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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-05084
Mutual of America Investment Corporation
(Exact name of registrant as specified in charter)
320 Park Avenue, New York, N.Y. 10022
(Address of principal executive offices) (Zip code)
James J. Roth
Chairman of the Board, President and Chief Executive Officer
Mutual of America Investment Corporation
320 Park Avenue
New York, NY 10022
(Name and address of agent for service)
Registrant’s telephone number, including area code:
(212)224-1600
Date of fiscal year end: December 31
Date of reporting period: June 30, 2019
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ITEM 1. | REPORTS TO STOCKHOLDERS. |
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JUNE 30, 2019
Semi-Annual Reports of Investment Options Offered by Mutual of America Life Insurance Company
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.
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320 PARK AVENUE
NEW YORK NY 10022-6839
August 2019
As a valued variable annuity owner, variable life insurance policyholder or participant in a group variable annuity, we are pleased to provide you with the semi-annual fund reports for the investment options you have selected. Included in this booklet are the semi-annual reports of the Mutual of America Investment Corporation Funds. If you have also selected other investments options, you will receive semi-annual reports for those funds in a separate booklet or booklets. The reports provide an update on each portfolio’s performance as of June 30, 2019. Please note that portfolio performance does not take into account the fees charged by the annuity contract or life insurance policy. When viewed net of these contract fees, your performance will be lower. As always, past performance cannot predict or guarantee future returns.
Mutual of America has specialized in providing retirement products and related services to organizations and their employees, as well as individuals, for more than 70 years. As a mutual company, we do not have stockholders and are not publicly traded. We operate solely for the benefit of our customers, managing the Company for their long-term interest, rather than for the short-term demands of stockholders.
Since 1945, Mutual of America has remained committed to offering plan sponsors, plan participants and individuals carefully selected, quality products and services at a competitive price and the personal attention they need to help build and preserve assets for a financially secure future. Integrity, prudence, and reliability are the values that have guided us since our inception and that continue to serve us well.
We hope you will find the enclosed information helpful. We appreciate and value your business and look forward to serving you in the future. If you have any questions, please call your local Mutual of America Regional Office or1-800-468-3785.
Sincerely,
Mutual of America Life Insurance Company
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JUNE 30, 2019
Semi-Annual Reports of Investment Options Offered by Mutual of America Life Insurance Company
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.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Mutual of America. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from Mutual of America electronically by signing up for the eDocuments program. You can sign up for eDocuments by completing the Consent Agreement located on the Mutual of America website and indicating your consent to receive documents through the Mutual of America website.
You may elect to receive all future reports in paper free of charge. You can inform us that you wish to continue receiving paper copies of your shareholder reports by writing to us at 320 Park Avenue, New York, New York 10022, by calling 1-800-574-9267, or by sending an email to mutualofamerica@dfinsolutions.com. Your election to receive reports in paper will apply to all of the Funds.
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MUTUALOF AMERICA INVESTMENT CORPORATION
We are pleased to present the Mutual of America Investment Corporation (the “Investment Company”) Semi-Annual Report. This Report includes important information regarding the performance and financial position of the Investment Company’s funds for the six months ended June 30, 2019.
During the first half of 2019 (as measured through June 28, 2019), the S&P 500® Index (S&P 500) advanced 18.5%, following a nearly 15% decline during the last quarter of 2018. Most other equity indexes around the world also posted strong advances. According to the respective MSCI, Inc. country indexes, Europe was up 13.2%, China came in at 11.5%, Japan increased 6.6% and the U.S. jumped 17.6% (including all stocks, not just the stocks that comprise the S&P 500 Index). The MSCI World Index – which represents the performance of large- andmid-cap stocks across 23 developed markets – jumped 15.6%. Of note, these advances came at a time of slowing growth across the globe.
Bond prices also advanced. However, rising bond prices, which translate into falling yields, are generally indicative of rising concern that the economy is heading toward recession. This rare circumstance of rising prices both for stocks and bonds suggests that stock and bond investors had far different outlooks. The yield on the benchmark10-year Treasury note dropped from a peak of 3.23% in early November 2018, to 2.00% at the end of the second quarter of 2019. That drop in yield represents about an 11% advance in bond prices over a seven-month period, a dramatic move by historical standards, underscoring the bond market’s pessimistic perspective.
Why the discrepancy? In the case of the stock market, the bear market correction at the end of last year was prompted by mounting fear that the Federal Reserve’s (Fed’s) interest rate increases had gone too far and threatened a recession. Interestingly, bond prices began their ascent at the same time stocks started to plummet, suggesting that both markets were in agreement during that period. However, in December, after the Fed’s last rate hike, and under pressure from not only the markets but also the Trump administration to lower the fed funds rate, members of the Fed began to signal a more receptive tone to at least putting rates on hold. Over the first half of 2019, the Fed’s statements after each successive meeting in January, March, May and June became increasingly dovish, to the point of almost guaranteeing one or more rate cuts during the second half of 2019. As anticipated, the Fed lowered the fed funds rate by 25 basis points on Wednesday, July 31, the first reduction in over ten years.
Rising expectations of one or more Fed rate cuts largely accounted for the stock market’s ebullience in the first six months of the year. A setback in trade talks with China in early May caused a 6% pullback in the S&P 500; however, expectations of fruitful talks between President Trump and President Xi prior to the G20 summit in June propelled stocks to new highs. The bond market, however, remained skeptical, as indicated by the fact that the10-year Treasury yield lingered around the 2.00% level throughout June and July even though the stock market was moving higher.
Then, on August 1, the fragile détente between the U.S. and China hit another setback when President Trump tweeted that he had decided to implement as of September 1 a 10% tariff on the remaining $300 billion of annual U.S. imports from China. From the market high prior to Trump’s tariff announcement until the close on Monday, August 5, the S&P 500 declined 5.6%. The 10-year Treasury note also dropped further to 1.72%. In short, the markets were suggesting that the Fed had done too little and the President had done too much.
While there is no question that growth has slowed globally, Fed policy and the trade issue with China have been the primary drivers of this year’s market behavior and volatility. The effectiveness of Fed policy going forward and the trajectory of trade negotiations between the U.S. and China remain the wild cards for the remainder of the year. With markets likely to experience further periods of heightened volatility, we encourage all of our clients to keep their long-term goals and objectives in mind.
The total return performance (net of investment management and other operating expenses) for each of the Investment Company Funds is reflected below:
Total Returns — Six Months Ended June 30, 2019 | ||||
Equity Index Fund | + 18.48% | |||
All America Fund | + 17.70% | |||
Small Cap Value Fund | + 11.95% | |||
Small Cap Growth Fund | + 17.02% | |||
Small Cap Equity Index Fund | + 13.57% | |||
Mid Cap Value Fund | + 16.62% | |||
Mid-Cap Equity Index Fund | + 17.91% | |||
International Fund | + 13.13% |
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Total Returns — Six Months Ended June 30, 2019 | ||||
Composite Fund | + 11.11% | |||
Retirement Income Fund | + 7.85% | |||
2010 Retirement Fund | + 8.68% | |||
2015 Retirement Fund | + 10.21% | |||
2020 Retirement Fund | + 11.46% | |||
2025 Retirement Fund | + 12.73% | |||
2030 Retirement Fund | + 14.05% | |||
2035 Retirement Fund | + 15.01% | |||
2040 Retirement Fund | + 15.28% | |||
2045 Retirement Fund | + 15.48% | |||
2050 Retirement Fund | + 15.55% | |||
2055 Retirement Fund | + 15.41% | |||
2060 Retirement Fund | + 15.47% | |||
Conservative Allocation Fund | + 9.13% | |||
Moderate Allocation Fund | + 12.21% | |||
Aggressive Allocation Fund | + 14.37% | |||
Money Market Fund | + 1.14% | |||
Mid-Term Bond Fund | + 4.53% | |||
Bond Fund | + 5.59% |
The above 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.
The pages that immediately follow include brief discussions of each Fund’s performance for the six months ended June 30, 2019, compared to its relevant index.
Following the discussions are the graphical representations of the asset allocations of each Fund and an illustration of each Fund’s operating expenses. The portfolios of each Fund and financial statements are presented in the pages that follow.
Thank you for your continued investment in our Funds.
Sincerely,
James J. Roth
Chairman of the Board,
President and Chief Executive Officer
Mutual of America Investment Corporation
The views expressed in this Semi-Annual Report are subject to change at any time based on market and other conditions and should not be construed as a recommendation. This Report contains forward-looking statements which speak only as of the date they were made and involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed herein. Readers are cautioned not to place undue reliance on our forward-looking statements, as we assume no obligation to update these forward-looking statements. Readers assume any and all responsibility for any investment decision made as a result of the views expressed herein.
S&P® and S&P 500® are trademarks of Standard & Poor’s Financial Services LLC.
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The Equity Index Fund’s objective is to replicate the performance of the S&P 500® Index (S&P 500), which consists of 500 stocks chosen by Standard & Poor’s for market size, liquidity and industry group representation. The S&P 500 is a market-weighted index of 500 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ, with each stock’s weight in the index proportionate to its market value. The weightings make each company’s influence on the S&P 500’s performance directly proportional to that company’s market value.
The Equity Index Fund’s performance for the six months ended June 30, 2019, was 18.55% before expenses and 18.48% after expenses, finishing slightly below the benchmark return of 18.54%. Note that the Equity Index Fund’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.
ALL AMERICA FUND (Unaudited)
The investment objective of the All America Fund is to outperform the S&P 500® Index (S&P 500). The All America Fund is approximately 60% passively invested in the 500 stocks that comprise the S&P 500, with the remaining 40% actively managed, comprised of 20%mid-cap capitalization stocks and 20% small cap stocks, thus providing exposure to all levels of market capitalization among domestic stocks.
For the six months ended June 30, 2019, the S&P 500 of large capitalization stocks increased by 18.54% on a total return basis, while the Russell® Midcap Core Index was up 21.35% and the Russell Midcap® Value Index was up 18.02%. The Russell 2000® Growth Index increased 20.36% and the Russell 2000® Value Index increased 13.47%.
The All America Fund’s return for the six months ended June 30, 2019, before expenses was 17.99% and 17.70% after expenses versus the benchmark return of 18.54% The underperformance of the Fund versus the S&P 500 during the year was due to the underperformance of the small capitalization segments of the fund as compared to the large capitalization benchmark.
SMALL CAP VALUE FUND (Unaudited)
The investment objective of the Small Cap Value Fund is capital appreciation. The Small Cap Value Fund generally invests in companies that are below $3 billion in market capitalization and have lowerprice-to-book characteristics than the overall market.
For the six months ended June 30, 2019, the Small Cap Value Fund returned 12.40% before expenses and 11.95% after expenses versus a 13.47% return for the Russell 2000® Value Index. Within the benchmark, the best performing sectors were Industrials and Technology while the worst performing sectors were Consumer Staples and Retail.
Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Fund performance included Finance and Retail, while sectors detracting from Fund performance included Consumer Cyclicals and Health Care.
SMALL CAP GROWTH FUND (Unaudited)
The investment objective of the Small Cap Growth Fund is capital appreciation. The Small Cap Growth Fund invests in growth stocks within the small capitalization marketplace. The Fund returned 17.49% before expenses and 17.02% after expenses during the six months ended June 30, 2019. The Fund’s benchmark, the Russell 2000® Growth Index, returned 20.36% for the comparable period.
The small cap market peaked August 31, 2018. As of June 30, the small cap growth market had not returned to its old highs unlike some other equity market indices. Nonetheless, the bounce back investors had in the small cap growth market during the first six months of the year was a strong offset to the negative returns investors saw during the second half of 2018.
For the first six months of 2019, the higher end of the small capitalization size range drove returns. The Technology sector was the top performing sector in the Russell 2000® Growth Index. We outperformed in this sector and it added to nicely to the overall performance of the fund. Performance in Utilities and Real Estate Investment Trusts (REITS) also added to the performance of the fund. The Consumer Discretionary and Industrial sectors were a drag on performance.
Given our concern for excessive valuations in some of the growth industries of the equity marketplace, we struggled to keep up with the market rally in the first half of the calendar year.
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SMALL CAP EQUITY INDEX FUND (Unaudited)
TheSmall-Cap Equity Index Fund invests in the 600 stocks that comprise the S&P SmallCap 600® Index (S&P SmallCap 600). The S&P SmallCap 600 is a market-weighted index of 600 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P SmallCap 600’s performance directly proportional to that company’s market value.
TheSmall-Cap Equity Index Fund’s return for the six months ended June 30, 2019, was 13.65% before expenses and 13.57% after expenses, finishing below the 13.69% return of the S&P SmallCap 600. Note that the performance of theSmall-Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.
MID CAP VALUE FUND (Unaudited)
The investment objective of the Mid Cap Value Fund is to outperform the Russell Midcap® Value Index. The Mid Cap Value Fund generally invests in companies that are between $1 billion and $20 billion in market capitalization and have lowerprice-to-book characteristics.
For the six months ended June 30, 2019, the Mid Cap Value Fund returned 17.01% before expenses and 16.62% after expenses versus a 18.02% return for the Russell Midcap® Value Index. Within the benchmark, the best performing sectors were Technology and Industrials while the worst performing sectors were Retail and Basic Materials.
Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Mid Cap Value Fund performance included Finance and REITs, while sectors detracting from Fund performance included Retail and Health Care.
MID-CAP EQUITY INDEX FUND (Unaudited)
TheMid-Cap Equity Index Fund invests in the 400 stocks that comprise the S&P MidCap 400® Index (S&P MidCap 400). The S&P MidCap 400 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 S&P MidCap 400’s performance directly proportional to that company’s market value. The companies included in the S&P MidCap 400 tend to be typical of this asset class, the medium-capitalized sector of the U.S. securities market.
TheMid-Cap Equity Index Fund’s performance for the six months ended June 30, 2019, was 17.99% before expenses and 17.91% after expenses, finishing below the 17.97% return of the S&P MidCap 400. Note that the performance of theMid-Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.
INTERNATIONAL FUND (Unaudited)
The International Fund seeks capital appreciation by investing, directly or indirectly, mainly in exchange traded funds that invest in stocks of large andmid-cap companies in developed market countries located outside of the United States and Canada that are reflected or contained in the Morgan Stanley Capital International, Inc. Europe, Australasia and Far East® Index (MSCI EAFE® Index). Currently the International Fund is invested mainly in exchange traded funds that reflect, replicate or follow the country weightings of the MSCI EAFE® Index. The Fund also has invested a small percentage of assets in exchange traded funds that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries.
For the six months ended June 30, 2019, the International Fund returned 13.20% before expenses and 13.13% after expenses, finishing below the 14.03% return of the benchmark. The fund’s benchmark closes earlier in the day than the actual market for the fund’s investments. This time lag can result in both positive and negative performance differences.
COMPOSITE FUND (Unaudited)
The Composite Fund seeks capital appreciation and current income by investing in a diversified portfolio of common stocks, debt securities and money market instruments.
The primary investment objective of the fixed income portion of the fund is to provide a high level of current income, consistent with capital preservation, while minimizing volatility. It does this by investing primarily in investment grade publicly traded debt securities. The securities held include corporate, U.S. agency and mortgage-backed securities, all of which normally yield more than U.S. Treasury issues.
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For the six month period ending June 30, 2019, the fixed income portion of the Fund had a total return of 5.82% before expenses. The fixed income market posted the strongest first half return in more than ten years in 2019. The Bloomberg Barclays U.S. Aggregate Index returned 6.11% for the period December 31, 2018 to June 30, 2019. All the asset classes represented in the Index delivered positive results during the period. In general, lower quality bonds outperformed higher and those with longer maturities outperformed shorter.
The Federal Reserve (Fed) governors paused their program to tighten monetary policy that began in December 2015. To that end, they held the Fed Funds target range at 2.25% - 2.50% in the first half. This decision was a bit of a surprise as market expectations early in the year called for additional tightening. As the reporting period progressed, the market instead started to price in one or more easings. Plans to wind down Fed holdings of Treasuries and Mortgages were also scaled back. In March, the Fed announced that the slow down in purchases of Treasuries would end in September and that, beginning in October 2019, principal payments from agency debt and mortgage-backed securities (MBS) will be invested in Treasuries subject to a $20 billion cap. Amounts above $20 billion will be reinvested in agency MBS.
Interest rates fell for much of the first half as concerns about economic growth both domestically and abroad furthered expectations of monetary easing by the Fed. The interest rate curve steepened as yields on short-dated Treasuries fell more than did the yields of long-dated Treasuries.Two-year Treasury Notes yielded 2.49% on December 31, 2018 and 1.76% on June 30, 2019, a 73 basis point drop. Similarly,ten-year yields fell 68 basis points or 0.68% to 2.00%.
Investment grade spreads started the year with a continuation of the widening pattern that characterized much of 2018. After moving to multi-year wides in January, spreads reversed course and moved tighter for much of thesix-month period. Lower supply without a significant drop in demand and growing investor comfort with risk in light of the double digit gain in the S&P 500 Index contributed to the strong performance.
The primary objective of the equity portion of the Composite Fund is to provide exposure to a diversified portfolio of primarily large capitalization, domestic equity securities that have the potential to outperform their peer group over the medium to long term. The portfolio has a focus on dividend income, and aims to continually earn a dividend yield that is higher than that of its benchmark without taking significant over or under weights in any sector.
For the six months ended June 30, 2019, the equity portion of the Fund had a total return of 15.54% (before expenses), underperforming the S&P 500® Index (S&P 500) which increased 18.54%. The underperformance of the Fund was due to less favorable stock selection, as the dividend paying stocks favored by the Fund’s strategy was generally not in favor during the year.
The Fund’s aggregate performance for the six months ended June 30, 2019, was 11.39% before expenses and 11.11% after expenses, versus a 13.54% return in the weighted benchmark.
RETIREMENT INCOME FUND (Unaudited)
The objective of the Retirement Income Fund is current income consistent with the preservation of capital and, to a lesser extent, capital appreciation. The Retirement Income Fund invests primarily in the fixed-income funds of the Investment Company and also invests in two equity funds of the Investment Company. The Fund’s current target allocation is approximately 75% of net assets in fixed-income funds (approximately 30% in the Bond, 30% in theMid-Term Bond Funds and 15% in the Money Market Fund) and approximately 25% of net assets in equity funds (20% in the Equity Index Fund and 5% in theMid-Cap Equity Index Fund).
Performance for the Retirement Income Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE3-Month Treasury Bill Index (15% weighting) and the S&P 500® Index (25% weighting). For the six months ended June 30, 2019, the Fund returned 7.90% before expenses and 7.85% after expenses, versus an 8.44% return in the weighted benchmark.
2010 RETIREMENT FUND (Unaudited)
The objective of the 2010 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2010. The 2010 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 72% of net assets in fixed-income funds (approximately 30% in the Bond Fund, 30% in theMid-Term Bond Fund and 12% in the Money Market Fund) and approximately 28% of net assets in equity funds (20% in the Equity Index Fund, 6% in theMid-Cap Equity Index Fund and 2% in the International Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
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Performance for the 2010 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE3-Month Treasury Bill Index (12% weighting) and the S&P 500® Index (28% weighting). For the six months ended June 30, 2019, the Fund returned 8.70% before expenses and 8.68% after expenses, versus an 8.96% return in the weighted benchmark.
2015 RETIREMENT FUND (Unaudited)
The objective of the 2015 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2015. The 2015 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 63% of net assets in fixed-income funds (28% in the Bond Fund, 25% in theMid-Term Bond Fund and 10% in the Money Market Fund) and approximately 37% of net assets in equity funds (approximately 22% in the Equity Index Fund, 8% in theMid-Cap Equity Index Fund, 5% in the International Fund and 1% each in the Small Cap Growth and Small Cap Value Funds) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2015 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (53% weighting), the FTSE3-Month Treasury Bill Index (10% weighting) and the S&P 500® Index (37% weighting). For the six months ended June 30, 2019, the Fund returned 10.27% before expenses and 10.21% after expenses, versus a 10.17% return in the weighted benchmark.
2020 RETIREMENT FUND (Unaudited)
The objective of the 2020 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2020. The 2020 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 47% of net assets in equity funds (approximately 25% in the Equity Index Fund, 10% in theMid-Cap Equity Index Fund, 8% in the International Fund and 2% each in the Small Cap Growth and Small Cap Value Funds) and approximately 53% of net assets in fixed-income funds (26% in the Bond Fund, 22% in theMid-Term Bond Fund and 5% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2020 Retirement Fund is compared to the S&P 500® Index (47% weighting), the FTSE3-Month Treasury Bill Index (5% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (48% weighting). For the six months ended June 30, 2019, the Fund returned 11.50% before expenses and 11.46% after expenses, versus a 11.67% return in the weighted benchmark.
2025 RETIREMENT FUND (Unaudited)
The objective of the 2025 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2025. The 2025 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 57% of net assets in equity funds (approximately 29% in the Equity Index Fund, 12% in theMid-Cap Equity Index Fund, 10% in the International Fund and 3% each in the Small Cap Growth and Small Cap Value Funds) and approximately 43% of net assets in fixed-income funds (25% in the Bond Fund and 18% in theMid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2025 Retirement Fund is compared to the S&P 500® Index (57% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (43% weighting). For the six months ended June 30, 2019, the Fund returned 12.76% before expenses and 12.73% after expenses, versus a 13.16% return in the weighted benchmark.
2030 RETIREMENT FUND (Unaudited)
The objective of the 2030 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2030. The 2030 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 69% of net assets in equity funds (approximately 33% in the Equity Index Fund, 16% in theMid-Cap Equity Index Fund, 12% in the International Fund and 4% each in the Small Cap Growth and Small Cap Value Funds) and approximately 31% of net assets in fixed-income funds (23% in the Bond Fund and 8% in theMid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2030 Retirement Fund is compared to the S&P 500® Index (69% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (31% weighting). For the six months ended June 30, 2019, the Fund returned 14.08% before expenses and 14.05% after expenses, versus a 14.66% return in the weighted benchmark.
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2035 RETIREMENT FUND (Unaudited)
The objective of the 2035 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2035. The 2035 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 81% of net assets in equity funds (approximately 35% in the Equity Index Fund, 19% in theMid-Cap Equity Index Fund, 14% in the International Fund and 5% each in the Small Cap Growth and Small Cap Value Funds) and approximately 22% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2035 Retirement Fund is compared to the S&P 500® Index (78% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (22% weighting). For the six months ended June 30, 2019, the Fund returned 15.06% before expenses and 15.01% after expenses, versus a 15.78% return in the weighted benchmark.
2040 RETIREMENT FUND (Unaudited)
The objective of the 2040 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2040. The 2040 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 85% of net assets in equity funds (approximately 37% in the Equity Index Fund, 21% in theMid-Cap Equity Index Fund, 16% in the International Fund, 5% each in the Small Cap Growth and Small Cap Value Funds and 1% in theSmall-Cap Equity Index Fund) and approximately 15% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2040 Retirement Fund is compared to the S&P 500® Index (85% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (15% weighting). For the six months ended June 30, 2019, the Fund returned 15.33% before expenses and 15.28% after expenses, versus a 16.66% return in the weighted benchmark.
2045 RETIREMENT FUND (Unaudited)
The objective of the 2045 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2045. The 2045 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 87% of net assets in equity funds (approximately 35% in the Equity Index Fund, 21% in theMid-Cap Equity Index Fund, 18% in the International Fund, 6% each in the Small Cap Growth and Small Cap Value Funds and 1% in theSmall-Cap Equity Index Fund) and approximately 13% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2045 Retirement Fund is compared to the S&P 500® Index (87% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (13% weighting). For the six months ended June 30, 2019, the Fund returned 15.53% before expenses and 15.48% after expenses, versus a 16.91% return in the weighted benchmark.
2050 RETIREMENT FUND (Unaudited)
The objective of the 2050 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2050. The 2050 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 89% of net assets in equity funds (approximately 34% in the Equity Index Fund, 22% in theMid-Cap Equity Index Fund, 19% in the International Fund, 6% each in the Small Cap Growth and Small Cap Value Funds and 2% in theSmall-Cap Equity Index Fund) and approximately 11% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2050 Retirement Fund is compared to the S&P 500® Index (89% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (11% weighting). For the six months ended June 30, 2019, the Fund returned 15.60% before expenses and 15.55% after expenses, versus a 17.16% return in the weighted benchmark.
2055 RETIREMENT FUND (Unaudited)
The objective of the 2055 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2055. The 2055 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 91% of net assets in equity funds (approximately 33% in the Equity Index Fund, 22% in theMid-Cap Equity Index Fund, 20% in the International Fund, 7% each in the Small Cap Growth and Small Cap Value Funds and 2% in theSmall-Cap Equity Index Fund) and approximately 9% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
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Performance for the 2055 Retirement Fund is compared to the S&P 500® Index (91% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (9% weighting). For the six months ended June 30, 2019, the Fund returned 15.47% before expenses and 15.41% after expenses, versus a 17.41% return in the weighted benchmark.
2060 RETIREMENT FUND (Unaudited)
The objective of the 2060 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2060. The 2060 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 93% of net assets in equity funds (approximately 32% in the Equity Index Fund, 23% in theMid-Cap Equity Index Fund, 20% in the International Fund, 8% each in the Small Cap Growth and Small Cap Value Funds and 2% in theSmall-Cap Equity Index Fund) and approximately 7% of net assets in the Bond (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).
Performance for the 2060 Retirement Fund is compared to the S&P 500® Index (93% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (7% weighting). For the six months ended June 30, 2019, the Fund returned 15.49% before expenses and 15.47% after expenses, versus a 17.66% return in the weighted benchmark.
CONSERVATIVE ALLOCATION FUND (Unaudited)
The objective of the Conservative Allocation Fund is current income and, to a lesser extent, capital appreciation. The Conservative Allocation Fund invests primarily in the fixed-income funds of the Investment Company and also invests in the equity funds of the Investment Company. The Conservative Allocation Fund’s target allocation is approximately 65% of net assets in fixed-income funds (approximately 30% in the Bond Fund and 35% in theMid-Term Bond Fund) and approximately 35% of net assets in equity funds (approximately 25% in the Equity Index Fund, 5% in theMid-Cap Equity Index Fund and 5% in the International Fund).
Performance for the Conservative Allocation Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (65% weighting) and the S&P 500® Index (35% weighting). For the six months ended June 30, 2019, the Conservative Allocation Fund returned 9.15% before expenses and 9.13% after expenses, versus a 10.43% return in the weighted benchmark.
MODERATE ALLOCATION FUND (Unaudited)
The objective of the Moderate Allocation Fund is capital appreciation and current income. The Moderate Allocation Fund invests in the equity and fixed-income funds of the Investment Company. The Moderate Allocation Fund’s target allocation is approximately 60% of net assets in equity funds (approximately 35% of its net assets in the Equity Index Fund, 15% in theMid-Cap Equity Index Fund and 10% in the International Fund) and approximately 40% of net assets in fixed-income funds (approximately 25% of its net assets in the Bond Fund and approximately 15% of its net assets in theMid-Term Bond Fund).
Performance for the Moderate Allocation Fund is compared to the S&P 500® Index (60% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (40% weighting). For the six months ended June 30, 2019, the Moderate Allocation Fund returned 12.22% before expenses and 12.21% after expenses, versus a 13.54% return for the weighted benchmark.
AGGRESSIVE ALLOCATION FUND (Unaudited)
The objective of the Aggressive Allocation Fund is capital appreciation and, to a lesser extent, current income. The Aggressive Allocation Fund invests in the equity and fixed-income funds of the Investment Company. The Aggressive Allocation Fund’s target allocation is approximately 80% of net assets in equity funds (approximately 35% of its net assets in the Equity Index Fund, 20% in theMid-Cap Equity Index Fund, 5% each in the Small Cap Value Fund and Small Cap Growth Funds, and 15% in the International Fund) and approximately 20% of net assets in the Bond Fund.
Performance for the Aggressive Allocation Fund is compared to the S&P 500® Index (80% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (20% weighting). For the six months ended June 30, 2019, the Aggressive Allocation Fund returned 14.38% before expenses and 14.37% after expenses, versus an 16.03% return for the weighted benchmark.
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MONEY MARKET FUND (Unaudited)
The Money Market Fund’s investment objective is to realize current income while maintaining liquidity, investment quality and stability of capital through investing in high-quality commercial paper issued by U.S. corporations and securities issued by the U.S. government and its agencies. For the six months ended June 30, 2019, the Money Market Fund returned 1.24% before expenses and 1.14% after expenses, compared to a 1.21% return for the FTSE3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.
The Federal Reserve (Fed) governors paused their program to tighten monetary policy that began in December 2015. To that end, they held the Fed Funds target range at 2.25% - 2.50% in the first half. This decision was a bit of a surprise as market expectations early in the year called for additional tightening. As the reporting period progressed, the market instead started to price in one or more easings. Plans to wind down Fed holdings of Treasuries and Mortgages were also scaled back. In March, the Fed announced that the slow down in purchases of Treasuries would end in September and that, beginning in October 2019, principal payments from agency debt and mortgage-backed securities (MBS) will be invested in Treasuries subject to a $20 billion cap. Amounts above $20 billion will be reinvested in agency MBS.
The Fund’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On June 30, 2019, the fund held 24% U.S. Treasury Bills, 16% U.S. agency discount notes and the remainder in commercial paper. The average maturity was 25 days.
Theseven-day effective yield as of August 13, 2019, was 1.97%. 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 investments in shares of the Money Market Fund.
MID-TERM BOND FUND (Unaudited)
TheMid-Term Bond Fund seeks a high level of return consistent with the preservation of capital through investment in publicly traded debt securities. The portfolio continues to emphasize corporate issues, particularlyBBB-rated bonds, in order to capture incremental income. The Fund will continue to focus on income, rather than market volatility, to achieve superior returns over market cycles. To achieve the duration target of approximately 90% of the benchmark, intermediate corporate and longer U.S. Treasury maturities are emphasized. In addition, the Fund’s corporate positions will remain highly diversified in order to help shield the portfolio from any credit risks. The objective of the Fund is to maintain a maturity profile similar to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index.
For the six month period ended June 30, 2019, theMid-Term Bond Fund returned 4.76% before expenses and 4.53% after expenses versus a 4.97% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period. The Fund’s shorter duration and zero exposure tonon-U.S. sovereign debt contributed to the relative underperformance.
BOND FUND (Unaudited)
The Bond Fund’s primary investment objective is to provide as high a level of current income over time as is believed to be consistent with prudent investment risk. It does this by investing primarily in investment grade publicly traded debt securities. A secondary objective is preservation of capital. The securities held by the Bond Fund include corporate, U.S. agency and mortgage-backed securities, all of which normally yield more than U.S. Treasury issues.
Over the long term, the Bond Fund’s strategy is to overweight corporate bonds, underweight U.S. Treasuries, and market weight mortgage-backed securities. The portfolio’s aim is to maintain a similar maturity profile to the benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, with an overweighting of BBB issuers. To achieve the duration target of approximately 90% of the benchmark, intermediate corporate and longer U.S. Treasury maturities are emphasized. The Bond Fund also stresses diversification in order to protect the Fund from unexpected credit events, so few corporate holdings exceedone-half of one percent of the Fund’s value. This extreme diversification will be maintained going forward as part of our risk control.
The fixed income market posted the strongest first half return in more than ten years in 2019. The benchmark returned 6.11% for the period from December 31, 2018 to June 30, 2019. All the asset classes represented in the Index delivered positive results during the period. In general, lower quality bonds outperformed higher and those with longer maturities outperformed shorter. For thesix-month period ending June 30, 2019, the Bond Fund returned 5.82% before expenses and 5.59% after expenses. The Fund’s relative underperformance was driven primarily by its underweight position in long-dated securities and zero exposure tonon-U.S. sovereign debt.
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The Federal Reserve (Fed) governors paused their program to tighten monetary policy that began in December 2015. To that end, they held the Fed Funds target range at 2.25% - 2.50% in the first half. This decision was a bit of a surprise as market expectations early in the year called for additional tightening. As the reporting period progressed, the market instead started to price in one or more easings. Plans to wind down Fed holdings of Treasuries and Mortgages were also scaled back. In March, the Fed announced that the slow down in purchases of Treasuries would end in September and that, beginning in October 2019, principal payments from agency debt and mortgage-backed securities (MBS) will be invested in Treasuries subject to a $20 billion cap. Amounts above $20 billion will be reinvested in agency MBS.
Interest rates fell for much of the first half as concerns about economic growth both domestically and abroad furthered expectations of monetary easing by the Fed. The interest rate curve steepened as yields on short-dated Treasuries fell more than did the yields of long-dated Treasuries.Two-year Treasury Notes yielded 2.49% on December 31, 2018 and 1.76% on June 30, 2019, a 73 basis point drop. Similarly,ten-year yields fell 68 basis points or 0.68% to 2.00%.
Investment grade spreads started the year with a continuation of the widening pattern that characterized much of 2018. After moving to multi-year wides in January, spreads reversed course and moved tighter for much of thesix-month period. Lower supply without a significant drop in demand and growing investor comfort with risk in light of the double digit gain in the S&P 500 Index contributed to the strong performance.
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MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited)
Equity Index Fund
All America Fund
Small Cap Value Fund
Small Cap Growth Fund
Small Cap Equity Index Fund
Mid Cap Value Fund
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MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited) (Continued)
Mid-Cap Equity Index Fund
International Fund
Composite Fund
Retirement Income Fund
2010 Retirement Fund
2015 Retirement Fund
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MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited) (Continued)
2020 Retirement Fund
2025 Retirement Fund
2030 Retirement Fund
2035 Retirement Fund
2040 Retirement Fund
2045 Retirement Fund
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MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited) (Continued)
2050 Retirement Fund
2055 Retirement Fund
2060 Retirement Fund
Conservative Allocation Fund
Moderate Allocation Fund
Aggressive Allocation Fund
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MUTUAL OF AMERICA INVESTMENT CORPORATION
ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited) (Continued)
Money Market Fund
Mid-Term Bond Fund
Bond Fund
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MUTUAL OF AMERICA INVESTMENT CORPORATION
EXAMPLE
As a shareholder of one of the Mutual of America Investment Corporation Funds, you incur ongoing costs, including management fees and other Fund expenses. You do not incur transactional costs, such as sales charges (loads), redemption fees or exchange fees. Additionally, Mutual of America Capital Management LLC, the Funds’ Adviser, has contractually agreed to reimburse the directnon-advisory operating expenses of any Allocation or Retirement Fund (each a “Fund of Funds”) that has less than $50 million in average daily net assets for the prior calendar year. This contractual obligation remains in effect through April 30, 2020 and will continue for succeeding 12 month periods ending April 30th unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice. Furthermore, the Funds’ Adviser has contractually agreed to reimburse thenon-advisory operating expenses of the Small Cap Equity Index Fund to the extent that such operating expenses exceed 0.07% of net assets. This contractual obligation remains in effect through April 30, 2021 and continues into successive 12 month periods ending April 30 unless i) the Investment Company gives not less than 30 days written notice to the Adviser, or ii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.
This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at January 1, 2019 and held for the entire period ending June 30, 2019 under the expense reimbursement agreement in effect during that period as described above.
The estimate of expenses does not include fees and charges associated with your variable annuity contract or variable life insurance policy. If those fees and charges were included, the estimate of expenses for the period would be higher and your ending account value would be lower.
ACTUAL EXPENSES
The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning othernon-Mutual of America funds, which may also charge transactional costs, such as sales charges (loads), redemption fees or exchange fees, which the Mutual of America Investment Corporation does not charge.
Equity Index Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending June 30, 2019 | Expenses Paid January 1, 2019 to | ||||||||||||||||
Actual | $1,000.00 | $1,184.80 | $0.70 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.83 | $0.65 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.13%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
All America Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,177.01 | $2.69 | |||||||||||||||
Hypothetical | $1,000.00 | $1,021.95 | $2.51 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Small Cap Value Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,119.49 | $4.25 | |||||||||||||||
Hypothetical | $1,000.00 | $1,020.38 | $4.06 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Small Cap Growth Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,170.18 | $4.35 | |||||||||||||||
Hypothetical | $1,000.00 | $1,020.38 | $4.06 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Small Cap Equity Index Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,135.68 | $0.74 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.78 | $0.70 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
Mid Cap Value Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,166.20 | $3.59 | |||||||||||||||
Hypothetical | $1,000.00 | $1,021.09 | $3.36 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.67%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Mid-Cap Equity Index Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,179.11 | $0.70 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.83 | $0.65 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.13%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
International Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,131.32 | $1.80 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.76 | $1.71 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Composite Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,111.10 | $2.67 | |||||||||||||||
Hypothetical | $1,000.00 | $1,021.90 | $2.56 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.51%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
Retirement Income Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,078.49 | $2.27 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.26 | $2.21 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.44% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2010 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,086.82 | $1.91 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.61 | $1.86 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.37% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2015 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,102.11 | $2.14 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.41 | $2.06 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.41% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2020 Retirement Fund | ||||||||||||||||||
Beginning January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,114.61 | $1.94 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.61 | $1.86 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.37% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
2025 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,127.28 | $1.90 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.66 | $1.81 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.36% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2030 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,140.51 | $1.80 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.76 | $1.71 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2035 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,150.10 | $1.76 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.81 | $1.66 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.33% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2040 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,152.81 | $1.81 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.76 | $1.71 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
2045 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,154.78 | $1.81 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.76 | $1.71 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2050 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,155.51 | $1.87 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.71 | $1.76 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2055 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,154.09 | $2.03 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.56 | $1.91 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.38% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
2060 Retirement Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,154.69 | $1.76 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.81 | $1.66 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.33% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
21
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MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
Conservative Allocation Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,091.32 | $1.97 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.56 | $1.91 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.38% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Moderate Allocation Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,122.09 | $1.47 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.07 | $1.40 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.28% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Aggressive Allocation Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,143.71 | $1.54 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.02 | $1.45 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.29% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Money Market Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,011.39 | $1.05 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.42 | $1.05 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.21%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
22
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MUTUAL OF AMERICA INVESTMENT CORPORATION
EXPENSE EXAMPLE (Unaudited) (Continued)
Mid-Term Bond Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,045.32 | $2.28 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.21 | $2.26 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
Bond Fund | ||||||||||||||||||
Beginning Account Value January 1, 2019 | Ending Account Value June 30, 2019 | Expenses Paid During Period* January 1, 2019 to June 30, 2019 | ||||||||||||||||
Actual | $1,000.00 | $1,055.89 | $2.24 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.26 | $2.21 |
* | Expenses are equal to the Fund’s annual expense ratio of 0.44%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect theone-half year period). |
23
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS: | ||||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (10.0%) | ||||||||
Activision Blizzard, Inc. | 94,464 | $ | 4,458,701 | |||||
Alphabet, Inc. Cl A* | 37,025 | 40,090,670 | ||||||
Alphabet, Inc. Cl C* | 37,914 | 40,981,622 | ||||||
AT&T, Inc. | 901,888 | 30,222,267 | ||||||
CBS Corp. Cl B | 43,166 | 2,153,983 | ||||||
CenturyLink, Inc. | 119,067 | 1,400,228 | ||||||
Charter Communications, Inc. Cl A* | 21,194 | 8,375,445 | ||||||
Comcast Corp. Cl A | 558,606 | 23,617,862 | ||||||
Discovery, Inc. Cl A* | 19,403 | 595,672 | ||||||
Discovery, Inc. Cl C* | 44,165 | 1,256,494 | ||||||
DISH Network Corp. Cl A* | 28,538 | 1,096,144 | ||||||
Electronic Arts, Inc.* | 36,518 | 3,697,813 | ||||||
Facebook, Inc. Cl A* | 296,901 | 57,301,893 | ||||||
Fox Corp. Cl A | 43,714 | 1,601,681 | ||||||
Fox Corp. Cl B | 20,026 | 731,550 | ||||||
Interpublic Group of Cos., Inc. | 47,811 | 1,080,050 | ||||||
Netflix, Inc.* | 53,966 | 19,822,791 | ||||||
News Corp. Cl A | 47,760 | 644,282 | ||||||
News Corp. Cl B | 15,403 | 215,026 | ||||||
Omnicom Group, Inc. | 27,096 | 2,220,517 | ||||||
Take-Two Interactive Software, Inc.* | 13,871 | 1,574,775 | ||||||
TripAdvisor, Inc.* | 12,747 | 590,059 | ||||||
Twitter, Inc.* | 90,715 | 3,165,953 | ||||||
Verizon Communications, Inc. | 509,565 | 29,111,448 | ||||||
Viacom, Inc. Cl B | 43,118 | 1,287,935 | ||||||
Walt Disney Co. | 214,726 | 29,984,339 | ||||||
|
| |||||||
307,279,200 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (10.0%) | ||||||||
Advance Auto Parts, Inc. | 8,806 | 1,357,357 | ||||||
Amazon.com, Inc.* | 51,138 | 96,836,451 | ||||||
Aptiv PLC | 31,837 | 2,573,385 | ||||||
AutoZone, Inc.* | 3,029 | 3,330,295 | ||||||
Best Buy Co., Inc. | 28,628 | 1,996,230 | ||||||
Booking Hldgs., Inc.* | 5,352 | 10,033,448 | ||||||
BorgWarner, Inc. | 25,664 | 1,077,375 | ||||||
Capri Hldgs. Ltd.* | 18,639 | 646,400 | ||||||
CarMax, Inc.* | 20,412 | 1,772,374 | ||||||
Carnival Corp. | 49,374 | 2,298,360 | ||||||
Chipotle Mexican Grill, Inc. Cl A* | 3,027 | 2,218,428 | ||||||
Darden Restaurants, Inc. | 15,196 | 1,849,809 | ||||||
Dollar General Corp. | 31,899 | 4,311,469 | ||||||
Dollar Tree, Inc.* | 29,342 | 3,151,037 | ||||||
DR Horton, Inc. | 41,994 | 1,811,201 | ||||||
eBay, Inc. | 101,151 | 3,995,464 | ||||||
Expedia Group, Inc. | 14,586 | 1,940,376 | ||||||
Foot Locker, Inc. | 13,871 | 581,472 | ||||||
Ford Motor Co. | 485,460 | 4,966,256 | ||||||
Gap, Inc. | 26,127 | 469,502 | ||||||
Garmin Ltd. | 14,964 | 1,194,127 | ||||||
General Motors Co. | 163,025 | 6,281,353 | ||||||
Genuine Parts Co. | 18,071 | 1,871,794 | ||||||
H&R Block, Inc. | 25,121 | 736,045 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Hanesbrands, Inc. | 44,541 | $ | 766,996 | |||||
Harley-Davidson, Inc. | 19,684 | 705,278 | ||||||
Hasbro, Inc. | 14,347 | 1,516,191 | ||||||
Hilton Worldwide Hldgs., Inc. | 35,956 | 3,514,339 | ||||||
Home Depot, Inc. | 136,247 | 28,335,289 | ||||||
Kohl’s Corp. | 20,083 | 954,947 | ||||||
L Brands, Inc. | 27,899 | 728,164 | ||||||
Leggett & Platt, Inc. | 16,181 | 620,865 | ||||||
Lennar Corp. Cl A | 35,219 | 1,706,713 | ||||||
LKQ Corp.* | 38,852 | 1,033,852 | ||||||
Lowe’s Cos., Inc. | 97,435 | 9,832,166 | ||||||
Macy’s, Inc. | 38,015 | 815,802 | ||||||
Marriott International, Inc. Cl A | 33,965 | 4,764,950 | ||||||
McDonald’s Corp. | 94,127 | 19,546,413 | ||||||
MGM Resorts International | 63,079 | 1,802,167 | ||||||
Mohawk Industries, Inc.* | 7,586 | 1,118,707 | ||||||
Newell Brands, Inc. | 48,560 | 748,795 | ||||||
NIKE, Inc. Cl B | 154,779 | 12,993,697 | ||||||
Nordstrom, Inc. | 13,071 | 416,442 | ||||||
Norwegian Cruise Line Hldgs. Ltd.* | 26,622 | 1,427,738 | ||||||
O’Reilly Automotive, Inc.* | 9,645 | 3,562,091 | ||||||
PulteGroup, Inc. | 31,434 | 993,943 | ||||||
PVH Corp. | 9,212 | 871,824 | ||||||
Ralph Lauren Corp. Cl A | 6,430 | 730,384 | ||||||
Ross Stores, Inc. | 45,313 | 4,491,424 | ||||||
Royal Caribbean Cruises Ltd. | 21,136 | 2,561,895 | ||||||
Starbucks Corp. | 149,376 | 12,522,190 | ||||||
Tapestry, Inc. | 35,774 | 1,135,109 | ||||||
Target Corp. | 63,254 | 5,478,429 | ||||||
Tiffany & Co. | 13,410 | 1,255,712 | ||||||
TJX Cos., Inc. | 149,703 | 7,916,295 | ||||||
Tractor Supply Co. | 14,879 | 1,618,835 | ||||||
Ulta Beauty, Inc.* | 6,867 | 2,382,094 | ||||||
Under Armour, Inc. Cl A* | 23,313 | 590,984 | ||||||
Under Armour, Inc. Cl C* | 24,071 | 534,376 | ||||||
VF Corp. | 40,252 | 3,516,012 | ||||||
Whirlpool Corp. | 7,821 | 1,113,398 | ||||||
Wynn Resorts Ltd. | 11,983 | 1,485,772 | ||||||
Yum! Brands, Inc. | 37,833 | 4,186,978 | ||||||
|
| |||||||
307,597,264 | ||||||||
|
| |||||||
CONSUMER STAPLES (7.1%) | ||||||||
Altria Group, Inc. | 231,423 | 10,957,879 | ||||||
Archer-Daniels-Midland Co. | 69,068 | 2,817,974 | ||||||
Brown-Forman Corp. Cl B | 20,494 | 1,135,982 | ||||||
Campbell Soup Co. | 23,834 | 955,028 | ||||||
Church & Dwight Co., Inc. | 30,397 | 2,220,805 | ||||||
Clorox Co. | 15,664 | 2,398,315 | ||||||
Coca-Cola Co. | 472,770 | 24,073,448 | ||||||
Colgate-Palmolive Co. | 105,969 | 7,594,798 | ||||||
Conagra Brands, Inc. | 60,050 | 1,592,526 | ||||||
Constellation Brands, Inc. Cl A | 20,553 | 4,047,708 | ||||||
Costco Wholesale Corp. | 54,188 | 14,319,721 | ||||||
Coty, Inc. Cl A | 37,290 | 499,686 |
The accompanying notes are an integral part of these portfolio schedules.
24
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER STAPLES (CONTINUED) | ||||||||
Estee Lauder Cos., Inc. Cl A | 27,083 | $ | 4,959,168 | |||||
General Mills, Inc. | 74,112 | 3,892,362 | ||||||
Hershey Co. | 17,161 | 2,300,089 | ||||||
Hormel Foods Corp. | 33,651 | 1,364,212 | ||||||
JM Smucker Co. | 13,974 | 1,609,665 | ||||||
Kellogg Co. | 30,573 | 1,637,796 | ||||||
Kimberly-Clark Corp. | 42,202 | 5,624,683 | ||||||
Kraft Heinz Co. | 77,070 | 2,392,253 | ||||||
Kroger Co. | 99,273 | 2,155,217 | ||||||
Lamb Weston Hldgs., Inc. | 18,061 | 1,144,345 | ||||||
McCormick & Co., Inc. | 15,139 | 2,346,696 | ||||||
Molson Coors Brewing Co. Cl B | 23,211 | 1,299,816 | ||||||
Mondelez International, Inc. Cl A | 177,676 | 9,576,736 | ||||||
Monster Beverage Corp.* | 48,367 | 3,087,266 | ||||||
PepsiCo, Inc. | 172,830 | 22,663,198 | ||||||
Philip Morris International, Inc. | 191,953 | 15,074,069 | ||||||
Procter & Gamble Co. | 308,840 | 33,864,306 | ||||||
Sysco Corp. | 58,430 | 4,132,170 | ||||||
Tyson Foods, Inc. Cl A | 36,442 | 2,942,327 | ||||||
Walgreens Boots Alliance, Inc. | 95,873 | 5,241,377 | ||||||
Walmart, Inc. | 172,338 | 19,041,626 | ||||||
|
| |||||||
218,963,247 | ||||||||
|
| |||||||
ENERGY (4.9%) | ||||||||
Anadarko Petroleum Corp. | 61,964 | 4,372,180 | ||||||
Apache Corp. | 46,629 | 1,350,842 | ||||||
Baker Hughes, a GE Co. Cl A | 63,743 | 1,569,990 | ||||||
Cabot Oil & Gas Corp. | 52,471 | 1,204,734 | ||||||
Chevron Corp. | 235,220 | 29,270,777 | ||||||
Cimarex Energy Co. | 12,599 | 747,499 | ||||||
Concho Resources, Inc. | 24,749 | 2,553,602 | ||||||
ConocoPhillips | 139,593 | 8,515,173 | ||||||
Devon Energy Corp. | 51,465 | 1,467,782 | ||||||
Diamondback Energy, Inc. | 19,121 | 2,083,615 | ||||||
EOG Resources, Inc. | 71,758 | 6,684,975 | ||||||
Exxon Mobil Corp. | 521,248 | 39,943,234 | ||||||
Halliburton Co. | 108,135 | 2,458,990 | ||||||
Helmerich & Payne, Inc. | 13,679 | 692,431 | ||||||
Hess Corp. | 31,542 | 2,005,125 | ||||||
HollyFrontier Corp. | 19,451 | 900,192 | ||||||
Kinder Morgan, Inc. | 240,129 | 5,013,894 | ||||||
Marathon Oil Corp. | 101,456 | 1,441,690 | ||||||
Marathon Petroleum Corp. | 81,762 | 4,568,861 | ||||||
National Oilwell Varco, Inc. | 47,637 | 1,058,970 | ||||||
Noble Energy, Inc. | 59,215 | 1,326,416 | ||||||
Occidental Petroleum Corp. | 92,368 | 4,644,263 | ||||||
ONEOK, Inc. | 50,836 | 3,498,025 | ||||||
Phillips 66 | 51,512 | 4,818,432 | ||||||
Pioneer Natural Resources Co. | 20,909 | 3,217,059 | ||||||
Schlumberger Ltd. | 171,351 | 6,809,489 | ||||||
TechnipFMC PLC | 52,102 | 1,351,526 | ||||||
Valero Energy Corp. | 51,367 | 4,397,529 | ||||||
Williams Cos., Inc. | 149,838 | 4,201,457 | ||||||
|
| |||||||
152,168,752 | ||||||||
|
|
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (12.8%) | ||||||||
Affiliated Managers Group, Inc. | 6,365 | $ | 586,471 | |||||
Aflac, Inc. | 91,633 | 5,022,405 | ||||||
Allstate Corp. | 41,031 | 4,172,442 | ||||||
American Express Co. | 84,391 | 10,417,225 | ||||||
American International Group, Inc. | 107,332 | 5,718,649 | ||||||
Ameriprise Financial, Inc. | 16,538 | 2,400,656 | ||||||
Aon PLC | 29,689 | 5,729,383 | ||||||
Arthur J. Gallagher & Co. | 22,863 | 2,002,570 | ||||||
Assurant, Inc. | 7,581 | 806,467 | ||||||
Bank of America Corp. | 1,093,305 | 31,705,845 | ||||||
Bank of New York Mellon Corp. | 108,962 | 4,810,672 | ||||||
BB&T Corp. | 94,696 | 4,652,414 | ||||||
Berkshire Hathaway, Inc. Cl B* | 238,572 | 50,856,393 | ||||||
BlackRock, Inc. Cl A | 14,670 | 6,884,631 | ||||||
Capital One Financial Corp. | 57,539 | 5,221,089 | ||||||
Cboe Global Markets, Inc. | 13,801 | 1,430,198 | ||||||
Charles Schwab Corp. | 147,097 | 5,911,828 | ||||||
Chubb Ltd. | 56,390 | 8,305,683 | ||||||
Cincinnati Financial Corp. | 18,661 | 1,934,586 | ||||||
Citigroup, Inc. | 285,964 | 20,026,059 | ||||||
Citizens Financial Group, Inc. | 56,727 | 2,005,867 | ||||||
CME Group, Inc. Cl A | 44,138 | 8,567,627 | ||||||
Comerica, Inc. | 19,067 | 1,385,027 | ||||||
Discover Financial Svcs. | 39,902 | 3,095,996 | ||||||
E*TRADE Financial Corp. | 30,186 | 1,346,296 | ||||||
Everest Re Group Ltd. | 5,017 | 1,240,102 | ||||||
Fifth Third Bancorp | 90,051 | 2,512,423 | ||||||
First Republic Bank | 20,413 | 1,993,329 | ||||||
Franklin Resources, Inc. | 36,237 | 1,261,048 | ||||||
Goldman Sachs Group, Inc. | 42,001 | 8,593,405 | ||||||
Hartford Financial Svcs. Group, Inc. | 44,519 | 2,480,599 | ||||||
Huntington Bancshares, Inc. | 129,049 | 1,783,457 | ||||||
Intercontinental Exchange, Inc. | 69,542 | 5,976,439 | ||||||
Invesco Ltd. | 49,009 | 1,002,724 | ||||||
Jefferies Financial Group, Inc. | 31,354 | 602,937 | ||||||
JPMorgan Chase & Co. | 401,058 | 44,838,284 | ||||||
KeyCorp | 125,033 | 2,219,336 | ||||||
Lincoln National Corp. | 24,940 | 1,607,383 | ||||||
Loews Corp. | 33,108 | 1,810,014 | ||||||
M&T Bank Corp. | 16,880 | 2,870,782 | ||||||
MarketAxess Hldgs., Inc. | 4,650 | 1,494,603 | ||||||
Marsh & McLennan Cos., Inc. | 63,186 | 6,302,804 | ||||||
MetLife, Inc. | 117,116 | 5,817,152 | ||||||
Moody’s Corp. | 20,363 | 3,977,098 | ||||||
Morgan Stanley | 157,878 | 6,916,635 | ||||||
MSCI, Inc. Cl A | 10,465 | 2,498,937 | ||||||
Nasdaq, Inc. | 14,278 | 1,373,115 | ||||||
Northern Trust Corp. | 26,869 | 2,418,210 | ||||||
People’s United Financial, Inc. | 48,787 | 818,646 |
The accompanying notes are an integral part of these portfolio schedules.
25
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
PNC Financial Svcs. Group Inc. | 55,781 | $ | 7,657,616 | |||||
Principal Financial Group, Inc. | 31,901 | 1,847,706 | ||||||
Progressive Corp. | 71,903 | 5,747,207 | ||||||
Prudential Financial, Inc. | 50,009 | 5,050,909 | ||||||
Raymond James Financial, Inc. | 15,613 | 1,320,079 | ||||||
Regions Financial Corp. | 125,051 | 1,868,262 | ||||||
S&P Global, Inc. | 30,375 | 6,919,121 | ||||||
State Street Corp. | 46,199 | 2,589,916 | ||||||
SunTrust Banks, Inc. | 54,891 | 3,449,899 | ||||||
SVB Financial Group* | 6,501 | 1,460,060 | ||||||
Synchrony Financial | 78,257 | 2,713,170 | ||||||
T. Rowe Price Group, Inc. | 29,218 | 3,205,507 | ||||||
Torchmark Corp. | 12,484 | 1,116,819 | ||||||
Travelers Cos., Inc. | 32,271 | 4,825,160 | ||||||
U.S. Bancorp | 184,746 | 9,680,690 | ||||||
Unum Group | 26,145 | 877,165 | ||||||
Wells Fargo & Co. | 499,768 | 23,649,022 | ||||||
Willis Towers Watson PLC | 15,923 | 3,049,891 | ||||||
Zions Bancorporation | 22,607 | 1,039,470 | ||||||
|
| |||||||
395,473,610 | ||||||||
|
| |||||||
HEALTH CARE (13.8%) | ||||||||
Abbott Laboratories | 217,318 | 18,276,444 | ||||||
AbbVie, Inc. | 181,979 | 13,233,513 | ||||||
ABIOMED, Inc.* | 5,525 | 1,439,207 | ||||||
Agilent Technologies, Inc. | 38,962 | 2,909,293 | ||||||
Alexion Pharmaceuticals, Inc.* | 27,637 | 3,619,894 | ||||||
Align Technology, Inc.* | 9,033 | 2,472,332 | ||||||
Allergan PLC | 38,053 | 6,371,214 | ||||||
AmerisourceBergen Corp. Cl A | 19,135 | 1,631,450 | ||||||
Amgen, Inc. | 75,464 | 13,906,506 | ||||||
Anthem, Inc. | 31,690 | 8,943,235 | ||||||
Baxter International, Inc. | 58,460 | 4,787,874 | ||||||
Becton Dickinson & Co. | 33,224 | 8,372,780 | ||||||
Biogen, Inc.* | 23,946 | 5,600,251 | ||||||
Boston Scientific Corp.* | 171,736 | 7,381,213 | ||||||
Bristol-Myers Squibb Co. | 201,430 | 9,134,850 | ||||||
Cardinal Health, Inc. | 36,716 | 1,729,324 | ||||||
Celgene Corp.* | 87,103 | 8,051,801 | ||||||
Centene Corp.* | 50,649 | 2,656,034 | ||||||
Cerner Corp. | 40,003 | 2,932,220 | ||||||
Cigna Corp. | 46,569 | 7,336,946 | ||||||
Cooper Cos., Inc. | 6,083 | 2,049,302 | ||||||
CVS Health Corp. | 159,945 | 8,715,403 | ||||||
Danaher Corp. | 77,531 | 11,080,731 | ||||||
DaVita, Inc.* | 15,627 | 879,175 | ||||||
DENTSPLY SIRONA, Inc. | 28,698 | 1,674,815 | ||||||
Edwards Lifesciences Corp.* | 25,668 | 4,741,906 | ||||||
Eli Lilly & Co. | 106,610 | 11,811,322 | ||||||
Gilead Sciences, Inc. | 156,989 | 10,606,177 | ||||||
HCA Healthcare, Inc. | 32,742 | 4,425,736 | ||||||
Henry Schein, Inc.* | 18,311 | 1,279,939 | ||||||
Hologic, Inc.* | 33,004 | 1,584,852 | ||||||
Humana, Inc. | 16,510 | 4,380,103 | ||||||
IDEXX Laboratories, Inc.* | 10,603 | 2,919,324 | ||||||
Illumina, Inc.* | 18,132 | 6,675,296 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Incyte Corp.* | 21,857 | $ | 1,856,971 | |||||
Intuitive Surgical, Inc.* | 14,242 | 7,470,641 | ||||||
IQVIA Hldgs., Inc.* | 19,385 | 3,119,046 | ||||||
Johnson & Johnson | 328,178 | 45,708,632 | ||||||
Laboratory Corp. of America Hldgs.* | 12,166 | 2,103,501 | ||||||
McKesson Corp. | 23,405 | 3,145,398 | ||||||
Medtronic PLC | 165,057 | 16,074,901 | ||||||
Merck & Co., Inc. | 317,983 | 26,662,875 | ||||||
Mettler-Toledo International, Inc.* | 3,056 | 2,567,040 | ||||||
Mylan NV* | 63,465 | 1,208,374 | ||||||
Nektar Therapeutics Cl A* | 21,399 | 761,376 | ||||||
PerkinElmer, Inc. | 13,675 | 1,317,449 | ||||||
Perrigo Co. PLC | 15,430 | 734,777 | ||||||
Pfizer, Inc. | 682,890 | 29,582,795 | ||||||
Quest Diagnostics, Inc. | 16,598 | 1,689,842 | ||||||
Regeneron Pharmaceuticals, Inc.* | 9,702 | 3,036,726 | ||||||
ResMed, Inc. | 17,666 | 2,155,782 | ||||||
Stryker Corp. | 38,112 | 7,835,065 | ||||||
Teleflex, Inc. | 5,695 | 1,885,899 | ||||||
Thermo Fisher Scientific, Inc. | 49,164 | 14,438,484 | ||||||
UnitedHealth Group, Inc. | 116,940 | 28,534,529 | ||||||
Universal Health Svcs., Inc. Cl B | 10,196 | 1,329,456 | ||||||
Varian Medical Systems, Inc.* | 11,206 | 1,525,473 | ||||||
Vertex Pharmaceuticals, Inc.* | 31,534 | 5,782,705 | ||||||
Waters Corp.* | 8,568 | 1,844,176 | ||||||
WellCare Health Plans, Inc.* | 6,197 | 1,766,579 | ||||||
Zimmer Biomet Hldgs., Inc. | 25,209 | 2,968,108 | ||||||
Zoetis, Inc. Cl A | 58,981 | 6,693,754 | ||||||
|
| |||||||
427,410,816 | ||||||||
|
| |||||||
INDUSTRIALS (9.2%) | ||||||||
3M Co. | 71,062 | 12,317,887 | ||||||
Alaska Air Group, Inc. | 15,216 | 972,455 | ||||||
Allegion PLC | 11,603 | 1,282,712 | ||||||
American Airlines Group, Inc. | 48,829 | 1,592,314 | ||||||
AMETEK, Inc. | 28,205 | 2,562,142 | ||||||
AO Smith Corp. | 17,364 | 818,886 | ||||||
Arconic, Inc. | 49,342 | 1,274,010 | ||||||
Boeing Co. | 64,475 | 23,469,545 | ||||||
Caterpillar, Inc. | 70,392 | 9,593,726 | ||||||
CH Robinson Worldwide, Inc. | 16,870 | 1,422,984 | ||||||
Cintas Corp. | 10,442 | 2,477,782 | ||||||
Copart, Inc.* | 24,998 | 1,868,350 | ||||||
CSX Corp. | 94,817 | 7,335,991 | ||||||
Cummins, Inc. | 17,830 | 3,054,992 | ||||||
Deere & Co. | 39,077 | 6,475,450 | ||||||
Delta Air Lines, Inc. | 73,513 | 4,171,863 | ||||||
Dover Corp. | 17,915 | 1,795,083 | ||||||
Eaton Corp. PLC | 52,013 | 4,331,643 | ||||||
Emerson Electric Co. | 75,559 | 5,041,296 | ||||||
Equifax, Inc. | 14,930 | 2,019,133 |
The accompanying notes are an integral part of these portfolio schedules.
26
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Expeditors International of Washington, Inc. | 21,203 | $ | 1,608,460 | |||||
Fastenal Co. | 70,564 | 2,299,681 | ||||||
FedEx Corp. | 29,606 | 4,861,009 | ||||||
Flowserve Corp. | 16,182 | 852,630 | ||||||
Fortive Corp. | 36,226 | 2,953,143 | ||||||
Fortune Brands Home & Security, Inc. | 17,282 | 987,321 | ||||||
General Dynamics Corp. | 33,438 | 6,079,697 | ||||||
General Electric Co. | 1,078,937 | 11,328,838 | ||||||
Harris Corp. | 27,298 | 5,162,871 | ||||||
Honeywell International, Inc. | 89,807 | 15,679,404 | ||||||
Huntington Ingalls Industries, Inc. | 5,127 | 1,152,242 | ||||||
IHS Markit Ltd.* | 44,893 | 2,860,582 | ||||||
Illinois Tool Works, Inc. | 36,930 | 5,569,413 | ||||||
Ingersoll-Rand PLC | 29,722 | 3,764,886 | ||||||
Jacobs Engineering Group, Inc. | 14,135 | 1,192,853 | ||||||
JB Hunt Transport Svcs., Inc. | 10,748 | 982,475 | ||||||
Johnson Controls International PLC | 97,681 | 4,035,202 | ||||||
Kansas City Southern | 12,337 | 1,502,893 | ||||||
Lockheed Martin Corp. | 30,256 | 10,999,266 | ||||||
Masco Corp. | 36,203 | 1,420,606 | ||||||
Nielsen Hldgs. PLC | 43,900 | 992,140 | ||||||
Norfolk Southern Corp. | 32,828 | 6,543,605 | ||||||
Northrop Grumman Corp. | 20,923 | 6,760,430 | ||||||
PACCAR, Inc. | 42,598 | 3,052,573 | ||||||
Parker-Hannifin Corp. | 15,824 | 2,690,238 | ||||||
Pentair PLC | 19,509 | 725,735 | ||||||
Quanta Svcs., Inc. | 17,530 | 669,471 | ||||||
Raytheon Co. | 34,338 | 5,970,691 | ||||||
Republic Svcs., Inc. Cl A | 26,591 | 2,303,844 | ||||||
Robert Half International, Inc. | 14,617 | 833,315 | ||||||
Rockwell Automation, Inc. | 14,591 | 2,390,443 | ||||||
Rollins, Inc. | 18,218 | 653,480 | ||||||
Roper Technologies, Inc. | 12,831 | 4,699,482 | ||||||
Snap-on, Inc. | 6,823 | 1,130,162 | ||||||
Southwest Airlines Co. | 60,543 | 3,074,374 | ||||||
Stanley Black & Decker, Inc. | 18,703 | 2,704,641 | ||||||
Textron, Inc. | 28,633 | 1,518,694 | ||||||
TransDigm Group, Inc.* | 6,052 | 2,927,958 | ||||||
Union Pacific Corp. | 87,210 | 14,748,083 | ||||||
United Continental Hldgs., Inc.* | 27,275 | 2,387,926 | ||||||
United Parcel Svcs., Inc. Cl B | 86,194 | 8,901,254 | ||||||
United Rentals, Inc.* | 9,701 | 1,286,644 | ||||||
United Technologies Corp. | 99,998 | 13,019,740 | ||||||
Verisk Analytics, Inc. Cl A | 20,243 | 2,964,790 | ||||||
Wabtec Corp. | 19,968 | 1,432,904 | ||||||
Waste Management, Inc. | 48,201 | 5,560,949 | ||||||
WW Grainger, Inc. | 5,546 | 1,487,604 | ||||||
Xylem, Inc. | 22,191 | 1,856,055 | ||||||
|
| |||||||
282,458,941 | ||||||||
|
|
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (21.0%) | ||||||||
Accenture PLC Cl A | 78,493 | $ | 14,503,152 | |||||
Adobe, Inc.* | 60,488 | 17,822,789 | ||||||
Advanced Micro Devices, Inc.* | 110,088 | 3,343,373 | ||||||
Akamai Technologies, Inc.* | 20,255 | 1,623,236 | ||||||
Alliance Data Systems Corp. | 5,549 | 777,581 | ||||||
Amphenol Corp. Cl A | 36,903 | 3,540,474 | ||||||
Analog Devices, Inc. | 45,407 | 5,125,088 | ||||||
ANSYS, Inc.* | 10,403 | 2,130,742 | ||||||
Apple, Inc. | 539,717 | 106,820,789 | ||||||
Applied Materials, Inc. | 114,863 | 5,158,497 | ||||||
Arista Networks, Inc.* | 6,523 | 1,693,501 | ||||||
Autodesk, Inc.* | 27,123 | 4,418,337 | ||||||
Automatic Data Processing, Inc. | 53,750 | 8,886,487 | ||||||
Broadcom, Inc. | 48,449 | 13,946,529 | ||||||
Broadridge Financial Solutions, Inc. | 14,339 | 1,830,803 | ||||||
Cadence Design Systems, Inc.* | 34,919 | 2,472,614 | ||||||
Cisco Systems, Inc. | 528,854 | 28,944,179 | ||||||
Citrix Systems, Inc. | 15,454 | 1,516,656 | ||||||
Cognizant Technology Solutions Corp. Cl A | 70,389 | 4,461,959 | ||||||
Corning, Inc. | 96,949 | 3,221,615 | ||||||
DXC Technology Co. | 33,016 | 1,820,832 | ||||||
F5 Networks, Inc.* | 7,351 | 1,070,526 | ||||||
Fidelity National Information Svcs., Inc. | 39,870 | 4,891,252 | ||||||
Fiserv, Inc.* | 48,425 | 4,414,423 | ||||||
FleetCor Technologies, Inc.* | 10,570 | 2,968,584 | ||||||
FLIR Systems, Inc. | 16,702 | 903,578 | ||||||
Fortinet, Inc.* | 18,014 | 1,384,016 | ||||||
Gartner, Inc.* | 11,100 | 1,786,434 | ||||||
Global Payments, Inc. | 19,399 | 3,106,362 | ||||||
Hewlett Packard Enterprise Co. | 165,050 | 2,467,497 | ||||||
HP, Inc. | 185,870 | 3,864,237 | ||||||
Intel Corp. | 552,566 | 26,451,334 | ||||||
International Business Machines Corp. | 109,426 | 15,089,845 | ||||||
Intuit, Inc. | 32,088 | 8,385,557 | ||||||
IPG Photonics Corp.* | 4,367 | 673,610 | ||||||
Jack Henry & Associates, Inc. | 9,503 | 1,272,642 | ||||||
Juniper Networks, Inc. | 42,408 | 1,129,325 | ||||||
Keysight Technologies, Inc.* | 23,222 | 2,085,568 | ||||||
KLA-Tencor Corp. | 19,928 | 2,355,490 | ||||||
Lam Research Corp. | 18,424 | 3,460,764 | ||||||
Mastercard, Inc. Cl A | 111,071 | 29,381,612 | ||||||
Maxim Integrated Products, Inc. | 33,631 | 2,011,806 | ||||||
Microchip Technology, Inc. | 29,269 | 2,537,622 | ||||||
Micron Technology, Inc.* | 136,299 | 5,259,778 | ||||||
Microsoft Corp. | 946,160 | 126,747,594 | ||||||
Motorola Solutions, Inc. | 20,345 | 3,392,122 | ||||||
NetApp, Inc. | 30,588 | 1,887,280 | ||||||
NVIDIA Corp. | 75,452 | 12,391,482 | ||||||
Oracle Corp. | 300,047 | 17,093,678 | ||||||
Paychex, Inc. | 39,454 | 3,246,670 | ||||||
PayPal Hldgs. Inc.* | 145,476 | 16,651,183 | ||||||
Qorvo, Inc.* | 14,674 | 977,435 |
The accompanying notes are an integral part of these portfolio schedules.
27
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
QUALCOMM, Inc. | 149,968 | $ | 11,408,066 | |||||
Red Hat, Inc.* | 21,971 | 4,125,275 | ||||||
Salesforce.com, Inc.* | 95,995 | 14,565,321 | ||||||
Seagate Technology PLC | 31,028 | 1,462,039 | ||||||
Skyworks Solutions, Inc. | 21,215 | 1,639,283 | ||||||
Symantec Corp. | 76,301 | 1,660,310 | ||||||
Synopsys, Inc.* | 18,580 | 2,391,060 | ||||||
TE Connectivity Ltd. | 41,529 | 3,977,648 | ||||||
Texas Instruments, Inc. | 115,660 | 13,273,142 | ||||||
Total System Svcs., Inc. | 20,140 | 2,583,358 | ||||||
VeriSign, Inc.* | 12,943 | 2,707,158 | ||||||
Visa, Inc. Cl A | 214,301 | 37,191,939 | ||||||
Western Digital Corp. | 35,893 | 1,706,712 | ||||||
Western Union Co. | 53,336 | 1,060,853 | ||||||
Xerox Corp. | 24,087 | 852,921 | ||||||
Xilinx, Inc. | 31,403 | 3,703,042 | ||||||
|
| |||||||
647,706,666 | ||||||||
|
| |||||||
MATERIALS (2.7%) | ||||||||
Air Products & Chemicals, Inc. | 27,033 | 6,119,460 | ||||||
Albemarle Corp. | 13,128 | 924,343 | ||||||
Amcor PLC* | 199,995 | 2,297,943 | ||||||
Avery Dennison Corp. | 10,447 | 1,208,509 | ||||||
Ball Corp. | 41,497 | 2,904,375 | ||||||
Celanese Corp. Cl A | 15,613 | 1,683,081 | ||||||
CF Industries Hldgs., Inc. | 27,333 | 1,276,724 | ||||||
Corteva, Inc.* | 91,517 | 2,706,158 | ||||||
Dow, Inc. | 92,550 | 4,563,640 | ||||||
DuPont de Nemours, Inc. | 93,004 | 6,981,810 | ||||||
Eastman Chemical Co. | 17,044 | 1,326,535 | ||||||
Ecolab, Inc. | 31,305 | 6,180,859 | ||||||
FMC Corp. | 16,243 | 1,347,357 | ||||||
Freeport-McMoRan, Inc. | 177,942 | 2,065,907 | ||||||
International Flavors & Fragrances, Inc. | 12,538 | 1,819,138 | ||||||
International Paper Co. | 48,826 | 2,115,142 | ||||||
Linde PLC | 67,020 | 13,457,616 | ||||||
LyondellBasell Industries NV Cl A | 37,557 | 3,234,784 | ||||||
Martin Marietta Materials, Inc. | 7,705 | 1,772,998 | ||||||
Mosaic Co. | 43,841 | 1,097,340 | ||||||
Newmont Goldcorp Corp. | 101,396 | 3,900,704 | ||||||
Nucor Corp. | 37,582 | 2,070,768 | ||||||
Packaging Corp. of America | 11,631 | 1,108,667 | ||||||
PPG Industries, Inc. | 29,166 | 3,403,964 | ||||||
Sealed Air Corp. | 19,298 | 825,569 | ||||||
Sherwin-Williams Co. | 10,050 | 4,605,815 | ||||||
Vulcan Materials Co. | 16,280 | 2,235,407 | ||||||
WestRock Co. | 31,790 | 1,159,381 | ||||||
|
| |||||||
84,393,994 | ||||||||
|
| |||||||
REAL ESTATE (3.0%) | ||||||||
Alexandria Real Estate Equities, Inc. | 13,945 | 1,967,500 | ||||||
American Tower Corp. | 54,578 | 11,158,472 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Apartment Investment & Management Co. Cl A | 18,308 | $ | 917,597 | |||||
AvalonBay Communities, Inc. | 17,228 | 3,500,385 | ||||||
Boston Properties, Inc. | 19,065 | 2,459,385 | ||||||
CBRE Group, Inc. Cl A* | 38,525 | 1,976,332 | ||||||
Crown Castle International Corp. | 51,336 | 6,691,648 | ||||||
Digital Realty Trust, Inc. | 25,568 | 3,011,655 | ||||||
Duke Realty Corp. | 44,260 | 1,399,059 | ||||||
Equinix, Inc. | 10,402 | 5,245,625 | ||||||
Equity Residential | 45,636 | 3,464,685 | ||||||
Essex Property Trust, Inc. | 8,091 | 2,362,006 | ||||||
Extra Space Storage, Inc. | 15,694 | 1,665,133 | ||||||
Federal Realty Investment Trust | 9,198 | 1,184,334 | ||||||
HCP, Inc. | 58,884 | 1,883,110 | ||||||
Host Hotels & Resorts, Inc. | 91,818 | 1,672,924 | ||||||
Iron Mountain, Inc. | 35,408 | 1,108,270 | ||||||
Kimco Realty Corp. | 52,049 | 961,866 | ||||||
Macerich Co. | 13,088 | 438,317 | ||||||
Mid-America Apartment Communities, Inc. | 14,058 | 1,655,470 | ||||||
Prologis, Inc. | 77,811 | 6,232,661 | ||||||
Public Storage | 18,446 | 4,393,284 | ||||||
Realty Income Corp. | 38,731 | 2,671,277 | ||||||
Regency Centers Corp. | 20,522 | 1,369,638 | ||||||
SBA Communications Corp. Cl A* | 13,996 | 3,146,861 | ||||||
Simon Property Group, Inc. | 38,091 | 6,085,418 | ||||||
SL Green Realty Corp. | 10,423 | 837,697 | ||||||
UDR, Inc. | 34,755 | 1,560,152 | ||||||
Ventas, Inc. | 45,486 | 3,108,968 | ||||||
Vornado Realty Trust | 21,339 | 1,367,830 | ||||||
Welltower, Inc. | 49,788 | 4,059,216 | ||||||
Weyerhaeuser Co. | 91,695 | 2,415,246 | ||||||
|
| |||||||
91,972,021 | ||||||||
|
| |||||||
UTILITIES (3.2%) | ||||||||
AES Corp. | 82,016 | 1,374,588 | ||||||
Alliant Energy Corp. | 29,109 | 1,428,670 | ||||||
Ameren Corp. | 30,314 | 2,276,885 | ||||||
American Electric Power Co., Inc. | 60,840 | 5,354,528 | ||||||
American Water Works Co., Inc. | 22,273 | 2,583,668 | ||||||
Atmos Energy Corp. | 14,426 | 1,522,809 | ||||||
CenterPoint Energy, Inc. | 62,070 | 1,777,064 | ||||||
CMS Energy Corp. | 34,976 | 2,025,460 | ||||||
Consolidated Edison, Inc. | 40,312 | 3,534,556 | ||||||
Dominion Energy, Inc. | 98,865 | 7,644,242 | ||||||
DTE Energy Co. | 22,611 | 2,891,495 | ||||||
Duke Energy Corp. | 89,814 | 7,925,187 | ||||||
Edison International | 40,330 | 2,718,645 | ||||||
Entergy Corp. | 23,419 | 2,410,518 | ||||||
Evergy, Inc. | 30,132 | 1,812,440 | ||||||
Eversource Energy | 39,608 | 3,000,702 | ||||||
Exelon Corp. | 119,682 | 5,737,555 | ||||||
FirstEnergy Corp. | 62,080 | 2,657,645 |
The accompanying notes are an integral part of these portfolio schedules.
