Mutual Of America Investment N-CSRCertified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05084

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: December 31, 2021

The Annual Report to Shareholders follows:

DECEMBER 31, 2021

Annual Reports of Mutual of America Investment Corporation Funds

This report is not to be construed as an offering for sale of any Variable Policy. No offering is made except in conjunction with a prospectus, which must precede or accompany this report.

CONTENTS

MUTUALOF AMERICA INVESTMENT CORPORATION

We are pleased to present the Mutual of America Investment Corporation (the “Investment Company”) Annual Report. This Report includes important information regarding the performance and financial position of the Investment Company’s funds for the year ended December 31, 2021.

During 2021, all three of the major financial markets provided an extraordinarily good year for equities, with the Dow Jones Industrial Average, Nasdaq and S&P 500^® Index (S&P 500) finishing the year at or near all-time highs. Several events led to these record highs, including the rollout of Covid-19 vaccines, unprecedented U.S. government fiscal and monetary support, strong consumer balance sheets, sturdy consumer spending and robust corporate earnings. Building in the background on the domestic front, however, were some potentially unfavorable trends, especially by year-end: the highly contagious Omicron variant of Covid-19, tighter monetary policy, the highest inflation in 30 years, the failure to pass more fiscal stimulus, and modest earnings growth in the equity market. Mutual of America Capital Management LLC looks at the impact these issues had on the economy and financial markets in 2021 and explores how they may influence market movements in early 2022.

Strong Year in Equity Markets

Even in the face of accelerating headwinds last year, the equity markets rallied. For example, the S&P 500 increased by 4.5% in December and finished 2021 up 28.7% — easily outpacing its 18.4% rise in 2020. During the year, the S&P 500 set 70 record highs, which is the second-most ever, behind the 77 in 1995. It was also the third-highest annual gain on record; and there was only one pullback of 5% in September. In the last three-year period, the S&P 500 doubled, something the Index had not achieved in a three-year period since the 1995-2000 stretch of the Technology Bubble, also known as the Dot-Com Bubble. Over the most recent two-year period, U.S. equity markets outperformed international equity markets, reflecting the earlier vaccination adoption success in the United States. Value stocks, both large and small, achieved much better returns than in 2020. This was especially true in the first half of 2021, given their high operating leverage to the reopening of the economy.

Source: Bloomberg

The 10-year U.S. Treasury bond yield was on a roller coaster most of the year as investors debated whether inflation in the economy was transitory or more of a long-term problem. To recap, yields began the year at 0.91%, hit a one-year high of 1.74% on March 31, 2021, fell to 1.17% by August 3, 2021, and rose once again to 1.51% by December 31, 2021. At this point, the 10-year Treasury is back to pre-pandemic levels and, given the outlook on inflation, yields appear likely to trend higher. For the full-year period, the 10-year Treasury was down 3.7%, the 30-year Treasury declined 4.7%, the Bloomberg U.S. Corporate Bond Index declined 1.0% and the Bloomberg U.S. Aggregate Index declined 1.5%.

Inflation Concerns Grow

Inflation continues to be problematic, and its rise is being caused by a variety of factors, including increases in global commodities, rising consumer demand, wage pressures and supply-chain bottlenecks. By November of last year, all three well-known inflation gauges showed heightened and increasing levels well above the U.S. Federal Reserve’s (Fed) average target of 2.0%: 1) the Bureau of Economic Affairs’ Personal Consumption Expenditures (PCE) — the Fed’s preferred inflation gauge — was up 4.7% year-over-year; 2) the Producer Price Index, which sometimes predicts the direction of consumer prices, was up 9.6%; and 3) the Consumer Price Index (CPI), the most widely recognized gauge, was up 6.8% — its highest level since June of 1982. The CPI provides a statistical measure of the average change in prices in a fixed market basket of consumer goods and services. The December CPI came in at 7.0%, marking the 10th consecutive month that inflation was above the Fed’s target rate.

