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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number811-05084

Mutual of America Investment Corporation

(Exact name of registrant as specified in charter)

320 Park Avenue, New York, N.Y. 10022

(Address of principal executive offices) (Zip code)

James J. Roth

Chairman of the Board, President and Chief Executive Officer

Mutual of America Investment Corporation

320 Park Avenue

New York, NY 10022

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212)224-1600

Date of fiscal year end: December 31

Date of reporting period: December 31, 2018

ITEM 1. REPORTS TO STOCKHOLDERS.

DECEMBER 31, 2018

Annual Reports of Investment Options Offered by Mutual of America Life Insurance Company

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

320 PARK AVENUE

NEW YORK NY 10022-6839

February 2019

As a valued variable annuity owner, variable life insurance policyholder or participant in a group variable annuity, we are pleased to provide you with the annual fund reports for the investment options you have selected. Included in this booklet are the annual reports of the Mutual of America Investment Corporation Funds. If you have also selected other investments options, you will receive annual reports for those funds in a separate booklet or booklets. The reports provide an update on each portfolio’s performance as of December 31, 2018. Please note that portfolio performance does not take into account the fees charged by the annuity contract or life insurance policy. When viewed net of these contract fees, your performance will be lower. As always, past performance cannot predict or guarantee future returns.

Mutual of America has specialized in providing retirement products and related services to organizations and their employees, as well as individuals, for more than 70 years. As a mutual company, we do not have stockholders and are not publicly traded. We operate solely for the benefit of our customers, managing the Company for their long-term interest, rather than for the short-term demands of stockholders. Today, as in the past, Mutual of America remains financially strong and is rated among the strongest companies in the life insurance industry by the major independent rating agencies.*

Since 1945, Mutual of America has remained committed to offering plan sponsors, plan participants and individuals carefully selected, quality products and services at a competitive price and the personal attention they need to help build and preserve assets for a financially secure future. Integrity, prudence, and reliability are the values that have guided us since our inception and that continue to serve us well.

We hope you will find the enclosed information helpful. We appreciate and value your business and look forward to serving you in the future. If you have any questions, please call your local Mutual of America Regional Office or1-800-468-3785.

Sincerely,

Mutual of America Life Insurance Company

* While these ratings do not apply to the safety or investment performance of the Separate Account investment funds available under Mutual of America’s products, they do reflect the Company’s ability to fulfill its General Account obligations, which include its obligations under the Interest Accumulation Account, annuity purchase rate guarantees and annuity benefit payouts, as well as life insurance and disability income payments. Third party ratings are subject to change.

DECEMBER 31, 2018

Annual Reports of Mutual of America Investment Corporation

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Mutual of America. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from mutual of America electronically by signing up for the eDocuments program. You can sign up for eDocuments by completing the Consent Agreement located on the Mutual of America website and indicating your consent to receive documents through the Mutual of America website.

You may elect to receive all future reports in paper free of charge. You can inform us that you wish to continue receiving paper copies of your shareholder reports by writing to us at 320 Park Avenue, New York, New York 10022, by calling 1-800-574-9267, or by sending an email to mutualofamerica@dfinsolutions.com. Your election to receive reports in paper will apply to all of the Funds.

CONTENTS

	Page
Annual Report of Mutual of America Investment Corporation
President’s Message		1
Portfolio Management Discussions		5
Asset Allocations		32
Expense Example		37
Portfolios of Investments in Securities:
Equity Index Fund		45
All America Fund		51
Small Cap Value Fund		62
Small Cap Growth Fund		64
Small Cap Equity Index Fund		67
Mid Cap Value Fund		73
Mid-Cap Equity Index Fund		75
International Fund		80
Composite Fund		81
Retirement Income Fund		88
2010 Retirement Fund		89
2015 Retirement Fund		90
2020 Retirement Fund		91
2025 Retirement Fund		92
2030 Retirement Fund		93
2035 Retirement Fund		94
2040 Retirement Fund		95
2045 Retirement Fund		96
2050 Retirement Fund		97
2055 Retirement Fund		98
2060 Retirement Fund		99
Conservative Allocation Fund		100
Moderate Allocation Fund		101
Aggressive Allocation Fund		102
Money Market Fund		103
Mid-Term Bond Fund		105
Bond Fund		110
Footnotes to Portfolios of Investments in Securities		120
Statements of Assets and Liabilities		122
Statements of Operations		126
Statements of Changes in Net Assets		130
Financial Highlights		138
Notes to Financial Statements		154
Report of Independent Registered Public Accounting Firm		171
Additional Information		173

MUTUALOF AMERICA INVESTMENT CORPORATION

We are pleased to present the Mutual of America Investment Corporation (the “Investment Company”) Annual Report. This Report includes important information regarding the performance and financial position of the Investment Company’s funds for the year ended December 31, 2018.

For the year 2018, the S&P 500^® Index declined 4.4%, its worst performance since 2008. After beginning the year with a 7% race to new, all-time highs, the market settled into a range around 0% until mid-July, when it began a steady advance to another all-time high, before sliding 19.3% from the end of September through December, including a 9% decline in December alone. This latter period was characterized by substantial volatility, with the market reacting primarily to concerns regarding global growth. U.S. stock markets were not the only ones to suffer, as all but a few stock markets across the globe declined for the year.

U.S. bond markets fared no better during 2018: long-term Treasury bonds fell 1.7%; U.S. corporate bonds declined 2.2%; and below-investment-grade U.S. corporate bonds declined 2.1%. Spreads widened in December, most dramatically among below-investment-grade (junk) bonds. Globally, the Bloomberg Barclays Global Aggregate Bond Index declined 1.2%. On the commodity front, gold declined 0.9% and oil prices plummeted 25%. Cash instruments (e.g., short-term Treasury notes and commercial paper) was the only major asset class to post positive returns, up 1.9% for the year.

The primary reasons for the volatile and declining markets in 2018 were rising concerns among investors that global growth was slowing and the prospect of an earlier-than-expected recession on the horizon. First, China’s growth is slowing due to internal policies to restrain lending, as well as some disruption caused by U.S. tariffs on more than $200 billion worth of Chinese goods. Further, Chinese consumer spending is slowing significantly. Consumers in China constituted three-quarters of that country’s economic growth last year, but that percentage is likely to fall to only two-thirds this year. Despite recent stimulatory efforts, including tax cuts, lower interest rates and encouragement of lending (after a year of discouraging such lending), China’s high and rising debt is a restraint.

As the second-largest economy in the world, a precipitous slowdown in China could have a serious negative impact on the health of the global economy. Markets likely will react poorly if current U.S. negotiations with China over issues such as trade, technology transfer, and patent and copyright protection, as well as aggressive actions by China to expand its territory and influence, prove unsuccessful. If the U.S. moves forward on contemplated trade measures by raising tariffs on Chinese imports, and placing tariffs on automobiles and auto imports from Europe, Japan, Canada and South Korea, then global tariff rates could reach levels not seen since the 1940s. The era of globalization will have passed, almost assuredly reducing growth prospects for the world.

Few other major economies are showing signs of strength. Statistics from Europe and Japan remain lackluster and deteriorated slowly over the last year. Japan has failed to generate Gross Domestic Product (GDP) growth in excess of 2.0% since 2010, and except for 2014 and 2008, Japan’s inflation rate has not exceeded 1.0% in 20 years. Despite Prime Minister Abe’s efforts and the most expansive quantitative easing (QE) program in the world, Japan has not been, and in all likelihood, will not be, an engine of global growth in the foreseeable future.

In Europe, among the Big Four countries of Germany, Spain, Italy and France, only Germany and Spain generated GDP growth above 2.0% over the past year, with Italy and France barely crawling along at 1.0% or less. Beyond the economic data, Europe has a number of serious problems that are existential in nature. French President Emmanuel Macron essentially abandoned his business-oriented reform program in the face of protests. The United Kingdom’s decision to exit the European Union (EU) represents a significant rupture in the fabric of the collection of the 28 nations that joined together in a single market, fostering the free movement of people, goods, services and capital across their borders. Besides severing important commercial and financial interrelationships, the exit of Britain, often referred to as Brexit, creates a precedent for other members to leave the EU. As for Italy, it is struggling to carry its huge debt load. The EU and Italy are sparring over Italy’s budget, with the EU demanding less spending and lower deficits — in short, austerity — a formula that worked in Spain and Portugal, and to an extent, Greece. The difference in the case of Italy is the magnitude of its debt load and the exhaustion of the EU’s capacity to bail out its faltering constituents.

The EU is on the verge of ending its quantitative easing (QE) program because it purchased European bonds up to the legal limit over the past few years. The vision of Europe as a single economic unit on par with the U.S. and China has become tarnished. The essential flaw, identified at inception, is that while the EU is largely united (19 of 28 members) under a single monetary system (the Euro), the bloc has no centralized taxing authority and, therefore, no ability to regulate debt levels or allocate funds where they are most needed. The disintegration of the EU would have profound effects on global economic growth, as well as on international political relations, which are already in flux.

1

In addition, the U.S. Federal Reserve Board reversed its QE program over the past three years by discontinuing the purchase of Treasury and mortgage securities, thus reducing the size of its balance sheet and, as a consequence, the amount of liquidity available to the global market which could contribute to a deterioration in the rate of future growth. Of greater consequence, the Fed has been raising the Federal Funds rate, the benchmark level for short-term rates. Beginning in December 2015, the Fed raised this rate in 25-basis-point increments nine times, from 0% — 0.25% to a current range of 2.25% — 2.50%. The frequency of these rate increases accelerated over time, with only one rate increase each in 2015 and 2016, three in 2017 and four in 2018. The current Federal Funds level is approaching the recent level of 10-year rates, and comparisons among a number of shorter maturity rates have inverted, such that the Fed Funds rate is higher than some rates between two- and five-year maturities. Lenders cannot make profits when the rate at which they borrow is higher than the rate at which they lend. And borrowers cannot borrow if lenders keep raising their lending rates to attempt to maintain profit margins.

The debate among investors over the last half of 2018 was whether the Fed raised the Fed Funds rate too high and/or too quickly, such that the expansion will be cut off and precipitate a recession. The Fed is trying to engineer a so-called “soft landing,” slowing growth enough to preclude an inflationary spike without damaging the labor market. While the most recent hike in December was well telegraphed by the Fed, investors were clearly hoping that the Fed might defer, or at least suggest a pause in, future rate hikes. In fact, one explanation for the volatile decline in stock prices at the end of 2018 was the market’s fear that the December rate hike was a mistake. Comments by the Chair of the Federal Reserve, Jerome Powell, immediately following the rates meeting in December, did nothing to alleviate investors’ concerns that the Fed was pushing the economy into recession — and not just the U.S. economy. The international trading and financial system is fueled by the U.S. dollar, which means that Fed policy affects every individual economy in the world, because it is the only institution that can increase or decrease world U.S. dollar supply. The Fed’s current program is officially designed to reduce the amount of dollars in the domestic economy to curb inflation and reestablish a “normalized,” self-regulating demand/supply economy. But the centrality of the U.S. dollar to the global economy makes Fed policy de facto global.

Comments by Fed officials since the last meeting, and after the markets’ freefall reaction, have been a bit more dovish without explicitly acknowledging that the last increase was a mistake. More recently, Chairman Powell has gone so far as to say that the Fed’s current policy stance “is appropriate” and language relating to future gradual rate hikes has been dropped. This has brought the Fed more in line with market participants, who had not been forecasting any further rate hikes for the remainder of the year.

Specifically, the first round of manufacturing data for December was surprisingly weak. The first hint of trouble came on December 17, with the release of the New York Fed Empire State Manufacturing Survey, which showed a month-over-month decline from 23.3 to 10.9, versus an expectation of 20. Later that week, the Philadelphia Fed Manufacturing Business Outlook Survey reported a decline from 12.9 to 9.4, versus a consensus estimate of 15. The following week, the Kansas City Fed Manufacturing Survey reported a decline from 15 in November to 3 in December, versus an expectation of 13. A few days later, the Richmond Fed Fifth District Survey of Manufacturing Activity came in at -8, compared with November’s reading of 14, versus an expectation of 15. Finally, the Dallas Fed Texas Manufacturing Outlook Survey registered -5.1, down from 17.6, versus an expectation of 15. The only Regional Federal Reserve Bank survey that showed some stability was the Chicago Fed National Activity Index, down from 0.24 to 0.22, versus an expectation of 0.20. Each Regional Fed Survey uses its own scale for comparing month-to-month economic activity in its region. The economic significance of each is represented by the direction and magnitude of change.

The implication of these regional surveys was confirmed in early January with the release of the United States Institute of Supply Management (ISM) Series Indexes: the Purchasing Managers’ Index (PMI) dropped from 59.3 in November to 54.1 in December; the Employment Index fell from 58.4 to 56.2; the Prices Index declined from 60.7 to 54.9; and, most worrisome, the New Orders Index declined from 62.1 to 51.1. All of the current numbers remain in expansion territory, but the slowdown was greater and more rapid than expected. These results may be seasonal, in that after ramping up for the holiday season, companies slowed production to realign inventories. In a similar vein, strong retail sales from November to December may obscure excess inventories that had to be reduced by heavy markdowns, thus pinching retail margins.

The same seasonal explanation may account for the extremely strong jobs report (e.g., the change in total nonfarm payroll employment) that came out the day after the ISM data, showing that 312,000 new jobs were created in December versus 155,000 in November, versus an expectation of 184,000. However, other data on employment was strong, as well. While the unemployment rate rose from 3.7% to 3.9%, that was largely a function of an increase in the labor participation rate, meaning more people found jobs or are looking for them. Additionally, average hourly earnings on both a month-over-month and year-over-year basis advanced ahead of expectations, with the year-over-year rate registering 3.2%, the highest for the cycle.

2

It is not unusual to be faced with seemingly contradictory data over short periods of time, and subsequent data will be necessary to discern actual trends in the underlying economy. Despite the negative result from the manufacturing surveys, many current indicators suggest the U.S. economy remains healthy. These include strong consumer spending, inflation levels well within Fed targets, and low unemployment. However, a number of recent corporate reports suggest tariffs are beginning to bite. Capital expenditures started to decelerate. Also, the government shutdown that began on December 22, which was the longest shutdown in U.S. history, with an estimated 800,000 federal workers across the country furloughed or required to work without pay, will impact GDP growth. The continuation of stalemates such as these may sap business and consumer confidence in the government’s ability to function, adding more uncertainty to the list of worries.

ISM data is also a leading indicator that is highly correlated with the direction of change in the future, while employment data is lagging or coincident with indicators correlated with what is happening now. Despite the strength of GDP and corporate earnings in 2018, and given the waning positive impact of last year’s tax cut, both GDP and corporate earnings most likely will be much less robust in 2019. Analyst earnings estimates for 2019 are declining, although growth rates remain positive. The key issue is whether the Federal Reserve will be able to maintain the expansion at a positive, though slower, rate of growth, or raise rates too high and risk throwing the economy into recession.

Markets will continue to be volatile as they react to a number of key issues, including tariffs, Chinese growth, how Europe deals with the threats to its existence as a single economic bloc, and most importantly going forward, in our judgment, the actions of the Federal Reserve.

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

Total Returns — Year Ended December 31, 2018
Equity Index Fund	-  4.56%
All America Fund	-  8.27%
Small Cap Value Fund	-14.57%
Small Cap Growth Fund	-12.53%
Small Cap Equity Index Fund†	-16.54%
Mid Cap Value Fund	-14.08%
Mid-Cap Equity Index Fund	-11.26%
International Fund	-13.36%
Composite Fund	-  3.20%
Retirement Income Fund	-  1.21%
2010 Retirement Fund	-  1.93%
2015 Retirement Fund	-  3.01%
2020 Retirement Fund	-  4.04%
2025 Retirement Fund	-  5.22%
2030 Retirement Fund	-  6.49%
2035 Retirement Fund	-  7.36%
2040 Retirement Fund	-  7.94%
2045 Retirement Fund	-  8.29%
2050 Retirement Fund	-  8.74%
2055 Retirement Fund	-  8.88%
2060 Retirement Fund†	-10.54%
Conservative Allocation Fund	-  2.04%
Moderate Allocation Fund	-  4.41%
Aggressive Allocation Fund	-  7.13%
Money Market Fund	+  1.71%
Mid-Term Bond Fund	+  0.57%
Bond Fund	+  0.17%

† For the period July 2, 2018 (commencement of operations) through December 31, 2018.

The above performance figures do not reflect the deduction of respective Separate Account fees and expenses imposed by Mutual of America Life Insurance Company. All Fund performances presented throughout this report are historical, reflect the full reinvestment of dividends paid, and should not be considered indicative of future results.

3

The pages that immediately follow include brief discussions of each Fund’s performance for the year ended December 31, 2018, compared to its relevant index. Also presented are graphs and tables for each Fund (except for the Money Market Fund) which illustrates each Fund’s respective:

● Historical total return achieved over specific periods, expressed as an average annual rate and as a cumulative rate;

● Value in dollars of a $10,000 hypothetical investment at the beginning of each specified period; and

● Historical performance compared to an appropriate index.

Following the discussions are the graphical representations of the asset allocations of each Fund and an illustration of each Fund’s operating expenses. The portfolios of each Fund and financial statements are presented in the pages that follow.

Thank you for your continued investment in our Funds.

Sincerely,

James J. Roth

Chairman of the Board,

President and Chief Executive Officer

Mutual of America Investment Corporation

The views expressed in this Annual Report are subject to change at any time based on market and other conditions and should not be construed as a recommendation. This Report contains forward-looking statements which speak only as of the date they were made and involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed herein. Readers are cautioned not to place undue reliance on our forward-looking statements, as we assume no obligation to update these forward-looking statements. Readers assume any and all responsibility for any investment decision made as a result of the views expressed herein.

S&P^® and S&P 500^® are trademarks of Standard & Poor’s Financial Services LLC.

4

EQUITY INDEX FUND (Unaudited)

The Equity Index Fund’s objective is to replicate the performance of the S&P 500^® Index (S&P 500), which consists of 500 stocks chosen by Standard & Poor’s for market size, liquidity and industry group representation. The S&P 500 is a market-weighted index of 500 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ, with each stock’s weight in the index proportionate to its market value. The weightings make each company’s influence on the S&P 500’s performance directly proportional to that company’s market value.

The Equity Index Fund’s performance for the year ended December 31, 2018, was -4.44% before expenses and -4.56% after expenses, finishing below the benchmark return of -4.38%. Note that the Equity Index Fund’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

GROWTH OF A $10,000 INVESTMENT

Equity Index Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,544		-4.56%		-4.56%
5 Years		$14,913		49.13%		8.32%
10 Years		$33,637		236.37%		12.89%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

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

5

ALL AMERICA FUND (Unaudited)

The investment objective of the All America Fund is to outperform the S&P 500^® Index (S&P 500). The All America Fund is approximately 60% passively invested in the 500 stocks that comprise the S&P 500, with the remaining 40% actively managed, comprised of 20% mid-cap capitalization stocks and 20% small cap stocks, thus providing exposure to all levels of market capitalization among domestic stocks.

For the year ended December 31, 2018, the S&P 500 of large capitalization stocks decreased by 4.38% on a total return basis, while the Russell^® Midcap Core Index was down 9.06% and the Russell Midcap^® Value Index was down 12.29%. The Russell 2000^® Growth Index declined 9.31% and the Russell 2000^® Value Index declined 12.86%.

The All America Fund’s return for the year ended December 31, 2018, before expenses was -7.79% and -8.27% after expenses versus the benchmark return of -4.38% The underperformance of the Fund versus the S&P 500 during the year was due to the underperformance of the mid and small capitalization segments of the fund as compared to the large capitalization benchmark.

GROWTH OF A $10,000 INVESTMENT

All America Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,174		-8.27%		-8.27%
5 Years		$13,569		35.69%		6.29%
10 Years		$30,431		204.31%		11.77%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

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

6

SMALL CAP VALUE FUND (Unaudited)

The investment objective of the Small Cap Value Fund is capital appreciation. The Small Cap Value Fund generally invests in companies that are below $3 billion in market capitalization and have lower price-to-book characteristics than the overall market.

For the year ended December 31, 2018, the Small Cap Value Fund returned -13.87% before expenses and -14.57% after expenses versus a -12.86% return for the Russell 2000^® Value Index. Within the benchmark, the best performing sectors were Health Care and Technology while the worst performing sectors were Consumer Staples and Basic Materials.

Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Fund performance included Finance and Health Care, while sectors detracting from Fund performance included Consumer Staples and Industrials.

GROWTH OF A $10,000 INVESTMENT

Small Cap Value Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,544		-14.57%		-14.57%
5 Years		$11,284		12.84%		2.44%
10 Years		$27,142		171.42%		10.49%

Russell 2000 Value Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,714		-12.86%		-12.86%
5 Years		$11,937		19.37%		3.61%
10 Years		$26,894		168.94%		10.40%

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

7

SMALL CAP GROWTH FUND (Unaudited)

The investment objective of the Small Cap Growth Fund is capital appreciation. The Small Cap Growth Fund invests in growth stocks within the small capitalization marketplace. The Fund returned -11.82% before expenses and -12.53% after expenses during the year ended December 31, 2018. The Fund’s benchmark, the Russell 2000^® Growth Index, returned -9.31% for the comparable period.

The small cap market peaked August 31 after returning over 18.5%. By December 24th, it had declined 29% from this peak before rallying 7.5% in the last several days of December to finish the year. High volatility returned to the equity marketplace on interest rate and trade fears.

For calendar year 2018, high earnings growth companies dominated small cap equity returns. Any type of valuation discipline or sell discipline did not seem to matter during this period. Given our concern for elevated valuations in the equity market in the second quarter, we struggled to keep up with the market rally in the first part of the calendar year.

Given our philosophy that performance should be driven by stock selection not macro-economic bets, our portfolio was exposed to the negative performance in the Energy and Material sectors. Our exposure to the Utility sector which had positive returns for the year was beneficial to the portfolio. Technology remained the best performing sector for the year and in which we nicely outperformed.

GROWTH OF A $10,000 INVESTMENT

Small Cap Growth Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,748		-12.53%		-12.53%
5 Years		$12,082		20.82%		3.85%
10 Years		$29,958		199.58%		11.58%

Russell 2000 Growth Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,069		-9.31%		-9.31%
5 Years		$12,844		28.44%		5.13%
10 Years		$35,547		255.47%		13.52%

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

8

SMALL CAP EQUITY INDEX FUND (Unaudited)

The Small-Cap Equity Index Fund invests in the 600 stocks that comprise the S&P SmallCap 600^® Index (S&P SmallCap 600). The S&P SmallCap 600 is a market-weighted index of 600 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P SmallCap 600’s performance directly proportional to that company’s market value.

The Small-Cap Equity Index Fund launched at the end of June 2018 with an investment by Mutual of America and became available as an investment to shareholders on July 2, 2018. The 6-month performance for the year ended December 31, 2018, was -16.48% before expenses and -16.54% after expenses, finishing below the -16.34% return of the S&P SmallCap 600. Note that the performance of the Small-Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

GROWTH OF A $10,000 INVESTMENT

Small Cap Equity Index Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative
Since 7/2/18 (Inception)		$8,346		-16.54%

S & P 600 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative
Since 7/2/18 (Inception)		$9,315		-16.34%

Performance is for the half-year period from July 2 (Commencement of Operations) to December 31, 2018. The line representing the performance return of the Small Cap Equity Index Fund includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

9

MID CAP VALUE FUND (Unaudited)

The investment objective of the Mid Cap Value Fund is to outperform the Russell Midcap^® Value Index. The Mid Cap Value Fund generally invests in companies that are between $1 billion and $20 billion in market capitalization and have lower price-to-book characteristics.

For the year ended December 31, 2018, the Mid Cap Value Fund returned -13.52% before expenses and -14.08% after expenses versus a -12.29% return for the Russell Midcap^® Value Index. Within the benchmark, the best performing sectors were Technology and Energy while the worst performing sectors were Industrials and Consumer Staples.

Stock selection was the primary driver of positive performance versus the benchmark. Sectors contributing to Mid Cap Value Fund performance included Health Care and Utilities, while sectors detracting from Fund performance included REITs and Technology.

GROWTH OF A $10,000 INVESTMENT

Mid Cap Value Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,592		-14.08%		-14.08%
5 Years		$12,619		26.19%		4.76%
10 Years		$26,095		160.95%		10.05%

Russell Mid Cap Value Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,771		-12.29%		-12.29%
5 Years		$13,034		30.34%		5.44%
10 Years		$34,039		240.39%		13.03%

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

10

MID-CAP EQUITY INDEX FUND (Unaudited)

The Mid-Cap Equity Index Fund invests in the 400 stocks that comprise the S&P MidCap 400^® Index (S&P MidCap 400). The S&P MidCap 400 is a market-weighted index of 400 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P MidCap 400’s performance directly proportional to that company’s market value. The companies included in the S&P MidCap 400 tend to be typical of this asset class, the medium-capitalized sector of the U.S. securities market.

The Mid-Cap Equity Index Fund’s performance for the year ended December 31, 2018, was -11.14% before expenses and -11.26% after expenses, finishing below the -11.08% return of the S&P MidCap 400. Note that the performance of the Mid-Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

GROWTH OF A $10,000 INVESTMENT

Mid-Cap Equity Index Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,874		-11.26%		-11.26%
5 Years		$13,282		32.82%		5.84%
10 Years		$35,264		252.64%		13.42%

S & P MidCap 400 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,892		-11.08%		-11.08%
5 Years		$13,399		33.99%		6.03%
10 Years		$36,053		260.53%		13.68%

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

11

INTERNATIONAL FUND (Unaudited)

The International Fund seeks capital appreciation by investing, directly or indirectly, mainly in exchange traded funds that invest in stocks of large and mid-cap companies in developed market countries located outside of the United States and Canada that are reflected or contained in the Morgan Stanley Capital International, Inc. Europe, Australasia and Far East^® Index (MSCI EAFE^® Index). Currently the International Fund is invested mainly in exchange traded funds that reflect, replicate or follow the country weightings of the MSCI EAFE^® Index. The Fund also has invested a small percentage of assets in exchange traded funds that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries.

For the year ended December 31, 2018, the International Fund returned -13.26% before expenses and -13.36% after expenses, finishing ahead of the -13.79% return of the benchmark. The fund’s benchmark closes earlier in the day than the actual market for the fund’s investments. This time lag can result in both positive and negative performance differences.

GROWTH OF A $10,000 INVESTMENT

International Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,664		-13.36%		-13.36%
5 Years		$10,240		2.40%		0.48%
10 Years		$17,370		73.70%		5.68%

MSCI EAFE Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$8,621		-13.79%		-13.79%
5 Years		$10,268		2.68%		0.53%
10 Years		$18,453		84.53%		6.32%

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

12

COMPOSITE FUND (Unaudited)

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

The primary investment objective of the fixed income portion of the fund is to provide a high level of current income, consistent with capital preservation, while minimizing volatility. It does this by investing primarily in investment grade publicly traded debt securities. The securities held include corporate, U.S. agency and mortgage-backed securities, all of which normally yield more than U.S. Treasury issues.

For the year ended December 31, 2018, the fixed income portion of the Fund had a total return of 0.92% before expenses. This compares favorably to the Bloomberg Barclays U.S. Aggregate Bond Index, which returned 0.01%. All but one of the asset classes represented in the Index delivered positive results during the period. Investment grade corporate bonds were the outlier with a -2.5% return. In general, higher quality bonds outperformed lower and those with shorter maturities outperformed longer.

The Federal Reserve (Fed) governors continue to remove some of the monetary accommodation put in place following the financial crisis in 2008. To that end, they raised the Fed Funds target range four times in 2018 to 2.25% — 2.50%. These moves were, for the most part, expected by the financial markets as communication from the Fed has become more transparent in recent years. Further increases are expected in 2019. In addition to raising the Fed Funds target, the Fed is removing monetary stimulus by slowly winding down its’ $4.0 trillion portfolio. Presently, the Fed reinvests a combined $50 billion fewer Treasuries and mortgage-backed securities each month than it receives via maturities and coupon payments. The intended effect is to shrink the portfolio to close to $1 trillion without having to resort to sales which might drive interest rates higher than desired.

The interest rate curve flattened as yields on short-dated Treasuries rose more than did the yields of long-dated Treasuries. Two-year Treasury Notes yielded 1.88% at the end of the 4th quarter of 2017 and 2.49% on December 31, 2018. Ten-year yields rose 28 basis points or 0.28% to 2.68%. While on the surface these increases might seem small, they do not reflect the path interest rates took during the course of 2018. The trend to higher yields that started in September 2017 peaked in early November 2018. This trend saw the Two-year yield reach 2.97%, a level not seen in a decade. Similarly, the Ten-year yield topped out at 3.24% before falling back to 2.68% at year end. Slowing inflation, lower oil prices and concerns about growth both here and abroad contributed to the fall in interest rates through the end of the year.

Despite a strong start to the year that saw investment grade spreads collapse to pre-crisis tights in early February, high-grade corporate bond spreads widened for much of the year tracing a path from 96 basis points at the end of 2017 to 154 on December 31, 2018. Concerns about a flattening yield curve which can affect bank profitability, fewer foreign buyers of U.S. corporates and less demand for short dated corporates from companies freed to repatriate cash under the new tax law all contributed to the widening. In a reversal of the theme of the last two years, lower-rated credit underperformed higher-rated. For the year, AAA-rated corporate spreads widened 23 basis points, while BBB-rated bond spreads widened 69.

The primary objective of the equity portion of the Composite Fund is to provide exposure to a diversified portfolio of primarily large capitalization, domestic equity securities that have the potential to outperform their peer group over the medium to long term. The portfolio has a focus on dividend income, and aims to continually earn a dividend yield that is higher than that of its benchmark without taking significant over or under weights in any sector.

For the year ended December 31, 2018, the equity portion of the Fund had a total return of -5.71% (before expenses), underperforming the S&P 500^® Index (S&P 500) which lost -4.38%. The underperformance of the Fund was due to less favorable stock selection, as the dividend paying stocks favored by the Fund’s strategy was generally not in favor during the year.

The Fund’s aggregate performance for the year ended December 31, 2018, was -2.71% before expenses and -3.20% after expenses, versus a -2.26% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

Composite Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative			Average Annual
1 Year	$	9,681		-3.20	%		-3.20	%
5 Years	$	13,024		30.24	%		5.42	%
10 Years	$	22,883		128.83	%		8.63	%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative			Average Annual
1 Year	$	9,562		-4.38	%		-4.38	%
5 Years	$	15,032		50.32	%		8.49	%
10 Years	$	34,300		243.00	%		13.12	%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative			Average Annual
1 Year	$	10,001		0.01	%		0.01	%
5 Years	$	11,325		13.25	%		2.52	%
10 Years	$	14,074		40.74	%		3.48	%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative			Average Annual
1 Year	$	10,186		1.86	%		1.86	%
5 Years	$	10,306		3.06	%		0.60	%
10 Years	$	10,356		3.56	%		0.35	%

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

13

RETIREMENT INCOME FUND (Unaudited)

The objective of the Retirement Income Fund is current income consistent with the preservation of capital and, to a lesser extent, capital appreciation. The Retirement Income Fund invests primarily in the fixed-income funds of the Investment Company and also invests in two equity funds of the Investment Company. The Fund’s current target allocation is approximately 75% of net assets in fixed-income funds (approximately 30% in the Bond, 30% in the Mid-Term Bond Funds and 15% in the Money Market Fund) and approximately 25% of net assets in equity funds (20% in the Equity Index Fund and 5% in the Mid-Cap Equity Index Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the Retirement Income Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (15% weighting) and the S&P 500^® Index (25% weighting). For the year ended December 31, 2018, the Fund returned -1.13% before expenses and -1.21% after expenses, versus a -0.54% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

Retirement Income Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,878		-1.21%		-1.21%
5 Years		$12,049		20.49%		3.80%
10 Years		$18,412		84.12%		6.29%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,186		1.86%		1.86%
5 Years		$10,306		3.06%		0.60%
10 Years		$10,356		3.56%		0.35%

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

14

2010 RETIREMENT FUND (Unaudited)

The objective of the 2010 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2010. The 2010 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 70% of net assets in fixed-income funds (approximately 30% in the Bond Fund, 30% in the Mid-Term Bond Fund and 10% in the Money Market Fund) and approximately 30% of net assets in equity funds (20% in the Equity Index Fund, 7% in the Mid-Cap Equity Index Fund and 3% in the International Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2010 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (10% weighting) and the S&P 500^® Index (30% weighting). For the year ended December 31, 2018, the Fund returned -1.88% before expenses and -1.93% after expenses, versus a -0.82% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2010 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,808		-1.93%		-1.93%
5 Years		$12,267		22.67%		4.18%
10 Years		$20,687		106.87%		7.54%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,186		1.86%		1.86%
5 Years		$10,306		3.06%		0.60%
10 Years		$10,356		3.56%		0.35%

The line representing the performance return of the 2010 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

15

2015 RETIREMENT FUND (Unaudited)

The objective of the 2015 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2015. The 2015 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 60% of net assets in fixed-income funds (30% in the Bond Fund, 25% in the Mid-Term Bond Fund and 5% in the Money Market Fund) and approximately 40% of net assets in equity funds (approximately 25% in the Equity Index Fund, 8% in the Mid-Cap Equity Index Fund, 5% in the International Fund and 1% each in the Small Cap Growth and Small Cap Value Funds) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2015 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (55% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500^® Index (40% weighting). For the year ended December 31, 2018, the Fund returned -2.94% before expenses and -3.01% after expenses, versus a -1.30% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2015 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,700		-3.01%		-3.01%
5 Years		$12,414		24.14%		4.43%
10 Years		$21,912		119.12%		8.16%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,186		1.86%		1.86%
5 Years		$10,306		3.06%		0.60%
10 Years		$10,356		3.56%		0.35%

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

16

2020 RETIREMENT FUND (Unaudited)

The objective of the 2020 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2020. The 2020 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 50% of net assets in equity funds (approximately 28% in the Equity Index Fund, 10% in the Mid-Cap Equity Index Fund, 8% in the International Fund and 2% each in the Small Cap Growth and Small Cap Value Funds) and approximately 50% of net assets in fixed-income funds (28% in the Bond Fund and 22% in the Mid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2020 Retirement Fund is compared to the S&P 500^® Index (50% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (50% weighting). For the year ended December 31, 2018, the Fund returned -3.97% before expenses and -4.04% after expenses, versus a -1.81% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2020 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,596		-4.04%		-4.04%
5 Years		$12,599		25.99%		4.73%
10 Years		$23,609		136.09%		8.97%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

17

2025 RETIREMENT FUND (Unaudited)

The objective of the 2025 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2025. The 2025 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 61% of net assets in equity funds (approximately 31% in the Equity Index Fund, 12% in the Mid-Cap Equity Index Fund, 10% in the International Fund and 4% each in the Small Cap Growth and Small Cap Value Funds) and approximately 39% of net assets in fixed-income funds (25% in the Bond Fund and 14% in the Mid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2025 Retirement Fund is compared to the S&P 500^® Index (61% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (39% weighting). For the year ended December 31, 2018, the Fund returned -5.16% before expenses and -5.22% after expenses, versus a -2.31% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2025 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,478		-5.22%		-5.22%
5 Years		$12,849		28.49%		5.15%
10 Years		$25,603		156.03%		9.85%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

18

2030 RETIREMENT FUND (Unaudited)

The objective of the 2030 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2030. The 2030 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 72% of net assets in equity funds (approximately 33% in the Equity Index Fund, 17% in the Mid-Cap Equity Index Fund, 12% in the International Fund and 5% each in the Small Cap Growth and Small Cap Value Funds) and approximately 28% of net assets in fixed-income funds (22% in the Bond Fund and 6% in the Mid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2030 Retirement Fund is compared to the S&P 500^® Index (72% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (28% weighting). For the year ended December 31, 2018, the Fund returned -6.42% before expenses and -6.49% after expenses, versus a -2.85% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2030 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,351		-6.49%		-6.49%
5 Years		$12,993		29.93%		5.38%
10 Years		$27,012		170.12%		10.44%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

19

2035 RETIREMENT FUND (Unaudited)

The objective of the 2035 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2035. The 2035 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 81% of net assets in equity funds (approximately 35% in the Equity Index Fund, 20% in the Mid-Cap Equity Index Fund, 14% in the International Fund and 6% each in the Small Cap Growth and Small Cap Value Funds) and approximately 19% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2035 Retirement Fund is compared to the S&P 500^® Index (81% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (19% weighting). For the year ended December 31, 2018, the Fund returned -7.30% before expenses and -7.36% after expenses, versus a -3.31% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2035 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,264		-7.36%		-7.36%
5 Years		$13,039		30.39%		5.45%
10 Years		$27,904		179.04%		10.80%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

20

2040 RETIREMENT FUND (Unaudited)

The objective of the 2040 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2040. The 2040 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 85% of net assets in equity funds (approximately 35% in the Equity Index Fund, 20% in the Mid-Cap Equity Index Fund, 16% in the International Fund and 7% each in the Small Cap Growth and Small Cap Value Funds) and approximately 15% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2040 Retirement Fund is compared to the S&P 500^® Index (85% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (15% weighting). For the year ended December 31, 2018, the Fund returned -7.88% before expenses and -7.94% after expenses, versus a -3.53% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2040 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,206		-7.94%		-7.94%
5 Years		$12,912		29.12%		5.25%
10 Years		$28,146		181.46%		10.90%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

21

2045 RETIREMENT FUND (Unaudited)

The objective of the 2045 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2045. The 2045 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 87% of net assets in equity funds (approximately 34% in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 16% in the International Fund and 8% each in the Small Cap Growth and Small Cap Value Funds) and approximately 13% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2045 Retirement Fund is compared to the S&P 500^® Index (87% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (13% weighting). For the year ended December 31, 2018, the Fund returned -8.23% before expenses and -8.29% after expenses, versus a -3.64% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2045 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,171		-8.29%		-8.29%
5 Years		$12,843		28.43%		5.13%
10 Years		$27,984		179.84%		10.83%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

22

2050 RETIREMENT FUND (Unaudited)

The objective of the 2050 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2050. The 2050 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 89% of net assets in equity funds (approximately 32% in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 18% in the International Fund and 9% each in the Small Cap Growth and Small Cap Value Funds) and approximately 11% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2050 Retirement Fund is compared to the S&P 500^® Index (89% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (11% weighting). For the year ended December 31, 2018, the Fund returned -8.68% before expenses and -8.74% after expenses, versus a -3.75% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2050 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,126		-8.74%		-8.74%
5 Years		$12,786		27.86%		5.04%
Since 10/1/12 (Inception)		$16,688		66.88%		8.54%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
Since 10/1/12 (Inception)		$19,826		98.26%		11.58%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
Since 10/1/12 (Inception)		$11,120		11.20%		1.71%

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

23

2055 RETIREMENT FUND (Unaudited)

The objective of the 2055 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2055. The 2055 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 91% of net assets in equity funds (approximately 31% in the Equity Index Fund, 22% in the Mid-Cap Equity Index Fund, 18% in the International Fund and 10% each in the Small Cap Growth and Small Cap Value Funds) and approximately 9% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2018).

Performance for the 2055 Retirement Fund is compared to the S&P 500^® Index (91% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (9% weighting). For the year ended December 31, 2018, the Fund returned -8.83% before expenses and -8.88% after expenses, versus a -3.86% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2055 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,112		-8.88%		-8.88%
Since 10/1/16 (Inception)		$11,180		11.80%		5.08%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
Since 10/1/16 (Inception)		$12,094		20.94%		8.83%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
Since 10/1/16 (Inception)		$10,046		0.46%		0.21%

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

24

2060 RETIREMENT FUND (Unaudited)

The objective of the 2060 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2060. The 2060 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 93% of net assets in equity funds (approximately 30% in the Equity Index Fund, 23% in the Mid-Cap Equity Index Fund, 20% in the International Fund and 10% each in the Small Cap Growth and Small Cap Value Funds) and approximately 7% of net assets in the Bond.

Performance for the 2060 Retirement Fund is compared to the S&P 500^® Index (93% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (7% weighting). For the period July 2, 2018 (commencement of operations) through December 31, 2018, the Fund returned -10.52% before expenses and -10.54% after expenses, versus a -6.18% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

2060 Retirement Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative
Since 7/2/18 (Inception)		$8,946		-10.54%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative
Since 7/2/18 (Inception)		$9,315		-6.85%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative
Since 7/2/18 (Inception)		$10,162		1.66%

Performance is for the half-year period from July 2 (Commencement of Operations) to December 31, 2018. The line representing the performance return of the 2060 Retirement Fund includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

25

CONSERVATIVE ALLOCATION FUND (Unaudited)

The objective of the Conservative Allocation Fund is current income and, to a lesser extent, capital appreciation. The Conservative Allocation Fund invests primarily in the fixed-income funds of the Investment Company and also invests in the equity funds of the Investment Company. The Conservative Allocation Fund’s target allocation is approximately 65% of net assets in fixed-income funds (approximately 30% in the Bond Fund and 35% in the Mid-Term Bond Fund) and approximately 35% of net assets in equity funds (approximately 25% in the Equity Index Fund, 5% in the Mid-Cap Equity Index Fund and 5% in the International Fund).

Performance for the Conservative Allocation Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (65% weighting) and the S&P 500^® Index (35% weighting). For the year ended December 31, 2018, the Conservative Allocation Fund returned -2.02% before expenses and -2.04% after expenses, versus a -1.19% return in the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

Conservative Allocation Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,796		-2.04%		-2.04%
5 Years		$12,192		21.92%		4.04%
10 Years		$18,857		88.57%		6.55%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

26

MODERATE ALLOCATION FUND (Unaudited)

The objective of the Moderate Allocation Fund is capital appreciation and current income. The Moderate Allocation Fund invests in the equity and fixed-income funds of the Investment Company. The Moderate Allocation Fund’s target allocation is approximately 60% of net assets in equity funds (approximately 35% of its net assets in the Equity Index Fund, 15% in the Mid-Cap Equity Index Fund and 10% in the International Fund) and approximately 40% of net assets in fixed-income funds (approximately 25% of its net assets in the Bond Fund and approximately 15% of its net assets in the Mid-Term Bond Fund).

Performance for the Moderate Allocation Fund is compared to the S&P 500^® Index (60% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (40% weighting). For the year ended December 31, 2018, the Moderate Allocation Fund returned -4.39% before expenses and -4.41% after expenses, versus a -2.26% return for the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

Moderate Allocation Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,559		-4.41%		-4.41%
5 Years		$12,790		27.90%		5.05%
10 Years		$23,445		134.45%		8.89%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

27

AGGRESSIVE ALLOCATION FUND (Unaudited)

The objective of the Aggressive Allocation Fund is capital appreciation and, to a lesser extent, current income. The Aggressive Allocation Fund invests in the equity and fixed-income funds of the Investment Company. The Aggressive Allocation Fund’s target allocation is approximately 80% of net assets in equity funds (approximately 35% of its net assets in the Equity Index Fund, 20% in the Mid-Cap Equity Index Fund, 5% each in the Small Cap Value Fund and Small Cap Growth Funds, and 15% in the International Fund) and approximately 20% of net assets in the Bond Fund.

Performance for the Aggressive Allocation Fund is compared to the S&P 500^® Index (80% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (20% weighting). For the year ended December 31, 2018, the Aggressive Allocation Fund returned -7.11% before expenses and -7.13% after expenses, versus an -3.26% return for the weighted benchmark.

GROWTH OF A $10,000 INVESTMENT

Aggressive Allocation Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,289		-7.13%		-7.13%
5 Years		$12,879		28.79%		5.19%
10 Years		$27,286		172.86%		10.55%

S & P 500 Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$9,562		-4.38%		-4.38%
5 Years		$15,032		50.32%		8.49%
10 Years		$34,300		243.00%		13.12%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

28

MONEY MARKET FUND (Unaudited)

The Money Market Fund’s investment objective is to realize current income while maintaining liquidity, investment quality and stability of capital through investing in high-quality commercial paper issued by U.S. corporations and securities issued by the U.S. government and its agencies. For the year ended December 31, 2018, the Money Market Fund returned 1.91% before expenses and 1.71% after expenses, compared to a 1.86% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

The Federal Reserve (Fed) governors continue to remove some of the monetary accommodation put in place following the financial crisis in 2008. To that end, they raised the Fed Funds target range four times in 2018 to 2.25% — 2.50%. These moves were, for the most part, expected by the financial markets as communication from the Fed has become more transparent in recent years. Further increases are expected in 2019. In addition to raising the Fed Funds target, the Fed is removing monetary stimulus by slowly winding down its’ $4.0 trillion portfolio. Presently, the Fed reinvests a combined $50 billion fewer Treasuries and mortgage-backed securities each month than it receives via maturities and coupon payments. The intended effect is to shrink the portfolio to close to $1 trillion without having to resort to sales which might drive interest rates higher than desired.

The Fund’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On December 31, 2018, the fund held 22% U.S. Treasury Bills, 17% U.S. agency discount notes and the remainder in commercial paper. The average maturity was 25 days.

The seven-day effective yield as of February 12, 2019, was 2.30%. As with all performance reporting, this yield is not necessarily indicative of future annual yields. Neither the Federal Deposit Insurance Corporation nor any other U.S. government agency insures or guarantees investments in shares of the Money Market Fund.

29

MID-TERM BOND FUND (Unaudited)

The Mid-Term Bond Fund seeks a high level of return consistent with the preservation of capital through investment in publicly traded debt securities. The portfolio continues to emphasize corporate issues, particularly BBB-rated bonds, in order to capture incremental income. The Fund will continue to focus on income, rather than market volatility, to achieve superior returns over market cycles. To achieve the duration target of approximately 90% of the benchmark, intermediate corporate and longer U.S. Treasury maturities are emphasized. In addition, the Fund’s corporate positions will remain highly diversified in order to help shield the portfolio from any credit risks. The objective of the Fund is to maintain a maturity profile similar to the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index.

For the year ended December 31, 2018, the Mid-Term Bond Fund returned 1.02% before expenses and 0.57% after expenses versus a 0.88% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period. The Fund’s emphasis on higher-yielding, short-dated corporate issues was a major contributor to its outperformance.

GROWTH OF A $10,000 INVESTMENT

Mid-Term Bond Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,057		0.57%		0.57%
5 Years		$11,062		10.62%		2.04%
10 Years		$14,375		43.75%		3.70%

Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,088		0.88%		0.88%
5 Years		$10,961		9.61%		1.86%
10 Years		$13,311		33.11%		2.90%

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

30

BOND FUND (Unaudited)

The Bond Fund’s primary investment objective is to provide as high a level of current income over time as is believed to be consistent with prudent investment risk. It does this by investing primarily in investment grade publicly traded debt securities. A secondary objective is preservation of capital. The securities held by the Bond Fund include corporate, U.S. agency and mortgage-backed securities, all of which normally yield more than U.S. Treasury issues.

Over the long term, the Bond Fund’s strategy is to overweight corporate bonds, underweight U.S. Treasuries, and market weight mortgage-backed securities. The portfolio’s aim is to maintain a similar maturity profile to the benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index (the Aggregate) with an overweighting of BBB issuers. To achieve the duration target of approximately 90% of the benchmark, intermediate corporate and longer U.S. Treasury maturities are emphasized. The Bond Fund also stresses diversification in order to protect the Fund from unexpected credit events, so few corporate holdings exceed one-half of one percent of the Fund’s value. This extreme diversification will be maintained going forward as part of our risk control.

The fixed income market posted marginally positive returns for 2018. The Bloomberg Barclays U.S. Aggregate Bond Index returned 0.01% for the year. All but one of the asset classes represented in the Index delivered positive results during the period. Investment grade corporate bonds were the outlier with a -2.5% return. In general, higher quality bonds outperformed lower and those with shorter maturities outperformed longer.

The Federal Reserve (Fed) governors continue to remove some of the monetary accommodation put in place following the financial crisis in 2008. To that end, they raised the Fed Funds target range four times in 2018 to 2.25% — 2.50%. These moves were, for the most part, expected by the financial markets as communication from the Fed has become more transparent in recent years. Further increases are expected in 2019. In addition to raising the Fed Funds target, the Fed is removing monetary stimulus by slowly winding down its’ $4.0 trillion portfolio. Presently, the Fed reinvests a combined $50 billion fewer Treasuries and mortgage-backed securities each month than it receives via maturities and coupon payments. The intended effect is to shrink the portfolio to close to $1 trillion without having to resort to sales which might drive interest rates higher than desired.

The interest rate curve flattened as yields on short-dated Treasuries rose more than did the yields of long-dated Treasuries. Two-year Treasury Notes yielded 1.88% at the end of the 4th quarter of 2017 and 2.49% on December 31, 2018. Ten-year yields rose 28 basis points or 0.28% to 2.68%. While on the surface these increases might seem small, they do not reflect the path interest rates took during the course of 2018. The trend to higher yields that started in September 2017 peaked in early November 2018. This trend saw the Two-year yield reach 2.97%, a level not seen in a decade. Similarly, the Ten-year yield topped out at 3.24% before falling back to 2.68% at year end. Slowing inflation, lower oil prices and concerns about growth both here and abroad contributed to the fall in interest rates through the end of the year.

Despite a strong start to the year that saw investment grade spreads collapse to pre-crisis tights in early February, high-grade corporate bond spreads widened for much of the year tracing a path from 96 basis points at the end of 2017 to 154 on December 31. Concerns about a flattening yield curve which can affect bank profitability, fewer foreign buyers of U.S. corporates and less demand for short dated corporates from companies freed to repatriate cash under the new tax law all contributed to the widening. In a reversal of the theme of the last two years, lower-rated credit underperformed higher-rated. For the year, AAA-rated corporate spreads widened 23 basis points, while BBB-rated bond spreads widened 69.

For the year ended December 31, 2018, the Bond Fund returned 0.62% before expenses and 0.17% after expenses versus the 0.01% return of the Bloomberg Barclays U.S. Aggregate Bond Index. The Fund’s relative outperformance was driven primarily by its underweight position in long-dated securities which, as noted above, performed poorly relative to the remainder of the market.

GROWTH OF A $10,000 INVESTMENT

Bond Fund
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,018		0.17%		0.17%
5 Years		$11,592		15.92%		3.00%
10 Years		$16,032		60.32%		4.85%

Bloomberg Barclays U.S. Aggregate Bond Index
Period Ended 12/31/2018	Growth of $10,000		Total Return
			Cumu- lative		Average Annual
1 Year		$10,001		0.01%		0.01%
5 Years		$11,325		13.25%		2.52%
10 Years		$14,074		40.74%		3.48%

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

31

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2018 (Unaudited)

Equity Index Fund

All America Fund

Small Cap Value Fund

Small Cap Growth Fund

Small Cap Equity Index Fund

Mid Cap Value Fund

32

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2018 (Unaudited) (Continued)

Mid-Cap Equity Index Fund

International Fund

Composite Fund

Retirement Income Fund

2010 Retirement Fund

2015 Retirement Fund

33

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2018 (Unaudited) (Continued)

2020 Retirement Fund

2025 Retirement Fund

2030 Retirement Fund

2035 Retirement Fund

2040 Retirement Fund

2045 Retirement Fund

34

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2018 (Unaudited) (Continued)

2050 Retirement Fund

2055 Retirement Fund

2060 Retirement Fund

Conservative Allocation Fund

Moderate Allocation Fund

Aggressive Allocation Fund

35

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF DECEMBER 31, 2018 (Unaudited) (Continued)

Money Market Fund

Mid-Term Bond Fund

Bond Fund

36

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited)

EXAMPLE

As a shareholder of one of the Mutual of America Investment Corporation Funds, you incur ongoing costs, including management fees and other Fund expenses. You do not incur transactional costs, such as sales charges (loads), redemption fees or exchange fees. Additionally, Mutual of America Capital Management LLC, the Funds’ Adviser, has contractually agreed to reimburse the direct non-advisory operating expenses of any Allocation or Retirement Fund (each a “Fund of Funds”) that has less than $50 million in average daily net assets for the prior calendar year. This contractual obligation remains in effect through April 30, 2019 and will continue for succeeding 12 month periods ending April 30th unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at July 1, 2018 and held for the entire period ending December 31, 2018 under the expense reimbursement agreement in effect during that period as described above.

The estimate of expenses does not include fees and charges associated with your variable annuity contract or variable life insurance policy. If those fees and charges were included, the estimate of expenses for the period would be higher and your ending account value would be lower.

ACTUAL EXPENSES

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning other non-Mutual of America funds, which may also charge transactional costs, such as sales charges (loads), redemption fees or exchange fees, which the Mutual of America Investment Corporation does not charge.

Equity Index Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31,  2018
Actual		$1,000.00		$930.74		$0.63
Hypothetical (5% return before expenses)		$1,000.00	��	$1,024.23		$0.66

* Expenses are equal to the Fund’s annual expense ratio of 0.13%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

37

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

All America Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31,  2018
Actual		$1,000.00		$899.33		$2.49
Hypothetical (5% return before expenses)		$1,000.00		$1,022.22		$2.65

* Expenses are equal to the Fund’s annual expense ratio of 0.52%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Small Cap Value Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$843.76		$3.75
Hypothetical (5% return before expenses)		$1,000.00		$1,020.72		$4.13

* Expenses are equal to the Fund’s annual expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Small Cap Growth Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$845.01		$3.76
Hypothetical (5% return before expenses)		$1,000.00		$1,020.72		$4.13

* Expenses are equal to the Fund’s annual expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Small Cap Equity Index Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$834.59		$0.65
Hypothetical (5% return before expenses)		$1,000.00		$1,024.18		$0.71

* The Fund commenced operations on July 2, 2018. Expenses are equal to the Fund’s annualized expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

38

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

Mid Cap Value Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$859.99		$3.04
Hypothetical (5% return before expenses)		$1,000.00		$1,021.55		$3.31

* Expenses are equal to the Fund’s annual expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Mid-Cap Equity Index Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$858.53		$0.65
Hypothetical (5% return before expenses)		$1,000.00		$1,024.18		$0.71

* Expenses are equal to the Fund’s annual expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

International Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$891.01		$1.62
Hypothetical (5% return before expenses)		$1,000.00		$1,023.15		$1.73

* Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Composite Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$962.35		$2.52
Hypothetical (5% return before expenses)		$1,000.00		$1,022.27		$2.60

* Expenses are equal to the Fund’s annual expense ratio of 0.51%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

39

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

Retirement Income Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$987.52		$2.05
Hypothetical (5% return before expenses)		$1,000.00		$1,022.78		$2.09

* Expenses are equal to the Fund’s annual expense ratio of 0.41% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2010 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$979.01		$1.85
Hypothetical (5% return before expenses)		$1,000.00		$1,022.99		$1.89

* Expenses are equal to the Fund’s annual expense ratio of 0.37% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2015 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$966.01		$1.88
Hypothetical (5% return before expenses)		$1,000.00		$1,022.94		$1.94

* Expenses are equal to the Fund’s annual expense ratio of 0.38% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2020 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$953.99		$1.77
Hypothetical (5% return before expenses)		$1,000.00		$1,023.04		$1.84

* Expenses are equal to the Fund’s annual expense ratio of 0.36% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

40

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

2025 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$939.31		$1.71
Hypothetical (5% return before expenses)		$1,000.00		$1,023.09		$1.78

* Expenses are equal to the Fund’s annual expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2030 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$924.07		$1.65
Hypothetical (5% return before expenses)		$1,000.00		$1,023.15		$1.73

* Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2035 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$913.27		$1.54
Hypothetical (5% return before expenses)		$1,000.00		$1,023.25		$1.63

* Expenses are equal to the Fund’s annual expense ratio of 0.32% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2040 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$907.47		$1.58
Hypothetical (5% return before expenses)		$1,000.00		$1,023.20		$1.68

* Expenses are equal to the Fund’s annual expense ratio of 0.33% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

41

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

2045 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$903.41		$1.63
Hypothetical (5% return before expenses)		$1,000.00		$1,023.15		$1.73

* Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2050 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$899.17		$1.67
Hypothetical (5% return before expenses)		$1,000.00		$1,023.09		$1.78

* Expenses are equal to the Fund’s annual expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2055 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$898.21		$1.62
Hypothetical (5% return before expenses)		$1,000.00		$1,023.15		$1.73

* Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

2060 Retirement Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$894.57		$1.62
Hypothetical (5% return before expenses)		$1,000.00		$1,023.15		$1.73

* The Fund commenced operations on July 2, 2018. Expenses are equal to the Fund’s annualized expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

42

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

Conservative Allocation Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$980.45		$1.80
Hypothetical (5% return before expenses)		$1,000.00		$1,023.04		$1.84

* Expenses are equal to the Fund’s annual expense ratio of 0.36% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Moderate Allocation Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$950.02		$1.33
Hypothetical (5% return before expenses)		$1,000.00		$1,023.51		$1.38

* Expenses are equal to the Fund’s annual expense ratio of 0.27% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Aggressive Allocation Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$918.66		$1.35
Hypothetical (5% return before expenses)		$1,000.00		$1,023.45		$1.43

* Expenses are equal to the Fund’s annual expense ratio of 0.28% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Money Market Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$1,009.88		$1.01
Hypothetical (5% return before expenses)		$1,000.00		$1,023.87		$1.02

* Expenses are equal to the Fund’s annual expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

43

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

Mid-Term Bond Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$1,014.66		$2.29
Hypothetical (5% return before expenses)		$1,000.00		$1,022.58		$2.29

* Expenses are equal to the Fund’s annual expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Bond Fund
	Beginning Account Value July 1, 2018		Ending Account Value December 31, 2018		Expenses Paid During Period* July 1, 2018 to December 31, 2018
Actual		$1,000.00		$1,017.39		$2.29
Hypothetical (5% return before expenses)		$1,000.00		$1,022.58		$2.29

* Expenses are equal to the Fund’s annual expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

44

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (9.8%)
Activision Blizzard, Inc.		93,025	$	4,332,174
Alphabet, Inc. Cl A*		36,501		38,142,085
Alphabet, Inc. Cl C*		37,474		38,808,449
AT&T, Inc.		879,824		25,110,177
CBS Corp. Cl B		40,847		1,785,831
CenturyLink, Inc.		115,289		1,746,628
Charter Communications, Inc. Cl A*		21,577		6,148,798
Comcast Corp. Cl A		552,013		18,796,043
Discovery, Inc. Cl A*		19,052		471,346
Discovery, Inc. Cl C*		43,916		1,013,581
DISH Network Corp. Cl A*		27,865		695,789
Electronic Arts, Inc.*		36,692		2,895,366
Facebook, Inc. Cl A*		290,669		38,103,799
Interpublic Group of Cos., Inc.		46,377		956,758
Netflix, Inc.*		53,627		14,353,803
News Corp. Cl A		46,805		531,237
News Corp. Cl B		14,935		172,499
Omnicom Group, Inc.		27,045		1,980,776
Take-Two Interactive Software, Inc.*		13,908		1,431,690
TripAdvisor, Inc.*		12,535		676,138
Twenty-First Century Fox, Inc. Cl A		127,503		6,135,444
Twenty-First Century Fox, Inc. Cl B		58,805		2,809,703
Twitter, Inc.*		88,562		2,545,272
Verizon Communications, Inc.		496,575		27,917,446
Viacom, Inc. Cl B		42,791		1,099,729
Walt Disney Co.		180,868		19,832,176
				258,492,737
CONSUMER DISCRETIONARY (9.6%)
Advance Auto Parts, Inc.		8,888		1,399,504
Amazon.com, Inc.*		49,445		74,264,907
Aptiv PLC		31,847		1,960,820
AutoZone, Inc.*		3,047		2,554,422
Best Buy Co., Inc.		28,473		1,507,930
Booking Hldgs., Inc.*		5,581		9,612,826
BorgWarner, Inc.		25,312		879,339
CarMax, Inc.*		21,002		1,317,455
Carnival Corp.		48,349		2,383,606
Chipotle Mexican Grill, Inc. Cl A*		2,928		1,264,281
Darden Restaurants, Inc.		14,927		1,490,610
Dollar General Corp.		31,925		3,450,454
Dollar Tree, Inc.*		28,808		2,601,939
DR Horton, Inc.		41,508		1,438,667
eBay, Inc.*		109,752		3,080,739
Expedia Group, Inc.		14,338		1,615,176
Foot Locker, Inc.		13,954		742,353
Ford Motor Co.		472,741		3,616,469
Gap, Inc.		25,923		667,776
Garmin Ltd.		14,566		922,319
General Motors Co.		158,975		5,317,714
Genuine Parts Co.		17,712		1,700,706
Goodyear Tire & Rubber Co.		28,201		575,582

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
H&R Block, Inc.		24,796	$	629,074
Hanesbrands, Inc.		43,944		550,618
Harley-Davidson, Inc.		19,460		663,975
Hasbro, Inc.		14,093		1,145,056
Hilton Worldwide Hldgs., Inc.		35,933		2,579,989
Home Depot, Inc.		136,290		23,417,348
Kohl’s Corp.		20,103		1,333,633
L Brands, Inc.		28,033		719,607
Leggett & Platt, Inc.		15,829		567,311
Lennar Corp. Cl A		35,537		1,391,274
LKQ Corp.*		38,163		905,608
Lowe’s Cos., Inc.		97,306		8,987,182
Macy’s, Inc.		37,506		1,116,929
Marriott International, Inc. Cl A		34,512		3,746,623
Mattel, Inc.*		41,313		412,717
McDonald’s Corp.		92,737		16,467,309
MGM Resorts International		61,183		1,484,300
Michael Kors Hldgs. Ltd.*		18,121		687,148
Mohawk Industries, Inc.*		7,645		894,159
Newell Brands, Inc.		52,416		974,413
NIKE, Inc. Cl B		155,348		11,517,501
Nordstrom, Inc.		13,747		640,748
Norwegian Cruise Line Hldgs. Ltd.*		26,771		1,134,823
O’Reilly Automotive, Inc.*		9,698		3,339,312
PulteGroup, Inc.		31,202		810,940
PVH Corp.		9,229		857,836
Ralph Lauren Corp. Cl A		6,653		688,319
Ross Stores, Inc.		45,188		3,759,642
Royal Caribbean Cruises Ltd.		20,845		2,038,433
Starbucks Corp.		149,928		9,655,363
Tapestry, Inc.		35,092		1,184,355
Target Corp.		63,179		4,175,500
Tiffany & Co.		13,164		1,059,834
TJX Cos., Inc.		149,776		6,700,978
Tractor Supply Co.		14,819		1,236,497
Ulta Beauty, Inc.*		6,803		1,665,647
Under Armour, Inc. Cl A*		22,660		400,402
Under Armour, Inc. Cl C*		23,348		377,537
VF Corp.		39,479		2,816,432
Whirlpool Corp.		7,860		839,998
Wynn Resorts Ltd.		11,836		1,170,699
Yum! Brands, Inc.		37,392		3,437,073
				252,547,736
CONSUMER STAPLES (7.2%)
Altria Group, Inc.		224,712		11,098,526
Archer-Daniels-Midland Co.		67,609		2,769,941
Brown-Forman Corp. Cl B		19,947		949,078
Campbell Soup Co.		23,167		764,279
Church & Dwight Co., Inc.		29,357		1,930,516
Clorox Co.		15,313		2,360,346
Coca-Cola Co.		460,887		21,822,999
Colgate-Palmolive Co.		104,867		6,241,684
Conagra Brands, Inc.		58,899		1,258,083
Constellation Brands, Inc. Cl A		20,134		3,237,950

The accompanying notes are an integral part of these portfolio schedules.

