N-30D 1 e13714n30d.txt SEMI-ANNUAL REPORT SEMI-ANNUAL REPORTS OF MUTUAL OF AMERICA INVESTMENT CORPORATION SCUDDER VARIABLE SERIES I AMERICAN CENTURY VP CAPITAL APPRECIATION FUND CALVERT SOCIAL BALANCED PORTFOLIO FIDELITY INVESTMENTS(R) VARIABLE INSURANCE PRODUCTS FUNDS: EQUITY-INCOME PORTFOLIO CONTRAFUND PORTFOLIO AND ASSET MANAGER PORTFOLIO JUNE 30, 2002 This report is not to be construed as an offering for sale of any Variable Policy. No offering is made except in conjunction with a prospectus which must precede or accompany this report. CONTENTS Page ---- Semi-Annual Report of Mutual of America Investment Corporation President's Message .................................................... 1 Portfolio Management Discussions ....................................... 2 Portfolio of Investments in Securities: Money Market Fund .................................................... 10 All America Fund ..................................................... 11 Equity Index Fund .................................................... 19 Mid-Cap Equity Index Fund ............................................ 24 Bond Fund ............................................................ 28 Short-Term Bond Fund ................................................. 32 Mid-Term Bond Fund ................................................... 35 Composite Fund ....................................................... 37 Aggressive Equity Fund ............................................... 42 Statement of Assets and Liabilities .................................... 44 Statement of Operations ................................................ 45 Statements of Changes in Net Assets .................................... 46 Financial Highlights ................................................... 48 Notes to Financial Statements .......................................... 56 Semi-Annual Report of Scudder Variable Series I Semi-Annual Report of VP Capital Appreciation Fund of American Century Variable Portfolios, Inc. Semi-Annual Report of Calvert Social Balanced Portfolio of Calvert Variable Series, Inc. Semi-Annual Report of Fidelity Investments Variable Insurance Products Funds: Equity-Income Portfolio Semi-Annual Report of Fidelity Investments Variable Insurance Products Funds: Contrafund Portfolio Semi-Annual Report of Fidelity Investments Variable Insurance Products Funds: Asset Manager Portfolio MUTUAL OF AMERICA INVESTMENT CORPORATION The Mutual of America Investment Corporation results for the year ending December 31, 2001 are presented within this report. The year 2002 has presented serious challenges to the American economy. The country has been recovering from both last September's terrorist acts and an economic recession. The U.S. economy reportedly grew at an annual rate of 6.1 percent during the first quarter of 2002, although that figure has since been adjusted downward. Regardless of the actual number, optimism was abundant among economists for a continued recovery, with projections of 2.3 percent growth (annualized) for the quarter ended June 30. Instead, Gross Domestic Product grew at an annual rate of only 1.1 percent during the quarter. Consumers, concerned by the sluggish job market and persistent unemployment among those looking for jobs, have put the brakes on spending, one of the pillars that has supported the economy during its downturn. The Federal government's financing needs have increased, due to economic factors and the looming deficit (as compared to last year's surplus). Recent Treasury auctions have been larger than prior years, yet have been very well received. The Federal Reserve cut short-term rates drastically in 2001, with the Fed Funds rate targeted at a 40-year low of 1.75 percent. Longer rates have been steadier, despite the discontinuance of the sale of 30-year Treasury bonds. The 10-year bond (at 4.8 percent at the end of June) was yielding only slightly less than its 5 percent yield at the end of last December For the first six months of 2002, the Standard & Poor's 500 Stock Index was down 13.2 percent and the Nasdaq was down 24.9 percent. Concern over the profit potential of most companies, coupled with a few large, widely publicized management scandals, has made investors very wary. Compared to their benchmarks, the equity fund's performance has been relatively favorable, despite the uncertain economic climate and tumultuous fluctuations in the marketplace. The portfolio managers will continue to exert diligence in managing the assets under their control. The total return performance for each of the Mutual of America Investment Corporation Funds is reflected below. Total Returns-- Six Months to June 30, 2002 Money Market Fund ................................ + 0.7% All America Fund ................................. -10.3% Equity Index Fund ................................ -13.2% Mid-Cap Equity Index Fund ........................ - 3.6% Bond Fund ........................................ + 2.5% Short-Term Bond Fund ............................. + 2.6% Mid-Term Bond Fund ............................... + 3.4% Composite Fund ................................... - 2.8% Aggressive Equity Fund ........................... + 0.8% The above total return performance figures do not reflect the deduction of respective Separate Account fees and expenses imposed by Mutual of America Life Insurance Company. All Fund performances presented throughout this report are historical, reflect the full reinvestment of dividends paid, and should not be considered indicative of future results. On the pages 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 2.2% for the 12 months ended June 30, 2002. Short-term rates declined substantially during this period, as the Federal Reserve Board lowered the Federal Funds rate from 3.75% to 1.75% in an attempt to stimulate the economy. The seven-day effective yield as of August 20, 2002 is 1.5%. As with all performance reporting, this yield is not necessarily indicative of future annual yields. Neither the Federal Deposit Insurance Corporation nor any other U.S. Government agency insures or guarantees the Separate Account's investments in shares of the Money Market Fund. ALL AMERICA FUND The past year has been one of drama and challenge for the U.S. equity market. Investors had to cope not only with acts of terrorism, but with the threat of additional terrorist actions. Along with a profit recession, accounting scandals and several high-profile, alleged management misdeeds, these issues have cast a pall on the market, despite a very strong economic rebound in the first quarter, followed by continued, albeit slower, growth in the second quarter. Valuation concerns during a period of uncertain growth and little corporate visibility into the future are likely to blame for the market's inability to maintain upward momentum. The stock market continues to perform in an orderly, although volatile, manner, despite all the issues facing it. The investment objective of the All America Fund is to outperform the Standard & Poor's 500 Index. The Fund is approximately 60% invested in the 500 stocks that comprise the S&P 500 Index, with the remaining 40% actively managed, using four different investment approaches. The actively managed portion of the Fund is approximately equally distributed among large-cap growth, small-cap growth, large-cap value and small-cap value. Mutual of America Capital Management Corporation manages the value assets and the small-cap growth assets. A sub-advisor manages the large-cap growth assets. The Fund's return for the 12 months ended June 30, 2002 was -17.5% versus the benchmark return of -18.0%. Each internally managed portion of the Fund outperformed its respective benchmark, while the one sub-advisor lagged its benchmark. GROWTH OF A $10,000 INVESTMENT [THE FOLLOWING INFORMATION DEPICTS THE GRAPH WHICH APPEARS ON PAGE 2] All America Dates Fund S & P 500 ----- ---- --------- 6/30/92 ......... 10,000 10,000 6/30/93 ......... 11,369 11,363 6/30/94 ......... 11,415 11,521 6/30/95 ......... 14,574 14,524 6/30/96 ......... 18,178 18,301 6/30/97 ......... 23,281 24,651 6/30/98 ......... 28,872 32,086 6/30/99 ......... 34,367 39,386 6/30/00 ......... 40,430 42,237 6/30/01 ......... 32,877 35,973 6/30/02 ......... 27,111 29,502 ---------------------------------------------------- All America Fund ---------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $8,246 -17.5% -17.5% 5 Years $11,645 16.5% 3.1% Since 5/2/94* $23,215 132.1% 10.9% 10 Years $27,111 171.1% 10.5% ---------------------------------------------------- ---------------------------------------------------- S & P 500 INDEX --------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $8,201 -18.0% -18.0% 5 Years $11,967 19.7% 3.7% Since 5/2/94 $25,263 152.6% 12.0% 10 Years $29,502 195.0% 11.4% ---------------------------------------------------- * 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 past year has been one of drama and challenge for the U.S. equity market. Investors had to cope not only with acts of terrorism, but with the threat of additional terrorist actions. Along with a profit recession, accounting scandals and several high-profile, alleged management misdeeds, these issues have cast a pall on the market, despite a very strong economic rebound in the first quarter, followed by continued, albeit slower, growth in the second quarter. Valuation concerns during a period of uncertain growth and little corporate visibility into the future are likely to blame for the market's inability to maintain upward momentum. The stock market continues to perform in an orderly, although volatile, manner, despite all the issues facing it. The Equity Index Fund invests in the 500 stocks that comprise the S&P 500 Index. The S&P 500 Index is a market-weighted index of 500 stocks that are traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company's influence on the Index's performance directly proportional to that company's market value. The companies included in this Index tend to be market leaders. In July 2002, Standard & Poor's changed the composition of the Index by removing seven foreign companies (five Canadian and two European), replacing them with seven firms headquartered in the U.S. For the 12 months ended June 30, 2002, only two sectors -- consumer staples and materials -- had positive returns. The weakest sectors were telecom and technology, as the once almost-infinite growth stories evaporated. Market trends will likely remain uncertain until there is better corporate profit visibility and a recovery (or at least a hint of a recovery) in capital expenditure spending. The Fund's performance for the 12 months ended June 30, 2002 was -18.1%, in line with the benchmark return of -18.0%. GROWTH OF A $10,000 INVESTMENT [THE FOLLOWING INFORMATION DEPICTS THE GRAPH WHICH APPEARS ON PAGE 3] Dates Equity Index Fund S & P 500 ----- ----------------- --------- 2/5/93 ......... 10,000 10,000 6/30/93 ........ 10,116 10,153 6/30/94 ........ 10,266 10,294 6/30/95 ........ 12,915 12,978 6/30/96 ........ 16,183 16,352 6/30/97 ........ 21,789 22,026 6/30/98 ........ 28,276 28,669 6/30/99 ........ 34,723 35,191 6/30/00 ........ 37,174 37,739 6/30/01 ........ 31,620 32,142 6/30/02 ........ 25,882 26,360 ----------------------------------------------------- Equity Index Fund ----------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ----------------------------------------------------- 1 Year $8,185 -18.1% -18.1% 5 Years $11,879 18.8% 3.5% Since 2/5/93 (Inception) $25,882 158.8% 10.6% ----------------------------------------------------- ----------------------------------------------------- S & P 500 Index --------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ----------------------------------------------------- 1 Year $8,201 -18.0% -18.0% 5 Years $11,967 19.7% 3.7% Since 2/5/93 (Inception) $26,360 163.6% 10.9% ----------------------------------------------------- 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 MidCap 400 Index. The Index is a market-weighted index of 400 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company's influence on the Index's performance directly proportional to that company's market value. The companies included in the Index tend to be typical of this asset class, the medium-capitalized sector of the U.S. securities market. The S&P MidCap 400 Index outperformed the companies within the large-cap S&P 500 Index, continuing a recent trend. The Mid-Cap Equity Index Fund's performance for the 12-month period ended June 30, 2002 was -5.4% versus the -4.7% return of the S&P MidCap 400 Index. Mid-cap futures do not trade as precisely as larger-cap instruments, so the cash flows in and out of the Fund can have a large impact on performance, which. therefore, may vary from the benchmark. GROWTH OF A $10,000 INVESTMENT [THE FOLLOWING INFORMATION DEPICTS THE GRAPH WHICH APPEARS ON PAGE 4] Dates Mid Cap Eq.Index Fund S & P 500 ----- --------------------- --------- 5/3/99 ............. 10,000 10,000 6/30/99 ............ 10,409 10,581 6/30/00 ............ 12,079 12,377 6/30/01 ............ 13,143 13,475 6/30/02 12,439 12,839 ---------------------------------------------------- Mid-Cap Equity Index Fund ------------------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $9,464 -5.4% -5.4% Since 5/3/99 (Inception) $12,439 24.4% 7.2% ---------------------------------------------------- ---------------------------------------------------- S & P MidCap 400 Index ---------------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $9,528 -4.7% -4.7% Since 5/3/99 (Inception) $12,839 28.4% 8.2% ---------------------------------------------------- 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 12 months ending June 30, 2002, the Fund returned 5.4%. The Fund's benchmark, the Lehman Brothers Aggregate Bond Index returned 8.6% and the Lehman Brothers Government/Credit Index, which is over 50% invested in U.S. Government issues returned 8.2% for the same period. The Fund continued to underweight government securities and emphasized higher yielding, but more volatile, corporate issues. This volatility has risen to unprecedented levels, due to a weakening domestic economy and well-publicized accounting and corporate governance issues. As these are resolved, expect corporate bond prices to rise and yield relationships to revert to historical ranges. This will enable the Fund to outperform the more stable issues that dominate the Lehman Brothers Aggregate Bond and Government/Credit Bond indices. The Bond Fund has recently increased its holdings of mortgage-backed securities, based on market conditions and a growing preference for portfolios that are diversified among government, corporate and mortgage-backed securities. Consequently, the comparative index for the Fund has been changed to the Lehman Brothers Aggregate Bond Index, which includes a significant mortgage-backed securities component. The Fund's previous benchmark, the Lehman Brothers Government/Credit Bond Index, does not include any mortgage-backed securities. GROWTH OF A $10,000 INVESTMENT [THE FOLLOWING INFORMATION DEPICTS THE GRAPH WHICH APPEARS ON PAGE 5] Dates Bond Fund Lehman AGBI Lehman GCI ----- --------- ----------- ---------- 6/30/92 .......... 10,000 10,000 10,000 6/30/93 .......... 11,539 11,178 11,314 6/30/94 .......... 11,508 11,032 11,150 6/30/95 .......... 13,016 12,416 12,574 6/30/96 .......... 13,708 13,038 13,159 6/30/97 .......... 14,758 14,102 14,179 6/30/98 .......... 16,467 15,588 15,779 6/30/99 .......... 16,679 16,076 16,205 6/30/00 .......... 17,254 16,809 16,900 6/30/01 .......... 19,169 18,697 18,783 6/30/02 .......... 20,209 20,311 20,330 ---------------------------------------------------- Bond Fund --------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,543 5.4% 5.4% 5 Years $13,694 36.9% 6.5% 10 Years $20,209 102.1% 7.3% ---------------------------------------------------- ---------------------------------------------------- Lehman Bros. Aggregate Bond Index --------------------------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,863 8.6% 8.6% 5 Years $14,402 44.0% 7.6% 10 Years $20,311 103.1% 7.3% ---------------------------------------------------- ---------------------------------------------------- Lehman Bros. Gov't/Corp Bond Index ------------------------------------ Total Return Period Growth ------------ Ended of Cumu- Average 6/30/2002 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,824 8.2% 8.2% 5 Years $14,337 43.4% 7.5% 10 Years $20,331 103.3% 7.4% ---------------------------------------------------- The line representing the performance return of the Bond Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of each 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 normally less volatile than other securities of similar maturity. Over the 12-month period, the yield on three-year Treasury issues declined from 4.69% to 2.80%. The positive influence of its return on the Index overwhelmed the higher current yield enjoyed by the Fund with its holdings of less volatile securities. The yield curve is unusually steep and is expected to flatten over the next 12 months, resulting in favorable returns for the Fund relative to the Index. The Fund returned 6.1% for the 12 months ended June 30, 2002, compared to its benchmark, the Salomon Brothers 1-3 Year Bond Index, which returned 6.8% for the same period. GROWTH OF A $10,000 INVESTMENT [THE FOLLOWING INFORMATION DEPICTS THE GRAPH WHICH APPEARS ON PAGE 6] Dates Short Term Bond Sal Br.1-3 ----- --------------- ---------- 2/5/93 ........... 10,000 10,000 6/30/93 .......... 10,240 10,232 6/30/94 .......... 10,439 10,406 6/30/95 .......... 11,066 11,206 6/30/96 .......... 11,625 11,824 6/30/97 .......... 12,324 12,605 6/30/98 .......... 13,056 13,468 6/30/99 .......... 13,706 14,165 6/30/00 .......... 14,457 14,867 6/30/01 .......... 15,689 16,298 6/30/02 .......... 16,644 17,407 ---------------------------------------------------- Short-Term Bond Fund -------------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,609 6.1% 6.1% 5 Years $13,506 35.1% 6.2% Since 2/5/93 (Inception) $16,644 66.4% 5.6% ---------------------------------------------------- ---------------------------------------------------- Salomon Bros. 1-3 Year Bond Index --------------------------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,680 6.8% 6.8% 5 Years $13,808 38.1% 6.7% Since 2/5/93 (Inception) $17,407 74.1% 6.1% ---------------------------------------------------- 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. The spreads against Treasuries widened considerably during the first half of 2002, detracting appreciably from total return for the year. For the 12 months ended June 30, 2002, the Fund returned 8.1% compared to the Salomon Brothers 3-7 Year Bond Index, which returned 8.6%. GROWTH OF A $10,000 INVESTMENT [THE FOLLOWING INFORMATION DEPICTS THE GRAPH WHICH APPEARS ON PAGE 7] Dates Mid Term Bond Sal Br.3-7 ----- ------------- ---------- 2/5/93 .............. 10,000 10,000 6/30/93 ............. 10,457 10,460 6/30/94 ............. 10,302 10,399 6/30/95 ............. 11,469 11,561 6/30/96 ............. 11,947 12,122 6/30/97 ............. 12,864 13,025 6/30/98 ............. 13,850 14,213 6/30/99 ............. 14,315 14,820 6/30/00 ............. 14,713 15,411 6/30/01 ............. 16,038 17,238 6/30/02 ............. 17,343 18,720 ---------------------------------------------------- Mid-Term Bond Fund ------------------ Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,814 8.1% 8.1% 5 Years $13,482 34.8% 6.2% Since 2/5/93 (Inception) $17,343 73.4% 6.0% ---------------------------------------------------- ---------------------------------------------------- Salomon Bros. 3-7 Year Bond Index --------------------------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,860 8.6% 8.6% 5 Years $14,371 43.7% 7.5% Since 2/5/93 (Inception) $18,720 87.2% 6.9% ---------------------------------------------------- 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 invests in a diversified portfolio of common stocks and fixed income securities seeking appreciation and current income. The equity portion of the Fund invests in stocks within the S&P 500 Index. Approximately 25 of the largest stocks by market capitalization will have representation in the Fund along with additional stocks, with the total owned usually falling between 75-100 companies. 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 12 months ended June 30, 2002, the Lehman Brothers Government/Credit Bond Index returned 8.2%, the Lehman Brothers Aggregate Bond Index returned 8.6% and the S&P 500 Index returned -18.0%. The Composite Fund returned -9.7%. In the past year, interest rates have remained low as a result of Federal Reserve actions and investor uncertainty regarding the stock market. A number of bankruptcies, particularly in the telecommunications sector, have tested investor resilience. Investor time horizons are short and rising gains (as a group) are quickly taken, making it difficult to establish new sector leadership. The specter of questionable accounting and management practices should continue to affect the market. The fixed-income component of the Composite Fund has recently increased its holdings of mortgage-backed securities, based on market conditions and a growing for portfolios that are diversified among government, corporate and mortgage-backed securities. Consequently, the comparative index for the fixed-income component has been changed to the Lehman Brothers Aggregate Bond Index, which includes a significant mortgage-backed securities component. The fixed-income component's previous benchmark, the Lehman Brothers Government/Credit Bond Index, does not include any mortgage-backed securities. GROWTH OF A $10,000 INVESTMENT [THE FOLLOWING INFORMATION DEPICTS THE GRAPH WHICH APPEARS ON PAGE 8] Dates Composite Fund Lehman ABGI S&P 500 Sal 3 Mo T Bill Lehman GCI ----- -------------- ----------- ------- --------------- ---------- 6/30/1992 .... 10,000 10,000 10,000 10,000 10,000 6/30/1993 .... 11,846 11,178 11,363 10,314 11,314 6/30/1994 .... 11,678 11,032 11,521 10,660 11,150 6/30/1995 .... 13,309 12,416 14,524 11,233 12,574 6/30/1996 .... 15,139 13,038 18,301 11,844 13,159 6/30/1997 .... 17,371 14,102 24,651 12,467 14,179 6/30/1998 .... 20,934 15,588 32,086 13,119 15,779 6/30/1999 .... 23,041 16,076 39,385 13,738 16,205 6/30/2000 .... 25,176 16,809 42,237 14,466 16,880 6/30/2001 .... 23,958 18,697 35,973 15,282 18,783 6/30/2002 .... 21,624 20,311 29,502 15,658 20,330 ---------------------------------------------------- Composite Fund -------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $9,026 -9.7% -9.7% 5 Years $12,449 24.5% 4.5% 10 Years $21,624 116.2% 8.0% ---------------------------------------------------- ---------------------------------------------------- S & P 500 Index --------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $8,201 -18.0% -18.0% 5 Years $11,967 19.7% 3.7% 10 Years $29,501 195.0% 11.4% ---------------------------------------------------- ---------------------------------------------------- Lehman Bros. Aggregate Bond Index --------------------------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,863 8.6% 8.6% 5 Years $14,402 44.0% 7.6% 10 Years $20,311 103.1% 7.3% ---------------------------------------------------- ---------------------------------------------------- Salomon Bros. 3 - Month T-Bill Index ------------------------------------ Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,426 2.5% 2.5% 5 Years $12,559 25.6% 4.7% 10 Years $15,658 56.6% 4.6% ---------------------------------------------------- ---------------------------------------------------- Lehman Bros. Gov't / Corp Bond Index ------------------------------------ Total Return Period Growth ------------ Ended of Cumu- Average 6/30/2002 $10,000 lative Annual ---------------------------------------------------- 1 Year $10,824 8.2% 8.2% 5 Years $14,402 43.4% 7.5% 10 Years $20,311 103.3% 7.4% ---------------------------------------------------- The line representing the performance return of the Composite Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return lines of the Indexes does not. 8 AGGRESSIVE EQUITY FUND For the 12 months ended June 30, 2002, small-cap stocks continued to outperform large-cap stocks, due, perhaps, to investors seeking companies with better valuations and less controversy. Within the Russell 2000(R) Index, value outperformed growth by a significant margin for the period. Small caps, however, did not totally escape macro issues affecting the market, as reflected in the negative returns for the Russell 2000(R) Growth Index. For the one-year period ended June 30, 2002, the sectors with positive performance were consumer staples, financials, consumer discretionary, auto and transportation, and materials and processing. While a higher-than-average number of companies have reported better-than-expected earnings, the market has not responded to this news -- the lack of long-term profit visibility suggests that a recovery could be only tentative. The objective of the Aggressive Equity Fund is capital appreciation through investing in both growth and value stocks, with the respective weightings to be determined by market conditions. Over the 12-month period ended June 30, 2002, the Fund returned -3.8% versus the -8.6% return for the Russell 2000(R) Index. GROWTH OF A $10,000 INVESTMENT [THE FOLLOWING INFORMATION DEPICTS THE GRAPH WHICH APPEARS ON PAGE 9] Dates Aggressive Equity S & P 500 ----- ----------------- --------- 5/2/94 .................... 10,000 10,000 6/30/94 ................... 9,781 9,479 6/30/95 ................... 12,541 11,474 6/30/96 ................... 16,930 13,832 6/30/97 ................... 21,068 16,091 6/30/98 ................... 22,859 18,746 6/30/99 ................... 22,864 19,027 6/30/00 ................... 31,812 21,754 6/30/01 ................... 28,384 21,898 6/30/02 ................... 27,301 20,014 ---------------------------------------------------- Aggressive Equity Fund ---------------------- Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $9,618 -3.8% -3.8% 5 Years $12,958 29.6% 5.3% Since 5/2/94 (Inception) $27,301 173.0% 13.1% ---------------------------------------------------- ---------------------------------------------------- Russell 2000 Index ------------------ Total Return Period Growth ------------ Ended of Cumu- Average 6/30/02 $10,000 lative Annual ---------------------------------------------------- 1 Year $9,140 -8.6% -8.6% 5 Years $12,437 24.4% 4.5% Since 5/2/94 (Inception) $20,014 100.1% 8.9% ---------------------------------------------------- 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 June 30, 2002 (Unaudited)
