As filed with the Securities and Exchange Commission on June 2, 2006
Registration No. 333-131941/811-05084
U.S. Securities and Exchange Commission
Washington, DC 20549
FORM N-14
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Pre-Effective Amendment No. 3 Post-Effective Amendment No. ___
(Check appropriate box or boxes)
Exact Name of Registrant as Specified in Charter:
MUTUAL OF AMERICA INVESTMENT CORPORATION
Area Code and Telephone Number:
(212) 224-1600
Address of Principal Executive Offices:
320 Park Avenue, New York, New York 10022
Name and Address of Agent for Service:
Manfred Altstadt
Chairman, President and CEO
Mutual of America Investment Corporation
320 Park Avenue
New York, New York 10022
Copies to:
Thomas L. Martin
Senior Vice President and Secretary
Mutual of America Life Insurance Company
320 Park Avenue
New York, New York 10022
Approximate Date of Proposed Public Offering: As soon as practicable after the
Registration Statement becomes effective under the Securities Act of 1933.
Title of securities being registered: Shares of beneficial interest in the Registrant’s Small Cap Growth Fund and Small Cap Value Fund
Calculation of Registration Fee under the Securities Act of 1933: No filing fee is required in reliance on Section 24(f) under the Investment Company Act of 1940, as amended.
Aggressive Equity Fund
320 Park Avenue, New York, New York 10022
Variable Life Insurance Policy Owner:
1. | Following the reorganization, each New Fund is expected to have an aggregate operating expense ratio that is no greater than that of the Aggressive Equity Fund currently. |
2. | If you would rather not remain in either or both of the New Funds after the reorganization, you may transfer all or a part of your interest in a New Fund as provided in your contract to another available investment option on each day the Investment Company is open for business at the then current net asset value per share. Currently, transfers are not subject to charges or limits except there are restrictions with respect to frequent purchases and redemptions. |
3. | Following the Closing, those variable contract owners with separate account allocations to the Aggressive Equity Fund who have not changed such allocation will automatically be deemed to allocate their automatic payroll deduction or periodic contributions to the Small Cap Value Fund |
and the Small Cap Growth Fund in the ratio of growth and value stocks in the Aggressive Equity Fund on the Closing Date. Any fractional percentages of the variable contract owner’s regular contribution that may result from such deemed allocation will be rounded by contributing the fraction to the Fund with the largest share of the ratio, or if the ratio is equal, to the Small Cap Value Fund. If you would like to change your allocation, please contact Mutual of America or follow the instructions in the Investment Company prospectus for allocation changes. |
Aggressive Equity Fund
320 Park Avenue, New York, New York 10022
Variable Life Insurance Policy Owner:
1. | Following the reorganization, each New Fund is expected to have an aggregate operating expense ratio that is no greater than that of the Aggressive Equity Fund currently. |
2. | If you would rather not remain in either or both of the New Funds after the reorganization, you may transfer all or a part of your interest in a New Fund as provided in your contract to another available investment option on each day the Investment Company is open for business at the then current net asset value per share. Currently, transfers are not subject to charges or limits except there are restrictions with respect to frequent purchases and redemptions. |
3. | Following the Closing, those variable contract owners with separate account allocations to the Aggressive Equity Fund who have not changed such allocation will automatically be deemed to allocate their automatic |
payroll deduction or periodic contributions to the Small Cap Value Fund and the Small Cap Growth Fund in the ratio of growth and value stocks in the Aggressive Equity Fund on the Closing Date. Any fractional percentages of the variable contract owner’s regular contribution that may result from such deemed allocation will be rounded by contributing the fraction to the Fund with the largest share of the ratio, or if the ratio is equal, to the Small Cap Value Fund. If you would like to change your allocation, please contact Mutual of America or follow the instructions in the Investment Company prospectus for allocation changes. |
New York, New York 10022
the Aggressive Equity Fund:
ITEM 1. | To approve or disapprove a Plan of Reorganization (the “Plan”) whereby all the assets and liabilities of the Aggressive Equity Fund will be transferred to the Small Cap Growth Fund and the Small Cap Value Fund, each a series of the Investment Company (the “New Funds”). The Plan contemplates (a) the transfer of all of the assets and liabilities of the Aggressive Equity Fund to the New Funds in exchange for shares of the New Funds, (b) the distribution of such shares of the New Funds to the shareholders of the Aggressive Equity Fund in exchange for their shares of the Aggressive Equity Fund, and (c) the liquidation of the Aggressive Equity Fund. | |||||
ITEM 2. | To transact such other business as may properly come before the Special Meeting or any adjournment(s) thereof. |
Thomas L. Martin, Secretary
New York, New York
dated June 9, 2006
Aggressive Equity Fund
Small Cap Growth Fund
Small Cap Value Fund
320 Park Avenue
New York, New York 10022
(800)-468-3785
99.98% of the shares of the Aggressive Equity Fund. As of the record date for the Meeting, the American Life Insurance Company of New York (“American Life”), on behalf of its separate accounts registered under the 1940 Act, unregistered separate accounts, and related subaccounts (collectively, the “American Life separate accounts”, and, together with the Mutual of America separate accounts, the “separate accounts”), is the legal owner of 0.02% of the shares of the Aggressive Equity Fund. American Life and Mutual of America are referred to herein as the “Insurance Companies”, or if singular, an “Insurance Company.”
Page | ||||||||||
Introduction | 5 | |||||||||
Summary | 5 | |||||||||
Risk Factors | 9 | |||||||||
Comparative Fee and Expense Table | 11 | |||||||||
Information Relating to the Proposed Reorganization | 13 | |||||||||
Federal Income Tax Consequences | 17 | |||||||||
Capitalization | 17 | |||||||||
Comparison of Investment Objective and Policies | 18 | |||||||||
New Funds Financial Highlights | 19 | |||||||||
Summary of Information about the Investment Company Generally | 21 | |||||||||
Voting Information | 22 | |||||||||
Additional Information about the Funds | 24 | |||||||||
Other Business | 25 | |||||||||
Litigation | 25 | |||||||||
Shareholder Inquiries | 25 | |||||||||
Appendix A — Plan of Reorganization | A-1 | |||||||||
Appendix B — New Funds Prospectus dated May 1, 2006 | B-1 |
2000® Index. Pursuant to the proposed Reorganization Plan, the Aggressive Equity Fund will transfer all of its assets and all of its liabilities to the New Funds in exchange for shares of the New Funds, each a series of the Investment Company. The ratio of the shares of each of the New Funds to be received by the shareholders will be equal to the ratio of growth stocks and value stocks at the Valuation Time, which currently is 52% in shares of the Small Cap Value Fund and 48% in shares of the Small Cap Growth Fund.
asset values of the shares of one or both of the New Funds because of investment results of the Fund. Reallocations by variable contract owners are without fees or charges.
