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)

Chris W. Festog

Chairman of the Board, President, Chief Executive Officer and Principal 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, 2022

The Annual Report to Shareholders follows:

DECEMBER 31, 2022

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, 2022.

Following a year of post-pandemic stimulus and economic recovery, 2022 was characterized by volatility across financial markets and persistently high inflation.

Key factors driving these included the Federal Reserve’s (Fed) aggressive interest rate hikes, tight labor markets, strong consumer demand, lingering supply-chain issues and the ongoing war between Russia and the Ukraine.

Given this uncertainty, most stocks struggled during 2022. The S&P 500^® Index fell 18.1% during 2022 and the Nasdaq^® fell 32.5%. Bond prices, which had been in a prolonged bull market since the early 1980’s, reversed in 2021 and continued slumping in 2022. For the year, the Bloomberg US Aggregate Bond Index fell 13.0%.

In June of 2022, inflation rose to 9.1%, the highest rate in more than 40 years. The Fed approved seven interest rate hikes in 2022 to combat inflation, including four consecutive increases of 0.75%, and ended the year with a target rate of around 4.25% to 4.50%. Against this backdrop, critical segments of the economy began to slow.

Higher interest rates continue to work their way through the economy, softening the housing and auto markets, and prices of non-food-related commodities. Inflation continues at levels not seen in decades, and food prices and labor costs remain high. The Fed will likely continue raising interest rates to slow the economy, creating tighter financial conditions to reduce consumer demand, while hoping to avoid a recession. We do believe the Fed will stop, or pause, raising rates in 2023, which would be a good backdrop for stocks and bonds to improve.

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

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.

1

The pages that immediately follow include brief discussions of each Fund’s performance for the year ended December 31, 2022, 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,

Chris W. Festog

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.

2

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, 2022, was -18.12% before expenses and -18.24% after expenses. The benchmark returned -18.11%.

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.

3

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, 2022, the S&P 500 of large capitalization stocks decreased by 18.11% on a total return basis, while the Russell^® Midcap Core Index was down 17.32% and the Russell Midcap^® Value Index was down 12.03%. The Russell 2000^® Growth Index decreased 26.36% and the Russell 2000^® Value Index decreased 14.48%.

The All America Fund’s return for the year ended December 31, 2022, before expenses was -17.27% and -17.70% after expenses versus the benchmark return of -18.11%.

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.

4

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, 2022, the Small Cap Value Fund returned -9.08% before expenses and -9.82% after expenses versus a -14.48% return for the Russell 2000^® Value Index.

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.

5

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 -27.78% before expenses and -28.37% after expenses during the year ended December 31, 2022. The Fund’s benchmark, the Russell 2000^® Growth Index, returned -26.36% for the comparable period. 2022 was a difficult year for growth managers to outperform their benchmarks.

Faster growing companies had a difficult time maintaining their valuations as inflation and higher interest rates set back their prices which are based on future earnings (profits) as opposed to earnings (profits) today. The higher bond yields of 2022 detracted from the attractive nature of young growth companies whose potential is in the future. Typically, growth companies are found in the Technology and Consumer Discretionary sectors which were two sectors that underperformed the Fund’s benchmark.

The Energy sector was the best performing, showing positive returns, in our benchmark as Russia’s invasion of the Ukraine pushed oil and gas prices up significantly. The Consumer Staples area also did well as prices rose and demand remained consistent.

If inflation and interest rates decline and the economy continues to progress, we believe that growth stocks will come back into favor for investors.

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.

6

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, 2022 was -16.18% before expenses and -16.31% after expenses. The return of the S&P SmallCap 600 was -16.10%.

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.

7

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, 2022, the Mid Cap Value Fund returned -10.07% before expenses and -10.67% after expenses versus a -12.03% return for the Russell Midcap^® Value Index.

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.

8

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, 2022, was -13.10% before expenses and -13.23% after expenses. The return of the S&P MidCap 400 was -13.06%.

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.

9

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, 2022, the fixed income portion of the Fund had a total return of -11.87% before expenses. The Bloomberg U.S. Aggregate Index returned -13.01% for the year ended December 31, 2022.