Discount Face Amortized Rating* Rate Maturity Amount Cost ------- -------- --------- ---------- ------------ SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (100%) 7-Eleven, Inc. ............... A1+/P1 1.83% 07/16/02 $ 1,200,000 $ 1,198,961 7-Eleven, Inc. ............... A1+/P1 1.81 07/17/02 2,000,000 1,998,186 7-Eleven, Inc. ............... A1+/P1 1.81 08/09/02 781,000 779,388 Alcoa, Inc. .................. A1/P1 1.75 07/12/02 1,237,000 1,236,217 Archer Daniels Midland ....... A1/P1 1.77 08/20/02 986,000 983,477 Archer Daniels Midland ....... A1/P1 1.75 09/10/02 2,276,000 2,267,719 Archer Daniels Midland ....... A1/P1 1.77 09/10/02 309,000 307,876 Abbott Laboratories .......... A1+/P1 1.74 08/21/02 2,447,000 2,440,729 Alabama Power Company ........ A1/P1 1.77 07/16/02 2,263,000 2,261,106 Alabama Power Company ........ A1/P1 1.76 07/23/02 1,700,000 1,698,004 American Express Credit Corp. A1/P1 1.76 07/09/02 2,200,000 2,198,922 American Express Credit Corp. A1/P1 1.75 08/23/02 1,200,000 1,196,791 American Express Credit Corp. A1/P1 1.76 08/14/02 219,000 218,507 Bayer Corporation ............ A1/P1 1.78 07/23/02 3,700,000 3,695,599 Bemis Co. .................... A1/P1 1.76 07/11/02 1,300,000 1,299,236 Becton Dickinson & Co. ....... A1/P1 1.80 08/05/02 295,000 294,454 Citicorp ..................... A1+/P1 1.76 08/16/02 3,700,000 3,691,314 Coca-Cola Enterprises ........ A1/P1 1.75 07/08/02 1,019,000 1,018,553 Coca-Cola Enterprises ........ A1/P1 1.83 07/08/02 785,000 784,640 Coca-Cola Enterprises ........ A1/P1 1.73 07/17/02 2,000,000 1,998,267 Donnelley (R.R.) & Sons ...... A1/P1 1.75 07/18/02 2,476,000 2,473,712 Emerson Electric Co. ......... A1/P1 1.77 07/03/02 2,285,000 2,284,550 Emerson Electric Co. ......... A1/P1 1.79 07/03/02 434,000 433,913 Emerson Electric Co. ......... A1/P1 1.74 08/21/02 1,000,000 997,437 Executive Jet, Inc. .......... A1+/P1 1.77 07/09/02 3,000,000 2,998,521 Executive Jet, Inc. .......... A1+/P1 1.78 07/10/02 600,000 599,673 Gannett Co. .................. A1/P1 1.77 07/02/02 2,200,000 2,199,674 General Electric Capital Corp. A1+/P1 1.77 07/09/02 333,000 332,836 General Electric Capital Corp. A1+/P1 1.77 07/10/02 2,808,000 2,806,477 General Electric Capital Corp. A1+/P1 1.78 08/05/02 850,000 848,443 Household Finance Corp. ...... A1/P1 1.77 07/12/02 3,313,000 3,310,877 International Lease Fin. Corp. A1+/P1 1.76 07/09/02 580,000 579,716 International Lease Fin. Corp. A1+/P1 1.77 07/01/02 3,156,000 3,155,689 Novartis Finance Corp. ....... A1+/P1 1.75 07/18/02 2,003,000 2,001,148 National Rural Utilities ..... A1/P1 1.82 07/09/02 700,000 699,646 National Rural Utilities ..... A1/P1 1.79 07/19/02 3,400,000 3,396,616 Nestle Capital Corp. ......... A1+/P1 1.75 08/05/02 1,500,000 1,497,299 Pitney Bowes, Inc. ........... A1+/P1 1.76 08/05/02 3,800,000 3,793,117 SBC Communications, Inc. ..... A1+/P1 1.77 07/08/02 1,322,000 1,321,414 SBC Communications, Inc. ..... A1+/P1 1.78 07/18/02 2,274,000 2,271,858 Schering Corporation ......... A1+/P1 1.75 07/08/02 1,005,000 1,004,560 South Carolina E&G ........... A1/P1 1.77 07/22/02 3,000,000 2,996,602 Toyota Motor Credit Corp. .... A1+/P1 1.75 07/08/02 1,000,000 999,562 Toyota Motor Credit Corp. .... A1+/P1 1.72 07/11/02 2,000,000 1,998,851 Toyota Motor Credit Corp. .... A1+/P1 1.76 07/16/02 897,000 896,254 Unilever Capital Corp. ....... A1/P1 1.72 07/02/02 2,300,000 2,299,670 Verizon Network Funding ...... A1+/P1 1.79 07/16/02 3,600,000 3,596,950 Wal-Mart Stores, Inc. ........ A1+/P1 1.74 08/06/02 2,239,000 2,234,883 Washington Post Co. .......... A1/P1 1.78 07/15/02 3,700,000 3,697,064 Wisconsin Electric Fuel Tr ... A1/P1 1.82 07/12/02 731,000 730,518 ----------- TOTAL SHORT-TERM DEBT SECURITIES (Cost: $90,025,696) 100% ..... $90,025,476 ===========
----------- * The ratings are provided by Standard & Poor's Corporation/Moody's Investors Service, Inc. The accompanying notes are an integral part of these financial statements. 10 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES June 30, 2002 (Unaudited) Shares Value ------- ------------ INDEXED ASSETS: COMMON STOCKS 3M Company ................................. 12,609 $ 1,550,907 ADC Telecommunications, Inc.* .............. 25,528 58,459 AES Corp.* ................................. 17,142 92,910 Alcoa, Inc. ................................ 27,257 903,570 AMR Corp.* ................................. 4,979 83,946 AOL Time Warner, Inc.* ..................... 143,167 2,105,987 AT&T Corp. ................................. 122,136 1,306,855 AT&T Corp.* ................................ 87,013 509,026 Abbott Laboratories ........................ 50,178 1,889,202 Ace, Ltd.* ................................. 8,345 263,702 Adobe Systems, Inc. ........................ 7,621 217,199 Advanced Micro Devices, Inc.* .............. 10,928 106,220 Aetna, Inc. ................................ 4,654 223,252 Aflac, Inc. ................................ 16,658 533,056 Agilent Technologies, Inc.* ................ 14,912 352,669 Air Products & Chemicals, Inc. ............. 7,307 368,784 Alberto-Culver Co. ......................... 1,853 88,573 Albertson's, Inc. .......................... 13,066 397,990 Alcan, Inc. ................................ 10,321 387,244 Allegheny Energy, Inc. ..................... 4,021 103,541 Allegheny Technologies, Inc. ............... 2,582 40,796 Allergan, Inc. ............................. 4,209 280,951 Allied Waste Industries, Inc.* ............. 6,334 60,806 Allstate Corp. ............................. 22,810 843,514 Alltel Corp. ............................... 9,997 469,859 Altera Corp.* .............................. 12,386 168,450 AmSouth Bancorporation ..................... 11,719 262,271 Ambac Financial Group, Inc. ................ 3,394 228,077 Amerada Hess Corp. ......................... 2,852 235,290 Ameren Corp. ............................... 4,641 199,609 American Electric Power, Inc. .............. 10,896 436,058 American Express Co. ....................... 42,761 1,553,080 American Greetings Corp. Cl A* ............. 2,050 34,153 American Int'l. Group, Inc. ................ 84,013 5,732,207 American Power Conversion* ................. 6,288 79,417 American Standard Cos., Inc.* .............. 2,306 173,181 Amerisource Bergen Corp. ................... 3,343 254,068 Amgen, Inc.* ............................... 33,406 1,399,043 Anadarko Petroleum Corp. ................... 8,000 394,400 Analog Devices, Inc.* ...................... 11,732 348,440 Andrew Corp.* .............................. 3,153 47,043 Anheuser-Busch Cos., Inc. .................. 28,182 1,409,100 Aon Corp. .................................. 8,658 255,238 Apache Corp. ............................... 4,619 265,500 Apollo Group, Inc. Cl A* ................... 5,546 218,623 Apple Computer, Inc.* ...................... 11,363 201,352 Applera Corp.-Applied Biosys ............... 6,836 133,234 Applied Materials, Inc.* ................... 52,732 1,002,963 Applied Micro Circuits, Corp.* ............. 9,627 45,536 Archer-Daniels-Midland Co. ................. 20,949 267,938 Ashland, Inc. .............................. 2,228 90,234 AutoZone, Inc.* ............................ 3,434 265,448 Autodesk, Inc. ............................. 3,688 48,866 Automatic Data Processing, Inc. ............ 19,947 868,692 Avaya, Inc.* ............................... 11,589 57,366 Avery Dennison Corp. ....................... 3,533 221,696 Avon Products, Inc. ........................ 7,597 396,867 BB & T Corp. ............................... 15,409 594,787 BJ Services Co.* ........................... 5,027 170,315 BMC Software, Inc.* ........................ 7,807 129,596 Baker Hughes, Inc. ......................... 10,801 359,565 Ball Corp. ................................. 1,762 73,088 Bank One Corp. ............................. 37,740 1,452,235 Bank of America Corp. ...................... 49,494 3,482,398 Bank of New York Co., Inc. ................. 23,405 789,919 Bard (C.R.), Inc. .......................... 1,643 92,961 Barrick Gold Corp. ......................... 17,396 330,350 Bausch & Lomb, Inc. ........................ 1,725 58,391 Baxter International, Inc. ................. 19,327 859,085 Bear Stearns Cos., Inc. .................... 3,211 196,513 Becton Dickinson & Co. ..................... 8,318 286,555 Bed Bath & Beyond, Inc.* ................... 9,340 352,492 BellSouth Corp. ............................ 60,269 1,898,474 Bemis Co. .................................. 1,697 80,608 Best Buy Co., Inc.* ........................ 10,209 370,587 Big Lots, Inc. ............................. 3,677 72,363 Biogen, Inc.* .............................. 4,756 197,041 Biomet, Inc. ............................... 8,684 235,510 Black & Decker Corp. ....................... 2,568 123,778 Block (H. & R.), Inc. ...................... 5,875 271,131 Boeing Co. ................................. 26,932 1,211,940 Boise Cascade Corp. ........................ 1,866 64,433 Boston Scientific Corp.* ................... 12,971 380,310 Bristol-Myers Squibb Co. ................... 62,323 1,601,701 Broadcom Corp. Cl A* ....................... 8,635 151,458 Brown-Forman Corp. Cl B .................... 2,196 151,524 Brunswick Corp. ............................ 2,821 78,988 Burlington Northern Santa Fe ............... 12,357 370,710 Burlington Resources, Inc. ................. 6,460 245,480 CIGNA Corp. ................................ 4,530 441,313 Cinergy Corp. .............................. 5,346 192,403 CMS Energy Corp. ........................... 4,276 46,950 CSX Corp. .................................. 6,877 241,039 CVS Corp. .................................. 12,567 384,550 Calpine Corp.* ............................. 11,945 83,973 Campbell Soup Co. .......................... 13,174 364,393 Capital One Financial Corp. ................ 7,069 431,562 Cardinal Health, Inc. ...................... 14,455 887,682 Carnival Corp. ............................. 18,856 522,123 Caterpillar, Inc. .......................... 11,044 540,604 Cendant Corp.* ............................. 33,539 532,599 Centex Corp. ............................... 1,968 113,731 CenturyTel, Inc. ........................... 4,537 133,842 Charles Schwab Corp. ....................... 44,092 493,830 Charter One Financial, Inc. ................ 7,228 248,499 ChevronTexaco Corp. ........................ 34,305 3,035,993 Chiron Corp.* .............................. 6,094 215,423 Chubb Corp. ................................ 5,460 386,568 Ciena Corp.* ............................... 14,084 59,012 Cincinnati Financial Corp. ................. 5,196 241,770 Cintas Corp. ............................... 5,460 269,888 Circuit City Group, Inc. ................... 6,712 125,850 Cisco Systems, Inc.* ....................... 235,407 3,283,928 Citigroup, Inc. ............................ 165,446 6,411,033 Citizens Communications Co.* ............... 9,007 75,299 Citrix Systems, Inc.* ...................... 5,852 35,346 Clear Channel Communications* .............. 19,699 630,762 Clorox Co. ................................. 7,487 309,587 Coca-Cola Co. .............................. 79,904 4,474,624 Coca-Cola Enterprises, Inc. ................ 14,302 315,788 Colgate-Palmolive Co. ...................... 17,592 880,480 Comcast Corp. Cl A* ........................ 30,387 724,426 Comerica, Inc. ............................. 5,725 351,515 Computer Associates Intl., Inc. ............ 18,569 295,061 Computer Sciences Corp.* ................... 5,495 262,661 Compuware Corp.* ........................... 12,007 72,882 Comverse Technology, Inc.* ................. 5,989 55,458 ConAgra Foods, Inc. ........................ 17,275 477,654 Concord EFS, Inc.* ......................... 16,341 492,518 Conoco, Inc. ............................... 20,126 559,503 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 (Continued) June 30, 2002 (Unaudited) Shares Value ------- ------------ INDEXED ASSETS (CONTINUED): COMMON STOCKS (CONTINUED) Conseco, Inc.* ............................. 11,086 $ 22,172 Consolidated Edison, Inc. .................. 6,825 284,944 Constellation Energy Group ................. 5,265 154,475 Convergys Corp.* ........................... 5,532 107,763 Cooper Industries Ltd. ..................... 3,010 118,293 Cooper Tire & Rubber Co. ................... 2,334 47,964 Coors (Adolph) Co. Cl B .................... 1,162 72,393 Corning, Inc.* ............................. 30,552 108,460 Costco Wholesale Corp.* .................... 14,548 561,844 Countrywide Credit Industries .............. 3,946 190,395 Crane Co. .................................. 1,919 48,704 Cummins, Inc. .............................. 1,327 43,924 DTE Energy Co. ............................. 5,231 233,512 Dana Corp. ................................. 4,778 88,536 Danaher Corp. ................................ 4,790 317,817 Darden Restaurants, Inc. ................... 5,648 139,506 Deere & Co. ................................ 7,642 366,052 Dell Computer Corp.* ....................... 83,460 2,181,644 Delphi Corporation ......................... 18,016 237,811 Delta Air Lines, Inc. ...................... 3,963 79,260 Deluxe Corp. ............................... 2,135 83,030 Devon Energy Corp. ......................... 4,997 246,252 Dillard's Inc. Cl A ........................ 2,692 70,773 Disney (Walt) Co. .......................... 65,581 1,239,481 Dollar General Corp. ....................... 10,695 203,526 Dominion Resources, Inc. ................... 8,897 588,981 Donnelley (R.R.) & Sons Co. ................ 3,632 100,062 Dover Corp. ................................ 6,518 228,130 Dow Chemical Co. ........................... 29,184 1,003,346 Dow Jones & Co., Inc. ...................... 2,713 131,445 Du Pont (E.I.) de Nemours & Co. ............ 31,934 1,417,870 Duke Energy Corp. .......................... 26,681 829,779 Dynergy, Inc. .............................. 11,614 83,621 EMC Corp.* ................................. 71,488 539,734 EOG Resources, Inc. ........................ 3,714 147,446 Eastman Chemical Co. ....................... 2,480 116,312 Eastman Kodak Co. .......................... 9,389 273,877 Eaton Corp. ................................ 2,228 162,087 Ecolab, Inc. ............................... 4,111 190,052 Edison International* ...................... 10,478 178,126 El Paso Corp. .............................. 18,894 389,405 Electronic Data Systems Corp. .............. 15,461 574,376 Emerson Electric Co. ....................... 13,529 723,937 Engelhard Corp. ............................ 4,175 118,236 Entergy Corp. .............................. 7,211 306,035 Equifax, Inc. .............................. 4,660 125,820 Equity Office Properties ................... 13,325 401,083 Equity Residential ......................... 8,829 253,834 Exelon Corp. ............................... 10,319 539,684 Exxon Mobil Corp. .......................... 218,062 8,923,097 FPL Group, Inc. ............................ 5,656 339,303 Family Dollar Stores, Inc. ................. 5,544 195,426 Fannie Mae ................................. 32,126 2,369,293 FedEx Corp. ................................ 9,594 512,320 Federated Department Stores* ............... 6,467 256,740 Fifth Third Bancorp ........................ 18,935 1,262,018 First Data Corp. ........................... 24,538 912,814 First Tennessee Natl. Corp. ................ 4,076 156,111 FirstEnergy Corp. .......................... 9,569 319,413 Fiserv, Inc.* .............................. 6,127 224,922 FleetBoston Financial Corp. ................ 33,565 1,085,828 Fluor Corp. ................................ 2,577 100,374 Ford Motor Co. ............................. 58,234 931,744 Forest Laboratories, Inc.* ................. 5,744 406,675 Fortune Brands, Inc. ....................... 4,778 267,568 Franklin Resources, Inc. ................... 8,406 358,432 Freddie Mac ................................ 22,354 1,368,065 Freeport-McMoran Copper Cl B* .............. 4,630 82,646 Gannett Co., Inc. .......................... 8,517 646,440 Gap, Inc. .................................. 27,812 394,930 Gateway, Inc.* ............................. 10,418 46,256 General Dynamics Corp. ..................... 6,490 690,212 General Electric Co. ....................... 319,508 9,281,707 General Mills, Inc. ........................ 11,747 517,808 General Motors Corp. ....................... 18,034 963,917 Genuine Parts Co. .......................... 5,591 194,958 Genzyme Corp. (Genl. Div)* ................. 6,824 131,294 Georgia-Pacific (Timber Group) ............. 7,388 181,597 Gillette Co. ............................... 33,936 1,149,412 Golden West Financial Corp. ................ 5,069 348,646 Goodrich Corporation ....................... 3,272 89,391 Goodyear Tire & Rubber Co. ................. 5,246 98,153 Grainger (W.W.), Inc. ...................... 3,009 150,751 Great Lakes Chemical Corp. ................. 1,614 42,755 Guidant Corp.* ............................. 9,800 296,254 HCA, Inc. .................................. 16,563 786,743 Halliburton Co. ............................ 14,007 223,272 Harley-Davidson, Inc. ...................... 9,735 499,113 Harrah's Entertainment, Inc.* .............. 3,608 160,015 Hartford Financial Svc. Gp., Inc. .......... 7,885 468,921 Hasbro, Inc. ............................... 5,555 75,326 Health Management Associates* .............. 7,773 156,626 HealthSouth Corp.* ......................... 12,615 161,346 Heinz (H.J.) Co. ........................... 11,257 462,663 Hercules, Inc.* ............................ 3,488 40,461 Hershey Food Corp. ......................... 4,361 272,563 Hewlett-Packard Co. ........................ 97,090 1,483,535 Hilton Hotels Corp. .......................... 11,876 165,076 Home Depot, Inc. ........................... 75,717 2,781,085 Honeywell International, Inc. .............. 26,289 926,161 Household International, Inc. .............. 14,720 731,584 Humana, Inc.* .............................. 5,425 84,793 Huntington Bancshares, Inc. ................ 7,950 154,389 IMS Health, Inc. ........................... 9,284 166,648 ITT Industries, Inc. ....................... 2,843 200,716 Illinois Tool Works, Inc. .................. 9,798 669,203 Immunex Corp.* ............................. 17,751 396,557 Inco Ltd.* ................................. 5,859 132,648 Ingersoll Rand Co.* ........................ 5,401 246,610 Intel Corp. ................................ 214,974 3,927,575 International Game Technology* ............. 2,878 163,183 International Paper Co. .................... 15,500 675,490 Interpublic Group of Cos., Inc. ............ 12,283 304,127 Intl. Business Machines Corp. .............. 55,042 3,963,024 Intl. Flavors & Fragrances ................. 3,049 99,062 Intuit, Inc.* .............................. 6,840 340,085 J.P. Morgan Chase & Co. .................... 64,016 2,171,423 JDS Uniphase Corp.* ........................ 43,779 116,890 Jabil Circuit, Inc.* ....................... 6,340 133,837 Jefferson-Pilot Corp. ...................... 4,838 227,386 John Hancock Financial Services ............ 9,468 333,274 Johnson & Johnson .......................... 96,819 5,059,761 Johnson Controls, Inc. ..................... 2,819 230,059 Jones Apparel Group, Inc.* ................. 4,141 155,288 KB Home .................................... 1,619 83,395 KLA Tencor Corp.* .......................... 6,015 264,600 Kellogg Co. ................................ 13,071 468,726 Kerr-McGee Corp. ........................... 3,222 172,538 KeyCorp .................................... 13,618 371,771 Keyspan Corporation ........................ 4,472 168,371 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) June 30, 2002 (Unaudited) Shares Value ------- ------------ INDEXED ASSETS (CONTINUED): COMMON STOCKS (CONTINUED) Kimberly Clark Corp. ....................... 16,683 $ 1,034,346 Kinder Morgan, Inc. ........................ 3,974 151,091 King Pharmaceuticals, Inc.* ................ 7,899 175,753 Knight-Ridder, Inc. ........................ 2,705 170,280 Kohl's Corp.* .............................. 10,772 754,902 Kroger Co.* ................................ 25,533 508,107 LSI Logic Corp.* ........................... 11,798 103,233 Leggett & Platt ............................ 6,319 147,865 Lehman Brothers Holdings, Inc. ............. 7,854 491,032 Lexmark Int'l, Inc.* ....................... 4,180 227,392 Lilly (Eli) & Co. .......................... 36,146 2,038,634 Limited Brands, Inc. ....................... 16,634 354,304 Lincoln National Corp. ..................... 6,093 255,906 Linear Technology Corp. .................... 10,205 320,743 Liz Claiborne, Inc. ........................ 3,384 107,611 Lockheed Martin Corp. ...................... 14,491 1,007,125 Loews Corp. ................................ 6,158 326,312 Louisiana-Pacific Corp.* ................... 3,359 35,572 Lowe's Companies, Inc. ..................... 24,901 1,130,505 Lucent Technologies* ....................... 110,077 182,728 MBIA, Inc. ................................. 4,773 269,818 MBNA Corp. ................................. 27,392 905,853 MGIC Investment Corp. ...................... 3,446 233,639 Manor Care, Inc.* .......................... 3,292 75,716 Marathon Oil Corp. ......................... 9,949 269,817 Marriott International, Inc. ............... 7,750 294,888 Marsh & McLennan Cos., Inc. ................ 8,832 853,171 Marshall & Ilsley Corp. .................... 6,884 212,922 Masco Corp. ................................ 15,559 421,804 Mattel, Inc. ............................... 14,027 295,689 Maxim Integrated Products, Inc. ............ 10,479 401,660 May Department Stores Co. .................. 9,204 303,088 Maytag Corp. ............................... 2,468 105,260 McDermott International, Inc.* ............. 1,983 16,062 McDonald's Corp. ........................... 40,898 1,163,548 McGraw-Hill Cos., Inc. ..................... 6,220 371,334 McKesson Corp. ............................. 9,243 302,246 MeadWestvaco Corp. ......................... 6,387 214,348 Medimmune, Inc.* ........................... 7,961 210,170 Medtronic, Inc. ............................ 39,035 1,672,650 Mellon Financial Corp. ..................... 14,201 446,337 Merck & Co., Inc. .......................... 72,832 3,688,212 Mercury Interactive Corp.* ................. 2,660 61,074 Meredith Corp. ............................. 1,587 60,861 Merrill Lynch & Co., Inc. .................. 27,737 1,123,349 MetLife Inc. ............................... 22,682 653,242 Micron Technology, Inc.* ................... 19,301 390,266 Microsoft Corp.* ........................... 174,142 9,525,554 Millipore Corp.* ........................... 1,535 49,089 Mirant Corp.* .............................. 12,887 94,075 Molex Inc. Cl A .............................. 6,248 209,495 Moody's Corp. .............................. 5,017 249,596 Morgan Stanley ............................. 35,426 1,526,152 Motorola, Inc. ............................. 73,013 1,065,260 NCR Corp.* ................................. 3,124 108,090 NIKE, Inc. Cl B ............................ 8,620 462,463 NVIDIA Corporation* ........................ 4,809 82,619 Nabors Industries, Ltd.* ................... 4,634 163,580 National City Corp. ........................ 19,531 649,406 National Semiconductor Corp.* .............. 5,714 166,677 Navistar International Corp. ............... 1,927 61,664 Network Appliance, Inc.* ................... 10,737 133,568 New York Times Co. Cl A .................... 4,849 249,724 Newell Rubbermaid, Inc. .................... 8,582 300,885 Newmont Mining Corp. Holding Co. ........... 12,598 331,705 Nextel Communications, Inc.* ............... 26,201 84,105 NiSource, Inc. ............................. 6,673 145,672 Nicor, Inc. ................................ 1,425 65,194 Noble Corporation* ......................... 4,248 163,973 Nordstrom, Inc. ............................ 4,322 97,893 Norfolk Southern Corp. ..................... 12,430 290,613 Nortel Networks Corp.* ..................... 123,376 178,895 Northern Trust Corp. ....................... 7,143 314,721 Northrop Grumman Corp. ..................... 3,547 443,375 Novell, Inc.* .............................. 11,662 37,435 Novellus Systems, Inc.* .................... 4,609 156,706 Nucor Corp. ................................ 2,502 162,730 Occidental Petroleum Corp. ................. 12,013 360,270 Office Depot, Inc.* ........................ 9,873 165,866 Omnicom Group, Inc. ........................ 5,977 273,747 Oracle Corp.* .............................. 176,558 1,672,004 Paccar, Inc. ............................... 3,701 164,265 PG & E Corp.* .............................. 12,475 223,178 PMC-Sierra, Inc.* .......................... 5,309 49,214 PNC Financial Services Group ............... 9,131 477,369 PPG Industries, Inc. ....................... 5,428 335,993 PPL Corporation ............................ 4,713 155,906 Pactiv Corp.* .............................. 5,123 121,927 Pall Corp. ................................. 3,929 81,527 Palm, Inc.* ................................ 18,571 32,685 Parametric Technology Corp.* ............... 8,361 28,678 Parker Hannifin Corp. ...................... 3,768 180,073 Paychex, Inc. .............................. 12,051 377,076 Penney (J.C.) Co., Inc. .................... 8,595 189,262 Peoples Energy Corp. ....................... 1,140 41,564 Peoplesoft, Inc.* .......................... 9,985 148,577 Pepsi Bottling Group, Inc. ................. 9,174 282,559 PepsiCo, Inc. .............................. 56,849 2,740,122 PerkinElmer, Inc. .......................... 3,948 43,625 Pfizer, Inc. ............................... 200,785 7,027,475 Pharmacia Corp. ............................ 41,578 1,557,096 Phelps Dodge Corp.* ........................ 2,866 118,079 Phillip Morris Cos., Inc. .................. 68,793 3,004,878 Phillips Petroleum Co. ..................... 12,261 721,928 Pinnacle West Capital Corp. ................ 2,721 107,480 Pitney Bowes, Inc. ......................... 7,737 307,314 Placer Dome, Inc. .......................... 10,560 118,378 Plum Creek Timber Co. ...................... 5,873 180,301 Power One, Inc.* ........................... 2,536 15,774 Praxair, Inc. .............................. 5,173 294,706 Proctor & Gamble Co. ....................... 41,786 3,731,490 Progress Energy, Inc. ...................... 7,034 365,838 Progressive Corp. of Ohio .................. 7,071 409,057 Providian Financial Corp.* ................. 9,284 54,590 Public Svc. Enterprise Group ............... 6,619 286,603 Pulte Homes Inc. ........................... 1,941 111,569 QLogic Corp.* .............................. 2,989 113,881 Qualcomm, Inc.* ............................ 24,670 678,178 Quintiles Transnational Corp.* ............. 3,847 48,049 Qwest Communications Intl.* ................ 53,917 150,968 RadioShack Corp. ........................... 5,589 168,005 Rational Software Corp.* ................... 6,252 51,329 Raytheon Co. .............................. 12,804 521,763 Reebok International Ltd.* ................. 1,894 55,873 Regions Financial Corp. .................... 7,314 257,087 Reliant Energy, Inc. ....................... 9,760 164,944 Robert Half Intl., Inc.* ................... 5,641 131,435 Rockwell Automation Inc. ................... 5,929 118,461 Rockwell Collins ........................... 5,902 161,833 Rohm Haas Co. .............................. 7,087 286,953 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) June 30, 2002 (Unaudited) Shares Value ------- ------------ INDEXED ASSETS (CONTINUED): COMMON STOCKS (CONTINUED) Rowan Cos., Inc. ........................... 3,014 $ 64,650 Royal Dutch Petroleum Co. (N.Y.) ........... 68,303 3,775,107 Ryder System, Inc. ......................... 1,951 52,853 SBC Communications, Inc. ................... 107,396 3,275,578 SLM Corporation ............................ 5,041 488,473 Sabre Group Holdings, Inc.* ................ 4,595 164,501 Safeco Corp. ............................... 4,109 126,927 Safeway, Inc.* ............................. 15,539 453,583 Sanmina Corp.* ............................. 16,814 106,096 Sara Lee Corp. ............................. 25,256 521,284 Schering-Plough Corp. ...................... 47,083 1,158,242 Schlumberger, Ltd. ......................... 18,530 861,645 Scientific-Atlanta, Inc. ................... 5,031 82,760 Sealed Air Corp.* .......................... 2,692 108,407 Sears Roebuck & Co. ........................ 10,138 550,493 Sempra Energy .............................. 6,663 147,452 Sherwin-Williams Co. ....................... 4,966 148,632 Siebel Systems, Inc.* ...................... 15,227 216,528 Sigma-Aldrich Corp. ........................ 2,359 118,304 Simon Property Group ....................... 5,655 208,330 Snap-On, Inc. .............................. 1,862 55,283 Solectron Corp.* ........................... 26,389 162,292 SouthTrust Corp. ........................... 11,144 291,081 Southern Co. ............................... 22,651 620,637 Southwest Airlines Co. ..................... 24,812 400,962 Sprint Corp. (FON Gp.) ..................... 28,651 303,987 Sprint Corp.* (PCS Gp.) .................... 31,912 142,647 St. Jude Medical, Inc.* .................... 2,799 206,706 St. Paul Companies, Inc. ................... 6,669 259,557 Stanley Works .............................. 2,736 112,203 Staples, Inc.* ............................. 15,032 296,130 Starbucks Corp.* ........................... 12,413 308,463 Starwood Hotels & Resorts .................. 6,360 209,180 State Street Corp. ......................... 10,441 466,713 Stillwell Financial, Inc. .................. 7,117 129,529 Stryker Corp. .............................. 6,322 338,290 Sun Microsystems, Inc.* .................... 