Investment Approach | ||||||
---|---|---|---|---|---|---|
Aggressive Equity Fund | Invests primarily in growth and value common stocks. It invests in growth stocks issued by companies that its investment adviser believes to possess above average growth potential. It invests in value stocks issued by small to mid cap companies its investment adviser believes to be fundamentally sound with the potential for above average earnings growth and long term capital appreciation and stocks it believes to be undervalued and with the potential for above average investment returns. | |||||
Small Cap Growth Fund | Invests primarily in growth stocks issued by companies that its investment adviser believes to possess above average growth potential. | |||||
Small Cap Value Fund | Invests primarily in value stocks issued by companies its investment adviser believes to be undervalued in relation to factors such as the company’s assets, earnings or growth potential. |
• | Each Fund is subject to market risk — the value of your investment will go up or down, depending on movements in the stock markets. As a result, you may lose money from your investment, or your investment may increase in value. |
• | The investment results for a particular Fund may be better or worse than the results for the stock markets taken as a whole, depending on the type of securities in which the Fund invests. |
• | The investment results for a particular Fund may be better or worse than the results of other funds that invest in the same types of securities. In other words, stock selection by a Fund’s investment adviser(s) will impact the Fund’s performance. |
• | The prices and investment performance of stocks that are issued by companies with smaller market capitalizations may fluctuate more than the prices and investment performance of stocks that are issued by companies with larger market capitalizations. |
• | A Fund may have more difficulty selling a small capitalization stock or any stock that trades “over-the-counter”, as compared to larger capitalization stocks or stocks that trade on a national or regional stock exchange. |
• | Value stocks and growth stocks usually have different investment results, and either investment style may become out of favor with stock investors at a given time. |
| Aggressive Equity Fund | | Small Cap Growth Fund | | Small Cap Value Fund | | Small Cap Growth Fund (pro forma including the Aggressive Equity Fund) | | Small Cap Value Fund (pro forma including the Aggressive Equity Fund | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shareholder Fees (fees paid directly from your investment) | N/A | N/A | N/A | N/A | N/A | |||||||||||||||||
Annual Fund Operating Expenses (expenses that are deducted from Fund assets) | ||||||||||||||||||||||
Management Fees** | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | 0.75 | % | ||||||||||||
Distribution (12b-1) Fees | NONE | NONE | NONE | NONE | NONE | |||||||||||||||||
Other Operating Expenses | 0.11 | % | 0.12 | % | 0.12 | % | 0.11 | % | 0.11 | % | ||||||||||||
Total Annual Fund Operating Expenses | 0.86 | % | 0.87 | % | 0.87 | % | 0.86 | % | 0.86 | % |
* | Capital Management had contractually agreed beginning as of January 1, 2003 to limit each Fund’s total operating expenses (excluding taxes, brokerage commissions, extraordinary expenses and other fees related to portfolio transactions) to its investment management fees. Capital Management had voluntarily limited the Funds’ expenses since the inception of each Fund, prior to providing the contractual expense limitation commencing January 1, 2003. This contractual obligation remained in effect for the year 2005; however, as a result of the Capital Management’s written notice of termination under the terms of the |
Agreement as amended, it terminated at midnight on April 30, 2006. As a result, effective May 1, 2006, the Investment Company is no longer reimbursed by Capital Management for any of its expenses. During 2005, total operating expenses as a percentage of net assets before the related expense reimbursement was 0.11% for the Aggressive Equity Fund and 0.12% for the Small Cap Growth Fund and Small Cap Value Fund. On a pro forma basis, the 2005 expenses before the related expense reimbursement would be expected to be 0.11% for each New Fund. |
** | Capital Management’s investment advisory agreement was renewed by the Investment Company Board at its February 24, 2006 meeting, and as part of such renewal, the adviser’s fees were reduced by 0.10% for each of the Funds. As a result, effective May 1, 2006 the management fee for the Aggressive Equity Fund and each of the New Funds have been reduced from 0.85% to 0.75% of the average daily net assets of the Fund. |
| 1 Year | | 3 Years | | 5 Years | | 10 Years | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Aggressive Equity Fund | $88 | $278 | $487 | $1,108 | ||||||||||||||
Small Cap Growth Fund | $89 | $281 | $493 | $1,121 | ||||||||||||||
Small Cap Value Fund | $89 | $281 | $493 | $1,121 | ||||||||||||||
Pro Forma of the Small Cap Growth Fund including the Aggressive Equity Fund | $88 | $278 | $487 | $1,108 | ||||||||||||||
Pro Forma of the Small Cap Value Fund including the Aggressive Equity Fund | $88 | $278 | $487 | $1,108 |
purchase, redemption and dividend policies as the Aggressive Equity Fund. Exchange privileges are governed by the terms of your variable contract and will not be affected by the Reorganization.
Directors, unanimously decided to approve the Reorganization and to recommend its approval to shareholders.
a significant amount of assets and thus achieve economies of scale and ultimately a lower expense ratio than each has as a new series of the Investment Company; and the fact that the Reorganization would not result in adverse tax consequences. The Board reviewed the advisory fee in light of the fact that the investment manager would no longer be providing allocation services. The Board concluded that the selection of securities by the adviser was the most significant service, and therefore concluded the fact that the new Funds do not provide the allocation service did not produce any cost savings for the adviser that could be passed on to the shareholders. The Board also concluded that the management fees for the New Funds are lower than the fees of 90% of similar funds based on a survey of 1,734 small cap growth funds and 731 small cap value funds.
the investment adviser reimbursed the Funds for their expenses, other than management fees. Effective May 1, 2006, such reimbursement terminated and each Fund currently pays its own operating expenses. (Please see “Comparative Fee and Expense Tables” and the footnotes thereto on pages 11-12.)
| Aggressive Equity Fund | | Small Cap Growth Fund | | Small Cap Value Fund | | Pro Forma Small Cap Growth Fund* | | Pro Forma Small Cap Value Fund* | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Net Assets | $ | 322,518,421 | $ | 24,228,642 | $ | 33,846,591 | $ | 176,350,699 | $ | 204,242,955 | ||||||||||||
Shares Outstanding | 175,529,648 | 22,964,804 | 31,714,079 | 166,368,584 | 190,881,266 | |||||||||||||||||
Net Asset Value per share | $ | 1.84 | $ | 1.06 | 1.07 | �� | $ | 1.06 | $ | 1.07 |
* | Net Asset Values per share reflect an increase in shares outstanding to reflect the additional investment resulting from the transfer. |
investing at least 80% of its net assets in growth stocks, and variable contract owners with assets allocated to the Small Cap Value Fund will be given at least 60 days prior notice of any change in the Small Cap Value Fund’s policy of investing at least 80% of its assets in value stocks. The fundamental investment restrictions of each Fund, which are set forth in the Investment Company’s Statement of Additional Information, are identical.
| Period Ended December 31, 2005 (2) | |||||
---|---|---|---|---|---|---|
SMALL CAP GROWTH FUND | ||||||
Net Asset Value, Beginning of Period | $ | 1.00 | ||||
Income From Operations: | ||||||
Net investment income | — | |||||
Net realized and unrealized gain | 0.06 | |||||
Total Income From Operations | 0.06 | |||||
Less Distributions From: | ||||||
Net investment income | — | |||||
Capital gains | — | |||||
Total Distributions | — | |||||
Net Asset Value, End of Period | $ | 1.06 | ||||
Total Return(3) | 5.49 | % | ||||
Net Assets, End of Period (000’s) | $ | 24,229 | ||||
Ratios to Average Net Assets: | ||||||
Expenses, after reimbursement (1)(4) | 0.83 | % | ||||
Net investment income (4) | 0.00 | % | ||||
Fund Turnover Rate (3) | 64.38 | % |
| Period Ended December 31, 2005 (2) | |||||
---|---|---|---|---|---|---|
SMALL CAP VALUE FUND | ||||||
Net Asset Value, Beginning of Period | $ | 1.00 | ||||
Income (Loss) From Operations: | ||||||
Net investment income | 0.01 | |||||
Net realized and unrealized gain | 0.07 | |||||
Total Income From Operations | 0.08 | |||||
Less Distributions From: | ||||||
Net investment income | (0.01 | ) | ||||
Capital gains | — | |||||
Total Distributions | (0.01 | ) | ||||
Net Asset Value, End of Period | $ | 1.07 | ||||
Total Return (3) | 7.61 | % | ||||
Net Assets, End of Period (000’s) | $ | 33,847 | ||||
Ratios to Average Net Assets: | ||||||
Expenses, after reimbursement (1)(4) | 0.84 | % | ||||
Net investment income (4) | 1.19 | % | ||||
Fund Turnover Rate (3) | 32.67 | % |
(1) | As a result of a contractual expense reimbursement effective through April 30, 2006, the ratio of expenses to average net assets is limited to the Fund’s investment advisory fee. The expense ratio before the Adviser’s expense reimbursement for the Small Cap Growth Fund was 0.95% and for the Small Cap Value Fund was 0.96%. |
(2) | Period from July 1, 2005 (Commencement of operations) to December 31, 2005. |
(3) | Not annualized. |
(4) | Annualized. |
ABOUT THE INVESTMENT COMPANY GENERALLY
proposal. In certain circumstances, the Insurance Company has the right to disregard voting instructions from certain variable contract owners. The Insurance Companies do not believe that these circumstances exist with respect to matters currently before shareholders and variable contract owners. Variable contract owners may revoke previously submitted voting instructions given to an Insurance Company by notifying the Insurance Company in writing at any time before 5:00 p.m. (Eastern time) on July 13, 2006 or by attending and voting in person at the Meeting. Mutual of America or Capital Management will bear all of the expenses of soliciting voting instructions. The solicitation will be made primarily by mail, but the Insurance Companies and their affiliates may make telephone, electronic, or oral communications to variable contract owners.