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, 2022, the equity portion of the Fund had a total return of -12.16% (before expenses), outperforming the S&P 500^® Index (S&P 500) which decreased 18.11%.

The Fund’s aggregate performance for the year ended December 31, 2022 was -11.57% before expenses and -12.02% after expenses, versus a -15.91% 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.

10

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. Commencing in December 2021, the Fund began investing 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, 2022, the International Fund returned -10.97% before expenses and -11.09% after expenses. The return of the MSCI EAFE benchmark was -14.45%. 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.

11

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, 2022, was -19.92% before expenses and -20.10% after expenses. The benchmark returned -19.90%.

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.

12

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 three equity funds of the Investment Company. The Fund’s current target allocation is approximately 70% of net assets in fixed-income funds (approximately 35% in the Bond, 30% in the Mid-Term Bond Funds and 5% in the Money Market Fund) and approximately 30% of net assets in equity funds (20% in the Equity Index Fund, 5% 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 2022).

Performance for the Retirement Income Fund is compared to the Bloomberg U.S. Aggregate Bond Index (65% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500^® Index (30% weighting). For the year ended December 31, 2022, the Fund returned -11.01% before expenses and -11.12% after expenses, versus a -13.60% return in the 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.

13

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 (35% in the Bond Fund, 27% in the Mid-Term Bond Fund and 5% in the Money Market Fund) and approximately 33% of net assets in equity funds (approximately 23% in the Equity Index Fund, 5% 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 2022).

Performance for the 2015 Retirement Fund is compared to the Bloomberg U.S. Aggregate Bond Index (62% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500^® Index (33% weighting). For the year ended December 31, 2022, the Fund returned -12.24% before expenses and -12.38% after expenses, versus a -13.74% return in the 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.

14

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 59% of net assets in fixed-income funds (35% in the Bond Fund, 19% in the Mid-Term Bond Fund and 5% in the Money Market Fund) and approximately 41% of net assets in equity funds (approximately 25% in the Equity Index Fund, 7% in the Mid-Cap Equity Index Fund, 7% in the International Fund and 2% in Small Cap Funds, which consists of 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 2022).

Performance for the 2020 Retirement Fund is compared to the Bloomberg U.S. Aggregate Bond Index (54% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500^® Index (41% weighting). For the year ended December 31, 2022, the Fund returned -12.99% before expenses and -13.06% after expenses, versus a -14.12% return in the 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.

15

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 51% of net assets in equity funds (approximately 30% in the Equity Index Fund, 8% in the Mid-Cap Equity Index Fund, 10% in the International Fund and 3% in Small Cap Funds, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Funds) and approximately 49% of net assets in fixed-income funds (32% in the Bond Fund, 14% in the Mid-Term Bond Fund and 3% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2025 Retirement Fund is compared to the S&P 500^® Index (51% weighting), the Bloomberg U.S. Aggregate Bond Index (46% weighting) and the FTSE 3-Month Treasury Bill Index (3% weighting). For the year ended December 31, 2022, the Fund returned -13.49% before expenses and -13.56% after expenses, versus a -14.90% return in the 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.

16

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 61% of net assets in equity funds (approximately 35% in the Equity Index Fund, 10% in the Mid-Cap Equity Index Fund, 12% in the International Fund and 4% in Small Cap Funds, which consists of Small Cap Growth, Small Cap Value and Small Cap Equity Index Funds) and approximately 39% of net assets in fixed-income funds (26% in the Bond Fund, 10% in the Mid-Term Bond Fund and 3% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2030 Retirement Fund is compared to the S&P 500^® Index (61% weighting), the Bloomberg U.S. Aggregate Bond Index (36% weighting) and the FTSE 3-Month Treasury Bill Index (3% weighting). For the year ended December 31, 2022, the Fund returned -14.08% before expenses and -14.14% after expenses, versus a -15.43% return in the 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.

17

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 73% of net assets in equity funds (approximately 40% in the Equity Index Fund, 13% in the Mid-Cap Equity Index Fund, 15% in the International Fund and 5% in Small Cap Funds, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Funds) and approximately 27% of net assets in fixed-income funds (20% in the Bond Fund, 4% in the Mid-term Bond Fund and 3% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2035 Retirement Fund is compared to the S&P 500^® Index (73% weighting), the Bloomberg U.S. Aggregate Bond Index (24% weighting) and the FTSE 3-Month Treasury Bill Index (3% weighting). For the year ended December 31, 2022, the Fund returned -15.14% before expenses and -15.20% after expenses, versus a -16.09% return in the 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.