1

The ongoing effect of inflation has directly impacted consumers’ purchasing power. Gas prices jumped nationwide during 2021, with an average of $3.38 per gallon on December 27, 2021—an increase of more than $1.00 per gallon from December 2020. Food prices jumped 6.1% over the year, while used car and truck prices increased 31.4%. Home prices surged, as well. The most recent S&P/Case-Shiller U.S. National Home Price Index, from October 2021, reported a 19.1% annual gain. While down slightly from 19.7% in September 2021, these are very strong numbers that will continue to keep the CPI elevated in the coming months.

Supply-chain issues also added to the heightened concern about inflation over the last year. These issues include global chip shortages due to supply-chain disruptions caused by the Covid-19 pandemic, a sharp rise in demand for electronic goods because more people are working from home, and a lack of investing in chip manufacturing capacity. Industries most hurt by the chip shortage include automotive and technology (especially computer, cell phone and video game manufacturers). Shipping and transportation also were affected by mounting supply-chain issues, due to a shortage of dockworkers and truckers. At the end of November, there were 94 ships waiting to dock at the ports of Los Angeles and Long Beach, California. The delays in shipping increased costs for consumers and continued to affect the availability of goods during the holiday season and into the new year.

The Powell Pivot

With such increases affecting consumers, it’s no surprise the Fed is keenly focused on curbing inflation. The December 2021 meeting of the Federal Open Market Committee (FOMC), which included seven members of the Board of Governors of the Federal Reserve System, made it clear that the Fed’s inflation goals have been achieved and that Chairman Jerome Powell had signaled a hawkish pivot. Part of that pivot included an accelerated pace of tapering, and the Fed now anticipates their program of quantitative easing will be concluded by March of 2022. The Fed also released a revised schedule of economic projections, which now indicates that they anticipate at least three 25-basis-point interest-rate increases during 2022. The Fed also projects that the labor market will continue to improve, with the unemployment rate declining to 3.5% by the end of 2022, which is well below its longer-run rate of 4.0%. The Fed is sending a clear message to the market that it is concerned about inflation, and it will use the tools at its disposal to keep the economy from derailing as a result of inflation.

Build Back Better Act

As for major legislation by the federal government, President Joe Biden and Democratic leaders have already twice scaled back their ambitions for the social-spending and climate-change bill known as the Build Back Better Act — first by reducing its cost from $6 trillion to $3.5 trillion, and then down to $1.7 trillion. While West Virginia Senator Joe Manchin’s opposition in December ended his party’s hopes of passing the $1.75 trillion bill before the end of 2021, some Democrats hoped they could get Manchin to support an even smaller version in 2022, or pass popular components of the bill as separate, stand-alone measures. Although Manchin said he has not restarted talks with party leaders yet, it does not mean negotiations have ended. Democratic leaders see the bill’s passage as critical in helping their party to gain political momentum going into the midterm elections this November. If a bill does come together, it would probably include these Democratic priorities: major climate-change provisions that include generous subsidies for green energy, enhanced child tax credits, Medicare expansion, childcare and universal preschool. These priorities would be financed with tax increases and drug price controls. The child tax credit remains the biggest sticking point, and meeting Manchin’s demands would mean dropping several other major Democratic priorities.

A Challenged Labor Market

With consistent job growth every month in 2021, the economy added 6.45 million jobs, the highest aggregate calendar-year gain on record going back to 1940. This represents 84% of the jobs lost at the start of the pandemic, leaving the total employment level 3.6 million jobs shy of where it stood in February of 2020. The unemployment rate of 3.9% in December 2021 represented a decline of 0.3 percentage points from 4.2% in November. This marked the first time that unemployment has been under 4.0% since the pandemic began, and the largest-ever one-year drop in the unemployment rate on record. As a point of comparison, in February 2020, before the outbreak of the pandemic in the U.S., the unemployment rate was at a 50-year low of 3.5%, and the number of unemployed persons was 5.7 million.

