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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR/A

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05084

MoA Funds Corporation

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Chris W. Festog

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

MoA Funds 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, 2023

Explanatory Note:

The purpose of this amended filing is to correct a typographical error to the aggregate audit fees under Item 4(a). Other than the aforementioned revision, this amendment does not amend, update or change any other items or disclosures found in the original Form N-CSR filing.

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders follows:

DECEMBER 31, 2023

MoA Funds Annual Report

Equity Funds

• MoA Small Cap Value Fund (MAVKX)

• MoA Mid Cap Value Fund (MAMVX)

• MoA Small Cap Growth Fund (MAGKX)

• MoA International Fund (MAIFX)

• MoA Equity Index Fund (MAEIX)

• MoA Mid Cap Equity Index Fund (MAMEX)

• MoA Small Cap Equity Index Fund (MASOX)

• MoA Catholic Values Index Fund^TM (MACCX)

• MoA All America Fund (MAAKX)

Fixed Income Funds

• MoA Intermediate Bond Fund (MAMBX)

• MoA Core Bond Fund^TM (MABDX)

• MoA Money Market Fund (MAAXX)

Asset Allocation Funds

• MoA Conservative Allocation Fund (MACAX)

• MoA Moderate Allocation Fund (MAMOX)

• MoA Aggressive Allocation Fund (MAANX)

• MoA Balanced Fund (MACHX)

Target Date Funds

• MoA Retirement Income Fund (MARMX)

• MoA Clear Passage 2015 Fund^TM (MURFX)

• MoA Clear Passage 2020 Fund^TM (MURGX)

• MoA Clear Passage 2025 Fund^TM (MURHX)

• MoA Clear Passage 2030 Fund^TM (MURIX)

• MoA Clear Passage 2035 Fund^TM (MURJX)

• MoA Clear Passage 2040 Fund^TM (MURLX)

• MoA Clear Passage 2045 Fund^TM (MURMX)

• MoA Clear Passage 2050 Fund^TM (MURNX)

• MoA Clear Passage 2055 Fund^TM (MUROX)

• MoA Clear Passage 2060 Fund^TM (MURPX)

• MoA Clear Passage 2065 Fund^TM (MURQX)

On October 16, 2023, the Funds listed above were re-branded as the MoA Funds. Further details, including changes in individual fund names, can be found in Note 1 to the financial statements contained within this report.

This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. The report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus. MoA Funds distributed by Foreside Fund Services, LLC.

NOT FDIC INSURED ● MAY LOSE VALUE ● NO BANK GUARANTEE

moafunds.com

CONTENTS

	Page
Annual Report of MoA Funds Corporation
Message from our Chairman		1
Portfolio Management Discussions		6
Asset Allocations		35
Expense Example		40
Portfolios of Investments in Securities:
MoA Equity Index Fund		48
MoA All America Fund		55
MoA Small Cap Value Fund		64
MoA Small Cap Growth Fund		66
MoA Small Cap Equity Index Fund		69
MoA Mid Cap Value Fund		76
MoA Mid Cap Equity Index Fund		78
MoA Balanced Fund		84
MoA International Fund		92
MoA Catholic Values Index FundTM		97
MoA Retirement Income Fund		102
MoA Clear Passage 2015 FundTM		102
MoA Clear Passage 2020 FundTM		103
MoA Clear Passage 2025 FundTM		103
MoA Clear Passage 2030 FundTM		104
MoA Clear Passage 2035 FundTM		104
MoA Clear Passage 2040 FundTM		105
MoA Clear Passage 2045 FundTM		105
MoA Clear Passage 2050 FundTM		106
MoA Clear Passage 2055 FundTM		106
MoA Clear Passage 2060 FundTM		107
MoA Clear Passage 2065 FundTM		107
MoA Conservative Allocation Fund		108
MoA Moderate Allocation Fund		108
MoA Aggressive Allocation Fund		109
MoA Money Market Fund		110
MoA Intermediate Bond Fund		111
MoA Core Bond FundTM		115
Statements of Assets and Liabilities		128
Statements of Operations		134
Statements of Changes in Net Assets		140
Financial Highlights		150
Notes to Financial Statements		170
Report of Independent Registered Public Accounting Firm		192
Additional Information		194

MOA FUNDS

We are pleased to present the MoA Funds Corporation (formerly, 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, 2023.

Economic and Market Perspective

Following unprecedented market turbulence in 2022, the conclusion of 2023 resulted in positive outcomes for both the stock and bond markets. Investors, initially bracing for a recession, were pleasantly surprised by a resilient economy, robust consumer spending, strong employment trends and favorable inflation data.

Despite low expectations by investors heading into 2023, stocks had an impressive year — the S&P 500^® Index (S&P 500) gained 26.3%, the Dow Jones Industrial Average surpassed 37,000, and the Nasdaq Composite soared 44%, fueled by companies with exposure to artificial intelligence. The year-end rally, marking the S&P 500’s longest winning streak since January 2004, provided a welcome boost to various assets. Higher bond yields, which initially concerned money managers, didn’t dampen the rally. In October, the 10-year Treasury yield hit 5% for the first time in 16 years, before retreating to 3.88% by year-end.

Despite challenges such as the U.S. Federal Reserve (Fed) raising interest rates, a regional banking crisis and geopolitical tensions, the markets defied predictions, hinting that the worst of these challenges are behind us. As we step into 2024, the world’s financial markets will keenly observe how these narratives unfold amid the ever-changing global economics, geopolitics and the U.S. presidential election.

Equities Rock and Roll

From the end of July through late October, the U.S. stock market experienced a 10% correction, despite improving economic conditions. However, a robust rally ensued after softer inflation data in the October Consumer Price Index (CPI) and dovish remarks from the Fed fueled investor confidence in a potential soft landing of the economy. In the fourth quarter, the S&P 500 surged 11.7%, and the Russell 2000^® Index gained a notable 14%, driven by a substantial 12.2% increase in December. Examining the Russell 1000^® Growth and Russell 1000^® Value Indexes, growth outperformed by 4% in the fourth quarter and by an impressive 31% for the year.

Equity investors navigated substantial volatility in the last two years, enduring a significant market selloff in 2022 followed by a robust yet turbulent rebound in 2023. Even with a strong 2023, the S&P 500 was up just 1.7%, and the Nasdaq was down 1.2% on an annualized basis for the combined last two years. It is worth noting, however, that the S&P 500 continued to shine in the first month of 2024, and on January 19, finished at 4,839.81 to set an all-time closing high, surpassing the previous mark of 4,796.56 from January 3, 2022.

A notable development in 2023 was the focus on the Magnificent Seven (Apple, Microsoft, Alphabet, Amazon, NVIDIA, Tesla and Meta Platforms), which contributed approximately 62% to the S&P 500’s returns through December 31, 2023, a shift from nearly 100% in late October. In fact, the equally weighted S&P 500 was down through October, but a strong rally in November and December lifted the index so that it was up 13.8% for the year. This suggests a broadening of equity market performance.

Many investors anticipate this trend continuing into 2024, supported by compelling arguments. Notably, valuations for the equally weighted S&P 500 and S&P Small Cap 600 appear more attractive, with forward earnings multiples of 16.2x and 14.4x, respectively — both below their 10-year historical averages. In contrast, the S&P 500 currently trades at 19.7x, notably exceeding its 10-year historical average of 17.9x.

10-Year Treasury Yield Does a Round Trip

As the fourth quarter of 2023 approached, the Bloomberg U.S. Aggregate Index faced the prospect of marking its third consecutive negative year, an unprecedented occurrence. However, a “relief” rally in November and December propelled the index to a positive return of 6.8%, concluding the year 5.5% higher. Similar positive outcomes were observed in the Bloomberg U.S. Corporate Index, which returned 8.5% for the year.

By contrast, 2-year bond returns have less favorable results — the Bloomberg Aggregate Index and the Bloomberg Corporate Index declined by 8.2% and 8.5%, respectively. Despite a modest gain of 3% in long-term Treasuries in 2023, it remains one of the poorest-performing asset classes for the two-year period, during which it was down 26%. Notably, amid significant interest rate volatility, the 10-Year Treasury yield commenced and concluded the year nearly unchanged, at 3.875% and 3.879%, respectively, with the yield curve action concentrated at the short end. The only weakness that we spotted was in West Texas Intermediate Crude Oil futures, which fell 21.1% in the fourth quarter and 10.7% overall for the year.

1

Has the Fed Tamed Inflation without Hurting Employment?

Recently, economists have introduced the term “immaculate disinflation.” This unofficial term is used to depict a scenario where inflation subsides without triggering a surge in unemployment. It has also become synonymous with a soft landing.

Traditionally, accomplishing this has been challenging due to the well-studied “sacrifice ratio,” which suggests that reducing inflation incurs economic costs, typically seen as higher unemployment. In brief, the ratio is essentially the cost of combating inflation.

On the inflation front, utilizing the Fed’s preferred measure of core personal consumption expenditures (PCE), the annualized inflation rate dropped to 2.9% in December. Core PCE, which peaked 18 months ago, has declined as swiftly as it surged, challenging the notion of inflation being “sticky”—the idea that it falls more slowly than it rises. Non-core PCE and the CPI registered 2.6% and 3.4%, respectively, in December, rapidly approaching the Fed’s 2% target rate for inflation. This suggests that the Fed is making progress toward achieving its mandate of price stability in the coming months.

Turning to employment, the Fed’s secondary mandate, the unemployment rate, has consistently stayed below 4.0% since the initiation of interest rate hikes in March 2022. December’s unemployment rate held steady at 3.7%, resulting in an average rate of 3.6% for 2023, mirroring the 2022 average. This unprecedented 23-month streak below 4% indicates a persistently tight labor market. Some economists and investors speculate that the Fed has orchestrated a soft landing or immaculate disinflation by meeting both mandates. However, Fed officials exercise caution, awaiting inflation to sustain the central bank’s 2% target, recognizing that achieving this without a substantial rise in unemployment would be viewed as a near miracle by Fed Chair Jerome Powell and his colleagues.

Fed Officials and Investors Have Divergent Views on Rates

Anticipating a sustained easing in inflation, there’s a possibility that the Federal Open Market Committee (FOMC) will gradually start adjusting policy rates around mid-2024. The Fed’s current projection suggests three rate cuts for 2024, aiming for a year-end Federal Funds Rate ranging from 4.50% to 4.75%, down from the current target of 5.25% to 5.50%. Despite nearly two years of raising rates for price stability, the Fed seems to be signaling the end of that effort. Investors, however, anticipate a more aggressive approach, with six cuts totaling 1.25 percentage points, beginning as early as March 2024, creating a divergence from the Fed’s outlook. This disparity could introduce volatility to both equity and bond markets. Regardless, the Fed’s quantitative tightening, with a monthly removal of $95 billion, is expected to continue throughout 2024, withdrawing approximately $1 trillion from the economy in the next year.

Gross Domestic Product Is Resilient – No Recession Here

Following a robust 2.8% performance in 2023, including 3.3% growth in the fourth quarter, it is anticipated that the Gross Domestic Product (GDP) growth will ease to a 1.4% pace in 2024. The significant role of consumer spending, constituting 70% of GDP, adds importance to monitoring this indicator. Recent holiday shopping trends reflected modesty, with consumers displaying caution and actively seeking bargains. Several factors, such as reduced excess saving, stagnant wage growth, low saving rates and diminished pent-up demand, could contribute to a continued slowdown in consumer spending in 2024. Emerging indicators, including the resumption of student loan payments and a rise in subprime auto and credit card delinquencies, suggest potential stress for certain consumers. According to a Bloomberg economic forecast survey, the consensus points toward a lower GDP in 2024 compared to 2023, but this appears to be in no way recessionary.

Housing Continues to Be “Frozen”

With housing affordability metrics hitting a 40-year low in 2023 and 75% of mortgages secured at 4% or below, the U.S. housing market is essentially stagnant or frozen. Since 2020, housing affordability has plummeted by 47%, reaching levels near the lowest on record since 1986. Real residential investment experienced a notable 12% decline at a seasonally adjusted annual rate over the past six quarters. Despite a 6% rise in home values in 2023, resulting in nearly all-time highs due to tight supply and historically low vacancies, the market faces vulnerability in 2024 if mortgage rates, which dropped from above 8% to around 6% by year-end, don’t return to 3%.

Commercial Real Estate Troubles Loom

The office sector has transformed due to widespread work-from-home and hybrid office policies. Companies, reevaluating space needs, are downsizing, leading to reduced demand and lower rent rates. Concurrently, small and regional banks lending in commercial real estate are tightening standards amid rising interest rates. A substantial volume of commercial mortgages, with maturity approaching, will have to refinance at significantly higher rates. It is estimated that $1.2 trillion of commercial loans will need to be refinanced this year and next. This convergence presents a perfect storm, foreseeing lower valuations, increased loan defaults and potential foreclosures.

2

Supply Chains Continue to Adjust

In the last year, with the alleviation of inventory constraints and reduced shipping costs, supply-chain focus has transitioned from short-term tactics to long-term strategies emphasizing cost reduction and resilience. Legislation like the CHIPS and Science Act and the Inflation Reduction Act, both of which were enacted in 2022, incentivizes specific strategic industries — such as semiconductors and renewables — to bring production onshore. Consequently, there has been a noticeable increase in business investment in high-tech manufacturing structures over the past year. Looking ahead, global supply-chain adaptations are anticipated to proceed cautiously, especially now that companies have a better appreciation of how quickly supply-chain disruptions can squeeze their operating margins.

Geopolitics Are Plentiful

On the global front, persistent trade tensions with China, the ongoing Russia-Ukraine conflict and instability in the Middle East carried over from 2023 and are likely to contribute to ongoing uncertainties and risks in 2024. Although the direct impact on the U.S. economy has been limited, the overarching concern lies in the potential for a supply shock in essential commodities or goods — such as energy, food or semiconductors — leading to substantial market disruption. The upcoming U.S. presidential election in November may exert a more significant influence on geopolitics than recent cycles, given the current backdrop of heightened political tensions in the U.S.

Summary and Outlook

In 2023, the financial markets defied initial expectations, with both stock and bond markets experiencing positive outcomes by year-end. Despite concerns of a recession, a resilient economy, robust consumer spending and favorable inflation data led to impressive stock market gains, marked by the S&P 500’s longest winning streak since 2004. Equities faced challenges but navigated volatility, with a notable focus on the Magnificent Seven tech giants contributing to market performance. The 10-year Treasury yield ended where it started the year, with positive returns in the fourth quarter, but 2-year bond returns reflected less favorable results. Amid these developments, the Federal Reserve’s efforts to tame inflation without harming employment prompted discussions of a potential soft landing.

Looking ahead to 2024, there are diverging views between Fed officials and investors regarding policy rates. While the FOMC anticipates a gradual normalization with three rate cuts, investors are betting on a more aggressive approach, potentially adding volatility to both equity and bond markets. The GDP has been resilient, with a projected slowdown in 2024, but there appear to be no signs of a recession. However, challenges persisted in the housing market, characterized by affordability concerns and a “frozen” state. Commercial real estate faced troubles due to changes in the office sector and refinancing challenges. Meanwhile, supply chains continued to adjust, with a focus on long-term strategies, and geopolitics remained a source of uncertainty, particularly with trade tensions and conflicts influencing market dynamics as the world approached the 2024 U.S. presidential election.

With these key issues in mind, investors should continue to expect a sustained period of uncertainty in the financial markets and economy.

3

The total return performance (net of expenses) for each of the Funds is reflected below:

Total Returns — Year Ended December 31, 2023
MoA Equity Index Fund	26.12%
MoA All America Fund	20.33%
MoA Small Cap Value Fund	9.59%
MoA Small Cap Growth Fund	15.63%
MoA Small Cap Equity Index Fund	15.87%
MoA Mid Cap Value Fund	6.96%
MoA Mid Cap Equity Index Fund	16.25%
MoA Balanced Fund	15.07%
MoA International Fund	19.55%
MoA Catholic Values Index FundTM	26.37%
MoA Retirement Income Fund	9.91%
MoA Clear Passage 2015 FundTM	10.55%
MoA Clear Passage 2020 FundTM	11.83%
MoA Clear Passage 2025 FundTM	13.59%
MoA Clear Passage 2030 FundTM	15.25%
MoA Clear Passage 2035 FundTM	17.26%
MoA Clear Passage 2040 FundTM	18.87%
MoA Clear Passage 2045 FundTM	19.64%
MoA Clear Passage 2050 FundTM	19.94%
MoA Clear Passage 2055 FundTM	19.98%
MoA Clear Passage 2060 FundTM	20.19%
MoA Clear Passage 2065 FundTM	20.50%
MoA Conservative Allocation Fund	11.22%
MoA Moderate Allocation Fund	15.34%
MoA Aggressive Allocation Fund	17.52%
MoA Money Market Fund	4.99%
MoA Intermediate Bond Fund	4.62%
MoA Core Bond FundTM	5.03%

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

The pages that immediately follow include brief discussions of each Fund’s performance for the year ended December 31, 2023, compared to its relevant index. Also presented are graphs and tables for each Fund (except for the Money Market Fund) which illustrate each Fund’s respective:

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

● Ending 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,

Chris W. Festog

Chairman of the Board,

Chief Executive Officer and Principal Executive Officer

MoA Funds Corporation

4

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.

5

EQUITY INDEX FUND (Unaudited)

The Equity Index Fund’s objective is to seek investment results (before fees and expenses) that correspond to the investment 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, 2023, was 26.29% before expenses and 26.12% after expenses. The return of the S&P 500 was 26.29% over the same period.

GROWTH OF A $10,000 INVESTMENT

MoA Equity Index Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,612		26.12%
5 Years		$20,568		15.52%
10 Years		$30,679		11.86%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

The line representing the performance return of the MoA 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.

6

ALL AMERICA FUND (Unaudited)

The investment objective of the All America Fund is to outperform the Russell 3000^® Index (Russell 3000) (before fees and expenses) by investing in a diversified portfolio of primarily common stocks. The All America Fund is approximately 60% passively invested in a selection of stocks from the 500 common stocks that comprise the S&P 500^® Index, with the remaining 40% actively managed, comprised of approximately 20% mid cap and 20% small cap stocks, thus providing exposure to all levels of market capitalization among domestic stocks.

For the year ended December 31, 2023, the Russell 3000 increased by 25.96% on a total return basis, while the Russell^® Midcap Core Index was up 17.23% and the Russell Midcap^® Value Index was up 12.71%. The Russell 2000^® Growth Index increased 18.66% and the Russell 2000^® Value Index increased 14.65%.

The All America Fund’s return for the year ended December 31, 2023, was 20.96% before expenses and 20.33% after expenses. The return of its benchmark, the Russell 3000, was 25.96%. The underperformance of the Fund was driven by the higher weights in small and mid-size segments versus the Russell 3000.

Market leadership in 2023 was extremely narrow driven by a few mega-cap companies. Looking forward to 2024, we expect market breadth to broaden as the economy remains strong and interest rates come down.

GROWTH OF A $10,000 INVESTMENT

MoA All America Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,033		20.33%
5 Years		$18,863		13.53%
10 Years		$25,608		9.86%

Russell 3000 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,596		25.96%
5 Years		$20,254		15.16%
10 Years		$29,641		11.48%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

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

7

SMALL CAP VALUE FUND (Unaudited)

The Small Cap Value fund seeks strong risk-adjusted investment performance, in small capitalization companies with improving future investment prospects. The Fund approach is to invest in high quality companies with aligned management teams that can execute on their business plans and reinvest capital effectively. The Fund seeks to invest for the long term in companies with improving cash flows, low or improving financial leverage, where the investment team can develop a differentiated view of future returns. The strategy employs bottom-up disciplined fundamental research with proprietary risk models to identify future outperformers and to mitigate downside risk.

Small cap stocks as seen by the Russell 2000 Value Index, showed strong gains for the year ending December 2023. For the year ending December 31, 2023, the Russell 2000 Value Index returned 14.65% while the Small Cap Value Fund showed 10.50% before expenses and 9.59% after expenses for the same period.

From a sector perspective, stock selection within Financials and Consumer Discretionary sectors was the largest relative detractor to performance for the year, while stock selection within the Industrial and Healthcare sectors was the largest contributor to relative performance. Based on our bottom-up selection process, the portfolio is significantly overweight Industrials, with more moderate overweight to the Utility sector versus the Russell Small Cap Value benchmark. Conversely, the portfolio is currently significantly underweight in the Healthcare sector, with more moderate underweight to the Technology and Consumer Discretionary sectors.

Top contributors for the year were Mueller Industrials, Inc., Taylor Morrison Home Corporation and Miller Industrials, Inc. Top detractors for the year were Marriott Vacations Worldwide Corporation, Tegna, Inc. and Treehouse Foods, Inc. The largest new positions for the year were Ashland Inc, Fortrea Holdings Inc. and Northern Oil & Gas Inc.

Following a 2022 which was the worst year for markets over the last few decades, driven mainly by earnings multiple compression as the discount rate normalized from higher rates, 2023 marked a sharp reversal of these trends as rate expectations peaked out and investors began to discount a nearer end to the current interest rate cycle. The Fund continues to be overweight higher quality companies, as measured by return on assets and return on equity versus the benchmark, which presented a headwind to relative performance in particular during the fourth quarter of 2023.

We see multiple reasons to be bullish on small to mid-cap stocks over the next decade. Small capitalization US equities trade at an extreme discount to larger cap peers which is near multi-decade lows. In addition, smaller capitalization companies tend to outperform coming out of negative earnings revision cycles, which we have seen over the course of the last few quarters due to lower demand, higher interest rates and less benefits from pricing in 2023. Finally, the quality of market indices have declined dramatically over the last few years as non-profitable companies have become a greater percentage of the market. These factors create an increasingly attractive market opportunity for nimble, active investors.

GROWTH OF A $10,000 INVESTMENT

MoA Small Cap Value Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,959		9.59%
5 Years		$14,948		8.37%
10 Years		$16,884		5.38%

Russell 2000 Value Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,465		14.65%
5 Years		$16,105		10.00%
10 Years		$19,226		6.76%

The line representing the performance return of the MoA 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.

8

SMALL CAP GROWTH FUND (Unaudited)

The Fund seeks capital appreciation. That is, we invest for long-term growth of capital by investing in companies with small market capitalizations.

Our active small cap growth approach is to seek attractive returns without taking undue risk, which we seek to achieve by investment in companies that have strong fundamentals, a compelling and sustainable business model and are led by a proven management team that has demonstrated the ability to execute on a business plan. Successful investment of capital, we believe, is a significant determinant in a company’s prospects.

Small cap stocks, as represented by the Russell 2000^® Growth Index, showed mid-teens results of 18.66%, with over half the return seen in the stellar fourth quarter performance. The Fund was competitive with its benchmark and its small cap growth peers. For 2023, the Small Cap Growth Fund showed a gross return of 16.59% and a net return of 15.63% after expenses.

Of the three traditional growth sectors, consumer discretionary and information technology returned above 20% while healthcare lagged the Index returning just under 11.5%. Our stock selection in the Industrials, Materials and Financials sectors contributed the most of any 3-sectors to the investment results of the Fund for 2023.

The machinery, pharmaceutical and professional services industries contributed the most to the return of the overall Fund relative to its index whereas the communications equipment, automobile components and electrical equipment industries detracted the most from the overall performance.

For the year, the Fund was underweight non-earning companies. We underperformed in this area given the 10-year Treasury yield fell from nearly 5% in mid-October to about 3.8% by the end of December. With interest rates declining, long duration assets, such as non-earning companies rallied in price.

Bottom-up, fundamental company research begins with ideas generation, which leverages the knowledge, depth, and scope of the investment professionals in our organization to identify candidates. We are long term investors with a 3- to 5- year time horizon. We employ a disciplined approach to portfolio construction through understanding and measuring risk.

GROWTH OF A $10,000 INVESTMENT

MoA Small Cap Growth Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,563		15.63%
5 Years		$16,586		10.65%
10 Years		$20,048		7.20%

Russell 2000 Growth Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,866		18.66%
5 Years		$15,544		9.22%
10 Years		$19,966		7.16%

The line representing the performance return of the MoA 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.

9

SMALL CAP EQUITY INDEX FUND (Unaudited)

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

The Small Cap Equity Index Fund’s return for the year ended December 31, 2023 was 16.04% before expenses and 15.87% after expenses. The return of the S&P SmallCap 600 was 16.05%.

GROWTH OF A $10,000 INVESTMENT

MoA Small Cap Equity Index Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,587		15.87%
5 Years		$16,617		10.69%
Since 7/2/18 (Inception)		$13,866		6.12%

S & P 600 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,605		16.05%
5 Years		$16,873		11.03%
Since 7/2/18 (Inception)		$14,117		6.47%

The line representing the performance return of the MoA 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.

10

MID CAP VALUE FUND (Unaudited)

The Mid Cap Value fund seeks strong risk-adjusted investment performance in mid capitalization companies with improving future investment prospects. The Fund approach is to invest in high quality companies with aligned management teams that can execute on their business plans and reinvest capital effectively. The Fund seeks to invest for the long term in companies with improving cash flows, low or improving financial leverage, where the investment team can develop a differentiated view of future returns. The strategy employs bottom-up disciplined fundamental research with proprietary risk models to identify future outperformers and to mitigate downside risk.

Mid cap stocks as seen by the Russell Mid Value Index, showed strong gains for the year ending December 2023. For the year ending December 31, 2023, the Russell Mid Value Index returned 12.71% while the Mid Cap Value Fund returned 7.71% before expenses and 6.96% after expenses for the same period.

From a sector perspective, stock selection within Financials and Consumer Discretionary sectors was the largest relative detractor to performance for the year, while stock selection within the Industrial sector was the largest contributor to relative performance. Based on our bottom-up selection process, the portfolio is significantly overweight Materials, with more moderate overweight to the Utility and Energy sectors versus the Russell Mid Cap Value benchmark. Conversely, the portfolio is currently significantly underweight in the Consumer Discretionary sector, with more moderate underweight to the Financials and Technology sectors.

Top contributors for the year were Builders Firstsource, Inc., Mueller Industries, Inc. and Crane Company. Top detractors for the year were SVB Financial Group, Marriott Vacations Worldwide Corporation and Ashland Inc. The largest new positions for the year were Vontier Corp, Veralto Corp and Everest Group Ltd.

Following a 2022 which was one of the worst years for markets over the last few decades, driven mainly by earnings multiple compression as the discount rate normalized from higher rates, 2023 marked a sharp reversal of these trends as rate expectations peaked out and investors began to discount a nearer end to the current interest rate cycle. The Fund continues to be overweight higher quality companies, as measured by return on assets and return on equity versus the benchmark, which presented a headwind to relative performance in particular during the fourth quarter of 2023. The quality of market indices have declined dramatically over the last few years as non-profitable companies have become a greater percentage of the market. This dynamic creates an increasingly attractive market opportunity for nimble, active investors.

GROWTH OF A $10,000 INVESTMENT

MoA Mid Cap Value Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,696		6.96%
5 Years		$16,768		10.89%
10 Years		$21,172		7.79%

Russell Mid Cap Value Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,271		12.71%
5 Years		$16,971		11.16%
10 Years		$22,122		8.26%

The line representing the performance return of the MoA 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.

11

MID CAP EQUITY INDEX FUND (Unaudited)

The Mid Cap Equity Index Fund invests in 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, 2023, was 16.43% before expenses and 16.25% after expenses. The return of the S&P MidCap 400 was 16.44% over the same period.

GROWTH OF A $10,000 INVESTMENT

MoA Mid Cap Equity Index Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,625		16.25%
5 Years		$17,969		12.44%
10 Years		$23,879		9.09%

S & P MidCap 400 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,644		16.44%
5 Years		$18,115		12.62%
10 Years		$24,276		9.27%

The line representing the performance return of the MoA 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.

12

BALANCED FUND^ (Unaudited)

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

The fixed income portion of the Fund (i.e. the portion that invests in debt securities and money market instruments) invests 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, 2023, the fixed income portion of the Fund had a total return of 5.46% before expenses. The Bloomberg U.S. Aggregate Bond Index returned 5.53% for the year ended December 31, 2023.

The equity portion of the Balanced Fund (i.e. the portion that invests in common stocks) provides 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.

For the year ended December 31, 2023, the equity portion of the Fund had a total return of 22.19% (before expenses), underperforming the S&P 500^® Index (S&P 500) which increased 26.29%.

The Fund’s aggregate performance for the year ended December 31, 2023 was 15.68% before expenses and 15.07% after expenses, versus a 17.71% return in the blended benchmark (60% weighting for the S&P 500 and 40% weighting for the Bloomberg U.S. Aggregate Index).

The underperformance of the fund was due to its emphasis on higher dividend yielding equities during a market that favored high growth, mega-cap companies. The fixed income portion contributed to the underperformance due to its more conservative positioning.

Looking forward to 2024, we expect market breadth to broaden, which should be constructive for equities. It is widely expected that the Federal Reserve will cut interest rates in 2024 which should benefit dividend payers.

^ Formerly Composite Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Balanced Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,507		15.07%
5 Years		$15,734		9.49%
10 Years		$20,493		7.44%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

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

13

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

INTERNATIONAL FUND (Unaudited)

The International Fund seeks capital appreciation by investing primarily 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). The Fund may also invest in exchange traded funds within the general limitations of the Investment Company Act of 1940.

For the year ended December 31, 2023, the International Fund returned 19.70% before expenses and 19.55% after expenses. The return of the MSCI EAFE benchmark was 18.24%.

We believe that successful long-term investing is a careful combination of seeking superior returns while maintaining a lower risk profile. Our investment approach emphasizes high-quality international companies that have attractive valuations, earnings, and strong free cash flow.

The Fund is a portfolio of primarily large-cap companies from around the world. Three regions comprise the primary areas where we find compelling investment opportunities: Europe, the UK, and Japan. In the current environment we have more favorable views toward investing in Japanese companies. From an economic perspective, Japan is still experiencing much-desired higher inflation after years of deflation. Younger Japanese consumers, compared to those in Europe, the UK, and the U.S., appear to be more willing to accept price increases. In addition, the Tokyo Stock Exchange has been a positive agent of change for the stock market and is emphasizing increased corporate governance. Recent regulations have emphasized shareholder-friendly practices such as returning capital to investors and increased independence for boards.

GROWTH OF A $10,000 INVESTMENT

MoA International Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,955		19.55%
5 Years		$15,360		8.96%
10 Years		$15,729		4.63%

MSCI EAFE Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,824		18.24%
5 Years		$14,805		8.16%
10 Years		$15,204		4.28%

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

14

CATHOLIC VALUES INDEX FUND (Unaudited)

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

The Catholic Values Index Fund’s performance for the year ended December 31, 2023, was 26.65% before expenses and 26.37% after expenses. The benchmark returned 26.77%.

GROWTH OF A $10,000 INVESTMENT

MoA Catholic Values Index Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,637		26.37%
Since 9/30/20 (Inception)		$14,603		12.35%

S & P 500 Catholic Values Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,677		26.77%
Since 9/30/20 (Inception)		$14,754		12.70%

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

15

TARGET DATE SERIES (Unaudited)

All of the Funds in the Target Date Series had positive performance during the twelve-month period and exceeded the return of their corresponding Morningstar benchmark. For the year ended December 31, 2023, the return for the S&P 500^® Index was 26.29%, for the Bloomberg U.S. Aggregate Bond Index was 5.53% and for the FTSE 3-Month Treasury Bill Index was 5.26%.

Compared to competitors, our relative underweight to International equities versus Domestic was a positive driver of performance, as U.S. equities outperformed. Our relative overweight to small and mid-capitalization equities relative to other providers was a headwind to performance, as these asset classes trailed large cap stocks.

The equity market had very strong returns, led by a small number of mega-cap companies, as investors bid up stocks in the face of declining inflation and a continued strong labor market. As breadth improves, we continue to believe that our Funds are well positioned to continue delivering attractive long-term returns.

16

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 in the equity and fixed-income Funds of the MoA Funds. The Fund’s current target allocation is approximately 70% of net assets in fixed-income and money market Funds and approximately 30% of net assets in equity Funds.

Performance for the Retirement Income Fund is compared to the Bloomberg U.S. Aggregate Bond Index, the FTSE 3-Month Treasury Bill Index and the S&P 500^® Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Conservative Income Index. For the year ended December 31, 2023, the Fund returned 10.07% before expenses and 9.91% after expenses, versus a 8.16% return for the Morningstar benchmark.

GROWTH OF A $10,000 INVESTMENT

MoA Retirement Income Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,991		9.91%
5 Years		$12,434		4.45%
10 Years		$14,634		3.88%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA 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. The Morningstar Lifetime Allocation Conservative Income Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. Past performance is not indicative of future results.

17

CLEAR PASSAGE 2015 FUND^ (Unaudited)

The objective of the Clear Passage 2015 Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2015. The Clear Passage 2015 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 68% of net assets in fixed-income and money market Funds and approximately 32% of net assets in equity Funds.

Performance for the Clear Passage 2015 Fund is compared to the Bloomberg U.S. Aggregate Bond Index, the FTSE 3-Month Treasury Bill Index and the S&P 500^® Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Conservative 2015 Index. For the year ended December 31, 2023, the Fund returned 10.77% before expenses and 10.55% after expenses, versus a 8.52% return for the Morningstar benchmark.

^ Formerly Retirement 2015 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2015 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,055		10.55%
5 Years		$13,004		5.39%
10 Years		$15,704		4.62%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA Clear Passage 2015 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. The Morningstar Lifetime Allocation Conservative 2015 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2015. Past performance is not indicative of future results.

18

CLEAR PASSAGE 2020 FUND^ (Unaudited)

The objective of the Clear Passage 2020 Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2020. The Clear Passage 2020 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 61% of net assets in fixed-income and money market Funds and approximately 39% of net assets in equity Funds.

Performance for the Clear Passage 2020 Fund is compared to the Bloomberg U.S. Aggregate Bond Index, the FTSE 3-Month Treasury Bill Index and the S&P 500^® Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2020 Index. For the year ended December 31, 2023, the Fund returned 11.95% before expenses and 11.83% after expenses, versus a 11.23% return for the Morningstar benchmark.

^ Formerly Retirement 2020 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2020 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,183		11.83%
5 Years		$13,691		6.48%
10 Years		$16,855		5.36%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA Clear Passage 2020 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. The Morningstar Lifetime Allocation Moderate 2020 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2020. Past performance is not indicative of future results.