28
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
UTILITIES (CONTINUED) | ||||||||
NextEra Energy, Inc. | 58,962 | $ | 12,078,955 | |||||
NiSource, Inc. | 46,023 | 1,325,462 | ||||||
NRG Energy, Inc. | 33,007 | 1,159,206 | ||||||
Pinnacle West Capital Corp. | 13,877 | 1,305,687 | ||||||
PPL Corp. | 89,131 | 2,763,952 | ||||||
Public Svcs. Enterprise Group, Inc. | 62,354 | 3,667,662 | ||||||
Sempra Energy | 33,793 | 4,644,510 | ||||||
Southern Co. | 128,062 | 7,079,267 | ||||||
WEC Energy Group, Inc. | 38,891 | 3,242,343 | ||||||
Xcel Energy, Inc. | 63,397 | 3,771,489 | ||||||
|
| |||||||
99,715,190 | ||||||||
|
| |||||||
TOTAL INDEXED ASSETS-COMMON STOCKS | ||||||||
(Cost: $1,696,146,261) 97.7% | 3,015,139,701 | |||||||
|
|
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||||
U.S. GOVERNMENT (1.5%) | ||||||||||||||||||||
U.S. Treasury Bill | A-1+ | 2.13 | 08/15/19 | $ | 13,800,000 | $ | 13,763,353 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.28 | 07/05/19 | 2,000,000 | 1,999,493 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 2.33 | 07/23/19 | 15,500,000 | 15,478,025 | |||||||||||||||
U.S. Treasury Bill (1) | A-1+ | 2.37 | 08/08/19 | 14,150,000 | 14,114,860 | |||||||||||||||
|
| |||||||||||||||||||
45,355,731 | ||||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT AGENCIES (0.3%) | ||||||||||||||||||||
FHLB | A-1+ | 2.25 | 07/02/19 | 10,000,000 | 9,999,375 | |||||||||||||||
|
| |||||||||||||||||||
COMMERCIAL PAPER (0.4%) | ||||||||||||||||||||
Cargill Global Funding PLC† | A-1 | 2.32 | 07/01/19 | 11,200,000 | 11,200,000 | |||||||||||||||
|
| |||||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 66,555,106 | ||||||||||||||||||
|
| |||||||||||||||||||
Rate(%) | Maturity | Face Amount | Value | |||||||||||||||||
TEMPORARY CASH INVESTMENT (0.0%) (2) | ||||||||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 44,291 | $ | 44,291 | ||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 44,291 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 3,081,739,098 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS 0.1% |
| 3,108,013 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 3,084,847,111 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
29
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS: | ||||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (5.4%) | ||||||||
Activision Blizzard, Inc. | 4,963 | $ | 234,254 | |||||
Alphabet, Inc. Cl A* | 1,951 | 2,112,543 | ||||||
Alphabet, Inc. Cl C* | 1,995 | 2,156,415 | ||||||
AT&T, Inc. | 47,455 | 1,590,217 | ||||||
CBS Corp. Cl B | 2,283 | 113,922 | ||||||
CenturyLink, Inc. | 6,231 | 73,277 | ||||||
Charter Communications, Inc. Cl A* | 1,120 | 442,602 | ||||||
Comcast Corp. Cl A | 29,437 | 1,244,596 | ||||||
Discovery, Inc. Cl A* | 1,025 | 31,468 | ||||||
Discovery, Inc. Cl C* | 2,342 | 66,630 | ||||||
DISH Network Corp. Cl A* | 1,503 | 57,730 | ||||||
Electronic Arts, Inc.* | 1,923 | 194,723 | ||||||
Facebook, Inc. Cl A* | 15,643 | 3,019,099 | ||||||
Fox Corp. Cl A | 2,306 | 84,492 | ||||||
Fox Corp. Cl B | 1,057 | 38,612 | ||||||
Interpublic Group of Cos., Inc. | 2,514 | 56,791 | ||||||
Netflix, Inc.* | 2,848 | 1,046,127 | ||||||
News Corp. Cl A | 2,508 | 33,833 | ||||||
News Corp. Cl B | 805 | 11,238 | ||||||
Omnicom Group, Inc. | 1,432 | 117,352 | ||||||
Take-Two Interactive Software, Inc.* | 731 | 82,990 | ||||||
TripAdvisor, Inc.* | 673 | 31,153 | ||||||
Twitter, Inc.* | 4,765 | 166,299 | ||||||
Verizon Communications, Inc. | 26,916 | 1,537,711 | ||||||
Viacom, Inc. Cl B | 2,291 | 68,432 | ||||||
Walt Disney Co. | 11,337 | 1,583,099 | ||||||
|
| |||||||
16,195,605 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (5.4%) | ||||||||
Advance Auto Parts, Inc. | 467 | 71,983 | ||||||
Amazon.com, Inc.* | 2,693 | 5,099,546 | ||||||
Aptiv PLC | 1,685 | 136,198 | ||||||
AutoZone, Inc.* | 159 | 174,816 | ||||||
Best Buy Co., Inc. | 1,510 | 105,292 | ||||||
Booking Hldgs., Inc.* | 282 | 528,668 | ||||||
BorgWarner, Inc. | 1,350 | 56,673 | ||||||
Capri Hldgs. Ltd.* | 981 | 34,021 | ||||||
CarMax, Inc.* | 1,080 | 93,776 | ||||||
Carnival Corp. | 2,594 | 120,751 | ||||||
Chipotle Mexican Grill, Inc. Cl A* | 159 | 116,528 | ||||||
Darden Restaurants, Inc. | 800 | 97,384 | ||||||
Dollar General Corp. | 1,680 | 227,069 | ||||||
Dollar Tree, Inc.* | 1,545 | 165,917 | ||||||
DR Horton, Inc. | 2,207 | 95,188 | ||||||
eBay, Inc. | 5,332 | 210,614 | ||||||
Expedia Group, Inc. | 770 | 102,433 | ||||||
Foot Locker, Inc. | 732 | 30,685 | ||||||
Ford Motor Co. | 25,486 | 260,722 | ||||||
Gap, Inc. | 1,378 | 24,763 | ||||||
Garmin Ltd. | 788 | 62,882 | ||||||
General Motors Co. | 8,574 | 330,356 | ||||||
Genuine Parts Co. | 951 | 98,505 | ||||||
H&R Block, Inc. | 1,323 | 38,764 | ||||||
Hanesbrands, Inc. | 2,362 | 40,674 | ||||||
Harley-Davidson, Inc. | 1,037 | 37,156 |
The accompanying notes are an integral part of these portfolio schedules.
30
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Hasbro, Inc. | 755 | $ | 79,788 | |||||
Hilton Worldwide Hldgs., Inc. | 1,895 | 185,217 | ||||||
Home Depot, Inc. | 7,170 | 1,491,145 | ||||||
Kohl’s Corp. | 1,056 | 50,213 | ||||||
L Brands, Inc. | 1,488 | 38,837 | ||||||
Leggett & Platt, Inc. | 854 | 32,768 | ||||||
Lennar Corp. Cl A | 1,854 | 89,845 | ||||||
LKQ Corp.* | 2,045 | 54,417 | ||||||
Lowe’s Cos., Inc. | 5,104 | 515,045 | ||||||
Macy’s, Inc. | 2,018 | 43,306 | ||||||
Marriott International, Inc. Cl A | 1,799 | 252,382 | ||||||
McDonald’s Corp. | 4,967 | 1,031,447 | ||||||
MGM Resorts International | 3,324 | 94,967 | ||||||
Mohawk Industries, Inc.* | 400 | 58,988 | ||||||
Newell Brands, Inc. | 2,539 | 39,151 | ||||||
NIKE, Inc. Cl B | 8,147 | 683,941 | ||||||
Nordstrom, Inc. | 685 | 21,824 | ||||||
Norwegian Cruise Line Hldgs. Ltd.* | 1,398 | 74,975 | ||||||
O’Reilly Automotive, Inc.* | 510 | 188,353 | ||||||
PulteGroup, Inc. | 1,658 | 52,426 | ||||||
PVH Corp. | 490 | 46,374 | ||||||
Ralph Lauren Corp. Cl A | 341 | 38,734 | ||||||
Ross Stores, Inc. | 2,387 | 236,599 | ||||||
Royal Caribbean Cruises Ltd. | 1,117 | 135,392 | ||||||
Starbucks Corp. | 7,885 | 660,999 | ||||||
Tapestry, Inc. | 1,888 | 59,906 | ||||||
Target Corp. | 3,334 | 288,758 | ||||||
Tiffany & Co. | 702 | 65,735 | ||||||
TJX Cos., Inc. | 7,892 | 417,329 | ||||||
Tractor Supply Co. | 785 | 85,408 | ||||||
Ulta Beauty, Inc.* | 361 | 125,227 | ||||||
Under Armour, Inc. Cl A* | 1,223 | 31,003 | ||||||
Under Armour, Inc. Cl C* | 1,264 | 28,061 | ||||||
VF Corp. | 2,120 | 185,182 | ||||||
Whirlpool Corp. | 413 | 58,795 | ||||||
Wynn Resorts Ltd. | 631 | 78,238 | ||||||
Yum! Brands, Inc. | 1,989 | 220,123 | ||||||
|
| |||||||
16,202,262 | ||||||||
|
| |||||||
CONSUMER STAPLES (3.8%) | ||||||||
Altria Group, Inc. | 12,171 | 576,297 | ||||||
Archer-Daniels-Midland Co. | 3,642 | 148,594 | ||||||
Brown-Forman Corp. Cl B | 1,081 | 59,920 | ||||||
Campbell Soup Co. | 1,251 | 50,127 | ||||||
Church & Dwight Co., Inc. | 1,599 | 116,823 | ||||||
Clorox Co. | 828 | 126,775 | ||||||
Coca-Cola Co. | 24,995 | 1,272,745 | ||||||
Colgate-Palmolive Co. | 5,586 | 400,349 | ||||||
Conagra Brands, Inc. | 3,155 | 83,671 | ||||||
Constellation Brands, Inc. Cl A | 1,084 | 213,483 | ||||||
Costco Wholesale Corp. | 2,864 | 756,841 | ||||||
Coty, Inc. Cl A | 1,948 | 26,103 | ||||||
Estee Lauder Cos., Inc. Cl A | 1,428 | 261,481 | ||||||
General Mills, Inc. | 3,883 | 203,935 | ||||||
Hershey Co. | 905 | 121,297 | ||||||
Hormel Foods Corp. | 1,766 | 71,594 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER STAPLES (CONTINUED) | ||||||||
JM Smucker Co. | 739 | $ | 85,125 | |||||
Kellogg Co. | 1,617 | 86,623 | ||||||
Kimberly-Clark Corp. | 2,237 | 298,147 | ||||||
Kraft Heinz Co. | 4,062 | 126,084 | ||||||
Kroger Co. | 5,254 | 114,064 | ||||||
Lamb Weston Hldgs., Inc. | 949 | 60,129 | ||||||
McCormick & Co., Inc. | 793 | 122,923 | ||||||
Molson Coors Brewing Co. Cl B | 1,217 | 68,152 | ||||||
Mondelez International, Inc. Cl A | 9,355 | 504,234 | ||||||
Monster Beverage Corp.* | 2,545 | 162,447 | ||||||
PepsiCo, Inc. | 9,118 | 1,195,643 | ||||||
Philip Morris International, Inc. | 10,086 | 792,054 | ||||||
Procter & Gamble Co. | 16,315 | 1,788,940 | ||||||
Sysco Corp. | 3,076 | 217,535 | ||||||
Tyson Foods, Inc. Cl A | 1,914 | 154,536 | ||||||
Walgreens Boots Alliance, Inc. | 5,077 | 277,560 | ||||||
Walmart, Inc. | 9,114 | 1,007,006 | ||||||
|
| |||||||
11,551,237 | ||||||||
|
| |||||||
ENERGY (2.7%) | ||||||||
Anadarko Petroleum Corp. | 3,276 | 231,155 | ||||||
Apache Corp. | 2,447 | 70,890 | ||||||
Baker Hughes, a GE Co. Cl A | 3,371 | 83,028 | ||||||
Cabot Oil & Gas Corp. | 2,753 | 63,209 | ||||||
Chevron Corp. | 12,414 | 1,544,798 | ||||||
Cimarex Energy Co. | 662 | 39,276 | ||||||
Concho Resources, Inc. | 1,307 | 134,856 | ||||||
ConocoPhillips | 7,369 | 449,509 | ||||||
Devon Energy Corp. | 2,693 | 76,804 | ||||||
Diamondback Energy, Inc. | 1,009 | 109,951 | ||||||
EOG Resources, Inc. | 3,788 | 352,890 | ||||||
Exxon Mobil Corp. | 27,562 | 2,112,076 | ||||||
Halliburton Co. | 5,700 | 129,618 | ||||||
Helmerich & Payne, Inc. | 720 | 36,446 | ||||||
Hess Corp. | 1,657 | 105,336 | ||||||
HollyFrontier Corp. | 1,025 | 47,437 | ||||||
Kinder Morgan, Inc. | 12,683 | 264,821 | ||||||
Marathon Oil Corp. | 5,334 | 75,796 | ||||||
Marathon Petroleum Corp. | 4,308 | 240,731 | ||||||
National Oilwell Varco, Inc. | 2,518 | 55,975 | ||||||
Noble Energy, Inc. | 3,118 | 69,843 | ||||||
Occidental Petroleum Corp. | 4,884 | 245,568 | ||||||
ONEOK, Inc. | 2,687 | 184,893 | ||||||
Phillips 66 | 2,720 | 254,429 | ||||||
Pioneer Natural Resources Co. | 1,098 | 168,938 | ||||||
Schlumberger Ltd. | 9,005 | 357,859 | ||||||
TechnipFMC PLC | 2,747 | 71,257 | ||||||
Valero Energy Corp. | 2,713 | 232,260 | ||||||
Williams Cos., Inc. | 7,907 | 221,712 | ||||||
|
| |||||||
8,031,361 | ||||||||
|
| |||||||
FINANCIALS (6.9%) | ||||||||
Affiliated Managers Group, Inc. | 334 | 30,775 | ||||||
Aflac, Inc. | 4,849 | 265,774 | ||||||
Allstate Corp. | 2,164 | 220,057 | ||||||
American Express Co. | 4,456 | 550,049 |
The accompanying notes are an integral part of these portfolio schedules.
31
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
American International Group, Inc. | 5,639 | $ | 300,446 | |||||
Ameriprise Financial, Inc. | 870 | 126,289 | ||||||
Aon PLC | 1,565 | 302,014 | ||||||
Arthur J. Gallagher & Co. | 1,203 | 105,371 | ||||||
Assurant, Inc. | 399 | 42,446 | ||||||
Bank of America Corp. | 57,621 | 1,671,009 | ||||||
Bank of New York Mellon Corp. | 5,740 | 253,421 | ||||||
BB&T Corp. | 4,998 | 245,552 | ||||||
Berkshire Hathaway, Inc. Cl B* | 12,597 | 2,685,302 | ||||||
BlackRock, Inc. Cl A | 774 | 363,238 | ||||||
Capital One Financial Corp. | 3,054 | 277,120 | ||||||
Cboe Global Markets, Inc. | 726 | 75,235 | ||||||
Charles Schwab Corp. | 7,752 | 311,553 | ||||||
Chubb Ltd. | 2,977 | 438,482 | ||||||
Cincinnati Financial Corp. | 986 | 102,219 | ||||||
Citigroup, Inc. | 15,085 | 1,056,402 | ||||||
Citizens Financial Group, Inc. | 2,988 | 105,656 | ||||||
CME Group, Inc. Cl A | 2,328 | 451,888 | ||||||
Comerica, Inc. | 1,003 | 72,858 | ||||||
Discover Financial Svcs. | 2,108 | 163,560 | ||||||
E*TRADE Financial Corp. | 1,596 | 71,182 | ||||||
Everest Re Group Ltd. | 265 | 65,503 | ||||||
Fifth Third Bancorp | 4,739 | 132,218 | ||||||
First Republic Bank | 1,074 | 104,876 | ||||||
Franklin Resources, Inc. | 1,920 | 66,816 | ||||||
Goldman Sachs Group, Inc. | 2,214 | 452,984 | ||||||
Hartford Financial Svcs. Group, Inc. | 2,348 | 130,830 | ||||||
Huntington Bancshares, Inc. | 6,826 | 94,335 | ||||||
Intercontinental Exchange, Inc. | 3,668 | 315,228 | ||||||
Invesco Ltd. | 2,611 | 53,421 | ||||||
Jefferies Financial Group, Inc. | 1,646 | 31,653 | ||||||
JPMorgan Chase & Co. | 21,118 | 2,360,992 | ||||||
KeyCorp | 6,565 | 116,529 | ||||||
Lincoln National Corp. | 1,318 | 84,945 | ||||||
Loews Corp. | 1,742 | 95,235 | ||||||
M&T Bank Corp. | 891 | 151,532 | ||||||
MarketAxess Hldgs., Inc. | 245 | 78,748 | ||||||
Marsh & McLennan Cos., Inc. | 3,325 | 331,669 | ||||||
MetLife, Inc. | 6,187 | 307,308 | ||||||
Moody’s Corp. | 1,071 | 209,177 | ||||||
Morgan Stanley | 8,318 | 364,412 | ||||||
MSCI, Inc. Cl A | 551 | 131,573 | ||||||
Nasdaq, Inc. | 754 | 72,512 | ||||||
Northern Trust Corp. | 1,418 | 127,620 | ||||||
People’s United Financial, Inc. | 2,576 | 43,225 | ||||||
PNC Financial Svcs. Group, Inc. | 2,945 | 404,290 | ||||||
Principal Financial Group, Inc. | 1,687 | 97,711 | ||||||
Progressive Corp. | 3,791 | 303,015 | ||||||
Prudential Financial, Inc. | 2,642 | 266,842 | ||||||
Raymond James Financial, Inc. | 823 | 69,585 | ||||||
Regions Financial Corp. | 6,607 | 98,708 | ||||||
S&P Global, Inc. | 1,599 | 364,236 | ||||||
State Street Corp. | 2,431 | 136,282 | ||||||
SunTrust Banks, Inc. | 2,896 | 182,014 | ||||||
SVB Financial Group* | 341 | 76,585 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Synchrony Financial | 4,128 | $ | 143,118 | |||||
T Rowe Price Group, Inc. | 1,536 | 168,514 | ||||||
Torchmark Corp. | 658 | 58,865 | ||||||
Travelers Cos., Inc. | 1,700 | 254,184 | ||||||
U.S. Bancorp | 9,750 | 510,900 | ||||||
Unum Group | 1,378 | 46,232 | ||||||
Wells Fargo & Co. | 26,394 | 1,248,964 | ||||||
Willis Towers Watson PLC | 841 | 161,085 | ||||||
Zions Bancorporation | 1,190 | 54,716 | ||||||
|
| |||||||
20,857,085 | ||||||||
|
| |||||||
HEALTH CARE (7.5%) | ||||||||
Abbott Laboratories | 11,467 | 964,375 | ||||||
AbbVie, Inc. | 9,625 | 699,930 | ||||||
ABIOMED, Inc.* | 294 | 76,584 | ||||||
Agilent Technologies, Inc. | 2,056 | 153,522 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,459 | 191,100 | ||||||
Align Technology, Inc.* | 473 | 129,460 | ||||||
Allergan PLC | 2,008 | 336,199 | ||||||
AmerisourceBergen Corp. Cl A | 1,014 | 86,454 | ||||||
Amgen, Inc. | 3,967 | 731,039 | ||||||
Anthem, Inc. | 1,671 | 471,573 | ||||||
Baxter International, Inc. | 3,091 | 253,153 | ||||||
Becton Dickinson & Co. | 1,758 | 443,034 | ||||||
Biogen, Inc.* | 1,264 | 295,612 | ||||||
Boston Scientific Corp.* | 9,058 | 389,313 | ||||||
Bristol-Myers Squibb Co. | 10,634 | 482,252 | ||||||
Cardinal Health, Inc. | 1,939 | 91,327 | ||||||
Celgene Corp.* | 4,589 | 424,207 | ||||||
Centene Corp.* | 2,686 | 140,854 | ||||||
Cerner Corp. | 2,119 | 155,323 | ||||||
Cigna Corp. | 2,469 | 388,991 | ||||||
Cooper Cos., Inc. | 321 | 108,142 | ||||||
CVS Health Corp. | 8,473 | 461,694 | ||||||
Danaher Corp. | 4,097 | 585,543 | ||||||
DaVita, Inc.* | 824 | 46,358 | ||||||
DENTSPLY SIRONA, Inc. | 1,523 | 88,882 | ||||||
Edwards Lifesciences Corp.* | 1,357 | 250,692 | ||||||
Eli Lilly & Co. | 5,623 | 622,972 | ||||||
Gilead Sciences, Inc. | 8,289 | 560,005 | ||||||
HCA Healthcare, Inc. | 1,737 | 234,790 | ||||||
Henry Schein, Inc.* | 968 | 67,663 | ||||||
Hologic, Inc.* | 1,746 | 83,843 | ||||||
Humana, Inc. | 879 | 233,199 | ||||||
IDEXX Laboratories, Inc.* | 558 | 153,634 | ||||||
Illumina, Inc.* | 953 | 350,847 | ||||||
Incyte Corp.* | 1,154 | 98,044 | ||||||
Intuitive Surgical, Inc.* | 752 | 394,462 | ||||||
IQVIA Hldgs., Inc.* | 1,025 | 164,922 | ||||||
Johnson & Johnson | 17,280 | 2,406,758 | ||||||
Laboratory Corp. of America Hldgs.* | 642 | 111,002 | ||||||
McKesson Corp. | 1,237 | 166,240 | ||||||
Medtronic PLC | 8,725 | 849,728 | ||||||
Merck & Co., Inc. | 16,767 | 1,405,913 | ||||||
Mettler-Toledo International, Inc.* | 161 | 135,240 |
The accompanying notes are an integral part of these portfolio schedules.
32
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Mylan NV* | 3,354 | $ | 63,860 | |||||
Nektar Therapeutics Cl A* | 1,131 | 40,241 | ||||||
PerkinElmer, Inc. | 723 | 69,654 | ||||||
Perrigo Co. PLC | 813 | 38,715 | ||||||
Pfizer, Inc. | 36,148 | 1,565,931 | ||||||
Quest Diagnostics, Inc. | 876 | 89,186 | ||||||
Regeneron Pharmaceuticals, Inc.* | 512 | 160,256 | ||||||
ResMed, Inc. | 932 | 113,732 | ||||||
Stryker Corp. | 2,019 | 415,066 | ||||||
Teleflex, Inc. | 301 | 99,676 | ||||||
Thermo Fisher Scientific, Inc. | 2,608 | 765,917 | ||||||
UnitedHealth Group, Inc. | 6,188 | 1,509,934 | ||||||
Universal Health Svcs., Inc. Cl B | 539 | 70,280 | ||||||
Varian Medical Systems, Inc.* | 590 | 80,317 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,661 | 304,594 | ||||||
Waters Corp.* | 452 | 97,288 | ||||||
WellCare Health Plans, Inc.* | 327 | 93,218 | ||||||
Zimmer Biomet Hldgs., Inc. | 1,335 | 157,183 | ||||||
Zoetis, Inc. Cl A | 3,109 | 352,840 | ||||||
|
| |||||||
22,572,763 | ||||||||
|
| |||||||
INDUSTRIALS (5.0%) | ||||||||
3M Co. | 3,757 | 651,238 | ||||||
Alaska Air Group, Inc. | 803 | 51,320 | ||||||
Allegion PLC | 612 | 67,657 | ||||||
American Airlines Group, Inc. | 2,575 | 83,971 | ||||||
AMETEK, Inc. | 1,483 | 134,716 | ||||||
AO Smith Corp. | 919 | 43,340 | ||||||
Arconic, Inc. | 2,596 | 67,029 | ||||||
Boeing Co. | 3,410 | 1,241,274 | ||||||
Caterpillar, Inc. | 3,721 | 507,135 | ||||||
CH Robinson Worldwide, Inc. | 889 | 74,987 | ||||||
Cintas Corp. | 550 | 130,509 | ||||||
Copart, Inc.* | 1,311 | 97,984 | ||||||
CSX Corp. | 5,001 | 386,927 | ||||||
Cummins, Inc. | 944 | 161,745 | ||||||
Deere & Co. | 2,075 | 343,848 | ||||||
Delta Air Lines, Inc. | 3,883 | 220,360 | ||||||
Dover Corp. | 949 | 95,090 | ||||||
Eaton Corp. PLC | 2,757 | 229,603 | ||||||
Emerson Electric Co. | 4,000 | 266,880 | ||||||
Equifax, Inc. | 784 | 106,028 | ||||||
Expeditors International of Washington, Inc. | 1,119 | 84,887 | ||||||
Fastenal Co. | 3,722 | 121,300 | ||||||
FedEx Corp. | 1,564 | 256,793 | ||||||
Flowserve Corp. | 854 | 44,997 | ||||||
Fortive Corp. | 1,919 | 156,437 | ||||||
Fortune Brands Home & Security, Inc. | 909 | 51,931 | ||||||
General Dynamics Corp. | 1,760 | 320,003 | ||||||
General Electric Co. | 56,735 | 595,718 | ||||||
Harris Corp. | 1,439 | 272,158 | ||||||
Honeywell International, Inc. | 4,740 | 827,557 | ||||||
Huntington Ingalls Industries, Inc. | 270 | 60,680 | ||||||
IHS Markit Ltd.* | 2,366 | 150,762 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Illinois Tool Works, Inc. | 1,950 | $ | 294,080 | |||||
Ingersoll-Rand PLC | 1,568 | 198,619 | ||||||
Jacobs Engineering Group, Inc. | 746 | 62,955 | ||||||
JB Hunt Transport Svcs., Inc. | 566 | 51,738 | ||||||
Johnson Controls International PLC | 5,179 | 213,944 | ||||||
Kansas City Southern | 655 | 79,792 | ||||||
Lockheed Martin Corp. | 1,597 | 580,573 | ||||||
Masco Corp. | 1,911 | 74,988 | ||||||
Nielsen Hldgs. PLC | 2,310 | 52,206 | ||||||
Norfolk Southern Corp. | 1,729 | 344,642 | ||||||
Northrop Grumman Corp. | 1,104 | 356,713 | ||||||
PACCAR, Inc. | 2,256 | 161,665 | ||||||
Parker-Hannifin Corp. | 838 | 142,468 | ||||||
Pentair PLC | 1,031 | 38,353 | ||||||
Quanta Svcs., Inc. | 925 | 35,326 | ||||||
Raytheon Co. | 1,817 | 315,940 | ||||||
Republic Svcs., Inc. Cl A | 1,399 | 121,209 | ||||||
Robert Half International, Inc. | 768 | 43,784 | ||||||
Rockwell Automation, Inc. | 772 | 126,477 | ||||||
Rollins, Inc. | 965 | 34,615 | ||||||
Roper Technologies, Inc. | 677 | 247,958 | ||||||
Snap-on, Inc. | 360 | 59,630 | ||||||
Southwest Airlines Co. | 3,179 | 161,430 | ||||||
Stanley Black & Decker, Inc. | 989 | 143,019 | ||||||
Textron, Inc. | 1,514 | 80,303 | ||||||
TransDigm Group, Inc.* | 317 | 153,365 | ||||||
Union Pacific Corp. | 4,599 | 777,737 | ||||||
United Continental Hldgs., Inc.* | 1,437 | 125,809 | ||||||
United Parcel Svcs., Inc. Cl B | 4,540 | 468,846 | ||||||
United Rentals, Inc.* | 512 | 67,907 | ||||||
United Technologies Corp. | 5,264 | 685,373 | ||||||
Verisk Analytics, Inc. Cl A | 1,064 | 155,833 | ||||||
Wabtec Corp. | 1,058 | 75,922 | ||||||
Waste Management, Inc. | 2,539 | 292,924 | ||||||
WW Grainger, Inc. | 292 | 78,323 | ||||||
Xylem, Inc. | 1,171 | 97,942 | ||||||
|
| |||||||
14,907,272 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (11.4%) | ||||||||
Accenture PLC Cl A | 4,142 | 765,317 | ||||||
Adobe, Inc.* | 3,172 | 934,630 | ||||||
Advanced Micro Devices, Inc.* | 5,776 | 175,417 | ||||||
Akamai Technologies, Inc.* | 1,068 | 85,590 | ||||||
Alliance Data Systems Corp. | 293 | 41,058 | ||||||
Amphenol Corp. Cl A | 1,943 | 186,411 | ||||||
Analog Devices, Inc. | 2,406 | 271,565 | ||||||
ANSYS, Inc.* | 546 | 111,832 | ||||||
Apple, Inc. | 28,443 | 5,629,439 | ||||||
Applied Materials, Inc. | 6,102 | 274,041 | ||||||
Arista Networks, Inc.* | 344 | 89,309 | ||||||
Autodesk, Inc.* | 1,429 | 232,784 | ||||||
Automatic Data Processing, Inc. | 2,829 | 467,719 | ||||||
Broadcom, Inc. | 2,579 | 742,391 | ||||||
Broadridge Financial Solutions, Inc. | 756 | 96,526 | ||||||
Cadence Design Systems, Inc.* | 1,828 | 129,441 | ||||||
Cisco Systems, Inc. | 27,892 | 1,526,529 |
The accompanying notes are an integral part of these portfolio schedules.
33
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Citrix Systems, Inc. | 812 | $ | 79,690 | |||||
Cognizant Technology Solutions Corp. Cl A | 3,712 | 235,304 | ||||||
Corning, Inc. | 5,111 | 169,839 | ||||||
DXC Technology Co. | 1,748 | 96,402 | ||||||
F5 Networks, Inc.* | 389 | 56,650 | ||||||
Fidelity National Information Svcs., Inc. | 2,108 | 258,609 | ||||||
Fiserv, Inc.* | 2,553 | 232,731 | ||||||
FleetCor Technologies, Inc.* | 561 | 157,557 | ||||||
FLIR Systems, Inc. | 882 | 47,716 | ||||||
Fortinet, Inc.* | 942 | 72,374 | ||||||
Gartner, Inc.* | 584 | 93,989 | ||||||
Global Payments, Inc. | 1,018 | 163,012 | ||||||
Hewlett Packard Enterprise Co. | 8,720 | 130,364 | ||||||
HP, Inc. | 9,797 | 203,680 | ||||||
Intel Corp. | 29,179 | 1,396,799 | ||||||
International Business Machines Corp. | 5,772 | 795,959 | ||||||
Intuit, Inc. | 1,686 | 440,602 | ||||||
IPG Photonics Corp.* | 232 | 35,786 | ||||||
Jack Henry & Associates, Inc. | 502 | 67,228 | ||||||
Juniper Networks, Inc. | 2,242 | 59,704 | ||||||
Keysight Technologies, Inc.* | 1,225 | 110,017 | ||||||
KLA-Tencor Corp. | 1,052 | 124,346 | ||||||
Lam Research Corp. | 975 | 183,144 | ||||||
Mastercard, Inc. Cl A | 5,844 | 1,545,913 | ||||||
Maxim Integrated Products, Inc. | 1,774 | 106,121 | ||||||
Microchip Technology, Inc. | 1,553 | 134,645 | ||||||
Micron Technology, Inc.* | 7,197 | 277,732 | ||||||
Microsoft Corp. | 49,782 | 6,668,797 | ||||||
Motorola Solutions, Inc. | 1,071 | 178,568 | ||||||
NetApp, Inc. | 1,605 | 99,029 | ||||||
NVIDIA Corp. | 3,970 | 651,993 | ||||||
Oracle Corp. | 15,781 | 899,044 | ||||||
Paychex, Inc. | 2,084 | 171,492 | ||||||
PayPal Hldgs., Inc.* | 7,645 | 875,047 | ||||||
Qorvo, Inc.* | 775 | 51,623 | ||||||
QUALCOMM, Inc. | 7,901 | 601,029 | ||||||
Red Hat, Inc.* | 1,158 | 217,426 | ||||||
Salesforce.com, Inc.* | 5,059 | 767,602 | ||||||
Seagate Technology PLC | 1,634 | 76,994 | ||||||
Skyworks Solutions, Inc. | 1,125 | 86,929 | ||||||
Symantec Corp. | 4,023 | 87,540 | ||||||
Synopsys, Inc.* | 976 | 125,601 | ||||||
TE Connectivity Ltd. | 2,195 | 210,237 | ||||||
Texas Instruments, Inc. | 6,109 | 701,069 | ||||||
Total System Svcs., Inc. | 1,057 | 135,581 | ||||||
VeriSign, Inc.* | 681 | 142,438 | ||||||
Visa, Inc. Cl A | 11,300 | 1,961,115 | ||||||
Western Digital Corp. | 1,900 | 90,345 | ||||||
Western Union Co. | 2,804 | 55,772 | ||||||
Xerox Corp. | 1,271 | 45,006 | ||||||
Xilinx, Inc. | 1,653 | 194,922 | ||||||
|
| |||||||
34,131,111 | ||||||||
|
|
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
MATERIALS (1.5%) | ||||||||
Air Products & Chemicals, Inc. | 1,433 | $ | 324,388 | |||||
Albemarle Corp. | 685 | 48,231 | ||||||
Amcor PLC* | 10,586 | 121,633 | ||||||
Avery Dennison Corp. | 550 | 63,624 | ||||||
Ball Corp. | 2,177 | 152,368 | ||||||
Celanese Corp. Cl A | 825 | 88,935 | ||||||
CF Industries Hldgs., Inc. | 1,450 | 67,730 | ||||||
Corteva, Inc.* | 4,881 | 144,331 | ||||||
Dow, Inc. | 4,891 | 241,175 | ||||||
DuPont de Nemours, Inc. | 4,880 | 366,342 | ||||||
Eastman Chemical Co. | 901 | 70,125 | ||||||
Ecolab, Inc. | 1,650 | 325,776 | ||||||
FMC Corp. | 857 | 71,088 | ||||||
Freeport-McMoRan, Inc. | 9,457 | 109,796 | ||||||
International Flavors & Fragrances, Inc. | 656 | 95,179 | ||||||
International Paper Co. | 2,581 | 111,809 | ||||||
Linde PLC | 3,540 | 710,832 | ||||||
LyondellBasell Industries NV Cl A | 1,978 | 170,365 | ||||||
Martin Marietta Materials, Inc. | 407 | 93,655 | ||||||
Mosaic Co. | 2,316 | 57,969 | ||||||
Newmont Goldcorp Corp. | 5,327 | 204,930 | ||||||
Nucor Corp. | 1,985 | 109,373 | ||||||
Packaging Corp. of America | 613 | 58,431 | ||||||
PPG Industries, Inc. | 1,537 | 179,383 | ||||||
Sealed Air Corp. | 1,015 | 43,422 | ||||||
Sherwin-Williams Co. | 528 | 241,977 | ||||||
Vulcan Materials Co. | 859 | 117,949 | ||||||
WestRock Co. | 1,672 | 60,978 | ||||||
|
| |||||||
4,451,794 | ||||||||
|
| |||||||
REAL ESTATE (1.6%) | ||||||||
Alexandria Real Estate Equities, Inc. | 734 | 103,560 | ||||||
American Tower Corp. | 2,872 | 587,180 | ||||||
Apartment Investment & Management Co. Cl A | 966 | 48,416 | ||||||
AvalonBay Communities, Inc. | 906 | 184,081 | ||||||
Boston Properties, Inc. | 1,005 | 129,645 | ||||||
CBRE Group, Inc. Cl A* | 2,028 | 104,036 | ||||||
Crown Castle International Corp. | 2,702 | 352,206 | ||||||
Digital Realty Trust, Inc. | 1,356 | 159,723 | ||||||
Duke Realty Corp. | 2,336 | 73,841 | ||||||
Equinix, Inc. | 546 | 275,342 | ||||||
Equity Residential | 2,406 | 182,664 | ||||||
Essex Property Trust, Inc. | 427 | 124,654 | ||||||
Extra Space Storage, Inc. | 828 | 87,851 | ||||||
Federal Realty Investment Trust | 487 | 62,706 | ||||||
HCP, Inc. | 3,113 | 99,554 | ||||||
Host Hotels & Resorts, Inc. | 4,825 | 87,912 | ||||||
Iron Mountain, Inc. | 1,864 | 58,343 | ||||||
Kimco Realty Corp. | 2,739 | 50,617 | ||||||
Macerich Co. | 689 | 23,075 | ||||||
Mid-America Apartment Communities, Inc. | 740 | 87,142 |
The accompanying notes are an integral part of these portfolio schedules.
34
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Prologis, Inc. | 4,096 | $ | 328,090 | |||||
Public Storage | 976 | 232,454 | ||||||
Realty Income Corp. | 2,048 | 141,251 | ||||||
Regency Centers Corp. | 1,086 | 72,480 | ||||||
SBA Communications Corp. Cl A* | 735 | 165,257 | ||||||
Simon Property Group, Inc. | 2,011 | 321,277 | ||||||
SL Green Realty Corp. | 549 | 44,123 | ||||||
UDR, Inc. | 1,829 | 82,104 | ||||||
Ventas, Inc. | 2,404 | 164,313 | ||||||
Vornado Realty Trust | 1,130 | 72,433 | ||||||
Welltower, Inc. | 2,632 | 214,587 | ||||||
Weyerhaeuser Co. | 4,848 | 127,696 | ||||||
|
| |||||||
4,848,613 | ||||||||
|
| |||||||
UTILITIES (1.7%) | ||||||||
AES Corp. | 4,319 | 72,386 | ||||||
Alliant Energy Corp. | 1,535 | 75,338 | ||||||
Ameren Corp. | 1,594 | 119,725 | ||||||
American Electric Power Co., Inc. | 3,203 | 281,896 | ||||||
American Water Works Co., Inc. | 1,173 | 136,068 | ||||||
Atmos Energy Corp. | 760 | 80,226 | ||||||
CenterPoint Energy, Inc. | 3,262 | 93,391 | ||||||
CMS Energy Corp. | 1,842 | 106,670 | ||||||
Consolidated Edison, Inc. | 2,123 | 186,145 | ||||||
Dominion Energy, Inc. | 5,214 | 403,147 | ||||||
DTE Energy Co. | 1,189 | 152,049 | ||||||
Duke Energy Corp. | 4,733 | 417,640 | ||||||
Edison International | 2,109 | 142,168 | ||||||
Entergy Corp. | 1,234 | 127,016 | ||||||
Evergy, Inc. | 1,586 | 95,398 | ||||||
Eversource Energy | 2,087 | 158,111 | ||||||
Exelon Corp. | 6,312 | 302,597 | ||||||
FirstEnergy Corp. | 3,278 | 140,331 | ||||||
NextEra Energy, Inc. | 3,111 | 637,319 | ||||||
NiSource, Inc. | 2,424 | 69,811 | ||||||
NRG Energy, Inc. | 1,741 | 61,144 | ||||||
Pinnacle West Capital Corp. | 729 | 68,592 | ||||||
PPL Corp. | 4,686 | 145,313 | ||||||
Public Svcs. Enterprise Group, Inc. | 3,282 | 193,047 | ||||||
Sempra Energy | 1,782 | 244,918 | ||||||
Southern Co. | 6,750 | 373,140 | ||||||
WEC Energy Group, Inc. | 2,049 | 170,825 | ||||||
Xcel Energy, Inc. | 3,341 | 198,756 | ||||||
|
| |||||||
5,253,167 | ||||||||
|
| |||||||
TOTAL INDEXED ASSETS-COMMON STOCKS | ||||||||
(Cost: $91,773,796 ) 52.9% | 159,002,270 | |||||||
|
|
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||
INDEXED ASSETS: | ||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||
U.S. GOVERNMENT (0.2%) | ||||||||||||||
U.S. Treasury Bill (1) | A-1+ | 2.39 | 08/08/19 | $ | 500,000 | $ | 498,746 | |||||||
|
| |||||||||||||
TOTAL INDEXED ASSETS-SHORT TERM-DEBT (0.2%) |
| 498,746 | ||||||||||||
|
| |||||||||||||
TOTAL INDEXED ASSETS |
| 159,501,016 | ||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
35
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
ACTIVE ASSETS: | ||||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (1.4%) | ||||||||
CBS Corp. Cl B | 4,445 | $ | 221,805 | |||||
Cogent Communications Hldgs., Inc. | 2,570 | 152,555 | ||||||
Discovery, Inc. Cl A* | 4,734 | 145,333 | ||||||
Discovery, Inc. Cl C* | 27,486 | 781,977 | ||||||
Lions Gate Entertainment Corp. Cl A | 2,486 | 30,454 | ||||||
Lions Gate Entertainment Corp. Cl B | 14,613 | 169,657 | ||||||
MSG Networks, Inc. Cl A* | 14,687 | 304,608 | ||||||
Nexstar Media Group, Inc. Cl A | 2,760 | 278,760 | ||||||
ORBCOMM, Inc.* | 59,048 | 428,098 | ||||||
Shenandoah Telecommunications Co. | 7,955 | 306,427 | ||||||
Take-Two Interactive Software, Inc.* | 2,233 | 253,512 | ||||||
TEGNA, Inc. | 21,810 | 330,422 | ||||||
World Wrestling Entertainment, Inc. Cl A | 2,094 | 151,208 | ||||||
Zayo Group Hldgs., Inc.* | 4,484 | 147,568 | ||||||
Zynga, Inc. Cl A* | 67,690 | 414,940 | ||||||
|
| |||||||
4,117,324 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (3.9%) | ||||||||
American Axle & Manufacturing Hldgs., Inc.* | 19,278 | 245,987 | ||||||
AutoZone, Inc.* | 906 | 996,120 | ||||||
Bloomin’ Brands, Inc. | 39,769 | 752,032 | ||||||
BorgWarner, Inc. | 8,356 | 350,785 | ||||||
Bright Horizons Family Solutions, Inc.* | 1,968 | 296,912 | ||||||
Capri Hldgs. Ltd.* | 1,806 | 62,632 | ||||||
Dave & Buster’s Entertainment, Inc. | 15,850 | 641,450 | ||||||
Etsy, Inc.* | 5,194 | 318,756 | ||||||
Expedia Group, Inc. | 1,151 | 153,118 | ||||||
Five Below, Inc.* | 6,278 | 753,486 | ||||||
Fox Factory Hldg. Corp.* | 1,700 | 140,267 | ||||||
Grand Canyon Education, Inc.* | 2,944 | 344,507 | ||||||
Haverty Furniture Cos., Inc. | 20,185 | 343,751 | ||||||
Lithia Motors, Inc. Cl A | 10,828 | 1,286,149 | ||||||
Malibu Boats, Inc. Cl A* | 2,231 | 86,674 | ||||||
Marriott International, Inc. Cl A | 2,882 | 404,315 | ||||||
Marriott Vacations Worldwide Corp. | 8,025 | 773,610 | ||||||
NVR, Inc.* | 107 | 360,617 | ||||||
Playa Hotels & Resorts NV* | 27,568 | 212,549 | ||||||
Qurate Retail, Inc.* | 4,533 | 56,164 | ||||||
Ralph Lauren Corp. Cl A | 5,335 | 606,003 | ||||||
Red Rock Resorts, Inc. Cl A | 20,098 | 431,705 | ||||||
Skyline Champion Corp.* | 5,621 | 153,903 | ||||||
Steven Madden Ltd. | 14,598 | 495,602 | ||||||
Taylor Morrison Home Corp. Cl A* | 3,220 | 67,491 | ||||||
Thor Industries, Inc. | 5,613 | 328,080 | ||||||
Tractor Supply Co. | 6,451 | 701,869 | ||||||
Unifi, Inc.* | 3,511 | 63,795 |
The accompanying notes are an integral part of these portfolio schedules.
36
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Weight Watchers International, Inc.* | 3,642 | $ | 69,562 | |||||
ZAGG, Inc.* | 20,267 | 141,058 | ||||||
|
| |||||||
11,638,949 | ||||||||
|
| |||||||
CONSUMER STAPLES (1.4%) | ||||||||
Calavo Growers, Inc. | 1,538 | 148,786 | ||||||
Church & Dwight Co., Inc. | 9,665 | 706,125 | ||||||
Constellation Brands, Inc. Cl A | 7,119 | 1,402,016 | ||||||
Crimson Wine Group Ltd.* | 43,911 | 351,288 | ||||||
Freshpet, Inc.* | 3,008 | 136,894 | ||||||
Ingredion, Inc. | 1,271 | 104,845 | ||||||
JM Smucker Co. | 3,154 | 363,309 | ||||||
Tyson Foods, Inc. Cl A | 1,711 | 138,146 | ||||||
Vector Group Ltd. | 52,197 | 508,921 | ||||||
WD-40 Co. | 1,178 | 187,349 | ||||||
|
| |||||||
4,047,679 | ||||||||
|
| |||||||
ENERGY (1.8%) | ||||||||
Abraxas Petroleum Corp.* | 45,160 | 46,515 | ||||||
Baker Hughes, a GE Co. Cl A | 4,789 | 117,953 | ||||||
Callon Petroleum Co.* | 30,326 | 199,848 | ||||||
Carrizo Oil & Gas, Inc.* | 18,124 | 181,602 | ||||||
Cheniere Energy, Inc.* | 4,058 | 277,770 | ||||||
Continental Resources, Inc.* | 9,419 | 396,446 | ||||||
CrossAmerica Partners LP* | 9,761 | 156,664 | ||||||
Devon Energy Corp. | 14,326 | 408,578 | ||||||
Hess Corp. | 2,097 | 133,306 | ||||||
Kosmos Energy Ltd. | 100,836 | 632,242 | ||||||
Matrix Svcs. Co.* | 6,335 | 128,347 | ||||||
MPLX LP | 4,417 | 142,183 | ||||||
Noble Energy, Inc. | 6,939 | 155,434 | ||||||
PBF Energy, Inc. Cl A | 28,805 | 901,596 | ||||||
PDC Energy, Inc.* | 5,994 | 216,144 | ||||||
ProPetro Hldg. Corp.* | 13,879 | 287,295 | ||||||
Range Resources Corp. | 13,317 | 92,953 | ||||||
Whiting Petroleum Corp.* | 7,220 | 134,870 | ||||||
Williams Cos., Inc. | 27,200 | 762,688 | ||||||
|
| |||||||
5,372,434 | ||||||||
|
| |||||||
FINANCIALS (7.6%) | ||||||||
Allegiance Bancshares, Inc.* | 7,265 | 242,215 | ||||||
American Equity Investment Life Hldgs. Co. | 13,229 | 359,300 | ||||||
American Financial Group, Inc. | 3,362 | 344,504 | ||||||
Ameriprise Financial, Inc. | 4,635 | 672,816 | ||||||
AMERISAFE, Inc. | 3,238 | 206,487 | ||||||
Argo Group International Hldgs. Ltd. | 3,676 | 272,208 | ||||||
Associated Banc-Corp. | 13,046 | 275,792 | ||||||
BancFirst Corp. | 8,935 | 497,322 | ||||||
Bank of Marin Bancorp | 7,642 | 313,475 | ||||||
BankUnited, Inc. | 6,280 | 211,887 | ||||||
Banner Corp. | 7,757 | 420,042 | ||||||
Blackstone Mortgage Trust, Inc. Cl A | 9,566 | 340,358 | ||||||
Brookline Bancorp, Inc. | 29,777 | 457,970 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Brown & Brown, Inc. | 10,450 | $ | 350,075 | |||||
Bryn Mawr Bank Corp. | 8,486 | 316,698 | ||||||
Cadence BanCorporation Cl A | 10,990 | 228,592 | ||||||
Cboe Global Markets, Inc. | 3,128 | 324,155 | ||||||
CenterState Bank Corp. | 2,686 | 61,859 | ||||||
Citizens Financial Group, Inc. | 3,468 | 122,628 | ||||||
Columbia Banking System, Inc. | 4,419 | 159,879 | ||||||
Dime Community Bancshares, Inc. | 13,324 | 253,023 | ||||||
Discover Financial Svcs. | 6,505 | 504,723 | ||||||
East West Bancorp, Inc. | 6,593 | 308,355 | ||||||
Ellington Financial, Inc.* | 26,121 | 469,394 | ||||||
Enterprise Financial Svcs. Corp. | 9,533 | 396,573 | ||||||
Essent Group Ltd.* | 5,300 | 249,047 | ||||||
Everest Re Group Ltd. | 1,919 | 474,338 | ||||||
Fifth Third Bancorp | 21,684 | 604,984 | ||||||
First Interstate BancSystem, Inc. Cl A | 10,416 | 412,578 | ||||||
First Merchants Corp. | 8,326 | 315,555 | ||||||
First Republic Bank | 3,514 | 343,142 | ||||||
Flushing Financial Corp. | 10,286 | 228,349 | ||||||
Great Southern Bancorp, Inc. | 3,718 | 222,522 | ||||||
Hartford Financial Svcs. Group, Inc. | 13,334 | 742,970 | ||||||
Heritage Commerce Corp. | 10,546 | 129,188 | ||||||
Heritage Financial Corp. | 10,920 | 322,577 | ||||||
IBERIABANK Corp. | 4,703 | 356,723 | ||||||
Investors Bancorp, Inc. | 13,611 | 151,763 | ||||||
iSharesMicro-Cap ETF | 3,662 | 341,262 | ||||||
iShares Russell 2000 Growth ETF | 400 | 80,348 | ||||||
iShares Russell 2000 Value ETF | 2,730 | 328,965 | ||||||
iShares RussellMid-Cap ETF | 2,302 | 128,613 | ||||||
iShares RussellMid-Cap Value ETF | 5,460 | 486,650 | ||||||
KeyCorp | 45,197 | 802,247 | ||||||
Lincoln National Corp. | 4,290 | 276,491 | ||||||
Marlin Business Svcs. Corp. | 14,708 | 366,670 | ||||||
Moelis & Co. Cl A | 8,285 | 289,561 | ||||||
Northfield Bancorp, Inc. | 21,958 | 342,764 | ||||||
Peoples Bancorp, Inc. | 4,592 | 148,138 | ||||||
Primerica, Inc. | 2,288 | 274,446 | ||||||
Principal Financial Group, Inc. | 4,617 | 267,417 | ||||||
Progressive Corp. | 11,228 | 897,454 | ||||||
Raymond James Financial, Inc. | 4,479 | 378,699 | ||||||
Reinsurance Group of America, Inc. Cl A | 4,321 | 674,206 | ||||||
Selective Insurance Group, Inc. | 8,310 | 622,336 | ||||||
Starwood Property Trust, Inc. | 36,873 | 837,754 | ||||||
Sterling Bancorp | 6,927 | 147,407 | ||||||
Stifel Financial Corp. | 4,558 | 269,195 | ||||||
Stock Yards Bancorp, Inc. | 17,501 | 632,661 | ||||||
SVB Financial Group* | 844 | 189,554 | ||||||
Synchrony Financial | 4,229 | 146,619 | ||||||
TriCo Bancshares | 5,811 | 219,656 | ||||||
TriState Capital Hldgs., Inc.* | 10,904 | 232,691 | ||||||
UMB Financial Corp. | 3,246 | 213,652 | ||||||
United Financial Bancorp, Inc. | 5,624 | 79,748 | ||||||
Voya Financial, Inc. | 7,132 | 394,400 |
The accompanying notes are an integral part of these portfolio schedules.
37
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Wintrust Financial Corp. | 1,410 | $ | 103,156 | |||||
Zions Bancorporation | 5,640 | 259,327 | ||||||
|
| |||||||
23,096,153 | ||||||||
|
| |||||||
HEALTH CARE (5.4%) | ||||||||
ABIOMED, Inc.* | 728 | 189,637 | ||||||
Acadia Healthcare Co., Inc.* | 5,738 | 200,543 | ||||||
ACADIA Pharmaceuticals, Inc.* | 5,998 | 160,327 | ||||||
Acceleron Pharma, Inc.* | 3,235 | 132,894 | ||||||
Agilent Technologies, Inc. | 8,138 | 607,664 | ||||||
Alder Biopharmaceuticals, Inc.* | 6,072 | 71,467 | ||||||
Align Technology, Inc.* | 1,068 | 292,312 | ||||||
Alnylam Pharmaceuticals, Inc.* | 1,220 | 88,523 | ||||||
Amicus Therapeutics, Inc.* | 11,339 | 141,511 | ||||||
Array BioPharma, Inc.* | 9,823 | 455,100 | ||||||
Avanos Medical, Inc.* | 1,898 | 82,772 | ||||||
AxoGen, Inc.* | 4,806 | 95,159 | ||||||
BioMarin Pharmaceutical, Inc.* | �� | 1,204 | 103,123 | |||||
Blueprint Medicines Corp.* | 2,408 | 227,147 | ||||||
Boston Scientific Corp.* | 5,910 | 254,012 | ||||||
Cambrex Corp.* | 3,444 | 161,214 | ||||||
CareDx, Inc.* | 3,553 | 127,872 | ||||||
Centene Corp.* | 9,018 | 472,904 | ||||||
Chemed Corp. | 870 | 313,931 | ||||||
CRISPR Therapeutics AG* | 2,159 | 101,689 | ||||||
Edwards Lifesciences Corp.* | 2,573 | 475,336 | ||||||
Emergent BioSolutions, Inc.* | 9,973 | 481,796 | ||||||
Encompass Health Corp. | 2,670 | 169,171 | ||||||
Exact Sciences Corp.* | 4,798 | 566,356 | ||||||
FibroGen, Inc.* | 2,010 | 90,812 | ||||||
Global Blood Therapeutics, Inc.* | 1,870 | 98,362 | ||||||
Globus Medical, Inc. Cl A* | 4,174 | 176,560 | ||||||
HealthEquity, Inc.* | 3,886 | 254,144 | ||||||
Hill-Rom Hldgs., Inc. | 4,364 | 456,562 | ||||||
Horizon Therapeutics PLC* | 11,066 | 266,248 | ||||||
Humana, Inc. | 843 | 223,648 | ||||||
ICU Medical, Inc.* | 699 | 176,085 | ||||||
Inogen, Inc.* | 1,128 | 75,305 | ||||||
Insmed, Inc.* | 4,575 | 117,120 | ||||||
Insulet Corp.* | 1,660 | 198,171 | ||||||
Intersect ENT, Inc.* | 4,472 | 101,783 | ||||||
iRhythm Technologies, Inc.* | 2,303 | 182,121 | ||||||
Karyopharm Therapeutics, Inc.* | 12,361 | 74,042 | ||||||
LHC Group, Inc.* | 2,224 | 265,946 | ||||||
Madrigal Pharmaceuticals, Inc.* | 802 | 84,058 | ||||||
Magellan Health, Inc.* | 1,806 | 134,059 | ||||||
Masimo Corp.* | 1,081 | 160,874 | ||||||
Medicines Co.* | 4,878 | 177,901 | ||||||
Mettler-Toledo International, Inc.* | 485 | 407,400 | ||||||
Neogen Corp.* | 2,783 | 172,852 | ||||||
NeoGenomics, Inc.* | 7,783 | 170,759 | ||||||
Neurocrine Biosciences, Inc.* | 2,321 | 195,962 | ||||||
Omnicell, Inc.* | 3,636 | 312,805 | ||||||
Pacific Biosciences of California, Inc.* | 11,797 | 71,372 | ||||||
Penumbra, Inc.* | 765 | 122,400 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Portola Pharmaceuticals, Inc.* | 4,450 | $ | 120,728 | |||||
Quidel Corp.* | 3,038 | 180,214 | ||||||
Repligen Corp.* | 3,566 | 306,498 | ||||||
Sage Therapeutics, Inc.* | 861 | 157,640 | ||||||
SeaSpine Hldgs. Corp.* | 5,917 | 78,400 | ||||||
Sientra, Inc.* | 34,314 | 211,374 | ||||||
STAAR Surgical Co.* | 5,592 | 164,293 | ||||||
Supernus Pharmaceuticals, Inc.* | 21,404 | 708,258 | ||||||
Tabula Rasa HealthCare, Inc.* | 3,374 | 168,464 | ||||||
Tactile Systems Technology, Inc.* | 3,719 | 211,685 | ||||||
Tandem Diabetes Care, Inc.* | 1,281 | 82,650 | ||||||
Teladoc Health, Inc.* | 2,181 | 144,840 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 2,022 | 128,397 | ||||||
US Physical Therapy, Inc. | 1,768 | 216,704 | ||||||
Veeva Systems, Inc. Cl A* | 2,885 | 467,687 | ||||||
Vericel Corp.* | 20,440 | 386,112 | ||||||
Waters Corp.* | 760 | 163,582 | ||||||
Wright Medical Group NV* | 15,782 | 470,619 | ||||||
Xencor, Inc.* | 5,012 | 205,141 | ||||||
Zimmer Biomet Hldgs., Inc. | 3,636 | 428,103 | ||||||
Zoetis, Inc. Cl A | 3,020 | 342,740 | ||||||
Zogenix, Inc.* | 2,844 | 135,886 | ||||||
|
| |||||||
16,219,826 | ||||||||
|
| |||||||
INDUSTRIALS (6.4%) | ||||||||
AAR Corp. | 5,580 | 205,288 | ||||||
Alaska Air Group, Inc. | 9,074 | 579,919 | ||||||
Altra Industrial Motion Corp. | 11,472 | 411,615 | ||||||
ASGN, Inc.* | 2,279 | 138,107 | ||||||
BG Staffing, Inc. | 4,411 | 83,280 | ||||||
Brink’s Co. | 12,340 | 1,001,761 | ||||||
Builders FirstSource, Inc.* | 6,671 | 112,473 | ||||||
Carlisle Cos., Inc. | 4,066 | 570,907 | ||||||
CH Robinson Worldwide, Inc. | 2,330 | 196,536 | ||||||
Copart, Inc.* | 3,001 | 224,295 | ||||||
Daseke, Inc.* | 30,873 | 111,143 | ||||||
Dover Corp. | 3,676 | 368,335 | ||||||
Echo Global Logistics, Inc.* | 10,341 | 215,817 | ||||||
EMCOR Group, Inc. | 5,595 | 492,920 | ||||||
Encore Wire Corp. | 8,505 | 498,223 | ||||||
EnerSys | 1,964 | 134,534 | ||||||
Exponent, Inc. | 4,888 | 286,144 | ||||||
Fortive Corp. | 2,210 | 180,159 | ||||||
Generac Hldgs., Inc.* | 4,168 | 289,301 | ||||||
Gorman-Rupp Co. | 9,495 | 311,721 | ||||||
Harris Corp. | 2,807 | 530,888 | ||||||
HD Supply Hldgs., Inc.* | 5,005 | 201,601 | ||||||
Heidrick & Struggles International, Inc. | 5,979 | 179,191 | ||||||
Hubbell, Inc. Cl B | 1,940 | 252,976 | ||||||
IAA, Inc.* | 13,466 | 522,211 | ||||||
ICF International, Inc. | 1,084 | 78,915 | ||||||
John Bean Technologies Corp. | 1,913 | 231,722 | ||||||
Kirby Corp.* | 4,617 | 364,743 | ||||||
Knight-Swift Transportation Hldgs., Inc. Cl A | 6,258 | 205,513 |
The accompanying notes are an integral part of these portfolio schedules.
38
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Knoll, Inc. | 8,416 | $ | 193,400 | |||||
Kratos Defense & Security Solutions, Inc.* | 19,028 | 435,551 | ||||||
L-3 Technologies, Inc. | 4,610 | 1,130,234 | ||||||
Lennox International, Inc. | 2,094 | 575,850 | ||||||
Lincoln Electric Hldgs., Inc. | 3,242 | 266,881 | ||||||
Miller Industries, Inc. | 19,592 | 602,454 | ||||||
Mueller Industries, Inc. | 43,182 | 1,263,937 | ||||||
Old Dominion Freight Line, Inc. | 6,109 | 911,829 | ||||||
Oshkosh Corp. | 2,889 | 241,203 | ||||||
Quad/Graphics, Inc. | 19,278 | 152,489 | ||||||
Robert Half International, Inc. | 2,781 | 158,545 | ||||||
Rockwell Automation, Inc. | 2,874 | 470,847 | ||||||
Roper Technologies, Inc. | 789 | 288,979 | ||||||
Simpson Manufacturing Co., Inc. | 4,783 | 317,878 | ||||||
Spirit Airlines, Inc.* | 11,026 | 526,271 | ||||||
Stanley Black & Decker, Inc. | 2,715 | 392,616 | ||||||
Teledyne Technologies, Inc.* | 2,325 | 636,748 | ||||||
Trex Co., Inc.* | 6,233 | 446,906 | ||||||
United Rentals, Inc.* | 2,330 | 309,028 | ||||||
Universal Forest Products, Inc. | 7,200 | 274,032 | ||||||
US Ecology, Inc. | 1,656 | 98,598 | ||||||
VSE Corp. | 11,441 | 328,242 | ||||||
Willdan Group, Inc.* | 5,715 | 212,884 | ||||||
|
| |||||||
19,215,640 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (6.8%) | ||||||||
Akoustis Technologies, Inc.* | 14,768 | 94,515 | ||||||
Altair Engineering, Inc. Cl A* | 5,515 | 222,751 | ||||||
Amphenol Corp. Cl A | 4,815 | 461,952 | ||||||
Analog Devices, Inc. | 4,175 | 471,232 | ||||||
Anixter International, Inc.* | 2,866 | 171,129 | ||||||
Cardtronics PLC Cl A* | 7,292 | 199,217 | ||||||
Ciena Corp.* | 1,920 | 78,970 | ||||||
Cohu, Inc. | 13,148 | 202,874 | ||||||
Comtech Telecommunications Corp. | 2,558 | 71,905 | ||||||
Conduent, Inc.* | 10,665 | 102,277 | ||||||
Cornerstone OnDemand, Inc.* | 2,924 | 169,387 | ||||||
Cray, Inc.* | 12,977 | 451,859 | ||||||
Cypress Semiconductor Corp. | 23,748 | 528,156 | ||||||
DXC Technology Co. | 6,856 | 378,109 | ||||||
EPAM Systems, Inc.* | 3,716 | 643,240 | ||||||
Euronet Worldwide, Inc.* | 3,000 | 504,720 | ||||||
Everspin Technologies, Inc.* | 19,366 | 126,266 | ||||||
F5 Networks, Inc.* | 465 | 67,718 | ||||||
Fidelity National Information Svcs., Inc. | 2,009 | 246,465 | ||||||
Five9, Inc.* | 13,391 | 686,824 | ||||||
Global Payments, Inc. | 3,877 | 620,824 | ||||||
Globant S.A.* | 3,202 | 323,562 | ||||||
Guidewire Software, Inc.* | 2,767 | 280,518 | ||||||
II-VI, Inc.* | 9,304 | 340,154 | ||||||
Itron, Inc.* | 2,329 | 145,726 | ||||||
KEMET Corp. | 8,223 | 154,675 | ||||||
KLA-Tencor Corp. | 1,976 | 233,563 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
LivePerson, Inc.* | 6,972 | $ | 195,495 | |||||
LogMeIn, Inc. | 7,616 | 561,147 | ||||||
Lumentum Hldgs., Inc.* | 5,174 | 276,343 | ||||||
ManTech International Corp. Cl A | 2,956 | 194,653 | ||||||
MaxLinear, Inc. Cl A* | 6,069 | 142,257 | ||||||
Microchip Technology, Inc. | 2,422 | 209,987 | ||||||
MKS Instruments, Inc. | 7,287 | 567,584 | ||||||
Monolithic Power Systems, Inc. | 1,465 | 198,918 | ||||||
Motorola Solutions, Inc. | 1,385 | 230,921 | ||||||
New Relic, Inc.* | 3,344 | 289,289 | ||||||
Palo Alto Networks, Inc.* | 963 | 196,221 | ||||||
Perficient, Inc.* | 12,674 | 434,972 | ||||||
Perspecta, Inc. | 10,567 | 247,373 | ||||||
Plexus Corp.* | 2,549 | 148,785 | ||||||
Pluralsight, Inc. Cl A* | 2,330 | 70,646 | ||||||
Proofpoint, Inc.* | 5,869 | 705,747 | ||||||
PTC, Inc.* | 6,730 | 604,085 | ||||||
Pure Storage, Inc. Cl A* | 20,981 | 320,380 | ||||||
Q2 Hldgs., Inc.* | 4,059 | 309,945 | ||||||
Qorvo, Inc.* | 1,733 | 115,435 | ||||||
Rapid7, Inc.* | 11,910 | 688,874 | ||||||
RealPage, Inc.* | 4,300 | 253,055 | ||||||
Richardson Electronics Ltd.* | 41,267 | 231,095 | ||||||
SailPoint Technologies Hldg., Inc.* | 5,265 | 105,511 | ||||||
Science Applications International Corp. | 2,523 | 218,391 | ||||||
Sequans Communications S.A. ADR* | 67,510 | 60,995 | ||||||
ServiceNow, Inc.* | 2,205 | 605,427 | ||||||
Splunk, Inc.* | 3,944 | 495,958 | ||||||
Square, Inc. Cl A* | 2,945 | 213,601 | ||||||
SYNNEX Corp. | 5,838 | 574,459 | ||||||
Synopsys, Inc.* | 2,284 | 293,928 | ||||||
Total System Svcs., Inc. | 1,135 | 145,586 | ||||||
ViaSat, Inc.* | 5,927 | 479,020 | ||||||
Western Digital Corp. | 1,850 | 87,967 | ||||||
Worldpay, Inc. Cl A* | 6,483 | 794,492 | ||||||
Xilinx, Inc. | 2,853 | 336,426 | ||||||
Xperi Corp. | 14,369 | 295,858 | ||||||
Xura, Inc.* | 11,415 | 285,375 | †† | |||||
Zendesk, Inc.* | 5,139 | 457,525 | ||||||
|
| |||||||
20,622,314 | ||||||||
|
| |||||||
MATERIALS (2.2%) | ||||||||
Ashland Global Hldgs., Inc. | 4,267 | 341,232 | ||||||
Berry Global Group, Inc.* | 6,200 | 326,058 | ||||||
Boise Cascade Co. | 6,649 | 186,903 | ||||||
Cleveland-Cliffs, Inc. | 26,754 | 285,465 | ||||||
Crown Hldgs., Inc.* | 14,469 | 884,056 | ||||||
Eastman Chemical Co. | 676 | 52,613 | ||||||
Ferroglobe Representation & Warranty Insurance Trust* | 6,080 | 0 | †† | |||||
FMC Corp. | 1,665 | 138,112 | ||||||
Freeport-McMoRan, Inc. | 13,078 | 151,837 | ||||||
Ingevity Corp.* | 3,130 | 329,182 | ||||||
International Paper Co. | 4,465 | 193,424 |
The accompanying notes are an integral part of these portfolio schedules.