Even with strong job growth and a low unemployment rate, there are some indications that the labor markets may be challenged going forward. First, the U.S. Bureau of Labor Statistics’ Job Openings and Labor Turnover Survey (JOLTS) for November showed that the number of job openings nationwide was still above 10 million for the fifth month in a row. Second, the labor force participation rate in the U.S. was 61.9% in December 2021, remaining 1.5 percentage points lower than in February 2020 (63.4%) before the pandemic started — and thus representing a labor force that is nearly 2.4 million smaller. The workforce has shrunk for a number of reasons, including that: 1) many people close to retirement decided not to return to work, due to healthcare concerns and lifestyle changes; 2) childcare issues, as there

2

is a lack of caretakers to meet demand, and the cost of care has increased; and 3) more recently, workers are hesitant to reenter the workforce due to the emergence of the Omicron variant. Another indication is that average hourly earnings continued to climb in December and were up 4.7% year over year. All told, millions of job openings, fewer people in the labor market and rising wages could exacerbate the already high levels of inflation.

Equity Valuations

The earnings recovery in 2021 was among the most remarkable in the modern history of the equity markets, with earnings increasing by an estimated 49%. This increase, which is the result of soaring revenue combined with a cost structure that was held flat through the pandemic, is similar to what happened after the financial crisis of 2008-09. Most macroeconomists estimate that the S&P 500 will earn $227 a share in 2022, which represents year-over-year earnings growth of 9%. Currently, the S&P 500 trades at a forward price-to-earnings (P/E) multiple of 21, which is elevated relative to the historic range of 14 to 15 times for forward multiples. Last year, the market became even more narrow, with a relatively small number of stocks driving returns. During the final week of December, while the S&P 500 was setting new record highs, 334 companies in the Index hit new 52-week lows, more than double the number that marked new one-year highs. This has happened only three other times, all in December of 1999, during the Dot-Com Bubble. Another take on this phenomenon is to look at the five largest names in the Index — Apple, Microsoft, Amazon, Facebook and Alphabet — they accounted for roughly 25% of the overall 28.7% return to the Index in 2021. In related news, on January 3, 2022, Apple became the first company to be worth $3 trillion. Apple’s market value is greater than the $2.76 trillion Gross Domestic Product (GDP) of the United Kingdom, and it is approaching the $3.85 trillion GDP of Germany.

Outlook

As we begin a new year, there are a number of positives and negatives facing the U.S. economy and financial markets. On the positive side, the country has experienced strong jobs growth, robust corporate earnings, strong consumer spending and low interest rates. On the negative side, there are higher levels of inflation, created by a sluggish supply of labor participation and supply-chain issues. Additionally, the Omicron variant emerged, and infections surged. This variant appears to be more contagious but less lethal than previous variants, at least among the segment of the population who have been vaccinated. Therefore, it is less likely that widespread lockdowns will occur to hamper economic growth. However, this remains a risk. Finally, many stocks, especially the top names in the S&P 500, carry valuations that are potentially stretched. With this in mind, we continue to favor value-oriented stocks, which have better valuation support. We will continue to monitor these issues and other events that might impact our outlook in the coming months.

The total return performance (net of investment management and other operating expenses) for each of the Investment Company Funds is reflected below:

3

For variable annuity owners or participants in a group variable annuity, 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 year ended December 31, 2021, compared to its relevant index. Also presented are graphs and tables for each Fund (except for the Money Market Fund) which illustrates each Fund’s respective:

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 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.

4

EQUITY INDEX FUND (Unaudited)

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 year ended December 31, 2021, was 28.67% before expenses and 28.50% after expenses. The benchmark returned 28.71%. Note that the Equity Index Fund’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

The line representing the performance return of the Equity Index Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

5

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 year ended December 31, 2021, the S&P 500 of large capitalization stocks increased by 28.71% on a total return basis, while the Russell^® Midcap Core Index was up 22.58% and the Russell Midcap^® Value Index was up 28.34%. The Russell 2000^® Growth Index increased 2.83% and the Russell 2000^® Value Index increased 28.27%.

The All America Fund’s return for the year ended December 31, 2021, before expenses was 27.69% and 27.07% after expenses versus the benchmark return of 28.71%. The underperformance of the Fund versus the S&P 500 during the year was due to the underperformance of the small and mid capitalization segments of the Fund as compared to the large capitalization benchmark.

