Mutual of America Investment Corporation

MUTUAL OF AMERICA INVESTMENT CORPORATION

320 Park Avenue, New York, New York 10022-6839

Mutual of America Investment Corporation (the “Investment Company”) is a mutual fund. It currently has these twenty-eight Funds:

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Equity Index Fund

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All America Fund

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Small Cap Value Fund

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Small Cap Growth Fund

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Small Cap Equity Index Fund

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Mid Cap Value Fund

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Mid-Cap Equity Index Fund

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Composite Fund

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International Fund

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Catholic Values Index Fund

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Money Market Fund

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Mid-Term Bond Fund

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Bond Fund

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Retirement Funds:

Retirement Income Fund

2015 Retirement Fund

2020 Retirement Fund

2025 Retirement Fund

2030 Retirement Fund

2035 Retirement Fund

2040 Retirement Fund

2045 Retirement Fund

2050 Retirement Fund

2055 Retirement Fund

2060 Retirement Fund

2065 Retirement Fund

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Allocation Funds:

Conservative Allocation Fund

Moderate Allocation Fund

Aggressive Allocation Fund

The Funds serve as investment vehicles for account balances under variable accumulation annuity contracts and issued by Mutual of America Life Insurance Company (the “Insurance Company”). Additionally, certain of the Funds serve as investment vehicles for account balances under certain variable accumulation annuity contracts and variable life insurance policies, issued by a former indirect wholly-owned subsidiary, The American Life Insurance Company of New York, now known as Wilton Reassurance Life Company of New York (“Wilton Re”). Separate accounts of the Insurance Company and Wilton Re purchase Fund shares (the “Separate Accounts”). Together, the Insurance Company and Wilton Re may be referred to as the “Insurance Companies.” The Funds are also offered to retirement plans through financial intermediaries or can be held directly by institutions.

This Prospectus has information a contractholder or policyowner should know before making allocations or transfers to the Funds or to the separate account subaccounts that invest in shares of the Funds. You should read this Prospectus carefully and keep it for future reference.

The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

Prospectus dated May 1, 2022

TABLE OF CONTENTS

	Page
Summary Section	3
Equity Index Fund	3
All America Fund	6
Small Cap Value Fund	9
Small Cap Growth Fund	12
Small Cap Equity Index Fund	15
Mid Cap Value Fund	18
Mid-Cap Equity Index Fund	21
Composite Fund	24
International Fund	28
Catholic Values Index Fund	32
Money Market Fund	36
Mid-Term Bond Fund	39
Bond Fund	42
Retirement Income Fund	45
2015 Retirement Fund	49
2020 Retirement Fund	54
2025 Retirement Fund	59
2030 Retirement Fund	64
2035 Retirement Fund	69
2040 Retirement Fund	74
2045 Retirement Fund	79
2050 Retirement Fund	84
2055 Retirement Fund	89
2060 Retirement Fund	94
2065 Retirement Fund	99
Conservative Allocation Fund	105
Moderate Allocation Fund	109
Aggressive Allocation Fund	113
Additional Information on Fund Objectives, Principal Investment Strategies and Principal Investment Risks	118
Equity Index Fund	119
All America Fund	120
Small Cap Value Fund	121
Small Cap Growth Fund	121
Small Cap Equity Index Fund	122
Mid Cap Value Fund	122
Mid-Cap Equity Index Fund	123
Composite Fund	123
International Fund	124
Catholic Values Index Fund	125
Money Market Fund	126
Mid-Term Bond Fund	127
Bond Fund	128
Retirement Funds	129
Allocation Funds	133
Description of Principal Risks	136
Disclosure of Portfolio Securities Information	142
Management of the Funds	143
The Adviser	143
Portfolio Managers	143
Information About Fund Shares	146
Pricing of Fund Shares	146

	Page
Purchase of Fund Shares	147
Breakpoint Discounts	148
Redemption of Shares	148
Frequent Purchases and Redemptions of Fund Shares	152
FINANCIAL HIGHLIGHTS	155

MUTUAL OF AMERICA Investment CorporationSUMMARY

Equity Index FundMay 1, 2022

Investment Objective. The Fund seeks investment results that correspond to the investment performance of the S&P 500® Index.

Fees and Expenses of the Fund. The table below describes the fees and expenses you may pay if you buy, hold and sell Fund shares. For investments through an insurance company separate account, note that the expenses shown do not include Separate Account expenses or variable contract expenses which would increase costs if included.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.08%
Other Expenses	0.06%
Total Annual Fund Operating Expenses	0.14%

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes: (a) that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods, (b) a 5% return each year and (c) operating expenses remain the same. For investments through an insurance company separate account, note that the expenses shown do not include Separate Account expenses or variable contract expenses which would increase costs if included. Although your actual costs may be higher or lower, your cost based on these assumptions would be:

1 Year	3 Years	5 Years	10 Years
$14	$45	$79	$180

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may result in higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recently completed fiscal year, the Fund’s portfolio turnover rate was 7.01% of the average value of its portfolio.

Principal Investment Strategies. The Fund primarily invests in the 500 common stocks included in the S&P 500® Index to replicate, to the extent practicable, the weightings of such stocks in the Index. The components of the Index are market capitalization weighted, adjusted for free float, which is the value of shares readily available in the market as held by public investors. Under normal circumstances, at least 80% of the Fund’s total assets are invested in securities included in the S&P 500® Index, which at December 31, 2021, included companies with market capitalizations from $6.5 billion up to $2.9 trillion. The Fund is rebalanced at approximately the same time that the S&P 500® Index to which the Fund is benchmarked is rebalanced and reconstituted, which currently occurs on the third Friday of the last month of each quarter. The Fund will concentrate its investments in an industry or group of industries to the extent that the index being tracked is also so concentrated. The Fund may become non-diversified, as defined under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500® Index to which the Fund is benchmarked. This means that the Fund may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Fund were always managed as a diversified management investment company. The Fund intends to be diversified in approximately the same proportion as the S&P 500® Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500® Index.

Principal Investment Risks. As with any mutual fund, loss of money is a risk of investing in the Fund. Additionally, an investment in the Fund is subject to the following risks which are described in more detail in the Prospectus.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Market risk: The risk that prices of securities will go down because of the interplay of market forces may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

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Concentration risk: The chance that the stocks of a particular industry or group of industries will decline because of adverse developments affecting that industry. Because the Fund concentrates its assets in certain industries to the same extent that the S&P 500® Index does, the Fund bears concentration risk.