18

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 82% of net assets in equity funds (approximately 44% in the Equity Index Fund, 14% in the Mid-Cap Equity Index Fund, 18% in the International Fund and 6% in the Small Cap Funds, which consists of the Small Cap Growth, Small Cap Value and Small-Cap Equity Index Funds) and approximately 18% of net assets in fixed-income funds (16% in the Bond Fund and 2% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2040 Retirement Fund is compared to S&P 500^® Index (82% weighting), the Bloomberg U.S. Aggregate Bond Index (16% weighting) and the FTSE 3-Month Treasury Bill Index (2% weighting). For the year ended December 31, 2022, the Fund returned -15.30% before expenses and -15.37% after expenses, versus a -16.75% return in the 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.

19

2045 RETIREMENT FUND (Unaudited)

The objective of the 2045 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2045. The 2045 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 87% of net assets in equity funds (approximately 47% in the Equity Index Fund, 14% in the Mid-Cap Equity Index Fund, 19% in the International Fund and 7% in the Small Cap Funds, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Funds) and approximately 13% of net assets in fixed-income funds (11% in the Bond Fund and 2% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2045 Retirement Fund is compared to the S&P 500^® Index (87% weighting), the Bloomberg U.S. Aggregate Bond Index (11% weighting) and the FTSE 3-Month Treasury Bill Index (2% weighting). For the year ended December 31, 2022, the Fund returned -15.52% before expenses and -15.59% after expenses, versus a -17.05% return in the 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.

20

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 90% of net assets in equity funds (approximately 48% in the Equity Index Fund, 14% in the Mid-Cap Equity Index Fund, 20% in the International Fund and 8% in the Small Cap Funds, which consists of the Small Cap Growth, Small Cap Value and the Small Cap Equity Index Funds) and approximately 10% of net assets in fixed-income funds (8% in the Bond Fund and 2% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2050 Retirement Fund is compared to the S&P 500^® Index (90% weighting), the Bloomberg U.S. Aggregate Bond Index (8% weighting) and the FTSE 3-Month Treasury Bill Index (2% weighting). For the year ended December 31, 2022, the Fund returned -15.59% before expenses and -15.66% after expenses, versus a -17.23% return in the 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.

21

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 92% of net assets in equity funds (approximately 47% in the Equity Index Fund, 15% in the Mid-Cap Equity Index Fund, 21% in the International Fund and 9% in the Small Cap Funds, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Funds) and approximately 8% of net assets in fixed-income funds (7% in the Bond Fund and 1% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2055 Retirement Fund is compared to the S&P 500^® Index (92% weighting), the Bloomberg U.S. Aggregate Bond Index (7% weighting) and the FTSE 3-Month Treasury Bill Index (1% weighting). For the year ended December 31, 2022, the Fund returned -15.68% before expenses and -15.77% after expenses, versus a -17.48% return in the 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.

22

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 94% of net assets in equity funds (approximately 47% in the Equity Index Fund, 15% in the Mid-Cap Equity Index Fund, 22% in the International Fund and 10% in the Small Cap Funds, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Funds) and approximately 6% of net assets in fixed-income funds (5% in the Bond Fund and 1% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2060 Retirement Fund is compared to the S&P 500^® Index (94% weighting), the Bloomberg U.S. Aggregate Bond Index (5% weighting) and the FTSE 3-Month Treasury Bill Index (1% weighting). For the year ended December 31, 2022, the Fund returned -15.62% before expenses and -15.72% after expenses, versus a -17.60% return in the 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.

23

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 95% of net assets in equity funds (approximately 48% in the Equity Index Fund, 15% in the Mid-Cap Equity Index Fund, 22% in the International Fund and 10% in the Small Cap Funds, which consists of Small Cap Growth, Small Cap Value and Small Cap Equity Index Funds) and approximately 5% of net assets in fixed-income funds (4% in the Bond Fund and 1% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2022).