The line representing the performance return of the All America Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

6

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 lower price-to-book characteristics than the overall market.

For the year ended December 31, 2021, the Small Cap Value Fund returned 33.35% before expenses and 32.29% after expenses versus a 28.27% return for the Russell 2000^® Value Index. Within the benchmark the best performing sectors were Energy and Retail, while the worst performing sectors were Healthcare and Utilities.

Stock selection was the primary driver of positive performance versus the benchmark. Sectors contributing to Fund performance included Industrials and Technology, while sectors detracting from Fund performance included Retail and Real Estate.

The line representing the performance return of the Small Cap Value Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

7

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 11.27% before expenses and 10.38% after expenses during the year ended December 31, 2021. The Fund’s benchmark, the Russell 2000^® Growth Index, returned 2.83% for the comparable period.

We had attractive results outperforming by just over 8.4 percentage points. Our performance was largely driven by stock selection as opposed to large sector exposures. The Fund’s strong relative performance came from the Consumer Discretionary and Healthcare sectors. The Industrial and Consumer Service sectors were drags on performance but not meaningfully. Although the Russell 2000 Growth Index hit a new high on February 9th of 2021, the index had a fairly underwhelming calendar year. Growth stocks ended the year similar to how they began with higher-growth companies lagging their lower growth cohorts and valuation multiples compressing. We continue to focus on companies with improving fundamentals. We believe as geo-political uncertainties and economic concerns abate from current levels, growth companies could become more favorably viewed by the investment community.

The line representing the performance return of the Small Cap Growth Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

8

SMALL CAP EQUITY INDEX FUND (Unaudited)

The Small 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.

The Small Cap Equity Index Fund’s return for year ended December 31, 2021, was 26.74% before expenses and 26.56% after expenses. The return of the S&P SmallCap 600 was 26.82%. Note that the performance of the Small Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

The line representing the performance return of the Small Cap Equity Index Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

9

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 lower price-to-book characteristics.

For the year ended December 31, 2021, the Mid Cap Value Fund returned 35.23% before expenses and 34.35% after expenses versus a 28.34% return for the Russell Midcap^® Value Index. Within the benchmark the best performing sectors were Energy and Finance, while the worst performing sectors were Consumer Cyclical and Healthcare.

Stock selection was the primary driver of positive performance versus the benchmark. Sectors contributing to Fund performance included Industrial and Healthcare, while sectors detracting from Fund performance included Real Estate and Basic Materials.

The line representing the performance return of the Mid Cap Value Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

10

MID-CAP EQUITY INDEX FUND (Unaudited)

The Mid-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.

The Mid-Cap Equity Index Fund’s performance for the year ended December 31, 2021, was 24.73% before expenses and 24.56% after expenses. The return of the S&P MidCap 400 was 24.76%. Note that the performance of the Mid-Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

The line representing the performance return of the Mid-Cap Equity Index Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

11

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.

For the year ended December 31, 2021, the fixed income portion of the Fund had a total return of -1.73% before expenses. The Bloomberg Barclays U.S. Aggregate Index returned -1.54% for the year ended December 31, 2021.

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 year ended December 31, 2021, the equity portion of the Fund had a total return of 30.47% (before expenses), outperforming the S&P 500^® Index (S&P 500) which increased 28.71%.

The Fund’s aggregate performance for the year ended December 31, 2021 was 17.02% before expenses and 16.48% after expenses, versus a 15.96% return in the weighted benchmark.

The line representing the performance return of the Composite Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return lines of the Indices do not. Past performance is not indicative of future results.

12

INTERNATIONAL FUND (Unaudited)

The International Fund seeks capital appreciation by investing in stocks of large and mid-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). Previously, the International Fund was invested mainly in exchange traded funds that reflect, replicate or follow the country weightings of the MSCI EAFE^® Index. The Fund had also 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. The Securities and Exchange Commission revoked the exemptive orders that allowed these investments in exchange traded funds effective on January 19, 2022. Currently, the International Fund is invested directly in the stocks of companies represented in the MSCI EAFE^® Index, except to the extent that it is permissible to invest in exchange traded funds within the general limitations of the Investment Company Act of 1940.