45

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Costco Wholesale Corp.		52,943	$	10,785,019
Coty, Inc. Cl A		54,603		358,196
Estee Lauder Cos., Inc. Cl A		26,506		3,448,431
General Mills, Inc.		72,132		2,808,820
Hershey Co.		16,866		1,807,698
Hormel Foods Corp.		32,852		1,402,123
JM Smucker Co.		13,671		1,278,102
Kellogg Co.		30,545		1,741,370
Kimberly-Clark Corp.		41,502		4,728,738
Kraft Heinz Co.		75,500		3,249,520
Kroger Co.		96,290		2,647,975
Lamb Weston Hldgs., Inc.		17,652		1,298,481
McCormick & Co., Inc.		14,677		2,043,625
Molson Coors Brewing Co. Cl B		22,741		1,277,135
Mondelez International, Inc. Cl A		175,570		7,028,067
Monster Beverage Corp.*		48,254		2,375,062
PepsiCo, Inc.		170,824		18,872,636
Philip Morris International, Inc.		187,876		12,542,602
Procter & Gamble Co.		299,244		27,506,508
Sysco Corp.		57,540		3,605,456
Tyson Foods, Inc. Cl A		35,667		1,904,618
Walgreens Boots Alliance, Inc.		97,495		6,661,833
Walmart, Inc.		171,636		15,987,893
				187,793,310
ENERGY (5.1%)
Anadarko Petroleum Corp.		60,784		2,664,771
Apache Corp.		46,015		1,207,894
Baker Hughes, a GE Co. Cl A		62,185		1,336,977
Cabot Oil & Gas Corp.		51,640		1,154,154
Chevron Corp.		231,284		25,161,386
Cimarex Energy Co.		11,647		718,037
Concho Resources, Inc.*		24,216		2,489,163
ConocoPhillips		138,840		8,656,674
Devon Energy Corp.		56,705		1,278,131
Diamondback Energy, Inc.		18,688		1,732,378
EOG Resources, Inc.		70,547		6,152,404
Exxon Mobil Corp.		509,908		34,770,626
Halliburton Co.		106,266		2,824,550
Helmerich & Payne, Inc.		13,194		632,520
Hess Corp.		29,939		1,212,529
HollyFrontier Corp.		19,416		992,546
Kinder Morgan, Inc.		229,070		3,523,097
Marathon Oil Corp.		100,663		1,443,507
Marathon Petroleum Corp.		82,970		4,896,060
National Oilwell Varco, Inc.		46,061		1,183,768
Newfield Exploration Co.*		24,230		355,212
Noble Energy, Inc.		58,241		1,092,601
Occidental Petroleum Corp.		91,162		5,595,524
ONEOK, Inc.		49,781		2,685,685
Phillips 66		51,052		4,398,130
Pioneer Natural Resources Co.		20,459		2,690,768
Schlumberger Ltd.		165,442		5,969,147
TechnipFMC PLC		50,814		994,938
Valero Energy Corp.		50,785		3,807,351

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Williams Cos., Inc.		145,819	$	3,215,309
				134,835,837
FINANCIALS (12.9%)
Affiliated Managers Group, Inc.		6,288		612,703
Aflac, Inc.		91,520		4,169,651
Allstate Corp.		41,367		3,418,155
American Express Co.		84,448		8,049,583
American International Group, Inc.		106,964		4,215,451
Ameriprise Financial, Inc.		16,855		1,759,156
Aon PLC		28,948		4,207,881
Arthur J. Gallagher & Co.		22,085		1,627,664
Assurant, Inc.		6,283		561,951
Bank of America Corp.		1,102,201		27,158,233
Bank of New York Mellon Corp.		109,504		5,154,353
BB&T Corp.		92,588		4,010,912
Berkshire Hathaway, Inc. Cl B*		234,114		47,801,397
BlackRock, Inc. Cl A		14,625		5,744,992
Brighthouse Financial, Inc.*		14,325		436,626
Capital One Financial Corp.		57,188		4,322,841
Cboe Global Markets, Inc.		12,890		1,261,029
Charles Schwab Corp.		144,890		6,017,282
Chubb Ltd.		55,231		7,134,741
Cincinnati Financial Corp.		18,194		1,408,579
Citigroup, Inc.		295,728		15,395,600
Citizens Financial Group, Inc.		56,412		1,677,129
CME Group, Inc. Cl A		43,132		8,113,992
Comerica, Inc.		19,477		1,337,875
Discover Financial Svcs.		40,634		2,396,593
E*TRADE Financial Corp.		30,738		1,348,783
Everest Re Group Ltd.		4,892		1,065,282
Fifth Third Bancorp		78,837		1,855,035
First Republic Bank		19,723		1,713,929
Franklin Resources, Inc.		35,770		1,060,938
Goldman Sachs Group, Inc.		41,760		6,976,008
Hartford Financial Svcs. Group, Inc.		43,106		1,916,062
Huntington Bancshares, Inc.		127,354		1,518,060
Intercontinental Exchange, Inc.		68,432		5,154,983
Invesco Ltd.		49,563		829,685
Jefferies Financial Group, Inc.		34,041		590,952
JPMorgan Chase & Co.		400,986		39,144,253
KeyCorp		123,916		1,831,478
Lincoln National Corp.		25,717		1,319,539
Loews Corp.		33,313		1,516,408
M&T Bank Corp.		16,910		2,420,328
Marsh & McLennan Cos., Inc.		60,509		4,825,593
MetLife, Inc.		118,269		4,856,125
Moody’s Corp.		20,056		2,808,642
Morgan Stanley		157,723		6,253,717
MSCI, Inc. Cl A		10,681		1,574,700
Nasdaq, Inc.		13,764		1,122,729

The accompanying notes are an integral part of these portfolio schedules.

46

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Northern Trust Corp.		26,631	$	2,226,085
People’s United Financial, Inc.		45,628		658,412
PNC Financial Svcs. Group Inc		55,471		6,485,115
Principal Financial Group, Inc.		31,516		1,392,062
Progressive Corp.		70,412		4,247,956
Prudential Financial, Inc.		49,734		4,055,808
Raymond James Financial, Inc.		15,533		1,155,811
Regions Financial Corp.		124,422		1,664,766
S&P Global, Inc.		30,155		5,124,541
State Street Corp.		45,486		2,868,802
SunTrust Banks, Inc.		53,889		2,718,161
SVB Financial Group*		6,450		1,224,984
Synchrony Financial		79,671		1,869,082
T. Rowe Price Group, Inc.		29,055		2,682,358
Torchmark Corp.		12,308		917,315
Travelers Cos., Inc.		31,857		3,814,876
U.S. Bancorp		182,635		8,346,419
Unum Group		26,313		773,076
Wells Fargo & Co.		509,671		23,485,640
Willis Towers Watson PLC		15,593		2,367,953
Zions Bancorporation		23,135		942,520
				338,719,340
HEALTH CARE (15.0%)
Abbott Laboratories		212,133		15,343,580
AbbVie, Inc.		184,416		17,001,311
ABIOMED, Inc.*		5,453		1,772,443
Agilent Technologies, Inc.		38,509		2,597,817
Alexion Pharmaceuticals, Inc.*		27,328		2,660,654
Align Technology, Inc.*		8,762		1,835,026
Allergan PLC		38,407		5,133,480
AmerisourceBergen Corp. Cl A		19,022		1,415,237
Amgen, Inc.		76,852		14,960,779
Anthem, Inc.		30,961		8,131,287
Baxter International, Inc.		59,720		3,930,770
Becton Dickinson & Co.		32,353		7,289,778
Biogen, Inc.*		24,569		7,393,304
Boston Scientific Corp.*		167,694		5,926,306
Bristol-Myers Squibb Co.		197,044		10,242,347
Cardinal Health, Inc.		36,039		1,607,339
Celgene Corp.*		85,341		5,469,505
Centene Corp.*		24,879		2,868,549
Cerner Corp.*		40,091		2,102,372
Cigna Corp.		45,814		8,700,995
Cooper Cos., Inc.		5,906		1,503,077
CVS Health Corp.		155,705		10,201,792
Danaher Corp.		74,297		7,661,507
DaVita, Inc.*		15,268		785,691
DENTSPLY SIRONA, Inc.		26,764		995,888
Edwards Lifesciences Corp.*		25,292		3,873,976
Eli Lilly & Co.		113,552		13,140,237
Gilead Sciences, Inc.		157,185		9,831,922
HCA Healthcare, Inc.		32,432		4,036,162
Henry Schein, Inc.*		18,461		1,449,558
Hologic, Inc.*		32,478		1,334,846
Humana, Inc.		16,458		4,714,888

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
IDEXX Laboratories, Inc.*		10,498	$	1,952,838
Illumina, Inc.*		17,952		5,384,343
Incyte Corp.*		21,731		1,381,874
Intuitive Surgical, Inc.*		13,844		6,630,169
IQVIA Hldgs., Inc.*		19,024		2,210,018
Johnson & Johnson		323,664		41,768,839
Laboratory Corp. of America Hldgs.*		12,208		1,542,603
McKesson Corp.		23,554		2,602,010
Medtronic PLC		161,992		14,734,792
Merck & Co., Inc.		313,780		23,975,930
Mettler-Toledo International, Inc.*		3,018		1,706,920
Mylan NV*		62,703		1,718,062
Nektar Therapeutics Cl A*		21,291		699,835
PerkinElmer, Inc.		13,489		1,059,561
Perrigo Co. PLC		15,236		590,395
Pfizer, Inc.		698,143		30,473,942
Quest Diagnostics, Inc.		16,461		1,370,708
Regeneron Pharmaceuticals, Inc.*		9,437		3,524,720
ResMed, Inc.		17,268		1,966,307
Stryker Corp.		37,407		5,863,547
Thermo Fisher Scientific, Inc.		48,562		10,867,690
UnitedHealth Group, Inc.		116,443		29,008,280
Universal Health Svcs., Inc. Cl B		10,228		1,192,176
Varian Medical Systems, Inc.*		11,085		1,256,041
Vertex Pharmaceuticals, Inc.*		31,155		5,162,695
Waters Corp.*		9,131		1,722,563
WellCare Health Plans, Inc.*		6,010		1,418,901
Zimmer Biomet Hldgs., Inc.		24,650		2,556,698
Zoetis, Inc. Cl A		58,099		4,969,788
				395,224,668
INDUSTRIALS (8.9%)
3M Co.		70,635		13,458,793
Alaska Air Group, Inc.		14,896		906,422
Allegion PLC		11,473		914,513
American Airlines Group, Inc.		49,747		1,597,376
AMETEK, Inc.		27,992		1,895,058
AO Smith Corp.		17,382		742,211
Arconic, Inc.		52,229		880,581
Boeing Co.		63,948		20,623,230
Caterpillar, Inc.		71,138		9,039,506
CH Robinson Worldwide, Inc.		16,511		1,388,410
Cintas Corp.		10,351		1,738,865
Copart, Inc.*		24,751		1,182,603
CSX Corp.		96,840		6,016,669
Cummins, Inc.		17,763		2,373,847
Deere & Co.		38,936		5,808,083
Delta Air Lines, Inc.		75,281		3,756,522
Dover Corp.		17,723		1,257,447
Eaton Corp. PLC		52,260		3,588,172
Emerson Electric Co.		75,472		4,509,452
Equifax, Inc.		14,523		1,352,527
Expeditors International of Washington, Inc.		20,837		1,418,791

The accompanying notes are an integral part of these portfolio schedules.

47

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Fastenal Co.		34,754	$	1,817,287
FedEx Corp.		29,047		4,686,153
Flowserve Corp.		15,819		601,438
Fluor Corp.		17,055		549,171
Fortive Corp.		35,614		2,409,643
Fortune Brands Home & Security, Inc.		17,195		653,238
General Dynamics Corp.		33,481		5,263,548
General Electric Co.		1,051,132		7,957,069
Harris Corp.		14,166		1,907,452
Honeywell International, Inc.		89,071		11,768,061
Huntington Ingalls Industries, Inc.		5,179		985,616
IHS Markit Ltd.*		43,330		2,078,540
Illinois Tool Works, Inc.		37,023		4,690,444
Ingersoll-Rand PLC		29,802		2,718,836
Jacobs Engineering Group, Inc.		14,449		844,689
JB Hunt Transport Svcs., Inc.		10,538		980,456
Johnson Controls International PLC		112,082		3,323,231
Kansas City Southern		12,232		1,167,544
L-3 Technologies, Inc.		9,490		1,648,033
Lockheed Martin Corp.		29,697		7,775,863
Masco Corp.		37,120		1,085,389
Nielsen Hldgs. PLC		43,024		1,003,750
Norfolk Southern Corp.		32,843		4,911,342
Northrop Grumman Corp.		20,750		5,081,675
PACCAR, Inc.		42,190		2,410,737
Parker-Hannifin Corp.		15,909		2,372,668
Pentair PLC		19,257		727,529
Quanta Svcs., Inc.		17,683		532,258
Raytheon Co.		34,242		5,251,011
Republic Svcs., Inc. Cl A		26,062		1,878,810
Robert Half International, Inc.		14,683		839,868
Rockwell Automation, Inc.		14,573		2,192,945
Rollins, Inc.		17,784		642,002
Roper Technologies, Inc.		12,509		3,333,899
Snap-on, Inc.		6,745		979,981
Southwest Airlines Co.		61,044		2,837,325
Stanley Black & Decker, Inc.		18,337		2,195,672
Textron, Inc.		29,311		1,348,013
TransDigm Group, Inc.*		5,863		1,993,772
Union Pacific Corp.		88,708		12,262,107
United Continental Hldgs., Inc.*		27,582		2,309,441
United Parcel Svcs., Inc. Cl B		83,476		8,141,414
United Rentals, Inc.*		9,927		1,017,815
United Technologies Corp.		97,765		10,410,017
Verisk Analytics, Inc. Cl A*		19,887		2,168,478
Waste Management, Inc.		47,156		4,196,412
WW Grainger, Inc.		5,528		1,560,886
Xylem, Inc.		21,658		1,445,022
				233,405,628

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (19.5%)
Accenture PLC Cl A		76,848	$	10,836,336
Adobe, Inc.*		59,617		13,487,750
Advanced Micro Devices, Inc.*		107,529		1,984,985
Akamai Technologies, Inc.*		19,713		1,204,070
Alliance Data Systems Corp.		5,657		849,003
Amphenol Corp. Cl A		36,350		2,945,077
Analog Devices, Inc.		44,880		3,852,050
ANSYS, Inc.*		10,085		1,441,550
Apple, Inc.		548,010		86,443,098
Applied Materials, Inc.		118,960		3,894,750
Arista Networks, Inc.*		6,367		1,341,527
Autodesk, Inc.*		26,623		3,423,984
Automatic Data Processing, Inc.		53,082		6,960,112
Broadcom, Inc.		50,012		12,717,051
Broadridge Financial Solutions, Inc.		14,215		1,368,194
Cadence Design Systems, Inc.*		34,139		1,484,364
Cisco Systems, Inc.		543,196		23,536,683
Citrix Systems, Inc.		15,524		1,590,589
Cognizant Technology Solutions Corp. Cl A		70,163		4,453,947
Corning, Inc.		96,905		2,927,500
DXC Technology Co.		33,924		1,803,739
F5 Networks, Inc.*		7,337		1,188,814
Fidelity National Information Svcs., Inc.		39,308		4,031,035
Fiserv, Inc.*		48,338		3,552,360
FleetCor Technologies, Inc.*		10,731		1,992,961
FLIR Systems, Inc.		16,453		716,364
Fortinet, Inc.*		17,720		1,248,020
Gartner, Inc.*		10,965		1,401,766
Global Payments, Inc.		19,180		1,978,033
Hewlett Packard Enterprise Co.		171,614		2,267,021
HP, Inc.		190,438		3,896,362
Intel Corp.		551,889		25,900,151
International Business Machines Corp.		109,844		12,485,968
Intuit, Inc.		31,411		6,183,255
IPG Photonics Corp.*		4,338		491,452
Jack Henry & Associates, Inc.		9,343		1,182,076
Juniper Networks, Inc.		41,687		1,121,797
Keysight Technologies, Inc.*		22,655		1,406,422
KLA-Tencor Corp.		18,374		1,644,289
Lam Research Corp.		18,821		2,562,856
Mastercard, Inc. Cl A		110,322		20,812,245
Maxim Integrated Products, Inc.		33,584		1,707,746
Microchip Technology, Inc.		28,776		2,069,570
Micron Technology, Inc.*		135,784		4,308,426
Microsoft Corp.		940,810		95,558,072
Motorola Solutions, Inc.		19,673		2,263,182
NetApp, Inc.		30,446		1,816,713
NVIDIA Corp.		74,134		9,896,889
Oracle Corp.		307,908		13,902,046
Paychex, Inc.		38,708		2,521,826
PayPal Hldgs. Inc.*		143,511		12,067,840

The accompanying notes are an integral part of these portfolio schedules.

48

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares			Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Qorvo, Inc.*		15,107		$	917,448
QUALCOMM, Inc.		146,704			8,348,925
Red Hat, Inc.*		21,256			3,733,404
Salesforce.com, Inc.*		93,167			12,761,084
Seagate Technology PLC		31,474			1,214,582
Skyworks Solutions, Inc.		21,506			1,441,332
Symantec Corp.		77,913			1,472,166
Synopsys, Inc.*		18,098			1,524,576
TE Connectivity Ltd.		41,177			3,114,217
Texas Instruments, Inc.		116,094			10,970,883
Total System Svcs., Inc.		20,302			1,650,350
VeriSign, Inc.*		12,904			1,913,534
Visa, Inc. Cl A		212,476			28,034,083
Western Digital Corp.		35,253			1,303,303
Western Union Co.		53,631			914,945
Xerox Corp.		25,146			496,885
Xilinx, Inc.		30,670			2,612,164
					513,145,797
MATERIALS (2.6%)
Air Products & Chemicals, Inc.		26,430			4,230,122
Albemarle Corp.		12,807			987,036
Avery Dennison Corp.		10,458			939,442
Ball Corp.		40,767	��		1,874,467
Celanese Corp. Cl A		16,014			1,440,780
CF Industries Hldgs., Inc.		27,816			1,210,274
DowDuPont, Inc.		276,624			14,793,852
Eastman Chemical Co.		16,917			1,236,802
Ecolab, Inc.		30,643			4,515,246
FMC Corp.		16,396			1,212,648
Freeport-McMoRan, Inc.		175,915			1,813,684
International Flavors & Fragrances, Inc.		12,193			1,637,154
International Paper Co.		48,823			1,970,496
Linde PLC		66,730			10,412,549
LyondellBasell Industries NV Cl A		37,821			3,145,194
Martin Marietta Materials, Inc.		7,612			1,308,274
Mosaic Co.		42,801			1,250,217
Newmont Mining Corp.		64,010			2,217,947
Nucor Corp.		37,662			1,951,268
Packaging Corp. of America		11,415			952,696
PPG Industries, Inc.		28,892			2,953,629
Sealed Air Corp.		18,881			657,814
Sherwin-Williams Co.		9,937			3,909,812
Vulcan Materials Co.		16,134			1,594,039
WestRock Co.		30,678			1,158,401
					69,373,843
REAL ESTATE (2.9%)
Alexandria Real Estate Equities, Inc.		12,959			1,493,395
American Tower Corp.		53,132			8,404,951
Apartment Investment & Management Co. Cl A		18,684			819,854
AvalonBay Communities, Inc.		16,652			2,898,281

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Boston Properties, Inc.		18,611	$	2,094,668
CBRE Group, Inc. Cl A*		38,276		1,532,571
Crown Castle International Corp.		50,125		5,445,079
Digital Realty Trust, Inc.		24,882		2,651,177
Duke Realty Corp.		43,125		1,116,937
Equinix, Inc.		9,737		3,432,877
Equity Residential		44,428		2,932,692
Essex Property Trust, Inc.		7,918		1,941,573
Extra Space Storage, Inc.		15,114		1,367,515
Federal Realty Investment Trust		8,884		1,048,667
HCP, Inc.		57,424		1,603,852
Host Hotels & Resorts, Inc.		89,309		1,488,781
Iron Mountain, Inc.		34,163		1,107,223
Kimco Realty Corp.		50,845		744,879
Macerich Co.		12,745		551,604
Mid-America Apartment Communities, Inc.		13,645		1,305,827
Prologis, Inc.		75,921		4,458,081
Public Storage		17,932		3,629,616
Realty Income Corp.		35,362		2,229,220
Regency Centers Corp.		20,411		1,197,717
SBA Communications Corp. Cl A*		13,679		2,214,493
Simon Property Group, Inc.		37,250		6,257,628
SL Green Realty Corp.		10,253		810,807
UDR, Inc.		33,190		1,314,988
Ventas, Inc.		42,864		2,511,402
Vornado Realty Trust		20,949		1,299,466
Welltower, Inc.		45,448		3,154,546
Weyerhaeuser Co.		90,887		1,986,790
				75,047,157
UTILITIES (3.2%)
AES Corp.		79,787		1,153,720
Alliant Energy Corp.		28,330		1,196,943
Ameren Corp.		29,291		1,910,652
American Electric Power Co., Inc.		59,249		4,428,270
American Water Works Co., Inc.		21,738		1,973,158
CenterPoint Energy, Inc.		60,188		1,699,107
CMS Energy Corp.		34,013		1,688,745
Consolidated Edison, Inc.		37,397		2,859,375
Dominion Energy, Inc.		78,709		5,624,545
DTE Energy Co.		21,862		2,411,379
Duke Energy Corp.		85,605		7,387,712
Edison International		39,100		2,219,707
Entergy Corp.		21,756		1,872,539
Evergy, Inc.		31,549		1,791,037
Eversource Energy		38,085		2,477,048
Exelon Corp.		116,381		5,248,783
FirstEnergy Corp.		58,543		2,198,290
NextEra Energy, Inc.		57,436		9,983,526
NiSource, Inc.		43,509		1,102,953
NRG Energy, Inc.		35,109		1,390,316
PG&E Corp.*		62,148		1,476,015
Pinnacle West Capital Corp.		13,506		1,150,711

The accompanying notes are an integral part of these portfolio schedules.

49

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
PPL Corp.		86,716	$	2,456,664
Public Svc. Enterprise Group, Inc.		60,603		3,154,386
SCANA Corp.		17,192		821,434
Sempra Energy		32,879		3,557,179
Southern Co.		123,700		5,432,904
WEC Energy Group, Inc.		37,854		2,621,768
Xcel Energy, Inc.		61,912		3,050,404
				84,339,270
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $1,646,680,615) 96.7%				2,542,925,323

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.1%)
U.S. Treasury Bill		A-1+		2.29		01/17/19	$	5,000,000	$	4,994,936
U.S. Treasury Bill		A-1+		2.36		02/14/19		20,000,000		19,942,531
U.S. Treasury Bill (1)		A-1+		2.36		02/21/19		13,000,000		12,956,691
U.S. Treasury Bill		A-1+		2.36		02/28/19		11,000,000		10,958,353
U.S. Treasury Bill (1)		A-1+		2.37		02/21/19		6,000,000		5,980,011
										54,832,522
COMMERCIAL PAPER (1.0%)
Cargill, Inc.†		A-1		2.39		01/02/19		25,200,000		25,198,327
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $80,030,849) 3.1%										80,030,849
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.67		01/02/19	$	138,594	$	138,594
TOTAL TEMPORARY CASH INVESTMENT (Cost: $138,594) 0.0% (2)										138,594
TOTAL INVESTMENTS (Cost: $1,726,850,058) 99.8%										2,623,094,766
OTHER NET ASSETS 0.2%										5,514,746
NET ASSETS 100.0%									$	2,628,609,512

The accompanying notes are an integral part of these portfolio schedules.

50

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (5.7%)
Activision Blizzard, Inc.		5,463	$	254,412
Alphabet, Inc. Cl A*		2,144		2,240,394
Alphabet, Inc. Cl C*		2,201		2,279,378
AT&T, Inc.		51,673		1,474,748
CBS Corp. Cl B		2,399		104,884
CenturyLink, Inc.		6,771		102,581
Charter Communications, Inc. Cl A*		1,267		361,057
Comcast Corp. Cl A		32,421		1,103,935
Discovery, Inc. Cl A*		1,119		27,684
Discovery, Inc. Cl C*		2,579		59,523
DISH Network Corp. Cl A*		1,637		40,876
Electronic Arts, Inc.*		2,155		170,051
Facebook, Inc. Cl A*		17,071		2,237,837
Interpublic Group of Cos., Inc.		2,724		56,196
Netflix, Inc.*		3,150		843,129
News Corp. Cl A		2,749		31,201
News Corp. Cl B		877		10,129
Omnicom Group, Inc.		1,588		116,305
Take-Two Interactive Software, Inc.*		817		84,102
TripAdvisor, Inc.*		736		39,700
Twenty-First Century Fox, Inc. Cl A		7,488		360,323
Twenty-First Century Fox, Inc. Cl B		3,454		165,032
Twitter, Inc.*		5,201		149,477
Verizon Communications, Inc.		29,165		1,639,656
Viacom, Inc. Cl B		2,513		64,584
Walt Disney Co.		10,623		1,164,812
				15,182,006
CONSUMER DISCRETIONARY (5.5%)
Advance Auto Parts, Inc.		522		82,194
Amazon.com, Inc.*		2,904		4,361,721
Aptiv PLC		1,870		115,136
AutoZone, Inc.*		179		150,063
Best Buy Co., Inc.		1,672		88,549
Booking Hldgs., Inc.*		328		564,954
BorgWarner, Inc.		1,487		51,658
CarMax, Inc.*		1,233		77,346
Carnival Corp.		2,840		140,012
Chipotle Mexican Grill, Inc. Cl A*		172		74,268
Darden Restaurants, Inc.		877		87,577
Dollar General Corp.		1,875		202,650
Dollar Tree, Inc.*		1,692		152,821
DR Horton, Inc.		2,438		84,501
eBay, Inc.*		6,446		180,939
Expedia Group, Inc.		842		94,851
Foot Locker, Inc.		820		43,624
Ford Motor Co.		27,765		212,402
Gap, Inc.		1,523		39,233
Garmin Ltd.		855		54,139
General Motors Co.		9,337		312,323
Genuine Parts Co.		1,040		99,861
Goodyear Tire & Rubber Co.		1,656		33,799
H&R Block, Inc.		1,456		36,939
Hanesbrands, Inc.		2,581		32,340
Harley-Davidson, Inc.		1,143		38,999

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Hasbro, Inc.		828	$	67,275
Hilton Worldwide Hldgs., Inc.		2,110		151,498
Home Depot, Inc.		8,005		1,375,419
Kohl’s Corp.		1,181		78,348
L Brands, Inc.		1,646		42,253
Leggett & Platt, Inc.		930		33,331
Lennar Corp. Cl A		2,087		81,706
LKQ Corp.*		2,241		53,179
Lowe’s Cos., Inc.		5,715		527,837
Macy’s, Inc.		2,203		65,605
Marriott International, Inc. Cl A		2,027		220,051
Mattel, Inc.*		2,427		24,246
McDonald’s Corp.		5,447		967,224
MGM Resorts International		3,593		87,166
Michael Kors Hldgs. Ltd.*		1,064		40,347
Mohawk Industries, Inc.*		448		52,398
Newell Brands, Inc.		3,078		57,220
NIKE, Inc. Cl B		9,124		676,453
Nordstrom, Inc.		807		37,614
Norwegian Cruise Line Hldgs. Ltd.*		1,572		66,637
O’Reilly Automotive, Inc.*		569		195,924
PulteGroup, Inc.		1,833		47,640
PVH Corp.		542		50,379
Ralph Lauren Corp. Cl A		391		40,453
Ross Stores, Inc.		2,654		220,813
Royal Caribbean Cruises Ltd.		1,224		119,695
Starbucks Corp.		8,805		567,042
Tapestry, Inc.		2,061		69,559
Target Corp.		3,711		245,260
Tiffany & Co.		773		62,234
TJX Cos., Inc.		8,797		393,578
Tractor Supply Co.		870		72,593
Ulta Beauty, Inc.*		400		97,936
Under Armour, Inc. Cl A*		1,331		23,519
Under Armour, Inc. Cl C*		1,371		22,169
VF Corp.		2,319		165,437
Whirlpool Corp.		462		49,374
Wynn Resorts Ltd.		695		68,742
Yum! Brands, Inc.		2,196		201,856
				14,832,909
CONSUMER STAPLES (4.1%)
Altria Group, Inc.		13,198		651,849
Archer-Daniels-Midland Co.		3,971		162,692
Brown-Forman Corp. Cl B		1,172		55,764
Campbell Soup Co.		1,361		44,899
Church & Dwight Co., Inc.		1,724		113,370
Clorox Co.		899		138,572
Coca-Cola Co.		27,069		1,281,717
Colgate-Palmolive Co.		6,159		366,584
Conagra Brands, Inc.		3,459		73,884
Constellation Brands, Inc. Cl A		1,182		190,089
Costco Wholesale Corp.		3,109		633,334
Coty, Inc. Cl A		3,207		21,038
Estee Lauder Cos., Inc. Cl A		1,557		202,566
General Mills, Inc.		4,236		164,950

The accompanying notes are an integral part of these portfolio schedules.

51

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Hershey Co.		991	$	106,215
Hormel Foods Corp.		1,929		82,330
JM Smucker Co.		802		74,979
Kellogg Co.		1,794		102,276
Kimberly-Clark Corp.		2,437		277,672
Kraft Heinz Co.		4,434		190,839
Kroger Co.		5,655		155,513
Lamb Weston Hldgs., Inc.		1,037		76,282
McCormick & Co., Inc.		862		120,025
Molson Coors Brewing Co. Cl B		1,336		75,030
Mondelez International, Inc. Cl A		10,311		412,749
Monster Beverage Corp.*		2,834		139,489
PepsiCo, Inc.		10,033		1,108,446
Philip Morris International, Inc.		11,034		736,630
Procter & Gamble Co.		17,575		1,615,494
Sysco Corp.		3,379		211,728
Tyson Foods, Inc. Cl A		2,095		111,873
Walgreens Boots Alliance, Inc.		5,726		391,258
Walmart, Inc.		10,080		938,952
				11,029,088
ENERGY (3.0%)
Anadarko Petroleum Corp.		3,570		156,509
Apache Corp.		2,703		70,954
Baker Hughes, a GE Co. Cl A		3,652		78,518
Cabot Oil & Gas Corp.		3,033		67,788
Chevron Corp.		13,584		1,477,803
Cimarex Energy Co.		684		42,169
Concho Resources, Inc.*		1,422		146,167
ConocoPhillips		8,154		508,402
Devon Energy Corp.		3,330		75,058
Diamondback Energy, Inc.		1,098		101,784
EOG Resources, Inc.		4,143		361,311
Exxon Mobil Corp.		29,948		2,042,154
Halliburton Co.		6,241		165,886
Helmerich & Payne, Inc.		775		37,153
Hess Corp.		1,758		71,199
HollyFrontier Corp.		1,140		58,277
Kinder Morgan, Inc.		13,454		206,923
Marathon Oil Corp.		5,912		84,778
Marathon Petroleum Corp.		4,873		287,556
National Oilwell Varco, Inc.		2,705		69,518
Newfield Exploration Co.*		1,423		20,861
Noble Energy, Inc.		3,421		64,178
Occidental Petroleum Corp.		5,354		328,629
ONEOK, Inc.		2,924		157,750
Phillips 66		2,998		258,278
Pioneer Natural Resources Co.		1,202		158,087
Schlumberger Ltd.		9,717		350,589
TechnipFMC PLC		2,984		58,427
Valero Energy Corp.		2,983		223,635
Williams Cos., Inc.		8,564		188,836
				7,919,177

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (7.4%)
Affiliated Managers Group, Inc.		369	$	35,955
Aflac, Inc.		5,375		244,885
Allstate Corp.		2,430		200,791
American Express Co.		4,960		472,787
American International Group, Inc.		6,282		247,574
Ameriprise Financial, Inc.		990		103,326
Aon PLC		1,700		247,112
Arthur J. Gallagher & Co.		1,297		95,589
Assurant, Inc.		369		33,003
Bank of America Corp.		64,734		1,595,046
Bank of New York Mellon Corp.		6,431		302,707
BB&T Corp.		5,438		235,574
Berkshire Hathaway, Inc. Cl B*		13,750		2,807,475
BlackRock, Inc. Cl A		859		337,432
Brighthouse Financial, Inc.*		841		25,634
Capital One Financial Corp.		3,359		253,907
Cboe Global Markets, Inc.		757		74,057
Charles Schwab Corp.		8,510		353,420
Chubb Ltd.		3,244		419,060
Cincinnati Financial Corp.		1,069		82,762
Citigroup, Inc.		17,369		904,230
Citizens Financial Group, Inc.		3,313		98,495
CME Group, Inc. Cl A		2,533		476,508
Comerica, Inc.		1,144		78,581
Discover Financial Svcs.		2,386		140,726
E*TRADE Financial Corp.		1,805		79,203
Everest Re Group Ltd.		287		62,497
Fifth Third Bancorp		4,630		108,944
First Republic Bank		1,158		100,630
Franklin Resources, Inc.		2,101		62,316
Goldman Sachs Group, Inc.		2,453		409,774
Hartford Financial Svcs. Group, Inc.		2,532		112,547
Huntington Bancshares, Inc.		7,480		89,162
Intercontinental Exchange, Inc.		4,019		302,751
Invesco Ltd.		2,911		48,730
Jefferies Financial Group, Inc.		1,999		34,703
JPMorgan Chase & Co.		23,551		2,299,049
KeyCorp		7,278		107,569
Lincoln National Corp.		1,510		77,478
Loews Corp.		1,957		89,083
M&T Bank Corp.		993		142,128
Marsh & McLennan Cos., Inc.		3,554		283,431
MetLife, Inc.		6,946		285,203
Moody’s Corp.		1,178		164,967
Morgan Stanley		9,263		367,278
MSCI, Inc. Cl A		627		92,439
Nasdaq, Inc.		808		65,909
Northern Trust Corp.		1,564		130,735
People’s United Financial, Inc.		2,680		38,672
PNC Financial Svcs. Group, Inc.		3,258		380,893
Principal Financial Group, Inc.		1,851		81,759
Progressive Corp.		4,135		249,464
Prudential Financial, Inc.		2,921		238,208
Raymond James Financial, Inc.		912		67,862
Regions Financial Corp.		7,307		97,768

The accompanying notes are an integral part of these portfolio schedules.

52

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
S&P Global, Inc.		1,771	$	300,964
State Street Corp.		2,671		168,460
SunTrust Banks, Inc.		3,165		159,643
SVB Financial Group*		379		71,980
Synchrony Financial		4,679		109,769
T Rowe Price Group, Inc.		1,706		157,498
Torchmark Corp.		723		53,885
Travelers Cos., Inc.		1,871		224,052
U.S. Bancorp		10,726		490,178
Unum Group		1,546		45,421
Wells Fargo & Co.		29,934		1,379,359
Willis Towers Watson PLC		916		139,104
Zions Bancorporation		1,359		55,366
				19,893,467
HEALTH CARE (8.7%)
Abbott Laboratories		12,459		901,159
AbbVie, Inc.		10,831		998,510
ABIOMED, Inc.*		320		104,013
Agilent Technologies, Inc.		2,262		152,595
Alexion Pharmaceuticals, Inc.*		1,605		156,263
Align Technology, Inc.*		514		107,647
Allergan PLC		2,256		301,537
AmerisourceBergen Corp. Cl A		1,117		83,105
Amgen, Inc.		4,514		878,740
Anthem, Inc.		1,818		477,461
Baxter International, Inc.		3,507		230,831
Becton Dickinson & Co.		1,900		428,108
Biogen, Inc.*		1,443		434,228
Boston Scientific Corp.*		9,849		348,064
Bristol-Myers Squibb Co.		11,573		601,565
Cardinal Health, Inc.		2,117		94,418
Celgene Corp.*		5,012		321,219
Centene Corp.*		1,461		168,453
Cerner Corp.*		2,355		123,496
Cigna Corp.		2,691		511,075
Cooper Cos., Inc.		346		88,057
CVS Health Corp.		9,145		599,180
Danaher Corp.		4,364		450,016
DaVita, Inc.*		897		46,160
DENTSPLY SIRONA, Inc.		1,572		58,494
Edwards Lifesciences Corp.*		1,485		227,457
Eli Lilly & Co.		6,669		771,737
Gilead Sciences, Inc.		9,232		577,462
HCA Healthcare, Inc.		1,905		237,077
Henry Schein, Inc.*		1,084		85,116
Hologic, Inc.*		1,907		78,378
Humana, Inc.		967		277,026
IDEXX Laboratories, Inc.*		617		114,774
Illumina, Inc.*		1,054		316,126
Incyte Corp.*		1,276		81,141
Intuitive Surgical, Inc.*		813		389,362
IQVIA Hldgs., Inc.*		1,117		129,762
Johnson & Johnson		19,009		2,453,111
Laboratory Corp. of America Hldgs.*		717		90,600

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
McKesson Corp.		1,383	$	152,780
Medtronic PLC		9,514		865,393
Merck & Co., Inc.		18,429		1,408,160
Mettler-Toledo International, Inc.*		178		100,673
Mylan NV*		3,683		100,914
Nektar Therapeutics Cl A*		1,250		41,087
PerkinElmer, Inc.		792		62,212
Perrigo Co. PLC		895		34,681
Pfizer, Inc.		41,003		1,789,781
Quest Diagnostics, Inc.		966		80,439
Regeneron Pharmaceuticals, Inc.*		554		206,919
ResMed, Inc.		1,014		115,464
Stryker Corp.		2,197		344,380
Thermo Fisher Scientific, Inc.		2,852		638,249
UnitedHealth Group, Inc.		6,839		1,703,732
Universal Health Svcs., Inc. Cl B		601		70,053
Varian Medical Systems, Inc.*		651		73,765
Vertex Pharmaceuticals, Inc.*		1,830		303,249
Waters Corp.*		536		101,116
WellCare Health Plans, Inc.*		352		83,103
Zimmer Biomet Hldgs., Inc.		1,448		150,187
Zoetis, Inc. Cl A		3,412		291,862
				23,211,722
INDUSTRIALS (5.1%)
3M Co.		4,149		790,550
Alaska Air Group, Inc.		875		53,244
Allegion PLC		674		53,724
American Airlines Group, Inc.		2,922		93,825
AMETEK, Inc.		1,644		111,299
AO Smith Corp.		1,021		43,597
Arconic, Inc.		3,067		51,710
Boeing Co.		3,756		1,211,310
Caterpillar, Inc.		4,178		530,898
CH Robinson Worldwide, Inc.		970		81,567
Cintas Corp.		607		101,970
Copart, Inc.*		1,454		69,472
CSX Corp.		5,688		353,395
Cummins, Inc.		1,043		139,386
Deere & Co.		2,287		341,152
Delta Air Lines, Inc.		4,421		220,608
Dover Corp.		1,041		73,859
Eaton Corp. PLC		3,069		210,717
Emerson Electric Co.		4,433		264,872
Equifax, Inc.		853		79,440
Expeditors International of Washington, Inc.		1,224		83,342
Fastenal Co.		2,041		106,724
FedEx Corp.		1,706		275,229
Flowserve Corp.		929		35,321
Fluor Corp.		1,002		32,264
Fortive Corp.		2,092		141,545
Fortune Brands Home & Security, Inc.		1,009		38,332
General Dynamics Corp.		1,966		309,075
General Electric Co.		61,735		467,334

The accompanying notes are an integral part of these portfolio schedules.

53

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Harris Corp.		831	$	111,894
Honeywell International, Inc.		5,231		691,120
Huntington Ingalls Industries, Inc.		304		57,854
IHS Markit Ltd.*		2,545		122,084
Illinois Tool Works, Inc.		2,174		275,424
Ingersoll-Rand PLC		1,750		159,652
Jacobs Engineering Group, Inc.		849		49,632
JB Hunt Transport Svcs., Inc.		618		57,499
Johnson Controls International PLC		6,583		195,186
Kansas City Southern		718		68,533
L-3 Technologies, Inc.		557		96,729
Lockheed Martin Corp.		1,744		456,649
Masco Corp.		2,180		63,743
Nielsen Hldgs. PLC		2,527		58,955
Norfolk Southern Corp.		1,929		288,463
Northrop Grumman Corp.		1,219		298,533
PACCAR, Inc.		2,477		141,536
Parker-Hannifin Corp.		935		139,446
Pentair PLC		1,131		42,729
Quanta Svcs., Inc.		1,039		31,274
Raytheon Co.		2,011		308,387
Republic Svcs., Inc. Cl A		1,531		110,370
Robert Half International, Inc.		862		49,306
Rockwell Automation, Inc.		856		128,811
Rollins, Inc.		1,044		37,689
Roper Technologies, Inc.		735		195,892
Snap-on, Inc.		396		57,535
Southwest Airlines Co.		3,585		166,631
Stanley Black & Decker, Inc.		1,077		128,960
Textron, Inc.		1,721		79,149
TransDigm Group, Inc.*		344		116,981
Union Pacific Corp.		5,210		720,178
United Continental Hldgs., Inc.*		1,620		135,643
United Parcel Svcs., Inc. Cl B		4,903		478,190
United Rentals, Inc.*		583		59,775
United Technologies Corp.		5,742		611,408
Verisk Analytics, Inc. Cl A*		1,168		127,359
Waste Management, Inc.		2,770		246,502
WW Grainger, Inc.		325		91,767
Xylem, Inc.		1,272		84,868
				13,708,097
INFORMATION TECHNOLOGY (11.2%)
Accenture PLC Cl A		4,513		636,378
Adobe, Inc.*		3,501		792,066
Advanced Micro Devices, Inc.*		6,315		116,575
Akamai Technologies, Inc.*		1,158		70,731
Alliance Data Systems Corp.		332		49,827
Amphenol Corp. Cl A		2,135		172,978
Analog Devices, Inc.		2,636		226,248
ANSYS, Inc.*		592		84,620
Apple, Inc.		32,185		5,076,862
Applied Materials, Inc.		6,987		228,754
Arista Networks, Inc.*		374		78,802
Autodesk, Inc.*		1,564		201,146

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Automatic Data Processing, Inc.		3,118	$	408,832
Broadcom, Inc.		2,937		746,820
Broadridge Financial Solutions, Inc.		835		80,369
Cadence Design Systems, Inc.*		2,005		87,177
Cisco Systems, Inc.		31,903		1,382,357
Citrix Systems, Inc.		912		93,443
Cognizant Technology Solutions Corp. Cl A		4,121		261,601
Corning, Inc.		5,691		171,925
DXC Technology Co.		1,992		105,915
F5 Networks, Inc.*		431		69,835
Fidelity National Information Svcs., Inc.		2,309		236,788
Fiserv, Inc.*		2,839		208,638
FleetCor Technologies, Inc.*		630		117,003
FLIR Systems, Inc.		966		42,060
Fortinet, Inc.*		1,041		73,318
Gartner, Inc.*		643		82,201
Global Payments, Inc.		1,126		116,124
Hewlett Packard Enterprise Co.		10,079		133,144
HP, Inc.		11,185		228,845
Intel Corp.		32,413		1,521,142
International Business Machines Corp.		6,451		733,285
Intuit, Inc.		1,845		363,188
IPG Photonics Corp.*		254		28,776
Jack Henry & Associates, Inc.		549		69,459
Juniper Networks, Inc.		2,448		65,876
Keysight Technologies, Inc.*		1,331		82,628
KLA-Tencor Corp.		1,079		96,560
Lam Research Corp.		1,105		150,468
Mastercard, Inc. Cl A		6,479		1,222,263
Maxim Integrated Products, Inc.		1,972		100,276
Microchip Technology, Inc.		1,690		121,545
Micron Technology, Inc.*		7,975		253,047
Microsoft Corp.		55,255		5,612,250
Motorola Solutions, Inc.		1,155		132,871
NetApp, Inc.		1,788		106,690
NVIDIA Corp.		4,354		581,259
Oracle Corp.		18,084		816,493
Paychex, Inc.		2,273		148,086
PayPal Hldgs., Inc.*		8,429		708,795
Qorvo, Inc.*		887		53,867
QUALCOMM, Inc.		8,616		490,337
Red Hat, Inc.*		1,248		219,199
Salesforce.com, Inc.*		5,472		749,500
Seagate Technology PLC		1,849		71,353
Skyworks Solutions, Inc.		1,263		84,646
Symantec Corp.		4,576		86,463
Synopsys, Inc.*		1,063		89,547
TE Connectivity Ltd.		2,418		182,873
Texas Instruments, Inc.		6,818		644,301
Total System Svcs., Inc.		1,192		96,898
VeriSign, Inc.*		758		112,404
Visa, Inc. Cl A		12,479		1,646,479
Western Digital Corp.		2,070		76,528

The accompanying notes are an integral part of these portfolio schedules.

54

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Western Union Co.		3,150	$	53,739
Xerox Corp.		1,477		29,186
Xilinx, Inc.		1,801		153,391
				30,137,050
MATERIALS (1.5%)
Air Products & Chemicals, Inc.		1,552		248,398
Albemarle Corp.		752		57,957
Avery Dennison Corp.		614		55,156
Ball Corp.		2,394		110,076
Celanese Corp. Cl A		941		84,662
CF Industries Hldgs., Inc.		1,634		71,095
DowDuPont, Inc.		16,247		868,890
Eastman Chemical Co.		994		72,671
Ecolab, Inc.		1,800		265,230
FMC Corp.		963		71,223
Freeport-McMoRan, Inc.		10,332		106,523
International Flavors & Fragrances, Inc.		716		96,137
International Paper Co.		2,867		115,712
Linde PLC		3,919		611,521
LyondellBasell Industries NV Cl A		2,221		184,698
Martin Marietta Materials, Inc.		447		76,826
Mosaic Co.		2,514		73,434
Newmont Mining Corp.		3,759		130,249
Nucor Corp.		2,212		114,604
Packaging Corp. of America		670		55,918
PPG Industries, Inc.		1,697		173,484
Sealed Air Corp.		1,109		38,638
Sherwin-Williams Co.		584		229,781
Vulcan Materials Co.		948		93,662
WestRock Co.		1,801		68,006
				4,074,551
REAL ESTATE (1.6%)
Alexandria Real Estate Equities, Inc.		761		87,698
American Tower Corp.		3,120		493,553
Apartment Investment & Management Co. Cl A		1,097		48,136
AvalonBay Communities, Inc.		978		170,221
Boston Properties, Inc.		1,093		123,017
CBRE Group, Inc. Cl A*		2,248		90,010
Crown Castle International Corp.		2,944		319,807
Digital Realty Trust, Inc.		1,461		155,670
Duke Realty Corp.		2,533		65,605
Equinix, Inc.		572		201,664
Equity Residential		2,609		172,220
Essex Property Trust, Inc.		465		114,023
Extra Space Storage, Inc.		888		80,346
Federal Realty Investment Trust		522		61,617
HCP, Inc.		3,373		94,208
Host Hotels & Resorts, Inc.		5,245		87,434
Iron Mountain, Inc.		2,006		65,014

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Kimco Realty Corp.		2,986	$	43,745
Macerich Co.		748		32,373
Mid-America Apartment Communities, Inc.		802		76,751
Prologis, Inc.		4,459		261,833
Public Storage		1,053		213,138
Realty Income Corp.		2,077		130,934
Regency Centers Corp.		1,199		70,357
SBA Communications Corp. Cl A*		803		129,998
Simon Property Group, Inc.		2,188		367,562
SL Green Realty Corp.		602		47,606
UDR, Inc.		1,949		77,219
Ventas, Inc.		2,517		147,471
Vornado Realty Trust		1,230		76,297
Welltower, Inc.		2,669		185,255
Weyerhaeuser Co.		5,338		116,689
				4,407,471
UTILITIES (1.9%)
AES Corp.		4,686		67,760
Alliant Energy Corp.		1,664		70,304
Ameren Corp.		1,720		112,196
American Electric Power Co., Inc.		3,480		260,095
American Water Works Co., Inc.		1,277		115,913
CenterPoint Energy, Inc.		3,535		99,793
CMS Energy Corp.		1,998		99,201
Consolidated Edison, Inc.		2,196		167,906
Dominion Energy, Inc.		4,623		330,360
DTE Energy Co.		1,283		141,515
Duke Energy Corp.		5,028		433,916
Edison International		2,296		130,344
Entergy Corp.		1,277		109,911
Evergy, Inc.		1,853		105,195
Eversource Energy		2,237		145,494
Exelon Corp.		6,835		308,258
FirstEnergy Corp.		3,438		129,097
NextEra Energy, Inc.		3,373		586,295
NiSource, Inc.		2,555		64,769
NRG Energy, Inc.		2,062		81,655
PG&E Corp.*		3,650		86,687
Pinnacle West Capital Corp.		793		67,564
PPL Corp.		5,093		144,285
Public Svc. Enterprise Group, Inc.		3,559		185,246
SCANA Corp.		1,010		48,258
Sempra Energy		1,931		208,915
Southern Co.		7,265		319,079
WEC Energy Group, Inc.		2,223		153,965
Xcel Energy, Inc.		3,636		179,146
				4,953,122
TOTAL INDEX ASSETS-COMMON STOCKS
(Cost: $97,941,226 ) 55.7%				149,348,660

The accompanying notes are an integral part of these portfolio schedules.

55

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
INDEXED ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.2%)
U.S. Treasury Bill (1)		A-1+		2.37		02/21/2019	$	500,000	$	498,334
U.S. GOVERNMENT AGENCIES (0.5%)
FHLB		A-1+		2.15		01/02/2019		1,400,000		1,399,916
TOTAL INDEXED ASSETS-SHORT-TERM DEBT (0.7%) (Cost: $1,898,250) 0.7%										1,898,250
TOTAL INDEXED ASSETS (Cost: $99,839,476) 56.4%										151,246,910

The accompanying notes are an integral part of these portfolio schedules.

56

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
ACTIVE ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.2%)
CenturyLink, Inc.		5,951	$	90,157
Discovery, Inc. Cl A*		4,509		111,553
Discovery, Inc. Cl C*		19,855		458,254
Lions Gate Entertainment Corp. Cl A		18,625		299,862
Lions Gate Entertainment Corp. Cl B		17,243		256,576
MSG Networks, Inc. Cl A*		15,199		358,088
Nexstar Media Group, Inc. Cl A		1,360		106,950
ORBCOMM, Inc.*		46,632		385,180
Shenandoah Telecommunications Co.		8,862		392,144
Take-Two Interactive Software, Inc.*		3,869		398,275
World Wrestling Entertainment, Inc. Cl A		2,656		198,456
Zayo Group Hldgs., Inc.*		4,484		102,415
				3,157,910
CONSUMER DISCRETIONARY (4.0%)
American Axle & Manufacturing Hldgs., Inc.*		14,543		161,427
AutoZone, Inc.*		906		759,536
Belmond Ltd. Cl A*		30,706		768,571
Bloomin’ Brands, Inc.		27,768		496,770
BorgWarner, Inc.		8,356		290,288
Bright Horizons Family Solutions, Inc.*		1,968		219,334
Dave & Buster’s Entertainment, Inc.		14,911		664,434
Etsy, Inc.*		5,934		282,280
Expedia Group, Inc.		1,151		129,660
Five Below, Inc.*		8,625		882,510
Haverty Furniture Cos., Inc.		14,513		272,554
Houghton Mifflin Harcourt Co.*		21,199		187,823
Lithia Motors, Inc. Cl A		12,132		926,036
Marriott International, Inc. Cl A		2,882		312,870
Marriott Vacations Worldwide Corp.		2,580		181,916
NVR, Inc.*		107		260,758
Playa Hotels & Resorts NV*		34,774		250,025
Qurate Retail, Inc.*		11,611		226,647
Ralph Lauren Corp. Cl A		4,737		490,090
Red Rock Resorts, Inc. Cl A		18,893		383,717
Shutterfly, Inc.*		2,035		81,929
Sleep Number Corp.*		21,500		682,195
Stamps.com, Inc.*		4,171		649,174
Steven Madden Ltd.		11,947		361,516
Taylor Morrison Home Corp. Cl A*		3,067		48,765
Tractor Supply Co.		6,451		538,271
Unifi, Inc.*		7,410		169,244
Weight Watchers International, Inc.*		3,572		137,701
				10,816,041
CONSUMER STAPLES (0.9%)
Cal-Maine Foods, Inc.		4,711		199,275
Church & Dwight Co., Inc.		9,665		635,571
Constellation Brands, Inc. Cl A		2,316		372,459
Crimson Wine Group Ltd.*		40,852		319,667

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Ingredion, Inc.		1,961	$	179,235
JM Smucker Co.		3,154		294,867
Orchids Paper Products Co.*		18,068		16,984
Vector Group Ltd.		39,080		380,248
				2,398,306
ENERGY (1.7%)
Abraxas Petroleum Corp.*		45,160		49,224
Baker Hughes, a GE Co. Cl A		4,562		98,083
C&J Energy Svcs., Inc.*		5,255		70,942
Callon Petroleum Co.*		20,268		131,539
Carrizo Oil & Gas, Inc.*		10,312		116,422
Centennial Resource Development, Inc. Cl A*		13,084		144,186
Cheniere Energy, Inc.*		3,865		228,769
Continental Resources, Inc.*		7,874		316,456
CrossAmerica Partners LP		9,081		128,587
Devon Energy Corp.		8,496		191,500
Hess Corp.		1,997		80,879
Kosmos Energy Ltd.*		15,131		61,583
Matrix Svcs. Co.*		5,894		105,738
MPLX LP		4,207		127,472
Newfield Exploration Co.*		7,541		110,551
Noble Energy, Inc.		6,609		123,985
PBF Energy, Inc. Cl A		27,069		884,344
PDC Energy, Inc.*		5,576		165,942
Penn Virginia Corp.*		1,285		69,467
ProPetro Hldgs. Corp.*		12,912		159,076
Range Resources Corp.		28,743		275,071
RPC, Inc.		20,714		204,447
Whiting Petroleum Corp.*		16,475		373,818
Williams Cos., Inc.		17,128		377,673
				4,595,754
FINANCIALS (7.7%)
American Equity Investment Life Hldgs. Co.		11,740		328,016
American Financial Group, Inc.		3,202		289,877
Ameriprise Financial, Inc.		4,486		468,204
AMERISAFE, Inc.		3,175		179,991
Aspen Insurance Hldgs. Ltd.		8,166		342,890
Associated Banc-Corp.		12,426		245,911
BancFirst Corp.		8,935		445,856
Bank of Marin Bancorp		7,642		315,156
BankUnited, Inc.		5,982		179,101
Banner Corp.		7,217		385,965
Brookline Bancorp, Inc.		27,702		382,842
Brown & Brown, Inc.		10,450		288,002
Bryn Mawr Bank Corp.		7,895		271,588
Cadence BanCorporation Cl A		10,224		171,559
Cboe Global Markets, Inc.		3,128		306,013
CenterState Bank Corp.		11,206		235,774
Citizens Financial Group, Inc.		3,303		98,199
Columbia Banking System, Inc.		4,111		149,188
Dime Community Bancshares, Inc.		12,396		210,484
Discover Financial Svcs.		6,347		374,346

The accompanying notes are an integral part of these portfolio schedules.