19

CLEAR PASSAGE 2025^ FUND (Unaudited)

The objective of the Clear Passage 2025 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2025. The Clear Passage 2025 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 49% of net assets in equity Funds and approximately 51% of net assets in fixed-income and money market Funds.

Performance for the Clear Passage 2025 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2025 Index. For the year ended December 31, 2023, the Fund returned 13.70% before expenses and 13.59% after expenses, versus a 12.05% return for the Morningstar benchmark.

^ Formerly Retirement 2025 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2025 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,359		13.59%
5 Years		$14,522		7.75%
10 Years		$18,250		6.20%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA Clear Passage 2025 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. The Morningstar Lifetime Allocation Moderate 2025 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2025. Past performance is not indicative of future results.

20

CLEAR PASSAGE 2030 FUND^ (Unaudited)

The objective of the Clear Passage 2030 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2030. The Clear Passage 2030 Fund invests in the equity and fixed-income funds of the MoA. The Fund’s current target allocation is approximately 59% of net assets in equity Funds and approximately 41% of net assets in fixed-income and money market Funds.

Performance for the Clear Passage 2030 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2030 Index. For the year ended December 31, 2023, the Fund returned 15.35% before expenses and 15.25% after expenses, versus a 13.21% return for the Morningstar benchmark.

^ Formerly Retirement 2030 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2030 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,525		15.25%
5 Years		$15,534		9.21%
10 Years		$19,726		7.03%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA Clear Passage 2030 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. The Morningstar Lifetime Allocation Moderate 2030 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2030. Past performance is not indicative of future results.

21

CLEAR PASSAGE 2035 FUND^ (Unaudited)

The objective of the Clear Passage 2035 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2035. The Clear Passage 2035 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 71% of net assets in equity Funds and approximately 29% of net assets in the fixed-income and money market Funds.

Performance for the Clear Passage 2035 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2035 Index. For the year ended December 31, 2023, the Fund returned 17.36% before expenses and 17.26% after expenses, versus a 14.69% return for the Morningstar benchmark.

^ Formerly Retirement 2035 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2035 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,726		17.26%
5 Years		$16,311		10.28%
10 Years		$20,792		7.59%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA Clear Passage 2035 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. The Morningstar Lifetime Allocation Moderate 2035 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2035. Past performance is not indicative of future results.

22

CLEAR PASSAGE 2040 FUND^ (Unaudited)

The objective of the Clear Passage 2040 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2040. The Clear Passage 2040 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 81% of net assets in equity Funds and approximately 19% of net assets in the fixed-income and money market Funds.

Performance for the Clear Passage 2040 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2040 Index. For the year ended December 31, 2023, the Fund returned 18.97% before expenses and 18.87% after expenses, versus a 16.16% return for the Morningstar benchmark.

^ Formerly Retirement 2040 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2040 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,887		18.87%
5 Years		$16,998		11.19%
10 Years		$21,425		7.92%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA Clear Passage 2040 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. The Morningstar Lifetime Allocation Moderate 2040 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2040. Past performance is not indicative of future results.

23

CLEAR PASSAGE 2045 FUND^ (Unaudited)

The objective of the Clear Passage 2045 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2045. The Clear Passage 2045 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 86% of net assets in equity Funds and approximately 14% of net assets in the fixed-income and money market Funds.

Performance for the Clear Passage 2045 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2045 Index. For the year ended December 31, 2023, the Fund returned 19.74% before expenses and 19.64% after expenses, versus a 17.19% return for the Morningstar benchmark.

^ Formerly Retirement 2045 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2045 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,964		19.64%
5 Years		$17,182		11.43%
10 Years		$21,542		7.98%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA Clear Passage 2045 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. The Morningstar Lifetime Allocation Moderate 2045 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2045. Past performance is not indicative of future results.

24

CLEAR PASSAGE 2050 FUND^ (Unaudited)

The objective of the Clear Passage 2050 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2050. The Clear Passage 2050 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 88% of net assets in equity Funds and approximately 12% of net assets in the fixed-income and money market Funds.

Performance for the Clear Passage 2050 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2050 Index. For the year ended December 31, 2023, the Fund returned 20.04% before expenses and 19.94% after expenses, versus a 17.63% return for the Morningstar benchmark.

^ Formerly Retirement 2050 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2050 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,994		19.94%
5 Years		$17,275		11.55%
10 Years		$21,971		8.19%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
10 Years		$11,330		1.26%

The line representing the performance return of the MoA Clear Passage 2050 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. The Morningstar Lifetime Allocation Moderate 2050 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2050. Past performance is not indicative of future results.

25

CLEAR PASSAGE 2055 FUND^ (Unaudited)

The objective of the Clear Passage 2055 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2055. The Clear Passage 2055 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 91% of net assets in equity Funds and approximately 9% of net assets in the fixed-income and money market Funds.

Performance for the Clear Passage 2055 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2055 Index. For the year ended December 31, 2023, the Fund returned 20.11% before expenses and 19.98% after expenses, versus a 17.68% return for the Morningstar benchmark.

^ Formerly Retirement 2055 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2055 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,998		19.98%
5 Years		$17,347		11.65%
Since 10/1/16 (Inception)		$19,393		9.57%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
Since 10/1/16 (Inception)		$25,061		13.51%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
Since 10/1/16 (Inception)		$10,614		0.83%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
Since 10/1/16 (Inception)		$11,301		1.70%

The line representing the performance return of the MoA Clear Passage 2055 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. The Morningstar Lifetime Allocation Moderate 2055 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2055. Past performance is not indicative of future results.

26

CLEAR PASSAGE 2060 FUND^ (Unaudited)

The objective of the Clear Passage 2060 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2060. The Clear Passage 2060 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 93% of net assets in equity Funds and approximately 7% of net assets in the fixed-income and money market Funds.

Performance for the Clear Passage 2060 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2060 Index. For the year ended December 31, 2023, the Fund returned 20.37% before expenses and 20.19% after expenses, versus a 17.63% return for the Morningstar benchmark.

^ Formerly Retirement 2060 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2060 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,019		20.19%
5 Years		$17,499		11.84%
Since 7/2/18 (Inception)		$15,654		8.48%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,722		15.69%
Since 7/2/18 (Inception)		$19,301		12.68%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
Since 7/2/18 (Inception)		$10,739		1.30%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
5 Years		$10,993		1.91%
Since 7/2/18 (Inception)		$11,110		1.93%

The line representing the performance return of the MoA Clear Passage 2060 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. The Morningstar Lifetime Allocation Moderate 2060 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2060. Past performance is not indicative of future results.

27

CLEAR PASSAGE 2065 FUND^ (Unaudited)

The objective of the Clear Passage 2065 Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2065. The Clear Passage 2065 Fund invests in the equity and fixed-income funds of the MoA Funds. The Fund’s current target allocation is approximately 95% of net assets in equity Funds and approximately 5% of net assets in the fixed-income and money market Funds.

Performance for the Clear Passage 2065 Fund is compared to the S&P 500^® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Fund to the Morningstar Lifetime Allocation Moderate 2065 Index. For the year ended December 31, 2023, the Fund returned 20.56% before expenses and 20.50% after expenses, versus a 17.54% return for the Morningstar benchmark.

^ Formerly Retirement 2065 Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Clear Passage 2065 Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,050		20.50%
Since 8/3/20 (Inception)		$14,639		11.82%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
Since 8/3/20 (Inception)		$15,282		13.24%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
Since 8/3/20 (Inception)		$9,029		-2.95%

FTSE 3 - Month T-Bill Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,526		5.26%
Since 8/3/20 (Inception)		$10,694		1.99%

The line representing the performance return of the MoA Clear Passage 2065 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. The Morningstar Lifetime Allocation Moderate 2065 Index measures the performance of a portfolio of global equities, bonds and traditional inflation hedges such as commodities and TIPS. This portfolio is held in proportions appropriate for a US investor who has a target maturity date of 2065. Past performance is not indicative of future results.

28

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 in the equity and fixed-income funds of the MoA Funds. The Conservative Allocation Fund’s target allocation is approximately 65% of net assets in fixed-income funds (approximately 30% in the Core Bond Fund and 35% in the Intermediate 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 S&P 500^® Index and the Bloomberg U.S. Aggregate Bond Index. In addition, we compare the performance of our Fund to the Morningstar US Moderately Conservative Target Allocation Index. For the year ended December 31, 2023, the Conservative Allocation Fund returned 11.34% before expenses and 11.22% after expenses, versus a 13.04% return for the Morningstar benchmark.

GROWTH OF A $10,000 INVESTMENT

MoA Conservative Allocation Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,122		11.22%
5 Years		$13,084		5.52%
10 Years		$15,520		4.49%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

The line representing the performance return of the MoA 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. The Morningstar Target Allocation Index family consists of indexes that offer a diversified mix of stocks and bonds created for local investors to benchmark their allocation funds. Morningstar’s Category classification system defines the level of equity and bond exposure for each index. The Morningstar US Moderately Conservative Target Allocation Index seeks 40% exposure to global equity markets. Past performance is not indicative of future results.

29

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 MoA Funds. 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 Core Bond Fund and approximately 15% of its net assets in the Intermediate Bond Fund).

Performance for the Moderate Allocation Fund is compared to the S&P 500^® Index and the Bloomberg U.S. Aggregate Bond Index. In addition, we compare the performance of our Fund to the Morningstar US Moderate Target Allocation Index. For the year ended December 31, 2023, the Moderate Allocation Fund returned 15.40% before expenses and 15.34% after expenses, versus a 16.75% return for the Morningstar benchmark.

GROWTH OF A $10,000 INVESTMENT

MoA Moderate Allocation Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,534		15.34%
5 Years		$15,087		8.57%
10 Years		$18,779		6.50%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

The line representing the performance return of the MoA 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. The Morningstar Target Allocation Index family consists of indexes that offer a diversified mix of stocks and bonds created for local investors to benchmark their allocation funds. Morningstar’s Category classification system defines the level of equity and bond exposure for each index. The Morningstar US Moderate Target Allocation Index seeks 60% exposure to global equity markets. Past performance is not indicative of future results.

30

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 MoA Funds. 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 Core Bond Fund.

Performance for the Aggressive Allocation Fund is compared to the S&P 500^® Index and the Bloomberg U.S. Aggregate Bond Index. In addition, we compare the performance of our Fund to the Morningstar US Moderately Aggressive Target Allocation Index. For the year ended December 31, 2023, the Aggressive Allocation Fund returned 17.59% before expenses and 17.52% after expenses, versus a 19.46% return for the Morningstar benchmark.

GROWTH OF A $10,000 INVESTMENT

MoA Aggressive Allocation Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$11,752		17.52%
5 Years		$16,436		10.45%
10 Years		$20,568		7.48%

S & P 500 Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$12,629		26.29%
5 Years		$20,721		15.69%
10 Years		$31,149		12.03%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

The line representing the performance return of the MoA 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. The Morningstar Target Allocation Index family consists of indexes that offer a diversified mix of stocks and bonds created for local investors to benchmark their allocation funds. Morningstar’s Category classification system defines the level of equity and bond exposure for each index. The Morningstar US Moderately Aggressive Target Allocation Index seeks 77.5% exposure to global equity markets.Past performance is not indicative of future results.

31

MONEY MARKET FUND (Unaudited)

The Money Market Fund’s investment objective is to seek current income to the extent consistent with maintenance of liquidity, investment quality and stability of capital. For full year ended December 31, 2023, the Money Market Fund returned 5.22% before expenses and 4.99% after expenses, compared to a 5.26% return for the FTSE 3-Month Treasury Bill Index. We note that the Money Market Fund’s net performance reflects management fees and operating expenses, which the index does not incur.

The Fund’s strategy will continue to focus on quality and liquidity. On December 29th, 2023, the Fund held 59.2% in U.S. Treasury Bills and the remainder in commercial paper. The weighted average maturity was 25 days. The seven-day yield as of December 29, 2023, was 5.03%. 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.

32

INTERMEDIATE BOND FUND^ (Unaudited)

The primary investment objective of the Intermediate Bond Fund is to produce a high level of current income. The secondary investment objective is the preservation of shareholders’ capital. The Fund invests primarily in investment grade publicly traded debt securities. The securities held by the Intermediate Bond Fund include U.S. Treasury bonds and Investment Grade corporate bonds. Over the longer term, the Intermediate Bond Fund’s strategy is to provide return and income by harvesting the credit risk premium across credit sensitive asset classes and identifying relative value between the major asset classes of the Fund’s index, the Bloomberg Intermediate U.S. Government/Credit Bond Index. The Fund maintains a maturity profile similar to that of its index. The Fund’s corporate positions remain highly diversified to help manage the portfolio’s credit risks.

The Fund’s benchmark, the Bloomberg Intermediate U.S. Government/Credit Bond Index, returned 5.24% for the year ended December 31, 2023. The Intermediate Bond Fund returned 5.10% (before expenses) and 4.62% net of expenses during the same period. We note that the Intermediate Bond Fund’s net performance reflects transaction fees and operating expenses, which the index does not incur. The Fund’s 14 basis point underperformance (before expenses) can be attributed mainly to the underweight to credit duration during the final months of the year. The Fund remains slightly underweight duration overall.

2023 saw continued significant Fixed Income volatility as the market rallied on easing inflation indicators over the summer months only to reverse course in the fall and rapidly sell off heading into the end of the third quarter as inflation proved more tractable and a ‘higher for longer’ interest rate narrative drove the market. The market reversed again over the final 2 months of the year after another series of lower inflation prints, sending all Treasury and risk assets higher into the end of the year.

Irrespective of that rally, the Federal Funds rate remains historically elevated, thus keeping the treasury yield curve in inverted territory. Yield curve inversion is considered a reliable indicator for potential recession, and we continue to remain wary of the economic effects of the Fed’s fight against inflation. The market continues to trade around inflation data, and more specifically, any sign the Federal Reserve will reverse the effects of its tightening campaign over the past 18 months. Recently, inflation has shown signs of easing, and should that continue without significant job loss and continued economic growth we could see the Federal Reserve begin to normalize interest rate policy.

^ Formerly Mid-Term Bond Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Intermediate Bond Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,462		4.62%
5 Years		$10,544		1.06%
10 Years		$11,664		1.55%

Bloomberg U.S. Intermediate Government/Credit Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,524		5.24%
5 Years		$10,820		1.59%
10 Years		$11,862		1.72%

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

33

CORE BOND FUND^ (Unaudited)

The Core Bond Fund seeks current income, with preservation of shareholders’ capital a secondary objective. The Fund invests primarily in investment grade publicly traded debt securities. The securities held by the Core Bond Fund include U.S. Treasury, U.S. Agency and Mortgage-Backed securities, and Investment Grade corporate bonds.

Over the longer term, the Core Bond Fund’s strategy is to provide return and income by harvesting the credit risk premium across credit sensitive asset classes and identifying relative value between the major asset classes of the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index (U.S. Treasuries, Mortgage-Backed Securities, and Investment Grade Corporate Credit). The Fund’s aim is to maintain a similar maturity profile versus its benchmark. The Fund also stresses diversification to help mitigate or manage the risk of unexpected credit events.

The Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 5.53% for the year ended December 31, 2023. The Core Bond Fund returned 5.49% (before expenses) and 5.03% net of expenses during the same period. We note that the Core Bond Fund’s net performance reflects transaction fees and operating expenses, which the index does not incur. The Fund’s 4 basis point underperformance (before expenses) can be attributed mainly to shorter duration positioning in Corporate Credit that was not fully offset from a longer duration position in U.S. Treasuries. The Fund remains in an overweight position to Mortgage-Backed securities. Overall, we remain slightly shorter in duration than the benchmark.

2023 saw continued significant Fixed Income volatility as the market rallied on easing inflation indicators over the summer months only to reverse course in the fall and rapidly sell off heading into the end of the third quarter as inflation proved more tractable and a ‘higher for longer’ interest rate narrative drove the market. The market reversed again over the final 2 months of the year after another series of lower inflation prints, sending all Treasury and risk assets higher into the end of the year.

Irrespective of that rally, the Federal Funds rate remains historically elevated, thus keeping the treasury yield curve in inverted territory. Yield curve inversion is considered a reliable indicator for potential recession, and we continue to remain wary of the economic effects of the Fed’s fight against inflation. The market continues to trade around inflation data, and more specifically, any sign the Federal Reserve will reverse the effects of its tightening campaign over the past 18 months. Recently, inflation has shown signs of easing, and should that continue without significant job loss and continued economic growth we could see the Federal Reserve begin to normalize interest rate policy.

^ Formerly Bond Fund (Note 1).

GROWTH OF A $10,000 INVESTMENT

MoA Core Bond Fund
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,503		5.03%
5 Years		$10,234		0.46%
10 Years		$11,864		1.72%

Bloomberg U.S. Aggregate Bond Index
Period Ended 12/31/2023	Growth of $10,000		Average Annual Total Return
1 Year		$10,553		5.53%
5 Years		$10,564		1.10%
10 Years		$11,964		1.81%

The line representing the performance return of the MoA Core 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.

34

MoA FUNDS

ASSET ALLOCATIONS AS OF DECEMBER 31, 2023 (Unaudited)

Equity Index Fund

All America Fund

Small Cap Value Fund

Small Cap Growth Fund

Small Cap Equity Index Fund

Mid Cap Value Fund

35

MoA FUNDS

ASSET ALLOCATIONS AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

Mid Cap Equity Index Fund

Balanced Fund

International Fund

Catholic Values Index Fund

Retirement Income Fund

Clear Passage 2015 Fund

36

MoA FUNDS

ASSET ALLOCATIONS AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

Clear Passage 2020 Fund

Clear Passage 2025 Fund

Clear Passage 2030 Fund

Clear Passage 2035 Fund

Clear Passage 2040 Fund

Clear Passage 2045 Fund

37

MoA FUNDS

ASSET ALLOCATIONS AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

Clear Passage 2050 Fund

Clear Passage 2055 Fund

Clear Passage 2060 Fund

Clear Passage 2065 Fund

Conservative Allocation Fund

Moderate Allocation Fund

38

MoA FUNDS

ASSET ALLOCATIONS AS OF DECEMBER 31, 2023 (Unaudited) (Continued)

Aggressive Allocation Fund

Money Market Fund

Intermediate Bond Fund

Core Bond Fund

39

MoA FUNDS

EXPENSE EXAMPLE (Unaudited)

EXAMPLE

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

Had Mutual of America Capital Management LLC and/or certain of its affiliates not waived/reimbursed certain fees and expenses, account values at the end of the period would have been reduced for all Funds.

For variable annuity owners or participants in a group variable annuity, the estimate of expenses does not include fees and charges associated with your variable annuity. If those fees and charges were included, the estimate of expenses for the period would be higher and your ending account value would be lower.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

Equity Index Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,079.55		$0.73
Hypothetical (5% return before expense)		$1,000.00		$1,024.50		$0.71

* 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).

All America Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,063.65		$2.81
Hypothetical (5% return before expense)		$1,000.00		$1,022.48		$2.75

* Expenses are equal to the Fund’s annualized expense ratio of 0.54%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

40

MoA FUNDS

EXPENSE EXAMPLE (Unaudited) (Continued)

Small Cap Value Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,056.11		$4.41
Hypothetical (5% return before expense)		$1,000.00		$1,020.92		$4.33

* Expenses are equal to the Fund’s annualized expense ratio of 0.85%, 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, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,022.54		$4.33
Hypothetical (5% return before expense)		$1,000.00		$1,020.92		$4.33

* Expenses are equal to the Fund’s annualized expense ratio of 0.85%, 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, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,092.88		$0.74
Hypothetical (5% return before expense)		$1,000.00		$1,024.50		$0.71

* 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).

Mid Cap Value Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,033.24		$3.89
Hypothetical (5% return before expense)		$1,000.00		$1,021.37		$3.87

* Expenses are equal to the Fund’s annualized expense ratio of 0.76%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

41

MoA FUNDS

EXPENSE EXAMPLE (Unaudited) (Continued)

Mid Cap Equity Index Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,068.53		$0.73
Hypothetical (5% return before expense)		$1,000.00		$1,024.50		$0.71

* 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).

Balanced Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,056.64		$2.90
Hypothetical (5% return before expense)		$1,000.00		$1,022.38		$2.85

* Expenses are equal to the Fund’s annualized expense ratio of 0.56%, 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, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,078.32		$0.73
Hypothetical (5% return before expense)		$1,000.00		$1,024.50		$0.71

* Expenses are equal to the Fund’s annualized expense ratio of 0.14% (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).

Catholic Values Index Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,071.67		$1.10
Hypothetical (5% return before expense)		$1,000.00		$1,024.15		$1.07

* Expenses are equal to the Fund’s annualized expense ratio of 0.21%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

42

MoA FUNDS

EXPENSE EXAMPLE (Unaudited) (Continued)

Retirement Income Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,044.54		$2.68
Hypothetical (5% return before expense)		$1,000.00		$1,022.58		$2.65

* Expenses are equal to the Fund’s annualized expense ratio of 0.52% (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).

Clear Passage 2015 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,044.44		$3.04
Hypothetical (5% return before expense)		$1,000.00		$1,022.23		$3.01

* Expenses are equal to the Fund’s annualized expense ratio of 0.59% (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).

Clear Passage 2020 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,048.47		$2.32
Hypothetical (5% return before expense)		$1,000.00		$1,022.94		$2.29

* Expenses are equal to the Fund’s annualized expense ratio of 0.45% (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).

Clear Passage 2025 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,053.09		$2.02
Hypothetical (5% return before expense)		$1,000.00		$1,023.24		$1.99

* Expenses are equal to the Fund’s annualized expense ratio of 0.39% (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).

43

MoA FUNDS

EXPENSE EXAMPLE (Unaudited) (Continued)

Clear Passage 2030 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,057.10		$1.92
Hypothetical (5% return before expense)		$1,000.00		$1,023.34		$1.89

* Expenses are equal to the Fund’s annualized 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).

Clear Passage 2035 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,063.53		$1.82
Hypothetical (5% return before expense)		$1,000.00		$1,023.44		$1.79

* Expenses are equal to the Fund’s annualized 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).

Clear Passage 2040 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,066.95		$1.72
Hypothetical (5% return before expense)		$1,000.00		$1,023.54		$1.68

* Expenses are equal to the Fund’s annualized 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).

Clear Passage 2045 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,068.58		$1.67
Hypothetical (5% return before expense)		$1,000.00		$1,023.59		$1.63

* Expenses are equal to the Fund’s annualized 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).

44

MoA FUNDS

EXPENSE EXAMPLE (Unaudited) (Continued)

Clear Passage 2050 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,069.38		$1.67
Hypothetical (5% return before expense)		$1,000.00		$1,023.59		$1.63

* Expenses are equal to the Fund’s annualized 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).

Clear Passage 2055 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,070.20		$1.83
Hypothetical (5% return before expense)		$1,000.00		$1,023.44		$1.79

* Expenses are equal to the Fund’s annualized 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).

Clear Passage 2060 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,070.35		$2.09
Hypothetical (5% return before expense)		$1,000.00		$1,023.19		$2.04

* Expenses are equal to the Fund’s annualized expense ratio of 0.40% (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).

Clear Passage 2065 Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,072.43		$1.31
Hypothetical (5% return before expense)		$1,000.00		$1,023.95		$1.28

* Expenses are equal to the Fund’s annualized expense ratio of 0.25% (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).

45

MoA FUNDS

EXPENSE EXAMPLE (Unaudited) (Continued)

Conservative Allocation Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,047.36		$2.53
Hypothetical (5% return before expense)		$1,000.00		$1,022.74		$2.50

* Expenses are equal to the Fund’s annualized expense ratio of 0.49% (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).

Moderate Allocation Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,058.60		$1.71
Hypothetical (5% return before expense)		$1,000.00		$1,023.54		$1.68

* Expenses are equal to the Fund’s annualized 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).

Aggressive Allocation Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,063.26		$1.82
Hypothetical (5% return before expense)		$1,000.00		$1,023.44		$1.79

* Expenses are equal to the Fund’s annualized 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).

Money Market Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,026.24		$1.17
Hypothetical (5% return before expense)		$1,000.00		$1,024.05		$1.17

* Expenses are equal to the Fund’s annualized expense ratio of 0.23%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

46

MoA FUNDS

EXPENSE EXAMPLE (Unaudited) (Continued)

Intermediate Bond Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,034.35		$2.36
Hypothetical (5% return before expense)		$1,000.00		$1,022.89		$2.35

* Expenses are equal to the Fund’s annualized expense ratio of 0.46%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

Core Bond Fund
	Beginning Account Value July 1, 2023		Ending Account Value December 31, 2023		Expense Paid During Period* July 1, 2023 to December 31, 2023
Actual		$1,000.00		$1,029.96		$2.25
Hypothetical (5% return before expense)		$1,000.00		$1,022.99		$2.24

* Expenses are equal to the Fund’s annualized expense ratio of 0.44%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

47

MoA FUNDS — EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (98.5%):
COMMUNICATION SERVICES (8.4%)
Alphabet, Inc. Cl A*		756,871	$	105,727,310
Alphabet, Inc. Cl C*		637,004		89,772,974
AT&T, Inc.		914,438		15,344,270
Charter Communications, Inc. Cl A*		12,864		4,999,979
Comcast Corp. Cl A		513,572		22,520,132
Electronic Arts, Inc.		31,303		4,282,563
Fox Corp. Cl A		31,619		938,136
Fox Corp. Cl B		16,872		466,511
Interpublic Group of Cos., Inc.		48,984		1,598,838
Live Nation Entertainment, Inc.*		18,146		1,698,465
Match Group, Inc.*		34,763		1,268,849
Meta Platforms, Inc. Cl A*		283,872		100,479,333
Netflix, Inc.*		55,976		27,253,595
News Corp. Cl A		48,673		1,194,922
News Corp. Cl B		14,683		377,647
Omnicom Group, Inc.		25,314		2,189,914
Paramount Global Cl B		61,703		912,587
Take-Two Interactive Software, Inc.*		20,228		3,255,697
T-Mobile US, Inc.		65,078		10,433,956
Verizon Communications, Inc.		537,676		20,270,385
Walt Disney Co.		234,016		21,129,305
Warner Bros Discovery, Inc.*		283,807		3,229,724
				439,345,092
CONSUMER DISCRETIONARY (10.7%)
Airbnb, Inc. Cl A*		55,601		7,569,520
Amazon.com, Inc.*		1,163,053		176,714,273
Aptiv PLC*		36,176		3,245,711
AutoZone, Inc.*		2,255		5,830,551
Bath & Body Works, Inc.		29,080		1,255,093
Best Buy Co., Inc.		24,773		1,939,230
Booking Hldgs., Inc.*		4,462		15,827,696
BorgWarner, Inc.		30,062		1,077,723
Caesars Entertainment, Inc.*		27,588		1,293,325
CarMax, Inc.*		20,293		1,557,285
Carnival Corp.*		128,852		2,388,916
Chipotle Mexican Grill, Inc. Cl A*		3,510		8,027,230
Darden Restaurants, Inc.		15,387		2,528,084
Domino's Pizza, Inc.		4,461		1,838,958
DR Horton, Inc.		38,542		5,857,613
eBay, Inc.		66,377		2,895,365
Etsy, Inc.*		15,315		1,241,281
Expedia Group, Inc.*		17,051		2,588,171
Ford Motor Co.		502,889		6,130,217
Garmin Ltd.		19,576		2,516,299

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
General Motors Co.		175,147	$	6,291,280
Genuine Parts Co.		17,930		2,483,305
Hasbro, Inc.		16,679		851,630
Hilton Worldwide Hldgs., Inc.		32,797		5,972,006
Home Depot, Inc.		127,902		44,324,438
Las Vegas Sands Corp.		47,212		2,323,302
Lennar Corp. Cl A		31,993		4,768,237
LKQ Corp.		34,224		1,635,565
Lowe's Cos., Inc.		73,809		16,426,193
Lululemon Athletica, Inc.*		14,727		7,529,768
Marriott International, Inc. Cl A		31,551		7,115,066
McDonald's Corp.		92,766		27,506,047
MGM Resorts International*		34,949		1,561,521
Mohawk Industries, Inc.*		6,760		699,660
NIKE, Inc. Cl B		156,543		16,995,873
Norwegian Cruise Line Hldgs. Ltd.*		54,409		1,090,356
NVR, Inc.*		406		2,842,183
O'Reilly Automotive, Inc.*		7,566		7,188,305
Pool Corp.		4,947		1,972,418
PulteGroup, Inc.		27,573		2,846,085
Ralph Lauren Corp. Cl A		5,084		733,113
Ross Stores, Inc.		43,309		5,993,532
Royal Caribbean Cruises Ltd.*		30,149		3,903,994
Starbucks Corp.		146,131		14,030,037
Tapestry, Inc.		29,311		1,078,938
Tesla, Inc.*		353,709		87,889,612
TJX Cos., Inc.		146,320		13,726,279
Tractor Supply Co.		13,827		2,973,220
Ulta Beauty, Inc.*		6,296		3,084,977
VF Corp.		42,275		794,770
Whirlpool Corp.		7,015		854,217
Wynn Resorts Ltd.		12,278		1,118,649
Yum! Brands, Inc.		35,849		4,684,030
				555,611,147
CONSUMER STAPLES (6.1%)
Altria Group, Inc.		226,198		9,124,827
Archer-Daniels-Midland Co.		68,216		4,926,560
Brown-Forman Corp. Cl B		23,402		1,336,254
Bunge Global S.A.		18,581		1,875,752
Campbell Soup Co.		25,122		1,086,024
Church & Dwight Co., Inc.		31,511		2,979,680
Clorox Co.		15,859		2,261,335
Coca-Cola Co.		497,641		29,325,984
Colgate-Palmolive Co.		105,304		8,393,782
Conagra Brands, Inc.		61,129		1,751,957
Constellation Brands, Inc. Cl A		20,671		4,997,214
Costco Wholesale Corp.		56,624		37,376,370
Dollar General Corp.		28,069		3,815,981

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

48

MoA FUNDS — EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Dollar Tree, Inc.*		26,730	$	3,796,996
Estee Lauder Cos., Inc. Cl A		29,710		4,345,088
General Mills, Inc.		74,342		4,842,638
Hershey Co.		19,169		3,573,868
Hormel Foods Corp.		37,042		1,189,419
J M Smucker Co.		13,573		1,715,356
Kellanova		33,731		1,885,900
Kenvue, Inc.		220,423		4,745,707
Keurig Dr Pepper, Inc.		128,763		4,290,383
Kimberly-Clark Corp.		43,220		5,251,662
Kraft Heinz Co.		101,963		3,770,592
Kroger Co.		84,636		3,868,712
Lamb Weston Hldgs., Inc.		18,535		2,003,448
McCormick & Co., Inc.		32,138		2,198,882
Molson Coors Beverage Co. Cl B		23,682		1,449,575
Mondelez International, Inc. Cl A		173,988		12,601,951
Monster Beverage Corp.*		94,476		5,442,762
PepsiCo, Inc.		175,836		29,863,986
Philip Morris International, Inc.		198,542		18,678,831
Procter & Gamble Co.		301,429		44,171,406
Sysco Corp.		64,484		4,715,715
Target Corp.		59,036		8,407,907
Tyson Foods, Inc. Cl A		36,479		1,960,746
Walgreens Boots Alliance, Inc.		91,706		2,394,444
Walmart, Inc.		182,443		28,762,139
				315,179,833
ENERGY (3.8%)
APA Corp.		39,227		1,407,465
Baker Hughes Co. Cl A		128,690		4,398,624
Chevron Corp.		224,530		33,490,895
ConocoPhillips		151,861		17,626,506
Coterra Energy, Inc.		96,200		2,455,024
Devon Energy Corp.		81,941		3,711,927
Diamondback Energy, Inc.		22,891		3,549,936
EOG Resources, Inc.		74,581		9,020,572
EQT Corp.		52,607		2,033,787
Exxon Mobil Corp.		512,298		51,219,554
Halliburton Co.		114,471		4,138,127
Hess Corp.		35,355		5,096,777
Kinder Morgan, Inc.		247,321		4,362,742
Marathon Oil Corp.		74,849		1,808,352
Marathon Petroleum Corp.		48,561		7,204,510
Occidental Petroleum Corp.		84,445		5,042,211
ONEOK, Inc.		74,504		5,231,671
Phillips 66		56,267		7,491,388
Pioneer Natural Resources Co.		29,839		6,710,194
Schlumberger N.V.		182,690		9,507,188
Targa Resources Corp.		28,517		2,477,272

	Shares		Value
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Valero Energy Corp.		43,542	$	5,660,460
Williams Cos., Inc.		155,582		5,418,921
				199,064,103
FINANCIALS (12.8%)
Aflac, Inc.		68,012		5,610,990
Allstate Corp.		33,468		4,684,851
American Express Co.		73,629		13,793,657
American International Group, Inc.		89,786		6,083,001
Ameriprise Financial, Inc.		12,942		4,915,760
Aon PLC Cl A		25,606		7,451,858
Arch Capital Group Ltd.*		47,726		3,544,610
Arthur J. Gallagher & Co.		27,612		6,209,387
Assurant, Inc.		6,726		1,133,264
Bank of America Corp.		880,537		29,647,681
Bank of New York Mellon Corp.		98,359		5,119,586
Berkshire Hathaway, Inc. Cl B*		232,694		82,992,642
BlackRock, Inc. Cl A		17,884		14,518,231
Blackstone, Inc.		90,874		11,897,224
Brown & Brown, Inc.		30,210		2,148,233
Capital One Financial Corp.		48,708		6,386,593
Cboe Global Markets, Inc.		13,500		2,410,560
Charles Schwab Corp.		190,332		13,094,842
Chubb Ltd.		52,178		11,792,228
Cincinnati Financial Corp.		20,067		2,076,132
Citigroup, Inc.		244,772		12,591,072
Citizens Financial Group, Inc.		59,627		1,976,039
CME Group, Inc. Cl A		46,040		9,696,024
Comerica, Inc.		16,866		941,291
Discover Financial Svcs.		31,981		3,594,664
Everest Group Ltd.		5,551		1,962,723
FactSet Research Systems, Inc.		4,858		2,317,509
Fidelity National Information Svcs., Inc.		75,775		4,551,804
Fifth Third Bancorp		87,097		3,003,975
Fiserv, Inc.*		76,760		10,196,798
FleetCor Technologies, Inc.*		9,234		2,609,621
Franklin Resources, Inc.		36,055		1,074,078
Global Payments, Inc.		33,302		4,229,354
Globe Life, Inc.		10,954		1,333,321
Goldman Sachs Group, Inc.		41,707		16,089,309
Hartford Financial Svcs. Group, Inc.		38,466		3,091,897
Huntington Bancshares, Inc.		185,199		2,355,731
Intercontinental Exchange, Inc.		73,201		9,401,204
Invesco Ltd.		57,495		1,025,711