For the year ended December 31, 2021, the International Fund returned 10.50% before expenses and 10.37% after expenses. The return of the MSCI EAFE benchmark was 11.26%. 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.

The line representing the performance return of the International Fund includes expenses, such as direct management fees and expenses of the underlying ETFs in which the Fund invests that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

13

CATHOLIC VALUES INDEX FUND (Unaudited)

The Catholic Values Index Fund’s objective is to replicate the performance of the S&P 500^® Catholic Values Index (Catholic Values Index). The Catholic Values Index is designed to provide exposure to U.S. large capitalization stocks included in the S&P 500^® Index (S&P 500) while maintaining alignment with the moral and social teachings of the Catholic Church. The Catholic Values Index is based on the S&P 500, and generally comprises approximately 500 or less U.S. listed common stocks. All index constituents are members of the S&P 500 and follow the eligibility criteria for that index. From this starting universe, constituents are screened to exclude companies involved in activities which are perceived to be inconsistent with Catholic values as outlined in the Socially Responsible Investment Guidelines of the United States Conference of Catholic Bishops, currently including the protection of human life, promotion of human dignity, reducing arms production, affordable housing and banking, protection of the environment and encouraging corporate responsibility. The Catholic Values Index then reweights the remaining constituents so that the Catholic Values Index’s sector exposures approximate the sector exposures on the S&P 500.

The Catholic Values Index Fund’s performance for the year ended December 31, 2021, was 29.27% before expenses and 28.99% after expenses. The benchmark returned 29.29%. Note that the Catholic Values Index Fund’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

The line representing the performance return of the Catholic Values Index Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

14

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 35% in the Bond, 25% in the Mid-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 the Mid-Cap Equity Index Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2021).

Performance for the Retirement Income Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (15% weighting) and the S&P 500^® Index (25% weighting). For the year ended December 31, 2021, the Fund returned 5.89% before expenses and 5.77% after expenses, versus a 5.70% return in the weighted benchmark.

The line representing the performance return of the Retirement Income Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

15

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 67% of net assets in fixed-income funds (37% in the Bond Fund, 20% in the Mid-Term Bond Fund and 10% in the Money Market Fund) and approximately 33% of net assets in equity funds (approximately 22% in the Equity Index Fund, 6% in the Mid-Cap Equity Index Fund and 5% in the International Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2021).

Performance for the 2015 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (57% weighting), the FTSE 3-Month Treasury Bill Index (10% weighting) and the S&P 500^® Index (33% weighting). For the year ended December 31 2021, the Fund returned 8.25% before expenses and 8.11% after expenses, versus a 7.93% return in the weighted benchmark.

The line representing the performance return of the 2015 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

16

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 retirement in 2020. The 2020 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 57% of net assets in fixed-income funds (37% in the Bond Fund, 15% in the Mid-Term Bond Fund and 5% in the Money Market Fund) and approximately 43% of net assets in equity funds (approximately 23% in the Equity Index Fund, 8% in the Mid-Cap Equity Index Fund, 8% in the International Fund and 2% 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 2021).

Performance for the 2020 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (52% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500^® Index (43% weighting). For the year ended December 31, 2021, the Fund returned 9.89% before expenses and 9.80% after expenses, versus a 10.79% return in the weighted benchmark.

The line representing the performance return of the 2020 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

17

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 53% of net assets in equity funds (approximately 27% in the Equity Index Fund, 12% in the Mid-Cap Equity Index Fund, 10% in the International Fund and 2% each in the Small Cap Growth and Small Cap Value Funds) and approximately 47% of net assets in fixed-income funds (32% in the Bond Fund, 10% in the Mid-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 2021).

Performance for the 2025 Retirement Fund is compared to the S&P 500^® Index (53% weighting), the Bloomberg Barclays U.S. Aggregate Bond Index (42% weighting) and the FTSE 3-Month Treasury Bill Index (5% weighting). For the year ended December 31, 2021, the Fund returned 12.05% before expenses and 11.96% after expenses, versus a 13.80% return in the weighted benchmark.