Performance for the 2065 Retirement Fund is compared to the S&P 500^® Index (95% weighting), the Bloomberg U.S. Aggregate Bond Index (4% weighting) and the FTSE 3-Month Treasury Bill Index (1% weighting). For the year ended December 31, 2022, the Fund returned -15.49% before expenses and -15.54% after expenses, versus a -17.67% return in the 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.

24

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 U.S. Aggregate Bond Index (65% weighting) and the S&P 500^® Index (35% weighting). For the year ended December 31, 2022, the Conservative Allocation Fund returned -12.37% before expenses and -12.44% after expenses, versus a -14.52% return in the 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.

25

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 U.S. Aggregate Bond Index (40% weighting). For the year ended December 31, 2022, the Moderate Allocation Fund returned -13.87% before expenses and -13.91% after expenses, versus a -15.79% return for the 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.

26

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 U.S. Aggregate Bond Index (20% weighting). For the year ended December 31, 2022, the Aggressive Allocation Fund returned -15.20% before expenses and -15.24% after expenses, versus an -16.90% return for the 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.

27

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, 2022, the Money Market Fund returned 1.56% before expenses and 1.31% after expenses, compared to a 1.50% 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, 2022, the fund held 41% in U.S. Treasury Bills, 30% in U.S. agency discount notes and the remainder in commercial paper. The average maturity was 28 days.

The seven-day effective yield as of February 14, 2023, was 4.30%. 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.

2022 was a historic year for the Fixed Income market. The Federal Reserve (Fed) pledged to do all it could to combat the effects of inflation, which topped out in June at 9.1% as per the Consumer Price Index on a year over year basis, the highest level for inflation since 1981. As a result, the Board of Governors raised rates throughout 2022 from 0.25% to 4.5% to end the year, giving us 425 basis points of rate increases in under 12 months. This combined to produce the worst annual return in the history of the Bloomberg U.S. Aggregate Index by more than 10%. To put the historic nature of the market’s moves over 2022 in context, the U.S. 10-year Treasury Bond sold off over 230 basis points from early 2022 to the year end, producing an annual change that has not been seen since the 1970’s.

Ultimately, market debate has centered on what the terminal rate for Fed Funds should be with year-end expectations hovering near 5%. The Federal Reserve Chair has maintained that combatting inflation remains one of the primary goals of this Fed and has consistently communicated that rates will need to remain high until the threat of inflation has well passed. We believe there is little doubt the Fed will stick to its guns.

28

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 increase 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 U.S. Intermediate Government/Credit Bond Index benchmark. To achieve the duration target, intermediate corporate and U.S. Treasury maturities are emphasized. The Fund’s corporate positions remain highly diversified in order to help shield the portfolio from credit risks.

For the year ended December 31, 2022, the Mid-Term Bond Fund returned -7.24% before expenses and -7.66% after expenses versus a -8.23% return of the Bloomberg Intermediate U.S. Government/Credit Bond Index during the same period. The Fund’s outperformance can be attributed in part to its’ greater exposure to shorter duration corporates and lower exposure to corporates overall relative to its’ benchmark. We maintained our “up-in-quality” and short duration stance through this period and expect to continue to do so for the time being.

2022 was a historic year for the Fixed Income market. The Federal Reserve (Fed) pledged to do all it could to combat the effects of inflation, which topped out in June at 9.1% as per the Consumer Price Index on a year over year basis, the highest level for inflation since 1981. As a result, the Board of Governors raised rates throughout 2022 from 0.25% to 4.5% to end the year, giving us 425 basis points of rate increases in under 12 months. This combined to produce the worst annual return in the history of the Bloomberg U.S. Aggregate Index by more than 10%. To put the historic nature of the market’s moves over 2022 in context, the U.S. 10-year Treasury Bond sold off over 230 basis points from early 2022 to the year end, producing an annual change that has not been seen since the 1970’s.

Ultimately, market debate has centered on what the terminal rate for Fed Funds should be with year-end expectations hovering near 5%. The Federal Reserve Chair has maintained that combatting inflation remains one of the primary goals of this Fed and has consistently communicated that rates will need to remain high until the threat of inflation has well passed. We believe there is little doubt the Fed will stick to its guns.

