-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MmcqmnYByhrtvDMrRaVBIXgmzm5T9QaD/yQvQQXP5O/bEm59HW+QZ35+i7CBHv38 Jg7/ONIMO3JHZTsUL6C7BA== 0000891092-01-000314.txt : 20010228 0000891092-01-000314.hdr.sgml : 20010228 ACCESSION NUMBER: 0000891092-01-000314 CONFORMED SUBMISSION TYPE: N-30D PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20001231 FILED AS OF DATE: 20010227 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MUTUAL OF AMERICA INVESTMENT CORP CENTRAL INDEX KEY: 0000795259 STANDARD INDUSTRIAL CLASSIFICATION: UNKNOWN SIC - 0000 [0000] STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-30D SEC ACT: SEC FILE NUMBER: 811-05084 FILM NUMBER: 1555163 BUSINESS ADDRESS: STREET 1: 320 PARK AVENUE STREET 2: 320 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 BUSINESS PHONE: (212)224-1600 MAIL ADDRESS: STREET 1: 320 PARK AVENUE STREET 2: 320 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10022 N-30D 1 0001.txt ANNUAL REPORT ANNUAL REPORTS OF MUTUAL OF AMERICA INVESTMENT CORPORATION SCUDDER VARIABLE LIFE INVESTMENT FUND AMERICAN CENTURY VP CAPITAL APPRECIATION FUND CALVERT SOCIAL BALANCED PORTFOLIO FIDELITY INVESTMENTS(R) VARIABLE INSURANCE PRODUCTS FUND: EQUITY-INCOME PORTFOLIO FIDELITY INVESTMENTS(R) VARIABLE INSURANCE PRODUCTS FUND II: CONTRAFUND AND ASSET MANAGER PORTFOLIOS DECEMBER 31, 2000 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 ....................................... 2 Portfolio of Investments in Securities: Money Market Fund .................................................... 10 All America Fund ..................................................... 12 Equity Index Fund .................................................... 20 Mid-Cap Equity Index Fund ............................................ 25 Bond Fund ............................................................ 29 Short-Term Bond Fund ................................................. 32 Mid-Term Bond Fund ................................................... 34 Composite Fund ....................................................... 36 Aggressive Equity Fund ............................................... 39 Statement of Assets and Liabilities .................................... 41 Statement of Operations ................................................ 42 Statements of Changes in Net Assets .................................... 43 Financial Highlights ................................................... 45 Notes to Financial Statements .......................................... 51 Report of Independent Public Accountants ............................... 56 Annual Report of Scudder Variable Life Investment Fund 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 Fund: Equity-Income Portfolio Annual Report of Fidelity Investments Variable Insurance Products Fund II: Contrafund Portfolio Annual Report of Fidelity Investments Variable Insurance Products Fund II: Asset Manager Portfolio MUTUAL OF AMERICA INVESTMENT CORPORATION The results of the Funds offered by Mutual of America Investment Corporation for the year 2000 are presented for your review. 2000 was a volatile year in both the stock and bond markets. The U.S. equities markets had a difficult year after a period of significant positive performance in recent years. It was a particularly difficult period for technology stocks. During the fourth quarter, the NASDAQ fell nearly 31% to end the year down 39%. The broad stock market, as measured by the S&P 500, declined 7.8% during the fourth quarter and was down 9.1% for the year. This rapid slowing of the economy prompted the Federal Reserve Bank to cut both the Federal Funds Rate and the Discount Rate as the new year dawned, following six successive increases which began in mid-1999. Some of the factors that increased uncertainties regarding the economy were and continue to be:P a new administration, which will have to function without a majority in Congress and will make it difficult to accomplish some of the initiatives the President might wish, high energy prices and sluggishness in many global economies. The unemployment rate remained low at 4% in December. However, some of the data behind this number indicates some weaknesses that may be contributing to the drop in consumer confidence. The all important earnings season is underway now and this will give a preliminary indication of what companies are expecting for the coming year. Despite the significant market volatility during the year, we believe our Funds' long-term performance has and will continue to provide participants with an excellent array of investment choices with which to accumulate funds for retirement. The total return performance for each of the Mutual of Americal Investment Corporation Funds is reflected below. Total Returns -- Year Ended December 31, 2000 Money Market Fund ................................ + 6.2% All America Fund ................................. - 5.0% Equity Index Fund ................................ - 9.1% Mid-Cap Equity Index Fund ........................ +16.7% Bond Fund ........................................ + 8.9% Short-Term Bond Fund ............................. + 7.8% Mid-Term Bond Fund ............................... + 4.8% Composite Fund ................................... - 0.5% Aggressive Equity Fund ........................... - 1.2% 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 or The American Life Insurance Company of New York. 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 which immediately follow 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/ Dolores J. Morrissey ------------------------ Dolores J. Morrissey Chairman of the Board and President, Mutual of America Investment Corporation 1 MONEY MARKET FUND The Money Market Fund's investment objective is the realization of high current income to the extent consistent with the maintenance of liquidity, investment quality and stability of capital. Through investing in high quality commercial paper, the Fund returned 6.2% for the year ended December 31, 2000. Short-term rates rose substantially during this period, as the Federal Reserve Board raised the Federal Funds rate in an attempt to quell prospective inflation. The seven-day effective yield as of February 13, 2001 is 5.6%. As with all performance reporting, this yield is not necessarily indicative of future annual yields. ALL AMERICA FUND The All America Fund's investment objective is to outperform the Standard & Poor's 500 Index. The Fund is approximately 60% invested in the 500 stocks that comprise the S&P 500 Index, while the remaining 40% of the Fund is actively managed. The actively managed portion of the Fund utilizes four different investment approaches, approximately equally distributed in large cap growth, small cap growth, large cap value and small cap value. Mutual of America Capital Management Corporation manages approximately one-half of these actively managed assets with two sub-advisors managing the remainder. The Fund's return for the twelve month period ended December 31, 2000 was - -5.0% ahead of the benchmark S&P 500 Index's return of -9.1%. The internally managed large and small cap value portions, with positive performance, outperformed the growth portions of the Fund, which recorded negative returns. [The following information was depicted as a line chart in the printed material] - -------------------------------------------------------------------------------- GROWTH OF A $10,000 INVESTMENT All America Fund S & P 500 ---------------- --------- 1/1/1990 10,000 10,000 1/1/1991 12,442 13,054 1/1/1992 12,837 14,057 1/1/1993 14,397 15,461 1/1/1994 14,581 15,666 1/1/1995 19,914 21,554 1/1/1996 24,041 26,511 1/1/1997 30,483 35,356 1/1/1998 36,962 45,457 1/1/1999 46,498 55,021 1/1/2000 44,176 50,008 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- All America Fund* Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $ 9,501 -5.0% -5.0% 5 Years $22,183 121.8% 17.3% Since 5/2/94* $31,321 213.2% 18.7% 10 Years $44,176 341.8% 16.0% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- S & P 500 Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $ 9,089 -9.1% -9.1% 5 Years $23,200 132.0% 18.3% Since 5/2/94 $33,014 230.1% 19.6% 10 Years $50,008 400.1% 17.5% - -------------------------------------------------------------------------------- * Prior to May 2, 1994, the Fund was known as the Stock Fund, had a different investment objective and did not have any subadvisers. Performance data which includes periods prior to 5/2/94, reflects performance results achieved in accordance with the previous objective of the Fund. The line representing the performance return of the All America Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the index does not. 2 EQUITY INDEX FUND The Equity Index Fund invests in the 500 stocks that comprise the S&P 500 Index. The S&P Index is a market-weighted index of 500 stocks that are traded on the New York Stock Exchange, American Stock Exchange and NASDAQ National Market System. 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 industry leaders. The Fund's performance for the twelve months ended December 31, 2000 was -9.0%, in line with the benchmark's return of - -9.1%. Technology, which led the way in 1999, reversed its path and declined significantly during 2000. Concerns over declines in capital spending, emerging dot.com and telecommunications companies, and a possible economic slowdown caused investors to leave the highly valued stocks in this sector. Financials and Healthcare were among the best performing sectors in the Index. Utilities was the strongest sector, but with a small weight within the Index, its impact was muted. [The following information was depicted as a line chart in the printed material] - -------------------------------------------------------------------------------- GROWTH OF A $10,000 INVESTMENT Equity Index Fund S & P 500 ----------------- --------- 2/1993 10,000 10,000 12/1993 10,619 10,729 12/1994 10,781 10,871 12/1995 14,729 14,957 12/1996 18,079 18,397 12/1997 24,063 24,534 12/1998 30,940 31,543 12/1999 37,321 38,180 12/2000 33,955 34,702 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Equity Index Fund Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $ 9,098 -9.0% -9.0% 5 Years $23,053 130.5% 18.2% Since 2/5/93 (Inception) $33,955 239.6% 16.7% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- S & P 500 Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $ 9,089 -9.1% -9.1% 5 Years $23,200 132.0% 18.3% Since 2/5/93 (Inception) $34,702 247.0% 17.0% - -------------------------------------------------------------------------------- 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. 3 MID-CAP EQUITY INDEX FUND The Mid-Cap Equity Index Fund invests in the 400 stocks that comprise the S&P 400 Mid-Cap Index. The S&P Mid-Cap Index is a market-weighted index of 400 stocks that are traded on the New York StockExchange, American Stock Exchange and NASDAQ National Market System. 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. The Fund's performance was 16.7% during the twelve-month period ended December 31, 2000 versus the S&P 400 Index return of 17.5%. The S&P Mid-Cap Index outperformed both the larger cap S&P 500 and the S&P SmallCap Index as investors continued their preference for attractive growth rates at lower price-earnings ratios appearing to have avoided higher valued large cap companies and many smaller cap companies. [The following information was depicted as a line chart in the printed material] - -------------------------------------------------------------------------------- GROWTH OF A $10,000 INVESTMENT Mid Cap Equity S&P Mid Cap Index Fund 400 Index ---------- --------- 5/1999 10,000 10,000 12/1999 11,174 11,180 12/2000 13,039 13,138 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Mid-Cap Equity Index Fund Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $11,669 16.7% 16.7% Since 5/3/99 (Inception) $13,039 30.4% 17.3% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- S&P MidCap 400 Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $11,751 17.5% 17.5% Since 5/3/99 (Inception) $13,138 31.4% 17.9% - -------------------------------------------------------------------------------- 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. 4 BOND FUND The 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 yield more than U.S. Treasury issues. For the twelve months ended December 31, 2000, the Fund returned 8.9%. Its benchmark, the Lehman Brothers Government/Credit Index, which is over 50% invested in U.S. Government issues, returned 11.8% for the same period. The Fund overemphasized higher yielding, but lower quality, longer corporate bonds, which caused it to underperform its Index over the past twelve months. [The following information was depicted as a line chart in the printed material] - -------------------------------------------------------------------------------- GROWTH OF A $10,000 INVESTMENT Bond Fund Lehman G/C --------- ---------- 12/1990 10,000 10,000 12/1991 11,569 11,613 12/1992 12,564 12,494 12/1993 14,228 13,872 12/1994 13,779 13,387 12/1995 16,454 15,963 12/1996 17,039 16,426 12/1997 18,815 18,029 12/1998 20,160 19,736 12/1999 19,776 19,312 12/2000 21,529 21,599 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Bond Fund Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $10,886 8.9% 8.9% 5 Years $13,085 30.8% 5.5% 10 Years $21,529 115.3% 8.0% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Lehman Bros. Gov't./ Credit Bond Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $11,184 11.8% 11.8% 5 Years $13,529 35.3% 6.2% 10 Years $21,599 116.0% 8.0% - -------------------------------------------------------------------------------- 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 line of the index does not. 5 SHORT-TERM BOND FUND The Short-Term Bond Fund seeks a high level of return consistent with the preservation of capital through investment in publicly traded debt securities. The Fund primarily invests in corporate, U.S. Government agency and mortgage backed securities, which yield more than U.S. Treasury issues. The Fund's strategy focuses on tightly structured U.S. Government agency mortgage securities, which are relatively less volatile than other securities of similar maturity. The Fund returned 7.8% for the twelve months ended December 31, 2000, compared to its benchmark, the Salomon Bros. 1-3 year Index, which returned 8.1% for the same period. [The following information was depicted as a line chart in the printed material] - -------------------------------------------------------------------------------- GROWTH OF A $10,000 INVESTMENT Salomon Bros. Short Term Bond 1-3 Yr --------------- ------ 2/1993 10,000 10,000 12/1993 10,449 10,448 12/1994 10,600 10,511 12/1995 11,421 11,655 12/1996 11,985 12,257 12/1997 12,709 13,074 12/1998 13,428 13,985 12/1999 13,999 14,444 12/2000 15,088 15,630 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Short-Term Bond Fund Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $10,778 7.8% 7.8% 5 Years $13,211 32.1% 5.7% Since 2/5/93 (Inception) $15,088 50.9% 5.3% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Salomon Bros. 1-3 Year Bond Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $10,815 8.1% 8.1% 5 Years $13,402 34.0% 6.0% Since 2/5/93 (Inception) $15,621 56.2% 5.8% - -------------------------------------------------------------------------------- The line representing the performance return of the Short-Term Bond Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the index does not. 6 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 yield more than U.S. Treasury issues. During 2000, corporate bond yields widened substantially as investors anticipated the possible effects of an economic slowdown induced by the Federal Reserve as it raised the Federal Funds rate. This caused the Fund to return 4.8% for the twelve months ended December 31, 2000, less than the 10.6% return of the Salomon Brothers 3-7 Year Bond Index, which is dominated by U.S. Government issues. [The following information was depicted as a line chart in the printed material] - -------------------------------------------------------------------------------- GROWTH OF A $10,000 INVESTMENT Salomon Bros. Mid Term Bond 3-7 Yr. ------------- ------- 2/1993 10,000 10,000 12/1993 10,727 10,722 12/1994 10,355 10,436 12/1995 12,042 12,197 12/1996 12,511 12,669 12/1997 13,429 13,717 12/1998 14,282 14,939 12/1999 14,479 14,938 12/2000 15,181 16,527 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Mid-Term Bond Fund Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $10,485 4.8% 4.8% 5 Years $12,607 26.1% 4.7% Since 2/5/93 (Inception) $15,181 51.8% 5.4% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Salomon Bros. 3-7 Year Bond Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $11,064 10.6% 10.6% 5 Years $13,549 35.5% 6.3% Since 2/5/93 (Inception) $16,527 65.3% 6.6% - -------------------------------------------------------------------------------- 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. 7 COMPOSITE FUND The Composite Fund's investment objective is the achievement of a high total rate of return, through both appreciation of capital and current income, as is consistent with prudent investment risk. This is carried out through investment in both stocks and fixed income securities. The Fund invests in as many as 100 stocks that are in the S&P 500 Index. The Fund invests in the top 25 stocks by market capitalization within the Index and maintains similar sector weights to the Index. The Bond portion of the Fund invests primarily in corporate and U.S. Government agency issues, which yield more than U.S. Treasury securities. For the twelve months ended December 31, 2000, the Lehman Bros. Government/Credit Index returned 11.8% and the S&P 500 Index returned -9.1%. During the same period, the Composite Fund returned -0.5%. [The following information was depicted as a line chart in the printed material] - -------------------------------------------------------------------------------- GROWTH OF A $10,000 INVESTMENT Salomon Bros. Composite Fund Lehman G/C S & P 500 3 Mo. T-Bill -------------- ---------- --------- ------------ 12/1990 10,000 10,000 10,000 10,000 12/1991 11,814 11,613 13,054 10,575 12/1992 12,516 12,494 14,057 10,958 12/1993 14,665 13,872 15,461 11,296 12/1994 14,215 13,387 15,666 11,775 12/1995 17,328 15,963 21,554 12,453 12/1996 19,389 16,426 26,511 13,107 12/1997 22,822 18,029 35,355 13,795 12/1998 26,122 19,736 45,456 14,492 12/1999 30,088 19,312 55,020 15,179 12/2000 29,928 21,599 50,008 16,083 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Composite Fund Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $9,947 -0.5% -0.5% 5 Years $17,271 72.7% 11.5% 10 Years $29,928 199.3% 11.6% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- S & P 500 Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $9,089 -9.1% -9.1% 5 Years $23,200 132.0% 18.3% 10 Years $50,007 400.1% 17.5% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Lehman Bros Gov't/Corp. Bond Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $11,184 11.8% 11.8% 5 Years $13,529 35.3% 6.2% 10 Years $21,599 116.0% 8.0% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Salomon Bros. 3-Month T-Bill Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $10,596 6.0% 6.0% 5 Years $12,914 29.1% 5.2% 10 Years $16,083 60.8% 4.9% - -------------------------------------------------------------------------------- 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 line of the index does not. 8 AGGRESSIVE EQUITY FUND The Fund's objective is capital appreciation through investing in both growth and value stocks, with respective weightings determined by market conditions. Over the twelve-month period ended December 31, 2000, value stocks rebounded from 1999 while growth stocks in the Russell 2000 Index suffered their worst annual negative return. Technology, the sector that had been leading the way, reversed its path and fell significantly. Declines in capital spending, particularly in the Telecommunications sector, appear to have been the catalyst for the decline in the Technology sector. Energy was the strongest sector, but with a small weighting within the Index, it did not contribute the most; Healthcare was the largest positive contributor. The Fund returned -1.2% for the twelve-month period, outperforming its benchmark, the Russell 2000 Index, which returned -3.0%. [The following information was depicted as a line chart in the printed material] - -------------------------------------------------------------------------------- GROWTH OF A $10,000 INVESTMENT Aggressive Equity S & P 500 ----------------- --------- 5/1994 10,000 10,000 12/1994 10,597 9,845 12/1995 14,640 12,645 12/1996 18,678 14,730 12/1997 22,556 18,024 12/1998 21,395 17,564 12/1999 30,656 21,298 12/2000 30,300 20,653 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Aggressive Equity Fund Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $ 9,884 -1.2% -1.2% 5 Years $20,697 107.0% 15.7% Since 5/2/94 (Inception) $30,300 203.0% 18.1% - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Russell 2000 Index Total Return Period Growth ------------------ Ended of Cumu- Average 12/31/00 $10,000 lative Annual --------------------------------------------------- 1 Year $ 9,697 -3.0% -3.0% 5 Years $16,332 63.3% 10.3% Since 5/2/94 (Inception) $20,653 106.5% 11.5% - -------------------------------------------------------------------------------- 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. 9 MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000
Discount Face Amortized Rating* Rate Maturity Amount Cost -------- -------- --------- ----------- ----------- SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER Alltel Corp. ................................. A1/P1 6.52% 02/06/01 $2,106,000 $ 2,091,430 Alltel Corp. ................................. A1/P1 6.50 02/14/01 1,955,000 1,938,719 American Express Credit Corp. ................ A1/P1 6.54 01/31/01 2,048,000 2,036,073 Associates Corp. ............................. A1+/P1 6.53 01/10/01 228,000 227,539 Associates Corp. ............................. A1+/P1 6.53 01/12/01 3,588,000 3,579,424 Associates Corp. ............................. A1+/P1 6.55 01/17/01 1,400,000 1,395,365 Associates Corp. ............................. A1+/P1 6.57 01/19/01 1,000,000 996,314 AT&T Corp. ................................... A1+/P1 6.60 01/05/01 2,000,000 1,997,773 AT&T Corp. ................................... A1+/P1 6.65 01/09/01 1,389,000 1,386,413 AT&T Corp. ................................... A1+/P1 6.53 01/11/01 629,000 627,612 AT&T Corp. ................................... A1+/P1 6.99 01/26/01 149,000 148,214 Avery Dennison Corp. ......................... A1/P1 6.45 01/02/01 2,955,000 2,953,411 Bear Stearns Co., Inc. ....................... A1/P1 6.55 01/11/01 1,000,000 997,794 Bear Stearns Co., Inc. ....................... A1/P1 6.53 01/19/01 1,000,000 996,327 Bear Stearns Co., Inc. ....................... A1/P1 6.50 02/02/01 1,422,000 1,413,157 Bemis, Inc. .................................. A1/P1 6.55 01/12/01 1,000,000 997,613 Bemis, Inc. .................................. A1/P1 6.55 01/12/01 5,104,000 5,091,807 Cardinal Health, Inc. ........................ A1/P1 6.63 01/11/01 3,000,000 2,993,333 CIT Group Holdings ........................... A1/P1 6.55 01/12/01 2,000,000 1,995,231 CIT Group Holdings ........................... A1/P1 6.54 01/26/01 2,000,000 1,990,113 DaimlerChrysler .............................. A1/P1 6.53 01/19/01 1,575,000 1,569,218 DaimlerChrysler .............................. A1/P1 6.57 01/19/01 350,000 348,712 DaimlerChrysler .............................. A1/P1 6.62 01/24/01 1,700,000 1,692,138 DaimlerChrysler .............................. A1/P1 6.57 01/31/01 2,100,000 2,087,664 DaimlerChrysler .............................. A1/P1 6.58 01/31/01 437,000 434,430 Donnelley (R.R.) & Sons Co. .................. A1/P1 6.52 01/29/01 3,000,000 2,983,614 Duke Energy Corp. ............................ A1/P1 6.50 01/25/01 800,000 796,238 Executive Jet, Inc. .......................... A1+/P1 6.60 01/16/01 3,000,000 2,990,583 Executive Jet, Inc. .......................... A1+/P1 6.56 01/17/01 1,300,000 1,295,702 Executive Jet, Inc. .......................... A1+/P1 6.62 01/17/01 400,000 398,666 Executive Jet, Inc. .......................... A1+/P1 6.56 01/22/01 1,087,000 1,082,407 Executive Jet, Inc. .......................... A1+/P1 6.60 01/25/01 378,000 376,188 Ford Motor Credit Puerto Rico ................ A1/P1 6.52 01/04/01 1,000,000 999,084 Ford Motor Credit Puerto Rico ................ A1/P1 6.53 01/12/01 4,400,000 4,389,489 Ford Motor Credit Puerto Rico ................ A1/P1 6.59 01/17/01 1,000,000 996,681 Gannett Co., Inc. ............................ A1+/P1 6.54 01/22/01 1,000,000 995,787 Gannett Co., Inc. ............................ A1+/P1 6.58 01/29/01 4,000,000 3,977,942 General Electric Capital Corp. ............... A1+/P1 6.57 01/10/01 1,514,000 1,510,937 General Electric Capital Corp. ............... A1+/P1 6.53 01/10/01 725,000 723,535 General Electric Capital Corp. ............... A1+/P1 6.57 01/12/01 212,000 211,493 General Electric Capital Corp. ............... A1+/P1 6.58 01/12/01 288,000 287,310 General Electric Capital Corp. ............... A1+/P1 6.55 01/18/01 300,000 298,952 General Electric Capital Corp. ............... A1+/P1 6.53 01/18/01 2,181,000 2,173,372 General Electric Capital Corp. ............... A1+/P1 6.58 01/24/01 1,000,000 995,403 General Electric Capital Corp. ............... A1+/P1 6.55 01/24/01 181,000 180,167 General Motors Acceptance Corp. .............. A1+/P1 6.55 01/04/01 1,248,000 1,246,854 General Motors Acceptance Corp. .............. A1+/P1 6.55 01/05/01 3,039,000 3,035,652 General Motors Acceptance Corp. .............. A1+/P1 6.60 01/18/01 1,000,000 996,495 General Motors Acceptance Corp. .............. A1+/P1 6.57 01/19/01 1,000,000 996,321 Goldman Sachs Group, Inc. .................... A1+/P1 6.52 01/02/01 1,000,000 999,451 Great Lakes Chemical Corp. ................... A1/P1 6.54 01/12/01 1,000,000 997,610 Hertz Corp. .................................. A1/P1 6.53 01/05/01 1,354,000 1,352,510
The accompanying notes are an integral part of these financial statements. 10 MUTUAL OF AMERICA INVESTMENT CORPORATION (MONEY MARKET FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Discount Face Amortized Rating* Rate Maturity Amount Cost -------- -------- --------- ----------- ----------- SHORT-TERM DEBT SECURITIES (CONTINUED): COMMERCIAL PAPER (CONTINUED) Hertz Corp. .................................. A1/P1 6.54% 01/12/01 $1,000,000 $ 997,607 Hertz Corp. .................................. A1/P1 6.53 01/12/01 2,000,000 1,995,220 Hertz Corp. .................................. A1/P1 6.54 01/12/01 2,000,000 1,995,230 Hertz Corp. .................................. A1/P1 6.60 02/09/01 147,000 145,886 International Lease Fin. Corp. ............... A1+/P1 6.60 01/05/01 245,000 244,729 Kimberly-Clark Corp. ......................... A1+/P1 6.50 01/26/01 1,090,000 1,084,610 Merrill Lynch & Co., Inc. .................... A1+/P1 6.53 01/08/01 1,100,000 1,098,180 Merrill Lynch & Co., Inc. .................... A1+/P1 6.58 01/12/01 771,000 769,159 Merrill Lynch & Co., Inc. .................... A1+/P1 6.52 01/18/01 500,000 498,262 Merrill Lynch & Co., Inc. .................... A1+/P1 6.58 01/30/01 2,000,000 1,988,601 National Rural Utilities ..................... A1+/P1 6.50 01/09/01 2,000,000 1,996,341 National Rural Utilities ..................... A1+/P1 6.50 01/10/01 486,000 485,021 NIKE Inc. .................................... A1/P1 6.50 01/31/01 2,667,000 2,651,481 Northern Illinois Gas Corp. .................. A1+/P1 6.50 02/01/01 2,987,000 2,969,193 Pacific Gas & Electric Co. ................... A1/P1 6.62 01/09/01 1,000,000 998,150 SBC Communications, Inc. ..................... A1+/P1 6.52 01/10/01 5,000,000 4,989,884 Sony Capital Corp. ........................... A1/P1 6.56 01/22/01 4,000,000 3,983,213 Sony Capital Corp. ........................... A1/P1 6.58 01/22/01 2,000,000 1,991,543 Sony Capital Corp. ........................... A1/P1 6.56 01/25/01 274,000 272,692 Toyota Motor Credit Corp. .................... A1+/P1 6.50 01/08/01 2,500,000 2,495,898 Toyota Motor Credit Corp. .................... A1+/P1 6.50 01/26/01 1,400,000 1,393,114 UBS Finance (Delw.) Inc. ..................... A1+/P1 6.53 01/03/01 1,000,000 999,266 UBS Finance (Delw.) Inc. ..................... A1+/P1 6.53 01/16/01 4,000,000 3,987,530 UBS Finance (Delw.) Inc. ..................... A1+/P1 6.60 01/18/01 1,039,000 1,035,377 Verizon Global Funding Corp. ................. A1+/P1 6.52 01/04/01 3,000,000 2,997,250 Verizon Global Funding Corp. ................. A1+/P1 6.53 01/04/01 816,000 815,251 Verizon Global Funding Corp. ................. A1+/P1 6.55 01/18/01 400,000 398,605 Verizon Global Funding Corp. ................. A1+/P1 6.55 01/19/01 500,000 498,158 Verizon Global Funding Corp. ................. A1+/P1 6.60 01/26/01 517,000 514,426 Washington Gas Light Co. ..................... A1+/P1 6.55 01/18/01 152,000 151,471 Washington Post Co. .......................... A1+/P1 6.53 01/12/01 4,000,000 3,990,482 Wisconsin Electric Fuel ...................... A1+/P1 6.60 01/08/01 1,383,000 1,380,704 Wisconsin Electric Fuel ...................... A1+/P1 6.54 01/12/01 1,176,000 1,173,198 Wisconsin Electric Fuel ...................... A1+/P1 6.55 01/23/01 2,817,000 2,804,602 Wisconsin Energy Corp. ....................... A1+/P1 6.60 01/08/01 2,400,000 2,396,022 Wisconsin Energy Corp. ....................... A1+/P1 6.60 01/19/01 2,116,000 2,108,200 Wisconsin Energy Corp. ....................... A1+/P1 6.54 01/31/01 1,336,000 1,328,138 ------------ TOTAL SHORT-TERM DEBT SECURITIES: (Cost: $140,896,961) 100% ..................................................................... $140,896,961 ============