Name and Address | | Fund | | Percentage of Fund Owned on Record Date | | Percentage of the Small Cap Growth Fund Ownership Upon Consummation | | Percentage of the Small Cap Value Fund Ownership Upon Consummation | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
None |
PLAN OF REORGANIZATION
1. | THE REORGANIZATION |
2. | VALUATION |
3. | CLOSING AND CLOSING DATE |
with values as determined in Section 2.1, all as of the Valuation Time, certified by the Investment Company’s Treasurer.
4. | REPRESENTATIONS AND WARRANTIES |
known actual or contingent liabilities of the Merging Fund required to be reflected on a statement of assets and liabilities (including the notes thereto) in accordance with GAAP as of such date that are not disclosed therein.
herein, except such as may be required under the 1933 Act, the 1934 Act, the 1940 Act, and state securities laws.
in light of the circumstances under which such statements were made, not materially misleading.
5. | INTENTIONS |
reasonably necessary, proper, and/or advisable to consummate and make effective the transactions contemplated by this Plan.
6. | CONDITIONS PRECEDENT TO BE FULFILLED BY THE INVESTMENT COMPANY |
delivery of such opinion is conditioned upon receipt by Sutherland Asbill & Brennan of representations it shall request of each Fund. Notwithstanding anything herein to the contrary, neither party may waive the condition set forth in this Section 6.11.
7. | FEES AND EXPENSES |
8. | ENTIRE PLAN; SURVIVAL OF WARRANTIES |
9. | TERMINATION |
10. | AMENDMENTS |
11. | NOTICES |
12. | HEADINGS; GOVERNING LAW; LIMITATION OF LIABILITY |
Attest: | Mutual of America Investment Corporation on behalf of the Aggressive Equity Fund | |||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Attest: | Mutual of America Investment Corporation on behalf of the Small Cap Growth Fund | |||||
By: | ||||||
Name: | ||||||
Title: | ||||||
Attest: | Mutual of America Investment Corporation on behalf of the Small Cap Value Fund | |||||
By: | ||||||
Name: | ||||||
Title: | ||||||
June 9, 2006
Aggressive Equity Fund
Small Cap Growth Fund
Small Cap Value Fund
New York, New York 10022
(800)-468-3785
GENERAL INFORMATION | 2 | |||||
FINANCIAL STATEMENTS | 3 |
SMALL CAP VALUE FUND AND SMALL CAP GROWTH FUND
PRO FORMA STATEMENTS OF ASSETS AND LIABILITIES (Unaudited)
December 31, 2005
Aggressive Equity Fund | Small Cap Value Fund | Small Cap Growth Fund | Pro Forma Adjustments (2) | Small Cap Value Fund (Pro Forma) | Small Cap Growth Fund (Pro Forma) | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
ASSETS: | ||||||||||||||||||||||||||
Investments at market value | ||||||||||||||||||||||||||
(Cost: Aggressive Equity Fund — $281,466,377 | ||||||||||||||||||||||||||
Small Cap Value Fund (Actual) — $33,394,049 | ||||||||||||||||||||||||||
Small Cap Growth Fund (Actual) — $23,175,290 | ||||||||||||||||||||||||||
Small Cap Value Fund (Pro Forma) — $180,538,068 | ||||||||||||||||||||||||||
Small Cap Growth Fund (Pro Forma) — $157,497,648) | $ | 321,471,659 | $ | 33,732,671 | $ | 24,151,173 | $ | — | $ | 203,539,822 | $ | 175,815,681 | ||||||||||||||
Cash | 6,771 | 6,336 | 5,328 | — | 13,081 | 5,354 | ||||||||||||||||||||
Interest and dividends receivable | 302,520 | 43,711 | 11,245 | — | 273,577 | 83,899 | ||||||||||||||||||||
Receivable for securities sold | 1,460,827 | 63,873 | 172,339 | — | 416,475 | 1,280,564 | ||||||||||||||||||||
TOTAL ASSETS | 323,241,777 | 33,846,591 | 24,340,085 | — | 204,242,955 | 177,185,498 | ||||||||||||||||||||
LIABILITIES: | ||||||||||||||||||||||||||
Payable for securities purchased | 723,356 | — | 111,443 | — | — | 834,799 | ||||||||||||||||||||
NET ASSETS | $ | 322,518,421 | $ | 33,846,591 | $ | 24,228,642 | $ | — | $ | 204,242,955 | $ | 176,350,699 | ||||||||||||||
NUMBER OF SHARES OUTSTANDING | 175,529,648 | 31,714,079 | 22,964,804 | 127,041,319 | 190,881,266 | 166,368,584 | ||||||||||||||||||||
NET ASSET VALUES, offering and redemption price per share | $ | 1.84 | $ | 1.07 | $ | 1.06 | $ | 1.07 | $ | 1.06 | ||||||||||||||||
COMPONENTS OF NET ASSETS: | ||||||||||||||||||||||||||
Paid-in capital | $ | 262,105,592 | $ | 33,256,411 | $ | 23,773,986 | $ | — | $ | 165,079,680 | $ | 154,056,309 | ||||||||||||||
Accumulated undistributed net investment income | 815,386 | 6,414 | — | — | 438,569 | 383,231 | ||||||||||||||||||||
Accumulated undistributed net realized gain (loss) on investments | 19,592,162 | 245,144 | (521,227 | ) | — | 15,722,952 | 3,593,127 | |||||||||||||||||||
Unrealized appreciation of investments | 40,005,281 | 338,622 | 975,883 | — | 23,001,754 | 18,318,032 | ||||||||||||||||||||
NET ASSETS | $ | 322,518,421 | $ | 33,846,591 | $ | 24,228,642 | $ | — | $ | 204,242,955 | $ | 176,350,699 |
SMALL CAP VALUE FUND AND SMALL CAP GROWTH FUND
PRO FORMA STATEMENTS OF OPERATIONS (Unaudited)
Aggressive Equity Fund for the Year Ended December 31, 2005 | Small Cap Value Fund for the Period July 1, 2005 (Commencement of Operations) to December 31, 2005 | Small Cap Growth Fund for the Period July 1, 2005 (Commencement of Operations) to December 31, 2005 | Pro Forma Adjustments (3) | Small Cap Value Fund (Pro Forma) for the Year Ended December 31, 2005 | Small Cap Growth Fund (Pro Forma) for the Year Ended December 31, 2005 | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
INVESTMENT INCOME AND EXPENSES: | ||||||||||||||||||||||||||
Income: | ||||||||||||||||||||||||||
Dividends | $ | 3,301,975 | $ | 230,714 | $ | 44,248 | $ | 0 | $ | 1,980,761 | $ | 1,596,176 | ||||||||||||||
Interest | 364,156 | 43,927 | 36,285 | 0 | 236,930 | 207,438 | ||||||||||||||||||||
Total income | 3,666,131 | 274,641 | 80,533 | 0 | 2,217,690 | 1,803,615 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||
Investment advisory fees | 2,850,745 | 113,540 | 80,883 | 0 | 1,624,435 | 1,420,733 | ||||||||||||||||||||
Accounting and recordkeeping expenses | 114,915 | 5,586 | 3,998 | (11,492 | ) | 60,400 | 52,607 | |||||||||||||||||||
