13,664,111
Walgreen Co. 62,429 2,395,401
Wrigley (Wm.) Jr. Co. 13,710 948,595
-------------
72,264,571
-------------
ENERGY (6.8%)
Amerada Hess Corp. 5,599 461,246
Anadarko Petroleum Corp. 15,109 979,214
Apache Corp. 19,943 1,008,518
Ashland, Inc. 4,341 253,428
BJ Services Co. 9,866 459,164
Baker Hughes, Inc. 20,493 874,436
Burlington Resources, Inc. 23,915 1,040,303
ChevronTexaco Corp. 129,418 6,795,739
ConocoPhillips 42,164 3,661,100
Devon Energy Corp. 29,689 1,155,496
EOG Resources, Inc. 7,243 516,860
El Paso Corp. 39,292 408,637
Exxon Mobil Corp. 394,085 20,200,797
Halliburton Co. 26,999 1,059,441
Kerr-McGee Corp. 9,266 535,482
Kinder Morgan, Inc. 7,567 553,375
Marathon Oil Corp. 21,170 796,204
Nabors Industries, Ltd* 9,133 468,432
Noble Corporation* 8,269 411,300
Occidental Petroleum Corp. 24,112 1,407,176
Rowan Cos., Inc.* 6,546 169,541
Schlumberger, Ltd. 35,964 2,407,790
Sunoco, Inc. 4,467 364,999
Transocean, Inc.* 19,643 832,667
Unocal Corp. 16,077 695,169
Valero Energy Corp. 15,677 711,736
Williams Cos., Inc. 33,992 553,730
XTO Energy, Inc. 16,200 573,156
-------------
49,355,136
-------------
FINANCIAL (19.8%)
Ace, Ltd.* 17,361 742,183
Aflac, Inc. 30,909 1,231,415
Allstate Corp. 41,918 2,167,999
AmSouth Bancorporation 21,692 561,823
-44-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
FINANCIAL (Cont'd.)
Ambac Financial Group, Inc. 6,638 545,179
American Express Co. 76,675 4,322,170
American Int'l. Group, Inc. 159,103 10,448,294
Aon Corp. 19,331 461,238
Apartment Investment & Mgmt.Co. 5,790 223,147
Archstone-Smith Trust 11,953 457,800
BB & T Corp. 33,742 1,418,851
Bank of America Corp. 246,738 11,594,219
Bank of New York Co., Inc. 47,458 1,586,046
Bear Stearns Cos., Inc. 6,307 645,269
CIT Group Hldgs. Inc. 12,839 588,283
Capital One Financial Corp. 14,827 1,248,582
Charles Schwab Corp. 82,282 984,093
Chubb Corp. 11,706 900,191
Cincinnati Financial Corp. 10,265 454,329
Citigroup, Inc. 317,022 15,274,120
Comerica, Inc. 10,419 635,767
Compass Bancshares, Inc. 7,492 364,636
Countrywide Financial Corp. 35,456 1,312,227
E*Trade Financial Corp.* 22,718 339,634
Equity Office Properties 24,632 717,284
Equity Residential 17,273 624,937
Fannie Mae 59,126 4,210,362
Federated Investors, Inc. 6,564 199,546
Fifth Third Bancorp 34,287 1,621,089
First Tennessee Natl. Corp. 7,521 324,230
Franklin Resources, Inc. 15,234 1,061,048
Freddie Mac 42,122 3,104,391
Golden West Financial Corp. 18,705 1,148,861
Goldman Sachs Group, Inc. 29,577 3,077,191
Hartford Financial Svc. Gp., Inc. 17,942 1,243,560
Huntington Bancshares, Inc. 14,117 349,819
J.P. Morgan Chase & Co. 217,617 8,489,239
Janus Capital Group 14,434 242,636
Jefferson-Pilot Corp. 8,340 433,346
KeyCorp. 24,839 842,042
Lehman Brothers Holdings, Inc. 16,458 1,439,746
Lincoln National Corp. 10,665 497,842
Loews Corp. 11,331 796,569
-45-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
FINANCIAL (Cont'd.)
M & T Bank Corp. 7,095 765,125
MBIA, Inc. 8,596 543,955
MBNA Corp. 78,048 2,200,173
MGIC Investment Corp. 5,912 407,396
Marsh & McLennan Cos., Inc. 32,188 1,058,985
Marshall & Ilsley Corp. 13,649 603,286
Mellon Financial Corp. 25,873 804,909
Merrill Lynch & Co., Inc. 56,896 3,400,674
MetLife Inc. 45,469 1,841,949
Moody's Corp. 9,035 784,690
Morgan Stanley 66,863 3,712,234
National City Corp. 41,388 1,554,119
North Fork Bancorp, Inc. 28,750 829,438
Northern Trust Corp. 13,391 650,535
PNC Financial Services Group 17,265 991,702
Plum Creek Timber Co 11,211 430,951
Principal Financial Group, Inc. 18,751 767,666
Progressive Corp. of Ohio 12,230 1,037,593
Prologis Trust 11,234 486,769
Providian Financial Corp.* 17,905 294,895
Prudential Financial, Inc. 31,337 1,722,282
Regions Financial Corp. 28,392 1,010,471
SLM Corporation 26,257 1,401,861
Safeco Corp. 7,748 404,756
Simon Property Group 13,510 873,692
Sovereign Bancorp, Inc. 21,087 475,512
St. Paul Travelers Cos., Inc. 40,895 1,515,978
State Street Corp. 20,367 1,000,427
Suntrust Banks, Inc. 22,649 1,673,308
Synovus Financial Corp. 18,915 540,591
T. Rowe Price Group, Inc. 7,828 486,902
Torchmark Corp. 6,604 377,353
UNUM Provident Corp. 18,111 324,911
US Bancorp 114,058 3,572,297
Wachovia Corp. 97,960 5,152,696
Washington Mutual, Inc. 53,333 2,254,919
Wells Fargo & Company 103,350 6,423,203
XL Capital Limited* 8,470 657,696
-46-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
FINANCIAL (Cont'd.)
Zions Bancorporation 5,477 372,600
-------------
142,339,732
-------------
HEALTHCARE (12.1%)
Abbott Laboratories 95,135 4,438,048
Aetna, Inc. 9,019 1,125,120
Allergan, Inc. 8,020 650,181
Amerisource Bergen Corp. 6,421 376,784
Amgen, Inc.* 77,589 4,977,334
Applera Corp.-Applied Biosys 11,974 250,376
Bard (C.R.), Inc. 6,393 409,024
Bausch & Lomb, Inc. 3,266 210,526
Baxter International, Inc. 37,656 1,300,638
Becton Dickinson & Co. 15,472 878,810
Biogen Idec, Inc.* 20,375 1,357,179
Biomet, Inc. 15,463 670,940
Boston Scientific Corp.* 51,586 1,833,882
Bristol-Myers Squibb Co. 118,850 3,044,937
CIGNA Corp. 8,201 668,956
Cardinal Health, Inc. 26,394 1,534,811
Caremark Rx, Inc.* 27,768 1,094,892
Chiron Corp.* 11,413 380,395
Express Scripts, Inc.* 4,642 354,834
Forest Laboratories, Inc.* 22,505 1,009,574
Genzyme Corp. (Genl. Div)* 15,137 879,006
Gilead Sciences, Inc.* 26,445 925,311
Guidant Corp. 19,460 1,403,066
HCA, Inc. 25,731 1,028,211
Health Management Associates 14,869 337,824
Hospira, Inc.* 9,535 319,423
Humana, Inc.* 9,738 289,121
IMS Health, Inc. 14,169 328,862
Johnson & Johnson 181,287 11,497,222
King Pharmaceuticals, Inc* 14,756 182,974
Laboratory Corp. of America* 8,450 420,979
Lilly (Eli) & Co. 69,127 3,922,957
Manor Care, Inc. 5,280 187,070
McKesson Corp. 17,954 564,833
Medco Health Solutions* 16,646 692,474
Medimmune, Inc.* 15,193 411,882
-47-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
HEALTHCARE (Cont'd.)
Medtronic, Inc. 73,836 3,667,434
Merck & Co., Inc. 135,464 4,353,813
Millipore Corp.* 3,038 151,323
Mylan Laboratories, Inc. 16,438 290,624
PerkinElmer, Inc. 7,825 175,984
Pfizer, Inc. 460,040 12,370,476
Quest Diagnostics, Inc. 6,182 590,690
Schering-Plough Corp. 89,965 1,878,469
St. Jude Medical, Inc.* 21,841 915,793
Stryker Corp. 24,558 1,184,924
Tenet Healthcare Corp.* 28,507 313,007
Thermo Electron Corp.* 9,771 294,986
UnitedHealth Group, Inc. 39,928 3,514,862
Waters Corp.* 7,382 345,404
Watson Pharmaceuticals, Inc.* 6,689 219,466
WellPoint, Inc* 18,030 2,073,450
Wyeth 81,501 3,471,128
Zimmer Holdings, Inc.* 14,985 1,200,598
-------------
86,970,887
-------------
INDUSTRIAL (11.3%)
3M Company 47,558 3,903,085
Allied Waste Industries, Inc.* 19,441 180,412
American Power Conversion 11,684 250,038
American Standard Cos., Inc.* 13,104 541,457
Apollo Group, Inc. Cl A* 11,315 913,234
Avery Dennison Corp. 6,748 404,678
Block (H. & R.), Inc. 10,062 493,038
Boeing Co. 51,288 2,655,180
Burlington Northern Santa Fe 22,964 1,086,427
CSX Corp. 13,114 525,609
Caterpillar, Inc. 20,845 2,032,596
Cendant Corp. 64,314 1,503,661
Cintas Corp. 10,477 459,521
Cooper Industries, Ltd.* 5,606 380,591
Cummins, Inc. 2,780 232,936
Danaher Corp. 18,852 1,082,293
Deere & Co. 15,159 1,127,830
Delta Air Lines, Inc.* 7,905 59,129
Donnelley (R.R.) & Sons Co. 13,415 473,415
-48-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
INDUSTRIAL (Cont'd.)
Dover Corp. 12,423 520,896
Eaton Corp. 9,279 671,428
Emerson Electric Co. 25,640 1,797,364
Equifax, Inc. 8,252 231,881
FedEx Corp. 18,361 1,808,375
Fisher Scientific Intl.* 7,165 446,953
Fluor Corp. 5,119 279,037
General Dynamics Corp. 12,235 1,279,781
General Electric Co. 645,811 23,572,095
Goodrich Corporation 7,265 237,130
Grainger (W.W.), Inc. 5,503 366,610
Honeywell International, Inc. 52,544 1,860,583
ITT Industries, Inc. 5,639 476,214
Illinois Tool Works, Inc. 18,063 1,674,079
Ingersoll Rand Co.* 10,520 844,756
L-3 Communications Hldgs., Inc. 7,035 515,243
Lockheed Martin Corp. 27,041 1,502,128
Masco Corp. 27,367 999,717
Monster Worldwide, Inc.* 7,274 244,697
Navistar International Corp.* 4,265 187,575
Norfolk Southern Corp. 24,191 875,472
Northrop Grumman Corp. 22,493 1,222,719
PACCAR, Inc. 10,612 854,054
Pall Corp. 7,575 219,296
Parker Hannifin Corp. 7,298 552,751
Pitney Bowes, Inc. 14,088 651,993
Power One, Inc.* 5,128 45,742
Raytheon Co, 27,614 1,072,252
Robert Half Intl., Inc. 10,591 311,693
Rockwell Automation, Inc. 11,252 557,537
Rockwell Collins 10,784 425,321
Ryder System, Inc. 3,927 187,593
Southwest Airlines Co. 47,622 775,286
Textron, Inc. 8,401 619,994
Tyco International, Ltd. 122,881 4,391,767
Union Pacific Corp. 15,854 1,066,182
United Parcel Service Cl B 68,465 5,851,019
United Technologies Corp. 31,218 3,226,380
-49-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
INDUSTRIAL (Cont'd.)
Waste Management, Inc. 34,949 1,046,373
-------------
81,775,096
-------------
TECHNOLOGY (15.4%)
ADC Telecommunications, Inc.* 49,411 132,421
Adobe Systems, Inc. 14,577 914,561
Advanced Micro Devices, Inc.* 23,574 519,099
Affiliated Computer Svcs.* 7,843 472,070
Agilent Technologies, Inc.* 29,664 714,902
Altera Corp.* 22,742 470,759
Analog Devices, Inc. 22,959 847,646
Andrew Corp.* 9,823 133,887
Apple Computer, Inc.* 24,560 1,581,664
Applied Materials, Inc.* 103,739 1,773,937
Applied Micro Circuits Corp.* 18,823 79,245
Autodesk, Inc. 14,020 532,059
Automatic Data Processing, Inc . 35,585 1,578,195
Avaya, Inc.* 27,965 480,998
BMC Software, Inc.* 13,558 252,179
Broadcom Corp. Cl A* 20,102 648,893
Ciena Corp.* 34,927 116,656
Cisco Systems, Inc.* 402,236 7,763,155
Citrix Systems, Inc.* 10,348 253,836
Computer Associates Intl., Inc. 35,779 1,111,296
Computer Sciences Corp.* 11,561 651,694
Compuware Corp.* 23,650 153,016
Comverse Technology, Inc.* 12,074 295,209
Convergys Corp.* 8,650 129,664
Corning, Inc.* 85,657 1,008,183
Dell, Inc.* 151,757 6,395,040
EMC Corp.* 146,379 2,176,656
Electronic Arts, Inc.* 18,652 1,150,455
Electronic Data Systems Corp. 31,389 725,086
First Data Corp. 50,692 2,156,438
Fiserv, Inc.* 11,948 480,190
Freescale Semiconductor Cl A* 23,813 437,207
Gateway, Inc.* 22,830 137,208
Hewlett-Packard Co. 184,474 3,868,420
Intel Corp. 386,248 9,034,341
-50-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
TECHNOLOGY (Cont'd.)