104,463 523,360 Sunoco, Inc. ............................... 2,432 86,652 Suntrust Banks, Inc. ....................... 9,281 628,509 Supervalu, Inc. ............................ 4,259 104,473 Symbol Technologies, Inc. .................. 7,344 62,424 Synovus Financial Corp. .................... 9,495 261,302 Sysco Corp. ................................ 21,389 582,209 T. Rowe Price Group, Inc. .................. 3,966 130,402 TJX Companies, Inc. ........................ 17,355 340,332 TMP Worldwide, Inc.* ....................... 3,555 76,433 TRW, Inc. .................................. 4,063 231,510 TXU Corp. .................................. 8,525 439,464 Target Corp. ............................... 29,155 1,110,806 Teco Energy, Inc. .......................... 4,924 121,869 Tektronix, Inc.* ........................... 2,958 55,344 Tellabs, Inc.* ............................. 13,185 81,747 Temple-Inland, Inc. ........................ 1,714 99,172 Tenet Healthcare Corp.* .................... 10,466 748,842 Teradyne, Inc.* ............................ 5,807 136,465 Texas Instruments, Inc. .................... 55,834 1,323,266 Textron, Inc. .............................. 4,543 213,067 Thermo Electron Corp.* ..................... 5,541 91,427 Thomas & Betts Corp.* ...................... 1,870 34,782 Tiffany & Co. .............................. 4,660 164,032 Torchmark Corp. ............................ 3,994 152,571 Toys R Us, Inc.* ........................... 6,740 117,748 Transocean, Inc.* .......................... 10,251 319,319 Tribune Co. ................................ 9,680 421,080 Tupperware Corp. ........................... 1,869 38,857 Tyco International Ltd. .................... 64,199 867,328 UNUMProvident Corp. ........................ 7,783 198,077 US Bancorp ................................. 61,373 1,433,060 UST, Inc. .................................. 5,413 184,042 Unilever N.V. (N.Y.) ....................... 18,380 1,191,024 Union Pacific Corp. ........................ 8,098 512,441 Union Planters Corp. ....................... 6,517 210,955 Unisys Corp.* .............................. 10,371 93,339 United States Steel Group .................. 3,176 63,171 United Technologies Corp. .................. 15,204 1,032,352 UnitedHealth Group, Inc. ................... 9,901 906,437 Univision Communications, Inc. ............... 7,370 231,418 Unocal Corp. ............................... 7,845 289,794 V F Corp. .................................. 3,568 139,901 Veritas Software Corp.* .................... 13,157 260,377 Verizon Communications ..................... 87,553 3,515,253 Viacom, Inc. Cl B* ......................... 56,831 2,521,591 Visteon Corp. .............................. 4,192 59,526 Vitesse Semiconductor Corp.* ............... 6,439 20,025 Vulcan Materials Co. ....................... 3,258 142,700 Wachovia Corp. ............................. 44,005 1,680,111 Wal-Mart Stores, Inc. ...................... 143,017 7,867,365 Walgreen Co. ............................... 32,860 1,269,382 Washington Mutual, Inc. .................... 31,325 1,162,471 Waste Management, Inc. ..................... 19,872 517,666 Waters Corp.* .............................. 4,206 112,300 Watson Pharmaceuticals, Inc.* .............. 3,423 86,499 Wellpoint Health Networks, Inc. ............ 4,643 361,272 Wells Fargo & Company ...................... 55,003 2,753,450 Wendy's International, Inc. ................ 3,685 146,774 Weyerhaeuser Co. ........................... 7,081 452,122 Whirlpool Corp. ............................ 2,149 140,459 Williams Cos., Inc. ........................ 16,593 99,392 Winn-Dixie Stores, Inc. .................... 4,520 70,467 Worthington Industries, Inc. ............... 2,747 49,721 Wrigley (Wm.) Jr. Co. ...................... 7,243 400,900 Wyeth ...................................... 42,643 2,183,322 XL Capital Limited* ........................ 4,266 361,330 Xcel Energy, Inc. .......................... 12,671 212,493 Xerox Corp.* ............................... 23,153 161,376 Xilinx, Inc.* .............................. 10,789 241,997 Yahoo!, Inc.* .............................. 19,224 283,746 Yum! Brands, Inc.* ......................... 9,532 278,811 Zimmer Holdings, Inc.* ..................... 6,233 222,269 Zions Bancorporation ....................... 2,950 153,695 ------------ TOTAL INDEXED ASSETS -- COMMON STOCKS (Cost: $231,732,666) 57.6% ................. $292,165,215 ============ 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) June 30, 2002 (Unaudited)
Face Rate Maturity Amount Value -------- -------- ---------- ------------ SHORT-TERM DEBT SECURITIES: U.S. GOVERNMENT (0.2%) U.S. Treasury Bill(a) .................... 1.67% 07/18/02 $ 500,000 $ 499,558 U.S. Treasury Bill(a) .................... 1.67 09/26/02 500,000 497,925 ------------ 997,483 ------------ COMMERCIAL PAPER (1.5%) Novartis Finance Corp. ................... 1.95 07/01/02 7,574,000 7,573,179 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $8,570,679) 1.7% ...................................................... 8,570,662 ------------ Total Indexed Assets (Cost: $240,303,345) 59.3% ................................................... $300,735,877 ============ ----------- FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 2002: Expiration Underlying Face Unrealized Date Amount at Value Gain/(Loss) ------------ --------------- ---------- PURCHASED 35 S&P 500 Stock Index Futures Contracts ....... September 2002 $8,663,375 $(346,775) ========== ==========
Face value of futures purchased and outstanding as a percentage of total investments in securities: 1.7% ------------ (a) This security, or a portion thereof, has been segregated to cover initial margin requirements on open contracts. The accompanying notes are an integral part of these financial statements. 15 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited) Shares Value ------- ------------ ACTIVE ASSETS: COMMON STOCKS BASIC MATERIALS (1.8%) Engelhard Corp. ............................ 27,150 $ 768,888 Goldcorp, Inc. ............................. 83,130 827,144 Georgia Gulf Corp. ......................... 22,360 591,198 International Paper Co. .................... 18,030 785,747 Lone Star Technologies, Inc.* .............. 25,630 586,927 Meridian Gold, Inc.* ....................... 67,840 1,088,832 Newmont Mining Corp Holding Co. ............ 34,920 919,444 Nova Chemicals Corp. ....................... 28,570 643,968 OM Group, Inc.* ............................ 8,680 538,160 Sigma-Aldrich Corp. ........................ 16,200 812,430 Spartech Corp. ............................. 30,056 818,425 TETRA Techonologies, Inc.* ................. 28,420 754,551 ------------ 9,135,714 ------------ CONSUMER, CYCLICAL (7.4%) Aeropostale, Inc.* ......................... 29,450 806,047 Action Performance Cos., Inc.* ............. 18,740 592,184 American Axle & Mfg. Holdings* ............. 29,620 880,899 Argosy Gaming Corp.* ....................... 38,410 1,090,844 Aztar Corp.* ............................... 39,970 831,376 BEBE Stores, Inc.* ......................... 16,070 326,060 Borg-Warner, Inc. .......................... 8,680 501,357 Boyd Gaming Corp.* ......................... 88,970 1,281,168 Brunswick Corp. ............................ 21,700 607,600 CBRL Group, Inc. ........................... 30,770 936,331 Champps Entertainment, Inc* ................ 90,550 1,105,616 Charlotte Russe Holding, Inc* .............. 29,440 657,395 Chico's FAS, Inc.* ......................... 19,000 690,080 Coach, Inc.* ............................... 38,800 2,130,120 Consolidated Graphics, Inc.* ............... 51,950 987,050 Constellation Brands Inc. Cl A ............. 42,400 1,356,800 Deb Shops, Inc. ............................ 23,770 802,927 Dress Barn, Inc.* .......................... 34,400 532,168 Electronics Boutique Hldgs.* ............... 26,500 776,450 Family Dollar Stores, Inc. ................. 22,800 803,700 Furniture Brands Intl., Inc.* .............. 34,180 1,033,945 Group 1 Automotive* ........................ 17,330 661,140 Guitar Center, Inc.* ....................... 16,600 307,930 Hot Topic, Inc* ............................ 26,420 705,678 Lear Corp.* ................................ 13,030 602,638 Lee Enterprises ............................ 57,520 2,013,200 Liz Claiborne, Inc. ........................ 20,050 637,590 Michaels Stores, Inc.* ..................... 42,930 1,674,270 Mohawk Industries, Inc.* ................... 19,844 1,221,001 NVR, Inc.* ................................. 2,100 678,300 Newell Rubbermaid, Inc. .................... 42,200 1,479,532 Nordstrom, Inc. ............................ 38,370 869,080 Ryder System, Inc. ......................... 28,130 762,042 Ryland Group, Inc. ......................... 9,600 477,600 Service Corp. International* ............... 90,980 439,432 Sonic Automotive, Inc.* .................... 20,530 528,648 Sonic Corp.* ............................... 34,460 1,082,389 Starbucks Corp.* ........................... 36,460 906,031 Superior Industries Intl ................... 11,580 535,575 Teleflex, Inc. ............................. 10,130 578,930 The Finish Line Cl A* ...................... 47,200 845,823 The McClatchy Company Cl A ................. 5,090 327,033 Valspar Corp. .............................. 14,470 653,176 Westwood One, Inc.* ........................ 21,250 710,175 ------------ 37,427,330 ------------ CONSUMER, NON-CYCLICAL (2.0%) Anheuser-Busch Cos., Inc. .................. 10,930 546,500 Church & Dwight ............................ 76,060 2,382,960 CryoLife, Inc.* ............................ 25,480 409,209 Dean Foods Co.* ............................ 11,270 420,371 Dial Corp. ................................. 59,760 1,196,395 Duane Reade, Inc.* ......................... 29,775 1,013,838 Education Management Corp.* ................ 7,915 322,378 Fresh Del Monte Produce, Inc.* ............. 33,790 844,750 ITT Educational Services, Inc. ............. 29,900 651,820 J.M. Smucker Co. ........................... 15,070 514,339 Kraft Foods, Inc. .......................... 13,370 547,502 Panera Bread Company* ...................... 7,540 259,904 Performance Food Group* .................... 13,720 464,559 Weight Watchers Intl., Inc.* ............... 18,250 792,780 ------------ 10,367,305 ------------ ENERGY (2.3%) Forest Oil Corp.* .......................... 23,210 659,860 Lyondell Petrochemical Co. ................. 29,400 443,940 Murphy Oil Corp. ........................... 3,050 251,625 Occidental Petroleum Corp. ................. 36,000 1,079,640 Ocean Energy, Inc. ......................... 61,550 1,333,789 Premcor, Inc* .............................. 1,220 31,378 Patterson UTI Energy, Inc.* ................ 31,560 890,939 Phillips Petroleum Co. ..................... 18,650 1,098,112 Quicksilver Resources, Inc* ................ 47,950 1,239,508 Remington Oil & Gas Corp.* ................. 70,170 1,397,786 Spinnaker Expl. Co.* ....................... 9,200 331,384 WPS Resources .............................. 20,820 850,081 Western Gas Resources ...................... 35,280 1,319,472 XTO Energy, Inc. ........................... 42,060 866,436 ------------ 11,793,950 ------------ FINANCIAL (7.5%) Alabama National Bancorp ................... 36,625 1,585,497 AmSouth Bancorporation ..................... 53,540 1,198,226 Amcore Financial, Inc. ..................... 14,910 345,466 American Capital Strategies ................ 23,100 634,558 American Int'l. Group, Inc. ................ 33,800 2,306,175 BB & T Corp. ............................... 36,360 1,403,497 Berkley (W.R.) Corp. ....................... 8,230 452,651 Boston Private Finl. Holdings .............. 29,410 727,604 Centerpoint Properties Trust ............... 19,260 1,117,274 Citigroup, Inc. ............................ 63,000 2,441,251 Compass Bancshares, Inc. ................... 12,540 421,345 Cullen/Frost Bankers, Inc. ................. 5,920 212,824 Doral Financial Group ...................... 14,750 492,503 East West Bancorp., Inc. ................... 36,240 1,251,005 Erie Indemnity Company ..................... 12,900 522,579 Fifth Third Bancorp ........................ 8,920 594,518 First Financial Holdings, Inc. ............. 13,110 429,221 First Midwest Bancorp ...................... 69,912 1,942,155 First Tennessee Natl. Corp. ................ 23,090 884,347 Fulton Financial Corp. ..................... 4,425 83,765 Gallagher (Arthur J.) & Co. ................ 48,340 1,674,981 Harbor Florida Bancshares, Inc. ............ 44,390 923,756 Harleysville Group, Inc. ................... 17,300 479,556 Health Care Ppty Invs., Inc. ............... 23,700 1,016,730 Healthcare Realty Trust .................... 17,770 568,640 Hilb, Rogal & Hamilton Co. ................. 21,530 974,233 Hudson United Bancorp ...................... 31,210 891,358 MBNA Corp. ................................. 90,000 2,976,300 Morgan Stanley ............................. 46,500 2,003,220 National City Corp. ........................ 24,800 824,600 New York Community Bancorp, Inc. ........... 22,490 609,479 Philadelphia Cons. Hldg. Co.* .............. 8,730 395,818 Port Financial Corp. ....................... 24,305 974,387 Prudential Financial, Inc.* ................ 23,450 782,292 The accompanying notes are an integral part of these financial statements. 16 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited) Shares Value ------- ------------ ACTIVE ASSETS (CONTINUED): COMMON STOCKS (CONTINUED) FINANCIAL (CONTINUED) R & G Financial Corp. Cl B ................. 34,630 $ 821,077 Safeco Corp. ............................... 8,620 266,272 Scottish Annuity & Life Hldg.* ............. 20,310 387,515 Texas Regional Bancshares Cl A ............. 24,490 1,191,683 Willis Group Holdings Limited* ............. 31,150 1,025,147 ------------ 37,833,505 ------------ HEALTHCARE (3.9%) Anthem, Inc.* .............................. 17,090 1,153,233 Beckman Coulter, Inc. ...................... 10,550 526,445 CTI Molecular Imaging, Inc* ................ 22,520 516,609 Caremark Rx., Inc.* ........................ 37,050 611,325 Dentsply International, Inc. ............... 16,675 615,474 Edwards Lifesciences Corp.* ................ 34,820 807,824 Exact Sciences Corp.* ...................... 2,810 44,876 Health Net, Inc.* .......................... 49,930 1,336,626 Henry Schein, Inc.* ........................ 11,130 495,285 Lilly (Eli) & Co. .......................... 36,000 2,030,400 Medtronic, Inc. ............................ 55,000 2,356,750 Merck & Co., Inc. .......................... 45,000 2,278,800 Mid Atlantic Medical Svcs., Inc. ........... 61,160 1,917,366 Province Healthcare Co.* ................... 21,850 488,566 Triad Hospitals, Inc.* ..................... 28,750 1,218,425 United Surgical Partners, Inc. ............. 33,110 1,025,748 Varian Medical Systems, Inc.* .............. 25,240 1,023,482 Wright Medical Group, Inc.* ................ 55,620 1,121,299 ------------ 19,568,533 ------------ INDUSTRIAL (6.7%) Alliant TechSystems, Inc.* ................. 22,900 1,461,020 Banta Corp. ................................ 15,730 564,707 C.H. Robinson Worldwide, Inc. .............. 46,080 1,545,062 CSX Corp. .................................. 7,320 256,566 Carbo Ceramics, Inc. ....................... 5,790 213,941 Cintas Corp. ............................... 10,800 533,844 Corporate Executive Board Co.* ............. 34,185 1,170,836 Covenant Transport, Inc. Cl A* ............. 55,423 1,177,739 Crown Cork & Seal, Inc.* ................... 146,190 1,001,402 EDO Corp. .................................. 27,170 774,345 EMCOR Group, Inc.* ......................... 14,080 826,496 ESCO Technologies, Inc.* ................... 12,920 452,200 Electronic Arts, Inc.* ..................... 25,220 1,665,781 Engineered Support Systems ................. 26,110 1,365,553 Expeditors Int'l Wash., Inc. ............... 59,720 1,980,315 FLIR Systems,Inc.* ......................... 9,160 384,445 Fair, Isaac and Company, Inc. .............. 17,222 566,087 FedEx Corp. ................................ 18,900 1,009,260 Fisher Scientific Intl.* ................... 27,320 764,960 Florida Rock Industries .................... 10,580 378,870 Genesee & Wyoming, Inc. Cl A* .............. 28,800 649,728 Harris Corp. ............................... 38,850 1,407,924 Heartland Express Inc.* .................... 55,553 1,329,383 Integrated Defense Technology* ............. 15,190 447,042 Iron Mountain, Inc.* ....................... 25,575 788,989 Jacobs Engineering Group, Inc. ............. 14,480 503,614 Knight Transportation, Inc.* ............... 38,460 891,887 Kirby Corp.* ............................... 31,870 779,222 Kulicke and Soffa Industries* .............. 29,900 370,461 Landstar System, Inc.* ..................... 15,300 1,634,805 Manpower, Inc. ............................. 13,200 485,100 Packaging Corp of America* ................. 46,410 923,095 Pactiv Corp.* .............................. 63,015 1,499,757 Republic Services, Inc.* ................... 37,830 721,418 Siligan Holdings, Inc.* .................... 19,100 772,404 Standard Pacific Corp. ..................... 15,890 557,421 Swift Transportation Co., Inc. ............. 21,490 500,717 Tsakos Energy Navigation* .................. 19,050 266,700 United Defense Inds., Inc* ................. 35,390 813,970 United Parcel Service Cl B ................. 12,630 779,903 ------------ 34,216,969 ------------ TECHNOLOGY (7.1%) Applied Materials, Inc.* ................... 182,800 3,476,856 Atmel Corp.* ............................... 217,400 1,360,924 Brocade Communication Sys.* ................ 125,000 2,185,000 Ciena Corp.* ............................... 79,000 331,010 Cisco Systems, Inc.* ....................... 235,000 3,278,250 DRS Technologies, Inc.* .................... 15,930 681,008 Diebold, Inc. .............................. 14,870 553,759 EMC Corp.* ................................. 350,000 2,642,500 Foundry Networks* .......................... 210,000 1,476,300 General Dynamics Corp. ..................... 2,400 255,240 Herley Industries, Inc.* ................... 34,560 733,018 Intuit, Inc.* .............................. 18,200 904,904 JDA Software Group, Inc.* .................. 28,970 818,692 JDS Uniphase Corp.* ........................ 225,000 600,750 Juniper Networks, Inc.* .................... 125,000 706,250 Linear Technology Corp. .................... 98,850 3,106,856 Maxim Integrated Products, Inc. ............ 91,400 3,503,362 Microsoft Corp.* ........................... 45,000 2,461,500 Raytheon Co. .............................. 46,330 1,887,948 Rockwell Automation, Inc. .................. 27,140 542,257 Varian, Inc.* .............................. 5,140 169,363 Veritas Software Corp.* .................... 120,000 2,374,800 Xilinx, Inc.* .............................. 98,000 2,198,140 ------------ 36,248,687 ------------ UTILITIES (0.4%) Ameren Corp. ............................... 13,080 562,571 Southern Co. ............................... 46,050 1,261,770 ------------ 1,824,341 ------------ TOTAL ACTIVE ASSETS -- COMMON STOCKS (Cost: $198,185,124) 39.1% ................. $198,416,334 ============ ------------- * Non-income producing security. The accompanying notes are an integral part of these financial statements. 17 MUTUAL OF AMERICA INVESTMENT CORPORATION (ALL AMERICA FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rate Maturity Amount Value -------- -------- ---------- -------------- SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (1.6%) Gillette Company .................................. 1.94% 07/01/02 $ 6,625,000 $ 6,624,286 Novartis Finance Corp. ............................ 1.95 07/01/02 1,197,000 1,196,870 ------------ 7,821,156 ------------ TOTAL ACTIVE ASSETS-- SHORT-TERM DEBT SECURITIES (Cost: $7,821,156) 1.6% ............................................................... 7,821,156 ------------ TOTAL ACTIVE ASSETS (Cost: $206,006,280) 40.7% ............................................................ 206,237,490 ------------ TOTAL INVESTMENTS (Cost: $446,309,625) 100.0% .......................................................... $506,973,367 ============
The accompanying notes are an integral part of these financial statements. 18 MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES June 30, 2002 (Unaudited) Shares Value ------- ------------ Common Stocks: 3M Company ............................... 18,230 $ 2,242,290 ADC Telecommunications, Inc.* ............ 37,180 85,142 AES Corp.* ............................... 24,967 135,321 Alcoa, Inc. .............................. 39,698 1,315,989 AMR Corp.* ............................... 7,251 122,252 AOL Time Warner, Inc.* ................... 208,482 3,066,770 AT&T Corp. ............................... 177,856 1,903,059 AT&T Corp.* .............................. 126,709 741,248 Abbott Laboratories ...................... 73,070 2,751,086 Ace, Ltd.* ............................... 12,277 387,953 Adobe Systems, Inc. ...................... 11,227 319,970 Advanced Micro Devices, Inc.* ............ 15,916 154,704 Aetna, Inc. .............................. 6,778 325,141 Aflac, Inc. .............................. 24,257 776,224 Agilent Technologies, Inc.* .............. 21,718 513,631 Air Products & Chemicals, Inc. ........... 10,641 537,051 Alberto-Culver Co. ....................... 2,698 128,964 Albertson's, Inc. ........................ 19,029 579,623 Alcan, Inc. .............................. 15,031 563,963 Allegheny Energy, Inc. ................... 5,857 150,818 Allegheny Technologies, Inc. ............. 3,759 59,392 Allergan, Inc. ........................... 6,131 409,244 Allied Waste Industries, Inc.* ........... 9,225 88,560 Allstate Corp. ........................... 33,216 1,228,328 Alltel Corp. ............................. 14,560 684,320 Altera Corp.* ............................ 18,041 245,358 AmSouth Bancorporation ................... 16,932 378,938 Ambac Financial Group, Inc. .............. 4,942 332,102 Amerada Hess Corp. ....................... 4,153 342,623 Ameren Corp. ............................. 6,759 290,705 American Electric Power, Inc. ............ 15,867 634,997 American Express Co. ..................... 62,269 2,261,610 American Greetings Corp. Cl A* ........... 2,985 49,730 American Int'l. Group, Inc. .............. 122,359 8,348,555 American Power Conversion* ............... 9,131 115,325 American Standard Cos., Inc.* ............ 3,359 252,261 Amerisource Bergen Corp. ................. 4,867 369,892 Amgen, Inc.* ............................. 48,647 2,037,336 Anadarko Petroleum Corp. ................. 11,651 574,394 Analog Devices, Inc.* .................... 17,088 507,514 Andrew Corp.* ............................ 4,594 68,542 Anheuser-Busch Cos., Inc. ................ 41,039 2,051,950 Aon Corp. ................................ 12,736 375,457 Apache Corp. ............................. 6,726 386,610 Apollo Group, Inc. Cl A* ................. 8,078 318,435 Apple Computer, Inc.* .................... 16,654 295,109 Applera Corp.-Applied Biosys ............. 9,956 194,042 Applied Materials, Inc.* ................. 76,694 1,458,720 Applied Micro Circuits, Corp.* ........... 14,020 66,315 Archer-Daniels-Midland Co. ............... 30,506 390,172 Ashland, Inc. ............................ 3,246 131,463 AutoZone, Inc.* .......................... 5,001 386,577 Autodesk, Inc. ........................... 5,370 71,153 Automatic Data Processing, Inc. .......... 29,051 1,265,171 Avaya, Inc.* ............................. 16,876 83,536 Avery Dennison Corp. ..................... 5,146 322,912 Avon Products, Inc. ...................... 11,064 577,983 BB & T Corp. ............................. 22,439 866,145 BJ Services Co.* ......................... 7,321 248,035 BMC Software, Inc.* ...................... 11,371 188,759 Baker Hughes, Inc. ....................... 15,731 523,685 Ball Corp. ............................... 2,567 106,479 Bank One Corp. ........................... 54,957 2,114,745 Bank of America Corp. .................... 72,073 5,071,056 Bank of New York Co., Inc. ............... 34,082 1,150,268 Bard (C.R.), Inc. ........................ 2,393 135,396 Barrick Gold Corp. ....................... 25,332 481,055 Bausch & Lomb, Inc. ...................... 2,511 84,997 Baxter International, Inc. ............... 28,144 1,251,001 Bear Stearns Cos., Inc. .................. 4,677 286,232 Becton Dickinson & Co. ................... 12,115 417,362 Bed Bath & Beyond, Inc.* ................. 13,602 513,339 BellSouth Corp. .......................... 87,764 2,764,566 Bemis Co. ................................ 2,472 117,420 Best Buy Co., Inc.* ...................... 15,009 544,827 Big Lots, Inc. ........................... 5,357 105,426 Biogen, Inc.* ............................ 6,927 286,986 Biomet, Inc. ............................. 12,548 340,302 Black & Decker Corp. ..................... 3,741 180,316 Block (H. & R.), Inc. .................... 8,557 394,906 Boeing Co. ............................... 39,225 1,765,125 Boise Cascade Corp. ...................... 2,718 93,853 Boston Scientific Corp.* ................. 19,008 557,315 Bristol-Myers Squibb Co. ................. 90,756 2,332,429 Broadcom Corp. Cl A* ..................... 12,574 220,548 Brown-Forman Corp. Cl B .................. 3,198 220,662 Brunswick Corp. .......................... 4,216 118,048 Burlington Northern Santa Fe ............. 17,997 539,910 Burlington Resources, Inc. ............... 9,409 357,542 CIGNA Corp. .............................. 6,596 642,582 CINergy Corp. ............................ 7,788 280,290 CMS Energy Corp. ......................... 6,228 68,383 CSX Corp. ................................ 10,018 351,131 CVS Corp. ................................ 18,303 560,072 Calpine Corp.* ........................... 17,507 123,074 Campbell Soup Co. ........................ 19,187 530,712 Capital One Financial Corp. .............. 10,295 628,510 Cardinal Health, Inc. .................... 21,053 1,292,865 Carnival Corp. ........................... 27,462 760,423 Caterpillar, Inc. ........................ 16,086 787,410 Cendant Corp.* ........................... 48,847 775,690 Centex Corp. ............................. 2,868 165,742 CenturyTel, Inc. ......................... 6,609 194,966 Charles Schwab Corp. ..................... 64,207 719,118 Charter One Financial, Inc. .............. 10,528 361,953 ChevronTexaco Corp. ...................... 49,965 4,421,903 Chiron Corp.* ............................ 8,876 313,767 Chubb Corp. .............................. 7,952 563,002 Ciena Corp.* ............................. 20,163 84,483 Cincinnati Financial Corp. ............... 7,565 351,999 Cintas Corp. ............................. 7,951 393,018 Circuit City Group, Inc. ................. 9,776 183,300 Cisco Systems, Inc.* ..................... 342,803 4,782,102 Citigroup, Inc. .......................... 240,963 9,337,316 Citizens Communications Co.* ............. 13,118 109,666 Citrix Systems, Inc.* .................... 8,521 51,467 Clear Channel Communications* ............ 28,686 918,526 Clorox Co. ............................... 10,785 445,960 Coca-Cola Co. ............................ 116,375 6,517,000 Coca-Cola Enterprises, Inc. .............. 20,830 459,926 Colgate-Palmolive Co. .................... 25,617 1,282,131 Comcast Corp. Cl A* ...................... 44,257 1,055,087 Comerica, Inc. ........................... 8,340 512,076 Computer Associates Intl., Inc ........... 27,045 429,745 Computer Sciences Corp.* ................. 8,004 382,591 Compuware Corp.* ......................... 17,487 106,146 Comverse Technology Inc.* ................ 8,723 80,775 ConAgra Foods Inc. ....................... 25,160 695,674 Concord EFS, Inc.* ....................... 23,903 720,436 Conoco, Inc. ............................. 29,313 814,901 Conseco, Inc.* ........................... 16,146 32,292 Consolidated Edison, Inc. ................ 9,941 415,037 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 (Continued) June 30, 2002 (Unaudited) Shares Value ------- ------------ Common Stocks (CONTINUED): Constellation Energy Group ............... 7,667 $ 224,950 Convergys Corp.* ......................... 8,060 157,009 Cooper Industries Ltd. ................... 