57

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
East West Bancorp, Inc.		6,593	$	286,993
Ellington Financial LLC*		24,301		372,534
Enterprise Financial Svcs. Corp.		8,869		333,740
Everest Re Group Ltd.		1,866		406,340
Fifth Third Bancorp		22,919		539,284
First Interstate BancSystem, Inc. Cl A		9,690		354,266
First Merchants Corp.		7,027		240,815
First Republic Bank		3,514		305,367
Flushing Financial Corp.		9,569		206,021
Glacier Bancorp, Inc.		6,629		262,641
Great Southern Bancorp, Inc.		3,459		159,218
Hartford Financial Svcs. Group, Inc.		13,064		580,695
Heritage Financial Corp.		10,020		297,794
IBERIABANK Corp.		1,535		98,670
Investors Bancorp, Inc.		12,663		131,695
iShares Micro-Cap ETF		3,106		256,090
iShares Russell 2000 Value ETF		1,826		196,368
iShares Russell Mid-Cap ETF		12,680		589,366
KeyCorp		32,723		483,646
Lincoln National Corp.		4,086		209,653
Marlin Business Svcs. Corp.		14,708		328,430
MB Financial, Inc.		6,586		261,003
Moelis & Co. Cl A		8,125		279,338
NMI Hldgs., Inc. Cl A*		32,777		585,069
Northfield Bancorp, Inc.		20,428		276,799
Pinnacle Financial Partners, Inc.		10,678		492,256
Primerica, Inc.		1,575		153,893
Principal Financial Group, Inc.		4,617		203,933
Progressive Corp.		10,935		659,708
Raymond James Financial, Inc.		4,479		333,282
Reinsurance Group of America, Inc. Cl A		5,456		765,095
S&T Bancorp, Inc.		7,019		265,599
SEI Investments Co.		5,750		265,650
Selective Insurance Group, Inc.		8,900		542,366
Starwood Property Trust, Inc.		36,278		715,039
Sterling Bancorp		6,444		106,390
Stock Yards Bancorp, Inc.		16,282		534,050
SVB Financial Group*		1,624		308,430
Synchrony Financial		4,028		94,497
TriCo Bancshares		5,406		182,669
TriState Capital Hldgs., Inc.*		10,694		208,105
UMB Financial Corp.		3,011		183,581
United Financial Bancorp, Inc.		5,232		76,910
United Insurance Hldgs., Corp.		9,523		158,272
Voya Financial, Inc.		6,793		272,671
Wintrust Financial Corp.		1,942		129,124
Zions Bancorporation		5,372		218,855
				20,581,172
HEALTH CARE (5.2%)
ABIOMED, Inc.*		252		81,910
ACADIA Pharmaceuticals, Inc.*		5,883		95,128
Acceleron Pharma, Inc.*		3,172		138,141
Agilent Technologies, Inc.		5,694		384,117

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Agios Pharmaceuticals, Inc.*		2,256	$	104,024
Akebia Therapeutics, Inc.*		5,893		32,588
Alder Biopharmaceuticals, Inc.*		5,955		61,039
Align Technology, Inc.*		618		129,428
Alnylam Pharmaceuticals, Inc.*		1,220		88,950
Amicus Therapeutics, Inc.*		11,116		106,491
AMN Healthcare Svcs., Inc.*		2,099		118,929
Aptinyx, Inc.*		3,505		57,973
Array BioPharma, Inc.*		7,943		113,188
Avanos Medical, Inc.*		2,761		123,665
AxoGen, Inc.*		4,714		96,307
BioMarin Pharmaceutical, Inc.*		1,204		102,521
Blueprint Medicines Corp.*		2,362		127,335
Boston Scientific Corp.*		12,148		429,310
Cambrex Corp.*		2,682		101,272
Centene Corp.*		4,509		519,888
Editas Medicine, Inc.*		3,635		82,696
Edwards Lifesciences Corp.*		3,749		574,235
Emergent BioSolutions, Inc.*		7,848		465,229
Evolent Health, Inc. Cl A*		11,680		233,016
Exact Sciences Corp.*		7,792		491,675
FibroGen, Inc.*		1,971		91,218
Flexion Therapeutics, Inc.*		4,930		55,808
Globus Medical, Inc. Cl A*		3,629		157,063
Hill-Rom Hldgs., Inc.		4,254		376,692
Horizon Pharma PLC*		8,624		168,513
Humana, Inc.		843		241,503
ICU Medical, Inc.*		686		157,526
Incyte Corp.*		1,001		63,653
Inogen, Inc.*		1,106		137,332
Insulet Corp.*		1,628		129,133
Intersect ENT, Inc.*		4,384		123,541
iRhythm Technologies, Inc.*		2,258		156,886
Karyopharm Therapeutics, Inc.*		7,361		68,973
LivaNova PLC*		2,665		243,768
Loxo Oncology, Inc.*		1,265		177,189
Madrigal Pharmaceuticals, Inc.*		240		27,053
Masimo Corp.*		1,060		113,812
Medicines Co.*		4,784		91,566
Medidata Solutions, Inc.*		2,819		190,057
Mettler-Toledo International, Inc.*		555		313,897
MyoKardia, Inc.*		1,737		84,870
Neogen Corp.*		2,729		155,553
Neurocrine Biosciences, Inc.*		5,125		365,976
Omnicell, Inc.*		2,845		174,228
Pacific Biosciences of California, Inc.*		17,117		126,666
Pacira Pharmaceuticals, Inc.*		7,277		313,057
Penumbra, Inc.*		765		93,483
Portola Pharmaceuticals, Inc.*		4,364		85,185
PRA Health Sciences, Inc.*		1,475		135,641
Quidel Corp.*		3,875		189,178
Repligen Corp.*		4,521		238,438
Sage Therapeutics, Inc.*		844		80,847
Sientra, Inc.*		7,130		90,622
Spark Therapeutics, Inc.*		1,873		73,309

The accompanying notes are an integral part of these portfolio schedules.

58

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
STAAR Surgical Co.*		4,225	$	134,820
Supernus Pharmaceuticals, Inc.*		22,204		737,617
Tabula Rasa HealthCare, Inc.*		2,205		140,591
Tactile Systems Technology, Inc.*		3,647		166,121
Ultragenyx Pharmaceutical, Inc.*		1,983		86,221
United Therapeutics Corp.*		608		66,211
Veeva Systems, Inc. Cl A*		2,885		257,688
Vericel Corp.*		21,584		375,562
WellCare Health Plans, Inc.*		2,430		573,698
Wright Medical Group NV*		15,060		409,933
Xencor, Inc.*		4,911		177,582
Zimmer Biomet Hldgs., Inc.		3,553		368,517
Zoetis, Inc. Cl A		3,745		320,348
Zogenix, Inc.*		2,791		101,760
				14,067,960
INDUSTRIALS (6.3%)
AAR Corp.		11,190		417,835
Advanced Disposal Svcs., Inc.*		6,343		151,851
Aerovironment, Inc.*		2,867		194,813
Alaska Air Group, Inc.		8,799		535,419
AMERCO		494		162,086
ASGN, Inc.*		3,168		172,656
BG Staffing, Inc.		4,971		102,651
Brink’s Co.		6,427		415,506
Builders FirstSource, Inc.*		8,696		94,873
Carlisle Cos., Inc.		5,974		600,506
CH Robinson Worldwide, Inc.		2,330		195,930
Copart, Inc.*		3,001		143,388
Daseke, Inc.*		30,873		113,613
Dover Corp.		3,676		260,812
Echo Global Logistics, Inc.*		11,064		224,931
EMCOR Group, Inc.		4,911		293,138
Encore Wire Corp.		8,322		417,598
EnPro Industries, Inc.		3,199		192,260
Exponent, Inc.		3,916		198,580
Fortive Corp.		2,210		149,528
Generac Hldgs., Inc.*		3,666		182,200
Gorman-Rupp Co.		8,675		281,157
Granite Construction, Inc.		11,007		443,362
Harris Corp.		3,227		434,516
HD Supply Hldgs., Inc.*		5,005		187,788
Heidrick & Struggles International, Inc.		4,628		144,347
Hyster-Yale Materials Handling, Inc.		3,216		199,263
ICF International, Inc.		3,004		194,599
John Bean Technologies Corp.		1,876		134,716
Kirby Corp.*		4,398		296,249
Knoll, Inc.		8,253		136,009
Kratos Defense & Security Solutions, Inc.*		14,024		197,598
L-3 Technologies, Inc.		4,610		800,572
Landstar System, Inc.		2,589		247,690
Lennox International, Inc.		2,094		458,293
Lincoln Electric Hldgs., Inc.		3,242		255,632
LSC Communications, Inc.		20,831		145,817

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Miller Industries, Inc.		19,592	$	528,984
Mueller Industries, Inc.		43,284		1,011,114
Old Dominion Freight Line, Inc.		6,333		782,062
Oshkosh Corp.		2,752		168,725
Republic Svcs., Inc. Cl A		1,130		81,461
Robert Half International, Inc.		6,156		352,124
Rockwell Automation, Inc.		2,874		432,479
Roper Technologies, Inc.		789		210,284
Simpson Manufacturing Co., Inc.		5,686		307,783
Spirit Airlines, Inc.*		5,745		332,750
Stanley Black & Decker, Inc.		4,091		489,856
Sun Hydraulics Corp.		4,946		164,158
Teledyne Technologies, Inc.*		1,329		275,196
Trex Co., Inc.*		9,363		555,788
United Rentals, Inc.*		4,642		475,944
Universal Forest Products, Inc.		7,378		191,533
VSE Corp.		10,094		301,912
Wabtec Corp.		3,243		227,821
XPO Logistics, Inc.*		1,554		88,640
				16,756,396
INFORMATION TECHNOLOGY (6.4%)
Aerohive Networks, Inc.*		20,348		66,334
Altair Engineering, Inc. Cl A*		3,934		108,500
Amphenol Corp. Cl A		4,815		390,111
Analog Devices, Inc.		4,630		397,393
Anixter International, Inc.*		2,666		144,790
Apptio, Inc. Cl A*		9,770		370,869
Avnet, Inc.		7,279		262,772
Ciena Corp.*		5,730		194,304
Coherent, Inc.*		1,144		120,932
Comtech Telecommunications Corp.		2,558		62,262
Conduent, Inc.*		10,665		113,369
Cornerstone OnDemand, Inc.*		2,867		144,583
Cray, Inc.*		13,554		292,631
Cypress Semiconductor Corp.		26,235		333,709
DXC Technology Co.		6,719		357,249
Entegris, Inc.		6,249		174,316
EPAM Systems, Inc.*		3,676		426,453
Euronet Worldwide, Inc.*		3,000		307,140
Everspin Technologies, Inc.*		22,197		124,525
F5 Networks, Inc.*		443		71,779
Fidelity National Information Svcs., Inc.		2,009		206,023
Five9, Inc.*		11,772		514,672
Global Payments, Inc.		3,877		399,835
Globant S.A.*		3,140		176,845
Guidewire Software, Inc.*		2,767		221,996
HubSpot, Inc.*		1,450		182,308
II-VI, Inc.*		8,174		265,328
Integrated Device Technology, Inc.*		4,011		194,253
Itron, Inc.*		2,284		108,010
KLA-Tencor Corp.		2,740		245,202
LogMeIn, Inc.		7,511		612,672
Lumentum Hldgs., Inc.*		5,454		229,123

The accompanying notes are an integral part of these portfolio schedules.

59

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
MaxLinear, Inc. Cl A*		14,973	$	263,525
Microchip Technology, Inc.		3,252		233,884
MINDBODY, Inc. Cl A*		2,144		78,042
MKS Instruments, Inc.		5,959		385,011
Motorola Solutions, Inc.		1,385		159,331
New Relic, Inc.*		5,190		420,234
Nutanix, Inc. Cl A*		4,445		184,868
Palo Alto Networks, Inc.*		963		181,381
Perficient, Inc.*		11,039		245,728
Perspecta, Inc.		9,913		170,702
Plexus Corp.*		2,371		121,111
Proofpoint, Inc.*		7,613		638,046
PTC, Inc.*		6,632		549,793
Pure Storage, Inc. Cl A*		10,185		163,775
Q2 Hldgs., Inc.*		3,980		197,209
Qorvo, Inc.*		1,651		100,265
Rapid7, Inc.*		12,561		391,401
RealPage, Inc.*		4,300		207,217
Red Hat, Inc.*		2,564		450,341
Richardson Electronics Ltd.*		41,267		358,610
Rogers Corp.*		1,801		178,407
Science Applications International Corp.		1,285		81,854
Sequans Communications S.A. ADR*		67,510		52,658
Splunk, Inc.*		3,944		413,528
SYNNEX Corp.		5,531		447,126
Synopsys, Inc.*		2,284		192,404
ViaSat, Inc.*		12,735		750,728
Western Digital Corp.		1,762		65,141
Worldpay, Inc. Cl A*		6,377		487,394
Xilinx, Inc.		2,853		242,990
Xperi Corp.		17,697		325,448
Xura, Inc.*		11,415		285,375	††
Zendesk, Inc.*		6,726		392,597
				17,236,412
MATERIALS (2.0%)
Ashland Global Hldgs., Inc.		4,212		298,884
Berry Global Group, Inc.*		6,645		315,837
Boise Cascade Co.		5,060		120,681
Century Aluminum Co.*		8,141		59,511
Crown Hldgs., Inc.*		15,624		649,490
Eastman Chemical Co.		1,274		93,142
Ferro Corp.*		31,948		500,945
Ferroglobe PLC		10,886		17,309
Ferroglobe Representation & Warranty Insurance Trust*		6,080		0	††
FMC Corp.		1,586		117,301
Freeport-McMoRan, Inc.		10,487		108,121
Ingevity Corp.*		1,705		142,691
International Paper Co.		4,253		171,651
Kaiser Aluminum Corp.		2,491		222,421
Minerals Technologies, Inc.		2,174		111,613
Mosaic Co.		1,882		54,973
Nucor Corp.		2,469		127,919

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Olin Corp.		17,184	$	345,570
Packaging Corp. of America		8,168		681,702
Steel Dynamics, Inc.		18,350		551,234
TimkenSteel Corp.*		4,876		42,616
U.S. Concrete, Inc.*		7,672		270,668
Vulcan Materials Co.		3,436		339,477
				5,343,756
REAL ESTATE (3.4%)
Alexander’s, Inc.		678		206,614
Apartment Investment & Management Co. Cl A		4,072		178,680
AvalonBay Communities, Inc.		1,316		229,050
Brandywine Realty Trust		42,415		545,881
Camden Property Trust		3,212		282,817
Chatham Lodging Trust		8,125		143,650
Chesapeake Lodging Trust		10,886		265,074
Cousins Properties, Inc.		30,085		237,672
Duke Realty Corp.		30,649		793,809
Easterly Government Properties, Inc.		23,189		363,604
Equity LifeStyle Properties, Inc.		1,051		102,084
Essex Property Trust, Inc.		563		138,053
Extra Space Storage, Inc.		2,138		193,446
GEO Group, Inc.		23,555		464,034
Highwoods Properties, Inc.		6,759		261,506
Host Hotels & Resorts, Inc.		26,588		443,222
JBG SMITH Properties		5,957		207,363
Kilroy Realty Corp.		9,168		576,484
Macerich Co.		2,368		102,487
Medical Properties Trust, Inc.		19,832		318,899
Pebblebrook Hotel Trust		7,458		211,136
Pennsylvania REIT		12,018		71,387
Prologis, Inc.		4,165		244,569
QTS Realty Trust, Inc. Cl A		3,093		114,596
Regency Centers Corp.		1,098		64,431
RLJ Lodging Trust		7,068		115,915
Sabra Health Care REIT, Inc.		10,739		176,979
SBA Communications Corp. Cl A*		2,793		452,158
Summit Hotel Properties, Inc.		5,692		55,383
Sun Communities, Inc.		3,290		334,626
Terreno Realty Corp.		19,243		676,776
Urstadt Biddle Properties, Inc. Cl A		4,411		84,779
Vornado Realty Trust		1,997		123,874
Welltower, Inc.		3,510		243,629
Weyerhaeuser Co.		9,137		199,735
				9,224,402
UTILITIES (2.6%)
AES Corp.		10,941		158,206
Ameren Corp.		4,682		305,406
Avista Corp.		5,417		230,114
Black Hills Corp.		2,570		161,345
Chesapeake Utilities Corp.		2,582		209,917
Consolidated Edison, Inc.		3,630		277,550
Edison International		6,989		396,765

The accompanying notes are an integral part of these portfolio schedules.

60

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Entergy Corp.		2,891	$	248,830
Evergy, Inc.		11,533		654,728
Eversource Energy		2,720		176,909
FirstEnergy Corp.		6,251		234,725
IDACORP, Inc.		3,168		294,814
NiSource, Inc.		23,823		603,913
Northwest Natural Hldg. Co.		3,022		182,710
NorthWestern Corp.		3,819		227,001
PNM Resources, Inc.		6,677		274,358
Portland General Electric Co.		6,447		295,595
PPL Corp.		7,331		207,687
Public Svc. Enterprise Group, Inc.		6,662		346,757
Sempra Energy		5,863		634,318
UGI Corp.		10,422		556,014
				6,677,662
TOTAL ACTIVE ASSETS-COMMON STOCKS
(Cost: $109,053,966) 41.4%				110,855,771

	Rating**		Rate(%)		Maturity		Face Amount		Value
ACTIVE ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (1.9%)
FHLB		A-1+		2.15		01/02/2019	$	5,200,000	$	5,199,689
COMMERCIAL PAPER (0.3%)
Cargill, Inc.†		A-1		2.39		01/02/2019		800,000		799,947
TOTAL ACTIVE ASSETS-SHORT-TERM DEBT SECURITIES (Cost: $5,999,636) 2.2%										5,999,636
TOTAL ACTIVE ASSETS (Cost: $115,053,602) 43.6%										116,855,407
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.1%)
Citibank, New York Time Deposit				1.67		01/02/19	$	291,756	$	291,756
TOTAL TEMPORARY CASH INVESTMENT (Cost: $291,756) 0.1%										291,756
TOTAL INVESTMENTS (Cost: $215,184,834) 100.1%										268,394,073
OTHER NET ASSETS -0.1%										(319,966	)
NET ASSETS 100.0%									$	268,074,107

The accompanying notes are an integral part of these portfolio schedules.

61

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (2.0%)
MSG Networks, Inc. Cl A*		144,347	$	3,400,815
ORBCOMM, Inc.*		385,675		3,185,676
Shenandoah Telecommunications Co.		45,563		2,016,163
				8,602,654
CONSUMER DISCRETIONARY (7.8%)
Belmond Ltd. Cl A*		249,150		6,236,225
Dave & Buster’s Entertainment, Inc.		76,273		3,398,725
Houghton Mifflin Harcourt Co.*		307,072		2,720,658
Lithia Motors, Inc. Cl A		78,428		5,986,409
Marriott Vacations Worldwide Corp.		15,848		1,117,443
Playa Hotels & Resorts NV*		507,975		3,652,340
Red Rock Resorts, Inc. Cl A		43,220		877,798
Sleep Number Corp.*		80,498		2,554,202
Stamps.com, Inc.*		27,330		4,253,641
Unifi, Inc.*		104,883		2,395,528
				33,192,969
CONSUMER STAPLES (1.7%)
Crimson Wine Group Ltd.*		592,228		4,634,184
Orchids Paper Products Co.*		269,669		253,489
Vector Group Ltd.		267,191		2,599,768
				7,487,441
ENERGY (5.5%)
Abraxas Petroleum Corp.*		662,808		722,461
C&J Energy Svcs., Inc.*		76,108		1,027,458
Callon Petroleum Co.*		292,216		1,896,482
Carrizo Oil & Gas, Inc.*		149,399		1,686,715
CrossAmerica Partners LP		129,778		1,837,656
Matrix Svcs. Co.*		85,362		1,531,394
PBF Energy, Inc. Cl A		223,763		7,310,337
PDC Energy, Inc.*		80,854		2,406,215
ProPetro Hldgs. Corp.*		185,869		2,289,906
Range Resources Corp.		132,569		1,268,685
Whiting Petroleum Corp.*		66,974		1,519,640
				23,496,949
FINANCIALS (29.3%)
American Equity Investment Life Hldg. Co.		169,916		4,747,453
Aspen Insurance Hldgs. Ltd.		121,028		5,081,966
BancFirst Corp.		132,337		6,603,616
Bank of Marin Bancorp		110,842		4,571,124
Banner Corp.		100,938		5,398,164
Brookline Bancorp, Inc.		425,093		5,874,785
Bryn Mawr Bank Corp.		119,232		4,101,581
Cadence Bancorporation Cl A		148,149		2,485,940
CenterState Bank Corp.		158,563		3,336,166
Columbia Banking System, Inc.		58,967		2,139,912
Dime Community Bancshares, Inc.		171,897		2,918,811
Ellington Financial LLC*		348,115		5,336,603
Enterprise Financial Svcs. Corp.		127,003		4,779,123
First Interstate BancSystem, Inc. Cl A		149,808		5,476,981
Flushing Financial Corp.		141,534		3,047,227
Glacier Bancorp, Inc.		95,926		3,800,588

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Great Southern Bancorp, Inc.		52,585	$	2,420,488
IBERIABANK Corp.		22,027		1,415,896
Investors Bancorp, Inc.		183,813		1,911,655
iShares Russell 2000 Value ETF		26,436		2,842,927
Marlin Business Svcs. Corp.		213,838		4,775,003
MB Financial, Inc.		96,462		3,822,789
NMI Hldgs., Inc. Cl A*		478,189		8,535,674
Northfield Bancorp, Inc.		293,253		3,973,578
Selective Insurance Group, Inc.		130,679		7,963,578
Sterling Bancorp		92,479		1,526,828
Stock Yards Bancorp, Inc.		241,848		7,932,614
TriCo Bancshares		81,598		2,757,196
UMB Financial Corp.		43,537		2,654,451
United Financial Bancorp, Inc.		76,611		1,126,182
Wintrust Financial Corp.		29,201		1,941,574
				125,300,473
HEALTH CARE (5.5%)
Avanos Medical, Inc.*		40,046		1,793,660
Emergent BioSolutions, Inc.*		38,605		2,288,504
Exact Sciences Corp.*		18,638		1,176,058
LivaNova PLC*		11,840		1,083,005
Pacific Biosciences of California, Inc.*		247,947		1,834,808
Pacira Pharmaceuticals, Inc.*		40,326		1,734,825
Sientra, Inc.*		66,102		840,156
Supernus Pharmaceuticals, Inc.*		193,672		6,433,784
Vericel Corp.*		169,168		2,943,523
Wright Medical Group NV*		114,263		3,110,239
				23,238,562
INDUSTRIALS (13.1%)
AAR Corp.		102,710		3,835,191
Builders FirstSource, Inc.*		125,888		1,373,438
Daseke, Inc.*		447,024		1,645,048
EMCOR Group, Inc.		37,819		2,257,416
Encore Wire Corp.		120,757		6,059,586
Hyster-Yale Materials Handling, Inc.		49,472		3,065,285
ICF International, Inc.		43,287		2,804,132
Kratos Defense & Security Solutions, Inc.*		126,520		1,782,667
LSC Communications, Inc.		215,518		1,508,626
Miller Industries, Inc.		285,727		7,714,629
Mueller Industries, Inc.		479,757		11,207,123
Spirit Airlines, Inc.*		47,180		2,732,666
Trex Co., Inc.*		47,510		2,820,194
Universal Forest Products, Inc.		106,812		2,772,840
VSE Corp.		146,796		4,390,668
				55,969,509
INFORMATION TECHNOLOGY (10.8%)
Aerohive Networks, Inc.*		291,167		949,205
Anixter International, Inc.*		38,200		2,074,642
Apptio, Inc. Cl A*		46,110		1,750,336
Ciena Corp.*		83,070		2,816,904
Comtech Telecommunications Corp.		37,033		901,383
Cray, Inc.*		98,968		2,136,719

The accompanying notes are an integral part of these portfolio schedules.

62

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Everspin Technologies, Inc.*		122,444	$	686,911
Five9, Inc.*		24,680		1,079,010
II-VI, Inc.*		44,237		1,435,933
Lumentum Hldgs., Inc.*		33,768		1,418,594
MaxLinear, Inc. Cl A*		116,924		2,057,862
MKS Instruments, Inc.		17,955		1,160,072
Perficient, Inc.*		72,763		1,619,704
Perspecta, Inc.		92,392		1,590,990
Plexus Corp.*		34,078		1,740,704
Proofpoint, Inc.*		24,106		2,020,324
Rapid7, Inc.*		20,330		633,483
Richardson Electronics Ltd.*		566,918		4,926,518
Rogers Corp.*		7,540		746,912
Sequans Communications S.A. ADR*		923,354		720,216
SYNNEX Corp.		52,152		4,215,968
ViaSat, Inc.*		57,121		3,367,283
Xperi Corp.		163,754		3,011,436
Xura, Inc.*		128,245		3,206,125	††
				46,267,234
MATERIALS (3.5%)
Berry Global Group, Inc.*		46,912		2,229,727
Boise Cascade Co.		73,311		1,748,467
Ferro Corp.*		174,925		2,742,824
Ferroglobe PLC		160,016		254,426
Kaiser Aluminum Corp.		35,848		3,200,868
Olin Corp.		127,060		2,555,177
TimkenSteel Corp.*		70,933		619,954
U.S. Concrete, Inc.*		50,242		1,772,538
				15,123,981

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (10.0%)
Alexander’s, Inc.		5,735	$	1,747,684
Chatham Lodging Trust		118,537		2,095,734
Chesapeake Lodging Trust		157,525		3,835,734
Cousins Properties, Inc.		448,906		3,546,357
Easterly Government Properties, Inc.		247,322		3,878,009
GEO Group, Inc.		240,170		4,731,349
Highwoods Properties, Inc.		99,070		3,833,018
JBG SMITH Properties		86,387		3,007,132
Medical Properties Trust, Inc.		288,149		4,633,436
Pennsylvania REIT		177,818		1,056,239
RLJ Lodging Trust		103,048		1,689,987
Sabra Health Care REIT, Inc.		156,691		2,582,268
Summit Hotel Properties, Inc.		86,488		841,528
Terreno Realty Corp.		119,475		4,201,936
Urstadt Biddle Properties, Inc. Cl A		64,310		1,236,038
				42,916,449
UTILITIES (5.6%)
Avista Corp.		78,330		3,327,459
Black Hills Corp.		37,550		2,357,389
IDACORP, Inc.		45,899		4,271,361
Northwest Natural Hldg. Co.		43,711		2,642,767
NorthWestern Corp.		53,320		3,169,341
PNM Resources, Inc.		95,951		3,942,626
Portland General Electric Co.		93,459		4,285,095
				23,996,038
TOTAL COMMON STOCKS
(Cost: $400,424,593) 94.8%				405,592,259

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.4%)
U.S. Treasury Bill		A-1+		2.36		02/14/19	$	10,000,000	$	9,971,266
U.S. GOVERNMENT AGENCIES (1.2%)
FHLB		A-1+		2.15		01/02/19		5,200,000		5,199,689
COMMERCIAL PAPER (2.5%)
Cargill, Inc.†		A-1		2.39		01/02/19		10,900,000		10,899,276
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $26,070,231) 6.1%										26,070,231
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.67		01/02/19	$	52,184	$	52,184
TOTAL TEMPORARY CASH INVESTMENT (Cost: $52,184) 0.0% (2)										52,184
TOTAL INVESTMENTS (Cost: $426,547,008) 100.9%										431,714,674
OTHER NET ASSETS -0.9%										(3,712,589	)
NET ASSETS 100.0%									$	428,002,085

The accompanying notes are an integral part of these portfolio schedules.

63

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (3.9%)
Lions Gate Entertainment Corp. Cl A		112,275	$	1,807,628
Lions Gate Entertainment Corp. Cl B		124,228		1,848,513
Nexstar Media Group, Inc. Cl A		22,244		1,749,268
ORBCOMM, Inc.*		350,835		2,897,897
Shenandoah Telecommunications Co.		96,521		4,271,054
Take-Two Interactive Software, Inc.*		28,300		2,913,202
World Wrestling Entertainment, Inc. Cl A		44,276		3,308,302
				18,795,864
CONSUMER DISCRETIONARY (14.3%)
American Axle & Manufacturing Hldgs., Inc.*		245,950		2,730,045
Belmond Ltd. Cl A*		228,354		5,715,701
Bloomin’ Brands, Inc.		474,798		8,494,136
Dave & Buster’s Entertainment, Inc.		94,330		4,203,345
Etsy, Inc.*		100,648		4,787,825
Five Below, Inc.*		90,054		9,214,325
Haverty Furniture Cos., Inc.		247,026		4,639,148
Lithia Motors, Inc. Cl A		48,987		3,739,178
Red Rock Resorts, Inc. Cl A		269,549		5,474,540
Shutterfly, Inc.*		33,175		1,335,626
Sleep Number Corp.*		238,930		7,581,249
Stamps.com, Inc.*		16,794		2,613,818
Steven Madden Ltd.		201,590		6,100,113
Weight Watchers International, Inc.*		60,378		2,327,572
				68,956,621
CONSUMER STAPLES (0.5%)
Cal-Maine Foods, Inc.		21,572		912,496
Vector Group Ltd.		134,009		1,303,907
				2,216,403
ENERGY (0.9%)
Kosmos Energy Ltd.*		257,888		1,049,604
Penn Virginia Corp.*		22,325		1,206,890
Whiting Petroleum Corp.*		87,140		1,977,207
				4,233,701
FINANCIALS (8.0%)
AMERISAFE, Inc.		54,331		3,080,024
First Merchants Corp.		119,974		4,111,509
Heritage Financial Corp.		163,360		4,855,059
iShares Micro-Cap ETF		52,669		4,342,559
Moelis & Co. Cl A		137,459		4,725,840
Pinnacle Financial Partners, Inc.		54,586		2,516,414
Primerica, Inc.		20,922		2,044,289
S&T Bancorp, Inc.		114,321		4,325,907
Starwood Property Trust, Inc.		144,182		2,841,827
TriState Capital Hldgs., Inc.*		180,925		3,520,801
United Insurance Hldgs. Corp.		162,427		2,699,537
				39,063,766
HEALTH CARE (25.3%)
ACADIA Pharmaceuticals, Inc.*		99,250		1,604,873
Acceleron Pharma, Inc.*		54,069		2,354,705

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Agios Pharmaceuticals, Inc.*		21,142	$	974,858
Akebia Therapeutics, Inc.*		121,566		672,260
Alder Biopharmaceuticals, Inc.*		100,645		1,031,611
Amicus Therapeutics, Inc.*		191,893		1,838,335
AMN Healthcare Svcs., Inc.*		35,681		2,021,685
Aptinyx, Inc.*		59,512		984,328
Array BioPharma, Inc.*		135,550		1,931,588
AxoGen, Inc.*		79,659		1,627,433
Blueprint Medicines Corp.*		40,126		2,163,193
Cambrex Corp.*		45,297		1,710,415
Editas Medicine, Inc.*		61,504		1,399,216
Emergent BioSolutions, Inc.*		87,236		5,171,350
Evolent Health, Inc. Cl A*		196,945		3,929,053
Exact Sciences Corp.*		52,934		3,340,135
FibroGen, Inc.*		33,749		1,561,904
Flexion Therapeutics, Inc.*		81,860		926,655
Globus Medical, Inc. Cl A*		59,251		2,564,383
Horizon Pharma PLC*		145,765		2,848,248
ICU Medical, Inc.*		11,605		2,664,856
Inogen, Inc.*		18,680		2,319,496
Insulet Corp.*		27,508		2,181,935
Intersect ENT, Inc.*		76,185		2,146,893
iRhythm Technologies, Inc.*		39,033		2,712,013
Karyopharm Therapeutics, Inc.*		125,614		1,177,003
LivaNova PLC*		31,521		2,883,226
Loxo Oncology, Inc.*		20,617		2,887,823
Madrigal Pharmaceuticals, Inc.*		3,890		438,481
Masimo Corp.*		18,032		1,936,096
Medicines Co.*		81,257		1,555,259
Medidata Solutions, Inc.*		47,574		3,207,439
MyoKardia, Inc.*		29,410		1,436,973
Neogen Corp.*		46,782		2,666,574
Neurocrine Biosciences, Inc.*		34,988		2,498,493
Omnicell, Inc.*		48,321		2,959,178
Pacira Pharmaceuticals, Inc.*		78,258		3,366,659
Portola Pharmaceuticals, Inc.*		74,398		1,452,249
Quidel Corp.*		65,405		3,193,072
Repligen Corp.*		77,924		4,109,712
Sage Therapeutics, Inc.*		14,432		1,382,441
Sientra, Inc.*		42,338		538,116
Spark Therapeutics, Inc.*		35,647		1,395,224
STAAR Surgical Co.*		70,840		2,260,504
Supernus Pharmaceuticals, Inc.*		151,140		5,020,871
Tabula Rasa HealthCare, Inc.*		37,325		2,379,842
Tactile Systems Technology, Inc.*		61,710		2,810,891
Ultragenyx Pharmaceutical, Inc.*		33,784		1,468,928
Vericel Corp.*		169,101		2,942,357
WellCare Health Plans, Inc.*		23,867		5,634,760
Wright Medical Group NV*		127,409		3,468,073
Xencor, Inc.*		87,021		3,146,679
Zogenix, Inc.*		45,817		1,670,488
				122,568,832
INDUSTRIALS (16.4%)
AAR Corp.		68,240		2,548,082
Advanced Disposal Svcs., Inc.*		107,547		2,574,675
Aerovironment, Inc.*		48,453		3,292,381

The accompanying notes are an integral part of these portfolio schedules.

64

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
ASGN, Inc.*		54,422	$	2,965,999
BG Staffing, Inc.		84,336		1,741,538
Brink’s Co.		108,710		7,028,101
Echo Global Logistics, Inc.*		186,903		3,799,738
EMCOR Group, Inc.		41,420		2,472,360
EnPro Industries, Inc.		54,714		3,288,311
Exponent, Inc.		66,251		3,359,588
Generac Hldgs., Inc.*		62,478		3,105,157
Gorman-Rupp Co.		147,210		4,771,076
Granite Construction, Inc.		105,228		4,238,584
Heidrick & Struggles International, Inc.		78,877		2,460,174
John Bean Technologies Corp.		31,888		2,289,877
Knoll, Inc.		140,042		2,307,892
Kratos Defense & Security Solutions, Inc.*		90,344		1,272,947
Landstar System, Inc.		44,501		4,257,411
Simpson Manufacturing Co., Inc.		96,402		5,218,240
Spirit Airlines, Inc.*		42,730		2,474,922
Sun Hydraulics Corp.		84,339		2,799,212
Teledyne Technologies, Inc.*		22,957		4,753,706
Trex Co., Inc.*		103,188		6,125,240
				79,145,211
INFORMATION TECHNOLOGY (19.1%)
Altair Engineering, Inc. Cl A*		66,855		1,843,861
Apptio, Inc. Cl A*		113,434		4,305,955
Cornerstone OnDemand, Inc.*		48,889		2,465,472
Cray, Inc.*		114,834		2,479,266
Cypress Semiconductor Corp.		183,689		2,336,524
Entegris, Inc.		105,595		2,945,573
EPAM Systems, Inc.*		34,105		3,956,521
Everspin Technologies, Inc.*		237,866		1,334,428
Five9, Inc.*		170,118		7,437,560
Globant S.A.*		53,610		3,019,315
HubSpot, Inc.*		24,665		3,101,130
II-VI, Inc.*		86,998		2,823,955
Integrated Device Technology, Inc.*		67,720		3,279,680
Itron, Inc.*		38,650		1,827,758
LogMeIn, Inc.		30,017		2,448,487
Lumentum Hldgs., Inc.*		53,856		2,262,490

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
MaxLinear, Inc. Cl A*		122,373	$	2,153,765
MINDBODY, Inc. Cl A*		36,163		1,316,333
MKS Instruments, Inc.		32,960		2,129,546
New Relic, Inc.*		87,575		7,090,948
Perficient, Inc.*		104,220		2,319,937
Proofpoint, Inc.*		40,692		3,410,397
Pure Storage, Inc. Cl A*		73,795		1,186,624
Q2 Hldgs., Inc.*		68,021		3,370,441
Rapid7, Inc.*		188,110		5,861,508
Rogers Corp.*		21,758		2,155,347
Science Applications International Corp.		22,052		1,404,712
SYNNEX Corp.		33,204		2,684,211
ViaSat, Inc.*		52,547		3,097,646
Xperi Corp.		113,144		2,080,718
Zendesk, Inc.*		67,973		3,967,584
				92,097,692
MATERIALS (3.4%)
Berry Global Group, Inc.*		58,487		2,779,888
Century Aluminum Co.*		138,864		1,015,097
Ferro Corp.*		332,812		5,218,493
Ferroglobe Representation & Warranty Insurance Trust*		72,345		0	††
Ingevity Corp.*		28,190		2,359,222
Minerals Technologies, Inc.		44,615		2,290,535
U.S. Concrete, Inc.*		72,778		2,567,609
				16,230,844
REAL ESTATE (2.4%)
Easterly Government Properties, Inc.		132,902		2,083,903
Pebblebrook Hotel Trust		128,133		3,627,445
QTS Realty Trust, Inc. Cl A		52,971		1,962,576
Terreno Realty Corp.		118,369		4,163,038
				11,836,962
UTILITIES (0.7%)
Chesapeake Utilities Corp.		44,141		3,588,663
TOTAL COMMON STOCKS
(Cost: $456,659,862) 94.9%				458,734,559

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (2.7%)
FHLB		A-1+		2.10		01/01/19	$	8,000,000.00	$	7,999,529
FHLB		A-1+		2.15		01/02/19		4,900,000.00		4,899,712
										12,899,241
COMMERCIAL PAPER (3.1%)
Cargill, Inc.†		A-1		2.39		01/02/19		14,800,000		14,799,017
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $27,698,258) 5.8%										27,698,258

The accompanying notes are an integral part of these portfolio schedules.

65

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit		1.67		01/02/19	$	61,703	$	61,703
TOTAL TEMPORARY CASH INVESTMENT (Cost: $61,703) 0.0% (2)								61,703
TOTAL INVESTMENTS (Cost: $484,419,823) 100.7%								486,494,520
OTHER NET ASSETS -0.7%								(3,162,183	)
NET ASSETS 100.0%							$	483,332,337

The accompanying notes are an integral part of these portfolio schedules.

66

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.9%)
ATN International, Inc.		269	$	19,241
Cincinnati Bell, Inc.*		1,297		10,091
Cogent Communications Hldgs., Inc.		1,037		46,883
Consolidated Communications Hldgs., Inc.		1,796		17,744
EW Scripps Co. Cl A		1,420		22,337
Frontier Communications Corp.*		2,704		6,435
Gannett Co., Inc.		2,827		24,114
Iridium Communications, Inc.*		2,444		45,092
Marcus Corp.		501		19,789
New Media Investment Group, Inc.		1,352		15,643
QuinStreet, Inc.*		951		15,435
Scholastic Corp.		699		28,142
Spok Hldgs., Inc.		454		6,020
TechTarget, Inc.*		547		6,679
Vonage Hldgs. Corp.*		5,510		48,102
				331,747
CONSUMER DISCRETIONARY (13.4%)
Abercrombie & Fitch Co. Cl A		1,677		33,624
American Axle & Manufacturing Hldgs., Inc.*		2,780		30,858
American Public Education, Inc.*		404		11,498
Asbury Automotive Group, Inc.*		490		32,663
Ascena Retail Group, Inc.*		4,353		10,926
Barnes & Noble Education, Inc.*		899		3,605
Barnes & Noble, Inc.		1,439		10,202
Belmond Ltd. Cl A*		2,207		55,241
BJ’s Restaurants, Inc.		524		26,499
Buckle, Inc.		706		13,654
Caleres, Inc.		1,078		30,001
Callaway Golf Co.		2,180		33,354
Career Education Corp.*		1,726		19,711
Cato Corp. Cl A		568		8,105
Cavco Industries, Inc.*		215		28,032
Chico’s FAS, Inc.		3,135		17,619
Children’s Place, Inc.		404		36,396
Chuy’s Hldgs., Inc.*		426		7,557
Cooper Tire & Rubber Co.		1,236		39,960
Cooper-Standard Hldgs., Inc.*		409		25,407
Core-Mark Hldg. Co, Inc.		1,136		26,412
Crocs, Inc.*		1,667		43,309
Dave & Buster’s Entertainment, Inc.		961		42,822
Dine Brands Global, Inc.		436		29,360
Dorman Products, Inc.*		718		64,634
DSW, Inc. Cl A		1,686		41,644
El Pollo Loco Hldgs., Inc.*		559		8,480
Ethan Allen Interiors, Inc.		611		10,747
Express, Inc.*		1,703		8,702
Fiesta Restaurant Group, Inc.*		600		9,306
Fossil Group, Inc.*		1,127		17,728
Fox Factory Hldg. Corp.*		933		54,926
Francesca’s Hldgs. Corp.*		873		848
GameStop Corp. Cl A		2,540		32,055
Garrett Motion, Inc.*		1,823		22,496

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Genesco, Inc.*		502	$	22,239
Gentherm, Inc.*		866		34,623
G-III Apparel Group Ltd.*		1,055		29,424
Group 1 Automotive, Inc.		452		23,829
Guess?, Inc.		1,423		29,556
Haverty Furniture Cos., Inc.		474		8,902
Hibbett Sports, Inc.*		462		6,607
Installed Building Products, Inc.*		542		18,260
iRobot Corp.*		694		58,116
JC Penney Co., Inc.*		7,694		8,002
Kirkland’s, Inc.*		375		3,574
La-Z-Boy, Inc.		1,157		32,060
LCI Industries		630		42,084
LGI Homes, Inc.*		456		20,620
Liquidity Svcs., Inc.*		650		4,010
Lithia Motors, Inc. Cl A		566		43,203
Lumber Liquidators Hldgs., Inc.*		704		6,702
M/I Homes, Inc.*		696		14,630
MarineMax, Inc.*		573		10,492
MDC Hldgs., Inc.		1,125		31,624
Meritage Homes Corp.*		935		34,333
Monarch Casino & Resort, Inc.*		291		11,099
Monro, Inc.		829		56,994
Motorcar Parts of America, Inc.*		467		7,771
Movado Group, Inc.		411		12,996
Nautilus, Inc.*		740		8,066
Nutrisystem, Inc.		725		31,813
Office Depot, Inc.		14,461		37,309
Oxford Industries, Inc.		422		29,979
PetMed Express, Inc.		509		11,839
Red Robin Gourmet Burgers, Inc.*		324		8,657
Regis Corp.*		828		14,035
Rent-A-Center, Inc.*		1,096		17,744
RH*		472		56,555
Ruth’s Hospitality Group, Inc.		707		16,070
Shake Shack, Inc. Cl A*		639		29,023
Shoe Carnival, Inc.		253		8,478
Shutterfly, Inc.*		839		33,778
Shutterstock, Inc.		464		16,709
Sleep Number Corp.*		818		25,955
Sonic Automotive, Inc. Cl A		588		8,091
Stamps.com, Inc.*		425		66,147
Standard Motor Products, Inc.		497		24,070
Steven Madden Ltd.		1,964		59,431
Strategic Education, Inc.		536		60,793
Sturm Ruger & Co., Inc.		434		23,097
Superior Industries International, Inc.		573		2,756
Tailored Brands, Inc.		1,246		16,995
Tile Shop Hldgs., Inc.		962		5,272
TopBuild Corp.*		878		39,510
Unifi, Inc.*		368		8,405
Universal Electronics, Inc.*		344		8,696
Vera Bradley, Inc.*		542		4,645
Vista Outdoor, Inc.*		1,412		16,026
Vitamin Shoppe, Inc.*		384		1,820

The accompanying notes are an integral part of these portfolio schedules.

67

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
William Lyon Homes Cl A*		816	$	8,723
Wingstop, Inc.		726		46,602
Winnebago Industries, Inc.		716		17,334
Wolverine World Wide, Inc.		2,366		75,452
Zumiez, Inc.*		469		8,991
				2,308,997
CONSUMER STAPLES (3.4%)
Andersons, Inc.		655		19,578
Avon Products, Inc.*		11,003		16,725
B&G Foods, Inc.		1,661		48,019
Calavo Growers, Inc.		384		28,017
Cal-Maine Foods, Inc.		742		31,387
Central Garden & Pet Co.*		259		8,922
Central Garden & Pet Co. Cl A*		1,030		32,187
Chefs’ Warehouse, Inc.*		573		18,324
Coca-Cola Bottling Co. Consolidated		116		20,576
Darling Ingredients, Inc.*		4,104		78,961
Dean Foods Co.		2,268		8,641
Inter Parfums, Inc.		424		27,802
J&J Snack Foods Corp.		374		54,077
John B Sanfilippo & Son, Inc.		214		11,911
Medifast, Inc.		296		37,006
MGP Ingredients, Inc.		311		17,743
Seneca Foods Corp. Cl A*		160		4,515
SpartanNash Co.		896		15,393
United Natural Foods, Inc.*		1,272		13,470
Universal Corp.		618		33,465
WD-40 Co.		341		62,492
				589,211
ENERGY (3.3%)
Archrock, Inc.		3,235		24,230
Bonanza Creek Energy, Inc.*		463		9,570
Bristow Group, Inc.*		902		2,192
C&J Energy Svcs., Inc.*		1,568		21,168
CARBO Ceramics, Inc.*		515		1,792
Carrizo Oil & Gas, Inc.*		2,124		23,980
Cloud Peak Energy, Inc.*		1,878		688
CONSOL Energy, Inc.*		689		21,848
Denbury Resources, Inc.*		11,482		19,634
Era Group, Inc.*		514		4,492
Exterran Corp.*		787		13,930
Geospace Technologies Corp.*		342		3,526
Green Plains, Inc.		967		12,677
Gulf Island Fabrication, Inc.*		335		2,419
Gulfport Energy Corp.*		3,961		25,945
Helix Energy Solutions Group, Inc.*		3,466		18,751
HighPoint Resources Corp.*		2,829		7,044
KLX Energy Svcs. Hldgs., Inc.*		573		13,437
Laredo Petroleum, Inc.*		3,844		13,915
Matrix Service Co.*		679		12,181
Nabors Industries Ltd.		8,115		16,230
Newpark Resources, Inc.*		2,246		15,430
Noble Corp. PLC*		6,112		16,013
Oil States International, Inc.*		1,489		21,263

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Par Pacific Hldgs., Inc.*		695	$	9,855
PDC Energy, Inc.*		1,656		49,283
Penn Virginia Corp.*		334		18,056
Pioneer Energy Svcs. Corp.*		1,914		2,354
ProPetro Hldg. Corp.*		1,840		22,669
Renewable Energy Group, Inc.*		931		23,927
REX American Resources Corp.*		141		9,604
Ring Energy, Inc.*		1,433		7,280
SEACOR Hldgs., Inc.*		429		15,873
SRC Energy, Inc.*		6,047		28,421
Superior Energy Svcs., Inc.*		3,972		13,306
TETRA Technologies, Inc.*		3,086		5,185
Unit Corp.*		1,369		19,549
US Silica Hldgs., Inc.		1,958		19,933
				567,650
FINANCIALS (21.7%)
Ambac Financial Group, Inc.*		1,128		19,447
American Equity Investment Life Hldg. Co.		2,247		62,781
Ameris Bancorp		984		31,163
AMERISAFE, Inc.		479		27,155
Apollo Commercial Real Estate Finance, Inc.		2,790		46,481
ARMOUR Residential REIT, Inc.		1,051		21,545
Axos Financial, Inc.*		1,011		25,457
Banc of California, Inc.		1,060		14,109
Banner Corp.		785		41,982
Berkshire Hills Bancorp, Inc.		999		26,943
Blucora, Inc.*		1,199		31,941
Boston Private Financial Hldgs., Inc.		2,085		22,038
Brookline Bancorp, Inc.		1,997		27,599
Capstead Mortgage Corp.		2,260		15,074
Central Pacific Financial Corp.		722		17,581
City Hldg. Co.		409		27,644
Columbia Banking System, Inc.		1,815		65,866
Community Bank System, Inc.		1,266		73,808
Customers Bancorp, Inc.*		726		13,213
CVB Financial Corp.		2,543		51,445
Dime Community Bancshares, Inc.		772		13,109
Donnelley Financial Solutions, Inc.*		853		11,968
Eagle Bancorp, Inc.*		789		38,432
eHealth, Inc.*		403		15,483
Employers Hldgs., Inc.		814		34,164
Encore Capital Group, Inc.*		634		14,899
Enova International, Inc.*		842		16,385
EZCORP, Inc. Cl A*		1,291		9,979
Fidelity Southern Corp.		548		14,259
First BanCorp.		5,391		46,363
First Commonwealth Financial Corp.		2,469		29,826
First Financial Bancorp		2,463		58,422
First Financial Bankshares, Inc.		1,679		96,862
First Midwest Bancorp, Inc.		2,653		52,556
FirstCash, Inc.		1,075		77,776
Flagstar Bancorp, Inc.*		732		19,325
Franklin Financial Network, Inc.*		302		7,964

The accompanying notes are an integral part of these portfolio schedules.

68

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Glacier Bancorp, Inc.		2,115	$	83,796
Granite Point Mortgage Trust, Inc.		1,079		19,454
Great Western Bancorp, Inc.		1,446		45,187
Green Bancorp, Inc.		655		11,227
Green Dot Corp. Cl A*		1,175		93,436
Greenhill & Co., Inc.		433		10,565
Hanmi Financial Corp.		796		15,681
HCI Group, Inc.		179		9,095
Heritage Financial Corp.		827		24,578
HomeStreet, Inc.*		673		14,288
Hope Bancorp, Inc.		3,050		36,173
Horace Mann Educators Corp.		1,020		38,199
Independent Bank Corp.		702		49,358
INTL. FCStone, Inc.*		394		14,413
Invesco Mortgage Capital, Inc.		2,777		40,211
Investment Technology Group, Inc.		815		24,646
iShares Core S&P Small-Cap ETF		8,713		603,985
James River Group Hldgs. Ltd.		747		27,295
LegacyTexas Financial Group, Inc.		1,125		36,101
Maiden Hldgs. Ltd.		1,803		2,975
Meta Financial Group, Inc.		693		13,437
National Bank Hldgs. Corp. Cl A		641		19,788
Navigators Group, Inc.		571		39,679
NBT Bancorp, Inc.		1,082		37,426
New York Mortgage Trust, Inc.		3,871		22,800
NMI Hldgs., Inc. Cl A*		1,646		29,381
Northfield Bancorp, Inc.		1,163		15,759
Northwest Bancshares, Inc.		2,559		43,349
OFG Bancorp		1,071		17,629
Old National Bancorp.		3,745		57,673
Opus Bank		541		10,598
Oritani Financial Corp.		960		14,160
Pacific Premier Bancorp, Inc.*		1,123		28,659
PennyMac Mortgage Investment Trust		1,517		28,247
Piper Jaffray Cos.		371		24,427
PRA Group, Inc.*		1,120		27,294
Preferred Bank		347		15,042
ProAssurance Corp.		1,333		54,066
Provident Financial Svcs., Inc.		1,527		36,847
Redwood Trust, Inc.		2,049		30,878
RLI Corp.		972		67,058
S&T Bancorp, Inc.		873		33,034
Safety Insurance Group, Inc.		359		29,370
Seacoast Banking Corp. of Florida*		1,269		33,019
Selective Insurance Group, Inc.		1,470		89,582
ServisFirst Bancshares, Inc.		1,148		36,587
Simmons First National Corp. Cl A		2,289		55,234
Southside Bancshares, Inc.		820		26,035
Stewart Information Svcs. Corp.		584		24,178
Third Point Reinsurance Ltd.*		1,859		17,921
Tompkins Financial Corp.		309		23,178
Triumph Bancorp, Inc.*		597		17,731
TrustCo Bank Corp.		2,412		16,546
United Community Banks, Inc.		1,981		42,512
United Fire Group, Inc.		524		29,056

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
United Insurance Hldgs. Corp.		527	$	8,759
Universal Insurance Hldgs., Inc.		798		30,260
Veritex Hldgs., Inc.*		603		12,892
Virtus Investment Partners, Inc.		176		13,980
Waddell & Reed Financial, Inc. Cl A		1,954		35,328
Walker & Dunlop, Inc.		718		31,054
Westamerica Bancorporation		660		36,749
WisdomTree Investments, Inc.		2,895		19,252
World Acceptance Corp.*		166		16,975
				3,735,136
HEALTH CARE (11.2%)
Acorda Therapeutics, Inc.*		981		15,284
Addus Homecare Corp.*		248		16,834
Akorn, Inc.*		2,289		7,760
AMAG Pharmaceuticals, Inc.*		857		13,018
Amedisys, Inc.*		726		85,022
AMN Healthcare Svcs., Inc.*		1,178		66,746
Amphastar Pharmaceuticals, Inc.*		863		17,174
AngioDynamics, Inc.*		914		18,399
ANI Pharmaceuticals, Inc.*		208		9,364
Anika Therapeutics, Inc.*		351		11,797
Assertio Therapeutics, Inc.*		1,617		5,837
BioTelemetry, Inc.*		834		49,807
Cambrex Corp.*		833		31,454
Community Health Systems, Inc.*		2,912		8,212
Computer Programs & Systems, Inc.		292		7,329
CONMED Corp.		642		41,216
Corcept Therapeutics, Inc.*		2,639		35,257
CorVel Corp.*		227		14,010
Cross Country Healthcare, Inc.*		900		6,597
CryoLife, Inc.*		853		24,208
Cutera, Inc.*		346		5,889
Cytokinetics, Inc.*		1,370		8,658
Diplomat Pharmacy, Inc.*		1,401		18,858
Eagle Pharmaceuticals, Inc.*		275		11,080
Emergent BioSolutions, Inc.*		1,127		66,809
Enanta Pharmaceuticals, Inc.*		390		27,624
Endo International PLC*		4,941		36,069
Ensign Group, Inc.		1,228		47,634
HealthStream, Inc.		641		15,480
Heska Corp.*		169		14,551
HMS Hldgs. Corp.*		2,093		58,876
Innoviva, Inc.*		1,682		29,351
Integer Hldgs. Corp.*		744		56,737
Invacare Corp.		833		3,582
Lannett Co, Inc.*		840		4,166
Lantheus Hldgs., Inc.*		962		15,055
LeMaitre Vascular, Inc.		391		9,243
LHC Group, Inc.*		724		67,969
Luminex Corp.		1,037		23,965
Magellan Health, Inc.*		608		34,589
Medicines Co.*		1,639		31,370
Medpace Hldgs., Inc.*		645		34,140
Meridian Bioscience, Inc.		1,056		18,332
Merit Medical Systems, Inc.*		1,346		75,120

The accompanying notes are an integral part of these portfolio schedules.

69

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Momenta Pharmaceuticals, Inc.*		2,370	$	26,165
Myriad Genetics, Inc.*		1,824		53,024
Natus Medical, Inc.*		860		29,266
Neogen Corp.*		1,293		73,701
NextGen Healthcare, Inc.*		1,200		18,180
Omnicell, Inc.*		979		59,954
OraSure Technologies, Inc.*		1,523		17,789
Orthofix Medical, Inc.*		472		24,775
Owens & Minor, Inc.		1,524		9,647
Phibro Animal Health Corp. Cl A		502		16,144
Progenics Pharmaceuticals, Inc.*		2,130		8,946
Providence Service Corp.*		274		16,446
Quorum Health Corp.*		635		1,835
REGENXBIO, Inc.*		734		30,791
Repligen Corp.*		965		50,894
Select Medical Hldgs. Corp.*		2,729		41,890
Spectrum Pharmaceuticals, Inc.*		2,481		21,709
Supernus Pharmaceuticals, Inc.*		1,312		43,585
Surmodics, Inc.*		332		15,690
Tabula Rasa HealthCare, Inc.*		426		27,162
Tactile Systems Technology, Inc.*		417		18,994
Tivity Health, Inc.*		1,013		25,133
US Physical Therapy, Inc.		313		32,036
Vanda Pharmaceuticals, Inc.*		1,302		34,021
Varex Imaging Corp.*		951		22,520
				1,920,769
INDUSTRIALS (17.8%)
AAON, Inc.		1,008		35,340
AAR Corp.		815		30,432
ABM Industries, Inc.		1,616		51,890
Actuant Corp. Cl A		1,508		31,653
Aegion Corp.*		796		12,991
Aerojet Rocketdyne Hldgs., Inc.*		1,784		62,850
Aerovironment, Inc.*		527		35,810
Alamo Group, Inc.		238		18,402
Albany International Corp. Cl A		715		44,637
Allegiant Travel Co.		319		31,970
American Woodmark Corp.*		385		21,437
Apogee Enterprises, Inc.		707		21,104
Applied Industrial Technologies, Inc.		960		51,782
ArcBest Corp.		635		21,755
Arcosa, Inc.*		1,197		33,145
Astec Industries, Inc.		565		17,057
Atlas Air Worldwide Hldgs., Inc.*		632		26,664
Axon Enterprise, Inc.*		1,449		63,394
AZZ, Inc.		648		26,153
Barnes Group, Inc.		1,174		62,950
Brady Corp. Cl A		1,210		52,587
Briggs & Stratton Corp.		1,044		13,656
Chart Industries, Inc.*		773		50,268
CIRCOR International, Inc.*		492		10,480
Comfort Systems USA, Inc.		927		40,491
Cubic Corp.		703		37,779
DXP Enterprises, Inc.*		390		10,858
Echo Global Logistics, Inc.*		702		14,272

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Encore Wire Corp.		518	$	25,993
Engility Hldgs., Inc.*		449		12,779
EnPro Industries, Inc.		515		30,952
ESCO Technologies, Inc.		636		41,944
Essendant, Inc.		815		10,253
Exponent, Inc.		1,296		65,720
Federal Signal Corp.		1,483		29,512
Forrester Research, Inc.		255		11,399
Forward Air Corp.		723		39,657
Franklin Electric Co., Inc.		976		41,851
FTI Consulting, Inc.*		948		63,175
Gibraltar Industries, Inc.*		800		28,472
Greenbrier Cos., Inc.		795		31,434
Griffon Corp.		840		8,778
Harsco Corp.*		1,995		39,621
Hawaiian Hldgs., Inc.		1,217		32,141
Heartland Express, Inc.		1,182		21,631
Heidrick & Struggles International, Inc.		474		14,784
Hillenbrand, Inc.		1,552		58,867
Hub Group, Inc. Cl A*		831		30,805
Insteel Industries, Inc.		456		11,072
Interface, Inc.		1,489		21,218
John Bean Technologies Corp.		782		56,155
Kaman Corp.		692		38,814
Kelly Svcs., Inc. Cl A		775		15,872
Korn/Ferry International		1,410		55,751
Lindsay Corp.		269		25,891
LSC Communications, Inc.		836		5,852
Lydall, Inc.*		418		8,490
Marten Transport Ltd.		956		15,478
Matson, Inc.		1,069		34,229
Matthews International Corp. Cl A		797		32,374
Mercury Systems, Inc.*		1,200		56,748
Mobile Mini, Inc.		1,104		35,052
Moog, Inc. Cl A		805		62,371
Mueller Industries, Inc.		1,442		33,685
Multi-Color Corp.		352		12,352
MYR Group, Inc.*		409		11,522
National Presto Industries, Inc.		124		14,498
Navigant Consulting, Inc.		1,060		25,493
Orion Group Hldgs., Inc.*		711		3,050
Patrick Industries, Inc.*		566		16,759
PGT Innovations, Inc.*		1,452		23,014
Powell Industries, Inc.		213		5,327
Proto Labs, Inc.*		677		76,359
Quanex Building Products Corp.		871		11,837
Raven Industries, Inc.		891		32,245
Resources Connection, Inc.		737		10,465
RR Donnelley & Sons Co.		1,785		7,069
Saia, Inc.*		637		35,557
Simpson Manufacturing Co., Inc.		1,024		55,429
SkyWest, Inc.		1,306		58,078
SPX Corp.*		1,059		29,663
SPX FLOW, Inc.*		1,051		31,971
Standex International Corp.		319		21,430

The accompanying notes are an integral part of these portfolio schedules.