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

49

MoA FUNDS — EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Jack Henry & Associates, Inc.		9,314	$	1,522,001
JPMorgan Chase & Co.		369,740		62,892,774
KeyCorp.		119,741		1,724,270
Loews Corp.		23,413		1,629,311
M&T Bank Corp.		21,225		2,909,523
MarketAxess Hldgs., Inc.		4,848		1,419,737
Marsh & McLennan Cos., Inc.		63,061		11,948,168
Mastercard, Inc. Cl A		105,907		45,170,395
MetLife, Inc.		79,519		5,258,591
Moody's Corp.		20,128		7,861,192
Morgan Stanley		161,633		15,072,277
MSCI, Inc. Cl A		10,115		5,721,550
Nasdaq, Inc.		43,536		2,531,183
Northern Trust Corp.		26,478		2,234,214
PayPal Hldgs., Inc.*		137,887		8,467,641
PNC Financial Svcs. Group, Inc.		50,945		7,888,833
Principal Financial Group, Inc.		28,052		2,206,851
Progressive Corp.		74,823		11,917,807
Prudential Financial, Inc.		46,169		4,788,187
Raymond James Financial, Inc.		24,034		2,679,791
Regions Financial Corp.		118,949		2,305,232
S&P Global, Inc.		41,437		18,253,827
State Street Corp.		39,466		3,057,036
Synchrony Financial		52,923		2,021,129
T. Rowe Price Group, Inc.		28,580		3,077,780
Travelers Cos., Inc.		29,211		5,564,403
Truist Financial Corp.		170,567		6,297,334
U.S. Bancorp		199,130		8,618,346
Visa, Inc. Cl A		203,862		53,075,472
Wells Fargo & Co.		464,462		22,860,820
Willis Towers Watson PLC		13,206		3,185,287
W.R. Berkley Corp.		26,054		1,842,539
Zions Bancorporation		18,947		831,205
				664,388,161
HEALTH CARE (12.4%)
Abbott Laboratories		221,940		24,428,936
AbbVie, Inc.		225,800		34,992,226
Agilent Technologies, Inc.		37,420		5,202,503
Align Technology, Inc.*		9,110		2,496,140
Amgen, Inc.		68,446		19,713,817
Baxter International, Inc.		64,883		2,508,377
Becton Dickinson & Co.		37,103		9,046,824
Biogen, Inc.*		18,531		4,795,267
Bio-Rad Laboratories, Inc. Cl A*		2,677		864,376
Bio-Techne Corp.		20,226		1,560,638
Boston Scientific Corp.*		187,264		10,825,732
Bristol-Myers Squibb Co.		260,232		13,352,504
Cardinal Health, Inc.		31,522		3,177,418
Catalent, Inc.*		23,056		1,035,906

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Cencora, Inc.		21,321	$	4,378,907
Centene Corp.*		68,321		5,070,101
Charles River Laboratories International, Inc.*		6,561		1,551,020
Cigna Group		37,424		11,206,617
Cooper Cos., Inc.		6,334		2,397,039
CVS Health Corp.		164,266		12,970,443
Danaher Corp.		84,108		19,457,545
DaVita, Inc.*		6,889		721,692
DENTSPLY SIRONA, Inc.		27,095		964,311
Dexcom, Inc.*		49,415		6,131,907
Edwards Lifesciences Corp.*		77,567		5,914,484
Elevance Health, Inc.		30,050		14,170,378
Eli Lilly & Co.		101,984		59,448,513
GE HealthCare Technologies, Inc.		50,071		3,871,490
Gilead Sciences, Inc.		159,360		12,909,754
HCA Healthcare, Inc.		25,332		6,856,866
Henry Schein, Inc.*		16,701		1,264,433
Hologic, Inc.*		31,326		2,238,243
Humana, Inc.		15,745		7,208,218
IDEXX Laboratories, Inc.*		10,628		5,899,071
Illumina, Inc.*		20,309		2,827,825
Incyte Corp.*		23,789		1,493,711
Insulet Corp.*		8,931		1,937,848
Intuitive Surgical, Inc.*		45,028		15,190,646
IQVIA Hldgs., Inc.*		23,420		5,418,920
Johnson & Johnson		307,874		48,256,171
Laboratory Corp. of America Hldgs.		10,858		2,467,915
McKesson Corp.		17,018		7,878,994
Medtronic PLC		170,166		14,018,275
Merck & Co., Inc.		324,084		35,331,638
Mettler-Toledo International, Inc.*		2,773		3,363,538
Moderna, Inc.*		42,424		4,219,067
Molina Healthcare, Inc.*		7,456		2,693,927
Pfizer, Inc.		722,137		20,790,324
Quest Diagnostics, Inc.		14,380		1,982,714
Regeneron Pharmaceuticals, Inc.*		13,701		12,033,451
ResMed, Inc.		18,812		3,236,040
Revvity, Inc.		15,783		1,725,240
STERIS PLC		12,636		2,778,025
Stryker Corp.		43,241		12,948,950
Teleflex, Inc.		6,010		1,498,533
Thermo Fisher Scientific, Inc.		49,414		26,228,457
UnitedHealth Group, Inc.		118,292		62,277,189
Universal Health Svcs., Inc. Cl B		7,802		1,189,337
Vertex Pharmaceuticals, Inc.*		32,956		13,409,467
Viatris, Inc.		153,430		1,661,647

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

50

MoA FUNDS — EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Waters Corp.*		7,562	$	2,489,637
West Pharmaceutical Svcs., Inc.		9,463		3,332,112
Zimmer Biomet Hldgs., Inc.		26,727		3,252,676
Zoetis, Inc. Cl A		58,718		11,589,172
				646,153,142
INDUSTRIALS (8.7%)
3M Co.		70,638		7,722,146
Allegion PLC		11,227		1,422,349
American Airlines Group, Inc.*		83,583		1,148,430
AMETEK, Inc.		29,518		4,867,223
AO Smith Corp.		15,709		1,295,050
Automatic Data Processing, Inc.		52,603		12,254,921
Axon Enterprise, Inc.*		9,009		2,327,295
Boeing Co.*		72,730		18,957,802
Broadridge Financial Solutions, Inc.		15,046		3,095,714
Builders FirstSource, Inc.*		15,782		2,634,647
Carrier Global Corp.		107,308		6,164,845
Caterpillar, Inc.		65,244		19,290,693
Ceridian HCM Hldg., Inc.*		19,949		1,338,977
CH Robinson Worldwide, Inc.		14,919		1,288,852
Cintas Corp.		11,072		6,672,651
Copart, Inc.*		111,749		5,475,701
CSX Corp.		252,734		8,762,288
Cummins, Inc.		18,128		4,342,925
Deere & Co.		34,255		13,697,547
Delta Air Lines, Inc.		82,294		3,310,688
Dover Corp.		17,891		2,751,815
Eaton Corp. PLC		51,068		12,298,196
Emerson Electric Co.		72,912		7,096,525
Equifax, Inc.		15,759		3,897,043
Expeditors International of Washington, Inc.		18,594		2,365,157
Fastenal Co.		73,080		4,733,392
FedEx Corp.		29,582		7,483,358
Fortive Corp.		44,946		3,309,374
Generac Hldgs., Inc.*		7,857		1,015,439
General Dynamics Corp.		28,968		7,522,120
General Electric Co.		139,197		17,765,713
Honeywell International, Inc.		84,314		17,681,489
Howmet Aerospace, Inc.		50,026		2,707,407
Hubbell, Inc. Cl B		6,859		2,256,131
Huntington Ingalls Industries, Inc.		5,080		1,318,971
IDEX Corp.		9,672		2,099,888
Illinois Tool Works, Inc.		35,018		9,172,615
Ingersoll Rand, Inc.		51,771		4,003,969
Jacobs Solutions, Inc.		16,104		2,090,299

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
JB Hunt Transport Svcs., Inc.		10,421	$	2,081,490
Johnson Controls International PLC		87,008		5,015,141
L-3 Harris Technologies, Inc.		24,241		5,105,639
Leidos Hldgs., Inc.		17,586		1,903,509
Lockheed Martin Corp.		28,240		12,799,498
Masco Corp.		28,712		1,923,130
Nordson Corp.		6,927		1,829,836
Norfolk Southern Corp.		28,921		6,836,346
Northrop Grumman Corp.		18,128		8,486,442
Old Dominion Freight Line, Inc.		11,443		4,638,191
Otis Worldwide Corp.		52,341		4,682,949
PACCAR, Inc.		66,898		6,532,590
Parker-Hannifin Corp.		16,431		7,569,762
Paychex, Inc.		41,117		4,897,446
Paycom Software, Inc.		6,273		1,296,755
Pentair PLC		21,141		1,537,162
Quanta Svcs., Inc.		18,581		4,009,780
Republic Svcs., Inc. Cl A		26,156		4,313,386
Robert Half, Inc.		13,543		1,190,701
Rockwell Automation, Inc.		14,666		4,553,500
Rollins, Inc.		35,905		1,567,971
RTX Corp.		183,898		15,473,178
Snap-on, Inc.		6,750		1,949,670
Southwest Airlines Co.		76,239		2,201,782
Stanley Black & Decker, Inc.		19,607		1,923,447
Textron, Inc.		25,068		2,015,969
Trane Technologies PLC		29,211		7,124,563
TransDigm Group, Inc.		7,074		7,156,058
Uber Technologies, Inc.*		263,186		16,204,362
Union Pacific Corp.		77,963		19,149,272
United Airlines Hldgs., Inc.*		41,946		1,730,692
United Parcel Svc., Inc. Cl B		92,500		14,543,775
United Rentals, Inc.		8,669		4,970,978
Veralto Corp.		28,036		2,306,241
Verisk Analytics, Inc. Cl A		18,548		4,430,375
Waste Management, Inc.		46,876		8,395,492
Westinghouse Air Brake Technologies Corp.		22,913		2,907,660
WW Grainger, Inc.		5,650		4,682,098
Xylem, Inc.		30,832		3,525,947
				451,102,428
INFORMATION TECHNOLOGY (28.4%)
Accenture PLC Cl A		80,267		28,166,493
Adobe, Inc.*		58,230		34,740,018
Advanced Micro Devices, Inc.*		206,633		30,459,771
Akamai Technologies, Inc.*		19,290		2,282,971

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

51

MoA FUNDS — EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Amphenol Corp. Cl A		76,520	$	7,585,428
Analog Devices, Inc.		63,731		12,654,427
ANSYS, Inc.*		11,100		4,027,968
Apple, Inc.		1,869,745		359,982,005
Applied Materials, Inc.		106,987		17,339,383
Arista Networks, Inc.*		32,228		7,590,016
Autodesk, Inc.*		27,339		6,656,500
Broadcom, Inc.		56,138		62,664,042
Cadence Design Systems, Inc.*		34,795		9,477,114
CDW Corp.		17,133		3,894,674
Cisco Systems, Inc.		518,036		26,171,179
Cognizant Technology Solutions Corp. Cl A		64,127		4,843,512
Corning, Inc.		98,204		2,990,312
Enphase Energy, Inc.*		17,464		2,307,693
EPAM Systems, Inc.*		7,379		2,194,072
F5, Inc.*		7,636		1,366,691
Fair Isaac Corp.*		3,161		3,679,436
First Solar, Inc.*		13,665		2,354,206
Fortinet, Inc.*		81,515		4,771,073
Gartner, Inc.*		9,969		4,497,116
Gen Digital, Inc.		72,110		1,645,550
Hewlett Packard Enterprise Co.		164,070		2,785,909
HP, Inc.		111,226		3,346,790
Intel Corp.		539,197		27,094,649
International Business Machines Corp.		116,782		19,099,696
Intuit, Inc.		35,843		22,402,950
Jabil, Inc.		16,363		2,084,646
Juniper Networks, Inc.		40,781		1,202,224
Keysight Technologies, Inc.*		22,711		3,613,093
KLA Corp.		17,385		10,105,900
Lam Research Corp.		16,855		13,201,847
Microchip Technology, Inc.		69,196		6,240,095
Micron Technology, Inc.		140,431		11,984,382
Microsoft Corp.		950,535		357,439,181
Monolithic Power Systems, Inc.		6,128		3,865,420
Motorola Solutions, Inc.		21,226		6,645,648
NetApp, Inc.		26,703		2,354,136
NVIDIA Corp.		315,896		156,438,017
NXP Semiconductors N.V.		32,966		7,571,631
ON Semiconductor Corp.*		55,083		4,601,083
Oracle Corp.		203,201		21,423,481
Palo Alto Networks, Inc.*		39,751		11,721,775
PTC, Inc.*		15,198		2,659,042
Qorvo, Inc.*		12,450		1,401,995
QUALCOMM, Inc.		142,345		20,587,357

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Roper Technologies, Inc.		13,662	$	7,448,113
Salesforce, Inc.*		124,440		32,745,142
Seagate Technology Hldgs. PLC		24,880		2,124,006
ServiceNow, Inc.*		26,218		18,522,755
Skyworks Solutions, Inc.		20,385		2,291,682
Synopsys, Inc.*		19,450		10,015,000
TE Connectivity Ltd.		39,746		5,584,313
Teledyne Technologies, Inc.*		6,035		2,693,360
Teradyne, Inc.		19,552		2,121,783
Texas Instruments, Inc.		116,153		19,799,440
Trimble, Inc.*		31,816		1,692,611
Tyler Technologies, Inc.*		5,381		2,249,904
VeriSign, Inc.*		11,360		2,339,706
Western Digital Corp.*		41,468		2,171,679
Zebra Technologies Corp. Cl A*		6,569		1,795,505
				1,477,807,596
MATERIALS (2.4%)
Air Products & Chemicals, Inc.		28,411		7,778,932
Albemarle Corp.		15,009		2,168,500
Amcor PLC		184,849		1,781,944
Avery Dennison Corp.		10,299		2,082,046
Ball Corp.		40,325		2,319,494
Celanese Corp. Cl A		12,808		1,989,979
CF Industries Hldgs., Inc.		24,435		1,942,583
Corteva, Inc.		90,130		4,319,030
Dow, Inc.		89,704		4,919,367
DuPont de Nemours, Inc.		54,999		4,231,073
Eastman Chemical Co.		15,164		1,362,030
Ecolab, Inc.		32,456		6,437,648
FMC Corp.		15,956		1,006,026
Freeport-McMoRan, Inc.		183,396		7,807,168
International Flavors & Fragrances, Inc.		32,648		2,643,509
International Paper Co.		44,253		1,599,746
Linde PLC		62,014		25,469,770
LyondellBasell Industries N.V. Cl A		32,772		3,115,962
Martin Marietta Materials, Inc.		7,904		3,943,385
Mosaic Co.		41,800		1,493,514
Newmont Corp.		147,396		6,100,720
Nucor Corp.		31,441		5,471,992
Packaging Corp. of America		11,462		1,867,274
PPG Industries, Inc.		30,157		4,509,979
Sherwin-Williams Co.		30,117		9,393,492
Steel Dynamics, Inc.		19,453		2,297,399
Vulcan Materials Co.		16,994		3,857,808
Westrock Co.		32,792		1,361,524
				123,271,894

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

52

MoA FUNDS — EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (2.5%)
Alexandria Real Estate Equities, Inc.		20,002	$	2,535,653
American Tower Corp.		59,619		12,870,550
AvalonBay Communities, Inc.		18,163		3,400,477
Boston Properties, Inc.		18,466		1,295,759
Camden Property Trust		13,655		1,355,805
CBRE Group, Inc. Cl A*		38,981		3,628,741
CoStar Group, Inc.*		52,227		4,564,117
Crown Castle, Inc.		55,506		6,393,736
Digital Realty Trust, Inc.		38,733		5,212,687
Equinix, Inc.		12,007		9,670,318
Equity Residential		44,193		2,702,844
Essex Property Trust, Inc.		8,209		2,035,339
Extra Space Storage, Inc.		27,021		4,332,277
Federal Realty Investment Trust		9,395		968,155
Healthpeak Properties, Inc.		69,967		1,385,347
Host Hotels & Resorts, Inc.		90,221		1,756,603
Invitation Homes, Inc.		73,569		2,509,439
Iron Mountain, Inc.		37,344		2,613,333
Kimco Realty Corp.		85,036		1,812,117
Mid-America Apartment Communities, Inc.		14,924		2,006,681
Prologis, Inc.		118,170		15,752,061
Public Storage		20,239		6,172,895
Realty Income Corp.		92,585		5,316,231
Regency Centers Corp.		21,010		1,407,670
SBA Communications Corp. Cl A		13,798		3,500,415
Simon Property Group, Inc.		41,724		5,951,511
UDR, Inc.		38,702		1,481,900
Ventas, Inc.		51,462		2,564,866
VICI Properties, Inc. Cl A		132,310		4,218,043
Welltower, Inc.		70,785		6,382,683
Weyerhaeuser Co.		93,362		3,246,197
				129,044,450

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (2.3%)
AES Corp.		85,641	$	1,648,589
Alliant Energy Corp.		32,636		1,674,227
Ameren Corp.		33,629		2,432,722
American Electric Power Co., Inc.		67,256		5,462,532
American Water Works Co., Inc.		24,901		3,286,683
Atmos Energy Corp.		18,992		2,201,173
CenterPoint Energy, Inc.		80,729		2,306,427
CMS Energy Corp.		37,315		2,166,882
Consolidated Edison, Inc.		44,151		4,016,416
Constellation Energy Corp.		40,847		4,774,606
Dominion Energy, Inc.		107,021		5,029,987
DTE Energy Co.		26,368		2,907,336
Duke Energy Corp.		98,569		9,565,136
Edison International		49,020		3,504,440
Entergy Corp.		27,046		2,736,785
Evergy, Inc.		29,380		1,533,636
Eversource Energy		44,676		2,757,403
Exelon Corp.		127,310		4,570,429
FirstEnergy Corp.		66,048		2,421,320
NextEra Energy, Inc.		262,399		15,938,115
NiSource, Inc.		52,852		1,403,221
NRG Energy, Inc.		28,874		1,492,786
PG&E Corp.		272,861		4,919,684
Pinnacle West Capital Corp.		14,503		1,041,895
PPL Corp.		94,273		2,554,798
Public Svc. Enterprise Group, Inc.		63,731		3,897,151
Sempra		80,487		6,014,793
Southern Co.		139,483		9,780,548
WEC Energy Group, Inc.		40,342		3,395,586
Xcel Energy, Inc.		70,573		4,369,174
				119,804,480
TOTAL COMMON STOCKS
(Cost: $2,701,559,757)				5,120,772,326

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (1.4%):
U.S. GOVERNMENT (1.2%)
U.S. Treasury Bill (1)		A-1+		5.26		04/11/24	$	10,000,000	$	9,856,059
U.S. Treasury Bill		A-1+		5.31		01/23/24		4,500,000		4,485,509
U.S. Treasury Bill		A-1+		5.32		01/09/24		9,200,000		9,189,223
U.S. Treasury Bill		A-1+		5.32		02/06/24		11,500,000		11,439,356
U.S. Treasury Bill		A-1+		5.36		01/18/24		10,600,000		10,573,453
U.S. Treasury Bill		A-1+		5.38		01/04/24		18,200,000		18,191,935
										63,735,535

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

53

MoA FUNDS — EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (0.2%)
FHLB		A-1+		5.20		01/02/24	$	12,400,000	$	12,398,209
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $76,132,525)										76,133,744
TOTAL INVESTMENTS (Cost: $2,777,692,282) 99.9%										5,196,906,070
OTHER NET ASSETS 0.1%										3,682,634
NET ASSETS 100.0%									$	5,200,588,704

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations: FHLB = Federal Home Loan Bank

* Non-income producing security.

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

(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 Fund as of December 31, 2023, was as follows:

Contract Type	Number of Contracts		Purchased (P) or Sold (S)		Expiration Date		Underlying Face Amount at Value		Unrealized Gain(Loss)(a)		Face Value of Futures as a % of Total Investments
E-mini S&P 500 Stock Index		332		P		March 2024	$	80,012,000	$	2,007,303		1.5	%

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

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

54

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (98.5%):
COMMUNICATION SERVICES (5.7%)
Alphabet, Inc. Cl A*		25,802	$	3,604,281
Alphabet, Inc. Cl C*		21,716		3,060,436
AT&T, Inc.		31,173		523,083
Charter Communications, Inc. Cl A*		439		170,631
Comcast Corp. Cl A		17,508		767,726
Electronic Arts, Inc.		1,068		146,113
Fox Corp. Cl A		9,655		286,464
Fox Corp. Cl B		576		15,926
IMAX Corp.*		10,775		161,840
Interpublic Group of Cos., Inc.		1,670		54,509
Live Nation Entertainment, Inc.*		619		57,938
Match Group, Inc.*		1,186		43,289
Meta Platforms, Inc. Cl A*		9,678		3,425,625
Netflix, Inc.*		1,909		929,454
News Corp. Cl A		1,660		40,753
News Corp. Cl B		501		12,886
Omnicom Group, Inc.		862		74,572
Paramount Global Cl B		2,104		31,118
Take-Two Interactive Software, Inc.*		5,074		816,660
TEGNA, Inc.		39,550		605,115
T-Mobile US, Inc.		2,219		355,772
Verizon Communications, Inc.		18,329		691,003
Walt Disney Co.		7,978		720,334
Warner Bros Discovery, Inc.*		27,674		314,930
ZipRecruiter, Inc. Cl A*		6,684		92,908
				17,003,366
CONSUMER DISCRETIONARY (10.1%)
Airbnb, Inc. Cl A*		1,895		257,985
Amazon.com, Inc.*		39,647		6,023,965
Aptiv PLC*		2,811		252,203
AutoZone, Inc.*		220		568,834
Bath & Body Works, Inc.		992		42,815
Best Buy Co., Inc.		845		66,147
Bloomin' Brands, Inc.		42,369		1,192,687
Booking Hldgs., Inc.*		153		542,725
BorgWarner, Inc.		1,025		36,746
Caesars Entertainment, Inc.*		5,499		257,793
Capri Hldgs. Ltd.*		13,078		657,039
CarMax, Inc.*		691		53,027
Carnival Corp.*		4,393		81,446
Chipotle Mexican Grill, Inc. Cl A*		120		274,435
Coursera, Inc.*		8,463		163,928
Darden Restaurants, Inc.		3,699		607,746
Domino's Pizza, Inc.		153		63,071
DR Horton, Inc.		1,314		199,702
eBay, Inc.		2,263		98,712
Etsy, Inc.*		523		42,389
Everi Hldgs., Inc.*		18,501		208,506
Expedia Group, Inc.*		582		88,342

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Five Below, Inc.*		4,405	$	938,970
Ford Motor Co.		17,144		208,985
Garmin Ltd.		668		85,865
General Motors Co.		5,971		214,478
Genuine Parts Co.		612		84,762
Golden Entertainment, Inc.		17,832		712,032
Hasbro, Inc.		569		29,053
Hilton Worldwide Hldgs., Inc.		1,119		203,759
Home Depot, Inc.		4,361		1,511,305
Las Vegas Sands Corp.		1,610		79,228
Lennar Corp. Cl A		1,091		162,603
LKQ Corp.		1,167		55,771
Lowe's Cos., Inc.		2,517		560,158
Lululemon Athletica, Inc.*		503		257,179
Marriott International, Inc. Cl A		1,076		242,649
Marriott Vacations Worldwide Corp.		7,934		673,517
McDonald's Corp.		3,163		937,861
MGM Resorts International*		1,192		53,259
Mohawk Industries, Inc.*		231		23,908
Murphy USA, Inc.		798		284,535
NIKE, Inc. Cl B		5,337		579,438
Norwegian Cruise Line Hldgs. Ltd.*		1,855		37,174
NVR, Inc.*		98		686,044
Ollie's Bargain Outlet Hldgs., Inc.*		10,807		820,143
O'Reilly Automotive, Inc.*		258		245,121
Pool Corp.		169		67,382
PulteGroup, Inc.		940		97,027
Ralph Lauren Corp. Cl A		174		25,091
Ross Stores, Inc.		1,477		204,402
Royal Caribbean Cruises Ltd.*		1,028		133,116
Skyline Champion Corp.*		5,815		431,822
Starbucks Corp.		4,982		478,322
Steven Madden Ltd.		4,278		179,676
Tapestry, Inc.		1,000		36,810
Taylor Morrison Home Corp. Cl A*		26,263		1,401,131
Tesla, Inc.*		12,057		2,995,923
TJX Cos., Inc.		4,988		467,924
Tractor Supply Co.		3,457		743,359
Ulta Beauty, Inc.*		215		105,348
Valvoline, Inc.*		14,699		552,388
VF Corp.		1,442		27,110
Whirlpool Corp.		239		29,103
Williams-Sonoma, Inc.		1,813		365,827
Wynn Resorts Ltd.		419		38,175
XPEL, Inc.*		3,026		162,950
Yum! Brands, Inc.		1,223		159,797
				30,170,723

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

55

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (4.9%)
Altria Group, Inc.		7,711	$	311,062
Archer-Daniels-Midland Co.		2,326		167,984
Boston Beer Co., Inc. Cl A*		521		180,052
Brown-Forman Corp. Cl B		798		45,566
Bunge Global S.A.		634		64,002
Campbell Soup Co.		857		37,048
Church & Dwight Co., Inc.		6,523		616,815
Clorox Co.		540		76,999
Coca-Cola Co.		16,965		999,747
Coca-Cola Consolidated, Inc.		360		334,224
Colgate-Palmolive Co.		3,590		286,159
Conagra Brands, Inc.		2,084		59,727
Constellation Brands, Inc. Cl A		4,054		980,054
Costco Wholesale Corp.		1,931		1,274,614
Crimson Wine Group Ltd.*		40,932		241,335
Dollar General Corp.		957		130,104
Dollar Tree, Inc.*		912		129,550
Estee Lauder Cos., Inc. Cl A		1,012		148,005
Freshpet, Inc.*		8,283		718,633
General Mills, Inc.		2,535		165,130
Hershey Co.		654		121,932
Hormel Foods Corp.		1,263		40,555
J M Smucker Co.		463		58,514
Kellanova		1,150		64,297
Kenvue, Inc.		7,515		161,798
Keurig Dr Pepper, Inc.		4,390		146,275
Kimberly-Clark Corp.		1,474		179,106
Kraft Heinz Co.		3,476		128,542
Kroger Co.		2,885		131,873
Lamb Weston Hldgs., Inc.		2,817		304,490
McCormick & Co., Inc.		1,096		74,988
MGP Ingredients, Inc.		1,083		106,697
Molson Coors Beverage Co. Cl B		808		49,458
Mondelez International, Inc. Cl A		5,932		429,655
Monster Beverage Corp.*		3,221		185,562
PepsiCo, Inc.		5,995		1,018,191
Philip Morris International, Inc.		6,769		636,828
Procter & Gamble Co.		10,276		1,505,845
Sysco Corp.		2,199		160,813
Target Corp.		2,013		286,691
TreeHouse Foods, Inc.*		15,972		662,039
Tyson Foods, Inc. Cl A		1,244		66,865
Walgreens Boots Alliance, Inc.		3,127		81,646
Walmart, Inc.		6,220		980,583
				14,550,053
ENERGY (4.7%)
APA Corp.		1,338		48,007
Baker Hughes Co. Cl A		28,284		966,747
ChampionX Corp.		39,697		1,159,549
Cheniere Energy, Inc.		2,700		460,917

	Shares		Value
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Chesapeake Energy Corp.		4,936	$	379,776
Chevron Corp.		7,655		1,141,820
ConocoPhillips		5,177		600,894
Coterra Energy, Inc.		3,280		83,706
Devon Energy Corp.		10,051		455,310
Diamondback Energy, Inc.		780		120,962
EOG Resources, Inc.		2,542		307,455
EQT Corp.		15,618		603,792
Exxon Mobil Corp.		17,464		1,746,051
Halliburton Co.		3,903		141,093
Hess Corp.		3,335		480,774
Kinder Morgan, Inc.		8,432		148,741
Liberty Energy, Inc. Cl A		7,423		134,653
Marathon Oil Corp.		2,552		61,656
Marathon Petroleum Corp.		1,656		245,684
MPLX LP*		4,533		166,452
Murphy Oil Corp.		6,503		277,418
Northern Oil & Gas, Inc.		26,264		973,607
Occidental Petroleum Corp.		2,879		171,905
ONEOK, Inc.		2,540		178,359
Ovintiv, Inc.		11,585		508,813
Permian Resources Corp. Cl A		14,807		201,375
Phillips 66		1,919		255,496
Pioneer Natural Resources Co.		1,017		228,703
Schlumberger N.V.		6,227		324,053
Southwestern Energy Co.*		64,035		419,429
Targa Resources Corp.		973		84,525
Valaris Ltd.*		2,813		192,887
Valero Energy Corp.		1,485		193,050
Williams Cos., Inc.		19,959		695,172
				14,158,831
FINANCIALS (14.0%)
Aflac, Inc.		2,319		191,317
Allstate Corp.		1,141		159,717
American Equity Investment Life Hldg. Co.*		6,989		389,986
American Express Co.		2,510		470,223
American Financial Group, Inc.		3,828		455,111
American International Group, Inc.		3,061		207,383
Ameriprise Financial, Inc.		3,600		1,367,388
Aon PLC Cl A		873		254,060
Arch Capital Group Ltd.*		1,627		120,837
Arthur J. Gallagher & Co.		941		211,612
Assurant, Inc.		230		38,753
Bank of America Corp.		30,017		1,010,672
Bank of New York Mellon Corp.		3,353		174,524
Banner Corp.		8,933		478,451
Berkshire Hathaway, Inc. Cl B*		7,933		2,829,384
BlackRock, Inc. Cl A		610		495,198

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

56

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Blackstone, Inc.		3,097	$	405,459
Brookline Bancorp, Inc.		33,315		363,467
Brown & Brown, Inc.		8,773		623,848
Capital One Financial Corp.		1,661		217,790
Cboe Global Markets, Inc.		460		82,138
Charles Schwab Corp.		6,489		446,443
Chubb Ltd.		1,779		402,054
Cincinnati Financial Corp.		685		70,870
Citigroup, Inc.		8,345		429,267
Citizens Financial Group, Inc.		2,033		67,374
CME Group, Inc. Cl A		1,570		330,642
Comerica, Inc.		575		32,091
Dime Community Bancshares, Inc.		10,458		281,634
Discover Financial Svcs.		1,091		122,628
Eastern Bankshares, Inc.		36,059		512,038
Ellington Financial, Inc.		26,882		341,670
Enterprise Financial Svcs. Corp.		10,020		447,393
Essent Group Ltd.		11,686		616,320
Euronet Worldwide, Inc.*		1,557		158,020
Everest Group Ltd.		1,822		644,223
FactSet Research Systems, Inc.		166		79,190
Fidelity National Information Svcs., Inc.		2,584		155,221
Fifth Third Bancorp		20,936		722,083
First Financial Bankshares, Inc.		12,873		390,052
First Interstate BancSystem, Inc. Cl A		16,884		519,183
Fiserv, Inc.*		2,617		347,642
FleetCor Technologies, Inc.*		315		89,022
Franklin Resources, Inc.		1,230		36,642
Global Payments, Inc.		1,135		144,145
Globe Life, Inc.		374		45,523
Goldman Sachs Group, Inc.		1,422		548,565
Goosehead Insurance, Inc. Cl A*		3,721		282,052
Hancock Whitney Corp.		11,602		563,741
Hartford Financial Svcs. Group, Inc.		12,082		971,151
Home BancShares, Inc.		19,201		486,361
Houlihan Lokey, Inc. Cl A		2,331		279,510
Huntington Bancshares, Inc.		6,314		80,314
Intercontinental Exchange, Inc.		2,496		320,561
Invesco Ltd.		1,959		34,949
iShares Micro-Cap ETF		3,086		358,069
iShares Russell Mid-Cap ETF		6,876		534,471
Jack Henry & Associates, Inc.		318		51,964
JPMorgan Chase & Co.		12,605		2,144,111
KeyCorp.		17,961		258,638
Loews Corp.		799		55,602

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
M&T Bank Corp.		4,244	$	581,768
MarketAxess Hldgs., Inc.		165		48,320
Marsh & McLennan Cos., Inc.		2,150		407,361
Mastercard, Inc. Cl A		3,611		1,540,128
MetLife, Inc.		2,711		179,278
Moelis & Co. Cl A		5,643		316,742
Moody's Corp.		687		268,315
Morgan Stanley		5,510		513,808
MSCI, Inc. Cl A		345		195,149
Nasdaq, Inc.		1,484		86,280
Northern Trust Corp.		903		76,195
PayPal Hldgs., Inc.*		4,701		288,688
PJT Partners, Inc. Cl A		3,151		320,992
PNC Financial Svcs. Group, Inc.		1,737		268,974
Primerica, Inc.		5,090		1,047,318
Principal Financial Group, Inc.		957		75,287
Progressive Corp.		2,551		406,323
Prudential Financial, Inc.		1,574		163,240
Raymond James Financial, Inc.		5,915		659,523
Regions Financial Corp.		4,055		78,586
Reinsurance Group of America, Inc.		1,643		265,805
S&P Global, Inc.		1,413		622,455
Selective Insurance Group, Inc.		8,570		852,544
ServisFirst Bancshares, Inc.		1,819		121,200
Starwood Property Trust, Inc.		31,177		655,341
State Street Corp.		1,346		104,261
Stifel Financial Corp.		2,782		192,375
Stock Yards Bancorp, Inc.		8,536		439,519
Synchrony Financial		5,747		219,478
T. Rowe Price Group, Inc.		975		104,998
Travelers Cos., Inc.		996		189,728
TriCo Bancshares		7,857		337,615
Truist Financial Corp.		5,814		214,653
U.S. Bancorp		6,789		293,828
UMB Financial Corp.		4,784		399,703
Visa, Inc. Cl A		6,950		1,809,433
Voya Financial, Inc.		10,506		766,518
Webster Financial Corp.		6,963		353,442
Wells Fargo & Co.		15,834		779,349
Willis Towers Watson PLC		451		108,781
Wintrust Financial Corp.		4,141		384,078
W.R. Berkley Corp.		888		62,799
Zions Bancorp N.A.		646		28,340
				41,777,265
HEALTH CARE (12.1%)
Abbott Laboratories		7,566		832,790
AbbVie, Inc.		7,698		1,192,959
ACADIA Pharmaceuticals, Inc.*		4,838		151,478
Addus HomeCare Corp.*		4,311		400,276