The line representing the performance return of the 2025 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

18

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 65% of net assets in equity funds (approximately 33% in the Equity Index Fund, 15% in the Mid-Cap Equity Index Fund, 12% in the International Fund, 2% each in the Small Cap Growth and Small Cap Value Funds and 1% in the Small Cap Equity Index Fund) and approximately 35% of net assets in fixed-income funds (25% in the Bond Fund, 5% in the Mid-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 2021).

Performance for the 2030 Retirement Fund is compared to the S&P 500^® Index (65% weighting), the Bloomberg Barclays U.S. Aggregate Bond Index (30% weighting) and the FTSE 3-Month Treasury Bill Index (5% weighting). For the year ended December 31, 2021, the Fund returned 15.38% before expenses and 15.29% after expenses, versus a 17.50% return in the weighted benchmark.

The line representing the performance return of the 2030 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

19

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 75% of net assets in equity funds (approximately 37% in the Equity Index Fund, 16% in the Mid-Cap Equity Index Fund, 15% in the International Fund, 3% each in the Small Cap Growth and Small Cap Value Funds and 1% in the Small-Cap Equity Index Fund) and approximately 25% 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 2021).

Performance for the 2035 Retirement Fund is compared to the S&P 500^® Index (75% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (25% weighting). For the year ended December 31, 2021, the Fund returned 17.93% before expenses and 17.84% after expenses, versus a 20.55% return in the weighted benchmark.

The line representing the performance return of the 2035 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

20

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 83% of net assets in equity funds (approximately 41% in the Equity Index Fund, 17% in the Mid-Cap Equity Index Fund, 17% in the International Fund, 3% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 17% 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 2021).

Performance for the 2040 Retirement Fund is compared to the S&P 500^® Index (83% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (17% weighting). For the year ended December 31, 2021, the Fund returned 19.99% before expenses and 19.89% after expenses, versus a 23.12% return in the weighted benchmark.

The line representing the performance return of the 2040 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

21

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 86% of net assets in equity funds (approximately 42% in the Equity Index Fund, 17% in the Mid-Cap Equity Index Fund, 18% in the International Fund, 4% each in the Small Cap Growth and Small Cap Value Funds and 1% in the Small-Cap Equity Index Fund) and approximately 14% 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 2021).

Performance for the 2045 Retirement Fund is compared to the S&P 500^® Index (86% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (14% weighting). For the year ended December 31, 2021, the Fund returned 20.67% before expenses and 20.57% after expenses, versus a 24.09% return in the weighted benchmark.

The line representing the performance return of the 2045 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

22

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 88% of net assets in equity funds (approximately 41% in the Equity Index Fund, 18% in the Mid-Cap Equity Index Fund, 19% in the International Fund, 4% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 12% 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 2021).

Performance for the 2050 Retirement Fund is compared to the S&P 500^® Index (88% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (12% weighting). For the year ended December 31, 2021, the Fund returned 20.92% before expenses and 20.82% after expenses, versus a 24.74% return in the weighted benchmark.

The line representing the performance return of the 2050 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

23

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 90% of net assets in equity funds (approximately 40% in the Equity Index Fund, 19% in the Mid-Cap Equity Index Fund, 20% in the International Fund, 5% each in the Small Cap Growth and Small Cap Value Funds and 1% in the Small-Cap Equity Index Fund) and approximately 10% 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 2021).

Performance for the 2055 Retirement Fund is compared to the S&P 500^® Index (90% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (10% weighting). For the year ended December 31, 2021, the Fund returned 21.23% before expenses and 21.11% after expenses, versus a 25.40% return in the weighted benchmark.

The line representing the performance return of the 2055 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

24

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 92% of net assets in equity funds (approximately 39% in the Equity Index Fund, 20% in the Mid-Cap Equity Index Fund, 21% in the International Fund, 5% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 8% 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 2021).

Performance for the 2060 Retirement Fund is compared to the S&P 500^® Index (92% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (8% weighting). For the year ended December 31, 2021, the Fund returned 21.66% before expenses and 21.60% after expenses, versus a 26.05% return in the weighted benchmark.