39
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
MATERIALS (CONTINUED) | ||||||||
Kaiser Aluminum Corp. | 851 | $ | 83,066 | |||||
Mosaic Co. | 1,976 | 49,460 | ||||||
Newmont Goldcorp Corp. | 6,710 | 258,133 | ||||||
Nucor Corp. | 2,592 | 142,819 | ||||||
Olin Corp. | 35,326 | 773,993 | ||||||
Packaging Corp. of America | 8,454 | 805,835 | ||||||
PolyOne Corp. | 9,713 | 304,891 | ||||||
Steel Dynamics, Inc. | 16,853 | 508,961 | ||||||
U.S. Concrete, Inc.* | 6,034 | 299,829 | ||||||
Vulcan Materials Co. | 3,436 | 471,797 | ||||||
|
| |||||||
6,587,666 | ||||||||
|
| |||||||
REAL ESTATE (4.4%) | ||||||||
Alexander’s, Inc. | 722 | 267,357 | ||||||
American Campus Communities, Inc. | 3,937 | 181,732 | ||||||
Americold Realty Trust | 12,110 | 392,606 | ||||||
Apartment Investment & Management Co. Cl A | 5,106 | 255,913 | ||||||
AvalonBay Communities, Inc. | 1,382 | 280,795 | ||||||
Brandywine Realty Trust | 63,357 | 907,272 | ||||||
Camden Property Trust | 3,212 | 335,301 | ||||||
Chatham Lodging Trust | 8,733 | 164,792 | ||||||
Chesapeake Lodging Trust | 10,886 | 309,380 | ||||||
Cousins Properties, Inc. | 9,229 | 333,813 | ||||||
Duke Realty Corp. | 31,281 | 988,792 | ||||||
Easterly Government Properties, Inc. | 35,937 | 650,819 | ||||||
Equity LifeStyle Properties, Inc. | 1,103 | 133,838 | ||||||
Essex Property Trust, Inc. | 818 | 238,799 | ||||||
GEO Group, Inc. | 25,817 | 542,415 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 3,077 | 86,710 | ||||||
Highwoods Properties, Inc. | 7,265 | 300,044 | ||||||
Host Hotels & Resorts, Inc. | 27,197 | 495,529 | ||||||
Industrial Logistics Properties Trust | 11,929 | 248,362 | ||||||
JBG SMITH Properties | 6,403 | 251,894 | ||||||
Kilroy Realty Corp. | 9,276 | 684,662 | ||||||
Macerich Co. | 2,486 | 83,256 | ||||||
Medical Properties Trust, Inc. | 21,317 | 371,768 | ||||||
Pebblebrook Hotel Trust | 7,607 | 214,365 | ||||||
Pennsylvania REIT | 12,018 | 78,117 | ||||||
Prologis, Inc. | 1,664 | 133,286 | ||||||
QTS Realty Trust, Inc. Cl A | 4,403 | 203,331 | ||||||
Redfin Corp.* | 4,815 | 86,574 | ||||||
Regency Centers Corp. | 1,153 | 76,951 | ||||||
RLJ Lodging Trust | 9,554 | 169,488 | ||||||
Sabra Health Care REIT, Inc. | 14,467 | 284,855 | ||||||
SBA Communications Corp. Cl A* | 2,793 | 627,979 | ||||||
Spirit Realty Capital, Inc. | 7,659 | 326,733 | ||||||
Summit Hotel Properties, Inc. | 6,118 | 70,173 | ||||||
Sun Communities, Inc. | 3,290 | 421,745 | ||||||
Terreno Realty Corp. | 25,360 | 1,243,654 | ||||||
Urstadt Biddle Properties, Inc. Cl A | 4,741 | 99,561 | ||||||
Vornado Realty Trust | 2,097 | 134,418 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Welltower, Inc. | 3,685 | $ | 300,438 | |||||
Weyerhaeuser Co. | 4,102 | 108,047 | ||||||
|
| |||||||
13,085,564 | ||||||||
|
| |||||||
UTILITIES (3.0%) | ||||||||
AES Corp. | 11,487 | 192,523 | ||||||
Ameren Corp. | 4,915 | 369,166 | ||||||
Avista Corp. | 7,725 | 344,535 | ||||||
Black Hills Corp. | 4,235 | 331,050 | ||||||
Chesapeake Utilities Corp. | 2,633 | 250,188 | ||||||
Consolidated Edison, Inc. | 3,811 | 334,148 | ||||||
Edison International | 7,076 | 476,993 | ||||||
Entergy Corp. | 3,035 | 312,392 | ||||||
Evergy, Inc. | 11,835 | 711,875 | ||||||
Eversource Energy | 2,856 | 216,371 | ||||||
FirstEnergy Corp. | 13,498 | 577,849 |
Shares | Value | |||||||
ACTIVE ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
UTILITIES (CONTINUED) | ||||||||
IDACORP, Inc. | 3,405 | $ | 341,964 | |||||
NiSource, Inc. | 23,823 | 686,102 | ||||||
Northwest Natural Hldg. Co. | 3,248 | 225,736 | ||||||
NorthWestern Corp. | 4,621 | 333,405 | ||||||
PNM Resources, Inc. | 7,177 | 365,381 | ||||||
Portland General Electric Co. | 6,930 | 375,398 | ||||||
PPL Corp. | 7,697 | 238,684 | ||||||
Public Svcs. Enterprise Group, Inc. | 6,994 | 411,387 | ||||||
Sempra Energy | 5,863 | 805,811 | ||||||
Spire, Inc. | 2,762 | 231,787 | ||||||
Suburban Propane Partners LP | 10,748 | 261,069 | ||||||
UGI Corp. | 12,087 | 645,566 | ||||||
|
| |||||||
9,039,380 | ||||||||
|
| |||||||
TOTAL ACTIVE ASSETS-COMMON STOCKS | ||||||||
(Cost: $113,074,744) 44.3% | 133,042,929 | |||||||
|
|
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
ACTIVE ASSETS: | ||||||||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||||
U.S. GOVERNMENT AGENCIES (2.0%) | ||||||||||||||||||||
FHLB | A-1+ | 2.00 | 07/01/19 | $ | 5,900,000 | $ | 5,900,000 | |||||||||||||
|
| |||||||||||||||||||
TOTAL ACTIVE ASSETS-SHORT-TERM DEBT SECURITIES |
| 5,900,000 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL ACTIVE ASSETS |
| 138,942,929 | ||||||||||||||||||
|
| |||||||||||||||||||
Rate(%) | Maturity | Face Amount | Value | |||||||||||||||||
TEMPORARY CASH INVESTMENT (0.0%) (2) | ||||||||||||||||||||
Citibank, New York Time Deposit |
| 1.66 | 07/01/19 | $ | 84,729 | $ | 84,729 | |||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 84,729 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 298,528,674 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS 0.6% |
| 1,800,475 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 300,329,149 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
40
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (2.2%) | ||||||||
MSG Networks, Inc. Cl A* | 137,181 | $ | 2,845,134 | |||||
ORBCOMM, Inc.* | 433,800 | 3,145,050 | ||||||
TEGNA, Inc. | 314,921 | 4,771,053 | ||||||
|
| |||||||
10,761,237 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (5.7%) | ||||||||
Bloomin’ Brands, Inc. | 165,317 | 3,126,145 | ||||||
Dave & Buster’s Entertainment, Inc. | 32,903 | 1,331,584 | ||||||
Haverty Furniture Cos., Inc. | 139,226 | 2,371,019 | ||||||
Lithia Motors, Inc. Cl A | 73,253 | 8,700,991 | ||||||
Marriott Vacations Worldwide Corp. | 57,262 | 5,520,057 | ||||||
Playa Hotels & Resorts NV* | 405,991 | 3,130,191 | ||||||
Unifi, Inc.* | 52,114 | 946,911 | ||||||
ZAGG, Inc.* | 290,876 | 2,024,497 | ||||||
|
| |||||||
27,151,395 | ||||||||
|
| |||||||
CONSUMER STAPLES (1.7%) | ||||||||
Crimson Wine Group Ltd.* | 592,228 | 4,737,824 | ||||||
Vector Group Ltd. | 346,846 | 3,381,749 | ||||||
|
| |||||||
8,119,573 | ||||||||
|
| |||||||
ENERGY (5.7%) | ||||||||
Abraxas Petroleum Corp.* | 662,808 | 682,692 | ||||||
Callon Petroleum Co.* | 437,741 | 2,884,713 | ||||||
Carrizo Oil & Gas, Inc.* | 261,599 | 2,621,222 | ||||||
CrossAmerica Partners LP* | 135,653 | 2,177,231 | ||||||
Matrix Svcs. Co.* | 90,316 | 1,829,802 | ||||||
PBF Energy, Inc. Cl A | 236,748 | 7,410,212 | ||||||
PDC Energy, Inc.* | 85,547 | 3,084,825 | ||||||
ProPetro Hldg. Corp.* | 196,655 | 4,070,758 | ||||||
Range Resources Corp. | 85,979 | 600,134 | ||||||
Whiting Petroleum Corp.* | 104,220 | �� | 1,946,830 | |||||
|
| |||||||
27,308,419 | ||||||||
|
| |||||||
FINANCIALS (30.6%) | ||||||||
American Equity Investment Life Hldg. Co. | 201,559 | 5,474,343 | ||||||
Argo Group International Hldgs. Ltd. | 52,796 | 3,909,544 | ||||||
BancFirst Corp. | 132,337 | 7,365,878 | ||||||
Bank of Marin Bancorp | 113,353 | 4,649,740 | ||||||
Banner Corp. | 106,796 | 5,783,003 | ||||||
Blackstone Mortgage Trust, Inc. Cl A | 137,459 | 4,890,791 | ||||||
Brookline Bancorp, Inc. | 449,763 | 6,917,355 | ||||||
Bryn Mawr Bank Corp. | 126,151 | 4,707,955 | ||||||
Cadence Bancorporation Cl A | 156,747 | 3,260,338 | ||||||
CenterState Bank Corp. | 40,029 | 921,868 | ||||||
Columbia Banking System, Inc. | 62,388 | 2,257,198 | ||||||
Dime Community Bancshares, Inc. | 181,873 | 3,453,768 | ||||||
Ellington Financial, Inc.* | 368,318 | 6,618,675 | ||||||
Enterprise Financial Svcs. Corp. | 131,397 | 5,466,115 | ||||||
Essent Group Ltd.* | 76,490 | 3,594,265 | ||||||
First Interstate BancSystem, Inc. Cl A | 158,502 | 6,278,264 | ||||||
Flushing Financial Corp. | 149,747 | 3,324,383 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Great Southern Bancorp, Inc. | 55,636 | $ | 3,329,815 | |||||
Heritage Commerce Corp. | 166,196 | 2,035,901 | ||||||
IBERIABANK Corp. | 67,552 | 5,123,819 | ||||||
Investors Bancorp, Inc. | 194,481 | 2,168,463 | ||||||
iShares Russell 2000 ETF | 78,500 | 9,459,250 | ||||||
Marlin Business Svcs. Corp. | 218,547 | 5,448,377 | ||||||
Northfield Bancorp, Inc. | 310,272 | 4,843,346 | ||||||
Peoples Bancorp, Inc. | 66,346 | 2,140,322 | ||||||
Selective Insurance Group, Inc. | 126,552 | 9,477,479 | ||||||
Sterling Bancorp | 97,846 | 2,082,163 | ||||||
Stifel Financial Corp. | 65,503 | 3,868,607 | ||||||
Stock Yards Bancorp, Inc. | 252,620 | 9,132,213 | ||||||
TriCo Bancshares | 86,333 | 3,263,387 | ||||||
UMB Financial Corp. | 51,301 | 3,376,632 | ||||||
United Financial Bancorp, Inc. | 81,057 | 1,149,388 | ||||||
Wintrust Financial Corp. | 20,146 | 1,473,881 | ||||||
|
| |||||||
147,246,526 | ||||||||
|
| |||||||
HEALTH CARE (5.0%) | ||||||||
Acadia Healthcare Co., Inc.* | 82,879 | 2,896,621 | ||||||
Avanos Medical, Inc.* | 28,379 | 1,237,608 | ||||||
Emergent BioSolutions, Inc.* | 39,479 | 1,907,230 | ||||||
Magellan Health, Inc.* | 26,070 | 1,935,176 | ||||||
Pacific Biosciences of California, Inc.* | 172,027 | 1,040,763 | ||||||
SeaSpine Hldgs. Corp.* | 90,214 | 1,195,336 | ||||||
Sientra, Inc.* | 203,266 | 1,252,119 | ||||||
Supernus Pharmaceuticals, Inc.* | 179,711 | 5,946,637 | ||||||
Vericel Corp.* | 169,168 | 3,195,584 | ||||||
Wright Medical Group NV* | 118,217 | 3,525,231 | ||||||
|
| |||||||
24,132,305 | ||||||||
|
| |||||||
INDUSTRIALS (11.7%) | ||||||||
AAR Corp. | 83,131 | 3,058,390 | ||||||
Builders FirstSource, Inc.* | 93,267 | 1,572,482 | ||||||
Daseke, Inc.* | 447,024 | 1,609,286 | ||||||
EMCOR Group, Inc. | 23,339 | 2,056,166 | ||||||
Encore Wire Corp. | 123,766 | 7,250,212 | ||||||
ICF International, Inc. | 16,117 | 1,173,318 | ||||||
Kratos Defense & Security Solutions, Inc.* | 126,520 | 2,896,043 | ||||||
Miller Industries, Inc. | 285,727 | 8,786,105 | ||||||
Mueller Industries, Inc. | 471,157 | 13,790,765 | ||||||
Quad/Graphics, Inc. | 293,700 | 2,323,167 | ||||||
Spirit Airlines, Inc.* | 64,276 | 3,067,893 | ||||||
Universal Forest Products, Inc. | 101,020 | 3,844,821 | ||||||
VSE Corp. | 163,797 | 4,699,336 | ||||||
|
| |||||||
56,127,984 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (9.3%) | ||||||||
Anixter International, Inc.* | 40,417 | 2,413,299 | ||||||
Cardtronics PLC Cl A* | 61,302 | 1,674,771 | ||||||
Ciena Corp.* | 27,590 | 1,134,777 | ||||||
Cohu, Inc. | 50,116 | 773,290 | ||||||
Comtech Telecommunications Corp. | 37,033 | 1,040,998 | ||||||
Cray, Inc.* | 88,728 | 3,089,509 | ||||||
Everspin Technologies, Inc.* | 122,444 | 798,335 |
The accompanying notes are an integral part of these portfolio schedules.
41
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Five9, Inc.* | 19,430 | $ | 996,565 | |||||
II-VI, Inc.* | 46,804 | 1,711,154 | ||||||
KEMET Corp. | 118,024 | 2,220,031 | ||||||
Lumentum Hldgs., Inc.* | 33,638 | 1,796,606 | ||||||
ManTech International Corp. Cl A | 42,511 | 2,799,349 | ||||||
MKS Instruments, Inc. | 17,134 | 1,334,567 | ||||||
Perficient, Inc.* | 74,411 | 2,553,786 | ||||||
Perspecta, Inc. | 97,754 | 2,288,421 | ||||||
Plexus Corp.* | 36,055 | 2,104,530 | ||||||
Richardson Electronics Ltd.* | 604,858 | 3,387,205 | ||||||
Sequans Communications S.A. ADR* | 923,354 | 834,250 | ||||||
SYNNEX Corp. | 53,956 | 5,309,270 | ||||||
ViaSat, Inc.* | 14,211 | 1,148,533 | ||||||
Xperi Corp. | 111,109 | 2,287,734 | ||||||
Xura, Inc.* | 128,245 | 3,206,125 | †† | |||||
|
| |||||||
44,903,105 | ||||||||
|
| |||||||
MATERIALS (4.4%) | ||||||||
Berry Global Group, Inc.* | 49,634 | 2,610,252 | ||||||
Boise Cascade Co. | 96,056 | 2,700,134 | ||||||
Cleveland-Cliffs, Inc. | 384,225 | 4,099,681 | ||||||
Kaiser Aluminum Corp. | 12,208 | 1,191,623 | ||||||
Olin Corp. | 185,318 | 4,060,318 | ||||||
PolyOne Corp. | 140,203 | 4,400,972 | ||||||
U.S. Concrete, Inc.* | 41,570 | 2,065,613 | ||||||
|
| |||||||
21,128,593 | ||||||||
|
| |||||||
REAL ESTATE (12.4%) | ||||||||
Alexander’s, Inc. | 6,071 | 2,248,091 | ||||||
Chatham Lodging Trust | 125,416 | 2,366,600 | ||||||
Chesapeake Lodging Trust | 161,093 | 4,578,263 | ||||||
Cousins Properties, Inc. | 132,490 | 4,792,163 | ||||||
Easterly Government Properties, Inc. | 261,675 | 4,738,934 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
GEO Group, Inc. | 262,678 | $ | 5,518,865 | |||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 47,002 | 1,324,517 | ||||||
Highwoods Properties, Inc. | 104,819 | 4,329,025 | ||||||
Industrial Logistics Properties Trust | 181,832 | 3,785,742 | ||||||
JBG SMITH Properties | 91,400 | 3,595,676 | ||||||
Medical Properties Trust, Inc. | 304,871 | 5,316,950 | ||||||
Pennsylvania REIT | 181,846 | 1,181,999 | ||||||
RLJ Lodging Trust | 137,193 | 2,433,804 | ||||||
Sabra Health Care REIT, Inc. | 207,757 | 4,090,735 | ||||||
Spirit Realty Capital, Inc. | 43,681 | 1,863,432 | ||||||
Summit Hotel Properties, Inc. | 91,507 | 1,049,585 | ||||||
Terreno Realty Corp. | 105,255 | 5,161,705 | ||||||
Urstadt Biddle Properties, Inc. Cl A | 68,042 | 1,428,882 | ||||||
|
| |||||||
59,804,968 | ||||||||
|
| |||||||
UTILITIES (7.6%) | ||||||||
Avista Corp. | 110,882 | 4,945,337 | ||||||
Black Hills Corp. | 60,816 | 4,753,987 | ||||||
IDACORP, Inc. | 48,562 | 4,877,082 | ||||||
Northwest Natural Hldg. Co. | 46,247 | 3,214,167 | ||||||
NorthWestern Corp. | 66,264 | 4,780,947 | ||||||
PNM Resources, Inc. | 101,520 | 5,168,383 | ||||||
Portland General Electric Co. | 98,883 | 5,356,492 | ||||||
Spire, Inc. | 39,771 | 3,337,582 | ||||||
|
| |||||||
36,433,977 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $418,400,933) 96.3% | 463,118,082 | |||||||
|
|
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||
U.S. GOVERNMENT (3.0%) | ||||||||||||||
U.S. Treasury Bill | A-1+ | 2.28 | 07/05/19 | $ | 2,000,000 | $ | 1,999,493 | |||||||
U.S. Treasury Bill | A-1+ | 2.33 | 07/23/19 | 10,000,000 | 9,985,822 | |||||||||
U.S. Treasury Bill | A-1+ | 2.37 | 08/08/19 | 2,500,000 | 2,493,792 | |||||||||
|
| |||||||||||||
14,479,107 | ||||||||||||||
|
| |||||||||||||
COMMERCIAL PAPER (1.9%) | ||||||||||||||
Cargill Global Funding PLC† | A-1 | 2.32 | 07/01/19 | 8,900,000 | 8,900,000 | |||||||||
|
| |||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 23,379,107 | ||||||||||||
|
| |||||||||||||
Rate(%) | Maturity | Face Amount | Value | |||||||||||
TEMPORARY CASH INVESTMENT (0.0%) (2) | ||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 73,305 | $ | 73,305 | ||||||||
|
| |||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 73,305 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS |
| 486,570,494 | ||||||||||||
|
| |||||||||||||
OTHER NET ASSETS-1.2% |
| (5,692,549 | ) | |||||||||||
|
| |||||||||||||
NET ASSETS 100.0% |
| $ | 480,877,945 | |||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
42
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (4.3%) | ||||||||
Cogent Communications Hldgs., Inc. | 43,236 | $ | 2,566,489 | |||||
Lions Gate Entertainment Corp. Cl B | 247,063 | 2,868,401 | ||||||
Nexstar Media Group, Inc. Cl A | 46,623 | 4,708,923 | ||||||
ORBCOMM, Inc.* | 485,736 | 3,521,586 | ||||||
Shenandoah Telecommunications Co. | 134,119 | 5,166,264 | ||||||
World Wrestling Entertainment, Inc. Cl A | 35,237 | 2,544,464 | ||||||
Zynga, Inc. Cl A* | 456,190 | 2,796,445 | ||||||
|
| |||||||
24,172,572 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (12.3%) | ||||||||
American Axle & Manufacturing Hldgs., Inc.* | 322,995 | 4,121,416 | ||||||
Bloomin’ Brands, Inc. | 484,138 | 9,155,050 | ||||||
Dave & Buster’s Entertainment, Inc. | 96,187 | 3,892,688 | ||||||
Etsy, Inc.* | 87,653 | 5,379,265 | ||||||
Five Below, Inc.* | 61,049 | 7,327,101 | ||||||
Fox Factory Hldg. Corp.* | 28,475 | 2,349,472 | ||||||
Grand Canyon Education, Inc.* | 23,323 | 2,729,257 | ||||||
Haverty Furniture Cos., Inc. | 177,705 | 3,026,316 | ||||||
Lithia Motors, Inc. Cl A | 42,555 | 5,054,683 | ||||||
Malibu Boats, Inc. Cl A* | 37,507 | 1,457,147 | ||||||
Marriott Vacations Worldwide Corp. | 29,473 | 2,841,197 | ||||||
Red Rock Resorts, Inc. Cl A | 341,100 | 7,326,828 | ||||||
Skyline Champion Corp.* | 94,588 | 2,589,819 | ||||||
Steven Madden Ltd. | 247,887 | 8,415,764 | ||||||
Thor Industries, Inc. | 41,842 | 2,445,665 | ||||||
Weight Watchers International, Inc.* | 61,566 | 1,175,910 | ||||||
|
| |||||||
69,287,578 | ||||||||
|
| |||||||
CONSUMER STAPLES (1.9%) | ||||||||
Calavo Growers, Inc. | 25,946 | 2,510,016 | ||||||
Freshpet, Inc.* | 50,792 | 2,311,544 | ||||||
Vector Group Ltd. | 244,828 | 2,387,073 | ||||||
WD-40 Co. | 20,167 | 3,207,360 | ||||||
|
| |||||||
10,415,993 | ||||||||
|
| |||||||
ENERGY (0.9%) | ||||||||
Kosmos Energy Ltd. | 769,785 | 4,826,552 | ||||||
|
| |||||||
FINANCIALS (7.1%) | ||||||||
Allegiance Bancshares, Inc.* | 92,079 | 3,069,914 | ||||||
AMERISAFE, Inc. | 55,399 | 3,532,794 | ||||||
First Merchants Corp. | 141,359 | 5,357,506 | ||||||
Heritage Financial Corp. | 185,286 | 5,473,349 | ||||||
iSharesMicro-Cap ETF | 61,653 | 5,745,443 | ||||||
Moelis & Co. Cl A | 140,163 | 4,898,697 | ||||||
Primerica, Inc. | 38,818 | 4,656,219 | ||||||
Starwood Property Trust, Inc. | 147,018 | 3,340,249 | ||||||
TriState Capital Hldgs., Inc.* | 184,485 | 3,936,910 | ||||||
|
| |||||||
40,011,081 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (25.5%) | ||||||||
ACADIA Pharmaceuticals, Inc.* | 101,203 | $ | 2,705,156 | |||||
Acceleron Pharma, Inc.* | 55,132 | 2,264,823 | ||||||
Alder Biopharmaceuticals, Inc.* | 102,626 | 1,207,908 | ||||||
Amicus Therapeutics, Inc.* | 195,666 | 2,441,912 | ||||||
Array BioPharma, Inc.* | 166,803 | 7,727,983 | ||||||
AxoGen, Inc.* | 81,227 | 1,608,295 | ||||||
Blueprint Medicines Corp.* | 40,915 | 3,859,512 | ||||||
Cambrex Corp.* | 58,201 | 2,724,389 | ||||||
CareDx, Inc.* | 60,693 | 2,184,341 | ||||||
CRISPR Therapeutics AG* | 36,226 | 1,706,245 | ||||||
Emergent BioSolutions, Inc.* | 122,841 | 5,934,449 | ||||||
Exact Sciences Corp.* | 23,899 | 2,821,038 | ||||||
FibroGen, Inc.* | 34,412 | 1,554,734 | ||||||
Global Blood Therapeutics, Inc.* | 31,725 | 1,668,735 | ||||||
Globus Medical, Inc. Cl A* | 70,573 | 2,985,238 | ||||||
HealthEquity, Inc.* | 65,415 | 4,278,141 | ||||||
Horizon Therapeutics PLC* | 186,567 | 4,488,802 | ||||||
ICU Medical, Inc.* | 11,833 | 2,980,851 | ||||||
Inogen, Inc.* | 19,048 | 1,271,645 | ||||||
Insmed, Inc.* | 77,625 | 1,987,200 | ||||||
Insulet Corp.* | 28,050 | 3,348,609 | ||||||
Intersect ENT, Inc.* | 77,682 | 1,768,042 | ||||||
iRhythm Technologies, Inc.* | 39,799 | 3,147,305 | ||||||
Karyopharm Therapeutics, Inc.* | 209,029 | 1,252,084 | ||||||
LHC Group, Inc.* | 37,744 | 4,513,427 | ||||||
Madrigal Pharmaceuticals, Inc.* | 13,618 | 1,427,303 | ||||||
Masimo Corp.* | 18,387 | 2,736,353 | ||||||
Medicines Co.* | 82,856 | �� | 3,021,758 | |||||
Neogen Corp.* | 47,702 | 2,962,771 | ||||||
NeoGenomics, Inc.* | 130,991 | 2,873,943 | ||||||
Neurocrine Biosciences, Inc.* | 22,940 | 1,936,824 | ||||||
Omnicell, Inc.* | 61,387 | 5,281,124 | ||||||
Portola Pharmaceuticals, Inc.* | 75,861 | 2,058,109 | ||||||
Quidel Corp.* | 51,417 | 3,050,056 | ||||||
Repligen Corp.* | 59,616 | 5,123,995 | ||||||
Sage Therapeutics, Inc.* | 14,717 | 2,694,535 | ||||||
Sientra, Inc.* | 342,987 | 2,112,800 | ||||||
STAAR Surgical Co.* | 94,919 | 2,788,720 | ||||||
Supernus Pharmaceuticals, Inc.* | 154,113 | 5,099,599 | ||||||
Tabula Rasa HealthCare, Inc.* | 57,260 | 2,858,992 | ||||||
Tactile Systems Technology, Inc.* | 62,923 | 3,581,577 | ||||||
Tandem Diabetes Care, Inc.* | 21,725 | 1,401,697 | ||||||
Teladoc Health, Inc.* | 36,972 | 2,455,310 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 34,449 | 2,187,511 | ||||||
US Physical Therapy, Inc. | 29,803 | 3,652,954 | ||||||
Vericel Corp.* | 145,877 | 2,755,616 | ||||||
Wright Medical Group NV* | 129,913 | 3,874,006 | ||||||
Xencor, Inc.* | 88,728 | 3,631,637 | ||||||
Zogenix, Inc.* | 46,720 | 2,232,282 | ||||||
|
| |||||||
144,230,336 | ||||||||
|
| |||||||
INDUSTRIALS (17.3%) | ||||||||
Altra Industrial Motion Corp. | 194,527 | 6,979,629 | ||||||
ASGN, Inc.* | 37,953 | 2,299,952 | ||||||
BG Staffing, Inc. | 74,729 | 1,410,884 | ||||||
Brink’s Co. | 110,587 | 8,977,453 | ||||||
Echo Global Logistics, Inc.* | 174,282 | 3,637,265 |
The accompanying notes are an integral part of these portfolio schedules.
43
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
EMCOR Group, Inc. | 66,962 | $ | 5,899,352 | |||||
EnerSys | 33,118 | 2,268,583 | ||||||
Exponent, Inc. | 81,772 | 4,786,933 | ||||||
Generac Hldgs., Inc.* | 69,501 | 4,824,064 | ||||||
Gorman-Rupp Co. | 160,495 | 5,269,051 | ||||||
Heidrick & Struggles International, Inc. | 100,871 | 3,023,104 | ||||||
IAA, Inc.* | 95,383 | 3,698,953 | ||||||
John Bean Technologies Corp. | 32,515 | 3,938,542 | ||||||
Knight-Swift Transportation Hldgs., Inc. Cl A | 105,531 | 3,465,638 | ||||||
Knoll, Inc. | 142,797 | 3,281,475 | ||||||
Kratos Defense & Security Solutions, Inc.* | 176,000 | 4,028,640 | ||||||
Simpson Manufacturing Co., Inc. | 80,955 | 5,380,269 | ||||||
Spirit Airlines, Inc.* | 113,822 | 5,432,724 | ||||||
Teledyne Technologies, Inc.* | 23,408 | 6,410,749 | ||||||
Trex Co., Inc.* | 105,219 | 7,544,202 | ||||||
US Ecology, Inc. | 27,845 | 1,657,891 | ||||||
Willdan Group, Inc.* | 96,409 | 3,591,235 | ||||||
|
| |||||||
97,806,588 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (20.4%) | ||||||||
Akoustis Technologies, Inc.* | 249,021 | 1,593,734 | ||||||
Altair Engineering, Inc. Cl A* | 93,068 | 3,759,017 | ||||||
Cardtronics PLC Cl A* | 51,670 | 1,411,624 | ||||||
Cohu, Inc. | 161,672 | 2,494,599 | ||||||
Cornerstone OnDemand, Inc.* | 49,851 | 2,887,868 | ||||||
Cray, Inc.* | 117,092 | 4,077,143 | ||||||
Cypress Semiconductor Corp. | 187,305 | 4,165,663 | ||||||
EPAM Systems, Inc.* | 34,775 | 6,019,552 | ||||||
Everspin Technologies, Inc.* | 185,845 | 1,211,709 | ||||||
Five9, Inc.* | 203,384 | 10,431,565 | ||||||
Globant S.A.* | 54,664 | 5,523,797 | ||||||
II-VI, Inc.* | 102,685 | 3,754,164 | ||||||
Itron, Inc.* | 39,410 | 2,465,884 | ||||||
LivePerson, Inc.* | 116,903 | 3,277,960 | ||||||
LogMeIn, Inc. | 30,607 | 2,255,124 | ||||||
Lumentum Hldgs., Inc.* | 48,650 | 2,598,397 | ||||||
MaxLinear, Inc. Cl A* | 102,859 | 2,411,015 | ||||||
MKS Instruments, Inc. | 33,826 | 2,634,707 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
New Relic, Inc.* | 55,816 | $ | 4,828,642 | |||||
Perficient, Inc.* | 129,759 | 4,453,329 | ||||||
Pluralsight, Inc. Cl A* | 39,293 | 1,191,364 | ||||||
Proofpoint, Inc.* | 41,492 | 4,989,413 | ||||||
Pure Storage, Inc. Cl A* | 147,806 | 2,256,998 | ||||||
Q2 Hldgs., Inc.* | 69,357 | 5,296,101 | ||||||
Rapid7, Inc.* | 200,943 | 11,622,543 | ||||||
SailPoint Technologies Hldg., Inc.* | 89,395 | 1,791,476 | ||||||
Science Applications International Corp. | 42,647 | 3,691,524 | ||||||
SYNNEX Corp. | 33,856 | 3,331,430 | ||||||
ViaSat, Inc.* | 28,495 | 2,302,966 | ||||||
Xperi Corp. | 115,366 | 2,375,386 | ||||||
Zendesk, Inc.* | 41,453 | 3,690,561 | ||||||
|
| |||||||
114,795,255 | ||||||||
|
| |||||||
MATERIALS (1.9%) | ||||||||
Berry Global Group, Inc.* | 45,817 | 2,409,518 | ||||||
Ferroglobe Representation & Warranty Insurance Trust* | 72,345 | 0 | †† | |||||
Ingevity Corp.* | 52,800 | 5,552,978 | ||||||
U.S. Concrete, Inc.* | 54,518 | 2,709,003 | ||||||
|
| |||||||
10,671,499 | ||||||||
|
| |||||||
REAL ESTATE (4.1%) | ||||||||
Americold Realty Trust | 85,485 | 2,771,424 | ||||||
Easterly Government Properties, Inc. | 293,748 | 5,319,776 | ||||||
Pebblebrook Hotel Trust | 130,652 | 3,681,773 | ||||||
QTS Realty Trust, Inc. Cl A | 74,306 | 3,431,451 | ||||||
Redfin Corp.* | 81,320 | 1,462,134 | ||||||
Terreno Realty Corp. | 136,120 | 6,675,325 | ||||||
|
| |||||||
23,341,883 | ||||||||
|
| |||||||
UTILITIES (1.5%) | ||||||||
Chesapeake Utilities Corp. | 45,009 | 4,276,756 | ||||||
Suburban Propane Partners LP | 182,387 | 4,430,180 | ||||||
|
| |||||||
8,706,936 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $478,262,797) 97.2% | 548,266,273 | |||||||
|
|
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||
U.S. GOVERNMENT (0.3%) | ||||||||||||||
U.S. Treasury Bill | A-1+ | 2.28 | 07/05/19 | $ | 2,000,000 | $ | 1,999,493 | |||||||
|
| |||||||||||||
U.S. GOVERNMENT AGENCIES (1.3%) | ||||||||||||||
FHLB | A-1+ | 2.25 | 07/02/19 | 7,200,000 | 7,199,550 | |||||||||
|
| |||||||||||||
COMMERCIAL PAPER (2.1%) | ||||||||||||||
Cargill Global Funding PLC† | A-1 | 2.32 | 07/01/19 | 11,600,000 | 11,600,000 | |||||||||
|
| |||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 20,799,043 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS |
| 569,065,316 | ||||||||||||
|
| |||||||||||||
OTHER NET ASSETS-0.9% |
| (5,143,311 | ) | |||||||||||
|
| |||||||||||||
NET ASSETS 100.0% |
| $ | 563,922,005 | |||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
44
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS: | ||||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (1.9%) | ||||||||
ATN International, Inc. | 389 | $ | 22,457 | |||||
Care.com, Inc.* | 954 | 10,475 | ||||||
Cincinnati Bell, Inc.* | 1,826 | 9,039 | ||||||
Cogent Communications Hldgs., Inc. | 1,496 | 88,803 | ||||||
Consolidated Communications Hldgs., Inc. | 2,609 | 12,862 | ||||||
EW Scripps Co. Cl A | 2,027 | 30,993 | ||||||
Frontier Communications Corp.* | 3,750 | 6,562 | ||||||
Gannett Co., Inc. | 4,119 | 33,611 | ||||||
Iridium Communications, Inc.* | 3,447 | 80,177 | ||||||
Marcus Corp. | 782 | 25,775 | ||||||
New Media Investment Group, Inc. | 1,954 | 18,446 | ||||||
QuinStreet, Inc.* | 1,405 | 22,269 | ||||||
Scholastic Corp. | 998 | 33,173 | ||||||
Spok Hldgs., Inc. | 642 | 9,656 | ||||||
TechTarget, Inc.* | 781 | 16,596 | ||||||
Vonage Hldgs. Corp.* | 8,017 | 90,833 | ||||||
|
| |||||||
511,727 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (13.6%) | ||||||||
Abercrombie & Fitch Co. Cl A | 2,389 | 38,320 | ||||||
American Axle & Manufacturing Hldgs., Inc.* | 4,035 | 51,487 | ||||||
American Public Education, Inc.* | 595 | 17,600 | ||||||
Asbury Automotive Group, Inc.* | 698 | 58,869 | ||||||
Ascena Retail Group, Inc.* | 6,280 | 3,831 | ||||||
Barnes & Noble Education, Inc.* | 1,250 | 4,200 | ||||||
Barnes & Noble, Inc. | 2,047 | 13,694 | ||||||
Big Lots, Inc. | 1,432 | 40,970 | ||||||
BJ’s Restaurants, Inc. | 741 | 32,560 | ||||||
Bloomin’ Brands, Inc. | 3,298 | 62,365 | ||||||
Boot Barn Hldgs., Inc.* | 1,021 | 36,388 | ||||||
Buckle, Inc. | 1,026 | 17,760 | ||||||
Caleres, Inc. | 1,519 | 30,258 | ||||||
Callaway Golf Co. | 3,180 | 54,569 | ||||||
Career Education Corp.* | 2,513 | 47,923 | ||||||
Cato Corp. Cl A | 827 | 10,189 | ||||||
Cavco Industries, Inc.* | 305 | 48,050 | ||||||
Century Communities, Inc.* | 987 | 26,235 | ||||||
Chico’s FAS, Inc. | 4,265 | 14,373 | ||||||
Children’s Place, Inc. | 567 | 54,080 | ||||||
Chuy’s Hldgs., Inc.* | 600 | 13,752 | ||||||
Conn’s, Inc.* | 885 | 15,771 | ||||||
Cooper Tire & Rubber Co. | 1,792 | 56,538 | ||||||
Cooper-Standard Hldgs., Inc.* | 582 | 26,667 | ||||||
Core-Mark Hldg. Co, Inc. | 1,645 | 65,339 | ||||||
Crocs, Inc.* | 2,343 | 46,274 | ||||||
Dave & Buster’s Entertainment, Inc. | 1,308 | 52,935 | ||||||
Designer Brands, Inc. Cl A | 2,060 | 39,490 | ||||||
Dine Brands Global, Inc. | 624 | 59,573 | ||||||
Dorman Products, Inc.* | 1,040 | 90,626 | ||||||
El Pollo Loco Hldgs., Inc.* | 782 | 8,336 | ||||||
Ethan Allen Interiors, Inc. | 886 | 18,659 | ||||||
Express, Inc.* | 2,420 | 6,607 | ||||||
Fiesta Restaurant Group, Inc.* | 848 | 11,143 | ||||||
Fossil Group, Inc.* | 1,633 | 18,779 |
The accompanying notes are an integral part of these portfolio schedules.
45
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Fox Factory Hldg. Corp.* | 1,366 | $ | 112,709 | |||||
GameStop Corp. Cl A | 3,674 | 20,097 | ||||||
Garrett Motion, Inc.* | 2,660 | 40,831 | ||||||
Genesco, Inc.* | 622 | 26,304 | ||||||
Gentherm, Inc.* | 1,201 | 50,238 | ||||||
G-III Apparel Group Ltd.* | 1,489 | 43,806 | ||||||
Group 1 Automotive, Inc. | 629 | 51,509 | ||||||
Guess?, Inc. | 1,809 | 29,215 | ||||||
Haverty Furniture Cos., Inc. | 676 | 11,512 | ||||||
Hibbett Sports, Inc.* | 659 | 11,994 | ||||||
Installed Building Products, Inc.* | 754 | 44,652 | ||||||
iRobot Corp.* | 1,008 | 92,373 | ||||||
JC Penney Co., Inc.* | 11,405 | 13,002 | ||||||
Kirkland’s, Inc.* | 507 | 1,146 | ||||||
Kontoor Brands, Inc.* | 1,672 | 46,849 | ||||||
La-Z-Boy, Inc. | 1,677 | 51,417 | ||||||
LCI Industries | 894 | 80,460 | ||||||
LGI Homes, Inc.* | 675 | 48,215 | ||||||
Liquidity Svcs., Inc.* | 963 | 5,865 | ||||||
Lithia Motors, Inc. Cl A | 800 | 95,024 | ||||||
Lumber Liquidators Hldgs., Inc.* | 1,027 | 11,862 | ||||||
M/I Homes, Inc.* | 984 | 28,083 | ||||||
MarineMax, Inc.* | 817 | 13,431 | ||||||
MDC Hldgs., Inc. | 1,762 | 57,758 | ||||||
Meritage Homes Corp.* | 1,288 | 66,126 | ||||||
Monarch Casino & Resort, Inc.* | 425 | 18,164 | ||||||
Monro, Inc. | 1,192 | 101,678 | ||||||
Motorcar Parts of America, Inc.* | 677 | 14,495 | ||||||
Movado Group, Inc. | 589 | 15,903 | ||||||
Nautilus, Inc.* | 1,078 | 2,382 | ||||||
Office Depot, Inc. | 19,678 | 40,537 | ||||||
Oxford Industries, Inc. | 609 | 46,162 | ||||||
PetMed Express, Inc. | 724 | 11,345 | ||||||
Red Robin Gourmet Burgers, Inc.* | 463 | 14,154 | ||||||
Regis Corp.* | 1,050 | 17,430 | ||||||
Rent-A-Center, Inc.* | 1,603 | 42,688 | ||||||
RH* | 573 | 66,239 | ||||||
Ruth’s Hospitality Group, Inc. | 1,014 | 23,028 | ||||||
Shake Shack, Inc. Cl A* | 936 | 67,579 | ||||||
Shoe Carnival, Inc. | 350 | 9,660 | ||||||
Shutterfly, Inc.* | 1,229 | 62,126 | ||||||
Shutterstock, Inc. | 667 | 26,140 | ||||||
Sleep Number Corp.* | 1,082 | 43,702 | ||||||
Sonic Automotive, Inc. Cl A | 861 | 20,104 | ||||||
Stamps.com, Inc.* | 583 | 26,392 | ||||||
Standard Motor Products, Inc. | 719 | 32,599 | ||||||
Steven Madden Ltd. | 2,790 | 94,720 | ||||||
Strategic Education, Inc. | 790 | 140,620 | ||||||
Sturm Ruger & Co., Inc. | 622 | 33,887 | ||||||
Superior Industries International, Inc. | 844 | 2,920 | ||||||
Tailored Brands, Inc. | 1,810 | 10,444 | ||||||
Tile Shop Hldgs., Inc. | 1,383 | 5,532 | ||||||
TopBuild Corp.* | 1,231 | 101,878 | ||||||
Unifi, Inc.* | 524 | 9,521 | ||||||
Universal Electronics, Inc.* | 496 | 20,346 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Vera Bradley, Inc.* | 750 | $ | 9,000 | |||||
Vista Outdoor, Inc.* | 2,073 | 18,408 | ||||||
Vitamin Shoppe, Inc.* | 558 | 2,199 | ||||||
William Lyon Homes Cl A* | 1,182 | 21,548 | ||||||
Wingstop, Inc. | 1,053 | 99,772 | ||||||
Winnebago Industries, Inc. | 1,037 | 40,080 | ||||||
Wolverine World Wide, Inc. | 3,172 | 87,357 | ||||||
Zumiez, Inc.* | 685 | 17,878 | ||||||
|
| |||||||
3,667,305 | ||||||||
|
| |||||||
CONSUMER STAPLES (3.4%) | ||||||||
Andersons, Inc. | 941 | 25,633 | ||||||
Avon Products, Inc.* | 15,822 | 61,389 | ||||||
B&G Foods, Inc. | 2,348 | 48,838 | ||||||
Calavo Growers, Inc. | 559 | 54,078 | ||||||
Cal-Maine Foods, Inc. | 1,083 | 45,183 | ||||||
Central Garden & Pet Co.* | 370 | 9,971 | ||||||
Central Garden & Pet Co. Cl A* | 1,481 | 36,492 | ||||||
Chefs’ Warehouse, Inc.* | 826 | 28,968 | ||||||
Coca-Cola Bottling Co. Consolidated | 165 | 49,376 | ||||||
Darling Ingredients, Inc.* | 5,904 | 117,430 | ||||||
Dean Foods Co. | 3,362 | 3,106 | ||||||
Inter Parfums, Inc. | 620 | 41,224 | ||||||
J&J Snack Foods Corp. | 539 | 86,752 | ||||||
John B Sanfilippo & Son, Inc. | 314 | 25,023 | ||||||
Medifast, Inc. | 421 | 54,014 | ||||||
MGP Ingredients, Inc. | 458 | 30,370 | ||||||
Seneca Foods Corp. Cl A* | 237 | 6,596 | ||||||
SpartanNash Co. | 1,304 | 15,218 | ||||||
United Natural Foods, Inc.* | 1,525 | 13,679 | ||||||
Universal Corp. | 894 | 54,328 | ||||||
Usana Health Sciences, Inc.* | 473 | 37,570 | ||||||
WD-40 Co. | 495 | 78,725 | ||||||
|
| |||||||
923,963 | ||||||||
|
| |||||||
ENERGY (3.7%) | ||||||||
Archrock, Inc. | 4,707 | 49,894 | ||||||
Bonanza Creek Energy, Inc.* | 675 | 14,094 | ||||||
C&J Energy Svcs., Inc.* | 2,223 | 26,187 | ||||||
Carrizo Oil & Gas, Inc.* | 3,117 | 31,232 | ||||||
CONSOL Energy, Inc.* | 993 | 26,424 | ||||||
Denbury Resources, Inc.* | 16,855 | 20,900 | ||||||
Diamond Offshore Drilling, Inc.* | 2,353 | 20,871 | ||||||
DMC Global, Inc. | 513 | 32,499 | ||||||
Dril-Quip, Inc.* | 1,304 | 62,592 | ||||||
Era Group, Inc.* | 730 | 6,088 | ||||||
Exterran Corp.* | 1,147 | 16,310 | ||||||
Geospace Technologies Corp.* | 490 | 7,404 | ||||||
Green Plains, Inc. | 1,411 | 15,211 | ||||||
Gulf Island Fabrication, Inc.* | 496 | 3,522 | ||||||
Gulfport Energy Corp.* | 5,253 | 25,792 | ||||||
Helix Energy Solutions Group, Inc.* | 5,039 | 43,487 | ||||||
HighPoint Resources Corp.* | 4,082 | 7,429 | ||||||
KLX Energy Svcs. Hldgs., Inc.* | 839 | 17,141 | ||||||
Laredo Petroleum, Inc.* | 5,643 | 16,365 | ||||||
Matrix Service Co.* | 963 | 19,510 |
The accompanying notes are an integral part of these portfolio schedules.
46
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
ENERGY (CONTINUED) | ||||||||
Nabors Industries Ltd. | 12,214 | $ | 35,421 | |||||
Newpark Resources, Inc.* | 3,261 | 24,197 | ||||||
Noble Corp. PLC* | 9,153 | 17,116 | ||||||
Oil States International, Inc.* | 2,179 | 39,876 | ||||||
Par Pacific Hldgs., Inc.* | 1,082 | 22,203 | ||||||
PDC Energy, Inc.* | 2,389 | 86,147 | ||||||
Penn Virginia Corp.* | 488 | 14,972 | ||||||
ProPetro Hldg. Corp.* | 2,675 | 55,372 | ||||||
Renewable Energy Group, Inc.* | 1,345 | 21,332 | ||||||
REX American Resources Corp.* | 202 | 14,726 | ||||||
Ring Energy, Inc.* | 2,131 | 6,926 | ||||||
SEACOR Hldgs., Inc.* | 627 | 29,789 | ||||||
SRC Energy, Inc.* | 8,793 | 43,613 | ||||||
Superior Energy Svcs., Inc.* | 5,724 | 7,441 | ||||||
TETRA Technologies, Inc.* | 4,585 | 7,473 | ||||||
Unit Corp.* | 2,026 | 18,011 | ||||||
US Silica Hldgs., Inc. | 2,666 | 34,098 | ||||||
Whiting Petroleum Corp.* | 3,319 | 61,999 | ||||||
|
| |||||||
1,003,664 | ||||||||
|
| |||||||
FINANCIALS (18.9%) | ||||||||
Ambac Financial Group, Inc.* | 1,640 | 27,634 | ||||||
American Equity Investment Life Hldg. Co. | 3,267 | 88,732 | ||||||
Ameris Bancorp | 2,065 | 80,927 | ||||||
AMERISAFE, Inc. | 690 | 44,001 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 4,928 | 90,626 | ||||||
ARMOUR Residential REIT, Inc. | 1,878 | 35,006 | ||||||
Axos Financial, Inc.* | 1,933 | 52,674 | ||||||
Banc of California, Inc. | 1,544 | 21,570 | ||||||
Banner Corp. | 1,124 | 60,865 | ||||||
Berkshire Hills Bancorp, Inc. | 1,634 | 51,291 | ||||||
Blucora, Inc.* | 1,738 | 52,783 | ||||||
Boston Private Financial Hldg., Inc. | 3,005 | 36,270 | ||||||
Brookline Bancorp, Inc. | 2,859 | 43,971 | ||||||
Capstead Mortgage Corp. | 3,068 | 25,618 | ||||||
Central Pacific Financial Corp. | 1,026 | 30,739 | ||||||
City Hldg. Co. | 591 | 45,070 | ||||||
Columbia Banking System, Inc. | 2,642 | 95,588 | ||||||
Community Bank System, Inc. | 1,847 | 121,607 | ||||||
Customers Bancorp, Inc.* | 1,032 | 21,672 | ||||||
CVB Financial Corp. | 3,673 | 77,243 | ||||||
Dime Community Bancshares, Inc. | 1,098 | 20,851 | ||||||
Donnelley Financial Solutions, Inc.* | 1,242 | 16,568 | ||||||
Eagle Bancorp, Inc. | 1,142 | 61,816 | ||||||
eHealth, Inc.* | 679 | 58,462 | ||||||
Employers Hldgs., Inc. | 1,147 | 48,484 | ||||||
Encore Capital Group, Inc.* | 926 | 31,364 | ||||||
Enova International, Inc.* | 1,209 | 27,867 | ||||||
EZCORP, Inc. Cl A* | 1,885 | 17,851 | ||||||
First BanCorp. | 7,756 | 85,626 | ||||||
First Commonwealth Financial Corp. | 3,532 | 47,576 | ||||||
First Financial Bancorp | 3,538 | 85,690 | ||||||
First Midwest Bancorp, Inc. | 4,000 | 81,880 | ||||||
FirstCash, Inc. | 1,544 | 154,431 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Flagstar Bancorp, Inc. | 1,035 | $ | 34,300 | |||||
Franklin Financial Network, Inc. | 444 | 12,370 | ||||||
Glacier Bancorp, Inc. | 3,026 | 122,704 | ||||||
Granite Point Mortgage Trust, Inc. | 1,927 | 36,979 | ||||||
Great Western Bancorp, Inc. | 2,042 | 72,940 | ||||||
Greenhill & Co., Inc. | 648 | 8,806 | ||||||
Hanmi Financial Corp. | 1,111 | 24,742 | ||||||
HCI Group, Inc. | 240 | 9,713 | ||||||
Heritage Financial Corp. | 1,193 | 35,241 | ||||||
HomeStreet, Inc.* | 969 | 28,721 | ||||||
Hope Bancorp, Inc. | 4,323 | 59,571 | ||||||
Horace Mann Educators Corp. | 1,480 | 59,629 | ||||||
Independent Bank Corp. | 1,230 | 93,665 | ||||||
INTL. FCStone, Inc.* | 575 | 22,764 | ||||||
Invesco Mortgage Capital, Inc. | 4,608 | 74,281 | ||||||
iShares Core S&PSmall-Cap ETF | 4,462 | 349,285 | ||||||
James River Group Hldgs. Ltd. | 1,081 | 50,699 | ||||||
LegacyTexas Financial Group, Inc. | 1,628 | 66,276 | ||||||
Meta Financial Group, Inc. | 997 | 27,966 | ||||||
National Bank Hldgs. Corp. Cl A | 933 | 33,868 | ||||||
NBT Bancorp, Inc. | 1,569 | 58,853 | ||||||
New York Mortgage Trust, Inc. | 7,463 | 46,271 | ||||||
NMI Hldgs., Inc. Cl A* | 2,429 | 68,959 | ||||||
Northfield Bancorp, Inc. | 1,694 | 26,443 | ||||||
Northwest Bancshares, Inc. | 3,802 | 66,953 | ||||||
OFG Bancorp | 1,551 | 36,867 | ||||||
Old National Bancorp. | 5,373 | 89,138 | ||||||
Opus Bank | 776 | 16,381 | ||||||
Oritani Financial Corp. | 1,375 | 24,393 | ||||||
Pacific Premier Bancorp, Inc. | 1,621 | 50,056 | ||||||
PennyMac Mortgage Investment Trust | 2,736 | 59,727 | ||||||
Piper Jaffray Cos. | 512 | 38,026 | ||||||
PRA Group, Inc.* | 1,630 | 45,868 | ||||||
Preferred Bank | 502 | 23,720 | ||||||
ProAssurance Corp. | 1,927 | 69,584 | ||||||
Provident Financial Svcs., Inc. | 2,199 | 53,326 | ||||||
Redwood Trust, Inc. | 3,468 | 57,326 | ||||||
RLI Corp. | 1,405 | 120,423 | ||||||
S&T Bancorp, Inc. | 1,231 | 46,138 | ||||||
Safety Insurance Group, Inc. | 521 | 49,563 | ||||||
Seacoast Banking Corp. of Florida* | 1,846 | 46,962 | ||||||
Selective Insurance Group, Inc. | 2,125 | 159,141 | ||||||
ServisFirst Bancshares, Inc. | 1,645 | 56,358 | ||||||
Simmons First National Corp. Cl A | 3,446 | 80,154 | ||||||
Southside Bancshares, Inc. | 1,139 | 36,881 | ||||||
Stewart Information Svcs. Corp. | 849 | 34,376 | ||||||
Third Point Reinsurance Ltd.* | 2,677 | 27,627 | ||||||
Tompkins Financial Corp. | 444 | 36,230 | ||||||
Triumph Bancorp, Inc.* | 886 | 25,738 | ||||||
TrustCo Bank Corp. | 3,476 | 27,530 | ||||||
United Community Banks, Inc. | 2,838 | 81,053 | ||||||
United Fire Group, Inc. | 769 | 37,266 | ||||||
United Insurance Hldgs. Corp. | 774 | 11,037 | ||||||
Universal Insurance Hldgs., Inc. | 1,141 | 31,834 | ||||||
Veritex Hldgs., Inc. | 1,642 | 42,610 |
The accompanying notes are an integral part of these portfolio schedules.
47
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Virtus Investment Partners, Inc. | 252 | $ | 27,065 | |||||
Waddell & Reed Financial, Inc. Cl A | 2,691 | 44,859 | ||||||
Walker & Dunlop, Inc. | 1,018 | 54,168 | ||||||
Westamerica Bancorporation | 965 | 59,454 | ||||||
WisdomTree Investments, Inc. | 4,216 | 26,013 | ||||||
World Acceptance Corp.* | 227 | 37,253 | ||||||
|
| |||||||
5,098,497 | ||||||||
|
| |||||||
HEALTH CARE (11.8%) | ||||||||
Acorda Therapeutics, Inc.* | 1,439 | 11,037 | ||||||
Addus Homecare Corp.* | 360 | 26,982 | ||||||
Akorn, Inc.* | 3,369 | 17,350 | ||||||
AMAG Pharmaceuticals, Inc.* | 1,219 | 12,178 | ||||||
AMN Healthcare Svcs., Inc.* | 1,670 | 90,598 | ||||||
Amphastar Pharmaceuticals, Inc.* | 1,260 | 26,599 | ||||||
AngioDynamics, Inc.* | 1,335 | 26,286 | ||||||
ANI Pharmaceuticals, Inc.* | 300 | 24,660 | ||||||
Anika Therapeutics, Inc.* | 508 | 20,635 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 3,413 | 90,444 | ||||||
Assertio Therapeutics, Inc.* | 2,311 | 7,973 | ||||||
BioTelemetry, Inc.* | 1,211 | 58,310 | ||||||
Cambrex Corp.* | 1,211 | 56,687 | ||||||
Cardiovascular Systems, Inc.* | 1,250 | 53,663 | ||||||
Community Health Systems, Inc.* | 4,222 | 11,273 | ||||||
Computer Programs & Systems, Inc. | 438 | 12,172 | ||||||
CONMED Corp. | 928 | 79,409 | ||||||
Corcept Therapeutics, Inc.* | 3,757 | 41,891 | ||||||
CorVel Corp.* | 323 | 28,104 | ||||||
Cross Country Healthcare, Inc.* | 1,318 | 12,363 | ||||||
CryoLife, Inc.* | 1,230 | 36,814 | ||||||
Cutera, Inc.* | 503 | 10,452 | ||||||
Cytokinetics, Inc.* | 2,077 | 23,366 | ||||||
Diplomat Pharmacy, Inc.* | 2,041 | 12,430 | ||||||
Eagle Pharmaceuticals, Inc.* | 371 | 20,657 | ||||||
Emergent BioSolutions, Inc.* | 1,626 | 78,552 | ||||||
Enanta Pharmaceuticals, Inc.* | 572 | 48,265 | ||||||
Endo International PLC* | 7,267 | 29,940 | ||||||
Ensign Group, Inc. | 1,787 | 101,716 | ||||||
HealthStream, Inc.* | 916 | 23,688 | ||||||
Heska Corp.* | 251 | 21,378 | ||||||
HMS Hldgs. Corp.* | 3,119 | 101,024 | ||||||
Innoviva, Inc.* | 2,437 | 35,483 | ||||||
Integer Hldgs. Corp.* | 1,075 | 90,214 | ||||||
Invacare Corp. | 1,204 | 6,249 | ||||||
Lannett Co, Inc.* | 1,228 | 7,442 | ||||||
Lantheus Hldgs., Inc.* | 1,398 | 39,563 | ||||||
LeMaitre Vascular, Inc. | 573 | 16,033 | ||||||
LHC Group, Inc.* | 1,050 | 125,559 | ||||||
Luminex Corp. | 1,497 | 30,898 | ||||||
Magellan Health, Inc.* | 861 | 63,912 | ||||||
Medicines Co.* | 2,484 | 90,591 | ||||||
Medpace Hldgs., Inc.* | 938 | 61,364 | ||||||
Meridian Bioscience, Inc. | 1,527 | 18,141 | ||||||
Merit Medical Systems, Inc.* | 1,973 | 117,512 | ||||||
Mesa Laboratories, Inc. | 127 | 31,031 | ||||||
Momenta Pharmaceuticals, Inc.* | 3,522 | 43,849 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Myriad Genetics, Inc.* | 2,626 | $ | 72,950 | |||||
Natus Medical, Inc.* | 1,216 | 31,239 | ||||||
Neogen Corp.* | 1,872 | 116,270 | ||||||
NeoGenomics, Inc.* | 3,682 | 80,783 | ||||||
NextGen Healthcare, Inc.* | 1,715 | 34,129 | ||||||
Omnicell, Inc.* | 1,473 | 126,722 | ||||||
OraSure Technologies, Inc.* | 2,237 | 20,759 | ||||||
Orthofix Medical, Inc.* | 682 | 36,064 | ||||||
Owens & Minor, Inc. | 2,262 | 7,238 | ||||||
Phibro Animal Health Corp. Cl A | 728 | 23,129 | ||||||
Progenics Pharmaceuticals, Inc.* | 3,031 | 18,701 | ||||||
Providence Svc. Corp.* | 397 | 22,764 | ||||||
REGENXBIO, Inc.* | 1,112 | 57,123 | ||||||
Repligen Corp.* | 1,507 | 129,527 | ||||||
Select Medical Hldgs. Corp.* | 3,897 | 61,845 | ||||||
Spectrum Pharmaceuticals, Inc.* | 3,809 | 32,795 | ||||||
Supernus Pharmaceuticals, Inc.* | 1,879 | 62,176 | ||||||
Surmodics, Inc.* | 478 | 20,635 | ||||||
Tabula Rasa HealthCare, Inc.* | 651 | 32,504 | ||||||
Tactile Systems Technology, Inc.* | 615 | 35,006 | ||||||
Tivity Health, Inc.* | 1,715 | 28,195 | ||||||
US Physical Therapy, Inc. | 459 | 56,260 | ||||||
Vanda Pharmaceuticals, Inc.* | 1,898 | 26,743 | ||||||
Varex Imaging Corp.* | 1,371 | 42,021 | ||||||
|
| |||||||
3,170,315 | ||||||||
|
| |||||||
INDUSTRIALS (18.8%) | ||||||||
AAON, Inc. | 1,453 | 72,912 | ||||||
AAR Corp. | 1,167 | 42,934 | ||||||
ABM Industries, Inc. | 2,376 | 95,040 | ||||||
Actuant Corp. Cl A | 2,202 | 54,632 | ||||||
Aegion Corp. Cl A*. | 1,122 | 20,645 | ||||||
Aerojet Rocketdyne Hldgs., Inc.* | 2,589 | 115,910 | ||||||
Aerovironment, Inc.* | 762 | 43,259 | ||||||
Alamo Group, Inc. | 344 | 34,376 | ||||||
Albany International Corp. Cl A | 1,091 | 90,455 | ||||||
Allegiant Travel Co. | 461 | 66,154 | ||||||
American Woodmark Corp.* | 537 | 45,441 | ||||||
Apogee Enterprises, Inc. | 961 | 41,746 | ||||||
Applied Industrial Technologies, Inc. | 1,382 | 85,034 | ||||||
ArcBest Corp. | 914 | 25,693 | ||||||
Arcosa, Inc. | 1,732 | 65,175 | ||||||
Astec Industries, Inc. | 807 | 26,276 | ||||||
Atlas Air Worldwide Hldgs., Inc.* | 927 | 41,381 | ||||||
AZZ, Inc. | 937 | 43,121 | ||||||
Barnes Group, Inc. | 1,692 | 95,327 | ||||||
Brady Corp. Cl A | 1,763 | 86,951 | ||||||
Briggs & Stratton Corp. | 1,508 | 15,442 | ||||||
Chart Industries, Inc.* | 1,278 | 98,253 | ||||||
CIRCOR International, Inc.* | 710 | 32,660 | ||||||
Comfort Systems USA, Inc. | 1,326 | 67,613 | ||||||
Cubic Corp. | 1,026 | 66,156 | ||||||
DXP Enterprises, Inc.* | 572 | 21,673 | ||||||
Echo Global Logistics, Inc.* | 998 | 20,828 | ||||||
Encore Wire Corp. | 747 | 43,759 | ||||||
EnPro Industries, Inc. | 743 | 47,433 |
The accompanying notes are an integral part of these portfolio schedules.
48
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
ESCO Technologies, Inc. | 929 | $ | 76,754 | |||||
Exponent, Inc. | 1,853 | 108,475 | ||||||
Federal Signal Corp. | 2,163 | 57,860 | ||||||
Forrester Research, Inc. | 369 | 17,354 | ||||||
Forward Air Corp. | 1,025 | 60,629 | ||||||
Franklin Electric Co., Inc. | 1,379 | 65,503 | ||||||
FTI Consulting, Inc.* | 1,356 | 113,687 | ||||||
Gibraltar Industries, Inc.* | 1,151 | 46,454 | ||||||
GMS, Inc.* | 1,148 | 25,256 | ||||||
Greenbrier Cos., Inc. | 1,164 | 35,386 | ||||||
Griffon Corp. | 1,241 | 20,998 | ||||||
Harsco Corp.* | 2,875 | 78,890 | ||||||
Hawaiian Hldgs., Inc. | 1,721 | 47,207 | ||||||
Heartland Express, Inc. | 1,695 | 30,629 | ||||||
Heidrick & Struggles International, Inc. | 689 | 20,649 | ||||||
Hillenbrand, Inc. | 2,251 | 89,072 | ||||||
Hub Group, Inc. Cl A* | 1,220 | 51,216 | ||||||
Insteel Industries, Inc. | 653 | 13,595 | ||||||
Interface, Inc. Cl A | 2,145 | 32,883 | ||||||
John Bean Technologies Corp. | 1,140 | 138,088 | ||||||
Kaman Corp. | 1,001 | 63,754 | ||||||
Kelly Svcs., Inc. Cl A | 1,116 | 29,228 | ||||||
Korn/Ferry International | 2,021 | 80,981 | ||||||
Lindsay Corp. | 389 | 31,980 | ||||||
LSC Communications, Inc. | 1,204 | 4,419 | ||||||
Lydall, Inc.* | 632 | 12,766 | ||||||
Marten Transport Ltd. | 1,389 | 25,210 | ||||||
Matson, Inc. | 1,532 | 59,518 | ||||||
Matthews International Corp. Cl A | 1,137 | 39,624 | ||||||
Mercury Systems, Inc.* | 1,978 | 139,152 | ||||||
Mobile Mini, Inc. | 1,617 | 49,205 | ||||||
Moog, Inc. Cl A | 1,160 | 108,588 | ||||||
Mueller Industries, Inc. | 2,027 | 59,330 | ||||||
Multi-Color Corp. | 500 | 24,985 | ||||||
MYR Group, Inc.* | 596 | 22,261 | ||||||
National Presto Industries, Inc. | 181 | 16,885 | ||||||
Navigant Consulting, Inc. | 1,410 | 32,698 | ||||||
Patrick Industries, Inc.* | 806 | 39,647 | ||||||
PGT Innovations, Inc.* | 2,094 | 35,012 | ||||||
Pitney Bowes, Inc. | 6,547 | 28,021 | ||||||
Powell Industries, Inc. | 314 | 11,932 | ||||||
Proto Labs, Inc.* | 965 | 111,959 | ||||||
Quanex Building Products Corp. | 1,187 | 22,422 | ||||||
Raven Industries, Inc. | 1,293 | 46,393 | ||||||
Resources Connection, Inc. | 1,082 | 17,323 | ||||||
RR Donnelley & Sons Co. | 2,543 | 5,010 | ||||||
Saia, Inc.* | 927 | 59,949 | ||||||
Simpson Manufacturing Co., Inc. | 1,441 | 95,769 | ||||||
SkyWest, Inc. | 1,839 | 111,572 | ||||||
SPX Corp.* | 1,566 | 51,709 | ||||||
SPX FLOW, Inc.* | 1,523 | 63,753 | ||||||
Standex International Corp. | 453 | 33,132 | ||||||
Team, Inc.* | 1,082 | 16,576 | ||||||
Tennant Co. | 649 | 39,719 | ||||||
Tetra Tech, Inc. | 1,967 | 154,508 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Titan International, Inc. | 1,789 | $ | 8,748 | |||||
Triumph Group, Inc. | 1,784 | 40,854 | ||||||
TrueBlue, Inc.* | 1,437 | 31,700 | ||||||
UniFirst Corp. | 549 | 103,525 | ||||||
Universal Forest Products, Inc. | 2,183 | 83,085 | ||||||
US Ecology, Inc. | 793 | 47,215 | ||||||
Veritiv Corp.* | 463 | 8,991 | ||||||
Viad Corp. | 727 | 48,156 | ||||||
Vicor Corp.* | 583 | 18,102 | ||||||
Wabash National Corp. | 1,981 | 32,231 | ||||||
WageWorks, Inc.* | 1,426 | 72,427 | ||||||
Watts Water Technologies, Inc. Cl A | 992 | 92,435 | ||||||
|
| |||||||
5,069,323 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (14.4%) | ||||||||
3D Systems Corp.* | 4,229 | 38,484 | ||||||
8x8, Inc.* | 3,453 | 83,217 | ||||||
ADTRAN, Inc. | 1,714 | 26,139 | ||||||
Advanced Energy Industries, Inc.* | 1,363 | 76,696 | ||||||
Agilysys, Inc.* | 634 | 13,612 | ||||||
Alarm.com Hldgs., Inc.* | 1,269 | 67,892 | ||||||
Anixter International, Inc.* | 1,037 | 61,919 | ||||||
Applied Optoelectronics, Inc.* | 670 | 6,888 | ||||||
Arlo Technologies, Inc.* | 2,664 | 10,683 | ||||||
Axcelis Technologies, Inc.* | 1,171 | 17,624 | ||||||
Badger Meter, Inc. | 1,043 | 62,257 | ||||||
Bel Fuse, Inc. Cl B | 361 | 6,198 | ||||||
Benchmark Electronics, Inc. | 1,384 | 34,766 | ||||||
Bottomline Technologies DE, Inc.* | 1,358 | 60,078 | ||||||
Brooks Automation, Inc. | 2,587 | 100,246 | ||||||
Cabot Microelectronics Corp. | 1,040 | 114,483 | ||||||
CalAmp Corp.* | 1,209 | 14,121 | ||||||
Cardtronics PLC Cl A* | 1,340 | 36,609 | ||||||
CEVA, Inc.* | 788 | 19,188 | ||||||
Cohu, Inc. | 1,467 | 22,636 | ||||||
Comtech Telecommunications Corp. | 870 | 24,456 | ||||||
Control4 Corp.* | 960 | 22,800 | ||||||
Cray, Inc.* | 1,476 | 51,394 | ||||||
CSG Systems International, Inc. | 1,192 | 58,205 | ||||||
CTS Corp. | 1,178 | 32,489 | ||||||
Daktronics, Inc. | 1,427 | 8,805 | ||||||
Diebold Nixdorf, Inc.* | 2,744 | 25,135 | ||||||
Digi International, Inc.* | 1,008 | 12,781 | ||||||
Diodes, Inc.* | 1,434 | 52,155 | ||||||
DSP Group, Inc.* | 706 | 10,138 | ||||||
Ebix, Inc. | 785 | 39,423 | ||||||
Electronics For Imaging, Inc.* | 1,546 | 57,063 | ||||||
ePlus, Inc.* | 489 | 33,712 | ||||||
EVERTEC, Inc. | 2,142 | 70,043 | ||||||
ExlService Hldgs., Inc.* | 1,225 | 81,009 | ||||||
Extreme Networks, Inc.* | 4,280 | 27,692 | ||||||
Fabrinet* | 1,318 | 65,465 | ||||||
FARO Technologies, Inc.* | 618 | 32,494 | ||||||
Finisar Corp.* | 4,226 | 96,649 | ||||||
FormFactor, Inc.* | 2,671 | 41,855 | ||||||
Harmonic, Inc.* | 3,182 | 17,660 |
The accompanying notes are an integral part of these portfolio schedules.