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Non-Diversification risk: The Fund may become classified as "non-diversified" under the 1940 Act solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500® Index. If the Fund becomes non-diversified, it may invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

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Index Tracking Error risk: As an index fund, the Fund seeks to track the performance of the index, although it may not be successful in doing so. The divergence between the performance of the Fund and the index, positive or negative, is called tracking error. Tracking error can be caused by many factors such as operating and transaction costs, as well as weighting of each security in the index, and it may be significant.

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Passive Investment risk: Because the Fund is passively managed and seeks to match the performance of its benchmark index, holdings are generally not reallocated based on changes in market conditions or outlook for a specific security, industry, or market sector. As a result, the Fund’s performance may lag the performance of actively managed funds.

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Large Cap risk: Larger, more established companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies.

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Stock risk: The value of your investment will go up or down, depending on movements in the stock markets. The investment results may be better or worse than the results for the stock markets taken as a whole, or than the results of other funds that invest in the same types of securities.

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

Below the bar chart are the Portfolio’s highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Portfolio’s total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Portfolio by showing changes in the Portfolio’s performance from year to year and by showing how the Portfolio’s average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund’s past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the Separate Accounts that purchase Fund shares. If these charges were reflected, returns would be less than those shown. Updated performance information is available at no cost online at mutualofamerica.com or by calling 800.468.3785.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Second quarter 2020	20.51%
Worst	First quarter 2020	-19.64%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Equity Index Fund
Return before taxes	28.50%	18.28%	16.36%
Return after taxes on distributions	26.67%	16.46%	14.87%
Return after taxes on distributions and sales of shares	17.62%	15.77%	13.20%
S&P 500® Index (Index reflects no deduction for fees and expenses)	28.71%	18.47%	16.55%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Funds.

Portfolio Managers. Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since March 2014, and Erik Wennerstrum, Second Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, are primarily responsible for the day-to-day management of the Fund.

For important information about “Purchase and Sale of Fund Shares” and “Tax Information” please turn to the corresponding section heading in the Aggressive Allocation Fund's summary section on page 117.

MUTUAL OF AMERICA Investment CorporationSUMMARY

All America FundMay 1, 2022

Investment Objective. The Fund seeks to outperform the S&P 500® Index by investing in a diversified portfolio of primarily common stocks.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.40%
Other Expenses	0.09%
Total Annual Fund Operating Expenses	0.49%

1 Year	3 Years	5 Years	10 Years
$50	$158	$277	$632

Principal Investment Strategies. A portion of the Fund’s total assets is indexed and a portion is actively managed.

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Approximately 60% of the Fund’s total assets are invested in the 500 common stocks included in the S&P 500® Index to replicate, to the extent practicable, the weightings of such stocks in the Index with respect to that 60% of the Fund’s total assets. The components of the Index are market capitalization weighted, adjusted for free float, which is the value of shares readily available in the market as held by public investors. The indexed portion of the Fund is rebalanced at approximately the same time that the S&P 500® Index to which that portion of the Fund is benchmarked is rebalanced and reconstituted, which currently occurs on the third Friday of the last month of each quarter.

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Approximately 40% of the Fund’s total assets are actively managed by the Adviser, with approximately 20% of the Fund’s total assets invested in large and mid-cap growth and value stocks, approximately 10% invested in small-cap growth stocks and approximately 10% in small-cap value stocks. The Adviser generally invests in stocks that it considers undervalued, or to have attractive growth potential, and with the potential for investment returns that outperform their peer companies, based on bottom-up fundamental company research, including analysis of business models, financial statements, measures of earnings and cash flow, and potential for long-term growth in sales and cash flow.

Under normal circumstances, at least 80% of the Fund’s total assets are invested in securities of companies that are listed or principally traded on a United States stock exchange.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Active Management risk: The portfolio manager’s judgments about the attractiveness, value or potential appreciation of the Fund’s investments may prove to be incorrect. The Fund could underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies if the Fund’s overall investment selections or strategies fail to produce the intended results.

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Company risk: The price of the stock of a particular company can vary based on a variety of factors, such as the company’s financial performance, changes in management and product trends, and the potential for takeover and acquisition. The prices of equity securities of smaller companies may fluctuate more than for more established companies. The equity securities of smaller companies may not be traded as often as for larger companies, therefore it may be difficult to trade securities at a desirable price. Investments in companies with small market capitalizations generally offer greater opportunities for appreciation, but are associated with more risks than for established companies.

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Growth Stock risk: Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not outperform value style investing.

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Value Stock risk: Value stocks are generally undervalued in the marketplace, with high dividends and low prices relative to standard measures. Value stocks may remain undervalued.

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Mid-Cap risk: Mid-cap stocks experience more market risk and sharper price fluctuations than for large-cap stocks due to the fact that the earnings of mid-size companies tend to be less predictable and the stocks are traded less frequently. At times it may be difficult for a Fund to sell mid-cap stocks at reasonable prices.

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Small-Cap risk: Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

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Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

Below the bar chart are the Portfolio’s highest and lowest total returns for any calendar quarter during the

period covered by the chart, showing the volatility of the Portfolio’s total returns. The numbers in parentheses are negative, representing a loss of principal.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Second quarter 2020	20.60%
Worst	First quarter 2020	-22.70%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
All America Fund
Return before taxes	27.07%	15.82%	14.61%
Return after taxes on distributions	23.59%	12.45%	12.08%
Return after taxes on distributions and sales of shares	17.53%	13.60%	11.24%
S&P 500® Index (Index reflects no deduction for fees and expenses)	28.71%	18.47%	16.55%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

Portfolio Managers. Joseph R. Gaffoglio, President of the Adviser, and a portfolio manager of the large cap value and large cap growth segments of the Fund since May 2016, Stephen J. Rich, Chief Executive Officer of the Adviser, and a portfolio manager of the small cap and mid-cap value segments of the Fund since April 2022, having previously served as a portfolio manager of these segments from 2004 through 2021, Marguerite Wagner, Executive Vice President of the Adviser, and a portfolio manager of the small cap growth and mid cap core segments of the Fund since 2005, and Jamie A. Zendel, Executive Vice President, and a portfolio manager of the indexed portion of the Fund since 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about “Purchase and Sale of Fund Shares” and “Tax Information,” please turn to the corresponding section heading in the Aggressive Allocation Fund's summary section on page 117.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Small Cap Value FundMay 1, 2022