Intl. Business Machines Corp. 101,690 10,024,600
Intuit, Inc.* 11,450 503,915
JDS Uniphase Corp.* 88,209 279,623
Jabil Circuit, Inc.* 12,309 314,864
KLA Tencor Corp.* 11,939 556,119
LSI Logic Corp.* 23,514 128,857
Lexmark Int'l, Inc.* 7,885 670,225
Linear Technology Corp. 18,756 726,983
Lucent Technologies* 270,040 1,015,350
Maxim Integrated Products, Inc. 19,868 842,205
Mercury Interactive Corp.* 5,157 234,901
Micron Technology, Inc.* 37,410 462,014
Microsoft Corp. 664,104 17,738,217
Molex Inc., Cl A 11,510 345,300
Motorola, Inc. 148,711 2,557,829
NCR Corp.* 5,693 394,126
NVIDIA Corporation* 10,152 239,181
National Semiconductor Corp. 21,877 392,692
Network Appliance, Inc.* 21,921 728,216
Novell, Inc.* 22,961 154,987
Novellus Systems, Inc.* 8,539 238,153
Oracle Corp.* 313,278 4,298,174
PMC Sierra, Inc.* 10,887 122,479
Parametric Technology Corp.* 16,440 96,832
Paychex, Inc. 23,103 787,350
QLogic Corp.* 5,661 207,929
Qualcomm, Inc. 100,125 4,245,300
Sabre Group Holdings, Inc. 8,276 183,396
Sanmina Corp.* 31,835 269,642
Scientific-Atlanta, Inc. 9,365 309,139
Siebel Systems, Inc.* 31,042 325,941
Solectron Corp.* 59,307 316,106
Sun Microsystems, Inc.* 205,437 1,105,251
Sungard Data Sys. Inc.* 17,646 499,911
Symantec Corp.* 38,740 997,942
Symbol Technologies, Inc. 14,700 254,310
Tektronix, Inc. 5,498 166,095
Tellabs, Inc.* 28,221 242,418
Teradyne, Inc.* 11,868 202,587
-51-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
TECHNOLOGY (Cont'd.)
Texas Instruments, Inc. 105,552 2,598,690
Unisys Corp.* 20,522 208,914
Veritas Software Corp.* 25,786 736,190
Xerox Corp.* 58,251 990,850
Xilinx, Inc. 21,277 630,863
Yahoo!, Inc.* 83,982 3,164,442
-------------
110,685,373
-------------
TELECOMMUNICATIONS (3.1%)
AT&T Corp. 48,617 926,640
Alltel Corp. 18,555 1,090,292
BellSouth Corp. 111,895 3,109,562
CenturyTel, Inc. 8,220 291,563
Citizens Communications Co. 20,491 282,571
Nextel Communications, Inc.* 67,884 2,036,520
Qwest Communications Intl.* 110,927 492,516
SBC Communications, Inc. 202,526 5,219,095
Sprint Corp. (FON Gp.) 89,856 2,232,909
Verizon Communications 169,145 6,852,064
-------------
22,533,732
-------------
UTILITIES (2.8%)
AES Corp.* 39,633 541,783
Allegheny Energy, Inc.* 8,385 165,268
Ameren Corp. 11,906 596,967
American Electric Power, Inc. 24,172 830,066
CINergy Corp. 11,067 460,719
CMS Energy Corp.* 11,895 124,303
Calpine Corp.* 32,639 128,598
Centerpoint Energy, Inc. 18,804 212,485
Consolidated Edison, Inc. 14,784 646,800
Constellation Energy Group 10,742 469,533
DTE Energy Co. 10,626 458,299
Dominion Resources, Inc. 20,238 1,370,922
Duke Energy Corp. 58,438 1,480,235
Dynergy, Inc.* 23,214 107,249
Edison International 19,903 637,493
Entergy Corp. 13,656 923,009
Exelon Corp. 40,473 1,783,645
FPL Group, Inc. 11,337 847,441
FirstEnergy Corp. 20,148 796,047
-52-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
UTILITIES (Cont'd.)
Keyspan Corporation 9,810 387,005
NiSource, Inc. 16,517 376,257
Nicor, Inc. 2,697 99,627
PG & E Corp.* 24,625 819,520
PPL Corporation 11,555 615,650
Peoples Energy Corp. 2,299 101,041
Pinnacle West Capital Corp. 5,592 248,341
Progress Energy, Inc. 15,091 682,717
Public Svc. Enterprise Group 14,521 751,752
Sempra Energy 14,257 522,947
Southern Co. 45,185 1,514,601
TXU Corp. 14,674 947,353
Teco Energy, Inc. 12,197 187,102
Xcel Energy, Inc. 24,455 445,081
-------------
20,279,856
-------------
TOTAL COMMON STOCKS
(Cost: $601,484,836) 95.7% 689,584,486
-------------
- ----------
* Non-income producing security.
-53-
MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rate(%) Maturity Amount($) Value($)
------- -------- --------- --------
U.S. GOVERNMENT (0.3%)
U.S. Treasury Bill (a) 2.02 3/3/2005 1,800,000 1,793,611
------------
U.S. GOVERNMENT AGENCIES (3.2%)
Federal National Mtge. Assoc. 1.06 1/3/2005 23,280,000 23,278,642
------------
COMMERCIAL PAPER (0.8%)
7-Eleven Inc. 2.25 1/5/2005 1,730,000 1,729,567
XTRA, Inc. 2.27 1/14/2005 3,950,000 3,946,762
------------
5,676,329
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $30,748,807) 4.3% 30,748,582
------------
TEMPORARY CASH INVESTMENTS** (Cost: $11,900) 0.0%(1) 11,900
------------
TOTAL INVESTMENTS (Cost: $632,245,543) 100.0% $720,344,968
============
- ----------
(a) This security, or a portion thereof, has been segregated to cover initial
margin requirements on open futures contracts.
(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 December 31, 2004 was 1.74%.
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain(Loss)
---- --------------- ----------
Purchased
102 S&P 500 Stock Index
Futures Contracts March 2005 $30,949,350 $198,750
=========== ========
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 4.3%
-54-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
BASIC MATERIALS (4.8%)
Airgas, Inc. 18,406 487,943
Albemarle Corp. 10,229 395,965
Arch Coal, Inc. 15,298 543,691
Bowater, Inc. 13,656 600,454
Cabot Corp. 15,147 585,886
Crompton Corp. 28,157 332,253
Cytec Industries, Inc. 9,728 500,214
FMC Corp.* 9,052 437,212
Ferro Corp. 10,283 238,463
Glatfelter 10,772 164,596
Longview Fibre Co. 12,534 227,367
Lubrizol Corp. 16,373 603,509
Lyondell Chemical Co. 59,289 1,714,638
Martin Marietta Materials, Inc. 11,785 632,383
Minerals Technologies, Inc. 5,034 335,768
Olin Corp. 17,225 379,295
Packaging Corp. of America 26,246 618,093
Peabody Energy Corp. 15,855 1,282,828
Potlatch Corp. 7,293 368,880
RPM International, Inc. 28,562 561,529
Scotts Co. Cl A* 8,070 593,306
Sensient Technologies Corp. 11,508 276,077
Sonoco Products Co. 24,114 714,980
Steel Dynamics, Inc. 11,080 419,710
Valspar Corp. 12,611 630,676
Worthington Industries, Inc. 19,497 381,751
-------------
14,027,467
-------------
CONSUMER, CYCLICAL (17.4%)
99 Cent Only Stores* 17,062 275,722
Abercrombie & Fitch Co. Cl A 21,389 1,004,214
Advance Auto Parts* 18,140 792,355
Aeropostale, Inc.* 13,661 402,043
American Eagle Outfitters 18,089 851,992
American Greetings Corp. Cl A 16,814 426,235
Ann Taylor Stores Corp.* 17,317 372,835
Applebees Intl., Inc. 19,896 526,249
ArvinMeritor, Inc. 17,026 380,872
Bandag, Inc. 4,763 237,245
-55-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
CONSUMER, CYCLICAL (Cont'd.)
Barnes & Noble, Inc.* 17,204 555,173
Belo Corporation 28,217 740,414
Blyth, Inc. 10,037 296,694
Bob Evans Farms, Inc. 8,654 226,216
Borders Group, Inc. 18,425 467,995
Borg-Warner, Inc. 13,784 746,679
Boyd Gaming Corp. 21,386 890,727
Brinker International, Inc.* 21,213 743,940
CBRL Group, Inc. 11,819 494,625
Caesars Entertainment, Inc.* 76,819 1,547,135
Callaway Golf Co. 18,720 252,720
CarMax, Inc.* 25,542 793,079
Catalina Marketing Corp. 12,827 380,064
Cheesecake Factory, Inc.* 19,089 619,804
Chico's FAS, Inc.* 21,913 997,699
Claire's Stores, Inc. 24,274 515,823
D.R. Horton, Inc. 57,231 2,306,982
Dollar Tree Stores* 27,738 795,526
Emmis Communications Cl A* 13,790 264,630
Entercom Communications* 12,236 439,150
Foot Locker Inc 38,208 1,028,941
Furniture Brands Intl., Inc. 13,026 326,301
GTECH Holdings Corp. 28,428 737,707
Gentex Corp. 19,056 705,453
Harman Intl. Industries, Inc. 16,437 2,087,499
Harte-Hanks, Inc. 20,938 543,969
Hovanian Enterprises, Inc.* 14,988 742,206
International Speedway Corp. 13,080 690,624
Krispy Kreme Doughnuts, Inc.* 15,156 190,966
Lear Corp. 16,523 1,008,068
Lee Enterprises 11,084 510,751
Lennar Corp. 38,321 2,172,034
Mandalay Resort Group* 16,566 1,166,743
Media General, Inc. Cl A 5,824 377,453
Michaels Stores, Inc. 33,283 997,492
Modine Manufacturing Co. 8,488 286,640
Mohawk Industries, Inc.* 16,362 1,493,033
Neiman-Marcus Group, Inc. 11,974 856,620
-56-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
CONSUMER, CYCLICAL (Cont'd.)
O'Reilly Automotive, Inc.* 13,548 610,337
Outback Steakhouse, Inc. 18,102 828,710
Pacific Sunwear of California* 18,198 405,087
Payless Shoesource, Inc.* 16,717 205,619
PetSmart, Inc. 35,640 1,266,289
Pier 1 Imports, Inc. 21,077 415,217
Reader's Digest Assn. 24,425 339,752
Regis Corporation 10,879 502,066
Rent-A-Center, Inc.* 18,598 492,847
Ross Stores, Inc. 36,204 1,045,209
Ruby Tuesday, Inc. 15,937 415,637
Ryland Group, Inc. 11,673 671,664
Saks Incorporated 34,215 496,460
Scholastic Corp.* 9,735 359,806
Thor Industries, Inc. 13,945 516,662
Timberland Company Cl A* 8,445 529,248
Toll Brothers, Inc.* 18,341 1,258,376
Tupperware Corp. 14,367 297,684
Urban Outfitters, Inc.* 19,864 881,962
Valassis Communication, Inc.* 12,581 440,461
Washington Post Co. Cl B 2,355 2,315,012
Westwood One, Inc.* 23,561 634,498
Williams-Sonoma, Inc.* 28,604 1,002,284
------------
51,198,224
------------
CONSUMER, NON-CYCLICAL (4.1%)
BJ's Wholesale Club, Inc.* 17,052 496,725
Church & Dwight 15,308 514,655
Constellation Brands, Inc. Cl A 26,484 1,231,771
Dean Foods Co.* 36,581 1,205,344
Energizer Holdings, Inc.* 17,759 882,445
Hormel Foods Corp. 34,051 1,067,499
J.M. Smucker Co. 14,325 674,278
Lancaster Colony Corp. 8,614 369,282
PepsiAmericas, Inc. 33,981 721,756
Ruddick Corp. 11,465 248,676
Smithfield Foods, Inc.* 27,237 805,943
Tootsie Roll Inds., Inc. 12,831 444,338
Tyson Foods, Inc. 86,622 1,593,845
-57-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
CONSUMER, NON-CYCLICAL (Cont'd.)