The Treasury curve inverted across almost any measure during 2022, first with the 2 year — 10 year crossing into negative (inverted) territory in March briefly and then in June for good; followed by the 10 year — 30 year spread crossing in June and hovering around zero for much of the summer. Finally, the Fed’s ‘preferred measure’ of yield curve measurement, the 3 month — 30 year spread, crossed into negative territory in November. All remained there and, in fact, the 2 year — 10 year spread is at its most negative since the 1980’s. Yield curve inversion is considered a reliable indicator for potential recession.

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.

29

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 U.S. Treasury, U.S. Agency and Mortgage-Backed securities, and Investment Grade Corporate Bonds

Over the longer term, the Bond Fund’s strategy is to provide income by carrying an overweight to 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 U.S. Aggregate Bond Index, with an overweight in BBB-rated issuers. The Bond Fund also stresses diversification in order to protect it from unexpected credit events.

The benchmark returned -13.01% for the year ended December 31, 2022. The Bond Fund returned -12.41% before expenses and -12.79% after expenses during the same period. The Fund’s outperformance can be attributed to the shorter duration corporate positioning and our shorter duration overall relative to the benchmark. We maintained our “up-in-quality” stance through this period and expect to do so for the time being.

2022 was a historic year for the Fixed Income market. The Federal Reserve (Fed) pledged to do all it could to combat the effects of inflation, which topped out in June at 9.1% as per the Consumer Price Index on a year over year basis, the highest level for inflation since 1981. As a result, the Board of Governors raised rates throughout 2022 from 0.25% to 4.5% to end the year, giving us 425 basis points of rate increases in under 12 months. This combined to produce the worst annual return in the history of the Bloomberg U.S. Aggregate Index by more than 10%. To put the historic nature of the market’s moves over 2022 in context, the U.S. 10-year Treasury Bond sold off over 230 basis points from early 2022 to the year end, producing an annual change that has not been seen since the 1970’s.

Ultimately, market debate has centered on what the terminal rate for Fed Funds should be with year-end expectations hovering near 5%. The Federal Reserve Chair has maintained that combatting inflation remains one of the primary goals of this Fed and has consistently communicated that rates will need to remain high until the threat of inflation has well passed. We believe there is little doubt the Fed will stick to its guns.

The Treasury curve inverted across almost any measure during 2022, first with the 2 year — 10 year crossing into negative (inverted) territory in March briefly and then in June for good; followed by the 10 year — 30 year spread crossing in June and hovering around zero for much of the summer. Finally, the Fed’s ‘preferred measure’ of yield curve measurement, the 3 month — 30 year spread, crossed into negative territory in November. All remained there and, in fact, the 2 year — 10 year spread is at it’s most negative since the 1980’s. Yield curve inversion is considered a reliable indicator for potential recession.

Over the year, Corporate spreads widened from their year-end level of +92 basis points as geopolitical tensions rose and war broke out in the Ukraine, peaking first in mid-March at +145 basis points. Similarly, spreads on Mortgage-Backed-Securities (MBS) also moved wider by 77 basis points. Overall, spread levels went on a grind tighter through April but then reversed course as the main theme of 2022 emerged: Inflation was not, in fact, ‘transitory’ and monetary policy was going to have to react more forcefully if it hoped to contain it. Corporate spreads continued to widen over the summer, peaking at +160 basis points in early July as returns dove deeply negative. Over the latter part of the summer, corporate spreads traded in a channel in the 130 — 140 basis points range as some yield motivated buyers emerged for credit. With rates at their multi-year highs, investment grade and MBS spreads also hit their highs for 2022 in October, partially a reflection of forced corporate selling across U.K. pension funds that pressured the market and sent spreads to their widest mark on the year, hitting +165 basis points (for corporates) and +179 basis points (for MBS). As that selling pressure eased, the corporate bond and MBS markets rallied tighter, finishing 2022 at +130 basis points and +145 basis points, respectively.

30

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.

31

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited)

32

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited) (Continued)

33

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited) (Continued)

34

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited) (Continued)

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MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited) (Continued)

36

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, 2023 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, 2023, 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, 2022 and held for the entire period ending December 31, 2022 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.

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MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)