49
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Ichor Hldgs. Ltd.* | 799 | $ | 18,888 | |||||
II-VI, Inc.* | 2,140 | 78,238 | ||||||
Insight Enterprises, Inc.* | 1,282 | 74,612 | ||||||
Itron, Inc.* | 1,198 | 74,959 | ||||||
KEMET Corp. | 2,090 | 39,313 | ||||||
Knowles Corp.* | 3,250 | 59,508 | ||||||
Kopin Corp.* | 2,412 | 2,629 | ||||||
Kulicke & Soffa Industries, Inc. | 2,329 | 52,519 | ||||||
LivePerson, Inc.* | 2,137 | 59,922 | ||||||
ManTech International Corp. Cl A | 955 | 62,887 | ||||||
MaxLinear, Inc.* | 2,301 | 53,935 | ||||||
Methode Electronics, Inc. | 1,326 | 37,884 | ||||||
MicroStrategy, Inc. Cl A* | 295 | 42,276 | ||||||
Monotype Imaging Hldgs., Inc. | 1,481 | 24,940 | ||||||
MTS Systems Corp. | 642 | 37,576 | ||||||
Nanometrics, Inc.* | 877 | 30,441 | ||||||
NETGEAR, Inc.* | 1,125 | 28,451 | ||||||
NIC, Inc. | 2,401 | 38,512 | ||||||
OneSpan, Inc.* | 1,129 | 15,998 | ||||||
OSI Systems, Inc.* | 603 | 67,916 | ||||||
Park Electrochemical Corp. | 695 | 11,600 | ||||||
PDF Solutions, Inc.* | 998 | 13,094 | ||||||
Perficient, Inc.* | 1,180 | 40,498 | ||||||
Photronics, Inc.* | 2,394 | 19,631 | ||||||
Plexus Corp.* | 1,078 | 62,923 | ||||||
Power Integrations, Inc. | 1,046 | 83,868 | ||||||
Progress Software Corp. | 1,592 | 69,443 | ||||||
Qualys, Inc.* | 1,210 | 105,367 | ||||||
Rambus, Inc.* | 3,949 | 47,546 | ||||||
Rogers Corp.* | 668 | 115,283 | ||||||
Rudolph Technologies, Inc.* | 1,109 | 30,642 | ||||||
Sanmina Corp.* | 2,473 | 74,882 | ||||||
ScanSource, Inc.* | 924 | 30,085 | ||||||
SMART Global Hldgs., Inc.* | 448 | 10,300 | ||||||
SolarEdge Technologies, Inc.* | 1,594 | 99,561 | ||||||
SPS Commerce, Inc.* | 644 | 65,823 | ||||||
Sykes Enterprises, Inc.* | 1,416 | 38,883 | ||||||
TiVo Corp. | 4,504 | 33,194 | ||||||
TTEC Hldgs., Inc. | 494 | 23,015 | ||||||
TTM Technologies, Inc.* | 3,377 | 34,445 | ||||||
Ultra Clean Hldgs., Inc.* | 1,412 | 19,655 | ||||||
Unisys Corp.* | 1,851 | 17,992 | ||||||
Veeco Instruments, Inc.* | 1,731 | 21,153 | ||||||
Viavi Solutions, Inc.* | 8,204 | 109,031 | ||||||
Virtusa Corp.* | 993 | 44,119 | ||||||
Xperi Corp. | 1,768 | 36,403 | ||||||
|
| |||||||
3,894,999 | ||||||||
|
| |||||||
MATERIALS (4.2%) | ||||||||
AdvanSix, Inc.* | 1,017 | 24,845 | ||||||
AK Steel Hldg Corp.* | 11,337 | 26,869 | ||||||
American Vanguard Corp. | 937 | 14,439 | ||||||
Balchem Corp. | 1,159 | 115,865 | ||||||
Boise Cascade Co. | 1,385 | 38,932 | ||||||
Century Aluminum Co.* | 1,782 | 12,314 | ||||||
Clearwater Paper Corp.* | 592 | 10,946 |
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
MATERIALS (CONTINUED) | ||||||||
Ferro Corp.* | 2,930 | $ | 46,294 | |||||
FutureFuel Corp. | 922 | 10,778 | ||||||
Hawkins, Inc. | 343 | 14,890 | ||||||
Haynes International, Inc. | 448 | 14,251 | ||||||
HB Fuller Co. | 1,817 | 84,309 | ||||||
Innophos Hldgs., Inc. | 707 | 20,581 | ||||||
Innospec, Inc. | 878 | 80,109 | ||||||
Kaiser Aluminum Corp. | 577 | 56,321 | ||||||
Koppers Hldgs., Inc.* | 741 | 21,756 | ||||||
Kraton Corp.* | 1,141 | 35,451 | ||||||
Livent Corp.* | 5,269 | 36,461 | ||||||
LSB Industries, Inc.* | 727 | 2,835 | ||||||
Lyondell Bassell Industries — contingent value rights** | 448 | 0 | †† | |||||
Materion Corp. | 729 | 49,433 | ||||||
Mercer International, Inc. | 1,555 | 24,056 | ||||||
Myers Industries, Inc. | 1,274 | 24,550 | ||||||
Neenah, Inc. | 598 | 40,395 | ||||||
Olympic Steel, Inc. | 329 | 4,491 | ||||||
PH Glatfelter Co. | 1,578 | 26,637 | ||||||
Quaker Chemical Corp. | 479 | 97,179 | ||||||
Rayonier Advanced Materials, Inc. | 1,793 | 11,637 | ||||||
Schweitzer-Mauduit International, Inc. | 1,108 | 36,763 | ||||||
Stepan Co. | 731 | 67,186 | ||||||
SunCoke Energy, Inc.* | 3,256 | 28,913 | ||||||
TimkenSteel Corp.* | 1,426 | 11,593 | ||||||
Tredegar Corp. | 916 | 15,224 | ||||||
US Concrete, Inc.* | 565 | 28,075 | ||||||
|
| |||||||
1,134,378 | ||||||||
|
| |||||||
REAL ESTATE (6.8%) | ||||||||
Acadia Realty Trust | 2,975 | 81,426 | ||||||
Agree Realty Corp. | 1,377 | 88,197 | ||||||
American Assets Trust, Inc. | 1,679 | 79,115 | ||||||
Armada Hoffler Properties, Inc. | 1,880 | 31,114 | ||||||
CareTrust REIT, Inc. | 3,407 | 81,018 | ||||||
CBL & Associates Properties, Inc. | 6,263 | 6,514 | ||||||
Cedar Realty Trust, Inc. | 3,085 | 8,175 | ||||||
Chatham Lodging Trust | 1,667 | 31,456 | ||||||
Chesapeake Lodging Trust | 2,177 | 61,870 | ||||||
Community Healthcare Trust, Inc. | 642 | 25,301 | ||||||
DiamondRock Hospitality Co. | 7,219 | 74,644 | ||||||
Easterly Government Properties, Inc. | 2,435 | 44,098 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Four Corners Property Trust, Inc. | 2,452 | $ | 67,013 | |||||
Franklin Street Properties Corp. Cl C | 3,848 | 28,398 | ||||||
Getty Realty Corp. | 1,219 | 37,496 | ||||||
Global Net Lease, Inc. | 3,001 | 58,880 | ||||||
Hersha Hospitality Trust Cl A | 1,293 | 21,386 | ||||||
HFF, Inc. Cl A | 1,427 | 64,900 | ||||||
Independence Realty Trust, Inc. | 3,227 | 37,336 | ||||||
Innovative Industrial Properties, Inc. Cl A | 354 | 43,740 | ||||||
iStar, Inc. | 2,328 | 28,914 | ||||||
Kite Realty Group Trust | 3,017 | 45,647 | ||||||
Lexington Realty Trust | 7,495 | 70,528 | ||||||
LTC Properties, Inc. | 1,418 | 64,746 | ||||||
Marcus & Millichap, Inc.* | 769 | 23,724 | ||||||
MAX Hldgs., Inc. Cl A | 637 | 19,594 | ||||||
National Storage Affiliates Trust | 2,037 | 58,951 | ||||||
NorthStar Realty Europe Corp. | 1,803 | 29,623 | ||||||
Office Properties Income Trust | 1,722 | 45,237 | ||||||
Pennsylvania REIT | 2,149 | 13,969 | ||||||
Realogy Hldgs. Corp. | 4,133 | 29,923 | ||||||
Retail Opportunity Investments Corp. | 4,099 | 70,216 | ||||||
RPT Realty | 2,882 | 34,901 | ||||||
Saul Centers, Inc. | 416 | 23,350 | ||||||
Summit Hotel Properties, Inc. | 3,759 | 43,116 | ||||||
Universal Health Realty Income Trust | 451 | 38,303 | ||||||
Urstadt Biddle Properties, Inc. Cl A | 1,071 | 22,491 | ||||||
Washington Prime Group, Inc. | 6,719 | 25,667 | ||||||
Washington Real Estate Investment Trust | 2,867 | 76,635 | ||||||
Whitestone REIT Cl B | 1,425 | 18,083 | ||||||
Xenia Hotels & Resorts, Inc. | 4,036 | 84,151 | ||||||
|
| |||||||
1,839,846 | ||||||||
|
| |||||||
UTILITIES (2.1%) | ||||||||
American States Water Co. | 1,318 | 99,166 | ||||||
Avista Corp. | 2,366 | 105,524 | ||||||
California Water Service Group | 1,726 | 87,387 | ||||||
El Paso Electric Co. | 1,455 | 95,157 | ||||||
Northwest Natural Hldg. Co. | 1,085 | 75,408 | ||||||
South Jersey Industries, Inc. | 3,303 | 111,410 | ||||||
|
| |||||||
574,052 | ||||||||
|
| |||||||
TOTAL INDEXED ASSETS -COMMON STOCKS | ||||||||
(Cost: $28,317,486) 99.6% | 26,888,069 | |||||||
|
|
Rate(%) | Maturity | Face Amount | Value | |||||||||||||
TEMPORARY CASH INVESTMENT (0.3%) | ||||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 70,766 | $ | 70,766 | ||||||||||
|
| |||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| |||||||||||||||
(Cost: $70,766) 0.3% |
| 70,766 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS |
| |||||||||||||||
(Cost: $28,388,252) 99.9% |
| 26,958,835 | ||||||||||||||
|
| |||||||||||||||
OTHER NET ASSETS 0.1% |
| 32,123 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS 100.0% |
| $ | 26,990,958 | |||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
50
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (1.7%) | ||||||||
Discovery, Inc. Cl A* | 16,930 | $ | 519,751 | |||||
Discovery, Inc. Cl C* | 17,770 | 505,557 | ||||||
Lions Gate Entertainment Corp. Cl A | 8,840 | 108,290 | ||||||
MSG Networks, Inc. Cl A* | 21,903 | 454,268 | ||||||
|
| |||||||
1,587,866 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (2.4%) | ||||||||
Capri Hldgs. Ltd.* | 6,470 | 224,380 | ||||||
Marriott Vacations Worldwide Corp. | 9,123 | 879,457 | ||||||
Qurate Retail, Inc.* | 17,450 | 216,205 | ||||||
Ralph Lauren Corp. Cl A | 5,037 | 572,153 | ||||||
Taylor Morrison Home Corp. Cl A* | 12,722 | 266,653 | ||||||
|
| |||||||
2,158,848 | ||||||||
|
| |||||||
CONSUMER STAPLES (2.2%) | ||||||||
Constellation Brands, Inc. Cl A | 3,279 | 645,766 | ||||||
Ingredion, Inc. | 4,571 | 377,062 | ||||||
Tyson Foods, Inc. Cl A | 6,140 | 495,744 | ||||||
Vector Group Ltd. | 49,264 | 480,324 | ||||||
|
| |||||||
1,998,896 | ||||||||
|
| |||||||
ENERGY (6.2%) | ||||||||
Baker Hughes, a GE Co. Cl A | 18,432 | 453,980 | ||||||
Cheniere Energy, Inc.* | 15,507 | 1,061,454 | ||||||
Devon Energy Corp. | 11,220 | 319,995 | ||||||
Hess Corp. | 7,538 | 479,191 | ||||||
MPLX LP | 16,998 | 547,166 | ||||||
Noble Energy, Inc. | 26,701 | 598,102 | ||||||
PBF Energy, Inc. Cl A | 45,343 | 1,419,236 | ||||||
Range Resources Corp. | 25,585 | 178,583 | ||||||
Williams Cos., Inc. | 25,751 | 722,058 | ||||||
|
| |||||||
5,779,765 | ||||||||
|
| |||||||
FINANCIALS (23.6%) | ||||||||
American Financial Group, Inc. | 12,849 | 1,316,637 | ||||||
Ameriprise Financial, Inc. | 11,272 | 1,636,243 | ||||||
Associated Banc-Corp. | 50,204 | 1,061,313 | ||||||
BankUnited, Inc. | 23,723 | 800,414 | ||||||
Citizens Financial Group, Inc. | 12,450 | 440,232 | ||||||
Discover Financial Svcs. | 12,401 | 962,194 | ||||||
Everest Re Group Ltd. | 4,106 | 1,014,921 | ||||||
Fifth Third Bancorp | 33,176 | 925,610 | ||||||
Hartford Financial Svcs. Group, Inc. | 21,415 | 1,193,244 | ||||||
iShares RussellMid-Cap Value ETF | 30,760 | 2,741,639 | ||||||
KeyCorp | 62,392 | 1,107,458 | ||||||
Lincoln National Corp. | 15,429 | 994,399 | ||||||
Progressive Corp. | 23,743 | 1,897,778 | ||||||
Reinsurance Group of America, Inc. Cl A | 7,392 | 1,153,374 | ||||||
Starwood Property Trust, Inc. | 34,048 | 773,570 | ||||||
SVB Financial Group* | 3,169 | 711,726 | ||||||
Synchrony Financial | 15,793 | 547,543 | ||||||
Voya Financial, Inc. | 27,446 | 1,517,764 | ||||||
Zions Bancorporation | 20,230 | 930,175 | ||||||
|
| |||||||
21,726,234 | ||||||||
|
| |||||||
HEALTH CARE (5.9%) | ||||||||
Agilent Technologies, Inc. | 16,100 | 1,202,187 | ||||||
Boston Scientific Corp.* | 22,170 | 952,866 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Centene Corp.* | 14,054 | $ | 736,992 | |||||
Hill-Rom Hldgs., Inc. | 8,790 | 919,610 | ||||||
Humana, Inc. | 3,104 | 823,491 | ||||||
Zimmer Biomet Hldgs., Inc. | 6,613 | 778,615 | ||||||
|
| |||||||
5,413,761 | ||||||||
|
| |||||||
INDUSTRIALS (13.0%) | ||||||||
Alaska Air Group, Inc. | 21,680 | 1,385,569 | ||||||
Harris Corp. | 5,293 | 1,001,065 | ||||||
Kirby Corp.* | 12,124 | 957,796 | ||||||
L-3 Technologies, Inc. | 8,347 | 2,046,434 | ||||||
Mueller Industries, Inc. | 36,510 | 1,068,648 | ||||||
Old Dominion Freight Line, Inc. | 13,893 | 2,073,669 | ||||||
Oshkosh Corp. | 10,661 | 890,087 | ||||||
Stanley Black & Decker, Inc. | 10,266 | 1,484,566 | ||||||
United Rentals, Inc.* | 7,919 | 1,050,297 | ||||||
|
| |||||||
11,958,131 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (6.3%) | ||||||||
Analog Devices, Inc. | 5,583 | 630,153 | ||||||
DXC Technology Co. | 10,227 | 564,019 | ||||||
F5 Networks, Inc.* | 1,906 | 277,571 | ||||||
KLA-Tencor Corp. | 2,330 | 275,406 | ||||||
LogMeIn, Inc. | 5,250 | 386,820 | ||||||
MKS Instruments, Inc. | 2,560 | 199,398 | ||||||
Perspecta, Inc. | 13,053 | 305,571 | ||||||
Proofpoint, Inc.* | 5,400 | 649,350 | ||||||
PTC, Inc.* | 7,380 | 662,429 | ||||||
Qorvo, Inc.* | 5,940 | 395,663 | ||||||
ViaSat, Inc.* | 1,350 | 109,107 | ||||||
Western Digital Corp. | 7,122 | 338,651 | ||||||
Worldpay, Inc. Cl A* | 7,860 | 963,243 | ||||||
|
| |||||||
5,757,381 | ||||||||
|
| |||||||
MATERIALS (9.4%) | ||||||||
Crown Hldgs., Inc.* | 34,085 | 2,082,593 | ||||||
Eastman Chemical Co. | 2,417 | 188,115 | ||||||
FMC Corp. | 5,810 | 481,939 | ||||||
Freeport-McMoRan, Inc. | 46,790 | 543,232 | ||||||
International Paper Co. | 17,549 | 760,223 | ||||||
Mosaic Co. | 7,050 | 176,462 | ||||||
Nucor Corp. | 9,932 | 547,253 | ||||||
Olin Corp. | 43,150 | 945,417 | ||||||
Packaging Corp. of America | 21,659 | 2,064,536 | ||||||
Steel Dynamics, Inc. | 28,317 | 855,173 | ||||||
|
| |||||||
8,644,943 | ||||||||
|
| |||||||
REAL ESTATE (12.9%) | ||||||||
Alexander’s, Inc. | 1,137 | 421,031 | ||||||
American Campus Communities, Inc. | 14,140 | 652,703 | ||||||
Apartment Investment & Management Co. Cl A | 18,559 | 930,177 | ||||||
AvalonBay Communities, Inc. | 5,202 | 1,056,942 | ||||||
Brandywine Realty Trust | 58,091 | 831,863 | ||||||
Duke Realty Corp. | 51,172 | 1,617,547 | ||||||
Equity LifeStyle Properties, Inc. | 4,221 | 512,176 | ||||||
GEO Group, Inc. | 28,610 | 601,096 | ||||||
Host Hotels & Resorts, Inc. | 46,595 | 848,961 |
The accompanying notes are an integral part of these portfolio schedules.
51
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Kilroy Realty Corp. | 8,734 | $ | 644,657 | |||||
Macerich Co. | 8,560 | 286,674 | ||||||
Prologis, Inc. | 5,967 | 477,957 | ||||||
Regency Centers Corp. | 3,926 | 262,021 | ||||||
Spirit Realty Capital, Inc. | 16,690 | 711,996 | ||||||
Vornado Realty Trust | 7,493 | 480,301 | ||||||
Welltower, Inc. | 13,332 | 1,086,958 | ||||||
Weyerhaeuser Co. | 15,789 | 415,882 | ||||||
|
| |||||||
11,838,942 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
UTILITIES (11.5%) | ||||||||
AES Corp. | 41,460 | $ | 694,871 | |||||
Ameren Corp. | 18,208 | 1,367,603 | ||||||
Consolidated Edison, Inc. | 14,115 | 1,237,603 | ||||||
Edison International | 6,761 | 455,759 | ||||||
Entergy Corp. | 10,621 | 1,093,219 | ||||||
Evergy, Inc. | 22,442 | 1,349,886 | ||||||
Eversource Energy | 10,994 | 832,905 | ||||||
FirstEnergy Corp. | 24,306 | 1,040,540 | ||||||
PPL Corp. | 28,507 | 884,002 | ||||||
Public Svc. Enterprise Group, Inc. | 26,919 | 1,583,375 | ||||||
|
| |||||||
10,539,763 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $69,047,751) 95.2% | 87,404,530 | |||||||
|
|
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||
U.S. GOVERNMENT (2.7%) | ||||||||||||||||
U.S. Treasury Bill | A-1+ | 2.28 | 07/05/19 | $ | 500,000 | $ | 499,873 | |||||||||
U.S. Treasury Bill | A-1+ | 2.37 | 08/08/19 | 2,000,000 | 1,995,034 | |||||||||||
|
| |||||||||||||||
2,494,907 | ||||||||||||||||
|
| |||||||||||||||
COMMERCIAL PAPER (2.9%) | ||||||||||||||||
Cargill Global Funding PLC† | A-1 | 2.32 | 07/01/19 | 2,600,000 | 2,600,000 | |||||||||||
|
| |||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 5,094,907 | ||||||||||||||
|
| |||||||||||||||
Rate(%) | Maturity | Face Amount | Value | |||||||||||||
TEMPORARY CASH INVESTMENT (0.0%) (2) | ||||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 36,209 | $ | 36,209 | ||||||||||
|
| |||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 36,209 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS |
| 92,535,646 | ||||||||||||||
|
| |||||||||||||||
OTHER NET ASSETS-0.8% |
| (765,580 | ) | |||||||||||||
|
| |||||||||||||||
NET ASSETS 100.0% |
| $ | 91,770,066 | |||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
52
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS: | ||||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (2.4%) | ||||||||
AMC Networks, Inc. Cl A* | 37,980 | $ | 2,069,530 | |||||
Cable One, Inc. | 4,152 | 4,861,951 | ||||||
Cars.com, Inc.* | 51,813 | 1,021,752 | ||||||
Cinemark Hldgs., Inc. | 89,328 | 3,224,741 | ||||||
John Wiley & Sons, Inc. Cl A | 37,970 | 1,741,304 | ||||||
Live Nation Entertainment, Inc.* | 117,874 | 7,809,153 | ||||||
Meredith Corp. | 33,850 | 1,863,781 | ||||||
New York Times Co. Cl A | 119,732 | 3,905,658 | ||||||
TEGNA, Inc. | 181,343 | 2,747,346 | ||||||
Telephone & Data Systems, Inc. | 79,152 | 2,406,221 | ||||||
World Wrestling Entertainment, Inc. Cl A | 36,698 | 2,649,963 | ||||||
Yelp, Inc. Cl A* | 59,946 | 2,048,954 | ||||||
|
| |||||||
36,350,354 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (11.6%) | ||||||||
Aaron’s, Inc. | 56,965 | 3,498,221 | ||||||
Adient PLC | 73,617 | 1,786,685 | ||||||
Adtalem Global Education, Inc.* | 47,562 | 2,142,668 | ||||||
American Eagle Outfitters, Inc. | 136,530 | 2,307,357 | ||||||
AutoNation, Inc.* | 47,913 | 2,009,471 | ||||||
Bed Bath & Beyond, Inc. | 111,817 | 1,299,314 | ||||||
Boyd Gaming Corp. | 67,264 | 1,812,092 | ||||||
Brinker International, Inc. | 31,778 | 1,250,464 | ||||||
Brunswick Corp. | 73,006 | 3,350,245 | ||||||
Caesars Entertainment Corp.* | 492,873 | 5,825,759 | ||||||
Carter’s, Inc. | 38,064 | 3,712,763 | ||||||
Cheesecake Factory, Inc. | 34,863 | 1,524,210 | ||||||
Churchill Downs, Inc. | 29,710 | 3,418,730 | ||||||
Cracker Barrel Old Country Store, Inc. | 20,124 | 3,435,770 | ||||||
Dana, Inc. | 121,055 | 2,413,837 | ||||||
Deckers Outdoor Corp.* | 24,562 | 4,322,175 | ||||||
Delphi Technologies PLC | 74,783 | 1,495,660 | ||||||
Dick’s Sporting Goods, Inc. | 56,814 | 1,967,469 | ||||||
Dillard’s, Inc. Cl A | 14,998 | 934,075 | ||||||
Domino’s Pizza, Inc. | 34,567 | 9,619,305 | ||||||
Dunkin’ Brands Group, Inc. | 69,523 | 5,538,202 | ||||||
Eldorado Resorts, Inc.* | 54,898 | 2,529,151 | ||||||
Five Below, Inc.* | 47,080 | 5,650,542 | ||||||
Gentex Corp. | 214,519 | 5,279,313 | ||||||
Goodyear Tire & Rubber Co. | 195,057 | 2,984,372 | ||||||
Graham Hldgs. Co. Cl B | 3,666 | 2,529,650 | ||||||
Helen of Troy Ltd.* | 21,183 | 2,766,288 | ||||||
International Speedway Corp. Cl A | 20,046 | 899,865 | ||||||
Jack in the Box, Inc. | 21,753 | 1,770,477 | ||||||
KB Home | 71,556 | 1,841,136 | ||||||
Marriott Vacations Worldwide Corp. | 32,755 | 3,157,582 | ||||||
Mattel, Inc.* | 294,817 | 3,304,899 | ||||||
Michaels Cos., Inc.* | 75,842 | 659,825 | ||||||
Murphy USA, Inc.* | 24,801 | 2,084,028 | ||||||
NVR, Inc.* | 2,845 | 9,588,361 | ||||||
Ollie’s Bargain Outlet Hldgs., Inc.* | 43,361 | 3,777,177 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Papa John’s International, Inc. | 18,991 | $ | 849,277 | |||||
Penn National Gaming, Inc.* | 89,959 | 1,732,610 | ||||||
Polaris Industries, Inc. | 48,041 | 4,382,780 | ||||||
Pool Corp. | 33,382 | 6,375,962 | ||||||
Sally Beauty Hldgs., Inc.* | 101,580 | 1,355,077 | ||||||
Scientific Games Corp.* Cl A | 47,308 | 937,645 | ||||||
Service Corp. International | 153,704 | 7,190,273 | ||||||
Signet Jewelers Ltd. | 43,949 | 785,808 | ||||||
Six Flags Entertainment Corp. | 60,017 | 2,981,645 | ||||||
Skechers U.S.A., Inc. Cl A* | 113,172 | 3,563,786 | ||||||
Sotheby’s* | 27,898 | 1,621,711 | ||||||
Tempur Sealy International, Inc.* | 39,048 | 2,864,952 | ||||||
Texas Roadhouse, Inc. Cl A | 56,517 | 3,033,267 | ||||||
Thor Industries, Inc. | 43,776 | 2,558,707 | ||||||
Toll Brothers, Inc. | 111,858 | 4,096,240 | ||||||
TRI Pointe Group, Inc.* | 119,666 | 1,432,402 | ||||||
Tupperware Brands Corp. | 40,966 | 779,583 | ||||||
Urban Outfitters, Inc.* | 57,322 | 1,304,075 | ||||||
Visteon Corp.* | 23,560 | 1,380,145 | ||||||
Weight Watchers International, Inc.* | 32,988 | 630,071 | ||||||
Wendy’s Co. | 153,439 | 3,004,336 | ||||||
Williams-Sonoma, Inc. | 66,466 | 4,320,290 | ||||||
Wyndham Destinations, Inc. | 78,785 | 3,458,661 | ||||||
Wyndham Hotels & Resorts, Inc. | 82,037 | 4,572,742 | ||||||
|
| |||||||
177,699,183 | ||||||||
|
| |||||||
CONSUMER STAPLES (2.5%) | ||||||||
Boston Beer Co., Inc. Cl A* | 7,316 | 2,763,692 | ||||||
Casey’s General Stores, Inc. | 30,786 | 4,802,308 | ||||||
Edgewell Personal Care Co.* | 45,598 | 1,228,866 | ||||||
Energizer Hldgs., Inc. | 53,588 | 2,070,640 | ||||||
Flowers Foods, Inc. | 153,413 | 3,569,920 | ||||||
Hain Celestial Group, Inc.* | 75,372 | 1,650,647 | ||||||
Ingredion, Inc. | 55,783 | 4,601,540 | ||||||
Lancaster Colony Corp. | 16,371 | 2,432,731 | ||||||
Nu Skin Enterprises, Inc. Cl A | 46,726 | 2,304,526 | ||||||
Post Hldgs., Inc.* | 56,033 | 5,825,751 | ||||||
Sanderson Farms, Inc. | 16,366 | 2,234,941 | ||||||
Sprouts Farmers Market, Inc.* | 99,257 | 1,874,965 | ||||||
Tootsie Roll Industries, Inc. | 15,887 | 586,707 | ||||||
TreeHouse Foods, Inc.* | 47,189 | 2,552,925 | ||||||
|
| |||||||
38,500,159 | ||||||||
|
| |||||||
ENERGY (3.0%) | ||||||||
Apergy Corp.* | 65,295 | 2,189,994 | ||||||
Callon Petroleum Co.* | 193,127 | 1,272,707 | ||||||
Chesapeake Energy Corp.* | 894,351 | 1,743,985 | ||||||
CNX Resources Corp.* | 165,739 | 1,211,552 | ||||||
Core Laboratories N.V. | 37,323 | 1,951,246 | ||||||
Ensco Rowan PLC Cl A* | 167,088 | 1,425,261 | ||||||
EQT Corp. | 215,176 | 3,401,933 | ||||||
Equitrans Midstream Corp. | 170,978 | 3,369,976 | ||||||
Matador Resources Co.* | 87,578 | 1,741,051 | ||||||
McDermott International, Inc.* | 152,240 | 1,470,638 |
The accompanying notes are an integral part of these portfolio schedules.
53
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
ENERGY (CONTINUED) | ||||||||
Murphy Oil Corp. | 137,774 | $ | 3,396,129 | |||||
Oasis Petroleum, Inc.* | 228,088 | 1,295,540 | ||||||
Oceaneering International, Inc.* | 83,918 | 1,711,088 | ||||||
Patterson-UTI Energy, Inc. | 176,582 | 2,032,459 | ||||||
PBF Energy, Inc. Cl A | 99,870 | 3,125,931 | ||||||
QEP Resources, Inc.* | 201,107 | 1,454,004 | ||||||
Range Resources Corp. | 174,287 | 1,216,523 | ||||||
SM Energy Co. | 87,626 | 1,097,078 | ||||||
Southwestern Energy Co.* | 454,296 | 1,435,575 | ||||||
Transocean Ltd.* | 430,254 | 2,757,928 | ||||||
World Fuel Svcs. Corp. | 56,782 | 2,041,881 | ||||||
WPX Energy, Inc.* | 333,538 | 3,839,022 | ||||||
|
| |||||||
45,181,501 | ||||||||
|
| |||||||
FINANCIALS (15.3%) | ||||||||
Alleghany Corp.* | 12,156 | 8,279,573 | ||||||
American Financial Group, Inc. | 59,529 | 6,099,937 | ||||||
Associated Banc-Corp. | 137,834 | 2,913,811 | ||||||
BancorpSouth Bank | 77,531 | 2,251,500 | ||||||
Bank of Hawaii Corp. | 34,567 | 2,865,950 | ||||||
Bank OZK | 101,561 | 3,055,970 | ||||||
Brighthouse Financial, Inc.* | 97,351 | 3,571,808 | ||||||
Brown & Brown, Inc. | 196,695 | 6,589,283 | ||||||
Cathay General Bancorp | 64,346 | 2,310,665 | ||||||
Chemical Financial Corp. | 59,940 | 2,464,133 | ||||||
CNO Financial Group, Inc. | 134,865 | 2,249,548 | ||||||
Commerce Bancshares, Inc. | 82,812 | 4,940,564 | ||||||
Cullen/Frost Bankers, Inc. | 52,997 | 4,963,699 | ||||||
East West Bancorp, Inc. | 122,557 | 5,731,991 | ||||||
Eaton Vance Corp. | 96,199 | 4,149,063 | ||||||
Evercore, Inc. Cl A | 34,540 | 3,059,208 | ||||||
FactSet Research Systems, Inc. | 32,291 | 9,253,309 | ||||||
Federated Investors, Inc. Cl B | 80,698 | 2,622,685 | ||||||
First American Financial Corp. | 94,148 | 5,055,748 | ||||||
First Financial Bankshares, Inc. | 114,131 | 3,514,093 | ||||||
First Horizon National Corp. | 265,388 | 3,962,243 | ||||||
FNB Corp. | 271,026 | 3,189,976 | ||||||
Fulton Financial Corp. | 142,519 | 2,333,036 | ||||||
Genworth Financial, Inc. Cl A* | 419,542 | 1,556,501 | ||||||
Green Dot Corp. Cl A* | 40,445 | 1,977,761 | ||||||
Hancock Whitney Corp. | 72,133 | 2,889,648 | ||||||
Hanover Insurance Group, Inc. | 34,165 | 4,383,370 | ||||||
Home BancShares, Inc. | 130,089 | 2,505,514 | ||||||
Interactive Brokers Group, Inc. Cl A | 63,326 | 3,432,269 | ||||||
International Bancshares Corp. | 46,030 | 1,735,791 | ||||||
Janus Henderson Group PLC | 138,115 | 2,955,661 | ||||||
Kemper Corp. | 52,789 | 4,555,163 | ||||||
Legg Mason, Inc. | 72,901 | 2,790,650 | ||||||
LendingTree, Inc.* | 6,284 | 2,639,469 | ||||||
Mercury General Corp. | 22,823 | 1,426,438 | ||||||
Navient Corp. | 178,753 | 2,439,978 | ||||||
New York Community Bancorp, Inc. | 391,942 | 3,911,581 | ||||||
Old Republic International Corp. | 238,769 | 5,343,650 | ||||||
PacWest Bancorp | 99,693 | 3,871,079 | ||||||
Pinnacle Financial Partners, Inc. | 60,986 | 3,505,475 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Primerica, Inc. | 35,796 | $ | 4,293,730 | |||||
Prosperity Bancshares, Inc. | 55,956 | 3,695,894 | ||||||
Reinsurance Group of America, Inc. Cl A | 52,525 | 8,195,476 | ||||||
RenaissanceRe Hldgs. Ltd. | 37,014 | 6,588,862 | ||||||
SEI Investments Co. | 108,030 | 6,060,483 | ||||||
Signature Bank | 46,563 | 5,626,673 | ||||||
SLM Corp. | 364,426 | 3,542,221 | ||||||
Sterling Bancorp | 176,395 | 3,753,686 | ||||||
Stifel Financial Corp. | 59,551 | 3,517,082 | ||||||
Synovus Financial Corp. | 131,975 | 4,619,125 | ||||||
TCF Financial Corp. | 137,322 | 2,854,924 | ||||||
Texas Capital Bancshares, Inc.* | 42,425 | 2,603,622 | ||||||
Trustmark Corp. | 54,553 | 1,813,887 | ||||||
UMB Financial Corp. | 37,260 | 2,452,453 | ||||||
Umpqua Hldgs. Corp. | 183,322 | 3,041,312 | ||||||
United Bankshares, Inc. | 85,881 | 3,185,326 | ||||||
Valley National Bancorp | 278,312 | 3,000,203 | ||||||
Washington Federal, Inc. | 67,805 | 2,368,429 | ||||||
Webster Financial Corp. | 77,580 | 3,705,997 | ||||||
Wintrust Financial Corp. | 47,691 | 3,489,074 | ||||||
WR Berkley Corp. | 121,339 | 7,999,880 | ||||||
|
| |||||||
233,756,130 | ||||||||
|
| |||||||
HEALTH CARE (9.1%) | ||||||||
Acadia Healthcare Co., Inc.* | 74,893 | 2,617,510 | ||||||
Allscripts Healthcare Solutions, Inc.* | 140,230 | 1,630,875 | ||||||
Amedisys, Inc.* | 24,517 | 2,976,609 | ||||||
Avanos Medical, Inc.* | 40,144 | 1,750,680 | ||||||
Bio-Rad Laboratories, Inc. Cl A* | 16,935 | 5,293,712 | ||||||
Bio-Techne Corp. | 32,160 | 6,705,038 | ||||||
Cantel Medical Corp. | 30,686 | 2,474,519 | ||||||
Catalent, Inc.* | 121,562 | 6,589,876 | ||||||
Charles River Laboratories International, Inc.* | 41,108 | 5,833,225 | ||||||
Chemed Corp. | 13,358 | 4,820,101 | ||||||
Covetrus, Inc.* | 81,059 | 1,982,703 | ||||||
Encompass Health Corp. | 82,753 | 5,243,230 | ||||||
Exelixis, Inc.* | 252,942 | 5,405,371 | ||||||
Globus Medical, Inc. Cl A* | 64,622 | 2,733,511 | ||||||
Haemonetics Corp.* | 43,186 | 5,197,003 | ||||||
HealthEquity, Inc.* | 45,915 | 3,002,841 | ||||||
Hill-Rom Hldgs., Inc. | 56,351 | 5,895,442 | ||||||
ICU Medical, Inc.* | 14,182 | 3,572,588 | ||||||
Inogen, Inc.* | 15,245 | 1,017,756 | ||||||
Integra LifeSciences Hldgs. Corp.* | 59,960 | 3,348,766 | ||||||
Ligand Pharmaceuticals, Inc.* | 16,502 | 1,883,703 | ||||||
LivaNova PLC* | 40,813 | 2,936,903 | ||||||
Mallinckrodt PLC* | 71,119 | 652,872 | ||||||
Masimo Corp.* | 41,443 | 6,167,547 | ||||||
Medidata Solutions, Inc.* | 52,518 | 4,753,404 | ||||||
MEDNAX, Inc.* | 71,679 | 1,808,461 | ||||||
Molina Healthcare, Inc.* | 52,664 | 7,538,325 | ||||||
NuVasive, Inc.* | 43,796 | 2,563,818 | ||||||
Patterson Cos., Inc. | 69,366 | 1,588,481 |
The accompanying notes are an integral part of these portfolio schedules.
54
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
PRA Health Sciences, Inc.* | 49,621 | $ | 4,919,922 | |||||
Prestige Consumer Healthcare, Inc.* | 43,536 | 1,379,221 | ||||||
STERIS PLC | 71,244 | 10,606,807 | ||||||
Syneos Health, Inc. Cl A* | 51,709 | 2,641,813 | ||||||
Tenet Healthcare Corp.* | 71,236 | 1,471,736 | ||||||
United Therapeutics Corp.* | 36,970 | 2,885,878 | ||||||
West Pharmaceutical Svcs., Inc. | 61,966 | 7,755,045 | ||||||
|
| |||||||
139,645,292 | ||||||||
|
| |||||||
INDUSTRIALS (15.3%) | ||||||||
Acuity Brands, Inc. | 33,647 | 4,640,258 | ||||||
AECOM* | 132,759 | 5,024,928 | ||||||
AGCO Corp. | 54,499 | 4,227,487 | ||||||
ASGN, Inc.* | 44,545 | 2,699,427 | ||||||
Avis Budget Group, Inc.* | 53,759 | 1,890,166 | ||||||
Axon Enterprise, Inc.* | 51,703 | 3,319,850 | ||||||
Brink’s Co. | 41,976 | 3,407,612 | ||||||
Carlisle Cos., Inc. | 48,269 | 6,777,450 | ||||||
Clean Harbors, Inc.* | 42,695 | 3,035,615 | ||||||
Colfax Corp.* | 80,174 | 2,247,277 | ||||||
Crane Co. | 43,188 | 3,603,607 | ||||||
Curtiss-Wright Corp. | 36,059 | 4,584,181 | ||||||
Deluxe Corp. | 36,721 | 1,493,076 | ||||||
Donaldson Co., Inc. | 106,989 | 5,441,461 | ||||||
Dycom Industries, Inc.* | 26,586 | 1,565,118 | ||||||
EMCOR Group, Inc. | 47,242 | 4,162,020 | ||||||
EnerSys | 36,018 | 2,467,233 | ||||||
Fluor Corp. | 117,876 | 3,971,242 | ||||||
GATX Corp. | 30,391 | 2,409,702 | ||||||
Genesee & Wyoming, Inc. Cl A* | 47,698 | 4,769,800 | ||||||
Graco, Inc. | 139,902 | 7,020,282 | ||||||
Granite Construction, Inc. | 39,435 | 1,899,978 | ||||||
Healthcare Svcs. Group, Inc. | 62,913 | 1,907,522 | ||||||
Herman Miller, Inc. | 49,107 | 2,195,083 | ||||||
HNI Corp. | 36,412 | 1,288,257 | ||||||
Hubbell, Inc. Cl B | 46,030 | 6,002,312 | ||||||
IDEX Corp. | 63,462 | 10,924,349 | ||||||
Insperity, Inc. | 31,551 | 3,853,639 | ||||||
ITT, Inc. | 73,998 | 4,845,389 | ||||||
JetBlue Airways Corp.* | 254,375 | 4,703,394 | ||||||
Kennametal, Inc. | 69,786 | 2,581,384 | ||||||
Kirby Corp.* | 45,326 | 3,580,754 | ||||||
Knight-Swift Transportation Hldgs., Inc. Cl A | 105,035 | 3,449,349 | ||||||
Landstar System, Inc. | 33,702 | 3,639,479 | ||||||
Lennox International, Inc. | 29,790 | 8,192,250 | ||||||
Lincoln Electric Hldgs., Inc. | 52,815 | 4,347,731 | ||||||
ManpowerGroup, Inc. | 50,330 | 4,861,878 | ||||||
MasTec, Inc.* | 52,092 | 2,684,301 | ||||||
MSA Safety, Inc. | 29,623 | 3,121,968 | ||||||
MSC Industrial Direct Co., Inc. Cl A | 37,804 | 2,807,325 | ||||||
Nordson Corp. | 43,523 | 6,150,235 | ||||||
NOW, Inc.* | 91,689 | 1,353,330 | ||||||
nVent Electric PLC | 133,801 | 3,316,927 | ||||||
Old Dominion Freight Line, Inc. | 54,231 | 8,094,519 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Oshkosh Corp. | 59,015 | $ | 4,927,162 | |||||
Regal Beloit Corp. | 36,010 | 2,942,377 | ||||||
Resideo Technologies, Inc.* | 102,549 | 2,247,874 | ||||||
Ryder System, Inc. | 44,715 | 2,606,885 | ||||||
Stericycle, Inc.* | 71,832 | 3,429,978 | ||||||
Teledyne Technologies, Inc.* | 30,722 | 8,413,834 | ||||||
Terex Corp. | 52,625 | 1,652,425 | ||||||
Timken Co. | 57,636 | 2,959,032 | ||||||
Toro Co. | 89,711 | 6,001,666 | ||||||
Trex Co., Inc.* | 49,188 | 3,526,779 | ||||||
Trinity Industries, Inc. | 109,318 | 2,268,349 | ||||||
Valmont Industries, Inc. | 18,485 | 2,344,083 | ||||||
Watsco, Inc. | 26,861 | 4,392,579 | ||||||
Werner Enterprises, Inc. | 36,314 | 1,128,639 | ||||||
Woodward, Inc. | 46,943 | 5,312,070 | ||||||
XPO Logistics, Inc.* | 77,426 | 4,475,997 | ||||||
|
| |||||||
233,188,874 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (14.9%) | ||||||||
ACI Worldwide, Inc.* | 93,026 | 3,194,513 | ||||||
Arrow Electronics, Inc.* | 71,296 | 5,081,266 | ||||||
Avnet, Inc. | 89,662 | 4,058,999 | ||||||
Belden, Inc. | 33,379 | 1,988,387 | ||||||
Blackbaud, Inc. | 41,765 | 3,487,377 | ||||||
CACI International, Inc. Cl A* | 21,047 | 4,306,006 | ||||||
CDK Global, Inc. | 102,309 | 5,058,157 | ||||||
Ciena Corp.* | 120,859 | 4,970,931 | ||||||
Cirrus Logic, Inc.* | 49,319 | 2,155,240 | ||||||
Cognex Corp. | 144,559 | 6,935,941 | ||||||
Coherent, Inc.* | 20,423 | 2,785,085 | ||||||
CommVault Systems, Inc.* | 32,394 | 1,607,390 | ||||||
CoreLogic, Inc.* | 68,233 | 2,854,186 | ||||||
Cree, Inc.* | 88,970 | 4,998,335 | ||||||
Cypress Semiconductor Corp. | 308,718 | 6,865,888 | ||||||
Fair Isaac Corp.* | 24,340 | 7,643,247 | ||||||
First Solar, Inc.* | 63,941 | 4,199,645 | ||||||
InterDigital, Inc. | 26,644 | 1,715,874 | ||||||
j2 Global, Inc. | 39,241 | 3,488,132 | ||||||
Jabil, Inc. | 116,509 | 3,681,684 | ||||||
KBR, Inc. | 119,375 | 2,977,212 | ||||||
Leidos Hldgs., Inc. | 121,205 | 9,678,219 | ||||||
Littelfuse, Inc. | 20,783 | 3,676,721 | ||||||
LiveRamp Hldgs., Inc.* | 61,224 | 2,968,140 | ||||||
LogMeIn, Inc. | 42,149 | 3,105,538 | ||||||
Lumentum Hldgs., Inc.* | 64,471 | 3,443,396 | ||||||
Manhattan Associates, Inc.* | 54,290 | 3,763,926 | ||||||
MAXIMUS, Inc. | 53,617 | 3,889,377 | ||||||
MKS Instruments, Inc. | 45,984 | 3,581,694 | ||||||
Monolithic Power Systems, Inc. | 33,407 | 4,536,002 | ||||||
National Instruments Corp. | 94,440 | 3,965,536 | ||||||
NCR Corp.* | 101,207 | 3,147,538 | ||||||
NetScout Systems, Inc.* | 58,426 | 1,483,436 | ||||||
Perspecta, Inc. | 117,903 | 2,760,109 | ||||||
Plantronics, Inc. | 27,596 | 1,022,156 | ||||||
PTC, Inc.* | 87,468 | 7,851,128 | ||||||
Sabre Corp. | 231,745 | 5,144,739 | ||||||
Science Applications International Corp. | 42,904 | 3,713,770 |
The accompanying notes are an integral part of these portfolio schedules.
55
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Semtech Corp.* | 56,231 | $ | 2,701,899 | |||||
Silicon Laboratories, Inc.* | 36,613 | 3,785,784 | ||||||
Synaptics, Inc.* | 29,224 | 851,587 | ||||||
SYNNEX Corp. | 35,138 | 3,457,579 | ||||||
Tech Data Corp.* | 30,778 | 3,219,379 | ||||||
Teradata Corp.* | 98,756 | 3,540,403 | ||||||
Teradyne, Inc. | 143,963 | 6,897,267 | ||||||
Trimble, Inc.* | 211,270 | 9,530,390 | ||||||
Tyler Technologies, Inc.* | 32,273 | 6,971,613 | ||||||
Universal Display Corp. | 35,905 | 6,752,294 | ||||||
Versum Materials, Inc. | 91,960 | 4,743,297 | ||||||
ViaSat, Inc.* | 48,329 | 3,905,950 | ||||||
Vishay Intertechnology, Inc. | 112,012 | 1,850,438 | ||||||
WEX, Inc.* | 36,338 | 7,561,938 | ||||||
Zebra Technologies Corp. Cl A* | 45,443 | 9,519,854 | ||||||
|
| |||||||
227,074,592 | ||||||||
|
| |||||||
MATERIALS (6.0%) | ||||||||
Allegheny Technologies, Inc.* | 105,880 | 2,668,176 | ||||||
AptarGroup, Inc. | 53,115 | 6,604,319 | ||||||
Ashland Global Hldgs., Inc. | 52,927 | 4,232,572 | ||||||
Cabot Corp. | 48,935 | 2,334,689 | ||||||
Carpenter Technology Corp. | 39,721 | 1,905,814 | ||||||
Chemours Co. | 136,967 | 3,287,208 | ||||||
Commercial Metals Co. | 98,764 | 1,762,937 | ||||||
Compass Minerals International, Inc. | 28,564 | 1,569,592 | ||||||
Domtar Corp. | 52,801 | 2,351,228 | ||||||
Eagle Materials, Inc. | 37,179 | 3,446,493 | ||||||
Greif, Inc. Cl A | 22,235 | 723,749 | ||||||
Ingevity Corp.* | 35,180 | 3,699,881 | ||||||
Louisiana-Pacific Corp. | 104,084 | 2,729,082 | ||||||
Minerals Technologies, Inc. | 29,498 | 1,578,438 | ||||||
NewMarket Corp. | 7,307 | 2,929,669 | ||||||
Olin Corp. | 136,580 | 2,992,468 | ||||||
Owens-Illinois, Inc. | 130,685 | 2,256,930 | ||||||
PolyOne Corp. | 65,232 | 2,047,632 | ||||||
Reliance Steel & Aluminum Co. | 56,521 | 5,348,017 | ||||||
Royal Gold, Inc. | 54,985 | 5,635,413 | ||||||
RPM International, Inc. | 110,314 | 6,741,289 | ||||||
ScottsMiracle-Gro Co. | 33,180 | 3,268,230 | ||||||
Sensient Technologies Corp. | 35,733 | 2,625,661 | ||||||
Silgan Hldgs., Inc. | 65,208 | 1,995,365 | ||||||
Sonoco Products Co. | 83,945 | 5,484,966 | ||||||
Steel Dynamics, Inc. | 186,843 | 5,642,659 | ||||||
United States Steel Corp. | 145,671 | 2,230,223 | ||||||
Valvoline, Inc. | 157,571 | 3,077,362 | ||||||
Worthington Industries, Inc. | 32,685 | 1,315,898 | ||||||
|
| |||||||
92,485,960 | ||||||||
|
| |||||||
REAL ESTATE (9.5%) | ||||||||
Alexander & Baldwin, Inc. | 56,886 | 1,314,067 | ||||||
American Campus Communities, Inc. | 115,098 | 5,312,924 | ||||||
Brixmor Property Group, Inc. | 249,646 | 4,463,671 | ||||||
Camden Property Trust | 81,048 | 8,460,601 | ||||||
CoreCivic, Inc. | 100,030 | 2,076,623 | ||||||
CoreSite Realty Corp. | 31,181 | 3,591,116 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Corporate Office Properties Trust | 93,737 | $ | 2,471,845 | |||||
Cousins Properties, Inc. | 121,894 | 4,408,906 | ||||||
CyrusOne, Inc. | 95,128 | 5,490,788 | ||||||
Douglas Emmett, Inc. | 135,505 | 5,398,519 | ||||||
EastGroup Properties, Inc. | 30,841 | 3,576,939 | ||||||
EPR Properties | 63,163 | 4,711,328 | ||||||
First Industrial Realty Trust, Inc. | 106,058 | 3,896,571 | ||||||
GEO Group, Inc. | 101,921 | 2,141,360 | ||||||
Healthcare Realty Trust, Inc. | 108,413 | 3,395,495 | ||||||
Highwoods Properties, Inc. | 86,786 | 3,584,262 | ||||||
Hospitality Properties Trust | 138,094 | 3,452,350 | ||||||
JBG SMITH Properties | 101,283 | 3,984,473 | ||||||
Jones Lang LaSalle, Inc. | 38,334 | 5,393,210 | ||||||
Kilroy Realty Corp. | 84,435 | 6,232,147 | ||||||
Lamar Advertising Co. Cl A | 72,043 | 5,814,591 | ||||||
Liberty Property Trust | 124,353 | 6,222,624 | ||||||
Life Storage, Inc. | 39,126 | 3,720,100 | ||||||
Mack-Cali Realty Corp. | 75,409 | 1,756,276 | ||||||
Medical Properties Trust, Inc. | 330,884 | 5,770,617 | ||||||
National Retail Properties, Inc. | 136,397 | 7,230,405 | ||||||
Omega Healthcare Investors, Inc. | 179,872 | 6,610,296 | ||||||
Pebblebrook Hotel Trust | 109,553 | 3,087,204 | ||||||
PotlatchDeltic Corp. | 56,789 | 2,213,635 | ||||||
PS Business Parks, Inc. | 16,799 | 2,831,135 | ||||||
Rayonier, Inc. | 109,118 | 3,306,275 | ||||||
Sabra Health Care REIT, Inc. | 150,744 | 2,968,149 | ||||||
Senior Housing Properties Trust | 198,624 | 1,642,620 | ||||||
Tanger Factory Outlet Centers, Inc. | 79,547 | 1,289,457 | ||||||
Taubman Centers, Inc. | 51,399 | 2,098,621 | ||||||
Uniti Group, Inc. | 154,520 | 1,467,940 | ||||||
Urban Edge Properties | 100,665 | 1,744,524 | ||||||
Weingarten Realty Investors | 100,192 | 2,747,265 | ||||||
|
| |||||||
145,878,929 | ||||||||
|
| |||||||
UTILITIES (4.4%) | ||||||||
ALLETE, Inc. | 43,351 | 3,607,237 | ||||||
Aqua America, Inc. | 180,811 | 7,480,151 | ||||||
Black Hills Corp. | 45,459 | 3,553,530 | ||||||
Hawaiian Electric Industries, Inc. | 91,092 | 3,967,057 | ||||||
IDACORP, Inc. | 42,133 | 4,231,417 | ||||||
MDU Resources Group, Inc. | 165,984 | 4,282,387 | ||||||
National Fuel Gas Co. | 72,173 | 3,807,126 | ||||||
New Jersey Resources Corp. | 74,655 | 3,715,579 | ||||||
NorthWestern Corp. | 42,303 | 3,052,161 | ||||||
OGE Energy Corp. | 168,031 | 7,151,399 | ||||||
ONE Gas, Inc. | 44,085 | 3,980,875 | ||||||
PNM Resources, Inc. | 66,924 | 3,407,101 | ||||||
Southwest Gas Hldgs., Inc. | 44,696 | 4,005,656 | ||||||
Spire, Inc. | 42,641 | 3,578,433 | ||||||
UGI Corp. | 145,382 | 7,764,853 | ||||||
|
| |||||||
67,584,962 | ||||||||
|
| |||||||
TOTAL INDEXED ASSETS-COMMON STOCKS |
| |||||||
(Cost: $1,165,904,982) 94.0% |
| 1,437,345,936 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
56
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-CAP EQUITY INDEX FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||||
U.S. GOVERNMENT (1.9%) | ||||||||||||||||||||
U.S. Treasury Bill | A-1+ | 2.17 | 08/13/19 | $ | 11,500,000 | $ | 11,470,296 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.28 | 07/05/19 | 2,000,000 | 1,999,493 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 2.33 | 07/23/19 | 5,000,000 | 4,992,911 | |||||||||||||||
U.S. Treasury Bill (1) | A-1+ | 2.37 | 08/08/19 | 11,000,000 | 10,972,684 | |||||||||||||||
|
| |||||||||||||||||||
29,435,384 | ||||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT AGENCIES (2.5%) | ||||||||||||||||||||
FHLB | A-1+ | 2.12 | 07/02/19 | 38,600,000 | 38,597,733 | |||||||||||||||
|
| |||||||||||||||||||
COMMERCIAL PAPER (0.9%) | ||||||||||||||||||||
Cargill Global Funding PLC† | A-1 | 2.32 | 07/01/19 | 7,700,000 | 7,700,000 | |||||||||||||||
Cisco Systems, Inc.† | A-1+ | 2.28 | 08/20/19 | 5,900,000 | 5,881,398 | |||||||||||||||
|
| |||||||||||||||||||
13,581,398 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 81,614,515 | ||||||||||||||||||
|
| |||||||||||||||||||
Rate(%) | Maturity | Face Amount | Value | |||||||||||||||||
TEMPORARY CASH INVESTMENT (0.0%) (2) | ||||||||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 38,521 | $ | 38,521 | ||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 38,521 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 1,518,998,972 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS 0.7% |
| 9,818,145 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 1,528,817,117 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
57
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
FINANCIALS (93.5%) | ||||||||
iShares Core MSCI EAFE ETF | 1,323,519 | $ | 81,264,067 | |||||
iShares Core MSCI Europe ETF | 393,284 | 18,327,035 | ||||||
iShares Core MSCI Pacific ETF | 177,010 | 9,854,147 | ||||||
iShares Edge MSCI Min Vol Emerging Markets ETF | 239,149 | 14,076,310 | ||||||
iShares MSCI EAFE ETF | 3,382,851 | 222,354,796 | ||||||
iShares MSCI EAFE Growth ETF | 602,616 | 48,673,294 | ||||||
iShares MSCI EAFESmall-Cap ETF | 177,935 | 10,213,469 | ||||||
iShares MSCI EAFE Value ETF | 906,767 | 43,588,290 | ||||||
Vanguard FTSE Developed Markets ETF | 2,129,980 | 88,841,466 | ||||||
Vanguard FTSE Europe ETF | 424,630 | 23,312,187 | ||||||
Vanguard FTSE Pacific ETF | 220,480 | 14,569,318 | ||||||
|
| |||||||
575,074,379 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $538,244,247) 93.5% | 575,074,379 | |||||||
|
|
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||||
U.S. GOVERNMENT (2.3%) | ||||||||||||||||||||
U.S. Treasury Bill | A-1+ | 2.28 | 07/05/19 | $ | 2,000,000 | $ | 1,999,493 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.33 | 07/23/19 | 10,000,000 | 9,985,822 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 2.37 | 08/08/19 | 2,000,000 | 1,995,034 | |||||||||||||||
|
| |||||||||||||||||||
13,980,349 | ||||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT AGENCIES (2.5%) | ||||||||||||||||||||
FHLB | A-1+ | 2.25 | 07/02/19 | 15,100,000 | 15,099,056 | |||||||||||||||
|
| |||||||||||||||||||
COMMERCIAL PAPER (1.6%) | ||||||||||||||||||||
Cargill Global Funding PLC† | A-1 | 2.32 | 07/01/19 | 10,000,000 | 10,000,000 | |||||||||||||||
|
| |||||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 39,079,405 | ||||||||||||||||||
|
| |||||||||||||||||||
Rate(%) | Maturity | Face Amount | Value | |||||||||||||||||
TEMPORARY CASH INVESTMENT (0.0%) (2) | ||||||||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 101,452 | $ | 101,452 | ||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 101,452 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 614,255,236 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS 0.1% |
| 391,438 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 614,646,674 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
58
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (3.2%) | ||||||||
Comcast Corp. Cl A | 70,918 | $ | 2,998,413 | |||||
Viacom, Inc. Cl B | 41,701 | 1,245,609 | ||||||
Walt Disney Co. | 11,695 | 1,633,090 | ||||||
|
| |||||||
5,877,112 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (7.9%) | ||||||||
Amazon.com, Inc.* | 964 | 1,825,459 | ||||||
Best Buy Co., Inc. | 22,194 | 1,547,588 | ||||||
Foot Locker, Inc. | 16,630 | 697,130 | ||||||
Genuine Parts Co. | 6,308 | 653,383 | ||||||
Home Depot, Inc. | 13,370 | 2,780,559 | ||||||
Kohl’s Corp. | 24,863 | 1,182,236 | ||||||
PVH Corp. | 13,993 | 1,324,297 | ||||||
Ross Stores, Inc. | 13,253 | 1,313,637 | ||||||
Royal Caribbean Cruises Ltd. | 4,686 | 567,990 | ||||||
Starbucks Corp. | 20,404 | 1,710,467 | ||||||
Tapestry, Inc. | 31,823 | 1,009,744 | ||||||
|
| |||||||
14,612,490 | ||||||||
|
| |||||||
CONSUMER STAPLES (2.0%) | ||||||||
Constellation Brands, Inc. Cl A | 4,140 | 815,332 | ||||||
General Mills, Inc. | 19,824 | 1,041,157 | ||||||
PepsiCo, Inc. | 13,734 | 1,800,939 | ||||||
|
| |||||||
3,657,428 | ||||||||
|
| |||||||
ENERGY (4.6%) | ||||||||
Anadarko Petroleum Corp. | 6,495 | 458,287 | ||||||
Baker Hughes, a GE Co. Cl A | 16,585 | 408,489 | ||||||
Cimarex Energy Co. | 4,914 | 291,548 | ||||||
Concho Resources, Inc. | 7,198 | 742,690 | ||||||
ConocoPhillips | 15,714 | 958,554 | ||||||
Marathon Petroleum Corp. | 40,213 | 2,247,102 | ||||||
Noble Energy, Inc. | 25,223 | 564,995 | ||||||
Pioneer Natural Resources Co. | 4,673 | 718,988 | ||||||
Valero Energy Corp. | 9,063 | 775,883 | ||||||
Williams Cos., Inc. | 52,088 | 1,460,547 | ||||||
|
| |||||||
8,627,083 | ||||||||
|
| |||||||
FINANCIALS (7.3%) | ||||||||
Bank of America Corp. | 80,074 | 2,322,146 | ||||||
Citigroup, Inc. | 30,070 | 2,105,802 | ||||||
Comerica, Inc. | 8,309 | 603,566 | ||||||
Intercontinental Exchange, Inc. | 16,639 | 1,429,956 | ||||||
JPMorgan Chase & Co. | 25,116 | 2,807,969 | ||||||
Morgan Stanley | 33,469 | 1,466,277 | ||||||
Progressive Corp. | 10,386 | 830,153 | ||||||
Synchrony Financial | 59,492 | 2,062,587 | ||||||
|
| |||||||
13,628,456 | ||||||||
|
| |||||||
HEALTH CARE (8.1%) | ||||||||
AbbVie, Inc. | 25,369 | 1,844,834 | ||||||
Amgen, Inc. | 4,276 | 787,981 | ||||||
Bristol-Myers Squibb Co. | 18,031 | 817,706 | ||||||
Celgene Corp.* | 9,271 | 857,011 | ||||||
CVS Health Corp. | 16,160 | 880,558 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Gilead Sciences, Inc. | 21,891 | $ | 1,478,956 | |||||
HCA Healthcare, Inc. | 11,449 | 1,547,561 | ||||||
Humana, Inc. | 3,521 | 934,121 | ||||||
Medtronic PLC | 17,080 | 1,663,421 | ||||||
Merck & Co., Inc. | 18,796 | 1,576,045 | ||||||
UnitedHealth Group, Inc. | 11,142 | 2,718,760 | ||||||
|
| |||||||
15,106,954 | ||||||||
|
| |||||||
INDUSTRIALS (5.4%) | ||||||||
Boeing Co. | 7,554 | 2,749,731 | ||||||
Caterpillar, Inc. | 9,073 | 1,236,559 | ||||||
Delta Air Lines, Inc. | 31,497 | 1,787,455 | ||||||
FedEx Corp. | 5,114 | 839,668 | ||||||
Ingersoll-Rand PLC | 9,155 | 1,159,664 | ||||||
Lockheed Martin Corp. | 4,786 | 1,739,902 | ||||||
Parker-Hannifin Corp. | 3,309 | 562,563 | ||||||
|
| |||||||
10,075,542 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (14.6%) | ||||||||
Apple, Inc. | 28,745 | 5,689,210 | ||||||
Broadcom, Inc. | 7,145 | 2,056,760 | ||||||
Cisco Systems, Inc. | 50,058 | 2,739,674 | ||||||
Citrix Systems, Inc. | 7,189 | 705,528 | ||||||
Corning, Inc. | 21,965 | 729,897 | ||||||
DXC Technology Co. | 11,691 | 644,759 | ||||||
F5 Networks, Inc.* | 3,704 | 539,414 | ||||||
Lam Research Corp. | 6,418 | 1,205,557 | ||||||
Microsoft Corp. | 48,057 | 6,437,716 | ||||||
NetApp, Inc. | 9,850 | 607,745 | ||||||
Texas Instruments, Inc. | 10,498 | 1,204,750 | ||||||
Total System Svcs., Inc. | 9,262 | 1,188,037 | ||||||
Visa, Inc. Cl A | 14,342 | 2,489,054 | ||||||
Xilinx, Inc. | 6,439 | 759,287 | ||||||
|
| |||||||
26,997,388 | ||||||||
|
| |||||||
MATERIALS (1.4%) | ||||||||
Celanese Corp. Cl A | 5,833 | 628,797 | ||||||
Eastman Chemical Co. | 7,142 | 555,862 | ||||||
PPG Industries, Inc. | 5,640 | 658,245 | ||||||
WestRock Co. | 21,971 | 801,282 | ||||||
|
| |||||||
2,644,186 | ||||||||
|
| |||||||
REAL ESTATE (2.5%) | ||||||||
American Tower Corp. | 9,212 | 1,883,393 | ||||||
Equinix, Inc. | 2,990 | 1,507,827 | ||||||
Simon Property Group, Inc. | 7,610 | 1,215,774 | ||||||
|
| |||||||
4,606,994 | ||||||||
|
| |||||||
UTILITIES (1.8%) | ||||||||
NextEra Energy, Inc. | 7,511 | 1,538,704 | ||||||
Sempra Energy | 13,064 | 1,795,516 | ||||||
|
| |||||||
3,334,220 | ||||||||
|
| |||||||
Total Common Stocks |
| 109,167,853 | ||||||
|
| |||||||
The accompanying notes are an integral part of these portfolio schedules.
59
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES: | ||||||||||||||||||||
U.S. GOVERNMENT (14.7%) | ||||||||||||||||||||
U.S. Treasury Bond | AA+ | 2.25 | 08/15/46 | $ | 200,000 | $ | 188,695 | |||||||||||||
U.S. Treasury Bond | AA+ | 2.88 | 05/15/49 | 1,500,000 | 1,606,641 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.50 | 02/28/23 | 500,000 | 495,820 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.63 | 02/15/26 | 750,000 | 738,603 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.00 | 02/15/25 | 500,000 | 504,844 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.00 | 11/15/26 | 800,000 | 805,594 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.13 | 05/15/25 | 750,000 | 762,246 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.25 | 02/15/27 | 1,650,000 | 1,689,832 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.25 | 08/15/27 | 2,600,000 | 2,661,242 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.25 | 11/15/27 | 2,150,000 | 2,199,803 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.38 | 05/15/27 | 1,850,000 | 1,911,426 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.63 | 02/15/29 | 1,500,000 | 1,580,918 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.88 | 05/15/28 | 7,250,000 | 7,780,156 | |||||||||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/29 | 5,500,000 | 4,438,752 | |||||||||||||||
|
| |||||||||||||||||||
27,364,572 | ||||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT AGENCIES (11.2%) | ||||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (11.2%) | ||||||||||||||||||||
FHLMC | AA+ | 2.50 | 09/01/27 | 177,138 | 178,727 | |||||||||||||||
FHLMC | AA+ | 2.62 | 01/25/23 | 50,000 | 50,808 | |||||||||||||||
FHLMC | AA+ | 3.00 | 06/01/27 | 102,414 | 104,585 | |||||||||||||||
FHLMC | AA+ | 3.00 | 08/01/27 | 115,968 | 118,608 | |||||||||||||||
FHLMC | AA+ | 3.00 | 02/01/32 | 269,946 | 276,036 | |||||||||||||||
FHLMC | AA+ | 3.00 | 10/15/37 | 151,634 | 154,629 | |||||||||||||||
FHLMC | AA+ | 3.00 | 11/01/42 | 178,263 | 181,803 | |||||||||||||||
FHLMC | AA+ | 3.00 | 04/01/43 | 215,190 | 219,730 | |||||||||||||||
FHLMC | AA+ | 3.50 | 02/01/32 | 121,954 | 126,525 | |||||||||||||||
FHLMC | AA+ | 3.50 | 01/01/43 | 213,558 | 221,785 | |||||||||||||||
FHLMC | AA+ | 3.50 | 06/01/45 | 298,983 | 309,933 | |||||||||||||||
FHLMC | AA+ | 3.50 | 07/01/45 | 323,031 | 336,865 | |||||||||||||||
FHLMC | AA+ | 4.00 | 02/01/25 | 18,434 | 19,146 | |||||||||||||||
FHLMC | AA+ | 4.00 | 11/01/33 | 221,941 | 232,110 | |||||||||||||||
FHLMC | AA+ | 4.00 | 01/01/38 | 177,240 | 187,816 | |||||||||||||||
FHLMC | AA+ | 4.00 | 03/01/41 | 96,301 | 101,602 | |||||||||||||||
FHLMC | AA+ | 4.00 | 07/01/41 | 139,402 | 147,351 | |||||||||||||||
FHLMC | AA+ | 4.00 | 11/01/42 | 100,296 | 105,946 | |||||||||||||||
FHLMC | AA+ | 4.00 | 01/01/43 | 168,868 | 178,380 | |||||||||||||||
FHLMC | AA+ | 4.00 | 01/01/44 | 184,092 | 193,610 | |||||||||||||||
FHLMC | AA+ | 4.00 | 10/01/44 | 148,667 | 155,721 | |||||||||||||||
FHLMC | AA+ | 4.00 | 06/01/45 | 293,372 | 309,144 | |||||||||||||||
FHLMC | AA+ | 4.00 | 05/01/47 | 338,674 | 354,076 | |||||||||||||||
FHLMC | AA+ | 4.00 | 09/01/48 | 470,518 | 488,629 | |||||||||||||||
FHLMC | AA+ | 4.50 | 08/01/34 | 20,575 | 22,093 | |||||||||||||||
FHLMC | AA+ | 4.50 | 08/15/35 | 17,247 | 17,664 | |||||||||||||||
FHLMC | AA+ | 4.50 | 02/01/44 | 137,046 | 145,886 | |||||||||||||||
FHLMC | AA+ | 4.50 | 05/01/48 | 437,434 | 459,808 | |||||||||||||||
FHLMC | AA+ | 5.00 | 02/01/26 | 11,513 | 12,173 | |||||||||||||||
FHLMC | AA+ | 5.00 | 10/01/40 | 132,774 | 144,359 | |||||||||||||||
FHLMC | AA+ | 5.50 | 07/01/32 | 24,906 | 26,862 | |||||||||||||||
FHLMC | AA+ | 5.50 | 05/01/33 | 17,686 | 18,868 | |||||||||||||||
FHLMC | AA+ | 5.50 | 06/01/37 | 83,116 | 92,226 | |||||||||||||||
FHLMC | AA+ | 6.00 | 03/15/32 | 24,025 | 26,918 | |||||||||||||||
FHLMC ARM | AA+ | 4.68 | 05/01/37 | 11,582 | 12,090 | |||||||||||||||
FHLMC ARM | AA+ | 4.73 | 03/01/37 | 3,582 | 3,752 | |||||||||||||||
FHLMC ARM | AA+ | 4.79 | 04/01/37 | 13,975 | 14,739 | |||||||||||||||
FHLMC ARM | AA+ | 4.89 | 02/01/36 | 26,524 | 27,822 | |||||||||||||||
FHLMC Strip | AA+ | 3.00 | 01/15/43 | 230,909 | 238,913 |
The accompanying notes are an integral part of these portfolio schedules.
60
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MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||||
FNMA | AA+ | 2.68 | 12/01/26 | $ | 300,000 | $ | 303,830 | |||||||||||||
FNMA | AA+ | 2.92 | 07/01/27 | 289,703 | 297,975 | |||||||||||||||
FNMA | AA+ | 3.00 | 06/01/33 | 333,512 | 339,502 | |||||||||||||||
FNMA | AA+ | 3.00 | 09/01/33 | 198,504 | 202,070 | |||||||||||||||
FNMA | AA+ | 3.00 | 12/01/42 | 253,693 | 253,793 | |||||||||||||||
FNMA | AA+ | 3.00 | 01/01/43 | 526,604 | 535,436 | |||||||||||||||
FNMA | AA+ | 3.00 | 02/01/43 | 152,949 | 155,513 | |||||||||||||||
FNMA | AA+ | 3.00 | 03/01/43 | 274,996 | 280,582 | |||||||||||||||
FNMA | AA+ | 3.00 | 04/01/43 | 251,130 | 251,228 | |||||||||||||||
FNMA | AA+ | 3.00 | 09/01/43 | 287,790 | 292,617 | |||||||||||||||
FNMA | AA+ | 3.50 | 03/25/28 | 227,517 | 237,174 | |||||||||||||||
FNMA | AA+ | 3.50 | 08/01/38 | 185,414 | 190,732 | |||||||||||||||
FNMA | AA+ | 3.50 | 10/01/41 | 115,697 | 121,404 | |||||||||||||||
FNMA | AA+ | 3.50 | 11/01/41 | 210,296 | 218,261 | |||||||||||||||
FNMA | AA+ | 3.50 | 12/01/41 | 189,521 | 197,432 | |||||||||||||||
FNMA | AA+ | 3.50 | 04/01/42 | 218,633 | 229,396 | |||||||||||||||
FNMA | AA+ | 3.50 | 04/01/42 | 346,168 | 359,281 | |||||||||||||||
FNMA | AA+ | 3.50 | 08/01/42 | 167,773 | 174,129 | |||||||||||||||
FNMA | AA+ | 3.50 | 11/25/42 | 444,263 | 453,172 | |||||||||||||||
FNMA | AA+ | 3.50 | 08/01/43 | 356,969 | 368,260 | |||||||||||||||
FNMA | AA+ | 3.50 | 08/01/43 | 296,897 | 307,490 | |||||||||||||||
FNMA | AA+ | 3.50 | 01/01/44 | 73,351 | 74,496 | |||||||||||||||
FNMA | AA+ | 3.50 | 08/25/44 | 89,102 | 91,483 | |||||||||||||||
FNMA | AA+ | 3.50 | 04/01/45 | 255,818 | 265,021 | |||||||||||||||
FNMA | AA+ | 3.50 | 09/01/47 | 164,339 | 170,202 | |||||||||||||||
FNMA | AA+ | 3.50 | 08/01/48 | 361,558 | 369,808 | |||||||||||||||
FNMA | AA+ | 3.53 | 01/01/26 | 200,000 | 211,928 | |||||||||||||||
FNMA | AA+ | 4.00 | 07/25/26 | 301,065 | 319,636 | |||||||||||||||
FNMA | AA+ | 4.00 | 01/01/31 | 119,058 | 124,341 | |||||||||||||||
FNMA | AA+ | 4.00 | 07/01/40 | 203,998 | 215,016 | |||||||||||||||
FNMA | AA+ | 4.00 | 11/01/40 | 120,910 | 127,489 | |||||||||||||||
FNMA | AA+ | 4.00 | 05/01/41 | 113,616 | 120,292 | |||||||||||||||
FNMA | AA+ | 4.00 | 11/01/45 | 240,271 | 249,694 | |||||||||||||||
FNMA | AA+ | 4.00 | 02/01/47 | 213,331 | 222,646 | |||||||||||||||
FNMA | AA+ | 4.00 | 05/01/48 | 567,830 | 589,924 | |||||||||||||||
FNMA | AA+ | 4.00 | 03/01/49 | 540,815 | 560,696 | |||||||||||||||
FNMA | AA+ | 4.00 | 07/01/56 | 596,438 | 626,606 | |||||||||||||||
FNMA | AA+ | 4.50 | 05/01/30 | 38,310 | 40,779 | |||||||||||||||
FNMA | AA+ | 4.50 | 04/01/31 | 50,834 | 54,114 | |||||||||||||||
FNMA | AA+ | 4.50 | 08/01/33 | 23,102 | 24,605 | |||||||||||||||
FNMA | AA+ | 4.50 | 09/01/33 | 43,586 | 46,461 | |||||||||||||||
FNMA | AA+ | 4.50 | 06/01/34 | 44,340 | 47,128 | |||||||||||||||
FNMA | AA+ | 4.50 | 08/01/35 | 28,392 | 30,457 | |||||||||||||||
FNMA | AA+ | 4.50 | 12/01/35 | 26,828 | 28,777 | |||||||||||||||
FNMA | AA+ | 4.50 | 05/01/39 | 48,237 | 51,782 | |||||||||||||||
FNMA | AA+ | 4.50 | 05/01/39 | 70,402 | 75,614 | |||||||||||||||
FNMA | AA+ | 4.50 | 05/01/40 | 81,865 | 87,153 | |||||||||||||||
FNMA | AA+ | 4.50 | 10/01/40 | 418,564 | 449,524 | |||||||||||||||
FNMA | AA+ | 4.50 | 11/01/47 | 106,304 | 112,924 | |||||||||||||||
FNMA | AA+ | 4.50 | 11/01/47 | 216,175 | 227,529 | |||||||||||||||
FNMA | AA+ | 5.00 | 06/01/33 | 44,837 | 48,674 | |||||||||||||||
FNMA | AA+ | 5.00 | 10/01/33 | 47,709 | 51,826 | |||||||||||||||
FNMA | AA+ | 5.00 | 11/01/33 | 133,737 | 145,767 | |||||||||||||||
FNMA | AA+ | 5.00 | 11/01/33 | 30,469 | 33,081 | |||||||||||||||
FNMA | AA+ | 5.00 | 03/01/34 | 14,912 | 16,233 | |||||||||||||||
FNMA | AA+ | 5.00 | 04/01/34 | 23,540 | 25,536 |
The accompanying notes are an integral part of these portfolio schedules.
61
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MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||||
FNMA | AA+ | 5.00 | 09/01/35 | $ | 16,563 | $ | 18,089 | |||||||||||||
FNMA | AA+ | 5.00 | 11/25/35 | 61,510 | 68,233 | |||||||||||||||
FNMA | AA+ | 5.00 | 08/01/37 | 125,047 | 136,508 | |||||||||||||||
FNMA | AA+ | 5.00 | 05/01/39 | 57,006 | 61,939 | |||||||||||||||
FNMA | AA+ | 5.00 | 06/01/40 | 30,697 | 33,352 | |||||||||||||||
FNMA | AA+ | 5.50 | 03/01/34 | 7,983 | 8,508 | |||||||||||||||
FNMA | AA+ | 5.50 | 05/01/34 | 88,747 | 98,188 | |||||||||||||||
FNMA | AA+ | 5.50 | 07/01/34 | 32,662 | 35,671 | |||||||||||||||
FNMA | AA+ | 5.50 | 09/01/34 | 43,186 | 47,174 | |||||||||||||||
FNMA | AA+ | 5.50 | 09/01/34 | 12,696 | 13,967 | |||||||||||||||
FNMA | AA+ | 5.50 | 10/01/34 | 19,531 | 21,660 | |||||||||||||||
FNMA | AA+ | 5.50 | 02/01/35 | 34,204 | 37,945 | |||||||||||||||
FNMA | AA+ | 5.50 | 02/01/35 | 27,806 | 30,848 | |||||||||||||||
FNMA | AA+ | 5.50 | 08/01/35 | 11,502 | 12,688 | |||||||||||||||
FNMA | AA+ | 5.50 | 08/01/37 | 5,956 | 6,598 | |||||||||||||||
FNMA | AA+ | 5.50 | 11/01/38 | 3,259 | 3,424 | |||||||||||||||
FNMA | AA+ | 5.50 | 06/01/48 | 9,300 | 9,623 | |||||||||||||||
FNMA | AA+ | 6.00 | 05/01/23 | 9,387 | 10,275 | |||||||||||||||
FNMA | AA+ | 6.00 | 04/01/32 | 1,512 | 1,655 | |||||||||||||||
FNMA | AA+ | 6.00 | 05/01/32 | 9,121 | 10,341 | |||||||||||||||
FNMA | AA+ | 6.00 | 04/01/33 | 55,480 | 61,403 | |||||||||||||||
FNMA | AA+ | 6.00 | 05/01/33 | 30,311 | 33,181 | |||||||||||||||
FNMA | AA+ | 6.00 | 06/01/34 | 13,839 | 15,408 | |||||||||||||||
FNMA | AA+ | 6.00 | 09/01/34 | 9,525 | 10,548 | |||||||||||||||
FNMA | AA+ | 6.00 | 10/01/34 | 23,676 | 26,151 | |||||||||||||||
FNMA | AA+ | 6.00 | 12/01/36 | 23,514 | 26,622 | |||||||||||||||
FNMA | AA+ | 6.00 | 01/01/37 | 25,442 | 28,811 | |||||||||||||||
FNMA | AA+ | 6.00 | 04/01/37 | 4,020 | 4,291 | |||||||||||||||
FNMA | AA+ | 6.00 | 05/01/37 | 3,083 | 3,243 | |||||||||||||||
FNMA | AA+ | 6.00 | 06/01/37 | 1,686 | 1,769 | |||||||||||||||
FNMA | AA+ | 6.00 | 10/25/44 | 73,078 | 83,452 | |||||||||||||||
FNMA | AA+ | 6.00 | 02/25/47 | 65,155 | 74,686 | |||||||||||||||
FNMA | AA+ | 6.00 | 12/25/49 | 29,815 | 34,026 | |||||||||||||||
FNMA | AA+ | 6.50 | 05/01/32 | 4,138 | 4,589 | |||||||||||||||
FNMA | AA+ | 6.50 | 05/01/32 | 22,121 | 24,534 | |||||||||||||||
FNMA | AA+ | 6.50 | 07/01/32 | 3,555 | 3,943 | |||||||||||||||
FNMA | AA+ | 6.50 | 07/01/34 | 15,922 | 17,723 | |||||||||||||||
FNMA | AA+ | 6.50 | 05/01/37 | 18,948 | 19,829 | |||||||||||||||
FNMA | AA+ | 6.50 | 09/01/37 | 6,835 | 7,581 | |||||||||||||||
FNMA | AA+ | 7.00 | 04/01/32 | 3,640 | 4,124 | |||||||||||||||
FNMA | AA+ | 7.50 | 06/01/31 | 3,916 | 4,480 | |||||||||||||||
FNMA | AA+ | 7.50 | 02/01/32 | 3,527 | 4,053 | |||||||||||||||
FNMA | AA+ | 7.50 | 06/01/32 | 2,840 | 3,392 | |||||||||||||||
FNMA | AA+ | 8.00 | 04/01/32 | 1,420 | 1,492 | |||||||||||||||
FNMA Strip | AA+ | 3.00 | 08/25/42 | 178,860 | 182,445 | |||||||||||||||
FRESB Multifamily Mortgage | AA+ | 3.16 | 11/25/27 | 186,035 | 193,522 | |||||||||||||||
FRESB Multifamily Mortgage | AA+ | 3.30 | 12/25/27 | 99,004 | 103,545 | |||||||||||||||
GNMA (3) | AA+ | 3.50 | 05/20/31 | 93,279 | 97,756 | |||||||||||||||
GNMA (3) | AA+ | 4.00 | 08/15/41 | 142,287 | 151,012 | |||||||||||||||
GNMA (3) | AA+ | 4.00 | 01/15/42 | 196,933 | 209,011 | |||||||||||||||
GNMA (3) | AA+ | 4.00 | 08/20/42 | 131,276 | 136,477 | |||||||||||||||
GNMA (3) | AA+ | 4.50 | 04/20/31 | 69,784 | 73,559 | |||||||||||||||
GNMA (3) | AA+ | 4.50 | 10/15/40 | 121,602 | 131,592 | |||||||||||||||
GNMA (3) | AA+ | 4.50 | 10/20/43 | 240,640 | 254,401 | |||||||||||||||
GNMA (3) | AA+ | 5.00 | 04/15/39 | 100,174 | 110,229 |
The accompanying notes are an integral part of these portfolio schedules.