Investment Objective. The Fund seeks capital appreciation.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.75%
Other Expenses	0.05%
Total Annual Fund Operating Expenses	0.80%

1 Year	3 Years	5 Years	10 Years
$82	$258	$453	$1,031

Principal Investment Strategies. The Fund invests primarily in value stocks issued by companies with small sized market capitalizations that Mutual of America Capital Management LLC (the “Adviser”) believes to be undervalued in the marketplace in relation to factors such as the company’s assets, earnings or growth potential. The fund will concentrate its investments in an industry or group of industries, generally to the extent that its benchmark index is also so concentrated. Currently, the Fund has a concentration in the stocks of financial companies. Companies with small-sized market capitalizations are typically those companies with market capitalizations of less than $5.0 billion.

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At least 80% of the Fund’s total assets are invested in small-cap value stocks and at least 85% of the Fund’s total assets will be invested in equity securities.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Small-Cap risk: Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

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Value Stock risk: Value stocks are generally undervalued in the marketplace, with high dividends and low prices relative to standard measures. Value stocks may remain undervalued.

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Concentration risk: The chance that the stocks of a particular industry or group of industries will decline because of adverse developments affecting that industry. Because the Fund concentrates its assets in certain industries to approximately the same extent that its comparative index does, the Fund bears concentration risk.

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Financial Industry risk: Companies in the financial industry are subject to extensive government regulation, can be subject to relatively rapid change due to increasingly blurred distinctions between service segments, and can be significantly affected by availability and cost of capital funds, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.

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Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Fourth quarter 2020	28.86%
Worst	First quarter 2020	-35.67%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Small Cap Value Fund
Return before taxes	32.29%	6.94%	9.80%
Return after taxes on distributions	29.72%	4.88%	8.05%
Return after taxes on distributions and sales of shares	20.34%	8.55%	7.48%
Russell 2000 Value® Index (Index reflects no deduction for fees and expenses)	28.27%	9.07%	12.03%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

Portfolio Manager. Stephen J. Rich, Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since April 2022, having previously served as the portfolio manager of the Fund from its inception in 2005 through 2021, is primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Small Cap Growth FundMay 1, 2022

Investment Objective. The Fund seeks capital appreciation.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.75%
Other Expenses	0.05%
Total Annual Fund Operating Expenses	0.80%

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes: (a) that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods, (b) a 5% return each year and (d) operating expenses remain the same. For investments through an insurance company separate account, note that the expenses shown do not include Separate Account expenses or variable contract expenses which would increase costs if included. Although your actual costs may be higher or lower, your cost based on these assumptions would be:

1 Year	3 Years	5 Years	10 Years
$82	$258	$453	$1,031

Principal Investment Strategies. The Fund invests primarily in growth stocks issued by companies with small sized market capitalizations that Mutual of America Capital Management LLC (the “Adviser”) believes to possess the potential for capital appreciation, based on a bottom-up fundamental stock selection process. The process includes analysis of a company’s business and financial models, as well as understanding its financial statements, to assess the potential for long-term growth in sales and cash flow. The fund will concentrate its investments in an industry or group of industries, generally to the extent that its benchmark index is also concentrated in that industry or group of industries. Currently, the Fund has a concentration in the stocks of health care and technology companies. Companies with small-sized market capitalizations are typically those companies with market capitalizations less than $5.0 billion.

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At least 80% of the Fund’s total assets are invested in small-cap growth stocks and at least 85% of the Fund’s total assets will be invested in equity securities.

•

General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

•

Small-Cap risk: Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

•

Growth Stock risk: Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not outperform value style investing.

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Concentration risk: The chance that the stocks of a particular industry or group of industries will decline because of adverse developments affecting that industry. Because the Fund concentrates its assets in certain industries to approximately the same extent that its comparative Index does, the Fund bears concentration risk.

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Health Care Industry risk: Companies in the health care industry are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by rapid obsolescence and patent expirations.

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Technology Industry risk: Companies in the technology industries can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

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Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Second quarter 2020	29.15%
Worst	First quarter 2020	-21.43%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Small Cap Growth Fund
Return before taxes	10.38%	16.72%	13.66%
Return after taxes on distributions	5.37%	13.63%	11.16%
Return after taxes on distributions and sales of shares	8.29%	12.83%	10.63%
Russell 2000 Growth® Index (Index reflects no deduction for fees and expenses)	2.83%	14.53%	14.14%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

Portfolio Manager. Marguerite Wagner, Executive Vice President of the Adviser, and portfolio manager of the Fund since its inception in 2005, is primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Small Cap Equity Index FundMay 1, 2022

Investment Objective. The Fund seeks investment results that correspond to the investment performance of the S&P SmallCap 600® Index.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.08%
Other Expenses	0.18%
Total Annual Fund Operating Expenses	0.26%
Fee Waiver and/or Expense Reimbursement*	(0.11%)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.15%

*The Adviser has contractually agreed to reimburse the Fund's direct operating expenses to the extent such operating expenses exceed 0.07% (excluding any extraordinary expenses that may arise and charges incurred in trading portfolio securities). This contractual obligation may not be terminated before April 30, 2023, and will continue for each succeeding 12 month period thereafter, unless either the Investment Company (at the direction of its Board of Directors) gives not less than 30 days' notice of termination to the Adviser or the Adviser gives written notice of termination to the Investment Company within a 45 calendar day period prior to the next May 1.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes: (a) that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods, (b) a 5% return each year and (c) operating expenses remain the same. The Example reflects the expense reimbursement for the first year. For investments through an insurance company separate account, note that the expenses shown do not include Separate Account expenses or variable contract expenses which would increase costs if included. Although your actual costs may be higher or lower, your cost based on these assumptions would be:

1 Year	3 Years	5 Years	10 Years
$15	$73	$136	$324

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may result in higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recently completed fisal year, the Fund’s portfolio turnover rate was 69.91% of the average value of its portfolio.