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

57

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Agilent Technologies, Inc.		4,510	$	627,025
Align Technology, Inc.*		311		85,214
Alkermes PLC*		6,239		173,070
Alnylam Pharmaceuticals, Inc.*		959		183,562
Amgen, Inc.		2,334		672,239
Amicus Therapeutics, Inc.*		14,943		212,041
AMN Healthcare Svcs., Inc.*		3,286		246,056
Amphastar Pharmaceuticals, Inc.*		5,540		342,649
Apellis Pharmaceuticals, Inc.*		2,121		126,963
Avidity Biosciences, Inc.*		9,889		89,495
Axsome Therapeutics, Inc.*		2,391		190,300
Baxter International, Inc.		2,211		85,477
Becton Dickinson & Co.		1,265		308,445
BioCryst Pharmaceuticals, Inc.*		14,653		87,771
Biogen, Inc.*		1,738		449,742
Bio-Rad Laboratories, Inc. Cl A*		91		29,383
Bio-Techne Corp.		689		53,163
Blueprint Medicines Corp.*		2,510		231,522
Boston Scientific Corp.*		6,384		369,059
Bristol-Myers Squibb Co.		8,872		455,222
Cardinal Health, Inc.		1,075		108,360
Catalent, Inc.*		786		35,315
Cencora, Inc.		727		149,311
Centene Corp.*		5,456		404,890
Charles River Laboratories International, Inc.*		224		52,954
Chemed Corp.		509		297,638
Cigna Group		1,276		382,098
Collegium Pharmaceutical, Inc.*		6,467		199,054
CONMED Corp.		2,087		228,547
Cooper Cos., Inc.		216		81,743
Corcept Therapeutics, Inc.*		8,810		286,149
CVS Health Corp.		5,600		442,176
Danaher Corp.		2,868		663,483
DaVita, Inc.*		235		24,619
DENTSPLY SIRONA, Inc.		924		32,885
Dexcom, Inc.*		3,678		456,403
Edwards Lifesciences Corp.*		2,645		201,681
Elevance Health, Inc.		1,025		483,349
Eli Lilly & Co.		3,477		2,026,813
Encompass Health Corp.		6,721		448,425
Envista Hldgs. Corp.*		14,441		347,450
Exact Sciences Corp.*		1,990		147,220
Fortrea Hldgs., Inc.*		24,428		852,537
GE HealthCare Technologies, Inc.		1,707		131,985
Gilead Sciences, Inc.		5,433		440,127
Halozyme Therapeutics, Inc.*		4,543		167,909
HCA Healthcare, Inc.		864		233,868
HealthEquity, Inc.*		3,351		222,171

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Henry Schein, Inc.*		570	$	43,155
Hologic, Inc.*		1,068		76,309
Humana, Inc.		844		386,392
IDEXX Laboratories, Inc.*		826		458,471
Illumina, Inc.*		692		96,354
Immunocore Hldgs. PLC ADR*		944		64,494
Incyte Corp.*		811		50,923
Inmode Ltd.*		5,330		118,539
Insmed, Inc.*		5,277		163,534
Insulet Corp.*		1,063		230,650
Intra-Cellular Therapies, Inc.*		3,424		245,227
Intuitive Surgical, Inc.*		1,534		517,510
IQVIA Hldgs., Inc.*		799		184,873
iRhythm Technologies, Inc.*		1,616		172,977
Johnson & Johnson		10,496		1,645,143
Karuna Therapeutics, Inc.*		505		159,838
Krystal Biotech, Inc.*		2,459		305,064
Laboratory Corp. of America Hldgs.		1,679		381,620
Lantheus Hldgs., Inc.*		3,213		199,206
LeMaitre Vascular, Inc.		2,363		134,124
Madrigal Pharmaceuticals, Inc.*		887		205,234
McKesson Corp.		581		268,991
Medtronic PLC		5,801		477,886
Merck & Co., Inc.		11,048		1,204,453
Mettler-Toledo International, Inc.*		348		422,110
Moderna, Inc.*		1,446		143,805
ModivCare, Inc.*		2,536		111,559
Molina Healthcare, Inc.*		254		91,773
Neogen Corp.*		8,152		163,937
Omnicell, Inc.*		2,309		86,888
Option Care Health, Inc.*		5,582		188,058
Orthofix Medical, Inc.*		10,076		135,824
OrthoPediatrics Corp.*		2,862		93,044
Penumbra, Inc.*		585		147,151
Pfizer, Inc.		24,618		708,752
Quest Diagnostics, Inc.		490		67,561
QuidelOrtho Corp.*		2,573		189,630
Regeneron Pharmaceuticals, Inc.*		467		410,161
Repligen Corp.*		858		154,268
ResMed, Inc.		641		110,265
Revvity, Inc.		539		58,918
Roivant Sciences Ltd.*		10,255		115,164
Shockwave Medical, Inc.*		384		73,175
Simulations Plus, Inc.		5,347		239,278
SpringWorks Therapeutics, Inc.*		4,336		158,264
STAAR Surgical Co.*		3,254		101,557
STERIS PLC		431		94,755
Stryker Corp.		1,475		441,703
Supernus Pharmaceuticals, Inc.*		21,925		634,510

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

58

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Tactile Systems Technology, Inc.*		8,898	$	127,241
Teleflex, Inc.		205		51,115
Tenet Healthcare Corp.*		2,350		177,590
Thermo Fisher Scientific, Inc.		1,684		893,850
Ultragenyx Pharmaceutical, Inc.*		2,424		115,916
UnitedHealth Group, Inc.		4,033		2,123,254
Universal Health Svcs., Inc. Cl B		266		40,549
Vaxcyte, Inc.*		3,322		208,622
Veeva Systems, Inc. Cl A*		1,430		275,304
Vericel Corp.*		9,203		327,719
Vertex Pharmaceuticals, Inc.*		1,124		457,344
Viatris, Inc.		5,231		56,652
Waters Corp.*		258		84,941
West Pharmaceutical Svcs., Inc.		322		113,383
Xencor, Inc.*		6,072		128,909
Zimmer Biomet Hldgs., Inc.		5,563		677,017
Zoetis, Inc. Cl A		2,002		395,135
				36,332,679
INDUSTRIALS (13.2%)
3M Co.		2,408		263,243
Advanced Drainage Systems, Inc.		3,009		423,186
Alaska Air Group, Inc.*		11,046		431,567
Allegion PLC		383		48,522
American Airlines Group, Inc.*		2,850		39,159
AMETEK, Inc.		1,007		166,044
AO Smith Corp.		536		44,188
Arcosa, Inc.		7,494		619,304
Atkore, Inc.*		954		152,640
Automatic Data Processing, Inc.		1,794		417,948
Axon Enterprise, Inc.*		2,943		760,265
Bloom Energy Corp. Cl A*		29,973		443,600
Boeing Co.*		2,479		646,176
Broadridge Financial Solutions, Inc.		513		105,550
Builders FirstSource, Inc.*		2,477		413,510
Carlisle Cos., Inc.		2,916		911,046
Carrier Global Corp.		3,658		210,152
Casella Waste Systems, Inc. Cl A*		3,592		306,972
Caterpillar, Inc.		2,225		657,866
Ceridian HCM Hldg., Inc.*		680		45,642
CH Robinson Worldwide, Inc.		508		43,886
Chart Industries, Inc.*		4,232		576,949
Cintas Corp.		377		227,203
Clean Harbors, Inc.*		5,485		957,187
Copart, Inc.*		3,809		186,641
Crane Co.		5,189		613,028
CSX Corp.		8,616		298,717

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Cummins, Inc.		618	$	148,054
Deere & Co.		1,168		467,048
Delta Air Lines, Inc.		2,806		112,885
Deluxe Corp.		17,697		379,601
Dover Corp.		5,966		917,630
Ducommun, Inc.*		3,106		161,698
Eaton Corp. PLC		1,741		419,268
EMCOR Group, Inc.		842		181,392
Emerson Electric Co.		2,486		241,962
Encore Wire Corp.		1,291		275,758
Enpro, Inc.		4,627		725,236
Equifax, Inc.		537		132,795
ESCO Technologies, Inc.		8,929		1,044,961
ExlService Hldgs., Inc.*		6,015		185,563
Expeditors International of Washington, Inc.		634		80,645
Fastenal Co.		2,492		161,407
Federal Signal Corp.		8,873		680,914
FedEx Corp.		1,009		255,247
Fortive Corp.		1,533		112,875
Franklin Electric Co., Inc.		3,505		338,758
Generac Hldgs., Inc.*		2,913		376,476
General Dynamics Corp.		988		256,554
General Electric Co.		4,746		605,732
Graco, Inc.		4,634		402,046
HEICO Corp. Cl A		1,833		261,092
Honeywell International, Inc.		2,875		602,916
Howmet Aerospace, Inc.		1,706		92,329
Hubbell, Inc. Cl B		234		76,970
Huntington Ingalls Industries, Inc.		174		45,177
Huron Consulting Group, Inc.*		3,768		387,350
ICF International, Inc.		5,976		801,322
IDEX Corp.		330		71,646
Illinois Tool Works, Inc.		1,194		312,756
Ingersoll Rand, Inc.		1,765		136,505
Jacobs Solutions, Inc.		3,632		471,434
Janus International Group, Inc.*		17,034		222,294
JB Hunt Transport Svcs., Inc.		356		71,107
Johnson Controls International PLC		2,967		171,018
KBR, Inc.		16,681		924,294
Korn Ferry		3,177		188,555
L-3 Harris Technologies, Inc.		2,398		505,067
Leidos Hldgs., Inc.		1,997		216,155
Lockheed Martin Corp.		963		436,470
Masco Corp.		979		65,573
Masonite International Corp.*		3,236		273,960
Maximus, Inc.		2,058		172,584
Mercury Systems, Inc.*		4,610		168,588
Miller Industries, Inc.		14,959		632,616
Montrose Environmental Group, Inc.*		4,580		147,155

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

59

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Mueller Industries, Inc.		25,367	$	1,196,054
Nordson Corp.		236		62,342
Norfolk Southern Corp.		986		233,071
Northrop Grumman Corp.		618		289,311
Old Dominion Freight Line, Inc.		1,637		663,525
Otis Worldwide Corp.		1,785		159,704
PACCAR, Inc.		2,281		222,740
Parker-Hannifin Corp.		560		257,992
Paychex, Inc.		1,401		166,873
Paycom Software, Inc.		214		44,238
Pentair PLC		721		52,424
Quanta Svcs., Inc.		3,661		790,044
Republic Svcs., Inc. Cl A		892		147,100
Robert Half, Inc.		462		40,619
Rockwell Automation, Inc.		500		155,240
Rollins, Inc.		1,224		53,452
RTX Corp.		6,269		527,474
Saia, Inc.*		1,250		547,775
Snap-on, Inc.		231		66,722
Southwest Airlines Co.		2,599		75,059
Stanley Black & Decker, Inc.		3,886		381,217
Textron, Inc.		855		68,759
Trane Technologies PLC		996		242,924
TransDigm Group, Inc.		241		243,796
TransUnion		3,163		217,330
Trex Co., Inc.*		7,705		637,897
Uber Technologies, Inc.*		8,971		552,344
UFP Industries, Inc.		10,966		1,376,781
Union Pacific Corp.		2,658		652,858
United Airlines Hldgs., Inc.*		1,430		59,002
United Parcel Svc., Inc. Cl B		3,154		495,903
United Rentals, Inc.		296		169,732
Veralto Corp.		4,787		393,779
Verisk Analytics, Inc. Cl A		633		151,198
Vicor Corp.*		2,774		124,664
VSE Corp.		12,660		817,963
Waste Management, Inc.		1,598		286,202
Westinghouse Air Brake Technologies Corp.		782		99,236
WW Grainger, Inc.		496		411,030
Xylem, Inc.		1,051		120,192
				39,384,195
INFORMATION TECHNOLOGY (22.4%)
Accenture PLC Cl A		2,737		960,441
Adeia, Inc.		29,688		367,834
Adobe, Inc.*		1,986		1,184,848
Advanced Energy Industries, Inc.		1,682		183,203
Advanced Micro Devices, Inc.*		7,044		1,038,356
Akamai Technologies, Inc.*		658		77,874
Altair Engineering, Inc. Cl A*		2,548		214,414
Amphenol Corp. Cl A		7,572		750,612
Analog Devices, Inc.		2,173		431,471

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
ANSYS, Inc.*		379	$	137,532
Apple, Inc.		63,739		12,271,670
Applied Materials, Inc.		3,648		591,231
Arista Networks, Inc.*		1,098		258,590
Asana, Inc. Cl A*		4,544		86,381
Autodesk, Inc.*		932		226,923
Axcelis Technologies, Inc.*		1,235		160,167
BlackLine, Inc.*		1,996		124,630
Broadcom, Inc.		1,914		2,136,503
C3.ai, Inc. Cl A*		5,664		162,613
Cadence Design Systems, Inc.*		1,186		323,031
CDW Corp.		585		132,982
Ciena Corp.*		5,027		226,265
Cisco Systems, Inc.		17,660		892,183
Cognizant Technology Solutions Corp. Cl A		2,187		165,184
Cohu, Inc.*		3,056		108,152
Corning, Inc.		3,348		101,947
Couchbase, Inc.*		5,479		123,387
Credo Technology Group Hldg. Ltd.*		9,180		178,735
CyberArk Software Ltd.*		2,727		597,349
Digi International, Inc.*		10,190		264,940
Enphase Energy, Inc.*		595		78,623
EPAM Systems, Inc.*		1,252		372,270
F5, Inc.*		260		46,535
Fabrinet*		1,759		334,790
Fair Isaac Corp.*		108		125,713
First Solar, Inc.*		466		80,283
Five9, Inc.*		10,651		838,127
Fortinet, Inc.*		2,779		162,655
Gartner, Inc.*		340		153,377
Gen Digital, Inc.		2,458		56,092
Grid Dynamics Hldgs., Inc.*		14,261		190,099
Guidewire Software, Inc.*		1,623		176,972
Harmonic, Inc.*		24,268		316,455
Hewlett Packard Enterprise Co.		19,608		332,944
HP, Inc.		3,791		114,071
indie Semiconductor, Inc. Cl A*		31,352		254,265
Intel Corp.		18,380		923,595
International Business Machines Corp.		3,981		651,093
Intuit, Inc.		1,222		763,787
Jabil, Inc.		557		70,962
Juniper Networks, Inc.		1,391		41,007
Keysight Technologies, Inc.*		775		123,295
KLA Corp.		593		344,711
Lam Research Corp.		575		450,375
MaxLinear, Inc. Cl A*		5,392		128,168
Microchip Technology, Inc.		6,808		613,945
Micron Technology, Inc.		4,787		408,523
Microsoft Corp.		32,404		12,185,200

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

60

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
MicroStrategy, Inc. Cl A*		223	$	140,851
MKS Instruments, Inc.		1,662		170,970
Model N, Inc.*		4,089		110,117
MongoDB, Inc. Cl A*		629		257,167
Monolithic Power Systems, Inc.		1,069		674,304
Motorola Solutions, Inc.		1,746		546,655
NetApp, Inc.		911		80,314
Novanta, Inc.*		1,677		282,424
NVIDIA Corp.		10,769		5,333,024
NXP Semiconductors N.V.		1,124		258,160
Okta, Inc. Cl A*		3,644		329,891
ON Semiconductor Corp.*		1,878		156,869
Onto Innovation, Inc.*		2,007		306,870
Oracle Corp.		6,926		730,208
Palo Alto Networks, Inc.*		3,081		908,525
PDF Solutions, Inc.*		7,133		229,255
Perficient, Inc.*		3,367		221,616
PTC, Inc.*		3,623		633,880
Q2 Hldgs., Inc.*		3,223		139,910
Qorvo, Inc.*		425		47,859
QUALCOMM, Inc.		4,853		701,889
Qualys, Inc.*		907		178,026
Rambus, Inc.*		3,731		254,641
Rapid7, Inc.*		5,464		311,994
Roper Technologies, Inc.		466		254,049
Salesforce, Inc.*		4,243		1,116,503
Seagate Technology Hldgs. PLC		848		72,394
SEMrush Hldgs., Inc. Cl A*		5,837		79,733
ServiceNow, Inc.*		893		630,896
Silicon Laboratories, Inc.*		1,016		134,386
Skyworks Solutions, Inc.		695		78,132
Splunk, Inc.*		556		84,707
Sprinklr, Inc. Cl A*		5,219		62,837
Super Micro Computer, Inc.*		1,581		449,415
Synopsys, Inc.*		1,345		692,554
TE Connectivity Ltd.		1,355		190,378
Teledyne Technologies, Inc.*		1,949		869,819
Tenable Hldgs., Inc.*		5,648		260,147
Teradyne, Inc.		5,427		588,938
Texas Instruments, Inc.		3,960		675,022
Trimble, Inc.*		1,084		57,669
TTM Technologies, Inc.*		11,567		182,874
Tyler Technologies, Inc.*		184		76,934
Varonis Systems, Inc. Cl B*		5,827		263,847
VeriSign, Inc.*		388		79,912
Viasat, Inc.*		41,113		1,149,108
Vontier Corp.		9,136		315,649
Western Digital Corp.*		1,413		73,999
Workiva, Inc. Cl A*		1,730		175,647
Xperi, Inc.*		11,613		127,975
Zebra Technologies Corp. Cl A*		224		61,226
Zuora, Inc. Cl A*		45,220		425,068
				67,052,617

	Shares		Value
COMMON STOCKS (CONTINUED):
MATERIALS (3.8%)
Air Products & Chemicals, Inc.		969	$	265,312
Albemarle Corp.		1,189		171,787
Amcor PLC		6,302		60,751
Ashland, Inc.		16,770		1,413,879
ATI, Inc.*		7,752		352,483
Avery Dennison Corp.		2,204		445,561
Avient Corp.		9,663		401,691
Axalta Coating Systems Ltd.*		7,797		264,864
Ball Corp.		1,375		79,090
Celanese Corp. Cl A		437		67,897
CF Industries Hldgs., Inc.		833		66,224
Corteva, Inc.		3,073		147,258
Crown Hldgs., Inc.		16,013		1,474,637
Dow, Inc.		3,058		167,701
DuPont de Nemours, Inc.		1,875		144,244
Eastman Chemical Co.		517		46,437
Ecolab, Inc.		1,107		219,573
FMC Corp.		9,494		598,597
Freeport-McMoRan, Inc.		9,710		413,355
International Flavors & Fragrances, Inc.		1,113		90,120
International Paper Co.		1,509		54,550
Kaiser Aluminum Corp.		3,082		219,408
Linde PLC		2,115		868,652
Livent Corp.*		5,385		96,822
LyondellBasell Industries N.V. Cl A		1,118		106,299
Martin Marietta Materials, Inc.		270		134,706
Materion Corp.		3,622		471,331
Mosaic Co.		1,425		50,915
Newmont Corp.		8,167		338,032
Nucor Corp.		1,072		186,571
Orion S.A.		9,529		264,239
Packaging Corp. of America		391		63,698
PPG Industries, Inc.		1,028		153,737
Quaker Chemical Corp.		854		182,261
Sherwin-Williams Co.		1,027		320,321
Steel Dynamics, Inc.		2,794		329,971
Vulcan Materials Co.		2,184		495,790
Westrock Co.		1,118		46,419
				11,275,183
REAL ESTATE (4.4%)
Alexandria Real Estate Equities, Inc.		4,984		631,822
American Tower Corp.		2,033		438,884
Americold Realty Trust, Inc.		5,035		152,409
Apartment Income REIT Corp.		9,284		322,433
Apartment Investment & Management Co. Cl A*		26,095		204,324
AvalonBay Communities, Inc.		620		116,076
Boston Properties, Inc.		630		44,207
Camden Property Trust		4,008		397,954
CBRE Group, Inc. Cl A*		1,329		123,717

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

61

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
CoStar Group, Inc.*		1,781	$	155,642
Cousins Properties, Inc.		11,016		268,240
Crown Castle, Inc.		1,893		218,055
CTO Realty Growth, Inc.		7,029		121,813
Digital Realty Trust, Inc.		1,321		177,780
Easterly Government Properties, Inc. Cl A		16,138		216,895
EastGroup Properties, Inc.		2,806		515,013
Equinix, Inc.		409		329,404
Equity Commonwealth		12,938		248,410
Equity Residential		1,506		92,107
Essex Property Trust, Inc.		280		69,423
Extra Space Storage, Inc.		2,178		349,199
Federal Realty Investment Trust		320		32,976
Gaming & Leisure Properties, Inc.		6,661		328,720
Healthcare Realty Trust, Inc. Cl A		8,608		148,316
Healthpeak Properties, Inc.		16,353		323,789
Highwoods Properties, Inc.		6,137		140,905
Host Hotels & Resorts, Inc.		20,557		400,245
Invitation Homes, Inc.		2,508		85,548
Iron Mountain, Inc.		1,274		89,155
Kimco Realty Corp.		2,899		61,778
Kite Realty Group Trust		6,754		154,396
LXP Industrial Trust		21,996		218,200
Mid-America Apartment Communities, Inc.		509		68,440
Phillips Edison & Co., Inc.		3,675		134,064
Physicians Realty Trust		22,638		301,312
PotlatchDeltic Corp.		10,234		502,489
Prologis, Inc.		4,029		537,066
Public Storage		690		210,450
Realty Income Corp.		6,653		382,015
Regency Centers Corp.		717		48,039
Ryman Hospitality Properties, Inc.		2,157		237,399
Sabra Health Care REIT, Inc.		24,512		349,786
SBA Communications Corp. Cl A		2,548		646,402
Simon Property Group, Inc.		1,423		202,977
Sun Communities, Inc.		2,631		351,633
UDR, Inc.		1,320		50,543
UMH Properties, Inc.		6,154		94,279
Urban Edge Properties		16,590		303,597
Ventas, Inc.		5,684		283,291
VICI Properties, Inc. Cl A		4,510		143,779

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Welltower, Inc.		7,518	$	677,898
Weyerhaeuser Co.		12,580		437,407
				13,140,701
UTILITIES (3.2%)
AES Corp.		12,142		233,733
Alliant Energy Corp.		1,112		57,046
Ameren Corp.		4,961		358,879
American Electric Power Co., Inc.		2,292		186,156
American Water Works Co., Inc.		849		112,060
Atmos Energy Corp.		2,288		265,179
Avista Corp.		7,199		257,292
Black Hills Corp.		6,579		354,937
CenterPoint Energy, Inc.		2,753		78,653
Chesapeake Utilities Corp.		3,360		354,917
CMS Energy Corp.		1,273		73,923
Consolidated Edison, Inc.		1,505		136,910
Constellation Energy Corp.		1,393		162,828
Dominion Energy, Inc.		3,649		171,503
DTE Energy Co.		3,358		370,253
Duke Energy Corp.		3,361		326,151
Edison International		1,672		119,531
Entergy Corp.		3,285		332,409
Evergy, Inc.		13,414		700,211
Eversource Energy		1,523		94,000
Exelon Corp.		4,340		155,806
FirstEnergy Corp.		2,252		82,558
IDACORP, Inc.		2,481		243,932
NextEra Energy, Inc.		8,945		543,319
NiSource, Inc.		21,455		569,630
Northwestern Energy Group, Inc.		4,975		253,178
NRG Energy, Inc.		12,083		624,691
PG&E Corp.		9,301		167,697
Pinnacle West Capital Corp.		494		35,489
Portland General Electric Co.		6,358		275,556
PPL Corp.		9,555		258,941
Public Svc. Enterprise Group, Inc.		8,201		501,491
Sempra		6,460		482,756
Southern Co.		4,755		333,421
Spire, Inc.		3,569		222,491
WEC Energy Group, Inc.		1,376		115,818
Xcel Energy, Inc.		2,406		148,955
				9,762,300
TOTAL COMMON STOCKS
(Cost: $209,215,986)				294,607,913

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

62

MoA FUNDS — ALL AMERICA FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (1.3%):
U.S. GOVERNMENT (0.4%)
U.S. Treasury Bill		A-1+		5.25		01/16/24	$	500,000	$	498,911
U.S. Treasury Bill (1)		A-1+		5.26		04/11/24		500,000		492,804
U.S. Treasury Bill		A-1+		5.38		01/04/24		200,000		199,911
										1,191,626
U.S. GOVERNMENT AGENCIES (0.9%)
FHLB		A-1+		5.20		01/02/24		2,600,000		2,599,624
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $3,791,189)										3,791,250
TEMPORARY CASH INVESTMENT (0.1%)
JP Morgan Chase, New York Time Deposit				4.58		01/02/24		408,466		408,466
TOTAL TEMPORARY CASH INVESTMENT (Cost: $408,466)										408,466
TOTAL INVESTMENTS (Cost: $213,415,641) 99.9%										298,807,629
OTHER NET ASSETS 0.1%										337,579
NET ASSETS 100.0%									$	299,145,208

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations: FHLB = Federal Home Loan Bank

* Non-income producing security.

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

(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 Fund as of December 31, 2023, was as follows:

Contract Type	Number of Contracts		Purchased (P) or Sold (S)		Expiration Date		Underlying Face at Value		Unrealized Gain(Loss)(a)		Face Value of Futures as a % of Total Investments
E-mini S&P 500 Stock Index		5		P		March 2024	$	1,205,000	$	35,588		0.4	%

(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.

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

63

MoA FUNDS — SMALL CAP VALUE FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (96.0%):
COMMUNICATION SERVICES (2.0%)
TEGNA, Inc.		523,489	$	8,009,382
CONSUMER DISCRETIONARY (8.7%)
Bloomin' Brands, Inc.		321,973		9,063,540
Capri Hldgs. Ltd.*		92,085		4,626,350
Golden Entertainment, Inc.		95,270		3,804,131
Marriott Vacations Worldwide Corp.		50,660		4,300,528
Skyline Champion Corp.*		32,191		2,390,504
Taylor Morrison Home Corp. Cl A*		211,780		11,298,463
				35,483,516
CONSUMER STAPLES (2.8%)
Crimson Wine Group Ltd.*		571,204		3,367,819
MGP Ingredients, Inc.		14,260		1,404,895
TreeHouse Foods, Inc.*		165,301		6,851,727
				11,624,441
ENERGY (8.9%)
ChampionX Corp.		371,792		10,860,045
EQT Corp.		182,997		7,074,664
Murphy Oil Corp.		85,605		3,651,909
Northern Oil & Gas, Inc.		152,076		5,637,457
Ovintiv, Inc.		152,424		6,694,462
Permian Resources Corp. Cl A		195,117		2,653,591
				36,572,128
FINANCIALS (24.8%)
American Equity Investment Life Hldg. Co.*		92,505		5,161,779
Banner Corp.		118,240		6,332,935
Brookline Bancorp, Inc.		438,597		4,785,093
Dime Community Bancshares, Inc.		137,380		3,699,643
Eastern Bankshares, Inc.		474,557		6,738,709
Ellington Financial, Inc.		355,806		4,522,294
Enterprise Financial Svcs. Corp.		132,631		5,921,974
Essent Group Ltd.		154,676		8,157,612
First Interstate BancSystem, Inc. Cl A		221,791		6,820,073
Hancock Whitney Corp.		153,571		7,462,015
Home BancShares, Inc.		254,144		6,437,468
Moelis & Co. Cl A		74,296		4,170,235
Selective Insurance Group, Inc.		81,974		8,154,774
Stifel Financial Corp.		36,838		2,547,348
Stock Yards Bancorp, Inc.		112,395		5,787,219
TriCo Bancshares		103,221		4,435,406
UMB Financial Corp.		63,326		5,290,887
Wintrust Financial Corp.		54,495		5,054,411
				101,479,875
HEALTH CARE (5.1%)
Avidity Biosciences, Inc.*		130,622		1,182,129
BioCryst Pharmaceuticals, Inc.*		193,946		1,161,737

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Fortrea Hldgs., Inc.*		163,402	$	5,702,730
Krystal Biotech, Inc.*		13,051		1,619,107
Orthofix Medical, Inc.*		133,366		1,797,774
SpringWorks Therapeutics, Inc.*		28,563		1,042,549
Supernus Pharmaceuticals, Inc.*		197,445		5,714,058
Vericel Corp.*		73,087		2,602,628
				20,822,712
INDUSTRIALS (19.4%)
Arcosa, Inc.		99,205		8,198,301
Deluxe Corp.		233,263		5,003,491
Ducommun, Inc.*		41,119		2,140,655
Encore Wire Corp.		17,098		3,652,133
Enpro, Inc.		61,234		9,597,817
ICF International, Inc.		36,902		4,948,189
KBR, Inc.		68,657		3,804,285
Miller Industries, Inc.		196,731		8,319,754
Mueller Industries, Inc.		244,314		11,519,405
UFP Industries, Inc.		92,516		11,615,384
VSE Corp.		167,037		10,792,261
				79,591,675
INFORMATION TECHNOLOGY (5.5%)
Adeia, Inc.		386,790		4,792,328
Cohu, Inc.*		40,448		1,431,455
Digi International, Inc.*		134,119		3,487,094
MaxLinear, Inc. Cl A*		71,375		1,696,584
TTM Technologies, Inc.*		152,787		2,415,562
Viasat, Inc.*		185,325		5,179,834
Xperi, Inc.*		151,397		1,668,395
Zuora, Inc. Cl A*		202,869		1,906,968
				22,578,220
MATERIALS (4.6%)
Ashland, Inc.		97,065		8,183,550
Avient Corp.		78,947		3,281,827
Kaiser Aluminum Corp.		40,558		2,887,324
Materion Corp.		33,826		4,401,777
				18,754,478
REAL ESTATE (9.8%)
Apartment Investment & Management Co. Cl A*		345,400		2,704,482
Cousins Properties, Inc.		144,951		3,529,557
CTO Realty Growth, Inc.		93,039		1,612,366
Easterly Government Properties, Inc. Cl A		212,342		2,853,876
Equity Commonwealth		171,240		3,287,808
Highwoods Properties, Inc.		80,742		1,853,836
Kite Realty Group Trust		88,873		2,031,637
LXP Industrial Trust		291,142		2,888,129
Physicians Realty Trust		298,212		3,969,202
PotlatchDeltic Corp.		135,457		6,650,939
Sabra Health Care REIT, Inc.		324,442		4,629,787

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

64

MoA FUNDS — SMALL CAP VALUE FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Urban Edge Properties		218,488	$	3,998,330
				40,009,949
UTILITIES (4.4%)
Avista Corp.		95,300		3,406,022
Black Hills Corp.		87,080		4,697,966
Northwestern Energy Group, Inc.		65,863		3,351,768

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Portland General Electric Co.		84,155	$	3,647,278
Spire, Inc.		47,239		2,944,879
				18,047,913
TOTAL COMMON STOCKS
(Cost: $334,679,882)				392,974,289

	Rating**	Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (3.3%):
U.S. GOVERNMENT (3.0%)
U.S. Treasury Bill	A-1+		5.30		01/18/24	$	1,700,000	$	1,695,768
U.S. Treasury Bill	A-1+		5.27		01/23/24		4,200,000		4,186,471
U.S. Treasury Bill	A-1+		5.31		02/06/24		1,600,000		1,591,575
U.S. Treasury Bill	A-1+		5.29		01/09/24		4,800,000		4,794,373
									12,268,187
U.S. GOVERNMENT AGENCIES (0.3%)
FHLB	A-1+		5.20		01/02/24		1,000,000		999,856
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $13,268,043)									13,268,043
TEMPORARY CASH INVESTMENT (0.2%)
JP Morgan Chase, New York Time Deposit			4.58		01/02/24		942,790		942,790
TOTAL TEMPORARY CASH INVESTMENT (Cost: $942,790)									942,790
TOTAL INVESTMENTS (Cost: $348,890,715) 99.5%									407,185,122
OTHER NET ASSETS 0.5%									2,191,414
NET ASSETS 100.0%								$	409,376,536

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations: FHLB = Federal Home Loan Bank

* Non-income producing security.