Universal Corp. 6,267 299,813
Whole Foods Market, Inc. 15,283 1,457,234
------------
12,013,604
------------
ENERGY (6.1%)
Cooper Cameron Corp.* 13,484 725,574
ENSCO International, Inc. 37,075 1,176,761
FMC Technologies, Inc.* 16,782 540,380
Forest Oil Corp.* 14,551 461,558
Grant Prideco, Inc.* 30,321 607,936
Hanover Compressor Co.* 19,168 270,844
Helmerich & Payne, Inc. 12,372 421,143
Murphy Oil Corp. 22,579 1,816,481
National-Oilwell, Inc.* 21,088 744,196
NewField Exploration Company* 15,280 902,284
Noble Energy, Inc. 14,433 889,939
Overseas Shipholding Group 9,662 533,342
Patterson UTI Energy, Inc. 41,075 798,909
Pioneer Natural Resources Co. 35,780 1,255,878
Plains Exploration & Prod. Co. 18,926 492,076
Pogo Producing Co. 15,809 766,578
Pride International, Inc.* 33,437 686,796
Smith International, Inc.* 25,737 1,400,350
Tidewater, Inc. 14,887 530,126
Varco International, Inc.* 24,016 700,066
Weatherford International, Ltd. 33,341 1,710,393
Western Gas Resources 18,148 530,829
------------
17,962,439
------------
FINANCIAL (16.6%)
AMB Property Corp. 20,354 822,098
Allmerica Financial Corp.* 13,065 428,924
AmerUs Group Co. 9,614 435,514
American Financial Group 18,108 566,961
Americredit Corp.* 38,113 931,863
Associated Banc-Corp. 31,768 1,055,015
Astoria Financial Corp. 18,264 730,012
Bank of Hawaii Corp. 12,998 659,519
Banknorth Group, Inc. 43,159 1,579,619
Berkley (W.R.) Corp. 20,649 974,013
-58-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
FINANCIAL (1Cont'd.)
Brown & Brown, Inc. 16,970 739,044
City National Corp. 12,069 852,675
Colonial BancGroup, Inc. 32,820 696,769
Commerce Bancorp, Inc. (N.J.) 19,469 1,253,804
Cullen Frost Bankers, Inc. 12,787 621,448
Developers Diversified Realty 26,440 1,173,143
Eaton Vance Corp. 16,464 858,598
Edwards (A.G.), Inc. 18,747 810,058
Everest RE Group* 13,772 1,233,420
Fidelity Natl. Finl., Inc. 42,812 1,955,224
First American Corp. 21,993 772,834
Firstmerit Corp. 20,684 589,287
GATX Corp. 12,141 358,888
Gallagher (Arthur J.) & Co. 22,675 736,938
Greater Bay Bancorp 12,514 348,890
HCC Insurance Holdings, Inc. 16,638 551,051
Hibernia Corp. Cl A 38,050 1,122,856
Highwoods Properties, Inc. 13,161 364,560
Horace Mann Educators Corp. 10,496 200,264
Hospitality Properties Trust 16,491 758,586
Independence Community Bank Corp. 20,776 884,642
Indymac Bancorp, Inc. 15,206 523,847
Investors Financial Services 16,310 815,174
Jefferies Group 14,031 565,169
Labranche & Co.* 14,733 132,008
Legg Mason, Inc. 24,727 1,811,500
Leucadia National 17,600 1,222,848
Liberty Property Trust 21,015 907,848
Mack-Cali Realty Corp. 14,934 687,412
Mercantile Bankshares Corp. 19,433 1,014,403
MoneyGram International, Inc. 21,736 459,499
New Plan Excel Realty Trust 25,187 682,064
New York Community Bancorp, Inc. 65,068 1,338,449
Ohio Casualty Corp.* 15,185 352,444
Old Republic Intl. Corp. 44,745 1,132,049
PMI Group, Inc. 23,379 976,073
Protective Life Corp. 17,040 727,438
Radian Group, Inc. 22,548 1,200,456
-59-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
FINANCIAL (Cont'd.)
Raymond James Financial, Inc. 18,107 560,955
Rayonier, Inc. 12,229 598,120
SEI Investments 25,154 1,054,707
Silicon Valley Bancshares* 8,831 395,805
StanCorp Financial Group, Inc. 6,970 575,025
TCF Financial 34,051 1,094,399
United Dominion Realty Tr., Inc. 32,524 806,595
Unitrin, Inc. 16,827 764,787
Waddell & Reed Financial, Inc. 20,288 484,680
Washington Federal, Inc. 19,317 512,673
Webster Financial Corp. 13,016 659,130
Weingarten Realty Investors 21,823 875,102
Westamerica Bancorp 7,814 455,634
Wilmington Trust Corp. 16,529 597,523
------------
49,050,333
------------
HEALTHCARE (9.7%)
Apria Healthcare Group, Inc.* 11,894 391,907
Barr Pharmaceuticals, Inc.* 25,153 1,145,468
Beckman Coulter, Inc. 14,919 999,424
Cephalon, Inc.* 14,157 720,308
Charles River Laboratories, Inc. 15,903 731,697
Community Health Systems, Inc.* 21,410 596,911
Covance, Inc.* 15,323 593,766
Coventry Health Care* 22,027 1,169,193
Cytyc Corp.* 27,419 755,942
Dentsply International, Inc. 19,793 1,112,367
Edwards Lifesciences Corp.* 14,587 601,860
First Health Group Corp.* 22,553 421,967
Health Net, Inc.* 27,247 786,621
Hillenbrand Industries, Inc. 15,189 843,597
Inamed Corp.* 8,791 556,031
Invitrogen Corp.* 12,572 843,958
Ivax Corp.* 61,529 973,389
Lifepoint Hospitals Inc.* 9,499 330,755
Lincare Holdings, Inc.* 24,625 1,050,256
Millennium Pharmaceuticals Inc 75,082 909,994
Omnicare, Inc. 25,564 885,026
Pacificare Health Systems,Inc. 20,677 1,168,664
-60-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
HEALTHCARE (Cont'd.)
Par Pharmaceutical Cos., Inc.* 8,313 343,992
Patterson Cos Inc.* 33,667 1,460,811
Perrigo Co. 17,722 306,059
Protein Design* 23,437 484,208
Renal Care Group, Inc.* 16,531 594,951
Schein (Henry), Inc.* 10,617 739,368
Sepracor, Inc.* 25,786 1,530,915
Steris Corp.* 16,961 402,315
Techne Corp.* 10,138 394,368
Triad Hospitals, Inc.* 18,890 702,897
Universal Health Services Cl B 14,320 637,240
VCA Antech., Inc.* 20,136 393,457
VISX, Inc.* 12,174 314,941
Valeant Pharmaceuticals 20,644 543,969
Varian Medical Systems, Inc.* 33,343 1,441,751
Varian, Inc.* 8,522 349,487
Vertex Pharmaceutical* 19,708 208,314
------------
28,438,144
------------
INDUSTRIAL (11.5%)
ADESA, Inc. 22,495 477,344
AGCO Corp.* 22,162 485,126
AirTran Holdings, Inc.* 21,037 225,096
Alaska Air Group, Inc.* 6,597 220,934
Alexander & Baldwin, Inc. 10,469 444,095
Alliant TechSystems, Inc.* 9,246 604,503
Ametek, Inc. 16,814 599,755
Banta Corp. 6,117 273,797
C.H. Robinson Worldwide, Inc. 20,937 1,162,422
CNF., Inc. 12,680 635,268
Career Education Corp.* 25,153 1,006,120
Carlisle Companies, Inc. 7,637 495,794
ChoicePoint, Inc.* 21,770 1,001,202
Copart, Inc.* 22,082 581,198
Corinthian Colleges, Inc.* 22,193 418,227
Crane Co. 13,465 388,331
DeVry, Inc.* 17,267 299,755
Deluxe Corp. 12,277 458,300
Donaldson Company, Inc. 20,414 665,088
-61-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
INDUSTRIAL (Cont'd.)
Dun & Bradstreet* 17,051 1,017,092
Dycom Industries, Inc.* 11,920 363,798
Education Management Corp.* 18,039 595,467
Expeditors Int'l Wash., Inc. 26,151 1,461,318
Fastenal Co. 18,620 1,146,247
Federal Signal Corp. 11,811 208,582
Flowserve Corporation* 13,567 373,635
Graco, Inc. 16,965 633,643
Granite Construction 10,212 271,639
HNI Corporation 13,785 593,444
Harsco Corp. 10,126 564,423
Hubbell, Inc. Cl B 14,939 781,310
Hunt (JB) Transport Svcs., Inc. 19,934 894,040
ITT Educational Services, Inc. 11,273 536,031
Jacobs Engineering Group, Inc. 13,819 660,410
JetBlue Airways Corp.* 25,424 590,345
Kelly Services, Inc. 8,643 260,846
Kennametal, Inc. 9,330 464,354
Korn/Ferry International* 9,567 198,515
Laureate Education, Inc.* 11,858 522,819
Manpower, Inc. 22,137 1,069,217
Miller (Herman), Inc. 17,340 479,104
Nordson Corp. 8,901 356,663
Pentair, Inc. 24,717 1,076,673
Precision Castparts Corp. 16,135 1,059,747
Quanta Services, Inc.* 28,766 230,128
Republic Services, Inc. 37,003 1,241,081
Rollins, Inc. 11,205 294,916
SPX, Inc. 18,438 738,626
Sequa Corp. Cl A* 2,576 157,522
Sotheby's Holdings* 15,579 282,915
Stericycle, Inc.* 11,047 507,610
Swift Transportation Co., Inc. 17,998 386,597
Tecumseh Products Co. Cl A 4,535 216,773
Teleflex, Inc. 9,888 513,583
The Brink's Company 13,925 550,316
Thomas & Betts Corp.* 14,484 445,383
Trinity Industries 11,670 397,714
-62-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
INDUSTRIAL (Cont'd.)
United Rentals* 19,103 361,047
Werner Enterprises, Inc. 19,354 438,175
York International Corp. 10,196 352,170
------------
33,736,273
------------
TECHNOLOGY (13.1%)
3Com Corp.* 93,113 388,281
Activision, Inc.* 34,147 689,086
Acxiom Corp. 21,175 556,903
Adtran, Inc. 18,742 358,722
Advent Software, Inc.* 8,001 163,860
Alliance Data Systems* 20,042 951,594
Amphenol Corp. Cl A* 21,714 797,772
Arrow Electronics, Inc.* 28,432 690,898
Ascential Software Corp.* 14,418 235,158
Atmel Corp.* 117,141 459,193
Avnet, Inc.* 29,571 539,375
Avocent Corp.* 12,226 495,398
BISYS Group, Inc.* 29,502 485,308
CDW Corp. 20,394 1,353,142
CSG Systems Intl., Inc.* 12,536 234,423
Cabot MicroElectronics Corp.* 6,084 243,664
Cadence Design Systems, Inc.* 66,340 916,155
Ceridian Corp.* 36,464 666,562
Certegy, Inc. 15,340 545,030
CheckFree Corp.* 21,288 810,647
Cognizant Tech Solutions* 32,629 1,381,186
CommScope, Inc.* 13,345 252,221
Credence Systems Corp.* 23,401 214,119
Cree , Inc.* 18,128 726,570
Cypress Semiconductor Corp.* 30,859 361,976
DST Systems, Inc.* 20,556 1,071,379
Diebold, Inc. 17,529 976,891
Fair Isaac Corporation 17,259 633,060
Fairchild Semiconductor Intl.* 29,329 476,890
Gartner, Inc.* 27,186 338,738
Harris Corp. 16,414 1,014,221
Henry (Jack) & Associates 22,201 442,022
Imation Corp. 8,347 265,685
-63-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
TECHNOLOGY (Cont'd.)
Integrated Circuit Systems, Inc. 17,250 360,870
Integrated Device Tech., Inc.* 26,197 302,837
International Rectifier* 16,385 730,279
Intersil Corp. Cl A 36,947 618,493
Keane, Inc.* 15,220 223,734
Kemet Corp.* 21,232 190,026
LTX Corp.* 15,009 115,419
Lam Research Corp.* 33,447 966,953
Lattice Semiconductor Corp.* 27,834 158,654
MPS Group, Inc.* 25,165 308,523
Macromedia, Inc.* 17,423 542,204
Macrovision Corp.* 12,203 313,861
McAfee, Inc.* 39,311 1,137,267
McData Corporation Cl A* 28,980 172,721
Mentor Graphics Corp.* 18,732 286,412
Micrel, Inc.* 22,101 243,553
Microchip Technology, Inc. 50,633 1,349,876
National Instruments Corp. 19,423 529,277
Newport Corp.* 10,526 148,417
Plantronics, Inc. 11,870 492,249
Plexus Corp.* 10,592 137,802
Polycom, Inc.* 24,051 560,869
Powerwave Technologies, Inc.* 25,631 217,351
RF Micro Devices* 45,979 314,496
RSA Security, Inc.* 17,069 342,404
Retek, Inc.* 13,743 84,519
Reynolds & Reynolds Co. 15,860 420,449
Sandisk Corp.* 39,978 998,251
Semtech Corp.* 18,154 397,028
Silicon Laboratories, Inc.* 12,748 450,132
Storage Technology Corp.* 26,151 826,633
Sybase, Inc.* 23,342 465,673
Synopsys, Inc.* 37,325 732,317
Tech Data Corp.* 14,262 647,495
Titan Corp.* 20,788 336,766
Transaction Systems Architects 9,197 182,559
Triquint Semiconductor, Inc.* 33,753 150,200
Utstarcom, Inc.* 28,043 621,151
-64-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
TECHNOLOGY (Cont'd.)