Principal Investment Strategies. The Fund invests primarily in the 600 common stocks included in the S&P SmallCap 600® Index to replicate, to the extent practicable, the weightings of such stocks in the Index. The components of the Index are market capitalization weighted, adjusted for free float, which is the value of shares readily available in the market as held by public investors. Under normal circumstances, at least 80% of the Fund’s total assets are invested in securities included in the S&P SmallCap 600® Index, which as of December 31, 2021, included companies with market capitalizations from $208 million up to $7.9 billion. The Fund is rebalanced at approximately the same time that the S&P SmallCap 600® Index to which the Fund is benchmarked is rebalanced and reconstituted, which currently occurs on the third Friday of the last month of each quarter. The fund will concentrate its investments in an industry or group of industries to the extent that the index being tracked is also so concentrated.

•

General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

•

Concentration risk: The chance that the stocks of a particular industry or group of industries will decline because of adverse developments affecting that industry. Because the Fund concentrates its assets in certain industries to the same extent that the S&P SmallCap 600® Index does, the Fund bears concentration risk.

•

Small-Cap risk: Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

•

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Fourth quarter 2020	31.13%
Worst	First quarter 2020	-32.64%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	For Life of Fund	Inception Date
Small Cap Equity Index Fund			July 2, 2018
Return before taxes	26.56%	10.74%
Return after taxes on distributions	20.75%	8.68%
Return after taxes on distributions and sales of shares	17.51%	7.73%
S&P 600® Index (Index reflects no deduction for fees and expenses)	26.82%	11.20%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

Portfolio Managers. Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since its inception in July 2018, and Erik Wennerstrum, Second Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, are primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Mid Cap Value FundMay 1, 2022

Investment Objective. The Fund seeks capital appreciation and, to a lesser extent, current income.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.55%
Other Expenses	0.10%
Total Annual Fund Operating Expenses	0.65%

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes: (a) that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods, (b) a 5% return each year and (d) operating expenses remain the same. For investments through an insurance company separate account, note that the expenses shown do not include Separate Account expenses or variable contract expenses which would increase costs if included. Although your actual costs may be higher or lower, your cost based on these assumptions would be:

1 Year	3 Years	5 Years	10 Years
$67	$210	$368	$838

Principal Investment Strategies. The Fund invests primarily in value stocks issued by companies with mid-sized market capitalizations that Mutual of America Capital Management LLC (the “Adviser”) believes to be undervalued in the marketplace in relation to factors such as the company’s assets, earnings or growth potential. The fund will concentrate its investments in an industry or group of industries, generally to the extent that its benchmark index is also so concentrated. Companies with mid-sized market capitalizations are typically those companies with market capitalizations in the range of $5.0 billion to $30.0 billion.

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At least 80% of the Fund’s total assets are invested in mid cap value stocks and at least 85% of the Fund’s total assets will be invested in equity securities.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Concentration risk: The chance that the stocks of a particular industry or group of industries will decline because of adverse developments affecting that industry. Because the Fund concentrates its assets in certain industries to approximately the same extent that its comparative Index does, the Fund bears concentration risk.

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Value Stock risk: Value stocks are generally undervalued in the marketplace, with high dividends and low prices relative to standard measures. Value stocks may remain undervalued.

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Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Fourth quarter 2020	21.61%
Worst	First quarter 2020	-29.85%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Mid Cap Value Fund
Return before taxes	34.35%	11.62%	12.11%
Return after taxes on distributions	31.25%	9.38%	10.27%
Return after taxes on distributions and sales of shares	21.48%	8.45%	9.32%
Russell Midcap® Value Index (Index reflects no deduction for fees and expenses)	28.34%	11.22%	13.44%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

Portfolio Manager. Stephen J. Rich, Chief Executive Officer of the Adviser, and portfolio manager of the Fund since April 2022, having previously served as the portfolio manager of the Fund from its inception in 2005 through 2021, is primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Mid-Cap Equity Index FundMay 1, 2022

Investment Objective. The Fund seeks investment results that correspond to the investment performance of the S&P MidCap 400® Index.

Fees and Expenses of the Fund. The table below describes the fees and expenses you may pay if you buy and hold Fund shares. For investments through an insurance company separate account, note that the expenses shown do not include Separate Account expenses or variable contract expenses which would increase costs if included.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.08%
Other Expenses	0.07%
Total Annual Fund Operating Expenses	0.15%

1 Year	3 Years	5 Years	10 Years
$15	$48	$85	$193

Principal Investment Strategies. The Fund invests primarily in the 400 common stocks included in the S&P MidCap 400® Index to replicate, to the extent practicable, the weightings of such stocks in the Index. The components of the Index are market capitalization weighted, adjusted for free float, which is the value of shares readily available in the market as held by public investors. Under normal circumstances, at least 80% of the Fund’s total assets are invested in securities included in the S&P 400® Index, which as of December 31, 2021, included companies with market capitalizations from $1.74 billion up to $33.7 billion. The Fund is rebalanced at approximately the same time that the S&P MidCap 400® Index to which the Fund is benchmarked is rebalanced and reconstituted, which currently occurs on the third Friday of the last month of each quarter. The fund will concentrate its investments in an industry or group of industries to the extent that the index being tracked is also so concentrated.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Concentration risk: The chance that the stocks of a particular industry or group of industries will decline because of adverse developments affecting that industry. Because the Fund concentrates its assets in certain industries to the same extent that the S&P MidCap 400® Index does, the Fund bears concentration risk.

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Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Fourth quarter 2020	24.37%
Worst	First quarter 2020	-29.73%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Mid-Cap Equity Index Fund
Return before taxes	24.56%	12.89%	14.01%
Return after taxes on distributions	20.24%	10.13%	11.79%
Return after taxes on distributions and sales of shares	16.46%	9.45%	11.17%
S&P MidCap 400® Index (Index reflects no deduction for fees and expenses)	24.76%	13.09%	14.20%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Composite FundMay 1, 2022

Investment Objective. The Fund seeks capital appreciation and current income by investing in a diversified portfolio of common stocks, debt securities and money market instruments.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.40%
Other Expenses	0.06%
Acquired Fund Fees and Expenses	N/A
Total Annual Fund Operating Expenses	0.46%

1 Year	3 Years	5 Years	10 Years
$47	$149	$260	$593

Principal Investment Strategies. The Fund invests a portion of its assets in equity and in fixed income (including money market) securities, where the portion in each category of securities will vary based on Mutual of America Capital Management LLC’s (the “Adviser”) view of current economic and market conditions.