- ---------- * The ratings are provided by Standard & Poor's Corporation/Moody's Investor Services, Inc. The accompanying notes are an integral part of these financial statements. 11 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000 Shares Value -------- ---------- INDEXED ASSETS: COMMON STOCKS Abbott Laboratories .............................. 59,045 $ 2,859,992 Adaptec, Inc.* ................................... 3,791 38,858 ADC Telecommunications, Inc.* .................... 29,531 535,249 Adobe Systems, Inc. .............................. 9,175 533,870 Advanced Micro Devices, Inc.* .................... 11,906 164,452 AES Corp.* ....................................... 17,498 968,952 Aetna., Inc.* .................................... 5,400 221,738 Aflac, Inc. ...................................... 10,171 734,219 Agilent Technologies, Inc.* ...................... 17,318 948,161 Air Products & Chemicals, Inc. ................... 8,812 361,292 Alberto-Culver Co. ............................... 2,165 92,689 Albertson's, Inc. ................................ 16,072 425,908 Alcan Aluminum Ltd. .............................. 12,338 421,805 ALCOA, Inc. ...................................... 33,105 1,109,018 Allegheny Energy, Inc. ........................... 4,277 206,098 Allegheny Technologies, Inc. ..................... 3,068 48,705 Allergan, Inc. ................................... 4,963 480,480 Allied Waste Industries, Inc.* ................... 7,522 109,539 Allstate Corp. ................................... 27,916 1,216,091 Alltel Corp. ..................................... 11,935 745,192 Altera Corp.* .................................... 15,133 398,187 Alza Corp.* ...................................... 9,035 383,988 Ambac Financial Group, Inc. ...................... 4,055 236,457 Amerada Hess Corp. ............................... 3,474 253,819 Ameren Corp. ..................................... 5,259 243,557 American Electric Power, Inc. .................... 12,327 573,206 American Express Co. ............................. 50,770 2,789,177 American General Corp. ........................... 9,656 786,964 American Greetings Corp. Cl A .................... 2,502 23,613 American Home Products Corp. ..................... 50,028 3,179,279 American Int'l. Group, Inc. ...................... 88,858 8,758,067 American Power Conversion* ....................... 7,427 91,909 Amgen, Inc.* ..................................... 39,334 2,514,918 AMR Corp.* ....................................... 5,734 224,701 Amsouth Bancorporation ........................... 14,403 219,646 Anadarko Petroleum Corp. ......................... 9,497 675,047 Analog Devices, Inc.* ............................ 13,554 693,795 Andrew Corp.* .................................... 3,090 67,208 Anheuser-Busch Cos., Inc. ........................ 34,434 1,566,747 AOL Time Warner Inc.* ............................ 89,172 3,103,186 Aon Corp. ........................................ 9,804 335,787 Apache Corp. ..................................... 4,661 326,561 Apple Computer, Inc.* ............................ 12,474 185,551 Applera Corp.-Applied Biosys Grp ................. 7,980 750,619 Applied Materials, Inc.* ......................... 30,938 1,181,445 Applied Micro Circuits, Corp.* ................... 11,300 848,030 Archer-Daniels-Midland Co. ....................... 24,224 363,360 Ashland, Inc. .................................... 2,705 97,082 AT&T Corp. ....................................... 143,281 2,480,552 Autodesk, Inc. ................................... 2,236 60,232 Automatic Data Processing, Inc. .................. 24,027 1,521,209 AutoZone, Inc.* .................................. 4,873 138,881 Avaya Inc.* ...................................... 10,638 109,704 Avery Dennison Corp. ............................. 4,300 235,963 Avon Products, Inc. .............................. 9,097 435,519 Baker Hughes, Inc. ............................... 12,646 525,599 Ball Corp. ....................................... 1,142 52,603 Bank of America Corp. ............................ 62,129 2,850,168 Bank of New York Co., Inc. ....................... 28,255 1,559,323 Bank One Corp. ................................... 44,177 1,617,983 Bard (C.R.), Inc. ................................ 1,934 90,052 Barrick Gold Corp. ............................... 15,147 248,108 Bausch & Lomb, Inc. .............................. 2,035 82,290 Baxter International, Inc. ....................... 11,228 991,573 BB & T Corp. ..................................... 15,139 564,874 Bear Stearns Cos., Inc. .......................... 4,115 208,579 Becton Dickinson & Co. ........................... 9,671 334,858 Bed Bath & Beyond, Inc.* ......................... 10,754 240,621 BellSouth Corp. .................................. 71,311 2,919,294 Bemis Co. ........................................ 2,026 67,998 Best Buy Co., Inc.* .............................. 7,830 231,474 Biogen, Inc.* .................................... 5,690 341,756 Biomet, Inc. ..................................... 6,800 269,875 Black & Decker Corp. ............................. 3,103 121,793 Block (H. & R.), Inc. ............................ 3,571 147,750 BMC Software, Inc.* .............................. 9,356 130,984 Boeing Co. ....................................... 33,915 2,238,390 Boise Cascade Corp. .............................. 2,217 74,547 Boston Scientific Corp.* ......................... 15,471 211,759 Briggs & Stratton Corp. .......................... 856 37,985 Bristol-Myers Squibb Co. ......................... 74,643 5,518,917 Broadcom Corp. Cl A* ............................. 8,978 758,641 Broadvision Inc.* ................................ 10,241 120,972 Brown-Forman Corp. Cl B .......................... 2,627 174,696 Brunswick Corp. .................................. 3,369 55,378 Burlington Northern Santa Fe ..................... 15,071 426,698 Burlington Resources, Inc. ....................... 8,249 416,575 Cabletron Systems, Inc.* ......................... 6,981 105,151 Calpine Corp.* ................................... 10,756 484,692 Campbell Soup Co. ................................ 16,076 556,632 Capital One Financial Corp. ...................... 7,503 493,791 Cardinal Health, Inc. ............................ 10,655 1,061,504 Carnival Corp. ................................... 22,312 687,489 Caterpillar, Inc. ................................ 13,218 625,377 Cendant Corp.* ................................... 27,758 267,171 Centex Corp. ..................................... 2,299 86,356 CenturyTel, Inc. ................................. 5,373 192,085 Ceridian Corp.* .................................. 5,554 110,733 Charles Schwab Corp. ............................. 52,776 1,497,519 Charter One Financial, Inc. ...................... 8,030 231,866 Chase Manhattan Corp. ............................ 49,958 2,269,967 Chevron Corp. .................................... 24,500 2,068,719 Chiron Corp.* .................................... 7,311 325,340 Chubb Corp. ...................................... 6,704 579,896 CIGNA Corp. ...................................... 5,860 775,278 Cincinnati Financial Corp. ....................... 6,162 243,784 CINergy Corp. .................................... 6,107 214,508 Circuit City Group, Inc. ......................... 7,814 89,861 Cisco Systems, Inc.* ............................. 274,740 10,508,805 Citigroup, Inc. .................................. 191,892 9,798,485 Citrix Systems, Inc.* ............................ 7,093 159,593 Clear Channel Communications* .................... 22,322 1,081,222 Clorox Co. ....................................... 8,993 319,252 CMS Energy Corp. ................................. 4,620 146,396 Coastal Corp. .................................... 8,207 724,781 Coca-Cola Co. .................................... 94,687 5,769,989 Coca-Cola Enterprises, Inc. ...................... 15,992 303,848 Colgate-Palmolive Co. ............................ 21,844 1,410,030 Comcast Corp. Cl A* .............................. 34,464 1,438,872 Comerica, Inc. ................................... 6,008 356,725 Compaq Computer Corp. ............................ 64,895 976,670 Computer Associates Intl., Inc. .................. 22,162 432,159 Computer Sciences Corp.* ......................... 6,411 385,461 Compuware Corp.* ................................. 13,949 87,181 Comverse Technology Inc.* ........................ 6,285 682,708 ConAgra Foods Inc. ............................... 20,419 530,894 Conexant Systems, Inc.* .......................... 8,710 133,916 Conoco, Inc. ..................................... 23,808 688,944 Conseco, Inc. .................................... 12,436 164,000 Consolidated Edison, Inc. ........................ 8,122 312,697 The accompanying notes are an integral part of these financial statements. 12 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- INDEXED ASSETS (CONTINUED): COMMON STOCKS (CONTINUED) Consolidated Stores Corp.* ....................... 4,291 $ 45,592 Constellation Energy Group ....................... 5,747 258,974 Convergys Corp.* ................................. 5,874 266,166 Cooper Industries, Inc. .......................... 3,570 163,997 Cooper Tire & Rubber Co. ......................... 2,830 30,069 Coors (Adolph) Co. Cl B .......................... 1,406 112,919 Corning, Inc. .................................... 35,107 1,854,088 Costco Wholesale Corp.* .......................... 17,117 683,610 Countrywide Credit Industries .................... 4,343 218,236 Crane Co. ........................................ 2,320 65,975 CSX Corp. ........................................ 8,284 214,866 Cummins Engine Co., Inc. ......................... 1,605 60,890 CVS Corp. ........................................ 14,949 896,006 Dana Corp. ....................................... 5,708 87,404 Danaher Corp. .................................... 5,429 371,208 Darden Restaurants, Inc. ......................... 4,559 104,287 Deere & Co. ...................................... 8,979 411,350 Dell Computer Corp.* ............................. 98,751 1,721,971 Delphi Automotive Systems Corp. .................. 21,407 240,829 Delta Air Lines, Inc. ............................ 4,693 235,530 Deluxe Corp. ..................................... 2,772 70,048 Devon Energy Corp. ............................... 4,849 295,644 Dillard's Inc. Cl A .............................. 3,588 42,383 Disney (Walt) Co. ................................ 79,601 2,303,454 Dollar General Corp. ............................. 12,609 237,995 Dominion Resources, Inc. ......................... 9,118 610,906 Donnelley (R.R.) & Sons Co. ...................... 4,671 126,117 Dover Corp. ...................................... 7,779 315,536 Dow Chemical Co. ................................. 25,900 948,588 Dow Jones & Co., Inc. ............................ 3,400 192,525 DTE Energy Co. ................................... 5,466 212,832 Du Pont (E.I.) de Nemours & Co. .................. 39,856 1,925,543 Duke Energy Corp. ................................ 14,077 1,200,064 Dynergy, Inc. .................................... 12,337 691,643 Eastman Chemical Co. ............................. 2,939 143,276 Eastman Kodak Co. ................................ 11,458 451,159 Eaton Corp. ...................................... 2,672 200,901 Ecolab, Inc. ..................................... 4,849 209,416 Edison International* ............................ 12,455 194,609 El Paso Energy Corp. ............................. 8,860 634,598 Electronic Data Systems Corp. .................... 17,847 1,030,664 EMC Corp.* ....................................... 83,524 5,554,354 Emerson Electric Co. ............................. 16,351 1,288,663 Engelhard Corp. .................................. 4,871 99,247 Enron Corp. ...................................... 28,498 2,368,896 Entergy Corp. .................................... 8,521 360,545 EOG Resources, Inc. .............................. 4,446 243,141 Equifax, Inc. .................................... 5,409 155,171 Exelon Corp.* .................................... 12,156 853,473 Exxon Mobil Corp. ................................ 132,698 11,536,432 Fannie Mae ....................................... 38,456 3,336,058 Federated Department Stores* ..................... 7,708 269,780 FedEx Corp.* ..................................... 10,891 435,204 Fifth Third Bancorp .............................. 17,632 1,053,512 First Data Corp. ................................. 15,080 794,528 First Union Corp. ................................ 37,395 1,040,048 Firstar Corp. .................................... 36,269 843,254 FirstEnergy Corp. ................................ 8,607 271,658 FleetBoston Financial Corp. ...................... 34,524 1,296,808 Fluor Corp.* ..................................... 2,945 97,369 FMC Corp.* ....................................... 1,163 83,373 Ford Motor Co. ................................... 71,545 1,676,836 Forest Laboratories, Inc.* ....................... 3,351 445,264 Fortune Brands, Inc. ............................. 5,905 177,150 FPL Group, Inc. .................................. 6,829 489,981 Franklin Resources, Inc. ......................... 9,333 355,587 Freddie Mac ...................................... 26,534 1,827,529 Freeport-McMoran Copper Cl B* .................... 5,669 48,541 Gannett Co., Inc. ................................ 10,078 635,544 Gap, Inc. ........................................ 32,498 828,699 Gateway, Inc.* ................................... 12,329 221,799 General Dynamics Corp. ........................... 7,585 591,630 General Electric Co. ............................. 378,254 18,132,551 General Mills, Inc. .............................. 10,788 480,740 General Motors Corp. ............................. 21,566 1,098,518 Genuine Parts Co. ................................ 6,607 173,021 Georgia-Pacific Group ............................ 8,620 268,298 Gillette Co. ..................................... 40,247 1,453,923 Global Crossing Ltd.* ............................ 33,809 483,891 Golden West Financial Corp. ...................... 6,059 408,983 Goodrich (B.F.) Co. .............................. 3,889 141,462 Goodyear Tire & Rubber Co. ....................... 6,005 138,055 GPU, Inc. ........................................ 4,649 171,141 Grainger (W.W.), Inc. ............................ 3,620 132,130 Great Lakes Chemical Corp. ....................... 1,917 71,288 Guidant Corp.* ................................... 11,742 633,334 Halliburton Co. .................................. 16,888 612,190 Harcourt General, Inc. ........................... 2,755 157,586 Harley-Davidson, Inc. ............................ 11,625 462,094 Harrah's Entertainment, Inc.* .................... 4,460 117,633 Hartford Financial Svs. Gp., Inc. ................ 8,574 605,539 Hasbro, Inc. ..................................... 6,594 70,061 HCA - The Healthcare Company ..................... 21,088 928,083 HealthSouth Corp.* ............................... 14,742 240,479 Heinz (H.J.) Co. ................................. 13,283 630,112 Hercules, Inc.* .................................. 4,120 78,538 Hershey Food Corp. ............................... 5,258 338,484 Hewlett-Packard Co. .............................. 75,483 2,382,432 Hilton Hotels Corp. .............................. 14,062 147,651 Home Depot, Inc. ................................. 88,406 4,039,049 Homestake Mining Co. ............................. 9,998 41,867 Honeywell International, Inc. .................... 30,442 1,440,287 Household International, Inc. .................... 17,974 988,570 Humana, Inc.* .................................... 6,436 98,149 Huntington Bancshares, Inc. ...................... 9,608 155,530 Illinois Tool Works, Inc. ........................ 11,541 687,411 IMS Health, Inc. ................................. 11,210 302,670 Inco Ltd.* ....................................... 6,963 116,700 Ingersoll Rand Co. ............................... 6,203 259,751 Intel Corp. ...................................... 256,907 7,771,437 International Paper Co. .......................... 18,376 749,971 Interpublic Group of Cos., Inc. .................. 11,765 500,748 Intl. Business Machines Corp. .................... 66,971 5,692,535 Intl. Flavors & Fragrances ....................... 3,820 77,594 Intuit, Inc.* .................................... 7,875 310,570 ITT Industries, Inc. ............................. 3,368 130,510 JDS Uniphase Corp.* .............................. 36,705 1,530,140 Jefferson-Pilot Corp. ............................ 3,951 295,337 Johnson & Johnson ................................ 53,151 5,584,177 Johnson Controls, Inc. ........................... 3,286 170,872 Kaufman & Broad Home Corp.* ...................... 1,636 55,113 Kellogg Co. ...................................... 15,541 407,951 Kerr-McGee Corp. ................................. 3,608 241,510 KeyCorp .......................................... 16,255 455,140 Keyspan Corporation .............................. 5,128 217,299 Kimberly Clark Corp. ............................. 20,381 1,440,733 Kinder Morgan, Inc. .............................. 4,433 231,347 King Pharmaceuticals Inc.* ....................... 6,388 330,180 KLA Tencor Corp.* ................................ 7,126 240,057 Kmart Corp.* ..................................... 18,428 97,899 The accompanying notes are an integral part of these financial statements. 13 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- INDEXED ASSETS (CONTINUED): COMMON STOCKS (CONTINUED) Knight-Ridder, Inc. .............................. 2,800 $ 159,250 Kohl's Corp.* .................................... 12,601 768,661 Kroger Co.* ...................................... 31,418 850,250 Legget & Platt ................................... 7,544 142,865 Lehman Brothers Holdings, Inc. ................... 9,104 615,658 Lexmark Int'l, Inc.* ............................. 4,948 219,258 Lilly (Eli) & Co. ................................ 43,031 4,004,572 Limited, Inc. .................................... 16,245 277,180 Lincoln National Corp. ........................... 7,348 347,652 Linear Technology Corp. .......................... 12,090 559,163 Liz Claiborne, Inc. .............................. 1,978 82,334 Lockheed Martin Corp. ............................ 16,397 556,678 Loews Corp. ...................................... 3,780 391,466 Longs Drug Stores Corp. .......................... 1,526 36,815 Louisiana-Pacific Corp. .......................... 3,992 40,419 Lowe's Companies, Inc. ........................... 14,648 651,836 LSI Logic Corp.* ................................. 12,189 208,310 Lucent Technologies .............................. 127,481 1,720,994 Manor Care, Inc.* ................................ 4,000 82,500 Marriott International, Inc. ..................... 9,181 387,897 Marsh & McLennan Cos., Inc. ...................... 10,501 1,228,617 Masco Corp. ...................................... 17,036 437,612 Massey Energy Co. ................................ 2,945 37,549 Mattel, Inc. ..................................... 16,310 235,516 Maxim Integrated Products, Inc.* ................. 10,820 517,331 May Department Stores Co. ........................ 11,383 372,793 Maytag Corp. ..................................... 3,006 97,131 MBIA, Inc. ....................................... 3,770 279,451 MBNA Corp. ....................................... 32,515 1,201,023 McDermott International, Inc.* ................... 2,306 24,790 McDonald's Corp. ................................. 50,057 1,701,938 McGraw-Hill Cos., Inc. ........................... 7,453 436,932 McKesson HBOC, Inc. .............................. 10,818 388,258 Mead Corp. ....................................... 3,840 120,480 Medimmune, Inc.* ................................. 7,992 381,119 Medtronic, Inc. .................................. 45,853 2,768,375 Mellon Financial Corp. ........................... 18,663 917,986 Merck & Co., Inc. ................................ 87,940 8,233,383 Mercury Interactive Corp.* ....................... 3,053 275,533 Meredith Corp. ................................... 1,943 62,540 Merrill Lynch & Co., Inc. ........................ 30,925 2,108,698 MetLife Inc. ..................................... 29,186 1,021,510 MGIC Investment Corp. ............................ 4,055 273,459 Micron Technology, Inc.* ......................... 21,585 766,268 Microsoft Corp.* ................................. 203,554 8,854,570 Millipore Corp. .................................. 1,767 111,321 Minnesota Mining & Mfg. Co. ...................... 15,057 1,814,369 Molex Inc., Cl A ................................. 7,531 267,351 Moody's Corp. .................................... 6,178 158,697 Morgan (J.P.) & Co., Inc. ........................ 6,079 1,006,075 Morgan Stanley Dean Witter ....................... 42,781 3,390,394 Motorola, Inc. ................................... 83,358 1,688,000 Nabors Industries, Inc.* ......................... 5,590 330,649 National City Corp. .............................. 23,225 667,719 National Semiconductor Corp.* .................... 6,763 136,105 National Service Industries ...................... 1,578 40,535 Navistar International Corp.* .................... 2,264 59,289 NCR Corp.* ....................................... 3,645 179,061 Network Appliance, Inc.* ......................... 12,065 774,988 New York Times Co. Cl A .......................... 6,209 248,748 Newell Rubbermaid, Inc. .......................... 10,212 232,323 Newmont Mining Corp. ............................. 6,440 109,883 Nextel Communications, Inc.* ..................... 29,052 719,037 Niagara Mohawk Holdings, Inc.* ................... 6,132 102,328 Nicor, Inc. ...................................... 1,781 76,917 NIKE, Inc. Cl B .................................. 10,313 575,594 NiSource, Inc. ................................... 7,809 240,127 Nordstrom, Inc. .................................. 4,980 90,574 Norfolk Southern Corp. ........................... 14,678 195,401 Nortel Networks Corp. Holding .................... 118,240 3,791,070 Northern Trust Corp. ............................. 8,520 694,913 Northrop Grumman Corp. ........................... 2,674 221,942 Novell, Inc.* .................................... 12,529 65,386 Novellus Systems, Inc.* .......................... 5,006 179,903 Nucor Corp. ...................................... 2,973 117,991 Occidental Petroleum Corp. ....................... 14,122 342,459 Office Depot, Inc.* .............................. 11,373 81,033 Old Kent Financial Corp. ......................... 5,261 230,169 Omnicom Group, Inc. .............................. 6,807 564,130 Oneok, Inc. ...................................... 1,119 53,852 Oracle Corp.* .................................... 213,674 6,209,901 PACCAR, Inc. ..................................... 2,933 144,450 Pactiv Corp.* .................................... 6,032 74,646 Pall Corp. ....................................... 4,740 101,021 Palm, Inc.* ...................................... 21,596 611,437 Parametric Technology Corp.* ..................... 10,409 139,871 Parker Hannifin Corp. ............................ 4,445 196,136 Paychex, Inc. .................................... 14,204 690,670 Penney (J.C.) Co., Inc. .......................... 9,996 108,707 Peoples Energy Corp. ............................. 1,378 61,666 Peoplesoft, Inc.* ................................ 10,896 405,195 PepsiCo, Inc. .................................... 55,107 2,731,241 Perkin Elmer, Inc. ............................... 1,882 197,610 Pfizer, Inc. ..................................... 240,838 11,078,548 PG & E Corp.* .................................... 14,750 295,000 Pharmacia Corp. .................................. 49,230 3,003,030 Phelps Dodge Corp. ............................... 3,018 168,443 Phillip Morris Cos., Inc. ........................ 84,880 3,734,720 Phillips Petroleum Co. ........................... 9,730 553,394 Pinnacle West Capital Corp. ...................... 3,249 154,734 Pitney Bowes, Inc. ............................... 9,625 318,828 Placer Dome, Inc. ................................ 12,503 120,341 PNC Financial Services Group ..................... 11,129 813,113 Potlatch Corp. ................................... 1,127 37,825 Power-One, Inc.* ................................. 2,996 117,780 PPG Industries, Inc. ............................. 6,442 298,345 PPL Corporation .................................. 5,568 251,604 Praxair, Inc. .................................... 6,040 268,025 Proctor & Gamble Co. ............................. 49,770 3,903,834 Progress Energy, Inc. ............................ 7,845 385,876 Progressive Corp. of Ohio ........................ 2,799 290,046 Providian Financial Corp. ........................ 10,919 627,843 Public Svc. Enterprise Group ..................... 8,185 397,996 Pulte Corp. ...................................... 1,580 66,656 QlLogic Corporation* ............................. 3,397 261,569 Quaker Oats Co. .................................. 5,016 488,433 Qualcomm, Inc.* .................................. 28,540 2,345,631 Quintiles Transnational Corp.* ................... 4,456 93,298 Qwest Communications Intl.* ...................... 63,219 2,591,979 Radioshack Corp. ................................. 7,154 306,281 Ralston Purina Co. ............................... 11,718 306,133 Raytheon Co. ..................................... 13,000 403,813 Reebok International Ltd.* ....................... 2,178 59,547 Regions Financial Corp. .......................... 8,454 230,900 Reliant Energy, Inc. ............................. 11,238 486,746 Robert Half Intl., Inc.* ......................... 6,829 180,969 Rockwell Intl., Corp. ............................ 7,078 337,090 Rohm Haas Co. .................................... 8,332 302,556 Rowan Cos., Inc.* ................................ 3,570 96,390 Royal Dutch Petroleum Co. (N.Y.) ................. 81,855 4,957,343 The accompanying notes are an integral part of these financial statements. 14 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- INDEXED ASSETS (CONTINUED): COMMON STOCKS (CONTINUED) Ryder System, Inc. ............................... 2,279 $ 37,888 Sabre Group Holdings, Inc. ....................... 4,946 213,296 Safeco Corp. ..................................... 4,890 160,759 Safeway, Inc.* ................................... 19,128 1,195,500 Sanmina Corp.* ................................... 5,788 443,506 Sapient Corp.* ................................... 4,631 55,283 Sara Lee Corp. ................................... 31,828 781,775 SBC Communications, Inc. ......................... 129,216 6,170,064 Schering-Plough Corp. ............................ 55,811 3,167,274 Schlumberger, Ltd. ............................... 21,800 1,742,638 Scientific-Atlanta, Inc. ......................... 6,101 198,664 Sealed Air Corp.* ................................ 3,207 97,814 Sears Roebuck & Co. .............................. 12,757 443,306 Sempra Energy .................................... 