4,383 172,252 Cooper Tire & Rubber Co. ................. 3,399 69,849 Coors (Adolph) Co. Cl B .................. 1,692 105,412 Corning, Inc.* ........................... 44,489 157,936 Costco Wholesale Corp.* .................. 21,189 818,319 Countrywide Credit Industries ............ 5,748 277,341 Crane Co. ................................ 2,795 70,937 Cummins, Inc. ............................ 1,934 64,015 DTE Energy Co. ........................... 7,618 340,068 Dana Corp. ............................... 6,958 128,932 Danaher Corp. ............................ 6,976 462,858 Darden Restaurants, Inc. ................. 8,109 200,292 Deere & Co. .............................. 11,131 533,175 Dell Computer Corp.* ..................... 121,535 3,176,925 Delphi Corporation ....................... 26,239 346,355 Delta Air Lines, Inc. .................... 5,772 115,440 Deluxe Corp. ............................. 2,969 115,464 Devon Energy Corp. ....................... 7,278 358,660 Dillard's Inc. Cl A ...................... 3,920 103,057 Disney (Walt) Co. ........................ 95,515 1,805,234 Dollar General Corp. ..................... 15,577 296,430 Dominion Resources, Inc. ................. 12,948 857,158 Donnelley (R.R.) & Sons Co. .............. 5,290 145,740 Dover Corp. .............................. 9,492 332,220 Dow Chemical Co. ......................... 42,499 1,461,116 Dow Jones & Co., Inc. .................... 3,952 191,474 Du Pont (E.I.) de Nemours & Co. .......... 46,503 2,064,733 Duke Energy Corp. ........................ 38,853 1,208,328 Dynergy, Inc. ............................ 16,913 121,774 EMC Corp.* ............................... 104,102 785,970 EOG Resources, Inc. ...................... 5,409 214,737 Eastman Chemical Co. ..................... 3,611 169,356 Eastman Kodak Co. ........................ 13,674 398,871 Eaton Corp. .............................. 3,246 236,147 Ecolab, Inc. ............................. 5,987 276,779 Edison International* .................... 15,260 259,420 El Paso Corp. ............................ 27,050 557,500 Electronic Data Systems Corp. ............ 22,518 836,544 Emerson Electric Co. ..................... 19,704 1,054,361 Engelhard Corp. .......................... 6,079 172,157 Entergy Corp. ............................ 10,501 445,662 Equifax, Inc. ............................ 6,786 183,222 Equity Office Properties ................. 19,516 587,432 Equity Residential ....................... 12,856 369,610 Exelon Corp. ............................. 15,029 786,017 Exxon Mobil Corp. ........................ 317,543 12,993,860 FPL Group, Inc. .......................... 8,237 494,138 Family Dollar Stores, Inc. ............... 8,076 284,679 Fannie Mae ............................... 46,690 3,443,388 FedEx Corp. .............................. 13,972 746,105 Federated Department Stores* ............. 9,417 373,855 Fifth Third Bancorp ...................... 27,573 1,837,741 First Data Corp. ......................... 35,737 1,329,416 First Tennessee Natl. Corp. .............. 5,937 227,387 FirstEnergy Corp. ........................ 13,938 465,250 Fiserv, Inc.* ............................ 8,901 326,756 FleetBoston Financial Corp. .............. 49,021 1,585,829 Fluor Corp. .............................. 3,752 146,140 Ford Motor Co. ........................... 84,814 1,357,024 Forest Laboratories, Inc.* ............... 8,368 592,454 Fortune Brands, Inc. ..................... 6,959 389,704 Franklin Resources, Inc. ................. 12,242 521,999 Freddie Mac .............................. 32,557 1,992,488 Freeport-McMoran Copper Cl B* ............ 6,743 120,363 Gannett Co., Inc. ........................ 12,405 941,540 Gap, Inc. ................................ 40,506 575,185 Gateway, Inc.* ........................... 15,173 67,368 General Dynamics Corp. ................... 9,451 1,005,114 General Electric Co. ..................... 465,347 13,518,330 General Mills, Inc. ...................... 17,109 754,165 General Motors Corp. ..................... 26,261 1,403,650 Genuine Parts Co. ........................ 8,141 283,877 Genzyme Corp. (Genl. Div)* ............... 9,938 191,207 Georgia-Pacific (Timber Group) ........... 10,762 264,530 Gillette Co. ............................. 49,428 1,674,126 Golden West Financial Corp. .............. 7,250 498,655 Goodrich Corporation ..................... 4,764 130,152 Goodyear Tire & Rubber Co. ............... 7,641 142,963 Grainger (W.W.), Inc. .................... 4,382 219,538 Great Lakes Chemical Corp. ............... 2,351 62,278 Guidant Corp.* ........................... 14,273 431,473 HCA, Inc. ................................ 24,122 1,145,795 Halliburton Co. .......................... 20,397 325,128 Harley-Davidson, Inc. .................... 14,179 726,957 Harrah's Entertainment, Inc.* ............ 5,369 238,115 Hartford Financial Svc Gp., Inc. ......... 11,585 688,960 Hasbro, Inc. ............................. 8,091 109,714 Health Management Associates* ............ 11,322 228,138 HealthSouth Corp.* ....................... 18,373 234,991 Heinz (H.J.) Co. ......................... 16,395 673,835 Hercules, Inc.* .......................... 5,081 58,940 Hershey Food Corp. ....................... 6,352 397,000 Hewlett-Packard Co. ...................... 141,406 2,160,684 Hilton Hotels Corp. ...................... 17,297 240,428 Home Depot, Inc. ......................... 110,260 4,049,850 Honeywell International, Inc. ............ 38,282 1,348,675 Household International, Inc. ............ 21,438 1,065,469 Humana, Inc.* ............................ 7,901 123,493 Huntington Bancshares, Inc. .............. 11,576 224,806 IMS Health, Inc. ......................... 13,519 242,666 ITT Industries, Inc. ..................... 4,249 299,979 Illinois Tool Works, Inc. ................ 14,271 974,709 Immunex Corp.* ........................... 25,849 577,467 Inco Ltd.* ............................... 8,535 193,232 Ingersoll Rand Co.* ...................... 7,868 359,253 Intel Corp. .............................. 313,047 5,719,369 International Game Technology* ........... 4,192 237,686 International Paper Co. .................. 22,573 983,731 Interpublic Group of Cos., Inc. .......... 17,887 442,882 Intl. Business Machines Corp. ............ 80,153 5,771,016 Intl. Flavors & Fragrances ............... 4,440 144,256 Intuit, Inc.* ............................ 9,961 495,261 J.P. Morgan Chase & Co. .................. 93,220 3,162,022 JDS Uniphase Corp.* ...................... 63,751 170,215 Jabil Circuit, Inc.* ..................... 9,235 194,951 Jefferson-Pilot Corp. .................... 7,047 331,209 John Hancock Financial Services .......... 13,787 485,302 Johnson & Johnson ........................ 140,989 7,368,085 Johnson Controls, Inc. ................... 4,106 335,091 Jones Apparel Group, Inc.* ............... 6,030 226,125 KB Home .................................. 2,357 121,409 KLA Tencor Corp.* ........................ 8,855 389,531 Kellogg Co. .............................. 19,155 686,898 Kerr-McGee Corp. ......................... 4,692 251,257 KeyCorp .................................. 19,944 544,471 Keyspan Corporation ...................... 6,514 245,252 Kimberly Clark Corp. ..................... 24,295 1,506,290 Kinder Morgan, Inc. ...................... 5,789 220,098 King Pharmaceuticals, Inc.* .............. 11,611 258,345 Knight-Ridder, Inc. ...................... 3,939 247,960 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) June 30, 2002 (Unaudited) Shares Value ------- ------------ Common Stocks (CONTINUED): Kohl's Corp.* ............................ 15,688 $ 1,099,415 Kroger Co.* .............................. 37,181 739,902 LSI Logic Corp.* ......................... 17,321 151,559 Leggett & Platt .......................... 9,202 215,327 Lehman Brothers Holdings, Inc. ........... 11,439 715,166 Lexmark Int'l, Inc.* ..................... 6,088 331,187 Lilly (Eli) & Co. ........................ 52,645 2,969,178 Limited Brands, Inc. ..................... 24,222 515,929 Lincoln National Corp. ................... 8,756 367,752 Linear Technology Corp. .................. 14,857 466,956 Liz Claiborne, Inc. ...................... 4,927 156,679 Lockheed Martin Corp. .................... 21,103 1,466,659 Loews Corp. .............................. 8,851 469,014 Louisiana-Pacific Corp.* ................. 4,893 51,817 Lowe's Companies, Inc. ................... 36,370 1,651,198 Lucent Technologies* ..................... 160,436 266,324 MBIA, Inc. ............................... 6,951 392,940 MBNA Corp. ............................... 39,894 1,319,295 MGIC Investment Corp. .................... 5,019 340,288 Manor Care, Inc.* ........................ 4,795 110,285 Marathon Oil Corp. ....................... 14,491 392,996 Marriott International, Inc. ............. 11,286 429,432 Marsh & McLennan Cos., Inc. .............. 12,863 1,242,566 Marshall & Ilsley Corp. .................. 10,027 310,135 Masco Corp. .............................. 22,657 614,231 Mattel, Inc. ............................. 20,426 430,580 Maxim Integrated Products, Inc. .......... 15,119 579,511 May Department Stores Co. ................ 13,403 441,361 Maytag Corp. ............................. 3,595 153,327 McDermott International, Inc.* ........... 2,889 23,401 McDonald's Corp. ......................... 59,556 1,694,368 McGraw-Hill Cos., Inc. ................... 9,059 540,822 McKesson Corp. ........................... 13,463 440,240 MeadWestvaco Corp. ....................... 9,303 312,209 Medimmune, Inc.* ......................... 11,709 309,118 Medtronic, Inc. .......................... 56,844 2,435,765 Mellon Financial Corp. ................... 20,681 650,004 Merck & Co., Inc. ........................ 106,058 5,370,777 Mercury Interactive Corp.* ............... 3,875 88,970 Meredith Corp. ........................... 2,312 88,665 Merrill Lynch & Co., Inc. ................ 40,391 1,635,836 MetLife, Inc. ............................ 33,029 951,235 Micron Technology, Inc.* ................. 28,112 568,425 Microsoft Corp.* ......................... 253,628 13,873,441 Millipore Corp.* ......................... 2,236 71,507 Mirant Corp.* ............................ 18,770 137,021 Molex Inc., Cl A ......................... 9,100 305,123 Moody's Corp. ............................ 7,307 363,523 Morgan Stanley ........................... 51,595 2,222,713 Motorola, Inc. ........................... 106,322 1,551,238 NCR Corp.* ............................... 4,550 157,430 NIKE, Inc. Cl B .......................... 12,554 673,522 NVIDIA Corporation* ...................... 7,002 120,294 Nabors Industries, Ltd.* ................. 6,748 238,204 National City Corp. ...................... 28,446 945,830 National Semiconductor Corp.* ............ 8,320 242,694 Navistar International Corp. ............. 2,806 89,792 Network Appliance, Inc.* ................. 15,574 193,741 New York Times Co. Cl A .................. 7,062 363,693 Newell Rubbermaid, Inc. .................. 12,501 438,285 Newmont Mining Corp Holding Co. .......... 18,347 483,077 Nextel Communications, Inc.* ............. 38,155 122,478 NiSource, Inc. ........................... 9,719 212,166 Nicor, Inc. .............................. 2,076 94,977 Noble Corporation* ....................... 6,295 242,987 Nordstrom, Inc. .......................... 6,295 142,582 Norfolk Southern Corp. ................... 18,104 423,272 Nortel Networks Corp.* ................... 179,661 260,508 Northern Trust Corp. ..................... 10,403 458,356 Northrop Grumman Corp. ................... 5,282 660,250 Novell, Inc.* ............................ 16,984 54,519 Novellus Systems, Inc.* .................. 6,714 228,276 Nucor Corp. .............................. 3,643 236,941 Occidental Petroleum Corp. ............... 17,497 524,735 Office Depot, Inc.* ...................... 14,377 241,534 Omnicom Group, Inc. ...................... 8,704 398,643 Oracle Corp.* ............................ 257,106 2,434,794 PACCAR, Inc. ............................. 5,391 239,307 PG & E Corp.* ............................ 18,169 325,043 PMC-Sierra Inc.* ......................... 7,732 71,676 PNC Financial Services Group ............. 13,297 695,167 PPG Industries, Inc. ..................... 7,906 489,381 PPL Corporation .......................... 6,865 227,094 Pactiv Corp.* ............................ 7,461 177,572 Pall Corp. ............................... 5,721 118,711 Palm, Inc.* .............................. 27,048 47,604 Parametric Technology Corp.* ............. 12,177 41,767 Parker Hannifin Corp. .................... 5,487 262,224 Paychex, Inc. ............................ 17,552 549,202 Penney (J.C.) Co., Inc. .................. 12,516 275,602 Peoples Energy Corp. ..................... 1,661 60,560 Peoplesoft, Inc.* ........................ 14,540 216,355 Pepsi Bottling Group, Inc. ............... 13,231 407,515 PepsiCo, Inc. ............................ 82,784 3,990,189 PerkinElmer, Inc. ........................ 5,886 65,040 Pfizer, Inc. ............................. 292,386 10,233,510 Pharmacia Corp. .......................... 60,546 2,267,448 Phelps Dodge Corp.* ...................... 4,172 171,886 Phillip Morris Cos., Inc. ................ 100,177 4,375,731 Phillips Petroleum Co. ................... 17,858 1,051,479 Pinnacle West Capital Corp. .............. 3,964 156,578 Pitney Bowes, Inc. ....................... 11,266 447,486 Placer Dome, Inc. ........................ 15,381 172,421 Plum Creek Timber Co. .................... 8,553 262,577 Power One, Inc.* ......................... 3,693 22,970 Praxair, Inc. ............................ 7,649 435,764 Proctor & Gamble Co. ..................... 60,849 5,433,816 Progress Energy, Inc. .................... 10,359 538,772 Progressive Corp. of Ohio ................ 10,301 595,913 Providian Financial Corp.* ............... 13,519 79,492 Public Svc. Enterprise Group ............. 9,641 417,455 Pulte Homes Inc. ......................... 2,826 162,438 QLogic Corp.* ............................ 4,353 165,849 Qualcomm, Inc.* .......................... 36,037 990,657 Quintiles Transnational Corp.* ........... 5,602 69,969 Qwest Communications Intl.* .............. 78,515 219,842 RadioShack Corp. ......................... 8,139 244,658 Rational Software Corp.* ................. 9,105 74,752 Raytheon Co. ............................ 18,645 759,784 Reebok International Ltd.* ............... 2,759 81,391 Regions Financial Corp. .................. 10,651 374,383 Reliant Energy, Inc. ..................... 14,213 240,200 Robert Half Intl., Inc.* ................. 8,215 191,410 Rockwell Automation, Inc. ................ 8,638 172,587 Rockwell Collins ......................... 8,595 235,675 Rohm Haas Co. ............................ 10,322 417,938 Rowan Cos., Inc. ......................... 4,391 94,187 Royal Dutch Petroleum Co. (N.Y.) ......... 99,480 5,498,260 Ryder System, Inc. ....................... 2,841 76,963 SBC Communications, Inc. ................. 156,391 4,769,926 SLM Corporation .......................... 7,343 711,537 Sabre Group Holdings, Inc.* .............. 6,692 239,574 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) June 30, 2002 (Unaudited) Shares Value ------- ------------ Common Stocks (CONTINUED): Safeco Corp. ............................. 5,984 $ 184,846 Safeway, Inc.* ........................... 22,629 660,541 Sanmina Corp.* ........................... 24,489 154,526 Sara Lee Corp. ........................... 36,785 759,242 Schering-Plough Corp. .................... 68,572 1,686,871 Schlumberger, Ltd. ....................... 26,989 1,254,989 Scientific-Atlanta, Inc. ................. 7,327 120,529 Sealed Air Corp.* ........................ 3,921 157,899 Sears Roebuck & Co. ...................... 14,763 801,631 Sempra Energy ............................ 9,704 214,750 Sherwin-Williams Co. ..................... 7,234 216,514 Siebel Systems, Inc.* .................... 22,173 315,300 Sigma-Aldrich Corp. ...................... 3,436 172,315 Simon Property Group ..................... 8,237 303,451 Snap-On, Inc. ............................ 2,713 80,549 Solectron Corp.* ......................... 38,434 236,369 SouthTrust Corp. ......................... 16,229 423,901 Southern Co. ............................. 32,985 903,789 Southwest Airlines Co. ................... 36,131 583,877 Sprint Corp. (FON Gp.) ................... 41,722 442,670 Sprint Corp.* (PCS Gp.) .................. 46,471 207,725 St. Jude Medical, Inc.* .................. 4,077 301,086 St. Paul Companies, Inc. ................. 9,713 378,030 Stanley Works ............................ 3,985 163,425 Staples, Inc.* ........................... 21,890 431,233 Starbucks Corp.* ......................... 18,076 449,189 Starwood Hotels & Resorts ................ 9,262 304,627 State Street Corp. ....................... 15,206 679,708 Stillwell Financial, Inc. ................ 10,366 188,661 Stryker Corp. ............................ 9,208 492,720 Sun Microsystems, Inc.* .................. 151,995 761,495 Sunoco, Inc. ............................. 3,543 126,237 Suntrust Banks, Inc. ..................... 13,402 907,583 Supervalu, Inc. .......................... 6,201 152,111 Symbol Technologies, Inc. ................ 10,696 90,916 Synovus Financial Corp. .................. 13,827 380,519 Sysco Corp. .............................. 31,153 847,985 T. Rowe Price Group, Inc. ................ 5,776 189,915 TJX Companies, Inc. ...................... 25,272 495,584 TMP Worldwide, Inc.* ..................... 5,178 111,327 TRW, Inc. ................................ 5,919 337,265 TXU Corp. ................................ 12,417 640,096 Target Corp. ............................. 42,456 1,617,574 Teco Energy, Inc. ........................ 7,171 177,482 Tektronix, Inc.* ......................... 4,309 80,621 Tellabs, Inc.* ........................... 19,202 119,052 Temple-Inland, Inc. ...................... 2,496 144,419 Tenet Healthcare Corp.* .................. 15,243 1,090,637 Teradyne, Inc.* .......................... 8,563 201,231 Texas Instruments, Inc. .................. 81,207 1,924,606 Textron, Inc. ............................ 6,616 310,290 Thermo Electron Corp.* ................... 8,070 133,155 Thomas & Betts Corp.* .................... 2,724 50,666 Tiffany & Co. ............................ 6,787 238,902 Torchmark Corp. .......................... 5,685 217,167 Toys R Us, Inc.* ......................... 9,815 171,468 Transocean, Inc.* ........................ 14,931 465,101 Tribune Co. .............................. 14,095 613,133 Tupperware Corp. ......................... 2,722 56,590 Tyco International Ltd. .................. 93,501 1,263,198 UNUMProvident Corp. ...................... 11,337 288,527 US Bancorp ............................... 89,509 2,090,035 UST, Inc. ................................ 7,884 268,056 Unilever N.V. (N.Y.) ..................... 26,771 1,734,761 Union Pacific Corp. ...................... 11,792 746,198 Union Planters Corp. ..................... 9,490 307,191 Unisys Corp.* ............................ 15,105 135,945 United States Steel Group ................ 4,740 94,279 United Technologies Corp. ................ 22,143 1,503,510 UnitedHealth Group, Inc. ................. 14,418 1,319,968 Univision Communications, Inc. ........... 10,721 336,639 Unocal Corp. ............................. 11,427 422,113 V F Corp. ................................ 5,197 203,774 Veritas Software Corp.* .................. 19,159 379,157 Verizon Communications ................... 127,495 5,118,924 Viacom, Inc. Cl B* ....................... 82,759 3,672,017 Visteon Corp. ............................ 6,106 86,705 Vitesse Semiconductor Corp.* ............. 9,378 29,166 Vulcan Materials Co. ..................... 4,745 207,831 Wachovia Corp. ........................... 64,081 2,446,613 Wal-Mart Stores, Inc. .................... 208,263 11,456,548 Walgreen Co. ............................. 47,859 1,848,793 Washington Mutual, Inc. .................. 45,616 1,692,810 Waste Management, Inc. ................... 28,938 753,835 Waters Corp.* ............................ 6,127 163,591 Watson Pharmaceuticals, Inc.* ............ 4,986 125,996 Wellpoint Health Networks Inc. ........... 6,765 526,385 Wells Fargo & Company .................... 80,096 4,009,606 Wendy's International, Inc. .............. 5,365 213,688 Weyerhaeuser Co. ......................... 10,314 658,549 Whirlpool Corp. .......................... 3,130 204,577 Williams Cos., Inc. ...................... 24,169 144,772 Winn-Dixie Stores, Inc. .................. 6,583 102,629 Worthington Industries, Inc. ............. 3,999 72,382 Wrigley (Wm.) Jr. Co. .................... 10,549 583,887 Wyeth .................................... 62,098 3,179,418 XL Capital Limited* ...................... 6,344 537,337 Xcel Energy, Inc. ........................ 18,458 309,541 Xerox Corp.* ............................. 33,722 235,042 Xilinx, Inc.* ............................ 15,713 352,443 Yahoo!, Inc.* ............................ 27,994 413,191 Yum! Brands, Inc.* ....................... 13,975 408,769 Zimmer Holdings, Inc.* ................... 9,077 323,686 Zions Bancorporation ..................... 4,298 223,926 ------------ TOTAL COMMON STOCKS (Cost: $452,004,816) 98.1% ............... $425,519,848 ============ The accompanying notes are an integral part of these financial statements. 22 MUTUAL OF AMERICA INVESTMENT CORPORATION (EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rate Maturity Amount Value -------- -------- ---------- -------------- Short-Term Debt Securities: U. S. GOVERNMENT (0.2%) U.S. Treasury Bill (a) ............... 1.67% 09/12/02 $ 750,000 $ 747,386 ------------ COMMERCIAL PAPER (1.7%) McDonald's Corp. ..................... 1.98 07/01/02 7,598,000 7,597,164 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $8,344,550) 1.9% .................................................. 8,344,550 ------------ TOTAL INVESTMENTS (Cost: $460,349,366) 100.0% .............................................. $433,864,398 ============ ------------ Futures Contracts Outstanding As Of JUNE 30, 2002: Expiration Underlying Face Unrealized Date Amount at Value Gain/(Loss) ---------- --------------- ----------- PURCHASED 33 S&P 500 Stock Index Futures Contracts .... September 2002 $8,168,325 $(45,663) ========== ========
Face value of futures purchased and outstanding as a percentage of total investments in securities: 1.9% ------------ (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. 23 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES June 30, 2002 (Unaudited) Shares Value ------- ------------ Common Stocks: 3Com Corp.* .............................. 60,695 $ 267,058 99 Cent Only Stores* ..................... 11,880 304,722 A. Schulman, Inc. ........................ 4,993 107,095 AGCO Corp.* .............................. 12,670 247,065 AGL Resources, Inc. ...................... 9,497 220,330 AK Steel Holding Corp.* .................. 18,412 235,858 Abercrombie & Fitch Co. Cl A* ............ 16,899 407,604 Activision, Inc.* ........................ 10,553 306,670 Acxiom Corp.* ............................ 14,947 261,423 Adtran, Inc.* ............................ 6,565 124,728 Advance PCS* ............................. 15,730 376,576 Advanced Fibre Communication* ............ 14,006 231,659 Advent Software, Inc.* ................... 5,919 152,118 Affiliated Computer Svcs.* ............... 22,433 1,065,119 Airborne Freight Corp. ................... 8,221 157,843 Airgas, Inc.* ............................ 11,924 206,285 Alaska Air Group, Inc.* .................. 4,535 118,364 Albany International Corp. Cl A .......... 5,451 146,686 Albemarle Corp. .......................... 7,114 218,756 Alexander & Baldwin, Inc. ................ 6,918 176,617 Allete, Inc. ............................. 14,441 391,351 Alliant Energy Corp. ..................... 15,372 395,060 Allmerica Financial Corp. ................ 9,039 417,602 AmerUs Group Co. ......................... 6,885 255,434 American Eagle Outfitters* ............... 12,285 259,705 American Financial Group ................. 11,675 279,033 American Water Works Co. ................. 17,030 735,866 Americredit Corp.* ....................... 14,562 408,464 Ametek, Inc. ............................. 5,605 208,786 Apogent Technologies Inc.* ............... 18,196 374,292 Apria Healthcare Group, Inc.* ............ 9,255 207,312 Aquila, Inc. ............................. 30,581 244,648 Arch Coal Inc. ........................... 8,947 203,186 Arrow Electronics, Inc.* ................. 17,039 353,559 Arvin Meritor, Inc. ...................... 11,556 277,344 Ascential Software Corp.* ................ 43,364 120,986 Associated Banc-Corp ..................... 12,941 488,005 Astoria Financial Corp. .................. 15,310 490,686 Atlas Air Worldwide Hldgs., Inc. ......... 6,534 24,176 Atmel Corp.* ............................. 79,567 498,089 Avnet, Inc.* ............................. 20,375 448,046 Avocent Corp.* ........................... 7,624 121,374 BISYS Group, Inc.* ....................... 20,315 676,490 BJ's Wholesale Club, Inc.* ............... 12,129 466,967 Bandag, Inc. ............................. 3,527 99,885 Bank of Hawaii Corp. ..................... 12,421 347,788 Banknorth Group, Inc. .................... 25,088 652,790 Banta Corp. .............................. 4,220 151,498 Barnes & Noble, Inc.* .................... 11,485 303,549 Barr Laboratories, Inc.* ................. 7,368 468,089 Beckman Coulter, Inc. .................... 10,483 523,102 Belo Corporation ......................... 19,037 430,427 Black Hills Corp. ........................ 4,531 156,818 Blyth, Inc. .............................. 7,880 246,014 Bob Evans Farms, Inc. .................... 5,976 188,124 Borders Group, Inc.* ..................... 13,927 256,257 Borg-Warner, Inc. ........................ 4,505 260,209 Bowater, Inc. ............................ 9,393 510,697 Brinker International, Inc.* ............. 16,687 529,812 BroadWing, Inc.* ......................... 37,254 96,860 C.H. Robinson Worldwide, Inc. ............ 14,443 484,274 CBRL Group, Inc. ......................... 9,512 289,450 CDW Computers Centers, Inc.* ............. 14,640 685,298 CNF Transportation, Inc. ................. 8,178 310,600 CSG Systems Intl., Inc.* ................. 8,970 171,686 Cabot Corp. .............................. 10,632 304,607 Cabot MicroElectronics Corp.* ............ 4,129 178,208 Cadence Design Systems, Inc.* ............ 45,339 730,865 Callaway Golf Co. ........................ 13,309 210,815 Carlisle Companies, Inc. ................. 5,172 232,637 Carpenter Technology Corp. ............... 3,792 109,248 Catalina Marketing Corp.* ................ 9,418 265,776 Ceridian Corp.* .......................... 25,132 477,005 Certegy, Inc.* ........................... 11,837 439,271 CheckFree Corp.* ......................... 13,289 207,840 ChoicePoint, Inc.* ....................... 14,513 659,906 Church & Dwight .......................... 6,683 209,378 Cirrus Logic, Inc.* ...................... 14,022 103,342 City National Corp. ...................... 8,509 457,359 Claire's Stores, Inc. .................... 8,286 189,749 Clayton Homes, Inc. ...................... 23,453 370,557 Cleco Corporation ........................ 7,688 168,367 Coach, Inc.* ............................. 7,542 414,056 CommScope, Inc.* ......................... 10,547 131,838 Commerce Bancorp, Inc. (N.J.) ............ 11,307 499,769 Compass Bancshares, Inc. ................. 21,725 729,960 Conectiv, Inc. ........................... 15,110 389,989 Constellation Brands, Inc. Cl A .......... 15,153 484,896 Cooper Cameron Corp.* .................... 9,221 446,481 Copart, Inc.* ............................ 15,486 251,338 Covance, Inc.* ........................... 10,593 198,619 Credence Systems Corp.* .................. 10,310 183,209 Cree, Inc.* .............................. 12,410 164,184 Crompton Corp. ........................... 19,314 246,254 Cypress Semiconductor Corp.* ............. 20,889 317,095 Cytec Industries, Inc.* .................. 6,784 213,289 Cytyc Corp.* ............................. 