Shareholders reports | 179,968 | 8,748 | 6,262 | (8,998 | ) | 99,362 | 86,618 | |||||||||||||||||||
Custodian expenses | 53,718 | 2,680 | 4,464 | (5,372 | ) | 28,303 | 27,187 | |||||||||||||||||||
Independent Directors’ fees and expenses | 24,648 | 1,198 | 857 | 0 | 14,261 | 12,442 | ||||||||||||||||||||
Audit | 19,995 | 972 | 696 | (1,000 | ) | 11,039 | 9,624 | |||||||||||||||||||
Legal and other | 1,184 | 58 | 41 | 0 | 686 | 597 | ||||||||||||||||||||
Total expenses before reimbursement | 3,245,173 | 132,782 | 97,201 | (26,861 | ) | 1,838,487 | 1,609,807 | |||||||||||||||||||
Expense reimbursement | (394,428 | ) | (19,242 | ) | (16,318 | ) | 26,861 | (214,052 | ) | (189,074 | ) | |||||||||||||||
Net Expenses | 2,850,745 | 113,540 | 80,883 | 0 | 1,624,435 | 1,420,733 | ||||||||||||||||||||
NET INVESTMENT INCOME (LOSS) | 815,386 | 161,101 | (350 | ) | 0 | 593,256 | 382,881 | |||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | ||||||||||||||||||||||||||
Net realized gain (loss) on investments | 23,125,866 | 371,282 | (521,227 | ) | 0 | 18,541,070 | 4,434,851 | |||||||||||||||||||
Net unrealized appreciation (depreciation) of investments | (5,916,719 | ) | 338,622 | 975,883 | 0 | (5,863,685 | ) | 1,261,471 | ||||||||||||||||||
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS | 17,209,147 | 709,904 | 454,656 | 0 | 12,677,385 | 5,696,322 | ||||||||||||||||||||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $ | 18,024,533 | $ | 871,005 | $ | 454,306 | $ | 0 | $ | 13,270,641 | $ | 6,079,203 |
(SMALL CAP GROWTH FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
BASIC MATERIALS (0.6%) | ||||||||||
Commercial Metals Co. | 28,382 | 1,065,460 | ||||||||
CONSUMER, CYCLICAL (13.9%) | ||||||||||
A.C.More Arts & Crafts, Inc.* | 35,084 | 510,472 | ||||||||
Aaron Rents, Inc | 40,108 | 845,477 | ||||||||
Gamestop Corp.* | 107,672 | 3,426,123 | ||||||||
Guitar Center, Inc.* | 16,888 | 844,569 | ||||||||
Hibbett Sporting Goods, Inc.* | 82,884 | 2,360,537 | ||||||||
Hot Topic, Inc.* | 40,188 | 572,679 | ||||||||
Hudson Highland Group* | 80,582 | 1,398,904 | ||||||||
Omega Protein Corp.* | 86,450 | 580,080 | ||||||||
P.F. Changs China Bistro, Inc. | 25,321 | 1,256,681 | ||||||||
Pacific Sunwear of California* | 42,152 | 1,050,428 | ||||||||
Payless Shoesource, Inc.* | 56,582 | 1,420,208 | ||||||||
Pinnacle Entertainment, Inc.* | 66,848 | 1,651,814 | ||||||||
Red Robin Gourmet Burgers* | 24,391 | 1,242,965 | ||||||||
Sunopta* | 77,290 | 406,545 | ||||||||
The Warnaco Group, Inc.* | 84,851 | 2,267,219 | ||||||||
Wild Oaks Markets, Inc.* | 148,467 | 1,793,481 | ||||||||
Winnebago Industries, Inc. | 27,549 | 916,830 | ||||||||
Wolverine World Wide, Inc. | 89,822 | 2,017,402 | ||||||||
24,562,414 | ||||||||||
CONSUMER, NON-CYCLICAL (2.6%) | ||||||||||
Alkermes, Inc.* | 51,660 | 987,739 | ||||||||
Hologic, Inc.* | 23,193 | 879,479 | ||||||||
MGI Pharma, Inc.* | 43,417 | 745,035 | ||||||||
Serologicals Corp.* | 76,256 | 1,505,294 | ||||||||
Sovran Self-Storage, Inc. | 9,572 | 449,597 | ||||||||
4,567,144 | ||||||||||
ENERGY (6.6%) | ||||||||||
Crosstex Energy, Inc. | 13,124 | 827,599 | ||||||||
Denbury Resources, Inc.* | 57,327 | 1,305,909 | ||||||||
Holly Corp. | 23,431 | 1,379,383 | ||||||||
NS Group, Inc.* | 66,578 | 2,783,626 | ||||||||
Range Resources Corp. | 111,228 | 2,929,746 | ||||||||
Todco Cl A | 62,691 | 2,386,019 | ||||||||
11,612,282 |
(SMALL CAP GROWTH FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
FINANCIAL (15.8%) | ||||||||||
Acadia Realty Trust | 41,812 | 838,331 | ||||||||
Argonaut Group, Inc.* | 35,416 | 1,160,582 | ||||||||
Choice Hotels Intl., Inc. | 50,180 | 2,095,517 | ||||||||
First Financial Holdings, Inc. | 34,444 | 1,058,119 | ||||||||
First State Bank Corporation | 42,426 | 1,017,800 | ||||||||
Getty Realty Corp. | 28,338 | 745,006 | ||||||||
IShares Russell 200 Growth | 35,400 | 2,465,610 | ||||||||
IShares Russell Micropac | 35,000 | 1,790,250 | ||||||||
Jackson Hewitt Tax Service | 15,526 | 430,226 | ||||||||
La Salle Hotel Properties | 45,232 | 1,660,919 | ||||||||
Lazard, Ltd. Cl A* | 27,319 | 871,476 | ||||||||
Max Re Capital, Ltd.* | 35,479 | 921,390 | ||||||||
MoneyGram International, Inc. | 50,462 | 1,316,049 | ||||||||
NASDAQ Stock Market, Inc.* | 24,557 | 863,915 | ||||||||
National Financial Partners | 41,087 | 2,159,122 | ||||||||
Placer Sierra Banschares | 60,029 | 1,663,403 | ||||||||
Platinum Underwriters Holdings* | 41,061 | 1,275,765 | ||||||||
PrivateBancorp, Inc. | 46,691 | 1,660,799 | ||||||||
Summit Bancshares, Inc. (TX) | 63,657 | 1,144,553 | ||||||||
Texas Regional Bancshares | 57,114 | 1,616,326 | ||||||||
Tower Group, Inc. | 48,343 | 1,062,580 | ||||||||
27,817,738 | ||||||||||
HEALTHCARE (13.4%) | ||||||||||
Adolor Corporation* | 26,919 | 393,017 | ||||||||
Advanced Medical Optics, Inc.* | 34,039 | 1,422,830 | ||||||||
Amedisys, Inc.* | 35,095 | 1,482,413 | ||||||||
Amylin Pharmaceuticals, Inc.* | 42,076 | 1,679,674 | ||||||||
Arthrocare Corp.* | 14,284 | 601,928 | ||||||||
Caliper Life Sciences, Inc.* | 143,099 | 841,422 | ||||||||
Conceptus, Inc.* | 29,239 | 368,996 | ||||||||
CV Therapeutics, Inc.* | 49,954 | 1,235,363 | ||||||||
Digene Corp.* | 36,409 | 1,062,051 | ||||||||
DJ Orthopedics, Inc.* | 34,585 | 953,854 | ||||||||
Human Genome Sciences, Inc.* | 98,319 | 841,611 | ||||||||
Intuitive Surgical, Inc.* | 5,645 | 661,989 | ||||||||
Keryx Biopharmaceuticals, Inc. | 28,632 | 419,172 | ||||||||
Kyphon, Inc.* | 14,548 | 593,995 | ||||||||
Myogen, Inc.* | 28,487 | 857,459 | ||||||||
Nuvasive, Inc.* | 35,690 | 645,989 |
(SMALL CAP GROWTH FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
HEALTHCARE (Cont’d.) | ||||||||||
Psychiatric Solutions* | 14,184 | 833,168 | ||||||||
Senomyx, Inc.* | 28,400 | 344,208 | ||||||||
Steris Corp. | 34,007 | 850,855 | ||||||||
Theravance, Inc.* | 39,196 | 882,694 | ||||||||
Thoratec Corp.* | 35,890 | 742,564 | ||||||||
United Surgical Partners, Inc. | 44,441 | 1,428,778 | ||||||||