70

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Team, Inc.*		745	$	10,914
Tennant Co.		447		23,293
Tetra Tech, Inc.		1,380		71,443
Titan International, Inc.		1,249		5,820
Trex Co, Inc.*		1,471		87,319
Triumph Group, Inc.		1,229		14,134
TrueBlue, Inc.*		1,006		22,384
UniFirst Corp.		383		54,796
Universal Forest Products, Inc.		1,518		39,407
US Ecology, Inc.		548		34,513
Veritiv Corp.*		314		7,841
Viad Corp.		502		25,145
Vicor Corp.*		412		15,569
Wabash National Corp.		1,380		18,050
WageWorks, Inc.*		977		26,535
Watts Water Technologies, Inc. Cl A		688		44,397
				3,064,305
INFORMATION TECHNOLOGY (13.8%)
3D Systems Corp.*		2,818		28,659
8x8, Inc.*		2,366		42,683
ADTRAN, Inc.		1,187		12,748
Advanced Energy Industries, Inc.*		952		40,869
Agilysys, Inc.*		437		6,267
Alarm.com Hldgs., Inc.*		886		45,957
Anixter International, Inc.*		717		38,940
Applied Optoelectronics, Inc.*		477		7,360
Axcelis Technologies, Inc.*		808		14,382
Badger Meter, Inc.		731		35,972
Bel Fuse, Inc. Cl B		251		4,623
Benchmark Electronics, Inc.		1,088		23,044
Bottomline Technologies DE, Inc.*		903		43,344
Brooks Automation, Inc.		1,792		46,915
Cabot Microelectronics Corp.		711		67,794
CalAmp Corp.*		851		11,071
Cardtronics PLC Cl A*		908		23,608
CEVA, Inc.*		548		12,105
Cohu, Inc.		1,016		16,327
Comtech Telecommunications Corp.		600		14,604
Control4 Corp.*		672		11,827
Cray, Inc.*		1,025		22,130
CSG Systems International, Inc.		830		26,369
CTS Corp.		819		21,204
Daktronics, Inc.		975		7,215
Diebold Nixdorf, Inc.		1,883		4,689
Digi International, Inc.*		679		6,851
Diodes, Inc.*		982		31,679
DSP Group, Inc.*		474		5,309
Ebix, Inc.		574		24,429
Electro Scientific Industries, Inc.*		845		25,316
Electronics For Imaging, Inc.*		1,089		27,007
ePlus, Inc.*		336		23,913
EVERTEC, Inc.		1,506		43,222
ExlService Hldgs., Inc.*		853		44,885
Extreme Networks, Inc.*		2,968		18,105

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Fabrinet*		921	$	47,257
FARO Technologies, Inc.*		426		17,313
Finisar Corp.*		2,913		62,921
FormFactor, Inc.*		1,832		25,813
Harmonic, Inc.*		2,173		10,257
Ichor Hldgs. Ltd.*		573		9,340
II-VI, Inc.*		1,469		47,684
Insight Enterprises, Inc.*		877		35,738
Itron, Inc.*		834		39,440
KEMET Corp.		1,456		25,538
Knowles Corp.*		2,234		29,735
Kopin Corp.*		1,535		1,533
Kulicke & Soffa Industries, Inc.		1,668		33,810
LivePerson, Inc.*		1,453		27,404
ManTech International Corp. Cl A		663		34,672
MaxLinear, Inc.*		1,561		27,474
Methode Electronics, Inc.		917		21,357
MicroStrategy, Inc. Cl A*		234		29,893
Monotype Imaging Hldgs., Inc.		1,032		16,017
MTS Systems Corp.		445		17,858
Nanometrics, Inc.*		596		16,289
NETGEAR, Inc.*		781		40,635
NIC, Inc.		1,647		20,555
OneSpan, Inc.*		777		10,062
OSI Systems, Inc.*		420		30,786
Park Electrochemical Corp.		475		8,583
PDF Solutions, Inc.*		692		5,834
Perficient, Inc.*		820		18,253
Photronics, Inc.*		1,710		16,553
Plexus Corp.*		780		39,842
Power Integrations, Inc.		730		44,515
Progress Software Corp.		1,115		39,571
Qualys, Inc.*		831		62,109
Rambus, Inc.*		2,696		20,678
Rogers Corp.*		453		44,874
Rudolph Technologies, Inc.*		787		16,110
Sanmina Corp.*		1,696		40,806
ScanSource, Inc.*		639		21,969
Semtech Corp.*		1,640		75,227
SMART Global Hldgs., Inc.*		307		9,118
SolarEdge Technologies, Inc.*		1,073		37,662
SPS Commerce, Inc.*		441		36,330
Sykes Enterprises, Inc.*		995		24,606
TiVo Corp.		3,159		29,726
Travelport Worldwide Ltd.		3,226		50,390
TTEC Hldgs., Inc.		344		9,828
TTM Technologies, Inc.*		2,296		22,340
Ultra Clean Hldgs., Inc.*		965		8,174
Unisys Corp.*		1,260		14,654
Veeco Instruments, Inc.*		1,187		8,796
Viavi Solutions, Inc.*		5,677		57,054
Virtusa Corp.*		685		29,174
Xperi Corp.		1,211		22,270
				2,375,849

The accompanying notes are an integral part of these portfolio schedules.

71

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (4.0%)
AdvanSix, Inc.*		740	$	18,012
AK Steel Hldg. Corp.*		7,839		17,638
American Vanguard Corp.		659		10,010
Balchem Corp.		801		62,758
Boise Cascade Co.		969		23,111
Century Aluminum Co.*		1,206		8,816
Clearwater Paper Corp.*		407		9,919
FutureFuel Corp.		646		10,246
Hawkins, Inc.		237		9,705
Haynes International, Inc.		307		8,105
HB Fuller Co.		1,243		53,039
Ingevity Corp.*		1,048		87,707
Innophos Hldgs., Inc.		484		11,872
Innospec, Inc.		602		37,179
Kaiser Aluminum Corp.		408		36,430
Koppers Hldgs., Inc.*		515		8,776
Kraton Corp.*		794		17,341
LSB Industries, Inc.*		508		2,804
Lyondell Bassell Industries — contingent value rights*		448		0	††
Materion Corp.		504		22,675
Myers Industries, Inc.		875		13,221
Neenah, Inc.		415		24,452
Olympic Steel, Inc.		231		3,296
PH Glatfelter Co.		1,087		10,609
Quaker Chemical Corp.		337		59,888
Rayonier Advanced Materials, Inc.		1,269		13,515
Schweitzer-Mauduit International, Inc.		763		19,113
Stepan Co.		506		37,444
SunCoke Energy, Inc.*		1,616		13,817
TimkenSteel Corp.*		984		8,600
Tredegar Corp.		635		10,071
US Concrete, Inc.*		404		14,253
				684,422
REAL ESTATE (6.4%)
Acadia Realty Trust		2,023		48,066
Agree Realty Corp.		847		50,075
American Assets Trust, Inc.		933		37,479
Armada Hoffler Properties, Inc.		1,230		17,294
CareTrust REIT, Inc.		2,094		38,655
CBL & Associates Properties, Inc.		4,166		7,999
Cedar Realty Trust, Inc.		2,171		6,817
Chatham Lodging Trust		1,148		20,297
Chesapeake Lodging Trust		1,498		36,476
Community Healthcare Trust, Inc.		437		12,599
DiamondRock Hospitality Co.		5,146		46,726

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Easterly Government Properties, Inc.		1,515	$	23,755
EastGroup Properties, Inc.		894		82,007
Four Corners Property Trust, Inc.		1,680		44,016
Franklin Street Properties Corp. Cl C		2,663		16,590
Getty Realty Corp.		834		24,528
Global Net Lease, Inc.		1,885		33,214
Government Properties Income Trust		4,719		32,419
Hersha Hospitality Trust		898		15,751
HFF, Inc. Cl A		969		32,132
Independence Realty Trust, Inc.		2,205		20,242
iStar, Inc.		1,689		15,488
Kite Realty Group Trust		2,084		29,363
Lexington Realty Trust		5,222		42,873
LTC Properties, Inc.		988		41,180
Marcus & Millichap, Inc.*		523		17,955
MAX Hldgs., Inc. Cl A		437		13,438
National Storage Affiliates Trust		1,391		36,806
Pennsylvania Real Estate Investment Trust		1,575		9,355
PS Business Parks, Inc.		492		64,452
Retail Opportunity Investments Corp.		2,825		44,861
RPT Realty		1,993		23,816
Saul Centers, Inc.		285		13,458
Summit Hotel Properties, Inc.		2,592		25,220
Universal Health Realty Income Trust		319		19,577
Urstadt Biddle Properties, Inc. Cl A		734		14,107
Washington Prime Group, Inc.		4,625		22,477
Whitestone REIT		987		12,101
				1,093,664
UTILITIES (2.5%)
American States Water Co.		907		60,805
Avista Corp.		1,623		68,945
California Water Service Group		1,199		57,144
El Paso Electric Co.		1,003		50,280
Northwest Natural Hldg. Co.		714		43,169
South Jersey Industries, Inc.		2,124		59,047
Spire, Inc.		1,256		93,045
				432,435
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $20,575,127) 99.4%				17,104,185
TOTAL INDEXED ASSETS
(Cost: $20,575,127) 99.4%				17,104,185

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.4%)
Citibank, New York Time Deposit		1.67		01/02/19	$	69,144	$	69,144
TOTAL TEMPORARY CASH INVESTMENT (Cost: $69,144) 0.4%								69,144
TOTAL INVESTMENTS (Cost: $20,644,271) 99.8%								17,173,329
OTHER NET ASSETS 0.2%								34,773
NET ASSETS 100.0%							$	17,208,102

The accompanying notes are an integral part of these portfolio schedules.

72

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (1.8%)
Discovery, Inc. Cl A*		16,930	$	418,848
Discovery, Inc. Cl C*		17,770		410,132
Lions Gate Entertainment Corp. Cl A		8,840		142,324
MSG Networks, Inc. Cl A*		21,903		516,034
				1,487,338
CONSUMER DISCRETIONARY (3.1%)
Marriott Vacations Worldwide Corp.		5,813		409,875
Qurate Retail, Inc.*		17,450		340,624
Ralph Lauren Corp. Cl A		5,037		521,128
Sleep Number Corp.*		7,150		226,869
Stamps.com, Inc.*		4,940		768,862
Taylor Morrison Home Corp. Cl A*		12,722		202,280
				2,469,638
CONSUMER STAPLES (1.8%)
Constellation Brands, Inc. Cl A		1,719		276,450
Ingredion, Inc.		7,341		670,967
Vector Group Ltd.		49,264		479,339
				1,426,756
ENERGY (6.5%)
Baker Hughes, a GE Co. Cl A		18,432		396,288
Cheniere Energy, Inc.*		15,507		917,859
Devon Energy Corp.		11,220		252,899
Hess Corp.		7,538		305,289
MPLX LP		16,998		515,040
Noble Energy, Inc.		26,701		500,911
PBF Energy, Inc. Cl A		45,343		1,481,356
Range Resources Corp.		25,585		244,848
Williams Cos., Inc.		25,751		567,809
				5,182,299
FINANCIALS (20.3%)
American Financial Group, Inc.		12,849		1,163,220
Ameriprise Financial, Inc.		11,272		1,176,459
Associated Banc-Corp.		50,204		993,537
BankUnited, Inc.		23,723		710,267
Citizens Financial Group, Inc.		12,450		370,138
Discover Financial Svcs.		12,401		731,411
Everest Re Group Ltd.		4,106		894,123
Fifth Third Bancorp		40,116		943,929
Hartford Financial Svcs. Group, Inc.		21,415		951,897
KeyCorp		62,392		922,154
Lincoln National Corp.		15,429		791,662
Progressive Corp.		23,743		1,432,415
Reinsurance Group of America, Inc. Cl A		7,392		1,036,580
Starwood Property Trust, Inc.		34,048		671,086
SVB Financial Group*		6,309		1,198,205
Synchrony Financial		15,793		370,504
Voya Financial, Inc.		27,446		1,101,682
Zions Bancorporation		20,230		824,170
				16,283,439
HEALTH CARE (7.5%)
Agilent Technologies, Inc.		16,100		1,086,106
Boston Scientific Corp.*		25,310		894,455

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Centene Corp.*		7,027	$	810,213
Edwards Lifesciences Corp.*		2,970		454,915
Hill-Rom Hldgs., Inc.		8,790		778,355
Humana, Inc.		3,104		889,234
Neurocrine Biosciences, Inc.*		6,180		441,314
Zimmer Biomet Hldgs., Inc.		6,613		685,900
				6,040,492
INDUSTRIALS (14.0%)
Alaska Air Group, Inc.		21,680		1,319,228
Carlisle Cos., Inc.		4,528		455,155
Harris Corp.		6,793		914,677
Kirby Corp.*		12,124		816,673
L-3 Technologies, Inc.		8,347		1,449,540
LSC Communications, Inc.		23,110		161,770
Mueller Industries, Inc.		36,510		852,873
Old Dominion Freight Line, Inc.		13,893		1,715,647
Oshkosh Corp.		10,661		653,626
Republic Svcs., Inc. Cl A		4,060		292,685
Stanley Black & Decker, Inc.		10,266		1,229,252
United Rentals, Inc.*		9,772		1,001,923
XPO Logistics, Inc.*		5,650		322,276
				11,185,325
INFORMATION TECHNOLOGY (6.7%)
Analog Devices, Inc.		5,583		479,189
Avnet, Inc.		11,425		412,442
DXC Technology Co.		10,227		543,770
F5 Networks, Inc.*		1,906		308,829
KLA-Tencor Corp.		2,330		208,512
LogMeIn, Inc.		5,250		428,242
Perspecta, Inc.		13,053		224,773
Proofpoint, Inc.*		6,510		545,603
PTC, Inc.*		7,380		611,802
Qorvo, Inc.*		5,940		360,736
ViaSat, Inc.*		6,490		382,586
Western Digital Corp.		7,122		263,300
Worldpay, Inc. Cl A*		7,860		600,740
				5,370,524
MATERIALS (9.2%)
Crown Hldgs., Inc.*		34,085		1,416,913
Eastman Chemical Co.		4,717		344,860
FMC Corp.		5,810		429,708
Freeport-McMoRan, Inc.		39,550		407,760
International Paper Co.		17,549		708,278
Mosaic Co.		7,050		205,930
Nucor Corp.		9,932		514,577
Olin Corp.		32,960		662,826
Packaging Corp. of America		21,659		1,807,660
Steel Dynamics, Inc.		28,317		850,643
				7,349,155
REAL ESTATE (11.8%)
Alexander’s, Inc.		1,137		346,489
Apartment Investment & Management Co. Cl A		16,452		721,914
AvalonBay Communities, Inc.		5,202		905,408

The accompanying notes are an integral part of these portfolio schedules.

73

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Brandywine Realty Trust		46,401	$	597,181
Duke Realty Corp.		51,172		1,325,355
Equity LifeStyle Properties, Inc.		4,221		409,986
GEO Group, Inc.		28,610		563,617
Host Hotels & Resorts, Inc.		46,595		776,739
Kilroy Realty Corp.		8,734		549,194
Macerich Co.		8,560		370,477
Prologis, Inc.		14,987		880,036
Regency Centers Corp.		3,926		230,378
Vornado Realty Trust		7,493		464,791
Welltower, Inc.		13,332		925,374
Weyerhaeuser Co.		15,789		345,147
				9,412,086

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (11.6%)
AES Corp.		41,460	$	599,512
Ameren Corp.		18,208		1,187,708
Consolidated Edison, Inc.		14,115		1,079,233
Edison International		6,761		383,822
Entergy Corp.		10,621		914,149
Evergy, Inc.		22,442		1,274,032
Eversource Energy		10,994		715,050
FirstEnergy Corp.		24,306		912,690
PPL Corp.		28,507		807,603
Public Svc. Enterprise Group, Inc.		26,919		1,401,134
				9,274,933
TOTAL COMMON STOCKS
(Cost: $68,526,222) 94.3%				75,481,985

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (3.3%)
U.S. Treasury Bill		A-1+		2.36		02/28/19	$	2,600,000	$	2,590,156
U.S. GOVERNMENT AGENCIES (1.6%)
FHLB		A-1+		2.15		01/02/19		1,300,000		1,299,923
COMMERCIAL PAPER (0.7%)
Cargill, Inc.†		A-1		2.39		01/02/19		600,000		599,960
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $4,490,039) 5.6%										4,490,039
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.1%)
Citibank, New York Time Deposit				1.67		01/02/19	$	85,179	$	85,179
TOTAL TEMPORARY CASH INVESTMENT (Cost: $85,179) 0.1%										85,179
TOTAL INVESTMENTS (Cost: $73,101,440) 100.0%										80,057,203
OTHER NET ASSETS -0.0% (2)										(15,426	)
NET ASSETS 100.0%									$	80,041,777

The accompanying notes are an integral part of these portfolio schedules.

74

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (2.4%)
AMC Networks, Inc. Cl A*		38,060	$	2,088,733
Cable One, Inc.		4,103		3,364,870
Cars.com, Inc.*		53,751		1,155,646
Cinemark Hldgs., Inc.		88,207		3,157,811
John Wiley & Sons, Inc. Cl A		38,086		1,788,899
Live Nation Entertainment, Inc.*		117,119		5,768,111
Meredith Corp.		33,562		1,743,210
New York Times Co. Cl A		118,918		2,650,682
TEGNA, Inc.		182,582		1,984,666
Telephone & Data Systems, Inc.		78,061		2,540,105
World Wrestling Entertainment, Inc. Cl A		36,930		2,759,410
Yelp, Inc.*		64,717		2,264,448
				31,266,591
CONSUMER DISCRETIONARY (11.4%)
Aaron’s, Inc.		57,422		2,414,595
Adient PLC		72,836		1,096,910
Adtalem Global Education, Inc.*		49,255		2,330,747
American Eagle Outfitters, Inc.		143,314		2,770,260
AutoNation, Inc.*		48,276		1,723,453
Bed Bath & Beyond, Inc.		115,633		1,308,966
Big Lots, Inc.		33,662		973,505
Boyd Gaming Corp.		69,006		1,433,945
Brinker International, Inc.		32,336		1,422,137
Brunswick Corp.		72,762		3,379,795
Carter’s, Inc.		38,528		3,144,655
Cheesecake Factory, Inc.		34,640		1,507,186
Churchill Downs, Inc.		10,060		2,454,036
Cracker Barrel Old Country Store, Inc.		19,926		3,185,370
Dana, Inc.		122,481		1,669,416
Deckers Outdoor Corp.*		24,371		3,118,269
Delphi Technologies PLC		74,714		1,069,905
Dick’s Sporting Goods, Inc.		62,130		1,938,456
Dillard’s, Inc. Cl A		15,463		932,574
Domino’s Pizza, Inc.		34,516		8,559,623
Dunkin’ Brands Group, Inc.		68,609		4,399,209
Eldorado Resorts, Inc.*		54,401		1,969,860
Five Below, Inc.*		47,801		4,890,998
Gentex Corp.		219,692		4,439,975
Graham Hldgs. Co. Cl B		3,583		2,295,198
Helen of Troy Ltd.*		22,174		2,908,785
International Speedway Corp. Cl A		20,193		885,665
Jack in the Box, Inc.		21,339		1,656,547
KB Home		72,471		1,384,196
Marriott Vacations Worldwide Corp.		34,507		2,433,089
Michaels Cos., Inc.*		75,635		1,024,098
Murphy USA, Inc.*		25,102		1,923,817
NVR, Inc.*		2,848		6,940,548
Ollie’s Bargain Outlet Hldgs., Inc.*		44,087		2,932,226
Papa John’s International, Inc.		18,661		742,894
Penn National Gaming, Inc.*		90,018		1,695,039
Polaris Industries, Inc.		48,981		3,755,863
Pool Corp.		33,480		4,976,802

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Sally Beauty Hldgs., Inc.*		100,562	$	1,714,582
Scientific Games Corp.Cl A*		47,221		844,312
Service Corp. International		151,221		6,088,157
Signet Jewelers Ltd.		44,021		1,398,547
Six Flags Entertainment Corp.		60,107		3,343,752
Skechers U.S.A., Inc. Cl A*		112,185		2,567,915
Sotheby’s*		28,858		1,146,817
Tempur Sealy International, Inc.*		38,838		1,607,893
Texas Roadhouse, Inc. Cl A		55,341		3,303,858
Thor Industries, Inc.		41,707		2,168,764
Toll Brothers, Inc.		113,106		3,724,581
TRI Pointe Group, Inc.*		119,904		1,310,551
Tupperware Brands Corp.		40,704		1,285,025
Urban Outfitters, Inc.*		63,808		2,118,426
Visteon Corp.*		24,183		1,457,751
Weight Watchers International, Inc.*		32,285		1,244,587
Wendy’s Co.		155,930		2,434,067
Williams-Sonoma, Inc.		67,419		3,401,289
Wyndham Destinations, Inc.		81,158		2,908,703
Wyndham Hotels & Resorts, Inc.		82,756		3,754,640
				145,512,829
CONSUMER STAPLES (2.9%)
Boston Beer Co., Inc. Cl A*		7,168		1,726,341
Casey’s General Stores, Inc.		30,526		3,911,602
Edgewell Personal Care Co.*		44,973		1,679,742
Energizer Hldgs., Inc.		49,431		2,231,810
Flowers Foods, Inc.		152,599		2,818,503
Hain Celestial Group, Inc.*		75,793		1,202,077
Ingredion, Inc.		58,599		5,355,949
Lancaster Colony Corp.		16,336		2,889,185
Nu Skin Enterprises, Inc. Cl A		46,892		2,875,886
Post Hldgs., Inc.*		56,015		4,992,617
Sanderson Farms, Inc.		16,932		1,681,178
Sprouts Farmers Market, Inc.*		106,738		2,509,410
Tootsie Roll Industries, Inc.		15,420		515,028
TreeHouse Foods, Inc.*		46,890		2,377,792
				36,767,120
ENERGY (3.6%)
Apergy Corp.*		65,072		1,762,150
Callon Petroleum Co.*		191,476		1,242,679
Chesapeake Energy Corp.*		767,315		1,611,361
CNX Resources Corp.*		170,288		1,944,689
Core Laboratories N.V.		36,453		2,174,786
Diamond Offshore Drilling, Inc.*		53,754		507,438
Dril-Quip, Inc.*		30,082		903,362
Ensco PLC Cl A		367,226		1,307,325
EQT Corp.		212,639		4,016,751
Equitrans Midstream Corp.*		169,156		3,386,503
Matador Resources Co.*		88,058		1,367,541
McDermott International, Inc.*		153,178		1,001,784
Murphy Oil Corp.		137,014		3,204,757
Oasis Petroleum, Inc.*		225,566		1,247,380
Oceaneering International, Inc.*		82,963		1,003,852

The accompanying notes are an integral part of these portfolio schedules.

75

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Patterson-UTI Energy, Inc.		183,528	$	1,899,515
PBF Energy, Inc. Cl A		100,665		3,288,726
QEP Resources, Inc.*		201,491		1,134,394
Range Resources Corp.		172,604		1,651,820
Rowan Cos. PLC Cl A*		104,802		879,289
SM Energy Co.		88,361		1,367,828
Southwestern Energy Co.*		486,873		1,660,237
Transocean Ltd.*		426,870		2,962,478
World Fuel Svcs. Corp.		56,939		1,219,064
WPX Energy, Inc.*		332,313		3,771,753
				46,517,462
FINANCIALS (15.9%)
Alleghany Corp.		12,366		7,707,975
American Financial Group, Inc.		58,591		5,304,243
Aspen Insurance Hldgs. Ltd.		49,430		2,075,566
Associated Banc-Corp.		138,351		2,737,966
BancorpSouth Bank		75,906		1,984,183
Bank of Hawaii Corp.		34,705		2,336,341
Bank OZK		99,902		2,280,763
Brown & Brown, Inc.		196,308		5,410,248
Cathay General Bancorp		64,648		2,167,647
Chemical Financial Corp.		60,014		2,197,113
CNO Financial Group, Inc.		137,878		2,051,625
Commerce Bancshares, Inc.		82,993		4,678,315
Cullen/Frost Bankers, Inc.		53,132		4,672,428
East West Bancorp, Inc.		120,942		5,264,605
Eaton Vance Corp.		97,788		3,440,182
Evercore, Inc. Cl A		34,044		2,436,189
FactSet Research Systems, Inc.		31,930		6,390,151
Federated Investors, Inc. Cl B		79,370		2,107,273
First American Financial Corp.		92,890		4,146,610
First Horizon National Corp.		268,877		3,538,421
FNB Corp.		272,246		2,678,901
Fulton Financial Corp.		146,758		2,271,814
Genworth Financial, Inc. Cl A*		415,041		1,934,091
Hancock Whitney Corp.		71,071		2,462,610
Hanover Insurance Group, Inc.		35,069		4,095,007
Home BancShares, Inc.		132,754		2,169,200
Interactive Brokers Group, Inc. Cl A		62,470		3,413,985
International Bancshares Corp.		45,693		1,571,839
Janus Henderson Group PLC		138,229		2,864,105
Kemper Corp.		50,485		3,351,194
Legg Mason, Inc.		71,411		1,821,695
LendingTree, Inc.*		6,339		1,391,854
MarketAxess Hldgs., Inc.		31,523		6,661,125
MB Financial, Inc.		70,011		2,774,536
Mercury General Corp.		22,572		1,167,198
Navient Corp.		190,692		1,679,997
New York Community Bancorp, Inc.		411,611		3,873,260
Old Republic International Corp.		236,926		4,873,568
PacWest Bancorp		101,275		3,370,432
Pinnacle Financial Partners, Inc.		61,334		2,827,497
Primerica, Inc.		35,842		3,502,122
Prosperity Bancshares, Inc.		55,432		3,453,414
Reinsurance Group of America, Inc. Cl A		52,487		7,360,252

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
RenaissanceRe Hldgs. Ltd.		33,528	$	4,482,694
SEI Investments Co.		109,915		5,078,073
Signature Bank		44,867		4,612,776
SLM Corp.*		364,352		3,027,765
Sterling Bancorp		186,811		3,084,250
Stifel Financial Corp.		59,795		2,476,709
Synovus Financial Corp.		138,686		4,436,565
TCF Financial Corp.		139,737		2,723,474
Texas Capital Bancshares, Inc.*		41,775		2,134,285
Trustmark Corp.		55,927		1,590,005
UMB Financial Corp.		37,507		2,286,802
Umpqua Hldgs. Corp.		183,418		2,916,346
United Bankshares, Inc.		86,454		2,689,584
Valley National Bancorp		277,034		2,460,062
Washington Federal, Inc.		68,316		1,824,720
Webster Financial Corp.		76,979		3,794,295
Wintrust Financial Corp.		46,954		3,121,971
WR Berkley Corp.		80,410		5,943,103
				203,181,019
HEALTH CARE (9.7%)
Acadia Healthcare Co., Inc.*		74,038		1,903,517
Allscripts Healthcare Solutions, Inc.*		147,432		1,421,245
Avanos Medical, Inc.*		39,939		1,788,868
Bio-Rad Laboratories, Inc. Cl A*		16,887		3,921,499
Bio-Techne Corp.		31,917		4,619,028
Cantel Medical Corp.		30,340		2,258,813
Catalent, Inc.*		122,144		3,808,450
Charles River Laboratories International, Inc.*		40,390		4,571,340
Chemed Corp.		13,162		3,728,531
Encompass Health Corp.		82,761		5,106,354
Exelixis, Inc.*		254,888		5,013,647
Globus Medical, Inc. Cl A*		64,122		2,775,200
Haemonetics Corp.*		43,422		4,344,371
HealthEquity, Inc.*		46,571		2,777,960
Hill-Rom Hldgs., Inc.		56,670		5,018,129
ICU Medical, Inc.*		13,940		3,201,042
Inogen, Inc.*		14,951		1,856,466
Integra LifeSciences Hldgs. Corp.*		59,751		2,694,770
Ligand Pharmaceuticals, Inc.*		17,923		2,432,151
LivaNova PLC*		40,791		3,731,153
Mallinckrodt PLC*		69,403		1,096,567
Masimo Corp.*		40,924		4,394,010
Medidata Solutions, Inc.*		52,215		3,520,335
MEDNAX, Inc.*		74,578		2,461,074
Molina Healthcare, Inc.*		52,996		6,159,195
NuVasive, Inc.*		43,301		2,145,998
Patterson Cos., Inc.		69,161		1,359,705
PRA Health Sciences, Inc.*		49,618		4,562,871
Prestige Consumer Healthcare, Inc.*		43,567		1,345,349
STERIS PLC		70,869		7,572,353
Syneos Health, Inc. Cl A*		51,700		2,034,395
Teleflex, Inc.		38,215		9,877,813

The accompanying notes are an integral part of these portfolio schedules.

76

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Tenet Healthcare Corp.*		70,285	$	1,204,685
United Therapeutics Corp.*		36,682		3,994,670
West Pharmaceutical Svcs., Inc.		62,579		6,134,619
				124,836,173
INDUSTRIALS (14.9%)
Acuity Brands, Inc.		33,455		3,845,652
AECOM*		131,347		3,480,695
AGCO Corp.		54,850		3,053,499
ASGN, Inc.*		44,135		2,405,357
Avis Budget Group, Inc.*		54,516		1,225,520
Brink’s Co.		42,639		2,756,611
Carlisle Cos., Inc.		49,670		4,992,828
Clean Harbors, Inc.*		42,736		2,109,022
Crane Co.		42,403		3,060,649
Curtiss-Wright Corp.		36,544		3,731,873
Deluxe Corp.		38,867		1,494,047
Donaldson Co., Inc.		107,010		4,643,164
Dun & Bradstreet Corp.		30,762		4,390,968
Dycom Industries, Inc.*		26,259		1,419,036
EMCOR Group, Inc.		48,575		2,899,442
EnerSys		35,176		2,730,009
Esterline Technologies Corp.*		21,998		2,671,657
GATX Corp.		31,585		2,236,534
Genesee & Wyoming, Inc. Cl A*		49,002		3,627,128
Graco, Inc.		139,169		5,824,223
Granite Construction, Inc.		39,564		1,593,638
Healthcare Svcs. Group, Inc.		62,240		2,500,803
Herman Miller, Inc.		49,864		1,508,386
HNI Corp.		36,641		1,298,191
Hubbell, Inc. Cl B		45,840		4,553,746
IDEX Corp.		64,101		8,093,392
Insperity, Inc.		32,021		2,989,481
ITT, Inc.		73,485		3,547,121
JetBlue Airways Corp.*		254,315		4,084,299
KBR, Inc.		119,315		1,811,202
Kennametal, Inc.		69,373		2,308,733
Kirby Corp.*		45,207		3,045,144
Knight-Swift Transportation Hldgs., Inc. Cl A		106,112		2,660,228
Landstar System, Inc.		34,464		3,297,171
Lennox International, Inc.		30,252		6,620,953
Lincoln Electric Hldgs., Inc.		53,992		4,257,269
ManpowerGroup, Inc.		51,726		3,351,845
MasTec, Inc.*		53,599		2,173,975
MSA Safety, Inc.		29,460		2,777,194
MSC Industrial Direct Co., Inc. Cl A		38,214		2,939,421
Nordson Corp.		43,724		5,218,459
NOW, Inc.*		89,728		1,044,434
nVent Electric PLC		132,545		2,976,961
Old Dominion Freight Line, Inc.		54,837		6,771,821
Oshkosh Corp.		59,979		3,677,312
Pitney Bowes, Inc.		157,906		933,224
Regal Beloit Corp.		36,016		2,522,921
Resideo Technologies, Inc.*		102,303		2,102,327

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Ryder System, Inc.		44,552	$	2,145,179
Stericycle, Inc.*		72,056		2,643,735
Teledyne Technologies, Inc.*		30,033		6,218,933
Terex Corp.		54,220		1,494,845
Timken Co.		57,688		2,152,916
Toro Co.		87,938		4,913,975
Trinity Industries, Inc.		122,728		2,526,970
Valmont Industries, Inc.		18,645		2,068,663
Wabtec Corp.		72,842		5,117,151
Watsco, Inc.		26,742		3,720,882
Werner Enterprises, Inc.		36,993		1,092,773
Woodward, Inc.		46,537		3,457,234
				190,810,821
INFORMATION TECHNOLOGY (14.8%)
ACI Worldwide, Inc.*		97,248		2,690,852
ARRIS International PLC*		135,827		4,152,231
Arrow Electronics, Inc.*		72,825		5,021,284
Avnet, Inc.		93,145		3,362,534
Belden, Inc.		33,929		1,417,214
Blackbaud, Inc.		41,580		2,615,382
CACI International, Inc. Cl A*		20,827		2,999,713
CDK Global, Inc.		107,094		5,127,661
Ciena Corp.*		118,649		4,023,388
Cirrus Logic, Inc.*		50,462		1,674,329
Cognex Corp.		144,208		5,576,523
Coherent, Inc.*		20,690		2,187,140
CommVault Systems, Inc.*		32,758		1,935,670
CoreLogic, Inc.*		67,928		2,270,154
Cree, Inc.*		86,479		3,699,139
Cypress Semiconductor Corp.		303,450		3,859,884
Fair Isaac Corp.*		24,111		4,508,757
First Solar, Inc.*		63,656		2,702,515
Integrated Device Technology, Inc.*		106,676		5,166,319
InterDigital, Inc.		28,440		1,889,269
j2 Global, Inc.		39,288		2,725,801
Jabil, Inc.		119,842		2,970,883
Leidos Hldgs., Inc.		125,893		6,637,079
Littelfuse, Inc.		20,740		3,556,495
LiveRamp Hldgs., Inc.*		45,292		1,749,630
LogMeIn, Inc.		42,372		3,456,284
Lumentum Hldgs., Inc.*		63,558		2,670,072
Manhattan Associates, Inc.*		55,752		2,362,212
MAXIMUS, Inc.		54,062		3,518,896
MKS Instruments, Inc.		45,901		2,965,664
Monolithic Power Systems, Inc.		32,854		3,819,278
National Instruments Corp.		94,671		4,296,170
NCR Corp.*		97,213		2,243,676
NetScout Systems, Inc.*		58,718		1,387,506
Perspecta, Inc.		119,494		2,057,687
Plantronics, Inc.		28,006		926,999
PTC, Inc.*		90,108		7,469,953
Sabre Corp.		232,425		5,029,677
Science Applications International Corp.		35,736		2,276,383
Silicon Laboratories, Inc.*		36,259		2,857,572

The accompanying notes are an integral part of these portfolio schedules.

77

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Synaptics, Inc.*		29,243	$	1,088,132
SYNNEX Corp.		35,067		2,834,816
Tech Data Corp.*		31,265		2,557,790
Teradata Corp.*		99,504		3,816,973
Teradyne, Inc.		148,157		4,649,167
Trimble, Inc.*		211,729		6,968,001
Tyler Technologies, Inc.*		32,616		6,060,705
Ultimate Software Group, Inc.*		26,485		6,485,382
Universal Display Corp.		35,988		3,367,397
Versum Materials, Inc.		90,504		2,508,771
ViaSat, Inc.*		47,776		2,816,395
Vishay Intertechnology, Inc.		111,175		2,002,262
WEX, Inc.*		36,061		5,050,704
Zebra Technologies Corp. Cl A*		44,865		7,143,854
				189,208,224
MATERIALS (6.4%)
Allegheny Technologies, Inc.*		105,484		2,296,387
AptarGroup, Inc.		52,131		4,903,963
Ashland Global Hldgs., Inc.		52,321		3,712,698
Bemis Co., Inc.		76,087		3,492,393
Cabot Corp.		49,903		2,142,835
Carpenter Technology Corp.		39,595		1,409,978
Chemours Co.		143,430		4,047,595
Commercial Metals Co.		98,405		1,576,448
Compass Minerals International, Inc.		28,019		1,168,112
Domtar Corp.		52,419		1,841,479
Eagle Materials, Inc.		39,580		2,415,567
Greif, Inc. Cl A		21,324		791,334
Louisiana-Pacific Corp.		116,836		2,596,096
Minerals Technologies, Inc.		29,272		1,502,824
NewMarket Corp.		7,426		3,060,180
Olin Corp.		139,440		2,804,138
Owens-Illinois, Inc.*		132,110		2,277,576
PolyOne Corp.		67,021		1,916,801
Reliance Steel & Aluminum Co.		58,599		4,170,491
Royal Gold, Inc.		54,124		4,635,721
RPM International, Inc.		110,792		6,512,354
Scotts Miracle-Gro Co.		32,609		2,004,149
Sensient Technologies Corp.		35,419		1,978,151
Silgan Hldgs., Inc.		64,714		1,528,545
Sonoco Products Co.		82,994		4,409,471
Steel Dynamics, Inc.		191,617		5,756,175
United States Steel Corp.		147,767		2,695,270
Valvoline, Inc.		155,820		3,015,117
Worthington Industries, Inc.		33,339		1,161,531
				81,823,379
REAL ESTATE (9.3%)
Alexander & Baldwin, Inc.*		56,530		1,039,021
American Campus Communities, Inc.		114,011		4,718,915
Camden Property Trust		77,757		6,846,504
CoreCivic, Inc.		99,699		1,777,633
CoreSite Realty Corp.		30,739		2,681,363

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Corporate Office Properties Trust		90,172	$	1,896,317
Cousins Properties, Inc.		349,072		2,757,669
CyrusOne, Inc.		87,311		4,617,006
Douglas Emmett, Inc.		134,104		4,576,970
EPR Properties		62,094		3,975,879
First Industrial Realty Trust, Inc.		105,310		3,039,247
GEO Group, Inc.		102,759		2,024,352
Healthcare Realty Trust, Inc.		104,593		2,974,625
Highwoods Properties, Inc.		86,060		3,329,661
Hospitality Properties Trust		136,878		3,268,647
JBG SMITH Properties		90,899		3,164,194
Jones Lang LaSalle, Inc.		38,121		4,826,119
Kilroy Realty Corp.		83,934		5,277,771
Lamar Advertising Co. Cl A		70,682		4,889,781
Liberty Property Trust		122,879		5,146,173
Life Storage, Inc.		38,574		3,586,996
Mack-Cali Realty Corp.		75,173		1,472,639
Medical Properties Trust, Inc.		304,859		4,902,133
National Retail Properties, Inc.		132,005		6,403,563
Omega Healthcare Investors, Inc.		167,660		5,893,249
Pebblebrook Hotel Trust		107,171		3,034,011
PotlatchDeltic Corp.		56,855		1,798,892
Rayonier, Inc.		108,551		3,005,777
Realogy Hldgs. Corp.		99,167		1,455,772
Sabra Health Care REIT, Inc.		149,715		2,467,303
Senior Housing Properties Trust		199,820		2,341,890
Tanger Factory Outlet Centers, Inc.		78,582		1,588,928
Taubman Centers, Inc.		51,313		2,334,228
Uniti Group, Inc.		148,741		2,315,897
Urban Edge Properties		95,281		1,583,570
Weingarten Realty Investors		99,221		2,461,673
				119,474,368
UTILITIES (5.4%)
ALLETE, Inc.		42,862		3,266,942
Aqua America, Inc.		147,332		5,037,281
Atmos Energy Corp.		96,920		8,986,422
Black Hills Corp.		44,842		2,815,181
Hawaiian Electric Industries, Inc.		89,869		3,291,003
IDACORP, Inc.		41,946		3,903,495
MDU Resources Group, Inc.		162,329		3,869,923
National Fuel Gas Co.		71,620		3,665,512
New Jersey Resources Corp.		73,448		3,354,370
NorthWestern Corp.		41,773		2,482,987
OGE Energy Corp.		165,424		6,482,967
ONE Gas, Inc.		43,798		3,486,321
PNM Resources, Inc.		66,478		2,731,581
Southwest Gas Hldgs., Inc.		44,031		3,368,371
UGI Corp.		144,525		7,710,409
Vectren Corp.		68,778		4,950,640
				69,403,405
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $1,146,076,465) 96.7%				1,238,801,391

The accompanying notes are an integral part of these portfolio schedules.

78

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
INDEXED ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.2%)
U.S. Treasury Bill		A-1+		2.29		01/17/19	$	3,000,000	$	2,996,961
U.S. Treasury Bill		A-1+		2.36		02/14/19		15,000,000		14,956,899
U.S. Treasury Bill		A-1+		2.36		02/28/19		5,200,000		5,180,312
U.S. Treasury Bill (1)		A-1+		2.37		02/21/19		5,000,000		4,983,326
										28,117,498
COMMERCIAL PAPER (1.0%)
Cargill, Inc.†		A-1		2.39		01/02/19		12,700,000		12,699,157
TOTAL INDEXED ASSETS-SHORT-TERM DEBT SECURITIES (Cost: $40,816,655) 3.2%										40,816,655
TOTAL INDEXED ASSETS (Cost: $1,186,893,120) 99.9%										1,279,618,046
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.67		1/02/19	$	106,816	$	106,816
TOTAL TEMPORARY CASH INVESTMENT (Cost: $106,816) 0.0% (2)										106,816
TOTAL INVESTMENTS (Cost: $1,186,999,936) 99.9%										1,279,724,862
OTHER NET ASSETS 0.1%										1,642,729
NET ASSETS 100.0%									$	1,281,367,591

The accompanying notes are an integral part of these portfolio schedules.

79

MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
FINANCIALS (92.5%)
iShares Core MSCI EAFE ETF		964,519	$	53,048,545
iShares Core MSCI Europe ETF		393,284		16,254,428
iShares Core MSCI Pacific ETF		177,010		8,960,246
iShares Edge MSCI Min Vol Emerging Markets ETF		239,149		13,361,254
iShares MSCI EAFE ETF		3,094,851		181,915,343
iShares MSCI EAFE Growth ETF		548,713		37,899,607
iShares MSCI EAFE Small-Cap ETF		177,935		9,220,592
iShares MSCI EAFE Value ETF		812,063		36,721,489
Vanguard FTSE Developed Markets ETF		2,129,980		79,022,258
Vanguard FTSE Europe ETF		424,630		20,645,510
Vanguard FTSE Pacific ETF		220,480		13,367,702
				470,416,974
TOTAL COMMON STOCKS
(Cost: $490,224,455) 92.5%				470,416,974

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (3.0%)
U.S. Treasury Bill		A-1+		2.36		02/14/19	$	15,000,000	$	14,956,899
U.S. GOVERNMENT AGENCIES (2.8%)
FHLB		A-1+		2.10		01/2/19		14,400,000		14,399,160
COMMERCIAL PAPER (2.0%)
Cargill Global Funding PLC†		A-1		2.39		01/2/19		10,300,000		10,299,316
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $39,655,375) 7.8%										39,655,375
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.1%)
Citibank, New York Time Deposit				1.67		01/2/19	$	541,896	$	541,896
TOTAL TEMPORARY CASH INVESTMENT (Cost: $541,896) 0.1%										541,896
TOTAL INVESTMENTS (Cost: $530,421,726) 100.4%										510,614,245
OTHER NET ASSETS -0.4%										(2,096,812	)
NET ASSETS 100.0%									$	508,517,433

The accompanying notes are an integral part of these portfolio schedules.

80

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (2.5%)
CenturyLink, Inc.		51,772	$	784,346
Comcast Corp. Cl A		72,580		2,471,349
Viacom, Inc. Cl B		36,354		934,298
				4,189,993
CONSUMER DISCRETIONARY (6.1%)
Amazon.com, Inc.*		987		1,482,444
Foot Locker, Inc.		17,020		905,464
Home Depot, Inc.		16,573		2,847,573
Kohl’s Corp.		19,673		1,305,107
Macy’s, Inc.		22,340		665,285
PulteGroup, Inc.		22,611		587,660
PVH Corp.		7,450		692,478
Ross Stores, Inc.		17,701		1,472,723
Tapestry, Inc.		16,624		561,060
				10,519,794
CONSUMER STAPLES (2.3%)
General Mills, Inc.		26,863		1,046,045
Kroger Co.		23,497		646,168
PepsiCo, Inc.		14,405		1,591,464
Walgreens Boots Alliance, Inc.		10,697		730,926
				4,014,603
ENERGY (4.5%)
Anadarko Petroleum Corp.		11,531		505,519
Baker Hughes, a GE Co. Cl A		31,473		676,669
Chevron Corp.		17,305		1,882,611
ConocoPhillips		16,082		1,002,713
Marathon Petroleum Corp.		32,880		1,940,249
Pioneer Natural Resources Co.		4,721		620,906
Williams Cos., Inc.		53,308		1,175,441
				7,804,108
FINANCIALS (7.6%)
American International Group, Inc.		19,324		761,559
Bank of America Corp.		76,309		1,880,254
Citigroup, Inc.		30,775		1,602,146
CME Group, Inc. Cl A		8,317		1,564,594
Comerica, Inc.		12,936		888,574
Fifth Third Bancorp		39,034		918,470
JPMorgan Chase & Co.		25,705		2,509,322
Morgan Stanley		29,437		1,167,177
Progressive Corp.		10,629		641,247
Synchrony Financial		45,769		1,073,741
				13,007,084
HEALTH CARE (8.5%)
AbbVie, Inc.		25,734		2,372,418
Amgen, Inc.		7,368		1,434,329
Celgene Corp.*		14,413		923,729
CVS Health Corp.		23,470		1,537,755
Gilead Sciences, Inc.		19,233		1,203,024
Humana, Inc.		3,465		992,653
Medtronic PLC		14,515		1,320,284
Merck & Co., Inc.		25,490		1,947,691
UnitedHealth Group, Inc.		11,403		2,840,715
				14,572,598

	Shares		Value
COMMON STOCKS (Continued):
INDUSTRIALS (5.2%)
Boeing Co.		7,731	$	2,493,248
Delta Air Lines, Inc.		29,011		1,447,649
FedEx Corp.		5,234		844,401
Ingersoll-Rand PLC		9,370		854,825
Lockheed Martin Corp.		4,962		1,299,250
PACCAR, Inc.		10,286		587,742
Parker-Hannifin Corp.		4,464		665,761
Robert Half International, Inc.		13,416		767,395
				8,960,271
INFORMATION TECHNOLOGY (13.6%)
Analog Devices, Inc.		8,017		688,099
Apple, Inc.		29,419		4,640,553
Broadcom, Inc.		7,312		1,859,295
Cisco Systems, Inc.		51,231		2,219,839
Citrix Systems, Inc.		8,722		893,656
Corning, Inc.		53,036		1,602,218
DXC Technology Co.		18,829		1,001,138
Lam Research Corp.		6,568		894,365
Micron Technology, Inc.*		23,448		744,005
Microsoft Corp.		51,193		5,199,673
Texas Instruments, Inc.		10,744		1,015,308
Total System Svcs., Inc.		13,074		1,062,786
Visa, Inc. Cl A		12,194		1,608,876
				23,429,811
MATERIALS (1.8%)
Eastman Chemical Co.		11,503		840,984
LyondellBasell Industries NV Cl A		13,463		1,119,583
Nucor Corp.		10,135		525,094
WestRock Co.		17,047		643,695
				3,129,356
REAL ESTATE (2.1%)
American Tower Corp.		11,010		1,741,672
Equinix, Inc.		1,732		610,634
Simon Property Group, Inc.		7,788		1,308,306
				3,660,612
UTILITIES (1.6%)
NextEra Energy, Inc.		8,998		1,564,033
Sempra Energy		11,475		1,241,480
				2,805,513
TOTAL COMMON STOCKS
(Cost: $86,762,789) 55.8%				96,093,743

The accompanying notes are an integral part of these portfolio schedules.

81

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount			Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (16.2%)
U.S. Treasury Note		AA+		1.50		02/28/23	$	500,000		$	480,386
U.S. Treasury Note		AA+		1.63		02/15/26		750,000			702,450
U.S. Treasury Note		AA+		2.00		02/15/25		500,000			483,727
U.S. Treasury Note		AA+		2.00		11/15/26		800,000			764,204
U.S. Treasury Note		AA+		2.13		05/15/25		750,000			730,022
U.S. Treasury Note		AA+		2.25		02/15/27		1,650,000			1,603,372
U.S. Treasury Note		AA+		2.25		08/15/27		2,250,000			2,179,146
U.S. Treasury Note		AA+		2.25		11/15/27		2,150,000			2,078,439
U.S. Treasury Note		AA+		2.38		05/15/27		1,850,000			1,812,625
U.S. Treasury Note		AA+		2.75		05/31/23		1,000,000			1,010,902
U.S. Treasury Note		AA+		2.88		05/15/28		7,250,000			7,366,595
U.S. Treasury Strip		AA+		0.00		08/15/28		6,000,000			4,589,471
U.S. Treasury Strip		AA+		0.00		08/15/29		5,500,000			4,078,337
											27,879,676
U.S. GOVERNMENT AGENCIES (12.5%)
MORTGAGE-BACKED OBLIGATIONS (12.2%)
FHLMC		AA+		2.50		09/01/27		194,938			192,649
FHLMC		AA+		2.62		01/25/23		50,000			49,263
FHLMC		AA+		3.00		06/01/27		117,687			118,081
FHLMC		AA+		3.00		08/01/27		122,658			122,886
FHLMC		AA+		3.00		02/01/32		296,240			295,181
FHLMC		AA+		3.00		10/15/37		165,360			165,070
FHLMC		AA+		3.00		11/01/42		185,741			182,472
FHLMC		AA+		3.00		04/01/43		233,760			229,826
FHLMC		AA+		3.50		02/01/32		130,463			132,871
FHLMC		AA+		3.50		01/01/43		230,339			231,822
FHLMC		AA+		3.50		06/01/45		316,337			317,492
FHLMC		AA+		3.50		07/01/45		340,578			342,218
FHLMC		AA+		4.00		02/01/25		21,781			22,340
FHLMC		AA+		4.00		11/01/33		245,865			251,704
FHLMC		AA+		4.00		01/01/38		186,934			193,258
FHLMC		AA+		4.00		03/01/41		110,627			113,826
FHLMC		AA+		4.00		07/01/41		150,374			154,725
FHLMC		AA+		4.00		11/01/42		107,171			110,139
FHLMC		AA+		4.00		01/01/43		178,536			183,813
FHLMC		AA+		4.00		01/01/44		195,288			200,697
FHLMC		AA+		4.00		10/01/44		156,282			159,740
FHLMC		AA+		4.00		06/01/45		296,867			304,368
FHLMC		AA+		4.00		05/01/47		356,662			363,922
FHLMC		AA+		4.50		08/01/34		22,632			23,539
FHLMC		AA+		4.50		08/15/35		21,028			21,310
FHLMC		AA+		4.50		02/01/44		138,448			143,499
FHLMC		AA+		4.50		05/01/48		479,886	��		497,093
FHLMC		AA+		5.00		02/01/26		13,232			13,849
FHLMC		AA+		5.00		10/01/40		147,898			155,444
FHLMC		AA+		5.50		07/01/32		26,674			28,543
FHLMC		AA+		5.50		05/01/33		28,897			30,576
FHLMC		AA+		5.50		06/01/37		94,575			102,131
FHLMC		AA+		6.00		03/15/32		26,712			29,185
FHLMC ARM		AA+		3.70		02/01/36		27,108			28,441
FHLMC ARM		AA+		3.90		03/01/37		3,650			3,805
FHLMC ARM		AA+		4.14		04/01/37		19,614			20,512
FHLMC ARM		AA+		4.18		05/01/37		20,278			21,092
FHLMC Strip		AA+		3.00		01/15/43		248,722			247,791
FNMA		AA+		2.68		12/01/26		300,000			291,193
FNMA		AA+		2.92		07/01/27		292,483			288,582

The accompanying notes are an integral part of these portfolio schedules.

82

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA		AA+		3.00		06/01/33	$	241,787	$	240,800
FNMA		AA+		3.00		09/01/33		211,352		210,489
FNMA		AA+		3.00		12/01/42		262,460		255,037
FNMA		AA+		3.00		01/01/43		553,880		545,544
FNMA		AA+		3.00		02/01/43		156,817		154,330
FNMA		AA+		3.00		03/01/43		302,940		298,136
FNMA		AA+		3.00		04/01/43		264,386		256,914
FNMA		AA+		3.00		09/01/43		301,389		296,491
FNMA		AA+		3.50		03/25/28		238,733		242,415
FNMA		AA+		3.50		08/01/38		197,475		198,669
FNMA		AA+		3.50		10/01/41		120,560		121,261
FNMA		AA+		3.50		11/01/41		224,394		226,207
FNMA		AA+		3.50		12/01/41		217,444		218,718
FNMA		AA+		3.50		04/01/42		351,241		354,092
FNMA		AA+		3.50		04/01/42		234,100		235,483
FNMA		AA+		3.50		08/01/42		170,220		171,602
FNMA		AA+		3.50		10/01/42		178,546		179,996
FNMA		AA+		3.50		11/25/42		476,068		481,496
FNMA		AA+		3.50		08/01/43		381,256		384,107
FNMA		AA+		3.50		08/01/43		316,986		318,965
FNMA		AA+		3.50		01/01/44		81,076		80,604
FNMA		AA+		3.50		08/25/44		93,875		95,161
FNMA		AA+		3.50		04/01/45		270,415		271,521
FNMA		AA+		3.50		11/01/46		369,005		370,110
FNMA		AA+		3.50		09/01/47		174,743		175,314
FNMA		AA+		3.50		08/01/48		477,900		478,100
FNMA		AA+		3.53		01/01/26		200,000		205,400
FNMA		AA+		4.00		05/01/19		1,424		1,457
FNMA		AA+		4.00		07/25/26		319,753		334,887
FNMA		AA+		4.00		01/01/31		130,445		134,000
FNMA		AA+		4.00		07/01/40		217,543		223,727
FNMA		AA+		4.00		11/01/40		126,359		129,971
FNMA		AA+		4.00		05/01/41		115,238		117,412
FNMA		AA+		4.00		11/01/45		288,967		297,310
FNMA		AA+		4.00		02/01/47		227,811		232,970
FNMA		AA+		4.00		05/01/48		587,569		599,273
FNMA		AA+		4.00		07/01/56		629,108		642,026
FNMA		AA+		4.50		05/01/30		41,748		43,664
FNMA		AA+		4.50		04/01/31		55,821		58,385
FNMA		AA+		4.50		08/01/33		25,406		26,439
FNMA		AA+		4.50		09/01/33		51,658		53,769
FNMA		AA+		4.50		06/01/34		45,465		47,267
FNMA		AA+		4.50		08/01/35		29,093		30,297
FNMA		AA+		4.50		12/01/35		28,988		30,190
FNMA		AA+		4.50		05/01/39		50,971		53,394
FNMA		AA+		4.50		05/01/39		80,438		84,247
FNMA		AA+		4.50		05/01/40		100,978		106,124
FNMA		AA+		4.50		10/01/40		442,802		464,029
FNMA		AA+		4.50		11/01/47		236,686		245,389
FNMA		AA+		4.50		11/01/47		113,534		118,332
FNMA		AA+		5.00		06/01/33		49,442		52,512
FNMA		AA+		5.00		10/01/33		51,944		55,252
FNMA		AA+		5.00		11/01/33		146,070		155,161
FNMA		AA+		5.00		11/01/33		33,176		35,347
FNMA		AA+		5.00		03/01/34		17,125		18,189
FNMA		AA+		5.00		04/01/34		24,266		25,580

The accompanying notes are an integral part of these portfolio schedules.

83

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA		AA+		5.00		09/01/35	$	17,826	$	18,926
FNMA		AA+		5.00		11/25/35		66,754		71,997
FNMA		AA+		5.00		08/01/37		143,214		152,013
FNMA		AA+		5.00		05/01/39		59,186		63,144
FNMA		AA+		5.00		06/01/40		32,123		34,102
FNMA		AA+		5.50		03/01/34		8,179		8,659
FNMA		AA+		5.50		05/01/34		105,523		113,631
FNMA		AA+		5.50		07/01/34		33,938		36,286
FNMA		AA+		5.50		09/01/34		15,111		16,251
FNMA		AA+		5.50		09/01/34		47,203		50,530
FNMA		AA+		5.50		10/01/34		19,962		21,486
FNMA		AA+		5.50		02/01/35		35,272		37,845
FNMA		AA+		5.50		02/01/35		28,456		30,634
FNMA		AA+		5.50		08/01/35		11,839		12,673
FNMA		AA+		5.50		08/01/37		6,846		7,367
FNMA		AA+		5.50		11/01/38		4,522		4,767
FNMA		AA+		5.50		06/01/48		12,134		12,463
FNMA		AA+		6.00		05/01/23		11,288		12,115
FNMA		AA+		6.00		04/01/32		1,747		1,875
FNMA		AA+		6.00		05/01/32		10,196		11,124
FNMA		AA+		6.00		04/01/33		56,916		61,134
FNMA		AA+		6.00		05/01/33		31,170		33,454
FNMA		AA+		6.00		06/01/34		14,188		15,321
FNMA		AA+		6.00		09/01/34		9,788		10,513
FNMA		AA+		6.00		10/01/34		24,139		25,939
FNMA		AA+		6.00		12/01/36		24,909		27,117
FNMA		AA+		6.00		01/01/37		26,910		29,361
FNMA		AA+		6.00		04/01/37		4,595		4,808
FNMA		AA+		6.00		05/01/37		4,597		4,827
FNMA		AA+		6.00		06/01/37		1,710		1,757
FNMA		AA+		6.00		10/25/44		79,579		88,125
FNMA		AA+		6.00		02/25/47		69,186		76,941
FNMA		AA+		6.00		12/25/49		33,078		36,754
FNMA		AA+		6.50		05/01/32		22,671		24,332
FNMA		AA+		6.50		05/01/32		4,237		4,547
FNMA		AA+		6.50		07/01/32		3,647		3,914
FNMA		AA+		6.50		07/01/34		16,296		17,737
FNMA		AA+		6.50		05/01/37		19,218		19,873
FNMA		AA+		6.50		09/01/37		6,922		7,430
FNMA		AA+		7.00		04/01/32		3,768		4,178
FNMA		AA+		7.50		06/01/31		4,132		4,623
FNMA		AA+		7.50		02/01/32		4,184		4,764
FNMA		AA+		7.50		06/01/32		3,205		3,737
FNMA		AA+		8.00		04/01/32		1,451		1,512
FNMA Strip		AA+		3.00		08/25/42		193,776		190,441
FRESB Multifamily Mortgage		AA+		3.16		11/25/27		198,810		195,548
FRESB Multifamily Mortgage		AA+		3.30		12/25/27		99,406		98,547
GNMA (3)		AA+		3.50		05/20/31		96,413		98,898
GNMA (3)		AA+		4.00		08/15/41		144,244		148,633
GNMA (3)		AA+		4.00		01/15/42		209,492		215,906
GNMA (3)		AA+		4.00		08/20/42		134,660		138,256
GNMA (3)		AA+		4.50		04/20/31		72,399		75,723
GNMA (3)		AA+		4.50		10/15/40		133,311		140,787
GNMA (3)		AA+		4.50		10/20/43		267,760		279,352
GNMA (3)		AA+		5.00		04/15/39		106,938		113,982

The accompanying notes are an integral part of these portfolio schedules.