62
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MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||||
GNMA (3) | AA+ | 5.00 | 06/20/39 | $ | 111,139 | $ | 120,522 | |||||||||||||
GNMA (3) | AA+ | 5.00 | 11/15/39 | 55,073 | 60,618 | |||||||||||||||
GNMA (3) | AA+ | 6.50 | 04/15/31 | 1,744 | 1,916 | |||||||||||||||
GNMA (3) | AA+ | 6.50 | 10/15/31 | 2,145 | 2,489 | |||||||||||||||
GNMA (3) | AA+ | 6.50 | 12/15/31 | 1,312 | 1,441 | |||||||||||||||
GNMA (3) | AA+ | 6.50 | 05/15/32 | 6,297 | 6,917 | |||||||||||||||
GNMA (3) | AA+ | 7.00 | 05/15/31 | 2,064 | 2,391 | |||||||||||||||
GNMA (3) | AA+ | 7.00 | 05/15/32 | 634 | 649 | |||||||||||||||
Vendee Mortgage Trust (3) | AA+ | 5.25 | 01/15/32 | 75,037 | 77,562 | |||||||||||||||
|
| |||||||||||||||||||
20,808,328 | ||||||||||||||||||||
|
| |||||||||||||||||||
CORPORATE DEBT (12.4%) | ||||||||||||||||||||
COMMUNICATION SERVICES (0.6%) | ||||||||||||||||||||
AT&T, Inc. | BBB | 3.00 | 06/30/22 | 350,000 | 355,987 | |||||||||||||||
Omnicom Group, Inc. | BBB+ | 3.63 | 05/01/22 | 100,000 | 103,285 | |||||||||||||||
Omnicom Group, Inc. | BBB+ | 4.45 | 08/15/20 | 250,000 | 255,557 | |||||||||||||||
Viacom, Inc. | BBB- | 3.25 | 03/15/23 | 350,000 | 348,190 | |||||||||||||||
|
| |||||||||||||||||||
1,063,019 | ||||||||||||||||||||
|
| |||||||||||||||||||
CONSUMER DISCRETIONARY (2.6%) | ||||||||||||||||||||
Advance Auto Parts, Inc. | BBB- | 4.50 | 12/01/23 | 100,000 | 107,256 | |||||||||||||||
Amazon.com, Inc. | AA- | 5.20 | 12/03/25 | 300,000 | 350,222 | |||||||||||||||
AutoZone, Inc. | BBB | 4.00 | 11/15/20 | 250,000 | 254,614 | |||||||||||||||
Dollar General Corp. | BBB | 3.25 | 04/15/23 | 300,000 | 308,051 | |||||||||||||||
eBay, Inc. | BBB+ | 2.88 | 08/01/21 | 325,000 | 327,643 | |||||||||||||||
Expedia Group, Inc. | BBB | 5.95 | 08/15/20 | 250,000 | 258,988 | |||||||||||||||
Family Dollar Stores, Inc. | BBB- | 5.00 | 02/01/21 | 300,000 | 309,750 | |||||||||||||||
Harman International Industries, Inc. | BBB+ | 4.15 | 05/15/25 | 300,000 | 318,520 | |||||||||||||||
Kohl’s Corp. | BBB | 3.25 | 02/01/23 | 250,000 | 251,111 | |||||||||||||||
Lowe’s Cos., Inc. | BBB+ | 3.12 | 04/15/22 | 300,000 | 305,768 | |||||||||||||||
Macy’s Retail Hldgs., Inc. | BBB- | 2.88 | 02/15/23 | 216,000 | 211,427 | |||||||||||||||
Marriott International, Inc. | BBB | 3.13 | 10/15/21 | 25,000 | 25,310 | |||||||||||||||
Marriott International, Inc. | BBB | 3.25 | 09/15/22 | 350,000 | 357,804 | |||||||||||||||
Mattel, Inc. | B+ | 3.15 | 03/15/23 | 350,000 | 332,500 | |||||||||||||||
NVR, Inc. | BBB+ | 3.95 | 09/15/22 | 300,000 | 311,387 | |||||||||||||||
O’Reilly Automotive, Inc. | BBB | 3.80 | 09/01/22 | 300,000 | 311,441 | |||||||||||||||
Tapestry, Inc. | BBB- | 4.25 | 04/01/25 | 100,000 | 103,670 | |||||||||||||||
Tupperware Brands Corp. | BBB- | 4.75 | 06/01/21 | 350,000 | 359,379 | |||||||||||||||
|
| |||||||||||||||||||
4,804,841 | ||||||||||||||||||||
|
| |||||||||||||||||||
CONSUMER STAPLES (0.7%) | ||||||||||||||||||||
Edgewell Personal Care Co. | BB | 4.70 | 05/19/21 | 275,000 | 279,812 | |||||||||||||||
Ingredion, Inc. | BBB | 4.63 | 11/01/20 | 250,000 | 256,747 | |||||||||||||||
Molson Coors Brewing Co. | BBB- | 3.50 | 05/01/22 | 400,000 | 410,516 | |||||||||||||||
Sysco Corp. | BBB+ | 2.60 | 06/12/22 | 300,000 | 302,805 | |||||||||||||||
Sysco Corp. | BBB+ | 3.75 | 10/01/25 | 100,000 | 106,126 | |||||||||||||||
|
| |||||||||||||||||||
1,356,006 | ||||||||||||||||||||
|
| |||||||||||||||||||
ENERGY (0.8%) | ||||||||||||||||||||
Cameron International Corp. | A+ | 4.50 | 06/01/21 | 300,000 | 307,075 | |||||||||||||||
Energen Corp. | BB+ | 4.63 | 09/01/21 | 250,000 | 252,500 | |||||||||||||||
EQT Corp. | BBB- | 4.88 | 11/15/21 | 210,000 | 219,539 | |||||||||||||||
Marathon Oil Corp. | BBB | 2.80 | 11/01/22 | 350,000 | 351,484 | |||||||||||||||
Rowan Cos., Inc. | B | 4.88 | 06/01/22 | 300,000 | 276,375 | |||||||||||||||
|
| |||||||||||||||||||
1,406,973 | ||||||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
63
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
FINANCIALS (2.8%) | ||||||||||||||||||
Aflac, Inc. | A- | 4.00 | 02/15/22 | $ | 300,000 | $ | 313,362 | |||||||||||
Alleghany Corp. | BBB+ | 5.63 | 09/15/20 | 300,000 | 311,184 | |||||||||||||
American Express Co. | BBB | 3.63 | 12/05/24 | 250,000 | 262,366 | |||||||||||||
Bank of America Corp. | BBB+ | 3.95 | 04/21/25 | 300,000 | 314,396 | |||||||||||||
Block Financial LLC | BBB | 5.25 | 10/01/25 | 350,000 | 375,008 | |||||||||||||
Capital One Financial Corp. | BBB | 4.75 | 07/15/21 | 300,000 | 313,515 | |||||||||||||
Citizens Financial Group, Inc. | BBB | 3.75 | 07/01/24 | 250,000 | 253,876 | |||||||||||||
Citizens Financial Group, Inc. | BBB | 4.35 | 08/01/25 | 100,000 | 104,911 | |||||||||||||
Fairfax U.S., Inc.† | BBB- | 4.88 | 08/13/24 | 250,000 | 264,509 | |||||||||||||
Fifth Third Bancorp | BBB | 4.30 | 01/16/24 | 300,000 | 320,232 | |||||||||||||
First Tennessee Bank | BBBu | 2.95 | 12/01/19 | 350,000 | 350,398 | |||||||||||||
Lincoln National Corp. | A- | 4.00 | 09/01/23 | 250,000 | 264,370 | |||||||||||||
Moody’s Corp. | BBB+ | 4.50 | 09/01/22 | 250,000 | 264,362 | |||||||||||||
Pacific LifeCorp.† | A- | 6.00 | 02/10/20 | 23,000 | 23,425 | |||||||||||||
Prudential Financial, Inc. | A | 4.50 | 11/16/21 | 250,000 | 262,750 | |||||||||||||
Signet UK Finance PLC | BB | 4.70 | 06/15/24 | 250,000 | 207,500 | |||||||||||||
Synchrony Financial | BBB- | 3.70 | 08/04/26 | 400,000 | 396,880 | |||||||||||||
Unum Group | BBB | 4.00 | 03/15/24 | 150,000 | 156,368 | |||||||||||||
Voya Financial, Inc. | BBB+ | 3.65 | 06/15/26 | 250,000 | 256,068 | |||||||||||||
WR Berkley Corp. | BBB+ | 7.38 | 09/15/19 | 250,000 | 252,310 | |||||||||||||
|
| |||||||||||||||||
5,267,790 | ||||||||||||||||||
|
| |||||||||||||||||
HEALTH CARE (1.5%) | ||||||||||||||||||
Agilent Technologies, Inc. | BBB+ | 5.00 | 07/15/20 | 290,000 | 297,042 | |||||||||||||
Anthem, Inc. | A | 4.35 | 08/15/20 | 250,000 | 255,335 | |||||||||||||
Bio-Rad Laboratories, Inc. | BBB | 4.88 | 12/15/20 | 200,000 | 206,221 | |||||||||||||
Medco Health Solutions, Inc. | A- | 4.13 | 09/15/20 | 250,000 | 254,697 | |||||||||||||
Owens & Minor, Inc. | B | 3.88 | 09/15/21 | 400,000 | 343,000 | |||||||||||||
PerkinElmer, Inc. | BBB | 5.00 | 11/15/21 | 300,000 | 313,639 | |||||||||||||
Quest Diagnostics, Inc. | BBB+ | 4.70 | 04/01/21 | 150,000 | 155,402 | |||||||||||||
Quest Diagnostics, Inc. | BBB+ | 4.75 | 01/30/20 | 250,000 | 252,968 | |||||||||||||
Thermo Fisher Scientific, Inc. | BBB+ | 3.60 | 08/15/21 | 375,000 | 383,690 | |||||||||||||
Zimmer Biomet Hldgs., Inc. | BBB | 3.15 | 04/01/22 | 250,000 | 254,223 | |||||||||||||
|
| |||||||||||||||||
2,716,217 | ||||||||||||||||||
|
| |||||||||||||||||
INDUSTRIALS (0.1%) | ||||||||||||||||||
JB Hunt Transport Svcs., Inc. | BBB+ | 3.30 | 08/15/22 | 200,000 | 204,241 | |||||||||||||
|
| |||||||||||||||||
INFORMATION TECHNOLOGY (1.1%) | ||||||||||||||||||
Applied Materials, Inc. | A- | 3.90 | 10/01/25 | 350,000 | 375,448 | |||||||||||||
Arrow Electronics, Inc. | BBB- | 4.50 | 03/01/23 | 300,000 | 314,114 | |||||||||||||
Fiserv, Inc. | BBB | 4.75 | 06/15/21 | 360,000 | 375,860 | |||||||||||||
Ingram Micro, Inc. | NR | 5.00 | 08/10/22 | 200,000 | 201,853 | |||||||||||||
Juniper Networks, Inc. | BBB | 4.60 | 03/15/21 | 350,000 | 362,155 | |||||||||||||
Symantec Corp. | BB+ | 4.20 | 09/15/20 | 350,000 | 355,440 | |||||||||||||
|
| |||||||||||||||||
1,984,870 | ||||||||||||||||||
|
| |||||||||||||||||
MATERIALS (0.9%) | ||||||||||||||||||
Freeport-McMoRan, Inc. | BB | 3.55 | 03/01/22 | 300,000 | 300,375 | |||||||||||||
Methanex Corp. | BB+ | 3.25 | 12/15/19 | 250,000 | 250,260 | |||||||||||||
Packaging Corp. of America | BBB | 3.90 | 06/15/22 | 250,000 | 259,437 | |||||||||||||
Packaging Corp. of America | BBB | 4.50 | 11/01/23 | 150,000 | 160,547 | |||||||||||||
Sherwin-Williams Co. | BBB | 3.95 | 01/15/26 | 350,000 | 366,971 | |||||||||||||
Southern Copper Corp. | BBB+ | 3.50 | 11/08/22 | 100,000 | 101,696 | |||||||||||||
Teck Resources Ltd. | BBB- | 4.75 | 01/15/22 | 300,000 | 310,702 | |||||||||||||
|
| |||||||||||||||||
1,749,988 | ||||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
64
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
REAL ESTATE (0.6%) | ||||||||||||||||||||
Government Properties Income Trust | BBB- | 3.75 | 08/15/19 | $ | 350,000 | $ | 350,107 | |||||||||||||
Healthcare Realty Trust, Inc. | BBB | 3.75 | 04/15/23 | 250,000 | 255,571 | |||||||||||||||
Hospitality Properties Trust | BBB- | 5.00 | 08/15/22 | 250,000 | 262,096 | |||||||||||||||
National Retail Properties, Inc. | BBB+ | 3.80 | 10/15/22 | 250,000 | 259,273 | |||||||||||||||
|
| |||||||||||||||||||
1,127,047 | ||||||||||||||||||||
|
| |||||||||||||||||||
UTILITIES (0.7%) | ||||||||||||||||||||
Entergy Corp. | BBB | 5.13 | 09/15/20 | 250,000 | 255,953 | |||||||||||||||
Exelon Corp. | BBB | 5.15 | 12/01/20 | 340,000 | 350,577 | |||||||||||||||
National Fuel Gas Co. | BBB | 4.90 | 12/01/21 | 250,000 | 259,838 | |||||||||||||||
National Fuel Gas Co. | BBB | 5.20 | 07/15/25 | 100,000 | 108,034 | |||||||||||||||
SCANA Corp. | BBB | 4.13 | 02/01/22 | 300,000 | 306,371 | |||||||||||||||
Southern Co. | BBB+ | 3.25 | 07/01/26 | 50,000 | 50,760 | |||||||||||||||
|
| |||||||||||||||||||
1,331,533 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL CORPORATE DEBT |
| 23,012,525 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL LONG-TERM DEBT SECURITIES |
| 71,185,425 | ||||||||||||||||||
|
| |||||||||||||||||||
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||||
COMMERCIAL PAPER (3.0%) | ||||||||||||||||||||
Cargill Global Funding PLC† | A-1 | 2.32 | 07/01/19 | $ | 2,600,000 | $ | 2,600,000 | |||||||||||||
Wisconsin Gas Co. | A-1 | 2.40 | 07/01/19 | 3,000,000 | 3,000,000 | |||||||||||||||
|
| |||||||||||||||||||
5,600,000 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES | 5,600,000 | |||||||||||||||||||
|
| |||||||||||||||||||
Rate(%) | Maturity | Face Amount | Value | |||||||||||||||||
TEMPORARY CASH INVESTMENT (0.0%) (2) | ||||||||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 74,219 | $ | 74,219 | ||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 74,219 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 186,027,497 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS-0.1% |
| (267,050 | ) | |||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 185,760,447 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
65
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — RETIREMENT INCOME FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (30.2%) | 22,200,280 | $ | 32,969,657 | |||||
Equity Index Fund (21.2%) | 5,164,054 | 23,097,711 | ||||||
Mid-Cap Equity Index Fund (5.2%) | 2,487,702 | 5,664,395 | ||||||
Mid-Term Bond Fund (30.0%) | 30,535,588 | 32,694,851 | ||||||
Money Market Fund (13.4%) | 11,785,246 | 14,557,820 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 108,984,434 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (1,690 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 108,982,744 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2010 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (30.2%) | 5,169,499 | $ | 7,677,228 | |||||
Equity Index Fund (21.5%) | 1,223,635 | 5,473,058 | ||||||
International Fund (2.9%) | 842,208 | 729,858 | ||||||
Mid-Cap Equity Index Fund (7.6%) | 852,909 | 1,942,040 | ||||||
Mid-Term Bond Fund (28.9%) | 6,850,018 | 7,334,403 | ||||||
Money Market Fund (8.9%) | 1,834,385 | 2,265,939 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 25,422,526 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (747 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 25,421,779 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2015 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (28.4%) | 27,830,700 | $ | 41,331,400 | |||||
Equity Index Fund (26.3%) | 8,532,386 | 38,163,545 | ||||||
International Fund (3.7%) | 6,161,645 | 5,339,681 | ||||||
Mid-Cap Equity Index Fund (10.1%) | 6,461,713 | 14,713,056 | ||||||
Mid-Term Bond Fund (23.8%) | 32,344,883 | 34,632,087 | ||||||
Money Market Fund (5.9%) | 6,907,625 | 8,532,699 | ||||||
Small Cap Growth Fund (0.9%) | 896,241 | 1,323,815 | ||||||
Small Cap Value Fund (0.9%) | 828,807 | 1,260,061 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 145,296,344 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (2,017 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 145,294,327 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
66
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2020 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (26.1%) | 100,905,145 | $ | 149,854,331 | |||||
Equity Index Fund (30.3%) | 38,938,186 | 174,162,214 | ||||||
International Fund (6.6%) | 43,859,367 | 38,008,528 | ||||||
Mid-Cap Equity Index Fund (10.9%) | 27,445,879 | 62,493,141 | ||||||
Mid-Term Bond Fund (20.4%) | 109,387,519 | 117,122,639 | ||||||
Money Market Fund (1.7%) | 8,031,158 | 9,920,552 | ||||||
Small Cap Growth Fund (2.0%) | 8,032,017 | 11,863,891 | ||||||
Small Cap Value Fund (2.0%) | 7,445,546 | 11,319,695 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 574,744,991 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (3,547 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 574,741,444 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2025 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (23.5%) | 131,152,224 | $ | 194,774,300 | |||||
Equity Index Fund (34.1%) | 63,269,776 | 282,992,233 | ||||||
International Fund (8.7%) | 83,533,949 | 72,390,520 | ||||||
Mid-Cap Equity Index Fund (12.8%) | 46,407,021 | 105,666,885 | ||||||
Mid-Term Bond Fund (13.5%) | 104,627,363 | 112,025,878 | ||||||
Small Cap Growth Fund (3.9%) | 21,942,775 | 32,411,124 | ||||||
Small Cap Value Fund (3.5%) | 19,281,144 | 29,313,721 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 829,574,661 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (4,585 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 829,570,076 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
67
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2030 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (20.9%) | 103,911,864 | $ | 154,319,613 | |||||
Equity Index Fund (36.1%) | 59,479,027 | 266,037,020 | ||||||
International Fund (10.6%) | 90,613,376 | 78,525,552 | ||||||
Mid-Cap Equity Index Fund (17.8%) | 57,620,813 | 131,200,229 | ||||||
Mid-Term Bond Fund (5.3%) | 36,626,269 | 39,216,223 | ||||||
Small Cap Growth Fund (4.9%) | 24,248,258 | 35,816,496 | ||||||
Small Cap Value Fund (4.4%) | 21,589,663 | 32,823,434 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 737,938,567 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (3,919 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 737,934,648 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2035 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (17.8%) | 73,950,565 | $ | 109,824,058 | |||||
Equity Index Fund (38.6%) | 53,242,768 | 238,143,559 | ||||||
International Fund (12.1%) | 86,028,103 | 74,551,954 | ||||||
Mid-Cap Equity Index Fund (20.5%) | 55,574,237 | 126,540,260 | ||||||
Small Cap Growth Fund (5.6%) | 23,584,605 | 34,836,230 | ||||||
Small Cap Value Fund (5.4%) | 21,757,530 | 33,078,648 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 616,974,709 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (2,820 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 616,971,889 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2040 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (13.2%) | 44,798,628 | $ | 66,530,488 | |||||
Equity Index Fund (38.8%) | 43,654,618 | 195,257,808 | ||||||
International Fund (13.9%) | 80,982,264 | 70,179,230 | ||||||
Mid-Cap Equity Index Fund (20.4%) | 45,159,843 | 102,827,112 | ||||||
Smal Cap Equity Index Fund (0.1%) | 631,017 | 593,191 | ||||||
Small Cap Growth Fund (6.9%) | 23,342,964 | 34,479,308 | ||||||
Small Cap Value Fund (6.7%) | 22,003,075 | 33,451,957 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 503,319,094 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (2,713 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 503,316,381 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
68
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2045 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (11.2%) | 39,759,981 | $ | 59,047,588 | |||||
Equity Index Fund (37.8%) | 44,561,009 | 199,311,902 | ||||||
International Fund (14.0%) | 85,208,805 | 73,841,951 | ||||||
Mid-Cap Equity Index Fund (21.7%) | 50,200,556 | 114,304,608 | ||||||
Smal Cap Equity Index Fund (0.1%) | 590,036 | 554,667 | ||||||
Small Cap Growth Fund (7.8%) | 27,988,944 | 41,341,770 | ||||||
Small Cap Value Fund (7.4%) | 25,605,382 | 38,928,657 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 527,331,143 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (2,973 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 527,328,170 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2050 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (9.1%) | 21,757,687 | $ | 32,312,362 | |||||
Equity Index Fund (35.8%) | 28,470,078 | 127,340,595 | ||||||
International Fund (16.0%) | 65,957,821 | 57,159,047 | ||||||
Mid-Cap Equity Index Fund (21.7%) | 33,946,916 | 77,295,736 | ||||||
Smal Cap Equity Index Fund (0.3%) | 1,000,960 | 940,958 | ||||||
Small Cap Growth Fund (8.8%) | 21,259,263 | 31,401,526 | ||||||
Small Cap Value Fund (8.3%) | 19,371,278 | 29,450,755 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 355,900,979 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (1,520 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 355,899,459 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2055 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (8.8%) | 6,137,027 | $ | 9,114,105 | |||||
Equity Index Fund (33.7%) | 7,792,919 | 34,856,065 | ||||||
International Fund (16.9%) | 20,184,361 | 17,491,767 | ||||||
Mid-Cap Equity Index Fund (22.0%) | 9,986,735 | 22,739,385 | ||||||
Smal Cap Equity Index Fund (0.3%) | 294,323 | 276,680 | ||||||
Small Cap Growth Fund (9.3%) | 6,486,921 | 9,581,669 | ||||||
Small Cap Value Fund (9.0%) | 6,153,512 | 9,355,375 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 103,415,046 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (225 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 103,414,821 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
69
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — 2060 RETIREMENT FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (7.0%) | 617,715 | $ | 917,370 | |||||
Equity Index Fund (31.0%) | 910,911 | 4,074,311 | ||||||
International Fund (20.0%) | 3,028,386 | 2,624,399 | ||||||
Mid-Cap Equity Index Fund (22.9%) | 1,322,759 | 3,011,867 | ||||||
Smal Cap Equity Index Fund (1.4%) | 190,230 | 178,827 | ||||||
Small Cap Growth Fund (9.4%) | 836,859 | 1,236,103 | ||||||
Small Cap Value Fund (8.3%) | 717,482 | 1,090,809 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 13,133,686 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (3 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 13,133,683 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — CONSERVATIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (30.2%) | 33,488,509 | $ | 49,733,818 | |||||
Equity Index Fund (25.7%) | 9,487,076 | 42,433,669 | ||||||
International Fund (4.6%) | 8,696,965 | 7,536,790 | ||||||
Mid-Cap Equity Index Fund (4.8%) | 3,496,437 | 7,961,243 | ||||||
Mid-Term Bond Fund (34.7%) | 53,385,504 | 57,160,553 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 164,826,073 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (258 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 164,825,815 | ||||||
|
|
MUTUAL OF AMERICA INVESTMENT CORPORATION — MODERATE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (25.3%) | 70,119,524 | $ | 104,134,575 | |||||
Equity Index Fund (36.1%) | 33,321,799 | 149,041,309 | ||||||
International Fund (9.2%) | 43,577,978 | 37,764,676 | ||||||
Mid-Cap Equity Index Fund (14.5%) | 26,259,989 | 59,792,917 | ||||||
Mid-Term Bond Fund (14.9%) | 57,472,199 | 61,536,231 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 412,269,708 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (542 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 412,269,166 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
70
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MUTUAL OF AMERICA INVESTMENT CORPORATION — AGGRESSIVE ALLOCATION FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Investment Corporation | ||||||||
Bond Fund (20.5%) | 42,135,835 | $ | 62,575,970 | |||||
Equity Index Fund (36.6%) | 25,056,216 | 112,071,118 | ||||||
International Fund (13.9%) | 49,116,228 | 42,564,123 | ||||||
Mid-Cap Equity Index Fund (19.6%) | 26,337,214 | 59,968,756 | ||||||
Small Cap Growth Fund (4.8%) | 9,859,394 | 14,563,065 | ||||||
Small Cap Value Fund (4.6%) | 9,303,427 | 14,144,288 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 305,887,320 | |||||||
|
| |||||||
OTHER NET ASSETS-0.0% (2) | (1,329 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 305,885,991 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
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MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||
U.S. GOVERNMENT (24.1%) | ||||||||||||||||||
U.S. Treasury Bill | A-1+ | 2.11 | 08/29/19 | $ | 1,600,000 | $ | 1,594,494 | |||||||||||
U.S. Treasury Bill | A-1+ | 2.15 | 08/08/19 | 7,600,000 | 7,582,772 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.20 | 07/25/19 | 8,000,000 | 7,988,299 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.26 | 08/06/19 | 10,000,000 | 9,977,515 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.30 | 08/01/19 | 5,200,000 | 5,189,741 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.35 | 07/16/19 | 8,700,000 | 8,691,500 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.38 | 07/09/19 | 6,500,000 | 6,496,580 | |||||||||||||
U.S. Treasury Bill | A-1+ | 2.39 | 07/05/19 | 2,100,000 | 2,099,444 | |||||||||||||
|
| |||||||||||||||||
49,620,345 | ||||||||||||||||||
|
| |||||||||||||||||
U.S. GOVERNMENT AGENCIES (15.9%) | ||||||||||||||||||
FHLB | A-1+ | 2.21 | 08/12/19 | 11,400,000 | 11,370,740 | |||||||||||||
FHLB | A-1+ | 2.21 | 08/09/19 | 6,200,000 | 6,185,223 | |||||||||||||
FHLB | A-1+ | 2.22 | 08/14/19 | 5,000,000 | 4,986,464 | |||||||||||||
FHLB | A-1+ | 2.23 | 07/11/19 | 2,750,000 | 2,748,297 | |||||||||||||
FHLB | A-1+ | 2.28 | 07/30/19 | 5,200,000 | 5,190,491 | |||||||||||||
FHLB | A-1+ | 2.32 | 07/31/19 | 2,300,000 | 2,295,572 | |||||||||||||
|
| |||||||||||||||||
32,776,787 | ||||||||||||||||||
|
| |||||||||||||||||
COMMERCIAL PAPER (60.0%) | ||||||||||||||||||
Apple, Inc.† | A-1+ | 2.26 | 08/15/19 | 5,100,000 | 5,085,656 | |||||||||||||
Chevron Corp.† | A-1+ | 2.39 | 08/05/19 | 2,000,000 | 1,995,372 | |||||||||||||
Chevron Corp.† | A-1+ | 2.40 | 07/22/19 | 6,000,000 | 5,991,635 | |||||||||||||
Cisco Systems, Inc.† | A-1+ | 2.43 | 07/18/19 | 7,910,000 | 7,900,961 | |||||||||||||
CME Group, Inc.† | A-1+ | 2.37 | 07/10/19 | 8,000,000 | 7,995,260 | |||||||||||||
Eli Lilly & Co.† | A-1+ | 2.40 | 07/16/19 | 7,000,000 | 6,993,029 | |||||||||||||
Emerson Electric Co.† | A-1 | 2.37 | 07/11/19 | 6,400,000 | 6,395,787 | |||||||||||||
General Dynamics Corp.† | A-1 | 2.38 | 07/10/19 | 4,500,000 | 4,497,322 | |||||||||||||
General Dynamics Corp.† | A-1 | 2.43 | 07/23/19 | 3,100,000 | 3,095,415 | |||||||||||||
Hershey Co.† | A-1 | 2.42 | 07/15/19 | 6,000,000 | 5,994,377 | |||||||||||||
IBM Corp.† | A-1 | 2.36 | 07/12/19 | 4,700,000 | 4,696,611 | |||||||||||||
IBM Corp.† | A-1 | 2.46 | 08/01/19 | 2,731,000 | 2,725,238 | |||||||||||||
Intel Corp.† | A-1 | 2.41 | 07/11/19 | 5,595,000 | 5,591,270 | |||||||||||||
Intercontinental Exchange, Inc.† | A-1 | 2.39 | 07/25/19 | 500,000 | 499,207 | |||||||||||||
Intercontinental Exchange, Inc.† | A-1 | 2.48 | 07/08/19 | 2,148,000 | 2,146,968 | |||||||||||||
Intercontinental Exchange, Inc.† | A-1 | 2.55 | 08/06/19 | 300,000 | 299,238 | |||||||||||||
Intercontinental Exchange, Inc.† | A-1 | 2.55 | 07/01/19 | 5,000,000 | 5,000,000 | |||||||||||||
J.P. Morgan Securities LLC | A-1 | 2.36 | 07/26/19 | 350,000 | 349,429 | |||||||||||||
J.P. Morgan Securities LLC | A-1 | 2.36 | 08/01/19 | 770,000 | 768,442 | |||||||||||||
J.P. Morgan Securities LLC | A-1 | 2.37 | 08/23/19 | 1,130,000 | 1,126,069 | |||||||||||||
Nestle Capital Corp.† | A-1+ | 2.27 | 08/16/19 | 5,700,000 | 5,683,540 | |||||||||||||
Nestle Capital Corp.† | A-1+ | 2.39 | 08/06/19 | 1,100,000 | 1,097,382 | |||||||||||||
Nestle Capital Corp.† | A-1+ | 2.47 | 07/02/19 | 1,200,000 | 1,199,918 | |||||||||||||
NIKE, Inc.† | A-1+ | 2.36 | 07/18/19 | 1,100,000 | 1,098,774 | |||||||||||||
Novartis Finance Corp.† | A-1+ | 2.35 | 07/02/19 | 3,400,000 | 3,399,778 | |||||||||||||
Novartis Finance Corp.† | A-1+ | 2.36 | 08/02/19 | 2,250,000 | 2,245,300 | |||||||||||||
ONE Gas, Inc.† | A-1 | 2.38 | 07/03/19 | 8,000,000 | 7,998,942 | |||||||||||||
Simon Property Group LP† | A-1 | 2.37 | 08/02/19 | 6,300,000 | 6,286,746 | |||||||||||||
Simon Property Group LP† | A-1 | 2.47 | 07/09/19 | 1,700,000 | 1,699,071 | |||||||||||||
Toyota Motor Credit Corp. | A-1+ | 2.41 | 07/10/19 | 1,800,000 | 1,798,920 | |||||||||||||
Toyota Motor Credit Corp. | A-1+ | 2.43 | 07/08/19 | 4,600,000 | 4,597,835 |
The accompanying notes are an integral part of these portfolio schedules.
72
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MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
SHORT-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
COMMERCIAL PAPER (CONTINUED) | ||||||||||||||||||
Unilever Capital Corp.† | A-1 | 2.46 | 07/29/19 | $ | 2,200,000 | $ | 2,195,808 | |||||||||||
United Parcel Svcs., Inc.† | A-1 | 2.27 | 07/12/19 | 5,000,000 | 4,996,532 | |||||||||||||
|
| |||||||||||||||||
123,445,832 | ||||||||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 205,842,964 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL INVESTMENTS |
| 205,842,964 | ||||||||||||||||
|
| |||||||||||||||||
OTHER NET ASSETS 0.0% (2) |
| 19,062 | ||||||||||||||||
|
| |||||||||||||||||
NET ASSETS 100.0% |
| $ | 205,862,026 | |||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
73
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES: | ||||||||||||||||||
U.S. GOVERNMENT (57.4%) | ||||||||||||||||||
U.S. Treasury Note | AA+ | 0.75 | 07/15/19 | $ | 2,500,000 | $ | 2,498,582 | |||||||||||
U.S. Treasury Note | AA+ | 1.38 | 06/30/23 | 18,000,000 | 17,743,359 | |||||||||||||
U.S. Treasury Note | AA+ | 1.38 | 09/30/23 | 23,500,000 | 23,139,238 | |||||||||||||
U.S. Treasury Note | AA+ | 1.50 | 10/31/19 | 3,000,000 | 2,993,906 | |||||||||||||
U.S. Treasury Note | AA+ | 1.50 | 02/28/23 | 21,000,000 | 20,824,453 | |||||||||||||
U.S. Treasury Note | AA+ | 1.50 | 08/15/26 | 26,000,000 | 25,321,562 | |||||||||||||
U.S. Treasury Note | AA+ | 1.63 | 07/31/19 | 13,500,000 | 13,492,963 | |||||||||||||
U.S. Treasury Note | AA+ | 1.63 | 06/30/20 | 5,500,000 | 5,481,738 | |||||||||||||
U.S. Treasury Note | AA+ | 1.63 | 10/31/23 | 9,900,000 | 9,846,633 | |||||||||||||
U.S. Treasury Note | AA+ | 1.63 | 05/15/26 | 26,000,000 | 25,572,422 | |||||||||||||
U.S. Treasury Note | AA+ | 1.75 | 12/31/20 | 3,500,000 | 3,494,805 | |||||||||||||
U.S. Treasury Note | AA+ | 1.75 | 02/28/22 | 15,000,000 | 15,004,688 | |||||||||||||
U.S. Treasury Note | AA+ | 1.88 | 05/31/22 | 19,400,000 | 19,481,086 | |||||||||||||
U.S. Treasury Note | AA+ | 2.00 | 11/30/20 | 7,500,000 | 7,514,648 | |||||||||||||
U.S. Treasury Note | AA+ | 2.00 | 05/31/24 | 25,000,000 | 25,281,250 | |||||||||||||
U.S. Treasury Note | AA+ | 2.00 | 06/30/24 | 23,500,000 | 23,742,344 | |||||||||||||
U.S. Treasury Note | AA+ | 2.13 | 05/15/25 | 10,200,000 | 10,366,547 | |||||||||||||
U.S. Treasury Note | AA+ | 2.38 | 04/30/26 | 19,000,000 | 19,610,078 | |||||||||||||
U.S. Treasury Note | AA+ | 2.38 | 05/15/29 | 19,000,000 | 19,623,438 | |||||||||||||
U.S. Treasury Note | AA+ | 2.50 | 01/31/24 | 17,000,000 | 17,550,508 | |||||||||||||
U.S. Treasury Note | AA+ | 2.50 | 02/28/26 | 8,000,000 | 8,315,938 | |||||||||||||
U.S. Treasury Note | AA+ | 2.75 | 09/30/20 | 2,000,000 | 2,020,781 | |||||||||||||
U.S. Treasury Note | AA+ | 2.75 | 05/31/23 | 8,000,000 | 8,302,812 | |||||||||||||
U.S. Treasury Note | AA+ | 2.88 | 05/31/25 | 36,500,000 | 38,627,266 | |||||||||||||
|
| |||||||||||||||||
365,851,045 | ||||||||||||||||||
|
| |||||||||||||||||
U.S. GOVERNMENT AGENCIES (5.8%) | ||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (0.0%) (2) | ||||||||||||||||||
FHLMC | AA+ | 7.50 | 03/15/21 | 593 | 607 | |||||||||||||
|
| |||||||||||||||||
NON-MORTGAGE-BACKED OBLIGATIONS (5.8%) | ||||||||||||||||||
FHLMC | AA+ | 0.00 | 11/29/19 | 13,500,000 | 13,373,078 | |||||||||||||
FNMA | AA+ | 0.00 | 10/09/19 | 23,000,000 | 22,856,205 | |||||||||||||
Tennessee Valley Authority Strip | AA+ | 0.00 | 11/01/20 | 900,000 | 875,167 | |||||||||||||
|
| |||||||||||||||||
37,104,450 | ||||||||||||||||||
|
| |||||||||||||||||
CORPORATE DEBT (36.1%) | ||||||||||||||||||
COMMUNICATION SERVICES (1.4%) | ||||||||||||||||||
AT&T, Inc. | BBB | 3.00 | 02/15/22 | 2,000,000 | 2,031,372 | |||||||||||||
Discovery Communications LLC | BBB- | 3.50 | 06/15/22 | 2,500,000 | 2,545,875 | |||||||||||||
Omnicom Group, Inc. | BBB+ | 3.63 | 05/01/22 | 2,000,000 | 2,065,690 | |||||||||||||
Viacom, Inc. | BBB- | 3.25 | 03/15/23 | 2,500,000 | 2,487,074 | |||||||||||||
|
| |||||||||||||||||
9,130,011 | ||||||||||||||||||
|
| |||||||||||||||||
CONSUMER DISCRETIONARY (4.2%) | ||||||||||||||||||
Advance Auto Parts, Inc. | BBB- | 4.50 | 01/15/22 | 500,000 | 519,543 | |||||||||||||
Advance Auto Parts, Inc. | BBB- | 4.50 | 12/01/23 | 250,000 | 268,141 | |||||||||||||
AutoZone, Inc. | BBB | 3.70 | 04/15/22 | 300,000 | 310,460 | |||||||||||||
AutoZone, Inc. | BBB | 4.00 | 11/15/20 | 700,000 | 712,918 | |||||||||||||
Dollar General Corp. | BBB | 3.25 | 04/15/23 | 1,047,000 | 1,075,097 | |||||||||||||
eBay, Inc. | BBB+ | 2.88 | 08/01/21 | 2,100,000 | 2,117,080 | |||||||||||||
Expedia Group, Inc. | BBB | 5.95 | 08/15/20 | 2,000,000 | 2,071,906 | |||||||||||||
Family Dollar Stores, Inc. | BBB- | 5.00 | 02/01/21 | 2,000,000 | 2,065,000 | |||||||||||||
Gap, Inc. | BB+ | 5.95 | 04/12/21 | 2,000,000 | 2,088,244 | |||||||||||||
Harman International Industries, Inc. | BBB+ | 4.15 | 05/15/25 | 2,000,000 | 2,123,468 | |||||||||||||
Hyatt Hotels Corp. | BBB | 5.38 | 08/15/21 | 50,000 | 52,526 | |||||||||||||
Kohl’s Corp. | BBB | 3.25 | 02/01/23 | 700,000 | 703,111 |
The accompanying notes are an integral part of these portfolio schedules.
74
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MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||||||||||||
Marriott International, Inc. | BBB | 3.13 | 02/15/23 | $ | 2,000,000 | $ | 2,026,569 | |||||||||||
Marriott International, Inc. | BBB | 3.38 | 10/15/20 | 800,000 | 806,897 | |||||||||||||
Newell Brands, Inc. | BBB- | 4.70 | 08/15/20 | 525,000 | 536,192 | |||||||||||||
NVR, Inc. | BBB+ | 3.95 | 09/15/22 | 2,000,000 | 2,075,917 | |||||||||||||
O’Reilly Automotive, Inc. | BBB | 4.63 | 09/15/21 | 281,000 | 293,174 | |||||||||||||
Tapestry, Inc. | BBB- | 3.00 | 07/15/22 | 2,500,000 | 2,502,065 | |||||||||||||
Tupperware Brands Corp. | BBB- | 4.75 | 06/01/21 | 2,000,000 | 2,053,592 | |||||||||||||
Wyndham Destinations, Inc. | BB- | 5.40 | 04/01/24 | 2,500,000 | 2,618,600 | |||||||||||||
|
| |||||||||||||||||
27,020,500 | ||||||||||||||||||
|
| |||||||||||||||||
CONSUMER STAPLES (2.9%) | ||||||||||||||||||
Edgewell Personal Care Co. | BB | 4.70 | 05/19/21 | 2,000,000 | 2,035,000 | |||||||||||||
Flowers Foods, Inc. | BBB | 4.38 | 04/01/22 | 2,000,000 | 2,089,767 | |||||||||||||
General Mills, Inc. | BBB | 2.20 | 10/21/19 | 775,000 | 773,976 | |||||||||||||
Ingredion, Inc. | BBB | 4.63 | 11/01/20 | 275,000 | 282,422 | |||||||||||||
Kellogg Co. | BBB | 2.65 | 12/01/23 | 2,000,000 | 2,021,309 | |||||||||||||
Keurig Dr Pepper, Inc. | BBB | 3.13 | 12/15/23 | 2,990,000 | 3,034,126 | |||||||||||||
Kroger Co. | BBB | 2.95 | 11/01/21 | 2,000,000 | 2,022,179 | |||||||||||||
Mead Johnson Nutrition Co. | A- | 4.90 | 11/01/19 | 3,075,000 | 3,097,864 | |||||||||||||
Molson Coors Brewing Co. | BBB- | 3.50 | 05/01/22 | 1,000,000 | 1,026,290 | |||||||||||||
Sysco Corp. | BBB+ | 2.60 | 10/01/20 | 2,000,000 | 2,006,369 | |||||||||||||
|
| |||||||||||||||||
18,389,302 | ||||||||||||||||||
|
| |||||||||||||||||
ENERGY (2.2%) | ||||||||||||||||||
Cameron International Corp. | A+ | 3.60 | 04/30/22 | 214,000 | 219,086 | |||||||||||||
Diamond Offshore Drilling, Inc. | B | 3.45 | 11/01/23 | 1,500,000 | 1,260,000 | |||||||||||||
Energen Corp. | BB+ | 4.63 | 09/01/21 | 2,000,000 | 2,020,000 | |||||||||||||
EQT Corp. | BBB- | 4.88 | 11/15/21 | 1,250,000 | 1,306,777 | |||||||||||||
Kinder Morgan, Inc. | BBB | 3.05 | 12/01/19 | 2,000,000 | 2,003,585 | |||||||||||||
Marathon Oil Corp. | BBB | 2.80 | 11/01/22 | 2,000,000 | 2,008,479 | |||||||||||||
Noble Energy, Inc. | BBB | 4.15 | 12/15/21 | 2,000,000 | 2,063,251 | |||||||||||||
Rowan Cos., Inc. | B | 4.88 | 06/01/22 | 2,000,000 | 1,842,500 | |||||||||||||
SESI LLC | B+ | 7.13 | 12/15/21 | 2,150,000 | 1,499,625 | |||||||||||||
|
| |||||||||||||||||
14,223,303 | ||||||||||||||||||
|
| |||||||||||||||||
FINANCIALS (11.0%) | ||||||||||||||||||
Aflac, Inc. | A- | 3.63 | 06/15/23 | 550,000 | 576,727 | |||||||||||||
Alleghany Corp. | BBB+ | 4.95 | 06/27/22 | 2,000,000 | 2,135,621 | |||||||||||||
American Express Credit Corp. | A- | 2.25 | 08/15/19 | 2,000,000 | 1,999,548 | |||||||||||||
American International Group, Inc. | BBB+ | 4.13 | 02/15/24 | 2,000,000 | 2,117,965 | |||||||||||||
Ares Capital Corp. | BBB- | 3.63 | 01/19/22 | 2,500,000 | 2,525,520 | |||||||||||||
Assurant, Inc. | BBB | 4.00 | 03/15/23 | 2,000,000 | 2,068,820 | |||||||||||||
Block Financial LLC | BBB | 5.50 | 11/01/22 | 2,472,000 | 2,636,964 | |||||||||||||
Capital One Financial Corp. | BBB | 4.75 | 07/15/21 | 2,000,000 | 2,090,100 | |||||||||||||
Citizens Financial Group, Inc. | BBB | 3.75 | 07/01/24 | 2,000,000 | 2,031,005 | |||||||||||||
ERAC USA Finance LLC† | A- | 2.35 | 10/15/19 | 1,000,000 | 998,776 | |||||||||||||
Fairfax U.S., Inc.† | BBB- | 4.88 | 08/13/24 | 750,000 | 793,526 | |||||||||||||
Fifth Third Bancorp | BBB | 4.30 | 01/16/24 | 2,500,000 | 2,668,600 | |||||||||||||
First Tennessee Bank | BBBu | 2.95 | 12/01/19 | 2,200,000 | 2,202,500 | |||||||||||||
FS Investment Corp. | NR | 4.75 | 05/15/22 | 2,675,000 | 2,703,806 | |||||||||||||
Goldman Sachs Group, Inc. | BBB+ | 3.20 | 02/23/23 | 2,500,000 | 2,557,562 | |||||||||||||
Huntington Bancshares, Inc. | BBB+ | 2.30 | 01/14/22 | 2,750,000 | 2,747,509 | |||||||||||||
Infinity Property & Casualty Corp. | BBB- | 5.00 | 09/19/22 | 2,000,000 | 2,099,219 | |||||||||||||
JPMorgan Chase & Co. | BBB+ | 3.88 | 09/10/24 | 1,520,000 | 1,597,220 | |||||||||||||
Legg Mason, Inc. | BBB | 3.95 | 07/15/24 | 2,000,000 | 2,091,995 | |||||||||||||
Lincoln National Corp. | A- | 4.00 | 09/01/23 | 2,000,000 | 2,114,961 | |||||||||||||
Moody’s Corp. | BBB+ | 5.50 | 09/01/20 | 2,000,000 | 2,070,557 | |||||||||||||
Morgan Stanley | BBB+ | 3.13 | 01/23/23 | 2,500,000 | 2,555,494 |
The accompanying notes are an integral part of these portfolio schedules.
75
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MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
FINANCIALS (CONTINUED) | ||||||||||||||||||
People’s United Bank | BBB+ | 4.00 | 07/15/24 | $ | 1,750,000 | $ | 1,820,287 | |||||||||||
PNC Bank NA | A- | 3.80 | 07/25/23 | 2,500,000 | 2,623,337 | |||||||||||||
Prospect Capital Corp. | BBB- | 4.95 | 07/15/22 | 2,500,000 | 2,513,527 | |||||||||||||
Prospect Capital Corp. | BBB- | 5.88 | 03/15/23 | 1,925,000 | 2,026,928 | |||||||||||||
Regions Financial Corp. | BBB+ | 2.75 | 08/14/22 | 2,750,000 | 2,768,846 | |||||||||||||
Signet UK Finance PLC | BB | 4.70 | 06/15/24 | 2,000,000 | 1,660,000 | |||||||||||||
Stifel Financial Corp. | BBB- | 4.25 | 07/18/24 | 2,000,000 | 2,098,046 | |||||||||||||
Synchrony Financial | BBB- | 2.70 | 02/03/20 | 1,000,000 | 1,000,062 | |||||||||||||
Synchrony Financial | BBB- | 3.70 | 08/04/26 | 1,500,000 | 1,488,298 | |||||||||||||
Unum Group | BBB | 4.00 | 03/15/24 | 2,000,000 | 2,084,910 | |||||||||||||
Voya Financial, Inc. | BBB+ | 3.65 | 06/15/26 | 2,000,000 | 2,048,547 | |||||||||||||
WR Berkley Corp. | BBB+ | 4.63 | 03/15/22 | 2,000,000 | 2,114,771 | |||||||||||||
|
| |||||||||||||||||
69,631,554 | ||||||||||||||||||
|
| |||||||||||||||||
HEALTH CARE (4.2%) | ||||||||||||||||||
AbbVie, Inc. | A- | 2.85 | 05/14/23 | 2,500,000 | 2,516,942 | |||||||||||||
Aetna, Inc. | BBB | 2.80 | 06/15/23 | 2,500,000 | 2,514,061 | |||||||||||||
Agilent Technologies, Inc. | BBB+ | 5.00 | 07/15/20 | 2,000,000 | 2,048,564 | |||||||||||||
Anthem, Inc. | A | 3.13 | 05/15/22 | 2,000,000 | 2,035,861 | |||||||||||||
Bio-Rad Laboratories, Inc. | BBB | 4.88 | 12/15/20 | 2,000,000 | 2,062,211 | |||||||||||||
CVS Health Corp. | BBB | 3.38 | 08/12/24 | 590,000 | 604,060 | |||||||||||||
CVS Health Corp. | BBB | 3.88 | 07/20/25 | 1,500,000 | 1,566,356 | |||||||||||||
Humana, Inc. | BBB+ | 3.85 | 10/01/24 | 2,500,000 | 2,613,298 | |||||||||||||
Laboratory Corp. of America Hldgs. | BBB | 3.75 | 08/23/22 | 600,000 | 620,146 | |||||||||||||
Laboratory Corp. of America Hldgs. | BBB | 4.63 | 11/15/20 | 400,000 | 409,344 | |||||||||||||
Owens & Minor, Inc. | B | 3.88 | 09/15/21 | 2,000,000 | 1,715,000 | |||||||||||||
PerkinElmer, Inc. | BBB | 5.00 | 11/15/21 | 2,000,000 | 2,090,927 | |||||||||||||
Quest Diagnostics, Inc. | BBB+ | 4.75 | 01/30/20 | 2,000,000 | 2,023,745 | |||||||||||||
Thermo Fisher Scientific, Inc. | BBB+ | 3.60 | 08/15/21 | 400,000 | 409,270 | |||||||||||||
Thermo Fisher Scientific, Inc. | BBB+ | 4.50 | 03/01/21 | 1,600,000 | 1,655,859 | |||||||||||||
Zimmer Biomet Hldgs., Inc. | BBB | 3.15 | 04/01/22 | 2,000,000 | 2,033,788 | |||||||||||||
|
| |||||||||||||||||
26,919,432 | ||||||||||||||||||
|
| |||||||||||||||||
INDUSTRIALS (1.0%) | ||||||||||||||||||
Flowserve Corp. | BBB- | 3.50 | 09/15/22 | 2,000,000 | 2,034,520 | |||||||||||||
JB Hunt Transport Svsc., Inc. | BBB+ | 3.30 | 08/15/22 | 2,000,000 | 2,042,407 | |||||||||||||
Verisk Analytics, Inc. | BBB | 4.13 | 09/12/22 | 2,000,000 | 2,100,156 | |||||||||||||
|
| |||||||||||||||||
6,177,083 | ||||||||||||||||||
|
| |||||||||||||||||
INFORMATION TECHNOLOGY (2.8%) | ||||||||||||||||||
Adobe, Inc. | A | 4.75 | 02/01/20 | 2,000,000 | 2,027,202 | |||||||||||||
Arrow Electronics, Inc. | BBB- | 4.50 | 03/01/23 | 50,000 | 52,352 | |||||||||||||
Avnet, Inc. | BBB- | 3.75 | 12/01/21 | 1,130,000 | 1,150,810 | |||||||||||||
Avnet, Inc. | BBB- | 5.88 | 06/15/20 | 950,000 | 978,366 | |||||||||||||
Fiserv, Inc. | BBB | 4.75 | 06/15/21 | 1,900,000 | 1,983,706 | |||||||||||||
Jabil, Inc. | BBB- | 4.70 | 09/15/22 | 1,976,000 | 2,064,525 | |||||||||||||
Juniper Networks, Inc. | BBB | 4.50 | 03/15/24 | 1,500,000 | 1,602,255 | |||||||||||||
Juniper Networks, Inc. | BBB | 4.60 | 03/15/21 | 600,000 | 620,836 | |||||||||||||
Lam Research Corp. | BBB+ | 2.75 | 03/15/20 | 2,000,000 | 2,001,706 | |||||||||||||
Motorola Solutions, Inc. | BBB- | 3.75 | 05/15/22 | 2,000,000 | 2,052,639 | |||||||||||||
Symantec Corp. | BB+ | 4.20 | 09/15/20 | 2,000,000 | 2,031,087 | |||||||||||||
Total System Svcs., Inc. | BBB- | 3.75 | 06/01/23 | 950,000 | 980,212 | |||||||||||||
|
| |||||||||||||||||
17,545,696 | ||||||||||||||||||
|
| |||||||||||||||||
MATERIALS (1.6%) | ||||||||||||||||||
Albemarle Corp. | BBB | 4.50 | 12/15/20 | 1,065,000 | 1,092,475 | |||||||||||||
Domtar Corp. | BBB- | 4.40 | 04/01/22 | 2,000,000 | 2,080,036 | |||||||||||||
Freeport-McMoRan, Inc. | BB | 3.55 | 03/01/22 | 250,000 | 250,313 |
The accompanying notes are an integral part of these portfolio schedules.
76
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION —MID-TERM BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
MATERIALS (CONTINUED) | ||||||||||||||||||||
Kinross Gold Corp. | BBB- | 5.13 | 09/01/21 | $ | 750,000 | $ | 772,500 | |||||||||||||
Methanex Corp. | BB+ | 3.25 | 12/15/19 | 2,000,000 | 2,002,082 | |||||||||||||||
Newmont Goldcorp Corp. | BBB | 3.50 | 03/15/22 | 2,000,000 | 2,048,613 | |||||||||||||||
Sherwin-Williams Co. | BBB | 2.25 | 05/15/20 | 200,000 | 199,630 | |||||||||||||||
Southern Copper Corp. | BBB+ | 3.50 | 11/08/22 | 2,000,000 | 2,033,913 | |||||||||||||||
|
| |||||||||||||||||||
10,479,562 | ||||||||||||||||||||
|
| |||||||||||||||||||
REAL ESTATE (3.1%) | ||||||||||||||||||||
Boston Properties LP | A- | 3.80 | 02/01/24 | 3,000,000 | 3,144,720 | |||||||||||||||
CBRE Svcs., Inc. | BBB+ | 5.25 | 03/15/25 | 2,000,000 | 2,206,627 | |||||||||||||||
Crown Castle International Corp. | BBB- | 3.15 | 07/15/23 | 2,500,000 | 2,547,410 | |||||||||||||||
Government Properties Income Trust | BBB- | 3.75 | 08/15/19 | 2,000,000 | 2,000,611 | |||||||||||||||
HCP, Inc. | BBB+ | 3.15 | 08/01/22 | 750,000 | 762,973 | |||||||||||||||
HCP, Inc. | BBB+ | 4.00 | 12/01/22 | 2,000,000 | 2,092,711 | |||||||||||||||
Hospitality Properties Trust | BBB- | 5.00 | 08/15/22 | 1,300,000 | 1,362,899 | |||||||||||||||
Jones Lang LaSalle, Inc. | BBB+ | 4.40 | 11/15/22 | 1,410,000 | 1,465,681 | |||||||||||||||
Mack-Cali Realty LP | BB | 4.50 | 04/18/22 | 1,000,000 | 985,176 | |||||||||||||||
Omega Healthcare Investors, Inc. | BBB- | 4.38 | 08/01/23 | 1,750,000 | 1,817,264 | |||||||||||||||
Omega Healthcare Investors, Inc. | BBB- | 4.50 | 01/15/25 | 750,000 | 782,137 | |||||||||||||||
Senior Housing Properties Trust | BBB- | 4.75 | 05/01/24 | 500,000 | 505,822 | |||||||||||||||
|
| |||||||||||||||||||
19,674,031 | ||||||||||||||||||||
|
| |||||||||||||||||||
UTILITIES (1.7%) | ||||||||||||||||||||
Entergy Corp. | BBB | 5.13 | 09/15/20 | 1,400,000 | 1,433,337 | |||||||||||||||
Exelon Corp. | BBB | 5.15 | 12/01/20 | 1,500,000 | 1,546,663 | |||||||||||||||
Exelon Generation Co. LLC | BBB+ | 4.25 | 06/15/22 | 1,000,000 | 1,046,732 | |||||||||||||||
National Fuel Gas Co. | BBB | 4.90 | 12/01/21 | 2,000,000 | 2,078,707 | |||||||||||||||
SCANA Corp. | BBB | 4.75 | 05/15/21 | 2,000,000 | 2,049,305 | |||||||||||||||
Southern Co. | BBB+ | 3.25 | 07/01/26 | 2,500,000 | 2,537,981 | |||||||||||||||
|
| |||||||||||||||||||
10,692,725 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL CORPORATE DEBT |
| 229,883,199 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL LONG-TERM DEBT SECURITIES |
| 632,839,301 | ||||||||||||||||||
|
| |||||||||||||||||||
Rate(%) | Maturity | Face Amount | Value | |||||||||||||||||
TEMPORARY CASH INVESTMENT (0.0%) (2) | ||||||||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 272,931 | $ | 272,931 | ||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 272,931 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 633,112,232 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS 0.7% |
| 4,219,496 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 637,331,728 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
77
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||
LONG-TERM DEBT SECURITIES: | ||||||||||||||
U.S. GOVERNMENT (34.4%) | ||||||||||||||
U.S. Treasury Bond | AA+ | 2.25 | 08/15/46 | $ | 16,500,000 | $ | 15,567,363 | |||||||
U.S. Treasury Bond | AA+ | 2.75 | 08/15/47 | 10,000,000 | 10,421,484 | |||||||||
U.S. Treasury Bond | AA+ | 2.88 | 05/15/49 | 29,000,000 | 31,061,719 | |||||||||
U.S. Treasury Note | AA+ | 1.50 | 08/15/26 | 40,800,000 | 39,735,375 | |||||||||
U.S. Treasury Note | AA+ | 1.88 | 05/31/22 | 2,500,000 | 2,510,449 | |||||||||
U.S. Treasury Note | AA+ | 2.25 | 02/15/27 | 44,000,000 | 45,062,187 | |||||||||
U.S. Treasury Note | AA+ | 2.25 | 08/15/27 | 74,500,000 | 76,254,824 | |||||||||
U.S. Treasury Note | AA+ | 2.25 | 11/15/27 | 51,100,000 | 52,283,684 | |||||||||
U.S. Treasury Note | AA+ | 2.38 | 05/15/27 | 63,750,000 | 65,866,699 | |||||||||
U.S. Treasury Note | AA+ | 2.63 | 02/15/29 | 31,200,000 | 32,883,094 | |||||||||
U.S. Treasury Note | AA+ | 2.88 | 05/15/28 | 39,000,000 | 41,851,875 | |||||||||
U.S. Treasury Note | AA+ | 3.13 | 11/15/28 | 4,000,000 | 4,385,000 | |||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/25 | 20,000,000 | 17,780,492 | |||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/26 | 20,000,000 | 17,381,997 | |||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/28 | 20,000,000 | 16,558,858 | |||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/29 | 20,000,000 | 16,140,915 | |||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/33 | 10,000,000 | 7,222,802 | |||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/35 | 10,000,000 | 6,813,111 | |||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/37 | 10,000,000 | 6,437,629 | |||||||||
|
| |||||||||||||
506,219,557 | ||||||||||||||
|
| |||||||||||||
U.S. GOVERNMENT AGENCIES (29.6%) | ||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (28.5%) | ||||||||||||||
FHLMC | AA+ | 2.50 | 09/01/27 | 1,062,829 | 1,072,362 | |||||||||
FHLMC | AA+ | 2.50 | 12/01/27 | 1,047,668 | 1,057,081 | |||||||||
FHLMC | AA+ | 2.79 | 10/15/41 | 779,624 | 780,571 | |||||||||
FHLMC | AA+ | 2.89 | 01/15/47 | 2,905,834 | 2,902,659 | |||||||||
FHLMC | AA+ | 3.00 | 06/01/27 | 558,808 | 570,657 | |||||||||
FHLMC | AA+ | 3.00 | 08/01/27 | 378,032 | 386,638 | |||||||||
FHLMC | AA+ | 3.00 | 02/01/32 | 4,319,134 | 4,416,572 | |||||||||
FHLMC | AA+ | 3.00 | 10/15/37 | 1,039,776 | 1,060,314 | |||||||||
FHLMC | AA+ | 3.00 | 12/15/40 | 1,058,871 | 1,080,452 | |||||||||
FHLMC | AA+ | 3.00 | 07/01/42 | 601,975 | 622,817 | |||||||||
FHLMC | AA+ | 3.00 | 10/01/42 | 1,891,340 | 1,924,239 | |||||||||
FHLMC | AA+ | 3.00 | 11/01/42 | 1,878,633 | 1,917,060 | |||||||||
FHLMC | AA+ | 3.00 | 11/01/42 | 745,990 | 758,962 | |||||||||
FHLMC | AA+ | 3.00 | 11/01/42 | 1,770,628 | 1,772,415 | |||||||||
FHLMC | AA+ | 3.00 | 11/01/42 | 823,104 | 840,468 | |||||||||
FHLMC | AA+ | 3.00 | 11/01/42 | 3,101,314 | 3,155,262 | |||||||||
FHLMC | AA+ | 3.00 | 02/01/43 | 1,577,595 | 1,604,991 | |||||||||
FHLMC | AA+ | 3.00 | 03/01/43 | 1,418,161 | 1,442,831 | |||||||||
FHLMC | AA+ | 3.00 | 04/01/43 | 1,976,022 | 2,006,742 | |||||||||
FHLMC | AA+ | 3.00 | 04/01/43 | 1,183,064 | 1,208,029 | |||||||||
FHLMC | AA+ | 3.00 | 04/01/43 | 830,147 | 844,586 | |||||||||
FHLMC | AA+ | 3.00 | 09/15/43 | 3,001,542 | 3,054,809 | |||||||||
FHLMC | AA+ | 3.00 | 04/15/44 | 990,432 | 998,160 | |||||||||
FHLMC | AA+ | 3.00 | 04/15/45 | 2,573,308 | 2,604,591 | |||||||||
FHLMC | AA+ | 3.00 | 09/01/46 | 1,532,772 | 1,556,602 | |||||||||
FHLMC | AA+ | 3.00 | 09/01/46 | 4,191,718 | 4,247,796 | |||||||||
FHLMC | AA+ | 3.00 | 11/01/46 | 1,280,301 | 1,281,598 | |||||||||
FHLMC | AA+ | 3.50 | 02/01/35 | 2,481,389 | 2,574,382 | |||||||||
FHLMC | AA+ | 3.50 | 02/01/35 | 1,278,669 | 1,326,581 | |||||||||
FHLMC | AA+ | 3.50 | 04/01/35 | 1,077,715 | 1,113,088 | |||||||||
FHLMC | AA+ | 3.50 | 02/01/36 | 1,217,113 | 1,255,989 | |||||||||
FHLMC | AA+ | 3.50 | 01/01/41 | 1,273,144 | 1,314,639 | |||||||||
FHLMC | AA+ | 3.50 | 07/01/42 | 1,652,565 | 1,718,833 | |||||||||
FHLMC | AA+ | 3.50 | 10/01/42 | 1,402,502 | 1,455,333 |
The accompanying notes are an integral part of these portfolio schedules.
78
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||
FHLMC | AA+ | 3.50 | 01/01/43 | $ | 1,153,216 | $ | 1,197,638 | |||||||||||
FHLMC | AA+ | 3.50 | 01/01/43 | 574,576 | 596,702 | |||||||||||||
FHLMC | AA+ | 3.50 | 05/01/43 | 1,860,129 | 1,931,655 | |||||||||||||
FHLMC | AA+ | 3.50 | 06/01/43 | 2,359,506 | 2,445,190 | |||||||||||||
FHLMC | AA+ | 3.50 | 07/01/43 | 658,062 | 683,404 | |||||||||||||
FHLMC | AA+ | 3.50 | 11/01/43 | 1,316,108 | 1,366,703 | |||||||||||||
FHLMC | AA+ | 3.50 | 01/01/44 | 2,222,855 | 2,308,338 | |||||||||||||
FHLMC | AA+ | 3.50 | 05/15/44 | 2,479,146 | 2,550,979 | |||||||||||||
FHLMC | AA+ | 3.50 | 04/01/45 | 1,915,883 | 1,986,331 | |||||||||||||
FHLMC | AA+ | 3.50 | 07/01/45 | 1,938,185 | 2,021,190 | |||||||||||||
FHLMC | AA+ | 3.50 | 09/01/45 | 1,619,486 | 1,675,050 | |||||||||||||
FHLMC | AA+ | 3.50 | 11/01/45 | 5,400,854 | 5,605,539 | |||||||||||||
FHLMC | AA+ | 3.50 | 08/01/46 | 2,438,100 | 2,526,525 | |||||||||||||
FHLMC | AA+ | 3.50 | 09/01/47 | 8,114,187 | 8,356,114 | |||||||||||||
FHLMC | AA+ | 3.50 | 11/01/47 | 3,600,082 | 3,707,420 | |||||||||||||
FHLMC | AA+ | 3.50 | 12/01/47 | 1,848,611 | 1,903,492 | |||||||||||||
FHLMC | AA+ | 3.50 | 07/01/49 | 4,000,000 | 4,093,408 | |||||||||||||
FHLMC | AA+ | 4.00 | 02/01/25 | 136,360 | 141,628 | |||||||||||||
FHLMC | AA+ | 4.00 | 05/01/25 | 54,474 | 56,697 | |||||||||||||
FHLMC | AA+ | 4.00 | 05/01/26 | 186,726 | 195,284 | |||||||||||||
FHLMC | AA+ | 4.00 | 11/01/33 | 6,400,354 | 6,693,615 | |||||||||||||
FHLMC | AA+ | 4.00 | 12/01/33 | 936,561 | 971,503 | |||||||||||||
FHLMC | AA+ | 4.00 | 01/01/38 | 2,415,106 | 2,559,218 | |||||||||||||
FHLMC | AA+ | 4.00 | 12/15/38 | 332,223 | 342,432 | |||||||||||||
FHLMC | AA+ | 4.00 | 07/01/41 | 871,261 | 920,945 | |||||||||||||
FHLMC | AA+ | 4.00 | 12/01/41 | 535,029 | 564,502 | |||||||||||||
FHLMC | AA+ | 4.00 | 07/01/42 | 1,928,787 | 2,040,773 | |||||||||||||
FHLMC | AA+ | 4.00 | 08/01/42 | 659,767 | 696,024 | |||||||||||||
FHLMC | AA+ | 4.00 | 08/01/42 | 1,326,452 | 1,399,527 | |||||||||||||
FHLMC | AA+ | 4.00 | 09/01/42 | 730,754 | 770,097 | |||||||||||||
FHLMC | AA+ | 4.00 | 11/01/42 | 1,163,439 | 1,228,975 | |||||||||||||
FHLMC | AA+ | 4.00 | 12/01/42 | 896,150 | 945,504 | |||||||||||||
FHLMC | AA+ | 4.00 | 01/01/43 | 1,308,723 | 1,382,441 | |||||||||||||
FHLMC | AA+ | 4.00 | 01/01/44 | 1,420,138 | 1,493,566 | |||||||||||||
FHLMC | AA+ | 4.00 | 10/01/44 | 1,173,060 | 1,228,002 | |||||||||||||
FHLMC | AA+ | 4.00 | 10/01/44 | 1,508,830 | 1,581,119 | |||||||||||||
FHLMC | AA+ | 4.00 | 10/01/44 | 1,486,665 | 1,557,208 | |||||||||||||
FHLMC | AA+ | 4.00 | 02/01/45 | 4,657,265 | 4,959,284 | |||||||||||||
FHLMC | AA+ | 4.00 | 05/01/47 | 3,386,742 | 3,540,760 | |||||||||||||
FHLMC | AA+ | 4.00 | 02/01/48 | 1,241,978 | 1,291,267 | |||||||||||||
FHLMC | AA+ | 4.00 | 05/01/48 | 2,780,390 | 2,889,461 | |||||||||||||
FHLMC | AA+ | 4.00 | 05/01/48 | 1,113,519 | 1,158,391 | |||||||||||||
FHLMC | AA+ | 4.00 | 09/01/48 | 6,587,251 | 6,840,808 | |||||||||||||
FHLMC | AA+ | 4.00 | 10/01/48 | 4,719,546 | 4,895,162 | |||||||||||||
FHLMC | AA+ | 4.00 | 04/01/49 | 4,904,679 | 5,088,236 | |||||||||||||
FHLMC | AA+ | 4.00 | 04/01/49 | 4,944,130 | 5,129,163 | |||||||||||||
FHLMC | AA+ | 4.50 | 03/01/34 | 296,865 | 317,086 | |||||||||||||
FHLMC | AA+ | 4.50 | 08/01/34 | 154,313 | 165,696 | |||||||||||||
FHLMC | AA+ | 4.50 | 08/15/35 | 44,424 | 45,499 | |||||||||||||
FHLMC | AA+ | 4.50 | 06/01/37 | 773,556 | 831,255 | |||||||||||||
FHLMC | AA+ | 4.50 | 12/01/39 | 103,594 | 108,270 | |||||||||||||
FHLMC | AA+ | 4.50 | 03/01/41 | 417,745 | 450,348 | |||||||||||||
FHLMC | AA+ | 4.50 | 05/01/48 | 3,499,469 | 3,678,463 | |||||||||||||
FHLMC | AA+ | 4.50 | 05/01/48 | 4,536,446 | 4,769,628 | |||||||||||||
FHLMC | AA+ | 5.00 | 02/01/26 | 43,175 | 45,648 | |||||||||||||
FHLMC | AA+ | 5.00 | 08/01/35 | 935,262 | 1,024,280 |
The accompanying notes are an integral part of these portfolio schedules.
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MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||
FHLMC | AA+ | 5.00 | 10/01/40 | $ | 597,481 | $ | 649,617 | |||||||||||
FHLMC | AA+ | 5.50 | 03/01/21 | 13,855 | 13,971 | |||||||||||||
FHLMC | AA+ | 5.50 | 07/01/32 | 124,529 | 134,312 | |||||||||||||
FHLMC | AA+ | 5.50 | 01/15/33 | 150,823 | 166,403 | |||||||||||||
FHLMC | AA+ | 5.50 | 05/01/33 | 104,532 | 111,523 | |||||||||||||
FHLMC | AA+ | 5.50 | 06/01/37 | 831,165 | 922,257 | |||||||||||||
FHLMC | AA+ | 6.00 | 07/15/29 | 88,939 | 97,534 | |||||||||||||
FHLMC | AA+ | 6.00 | 03/15/32 | 105,708 | 118,439 | |||||||||||||
FHLMC ARM | AA+ | 4.68 | 05/01/37 | 42,466 | 44,331 | |||||||||||||
FHLMC ARM | AA+ | 4.70 | 04/01/37 | 71,353 | 75,326 | |||||||||||||
FHLMC ARM | AA+ | 4.73 | 03/01/37 | 16,119 | 16,884 | |||||||||||||
FHLMC ARM | AA+ | 4.79 | 04/01/37 | 57,647 | 60,799 | |||||||||||||
FHLMC ARM | AA+ | 4.89 | 02/01/36 | 117,320 | 123,059 | |||||||||||||
FHLMC Strip | AA+ | 3.00 | 01/15/43 | 2,309,094 | 2,389,127 | |||||||||||||
FHLMC Strip | AA+ | 3.50 | 10/15/47 | 2,221,479 | 2,327,955 | |||||||||||||
FNMA | AA+ | 2.25 | 01/01/28 | 1,270,672 | 1,278,807 | |||||||||||||
FNMA | AA+ | 2.68 | 12/01/26 | 3,000,000 | 3,038,303 | |||||||||||||
FNMA | AA+ | 2.80 | 06/25/37 | 58,286 | 58,606 | |||||||||||||
FNMA | AA+ | 2.92 | 07/01/27 | 2,897,034 | 2,979,749 | |||||||||||||
FNMA | AA+ | 3.00 | 06/01/33 | 1,036,591 | 1,055,209 | |||||||||||||
FNMA | AA+ | 3.00 | 07/01/33 | 1,940,125 | 1,974,964 | |||||||||||||
FNMA | AA+ | 3.00 | 09/01/33 | 2,059,484 | 2,096,473 | |||||||||||||
FNMA | AA+ | 3.00 | 04/25/42 | 1,163,082 | 1,191,323 | |||||||||||||
FNMA | AA+ | 3.00 | 10/01/42 | 661,079 | 666,840 | |||||||||||||
FNMA | AA+ | 3.00 | 12/01/42 | 964,316 | 980,068 | |||||||||||||
FNMA | AA+ | 3.00 | 12/01/42 | 1,522,157 | 1,522,755 | |||||||||||||
FNMA | AA+ | 3.00 | 01/01/43 | 3,317,604 | 3,373,248 | |||||||||||||
FNMA | AA+ | 3.00 | 02/01/43 | 1,529,490 | 1,555,132 | |||||||||||||
FNMA | AA+ | 3.00 | 03/01/43 | 1,787,474 | 1,823,784 | |||||||||||||
FNMA | AA+ | 3.00 | 04/01/43 | 1,757,913 | 1,758,595 | |||||||||||||
FNMA | AA+ | 3.00 | 02/01/45 | 1,412,920 | 1,443,585 | |||||||||||||
FNMA | AA+ | 3.00 | 03/01/45 | 1,791,421 | 1,792,115 | |||||||||||||
FNMA | AA+ | 3.00 | 09/01/46 | 2,567,178 | 2,600,319 | |||||||||||||
FNMA | AA+ | 3.00 | 01/01/47 | 1,169,048 | 1,169,505 | |||||||||||||
FNMA | AA+ | 3.13 | 06/25/40 | 557,965 | 559,732 | |||||||||||||
FNMA | AA+ | 3.50 | 03/01/32 | 763,216 | 791,327 | |||||||||||||
FNMA | AA+ | 3.50 | 10/01/34 | 2,019,224 | 2,093,555 | |||||||||||||
FNMA | AA+ | 3.50 | 02/01/35 | 1,644,336 | 1,704,890 | |||||||||||||
FNMA | AA+ | 3.50 | 08/01/38 | 1,589,259 | 1,634,845 | |||||||||||||
FNMA | AA+ | 3.50 | 03/01/41 | 1,363,104 | 1,416,817 | |||||||||||||
FNMA | AA+ | 3.50 | 10/01/41 | 809,881 | 849,828 | |||||||||||||
FNMA | AA+ | 3.50 | 12/01/41 | 909,701 | 947,671 | |||||||||||||
FNMA | AA+ | 3.50 | 04/01/42 | 961,984 | 1,009,342 | |||||||||||||
FNMA | AA+ | 3.50 | 04/01/42 | 1,153,895 | 1,197,604 | |||||||||||||
FNMA | AA+ | 3.50 | 07/01/42 | 1,563,901 | 1,623,141 | |||||||||||||
FNMA | AA+ | 3.50 | 08/01/42 | 1,003,498 | 1,041,515 | |||||||||||||
FNMA | AA+ | 3.50 | 09/01/42 | 1,225,018 | 1,271,418 | |||||||||||||
FNMA | AA+ | 3.50 | 11/25/42 | 1,777,052 | 1,812,689 | |||||||||||||
FNMA | AA+ | 3.50 | 12/01/42 | 2,323,646 | 2,411,318 | |||||||||||||
FNMA | AA+ | 3.50 | 12/01/42 | 1,194,989 | 1,266,094 | |||||||||||||
FNMA | AA+ | 3.50 | 01/01/43 | 1,209,432 | 1,251,083 | |||||||||||||
FNMA | AA+ | 3.50 | 03/01/43 | 1,511,100 | 1,567,093 | |||||||||||||
FNMA | AA+ | 3.50 | 06/01/43 | 2,863,076 | 2,971,499 | |||||||||||||
FNMA | AA+ | 3.50 | 07/25/43 | 2,105,949 | 2,167,396 | |||||||||||||
FNMA | AA+ | 3.50 | 08/01/43 | 3,889,350 | 4,028,118 | |||||||||||||
FNMA | AA+ | 3.50 | 08/01/43 | 1,812,304 | 1,869,628 |
The accompanying notes are an integral part of these portfolio schedules.