20,859 158,946 D.R. Horton, Inc. ........................ 24,908 648,355 DPL, Inc. ................................ 21,536 569,627 DQE, Inc. ................................ 12,162 170,268 DST Systems, Inc.* ....................... 20,380 931,570 DeVry, Inc.* ............................. 11,932 272,527 Dean Foods Co* ........................... 15,323 571,548 Dentsply International, Inc. ............. 13,305 491,088 Dial Corp. ............................... 16,147 323,263 Diebold, Inc. ............................ 12,254 456,339 Dole Food Company ........................ 9,547 275,431 Dollar Tree Stores* ...................... 19,343 762,308 Donaldson Company, Inc. .................. 7,542 264,272 Dreyers Grand Ice Cream, Inc. ............ 5,891 404,123 Dun & Bradstreet* ........................ 12,669 418,710 Dycom Industries, Inc.* .................. 8,165 95,449 E*Trade Group, Inc.* ..................... 60,486 330,254 EGL Inc.* ................................ 8,167 138,512 ENSCO International, Inc. ................ 23,013 627,334 Eaton Vance Corp. ........................ 11,832 369,158 Education Management Corp.* .............. 5,940 241,936 Edwards (A.G.), Inc. ..................... 13,724 533,452 Edwards LifeSciences Corp.* .............. 10,119 234,761 Electronic Arts, Inc.* ................... 23,483 1,551,052 Emmis Communications Cl A* ............... 9,004 190,795 Energizer Holdings, Inc.* ................ 15,558 426,600 Energy East Corporation .................. 24,926 563,328 Entercom Communications* ................. 8,424 386,662 Equitable Resources, Inc. ................ 10,785 369,926 Everest RE Group* ........................ 8,760 490,122 Expeditors Int'l Wash., Inc. ............. 17,634 584,743 Express Scripts, Inc.* ................... 13,585 680,744 Extended Stay America, Inc.* ............. 15,775 255,871 FEI Company* ............................. 5,466 133,972 FMC Corp.* ............................... 5,948 179,451 FMC Technologies Inc.* ................... 11,110 230,644 Fairchild Semicon Intl. Cl A* ............ 19,319 469,452 Fastenal Co. ............................. 12,918 497,472 Federal Signal Corp. ..................... 7,694 184,656 Ferro Corp. .............................. 6,735 203,060 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 (Continued) June 30, 2002 (Unaudited) Shares Value ------- ------------ Common Stocks (CONTINUED): Fidelity Natl. Finl., Inc. ............... 16,277 $ 514,353 First Health Group Corp.* ................ 17,232 483,185 First Virginia Banks, Inc. ............... 8,171 438,129 Firstmerit Corp. ......................... 14,497 399,827 Flowserve Corporation* ................... 9,388 279,762 Forest Oil Corp.* ........................ 7,987 227,070 Fuller( H.B.) Co. ........................ 4,835 141,617 Furniture Brands Intl., Inc.* ............ 9,581 289,825 GATX Corp. ............................... 8,320 250,432 GTECH Holdings Corp.* .................... 9,794 250,139 Gallagher (Arthur J.) & Co. .............. 14,656 507,830 Gartner, Inc.* ........................... 14,377 135,144 Gentex Corp.* ............................ 12,830 352,440 Gilead Sciences, Inc.* ................... 33,172 1,090,695 Glatfelter ............................... 7,373 138,612 Golden State Bancorp ..................... 23,203 841,109 Graftech International Ltd.* ............. 9,531 117,231 Granite Construction ..................... 7,026 177,758 Grant Prideco, Inc.* ..................... 18,933 257,489 Great Plains Energy, Inc. ................ 10,574 215,181 Greater Bay Bancorp ...................... 8,550 262,998 Greenpoint Financial Corp. ............... 17,032 836,271 HCC Insurance Holdings, Inc. ............. 10,589 279,020 HON Industries, Inc. ..................... 10,021 272,772 Hanover Compressor Co.* .................. 11,171 150,809 Harris Corp. ............................. 11,302 409,584 Harsco Corp. ............................. 6,830 256,125 Harte-Hanks, Inc. ........................ 16,051 329,848 Hawaiian Electric Inds ................... 6,153 261,810 Health Net, Inc.* ........................ 21,373 572,155 Helmerich & Payne, Inc. .................. 8,521 304,370 Henry (Jack) & Associates ................ 15,398 256,993 Henry Schein, Inc.* ...................... 7,355 327,298 Hibernia Corp. Cl A ...................... 27,255 539,376 Hillenbrand Industries, Inc. ............. 10,717 601,760 Hispanic Broadcasting Corp.* ............. 18,539 483,868 Horace Mann Educators Corp. .............. 6,960 129,943 Hormel Foods Corp. ....................... 23,636 565,846 Hospitality Properties Trust ............. 10,685 390,003 Hubbell, Inc. Cl B ....................... 10,018 342,115 ICN Pharmaceuticals, Inc. ................ 14,166 342,959 IDEC Pharmaceuticals Corp.* .............. 25,914 918,651 IMC Global, Inc. ......................... 19,582 244,775 INCYTE Pharmaceuticals, Inc.* ............ 11,441 83,176 IdaCorp, Inc. ............................ 6,404 177,391 Imation Corp.* ........................... 5,972 177,727 Independence Community Bank .............. 9,837 282,617 Indymac Bancorp, Inc.* ................... 10,287 233,309 Infocus Corp.* ........................... 6,668 78,549 Integrated Device Tech., Inc.* ........... 17,767 322,293 International Rectifier* ................. 10,839 315,957 International Speedway Corp. ............. 9,087 364,389 Internet Security Systems, Inc. .......... 8,226 107,925 Intersil Corp. Cl A* ..................... 23,139 494,712 Interstate Bakeries Corp. ................ 7,417 214,203 Investment Technology Grp., Inc. ......... 8,378 273,961 Investors Financial Services ............. 10,964 367,733 Ivax Corp.* .............................. 33,160 358,128 J.B. Hunt Transport Svcs., Inc. .......... 6,191 182,758 J.M. Smucker Co. ......................... 8,371 285,702 Jacobs Engineering Group, Inc. ........... 9,251 321,750 Kaydon Corp. ............................. 5,115 120,765 Keane, Inc.* ............................. 12,901 159,972 Kelly Services, Inc. ..................... 6,130 165,571 Kemet Corp.* ............................. 14,615 261,024 Kennametal, Inc. ......................... 5,861 214,513 Korn/Ferry International* ................ 6,458 58,768 L-3 Communications Hldgs., Inc. .......... 15,895 858,330 LTX Corp.* ............................... 8,297 118,481 Labranche & Co.* ......................... 10,033 229,756 Lam Research Corp.* ...................... 21,691 390,004 Lancaster Colony Corp. ................... 6,233 222,269 Lattice Semiconductor Corp.* ............. 18,692 163,368 Lear Corp.* .............................. 11,108 513,745 Lee Enterprises .......................... 7,543 264,005 Legato Systems, Inc.* .................... 19,364 69,710 Legg Mason, Inc. ......................... 10,940 539,780 Lennar Corp. ............................. 10,979 671,915 Leucadia National ........................ 9,456 299,377 Lifepoint Hospitals Inc.* ................ 6,712 243,713 Lincare Holdings, Inc.* .................. 18,309 591,381 Longs Drug Stores Corp. .................. 6,479 183,291 Longview Fibre Co.* ...................... 8,729 82,227 Lubrizol Corp. ........................... 8,737 292,690 Lyondell Petrochemical Co. ............... 21,231 320,588 M & T Bank Corp. ......................... 15,793 1,354,408 MDU Resources Group ...................... 12,061 317,084 MIPS Technologies Inc. Cl B* ............. 6,671 37,157 MPS Group Inc.* .......................... 16,867 143,370 Macromedia Inc.* ......................... 10,057 89,206 Macrovision Corp.* ....................... 8,661 113,546 Mandalay Resort Group* ................... 11,630 320,639 Manpower, Inc. ........................... 12,864 472,752 Martin Marietta Materials, Inc. .......... 8,294 323,466 McCormick & Co., Inc. .................... 23,700 610,275 McData Corporation Cl A* ................ 19,295 169,989 Media General, Inc. Cl A ................. 3,926 235,560 Mentor Graphics Corp.* ................... 11,134 158,325 Mercantile Bankshares Corp. .............. 11,931 489,529 Metris Companies, Inc. ................... 10,599 88,078 Michaels Stores, Inc.* ................... 11,246 438,594 Micrel, Inc.* ............................ 15,821 227,506 Microchip Technology, Inc.* .............. 33,961 931,550 Millennium Pharmaceuticals, Inc. ......... 47,989 583,066 Miller (Herman), Inc. .................... 12,944 262,763 Minerals Technologies, Inc. .............. 3,478 171,535 Modine Manufacturing Co. ................. 5,702 140,155 Mohawk Industries, Inc.* ................. 11,481 706,426 Mony Group, Inc. ......................... 8,268 281,195 Murphy Oil Corp. ......................... 7,743 638,798 Mylan Laboratories, Inc. ................. 21,427 671,736 NCO Group, Inc.* ......................... 4,411 96,072 NSTAR .................................... 9,063 405,841 National Fuel Gas Co. .................... 13,612 306,406 National Instruments Corp.* .............. 8,752 284,965 National-Oilwell, Inc.* .................. 13,824 290,995 Natl. Commerce Financial Corp. ........... 35,124 923,761 Neiman-Marcus Group, Inc.* ............... 8,153 282,909 Networks Associates, Inc.* ............... 24,999 481,731 Neuberger Berman ......................... 12,028 440,225 New Plan Excel Realty Trust .............. 16,135 336,092 New York Community Bancorp, Inc. ......... 18,263 494,927 Newport Corp.* ........................... 6,451 101,023 Noble Energy, Inc. ....................... 9,674 348,748 Nordson Corp. ............................ 5,675 139,946 North Fork Bancorp, Inc. ................. 27,897 1,110,580 Northeast Utilities ...................... 23,435 440,812 OGE Energy Corp. ......................... 13,318 304,449 Ocean Energy, Inc. ....................... 29,827 646,351 Ohio Casualty Corp.* ..................... 10,287 214,998 Old Republic Intl. Corp. ................. 20,476 644,994 Olin Corp. ............................... 7,990 176,979 Omnicare, Inc. ........................... 16,025 420,817 Oneok, Inc. .............................. 10,273 225,492 Outback Steakhouse, Inc.* ................ 13,145 461,390 Overseas Shipholding Group ............... 5,856 123,444 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) June 30, 2002 (Unaudited) Shares Value ------- ------------ Common Stocks (CONTINUED): Oxford Health Plans, Inc.* ............... 14,960 $ 695,042 PNM Resources, Inc. ...................... 6,686 161,801 Pacificare Health Systems, Inc. .......... 5,901 160,507 Packaging Corp of America* ............... 17,975 357,523 Papa John's Intl., Inc.* ................. 3,512 117,266 Park Place Entertainment* ................ 51,432 527,178 Patterson Dental Co.* .................... 11,563 581,966 Patterson UTI Energy, Inc.* .............. 13,429 379,101 Payless Shoesource, Inc.* ................ 3,799 219,012 Pennzoil-Quaker State Co. ................ 13,682 294,573 Pentair, Inc. ............................ 8,385 403,151 PepsiAmericas, Inc. ...................... 26,324 393,281 Perrigo Co.* ............................. 12,338 160,394 Pioneer Natural Resources Co.* ........... 19,733 514,045 Pittston Brink's Group ................... 9,276 222,624 Plantronics, Inc.* ....................... 7,925 150,654 Plexus Corp.* ............................ 7,155 129,506 Polycom, Inc.* ........................... 17,056 204,501 Potlatch Corp. ........................... 4,834 164,453 Potomac Electric Power Co. ............... 18,237 391,731 Powerwave Technologies, Inc.* ............ 11,143 102,070 Precision Castparts Corp. ................ 8,867 292,611 Price Communications Corp.* .............. 9,299 148,784 Pride International, Inc.* ............... 22,695 355,404 Protective Life Corp. .................... 11,717 387,833 Protein Design* .......................... 15,111 164,105 Provident Financial Group ................ 8,408 243,916 Puget Energy, Inc. ....................... 14,819 306,012 Quanta Services, Inc.* ................... 11,799 116,456 Quantum Corp.* ........................... 26,503 111,313 Quest Diagnostics, Inc.* ................. 16,515 1,421,116 Questar Corp. ............................ 13,920 343,824 RF Micro Devices* ........................ 28,492 217,109 RJ Reynolds Tobacco Holdings ............. 15,640 840,650 RPM, Inc. ................................ 19,502 297,406 RSA Security, Inc.* ...................... 9,602 46,186 Radian Group, Inc. ....................... 16,116 787,267 Rayonier, Inc. ........................... 4,719 231,844 Reader's Digest Assn ..................... 16,967 317,792 Republic Services, Inc.* ................. 28,294 539,567 Retek Inc.* .............................. 8,890 216,027 Reynolds & Reynolds Co. .................. 11,972 334,617 Rollins, Inc. ............................ 5,139 104,527 Roslyn Bancorp, Inc. ..................... 14,393 314,199 Ross Stores, Inc. ........................ 13,467 548,780 Ruddick Corp. ............................ 7,928 134,459 SCANA Corp. .............................. 17,830 550,412 SEI Investments .......................... 18,678 526,159 SPX, Inc.* ............................... 7,029 825,908 Saks Incorporated* ....................... 24,260 311,498 Sandisk Corp.* ........................... 11,672 144,733 Scholastic Corp.* ........................ 6,649 251,997 Semtech Corp.* ........................... 12,434 331,988 Sensient Technologies Corp. .............. 8,089 184,106 Sepracor, Inc.* .......................... 14,288 136,450 Sequa Corp. Cl A* ........................ 1,774 116,002 Sierra Pacific Resources* ................ 17,384 135,595 Silicon Valley Bancshares* ............... 7,774 204,923 Six Flags, Inc.* ......................... 15,740 227,443 Smith International, Inc.* ............... 8,625 588,139 Smithfield Foods, Inc.* .................. 18,844 349,556 Solutia, Inc. ............................ 17,878 125,504 Sonoco Products Co. ...................... 16,409 464,703 Sotheby's Holdings* ...................... 10,479 149,326 Sovereign Bancorp, Inc. .................. 44,337 662,838 StanCorp Financial Group, Inc. ........... 5,051 280,331 Steris Corp.* ............................ 11,865 226,740 Stewart & Stevenson Svcs., Inc. .......... 4,861 86,234 Storage Technology Corp.* ................ 18,031 287,955 Sungard Data Sys. Inc.* .................. 48,020 1,271,570 Superior Industries Intl ................. 4,426 204,703 Swift Transportation Co., Inc. ........... 14,709 342,720 Sybase, Inc.* ............................ 16,879 178,073 Sykes Enterprises, Inc.* ................. 6,871 52,831 Sylvan Learning Systems, Inc.* ........... 6,786 135,313 Symantec Corp.* .......................... 24,216 795,496 Synopsys, Inc.* .......................... 13,281 727,932 TCF Financial ............................ 12,888 632,801 Tech Data Corp.* ......................... 9,605 363,549 Tecumseh Products Co. Cl A ............... 3,158 167,627 Teleflex, Inc. ........................... 6,643 379,647 Telephone & Data Systems, Inc. ........... 10,009 606,045 The Cheesecake Factory, Inc.* ............ 8,584 304,560 The Colonial BancGroup, Inc. ............. 20,458 306,870 The PMI Group, Inc. ...................... 15,342 586,064 Tidewater, Inc. .......................... 10,348 340,656 Timberland Company Cl A* ................. 6,439 230,645 Titan Corp.* ............................. 13,121 239,983 Tootsie Roll Inds., Inc. ................. 8,797 339,212 Transaction Systems Architects ........... 6,035 70,972 Triad Hospitals, Inc.* ................... 12,397 525,385 Trigon Healthcare, Inc.* ................. 6,117 615,248 Trinity Industries ....................... 7,814 161,906 Triquint Semiconductor, Inc.* ............ 22,369 143,385 Tyson Foods, Inc. ........................ 60,174 933,299 Unifi, Inc.* ............................. 9,199 100,269 United Rentals* .......................... 13,038 284,228 Unitrin, Inc. ............................ 11,544 412,929 Universal Corp. .......................... 4,455 163,499 Universal Health Services Cl B ........... 10,235 501,515 VISX, Inc.* .............................. 9,188 100,149 Valassis Communication, Inc.* ............ 9,152 334,048 Valero Energy Corp. ...................... 18,031 674,720 Valspar Corp. ............................ 8,478 382,697 Varco International, Inc.* ............... 16,402 287,691 Varian Medical Systems, Inc.* ............ 11,561 468,799 Vectren Corporation ...................... 11,569 290,382 Vertex Pharmaceutical* ................... 12,894 209,914 Viad Corp. ............................... 15,128 393,328 Vishay Intertechnology, Inc.* ............ 27,145 597,190 WGL Holdings, Inc. ....................... 8,301 214,996 WPS Resources ............................ 5,368 219,175 Waddell & Reed Financial, Inc. ........... 13,679 313,523 Wallace Computer Svcs., Inc. ............. 7,003 150,564 Washington Post Co. Cl B ................. 1,622 883,990 Wausau-Mosinee Paper Corp. ............... 8,803 106,075 Weatherford International, Inc. .......... 20,368 879,897 Webster Financial Corp. .................. 8,324 318,310 Westamerica Bancorp ...................... 5,700 223,325 Westar Energy, Inc. ...................... 12,211 187,438 Western Gas Resources .................... 5,584 208,841 Westwood One, Inc.* ...................... 18,238 609,513 Whole Foods Market, Inc.* ................ 9,628 464,261 Williams-Sonoma, Inc.* ................... 19,589 600,598 Wilmington Trust Corp. ................... 11,166 340,562 Wind River Systems* ...................... 13,437 67,318 Wisconsin Energy Corp. ................... 19,626 495,948 York International Corp. ................. 6,706 226,595 ------------ TOTAL COMMON STOCKS (Cost: $146,240,501) 96.2% ............... 100,000 $139,750,809 ============ ----------- * Non-income producing security. The accompanying notes are an integral part of these financial statements. 26 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-CAP EQUITY INDEX FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rate Maturity Amount Value ---- -------- ------ ----- Short-Term Debt Securities: U. S. Government (0.3%) U.S. Treasury Bill (a) ..................... 1.70% 09/19/02 $ 500,000 $ 498,086 ------------ COMMERCIAL PAPER (3.5%) Bellsouth Corporation ...................... 1.75 07/01/02 3,600,000 3,599,650 SLM Corp. .................................. 1.85 07/05/02 1,410,000 1,409,565 ------------ 5,009,215 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $5,507,279) 3.8% ....................................................... 5,507,301 ------------ TOTAL INVESTMENTS (Cost: $151,747,780) 100.0% ................................................... $145,258,110 ============ -------------- FUTURES CONTRACTS OUTSTANDING AS OF JUNE 30, 2002: Expiration Underlying Face Unrealized Date Amount at Value Gain/(Loss) ---------- --------------- ---------- PURCHASED 23 S&P MidCap 400 Stock Index Futures Contracts ... September 2002 $5,638,450 $(131,925) ========== =========
Face value of futures purchased and outstanding as a percentage of total investments in securities: 3.9% --------------- (a) This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. The accompanying notes are an integral part of these financial statements. 27 MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES June 30, 2002 (Unaudited)
Face Rating* Rate Maturity Amount Value ------- ------ -------- ----------- -------------- LONG-TERM DEBT SECURITIES: U.S. GOVERNMENT (5.1%) U.S. Treasury Bond ...................... AAA 6.13% 11/15/27 $ 6,000,000 $ 6,344,760 U.S. Treasury Note ...................... AAA 5.88 11/15/04 3,000,000 3,188,430 U.S. Treasury Strip ..................... AAA 0.00 05/15/14 10,000,000 5,196,700 U.S. Treasury Strip ..................... AAA 0.00 02/15/17 15,000,000 6,427,950 -------------- 21,157,840 -------------- AGENCIES/OTHER GOVERNMENTS (37.8%) Connecticut Housing Fin. Auth. .......... AAA 7.63 05/15/21 2,500,000 2,570,125 FHLMC ................................... AAA 8.00 07/15/06 147,510 153,732 FHLMC ................................... AAA 7.50 04/01/07 17,849 18,216 FHLMC ................................... AAA 6.50 11/01/21 4,937,845 5,073,635 FNMA .................................... AAA 8.00 03/01/31 1,638,991 1,740,903 FNMA .................................... AAA 7.50 06/01/31 3,062,121 3,213,297 FNMA .................................... AAA 7.00 09/01/31 4,983,642 5,161,159 FNMA .................................... AAA 7.00 11/01/31 3,692,905 3,824,446 FNMA .................................... AAA 6.00 04/01/32 4,893,735 4,881,500 FNMA .................................... AAA 8.00 04/01/32 3,852,876 4,092,448 FNMA .................................... AAA 6.50 04/01/32 9,842,587 10,033,239 FNMA .................................... AAA 7.50 04/01/32 2,461,192 2,582,701 FNMA .................................... AAA 8.00 04/01/32 1,398,813 1,485,791 FNMA .................................... AAA 6.00 04/01/32 6,509,012 6,492,740 FNMA .................................... AAA 6.00 05/01/32 13,365,559 13,332,146 FNMA .................................... AAA 6.50 05/01/32 20,300,957 20,694,187 FNMA .................................... AAA 6.50 05/01/32 7,441,270 7,585,407 FNMA .................................... AAA 7.50 06/01/32 6,948,721 7,291,779 FNMA .................................... AAA 7.00 06/01/32 10,400,000 10,770,448 FNMA .................................... AAA 6.00 05/01/16 3,412,262 3,479,415 FNMA .................................... AAA 6.50 09/01/16 1,879,550 1,946,499 FNMA .................................... AAA 6.00 03/01/17 2,682,123 2,734,907 FNMA .................................... AAA 6.50 03/01/17 3,955,717 4,096,619 FNMA .................................... AAA 5.50 04/01/17 1,627,435 1,628,949 FNMA .................................... AAA 6.00 05/01/17 7,287,927 7,431,353 FNMA .................................... AAA 6.50 05/01/17 1,444,389 1,495,838 FNMA .................................... AAA 5.50 05/01/17 3,337,364 3,340,468 FNMA .................................... AAA 5.50 05/01/17 1,195,370 1,196,481 GNMA .................................... AAA 6.50 04/15/31 2,605,527 2,657,638 GNMA .................................... AAA 7.00 09/15/31 2,346,143 2,434,851 GNMA .................................... AAA 7.00 09/15/31 4,467,160 4,636,063 GNMA .................................... AAA 6.50 12/15/31 5,669,961 5,783,360 GNMA .................................... AAA 6.50 05/15/32 2,084,440 2,126,129 GNMA .................................... AAA 7.00 05/15/32 1,740,553 1,806,363 -------------- 157,792,832 -------------- BASIC MATERIALS (12.1%) Georgia-Pacific (Timber Group) .......... BBB- 8.63 04/30/25 7,000,000 6,152,580 Inco Ltd. ............................... BBB- 9.60 06/15/22 7,500,000 7,860,000 Millennium America, Inc. ................ BBB- 7.00 11/15/06 10,000,000 9,409,200 Millennium America, Inc. ................ BBB- 7.63 11/15/26 5,000,000 4,078,450 PolyOne Corp. ........................... BBB 6.88 12/15/05 5,000,000 5,152,800 PolyOne Corp. ........................... BBB 7.50 12/15/15 3,750,000 3,665,925
The accompanying notes are an integral part of these financial statements. 28 MUTUAL OF AMERICA INVESTMENT CORPORATION (BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rating* Rate Maturity Amount Value ------- ------ -------- ----------- -------------- LONG-TERM DEBT SECURITIES (CONTINUED): BASIC MATERIALS (Cont'd.) Praxair, Inc. ........................... BBB+ 6.90% 11/01/06 $ 5,000,000 $ 5,407,150 Solutia, Inc. ........................... BB- 6.72 10/15/37 7,500,000 6,262,500 USX Corp. ............................... BBB+ 8.75 09/15/22 2,000,000 2,346,180 -------------- 50,334,785 -------------- CONSUMER, CYCLICAL (13.5%) Borg-Warner, Inc. ....................... BBB+ 8.00 10/01/19 10,000,000 10,953,600 Centex Corp. ............................ BBB- 8.75 03/01/07 2,000,000 2,206,900 Centex Corp. ............................ BBB- 7.38 06/01/05 5,000,000 5,223,800 Fruit of the Loom, Inc. (1) ............. NR 7.00 03/15/11 1,525,914 586,486 Fruit of the Loom, Inc. (1) ............. NR 7.38 11/15/23 1,250,000 875,000 Hasbro, Inc. ............................ BB 8.50 03/15/06 12,500,000 12,687,500 Kellwood, Co. ........................... BBB- 7.88 07/15/09 10,000,000 9,144,500 Neiman-Marcus Group, Inc. ............... BBB 7.13 06/01/28 2,500,000 2,429,151 Oakwood Homes Corp. ..................... CCC 8.13 03/01/09 2,500,000 1,387,500 Polaroid Corp. (1) ...................... Ca(3) 7.25 01/15/07 3,750,000 46,875 Shopko Stores, Inc. ..................... B+ 9.00 11/15/04 5,000,000 4,925,000 Tommy Hilfiger USA, Inc. ................ BBB- 6.50 06/01/03 5,000,000 5,000,000 V F Corp. ............................... A- 9.25 05/01/22 1,000,000 1,047,470 -------------- 56,513,782 -------------- CONSUMER, NON-CYCLICAL (2.0%) Intl. Flavors & Fragrances .............. BBB+ 6.45 05/15/06 2,500,000 2,586,000 Ralston Purina Co. ...................... AAA 8.63 02/15/22 2,500,000 3,192,500 Supervalu, Inc. ......................... BBB 8.88 11/15/22 2,500,000 2,612,200 -------------- 8,390,700 -------------- ENERGY (6.0%) Enron Corp. (1) ......................... D 0.00 02/07/21 10,000,000 1,000,000 Louis Dreyfus Natural Gas Corp. ......... BBB 9.25 06/15/04 2,000,000 2,172,420 Lyondell Chemical Co. ................... BB 10.25 11/01/10 7,500,000 7,500,000 NorAm Energy Corp. ...................... BBB+ 6.38 11/01/03 5,000,000 4,711,700 Southern Union Co. ...................... BBB+ 7.60 02/01/24 10,000,000 9,459,000 -------------- 24,843,120 -------------- FINANCIAL (11.5%) Berkley (W.R.) Corp. .................... BBB+ 8.70 01/01/22 5,000,000 4,966,600 Executive Risk, Inc. .................... AA- 7.13 12/15/07 5,000,000 5,536,350 Fairfax Financial Holdings, Ltd. ........ BB+ 8.25 10/01/15 2,500,000 1,712,500 First American Corp. .................... BBB 7.55 04/01/28 1,500,000 1,199,490 Fremont General Corp. ................... CCC+ 7.70 03/17/04 3,500,000 3,150,000 Harleysville Group, Inc. ................ BBB+ 6.75 11/15/03 2,500,000 2,562,375 Lehman Brothers Holdings, Inc. .......... A 0.00 07/28/28 10,000,000 1,244,800 Morgan (J.P.) & Co., Inc. ............... A+ 0.00 04/15/27 32,500,000 5,517,850 Nationwide Health Properties ............ BBB- 7.90 11/20/06 5,000,000 5,244,150 Rank Group Financial .................... BBB- 6.75 11/30/04 5,000,000 5,137,950 Simon Property Group, Inc. .............. BBB 7.88 03/15/16 5,000,000 5,425,350 Triad Guaranty .......................... A 7.90 01/15/28 3,250,000 2,851,043 Vesta Insurance Group, Inc. ............. B2(3) 8.75 07/15/25 5,000,000 3,336,250 -------------- 47,884,708 --------------
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) June 30, 2002 (Unaudited)
Face Rating* Rate Maturity Amount Value ------- ------ -------- ----------- -------------- LONG-TERM DEBT SECURITIES (CONTINUED): HEALTHCARE (1.7%) Bausch & Lomb, Inc. ..................... BBB- 6.75% 12/15/04 $ 2,000,000 $ 2,005,380 Bausch & Lomb, Inc. ..................... BBB- 6.38 08/01/03 5,250,000 5,262,233 ------------ 7,267,613 ------------ INDUSTRIAL (6.2%) Arrow Electronics, Inc. ................. BBB 8.70 10/01/05 2,500,000 2,573,175 Browning-Ferris Inds., Inc. ............. BB- 7.88 03/15/05 5,000,000 4,925,000 Clark Equipment Co. ..................... BBB+ 8.35 05/15/23 5,000,000 5,285,550 Harman Intl. Industries, Inc. ........... BBB- 7.13 02/15/07 2,500,000 2,509,925 Owens Corning (1) ...................... NR 7.00 03/15/09 2,500,000 950,000 Thermo Electron Corp., Inc .............. BBB 4.00 01/15/05 10,000,000 9,475,000 ------------ 25,718,650 ------------ TELECOMMUNICATIONS (0.3%) Metronet Communications ................. CC 0.00(2) 06/15/08 10,000,000 1,000,000 Pacific Bell ............................ AA- 6.63 10/15/34 30,000 28,050 Teleglobe, Inc. (1) ..................... NR 7.20 07/20/09 10,500,000 262,500 ------------ 1,290,550 ------------ UTILITIES (1.8%) Aquila, Inc. ............................ BBB 8.00% 03/01/23 $10,000,000 $ 7,365,600 ------------ TOTAL LONG-TERM DEBT SECURITIES (Cost: $436,669,855) 98.0% $408,560,180 ============