84

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (3)		AA+		5.00		06/20/39	$	120,418	$	127,847
GNMA (3)		AA+		5.00		11/15/39		59,506		63,072
GNMA (3)		AA+		6.50		04/15/31		1,791		1,928
GNMA (3)		AA+		6.50		10/15/31		2,291		2,596
GNMA (3)		AA+		6.50		12/15/31		1,363		1,467
GNMA (3)		AA+		6.50		05/15/32		6,529		7,030
GNMA (3)		AA+		7.00		05/15/31		2,224		2,522
GNMA (3)		AA+		7.00		05/15/32		649		660
Vendee Mortgage Trust (3)		AA+		5.25		01/15/32		88,680		90,773
										21,093,064
NON-MORTGAGE-BACKED OBLIGATIONS (0.3%)
FHLMC		AA+		0.00		11/29/19		500,000		487,039
CORPORATE DEBT (13.4%)
COMMUNICATION SERVICES (0.6%)
AT&T, Inc.		BBB		3.00		06/30/22		350,000		341,321
Omnicom Group, Inc.		BBB+		3.63		05/01/22		100,000		98,612
Omnicom Group, Inc.		BBB+		4.45		08/15/20		250,000		254,226
Viacom, Inc.		BBB-		3.25		03/15/23		350,000		336,708
										1,030,867
CONSUMER DISCRETIONARY (2.9%)
Advance Auto Parts, Inc.		BBB-		4.50		12/01/23		100,000		102,344
Advance Auto Parts, Inc.		BBB-		5.75		05/01/20		270,000		276,501
Amazon.com, Inc.		AA-		5.20		12/03/25		300,000		329,693
AutoZone, Inc.		BBB		4.00		11/15/20		250,000		251,896
Dollar General Corp.		BBB		3.25		04/15/23		300,000		293,297
eBay, Inc.		BBB+		2.88		08/01/21		325,000		320,452
Expedia Group, Inc.		BBB		5.95		08/15/20		250,000		258,254
Family Dollar Stores, Inc.		BBB-		5.00		02/01/21		300,000		305,250
Harman International Industries, Inc.		BBB+		4.15		05/15/25		300,000		300,734
Kohl’s Corp.		BBB-		3.25		02/01/23		250,000		244,517
Kohl’s Corp.		BBB-		4.00		11/01/21		100,000		103,046
Lowe’s Cos., Inc.		BBB+		3.12		04/15/22		300,000		294,823
Macy’s Retail Hldgs., Inc.		BBB-		2.88		02/15/23		216,000		199,987
Marriott International, Inc.		BBB		3.13		10/15/21		25,000		24,800
Marriott International, Inc.		BBB		3.25		09/15/22		350,000		342,744
Mattel, Inc.		B+		3.15		03/15/23		350,000		287,000
NVR, Inc.		BBB+		3.95		09/15/22		300,000		294,951
O’Reilly Automotive, Inc.		BBB		3.80		09/01/22		300,000		303,215
Tapestry, Inc.		BBB-		4.25		04/01/25		100,000		97,461
Tupperware Brands Corp.		BBB-		4.75		06/01/21		350,000		358,561
										4,989,526
CONSUMER STAPLES (0.8%)
Edgewell Personal Care Co.		BB		4.70		05/19/21		275,000		270,875
Ingredion, Inc.		BBB		4.63		11/01/20		250,000		254,425
Molson Coors Brewing Co.		BBB-		3.50		05/01/22		400,000		397,587
Sysco Corp.		BBB+		2.60		06/12/22		300,000		289,283
Sysco Corp.		BBB+		3.75		10/01/25		100,000		97,557
										1,309,727
ENERGY (0.8%)
Cameron International Corp.		AA-		4.50		06/01/21		300,000		303,592
Energen Corp.		NR		4.63		09/01/21		250,000		247,500
EQT Corp.		BBB		4.88		11/15/21		210,000		214,005
Marathon Oil Corp.		BBB-		2.80		11/01/22		350,000		328,715
Rowan Cos., Inc.		B-		4.88		06/01/22		300,000		247,500
										1,341,312

The accompanying notes are an integral part of these portfolio schedules.

85

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
FINANCIALS (3.0%)
Aflac, Inc.		A-		4.00		02/15/22	$	300,000	$	306,122
Alleghany Corp.		BBB+		5.63		09/15/20		300,000		310,148
American Express Co.		BBB		3.63		12/05/24		250,000		244,375
Bank of America Corp.		BBB+		3.95		04/21/25		300,000		290,806
Block Financial LLC		BBB		5.25		10/01/25		350,000		354,604
Capital One Financial Corp.		BBB		4.75		07/15/21		300,000		307,786
Citizens Financial Group, Inc.		BBB		3.75		07/01/24		250,000		243,390
Citizens Financial Group, Inc.		BBB		4.35		08/01/25		100,000		98,232
Fairfax U.S., Inc.†		BBB-		4.88		08/13/24		250,000		255,515
Fifth Third Bancorp		BBB		4.30		01/16/24		300,000		303,480
First Republic Bank		A-		2.38		06/17/19		150,000		149,356
First Tennessee Bank		BBBu		2.95		12/01/19		350,000		347,292
Lincoln National Corp.		A-		4.00		09/01/23		250,000		254,840
Moody’s Corp.		BBB+		4.50		09/01/22		250,000		257,144
Pacific LifeCorp.†		A-		6.00		02/10/20		23,000		23,607
Prudential Financial, Inc.		A		4.50		11/16/21		250,000		258,008
Signet UK Finance PLC		BB+		4.70		06/15/24		250,000		221,250
Synchrony Financial		BBB-		3.70		08/04/26		400,000		339,466
Unum Group		BBB		4.00		03/15/24		150,000		148,874
Voya Financial, Inc.		BBB		3.65		06/15/26		250,000		236,452
WR Berkley Corp.		BBB+		7.38		09/15/19		250,000		257,297
										5,208,044
HEALTH CARE (1.5%)
Agilent Technologies, Inc.		BBB+		5.00		07/15/20		290,000		297,690
Anthem, Inc.		A		4.35		08/15/20		250,000		254,358
Bio-Rad Laboratories, Inc.		BBB		4.88		12/15/20		200,000		205,032
Medco Health Solutions, Inc.		A-		4.13		09/15/20		250,000		252,651
Owens & Minor, Inc.		BB		3.88		09/15/21		400,000		296,000
PerkinElmer, Inc.		BBB		5.00		11/15/21		300,000		309,511
Quest Diagnostics, Inc.		BBB+		4.70		04/01/21		150,000		154,174
Quest Diagnostics, Inc.		BBB+		4.75		01/30/20		250,000		253,995
Thermo Fisher Scientific, Inc.		BBB+		3.60		08/15/21		375,000		376,089
Zimmer Biomet Hldgs., Inc.		BBB		3.15		04/01/22		250,000		244,417
										2,643,917
INDUSTRIALS (0.1%)
JB Hunt Transport Svsc., Inc.		BBB+		3.30		08/15/22		200,000		198,364
INFORMATION TECHNOLOGY (1.1%)
Applied Materials, Inc.		A-		3.90		10/01/25		350,000		352,365
Arrow Electronics, Inc.		BBB-		4.50		03/01/23		300,000		303,810
Fiserv, Inc.		BBB		4.75		06/15/21		360,000		370,785
Ingram Micro, Inc.		NR		5.00		08/10/22		200,000		195,484
Juniper Networks, Inc.		BBB		4.60		03/15/21		350,000		357,683
Symantec Corp.		BB+		4.20		09/15/20		350,000		346,063
										1,926,190
MATERIALS (1.0%)
Freeport-McMoRan, Inc.		BB		3.55		03/01/22		300,000		283,875
Methanex Corp.		BB+		3.25		12/15/19		250,000		248,126
Packaging Corp. of America		BBB		3.90		06/15/22		250,000		252,401
Packaging Corp. of America		BBB		4.50		11/01/23		150,000		153,751
Sherwin-Williams Co.		BBB		3.95		01/15/26		350,000		342,383
Southern Copper Corp.		BBB+		3.50		11/08/22		100,000		97,553
Teck Resources Ltd.		BB+		4.75		01/15/22		300,000		298,500
										1,676,589

The accompanying notes are an integral part of these portfolio schedules.

86

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
REAL ESTATE (0.8%)
Government Properties Income Trust		BBB-		3.75		08/15/19	$	350,000	$	350,347
Healthcare Realty Trust, Inc.		BBB		3.75		04/15/23		250,000		246,146
Hospitality Properties Trust		BBB-		5.00		08/15/22		250,000		255,349
National Retail Properties, Inc.		BBB+		3.80		10/15/22		250,000		251,273
Welltower, Inc.		BBB+		6.13		04/15/20		250,000		257,854
										1,360,969
UTILITIES (0.8%)
Entergy Corp.		BBB		5.13		09/15/20		250,000		255,114
Exelon Corp.		BBB-		5.15		12/01/20		340,000		347,441
National Fuel Gas Co.		BBB		4.90		12/01/21		250,000		254,572
National Fuel Gas Co.		BBB		5.20		07/15/25		100,000		101,532
SCANA Corp.		BBB		4.13		02/01/22		300,000		300,083
Southern Co.		BBB+		3.25		07/01/26		50,000		46,862
										1,305,604
TOTAL CORPORATE DEBT										22,991,109
TOTAL LONG-TERM DEBT SECURITIES (Cost: $72,847,616) 42.1%										72,450,888
	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (1.5%)
FHLB		A-1+		2.15		01/02/19	$	2,600,000	$	2,599,845
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $2,599,845) 1.5%										2,599,845
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.4%)
Citibank, New York Time Deposit				1.67		01/02/19	$	593,560	$	593,560
TOTAL TEMPORARY CASH INVESTMENT (Cost: $593,560) 0.4%										593,560
TOTAL INVESTMENTS (Cost: $162,803,810) 99.8%										171,738,036
OTHER NET ASSETS 0.2%										384,677
NET ASSETS 100.0%									$	172,122,713

The accompanying notes are an integral part of these portfolio schedules.

87

MUTUAL OF AMERICA INVESTMENT CORPORATION — RETIREMENT INCOME FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (30.8%)		22,288,833	$	31,350,358
Equity Index Fund (20.6%)		5,530,638		20,880,576
Mid-Cap Equity Index Fund (4.8%)		2,499,030		4,826,371
Mid-Term Bond Fund (31.0%)		30,647,607		31,395,838
Money Market Fund (12.8%)		10,625,002		12,978,408
TOTAL INVESTMENTS (Cost: $102,865,400) 100.0%				101,431,551
OTHER NET ASSETS -0.0% (2)				(1,690	)
NET ASSETS 100.0%			$	101,429,861

The accompanying notes are an integral part of these portfolio schedules.

88

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2010 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (29.0%)		4,952,227	$	6,965,555
Equity Index Fund (21.6%)		1,369,661		5,171,070
International Fund (2.7%)		856,964		656,485
Mid-Cap Equity Index Fund (7.0%)		871,720		1,683,552
Mid-Term Bond Fund (30.0%)		7,028,067		7,199,651
Money Market Fund (9.7%)		1,897,271		2,317,511
TOTAL INVESTMENTS (Cost: $24,290,216) 100.0%				23,993,824
OTHER NET ASSETS -0.0% (2)				(747	)
NET ASSETS 100.0%			$	23,993,077

The accompanying notes are an integral part of these portfolio schedules.

89

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2015 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (28.3%)		27,891,932	$	39,231,397
Equity Index Fund (27.5%)		10,070,477		38,020,450
International Fund (3.6%)		6,588,407		5,047,115
Mid-Cap Equity Index Fund (9.4%)		6,721,163		12,980,568
Mid-Term Bond Fund (25.2%)		34,039,471		34,870,510
Money Market Fund (4.3%)		4,851,117		5,925,624
Small Cap Growth Fund (0.9%)		945,592		1,193,714
Small Cap Value Fund (0.8%)		875,925		1,189,654
TOTAL INVESTMENTS (Cost: $137,133,345) 100.0%				138,459,032
OTHER NET ASSETS -0.0% (2)				(2,016	)
NET ASSETS 100.0%			$	138,457,016

The accompanying notes are an integral part of these portfolio schedules.

90

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2020 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (27.0%)		98,712,871	$	138,844,588
Equity Index Fund (31.3%)		42,753,064		161,411,500
International Fund (6.3%)		42,659,799		32,679,965
Mid-Cap Equity Index Fund (10.3%)		27,434,667		52,984,517
Mid-Term Bond Fund (21.2%)		106,430,500		109,028,894
Small Cap Growth Fund (2.0%)		8,028,868		10,135,635
Small Cap Value Fund (1.9%)		7,441,346		10,106,598
TOTAL INVESTMENTS (Cost: $511,451,394) 100.0%				515,191,697
OTHER NET ASSETS -0.0% (2)				(3,547	)
NET ASSETS 100.0%			$	515,188,150

The accompanying notes are an integral part of these portfolio schedules.

91

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2025 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (24.2%)		122,082,089	$	171,714,563
Equity Index Fund (34.6%)		65,137,684		245,923,223
International Fund (8.4%)		77,838,126		59,628,675
Mid-Cap Equity Index Fund (12.4%)		45,757,888		88,372,118
Mid-Term Bond Fund (13.0%)		89,936,771		92,132,487
Small Cap Growth Fund (3.8%)		21,237,758		26,810,524
Small Cap Value Fund (3.6%)		18,599,990		25,261,912
TOTAL INVESTMENTS (Cost: $705,192,058) 100.0%				709,843,502
OTHER NET ASSETS -0.0% (2)				(4,585	)
NET ASSETS 100.0%			$	709,838,917

The accompanying notes are an integral part of these portfolio schedules.

92

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2030 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (21.7%)		95,359,013	$	134,127,220
Equity Index Fund (37.1%)		60,575,270		228,698,115
International Fund (10.5%)		84,753,814		64,926,507
Mid-Cap Equity Index Fund (17.3%)		55,156,420		106,523,484
Mid-Term Bond Fund (4.2%)		24,970,323		25,579,948
Small Cap Growth Fund (4.7%)		23,206,701		29,296,116
Small Cap Value Fund (4.5%)		20,588,456		27,962,582
TOTAL INVESTMENTS (Cost: $612,396,623) 100.0%				617,113,972
OTHER NET ASSETS -0.0% (2)				(3,919	)
NET ASSETS 100.0%			$	617,110,053

The accompanying notes are an integral part of these portfolio schedules.

93

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2035 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (17.6%)		63,519,055	$	89,342,727
Equity Index Fund (39.3%)		53,077,559		200,390,982
International Fund (11.8%)		78,701,118		60,289,779
Mid-Cap Equity Index Fund (20.1%)		52,928,909		102,221,496
Small Cap Growth Fund (5.7%)		23,096,299		29,156,744
Small Cap Value Fund (5.5%)		20,650,760		28,047,202
TOTAL INVESTMENTS (Cost: $503,287,698) 100.0%				509,448,930
OTHER NET ASSETS -0.0% (2)				(2,820	)
NET ASSETS 100.0%			$	509,446,110

The accompanying notes are an integral part of these portfolio schedules.

94

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2040 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (13.5%)		39,952,608	$	56,195,340
Equity Index Fund (39.0%)		42,576,594		160,745,248
International Fund (13.7%)		73,578,796		56,365,772
Mid-Cap Equity Index Fund (20.0%)		42,712,029		82,489,656
Small Cap Growth Fund (6.9%)		22,544,155		28,459,719
Small Cap Value Fund (6.9%)		20,914,665		28,405,629
TOTAL INVESTMENTS (Cost: $406,264,366) 100.0%				412,661,364
OTHER NET ASSETS -0.0% (2)				(2,713	)
NET ASSETS 100.0%			$	412,658,651

The accompanying notes are an integral part of these portfolio schedules.

95

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2045 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (11.4%)		35,822,142	$	50,385,633
Equity Index Fund (38.0%)		44,052,607		166,317,843
International Fund (13.8%)		78,784,961		60,354,007
Mid-Cap Equity Index Fund (21.3%)		48,251,081		93,187,217
Small Cap Growth Fund (7.9%)		27,285,999		34,445,818
Small Cap Value Fund (7.6%)		24,609,945		33,424,440
TOTAL INVESTMENTS (Cost: $425,063,563) 100.0%				438,114,958
OTHER NET ASSETS -0.0% (2)				(2,972	)
NET ASSETS 100.0%			$	438,111,986

The accompanying notes are an integral part of these portfolio schedules.

96

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2050 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (9.5%)		19,121,379	$	26,895,175
Equity Index Fund (35.7%)		26,986,176		101,884,607
International Fund (15.9%)		59,223,472		45,368,733
Mid-Cap Equity Index Fund (21.3%)		31,499,400		60,834,727
Small Cap Growth Fund (9.0%)		20,408,818		25,764,072
Small Cap Value Fund (8.6%)		18,071,092		24,543,579
TOTAL INVESTMENTS (Cost: $300,228,805) 100.0%				285,290,893
OTHER NET ASSETS -0.0% (2)				(1,520	)
NET ASSETS 100.0%			$	285,289,373

The accompanying notes are an integral part of these portfolio schedules.

97

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2055 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (9.6%)		4,794,682	$	6,743,960
Equity Index Fund (33.3%)		6,193,219		23,382,110
International Fund (16.8%)		15,380,745		11,782,573
Mid-Cap Equity Index Fund (21.5%)		7,840,756		15,142,836
Small Cap Growth Fund (9.4%)		5,242,439		6,618,049
Small Cap Value Fund (9.4%)		4,879,202		6,626,777
TOTAL INVESTMENTS (Cost: $79,173,702) 100.0%				70,296,305
OTHER NET ASSETS -0.0% (2)				(226	)
NET ASSETS 100.0%			$	70,296,079

The accompanying notes are an integral part of these portfolio schedules.

98

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2060 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (7.6%)		220,312	$	309,880
Equity Index Fund (30.1%)		322,226		1,216,545
International Fund (20.4%)		1,074,797		823,359
Mid-Cap Equity Index Fund (22.4%)		469,308		906,374
Small Cap Growth Fund (9.7%)		310,859		392,428
Small Cap Value Fund (9.8%)		292,160		396,802
TOTAL INVESTMENTS (Cost: $4,398,334) 100.0%				4,045,388
OTHER NET ASSETS -0.0% (2)				(3	)
NET ASSETS 100.0%			$	4,045,385

The accompanying notes are an integral part of these portfolio schedules.

99

MUTUAL OF AMERICA INVESTMENT CORPORATION — CONSERVATIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (31.2%)		33,261,256	$	46,783,620
Equity Index Fund (23.7%)		9,414,364		35,543,339
International Fund (4.4%)		8,626,245		6,608,221
Mid-Cap Equity Index Fund (4.5%)		3,466,176		6,694,219
Mid-Term Bond Fund (36.2%)		53,016,875		54,311,229
TOTAL INVESTMENTS (Cost: $151,739,976) 100.0%				149,940,628
OTHER NET ASSETS -0.0% (2)				(258	)
NET ASSETS 100.0%			$	149,940,370

The accompanying notes are an integral part of these portfolio schedules.

100

MUTUAL OF AMERICA INVESTMENT CORPORATION — MODERATE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (26.9%)		70,796,195	$	99,578,388
Equity Index Fund (34.2%)		33,660,481		127,083,025
International Fund (9.1%)		44,065,078		33,756,494
Mid-Cap Equity Index Fund (13.8%)		26,547,720		51,271,559
Mid-Term Bond Fund (16.0%)		58,031,903		59,448,693
TOTAL INVESTMENTS (Cost: $350,807,778) 100.0%				371,138,159
OTHER NET ASSETS -0.0% (2)				(543	)
NET ASSETS 100.0%			$	371,137,616

The accompanying notes are an integral part of these portfolio schedules.

101

MUTUAL OF AMERICA INVESTMENT CORPORATION — AGGRESSIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (22.1%)		42,724,799	$	60,094,565
Equity Index Fund (35.4%)		25,416,639		95,958,921
International Fund (14.1%)		49,892,938		38,220,984
Mid-Cap Equity Index Fund (19.0%)		26,735,946		51,635,080
Small Cap Growth Fund (4.7%)		10,010,693		12,637,489
Small Cap Value Fund (4.7%)		9,446,665		12,830,158
TOTAL INVESTMENTS (Cost: $248,586,785) 100.0%				271,377,197
OTHER NET ASSETS -0.0% (2)				(1,330	)
NET ASSETS 100.0%			$	271,375,867

The accompanying notes are an integral part of these portfolio schedules.

102

MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (22.1%)
U.S. Treasury Bill		A-1+		2.29		01/15/19	$	7,900,000	$	7,892,996
U.S. Treasury Bill		A-1+		2.29		01/17/19		500,000		499,494
U.S. Treasury Bill		A-1+		2.30		01/22/19		6,400,000		6,391,432
U.S. Treasury Bill		A-1+		2.33		02/07/19		3,000,000		2,992,836
U.S. Treasury Bill		A-1+		2.34		02/14/19		3,200,000		3,190,894
U.S. Treasury Bill		A-1+		2.37		01/29/19		6,400,000		6,388,264
U.S. Treasury Bill		A-1+		2.37		02/21/19		7,000,000		6,976,571
U.S. Treasury Bill		A-1+		2.38		02/28/19		7,000,000		6,973,291
U.S. Treasury Bill		A-1+		2.39		02/19/19		5,000,000		4,983,820
										46,289,598
U.S. GOVERNMENT AGENCIES (16.5%)
FHLB		A-1+		2.26		01/02/19		7,000,000		6,999,562
FHLB		A-1+		2.26		01/08/19		700,000		699,694
FHLB		A-1+		2.30		01/09/19		900,000		899,540
FHLB		A-1+		2.38		02/05/19		5,400,000		5,387,558
FHLB		A-1+		2.38		02/07/19		2,800,000		2,793,180
FHLB		A-1+		2.38		02/12/19		3,300,000		3,290,856
FHLB		A-1+		2.39		02/13/19		1,200,000		1,196,589
FHLB		A-1+		2.40		02/08/19		4,000,000		3,989,909
FHLB		A-1+		2.41		02/20/19		4,000,000		3,986,667
FHLB		A-1+		2.43		03/01/19		700,000		697,224
FHLB		A-1+		2.43		03/05/19		750,000		746,874
FNMA		A-1+		2.22		01/02/19		4,000,000		3,999,754
										34,687,407
COMMERCIAL PAPER (61.3%)
3M Co.†		A-1+		2.45		01/23/19		5,000,000		4,992,514
Apple, Inc.†		A-1+		2.31		01/03/19		4,000,000		3,999,489
Apple, Inc.†		A-1+		2.31		01/11/19		3,000,000		2,998,083
Apple, Inc.†		A-1+		2.49		02/11/19		600,000		598,305
Boeing Co.†		A-1		2.39		01/02/19		600,000		599,960
Boeing Co.†		A-1		2.53		02/06/19		1,300,000		1,296,707
Boeing Co.†		A-1		2.59		02/20/19		5,200,000		5,181,367
Boeing Co.†		A-1		2.61		02/06/19		250,000		249,367
Chevron Corp.†		A-1+		2.30		01/10/19		6,600,000		6,596,221
Chevron Corp.†		A-1+		2.41		02/12/19		900,000		897,480
CME Group, Inc.†		A-1+		2.55		01/08/19		7,000,000		6,996,529
Coca-Cola Co.†		A-1		2.31		01/09/19		2,298,000		2,296,825
Coca-Cola Co.†		A-1		2.34		01/08/19		3,150,000		3,148,573
Coca-Cola Co.†		A-1		2.41		01/15/19		1,400,000		1,398,693
Coca-Cola Co.†		A-1		2.51		02/15/19		435,000		433,641
Coca-Cola Co.†		A-1		2.56		02/06/19		750,000		748,088
Emerson Electric Co.†		A-1		2.37		01/04/19		5,000,000		4,999,013
Emerson Electric Co.†		A-1		2.50		01/24/19		2,500,000		2,496,007
Exxon Mobil Corp.		A-1+		2.33		01/11/19		2,000,000		1,998,711
Exxon Mobil Corp.		A-1+		2.35		01/23/19		2,000,000		1,997,140
Exxon Mobil Corp.		A-1+		2.40		01/25/19		2,000,000		1,996,813
Intercontinental Exchange, Inc.†		A-1		2.56		02/04/19		3,190,000		3,182,317
J.P. Morgan Securities LLC		A-1		2.56		01/17/19		260,000		259,706
J.P. Morgan Securities LLC		A-1		2.56		01/28/19		400,000		399,235
J.P. Morgan Securities LLC†		A-1		2.56		01/31/19		250,000		249,452
J.P. Morgan Securities LLC		A-1		2.61		01/17/19		500,000		499,422
J.P. Morgan Securities LLC		A-1		2.61		01/22/19		250,000		249,621
J.P. Morgan Securities LLC†		A-1		2.61		01/28/19		1,500,000		1,497,075
J.P. Morgan Securities LLC†		A-1		2.66		01/31/19		1,200,000		1,197,367
J.P. Morgan Securities LLC		A-1		2.71		02/22/19		250,000		249,025

The accompanying notes are an integral part of these portfolio schedules.

103

MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (CONTINUED):
COMMERCIAL PAPER (CONTINUED)
Kimberly-Clark Corp.†		A-1		2.45		01/14/19	$	900,000	$	899,204
Madison Gas & Electric		A-1+		2.50		01/15/19		2,100,000		2,097,958
Natural Rural Utilities		A-1		2.40		01/04/19		5,200,000		5,198,960
Natural Rural Utilities		A-1		2.40		01/07/19		1,300,000		1,299,480
Natural Rural Utilities		A-1		2.58		02/05/19		950,000		947,626
Nestle Capital Corp.†		A-1+		2.34		01/07/19		4,000,000		3,998,447
Nestle Capital Corp.†		A-1+		2.34		01/28/19		3,000,000		2,994,757
Novartis Finance Corp.†		A-1+		2.35		01/02/19		3,500,000		3,499,772
Novartis Finance Corp.†		A-1+		2.45		01/25/19		500,000		499,183
Novartis Finance Corp.†		A-1+		2.56		02/22/19		4,000,000		3,985,267
ONE Gas, Inc.†		A-1		2.46		01/11/19		3,300,000		3,297,754
ONE Gas, Inc.†		A-1		2.49		01/16/19		4,000,000		3,995,867
Pfizer, Inc.†		A-1+		2.44		02/11/19		7,500,000		7,479,244
Proctor & Gamble Co.†		A-1+		2.44		01/29/19		7,000,000		6,986,770
Simon Property Group LP†		A-1		2.33		01/09/19		2,600,000		2,598,660
Simon Property Group LP†		A-1		2.33		01/14/19		3,500,000		3,497,068
Simon Property Group LP†		A-1		2.41		01/07/19		1,000,000		999,593
Simon Property Group LP†		A-1		2.50		01/07/19		800,000		799,674
Toyota Motor Credit Corp.		A-1+		2.38		01/04/19		3,000,000		2,999,407
Unilever Capital Corp.†		A-1		2.38		01/22/19		2,000,000		1,997,235
Wal-Mart Stores, Inc.†		A-1+		2.51		01/30/19		5,000,000		4,989,931
										128,764,603
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $209,741,558) 99.9%										209,741,608
TOTAL INVESTMENTS (Cost: $209,741,558) 99.9%										209,741,608
OTHER NET ASSETS 0.1%										171,311
NET ASSETS 100.0%									$	209,912,919

The accompanying notes are an integral part of these portfolio schedules.

104

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (50.8%)
U.S. Treasury Note	AA+		0.75		07/15/19	$	3,000,000	$	2,971,289
U.S. Treasury Note	AA+		1.13		01/31/19		13,000,000		12,987,565
U.S. Treasury Note	AA+		1.38		06/30/23		18,000,000		17,137,859
U.S. Treasury Note	AA+		1.38		09/30/23		23,500,000		22,310,367
U.S. Treasury Note	AA+		1.50		10/31/19		3,000,000		2,971,980
U.S. Treasury Note	AA+		1.50		02/28/23		21,000,000		20,176,217
U.S. Treasury Note	AA+		1.50		08/15/26		22,000,000		20,308,490
U.S. Treasury Note	AA+		1.63		07/31/19		13,500,000		13,427,754
U.S. Treasury Note	AA+		1.63		06/30/20		5,500,000		5,425,223
U.S. Treasury Note	AA+		1.63		10/31/23		9,900,000		9,501,591
U.S. Treasury Note	AA+		1.63		05/15/26		26,000,000		24,294,085
U.S. Treasury Note	AA+		1.75		12/31/20		3,500,000		3,449,366
U.S. Treasury Note	AA+		1.75		02/28/22		15,000,000		14,672,651
U.S. Treasury Note	AA+		1.88		05/31/22		16,900,000		16,567,154
U.S. Treasury Note	AA+		2.00		11/30/20		7,500,000		7,429,165
U.S. Treasury Note	AA+		2.00		05/31/24		25,000,000		24,324,119
U.S. Treasury Note	AA+		2.00		06/30/24		23,500,000		22,852,151
U.S. Treasury Note	AA+		2.13		05/15/25		10,200,000		9,928,298
U.S. Treasury Note	AA+		2.75		09/30/20		2,000,000		2,007,218
U.S. Treasury Note	AA+		2.75		05/31/23		8,000,000		8,087,215
U.S. Treasury Note	AA+		2.88		05/31/25		36,500,000		37,138,274
									297,968,031
U.S. GOVERNMENT AGENCIES (6.2%)
MORTGAGE-BACKED OBLIGATIONS (0.0%) (2)
FHLMC	AA+		7.50		03/15/21		920		943
NON-MORTGAGE-BACKED OBLIGATIONS (6.2%)
FNMA	AA+		0.00		10/09/19		23,000,000		22,506,438
FHLMC	AA+		0.00		11/29/19		13,500,000		13,150,064
Tennessee Valley Authority Strip	AA+		0.00		11/01/20		900,000		854,481
									36,510,983
CORPORATE DEBT (42.1%)
COMMUNICATION SERVICES (1.5%)
AT&T, Inc.	BBB		3.00		02/15/22		2,000,000		1,962,112
Discovery Communications LLC†	BBB-		3.50		06/15/22		2,500,000		2,468,339
Omnicom Group, Inc.	BBB+		3.63		05/01/22		2,000,000		1,972,228
Viacom, Inc.	BBB-		3.25		03/15/23		2,500,000		2,405,059
									8,807,738
CONSUMER DISCRETIONARY (5.4%)
Advance Auto Parts, Inc.	BBB-		4.50		01/15/22		500,000		507,617
Advance Auto Parts, Inc.	BBB-		4.50		12/01/23		250,000		255,861
Advance Auto Parts, Inc.	BBB-		5.75		05/01/20		1,500,000		1,536,115
AutoZone, Inc.	BBB		3.70		04/15/22		300,000		302,320
AutoZone, Inc.	BBB		4.00		11/15/20		700,000		705,309
Dollar General Corp.	BBB		3.25		04/15/23		1,047,000		1,023,606
eBay, Inc.	BBB+		2.88		08/01/21		2,100,000		2,070,616
Expedia Group, Inc.	BBB		5.95		08/15/20		2,000,000		2,066,031
Family Dollar Stores, Inc.	BBB-		5.00		02/01/21		2,000,000		2,035,000
Gap, Inc.	BB+		5.95		04/12/21		2,000,000		2,042,126
Harman International Industries, Inc.	BBB+		4.15		05/15/25		2,000,000		2,004,892
Hyatt Hotels Corp.	BBB		5.38		08/15/21		50,000		51,983
Kohl’s Corp.	BBB-		3.25		02/01/23		700,000		684,649
Kohl’s Corp.	BBB-		4.00		11/01/21		1,325,000		1,365,359
Marriott International, Inc.	BBB		3.00		03/01/19		1,200,000		1,198,468
Marriott International, Inc.	BBB		3.13		02/15/23		2,000,000		1,923,405

The accompanying notes are an integral part of these portfolio schedules.

105

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
CONSUMER DISCRETIONARY (CONTINUED)
Marriott International, Inc.		BBB		3.38		10/15/20	$	800,000	$	795,950
Newell Brands, Inc.		BBB-		4.70		08/15/20		525,000		533,821
NVR, Inc.		BBB+		3.95		09/15/22		2,000,000		1,966,343
O’Reilly Automotive, Inc.		BBB		4.63		09/15/21		281,000		288,439
Tapestry, Inc.		BBB-		3.00		07/15/22		2,500,000		2,409,230
Tupperware Brands Corp.		BBB-		4.75		06/01/21		2,000,000		2,048,919
Whirlpool Corp.		BBB		2.40		03/01/19		1,445,000		1,443,013
Wyndham Destinations, Inc.		BB-		5.40		04/01/24		2,500,000		2,381,250
										31,640,322
CONSUMER STAPLES (3.1%)
Edgewell Personal Care Co.		BB		4.70		05/19/21		2,000,000		1,970,000
Flowers Foods, Inc.		BBB		4.38		04/01/22		2,000,000		2,016,363
General Mills, Inc.		BBB		2.20		10/21/19		775,000		769,117
Ingredion, Inc.		BBB		4.63		11/01/20		275,000		279,868
Kellogg Co.		BBB		2.65		12/01/23		2,000,000		1,890,960
Keurig Dr Pepper, Inc.		BBB		2.60		01/15/19		150,000		149,961
Keurig Dr Pepper, Inc.		BBB		3.13		12/15/23		2,990,000		2,855,313
Kroger Co.		BBB		2.95		11/01/21		2,000,000		1,964,354
Mead Johnson Nutrition Co.		A-		4.90		11/01/19		3,075,000		3,116,472
Molson Coors Brewing Co.		BBB-		3.50		05/01/22		1,000,000		993,968
Sysco Corp.		BBB+		2.60		10/01/20		2,000,000		1,978,080
										17,984,456
ENERGY (2.4%)
Cameron International Corp.		AA-		3.60		04/30/22		214,000		211,075
Diamond Offshore Drilling, Inc.		B		3.45		11/01/23		1,500,000		1,110,000
Energen Corp.		NR		4.63		09/01/21		2,000,000		1,980,000
EQT Corp.		BBB-		4.88		11/15/21		1,250,000		1,273,840
Kinder Morgan, Inc.		BBB-		3.05		12/01/19		2,000,000		1,988,500
Marathon Oil Corp.		BBB-		2.80		11/01/22		2,000,000		1,878,367
Noble Energy, Inc.		BBB		4.15		12/15/21		2,000,000		2,009,499
Rowan Companies PLC		B-		4.88		06/01/22		2,000,000		1,650,000
SESI LLC		BB-		7.13		12/15/21		2,150,000		1,827,500
										13,928,781
FINANCIALS (13.0%)
Aflac, Inc.		A-		3.63		06/15/23		550,000		551,792
Alleghany Corp.		BBB+		4.95		06/27/22		2,000,000		2,091,316
American Express Credit Corp.		A-		2.25		08/15/19		2,000,000		1,990,945
American International Group, Inc.		BBB+		4.13		02/15/24		2,000,000		2,008,050
Ares Capital Corp.		BBB-		3.63		01/19/22		2,500,000		2,426,985
Assurant, Inc.		BBB		4.00		03/15/23		2,000,000		2,015,690
Bank of America Corp.		A-		2.65		04/01/19		1,250,000		1,248,693
Block Financial LLC		BBB		5.50		11/01/22		2,472,000		2,541,685
Capital One Financial Corp.		BBB		4.75		07/15/21		2,000,000		2,051,907
Citigroup, Inc.		BBB+		2.55		04/08/19		1,850,000		1,847,351
Citizens Financial Group, Inc.		BBB		3.75		07/01/24		2,000,000		1,947,118
ERAC USA Finance LLC†		A-		2.35		10/15/19		1,000,000		993,169
Fairfax U.S., Inc.†		BBB-		4.88		08/13/24		750,000		766,545
Fifth Third Bancorp		BBB		4.30		01/16/24		2,500,000		2,528,997
First Republic Bank		A-		2.38		06/17/19		2,000,000		1,991,409
First Tennessee Bank		BBBu		2.95		12/01/19		2,200,000		2,182,979
FS Investment Corp.		BBB-		4.75		05/15/22		2,675,000		2,648,348
Goldman Sachs Group, Inc.		BBB+		3.20		02/23/23		2,500,000		2,424,771
Huntington Bancshares, Inc.		BBB+		2.30		01/14/22		2,750,000		2,655,037
Infinity Property & Casualty Corp.		BBB-		5.00		09/19/22		2,000,000		2,049,682

The accompanying notes are an integral part of these portfolio schedules.

106

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
FINANCIALS (CONTINUED)
JPMorgan Chase & Co.	BBB+		3.88		09/10/24	$	1,520,000	$	1,498,480
Legg Mason, Inc.	BBB		3.95		07/15/24		2,000,000		1,971,124
Lincoln National Corp.	A-		4.00		09/01/23		2,000,000		2,038,716
Moody’s Corp.	BBB+		5.50		09/01/20		2,000,000		2,073,727
Morgan Stanley	BBB+		3.13		01/23/23		2,500,000		2,440,428
Nasdaq, Inc.	BBB		5.55		01/15/20		2,150,000		2,196,515
People’s United Bank	BBB+		4.00		07/15/24		1,750,000		1,754,540
PNC Bank NA	A-		3.80		07/25/23		2,500,000		2,508,667
Prospect Capital Corp.	BBB-		4.95		07/15/22		2,500,000		2,390,818
Prospect Capital Corp.	BBB-		5.88		03/15/23		1,925,000		1,934,807
Regions Financial Corp.	BBB+		2.75		08/14/22		2,750,000		2,653,010
Signet UK Finance PLC	BB+		4.70		06/15/24		2,000,000		1,770,000
Stifel Financial Corp.	BBB-		4.25		07/18/24		2,000,000		2,022,407
Synchrony Financial	BBB-		2.70		02/03/20		1,000,000		982,900
Synchrony Financial	BBB-		3.70		08/04/26		1,500,000		1,272,999
Unum Group	BBB		4.00		03/15/24		2,000,000		1,984,988
Voya Financial, Inc.	BBB		3.65		06/15/26		2,000,000		1,891,618
Wells Fargo & Co.	A-		2.13		04/22/19		2,000,000		1,994,100
WR Berkley Corp.	BBB+		4.63		03/15/22		2,000,000		2,055,597
									76,397,910
HEALTH CARE (4.8%)
AbbVie, Inc.	A-		2.85		05/14/23		2,500,000		2,408,805
Aetna, Inc.	BBB		2.80		06/15/23		2,500,000		2,377,373
Agilent Technologies, Inc.	BBB+		5.00		07/15/20		2,000,000		2,053,038
Anthem, Inc.	A		3.13		05/15/22		2,000,000		1,970,516
Bio-Rad Laboratories, Inc.	BBB		4.88		12/15/20		2,000,000		2,050,323
CVS Health Corp.	BBB		3.38		08/12/24		590,000		572,148
CVS Health Corp.	BBB		3.88		07/20/25		1,500,000		1,462,404
Express Scripts Hldg. Co.	A-		2.25		06/15/19		2,000,000		1,991,494
Humana, Inc.	BBB+		3.85		10/01/24		2,500,000		2,497,781
Laboratory Corp. of America Hldgs.	BBB		3.75		08/23/22		600,000		603,314
Laboratory Corp. of America Hldgs.	BBB		4.63		11/15/20		400,000		408,275
Owens & Minor, Inc.	BB		3.88		09/15/21		2,000,000		1,480,000
PerkinElmer, Inc.	BBB		5.00		11/15/21		2,000,000		2,063,407
Quest Diagnostics, Inc.	BBB+		4.75		01/30/20		2,000,000		2,031,959
Thermo Fisher Scientific, Inc.	BBB+		3.60		08/15/21		400,000		401,162
Thermo Fisher Scientific, Inc.	BBB+		4.50		03/01/21		1,600,000		1,635,210
Zimmer Biomet Hldgs., Inc.	BBB		3.15		04/01/22		2,000,000		1,955,332
									27,962,541
INDUSTRIALS (1.0%)
Flowserve Corp.	BBB-		3.50		09/15/22		2,000,000		1,959,491
JB Hunt Transport Svcs., Inc.	BBB+		3.30		08/15/22		2,000,000		1,983,641
Verisk Analytics, Inc.	BBB-		4.13		09/12/22		2,000,000		2,025,897
									5,969,029
INFORMATION TECHNOLOGY (3.3%)
Adobe Systems, Inc.	A		4.75		02/01/20		2,000,000		2,039,673
Amphenol Corp.	BBB+		2.55		01/30/19		2,000,000		1,998,686
Arrow Electronics, Inc.	BBB-		4.50		03/01/23		50,000		50,635
Avnet, Inc.	BBB-		3.75		12/01/21		1,130,000		1,136,528
Avnet, Inc.	BBB-		5.88		06/15/20		950,000		979,340
Fiserv, Inc.	BBB		4.75		06/15/21		1,900,000		1,956,923
Jabil, Inc.	BBB-		4.70		09/15/22		1,976,000		1,956,240
Juniper Networks, Inc.	BBB		4.50		03/15/24		1,500,000		1,511,045
Juniper Networks, Inc.	BBB		4.60		03/15/21		600,000		613,171

The accompanying notes are an integral part of these portfolio schedules.

107

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
INFORMATION TECHNOLOGY (CONTINUED)
Lam Research Corp.		BBB+		2.75		03/15/20	$	2,000,000	$	1,980,955
Motorola Solutions, Inc.		BBB-		3.75		05/15/22		2,000,000		1,984,509
Symantec Corp.		BB+		4.20		09/15/20		2,000,000		1,977,504
Total System Svcs., Inc.		BBB-		3.75		06/01/23		950,000		942,214
										19,127,423
MATERIALS (2.1%)
Albemarle Corp.		BBB		4.50		12/15/20		1,065,000		1,083,615
Domtar Corp.		BBB-		4.40		04/01/22		2,000,000		2,010,019
Freeport-McMoRan, Inc.		BB		3.10		03/15/20		1,750,000		1,710,625
Freeport-McMoRan, Inc.		BB		3.55		03/01/22		250,000		236,563
Kinross Gold Corp.		BBB-		5.13		09/01/21		750,000		748,125
Methanex Corp.		BB+		3.25		12/15/19		2,000,000		1,985,012
Newmont Mining Corp.		BBB		3.50		03/15/22		2,000,000		1,979,038
Sherwin-Williams Co.		BBB		2.25		05/15/20		200,000		196,909
Southern Copper Corp.		BBB+		3.50		11/08/22		2,000,000		1,951,058
WestRock RKT Co.		BBB		3.50		03/01/20		622,000		621,366
										12,522,330
REAL ESTATE (3.6%)
Boston Properties LP		A-		3.80		02/01/24		3,000,000		2,988,792
CBRE Svcs., Inc.		BBB+		5.25		03/15/25		2,000,000		2,084,271
Crown Castle International Corp.		BBB-		3.15		07/15/23		2,500,000		2,403,061
Government Properties Income Trust		BBB-		3.75		08/15/19		2,000,000		2,001,985
HCP, Inc.		BBB+		3.15		08/01/22		750,000		731,475
HCP, Inc.		BBB+		4.00		12/01/22		2,000,000		1,996,979
Hospitality Properties Trust		BBB-		5.00		08/15/22		1,300,000		1,327,816
Jones Lang LaSalle, Inc.		BBB+		4.40		11/15/22		1,410,000		1,424,226
Mack-Cali Realty LP		BB+		4.50		04/18/22		1,000,000		964,939
Omega Healthcare Investors, Inc.		BBB-		4.38		08/01/23		1,750,000		1,757,265
Omega Healthcare Investors, Inc.		BBB-		4.50		01/15/25		750,000		738,924
Senior Housing Properties Trust		BBB-		4.75		05/01/24		500,000		496,033
Vornado Realty LP		BBB		5.00		01/15/22		2,000,000		2,063,792
										20,979,558
UTILITIES (1.9%)
Entergy Corp.		BBB		5.13		09/15/20		1,400,000		1,428,641
Exelon Corp.		BBB-		5.15		12/01/20		1,500,000		1,532,827
Exelon Generation Co. LLC		BBB		4.25		06/15/22		1,000,000		1,013,705
National Fuel Gas Co.		BBB		4.90		12/01/21		2,000,000		2,036,576
SCANA Corp.		BBB		4.75		05/15/21		2,000,000		2,024,531
Southern Co.		BBB+		3.25		07/01/26		2,500,000		2,343,083
Talen Energy Supply LLC†		B+		6.50		09/15/24		1,400,000		855,750
										11,235,113
TOTAL CORPORATE DEBT										246,555,201
TOTAL LONG-TERM DEBT SECURITIES (Cost: $590,845,338) 99.1%										581,035,158
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (0.3%)
FHLB		A-1+		2.15		01/02/19		2,000,000		1,999,881
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $1,999,881) 0.3%										1,999,881

The accompanying notes are an integral part of these portfolio schedules.

108

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit		1.67		01/02/19	$	32,852	$	32,852
TOTAL TEMPORARY CASH INVESTMENT (Cost: $32,852) 0.0% (2)								32,852
TOTAL INVESTMENTS (Cost: $592,878,071) 99.4%								583,067,891
OTHER NET ASSETS 0.6%								3,654,363
NET ASSETS 100.0%							$	586,722,254

The accompanying notes are an integral part of these portfolio schedules.

109

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (31.8%)
U.S. Treasury Note		AA+		1.50		08/15/26	$	50,800,000	$	46,894,150
U.S. Treasury Note		AA+		1.63		05/15/26		2,000,000		1,868,776
U.S. Treasury Note		AA+		2.00		11/15/26		15,000,000		14,328,828
U.S. Treasury Note		AA+		2.25		02/15/27		44,000,000		42,756,577
U.S. Treasury Note		AA+		2.25		08/15/27		74,500,000		72,153,936
U.S. Treasury Note		AA+		2.25		11/15/27		51,100,000		49,399,191
U.S. Treasury Note		AA+		2.38		05/15/27		63,750,000		62,462,087
U.S. Treasury Note		AA+		2.75		05/31/23		16,000,000		16,174,429
U.S. Treasury Note		AA+		2.88		05/15/28		39,000,000		39,627,203
U.S. Treasury Strip		AA+		0.00		08/15/25		20,000,000		16,811,320
U.S. Treasury Strip		AA+		0.00		08/15/26		20,000,000		16,323,380
U.S. Treasury Strip		AA+		0.00		08/15/28		20,000,000		15,298,236
U.S. Treasury Strip		AA+		0.00		08/15/29		20,000,000		14,830,316
U.S. Treasury Strip		AA+		0.00		08/15/33		10,000,000		6,549,480
U.S. Treasury Strip		AA+		0.00		08/15/35		10,000,000		6,162,120
U.S. Treasury Strip		AA+		0.00		08/15/37		10,000,000		5,774,529
										427,414,558
U.S. GOVERNMENT AGENCIES (28.8%)
MORTGAGE-BACKED OBLIGATIONS (27.7%)
FHLMC		AA+		2.50		09/01/27		1,169,631		1,155,894
FHLMC		AA+		2.50		12/01/27		1,312,954		1,297,518
FHLMC		AA+		3.00		06/01/27		642,144		644,291
FHLMC		AA+		3.00		08/01/27		399,838		400,583
FHLMC		AA+		3.00		02/01/32		4,739,832		4,722,894
FHLMC		AA+		3.00		10/15/37		1,133,894		1,131,912
FHLMC		AA+		3.00		12/15/40		1,137,298		1,116,584
FHLMC		AA+		3.00		07/01/42		631,369		630,499
FHLMC		AA+		3.00		10/01/42		1,972,702		1,940,337
FHLMC		AA+		3.00		11/01/42		783,651		769,857
FHLMC		AA+		3.00		11/01/42		1,939,885		1,905,814
FHLMC		AA+		3.00		11/01/42		867,683		852,426
FHLMC		AA+		3.00		11/01/42		3,227,990		3,174,302
FHLMC		AA+		3.00		02/01/43		1,680,346		1,651,418
FHLMC		AA+		3.00		03/01/43		1,490,525		1,465,031
FHLMC		AA+		3.00		04/01/43		872,644		857,417
FHLMC		AA+		3.00		04/01/43		1,285,160		1,263,530
FHLMC		AA+		3.00		04/01/43		2,059,593		2,024,604
FHLMC		AA+		3.00		09/15/43		3,272,468		3,236,066
FHLMC		AA+		3.00		04/15/44		1,032,128		1,010,001
FHLMC		AA+		3.00		04/15/45		2,708,788		2,681,987
FHLMC		AA+		3.00		09/01/46		4,349,294		4,245,058
FHLMC		AA+		3.00		09/01/46		1,684,240		1,645,208
FHLMC		AA+		3.00		11/01/46		1,338,632		1,295,505
FHLMC		AA+		3.50		02/01/35		1,375,628		1,401,048
FHLMC		AA+		3.50		02/01/35		2,675,844		2,710,408
FHLMC		AA+		3.50		04/01/35		1,131,560		1,146,178
FHLMC		AA+		3.50		02/01/36		1,289,007		1,305,662
FHLMC		AA+		3.50		01/01/41		1,346,769		1,357,108
FHLMC		AA+		3.50		07/01/42		1,738,768		1,752,114
FHLMC		AA+		3.50		10/01/42		1,471,004		1,482,286
FHLMC		AA+		3.50		01/01/43		1,243,832		1,251,839
FHLMC		AA+		3.50		01/01/43		662,713		667,800
FHLMC		AA+		3.50		05/01/43		1,978,518		1,993,635
FHLMC		AA+		3.50		06/01/43		2,519,962		2,534,605
FHLMC		AA+		3.50		07/01/43		694,624		699,884
FHLMC		AA+		3.50		11/01/43		1,367,555		1,378,049

The accompanying notes are an integral part of these portfolio schedules.

110

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC		AA+		3.50		01/01/44	$	2,339,631	$	2,357,588
FHLMC		AA+		3.50		05/15/44		2,609,711		2,642,861
FHLMC		AA+		3.50		04/01/45		1,994,493		2,006,305
FHLMC		AA+		3.50		07/01/45		2,043,470		2,053,306
FHLMC		AA+		3.50		09/01/45		1,743,312		1,749,678
FHLMC		AA+		3.50		11/01/45		5,642,497		5,671,496
FHLMC		AA+		3.50		05/01/46		3,639,094		3,650,881
FHLMC		AA+		3.50		08/01/46		2,600,454		2,608,608
FHLMC		AA+		3.50		09/01/47		5,544,714		5,547,361
FHLMC		AA+		3.50		11/01/47		3,714,253		3,714,588
FHLMC		AA+		4.00		02/01/25		161,117		165,254
FHLMC		AA+		4.00		05/01/25		62,947		64,563
FHLMC		AA+		4.00		05/01/26		215,031		220,373
FHLMC		AA+		4.00		11/01/33		7,090,302		7,258,666
FHLMC		AA+		4.00		12/01/33		1,018,939		1,043,111
FHLMC		AA+		4.00		01/01/38		2,547,210		2,633,369
FHLMC		AA+		4.00		12/15/38		368,344		377,206
FHLMC		AA+		4.00		07/01/41		939,839		967,029
FHLMC		AA+		4.00		12/01/41		564,004		580,326
FHLMC		AA+		4.00		07/01/42		2,031,303		2,109,373
FHLMC		AA+		4.00		08/01/42		701,306		721,582
FHLMC		AA+		4.00		08/01/42		1,416,815		1,457,811
FHLMC		AA+		4.00		09/01/42		740,351		760,107
FHLMC		AA+		4.00		11/01/42		1,243,179		1,277,615
FHLMC		AA+		4.00		12/01/42		930,855		957,790
FHLMC		AA+		4.00		01/01/43		1,383,655		1,424,549
FHLMC		AA+		4.00		01/01/44		1,506,511		1,548,235
FHLMC		AA+		4.00		10/01/44		1,252,175		1,279,877
FHLMC		AA+		4.00		10/01/44		1,562,816		1,597,402
FHLMC		AA+		4.00		10/01/44		1,682,345		1,719,575
FHLMC		AA+		4.00		05/01/47		3,566,618		3,639,219
FHLMC		AA+		4.00		05/01/48		2,926,780		2,984,330
FHLMC		AA+		4.50		03/01/34		340,562		354,213
FHLMC		AA+		4.50		08/01/34		169,740		176,544
FHLMC		AA+		4.50		08/15/35		54,163		54,890
FHLMC		AA+		4.50		06/01/37		832,870		868,267
FHLMC		AA+		4.50		12/01/39		107,214		111,003
FHLMC		AA+		4.50		03/01/41		434,619		455,879
FHLMC		AA+		4.50		05/01/48		4,712,809		4,881,793
FHLMC		AA+		4.50		05/01/48		3,839,085		3,976,742
FHLMC		AA+		5.00		02/01/26		49,620		51,935
FHLMC		AA+		5.00		08/01/35		966,511		1,025,584
FHLMC		AA+		5.00		10/01/40		665,540		699,497
FHLMC		AA+		5.50		03/01/21		25,526		25,829
FHLMC		AA+		5.50		07/01/32		133,371		142,717
FHLMC		AA+		5.50		01/15/33		167,320		178,960
FHLMC		AA+		5.50		05/01/33		170,795		180,722
FHLMC		AA+		5.50		06/01/37		945,748		1,021,306
FHLMC		AA+		6.00		07/15/29		100,813		108,494
FHLMC		AA+		6.00		03/15/32		117,534		128,413
FHLMC ARM		AA+		3.70		02/01/36		119,903		125,797
FHLMC ARM		AA+		3.90		03/01/37		16,426		17,121
FHLMC ARM		AA+		4.05		04/01/37		79,671		83,061
FHLMC ARM		AA+		4.14		04/01/37		80,906		84,611
FHLMC ARM		AA+		4.18		05/01/37		74,352		77,336

The accompanying notes are an integral part of these portfolio schedules.

111

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC Strip		AA+		3.00		01/15/43	$	2,487,216	$	2,477,908
FHLMC Strip		AA+		3.50		10/15/47		2,423,488		2,453,206
FNMA		AA+		2.25		01/01/28		1,333,435		1,294,089
FNMA		AA+		2.68		12/01/26		3,000,000		2,911,933
FNMA		AA+		2.92		07/01/27		2,924,827		2,885,819
FNMA		AA+		3.00		06/01/33		1,112,222		1,107,679
FNMA		AA+		3.00		07/01/33		2,082,277		2,073,771
FNMA		AA+		3.00		09/01/33		2,192,777		2,183,819
FNMA		AA+		3.00		04/25/42		1,246,891		1,240,000
FNMA		AA+		3.00		10/01/42		690,897		676,961
FNMA		AA+		3.00		12/01/42		988,068		967,774
FNMA		AA+		3.00		12/01/42		1,574,759		1,530,219
FNMA		AA+		3.00		01/01/43		3,489,442		3,436,924
FNMA		AA+		3.00		02/01/43		1,568,166		1,543,296
FNMA		AA+		3.00		03/01/43		1,969,112		1,937,883
FNMA		AA+		3.00		04/01/43		1,850,700		1,798,401
FNMA		AA+		3.00		02/01/45		1,496,899		1,473,671
FNMA		AA+		3.00		03/01/45		1,911,266		1,857,189
FNMA		AA+		3.00		09/01/46		2,663,777		2,600,868
FNMA		AA+		3.00		01/01/47		1,214,435		1,182,896
FNMA		AA+		3.50		03/01/32		821,097		836,612
FNMA		AA+		3.50		08/01/38		1,692,644		1,702,878
FNMA		AA+		3.50		03/01/41		1,450,575		1,461,413
FNMA		AA+		3.50		10/01/41		843,922		848,826
FNMA		AA+		3.50		12/01/41		1,043,730		1,049,848
FNMA		AA+		3.50		04/01/42		1,170,803		1,180,307
FNMA		AA+		3.50		04/01/42		1,030,039		1,036,126
FNMA		AA+		3.50		07/01/42		1,628,954		1,642,178
FNMA		AA+		3.50		08/01/42		1,018,136		1,026,402
FNMA		AA+		3.50		09/01/42		1,268,465		1,278,762
FNMA		AA+		3.50		10/01/42		1,339,097		1,349,968
FNMA		AA+		3.50		11/25/42		1,904,273		1,925,984
FNMA		AA+		3.50		12/01/42		2,437,349		2,457,071
FNMA		AA+		3.50		12/01/42		1,289,483		1,307,089
FNMA		AA+		3.50		01/01/43		1,287,669		1,294,104
FNMA		AA+		3.50		03/01/43		1,558,642		1,571,292
FNMA		AA+		3.50		06/01/43		2,984,469		3,007,663
FNMA		AA+		3.50		07/25/43		2,278,870		2,299,933
FNMA		AA+		3.50		08/01/43		4,152,521		4,178,445
FNMA		AA+		3.50		08/01/43		1,935,606		1,950,079
FNMA		AA+		3.50		10/01/43		1,139,381		1,154,960
FNMA		AA+		3.50		01/01/44		900,845		895,599
FNMA		AA+		3.50		08/25/44		3,848,860		3,901,607
FNMA		AA+		3.50		02/01/45		1,959,220		1,967,139
FNMA		AA+		3.50		04/01/45		3,331,830		3,348,564
FNMA		AA+		3.50		04/01/45		2,028,110		2,036,411
FNMA		AA+		3.50		05/01/45		3,691,771		3,706,311
FNMA		AA+		3.50		10/01/45		3,633,041		3,651,284
FNMA		AA+		3.50		02/01/46		2,339,679		2,348,047
FNMA		AA+		3.50		02/01/46		4,105,503		4,119,551
FNMA		AA+		3.50		03/01/46		2,123,688		2,137,117
FNMA		AA+		3.50		08/01/46		3,371,971		3,379,381
FNMA		AA+		3.50		11/01/46		2,952,041		2,960,881
FNMA		AA+		3.50		09/01/47		4,019,090		4,032,228
FNMA		AA+		3.50		04/01/48		1,829,860		1,833,901
FNMA		AA+		3.50		08/01/48		4,779,003		4,780,998

The accompanying notes are an integral part of these portfolio schedules.