7,854 182,606 Sherwin-Williams Co. ............................. 6,129 161,269 Siebel Systems, Inc.* ............................ 16,397 1,108,847 Sigma-Aldrich Corp. .............................. 2,947 115,854 Snap-On, Inc. .................................... 2,272 63,332 Solectron Corp.* ................................. 24,334 824,923 Southern Co. ..................................... 25,800 857,850 SouthTrust Corp. ................................. 6,447 262,312 Southwest Airlines Co. ........................... 19,158 642,368 Sprint Corp. (FON Grp.) .......................... 33,820 686,969 Sprint Corp. (PCS Grp.)* ......................... 35,589 727,350 St. Jude Medical, Inc.* .......................... 3,211 197,276 St. Paul Companies, Inc. ......................... 8,310 451,337 Stanley Works .................................... 3,359 104,759 Staples, Inc.* ................................... 17,359 205,053 Starbucks Corp.* ................................. 7,151 316,432 Starwood Hotels & Resorts ........................ 7,398 260,780 State Street Corp. ............................... 6,163 765,506 Stillwell Financial Inc. ......................... 8,561 337,624 Stryker Corp. .................................... 7,436 376,187 Summit Bancorp ................................... 6,712 256,315 Sun Microsystems, Inc.* .......................... 122,917 3,426,311 Sunoco, Inc. ..................................... 3,245 109,316 Suntrust Banks, Inc. ............................. 11,398 718,074 Supervalu, Inc. .................................. 5,037 69,888 Symbol Technologies, Inc. ........................ 5,651 203,436 Synovus Financial Corp. .......................... 10,818 291,410 Sysco Corp. ...................................... 25,532 765,960 T. Rowe Price Group, Inc. ........................ 4,633 195,817 Target Corp. ..................................... 34,192 1,102,692 Tektronix, Inc.* ................................. 3,698 124,576 Tellabs, Inc.* ................................... 15,689 886,429 Temple-Inland, Inc. .............................. 1,877 100,654 Tenet Healthcare Corp. ........................... 12,104 537,872 Teradyne, Inc.* .................................. 6,635 247,154 Texaco, Inc. ..................................... 21,000 1,304,625 Texas Instruments, Inc. .......................... 66,061 3,129,640 Textron, Inc. .................................... 5,528 257,052 The CIT Group, Inc. .............................. 10,078 202,820 Thermo Electron Corp.* ........................... 6,872 204,442 Thomas & Betts Corp. ............................. 2,241 36,276 Tiffany & Co. .................................... 5,544 175,329 Time Warner, Inc. ................................ 50,589 2,642,769 Timken Co. ....................................... 2,338 35,362 TJX Companies, Inc. .............................. 10,737 297,952 Torchmark Corp. .................................. 4,912 188,805 Tosco Corp. ...................................... 5,538 187,946 Toys R Us, Inc.* ................................. 7,832 130,697 Transocean Sedco Forex, Inc. ..................... 8,064 370,944 Tribune Co. ...................................... 11,540 487,565 Tricon Global Restaurants Inc.* .................. 5,651 186,483 TRW, Inc. ........................................ 4,707 182,396 Tupperware Corp. ................................. 2,237 45,719 TXU Corp. ........................................ 9,854 436,655 Tyco International Ltd. .......................... 66,767 3,705,569 U.S. Bancorp ..................................... 28,752 839,199 Unilever N.V ..................................... 21,900 1,378,331 Union Carbide Corp. .............................. 5,160 277,673 Union Pacific Corp. .............................. 9,497 481,973 Union Planters Corp. ............................. 5,186 185,400 Unisys Corp.* .................................... 11,945 174,696 United Technologies Corp. ........................ 17,898 1,407,230 UnitedHealth Group Inc. .......................... 12,172 747,057 Unocal Corp. ..................................... 9,314 360,335 UNUMProvident Corp. .............................. 9,221 247,814 US Airways Group Inc.* ........................... 2,553 103,556 USA Education Inc. ............................... 6,263 425,884 UST, Inc. ........................................ 6,215 174,408 USX-Marathon Group ............................... 11,937 331,252 USX-U.S. Steel Group ............................. 3,429 61,722 V F Corp. ........................................ 4,376 158,586 Veritas Software Corp.* .......................... 14,886 1,302,525 Verizon Communications ........................... 103,034 5,164,579 Viacom, Inc. Cl B* ............................... 57,757 2,700,140 Visteon Corp. .................................... 4,979 57,259 Vitesse Semiconductor Corp.* ..................... 6,807 376,512 Vulcan Materials Co. ............................. 3,875 185,516 Wachovia Corp. ................................... 7,757 450,876 Walgreen Co. ..................................... 38,611 1,614,422 Wal-Mart Stores, Inc. ............................ 170,508 9,058,238 Washington Mutual, Inc. .......................... 20,601 1,093,141 Waste Management, Inc. ........................... 23,803 660,533 Watson Pharmaceuticals, Inc.* .................... 3,923 200,809 Wellpoint Health Networks Inc.* .................. 2,378 274,065 Wells Fargo & Company ............................ 65,246 3,633,387 Wendy's International, Inc. ...................... 4,359 114,424 Westvaco Corp. ................................... 3,889 113,510 Weyerhaeuser Co. ................................. 8,419 427,264 Whirlpool Corp. .................................. 2,540 121,126 Willamette Industries, Inc. ...................... 4,247 199,344 Williams Cos., Inc. .............................. 16,797 670,830 Winn-Dixie Stores, Inc. .......................... 5,385 104,334 WorldCom Inc.* ................................... 109,821 1,537,494 Worthington Industries, Inc. ..................... 3,304 26,639 Wrigley (Wm.) Jr. Co. ............................ 4,374 419,084 Xcel Energy, Inc. ................................ 12,954 376,476 Xerox Corp. ...................................... 25,514 118,002 Xilinx, Inc.* .................................... 12,561 579,376 Yahoo!, Inc.* .................................... 21,317 643,174 ------------ TOTAL INDEXED ASSETS--COMMON STOCKS (Cost: $246,604,229) 56.0% ....................... $448,261,706 ------------ - ---------- * Non-income producing security. The accompanying notes are an integral part of these financial statements. 15 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Discount Face Rate Maturity Amount Value -------- -------- --------- ------------ INDEXED ASSETS: SHORT-TERM DEBT SECURITIES: U.S. GOVERNMENT (0.2%) U.S. Treasury Bill(a) ......... 5.98% 01/11/01 $ 1,300,000 $ 1,297,372 ------------ COMMERCIAL PAPER (0.9%) Bemis Co. ..................... 6.40 01/02/01 4,325,000 4,322,693 Dow Chemical Company .......... 6.00 01/02/01 3,000,000 2,998,500 ------------ 7,321,193 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $8,618,565) 1.1% ........................................... 8,618,565 ------------ TOTAL INDEXED ASSETS (Cost: $255,222,794) 57.1% ........................................ $456,880,271 ------------
- ---------- FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2000:
Expiration Underlying Face Unrealized Date Amount at Value Gain/(Loss) ---------- --------------- ---------- PURCHASED 26 S&P 500 Stock Index Futures Contracts March 2001 $8,677,500 $116,856 ========== ========
Face value of futures purchased and outstanding as a percentage of total investments in securities: 1.1% (a) This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. The accompanying notes are an integral part of these financial statements. 16 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- ACTIVE ASSETS: COMMON STOCKS BASIC MATERIALS (0.4%) Lone Star Technologies, Inc.* .................... 27,620 $ 1,063,370 Sigma-Aldrich Corp. .............................. 20,880 820,845 TETRA Tech, Inc.* ................................ 45,490 1,449,994 ------------ 3,334,209 ------------ CONSUMER, CYCLICAL (3.5%) American Eagle Outfitters* ....................... 32,700 1,381,575 Barnes & Noble, Inc.* ............................ 87,680 2,323,520 Bed Bath & Beyond, Inc.* ......................... 49,050 1,097,494 California Pizza Kitchen Inc.* ................... 14,600 412,450 Comcast Corp. Cl A* .............................. 27,100 1,131,425 Corning, Inc. .................................... 11,930 630,053 Harrah's Entertainment, Inc.* .................... 110,500 2,914,438 J. Jill Group Inc.* .............................. 58,860 912,330 Krispy Kreme Doughnuts Inc.* ..................... 4,000 332,000 Marriott International, Inc. ..................... 29,330 1,239,193 MGM Mirage ....................................... 49,290 1,389,362 Orient Express Hotels Ltd.* ...................... 32,150 693,234 Park Place Entertainment* ........................ 110,380 1,317,661 Pulte Corp. ...................................... 20,900 881,719 Reebok International Ltd.* ....................... 183,670 5,021,538 Scholastic Corp.* ................................ 32,160 2,850,180 Skywest, Inc. .................................... 14,000 402,500 Starbucks Corp.* ................................. 18,150 803,138 Telewest Communications Plc ADR* ................. 26,282 413,942 The Cheesecake Factory, Inc.* .................... 31,500 1,208,813 Toll Brothers, Inc.* ............................. 22,000 899,250 ------------ 28,255,815 ------------ CONSUMER, NON-CYCLICAL (0.7%) Alberto-Culver Co. ............................... 36,470 1,561,372 Kroger Co.* ...................................... 54,070 1,463,269 Safeway, Inc.* ................................... 15,160 947,500 Whole Foods Market, Inc.* ........................ 28,610 1,748,786 ------------ 5,720,927 ------------ ENERGY (2.6%) Core Laboratories N.V.* .......................... 13,370 365,168 Cross Timbers Oil Co. ............................ 26,250 728,438 Exxon Mobil Corp. ................................ 35,970 3,127,142 Forest Oil Corp.* ................................ 9,880 364,325 Grant Prideco, Inc.* ............................. 48,380 1,061,336 Grey Wolf Inc.* .................................. 147,010 863,684 HS Resources, Inc. ............................... 20,640 874,620 Kinder Morgan, Inc. .............................. 35,750 1,865,703 Midcoast Energy Res., Inc. ....................... 9,740 212,454 Mitchell Energy & Dev. Corp. ..................... 12,300 753,375 Murphy Oil Corp. ................................. 9,960 601,958 National-Oilwell Inc.* ........................... 37,970 1,468,964 Ocean Energy, Inc. ............................... 42,950 746,256 Patterson Energy, Inc.* .......................... 15,400 573,650 Precision Drilling Corp.* ........................ 13,740 516,109 Pride International, Inc.* ....................... 16,130 397,201 Royal Dutch Petroleum Co. (N.Y) .................. 32,550 1,971,309 Spinnaker Expl Co.* .............................. 15,250 648,125 St. Mary Land & Exploration ...................... 23,000 766,188 Swift Enegry Co.* ................................ 15,250 573,781 UTI Energy Corp.* ................................ 19,800 650,925 Varco International, Inc.* ....................... 16,170 351,698 Veritas DGC, Inc.* ............................... 8,825 285,048 Westport Resources Corp.* ........................ 42,220 926,201 ------------ 20,693,658 ------------ FINANCIAL (10.9%) Affiliated Managers Group* ....................... 14,400 790,200 Allstate Corp. ................................... 39,000 1,698,938 American General Corp. ........................... 16,620 1,354,530 American Int'l. Group, Inc. ...................... 40,762 4,017,605 Annuity & Life Re Holdings ....................... 41,095 1,312,472 Arden Realty Group ............................... 29,430 739,429 Astoria Financial Corp. .......................... 24,600 1,336,088 Bank One Corp. ................................... 49,680 1,819,530 Banknorth Group, Inc. ............................ 85,520 1,705,055 Berkley (W.R.) Corp. ............................. 62,230 2,936,478 Blackrock Inc.* .................................. 37,600 1,579,200 Boston Private Finl. Holdings .................... 106,360 2,113,905 Boston Properties ................................ 48,040 2,089,740 Citigroup, Inc. .................................. 107,867 5,507,959 City National Corp. .............................. 42,660 1,655,741 Cullen/Frost Bankers, Inc. ....................... 60,270 2,520,039 Federated Investors Inc. ......................... 72,900 2,123,213 Fifth Third Bancorp .............................. 47,570 2,842,308 First Essex Bancorp Inc. ......................... 101,325 2,032,833 First Midwest Bancorp ............................ 65,160 1,873,350 Gallagher (Arthur J.) & Co. ...................... 40,040 2,547,545 Greater Bay Bankcorp ............................. 12,500 512,500 HCC Insurance Holdings, Inc. ..................... 45,490 1,225,387 Hilb, Rogal & Hamilton Co. ....................... 42,150 1,680,731 Investors Financial Services Corp. ............... 19,000 1,634,000 Jefferson-Pilot Corp. ............................ 23,120 1,728,220 Kimco Realty Corp. ............................... 34,740 1,535,074 Mellon Financial Corp. ........................... 36,410 1,790,917 Mercantile Bankshares Corp. ...................... 42,630 1,841,083 MGIC Investment Corp. ............................ 12,030 811,273 Morgan Stanley Dean Witter ....................... 46,500 3,685,125 New York Community Bancorp, Inc. ................. 13,710 503,843 Partnerre Ltd. ................................... 35,100 2,141,100 Progressive Corp. of Ohio ........................ 16,410 1,700,486 RenaissanceRe Holdings Ltd. ...................... 14,120 1,105,773 Richmond County Finl. Corp. ...................... 101,070 2,640,454 Safeco Corp. ..................................... 57,550 1,891,956 Silicon Valley Bancshares* ....................... 16,970 586,526 SL Green Realty Corp. ............................ 64,790 1,814,120 Southwest Bancorp of Texas* ...................... 76,940 3,303,611 Spieker Properties, Inc. ......................... 35,660 1,787,458 Sterling Bancshares, Inc. ........................ 118,190 2,334,253 Triad Guaranty* .................................. 42,150 1,396,219 Washington Federal Inc. .......................... 66,750 1,898,203 XL Capital Limited ............................... 38,220 3,339,473 ------------ 87,483,943 ------------ HEALTHCARE (5.3%) Advance PCS* ..................................... 18,100 823,550 Alza Corp.* ...................................... 12,800 544,000 American Home Products Corp. ..................... 14,290 908,130 Amerisource Health Corp. Cl A* ................... 51,000 2,575,500 Apria Healthcare Group, Inc.* .................... 45,600 1,356,600 Aurora Biosciences Corp.* ........................ 21,900 688,481 Avant Immunotherapeutics Inc.* ................... 14,700 101,063 Bindley Western Industries Inc. .................. 46,100 1,916,031 Cell Therapeutics Inc.* .......................... 13,300 599,331 Davita Inc.* ..................................... 84,460 1,446,378 Dentsply International, Inc. ..................... 22,620 885,008 Enzon, Inc.* ..................................... 20,800 1,290,900 Express Scripts, Inc. Cl A* ...................... 14,120 1,443,770 Genzyme Corporation* ............................. 2,249 202,269 Health Management Associates* .................... 52,400 1,087,300 Henry Schein, Inc.* .............................. 27,840 963,960 IDEC Pharmaceuticals Corp.* ...................... 4,200 796,163 Impath Inc.* ..................................... 17,000 1,130,500 The accompanying notes are an integral part of these financial statements. 17 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- ACTIVE ASSETS: HEALTHCARE (CONTINUED) Inverness Med Technology Inc.* ................... 12,000 $ 467,250 Laboratory Corp. of America* ..................... 25,670 4,517,920 Lifepoint Hospitals Inc.* ........................ 76,800 3,849,600 Lilly (Eli) & Co. ................................ 13,600 1,265,650 Lincare Holdings, Inc.* .......................... 17,150 978,622 Mid Atlantic Medical Svcs., Inc.* ................ 40,000 792,500 Minimed, Inc.* ................................... 19,900 836,423 Myriad Genetics Inc.* ............................ 12,600 1,042,650 NPS Pharmaceuticals Inc.* ........................ 12,700 609,600 Orthodontic Centers of America* .................. 34,370 1,074,063 Oxford Health Plans, Inc.* ....................... 67,000 2,646,500 Pharmacopeia Inc.* ............................... 5,000 109,063 Province Healthcare Co.* ......................... 49,790 1,960,481 Rehabcare Group Inc.* ............................ 14,946 767,851 Triad Hospitals, Inc.* ........................... 41,410 1,348,413 Wellpoint Health Networks Inc.* .................. 15,540 1,790,985 ------------ 42,816,505 ------------ INDUSTRIAL (6.3%) Alabany Molecular Research Inc.* ................. 9,800 603,925 Ameren Corp. ..................................... 13,170 609,936 Arnold Industries, Inc. .......................... 44,370 798,660 BISYS Group, Inc.* ............................... 26,600 1,386,525 C.H. Robinson Worldwide, Inc. .................... 27,720 871,448 Cal Dive International, Inc.* .................... 49,940 1,329,653 Cintas Corp. ..................................... 25,110 1,335,538 Computer Sciences Corp.* ......................... 11,310 680,014 Concord Camera Corp.* ............................ 32,678 539,187 Corporate Executive Board Co.* ................... 21,485 854,364 D.R. Horton, Inc. ................................ 37,500 916,406 Documentum, Inc.* ................................ 24,160 1,200,450 DuPont Photomasks, Inc.* ......................... 6,207 328,001 EGL Inc.* ........................................ 7,500 179,531 Engelhard Corp. .................................. 39,770 810,314 Exar Corp.* ...................................... 6,000 185,906 Expeditors Int'l Wash., Inc. ..................... 32,020 1,719,074 FactSet Research Systems, Inc. ................... 43,948 1,629,152 FedEx Corp.* ..................................... 25,480 1,018,181 Flextronics International Ltd.* .................. 35,600 1,014,600 Forward Air Corporation* ......................... 42,648 1,591,304 Foundry Networks* ................................ 210,000 3,150,000 FuelCell Energy Inc.* ............................ 8,370 573,868 Goodrich (B.F.) Co. .............................. 34,090 1,240,024 Heartland Express Inc.* .......................... 38,030 867,559 Henry (Jack) & Associates ........................ 14,170 880,311 Hexcel Corp.* .................................... 80,230 717,056 Integrated Circuit Systems Inc.* ................. 43,900 727,094 Juniper Networks Inc.* ........................... 30,800 3,882,725 Keithley Instruments Inc. ........................ 10,750 462,922 Mettler-Toledo International* .................... 8,800 478,500 Newport Corp. .................................... 24,050 1,890,556 Oak Technology, Inc.* ............................ 14,000 121,625 Omi Corp.* ....................................... 211,870 1,363,913 Pactiv Corp.* .................................... 67,000 829,125 Plantronics Inc.* ................................ 12,300 578,100 Proxim, Inc.* .................................... 8,600 369,800 Research In Motion Ltd.* ......................... 16,300 1,304,000 Shaw Group Inc.* ................................. 44,500 2,225,000 SMTC Corporation* ................................ 19,000 258,875 Specialty Laboratories* .......................... 34,050 1,127,906 Teekay Shipping Corp. ............................ 35,350 1,343,300 Tyco International Ltd. .......................... 28,960 1,607,280 Unilever N.V. (N.Y) .............................. 23,370 1,470,849 United Parcel Service Cl B ....................... 34,680 2,039,618 United Technologies Corp. ........................ 18,730 1,472,646 ------------ 50,584,821 ------------ TECHNOLOGY (8.5%) 3Com Corp.* ...................................... 105,190 894,115 Actel Corp.* ..................................... 5,000 120,938 Actuate Corporation* ............................. 37,600 719,100 Adaptec, Inc.* ................................... 109,010 1,117,353 Applied Materials, Inc.* ......................... 91,400 3,490,338 Applied Micro Circuits, Corp.* ................... 13,500 1,013,133 Artesyn Technologies Inc.* ....................... 26,900 427,038 Aspen Technology, Inc.* .......................... 24,300 807,975 Atmel Corp.* ..................................... 217,400 2,527,275 Aviron* .......................................... 9,270 619,352 Avocent Corp.* ................................... 17,100 461,700 Brocade Communication Sys.* ...................... 28,000 2,570,750 Ciena Corp.* ..................................... 79,000 6,428,625 Cisco Systems, Inc.* ............................. 270,000 10,327,500 Computer Network Tech. Corp.* .................... 15,785 454,805 Comverse Technology Inc.* ........................ 8,450 917,881 Cytyc Corp.* ..................................... 8,900 556,806 DDI Corp.* ....................................... 23,800 648,550 Digital Lightwave, Inc.* ......................... 11,050 350,147 Elantec Semiconductor Inc.* ...................... 12,800 355,200 EMC Corp.* ....................................... 35,000 2,327,500 Evolve Software Inc.* ............................ 4,300 20,963 Exult Inc.* ...................................... 60,600 802,950 Herley Industries Inc.* .......................... 17,330 288,111 Information Corp.* ............................... 27,700 1,095,881 Informax Inc.* ................................... 15,635 162,213 Intel Corp. ...................................... 140,900 4,262,225 Interwoven Inc.* ................................. 16,000 1,055,000 Intuit, Inc.* .................................... 16,410 647,169 Investment Technology Grp., Inc.* ................ 12,800 534,400 JDS Uniphase Corp.* .............................. 65,000 2,709,688 Linear Technology Corp. .......................... 98,850 4,571,813 Manugistics Group, Inc.* ......................... 12,800 729,600 Maxim Integrated Products, Inc.* ................. 91,400 4,370,063 Micromuse, Inc.* ................................. 20,000 1,207,188 Microsoft Corp.* ................................. 16,100 700,334 Microtune Inc.* .................................. 24,950 413,234 MRV Communications Inc.* ......................... 33,400 446,725 Netegrity Inc.* .................................. 11,700 636,188 Plexus Corp.* .................................... 24,400 741,531 Speechworks Intl. Inc.* .......................... 15,800 775,188 Sun Microsystems, Inc.* .......................... 40,300 1,123,363 Sungard Data Sys. Inc.* .......................... 29,010 1,367,096 Telecommunications Systems Inc.* ................. 12,800 43,200 Varian Semiconductor Equip.* ..................... 8,450 200,688 Xilinx, Inc.* .................................... 48,200 2,223,225 ------------ 68,264,117 ------------ TELECOMMUNICATIONS (0.7%) Qualcomm, Inc.* .................................. 8,450 694,484 SBC Communications, Inc. ......................... 68,380 3,265,145 Verizon Communications ........................... 28,960 1,451,620 ------------ 5,411,249 ------------ UTILITIES (0.2%) NSTAR ............................................ 13,525 579,884 Public Svc. Enterprise Group ..................... 15,540 755,633 ------------ 1,335,517 ------------ TOTAL ACTIVE ASSETS--COMMON STOCKS (Cost: $265,780,256) 39.1% ....................... 313,900,761 ------------ - ---------- * Non-income producing security. The accompanying notes are an integral part of these financial statements. 18 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Rate Maturity Amount Value ------- -------- ----------- ------------ ACTIVE ASSETS (CONTINUED): SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (3.8%) AEP Credit Inc. .................. 6.60% 01/05/01 $ 1,000,000 $ 998,897 Bemis Co. ........................ 6.40 01/02/01 13,670,000 13,662,708 Con Edison ....................... 6.65 01/02/01 1,200,000 1,199,335 Countrywide Funding Corp. ........ 6.56 01/08/01 3,000,000 2,995,072 Ford Motor Credit Puerto Rico .... 6.53 01/02/01 1,636,000 1,635,109 General Reinsurance .............. 6.51 01/05/01 3,000,000 2,996,740 Montauk Funding .................. 6.60 01/12/01 3,000,000 2,992,839 Verizon Network Funding .......... 6.55 01/03/01 3,705,000 3,702,302 ------------ TOTAL ACTIVE ASSETS--SHORT-TERM DEBT SECURITIES (Cost: $30,183,002) 3.8% .......................................... 30,183,002 ------------ TOTAL ACTIVE ASSETS (Cost: $295,963,258) 42.9% ........................................ 344,083,763 ------------ TOTAL INVESTMENTS (Cost: $551,186,052) 100.0% ....................................... $800,964,034 ============