------------ Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation FNMA = Federal National Mortgage Association GNMA = Government National Mortgage Association NR = Issue is not rated by either S&P or Moody's (1) Issuer has filed for Chapter XI bankruptcy law (or equivalent) protection; issue is non-income producing. (2) Debt obligation initially issued in zero coupon form which converts to a coupon rate in the future. (3) Issue not rated by S&p Moody's rating assigned. The total value of investments not rated and/or below-investment grade as a percentage of the Fund's total investments as of June 30, 2002 is 12.1%. * Ratings as per Standard & Poor's Corporation, except where noted. 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) June 30, 2002 (Unaudited)
Face Rate Maturity Amount Value ------ -------- ------------- -------------- SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (2.0%) Novartis Finance Corp. ...................... 1.95% 07/01/02 $8,205,000 $ 8,204,111 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $8,204,111) 2.0% ........................................................ 8,204,111 ------------ TOTAL INVESTMENTS (Cost: $444,873,966) 100.0% .................................................... $416,764,291 ============
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 June 30, 2002 (Unaudited)
Face Rating* Rate Maturity Amount Value ------- ---- -------- ------ ----- LONG-TERM DEBT SECURITIES: U.S. GOVERNMENT (11.9%) U.S. Treasury Note ....................... AAA 3.38% 04/30/04 $ 500,000 $ 505,275 U.S. Treasury Note ....................... AAA 3.63 08/31/03 750,000 762,270 U.S. Treasury Note ....................... AAA 2.75 10/31/03 250,000 251,403 U.S. Treasury Note ....................... AAA 3.00 11/30/03 500,000 503,970 U.S. Treasury Note ....................... AAA 3.00 01/31/04 500,000 503,260 ---------- 2,526,178 ---------- AGENCIES (66.3%) FHLMC .................................... AAA 7.75 12/01/02 5,847 5,897 FHLMC .................................... AAA 6.50 09/01/04 31,231 32,214 FHLMC .................................... AAA 8.50 06/01/06 207,624 220,332 FHLMC .................................... AAA 7.50 02/15/07 107,085 111,803 FHLMC .................................... AAA 7.00 03/15/07 121,597 126,651 FHLMC .................................... AAA 7.50 09/01/07 108,487 112,329 FHLMC .................................... AAA 7.25 11/01/07 20,837 21,600 FHLMC .................................... AAA 6.50 12/15/07 588,727 621,472 FHLMC .................................... AAA 7.75 05/01/08 206,226 217,866 FHLMC .................................... AAA 6.00 09/15/08 43,793 44,847 FHLMC .................................... AAA 6.00 10/01/08 405,081 418,748 FHLMC .................................... AAA 5.50 04/01/09 324,039 330,011 FHLMC .................................... AAA 5.50 06/01/09 422,131 427,670 FHLMC .................................... AAA 8.25 10/01/09 114,407 120,841 FHLMC .................................... AAA 6.50 11/01/09 124,565 129,780 FHLMC .................................... AAA 5.50 11/15/09 500,000 516,560 FHLMC .................................... AAA 7.50 07/01/10 123,737 130,216 FHLMC .................................... AAA 6.00 11/01/10 290,936 300,752 FHLMC .................................... AAA 7.00 02/01/14 340,425 354,679 FHLMC .................................... AAA 8.00 05/01/14 86,989 91,312 FHLMC .................................... AAA 6.00 07/01/16 501,166 508,213 FHLMC .................................... AAA 8.50 09/01/17 44,284 47,855 FHLMC .................................... AAA 8.00 09/01/18 229,739 244,242 FHLMC .................................... AAA 5.00 04/25/19 58,769 59,044 FHLMC .................................... AAA 6.00 07/15/20 545,000 566,119 FHLMC .................................... AAA 6.50 02/15/21 200,000 208,124 FHLMC .................................... AAA 7.50 03/15/21 180,649 186,802 FHLMC .................................... AAA 6.50 05/15/21 24,968 25,335 FHLMC .................................... AAA 6.00 11/15/21 108,281 109,193 FHLMC .................................... AAA 6.00 05/15/22 12,586 12,692 FHLMC .................................... AAA 6.50 09/15/23 94,774 95,988 FHLMC .................................... AAA 6.00 09/15/23 500,000 516,405 FHLMC .................................... AAA 5.75 07/15/24 480,631 496,698 FNMA ..................................... AAA 7.00 11/25/04 137,033 140,244 FNMA ..................................... AAA 8.25 10/01/05 4,003 4,214 FNMA ..................................... AAA 7.50 07/01/06 120,691 126,397 FNMA ..................................... AAA 7.50 09/01/06 90,115 94,375 FNMA ..................................... AAA 7.50 11/25/06 25,641 25,753 FNMA ..................................... AAA 7.50 02/25/07 74,015 76,396 FNMA ..................................... AAA 6.50 03/25/07 205,200 214,561
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) June 30, 2002 (Unaudited)
Face Rating* Rate Maturity Amount Value ------- ---- -------- ------ ----- LONG-TERM DEBT SECURITIES: AGENCIES (Continued) FNMA ..................................... AAA 7.50% 05/01/07 $101,840 $ 106,654 FNMA ..................................... AAA 7.75 03/01/08 96,034 101,433 FNMA ..................................... AAA 8.00 04/01/08 71,247 76,317 FNMA ..................................... AAA 6.00 09/01/08 271,744 272,253 FNMA ..................................... AAA 7.50 09/01/08 128,387 136,531 FNMA ..................................... AAA 5.50 11/01/08 205,557 209,732 FNMA ..................................... AAA 5.50 12/01/08 39,264 40,061 FNMA ..................................... AAA 7.50 01/01/09 62,673 65,636 FNMA ..................................... AAA 5.50 02/01/09 124,367 126,893 FNMA ..................................... AAA 6.00 07/01/09 337,275 350,450 FNMA ..................................... AAA 8.50 12/01/09 108,821 116,302 FNMA ..................................... AAA 8.25 01/01/10 170,941 181,322 FNMA ..................................... AAA 6.00 01/01/11 153,363 158,778 FNMA ..................................... AAA 6.00 07/25/11 500,000 523,435 FNMA ..................................... AAA 6.50 08/01/13 283,561 291,004 FNMA ..................................... AAA 5.50 02/25/16 190,000 195,938 FNMA ..................................... AAA 8.00 06/01/17 51,732 54,745 FNMA ..................................... AAA 6.30 09/25/18 35,819 36,043 FNMA ..................................... AAA 6.25 01/25/21 95,321 96,304 FNMA ..................................... AAA 6.00 11/18/21 400,000 414,500 FNMA ..................................... AAA 6.25 01/25/22 415,000 430,301 FNMA ..................................... AAA 6.25 02/25/22 200,000 209,250 FNMA ..................................... AAA 6.00 09/25/22 233,266 239,972 FNMA ..................................... AAA 5.00 09/25/22 373,000 379,528 FNMA ..................................... AAA 6.50 01/25/23 371,325 386,75 GNMA ..................................... AAA 9.50 12/20/03 8,651 9,238 GNMA ..................................... AAA 7.50 07/15/07 177,629 189,478 GNMA ..................................... AAA 7.00 08/15/07 162,953 171,726 GNMA ..................................... AAA 7.50 05/20/08 120,237 126,429 GNMA ..................................... AAA 6.00 11/15/08 140,888 144,757 GNMA ..................................... AAA 6.00 06/15/09 117,371 120,595 GNMA ..................................... AAA 9.00 03/15/10 59,644 64,335 ----------- 14,120,927 ----------- CONSUMER, CYCLICAL (1.2%) Hasbro, Inc. ............................. BB 7.95 03/15/03 250,000 253,125 ----------- ENERGY (3.1%) Columbia Energy Group .................... BBB 6.61 11/28/02 400,000 400,216 Louis Dreyfus Natural Gas Corp ........... BBB 9.25 06/15/04 250,000 271,553 ----------- 671,769 -----------
The accompanying notes are an integral part of these financial statements. 33 MUTUAL OF AMERICA INVESTMENT CORPORATION (SHORT-TERM BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rating* Rate Maturity Amount Value ------- ---- -------- ------ ----- LONG-TERM DEBT SECURITIES: FINANCIAL (6.4%) Chemical Mortgage Securities, Inc. ........ AAA 6.50% 02/25/24 $306,857 $ 315,007 Chase Mortgage Finance Corp. .............. AAA 7.40 01/25/08 94,122 99,563 Prudential Home Mtge. Secs. Co. ........... AAA 6.75 09/25/08 176,309 181,708 Prudential Home Mtge. Secs. Co. ........... AAA 6.00 01/25/09 175,983 177,906 Residential Fdg. Mtge. Sec. ............... AAA 6.50 08/25/13 418,750 433,930 Residential Fdg. Mtge. Sec. ............... AAA 6.25 03/25/14 153,835 156,815 ----------- 1,364,929 ----------- INDUSTRIAL (2.4%) Edperbrascan Corp. ........................ A- 7.38 10/01/02 $500,000 503,875 ----------- TOTAL LONG-TERM DEBT SECURITIES (Cost: $19,137,436) 91.3% .............................................................. 19,440,803 -----------
Face Rate Maturity Amount Value ---- -------- ------ ----- SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (8.7%) 7-Eleven Inc. ........................................ 2.00% 07/01/02 $343,000 $ 342,962 Abbott Laboratories .................................. 1.75 07/18/02 372,000 371,656 Bellsouth Corporation ................................ 1.75 07/01/02 495,000 494,952 SLM Corp. ............................................ 1.85 07/05/02 400,000 399,877 Verizon Global Funding ............................... 1.80 07/18/02 250,000 249,762 ----------- 1,859,209 ----------- TOTAL SHORT-TERM DEBT SECURITIES (Cost: $1,859,209) 8.7% ................................................................ 1,859,209 ----------- TOTAL INVESTMENTS (Cost: $20,996,645) 100.0% ............................................................. $21,300,012 ===========
---------------- Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation FNMA = Federal National Mortgage Association GNMA = Government National Mortgage Association * Ratings as per Standard & Poor's Corporation. The total value of investments rated below-investment grade as a percentage of the Fund's total investments as of June 30, 2002 is 1.2%. 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 June 30, 2002 (Unaudited)
Face Rating* Rate Maturity Amount Value ------- ---- -------- ------ ----- LONG-TERM DEBT SECURITIES: U.S. GOVERNMENT (52.9%) U.S. Treasury Note ...................... AAA 4.75% 11/15/08 $7,000,000 $ 7,128,030 U.S. Treasury Note ...................... AAA 5.75 11/15/05 5,000,000 5,335,900 U.S. Treasury Note ...................... AAA 6.50 05/15/05 4,000,000 4,342,200 U.S. Treasury Note ...................... AAA 4.38 05/15/07 4,000,000 4,055,000 ----------- 20,861,130 ----------- AGENCIES/OTHER GOVERNMENTS (15.5%) FHLB .................................... AAA 5.13 03/06/06 5,000,000 5,196,900 FHLMC ................................... AAA 7.00 02/01/14 340,425 354,679 FHLMC ................................... AAA 8.00 07/15/06 73,755 76,866 FNMA .................................... AAA 6.50 11/25/05 207,257 211,402 FNMA .................................... AAA 7.00 04/25/07 276,643 289,524 ----------- 6,129,371 ----------- BASIC MATERIALS (2.2%) Cytec Industries, Inc. .................. BBB 6.85 05/11/05 500,000 506,850 Millennium America Inc. ................. BBB- 7.00 11/15/06 250,000 235,230 Solutia, Inc. ........................... BB- 6.72 10/15/37 150,000 125,250 ----------- 867,330 ----------- CONSUMER, CYCLICAL (3.8%) Hasbro, Inc. ............................ BB 8.50 03/15/06 500,000 507,500 Tommy Hilfiger USA, Inc. ................ BBB- 6.50 06/01/03 500,000 500,000 Venator Group, Inc. ..................... BB+ 7.00 10/15/02 500,000 503,125 ----------- 1,510,625 ----------- CONSUMER NON-CYCLICAL (0.6 %) Intl. Flavors & Fragrances .............. BBB+ 6.45 05/15/06 250,000 258,600 ----------- ENERGY (1.2%) Williams Cos., Inc. ..................... BBB-(2) 6.50 11/15/02 500,000 481,960 ----------- Financial (16.5%) Bear Stearns Cos., Inc. ................. A 6.63 10/01/04 500,00 525,945 Ford Motor Credit Co. ................... BBB+ 6.88 02/01/06 500,000 510,665 General Motors Acceptance Corp. ......... BBB+ 6.75 01/15/06 500,000 518,204 Harleysville Group, Inc. ................ BBB+ 6.75 11/15/03 250,000 256,237 Heller Financial, Inc. .................. AAA 6.38 03/15/06 500,000 529,930 Household Finance Corp. ................. A 6.50 01/24/06 500,000 508,694 Nationwide Health Properties ............ BBB- 7.60 11/20/28 350,000 362,520 Nationwide Health Properties ............ BBB- 7.90 11/20/06 250,000 262,208 Rank Group Financial .................... BBB- 6.75 11/30/04 500,000 513,795 Residential Funding Mtge. Sec. .......... AAA 6.25 08/25/08 264,998 268,061 Salomon Smith Barney Hldgs. ............. AA- 6.50 10/15/02 500,000 506,240 Sprint Capital Corp. .................... BBB- 7.13 01/30/06 500,000 439,550 The CIT Group, Inc. ..................... BBB+ 6.50 02/07/06 500,000 485,615 Trinet Corp. Rlty. Trust, Inc. .......... BB+ 6.75 03/01/03 300,000 300,207 Union Planters Corp. .................... BBB- 6.75 11/01/05 500,000 529,705 ----------- 6,517,576 -----------
The accompanying notes are an integral part of these financial statements. 35 MUTUAL OF AMERICA INVESTMENT CORPORATION (MID-TERM BOND FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rating* Rate Maturity Amount Value ------- ---- -------- ------ ----- LONG-TERM DEBT SECURITIES (CONTINUED): HEALTHCARE (1.3%) Bausch & Lomb, Inc. ..................... BBB- 6.75% 12/15/04 $250,000 $ 250,673 Bausch & Lomb, Inc. ..................... BBB- 6.38 08/01/03 250,000 250,583 ----------- 501,256 ----------- INDUSTRIAL (3.7%) Airborne Freight Corp. .................. BBB- 8.88 12/15/02 250,000 253,915 Arrow Electronics, Inc. ................. BBB 8.70 10/01/05 500,000 . 514,635 Crown Cork & Seal, Inc. ................. CCC 6.75 04/15/03 500,000 450,000 Harman Intl. Industries, Inc. ........... BBB- 7.13 02/15/07 250,000 250,993 ----------- 1,469,543 ----------- TELECOMMUNICATIONS (0.1%) Metronet Communications ................. CC 0.00(1) 06/15/08 225,000 22,500 ----------- UTILITIES (0.7%) Constellation Energy Group .............. A 6.13 07/01/03 250,000 256,815 ----------- TOTAL LONG-TERM DEBT SECURITIES (Cost: $38,532,922) 98.5% ............................................................... 38,876,706 ----------- Face Rate Maturity Amount Value ---- -------- ------ ----- Short-Term Debt Securities: COMMERCIAL PAPER (1.5%) 7-Eleven Inc. ..................................... 2.00% 07/01/02 $585,000 $ 584,935 ----------- TOTAL SHORT-TERM DEBT SECURITIES (Cost: $584,935) 1.5% ................................................................... 584,935 ----------- TOTAL INVESTMENTS (Cost: $39,117,857) 100.0% .............................................................. $39,461,641 ===========
--------------- (1) Debt obligation initially issued in zero coupon form which converts to a coupon rate in the future. (2) Issue was down-graded to below investment grade in July, 2002. * Ratings as per Standard & Poor's Corporation. Abbreviations: FHLB = Federal Home Loan Bank 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 June 30, 2002 is 4.8%. The accompanying notes are an integral part of these financial statements. 36 MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES June 30, 2002 (Unaudited) Shares Value ------- ------------ COMMON STOCKS: BASIC MATERIALS (2.9%) Air Products & Chemicals, Inc. ........... 25,610 $ 1,292,537 Engelhard Corp. .......................... 92,800 2,628,096 International Paper Co. .................. 46,350 2,019,933 Sigma-Aldrich Corp. ...................... 30,400 1,524,560 ------------ 7,465,126 ------------ CONSUMER CYCLICAL (10.8%) AOL Time Warner, Inc.* ................... 3,340 49,131 Bed Bath & Beyond, Inc.* ................. 83,200 3,139,968 Danaher Corp. ............................ 15,380 1,020,463 Family Dollar Stores, Inc. ............... 45,830 1,615,508 General Electric Co. ..................... 7,160 207,998 Home Depot, Inc. ......................... 8,480 311,470 Kohl's Corp.* ............................ 31,200 2,186,496 Liz Claiborne, Inc. ...................... 72,160 2,294,688 Mattel, Inc. ............................. 110,320 2,325,546 McKesson Corp. ........................... 90,300 2,952,810 New York Times Co. Cl A .................. 66,190 3,408,785 Newell Rubbermaid, Inc. .................. 91,620 3,212,197 Reebok International Ltd.* ............... 74,400 2,194,800 Starbucks Corp.* ......................... 108,870 2,705,420 Viacom, Inc. Cl B* ....................... 1,000 44,370 Wal-Mart Stores, Inc. .................... 4,640 255,246 ------------ 27,924,896 ------------ CONSUMER, NON-CYCLICAL (4.2%) Anheuser-Busch Cos., Inc. ................ 47,570 2,378,500 Coca-Cola Co. ............................ 4,650 260,400 Gillette Co. ............................. 63,500 2,150,745 Kellogg Co. .............................. 42,900 1,538,394 PepsiCo, Inc. ............................ 59,720 2,878,504 Proctor & Gamble Co. ..................... 16,790 1,499,347 ------------ 10,705,890 ------------ ENERGY (2.3%) ChevronTexaco Corp. ...................... 25,840 2,286,840 Exxon Mobil Corp. ........................ 4,590 187,823 Occidental Petroleum Corp. ............... 112,600 3,376,874 Royal Dutch Petroleum Co. (N.Y.) ......... 920 50,848 ------------ 5,902,385 ------------ FINANCIAL (13.5%) Aflac, Inc. .............................. 103,000 3,296,000 AmSouth Bancorporation ................... 215,450 4,821,771 American Int'l. Group, Inc. .............. 660 45,032 BB & T Corp. ............................. 87,900 3,392,940 Bank of America Corp. .................... 26,220 1,844,839 Citigroup, Inc. .......................... 1,213 47,004 Fannie Mae ............................... 1,000 73,750 Fifth Third Bancorp ...................... 41,880 2,791,302 First Tennessee Natl. Corp. .............. 113,420 4,343,986 John Hancock Financial Services .......... 38,320 1,348,864 National City Corp. ...................... 110,600 3,677,450 Safeco Corp. ............................. 83,900 2,591,671 Union Planters Corp. ..................... 135,465 4,385,002 Wells Fargo & Company .................... 44,700 2,237,682 ------------ 34,897,293 ------------ HEALTHCARE (4.7%) HCA, Inc. ................................ 89,000 4,227,500 Health Management Associates* ............ 70,000 1,410,500 Johnson & Johnson ........................ 23,785 1,243,004 Merck & Co., Inc. ........................ 2,100 106,344 Pfizer, Inc. ............................. 6,560 229,600 Wyeth .................................... 1,000 51,200 Zimmer Holdings, Inc.* ................... 133,810 4,771,665 ------------ 12,039,813 ------------ INDUSTRIAL (6.2%) CSX Corp. ................................ 8,250 289,163 Cintas Corp. ............................. 65,100 3,217,893 Computer Sciences Corp.* ................. 49,500 2,366,100 FedEx Corp. .............................. 62,210 3,322,014 ITT Industries, Inc. ..................... 12,490 881,794 KLA Tencor Corp.* ........................ 18,590 817,774 Transocean, Inc.* ........................ 21,900 682,185 Unilever N.V. (N.Y.) ..................... 69,000 4,471,200 ------------ 16,048,123 ------------ TECHNOLOGY (9.8%) Cisco Systems, Inc.* ..................... 140,510 1,960,115 Dell Computer Corp.* ..................... 160,870 4,205,142 Intel Corp. .............................. 99,390 1,815,855 Intl. Business Machines Corp. ............ 11,800 849,600 Intuit, Inc.* ............................ 121,300 6,031,036 Lockheed Martin Corp. .................... 10,690 742,955 Microsoft Corp.* ......................... 11,900 650,930 National Semiconductor Corp.* ............ 105,300 3,071,601 Raytheon Co. ............................. 63,780 2,599,035 Rockwell Automation, Inc. ................ 160,530 3,207,389 ------------ 25,133,658 ------------ TELECOMMUNICATIONS (0.8%) Alltel Corp. ............................. 27,670 1,300,490 SBC Communications, Inc. ................. 6,920 211,060 Verizon Communications ................... 11,940 479,390 ------------ 1,990,940 ------------ UTILITIES (0.8%) Southern Co. ............................. 77,990 2,136,926 ------------ TOTAL COMMON STOCKS (Cost: $145,620,112 ) 56.0% .............. $144,245,050 ============ ------------- * Non-income producing security. The accompanying notes are an integral part of these financial statements. 37 MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES June 30, 2002 (Unaudited)
Face Rating** Rate Maturity Amount Value --------- ------ --------- ------------- -------------- LONG-TERM DEBT SECURITIES: U.S. GOVERNMENT (0.6%) U.S. Treasury Bond .......................... AAA 6.13% 11/15/27 $ 1,500,000 $ 1,586,190 AGENCIES/OTHER GOVERNMENTS (12.1%) Connecticut Housing Fin. Auth. .............. AAA 7.63 05/15/21 1,000,000 1,028,050 FHLMC ....................................... AAA 8.00 07/15/06 73,755 76,866 FNMA ........................................ AAA 8.00 03/01/31 431,313 458,132 FNMA ........................................ AAA 7.50 06/01/31 843,193 884,821 FNMA ........................................ AAA 7.00 09/01/31 1,381,604 1,430,816 FNMA ........................................ AAA 7.00 11/01/31 923,226 956,112 FNMA ........................................ AAA 7.50 02/01/32 400,000 419,748 FNMA ........................................ AAA 6.00 03/01/32 800,000 798,000 FNMA ........................................ AAA 6.00 04/01/32 1,248,402 1,245,281 FNMA ........................................ AAA 7.00 04/01/32 599,940 621,310 FNMA ........................................ AAA 8.00 04/01/32 296,375 314,803 FNMA ........................................ AAA 6.50 04/01/32 2,706,711 2,759,140 FNMA ........................................ AAA 7.50 04/01/32 615,237 645,612 FNMA ........................................ AAA 8.00 04/01/32 599,703 636,992 FNMA ........................................ AAA 6.00 04/01/32 1,788,736 1,784,264 FNMA ........................................ AAA 6.00 05/01/32 997,430 994,936 FNMA ........................................ AAA 6.50 05/01/32 1,492,717 1,521,631 FNMA ........................................ AAA 6.50 05/01/32 1,897,774 1,934,533 FNMA ........................................ AAA 7.50 06/01/32 489,347 513,506 FNMA ........................................ AAA 7.00 06/01/32 750,000 776,715 FNMA ........................................ AAA 6.50 07/01/32 1,200,000 1,223,256 FNMA ........................................ AAA 6.00 05/01/16 947,850 966,504 FNMA ........................................ AAA 6.50 09/01/16 530,130 549,013 FNMA ........................................ AAA 6.00 03/01/17 695,365 709,050 FNMA ........................................ AAA 6.50 03/01/17 296,679 307,246 FNMA ........................................ AAA 5.50 04/01/17 443,846 444,259 FNMA ........................................ AAA 6.00 05/01/17 545,355 556,088 FNMA ........................................ AAA 6.50 05/01/17 348,646 361,064 FNMA ........................................ AAA 5.50 05/01/17 249,057 249,289 FNMA ........................................ AAA 5.50 05/01/17 298,842 299,120 FNMA ........................................ AAA 5.50 06/01/17 200,000 200,186 FNMA ........................................ AAA 6.00 06/01/17 450,000 458,856 FNMA ........................................ AAA 6.50 06/01/17 250,000 258,905 GNMA ........................................ AAA 6.50 04/15/31 697,909 711,868 GNMA ........................................ AAA 7.00 05/15/31 300,000 311,343 GNMA ........................................ AAA 7.00 09/15/31 325,730 338,047 GNMA ........................................ AAA 7.00 09/15/31 648,933 673,469 GNMA ........................................ AAA 6.50 10/15/31 349,965 356,966 GNMA ........................................ AAA 6.50 12/15/31 397,891 405,849 GNMA ........................................ AAA 7.00 05/15/32 447,571 464,493 GNMA ........................................ AAA 6.50 05/15/32 545,925 556,843 Suffolk County, New York .................... AAA 5.80 11/01/04 250,000 260,468 Suffolk County, New York .................... AAA 5.88 11/01/05 750,000 775,470 -------------- 31,238,920 --------------
The accompanying notes are an integral part of these financial statements. 38 MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rating** Rate Maturity Amount Value --------- ------ --------- ------------- -------------- LONG-TERM DEBT SECURITIES (CONTINUED): BASIC MATERIALS (4.4%) Georgia-Pacific (Timber Group) ............. BBB- 8.63% 04/30/25 $ 2,000,000 $ 1,757,880 Inco Ltd. .................................. BBB- 9.60 06/15/22 2,500,000 2,620,000 Millennium America Inc. .................... BBB- 7.63 11/15/26 2,500,000 2,039,225 PolyOne Corp. .............................. BBB 7.50 12/15/15 1,000,000 977,580 Praxair, Inc. .............................. BBB+ 6.90 11/01/06 2,500,000 2,703,575 Solutia, Inc. .............................. BB- 6.72 10/15/37 1,500,000 1,252,500 -------------- 11,350,760 -------------- CONSUMER, CYCLICAL (6.5%) Borg-Warner, Inc. .......................... BBB+ 8.00 10/01/19 5,000,000 5,476,800 Fruit of the Loom, Inc. (1) ................ NR 7.00 03/15/11 610,365 234,595 Fruit of the Loom, Inc. (1) ................ NR 7.38 11/15/23 500,000 350,000 Hasbro, Inc. ............................... BB 8.50 03/15/06 4,000,000 4,060,000 Kellwood, Co. .............................. BBB- 7.88 07/15/09 2,500,000 2,286,125 Neiman-Marcus Group, Inc. .................. BBB 7.13 06/01/28 2,500,000 2,429,150 Polaroid Corp. (1) ......................... C2(4) 7.25 01/15/07 1,000,000 12,500 Shopko Stores, Inc. ........................ B+ 9.00 11/15/04 1,000,000 985,000 Venator Group, Inc. ........................ BB+ 7.00 10/15/02 1,000,000 1,006,250 -------------- 16,840,420 -------------- CONSUMER, NON-CYCLICAL (1.9%) Ralston Purina Co. ......................... AAA 8.63 02/15/22 2,500,000 3,192,500 Supervalu, Inc. ............................ BBB 8.88 11/15/22 1,500,000 1,567,320 -------------- 4,759,820 -------------- ENERGY (3.7%) Enron Corp. (1) ............................ D 0.00 02/07/21 2,500,000 250,000 Lyondell Chemical Co. ...................... BB 10.25 11/01/10 2,500,000 2,500,000 NorAm Energy Corp. ......................... BBB+ 6.38 11/01/03 1,000,000 942,340 Southern Union Co. ......................... BBB+ 7.60 02/01/24 5,000,000 4,729,500 Williams Cos., Inc. ........................ BBB-(3) 6.50 11/15/02 1,000,000 963,920 -------------- 9,385,760 -------------- FINANCIAL (5.1%) Berkley (W.R.) Corp. ....................... BBB+ 8.70 01/01/22 1,500,000 1,489,980 Fairfax Financial Holdings, Ltd ............ BB+ 8.25 10/01/15 500,000 342,500 First American Corp. ....................... BBB 7.55 04/01/28 2,250,000 1,799,234 Fremont General Corp. ...................... CCC+ 7.70 03/17/04 500,000 450,000 Harleysville Group Inc. .................... BBB+ 6.75 11/15/03 1,000,000 1,024,950 Lehman Brothers Holdings, Inc. ............. A 0.00 07/28/28 3,250,000 404,560 Morgan (J.P.) & Co., Inc. .................. A+ 0.00 04/15/27 10,000,000 1,697,800 Nationwide Health Properties ............... BBB- 7.90 11/20/06 5,000,000 5,244,150 Vesta Insurance Group, Inc. ................ B2(4) 8.75 07/15/25 1,000,000 667,250 -------------- 13,120,424 -------------- HEALTHCARE (1.9%) Bausch & Lomb, Inc. ........................ BBB- 6.75 12/15/04 2,500,000 2,506,725 Bausch & Lomb, Inc. ........................ BBB- 6.38 08/01/03 2,500,000 2,505,825 -------------- 5,012,550 --------------
The accompanying notes are an integral part of these financial statements. 39 MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rating** Rate Maturity Amount Value --------- ------ --------- ------------- -------------- LONG-TERM DEBT SECURITIES (CONTINUED): INDUSTRIAL (1.0%) Arrow Electronics, Inc. .................... BBB 8.70% 10/01/05 $ 500,000 $ 514,635 Clark Equipment Co. ........................ BBB+ 8.35 05/15/23 1,500,000 1,585,665 Owens Corning (1) .......................... NR 7.00 03/15/09 1,500,000 570,000 -------------- 2,670,300 -------------- TELECOMMUNICATIONS (0.1%) Metronet Communications .................... CC(2) 0.00 06/15/08 1,500,000 150,000 -------------- UTILITIES (0.9%) Aquila, Inc. ............................... BBB 8.00 03/01/23 3,000,000 2,209,680 -------------- TOTAL LONG-TERM DEBT SECURITIES (Cost: $103,504,045) 38.2% ................................................................... $ 98,324,824 ==============