112

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA		AA+		3.53		01/01/26	$	5,000,000	$	5,134,992
FNMA		AA+		4.00		05/01/19		11,673		11,949
FNMA		AA+		4.00		07/25/26		1,598,766		1,674,434
FNMA		AA+		4.00		05/25/29		1,891,087		1,968,659
FNMA		AA+		4.00		01/01/31		92,574		95,097
FNMA		AA+		4.00		12/01/33		1,099,341		1,127,072
FNMA		AA+		4.00		03/01/35		336,356		344,629
FNMA		AA+		4.00		06/01/36		897,719		927,216
FNMA		AA+		4.00		11/01/38		1,263,833		1,299,931
FNMA		AA+		4.00		10/01/40		910,013		937,706
FNMA		AA+		4.00		11/01/40		698,693		718,663
FNMA		AA+		4.00		01/01/41		2,566,786		2,639,666
FNMA		AA+		4.00		02/01/41		974,792		1,002,657
FNMA		AA+		4.00		05/01/41		731,917		745,722
FNMA		AA+		4.00		08/01/42		1,788,680		1,839,808
FNMA		AA+		4.00		05/01/43		1,043,746		1,073,567
FNMA		AA+		4.00		09/01/45		1,103,809		1,129,417
FNMA		AA+		4.00		11/01/45		1,733,799		1,783,863
FNMA		AA+		4.00		02/01/47		3,796,846		3,882,835
FNMA		AA+		4.00		05/01/48		6,267,407		6,392,244
FNMA		AA+		4.00		07/01/56		1,990,848		2,031,729
FNMA		AA+		4.50		05/01/19		1,293		1,316
FNMA		AA+		4.50		06/01/19		7,675		7,813
FNMA		AA+		4.50		05/01/30		231,933		242,580
FNMA		AA+		4.50		04/01/31		374,799		392,014
FNMA		AA+		4.50		08/01/33		139,912		145,614
FNMA		AA+		4.50		08/01/33		96,368		100,284
FNMA		AA+		4.50		09/01/33		262,987		273,735
FNMA		AA+		4.50		10/01/33		109,284		113,737
FNMA		AA+		4.50		10/01/33		233,224		242,954
FNMA		AA+		4.50		05/01/34		129,020		134,318
FNMA		AA+		4.50		06/01/34		185,106		192,446
FNMA		AA+		4.50		07/01/34		125,137		130,300
FNMA		AA+		4.50		01/01/35		498,087		518,517
FNMA		AA+		4.50		08/01/35		145,463		151,484
FNMA		AA+		4.50		12/01/35		163,760		170,550
FNMA		AA+		4.50		05/01/39		842,676		882,739
FNMA		AA+		4.50		05/01/39		603,286		631,855
FNMA		AA+		4.50		05/01/40		504,889		530,620
FNMA		AA+		4.50		07/01/40		2,545,252		2,684,412
FNMA		AA+		4.50		10/01/40		2,952,012		3,093,528
FNMA		AA+		4.50		11/01/40		462,968		485,157
FNMA		AA+		4.50		03/01/41		1,542,010		1,615,851
FNMA		AA+		4.50		06/01/41		469,546		492,054
FNMA		AA+		4.50		08/01/41		1,358,132		1,423,228
FNMA		AA+		4.50		10/01/41		164,668		170,628
FNMA		AA+		4.50		11/01/41		907,538		951,040
FNMA		AA+		4.50		01/01/42		88,704		92,669
FNMA		AA+		4.50		07/01/42		1,195,877		1,253,024
FNMA		AA+		4.50		03/01/44		1,302,106		1,356,464
FNMA		AA+		4.50		04/01/44		2,083,586		2,171,460
FNMA		AA+		4.50		11/01/47		3,633,092		3,786,639
FNMA		AA+		4.50		11/01/47		4,303,387		4,461,612
FNMA		AA+		5.00		09/01/20		13,857		14,086
FNMA		AA+		5.00		10/01/20		53,898		54,788
FNMA		AA+		5.00		10/01/25		79,581		83,392

The accompanying notes are an integral part of these portfolio schedules.

113

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA		AA+		5.00		09/01/33	$	468,749	$	497,911
FNMA		AA+		5.00		10/01/33		336,109		357,514
FNMA		AA+		5.00		11/01/33		370,792		393,870
FNMA		AA+		5.00		03/01/34		76,113		80,842
FNMA		AA+		5.00		04/01/34		42,194		44,813
FNMA		AA+		5.00		04/01/34		143,282		151,042
FNMA		AA+		5.00		04/01/35		140,627		149,311
FNMA		AA+		5.00		06/01/35		88,256		93,695
FNMA		AA+		5.00		09/01/35		143,501		150,373
FNMA		AA+		5.00		09/01/35		213,914		227,113
FNMA		AA+		5.00		11/25/35		556,283		599,979
FNMA		AA+		5.00		08/01/37		624,932		663,329
FNMA		AA+		5.00		05/01/39		402,966		429,918
FNMA		AA+		5.00		09/25/40		1,276,674		1,329,364
FNMA		AA+		5.50		01/01/24		86,840		91,942
FNMA		AA+		5.50		03/01/24		185,613		196,517
FNMA		AA+		5.50		09/01/25		87,713		93,437
FNMA		AA+		5.50		11/01/26		57,047		60,399
FNMA		AA+		5.50		01/01/27		40,353		42,724
FNMA		AA+		5.50		03/01/33		176,672		186,588
FNMA		AA+		5.50		09/01/33		210,189		226,631
FNMA		AA+		5.50		10/01/33		320,806		345,917
FNMA		AA+		5.50		03/01/34		160,029		172,621
FNMA		AA+		5.50		03/01/34		35,051		37,110
FNMA		AA+		5.50		07/01/34		135,753		145,145
FNMA		AA+		5.50		09/01/34		58,934		63,378
FNMA		AA+		5.50		09/01/34		118,882		127,260
FNMA		AA+		5.50		09/01/34		36,241		38,370
FNMA		AA+		5.50		10/01/34		262,660		282,716
FNMA		AA+		5.50		02/01/35		126,979		136,243
FNMA		AA+		5.50		02/01/35		102,440		110,281
FNMA		AA+		5.50		04/01/35		126,447		135,080
FNMA		AA+		5.50		08/01/35		219,260		234,713
FNMA		AA+		5.50		02/25/37		28,120		29,270
FNMA		AA+		5.50		05/01/38		325,160		346,216
FNMA		AA+		5.50		11/01/38		25,046		26,404
FNMA		AA+		5.50		06/01/48		68,757		70,622
FNMA		AA+		6.00		05/01/23		111,086		119,225
FNMA		AA+		6.00		01/01/25		78,641		84,403
FNMA		AA+		6.00		03/01/28		102,622		110,141
FNMA		AA+		6.00		04/01/32		6,847		7,349
FNMA		AA+		6.00		05/01/32		136,623		149,066
FNMA		AA+		6.00		04/01/33		325,080		349,173
FNMA		AA+		6.00		03/01/36		26,296		28,126
FNMA		AA+		6.00		12/01/36		96,285		104,821
FNMA		AA+		6.00		01/01/37		130,667		142,567
FNMA		AA+		6.00		04/01/37		22,977		24,041
FNMA		AA+		6.00		05/01/37		20,662		21,696
FNMA		AA+		6.00		06/01/37		7,183		7,379
FNMA		AA+		6.00		07/01/37		56,947		62,044
FNMA		AA+		6.00		08/01/37		70,942		76,541
FNMA		AA+		6.00		12/01/37		40,877		44,541
FNMA		AA+		6.00		10/25/44		404,016		447,403
FNMA		AA+		6.00		02/25/47		837,423		931,288
FNMA		AA+		6.00		12/25/49		330,783		367,540

The accompanying notes are an integral part of these portfolio schedules.

114

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA		AA+		6.50		05/01/32	$	57,618	$	61,840
FNMA		AA+		6.50		05/01/32		88,893		95,405
FNMA		AA+		6.50		09/01/36		20,120		21,941
FNMA		AA+		6.50		05/01/37		86,480		89,430
FNMA		AA+		6.50		07/01/37		14,074		15,148
FNMA		AA+		6.50		09/01/37		26,408		28,342
FNMA		AA+		6.50		05/01/38		37,997		41,430
FNMA		AA+		7.00		01/25/44		298,654		340,817
FNMA		AA+		7.50		06/01/32		45,505		53,069
FNMA		AA+		8.00		04/01/32		18,861		19,658
FNMA Strip		AA+		3.00		08/25/42		1,076,532		1,058,005
FRESB Multifamily Mortgage		AA+		3.16		11/25/27		1,988,099		1,955,484
FRESB Multifamily Mortgage		AA+		3.30		12/25/27		1,988,129		1,970,948
GNMA (3)		AA+		2.68		10/16/47		2,000,000		1,973,923
GNMA (3)		AA+		3.00		07/16/36		1,679,024		1,653,520
GNMA (3)		AA+		3.50		05/20/31		2,410,314		2,472,450
GNMA (3)		AA+		3.50		07/15/42		1,601,381		1,619,798
GNMA (3)		AA+		3.50		11/15/42		990,655		1,002,100
GNMA (3)		AA+		3.50		03/20/45		4,021,709		4,051,897
GNMA (3)		AA+		3.50		05/20/45		2,417,221		2,441,653
GNMA (3)		AA+		3.70		05/15/42		778,914		793,546
GNMA (3)		AA+		4.00		04/15/24		159,762		163,425
GNMA (3)		AA+		4.00		01/20/41		1,398,611		1,436,422
GNMA (3)		AA+		4.00		03/15/41		536,903		553,642
GNMA (3)		AA+		4.00		08/15/41		933,346		961,741
GNMA (3)		AA+		4.00		11/15/41		636,101		657,239
GNMA (3)		AA+		4.00		12/15/41		1,398,879		1,437,303
GNMA (3)		AA+		4.00		08/20/42		933,642		958,573
GNMA (3)		AA+		4.25		04/20/41		726,494		749,416
GNMA (3)		AA+		4.29		04/15/41		277,538		286,163
GNMA (3)		AA+		4.50		06/20/30		39,798		41,984
GNMA (3)		AA+		4.50		09/15/30		500,051		522,391
GNMA (3)		AA+		4.50		06/20/34		299,185		312,238
GNMA (3)		AA+		4.50		09/15/40		764,681		798,498
GNMA (3)		AA+		4.50		10/15/40		1,083,155		1,143,894
GNMA (3)		AA+		4.50		10/15/40		266,507		278,314
GNMA (3)		AA+		5.00		04/15/39		861,794		918,557
GNMA (3)		AA+		5.00		06/20/39		1,053,657		1,118,664
GNMA (3)		AA+		5.00		11/15/39		340,035		360,413
GNMA (3)		AA+		5.00		05/15/40		133,083		140,252
GNMA (3)		AA+		5.00		06/20/40		97,494		102,365
GNMA (3)		AA+		5.50		01/15/36		66,578		70,712
GNMA (3)		AA+		6.50		04/15/31		6,687		7,199
GNMA (3)		AA+		6.50		12/15/31		19,421		20,909
GNMA (3)		AA+		6.50		05/15/32		24,930		26,841
GNMA (3)		AA+		7.00		05/15/32		2,523		2,568
Vendee Mortgage Trust (3)		AA+		5.25		01/15/32		487,741		499,253
										372,303,511
NON-MORTGAGE-BACKED OBLIGATIONS (1.1%)
FNMA		AA+		0.00		10/09/19		5,050,000		4,941,631
FHLMC		AA+		0.00		11/29/19		11,000,000		10,714,867
										15,656,498

The accompanying notes are an integral part of these portfolio schedules.

115

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (38.3%)
COMMUNICATION SERVICES (1.4%)
AT&T, Inc.		BBB		3.00		02/15/22	$	4,000,000	$	3,924,224
AT&T, Inc.		BBB		3.00		06/30/22		1,000,000		975,203
Discovery Communications LLC†		BBB-		3.50		06/15/22		5,000,000		4,936,677
Omnicom Group, Inc.		BBB+		3.63		05/01/22		1,000,000		986,114
Omnicom Group, Inc.		BBB+		4.45		08/15/20		3,000,000		3,050,712
Viacom, Inc.		BBB-		3.25		03/15/23		5,000,000		4,810,119
										18,683,049
CONSUMER DISCRETIONARY (6.4%)
Advance Auto Parts, Inc.		BBB-		4.50		01/15/22		1,000,000		1,015,234
Advance Auto Parts, Inc.		BBB-		4.50		12/01/23		1,000,000		1,023,443
Advance Auto Parts, Inc.		BBB-		5.75		05/01/20		3,000,000		3,072,230
Amazon.com, Inc.		AA-		5.20		12/03/25		5,000,000		5,494,883
AutoZone, Inc.		BBB		3.25		04/15/25		2,000,000		1,905,004
AutoZone, Inc.		BBB		3.70		04/15/22		700,000		705,413
AutoZone, Inc.		BBB		4.00		11/15/20		3,000,000		3,022,755
Brinker International, Inc.		BB+		3.88		05/15/23		4,000,000		3,700,000
Dollar General Corp.		BBB		3.25		04/15/23		4,000,000		3,910,624
eBay, Inc.		BBB+		2.88		08/01/21		5,000,000		4,930,039
Expedia Group, Inc.		BBB		5.95		08/15/20		4,000,000		4,132,062
Family Dollar Stores, Inc.		BBB-		5.00		02/01/21		4,000,000		4,070,000
Gap, Inc.		BB+		5.95		04/12/21		5,000,000		5,105,315
Harman International Industries, Inc.		BBB+		4.15		05/15/25		5,000,000		5,012,231
Hyatt Hotels Corp.		BBB		5.38		08/15/21		200,000		207,932
Kohl’s Corp.		BBB-		3.25		02/01/23		1,804,000		1,764,438
Kohl’s Corp.		BBB-		4.00		11/01/21		2,620,000		2,699,804
Lowe’s Cos., Inc.		BBB+		3.12		04/15/22		2,000,000		1,965,489
Marriott International, Inc.		BBB		3.00		03/01/19		1,000,000		998,723
Marriott International, Inc.		BBB		3.13		02/15/23		3,000,000		2,885,107
Marriott International, Inc.		BBB		3.38		10/15/20		3,000,000		2,984,812
Mattel, Inc.		B+		3.15		03/15/23		2,000,000		1,640,000
Mattel, Inc.		B+		4.35		10/01/20		1,000,000		975,000
Newell Brands, Inc.		BBB-		4.70		08/15/20		3,000,000		3,050,409
NVR, Inc.		BBB+		3.95		09/15/22		4,000,000		3,932,686
O’Reilly Automotive, Inc.		BBB		3.80		09/01/22		3,250,000		3,284,826
Tapestry, Inc.		BBB-		4.25		04/01/25		2,500,000		2,436,516
Tupperware Brands Corp.		BBB-		4.75		06/01/21		4,000,000		4,097,837
Whirlpool Corp.		BBB		3.70		05/01/25		2,000,000		1,937,616
Whirlpool Corp.		BBB		4.85		06/15/21		1,000,000		1,024,173
Wyndham Destinations, Inc.		BB-		3.90		03/01/23		4,000,000		3,680,000
										86,664,601
CONSUMER STAPLES (1.9%)
Conagra Brands, Inc.		BBB		4.95		08/15/20		645,000		659,294
Edgewell Personal Care Co.		BB		4.70		05/19/21		4,000,000		3,940,000
Flowers Foods, Inc.		BBB		4.38		04/01/22		4,000,000		4,032,725
Ingredion, Inc.		BBB		4.63		11/01/20		3,225,000		3,282,084
Kroger Co.		BBB		2.95		11/01/21		4,800,000		4,714,451
Mead Johnson Nutrition Co.		A-		4.13		11/15/25		1,950,000		2,001,398
Molson Coors Brewing Co.		BBB-		3.50		05/01/22		3,000,000		2,981,904
Sysco Corp.		BBB+		3.75		10/01/25		3,575,000		3,487,660
										25,099,516
ENERGY (2.9%)
Cameron International Corp.		AA-		4.50		06/01/21		3,000,000		3,035,923
Devon Energy Corp.		BBB		5.85		12/15/25		2,500,000		2,652,734
Diamond Offshore Drilling, Inc.		B		3.45		11/01/23		3,000,000		2,220,000

The accompanying notes are an integral part of these portfolio schedules.

116

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
ENERGY (CONTINUED)
Energen Corp.		NR		4.63		09/01/21	$	4,000,000	$	3,960,000
EQT Corp.		BBB		4.88		11/15/21		4,000,000		4,076,289
Kinder Morgan Energy Partners LP		BBB-		4.30		05/01/24		5,000,000		4,999,936
Marathon Oil Corp.		BBB-		2.80		11/01/22		4,000,000		3,756,735
Marathon Petroleum Corp.		BBB		5.13		03/01/21		3,300,000		3,395,695
Murphy Oil Corp.		BBB-		4.45		12/01/22		3,525,000		3,318,681
Rowan Cos., Inc.		B-		4.88		06/01/22		4,000,000		3,300,000
SESI LLC		BB-		7.13		12/15/21		4,500,000		3,825,000
										38,540,993
FINANCIALS (9.6%)
Aflac, Inc.		A-		4.00		02/15/22		3,000,000		3,061,220
Alleghany Corp.		BBB+		4.95		06/27/22		2,000,000		2,091,316
Alleghany Corp.		BBB+		5.63		09/15/20		3,000,000		3,101,480
American Express Co.		BBB		3.63		12/05/24		5,000,000		4,887,490
American International Group, Inc.		BBB+		3.75		07/10/25		5,000,000		4,789,552
Bank of America Corp.		BBB+		3.95		04/21/25		5,000,000		4,846,762
Block Financial LLC		BBB		5.25		10/01/25		3,000,000		3,039,466
Block Financial LLC		BBB		5.50		11/01/22		2,250,000		2,313,427
Capital One Financial Corp.		BBB		4.75		07/15/21		4,000,000		4,103,814
Citigroup, Inc.		BBB		3.88		03/26/25		5,000,000		4,835,699
Citizens Financial Group, Inc.		BBB		3.75		07/01/24		5,000,000		4,867,795
Fairfax U.S., Inc.†		BBB-		4.88		08/13/24		3,500,000		3,577,212
Fifth Third Bancorp		BBB		4.30		01/16/24		5,000,000		5,057,994
First Republic Bank		A-		2.38		06/17/19		2,000,000		1,991,409
First Tennessee Bank		BBBu		2.95		12/01/19		5,000,000		4,961,315
Genworth Hldgs., Inc.		B		7.20		02/15/21		1,750,000		1,723,750
Genworth Hldgs., Inc.		B		7.63		09/24/21		1,300,000		1,283,750
Hartford Financial Svcs.		BBB+		5.50		03/30/20		1,000,000		1,025,997
JPMorgan Chase & Co.		BBB+		3.88		09/10/24		5,000,000		4,929,210
Kemper Corp.		BBB-		4.35		02/15/25		2,000,000		1,975,154
Lincoln National Corp.		A-		4.00		09/01/23		4,000,000		4,077,433
Lincoln National Corp.		A-		4.85		06/24/21		1,000,000		1,032,309
Markel Corp.		BBB		5.35		06/01/21		1,200,000		1,248,956
Marsh & McLennan Cos., Inc.		A-		4.80		07/15/21		3,000,000		3,091,608
Moody’s Corp.		BBB+		4.50		09/01/22		4,000,000		4,114,311
Nasdaq, Inc.		BBB		5.55		01/15/20		2,500,000		2,554,088
Old Republic International Corp.		BBB+		3.88		08/26/26		5,000,000		4,776,832
Pacific LifeCorp.†		A-		6.00		02/10/20		710,000		728,742
People’s United Bank		BBB+		4.00		07/15/24		2,000,000		2,005,188
Prudential Financial, Inc.		A		4.50		11/16/21		1,000,000		1,032,033
Reinsurance Group of America, Inc.		A		4.70		09/15/23		1,000,000		1,043,419
Reinsurance Group of America, Inc.		A		5.00		06/01/21		3,000,000		3,114,528
Signet UK Finance PLC		BB+		4.70		06/15/24		5,000,000		4,425,000
Stifel Financial Corp.		BBB-		4.25		07/18/24		1,500,000		1,516,805
Synchrony Financial		BBB-		2.70		02/03/20		2,250,000		2,211,525
Synchrony Financial		BBB-		3.70		08/04/26		2,750,000		2,333,832
Travelers Cos., Inc.		A		3.90		11/01/20		2,500,000		2,538,074
Unum Group		BBB		4.00		03/15/24		5,000,000		4,962,470
Voya Financial, Inc.		BBB		3.65		06/15/26		5,000,000		4,729,045
Wells Fargo & Co.		BBB+		3.45		02/13/23		4,000,000		3,915,848
Wells Fargo & Co.		BBB+		4.13		08/15/23		1,000,000		1,005,843
WR Berkley Corp.		BBB+		4.63		03/15/22		2,000,000		2,055,597
WR Berkley Corp.		BBB+		7.38		09/15/19		2,000,000		2,058,377
										129,035,675

The accompanying notes are an integral part of these portfolio schedules.

117

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
HEALTH CARE (3.6%)
Agilent Technologies, Inc.		BBB+		5.00		07/15/20	$	4,000,000	$	4,106,075
Anthem, Inc.		A		3.30		01/15/23		3,539,000		3,482,082
Anthem, Inc.		A		4.35		08/15/20		2,000,000		2,034,861
Biogen, Inc.		A-		4.05		09/15/25		2,500,000		2,489,730
Bio-Rad Laboratories, Inc.		BBB		4.88		12/15/20		4,000,000		4,100,645
Express Scripts Hldg. Co.		A-		3.50		06/15/24		2,000,000		1,942,095
Humana, Inc.		BBB+		3.85		10/01/24		3,000,000		2,997,337
Laboratory Corp. of America Hldgs.		BBB		3.75		08/23/22		2,000,000		2,011,047
Laboratory Corp. of America Hldgs.		BBB		4.63		11/15/20		1,000,000		1,020,687
Medco Health Solutions, Inc.		A-		4.13		09/15/20		3,000,000		3,031,811
Owens & Minor, Inc.		BB		3.88		09/15/21		2,200,000		1,628,000
Owens & Minor, Inc.		BB		4.38		12/15/24		2,800,000		1,792,000
PerkinElmer, Inc.		BBB		5.00		11/15/21		4,000,000		4,126,815
Quest Diagnostics, Inc.		BBB+		3.50		03/30/25		700,000		682,908
Quest Diagnostics, Inc.		BBB+		4.75		01/30/20		4,000,000		4,063,918
Thermo Fisher Scientific, Inc.		BBB+		3.60		08/15/21		1,000,000		1,002,904
Thermo Fisher Scientific, Inc.		BBB+		4.50		03/01/21		3,000,000		3,066,019
Zimmer Biomet Hldgs., Inc.		BBB		3.15		04/01/22		5,000,000		4,888,329
										48,467,263
INDUSTRIALS (1.0%)
Dun & Bradstreet Corp.		BB+		4.63		12/01/22		1,000,000		1,012,500
Flowserve Corp.		BBB-		3.50		09/15/22		4,000,000		3,918,983
Hexcel Corp.		BBB		4.70		08/15/25		3,900,000		4,004,812
Verisk Analytics, Inc.		BBB-		4.00		06/15/25		5,000,000		5,021,804
										13,958,099
INFORMATION TECHNOLOGY (3.6%)
Adobe, Inc.		A		4.75		02/01/20		4,000,000		4,079,346
Applied Materials, Inc.		A-		3.90		10/01/25		5,000,000		5,033,788
Arrow Electronics, Inc.		BBB-		4.00		04/01/25		1,000,000		974,455
Arrow Electronics, Inc.		BBB-		4.50		03/01/23		1,100,000		1,113,969
Avnet, Inc.		BBB-		4.88		12/01/22		270,000		275,757
Avnet, Inc.		BBB-		5.88		06/15/20		1,100,000		1,133,973
Fidelity National Information Svcs., Inc.		BBB		3.88		06/05/24		5,000,000		4,994,087
Fiserv, Inc.		BBB		4.75		06/15/21		1,000,000		1,029,959
Ingram Micro, Inc.		NR		5.00		08/10/22		1,000,000		977,418
Ingram Micro, Inc.		NR		5.45		12/15/24		750,000		708,201
Juniper Networks, Inc.		BBB		4.50		03/15/24		3,000,000		3,022,091
Juniper Networks, Inc.		BBB		4.60		03/15/21		2,000,000		2,043,902
Keysight Technologies, Inc.		BBB-		4.55		10/30/24		5,000,000		5,099,828
Lam Research Corp.		BBB+		2.75		03/15/20		5,000,000		4,952,388
Motorola Solutions, Inc.		BBB-		3.75		05/15/22		4,000,000		3,969,018
Motorola Solutions, Inc.		BBB-		4.00		09/01/24		1,000,000		973,068
Symantec Corp.		BB+		4.20		09/15/20		4,000,000		3,955,008
Total System Svcs., Inc.		BBB-		3.75		06/01/23		4,000,000		3,967,219
										48,303,475
MATERIALS (3.7%)
Albemarle Corp.		BBB		4.50		12/15/20		2,000,000		2,034,958
Carpenter Technology Corp.		BBB-		4.45		03/01/23		3,600,000		3,497,705
Domtar Corp.		BBB-		4.40		04/01/22		5,000,000		5,025,046
Dow Chemical Co.		BBB		3.50		10/01/24		4,800,000		4,631,301
Eastman Chemical Co.		BBB		4.50		01/15/21		2,500,000		2,538,783
Freeport-McMoRan, Inc.		BB		3.55		03/01/22		4,000,000		3,785,000
Kinross Gold Corp.		BBB-		5.13		09/01/21		4,000,000		3,990,000
Methanex Corp.		BB+		3.25		12/15/19		3,400,000		3,374,520

The accompanying notes are an integral part of these portfolio schedules.

118

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2018

		Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
MATERIALS (CONTINUED)
Methanex Corp.			BB+		5.25		03/01/22	$	600,000	$	605,030
Newmont Mining Corp.			BBB		3.50		03/15/22		4,000,000		3,958,077
Packaging Corp. of America			BBB		3.90		06/15/22		2,000,000		2,019,207
Packaging Corp. of America			BBB		4.50		11/01/23		2,000,000		2,050,011
Sherwin-Williams Co.			BBB		3.95		01/15/26		5,000,000		4,891,192
Southern Copper Corp.			BBB+		3.50		11/08/22		4,000,000		3,902,115
Teck Resources Ltd.			BB+		3.75		02/01/23		1,000,000		952,500
Teck Resources Ltd.			BB+		4.75		01/15/22		3,000,000		2,985,000
											50,240,445
REAL ESTATE (2.7%)
Boston Properties LP			A-		3.85		02/01/23		3,000,000		3,005,183
Government Properties Income Trust			BBB-		3.75		08/15/19		4,000,000		4,003,971
HCP, Inc.			BBB+		3.40		02/01/25		3,750,000		3,550,315
Healthcare Realty Trust, Inc.			BBB		3.75		04/15/23		4,000,000		3,938,329
Hospitality Properties Trust			BBB-		5.00		08/15/22		4,550,000		4,647,356
Jones Lang LaSalle, Inc.			BBB+		4.40		11/15/22		4,000,000		4,040,357
Mack-Cali Realty LP			BB+		4.50		04/18/22		5,000,000		4,824,697
National Retail Properties, Inc.	��		BBB+		3.30		04/15/23		1,000,000		978,234
National Retail Properties, Inc.			BBB+		3.80		10/15/22		3,000,000		3,015,273
Ventas Realty LP / Ventas Capital Corp.			BBB+		3.25		08/15/22		500,000		494,064
Welltower, Inc.			BBB+		3.75		03/15/23		750,000		748,598
Welltower, Inc.			BBB+		6.13		04/15/20		2,500,000		2,578,538
											35,824,915
UTILITIES (1.5%)
Entergy Corp.			BBB		5.13		09/15/20		2,500,000		2,551,145
Exelon Corp.			BBB-		5.15		12/01/20		3,000,000		3,065,654
Exelon Generation Co. LLC			BBB		4.25		06/15/22		1,000,000		1,013,705
National Fuel Gas Co.			BBB		4.90		12/01/21		3,000,000		3,054,864
National Fuel Gas Co.			BBB		5.20		07/15/25		2,000,000		2,030,639
SCANA Corp.			BBB		4.13		02/01/22		4,000,000		4,001,114
SCANA Corp.			BBB		4.75		05/15/21		1,000,000		1,012,265
Talen Energy Supply LLC†			B+		6.50		09/15/24		2,000,000		1,222,500
UIL Hldgs. Corp.			BBB		4.63		10/01/20		2,725,000		2,790,330
											20,742,216
TOTAL CORPORATE DEBT											515,560,247
SOVEREIGN DEBT (0.2%)
Sri Lanka AID			NR		6.59		09/15/28		2,626,139		2,960,966
TOTAL LONG-TERM DEBT SECURITIES (Cost: $1,352,839,474) 99.1%											1,333,895,780
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (0.2%)
FHLB			A-1+		2.15		01/02/19		2,400,000		2,399,857
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $2,399,857) 0.2%											2,399,857
				Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit					1.67		01/02/19	$	26,132	$	26,132
TOTAL TEMPORARY CASH INVESTMENT (COST: $26,132) 0.0% (2)											26,132
TOTAL INVESTMENTS (COST: $1,355,265,463) 99.3%											1,336,321,769
OTHER NET ASSETS 0.7%											9,272,774
NET ASSETS 100.0%										$	1,345,594,543

The accompanying notes are an integral part of these portfolio schedules.

119

MUTUAL OF AMERICA INVESTMENT CORPORATION

FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES

December 31, 2018

Abbreviations:	ARM = Adjustable Rate Mortgage
	FHLB = Federal Home Loan Bank
	FHLMC = Federal Home Loan Mortgage Corporation
	FNMA = Federal National Mortgage Association
	FRESB = Federal Home Loan Mortgage Corporation Multifamily Securitization Small Loan Balance
	GNMA = Government National Mortgage Association
	NR = Not Rated

* Non-income producing security.

** Ratings as per Standard & Poor’s Corporation (unaudited).

† Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2018, the aggregate values of these securities and their percentages of the respective Funds’ net assets were as follows:

Fund	Aggregate Market Value		Percentage of Net Assets
EQUITY INDEX FUND	$	25,198,327		1.0	%
ALL AMERICA FUND	$	799,947		0.3	%
SMALL CAP VALUE FUND	$	10,899,276		2.5	%
SMALL CAP GROWTH FUND	$	14,799,017		3.1	%
MID CAP VALUE FUND	$	599,960		0.7	%
MID-CAP EQUITY INDEX FUND	$	12,699,157		1.0	%
INTERNATIONAL FUND	$	10,299,316		2.0	%
COMPOSITE FUND	$	279,122		0.2	%
MONEY MARKET FUND	$	108,571,499		51.7	%
MID-TERM BOND FUND	$	5,083,803		0.9	%
BOND FUND	$	10,465,131		0.8	%

†† Level 3 Security.

(1) This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Funds as of December 31, 2018, was as follows:

Fund	Number of Contracts		Contract Type	Purchased (P) or Sold (S)		Expiration Date		Notional Amount		Underlying Face Amount at Value		Unrealized Gain(Loss)(a)			Face Value of Futures as a % of Total Investments
EQUITY INDEX FUND		672	E-mini S&P 500 Stock Index		P		March 2019	$	87,337,050	$	84,174,720	$	(3,162,330	)		3.2	%
ALL AMERICA FUND		17	E-mini S&P 500 Stock Index		P		March 2019	$	2,228,713	$	2,129,420	$	(99,293	)		0.8	%
MID-CAP EQUITY INDEX FUND		252	E-mini S&P MidCap 400 Stock Index		P		March 2019	$	43,703,210	$	41,887,440	$	(1,815,770	)		3.3	%

(a) Includes the cumulative appreciation (depreciation) of futures contracts, which is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day’s variation margin payable or receivable.

(2) Percentage is less than 0.05%.

(3) U.S. Government guaranteed security.

120

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MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2018

	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund†
ASSETS
Investments at fair value
(Cost:  Equity Index Fund — $1,726,850,058 All America Fund — $215,184,834 Small Cap Value Fund — $426,547,008 Small Cap Growth Fund — $484,419,823 Small Cap Equity Index Fund — $20,644,271 Mid Cap Value Fund — $73,101,440 Mid-Cap Equity Index Fund — $1,186,999,936 International Fund — $530,421,726 Composite Fund — $162,803,810 Retirement Income Fund — $102,865,400 2010 Retirement Fund — $24,290,216 2015 Retirement Fund — $137,133,345 2020 Retirement Fund — $511,451,394 2025 Retirement Fund — $705,192,058)
(Notes 1 and 3)	$	2,623,094,766	$	268,394,073	$	431,714,674	$	486,494,520	$	17,173,329
Cash		1,273		3,046		656		508		166
Interest and dividends receivable		2,931,821		304,052		384,025		259,346		21,632
Receivable for securities sold		2,124,057		173,759		—		831,273		69,265
Receivable for daily variation on future contracts		650,103		22,958		—		—		—
Shareholder subscriptions receivable		1,563,463		—		22,375		151,314		43,789
Other receivables		—		—		—		—		—
TOTAL ASSETS		2,630,365,483		268,897,888		432,121,730		487,736,961		17,308,181
LIABILITIES
Payable for securities purchased		1,713,929		664,383		4,079,240		4,357,903		99,843
Shareholder redemptions payable		—		142,721		—		—		—
Accrued expenses		42,042		16,677		40,405		46,721		236
TOTAL LIABILITIES:		1,755,971		823,781		4,119,645		4,404,624		100,079
NET ASSETS	$	2,628,609,512	$	268,074,107	$	428,002,085	$	483,332,337	$	17,208,102
NUMBEROF SHARES OUTSTANDING (Note 4)		696,239,527		130,791,956		315,131,497		382,867,811		20,786,591
NET ASSET VALUES, offering and redemption price per share		$3.78		$2.05		$1.36		$1.26		$0.83
COMPONENTSOF NET ASSETS
Paid-in capital	$	1,648,947,536	$	195,467,685	$	389,300,899	$	434,932,094	$	20,905,666
Total Distributable Earnings (Loss) (Notes 1, 5 and 6)		979,661,976		72,606,422		38,701,186		48,400,243		(3,697,564	)
NET ASSETS	$	2,628,609,512	$	268,074,107	$	428,002,085	$	483,332,337	$	17,208,102

† Fund commenced operations on July 2, 2018.

(a) The Retirement and Allocation Funds are invested in affiliated investment companies of Mutual of America Investment Corp.

The accompanying notes are an integral part of these financial statements.

122

Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund			Composite Fund		Retirement Income Fund			2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund
$	80,057,203	$	1,279,724,862	$	510,614,245		$	171,738,036	$	101,431,551	(a)	$	23,993,824	(a)	$	138,459,032	(a)	$	515,191,697	(a)	$	709,843,502	(a)
	165		771		714			2,064		—			—			—			—			—
	128,465		1,445,082		—			563,233		—			—			—			—			—
	—		388,193		—			245,056		—			—			—			—			—
	—		423,300		—			—		—			—			—			—			—
	19,573		736,514		545,715			—		—			—			—			—			—
	—		—		—			—		11,843			8,652			—			—			—
	80,205,406		1,282,718,722		511,160,674			172,548,389		101,443,394			24,002,476			138,459,032			515,191,697			709,843,502
	157,522		1,329,792		2,635,806			373,335		—			—			—			—			—
	—		—		—			42,483		—			—			—			—			—
	6,107		21,339		7,435			9,858		13,533			9,399			2,016			3,547			4,585
	163,629		1,351,131		2,643,241			425,676		13,533			9,399			2,016			3,547			4,585
$	80,041,777	$	1,281,367,591	$	508,517,433		$	172,122,713	$	101,429,861		$	23,993,077		$	138,457,016		$	515,188,150		$	709,838,917
	59,766,695		663,474,534		663,808,196			102,773,411		90,717,399			25,901,047			142,345,025			458,042,143			590,617,736
	$1.34		$1.93		$0.77			$1.67		$1.12			$0.93			$0.97			$1.12			$1.20
$	69,654,854	$	1,073,152,251	$	514,858,629		$	151,425,498	$	99,730,848		$	23,239,285		$	128,363,562		$	477,218,468		$	660,844,635
	10,386,923		208,215,340		(6,341,196	)		20,697,215		1,699,013			753,792			10,093,454			37,969,682			48,994,282
$	80,041,777	$	1,281,367,591	$	508,517,433		$	172,122,713	$	101,429,861		$	23,993,077		$	138,457,016		$	515,188,150		$	709,838,917

The accompanying notes are an integral part of these financial statements.

123

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

December 31, 2018

	2030 Retirement Fund			2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund
ASSETS
Investments at fair value
(Cost:  2030 Retirement Fund — $612,396,623 2035 Retirement Fund — $503,287,698 2040 Retirement Fund — $406,264,366 2045 Retirement Fund — $425,063,563 2050 Retirement Fund — $300,228,805 2055 Retirement Fund — $79,173,702 2060 Retirement Fund — $4,398,334 Conservative Allocation Fund — $151,739,976 Moderate Allocation Fund — $350,807,778 Aggressive Allocation Fund — $248,586,785 Money Market Fund — $209,741,558 Mid-Term Bond Fund — $592,878,071 Bond Fund — $1,355,265,463)
(Notes 1 and 3)	$	617,113,972	(a)	$	509,448,930	(a)	$	412,661,364	(a)	$	438,114,958	(a)	$	285,290,893	(a)
Cash		—			—			—			—			—
Interest and dividends receivable		—			—			—			—			—
Receivable for securities sold		—			—			—			—			—
Receivable for daily variation on future contracts		—			—			—			—			—
Shareholder subscriptions receivable		—			—			—			—			—
Other receivables		—			—			—			—			—
TOTAL ASSETS		617,113,972			509,448,930			412,661,364			438,114,958			285,290,893
LIABILITIES
Payable for securities purchased		—			—			—			—			—
Shareholder redemptions payable		—			—			—			—			—
Accrued expenses		3,919			2,820			2,713			2,972			1,520
TOTAL LIABILITIES		3,919			2,820			2,713			2,972			1,520
NET ASSETS	$	617,110,053		$	509,446,110		$	412,658,651		$	438,111,986		$	285,289,373
NUMBEROF SHARES OUTSTANDING (Note 4)		499,279,402			410,004,672			337,385,671			360,758,050			194,840,021
NET ASSET VALUES, offering and redemption price per share		$1.24			$1.24			$1.22			$1.21			$1.46
COMPONENTSOF NET ASSETS
Paid-in capital	$	574,537,635		$	471,358,054		$	381,964,481		$	396,234,052		$	284,414,321
Total Distributable Earnings (Loss) (Notes 1, 5 and 6)		42,572,418			38,088,056			30,694,170			41,877,934			875,052
NET ASSETS	$	617,110,053		$	509,446,110		$	412,658,651		$	438,111,986		$	285,289,373

† Fund commenced operations on July 2, 2018.

(a) The Retirement and Allocation Funds are invested in affiliated investment companies of Mutual of America Investment Corp.

The accompanying notes are an integral part of these financial statements.

124

2055 Retirement Fund			2060 Retirement Fund†			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund		Mid-Term Bond Fund		Bond Fund
$	70,296,305	(a)	$	4,045,388	(a)	$	149,940,628	(a)	$	371,138,159	(a)	$	271,377,197	(a)	$	209,741,608	$	583,067,891	$	1,336,321,769
	—			—			—			—			—			13,453		182		378
	—			—			—			—			—			—		3,497,224		8,560,794
	—			—			—			—			—			—		—		8,763
	—			—			—			—			—			—		—		—
	—			—			—			—			—			162,372		185,473		767,979
	—			—			—			—			—			—		—		—
	70,296,305			4,045,388			149,940,628			371,138,159			271,377,197			209,917,433		586,750,770		1,345,659,683
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		—
	226			3			258			543			1,330			4,514		28,516		65,140
	226			3			258			543			1,330			4,514		28,516		65,140
$	70,296,079		$	4,045,385		$	149,940,370		$	371,137,616		$	271,375,867		$	209,912,919	$	586,722,254	$	1,345,594,543
	63,777,224			4,522,127			128,699,580			267,950,109			177,406,835			171,848,668		572,739,290		956,663,157
	$1.10			$0.89			$1.17			$1.39			$1.53			$1.2215		$1.02		$1.41
$	75,825,700		$	4,364,120		$	145,364,441		$	327,938,945		$	227,266,982		$	207,691,655	$	583,772,310	$	1,328,191,317
	(5,529,621	)		(318,735	)		4,575,929			43,198,671			44,108,885			2,221,264		2,949,944		17,403,226
$	70,296,079		$	4,045,385		$	149,940,370		$	371,137,616		$	271,375,867		$	209,912,919	$	586,722,254	$	1,345,594,543

The accompanying notes are an integral part of these financial statements.

125

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2018

	Equity Index Fund			All America Fund			Small Cap Value Fund			Small Cap Growth Fund			Small Cap Equity Index Fund†
INVESTMENT INCOMEAND EXPENSES
INVESTMENT INCOME
Dividends	$	53,537,747		$	5,422,151		$	9,063,700		$	4,949,761		$	123,247
Interest		1,528,757			157,594			369,559			335,521			335
Total investment income		55,066,504			5,579,745			9,433,259			5,285,282			123,582
EXPENSES
Investment advisory fees (Note 2)		2,119,857			1,264,089			3,717,632			4,225,839			5,564
Other operating expenses
Accounting and recordkeeping expenses		512,580			129,847			101,482			115,090			45,185
Shareholders reports		17,284			17,524			17,283			17,283			1,193
Custodian expenses		38,455			67,752			12,344			16,184			67,851
Independent directors’ fees and expenses		190,928			21,646			33,949			38,543			106
Audit		77,806			22,189			19,878			24,008			111
Legal and Compliance		115,693			33,006			29,576			35,718			162
Administrative		380,593			43,246			67,822			76,986			190
Licenses		240,568			16,312			—			—			153
Other (including year-end accrual)		69,223			18,717			15,616			14,071			(62	)
Total operating expenses		1,643,130			370,239			297,950			337,883			114,889
Total expenses before reimbursement		3,762,987			1,634,328			4,015,582			4,563,722			120,453
Non-Advisory operating expense reimbursement (Note 2)		—			—			—			—			—
Fee waiver and expense reimbursement (Note 2)		—			—			—			—			(109,696	)
Net expenses		3,762,987			1,634,328			4,015,582			4,563,722			10,757
Net Investment Income (Loss)		51,303,517			3,945,417			5,417,677			721,560			112,825
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND FUTURES CONTRACTS (Note 1)
Net realized gain (loss) on:
Investment securities		63,935,051			20,453,902			26,004,396			46,288,828			(203,024	)
Futures contracts (Note 1)		(4,062,277	)		(93,710	)		—			—			—
Gain distributions from Mutual of America Investment Corp. Funds		—			—			—			—			—
		59,872,774			20,360,192			26,004,396			46,288,828			(203,024	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(234,693,430	)		(47,718,997	)		(103,915,943	)		(115,920,143	)		(3,470,942	)
Futures contracts (Note 1)		(3,679,425	)		(191,272	)		—			—			—
		(238,372,855	)		(47,910,269	)		(103,915,943	)		(115,920,143	)		(3,470,942	)
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND FUTURES CONTRACTS		(178,500,081	)		(27,550,077	)		(77,911,547	)		(69,631,315	)		(3,673,966	)
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS	$	(127,196,564	)	$	(23,604,660	)	$	(72,493,870	)	$	(68,909,755	)	$	(3,561,141	)

† For the period July 2, 2018 (Commencement of Operations) to December 31, 2018.

(a) The Retirement and Allocation Funds are invested in affiliated funds of Mutual of America Investment Corp. and receive dividend income entirely from these affiliated funds.

(b) The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Certain operating expenses that can be attributed only to the Retirement and Allocation Funds were charged directly to those Funds, subject to the Adviser’s agreement to reimburse direct non-advisory operating expenses of any such Fund whose average daily net assets for the prior calendar year was less than $50 million. The Retirement and Allocation Funds will also continue to bear their pro-rata share of the non-advisory operating expenses borne by each of the underlying Funds in which they invest.

(c) Realized gains and losses for the Retirement and Allocation Funds result from the disposition of shares of the underlying funds.

(d) Net of foreign taxes of $1,248,463.

The accompanying notes are an integral part of these financial statements.

126

Mid Cap Value Fund			Mid-Cap Equity Index Fund			International Fund			Composite Fund			Retirement Income Fund			2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund
$	2,056,704		$	23,121,335		$	14,959,025	(d)	$	2,469,438		$	1,917,349	(a)	$	469,473	(a)	$	2,849,252	(a)	$	10,417,865	(a)	$	13,447,741	(a)
	47,681			1,031,491			529,623			2,530,552			—			—			—			—			—
	2,104,385			24,152,826			15,488,648			4,999,990			1,917,349			469,473			2,849,252			10,417,865			13,447,741
	537,943			1,100,882			405,926			755,522			50,691	(b)		12,584	(b)		75,115	(b)		267,328	(b)		361,262	(b)
	32,412			281,639			99,406			70,798			9,269	(b)		8,897	(b)		9,506	(b)		11,376	(b)		12,290	(b)
	17,156			17,284			14,749			20,866			13,517	(b)		13,995	(b)		13,988	(b)		13,989	(b)		13,989	(b)
	9,058			35,103			7,642			26,027			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	6,731			100,110			36,863			12,828			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	6,899			46,455			2,589			13,153			7,026	(b)		1,757	(b)		10,490	(b)		37,095	(b)		49,898	(b)
	10,264			69,104			3,851			19,559			6,346	(b)		1,589	(b)		9,483	(b)		33,514	(b)		45,059	(b)
	13,459			199,867			73,579			25,593			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	—			125,864			—			—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	(1,241	)		33,992			24,205			5,118			(8,398	)(b)		1,277	(b)		(8,285	)(b)		(12,631	)(b)		(15,838	)(b)
	94,738			909,418			262,884			193,942			27,760			27,515			35,182			83,343			105,398
	632,681			2,010,300			668,810			949,464			78,451			40,099			110,297			350,671			466,660
	—			—			—			—			—			—			—			—			—
	—			—			—			—			—			(27,515	)		—			—			—
	632,681			2,010,300			668,810			949,464			78,451			12,584			110,297			350,671			466,660
	1,471,704			22,142,526			14,819,838			4,050,526			1,838,898			456,889			2,738,955			10,067,194			12,981,081
	1,922,983			105,479,810			—			8,205,586			725,755	(c)		459,478	(c)		4,252,682	(c)		15,194,500	(c)		15,590,248	(c)
	—			(4,074,125	)		—			—			—			—			—			—			—
	—						—			—			837,345			245,370			2,086,649			9,311,016			16,066,673
	1,922,983			101,405,685			—			8,205,586			1,563,100			704,848			6,339,331			24,505,516			31,656,921
	(16,574,717	)		(282,292,149	)		(90,151,424	)		(17,734,526	)		(4,604,759	)		(1,604,780	)		(13,342,292	)		(55,831,920	)		(83,808,474	)
	—			(2,041,192	)		—			—			—			—			—			—			—
	(16,574,717	)		(284,333,341	)		(90,151,424	)		(17,734,526	)		(4,604,759	)		(1,604,780	)		(13,342,292	)		(55,831,920	)		(83,808,474	)
	(14,651,734	)		(182,927,656	)		(90,151,424	)		(9,528,940	)		(3,041,659	)		(899,932	)		(7,002,961	)		(31,326,404	)		(52,151,553	)
$	(13,180,030	)	$	(160,785,130	)	$	(75,331,586	)	$	(5,478,414	)	$	(1,202,761	)	$	(443,043	)	$	(4,264,006	)	$	(21,259,210	)	$	(39,170,472	)

The accompanying notes are an integral part of these financial statements.

127

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Continued)

For the Year Ended December 31, 2018

	2030 Retirement Fund			2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund
INVESTMENT INCOMEAND EXPENSES
INVESTMENT INCOME
Dividends	$	11,147,433	(a)	$	8,775,101	(a)	$	6,978,924	(a)	$	7,354,825	(a)	$	4,578,173	(a)
Interest		—			—			—			—			—
Total investment income		11,147,433			8,775,101			6,978,924			7,354,825			4,578,173
EXPENSES
Investment advisory fees (Note 2)		310,056	(b)		257,852	(b)		210,500	(b)		229,077	(b)		142,530	(b)
Other operating expenses
Accounting and recordkeeping expenses		11,793	(b)		11,284	(b)		10,823	(b)		11,004	(b)		10,162	(b)
Shareholders reports		13,989	(b)		13,989	(b)		13,497	(b)		13,497	(b)		13,498	(b)
Custodian expenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Independent directors’ fees and expenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Audit		42,704	(b)		35,541	(b)		29,024	(b)		31,713	(b)		19,568	(b)
Legal and Compliance		38,551	(b)		32,087	(b)		26,204	(b)		28,645	(b)		17,659	(b)
Administrative		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Licenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Other (including year-end accrual)		(15,906	)(b)		(14,178	)(b)		(12,823	)(b)		(12,497	)(b)		(11,587	)(b)
Total operating expenses		91,131			78,723			66,725			72,362			49,300
Total expenses before reimbursement		401,187			336,575			277,225			301,439			191,830
Non-Advisory operating expense reimbursement (Note 2)		—			—			—			—			—
Fee waiver and expense reimbursement (Note 2)		—			—			—			—			—
Net expenses		401,187			336,575			277,225			301,439			191,830
Net Investment Income (Loss)		10,746,246			8,438,526			6,701,699			7,053,386			4,386,343
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND FUTURES CONTRACTS (Note 1)
Net realized gain (loss) on:
Investment securities		10,272,348	(c)		7,667,517	(c)		4,012,436	(c)		6,274,437	(c)		1,243,234	(c)
Futures contracts (Note 1)		—			—			—			—			—
Gain distributions from Mutual of America Investment Corp. Funds		17,068,493			15,972,837			13,746,469			15,655,544			10,237,105
		27,340,841			23,640,354			17,758,905			21,929,981			11,480,339
Change in net unrealized appreciation (depreciation) of:
Investment securities		(80,777,544	)		(72,350,523	)		(59,858,047	)		(68,276,695	)		(43,320,775	)
Futures contracts (Note 1)		—			—			—			—			—
		(80,777,544	)		(72,350,523	)		(59,858,047	)		(68,276,695	)		(43,320,775	)
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTSAND FUTURES CONTRACTS		(53,436,703	)		(48,710,169	)		(42,099,142	)		(46,346,714	)		(31,840,436	)
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS	$	(42,690,457	)	$	(40,271,643	)	$	(35,397,443	)	$	(39,293,328	)	$	(27,454,093	)

† For the period July 2, 2018 (Commencement of Operations) to December 31, 2018.

(a) The Retirement and Allocation Funds are invested in affiliated funds of Mutual of America Investment Corp. and receive dividend income entirely from these affiliated funds.

(b) The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Certain operating expenses that can be attributed only to the Retirement and Allocation Funds were charged directly to those Funds, subject to the Adviser’s agreement to reimburse direct non-advisory operating expenses of any such Fund whose average daily net assets for the prior calendar year was less than $50 million. The Retirement and Allocation Funds will also continue to bear their pro-rata share of the non-advisory operating expenses borne by each of the underlying Funds in which they invest.

(c) Realized gains and losses for the Retirement and Allocation Funds result from the disposition of shares of the underlying funds.

The accompanying notes are an integral part of these financial statements.

128

2055 Retirement Fund			2060 Retirement Fund†			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund			Mid-Term Bond Fund			Bond Fund
$	964,037	(a)	$	11,263	(a)	$	3,302,279	(a)	$	7,770,185	(a)	$	5,255,486	(a)	$	—		$	—		$	—
	—			—			—			—			—			2,471,508			16,333,814			43,341,347
	964,037			11,263			3,302,279			7,770,185			5,255,486			2,471,508			16,333,814			43,341,347
	27,081	(b)		363	(b)		—	(b)		—	(b)		—	(b)		183,717			2,269,800			5,031,457
	9,039	(b)		8,779	(b)		9,533	(b)		10,710	(b)		10,237	(b)		31,068			119,946			272,198
	13,497	(b)		2,047	(b)		13,699	(b)		13,699	(b)		13,699	(b)		14,562			17,522			20,518
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		8,261			9,449			32,413
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		7,183			38,110			86,615
	3,532	(b)		26	(b)		10,824	(b)		27,692	(b)		20,996	(b)		6,249			12,373			28,634
	3,170	(b)		21	(b)		9,780	(b)		25,027	(b)		18,982	(b)		9,237			18,398			42,587
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		13,966			75,896			172,484
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—			—			—
	2,760	(b)		41	(b)		(9,692	)(b)		(11,062	)(b)		(10,095	)(b)		(23,938	)		(1,671	)		61,520
	31,998			10,914			34,144			66,066			53,819			66,588			290,023			716,969
	59,079			11,277			34,144			66,066			53,819			250,305			2,559,823			5,748,426
	—			—			—			—			—			—			—			—
	(31,998	)		(10,914	)		—			—			—			—			—			—
	27,081			363			34,144			66,066			53,819			250,305			2,559,823			5,748,426
	936,956			10,900			3,268,135			7,704,119			5,201,667			2,221,203			13,773,991			37,592,921
	232,473	(c)		(1,669	)(c)		2,188,364	(c)		10,675,873	(c)		10,427,323	(c)		1,034			(1,152,125	)		(1,162,860	)
	—			—			—			—			—			—			—			—
	2,179,496			24,980			1,360,659			6,765,439			8,180,691			—			—			—
	2,411,969			23,311			3,549,023			17,441,312			18,608,014			1,034			(1,152,125	)		(1,162,860	)
	(10,460,646	)		(352,946	)		(9,969,340	)		(42,306,403	)		(44,438,353	)		(341	)		(9,127,556	)		(33,378,126	)
	—			—			—			—			—			—			—			—
	(10,460,646	)		(352,946	)		(9,969,340	)		(42,306,403	)		(44,438,353	)		(341	)		(9,127,556	)		(33,378,126	)
	(8,048,677	)		(329,635	)		(6,420,317	)		(24,865,091	)		(25,830,339	)		693			(10,279,681	)		(34,540,986	)
$	(7,111,721	)	$	(318,735	)	$	(3,152,182	)	$	(17,160,972	)	$	(20,628,672	)	$	2,221,896		$	3,494,310		$	3,051,935

The accompanying notes are an integral part of these financial statements.

129

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,

	Equity Index Fund						All America Fund
	2018			2017			2018			2017
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	51,303,517		$	44,215,785		$	3,945,417		$	4,117,512
Net realized gain (loss) on investments and futures contracts		59,872,774			62,492,844			20,360,192			16,748,863
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(238,372,855	)		362,502,928			(47,910,269	)		33,991,640
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		(127,196,564	)		469,211,557			(23,604,660	)		54,858,015
DISTRIBUTIONS (Notes 1 and 5)(a)
From Distributable Earnings		(107,012,813	)		(84,781,549	)		(20,436,408	)		(40,782,397	)
Return of Capital		—			—			—			—
Total distributions		(107,012,813	)		(84,781,549	)		(20,436,408	)		(40,782,397	)
CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		251,921,033			280,655,275			5,132,192			4,994,968
Dividends reinvested		107,012,813			84,781,549			20,436,408			40,782,397
Cost of shares redeemed		(207,699,908	)		(181,599,618	)		(38,189,780	)		(30,960,356	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		151,233,938			183,837,206			(12,621,180	)		14,817,009
INCREASE (DECREASE)IN NET ASSETS		(82,975,439	)		568,267,214			(56,662,248	)		28,892,627
NET ASSETS, BEGINNINGOF YEAR		2,711,584,951			2,143,317,737			324,736,355			295,843,728
NET ASSETS, ENDOF YEAR	$	2,628,609,512		$	2,711,584,951		$	268,074,107		$	324,736,355
ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) (Notes 5 and 6)(b)	$	—		$	43,482,957		$	—		$	3,999,110
OTHER INFORMATION:
Shares outstanding at the beginning of year		660,764,208			613,796,674			136,259,701			129,150,212
Shares sold		60,734,671			72,758,083			2,200,603			2,084,026
Shares issued as reinvestment of dividends		24,643,816			21,862,291			8,455,221			17,925,989
Shares redeemed		(49,903,168	)		(47,652,840	)		(16,123,569	)		(12,900,526	)
Net increase (decrease)		35,475,319			46,967,534			(5,467,745	)		7,109,489
Shares outstanding at the end of year		696,239,527			660,764,208			130,791,956			136,259,701

† For the period July 2, 2018 (Commencement of Operations) to December 31, 2018.

(a) Prior Year Distributions have been modified to conform to the 2018 presentation. See Note 6, Recent Accounting Pronouncements for additional details.

(b) Not presented for 2018 as a result of adoption of SEC’s Disclosure Update and Simplification Rule.

The accompanying notes are an integral part of these financial statements.

130

Small Cap Value Fund						Small Cap Growth Fund						Small Cap Equity Index Fund†			Mid Cap Value Fund						Mid-Cap Equity Index Fund
2018			2017			2018			2017			2018			2018			2017			2018			2017
$	5,417,677		$	8,270,846		$	721,560		$	296,515		$	112,825		$	1,471,704		$	1,550,315		$	22,142,526		$	19,343,960
	26,004,396			36,492,214			46,288,828			38,804,225			(203,024	)		1,922,983			7,184,494			101,405,685			87,448,679
	(103,915,943	)		(6,611,332	)		(115,920,143	)		64,349,468			(3,470,942	)		(16,574,717	)		5,161,646			(284,333,341	)		91,555,570
	(72,493,870	)		38,151,728			(68,909,755	)		103,450,208			(3,561,141	)		(13,180,030	)		13,896,455			(160,785,130	)		198,348,209
	(43,728,999	)		(25,140,443	)		(39,717,181	)		(17,587,485	)		(136,423	)		(8,924,532	)		(5,341,436	)		(109,431,002	)		(93,395,748	)
	—			—			—			—			(965	)		—			—			—			—
	(43,728,999	)		(25,140,443	)		(39,717,181	)		(17,587,485	)		(137,388	)		(8,924,532	)		(5,341,436	)		(109,431,002	)		(93,395,748	)
	38,386,795			50,530,295			43,996,025			56,136,417			21,675,638			5,341,000			7,799,776			119,784,786			139,275,450
	43,728,999			25,140,443			39,717,181			17,587,485			137,388			8,924,532			5,341,436			109,431,002			93,395,748
	(43,612,589	)		(47,802,151	)		(46,655,929	)		(37,490,815	)		(906,395	)		(15,513,349	)		(16,319,390	)		(129,665,172	)		(130,627,727	)
	38,503,205			27,868,587			37,057,277			36,233,087			20,906,631			(1,247,817	)		(3,178,178	)		99,550,616			102,043,471
	(77,719,664	)		40,879,872			(71,569,659	)		122,095,810			17,208,102			(23,352,379	)		5,376,841			(170,665,516	)		206,995,932
	505,721,749			464,841,877			554,901,996			432,806,186			—			103,394,156			98,017,315			1,452,033,107			1,245,037,175
$	428,002,085		$	505,721,749		$	483,332,337		$	554,901,996		$	17,208,102		$	80,041,777		$	103,394,156		$	1,281,367,591		$	1,452,033,107
$	—		$	7,813,509		$	—		$	182,432		$	—		$	—		$	1,717,714		$	—		$	17,265,865
	291,434,007			275,365,315			359,318,522			335,357,612			—			60,396,632			62,318,941			619,888,133			574,306,144
	23,639,432			29,611,517			29,169,976			38,971,886			21,543,303			3,234,055			4,806,994			52,594,103			61,230,392
	26,270,022			14,598,450			24,913,550			11,783,010			167,927			5,513,245			3,270,674			46,453,117			41,917,027
	(26,211,964	)		(28,141,275	)		(30,534,237	)		(26,793,986	)		(924,639	)		(9,377,237	)		(9,999,977	)		(55,460,819	)		(57,565,430	)
	23,697,490			16,068,692			23,549,289			23,960,910			20,786,591			(629,937	)		(1,922,309	)		43,586,401			45,581,989
	315,131,497			291,434,007			382,867,811			359,318,522			20,786,591			59,766,695			60,396,632			663,474,534			619,888,133

The accompanying notes are an integral part of these financial statements.