Valeant Pharmaceuticals | 29,672 | 536,470 | ||||||||
Ventana Medical Systems, Inc.* | 60,364 | 2,556,416 | ||||||||
Viasys Healthcare, Inc.* | 51,066 | 1,312,397 | ||||||||
23,549,313 | ||||||||||
INDUSTRIAL (18.0%) | ||||||||||
Actuant Corp. Cl A | 34,586 | 1,929,899 | ||||||||
Acuity Brands, Inc. | 25,433 | 808,769 | ||||||||
Agnico-Eagle Mines, Ltd. | 33,524 | 662,434 | ||||||||
Benchmark Electronics* | 25,368 | 853,126 | ||||||||
Cal Dive International, Inc.* | 68,592 | 2,461,767 | ||||||||
Champion Enterprises, Inc.* | 53,142 | 723,795 | ||||||||
Curtis Wright Corp. Cl B | 14,956 | 816,598 | ||||||||
Cymer, Inc.* | 17,695 | 628,349 | ||||||||
Diagnostic Products Corp. | 16,887 | 819,864 | ||||||||
Eagle Materials, Inc. | 6813 | 833,639 | ||||||||
EastGroup Properties, Inc. | 10,791 | 487,322 | ||||||||
Eclipsys Corp.* | 50,292 | 952,028 | ||||||||
Filenet Corp.* | 15,729 | 406,595 | ||||||||
Genesee & Wyoming, Inc. Cl A* | 42,230 | 1,585,737 | ||||||||
Genesis Microchip Corp.* | 26,409 | 477,739 | ||||||||
Granite Construction | 23,532 | 845,034 | ||||||||
Harmonic, Inc.* | 84,356 | 409,127 | ||||||||
HUB Group, Inc. Cl A* | 42,744 | 1,511,000 | ||||||||
Hydril Company* | 28,417 | 1,778,904 | ||||||||
Labor Ready, Inc.* | 35,259 | 734,093 | ||||||||
Landstar System, Inc. | 57,310 | 2,392,119 | ||||||||
Lincoln Electric Holdings | 44,216 | 1,753,606 | ||||||||
Marinemax, Inc.* | 29,339 | 926,232 | ||||||||
Moog, Inc. Cl A* | 29,778 | 845,100 | ||||||||
Regal-Beloit Corp. | 91,917 | 3,253,862 | ||||||||
Shaw Group, Inc.* | 61,457 | 1,787,785 | ||||||||
Werner Enterprises, Inc. | 55,552 | 1,094,374 | ||||||||
31,778,897 |
(SMALL CAP GROWTH FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
TECHNOLOGY (22.4%) | ||||||||||
Activision, Inc.* | 90,890 | 1,248,829 | ||||||||
Adtran, Inc. | 21,297 | 633,373 | ||||||||
Akami Technologies* | 41,200 | 821,116 | ||||||||
Ansys, Inc.* | 20,518 | 875,914 | ||||||||
aQuantive, Inc.* | 39,224 | 990,013 | ||||||||
Arris Group, Inc.* | 60,050 | 568,674 | ||||||||
Aspen Technology, Inc.* | 111,105 | 872,174 | ||||||||
Avocent Corp.* | 33,939 | 922,801 | ||||||||
Centillium Communications Inc. | 87,623 | 306,681 | ||||||||
Computer Programs & Systems | 24,539 | 1,016,651 | ||||||||
Digital Insight Corporation* | 28,506 | 912,762 | ||||||||
Digitas* | 38,775 | 485,463 | ||||||||
Entegris, Inc* | 43,402 | 408,847 | ||||||||
Informatica Corp.* | 54,192 | 650,304 | ||||||||
Integrated Device Tech., Inc.* | 53,957 | 711,153 | ||||||||
Intrado, Inc.* | 10,875 | 250,343 | ||||||||
IXYS Corporation* | 28,894 | 337,770 | ||||||||
Lecroy Corp.* | 45,432 | 694,655 | ||||||||
Lexer Media, Inc.* | 147,096 | 1,207,658 | ||||||||
Lojack Corporation* | 29,875 | 720,884 | ||||||||
Medics Pharmaceutical Corp. | 93,125 | 2,984,656 | ||||||||
Microsemi Corp.* | 108,503 | 3,001,193 | ||||||||
Neustar, Inc. Cl A* | 29,007 | 884,423 | ||||||||
Parametric Technology Corp.* | 198,435 | 1,210,454 | ||||||||
Quest Software, Inc.* | 33,851 | 493,886 | ||||||||
Red Hat, Inc.* | 52,150 | 1,420,566 | ||||||||
RF Micro Devices* | 187,634 | 1,015,100 | ||||||||
Secure Computing Corp.* | 155,767 | 1,909,703 | ||||||||
Sonosite, Inc.* | 37,887 | 1,326,424 | ||||||||
SPSS, Inc.* | 37,685 | 1,165,598 | ||||||||
Tibco Software, Inc.* | 139,000 | 1,038,330 | ||||||||
ValueClick , Inc.* | 91,022 | 1,648,407 | ||||||||
Varian Semiconductor Equip.* | 27,826 | 1,222,395 | ||||||||
Viasat, Inc.* | 72,683 | 1,942,815 | ||||||||
Wabtech | 93,774 | 2,522,521 | ||||||||
Websense, Inc.* | 17,075 | 1,120,803 | ||||||||
39,543,339 |
(SMALL CAP GROWTH FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
TELECOMMUNICATIONS (0.7%) | ||||||||||
Tekelec* | 82,875 | 1,151,963 | ||||||||
UTILITIES (1.1%) | ||||||||||
EPIQ Systems, Inc.* | 31,261 | 579,579 | ||||||||
PNM Resources, Inc. | 28,724 | 703,450 | ||||||||
Southwestern Energy Co.* | 20,347 | 731,272 | ||||||||
2,014,301 | ||||||||||
TOTAL COMMON STOCKS (Cost: $149,344,818) 95.1% | 167,662,851 |
(SMALL CAP GROWTH FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
SHORT-TERM DEBT SECURITIES: | Rate(%) | Maturity | Face Amount($) | Value($) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. GOVERNMENT AGENCIES (4.6%) | ||||||||||||||||||
Federal National Mortgage Association | 3.25 | 01/03/06 | 8,140,000 | 8,138,530 | ||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $8,138,530) 4.6% | 8,138,530 | |||||
TEMPORARY CASH INVESTMENTS** (Cost: $14,300) 0.0 % (1) | 14,300 | |||||
TOTAL INVESTMENTS (Cost: $157,497,648) 99.7% | 175,815,681 | |||||
OTHER NET ASSETS 0.3% | 535,018 | |||||
NET ASSETS 100.0% | $ | 176,350,699 |
(1) | Less than 0.05 %. |
** | The fund has an arrangement with its custodian bank, JPMorgan Chase Bank, whereby uninvested cash, subject to parameters set by the fund, is automatically invested in the fund’s name by the bank in overnight commercial paper issued by J.P. Morgan Chase & Co. On the next business day, these funds (and earned interest) are automatically returned to the fund. The annual rate of interest earned on this temporary cash investment at December 30, 2005 was 3.79%. |
(SMALL CAP VALUE FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
BASIC MATERIALS (7.2 %) | ||||||||||
Century Aluminum Company* | 58,417 | 1,531,109 | ||||||||
Commercial Metals Co. | 64,416 | 2,418,176 | ||||||||
Cytec Industries, Inc. | 36,610 | 1,743,734 | ||||||||
Georgia Gulf Corp. | 16,100 | 489,762 | ||||||||
Glatfelter | 71,489 | 1,014,429 | ||||||||
Longview Fibre Co. | 105,135 | 2,187,859 | ||||||||
Lubrizol Corp. | 51,821 | 2,250,586 | ||||||||
Oregon Steel Mills, Inc.* | 56,538 | 1,663,348 | ||||||||
Steel Dynamics, Inc. | 28,959 | 1,028,334 | ||||||||
U.S. Concrete, Inc.* | 41,820 | 396,454 | ||||||||
14,723,791 | ||||||||||
CONSUMER, CYCLICAL (8.1 %) | ||||||||||
Audiovox Corp. Cl A* | 256,539 | 3,555,631 | ||||||||
Crown Holdings, Inc.* | 257,870 | 5,036,200 | ||||||||