Vishay Intertechnology, Inc.* 40,767 612,319
Wind River Systems* 20,184 273,492
Zebra Technologies Cl A* 17,602 990,640
------------
38,690,300
------------
TELECOMMUNICATIONS (0.4%)
Cincinnati Bell, Inc.* 60,188 249,780
Telephone & Data Systems, Inc. 14,084 1,083,764
------------
1,333,544
------------
UTILITIES (6.1%)
AGL Resources, Inc. 18,390 611,284
Alliant Energy Corp. 28,352 810,867
Aqua America, Inc. 22,884 562,718
Aquila, Inc.* 59,317 218,880
Black Hills Corp. 7,968 244,458
DPL, Inc. 31,043 779,490
Duquesne Light Holdings, Inc. 18,866 355,624
Energy East Corporation 36,051 961,841
Equitable Resources, Inc. 15,079 914,692
Great Plains Energy, Inc. 18,237 552,216
Hawaiian Electric Inds. 19,775 576,441
IdaCorp, Inc. 10,231 312,762
MDU Resources Group 28,981 773,213
NSTAR 13,057 708,734
National Fuel Gas Co. 20,269 574,423
Northeast Utilities 31,505 593,869
OGE Energy Corp. 21,836 578,872
Oneok, Inc. 25,377 721,214
PNM Resources, Inc. 14,832 375,101
Pepco Holdings, Inc. 46,116 983,193
Puget Energy, Inc. 24,463 604,236
Questar Corp. 20,684 1,054,057
SCANA Corp. 27,566 1,086,100
Sierra Pacific Resources* 28,820 302,610
Vectren Corporation 18,647 499,740
WGL Holdings, Inc. 11,938 368,168
WPS Resources 9,175 458,383
Westar Energy, Inc. 21,075 481,985
-65-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCK: Shares Value($)
------ --------
UTILITIES (Cont'd.)
Wisconsin Energy Corp. 28,718 968,084
------------
18,033,255
------------
TOTAL COMMON STOCKS
(Cost: $220,458,601) 89.8% 264,483,583
------------
- ----------
* Non-income producing security.
-66-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rate(%) Maturity Amount($) Value($)
------- -------- --------- --------
U.S. GOVERNMENT (0.4%)
U.S. Treasury Bill (a) 2.02 03/03/05 700,000 697,515
U.S. Treasury Bill (a) 2.15 02/24/05 500,000 498,384
U.S. Treasury Bill (a) 1.67 01/06/05 100,000 99,977
------------
1,295,876
------------
U.S. GOVERNMENT AGENCIES (9.8%)
Federal National Mtge Assoc. 1.06 01/03/05 28,800,000 28,798,320
------------
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $30,094,284) 10.2% 30,094,196
------------
TEMPORARY CASH INVESTMENTS** (Cost: $10,800) 0.0%(1) 10,800
------------
TOTAL INVESTMENTS (Cost: $250,563,685) 100.0% $294,588,579
============
- ----------
(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 December 31, 2004 was 1.74%.
- ----------
FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2004:
Expiration Underlying Face Unrealized
Date Amount at Value Gain(Loss)
---- --------------- ----------
Purchased
86 S&P MidCap 400 Stock Index
Futures Contracts March 2005 $28,610,050 $406,350
=========== ========
Face value of futures purchased and outstanding as a percentage of total
investments in securities: 9.7%
-67-
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
U.S. GOVERNMENT (4.1%)
U.S. Treasury Strip AAA 0.00 02/15/17 15,000,000 8,492,955
U.S. Treasury Strip AAA 0.00 05/15/14 10,000,000 6,645,920
------------
15,138,875
------------
U.S. GOVERNMENT AGENCIES (43.4%)
MORTGAGE-BACKED OBLIGATIONS (32.6%)
FHLMC AAA 8.00 07/15/06 26,586 26,561
FHLMC AAA 4.00 10/15/26 9,000,000 8,876,088
FNMA AAA 8.00 03/01/31 343,640 372,612
FNMA AAA 7.00 09/01/31 352,870 374,076
FNMA AAA 7.00 11/01/31 965,908 1,023,956
FNMA AAA 6.00 04/01/32 1,340,334 1,387,791
FNMA AAA 6.00 04/01/32 869,901 900,701
FNMA AAA 8.00 04/01/32 537,540 580,138
FNMA AAA 7.50 04/01/32 510,515 546,573
FNMA AAA 8.00 04/01/32 122,367 132,492
FNMA AAA 6.50 05/01/32 4,444,528 4,665,065
FNMA AAA 6.00 05/01/32 3,653,718 3,783,085
FNMA AAA 6.50 05/01/32 1,122,270 1,177,957
FNMA AAA 7.50 06/01/32 1,380,709 1,478,230
FNMA AAA 7.00 06/01/32 1,154,791 1,224,164
FNMA AAA 6.00 04/01/33 4,301,167 4,453,459
FNMA AAA 5.00 06/01/33 3,492,844 3,472,355
FNMA AAA 5.50 07/01/33 6,169,109 6,268,314
FNMA AAA 5.50 09/01/33 2,968,881 3,016,623
FNMA AAA 5.50 10/01/33 3,775,190 3,835,898
FNMA AAA 5.00 11/01/33 4,750,065 4,722,202
FNMA AAA 5.00 01/01/34 3,653,943 3,632,509
FNMA AAA 5.50 03/01/34 2,676,664 2,719,707
FNMA AAA 5.00 03/01/34 1,867,156 1,856,204
FNMA AAA 5.50 03/01/34 1,395,657 1,418,101
FNMA AAA 5.00 04/01/34 1,081,941 1,074,022
FNMA AAA 4.50 05/01/34 1,651,852 1,597,600
FNMA AAA 4.50 06/01/34 2,747,938 2,657,688
FNMA AAA 5.50 07/01/34 3,369,963 3,423,228
FNMA AAA 5.50 09/01/34 995,761 1,011,500
FNMA AAA 5.50 09/01/34 2,881,367 2,926,910
FNMA AAA 5.50 10/01/34 6,196,569 6,294,512
-68-
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
U.S. GOVERNMENT AGENCIES (Cont'd.)
MORTGAGE-BACKED OBLIGATIONS (Cont'd.)
FNMA AAA 5.00 10/25/15 5,000,000 5,101,560
FNMA AAA 6.50 09/01/16 380,819 403,898
FNMA AAA 6.50 03/01/17 1,823,732 1,934,252
FNMA AAA 6.00 03/01/17 814,518 854,001
FNMA AAA 5.50 04/01/17 513,493 531,259
FNMA AAA 5.50 05/01/17 482,044 498,722
FNMA AAA 6.50 05/01/17 453,594 481,083
FNMA AAA 5.00 04/01/18 954,542 970,733
FNMA AAA 4.50 05/01/18 3,767,839 3,764,327
FNMA AAA 5.00 09/01/18 2,878,188 2,927,008
FNMA AAA 4.50 12/01/18 1,838,023 1,836,310
FNMA AAA 4.50 02/01/19 1,389,993 1,386,441
FNMA AAA 4.00 05/01/19 3,178,368 3,104,694
FNMA AAA 4.50 05/01/19 899,067 896,770
FNMA AAA 4.50 06/01/19 1,281,605 1,278,330
FNMA AAA 4.00 11/25/26 4,750,000 4,675,278
GNMA (1) AAA 6.50 04/15/31 194,045 204,445
GNMA (1) AAA 7.00 09/15/31 229,721 244,167
GNMA (1) AAA 7.00 09/15/31 112,946 120,049
GNMA (1) AAA 6.50 12/15/31 765,690 806,725
GNMA (1) AAA 6.50 04/01/32 1,328,977 1,394,921
GNMA (1) AAA 6.50 05/15/32 325,030 342,453
GNMA (1) AAA 7.00 05/15/32 210,473 223,691
GNMA (1) AAA 5.50 05/01/17 1,046,203 1,082,400
GNMA (1) AAA 6.27 10/16/27 3,000,000 3,297,135
------------
119,290,973
------------
NON-MORTGAGE-BACKED OBLIGATION (10.8%)
FFCB AAA 2.88 06/29/06 2,500,000 2,490,700
FFCB AAA 4.15 05/15/13 10,000,000 9,795,050
FHLB AAA 2.88 09/15/06 300,000 298,937
FHLMC AAA 4.50 01/15/13 2,500,000 2,520,878
FHLMC AAA 5.20 03/05/19 10,000,000 9,886,970
FNMA AAA 3.25 02/15/09 15,000,000 14,708,325
------------
39,700,860
------------
BASIC MATERIALS (5.7%)
International Paper Co. BBB 4.25 01/15/09 2,000,000 2,007,324
Intl. Flavors & Fragrances BBB+ 6.45 05/15/06 2,500,000 2,599,668
-69-
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
BASIC MATERIALS (Cont'd.)
Lyondell Chemical Co. B+ 10.25 11/01/10 5,000,000 5,750,000
Monsanto Co. A- 4.00 05/15/08 1,500,000 1,504,812
PolyOne Corp. B+ 7.50 12/15/15 3,750,000 3,600,000
Praxair, Inc. A- 6.90 11/01/06 5,000,000 5,328,360
------------
20,790,164
------------
CONSUMER, CYCLICAL (7.8%)
Centex Corp. BBB- 7.38 06/01/05 5,000,000 5,070,580
Centex Corp. BBB- 8.75 03/01/07 2,000,000 2,191,780
Coors Brewing Co BBB+ 6.38 05/15/12 2,000,000 2,198,930
Cox Communications, Inc. Cl A BBB- 3.88 10/01/08 2,000,000 1,979,310
Daimlerchrysler BBB 4.05 06/04/08 1,000,000 997,936
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 1,983,538
Kellwood, Co. BBB- 7.88 07/15/09 4,000,000 4,419,200
May Department Stores Co. BBB 4.80 07/15/09 2,000,000 2,033,620
Newell Rubbermaid BBB+ 4.63 12/15/09 2,500,000 2,523,570
Quebecor World Cap Corp. BBB- 4.88 11/15/08 1,500,000 1,513,989
Stanley Works A 3.50 11/01/07 250,000 249,238
Target Corp A+ 5.38 06/15/09 3,250,000 3,440,232
------------
28,728,582
------------
CONSUMER, NON-CYCLICAL (3.1%)
Coca-Cola Enterprises, Inc. A 2.50 09/15/06 2,000,000 1,971,326
General Mills, Inc. BBB+ 2.63 10/24/06 2,000,000 1,965,994
Kellogg Co. BBB+ 2.88 06/01/08 2,000,000 1,942,562
Safeway, Inc. BBB 2.50 11/01/05 1,000,000 994,347
Safeway, Inc. BBB 4.13 11/01/08 1,000,000 994,128
Wal-Mart Stores, Inc. AA 6.88 08/10/09 3,000,000 3,368,673
------------
11,237,030
------------
ENERGY (1.0%)
Anadarko Petroleum Corp. BBB+ 3.25 05/01/08 2,000,000 1,965,614
Ocean Energy, Inc. BBB 4.38 10/01/07 1,750,000 1,775,578
------------
3,741,192
------------
FINANCIAL (23.0%)
American Honda Finance A+ 3.85 11/06/08 2,000,000 1,994,426
Bank of America Corp. A+ 4.75 10/15/06 2,000,000 2,048,252
Bear Stearns Cos., Inc. A 3.00 03/30/06 2,000,000 1,995,868
-70-
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
FINANCIAL (Cont'd.)