The accompanying notes are an integral part of these financial statements. 19 MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000 Shares Value -------- ---------- COMMON STOCKS: Abbott Laboratories .............................. 64,794 $ 3,138,459 Adaptec, Inc.* ................................... 4,141 42,445 ADC Telecommunications, Inc.* .................... 32,405 587,341 Adobe Systems, Inc. .............................. 10,064 585,599 Advanced Micro Devices, Inc.* .................... 13,129 181,344 AES Corp.* ....................................... 19,178 1,061,982 Aetna Inc.* ...................................... 5,941 243,952 Aflac, Inc. ...................................... 11,177 806,840 Agilent Technologies, Inc.* ...................... 18,972 1,038,717 Air Products & Chemicals, Inc. ................... 9,629 394,789 Alberto-Culver Co. ............................... 2,400 102,750 Albertson's, Inc. ................................ 17,637 467,381 Alcan Aluminum Ltd. .............................. 13,539 462,865 ALCOA, Inc. ...................................... 36,332 1,217,122 Allegheny Energy, Inc. ........................... 4,690 225,999 Allegheny Technologies, Inc. ..................... 3,367 53,451 Allergan, Inc. ................................... 5,454 528,015 Allied Waste Industries, Inc.* ................... 8,215 119,631 Allstate Corp. ................................... 30,634 1,334,494 Alltel Corp. ..................................... 13,097 817,744 Altera Corp.* .................................... 16,606 436,945 Alza Corp.* ...................................... 9,915 421,388 Ambac Financial Group, Inc. ...................... 4,455 259,782 Amerada Hess Corp. ............................... 3,783 276,395 Ameren Corp. ..................................... 5,800 268,613 America Online, Inc. ............................. 97,854 3,405,319 American Electric Power, Inc. .................... 13,489 627,239 American Express Co. ............................. 55,713 3,060,733 American General Corp. ........................... 10,600 863,900 American Greetings Corp. Cl A .................... 2,674 25,236 American Home Products Corp. ..................... 54,899 3,488,831 American Int'l. Group, Inc. ...................... 97,509 9,610,731 American Power Conversion* ....................... 8,108 100,337 Amgen, Inc.* ..................................... 43,205 2,762,420 AMR Corp.* ....................................... 6,316 247,508 Amsouth Bancorporation ........................... 15,810 241,103 Anadarko Petroleum Corp. ......................... 10,422 740,796 Analog Devices, Inc.* ............................ 14,980 766,789 Andrew Corp.* .................................... 3,357 73,015 Anheuser-Busch Cos., Inc. ........................ 37,787 1,719,309 Aon Corp. ........................................ 10,767 368,770 Apache Corp. ..................................... 5,118 358,580 Apple Computer, Inc.* ............................ 13,650 203,044 Applera Corp.--Applied Biosys Grp ................ 8,729 821,072 Applied Materials, Inc.* ......................... 33,911 1,294,976 Applied Micro Circuits, Corp.* ................... 12,400 930,582 Archer-Daniels-Midland Co. ....................... 26,597 398,955 Ashland, Inc. .................................... 2,925 104,978 AT&T Corp. ....................................... 157,231 2,722,062 Autodesk, Inc. ................................... 2,500 67,344 Automatic Data Processing, Inc. .................. 26,374 1,669,804 AutoZone, Inc.* .................................. 5,351 152,504 Avaya Inc.* ...................................... 11,701 120,667 Avery Dennison Corp. ............................. 4,707 258,297 Avon Products, Inc. .............................. 9,977 477,649 Baker Hughes, Inc. ............................... 13,857 575,932 Ball Corp. ....................................... 1,184 54,538 Bank of America Corp. ............................ 68,178 3,127,666 Bank of New York Co., Inc. ....................... 31,009 1,711,309 Bank One Corp. ................................... 48,520 1,777,045 Bard (C.R.), Inc. ................................ 2,164 100,761 Barrick Gold Corp. ............................... 16,653 272,776 Bausch & Lomb, Inc. .............................. 2,276 92,036 Baxter International, Inc. ....................... 12,241 1,081,033 BB & T Corp. ..................................... 16,613 619,873 Bear Stearns Cos., Inc. .......................... 4,503 228,246 Becton Dickinson & Co. ........................... 10,620 367,718 Bed Bath & Beyond, Inc.* ......................... 11,826 264,607 BellSouth Corp. .................................. 78,254 3,203,523 Bemis Co. ........................................ 2,278 76,455 Best Buy Co., Inc.* .............................. 8,696 257,076 Biogen, Inc.* .................................... 6,264 376,232 Biomet, Inc. ..................................... 7,506 297,894 Black & Decker Corp. ............................. 3,405 133,646 Block (H. & R.), Inc. ............................ 3,854 159,459 BMC Software, Inc.* .............................. 10,265 143,710 Boeing Co. ....................................... 37,217 2,456,322 Boise Cascade Corp. .............................. 2,457 82,617 Boston Scientific Corp.* ......................... 16,978 232,386 Briggs & Stratton Corp. .......................... 957 42,467 Bristol-Myers Squibb Co. ......................... 81,910 6,056,221 Broadcom Corp. Cl A* ............................. 9,853 832,579 Broadvision Inc.* ................................ 11,240 132,773 Brown-Forman Corp. Cl B .......................... 2,846 189,259 Brunswick Corp. .................................. 3,667 60,276 Burlington Northern Santa Fe ..................... 16,538 468,232 Burlington Resources, Inc. ....................... 9,028 455,914 Cabletron Systems, Inc.* ......................... 7,712 116,162 Calpine Corp.* ................................... 11,803 531,873 Campbell Soup Co. ................................ 17,641 610,820 Capital One Financial Corp. ...................... 8,194 539,268 Cardinal Health, Inc. ............................ 11,600 1,155,650 Carnival Corp. ................................... 24,484 754,413 Caterpillar, Inc. ................................ 14,484 685,274 Cendant Corp.* ................................... 30,455 293,129 Centex Corp. ..................................... 2,549 95,747 CenturyTel, Inc. ................................. 5,906 211,140 Ceridian Corp.* .................................. 6,119 121,998 Charles Schwab Corp. ............................. 57,942 1,644,104 Charter One Financial, Inc. ...................... 8,781 253,541 Chase Manhattan Corp. ............................ 54,865 2,492,928 Chevron Corp. .................................... 26,886 2,270,187 Chiron Corp.* .................................... 8,022 356,979 Chubb Corp. ...................................... 7,398 639,927 CIGNA Corp. ...................................... 6,430 850,689 Cincinnati Financial Corp. ....................... 6,792 268,709 CINergy Corp. .................................... 6,735 236,567 Circuit City Group, Inc. ......................... 8,516 97,934 Cisco Systems, Inc.* ............................. 301,489 11,531,954 Citigroup, Inc. .................................. 210,575 10,752,486 Citrix Systems, Inc.* ............................ 7,735 174,038 Clear Channel Communications* .................... 24,558 1,189,528 Clorox Co. ....................................... 9,861 350,066 CMS Energy Corp. ................................. 5,069 160,624 Coastal Corp. .................................... 8,986 793,576 Coca-Cola Co. .................................... 103,924 6,332,869 Coca-Cola Enterprises, Inc. ...................... 17,589 334,191 Colgate-Palmolive Co. ............................ 24,063 1,553,267 Comcast Corp. Cl A* .............................. 37,819 1,578,943 Comerica, Inc. ................................... 6,626 393,419 Compaq Computer Corp. ............................ 71,213 1,071,756 Computer Associates Intl., Inc. .................. 24,321 474,260 Computer Sciences Corp.* ......................... 7,072 425,204 Compuware Corp.* ................................. 15,304 95,650 Comverse Technology Inc.* ........................ 6,897 749,187 ConAgra Foods Inc. ............................... 22,437 583,362 Conexant Systems, Inc.* .......................... 9,543 146,724 Conoco, Inc. ..................................... 26,133 756,224 Conseco, Inc. .................................... 13,611 179,495 Consolidated Edison, Inc. ........................ 8,885 342,073 Consolidated Stores Corp.* ....................... 4,661 49,523 Constellation Energy Group ....................... 6,331 285,291 The accompanying notes are an integral part of these financial statements. 20 MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- COMMON STOCKS (CONTINUED): Convergys Corp.* ................................. 6,472 $ 293,263 Cooper Industries, Inc. .......................... 3,894 178,881 Cooper Tire & Rubber Co. ......................... 3,064 32,555 Coors (Adolph) Co. Cl B .......................... 1,585 127,295 Corning, Inc. .................................... 38,525 2,034,602 Costco Wholesale Corp.* .......................... 18,748 748,748 Countrywide Credit Industries .................... 4,767 239,542 Crane Co. ........................................ 2,596 73,824 CSX Corp. ........................................ 9,189 238,340 Cummins Engine Co., Inc. ......................... 1,780 67,529 CVS Corp. ........................................ 16,424 984,414 Dana Corp. ....................................... 6,284 96,224 Danaher Corp. .................................... 5,973 408,404 Darden Restaurants, Inc. ......................... 5,003 114,444 Deere & Co. ...................................... 9,848 451,162 Dell Computer Corp.* ............................. 108,366 1,889,632 Delphi Automotive Systems Corp. .................. 23,446 263,768 Delta Air Lines, Inc. ............................ 5,150 258,466 Deluxe Corp. ..................................... 3,001 75,835 Devon Energy Corp. ............................... 5,330 324,970 Dillard's Inc. Cl A .............................. 3,912 46,211 Disney (Walt) Co. ................................ 87,350 2,527,691 Dollar General Corp. ............................. 13,805 260,569 Dominion Resources, Inc. ......................... 10,001 670,067 Donnelley (R.R.) & Sons Co. ...................... 5,125 138,375 Dover Corp. ...................................... 8,501 344,822 Dow Chemical Co. ................................. 28,375 1,039,234 Dow Jones & Co., Inc. ............................ 3,701 209,569 DTE Energy Co. ................................... 6,015 234,209 Du Pont (E.I.) de Nemours & Co. .................. 43,785 2,115,363 Duke Energy Corp. ................................ 15,449 1,317,027 Dynergy, Inc. .................................... 13,537 758,918 Eastman Chemical Co. ............................. 3,188 155,415 Eastman Kodak Co. ................................ 12,574 495,101 Eaton Corp. ...................................... 3,017 226,841 Ecolab, Inc. ..................................... 5,321 229,801 Edison International* ............................ 13,633 213,016 El Paso Energy Corp. ............................. 9,712 695,622 Electronic Data Systems Corp. .................... 19,565 1,129,879 EMC Corp.* ....................................... 91,656 6,095,116 Emerson Electric Co. ............................. 17,989 1,417,758 Engelhard Corp. .................................. 5,371 109,434 Enron Corp. ...................................... 31,273 2,599,568 Entergy Corp. .................................... 9,332 394,860 EOG Resources, Inc. .............................. 4,880 266,875 Equifax, Inc. .................................... 5,983 171,637 Exelon Corp.* .................................... 13,339 936,531 Exxon Mobil Corp. ................................ 145,618 12,659,665 Fannie Mae ....................................... 42,199 3,660,763 Federated Department Stores* ..................... 8,458 296,030 FedEx Corp.* ..................................... 11,983 478,841 Fifth Third Bancorp .............................. 19,349 1,156,103 First Data Corp. ................................. 16,548 871,873 First Union Corp. ................................ 41,036 1,141,314 Firstar Corp. .................................... 39,800 925,345 FirstEnergy Corp. ................................ 9,445 298,108 FleetBoston Financial Corp. ...................... 37,923 1,424,483 Flour Corp.* ..................................... 3,166 104,676 FMC Corp.* ....................................... 1,315 94,269 Ford Motor Co. ................................... 78,511 1,840,102 Forest Laboratories, Inc.* ....................... 3,675 488,316 Fortune Brands, Inc. ............................. 6,480 194,400 FPL Group, Inc. .................................. 7,410 531,668 Franklin Resources, Inc. ......................... 10,239 390,106 Freddie Mac ...................................... 29,194 2,010,737 Freeport-McMoran Copper Cl B* .................... 6,220 53,259 Gannett Co., Inc. ................................ 11,074 698,354 Gap, Inc. ........................................ 35,653 909,152 Gateway, Inc.* ................................... 13,492 242,721 General Dynamics Corp. ........................... 8,286 646,308 General Electric Co. ............................. 415,081 19,897,945 General Mills, Inc. .............................. 11,838 527,531 General Motors Corp. ............................. 23,666 1,205,487 Genuine Parts Co. ................................ 7,250 189,859 Georgia-Pacific Group ............................ 9,489 295,345 Gillette Co. ..................................... 44,123 1,593,943 Global Crossing Ltd.* ............................ 37,100 530,994 Golden West Financial Corp. ...................... 6,676 450,630 Goodrich (B.F.) Co. .............................. 4,251 154,630 Goodyear Tire & Rubber Co. ....................... 6,624 152,286 GPU, Inc. ........................................ 5,101 187,781 Grainger (W.W.), Inc. ............................ 3,917 142,971 Great Lakes Chemical Corp. ....................... 2,103 78,205 Guidant Corp.* ................................... 12,936 697,736 Halliburton Co. .................................. 18,626 675,193 Harcourt General, Inc. ........................... 3,064 175,261 Harley-Davidson, Inc. ............................ 12,694 504,587 Harrah's Entertainment, Inc.* .................... 4,889 128,947 Hartford Financial Svs Gp., Inc. ................. 9,392 663,310 Hasbro, Inc. ..................................... 7,278 77,329 HCA-- The Healthcare Company ..................... 23,142 1,018,479 HealthSouth Corp.* ............................... 16,192 264,132 Heinz (H.J.) Co. ................................. 14,558 690,595 Hercules, Inc.* .................................. 4,471 85,228 Hershey Food Corp. ............................... 5,779 372,023 Hewlett-Packard Co. .............................. 82,833 2,614,417 Hilton Hotels Corp. .............................. 15,459 162,320 Home Depot, Inc. ................................. 97,014 4,432,327 Homestake Mining Co. ............................. 10,992 46,029 Honeywell International, Inc. .................... 33,407 1,580,569 Household International, Inc. .................... 19,724 1,084,820 Humana, Inc.* .................................... 6,998 106,720 Huntington Bancshares, Inc. ...................... 10,548 170,746 Illinois Tool Works, Inc. ........................ 12,720 757,635 IMS Health, Inc. ................................. 12,301 332,127 Inco Ltd.* ....................................... 7,688 128,851 Ingersoll Rand Co. ............................... 6,724 281,568 Intel Corp. ...................................... 281,920 8,528,080 International Paper Co. .......................... 20,165 822,984 Interpublic Group of Cos., Inc. .................. 12,862 547,439 Intl. Business Machines Corp. .................... 73,491 6,246,735 Intl. Flavors & Fragrances ....................... 4,172 84,744 Intuit, Inc.* .................................... 8,640 340,740 ITT Industries, Inc. ............................. 3,681 142,639 JDS Uniphase Corp.* .............................. 40,279 1,679,131 Jefferson-Pilot Corp. ............................ 4,319 322,845 Johnson & Johnson ................................ 58,228 6,117,579 Johnson Controls, Inc. ........................... 3,569 185,588 Kaufman & Broad Home Corp.* ...................... 1,796 60,503 Kellogg Co. ...................................... 17,083 448,429 Kerr-McGee Corp. ................................. 3,940 263,734 KeyCorp .......................................... 17,838 499,464 Keyspan Corporation .............................. 5,640 238,995 Kimberly Clark Corp. ............................. 22,366 1,581,053 Kinder Morgan, Inc. .............................. 4,870 254,153 King Pharmaceuticals Inc.* ....................... 7,045 364,138 KLA Tencor Corp.* ................................ 7,771 261,786 Kmart Corp.* ..................................... 20,216 107,398 Knight-Ridder, Inc. .............................. 3,073 174,777 Kohl's Corp.* .................................... 13,798 841,678 Kroger Co.* ...................................... 34,477 933,034 Legget & Platt ................................... 8,241 156,064 The accompanying notes are an integral part of these financial statements. 21 MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- COMMON STOCKS (CONTINUED): Lehman Brothers Holdings, Inc. ................... 9,991 $ 675,641 Lexmark Int'l, Inc.* ............................. 5,326 236,008 Lilly (Eli) & Co. ................................ 47,222 4,394,597 Limited, Inc. .................................... 17,827 304,173 Lincoln National Corp. ........................... 8,018 379,352 Linear Technology Corp. .......................... 13,267 613,599 Liz Claiborne, Inc. .............................. 2,171 90,368 Lockheed Martin Corp. ............................ 18,043 612,560 Loews Corp. ...................................... 4,127 427,402 Longs Drug Stores Corp. .......................... 1,566 37,780 Louisiana-Pacific Corp. .......................... 4,366 44,206 Lowe's Companies, Inc. ........................... 16,086 715,827 LSI Logic Corp.* ................................. 13,375 228,579 Lucent Technologies .............................. 139,893 1,888,556 Manor Care, Inc.* ................................ 4,333 89,368 Marriott International, Inc. ..................... 10,071 425,500 Marsh & McLennan Cos., Inc. ...................... 11,523 1,348,191 Masco Corp. ...................................... 18,695 480,228 Massey Energy Co. ................................ 3,166 40,367 Mattel, Inc. ..................................... 17,944 259,111 Maxim Integrated Products, Inc.* ................. 11,909 569,399 May Department Stores Co. ........................ 12,534 410,489 Maytag Corp. ..................................... 3,260 105,339 MBIA, Inc. ....................................... 4,117 305,173 MBNA Corp. ....................................... 35,681 1,317,967 McDermott International, Inc.* ................... 2,561 27,531 McDonald's Corp. ................................. 54,931 1,867,654 McGraw-Hill Cos., Inc. ........................... 8,138 477,090 McKesson HBOC, Inc. .............................. 11,910 427,450 Mead Corp. ....................................... 4,215 132,246 Medimmune, Inc.* ................................. 8,744 416,980 Medtronic, Inc. .................................. 50,297 3,036,681 Mellon Financial Corp. ........................... 20,476 1,007,163 Merck & Co., Inc. ................................ 96,604 9,044,550 Mercury Interactive Corp.* ....................... 3,316 299,269 Meredith Corp. ................................... 2,172 69,911 Merrill Lynch & Co., Inc. ........................ 33,935 2,313,943 MetLife Inc. ..................................... 32,027 1,120,945 MGIC Investment Corp. ............................ 4,446 299,827 Micron Technology, Inc.* ......................... 23,764 843,622 Microsoft Corp.* ................................. 223,372 9,716,637 Millipore Corp. .................................. 1,975 124,425 Minnesota Mining & Mfg. Co. ...................... 16,523 1,991,022 Molex Inc., Cl A ................................. 8,226 292,023 Moody's Corp. .................................... 6,818 175,137 Morgan (J.P.) & Co., Inc. ........................ 6,701 1,109,016 Morgan Stanley Dean Witter ....................... 46,947 3,720,550 Motorola, Inc. ................................... 91,453 1,851,923 Nabors Industries, Inc.* ......................... 6,150 363,773 National City Corp. .............................. 25,482 732,608 National Semiconductor Corp.* .................... 7,467 150,273 National Service Industries ...................... 1,750 44,953 Navistar International Corp.* .................... 2,533 66,333 NCR Corp.* ....................................... 3,979 195,468 Network Appliance, Inc.* ......................... 13,239 850,399 New York Times Co. Cl A .......................... 6,813 272,946 Newell Rubbermaid, Inc. .......................... 11,223 255,323 Newmont Mining Corp. ............................. 7,108 121,280 Nextel Communications, Inc.* ..................... 31,902 789,575 Niagara Mohawk Holdings, Inc.* ................... 6,760 112,808 Nicor, Inc. ...................................... 1,992 86,030 NIKE, Inc. Cl B .................................. 11,336 632,691 NiSource, Inc. ................................... 8,563 263,312 Nordstrom, Inc. .................................. 5,469 99,467 Norfolk Southern Corp. ........................... 16,064 213,852 Nortel Networks Corp. Holding .................... 129,752 4,160,174 Northern Trust Corp. ............................. 9,328 760,815 Northrop Grumman Corp. ........................... 3,008 249,664 Novell, Inc.* .................................... 13,749 71,753 Novellus Systems, Inc.* .......................... 5,499 197,620 Nucor Corp. ...................................... 3,262 129,461 Occidental Petroleum Corp. ....................... 15,506 376,021 Office Depot, Inc.* .............................. 12,481 88,927 Old Kent Financial Corp. ......................... 5,786 253,138 Omnicom Group, Inc. .............................. 7,514 622,723 Oneok, Inc. ...................................... 1,252 60,253 Oracle Corp.* .................................... 234,478 6,814,517 PACCAR, Inc. ..................................... 3,181 156,664 Pactiv Corp.* .................................... 6,619 81,910 Pall Corp. ....................................... 5,241 111,699 Palm, Inc.* ...................................... 23,660 669,874 Parametric Technology Corp.* ..................... 11,444 153,779 Parker Hannifin Corp. ............................ 4,878 215,242 Paychex, Inc. .................................... 15,604 758,745 Penney (J.C.) Co., Inc. .......................... 10,991 119,527 Peoples Energy Corp. ............................. 1,526 68,289 Peoplesoft, Inc.* ................................ 11,957 444,651 PepsiCo, Inc. .................................... 60,559 3,001,455 Perkin Elmer, Inc. ............................... 2,107 221,235 Pfizer, Inc. ..................................... 264,286 12,157,168 PG & E Corp.* .................................... 16,210 324,200 Pharmacia Corp. .................................. 54,024 3,295,464 Phelps Dodge Corp. ............................... 3,275 182,787 Phillip Morris Cos., Inc. ........................ 93,144 4,098,336 Phillips Petroleum Co. ........................... 10,692 608,108 Pinnacle West Capital Corp. ...................... 3,545 168,831 Pitney Bowes, Inc. ............................... 10,562 349,866 Placer Dome, Inc. ................................ 13,700 131,863 PNC Financial Services Group ..................... 12,106 884,495 Potlatch Corp. ................................... 1,246 41,819 Power-One, Inc.* ................................. 3,288 129,260 PPG Industries, Inc. ............................. 7,069 327,383 PPL Corporation .................................. 6,079 274,695 Praxair, Inc. .................................... 6,658 295,449 Proctor & Gamble Co. ............................. 54,615 4,283,864 Progress Energy, Inc. ............................ 8,608 423,406 Progressive Corp. of Ohio ........................ 3,031 314,087 Providian Financial Corp. ........................ 12,008 690,460 Public Svc. Enterprise Group ..................... 8,969 436,118 Pulte Corp. ...................................... 1,766 74,503 QlLogic Corporation* ............................. 3,834 295,218 Quaker Oats Co. .................................. 5,511 536,634 Qualcomm, Inc.* .................................. 31,262 2,569,346 Quintiles Transnational Corp.* ................... 4,843 101,400 Qwest Communications Intl.* ...................... 69,374 2,844,334 Radioshack Corp. ................................. 7,801 333,980 Ralston Purina Co. ............................... 12,918 337,483 Raytheon Co. ..................................... 14,251 442,672 Reebok International Ltd.* ....................... 2,418 66,108 Regions Financial Corp. .......................... 9,257 252,832 Reliant Energy, Inc. ............................. 12,371 535,819 Robert Half Intl., Inc.* ......................... 7,495 198,618 Rockwell Intl., Corp. ............................ 7,716 367,475 Rohm Haas Co. .................................... 9,123 331,279 Rowan Cos., Inc.* ................................ 3,924 105,948 Royal Dutch Petroleum Co. (N.Y) .................. 89,825 5,440,027 Ryder System, Inc. ............................... 2,550 42,394 Sabre Group Holdings, Inc. ....................... 5,469 235,851 Safeco Corp. ..................................... 5,371 176,572 Safeway, Inc.* ................................... 20,991 1,311,938 Sanmina Corp.* ................................... 6,374 488,408 Sapient Corp. .................................... 5,082 60,666 The accompanying notes are an integral part of these financial statements. 22 MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- COMMON STOCKS (CONTINUED): Sara Lee Corp. ................................... 34,927 $ 857,894 SBC Communications, Inc. ......................... 141,797 6,770,807 Schering-Plough Corp. ............................ 61,245 3,475,654 Schlumberger, Ltd. ............................... 23,890 1,909,707 Scientific-Atlanta, Inc. ......................... 6,727 219,048 Sealed Air Corp.* ................................ 3,492 106,506 Sears Roebuck & Co. .............................. 13,999 486,465 Sempra Energy .................................... 8,588 199,671 Sherwin-Williams Co. ............................. 6,726 176,978 Siebel Systems, Inc.* ............................ 17,994 1,216,844 Sigma-Aldrich Corp. .............................. 3,235 127,176 Snap-On, Inc. .................................... 2,517 70,161 Solectron Corp.* ................................. 26,703 905,232 Southern Co. ..................................... 28,313 941,407 SouthTrust Corp. ................................. 7,116 289,532 Southwest Airlines Co. ........................... 21,023 704,901 Sprint Corp. (FON Grp.) .......................... 37,133 754,264 Sprint Corp. (PCS Grp.)* ......................... 39,054 798,166 St. Jude Medical, Inc.* .......................... 3,494 214,663 St. Paul Companies, Inc. ......................... 9,119 495,276 Stanley Works .................................... 3,657 114,053 Staples, Inc.* ................................... 19,019 224,662 Starbucks Corp.* ................................. 7,800 345,150 Starwood Hotels & Resorts ........................ 8,120 286,230 State Street Corp. ............................... 6,795 844,007 Stillwell Financial Inc. ......................... 9,353 368,859 Stryker Corp. .................................... 8,160 412,814 Summit Bancorp ................................... 7,302 278,845 Sun Microsystems, Inc.* .......................... 134,885 3,759,919 Sunoco, Inc. ..................................... 3,561 119,961 Suntrust Banks, Inc. ............................. 12,408 781,704 Supervalu, Inc. .................................. 5,536 76,812 Symbol Technologies, Inc. ........................ 6,200 223,200 Synovus Financial Corp. .......................... 11,903 320,637 Sysco Corp. ...................................... 27,962 838,860 T. Rowe Price Group, Inc. ........................ 5,076 214,540 Target Corp. ..................................... 37,522 1,210,085 Tektronix, Inc.* ................................. 3,963 133,504 Tellabs, Inc.* ................................... 17,251 974,682 Temple-Inland, Inc. .............................. 2,060 110,468 Tenet Healthcare Corp. ........................... 13,282 590,219 Teradyne, Inc.* .................................. 7,324 272,819 Texaco, Inc. ..................................... 23,046 1,431,733 Texas Instruments, Inc. .......................... 72,502 3,434,782 Textron, Inc. .................................... 5,959 277,094 The CIT Group, Inc. .............................. 11,070 222,784 Thermo Electron Corp.* ........................... 7,541 224,345 Thomas & Betts Corp. ............................. 2,486 40,242 Tiffany & Co. .................................... 6,105 193,071 Time Warner, Inc. ................................ 55,610 2,905,066 Timken Co. ....................................... 2,514 38,024 TJX Companies, Inc. .............................. 11,783 326,978 Torchmark Corp. .................................. 5,289 203,296 Tosco Corp. ...................................... 6,089 206,645 Toys R Us, Inc.* ................................. 8,558 142,812 Transocean Sedco Forex, Inc. ..................... 8,820 405,720 Tribune Co. ...................................... 12,663 535,012 Tricon Global Restaurants Inc.* .................. 6,220 205,260 TRW, Inc. ........................................ 5,187 200,996 Tupperware Corp. ................................. 2,480 50,685 TXU Corp. ........................................ 10,813 479,151 Tyco International Ltd. .......................... 73,268 4,066,374 U.S. Bancorp ..................................... 31,551 920,895 Unilever N.V. (N.Y.) ............................. 23,998 1,510,374 Union Carbide Corp. .............................. 5,673 305,278 Union Pacific Corp. .............................. 10,423 528,967 Union Planters Corp. ............................. 5,701 203,811 Unisys Corp.* .................................... 13,024 190,476 United Technologies Corp. ........................ 19,621 1,542,701 UnitedHealth Group Inc. .......................... 13,356 819,725 Unocal Corp. ..................................... 10,225 395,580 UNUM Provident Corp. ............................. 10,121 272,002 US Airways Group Inc.* ........................... 2,755 111,750 USA Education Inc. ............................... 6,872 467,296 UST, Inc. ........................................ 6,852 192,284 USX-Marathon Group ............................... 13,061 362,443 USX-U.S. Steel Group ............................. 3,702 66,636 V F Corp. ........................................ 4,795 173,771 Veritas Software Corp.* .......................... 16,335 1,429,313 Verizon Communications ........................... 113,065 5,667,383 Viacom, Inc. Cl B* ............................... 63,381 2,963,062 Visteon Corp. .................................... 5,467 62,871 Vitesse Semiconductor Corp.* ..................... 7,470 413,184 Vulcan Materials Co. ............................. 4,202 201,171 Wachovia Corp. ................................... 8,477 492,726 Walgreen Co. ..................................... 42,394 1,772,599 Wal-Mart Stores, Inc. ............................ 187,109 9,940,166 Washington Mutual, Inc. .......................... 22,645 1,201,600 Waste Management, Inc. ........................... 26,040 722,610 Watson Pharmaceuticals, Inc.* .................... 4,258 217,956 Wellpoint Health Networks Inc.* .................. 2,561 295,155 Wells Fargo & Company ............................ 71,598 3,987,114 Wendy's International, Inc. ...................... 4,775 125,344 Westvaco Corp. ................................... 4,213 122,967 Weyerhaeuser Co. ................................. 9,217 467,763 Whirlpool Corp. .................................. 2,787 132,905 Willamette Industries, Inc. ...................... 4,648 218,166 Williams Cos., Inc. .............................. 18,432 736,128 Winn-Dixie Stores, Inc. .......................... 5,923 114,758 WorldCom Inc.* ................................... 120,558 1,687,812 Worthington Industries, Inc. ..................... 3,595 28,985 Wrigley (Wm.) Jr. Co. ............................ 4,792 459,134 Xcel Energy, Inc. ................................ 14,267 414,635 Xerox Corp. ...................................... 27,959 129,310 Xilinx, Inc.* .................................... 13,752 634,311 Yahoo!, Inc.* .................................... 23,392 705,781 ------------ TOTAL COMMON STOCKS (Cost: $383,073,577) 98.5% ....................... $491,891,305 ------------ - ---------- * Non-income producing security. The accompanying notes are an integral part of these financial statements. 23 MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Discount Face Rate Maturity Amount Value -------- -------- ---------- ------------- Short-Term Debt Securities: U.S. GOVERNMENT(0.2%) U.S. Treasury Bill(a) ......... 6.17% 01/18/01 $ 150,000 $ 149,506 U.S. Treasury Bill(a) ......... 6.20 02/01/01 300,000 298,280 U.S. Treasury Bill(a) ......... 6.01 02/15/01 300,000 297,634 ------------ 745,420 ------------ COMMERCIAL PAPER (1.3%) Avery Dennison Corp. .......... 6.45 01/02/01 3,722,000 3,719,999 Ford Motor Credit Puerto Rico . 6.52 01/02/01 3,000,000 2,998,368 ------------ 6,718,367 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $7,463,787) 1.5% ........................................ 7,463,787 ------------ Total Investments (Cost: $390,537,364) 100.0% .................................... $499,355,092 ============