Abbreviations: FHLMC = Federal Home Loan Mortgage Corporation FNMA = Federal National Mortgage Association GNMA = Government National Mortgage Association NR = Issue is not rated by either S&P orMoody's. (1) Issuer has filed for Chapter XI bankruptcy law protection; issue is non-income producing. (2) Debt obligation initially issued in zero coupon form which converts to a coupon rate in the future. (3) Issue down-graded to below investment grade in July, 2002. (4) Issue not rated by S&P; Moody's rating assigned The total value of investments rated below-investment grade as a percentage of the Fund's total investments as of June 30, 2002 is 5.0%. ** Ratings as per Standard & Poor's Corporation, except where noted. The accompanying notes are an integral part of these financial statements. 40 MUTUAL OF AMERICA INVESTMENT CORPORATION (COMPOSITE FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued) June 30, 2002 (Unaudited)
Face Rate Maturity Amount Value ------ --------- ------------- -------------- SHORT-TERM DEBT SECURITIES COMMERCIAL PAPER (5.8%) Bellsouth Corporation .................................. 1.75% 07/01/02 $5,505,000 $ 5,504,465 General Electric Capital Corp. ......................... 1.87 07/02/02 6,000,000 5,999,065 National Rural Utilities ............................... 1.79 07/15/02 1,200,000 1,199,044 SLM Corp. .............................................. 1.85 07/05/02 2,120,000 2,119,346 ------------ 14,821,920 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $14,821,920) 5.8% ..................................................................... 14,821,920 ------------ TOTAL INVESTMENTS (Cost: $263,946,077) 100.0% .................................................................. $257,391,794 ============
The accompanying notes are an integral part of these financial statements. 41 MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES June 30, 2002 (Unaudited) Shares Value ------ ----- Common Stocks: BASIC MATERIALS (6.7%) Goldcorp, Inc. ........................... 220,000 $ 2,189,000 Georgia Gulf Corp. ....................... 76,000 2,009,440 Lone Star Technologies, Inc.* ............ 60,000 1,374,000 Meridian Gold Inc.* ...................... 221,200 3,550,260 Newmont Mining Corp. Holding Co. ......... 120,000 3,159,600 Nova Chemicals Corp. ..................... 80,000 1,803,200 OM Group Inc.* ........................... 30,000 1,860,000 Spartech Corp. ........................... 85,000 2,314,550 TETRA Technologies, Inc.* ................ 85,847 2,279,238 ------------ 20,539,288 ------------ CONSUMER, CYCLICAL (26.6%) Aeropostale, Inc.* ....................... 70,000 1,915,900 American Axle & Mfg. Holdings* ........... 100,000 2,974,000 Argosy Gaming Corp.* ..................... 104,000 2,953,600 Aztar Corp.* ............................. 96,000 1,996,800 BEBE Stores, Inc.* ....................... 70,000 1,420,300 Borg-Warner, Inc. ........................ 30,000 1,732,800 Boyd Gaming Corp.* ....................... 300,380 4,325,473 Brunswick Corp. .......................... 75,000 2,100,000 CBRL Group, Inc. ......................... 125,550 3,820,488 Champps Entertainment, Inc.* ............. 200,070 2,442,856 Charlotte Russe Holding, Inc.* ........... 70,000 1,563,101 Chico's FAS, Inc.* ....................... 45,000 1,634,400 Coach, Inc.* ............................. 35,000 1,921,500 Consolidated Graphics, Inc.* ............. 155,740 2,959,060 Constellation Brands, Inc. Cl A .......... 60,000 1,920,000 DEB Shops, Inc. .......................... 79,840 2,696,916 Dress Barn, Inc.* ........................ 150,000 2,320,501 Electronics Boutique Hldgs.* ............. 62,990 1,845,608 Furniture Brands Intl., Inc.* ............ 110,000 3,327,501 Group 1 Automotive* ...................... 39,000 1,487,850 Guitar Center, Inc.* ..................... 134,400 2,493,120 Hot Topic, Inc.* ......................... 63,050 1,684,067 Lear Corp.* .............................. 45,000 2,081,251 Lee Enterprises .......................... 54,140 1,894,900 Michaels Stores, Inc.* ................... 122,300 4,769,700 Mohawk Industries, Inc.* ................. 65,252 4,014,957 NVR, Inc.* ............................... 5,000 1,615,000 Ryder System, Inc. ....................... 85,000 2,302,650 Ryland Group, Inc. ....................... 32,000 1,592,000 Sonic Automotive, Inc.* .................. 50,000 1,287,500 Sonic Corp.* ............................. 82,011 2,575,967 Superior Industries Intl ................. 40,000 1,850,000 Teleflex, Inc. ........................... 35,000 2,000,251 The Finish Line Cl A* .................... 129,850 2,326,913 Valspar Corp. ............................ 50,000 2,257,000 ------------ 82,103,930 ------------ CONSUMER, NON-CYCLICAL (5.2%) Church & Dwight .......................... 135,000 4,229,550 CryoLife, Inc.* .......................... 64,000 1,027,840 Dean Foods Co.* .......................... 74,190 2,767,287 Education Management Corp.* .............. 53,227 2,167,936 Fresh Del Monte Produce, Inc.* ........... 115,000 2,875,000 ITT Educational Services, Inc. ........... 70,000 1,526,000 Panera Bread Company* .................... 47,096 1,623,399 ------------ 16,217,012 ------------ ENERGY (7.2%) Forest Oil Corp.* ........................ 65,000 1,847,950 Lyondell Petrochemical Co. ............... 100,000 1,510,000 Murphy Oil Corp. ......................... 26,690 2,201,925 Premcor, Inc.* ........................... 2,920 75,102 Patterson UTI Energy, Inc.* .............. 107,000 3,020,610 Quicksilver Resources, Inc.* ............. 106,000 2,740,100 Remington Oil & Gas Corp.* ............... 205,090 4,085,393 Spinnaker Expl. Co.* ..................... 28,387 1,022,500 Western Gas Resources .................... 100,000 3,740,000 XTO Energy, Inc. ......................... 100,000 2,060,000 ------------ 22,303,580 ------------ FINANCIAL (17.7%) Alabama National Bancorp ................. 106,040 4,590,473 Amcore Financial, Inc. ................... 45,000 1,042,651 American Capital Strategies .............. 74,000 2,032,781 Berkley (W.R.) Corp. ..................... 27,800 1,529,000 Boston Private Finl. Holdings ............ 65,000 1,608,100 Centerpoint Properties Trust ............. 65,000 3,770,651 East West Bancorp, Inc. .................. 103,000 3,555,560 First Financial Holdings, Inc. ........... 41,990 1,374,754 First Midwest Bancorp .................... 208,205 5,783,936 Harbor Florida Bancshares, Inc. .......... 150,000 3,121,500 Harleysville Group, Inc. ................. 56,300 1,560,637 Health Care Ppty Invs., Inc. ............. 80,000 3,432,000 Healthcare Realty Trust .................. 60,000 1,920,000 Hilb, Rogal & Hamilton Co. ............... 71,316 3,227,049 Hudson United Bancorp .................... 99,990 2,855,715 New York Community Bancorp, Inc. ......... 75,000 2,032,500 Philadelphia Cons. Hldg. Co.* ............ 28,000 1,269,521 Port Financial Corp. ..................... 71,990 2,886,080 R & G Financial Corp. Cl B ............... 110,910 2,629,677 Scottish Annuity & Life Hldg.* ........... 61,830 1,179,717 Texas Regional Bancshares Cl A ........... 70,000 3,406,201 ------------ 54,808,503 ------------ HEALTHCARE (7.7%) CTI Molecular Imaging, Inc.* ............. 53,230 1,221,096 Caremark Rx, Inc.* ....................... 87,900 1,450,350 Edwards LifeSciences Corp.* .............. 82,644 1,917,341 Exact Sciences Corp.* .................... 84,943 1,356,540 Health Net, Inc.* ........................ 160,000 4,283,200 Mid Atlantic Medical Svcs., Inc. ......... 77,000 2,413,950 Triad Hospitals, Inc.* ................... 70,100 2,970,838 United Surgical Partners, Inc. ........... 100,000 3,098,000 Varian Medical Systems, Inc.* ............ 60,000 2,433,000 Wright Medical Group, Inc.* .............. 131,894 2,658,983 ------------ 23,803,298 ------------ Industrial (20.0%) Alliant TechSystems, Inc.* ............... 79,820 5,092,516 Carbo Ceramics, Inc. ..................... 20,000 739,000 Corporate Executive Board Co.* ........... 55,000 1,883,750 Covenant Transport, Inc. Cl A* ........... 166,840 3,545,350 Crown Cork & Seal, Inc.* ................. 495,650 3,395,203 EDO Corp. ................................ 84,344 2,403,803 EMCOR Group Inc.* ........................ 48,780 2,863,385 ESCO Technologies, Inc.* ................. 73,768 2,581,880 Engineered Support Systems ............... 79,798 4,173,434 Expeditors Int'l Wash., Inc. ............. 96,720 3,207,234 FLIR Systems, Inc.* ...................... 37,078 1,556,163 Florida Rock Industries .................. 37,000 1,324,970 Genesee & Wyoming, Inc. Cl A* ............ 96,225 2,170,836 Heartland Express, Inc.* ................. 148,226 3,547,048 Integrated Defense Technology* ........... 33,560 987,671 Jacobs Engineering Group, Inc. ........... 50,000 1,739,000 Knight Transportation, Inc.* ............. 85,000 1,971,150 Kirby Corp.* ............................. 102,090 2,496,101 ------------- * Non-income producing security. The accompanying notes are an integral part of these financial statements. 42 MUTUAL OF AMERICA INVESTMENT CORPORATION (AGGRESSIVE EQUITY FUND) PORTFOLIO OF INVESTMENTS IN SECURITIES June 30, 2002 (Unaudited) Shares Value ------ ----- Common Stocks (CONTINUED): INDUSTRIAL (CONTINUED) Kulicke and Soffa Industries* ............ 67,690 $ 838,679 Landstar System, Inc.* ................... 51,470 5,499,570 Pactiv Corp.* ............................ 100,000 2,380,000 Siligan Holdings, Inc.* .................. 65,000 2,628,600 Standard Pacific Corp. ................... 53,000 1,859,240 Tsakos Energy Navigation* ................ 64,840 907,760 United Defense Inds., Inc.* .............. 97,360 2,239,280 ------------ 62,031,623 ------------ TECHNOLOGY (3.0%) DRS Technologies, Inc.* .................. 49,427 $ 2,113,004 Herley Industries Inc.* .................. 107,538 2,280,881 JDA Software Group, Inc.* ................ 86,650 2,448,729 Varian, Inc.* ............................ 61,440 2,024,448 ------------ 8,867,062 ------------ TOTAL COMMON STOCKS (Cost: $251,665,254) 94.1% ............... $290,674,296 ============
Face Rate Maturity Amount Value ----- -------- ------- ------------ SHORT-TERM DEBT SECURITIES: COMMERCIAL PAPER (5.9%) Bemis Co. ............................ 2.00% 07/01/02 $ 900,000 $ 899,900 McDonald's Corp. ..................... 1.98 07/01/02 7,000,000 6,999,230 Nestle Capital Corp. ................. 1.78 07/01/02 3,631,000 3,630,641 SLM Corp. ............................ 1.85 07/05/02 6,711,000 6,708,931 ------------ 18,238,702 ------------ TOTAL SHORT-TERM DEBT SECURITIES (Cost: $18,238,702) 5.9% ................................................ 18,238,702 ------------ TOTAL INVESTMENTS (Cost: $269,903,956) 100.0% ............................................. $308,912,998 ============
The accompanying notes are an integral part of these financial statements. 43
MUTUAL OF AMERICA INVESTMENT CORPORATION STATEMENT OF ASSETS AND LIABILITIES June 30, 2002 (Unaudited) 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-- $90,025,696 All America Fund-- $446,309,625 Equity Index Fund-- $460,349,366 Mid-Cap Equity Index Fund -- $151,747,780 Bond Fund-- $444,873,966) (Notes 1 and 3) ................... $ 90,025,476 $506,973,367 $433,864,398 $145,258,110 $416,764,291 Cash ................................. 13,088 6,766,162 2,843 5,514 249,464 Interest and dividends receivable .... -- 467,946 512,522 88,899 4,907,570 Receivable for securities sold ....... -- 4,163,859 -- -- 252 Receivable for daily variation on futures contracts ................. -- -- -- 23,777 -- ------------ ------------ ------------ ------------ ------------ TOTAL ASSETS ......................... 90,038,564 518,371,334 434,379,763 145,376,300 421,921,577 ------------ ------------ ------------ ------------ ------------ LIABILITIES: Payable for securities purchased ..... -- 10,227,950 -- 223,482 -- Payable for daily variation on futures contracts ......................... -- 17,349 15,675 -- -- ------------ ------------ ------------ ------------ ------------ TOTAL LIABILITIES .................... -- 10,245,299 15,675 223,482 -- ------------ ------------ ------------ ------------ ------------ NET ASSETS ........................... $ 90,038,564 $508,126,035 $434,364,088 $145,152,818 $421,921,577 ============ ============ ============ ============ ============ NUMBER OF SHARES OUTSTANDING (Note 4) .............. 75,276,286 271,430,469 248,374,224 129,478,632 317,218,260 ============ ============ ============ ============ ============ NET ASSET VALUES, offering and redemption price per share ......... $1.20 $1.87 $1.75 $1.12 $1.33 ===== ===== ===== ===== =====
Short-Term Mid-Term Composite Aggressive Equity Bond Fund Bond Fund Fund Fund ---------- --------- --------- ----------------- ASSETS: Investments at market value (Cost: Short-Term Bond Fund -- $20,996,645 Mid-Term Bond Fund -- $39,117,857 Composite Fund -- $263,946,077 Aggressive Equity Fund -- $269,903,956) (Notes 1 and 3) ....................... $ 21,300,012 $ 39,461,641 $257,391,794 $308,912,998 Cash ..................................... 3,883 -- 101,553 206,156 Interest and dividends receivable ........ 116,781 422,685 1,528,282 127,468 Receivable for securities sold ........... 61,219 183,049 13,415,319 2,851,258 ------------ TOTAL ASSETS ............................. 21,481,895 40,067,375 272,436,948 312,097,880 ------------ LIABILITIES: Payable for securities purchased ......... 1,239,380 -- 19,577,079 12 ------------ NET ASSETS ............................... $ 20,242,515 $ 40,067,375 $252,859,869 $312,097,868 ============ ============ ============ ============ NUMBER OF SHARES OUTSTANDING (Note 4) .... 19,194,010 42,407,874 190,536,690 198,254,922 ============ ============ ============ ============ NET ASSET VALUES, offering and redemption price per share ............ $1.05 $0.94 $1.33 $1.57 ===== ===== ===== =====
The accompanying notes are an integral part of these financial statements. 44 MUTUAL OF AMERICA INVESTMENT CORPORATION STATEMENT OF OPERATIONS For the Six Months Ended June 30, 2002 (Unaudited)
Mid-Cap Money Market All America Equity Index Equity Index Bond Fund Fund Fund Fund Fund ------------- ----------- ------------ ------------ ------------ INVESTMENT INCOME AND EXPENSES: Income: Dividends ............................. $ -- $ 3,250,809 $ 3,223,649 $ 659,555 $ -- Interest .............................. 828,370 164,380 79,310 81,304 14,633,420 -------- ------------ ------------ ------------ ------------ Total income ............................. 828,370 3,415,189 3,302,959 740,859 14,633,420 -------- ------------ ------------ ------------ ------------ Expenses: Investment advisory fees (Note 2) ..... 114,325 1,406,143 280,577 85,437 1,008,030 -------- ------------ ------------ ------------ ------------ NET INVESTMENT INCOME .................... 714,045 2,009,046 3,022,382 655,422 13,625,390 -------- ------------ ------------ ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS (Note 1): Net realized gain (loss) on investments and futures contracts: Net realized gain (loss) on investments (187) (1,103,122) (1,511,373) (1,235,272) 5,417,759 Net realized gain (loss) on futures contracts ................... -- 11,999,897 (4,915,592) 501,775 -- -------- ------------ ------------ ------------ ------------ (187) 10,896,775 (6,426,965) (733,497) 5,417,759 -------- ------------ ------------ ------------ ------------ Net unrealized appreciaton (depreciation) of investments and futures contracts: Net unrealized appreciation (depreciation) of investments ....... (288) (70,628,027) (61,465,633) (7,193,407) (8,679,457) Net unrealized appreciation (depreciation) of futures contracts . -- (366,700) (45,913) (289,625) -- -------- ------------ ------------ ------------ ------------ (288) (70,994,727) (61,511,546) (7,483,032) (8,679,457) -------- ------------ ------------ ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS ..................... (475) (60,097,952) (67,938,511) (8,216,529) (3,261,698) -------- ------------ ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............. $713,570 $(58,088,906) $(64,916,129) $ (7,561,107) $ 10,363,692 ======== ============ ============ ============ ============
Aggressive Short-Term Mid-Term Composite Equity Bond Fund Bond Fund Fund Fund ----------- ----------- ------------ ------------- INVESTMENT INCOME AND EXPENSES: Income: Dividends ............................ $ -- $ -- $ 899,760 $ 915,959 Interest ............................. 460,598 1,013,650 4,177,441 78,683 -------- ------------ ------------ ------------ Total income ............................ 460,598 1,013,650 5,077,201 994,642 -------- ------------ ------------ ------------ Expenses: Investment advisory fees (Note 2) .... 43,466 98,863 645,229 1,229,148 -------- ------------ ------------ ------------ NET INVESTMENT INCOME (LOSS) ........... 417,132 914,787 4,431,972 (234,506) -------- ------------ ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (Note 1): Net realized gain (loss) on investments . 1,124 108,244 (4,092,313) (19,463,044) Net unrealized appreciation(depreciation) of investments ....................... 58,381 299,235 (7,787,114) 20,915,919 -------- ------------ ------------ ------------ NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ................ 59,505 407,479 (11,879,427) 1,452,875 -------- ------------ ------------ ------------ NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............ $476,637 $ 1,322,266 $ (7,447,455) $ 1,218,369 ======== ============ ============ ============
The accompanying notes are an integral part of these financial statements. 45
MUTUAL OF AMERICA INVESTMENT CORPORATION STATEMENTS OF CHANGES IN NET ASSETS Money Market Fund All America Fund Equity Index Fund ----------------------------- --------------------------- -------------------------------- For the Six For the For the Six For the For the Six For the Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended June 30, 2002 December 31, June 30, 2002 December 31, June 30, 2002 December 31, (Unaudited) 2001 (Unaudited) 2001 (Unaudited) 2001 ------------- ------------ ------------- ------------ ------------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income ......... $ 714,045 $ 4,944,640 $ 2,009,046 $ 4,540,925 $ 3,022,382 $ 5,645,785 Net realized gain (loss) on investments and futures contracts ........... (187) 5,320 10,896,775 (17,741,611) (6,426,965) 8,853,086 Net unrealized appreciation (depreciation) of investments and futures contracts ................... (288) 68 (70,994,727) (118,583,144) (61,511,546) (73,724,507) ------------ ------------- ----------- ------------- ------------ ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS .................... 713,570 4,950,028 (58,088,906) (131,783,830) (64,916,129) (59,225,636) ------------ ------------- ----------- ------------- ------------ ------------- CAPITAL SHARE TRANSACTIONS (Note 4): Net proceeds from sale of shares ...................... 69,043,105 164,229,606 55,625,134 146,135,787 93,160,871 253,978,489 Dividends reinvested .......... -- 4,919,275 -- 2,469,600 -- 15,368,023 Cost of shares redeemed ....... (74,187,141) (215,609,025) (92,960,984) (181,467,582) (58,286,505) (229,279,235) Dividend distributions ........ -- (4,919,275) -- (2,469,600) -- (15,368,023 ------------ ------------- ----------- ------------- ------------ ------------- NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ............ (5,144,036) (51,379,419) (37,335,850) (35,331,795) 34,874,366 24,699,254 ------------ ------------- ----------- ------------- ------------ ------------- INCREASE (DECREASE) IN NET ASSETS ....................... (4,430,466) (46,429,391) (95,424,756) (167,115,625) (30,041,763) (34,526,382) NET ASSETS, BEGINNING OF PERIOD/YEAR ................ 94,469,030 140,898,421 603,550,791 770,666,416 464,405,851 498,932,233 ------------ ------------- ----------- ------------- ------------ ------------- NET ASSETS, END OF PERIOD/YEAR ................... $ 90,038,564 $ 94,469,030 $508,126,035 $ 603,550,791 $434,364,088 $ 464,405,851 ============ ============= =========== ============= ============ ============= COMPONENTS OF NET ASSETS: Paid-in capital ............... $ 89,161,817 $ 94,305,853 $457,231,378 $ 494,567,228 $477,526,027 $ 442,651,661 Accumulated undistributed net investment income (loss) ...................... 890,469 176,424 1,227,626 (781,420) 2,741,904 (280,478) Accumulated undistributed net realized gain (loss) on investments and futures contracts ................... (13,502) (13,315) (10,649,936) (21,546,711) (19,373,212) (12,946,247) Unrealized appreciation (depreciation) of investments and futures contracts ....... (220) 68 60,316,967 131,311,694 (26,530,631) 34,980,915 ------------ ------------- ----------- ------------- ------------ ------------- NET ASSETS, END OF PERIOD/YEAR .. $ 90,038,564 $ 94,469,030 $508,126,03 $ 603,550,791 $434,364,088 $ 464,405,851 ============ ============= =========== ============= ============ =============
Mid-Cap Equity Short-Term Index Fund Bond Fund Bond Fund ----------------------------- --------------------------- -------------------------------- For the Six For the For the Six For the For the Six For the Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended June 30, 2002 December 31, June 30, 2002 December 31, June 30, 2002 December 31, (Unaudited) 2001 (Unaudited) 2001 (Unaudited) 2001 ------------- ------------ ------------- ------------ ------------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income ...... $ 655,422 $ 1,142,086 $ 13,625,390 $ 35,069,777 $ 417,132 $ 855,944 Net realized gain (loss) on investments and futures contracts ................ (733,497) (376,408) 5,417,759 3,707,966 1,124 4,804 Unrealized appreciation (depreciation) of investments and futures contracts ................ (7,483,032) (2,380,945) (8,679,457) 3,467,687 58,381 178,168 ------------- ------------- ------------- ------------- ----------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............ (7,561,107) (1,615,267) 10,363,692 42,245,430 476,637 1,038,916 ------------- ------------- ------------- ------------- ----------- ------------- CAPITAL SHARE TRANSACTIONS (Note 4): Net proceeds from sale of shares ................... 124,771,988 138,108,085 32,811,599 49,270,527 5,848,177 9,881,691 Dividends reinvested ....... -- 2,599,237 -- 35,837,983 -- 844,118 Cost of shares redeemed .... (84,478,199) (118,754,034) (25,551,7710 (200,242,000) (2,543,355) (6,941,623) Dividend distributions ..... -- (2,599,237) -- (35,837,983) -- (844,118 ------------- ------------- ------------- ------------- ----------- ------------- NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ......... 40,293,789 19,354,051 7,259,828 (150,971,473) 3,304,822 2,940,068 ------------- ------------- ------------- ------------- ----------- ------------- INCREASE (DECREASE) IN NET ASSETS ................. 32,732,682 17,738,784 17,623,520 (108,726,043) 3,781,459 3,978,984 ------------- ------------- ------------- ------------- ----------- ------------- NET ASSETS, BEGINNING OF PERIOD/YEAR ................ 112,420,136 94,681,352 404,298,057 513,024,100 16,461,056 12,482,072 ------------- ------------- ------------- ------------- ----------- ------------- NET ASSETS, END OF PERIOD/YEAR $ 145,152,818 $ 112,420,136 $ 421,921,577 $ 404,298,057 $20,242,515 $ 16,461,056 ============= ============= ============= ============= =========== ============= COMPONENTS OF NET ASSETS: Paid-in capital ............ $ 152,628,454 $ 112,420,136 $ 433,053,085 $ 425,793,257 $19,581,722 $ 16,276,900 Accumulated undistributed net investment income (loss) ................... 66,936 11,514 12,815,597 (809,793) 437,984 20,852 Accumulated undistributed net realized gain (loss) on investments and futures contracts ........ (1,520,977) (787,480) 4,162,570 (1,255,189) (80,558) (81,682) Unrealized appreciation (depreciation) of investments and futures contracts ................ (6,621,595) 861,437 (28,109,675) (19,430,218) 303,367 244,986 ------------- ------------- ------------- ------------- ----------- ------------- NET ASSETS, END OF PERIOD/YEAR ............... $ 145,152,818 $ 112,420,136 $ 421,921,577 $ 404,298,057 $20,242,515 $ 16,461,056 ============= ============= ============= ============= =========== =============
The accompanying notes are an integral part of these financial statements. 46
MUTUAL OF AMERICA INVESTMENT CORPORATION STATEMENTS OF CHANGES IN NET ASSETS (Continued) Mid-Term Bond Fund Composite Fund Aggressive Equity Fund ----------------------------- --------------------------- -------------------------------- For the Six For the For the Six For the For the Six For the Months Ended Year Ended Months Ended Year Ended Months Ended Year Ended June 30, 2002 December 31, June 30, 2002 December 31, June 30, 2002 December 31, (Unaudited) 2001 (Unaudited) 2001 (Unaudited) 2001 ------------- ------------ ------------- ------------ ------------- ------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss) ................... $ 914,787 $ 1,446,122 $ 4,431,972 $ 10,965,205 $ (234,506) $ 510,079 Net realized gain (loss) on investments .......... 108,244 (846) (4,092,313) (50,258,342) (19,463,044) (20,820,418) Net unrealized appreciation (depreciation) of investments ............... 299,235 715,863 (7,787,114) 2,745,469 20,915,919 (12,494,273) ------------- ------------- ------------- ----------- ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS ............ 1,322,266 2,161,139 (7,447,455) (36,547,668) 1,218,369 (32,804,612) ------------- ------------- ------------- ----------- ------------- ------------- CAPITAL SHARE TRANSACTIONS (Note 4): Net proceeds from sale of shares ............... 12,677,236 39,211,843 3,270,459 6,729,975 82,722,049 104,114,227 Dividends reinvested ....... -- 1,432,835 -- 10,970,845 -- 1,291,539 Cost of shares redeemed .... (18,055,965) (11,449,046) (15,052,664) (39,032,889) (66,459,921) (85,842,124) Dividend distributions ..... -- (1,432,835) -- (10,970,845) -- (1,291,539) ------------- ------------- ------------- ----------- ------------- ------------- NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS ............... (5,378,729) 27,762,797 (11,782,205) (32,302,914) 16,262,128 18,272,103 ------------- ------------- ------------- ----------- ------------- ------------- INCREASE (DECREASE) IN NET ASSETS ................. (4,056,463) 29,923,936 (19,229,660) (68,850,582) 17,480,497 (14,532,509) NET ASSETS, BEGINNING OF PERIOD/YEAR ................ 44,123,838 14,199,902 272,089,529 340,940,111 294,617,371 309,149,880 ------------- ------------- ------------- ----------- ------------- ------------- NET ASSETS, END OF PERIOD/YEAR ................ $ 40,067,375 $ 44,123,838 $ 252,859,869 $ 272,089,529 $ 312,097,868 $ 294,617,371 ============= ============= ============= =========== ============= ============= COMPONENTS OF NET ASSETS: Paid-in capital ............ $ 39,956,372 $ 45,335,101 $ 311,161,607 $ 322,943,812 $ 317,499,810 $ 301,237,682 Accumulated undistributed net investment income (loss) .................. 855,763 (59,024) 9,513,473 5,081,501 (518,348) (283,842) Accumulated undistributed net realized gain (loss) on investments ........... (1,088,544) (1,196,788) (61,260,928) (57,168,615) (43,892,636) (24,429,592) Unrealized appreciation (depreciation) of investments ............ 343,784 44,549 (6,554,283) 1,232,831 39,009,042 18,093,123 ------------- ------------- ------------- ----------- ------------- ------------- NET ASSETS, END OF PERIOD/YEAR ................ $ 40,067,375 $ 44,123,838 $ 252,859,869 $272,089,52 $ 312,097,868 $ 294,617,371 ============= ============= ============= =========== ============= =============
The accompanying notes are an integral part of these financial statements. 47 MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS Income from investment operations and distributions per share for a Fund share outstanding during the six months ended June 30, 2002, and throughout each of the previous five years ended December 31, (or since the Fund's inception date if in existence less than five years) and other supplementary data with respect to the Funds are presented below.