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MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||
FNMA | AA+ | 3.50 | 10/01/43 | $ | 1,075,673 | $ | 1,138,476 | |||||||||||
FNMA | AA+ | 3.50 | 01/01/44 | 815,006 | 827,728 | |||||||||||||
FNMA | AA+ | 3.50 | 08/25/44 | 3,653,171 | 3,750,785 | |||||||||||||
FNMA | AA+ | 3.50 | 04/01/45 | 3,208,228 | 3,339,735 | |||||||||||||
FNMA | AA+ | 3.50 | 04/01/45 | 1,918,634 | 1,987,659 | |||||||||||||
FNMA | AA+ | 3.50 | 05/01/45 | 3,516,408 | 3,634,792 | |||||||||||||
FNMA | AA+ | 3.50 | 10/01/45 | 3,423,914 | 3,564,218 | |||||||||||||
FNMA | AA+ | 3.50 | 02/01/46 | 2,248,274 | 2,318,055 | |||||||||||||
FNMA | AA+ | 3.50 | 02/01/46 | 4,014,400 | 4,166,693 | |||||||||||||
FNMA | AA+ | 3.50 | 08/01/46 | 3,084,056 | 3,203,549 | |||||||||||||
FNMA | AA+ | 3.50 | 12/01/46 | 1,442,410 | 1,478,420 | |||||||||||||
FNMA | AA+ | 3.50 | 09/01/47 | 3,779,807 | 3,914,639 | |||||||||||||
FNMA | AA+ | 3.50 | 10/01/47 | 4,263,229 | 4,387,600 | |||||||||||||
FNMA | AA+ | 3.50 | 04/01/48 | 1,799,098 | 1,837,141 | |||||||||||||
FNMA | AA+ | 3.50 | 08/01/48 | 3,615,580 | 3,698,084 | |||||||||||||
FNMA | AA+ | 3.50 | 07/01/49 | 3,300,000 | 3,377,062 | |||||||||||||
FNMA | AA+ | 3.53 | 01/01/26 | 5,000,000 | 5,298,197 | |||||||||||||
FNMA | AA+ | 4.00 | 07/25/26 | 1,505,324 | 1,598,182 | |||||||||||||
FNMA | AA+ | 4.00 | 05/25/29 | 1,816,645 | 1,920,090 | |||||||||||||
FNMA | AA+ | 4.00 | 01/01/31 | 84,493 | 88,242 | |||||||||||||
FNMA | AA+ | 4.00 | 12/01/33 | 881,105 | 912,159 | |||||||||||||
FNMA | AA+ | 4.00 | 03/01/35 | 305,324 | 316,837 | |||||||||||||
FNMA | AA+ | 4.00 | 06/01/36 | 835,013 | 873,619 | |||||||||||||
FNMA | AA+ | 4.00 | 11/01/38 | 1,146,505 | 1,208,786 | |||||||||||||
FNMA | AA+ | 4.00 | 10/01/40 | 863,490 | 914,996 | |||||||||||||
FNMA | AA+ | 4.00 | 11/01/40 | 668,562 | 704,937 | |||||||||||||
FNMA | AA+ | 4.00 | 01/01/41 | 2,420,778 | 2,551,237 | |||||||||||||
FNMA | AA+ | 4.00 | 02/01/41 | 935,092 | 985,977 | |||||||||||||
FNMA | AA+ | 4.00 | 05/01/41 | 721,613 | 764,018 | |||||||||||||
FNMA | AA+ | 4.00 | 08/01/42 | 1,695,058 | 1,787,322 | |||||||||||||
FNMA | AA+ | 4.00 | 05/01/43 | 984,089 | 1,038,775 | |||||||||||||
FNMA | AA+ | 4.00 | 09/01/45 | 988,469 | 1,031,216 | |||||||||||||
FNMA | AA+ | 4.00 | 11/01/45 | 1,441,628 | 1,498,163 | |||||||||||||
FNMA | AA+ | 4.00 | 02/01/47 | 3,555,512 | 3,710,761 | |||||||||||||
FNMA | AA+ | 4.00 | 04/01/48 | 1,288,288 | 1,338,414 | |||||||||||||
FNMA | AA+ | 4.00 | 05/01/48 | 6,056,857 | 6,292,527 | |||||||||||||
FNMA | AA+ | 4.00 | 09/01/48 | 1,856,286 | 1,925,998 | |||||||||||||
FNMA | AA+ | 4.00 | 03/01/49 | 5,899,798 | 6,116,681 | |||||||||||||
FNMA | AA+ | 4.00 | 07/01/56 | 1,887,463 | 1,982,929 | |||||||||||||
FNMA | AA+ | 4.50 | 05/01/30 | 212,831 | 226,551 | |||||||||||||
FNMA | AA+ | 4.50 | 04/01/31 | 341,317 | 363,334 | |||||||||||||
FNMA | AA+ | 4.50 | 08/01/33 | 135,844 | 145,028 | |||||||||||||
FNMA | AA+ | 4.50 | 08/01/33 | 87,629 | 93,329 | |||||||||||||
FNMA | AA+ | 4.50 | 09/01/33 | 221,891 | 236,527 | |||||||||||||
FNMA | AA+ | 4.50 | 10/01/33 | 218,069 | 233,339 | |||||||||||||
FNMA | AA+ | 4.50 | 10/01/33 | 100,060 | 106,578 | |||||||||||||
FNMA | AA+ | 4.50 | 05/01/34 | 126,242 | 135,199 | |||||||||||||
FNMA | AA+ | 4.50 | 06/01/34 | 180,526 | 191,878 | |||||||||||||
FNMA | AA+ | 4.50 | 07/01/34 | 107,484 | 115,171 | |||||||||||||
FNMA | AA+ | 4.50 | 01/01/35 | 464,021 | 494,805 | |||||||||||||
FNMA | AA+ | 4.50 | 08/01/35 | 141,959 | 152,283 | |||||||||||||
FNMA | AA+ | 4.50 | 12/01/35 | 151,559 | 162,564 | |||||||||||||
FNMA | AA+ | 4.50 | 05/01/39 | 528,013 | 567,109 | |||||||||||||
FNMA | AA+ | 4.50 | 05/01/39 | 797,477 | 856,087 | |||||||||||||
FNMA | AA+ | 4.50 | 05/01/40 | 409,327 | 435,767 | |||||||||||||
FNMA | AA+ | 4.50 | 07/01/40 | 2,377,006 | 2,585,051 |
The accompanying notes are an integral part of these portfolio schedules.
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MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||
FNMA | AA+ | 4.50 | 10/01/40 | $ | 2,790,427 | $ | 2,996,829 | |||||||||||
FNMA | AA+ | 4.50 | 11/01/40 | 456,359 | 490,617 | |||||||||||||
FNMA | AA+ | 4.50 | 03/01/41 | 1,474,781 | 1,583,858 | |||||||||||||
FNMA | AA+ | 4.50 | 06/01/41 | 462,322 | 496,517 | |||||||||||||
FNMA | AA+ | 4.50 | 08/01/41 | 1,265,992 | 1,359,513 | |||||||||||||
FNMA | AA+ | 4.50 | 10/01/41 | 162,423 | 169,736 | |||||||||||||
FNMA | AA+ | 4.50 | 11/01/41 | 851,686 | 914,676 | |||||||||||||
FNMA | AA+ | 4.50 | 01/01/42 | 84,103 | 90,317 | |||||||||||||
FNMA | AA+ | 4.50 | 07/01/42 | 1,063,380 | 1,143,592 | |||||||||||||
FNMA | AA+ | 4.50 | 03/01/44 | 1,223,642 | 1,301,761 | |||||||||||||
FNMA | AA+ | 4.50 | 04/01/44 | 1,918,777 | 2,055,586 | |||||||||||||
FNMA | AA+ | 4.50 | 11/01/47 | 3,401,728 | 3,613,583 | |||||||||||||
FNMA | AA+ | 4.50 | 11/01/47 | 3,930,454 | 4,136,889 | |||||||||||||
FNMA | AA+ | 4.50 | 11/01/47 | 4,536,508 | 4,825,968 | |||||||||||||
FNMA | AA+ | 5.00 | 09/01/20 | 8,584 | 8,783 | |||||||||||||
FNMA | AA+ | 5.00 | 10/01/20 | 32,381 | 33,131 | |||||||||||||
FNMA | AA+ | 5.00 | 10/01/25 | 71,666 | 75,730 | |||||||||||||
FNMA | AA+ | 5.00 | 09/01/33 | 427,455 | 464,345 | |||||||||||||
FNMA | AA+ | 5.00 | 10/01/33 | 308,708 | 335,346 | |||||||||||||
FNMA | AA+ | 5.00 | 11/01/33 | 339,487 | 370,024 | |||||||||||||
FNMA | AA+ | 5.00 | 03/01/34 | 66,277 | 72,146 | |||||||||||||
FNMA | AA+ | 5.00 | 04/01/34 | 139,000 | 150,785 | |||||||||||||
FNMA | AA+ | 5.00 | 04/01/34 | 36,543 | 39,889 | |||||||||||||
FNMA | AA+ | 5.00 | 04/01/35 | 125,661 | 137,256 | |||||||||||||
FNMA | AA+ | 5.00 | 06/01/35 | 79,032 | 86,314 | |||||||||||||
FNMA | AA+ | 5.00 | 09/01/35 | 198,755 | 217,068 | |||||||||||||
FNMA | AA+ | 5.00 | 09/01/35 | 83,627 | 88,370 | |||||||||||||
FNMA | AA+ | 5.00 | 11/25/35 | 512,582 | 568,611 | |||||||||||||
FNMA | AA+ | 5.00 | 08/01/37 | 545,660 | 595,670 | |||||||||||||
FNMA | AA+ | 5.00 | 05/01/39 | 388,126 | 421,711 | |||||||||||||
FNMA | AA+ | 5.00 | 09/25/40 | 1,240,032 | 1,290,009 | |||||||||||||
FNMA | AA+ | 5.50 | 01/01/24 | 72,426 | 77,195 | |||||||||||||
FNMA | AA+ | 5.50 | 03/01/24 | 153,973 | 164,112 | |||||||||||||
FNMA | AA+ | 5.50 | 09/01/25 | 76,477 | 82,042 | |||||||||||||
FNMA | AA+ | 5.50 | 11/01/26 | 47,589 | 50,723 | |||||||||||||
FNMA | AA+ | 5.50 | 01/01/27 | 36,052 | 38,441 | |||||||||||||
FNMA | AA+ | 5.50 | 03/01/33 | 170,513 | 183,198 | |||||||||||||
FNMA | AA+ | 5.50 | 09/01/33 | 189,242 | 208,581 | |||||||||||||
FNMA | AA+ | 5.50 | 10/01/33 | 290,157 | 319,531 | |||||||||||||
FNMA | AA+ | 5.50 | 03/01/34 | 144,092 | 159,927 | |||||||||||||
FNMA | AA+ | 5.50 | 03/01/34 | 34,211 | 36,464 | |||||||||||||
FNMA | AA+ | 5.50 | 07/01/34 | 130,646 | 142,685 | |||||||||||||
FNMA | AA+ | 5.50 | 09/01/34 | 49,514 | 54,473 | |||||||||||||
FNMA | AA+ | 5.50 | 09/01/34 | 35,468 | 37,805 | |||||||||||||
FNMA | AA+ | 5.50 | 09/01/34 | 108,764 | 118,809 | |||||||||||||
FNMA | AA+ | 5.50 | 10/01/34 | 256,988 | 284,998 | |||||||||||||
FNMA | AA+ | 5.50 | 02/01/35 | 100,102 | 111,055 | |||||||||||||
FNMA | AA+ | 5.50 | 02/01/35 | 123,135 | 136,604 | |||||||||||||
FNMA | AA+ | 5.50 | 04/01/35 | 108,814 | 120,272 | |||||||||||||
FNMA | AA+ | 5.50 | 08/01/35 | 213,021 | 234,977 | |||||||||||||
FNMA | AA+ | 5.50 | 02/25/37 | 24,896 | 26,338 | |||||||||||||
FNMA | AA+ | 5.50 | 05/01/38 | 264,618 | 284,504 | |||||||||||||
FNMA | AA+ | 5.50 | 11/01/38 | 18,051 | 18,961 | |||||||||||||
FNMA | AA+ | 5.50 | 06/01/48 | 52,699 | 54,528 | |||||||||||||
FNMA | AA+ | 6.00 | 05/01/23 | 92,379 | 101,113 | |||||||||||||
FNMA | AA+ | 6.00 | 01/01/25 | 68,787 | 75,291 |
The accompanying notes are an integral part of these portfolio schedules.
82
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||
FNMA | AA+ | 6.00 | 03/01/28 | $ | 88,151 | $ | 96,486 | |||||||||||
FNMA | AA+ | 6.00 | 04/01/32 | 5,929 | 6,489 | |||||||||||||
FNMA | AA+ | 6.00 | 05/01/32 | 122,225 | 138,567 | |||||||||||||
FNMA | AA+ | 6.00 | 04/01/33 | 316,879 | 350,708 | |||||||||||||
FNMA | AA+ | 6.00 | 03/01/36 | 22,798 | 24,755 | |||||||||||||
FNMA | AA+ | 6.00 | 12/01/36 | 90,895 | 102,910 | |||||||||||||
FNMA | AA+ | 6.00 | 01/01/37 | 123,537 | 139,899 | |||||||||||||
FNMA | AA+ | 6.00 | 04/01/37 | 20,100 | 21,455 | |||||||||||||
FNMA | AA+ | 6.00 | 05/01/37 | 13,857 | 14,576 | |||||||||||||
FNMA | AA+ | 6.00 | 06/01/37 | 7,081 | 7,431 | |||||||||||||
FNMA | AA+ | 6.00 | 07/01/37 | 56,094 | 63,550 | |||||||||||||
FNMA | AA+ | 6.00 | 08/01/37 | 69,864 | 79,292 | |||||||||||||
FNMA | AA+ | 6.00 | 12/01/37 | 38,921 | 44,157 | |||||||||||||
FNMA | AA+ | 6.00 | 10/25/44 | 371,010 | 423,679 | |||||||||||||
FNMA | AA+ | 6.00 | 02/25/47 | 788,636 | 903,997 | |||||||||||||
FNMA | AA+ | 6.00 | 12/25/49 | 298,153 | 340,255 | |||||||||||||
FNMA | AA+ | 6.50 | 05/01/32 | 56,273 | 62,413 | |||||||||||||
FNMA | AA+ | 6.50 | 05/01/32 | 86,736 | 96,200 | |||||||||||||
FNMA | AA+ | 6.50 | 09/01/36 | 18,545 | 21,090 | |||||||||||||
FNMA | AA+ | 6.50 | 05/01/37 | 85,265 | 89,229 | |||||||||||||
FNMA | AA+ | 6.50 | 07/01/37 | 13,851 | 15,362 | |||||||||||||
FNMA | AA+ | 6.50 | 09/01/37 | 26,075 | 28,920 | |||||||||||||
FNMA | AA+ | 6.50 | 05/01/38 | 22,558 | 25,019 | |||||||||||||
FNMA | AA+ | 7.00 | 01/25/44 | 243,450 | 284,320 | |||||||||||||
FNMA | AA+ | 7.50 | 06/01/32 | 40,325 | 48,166 | |||||||||||||
FNMA | AA+ | 8.00 | 04/01/32 | 18,464 | 19,391 | |||||||||||||
FNMA Strip | AA+ | 3.00 | 08/25/42 | 993,667 | 1,013,582 | |||||||||||||
FRESB Multifamily Mortgage | AA+ | 3.16 | 11/25/27 | 1,860,350 | 1,935,224 | |||||||||||||
FRESB Multifamily Mortgage | AA+ | 3.30 | 12/25/27 | 1,980,087 | 2,070,895 | |||||||||||||
FRESB Multifamily Mortgage | AA+ | 3.61 | 10/25/28 | 1,241,657 | 1,321,308 | |||||||||||||
GNMA (3) | AA+ | 2.68 | 10/16/47 | 2,000,000 | 1,996,448 | |||||||||||||
GNMA (3) | AA+ | 3.00 | 07/16/36 | 1,638,100 | 1,685,909 | |||||||||||||
GNMA (3) | AA+ | 3.50 | 05/20/31 | 2,331,971 | 2,443,894 | |||||||||||||
GNMA (3) | AA+ | 3.50 | 07/15/42 | 1,579,527 | 1,639,396 | |||||||||||||
GNMA (3) | AA+ | 3.50 | 11/15/42 | 867,713 | 900,428 | |||||||||||||
GNMA (3) | AA+ | 3.50 | 03/20/45 | 3,564,282 | 3,682,176 | |||||||||||||
GNMA (3) | AA+ | 3.50 | 05/20/45 | 2,249,674 | 2,330,899 | |||||||||||||
GNMA (3) | AA+ | 3.70 | 05/15/42 | 700,520 | 729,627 | |||||||||||||
GNMA (3) | AA+ | 4.00 | 04/15/24 | 142,292 | 148,363 | |||||||||||||
GNMA (3) | AA+ | 4.00 | 01/20/41 | 1,299,561 | 1,350,317 | |||||||||||||
GNMA (3) | AA+ | 4.00 | 03/15/41 | 495,015 | 525,801 | |||||||||||||
GNMA (3) | AA+ | 4.00 | 08/15/41 | 920,681 | 977,133 | |||||||||||||
GNMA (3) | AA+ | 4.00 | 11/15/41 | 605,958 | 650,769 | |||||||||||||
GNMA (3) | AA+ | 4.00 | 12/15/41 | 1,314,023 | 1,394,764 | |||||||||||||
GNMA (3) | AA+ | 4.00 | 08/20/42 | 910,178 | 946,238 | |||||||||||||
GNMA (3) | AA+ | 4.25 | 04/20/41 | 649,216 | 683,481 | |||||||||||||
GNMA (3) | AA+ | 4.29 | 04/15/41 | 271,959 | 285,687 | |||||||||||||
GNMA (3) | AA+ | 4.50 | 06/20/30 | 26,926 | 28,608 | |||||||||||||
GNMA (3) | AA+ | 4.50 | 09/15/30 | 482,184 | 512,443 | |||||||||||||
GNMA (3) | AA+ | 4.50 | 06/20/34 | 269,757 | 283,607 | |||||||||||||
GNMA (3) | AA+ | 4.50 | 09/15/40 | 754,324 | 813,087 | |||||||||||||
GNMA (3) | AA+ | 4.50 | 10/15/40 | 988,018 | 1,069,189 | |||||||||||||
GNMA (3) | AA+ | 4.50 | 10/15/40 | 262,827 | 282,876 | |||||||||||||
GNMA (3) | AA+ | 5.00 | 04/15/39 | 807,285 | 888,318 | |||||||||||||
GNMA (3) | AA+ | 5.00 | 06/20/39 | 972,464 | 1,054,566 | |||||||||||||
GNMA (3) | AA+ | 5.00 | 11/15/39 | 314,705 | 346,389 |
The accompanying notes are an integral part of these portfolio schedules.
83
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MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||
GNMA (3) | AA+ | 5.00 | 05/15/40 | $ | 121,763 | $ | 133,900 | |||||||||||
GNMA (3) | AA+ | 5.00 | 06/20/40 | 95,983 | 101,546 | |||||||||||||
GNMA (3) | AA+ | 5.50 | 01/15/36 | 65,258 | 69,574 | |||||||||||||
GNMA (3) | AA+ | 6.50 | 04/15/31 | 6,513 | 7,154 | |||||||||||||
GNMA (3) | AA+ | 6.50 | 12/15/31 | 18,692 | 20,534 | |||||||||||||
GNMA (3) | AA+ | 6.50 | 05/15/32 | 24,043 | 26,412 | |||||||||||||
GNMA (3) | AA+ | 7.00 | 05/15/32 | 2,467 | 2,522 | |||||||||||||
Vendee Mortgage Trust (3) | 5.25 | 01/15/32 | 412,702 | 426,593 | ||||||||||||||
|
| |||||||||||||||||
420,049,601 | ||||||||||||||||||
|
| |||||||||||||||||
NON-MORTGAGE-BACKED OBLIGATIONS (1.1%) | ||||||||||||||||||
FHLMC | AA+ | 0.00 | 11/29/19 | 11,000,000 | 10,896,582 | |||||||||||||
FNMA | AA+ | 0.00 | 10/09/19 | 5,050,000 | 5,018,428 | |||||||||||||
|
| |||||||||||||||||
15,915,010 | ||||||||||||||||||
|
| |||||||||||||||||
CORPORATE DEBT (35.1%) | ||||||||||||||||||
COMMUNICATION SERVICES (1.3%) | ||||||||||||||||||
AT&T, Inc. | BBB | 3.00 | 02/15/22 | 4,000,000 | 4,062,744 | |||||||||||||
AT&T, Inc. | BBB | 3.00 | 06/30/22 | 1,000,000 | 1,017,107 | |||||||||||||
Discovery Communications LLC | BBB- | 3.50 | 06/15/22 | 5,000,000 | 5,091,750 | |||||||||||||
Omnicom Group, Inc. | BBB+ | 3.63 | 05/01/22 | 1,000,000 | 1,032,845 | |||||||||||||
Omnicom Group, Inc. | BBB+ | 4.45 | 08/15/20 | 3,000,000 | 3,066,688 | |||||||||||||
Viacom, Inc. | BBB- | 3.25 | 03/15/23 | 5,000,000 | 4,974,148 | |||||||||||||
|
| |||||||||||||||||
19,245,282 | ||||||||||||||||||
|
| |||||||||||||||||
CONSUMER DISCRETIONARY (5.6%) | ||||||||||||||||||
Advance Auto Parts, Inc. | BBB- | 4.50 | 01/15/22 | 1,000,000 | 1,039,087 | |||||||||||||
Advance Auto Parts, Inc. | BBB- | 4.50 | 12/01/23 | 1,000,000 | 1,072,563 | |||||||||||||
Amazon.com, Inc. | AA- | 5.20 | 12/03/25 | 5,000,000 | 5,837,037 | |||||||||||||
AutoZone, Inc. | BBB | 3.25 | 04/15/25 | 2,000,000 | 2,042,413 | |||||||||||||
AutoZone, Inc. | BBB | 3.70 | 04/15/22 | 700,000 | 724,405 | |||||||||||||
AutoZone, Inc. | BBB | 4.00 | 11/15/20 | 3,000,000 | 3,055,363 | |||||||||||||
Brinker International, Inc. | BB+ | 3.88 | 05/15/23 | 4,000,000 | 3,950,000 | |||||||||||||
Dollar General Corp. | BBB | 3.25 | 04/15/23 | 4,000,000 | 4,107,342 | |||||||||||||
eBay, Inc. | BBB+ | 2.88 | 08/01/21 | 5,000,000 | 5,040,666 | |||||||||||||
Expedia Group, Inc. | BBB | 5.95 | 08/15/20 | 4,000,000 | 4,143,813 | |||||||||||||
Family Dollar Stores, Inc. | BBB- | 5.00 | 02/01/21 | 4,000,000 | 4,130,000 | |||||||||||||
Gap, Inc. | BB+ | 5.95 | 04/12/21 | 5,000,000 | 5,220,610 | |||||||||||||
Harman International Industries, Inc. | BBB+ | 4.15 | 05/15/25 | 5,000,000 | 5,308,671 | |||||||||||||
Hyatt Hotels Corp. | BBB | 5.38 | 08/15/21 | 200,000 | 210,103 | |||||||||||||
Kohl’s Corp. | BBB | 3.25 | 02/01/23 | 1,804,000 | 1,812,017 | |||||||||||||
Lowe’s Cos., Inc. | BBB+ | 3.12 | 04/15/22 | 2,000,000 | 2,038,450 | |||||||||||||
Marriott International, Inc. | BBB | 3.13 | 02/15/23 | 3,000,000 | 3,039,854 | |||||||||||||
Marriott International, Inc. | BBB | 3.38 | 10/15/20 | 3,000,000 | 3,025,864 | |||||||||||||
Mattel, Inc. | B+ | 3.15 | 03/15/23 | 2,000,000 | 1,900,000 | |||||||||||||
Mattel, Inc. | B+ | 4.35 | 10/01/20 | 1,000,000 | 1,006,250 | |||||||||||||
Newell Brands, Inc. | BBB- | 4.70 | 08/15/20 | 3,000,000 | 3,063,955 | |||||||||||||
NVR, Inc. | BBB+ | 3.95 | 09/15/22 | 4,000,000 | 4,151,833 | |||||||||||||
O’Reilly Automotive, Inc. | BBB | 3.80 | 09/01/22 | 3,250,000 | 3,373,943 | |||||||||||||
Tapestry, Inc. | BBB- | 4.25 | 04/01/25 | 2,500,000 | 2,591,748 | |||||||||||||
Tupperware Brands Corp. | BBB- | 4.75 | 06/01/21 | 4,000,000 | 4,107,184 | |||||||||||||
Whirlpool Corp. | BBB | 3.70 | 05/01/25 | 2,000,000 | 2,057,254 | |||||||||||||
Whirlpool Corp. | BBB | 4.85 | 06/15/21 | 1,000,000 | 1,041,991 | |||||||||||||
Wyndham Destinations, Inc. | BB- | 3.90 | 03/01/23 | 4,000,000 | 4,000,000 | |||||||||||||
|
| |||||||||||||||||
83,092,416 | ||||||||||||||||||
|
| |||||||||||||||||
CONSUMER STAPLES (1.8%) | ||||||||||||||||||
Conagra Brands, Inc. | BBB- | 4.95 | 08/15/20 | 645,000 | 661,282 | |||||||||||||
Edgewell Personal Care Co. | BB | 4.70 | 05/19/21 | 4,000,000 | 4,070,000 |
The accompanying notes are an integral part of these portfolio schedules.
84
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MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
CONSUMER STAPLES (CONTINUED) | ||||||||||||||||||
Flowers Foods, Inc. | BBB | 4.38 | 04/01/22 | $ | 4,000,000 | $ | 4,179,535 | |||||||||||
Ingredion, Inc. | BBB | 4.63 | 11/01/20 | 3,225,000 | 3,312,036 | |||||||||||||
Kroger Co. | BBB | 2.95 | 11/01/21 | 4,800,000 | 4,853,229 | |||||||||||||
Mead Johnson Nutrition Co. | A- | 4.13 | 11/15/25 | 1,950,000 | 2,108,803 | |||||||||||||
Molson Coors Brewing Co. | BBB- | 3.50 | 05/01/22 | 3,000,000 | 3,078,872 | |||||||||||||
Sysco Corp. | BBB+ | 3.75 | 10/01/25 | 3,575,000 | 3,793,990 | |||||||||||||
|
| |||||||||||||||||
26,057,747 | ||||||||||||||||||
|
| |||||||||||||||||
ENERGY (2.7%) | ||||||||||||||||||
Cameron International Corp. | A+ | 4.50 | 06/01/21 | 3,000,000 | 3,070,754 | |||||||||||||
Devon Energy Corp. | BBB | 5.85 | 12/15/25 | 2,500,000 | 2,976,648 | |||||||||||||
Diamond Offshore Drilling, Inc. | B | 3.45 | 11/01/23 | 3,000,000 | 2,520,000 | |||||||||||||
Energen Corp. | BB+ | 4.63 | 09/01/21 | 4,000,000 | 4,040,000 | |||||||||||||
EQT Corp. | BBB- | 4.88 | 11/15/21 | 4,000,000 | 4,181,688 | |||||||||||||
Kinder Morgan Energy Partners LP | BBB | 4.30 | 05/01/24 | 5,000,000 | 5,313,239 | |||||||||||||
Marathon Oil Corp. | BBB | 2.80 | 11/01/22 | 4,000,000 | 4,016,958 | |||||||||||||
Marathon Petroleum Corp. | BBB | 5.13 | 03/01/21 | 3,300,000 | 3,444,895 | |||||||||||||
Murphy Oil Corp. | BBB- | 4.20 | 12/01/22 | 3,525,000 | 3,555,844 | |||||||||||||
Rowan Cos., Inc. | B | 4.88 | 06/01/22 | 4,000,000 | 3,685,000 | |||||||||||||
SESI LLC | B+ | 7.13 | 12/15/21 | 4,500,000 | 3,138,750 | |||||||||||||
|
| |||||||||||||||||
39,943,776 | ||||||||||||||||||
|
| |||||||||||||||||
FINANCIALS (8.7%) | ||||||||||||||||||
Aflac, Inc. | A- | 4.00 | 02/15/22 | 3,000,000 | 3,133,621 | |||||||||||||
Alleghany Corp. | BBB+ | 4.95 | 06/27/22 | 2,000,000 | 2,135,621 | |||||||||||||
Alleghany Corp. | BBB+ | 5.63 | 09/15/20 | 3,000,000 | 3,111,837 | |||||||||||||
American Express Co. | BBB | 3.63 | 12/05/24 | 5,000,000 | 5,247,314 | |||||||||||||
American International Group, Inc. | BBB+ | 3.75 | 07/10/25 | 5,000,000 | 5,231,951 | |||||||||||||
Bank of America Corp. | BBB+ | 3.95 | 04/21/25 | 5,000,000 | 5,239,938 | |||||||||||||
Block Financial LLC | BBB | 5.25 | 10/01/25 | 3,000,000 | 3,214,357 | |||||||||||||
Block Financial LLC | BBB | 5.50 | 11/01/22 | 2,250,000 | 2,400,149 | |||||||||||||
Capital One Financial Corp. | BBB | 4.75 | 07/15/21 | 4,000,000 | 4,180,199 | |||||||||||||
Citigroup, Inc. | BBB | 3.88 | 03/26/25 | 5,000,000 | 5,215,037 | |||||||||||||
Citizens Financial Group, Inc. | BBB | 3.75 | 07/01/24 | 5,000,000 | 5,077,513 | |||||||||||||
Fairfax U.S., Inc.† | BBB- | 4.88 | 08/13/24 | 3,500,000 | 3,703,120 | |||||||||||||
Fifth Third Bancorp | BBB | 4.30 | 01/16/24 | 5,000,000 | 5,337,200 | |||||||||||||
First Tennessee Bank | BBBu | 2.95 | 12/01/19 | 5,000,000 | 5,005,682 | |||||||||||||
Genworth Hldgs., Inc. | B | 7.20 | 02/15/21 | 1,750,000 | 1,715,000 | |||||||||||||
Genworth Hldgs., Inc. | B | 7.63 | 09/24/21 | 1,300,000 | 1,274,000 | |||||||||||||
Hartford Financial Svcs. | BBB+ | 5.50 | 03/30/20 | 1,000,000 | 1,021,783 | |||||||||||||
JPMorgan Chase & Co. | BBB+ | 3.88 | 09/10/24 | 5,000,000 | 5,254,012 | |||||||||||||
Kemper Corp. | BBB- | 4.35 | 02/15/25 | 2,000,000 | 2,091,550 | |||||||||||||
Lincoln National Corp. | A- | 4.00 | 09/01/23 | 4,000,000 | 4,229,922 | |||||||||||||
Lincoln National Corp. | A- | 4.85 | 06/24/21 | 1,000,000 | 1,045,527 | |||||||||||||
Markel Corp. | BBB | 5.35 | 06/01/21 | 1,200,000 | 1,260,077 | |||||||||||||
Marsh & McLennan Cos., Inc. | A- | 4.80 | 07/15/21 | 3,000,000 | 3,118,451 | |||||||||||||
Moody’s Corp. | BBB+ | 4.50 | 09/01/22 | 4,000,000 | 4,229,790 | |||||||||||||
Old Republic International Corp. | BBB+ | 3.88 | 08/26/26 | 5,000,000 | 5,138,775 | |||||||||||||
Pacific LifeCorp.† | A- | 6.00 | 02/10/20 | 710,000 | 723,135 | |||||||||||||
People’s United Bank | BBB+ | 4.00 | 07/15/24 | 2,000,000 | 2,080,328 | |||||||||||||
Prudential Financial, Inc. | A | 4.50 | 11/16/21 | 1,000,000 | 1,050,999 | |||||||||||||
Reinsurance Group of America, Inc. | A | 4.70 | 09/15/23 | 1,000,000 | 1,081,875 | |||||||||||||
Reinsurance Group of America, Inc. | A | 5.00 | 06/01/21 | 3,000,000 | 3,142,774 | |||||||||||||
Signet UK Finance PLC | BB | 4.70 | 06/15/24 | 5,000,000 | 4,150,000 | |||||||||||||
Stifel Financial Corp. | BBB- | 4.25 | 07/18/24 | 1,500,000 | 1,573,535 | |||||||||||||
Synchrony Financial | BBB- | 2.70 | 02/03/20 | 2,250,000 | 2,250,139 | |||||||||||||
Synchrony Financial | BBB- | 3.70 | 08/04/26 | 2,750,000 | 2,728,547 | |||||||||||||
Travelers Cos., Inc. | A | 3.90 | 11/01/20 | 2,500,000 | 2,555,194 |
The accompanying notes are an integral part of these portfolio schedules.
85
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MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
FINANCIALS (CONTINUED) | ||||||||||||||||||
Unum Group | BBB | 4.00 | 03/15/24 | $ | 5,000,000 | $ | 5,212,274 | |||||||||||
Voya Financial, Inc. | BBB+ | 3.65 | 06/15/26 | 5,000,000 | 5,121,368 | |||||||||||||
Wells Fargo & Co. | BBB+ | 3.45 | 02/13/23 | 4,000,000 | 4,109,373 | |||||||||||||
Wells Fargo & Co. | BBB+ | 4.13 | 08/15/23 | 1,000,000 | 1,055,666 | |||||||||||||
WR Berkley Corp. | BBB+ | 4.63 | 03/15/22 | 2,000,000 | 2,114,771 | |||||||||||||
WR Berkley Corp. | BBB+ | 7.38 | 09/15/19 | 2,000,000 | 2,018,479 | |||||||||||||
|
| |||||||||||||||||
129,580,883 | ||||||||||||||||||
|
| |||||||||||||||||
HEALTH CARE (3.4%) | ||||||||||||||||||
Agilent Technologies, Inc. | BBB+ | 5.00 | 07/15/20 | 4,000,000 | 4,097,128 | |||||||||||||
Anthem, Inc. | A | 3.30 | 01/15/23 | 3,539,000 | 3,629,397 | |||||||||||||
Anthem, Inc. | A | 4.35 | 08/15/20 | 2,000,000 | 2,042,676 | |||||||||||||
Biogen, Inc. | A- | 4.05 | 09/15/25 | 2,500,000 | 2,680,144 | |||||||||||||
Bio-Rad Laboratories, Inc. | BBB | 4.88 | 12/15/20 | 4,000,000 | 4,124,423 | |||||||||||||
Express Scripts Hldg. Co. | A- | 3.50 | 06/15/24 | 2,000,000 | 2,058,719 | |||||||||||||
Humana, Inc. | BBB+ | 3.85 | 10/01/24 | 3,000,000 | 3,135,958 | |||||||||||||
Laboratory Corp. of America Hldgs. | BBB | 3.75 | 08/23/22 | 2,000,000 | 2,067,155 | |||||||||||||
Laboratory Corp. of America Hldgs. | BBB | 4.63 | 11/15/20 | 1,000,000 | 1,023,359 | |||||||||||||
Medco Health Solutions, Inc. | A- | 4.13 | 09/15/20 | 3,000,000 | 3,056,360 | |||||||||||||
Owens & Minor, Inc. | B | 3.88 | 09/15/21 | 2,200,000 | 1,886,500 | |||||||||||||
Owens & Minor, Inc. | B | 4.38 | 12/15/24 | 2,800,000 | 2,086,000 | |||||||||||||
PerkinElmer, Inc. | BBB | 5.00 | 11/15/21 | 4,000,000 | 4,181,853 | |||||||||||||
Quest Diagnostics, Inc. | BBB+ | 3.50 | 03/30/25 | 700,000 | 721,908 | |||||||||||||
Quest Diagnostics, Inc. | BBB+ | 4.75 | 01/30/20 | 4,000,000 | 4,047,490 | |||||||||||||
Thermo Fisher Scientific, Inc. | BBB+ | 3.60 | 08/15/21 | 1,000,000 | 1,023,174 | |||||||||||||
Thermo Fisher Scientific, Inc. | BBB+ | 4.50 | 03/01/21 | 3,000,000 | 3,104,736 | |||||||||||||
Zimmer Biomet Hldgs., Inc. | BBB | 3.15 | 04/01/22 | 5,000,000 | 5,084,470 | |||||||||||||
|
| |||||||||||||||||
50,051,450 | ||||||||||||||||||
|
| |||||||||||||||||
INDUSTRIALS (0.9%) | ||||||||||||||||||
Flowserve Corp. | BBB- | 3.50 | 09/15/22 | 4,000,000 | 4,069,040 | |||||||||||||
Hexcel Corp. | BBB | 4.70 | 08/15/25 | 3,900,000 | 4,223,844 | |||||||||||||
Verisk Analytics, Inc. | BBB | 4.00 | 06/15/25 | 5,000,000 | 5,336,278 | |||||||||||||
|
| |||||||||||||||||
13,629,162 | ||||||||||||||||||
|
| |||||||||||||||||
INFORMATION TECHNOLOGY (3.4%) | ||||||||||||||||||
Adobe, Inc. | A | 4.75 | 02/01/20 | 4,000,000 | 4,054,405 | |||||||||||||
Applied Materials, Inc. | A- | 3.90 | 10/01/25 | 5,000,000 | 5,363,545 | |||||||||||||
Arrow Electronics, Inc. | BBB- | 4.00 | 04/01/25 | 1,000,000 | 1,025,306 | |||||||||||||
Arrow Electronics, Inc. | BBB- | 4.50 | 03/01/23 | 1,100,000 | 1,151,751 | |||||||||||||
Avnet, Inc. | BBB- | 4.88 | 12/01/22 | 270,000 | 286,220 | |||||||||||||
Avnet, Inc. | BBB- | 5.88 | 06/15/20 | 1,100,000 | 1,132,845 | |||||||||||||
Fidelity National Information Svcs., Inc. | BBB | 3.88 | 06/05/24 | 5,000,000 | 5,283,253 | |||||||||||||
Fiserv, Inc. | BBB | 4.75 | 06/15/21 | 1,000,000 | 1,044,056 | |||||||||||||
Ingram Micro, Inc. | NR | 5.00 | 08/10/22 | 1,000,000 | 1,009,266 | |||||||||||||
Ingram Micro, Inc. | NR | 5.45 | 12/15/24 | 750,000 | 766,143 | |||||||||||||
Juniper Networks, Inc. | BBB | 4.50 | 03/15/24 | 3,000,000 | 3,204,511 | |||||||||||||
Juniper Networks, Inc. | BBB | 4.60 | 03/15/21 | 2,000,000 | 2,069,453 | |||||||||||||
Keysight Technologies, Inc. | BBB- | 4.55 | 10/30/24 | 5,000,000 | 5,348,469 | |||||||||||||
Lam Research Corp. | BBB+ | 2.75 | 03/15/20 | 5,000,000 | 5,004,264 | |||||||||||||
Motorola Solutions, Inc. | BBB- | 3.75 | 05/15/22 | 4,000,000 | 4,105,277 | |||||||||||||
Motorola Solutions, Inc. | BBB- | 4.00 | 09/01/24 | 1,000,000 | 1,040,812 | |||||||||||||
Symantec Corp. | BB+ | 4.20 | 09/15/20 | 4,000,000 | 4,062,174 | |||||||||||||
Total System Svcs., Inc. | BBB- | 3.75 | 06/01/23 | 4,000,000 | 4,127,207 | |||||||||||||
|
| |||||||||||||||||
50,078,957 | ||||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
86
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MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||
MATERIALS (3.6%) | ||||||||||||||||||
Albemarle Corp. | BBB | 4.50 | 12/15/20 | $ | 2,000,000 | $ | 2,051,596 | |||||||||||
Carpenter Technology Corp. | BBB- | 4.45 | 03/01/23 | 3,600,000 | 3,652,597 | |||||||||||||
Domtar Corp. | BBB- | 4.40 | 04/01/22 | 5,000,000 | 5,200,089 | |||||||||||||
Dow Chemical Co. | BBB | 3.50 | 10/01/24 | 4,800,000 | 4,986,271 | |||||||||||||
Eastman Chemical Co. | BBB | 4.50 | 01/15/21 | 2,500,000 | 2,563,093 | |||||||||||||
Freeport-McMoRan, Inc. | BB | 3.55 | 03/01/22 | 4,000,000 | 4,005,000 | |||||||||||||
Kinross Gold Corp. | BBB- | 5.13 | 09/01/21 | 4,000,000 | 4,120,000 | |||||||||||||
Methanex Corp. | BB+ | 3.25 | 12/15/19 | 3,400,000 | 3,403,539 | |||||||||||||
Methanex Corp. | BB+ | 5.25 | 03/01/22 | 600,000 | 624,893 | |||||||||||||
Newmont Goldcorp Corp. | BBB | 3.50 | 03/15/22 | 4,000,000 | 4,097,227 | |||||||||||||
Packaging Corp. of America | BBB | 3.90 | 06/15/22 | 2,000,000 | 2,075,500 | |||||||||||||
Packaging Corp. of America | BBB | 4.50 | 11/01/23 | 2,000,000 | 2,140,626 | |||||||||||||
Sherwin-Williams Co. | BBB | 3.95 | 01/15/26 | 5,000,000 | 5,242,447 | |||||||||||||
Southern Copper Corp. | BBB+ | 3.50 | 11/08/22 | 4,000,000 | 4,067,826 | |||||||||||||
Teck Resources Ltd. | BBB- | 3.75 | 02/01/23 | 1,000,000 | 1,017,266 | |||||||||||||
Teck Resources Ltd. | BBB- | 4.75 | 01/15/22 | 3,000,000 | 3,107,017 | |||||||||||||
|
| |||||||||||||||||
52,354,987 | ||||||||||||||||||
|
| |||||||||||||||||
REAL ESTATE (2.3%) | ||||||||||||||||||
Boston Properties LP | A- | 3.85 | 02/01/23 | 3,000,000 | 3,129,859 | |||||||||||||
Government Properties Income Trust | BBB- | 3.75 | 08/15/19 | 4,000,000 | 4,001,222 | |||||||||||||
HCP, Inc. | BBB+ | 3.40 | 02/01/25 | 3,750,000 | 3,831,880 | |||||||||||||
Healthcare Realty Trust, Inc. | BBB | 3.75 | 04/15/23 | 4,000,000 | 4,089,137 | |||||||||||||
Hospitality Properties Trust | BBB- | 5.00 | 08/15/22 | 4,550,000 | 4,770,148 | |||||||||||||
Jones Lang LaSalle, Inc. | BBB+ | 4.40 | 11/15/22 | 4,000,000 | 4,157,960 | |||||||||||||
Mack-Cali Realty LP | BB | 4.50 | 04/18/22 | 5,000,000 | 4,925,878 | |||||||||||||
National Retail Properties, Inc. | BBB+ | 3.30 | 04/15/23 | 1,000,000 | 1,021,464 | |||||||||||||
National Retail Properties, Inc. | BBB+ | 3.80 | 10/15/22 | 3,000,000 | 3,111,277 | |||||||||||||
Ventas Realty LP / Ventas Capital Corp. | BBB+ | 3.25 | 08/15/22 | 500,000 | 511,166 | |||||||||||||
Welltower, Inc. | BBB+ | 3.75 | 03/15/23 | 750,000 | 780,842 | |||||||||||||
|
| |||||||||||||||||
34,330,833 | ||||||||||||||||||
|
| |||||||||||||||||
UTILITIES (1.4%) | ||||||||||||||||||
Entergy Corp. | BBB | 5.13 | 09/15/20 | 2,500,000 | 2,559,529 | |||||||||||||
Exelon Corp. | BBB | 5.15 | 12/01/20 | 3,000,000 | 3,093,326 | |||||||||||||
Exelon Generation Co. LLC | BBB+ | 4.25 | 06/15/22 | 1,000,000 | 1,046,733 | |||||||||||||
National Fuel Gas Co. | BBB | 4.90 | 12/01/21 | 3,000,000 | 3,118,061 | |||||||||||||
National Fuel Gas Co. | BBB | 5.20 | 07/15/25 | 2,000,000 | 2,160,684 | |||||||||||||
SCANA Corp. | BBB | 4.13 | 02/01/22 | 4,000,000 | 4,084,947 | |||||||||||||
SCANA Corp. | BBB | 4.75 | 05/15/21 | 1,000,000 | 1,024,653 | |||||||||||||
UIL Hldgs. Corp. | BBB | 4.63 | 10/01/20 | 2,725,000 | 2,790,889 | |||||||||||||
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| |||||||||||||||||
19,878,822 | ||||||||||||||||||
|
| |||||||||||||||||
TOTAL CORPORATE DEBT | 518,244,315 | |||||||||||||||||
|
| |||||||||||||||||
SOVEREIGN DEBT (0.2%) | ||||||||||||||||||
Sri Lanka AID | NR | 6.59 | 09/15/28 | 2,531,278 | 2,947,628 | |||||||||||||
|
| |||||||||||||||||
TOTAL LONG-TERM DEBT SECURITIES |
| 1,463,376,111 | ||||||||||||||||
|
| |||||||||||||||||
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||
COMMERCIAL PAPER (1.0%) | ||||||||||||||||||
Cargill Global Funding PLC† | A-1 | 2.32 | 07/01/19 | $ | 10,100,000 | $ | 10,100,000 | |||||||||||
Wisconsin Gas Co. | A-1 | 2.40 | 07/01/19 | 4,600,000 | 4,600,000 | |||||||||||||
|
| |||||||||||||||||
14,700,000 | ||||||||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 14,700,000 | ||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
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MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2019 (Unaudited)
Rate(%) | Maturity | Face Amount | Value | |||||||||||||||||
TEMPORARY CASH INVESTMENT (0.0%) | ||||||||||||||||||||
Citibank, New York Time Deposit | 1.66 | 07/01/19 | $ | 74,296 | $ | 74,296 | ||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 74,296 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 1,478,150,407 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS-0.3% |
| (4,772,564 | ) | |||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 1,473,377,843 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
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Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2019 (Unaudited)
Abbreviations: | ARM = Adjustable Rate Mortgage | |
FHLB = Federal Home Loan Bank | ||
FHLMC = Federal Home Loan Mortgage Corporation | ||
FNMA = Federal National Mortgage Association | ||
FRESB = Federal Home Loan Mortgage Corporation Multifamily Securitization Small Loan Balance | ||
GNMA = Government National Mortgage Association | ||
NR = Not Rated |
* | Non-income producing security. |
** | Ratings as per Standard & Poor’s Corporation (unaudited). |
† | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019, the aggregate values of these securities and their percentages of the respective Funds’ net assets were as follows: |
Fund | Aggregate Market Value | Percentage of Net Assets | ||||||
EQUITY INDEX FUND | $ | 11,200,000 | 0.4 | % | ||||
SMALL CAP VALUE FUND | $ | 8,900,000 | 1.9 | % | ||||
SMALL CAP GROWTH FUND | $ | 11,600,000 | 2.1 | % | ||||
MID CAP VALUE FUND | $ | 2,600,000 | 2.9 | % | ||||
MID-CAP EQUITY INDEX FUND | $ | 13,581,398 | 0.9 | % | ||||
INTERNATIONAL FUND | $ | 10,000,000 | 1.6 | % | ||||
COMPOSITE FUND | $ | 2,887,934 | 1.6 | % | ||||
MONEY MARKET FUND | $ | 114,805,137 | 55.8 | % | ||||
MID-TERM BOND FUND | $ | 1,792,302 | 0.3 | % | ||||
BOND FUND | $ | 14,526,255 | 1.0 | % |
†† | Level 3 Security. |
(1) | This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Funds as of June 30, 2018, was as follows: |
Fund | Number of Contracts | Contract Type | Purchased (P) or Sold (S) | Expiration Date | Notional Amount | Underlying Face Amount at Value | Unrealized Gain(Loss)(a) | Face Value of Futures as a Percentage of Total Investments | ||||||||||||||||||||||
EQUITY INDEX FUND | 461 | E-mini S&P 500 Stock Index | P | September 2019 | $ | 67,863,810 | $ | 67,863,810 | $ | 981,550 | 2.2 | % | ||||||||||||||||||
ALL AMERICA FUND | 30 | E-mini S&P 500 Stock Index | P | September 2019 | $ | 4,416,300 | $ | 4,416,300 | $ | 11,955 | 1.5 | % | ||||||||||||||||||
MID-CAP EQUITY INDEX FUND | 466 | E-mini S&P MidCap 400 Stock Index | P | September 2019 | $ | 90,870,000 | $ | 90,870,000 | $ | 1,922,792 | 6.0 | % |
(a) | Includes the cumulative appreciation (depreciation) of futures contracts, which is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day’s variation margin payable or receivable. |
(2) | Percentage is less than 0.05%. |
(3) | U.S. Government guaranteed security. |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2019 (Unaudited)
Equity Index Fund | All America Fund | Small Cap Value Fund | Small Cap Growth Fund | Small Cap Equity Index Fund | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments at fair value | ||||||||||||||||||||
(Cost: Equity Index Fund — $1,762,745,658 All America Fund — $211,332,015 Small Cap Value Fund — $441,853,345 Small Cap Growth Fund — $499,061,840 Small Cap Equity Index Fund — $28,388,252 Mid Cap Value Fund — $74,178,867 Mid-Cap Equity Index Fund — $1,247,558,018 International Fund — $577,425,104 Composite Fund — $161,985,122 Retirement Income Fund — $102,914,143 2010 Retirement Fund — $23,844,398 2015 Retirement Fund — $133,146,378 2020 Retirement Fund — $522,182,034 2025 Retirement Fund — $745,112,837) |
| |||||||||||||||||||
(Notes 1 and 3) | $ | 3,081,739,098 | $ | 298,528,674 | $ | 486,570,494 | $ | 569,065,316 | $ | 26,958,835 | ||||||||||
Cash | 98 | 44,818 | 86 | 13,850 | 154 | |||||||||||||||
Interest and dividends receivable | 2,482,673 | 281,503 | 646,049 | 282,356 | 28,365 | |||||||||||||||
Receivable for securities sold | 2,407,764 | 4,774,416 | 4,556,811 | 4,471,786 | 1,288,437 | |||||||||||||||
Receivable for daily variation on future contracts | 313,140 | 8,738 | — | — | — | |||||||||||||||
Shareholder subscriptions receivable | 1,838,667 | — | 86,897 | 23,638 | 53,392 | |||||||||||||||
Other receivables | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL ASSETS | 3,088,781,440 | 303,638,149 | 491,860,337 | 573,856,946 | 28,329,183 | |||||||||||||||
|
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|
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| |||||||||||
LIABILITIES | ||||||||||||||||||||
Payable for securities purchased | 3,891,826 | 3,029,789 | 10,938,935 | 9,883,480 | 1,337,876 | |||||||||||||||
Shareholder redemptions payable | — | 262,824 | — | — | — | |||||||||||||||
Accrued expenses | 42,503 | 16,387 | 43,457 | 51,461 | 349 | |||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
TOTAL LIABILITIES: | 3,934,329 | 3,309,000 | 10,982,392 | 9,934,941 | 1,338,225 | |||||||||||||||
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|
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| |||||||||||
NET ASSETS | $ | 3,084,847,111 | $ | 300,329,149 | $ | 480,877,945 | $ | 563,922,005 | $ | 26,990,958 | ||||||||||
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| |||||||||||
NUMBEROF SHARES OUTSTANDING (Note 4) | 689,692,129 | 124,506,223 | 316,286,459 | 381,884,527 | 28,711,677 | |||||||||||||||
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|
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|
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| |||||||||||
NET ASSET VALUES, offering and redemption price per share | $4.47 | $2.41 | $1.52 | $1.48 | $0.94 | |||||||||||||||
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COMPONENTSOF NET ASSETS | ||||||||||||||||||||
Paid-in capital | $ | 1,619,520,035 | $ | 180,996,790 | $ | 391,169,817 | $ | 433,611,234 | $ | 28,326,382 | ||||||||||
Total Distributable Earnings (Loss) (Notes 1 and 5) | 1,465,327,076 | 119,332,359 | 89,708,128 | 130,310,771 | (1,335,424 | ) | ||||||||||||||
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| |||||||||||
NET ASSETS | $ | 3,084,847,111 | $ | 300,329,149 | $ | 480,877,945 | $ | 563,922,005 | $ | 26,990,958 | ||||||||||
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(a) | The Retirement and Allocation Funds are invested in affiliated investment companies of Mutual of America Investment Corp. |
The accompanying notes are an integral part of these financial statements.
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Mid Cap Value Fund | Mid-Cap Equity Index Fund | International Fund | Composite Fund | Retirement Income Fund | 2010 Retirement Fund | 2015 Retirement Fund | 2020 Retirement Fund | 2025 Retirement Fund | ||||||||||||||||||||||||||||
$ | 92,535,646 | $ | 1,518,998,972 | $ | 614,255,236 | $ | 186,027,497 | $ | 108,984,434 | (a) | $ | 25,422,526 | (a) | $ | 145,296,344 | (a) | $ | 574,744,991 | (a) | $ | 829,574,661 | (a) | ||||||||||||||
448 | 242 | 82 | 19,544 | — | — | — | — | — | ||||||||||||||||||||||||||||
124,776 | 1,445,894 | — | 520,456 | — | — | — | — | — | ||||||||||||||||||||||||||||
— | 10,199,410 | — | 346 | — | — | — | — | — | ||||||||||||||||||||||||||||
— | 978,361 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
— | 535,930 | 399,037 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
— | — | — | — | 11,843 | 8,652 | — | — | — | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
92,660,870 | 1,532,158,809 | 614,654,355 | 186,567,843 | 108,996,277 | 25,431,178 | 145,296,344 | 574,744,991 | 829,574,661 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
881,490 | 3,319,850 | — | 744,040 | — | — | — | — | — | ||||||||||||||||||||||||||||
2,439 | — | — | 52,982 | — | — | — | — | — | ||||||||||||||||||||||||||||
6,875 | 21,842 | 7,681 | 10,374 | 13,533 | 9,399 | 2,017 | 3,547 | 4,585 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
890,804 | 3,341,692 | 7,681 | 807,396 | 13,533 | 9,399 | 2,017 | 3,547 | 4,585 | ||||||||||||||||||||||||||||
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$ | 91,770,066 | $ | 1,528,817,117 | $ | 614,646,674 | $ | 185,760,447 | $ | 108,982,744 | $ | 25,421,779 | $ | 145,294,327 | $ | 574,741,444 | $ | 829,570,076 | |||||||||||||||||||
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| |||||||||||||||||||
58,763,655 | 671,429,419 | 709,261,795 | 99,832,212 | 90,384,594 | 25,252,886 | 135,544,829 | 458,505,789 | 612,370,743 | ||||||||||||||||||||||||||||
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$1.56 | $2.28 | $0.87 | $1.86 | $1.21 | $1.01 | $1.07 | $1.25 | $1.35 | ||||||||||||||||||||||||||||
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$ | 68,156,112 | $ | 1,091,256,724 | $ | 553,377,282 | $ | 146,223,228 | $ | 99,370,192 | $ | 22,620,945 | $ | 121,373,964 | $ | 477,858,082 | $ | 689,585,459 | |||||||||||||||||||
23,613,954 | 437,560,393 | 61,269,392 | 39,537,219 | 9,612,552 | 2,800,834 | 23,920,363 | 96,883,362 | 139,984,617 | ||||||||||||||||||||||||||||
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$ | 91,770,066 | $ | 1,528,817,117 | $ | 614,646,674 | $ | 185,760,447 | $ | 108,982,744 | $ | 25,421,779 | $ | 145,294,327 | $ | 574,741,444 | $ | 829,570,076 | |||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
91
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
June 30, 2019 (Unaudited)
2030 Retirement Fund | 2035 Retirement Fund | 2040 Retirement Fund | 2045 Retirement Fund | 2050 Retirement Fund | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments at fair value | ||||||||||||||||||||
(Cost: 2030 Retirement Fund — $654,716,230 2035 Retirement Fund — $539,824,187 2040 Retirement Fund — $436,631,707 2045 Retirement Fund — $449,341,781 2050 Retirement Fund — $326,393,578 2055 Retirement Fund — $100,679,209 2060 Retirement Fund — $12,566,542 Conservative Allocation Fund — $153,416,770 Moderate Allocation Fund — $349,404,980 Aggressive Allocation Fund — $246,646,244 Money Market Fund — $205,842,952 Mid-Term Bond Fund — $623,005,674 Bond Fund — $1,440,129,412) |
| |||||||||||||||||||
(Notes 1 and 3) | $ | 737,938,567 | (a) | $ | 616,974,709 | (a) | $ | 503,319,094 | (a) | $ | 527,331,143 | (a) | $ | 355,900,979 | (a) | |||||
Cash | — | — | — | — | — | |||||||||||||||
Interest and dividends receivable | — | — | — | — | — | |||||||||||||||
Receivable for securities sold | — | — | — | — | — | |||||||||||||||
Receivable for daily variation on future contracts | — | — | — | — | — | |||||||||||||||
Shareholder subscriptions receivable | — | — | — | — | — | |||||||||||||||
Other receivables | — | — | — | — | — | |||||||||||||||
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TOTAL ASSETS | 737,938,567 | 616,974,709 | 503,319,094 | 527,331,143 | 355,900,979 | |||||||||||||||
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LIABILITIES | ||||||||||||||||||||
Payable for securities purchased | — | — | — | — | — | |||||||||||||||
Shareholder redemptions payable | — | — | — | — | — | |||||||||||||||
Accrued expenses | 3,919 | 2,820 | 2,713 | 2,973 | 1,520 | |||||||||||||||
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TOTAL LIABILITIES | 3,919 | 2,820 | 2,713 | 2,973 | 1,520 | |||||||||||||||
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NET ASSETS | $ | 737,934,648 | $ | 616,971,889 | $ | 503,316,381 | $ | 527,328,170 | $ | 355,899,459 | ||||||||||
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NUMBEROF SHARES OUTSTANDING (Note 4) | 523,524,717 | 431,783,921 | 356,979,466 | 376,042,902 | 210,372,654 | |||||||||||||||
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NET ASSET VALUES, offering and redemption price per share | $1.41 | $1.43 | $1.41 | $1.40 | $1.69 | |||||||||||||||
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COMPONENTSOF NET ASSETS | ||||||||||||||||||||
Paid-in capital | $ | 607,581,790 | $ | 501,596,208 | $ | 408,797,096 | $ | 417,063,017 | $ | 310,070,528 | ||||||||||
Total Distributable Earnings (Loss) (Notes 1 and 5) | 130,352,858 | 115,375,681 | 94,519,285 | 110,265,153 | 45,828,931 | |||||||||||||||
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NET ASSETS | $ | 737,934,648 | $ | 616,971,889 | $ | 503,316,381 | $ | 527,328,170 | $ | 355,899,459 | ||||||||||
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(a) | The Retirement and Allocation Funds are invested in affiliated investment companies of Mutual of America Investment Corp. |
The accompanying notes are an integral part of these financial statements.
92
Table of Contents
2055 Retirement Fund | 2060 Retirement Fund | Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Money Market Fund | Mid-Term Bond Fund | Bond Fund | |||||||||||||||||||||||
$ | 103,415,046 | (a) | $ | 13,133,686 | (a) | $ | 164,826,073 | (a) | $ | 412,269,708 | (a) | $ | 305,887,320 | (a) | $ | 205,842,964 | $ | 633,112,232 | $ | 1,478,150,407 | ||||||||||
— | — | — | — | — | 18,306 | 241 | 103 | |||||||||||||||||||||||
— | — | — | — | — | — | 4,005,492 | 8,990,294 | |||||||||||||||||||||||
— | — | — | — | — | — | — | 1,779 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | 6,190 | 244,655 | 638,672 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
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103,415,046 | 13,133,686 | 164,826,073 | 412,269,708 | 305,887,320 | 205,867,460 | 637,362,620 | 1,487,781,255 | |||||||||||||||||||||||
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|
|
|
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|
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| |||||||||||||||
— | — | — | — | — | — | — | 14,335,112 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
225 | 3 | 258 | 542 | 1,329 | 5,434 | 30,892 | 68,300 | |||||||||||||||||||||||
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|
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|
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| |||||||||||||||
225 | 3 | 258 | 542 | 1,329 | 5,434 | 30,892 | 14,403,412 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 103,414,821 | $ | 13,133,683 | $ | 164,825,815 | $ | 412,269,166 | $ | 305,885,991 | $ | 205,862,026 | $ | 637,331,728 | $ | 1,473,377,843 | |||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||||
81,304,022 | 12,716,138 | 129,652,770 | 265,288,596 | 174,856,675 | 166,654,477 | 595,240,194 | 992,103,782 | |||||||||||||||||||||||
|
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| |||||||||||||||
$1.27 | $1.03 | $1.27 | $1.55 | $1.75 | $1.2353 | $1.07 | $1.49 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 97,357,341 | $ | 12,547,662 | $ | 146,528,613 | $ | 324,096,343 | $ | 223,118,253 | $ | 201,339,723 | $ | 607,435,643 | $ | 1,379,617,515 | |||||||||||||||
6,057,480 | 586,021 | 18,297,202 | 88,172,823 | 82,767,738 | 4,522,303 | 29,896,085 | 93,760,328 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 103,414,821 | $ | 13,133,683 | $ | 164,825,815 | $ | 412,269,166 | $ | 305,885,991 | $ | 205,862,026 | $ | 637,331,728 | $ | 1,473,377,843 | |||||||||||||||
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|
The accompanying notes are an integral part of these financial statements.
93
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
For the Six Months Ended June 30, 2019 (Unaudited)
Equity Index Fund | All America Fund | Small Cap Value Fund | Small Cap Growth Fund | Small Cap Equity Index Fund | ||||||||||||||||
INVESTMENT INCOMEAND EXPENSES | ||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends | $ | 29,373,141 | $ | 2,733,321 | $ | 5,155,734 | $ | 2,462,028 | $ | 181,902 | ||||||||||
Interest | 869,660 | 86,713 | 318,968 | 225,073 | 1,069 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 30,242,801 | 2,820,034 | 5,474,702 | 2,687,101 | 182,971 | |||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||||||
Investment advisory fees (Note 2) | 1,093,076 | 583,761 | 1,759,721 | 2,047,862 | 8,424 | |||||||||||||||
Other operating expenses | ||||||||||||||||||||
Accounting and recordkeeping expenses | 233,990 | 41,445 | 52,167 | 58,305 | 18,882 | |||||||||||||||
Shareholders reports | 10,146 | 14,748 | 6,442 | 7,285 | 10,480 | |||||||||||||||
Custodian expenses | 8,610 | 15,169 | 2,763 | 3,623 | 15,190 | |||||||||||||||
Independent directors’ fees and expenses | 98,750 | 9,887 | 15,895 | 18,499 | 762 | |||||||||||||||
Audit | 50,051 | 12,979 | 10,947 | 13,784 | 971 | |||||||||||||||
Legal and Compliance | 57,083 | 14,803 | 12,484 | 15,720 | 1,107 | |||||||||||||||
Administrative | 149,221 | 14,939 | 24,019 | 27,954 | 1,151 | |||||||||||||||
Licenses | 145,023 | 8,711 | — | — | 1,119 | |||||||||||||||
Other (includingyear-end accrual) | 33,443 | 19,824 | 17,182 | 18,298 | 354 | |||||||||||||||
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|
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|
|
|
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|
|
| |||||||||||
Total operating expenses | 786,317 | 152,505 | 141,899 | 163,468 | 50,016 | |||||||||||||||
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|
|
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|
|
| |||||||||||
Total expenses before reimbursement | 1,879,393 | 736,266 | 1,901,620 | 2,211,330 | 58,440 | |||||||||||||||
Fee waiver and expense reimbursement (Note 2) | — | — | — | — | (42,153 | ) | ||||||||||||||
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|
|
|
|
|
|
| |||||||||||
Net expenses | 1,879,393 | 736,266 | 1,901,620 | 2,211,330 | 16,287 | |||||||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | 28,363,408 | 2,083,768 | 3,573,082 | 475,771 | 166,684 | |||||||||||||||
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| |||||||||||
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investment securities | 20,471,563 | 10,299,140 | 7,884,377 | 13,505,978 | 153,931 | |||||||||||||||
Futures contracts (Note 1) | 9,937,517 | 244,361 | — | — | — | |||||||||||||||
Gain distributions from Mutual of America Investment Corp. Funds | — | — | — | — | — | |||||||||||||||
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| |||||||||||
30,409,080 | 10,543,501 | 7,884,377 | 13,505,978 | 153,931 | ||||||||||||||||
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| |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investment securities | 422,748,732 | 33,987,420 | 39,549,483 | 67,928,779 | 2,041,525 | |||||||||||||||
Futures contracts (Note 1) | 4,143,880 | 111,248 | — | — | — | |||||||||||||||
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|
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|
| |||||||||||
426,892,612 | 34,098,668 | 39,549,483 | 67,928,779 | 2,041,525 | ||||||||||||||||
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|
|
|
|
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| |||||||||||
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND | 457,301,692 | 44,642,169 | 47,433,860 | 81,434,757 | 2,195,456 | |||||||||||||||
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|
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|
|
| |||||||||||
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | $ | 485,665,100 | $ | 46,725,937 | $ | 51,006,942 | $ | 81,910,528 | $ | 2,362,140 | ||||||||||
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|
|
(a) | The Retirement and Allocation Funds are invested in affiliated funds of Mutual of America Investment Corp. and receive dividend income entirely from these affiliated funds. |
(b) | The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Certain operating expenses that can be attributed only to the Retirement and Allocation Funds were charged directly to those Funds, subject to the Adviser’s agreement to reimburse directnon-advisory operating expenses of any such Fund whose average daily net assets for the prior calendar year was less than $50 million. The Retirement and Allocation Funds will also continue to bear theirpro-rata share of thenon-advisory operating expenses borne by each of the underlying Funds in which they invest. |
(c) | Realized gains and losses for the Retirement and Allocation Funds result from the disposition of shares of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
94
Table of Contents
Mid Cap Value Fund | Mid-Cap Equity Index Fund | International Fund | Composite Fund | Retirement Income Fund | 2010 Retirement Fund | 2015 Retirement Fund | 2020 Retirement Fund | 2025 Retirement Fund | ||||||||||||||||||||||||||||
$ | 1,100,983 | $ | 12,138,398 | $ | 11,028,087 | $ | 1,250,923 | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | — | (a) | ||||||||||||||
54,510 | 732,873 | 285,617 | 1,170,154 | — | — | — | — | — | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
1,155,493 | 12,871,271 | 11,313,704 | 2,421,077 | — | — | — | — | — | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
245,536 | 543,008 | 211,784 | 359,859 | 26,166 | (b) | 6,198 | (b) | 35,523 | (b) | 137,136 | (b) | 193,478 | (b) | |||||||||||||||||||||||
23,704 | 125,256 | 56,624 | 40,496 | 19,762 | (b) | 18,960 | (b) | 20,137 | (b) | 24,219 | (b) | 26,483 | (b) | |||||||||||||||||||||||
4,505 | 11,044 | 5,486 | 11,569 | 5,569 | (b) | 5,900 | (b) | 5,897 | (b) | 5,897 | (b) | 5,897 | (b) | |||||||||||||||||||||||
2,028 | 7,859 | 1,711 | 5,827 | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | |||||||||||||||||||||||
3,024 | 49,056 | 19,135 | 6,094 | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | |||||||||||||||||||||||
3,970 | 27,172 | 1,527 | 8,001 | 4,654 | (b) | 1,102 | (b) | 6,317 | (b) | 24,394 | (b) | 34,422 | (b) | |||||||||||||||||||||||
4,529 | 30,990 | 1,742 | 9,125 | 3,388 | (b) | 803 | (b) | 4,601 | (b) | 17,764 | (b) | 25,067 | (b) | |||||||||||||||||||||||
4,570 | 74,129 | 28,916 | 9,209 | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | |||||||||||||||||||||||
— | 72,044 | — | — | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | |||||||||||||||||||||||
6,419 | 31,185 | 13,804 | 5,198 | (3,879 | )(b) | — | (b) | (4,269 | )(b) | (12,606 | )(b) | (18,503 | )(b) | |||||||||||||||||||||||
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| |||||||||||||||||||
52,749 | 428,735 | 128,945 | 95,519 | 29,494 | 26,765 | 32,683 | 59,668 | 73,366 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
298,285 | 971,743 | 340,729 | 455,378 | 55,660 | 32,963 | 68,206 | 196,804 | 266,844 | ||||||||||||||||||||||||||||
— | — | — | — | — | (26,765 | ) | — | — | — | |||||||||||||||||||||||||||
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| |||||||||||||||||||
298,285 | 971,743 | 340,729 | 455,378 | 55,660 | 6,198 | 68,206 | 196,804 | 266,844 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
857,208 | 11,899,528 | 10,972,975 | 1,965,699 | (55,660 | ) | (6,198 | ) | (68,206 | ) | (196,804 | ) | (266,844 | ) | |||||||||||||||||||||||
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| ||||||||||||||||||||||||||||||||||
968,807 | 31,348,093 | — | 1,766,156 | 465,060 | (c) | 178,721 | (c) | 3,070,836 | (c) | 10,287,830 | (c) | 11,446,799 | (c) | |||||||||||||||||||||||
— | 3,642,842 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
968,807 | 34,990,935 | — | 1,766,156 | 465,060 | 178,721 | 3,070,836 | 10,287,830 | 11,446,799 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
11,401,016 | 178,716,028 | 56,637,613 | 15,108,149 | 7,504,140 | 1,874,520 | 10,824,279 | 48,822,654 | 79,810,380 | ||||||||||||||||||||||||||||
— | 3,738,562 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
11,401,016 | 182,454,590 | 56,637,613 | 15,108,149 | 7,504,140 | 1,874,520 | 10,824,279 | 48,822,654 | 79,810,380 | ||||||||||||||||||||||||||||
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| |||||||||||||||||||
| 12,369,823 |
| 217,445,525 | 56,637,613 | 16,874,305 | 7,969,200 | 2,053,241 | 13,895,115 | 59,110,484 | 91,257,179 | ||||||||||||||||||||||||||
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| |||||||||||||||||||
$ | 13,227,031 | $ | 229,345,053 | $ | 67,610,588 | $ | 18,840,004 | $ | 7,913,540 | $ | 2,047,043 | $ | 13,826,909 | $ | 58,913,680 | $ | 90,990,335 | |||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
95
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2019 (Unaudited)
2030 Retirement Fund | 2035 Retirement Fund | 2040 Retirement Fund | 2045 Retirement Fund | 2050 Retirement Fund | ||||||||||||||||
INVESTMENT INCOMEAND EXPENSES | ||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | — | (a) | |||||
Interest | — | — | — | — | — | |||||||||||||||
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|
|
|
|
|
|
| |||||||||||
Total investment income | — | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||||||
Investment advisory fees (Note 2) | 171,240 | (b) | 142,382 | (b) | 116,065 | (b) | 122,752 | (b) | 81,114 | (b) | ||||||||||
Other operating expenses | ||||||||||||||||||||
Accounting and recordkeeping expenses | 25,590 | (b) | 24,431 | (b) | 23,374 | (b) | 23,642 | (b) | 21,970 | (b) | ||||||||||
Shareholders reports | 5,897 | (b) | 5,897 | (b) | 5,890 | (b) | 5,890 | (b) | 5,890 | (b) | ||||||||||
Custodian expenses | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | ||||||||||
Independent directors’ fees and expenses | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | ||||||||||
Audit | 30,467 | (b) | 25,334 | (b) | 20,651 | (b) | 21,841 | (b) | 14,433 | (b) | ||||||||||
Legal and Compliance | 22,187 | (b) | 18,449 | (b) | 15,039 | (b) | 15,904 | (b) | 10,511 | (b) | ||||||||||
Administrative | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | ||||||||||
Licenses | — | (b) | — | (b) | — | (b) | — | (b) | — | (b) | ||||||||||
Other (includingyear-end accrual) | (17,807 | )(b) | (15,188 | )(b) | (12,978 | )(b) | (12,913 | )(b) | (10,141 | )(b) | ||||||||||
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|
|
|
|
|
|
|
|
| |||||||||||
Total operating expenses | 66,334 | 58,923 | 51,976 | 54,364 | 42,663 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total expenses before reimbursement | 237,574 | 201,305 | 168,041 | 177,116 | 123,777 | |||||||||||||||
Fee waiver and expense reimbursement (Note 2) | — | — | — | — | — | |||||||||||||||
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|
|
|
|
|
|
| |||||||||||
Net expenses | 237,574 | 201,305 | 168,041 | 177,116 | 123,777 | |||||||||||||||
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|
|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | (237,574 | ) | (201,305 | ) | (168,041 | ) | (177,116 | ) | (123,777 | ) | ||||||||||
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| |||||||||||
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investment securities | 9,513,026 | (c) | 6,499,640 | (c) | 3,702,767 | (c) | 3,626,368 | (c) | 632,343 | (c) | ||||||||||
Futures contracts (Note 1) | — | — | — | — | — | |||||||||||||||
Gain distributions from Mutual of America Investment Corp. Funds | — | — | — | — | — | |||||||||||||||
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| |||||||||||
9,513,026 | 6,499,640 | 3,702,767 | 3,626,368 | 632,343 | ||||||||||||||||
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|
|
|
|
|
|
| |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investment securities | 78,504,988 | 70,989,290 | 60,290,389 | 64,937,967 | 44,445,313 | |||||||||||||||
Futures contracts (Note 1) | — | — | — | — | — | |||||||||||||||
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| |||||||||||
78,504,988 | 70,989,290 | 60,290,389 | 64,937,967 | 44,445,313 | ||||||||||||||||
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|
|
| |||||||||||
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND | 88,018,014 | 77,488,930 | 63,993,156 | 68,564,335 | 45,077,656 | |||||||||||||||
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| |||||||||||
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | $ | 87,780,440 | $ | 77,287,625 | $ | 63,825,115 | $ | 68,387,219 | $ | 44,953,879 | ||||||||||
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|
|
(a) | The Retirement and Allocation Funds are invested in affiliated funds of Mutual of America Investment Corp. and receive dividend income entirely from these affiliated funds. |
(b) | The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Certain operating expenses that can be attributed only to the Retirement and Allocation Funds were charged directly to those Funds, subject to the Adviser’s agreement to reimburse directnon-advisory operating expenses of any such Fund whose average daily net assets for the prior calendar year was less than $50 million. The Retirement and Allocation Funds will also continue to bear theirpro-rata share of thenon-advisory operating expenses borne by each of the underlying Funds in which they invest. |
(c) | Realized gains and losses for the Retirement and Allocation Funds result from the disposition of shares of the underlying funds. |
The accompanying notes are an integral part of these financial statements.