- ---------- FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2000:
Expiration Underlying Face Unrealized Date Amount at Value Gain/(Loss) ---------- --------------- ---------- PURCHASED 23 S&P 500 Stock Index Futures Contracts ... March 2001 $7,676,250 $(112,306) ========== =========
Face value of futures purchased and outstanding as a percentage of total investments in securities: 1.5%. (a) This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. The accompanying notes are an integral part of these financial statements. 24 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000 Shares Value -------- ---------- COMMON STOCKS: 3Com Corp.* ...................................... 33,877 $ 287,955 A. Schulman, Inc. ................................ 2,949 33,914 Abercrombie & Fitch Co. Cl A* .................... 9,587 191,740 ACNielsen Corp.* ................................. 5,549 201,151 Acxiom Corp.* .................................... 8,612 335,330 Adtran, Inc.* .................................... 3,749 79,666 Advanced Fibre Communication* .................... 7,760 140,165 Affiliated Computer Svcs.* ....................... 5,141 311,994 AGCO Corp. ....................................... 5,686 68,943 AGL Resources, Inc. .............................. 5,304 117,020 Airborne Freight Corp. ........................... 4,648 45,318 Airgas, Inc.* .................................... 6,459 44,002 AK Steel Holding Corp. ........................... 10,417 91,149 Alaska Air Group, Inc.* .......................... 2,523 75,059 Albany International Corp. Cl A* ................. 2,951 39,654 Albemarle Corp. .................................. 4,429 109,618 Alexander & Baldwin, Inc. ........................ 3,944 103,530 Allamerica Financial Corp. ....................... 5,125 371,563 Allete ........................................... 7,216 179,047 Alliant Energy Corp. ............................. 7,713 245,852 American Eagle Outfitters* ....................... 4,442 187,675 American Financial Group ......................... 5,743 152,548 American Standard Cos., Inc.* .................... 6,785 334,585 American Water Works Co. ......................... 9,549 280,502 Americredit Corp.* ............................... 7,558 205,956 Amerisource Health Corp. Cl A* ................... 5,030 254,015 Ametek, Inc. ..................................... 3,081 79,913 ANTEC Corp.* ..................................... 3,670 29,016 Apogent Technologies Inc.* ....................... 10,205 209,203 Apollo Group, Inc. Cl A* ......................... 7,340 361,036 Apria Healthcare Group, Inc.* .................... 4,993 148,542 Arrow Electronics, Inc.* ......................... 9,478 271,308 Arvinmeritor, Inc. ............................... 6,922 78,738 Associated Banc-Corp ............................. 6,461 196,253 Astoria Financial Corp. .......................... 4,827 262,166 Atlas Air, Inc.* ................................. 3,647 118,983 Atmel Corp.* ..................................... 45,113 524,439 Avnet, Inc. ...................................... 8,926 191,909 Avocent Corp.* ................................... 4,154 112,158 Bandag, Inc. ..................................... 1,985 80,517 Banknorth Group, Inc. ............................ 14,002 279,165 Banta Corp. ...................................... 2,378 60,449 Barnes & Noble, Inc.* ............................ 6,280 166,420 Barr Laboratories, Inc.* ......................... 3,493 254,771 Beckman Coulter, Inc. ............................ 5,783 242,525 Belo Corporation ................................. 11,001 176,016 Bergen Brunswig Corp. ............................ 13,038 206,392 BISYS Group, Inc.* ............................... 5,474 285,332 BJ Services Co.* ................................. 8,037 553,548 BJ's Wholesale Club, Inc.* ....................... 7,010 269,009 Black Hills Corp. ................................ 2,159 96,615 Blyth, Inc. ...................................... 4,674 112,760 Bob Evans Farms, Inc. ............................ 3,367 71,759 Borders Group, Inc.* ............................. 7,608 88,919 Borg-Warner, Inc. ................................ 2,548 101,920 Bowater, Inc. .................................... 4,943 278,662 Brinker International, Inc.* ..................... 6,299 266,133 BroadWing, Inc.* ................................. 20,915 477,123 C.H. Robinson Worldwide, Inc. .................... 8,264 259,800 Cabot Corp. ...................................... 6,418 169,275 Cabot Microelectronics Corp.* .................... 2,283 118,573 Cadence Design Systems, Inc.* .................... 23,852 655,930 Callaway Golf Co. ................................ 7,178 133,690 Carlisle Companies, Inc. ......................... 2,956 126,923 Carpenter Technology Corp. ....................... 2,163 75,705 Carter-Wallace, Inc. ............................. 4,323 144,280 Catalina Marketing Corp.* ........................ 5,371 209,133 CBRL Group, Inc. ................................. 5,560 101,123 CDW Computers Centers, Inc.* ..................... 8,470 236,101 CheckFree Corp.* ................................. 7,378 317,715 ChoicePoint, Inc.* ............................... 3,966 260,021 Chris-Craft Industries, Inc.* .................... 3,433 228,295 Church & Dwight .................................. 3,702 82,370 Cintas Corp. ..................................... 16,308 867,382 Cirrus Logic, Inc.* .............................. 7,456 139,800 City National Corp. .............................. 4,662 180,944 Claire's Stores, Inc. ............................ 4,914 88,145 Clayton Homes, Inc. .............................. 13,379 153,859 Cleco Corporation ................................ 2,207 120,833 CNF Transportation, Inc. ......................... 4,741 160,305 Comdisco, Inc. ................................... 14,759 168,806 CommScope, Inc.* ................................. 4,949 81,968 Compass Bancshares Inc., ......................... 11,702 279,385 Concord EFS, Inc.* ............................... 20,899 918,250 Conectiv, Inc. ................................... 8,583 172,196 Cooper Cameron Corp.* ............................ 5,222 344,978 COR Therapeutics Inc.* ........................... 5,278 185,720 Covance, Inc.* ................................... 5,547 59,630 Credence Systems Corp.* .......................... 5,110 117,530 Crompton Corp. ................................... 10,904 114,492 CSG Systems Intl., Inc.* ......................... 5,041 236,612 Cypress Semiconductor Corp.* ..................... 12,722 250,464 Cytec Industries, Inc.* .......................... 3,940 157,354 Dallas Semiconductor Corp. ....................... 5,879 150,649 Dean Foods Co. ................................... 3,528 108,266 Dentsply International, Inc. ..................... 5,009 195,977 DeVry, Inc.* ..................................... 6,750 254,813 Dial Corp. ....................................... 9,203 101,233 Diebold, Inc. .................................... 6,883 229,720 Dime Bancorp, Inc. ............................... 10,534 311,411 Dole Food Company ................................ 5,386 88,196 Dollar Tree Stores* .............................. 10,396 254,702 Donaldson Company, Inc. .......................... 4,372 121,596 DPL, Inc. ........................................ 12,395 411,359 DQE, Inc. ........................................ 5,412 177,243 Dreyers Grand Ice Cream, Inc. .................... 2,684 86,559 DSP Group, Inc.* ................................. 2,588 54,469 DST Systems, Inc.* ............................... 12,180 816,060 Dun & Bradstreet* ................................ 7,924 205,034 Dycom Industries, Inc.* .......................... 4,101 147,380 E*Trade Group, Inc.* ............................. 30,212 222,814 Edwards (A.G.), Inc. ............................. 7,827 371,293 Edwards Lifesciences Corp.* ...................... 5,628 99,897 EGL Inc.* ........................................ 4,485 107,360 Electronic Arts, Inc.* ........................... 12,793 545,302 Emmis Communications Cl A* ....................... 4,515 129,524 Energizer Holdings Inc.* ......................... 9,231 197,313 Energy East Corporation .......................... 11,422 224,871 ENSCO International, Inc. ........................ 13,406 456,642 Everest RE Group ................................. 4,440 318,015 Expeditors Int'l Wash., Inc. ..................... 5,048 271,015 Express Scripts, Inc. Cl A* ...................... 3,686 376,894 Family Dollar Stores, Inc. ....................... 16,540 354,576 Fastenal Co. ..................................... 3,680 201,940 Federal Signal Corp. ............................. 4,381 85,977 Ferro Corp. ...................................... 3,311 76,153 First Health Group Corp.* ........................ 4,607 214,513 First Tennessee Natl. Corp. ...................... 12,465 360,706 First Virginia Banks, Inc. ....................... 4,515 216,720 Firstmerit Corp. ................................. 8,567 229,034 Fiserv, Inc.* .................................... 11,988 568,681 Flowers Industries, Inc. ......................... 9,717 153,043 The accompanying notes are an integral part of these financial statements. 25 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- COMMON STOCKS (CONTINUED): Flowserve Corporation* ........................... 3,601 $ 76,971 Fuller( H.B.) Co. ................................ 1,329 52,433 Furniture Brands Intl., Inc.* .................... 4,773 100,531 Galileo International, Inc. ...................... 8,637 172,740 Gallagher (Arthur J.) & Co. ...................... 3,761 239,294 Gartner Group, Inc. Cl A* ........................ 8,305 52,654 GATX Corp. ....................................... 4,668 232,817 Genzyme Corporation* ............................. 9,182 825,806 Georgia-Pacific (Timber Group) ................... 7,827 234,321 Gilead Sciences, Inc.* ........................... 4,484 371,892 Glatfelter (P.H.) Co. ............................ 4,097 51,008 Global Marine, Inc.* ............................. 17,028 483,170 Granite Construction ............................. 2,615 75,672 Grant Prideco, Inc.* ............................. 10,503 230,410 Greater Bay Bancorp .............................. 3,845 157,645 Greenpoint Financial Corp. ....................... 9,775 400,164 GTECH Holdings Corp.* ............................ 3,396 69,830 Hanover Compressor Co.* .......................... 5,720 254,898 Harris Corp. ..................................... 6,500 199,063 Harsco Corp. ..................................... 3,818 94,257 Harte-Hanks, Inc. ................................ 6,499 153,945 Hawaiian Electric Inds ........................... 3,134 116,546 Health Management Associates* .................... 23,543 488,517 Health Net, Inc.* ................................ 11,929 312,391 Helmerich & Payne, Inc. .......................... 4,839 212,311 Henry (Jack) & Associates ........................ 4,169 258,999 Hibernia Corp. Cl A .............................. 15,441 196,873 Hillenbrand Industries, Inc. ..................... 6,086 313,429 Hispanic Broadcasting Corp.* ..................... 10,486 267,393 HON Industries, Inc. ............................. 5,844 149,022 Horace Mann Educators Corp. ...................... 3,881 82,956 Hormel Foods Corp. ............................... 13,539 252,164 Houghton Mifflin Co. ............................. 2,907 134,812 Hubbell, Inc. Cl B ............................... 5,739 152,084 IBP, Inc. ........................................ 10,234 273,760 ICN Pharmaceuticals, Inc. ........................ 7,751 237,859 IdaCorp, Inc. .................................... 3,651 179,127 IDEC Pharmaceuticals Corp.* ...................... 4,624 876,537 Imation Corp.* ................................... 3,498 54,219 IMC Global, Inc. ................................. 11,104 172,806 INCYTE Pharmaceuticals, Inc.* .................... 6,176 153,628 Infocus Corp.* ................................... 3,670 54,133 Informix Corp.* .................................. 27,068 80,359 Integrated Device Tech., Inc.* ................... 10,268 340,128 International Game Technology* ................... 7,066 339,168 International Rectifier* ......................... 5,992 179,760 International Speedway Corp. ..................... 5,111 194,218 Interstate Bakeries Corp. ........................ 4,877 68,583 Investment Technology Grp., Inc.* ................ 2,999 125,208 Investors Financial Services Corp. ............... 2,935 252,410 IPALCO Enterprises, Inc. ......................... 8,509 205,811 Ivax Corp.* ...................................... 15,343 587,637 J.B. Hunt Transport Svcs., Inc.* ................. 3,448 57,970 J.M. Smucker Co. ................................. 2,358 65,906 Jabil Circuit, Inc.* ............................. 18,411 467,179 Jacobs Engineering Group, Inc.* .................. 2,530 116,854 Jones Apparel Group, Inc.* ....................... 11,529 371,090 Kansas City Power & Light ........................ 6,023 165,256 Kaydon Corp. ..................................... 2,949 73,356 Keane, Inc.* ..................................... 6,671 65,042 Kelly Services, Inc. ............................. 3,478 82,168 Kemet Corp.* ..................................... 8,556 129,410 Kennametal, Inc. ................................. 2,932 85,395 Korn/Ferry International* ........................ 3,654 77,648 L-3 Communications Hldgs., Inc.* ................. 3,184 245,168 Lam Research Corp.* .............................. 12,063 174,914 Lancaster Colony Corp. ........................... 3,651 102,456 Lance Inc. ....................................... 2,877 36,412 Lands End, Inc.* ................................. 2,927 73,526 Lattice Semiconductor Corp.* ..................... 10,391 190,935 Lear Corp.* ...................................... 6,232 154,632 Lee Enterprises .................................. 4,248 126,644 Legato Systems, Inc.* ............................ 8,454 62,877 Legg Mason, Inc. ................................. 5,944 323,948 Lennar Corp. ..................................... 6,007 217,754 Leucadia National ................................ 5,351 189,626 Lincare Holdings, Inc.* .......................... 5,041 287,652 Litton Industries, Inc.* ......................... 4,387 345,202 Lone Star Steakhouse ............................. 2,488 23,947 Longview Fibre Co. ............................... 4,951 66,839 Lubrizol Corp. ................................... 5,131 132,123 Lyondell Petrochemical Co. ....................... 11,443 175,221 M & T Bank Corp. ................................. 8,939 607,852 Macromedia Inc.* ................................. 5,049 306,727 Macrovision Corp.* ............................... 4,802 355,423 Mandalay Resort Group* ........................... 7,334 160,890 Manpower, Inc. ................................... 7,359 279,642 Marshall & Ilsley Corp. .......................... 10,143 515,569 Martin Marietta Materials, Inc. .................. 4,496 190,181 Mastec, Inc.* .................................... 4,606 92,120 Maxxam, Inc.* .................................... 654 9,933 McCormick & Co., Inc. ............................ 6,668 240,465 MCN Energy Group Inc. ............................ 8,700 240,881 Media General Inc. Cl A .......................... 2,209 80,408 Mentor Graphics Corp.* ........................... 6,161 169,042 Mercantile Bankshares Corp. ...................... 6,787 293,114 Micrel, Inc.* .................................... 8,244 277,720 Microchip Technology, Inc.* ...................... 11,466 251,535 Millennium Pharmaceuticals Inc.* ................. 20,568 1,272,618 Miller (Herman), Inc. ............................ 7,675 220,656 Minerals Technologies, Inc. ...................... 1,976 67,555 Minimed, Inc.* ................................... 6,176 259,585 MIPS Technologies Inc. Cl B* ..................... 3,745 95,439 Modine Manufacturing Co. ......................... 2,861 59,366 Modis Professional Services* ..................... 9,330 38,486 Mohawk Industries, Inc.* ......................... 5,162 141,310 Montana Pwr. Co.* ................................ 10,272 213,144 Mony Group, Inc. ................................. 4,454 220,195 Murphy Oil Corp. ................................. 4,355 263,205 Mylan Laboratories, Inc. ......................... 12,091 304,542 Mynd Corp. ....................................... 417 6,646 National Fuel Gas Co. ............................ 3,782 238,030 National Instruments Corp.* ...................... 4,850 235,528 National-Oilwell Inc.* ........................... 7,861 304,122 Natl. Commerce Bancorp ........................... 19,877 491,956 NCH Corp. ........................................ 537 20,406 NCO Group, Inc.* ................................. 2,445 74,267 Neiman-Marcus Group, Inc.* ....................... 4,594 163,374 Networks Associates, Inc.* ....................... 13,319 55,773 Neuberger Berman ................................. 4,787 388,046 Newport News Shipbuilding Inc. ................... 3,417 177,684 Noble Affiliates, Inc. ........................... 5,450 250,700 Noble Drilling Corp.* ............................ 12,949 562,472 Nordson Corp. .................................... 3,123 79,637 North Fork Bancorp, Inc. ......................... 15,842 389,119 Northeast Utilities .............................. 13,899 337,051 NOVA Corp.* ...................................... 6,321 126,025 NSTAR ............................................ 5,132 220,035 NVIDIA Corporation* .............................. 6,334 207,537 Ocean Energy, Inc. ............................... 16,288 283,004 Ogden Corp.* ..................................... 4,779 73,477 OGE Energy Corp. ................................. 7,521 183,794 Ohio Casualty Corp. .............................. 5,826 58,260 Old Republic Intl. Corp. ......................... 11,493 367,776 Olin Corp. ....................................... 4,317 95,514 Omnicare, Inc. ................................... 8,980 194,193 Outback Steakhouse, Inc.* ........................ 7,513 194,399 Overseas Shipholding Group ....................... 3,211 73,652 The accompanying notes are an integral part of these financial statements. 26 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000 Shares Value -------- ---------- COMMON STOCKS (CONTINUED): Oxford Health Plans, Inc.* ....................... 8,337 $ 329,312 Pacific Century Finl Corp. ....................... 7,721 136,565 Pacificare Health Systems, Inc.* ................. 3,307 49,605 Papa John's Intl., Inc.* ......................... 2,220 49,395 Park Place Entertainment* ........................ 28,780 343,561 Payless Shoesource, Inc.* ........................ 2,232 157,914 Pennzoil-Quaker State Co. ........................ 7,667 98,713 Pentair, Inc. .................................... 4,738 114,600 Perrigo Co.* ..................................... 7,095 58,756 Pioneer Natural Resources Co.* ................... 9,825 193,430 Pittston Bax Group ............................... 5,004 99,455 Plantronics Inc.* ................................ 4,766 224,002 Plexus Corp.* .................................... 3,873 117,703 Polycom, Inc.* ................................... 7,300 234,969 Potomac Electric Power Co. ....................... 10,777 266,300 Powerwave Technologies Inc.* ..................... 6,117 357,845 Precision Castparts Corp. ........................ 4,805 202,110 Price Communications Corp.* ...................... 5,427 91,241 Protective Life Corp. ............................ 6,240 201,240 Protein Design* .................................. 4,138 359,489 Provident Financial Group ........................ 4,757 178,388 Public Service Co. New Mexico .................... 3,836 102,853 Pudget Energy Inc. ............................... 8,325 231,539 Quanta Services, Inc.* ........................... 5,527 177,900 Quantum Corp.(DSSG)* ............................. 14,452 192,392 Quest Diagnostics, Inc.* ......................... 4,471 634,882 Questar Corp. .................................... 7,802 234,548 Quorum Health Group, Inc.* ....................... 6,920 108,990 Radian Group, Inc. ............................... 3,654 274,278 Rational Software Corp.* ......................... 18,284 711,933 Rayonier, Inc. ................................... 2,598 103,433 Reader's Digest Assn ............................. 9,938 388,824 Retek Inc.* ...................................... 4,645 113,222 Reynolds & Reynolds Co. .......................... 7,377 149,384 RF Micro Devices* ................................ 15,727 431,510 RJ Reynolds Tobacco Holdings ..................... 9,843 479,846 Rollins, Inc. .................................... 2,914 58,462 Rosllyn Bancorp, Inc. ............................ 5,955 162,646 Ross Stores, Inc. ................................ 8,009 135,152 RPM, Inc. ........................................ 9,874 84,546 Ruddick Corp. .................................... 4,423 50,588 Ryerson Tull, Inc. ............................... 2,389 19,709 Saks Incorporated* ............................... 13,682 136,820 Sandisk Corp.* ................................... 6,513 180,736 Sawtek, Inc.* .................................... 4,153 191,817 SCANA Corp. ...................................... 10,202 301,597 Scholastic Corp.* ................................ 1,681 148,979 SCI Systems, Inc.* ............................... 14,070 371,096 SEI Investments .................................. 5,106 571,872 Semtech Corp.* ................................... 6,437 142,016 Sensient Technologies Corp. ...................... 4,789 108,950 Sensormatic Electronics Corp.* ................... 7,457 149,606 Sepracor, Inc.* .................................. 7,134 571,612 Sequa Corp. Cl A* ................................ 1,033 37,575 Shaw Industries .................................. 12,010 227,439 Sierra Pacific Resources ......................... 7,601 122,087 Silicon Valley Bancshares* ....................... 4,729 163,446 Six Flags, Inc.* ................................. 7,688 132,138 Smith International, Inc.* ....................... 4,892 364,760 Solutia, Inc. .................................... 10,020 120,240 Sonoco Products Co. .............................. 9,675 209,222 Sotheby's Holdings* .............................. 5,626 130,453 Sovereign Bancorp, Inc. .......................... 21,936 178,230 SPX, Inc.* ....................................... 3,061 331,162 Steris Corp.* .................................... 6,527 105,248 Stewart & Stevenson Svcs., Inc. .................. 2,648 60,118 Storage Technology Corp.* ........................ 9,911 89,199 Structural Dynamics Research* .................... 3,477 34,770 Suiza Foods Corp.* ............................... 2,715 130,320 Sungard Data Sys Inc.* ........................... 12,801 603,247 Superior Industries Intl ......................... 2,519 79,506 Swift Transportation Co., Inc.* .................. 6,138 121,609 Sybase, Inc.* .................................... 8,485 168,109 Sykes Enterprises, Inc.* ......................... 3,915 17,373 Sylvan Learning Systems, Inc.* ................... 3,623 53,666 Symantec Corp.* .................................. 7,269 242,603 Synopsys, Inc.* .................................. 6,303 298,999 TCF Financial .................................... 7,849 349,771 Tech Data Corp.* ................................. 5,194 140,482 Teco Energy, Inc. ................................ 12,182 394,392 Tecumseh Products Co. Cl A ....................... 1,876 78,675 Teleflex, Inc. ................................... 3,697 163,361 Telephone & Data Systems, Inc. ................... 5,688 511,920 The PMI Group, Inc. .............................. 4,276 289,432 Tidewater, Inc. .................................. 5,409 240,024 Titan Corp.* ..................................... 5,245 85,231 Transaction Systems Architects* .................. 3,132 36,214 Transwitch Corp.* ................................ 7,991 312,648 Trigon Healthcare, Inc.* ......................... 3,656 284,483 Trinity Industries ............................... 3,610 90,250 Triquint Semiconductor Inc.* ..................... 7,595 331,807 True North Communications Inc. ................... 4,839 205,658 Tyson Foods, Inc. ................................ 21,876 278,919 UCAR Int'l., Inc.* ............................... 4,323 42,149 Ultramar Diamond Shamrock Corp. .................. 8,448 260,832 Unifi, Inc.* ..................................... 5,209 46,555 United Rentals* .................................. 6,792 91,268 Unitrin Inc. ..................................... 6,571 266,947 Universal Corp. .................................. 2,664 93,240 Univision Communications, Inc.* .................. 20,001 818,791 USG Corp. ........................................ 4,284 96,390 UtiliCorp United, Inc. ........................... 9,079 281,449 Valassis Communication, Inc.* .................... 5,183 163,588 Valero Energy Corp. .............................. 5,969 221,972 Valspar Corp. .................................... 4,166 134,062 Varco International, Inc.* ....................... 9,139 198,773 Vectren Corporation .............................. 5,975 153,109 Vertex Pharmaceutical* ........................... 5,712 408,408 Viad Corp. ....................................... 8,926 205,298 Vishay Intertechnology, Inc.* .................... 13,375 202,297 VISX, Inc.* ...................................... 5,928 61,874 Waddell & Reed Financial, Inc. ................... 8,101 304,800 Wallace Computer Svcs., Inc. ..................... 3,926 66,742 Washington Post Co. Cl. B ........................ 966 595,901 Waters Corp.* .................................... 12,511 1,044,669 Wausau-Mosinee Paper Corp. ....................... 4,928 49,896 Weatherford International, Inc.* ................. 10,634 502,457 Webster Financial Corp. .......................... 4,733 134,003 Westamerica Bancorp .............................. 3,544 152,392 Western Resources, Inc. .......................... 6,732 167,038 Westpoint Stevens, Inc. .......................... 4,817 36,079 Westwood One, Inc.* .............................. 10,593 204,577 WGL Holdings, Inc. ............................... 4,471 136,086 Whitman Corp. .................................... 15,349 251,340 Williams-Sonoma, Inc.* ........................... 5,455 109,100 Wilmington Trust Corp. ........................... 3,110 193,014 Wind River Systems* .............................. 7,097 242,185 Wisconsin Central Transport* ..................... 4,489 67,616 Wisconsin Energy Corp. ........................... 11,708 264,162 York International Corp. ......................... 3,704 113,667 Zions Bancorporation ............................. 8,392 523,976 ------------ TOTAL COMMON STOCKS (Cost: $83,439,951) 91.3% ........................ $ 86,471,605 ------------ The accompanying notes are an integral part of these financial statements. 27 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Discount Face Rate Maturity Amount Value -------- -------- ---------- ------------ SHORT-TERM DEBT SECURITIES: U.S. GOVERNMENT (1.7%) U.S. Treasury Bill(a) ........... 6.00% 01/11/01 $ 500,000 $ 498,985 U.S. Treasury Bill(a) ........... 6.16 01/18/01 100,000 99,671 U.S. Treasury Bill(a) ........... 6.20 02/01/01 1,000,000 994,266 ------------ 1,592,922 ------------ COMMERCIAL PAPER (7.0%) AT&T Corp. ...................... 6.60 01/04/01 797,000 796,269 Goldman Sachs Group Inc. ........ 6.60 01/12/01 1,500,000 1,496,424 Hershey Foods Corp. ............. 6.45 01/02/01 1,000,000 999,462 Panasonic Finance America ....... 6.58 01/02/01 989,000 988,457 Pitney Bowes Credit Corp. ....... 6.50 01/05/01 1,393,000 1,391,489 Sony Capital Corp. .............. 6.00 01/02/01 1,000,000 999,500 ------------ 6,671,601 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $8,264,523) 8.7% ........................................... 8,264,523 ------------ TOTAL INVESTMENTS (Cost: $91,704,474) 100.0% ........................................ $ 94,736,128 ============