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The equity portion of the Fund is invested in stocks in the S&P 500® Index, as selected by the large cap equity manager of the Adviser. The Adviser generally invests in stocks that it considers undervalued, or to have attractive growth potential, and with the potential for investment returns that outperform their peer companies.

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The fixed income portion of the Fund is invested primarily in investment-grade debt securities issued by U.S. corporations or by the U.S. Government or its agencies, including mortgage-backed securities, as managed by the fixed income and mortgage-backed securities managers of the Adviser. The Adviser evaluates each security to be purchased and selects securities based on maturity, credit quality as determined by fundamental analysis and interest income anticipated to be generated.

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The money market portion of the Fund invests in debt securities with a remaining maturity of 397 calendar days or less that present minimal credit risks.

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Although the Fund only purchases investment-grade bonds, the Fund may continue to hold certain corporate bonds in the Fund’s portfolio that are downgraded to below investment grade, commonly referred to as “junk bonds.”

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Fixed Income risk: The value of your investment will go up or down depending on movements in the bond markets.

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Interest rate risk: Fixed income securities have an inverse relationship to interest rates, such that as interest rates rise, bond values decrease, and the Fund faces a heightened level of interest rate risk under current conditions because interest rates are near historically low levels.

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Corporate Debt risk: During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

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Credit Risk: Debt obligations are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due.

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Call Risk: When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

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Liquidity risk: The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

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Extension risk: Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect fund returns.

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Prepayment risk: Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

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Mortgage risk: The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends (referred to as “extension risk”) and as interest rates fall, mortgage-related securities are often prepaid at a faster rate (referred to as “pre-payment risk”). Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

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Money Market instrument risk: Money Market instruments may decline in value, based on the performance of the issuer or changes in prevailing interest rates. The returns on money market instruments can be adversely affected when yields on eligible investments are low.

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

The information in the average annual total returns table shows how the Fund’s performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

(1)The S&P 500® and S&P 500® Index refer to the Standard & Poor’s 500 Composite Stock Price Index, a market value-weighted Index of the common stock prices of companies included in the S&P 500®.

(2)

The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of “Baa” or higher (investment grade) by a nationally recognized statistical rating agency.

(3)

The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Second quarter 2020	11.44%
Worst	First quarter 2020	-11.19%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Composite Fund
Return before taxes	16.48%	11.25%	10.14%
Return after taxes on distributions	14.57%	8.41%	8.18%
Return after taxes on distributions and sales of shares	10.26%	7.94%	7.66%
S&P 500® Index (Index reflects no deduction for fees and expenses)	28.71%	18.47%	16.55%
Bloomberg U.S. Aggregate Bond Index (Index reflects no deduction for fees and expenses)	-1.54%	3.57%	2.90%
FTSE 3-month Treasury Bill Index (Index reflects no deduction for fees and expenses)	0.05%	1.11%	0.60%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

Portfolio Managers. Jacqueline Sabella, Senior Vice President of the Adviser, and portfolio manager of the fixed income portion of the Fund since July 2021, and portfolio manager of the mortgage-backed securities segment of the Fund since September 2015, and Joseph R. Gaffoglio, President of the Adviser, and portfolio manager of the large cap equity portion of the Fund since May 2016, are primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

International FundMay 1, 2022

Investment Objective. The Fund seeks capital appreciation.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.08%
Other Expenses	0.05%
Acquired Fund Fees and Expenses	0.01%
Total Annual Fund Operating Expenses	0.14%

1 Year	3 Years	5 Years	10 Years
$14	$45	$79	$180

Principal Investment Strategies. Under normal circumstances, at least 80% of the Fund’s total assets are invested, directly or indirectly, in stocks of large and mid-cap companies in developed market countries located outside the United States and Canada represented in the Morgan Stanley Capital International, Inc. Europe, Australasia, and Far East Index (the “MSCI EAFE Index”) through the purchase of such stocks directly, through exchange traded funds designed to track the MSCI EAFE Index, and/or through American Depository Receipts (“ADRs”). The Fund may not, however, invest in all of the countries represented in the MSCI EAFE Index or all of the companies within a country represented in the MSCI EAFE Index, or in the same weightings as in the MSCI EAFE Index. The Fund may also invest in securities and/or exchange traded funds that invest in countries or securities that may not be included in the MSCI EAFE Index.

In selecting individual stocks, the Fund will invest primarily in a diversified universe of companies included in the MSCI EAFE Index that Mutual of America Capital Management LLC (the “Adviser”) believes to possess the potential for capital appreciation. The Adviser will primarily use multi-factor computer models to identify stocks and/or ADRs of foreign companies that have the potential to outperform their peers based on criteria such as more attractive valuations and/or fundamentals. The Adviser will sell securities when more attractive alternatives are found, or when it is necessary to bring sector and/or country weights back within desired ranges relative to the benchmark. Currently, the Fund has a geographic concentration in the stocks of Japan.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Foreign Investment risk: Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time.

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Eurozone Investment risk: The United Kingdom’s recent departure from the European Union, commonly known as “Brexit,” may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

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Geographic Concentration in Japan risk: Because the fund may concentrate its investments in Japan, the fund’s performance may be impacted by social, political, and economic conditions within Japan and to be more volatile than funds without such a concentration. Also investments within the same geographic region can be highly correlated and may decline at the same time.

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Depositary Receipts risk: The Fund may invest in securities of foreign issuers in the form of depositary receipts, including ADRs, some of which are not obligated to disclose material information. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

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ETF risk: ETFs generally invest substantially all of their assets in securities and are traded on stock exchanges. Their net asset values may differ from the prices of the ETF shares offered on the exchanges.

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Trading Risk: ETF shares are listed on exchanges for which there can be no assurance that they will maintain the listing. Also there is no assurance that an active trading market will develop, creating illiquidity and resulting in price volatility. The market price of an ETF may trade at a premium or discount to its net asset value. Trading in ETFs may be halted because of market conditions or extraordinary market volatility.

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Investment Company Risk: The cost of investing in the Fund is higher because in addition to the Fund’s direct fees and expenses, it also indirectly bears fees and expenses charged by the underlying ETFs. The underlying ETFs may change their investment objectives or policies without the approval of the Fund, causing the Fund to withdraw its investment at a possibly inopportune time.