131

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

For the Years Ended December 31,

	International Fund						Composite Fund
	2018			2017			2018			2017
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	14,819,838		$	12,148,232		$	4,050,526		$	3,881,754
Net realized gain (loss) on investments and futures contracts		—			70			8,205,586			14,133,237
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(90,151,424	)		84,667,994			(17,734,526	)		5,080,238
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		(75,331,586	)		96,816,296			(5,478,414	)		23,095,229
DISTRIBUTIONS (Notes 1 and 5)(a)
From Distributable Earnings		(12,148,302	)		(11,081,445	)		(18,147,487	)		(25,296,946	)
Total distributions		(12,148,302	)		(11,081,445	)		(18,147,487	)		(25,296,946	)
CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		88,808,391			93,050,146			8,858,290			5,856,506
Dividends reinvested		12,148,302			11,081,445			18,147,487			25,296,946
Cost of shares redeemed		(42,429,454	)		(29,124,853	)		(21,628,078	)		(19,724,207	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		58,527,239			75,006,738			5,377,699			11,429,245
INCREASE (DECREASE)IN NET ASSETS		(28,952,649	)		160,741,589			(18,248,202	)		9,227,528
NET ASSETS, BEGINNINGOF YEAR		537,470,082			376,728,493			190,370,915			181,143,387
NET ASSETS, ENDOF YEAR	$	508,517,433		$	537,470,082		$	172,122,713		$	190,370,915
ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) (Notes 5 and 6)(b)	$	—		$	12,148,232		$	—		$	3,867,102
OTHER INFORMATION:
Shares outstanding at the beginning of year		594,344,780			506,896,525			99,760,702			92,999,300
Shares sold		103,838,007			109,396,814			4,789,234			2,942,783
Shares issued as reinvestment of dividends		13,966,487			12,707,482			9,946,383			13,750,699
Shares redeemed		(48,341,078	)		(34,656,041	)		(11,722,908	)		(9,932,080	)
Net increase (decrease)		69,463,416			87,448,255			3,012,709			6,761,402
Shares outstanding at the end of year		663,808,196			594,344,780			102,773,411			99,760,702

(a) Prior Year Distributions have been modified to conform to the 2018 presentation. See Note 6, Recent Accounting Pronouncements for additional details.

(b) Not presented for 2018 as a result of adoption of SEC’s Disclosure Update and Simplification Rule.

The accompanying notes are an integral part of these financial statements.

132

Retirement Income Fund						2010 Retirement Fund						2015 Retirement Fund						2020 Retirement Fund
2018			2017			2018			2017			2018			2017			2018			2017
$	1,838,898		$	1,694,924		$	456,889		$	473,638		$	2,738,955		$	2,753,792		$	10,067,194		$	8,793,328
	1,563,100			1,450,226			704,848			1,045,438			6,339,331			6,094,685			24,505,516			15,104,286
	(4,604,759	)		2,753,539			(1,604,780	)		619,430			(13,342,292	)		6,185,688			(55,831,920	)		30,791,307
	(1,202,761	)		5,898,689			(443,043	)		2,138,506			(4,264,006	)		15,034,165			(21,259,210	)		54,688,921
	(3,090,568	)		(2,919,135	)		(1,546,101	)		(1,694,368	)		(8,984,709	)		(9,533,352	)		(23,776,592	)		(22,897,983	)
	(3,090,568	)		(2,919,135	)		(1,546,101	)		(1,694,368	)		(8,984,709	)		(9,533,352	)		(23,776,592	)		(22,897,983	)
	23,573,287			32,172,908			3,296,291			4,928,903			13,089,181			15,693,916			60,347,677			77,413,289
	3,090,568			2,919,135			1,546,101			1,694,368			8,984,709			9,533,352			23,776,592			22,897,983
	(21,759,327	)		(12,952,830	)		(4,410,138	)		(7,200,626	)		(25,354,072	)		(22,133,922	)		(48,752,890	)		(33,093,454	)
	4,904,528			22,139,213			432,254			(577,355	)		(3,280,182	)		3,093,346			35,371,379			67,217,818
	611,199			25,118,767			(1,556,890	)		(133,217	)		(16,528,897	)		8,594,159			(9,664,423	)		99,008,756
	100,818,662			75,699,895			25,549,967			25,683,184	)		154,985,913			146,391,754			524,852,573			425,843,817
$	101,429,861		$	100,818,662		$	23,993,077		$	25,549,967		$	138,457,016		$	154,985,913		$	515,188,150		$	524,852,573
$	—		$	1,751,326		$	—		$	490,991		$	—		$	2,885,420		$	—		$	9,311,834
	86,397,770			67,312,624			25,359,862			25,875,441			145,270,066			142,136,674			428,449,681			372,702,026
	20,479,659			27,753,913			3,369,969			4,824,578			12,616,643			14,745,583			50,253,586			64,222,463
	2,673,992			2,540,886			1,597,232			1,716,264			8,673,847			9,148,642			19,519,809			19,226,863
	(18,834,022	)		(11,209,653	)		(4,426,016	)		(7,056,421	)		(24,215,531	)		(20,760,833	)		(40,180,933	)		(27,701,671	)
	4,319,629			19,085,146			541,185			(515,579	)		(2,925,041	)		3,133,392			29,592,462			55,747,655
	90,717,399			86,397,770			25,901,047			25,359,862			142,345,025			145,270,066			458,042,143			428,449,681

The accompanying notes are an integral part of these financial statements.

133

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

For the Years Ended December 31,

	2025 Retirement Fund						2030 Retirement Fund
	2018			2017			2018			2017
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	12,981,081		$	10,522,461		$	10,746,246		$	8,227,039
Net realized gain (loss) on investments and futures contracts		31,656,921			24,263,779			27,340,841			20,606,333
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(83,808,474	)		43,536,296			(80,777,544	)		43,362,960
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		(39,170,472	)		78,322,536			(42,690,457	)		72,196,332
DISTRIBUTIONS (Notes 1 and 5)(a)
From Distributable Earnings		(34,713,526	)		(25,993,438	)		(28,749,432	)		(22,873,632	)
Total distributions		(34,713,526	)		(25,993,438	)		(28,749,432	)		(22,873,632	)
CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		100,541,513			126,625,039			110,358,460			106,077,871
Dividends reinvested		34,713,526			25,993,438			28,749,432			22,873,632
Cost of shares redeemed		(37,264,538	)		(23,344,451	)		(28,265,110	)		(16,853,502	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		97,990,501			129,274,026			110,842,782			112,098,001
INCREASE (DECREASE)IN NET ASSETS		24,106,503			181,603,124			39,402,893			161,420,701
NET ASSETS, BEGINNINGOF YEAR		685,732,414			504,129,290			577,707,160			416,286,459
NET ASSETS, ENDOF YEAR	$	709,838,917		$	685,732,414		$	617,110,053		$	577,707,160
Accumulated Undistributed Net Investment Income (Loss) (Notes 5 and 6)(b)	$	—		$	11,340,011		$	—		$	9,022,072
OTHER INFORMATION:
Shares outstanding at the beginning of year		515,854,916			415,825,169			417,986,579			334,109,962
Shares sold		77,021,501			98,079,023			81,176,275			79,451,171
Shares issued as reinvestment of dividends		26,138,522			20,203,892			20,616,212			17,170,566
Shares redeemed		(28,397,203	)		(18,253,168	)		(20,499,664	)		(12,745,120	)
Net increase (decrease)		74,762,820			100,029,747			81,292,823			83,876,617
Shares outstanding at the end of year		590,617,736			515,854,916			499,279,402			417,986,579

(a) Prior Year Distributions have been modified to conform to the 2018 presentation. See Note 6, Recent Accounting Pronouncements for additional details.

(b) Not presented for 2018 as a result of adoption of SEC’s Disclosure Update and Simplification Rule.

The accompanying notes are an integral part of these financial statements.

134

2035 Retirement Fund						2040 Retirement Fund						2045 Retirement Fund						2050 Retirement Fund
2018			2017			2018			2017			2018			2017			2018			2017
$	8,438,526		$	6,399,619		$	6,701,699		$	5,056,427		$	7,053,386		$	5,479,547		$	4,386,343		$	3,010,594
	23,640,354			17,064,308			17,758,905			13,534,381			21,929,981			16,561,865			11,480,339			7,016,419
	(72,350,523	)		40,982,001			(59,858,047	)		34,637,708			(68,276,695	)		39,378,606			(43,320,775	)		23,769,184
	(40,271,643	)		64,445,928			(35,397,443	)		53,228,516			(39,293,328	)		61,420,018			(27,454,093	)		33,796,197
	(23,387,137	)		(19,255,431	)		(18,569,497	)		(16,601,460	)		(22,005,608	)		(18,332,000	)		(10,077,205	)		(7,079,329	)
	(23,387,137	)		(19,255,431	)		(18,569,497	)		(16,601,460	)		(22,005,608	)		(18,332,000	)		(10,077,205	)		(7,079,329	)
	87,912,910			82,835,500			67,075,551			66,867,713			59,427,642			60,429,606			63,234,612			65,362,608
	23,387,137			19,255,431			18,569,497			16,601,460			22,005,608			18,332,000			10,077,205			7,079,329
	(22,366,520	)		(14,947,422	)		(11,806,980	)		(13,006,066	)		(19,372,704	)		(16,905,936	)		(6,989,371	)		(6,709,097	)
	88,933,527			87,143,509			73,838,068			70,463,107			62,060,546			61,855,670			66,322,446			65,732,840
	25,274,747			132,334,006			19,871,128			107,090,163			761,610			104,943,688			28,791,148			92,449,708
	484,171,363			351,837,357			392,787,523			285,697,360			437,350,376			332,406,688			256,498,225			164,048,517
$	509,446,110		$	484,171,363		$	412,658,651		$	392,787,523		$	438,111,986		$	437,350,376		$	285,289,373		$	256,498,225
$	—		$	7,120,325		$	—		$	5,677,938		$	—		$	6,218,541		$	—		$	3,442,823
	345,541,845			281,100,694			283,386,019			230,643,020			315,271,648			268,924,524			154,619,686			112,896,396
	64,050,159			61,396,950			49,388,270			50,159,660			43,877,177			45,393,704			38,536,206			41,635,209
	16,432,749			14,298,764			13,163,191			12,463,175			15,632,425			13,753,057			5,910,720			4,440,753
	(16,020,081	)		(11,254,563	)		(8,551,809	)		(9,879,836	)		(14,023,200	)		(12,799,637	)		(4,226,591	)		(4,352,672	)
	64,462,827			64,441,151			53,999,652			52,742,999			45,486,402			46,347,124			40,220,335			41,723,290
	410,004,672			345,541,845			337,385,671			283,386,019			360,758,050			315,271,648			194,840,021			154,619,686

The accompanying notes are an integral part of these financial statements.

135

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

For the Years Ended December 31,

	2055 Retirement Fund						2060 Retirement Fund†			Conservative Allocation Fund
	2018			2017			2018			2018			2017
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	936,956		$	279,997		$	10,900		$	3,268,135		$	3,214,157
Net realized gain (loss) on investments and futures contracts		2,411,969			644,084			23,311			3,549,023			6,595,313
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(10,460,646	)		1,552,376			(352,946	)		(9,969,340	)		2,573,385
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		(7,111,721	)		2,476,457			(318,735	)		(3,152,182	)		12,382,855
DISTRIBUTIONS (Notes 1 and 5)(a)
From Distributable Earnings		(908,891	)		—			—			(9,978,359	)		(5,729,904	)
Total distributions		(908,891	)		—			—			(9,978,359	)		(5,729,904	)
CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		44,845,628			29,317,575			4,526,850			15,703,357			20,472,615
Dividends reinvested		908,891			—			—			9,978,359			5,729,904
Cost of shares redeemed		(1,747,286	)		(803,993	)		(162,730	)		(19,128,685	)		(15,859,329	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		44,007,233			28,513,582			4,364,120			6,553,031			10,343,190
INCREASE (DECREASE)IN NET ASSETS		35,986,621			30,990,039			4,045,385			(6,577,510	)		16,996,141
NET ASSETS, BEGINNINGOF YEAR		34,309,458			3,319,419			—			156,517,880			139,521,739
NET ASSETS, ENDOF YEAR	$	70,296,079		$	34,309,458		$	4,045,385		$	149,940,370		$	156,517,880
ACCUMULATED UNDISTRIBUTED NET INVESTMENT INCOME (LOSS) (Notes 5 and 6)(b)	$	—		$	320,748		$	—		$	—		$	3,300,750
OTHER INFORMATION:
Shares outstanding at the beginning of year		27,964,164			3,191,688			—			123,302,016			115,118,175
Shares sold		36,533,527			25,479,233			4,678,627			12,641,849			16,225,324
Shares issued as reinvestment of dividends		707,938			—			—			8,205,267			4,593,518
Shares redeemed		(1,428,405	)		(706,757	)		(156,500	)		(15,449,552	)		(12,635,001	)
Net Increase (decrease)		35,813,060			24,772,476			4,522,127			5,397,564			8,183,841
Shares outstanding at the end of year		63,777,224			27,964,164			4,522,127			128,699,580			123,302,016

† For the period July 2, 2018 (Commencement of Operations) to December 31, 2018.

(a) Prior Year Distributions have been modified to conform to the 2018 presentation. See Note 6, Recent Accounting Pronouncements for additional details.

(b) Not presented for 2018 as a result of adoption of SEC’s Disclosure Update and Simplification Rule.

The accompanying notes are an integral part of these financial statements.

136

Moderate Allocation Fund						Aggressive Allocation Fund						Money Market Fund						Mid-Term Bond Fund						Bond Fund
2018			2017			2018			2017			2018			2017			2018			2017			2018			2017
$	7,704,119		$	7,062,679		$	5,201,667		$	4,664,572		$	2,221,203		$	462,689		$	13,773,991		$	12,308,919		$	37,592,921		$	34,954,410
	17,441,312			21,830,015			18,608,014			18,565,041			1,034			445			(1,152,125	)		237,075			(1,162,860	)		(77,618	)
	(42,306,403	)		18,562,193			(44,438,353	)		20,157,123			(341	)		306			(9,127,556	)		(1,156,836	)		(33,378,126	)		5,518,377
	(17,160,972	)		47,454,887			(20,628,672	)		43,386,736			2,221,896			463,440			3,494,310			11,389,158			3,051,935			40,395,169
	(27,841,742	)		(17,819,284	)		(21,790,587	)		(19,916,405	)		(462,689	)		(83,111	)		(12,425,048	)		(12,263,595	)		(34,954,410	)		(34,972,932	)
	(27,841,742	)		(17,819,284	)		(21,790,587	)		(19,916,405	)		(462,689	)		(83,111	)		(12,425,048	)		(12,263,595	)		(34,954,410	)		(34,972,932	)
	28,953,969			33,445,237			13,617,276			17,881,824			169,828,569			21,771,292			86,963,104			109,137,538			181,636,262			215,994,313
	27,841,742			17,819,284			21,790,587			19,916,405			462,689			83,111			12,425,048			12,263,595			34,954,410			34,972,932
	(37,840,320	)		(30,723,099	)		(26,062,101	)		(20,548,822	)		(32,936,939	)		(14,482,315	)		(61,938,177	)		(54,594,230	)		(113,221,685	)		(90,752,819	)
	18,955,391			20,541,422			9,345,762			17,249,407			137,354,319			7,372,088			37,449,975			66,806,903			103,368,987			160,214,426
	(26,047,323	)		50,177,025			(33,073,497	)		40,719,738			139,113,526			7,752,417			28,519,237			65,932,466			71,466,512			165,636,663
	397,184,939			347,007,914			304,449,364			263,729,626			70,799,393			63,046,976			558,203,017			492,270,551			1,274,128,031			1,108,491,368
$	371,137,616		$	397,184,939		$	271,375,867		$	304,449,364		$	209,912,919		$	70,799,393		$	586,722,254		$	558,203,017		$	1,345,594,543		$	1,274,128,031
$	—		$	7,438,128		$	—		$	5,093,663		$	—		$	462,689		$	—		$	12,308,917		$	—		$	34,954,410
	255,351,823			241,781,963			171,830,878			161,691,427			58,802,424			52,661,579			536,217,943			472,826,923			883,024,833			772,998,898
	19,152,826			21,951,443			7,916,032			10,327,417			139,821,287			18,140,836			84,686,753			103,442,063			128,863,445			148,034,706
	18,451,265			11,825,574			12,557,686			11,668,789			381,374			69,182			12,244,949			11,754,947			25,134,852			24,255,513
	(25,005,805	)		(20,207,157	)		(14,897,761	)		(11,856,755	)		(27,156,417	)		(12,069,173	)		(60,410,355	)		(51,805,990	)		(80,359,973	)		(62,264,284	)
	12,598,286			13,569,860			5,575,957			10,139,451			113,046,244			6,140,845			36,521,347			63,391,020			73,638,324			110,025,935
	267,950,109			255,351,823			177,406,835			171,830,878			171,848,668			58,802,424			572,739,290			536,217,943			956,663,157			883,024,833

The accompanying notes are an integral part of these financial statements.

137

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS

Income from investment operations and distributions per share for a Fund share outstanding throughout the five years ended December 31, 2018 (or since the Fund’s inception date if in existence less than five years) and other supplementary data with respect to each Fund are presented below and in the pages following:

	Equity Index Fund
	Years Ended December 31,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	4.10		$	3.49		$	3.26		$	3.41		$	3.09
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.07			0.07			0.06			0.06			0.06
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.23	)		0.67			0.32			(0.03	)		0.35
Total From Investment Operations		(0.16	)		0.74			0.38			0.03			0.41
Less Distributions
From Net Investment Income		(0.07	)		(0.06	)		(0.06	)		(0.06	)		(0.05	)
From Net Realized Gains		(0.09	)		(0.07	)		(0.09	)		(0.12	)		(0.04	)
Total Distributions		(0.16	)		(0.13	)		(0.15	)		(0.18	)		(0.09	)
Net Asset Value, End of Year	$	3.78		$	4.10		$	3.49		$	3.26		$	3.41
Total Return (%)(i)		(4.56	)		21.65			11.80			1.24			13.49
Net Assets, End of Year ($ millions)		2,629			2,712			2,143			1,854			1,789
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		1.83			1.85			2.03			1.94			1.82
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.13			0.14			0.14			0.15			0.17
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.13			0.13	(e)		0.14			0.15			0.17
Portfolio Turnover Rate (%)(a)		3.48			5.23			5.58			4.74			8.07

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Funds exclude expenses of the underlying funds.

(e) Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2).

(f) For the period October 1, 2016 (commencement of operations) through December 31, 2016.

(g) For the period July 2, 2018 (commencement of operations) through December 31, 2018.

(h) Amount is less than $0.005 per share.

(i) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

NA = Not Applicable

The accompanying notes are an integral part of these financial statements.

138

All America Fund															Small Cap Value Fund
Years Ended December 31,															Years Ended December 31,
2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
$	2.38		$	2.29		$	2.22		$	2.42		$	2.38		$	1.74		$	1.69		$	1.44		$	1.61		$	1.72
	0.03			0.03			0.03			0.03			0.03			0.01			0.03			0.02			0.02			0.02
	(0.20	)		0.39			0.21			(0.03	)		0.23			(0.24	)		0.11			0.26			(0.08	)		0.06
	(0.17	)		0.42			0.24			—			0.26			(0.23	)		0.14			0.28			(0.06	)		0.08
	(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
	(0.13	)		(0.30	)		(0.14	)		(0.15	)		(0.19	)		(0.13	)		(0.08	)		(0.02	)		(0.10	)		(0.17	)
	(0.16	)		(0.33	)		(0.17	)		(0.18	)		(0.22	)		(0.15	)		(0.09	)		(0.03	)		(0.11	)		(0.19	)
$	2.05		$	2.38		$	2.29		$	2.22		$	2.42		$	1.36		$	1.74		$	1.69		$	1.44		$	1.61
	(8.27	)		19.41			11.49			(0.04	)		11.16			(14.57	)		8.29			20.04			(3.40	)		5.17
	268			325			296			295			324			428			506			465			376			393
	1.26			1.33			1.42			1.32			1.35			1.10			1.75			1.17			1.14			1.02
	0.52			0.51			0.53			0.55			0.49			0.81			0.81			0.82			0.83			0.84
	0.52			0.51			0.53			0.55			0.49			0.81			0.80	(e)		0.82			0.83			0.84
	17.60			22.28			40.10			14.73			15.38			29.58			34.36			32.06			19.03			38.09

The accompanying notes are an integral part of these financial statements.

139

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

	Small Cap Growth Fund
	Years Ended December 31,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	1.54		$	1.29		$	1.32		$	1.54		$	1.58
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		—	(h)		—	(h)		—	(h)		—	(h)
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.17	)		0.30			0.10			(0.03	)		0.09
Total From Investment Operations		(0.17	)		0.30			0.10			(0.03	)		0.09
Less Distributions
From Net Investment Income		—	(h)		—	(h)		—			—			—	(h)
From Net Realized Gains		(0.11	)		(0.05	)		(0.13	)		(0.19	)		(0.13	)
Return of Capital		—			—			—			—			—
Total Distributions		(0.11	)		(0.05	)		(0.13	)		(0.19	)		(0.13	)
Net Asset Value, End of Year	$	1.26		$	1.54		$	1.29		$	1.32		$	1.54
Total Return (%)(i)		(12.53	)		23.82			8.10			(2.39	)		5.70
Net Assets, End of Year ($ millions)		483			555			433			402			412
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		0.13			0.06			0.06			(0.12	)		(0.09	)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.81			0.82			0.82			0.83			0.84
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.81			0.80	(e)		0.82			0.83			0.84
Portfolio Turnover Rate (%)(a)		60.57			62.33			53.80			67.83			67.58

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Funds exclude expenses of the underlying funds.

(e) Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2).

(f) For the period October 1, 2016 (commencement of operations) through December 31, 2016.

(g) For the period July 2, 2018 (commencement of operations) through December 31, 2018.

(h) Amount is less than $0.005 per share.

(i) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

NA = Not Applicable

The accompanying notes are an integral part of these financial statements.

140

Small Cap Equity Index Fund			Mid Cap Value Fund															Mid-Cap Equity Index Fund
Period Ended December 31, 2018(g)			Years Ended December 31,															Years Ended December 31,
			2018			2017			2016			2015			2014			2018			2017			2016	2015	2014
$	1.00		$	1.71		$	1.57		$	1.46		$	1.63		$	1.53		$	2.34		$	2.17		$1.95	$2.16	$2.08
	0.01			0.03			0.03			0.02			0.02			0.02			0.03			0.03		0.03	0.03	0.03
	(0.17	)		(0.24	)		0.20			0.20			(0.08	)		0.19			(0.26	)		0.31		0.36	(0.08)	0.17
	(0.16	)		(0.21	)		0.23			0.22			(0.06	)		0.21			(0.23	)		0.34		0.39	(0.05)	0.20
	(0.01	)		(0.03	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)		(0.03	)		(0.03	)	(0.03)	(0.02)	(0.02)
	—	(h)		(0.13	)		(0.07	)		(0.09	)		(0.10	)		(0.10	)		(0.15	)		(0.14	)	(0.14)	(0.14)	(0.10)
	—	(h)		—			—			—			—			—			—			—		—	—	—
	(0.01	)		(0.16	)		(0.09	)		(0.11	)		(0.12	)		(0.11	)		(0.18	)		(0.17	)	(0.17)	(0.16)	(0.12)
$	0.83		$	1.34		$	1.71		$	1.57		$	1.46		$	1.63		$	1.93		$	2.34		$2.17	$1.95	$2.16
	(16.54	)(b)		(14.08	)		14.92			16.18			(3.34	)		13.82			(11.26	)		16.05		20.51	(2.37)	9.63
	17			80			103			98			82			92			1,281			1,452		1,245	977	1,001
	1.51	(c)		1.51			1.55			1.48			1.45			1.25			1.52			1.46		1.60	1.45	1.31
	1.61	(c)		0.65			0.64			0.66			0.65			0.64			0.14			0.14		0.15	0.16	0.17
	0.14	(c)		0.65			0.64			0.66			0.65			0.64			0.14			0.14	(e)	0.15	0.16	0.17
	81.79			10.75			24.09			25.80			15.86			40.91			20.26			19.36		21.75	21.67	16.29

The accompanying notes are an integral part of these financial statements.

141

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

	International Fund
	Years Ended December 31,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	0.90		$	0.74		$	0.75		$	0.77		$	0.84
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.02			0.02			0.02			0.01			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.13	)		0.16			(0.01	)		(0.01	)		(0.08	)
Total From Investment Operations		(0.11	)		0.18			0.01			—			(0.06	)
Less Distributions
From Net Investment Income		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)
From Net Realized Gains		—	(h)		—	(h)		—	(h)		—	(h)		—	(h)
Total Distributions		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)
Net Asset Value, End of Year	$	0.77		$	0.90		$	0.74		$	0.75		$	0.77
Total Return (%)(i)		(13.36	)		24.47			1.69			(0.63	)		(6.03	)
Net Assets, End of Year ($ millions)		509			537			377			319			264
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		2.75			2.67			2.94			2.47			3.48
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(j)		0.12			0.12			0.13			0.14			0.17
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(j)		0.12			0.12	(e)		0.13			0.14			0.17
Portfolio Turnover Rate (%)(a)		—			—			3.08			—			0.61

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Funds exclude expenses of the underlying funds.

(e) Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2).

(f) For the period October 1, 2016 (commencement of operations) through December 31, 2016.

(g) For the period July 2, 2018 (commencement of operations) through December 31, 2018.

(h) Amount is less than $0.005 per share.

(i) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(j) International Fund excludes the expenses of its ETF investments.

NA = Not Applicable

The accompanying notes are an integral part of these financial statements.

142

Composite Fund															Retirement Income Fund
Years Ended December 31,															Years Ended December 31,
2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
$	1.91		$	1.95		$	1.96		$	2.00		$	1.87		$	1.17		$	1.12		$	1.12		$	1.16		$	1.13
	0.04			0.04			0.04			0.04			0.04			0.02			0.02			0.02			0.02			0.02
	(0.09	)		0.21			0.11			(0.02	)		0.13			(0.03	)		0.07			0.04			(0.01	)		0.05
	(0.05	)		0.25			0.15			0.02			0.17			(0.01	)		0.09			0.06			0.01			0.07
	(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
	(0.15	)		(0.25	)		(0.12	)		(0.02	)		—			(0.02	)		(0.02	)		(0.04	)		(0.03	)		(0.02	)
	(0.19	)		(0.29	)		(0.16	)		(0.06	)		(0.04	)		(0.04	)		(0.04	)		(0.06	)		(0.05	)		(0.04	)
$	1.67		$	1.91		$	1.95		$	1.96		$	2.00		$	1.12		$	1.17		$	1.12		$	1.12		$	1.16
	(3.20	)		13.37			7.92			0.80			9.10			(1.21	)		7.35			6.18			0.49			6.50
	172			190			181			180			194			101			101			76			63			54
	2.16			2.11			2.10			1.93			2.09			1.82			2.01			2.26			2.35			2.21
	0.51			0.51			0.52			0.53			0.49			0.08			0.08			0.09			0.09			0.05
	0.51			0.50	(e)		0.52			0.53			0.49			0.08			0.06	(e)		0.09			0.05			0.05
	37.37			60.13			57.40			13.13			12.31			21.90			18.54			16.88			22.64			17.63

The accompanying notes are an integral part of these financial statements.

143

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

	2010 Retirement Fund
	Years Ended December 31,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	1.01		$	0.99		$	1.01		$	1.09		$	1.06
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.02			0.03			0.02			0.02			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.04	)		0.06			0.04			(0.02	)		0.06
Total From Investment Operations		(0.02	)		0.09			0.06			—			0.08
Less Distributions
From Net Investment Income		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
From Net Realized Gains		(0.04	)		(0.05	)		(0.06	)		(0.06	)		(0.03	)
Total Distributions		(0.06	)		(0.07	)		(0.08	)		(0.08	)		(0.05	)
Net Asset Value, End of Year	$	0.93		$	1.01		$	0.99		$	1.01		$	1.09
Total Return (%)(i)		(1.93	)		9.06			6.87			0.40			6.93
Net Assets, End of Year ($ millions)		24			26			26			26			27
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		1.83			1.92			2.15			2.10			2.06
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.16			0.12			0.12			0.12			0.05
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.05			0.01	(e)		0.05			0.05			0.05
Portfolio Turnover Rate (%)(a)		22.75			24.48			24.58			23.28			20.45

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Funds exclude expenses of the underlying funds.

(e) Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2).

(f) For the period October 1, 2016 (commencement of operations) through December 31, 2016.

(g) For the period July 2, 2018 (commencement of operations) through December 31, 2018.

(h) Amount is less than $0.005 per share.

(i) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

NA = Not Applicable

The accompanying notes are an integral part of these financial statements.

144

2015 Retirement Fund															2020 Retirement Fund
Years Ended December 31,															Years Ended December 31,
2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
$	1.07		$	1.03		$	1.05		$	1.13		$	1.10		$	1.23		$	1.14		$	1.12		$	1.18		$	1.13
	0.02			0.02			0.02			0.02			0.02			0.02			0.02			0.02			0.02			0.02
	(0.06	)		0.09			0.05			(0.02	)		0.06			(0.08	)		0.13			0.07			(0.01	)		0.06
	(0.04	)		0.11			0.07			—			0.08			(0.06	)		0.15			0.09			0.01			0.08
	(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
	(0.04	)		(0.05	)		(0.07	)		(0.06	)		(0.03	)		(0.03	)		(0.04	)		(0.05	)		(0.05	)		(0.01	)
	(0.06	)		(0.07	)		(0.09	)		(0.08	)		(0.05	)		(0.05	)		(0.06	)		(0.07	)		(0.07	)		(0.03	)
$	0.97		$	1.07		$	1.03		$	1.05		$	1.13		$	1.12		$	1.23		$	1.14		$	1.12		$	1.18
	(3.01	)		10.64			7.72			0.27			7.16			(4.04	)		12.52			8.57			0.13			7.36
	138			155			146			149			154			515			525			426			364			320
	1.83			1.85			2.07			2.07			2.00			1.89			1.89			2.03			2.06			1.92
	0.07			0.07			0.08			0.07			0.05			0.07			0.07			0.07			0.07			0.05
	0.07			0.07			0.08			0.07			0.05			0.07			0.07			0.07			0.07			0.05
	14.75			14.98			12.96			17.75			16.41			10.84			7.09			7.99			7.76			9.54

The accompanying notes are an integral part of these financial statements.

145

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

	2025 Retirement Fund
	Years Ended December 31,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	1.33		$	1.21		$	1.17		$	1.23		$	1.16
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.02			0.02			0.02			0.02			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.09	)		0.16			0.09			(0.02	)		0.08
Total From Investment Operations		(0.07	)		0.18			0.11			—			0.10
Less Distributions
From Net Investment Income		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
From Net Realized Gains		(0.04	)		(0.04	)		(0.05	)		(0.04	)		(0.01	)
Total Distributions		(0.06	)		(0.06	)		(0.07	)		(0.06	)		(0.03	)
Net Asset Value, End of Year	$	1.20		$	1.33		$	1.21		$	1.17		$	1.23
Total Return (%)(i)		(5.22	)		14.44			9.84			(0.10	)		8.00
Net Assets, End of Year ($ millions)		710			686			504			396			331
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		1.81			1.81			1.91			1.91			1.75
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.06			0.07			0.07			0.07			0.05
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.06			0.07			0.07			0.07			0.05
Portfolio Turnover Rate (%)(a)		6.74			5.78			5.27			4.36			6.00

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Funds exclude expenses of the underlying funds.

(e) Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2).

(f) For the period October 1, 2016 (commencement of operations) through December 31, 2016.

(g) For the period July 2, 2018 (commencement of operations) through December 31, 2018.

(h) Amount is less than $0.005 per share.

(i) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

NA = Not Applicable

The accompanying notes are an integral part of these financial statements.

146

2030 Retirement Fund															2035 Retirement Fund
Years Ended December 31,															Years Ended December 31,
2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
$	1.38		$	1.25		$	1.20		$	1.27		$	1.19		$	1.40		$	1.25		$	1.20		$	1.27		$	1.20
	0.02			0.02			0.02			0.02			0.02			0.02			0.02			0.02			0.02			0.01
	(0.10	)		0.17			0.11			(0.02	)		0.09			(0.12	)		0.20			0.11			(0.03	)		0.08
	(0.08	)		0.19			0.13			—			0.11			(0.10	)		0.22			0.13			(0.01	)		0.09
	(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)
	(0.04	)		(0.04	)		(0.06	)		(0.05	)		(0.01	)		(0.04	)		(0.05	)		(0.06	)		(0.04	)		(0.01	)
	(0.06	)		(0.06	)		(0.08	)		(0.07	)		(0.03	)		(0.06	)		(0.07	)		(0.08	)		(0.06	)		(0.02	)
$	1.24		$	1.38		$	1.25		$	1.20		$	1.27		$	1.24		$	1.40		$	1.25		$	1.20		$	1.27
	(6.49	)		16.01			10.73			(0.22	)		8.44			(7.36	)		17.15			11.43			(0.37	)		8.26
	617			578			416			328			277			509			484			352			271			230
	1.74			1.69			1.78			1.81			1.66			1.64			1.57			1.67			1.68			1.52
	0.07			0.07			0.07			0.07			0.05			0.07			0.07			0.07			0.07			0.05
	0.07			0.07			0.07			0.07			0.05			0.07			0.07			0.07			0.07			0.05
	5.01			5.75			5.12			4.83			5.52			4.00			4.02			4.98			5.16			4.29

The accompanying notes are an integral part of these financial statements.

147

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

	2040 Retirement Fund
	Years Ended December 31,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	1.39		$	1.24		$	1.19		$	1.26		$	1.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.02			0.01			0.02			0.02			0.01
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.13	)		0.20			0.11			(0.03	)		0.08
Total From Investment Operations		(0.11	)		0.21			0.13			(0.01	)		0.09
Less Distributions
From Net Investment Income		(0.02	)		(0.01	)		(0.02	)		(0.02	)		(0.01	)
From Net Realized Gains		(0.04	)		(0.05	)		(0.06	)		(0.04	)		(0.02	)
Total Distributions		(0.06	)		(0.06	)		(0.08	)		(0.06	)		(0.03	)
Net Asset Value, End of Year	$	1.22		$	1.39		$	1.24		$	1.19		$	1.26
Total Return (%)(i)		(7.94	)		17.40			11.66			(0.64	)		7.71
Net Assets, End of Year ($ millions)		413			393			286			222			189
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		1.60			1.53			1.59			1.58			1.40
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.07			0.07			0.07			0.07			0.05
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.07			0.07			0.07			0.07			0.05
Portfolio Turnover Rate (%)(a)		2.65			4.07			5.23			5.17			4.31

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Funds exclude expenses of the underlying funds.

(e) Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2).

(f) For the period October 1, 2016 (commencement of operations) through December 31, 2016.

(g) For the period July 2, 2018 (commencement of operations) through December 31, 2018.

(h) Amount is less than $0.005 per share.

(i) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

NA = Not Applicable

The accompanying notes are an integral part of these financial statements.

148

2045 Retirement Fund															2050 Retirement Fund															2055 Retirement Fund									2060 Retirement Fund
Years Ended December 31,															Years Ended December 31,															Years Ended December 31,						Period Ended December 31, 2016(f)			Period Ended December 31, 2018(g)
2018			2017			2016			2015			2014			2018			2017			2016			2015			2014			2018			2017
$	1.39		$	1.24		$	1.19		$	1.26		$	1.00		$	1.66		$	1.45		$	1.35		$	1.39		$	1.30		$	1.23		$	1.04		$	1.00		$	1.00
	0.02			0.01			0.02			0.02			—	(h)		0.02			0.01			0.01			0.03			0.01			0.01			—	(h)		—	(h)		—	(h)
	(0.13	)		0.20			0.12			(0.03	)		0.04			(0.16	)		0.25			0.14			(0.04	)		0.08			(0.12	)		0.19			0.04			(0.11	)
	(0.11	)		0.21			0.14			(0.01	)		0.04			(0.14	)		0.26			0.15			(0.01	)		0.09			(0.11	)		0.19			0.04			(0.11	)
	(0.02	)		(0.01	)		(0.02	)		(0.02	)		—			(0.02	)		(0.01	)		(0.01	)		(0.01	)		—	(h)		(0.01	)		—			—			—
	(0.05	)		(0.05	)		(0.07	)		(0.04	)		—			(0.04	)		(0.04	)		(0.04	)		(0.02	)		—	(h)		(0.01	)		—			—			—
	(0.07	)		(0.06	)		(0.09	)		(0.06	)		—			(0.06	)		(0.05	)		(0.05	)		(0.03	)		—			(0.02	)		—			—			—
$	1.21		$	1.39		$	1.24		$	1.19		$	1.04		$	1.46		$	1.66		$	1.45		$	1.35		$	1.39		$	1.10		$	1.23		$	1.04		$	0.89
	(8.29	)		17.62			11.68			(0.69	)		4.01	(b)		(8.74	)		17.86			11.78			(0.73	)		7.15			(8.88	)		17.99			4.01	(b)		(10.54	)(b)
	438			437			332			265			3			285			256			164			94			50			70			34			3			4
	1.55			1.45			1.54			1.55			(0.05	)(c)		1.55			1.47			1.58			1.65			1.47			1.73			1.90			(0.05	)(c)		0.74	(b)
	0.07			0.07			0.07			0.07			0.50	(c)		0.07			0.07			0.08			0.09			0.05			0.11			0.14			0.50	(c)		1.54	(c)
	0.07			0.07			0.07			0.07			0.05	(c)		0.07			0.07	(e)		0.08			0.05			0.05			0.05			0.05			0.05	(c)		0.05	(c)
	3.67			4.46			3.91			4.40			22.25	(b)		2.26			3.75			2.67			2.67			1.53			3.42			4.32			22.25	(b)		6.10

The accompanying notes are an integral part of these financial statements.

149

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

December 31, 2018

	Conservative Allocation Fund
	Years Ended December 31,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	1.27		$	1.21		$	1.20		$	1.25		$	1.22
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.03			0.03			0.03			0.02			0.03
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.05	)		0.08			0.04			(0.01	)		0.05
Total From Investment Operations		(0.02	)		0.11			0.07			0.01			0.08
Less Distributions
From Net Investment Income		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
From Net Realized Gains		(0.05	)		(0.02	)		(0.03	)		(0.03	)		(0.02	)
Total Distributions		(0.08	)		(0.05	)		(0.06	)		(0.06	)		(0.05	)
Net Asset Value, End of Year	$	1.17		$	1.27		$	1.21		$	1.20		$	1.25
Total Return (%)(i)		(2.04	)		8.92			6.71			0.44			6.62
Net Assets, End of Year ($ millions)		150			157			140			128			123
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		2.11			2.20			2.31			2.32			2.31
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.02			0.02			0.03			0.02			—
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.02			0.02			0.03			0.02			—
Portfolio Turnover Rate (%)(a)		11.70			23.64			8.89			10.58			17.24

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Funds exclude expenses of the underlying funds.

(e) Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2).

(f) For the period October 1, 2016 (commencement of operations) through December 31, 2016.

(g) For the period July 2, 2018 (commencement of operations) through December 31, 2018.

(h) Amount is less than $0.005 per share.

(i) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

NA = Not Applicable

The accompanying notes are an integral part of these financial statements.

150

Moderate Allocation Fund															Aggressive Allocation Fund
Years Ended December 31,															Years Ended December 31,
2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
$	1.56		$	1.44		$	1.41		$	1.52		$	1.45		$	1.77		$	1.63		$	1.60		$	1.77		$	1.69
	0.03			0.03			0.03			0.03			0.03			0.03			0.03			0.03			0.03			0.03
	(0.09	)		0.17			0.10			(0.03	)		0.09			(0.14	)		0.24			0.14			(0.05	)		0.11
	(0.06	)		0.20			0.13			—			0.12			(0.11	)		0.27			0.17			(0.02	)		0.14
	(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
	(0.08	)		(0.05	)		(0.07	)		(0.08	)		(0.02	)		(0.10	)		(0.10	)		(0.11	)		(0.12	)		(0.03	)
	(0.11	)		(0.08	)		(0.10	)		(0.11	)		(0.05	)		(0.13	)		(0.13	)		(0.14	)		(0.15	)		(0.06	)
$	1.39		$	1.56		$	1.44		$	1.41		$	1.52		$	1.53		$	1.77		$	1.63		$	1.60		$	1.77
	(4.41	)		13.72			9.08			0.16			7.71			(7.13	)		16.64			10.86			(0.38	)		7.66
	371			397			347			316			315			271			304			264			249			255
	1.95			1.90			2.08			2.09			1.95			1.74			1.65			1.74			1.81			1.60
	0.02			0.02			0.02			0.02			—			0.02			0.02			0.02			0.02			—
	0.02			0.02			0.02			0.02			—			0.02			0.02			0.02			0.02			—
	9.50			12.05			6.65			8.10			13.87			9.13			9.55			9.51			7.86			19.61

The accompanying notes are an integral part of these financial statements.

151

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)

	Money Market Fund
	Years Ended December 31,
	2018			2017			2016			2015			2014
Net Asset Value, Beginning of Year	$	1.2040		$	1.1972		$	1.20		$	1.20		$	1.20
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.0081			0.0077			—	(h)		—	(h)		—	(h)
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		0.0124			0.0005			—	(h)		—	(h)		—	(h)
Total From Investment Operations		0.0205			0.0082			—			—			—
Less Distributions
From Net Investment Income		(0.0030	)		(0.0014	)		—			—			—
From Net Realized Gains		—			—			—			—			—
Total Distributions		(0.0030	)		(0.0014	)		—			—			—
Net Asset Value, End of Year		1.2215		$	1.2040		$	1.20		$	1.20		$	1.20
Total Return (%)(i)		1.71			0.70			0.14			(0.11	)		(0.14	)
Net Assets, End of Year ($ millions)		210			71			63			67			77
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		1.82			0.70			0.13			(0.11	)		(0.14	)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.20			0.25			0.28			0.26			0.24
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.20			0.24	(e)		0.28			0.26			0.24
Portfolio Turnover Rate (%)(a)		NA			NA			NA			NA			NA

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Funds exclude expenses of the underlying funds.

(e) Includes one time reimbursement from Adviser fornon-advisory operating expenses (Note 2).

(f) For the period October 1, 2016 (commencement of operations) through December 31, 2016.

(g) For the period July 2, 2018 (commencement of operations) through December 31, 2018.

(h) Amount is less than $0.005 per share.

(i) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. The total return for 2017 for the Funds subject to the one time reimbursement from the Adviser (Note 2) includes the impact of this reimbursement which was determined not to be material. Past performance is no guarantee of future results. Total returns may reflect adjustments to conform to generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

NA = Not Applicable

The accompanying notes are an integral part of these financial statements.

152

Mid-Term Bond Fund															Bond Fund
Years Ended December 31,															Years Ended December 31,
2018			2017			2016			2015			2014			2018			2017			2016			2015			2014
$	1.04		$	1.04		$	1.03		$	1.06		$	1.05		$	1.44		$	1.43		$	1.41		$	1.45		$	1.41
	0.02			0.02			0.03			0.03			0.03			0.04			0.04			0.04			0.04			0.04
	(0.02	)		—	(h)		0.01			(0.03	)		0.02			(0.03	)		0.01			0.02			(0.03	)		0.04
	0.00			0.02			0.04			—			0.05			0.01			0.05			0.06			0.01			0.08
	(0.02	)		(0.02	)		(0.03	)		(0.03	)		(0.03	)		(0.04	)		(0.04	)		(0.04	)		(0.05	)		(0.04	)
	—	(h)		—	(h)		—	(h)		—	(h)		(0.01	)		—			—	(h)		—	(h)		—	(h)		—
	(0.02	)		(0.02	)		(0.03	)		(0.03	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.05	)		(0.04	)
$	1.02		$	1.04		$	1.04		$	1.03		$	1.06		$	1.41		$	1.44		$	1.43		$	1.41		$	1.45
	0.57			2.32			3.51			0.61			3.22			0.17			3.62			4.71			0.33			6.31
	587			558			492			452			435			1,346			1,274			1,108			1,007			956
	2.44			2.37			2.45			2.68			2.57			2.93			2.98			3.07			2.93			3.59
	0.45			0.47			0.46			0.46			0.49			0.45			0.45			0.45			0.45			0.48
	0.45			0.45	(e)		0.46			0.46			0.49			0.45			0.44	(e)		0.45			0.45			0.48
	20.12			14.18			17.52			19.07			36.56			10.71			10.65			13.54			27.51			15.00

The accompanying notes are an integral part of these financial statements.

153

MUTUAL OF AMERICA INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS

December 31, 2018

1. SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION

Mutual of America Investment Corporation (the “Investment Company”) is a diversified,open-end management investment company — a type of company commonly known as a “mutual fund”. It is registered as such under the Investment Company Act of 1940 (the “Investment Company Act”). The Investment Company was formed on February 21, 1986 as a Maryland corporation and principally offers its shares exclusively to separate accounts of Mutual of America Life Insurance Company (“Mutual of America Life”) and a former affiliate that offers the funds through its separate accounts. As a “series” type mutual fund, the Investment Company issues separate classes (or series) of capital stock, each of which represents a separate Fund of investments. At December 31, 2018, there were 27 active funds (collectively, “the Funds”): Equity Index Fund, All America Fund, Small Cap Value Fund, Small Cap Growth Fund, Small Cap Equity Index Fund, Mid Cap Value Fund,Mid-Cap Equity Index Fund, International Fund, Composite Fund, Money Market Fund,Mid-Term Bond Fund, Bond Fund; Retirement Income Fund, 2010 Retirement Fund, 2015 Retirement Fund, 2020 Retirement Fund, 2025 Retirement Fund, 2030 Retirement Fund, 2035 Retirement Fund, 2040 Retirement Fund, 2045 Retirement Fund, 2050 Retirement Fund, 2055 Retirement Fund and 2060 Retirement Fund (collectively, “Retirement Funds”); a Conservative Allocation Fund, a Moderate Allocation Fund and an Aggressive Allocation Fund (collectively, “Allocation Funds”). The 2055 Retirement Fund commenced operations on October 1, 2016. The Small Cap Equity Index Fund and the 2060 Retirement Fund commenced operations on July 2, 2018.

Investment Company shares are issued to Mutual of America Life and, on a limited basis, to Wilton Reassurance Life Company of New York (formerly The American Life Insurance Company of New York), for allocation to their Separate Accounts as a funding medium for variable accumulation annuity contracts and variable life insurance policies. In addition, shares of selected equity and fixed income funds of the Investment Company are directly issued to one or more of the Investment Company’s Retirement Funds and Allocation Funds.

The Funds follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Codification Topic 946 Financial Services — Investment Companies. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

The following is a summary of the significant accounting policies consistently followed by the Investment Company, which are in conformity with GAAP:

Fair Value— The Investment Company values its investments at fair value. Fair value is an estimate of the price the Fund would receive upon selling a security in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities.

• Level 2 — other significant observable inputs (including yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.).

• Level 3 — significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

As of December 31, 2018, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of three securities in the All America, Small Cap Value and Small Cap Growth Funds (see Note 1 below) which were considered Level 3. In addition,non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Furthermore, certain Rule 144A securities not actively traded are considered Level 3; however, there were no such 144A securities as of December 31, 2018. Fair value inputs for all debt securities and temporary cash investments were considered Level 2. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are reflected based on the fair value at the beginning of a reporting period.

154

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

1. SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED)

The following is a summary of the inputs used to value the Funds’ investments and other financial instruments as of December 31, 2018:

Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Investments at Fair Value:
(See Portfolios of Investments for More Details)
Equity Index Fund
Common Stock-Indexed	$	2,542,925,323		—		—		$	2,542,925,323
Short-Term Debt Securities		—	$	80,030,849		—		$	80,030,849
Temporary Cash Investment		—	$	138,594		—		$	138,594
	$	2,542,925,323	$	80,169,443		—		$	2,623,094,766
All America Fund
Common Stock-Indexed	$	149,348,660		—		—		$	149,348,660
Common Stock-Active	$	110,570,396		—	$	285,375	(1)	$	110,855,771
Short-Term Debt Securities-Indexed		—	$	1,898,250		—		$	1,898,250
Short-Term Debt Securities-Active		—	$	5,999,636		—		$	5,999,636
Temporary Cash Investment		—	$	291,756		—		$	291,756
	$	259,919,056	$	8,189,642	$	285,375		$	268,394,073
Small Cap Value Fund
Common Stock	$	402,386,134		—	$	3,206,125	(1)	$	405,592,259
Short-Term Debt Securities		—	$	26,070,231		—		$	26,070,231
Temporary Cash Investment		—	$	52,184		—		$	52,184
	$	402,386,134	$	26,122,415	$	3,206,125		$	431,714,674
Small Cap Growth Fund
Common Stock	$	458,734,559		—		—	(1)	$	458,734,559
Short-Term Debt Securities		—	$	27,698,258		—		$	27,698,258
Temporary Cash Investment		—	$	61,703		—		$	61,703
	$	458,734,559	$	27,759,961		—		$	486,494,520
Small Cap Equity Index Fund
Common Stock-Indexed	$	17,104,185		—		—	(1)	$	17,104,185
Temporary Cash Investment			$	69,144		—		$	69,144
	$	17,104,185	$	69,144		—		$	17,173,329
Mid Cap Value Fund
Common Stock	$	75,481,985		—		—		$	75,481,985
Short-Term Debt Securities			$	4,490,039		—		$	4,490,039
Temporary Cash Investment			$	85,179		—		$	85,179
	$	75,481,985	$	4,575,218		—		$	80,057,203
Mid-Cap Equity Index Fund
Common Stock-Indexed	$	1,238,801,391		—		—		$	1,238,801,391
Short-Term Debt Securities			$	40,816,655		—		$	40,816,655
Temporary Cash Investment			$	106,816		—		$	106,816
	$	1,238,801,391	$	40,923,471		—		$	1,279,724,862
International Fund
Common Stock	$	470,416,974		—		—		$	470,416,974
Short-Term Debt Securities		—	$	39,655,375		—		$	39,655,375
Temporary Cash Investment			$	541,896		—		$	541,896
	$	470,416,974	$	40,197,271		—		$	510,614,245
Composite Fund
Common Stock	$	96,093,743		—		—		$	96,093,743
U.S. Government Debt		—	$	27,879,676		—		$	27,879,676
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	21,093,064		—		$	21,093,064

155

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

1. SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED)

Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	487,039		—	$	487,039
Long-Term Corporate Debt		—	$	22,991,109		—	$	22,991,109
Short-Term Debt Securities		—	$	2,599,845		—	$	2,599,845
Temporary Cash Investment			$	593,560		—	$	593,560
	$	96,093,743	$	75,644,293		—	$	171,738,036
Retirement Income Fund
Common Stock	$	101,431,551		—		—	$	101,431,551
2010 Retirement Fund
Common Stock	$	23,993,824		—		—	$	23,993,824
2015 Retirement Fund
Common Stock	$	138,459,032		—		—	$	138,459,032
2020 Retirement Fund
Common Stock	$	515,191,697		—		—	$	515,191,697
2025 Retirement Fund
Common Stock	$	709,843,502		—		—	$	709,843,502
2030 Retirement Fund
Common Stock	$	617,113,972		—		—	$	617,113,972
2035 Retirement Fund
Common Stock	$	509,448,930		—		—	$	509,448,930
2040 Retirement Fund
Common Stock	$	412,661,364		—		—	$	412,661,364
2045 Retirement Fund
Common Stock	$	438,114,958		—		—	$	438,114,958
2050 Retirement Fund
Common Stock	$	285,290,893		—		—	$	285,290,893
2055 Retirement Fund
Common Stock	$	70,296,305		—		—	$	70,296,305
2060 Retirement Fund
Common Stock	$	4,045,388		—		—	$	4,045,388
Conservative Allocation Fund
Common Stock	$	149,940,628		—		—	$	149,940,628
Moderate Allocation Fund
Common Stock	$	371,138,159		—		—	$	371,138,159
Aggressive Allocation Fund
Common Stock	$	271,377,197		—		—	$	271,377,197
Money Market Fund
U.S. Government Debt		—	$	46,289,598		—	$	46,289,598
U.S. Government Agency Short-Term Debt		—	$	34,687,407		—	$	34,687,407
Commercial Paper		—	$	128,764,603		—	$	128,764,603
		—	$	209,741,608		—	$	209,741,608
Mid-Term Bond Fund
U.S. Government Debt		—	$	297,968,031		—	$	297,968,031
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	943		—	$	943
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	36,510,983		—	$	36,510,983
Long-Term Corporate Debt		—	$	246,555,201		—	$	246,555,201
Short-Term Debt Securities		—	$	1,999,881		—	$	1,999,881
Temporary Cash Investment			$	32,852		—	$	32,852
		—	$	583,067,891		—	$	583,067,891

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December 31, 2018

1. SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED)

Fund	Level 1 — Quoted Prices			Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Bond Fund
U.S. Government Debt		—		$	427,414,558		—	$	427,414,558
U.S. Government Agency Residential Mortgage-Backed Obligations		—		$	372,303,511		—	$	372,303,511
U.S. Government Agency Non-Mortgage-Backed Obligations		—		$	15,656,498		—	$	15,656,498
Long-Term Corporate Debt		—		$	515,560,247		—	$	515,560,247
Sovereign Debt		—		$	2,960,966		—	$	2,960,966
Short-Term Debt Securities		—		$	2,399,857		—	$	2,399,857
Temporary Cash Investment				$	26,132		—	$	26,132
		—		$	1,336,321,769		—	$	1,336,321,769
Other Financial Instruments:*
Equity Index Fund	$	(3,162,330	)		—		—	$	(3,162,330	)
All America Fund	$	(99,293	)		—		—	$	(99,293	)
Mid-Cap Equity Index Fund	$	(1,815,770	)		—		—	$	(1,815,770	)

* Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

(1) Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.

	Fair Value Measurement Using Significant Unobservable Inputs (Level 3) for the Year Ended December 31, 2018
	Balance December 31, 2017(a)		Change in Unrealized Gains (Losses)		Transfers Into Level 3			Transfers Out of Level 3		Sales 2018(a)			Balance December 31, 2018(a)		Unrealized Gains/(Losses) of Level 3 Assets Held as of December  31, 2018 Included in Statements of Operations
All America Fund	$	285,375		—		—			—		—	(b)	$	285,375	$	30,822
Small Cap Value Fund	$	3,206,125		—		—			—		—		$	3,206,125	$	347,256
Small Cap Growth Fund		—		—		—			—		—	(b)		—		—
Small Cap Equity Index Fund		—		—		—	(c)		—		—			—		—

(a) Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.

(b) Level 3 security, Dyax Corp. — contingent value rights, with $0 fair value and unrealized gain (loss).

(c) Lyondell Basell Industries — contingent value rights, with $0 fair value and unrealized gain (loss).

Security Valuation — Investment securities are carried at fair value as follows:

The Funds’ investments are fair valued as of the close of trading on the New York Stock Exchange (“Exchange”) on each day the Exchange is open for trading. The Exchange usually closes at 4:00 pm Eastern Time but sometimes closes earlier. The Board of Directors of the Investment Company (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to the Adviser. Pursuant to the Board’s delegation, the Adviser has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval and ratification at its next regularly scheduled quarterly meeting. For fiscal reporting year-end, securities were fair valued at the close of the last business day.

Exchange-traded equity securities are valued at the last reported sales price on the principal exchange on which the security is traded. If there is no trading volume for a particular valuation day, the last bid

157

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

1. SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED)

price is used. For equity securities traded in theover-the-counter market, the security is valued at the last sale price, or if no sale, at the latest bid price available.

Short-term debt securities with a maturity of 60 days or less are valued at amortized cost, which approximates fair value for such securities.

Debt securities, including short-term debt securities maturing in excess of 60 days, are valued on the basis of prices obtained from an independent pricing source. The pricing source may utilize various pricing methodologies that incorporate both models (which consider factors such as yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds and trading characteristics) and dealer-supplied valuations to derive a valuation.

Temporary cash investments are amounts on deposit with financial institutions that are swept daily into an overnight investment and returned the next business day. Cash equivalents such as short-term temporary cash investments are valued at amortized cost.

In the rare instance when a price is not available from an independent pricing source or when prices may not reflect fair value, such as when the price provided by the pricing source is not based on a recent trade, a calculated fair value is used, as determined in good faith by the Adviser and reviewed by a Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.

Mutual of America Capital Management LLC (“the Adviser”) uses a market approach to calculate fair value for equity securities which are categorized as Level 3. The Adviser’s valuation is primarily based on information regarding the specific equity issuer, such as the last trade price, financial statements, the relationship ofper-share book value to the last trade price, operating information and any corporate actions, such as dividends or returns of capital, that may have occurred since the last trade. The Adviser also considers industry-specific conditions and overall market conditions, to determine whether the last trade price reflects fair value or needs to be adjusted. Generally, absent any significant contrary indications, the last trade price will be used as the calculated fair value.

The Retirement Funds and the Allocation Funds value their investments in the underlying Funds of the Investment Company at their respective net asset values.

Investment Transactions — Investment transactions are accounted for as of the trade date. Realized gains and losses on the sale of short and long-term debt securities are computed on the basis of amortized cost at the time of sale. Realized gains and losses on the sale of equity securities are based on the identified cost basis of the security, determined on thefirst-in,first-out (“FIFO”) basis.

Futures Contracts— The Equity Index Fund,Mid-Cap Equity Index Fund and a portion of the All America Fund each maintain indexed asset portfolios which are subject to equity price risk. In order to remain more fully invested in the equity markets while minimizing transaction costs, the funds purchase stock index futures contracts. These purchases of futures contracts allow the funds to invest available cash to attempt to efficiently and cost effectively keep the funds fully invested on a daily basis in an attempt to minimize deviation from the performance of the indices. An initial cash margin deposit (represented by cash or Treasury bills) is made upon entering into a futures contract and serves as collateral for the contract. This initial margin, maintained in a segregated account, is equal to approximately5%-6% of the contract amount, and does not involve the borrowing of funds to finance the transaction. During the period the futures contract is outstanding, changes in the value of the contract are recognized as unrealized appreciation or depreciation by“marking-to-market” on a daily basis to reflect the market value of the contract at the end of each trading day. The accumulated unrealized appreciation or depreciation on the contract is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized appreciation or depreciation are incurred, variation margin payments are received or made daily. The net change in unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding.