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

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

65

MoA FUNDS — SMALL CAP GROWTH FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (98.4%):
COMMUNICATION SERVICES (0.8%)
IMAX Corp.*		147,247	$	2,211,650
ZipRecruiter, Inc. Cl A*		91,321		1,269,362
				3,481,012
CONSUMER DISCRETIONARY (9.7%)
Bloomin' Brands, Inc.		243,635		6,858,325
Coursera, Inc.*		114,917		2,225,942
Everi Hldgs., Inc.*		250,960		2,828,319
Five Below, Inc.*		14,194		3,025,593
Golden Entertainment, Inc.		146,318		5,842,478
Murphy USA, Inc.		5,786		2,063,056
Ollie's Bargain Outlet Hldgs., Inc.*		47,737		3,622,761
Skyline Champion Corp.*		45,831		3,403,410
Steven Madden Ltd.		58,458		2,455,236
Taylor Morrison Home Corp. Cl A*		47,201		2,518,174
Valvoline, Inc.*		89,806		3,374,910
XPEL, Inc.*		41,052		2,210,650
				40,428,854
CONSUMER STAPLES (2.8%)
Boston Beer Co., Inc. Cl A*		7,134		2,465,439
Coca-Cola Consolidated, Inc.		4,937		4,583,511
Freshpet, Inc.*		54,057		4,689,985
				11,738,935
ENERGY (4.4%)
ChampionX Corp.		157,441		4,598,851
Liberty Energy, Inc. Cl A		100,692		1,826,553
Northern Oil & Gas, Inc.		198,913		7,373,705
Southwestern Energy Co.*		285,964		1,873,064
Valaris Ltd.*		38,163		2,616,837
				18,289,010
FINANCIALS (7.3%)
First Financial Bankshares, Inc.		175,130		5,306,439
Goosehead Insurance, Inc. Cl A*		50,629		3,837,678
Houlihan Lokey, Inc. Cl A		31,676		3,798,269
iShares Micro-Cap ETF		42,170		4,892,985
PJT Partners, Inc. Cl A		42,282		4,307,267
Primerica, Inc.		16,585		3,412,530
Selective Insurance Group, Inc.		32,346		3,217,780
ServisFirst Bancshares, Inc.		24,701		1,645,828
				30,418,776
HEALTH CARE (23.5%)
ACADIA Pharmaceuticals, Inc.*		65,632		2,054,938
Addus HomeCare Corp.*		58,481		5,429,961
Alkermes PLC*		84,528		2,344,807
Amicus Therapeutics, Inc.*		202,916		2,879,378
AMN Healthcare Svcs., Inc.*		44,586		3,338,600

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Amphastar Pharmaceuticals, Inc.*		75,677	$	4,680,622
Apellis Pharmaceuticals, Inc.*		28,861		1,727,619
Axsome Therapeutics, Inc.*		32,187		2,561,763
Blueprint Medicines Corp.*		34,092		3,144,646
Collegium Pharmaceutical, Inc.*		87,800		2,702,484
CONMED Corp.		28,348		3,104,389
Corcept Therapeutics, Inc.*		120,367		3,909,520
Fortrea Hldgs., Inc.*		60,384		2,107,402
Halozyme Therapeutics, Inc.*		62,084		2,294,625
HealthEquity, Inc.*		45,947		3,046,286
Immunocore Hldgs. PLC*		12,810		875,179
Inmode Ltd.*		72,359		1,609,264
Insmed, Inc.*		71,651		2,220,465
Intra-Cellular Therapies, Inc.*		46,778		3,350,240
iRhythm Technologies, Inc.*		21,925		2,346,852
Karuna Therapeutics, Inc.*		6,806		2,154,167
Krystal Biotech, Inc.*		20,013		2,482,813
Lantheus Hldgs., Inc.*		44,214		2,741,268
LeMaitre Vascular, Inc.		32,044		1,818,817
Madrigal Pharmaceuticals, Inc.*		11,916		2,757,124
ModivCare, Inc.*		34,396		1,513,080
Neogen Corp.*		109,629		2,204,639
Omnicell, Inc.*		31,559		1,187,565
Option Care Health, Inc.*		75,788		2,553,298
OrthoPediatrics Corp.*		38,268		1,244,093
Roivant Sciences Ltd.*		140,108		1,573,413
Shockwave Medical, Inc.*		5,247		999,868
Simulations Plus, Inc.		72,745		3,255,339
SpringWorks Therapeutics, Inc.*		29,409		1,073,429
STAAR Surgical Co.*		44,462		1,387,659
Supernus Pharmaceuticals, Inc.*		95,590		2,766,375
Tactile Systems Technology, Inc.*		120,824		1,727,783
Tenet Healthcare Corp.*		31,880		2,409,172
Vaxcyte, Inc.*		45,008		2,826,502
Vericel Corp.*		49,926		1,777,865
Xencor, Inc.*		82,608		1,753,768
				97,937,077
INDUSTRIALS (19.8%)
Atkore, Inc.*		12,966		2,074,560
Bloom Energy Corp. Cl A*		243,281		3,600,559
Casella Waste Systems, Inc. Cl A*		48,587		4,152,245
Chart Industries, Inc.*		44,012		6,000,156
EMCOR Group, Inc.		11,540		2,486,062
ESCO Technologies, Inc.		72,327		8,464,429
ExlService Hldgs., Inc.*		82,692		2,551,048

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

66

MoA FUNDS — SMALL CAP GROWTH FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Federal Signal Corp.		121,169	$	9,298,509
Franklin Electric Co., Inc.		47,548		4,595,514
Huron Consulting Group, Inc.*		51,261		5,269,631
ICF International, Inc.		43,251		5,799,527
Janus International Group, Inc.*		231,733		3,024,116
Korn Ferry		43,257		2,567,303
Masonite International Corp.*		43,931		3,719,198
Maximus, Inc.		27,740		2,326,276
Mercury Systems, Inc.*		62,761		2,295,170
Montrose Environmental Group, Inc.*		62,307		2,001,924
Saia, Inc.*		8,422		3,690,689
UFP Industries, Inc.		54,092		6,791,251
Vicor Corp.*		38,808		1,744,031
				82,452,198
INFORMATION TECHNOLOGY (23.0%)
Advanced Energy Industries, Inc.		23,531		2,562,997
Altair Engineering, Inc. Cl A*		34,427		2,897,032
Asana, Inc. Cl A*		62,512		1,188,353
Axcelis Technologies, Inc.*		16,792		2,177,754
Blackline, Inc.*		27,509		1,717,662
C3.ai, Inc. Cl A*		79,273		2,275,928
Couchbase, Inc.*		75,402		1,698,053
Credo Technology Group Hldg. Ltd.*		123,114		2,397,030
CyberArk Software Ltd.*		16,197		3,547,953
Fabrinet*		24,331		4,630,919
Five9, Inc.*		64,237		5,054,810
Grid Dynamics Hldgs., Inc.*		194,947		2,598,644
Harmonic, Inc.*		329,533		4,297,110
indie Semiconductor, Inc. Cl A*		426,529		3,459,150
MicroStrategy, Inc. Cl A*		3,032		1,915,072
Model N, Inc.*		54,994		1,480,988
Novanta, Inc.*		23,187		3,904,923

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Onto Innovation, Inc.*		28,045	$	4,288,080
PDF Solutions, Inc.*		99,071		3,184,142
Perficient, Inc.*		46,078		3,032,854
Q2 Hldgs., Inc.*		45,297		1,966,343
Qualys, Inc.*		12,334		2,420,918
Rambus, Inc.*		51,986		3,548,044
Rapid7, Inc.*		74,335		4,244,528
SEMrush Hldgs., Inc. Cl A*		79,623		1,087,650
Silicon Laboratories, Inc.*		13,674		1,808,660
Sprinklr, Inc. Cl A*		71,355		859,114
Super Micro Computer, Inc.*		22,103		6,282,999
Tenable Hldgs., Inc.*		77,210		3,556,293
Varonis Systems, Inc. Cl B*		78,197		3,540,760
Viasat, Inc.*		60,493		1,690,779
Workiva, Inc. Cl A*		23,808		2,417,226
Zuora, Inc. Cl A*		408,623		3,841,056
				95,573,824
MATERIALS (3.9%)
ATI, Inc.*		105,263		4,786,309
Avient Corp.		50,306		2,091,220
Livent Corp.*		73,651		1,324,245
Materion Corp.		14,095		1,834,182
Orion S.A.		129,401		3,588,290
Quaker Chemical Corp.		11,606		2,476,952
				16,101,198
REAL ESTATE (2.0%)
EastGroup Properties, Inc.		9,049		1,660,853
Phillips Edison & Co., Inc.		51,864		1,891,999
Ryman Hospitality Properties, Inc.		30,226		3,326,674
UMH Properties, Inc.		83,726		1,282,682
				8,162,208
UTILITIES (1.2%)
Chesapeake Utilities Corp.		45,579		4,814,510
TOTAL COMMON STOCKS
(Cost: $359,187,983)				409,397,602

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

67

MoA FUNDS — SMALL CAP GROWTH FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (1.6%):
U.S. GOVERNMENT (1.3%)
U.S. Treasury Bill		A-1+		5.29		01/02/24		5,500,000		5,499,208
U.S. GOVERNMENT AGENCIES (0.3%)
FHLB		A-1+		5.20		01/02/24		1,100,000		1,099,841
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $6,599,049)										6,599,049
TEMPORARY CASH INVESTMENT (0.0%) (1)
JP Morgan Chase, New York Time Deposit				4.58		01/02/24		24,992		24,992
TOTAL TEMPORARY CASH INVESTMENT (Cost: $24,992)										24,992
TOTAL INVESTMENTS (Cost: $365,812,024) 100.0%										416,021,643
OTHER NET ASSETS 0.0% (1)										68,081
NET ASSETS 100.0%									$	416,089,724

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations: FHLB = Federal Home Loan Bank

* Non-income producing security.

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

(1) Percentage is less than 0.05%.

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

68

MoA FUNDS — SMALL CAP EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (99.9%):
COMMUNICATION SERVICES (2.7%)
AMC Networks, Inc. Cl A*		5,333	$	100,207
ATN International, Inc.		1,835		71,510
Cargurus, Inc. Cl A*		14,996		362,303
Cars.com, Inc.*		10,780		204,497
Cinemark Hldgs., Inc.*		18,567		261,609
Cogent Communications Hldgs., Inc.		7,574		576,078
Consolidated Communications Hldgs., Inc.*		13,049		56,763
EchoStar Corp. Cl A*		21,056		348,898
EW Scripps Co. Cl A*		10,305		82,337
Gogo, Inc.*		10,824		109,647
John Wiley & Sons, Inc. Cl A		7,437		236,050
Lumen Technologies, Inc.*		176,584		323,149
Madison Square Garden Sports Corp. Cl A*		2,921		531,125
Marcus Corp.		4,309		62,825
QuinStreet, Inc.*		9,075		116,342
Scholastic Corp.		4,779		180,168
Shenandoah Telecommunications Co.		8,798		190,213
Shutterstock, Inc.		4,188		202,197
TechTarget, Inc.*		4,521		157,602
Telephone & Data Systems, Inc.		17,254		316,611
Thryv Hldgs., Inc.*		5,416		110,216
TripAdvisor, Inc.*		18,923		407,412
Yelp, Inc. Cl A*		11,985		567,370
				5,575,129
CONSUMER DISCRETIONARY (14.6%)
Abercrombie & Fitch Co. Cl A*		8,814		777,571
Academy Sports & Outdoors, Inc.		13,046		861,036
Adtalem Global Education, Inc.*		6,971		410,940
Advance Auto Parts, Inc.		10,409		635,261
American Axle & Manufacturing Hldgs., Inc.*		20,489		180,508
American Eagle Outfitters, Inc.		32,491		687,510
America's Car-Mart, Inc.*		1,016		76,982
Asbury Automotive Group, Inc.*		3,602		810,342
BJ's Restaurants, Inc.*		4,067		146,453
Bloomin' Brands, Inc.		15,195		427,739
Boot Barn Hldgs., Inc.*		5,301		406,905
Brinker International, Inc.*		7,733		333,911
Buckle, Inc.		5,209		247,532
Caleres, Inc.		5,847		179,678
Cavco Industries, Inc.*		1,355		469,670
Century Communities, Inc.		4,950		451,143
Cheesecake Factory, Inc.		8,176		286,242

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Chico's FAS, Inc.*		21,609	$	163,796
Chuy's Hldgs., Inc.*		3,037		116,105
Cracker Barrel Old Country Store, Inc.		3,878		298,916
Dana, Inc.		22,484		328,491
Dave & Buster's Entertainment, Inc.*		6,013		323,800
Designer Brands, Inc. Cl A		7,675		67,924
Dine Brands Global, Inc.		2,722		135,147
Dorman Products, Inc.*		4,960		413,714
Ethan Allen Interiors, Inc.		4,001		127,712
Foot Locker, Inc.		14,338		446,629
Frontdoor, Inc.*		13,935		490,791
Gentherm, Inc.*		5,740		300,546
G-III Apparel Group Ltd.*		7,122		242,006
Golden Entertainment, Inc.		3,757		150,017
Green Brick Partners, Inc.*		4,448		231,029
Group 1 Automotive, Inc.		2,419		737,166
Guess?, Inc.		4,783		110,296
Hanesbrands, Inc.*		61,267		273,251
Haverty Furniture Cos., Inc.		2,335		82,892
Hibbett, Inc.		2,169		156,211
Installed Building Products, Inc.		4,127		754,498
iRobot Corp.*		4,877		188,740
Jack in the Box, Inc.		3,519		287,256
Kohl's Corp.		19,374		555,646
Kontoor Brands, Inc.		8,751		546,237
La-Z-Boy, Inc.		7,535		278,192
LCI Industries		4,433		557,272
Leslie's, Inc.*		32,206		222,543
LGI Homes, Inc.*		3,588		477,778
M/I Homes, Inc.*		4,874		671,345
MarineMax, Inc.*		3,490		135,761
MDC Hldgs., Inc.		10,454		577,584
Meritage Homes Corp.		6,435		1,120,977
Mister Car Wash, Inc.*		15,942		137,739
Monarch Casino & Resort, Inc.		2,336		161,534
Monro, Inc.		5,504		161,487
Movado Group, Inc.		2,741		82,641
National Vision Hldgs., Inc.*		13,695		286,636
Newell Brands, Inc.		66,696		578,921
ODP Corp.*		5,823		327,835
Oxford Industries, Inc.		2,570		257,000
Papa John's International, Inc.		5,733		437,027
Patrick Industries, Inc.		3,642		365,475
Perdoceo Education Corp.		11,497		201,887
Phinia, Inc.		8,171		247,500
Sabre Corp.*		66,419		292,244
Sally Beauty Hldgs., Inc.*		18,863		250,501
Shake Shack, Inc. Cl A*		6,563		486,450
Shoe Carnival, Inc.		3,161		95,494
Signet Jewelers Ltd.		7,856		842,635

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

69

MoA FUNDS — SMALL CAP EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Six Flags Entertainment Corp.*		12,574	$	315,356
Sonic Automotive, Inc. Cl A		2,601		146,202
Sonos, Inc.*		22,449		384,776
Standard Motor Products, Inc.		3,271		130,219
Steven Madden Ltd.		12,275		515,550
Strategic Education, Inc.		3,846		355,255
Stride, Inc.*		6,957		413,037
Sturm Ruger & Co., Inc.		3,102		140,986
Topgolf Callaway Brands Corp.*		24,867		356,593
Tri Pointe Homes, Inc.*		16,987		601,340
Upbound Group, Inc.		7,793		264,728
Urban Outfitters, Inc.*		9,905		353,509
Victoria's Secret & Co.*		13,525		358,954
Vista Outdoor, Inc.*		10,164		300,549
Winnebago Industries, Inc.		5,234		381,454
Wolverine World Wide, Inc.		13,920		123,749
Worthington Enterprises, Inc.		5,335		307,029
XPEL, Inc.*		3,724		200,537
				29,822,520
CONSUMER STAPLES (4.3%)
Andersons, Inc.		5,553		319,520
B&G Foods, Inc.		13,761		144,490
Calavo Growers, Inc.		3,109		91,436
Cal-Maine Foods, Inc.		7,115		408,330
Central Garden & Pet Co.*		1,667		83,533
Central Garden & Pet Co. Cl A*		7,175		315,987
Chefs' Warehouse, Inc.*		6,179		181,848
Edgewell Personal Care Co.		8,893		325,751
elf Beauty, Inc.*		9,661		1,394,469
Energizer Hldgs., Inc.		11,636		368,628
Fresh Del Monte Produce, Inc.		5,896		154,770
Hain Celestial Group, Inc.*		15,701		171,926
Inter Parfums, Inc.		3,135		451,471
J&J Snack Foods Corp.		2,701		451,445
John B Sanfilippo & Son, Inc.		1,571		161,876
Medifast, Inc.		1,907		128,189
MGP Ingredients, Inc.		2,736		269,551
National Beverage Corp.*		4,085		203,106
Nu Skin Enterprises, Inc. Cl A		8,648		167,944
PriceSmart, Inc.		4,382		332,068
Simply Good Foods Co.*		15,864		628,214
SpartanNash Co.		6,060		139,077
Tootsie Roll Industries, Inc.		3,023		100,484
TreeHouse Foods, Inc.*		8,808		365,092
United Natural Foods, Inc.*		10,398		168,760
Universal Corp.		4,298		289,341
USANA Health Sciences, Inc.*		1,942		104,091
Vector Group Ltd.		23,199		261,685
WD-40 Co.		2,373		567,313

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
WK Kellogg Co.		11,541	$	151,649
				8,902,044
ENERGY (4.2%)
Archrock, Inc.		24,037		370,170
Bristow Group, Inc.*		4,202		118,791
California Resources Corp.		11,290		617,337
Callon Petroleum Co.*		9,727		315,155
Comstock Resources, Inc.		16,082		142,326
CONSOL Energy, Inc.		4,885		491,089
Core Laboratories, Inc.		8,178		144,423
CVR Energy, Inc.		5,103		154,621
Dorian LPG Ltd.		5,970		261,904
Dril-Quip, Inc.*		5,982		139,201
Green Plains, Inc.*		10,416		262,691
Helix Energy Solutions Group, Inc.*		24,796		254,903
Helmerich & Payne, Inc.		17,402		630,300
Liberty Energy, Inc. Cl A		26,855		487,150
Nabors Industries Ltd.*		1,557		127,098
Northern Oil & Gas, Inc.		16,008		593,417
Oceaneering International, Inc.*		17,630		375,166
Oil States International, Inc.*		11,182		75,926
Par Pacific Hldgs., Inc.*		9,742		354,317
Patterson-UTI Energy, Inc.		56,238		607,370
ProPetro Hldg. Corp.*		14,857		124,502
REX American Resources Corp.*		2,665		126,054
RPC, Inc.		14,891		108,406
SM Energy Co.		20,358		788,262
Talos Energy, Inc.*		17,591		250,320
US Silica Hldgs., Inc.*		13,504		152,730
Vital Energy, Inc.*		4,337		197,290
World Kinect Corp.		10,537		240,033
				8,510,952
FINANCIALS (19.8%)
Ambac Financial Group, Inc.*		7,910		130,357
American Equity Investment Life Hldg. Co.*		10,927		609,727
Ameris Bancorp		11,361		602,701
AMERISAFE, Inc.		3,357		157,040
Apollo Commercial Real Estate Finance, Inc.		22,762		267,226
Arbor Realty Trust, Inc.		32,993		500,834
ARMOUR Residential REIT, Inc.		8,575		165,669
Artisan Partners Asset Management, Inc. Cl A		11,986		529,541
Assured Guaranty Ltd.		9,514		711,933
Atlantic Union Bankshares Corp.		13,130		479,770
Axos Financial, Inc.*		8,993		491,018
B Riley Financial, Inc.		2,891		60,682
Banc of California, Inc.		22,892		307,440

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

70

MoA FUNDS — SMALL CAP EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
BancFirst Corp.		2,535	$	246,731
Bancorp, Inc.*		9,391		362,117
Bank of Hawaii Corp.		6,957		504,104
BankUnited, Inc.		13,024		422,368
Banner Corp.		6,012		322,003
Berkshire Hills Bancorp, Inc.		7,504		186,324
Blackstone Mortgage Trust, Inc. Cl A		30,157		641,439
Bread Financial Hldgs., Inc.		8,634		284,404
Brightsphere Investment Group, Inc.		5,667		108,580
Brookline Bancorp, Inc.		15,554		169,694
Capitol Federal Financial, Inc.		22,127		142,719
Cathay General Bancorp		12,716		566,752
Central Pacific Financial Corp.		4,733		93,145
City Hldg. Co.		2,596		286,235
Community Bank System, Inc.		9,344		486,916
Customers Bancorp, Inc.*		4,948		285,104
CVB Financial Corp.		23,169		467,782
Dime Community Bancshares, Inc.		6,115		164,677
Donnelley Financial Solutions, Inc.*		4,329		270,000
Eagle Bancorp, Inc.		5,238		157,873
Ellington Financial, Inc.		13,739		174,623
Employers Hldgs., Inc.		4,502		177,379
Encore Capital Group, Inc.*		4,118		208,988
Enova International, Inc.*		5,228		289,422
EVERTEC, Inc.		11,516		471,465
EZCORP, Inc. Cl A*		9,119		79,700
FB Financial Corp.		6,149		245,038
First BanCorp.		30,201		496,806
First Bancorp/Southern Pines NC		7,192		266,176
First Commonwealth Financial Corp.		17,872		275,944
First Financial Bancorp		16,649		395,414
First Hawaiian, Inc.		22,336		510,601
Franklin BSP Realty Trust, Inc.		14,365		194,071
Fulton Financial Corp.		28,738		473,027
Genworth Financial, Inc. Cl A*		78,938		527,306
Goosehead Insurance, Inc. Cl A*		4,279		324,348
Green Dot Corp. Cl A*		7,895		78,160
Hanmi Financial Corp.		5,320		103,208
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		19,457		536,624
HCI Group, Inc.		1,052		91,945
Heritage Financial Corp.		6,109		130,671
Hilltop Hldgs., Inc.		8,099		285,166
Hope Bancorp, Inc.		21,022		253,946

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Horace Mann Educators Corp.		7,147	$	233,707
Independent Bank Corp.		7,675		505,092
Independent Bank Group, Inc.		6,286		319,832
iShares Core S&P Small-Cap ETF		31,759		3,437,912
Jackson Financial, Inc. Cl A		12,384		634,061
KKR Real Estate Finance Trust, Inc.		10,191		134,827
Lakeland Financial Corp.		4,451		290,027
Lincoln National Corp.		29,695		800,874
Mercury General Corp.		4,652		173,566
Moelis & Co. Cl A		11,668		654,925
Mr Cooper Group, Inc.*		11,527		750,638
National Bank Hldgs. Corp. Cl A		6,609		245,789
Navient Corp.		14,816		275,874
NBT Bancorp, Inc.		8,242		345,422
NCR Atleos Corp.*		11,710		284,436
New York Mortgage Trust, Inc.		15,872		135,388
NMI Hldgs., Inc. Cl A*		14,191		421,189
Northfield Bancorp, Inc.		6,924		87,104
Northwest Bancshares, Inc.		22,247		277,643
OFG Bancorp		8,236		308,685
Pacific Premier Bancorp, Inc.		16,785		488,611
Palomar Hldgs., Inc.*		4,329		240,259
Park National Corp.		2,510		333,479
Pathward Financial, Inc.		4,583		242,578
Payoneer Global, Inc.*		45,595		237,550
PennyMac Mortgage Investment Trust		15,185		227,016
Piper Sandler Cos.		2,633		460,433
PJT Partners, Inc. Cl A		3,903		397,599
PRA Group, Inc.*		6,869		179,968
Preferred Bank		2,187		159,760
ProAssurance Corp.		8,921		123,021
PROG Hldgs., Inc.*		7,828		241,963
Provident Financial Svcs., Inc.		13,222		238,393
Radian Group, Inc.		26,807		765,340
Ready Capital Corp.		27,716		284,089
Redwood Trust, Inc.		20,764		153,861
Renasant Corp.		9,826		330,940
S&T Bancorp, Inc.		6,692		223,647
Safety Insurance Group, Inc.		2,589		196,738
Seacoast Banking Corp. of Florida		14,904		424,168
ServisFirst Bancshares, Inc.		8,575		571,352
Simmons First National Corp. Cl A		21,908		434,655
SiriusPoint Ltd.*		15,839		183,732
Southside Bancshares, Inc.		5,021		157,258
Stellar Bancorp, Inc.		8,204		228,399

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

71

MoA FUNDS — SMALL CAP EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Stewart Information Svcs. Corp.		4,789	$	281,354
StoneX Group, Inc.*		4,695		346,632
Tompkins Financial Corp.		2,185		131,603
Triumph Financial, Inc.*		3,791		303,962
Trupanion, Inc.*		6,253		190,779
TrustCo Bank Corp.		3,330		103,396
Trustmark Corp.		10,689		298,009
Two Harbors Investment Corp.		16,835		234,512
United Community Banks, Inc.		20,825		609,339
United Fire Group, Inc.		3,715		74,746
Veritex Hldgs., Inc.		9,508		221,251
Virtus Investment Partners, Inc.		1,182		285,760
WaFd, Inc.		11,331		373,470
Walker & Dunlop, Inc.		5,855		649,964
Westamerica BanCorp		4,664		263,096
WisdomTree, Inc.		19,327		133,936
World Acceptance Corp.*		594		77,535
WSFS Financial Corp.		10,630		488,236
				40,682,313
HEALTH CARE (10.2%)
AdaptHealth Corp. Cl A*		14,323		104,415
Addus HomeCare Corp.*		2,838		263,508
Agiliti, Inc.*		6,136		48,597
Alkermes PLC*		29,209		810,258
AMN Healthcare Svcs., Inc.*		6,614		495,256
Amphastar Pharmaceuticals, Inc.*		6,540		404,499
ANI Pharmaceuticals, Inc.*		2,639		145,514
Apollo Medical Hldgs., Inc.*		7,272		278,518
Arcus Biosciences, Inc.*		9,433		180,170
Artivion, Inc.*		6,825		122,031
Avanos Medical, Inc.*		8,191		183,724
BioLife Solutions, Inc.*		6,088		98,930
Catalyst Pharmaceuticals, Inc.*		17,540		294,847
Certara, Inc.*		18,745		329,725
Collegium Pharmaceutical, Inc.*		5,708		175,692
CONMED Corp.		5,382		589,383
Corcept Therapeutics, Inc.*		15,795		513,022
CorVel Corp.*		1,587		392,322
Cross Country Healthcare, Inc.*		5,783		130,927
Cytek Biosciences, Inc.*		17,319		157,949
Cytokinetics, Inc.*		17,162		1,432,855
Dynavax Technologies Corp.*		22,624		316,284
Embecta Corp.		10,030		189,868
Enhabit, Inc.*		8,774		90,811
Ensign Group, Inc.		9,881		1,108,747
Fortrea Hldgs., Inc.*		15,542		542,416

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Fulgent Genetics, Inc.*		3,527	$	101,966
Glaukos Corp.*		8,527		677,811
Harmony Biosciences Hldgs., Inc.*		5,741		185,434
HealthStream, Inc.		4,188		113,202
ICU Medical, Inc.*		3,549		353,977
Innoviva, Inc.*		9,871		158,331
Integer Hldgs. Corp.*		5,833		577,934
Ironwood Pharmaceuticals, Inc. Cl A*		24,048		275,109
LeMaitre Vascular, Inc.		3,468		196,844
Ligand Pharmaceuticals, Inc.*		2,869		204,904
Merit Medical Systems, Inc.*		10,108		767,804
Mesa Laboratories, Inc.		897		93,979
ModivCare, Inc.*		2,160		95,018
Myriad Genetics, Inc.*		15,519		297,034
National HealthCare Corp.		2,360		218,111
NeoGenomics, Inc.*		22,310		360,976
OmniAb, Inc. Cl CR3*		1,207		0	†
OmniAb, Inc. Cl CR4*		1,207		0	†
Omnicell, Inc.*		7,958		299,460
OraSure Technologies, Inc.*		12,862		105,468
Organon & Co.		44,738		645,122
Owens & Minor, Inc.*		13,390		258,025
Pacira BioSciences, Inc.*		8,128		274,239
Pediatrix Medical Group, Inc.*		14,497		134,822
Phibro Animal Health Corp. Cl A		3,560		41,225
Premier, Inc. Cl A		20,946		468,353
Prestige Consumer Healthcare, Inc.*		8,685		531,696
Privia Health Group, Inc.*		17,978		414,033
RadNet, Inc.*		10,576		367,728
REGENXBIO, Inc.*		7,084		127,158
Schrodinger, Inc.*		9,573		342,713
Select Medical Hldgs. Corp.		18,402		432,447
Simulations Plus, Inc.		2,792		124,942
STAAR Surgical Co.*		8,544		266,658
Supernus Pharmaceuticals, Inc.*		9,562		276,724
Tandem Diabetes Care, Inc.*		11,390		336,916
UFP Technologies, Inc.*		1,230		211,609
US Physical Therapy, Inc.		2,623		244,306
Varex Imaging Corp.*		7,094		145,427
Veradigm, Inc.*		19,123		200,600
Vericel Corp.*		8,353		297,450
Vir Biotechnology, Inc.*		15,069		151,594
Xencor, Inc.*		10,655		226,206
				21,003,623
INDUSTRIALS (17.1%)
3D Systems Corp.*		23,355		148,304
AAON, Inc.		11,803		871,888
AAR Corp.*		5,869		366,226

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

72

MoA FUNDS — SMALL CAP EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
ABM Industries, Inc.		11,470	$	514,200
AeroVironment, Inc.*		4,601		579,910
Alamo Group, Inc.		1,808		380,024
Alaska Air Group, Inc.*		22,413		875,676
Albany International Corp. Cl A		5,460		536,281
Allegiant Travel Co.		2,641		218,173
American Woodmark Corp.*		2,874		266,851
Apogee Enterprises, Inc.		3,863		206,323
Applied Industrial Technologies, Inc.		6,784		1,171,529
ArcBest Corp.		4,141		497,790
Arcosa, Inc.		8,534		705,250
Armstrong World Industries, Inc.		7,733		760,309
Astec Industries, Inc.		3,980		148,056
AZZ, Inc.		4,389		254,957
Barnes Group, Inc.		8,869		289,395
Boise Cascade Co.		6,929		896,335
Brady Corp. Cl A		7,846		460,482
CoreCivic, Inc.*		19,884		288,915
CSG Systems International, Inc.		4,971		264,507
Deluxe Corp.		7,647		164,028
DXP Enterprises, Inc.*		2,322		78,251
Dycom Industries, Inc.*		5,134		590,872
Encore Wire Corp.		2,761		589,750
Enerpac Tool Group Corp. Cl A		9,511		295,697
Enpro, Inc.		3,659		573,512
Enviri Corp.*		13,973		125,757
ESCO Technologies, Inc.		4,513		528,156
Federal Signal Corp.		10,664		818,355
Forrester Research, Inc.*		2,020		54,156
Forward Air Corp.		4,492		282,412
Franklin Electric Co., Inc.		6,943		671,041
GEO Group, Inc.*		21,360		231,329
Gibraltar Industries, Inc.*		5,327		420,726
GMS, Inc.*		7,105		585,665
Granite Construction, Inc.		7,689		391,063
Greenbrier Cos., Inc.		5,444		240,516
Griffon Corp.		7,168		436,890
Hayward Hldgs., Inc.*		22,068		300,125
Healthcare Svcs. Group, Inc.*		12,926		134,043
Heartland Express, Inc.		8,022		114,394
Heidrick & Struggles International, Inc.		3,522		104,005
Hillenbrand, Inc.		12,237		585,540
HNI Corp.		8,153		341,040
Hub Group, Inc. Cl A*		5,459		501,900
Insteel Industries, Inc.		3,405		130,377
Interface, Inc. Cl A		10,170		128,345
JetBlue Airways Corp.*		58,335		323,759
John Bean Technologies Corp.		5,573		554,235
Kaman Corp.		4,939		118,289

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Kelly Svcs., Inc. Cl A		5,593	$	120,921
Kennametal, Inc.		13,933		359,332
Korn Ferry		9,225		547,504
Lindsay Corp.		1,927		248,891
Liquidity Svcs., Inc.*		3,921		67,480
Marten Transport Ltd.		10,104		211,982
Masterbrand, Inc.*		22,187		329,477
Matson, Inc.		6,115		670,204
Matthews International Corp. Cl A		5,333		195,454
Mercury Systems, Inc.*		9,130		333,884
MillerKnoll, Inc.		12,862		343,158
Moog, Inc. Cl A		5,032		728,533
Mueller Industries, Inc.		19,871		936,918
MYR Group, Inc.*		2,925		423,043
National Presto Industries, Inc.		917		73,617
NOW, Inc.*		18,611		210,677
NV5 Global, Inc.*		2,226		247,353
OPENLANE, Inc.*		18,906		279,998
PGT Innovations, Inc.*		9,985		406,389
Pitney Bowes, Inc.		26,851		118,144
Powell Industries, Inc.		1,599		141,352
Proto Labs, Inc.*		4,513		175,826
Quanex Building Products Corp.		5,773		176,481
Resideo Technologies, Inc.*		25,554		480,926
Resources Connection, Inc.		5,603		79,395
Rush Enterprises, Inc. Cl A		10,769		541,681
RXO, Inc.*		20,478		476,318
SkyWest, Inc.*		7,166		374,065
SPX Technologies, Inc.*		7,990		807,070
Standex International Corp.		2,083		329,906
Sun Country Airlines Hldgs., Inc.*		6,822		107,310
SunPower Corp. Cl A*		15,025		72,571
Tennant Co.		3,270		303,096
Titan International, Inc.*		8,855		131,762
Trinity Industries, Inc.		14,330		381,035
Triumph Group, Inc.*		13,452		223,034
TrueBlue, Inc.*		5,450		83,603
TTEC Hldgs., Inc.		3,320		71,944
UniFirst Corp.		2,644		483,614
Verra Mobility Corp. Cl A*		29,109		670,380
Vestis Corp.		22,880		483,683
Viad Corp.*		3,661		132,528
Vicor Corp.*		3,950		177,513
Wabash National Corp.		8,066		206,651
				35,080,312
INFORMATION TECHNOLOGY (12.0%)
A10 Networks, Inc.		12,198		160,648
ACI Worldwide, Inc.*		19,029		582,287
Adeia, Inc.		18,758		232,412
ADTRAN Hldgs., Inc.		12,397		90,994

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

73

MoA FUNDS — SMALL CAP EQUITY INDEX FUND

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PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Advanced Energy Industries, Inc.		6,525	$	710,703
Agilysys, Inc.*		3,553		301,365
Alarm.com Hldgs., Inc.*		8,749		565,360
Alpha & Omega Semiconductor Ltd.*		3,939		102,650
Arlo Technologies, Inc.*		16,563		157,680
Axcelis Technologies, Inc.*		5,732		743,383
Badger Meter, Inc.		5,137		792,999
Benchmark Electronics, Inc.		6,245		172,612
Cerence, Inc.*		7,059		138,780
CEVA, Inc.*		4,124		93,656
Cohu, Inc.*		8,315		294,268
Consensus Cloud Solutions, Inc.*		3,118		81,723
Corsair Gaming, Inc.*		7,570		106,737
CTS Corp.		5,453		238,514
Digi International, Inc.*		6,296		163,696
Digital Turbine, Inc.*		15,958		109,472
Diodes, Inc.*		8,040		647,381
DoubleVerify Hldgs., Inc.*		24,397		897,322
DXC Technology Co.*		33,893		775,133
Envestnet, Inc.*		8,705		431,072
ePlus, Inc.*		4,714		376,366
Extreme Networks, Inc.*		22,686		400,181
Fabrinet*		6,359		1,210,308
FormFactor, Inc.*		13,624		568,257
Harmonic, Inc.*		19,636		256,053
Ichor Hldgs. Ltd.*		5,142		172,925
Insight Enterprises, Inc.*		4,847		858,840
InterDigital, Inc.		4,499		488,321
Itron, Inc.*		7,962		601,211
Knowles Corp.*		15,797		282,924
Kulicke & Soffa Industries, Inc.		9,884		540,852
LiveRamp Hldgs., Inc.*		11,467		434,370
MaxLinear, Inc. Cl A*		12,991		308,796
Methode Electronics, Inc.		6,303		143,267
N-able, Inc.*		12,167		161,213
NCR Voyix Corp.*		23,453		396,590
NetScout Systems, Inc.*		12,426		272,751
OSI Systems, Inc.*		2,735		352,952
PC Connection, Inc.		1,977		132,874
PDF Solutions, Inc.*		5,357		172,174
Perficient, Inc.*		6,086		400,581
Photronics, Inc.*		10,948		343,439
Plexus Corp.*		4,810		520,105
Progress Software Corp.		7,625		414,037
Rogers Corp.*		2,933		387,361
Sanmina Corp.*		10,016		514,522
ScanSource, Inc.*		4,370		173,096
Semtech Corp.*		11,232		246,093
SiTime Corp.*		3,026		369,414
SMART Global Hldgs., Inc.*		9,087		172,017
SolarEdge Technologies, Inc.*		9,943		930,665