96
Table of Contents
2055 Retirement Fund | 2060 Retirement Fund | Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Money Market Fund | Mid-Term Bond Fund | Bond Fund | |||||||||||||||||||||||||
$ | — | (a) | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | — | (a) | $ | — | $ | — | $ | — | ||||||||||||
— | — | — | — | — | 2,508,530 | 8,497,360 | 22,627,908 | |||||||||||||||||||||||||
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| |||||||||||||||||
— | — | — | — | — | 2,508,530 | 8,497,360 | 22,627,908 | |||||||||||||||||||||||||
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21,872 | (b) | 2,070 | (b) | — | (b) | — | (b) | — | (b) | 152,791 | 1,199,249 | 2,696,916 | ||||||||||||||||||||
19,590 | (b) | 18,794 | (b) | 20,284 | (b) | 22,671 | (b) | 21,647 | (b) | 34,378 | 66,880 | 136,160 | ||||||||||||||||||||
5,890 | (b) | 5,409 | (b) | 5,569 | (b) | 5,569 | (b) | 5,569 | (b) | 6,007 | 9,357 | 14,185 | ||||||||||||||||||||
— | (b) | — | (b) | — | (b) | — | (b) | — | (b) | 1,849 | 2,115 | 7,256 | ||||||||||||||||||||
— | (b) | — | (b) | — | (b) | — | (b) | — | (b) | 6,898 | 20,312 | 46,849 | ||||||||||||||||||||
3,895 | (b) | 369 | (b) | 6,966 | (b) | 17,538 | (b) | 13,002 | (b) | 7,927 | 7,642 | 17,144 | ||||||||||||||||||||
2,836 | (b) | 269 | (b) | 5,072 | (b) | 12,771 | (b) | 9,468 | (b) | 9,042 | 8,716 | 19,553 | ||||||||||||||||||||
— | (b) | — | (b) | — | (b) | — | (b) | — | (b) | 10,425 | 30,693 | 70,794 | ||||||||||||||||||||
— | (b) | — | (b) | — | (b) | — | (b) | — | (b) | — | — | — | ||||||||||||||||||||
(13,640 | )(b) | — | (b) | (4,762 | )(b) | (8,926 | )(b) | (6,693 | )(b) | (18,605 | ) | 4,199 | 14,454 | |||||||||||||||||||
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18,571 | 24,841 | 33,129 | 49,623 | 42,993 | 57,921 | 149,914 | 326,395 | |||||||||||||||||||||||||
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40,443 | 26,911 | 33,129 | 49,623 | 42,993 | 210,712 | 1,349,163 | 3,023,311 | |||||||||||||||||||||||||
— | (24,841 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
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40,443 | 2,070 | 33,129 | 49,623 | 42,993 | 210,712 | 1,349,163 | 3,023,311 | |||||||||||||||||||||||||
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(40,443 | ) | (2,070 | ) | (33,129 | ) | (49,623 | ) | (42,993 | ) | 2,297,818 | 7,148,197 | 19,604,597 | ||||||||||||||||||||
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14,310 | (c) | (13,264 | )(c) | 545,751 | (c) | 2,489,428 | (c) | 2,251,182 | (c) | 3,259 | (118,794 | ) | (212,184 | ) | ||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
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14,310 | (13,264 | ) | 545,751 | 2,489,428 | 2,251,182 | 3,259 | (118,794 | ) | (212,184 | ) | ||||||||||||||||||||||
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11,613,234 | 920,090 | 13,208,651 | 42,534,347 | 36,450,664 | (38 | ) | 19,916,738 | 56,964,689 | ||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
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11,613,234 | 920,090 | 13,208,651 | 42,534,347 | 36,450,664 | (38 | ) | 19,916,738 | 56,964,689 | ||||||||||||||||||||||||
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| 11,627,544 |
| 906,826 | 13,754,402 | 45,023,775 | 38,701,846 | 3,221 | 19,797,944 | 56,752,505 | |||||||||||||||||||||||
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$ | 11,587,101 | $ | 904,756 | $ | 13,721,273 | $ | 44,974,152 | $ | 38,658,853 | $ | 2,301,039 | $ | 26,946,141 | $ | 76,357,102 | |||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
97
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS
Equity Index Fund | All America Fund | |||||||||||||||
For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | |||||||||||||
INCREASE (DECREASE)IN NET ASSETS | ||||||||||||||||
FROM OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | 28,363,408 | $ | 51,303,517 | $ | 2,083,768 | $ | 3,945,417 | ||||||||
Net realized gain (loss) on investments and futures contracts | 30,409,080 | 59,872,774 | 10,543,501 | 20,360,192 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments and futures contracts | 426,892,612 | (238,372,855 | ) | 34,098,668 | (47,910,269 | ) | ||||||||||
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NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | 485,665,100 | (127,196,564 | ) | 46,725,937 | (23,604,660 | ) | ||||||||||
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DISTRIBUTIONS (Notes 1 and 5) | ||||||||||||||||
From Distributable Earnings | — | (107,012,813 | ) | — | (20,436,408 | ) | ||||||||||
Return of Capital | — | — | — | — | ||||||||||||
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Total distributions | — | (107,012,813 | ) | — | (20,436,408 | ) | ||||||||||
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CAPITAL TRANSACTIONS (Note 4) | ||||||||||||||||
Proceeds from sale of shares | 105,163,866 | 251,921,033 | 2,313,159 | 5,132,192 | ||||||||||||
Dividends reinvested | — | 107,012,813 | — | 20,436,408 | ||||||||||||
Cost of shares redeemed | (134,591,367 | ) | (207,699,908 | ) | (16,784,054 | ) | (38,189,780 | ) | ||||||||
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NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | (29,427,501 | ) | 151,233,938 | (14,470,895 | ) | (12,621,180 | ) | |||||||||
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| |||||||||
INCREASE (DECREASE)IN NET ASSETS | 456,237,599 | (82,975,439 | ) | 32,255,042 | (56,662,248 | ) | ||||||||||
NET ASSETS, BEGINNINGOF PERIOD | 2,628,609,512 | 2,711,584,951 | 268,074,107 | 324,736,355 | ||||||||||||
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NET ASSETS, ENDOF PERIOD | $ | 3,084,847,111 | $ | 2,628,609,512 | $ | 300,329,149 | $ | 268,074,107 | ||||||||
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OTHER INFORMATION: | ||||||||||||||||
Shares outstanding at the beginning of period | 696,239,527 | 660,764,208 | 130,791,956 | 136,259,701 | ||||||||||||
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Shares sold | 24,697,169 | 60,734,671 | 999,536 | 2,200,603 | ||||||||||||
Shares issued as reinvestment of dividends | — | 24,643,816 | — | 8,455,221 | ||||||||||||
Shares redeemed | (31,244,567 | ) | (49,903,168 | ) | (7,285,269 | ) | (16,123,569 | ) | ||||||||
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Net increase (decrease) | (6,547,398 | ) | 35,475,319 | (6,285,733 | ) | (5,467,745 | ) | |||||||||
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Shares outstanding at the end of period | 689,692,129 | 696,239,527 | 124,506,223 | 130,791,956 | ||||||||||||
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† | For the period July 2, 2018 (Commencement of Operations) to December 31, 2018. |
The accompanying notes are an integral part of these financial statements.
98
Table of Contents
Small Cap Value Fund | Small Cap Growth Fund | Small Cap Equity Index Fund | Mid Cap Value Fund | Mid-Cap Equity Index Fund | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018† | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||||
$ | 3,573,082 | $ | 5,417,677 | $ | 475,771 | $ | 721,560 | $ | 166,684 | $ | 112,825 | $ | 857,208 | $ | 1,471,704 | $ | 11,899,528 | $ | 22,142,526 | |||||||||||||||||||||
7,884,377 | 26,004,396 | 13,505,978 | 46,288,828 | 153,931 | (203,024 | ) | 968,807 | 1,922,983 | 34,990,935 | 101,405,685 | ||||||||||||||||||||||||||||||
39,549,483 | (103,915,943 | ) | 67,928,779 | (115,920,143 | ) | 2,041,525 | (3,470,942 | ) | 11,401,016 | (16,574,717 | ) | 182,454,590 | (284,333,341 | ) | ||||||||||||||||||||||||||
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51,006,942 | (72,493,870 | ) | 81,910,528 | (68,909,755 | ) | 2,362,140 | (3,561,141 | ) | 13,227,031 | (13,180,030 | ) | 229,345,053 | (160,785,130 | ) | ||||||||||||||||||||||||||
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— | (43,728,999 | ) | — | (39,717,181 | ) | — | (136,423 | ) | — | (8,924,532 | ) | — | (109,431,002 | ) | ||||||||||||||||||||||||||
— | — | — | — | — | (965 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
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— | (43,728,999 | ) | — | (39,717,181 | ) | — | (137,388 | ) | — | (8,924,532 | ) | — | (109,431,002 | ) | ||||||||||||||||||||||||||
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15,004,794 | 38,386,795 | 17,514,651 | 43,996,025 | 8,835,544 | 21,675,638 | 1,942,481 | 5,341,000 | 53,450,474 | 119,784,786 | |||||||||||||||||||||||||||||||
— | 43,728,999 | — | 39,717,181 | — | 137,388 | — | 8,924,532 | — | 109,431,002 | |||||||||||||||||||||||||||||||
(13,135,876 | ) | (43,612,589 | ) | (18,835,511 | ) | (46,655,929 | ) | (1,414,828 | ) | (906,395 | ) | (3,441,223 | ) | (15,513,349 | ) | (35,346,001 | ) | (129,665,172 | ) | |||||||||||||||||||||
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1,868,918 | 38,503,205 | (1,320,860 | ) | 37,057,277 | 7,420,716 | 20,906,631 | (1,498,742 | ) | (1,247,817 | ) | 18,104,473 | 99,550,616 | ||||||||||||||||||||||||||||
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52,875,860 | (77,719,664 | ) | 80,589,668 | (71,569,659 | ) | 9,782,856 | 17,208,102 | 11,728,289 | (23,352,379 | ) | 247,449,526 | (170,665,516 | ) | |||||||||||||||||||||||||||
428,002,085 | 505,721,749 | 483,332,337 | 554,901,996 | 17,208,102 | — | 80,041,777 | 103,394,156 | 1,281,367,591 | 1,452,033,107 | |||||||||||||||||||||||||||||||
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$ | 480,877,945 | $ | 428,002,085 | $ | 563,922,005 | $ | 483,332,337 | $ | 26,990,958 | $ | 17,208,102 | $ | 91,770,066 | $ | 80,041,777 | $ | 1,528,817,117 | $ | 1,281,367,591 | |||||||||||||||||||||
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315,131,497 | 291,434,007 | 382,867,811 | 359,318,522 | 20,786,591 | — | 59,766,695 | 60,396,632 | 663,474,534 | 619,888,133 | |||||||||||||||||||||||||||||||
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9,963,840 | 23,639,432 | 12,135,523 | 29,169,976 | 9,444,717 | 21,543,303 | 1,285,205 | 3,234,055 | 13,867,514 | 52,594,103 | |||||||||||||||||||||||||||||||
— | 26,270,022 | — | 24,913,550 | — | 167,927 | — | 5,513,245 | — | 46,453,117 | |||||||||||||||||||||||||||||||
(8,808,878 | ) | (26,211,964 | ) | (13,118,807 | ) | (30,534,237 | ) | (1,519,631 | ) | (924,639 | ) | (2,288,245 | ) | (9,377,237 | ) | (5,912,629 | ) | (55,460,819 | ) | |||||||||||||||||||||
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1,154,962 | 23,697,490 | (983,284 | ) | 23,549,289 | 7,925,086 | 20,786,591 | (1,003,040 | ) | (629,937 | ) | 7,954,885 | 43,586,401 | ||||||||||||||||||||||||||||
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316,286,459 | 315,131,497 | 381,884,527 | 382,867,811 | 28,711,677 | 20,786,591 | 58,763,655 | 59,766,695 | 671,429,419 | 663,474,534 | |||||||||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
99
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
International Fund | Composite Fund | |||||||||||||||
For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | |||||||||||||
INCREASE (DECREASE)IN NET ASSETS | ||||||||||||||||
FROM OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | 10,972,975 | $ | 14,819,838 | $ | 1,965,699 | $ | 4,050,526 | ||||||||
Net realized gain (loss) on investments and futures contracts | — | — | 1,766,156 | 8,205,586 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments and futures contracts | 56,637,613 | (90,151,424 | ) | 15,108,149 | (17,734,526 | ) | ||||||||||
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NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | 67,610,588 | (75,331,586 | ) | 18,840,004 | (5,478,414 | ) | ||||||||||
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DISTRIBUTIONS (Notes 1 and 5) | ||||||||||||||||
From Distributable Earnings | — | (12,148,302 | ) | — | (18,147,487 | ) | ||||||||||
Return of Capital | — | — | — | — | ||||||||||||
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Total distributions | — | (12,148,302 | ) | — | (18,147,487 | ) | ||||||||||
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CAPITAL TRANSACTIONS (Note 4) | ||||||||||||||||
Proceeds from sale of shares | 48,384,164 | 88,808,391 | 2,753,902 | 8,858,290 | ||||||||||||
Dividends reinvested | — | 12,148,302 | — | 18,147,487 | ||||||||||||
Cost of shares redeemed | (9,865,511 | ) | (42,429,454 | ) | (7,956,172 | ) | (21,628,078 | ) | ||||||||
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NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | 38,518,653 | 58,527,239 | (5,202,270 | ) | 5,377,699 | |||||||||||
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| |||||||||
INCREASE (DECREASE)IN NET ASSETS | 106,129,241 | (28,952,649 | ) | 13,637,734 | (18,248,202 | ) | ||||||||||
NET ASSETS, BEGINNINGOF PERIOD | 508,517,433 | 537,470,082 | 172,122,713 | 190,370,915 | ||||||||||||
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NET ASSETS, ENDOF PERIOD | $ | 614,646,674 | $ | 508,517,433 | $ | 185,760,447 | $ | 172,122,713 | ||||||||
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OTHER INFORMATION: | ||||||||||||||||
Shares outstanding at the beginning of period | 663,808,196 | 594,344,780 | 102,773,411 | 99,760,702 | ||||||||||||
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Shares sold | 57,493,497 | 103,838,007 | 1,521,473 | 4,789,234 | ||||||||||||
Shares issued as reinvestment of dividends | — | 13,966,487 | — | 9,946,383 | ||||||||||||
Shares redeemed | (12,039,898 | ) | (48,341,078 | ) | (4,462,672 | ) | (11,722,908 | ) | ||||||||
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Net increase (decrease) | 45,453,599 | 69,463,416 | (2,941,199 | ) | 3,012,709 | |||||||||||
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Shares outstanding at the end of period | 709,261,795 | 663,808,196 | 99,832,212 | 102,773,411 | ||||||||||||
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The accompanying notes are an integral part of these financial statements.
100
Table of Contents
Retirement Income Fund | 2010 Retirement Fund | 2015 Retirement Fund | 2020 Retirement Fund | |||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||
$ | (55,660 | ) | $ | 1,838,898 | $ | (6,198 | ) | $ | 456,889 | $ | (68,206 | ) | $ | 2,738,955 | $ | (196,804 | ) | $ | 10,067,194 | |||||||||||||||
465,060 | 1,563,100 | 178,721 | 704,848 | 3,070,836 | 6,339,331 | 10,287,830 | 24,505,516 | |||||||||||||||||||||||||||
7,504,140 | (4,604,759 | ) | 1,874,520 | (1,604,780 | ) | 10,824,279 | (13,342,292 | ) | 48,822,654 | (55,831,920 | ) | |||||||||||||||||||||||
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7,913,540 | (1,202,761 | ) | 2,047,043 | (443,043 | ) | 13,826,909 | (4,264,006 | ) | 58,913,680 | (21,259,210 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||
— | (3,090,568 | ) | — | (1,546,101 | ) | — | (8,984,709 | ) | — | (23,776,592 | ) | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
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| |||||||||||||||||||
— | (3,090,568 | ) | — | (1,546,101 | ) | — | (8,984,709 | ) | — | (23,776,592 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||
7,872,618 | 23,573,287 | 2,157,420 | 3,296,291 | 3,017,138 | 13,089,181 | 22,650,036 | 60,347,677 | |||||||||||||||||||||||||||
— | 3,090,568 | — | 1,546,101 | — | 8,984,709 | — | 23,776,592 | |||||||||||||||||||||||||||
(8,233,275 | ) | (21,759,327 | ) | (2,775,761 | ) | (4,410,138 | ) | (10,006,736 | ) | (25,354,072 | ) | (22,010,422 | ) | (48,752,890 | ) | |||||||||||||||||||
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| |||||||||||||||||||
(360,657 | ) | 4,904,528 | (618,341 | ) | 432,254 | (6,989,598 | ) | (3,280,182 | ) | 639,614 | 35,371,379 | |||||||||||||||||||||||
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| |||||||||||||||||||
7,552,883 | 611,199 | 1,428,702 | (1,556,890 | ) | 6,837,311 | (16,528,897 | ) | 59,553,294 | (9,664,423 | ) | ||||||||||||||||||||||||
101,429,861 | 100,818,662 | 23,993,077 | 25,549,967 | 138,457,016 | 154,985,913 | 515,188,150 | 524,852,573 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
$ | 108,982,744 | $ | 101,429,861 | $ | 25,421,779 | $ | 23,993,077 | $ | 145,294,327 | $ | 138,457,016 | $ | 574,741,444 | $ | 515,188,150 | |||||||||||||||||||
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| |||||||||||||||||||
90,717,399 | 86,397,770 | 25,901,047 | 25,359,862 | 142,345,025 | 145,270,066 | 458,042,143 | 428,449,681 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
6,696,069 | 20,479,659 | 2,212,680 | 3,369,969 | 2,920,290 | 12,616,643 | 18,725,450 | 50,253,586 | |||||||||||||||||||||||||||
— | 2,673,992 | — | 1,597,232 | — | 8,673,847 | — | 19,519,809 | |||||||||||||||||||||||||||
(7,028,874 | ) | (18,834,022 | ) | (2,860,841 | ) | (4,426,016 | ) | (9,720,486 | ) | (24,215,531 | ) | (18,261,804 | ) | (40,180,933 | ) | |||||||||||||||||||
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| |||||||||||||||||||
(332,805 | ) | 4,319,629 | (648,161 | ) | 541,185 | (6,800,196 | ) | (2,925,041 | ) | 463,646 | 29,592,462 | |||||||||||||||||||||||
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90,384,594 | 90,717,399 | 25,252,886 | 25,901,047 | 135,544,829 | 142,345,025 | 458,505,789 | 458,042,143 | |||||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
101
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
2025 Retirement Fund | 2030 Retirement Fund | |||||||||||||||
For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | |||||||||||||
INCREASE (DECREASE)IN NET ASSETS | ||||||||||||||||
FROM OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | (266,844 | ) | $ | 12,981,081 | $ | (237,574 | ) | $ | 10,746,246 | ||||||
Net realized gain (loss) on investments and futures contracts | 11,446,799 | 31,656,921 | 9,513,026 | 27,340,841 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments and futures contracts | 79,810,380 | (83,808,474 | ) | 78,504,988 | (80,777,544 | ) | ||||||||||
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NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | 90,990,335 | (39,170,472 | ) | 87,780,440 | (42,690,457 | ) | ||||||||||
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DISTRIBUTIONS (Notes 1 and 5) | ||||||||||||||||
From Distributable Earnings | — | (34,713,526 | ) | — | (28,749,432 | ) | ||||||||||
Return of Capital | — | — | — | — | ||||||||||||
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| |||||||||
Total distributions | — | (34,713,526 | ) | — | (28,749,432 | ) | ||||||||||
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| |||||||||
CAPITAL TRANSACTIONS (Note 4) | ||||||||||||||||
Proceeds from sale of shares | 44,089,203 | 100,541,513 | 42,960,065 | 110,358,460 | ||||||||||||
Dividends reinvested | — | 34,713,526 | — | 28,749,432 | ||||||||||||
Cost of shares redeemed | (15,348,379 | ) | (37,264,538 | ) | (9,915,910 | ) | (28,265,110 | ) | ||||||||
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| |||||||||
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | 28,740,824 | 97,990,501 | 33,044,155 | 110,842,782 | ||||||||||||
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| |||||||||
INCREASE (DECREASE)IN NET ASSETS | 119,731,159 | 24,106,503 | 120,824,595 | 39,402,893 | ||||||||||||
NET ASSETS, BEGINNINGOF PERIOD | 709,838,917 | 685,732,414 | 617,110,053 | 577,707,160 | ||||||||||||
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NET ASSETS, ENDOF PERIOD | $ | 829,570,076 | $ | 709,838,917 | $ | 737,934,648 | $ | 617,110,053 | ||||||||
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| |||||||||
OTHER INFORMATION: | ||||||||||||||||
Shares outstanding at the beginning of period | 590,617,736 | 515,854,916 | 499,279,402 | 417,986,579 | ||||||||||||
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| |||||||||
Shares sold | 33,628,338 | 77,021,501 | 31,682,518 | 81,176,275 | ||||||||||||
Shares issued as reinvestment of dividends | — | 26,138,522 | — | 20,616,212 | ||||||||||||
Shares redeemed | (11,875,331 | ) | (28,397,203 | ) | (7,437,203 | ) | (20,499,664 | ) | ||||||||
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| |||||||||
Net increase (decrease) | 21,753,007 | 74,762,820 | 24,245,315 | 81,292,823 | ||||||||||||
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| |||||||||
Shares outstanding at the end of period | 612,370,743 | 590,617,736 | 523,524,717 | 499,279,402 | ||||||||||||
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The accompanying notes are an integral part of these financial statements.
102
Table of Contents
2035 Retirement Fund | 2040 Retirement Fund | 2045 Retirement Fund | 2050 Retirement Fund | |||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | |||||||||||||||||||||||
$ | (201,305 | ) | $ | 8,438,526 | $ | (168,041 | ) | $ | 6,701,699 | $ | (177,116 | ) | $ | 7,053,386 | $ | (123,777 | ) | $ | 4,386,343 | |||||||||||
6,499,640 | 23,640,354 | 3,702,767 | 17,758,905 | 3,626,368 | 21,929,981 | 632,343 | 11,480,339 | |||||||||||||||||||||||
70,989,290 | (72,350,523 | ) | 60,290,389 | (59,858,047 | ) | 64,937,967 | (68,276,695 | ) | 44,445,313 | (43,320,775 | ) | |||||||||||||||||||
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77,287,625 | (40,271,643 | ) | 63,825,115 | (35,397,443 | ) | 68,387,219 | (39,293,328 | ) | 44,953,879 | (27,454,093 | ) | |||||||||||||||||||
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| |||||||||||||||
— | (23,387,137 | ) | — | (18,569,497 | ) | — | (22,005,608 | ) | — | (10,077,205 | ) | |||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
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— | (23,387,137 | ) | — | (18,569,497 | ) | — | (22,005,608 | ) | — | (10,077,205 | ) | |||||||||||||||||||
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| |||||||||||||||
35,958,086 | 87,912,910 | 31,949,346 | 67,075,551 | 25,551,749 | 59,427,642 | 28,863,992 | 63,234,612 | |||||||||||||||||||||||
— | 23,387,137 | — | 18,569,497 | — | 22,005,608 | — | 10,077,205 | |||||||||||||||||||||||
(5,719,932 | ) | (22,366,520 | ) | (5,116,731 | ) | (11,806,980 | ) | (4,722,784 | ) | (19,372,704 | ) | (3,207,785 | ) | (6,989,371 | ) | |||||||||||||||
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| |||||||||||||||
30,238,154 | 88,933,527 | 26,832,615 | 73,838,068 | 20,828,965 | 62,060,546 | 25,656,207 | 66,322,446 | |||||||||||||||||||||||
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| |||||||||||||||
107,525,779 | 25,274,747 | 90,657,730 | 19,871,128 | 89,216,184 | 761,610 | 70,610,086 | 28,791,148 | |||||||||||||||||||||||
509,446,110 | 484,171,363 | 412,658,651 | 392,787,523 | 438,111,986 | 437,350,376 | 285,289,373 | 256,498,225 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 616,971,889 | $ | 509,446,110 | $ | 503,316,381 | $ | 412,658,651 | $ | 527,328,170 | $ | 438,111,986 | $ | 355,899,459 | $ | 285,289,373 | |||||||||||||||
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| |||||||||||||||
410,004,672 | 345,541,845 | 337,385,671 | 283,386,019 | 360,758,050 | 315,271,648 | 194,840,021 | 154,619,686 | |||||||||||||||||||||||
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26,046,276 | 64,050,159 | 23,516,314 | 49,388,270 | 18,907,304 | 43,877,177 | 17,687,175 | 38,536,206 | |||||||||||||||||||||||
— | 16,432,749 | — | 13,163,191 | — | 15,632,425 | — | 5,910,720 | |||||||||||||||||||||||
(4,267,027 | ) | (16,020,081 | ) | (3,922,519 | ) | (8,551,809 | ) | (3,622,452 | ) | (14,023,200 | ) | (2,154,542 | ) | (4,226,591 | ) | |||||||||||||||
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| |||||||||||||||
21,779,249 | 64,462,827 | 19,593,795 | 53,999,652 | 15,284,852 | 45,486,402 | 15,532,633 | 40,220,335 | |||||||||||||||||||||||
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| |||||||||||||||
431,783,921 | 410,004,672 | 356,979,466 | 337,385,671 | 376,042,902 | 360,758,050 | 210,372,654 | 194,840,021 | |||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
103
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
2055 Retirement Fund | 2060 Retirement Fund | Conservative Allocation Fund | ||||||||||||||||||||||
For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018† | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | |||||||||||||||||||
INCREASE (DECREASE)IN NET ASSETS | ||||||||||||||||||||||||
FROM OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) | $ | (40,443 | ) | $ | 936,956 | $ | (2,070 | ) | $ | 10,900 | $ | (33,129 | ) | $ | 3,268,135 | |||||||||
Net realized gain (loss) on investments and futures contracts | 14,310 | 2,411,969 | (13,264 | ) | 23,311 | 545,751 | 3,549,023 | |||||||||||||||||
Change in net unrealized appreciation (depreciation) of investments and futures contracts | 11,613,234 | (10,460,646 | ) | 920,090 | (352,946 | ) | 13,208,651 | (9,969,340 | ) | |||||||||||||||
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| |||||||||||||
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | 11,587,101 | (7,111,721 | ) | 904,756 | (318,735 | ) | 13,721,273 | (3,152,182 | ) | |||||||||||||||
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| |||||||||||||
DISTRIBUTIONS (Notes 1 and 5) | ||||||||||||||||||||||||
From Distributable Earnings | — | (908,891 | ) | — | — | — | (9,978,359 | ) | ||||||||||||||||
Return of Capital | — | — | — | — | — | — | ||||||||||||||||||
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| |||||||||||||
Total distributions | — | (908,891 | ) | — | — | — | (9,978,359 | ) | ||||||||||||||||
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| |||||||||||||
CAPITAL TRANSACTIONS (Note 4) | ||||||||||||||||||||||||
Proceeds from sale of shares | 21,965,114 | 44,845,628 | 8,243,061 | 4,526,850 | 10,055,094 | 15,703,357 | ||||||||||||||||||
Dividends reinvested | — | 908,891 | — | — | — | 9,978,359 | ||||||||||||||||||
Cost of shares redeemed | (433,473 | ) | (1,747,286 | ) | (59,519 | ) | (162,730 | ) | (8,890,922 | ) | (19,128,685 | ) | ||||||||||||
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| |||||||||||||
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | 21,531,641 | 44,007,233 | 8,183,542 | 4,364,120 | 1,164,172 | 6,553,031 | ||||||||||||||||||
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| |||||||||||||
INCREASE (DECREASE)IN NET ASSETS | 33,118,742 | 35,986,621 | 9,088,298 | 4,045,385 | 14,885,445 | (6,577,510 | ) | |||||||||||||||||
NET ASSETS, BEGINNINGOF PERIOD | 70,296,079 | 34,309,458 | 4,045,385 | — | 149,940,370 | 156,517,880 | ||||||||||||||||||
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NET ASSETS, ENDOF PERIOD | $ | 103,414,821 | $ | 70,296,079 | $ | 13,133,683 | $ | 4,045,385 | $ | 164,825,815 | $ | 149,940,370 | ||||||||||||
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OTHER INFORMATION: | ||||||||||||||||||||||||
Shares outstanding at the beginning of period | 63,777,224 | 27,964,164 | 4,522,127 | — | 128,699,580 | 123,302,016 | ||||||||||||||||||
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| |||||||||||||
Shares sold | 17,894,506 | 36,533,527 | 8,254,568 | 4,678,627 | 8,272,413 | 12,641,849 | ||||||||||||||||||
Shares issued as reinvestment of dividends | — | 707,938 | — | — | — | 8,205,267 | ||||||||||||||||||
Shares redeemed | (367,708 | ) | (1,428,405 | ) | (60,557 | ) | (156,500 | ) | (7,319,223 | ) | (15,449,552 | ) | ||||||||||||
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| |||||||||||||
Net Increase (decrease) | 17,526,798 | 35,813,060 | 8,194,011 | 4,522,127 | 953,190 | 5,397,564 | ||||||||||||||||||
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| |||||||||||||
Shares outstanding at the end of period | 81,304,022 | 63,777,224 | 12,716,138 | 4,522,127 | 129,652,770 | 128,699,580 | ||||||||||||||||||
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† | For the period July 2, 2018 (Commencement of Operations) to December 31, 2018. |
The accompanying notes are an integral part of these financial statements.
104
Table of Contents
Moderate Allocation Fund | Aggressive Allocation Fund | Money Market Fund | Mid-Term Bond Fund | Bond Fund | ||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | For the Six Months Ended June 30, 2019 (Unaudited) | For the Year Ended December 31, 2018 | |||||||||||||||||||||||||||||
$ | (49,623 | ) | $ | 7,704,119 | $ | (42,993 | ) | $ | 5,201,667 | $ | 2,297,818 | $ | 2,221,203 | $ | 7,148,197 | $ | 13,773,991 | $ | 19,604,597 | $ | 37,592,921 | |||||||||||||||||
| 2,489,428 |
| 17,441,312 | 2,251,182 | 18,608,014 | 3,259 | 1,034 | (118,794 | ) | (1,152,125 | ) | (212,184 | ) | (1,162,860 | ) | |||||||||||||||||||||||
42,534,347 | (42,306,403 | ) | 36,450,664 | (44,438,353 | ) | (38 | ) | (341 | ) | 19,916,738 | (9,127,556 | ) | 56,964,689 | (33,378,126 | ) | |||||||||||||||||||||||
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| |||||||||||||||||||
| 44,974,152 |
| (17,160,972 | ) | 38,658,853 | (20,628,672 | ) | 2,301,039 | 2,221,896 | 26,946,141 | 3,494,310 | 76,357,102 | 3,051,935 | |||||||||||||||||||||||||
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| |||||||||||||||||||
— | (27,841,742 | ) | — | (21,790,587 | ) | — | (462,689 | ) | — | (12,425,048 | ) | — | (34,954,410 | ) | ||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||
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— | (27,841,742 | ) | — | (21,790,587 | ) | — | (462,689 | ) | — | (12,425,048 | ) | — | (34,954,410 | ) | ||||||||||||||||||||||||
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9,489,294 | 28,953,969 | 5,139,323 | 13,617,276 | 32,282,426 | 169,828,569 | 46,726,958 | 86,963,104 | 89,833,691 | 181,636,262 | |||||||||||||||||||||||||||||
— | 27,841,742 | — | 21,790,587 | — | 462,689 | — | 12,425,048 | — | 34,954,410 | |||||||||||||||||||||||||||||
(13,331,896 | ) | (37,840,320 | ) | (9,288,052 | ) | (26,062,101 | ) | (38,634,358 | ) | (32,936,939 | ) | (23,063,625 | ) | (61,938,177 | ) | (38,407,493 | ) | (113,221,685 | ) | |||||||||||||||||||
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| (3,842,602 | ) | 18,955,391 | (4,148,729 | ) | 9,345,762 | (6,351,932 | ) | 137,354,319 | 23,663,333 | 37,449,975 | 51,426,198 | 103,368,987 | |||||||||||||||||||||||||
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41,131,550 | (26,047,323 | ) | 34,510,124 | (33,073,497 | ) | (4,050,893 | ) | 139,113,526 | 50,609,474 | 28,519,237 | 127,783,300 | 71,466,512 | ||||||||||||||||||||||||||
371,137,616 | 397,184,939 | 271,375,867 | 304,449,364 | 209,912,919 | 70,799,393 | 586,722,254 | 558,203,017 | 1,345,594,543 | 1,274,128,031 | |||||||||||||||||||||||||||||
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$ | 412,269,166 | $ | 371,137,616 | $ | 305,885,991 | $ | 271,375,867 | $ | 205,862,026 | $ | 209,912,919 | $ | 637,331,728 | $ | 586,722,254 | $ | 1,473,377,843 | $ | 1,345,594,543 | |||||||||||||||||||
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267,950,109 | 255,351,823 | 177,406,835 | 171,830,878 | 171,848,668 | 58,802,424 | 572,739,290 | 536,217,943 | 956,663,157 | 883,024,833 | |||||||||||||||||||||||||||||
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6,357,853 | 19,152,826 | 3,061,396 | 7,916,032 | 26,253,071 | 139,821,287 | 44,627,970 | 84,686,753 | 62,228,817 | 128,863,445 | |||||||||||||||||||||||||||||
— | 18,451,265 | — | 12,557,686 | — | 381,374 | — | 12,244,949 | — | 25,134,852 | |||||||||||||||||||||||||||||
(9,019,366 | ) | (25,005,805 | ) | (5,611,556 | ) | (14,897,761 | ) | (31,447,262 | ) | (27,156,417 | ) | (22,127,066 | ) | (60,410,355 | ) | (26,788,192 | ) | (80,359,973 | ) | |||||||||||||||||||
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(2,661,513 | ) | 12,598,286 | (2,550,160 | ) | 5,575,957 | (5,194,191 | ) | 113,046,244 | 22,500,904 | 36,521,347 | 35,440,625 | 73,638,324 | ||||||||||||||||||||||||||
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265,288,596 | 267,950,109 | 174,856,675 | 177,406,835 | 166,654,477 | 171,848,668 | 595,240,194 | 572,739,290 | 992,103,782 | 956,663,157 | |||||||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
105
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
Income from investment operations and distributions per share for a Fund share outstanding throughout the six months ended June 30, 2019 and the five years ended December 31, 2018 (or since the Fund’s inception date if in existence less than five years) and other supplementary data with respect to each Fund are presented below and in the pages following:
Equity Index Fund | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 3.78 | $ | 4.10 | $ | 3.49 | $ | 3.26 | $ | 3.41 | $ | 3.09 | ||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net Investment Income (Loss) | 0.04 | 0.07 | 0.07 | 0.06 | 0.06 | 0.06 | ||||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.65 | (0.23 | ) | 0.67 | 0.32 | (0.03 | ) | 0.35 | ||||||||||||||||
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Total From Investment Operations | 0.69 | (0.16 | ) | 0.74 | 0.38 | 0.03 | 0.41 | |||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||
From Net Investment Income | — | (0.07 | ) | (0.06 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | |||||||||||||
From Net Realized Gains | — | (0.09 | ) | (0.07 | ) | (0.09 | ) | (0.12 | ) | (0.04 | ) | |||||||||||||
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Total Distributions | — | (0.16 | ) | (0.13 | ) | (0.15 | ) | (0.18 | ) | (0.09 | ) | |||||||||||||
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Net Asset Value, End of Period | $ | 4.47 | $ | 3.78 | $ | 4.10 | $ | 3.49 | $ | 3.26 | $ | 3.41 | ||||||||||||
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Total Return (%)(i) | 18.48 | (b) | (4.56 | ) | 21.65 | 11.80 | 1.24 | 13.49 | ||||||||||||||||
Net Assets, End of Period ($ millions) | 3,085 | 2,629 | 2,712 | 2,143 | 1,854 | 1,789 | ||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.95 | (c) | 1.83 | 1.85 | 2.03 | 1.94 | 1.82 | |||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.13 | (c) | 0.13 | 0.14 | 0.14 | 0.15 | 0.17 | |||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.13 | (c) | 0.13 | 0.13 | (e) | 0.14 | 0.15 | 0.17 | ||||||||||||||||
Portfolio Turnover Rate (%)(a) | 1.28 | (b) | 3.48 | 5.23 | 5.58 | 4.74 | 8.07 |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
(e) | Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2). |
(f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
(g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
(h) | Amount is less than $0.005 per share. |
(i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(j) | International Fund excludes the expenses of its ETF investments. |
(k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
106
Table of Contents
All America Fund | Small Cap Value Fund | |||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
$ | 2.05 | $ | 2.38 | $ | 2.29 | $ | 2.22 | $ | 2.42 | $ | 2.38 | $ | 1.36 | $ | 1.74 | $ | 1.69 | $ | 1.44 | $ | 1.61 | $ | 1.72 | |||||||||||||||||||||||||||
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0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.01 | 0.01 | 0.03 | 0.02 | 0.02 | 0.02 | |||||||||||||||||||||||||||||||||||||||
| 0.34 |
| (0.20 | ) | 0.39 | 0.21 | (0.03 | ) | 0.23 | 0.15 | (0.24 | ) | 0.11 | 0.26 | (0.08 | ) | 0.06 | |||||||||||||||||||||||||||||||||
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0.36 | (0.17 | ) | 0.42 | 0.24 | — | 0.26 | 0.16 | (0.23 | ) | 0.14 | 0.28 | (0.06 | ) | 0.08 | ||||||||||||||||||||||||||||||||||||
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— | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | — | (0.02 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | (0.02 | ) | |||||||||||||||||||||||||||||
— | (0.13 | ) | (0.30 | ) | (0.14 | ) | (0.15 | ) | (0.19 | ) | — | (0.13 | ) | (0.08 | ) | (0.02 | ) | (0.10 | ) | (0.17 | ) | |||||||||||||||||||||||||||||
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— | (0.16 | ) | (0.33 | ) | (0.17 | ) | (0.18 | ) | (0.22 | ) | — | (0.15 | ) | (0.09 | ) | (0.03 | ) | (0.11 | ) | (0.19 | ) | |||||||||||||||||||||||||||||
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$ | 2.41 | $ | 2.05 | $ | 2.38 | $ | 2.29 | $ | 2.22 | $ | 2.42 | $ | 1.52 | $ | 1.36 | $ | 1.74 | $ | 1.69 | $ | 1.44 | $ | 1.61 | |||||||||||||||||||||||||||
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17.70 | (b) | (8.27 | ) | 19.41 | 11.49 | (0.04 | ) | 11.16 | 11.95 | (b) | (14.57 | ) | 8.29 | 20.04 | (3.40 | ) | 5.17 | |||||||||||||||||||||||||||||||||
300 | 268 | 325 | 296 | 295 | 324 | 481 | 428 | 506 | 465 | 376 | 393 | |||||||||||||||||||||||||||||||||||||||
1.43 | (c) | 1.26 | 1.33 | 1.42 | 1.32 | 1.35 | 1.52 | (c) | 1.10 | 1.75 | 1.17 | 1.14 | 1.02 | |||||||||||||||||||||||||||||||||||||
0.50 | (c) | 0.52 | 0.51 | 0.53 | 0.55 | 0.49 | 0.81 | (c) | 0.81 | 0.81 | 0.82 | 0.83 | 0.84 | |||||||||||||||||||||||||||||||||||||
0.50 | (c) | 0.52 | 0.51 | 0.53 | 0.55 | 0.49 | 0.81 | (c) | 0.81 | 0.80 | (e) | 0.82 | 0.83 | 0.84 | ||||||||||||||||||||||||||||||||||||
11.61 | (b) | 17.60 | 22.28 | 40.10 | 14.73 | 15.38 | 21.49 | (b) | 29.58 | 34.36 | 32.06 | 19.03 | 38.09 |
The accompanying notes are an integral part of these financial statements.
107
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Small Cap Growth Fund | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 1.26 | $ | 1.54 | $ | 1.29 | $ | 1.32 | $ | 1.54 | $ | 1.58 | ||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net Investment Income (Loss) | — | (h) | — | (h) | — | (h) | — | (h) | — | (h) | — | (h) | ||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.22 | (0.17 | ) | 0.30 | 0.10 | (0.03 | ) | 0.09 | ||||||||||||||||
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Total From Investment Operations | 0.22 | (0.17 | ) | 0.30 | 0.10 | (0.03 | ) | 0.09 | ||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||
From Net Investment Income | — | — | (h) | — | (h) | — | — | — | (h) | |||||||||||||||
From Net Realized Gains | — | (0.11 | ) | (0.05 | ) | (0.13 | ) | (0.19 | ) | (0.13 | ) | |||||||||||||
Return of Capital | — | — | — | — | — | — | ||||||||||||||||||
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Total Distributions | — | (0.11 | ) | (0.05 | ) | (0.13 | ) | (0.19 | ) | (0.13 | ) | |||||||||||||
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Net Asset Value, End of Period | $ | 1.48 | $ | 1.26 | $ | 1.54 | $ | 1.29 | $ | 1.32 | $ | 1.54 | ||||||||||||
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Total Return (%)(i) | 17.02 | (b) | (12.53 | ) | 23.82 | 8.10 | (2.39 | ) | 5.70 | |||||||||||||||
Net Assets, End of Period ($ millions) | 564 | 483 | 555 | 433 | 402 | 412 | ||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 0.17 | (c) | 0.13 | 0.06 | 0.06 | (0.12 | ) | (0.09 | ) | |||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.81 | (c) | 0.81 | 0.82 | 0.82 | 0.83 | 0.84 | |||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.81 | (c) | 0.81 | 0.80 | (e) | 0.82 | 0.83 | 0.84 | ||||||||||||||||
Portfolio Turnover Rate (%)(a) | 30.20 | (b) | 60.57 | 62.33 | 53.80 | 67.83 | 67.58 |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
(e) | Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2). |
(f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
(g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
(h) | Amount is less than $0.005 per share. |
(i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(j) | International Fund excludes the expenses of its ETF investments. |
(k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
108
Table of Contents
Small Cap Equity Index Fund | Mid Cap Value Fund | Mid-Cap Equity Index Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Period Ended December 31, 2018(g) | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 0.83 | $ | 1.00 | $ | 1.34 | $ | 1.71 | $ | 1.57 | $ | 1.46 | $ | 1.63 | $ | 1.53 | $ | 1.93 | $ | 2.34 | $ | 2.17 | $ | 1.95 | $ | 2.16 | $ | 2.08 | |||||||||||||||||||||||||||||
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0.01 | 0.01 | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | |||||||||||||||||||||||||||||||||||||||||||
| 0.10 |
| (0.17 | ) | 0.20 | (0.24 | ) | 0.20 | 0.20 | (0.08 | ) | 0.19 | 0.33 | (0.26 | ) | 0.31 | 0.36 | (0.08 | ) | 0.17 | ||||||||||||||||||||||||||||||||||||
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0.11 | (0.16 | ) | 0.22 | (0.21 | ) | 0.23 | 0.22 | (0.06 | ) | 0.21 | 0.35 | (0.23 | ) | 0.34 | 0.39 | (0.05 | ) | 0.20 | ||||||||||||||||||||||||||||||||||||||
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— | (0.01 | ) | — | (0.03 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | — | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||||||||||||||
— | — | (h) | — | (0.13 | ) | (0.07 | ) | (0.09 | ) | (0.10 | ) | (0.10 | ) | — | (0.15 | ) | (0.14 | ) | (0.14 | ) | (0.14 | ) | (0.10 | ) | ||||||||||||||||||||||||||||||||
— | — | (h) | — | — | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
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— | (0.01 | ) | — | (0.16 | ) | (0.09 | ) | (0.11 | ) | (0.12 | ) | (0.11 | ) | — | (0.18 | ) | (0.17 | ) | (0.17 | ) | (0.16 | ) | (0.12 | ) | ||||||||||||||||||||||||||||||||
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$ | 0.94 | $ | 0.83 | $ | 1.56 | $ | 1.34 | $ | 1.71 | $ | 1.57 | $ | 1.46 | $ | 1.63 | $ | 2.28 | $ | 1.93 | $ | 2.34 | $ | 2.17 | $ | 1.95 | $ | 2.16 | |||||||||||||||||||||||||||||
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13.57 | (b) | (16.54 | )(b) | 16.62 | (b) | (14.08 | ) | 14.92 | 16.18 | (3.34 | ) | 13.82 | 17.91 | (b) | (11.26 | ) | 16.05 | 20.51 | (2.37 | ) | 9.63 | |||||||||||||||||||||||||||||||||||
27 | 17 | 92 | 80 | 103 | 98 | 82 | 92 | 1,529 | 1,281 | 1,452 | 1,245 | 977 | 1,001 | |||||||||||||||||||||||||||||||||||||||||||
1.48 | (c) | 1.51 | (c) | 1.92 | (c) | 1.51 | 1.55 | 1.48 | 1.45 | 1.25 | 1.64 | (c) | 1.52 | 1.46 | 1.60 | 1.45 | 1.31 | |||||||||||||||||||||||||||||||||||||||
| 0.52 | (c) | 1.61 | (c) | 0.67 | (c) | 0.65 | 0.64 | 0.66 | 0.65 | 0.64 | 0.13 | (c) | 0.14 | 0.14 | 0.15 | 0.16 | 0.17 | ||||||||||||||||||||||||||||||||||||||
0.14 | (c) | 0.14 | (c) | 0.67 | (c) | 0.65 | 0.64 | 0.66 | 0.65 | 0.64 | 0.13 | (c) | 0.14 | 0.14 | (e) | 0.15 | 0.16 | 0.17 | ||||||||||||||||||||||||||||||||||||||
38.10 | (b) | 81.79 | 7.40 | (b) | 10.75 | 24.09 | 25.80 | 15.86 | 40.91 | 5.00 | (b) | 20.26 | 19.36 | 21.75 | 21.67 | 16.29 |
The accompanying notes are an integral part of these financial statements.
109
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MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
International Fund | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 0.77 | $ | 0.90 | $ | 0.74 | $ | 0.75 | $ | 0.77 | $ | 0.84 | ||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net Investment Income (Loss) | 0.01 | 0.02 | 0.02 | 0.02 | 0.01 | 0.02 | ||||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.09 | (0.13 | ) | 0.16 | (0.01 | ) | (0.01 | ) | (0.08 | ) | ||||||||||||||
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Total From Investment Operations | 0.10 | (0.11 | ) | 0.18 | 0.01 | — | (0.06 | ) | ||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||
From Net Investment Income | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | |||||||||||||
From Net Realized Gains | — | — | (h) | — | (h) | — | (h) | — | (h) | — | (h) | |||||||||||||
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Total Distributions | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | |||||||||||||
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Net Asset Value, End of Period | $ | 0.87 | $ | 0.77 | $ | 0.90 | $ | 0.74 | $ | 0.75 | $ | 0.77 | ||||||||||||
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Total Return (%)(i) | 13.13 | (b) | (13.36 | ) | 24.47 | 1.69 | (0.63 | ) | (6.03 | ) | ||||||||||||||
Net Assets, End of Period ($ millions) | 615 | 509 | 537 | 377 | 319 | 264 | ||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 3.88 | (c) | 2.75 | 2.67 | 2.94 | 2.47 | 3.48 | |||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(j) | 0.12 | (c) | 0.12 | 0.12 | 0.13 | 0.14 | 0.17 | |||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(j) | 0.12 | (c) | 0.12 | 0.12 | (e) | 0.13 | 0.14 | 0.17 | ||||||||||||||||
Portfolio Turnover Rate (%)(a) | — | (b) | — | — | 3.08 | — | 0.61 |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
(e) | Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2). |
(f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
(g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
(h) | Amount is less than $0.005 per share. |
(i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(j) | International Fund excludes the expenses of its ETF investments. |
(k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
110
Table of Contents
Composite Fund | Retirement Income Fund | |||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||||
$ | 1.67 | $ | 1.91 | $ | 1.95 | $ | 1.96 | $ | 2.00 | $ | 1.87 | $ | 1.12 | $ | 1.17 | $ | 1.12 | $ | 1.12 | $ | 1.16 | $ | 1.13 | |||||||||||||||||||||||||
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0.02 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | — | (h) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | ||||||||||||||||||||||||||||||||||||
| 0.17 |
| (0.09 | ) | 0.21 | 0.11 | (0.02 | ) | 0.13 | 0.09 | (0.03 | ) | 0.07 | 0.04 | (0.01 | ) | 0.05 | |||||||||||||||||||||||||||||||
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0.19 | (0.05 | ) | 0.25 | 0.15 | 0.02 | 0.17 | 0.09 | (0.01 | ) | 0.09 | 0.06 | 0.01 | 0.07 | |||||||||||||||||||||||||||||||||||
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— | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.04 | ) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||||||||||||
— | (0.15 | ) | (0.25 | ) | (0.12 | ) | (0.02 | ) | — | — | (0.02 | ) | (0.02 | ) | (0.04 | ) | (0.03 | ) | (0.02 | ) | ||||||||||||||||||||||||||||
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— | (0.19 | ) | (0.29 | ) | (0.16 | ) | (0.06 | ) | (0.04 | ) | — | (0.04 | ) | (0.04 | ) | (0.06 | ) | (0.05 | ) | (0.04 | ) | |||||||||||||||||||||||||||
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$ | 1.86 | $ | 1.67 | $ | 1.91 | $ | 1.95 | $ | 1.96 | $ | 2.00 | $ | 1.21 | $ | 1.12 | $ | 1.17 | $ | 1.12 | $ | 1.12 | $ | 1.16 | |||||||||||||||||||||||||
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11.11 | (b) | (3.20 | ) | 13.37 | 7.92 | 0.80 | 9.10 | 7.85 | (b) | (1.21 | ) | 7.35 | 6.18 | 0.49 | 6.50 | |||||||||||||||||||||||||||||||||
186 | 172 | 190 | 181 | 180 | 194 | 109 | 101 | 101 | 76 | 63 | 54 | |||||||||||||||||||||||||||||||||||||
2.18 | (c) | 2.16 | 2.11 | 2.10 | 1.93 | 2.09 | (0.11 | )(c) | 1.82 | 2.01 | 2.26 | 2.35 | 2.21 | |||||||||||||||||||||||||||||||||||
| 0.51 | (c) | 0.51 | 0.51 | 0.52 | 0.53 | 0.49 | 0.11 | (c) | 0.08 | 0.08 | 0.09 | 0.09 | 0.05 | ||||||||||||||||||||||||||||||||||
| 0.51 | (c) | 0.51 | 0.50 | (e) | 0.52 | 0.53 | 0.49 | 0.11 | (c) | 0.08 | 0.06 | (e) | 0.09 | 0.05 | 0.05 | ||||||||||||||||||||||||||||||||
19.01 | (b) | 37.37 | 60.13 | 57.40 | 13.13 | 12.31 | 6.87 | (b) | 21.90 | 18.54 | 16.88 | 22.64 | 17.63 |
The accompanying notes are an integral part of these financial statements.
111
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MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
2010 Retirement Fund | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 0.93 | $ | 1.01 | $ | 0.99 | $ | 1.01 | $ | 1.09 | $ | 1.06 | ||||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net Investment Income (Loss) | — | (h) | 0.02 | 0.03 | 0.02 | 0.02 | 0.02 | |||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.08 | (0.04 | ) | 0.06 | 0.04 | (0.02 | ) | 0.06 | ||||||||||||||||
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Total From Investment Operations | 0.08 | (0.02 | ) | 0.09 | 0.06 | — | 0.08 | |||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||
From Net Investment Income | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||
From Net Realized Gains | — | (0.04 | ) | (0.05 | ) | (0.06 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||
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Total Distributions | — | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.08 | ) | (0.05 | ) | |||||||||||||
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Net Asset Value, End of Period | $ | 1.01 | $ | 0.93 | $ | 1.01 | $ | 0.99 | $ | 1.01 | $ | 1.09 | ||||||||||||
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Total Return (%)(i) | 8.68 | (b) | (1.93 | ) | 9.06 | 6.87 | 0.40 | 6.93 | ||||||||||||||||
Net Assets, End of Period ($ millions) | 25 | 24 | 26 | 26 | 26 | 27 | ||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | (0.05 | )(c) | 1.83 | 1.92 | 2.15 | 2.10 | 2.06 | |||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | 0.27 | (c) | 0.16 | 0.12 | 0.12 | 0.12 | 0.05 | |||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | 0.05 | (c) | 0.05 | 0.01 | (e) | 0.05 | 0.05 | 0.05 | ||||||||||||||||
Portfolio Turnover Rate (%)(a) | 10.13 | (b) | 22.75 | 24.48 | 24.58 | 23.28 | 20.45 |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
(e) | Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2). |
(f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
(g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
(h) | Amount is less than $0.005 per share. |
(i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(j) | International Fund excludes the expenses of its ETF investments. |
(k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
112
Table of Contents
2015 Retirement Fund | 2020 Retirement Fund | |||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
$ | 0.97 | $ | 1.07 | $ | 1.03 | $ | 1.05 | $ | 1.13 | $ | 1.10 | $ | 1.12 | $ | 1.23 | $ | 1.14 | $ | 1.12 | $ | 1.18 | $ | 1.13 | |||||||||||||||||||||||
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— | (h) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | — | (h) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | |||||||||||||||||||||||||||||||||
| 0.10 |
| (0.06 | ) | 0.09 | 0.05 | (0.02 | ) | 0.06 | 0.13 | (0.08 | ) | 0.13 | 0.07 | (0.01 | ) | 0.06 | |||||||||||||||||||||||||||||
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0.10 | (0.04 | ) | 0.11 | 0.07 | — | 0.08 | 0.13 | (0.06 | ) | 0.15 | 0.09 | 0.01 | 0.08 | |||||||||||||||||||||||||||||||||
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— | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||||||||||||||
— | (0.04 | ) | (0.05 | ) | (0.07 | ) | (0.06 | ) | (0.03 | ) | — | (0.03 | ) | (0.04 | ) | (0.05 | ) | (0.05 | ) | (0.01 | ) | |||||||||||||||||||||||||
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— | (0.06 | ) | (0.07 | ) | (0.09 | ) | (0.08 | ) | (0.05 | ) | — | (0.05 | ) | (0.06 | ) | (0.07 | ) | (0.07 | ) | (0.03 | ) | |||||||||||||||||||||||||
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$ | 1.07 | $ | 0.97 | $ | 1.07 | $ | 1.03 | $ | 1.05 | $ | 1.13 | $ | 1.25 | $ | 1.12 | $ | 1.23 | $ | 1.14 | $ | 1.12 | $ | 1.18 | |||||||||||||||||||||||
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10.21 | (b) | (3.01 | ) | 10.64 | 7.72 | 0.27 | 7.16 | 11.46 | (b) | (4.04 | ) | 12.52 | 8.57 | 0.13 | 7.36 | |||||||||||||||||||||||||||||||
145 | 138 | 155 | 146 | 149 | 154 | 575 | 515 | 525 | 426 | 364 | 320 | |||||||||||||||||||||||||||||||||||
(0.10 | )(c) | 1.83 | 1.85 | 2.07 | 2.07 | 2.00 | (0.07 | )(c) | 1.89 | 1.89 | 2.03 | 2.06 | 1.92 | |||||||||||||||||||||||||||||||||
| 0.10 | (c) | 0.07 | 0.07 | 0.08 | 0.07 | 0.05 | 0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | ||||||||||||||||||||||||||||||||
0.10 | (c) | 0.07 | 0.07 | 0.08 | 0.07 | 0.05 | 0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | |||||||||||||||||||||||||||||||||
5.00 | (b) | 14.75 | 14.98 | 12.96 | 17.75 | 16.41 | 6.26 | (b) | 10.84 | 7.09 | 7.99 | 7.76 | 9.54 |
The accompanying notes are an integral part of these financial statements.
113
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MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
2025 Retirement Fund | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 1.20 | $ | 1.33 | $ | 1.21 | $ | 1.17 | $ | 1.23 | $ | 1.16 | ||||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net Investment Income (Loss) | — | (h) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | |||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.15 | (0.09 | ) | 0.16 | 0.09 | (0.02 | ) | 0.08 | ||||||||||||||||
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Total From Investment Operations | 0.15 | (0.07 | ) | 0.18 | 0.11 | — | 0.10 | |||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||
From Net Investment Income | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | |||||||||||||
From Net Realized Gains | — | (0.04 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | (0.01 | ) | |||||||||||||
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Total Distributions | — | (0.06 | ) | (0.06 | ) | (0.07 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||
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Net Asset Value, End of Period | $ | 1.35 | $ | 1.20 | $ | 1.33 | $ | 1.21 | $ | 1.17 | $ | 1.23 | ||||||||||||
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Total Return (%)(i) | 12.73 | (b) | (5.22 | ) | 14.44 | 9.84 | (0.10 | ) | 8.00 | |||||||||||||||
Net Assets, End of Period ($ millions) | 830 | 710 | 686 | 504 | 396 | 331 | ||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | (0.07 | )(c) | 1.81 | 1.81 | 1.91 | 1.91 | 1.75 | |||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | 0.07 | (c) | 0.06 | 0.07 | 0.07 | 0.07 | 0.05 | |||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | 0.07 | (c) | 0.06 | 0.07 | 0.07 | 0.07 | 0.05 | |||||||||||||||||
Portfolio Turnover Rate (%)(a) | 3.89 | (b) | 6.74 | 5.78 | 5.27 | 4.36 | 6.00 |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
(e) | Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2). |
(f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
(g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
(h) | Amount is less than $0.005 per share. |
(i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(j) | International Fund excludes the expenses of its ETF investments. |
(k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
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2030 Retirement Fund | 2035 Retirement Fund | |||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
$ | 1.24 | $ | 1.38 | $ | 1.25 | $ | 1.20 | $ | 1.27 | $ | 1.19 | $ | 1.24 | $ | 1.40 | $ | 1.25 | $ | 1.20 | $ | 1.27 | $ | 1.20 | |||||||||||||||||||||||
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— | (h) | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | — | (h) | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | |||||||||||||||||||||||||||||||||
| 0.17 |
| (0.10 | ) | 0.17 | 0.11 | (0.02 | ) | 0.09 | 0.19 | (0.12 | ) | 0.20 | 0.11 | (0.03 | ) | 0.08 | |||||||||||||||||||||||||||||
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0.17 | (0.08 | ) | 0.19 | 0.13 | — | 0.11 | 0.19 | (0.10 | ) | 0.22 | 0.13 | (0.01 | ) | 0.09 | ||||||||||||||||||||||||||||||||
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— | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | — | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | |||||||||||||||||||||||||
— | (0.04 | ) | (0.04 | ) | (0.06 | ) | (0.05 | ) | (0.01 | ) | — | (0.04 | ) | (0.05 | ) | (0.06 | ) | (0.04 | ) | (0.01 | ) | |||||||||||||||||||||||||
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— | (0.06 | ) | (0.06 | ) | (0.08 | ) | (0.07 | ) | (0.03 | ) | — | (0.06 | ) | (0.07 | ) | (0.08 | ) | (0.06 | ) | (0.02 | ) | |||||||||||||||||||||||||
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$ | 1.41 | $ | 1.24 | $ | 1.38 | $ | 1.25 | $ | 1.20 | $ | 1.27 | $ | 1.43 | $ | 1.24 | $ | 1.40 | $ | 1.25 | $ | 1.20 | $ | 1.27 | |||||||||||||||||||||||
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14.05 | (b) | (6.49 | ) | 16.01 | 10.73 | (0.22 | ) | 8.44 | 15.01 | (b) | (7.36 | ) | 17.15 | 11.43 | (0.37 | ) | 8.26 | |||||||||||||||||||||||||||||
738 | 617 | 578 | 416 | 328 | 277 | 617 | 509 | 484 | 352 | 271 | 230 | |||||||||||||||||||||||||||||||||||
(0.07 | )(c) | 1.74 | 1.69 | 1.78 | 1.81 | 1.66 | (0.07 | )(c) | 1.64 | 1.57 | 1.67 | 1.68 | 1.52 | |||||||||||||||||||||||||||||||||
0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | 0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | |||||||||||||||||||||||||||||||||
0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | 0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | |||||||||||||||||||||||||||||||||
3.05 | (b) | 5.01 | 5.75 | 5.12 | 4.83 | 5.52 | 2.59 | (b) | 4.00 | 4.02 | 4.98 | 5.16 | 4.29 |
The accompanying notes are an integral part of these financial statements.
115
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
2040 Retirement Fund | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 1.22 | $ | 1.39 | $ | 1.24 | $ | 1.19 | $ | 1.26 | $ | 1.20 | ||||||||||||
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INCOME (LOSS) FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net Investment Income (Loss) | — | (h) | 0.02 | 0.01 | 0.02 | 0.02 | 0.01 | |||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.19 | (0.13 | ) | 0.20 | 0.11 | (0.03 | ) | 0.08 | ||||||||||||||||
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Total From Investment Operations | 0.19 | (0.11 | ) | 0.21 | 0.13 | (0.01 | ) | 0.09 | ||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||
From Net Investment Income | — | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | (0.01 | ) | |||||||||||||
From Net Realized Gains | — | (0.04 | ) | (0.05 | ) | (0.06 | ) | (0.04 | ) | (0.02 | ) | |||||||||||||
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Total Distributions | — | (0.06 | ) | (0.06 | ) | (0.08 | ) | (0.06 | ) | (0.03 | ) | |||||||||||||
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Net Asset Value, End of Period | $ | 1.41 | $ | 1.22 | $ | 1.39 | $ | 1.24 | $ | 1.19 | $ | 1.26 | ||||||||||||
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Total Return (%)(i) | 15.28 | (b) | (7.94 | ) | 17.40 | 11.66 | (0.64 | ) | 7.71 | |||||||||||||||
Net Assets, End of Period ($ millions) | 503 | 413 | 393 | 286 | 222 | 189 | ||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | (0.07 | )(c) | 1.60 | 1.53 | 1.59 | 1.58 | 1.40 | |||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | 0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | |||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | 0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | |||||||||||||||||
Portfolio Turnover Rate (%)(a) | 1.80 | (b) | 2.65 | 4.07 | 5.23 | 5.17 | 4.31 |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
(e) | Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2). |
(f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
(g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
(h) | Amount is less than $0.005 per share. |
(i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(j) | International Fund excludes the expenses of its ETF investments. |
(k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
116
Table of Contents
2045 Retirement Fund | 2050 Retirement Fund | 2055 Retirement Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2016(f) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1.21 | $ | 1.39 | $ | 1.24 | $ | 1.19 | $ | 1.26 | $ | 1.00 | $ | 1.46 | $ | 1.66 | $ | 1.45 | $ | 1.35 | $ | 1.39 | $ | 1.30 | $ | 1.10 | $ | 1.23 | $ | 1.04 | $ | 1.00 | |||||||||||||||||||||||||||||||
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— | (h) | 0.02 | 0.01 | 0.02 | 0.02 | — | (h) | — | (h) | 0.02 | 0.01 | 0.01 | 0.03 | 0.01 | — | (h) | 0.01 | — | (h) | — | (h) | |||||||||||||||||||||||||||||||||||||||||
| 0.19 |
| (0.13 | ) | 0.20 | 0.12 | (0.03 | ) | 0.04 | 0.23 | (0.16 | ) | 0.25 | 0.14 | (0.04 | ) | 0.08 | 0.17 | (0.12 | ) | 0.19 | 0.04 | ||||||||||||||||||||||||||||||||||||||||
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0.19 | (0.11 | ) | 0.21 | 0.14 | (0.01 | ) | 0.04 | 0.23 | (0.14 | ) | 0.26 | 0.15 | (0.01 | ) | 0.09 | 0.17 | (0.11 | ) | 0.19 | 0.04 | ||||||||||||||||||||||||||||||||||||||||||
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— | (0.02 | ) | (0.01 | ) | (0.02 | ) | (0.02 | ) | — | — | (0.02 | ) | (0.01 | ) | (0.01 | ) | (0.01 | ) | — | (h) | — | (0.01 | ) | — | — | |||||||||||||||||||||||||||||||||||||
— | (0.05 | ) | (0.05 | ) | (0.07 | ) | (0.04 | ) | — | — | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.02 | ) | — | (h) | — | (0.01 | ) | — | — | |||||||||||||||||||||||||||||||||||||
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— | (0.07 | ) | (0.06 | ) | (0.09 | ) | (0.06 | ) | — | — | (0.06 | ) | (0.05 | ) | (0.05 | ) | (0.03 | ) | — | — | (0.02 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
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$ | 1.40 | $ | 1.21 | $ | 1.39 | $ | 1.24 | $ | 1.19 | $ | 1.04 | $ | 1.69 | $ | 1.46 | $ | 1.66 | $ | 1.45 | $ | 1.35 | $ | 1.39 | $ | 1.27 | $ | 1.10 | $ | 1.23 | $ | 1.04 | |||||||||||||||||||||||||||||||
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15.48 | (b) | (8.29 | ) | 17.62 | 11.68 | (0.69 | ) | 4.01 | (b) | 15.55 | (b) | (8.74 | ) | 17.86 | 11.78 | (0.73 | ) | 7.15 | 15.41 | (b) | (8.88 | ) | 17.99 | 4.01 | (b) | |||||||||||||||||||||||||||||||||||||
527 | 438 | 437 | 332 | 265 | 3 | 356 | 285 | 256 | 164 | 94 | 50 | 103 | 70 | 34 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||
(0.07 | )(c) | 1.55 | 1.45 | 1.54 | 1.55 | (0.05 | )(c) | (0.08 | )(c) | 1.55 | 1.47 | 1.58 | 1.65 | 1.47 | (0.09 | )(c) | 1.73 | 1.90 | (0.05 | )(c) | ||||||||||||||||||||||||||||||||||||||||||
0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.50 | (c) | 0.08 | (c) | 0.07 | 0.07 | 0.08 | 0.09 | 0.05 | 0.09 | (c) | 0.11 | 0.14 | 0.50 | (c) | ||||||||||||||||||||||||||||||||||||||||||
0.07 | (c) | 0.07 | 0.07 | 0.07 | 0.07 | 0.05 | (c) | 0.08 | (c) | 0.07 | 0.07 | (e) | 0.08 | 0.05 | 0.05 | 0.09 | (c) | 0.05 | 0.05 | 0.05 | (c) | |||||||||||||||||||||||||||||||||||||||||
1.65 | (b) | 3.67 | 4.46 | 3.91 | 4.40 | 22.25 | (b) | 1.56 | (b) | 2.26 | 3.75 | 2.67 | 2.67 | 1.53 | 0.31 | (b) | 3.42 | 4.32 | 22.25 | (b) |
The accompanying notes are an integral part of these financial statements.
117
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
2060 Retirement Fund | Conservative Allocation Fund | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Period Ended December 31, 2018(g) | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 0.89 | $ | 1.00 | $ | 1.17 | $ | 1.27 | $ | 1.21 | $ | 1.20 | $ | 1.25 | $ | 1.22 | ||||||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | — | (h) | — | (h) | — | (h) | 0.03 | 0.03 | 0.03 | 0.02 | 0.03 | |||||||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.14 | (0.11 | ) | 0.10 | (0.05 | ) | 0.08 | 0.04 | (0.01 | ) | 0.05 | |||||||||||||||||||||
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Total From Investment Operations | 0.14 | (0.11 | ) | 0.10 | (0.02 | ) | 0.11 | 0.07 | 0.01 | 0.08 | ||||||||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||||||||||
From Net Investment Income | — | — | — | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | |||||||||||||||||||
From Net Realized Gains | — | — | — | (0.05 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.02 | ) | |||||||||||||||||||
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Total Distributions | — | — | — | (0.08 | ) | (0.05 | ) | (0.06 | ) | (0.06 | ) | (0.05 | ) | |||||||||||||||||||
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Net Asset Value, End of Period | $ | 1.03 | $ | 0.89 | $ | 1.27 | $ | 1.17 | $ | 1.27 | $ | 1.21 | $ | 1.20 | $ | 1.25 | ||||||||||||||||
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Total Return (%)(i) | 15.47 | (b) | (10.54 | )(b) | 9.13 | (b) | (2.04 | ) | 8.92 | 6.71 | 0.44 | 6.62 | ||||||||||||||||||||
Net Assets, End of Period ($ millions) | 13 | 4 | 165 | 150 | 157 | 140 | 128 | 123 | ||||||||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | (0.05 | )(c) | 0.74 | (b) | (0.04 | )(c) | 2.11 | 2.20 | 2.31 | 2.32 | 2.31 | |||||||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | 0.65 | (c) | 1.54 | (c) | 0.04 | (c) | 0.02 | 0.02 | 0.03 | 0.02 | — | |||||||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | 0.05 | (c) | 0.05 | (c) | 0.04 | (c) | 0.02 | 0.02 | 0.03 | 0.02 | — | |||||||||||||||||||||
Portfolio Turnover Rate (%)(a) | 1.76 | (b) | 6.10 | 4.75 | (b) | 11.70 | 23.64 | 8.89 | 10.58 | 17.24 |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
(e) | Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2). |
(f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
(g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
(h) | Amount is less than $0.005 per share. |
(i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(j) | International Fund excludes the expenses of its ETF investments. |
(k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
118
Table of Contents
Moderate Allocation Fund | Aggressive Allocation Fund | |||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
$ | 1.39 | $ | 1.56 | $ | 1.44 | $ | 1.41 | $ | 1.52 | $ | 1.45 | $ | 1.53 | $ | 1.77 | $ | 1.63 | $ | 1.60 | $ | 1.77 | $ | 1.69 | |||||||||||||||||||||||
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— | (h) | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | — | (h) | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | |||||||||||||||||||||||||||||||||
| 0.16 | (0.09 | ) | 0.17 | 0.10 | (0.03 | ) | 0.09 | 0.22 | (0.14 | ) | 0.24 | 0.14 | (0.05 | ) | 0.11 | ||||||||||||||||||||||||||||||
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0.16 | (0.06 | ) | 0.20 | 0.13 | — | 0.12 | 0.22 | (0.11 | ) | 0.27 | 0.17 | (0.02 | ) | 0.14 | ||||||||||||||||||||||||||||||||
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— | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | — | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | |||||||||||||||||||||||||
— | (0.08 | ) | (0.05 | ) | (0.07 | ) | (0.08 | ) | (0.02 | ) | — | (0.10 | ) | (0.10 | ) | (0.11 | ) | (0.12 | ) | (0.03 | ) | |||||||||||||||||||||||||
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— | (0.11 | ) | (0.08 | ) | (0.10 | ) | (0.11 | ) | (0.05 | ) | — | (0.13 | ) | (0.13 | ) | (0.14 | ) | (0.15 | ) | (0.06 | ) | |||||||||||||||||||||||||
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$ | 1.55 | $ | 1.39 | $ | 1.56 | $ | 1.44 | $ | 1.41 | $ | 1.52 | $ | 1.75 | $ | 1.53 | $ | 1.77 | $ | 1.63 | $ | 1.60 | $ | 1.77 | |||||||||||||||||||||||
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12.21 | (b) | (4.41 | ) | 13.72 | 9.08 | 0.16 | 7.71 | 14.37 | (b) | (7.13 | ) | 16.64 | 10.86 | (0.38 | ) | 7.66 | ||||||||||||||||||||||||||||||
412 | 371 | 397 | 347 | 316 | 315 | 306 | 271 | 304 | 264 | 249 | 255 | |||||||||||||||||||||||||||||||||||
| (0.03 | )(c) | 1.95 | 1.90 | 2.08 | 2.09 | 1.95 | (0.03 | )(c) | 1.74 | 1.65 | 1.74 | 1.81 | 1.60 | ||||||||||||||||||||||||||||||||
| 0.03 | (c) | 0.02 | 0.02 | 0.02 | 0.02 | — | 0.03 | (c) | 0.02 | 0.02 | 0.02 | 0.02 | — | ||||||||||||||||||||||||||||||||
| 0.03 | (c) | 0.02 | 0.02 | 0.02 | 0.02 | — | 0.03 | (c) | 0.02 | 0.02 | 0.02 | 0.02 | — | ||||||||||||||||||||||||||||||||
1.80 | (b) | 9.50 | 12.05 | 6.65 | 8.10 | 13.87 | 1.15 | (b) | 9.13 | 9.55 | 9.51 | 7.86 | 19.61 |
The accompanying notes are an integral part of these financial statements.
119
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
FINANCIAL HIGHLIGHTS (Continued)
Money Market Fund | ||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 1.2215 | $ | 1.2040 | $ | 1.1972 | $ | 1.20 | $ | 1.20 | $ | 1.20 | ||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net Investment Income (Loss) | 0.0138 | 0.0081 | 0.0077 | — | (h) | — | (h) | — | (h) | |||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | — | (k) | 0.0124 | 0.0005 | — | (h) | — | (h) | — | (h) | ||||||||||||||
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Total From Investment Operations | 0.0138 | 0.0205 | 0.0082 | — | — | — | ||||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||
From Net Investment Income | — | (0.0030 | ) | (0.0014 | ) | — | — | — | ||||||||||||||||
From Net Realized Gains | — | — | — | — | — | — | ||||||||||||||||||
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Total Distributions | — | (0.0030 | ) | (0.0014 | ) | — | — | — | ||||||||||||||||
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Net Asset Value, End of Period | $ | 1.2353 | $ | 1.2215 | $ | 1.2040 | $ | 1.20 | $ | 1.20 | $ | 1.20 | ||||||||||||
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Total Return (%)(i) | 1.14 | (b) | 1.71 | 0.70 | 0.14 | (0.11 | ) | (0.14 | ) | |||||||||||||||
Net Assets, End of Period ($ millions) | 206 | 210 | 71 | 63 | 67 | 77 | ||||||||||||||||||
Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.26 | (c) | 1.82 | 0.70 | 0.13 | (0.11 | ) | (0.14 | ) | |||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | 0.21 | (c) | 0.20 | 0.25 | 0.28 | 0.26 | 0.24 | |||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | 0.21 | (c) | 0.20 | 0.24 | (e) | 0.28 | 0.26 | 0.24 | ||||||||||||||||
Portfolio Turnover Rate (%)(a) | NA | NA | NA | NA | NA | NA |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Funds exclude expenses of the underlying funds. |
(e) | Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2). |
(f) | For the period October 1, 2016 (commencement of operations) through December 31, 2016. |
(g) | For the period July 2, 2018 (commencement of operations) through December 31, 2018. |
(h) | Amount is less than $0.005 per share. |
(i) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized. |
(j) | International Fund excludes the expenses of its ETF investments. |
(k) | Amount is less than $0.00005 per share. |
NA = Not Applicable
The accompanying notes are an integral part of these financial statements.