- ---------- FUTURES CONTRACTS OUTSTANDING AS OF DECEMBER 31, 2000:
Expiration Underlying Face Unrealized Date Amount at Value Gain/(Loss) ---------- --------------- ----------- PURCHASED 30 S&P MidCap 400 Stock Index Futures Contracts ... March 2001 $7,839,750 $210,728 ========== ========
The face value of futures purchased and outstanding as percentage of total investment in securities: 8.3%. (a) This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. The accompanying notes are an integral part of these financial statements. 28 MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000
Discount Face Rate Maturity Amount Value -------- -------- ----------- ------------ LONG-TERM DEBT SECURITIES: U.S. GOVERNMENT (3.4%) U.S. Treasury Bond .............. 6.13% 11/15/27 $ 6,000,000 $ 6,450,960 U.S. Treasury Strip ............. 0.00 05/15/14 10,000,000 4,816,800 U.S. Treasury Strip ............. 0.00 02/15/17 15,000,000 6,105,150 ------------ 17,372,910 ------------ AGENCIES/OTHER GOVERNMENTS (38.5%) Connecticut Housing Fin. Auth. .. 7.63 05/15/21 2,500,000 2,520,875 FHLB ............................ 0.00 07/14/17 25,000,000 6,781,250 FHLB ............................ 0.00 07/07/17 125,000,000 34,003,750 FHLB ............................ 0.00 06/26/17 50,000,000 13,812,500 FHLB ............................ 0.00 07/07/22 50,000,000 9,047,000 FHLMC ........................... 8.50 08/01/02 91,806 92,246 FHLMC ........................... 7.00 05/15/06 100,876 100,717 FHLMC ........................... 6.38 11/15/06 530,121 528,795 FHLMC ........................... 7.50 04/01/07 22,133 22,658 FHLMC ........................... 6.50 04/15/08 410,680 410,421 FHLMC ........................... 6.00 04/15/08 427,559 425,686 FHLMC ........................... 7.63 09/09/09 97,000,000 99,910,000 FHLMC ........................... 5.00 08/15/19 488,427 484,456 FNMA ............................ 7.00 10/25/05 241,940 241,560 FNMA ............................ 8.00 07/15/06 278,337 285,643 FNMA ............................ 6.00 06/25/19 781,232 776,834 FNMA ............................ 6.25 01/25/20 620,707 618,380 FNMA ............................ 5.00 04/25/21 425,193 417,485 Republic of Iceland ............. 6.13 02/01/04 5,000,000 5,012,600 Suffolk County, New York ........ 5.80 11/01/04 4,000,000 3,955,200 Suffolk County, New York ........ 5.88 11/01/05 4,000,000 3,944,440 Tennessee Valley Authority ...... 7.85 06/15/44 10,000,000 10,650,700 ------------ 194,043,196 ------------ BASIC MATERIALS (9.7%) Cytec Industries, Inc. .......... 6.85 05/11/05 10,000,000 9,550,400 Georgia-Pacific Group ........... 8.63 04/30/25 7,000,000 5,856,690 Inco Ltd. ....................... 9.60 06/15/22 7,500,000 7,559,175 Millennium America Inc. ......... 7.00 11/15/06 10,000,000 8,453,400 Millennium America Inc. ......... 7.63 11/15/26 5,000,000 3,404,100 Praxair, Inc. ................... 6.90 11/01/06 5,000,000 4,947,400 Solutia, Inc. ................... 6.72 10/15/37 7,500,000 6,960,300 USX Corp. ....................... 8.75 09/15/22 2,000,000 2,227,860 ------------ 48,959,325 ------------ CONSUMER, CYCLICAL (9.6%) Centex Corp. .................... 7.38 06/01/05 5,000,000 4,718,650 Centex Corp. .................... 8.75 03/01/07 2,000,000 1,967,680 Fruit of the Loom, Inc.** ....... 7.00 03/15/11 2,500,000 700,000 Fruit of the Loom, Inc.** ....... 7.38 11/15/23 1,250,000 587,500 Hasbro, Inc. .................... 8.50 03/15/06 12,500,000 9,875,000 Kellwood, Co. ................... 7.88 07/15/09 10,000,000 7,357,000 Neiman-Marcus Group, Inc. ....... 7.13 06/01/28 2,500,000 2,022,500
The accompanying notes are an integral part of these financial statements. 29 MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Discount Face Rate Maturity Amount Value -------- -------- ----------- ------------ LONG-TERM DEBT SECURITIES (CONTINUED): CONSUMER, CYCLICAL (CONTINUED) Oakwood Homes Corp. ............. 8.13% 03/01/09 $ 2,500,000 $ 2,497,335 Polaroid Corp. .................. 7.25 01/15/07 3,750,000 3,164,325 Pulte Corp. ..................... 7.63 10/15/17 7,500,000 5,573,100 Shopko Stores, Inc. ............. 9.00 11/15/04 5,000,000 3,093,350 Tommy Hilfiger USA, Inc. ........ 6.50 06/01/03 5,000,000 4,112,500 V F Corp. ....................... 9.25 05/01/22 1,000,000 1,057,620 Venator Group, Inc. ............. 7.00 10/15/02 2,000,000 1,745,000 ------------ 48,471,560 ------------ CONSUMER, NON-CYCLICAL (3.0%) Panamerican Beverages, Inc. ..... 7.25 07/01/09 5,000,000 4,525,500 Ralston Purina Co. .............. 8.63 02/15/22 7,500,000 7,992,150 Supervalu, Inc. ................. 8.88 11/15/22 2,500,000 2,628,125 ------------ 15,145,775 ------------ ENERGY (6.4%) Lyondell Chemical Co. ........... 10.25 11/01/10 7,500,000 7,701,300 Pennzoil-Quaker State Co. ....... 8.65 12/01/02 10,000,000 10,038,400 Southern Union Co. .............. 7.60 02/01/24 10,000,000 9,225,400 Tosco Corp. ..................... 8.25 05/15/03 5,000,000 5,206,900 ------------ 32,172,000 ------------ FINANCIAL (11.5%) Bear Stearns Cos., Inc. ......... 6.63 10/01/04 2,000,000 2,002,140 Berkley (W.R.) Corp. ............ 8.70 01/01/22 5,000,000 4,969,350 Chase Manhattan Corp. ........... 6.88 12/12/12 5,000,000 4,807,800 Executive Risk, Inc. ............ 7.13 12/15/07 5,000,000 5,112,450 Fairfax Financial Holdings,Ltd .. 8.25 10/01/15 2,500,000 2,212,200 First American Corp. ............ 7.55 04/01/28 1,500,000 1,196,610 Fremont General Corp. ........... 7.70 03/17/04 5,000,000 2,468,750 Harleysville Group Inc. ......... 6.75 11/15/03 2,500,000 2,484,100 Lehman Brothers Holdings, Inc. .. 0.00 07/28/28 10,000,000 1,235,600 Morgan (J.P.) & Co., Inc. ....... 0.00 04/15/27 32,500,000 4,566,576 Nationwide Health Properties .... 7.90 11/20/06 5,000,000 4,643,501 Rank Group Financial ............ 6.75 11/30/04 5,000,000 4,771,850 Simon Property Group Inc. ....... 7.88 03/15/16 5,000,000 4,532,550 SunAmerica, Inc. ................ 9.95 02/01/12 5,000,000 6,178,550 Triad Guaranty .................. 7.90 01/15/28 3,250,000 3,364,842 Vesta Insurance Group, Inc. ..... 8.75 07/15/25 5,000,000 3,481,000 ------------ 58,027,869 ------------ HEALTHCARE (3.4%) Aventis S.A ..................... 7.75 01/15/02 3,000,000 3,016,500 Bausch & Lomb, Inc. ............. 6.15 08/01/01 5,000,000 4,897,150 Bausch & Lomb, Inc. ............. 6.38 08/01/03 5,250,000 4,755,975 Bausch & Lomb, Inc. ............. 6.75 12/15/04 5,000,000 4,243,800 ------------ 16,913,425 ------------
The accompanying notes are an integral part of these financial statements. 30 MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Discount Face Rate Maturity Amount Value -------- -------- ----------- ------------ LONG-TERM DEBT SECURITIES (CONTINUED): INDUSTRIAL (10.4%) Borg-Warner, Inc. ............... 8.00% 10/01/19 $10,000,000 $ 7,320,900 Browning-Ferris Inds., Inc. ..... 7.88 03/15/05 5,000,000 4,325,000 Clark Equipment Co. ............. 8.35 05/15/23 5,000,000 5,191,400 Geon Co. ........................ 7.50 12/15/15 3,750,000 3,721,350 Geon Co. ........................ 6.88 12/15/05 5,000,000 5,014,700 Owens Corning** ................. 7.00 03/15/09 2,500,000 475,000 Thermo Electron Corp. ........... 4.25 01/01/03 7,500,000 7,481,250 Thermo Electron Corp. ........... 4.00 01/15/05 10,000,000 9,125,000 Williams Cos., Inc. ............. 6.50 11/15/02 10,000,000 10,015,000 ------------ 52,669,600 ------------ TELECOMMUNICATIONS (0.7%) Pacific Bell .................... 6.63 10/15/34 4,255,000 3,616,665 ------------ UTILITIES (3.1%) New Orleans Public Service ...... 8.00 03/01/06 4,000,000 4,002,480 Pacific Gas & Electric Co. ...... 8.75 01/01/01 2,000,000 1,998,940 UtiliCorp United, Inc. .......... 8.00 03/01/23 10,000,000 9,781,300 ------------ 15,782,720 ------------ TOTAL LONG-TERM DEBT SECURITIES (Cost: $526,072,950) 99.7% ........................................ 503,175,045 ------------ SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (0.3%) Avery Dennison Corp. ............ 6.45 01/02/01 773,000 772,584 Merrill Lynch & Co., Inc. ....... 6.55 01/08/01 676,000 674,883 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $1,447,467) 0.3% ........................................... 1,447,467 ------------ TOTAL INVESTMENTS (Cost: $527,520,417) 100.0% ....................................... $504,622,512 ============
- ---------- Abbreviations: FHLB = Federal Home Loan Bank FHLMC = Federal Home loan Mortgage Corporation FNMA = Federal National Mortgage Association ** The issuer has filed for Chapter XI bankruptcy law protection; all interest payments due for the year 2000 were received. The total value of such securities as a percentage of the Fund's total investments as of December 31, 2000 is .35%. The total value of investments rated below-investment grade as a percentage of the Fund's total investments as of December 31, 2000 (inclusive of those disclosed above) is 2.1%. The accompanying notes are an integral part of these financial statements. 31 MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000
Face Rate Maturity Amount Value -------- -------- ----------- ------------ INTERMEDIATE SECURITIES: AGENCIES (74.6%) FHLMC .......................... 8.00% 04/01/02 $ 54,734 $ 54,991 FHLMC .......................... 8.00 05/01/02 73,849 73,814 FHLMC .......................... 8.50 08/01/02 101,751 102,239 FHLMC .......................... 7.75 12/01/02 73,071 73,057 FHLMC .......................... 6.50 09/01/04 347,125 346,722 FHLMC .......................... 7.00 05/15/06 50,438 50,359 FHLMC .......................... 8.50 06/01/06 332,478 342,449 FHLMC .......................... 7.50 02/15/07 210,053 214,516 FHLMC .......................... 7.00 03/15/07 222,298 224,867 FHLMC .......................... 7.50 09/01/07 236,801 242,276 FHLMC .......................... 7.25 11/01/07 99,863 101,809 FHLMC .......................... 7.00 03/15/08 52,686 52,636 FHLMC .......................... 7.75 05/01/08 299,086 305,627 FHLMC .......................... 6.00 09/15/08 114,278 114,064 FHLMC .......................... 8.25 10/01/09 196,921 201,115 FHLMC .......................... 7.50 07/01/10 273,625 279,609 FHLMC .......................... 8.50 09/01/17 79,337 81,311 FHLMC .......................... 5.00 04/25/19 262,996 259,462 FHLMC .......................... 5.00 08/15/19 234,445 232,539 FHLMC .......................... 7.50 03/15/21 166,685 168,924 FHLMC .......................... 6.50 05/15/21 88,933 89,488 FHLMC .......................... 6.00 11/15/21 485,577 483,755 FHLMC .......................... 6.00 05/15/22 73,756 73,456 FNMA ........................... 6.03 06/12/03 200,000 199,188 FNMA ........................... 8.25 10/01/05 11,848 11,922 FNMA ........................... 7.00 10/25/05 103,689 103,526 FNMA ........................... 7.00 11/25/05 108,304 108,100 FNMA ........................... 7.50 09/01/06 187,282 189,533 FNMA ........................... 7.50 11/25/06 287,847 289,464 FNMA ........................... 7.50 02/25/07 179,783 182,535 FNMA ........................... 7.50 05/01/07 217,357 221,007 FNMA ........................... 7.75 03/01/08 153,996 157,150 FNMA ........................... 8.00 04/01/08 113,125 116,672 FNMA ........................... 7.50 09/01/08 224,213 229,536 FNMA ........................... 7.50 01/01/09 133,071 135,305 FNMA ........................... 8.50 12/01/09 187,684 193,489 FNMA ........................... 8.25 01/01/10 304,043 309,956 FNMA ........................... 6.75 11/15/16 155,000 155,919 FNMA ........................... 8.00 06/01/17 93,056 94,955 FNMA ........................... 6.30 09/25/18 231,396 230,743 FNMA ........................... 6.50 04/25/19 214,081 213,613 FNMA ........................... 6.00 09/25/19 253,000 251,419 FNMA ........................... 6.25 01/25/21 315,000 314,014 FNMA ........................... 7.50 02/25/21 107,850 109,400 FNMA ........................... 6.10 08/25/21 72,817 72,430 FNMA ........................... 7.50 10/25/23 341,888 346,161 GNMA ........................... 9.50 12/20/03 27,633 28,351
The accompanying notes are an integral part of these financial statements. 32 MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Face Rate Maturity Amount Value ---- -------- ----------- ---------- INTERMEDIATE SECURITIES (CONTINUED): AGENCIES (CONTINUED) GNMA ............................... 7.50% 07/15/07 $ 293,842 $ 302,434 GNMA ............................... 7.50 05/20/08 180,959 184,414 GNMA ............................... 9.00 03/15/10 112,162 116,882 GNMA ............................... 7.25 08/16/19 150,000 151,827 ----------- 9,189,030 ----------- CONSUMER, CYCLICAL (3.7%) Hasbro, Inc. ....................... 7.95 03/15/03 250,000 215,000 Jones Apparel Group, Inc. .......... 6.25 10/01/01 240,000 236,779 ----------- 451,779 ----------- ENERGY (3.3%) Columbia Energy Group .............. 6.61 11/28/02 400,000 402,864 ----------- FINANCIAL (11.9%) Chase Mortgage Finance Corp. ....... 6.50 09/25/09 500,000 497,964 Chase Mortgage Finance Corp. ....... 7.40 01/25/08 171,748 174,430 FHLMC .............................. 8.00 05/01/14 159,097 162,925 FHLMC .............................. 8.00 09/01/18 367,135 375,737 Prudential Home Mtge. Secs. Co. .... 6.75 08/25/08 4,757 4,736 Prudential Home Mtge. Secs. Co. .... 6.75 09/25/08 250,000 251,795 ----------- 1,467,587 ----------- INDUSTRIAL (4.0%) Edperbrascan Corp. ................. 7.38 10/01/02 500,000 489,165 ----------- TOTAL INTERMEDIATE-TERM DEBT SECURITIES (Cost: $11,933,607) 97.5% .......... 12,000,425 ----------- SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (2.5%) Avery Dennison Corp. ............... 6.50 01/02/01 309,000 308,833 ----------- TOTAL SHORT-TERM DEBT SECURITIES (Cost: $308,833) 2.5% .............. 308,833 ----------- TOTAL INVESTMENTS (Cost: $12,242,440) 100.0% ......... $12,309,258 ===========
- ---------- Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation FNMA = Federal National Mortgage Association GNMA = Government National Mortgage Association The accompanying notes are an integral part of these financial statements. 33 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000
Face Rate Maturity Amount Value ---- -------- ---------- ---------- INTERMEDIATE-TERM DEBT SECURITIES: U.S. GOVERNMENT (20.1%) U.S. Treasury Note ............ 5.88% 02/15/04 $2,750,000 $2,806,292 ---------- AGENCIES/OTHER GOVERNMENTS (12.6%) FHLMC ......................... 8.00 04/15/03 92,326 92,239 FHLMC ......................... 6.38 11/15/06 284,337 283,627 FNMA .......................... 7.00 11/25/04 68,096 68,117 FNMA .......................... 6.50 11/25/05 285,342 286,500 FNMA .......................... 8.00 07/15/06 139,168 142,821 FNMA .......................... 7.00 04/25/07 516,744 522,878 New York City ................. 9.50 06/01/09 350,000 365,320 ---------- 1,761,502 ---------- BASIC MATERIALS (5.9%) Cytec Industries, Inc. ........ 6.85 05/11/05 500,000 477,520 Millennium America Inc. ....... 7.00 11/15/06 250,000 211,335 Solutia, Inc. ................. 6.72 10/15/37 150,000 139,206 ---------- 828,061 ---------- CONSUMER, CYCLICAL (8.9%) Hasbro, Inc. .................. 8.50 03/15/06 500,000 395,000 Tommy Hilfiger USA, Inc. ...... 6.50 06/01/03 500,000 411,250 Venator Group, Inc. ........... 7.00 10/15/02 500,000 436,250 ---------- 1,242,500 ---------- FINANCIAL (21.2%) Bear Stearns Cos., Inc. ....... 6.63 10/01/04 500,000 500,535 Bear Stearns Cos., Inc. ....... 9.38 06/01/01 250,000 252,650 Fremont General Corp. ......... 7.70 03/17/04 250,000 123,438 Harleysville Group Inc. ....... 6.75 11/15/03 250,000 248,410 Nationwide Health Properties .. 7.90 11/20/06 250,000 232,175 Nationwide Health Properties .. 7.60 11/20/28 350,000 351,369 Rank Group Financial .......... 6.75 11/30/04 500,000 477,185 Salomon Smith Barney Hldgs .... 6.50 10/15/02 500,000 502,175 Trinet Corp. Rlty. Trust, Inc. 6.75 03/01/03 300,000 282,984 ---------- 2,970,921 ---------- HEALTHCARE (3.1%) Bausch & Lomb, Inc. ........... 6.38 08/01/03 250,000 226,475 Bausch & Lomb, Inc. ........... 6.75 12/15/04 250,000 212,190 ---------- 438,665 ---------- INDUSTRIAL (10.9%) Airborne Freight Corp. ........ 8.88 12/15/02 250,000 256,843 Crown Cork & Seal, Inc. ....... 6.75 04/15/03 500,000 275,000 Thermo Electron Corp. ......... 4.25 01/01/06 500,000 498,750 Williams Cos., Inc. ........... 6.50 11/15/02 500,000 500,750 ---------- 1,531,343 ----------
The accompanying notes are an integral part of these financial statements. 34 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Face Rate Maturity Amount Value ---- -------- ----------- ----------- INTERMEDIATE-TERM DEBT SECURITIES (CONTINUED): UTILITIES (3.6%) Constellation Energy Group ................ 6.13% 07/01/03 $ 250,000 $ 248,835 Public Svc. Electric & Gas Co. ............ 7.88 11/01/01 250,000 252,517 ----------- 501,352 ----------- TOTAL INTERMEDIATE-TERM DEBT SECURITIES (Cost $12,751,950) 86.3% .................................................................... 12,080,636 ----------- SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (13.7%) Coca-Cola Co. ............................. 6.52 01/12/01 227,000 226,465 Goldman Sachs Group Inc. .................. 6.52 01/05/01 221,000 220,759 Goldman Sachs Group Inc. .................. 6.60 01/12/01 311,000 310,259 NIKE Inc. ................................. 6.60 01/04/01 269,000 268,753 SBC Communications Inc. ................... 6.52 01/02/01 295,000 294,838 SBC Communications Inc. ................... 6.65 01/05/01 302,000 301,663 Walt Disney Co. ........................... 6.55 01/03/01 300,000 299,782 ----------- TOTAL SHORT-TERM DEBT SECURITIES (Cost: $1,922,519) 13.7% ................................................................. 1,922,519 ----------- TOTAL INVESTMENTS (Cost: $14,674,469) 100.0% ............................................................... $14,003,155 ===========
- ---------- Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation FNMA = Federal National Mortgage Association The total value of investments rated below-investment grade as a percentage of the Fund's total investments as of December 31, 2000 is 1.0%. The accompanying notes are an integral part of these financial statements. 35 MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000 Shares Value -------- ----------- COMMON STOCKS: BASIC MATERIALS (0.5%) Sigma-Aldrich Corp. ...................... 46,000 $ 1,808,375 ----------- CONSUMER, CYCLICAL (6.4%) AOL Time Warner Inc.* .................... 2,800 97,440 Bed Bath & Beyond, Inc.* ................. 134,700 3,013,913 Comcast Corp. Cl A* ...................... 108,400 4,525,700 Corning, Inc. ............................ 27,600 1,457,625 Darden Restaurants, Inc. ................. 48,400 1,107,150 Fortune Brands, Inc. ..................... 77,700 2,331,000 Harrah's Entertainment, Inc.* ............ 172,000 4,536,500 Home Depot, Inc. ......................... 3,000 137,063 Reebok International Ltd.* ............... 150,300 4,109,202 Viacom, Inc. Cl B* ....................... 5,826 272,366 Wal-Mart Stores, Inc. .................... 3,600 191,250 ----------- 21,779,209 ----------- CONSUMER, NON-CYCLICAL (4.8%) Alberto-Culver Co. ....................... 62,500 2,675,781 Anheuser-Busch Cos., Inc. ................ 21,160 962,780 Coca-Cola Co. ............................ 4,000 243,750 Coors (Adolph) Co. Cl B .................. 21,400 1,718,688 Kroger Co.* .............................. 50,700 1,372,069 PepsiCo, Inc. ............................ 42,000 2,081,625 Proctor & Gamble Co. ..................... 28,000 2,196,250 Safeway, Inc.* ........................... 82,200 5,137,500 ----------- 16,388,443 ----------- ENERGY (2.3%) Exxon Mobil Corp. ........................ 51,200 4,451,200 Peoples Energy Corp. ..................... 20,000 895,000 Royal Dutch Petroleum Co. (N.Y.) ......... 37,800 2,289,263 ----------- 7,635,463 ----------- FINANCIAL (11.7%) Allstate Corp. ........................... 127,800 5,567,288 American Int'l. Group, Inc. .............. 8,150 803,284 Bank One Corp. ........................... 199,600 7,310,350 Chubb Corp. .............................. 32,100 2,776,650 Citigroup, Inc. .......................... 3,033 154,873 Fifth Third Bancorp ...................... 131,700 7,869,075 Mellon Financial Corp. ................... 47,000 2,311,813 Morgan Stanley Dean Witter ............... 2,200 174,350 Northern Trust Corp. ..................... 53,000 4,322,813 PNC Financial Services Group ............. 67,200 4,909,800 Progressive Corp. of Ohio ................ 16,700 1,730,538 Safeco Corp. ............................. 55,700 1,831,138 ----------- 39,761,972 ----------- HEALTHCARE (9.2%) Allergan, Inc. ........................... 2,200 212,988 American Home Products Corp. ............. 99,300 6,310,515 Baxter International, Inc. ............... 19,700 1,739,756 Becton Dickinson & Co. ................... 50,700 1,755,488 Biomet, Inc. ............................. 3,500 138,906 Bristol-Myers Squibb Co. ................. 62,580 4,627,009 HCA-- The Healthcare Company ............. 41,400 1,822,014 HealthSouth Corp.* ....................... 40,500 660,656 Johnson & Johnson ........................ 49,100 5,158,569 Lilly (Eli) & Co. ........................ 500 46,531 COMMON STOCKS (CONTINUED): HEALTHCARE (CONTINUED) Medtronic, Inc. .......................... 85,100 5,137,913 Merck & Co., Inc. ........................ 27,000 2,527,875 Pfizer, Inc. ............................. 4,700 216,200 Wellpoint Health Networks Inc.* .......... 7,900 910,475 ----------- 31,264,895 ----------- INDUSTRIAL (7.6%) AES Corp.* ............................... 5,400 299,025 Ameren Corp. ............................. 19,600 907,725 Automatic Data Processing, Inc. .......... 7,200 455,850 Computer Sciences Corp.* ................. 24,200 1,455,025 Engelhard Corp. .......................... 84,000 1,711,500 Equifax, Inc. ............................ 38,800 1,113,075 FedEx Corp.* ............................. 36,700 1,466,532 General Electric Co. ..................... 31,300 1,500,444 Pactiv Corp.* ............................ 141,100 1,746,113 Siebel Systems, Inc.* .................... 23,200 1,568,900 Tyco International Ltd. .................. 58,700 3,257,850 Unilever N.V. (N.Y.) ..................... 30,000 1,888,125 United Technologies Corp. ................ 105,800 8,318,525 ----------- 25,688,689 ----------- TECHNOLOGY (5.7%) Adobe Systems, Inc. ...................... 25,200 1,466,325 Cisco Systems, Inc.* ..................... 40,700 1,556,775 Comverse Technology Inc.* ................ 50,700 5,507,288 Dell Computer Corp.* ..................... 1,400 24,413 EMC Corp.* ............................... 32,500 2,161,250 Gateway, Inc.* ........................... 2,900 52,171 General Dynamics Corp. ................... 12,000 936,000 Hewlett-Packard Co. ...................... 19,600 618,625 Intel Corp. .............................. 2,300 69,575 Intl. Business Machines Corp. ............ 4,100 348,500 Lockheed Martin Corp. .................... 36,600 1,242,570 Lucent Technologies ...................... 7,700 103,950 Microsoft Corp.* ......................... 2,700 117,441 Nortel Networks Corp. Holding ............ 7,200 230,850 Oracle Corp.* ............................ 25,200 732,375 Perkin Elmer, Inc. ....................... 17,700 1,858,500 Sun Microsystems, Inc.* .................. 31,200 869,700 Veritas Software Corp.* .................. 17,100 1,496,250 ----------- 19,392,558 ----------- TELECOMMUNICATIONS (2.4%) AT&T Corp. ............................... 2,500 43,281 Qualcomm, Inc.* .......................... 19,000 1,561,563 SBC Communications, Inc. ................. 128,900 6,154,975 Verizon Communications ................... 4,700 235,588 WorldCom Inc.* ........................... 3,500 49,000 ----------- 8,044,407 ----------- UTILITIES (0.9%) El Paso Energy Corp. ..................... 14,500 1,038,563 Public Svc. Enterprise Group ............. 39,400 1,915,825 ----------- 2,954,388 ----------- TOTAL COMMON STOCKS (Cost: $167,000,427) 51.5% ............... 174,718,399 ----------- - ---------- * Non-income producing security. The accompanying notes are an integral part of these financial statements. 36 MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Face Rate Maturity Amount Value ---- -------- ------------ ------------- LONG-TERM DEBT SECURITIES: U.S. GOVERNMENT (2.2%) U.S. Treasury Bond ............................ 6.13% 11/15/27 $ 7,000,000 $ 7,526,120 ------------ AGENCIES/OTHER GOVT'S (14.2%) Connecticut Housing Fin. Auth ................. 7.63 05/15/21 1,000,000 1,008,350 FHLB .......................................... 0.00 07/07/17 25,000,000 6,800,750 FHLB .......................................... 0.00 07/14/17 25,000,000 6,781,250 FHLMC ......................................... 7.63 09/09/09 2,500,000 2,575,000 FNMA .......................................... 7.00 11/25/05 324,912 324,301 FNMA .......................................... 8.00 07/15/06 139,168 142,822 FNMA .......................................... 6.50 07/25/20 131,879 131,302 FNMA .......................................... 0.00 07/13/17 100,000,000 26,937,000 Republic of Iceland ........................... 6.13 02/01/04 2,500,000 2,506,300 Suffolk County, New York ...................... 5.80 11/01/04 250,000 247,200 Suffolk County, New York ...................... 5.88 11/01/05 750,000 739,583 ------------ 48,193,858 ------------ BASIC MATERIALS (2.9%) Georgia-Pacific (Timber Group) ................ 8.63 04/30/25 2,000,000 1,673,340 Inco Ltd. ..................................... 9.60 06/15/22 2,500,000 2,519,725 Millennium America Inc. ....................... 7.63 11/15/26 2,500,000 1,702,050 Praxair, Inc. ................................. 6.90 11/01/06 2,500,000 2,473,700 Solutia, Inc. ................................. 6.72 10/15/37 1,500,000 1,392,060 ------------ 9,760,875 ------------ CONSUMER, CYCLICAL (3.8%) Centex Corp. .................................. 7.38 06/01/05 2,000,000 1,887,460 Fruit of the Loom, Inc.** ..................... 7.38 11/15/23 500,000 235,000 Fruit of the Loom, Inc.** ..................... 7.00 03/15/11 1,000,000 280,000 Kellwood, Co. ................................. 7.88 07/15/09 2,500,000 1,839,250 Neiman-Marcus Group, Inc. ..................... 7.13 06/01/28 2,500,000 2,022,500 Polaroid Corp. ................................ 7.25 01/15/07 1,000,000 843,820 Pulte Corp. ................................... 7.63 10/15/17 2,500,000 1,857,700 Shopko Stores, Inc. ........................... 9.00 11/15/04 1,000,000 618,670 Tommy Hilfiger USA, Inc. ...................... 6.50 06/01/03 2,850,000 2,344,124 Venator Group, Inc. ........................... 7.00 10/15/02 1,000,000 872,500 ------------ 12,801,024 ------------ CONSUMER, NON-CYCLICAL (1.2%) Ralston Purina Co. ............................ 8.63 02/15/22 2,500,000 2,664,050 Supervalu, Inc. ............................... 8.88 11/15/22 1,500,000 1,576,875 ------------ 4,240,925 ------------ ENERGY (4.4%) Lyondell Chemical Co. ......................... 10.25 11/01/10 2,500,000 2,567,100 Pennzoil-Quaker State Co. ..................... 8.65 12/01/02 5,000,000 5,019,200 Southern Union Co. ............................ 7.60 02/01/24 5,000,000 4,612,700 Tosco Corp. ................................... 8.25 05/15/03 2,500,000 2,603,450 ------------ 14,802,450 ------------ FINANCIAL (5.5%) Berkley (W.R.) Corp. .......................... 8.70 01/01/22 1,500,000 1,490,805 Chase Manhattan Corp. ......................... 6.88 12/12/12 2,500,000 2,403,900 Executive Risk, Inc. .......................... 7.13 12/15/07 1,000,000 1,022,490 Fairfax Financial Holdings Ltd. ............... 8.25 10/01/15 500,000 442,440 First American Corp. .......................... 7.55 04/01/28 2,250,000 1,794,915 Fremont General Corp. ......................... 7.70 03/17/04 1,500,000 740,625