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Leveraging Risk: ETFs may borrow money or otherwise leverage their holdings by investing in collateral from securities loans and by borrowing money to meet redemption requests. This leveraging results in more volatility and a compounding of all other risks.

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Passive Investment Risk: Many ETFs are not actively managed; rather the underlying ETF invests in securities that represent its underlying Index, regardless of its investment merit or market trends. Also, an underlying ETF is more susceptible to declines in the market because the underlying ETFs generally do not change their investment strategies to respond to changes in the economy.

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Tracking Error Risk: Imperfect correlation between the securities of an ETF and those in the Index it intends to track, rounding of prices, changes to the indices and regulatory policies may cause the performance of an ETF to not match the performance of its Index.

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Valuation Risk: An underlying ETF may value certain securities at higher prices than the prices at which it can sell them.

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Fund.

Below the bar chart are the Fund’s highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund’s total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund’s past performance does not necessarily indicate how it will perform in the future.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Fourth quarter 2020	15.85%
Worst	First quarter 2020	-23.27%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
International Fund
Return before taxes	10.37%	9.27%	7.79%
Return after taxes on distributions	7.39%	7.67%	6.57%
Return after taxes on distributions and sales of shares	7.68%	6.75%	5.80%
MSCI EAFE Index (Index reflects no deduction for fees and expenses)	11.26%	9.55%	8.03%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Funds.

Portfolio Manager. Jamie A. Zendel, Executive Vice President of the Adviser, and portfolio manager of the Fund since March 2014, is primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Catholic Values Index FundMay 1, 2022

Investment Objective. The Fund seeks investment results that correspond to the investment performance of the S&P 500® Catholic Values Index.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.15%
Other Expenses	1.99%
Acquired Fund Fees and Expenses	N/A
Total Annual Fund Operating Expenses	2.14%
Fee Waiver and/or Expense Reimbursement*	(1.92%)
Total Annual Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.22%

*The Adviser has contractually agreed beginning as of the inception of the Fund to reimburse the Fund’s direct operating expenses to the extent such operating expenses exceed 0.07% (excluding any extraordinary expenses that may arise and charges incurred in trading portfolio securities). This contractual obligation may not be terminated before April 30, 2023, and will continue for each succeeding 12 month period thereafter, unless either the Investment Company (at the direction of its Board of Directors) gives not less than 30 days’ notice of termination to the Adviser or the Adviser gives written notice of termination to the Investment Company within a 45 calendar day period prior to the next May 1.

Example. This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes: (a) that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold all of your shares at the end of those periods, (b) a 5% return each year and (c) operating expenses remain the same. The Example reflects the expense reimbursement for the first year. Although your actual costs may be higher or lower, your cost based on these assumptions would be:

1 Year	3 Years	5 Years	10 Years
$23	$495	$1,014	$2,561

Portfolio Turnover. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may result in higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund performance. During the Fund’s most recently completed fiscal year, the Fund's portfolio turnover rate was 9.54% of the average value of its portfolio.

Principal Investment Strategies. The Fund primarily invests in the common stocks included in the S&P 500® Catholic Values Index (“Catholic Values Index”) to replicate, to the extent practicable, the weightings of such stocks in the Catholic Values Index. The Catholic Values Index is designed to provide exposure to U.S. large capitalization equity stocks included in the S&P 500® Index while maintaining alignment with the moral and social teachings of the Catholic Church. The Catholic Values Index is based on the S&P 500® Index, and generally comprises approximately 500 or less U.S. listed common stocks. All index constituents are members of the S&P 500® Index 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 (“USCCB”), currently including the protection of human life, promotion of human dignity,

reducing arms production, affordable housing/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 of the S&P 500® Index.

The components of the Catholic Values Index are market capitalization weighted, adjusted for free float, which is the value of shares readily available in the market as held by public investors. Under normal circumstances, at least 80% of the Fund’s total assets are invested in securities included in the Catholic Values Index, which at December 31, 2021, included companies with market capitalizations from $6.5 billion up to $2.9 trillion. The Fund is rebalanced at approximately the same time that the Catholic Values Index to which the Fund is benchmarked is rebalanced and reconstituted, which currently occurs on the third Friday of the last month of each quarter. The index excludes companies operating in certain industries while maintaining the sector weights of the S&P 500® by redistributing the weights from excluded companies to the remaining companies belonging to the same Global Industry Classification Standard (GICS®) sector at each rebalancing. The Fund will concentrate its investments in an industry or group of industries to the extent that the Catholic Values Index being tracked is also so concentrated. Currently, the Fund has a concentration in the stocks of information technology companies.

The Fund may become non-diversified, as defined under the 1940 Act, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Catholic Values Index to which the Fund is benchmarked. This means that the Fund may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Fund were always managed as a diversified management investment company. The Fund intends to be diversified in approximately the same proportion as the Catholic Values Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Catholic Values Index.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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New Fund risk: The Fund is new and has fewer assets than an older fund and therefore, may have higher expenses than an older fund. While the Adviser has contractually agreed to reimburse the Fund’s direct operating expenses for, at a minimum, its first three years of operation in order to limit expenses, it may take more time for the Fund’s assets to grow large enough to offset high expenses.

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Catholic Values Investing risk: The Fund invests in stocks of companies that meet the Catholic Values Index’s investment criteria by excluding companies based on their involvement in one or more activities deemed by the investment criteria to be inconsistent with Catholic teachings. There can be no guarantee that the activities of the companies included in the Catholic Values Index will align with the moral and social teachings of the Catholic Church, or that the Catholic Values Index’s investment criteria will align fully with all interpretations of Catholic social teachings.

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Concentration risk: The chance that the stocks of a particular industry or group of industries will decline because of adverse developments affecting that industry. Because the Fund concentrates its assets in certain industries to the same extent that the Catholic Values Index does, the Fund bears concentration risk.

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Non-Diversification risk: The Fund may become classified as "non-diversified" under the 1940 Act solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Catholic Values Index. If the Fund becomes non-diversified, it may invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

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Index Tracking Error risk: As an index fund, the Fund seeks to track the performance of the Catholic Values Index, although it may not be successful in doing so. The divergence between the performance of the Fund and the index, positive or negative, is called tracking error. Tracking error can be caused by many factors such as operating and transaction costs, as well as weighting of each security in the index, and it may be significant.