158

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

1. SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED)

The “Underlying Face Amount at Value” (appearing in the “Footnotes to Portfolios of Investments in Securities”) representing the aggregate of outstanding contractual amounts under futures contracts reflects the extent of a Fund’s exposure tooff-balance sheet risk. The use of futures transactions involves the risk of imperfect correlation in the price movements of the contract and the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The following table presents the financial statement impacts resulting from the funds’ use of futures contracts at their fair values as of December 31, 2018 and for the year ended December 31, 2018:

Derivatives not accounted for as hedging instruments	Risk Type		Location on Statements of Assets and Liabilities	Equity Index Fund			All America Fund			Mid-Cap Equity Index Fund
Futures Contracts		Equity	Total Distributable Earnings (Loss)	$	(3,162,330	)	$	(99,293	)	$	(1,815,770	)
Derivatives not accounted for as hedging instruments	Risk Type		Location on Statements of Operations	All America Fund			Equity Index Fund			Mid-Cap Equity Index Fund
Futures Contracts		Equity	Net realized gain (loss) on Futures contracts	$	(4,062,277	)	$	(93,710	)	$	(4,074,125	)
Futures Contracts		Equity	Change in net unrealized appreciation (depreciation) of Futures contracts	$	(3,679,425	)	$	(191,272	)	$	(2,041,192	)

During the year ended December 31, 2018, the Equity Index Fund,Mid-Cap Equity Index Fund and the All America Fund held futures contracts with average notional amounts of $89,587,957, $59,328,288 and $4,853,246, respectively.

Warrants — A warrant is an option to purchase common stock of an issuer and is issued in conjunction with another security, such as a debt obligation. A warrant specifies the price at which the holder may purchase shares of common stock and usually expires after a period of time. A warrant holder generally may pay cash for the common stock to be purchased or may surrender the principal amount of the related debt security the warrant holder owns equal to the purchase price for the stock.

The common stock underlying a warrant may not increase in value after the date the warrant was issued, or may not increase up to the warrant exercise price. In this case, the warrant generally would have little value and could expire unexercised.

Retirement Funds — Each of the Retirement Funds invests in equity (stock) funds and fixed income (bond) funds and targets different percentages to these asset classes. The targets reflect varying emphases on achieving capital appreciation and gains versus preserving capital and producing income, depending on the specific Fund’s time horizon.

The Retirement Funds target their investments in the following underlying funds of the Investment Company in accordance with the percentage allocations noted (unaudited):

	Equity Index Fund		Mid-Cap Equity Index Fund		Small Cap Growth Fund		Small Cap Value Fund		International Fund		Bond Fund		Mid-Term Bond Fund		Money Market Fund
Retirement Income Fund		20%		5%		—		—		—		30%		30%		15%
2010 Retirement Fund		20%		7%		—		—		3%		30%		30%		10%
2015 Retirement Fund		25%		8%		1%		1%		5%		30%		25%		5%
2020 Retirement Fund		28%		10%		2%		2%		8%		28%		22%		—
2025 Retirement Fund		31%		12%		4%		4%		10%		25%		14%		—
2030 Retirement Fund		33%		17%		5%		5%		12%		22%		6%		—
2035 Retirement Fund		35%		20%		6%		6%		14%		19%		—		—
2040 Retirement Fund		35%		20%		7%		7%		16%		15%		—		—
2045 Retirement Fund		34%		21%		8%		8%		16%		13%		—		—
2050 Retirement Fund		32%		21%		9%		9%		18%		11%		—		—
2055 Retirement Fund		31%		22%		10%		10%		18%		9%		—		—

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

1. SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED)

Generally, rebalancing of the Retirement Funds’ holdings is performed on a periodic basis and the mix of underlying Funds is reviewed annually.

Allocation Funds — The Allocation Funds target their investments in the following underlying Funds of the Investment Company in accordance with the percentage allocations noted (unaudited):

	Equity Index Fund		Mid-Cap Equity Index Fund		Small Cap Growth Fund		Small Cap Value Fund		International Fund		Bond Fund		Mid-Term Bond Fund
Conservative Allocation		25%		5%		—		—		5%		30%		35%
Moderate Allocation		35%		15%		—		—		10%		25%		15%
Aggressive Allocation		35%		20%		5%		5%		15%		20%		—

Generally, rebalancing of the Allocation Funds’ holdings is performed on a periodic basis.

Change in Target Investments — During the year, the Retirement Funds listed below had changes to their target investments. Overall increases (decreases) to the target percentages were as follows (unaudited):

	Equity Index Fund			Mid-Cap Equity Index Fund			Small Cap Growth Fund		Small Cap Value Fund		International Fund		Bond Fund		Mid-Term Bond Fund			Money Market Fund
Retirement Income Fund		—			—			—		—		—		—		(5%	)		5%
2010 Retirement Fund		(2%	)		—			—		—		—		3%		(5%	)		4%
2015 Retirement Fund		(1%	)		—			—		—		—		4%		(5%	)		2%
2020 Retirement Fund		(1%	)		—			—		—		—		2%		(1%	)		—
2025 Retirement Fund		(1%	)		—			—		—		—		—		1%			—
2030 Retirement Fund		(1%	)		—			—		—		—		—		1%			—
2035 Retirement Fund		(1%	)		(1%	)		—		—		1%		1%		—			—
2040 Retirement Fund		(1%	)		(1%	)		—		—		2%		—		—			—
2045 Retirement Fund		(1%	)		(1%	)		—		—		1%		1%		—			—
2050 Retirement Fund		(2%	)		(1%	)		—		—		2%		1%		—			—
2055 Retirement Fund		(1%	)		—			—		—		1%		—		—			—

Investment Income — Interest income, accretion of discount and amortization of premium are recorded daily on an accrual basis using the effective interest method. A debt obligation may cease accrual of income and result in a reduction to interest income when the collection of all or a portion of current and past due interest is in doubt. Dividend income is recorded on theex-dividend date. Foreign source tax withheld from dividends is recorded as a reduction from dividend income. Should reclamation efforts succeed, such amounts are recorded as income upon collection.

Distributions to Shareholders (“Dividends”) — Distributions to shareholders are recorded on theex-dividend date and are made at least annually. It is the Investment Company’s policy to make distributions of its net investment income and net realized gains, if any, in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Accordingly, periodic reclassifications (which do not impact the funds’ net asset values) are made within the funds’ capital accounts to reflect income and gains available for distribution under Federal income tax regulations.

Federal Income Taxes — Each Fund in the Investment Company intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required.

GAAP requires the evaluation of tax positions taken in the course of preparing a fund’s tax return to determine whether it is“more-likely-than-not” that tax positions taken in the fund’s tax return will be ultimately sustained, and, if not, a tax liability and expense is recorded.

As of December 31, 2018, management has evaluated the tax positions taken on the Funds’ filed tax returns for all open tax years and has concluded that no tax provision is required in any of the Funds’ financial statements. Each Fund’s federal and state income, franchise and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

As of December 31, 2018, the Bond and Mid-Term Bond Funds had a capital loss carry forward of $1,414,738 and $1,155,406, respectively, to offset any future net realized capital gains generated after December 31, 2018.

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December 31, 2018

2. EXPENSES

The Small Cap Equity Index Fund recognized post-October 2018 capital losses of $40,668, which were deferred for income tax purposes to the first day of the following year.

The Investment Company has an Investment Advisory Agreement with Mutual of America Capital Management LLC (“the Adviser”), an indirect wholly-owned subsidiary of Mutual of America Life. For providing investment management services to each of the Funds of the Investment Company, the Adviser receives a fee, calculated as a daily charge of the value of the net assets of each fund, at the following annual rates:

Fund	Annual Investment Management Fee
Retirement Funds		.05	%
Equity Index,Mid-Cap Equity Index, Small Cap Equity Index, International Funds		.075	%
Money Market Fund		.15	%
Bond Fund		.39	%
All America, Composite,Mid-Term Bond Funds		.40	%
Mid Cap Value Fund		.55	%
Small Cap Value, Small Cap Growth Funds		.75	%

The Retirement and Allocation Funds incur direct investment management expenses of .05% and .00%, respectively. Shareholders in the Allocation and Retirement Funds indirectly bear theirpro-rata share of the investment management fees incurred by the underlying funds in which they invest. Through December 31, 2014, they also did not incur operating expenses other than those included in each of the underlying funds in which they invest. Commencing January 1, 2015, the expense allocation methodology was modified such that certainnon-advisory operating expenses that can be attributed only to the Retirement and Allocation Funds are now charged directly to those Funds. During 2017, Mutual of America reimbursed the applicable funds $492,285 to reflect the change in the operating expense allocation methodology.

Effective January 1, 2015, the Investment Company and the Adviser entered into an agreement under which the Adviser agrees to reimburse the directnon-advisory operating expenses of any Allocation or Retirement Fund (each a “Fund of Funds”) that has less than $50 million in average daily net assets for the prior calendar year. This agreement remains in effect through April 30, 2019 and continues into successive 12 month periods ending April 30 unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.

Effective July 2, 2018, the Investment Company and the Adviser entered into an agreement under which the Adviser agrees to reimburse the non-advisory operating expenses of the Small Cap Equity Index Fund to the extent that such operating expenses exceed 0.07% of net assets. This agreement remains in effect through April 30, 2021 and continues into successive 12 month periods ending April 30 unless i) the Investment Company gives not less than 30 days written notice to the Adviser, or ii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.

3. INVESTMENTS

The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the year ended December 31, 2018, were as follows:

	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
Cost of investment purchases	$	223,011,762	$	53,298,162	$	142,630,390	$	326,285,428	$	32,433,234
Proceeds from sales of investments	$	94,435,137	$	73,229,357	$	139,028,093	$	340,971,258	$	11,543,591

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

3. INVESTMENTS (CONTINUED)

	Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Income Fund
Cost of investment purchases	$	10,121,848	$	313,138,706	$	61,160,479	$	68,164,221	$	26,627,559
Proceeds from sales of investments	$	20,199,528	$	282,065,283	$	—	$	73,277,293	$	22,136,363
	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Cost of investment purchases	$	5,693,536	$	22,018,832	$	88,529,552	$	140,673,455	$	140,766,514
Proceeds from sales of investments	$	6,103,962	$	29,458,097	$	57,556,518	$	48,348,609	$	30,858,270
	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund
Cost of investment purchases	$	110,461,188	$	86,789,540	$	79,428,848	$	77,248,641	$	48,056,868
Proceeds from sales of investments	$	20,503,763	$	11,072,679	$	16,664,900	$	6,379,554	$	1,841,988
	2060 Retirement Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Money Market Fund
Cost of investment purchases	$	4,511,391	$	19,350,541	$	43,119,284	$	28,196,875	$	—
Proceeds from sales of investments	$	111,388	$	18,147,028	$	37,536,085	$	27,259,331	$	—
	Mid-Term Bond Fund		Bond Fund
Cost of investment purchases	$	150,684,502	$	248,032,407
Proceeds from sales of investments	$	113,014,371	$	136,772,690

The cost of short-term security purchases for the Money Market Fund for the year ended December 31, 2018, was $1,085,196,906; proceeds from sales for the same period were $948,708,703.

The components of net unrealized appreciation (depreciation) of investments for federal income tax purposes and the cost of investments for federal income tax purposes at December 31, 2018 for each of the funds were as follows:

	Equity Index Fund			All America Fund			Small Cap Value Fund			Small Cap Growth Fund			Small Cap Equity Index Fund
Unrealized Appreciation	$	980,243,857		$	72,119,426		$	63,470,587		$	68,299,313		$	282,391
Unrealized Depreciation		(107,700,820	)		(22,999,417	)		(56,899,261	)		(67,213,255	)		(3,939,287	)
Net	$	872,543,037		$	49,120,009		$	6,571,326		$	1,086,058		$	(3,656,896	)
Tax Cost of Investments	$	1,750,551,729		$	219,274,064		$	425,143,348		$	485,408,462		$	20,830,225
	Mid Cap Value Fund			Mid-Cap Equity Index Fund			International Fund			Composite Fund			Retirement Income Fund
Unrealized Appreciation	$	14,293,400		$	239,343,394		$	5,600,474		$	16,913,137		$	696,921
Unrealized Depreciation		(7,358,833	)		(150,302,106	)		(26,761,508	)		(8,441,811	)		(2,832,356	)
Net	$	6,934,567		$	89,041,288		$	(21,161,034	)	$	8,471,326		$	(2,135,435	)
Tax Cost of Investments	$	73,122,636		$	1,190,683,574		$	531,775,279		$	163,266,710		$	103,566,986

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

3. INVESTMENTS (CONTINUED)

	2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund			2030 Retirement Fund
Unrealized Appreciation	$	307,398		$	5,020,625		$	19,175,980		$	28,637,851		$	26,057,025
Unrealized Depreciation		(779,261	)		(4,332,547	)		(16,186,509	)		(24,240,939	)		(21,540,007	)
Net	$	(471,863	)	$	688,078		$	2,989,471		$	4,396,912		$	4,517,018
Tax Cost of Investments	$	24,465,687		$	137,770,954		$	512,202,226		$	705,446,590		$	612,596,954
	2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund			2055 Retirement Fund
Unrealized Appreciation	$	24,479,609		$	21,925,291		$	27,096,893		$	4,042,605		$	0
Unrealized Depreciation		(18,465,536	)		(15,684,616	)		(14,189,496	)		(19,067,645	)		(8,883,692	)
Net	$	6,014,073		$	6,240,675		$	12,907,397		$	(15,025,040	)	$	(8,883,692	)
Tax Cost of Investments	$	503,434,857		$	406,420,689		$	425,207,561		$	300,315,933		$	79,179,997
	2060 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund
Unrealized Appreciation	$	3,260		$	2,682,576		$	27,006,030		$	27,885,274		$	50
Unrealized Depreciation		(358,911	)		(5,389,868	)		(8,746,396	)		(6,793,857	)		0
Net	$	(355,651	)	$	(2,707,292	)	$	18,259,634		$	21,091,417		$	50
Tax Cost of Investments	$	4,401,039		$	152,647,920		$	352,878,525		$	250,285,780		$	209,741,558
	Mid-Term Bond Fund			Bond Fund
Unrealized Appreciation	$	1,142,594		$	9,013,722
Unrealized Depreciation		(10,811,235	)		(27,788,679	)
Net	$	(9,668,641	)	$	(18,774,957	)
Tax Cost of Investments	$	592,736,532		$	1,355,096,726

Differences between amounts reflected in the Statements of Assets and Liabilities and those computed for federal income tax purposes arise primarily from federal income tax treatment of wash sales, REITs, partnerships, corporate actions and futures contracts.

Investments in affiliated investment companies during the year or period ended December 31, 2018 were as follows:

Affiliated Investment Company	Value as of December 31, 2017		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of December 31, 2018		Dividends		Realized Gain, Distributions
Retirement Income Fund
Bond Fund	$	30,339,830	$	6,950,246	$	(181,095	)	$	(579,890	)	$	(5,178,733	)	$	31,350,358	$	811,595	$	—
Equity Index Fund		22,985,867		4,650,289		1,091,553			(2,869,403	)		(4,977,730	)		20,880,576		353,109		497,391
Mid-Cap Equity Index Fund		5,830,114		1,357,192		124,874			(1,105,955	)		(1,379,854	)		4,826,371		73,403		333,842
Mid-Term Bond Fund		33,475,294		7,303,522		(331,526	)		(178,823	)		(8,872,629	)		31,395,838		647,780		6,112
Money Market Fund		8,188,254		6,366,310		21,949			129,312			(1,727,417	)		12,978,408		31,462		—
Total	$	100,819,359	$	26,627,559	$	725,755		$	(4,604,759	)	$	(22,136,363	)	$	101,431,551	$	1,917,349	$	837,345

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2017		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of December 31, 2018		Dividends		Realized Gain, Distributions
2010 Retirement Fund
Bond Fund	$	6,293,782	$	1,981,340	$	(36,546	)	$	(125,353	)	$	(1,147,668	)	$	6,965,555	$	181,823	$	—
Equity Index Fund		6,550,388		806,401		448,823			(869,869	)		(1,764,673	)		5,171,070		89,599		126,210
International Fund		1,197,602		101,497		56,338			(183,922	)		(515,030	)		656,485		16,361		—
Mid-Cap Equity Index Fund		2,171,404		342,279		57,498			(395,701	)		(491,928	)		1,683,552		25,888		117,741
Mid-Term Bond Fund		8,104,006		1,060,695		(71,428	)		(50,245	)		(1,843,377	)		7,199,651		150,366		1,419
Money Market Fund		1,232,370		1,401,324		4,793			20,310			(341,286	)		2,317,511		5,436		—
Total	$	25,549,552	$	5,693,536	$	459,478		$	(1,604,780	)	$	(6,103,962	)	$	23,993,824	$	469,473	$	245,370
2015 Retirement Fund
Bond Fund	$	37,037,812	$	9,379,078	$	(183,370	)	$	(776,829	)	$	(6,225,294	)	$	39,231,397	$	1,058,729	$	—
Equity Index Fund		46,082,119		4,027,196		3,923,947			(7,187,219	)		(8,825,593	)		38,020,450		668,105		941,097
International Fund		8,043,404		607,918		275,339			(1,243,944	)		(2,635,602	)		5,047,115		130,781		1
Mid-Cap Equity Index Fund		15,563,312		1,940,434		490,848			(3,260,594	)		(1,753,432	)		12,980,568		205,230		933,402
Mid-Term Bond Fund		40,513,841		3,305,945		(302,389	)		(314,238	)		(8,332,649	)		34,870,510		751,616		7,091
Money Market Fund		4,430,605		2,342,116		10,399			63,362			(920,858	)		5,925,624		14,559		—
Small Cap Growth Fund		1,702,980		196,099		18,948			(277,475	)		(446,838	)		1,193,714		149		100,522
Small Cap Value Fund		1,613,834		220,046		18,960			(345,355	)		(317,831	)		1,189,654		20,083		104,536
Total	$	154,987,907	$	22,018,832	$	4,252,682		$	(13,342,292	)	$	(29,458,097	)	$	138,459,032	$	2,849,252	$	2,086,649
2020 Retirement Fund
Bond Fund	$	118,913,434	$	32,949,432	$	(7,470	)	$	(3,073,424	)	$	(9,937,384	)	$	138,844,588	$	3,593,193	$	—
Equity Index Fund		176,011,895		20,224,469		10,128,631			(24,213,870	)		(20,739,625	)		161,411,500		2,768,944		3,900,352
International Fund		43,021,626		4,638,369		2,314,420			(8,229,033	)		(9,065,417	)		32,679,965		812,026		5
Mid-Cap Equity Index Fund		62,319,639		9,303,196		2,811,780			(13,791,786	)		(7,658,312	)		52,984,517		814,746		3,705,525
Mid-Term Bond Fund		101,199,848		17,650,982		(502,455	)		(1,117,543	)		(8,201,938	)		109,028,894		2,262,806		21,349
Small Cap Growth Fund		11,353,121		1,783,143		149,612			(2,402,236	)		(748,005	)		10,135,635		1,227		825,332
Small Cap Value Fund		12,036,520		1,979,961		299,982			(3,004,028	)		(1,205,837	)		10,106,598		164,923		858,453
Total	$	524,856,083	$	88,529,552	$	15,194,500		$	(55,831,920	)	$	(57,556,518	)	$	515,191,697	$	10,417,865	$	9,311,016
2025 Retirement Fund
Bond Fund	$	146,500,156	$	34,473,569	$	127,310		$	(3,809,214	)	$	(5,577,258	)	$	171,714,563	$	4,319,136	$	—
Equity Index Fund		249,251,940		36,629,310		8,805,708			(30,861,469	)		(17,902,266	)		245,923,223		4,120,123		5,803,632
International Fund		67,889,586		9,949,372		1,868,905			(12,351,860	)		(7,727,328	)		59,628,675		1,437,418		8
Mid-Cap Equity Index Fund		100,481,819		17,577,905		4,243,942			(22,461,173	)		(11,470,375	)		88,372,118		1,327,230		6,036,340
Mid-Term Bond Fund		66,171,743		30,092,416		(149,814	)		(979,416	)		(3,002,442	)		92,132,487		1,840,439		17,364
Small Cap Growth Fund		27,616,588		6,062,567		164,324			(6,140,594	)		(892,361	)		26,810,524		3,160		2,126,027
Small Cap Value Fund		27,825,050		5,888,316		529,873			(7,204,748	)		(1,776,579	)		25,261,912		400,235		2,083,302
Total	$	685,736,882	$	140,673,455	$	15,590,248		$	(83,808,474	)	$	(48,348,609	)	$	709,843,502	$	13,447,741	$	16,066,673
2030 Retirement Fund
Bond Fund	$	109,699,118	$	30,894,247	$	269		$	(2,759,133	)	$	(3,707,281	)	$	134,127,220	$	3,346,679	$	—
Equity Index Fund		219,706,306		41,954,202		6,011,151			(26,620,639	)		(12,352,905	)		228,698,115		3,786,659		5,333,912
International Fund		66,925,076		13,367,898		920,663			(12,054,503	)		(4,232,627	)		64,926,507		1,542,658		9
Mid-Cap Equity Index Fund		108,013,752		25,498,587		1,963,058			(24,084,042	)		(4,867,871	)		106,523,484		1,576,435		7,169,741
Mid-Term Bond Fund		12,530,973		14,196,862		(32,458	)		(193,037	)		(922,392	)		25,579,948		455,180		4,294
Small Cap Growth Fund		30,519,999		7,219,469		516,551			(6,906,487	)		(2,053,416	)		29,296,116		3,402		2,288,888
Small Cap Value Fund		30,315,700		7,635,249		893,114			(8,159,703	)		(2,721,778	)		27,962,582		436,420		2,271,649
Total	$	577,710,924	$	140,766,514	$	10,272,348		$	(80,777,544	)	$	(30,858,270	)	$	617,113,972	$	11,147,433	$	17,068,493
2035 Retirement Fund
Bond Fund	$	70,480,300	$	22,942,556	$	3,559		$	(1,749,660	)	$	(2,334,028	)	$	89,342,727	$	2,140,159	$	—
Equity Index Fund		192,847,537		35,456,866		4,835,116			(22,950,011	)		(9,798,526	)		200,390,982		3,301,848		4,651,006
International Fund		58,402,327		13,628,050		329,444			(10,373,091	)		(1,696,951	)		60,289,779		1,399,010		8
Mid-Cap Equity Index Fund		104,088,009		24,118,300		1,918,998			(23,019,545	)		(4,884,266	)		102,221,496		1,497,278		6,809,728
Small Cap Growth Fund		29,357,883		6,948,673		183,444			(6,568,765	)		(764,491	)		29,156,744		3,353		2,255,891
Small Cap Value Fund		28,998,455		7,366,743		396,956			(7,689,451	)		(1,025,501	)		28,047,202		433,453		2,256,204
Total	$	484,174,511	$	110,461,188	$	7,667,517		$	(72,350,523	)	$	(20,503,763	)	$	509,448,930	$	8,775,101	$	15,972,837

164

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2017		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of December 31, 2018		Dividends		Realized Gain, Distributions
2040 Retirement Fund
Bond Fund	$	47,746,145	$	11,094,960	$	46,764		$	(1,206,124	)	$	(1,486,405	)	$	56,195,340	$	1,369,676	$	—
Equity Index Fund		151,696,748		28,077,155		2,446,799			(16,940,063	)		(4,535,391	)		160,745,248		2,637,811		3,715,639
International Fund		52,895,238		13,809,034		242,764			(9,636,496	)		(944,768	)		56,365,772		1,313,485		8
Mid-Cap Equity Index Fund		83,373,933		19,223,015		994,542			(18,074,013	)		(3,027,821	)		82,489,656		1,212,060		5,512,535
Small Cap Growth Fund		28,812,042		6,522,888		158,033			(6,410,680	)		(622,564	)		28,459,719		3,291		2,214,465
Small Cap Value Fund		28,266,008		8,062,488		123,534			(7,590,671	)		(455,730	)		28,405,629		442,601		2,303,822
Total	$	392,790,114	$	86,789,540	$	4,012,436		$	(59,858,047	)	$	(11,072,679	)	$	412,661,364	$	6,978,924	$	13,746,469
2045 Retirement Fund
Bond Fund	$	43,466,532	$	9,635,822	$	30,987		$	(1,106,508	)	$	(1,641,200	)	$	50,385,633	$	1,257,968	$	—
Equity Index Fund		161,362,300		25,551,569		3,048,333			(18,016,756	)		(5,627,603	)		166,317,843		2,760,690		3,888,727
International Fund		62,024,178		10,751,471		492,249			(10,664,068	)		(2,249,823	)		60,354,007		1,417,830		8
Mid-Cap Equity Index Fund		98,067,970		19,008,206		1,949,892			(21,333,036	)		(4,505,815	)		93,187,217		1,387,509		6,310,490
Small Cap Growth Fund		36,630,139		6,965,605		444,241			(8,026,628	)		(1,567,539	)		34,445,818		4,034		2,714,255
Small Cap Value Fund		35,802,149		7,516,175		308,735			(9,129,699	)		(1,072,920	)		33,424,440		526,794		2,742,064
Total	$	437,353,268	$	79,428,848	$	6,274,437		$	(68,276,695	)	$	(16,664,900	)	$	438,114,958	$	7,354,825	$	15,655,544
2050 Retirement Fund
Bond Fund	$	21,096,062	$	7,024,104	$	5,179		$	(516,403	)	$	(713,767	)	$	26,895,175	$	643,034	$	—
Equity Index Fund		90,435,215		23,550,173		865,432			(10,214,802	)		(2,751,411	)		101,884,607		1,643,251		2,314,692
International Fund		40,105,630		13,416,804		89,293			(7,593,594	)		(649,400	)		45,368,733		1,034,855		6
Mid-Cap Equity Index Fund		57,372,700		17,670,956		302,601			(12,941,658	)		(1,569,872	)		60,834,727		879,416		3,999,650
Small Cap Growth Fund		24,053,358		7,757,192		(12,428	)		(5,686,498	)		(347,552	)		25,764,072		2,931		1,972,446
Small Cap Value Fund		23,436,382		7,829,412		(6,843	)		(6,367,820	)		(347,552	)		24,543,579		374,686		1,950,311
Total	$	256,499,347	$	77,248,641	$	1,243,234		$	(43,320,775	)	$	(6,379,554	)	$	285,290,893	$	4,578,173	$	10,237,105
2055 Retirement Fund
Bond Fund	$	2,803,233	$	4,135,870	$	(1,584	)	$	(65,557	)	$	(128,002	)	$	6,743,960	$	139,632	$	—
Equity Index Fund		11,211,191		15,044,506		80,326			(2,429,063	)		(524,850	)		23,382,110		325,082		457,912
International Fund		5,795,381		8,162,697		69,634			(1,828,626	)		(416,513	)		11,782,573		226,611		1
Mid-Cap Equity Index Fund		7,633,789		10,873,738		26,217			(3,098,022	)		(292,886	)		15,142,836		186,509		848,259
Small Cap Growth Fund		3,473,580		4,868,833		54,848			(1,465,890	)		(313,322	)		6,618,049		636		427,932
Small Cap Value Fund		3,392,424		4,971,224		3,032			(1,573,488	)		(166,415	)		6,626,777		85,567		445,392
Total	$	34,309,598	$	48,056,868	$	232,473		$	(10,460,646	)	$	(1,841,988	)	$	70,296,305	$	964,037	$	2,179,496
2060 Retirement Fund†
Bond Fund	$	—	$	314,637	$	(220	)	$	3,260		$	(7,797	)	$	309,880	$	1,377	$	—
Equity Index Fund		—		1,350,687		898			(101,623	)		(33,417	)		1,216,545		3,380		4,762
International Fund		—		898,324		(144	)		(52,543	)		(22,278	)		823,359		3,295		—
Mid-Cap Equity Index Fund		—		1,041,471		(1,069	)		(108,409	)		(25,619	)		906,374		2,197		9,991
Small Cap Growth Fund		—		452,507		(279	)		(48,662	)		(11,138	)		392,428		7		4,984
Small Cap Value Fund		—		453,765		(855	)		(44,969	)		(11,139	)		396,802		1,007		5,243
Total	$	—	$	4,511,391	$	(1,669	)	$	(352,946	)	$	(111,388	)	$	4,045,388	$	11,263	$	24,980
Conservative Allocation Fund
Bond Fund	$	46,426,379	$	6,240,585	$	(172,078	)	$	(991,675	)	$	(4,719,591	)	$	46,783,620	$	1,249,700	$	—
Equity Index Fund		40,057,603		4,556,263		2,461,402			(5,592,952	)		(5,938,977	)		35,543,339		617,837		870,290
International Fund		7,886,500		782,601		19,383			(1,215,537	)		(864,726	)		6,608,221		168,973		1
Mid-Cap Equity Index Fund		8,042,996		1,198,460		163,086			(1,592,778	)		(1,117,545	)		6,694,219		105,412		479,421
Mid-Term Bond Fund		54,104,613		6,572,632		(283,429	)		(576,398	)		(5,506,189	)		54,311,229		1,160,357		10,947
Total	$	156,518,091	$	19,350,541	$	2,188,364		$	(9,969,340	)	$	(18,147,028	)	$	149,940,628	$	3,302,279	$	1,360,659

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2017		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of December 31, 2018		Dividends		Realized Gain, Distributions
Moderate Allocation Fund
Bond Fund	$	97,348,198	$	12,398,134	$	236,873		$	(2,657,158	)	$	(7,747,659	)	$	99,578,388	$	2,645,625	$	—
Equity Index Fund		141,098,993		13,009,879		8,453,475			(19,679,738	)		(15,799,584	)		127,083,025		2,198,991		3,097,513
International Fund		39,684,483		3,271,950		37,743			(6,138,619	)		(3,099,063	)		33,756,494		858,405		5
Mid-Cap Equity Index Fund		60,709,968		7,765,591		2,165,788			(13,128,605	)		(6,241,183	)		51,271,559		803,857		3,656,002
Mid-Term Bond Fund		58,343,848		6,673,730		(218,006	)		(702,283	)		(4,648,596	)		59,448,693		1,263,307		11,919
Total	$	397,185,490	$	43,119,284	$	10,675,873		$	(42,306,403	)	$	(37,536,085	)	$	371,138,159	$	7,770,185	$	6,765,439
Aggressive Allocation Fund
Bond Fund	$	59,307,942	$	6,883,199	$	235,775		$	(1,708,085	)	$	(4,624,266	)	$	60,094,565	$	1,598,389	$	—
Equity Index Fund		107,468,506		7,716,850		6,044,232			(14,401,859	)		(10,868,808	)		95,958,921		1,660,258		2,338,651
International Fund		45,332,189		3,227,278		125,703			(6,995,989	)		(3,468,197	)		38,220,984		972,436		6
Mid-Cap Equity Index Fund		61,654,972		6,614,442		2,775,287			(13,739,691	)		(5,669,930	)		51,635,080		809,273		3,680,631
Small Cap Growth Fund		15,366,937		1,582,424		587,173			(3,426,981	)		(1,472,064	)		12,637,489		1,560		1,049,730
Small Cap Value Fund		15,320,137		2,172,682		659,153			(4,165,748	)		(1,156,066	)		12,830,158		213,570		1,111,673
Total	$	304,450,683	$	28,196,875	$	10,427,323		$	(44,438,353	)	$	(27,259,331	)	$	271,377,197	$	5,255,486	$	8,180,691

† Fund commenced operations on July 2, 2018.

4. CAPITAL SHARE ACTIVITY

The Investment Company has registered an indefinite number of its capital shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. On February 22, 2018, the Board of Directors increased the number of authorized shares from 10.75 billion to 14.75 billion. Also, on January 16, 2018, February 22, 2018 and November 8, 2018, the Board of Directors of the Investment Company changed the number of authorized shares for the Funds as indicated by the following table. As a result of these actions, there remained 1,640,000,000 unallocated shares as of December 31, 2018.

	Authorized No. of Shares
	Previous Allocation		Allocation Increase/ (Decrease)		Total Shares Allocated
Equity Index Fund		800,000,000		100,000,000		900,000,000
All America Fund		200,000,000		—		200,000,000
Small Cap Value Fund		325,000,000		100,000,000		425,000,000
Small Cap Growth Fund		470,000,000		100,000,000		570,000,000
Small Cap Equity Index Fund**		100,000,000		100,000,000		200,000,000
Mid Cap Value Fund		100,000,000		—		100,000,000
Mid-Cap Equity Index Fund		750,000,000		100,000,000		850,000,000
International Fund		725,000,000		250,000,000		975,000,000
Composite Fund		150,000,000		—		150,000,000
Retirement Income Fund		95,000,000		125,000,000		220,000,000
2010 Retirement Fund		50,000,000		—		50,000,000
2015 Retirement Fund		200,000,000		—		200,000,000
2020 Retirement Fund		515,000,000		150,000,000		665,000,000
2025 Retirement Fund		625,000,000		300,000,000		925,000,000
2030 Retirement Fund		515,000,000		300,000,000		815,000,000
2035 Retirement Fund		445,000,000		300,000,000		745,000,000
2040 Retirement Fund		385,000,000		200,000,000		585,000,000
2045 Retirement Fund		425,000,000		100,000,000		525,000,000
2050 Retirement Fund		270,000,000		100,000,000		370,000,000
2055 Retirement Fund		100,000,000		100,000,000		200,000,000
2060 Retirement Fund**		100,000,000		—		100,000,000

166

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

4. CAPITAL SHARE ACTIVITY (CONTINUED)

	Authorized No. of Shares
	Previous Allocation		Allocation Increase/ (Decrease)		Total Shares Allocated
Conservative Allocation Fund		165,000,000		—		165,000,000
Moderate Allocation Fund		320,000,000		—		320,000,000
Aggressive Allocation Fund		215,000,000		—		215,000,000
Money Market Fund		125,000,000		300,000,000		425,000,000
Mid-Term Bond Fund		540,000,000		250,000,000		790,000,000
Bond Fund		925,000,000		500,000,000		1,425,000,000
Sub-Total		9,635,000,000		3,475,000,000		13,110,000,000
Shares to be allocated at the discretion of the Board of Directors		1,115,000,000		525,000,000		1,640,000,000
Total		10,750,000,000		4,000,000,000		14,750,000,000

** Fund commenced operations on July 2, 2018.

5. DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION

On August 28, 2018 and August 30, 2018, required distributions of net investment income and, as applicable, net realized gains relating to 2017 were declared and paid for all applicable funds in accordance with Internal Revenue Code Section 855(a). No such distributions were required for the Small Cap Equity Index Fund and the 2060 Retirement Fund.

On December 27, 2018, required dividend distribution from net investment income was declared and paid for the Small Cap Equity Index Fund.

The Funds of Mutual of America Investment Corporation intend to declare and pay their respective tax year 2018 investment company taxable income and capital gains in 2019 in accordance with Internal Revenue Section 855(a).

Pursuant to shareholders’ instructions, substantially all dividend distributions throughout 2018 and 2017 were immediately reinvested into their respective funds. The tax character of the distributions paid during 2018 and 2017 were as follows:

	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
Ordinary Income (a)
2018	$	50,954,024	$	6,759,221	$	7,840,591	$	3,494,643	$	136,423
2017	$	42,045,361	$	5,437,103	$	6,398,744	$	1,099,348	$	0
Long-Term Capital Gains
2018	$	56,058,789	$	13,677,187	$	35,888,408	$	36,222,538	$	0
2017	$	42,736,188	$	35,345,294	$	18,741,699	$	16,488,137	$	0
Return of Capital
2018	$	0	$	0	$	0	$	0	$	965
2017	$	0	$	0	$	0	$	0	$	0
	Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Fund
Ordinary Income (a)
2018	$	2,211,470	$	23,927,995	$	12,148,302	$	7,731,743	$	1,751,326
2017	$	1,059,046	$	18,442,754	$	9,884,641	$	4,300,467	$	1,539,981
Long-Term Capital Gains
2018	$	6,713,062	$	85,503,007	$	0	$	10,415,744	$	1,339,242
2017	$	4,282,390	$	74,952,994	$	1,196,804	$	20,996,479	$	1,379,154

167

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

5. DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED)

	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Ordinary Income (a)
2018	$	490,991	$	2,885,898	$	9,311,834	$	11,340,011	$	9,023,183
2017	$	543,546	$	3,028,463	$	7,891,832	$	8,443,812	$	6,471,545
Long-Term Capital Gains
2018	$	1,055,110	$	6,098,811	$	14,464,758	$	23,373,515	$	19,726,249
2017	$	1,150,822	$	6,504,889	$	15,006,151	$	17,549,626	$	16,402,087
	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund
Ordinary Income (a)
2018	$	7,120,325	$	5,677,938	$	6,218,541	$	3,442,823	$	366,872
2017	$	5,090,035	$	3,936,958	$	4,492,530	$	1,952,198	$	0
Long-Term Capital Gains
2018	$	16,266,812	$	12,891,559	$	15,787,067	$	6,634,382	$	542,019
2017	$	14,165,396	$	12,664,502	$	13,839,470	$	5,127,131	$	0
	2060 Retirement Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Money Market Fund
Ordinary Income (a)
2018	$	0	$	3,300,748	$	7,438,128	$	5,093,663	$	462,689
2017	$	0	$	3,053,002	$	6,887,282	$	4,432,394	$	83,111
Long-Term Capital Gains
2018	$	0	$	6,677,611	$	20,403,614	$	16,696,924	$	0
2017	$	0	$	2,676,902	$	10,932,002	$	15,484,011	$	0
	Mid-Term Bond Fund		Bond Fund
Ordinary Income (a)
2018	$	12,347,782	$	34,954,410
2017	$	11,719,948	$	33,167,639
Long-Term Capital Gains
2018	$	77,266	$	0
2017	$	543,647	$	1,805,293

Notes:

(a) Includes distributions from Fund-level net short-term capital gains.

Undistributed net income and gains (losses) — As of December 31, 2018, undistributed net income and undistributed accumulated gain (loss) for federal income tax purposes were as follows:

	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
Accumulated undistributed net investment income	$	50,850,232	$	3,657,100	$	3,820,412	$	481,365	$	0
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	56,268,707	$	19,829,313	$	28,309,448	$	46,832,820	$	0
Net unrealized appreciation (depreciation) of investments and futures contracts	$	872,543,037	$	49,120,009	$	6,571,326	$	1,086,058	$	(3,656,896	)

168

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NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

5. DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED)

	Mid Cap Value Fund			Mid-Cap Equity Index Fund			International Fund			Composite Fund			Retirement Income Fund
Accumulated undistributed net investment income	$	1,254,159		$	23,217,928		$	14,819,838		$	4,065,113		$	1,908,444
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	2,198,197		$	95,956,124		$	0		$	8,160,776		$	1,926,004
Net unrealized appreciation (depreciation) of investments and futures contracts	$	6,934,567		$	89,041,288		$	(21,161,034	)	$	8,471,326		$	(2,135,435	)
	2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund			2030 Retirement Fund
Accumulated undistributed net investment income	$	476,056		$	2,895,917		$	10,744,694		$	14,104,082		$	11,887,199
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	749,599		$	6,509,459		$	24,235,517		$	30,493,288		$	26,168,201
Net unrealized appreciation (depreciation) of investments and futures contracts	$	(471,863	)	$	688,078		$	2,989,471		$	4,396,912		$	4,517,018
	2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund			2055 Retirement Fund
Accumulated undistributed net investment income	$	9,486,781		$	7,589,088		$	8,048,993		$	5,028,164		$	1,071,155
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	22,587,202		$	16,864,407		$	20,921,544		$	10,871,928		$	2,282,916
Net unrealized appreciation (depreciation) of investments and futures contracts	$	6,014,073		$	6,240,675		$	12,907,397		$	(15,025,040	)	$	(8,883,692	)
	2060 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund
Accumulated undistributed net investment income	$	13,446		$	3,384,999		$	8,202,249		$	5,732,958		$	2,221,214
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	23,470		$	3,898,222		$	16,736,788		$	17,284,510		$	0
Net unrealized appreciation (depreciation) of investments and futures contracts	$	(355,651	)	$	(2,707,292	)	$	18,259,634		$	21,091,417		$	50
	Mid-Term Bond Fund			Bond Fund
Accumulated undistributed net investment income	$	13,773,991		$	37,592,921
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	(1,155,406	)	$	(1,414,738	)
Net unrealized appreciation (depreciation) of investments and futures contracts	$	(9,668,641	)	$	(18,774,957	)

The difference between the components of distributable earnings for income tax purposes and the amounts reflected in the statements of assets and liabilities arise primarily from federal income tax treatment of wash sales, REITs, partnerships, corporate actions and futures contracts.

6. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities (“ASU 2017-08”). The update shortens the amortization period for the premium on certain purchased callable debt securities to the earliest

169

MUTUAL OF AMERICA INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2018

6. RECENT ACCOUNTING PRONOUNCEMENTS (CONTINUED)

call date. ASU 2017-08 will be effective for annual periods beginning after December 15, 2018. Management has evaluated the impact of this change on the financial statements and determined that there is no material impact.

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statement of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statement of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. All of these have been reflected in the Funds’ financial statements.

The sources of distributions made in 2017 were as follows:

	Equity Index Fund			All America Fund			Small Cap Value Fund			Small Cap Growth Fund			Mid Cap Value Fund			Mid-Cap Equity Index Fund			International Fund
From net investment income		(38,919,706	)		(3,802,012	)		(2,722,335	)		(119,175	)		(1,059,046	)		(15,061,844	)		(9,884,641	)
From net realized gains		(45,861,843	)		(36,980,385	)		(22,418,108	)		(17,468,310	)		(4,282,390	)		(78,333,904	)		(1,196,804	)
Total distributions		(84,781,549	)		(40,782,397	)		(25,140,443	)		(17,587,485	)		(5,341,436	)		(93,395,748	)		(11,081,445	)
	Composite Fund			Retirement Income Fund			2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund			2030 Retirement Fund
From net investment income		(3,738,706	)		(1,539,981	)		(543,546	)		(3,028,463	)		(7,891,832	)		(8,443,812	)		(6,471,545	)
From net realized gains		(21,558,240	)		(1,379,154	)		(1,150,822	)		(6,504,889	)		(15,006,151	)		(17,549,626	)		(16,402,087	)
Total distributions		(25,296,946	)		(2,919,135	)		(1,694,368	)		(9,533,352	)		(22,897,983	)		(25,993,438	)		(22,873,632	)
	2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund			2055 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund
From net investment income		(5,090,035	)		(3,936,958	)		(4,492,530	)		(1,952,198	)		—			(3,053,002	)		(6,887,282	)
From net realized gains		(14,165,396	)		(12,664,502	)		(13,839,470	)		(5,127,131	)		—			(2,676,902	)		(10,932,002	)
Total distributions		(19,255,431	)		(16,601,460	)		(18,332,000	)		(7,079,329	)		—			(5,729,904	)		(17,819,284	)
	Aggressive Allocation Fund			Money Market Fund			Mid-Term Bond Fund			Bond Fund
From net investment income		(4,432,394	)		(83,111	)		(11,551,692	)		(32,730,237	)
From net realized gains		(15,484,011	)		—			(711,903	)		(2,242,695	)
Total distributions		(19,916,405	)		(83,111	)		(12,263,595	)		(34,972,932	)

Also in August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Funds’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Management is currently evaluating the impact and implications of the provisions of the ASU to the Funds, which have not yet been determined.

7. SUBSEQUENT EVENTS

Management, on behalf of the Investment Company, has evaluated the need for disclosures and/or adjustments to the financial statements from subsequent events. As a result of this evaluation, no subsequent events require disclosure and/or adjustment to the financial statements.

170

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Directors

Mutual of America Investment Corporation:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Mutual of America Investment Corporation, comprised of the funds listed in the Appendix (the “Funds”), including the portfolios of investments in securities, as of December 31, 2018, the related statements of operations for the year or period then ended listed in the Appendix, the statements of changes in net assets for each of the years or periods in the two-year period then ended listed in the Appendix, and the related notes (collectively, the “financial statements”), and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2018, the results of its operations for the year or period then ended listed in the Appendix, changes in its net assets for each of the years or periods in the two-year period then ended listed in the Appendix, and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2018, by correspondence with the custodian and brokers or by other appropriate auditing procedures when replies from brokers were not received. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

KPMG has served as the auditor of one or more Mutual of America investment companies since 2002.

New York, New York

February 28, 2019

171

Appendix

Existing funds

Equity Index Fund

All America Fund

Small Cap Value Fund

Small Cap Growth Fund

Mid Cap Value Fund

Mid-Cap Equity Index Fund

International Fund

Composite Fund

Retirement Income Fund

2010 Retirement Fund

2015 Retirement Fund

2020 Retirement Fund

2025 Retirement Fund

2030 Retirement Fund

2035 Retirement Fund

2040 Retirement Fund

2045 Retirement Fund

2050 Retirement Fund

2055 Retirement Fund

Conservative Allocation Fund

Moderate Allocation Fund

Aggressive Allocation Fund

Money Market Fund

Mid-Term Bond Fund

Bond Fund

Statement of operations for the year ended December 31, 2018

Statements of changes in net assets for each of the years in the two-year period ended December 31, 2018

Funds launched in 2018:

Small Cap Equity Index Fund

Statements of operations and changes in net assets for the period from July 2, 2018 (commencement of operations) through December 31, 2018

2060 Retirement Fund

Statements of operations and changes in net assets for the period from July 2, 2018 (commencement of operations) through December 31, 2018

172

MUTUAL OF AMERICA INVESTMENT CORPORATION

ADDITIONAL INFORMATION

Directors and Officers — Unaudited

The tables below show information about the Directors and officers of the Investment Company. The address of each Director and officer is c/o Mutual of America Investment Corporation, 320 Park Avenue, New York, New York 10022. The Investment Company does not hold regular annual meetings of shareholders, and each Director has been elected by shareholders to serve until a successor is duly elected at a meeting of shareholders called for the purpose of electing directors. Each officer of the Investment Company has been elected by the Board of Directors to serve until a successor is duly elected. The Independent Directors do not serve as directors of any other investment companies advised by or affiliated with the Adviser or Mutual of America with the exception of serving on the Board of Directors of Mutual of America Institutional Funds, Inc., an affiliated registered management investment company, which also receives investment advice from the Adviser. The Interested Directors and officers of the Investment Company do not receive compensation from the Investment Company for their service. Mr. Roth serves as director of one other investment company advised by or affiliated with the Adviser, Mutual of America Institutional Funds, Inc.

The Investment Company’s Statement of Additional Information (“SAI”), filed with the Securities and Exchange Commission, contains additional information about the Investment Company’s Directors and Officers. A copy of the latest SAI can be obtained, without charge, by writing to Mutual of America Investment Corporation at 320 Park Avenue, New York, NY 10022-6839 or by calling1-800-468-3785 or through the following websites: http://www.mutualofamerica.com or http://www.sec.gov.

Independent Directors
Name and Age	Length of Time Served	Principal Occupation(s) in Past Five Years	Other Directorships Held by Director
Carolyn N. Dolan, age 71	Since April 2011	Executive Vice President, Head of Direct Client Investments, Fiera Capital Inc.; prior thereto Founding Principal and Portfolio Manager, Samson Capital Advisors LLC	Director, Market Street Trust Company; Trustee, Fordham University; Mutual of America Institutional Funds, Inc.
Stanley E. Grayson, age 68	Since November 2017	Vice Chairman and Chief Operating Officer, M.R. Beal & Company (Retired 2014)	Director, TD Bank, N.A.; Director, YMCA of Greater New York; Trustee, College of the Holy Cross; Director, Mother Cabrini Health Foundation
LaSalle D. Leffall, III, age 55	Since April 2011	President and Founder, LDL Financial, LLC	Director, Federal Home Loan Bank of Atlanta; Mutual of America Institutional Funds, Inc.
John W. Sibal, age 66	Since April 2011	President & Chief Executive Officer, Eustis Commercial Mortgage Corporation	Director, Eustis Commercial Mortgage Corporation; Director, New Orleans Recreation Development Foundation; Treasurer and Director, Friends of Nord, Inc.; Mutual of America Institutional Funds, Inc.

173

Independent Directors
Name and Age	Length of Time Served	Principal Occupation(s) in Past Five Years	Other Directorships Held by Director
Margaret M. Smyth, age 55	Since February 2007	U.S. Chief Financial Officer, National Grid; prior thereto Vice President of Finance, Con Edison; prior thereto Vice President, Chief Financial Officer, Hamilton Sundstrand, a United Technologies Company	Director, Etsy, Inc.; Director, Concern Worldwide, USA; Director, BritishAmerican Business Association; Trustees Fellow, Fordham University; Director, National Grid USA; Mutual of America Institutional Funds, Inc.
Patrick J. Waide, Jr., age 81	Since December 2003	Certified Public Accountant	Trustee, John Simon Guggenheim Memorial Foundation; Emeritus Director, National Catholic Reporter; Mutual of America Institutional Funds, Inc.
William E. Whiston, age 64	Since February 2011	Chief Financial Officer, the Archdiocese of New York; Adjunct Professor in Finance, Fordham University Graduate School of Business; prior thereto Executive Vice President and member, United States Management Board at Allied Irish Bank	Director, Sterling National Bank; Trustee and Treasurer, Trustees of St. Patrick’s Cathedral in New York City; Trustee, St. Joseph’s Seminary; Mutual of America Institutional Funds, Inc.
Interested Director
Name and Age	Length of Time Served	Principal Occupation(s) in Past Five Years	Other Directorships Held by Director
James J. Roth, Chairman, President and Chief Executive Officer, age 69	Since August 2015	Senior Executive Vice President and General Counsel, Mutual of America Life Insurance Company since March 2013; prior thereto Executive Vice President and General Counsel, Mutual of America Life Insurance Company since April 2009; Chairman of the Board, President and Chief Executive Officer, Mutual of America Investment Corporation and Mutual of America Institutional Funds, Inc. since August 2015	Mutual of America Life Insurance Company; Mutual of America Institutional Funds, Inc.; Mutual of America Holding Company LLC; Mutual of America Foundation

Mr. Roth is an “interested person” as an officer of the Adviser and of affiliates of the Adviser.

174

Officers
Name, Position and Age	Length of Time Served	Principal Occupation(s) in Past Five Years	Other Directorships Held by Officer
Chris W. Festog, Senior Executive Vice President, Chief Financial Officer and Treasurer, age 57	Since April 2013	Senior Executive Vice President and Chief Financial Officer, Mutual of America Life Insurance Company since March 2017; prior thereto Executive Vice President and Chief Financial Officer, Mutual of America Life Insurance Company since March 2015; prior thereto Executive Vice President and Deputy Treasurer, Mutual of America Life Insurance Company	Mutual of America Holding Company LLC; Mutual of America Securities LLC
Diana H. Glynn, Senior Vice President and Internal Auditor, age 54	Since April 2017	Senior Vice President and Internal Auditor, Mutual of America Life Insurance Company since April 2017; Senior Vice President and Internal Auditor, Mutual of America Investment Corporation and Mutual of America Institutional Funds, Inc.; prior thereto Vice President, Internal Auditor, Mutual of America Life Insurance Company	None
Kathryn A. Lu, Executive Vice President and Chief Compliance Officer, age 58	Since July 2008	Executive Vice President and Chief Compliance Officer, Mutual of America Life Insurance Company, prior thereto Senior Vice President and Chief Compliance Officer, Mutual of America Life Insurance Company; Executive Vice President and Chief Compliance Officer, Mutual of America Investment Corporation and Mutual of America Institutional Funds, Inc.	None
Christopher M. Miseo, Senior Vice President and Chief Accounting Officer, age 62	Since March 2013	Senior Vice President and Director of Accounting and Financial Reporting, Mutual of America Life Insurance Company	None

175

Officers
Name, Position and Age	Length of Time Served	Principal Occupation(s) in Past Five Years	Other Directorships Held by Officer
Scott H. Rothstein, Executive Vice President, Deputy General Counsel and Corporate Secretary, age 53	Since April 2013	Executive Vice President and Deputy General Counsel, Mutual of America Life Insurance Company, since January 2009; Executive Vice President, Deputy General Counsel and Corporate Secretary, Mutual of America Investment Corporation and Mutual of America Institutional Funds, Inc., since April 2013	None
Michelle A. Rozich, Senior Vice President and Internal Auditor, age 45	Since March 2018	Senior Vice President, Internal Auditor as of March 2018; formerly Audit Senior Manager, KPMG LLP	None

176

Quarterly Portfolio Schedules

Included in this Annual Report are schedules of Mutual of America Investment Corporation’s (“Investment Company”) Fund portfolio holdings as of December 31, 2018. The Investment Company files complete schedules of Fund portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year onForm N-Q and for the second and fourth quarters of each fiscal year onForm N-CSR. TheForms N-Q andN-CSR are available on the SEC’s website at http://www.sec.gov.

Proxy Voting Policies and Procedures

A copy of the Investment Company’s proxy voting policies and procedures can be obtained free of charge by calling1-800-468-3785. It is also available on the SEC’s website at http://www.sec.gov.

Information regarding how the Investment Company voted proxies relating to portfolio securities during the12-month period ended June 30, 2018 is available without charge by calling1-800-468-3785. It is also available on the SEC website.

Code of Ethics

The Investment Company has adopted a Code of Ethics that complies with Rule17j-1 of the Investment Company Act of 1940 and with the requirements of the Sarbanes-Oxley Act of 2002. A copy of the Code of Ethics is available free of charge, upon request. To obtain a free copy of the Code of Ethics, please call(212) 224-1568 or write to:

Ms. Kathryn A. Lu

Executive Vice President and Chief Compliance Officer

Mutual of America Investment Corporation

320 Park Avenue

New York, NY 10022-6839

Supplemental Dividend Information — Unaudited

Dividends from the International, Money Market,Mid-Term Bond and Bond Funds do not qualify for the corporate dividends received deduction. The 2060 Retirement Fund did not distribute any dividends during 2018. The following are the percentages of the ordinary dividends distributed in 2018 by the other Investment Corporation Funds that qualify for the corporate dividends received deduction:

	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
Ordinary dividend qualifying percentage		84.48%		25.43%		93.11%		79.07%		100.00%
	Mid-Cap Equity Index Fund		Mid Cap Value Fund		Composite Fund		Retirement Income Fund		2010 Retirement Fund
Ordinary dividend qualifying percentage		61.61%		64.41%		27.34%		19.60%		22.40%
	2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund		2035 Retirement Fund
Ordinary dividend qualifying percentage		27.76%		32.60%		39.20%		45.68%		51.70%
	2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund		Conservative Allocation Fund
Ordinary dividend qualifying percentage		52.52%		53.66%		53.75%		44.95%		16.54%
	Moderate Allocation Fund		Aggressive Allocation Fund
Ordinary dividend qualifying percentage		35.75%		43.20%

177

Important tax information:The following amounts of 2018 Investment Corporation Fund long-term capital gains (if any) have been designated as capital gains dividends.

	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small-Cap Equity Index Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	56,058,789	$	13,677,187	$	35,888,408	$	36,222,538	$	0
	Mid-Cap Equity Index Fund		Mid Cap Value Fund		International Fund		Composite Fund		Retirement Income Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	85,503,007	$	6,713,062	$	0	$	10,415,744	$	1,339,242
	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	1,055,110	$	6,098,811	$	14,464,758	$	23,373,515	$	19,726,249
	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	16,266,812	$	12,891,559	$	15,787,067	$	6,634,382	$	542,019
	2060 Retirement Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Money Market Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	0	$	6,677,611	$	20,403,614	$	16,696,924	$	0
	Mid-Term Bond Fund		Bond Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	77,266	$	0

178

MUTUALOF AMERICA

LIFE INSURANCE COMPANY

320 PARK AVENUE

NEW YORK, NY 10022-6839

www.mutualofamerica.com

320 PARK AVENUE

NEW YORK NY 10022-6839

ADDRESS SERVICE REQUESTED

You can receive these and other important documents electronically. Sign up for eDocuments and we’ll waive the monthly participant charge.   Find out more at mutualofamerica.com or call1-800-468-3785.

M100-MOA

ITEM 2. CODE OF ETHICS.

Mutual of America Investment Corporation (the “Corporation”) has adopted a Code of Ethics that applies to its principal executive and financial officers, as well as all Access Persons as defined underRule 17j-1 of the Investment Company Act of 1940. The Code of Ethics consists of two sections. The first section, designated as Section A, is the Code of Ethics required underRule 17j-1. Section A requires those subject to it to submit periodic reports detailing their securities holdings and transactions (subject to several exemptions contained in the rules) and requirespre-approval for certain securities transactions by such persons, including purchases and sales of reportable securities, investments in initial public offerings and private placements.

The second section, designated as Section B, is to assure compliance with the Code of Ethics requirements of Section 406 of the Sarbanes-Oxley Act of 2002. It applies specifically to the Corporation’s principal executive and financial officers.

The two sections are not mutually exclusive and must be observed independently by each person to whom they are intended to apply. Section A applies to all individuals while Section B applies to the individuals designated in Section B. Both Sections explicitly require those individuals subject to the provisions of the Code of Ethics to promptly report violations of the Code of Ethics to the Chief Compliance Officer.

There have been no amendments to Section A or B during the period covered by this report.

The Annual Report to Shareholders includes information on how to obtain a copy of the Code of Ethics at no charge.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)	(1)	Mutual of America Investment Corporation’s Board of Directors has determined that one audit committee financial expert serves on its Audit Committee.
(a)	(2)	The audit committee financial expert is Margaret M. Smyth. She is a Certified Public Accountant and has been U.S. Chief Financial Officer at National Grid since 2014. Her experience also includes previously held senior finance positions at Con Edison, Hamilton Sunstrand and United Technologies, and was a partner at Deloitte Touche and Arthur Andersen. Ms. Smyth is considered an independent director.
(a)	(3)	Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a)  Aggregate Audit Fees:

2018: $588,230

2017: $510,000

(b), (c), (d) There were no Audit-Related, Tax or Other Fees.

(e) Allnon-audit fees arepre-approved by the Audit Committee in advance.

(f), (g), (h) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this FormN-CSR was recorded, processed, summarized, and reported in a timely and accurate manner.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

Attached hereto:

(a)    (1) Not applicable.
(2) Exhibit 99.CERT	Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule30a-2(a) under the Investment Company Act of 1940.
(3) Not applicable.
(b)    Exhibit99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required byRule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Mutual of America Investment Corporation

By:	/s/ JAMES J. ROTH
	James J. Roth
	Chairman of the Board,
	President and Chief Executive Officer of
	Mutual of America Investment Corporation
Date: March 8, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ JAMES J. ROTH
	James J. Roth
	Chairman of the Board,
	President and Chief Executive Officer of
	Mutual of America Investment Corporation
Date: March 8, 2019

By:	/s/ CHRIS W. FESTOG
	Chris W. Festog
	Senior Executive Vice President,
	Chief Financial Officer and Treasurer of Mutual of America Investment Corporation
Date: March 8, 2019