120
Table of Contents
Mid-Term Bond Fund | Bond Fund | |||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | Six Months Ended June 30, 2019 (Unaudited) | Years Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2016 | 2015 | 2014 | 2018 | 2017 | 2016 | 2015 | 2014 | |||||||||||||||||||||||||||||||||||||
$ | 1.02 | $ | 1.04 | $ | 1.04 | $ | 1.03 | $ | 1.06 | $ | 1.05 | $ | 1.41 | $ | 1.44 | $ | 1.43 | $ | 1.41 | $ | 1.45 | $ | 1.41 | |||||||||||||||||||||||
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0.01 | 0.02 | 0.02 | 0.03 | 0.03 | 0.03 | 0.02 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | |||||||||||||||||||||||||||||||||||
| 0.04 |
| (0.02 | ) | — | (h) | 0.01 | (0.03 | ) | 0.02 | 0.06 | (0.03 | ) | 0.01 | 0.02 | (0.03 | ) | 0.04 | ||||||||||||||||||||||||||||
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0.05 | — | 0.02 | 0.04 | — | 0.05 | 0.08 | 0.01 | 0.05 | 0.06 | 0.01 | 0.08 | |||||||||||||||||||||||||||||||||||
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— | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.03 | ) | — | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | |||||||||||||||||||||||||
— | �� | — | (h) | — | (h) | — | (h) | — | (h) | (0.01 | ) | — | — | — | (h) | — | (h) | — | (h) | — | ||||||||||||||||||||||||||
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— | (0.02 | ) | (0.02 | ) | (0.03 | ) | (0.03 | ) | (0.04 | ) | — | (0.04 | ) | (0.04 | ) | (0.04 | ) | (0.05 | ) | (0.04 | ) | |||||||||||||||||||||||||
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$ | 1.07 | $ | 1.02 | $ | 1.04 | $ | 1.04 | $ | 1.03 | $ | 1.06 | $ | 1.49 | $ | 1.41 | $ | 1.44 | $ | 1.43 | $ | 1.41 | $ | 1.45 | |||||||||||||||||||||||
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4.53 | (b) | 0.57 | 2.32 | 3.51 | 0.61 | 3.22 | 5.59 | (b) | 0.17 | 3.62 | 4.71 | 0.33 | 6.31 | |||||||||||||||||||||||||||||||||
637 | 587 | 558 | 492 | 452 | 435 | 1,473 | 1,346 | 1,274 | 1,108 | 1,007 | 956 | |||||||||||||||||||||||||||||||||||
2.38 | (c) | 2.44 | 2.37 | 2.45 | 2.68 | 2.57 | 2.83 | (c) | 2.93 | 2.98 | 3.07 | 2.93 | 3.59 | |||||||||||||||||||||||||||||||||
| 0.45 | (c) | 0.45 | 0.47 | 0.46 | 0.46 | 0.49 | 0.44 | (c) | 0.45 | 0.45 | 0.45 | 0.45 | 0.48 | ||||||||||||||||||||||||||||||||
| 0.45 | (c) | 0.45 | 0.45 | (e) | 0.46 | 0.46 | 0.49 | 0.44 | (c) | 0.45 | 0.44 | (e) | 0.45 | 0.45 | 0.48 | ||||||||||||||||||||||||||||||
5.75 | (b) | 20.12 | 14.18 | 17.52 | 19.07 | 36.56 | 6.76 | (b) | 10.71 | 10.65 | 13.54 | 27.51 | 15.00 |
The accompanying notes are an integral part of these financial statements.
121
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2019
1. | SIGNIFICANT ACCOUNTING POLICIESAND 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 principally offers its shares exclusively to separate accounts of Mutual of America Life Insurance Company (“Mutual of America Life”) and a former affiliate that offers the funds through its separate accounts. 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. At June 30, 2019, there were 27 active funds (collectively, “the Funds”): Equity Index Fund, All America Fund, Small Cap Value Fund, Small Cap Growth Fund, Small Cap Equity Index Fund, Mid Cap Value Fund,Mid-Cap Equity Index Fund, International Fund, Composite Fund, Money Market Fund,Mid-Term Bond Fund, Bond Fund; Retirement Income Fund, 2010 Retirement Fund, 2015 Retirement Fund, 2020 Retirement Fund, 2025 Retirement Fund, 2030 Retirement Fund, 2035 Retirement Fund, 2040 Retirement Fund, 2045 Retirement Fund, 2050 Retirement Fund, 2055 Retirement Fund and 2060 Retirement Fund (collectively, “Retirement Funds”); a Conservative Allocation Fund, a Moderate Allocation Fund and an Aggressive Allocation Fund (collectively, “Allocation Funds”). The 2055 Retirement Fund commenced operations on October 1, 2016. The Small Cap Equity Index Fund and the 2060 Retirement Fund commenced operations on July 2, 2018.
Investment Company shares are issued to Mutual of America Life and, on a limited basis, to Wilton Reassurance Life Company of New York (formerly The American Life Insurance Company of New York), for allocation to their Separate Accounts as a funding medium for variable accumulation annuity contracts and variable life insurance policies. In addition, shares of selected equity and fixed income funds of the Investment Company are directly issued to one or more of the Investment Company’s Retirement Funds and Allocation Funds.
The Funds follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Codification Topic 946 Financial Services — Investment Companies. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.
The following is a summary of the significant accounting policies consistently followed by the Investment Company, which are in conformity with GAAP:
Fair Value— The Investment Company values its investments at fair value. Fair value is an estimate of the price the Fund would receive upon selling a security in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. These inputs are summarized in the three broad levels listed below:
• | Level 1 — quoted prices in active markets for identical securities. |
• | Level 2 — other significant observable inputs (including yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.). |
• | Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments). |
As of June 30, 2019, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of three securities in the All America, Small Cap Value, Small Cap Growth and Small Cap Equity Index Funds (see Note 1 below) which were considered Level 3. In addition,non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Furthermore, certain Rule 144A securities not actively traded are considered Level 3; however, there were no such 144A securities as of June 30, 2019. Fair value inputs for all debt securities and temporary cash investments were considered Level 2. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are reflected based on the fair value at the beginning of a reporting period.
122
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
The following is a summary of the inputs used to value the Funds’ investments and other financial instruments as of June 30, 2019:
Fund | Level 1 — Quoted Prices | Level 2 — Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
Investments at Fair Value: | ||||||||||||||||
(See Portfolios of Investments for More Details) |
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Equity Index Fund | ||||||||||||||||
Common Stock-Indexed | $ | 3,015,139,701 | — | — | $ | 3,015,139,701 | ||||||||||
Short-Term Debt Securities | — | $ | 66,555,106 | — | $ | 66,555,106 | ||||||||||
Temporary Cash Investment | — | $ | 44,291 | — | $ | 44,291 | ||||||||||
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$ | 3,015,139,701 | $ | 66,599,397 | — | $ | 3,081,739,098 | ||||||||||
All America Fund | ||||||||||||||||
Common Stock-Indexed | $ | 159,002,270 | — | — | $ | 159,002,270 | ||||||||||
Common Stock-Active | $ | 132,757,554 | — | $ | 285,375 | (1) | $ | 133,042,929 | ||||||||
Short-Term Debt Securities-Indexed | — | $ | 498,746 | — | $ | 498,746 | ||||||||||
Short-Term Debt Securities-Active | — | $ | 5,900,000 | — | $ | 5,900,000 | ||||||||||
Temporary Cash Investment | — | $ | 84,729 | — | $ | 84,729 | ||||||||||
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$ | 291,759,824 | $ | 6,483,475 | $ | 285,375 | $ | 298,528,674 | |||||||||
Small Cap Value Fund | ||||||||||||||||
Common Stock | $ | 459,911,957 | — | $ | 3,206,125 | (1) | $ | 463,118,082 | ||||||||
Short-Term Debt Securities | — | $ | 23,379,107 | — | $ | 23,379,107 | ||||||||||
Temporary Cash Investment | — | $ | 73,305 | — | $ | 73,305 | ||||||||||
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$ | 459,911,957 | $ | 23,452,412 | $ | 3,206,125 | $ | 486,570,494 | |||||||||
Small Cap Growth Fund | ||||||||||||||||
Common Stock | $ | 548,266,273 | — | — | (1) | $ | 548,266,273 | |||||||||
Short-Term Debt Securities | — | $ | 20,799,043 | — | $ | 20,799,043 | ||||||||||
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$ | 548,266,273 | $ | 20,799,043 | — | $ | 569,065,316 | ||||||||||
Small Cap Equity Index Fund | ||||||||||||||||
Common Stock-Indexed | $ | 26,888,069 | — | — | (1) | $ | 26,888,069 | |||||||||
Temporary Cash Investment | — | $ | 70,766 | — | $ | 70,766 | ||||||||||
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$ | 26,888,069 | $ | 70,766 | — | $ | 26,958,835 | ||||||||||
Mid Cap Value Fund | ||||||||||||||||
Common Stock | $ | 87,404,530 | — | — | $ | 87,404,530 | ||||||||||
Short-Term Debt Securities | — | $ | 5,094,907 | — | $ | 5,094,907 | ||||||||||
Temporary Cash Investment | — | $ | 36,209 | — | $ | 36,209 | ||||||||||
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$ | 87,404,530 | $ | 5,131,116 | — | $ | 92,535,646 | ||||||||||
Mid-Cap Equity Index Fund | ||||||||||||||||
Common Stock-Indexed | $ | 1,437,345,936 | — | — | $ | 1,437,345,936 | ||||||||||
Short-Term Debt Securities | — | $ | 81,614,515 | — | $ | 81,614,515 | ||||||||||
Temporary Cash Investment | — | $ | 38,521 | — | $ | 38,521 | ||||||||||
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$ | 1,437,345,936 | $ | 81,653,036 | — | $ | 1,518,998,972 | ||||||||||
International Fund | ||||||||||||||||
Common Stock | $ | 575,074,379 | — | — | $ | 575,074,379 | ||||||||||
Short-Term Debt Securities | — | $ | 39,079,405 | — | $ | 39,079,405 | ||||||||||
Temporary Cash Investment | — | $ | 101,452 | — | $ | 101,452 | ||||||||||
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$ | 575,074,379 | $ | 39,180,857 | — | $ | 614,255,236 | ||||||||||
Composite Fund | ||||||||||||||||
Common Stock | $ | 109,167,853 | — | — | $ | 109,167,853 | ||||||||||
U.S. Government Debt | — | $ | 27,364,572 | — | $ | 27,364,572 | ||||||||||
U.S. Government Agency Residential | — | $ | 20,808,328 | — | $ | 20,808,328 |
123
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Fund | Level 1 — Quoted Prices | Level 2 — Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
Long-Term Corporate Debt | — | $ | 23,012,525 | — | $ | 23,012,525 | ||||||||||
Short-Term Debt Securities | — | $ | 5,600,000 | — | $ | 5,600,000 | ||||||||||
Temporary Cash Investment | — | $ | 74,219 | — | $ | 74,219 | ||||||||||
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$ | 109,167,853 | $ | 76,859,644 | — | $ | 186,027,497 | ||||||||||
Retirement Income Fund | ||||||||||||||||
Common Stock | $ | 108,984,434 | — | — | $ | 108,984,434 | ||||||||||
2010 Retirement Fund | ||||||||||||||||
Common Stock | $ | 25,422,526 | — | — | $ | 25,422,526 | ||||||||||
2015 Retirement Fund | ||||||||||||||||
Common Stock | $ | 145,296,344 | — | — | $ | 145,296,344 | ||||||||||
2020 Retirement Fund | ||||||||||||||||
Common Stock | $ | 574,744,991 | — | — | $ | 574,744,991 | ||||||||||
2025 Retirement Fund | ||||||||||||||||
Common Stock | $ | 829,574,661 | — | — | $ | 829,574,661 | ||||||||||
2030 Retirement Fund | ||||||||||||||||
Common Stock | $ | 737,938,567 | — | — | $ | 737,938,567 | ||||||||||
2035 Retirement Fund | ||||||||||||||||
Common Stock | $ | 616,974,709 | — | — | $ | 616,974,709 | ||||||||||
2040 Retirement Fund | ||||||||||||||||
Common Stock | $ | 503,319,094 | — | — | $ | 503,319,094 | ||||||||||
2045 Retirement Fund | ||||||||||||||||
Common Stock | $ | 527,331,143 | — | — | $ | 527,331,143 | ||||||||||
2050 Retirement Fund | ||||||||||||||||
Common Stock | $ | 355,900,979 | — | — | $ | 355,900,979 | ||||||||||
2055 Retirement Fund | ||||||||||||||||
Common Stock | $ | 103,415,046 | — | — | $ | 103,415,046 | ||||||||||
2060 Retirement Fund | ||||||||||||||||
Common Stock | $ | 13,133,686 | — | — | $ | 13,133,686 | ||||||||||
Conservative Allocation Fund | ||||||||||||||||
Common Stock | $ | 164,826,073 | — | — | $ | 164,826,073 | ||||||||||
Moderate Allocation Fund | ||||||||||||||||
Common Stock | $ | 412,269,708 | — | — | $ | 412,269,708 | ||||||||||
Aggressive Allocation Fund | ||||||||||||||||
Common Stock | $ | 305,887,320 | — | — | $ | 305,887,320 | ||||||||||
Money Market Fund | ||||||||||||||||
U.S. Government Debt | — | $ | 49,620,345 | — | $ | 49,620,345 | ||||||||||
U.S. Government Agency Short-Term Debt | — | $ | 32,776,787 | — | $ | 32,776,787 | ||||||||||
Commercial Paper | — | $ | 123,445,832 | — | $ | 123,445,832 | ||||||||||
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— | $ | 205,842,964 | — | $ | 205,842,964 | |||||||||||
Mid-Term Bond Fund | ||||||||||||||||
U.S. Government Debt | — | $ | 365,851,045 | — | $ | 365,851,045 | ||||||||||
U.S. Government Agency Residential | — | $ | 607 | — | $ | 607 | ||||||||||
U.S. Government Agency | — | $ | 37,104,450 | — | $ | 37,104,450 | ||||||||||
Long-Term Corporate Debt | — | $ | 229,883,199 | — | $ | 229,883,199 | ||||||||||
Temporary Cash Investment | — | $ | 272,931 | — | $ | 272,931 | ||||||||||
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— | $ | 633,112,232 | — | $ | 633,112,232 | |||||||||||
Bond Fund | ||||||||||||||||
U.S. Government Debt | — | $ | 506,219,557 | — | $ | 506,219,557 | ||||||||||
U.S. Government Agency Residential | — | $ | 420,049,601 | — | $ | 420,049,601 |
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Fund | Level 1 — Quoted Prices | Level 2 — Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
U.S. Government Agency | — | $ | 15,915,010 | — | $ | 15,915,010 | ||||||||||
Long-Term Corporate Debt | — | $ | 518,244,315 | — | $ | 518,244,315 | ||||||||||
Sovereign Debt | — | $ | 2,947,628 | — | $ | 2,947,628 | ||||||||||
Short-Term Debt Securities | — | $ | 14,700,000 | — | $ | 14,700,000 | ||||||||||
Temporary Cash Investment | — | $ | 74,296 | — | $ | 74,296 | ||||||||||
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— | $ | 1,478,150,407 | — | $ | 1,478,150,407 | |||||||||||
Other Financial Instruments:* | ||||||||||||||||
Equity Index Fund | $ | 981,550 | — | — | $ | 981,550 | ||||||||||
All America Fund | $ | 11,955 | — | — | $ | 11,955 | ||||||||||
Mid-Cap Equity Index Fund | $ | 1,922,792 | — | — | $ | 1,922,792 |
* | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument. |
(1) | Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company. |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) for the Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
Balance December 31, 2018(a) | Change in Unrealized Gains (Losses) | Transfers Into Level 3 | Transfers Out of Level 3 | Sales | Balance June 30, 2019(a) | Unrealized Gains/(Losses) of Level 3 Assets Held as of June 30, 2019 Included in Statements of Operations | ||||||||||||||||||||||
All America Fund | $ | 285,375 | — | — | — | — | $ | 285,375 | $ | 30,822 | ||||||||||||||||||
Small Cap Value Fund | $ | 3,206,125 | — | — | — | — | $ | 3,206,125 | $ | 347,256 | ||||||||||||||||||
Small Cap Growth Fund | — | (b) | — | — | — | — | — | (b) | — | (b) | ||||||||||||||||||
Small Cap Equity Index Fund | — | (c) | — | — | — | — | — | (c) | — | (c) |
(a) | Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company. |
(b) | Level 3 security, Ferroglobe Representation & Warranty Insurance Trust, with $0 fair value and unrealized gain (loss). |
(c) | Lyondell Basell Industries — contingent value rights, with $0 fair value and unrealized gain (loss). |
Security Valuation — Investment securities are carried at fair value as follows:
The Funds’ investments are fair valued as of the close of trading on the New York Stock Exchange (“Exchange”) on each day the Exchange is open for trading. The Exchange usually closes at 4:00 pm Eastern Time but sometimes closes earlier. The Board of Directors of the Investment Company (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to the Adviser. Pursuant to the Board’s delegation, the Adviser has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval and ratification at its next regularly scheduled quarterly meeting. For fiscal reportingyear-end, securities were fair valued at the close of the last business day.
Exchange-traded equity securities are valued at the last reported 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 equity securities traded in theover-the-counter market, the security is valued at the last sale price, or if no sale, at the latest bid price available.
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Short-term debt securities with a maturity of 60 days or less are valued at amortized cost, which approximates fair value for such securities.
Debt securities, including short-term debt securities maturing in excess of 60 days, are valued on the basis of prices obtained from an independent pricing source. The pricing source may utilize various pricing methodologies that incorporate both models (which consider factors such as yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds and trading characteristics) and dealer-supplied valuations to derive a valuation.
Temporary cash investments are amounts on deposit with financial institutions that are swept daily into an overnight investment and returned the next business day. Cash equivalents such as short-term temporary cash investments are valued at amortized cost.
In the rare instance when a price is not available from an independent pricing source or when prices may not reflect fair value, such as when the price provided by the pricing source is not based on a recent trade, a calculated fair value is used, as determined in good faith by the Adviser and reviewed by a Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.
Mutual of America Capital Management LLC (“the Adviser”) uses a market approach to calculate fair value for equity securities which are categorized as Level 3. The Adviser’s valuation is primarily based on information regarding the specific equity issuer, such as the last trade price, financial statements, the relationship ofper-share book value to the last trade price, operating information and any corporate actions, such as dividends or returns of capital, that may have occurred since the last trade. The Adviser also considers industry-specific conditions and overall market conditions, to determine whether the last trade price reflects fair value or needs to be adjusted. Generally, absent any significant contrary indications, the last trade price will be used as the calculated fair value.
The Retirement Funds and the Allocation Funds value their investments in the underlying Funds of the Investment Company at their respective net asset values.
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 equity securities are based on the identified cost basis of the security, determined on thefirst-in,first-out (“FIFO”) basis.
Futures Contracts— The Equity Index Fund,Mid-Cap Equity Index Fund and a portion of the All America Fund each maintain indexed asset portfolios which are subject to equity price risk. In order to remain more fully invested in the equity markets while minimizing transaction costs, the funds purchase stock index futures contracts. These purchases of futures contracts allow the funds to invest available cash to attempt to efficiently and cost effectively keep the funds fully invested on a daily basis in an attempt to minimize deviation from the performance of the indices. An initial cash margin deposit (represented by cash or Treasury bills) is made upon entering into a futures contract and serves as collateral for the contract. This initial margin, maintained in a segregated account, is equal to approximately5%-6% of the contract amount, and does not involve the borrowing of funds to finance the transaction. During the period the futures contract is outstanding, changes in the value of the contract are recognized as unrealized appreciation or depreciation by“marking-to-market” on a daily basis to reflect the market value of the contract at the end of each trading day. The accumulated unrealized appreciation or depreciation on the contract is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized appreciation or depreciation are incurred, variation margin payments are received or made daily. The net change in unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding.
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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
The “Underlying Face Amount at Value” (appearing in the “Footnotes to Portfolios of Investments in Securities”) representing the aggregate of outstanding contractual amounts under futures contracts reflects the extent of a Fund’s exposure tooff-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. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
The following table presents the financial statement impacts resulting from the funds’ use of futures contracts at their fair values as of June 30, 2019 and for the six months ended June 30, 2019:
Derivatives not accounted | Risk Type | Location on Statements of Assets and Liabilities | Equity Index Fund | All America Fund | Mid-Cap Equity Index Fund | |||||||||||||
Futures Contracts | Equity | Total Distributable Earnings (Loss) | $ | 981,550 | $ | 11,955 | $ | 1,922,792 | ||||||||||
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| |||||||||||||
Derivatives not accounted | Risk Type | Location on Statements of Operations | Equity Index Fund | All America Fund | Mid-Cap Equity Index Fund | |||||||||||||
Futures Contracts | Equity | Net realized gain (loss) on Futures contracts | $ | 9,937,517 | $ | 244,361 | $ | 3,642,842 | ||||||||||
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| |||||||||||||
Futures Contracts | Equity | Change in net unrealized appreciation (depreciation) of Futures contracts | $ | 4,143,880 | $ | 111,248 | $ | 3,738,562 | ||||||||||
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During the six months ended June 30, 2019, the Equity Index Fund,Mid-Cap Equity Index Fund and the All America Fund held futures contracts with average notional amounts of $78,417,069, $2,659,432 and $63,368,370, respectively.
Warrants — A warrant is an option to purchase common stock of an issuer and is issued in conjunction with another security, such as a debt obligation. A warrant specifies the price at which the holder may purchase shares of common stock and usually expires after a period of time. A warrant holder generally may pay cash for the common stock to be purchased or may surrender the principal amount of the related debt security the warrant holder owns equal to the purchase price for the stock.
The common stock underlying a warrant may not increase in value after the date the warrant was issued, or may not increase up to the warrant exercise price. In this case, the warrant generally would have little value and could expire unexercised.
Retirement Funds — Each of the Retirement Funds invests in equity (stock) funds and fixed income (bond) funds and targets different percentages to these asset classes. The targets reflect varying emphases on achieving capital appreciation and gains versus preserving capital and producing income, depending on the specific Fund’s time horizon.
The Retirement Funds target their investments in the following underlying funds of the Investment Company in accordance with the percentage allocations noted (unaudited):
Equity Index Fund | Mid-Cap Equity Index Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Equity Index Fund | International Fund | Bond Fund | Mid-Term Bond Fund | Money Market Fund | ||||||||||||||||||||||||||||
Retirement Income Fund | 20% | 5% | — | — | — | — | 30% | 30% | 15% | |||||||||||||||||||||||||||
2010 Retirement Fund | 20% | 6% | — | — | — | 2% | 30% | 30% | 12% | |||||||||||||||||||||||||||
2015 Retirement Fund | 22% | 8% | 1% | 1% | — | 5% | 28% | 25% | 10% | |||||||||||||||||||||||||||
2020 Retirement Fund | 25% | 10% | 2% | 2% | — | 8% | 26% | 22% | 5% | |||||||||||||||||||||||||||
2025 Retirement Fund | 29% | 12% | 3% | 3% | — | 10% | 25% | 18% | — | |||||||||||||||||||||||||||
2030 Retirement Fund | 33% | 16% | 4% | 4% | — | 12% | 23% | 8% | — | |||||||||||||||||||||||||||
2035 Retirement Fund | 35% | 19% | 5% | 5% | — | 14% | 22% | — | — | |||||||||||||||||||||||||||
2040 Retirement Fund | 37% | 21% | 5% | 5% | 1% | 16% | 15% | — | — | |||||||||||||||||||||||||||
2045 Retirement Fund | 35% | 21% | 6% | 6% | 1% | 18% | 13% | — | — | |||||||||||||||||||||||||||
2050 Retirement Fund | 34% | 22% | 6% | 6% | 2% | 19% | 11% | — | — | |||||||||||||||||||||||||||
2055 Retirement Fund | 33% | 22% | 7% | 7% | 2% | 20% | 9% | — | — | |||||||||||||||||||||||||||
2060 Retirement Fund | 32% | 23% | 8% | 8% | 2% | 20% | 7% | — | — |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Generally, rebalancing of the Retirement Funds’ holdings is performed on a periodic basis and the mix of underlying Funds is reviewed annually.
Allocation Funds — The Allocation Funds target their investments in the following underlying Funds of the Investment Company in accordance with the percentage allocations noted (unaudited):
Equity Index Fund | Mid-Cap Equity Index Fund | Small Cap Growth Fund | Small Cap Value Fund | International Fund | Bond Fund | Mid-Term Bond Fund | ||||||||||||||||||||||
Conservative Allocation | 25% | 5% | — | — | 5% | 30% | 35% | |||||||||||||||||||||
Moderate Allocation | 35% | 15% | — | — | 10% | 25% | 15% | |||||||||||||||||||||
Aggressive Allocation | 35% | 20% | 5% | 5% | 15% | 20% | — |
Generally, rebalancing of the Allocation Funds’ holdings is performed on a periodic basis.
Change in Target Investments — During the year, the Retirement Funds listed below had changes to their target investments. Overall increases (decreases) to the target percentages were as follows (unaudited):
Equity Index Fund | Mid-Cap Equity Index Fund | Small Cap Growth Fund | Small Cap Value Fund | Small Cap Equity Index Fund | International Fund | Bond Fund | Mid-Term Bond Fund | Money Market Fund | ||||||||||||||||||||||||||||
2010 Retirement Fund | — | (1% | ) | — | — | — | (1% | ) | — | — | 2% | |||||||||||||||||||||||||
2015 Retirement Fund | (3% | ) | — | — | — | — | — | (2% | ) | — | 5% | |||||||||||||||||||||||||
2020 Retirement Fund | (3% | ) | — | — | — | — | — | (2% | ) | — | 5% | |||||||||||||||||||||||||
2025 Retirement Fund | (2% | ) | — | (1% | ) | (1% | ) | — | — | — | 4% | — | ||||||||||||||||||||||||
2030 Retirement Fund | — | (1% | ) | (1% | ) | (1% | ) | — | — | 1% | 2% | — | ||||||||||||||||||||||||
2035 Retirement Fund | — | (1% | ) | (1% | ) | (1% | ) | — | — | 3% | — | — | ||||||||||||||||||||||||
2040 Retirement Fund | 2% | 1% | (2% | ) | (2% | ) | 1% | — | — | — | — | |||||||||||||||||||||||||
2045 Retirement Fund | 1% | — | (2% | ) | (2% | ) | 1% | 2% | — | — | — | |||||||||||||||||||||||||
2050 Retirement Fund | 2% | 1% | (3% | ) | (3% | ) | 2% | 1% | — | — | — | |||||||||||||||||||||||||
2055 Retirement Fund | 2% | — | (3% | ) | (3% | ) | 2% | 2% | — | — | — | |||||||||||||||||||||||||
2060 Retirement Fund | 2% | — | (2% | ) | (2% | ) | 2% | — | — | — | — |
Investment Income — Interest income, accretion of discount and amortization of premium are recorded daily on an accrual basis using the effective interest method. A debt obligation may cease accrual of income and result in a reduction to interest income when the collection of all or a portion of current and past due interest is in doubt. Dividend income is recorded on theex-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 theex-dividend date and are made at least annually. It is the Investment Company’s policy to make distributions of its net investment income and net realized gains, if any, in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Accordingly, periodic reclassifications (which do not impact the funds’ net asset values) are made within the funds’ capital accounts to reflect income and gains available for distribution under Federal income tax regulations.
Federal Income Taxes — Each Fund in the Investment Company intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required.
GAAP requires the evaluation of tax positions taken in the course of preparing a fund’s tax return to determine whether it is“more-likely-than-not” that tax positions taken in the fund’s tax return will be ultimately sustained, and, if not, a tax liability and expense is recorded.
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
As of June 30, 2019, management has evaluated the tax positions taken on the Funds’ filed tax returns for all open tax years and has concluded that no tax provision is required in any of the Funds’ financial statements. Each Fund’s federal and state income, franchise and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
As of June 30, 2019, the Bond, Mid-Term Bond and 2060 Retirement Funds had a capital loss carry forward of $1,626,922, $1,274,200 and $13,264, respectively, to offset net realized capital gains generated after December 31, 2018.
2. | EXPENSES |
The Investment Company has an Investment Advisory Agreement with Mutual of America Capital Management LLC (“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 of the value of the net assets of each fund, at the following annual rates:
Fund | Annual Investment Management Fee | |||
Retirement Funds | .05 | % | ||
Equity Index,Mid-Cap Equity Index, Small Cap Equity Index, International Funds | .075 | % | ||
Money Market Fund | .15 | % | ||
Bond Fund | .39 | % | ||
All America, Composite,Mid-Term Bond Funds | .40 | % | ||
Mid Cap Value Fund | .55 | % | ||
Small Cap Value, Small Cap Growth Funds | .75 | % |
The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Shareholders in the Allocation and Retirement Funds indirectly bear theirpro-rata share of the investment management fees incurred by the underlying funds in which they invest. Through December 31, 2014, they also did not incur operating expenses other than those included in each of the underlying funds in which they invest. Commencing January 1, 2015, the expense allocation methodology was modified such that certainnon-advisory operating expenses that can be attributed only to the Retirement and Allocation Funds are now charged directly to those Funds. During 2017, Mutual of America reimbursed the applicable funds $492,285 to reflect the change in the operating expense allocation methodology.
Effective January 1, 2015, the Investment Company and the Adviser entered into an agreement under which the Adviser agrees to reimburse the directnon-advisory operating expenses of any Allocation or Retirement Fund (each a “Fund of Funds”) that has less than $50 million in average daily net assets for the prior calendar year. This agreement remains in effect through April 30, 2020 and continues into successive 12 month periods ending April 30 unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.
Effective July 2, 2018, the Investment Company and the Adviser entered into an agreement under which the Adviser agrees to reimburse thenon-advisory operating expenses of the Small Cap Equity Index Fund to the extent that such operating expenses exceed 0.07% of net assets. This agreement remains in effect through April 30, 2021 and continues into successive 12 month periods ending April 30 unless i) the Investment Company gives not less than 30 days written notice to the Adviser, or ii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
3. | INVESTMENTS |
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, 2019, were as follows:
Equity Index Fund | All America Fund | Small Cap Value Fund | Small Cap Growth Fund | Small Cap Equity Index Fund | ||||||||||||||||
Cost of investment purchases | $ | 65,014,956 | $ | 32,992,131 | $ | 119,217,247 | $ | 185,344,061 | $ | 16,402,028 | ||||||||||
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Proceeds from sales of investments | $ | 36,456,216 | $ | 43,451,055 | $ | 95,436,007 | $ | 159,121,682 | $ | 8,518,125 | ||||||||||
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Mid Cap Value Fund | Mid-Cap Equity Index Fund | International Fund | Composite Fund | Retirement Income Fund | ||||||||||||||||
Cost of investment purchases | $ | 6,243,532 | $ | 90,526,378 | $ | 48,019,791 | $ | 33,397,716 | $ | 7,239,167 | ||||||||||
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Proceeds from sales of investments | $ | 6,716,066 | $ | 69,159,355 | $ | — | $ | 37,802,051 | $ | 7,655,484 | ||||||||||
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2010 Retirement Fund | 2015 Retirement Fund | 2020 Retirement Fund | 2025 Retirement Fund | 2030 Retirement Fund | ||||||||||||||||
Cost of investment purchases | $ | 2,521,594 | $ | 7,146,887 | $ | 34,995,501 | $ | 58,746,956 | $ | 53,795,937 | ||||||||||
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Proceeds from sales of investments | $ | 3,146,133 | $ | 14,204,690 | $ | 34,552,691 | $ | 30,272,976 | $ | 20,989,356 | ||||||||||
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2035 Retirement Fund | 2040 Retirement Fund | 2045 Retirement Fund | 2050 Retirement Fund | 2055 Retirement Fund | ||||||||||||||||
Cost of investment purchases | $ | 44,862,234 | $ | 35,066,759 | $ | 28,787,911 | $ | 30,619,722 | $ | 21,766,912 | ||||||||||
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Proceeds from sales of investments | $ | 14,825,385 | $ | 8,402,185 | $ | 8,136,061 | $ | 5,087,292 | $ | 275,715 | ||||||||||
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2060 Retirement Fund | Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Money Market Fund | ||||||||||||||||
Cost of investment purchases | $ | 8,329,095 | $ | 8,615,846 | $ | 7,151,947 | $ | 3,375,998 | $ | — | ||||||||||
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Proceeds from sales of investments | $ | 147,623 | $ | 7,484,803 | $ | 11,044,173 | $ | 7,567,721 | $ | — | ||||||||||
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Mid-Term Bond Fund | Bond Fund | |||||||||||||||||||
Cost of investment purchases | $ | 76,941,945 | $ | 180,319,238 | ||||||||||||||||
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Proceeds from sales of investments | $ | 34,592,024 | $ | 93,825,123 | ||||||||||||||||
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|
The cost of short-term security purchases for the Money Market Fund for the six months ended June 30, 2019, was $944,170,882; proceeds from sales for the same period were $950,544,666.
The components of net unrealized appreciation (depreciation) of investments for federal income tax purposes and the cost of investments for federal income tax purposes at June 30, 2019 for each of the funds were as follows:
Equity Index Fund | All America Fund | Small Cap Value Fund | Small Cap Growth Fund | Small Cap Equity Index Fund | ||||||||||||||||
Unrealized Appreciation | $ | 1,377,522,305 | $ | 97,555,876 | $ | 79,023,465 | $ | 107,368,208 | $ | 1,718,856 | ||||||||||
Unrealized Depreciation | (82,100,037 | ) | (14,389,597 | ) | (32,480,223 | ) | (38,374,833 | ) | (3,327,481 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | 1,295,422,268 | $ | 83,166,279 | $ | 46,543,242 | $ | 68,993,375 | $ | (1,608,625 | ) | |||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 1,786,316,830 | $ | 215,362,395 | $ | 440,027,252 | $ | 500,071,941 | $ | 28,567,460 | ||||||||||
|
|
|
|
|
|
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130
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
3. | INVESTMENTS (CONTINUED) |
Mid Cap Value Fund | Mid-Cap Equity Index Fund | International Fund | Composite Fund | Retirement Income Fund | ||||||||||||||||
Unrealized Appreciation | $ | 22,885,195 | $ | 379,547,938 | $ | 39,202,240 | $ | 27,403,512 | $ | 6,070,290 | ||||||||||
Unrealized Depreciation | (4,621,984 | ) | (111,248,456 | ) | (3,725,661 | ) | (3,824,037 | ) | (701,586 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | 18,263,211 | $ | 268,299,482 | $ | 35,476,579 | $ | 23,579,475 | $ | 5,368,704 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 74,272,435 | $ | 1,250,699,490 | $ | 578,778,657 | $ | 162,448,022 | $ | 103,615,729 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2010 Retirement Fund | 2015 Retirement Fund | 2020 Retirement Fund | 2025 Retirement Fund | 2030 Retirement Fund | ||||||||||||||||
Unrealized Appreciation | $ | 1,578,127 | $ | 12,190,597 | $ | 53,009,650 | $ | 85,764,033 | $ | 84,271,334 | ||||||||||
Unrealized Depreciation | (175,471 | ) | (678,240 | ) | (1,197,525 | ) | (1,556,741 | ) | (1,249,328 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | 1,402,656 | $ | 11,512,357 | $ | 51,812,125 | $ | 84,207,292 | $ | 83,022,006 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 24,019,869 | $ | 133,783,987 | $ | 522,932,866 | $ | 745,367,369 | $ | 654,916,561 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2035 Retirement Fund | 2040 Retirement Fund | 2045 Retirement Fund | 2050 Retirement Fund | 2055 Retirement Fund | ||||||||||||||||
Unrealized Appreciation | $ | 77,795,386 | $ | 67,518,736 | $ | 78,263,586 | $ | 30,998,442 | $ | 3,532,721 | ||||||||||
Unrealized Depreciation | (792,023 | ) | (987,672 | ) | (418,222 | ) | (1,578,169 | ) | (803,179 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | 77,003,363 | $ | 66,531,064 | $ | 77,845,364 | $ | 29,420,273 | $ | 2,729,542 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 539,971,346 | $ | 436,788,030 | $ | 449,485,779 | $ | 326,480,706 | $ | 100,685,504 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2060 Retirement Fund | Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Money Market Fund | ||||||||||||||||
Unrealized Appreciation | $ | 570,150 | $ | 11,409,303 | $ | 62,864,728 | $ | 59,241,076 | $ | 12 | ||||||||||
Unrealized Depreciation | (5,711 | ) | (907,944 | ) | (2,070,747 | ) | (1,698,995 | ) | 0 | |||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | 564,439 | $ | 10,501,359 | $ | 60,793,981 | $ | 57,542,081 | $ | 12 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 12,569,247 | $ | 154,324,714 | $ | 351,475,727 | $ | 248,345,239 | $ | 205,842,952 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Mid-Term Bond Fund | Bond Fund | |||||||||||||||||||
Unrealized Appreciation | $ | 12,682,120 | $ | 44,588,744 | ||||||||||||||||
Unrealized Depreciation | (2,434,023 | ) | (6,399,012 | ) | ||||||||||||||||
|
|
|
| |||||||||||||||||
Net | $ | 10,248,097 | $ | 38,189,732 | ||||||||||||||||
|
|
|
| |||||||||||||||||
Tax Cost of Investments | $ | 622,864,135 | $ | 1,439,960,675 | ||||||||||||||||
|
|
|
|
Differences between amounts reflected in the Statements of Assets and Liabilities and those computed for federal income tax purposes arise primarily from federal income tax treatment of wash sales, REITs, partnerships, corporate actions and futures contracts.
131
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
3. | INVESTMENTS (CONTINUED) |
Investments in affiliated investment companies during the six month period ended June 30, 2019 were as follows:
Affiliated Investment Company | Value as of December 31, 2018 | Purchases | Realized Gain (Loss) on Investment Securities | Change in Unrealized Appreciation (Depreciation) of Investment Securities | Sales | Value as of June 30, 2019 | ||||||||||||||||||
Retirement Income Fund | ||||||||||||||||||||||||
Bond Fund | $ | 31,350,358 | $ | 1,721,749 | $ | (30,052 | ) | $ | 1,774,247 | $ | (1,846,645 | ) | $ | 32,969,657 | ||||||||||
Equity Index Fund | 20,880,576 | 1,147,833 | 513,583 | 3,286,816 | (2,731,097 | ) | 23,097,711 | |||||||||||||||||
Mid-Cap Equity Index Fund | 4,826,371 | 286,959 | (3,106 | ) | 861,945 | (307,774 | ) | 5,664,395 | ||||||||||||||||
Mid-Term Bond Fund | 31,395,838 | 1,942,166 | (32,969 | ) | 1,445,714 | (2,055,898 | ) | 32,694,851 | ||||||||||||||||
Money Market Fund | 12,978,408 | 2,140,460 | 17,604 | 135,418 | (714,070 | ) | 14,557,820 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 101,431,551 | $ | 7,239,167 | $ | 465,060 | $ | 7,504,140 | $ | (7,655,484 | ) | $ | 108,984,434 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2010 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 6,965,555 | $ | 1,106,478 | $ | (5,993 | ) | $ | 405,028 | $ | (793,840 | ) | $ | 7,677,228 | ||||||||||
Equity Index Fund | 5,171,070 | 404,318 | 193,951 | 732,945 | (1,029,226 | ) | 5,473,058 | |||||||||||||||||
International Fund | 656,485 | 55,267 | 6,689 | 77,946 | (66,529 | ) | 729,858 | |||||||||||||||||
Mid-Cap Equity Index Fund | 1,683,552 | 136,131 | (3,373 | ) | 298,104 | (172,374 | ) | 1,942,040 | ||||||||||||||||
Mid-Term Bond Fund | 7,199,651 | 606,478 | (19,766 | ) | 341,880 | (793,840 | ) | 7,334,403 | ||||||||||||||||
Money Market Fund | 2,317,511 | 212,922 | 7,213 | 18,617 | (290,324 | ) | 2,265,939 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 23,993,824 | $ | 2,521,594 | $ | 178,721 | $ | 1,874,520 | $ | (3,146,133 | ) | $ | 25,422,526 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2015 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 39,231,397 | $ | 2,632,773 | $ | 51,586 | $ | 2,120,007 | $ | (2,704,363 | ) | $ | 41,331,400 | |||||||||||
Equity Index Fund | 38,020,450 | 519,781 | 2,927,901 | 3,911,020 | (7,215,607 | ) | 38,163,545 | |||||||||||||||||
International Fund | 5,047,115 | 107,343 | 27,504 | 617,953 | (460,234 | ) | 5,339,681 | |||||||||||||||||
Mid-Cap Equity Index Fund | 12,980,568 | 171,751 | 146,793 | 2,150,319 | (736,375 | ) | 14,713,056 | |||||||||||||||||
Mid-Term Bond Fund | 34,870,510 | 536,723 | (82,586 | ) | 1,608,613 | (2,301,173 | ) | 34,632,087 | ||||||||||||||||
Money Market Fund | 5,925,624 | 3,135,578 | 14,554 | 59,787 | (602,844 | ) | 8,532,699 | |||||||||||||||||
Small Cap Growth Fund | 1,193,714 | 21,469 | (1,883 | ) | 202,562 | (92,047 | ) | 1,323,815 | ||||||||||||||||
Small Cap Value Fund | 1,189,654 | 21,469 | (13,033 | ) | 154,018 | (92,047 | ) | 1,260,061 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 138,459,032 | $ | 7,146,887 | $ | 3,070,836 | $ | 10,824,279 | $ | (14,204,690 | ) | $ | 145,296,344 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2020 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 138,844,588 | $ | 7,962,681 | $ | (55,084 | ) | $ | 7,895,909 | $ | (4,793,763 | ) | $ | 149,854,331 | ||||||||||
Equity Index Fund | 161,411,500 | 4,924,651 | 9,696,104 | 19,863,226 | (21,733,267 | ) | 174,162,214 | |||||||||||||||||
International Fund | 32,679,965 | 2,439,641 | 190,651 | 4,102,486 | (1,404,215 | ) | 38,008,528 | |||||||||||||||||
Mid-Cap Equity Index Fund | 52,984,517 | 1,799,550 | 490,904 | 8,973,439 | (1,755,269 | ) | 62,493,141 | |||||||||||||||||
Mid-Term Bond Fund | 109,028,894 | 6,959,010 | (131,156 | ) | 5,127,483 | (3,861,592 | ) | 117,122,639 | ||||||||||||||||
Money Market Fund | — | 10,190,148 | 359 | 32,522 | (302,477 | ) | 9,920,552 | |||||||||||||||||
Small Cap Growth Fund | 10,135,635 | 359,910 | 55,391 | 1,664,009 | (351,054 | ) | 11,863,891 | |||||||||||||||||
Small Cap Value Fund | 10,106,598 | 359,910 | 40,661 | 1,163,580 | (351,054 | ) | 11,319,695 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 515,191,697 | $ | 34,995,501 | $ | 10,287,830 | $ | 48,822,654 | $ | (34,552,691 | ) | $ | 574,744,991 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2025 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 171,714,563 | $ | 15,936,739 | $ | 143,860 | $ | 9,797,382 | $ | (2,818,244 | ) | $ | 194,774,300 | |||||||||||
Equity Index Fund | 245,923,223 | 12,004,321 | 10,004,359 | 35,451,351 | (20,391,021 | ) | 282,992,233 | |||||||||||||||||
International Fund | 59,628,675 | 5,974,697 | 291,763 | 7,622,683 | (1,127,298 | ) | 72,390,520 | |||||||||||||||||
Mid-Cap Equity Index Fund | 88,372,118 | 4,769,634 | 968,316 | 14,909,574 | (3,352,757 | ) | 105,666,885 | |||||||||||||||||
Mid-Term Bond Fund | 92,132,487 | 17,199,045 | (74,567 | ) | 4,554,333 | (1,785,420 | ) | 112,025,878 | ||||||||||||||||
Small Cap Growth Fund | 26,810,524 | 1,431,260 | 43,763 | 4,524,695 | (399,118 | ) | 32,411,124 | |||||||||||||||||
Small Cap Value Fund | 25,261,912 | 1,431,260 | 69,305 | 2,950,362 | (399,118 | ) | 29,313,721 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 709,843,502 | $ | 58,746,956 | $ | 11,446,799 | $ | 79,810,380 | $ | (30,272,976 | ) | $ | 829,574,661 | |||||||||||
|
|
|
|
|
|
|
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132
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
3. | INVESTMENTS (CONTINUED) |
Affiliated Investment Company | Value as of December 31, 2018 | Purchases | Realized Gain (Loss) on Investment Securities | Change in Unrealized Appreciation (Depreciation) of Investment Securities | Sales | Value as of June 30, 2019 | ||||||||||||||||||
2030 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 134,127,220 | $ | 13,447,762 | $ | 4,857 | $ | 7,843,220 | $ | (1,103,446 | ) | $ | 154,319,613 | |||||||||||
Equity Index Fund | 228,698,115 | 12,472,659 | 9,043,358 | 33,469,375 | (17,646,487 | ) | 266,037,020 | |||||||||||||||||
International Fund | 64,926,507 | 5,535,513 | 144,734 | 8,517,521 | (598,723 | ) | 78,525,552 | |||||||||||||||||
Mid-Cap Equity Index Fund | 106,523,484 | 6,292,653 | 221,624 | 19,004,871 | (842,403 | ) | 131,200,229 | |||||||||||||||||
Mid-Term Bond Fund | 25,579,948 | 12,533,068 | (6,539 | ) | 1,420,683 | (310,937 | ) | 39,216,223 | ||||||||||||||||
Small Cap Growth Fund | 29,296,116 | 1,757,142 | 43,650 | 4,963,268 | (243,680 | ) | 35,816,496 | |||||||||||||||||
Small Cap Value Fund | 27,962,582 | 1,757,140 | 61,342 | 3,286,050 | (243,680 | ) | 32,823,434 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 617,113,972 | $ | 53,795,937 | $ | 9,513,026 | $ | 78,504,988 | $ | (20,989,356 | ) | $ | 737,938,567 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2035 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 89,342,727 | $ | 15,845,955 | $ | 13,042 | $ | 5,378,851 | $ | (756,517 | ) | $ | 109,824,058 | |||||||||||
Equity Index Fund | 200,390,982 | 11,851,782 | 5,979,690 | 31,259,990 | (11,338,885 | ) | 238,143,559 | |||||||||||||||||
International Fund | 60,289,779 | 6,740,713 | 61,423 | 7,995,593 | (535,554 | ) | 74,551,954 | |||||||||||||||||
Mid-Cap Equity Index Fund | 102,221,496 | 6,635,070 | 163,971 | 18,274,902 | (755,179 | ) | 126,540,260 | |||||||||||||||||
Small Cap Growth Fund | 29,156,744 | 1,894,357 | 237,077 | 4,767,677 | (1,219,625 | ) | 34,836,230 | |||||||||||||||||
Small Cap Value Fund | 28,047,202 | 1,894,357 | 44,437 | 3,312,277 | (219,625 | ) | 33,078,648 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 509,448,930 | $ | 44,862,234 | $ | 6,499,640 | $ | 70,989,290 | $ | (14,825,385 | ) | $ | 616,974,709 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2040 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 56,195,340 | $ | 7,435,014 | $ | 7,932 | $ | 3,327,530 | $ | (435,328 | ) | $ | 66,530,488 | |||||||||||
Equity Index Fund | 160,745,248 | 10,567,408 | 3,294,410 | 26,669,422 | (6,018,680 | ) | 195,257,808 | |||||||||||||||||
International Fund | 56,365,772 | 6,730,681 | 129,689 | 7,417,437 | (464,349 | ) | 70,179,230 | |||||||||||||||||
Mid-Cap Equity Index Fund | 82,489,656 | 6,022,873 | 147,055 | 14,749,422 | (581,894 | ) | 102,827,112 | |||||||||||||||||
Small Cap Equity Index Fund | — | 609,522 | (81 | ) | (14,792 | ) | (1,458 | ) | 593,191 | |||||||||||||||
Small Cap Growth Fund | 28,459,719 | 1,850,630 | 101,428 | 4,767,769 | (700,238 | ) | 34,479,308 | |||||||||||||||||
Small Cap Value Fund | 28,405,629 | 1,850,631 | 22,334 | 3,373,601 | (200,238 | ) | 33,451,957 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 412,661,364 | $ | 35,066,759 | $ | 3,702,767 | $ | 60,290,389 | $ | (8,402,185 | ) | $ | 503,319,094 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2045 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 50,385,633 | $ | 6,027,429 | $ | 20,837 | $ | 2,956,377 | $ | (342,688 | ) | $ | 59,047,588 | |||||||||||
Equity Index Fund | 166,317,843 | 7,994,447 | 3,265,784 | 27,636,543 | (5,902,715 | ) | 199,311,902 | |||||||||||||||||
International Fund | 60,354,007 | 5,879,180 | 48,680 | 7,994,761 | (434,677 | ) | 73,841,951 | |||||||||||||||||
Mid-Cap Equity Index Fund | 93,187,217 | 4,890,461 | 160,634 | 16,619,869 | (553,573 | ) | 114,304,608 | |||||||||||||||||
Small Cap Equity Index Fund | — | 576,558 | (248 | ) | (15,189 | ) | (6,454 | ) | 554,667 | |||||||||||||||
Small Cap Growth Fund | 34,445,818 | 1,709,918 | 104,322 | 5,779,689 | (697,977 | ) | 41,341,770 | |||||||||||||||||
Small Cap Value Fund | 33,424,440 | 1,709,918 | 26,359 | 3,965,917 | (197,977 | ) | 38,928,657 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 438,114,958 | $ | 28,787,911 | $ | 3,626,368 | $ | 64,937,967 | $ | (8,136,061 | ) | $ | 527,331,143 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2050 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 26,895,175 | $ | 4,065,669 | $ | (4,223 | ) | $ | 1,612,843 | $ | (257,102 | ) | $ | 32,312,362 | ||||||||||
Equity Index Fund | 101,884,607 | 9,130,672 | 765,153 | 18,308,973 | (2,748,810 | ) | 127,340,595 | |||||||||||||||||
International Fund | 45,368,733 | 6,122,729 | (17,072 | ) | 6,105,808 | (421,151 | ) | 57,159,047 | ||||||||||||||||
Mid-Cap Equity Index Fund | 60,834,727 | 5,958,823 | (24,434 | ) | 11,017,890 | (491,270 | ) | 77,295,736 | ||||||||||||||||
Small Cap Equity Index Fund | — | 962,362 | (4 | ) | (20,523 | ) | (877 | ) | 940,958 | |||||||||||||||
Small Cap Growth Fund | 25,764,072 | 2,189,733 | (31,929 | ) | 4,438,691 | (959,041 | ) | 31,401,526 | ||||||||||||||||
Small Cap Value Fund | 24,543,579 | 2,189,734 | (55,148 | ) | 2,981,631 | (209,041 | ) | 29,450,755 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 285,290,893 | $ | 30,619,722 | $ | 632,343 | $ | 44,445,313 | $ | (5,087,292 | ) | $ | 355,900,979 | |||||||||||
|
|
|
|
|
|
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133
Table of Contents
MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
3. | INVESTMENTS (CONTINUED) |
Affiliated Investment Company | Value as of December 31, 2018 | Purchases | Realized Gain (Loss) on Investment Securities | Change in Unrealized Appreciation (Depreciation) of Investment Securities | Sales | Value as of June 30, 2019 | ||||||||||||||||||
2055 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 6,743,960 | $ | 1,947,772 | $ | (108 | ) | $ | 436,045 | $ | (13,564 | ) | $ | 9,114,105 | ||||||||||
Equity Index Fund | 23,382,110 | 6,861,775 | 3,957 | 4,655,051 | (46,828 | ) | 34,856,065 | |||||||||||||||||
International Fund | 11,782,573 | 4,048,327 | 1,141 | 1,686,962 | (27,236 | ) | 17,491,767 | |||||||||||||||||
Mid-Cap Equity Index Fund | 15,142,836 | 4,761,220 | (4,221 | ) | 2,872,707 | (33,157 | ) | 22,739,385 | ||||||||||||||||
Small Cap Equity Index Fund | — | 277,780 | — | (994 | ) | (106 | ) | 276,680 | ||||||||||||||||
Small Cap Growth Fund | 6,618,049 | 1,935,019 | 16,817 | 1,151,696 | (139,912 | ) | 9,581,669 | |||||||||||||||||
Small Cap Value Fund | 6,626,777 | 1,935,019 | (3,276 | ) | 811,767 | (14,912 | ) | 9,355,375 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 70,296,305 | $ | 21,766,912 | $ | 14,310 | $ | 11,613,234 | $ | (275,715 | ) | $ | 103,415,046 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2060 Retirement Fund | ||||||||||||||||||||||||
Bond Fund | $ | 309,880 | $ | 574,288 | $ | 42 | $ | 34,744 | $ | (1,584 | ) | $ | 917,370 | |||||||||||
Equity Index Fund | 1,216,545 | 2,518,535 | (142 | ) | 346,609 | (7,236 | ) | 4,074,311 | ||||||||||||||||
International Fund | 823,359 | 1,640,818 | (359 | ) | 165,105 | (4,524 | ) | 2,624,399 | ||||||||||||||||
Mid-Cap Equity Index Fund | 906,374 | 1,886,942 | (805 | ) | 224,559 | (5,203 | ) | 3,011,867 | ||||||||||||||||
Small Cap Equity Index Fund | — | 182,309 | (26 | ) | (3,006 | ) | (450 | ) | 178,827 | |||||||||||||||
Small Cap Growth Fund | 392,428 | 763,102 | (305 | ) | 82,691 | (1,813 | ) | 1,236,103 | ||||||||||||||||
Small Cap Value Fund | 396,802 | 763,101 | (11,669 | ) | 69,388 | (126,813 | ) | 1,090,809 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 4,045,388 | $ | 8,329,095 | $ | (13,264 | ) | $ | 920,090 | $ | (147,623 | ) | $ | 13,133,686 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Conservative Allocation Fund | ||||||||||||||||||||||||
Bond Fund | $ | 46,783,620 | $ | 2,584,754 | $ | 886 | $ | 2,609,999 | $ | (2,245,441 | ) | $ | 49,733,818 | |||||||||||
Equity Index Fund | 35,543,339 | 2,153,962 | 661,912 | 5,945,657 | (1,871,201 | ) | 42,433,669 | |||||||||||||||||
International Fund | 6,608,221 | 430,792 | (15,067 | ) | 887,084 | (374,240 | ) | 7,536,790 | ||||||||||||||||
Mid-Cap Equity Index Fund | 6,694,219 | 430,792 | 23,068 | 1,187,404 | (374,240 | ) | 7,961,243 | |||||||||||||||||
Mid-Term Bond Fund | 54,311,229 | 3,015,546 | (125,048 | ) | 2,578,507 | (2,619,681 | ) | 57,160,553 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 149,940,628 | $ | 8,615,846 | $ | 545,751 | $ | 13,208,651 | $ | (7,484,803 | ) | $ | 164,826,073 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Moderate Allocation Fund | ||||||||||||||||||||||||
Bond Fund | $ | 99,578,388 | $ | 1,787,988 | $ | 69,850 | $ | 5,459,393 | $ | (2,761,044 | ) | $ | 104,134,575 | |||||||||||
Equity Index Fund | 127,083,025 | 2,503,181 | 1,835,672 | 21,484,892 | (3,865,461 | ) | 149,041,309 | |||||||||||||||||
International Fund | 33,756,494 | 715,195 | (37,789 | ) | 4,435,193 | (1,104,417 | ) | 37,764,676 | ||||||||||||||||
Mid-Cap Equity Index Fund | 51,271,559 | 1,072,791 | 594,910 | 8,510,282 | (1,656,625 | ) | 59,792,917 | |||||||||||||||||
Mid-Term Bond Fund | 59,448,693 | 1,072,792 | 26,785 | 2,644,587 | (1,656,626 | ) | 61,536,231 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 371,138,159 | $ | 7,151,947 | $ | 2,489,428 | $ | 42,534,347 | $ | (11,044,173 | ) | $ | 412,269,708 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Aggressive Allocation Fund | ||||||||||||||||||||||||
Bond Fund | $ | 60,094,565 | $ | 675,199 | $ | 17,628 | $ | 3,302,122 | $ | (1,513,544 | ) | $ | 62,575,970 | |||||||||||
Equity Index Fund | 95,958,921 | 1,181,601 | 1,434,589 | 16,144,710 | (2,648,703 | ) | 112,071,118 | |||||||||||||||||
International Fund | 38,220,984 | 506,399 | (41,716 | ) | 5,013,614 | (1,135,158 | ) | 42,564,123 | ||||||||||||||||
Mid-Cap Equity Index Fund | 51,635,080 | 675,199 | 552,733 | 8,619,288 | (1,513,544 | ) | 59,968,756 | |||||||||||||||||
Small Cap Growth Fund | 12,637,489 | 168,800 | 116,383 | 2,018,779 | (378,386 | ) | 14,563,065 | |||||||||||||||||
Small Cap Value Fund | 12,830,158 | 168,800 | 171,565 | 1,352,151 | (378,386 | ) | 14,144,288 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 271,377,197 | $ | 3,375,998 | $ | 2,251,182 | $ | 36,450,664 | $ | (7,567,721 | ) | $ | 305,887,320 | |||||||||||
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
4. | CAPITAL SHARE ACTIVITY |
The Investment Company has registered an indefinite number of its capital shares pursuant to Rule24f-2 under the Investment Company Act of 1940. As of June 30, 2019, shares authorized were allocated into the 27 series of Funds as follows:
Authorized No. of Shares | ||||
Total Shares Allocated | ||||
Equity Index Fund | 900,000,000 | |||
All America Fund | 200,000,000 | |||
Small Cap Value Fund | 425,000,000 | |||
Small Cap Growth Fund | 570,000,000 | |||
Small Cap Equity Index Fund | 200,000,000 | |||
Mid Cap Value Fund | 100,000,000 | |||
Mid-Cap Equity Index Fund | 850,000,000 | |||
International Fund | 975,000,000 | |||
Composite Fund | 150,000,000 | |||
Retirement Income Fund | 220,000,000 | |||
2010 Retirement Fund | 50,000,000 | |||
2015 Retirement Fund | 200,000,000 | |||
2020 Retirement Fund | 665,000,000 | |||
2025 Retirement Fund | 925,000,000 | |||
2030 Retirement Fund | 815,000,000 | |||
2035 Retirement Fund | 745,000,000 | |||
2040 Retirement Fund | 585,000,000 | |||
2045 Retirement Fund | 525,000,000 | |||
2050 Retirement Fund | 370,000,000 | |||
2055 Retirement Fund | 200,000,000 | |||
2060 Retirement Fund | 100,000,000 | |||
Conservative Allocation Fund | 165,000,000 | |||
Moderate Allocation Fund | 320,000,000 | |||
Aggressive Allocation Fund | 215,000,000 | |||
Money Market Fund | 425,000,000 | |||
Mid-Term Bond Fund | 790,000,000 | |||
Bond Fund | 1,425,000,000 | |||
|
| |||
Sub-Total | 13,110,000,000 | |||
Shares to be allocated at the discretion of the Board of Directors | 1,640,000,000 | |||
|
| |||
Total | 14,750,000,000 | |||
|
|
5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION |
On August 28, 2018 and August 30, 2018, required distributions of net investment income and, as applicable, net realized gains relating to 2017 were declared and paid for all applicable funds in accordance with Internal Revenue Code Section 855(a). No such distributions were required for the Small Cap Equity Index Fund and the 2060 Retirement Fund.
On December 27, 2018, required dividend distribution from net investment income was declared and paid for the Small Cap Equity Index Fund.
The Funds of Mutual of America Investment Corporation intend to declare and pay their respective tax year 2018 investment company taxable income and capital gains in 2019 in accordance with Internal Revenue Section 855(a).
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
Pursuant to shareholders’ instructions, substantially all dividend distributions throughout 2019 and 2018 were immediately reinvested into their respective funds. The tax character of the distributions paid during 2019 and 2018 were as follows:
Equity Index Fund | All America Fund | Small Cap Value Fund | Small Cap Growth Fund | Small Cap Equity Index Fund | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 50,954,024 | $ | 6,759,221 | $ | 7,840,591 | $ | 3,494,643 | $ | 136,423 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 56,058,789 | $ | 13,677,187 | $ | 35,888,408 | $ | 36,222,538 | $ | 0 | ||||||||||
Return of Capital | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 965 | ||||||||||
Mid Cap Value Fund | Mid-Cap Equity Index Fund | International Fund | Composite Fund | Retirement Fund | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 2,211,470 | $ | 23,927,995 | $ | 12,148,302 | $ | 7,731,743 | $ | 1,751,326 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 6,713,062 | $ | 85,503,007 | $ | 0 | $ | 10,415,744 | $ | 1,339,242 | ||||||||||
2010 Retirement Fund | 2015 Retirement Fund | 2020 Retirement Fund | 2025 Retirement Fund | 2030 Retirement Fund | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 490,991 | $ | 2,885,898 | $ | 9,311,834 | $ | 11,340,011 | $ | 9,023,183 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 1,055,110 | $ | 6,098,811 | $ | 14,464,758 | $ | 23,373,515 | $ | 19,726,249 | ||||||||||
2035 Retirement Fund | 2040 Retirement Fund | 2045 Retirement Fund | 2050 Retirement Fund | 2055 Retirement Fund | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 7,120,325 | $ | 5,677,938 | $ | 6,218,541 | $ | 3,442,823 | $ | 366,872 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 16,266,812 | $ | 12,891,559 | $ | 15,787,067 | $ | 6,634,382 | $ | 542,019 | ||||||||||
2060 Retirement Fund | Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Money Market Fund | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 0 | $ | 3,300,748 | $ | 7,438,128 | $ | 5,093,663 | $ | 462,689 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||
2018 | $ | 0 | $ | 6,677,611 | $ | 20,403,614 | $ | 16,696,924 | $ | 0 |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
Mid-Term Bond Fund | Bond Fund | |||||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2019 | $ | 0 | 0 | |||||||||||||||||
2018 | $ | 12,347,782 | $ | 34,954,410 | ||||||||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2019 | $ | 0 | $ | 0 | ||||||||||||||||
2018 | $ | 77,266 | $ | 0 |
Notes:
(a) | Includes distributions from Fund-level net short-term capital gains. |
Undistributed net income and gains (losses) — As of June 30, 2019, undistributed net income and undistributed accumulated gain (loss) for federal income tax purposes were as follows:
Equity Index Fund | All America Fund | Small Cap Value Fund | Small Cap Growth Fund | Small Cap Equity Index Fund | ||||||||||||||||
Accumulated undistributed net investment income | $ | 84,897,772 | $ | 5,788,827 | $ | 7,580,694 | $ | 996,198 | $ | 279,067 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | $ | 85,007,036 | $ | 30,377,253 | $ | 35,584,192 | $ | 60,321,198 | $ | 1,934 | ||||||||||
Net unrealized appreciation (depreciation) of investments and futures contracts | $ | 1,295,422,268 | $ | 83,166,279 | $ | 46,543,242 | $ | 68,993,375 | $ | (1,608,625 | ) | |||||||||
Mid Cap Value Fund | Mid-Cap Equity Index Fund | International Fund | Composite Fund | Retirement Income Fund | ||||||||||||||||
Accumulated undistributed net investment income | $ | 2,097,885 | $ | 36,551,566 | $ | 25,792,813 | $ | 6,031,464 | $ | 1,908,444 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | $ | 3,252,858 | $ | 132,709,345 | $ | 0 | $ | 9,926,280 | $ | 2,391,064 | ||||||||||
Net unrealized appreciation (depreciation) of investments and futures contracts | $ | 18,263,211 | $ | 268,299,482 | $ | 35,476,579 | $ | 23,579,475 | $ | 5,368,704 | ||||||||||
2010 Retirement Fund | 2015 Retirement Fund | 2020 Retirement Fund | 2025 Retirement Fund | 2030 Retirement Fund | ||||||||||||||||
Accumulated undistributed net investment income | $ | 476,056 | $ | 2,895,917 | $ | 10,744,694 | $ | 14,104,082 | $ | 11,887,199 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | $ | 928,320 | $ | 9,580,295 | $ | 34,522,988 | $ | 41,940,087 | $ | 35,681,227 | ||||||||||
Net unrealized appreciation (depreciation) of investments and futures contracts | $ | 1,402,656 | $ | 11,512,357 | $ | 51,812,125 | $ | 84,207,292 | $ | 83,022,006 | ||||||||||
2035 Retirement Fund | 2040 Retirement Fund | 2045 Retirement Fund | 2050 Retirement Fund | 2055 Retirement Fund | ||||||||||||||||
Accumulated undistributed net investment income | $ | 9,486,781 | $ | 7,589,088 | $ | 8,048,993 | $ | 5,028,164 | $ | 1,071,155 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | $ | 29,086,842 | $ | 20,567,174 | $ | 24,547,912 | $ | 11,504,271 | $ | 2,297,226 | ||||||||||
Net unrealized appreciation (depreciation) of investments and futures contracts | $ | 77,003,363 | $ | 66,531,064 | $ | 77,845,364 | $ | 29,420,273 | $ | 2,729,542 |
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MUTUAL OF AMERICA INVESTMENT CORPORATION
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2019
5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
2060 Retirement Fund | Conservative Allocation Fund | Moderate Allocation Fund | Aggressive Allocation Fund | Money Market Fund | ||||||||||||||||
Accumulated undistributed net investment income | $ | 13,446 | $ | 3,384,999 | $ | 8,202,249 | $ | 5,732,958 | $ | 4,522,291 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments and futures contracts | $ | 10,206 | $ | 4,443,973 | $ | 19,226,216 | $ | 19,535,692 | $ | 0 | ||||||||||
Net unrealized appreciation (depreciation) of investments and futures contracts | $ | 564,439 | $ | 10,501,359 | $ | 60,793,981 | $ | 57,542,081 | $ | 12 | ||||||||||
Mid-Term Bond Fund | Bond Fund | |||||||||||||||||||
Accumulated undistributed net investment income | $ | 20,922,188 | $ | 57,197,518 | ||||||||||||||||
Accumulated undistributed net realized gain/(loss) on | $ | (1,274,200 | ) | $ | (1,626,922 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) of investments and | $ | 10,248,097 | $ | 38,189,732 |
The difference between the components of distributable earnings for income tax purposes and the amounts reflected in the statements of assets and liabilities arise primarily from federal income tax treatment of wash sales, REITs, partnerships, corporate actions and futures contracts.
6. | RECENT ACCOUNTING PRONOUNCEMENTS |
In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Funds’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management is currently evaluating the impact and implications of the provisions of the ASU to the Funds, which have not yet been determined.
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MUTUAL OF AMERICA INVESTMENT CORPORATION
Quarterly Portfolio Schedules
Included in this Semi-Annual Report are schedules of Mutual of America Investment Corporation’s (“Investment Company”) Fund portfolio holdings as of June 30, 2019. The Investment Company files complete schedules of Fund portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year onForm N-Q or, starting in 2019, on Form N-PORT and for the second and fourth quarters of each fiscal year onForm N-CSR. TheForms N-Q, N-PORT andN-CSR are available on the SEC’s website at http://www.sec.gov.
Proxy Voting Policies and Procedures
A copy of the Investment Company’s proxy voting policies and procedures can be obtained free of charge by calling1-800-468-3785. It is also available on the SEC’s website at http://www.sec.gov.
Information regarding how the Investment Company voted proxies relating to portfolio securities during the12-month period ended June 30, 2019 is available without charge by calling1-800-468-3785. It is also available on the SEC website.
Code of Ethics
The Investment Company has adopted a Code of Ethics that complies with Rule17j-1 of the Investment Company Act of 1940 and with the requirements of the Sarbanes-Oxley Act of 2002. A copy of the Code of Ethics is available free of charge, upon request. To obtain a free copy of the Code of Ethics, please call(212) 224-1568 or write to:
Ms. Kathryn A. Lu
Executive Vice President and Chief Compliance Officer
Mutual of America Investment Corporation
320 Park Avenue
New York, NY 10022-6839
Renewal of Investment Advisory Agreements
At its meeting held on February 28, 2019, the Board of Directors of the Investment Company renewed for aone-year period the investment advisory agreement with Mutual of America Capital Management Corporation (the “Adviser”). The Board determined that renewing the agreement with the Adviser was in the best interest of the Investment Company based on the following considerations which are further enumerated below. The Board concluded that Mutual of America Capital Management Corporation has performed extensive services for the Investment Company and has demonstrated satisfactory performance, that its fee is reasonable in comparison to fees charged for similar services to similar funds by other advisers, that the method of calculating the fee is reasonable, that the Adviser has not made excessive profits from the contract and the fee levels reflect that the Funds are appropriately benefiting from economies of scale.
Nature, Extent and Quality of Services
The Board considered the depth of experience and organizational structure of the Adviser. At December 31, 2018, the Adviser had approximately $17 billion of assets under management. The individual portfolio managers that oversee the investment performance of each of the Investment Company’s Funds have extensive experience and knowledge of the specific markets in which they participate. The Adviser adheres to a strict best execution policy which requires it to select broker/dealers based on their ability to execute trades at a favorable and reasonable price. All else being equal, the Advisor will also consider any research that the broker/dealers may provide. The Adviser maintains a highly qualified staff of research analysts and quantitative analysts who assist in the implementation of the disciplined investment policies employed by the portfolio managers to enhance stock selection and manage risk in the portfolios. The Adviser’s quantitative analysts have developed proprietary models that result in daily risk and attribution reports as well as information on stock movements, to enable the portfolio managers to make fully informed decisions on stock selection and to constantly evaluate the structure of each portfolio. When purchasing research and other services, the Adviser uses its own funds to purchase such services from recognized firms that are utilized by the research staff. The Adviser also receives research services from broker/dealers which are utilized to benefit the Funds. The Board was
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aware of the receipt of these research services when it considered renewing the advisory agreement with the Adviser. The Adviser, at no cost, provides services beyond those set forth in the advisory agreement, such as assistance in the preparation of marketing materials and attendance at client and prospect meetings.
Investment Performance
The Board considered the short- and long-term performance of the Funds. During 2018, the vast majority of the Funds demonstrated gross performance that was above their benchmarks, when considering minimal tracking error. Performance has continued to improve over the past number of years due to changes made in the Adviser’s investment process and personnel, including the creation of the quantitative research group mentioned above.
Cost and Profit
The Board compared the advisory fees charged to each Fund by the Adviser with fees of numerous similar funds. In the case of each Fund, the Adviser’s fee compared favorably with fees charged by other advisers. Finally, the Adviser has not shown excessively high profits from the fees it is paid by the Investment Company.
Economies of Scale
The Board concluded that the reasonableness of the Adviser’s fees, particularly when compared to fees of similar funds that, in most cases, are many times the asset size of the Funds of the Investment Company demonstrates the fact that the Funds are benefiting from economies of scale. The Adviser utilizes the resources at its disposal efficiently. Its fees reflect cost savings and expense discounts, if any, that it realizes from volume increases.
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MUTUALOF AMERICA
LIFE INSURANCE COMPANY
320 PARK AVENUE
NEW YORK, NY 10022-6839
www.mutualofamerica.com
Table of Contents
320 PARK AVENUE
NEW YORK NY 10022-6839
ADDRESS SERVICE REQUESTED
You can receive these and other important documents electronically. Sign up for eDocuments and we’ll waive the monthly participant charge.
Find out more at mutualofamerica.com or call1-800-468-3785. |
M100-MOA |
Table of Contents
ITEM 2. | CODE OF ETHICS. |
Item not applicable to semi-annual report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Item not applicable to semi-annual report.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Item not applicable to semi-annual report.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | INVESTMENTS. |
(a) | Not applicable. The complete Schedules of Investment are included as part of the Reports to Stockholders in Item 1. |
(b) | Not applicable. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Not applicable.
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ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this FormN-CSR was recorded, processed, summarized, and reported in a timely and accurate manner. |
(b) | The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
Attached hereto:
(a) (1) Not applicable to semi-annual report. | ||
(2) Exhibit 99.CERT | Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule30a-2(a) under the Investment Company Act of 1940. | |
(3) Not applicable. | ||
(b) Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required byRule 30a-2(b) under the Investment Company Act of 1940. |
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Mutual of America Investment Corporation
By: | /s/ JAMES J. ROTH | |
James J. Roth | ||
Chairman of the Board, | ||
President and Chief Executive Officer of | ||
Mutual of America Investment Corporation | ||
Date: | September 6, 2019 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ JAMES J. ROTH | |
James J. Roth | ||
Chairman of the Board, | ||
President and Chief Executive Officer of | ||
Mutual of America Investment Corporation | ||
Date: | September 6, 2019 | |
By: | /s/ CHRIS W. FESTOG | |
Chris W. Festog | ||
Senior Executive Vice President, | ||
Chief Financial Officer and Treasurer of | ||
Mutual of America Investment Corporation | ||
Date: | September 6, 2019 |