The accompanying notes are an integral part of these financial statements. 37 MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Face Rate Maturity Amount Value ---- -------- ------------ ------------ LONG-TERM DEBT SECURITIES (CONTINUED): FINANCIAL (CONTINUED) Harleysville Group Inc. ....................... 6.75% 11/15/03 $ 1,000,000 $ 993,640 Lehman Brothers Holdings, Inc. ................ 0.00 07/28/28 3,250,000 401,570 Morgan (J.P.) & Co., Inc. ..................... 0.00 04/15/27 10,000,000 1,405,100 Nationwide Health Properties .................. 7.90 11/20/06 5,000,000 4,643,500 Prudential Home Mtge.Secs. Co. ................ 6.75 08/25/08 8,563 8,525 SunAmerica, Inc. .............................. 9.95 02/01/12 2,000,000 2,471,420 Vesta Insurance Group, Inc. ................... 8.75 07/15/25 1,000,000 696,200 ------------ 18,515,130 ------------ HEALTHCARE (1.6%) Aventis S.A ................................... 7.75 01/15/02 1,000,000 1,005,500 Bausch & Lomb, Inc. ........................... 6.75 12/15/04 2,500,000 2,121,900 Bausch & Lomb, Inc. ........................... 6.38 08/01/03 2,500,000 2,264,750 ------------ 5,392,150 ------------ INDUSTRIAL (3.9%) Borg-Warner, Inc. ............................. 8.00 10/01/19 5,000,000 3,660,450 Clark Equipment Co. ........................... 8.35 05/15/23 1,500,000 1,557,420 Geon Co. ...................................... 7.50 12/15/15 1,000,000 992,360 Hasbro, Inc. .................................. 8.50 03/15/06 4,000,000 3,160,000 Owens Corning** ............................... 7.00 03/15/09 1,500,000 285,000 Thermo Electron Corp. ......................... 4.25 01/01/03 2,500,000 2,493,750 Williams Cos., Inc. ........................... 6.50 11/15/02 1,000,000 1,001,500 ------------ 13,150,480 ------------ UTILITIES (1.5%) New Orleans Public Service .................... 8.00 03/01/06 1,000,000 1,000,620 Pacific Gas & Electric Co. .................... 8.75 01/01/01 1,000,000 999,470 UtiliCorp United, Inc. ........................ 8.00 03/01/23 3,000,000 2,934,390 ------------ 4,934,480 ------------ TOTAL LONG-TERM DEBT SECURITIES (Cost: $148,548,102) 41.2% .................................................................. 139,317,492 ------------ SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER: (7.3%) American Express Credit ....................... 6.35 01/05/01 6,315,000 6,308,315 Novartis Finance Corp. ........................ 6.50 01/04/01 6,000,000 5,994,581 SBC Communications Inc. ....................... 6.55 01/02/01 7,000,000 6,996,168 Sony Capital Corp. ............................ 6.54 01/03/01 5,522,000 5,517,981 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $24,817,045) 7.3% .................................................................... 24,817,045 ------------ TOTAL INVESTMENTS (Cost: $340,365,574) 100.0% ................................................................. $338,852,936 ============
- ---------- Abbreviations: FHLB = Federal Home Loan Bank FHLMC = Federal Home Loan Mortgage Corporation FNMA = Federal National Mortgage Association ** The issuer has filed for Chapter XI bankruptcy law protection; all interest payments due for the year 2000 were received. The total value of such securities as a percentage of the Fund's total investments as of December 31, 2000 is .24%. The total value of investments rated below-investment grade as a percentage of the Fund's total investments as of December 31, 2000 (inclusive of those disclosed above) is .84%. The accompanying notes are an integral part of these financial statements. 38 MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES December 31, 2000 Shares Value ------ ----------- COMMON STOCKS : BASIC MATERIALS (1.3%) Lone Star Technologies, Inc.* ............ 40,000 $ 1,540,000 TETRA Technologies ....................... 90,000 2,868,750 ----------- 4,408,750 ----------- CONSUMER, CYCLICAL (17.0%) American Eagle Outfitters* ............... 75,000 3,168,750 Barnes & Noble, Inc.* .................... 175,000 4,637,500 Bed Bath & Beyond, Inc.* ................. 106,500 2,382,938 Davita Inc.* ............................. 186,900 3,200,663 Harrah's Entertainment, Inc.* ............ 110,000 2,901,251 J. Jill Group Inc.* ...................... 135,000 2,092,500 MGM Mirage ............................... 100,000 2,818,750 P.F. Changs China Bistro Inc.* ........... 70,000 2,200,626 Park Place Entertainment* ................ 220,000 2,626,250 Pulte Corp. .............................. 46,500 1,961,719 Quiksilver, Inc.* ........................ 150,000 2,906,250 Reebok International Ltd.* ............... 150,000 4,101,000 Scholastic Corp.* ........................ 35,400 3,137,326 Skechers USA Inc. Cl A* .................. 150,000 2,325,000 Sonic Corp.* ............................. 150,000 3,496,876 The Cheesecake Factory, Inc.* ............ 89,520 3,435,331 Tiffany & Co. ............................ 76,300 2,412,988 Toll Brothers, Inc.* ..................... 49,270 2,013,911 Vans Inc.* ............................... 220,000 3,726,250 ----------- 55,545,879 ----------- CONSUMER, NON-CYCLICAL (1.2%) Hain Celestial Group Inc.* ............... 116,500 3,786,250 ----------- ENERGY (7.9%) Core Laboratories N.V.* .................. 39,800 1,087,038 Forest Oil Corp.* ........................ 35,400 1,305,376 Grant Prideco, Inc.* ..................... 88,700 1,945,856 Grey Wolf Inc.* .......................... 141,700 832,488 HS Resources, Inc.* ...................... 51,400 2,178,075 Kinder Morgan, Inc. ...................... 89,200 4,655,125 Midcoast Energy Res., Inc. ............... 32,450 707,816 Murphy Oil Corp. ......................... 32,700 1,976,307 National-Oilwell Inc. .................... 55,000 2,127,813 Ocean Energy, Inc. ....................... 144,850 2,516,769 Precision Drilling Corp.* ................ 47,400 1,780,463 Pride International, Inc.* ............... 53,800 1,324,826 Varco International, Inc.* ............... 54,900 1,194,075 Westport Resources Corp.* ................ 100,400 2,202,526 ----------- 25,834,553 ----------- FINANCIAL (28.1%) Annuity & Life Re Holdings ............... 82,890 2,647,299 Arden Realty Group ....................... 81,800 2,055,226 Astoria Financial Corp. .................. 56,200 3,052,362 Berkley (W.R.) Corp. ..................... 134,080 6,326,900 Boston Private Finl. Holdings ............ 224,690 4,465,713 Boston Properties ........................ 125,850 5,474,475 Brown & Brown Inc.* ...................... 1,800 63,000 City National Corp. ...................... 94,450 3,665,840 First Essex Bancorp Inc. ................. 201,970 4,052,023 First Midwest Bancorp .................... 141,980 4,081,925 Gallagher (Arthur J.) & Co. .............. 104,600 6,655,176 HCC Insurance Holdings, Inc. ............. 126,600 3,410,287 COMMON STOCKS (CONTINUED): FINANCIAL (CONTINUED) Hilb, Rogal & Hamilton Co. ............... 116,990 4,664,976 Kimco Realty Corp. ....................... 96,200 4,250,837 New York Community Bancorp, Inc. ......... 29,705 1,091,658 Partnerre Ltd. ........................... 78,000 4,758,000 RenaissanceRe Holdings Ltd. .............. 31,300 2,451,181 Richmond County Finl. Corp. .............. 224,180 5,856,702 SL Green Realty Corp. .................... 176,700 4,947,600 Southwest Bancorp of Texas* .............. 111,200 4,774,650 Spieker Properties, Inc. ................. 97,500 4,887,187 Sterling Bancshares, Inc. ................ 255,870 5,053,432 Triad Guaranty* .......................... 93,810 3,107,456 ------------ 91,793,905 ------------ HEALTHCARE (8.6%) Apria Healthcare Group, Inc.* ............ 100,000 2,975,000 Brunker Daltonics Inc.* .................. 32,000 754,000 Ivax Corp.* .............................. 36,320 1,391,056 Lifepoint Hospitals Inc.* ................ 106,870 5,356,858 Lincare Holdings, Inc.* .................. 52,600 3,001,487 Minimed, Inc.* ........................... 18,000 756,563 Oxford Health Plans, Inc.* ............... 150,000 5,925,000 Province Healthcare Co.* ................. 108,840 4,285,575 Shire Parmaceuticals Group Plc* .......... 17,350 799,184 Triad Hospitals, Inc.* ................... 88,000 2,865,500 ------------ 28,110,223 ------------ INDUSTRIAL (9.9%) Abgenix Inc.* ............................ 7,800 460,687 Cal Dive International, Inc.* ............ 75,800 2,018,175 D.R. Horton, Inc. ........................ 83,300 2,035,643 Documentum, Inc.* ........................ 21,370 1,061,821 Expeditors Int'l Wash., Inc. ............. 36,630 1,966,573 Forward Air Corporation* ................. 81,600 3,044,700 Goodrich (B.F.) Co. ...................... 85,000 3,091,875 Hexcel Corp.* ............................ 200,000 1,787,500 Macromedia Inc.* ......................... 25,770 1,565,527 Omi Corp.* ............................... 432,000 2,781,000 Precision Castparts Corp. ................ 139,600 5,871,925 R.H. Donnelley Corp.* .................... 150,000 3,646,875 Teekay Shipping Corp. .................... 72,000 2,736,000 Trimeris Inc.* ........................... 7,620 418,147 ------------ 32,486,448 ------------ TECHNOLOGY (4.8%) 3Com Corp.* .............................. 210,000 1,785,000 Adaptec, Inc.* ........................... 175,000 1,793,750 Computer Access Technology* .............. 71,700 734,925 Intranet Solutions Inc. .................. 2,400 122,400 Mapinfo Corp.* ........................... 81,070 3,830,557 National Instruments Corp.* .............. 85,000 4,127,810 Netegrity Inc.* .......................... 13,010 707,418 Peregrine Systems, Inc.* ................. 127,450 2,517,137 ------------ 15,618,997 ------------ UTILITIES (0.4%) NSTAR .................................... 33,800 1,449,175 ------------ TOTAL COMMON STOCKS (Cost: $228,446,784) 79.2% ............... $259,034,180 ------------ The accompanying notes are an integral part of these financial statements. - ---------- * Non-income producing security. 39 MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) December 31, 2000
Discount Face Rate Maturity Amount Value -------- -------- ------------ ------------ SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (20.8%) Alabama Power Company ....................... 6.50% 01/11/01 $ 6,000,000 $ 5,986,998 American Express Credit ..................... 6.35 01/05/01 6,000,000 5,993,649 Bellsouth Capital Funding ................... 6.53 01/03/01 6,708,000 6,703,124 DuPont (E.I.)de Nemours & Co. ............... 6.37 01/09/01 2,860,000 2,854,939 Ford Motor Credit Puerto Rico ............... 6.56 01/03/01 5,856,000 5,851,697 Goldman Sachs Group Inc. .................... 6.52 01/05/01 5,819,000 5,812,666 Novartis Finance Corp. ...................... 6.50 01/04/01 6,000,000 5,994,581 Panasonic Finance America ................... 6.58 01/02/01 6,000,000 5,996,709 SBC Communications Inc. ..................... 6.55 01/02/01 6,000,000 5,996,716 Sony Capital Corp. .......................... 6.00 01/02/01 6,000,000 5,997,000 Verizon Network Funding ..................... 6.55 01/03/01 6,770,000 6,765,069 Washington Gas Light Co. .................... 6.55 01/09/01 4,237,000 4,229,285 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $68,182,433) 20.8% ...................................................................... 68,182,433 ------------ TOTAL INVESTMENTS (Cost: $296,629,217) 100.0% ................................................................. $327,216,613 ============
The accompanying notes are an integral part of these financial statements. 40 MUTUAL OF AMERICA INVESTMENT CORPORATION STATEMENT OF ASSETS AND LIABILITIES December 31, 2000
Mid-Cap Money Market All America Equity Index Equity Index Bond Fund Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ ASSETS: Investments at market value (Cost: Money Market Fund -- $140,896,961 All America Fund -- $551,186,052 Equity Index Fund -- $390,537,364 Mid-Cap Equity Index Fund -- $91,704,474 Bond Fund -- $527,520,417) (Notes 1 and 3) ................ $140,896,961 $800,964,034 $499,355,092 $ 94,736,128 $504,622,512 Cash .............................. 1,460 2,537,502 775 52,843 -- Interest and dividends receivable . -- 623,356 417,728 43,131 8,444,617 Receivable for securities sold .... -- 294,810 205,285 -- 223 ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS ...................... 140,898,421 804,419,702 499,978,880 94,832,102 513,067,352 ------------ ------------ ------------ ------------ ------------ LIABILITIES: Payable for securities purchased .. -- 33,753,286 1,046,647 150,750 43,252 ------------ ------------ ------------ ------------ ------------ Net Assets ........................ $140,898,421 $770,666,416 $498,932,233 $ 94,681,352 $513,024,100 ============ ============ ============ ============ ============ NUMBER OF SHARES OUTSTANDING (NOTE 4) ........... 116,965,299 303,880,278 210,264,845 78,536,625 391,918,838 ============ ============ ============ ============ ============ NET ASSET VALUES, offering and redemption price per share ..... $1.20 $2.54 $2.37 $1.21 $1.31 ===== ===== ===== ===== =====
Short-Term Mid-Term Composite Aggressive Equity Bond Fund Bond Fund Fund Fund ------------ ------------ ------------ ----------------- ASSETS: Investments at market value (Cost: Short-Term Bond Fund -- $12,242,440 Mid-Term Bond Fund -- $14,674,469 Composite Fund -- $340,365,574 Aggressive Equity Fund -- $296,629,217) (Notes 1 and 3) ................................ $ 12,309,258 $ 14,003,155 $338,852,936 $327,216,613 Cash .............................................. 1,546 1,232 4,590 79,238 Interest and dividends receivable ................. 91,798 195,515 2,082,585 452,654 Receivable for securities sold .................... 79,470 -- -- 68,455 ------------ ------------ ------------ ------------ TOTAL ASSETS ...................................... 12,482,072 14,199,902 340,940,111 327,816,960 ------------ ------------ ------------ ------------ LIABILITIES: Payable for securities purchased .................. -- -- -- 18,667,080 ------------ ------------ ------------ ------------ NET ASSETS ........................................ $ 12,482,072 $ 14,199,902 $340,940,111 $309,149,880 ============ ============ ============ ============ NUMBER OF SHARES OUTSTANDING (Note 4) ............. 12,385,975 16,612,061 213,428,215 176,116,942 ============ ============ ============ ============ NET ASSET VALUES, offering and redemption price per share ..................... $1.01 $0.85 $1.60 $ 1.76 ===== ===== ===== ============
The accompanying notes are an integral part of these financial statements. 41 MUTUAL OF AMERICA INVESTMENT CORPORATION STATEMENT OF OPERATIONS For the Years Ended December 31, 2000
Money Market All America Equity Index Equity Index Bond Fund Fund Fund Fund Fund ------------ ------------- ------------ ------------ ----------- INVESTMENT INCOME AND EXPENSES: Income: Dividends .................................... $ -- $ 8,086,785 $ 6,227,755 $ 532,092 $ -- Interest ..................................... 6,593,588 1,758,757 462,503 446,706 39,844,765 ---------- ------------- ------------ ---------- ----------- Total income .................................... 6,593,588 9,845,542 6,690,258 978,798 39,844,765 ---------- ------------- ------------ ---------- ----------- Expenses: Investment advisory fees (Note 2) ............ 255,673 4,309,484 685,229 68,636 2,508,316 ---------- ------------- ------------ ---------- ----------- NET INVESTMENT INCOME ........................... 6,337,915 5,536,058 6,005,029 910,162 37,336,449 ---------- ------------- ------------ ---------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (NOTE 1): Net realized gain (loss) on investments ......... (4,025) 138,600,086 37,660,018 5,691,989 1,462,029 Net unrealized appreciation (depreciation) of investments ................ -- (182,303,788) (93,485,685) 1,201,185 4,096,082 ---------- ------------- ------------ ---------- ----------- NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................... (4,025) (43,703,702) (55,825,667) 6,893,174 5,558,111 ---------- ------------- ------------ ---------- ----------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .................... $6,333,890 $ (38,167,644) $(49,820,638) $7,803,336 $42,894,560 ========== ============= ============ ========== ===========
Aggressive Short-Term Mid-Term Composite Equity Fund Fund Fund Fund ------------ ------------ ------------ ------------ INVESTMENT INCOME AND EXPENSES: Income: Dividends ................................ $ -- $ -- $ 1,546,958 $ 2,136,149 Interest ................................. 773,347 896,559 12,025,727 2,427,590 ------------ ------------ ------------ ------------ Total income ................................ 773,347 896,559 13,572,685 4,563,739 ------------ ------------ ------------ ------------ Expenses: Investment advisory fees (Note 2) ........ 58,120 65,962 1,750,607 2,657,452 ------------ ------------ ------------ ------------ NET INVESTMENT INCOME ....................... 715,227 830,597 11,822,078 1,906,287 ------------ ------------ ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (Note 1): Net realized gain (loss) on investments ..... (10) (12,070) 42,074,462 52,465,466 Net unrealized appreciation (depreciation) of investments ............ 172,976 (187,875) (55,616,939) (60,187,966) ------------ ------------ ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .................... 172,966 (199,945) (13,542,477) (7,722,500) ------------ ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ................ $ 888,193 $ 630,652 $ (1,720,399) $ (5,816,213) ============ ============ ============ ============
The accompanying notes are an integral part of these financial statements. 42 MUTUAL OF AMERICA INVESTMENT CORPORATION STATEMENTS OF CHANGES IN NET ASSETS For the Years Ended December 31, (except as noted)
Money Market Fund All America Fund Equity Index Fund --------------------------- ------------- ------------- ----------------------------- 2000 1999 2000 1999 2000 1999 ------------ ------------ ------------- ------------- ------------- ------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income ............ $ 6,337,915 $ 3,396,536 $ 5,536,058 $ 5,715,886 $ 6,005,029 $ 6,779,654 Net realized gain (loss) on investments ................. (4,025) (3,777) 138,600,086 77,162,086 37,660,018 9,635,146 Unrealized appreciation (depreciation) of investments .. -- -- (182,303,788) 102,305,846 (93,485,685) 79,320,773 ------------ ------------ ------------- ------------- ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ... 6,333,890 3,392,759 (38,167,644) 185,183,818 (49,820,638) 95,735,573 ------------ ------------ ------------- ------------- ------------- ------------- Capital Transactions (Note 4): Net proceeds from sale of shares . 250,400,600 77,687,366 185,152,725 83,233,506 113,099,379 225,737,689 Dividends reinvested ............. 6,309,195 3,399,058 165,352,359 66,717,511 47,533,185 15,035,198 Cost of shares redeemed .......... 189,416,525) (88,269,347) (261,962,171) $(115,122,933) (147,615,772 (148,970,349) Dividend distributions ........... (6,309,195) (3,399,058) (165,352,359) (66,717,511) (47,533,185) (15,035,198) ------------ ------------ ------------- ------------- ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ....................... 60,984,075 (10,581,981) (76,809,446) (31,889,427) (34,516,393) 76,767,340 ------------ ------------ ------------- ------------- ------------- ------------- INCREASE (DECREASE) IN NET ASSETS .. 67,317,965 (7,189,222) (114,977,090) 153,294,391 (84,337,031) 172,502,913 NET ASSETS, BEGINNING OF YEAR ...... 73,580,456 80,769,678 885,643,506 732,349,115 583,269,264 410,766,351 ------------ ------------ ------------- ------------- ------------- ------------- NET ASSETS, END OF YEAR ............ $140,898,421 $ 73,580,456 $ 770,666,416 $ 885,643,506 $ 498,932,233 $ 583,269,264 ============ ============ ============= ============= ============= ============= COMPONENTS OF NET ASSETS: Paid-in capital .................. $140,765,997 $ 73,472,727 $ 527,429,423 $ 438,886,510 $ 402,584,384 $ 389,567,592 Accumulated undistributed net investment income (loss) ......... 151,059 122,339 (2,852,745) (2,856,016) 81,240 92,482 Accumulated undistributed net realized gain (loss)on investments (18,635) (14,610) (3,688,244) 17,531,242 (12,551,119) (8,694,223) Unrealized appreciation (depreciation) of investments .... -- -- 249,777,982 432,081,770 108,817,728 202,303,413 ------------ ------------ ------------- ------------- ------------- ------------- NET ASSETS, END OF YEAR ............ $140,898,421 $ 73,580,456 $ 770,666,416 $ 885,643,506 $ 498,932,233 $ 583,269,264 ============ ============ ============= ============= ============= =============
Mid-Cap Equity Short-Term Index Fund Bond Fund Bond Fund -------------------------- ---------------------------- --------------------------- 2000 1999(a) 2000 1999 2000 1999 ------------ ------------ ------------ ------------ ----------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income ................. $ 910,162 $ 275,981 $ 37,336,449 $ 32,777,301 $ 715,227 $ 932,650 Net realized gain (loss) on investments 5,691,989 722,209 1,462,029 (732,183) (10) (79,368) Unrealized appreciation (depreciation) of investments ...................... 1,201,185 1,830,469 4,096,082 (40,950,914) 172,976 (141,958) ------------ ------------ ------------ ------------ ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............. 7,803,336 2,828,659 42,894,560 (8,905,796) 888,193 711,324 ------------ ------------ ------------ ------------ ----------- ------------ Capital Transactions (Note 4): Net proceeds from sale of shares ...... 74,233,662 52,496,765 68,706,790 74,048,382 4,723,205 3,737,066 Dividends reinvested .................. 6,061,031 270,989 37,475,240 33,494,780 726,466 925,610 Cost of shares redeemed ............... (21,302,780) (21,378,290) (64,869,571) (64,179,257) (5,469,508) (14,083,396) Dividend distributions ................ (6,061,031) (270,989) (37,475,240) (33,494,780) (726,466) (925,610) ------------ ------------ ------------ ------------ ----------- ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS ............. 52,930,882 31,118,475 3,837,219 9,869,125 (746,303) (10,346,330) ------------ ------------ ------------ ------------ ----------- ------------ INCREASE (DECREASE) IN NET ASSETS ....... 60,734,218 33,947,134 46,731,779 963,329 141,890 (9,635,006) NET ASSETS, BEGINNING OF PERIOD/YEAR .... 33,947,134 -- 466,292,321 465,328,992 12,340,182 21,975,188 ------------ ------------ ------------ ------------ ----------- ------------ NET ASSETS, END OF YEAR ................. $ 94,681,352 $ 33,947,134 $513,024,100 $466,292,321 $12,482,072 $ 12,340,182 ============ ============ ============ ============ =========== ============ COMPONENTS OF NET ASSETS: Paid-in capital ....................... $ 90,381,377 $ 31,389,464 $540,926,747 $499,614,288 $12,492,714 $ 12,512,551 Accumulated undistributed net investment income (loss) ............ 10,525 4,992 (753,632) (791,947) 9,026 20,265 Accumulated undistributed net realized gain (loss) on investments . 1,257,796 722,209 (4,251,110) (5,536,033) (86,486) (86,476) Unrealized appreciation (depreciation) of investments ...................... 3,031,654 1,830,469 (22,897,905) (26,993,987) 66,818 (106,158) ------------ ------------ ------------ ------------ ----------- ------------ NET ASSETS, END OF YEAR ................. $ 94,681,352 $ 33,947,134 $513,024,100 $466,292,321 $12,482,072 $ 12,340,182 ============ ============ ============ ============ =========== ============
- ---------- (a) For the period May 3, 1999 (Commencement of Operations) to December 31, 1999. The accompanying notes are an integral part of these financial statements. 43 MUTUAL OF AMERICA INVESTMENT CORPORATION STATEMENTS OF CHANGES IN NET ASSETS For the Years Ended December 31,
Mid-Term Bond Fund Composite Fund Aggressive Equity Fund ------------------------- ------------ ------------ ------------- ------------ 2000 1999 2000 1999 2000 1999 ----------- ----------- ------------ ------------ ------------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income ................. $ 830,597 $ 794,000 $ 11,822,078 $ 11,002,122 $ 1,906,287 $ 14,954 Net realized gain (loss) on investments (12,070) 2,624 42,074,462 16,247,481 52,465,466 21,546,315 Unrealized appreciation (depreciation) of investments ........................ (187,875) (606,489) (55,616,939) 21,612,218 (60,187,966) 59,604,813 ----------- ----------- ------------ ------------ ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............. 630,652 190,135 (1,720,399) 48,861,821 (5,816,213) 81,166,082 ----------- ----------- ------------ ------------ ------------- ------------ Capital Transactions (Note 4): Net proceeds from sale of shares ...... 5,155,644 3,463,522 31,538,952 12,591,610 162,396,998 52,349,524 Dividends reinvested .................. 838,802 803,987 54,032,821 25,503,136 55,112,517 14,891 Cost of shares redeemed ............... (4,769,977) (5,900,378) (52,735,710) (33,797,510) (125,698,787) (60,660,553) Dividend distributions ................ (838,802) (803,987) (54,032,821) (25,503,136) (55,112,517) (14,891) ----------- ----------- ------------ ------------ ------------- ------------ NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS ............. 385,667 (2,436,856) (21,196,758 (21,205,900) 36,698,211 (8,311,029) ----------- ----------- ------------ ------------ ------------- ------------ INCREASE (DECREASE) IN NET ASSETS ....... 1,016,319 (2,246,721) (22,917,157 27,655,921 30,881,998 72,855,053 NET ASSETS, BEGINNING OF YEAR ........... 13,183,583 15,430,304 363,857,268 336,201,347 278,267,882 205,412,829 ----------- ----------- ------------ ------------ ------------- ------------ NET ASSETS, END OF YEAR ................. $14,199,902 $13,183,583 $340,940,111 $363,857,268 $ 309,149,880 $278,267,882 =========== =========== ============ ============ ============= ============ Components of Net Assets: Paid-in capital ....................... $16,139,469 $14,915,000 $344,275,881 $311,439,818 $ 281,674,040 $189,863,312 Accumulated undistributed net investment income (loss) ............ (72,311) (64,106) 725,146 695,713 16,619 (10,389) Accumulated undistributed net realized gain (loss) on investments .......... (1,195,942) (1,183,872) (2,548,278) (2,382,564) (3,128,175) (2,360,403) Unrealized appreciation (depreciation) of investments ...................... (671,314) (483,439) (1,512,638) 54,104,301 30,587,396 90,775,362 ----------- ----------- ------------ ------------ ------------- ------------ NET ASSETS, END OF YEAR ................. $14,199,902 $13,183,583 $340,940,111 $363,857,268 $ 309,149,880 $278,267,882 =========== =========== ============ ============ ============= ============
The accompanying notes are an integral part of these financial statements. 44 MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS Income from investment operations and distributions per share for a Fund share outstanding throughout each of the five years ended December 31, 2000, (or since the Fund's inception date if in existence less than five years) and other supplementary data with respect to the Funds are presented below.