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
SPS Commerce, Inc.*		6,423	$	1,245,034
TTM Technologies, Inc.*		17,896		282,936
Ultra Clean Hldgs., Inc.*		7,847		267,897
Veeco Instruments, Inc.*		9,861		305,987
Viasat, Inc.*		13,075		365,446
Viavi Solutions, Inc.*		38,925		391,975
Xerox Hldgs. Corp.		19,791		362,769
Xperi, Inc.*		7,608		83,840
				24,499,286
MATERIALS (5.6%)
AdvanSix, Inc.		4,718		141,351
Alpha Metallurgical Resources, Inc.		2,069		701,225
ATI, Inc.*		22,329		1,015,300
Balchem Corp.		5,643		839,396
Carpenter Technology Corp.		8,630		611,004
Century Aluminum Co.*		9,057		109,952
Clearwater Paper Corp.*		2,899		104,712
Compass Minerals International, Inc.		5,907		149,565
Hawkins, Inc.		3,311		233,161
Haynes International, Inc.		2,228		127,107
HB Fuller Co.		9,455		769,732
Ingevity Corp.*		5,898		278,504
Innospec, Inc.		4,352		536,340
Kaiser Aluminum Corp.		2,803		199,546
Koppers Hldgs., Inc.		3,645		186,697
Materion Corp.		3,612		470,030
Mativ Hldgs., Inc.		9,487		145,246
Mercer International, Inc.*		7,685		72,854
Minerals Technologies, Inc.		5,696		406,182
Myers Industries, Inc.		6,443		125,961
O-I Glass, Inc.*		27,140		444,553
Olympic Steel, Inc.		1,715		114,390
Quaker Chemical Corp.		2,424		517,330
Sealed Air Corp.		25,280		923,226
Sensient Technologies Corp.		7,395		488,070
Stepan Co.		3,719		351,631
SunCoke Energy, Inc.		14,660		157,448
Sylvamo Corp.		6,182		303,598
TimkenSteel Corp.*		6,722		157,631
Warrior Met Coal, Inc.		9,105		555,132
Worthington Steel, Inc.*		5,332		149,829
				11,386,703
REAL ESTATE (7.4%)
Acadia Realty Trust		16,687		283,512
Alexander & Baldwin, Inc.		12,696		241,478
American Assets Trust, Inc.		8,503		191,403
Anywhere Real Estate, Inc.*		19,338		156,831
Apple Hospitality REIT, Inc.		37,244		618,623
Armada Hoffler Properties, Inc.		11,797		145,929
Brandywine Realty Trust		30,122		162,659
CareTrust REIT, Inc.		20,848		466,578

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

74

MoA FUNDS — SMALL CAP EQUITY INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Centerspace		2,635	$	153,357
Chatham Lodging Trust		8,552		91,677
Community Healthcare Trust, Inc.		4,438		118,228
Cushman & Wakefield PLC*		29,434		317,887
DiamondRock Hospitality Co.		36,690		344,519
Douglas Emmett, Inc.		29,184		423,168
Easterly Government Properties, Inc. Cl A		16,663		223,951
Elme Communities		15,373		224,446
Essential Properties Realty Trust, Inc.		27,308		697,993
eXp World Hldgs., Inc.		13,459		208,884
Four Corners Property Trust, Inc.		15,851		401,030
Getty Realty Corp.		8,394		245,273
Global Net Lease, Inc.		34,268		340,967
Highwoods Properties, Inc.		18,499		424,737
Hudson Pacific Properties, Inc.		22,201		206,691
Innovative Industrial Properties, Inc. Cl A		4,908		494,825
JBG SMITH Properties		15,243		259,283
Kennedy-Wilson Hldgs., Inc.		20,738		256,736
LTC Properties, Inc.		7,248		232,806
LXP Industrial Trust		51,219		508,092
Macerich Co.		37,709		581,850
Marcus & Millichap, Inc.		4,165		181,927
NexPoint Residential Trust, Inc.		4,052		139,510
Outfront Media, Inc.		25,422		354,891
Pebblebrook Hotel Trust		21,091		337,034
Phillips Edison & Co., Inc.		20,933		763,636
Retail Opportunity Investments Corp.		22,054		309,418
Safehold, Inc.		7,836		183,362

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Saul Centers, Inc.		2,263	$	88,868
Service Properties Trust		29,014		247,780
SITE Centers Corp.		31,507		429,440
SL Green Realty Corp.		11,275		509,292
St Joe Co.		6,232		375,042
Summit Hotel Properties, Inc.		18,829		126,531
Sunstone Hotel Investors, Inc.		35,958		385,829
Tanger, Inc.		18,440		511,157
Uniti Group, Inc.		41,774		241,454
Universal Health Realty Income Trust		2,226		96,275
Urban Edge Properties		20,591		376,815
Veris Residential, Inc.		14,043		220,896
Whitestone REIT Cl B		8,245		101,331
Xenia Hotels & Resorts, Inc.		18,562		252,814
				15,256,715
UTILITIES (2.0%)
American States Water Co.		6,473		520,559
Avista Corp.		13,541		483,955
California Water Svc. Group		10,101		523,939
Chesapeake Utilities Corp.		3,791		400,443
Clearway Energy, Inc. Cl A		6,058		154,964
Clearway Energy, Inc. Cl C		14,420		395,541
Middlesex Water Co.		3,117		204,537
Northwest Natural Hldg. Co.		6,437		250,657
Otter Tail Corp.		7,301		620,366
SJW Group		5,086		332,370
Unitil Corp.		2,818		148,142
				4,035,473
TOTAL COMMON STOCKS
(Cost: $188,499,066)				204,755,070

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.1%)
JP Morgan Chase, New York Time Deposit		4.58		01/02/24		191,612		191,612
TOTAL TEMPORARY CASH INVESTMENT (Cost: $191,612)								191,612
TOTAL INVESTMENTS (Cost: $188,690,678) 100.0%								204,946,682
OTHER NET ASSETS 0.0% (1)								87,365
NET ASSETS 100.0%							$	205,034,047

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

* Non-income producing security.

† Level 3 Security.

(1) Percentage is less than 0.05%.

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

75

MoA FUNDS — MID CAP VALUE FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (96.5%):
COMMUNICATION SERVICES (2.2%)
Take-Two Interactive Software, Inc.*		11,585	$	1,864,606
Warner Bros Discovery, Inc.*		139,714		1,589,945
				3,454,551
CONSUMER DISCRETIONARY (5.6%)
Capri Hldgs. Ltd.*		36,975		1,857,624
Marriott Vacations Worldwide Corp.		18,995		1,612,486
Ollie's Bargain Outlet Hldgs., Inc.*		21,607		1,639,755
Taylor Morrison Home Corp. Cl A*		50,405		2,689,107
Williams-Sonoma, Inc.		4,640		936,259
				8,735,231
CONSUMER STAPLES (2.9%)
Constellation Brands, Inc. Cl A		7,459		1,803,213
Lamb Weston Hldgs., Inc.		16,167		1,747,491
TreeHouse Foods, Inc.*		25,183		1,043,836
				4,594,540
ENERGY (6.6%)
Baker Hughes Co. Cl A		119,655		4,089,808
Devon Energy Corp.		56,402		2,555,011
Hess Corp.		5,459		786,969
MPLX LP*		35,228		1,293,572
Williams Cos., Inc.		44,515		1,550,457
				10,275,817
FINANCIALS (16.0%)
American Financial Group, Inc.		29,758		3,537,929
Ameriprise Financial, Inc.		10,345		3,929,341
Euronet Worldwide, Inc.*		11,534		1,170,586
Everest Group Ltd.		7,098		2,509,711
Fifth Third Bancorp		74,072		2,554,743
Hartford Financial Svcs. Group, Inc.		24,204		1,945,518
KeyCorp.		107,854		1,553,098
M&T Bank Corp.		10,390		1,424,261
Reinsurance Group of America, Inc.		12,777		2,067,063
Starwood Property Trust, Inc.		87,698		1,843,412
Synchrony Financial		30,643		1,170,256
Voya Financial, Inc.		20,090		1,465,766
				25,171,684
HEALTH CARE (5.6%)
Agilent Technologies, Inc.		7,036		978,215
Biogen, Inc.*		3,806		984,879
Centene Corp.*		24,295		1,802,932
Envista Hldgs. Corp.*		70,984		1,707,875
Humana, Inc.		2,280		1,043,807

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Zimmer Biomet Hldgs., Inc.		18,866	$	2,295,992
				8,813,700
INDUSTRIALS (18.3%)
Alaska Air Group, Inc.*		29,131		1,138,148
Builders FirstSource, Inc.*		14,414		2,406,273
Carlisle Cos., Inc.		8,836		2,760,631
Clean Harbors, Inc.*		17,699		3,088,653
Crane Co.		31,301		3,697,900
Dover Corp.		12,729		1,957,847
Jacobs Solutions, Inc.		18,628		2,417,914
KBR, Inc.		33,215		1,840,443
L-3 Harris Technologies, Inc.		11,674		2,458,778
Mueller Industries, Inc.		50,331		2,373,107
Stanley Black & Decker, Inc.		23,896		2,344,198
Veralto Corp.		28,350		2,332,071
				28,815,963
INFORMATION TECHNOLOGY (8.1%)
Ciena Corp.*		39,068		1,758,451
MKS Instruments, Inc.		12,918		1,328,875
PTC, Inc.*		5,991		1,048,185
Teledyne Technologies, Inc.*		5,951		2,655,872
Teradyne, Inc.		15,088		1,637,350
Viasat, Inc.*		70,141		1,960,441
Vontier Corp.		67,599		2,335,545
				12,724,719
MATERIALS (11.3%)
Ashland, Inc.		44,067		3,715,289
Avery Dennison Corp.		13,689		2,767,368
Axalta Coating Systems Ltd.*		58,857		1,999,372
Crown Hldgs., Inc.		43,709		4,025,162
FMC Corp.		24,868		1,567,927
Freeport-McMoRan, Inc.		26,885		1,144,494
Newmont Corp.		24,430		1,011,158
Steel Dynamics, Inc.		12,869		1,519,829
				17,750,599
REAL ESTATE (10.7%)
Alexandria Real Estate Equities, Inc.		9,198		1,166,030
Americold Realty Trust, Inc.		39,132		1,184,526
Apartment Income REIT Corp.		56,052		1,946,686
Camden Property Trust		9,540		947,227
Gaming & Leisure Properties, Inc.		51,758		2,554,257
Healthcare Realty Trust, Inc. Cl A		66,803		1,151,016
Healthpeak Properties, Inc.		109,641		2,170,892
Sun Communities, Inc.		7,043		941,297
Ventas, Inc.		29,204		1,455,527
Welltower, Inc.		8,358		753,641

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

76

MoA FUNDS — MID CAP VALUE FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Weyerhaeuser Co.		73,029	$	2,539,218
				16,810,317
UTILITIES (9.2%)
AES Corp.		71,670		1,379,647
Ameren Corp.		31,476		2,276,974
Atmos Energy Corp.		12,750		1,477,725
Entergy Corp.		18,359		1,857,747
Evergy, Inc.		62,665		3,271,113
PPL Corp.		49,279		1,335,461
Public Svc. Enterprise Group, Inc.		46,852		2,865,000
				14,463,667
TOTAL COMMON STOCKS
(Cost: $126,730,376)				151,610,788

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (3.2%):
U.S. GOVERNMENT (2.2%)
U.S. Treasury Bill		A-1+		5.29		01/18/24	$	2,100,000	$	2,094,772
U.S. Treasury Bill		A-1+		5.31		01/23/24		1,400,000		1,395,493
										3,490,265
U.S. GOVERNMENT AGENCIES (1.0%)
FHLB		A-1+		5.20		01/02/24		1,600,000		1,599,769
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $5,090,034)										5,090,034
TEMPORARY CASH INVESTMENT (0.1%)
JP Morgan Chase, New York Time Deposit				4.58		01/02/24		79,992		79,992
TOTAL TEMPORARY CASH INVESTMENT (Cost: $79,992)										79,992
TOTAL INVESTMENTS (Cost: $131,900,402) 99.8%										156,780,814
OTHER NET ASSETS 0.2%										364,963
NET ASSETS 100.0%									$	157,145,777

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations: FHLB = Federal Home Loan Bank

* Non-income producing security.

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

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

77

MoA FUNDS — MID CAP EQUITY INDEX FUND

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (98.9%):
COMMUNICATION SERVICES (1.7%)
Cable One, Inc.		2,685	$	1,494,444
Frontier Communications Parent, Inc.*		130,568		3,308,593
Iridium Communications, Inc.		73,112		3,009,290
New York Times Co. Cl A		96,591		4,731,993
Nexstar Media Group, Inc. Cl A		19,029		2,982,796
TEGNA, Inc.		116,274		1,778,992
TKO Group Hldgs., Inc. Cl A		35,418		2,889,400
Ziff Davis, Inc.*		27,146		1,823,940
ZoomInfo Technologies, Inc. Cl A*		174,873		3,233,402
				25,252,850
CONSUMER DISCRETIONARY (15.7%)
Adient PLC*		55,287		2,010,235
Aramark		154,102		4,330,266
Autoliv, Inc.		44,210		4,871,500
AutoNation, Inc.*		15,312		2,299,556
Boyd Gaming Corp.		41,017		2,568,074
Brunswick Corp.		40,622		3,930,178
Burlington Stores, Inc.*		38,302		7,448,973
Capri Hldgs. Ltd.*		68,607		3,446,816
Carter's, Inc.		21,739		1,628,034
Choice Hotels International, Inc.		14,699		1,665,397
Churchill Downs, Inc.		40,071		5,406,780
Columbia Sportswear Co.		20,360		1,619,434
Crocs, Inc.*		35,754		3,339,781
Deckers Outdoor Corp.*		15,190		10,153,452
Dick's Sporting Goods, Inc.		36,277		5,330,905
Five Below, Inc.*		32,872		7,006,996
Floor & Decor Hldgs., Inc. Cl A*		62,910		7,018,240
Fox Factory Hldg. Corp.*		25,018		1,688,215
GameStop Corp. Cl A*		158,566		2,779,662
Gap, Inc.		126,641		2,648,063
Gentex Corp.		137,693		4,497,053
Goodyear Tire & Rubber Co.*		167,383		2,396,925
Graham Hldgs. Co. Cl B		2,114		1,472,443
Grand Canyon Education, Inc.*		17,449		2,303,966
H&R Block, Inc.		84,966		4,109,805
Harley-Davidson, Inc.		74,815		2,756,185
Helen of Troy Ltd.*		14,016		1,693,273
Hilton Grand Vacations, Inc.*		42,072		1,690,453
Hyatt Hotels Corp. Cl A		26,105		3,404,353
KB Home		45,196		2,822,942
Lear Corp.		34,392		4,856,494
Leggett & Platt, Inc.		78,700		2,059,579
Light & Wonder, Inc. Cl A*		53,157		4,364,721

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Lithia Motors, Inc. Cl A		16,245	$	5,349,154
Macy's, Inc.		161,530		3,249,984
Marriott Vacations Worldwide Corp.		19,499		1,655,270
Mattel, Inc.*		208,519		3,936,839
Murphy USA, Inc.		11,430		4,075,481
Nordstrom, Inc.		57,264		1,056,521
Ollie's Bargain Outlet Hldgs., Inc.*		36,424		2,764,217
Penn Entertainment, Inc.*		89,586		2,331,028
Penske Automotive Group, Inc.		11,506		1,846,828
Planet Fitness, Inc. Cl A*		50,436		3,681,828
Polaris, Inc.		31,336		2,969,713
PVH Corp.		35,670		4,356,020
RH*		9,123		2,659,172
Service Corp. International		87,217		5,970,004
Skechers USA, Inc. Cl A*		78,864		4,916,382
Taylor Morrison Home Corp. Cl A*		63,430		3,383,990
Tempur Sealy International, Inc.		101,696		5,183,445
Texas Roadhouse, Inc. Cl A		39,423		4,818,673
Thor Industries, Inc.		31,450		3,718,962
Toll Brothers, Inc.		63,447		6,521,717
TopBuild Corp.*		18,756		7,019,621
Travel + Leisure Co.		42,751		1,671,137
Under Armour, Inc. Cl A*		111,443		979,584
Under Armour, Inc. Cl C*		114,183		953,428
Vail Resorts, Inc.		22,486		4,800,086
Valvoline, Inc.*		81,855		3,076,111
Visteon Corp.*		16,418		2,050,608
Wendy's Co.		98,625		1,921,215
Williams-Sonoma, Inc.		37,865		7,640,400
Wingstop, Inc.		17,365		4,455,512
Wyndham Hotels & Resorts, Inc.		48,974		3,937,999
YETI Hldgs., Inc.*		51,270		2,654,761
				235,224,439
CONSUMER STAPLES (4.1%)
BellRing Brands, Inc.*		77,594		4,301,035
BJ's Wholesale Club Hldgs., Inc.*		78,944		5,262,407
Boston Beer Co., Inc. Cl A*		5,555		1,919,752
Casey's General Stores, Inc.		21,999		6,044,005
Celsius Hldgs., Inc.*		87,527		4,771,972
Coca-Cola Consolidated, Inc.		2,766		2,567,954
Coty, Inc. Cl A*		221,075		2,745,752
Darling Ingredients, Inc.*		94,174		4,693,632
Flowers Foods, Inc.		113,411		2,552,882

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

78

MoA FUNDS — MID CAP EQUITY INDEX FUND

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Grocery Outlet Hldg. Corp.*		58,600	$	1,579,856
Ingredion, Inc.		38,484		4,176,669
Lancaster Colony Corp.		12,020		2,000,008
Performance Food Group Co.*		91,854		6,351,704
Pilgrim's Pride Corp.*		23,762		657,257
Post Hldgs., Inc.*		29,995		2,641,360
Sprouts Farmers Market, Inc.*		59,953		2,884,339
US Foods Hldg. Corp.*		133,520		6,063,143
				61,213,727
ENERGY (5.0%)
Antero Midstream Corp.		201,059		2,519,269
Antero Resources Corp.*		166,771		3,782,366
ChampionX Corp.		114,994		3,358,975
Chesapeake Energy Corp.		65,768		5,060,190
Chord Energy Corp.		24,367		4,050,526
Civitas Resources, Inc.		50,374		3,444,574
CNX Resources Corp.*		93,774		1,875,480
DT Midstream, Inc.		57,202		3,134,670
Equitrans Midstream Corp.		255,761		2,603,647
HF Sinclair Corp.		92,417		5,135,613
Matador Resources Co.		65,404		3,718,871
Murphy Oil Corp.		86,629		3,695,593
NOV, Inc.		232,542		4,715,952
Ovintiv, Inc.		149,821		6,580,138
PBF Energy, Inc. Cl A		64,203		2,822,364
Permian Resources Corp. Cl A		222,360		3,024,096
Range Resources Corp.		142,446		4,336,056
Southwestern Energy Co.*		650,213		4,258,895
Valaris Ltd.*		37,007		2,537,570
Weatherford International PLC*		42,573		4,164,917
				74,819,762
FINANCIALS (16.0%)
Affiliated Managers Group, Inc.		19,959		3,022,192
Ally Financial, Inc.		160,251		5,595,965
American Financial Group, Inc.		38,576		4,586,301
Annaly Capital Management, Inc.		295,211		5,718,237
Associated Banc-Corp.		87,729		1,876,523
Bank OZK		62,111		3,094,991
Brighthouse Financial, Inc.*		37,902		2,005,774
Cadence Bank		107,830		3,190,690
Carlyle Group, Inc.		127,790		5,199,775
CNO Financial Group, Inc.		66,216		1,847,426
Columbia Banking System, Inc.		123,126		3,285,002

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Commerce Bancshares, Inc.		70,104	$	3,744,255
Cullen/Frost Bankers, Inc.		37,808		4,101,790
East West Bancorp, Inc.		83,193		5,985,736
Equitable Hldgs., Inc.		187,825		6,254,572
Erie Indemnity Co. Cl A		14,723		4,931,027
Essent Group Ltd.		63,022		3,323,780
Euronet Worldwide, Inc.*		25,865		2,625,039
Evercore, Inc. Cl A		20,459		3,499,512
Federated Hermes, Inc. Cl B		50,913		1,723,914
Fidelity National Financial, Inc.		152,626		7,786,978
First American Financial Corp.		60,909		3,924,976
First Financial Bankshares, Inc.		75,819		2,297,316
First Horizon Corp.		329,851		4,670,690
FirstCash Hldgs., Inc.		21,835		2,366,696
FNB Corp.		211,823		2,916,803
Glacier Bancorp, Inc.		65,453		2,704,518
Hancock Whitney Corp.		50,856		2,471,093
Hanover Insurance Group, Inc.		21,110		2,563,176
Home BancShares, Inc.		110,771		2,805,829
Houlihan Lokey, Inc. Cl A		30,468		3,653,418
Interactive Brokers Group, Inc. Cl A		63,172		5,236,959
International Bancshares Corp.		31,505		1,711,352
Janus Henderson Group PLC		78,232		2,358,695
Jefferies Financial Group, Inc.		99,376		4,015,784
Kemper Corp.		35,561		1,730,754
Kinsale Capital Group, Inc.		12,995		4,352,155
MGIC Investment Corp.		163,702		3,157,812
Morningstar, Inc.		15,376		4,401,226
New York Community Bancorp, Inc.		426,497		4,363,064
Old National Bancorp		172,739		2,917,562
Old Republic International Corp.		153,927		4,525,454
Pinnacle Financial Partners, Inc.		45,321		3,952,898
Primerica, Inc.		20,682		4,255,528
Prosperity Bancshares, Inc.		55,321		3,746,891
Reinsurance Group of America, Inc. Cl A		38,905		6,294,051
RenaissanceRe Hldgs. Ltd.		30,988		6,073,648
RLI Corp.		23,701		3,155,077
SEI Investments Co.		59,035		3,751,674

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

79

MoA FUNDS — MID CAP EQUITY INDEX FUND

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Selective Insurance Group, Inc.		35,766	$	3,558,002
SLM Corp.		133,571		2,553,877
SouthState Corp.		44,902		3,791,974
Starwood Property Trust, Inc.		175,657		3,692,310
Stifel Financial Corp.		60,211		4,163,591
Synovus Financial Corp.		86,329		3,250,287
Texas Capital Bancshares, Inc.*		28,347		1,832,067
UMB Financial Corp.		25,783		2,154,170
United Bankshares, Inc.		79,653		2,990,970
Unum Group		108,230		4,894,161
Valley National Bancorp		251,743		2,733,929
Voya Financial, Inc.		61,670		4,499,443
Webster Financial Corp.		101,555		5,154,932
Western Union Co.		215,088		2,563,849
WEX, Inc.*		25,228		4,908,107
Wintrust Financial Corp.		36,148		3,352,727
				239,868,974
HEALTH CARE (7.7%)
Acadia Healthcare Co., Inc.*		54,436		4,232,943
Amedisys, Inc.*		19,263		1,831,141
Arrowhead Pharmaceuticals, Inc.*		63,277		1,936,276
Azenta, Inc.*		35,509		2,313,056
Bruker Corp.		54,744		4,022,589
Chemed Corp.		8,891		5,199,012
Doximity, Inc. Cl A*		69,752		1,955,846
Encompass Health Corp.		59,168		3,947,689
Enovis Corp.*		29,327		1,642,899
Envista Hldgs. Corp.*		101,181		2,434,415
Exelixis, Inc.*		183,574		4,403,940
Globus Medical, Inc. Cl A*		68,101		3,629,102
Haemonetics Corp.*		29,953		2,561,281
Halozyme Therapeutics, Inc.*		77,979		2,882,104
HealthEquity, Inc.*		50,547		3,351,266
Inari Medical, Inc.*		30,212		1,961,363
Integra LifeSciences Hldgs. Corp.*		40,150		1,748,533
Jazz Pharmaceuticals PLC*		37,164		4,571,172
Lantheus Hldgs., Inc.*		40,430		2,506,660
LivaNova PLC*		31,808		1,645,746
Masimo Corp.*		26,202		3,071,136
Medpace Hldgs., Inc.*		13,765		4,219,386
Neogen Corp.*		116,199		2,336,762
Neurocrine Biosciences, Inc.*		57,999		7,641,948
Option Care Health, Inc.*		104,564		3,522,761
Patterson Cos., Inc.		50,233		1,429,129
Penumbra, Inc.*		22,783		5,730,836
Perrigo Co. PLC		79,991		2,574,110

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Progyny, Inc.*		49,219	$	1,829,962
QuidelOrtho Corp.*		29,188		2,151,156
R1 RCM, Inc.*		116,239		1,228,646
Repligen Corp.*		30,651		5,511,050
Shockwave Medical, Inc.*		21,780		4,150,397
Sotera Health Co.*		58,391		983,888
Tenet Healthcare Corp.*		59,947		4,530,195
United Therapeutics Corp.*		27,705		6,092,053
				115,780,448
INDUSTRIALS (21.0%)
Acuity Brands, Inc.		18,269		3,742,039
Advanced Drainage Systems, Inc.		40,472		5,691,982
AECOM		81,892		7,569,278
AGCO Corp.		36,688		4,454,290
ASGN, Inc.*		27,863		2,679,585
Avis Budget Group, Inc.		10,905		1,933,020
Brink's Co.		26,595		2,339,030
BWX Technologies, Inc.		53,993		4,142,883
CACI International, Inc. Cl A*		13,152		4,259,407
Carlisle Cos., Inc.		28,739		8,978,926
Chart Industries, Inc.*		24,786		3,379,075
Clean Harbors, Inc.*		29,728		5,187,833
Comfort Systems USA, Inc.		21,083		4,336,141
Concentrix Corp.		27,914		2,741,434
Core & Main, Inc. Cl A*		73,279		2,961,204
Crane Co.		28,835		3,406,567
Curtiss-Wright Corp.		22,574		5,029,261
Donaldson Co., Inc.		71,243		4,655,730
EMCOR Group, Inc.		27,770		5,982,491
EnerSys		23,849		2,407,795
Esab Corp.		33,444		2,896,919
ExlService Hldgs., Inc.*		97,356		3,003,433
Exponent, Inc.		29,883		2,630,899
Flowserve Corp.		77,454		3,192,654
Fluor Corp.*		100,575		3,939,523
Fortune Brands Innovations, Inc.		74,436		5,667,557
FTI Consulting, Inc.*		20,962		4,174,582
GATX Corp.		20,956		2,519,330
Genpact Ltd.		98,523		3,419,733
Graco, Inc.		99,638		8,644,593
GXO Logistics, Inc.*		70,221		4,294,716
Hertz Global Hldgs., Inc.*		78,135		811,823
Hexcel Corp.		49,652		3,661,835
Insperity, Inc.		20,908		2,450,836
ITT, Inc.		48,465		5,782,844
KBR, Inc.		79,695		4,415,900
Kirby Corp.*		34,887		2,737,932
Knight-Swift Transportation Hldgs., Inc. Cl A		95,214		5,489,087
Landstar System, Inc.		21,219		4,109,059

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

80

MoA FUNDS — MID CAP EQUITY INDEX FUND

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Lennox International, Inc.		18,881	$	8,449,625
Lincoln Electric Hldgs., Inc.		33,766		7,342,754
ManpowerGroup, Inc.		28,813		2,289,769
MasTec, Inc.*		35,681		2,701,765
Maximus, Inc.		35,881		3,008,981
MDU Resources Group, Inc.		120,211		2,380,178
Middleby Corp.*		31,642		4,656,753
MSA Safety, Inc.		21,813		3,682,689
MSC Industrial Direct Co., Inc. Cl A		27,371		2,771,587
nVent Electric PLC		97,940		5,787,275
Oshkosh Corp.		38,615		4,186,252
Owens Corning		52,465		7,776,887
Paylocity Hldg. Corp.*		25,534		4,209,280
RBC Bearings, Inc.*		17,169		4,891,276
Regal Rexnord Corp.		39,166		5,797,351
Ryder System, Inc.		26,165		3,010,545
Saia, Inc.*		15,671		6,867,346
Science Applications International Corp.		31,249		3,884,876
Sensata Technologies Hldg. PLC		89,347		3,356,767
Simpson Manufacturing Co., Inc.		25,190		4,987,116
Stericycle, Inc.*		54,617		2,706,819
Sunrun, Inc.*		128,206		2,516,684
Terex Corp.		39,728		2,282,771
Tetra Tech, Inc.		31,432		5,246,944
Timken Co.		38,315		3,070,947
Toro Co.		61,300		5,884,187
Trex Co., Inc.*		64,105		5,307,253
UFP Industries, Inc.		36,489		4,581,194
Valmont Industries, Inc.		12,332		2,879,645
Watsco, Inc.		19,991		8,565,544
Watts Water Technologies, Inc. Cl A		16,155		3,365,733
Werner Enterprises, Inc.		37,423		1,585,613
WESCO International, Inc.		25,929		4,508,535
Woodward, Inc.		35,665		4,855,076
XPO, Inc.*		68,460		5,996,411
				315,113,654
INFORMATION TECHNOLOGY (9.5%)
Allegro MicroSystems, Inc.*		42,039		1,272,521
Amkor Technology, Inc.		60,932		2,027,208
Arrow Electronics, Inc.*		31,972		3,908,577
Aspen Technology, Inc.*		16,546		3,642,602
Avnet, Inc.		53,415		2,692,116
Belden, Inc.		24,606		1,900,814
Blackbaud, Inc.*		25,432		2,204,954
Calix, Inc.*		34,605		1,511,893
Ciena Corp.*		87,274		3,928,203
Cirrus Logic, Inc.*		31,817		2,646,856

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Cognex Corp.		101,618	$	4,241,535
Coherent Corp.*		77,797		3,386,503
CommVault Systems, Inc.*		25,851		2,064,202
Crane NXT Co.		28,499		1,620,738
Dolby Laboratories, Inc. Cl A		35,156		3,029,744
Dropbox, Inc. Cl A*		151,228		4,458,201
Dynatrace, Inc.*		140,766		7,698,493
GoDaddy, Inc. Cl A*		83,132		8,825,293
IPG Photonics Corp.*		17,451		1,894,132
Kyndryl Hldgs., Inc.*		135,456		2,814,776
Lattice Semiconductor Corp.*		81,480		5,621,305
Littelfuse, Inc.		14,694		3,931,527
Lumentum Hldgs., Inc.*		39,552		2,073,316
MACOM Technology Solutions Hldgs., Inc.*		31,946		2,969,381
Manhattan Associates, Inc.*		36,342		7,825,159
MKS Instruments, Inc.		37,110		3,817,506
Novanta, Inc.*		21,139		3,560,019
Onto Innovation, Inc.*		28,973		4,429,972
Power Integrations, Inc.		33,565		2,756,022
Qualys, Inc.*		21,714		4,262,024
Rambus, Inc.*		63,464		4,331,418
Silicon Laboratories, Inc.*		18,759		2,481,253
Super Micro Computer, Inc.*		27,380		7,783,039
Synaptics, Inc.*		23,141		2,639,925
TD SYNNEX Corp.		30,279		3,258,323
Teradata Corp.*		57,734		2,512,006
Universal Display Corp.		25,719		4,919,016
Vishay Intertechnology, Inc.		74,521		1,786,268
Vontier Corp.		91,102		3,147,574
Wolfspeed, Inc.*		73,981		3,218,913
				143,093,327
MATERIALS (7.1%)
Alcoa Corp.		105,355		3,582,070
AptarGroup, Inc.		38,831		4,800,288
Ashland, Inc.		30,248		2,550,209
Avient Corp.		53,813		2,237,006
Axalta Coating Systems Ltd.*		129,918		4,413,314
Berry Global Group, Inc.		69,716		4,698,161
Cabot Corp.		32,612		2,723,102
Chemours Co.		87,625		2,763,692
Cleveland-Cliffs, Inc.*		298,028		6,085,732
Commercial Metals Co.		69,011		3,453,310
Crown Hldgs., Inc.		71,219		6,558,558
Eagle Materials, Inc.		20,595		4,177,490
Graphic Packaging Hldg. Co.		180,668		4,453,466

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

81

MoA FUNDS — MID CAP EQUITY INDEX FUND

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Greif, Inc. Cl A		15,037	$	986,277
Knife River Corp.*		33,391		2,209,816
Livent Corp.*		106,011		1,906,078
Louisiana-Pacific Corp.		37,883		2,683,253
MP Materials Corp.*		85,023		1,687,707
NewMarket Corp.		4,076		2,224,803
Olin Corp.		72,344		3,902,959
Reliance Steel & Aluminum Co.		33,927		9,488,703
Royal Gold, Inc.		38,779		4,690,708
RPM International, Inc.		76,049		8,489,350
Scotts Miracle-Gro Co.		24,530		1,563,788
Silgan Hldgs., Inc.		47,780		2,162,045
Sonoco Products Co.		57,825		3,230,683
United States Steel Corp.		131,663		6,405,405
Westlake Corp.		18,910		2,646,644
				106,774,617
REAL ESTATE (7.9%)
Agree Realty Corp.		59,338		3,735,327
Apartment Income REIT Corp.		86,773		3,013,626
Brixmor Property Group, Inc.		177,447		4,129,192
COPT Defense Properties		66,437		1,702,780
Cousins Properties, Inc.		89,594		2,181,614
CubeSmart		132,739		6,152,453
EastGroup Properties, Inc.		27,349		5,019,635
EPR Properties		44,468		2,154,475
Equity LifeStyle Properties, Inc.		110,031		7,761,587
First Industrial Realty Trust, Inc.		78,084		4,112,684
Gaming & Leisure Properties, Inc.		157,624		7,778,744
Healthcare Realty Trust, Inc. Cl A		224,836		3,873,924
Independence Realty Trust, Inc.		132,650		2,029,545
Jones Lang LaSalle, Inc.*		28,083		5,304,036
Kilroy Realty Corp.		62,980		2,509,123
Kite Realty Group Trust		129,508		2,960,553
Lamar Advertising Co. Cl A		51,698		5,494,463
Medical Properties Trust, Inc.		353,600		1,736,176
National Storage Affiliates Trust		45,611		1,891,488
NNN REIT, Inc.		107,697		4,641,741
Omega Healthcare Investors, Inc.		144,624		4,434,172
Park Hotels & Resorts, Inc.		123,958		1,896,557
Physicians Realty Trust		140,783		1,873,822
PotlatchDeltic Corp.		46,849		2,300,286
Rayonier, Inc.		80,536		2,690,708

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Rexford Industrial Realty, Inc.		124,614	$	6,990,845
Sabra Health Care REIT, Inc.		136,493		1,947,755
Spirit Realty Capital, Inc.		83,430		3,645,057
STAG Industrial, Inc.		107,184		4,208,044
Vornado Realty Trust		94,374		2,666,066
WP Carey, Inc.		129,085		8,365,999
				119,202,477
UTILITIES (3.2%)
ALLETE, Inc.		33,929		2,075,098
Black Hills Corp.		40,136		2,165,337
Essential Utilities, Inc.		148,354		5,541,022
IDACORP, Inc.		29,878		2,937,605
National Fuel Gas Co.		54,202		2,719,314
New Jersey Resources Corp.		57,592		2,567,451
Northwestern Energy Group, Inc.		36,152		1,839,775
OGE Energy Corp.		118,232		4,129,844
ONE Gas, Inc.		32,735		2,085,874
Ormat Technologies, Inc.		31,708		2,403,149
PNM Resources, Inc.		50,669		2,107,831
Portland General Electric Co.		59,695		2,587,181
Southwest Gas Hldgs., Inc.		35,463		2,246,581
Spire, Inc.		31,052		1,935,782
UGI Corp.		123,659		3,042,012
Vistra Corp.		198,406		7,642,599
				48,026,455
TOTAL COMMON STOCKS
(Cost: $1,223,516,452)				1,484,370,730

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

82

MoA FUNDS — MID CAP EQUITY INDEX FUND

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**	Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (1.0%):
U.S. GOVERNMENT (0.8%)
U.S. Treasury Bill (1)	A-1+		5.26		04/11/24	$	2,000,000	$	1,971,212
U.S. Treasury Bill	A-1+		5.29		02/06/24		7,800,000		7,758,929
U.S. Treasury Bill	A-1+		5.38		01/04/24		1,750,000		1,749,224
									11,479,365
U.S. GOVERNMENT AGENCIES (0.2%)
FHLB	A-1+		5.20		01/02/24		3,600,000		3,599,480
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $15,078,602)									15,078,845
TOTAL INVESTMENTS (Cost: $1,238,595,054) 99.9%									1,499,449,575
OTHER NET ASSETS 0.1%									1,451,342
NET ASSETS 100.0%								$	1,500,900,917

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations: FHLB = Federal Home Loan Bank

* Non-income producing security.