Landry’s Restaurant, Inc. | 58,146 | 1,553,080 | ||||||||
Lithia Motors, Inc. Cl A | 29,809 | 937,195 | ||||||||
Lone Star Steakhouse | 35,858 | 851,269 | ||||||||
Sunterra Corporation* | 137,188 | 1,950,814 | ||||||||
The Bombay Company, Inc.* | 389,834 | 1,153,909 | ||||||||
Wolverine World Wide, Inc. | 68,267 | 1,533,277 | ||||||||
16,571,375 | ||||||||||
CONSUMER, NON-CYCLICAL (3.5 %) | ||||||||||
Chiquita Brands Intl., Inc. | 97,180 | 1,944,572 | ||||||||
Conmed Corp.* | 48,389 | 1,144,884 | ||||||||
Longs Drug Stores Corp. | 80,100 | 2,914,838 | ||||||||
MGI Pharma, Inc.* | 41,900 | 719,004 | ||||||||
Walter Industries, Inc. | 9,431 | 468,910 | ||||||||
7,192,208 | ||||||||||
ENERGY (7.1 %) | ||||||||||
CNX Gas Corp.* | 74,290 | 1,541,518 | ||||||||
Holly Corp. | 7,995 | 470,666 | ||||||||
NS Group, Inc.* | 65,846 | 2,753,021 | ||||||||
Range Resources Corp. | 144,678 | 3,810,818 | ||||||||
Todco Cl A | 11,568 | 440,278 | ||||||||
Unisource Energy Corp. | 74,045 | 2,310,204 | ||||||||
Whittier Energy* | 302,200 | 3,173,100 | ||||||||
14,499,605 |
(SMALL CAP VALUE FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
FINANCIAL (30.1 %) | ||||||||||
American Home Mortgage Inves | 28,040 | 913,263 | ||||||||
Amli Residential Properties | 14,880 | 566,184 | ||||||||
Assured Guaranty Co.* | 84,590 | 2,147,740 | ||||||||
Bank Mutual Corp. | 142,970 | 1,515,481 | ||||||||
BankAtlantic Bancorp, Inc. Cl A | 157,840 | 2,209,760 | ||||||||
Banner Corporation | 30,430 | 949,415 | ||||||||
Boykin Lodging Company* | 30,090 | 367,700 | ||||||||
Brookline Bankcorp | 161,240 | 2,284,770 | ||||||||
Ceres Group, Inc.* | 49,010 | 253,382 | ||||||||
Columbia Banking System | 38,985 | 1,113,021 | ||||||||
Conseco, Inc.* | 77,770 | 1,801,930 | ||||||||
ECC Capital Corp. | 182,800 | 413,127 | ||||||||
Equity Inns, Inc. | 162,290 | 2,199,030 | ||||||||
First Niagara Financial Grp. | 140,480 | 2,032,746 | ||||||||
First State Bank Corporation | 71,000 | 1,703,290 | ||||||||
Highwoods Properties, Inc. | 51,170 | 1,455,787 | ||||||||
IShares S&P MIDCAP 400* | 24,390 | 1,627,301 | ||||||||
Iberia Bank Corp. | 7,212 | 367,884 | ||||||||
JER Investors Trust, Inc. | 39,040 | 661,728 | ||||||||
KNBT Bancorp, Inc. | 110,800 | 1,804,932 | ||||||||
Knight Capital Group, Inc.* | 44,730 | 442,380 | ||||||||
LandAmerica Financial Group | 34,770 | 2,169,648 | ||||||||
MAF Bancorp | 50,620 | 2,094,655 | ||||||||
Medical Properties Trust Inc | 176,180 | 1,723,040 | ||||||||
Mid-America Apt. Communities | 28,390 | 1,376,915 | ||||||||
NewAlliance Bankshare | 147,590 | 2,145,959 | ||||||||
PHH Corp.* | 77,810 | 2,180,236 | ||||||||
Pennsylvania REIT | 28,700 | 1,072,232 | ||||||||
Provident Financial Services | 118,590 | 2,195,101 | ||||||||
Santander Bancorp | 45,565 | 1,144,593 | ||||||||
Sterling Financial Corp. | 90,076 | 2,250,098 | ||||||||
Stewart Information Services | 25,300 | 1,231,351 | ||||||||
Sws Group, Inc. | 54,270 | 1,136,414 | ||||||||
Taberna Realty Fin. Trust | 178,600 | 2,143,200 | ||||||||
Vintage Wine Trust, Inc. | 189,970 | 1,899,700 | ||||||||
American Home Mortgage Investment Corp. | 5,903 | 192,261 | ||||||||
Amli Residential Properties | 2,820 | 107,301 | ||||||||
Assured Guaranty Co.* | 19,698 | 500,132 | ||||||||
Bank Mutual Corp. | 32,579 | 345,337 |
(SMALL CAP VALUE FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
FINANCIAL (Cont’d.) | ||||||||||
BankAtlantic Bancorp, Inc. Cl A | 32,707 | 457,898 | ||||||||
Brookline Bankcorp | 33,310 | 472,003 | ||||||||
Ceres Group, Inc.* | 10,074 | 52,083 | ||||||||
Conseco, Inc.* | 15,805 | 366,202 | ||||||||
ECC Capital Corp. | 35,850 | 81,021 | ||||||||
Equity Inns, Inc. | 34,384 | 465,903 | ||||||||
First Niagara Financial Group | 32,041 | 463,633 | ||||||||
First State Bank Corporation | 16,149 | 387,415 | ||||||||
Highwoods Properties, Inc. | 10,849 | 308,654 | ||||||||
IShares Russell 200 Growth* | 4,620 | 308,246 | ||||||||
Iberia Bank Corp. | 1,628 | 83,044 | ||||||||
JER Investors Trust, Inc. | 7,967 | 135,041 | ||||||||
KNBT Bancorp, Inc. | 25,300 | 412,137 | ||||||||
Knight Capital Group, Inc.* | 10,182 | 100,700 | ||||||||
LandAmerica Financial Group | 7,945 | 495,768 | ||||||||
MAF Bancorp | 11,526 | 476,945 | ||||||||
Medical Properties Trust, Inc. | 26,128 | 255,532 | ||||||||
Mid-America Apt. Communities | 5,827 | 282,610 | ||||||||
NewAlliance Bankshare | 31,289 | 454,942 | ||||||||
PHH Corp.* | 16,041 | 449,469 | ||||||||
Pennsylvania REIT | 5,859 | 218,892 | ||||||||
Provident Financial Services | 27,009 | 499,937 | ||||||||
Santander Bancorp | 8,430 | 211,762 | ||||||||
Sterling Financial Corp. | 19,135 | 477,992 | ||||||||
Stewart Information Services | 4,850 | 236,050 | ||||||||
Sws Group, Inc. | 11,510 | 241,019 | ||||||||
Taberna Realty Fin. Trust | 30,400 | 364,800 | ||||||||
61,498,722 | ||||||||||
HEALTHCARE (1.7 %) | ||||||||||
Advanced Medical Optics, Inc.* | 23,585 | 985,853 | ||||||||
Digene Corp.* | 35,328 | 1,030,518 | ||||||||
Genesis HealthCare Corp.* | 25,094 | 916,433 | ||||||||
Inspire Pharmaceuticals, Inc.* | 78,720 | 399,897 | ||||||||
3,332,701 | ||||||||||
INDUSTRIAL (23.9 %) | ||||||||||
Agnico-Eagle Mines, Ltd. | 77,081 | 1,523,120 | ||||||||
Apogee Enterprises, Inc. | 188,175 | 3,052,198 | ||||||||
Aspect Medical Systems, Inc.* | 18,341 | 630,014 | ||||||||
Baker (Michael) Corp.* | 30,280 | 773,654 |
(SMALL CAP VALUE FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
INDUSTRIAL (Cont’d.) | ||||||||||
Benchmark Electronics* | 52,200 | 1,755,486 | ||||||||
Champion Enterprises, Inc.* | 290,685 | 3,959,130 | ||||||||
Conexant Systems, Inc.* | 342,905 | 774,965 | ||||||||
Curtis Wright Corp. Cl B | 26,596 | 1,452,142 | ||||||||
Cymer, Inc.* | 10,323 | 366,570 | ||||||||
Frozen Foods Express Ind.* | 113,423 | 1,251,056 | ||||||||
Gardner Denver Machinery* | 57,000 | 2,810,100 | ||||||||
General Cable Corp.* | 133,469 | 2,629,339 | ||||||||
Genesis Microchip Corp.* | 48,308 | 873,892 | ||||||||