Money Market Fund ------------------------------------------------------ Years Ended December 31, ------------------------------------------------------ 2000 1999 1998 1997 1996 ------ ------ ------ ------ ------ Net Asset Value, Beginning of Year .................................... $ 1.19 $ 1.18 $ 1.18 $ 1.19 $ 1.18 ------ ------ ------ ------ ------ Income From Investment Operations: Net Investment Income ............................................... 0.07 0.06 0.06 0.07 0.06 Net Gains or (Losses) on Securities realized and unrealized ......... -- -- -- -- -- ------ ------ ------ ------ ------ Total From Investment Operations ...................................... 0.07 0.06 0.06 0.07 0.06 ------ ------ ------ ------ ------ Less: Dividend Distributions: From Net Investment Income .......................................... (0.06) (0.05) (0.06) (0.08) (0.05) ------ ------ ------ ------ ------ Total Distributions ................................................... (0.06) (0.05) (0.06) (0.08) (0.05) ------ ------ ------ ------ ------ Net Asset Value, End of Year .......................................... $ 1.20 $ 1.19 $ 1.18 $ 1.18 $ 1.19 ====== ====== ====== ====== ====== Total Return (%) ...................................................... 6.2 5.1 5.4 5.5 5.3 Net Assets, End of Year ($ millions) .................................. 141 74 81 68 78 Ratio of Expenses to Average Net Assets (%) ........................... 0.25 0.25 0.25 0.25 0.25 Ratio of Net Investment Income to Average Net Assets (%) .............. 6.17 4.93 5.26 5.32 5.21 Portfolio Turnover Rate(a) ............................................ N/A N/A N/A N/A N/A
- ---------- (a) Portfolio turnover rate excludes all short-term securities. N/A=Not Applicable. 45 MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued)
All America Fund -------------------------------------------------- Years Ended December 31, -------------------------------------------------- 2000 1999 1998 1997 1996 ------ ------ ------ ------ ------ Net Asset Value, Beginning of Year ..................................... $ 3.37 $ 2.90 $ 2.71 $ 2.44 $ 2.13 ------ ------ ------ ------ ------ Income From Investment Operations: Net Investment Income ................................................ 0.03 0.02 0.03 0.03 0.03 Net Gains or (Losses) on Securities realized and unrealized .......... (0.19) 0.72 0.54 0.62 0.41 ------ ------ ------ ------ ------ Total From Investment Operations ....................................... (0.16) 0.74 0.57 0.65 0.44 ------ ------ ------ ------ ------ Less Dividend Distributions: From Net Investment Income ........................................... (0.02) (0.03) (0.03) (0.03) (0.03) From Capital Gains ................................................... (0.65) (0.24) (0.35) (0.35) (0.10) ------ ------ ------ ------ ------ Total Distributions .................................................... (0.67) (0.27) (0.38) (0.38) (0.13) ------ ------ ------ ------ ------ Net Asset Value, End of Year ........................................... $ 2.54 $ 3.37 $ 2.90 $ 2.71 $ 2.44 ====== ====== ====== ====== ====== Total Return (%) ....................................................... -5.0 25.8 21.3 26.8 20.7 Net Assets, End of Year ($ millions) ................................... 771 886 732 700 637 Ratio of Expenses to Average Net Assets (%) ............................ 0.50 0.50 0.50 0.50 0.50 Ratio of Net Investment Income to Average Net Assets (%) ............... 0.64 0.73 0.84 0.98 1.26 Portfolio Turnover Rate (%)(a) ......................................... 90.00 30.03 40.47 28.64 28.35 - ---------- (a) Portfolio turnover rate excludes all short-term securities. 46 MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued) Mid-Cap Equity Equity Index Fund Index Fund ----------------------------------------------- ---------------- Years Ended December 31, ------------------------------------------------------------------- 2000 1999 1998 1997 1996 2000 1999(b) ------ ------ ------ ------ ------- ------ ------ Net Asset Value, Beginning of Period/Year ............ $ 2.88 $ 2.45 $ 2.08 $ 1.59 $ 1.35 $ 1.11 $ 1.00 ------ ------ ------ ------ ------- ------ ------ Income From Investment Operations: Net Investment Income .............................. 0.06 0.03 0.03 0.03 0.03 0.02 0.01 ------ ------ ------ ------ ------- ------ ------ Net Gains or (Losses) on Securities realized and unrealized .......................... (0.32) 0.48 0.54 0.50 0.27 0.17 0.11 ------ ------ ------ ------ ------- ------ ------ Total From Investment Operations ..................... (0.26) 0.51 0.57 0.53 0.30 0.19 0.12 ------ ------ ------ ------ ------- ------ ------ Less Dividend Distributions: From Net Investment Income ......................... (0.03) (0.03) (0.03) (0.03) (0.03) (0.01) (0.01) From Capital Gains ................................. (0.22) (0.05) (0.17) (0.01) (0.03) (0.08) -- ------ ------ ------ ------ ------- ------ ------ Total Distributions .................................. (0.25) (0.08) (0.20) (0.04) (0.06) (0.09) (0.01) ====== ====== ====== ====== ======= ====== ====== Net Asset Value, End of Period/Year .................. $ 2.37 $ 2.88 $ 2.45 $ 2.08 $ 1.59 $ 1.21 $ 1.11 ====== ====== ====== ====== ======= ====== ====== Total Return (%) ..................................... -9.0 20.6 28.6 33.1 22.7 16.7 11.8 Net Assets, End of Period/Year ($ millions) .......... 499 583 411 237 102 95 34 Ratio of Expenses to Average Net Assets (%) .......... 0.13 0.13 0.13 0.13 0.13 0.13 0.13(a) Ratio of Net Investment Income to Average Net Assets (%) ............................. 1.09 1.34 1.57 1.86 2.19 1.65 1.70(a) Portfolio Turnover Rate (%)(c) ....................... 10.78 6.89 11.68 14.17 5.85 50.10 31.67
- ---------- (a) Annualized. (b) Commenced operations May 3, 1999. (c) Portfolio turnover rate excludes all short-term securities. 47 MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued)
Bond Fund -------------------------------------------------- Years Ended December 31, -------------------------------------------------- 2000 1999 1998 1997 1996 ------ ------ ------ ------ ------ Net Asset Value, Beginning of Year ..................................... $ 1.30 $ 1.42 $ 1.43 $ 1.38 $ 1.43 ------ ------ ------ ------ ------ Income From Investment Operations: Net Investment Income ................................................ 0.15 0.10 0.10 0.09 0.09 Net Gains or (Losses) on Securities realized and unrealized .......... (0.04) (0.12) -- 0.06 (0.04) ------ ------ ------ ------ ------ Total From Investment Operations ....................................... 0.11 (0.02) 0.10 0.15 0.05 ------ ------ ------ ------ ------ Less Dividend Distributions: From Net Investment Income ........................................... (0.10) (0.10) (0.10) (0.09) (0.09) From Capital Gains ................................................... -- -- (0.01) (0.01) (0.01) ------ ------ ------ ------ ------ Total Distributions .................................................... (0.10) (0.10) (0.11) (0.10) (0.10) ------ ------ ------ ------ ------ Net Asset Value, End of Year ........................................... $ 1.31 $ 1.30 $ 1.42 $ 1.43 $ 1.38 ====== ====== ====== ====== ====== Total Return (%) ....................................................... 8.9 -1.9 7.2 10.4 3.5 Net Assets, End of Year ($ millions) ................................... 513 466 465 414 329 Ratio of Expenses to Average Net Assets (%) ............................ 0.50 0.50 0.50 0.50 0.50 Ratio of Net Investment Income to Average Net Assets (%) ............... 7.40 7.11 6.73 6.69 6.70 Portfolio Turnover Rate (%)(a) ......................................... 18.42 29.32 21.60 57.71 30.14
- ---------- (a) Portfolio turnover rate excludes all short-term securities. 48 MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued)
Short-Term Bond Fund Mid-Term Bond Fund ------------------------------------------ ------------------------------------------- Years Ended December 31, Years Ended December 31, ------------------------------------------ ------------------------------------------- 2000 1999 1998 1997 1996 2000 1999 1998 1997 1996 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------- Net Asset Value, Beginning of Year .. $ 0.99 $ 1.03 $ 1.02 $ 1.03 $ 1.02 $ 0.87 $ 0.91 $ 0.90 $ 0.90 $ 1.00 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------- Income From Investment Operations: Net Investment Income ............. 0.09 0.09 0.05 0.07 0.04 0.08 0.05 0.05 0.05 0.14 Net Gains or (Losses) on Securities realized and unrealized ......... (0.01) (0.04) 0.01 (0.01) 0.01 (0.05) (0.04) 0.01 0.01 (0.10) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------- Total From Investment Operations .... 0.08 0.05 0.06 0.06 0.05 0.03 0.01 0.06 0.06 0.04 ------ ------ ------ ------ ------ ------ ------ ------ ------ ------- Less Dividend Distributions: From Net Investment Income ........ (0.06) (0.09) (0.05) (0.07) (0.04) (0.05) (0.05) (0.05) (0.06) (0.14) From Capital Gains ................ -- -- -- -- -- -- -- -- -- -- ------ ------ ------ ------ ------ ------ ------ ------ ------ ------- Total Distributions ................. (0.06) (0.09) (0.05) (0.07) (0.04) (0.05) (0.05) (0.05) (0.06) (0.14) ------ ------ ------ ------ ------ ------ ------ ------ ------ ------- Net Asset Value, End of Year ........ $ 1.01 $ 0.99 $ 1.03 $ 1.02 $ 1.03 $ 0.85 $ 0.87 $ 0.91 $ 0.90 $ 0.90 ====== ====== ====== ====== ====== ====== ====== ====== ====== ======= Total Return (%) .................... 7.8 4.2 5.7 6 4.9 4.8 1.4 6.4 7.3 3.9 Net Assets, End of Year ($ millions) 12 12 22 15 16 14 13 15 15 13 Ratio of Expenses to Average Net Assets (%) .................... 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 0.50 Ratio of Net Investment Income to Average Net Assets (%) ............ 6.10 5.48 5.46 5.81 5.42 6.26 5.75 5.76 5.87 5.8 Portfolio Turnover Rate (%)(a) ...... 45.01 44.68 91.35 74.95 6.68 10.57 10.28 23.09 12.89 144.55
- ---------- (a) Portfolio turnover rate excludes all short-term securities. 49 MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued)
Composite Fund Aggressive Equity Fund ------------------------------------------- --------------------------------------------- Years Ended December 31, Years Ended December 31, ------------------------------------------- --------------------------------------------- 2000 1999 1998 1997 1996 2000 1999 1998 1997 1996 ------- ------ ------ ------- ------ ------- ------- ------- ------ ------- Net Asset Value, Beginning of Year .. $ 1.91 $ 1.78 $ 1.62 $ 1.77 $ 1.81 $ 2.16 $ 1.51 $ 1.61 $ 1.47 $ 1.35 ------- ------ ------ ------- ------ ------- ------- ------- ------ ------- Income From Investment Operations: Net Investment Income ............. 0.10 0.06 0.07 0.07 0.07 0.01 -- -- 0.01 0.01 Net Gains or (Losses) on Securities realized and unrealized ......... (0.11) 0.21 0.17 0.24 0.14 (0.04) 0.65 (0.09) 0.31 0.36 ------- ------ ------ ------- ------ ------- ------- ------- ------ ------- Total From Investment Operations .... (0.01) 0.27 0.24 0.31 0.21 (0.03) 0.65 (0.09) 0.32 0.37 ------- ------ ------ ------- ------ ------- ------- ------- ------ ------- Less Dividend Distributions: From Net Investment Income ........ (0.07) (0.06) (0.07) (0.07) (0.08) (0.01) -- -- (0.01) (0.01) From Capital Gains ................ (0.23) (0.08) (0.01) (0.39) (0.17) (0.36) -- (0.01) (0.17) (0.24) ------- ------ ------ ------- ------ ------- ------- ------- ------ ------- Total Distributions ................. (0.30) (0.14) (0.08) (0.46) (0.25) (0.37) -- (0.01) (0.18) (0.25) ------- ------ ------ ------- ------ ------- ------- ------- ------ ------- Net Asset Value, End of Year ........ $ 1.60 $ 1.91 $ 1.78 $ 1.62 $ 1.77 $ 1.76 $ 2.16 $ 1.51 $ 1.61 $ 1.47 ======= ====== ====== ======= ====== ======= ======= ======= ====== ======= Total Return (%) .................... -0.5 15.2 14.5 17.7 11.9 -1.2 43.3 -5.1 21.2 27.1 Net Assets, End of Year ($ millions) 341 364 336 305 283 309 278 205 287 136 Ratio of Expenses to Average Net Assets (%) .................... 0.50 0.50 0.50 0.50 0.50 0.85 0.85 0.85 0.85 0.85 Ratio of Net Investment Income to Average Net Assets (%) ......... 3.36 3.23 3.68 3.57 3.63 0.61 0.01 0.18 0.33 0.45 Portfolio Turnover Rate (%)(a) ...... 161.01 99.41 73.85 104.04 69.79 162.44 134.62 144.05 80.94 103.68
- ---------- (a) Portfolio turnover rate excludes all short-term securities. 50 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 Mutual of America Life's indirect wholly-owned subsidiary, The American Life Insurance Company of New York ("American Life"). As a "series" type mutual fund, the Investment Company issues separate classes (or series) of capital stock, each of which represents a separate Fund of investments. There are currently nine Funds: a 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, and Aggressive Equity Fund. Investment Company shares are sold only to Mutual of America Life and American Life for allocation to their Separate Accounts as a funding medium for variable accumulation annuity contracts and variable life insurance policies issued by these companies. As of December 31, 2000, Mutual of America Life owned 99.95%, and American Life .05%, respectively, of the Investment Company's aggregate outstanding shares. The preparation of financial statements 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. In 2000, the Financial Accounting Standards Board (FASB) deferred the effective date of Statement of Financial Accounting Standards ("SFAS") No. 133, "Accounting for Derivative Instruments and Hedging Activities". The Investment Company will be required to adopt implementation of SFAS No. 133 and related SFAS No. 138 effective January 1, 2001. Implementation, however, is not expected to have a material impact on its financial position or results of operations. The following is a summary of the significant accounting policies consistently followed by the Investment Company, which is in conformity with accounting principles generally accepted in the United States: Security Valuation -- Investment securities are valued as follows: Stocks listed on national security exchanges and certain over-the-counter issues quoted on the National Association of Securities Dealers Automated Quotation ("NASDAQ") system are valued at the last sale price, or, if no sale, at the latest available bid price. Debt securities are valued at a composite fair market value "evaluated bid," which may be the last sale price. Securities for which market quotations are not readily available will be valued at fair value as determined in good faith by the Investment Adviser under the direction of the Board of Directors of the Investment Company. Short-term 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. 51 MUTUAL OF AMERICA INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS (Continued) 1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED) Security Transactions -- Security transactions are recorded based on the trade date. Realized gains and losses on the sale of short and long-term debt securities are computed on the basis of amortized cost at the time of sale. Realized gains and losses on the sale of stock is based on the identified cost basis of the security, determined on the first-in, first-out ("FIFO") basis. Equity-type funds with an indexed portfolio component may, in order to remain more fully invested in the equity markets while minimizing transaction costs, purchase stock index futures contracts. Initial cash margin deposits (represented by cash or Treasury bills) are made upon entering into futures contracts. (This initial margin, maintained in a segregated account, is equal to approximately 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 of the contract. The "Underlying Face Amount at Value" representing the aggregate of outstanding contractual amounts under futures contracts reflects the extent of a Fund's exposure to off-balance sheet risk. Investment Income -- Interest income is accrued as earned. 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. Federal Income Taxes -- 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 tax provision is required. 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. Under Sub-Advisory Agreements, the Adviser has delegated a portion of its investment advisory responsibilities for the All America Fund to subadvisers and pays the subadvisers directly for their investment advisory services. The Adviser (not the Fund) is responsible for compensation payable under such Sub-Advisory Agreements. The Adviser voluntarily limits the expenses of each Fund, other than for brokers' commissions, transfer taxes 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. The Adviser may discontinue this practice at any time. A Sub-Advisor placed a portion of its portfolio transactions with its affiliated broker-dealer. Such commissions amounted to $157,804 or 4.6% of the Investment Company's total commissions. 52 MUTUAL OF AMERICA INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS (Continued) 3. PURCHASES AND SALES The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures for the year ended December 31, 2000 was as follows:
Mid-Cap All America Equity Index Equity Index Bond Fund Fund Fund Fund ------------ ------------ ------------ ------------ Cost of investment purchases ....................... $753,754,324 $ 58,481,684 $ 73,158,488 $139,854,491 ============ ============ ============ ============ Proceeds from sales of investments ................. $801,668,822 $ 78,252,034 $ 24,333,390 $ 89,132,903 ============ ============ ============ ============ Short-Term Mid-Term Composite Aggressive Bond Fund Bond Fund Fund Equity Fund ------------ ------------ ------------ ------------ Cost of investment purchases ....................... $ 6,523,328 $ 1,309,010 $536,657,336 $450,300,756 ============ ============ ============ ============ Proceeds from sales of investments ................. $ 4,858,081 $ 1,420,530 $561,979,379 $451,573,249 ============ ============ ============ ============
The cost of short-term security purchases for the Money Market Fund for the period was $1,117,931,256; net proceeds from sales and redemptions for the period was $1,057,079,200. At December 31, 2000 the net unrealized appreciation (depreciation) of investments based on cost, which was substantially the same for Federal income tax purposes, was as follows:
Mid-Cap Money All America Equity Index Equity Index Bond Market Fund Fund Fund Fund Fund ----------- ------------ ------------ ------------ ------------ Aggregate gross unrealized appreciation .......... $ -- $299,572,784 $151,574,584 $ 11,135,075 $ 7,883,706 Aggregate gross unrealized depreciation .......... -- 49,794,802 42,756,857 8,103,421 30,781,611 ---------- ------------ ------------ ------------ ------------ Net unrealized appreciation (depreciation) ....... $ -- $249,777,982 $108,817,728 $ 3,031,654 $(22,897,905) ========== ============ ============ ============ ============ Short-Term Mid-Term Composite Aggressive Bond Fund Bond Fund Fund Equity Fund ---------- ---------- ------------ ------------ Aggregate gross unrealized appreciation .... $ 130,858 $ 61,123 $ 18,081,587 $ 44,492,670 Aggregate gross unrealized depreciation .... 64,040 732,437 19,594,225 13,905,274 ---------- ---------- ------------ ------------ NET UNREALIZED APPRECIATION (DEPRECIATION).. $ 66,818 $ (671,314) $ (1,512,638) $ 30,587,396 ========== ========== ============ ============
4. CAPITAL SHARE ACTIVITY The Investment Company has registered an indefinite number of its capital shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. Shares are currently allocated into the nine series of Funds as follows: Authorized No. of Shares ------------------------ Money Market Fund ............................... 175,000,000 All America Fund ................................ 500,000,000 Equity Index Fund ............................... 275,000,000 Mid-Cap Equity Index Fund ....................... 150,000,000 Bond Fund ....................................... 425,000,000 Short-Term Bond Fund ............................ 50,000,000 Mid-Term Bond Fund .............................. 75,000,000 Composite Fund .................................. 300,000,000 Aggressive Equity Fund .......................... 500,000,000 ------------- Sub-Total ................................... 2,450,000,000 Shares to be allocated at the discretion of the Board of Directors ........................ 550,000,000 ------------- Total ....................................... 3,000,000,000 ============= 53 MUTUAL OF AMERICA INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS (Continued) 4. CAPITAL SHARE ACTIVITY (CONTINUED) Transactions in shares were as follows:
For the Year Ended December 31, 2000 --------------------------------------------------------- Mid-Cap Money Market All America Equity Index Equity Index Fund Fund Fund Fund ------------ ---------- ----------- ------------ Shares issued .................... 203,990,583 53,663,517 40,099,189 60,343,731 Shares issued to shareholders as reinvestment of dividends ...... 5,238,322 63,141,755 19,925,652 4,968,459 ----------- ----------- ---------- ---------- Total ............................ 209,228,905 116,805,272 60,024,841 65,312,190 Shares redeemed .................. 154,270,167 75,889,320 52,221,946 17,400,220 ----------- ----------- ---------- ---------- Net increase (decrease) .......... 54,958,738 40,915,952 7,802,895 47,911,970 =========== =========== ========== ==========
For the Year Ended December 31, 2000 -------------------------------------------------------------------------------- Bond Short-Term Mid-Term Composite Aggressive Fund Bond Fund Bond Fund Fund Equity Fund ----------- ----------- ----------- ----------- ----------- Shares issued ........................... 51,809,688 4,603,778 5,838,625 16,652,862 71,595,986 Shares issued to shareholders as reinvestment of dividends ............. 28,564,191 720,302 981,290 33,540,328 31,396,553 ----------- ----------- ----------- ----------- ----------- Total ................................... 80,373,879 5,324,080 6,819,915 50,193,190 102,992,539 Shares redeemed ......................... 47,929,853 5,370,273 5,423,994 27,735,785 55,623,331 ----------- ----------- ----------- ----------- ----------- Net increase (decrease) ................. 32,444,026 (46,193) 1,395,921 22,457,405 47,369,208 =========== =========== =========== =========== ===========
For the Period May 3, 1999 (Commencement of Operations) to For the Year Ended December 31, 1999 December 31, 1999 ----------------------------------------------------- ----------------- Mid-Cap Money Market All America Equity Index Equity Index Fund Fund Fund Fund ----------- ----------- ------------ ------------ Shares issued .......................... 63,634,312 26,871,914 85,556,238 51,089,629 Shares issued to shareholders as reinvestment of dividends ............ 2,863,402 19,858,138 5,218,940 244,467 ----------- ----------- ----------- ----------- Total .................................. 66,497,714 46,730,052 90,775,178 51,334,096 Shares redeemed ........................ 72,686,300 36,650,147 55,873,134 20,709,447 ----------- ----------- ----------- ----------- Net increase (decrease) ................ (6,188,586) 10,079,905 34,902,044 30,624,649 =========== =========== =========== ===========
For the Year Ended December 31, 1999 --------------------------------------------------------------------------------- Bond Short-Term Mid-Term Composite Aggressive Fund Bond Fund Bond Fund Fund Equity Fund ----------- ----------- ----------- ----------- ----------- Shares issued .............................. 52,627,528 3,533,532 3,777,841 6,838,024 31,324,123 Shares issued to shareholders as reinvestment of dividends ................ 25,821,845 931,780 927,940 13,403,919 6,890 ----------- ----------- ----------- ----------- ----------- Total ...................................... 78,449,373 4,465,312 4,705,781 20,241,943 31,331,013 Shares redeemed ............................ 45,614,884 13,384,219 6,441,747 18,269,859 38,746,093 ----------- ----------- ----------- ----------- ----------- Net increase (decrease) .................... 32,834,489 (8,918,907) (1,735,966) 1,972,084 (7,415,080) =========== =========== =========== =========== ===========
54 5. DIVIDENDS On December 29, 2000 dividend distributions were declared for each of the Funds from net realized gains on investment transactions and net investment income. Additionally, on September 15, 2000 the remaining required distributions relating to the 1999 Internal Revenue Sec. 855 (a) elections were declared for each of the Funds and paid on September 15, 2000. All dividend distributions are immediately reinvested in additional shares of each respective Fund.
Mid-Cap Money Market All America Equity Index Equity Index Bond Fund Fund Fund Fund Fund ------------ ------------ ------------ ------------ ------------ Net investment income .................... $ 6,309,195 $ 5,532,787 $ 6,016,271 $ 904,629 $ 37,298,134 Net realized capital gains ............... -- 159,819,572 41,516,914 5,156,402 177,106 ------------ ------------ ------------ ------------ ------------ Total dividends .......................... $ 6,309,195 $165,352,359 $ 47,533,185 $ 6,061,031 $ 37,475,240 ============ ============ ============ ============ ============ Increase in number of shares ............. 5,238,322 63,141,755 19,925,652 4,968,459 28,625,739 ============ ============ ============ ============ ============ Short-Term Mid-Term Composite Aggressive Fund Bond Fund Fund Equity Fund ------------ ------------ ----------- ------------ Net investment income .......................... $ 726,466 $ 838,802 $11,792,645 $ 1,879,279 Net realized capital gains ..................... -- -- 42,240,176 53,233,238 ------------ ------------ ----------- ------------ TOTAL DIVIDENDS ................................ $ 726,466 $ 838,802 $54,032,821 $ 55,112,517 ============ ============ =========== ============ Increase in number of shares ................... 720,302 981,290 33,540,328 31,396,553 ============ ============ =========== ============
55 REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To The Board of Directors and Shareholders of Mutual of America Investment Corporation: We have audited the accompanying statement of assets and liabilities, including the portfolio of investments in securities, of Mutual of America Investment Corporation (comprising, respectively, the Money Market, All America, Equity Index, Mid-Cap Equity Index, Bond, Short-Term Bond, Mid-Term Bond, Composite, and Aggressive Equity Funds) as of December 31, 2000, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the 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, 2000 by correspondence with the custodian and brokers; when replies were not received, we carried out alternative auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective funds constituting the Mutual of America Investment Corporation as of December 31, 2000, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States. /s/ Arthur Andersen LLP New York, New York February 20, 2001 56 MUTUAL OF AMERICA LIFE INSURANCE COMPANY THE AMERICAN LIFE INSURANCE COMPANY OF NEW YORK A SUBSIDIARY OF MUTUAL OF AMERICA LIFE INSURANCE COMPANY MUTUAL OF AMERICA LIFE INSURANCE COMPANY IS A REGISTERED BROKER-DEALER AND DISTRIBUTES THE VARIABLE PRODUCTS OF THE AMERICAN LIFE INSURANCE COMPANY OF NEW YORK 320 PARK AVENUE NEW YORK, NY 10022-6839 www.mutualofamerica.com -----END PRIVACY-ENHANCED MESSAGE-----