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

(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 Fund as of December 31, 2023, was as follows:

Contract Type	Number of Contracts		Purchased (P) or Sold (S)		Expiration Date		Underlying Face Amount at Value		Unrealized Gain(Loss)(a)		Face Value of Futures as a % of Total Investments
E-mini S&P MidCap 400 Stock Index		58		P		March 2024	$	16,295,100	$	609,100		1.1	%

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

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

83

MoA FUNDS — BALANCED FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (59.3%):
COMMUNICATION SERVICES (3.6%)
AT&T, Inc.		75,711	$	1,270,431
Comcast Corp. Cl A		39,080		1,713,658
Electronic Arts, Inc.		7,873		1,077,105
Fox Corp. Cl A		22,539		668,732
Interpublic Group of Cos., Inc.		23,808		777,093
T-Mobile US, Inc.		7,327		1,174,738
				6,681,757
CONSUMER DISCRETIONARY (6.5%)
Amazon.com, Inc.*		8,567		1,301,670
AutoZone, Inc.*		367		948,919
Booking Hldgs., Inc.*		429		1,521,757
DR Horton, Inc.		6,230		946,836
Hilton Worldwide Hldgs., Inc.		4,347		791,545
Home Depot, Inc.		4,773		1,654,083
Ralph Lauren Corp. Cl A		6,577		948,403
Tapestry, Inc.		22,536		829,550
TJX Cos., Inc.		15,151		1,421,315
Ulta Beauty, Inc.*		2,158		1,057,399
Yum! Brands, Inc.		5,050		659,833
				12,081,310
CONSUMER STAPLES (2.5%)
Constellation Brands, Inc. Cl A		3,597		869,575
Hershey Co.		4,045		754,150
Philip Morris International, Inc.		15,218		1,431,709
Walmart, Inc.		10,184		1,605,508
				4,660,942
ENERGY (3.7%)
Baker Hughes Co. Cl A		21,996		751,823
ConocoPhillips		11,693		1,357,207
Coterra Energy, Inc.		26,795		683,808
EQT Corp.		21,603		835,172
Exxon Mobil Corp.		15,364		1,536,093
Valero Energy Corp.		7,674		997,620
Williams Cos., Inc.		22,829		795,134
				6,956,857
FINANCIALS (6.8%)
Comerica, Inc.		11,289		630,039
FleetCor Technologies, Inc.*		5,148		1,454,876
Goldman Sachs Group, Inc.		2,959		1,141,493
JPMorgan Chase & Co.		17,239		2,932,354
KeyCorp.		49,583		713,995
Morgan Stanley		19,456		1,814,272
MSCI, Inc. Cl A		1,087		614,862
U.S. Bancorp		27,166		1,175,745
Visa, Inc. Cl A		8,462		2,203,082
				12,680,718
HEALTH CARE (8.9%)
Abbott Laboratories		12,062		1,327,664
AbbVie, Inc.		15,475		2,398,161
Biogen, Inc.*		2,407		622,859

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Bristol-Myers Squibb Co.		14,240	$	730,654
Cigna Group		2,973		890,265
Eli Lilly & Co.		4,333		2,525,792
Gilead Sciences, Inc.		13,250		1,073,383
HCA Healthcare, Inc.		4,932		1,334,994
Johnson & Johnson		12,617		1,977,589
McKesson Corp.		1,115		516,223
UnitedHealth Group, Inc.		6,140		3,232,526
				16,630,110
INDUSTRIALS (5.6%)
Caterpillar, Inc.		3,489		1,031,593
Deere & Co.		3,665		1,465,524
FedEx Corp.		4,405		1,114,333
Honeywell International, Inc.		5,274		1,106,010
Parker-Hannifin Corp.		2,820		1,299,174
Quanta Svcs., Inc.		4,516		974,553
Snap-on, Inc.		3,191		921,688
Trane Technologies PLC		5,535		1,349,986
Union Pacific Corp.		4,888		1,200,591
				10,463,452
INFORMATION TECHNOLOGY (18.4%)
Adobe, Inc.*		3,081		1,838,125
Apple, Inc.		51,173		9,852,338
Broadcom, Inc.		3,938		4,395,792
Cisco Systems, Inc.		24,713		1,248,501
Fortinet, Inc.*		22,162		1,297,142
Lam Research Corp.		2,479		1,941,701
Microsoft Corp.		25,440		9,566,458
NVIDIA Corp.		8,475		4,196,989
				34,337,046
MATERIALS (1.4%)
Freeport-McMoRan, Inc.		33,839		1,440,526
LyondellBasell Industries N.V. Cl A		4,583		435,752
Newmont Corp.		18,696		773,827
				2,650,105
REAL ESTATE (1.2%)
Alexandria Real Estate Equities, Inc.		6,992		886,376
Equinix, Inc.		893		719,213
Public Storage		2,102		641,110
				2,246,699
UTILITIES (0.7%)
NextEra Energy, Inc.		21,710		1,318,665
TOTAL COMMON STOCKS
(Cost: $64,919,208)				110,707,661

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

84

MoA FUNDS — BALANCED FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (34.8%):
U.S. GOVERNMENT (12.1%)
U.S. Treasury Bond		AA+		1.13		05/15/40	$	1,975,000	$	1,277,578
U.S. Treasury Bond		AA+		1.13		08/15/40		1,100,000		704,687
U.S. Treasury Bond		AA+		1.38		11/15/40		750,000		499,453
U.S. Treasury Bond		AA+		1.75		08/15/41		1,900,000		1,326,141
U.S. Treasury Bond		AA+		1.88		02/15/41		1,700,000		1,226,922
U.S. Treasury Bond		AA+		3.63		02/15/53		465,000		431,360
U.S. Treasury Bond		AA+		4.00		11/15/52		620,000		614,381
U.S. Treasury Bond		AA+		4.13		08/15/53		220,000		223,438
U.S. Treasury Note		AA+		1.50		02/15/30		900,000		785,250
U.S. Treasury Note		AA+		1.63		08/15/29		1,750,000		1,559,551
U.S. Treasury Note		AA+		1.75		01/31/29		700,000		632,242
U.S. Treasury Note		AA+		2.25		08/15/27		200,000		188,688
U.S. Treasury Note		AA+		2.25		11/15/27		545,000		512,726
U.S. Treasury Note		AA+		2.38		05/15/27		1,150,000		1,092,859
U.S. Treasury Note		AA+		2.63		02/15/29		1,500,000		1,414,102
U.S. Treasury Note		AA+		2.88		05/15/28		3,250,000		3,119,238
U.S. Treasury Note		AA+		2.88		05/15/32		2,885,000		2,678,542
U.S. Treasury Note		AA+		3.63		03/31/30		660,000		650,770
U.S. Treasury Note		AA+		4.50		11/15/33		500,000		526,016
U.S. Treasury Note		AA+		5.00		09/30/25		100,000		101,031
U.S. Treasury Strip		AA+		0.00		08/15/29		3,645,000		2,929,384
										22,494,359
U.S. GOVERNMENT AGENCIES (13.3%)
MORTGAGE-BACKED OBLIGATIONS (12.7%)
FHLMC		AA+		2.50		09/01/27		39,538		38,221
FHLMC		AA+		2.50		06/01/35		145,961		134,795
FHLMC		AA+		2.50		06/01/50		152,606		130,974
FHLMC		AA+		2.50		11/01/50		602,852		520,830
FHLMC		AA+		2.50		10/01/51		206,543		176,663
FHLMC		AA+		2.50		02/01/52		859,707		737,345
FHLMC		AA+		3.00		06/01/27		26,448		25,693
FHLMC		AA+		3.00		08/01/27		32,790		31,856
FHLMC		AA+		3.00		11/01/42		82,070		74,866
FHLMC		AA+		3.00		04/01/43		74,899		68,481
FHLMC		AA+		3.00		11/01/49		154,428		138,327
FHLMC		AA+		3.00		11/01/49		238,377		213,523
FHLMC		AA+		3.00		06/01/52		444,256		395,499
FHLMC		AA+		3.50		02/01/32		37,549		36,230
FHLMC		AA+		3.50		01/01/43		94,498		89,202
FHLMC		AA+		3.50		06/01/45		137,857		129,952
FHLMC		AA+		3.50		07/01/45		151,434		143,709
FHLMC		AA+		4.00		11/01/33		30,835		30,387
FHLMC		AA+		4.00		01/01/38		78,621		77,506
FHLMC		AA+		4.00		03/01/41		31,526		30,669
FHLMC		AA+		4.00		07/01/41		50,083		48,863
FHLMC		AA+		4.00		11/01/42		18,885		18,346
FHLMC		AA+		4.00		01/01/43		97,434		94,654
FHLMC		AA+		4.00		10/01/44		39,594		38,334
FHLMC		AA+		4.00		06/01/45		131,148		127,125
FHLMC		AA+		4.00		04/01/52		423,581		403,120
FHLMC		AA+		4.00		08/01/52		273,685		261,370
FHLMC		AA+		4.23		05/01/30		400,000		388,488
FHLMC		AA+		4.50		02/01/44		49,690		49,408
FHLMC		AA+		4.50		05/01/48		53,115		52,422
FHLMC		AA+		5.00		02/01/26		1,461		1,450

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

85

MoA FUNDS — BALANCED FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC		AA+		5.00		06/01/52	$	803,399	$	795,349
FHLMC		AA+		5.00		12/01/52		485,099		483,691
FHLMC		AA+		5.50		07/01/32		11,591		11,856
FHLMC		AA+		5.50		05/01/33		6,606		6,760
FHLMC		AA+		5.50		06/01/37		48,384		50,036
FHLMC		AA+		5.50		07/01/53		391,486		395,940
FHLMC		AA+		5.50		07/01/53		245,972		247,442
FHLMC		AA+		6.00		09/01/53		147,189		150,603
FHLMC ARM		AA+		1.93		10/01/51		564,881		493,296
FHLMC Strip		AA+		3.00		06/15/42		165,831		151,905
FHLMC Strip		AA+		3.00		01/15/43		55,039		49,369
FNMA		AA+		1.81		09/01/51		651,035		562,626
FNMA		AA+		2.00		11/01/35		352,306		316,678
FNMA		AA+		2.00		07/01/36		750,846		675,118
FNMA		AA+		2.00		10/01/50		159,335		132,492
FNMA		AA+		2.00		02/01/51		408,194		333,290
FNMA		AA+		2.00		11/01/51		428,943		352,391
FNMA		AA+		2.34		05/01/36		500,000		404,793
FNMA		AA+		2.50		02/01/33		99,921		93,222
FNMA		AA+		2.50		06/01/35		335,006		309,379
FNMA		AA+		2.50		10/01/35		323,484		298,738
FNMA		AA+		2.50		04/01/42		1,016,658		899,155
FNMA		AA+		2.50		05/01/46		212,521		181,803
FNMA		AA+		2.50		12/01/50		56,823		49,309
FNMA		AA+		2.50		01/01/51		362,736		313,941
FNMA		AA+		2.50		03/01/51		324,088		280,233
FNMA		AA+		2.50		03/01/51		867,722		752,548
FNMA		AA+		2.50		04/01/51		159,196		136,691
FNMA		AA+		2.50		12/01/51		351,596		300,167
FNMA		AA+		2.50		05/01/52		914,779		782,256
FNMA		AA+		3.00		06/01/33		117,337		111,326
FNMA		AA+		3.00		09/01/33		72,609		68,862
FNMA		AA+		3.00		01/01/43		215,434		196,286
FNMA		AA+		3.00		02/01/43		61,898		56,388
FNMA		AA+		3.00		03/01/43		118,599		108,303
FNMA		AA+		3.00		09/01/43		116,278		106,164
FNMA		AA+		3.00		12/01/47		19,335		17,455
FNMA		AA+		3.00		03/01/48		55,405		49,661
FNMA		AA+		3.00		03/01/50		60,275		53,505
FNMA		AA+		3.00		01/01/52		553,204		492,480
FNMA		AA+		3.10		06/01/29		150,000		138,827
FNMA		AA+		3.50		08/01/38		79,938		75,182
FNMA		AA+		3.50		10/01/41		52,188		49,562
FNMA		AA+		3.50		11/01/41		80,941		76,401
FNMA		AA+		3.50		12/01/41		58,106		55,181
FNMA		AA+		3.50		04/01/42		89,753		85,241
FNMA		AA+		3.50		08/01/42		103,568		97,656
FNMA		AA+		3.50		08/01/43		109,468		102,896
FNMA		AA+		3.50		08/01/43		136,691		127,924
FNMA		AA+		3.50		04/01/45		96,873		91,214
FNMA		AA+		3.50		09/01/47		54,095		50,852
FNMA		AA+		3.50		06/01/51		545,962		502,545
FNMA		AA+		3.50		05/01/52		647,330		597,804
FNMA		AA+		3.75		08/01/28		100,000		96,111
FNMA		AA+		4.00		01/01/31		37,061		36,296

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

86

MoA FUNDS — BALANCED FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA		AA+		4.00		07/01/40	$	66,320	$	64,527
FNMA		AA+		4.00		11/01/40		32,256		31,343
FNMA		AA+		4.00		05/01/41		28,147		27,448
FNMA		AA+		4.00		11/01/45		62,190		60,353
FNMA		AA+		4.00		02/01/47		61,042		59,168
FNMA		AA+		4.00		04/01/49		246,891		237,370
FNMA		AA+		4.00		03/01/50		221,492		211,793
FNMA		AA+		4.00		07/01/52		176,360		168,742
FNMA		AA+		4.00		07/01/56		269,952		259,741
FNMA		AA+		4.50		05/01/30		10,554		10,451
FNMA		AA+		4.50		06/01/34		15,939		15,835
FNMA		AA+		4.50		08/01/35		9,489		9,432
FNMA		AA+		4.50		05/01/39		29,142		29,217
FNMA		AA+		4.50		05/01/39		17,555		17,566
FNMA		AA+		4.50		05/01/40		36,122		36,138
FNMA		AA+		4.50		10/01/40		133,583		133,127
FNMA		AA+		4.50		11/01/47		41,380		40,860
FNMA		AA+		4.50		11/01/47		26,307		26,164
FNMA		AA+		4.50		05/01/50		346,612		341,019
FNMA		AA+		4.58		02/01/53		290,223		282,900
FNMA		AA+		5.00		06/01/33		16,417		16,558
FNMA		AA+		5.00		10/01/33		16,812		16,956
FNMA		AA+		5.00		11/01/33		47,486		47,893
FNMA		AA+		5.00		11/01/33		11,520		11,618
FNMA		AA+		5.00		03/01/34		6,375		6,429
FNMA		AA+		5.00		04/01/34		12,410		12,533
FNMA		AA+		5.00		09/01/35		5,870		5,936
FNMA		AA+		5.00		11/25/35		22,934		23,187
FNMA		AA+		5.00		08/01/37		53,586		54,290
FNMA		AA+		5.00		05/01/39		22,579		22,979
FNMA		AA+		5.00		06/01/52		876,725		867,868
FNMA		AA+		5.50		06/01/48		4,395		4,521
FNMA		AA+		6.00		05/01/32		3,467		3,612
FNMA		AA+		6.00		04/01/33		16,440		17,134
FNMA		AA+		6.00		05/01/33		7,343		7,654
FNMA		AA+		6.00		06/01/34		5,742		6,000
FNMA		AA+		6.00		09/01/34		1,436		1,500
FNMA		AA+		6.00		10/01/34		13,809		14,427
FNMA		AA+		6.00		01/01/37		6,854		7,197
FNMA		AA+		6.00		05/01/37		1,488		1,566
FNMA		AA+		6.00		10/25/44		42,357		42,846
FNMA		AA+		6.00		11/01/52		650,149		668,123
FNMA		AA+		6.50		05/01/32		16,222		17,029
FNMA		AA+		6.50		07/01/34		3,693		3,904
FNMA		AA+		6.50		05/01/37		16,060		17,101
FNMA		AA+		6.50		11/01/53		199,440		205,015
FNMA		AA+		7.00		04/01/32		589		623
FNMA		AA+		7.50		06/01/31		1,193		1,265
FNMA		AA+		7.50		02/01/32		1,683		1,814
FNMA		AA+		7.50		06/01/32		1,226		1,333
FNMA		AA+		8.00		04/01/32		1,074		1,127
FNMA Strip		AA+		3.00		08/25/42		50,660		46,180
FRESB Multifamily Mortgage		AA+		2.37		10/25/26		47,120		44,417
GNMA (1)		AA+		2.50		10/20/51		180,969		157,404
GNMA (1)		AA+		2.50		06/20/53		477,837		418,959

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

87

MoA FUNDS — BALANCED FUND

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PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (1)		AA+		3.00		07/15/46	$	195,442	$	179,494
GNMA (1)		AA+		3.00		10/20/51		181,944		163,619
GNMA (1)		AA+		4.00		08/15/41		160		156
GNMA (1)		AA+		4.00		01/15/42		114,972		112,107
GNMA (1)		AA+		4.00		08/20/42		35,233		34,411
GNMA (1)		AA+		4.50		04/20/31		25,761		25,181
GNMA (1)		AA+		4.50		10/15/40		52,688		52,712
GNMA (1)		AA+		4.50		10/20/43		90,541		90,136
GNMA (1)		AA+		5.00		06/20/39		41,232		41,399
GNMA (1)		AA+		6.50		04/15/31		1,242		1,282
GNMA (1)		AA+		6.50		10/15/31		753		783
GNMA (1)		AA+		6.50		12/15/31		339		342
GNMA (1)		AA+		6.50		05/15/32		1,773		1,816
GNMA (1)		AA+		7.00		05/15/31		770		805
GNMA (1)		AA+		7.00		05/15/32		187		188
										23,708,130
NON-MORTGAGE-BACKED OBLIGATIONS (0.6%)
FFCB		AA+		6.22		06/06/33		600,000		599,610
FHLMC		AA+		4.88		07/24/26		220,000		219,277
FHLMC		AA+		5.75		07/17/25		330,000		329,819
										1,148,706
CORPORATE DEBT (9.4%)
COMMUNICATION SERVICES (0.9%)
AT&T, Inc.		BBB		2.75		06/01/31		290,000		254,450
Comcast Corp.		A-		3.40		04/01/30		300,000		280,952
Sprint LLC		BBB-		7.63		03/01/26		155,000		161,883
T-Mobile USA, Inc.		BBB		3.38		04/15/29		165,000		153,545
T-Mobile USA, Inc.		BBB		3.75		04/15/27		205,000		198,920
Verizon Communications, Inc.		BBB+		4.02		12/03/29		415,000		401,610
Warnermedia Hldgs., Inc.		BBB-		4.28		03/15/32		180,000		164,892
										1,616,252
CONSUMER DISCRETIONARY (0.8%)
Amazon.com, Inc.		AA		1.20		06/03/27		65,000		58,697
AutoZone, Inc.		BBB		3.25		04/15/25		200,000		195,310
AutoZone, Inc.		BBB		3.75		04/18/29		65,000		62,157
Best Buy Co., Inc.		BBB+		1.95		10/01/30		110,000		91,508
Brunswick Corp.		BBB-		2.40		08/18/31		240,000		193,919
Expedia Group, Inc.		BBB		5.00		02/15/26		180,000		180,050
Expedia Group, Inc.†		BBB		6.25		05/01/25		80,000		80,685
General Motors Financial Co., Inc.		BBB		6.05		10/10/25		215,000		217,765
Harman International Industries, Inc.		A		4.15		05/15/25		300,000		295,424
Lowe's Cos., Inc.		BBB+		4.50		04/15/30		165,000		164,355
Tapestry, Inc.		BBB		7.05		11/27/25		50,000		51,174
										1,591,044
CONSUMER STAPLES (0.2%)
Bunge Ltd. Finance Corp.		BBB+		2.75		05/14/31		115,000		100,196
Hormel Foods Corp.		A-		1.80		06/11/30		140,000		119,180
Sysco Corp.		BBB		3.75		10/01/25		100,000		97,781
										317,157
ENERGY (0.3%)
Energy Transfer LP		BBB		5.55		02/15/28		65,000		66,506
Pioneer Natural Resources Co.		BBB		5.10		03/29/26		180,000		181,314

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

88

MoA FUNDS — BALANCED FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
ENERGY (CONTINUED)
Targa Resources Partners LP/ Targa Resources Partners Finance Corp.	BBB-	5.50	03/01/30	$	120,000	$	120,038
Williams Cos., Inc.	BBB	5.40	03/02/26		250,000		252,604
							620,462
FINANCIALS (3.6%)
Aflac, Inc.	A-	1.13	03/15/26		165,000		152,379
Alleghany Corp.	AA	3.63	05/15/30		160,000		151,536
Bank of America Corp.	A-	2.97	02/04/33		985,000		838,134
Block Financial LLC	BBB	5.25	10/01/25		350,000		347,838
Capital One Financial Corp.	BBB	4.93	05/10/28		115,000		113,136
Citigroup, Inc.	BBB+	3.79	03/17/33		195,000		175,655
Citigroup, Inc.	BBB+	3.98	03/20/30		220,000		208,756
Citizens Financial Group, Inc.	BBB	3.75	07/01/24		250,000		244,874
Citizens Financial Group, Inc.	BBB	4.35	08/01/25		100,000		98,137
Fairfax Financial Hldgs. Ltd.†	BBB	6.00	12/07/33		160,000		164,527
Fifth Third Bancorp	BBB	4.30	01/16/24		300,000		300,049
Goldman Sachs Group, Inc.	BBB+	2.60	02/07/30		450,000		395,670
JPMorgan Chase & Co.	A-	1.47	09/22/27		350,000		317,053
JPMorgan Chase & Co.	A-	5.35	06/01/34		200,000		203,030
JPMorgan Chase & Co.	BBB+	5.72	09/14/33		155,000		160,675
Kemper Corp.	BBB-	3.80	02/23/32		165,000		139,596
Mercury General Corp.	BBB	4.40	03/15/27		125,000		119,710
Morgan Stanley	A-	2.70	01/22/31		450,000		394,571
Morgan Stanley	A-	5.45	07/20/29		35,000		35,696
PNC Financial Svcs. Group, Inc.	A-	5.81	06/12/26		180,000		181,334
PNC Financial Svcs. Group, Inc.	A-	6.88	10/20/34		120,000		133,522
Signet UK Finance PLC	BB-	4.70	06/15/24		250,000		246,837
Synchrony Financial	BBB-	3.70	08/04/26		400,000		375,813
Truist Financial Corp.	A-	4.87	01/26/29		250,000		247,146
US Bancorp	A	4.65	02/01/29		270,000		265,770
US Bancorp	A	5.78	06/12/29		60,000		61,636
Voya Financial, Inc.	BBB+	3.65	06/15/26		250,000		241,802
Wells Fargo & Co.	BBB+	3.35	03/02/33		315,000		275,079
Wells Fargo & Co.	BBB+	3.53	03/24/28		190,000		181,426
							6,771,387
HEALTH CARE (0.8%)
AbbVie, Inc.	A-	4.25	11/14/28		175,000		174,228
Amgen, Inc.	BBB+	5.25	03/02/33		100,000		102,623
Baxter International, Inc.	BBB	2.54	02/01/32		100,000		84,040
CVS Health Corp.	BBB	3.75	04/01/30		389,000		366,534
Elevance Health, Inc.	A	2.88	09/15/29		255,000		234,039
Merck & Co., Inc.	A+	2.15	12/10/31		165,000		141,050
Thermo Fisher Scientific, Inc.	A-	2.00	10/15/31		375,000		316,566
							1,419,080
INDUSTRIALS (0.3%)
Boeing Co.	BBB-	2.75	02/01/26		130,000		124,482
Boeing Co.	BBB-	4.88	05/01/25		180,000		179,208
Lennox International, Inc.	BBB	1.70	08/01/27		155,000		139,451
Verisk Analytics, Inc.	BBB	4.00	06/15/25		175,000		172,147
							615,288
INFORMATION TECHNOLOGY (1.1%)
Apple, Inc.	AA+	2.05	09/11/26		200,000		188,665

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

89

MoA FUNDS — BALANCED FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
INFORMATION TECHNOLOGY (CONTINUED)
Applied Materials, Inc.		A		3.90		10/01/25	$	225,000	$	221,981
Broadcom Corp./Broadcom Cayman Finance Ltd.		BBB		3.88		01/15/27		225,000		219,666
Intel Corp.		A		5.20		02/10/33		165,000		172,620
Mastercard, Inc.		A+		3.30		03/26/27		300,000		291,169
Oracle Corp.		BBB		4.90		02/06/33		265,000		264,140
PayPal Hldgs., Inc.		A-		2.65		10/01/26		290,000		275,583
QUALCOMM, Inc.		A		4.25		05/20/32		65,000		64,630
Teledyne Technologies, Inc.		BBB		2.75		04/01/31		150,000		130,754
VMware LLC		BBB		1.40		08/15/26		240,000		219,480
										2,048,688
MATERIALS (0.3%)
AptarGroup, Inc.		BBB-		3.60		03/15/32		165,000		148,894
Eagle Materials, Inc.		BBB		2.50		07/01/31		200,000		170,068
Sherwin-Williams Co.		BBB		3.95		01/15/26		350,000		343,260
										662,222
REAL ESTATE (0.9%)
Alexandria Real Estate Equities, Inc.		BBB+		4.75		04/15/35		225,000		218,826
Boston Properties LP		BBB+		3.25		01/30/31		300,000		258,055
Boston Properties LP		BBB+		6.50		01/15/34		50,000		52,853
Equinix, Inc.		BBB		1.45		05/15/26		260,000		240,310
Host Hotels & Resorts LP		BBB-		4.00		06/15/25		150,000		146,522
Kimco Realty OP LLC		BBB+		6.40		03/01/34		200,000		219,846
NNN REIT, Inc.		BBB+		3.60		12/15/26		110,000		105,468
Prologis LP		A		1.75		07/01/30		140,000		117,382
Realty Income Corp.		A-		4.85		03/15/30		65,000		65,463
Realty Income Corp.		A-		5.05		01/13/26		225,000		225,065
										1,649,790
UTILITIES (0.2%)
National Fuel Gas Co.		BBB-		5.20		07/15/25		100,000		99,530
NextEra Energy Capital Hldgs., Inc.		BBB+		3.55		05/01/27		180,000		173,594
Southern Co.		BBB		3.25		07/01/26		50,000		48,239
										321,363
TOTAL CORPORATE DEBT										17,632,733
TOTAL LONG-TERM DEBT SECURITIES (Cost: $70,284,380)										64,983,928
SHORT-TERM DEBT SECURITIES (5.2%):
U.S. GOVERNMENT (3.4%)
U.S. Treasury Bill		A-1+		5.29		01/09/24		425,000		424,502
U.S. Treasury Bill		A-1+		5.29		02/06/24		6,000,000		5,968,357
										6,392,859
U.S. GOVERNMENT AGENCIES (1.8%)
FHLB		A-1+		5.20		01/02/24		3,300,000		3,299,524
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $9,692,382)										9,692,383

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

90

MoA FUNDS — BALANCED FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.2%)
JP Morgan Chase, New York Time Deposit		4.58		01/02/24	$	310,074	$	310,074
TOTAL TEMPORARY CASH INVESTMENT (Cost: $310,074)								310,074
TOTAL INVESTMENTS (Cost: $145,206,044) 99.5%								185,694,046
OTHER NET ASSETS 0.5%								843,661
NET ASSETS 100.0%							$	186,537,707

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations:	ARM = Adjustable Rate Mortgage
	FFCB = Federal Farm Credit Bank
	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

* 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, 2023, the aggregate values of these securities amounts to $245,212 and represents 0.1% of net assets.

(1) U.S. Government guaranteed security.