Berkley (W.R.) Corp. BBB+ 8.70 01/01/22 5,000,000 6,097,740
Brandywine Realty Trust BBB- 4.50 11/01/09 2,000,000 1,987,160
CIT Group Hldgs Inc. A 2.88 09/29/06 2,000,000 1,979,164
CenterPoint PPTS BBB 5.25 07/15/11 2,250,000 2,288,804
Deere Capital Corp. A- 3.90 01/15/08 2,500,000 2,517,763
Executive Risk, Inc. A 7.13 12/15/07 5,000,000 5,442,615
First Horizon Mtge. AAA 5.00 06/25/33 4,943,831 4,969,109
Fairfax Financial Holdings,Ltd BB 8.25 10/01/15 2,500,000 2,550,000
First Tennessee Natl. Corp. BBB+ 4.50 05/15/13 5,000,000 4,805,915
Ford Motor Credit Co. BBB- 7.38 10/28/09 3,000,000 3,236,004
GE Capital Corp. AAA 2.75 09/25/06 4,000,000 3,960,864
General Motors Accep Cp Units BBB- 0.00 12/01/12 10,000,000 5,726,740
Goldman Sachs Group Inc A+ 3.88 01/15/09 1,750,000 1,746,036
JP Morgan Chase Bank A+ 5.63 08/15/06 2,000,000 2,071,982
Lehman Brothers Holdings, Inc. A 4.00 01/22/08 2,000,000 2,013,802
Markel Corporation BBB- 6.80 02/15/13 1,000,000 1,079,523
Markel Corporation BBB- 7.00 05/15/08 1,000,000 1,062,456
Nationwide Health Properties BBB- 7.90 11/20/06 5,000,000 5,303,944
Natl Rural Utils Coop Fin Corp A+ 3.88 02/15/08 1,500,000 1,505,980
Northern Trust Co. AA- 2.88 12/15/06 2,500,000 2,479,672
Roslyn Bancorp, Inc. BBB- 7.50 12/01/08 1,000,000 1,108,770
SLM Corp. A 4.00 01/15/09 2,250,000 2,248,910
Shurgard Storage Centers, Inc. BBB 7.75 02/22/11 750,000 854,300
Simon Property Group Inc. BBB+ 7.88 03/15/16 5,000,000 5,934,615
Textron Finance Corp. A- 2.69 10/03/06 2,000,000 1,971,640
US Bank NA AA- 2.85 11/15/06 1,000,000 991,580
Union Planters Bank A+ 5.13 06/15/07 2,000,000 2,082,792
------------
84,056,426
------------
HEALTHCARE (1.1%)
Baxter International, Inc. A- 5.25 05/01/07 2,000,000 2,065,068
Wyeth A 5.50 03/15/13 1,750,000 1,818,815
------------
3,883,883
------------
INDUSTRIAL (2.3%)
Deluxe Corp. BBB+ 3.50 10/01/07 1,500,000 1,480,682
Seariver Maritime AAA 0.00 09/01/12 10,000,000 7,037,770
------------
8,518,452
------------
-71-
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
TECHNOLOGY (1.1%)
Hewlett-Packard Co. A- 5.75 12/15/06 2,000,000 2,082,286
Intl. Business Machines Corp. A+ 4.88 10/01/06 2,000,000 2,053,658
------------
4,135,944
------------
TELECOMMUNICATIONS (0.6%)
Verizon Global A+ 4.00 01/15/08 2,000,000 2,016,618
------------
TOTAL LONG-TERM DEBT SECURITIES (Cost: $336,938,170) 93.2% 341,238,999
------------
-72-
MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rating* Maturity Amount($) Value($)
------- -------- --------- --------
U.S. GOVERNMENT AGENCIES (6.5%)
Federal Home Loan Bank 1.01 01/03/05 23,966,000 23,964,668
------------
COMMERCIAL PAPER (0.3%)
Kimberly-Clark Worldwide 2.13 01/03/05 916,000 915,892
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $24,880,560) 6.8% 24,880,560
------------
TOTAL INVESTMENTS
(Cost: $361,818,730) 100.0% $366,119,559
============
- ----------
Abbreviations: FFCB = Federal Farm Credit Bank
FHLB = Federal Home Loan Bank
FHLMC = Federal Home Loan Mortgage Corporation
FNMA = Federal National Mortgage Association
GNMA = Government National Mortgage Association
NR = Issue not rated by S&P/Moody's
(1) U. S. Government guaranteed security.
(2) Issuer has filed for Chapter XI bankruptcy law protection; issue is
non-income producing.
The total value of investments not rated and/or below-investment grade as
a percentage of the Fund's total investments as of December 31, 2004 is
3.3%.
* Ratings as per Standard & Poor's Corporation.
-73-
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
U.S. GOVERNMENT (30.1%)
U.S. Treasury Notes AAA 2.75 07/31/06 7,250,000 7,226,494
U.S. Treasury Notes AAA 3.00 11/15/07 1,500,000 1,490,742
U.S. Treasury Notes AAA 1.63 04/30/05 1,000,000 997,539
------------
9,714,775
------------
U.S. GOVERNMENT AGENCIES (51.5%)
MORTGAGE-BACKED OBLIGATIONS (23.7%)
FHLMC AAA 7.50 02/15/07 21,611 21,591
FHLMC AAA 7.00 03/15/07 22,828 22,807
FHLMC AAA 7.75 09/01/07 554 573
FHLMC AAA 7.25 11/01/07 969 980
FHLMC AAA 7.75 05/01/08 89,285 93,666
FHLMC AAA 6.00 10/01/08 130,974 136,538
FHLMC AAA 5.50 04/01/09 97,271 99,755
FHLMC AAA 8.25 10/01/09 26,305 26,619
FHLMC AAA 7.50 07/01/10 11,205 11,892
FHLMC AAA 7.00 02/01/14 74,019 79,281
FHLMC AAA 6.50 04/01/14 310,961 328,498
FHLMC AAA 8.00 05/01/14 20,809 20,822
FHLMC AAA 8.50 09/01/17 16,135 16,890
FHLMC AAA 8.00 09/01/18 66,736 70,227
FHLMC AAA 6.00 02/01/19 73,626 76,645
FHLMC AAA 7.50 03/15/21 51,803 51,745
FHLMC AAA 4.50 03/15/22 2,000,000 2,010,192
FHLMC AAA 4.50 08/15/22 542,474 544,039
FHLMC AAA 4.00 11/15/26 787,772 787,324
FNMA AAA 8.25 10/01/05 502 506
FNMA AAA 8.50 06/01/06 47,128 48,832
FNMA AAA 7.50 07/01/06 18,181 18,437
FNMA AAA 7.50 09/01/06 6,612 6,625
FNMA AAA 7.50 05/01/07 6,547 6,742
FNMA AAA 7.75 03/01/08 26,294 27,115
FNMA AAA 8.00 04/01/08 23,803 25,164
FNMA AAA 6.00 09/01/08 65,023 67,714
FNMA AAA 7.50 09/01/08 32,029 33,262
FNMA AAA 5.50 11/01/08 74,507 77,111
FNMA AAA 5.50 12/01/08 13,506 13,977
FNMA AAA 7.50 01/01/09 10,766 10,886
FNMA AAA 5.50 02/01/09 42,266 43,744
-74-
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
U.S. GOVERNMENT AGENCIES (Cont'd.)
MORTGAGE-BACKED OBLIGATIONS (Cont'd.)
FNMA AAA 5.50 06/01/09 122,192 126,479
FNMA AAA 6.00 07/01/09 74,600 77,688
FNMA AAA 6.50 11/01/09 30,772 32,532
FNMA AAA 8.50 12/01/09 31,551 33,680
FNMA AAA 8.25 01/01/10 43,452 44,833
FNMA AAA 6.00 11/01/10 75,451 79,159
FNMA AAA 6.00 01/01/11 41,898 43,632
FNMA AAA 6.00 09/01/12 110,063 115,586
FNMA AAA 6.50 08/01/13 71,645 75,145
FNMA AAA 6.00 07/01/16 24,354 25,657
FNMA AAA 8.75 09/01/16 55,792 57,777
FNMA AAA 8.00 06/01/17 11,049 11,374
FNMA AAA 4.50 10/25/17 1,000,000 1,011,550
FNMA AAA 6.00 12/25/18 168,797 169,556
FNMA AAA 5.00 09/25/22 14,087 14,061
FNMA AAA 6.50 01/25/23 103,180 105,643
FNMA AAA 6.50 12/25/23 200,000 205,745
FNMA AAA 4.00 11/25/26 100,000 99,249
GNMA(1) AAA 7.50 07/15/07 38,478 40,051
GNMA(1) AAA 7.00 08/15/07 64,621 66,858
GNMA(1) AAA 7.50 05/20/08 39,039 40,754
GNMA(1) AAA 6.00 11/15/08 68,312 71,180
GNMA(1) AAA 6.00 06/15/09 39,428 41,342
GNMA(1) AAA 9.00 03/15/10 13,680 14,863
Residential Funding Mtge. Sec. AAA 5.00 02/25/33 271,133 271,546
------------
7,656,139
------------
NON-MORTGAGE-BACKED OBLIGATION (27.8%)
FFCB AAA 2.88 06/29/06 1,000,000 996,280
FHLB AAA 2.50 03/15/06 500,000 496,707
FHLB AAA 2.88 09/15/06 2,800,000 2,790,077
FHLMC AAA 2.75 08/15/06 1,000,000 993,439
FNMA AAA 2.25 05/15/06 2,000,000 1,976,226
FNMA AAA 2.63 11/15/06 1,000,000 989,130
FNMA AAA 2.38 02/15/07 750,000 736,123
------------
8,977,982
------------
-75-
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
BASIC MATERIALS (0.3%)
Monsanto Co. A- 4.00 05/15/08 100,000 100,321
------------
CONSUMER, CYCLICAL (0.8%)
Caterpillar Fin. Svc. A 2.63 01/30/07 250,000 245,625
------------
CONSUMER, NON-CYCLICAL (1.4%)
CVS Corp. A- 5.63 03/15/06 150,000 153,809
Coca-Cola Enterprises, Inc. A 2.50 09/15/06 100,000 98,566
General Mills, Inc. BBB+ 2.63 10/24/06 100,000 98,300
Safeway, Inc. BBB 2.50 11/01/05 100,000 99,435
------------
450,110
------------
ENERGY (0.6%)
Devon Energy Corporation BBB 2.75 08/01/06 100,000 98,828
Ocean Energy, Inc. BBB 4.38 10/01/07 100,000 101,462
------------
200,290
------------
FINANCIAL (5.5%)
American Express Co. A+ 5.50 09/12/06 200,000 207,149
Bank of America Corp. A+ 4.75 10/15/06 100,000 102,413
Bank of Oklahoma BBB 7.13 08/15/07 250,000 270,897
Bear Stearns Cos., Inc. A 3.00 03/30/06 100,000 99,793
CIT Group Hldgs., Inc. A 2.88 09/29/06 100,000 98,958
GE Capital Corp. AAA 2.75 09/25/06 250,000 247,554
JP Morgan Chase Bank A+ 5.63 08/15/06 100,000 103,599
Natl. Rural Utils. Coop. Fin. Corp. A+ 3.00 02/15/06 185,000 184,627
Northern Trust Co. AA- 2.88 12/15/06 200,000 198,374
Textron Finance Corp. A- 2.69 10/03/06 100,000 98,582
US Bank NA AA- 2.85 11/15/06 150,000 148,737
------------
1,760,683
------------
HEALTHCARE (1.0%)
Baxter International, Inc. A- 5.25 05/01/07 100,000 103,253
Bristol-Myers Squibb Co. A+ 4.75 10/01/06 200,000 204,505
------------
307,758
------------
INDUSTRIAL (1.7%)
Conoco Funding Co. A- 5.45 10/15/06 200,000 207,131
Deluxe Corp. BBB+ 3.50 10/01/07 250,000 246,780
General Dynamics Corp. A 2.13 05/15/06 100,000 98,571
------------
552,482
------------
-76-
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
TECHNOLOGY (0.6%)
Hewlett-Packard Co. A- 5.75 12/15/06 100,000 104,114
Intl. Business Machines Corp. A+ 4.88 10/01/06 100,000 102,683
------------
206,797
------------
UTILITIES (0.6%)
DTE Energy Co. BBB- 6.45 06/01/06 200,000 208,200
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $30,626,653) 94.1% 30,381,162
------------
- ----------
* Ratings as per Standard & Poor's Corporation.
-77-
MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rate(%) Maturity Amount($) Value($)
------- -------- --------- --------
U.S. GOVERNMENT AGENCIES (2.9%)
Federal Home Loan Bank 1.01 01/03/05 957,000 956,947
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $956,947) 2.9% 956,947
-----------
TEMPORARY CASH INVESTMENTS**
(Cost: $960,900.) 3.0% 960,900
-----------
TOTAL INVESTMENTS
(Cost: $32,544,500) 100.0% $32,299,009
===========
- ----------
Abbreviations: FFCB = Federal Farm Credit Bank
FHLB= Federal Home Loan Bank
FHLMC= Federal Home Loan Mortgage Corporation
FNMA= Federal National Mortgage Association
GNMA = Government National Mortgage Association
(1) U. S. Government guaranteed security.
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2004 was 1.74%.
-78-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
U.S. GOVERNMENT (4.4%)
U.S. Treasury Notes AAA 5.00 08/15/11 3,000,000 3,193,710
------------
U.S. GOVERNMENT AGENCIES (61.2%)
MORTGAGE-BACKED OBLIGATIONS (4.4%)
FHLMC AAA 8.00 07/15/06 13,293 13,280
FHLMC AAA 7.00 02/01/14 74,019 79,281
FHLMC AAA 5.00 06/15/17 3,000,000 3,074,430
FNMA AAA 7.00 04/25/07 55,722 57,204
------------
3,224,195
------------
NON-MORTGAGE-BACKED OBLIGATION (56.8%)
FHLB AAA 2.75 03/14/08 4,750,000 4,641,933
FHLMC AAA 6.63 09/15/09 5,000,000 5,591,705
FHLMC AAA 5.63 03/15/11 4,000,000 4,323,268
FNMA AAA 4.25 07/15/07 14,000,000 14,293,415
FNMA AAA 3.25 01/15/08 5,000,000 4,961,565
FNMA AAA 3.25 02/15/09 1,500,000 1,470,833
FNMA AAA 6.63 09/15/09 5,500,000 6,141,157
------------
41,423,876
------------
BASIC MATERIALS (2.1%)
Cytec Industries, Inc. BBB 6.85 05/11/05 500,000 504,824
International Paper Co. BBB 4.25 01/15/09 250,000 250,916
Intl. Flavors & Fragrances BBB+ 6.45 05/15/06 250,000 259,967
Monsanto Co. A- 4.00 05/15/08 500,000 501,604
------------
1,517,311
------------
CONSUMER, CYCLICAL (4.8%)
Caterpillar Fin. Svc. A 2.63 01/30/07 500,000 491,249
Cox Communications, Inc. Cl A BBB- 3.88 10/01/08 500,000 494,828
Daimlerchrysler BBB 4.05 06/04/08 250,000 249,484
Harman Intl. Industries, Inc. BBB 7.13 02/15/07 186,000 197,504
May Department Stores Co. BBB 4.80 07/15/09 250,000 254,203
Newell Rubbermaid BBB+ 4.63 12/15/09 500,000 504,714
Stanley Works A 3.50 11/01/07 250,000 249,238
Target Corp. A+ 5.38 06/15/09 1,000,000 1,058,533
------------
3,499,753
------------
CONSUMER, NON-CYCLICAL (3.8%)
Campbell Soup Co. A 5.50 03/15/07 500,000 518,470
-79-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
CONSUMER, NON-CYCLICAL (Cont'd.)