Healthcare Services Group | 47,868 | 991,346 | ||||||||
Kennametal, Inc. | 61,591 | 3,143,605 | ||||||||
Kirby Corp.* | 55,749 | 2,908,424 | ||||||||
Komag, Inc.* | 27,003 | 935,924 | ||||||||
Matrix Service Co.* | 9,970 | 98,104 | ||||||||
RailAmerica, Inc.* | 314,943 | 3,461,224 | ||||||||
Shaw Group, Inc.* | 69,145 | 2,011,428 | ||||||||
Siligan Holdings, Inc. | 107,182 | 3,871,414 | ||||||||
Texas Industries, Inc. | 37,118 | 1,849,961 | ||||||||
Trico Marine Services, Inc.* | 50,664 | 1,317,264 | ||||||||
Trinity Industries | 84,103 | 3,706,420 | ||||||||
Universal Forest Products | 48,840 | 2,698,411 | ||||||||
48,845,191 | ||||||||||
TECHNOLOGY (8.1 %) | ||||||||||
3Com Corp.* | 141,211 | 508,360 | ||||||||
Andrew Corp.* | 73,660 | 790,372 | ||||||||
Anixter International, Inc. | 53,698 | 2,100,666 | ||||||||
BearingPoint, Inc.* | 66,464 | 522,407 | ||||||||
Checkpoint Systems* | 34,497 | 850,352 | ||||||||
Credence Systems Corp.* | 69,956 | 486,893 | ||||||||
Electronics For Imaging, Inc.* | 61,161 | 1,627,494 | ||||||||
Fairchild Semiconductor International* | 30,824 | 521,234 | ||||||||
Hutchinson Tech* | 37,761 | 1,074,300 | ||||||||
Imation Corp. | 34,129 | 1,572,323 | ||||||||
Integrated Device Tech., Inc.* | 41,384 | 545,442 | ||||||||
Lecroy Corp.* | 49,739 | 760,509 | ||||||||
Palm, Inc.* | 41,287 | 1,312,927 | ||||||||
Perot Systems Corp. Cl A* | 55,977 | 791,515 |
(SMALL CAP VALUE FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
COMMON STOCKS: | Shares | Value($) | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
TECHNOLOGY (Cont’d.) | ||||||||||
Powerwave Technologies, Inc.* | 39,183 | 492,530 | ||||||||
Sigmatel, Inc* | 19,331 | 253,236 | ||||||||
Skyworks Solutions, Inc.* | 297,886 | 1,516,240 | ||||||||
Varian Semiconductor Equip.* | 18,744 | 823,424 | ||||||||
16,550,224 | ||||||||||
TELECOMMUNICATIONS (1.4 %) | ||||||||||
CT Communications, Inc. | 51,498 | 625,186 | ||||||||
Tekelec* | 66,366 | 922,487 | ||||||||
Valor Communications Group | 115,889 | 1,321,135 | ||||||||
2,868,808 | ||||||||||
UTILITIES (3.5 %) | ||||||||||
Avista Corp. | 50,569 | 895,577 | ||||||||
PNM Resources, Inc. | 87,111 | 2,133,349 | ||||||||
Sierra Pacific Resources* | 177,192 | 2,310,584 | ||||||||
Westar Energy, Inc. | 86,429 | 1,858,221 | ||||||||
7,197,731 | ||||||||||
TOTAL COMMON STOCKS (Cost: $170,278,602) 94.6% | 193,280,356 |
(SMALL CAP VALUE FUND)
PRO FORMA PORTFOLIO OF INVESTMENTS
IN SECURITIES (Unaudited) (continued)
DECEMBER 31, 2005
PREFERRED STOCKS: | Shares | Value($) | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FINANCIAL (0.7%) | ||||||||||||||||||
Quanta Capital Holdings | 10.25 | 57,230 | 1,430,750 | |||||||||||||||
TOTAL PREFERRED STOCKS (Cost: $1,430,750) 0.7% | 1,430,750 |
LONG-TERM DEBT SECURITIES: | Rate(%) | Maturity | Face Amount($) | Value($) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
FINANCIAL (0.9%) | ||||||||||||||||||
GSC Capital Corp. | 7.25 | 07/15/10 | 1,890,000 | 1,890,000 | ||||||||||||||
TOTAL LONG-TERM DEBT SECURITIES (Cost: $1,890,000) 0.6% | 1,890,000 |
SHORT-TERM DEBT SECURITIES: | Rate(%) | Maturity | Face Amount($) | Value($) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
U.S. GOVERNMENT AGENCIES (3.4%) | ||||||||||||||||||
Federal Home Loan Bank | 3.35 | 01/03/06 | 5,600,000 | 5,598,958 | ||||||||||||||
Federal National Mortgage Association | 3.25 | 01/03/06 | 1,340,000 | 1,339,758 | ||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $6,938,716) 3.4% | 6,938,716 | |||||||||||||||||
TOTAL INVESTMENTS (Cost: $180,538,068) 99.6% | 203,539,822 | |||||||||||||||||
OTHER NET ASSETS 0.4% | 703,133 | |||||||||||||||||
NET ASSETS 100.0% | $ | 204,242,955 |
Small Cap Value and Small Cap Growth Funds
1. | BASIS OF PRESENTATION |
2. | PRO FORMA ADJUSTMENT TO STATEMENTS OF ASSETS AND LIABILITIES |
3. | PRO FORMA ADJUSTMENTS TO STATEMENTS OF OPERATIONS |
(1)(a) | Articles of Incorporation of Mutual of America Investment Corporation. (Incorporated herein by reference to Post-Effective Amendment No. 11 to the Registration Statement on Form N-1A filed on April 28, 1995 (File No. 33-6486).) | |||
(b) | Articles Supplementary. (Incorporated herein by reference to Post-Effective Amendment No. 16 to the Registration Statement on Form N-1A filed on April 15, 1999 (File No. 33-6486).) | |||
(c)-(h) | Articles of Amendment, dated September 22, 1986. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A filed on June 4, 1999 (File No. 33-6486).) |
(i) | Articles Supplementary. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A filed on June 4, 1999 (File No. 33-6486).) | |||||
(j) | Articles Supplementary. (Incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A filed on February 14, 2003 (File No. 33-6486).) | |||||
(k) | Articles Supplementary. (Incorporated herein by reference to Post-Effective Amendment No. 23 to the Registration Statement on Form N-1A filed on April 25, 2003 (File No. 33-6486).) | |||||
(l) | Articles Supplementary. (Incorporated herein by reference to Post-Effective Amendment No. 26 to the Registration Statement on Form N-1A filed on April 29, 2005 (File No. 33-6486).) | |||||
(m) | Articles Supplementary allocating shares to the Small Cap Value, Small Cap Growth and Mid Cap Value Funds. (Incorporated herein by reference to the original filing of this Registration Statement on Form N-14 filed on February 17, 2006 (File No. 333-131941).) | |||||
(n) | Articles Supplementary increasing the shares allocated to the Small Cap Value, Small Cap Growth and Mid Cap Value Funds. (Incorporated herein by reference to the original filing of this Registration Statement on Form N-14 filed on February 17, 2006 (File No. 333-131941).) | |||||
(2) | (a)-(c) | Bylaws of the Investment Company, and Revisions thereto. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A, filed June 4, 1999 (File No. 33-6486).) | ||||
(3) | Not applicable. | |||||