The line representing the performance return of the 2060 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

25

2065 RETIREMENT FUND (Unaudited)

The objective of the 2065 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2065. The 2065 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 94% of net assets in equity funds (approximately 38% in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 22% in the International Fund, 5% each in the Small Cap Growth and Small Cap Value Funds and 3% in the Small-Cap Equity Index Fund) and approximately 6% 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 2021).

Performance for the 2065 Retirement Fund is compared to the S&P 500^® Index (94% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (6% weighting). For the year ended December 31, 2021, the Fund returned 21.79% before expenses and 21.73% after expenses, versus a 26.71% return in the weighted benchmark.

The line representing the performance return of the 2065 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

26

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 the Mid-Term Bond Fund) and approximately 35% of net assets in equity funds (approximately 25% in the Equity Index Fund, 5% in the Mid-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 year ended December 31, 2021, the Conservative Allocation Fund returned 7.88% before expenses and 7.82% after expenses, versus a 8.34% return in the weighted benchmark.

The line representing the performance return of the Conservative Allocation Fund includes direct operating expenses and expenses in the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indicies do not. Past performance is not indicative of future results.

27

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 the Mid-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 the Mid-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 year ended December 31, 2021, the Moderate Allocation Fund returned 14.22% before expenses and 14.19% after expenses, versus an 15.86% return for the weighted benchmark.

The line representing the performance return of the Moderate Allocation Fund includes direct operating expenses and expenses in the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indicies do not. Past performance is not indicative of future results.

28

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 the Mid-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 year ended December 31, 2021, the Aggressive Allocation Fund returned 18.26% before expenses and 18.21% after expenses, versus an 22.15% return for the weighted benchmark.

The line representing the performance return of the Aggressive Allocation Fund includes direct operating expenses and expenses in the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indicies do not. Past performance is not indicative of future results.

29

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 year ended December 31, 2021, the Money Market Fund returned 0.09% before expenses and -0.17% after expenses, compared to a 0.05% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

The Fund’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On December 31, 2021, the fund held 48% in U.S. Treasury Bills, 12% in U.S. agency discount notes and the remainder in commercial paper. The average maturity was 34 days.

The seven-day effective yield as of February 15, 2022, was -0.17%. 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.

The Treasury curve bear flattened through 2021 as shorter-term rates rose more than long term rates. On December 31, the two-year yield had risen 61 basis points or 0.61% from levels at the beginning of the year and stood at 0.73%. The five-year rate rose 90 basis points to 1.26% and the long bond, or the thirty year, was just 25 basis points higher at 1.90%.

The changes in the yield curve are fairly consistent with expected Fed hikes in the Fed Funds rate, a level that has stood at 0.00-0.25% since March of 2020. At this writing, futures suggest the first hike in March of this year followed by a series of three to four more through December 2022. On December 31, the futures had the first hike in June 2022 with a possibility of a second in November. It is often said that the Fed controls the front part of the curve and inflation the back end. The Fed’s influence is felt directly out to about five years and the longer end of the curve reflects the Fed’s efforts to slow the economy and curtail inflation. Curve behavior, especially since July 2021, reflected this. Short term rates were higher and long term rates had actually fallen.

The Fed began to taper its purchase of $80 billion Treasuries per month and $40 billion of mortgage-backed securities (MBS) per month by $10 billion and $5 billion, respectively, in November. In January, the Fed accelerated the taper to a reduction of $20 billion Treasuries and $10 billion MBS per month with the goal of bringing the program to an end in early March. This withdrawal of liquidity will take an uneconomic buyer of size out the market and could put additional upward pressure on rates.

30

MID-TERM BOND FUND (Unaudited)

The Mid-Term Bond Fund seeks a high level of return consistent with the preservation of capital through investment in publicly traded debt securities. Under normal circumstances, the portfolio emphasizes corporate issues, particularly BBB-rated bonds, in order to capture incremental income. At this time, we’ve chosen to add U.S. Treasury exposure to increase the overall quality of the Fund. The objective of the Fund is to maintain a maturity profile similar to that of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index benchmark. To achieve the duration target, intermediate corporate and 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.