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Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Fourth quarter 2021	10.58%
Worst	Third quarter 2021	0.54%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	For Life of Fund	Inception Date
Catholic Values Index Fund			September 30, 2020
Return before taxes	28.99%	34.27%
Return after taxes on distributions	27.71%	33.05%
Return after taxes on distributions and sales of shares	17.12%	25.77%
S&P 500® Catholic Values Index (Index reflects no deduction for fees and expenses)	29.29%	34.72%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Funds.

Portfolio Managers. Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since its inception in September 2020, and Erik Wennerstrum, Second Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, are primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Money Market FundMay 1, 2022

Investment Objective. The Fund seeks current income to the extent consistent with maintenance of liquidity, investment quality and stability of capital.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.15%
Other Expenses	0.11%
Acquired Fund Fees and Expenses	N/A
Total Annual Fund Operating Expenses	0.26%

1 Year	3 Years	5 Years	10 Years
$27	$84	$147	$335

Principal Investment Strategies. The Fund invests in money market instruments that meet certain requirements. The Fund is considered to be an institutional money market fund because it is not limited to investments by natural persons, and it does not maintain a stable net asset value.

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The dollar weighted average maturity of the instruments the Fund holds will be short-term — 60 days or less.

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The Fund will purchase only securities with a remaining maturity of 397 calendar days or less that present minimal credit risks to the Fund.

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The Fund will diversify its investments, limiting holdings in the securities of any one issuer (except the U.S. Government or its agencies) to 5% of assets.

•

General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

•

Money Market risk: You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Board of Directors of the Fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors, and a fee may automatically be imposed based on the Fund’s liquidity level. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. In addition, the Fund’s returns can be adversely affected when yields on eligible investments are low.

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U.S. Government Securities risk: The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

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Interest Rate risk: Securities may lose value as interest rates change because bonds tend to decrease in value as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security.

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Management risk: The investment techniques and risk analyses applied by the Fund may not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Fund.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one, five, and ten years compare to those of a broad-based, unmanaged index for those periods. A fund’s past performance does not necessarily indicate how it will perform in the future.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	First quarter 2019	0.58%
Worst	Third quarter 2021	-0.08%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Money Market Fund	-0.17%	0.90%	0.41%
FTSE 3-month Treasury Bill Index (Index reflects no deduction for fees and expenses)	0.05%	1.11%	0.60%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Mid-Term Bond FundMay 1, 2022

Investment Objective. The primary investment objective of the Fund is to produce a high level of current income. The secondary investment objective is the preservation of shareholders’ capital.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.40%
Other Expenses	0.04%
Acquired Fund Fees and Expenses	N/A
Total Annual Fund Operating Expenses	0.44%

1 Year	3 Years	5 Years	10 Years
$45	$142	$249	$567

Principal Investment Strategies. The Fund invests primarily in publicly-traded, investment-grade debt securities.

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At least 80% of the Fund’s total assets are invested in investment-grade securities issued by U.S. corporations or by the U.S. Government or its agencies, such as bonds, notes, debentures, zero coupon securities and mortgage-backed securities. Bonds are debt instruments that can be issued by the federal government, government agencies and subdivisions, states, cities, corporations and other institutions.

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The Adviser evaluates each security to be purchased and selects securities based on duration, seeking to maintain duration for the Fund overall within +/- 10% of the duration of its benchmark; credit quality as determined by fundamental financial analysis focused on the issuer’s ability to repay debt; and interest income anticipated to be generated.

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The Fund’s securities holdings will have an average maturity of three to seven years.

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Interest Rate risk: Securities may lose value as the interest rate changes because bonds tend to decrease in value as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk under current conditions because interest rates are at near historically low levels.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Corporate Debt risk: During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities.

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Mortgage risk: The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

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Credit risk: Debt obligations are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due.

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Liquidity risk: The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

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Call risk: When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

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Zero Coupon risk: Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Fund.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one, five, and ten years compare to those of a broad-based, unmanaged index for those periods. A fund’s past performance does not necessarily indicate how it will perform in the future.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	First quarter 2020	2.58%
Worst	First quarter 2021	-1.96%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Mid-Term Bond Fund
Return before taxes	-2.02%	2.35%	2.18%
Return after taxes on distributions	-2.71%	1.37%	1.20%
Return after taxes on distributions and sales of shares	-1.08%	1.39%	1.26%
Bloomberg U.S. Intermediate Government/Credit Bond Index (Index reflects no deduction for fees and expenses)	-1.44%	2.91%	2.38%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

Portfolio Manager. Jacqueline Sabella, Senior Vice President of the Adviser, and portfolio manager of the fixed income investment strategy since July 2021, and portfolio manager of the mortgage-backed securities segment of the Fund since September 2015, is primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Bond FundMay 1, 2022

Investment Objective. The Fund seeks current income, with preservation of shareholders’ capital a secondary objective.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.39%
Other Expenses	0.04%
Acquired Fund Fees and Expenses	N/A
Total Annual Fund Operating Expenses	0.43%

1 Year	3 Years	5 Years	10 Years
$44	$139	$243	$554

Principal Investment Strategies. The Fund invests primarily in publicly-traded, investment-grade debt securities.

•

At least 80% of the Fund’s total assets are invested in investment grade securities issued by U.S. corporations or by the U.S. Government or its agencies, such as bonds, notes, debentures, zero coupon securities and mortgage-backed securities. Bonds are debt instruments that can be issued by the federal government, government agencies and subdivisions, states, cities, corporations and other institutions.

•

General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

•

Corporate Debt risk: During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities.

•

Mortgage risk: The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

•

Credit risk: Debt obligations are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due.

•

Liquidity risk: The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

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Call risk: When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

•

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

information is available at no cost online at mutualofamerica.com or by calling 800.468.3785.

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	First quarter 2020	4.01%
Worst	First quarter 2021	-3.73%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Bond Fund
Return before taxes	-2.45%	2.99%	3.11%
Return after taxes on distributions	-3.34%	1.75%	1.92%
Return after taxes on distributions and sales of shares	-1.44%	1.82%	1.88%
Bloomberg U.S. Aggregate Bond Index (Index reflects no deduction for fees and expenses)	-1.54%	3.57%	2.90%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

Retirement Income FundMay 1, 2022

Investment Objective. The Fund seeks to achieve current income consistent with the preservation of capital and, to a lesser extent, capital appreciation.