(4) | Agreement and Plan of Reorganization (Filed as Appendix A to the Combined Prospectus/Proxy Statement included in Part A to this Form N-14 Registration Statement.) | |||||
(5) | Not applicable. | |||||
(6) | (a) | Investment Advisory Agreement between the Investment Company and Mutual of America Life Insurance Company, as investment adviser. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A, filed on June 4, 1999 (File No. 33-6486).) | ||||
(b) | Assumption Agreement, between the Mutual of America Life Insurance Company and Mutual of America Capital Management Corporation (the “Adviser”), as investment adviser. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A, filed on June 4, 1999 (File No. 33-6486).) |
(c) | Supplement to Investment Advisory Agreement, between the Investment Company and the Adviser. (Incorporated herein by reference to Post-Effective Amendment No. 15 to the Registration Statement on Form N-1A, filed on February 12, 1999 (File No. 33-6486).) | ||||
(d) | Supplement AA to Investment Advisory Agreement, between the Investment Company and the Adviser. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A, filed on June 4, 1999 (File No. 33-6486).) | ||||
(e) | Supplement AE to Investment Advisory Agreement, between the Investment Company and the Adviser. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A, filed on June 4, 1999 (File No. 33-6486).) | ||||
(f) | Supplement to Investment Advisory Agreement, between the Investment Company and the Adviser. (Incorporated herein by reference to Post-Effective Amendment No. 23 to the Registration Statement on Form N-1A, filed on April 25, 2003 (File No. 33-6486).) | ||||
(7) | Distribution Agreement, between the Investment Company and the Insurance Company, as Distributor. (Incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A, filed on February 14, 2003 (File No. 33-6486).) | ||||
(8) | Not applicable. | ||||
(9) | (a) | Custody Agreement between the Investment Company and the Chase Manhattan Bank. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A filed June 4, 1999 (File No. 33-6486).) | |||
(b) | Amendment No. 1 to the Custody Agreement. (Incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A filed February 14, 2003 (File No. 33-6486).) | ||||
(c) | Amendment No. 2 to the Custody Agreement. (Incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A filed February 14, 2003 (File No. 33-6486).) | ||||
(10) | (a) | Agreement to Limit Operating Expenses between the Investment Company and the Adviser. (Incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A filed February 14, 2003 (File No. 33-6486).) | |||
(b) | Amendment and Termination of Agreement to Limit Operating Expenses between the Investment Company and the Adviser. (Incorporated herein by reference to the original filing of this |
Registration Statement on Form N-14 filed on February 17, 2006 (File No. 333-131941).) | ||||||
(11) | Opinion and Consent of General Counsel for Equity Index, All America, Aggressive Equity, Composite, Bond, Mid-Term Bond, Short-Term Bond and Money Market Funds, as restated. (Incorporated herein by reference to Post-Effective Amendment No. 17 to the Registration Statement on Form N-1A filed on June 4, 1999 (File No. 33-6486).) | |||||
(12) | Form of Tax Opinion of Special Tax Counsel is filed herewith as Exhibit 12. | |||||
(13) | Not applicable. | |||||
(14) | Consent of independent registered public accounting firm is filed herewith as Exhibit 14. | |||||
(15) | Not applicable. | |||||
(16) | (a) | Power of Attorney of Mr. Altstadt is filed herewith as Exhibit 16. (Incorporated by reference to Pre-Effective Amendment No. 1 to this Registration Statement on Form N-14 filed on April 3, 2006 (file No. 333-131941).) | ||||
(b) | Power of Attorney of Mr. Flanagan is filed herewith as Exhibit 16. (Incorporated by reference to Pre-Effective Amendment No. 1 to this Registration Statement on Form N-14 filed on April 3, 2006 (file No. 333-131941).) | |||||
(c) | Power of Attorney of Mr. Mertz is filed herewith as Exhibit 16. (Incorporated by reference to Pre-Effective Amendment No. 1 to this Registration Statement on Form N-14 filed on April 3, 2006 (file No. 333-131941).) | |||||
(d) | Power of Attorney of Mr. Nolan is filed herewith as Exhibit 16. (Incorporated by reference to Pre-Effective Amendment No. 1 to this Registration Statement on Form N-14 filed on April 3, 2006 (file No. 333-131941).) | |||||
(e) | Power of Attorney of Mr. McGuire is filed herewith as Exhibit 16. (Incorporated by reference to Pre-Effective Amendment No. 1 to this Registration Statement on Form N-14 filed on April 3, 2006 (file No. 333-131941).) | |||||
(17) | Forms of Proxy are filed herewith as Exhibit 17. |
(1) | The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus that is part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act of 1933, as amended (the “1933 Act”), the reoffering prospectus will contain the information called for by the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form. |
(2) | The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them. |
MUTUAL OF AMERICA INVESTMENT CORPORATION (Registrant) | ||||||||||
By: | /s/ Manfred Altstadt | |||||||||
Name: | Manfred Altstadt | |||||||||
Title: | Chairman of the Board, President and Chief Executive Officer |
Signature | Title | Date | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
/s/ Manfred Altstadt* _______________________ | Chairman of the Board, President and Chief Executive Officer | June 2, 2006 | ||||||||
/s/ John R. Greed* _______________________ | Executive Vice President, Chief Financial Officer and Treasurer | June 2, 2006 | ||||||||
/s/ * _______________________ | Director | June 2, 2006 | ||||||||
/s/ * _______________________ | Director | June 2, 2006 | ||||||||
/s/ * _______________________ | Director | June 2, 2006 | ||||||||
/s/ * _______________________ | Director | June 2, 2006 | ||||||||
/s/ * _______________________ | Director | June 2, 2006 |