For the year ended December 31, 2021, the Mid-Term Bond Fund returned -1.59% before expenses and -2.02% after expenses versus a -1.44% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period.

The line representing the performance return of the Mid-Term Bond Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

31

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-rated issuers. To achieve the duration target, intermediate corporate and longer U.S. Treasury maturities are emphasized. The Bond Fund also stresses diversification in order to protect it from unexpected credit events.

The benchmark returned -1.54% for the year ended December 31, 2021. The Bond Fund returned -2.03% before expenses and -2.45% after expenses during the same period.

The Treasury curve bear flattened through 2021 as shorter-term rates rose more than long term rates. On December 31, the two-year yield had risen 61 basis points or 0.61% from levels at the beginning of the year and stood at 0.73%. The five-year rate rose 90 basis points to 1.26% and the long bond, or the thirty year, was just 25 basis points higher at 1.90%.

The changes in the yield curve are fairly consistent with expected Fed hikes in the Fed Funds rate, a level that has stood at 0.00-0.25% since March of 2020. At this writing, futures suggest the first hike in March of this year followed by a series of three to four more through December 2022. On December 31, the futures had the first hike in June 2022 with a possibility of a second in November. It is often said that the Fed controls the front part of the curve and inflation the back end. The Fed’s influence is felt directly out to about five years and the longer end of the curve reflects the Fed’s efforts to slow the economy and curtail inflation. Curve behavior, especially since July 2021, reflected this. Short term rates were higher and long term rates had actually fallen.

The Fed began to taper its purchase of $80 billion Treasuries per month and $40 billion of mortgage-backed securities (MBS) per month by $10 billion and $5 billion, respectively, in November. In January, the Fed accelerated the taper to a reduction of $20 billion Treasuries and $10 billion MBS per month with the goal of bringing the program to an end in early March. This withdrawal of liquidity will take an uneconomic buyer of size out the market and could put additional upward pressure on rates. It is for this reason we expect to continue to maintain a shorter duration than that of the benchmark.

The Bloomberg Barclays Corporate Index started 2021 with a spread of 96. During the first half of the year, as the Fed indicated little urgency to withdraw liquidity and vaccinations became more readily available, spreads tightened to a post Global Financial Crisis low of 80 on June 30. Since then, as Fed action has become more likely, spreads have widened to 92 on December 31. But they have not moved in tandem. While short spreads have risen, longer spreads remain tighter. This is unusual as a bear flattening yield curve often results in wider spreads in the long end as investors anticipate slower growth.

It’s this effect that is responsible for much of the underperformance of the fund. Part of our process excludes long corporate bonds from our investment mix. We prefer to stay within a ten year window where it is more likely we can anticipate company creditworthiness.

We believe that it is prudent to continue our process of investing in the short and intermediate part of the curve in corporate bonds. If the Fed tightens more than expected and slows the economy, long spreads should be negatively impacted more than short. If, and this is the bigger danger to spreads, the Fed appears to be behind the curve with respect to tightening, inflation expectations could spike and spreads would move much wider. We expect the first scenario but cannot discount the second.

32

BOND FUND (Unaudited) (Continued)

The line representing the performance return of the Bond Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

33

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2021 (Unaudited)

34

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2021 (Unaudited) (Continued)

35

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2021 (Unaudited) (Continued)

36

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2021 (Unaudited) (Continued)

37

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2021 (Unaudited) (Continued)

38

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited)

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 direct non-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, 2022 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 the non-advisory operating expenses of the Small Cap Equity Index and the Catholic Values Index Funds to the extent that such operating expenses exceed 0.07% of the respective fund’s net assets. This contractual obligation remains in effect through April 30, 2022 for the Small Cap Equity Index Fund and through April 30, 2023 for the Catholic Values Index Fund, 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 July 1, 2021 and held for the entire period ending December 31, 2021 under the expense reimbursement agreement in effect during that period as described above.

For variable annuity owners or participants in a group variable annuity, the estimate of expenses does not include fees and charges associated with your variable annuity. 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 other non-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.

39

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

40

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)