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.05%
Other Expenses	0.06%
Acquired Fund Fees and Expenses	0.33%
Total Annual Fund Operating Expenses	0.44%

1 Year	3 Years	5 Years	10 Years
$45	$142	$249	$567

Principal Investment Strategies. The Fund invests in shares of other series of the Investment Company (“IC Funds”) in proportions that are balanced to meet the objective of the Fund, which is to produce current income and preserve the value of the investments of retired individuals. The Fund generally invests 75% of its assets in fixed income IC Funds and 25% of its assets in equity IC Funds.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. Because the Fund primarily invests in funds that invest in fixed income securities, the Fund is primarily subject to Fixed Income risk. Other principal risks include Company, Market, Mid-Cap, and Stock risks, which are described in more detail in the “Principal Risks” section of the prospectus.

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Fixed Income risk: The value of your investment will go up or down depending on movements in the bond markets.

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Credit Risk: Debt obligations are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due.

•

Liquidity risk: The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

•

Call Risk: When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

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Retirement Fund risk:

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The Fund is subject to the same risks as the underlying Investment Company Funds (“IC Funds”) in which it invests.

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The Retirement Fund is a “fund of funds” where the allocations shift and there is no guarantee that the allocations in the Retirement Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Retirement Fund could decline in value, and you could lose money by investing in the Retirement Fund, even after the Target Retirement Date.

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There is no guarantee that the Fund will provide adequate income at and through your retirement.

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The Retirement Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities.

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The Retirement Income Fund will have as much as 25% of its assets invested in equity IC Funds.

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Fund.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year and by showing how the Fund’s average annual returns for one year and the life of the Fund compare to those of certain broad-based, unmanaged indices for those periods. A fund’s past performance does not necessarily indicate how it will perform in the future.

(1)

The S&P 500® and S&P 500® Index refer to the Standard & Poor’s 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

(2)

(3)

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Second quarter 2020	5.85%
Worst	First quarter 2020	-3.96%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
Retirement Income Fund
Return before taxes	5.77%	6.16%	5.84%
Return after taxes on distributions	4.40%	4.69%	4.46%
Return after taxes on distributions and sales of shares	3.86%	4.32%	4.18%
S&P 500® Index (Index reflects no deduction for fees and expenses)	28.71%	18.47%	16.55%
Bloomberg Aggregate Bond Index (Index reflects no deduction for fees and expenses)	-1.54%	3.57%	2.90%
FTSE 3-month Treasury Bill Index (Index reflects no deduction for fees and expenses)	0.05%	1.11%	0.60%

Investment Adviser. Mutual of America Capital Management LLC (the “Adviser”) is the investment adviser for the Fund.

Portfolio Managers. Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

MUTUAL OF AMERICA Investment CorporationSUMMARY

2015 Retirement FundMay 1, 2022

Investment Objective. The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name (“Target Retirement Date”).

Shareholder Fees (fees paid directly from your investment)

N/A

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)

Management Fees	0.05%
Other Expenses	0.08%
Acquired Fund Fees and Expenses	0.31%
Total Annual Fund Operating Expenses	0.44%

1 Year	3 Years	5 Years	10 Years
$45	$142	$249	$567

Principal Investment Strategies. The Fund invests in shares of other series of the Investment Company (“IC Funds”) in proportions that are balanced to meet the objective of the Fund, which will move toward preservation of capital and production of income as the Target Retirement Date approaches.

The 2015 Retirement Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2015. Under normal circumstances, the asset allocation will change over time according to a predetermined “glide path” as the Retirement Fund approaches the Target Retirement Date. The glide path below represents the shifting of asset classes over time. As the glide path shows, generally, the less time that remains until the Target Retirement Date, and for a 10 year period after the Target Retirement Date, the more the Fund will invest in fixed income IC Funds and the less it will invest in equity IC Funds. A Retirement Fund that has reached its Target Retirement Date can have 45%, which can vary by plus or minus 10%, of its assets invested in equity IC Funds.

As of December 31, 2021, the Fund’s asset allocation among the underlying funds was as follows:

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Equity Index Fund 25.2%

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Mid-Cap Equity Index Fund 8.0%

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International Fund 5.0%

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Money Market Fund 4.0%

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Bond Fund 32.0%

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Mid-Term Bond Fund 25.8%

The periodic reallocations of the assets of each Retirement Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Retirement Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

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General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.

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Underlying Fund risk: A Fund’s ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. Although the proportion changes over time to meet the Fund’s investment objective, currently the Fund has more Fixed Income risk than equity risk. These risks include Company, Market, Mid-Cap, and Stock risks, which are all described in detail in the “Principal Risks” section of the prospectus.

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fluctuate more than for more established companies. The equity securities of smaller companies may not be traded as often as for larger companies, therefore it may be difficult to trade securities at a desirable price. Investments in companies with small market capitalizations generally offer greater opportunities for appreciation, but are associated with more risks than for established companies.

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Fixed Income risk: The value of your investment will go up or down depending on movements in the bond markets.

•

Credit Risk: Debt obligations are generally subject to the risk that the issuer may be unable to make principal and interest payments when they are due.

•

Liquidity risk: The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

•

Call Risk: When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

•

Retirement Fund risk:

•

The Fund is subject to the same risks as the underlying Investment Company Funds (“IC Funds”) in which it invests.

•

There is no guarantee that the Fund will provide adequate income at and through your retirement.

•

The Retirement Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Retirement Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

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The Retirement Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

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The appropriate Retirement Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Retirement Fund you select, the allocations of a Retirement Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

Performance/Annual Return. The bar chart and table below show the annual return and average annual returns of the Portfolio.

(1)

The S&P 500® and S&P 500® Index refer to the Standard & Poor’s 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

(2)

(3)

Best and Worst Performing Quarters

	Quarter/Year	Total Return
Best	Second quarter 2020	7.92%
Worst	First quarter 2020	-7.83%

Average Annual Total Returns (for periods ended December 31, 2021)

Fund/Comparative Index(es)	Past One Year	Past Five Years	Past Ten Years
2015 Retirement Fund