Coca-Cola Enterprises, Inc. A 2.50 09/15/06 500,000 492,832
General Mills, Inc. BBB+ 2.63 10/24/06 500,000 491,499
Kellogg Co. BBB+ 2.88 06/01/08 500,000 485,641
Safeway, Inc. BBB 4.13 11/01/08 500,000 497,064
Wal-Mart Stores, Inc. AA 6.88 08/10/09 250,000 280,723
------------
2,766,229
------------
ENERGY (1.0%)
Anadarko Petroleum Corp. BBB+ 3.25 05/01/08 500,000 491,404
Ocean Energy, Inc. BBB 4.38 10/01/07 250,000 253,654
------------
745,058
------------
FINANCIAL (16.7%)
American Honda Finance A+ 3.85 11/06/08 500,000 498,607
American Express Credit Corp. A+ 3.00 05/16/08 250,000 244,150
Bank of America Corp. A+ 4.75 10/15/06 500,000 512,063
Bank of Oklahoma BBB 7.13 08/15/07 350,000 379,255
Berkshire Hathaway Financial AAA 4.20 12/15/10 500,000 496,791
Brandywine Realty Trust BBB- 4.50 11/01/09 250,000 248,395
Deere Capital Corp. A- 3.90 01/15/08 500,000 503,553
FleetBoston Financial Group A+ 3.85 02/15/08 250,000 251,160
Ford Motor Credit Co. BBB- 7.38 10/28/09 750,000 809,001
GE Capital Corp. AAA 2.75 09/25/06 750,000 742,662
General Motors Acceptance Corp. BBB- 6.75 01/15/06 500,000 512,940
Heller Financial, Inc. AAA 6.38 03/15/06 500,000 517,494
Household Finance Corp. A 6.50 01/24/06 500,000 516,884
JP Morgan Chase Bank A+ 5.63 08/15/06 500,000 517,996
Lehman Brothers Holdings, Inc. A 4.00 01/22/08 500,000 503,451
Markel Corporation BBB- 7.00 05/15/08 150,000 159,369
Nationwide Health Properties BBB- 7.60 11/20/28 350,000 391,428
Nationwide Health Properties BBB- 7.90 11/20/06 250,000 265,197
Natl Rural Utils. Coop. Fin. Corp. A+ 3.88 02/15/08 250,000 250,997
Roslyn Bancorp, Inc. BBB- 7.50 12/01/08 500,000 554,385
SLM Corp. A 4.00 01/15/09 500,000 499,758
Sprint Capital Corp. BBB- 7.13 01/30/06 500,000 520,058
Textron Finance Corp. A- 2.69 10/03/06 500,000 492,910
The CIT Group, Inc. A 6.50 02/07/06 500,000 517,574
-80-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
FINANCIAL (Cont'd.)
U S Bancorp A+ 3.95 08/23/07 500,000 504,805
Union Planters Corp. A- 6.75 11/01/05 500,000 514,661
Wells Fargo & Company AA- 3.50 04/04/08 250,000 248,431
------------
12,173,975
------------
INDUSTRIAL (0.7%)
Deluxe Corp. BBB+ 3.50 10/01/07 500,000 493,561
------------
TECHNOLOGY (1.4%)
Hewlett-Packard Co. A- 5.75 12/15/06 500,000 520,572
Intl. Business Machines Corp. A+ 4.88 10/01/06 500,000 513,415
------------
1,033,987
------------
TELECOMMUNICATIONS (0.7%)
Verizon Global A+ 4.00 01/15/08 500,000 504,155
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $70,832,708) 96.8% 70,575,810
------------
- ----------
* Ratings as per Standard & Poor's Corporation.
-81-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rate(%) Maturity Amount($) Value($)
------- -------- --------- --------
U.S. GOVERNMENT AGENCIES (2.2%)
Federal Home Loan Bank 1.01 01/03/05 1,591,000 1,590,912
-----------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $1,590,912) 2.2% 1,590,912
-----------
TEMPORARY CASH INVESTMENTS**
(Cost: $750,000) 1.0% 750,000
-----------
TOTAL INVESTMENTS
(Cost: $73,173,620) 100.0% $72,916,722
===========
- ----------
Abbreviations: FHLB = Federal Home Loan Bank
FHLMC= Federal Home Loan Mortgage Corporation
FNMA= Federal National Mortgage Association
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2004 was 1.74%.
-82-
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
BASIC MATERIALS (2.3%)
Du Pont (E.I.) de Nemours & Co. 74,000 3,629,700
PPG Industries, Inc. 35,000 2,385,600
----------
6,015,300
----------
CONSUMER, CYCLICAL (8.4%)
Carnival Corp. 27,960 1,611,335
Circuit City Group, Inc. 286,000 4,473,040
Genuine Parts Co. 90,000 3,965,400
Staples, Inc. 152,000 5,123,920
Target Corp. 120,050 6,234,197
----------
21,407,892
----------
CONSUMER, NON-CYCLICAL (5.3%)
ConAgra Foods, Inc. 56,000 1,649,200
Proctor & Gamble Co. 58,200 3,205,656
Wal-Mart Stores, Inc. 76,590 4,045,484
Walgreen Co. 119,740 4,594,424
----------
13,494,764
----------
ENERGY (0.8%)
Anadarko Petroleum Corp. 26,000 1,685,060
Exxon Mobil Corp. 6,940 355,744
----------
2,040,804
----------
FINANCIAL (13.3%)
American Express Co. 87,063 4,907,741
Bank of America Corp. 126,660 5,951,753
Citigroup, Inc. 85,983 4,142,661
Comerica, Inc. 58,400 3,563,568
Golden West Financial Corp. 75,018 4,607,606
J.P. Morgan Chase & Co. 69,100 2,695,591
Providian Financial Corp.* 190,000 3,129,300
Wells Fargo & Company 79,623 4,948,569
----------
33,946,789
----------
HEALTHCARE (6.8%)
Abbott Laboratories 125,541 5,856,488
Biogen Idec, Inc.* 23,365 1,556,343
Genzyme Corp. (Genl. Div)* 8,600 499,402
Guidant Corp. 11,373 819,993
Medtronic, Inc. 56,285 2,795,676
Pfizer, Inc. 69,290 1,863,208
St. Jude Medical, Inc.* 37,000 1,551,410
-83-
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
HEALTHCARE (Cont'd.)
Wyeth 60,000 2,555,400
-----------
17,497,920
-----------
INDUSTRIAL (7.8%)
General Electric Co. 202,020 7,373,718
Grainger (W.W.), Inc. 93,000 6,195,660
Tyco International, Ltd. 144,665 5,170,327
United Parcel Service Cl B 14,391 1,229,856
-----------
19,969,561
-----------
TECHNOLOGY (12.3%)
Affiliated Computer Svcs.* 85,842 5,166,831
Dell, Inc.* 76,640 3,229,611
EMC Corp.* 367,129 5,459,209
First Data Corp. 63,172 2,687,338
Intl. Business Machines Corp. 14,504 1,429,805
Microsoft Corp. 173,401 4,631,542
Network Appliance, Inc.* 58,584 1,946,161
Oracle Corp.* 120,516 1,653,481
Sabre Group Holdings, Inc. 98,044 2,172,656
Texas Instruments, Inc. 129,317 3,183,786
-----------
31,560,420
-----------
TELECOMMUNICATIONS (2.4%)
Citizens Communications Co. 62,000 854,980
SBC Communications, Inc. 73,870 1,903,630
Sprint Corp. (FON Gp.) 134,522 3,342,872
-----------
6,101,482
-----------
UTILITIES (1.2%)
CINergy Corp. 75,500 3,143,065
-----------
TOTAL COMMON STOCKS
(Cost: $139,854,643) 60.6% 155,177,997
-----------
- ----------
* Non-income producing security.
-84-
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
U.S. GOVERNMENT (0.8%)
U.S. Treasury Notes AAA 3.88 02/15/13 2,000,000 1,973,282
------------
U.S. GOVERNMENT AGENCIES (20.1%)
MORTGAGE-BACKED OBLIGATIONS (14.5%)
FHLMC AAA 8.00 07/15/06 13,293 13,280
FHLMC AAA 5.00 06/15/17 4,000,000 4,099,240
FHLMC AAA 4.00 10/15/26 1,800,000 1,775,218
FNMA AAA 8.00 03/01/31 90,432 98,056
FNMA AAA 7.50 06/01/31 90,280 96,734
FNMA AAA 7.00 09/01/31 97,825 103,704
FNMA AAA 7.00 11/01/31 241,477 255,989
FNMA AAA 7.50 02/01/32 82,208 88,082
FNMA AAA 6.00 04/01/32 341,922 354,028
FNMA AAA 6.00 04/01/32 239,057 247,521
FNMA AAA 7.50 04/01/32 127,616 136,630
FNMA AAA 7.00 04/01/32 125,868 133,429
FNMA AAA 8.00 04/01/32 52,461 56,802
FNMA AAA 8.00 04/01/32 41,349 44,626
FNMA AAA 6.50 05/01/32 326,804 343,020
FNMA AAA 6.50 05/01/32 286,216 300,419
FNMA AAA 6.00 05/01/32 272,665 282,320
FNMA AAA 7.50 06/01/32 97,233 104,101
FNMA AAA 7.00 06/01/32 83,278 88,281
FNMA AAA 6.50 07/01/32 207,243 217,527
FNMA AAA 6.00 04/01/33 753,062 779,726
FNMA AAA 6.00 05/01/33 359,261 371,651
FNMA AAA 5.00 06/01/33 1,479,322 1,470,644
FNMA AAA 5.50 07/01/33 1,081,762 1,099,157
FNMA AAA 5.50 09/01/33 848,252 861,892
FNMA AAA 5.50 10/01/33 1,316,927 1,338,104
FNMA AAA 5.00 11/01/33 1,871,238 1,860,261
FNMA AAA 5.00 03/01/34 420,110 417,646
FNMA AAA 5.50 03/01/34 325,653 330,890
FNMA AAA 5.50 05/01/34 2,337,024 2,373,963
FNMA AAA 4.50 06/01/34 674,932 652,765
FNMA AAA 6.00 06/01/34 536,432 554,969
-85-
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
U.S. GOVERNMENT AGENCIES (Cont'd.)
MORTGAGE-BACKED OBLIGATIONS (Cont'd.)