Money Market Fund ------------------------------------------------------------------ Six Months Ended Years Ended December 31, June 30, 2002 -------------------------------------------------- (Unaudited) 2001 2000 1999 1998 1997 ----------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of Period/Year .............. $ 1.19 $ 1.20 $ 1.19 $ 1.18 $ 1.18 $ 1.19 ------ ------ ------- ------ ------ ------ Income From Investment Operations: Net Investment Income ................................ 0.01 0.07 0.07 0.06 0.06 0.07 Net Gains or (Losses) on Securities realized and unrealized ......................................... -- (0.01) -- -- -- -- Total From Investment Operations ....................... 0.01 0.06 0.07 0.06 0.06 0.07 ------ ------ ------- ------ ------ ------ Less: Dividend Distributions: From Net Investment Income ........................... -- (0.07) (0.06) (0.05) (0.06) (0.08) ------ ------ ------- ------ ------ ------ Total Distributions .................................... -- (0.07) (0.06) (0.05) (0.06) (0.08) ------ ------ ------- ------ ------ ------ Net Asset Value, End of Period/Year .................... $ 1.20 $ 1.19 $ 1.20 $ 1.19 $ 1.18 $ 1.18 ====== ====== ======= ====== ====== ====== Total Return (%) ....................................... 0.7 3.9 6.2 5.1 5.4 5.5 Net Assets, End of Period/Year ($ millions) ............ 90 94 141 74 81 68 Ratio of Expenses to Average Net Assets (%) ............ 0.25(a) 0.25 0.25 0.25 0.25 0.25 Ratio of Net Investment Income to Average Net Assets (%) 1.54(a) 4.12 6.17 4.93 5.26 5.32 Portfolio Turnover Rate(a) ............................. N/A N/A N/A N/A N/A N/A
------------ (a) Annualized (b) Portfolio turnover rate excludes all short-term securities. N/A=Not Applicable. The accompanying notes are an integral part of these financial statements. 48
MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued) All America Fund ------------------------------------------------------------------ Six Months Ended Years Ended December 31, June 30, 2002 -------------------------------------------------- (Unaudited) 2001 2000 1999 1998 1997 ----------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of Period/Year ............. $ 2.09 $ 2.54 $ 3.37 $ 2.90 $ 2.71 $ 2.44 ------ ------ ------- ------ ------ ------ Income From Investment Operations: Net Investment Income ............................... 0.01 0.02 0.03 0.02 0.03 0.03 Net Gains or (Losses) on Securities realized and unrealized ........................................ (0.23) (0.46) (0.19) 0.72 0.54 0.62 ------ ------ ------- ------ ------ ------ Total From Investment Operations ...................... (0.22) (0.44) (0.16) 0.74 0.57 0.65 ------ ------ ------- ------ ------ ------ Less Dividend Distributions: From Net Investment Income .......................... -- (0.01) (0.02) (0.03) (0.03) (0.03) From Capital Gains .................................. -- -- (0.65) (0.24) (0.35) (0.35) ------ ------ ------- ------ ------ ------ Total Distributions ................................... -- (0.01) (0.67) (0.27) (0.38) (0.38) ------ ------ ------- ------ ------ ------ Net Asset Value, End of Period/Year ................... $ 1.87 $ 2.09 $ 2.54 $ 3.37 $ 2.90 $ 2.71 ====== ====== ======= ====== ====== ====== Total Return (%) ...................................... -10.3 -17.4 -5.0 25.8 21.3 26.8 Net Assets, End of Period/Year ($ millions) ........... 508 604 771 886 732 700 Ratio of Expenses to Average Net Assets (%) ........... 0.50(a) 0.50 0.50 0.50 0.50 0.50 Ratio of Net Investment Income to Average Net Assets (%) 0.70(a) 0.70 0.64 0.73 0.84 0.98 Portfolio Turnover Rate (%)(b) ........................ 28.69 75.93 90.00 30.03 40.47 28.64
--------------- (a) Annualized (b) Portfolio turnover rate excludes all short-term securities. The accompanying notes are an integral part of these financial statements. 49
MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued) Equity Index Fund Mid-Cap Equity Index Fund -------------------------------------------- --------------------------------- Six Months Six Months Ended Ended Years Ended June 30, Years Ended December 31, June 30, December 31, 2002 -------------------------------- 2002 ------------------- (Unaudited) 2001 2000 1999 1998 1997 (Unaudited) 2001 2000 1999(b) ----------- ---- ---- ---- ---- ---- ----------- ---- ---- ------ Net Asset Value, Beginning of Period/Year .............................. $2.02 $2.37 $2.88 $2.45 $2.08 $1.59 $1.16 $1.21 $1.11 $1.00 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Income From Investment Operations: Net Investment Income .................... 0.01 0.03 0.06 0.03 0.03 0.03 0.01 0.01 0.02 0.01 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Net Gains or (Losses) on Securities realized and unrealized ................ (0.28) (0.31) (0.32) 0.48 0.54 0.50 (0.05) (0.03) 0.17 0.11 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Total From Investment Operations ........... (0.27) (0.28) (0.26) 0.51 0.57 0.53 (0.04) (0.02) 0.19 0.12 ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Less Dividend Distributions: From Net Investment Income ............... -- (0.03) (0.03) (0.03) (0.03) (0.03) -- (0.01) (0.01) (0.01) From Capital Gains ....................... -- (0.04) (0.22) (0.05) (0.19) (0.01) -- (0.02) (0.08) -- ----- ----- ----- ----- ----- ----- ----- ----- ----- ----- Total Distributions ........................ -- (0.07) (0.25) (0.08) (0.20) (0.04) -- (0.03) (0.09) (0.01) ===== ===== ===== ===== ===== ===== ===== ===== ===== ===== Net Asset Value, End of Period/Year ........ $1.75 $2.02 $2.37 $2.88 $2.45 $2.08 $1.12 $1.16 $1.21 $1.11 ===== ===== ===== ===== ===== ===== ===== ===== ===== ===== Total Return (%) ........................... -13.2 -12.2 -9.0 20.6 28.6 33.1 -3.6 -1.1 16.7 11.8 Net Assets, End of Period/Year ($ millions) ............................. 434 464 499 583 411 237 145 112 95 34 Ratio of Expenses to Average Net Assets (%) ........................... 0.13(a) 0.13 0.13 0.13 0.13 0.13 0.13(a) 0.13 0.13 0.13(a) Ratio of Net Investment Income to Average Net Assets (%) ................... 1.33(a) 1.24 1.09 1.34 1.57 1.86 0.94(a) 1.13 1.65 1.70(a) Portfolio Turnover Rate (%)(c) ............. 1.07 10.06 10.78 6.89 11.68 14.17 10.24 34.78 50.10 31.67
----------------- (a) Annualized. (b) Commenced operations May 3, 1999. (c) Portfolio turnover rate excludes all short-term securities. The accompanying notes are an integral part of these financial statements. 50
MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued) Bond Fund ------------------------------------------------------------------ Six Months Ended Years Ended December 31, June 30, 2002 -------------------------------------------------- (Unaudited) 2001 2000 1999 1998 1997 ----------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of Period/Year ............. $1.30 $1.31 $1.30 $1.42 $1.43 $1.38 ----- ----- ----- ----- ----- ----- Income From Investment Operations: Net Investment Income ............................... 0.04 0.13 0.15 0.10 0.10 0.09 Net Gains or (Losses) on Securities realized and unrealized .......................... (0.01) (0.01) (0.04) (0.12) -- 0.06 ----- ----- ----- ----- ----- ----- Total From Investment Operations ...................... 0.03 0.12 0.11 (0.02) 0.10 0.15 ----- ----- ----- ----- ----- ----- Less Dividend Distributions: From Net Investment Income .......................... -- (0.13) (0.10) (0.10) (0.10) (0.09) From Capital Gains .................................. -- -- -- -- (0.01) (0.01) ----- ----- ----- ----- ----- ----- Total Distributions ................................... -- (0.13) (0.10) (0.10) (0.11) (0.10) ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period/Year ................... $1.33 $1.30 $1.31 $1.30 $1.42 $1.43 ===== ===== ===== ===== ===== ===== Total Return (%) ...................................... 2.5 8.7 8.9 -1.9 7.2 10.4 Net Assets, End of Period/Year ($ millions) ........... 422 404 513 466 465 414 Ratio of Expenses to Average Net Assets (%) ........... 0.50(a) 0.50 0.50 0.50 0.50 0.50 Ratio of Net Investment Income to Average Net Assets (%) 6.69(a) 7.19 7.40 7.11 6.73 6.69 Portfolio Turnover Rate (%)(b) ........................ 58.28 9.25 18.42 29.32 21.60 57.71
------------ (a) Annualized (b) Portfolio turnover rate excludes all short-term securities. The accompanying notes are an integral part of these financial statements. 51
MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued) Short-Term Bond Fund ------------------------------------------------------------------ Six Months Ended Years Ended December 31, June 30, 2002 -------------------------------------------------- (Unaudited) 2001 2000 1999 1998 1997 ----------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of Period/Year ............ $1.03 $1.01 $0.99 $1.03 $1.02 $1.03 ----- ----- ----- ----- ----- ----- Income From Investment Operations: Net Investment Income .............................. 0.02 0.06 0.09 0.09 0.05 0.07 Net Gains or (Losses) on Securities realized and unrealized ................................... -- 0.02 (0.01) (0.04) 0.01 (0.01) ----- ----- ----- ----- ----- ----- Total From Investment Operations ..................... 0.02 0.08 0.08 0.05 0.06 0.06 ----- ----- ----- ----- ----- ----- Less Dividend Distributions: From Net Investment Income ......................... -- (0.06) (0.06) (0.09) (0.05) (0.07) From Capital Gains ................................. -- -- -- -- -- -- ----- ----- ----- ----- ----- ----- Total Distributions .................................. -- (0.06) (0.06) (0.09) (0.05) (0.07) ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period/Year .................. $1.05 $1.03 $1.01 $0.99 $1.03 $1.02 ===== ===== ===== ===== ===== ===== Total Return (%) ..................................... 2.6 7.4 7.8 4.2 5.7 6 Net Assets, End of Period/Year ($ millions) .......... 20 16 12 12 22 15 Ratio of Expenses to Average Net Assets (%) .......... 0.50(a) 0.50 0.50 0.50 0.50 0.50 Ratio of Net Investment Income to Average Net Assets (%) 4.75(a) 5.79 6.10 5.48 5.46 5.81 Portfolio Turnover Rate (%)(b) ....................... 23.90 60.13 45.01 44.68 91.35 74.95
---------- (a) Annualized (b) Portfolio turnover rate excludes all short-term securities. The accompanying notes are an integral part of these financial statements. 52
MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued) Mid-Term Bond Fund ------------------------------------------------------------------ Six Months Ended Years Ended December 31, June 30, 2002 -------------------------------------------------- (Unaudited) 2001 2000 1999 1998 1997 ----------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of Period/Year $0.91 $0.85 $0.87 $0.91 $0.90 $0.90 ----- ----- ----- ----- ----- ----- Income From Investment Operations: Net Investment Income 0.02 0.03 0.08 0.05 0.05 0.05 Net Gains or (Losses) on Securities realized and unrealized 0.01 0.06 (0.05) (0.04) 0.01 0.01 ----- ----- ----- ----- ----- ----- Total From Investment Operations 0.03 0.09 0.03 0.01 0.06 0.06 ----- ----- ----- ----- ----- ----- Less Dividend Distributions: From Net Investment Income -- (0.03) (0.05) (0.05) (0.05) (0.06) From Capital Gains -- -- -- -- -- -- ----- ----- ----- ----- ----- ----- Total Distributions -- (0.03) (0.05) (0.05) (0.05) (0.06) ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period/Year $0.94 $0.91 $0.85 $0.87 $0.91 $0.90 ===== ===== ===== ===== ===== ===== Total Return (%) 3.4 10.4 4.8 1.4 6.4 7.3 Net Assets, End of Period/Year ($ millions) 40 44 14 13 15 15 Ratio of Expenses to Average Net Assets (%) 0.50(a) 0.50 0.50 0.50 0.50 0.50 Ratio of Net Investment Income to Average Net Assets (%) 4.58(a) 5.16 6.26 5.75 5.76 5.87 Portfolio Turnover Rate (%)(b) 11.74 6.38 10.57 10.28 23.09 12.89
----------- (a) Annualized (b) Portfolio turnover rate excludes all short-term securities. The accompanying notes are an integral part of these financial statements. 53
MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued) Composite Fund ------------------------------------------------------------------ Six Months Ended Years Ended December 31, June 30, 2002 -------------------------------------------------- (Unaudited) 2001 2000 1999 1998 1997 ----------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of Period/Year $1.37 $1.60 $1.91 $1.78 $1.62 $1.77 ----- ----- ----- ----- ----- ----- Income From Investment Operations: Net Investment Income 0.02 0.06 0.10 0.06 0.07 0.07 Net Gains or (Losses) on Securities realized and unrealized (0.06) (0.23) (0.11) 0.21 0.17 0.24 ----- ----- ----- ----- ----- ----- Total From Investment Operations (0.04) (0.17) (0.01) 0.27 0.24 0.31 ----- ----- ----- ----- ----- ----- Less Dividend Distributions: From Net Investment Income -- (0.04) (0.07) (0.06) (0.07) (0.07) From Capital Gains -- (0.02) (0.23) (0.08) (0.01) (0.39) ----- ----- ----- ----- ----- ----- Total Distributions -- (0.06) (0.30) (0.14) (0.08) (0.46) ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period/Year $1.33 $1.37 $1.60 $1.91 $1.78 $1.62 ===== ===== ===== ===== ===== ===== Total Return (%) -2.8 -11 -0.5 15.2 14.5 17.7 Net Assets, End of Period/Year ($ millions) 253 272 341 364 336 305 Ratio of Expenses to Average Net Assets (%) 0.50(a) 0.50 0.50 0.50 0.50 0.50 Ratio of Net Investment Income to Average Net Assets (%) 3.39(a) 3.64 3.36 3.23 3.68 3.57 Portfolio Turnover Rate (%)(b) 88.27 248.42 161.01 99.41 73.85 104.04
------------------ (a) Annualized (b) Portfolio turnover rate excludes all short-term securities. The accompanying notes are an integral part of these financial statements. 54
MUTUAL OF AMERICA INVESTMENT CORPORATION FINANCIAL HIGHLIGHTS (Continued) Aggressive Equity Fund ------------------------------------------------------------------ Six Months Ended Years Ended December 31, June 30, 2002 -------------------------------------------------- (Unaudited) 2001 2000 1999 1998 1997 ----------- ---- ---- ---- ---- ---- Net Asset Value, Beginning of Period/Year $1.56 $1.76 $2.16 $1.51 $1.61 $1.47 ----- ----- ----- ----- ----- ----- Income From Investment Operations: Net Investment Income -- -- 0.01 -- -- 0.01 Net Gains or (Losses) on Securities realized and unrealized 0.01 (0.19) (0.04) 0.65 (0.09) 0.31 ----- ----- ----- ----- ----- ----- Total From Investment Operations 0.01 (0.19) (0.03) 0.65 (0.09) 0.32 ----- ----- ----- ----- ----- ----- Less Dividend Distributions: From Net Investment Income -- (0.01) (0.01) -- -- (0.01) From Capital Gains -- -- (0.36) -- (0.01) (0.17) ----- ----- ----- ----- ----- ----- Total Distributions -- (0.01) (0.37) -- (0.01) (0.18) ----- ----- ----- ----- ----- ----- Net Asset Value, End of Period/Year $1.57 $1.56 $1.76 $2.16 $1.51 $1.61 ===== ===== ===== ===== ===== ===== Total Return (%) 0.8 -10.6 -1.2 43.3 -5.1 21.2 Net Assets, End of Period/Year ($ millions) 312 295 309 278 205 287 Ratio of Expenses to Average Net Assets (%) 0.85(a) 0.85 0.85 0.85 0.85 0.85 Ratio of Net Investment Income to Average Net Assets (%) -0.16(a) 0.18 0.61 0.01 0.18 0.33 Portfolio Turnover Rate (%)(b) 43.23 221.49 62.44 134.62 144.05 80.94
------------------ (a) Annualized (b) Portfolio turnover rate excludes all short-term securities. The accompanying notes are an integral part of these financial statements. 55 MUTUAL OF AMERICA INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS (Unaudited) 1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION Mutual of America Investment Corporation (the "Investment Company") is a diversified, open-end management investment company -- a type of company commonly known as a "mutual fund". It is registered as such under the Investment Company Act of 1940 (the "Investment Company Act"). The Investment Company was formed on February 21, 1986 as a Maryland corporation and offers its shares exclusively to separate accounts of Mutual of America Life Insurance Company ("Mutual of America Life"). 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 issued only to Mutual of America Life, and, on a limited basis, to The American Life Insurance Company of New York, for allocation to their Separate Accounts as a funding medium for variable accumulation annuity contracts and variable life insurance policies. 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. The following is a summary of the significant accounting policies consistently followed by the Investment Company, which is in conformity with accounting principles generally accepted in the United States: Security Valuation -- Investment securities are valued as follows: Equity securities are valued at the last sales price on the principal exchange on which the security is traded. If there is no trading volume for a particular valuation day, the last bid price is used. For any equity securities traded in the over-the-counter market, the security is valued at the last sale price, or if no sale, at the latest bid price available. Debt securities are valued on the basis of prices obtained from an independent pricing service which are believed to be reflective of fair market value. In the rare instance when such a price is not available from an independent pricing service, a fair value is used, as determined in good faith by the Adviser, in accordance with procedures adopted by the Board of Directors of the Investment Company. Short-term debt investments with a maturity of 60 days or less are valued at amortized cost, which approximates market value. Short-term debt securities, which mature in more than 60 days, are stated at market value. Investment Transactions -- Investment transactions are accounted for as of the trade date. Realized gains and losses on the sale of short and long-term debt securities are computed on the basis of amortized cost at the time of sale. Realized gains and losses on the sale of stock is based on the identified cost basis of the security, determined on the first-in, first-out ("FIFO") basis. Equity-type funds with an indexed portfolio component may, in order to remain more fully invested in the equity markets while minimizing transaction costs, purchase stock index futures contracts. Initial cash margin deposits (represented by cash or Treasury bills) are made upon entering into futures contracts. (This initial margin, maintained in a segregated account, is equal to approximately 5% of the contract amount, and does not involve the borrowing of funds to finance the transaction). During the period the futures contract is outstanding, changes in the value of the contract are recognized as unrealized gains or losses by "marking-to-market" on a daily basis to reflect the market value of the contract at the end of each trading day. Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized gains or losses are incurred, variation margin payments are received or made. When the contract is closed, a realized gain or loss from futures transactions is recorded, equal to the net variation margin received or paid over the period the contract was outstanding. The "Underlying Face Amount at Value" (appearing in the "Portfolio of Investments in Securities") representing the aggregate of outstanding contractual amounts under futures contracts reflects the extent of a Fund's exposure to off-balance sheet risk. The use of futures transactions involves the risk of imperfect correlation in the price movements of the contract and the underlying securities. Investment Income -- Interest income, accretion of discount and amortization of premium are recorded on an accrual basis daily. A debt obligation may cease accrual of income and result in a reduction to interest income when the collection of 56 MUTUAL OF AMERICA INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED) all or a portion of current and past due interest is in doubt. Dividend income is recorded on the ex-dividend date. Foreign source tax withheld from dividends is recorded as a reduction from dividend income. Should reclamation efforts succeed, such amounts are recorded as income upon collection. Distributions to Shareholders ("Dividends") -- Distributions to shareholders are recorded on the ex-dividend date. It is the Investment Company's policy to make distributions of its net investment income and to distribute net realized gains, if any, on an annual basis, in accordance with income tax regulations, which may differ from generally accepted accounting principles. 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. Effective October 1, 2001 the number of subadvisers was reduced from two to one. The Adviser voluntarily limits the expenses of each Fund, other than for brokers' commissions and other fees relating to portfolio transactions, to the amount of the advisory fee paid by the Funds of the Investment Company to the Adviser. The Adviser may discontinue this practice at any time. 3. PURCHASES AND SALES The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the six months ended June 30, 2002 was as follows:
Mid-Cap All America Equity Index Equity Index Bond Fund Fund Fund Fund ----------- ----------- ----------- ----------- Cost of investment purchases ............ $159,274,646 $ 43,452,107 $ 55,557,594 $403,143,984 ============ ============ ============ ============ Proceeds from sales of investments ...... $192,390,121 $ 4,810,532 $ 13,415,063 $231,465,993 ============ ============ ============ ============
Short-Term Mid-Term Composite Aggressive Bond Fund Bond Fund Fund Equity Fund ---------- ----------- ----------- ----------- Cost of investment purchases ............ $ 7,754,488 $ 4,544,503 $239,875,215 $165,020,553 ============ ============ ============ ============ Proceeds from sales of investments ...... $ 3,922,178 $ 8,326,062 $222,529,001 $124,062,003 ============ ============ ============ ============
The cost of short-term security purchases for the Money Market Fund for the period was $476,493,227; net proceeds from sales and redemptions for the period was $472,670,438. 57 MUTUAL OF AMERICA INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 3. PURCHASES AND SALES (CONTINUED) At June 30, 2002 the net unrealized appreciation (depreciation) of investments (including futures contracts) 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 $ -- $138,799,602 $ 58,930,496 $ 15,328,301 $ 9,776,005 Aggregate gross unrealized depreciation (220) 78,482,635 85,461,127 21,949,896 37,885,680 --------- ------------ ------------ ------------ ------------ Net unrealized appreciation (depreciation) $ (220) $ 60,316,967 $(26,530,631) $ (6,621,595) $(28,109,675) ========= ============ ============ ============ ============
Short-Term Mid-Term Composite Aggressive Bond Fund Bond Fund Fund Equity Fund --------- ----------- ----------- ----------- Aggregate gross unrealized appreciation $ 318,560 $ 689,540 $ 8,613,816 $ 47,428,210 Aggregate gross unrealized depreciation 15,193 345,756 15,168,099 8,419,168 --------- ------------ ------------ ------------ Net unrealized appreciation (depreciation) $ 303,367 $ 343,784 $ (6,554,283) $ 39,009,042 ========= ============ ============ ============
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 ============= Transactions in shares were as follows:
For the Six Months Ended June 30, 2002 -------------------------------------------------------------- Mid-Cap Money Market All America Equity Index Equity Index Fund Fund Fund Fund ---------- ----------- ----------- ----------- Shares issued ............................... 57,951,585 27,201,747 48,296,089 103,273,331 Shares issued to shareholders as reinvestment of dividends ................. -- -- -- -- ---------- ----------- ----------- ----------- Total ....................................... 57,951,585 27,201,747 48,296,089 103,273,331 Shares redeemed ............................. (62,259,830) (44,988,617) (30,386,634) (70,486,670) ---------- ----------- ----------- ----------- Net increase (decrease) ..................... (4,308,245) (17,786,870) 17,909,455 32,786,661 ========== =========== =========== ===========
58 MUTUAL OF AMERICA INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 4. CAPITAL SHARE ACTIVITY (CONTINUED)
For the Six Months Ended June 30, 2002 -------------------------------------------------------------------------- Bond Short-Term Mid-Term Composite Aggressive Fund Bond Fund Bond Fund Fund Equity Fund --------- --------- ---------- ---------- ---------- Shares issued .................. 25,080,747 5,622,526 13,656,188 2,425,415 51,000,198 Shares issued to shareholders as reinvestment of dividends .... -- -- -- -- -- --------- --------- ---------- ---------- --------- Total .......................... 25,080,747 5,622,526 13,656,188 2,425,415 51,000,198 Shares redeemed ................ (19,513,643) (2,452,926) (19,557,487) (11,117,993) (41,413,918) --------- --------- ---------- ---------- --------- Net increase (decrease) ........ 5,567,104 3,169,600 (5,901,299) (8,692,578) 9,586,280 ========= ========= ========== ========== =========
For the Year Ended December 31, 2001 --------------------------------------------------------------- Mid-Cap Money Market All America Equity Index Equity Index Fund Fund Fund Fund ------------ ----------- ------------ ------------ Shares issued .................. 133,593,686 65,864,232 119,265,030 119,693,415 Shares issued to shareholders as reinvestment of dividends .... 4,141,789 1,183,429 7,626,489 2,404,728 ------------ ----------- ------------ ------------ Total .......................... 137,735,475 67,047,661 126,891,519 122,098,143 Shares redeemed ................ (175,116,243) (81,710,600) (106,691,595) (103,942,797) ------------ ----------- ------------ ------------ Net increase (decrease) ........ (37,380,768) (14,662,939) 20,199,924 18,155,346 ============ =========== ============ ============
For the Year Ended December 31, 2001 --------------------------------------------------------------------------------- Bond Short-Term Mid-Term Composite Aggressive Fund Bond Fund Bond Fund Fund Equity Fund ------------ ---------- ----------- ----------- ----------- Shares issued .................. 35,514,577 9,411,379 42,662,858 4,570,288 65,971,187 Shares issued to shareholders as reinvestment of dividends .... 27,617,149 821,449 1,568,752 8,019,591 857,329 ------------ ---------- ----------- ----------- ----------- Total .......................... 63,131,726 10,232,828 44,231,610 12,589,879 66,828,516 Shares redeemed ................ (143,399,409) (6,594,393) (12,534,499) (26,788,826) (54,276,815) ------------ ---------- ----------- ----------- ----------- Net increase (decrease) ........ (80,267,683) 3,638,435 31,697,111 (14,198,947) 12,551,701 ============ ========== =========== =========== ===========
5. DIVIDENDS No dividends have been declared or paid as of June 30, 2002. It is the Investment Company's practice to declare and distribute such dividends at the end of the year in conformity with Internal Revenue Code regulations. As of December 31, 2001 undistributed net income and undistributed accumulated gain (loss) on a tax basis was as follows:
Mid-Cap Money All America EquityIndex Equity Index Bond Market Fund Fund Fund Fund Fund ----------- ----------- ----------- ------------ ---------- Undistributed ordinary income $ 63,136 $ -- $ -- $ 70,251 $ 124,644 Undistributed long-term capital gains $ -- $ -- $ -- $1,398,414 $ -- Capital loss carryforwards $ (10,898) $(17,423,695) $ -- $ (95,882) $ --
As of December 31, 2001 undistributed net income and undistributed accumulated gain (loss) on a tax basis was as follows:
Short-Term Mid-Term Composite Aggressive Bond Fund Bond Fund Fund Equity Fund ---------- --------- --------- ----------- Undistributed ordinary income $ 7,331 $ -- $ 4,451,517 $ 508,070 Undistributed long-term capital gains $ -- $ -- $ -- $ -- Capital loss carryforwards $ (73,879) $(1,195,000) $(48,479,993) $(24,593,124)
59 MUTUAL OF AMERICA INVESTMENT CORPORATION NOTES TO FINANCIAL STATEMENTS (Unaudited)(Continued) 6. CHANGE IN INDEPENDENT AUDITOR In May 2002, Arthur Andersen LLP (Arthur Andersen) was replaced as independent auditor for the Investment Company. KPMGLLP (KPMG) was selected as the Investment Company's independent auditor for 2002. The selection of KPMG as its independent auditor was made by the Investment Company's Board of Directors. 60 MUTUAL OF AMERICA LIFE INSURANCE COMPANY 320 PARK AVENUE NEW YORK, NY 10022-6839 www.mutualofamerica.com