FNMA AAA 5.50 07/01/34 842,491 855,807
FNMA AAA 6.50 07/01/34 434,892 456,220
FNMA AAA 6.00 09/01/34 295,214 305,416
FNMA AAA 5.50 09/01/34 738,812 750,490
FNMA AAA 6.00 10/01/34 458,237 474,072
FNMA AAA 5.50 10/01/34 470,939 478,383
FNMA AAA 5.00 10/25/15 1,000,000 1,020,312
FNMA AAA 6.50 09/01/16 107,410 113,920
FNMA AAA 6.50 03/01/17 136,780 145,069
FNMA AAA 6.00 03/01/17 63,987 67,089
FNMA AAA 5.50 04/01/17 140,044 144,889
FNMA AAA 5.50 05/01/17 120,511 124,680
FNMA AAA 6.50 05/01/17 109,488 116,123
FNMA AAA 6.50 06/01/17 127,722 135,462
FNMA AAA 5.50 06/01/17 60,309 62,396
FNMA AAA 5.00 04/01/18 1,781,813 1,812,036
FNMA AAA 4.50 05/01/18 793,229 792,490
FNMA AAA 5.00 09/01/18 822,339 836,288
FNMA AAA 4.50 12/01/18 643,308 642,708
FNMA AAA 4.50 02/01/19 324,332 323,503
FNMA AAA 4.50 05/01/19 733,449 731,575
FNMA AAA 4.00 05/01/19 387,606 378,621
FNMA AAA 4.00 11/25/26 1,000,000 984,269
GNMA (1) AAA 6.50 04/15/31 51,976 54,762
GNMA (1) AAA 7.00 05/15/31 41,358 43,959
GNMA (1) AAA 7.00 09/15/31 63,540 67,535
GNMA (1) AAA 7.00 09/15/31 8,236 8,754
GNMA (1) AAA 6.50 10/15/31 60,212 63,438
GNMA (1) AAA 6.50 12/15/31 53,733 56,612
GNMA (1) AAA 6.00 03/01/32 128,192 132,733
GNMA (1) AAA 6.50 04/01/32 365,469 383,603
GNMA (1) AAA 6.50 05/15/32 85,127 89,690
GNMA (1) AAA 7.00 05/15/32 54,122 57,521
GNMA (1) AAA 5.50 05/01/17 78,075 80,776
GNMA (1) AAA 6.27 10/16/27 3,000,000 3,297,135
------------
37,039,011
------------
-86-
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
NON-MORTGAGE-BACKED OBLIGATION (5.6%)
FFCB AAA 2.88 06/29/06 1,000,000 996,280
FHLB AAA 2.88 09/15/06 500,000 498,228
FHLMC AAA 4.50 01/15/13 3,500,000 3,529,229
FNMA AAA 3.25 02/15/09 4,250,000 4,167,359
FNMA AAA 4.38 03/15/13 4,500,000 4,487,688
Suffolk County, New York AAA 5.88 11/01/05 750,000 761,355
------------
14,440,139
------------
BASIC MATERIALS (2.0%)
International Paper Co. BBB 4.25 01/15/09 500,000 501,831
Lyondell Chemical Co. B+ 10.25 11/01/10 500,000 575,000
Monsanto Co. A- 4.00 05/15/08 500,000 501,604
PolyOne Corp. B+ 7.50 12/15/15 1,000,000 960,000
Praxair, Inc. A- 6.90 11/01/06 2,500,000 2,664,180
------------
5,202,615
------------
CONSUMER, CYCLICAL (2.0%)
Coors Brewing Co. BBB+ 6.38 05/15/12 500,000 549,733
Cox Communications, Inc. Cl A BBB- 3.88 10/01/08 500,000 494,828
Daimlerchrysler BBB 4.05 06/04/08 250,000 249,484
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
Kellwood, Co. BBB- 7.88 07/15/09 750,000 828,600
May Department Stores Co. BBB 4.80 07/15/09 500,000 508,405
Newell Rubbermaid BBB+ 4.63 12/15/09 500,000 504,714
Quebecor World Cap Corp. BBB- 4.88 11/15/08 500,000 504,663
Stanley Works A 3.50 11/01/07 250,000 249,238
Target Corp. A+ 5.38 06/15/09 1,000,000 1,058,533
------------
4,998,862
------------
CONSUMER, NON-CYCLICAL (1.0%)
Coca-Cola Enterprises, Inc. A 2.50 09/15/06 500,000 492,832
General Mills, Inc. BBB+ 2.63 10/24/06 500,000 491,499
Kellogg Co. BBB+ 2.88 06/01/08 500,000 485,641
Wal-Mart Stores, Inc. AA 6.88 08/10/09 1,000,000 1,122,891
------------
2,592,863
------------
ENERGY (0.4%)
Anadarko Petroleum Corp. BBB+ 3.25 05/01/08 500,000 491,404
Ocean Energy, Inc. BBB 4.38 10/01/07 500,000 507,308
------------
998,712
------------
-87-
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
FINANCIAL (10.0%)
American Honda Finance A+ 3.85 11/06/08 500,000 498,607
American Express Credit Corp. A+ 3.00 05/16/08 250,000 244,150
Bank of America Corp. A+ 4.75 10/15/06 500,000 512,063
Bear Stearns Cos., Inc. A 3.00 03/30/06 500,000 498,967
Berkley (W.R.) Corp. BBB+ 8.70 01/01/22 1,500,000 1,829,322
Berkshire Hathaway Financial AAA 4.20 12/15/10 500,000 496,791
Brandywine Realty Trust BBB- 4.50 11/01/09 500,000 496,790
CIT Group Hldgs., Inc. A 2.88 09/29/06 500,000 494,791
CenterPoint PPTS BBB 5.25 07/15/11 500,000 508,623
Deere Capital Corp. A- 3.90 01/15/08 500,000 503,553
First Horizon Mtge. Pass Through Tr. AAA 5.00 06/25/33 1,732,651 1,741,510
Fairfax Financial Holdings, Ltd. BB 8.25 10/01/15 500,000 510,000
First Tennessee Natl. Corp. BBB+ 4.50 05/15/13 1,500,000 1,441,775
FleetBoston Financial Group A+ 3.85 02/15/08 250,000 251,160
Ford Motor Credit Co. BBB- 7.38 10/28/09 1,000,000 1,078,668
GE Capital Corp. AAA 5.45 01/15/13 2,000,000 2,110,926
General Motors Acceptance Corp. BBB- 0.00 12/01/12 2,500,000 1,431,685
Goldman Sachs Group, Inc. A+ 3.88 01/15/09 500,000 498,868
JP Morgan Chase Bank A+ 5.63 08/15/06 500,000 517,996
Lehman Brothers Holdings, Inc. A 4.00 01/22/08 500,000 503,451
Markel Corporation BBB- 6.80 02/15/13 250,000 269,880
Markel Corporation BBB- 7.00 05/15/08 250,000 265,613
Nationwide Health Properties BBB- 7.90 11/20/06 5,000,000 5,303,944
Natl Rural Utils. Coop. Fin. Corp. A+ 3.88 02/15/08 250,000 250,996
Northern Trust Co. AA- 2.88 12/15/06 1,000,000 991,868
Roslyn Bancorp, Inc. BBB- 7.50 12/01/08 250,000 277,192
SLM Corp. A 4.00 01/15/09 500,000 499,757
Shurgard Storage Centers, Inc. BBB 7.75 02/22/11 250,000 284,766
Textron Finance Corp. A- 2.69 10/03/06 500,000 492,909
Union Planters Bank A+ 5.13 06/15/07 500,000 520,697
Wells Fargo & Company AA- 3.50 04/04/08 250,000 248,430
------------
25,575,748
------------
HEALTHCARE (0.4%)
Baxter International, Inc. A- 5.25 05/01/07 500,000 516,267
Wyeth A 5.50 03/15/13 500,000 519,662
------------
1,035,929
------------
-88-
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
LONG-TERM DEBT SECURITIES: Rating* Rate(%) Maturity Amount($) Value($)
------- ------- -------- --------- --------
INDUSTRIAL (1.0%)
Deluxe Corp. BBB+ 3.50 10/01/07 500,000 493,561
Seariver Maritime AAA 0.00 09/01/12 3,000,000 2,111,331
------------
2,604,892
------------
TECHNOLOGY (0.4%)
Hewlett-Packard Co. A- 5.75 12/15/06 500,000 520,572
Intl. Business Machines Corp. A+ 4.88 10/01/06 500,000 513,415
------------
1,033,987
------------
TELECOMMUNICATIONS (0.2%)
Verizon Global A+ 4.00 01/15/08 500,000 504,155
------------
TOTAL LONG-TERM DEBT SECURITIES
(Cost: $97,899,547) 38.3% 98,000,195
------------
-89-
MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rate(%) Maturity Amount($) Value($)
------- -------- --------- --------
U.S. GOVERNMENT AGENCIES (0.8%)
Federal National Mtge. Assoc. 1.06 01/03/05 2,090,000 2,089,878
------------
COMMERCIAL PAPER (0.2%)
Archer Daniels Midland 2.15 01/03/05 570,000 569,932
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $2,659,810) 1.0% 2,659,810
------------
TEMPORARY CASH INVESTMENTS**
(Cost: $222,400) 0.1% 222,400
------------
TOTAL INVESTMENTS
(Cost: $240,636,400) 100.0% $256,060,402
============
- ----------
Abbreviations: FFCB = Federal Farm Credit Bank
FHLB= Federal Home Loan Bank
FHLMC= Federal Home Loan Mortgage Corporation
FNMA= Federal National Mortgage Association
GNMA = Government National Mortgage Association
NR = Issue not rated by either S&P or Moody's
(1) U.S. Government guaranteed security.
(2) Issuer has filed for Chapter XI bankruptcy law (or equivalent) protection;
issue is non-income producing.
The total value of investments not rated and or below-investment grade as a
percentage of the Fund's total investments as of December 31, 2004 is 0.8%
** The fund has an arrangement with its custodian bank, JPMorgan Chase Bank,
whereby uninvested cash, subject to parameters set by the fund, is
automatically invested in the fund's name by the bank in overnight
commercial paper issued by J.P. Morgan Chase & Co. On the next business
day, these funds (and earned interest) are automatically returned to the
fund. The annual rate of interest earned on this temporary cash investment
at December 31, 2004 was 1.74%.
-90-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
BASIC MATERIALS (6.4%)
A. Schulman, Inc. 92,400 1,978,284
Allegheny Technologies, Inc. 44,000 953,480
Cleveland-Cliffs, Inc. 8,020 832,957
Coeur D'Alene Mines Corp.* 187,444 736,655
Commercial Metals Co. 17,710 895,418
Cytec Industries, Inc. 50,410 2,592,082
FMC Corp.* 41,738 2,015,945
Georgia Gulf Corp. 84,296 4,197,941
Graftech International, Ltd.* 265,610 2,512,671
Lone Star Technologies, Inc.* 39,217 1,312,201
Longview Fibre Co. 105,440 1,912,682
Lubrizol Corp. 48,770 1,797,662
Matthews Intl. Corp. Cl A 19,770 727,536
Steel Dynamics, Inc. 20,440 774,267
The Mosaic Co.* 34,384 561,147
------------
23,800,928
------------
CONSUMER, CYCLICAL (14.3%)
Aaron Rents, Inc. 116,710 2,917,750
American Eagle Outfitters 22,103 1,041,051
Boyd Gaming Corp. 44,715 1,862,380
Buffalo Wild Wings, Inc.* 55,729 1,939,926
CNET Networks, Inc.* 62,335 700,022
CSK Auto Corp.* 120,410 2,015,663
Cache, Inc.* 54,497 982,036
Catalina Marketing Corp. 22,180 657,193
Celebrate Express, Inc.* 75,311 1,430,909
Collins & Aikman Corp.* 189,240 825,086
Crown Holdings, Inc.* 473,831 6,510,438
Deckers Outdoor Corp.* 23,830 1,119,772
Dick's Sporting Goods, Inc.* 48,375 1,700,381
Fossil, Inc.* 46,905 1,202,644
Guitar Center, Inc.* 42,568 2,242,908
Harris Interactive* 72,140 569,906
Hibbett Sporting Goods, Inc.* 59,090 1,572,385
Jacuzzi Brands, Inc.* 321,250 2,794,875
Lithia Motors, Inc. Cl A 28,020 751,496
Monaco Coach Corp. 29,770 612,369
-91-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
CONSUMER, CYCLICAL (Cont'd.)
P.F. Changs China Bistro, Inc.* 36,660 2,065,791
Petco Animal Supplies, Inc.* 49,176 1,941,468
Pinnacle Entertainment, Inc.* 61,332 1,213,147
Proquest Company* 20,904 620,849
Quiksilver, Inc.* 62,470 1,860,981
Red Robin Gourmet Burgers* 23,858 1,275,687
Regent Communications, Inc.* 102,790 544,787
Shopko Stores, Inc.* 132,450 2,474,166
Sunterra Corporation* 161,600 2,268,864
The Steak N Shake Company* 91,814 1,843,625
The Warnaco Group, Inc.* 78,191 1,688,926
Thor Industries, Inc. 21,071 780,681
Wolverine World Wide, Inc. 50,586 1,589,412
------------
53,617,574
------------
CONSUMER, NON-CYCLICAL (4.5%)
Alkermes, Inc.* 50,550 712,250
Chiquita Brands Intl., Inc. 136,800 3,017,808
Conmed Corp.* 26,970 766,487
Longs Drug Stores Corp. 86,820 2,393,627
MGI Pharma, Inc.,* 102,600 2,873,826
Medicines Company* 24,854 715,795
Phase Forward, Inc.* 112,279 917,319
Serologicals Corp.* 67,903 1,502,014
Walter Industries, Inc. 112,030 3,778,772
------------
16,677,898
------------
ENERGY (3.7%)
Brigham Exploration Company* 10,790 97,110
Denbury Resources, Inc.* 55,088 1,512,166
Frontier Oil Crop 51,106 1,362,486
Grey Wolf, Inc.* 119,949 632,131
Plains Exploration & Prod. Co. 55,160 1,434,160
Range Resources Corp. 182,767 3,739,413
Southern Union Co.* 102,961 2,469,005
Stone Energy Corp.* 17,000 766,530
Unisource Energy Corp. 80,250 1,934,828
------------
13,947,829
------------
-92-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
FINANCIAL (20.0%)
Accredited Home Lenders* 42,580 2,115,374
Alabama National Bancorp 32,686 2,108,247
American Home Mortgage Inv. 67,760 2,320,780
Amli Residential Properties 59,890 1,916,480
Argonaut Group, Inc.* 34,140 721,378
Assured Guaranty Co.* 120,910 2,378,300
Bank Mutual Corp. 68,140 829,264
BankAtlantic Bancorp, Inc. Cl A 152,050 3,025,795
Banner Corporation 45,210 1,410,100
Brookline Bankcorp 157,860 2,576,275
Capital Automotive REIT 60,550 2,151,039
Carramerica Realty Corp. 36,290 1,197,570
Choice Hotels Intl., Inc. 18,580 1,077,640
Columbia Banking System 43,215 1,079,943
Conseco, Inc.* 70,880 1,414,056
Direct General Corp. 76,120 2,443,452
Equity Inns, Inc. 213,170 2,502,616
Equity One, Inc. 38,300 908,859
FNB Corp. 36,552 744,199
First Financial Holdings, Inc. 15,140 495,684
First Niagara Financial Grp. 162,300 2,264,085
First State Banck Corporation 41,010 1,507,528
Gladstone Capital Corp. 15,243 361,259
Glimcher Realty Trust 11,230 311,183
Highwoods Properties, Inc. 74,340 2,059,218
KNBT Bancorp, Inc. 95,200 1,608,880
LandAmerica Financial Group 57,880 3,121,468
Luminent Mortgage Capital, Inc. 68,880 819,672
MAF Bancorp 55,300 2,478,546
Medical Properties of America* 130,600 1,338,650
Mid-America Apt .Communities 51,470 2,121,593
National Financial Partners 22,360 867,568
New Century Financial Corp. 10,457 668,307
Pennsylvania REIT 46,090 1,972,652
PrivateBancorp, Inc. 75,717 2,440,359
Provident Financial Services 137,000 2,653,690
Santander Bancorp 52,635 1,587,472
Sterling Financial Corp.* 69,381 2,723,898
-93-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
FINANCIAL (Cont'd.)
Stewart Information Services 51,190 2,132,064
Sws Group, Inc. 62,700 1,374,384
Texas Capital Bancshares* 100,728 2,177,739
Texas Regional Bancshares 66,637 2,177,697
TrustCo Bank Corp. (N.Y.) 28,038 386,644
W Holdind Co., Inc. 102,330 2,347,450
------------
74,919,057
------------
HEALTHCARE (8.2%)
Able Laboratories, Inc* 51,350 1,168,213
Adolor Corporation* 43,905 435,538
Advanced Medical Optics, Inc.* 64,474 2,652,460
Align Technology, Inc.* 87,690 942,668
Amsurg Corp.* 24,725 730,377
Amylin Pharmaceuticals, Inc.* 36,483 852,243
Apria Healthcare Group, Inc.* 21,400 705,130
Auxilium Pharmaceuticals, Inc. 113,270 1,002,440
Bioenvision, Inc.* 90,060 806,938
CV Therapeutics, Inc.* 48,878 1,124,194
Caliper Life Sciences, Inc.* 195,120 1,469,254
Centene Corporation* 80,586 2,284,613
Cubist Pharmaceuticals, Inc.* 66,743 789,570
Dendreon Corp.* 84,532 911,255
First Health Group Corp.* 44,975 841,482
GTC Biotherapeutics* 268,571 408,228
Immunicon Corp.* 124,426 868,493
Inspire Pharmaceuticals, Inc.* 38,700 648,999
Kensey Nash Corp.* 28,226 974,644
Par Pharmaceutical Cos., Inc.* 16,591 686,536
Rigel Pharmaceuticals, Inc.* 30,318 740,366
Select Medical Corp. 47,202 830,755
Telik, Inc.* 86,529 1,656,165
Transkarayotic Therapies, Inc. 44,467 1,129,017
United Surgical Partners, Inc. 20,688 862,690
Valeant Pharmaceuticals 29,001 764,176
Ventana Medical Systems, Inc.* 29,651 1,897,367
VistaCare, Inc. Cl A* 35,150 584,545
Wright Medical Group, Inc.* 60,657 1,728,725
------------
30,497,081
------------
-94-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
INDUSTRIAL (20.3%)
American Italian Pasta Co. 67,250 1,563,563
Apogee Enterprises, Inc. 191,610 2,569,490
Applied Industrial Tech., Inc. 47,475 1,300,815
Audiovox Corp. Cl A* 153,382 2,420,368
Aviall, Inc.* 27,750 637,418
Benchmark Electronics* 96,716 3,298,016
Cal Dive International, Inc.* 33,875 1,380,406
Champion Enterprises, Inc.* 308,100 3,641,742
Ciber, Inc.* 248,997 2,400,331
Digital River, Inc.* 32,716 1,361,313
Dycom Industries, Inc.* 86,780 2,648,526
Engineered Support Systems 51,214 3,032,893
Esterline Technologies* 68,300 2,229,995
Gardner Denver Machinery* 24,840 901,444
General Cable Corp.* 347,740 4,816,199
Hydril Company* 28,095 1,278,603
Kerzner International, Ltd.* 25,502 1,531,395
Kirby Corp.* 74,614 3,311,369
Landstar System, Inc.* 38,393 2,827,261
Laureate Education, Inc.* 50,035 2,206,043
MKS Instruments, Inc.* 36,038 668,505
Mine Safety Appliances Co. 40,413 2,048,939
Molecular Devices Corp.* 36,786 739,399
Mykrolis Corp.* 118,064 1,672,967
Northwest Airlines Corp.* 195,130 2,132,771
Noven Pharmaceuticals* 38,029 648,775
Optical Communication Product 4,340 10,850
Penn National Gaming, Inc.* 25,810 1,562,796
RailAmerica, Inc.* 277,670 3,623,594
Siligan Holdings, Inc. 59,290 3,614,318
Spherion Corp.* 228,340 1,918,056
TTM Technologies* 113,747 1,342,215
Trinity Industries 78,660 2,680,733
Triumph Group, Inc.* 35,690 1,409,755
UTI Worldwide, Inc.* 36,032 2,450,897
Universal Forest Products 58,110 2,521,974
Us Home Systems, Inc.* 67,480 415,002
Veeco Instruments, Inc.* 44,490 937,404
-95-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
INDUSTRIAL (Cont'd.)
Woodhead Industries, Inc. 2,070 33,182
------------
75,789,322
------------
TECHNOLOGY (15.6%)
ASE Test Limited* 172,714 1,167,547
Aeroflex, Inc.* 80,600 976,872
Angiotech Pharmaceuticals* 37,089 682,808
Anixter International, Inc. 50,510 1,817,855
Ask Jeeves, Inc.* 26,121 698,737
Avid Technology, Inc.* 32,621 2,014,347
Brocade Communication Sys.* 114,768 876,828
CACI International* 11,438 779,271
CMG Information Services, Inc. 324,659 827,880
Callwave, Inc.* 45,316 699,679
Cognex Corp 20,650 576,135
Concord Communications, Inc.* 70,740 783,799
Credence Systems Corp.* 70,400 644,160
Cypress Semiconductor Corp.* 290,567 3,408,351
DRS Technologies, Inc* 56,110 2,396,458
DSP Group, Inc.* 29,479 658,266
Electronics For Imaging, Inc.* 35,255 613,790
Embarcardero Technologies, Inc. 165,745 1,559,660
Exelixis, Inc* 57,899 550,041
F5 Networks, Inc.* 13,160 641,155
Gartner, Inc.* 53,550 667,233
Hyperion Solutions, Corp.* 46,194 2,153,564
Informatica Corp.* 78,620 638,394
Infospace.Com, Inc.* 13,541 643,875
Integrated Device Tech., Inc.* 134,057 1,549,699
Integrated Silicon Solution* 111,056 910,659
Interdigital Comm. Corp.* 31,031 685,785
Kronos, Inc.* 14,020 716,843
Lecroy Corp.* 73,105 1,706,271
Lionbridge Technologies, Inc.* 150,029 1,008,195
Macrovision Corp.* 27,334 703,030
Mentor Graphics Corp.* 56,742 867,585
Micrel, Inc.* 156,743 1,727,308
Micros Systems, Inc.* 8,960 699,418
On Semiconductor* 242,272 1,099,915
-96-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
TECHNOLOGY (Cont'd.)
PalmSource, Inc.* 61,905 788,670
Parametric Technology Corp.* 328,925 1,937,368
Perot Systems Corp. Cl A* 32,100 514,563
Powerwave Technologies, Inc.* 92,040 780,499
RF Micro Devices* 117,567 804,158
RSA Security, Inc.* 29,600 593,776
RealNetworks, Inc.* 90,104 596,488
Silicon Image, Inc.* 78,935 1,299,269
Skyworks Solutions, Inc.* 239,716 2,260,521
Synaptics, Inc.* 34,041 1,040,973
Titan Corp.* 43,762 708,944
Trimble Navigation, Ltd* 24,162 798,312
Viasat, Inc.* 71,594 1,737,585
Websense, Inc.* 29,067 1,474,277
Western Digital Corp.* 182,330 1,976,457
Wireless Facilities, Inc.* 71,737 677,197
Xenogen Corporation* 110,800 775,600
aQuantive, Inc.* 141,389 1,264,018
------------
58,180,088
------------
TELECOMMUNICATIONS (1.0%)
CT Communications, Inc. 48,460 596,058
Ivillage, Inc* 151,230 934,601
SpectraLink Corporation 119,650 1,696,637
Surewest Communications 17,500 496,125
------------
3,723,421
------------
UTILITIES (3.0%)
Avista Corp. 47,540 840,032
Energen Corp. 48,430 2,854,949
PNM Resources, Inc. 114,690 2,900,510
Southwestern Energy Co.* 45,199 2,291,137
Westar Energy, Inc. 99,360 2,272,363
------------
11,158,991
------------
TOTAL COMMON STOCKS (Cost: $316,390,189) 97.0% 362,312,189
------------
- ----------
* Non-income producing security.
-97-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
Face
SHORT-TERM DEBT SECURITIES: Rate(%) Maturity Amount($) Value($)
------- -------- --------- --------
U.S. GOVERNMENT AGENCIES (3.0%)
Federal National Mtge. Assoc. 1.06 01/03/05 11,280,000 11,279,342
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Cost: $11,279,342) 3.0% 11,279,342
------------
TOTAL INVESTMENTS
(Cost: $327,669,531) 100.0% $373,591,531
============
-98-
MUTUAL OF AMERICA INVESTMENT CORPORATION (CONSERVATIVE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
DIVERSIFIED MUTUAL FUNDS (100%)
Mutual of America Investment Corporation
Bond Fund 1,942,742 2,507,867
Mid Term Bond Fund 2,651,479 2,504,722
Equity Index Fund 990,433 2,096,297
Short Term Bond Fund 1,223,595 1,251,008
----------
TOTAL INVESTMENTS (Cost: $8,318,727) 100% $8,359,894
==========
-99-
MUTUAL OF AMERICA INVESTMENT CORPORATION (MODERATE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
DIVERSIFIED MUTUAL FUNDS (100%)
Mutual of America Investment Corporation
Equity Index Fund 6,196,563 13,115,310
Bond Fund 8,681,890 11,207,365
Mid Term Bond Fund 7,899,705 7,462,464
Mid Cap Equity Index Fund 3,876,979 5,665,558
-----------
TOTAL INVESTMENTS (Cost: $36,771,402) 100% $37,450,697
===========
-100-
MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE ALLOCATION FUND)
PORTFOLIO OF INVESTMENTS IN SECURITIES
DECEMBER 31, 2004
COMMON STOCKS: Shares Value($)
------ --------
DIVERSIFIED MUTUAL FUNDS (100%)
Mutual of America Investment Corporation
Equity Index Fund 6,293,894 13,321,315
Bond Fund 5,716,282 7,379,091
Mid-Cap Equity Index Fund 4,083,221 5,966,946
Aggressive Equity Fund 1,697,875 2,980,901
-----------
TOTAL INVESTMENTS (Cost: $28,473,839) 100% $29,648,253
===========
-101-
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 second fiscal
quarter of the period covered by this report that has materially
affected, or is likely to materially affect, the registrant's
internal control over financial reporting.
ITEM 11. EXHIBITS.
Attached hereto:
(a)(1) Exhibit 99 Codes of Ethics
(2) Exhibit 99.CERT
Certifications by the registrant's principal
executive officer and principal financial
officer, pursuant to Section 302 of the
Sarbanes-Oxley Act of 2002 and required by Rule
30a-2(a) under the Investment Company Act of
1940.
(3) Not applicable.
(b) Exhibit 99.906CERT Certifications pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 and required by Rule
30a-2(b) under the Investment Company Act of
1940.
Exhibit 99.REPT Report of Independent Registered Public
Accounting Firm
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Mutual of America Investment Corporation
By: /s/ MANFRED ALTSTADT
----------------------------------------
Manfred Altstadt
Chairman of the Board,
President and Chief Executive Officer of
Mutual of America Investment Corporation
Date: February 28, 2005
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ MANFRED ALTSTADT
----------------------------------------
Manfred Altstadt
Chairman of the Board,
President and Chief Executive Officer of
Mutual of America Investment Corporation
Date: February 28, 2005
By: /s/ JOHN R. GREED
----------------------------------------
John R. Greed
Executive Vice President,
Chief Financial Officer and Treasurer of
Mutual of America Investment Corporation
Date: February 28, 2005