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

91

MoA FUNDS — INTERNATIONAL FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (95.6%):
AUSTRALIA (5.4%)
CONSUMER DISCRETIONARY (0.3%)
Aristocrat Leisure Ltd.		148,678	$	4,130,800
CONSUMER STAPLES (0.2%)
Woolworths Group Ltd.		115,935		2,941,265
FINANCIALS (0.4%)
ANZ Group Hldgs. Ltd.		314,435		5,555,446
HEALTH CARE (0.5%)
Sonic Healthcare Ltd.		289,941		6,335,424
INFORMATION TECHNOLOGY (0.2%)
WiseTech Global Ltd.		47,887		2,454,427
MATERIALS (3.8%)
BHP Group Ltd.		1,321,329		45,142,696
Fortescue Ltd.		497,116		9,801,806
				54,944,502
TOTAL AUSTRALIA				76,361,864
AUSTRIA (0.8%)
ENERGY (0.4%)
OMV AG		142,823		6,266,316
FINANCIALS (0.2%)
Raiffeisen Bank International AG		118,348		2,438,919
MATERIALS (0.2%)
voestalpine AG		81,087		2,553,212
TOTAL AUSTRIA				11,258,447
DENMARK (4.9%)
CONSUMER DISCRETIONARY (1.0%)
Pandora A/S		104,455		14,441,867
HEALTH CARE (3.1%)
Novo Nordisk A/S Cl B		439,540		45,551,401
INDUSTRIALS (0.8%)
AP Moller - Maersk A/S Cl B		6,531		11,756,305
TOTAL DENMARK				71,749,573
FINLAND (1.3%)
FINANCIALS (1.3%)
Mandatum OYJ*		166,456		746,243
Nordea Bank Abp		837,405		10,448,596
Sampo OYJ Cl A		166,456		7,293,153
				18,487,992
FRANCE (12.7%)
COMMUNICATION SERVICES (1.3%)
Orange S.A.		607,049		6,919,245
Publicis Groupe S.A.		132,464		12,308,034
				19,227,279
CONSUMER DISCRETIONARY (2.9%)
Hermes International SCA		9,538		20,274,083
La Francaise des Jeux SAEM†		84,953		3,086,040

	Shares		Value
COMMON STOCKS (CONTINUED):
FRANCE (CONTINUED)
CONSUMER DISCRETIONARY (CONTINUED)
LVMH Moet Hennessy Louis Vuitton SE		23,922	$	19,438,393
				42,798,516
CONSUMER STAPLES (0.8%)
Danone S.A.		119,054		7,724,402
L'Oreal S.A.		9,610		4,790,809
				12,515,211
ENERGY (1.0%)
TotalEnergies SE		206,049		14,011,765
FINANCIALS (1.3%)
AXA S.A.		197,246		6,441,647
BNP Paribas S.A.		185,535		12,885,192
				19,326,839
HEALTH CARE (1.2%)
Sanofi S.A.		179,438		17,832,056
INDUSTRIALS (3.4%)
Cie de Saint-Gobain S.A.		148,602		10,959,494
Dassault Aviation S.A.		99,178		19,651,044
Eiffage S.A.		84,057		9,023,981
Schneider Electric SE		51,407		10,349,014
				49,983,533
INFORMATION TECHNOLOGY (0.2%)
Dassault Systemes SE		58,195		2,848,618
UTILITIES (0.6%)
Engie S.A.		497,431		8,763,290
TOTAL FRANCE				187,307,107
GERMANY (7.2%)
COMMUNICATION SERVICES (0.8%)
Deutsche Telekom AG		474,748		11,415,027
CONSUMER DISCRETIONARY (1.7%)
Bayerische Motoren Werke AG		149,414		16,626,296
Mercedes-Benz Group AG		129,775		8,954,602
				25,580,898
FINANCIALS (1.8%)
Allianz SE		44,400		11,866,051
Commerzbank AG		351,368		4,176,477
Deutsche Bank AG		774,076		10,567,463
				26,609,991
INDUSTRIALS (1.4%)
Siemens AG		106,996		20,074,355
INFORMATION TECHNOLOGY (0.9%)
SAP SE		87,298		13,437,656
MATERIALS (0.6%)
BASF SE		106,340		5,726,357
Heidelberg Materials AG		29,223		2,612,309
				8,338,666
TOTAL GERMANY				105,456,593

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

92

MoA FUNDS — INTERNATIONAL FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
HONG KONG (0.8%)
INDUSTRIALS (0.5%)
CK Hutchison Hldgs. Ltd.		1,378,500	$	7,406,134
REAL ESTATE (0.3%)
Sun Hung Kai Properties Ltd.		447,000		4,837,153
TOTAL HONG KONG				12,243,287
ISRAEL (0.8%)
INFORMATION TECHNOLOGY (0.8%)
Check Point Software Technologies Ltd.*		76,150		11,634,959
ITALY (1.6%)
ENERGY (0.4%)
ENI SpA		309,480		5,249,450
FINANCIALS (0.8%)
Assicurazioni Generali SpA		118,590		2,505,626
Poste Italiane SpA†		610,040		6,934,476
UniCredit SpA		73,752		2,008,335
				11,448,437
UTILITIES (0.4%)
Enel SpA		795,348		5,917,509
TOTAL ITALY				22,615,396
JAPAN (20.8%)
COMMUNICATION SERVICES (0.9%)
Nintendo Co. Ltd.		253,000		13,162,241
CONSUMER DISCRETIONARY (2.0%)
Honda Motor Co. Ltd.		416,400		4,294,495
Toyota Motor Corp.		857,600		15,711,636
Yamaha Motor Co. Ltd.		927,600		8,252,657
				28,258,788
CONSUMER STAPLES (2.0%)
Japan Tobacco, Inc.		747,400		19,298,346
Seven & i Hldgs. Co. Ltd.		69,300		2,740,299
Suntory Beverage & Food Ltd.		204,300		6,716,171
				28,754,816
ENERGY (0.2%)
ENEOS Hldgs., Inc.		261,900		1,038,573
Inpex Corp.		135,300		1,810,230
				2,848,803
FINANCIALS (1.6%)
Daiwa Securities Group, Inc.		1,465,700		9,836,299
Japan Post Insurance Co. Ltd.		715,200		12,693,002
				22,529,301

	Shares		Value
COMMON STOCKS (CONTINUED):
JAPAN (CONTINUED)
HEALTH CARE (1.8%)
Astellas Pharma, Inc.		272,300	$	3,237,964
Hoya Corp.		69,000		8,591,684
Takeda Pharmaceutical Co. Ltd.		485,100		13,909,255
				25,738,903
INDUSTRIALS (7.5%)
Hitachi Ltd.		146,400		10,528,646
ITOCHU Corp.		340,400		13,865,387
Marubeni Corp.		963,700		15,170,327
Mitsubishi Corp.		980,400		15,614,284
Mitsui & Co. Ltd.		437,700		16,395,066
Mitsui OSK Lines Ltd.		346,900		11,088,520
Nippon Yusen KK		373,800		11,542,211
Sumitomo Corp.		613,300		13,344,057
Yamato Hldgs. Co. Ltd.		57,300		1,057,197
				108,605,695
INFORMATION TECHNOLOGY (2.7%)
Brother Industries Ltd.		410,700		6,539,240
Canon, Inc.		402,900		10,334,055
Seiko Epson Corp.		469,400		7,007,336
Tokyo Electron Ltd.		87,300		15,513,940
				39,394,571
MATERIALS (1.5%)
Nitto Denko Corp.		91,000		6,789,689
Shin-Etsu Chemical Co. Ltd.		406,900		17,014,829
				23,804,518
REAL ESTATE (0.6%)
Daiwa House Industry Co. Ltd.		130,200		3,935,300
Mitsui Fudosan Co. Ltd.		147,200		3,598,358
				7,533,658
TOTAL JAPAN				300,631,294
LUXEMBOURG (0.5%)
MATERIALS (0.5%)
ArcelorMittal S.A.		257,349		7,303,901
NETHERLANDS (4.2%)
CONSUMER DISCRETIONARY (0.3%)
Stellantis N.V.		219,348		5,139,699
CONSUMER STAPLES (0.6%)
Koninklijke Ahold Delhaize N.V.		298,951		8,601,644
FINANCIALS (1.0%)
ING Groep N.V.		973,318		14,595,123
INFORMATION TECHNOLOGY (2.3%)
ASML Hldg. N.V.		45,057		34,014,500
TOTAL NETHERLANDS				62,350,966

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

93

MoA FUNDS — INTERNATIONAL FUND

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PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
NORWAY (1.5%)
ENERGY (1.5%)
Aker BP ASA		81,223	$	2,359,264
Equinor ASA		624,443		19,789,245
				22,148,509
SINGAPORE (0.7%)
FINANCIALS (0.7%)
DBS Group Hldgs. Ltd.		397,800		10,058,373
SPAIN (4.2%)
COMMUNICATION SERVICES (0.6%)
Telefonica S.A.		2,222,895		8,691,633
CONSUMER DISCRETIONARY (0.3%)
Industria de Diseno Textil S.A.		88,596		3,865,978
FINANCIALS (2.2%)
Banco Bilbao Vizcaya Argentaria S.A.		1,781,542		16,238,173
Banco Santander S.A.		3,920,468		16,398,822
				32,636,995
UTILITIES (1.1%)
Iberdrola S.A.		562,598		7,379,809
Redeia Corp. S.A.		506,195		8,341,782
				15,721,591
TOTAL SPAIN				60,916,197
SWEDEN (0.4%)
FINANCIALS (0.4%)
Svenska Handelsbanken AB Cl A		590,861		6,424,717
SWITZERLAND (9.9%)
CONSUMER DISCRETIONARY (0.8%)
Cie Financiere Richemont S.A. Cl A		86,482		11,944,540
CONSUMER STAPLES (1.9%)
Chocoladefabriken Lindt & Spruengli AG		29		3,518,032
Nestle S.A.		203,179		23,551,086
				27,069,118
FINANCIALS (2.6%)
Partners Group Hldg. AG		8,102		11,714,401
UBS Group AG		657,160		20,411,218
Zurich Insurance Group AG		12,375		6,469,602
				38,595,221
HEALTH CARE (4.2%)
Novartis AG		250,311		25,282,533
Roche Hldg. AG		85,771		24,931,596
Sandoz Group AG*		50,062		1,610,602
Sonova Hldg. AG		30,483		9,968,809
				61,793,540

	Shares		Value
COMMON STOCKS (CONTINUED):
SWITZERLAND (CONTINUED)
MATERIALS (0.4%)
Glencore PLC		989,638	$	5,948,992
TOTAL SWITZERLAND				145,351,411
UNITED KINGDOM (13.6%)
COMMUNICATION SERVICES (0.7%)
Vodafone Group PLC		7,092,690		6,194,576
WPP PLC		469,828		4,487,921
				10,682,497
CONSUMER DISCRETIONARY (0.5%)
Barratt Developments PLC		294,798		2,111,871
Burberry Group PLC		297,311		5,362,791
				7,474,662
CONSUMER STAPLES (2.4%)
British American Tobacco PLC		367,971		10,766,955
Haleon PLC		425,895		1,743,799
Imperial Brands PLC		704,947		16,234,013
J Sainsbury PLC		1,881,056		7,252,552
				35,997,319
ENERGY (1.4%)
Shell PLC		642,115		21,019,874
FINANCIALS (3.5%)
3i Group PLC		343,652		10,577,859
Barclays PLC		5,504,642		10,778,884
HSBC Hldgs. PLC		1,810,815		14,650,005
Lloyds Banking Group PLC		16,302,538		9,888,482
NatWest Group PLC		1,955,943		5,448,306
				51,343,536
HEALTH CARE (0.7%)
GSK PLC		566,481		10,462,864
INDUSTRIALS (2.3%)
BAE Systems PLC		1,265,791		17,917,960
RELX PLC		399,940		15,867,770
				33,785,730
MATERIALS (2.1%)
Anglo American PLC		452,088		11,314,716
Rio Tinto PLC		254,051		18,897,338
				30,212,054
TOTAL UNITED KINGDOM				200,978,536
UNITED STATES (4.3%)
FINANCIALS (4.3%)
iShares Core MSCI Emerging Markets ETF		363,035		18,362,310
iShares MSCI Emerging Markets ex China ETF		200,000		11,082,000
iShares MSCI India ETF		300,761		14,680,144

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

94

MoA FUNDS — INTERNATIONAL FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
UNITED STATES (CONTINUED)
FINANCIALS (CONTINUED)
Vanguard FTSE Emerging Markets ETF		434,975	$	17,877,472
				62,001,926
TOTAL COMMON STOCKS AND ETFS
(Cost: $1,282,386,415)				1,395,281,048

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (3.6%):
UNITED STATES (3.6%)
U.S. GOVERNMENT (3.6%)
U.S. Treasury Bill (1)		A-1+		5.26		04/11/24	$	5,000,000	$	4,928,030
U.S. Treasury Bill		A-1+		5.27		01/23/24		22,350,000		22,278,034
U.S. Treasury Bill		A-1+		5.30		02/20/24		8,900,000		8,835,036
U.S. Treasury Bill		A-1+		5.39		01/04/24		10,000,000		9,995,563
U.S. Treasury Bill		A-1+		5.40		01/18/24		6,000,000		5,984,914
										52,021,577
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $52,020,968)										52,021,577

	Rate(%)			Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.3%)
Brown Brothers Harriman, New York Time Deposit		(1.49	)		01/02/24	SEK	346		34
Brown Brothers Harriman, New York Time Deposit		2.13			01/02/24	DKK	1,899		281
Brown Brothers Harriman, New York Time Deposit		2.77			01/02/24	AUD	150		102
Brown Brothers Harriman, New York Time Deposit		3.19			01/02/24	NOK	478		47
Citibank, New York Time Deposit		2.71			01/02/24	EUR	3,250		3,588
JP Morgan Chase, New York Time Deposit		4.58			01/02/24	USD	4,998,233		4,998,233
									5,002,285
TOTAL TEMPORARY CASH INVESTMENT (Cost: $5,002,285)									5,002,285
TOTAL INVESTMENTS (Cost: $1,339,409,668) 99.5%									1,452,304,910
OTHER NET ASSETS 0.5%									7,421,768
NET ASSETS 100.0%								$	1,459,726,678

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

* 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, 2023, the aggregate values of these securities amounts to $10,020,516 and represents 0.7% of net assets.

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

95

MoA FUNDS — INTERNATIONAL FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

(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 Fund as of December 31, 2023, was as follows:

Contract Type	Number of Contracts		Purchased (P) or Sold (S)		Expiration Date		Underlying Face Amount at Value		Unrealized Gain(Loss)(a)		Face Value of Futures as a % of Total Investments
MSCI EAFE Index		247		P		March 2024	$	27,817,140	$	1,031,225		1.9	%

(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.

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

96

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(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — CATHOLIC VALUES INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (99.1%):
COMMUNICATION SERVICES (8.4%)
Alphabet, Inc. Cl A*		835	$	116,641
Alphabet, Inc. Cl C*		703		99,074
AT&T, Inc.		1,009		16,931
Charter Communications, Inc. Cl A*		15		5,830
Comcast Corp. Cl A		567		24,863
Electronic Arts, Inc.		35		4,788
Fox Corp. Cl A		35		1,038
Fox Corp. Cl B		19		525
Interpublic Group of Cos., Inc.		54		1,763
Match Group, Inc.*		39		1,423
Meta Platforms, Inc. Cl A*		314		111,143
Netflix, Inc.*		62		30,187
News Corp. Cl A		54		1,326
News Corp. Cl B		16		412
Omnicom Group, Inc.		28		2,422
Paramount Global Cl B		69		1,021
Take-Two Interactive Software, Inc.*		22		3,541
T-Mobile US, Inc.		72		11,544
Verizon Communications, Inc.		594		22,394
Walt Disney Co.		259		23,385
Warner Bros Discovery, Inc.*		314		3,573
				483,824
CONSUMER DISCRETIONARY (10.6%)
Airbnb, Inc. Cl A*		92		12,525
Aptiv PLC*		60		5,383
AutoZone, Inc.*		3		7,757
Bath & Body Works, Inc.		48		2,072
Best Buy Co., Inc.		41		3,209
Booking Hldgs., Inc.*		7		24,831
BorgWarner, Inc.		50		1,792
CarMax, Inc.*		33		2,532
Carnival Corp.*		214		3,968
Chipotle Mexican Grill, Inc. Cl A*		5		11,435
Darden Restaurants, Inc.		25		4,107
Domino's Pizza, Inc.		7		2,886
DR Horton, Inc.		64		9,727
eBay, Inc.		111		4,842
Etsy, Inc.*		25		2,026
Expedia Group, Inc.*		29		4,402
Ford Motor Co.		838		10,215
Garmin Ltd.		32		4,113
General Motors Co.		292		10,489
Genuine Parts Co.		29		4,016
Hasbro, Inc.		27		1,379
Hilton Worldwide Hldgs., Inc.		55		10,015
Home Depot, Inc.		213		73,815
Lennar Corp. Cl A		53		7,899
LKQ Corp.		57		2,724
Lowe's Cos., Inc.		124		27,596
Lululemon Athletica, Inc.*		24		12,271
Marriott International, Inc. Cl A		52		11,726
McDonald's Corp.		154		45,663

	Shares		Value
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Mohawk Industries, Inc.*		11	$	1,138
NIKE, Inc. Cl B		261		28,337
Norwegian Cruise Line Hldgs. Ltd.*		90		1,804
NVR, Inc.*		1		7,000
O'Reilly Automotive, Inc.*		12		11,401
Pool Corp.		8		3,190
PulteGroup, Inc.		46		4,748
Ross Stores, Inc.		72		9,964
Starbucks Corp.		243		23,330
Tapestry, Inc.		49		1,804
Tesla, Inc.*		589		146,355
TJX Cos., Inc.		244		22,890
Tractor Supply Co.		23		4,946
Ulta Beauty, Inc.*		10		4,900
VF Corp.		70		1,316
Whirlpool Corp.		11		1,339
Yum! Brands, Inc.		59		7,709
				607,586
CONSUMER STAPLES (6.1%)
Archer-Daniels-Midland Co.		119		8,594
Brown-Forman Corp. Cl B		41		2,341
Bunge Global S.A.		33		3,331
Campbell Soup Co.		44		1,902
Clorox Co.		28		3,993
Coca-Cola Co.		863		50,857
Colgate-Palmolive Co.		183		14,587
Conagra Brands, Inc.		106		3,038
Constellation Brands, Inc. Cl A		36		8,703
Costco Wholesale Corp.		99		65,348
Dollar General Corp.		49		6,662
Dollar Tree, Inc.*		47		6,676
Estee Lauder Cos., Inc. Cl A		52		7,605
General Mills, Inc.		129		8,403
Hormel Foods Corp.		65		2,087
J M Smucker Co.		24		3,033
Kellanova		59		3,299
Kenvue, Inc.		382		8,224
Keurig Dr Pepper, Inc.		224		7,464
Kimberly-Clark Corp.		75		9,113
Kraft Heinz Co.		177		6,545
Kroger Co.		147		6,719
Lamb Weston Hldgs., Inc.		33		3,567
McCormick & Co., Inc.		56		3,832
Molson Coors Beverage Co. Cl B		42		2,571
Monster Beverage Corp.*		164		9,448
Procter & Gamble Co.		523		76,640
Sysco Corp.		112		8,191
Tyson Foods, Inc. Cl A		64		3,440
Walgreens Boots Alliance, Inc.		159		4,152
				350,365
ENERGY (3.8%)
APA Corp.		43		1,543
Baker Hughes Co. Cl A		142		4,854

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

97

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PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Chevron Corp.		247	$	36,842
ConocoPhillips		167		19,384
Coterra Energy, Inc.		106		2,705
Devon Energy Corp.		91		4,122
Diamondback Energy, Inc.		25		3,877
EOG Resources, Inc.		82		9,918
EQT Corp.		57		2,204
Exxon Mobil Corp.		563		56,289
Halliburton Co.		126		4,555
Hess Corp.		39		5,622
Kinder Morgan, Inc.		272		4,798
Marathon Oil Corp.		83		2,005
Marathon Petroleum Corp.		54		8,011
Occidental Petroleum Corp.		93		5,553
ONEOK, Inc.		82		5,758
Phillips 66		62		8,255
Pioneer Natural Resources Co.		33		7,421
Schlumberger N.V.		201		10,460
Targa Resources Corp.		31		2,693
Valero Energy Corp.		48		6,240
Williams Cos., Inc.		171		5,956
				219,065
FINANCIALS (13.9%)
Aflac, Inc.		75		6,188
Allstate Corp.		37		5,179
American Express Co.		81		15,175
American International Group, Inc.		99		6,707
Ameriprise Financial, Inc.		15		5,697
Aon PLC Cl A		29		8,440
Arch Capital Group Ltd.*		52		3,862
Arthur J. Gallagher & Co.		30		6,746
Assurant, Inc.		7		1,179
Bank of America Corp.		968		32,593
Bank of New York Mellon Corp.		109		5,673
Berkshire Hathaway, Inc. Cl B*		256		91,305
BlackRock, Inc. Cl A		20		16,236
Blackstone, Inc.		99		12,961
Brown & Brown, Inc.		33		2,347
Capital One Financial Corp.		54		7,081
Cboe Global Markets, Inc.		15		2,678
Charles Schwab Corp.		210		14,448
Chubb Ltd.		58		13,108
Cincinnati Financial Corp.		22		2,276
Citigroup, Inc.		269		13,837
Citizens Financial Group, Inc.		66		2,187
CME Group, Inc. Cl A		51		10,741
Comerica, Inc.		18		1,005
Discover Financial Svcs.		35		3,934
Everest Group Ltd.		6		2,121
FactSet Research Systems, Inc.		5		2,385
Fidelity National Information Svcs., Inc.		84		5,046
Fifth Third Bancorp		96		3,311
Fiserv, Inc.*		85		11,291

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
FleetCor Technologies, Inc.*		10	$	2,826
Franklin Resources, Inc.		40		1,192
Global Payments, Inc.		36		4,572
Global X S&P 500 Catholic Values ETF		1,138		65,993
Globe Life, Inc.		12		1,461
Goldman Sachs Group, Inc.		46		17,745
Hartford Financial Svcs. Group, Inc.		43		3,456
Huntington Bancshares, Inc.		204		2,595
Intercontinental Exchange, Inc.		81		10,403
Invesco Ltd.		63		1,124
Jack Henry & Associates, Inc.		10		1,634
JPMorgan Chase & Co.		407		69,231
KeyCorp.		132		1,901
Loews Corp.		26		1,809
M&T Bank Corp.		23		3,153
MarketAxess Hldgs., Inc.		5		1,464
Marsh & McLennan Cos., Inc.		70		13,263
Mastercard, Inc. Cl A		117		49,902
MetLife, Inc.		88		5,819
Moody's Corp.		22		8,592
Morgan Stanley		178		16,599
MSCI, Inc. Cl A		11		6,222
Nasdaq, Inc.		48		2,791
Northern Trust Corp.		29		2,447
PayPal Hldgs., Inc.*		152		9,334
PNC Financial Svcs. Group, Inc.		56		8,672
Principal Financial Group, Inc.		31		2,439
Progressive Corp.		83		13,220
Prudential Financial, Inc.		51		5,289
Raymond James Financial, Inc.		27		3,011
Regions Financial Corp.		131		2,539
S&P Global, Inc.		46		20,264
State Street Corp.		44		3,408
Synchrony Financial		59		2,253
T. Rowe Price Group, Inc.		32		3,446
Travelers Cos., Inc.		32		6,096
Truist Financial Corp.		188		6,941
U.S. Bancorp		219		9,478
Visa, Inc. Cl A		225		58,579
Wells Fargo & Co.		511		25,151
Willis Towers Watson PLC		15		3,618
W.R. Berkley Corp.		28		1,980
Zions Bancorporation		21		921
				798,570
HEALTH CARE (12.6%)
Align Technology, Inc.*		32		8,768
Baxter International, Inc.		225		8,699
Boston Scientific Corp.*		648		37,461
Cardinal Health, Inc.		109		10,987
Cencora, Inc.		74		15,198
Centene Corp.*		236		17,514
Cigna Group		130		38,929
Contra ABIOMED, Inc. - contingent value rights*		20		0	†

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

98

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PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
CVS Health Corp.		568	$	44,849
DaVita, Inc.*		24		2,514
DENTSPLY SIRONA, Inc.		94		3,345
Dexcom, Inc.*		171		21,219
Edwards Lifesciences Corp.*		269		20,511
Elevance Health, Inc.		104		49,042
GE HealthCare Technologies, Inc.		174		13,454
Gilead Sciences, Inc.		551		44,637
Henry Schein, Inc.*		58		4,391
Hologic, Inc.*		109		7,788
Humana, Inc.		55		25,180
IDEXX Laboratories, Inc.*		37		20,537
Incyte Corp.*		83		5,212
Insulet Corp.*		31		6,726
Intuitive Surgical, Inc.*		156		52,628
IQVIA Hldgs., Inc.*		81		18,742
Laboratory Corp. of America Hldgs.		38		8,637
McKesson Corp.		59		27,316
Medtronic PLC		589		48,522
Mettler-Toledo International, Inc.*		10		12,130
Molina Healthcare, Inc.*		26		9,394
Quest Diagnostics, Inc.		50		6,894
ResMed, Inc.		66		11,353
STERIS PLC		44		9,673
Stryker Corp.		150		44,919
Teleflex, Inc.		21		5,236
West Pharmaceutical Svcs., Inc.		33		11,620
Zimmer Biomet Hldgs., Inc.		93		11,318
Zoetis, Inc. Cl A		203		40,066
				725,409
INDUSTRIALS (8.3%)
3M Co.		105		11,479
Allegion PLC		17		2,154
American Airlines Group, Inc.*		125		1,717
AMETEK, Inc.		44		7,255
AO Smith Corp.		24		1,979
Automatic Data Processing, Inc.		78		18,172
Axon Enterprise, Inc.*		13		3,358
Broadridge Financial Solutions, Inc.		22		4,526
Carrier Global Corp.		161		9,249
Caterpillar, Inc.		97		28,680
Ceridian HCM Hldg., Inc.*		29		1,946
CH Robinson Worldwide, Inc.		22		1,901
Cintas Corp.		17		10,245
Copart, Inc.*		167		8,183
CSX Corp.		380		13,175
Cummins, Inc.		27		6,468
Deere & Co.		51		20,393
Delta Air Lines, Inc.		123		4,948
Dover Corp.		26		3,999
Eaton Corp. PLC		76		18,302

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Emerson Electric Co.		109	$	10,609
Equifax, Inc.		23		5,688
Expeditors International of Washington, Inc.		28		3,562
Fastenal Co.		109		7,060
FedEx Corp.		44		11,131
Fortive Corp.		67		4,933
Generac Hldgs., Inc.*		12		1,551
Howmet Aerospace, Inc.		75		4,059
Hubbell, Inc. Cl B		10		3,289
IDEX Corp.		14		3,040
Illinois Tool Works, Inc.		52		13,621
Ingersoll Rand, Inc.		77		5,955
JB Hunt Transport Svcs., Inc.		16		3,196
Johnson Controls International PLC		130		7,493
Masco Corp.		43		2,880
Nordson Corp.		10		2,642
Norfolk Southern Corp.		43		10,164
Old Dominion Freight Line, Inc.		17		6,891
Otis Worldwide Corp.		78		6,979
PACCAR, Inc.		100		9,765
Parker-Hannifin Corp.		24		11,057
Paychex, Inc.		61		7,266
Paycom Software, Inc.		9		1,860
Pentair PLC		31		2,254
Quanta Svcs., Inc.		27		5,827
Republic Svcs., Inc. Cl A		39		6,431
Robert Half, Inc.		20		1,758
Rockwell Automation, Inc.		22		6,831
Rollins, Inc.		53		2,314
Snap-on, Inc.		10		2,888
Southwest Airlines Co.		114		3,292
Stanley Black & Decker, Inc.		29		2,845
Trane Technologies PLC		43		10,488
TransDigm Group, Inc.		10		10,116
Union Pacific Corp.		116		28,492
United Airlines Hldgs., Inc.*		62		2,558
United Parcel Svc., Inc. Cl B		138		21,698
United Rentals, Inc.		13		7,454
Verisk Analytics, Inc. Cl A		27		6,449
Waste Management, Inc.		70		12,537
Westinghouse Air Brake Technologies Corp.		34		4,315
WW Grainger, Inc.		8		6,630
Xylem, Inc.		46		5,261
				473,258
INFORMATION TECHNOLOGY (28.3%)
Accenture PLC Cl A		89		31,231
Adobe, Inc.*		64		38,182
Advanced Micro Devices, Inc.*		228		33,609
Akamai Technologies, Inc.*		21		2,485
Amphenol Corp. Cl A		85		8,426
Analog Devices, Inc.		71		14,098
ANSYS, Inc.*		12		4,355

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

99

MoA FUNDS — CATHOLIC VALUES INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — CATHOLIC VALUES INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Apple, Inc.		2,060	$	396,612
Applied Materials, Inc.		118		19,124
Arista Networks, Inc.*		35		8,243
Autodesk, Inc.*		30		7,304
Broadcom, Inc.		61		68,091
Cadence Design Systems, Inc.*		38		10,350
CDW Corp.		19		4,319
Cisco Systems, Inc.		571		28,847
Cognizant Technology Solutions Corp. Cl A		71		5,363
Enphase Energy, Inc.*		19		2,511
EPAM Systems, Inc.*		8		2,379
F5, Inc.*		8		1,432
Fair Isaac Corp.*		3		3,492
First Solar, Inc.*		15		2,584
Fortinet, Inc.*		90		5,268
Gartner, Inc.*		11		4,962
Gen Digital, Inc.		80		1,826
Hewlett Packard Enterprise Co.		181		3,073
HP, Inc.		123		3,701
Intel Corp.		594		29,848
International Business Machines Corp.		129		21,098
Intuit, Inc.		39		24,376
Juniper Networks, Inc.		45		1,327
Keysight Technologies, Inc.*		25		3,977
KLA Corp.		19		11,045
Lam Research Corp.		19		14,882
Microchip Technology, Inc.		77		6,944
Micron Technology, Inc.		155		13,228
Microsoft Corp.		1,048		394,090
Monolithic Power Systems, Inc.		6		3,785
Motorola Solutions, Inc.		24		7,514
NetApp, Inc.		30		2,645
NVIDIA Corp.		348		172,337
NXP Semiconductors N.V.		36		8,268
ON Semiconductor Corp.*		61		5,095
Oracle Corp.		224		23,616
Palo Alto Networks, Inc.*		43		12,680
PTC, Inc.*		16		2,799
Qorvo, Inc.*		14		1,577
QUALCOMM, Inc.		157		22,707
Roper Technologies, Inc.		15		8,178
Salesforce, Inc.*		138		36,313
Seagate Technology Hldgs. PLC		27		2,305
ServiceNow, Inc.*		29		20,488
Skyworks Solutions, Inc.		22		2,473
Synopsys, Inc.*		21		10,813
TE Connectivity Ltd.		44		6,182
Teledyne Technologies, Inc.*		6		2,678
Teradyne, Inc.		22		2,387
Texas Instruments, Inc.		128		21,819
Trimble, Inc.*		35		1,862
Tyler Technologies, Inc.*		6		2,509
VeriSign, Inc.*		13		2,677

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Western Digital Corp.*		45	$	2,357
Zebra Technologies Corp. Cl A*		7		1,913
				1,620,659
MATERIALS (2.4%)
Air Products & Chemicals, Inc.		32		8,762
Albemarle Corp.		17		2,456
Amcor PLC		210		2,024
Avery Dennison Corp.		11		2,224
Ball Corp.		46		2,646
CF Industries Hldgs., Inc.		28		2,226
Corteva, Inc.		103		4,936
Dow, Inc.		102		5,594
DuPont de Nemours, Inc.		63		4,847
Ecolab, Inc.		37		7,339
FMC Corp.		18		1,135
Freeport-McMoRan, Inc.		208		8,855
International Flavors & Fragrances, Inc.		37		2,996
International Paper Co.		50		1,807
Linde PLC		71		29,160
LyondellBasell Industries N.V. Cl A		37		3,518
Martin Marietta Materials, Inc.		8		3,991
Mosaic Co.		48		1,715
Newmont Corp.		167		6,912
Nucor Corp.		36		6,265
Packaging Corp. of America		13		2,118
PPG Industries, Inc.		34		5,085
Sherwin-Williams Co.		34		10,605
Steel Dynamics, Inc.		23		2,716
Vulcan Materials Co.		19		4,313
Westrock Co.		37		1,536
				135,781
REAL ESTATE (2.4%)
Alexandria Real Estate Equities, Inc.		24		3,042
American Tower Corp.		74		15,975
AvalonBay Communities, Inc.		22		4,119
Boston Properties, Inc.		22		1,544
Camden Property Trust		16		1,589
CBRE Group, Inc. Cl A*		48		4,468
CoStar Group, Inc.*		64		5,593
Crown Castle, Inc.		68		7,833
Digital Realty Trust, Inc.		48		6,460
Equinix, Inc.		14		11,275
Equity Residential		54		3,303
Essex Property Trust, Inc.		10		2,479
Extra Space Storage, Inc.		33		5,291
Federal Realty Investment Trust		11		1,133
Host Hotels & Resorts, Inc.		112		2,181
Invitation Homes, Inc.		91		3,104
Iron Mountain, Inc.		46		3,219
Kimco Realty Corp.		98		2,088
Mid-America Apartment Communities, Inc.		18		2,420

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

100

MoA FUNDS — CATHOLIC VALUES INDEX FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — CATHOLIC VALUES INDEX FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Prologis, Inc.		146	$	19,462
Public Storage		25		7,625
Realty Income Corp.		114		6,546
Regency Centers Corp.		26		1,742
SBA Communications Corp. Cl A		17		4,313
Simon Property Group, Inc.		51		7,275
UDR, Inc.		48		1,838
Weyerhaeuser Co.		115		3,999
				139,916
UTILITIES (2.3%)
AES Corp.		95		1,829
Alliant Energy Corp.		35		1,796
Ameren Corp.		37		2,677
American Electric Power Co., Inc.		73		5,929
American Water Works Co., Inc.		27		3,564
Atmos Energy Corp.		21		2,434
CenterPoint Energy, Inc.		89		2,543
CMS Energy Corp.		41		2,381
Consolidated Edison, Inc.		48		4,367
Constellation Energy Corp.		45		5,260
Dominion Energy, Inc.		118		5,546
DTE Energy Co.		29		3,198
Duke Energy Corp.		109		10,577
Edison International		54		3,860

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Entergy Corp.		30	$	3,036
Evergy, Inc.		32		1,670
Eversource Energy		49		3,024
Exelon Corp.		140		5,026
FirstEnergy Corp.		73		2,676
NextEra Energy, Inc.		288		17,493
NiSource, Inc.		59		1,566
NRG Energy, Inc.		32		1,654
PG&E Corp.		299		5,391
Pinnacle West Capital Corp.		16		1,149
PPL Corp.		104		2,818
Public Svc. Enterprise Group, Inc.		71		4,342
Sempra		89		6,651
Southern Co.		154		10,799
WEC Energy Group, Inc.		44		3,703
Xcel Energy, Inc.		78		4,829
				131,788
TOTAL COMMON STOCKS
(Cost: $4,500,313)				5,686,221
TOTAL INVESTMENTS
(Cost: $4,500,313) 99.1%				5,686,221
OTHER NET ASSETS 0.9%				50,935
NET ASSETS 100.0%			$	5,737,156

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

* Non-income producing security.

† Level 3 Security.

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

101

MoA FUNDS — RETIREMENT INCOME FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — RETIREMENT INCOME FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (33.0%)		5,486,180	$	68,302,939
Equity Index Fund (20.5%)		728,273		42,451,039
Intermediate Bond Fund (31.1%)		6,687,166		64,464,284
International Fund (4.1%)		1,045,456		8,572,736
Mid Cap Equity Index Fund (4.2%)		436,199		8,767,604
Mid Cap Value Fund (0.2%)		31,954		520,207
Money Market Fund (6.9%)		1,210,106		14,349,431
TOTAL INVESTMENTS (Cost: $214,431,113) 100.0%				207,428,240
OTHER NET ASSETS -0.0% (1)				(68,540	)
NET ASSETS 100.0%			$	207,359,700

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

MoA FUNDS — CLEAR PASSAGE 2015 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2015 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (32.0%)		2,864,040	$	35,657,295
Equity Index Fund (22.5%)		430,055		25,067,920
Intermediate Bond Fund (28.4%)		3,282,352		31,641,875
International Fund (5.5%)		752,441		6,170,016
Mid Cap Equity Index Fund (4.2%)		233,501		4,693,370
Mid Cap Value Fund (0.5%)		34,857		567,466
Money Market Fund (6.9%)		653,029		7,743,613
TOTAL INVESTMENTS (Cost: $115,289,680) 100.0%				111,541,555
OTHER NET ASSETS -0.0% (1)				(45,175	)
NET ASSETS 100.0%			$	111,496,380

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

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

102

MoA FUNDS — CLEAR PASSAGE 2020 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2020 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (32.8%)		12,934,195	$	161,030,728
Equity Index Fund (23.4%)		1,973,172		115,016,170
Intermediate Bond Fund (21.3%)		10,881,171		104,894,488
International Fund (8.0%)		4,811,306		39,452,711
Mid Cap Equity Index Fund (5.2%)		1,278,592		25,699,695
Mid Cap Value Fund (0.2%)		48,963		797,118
Money Market Fund (6.4%)		2,636,889		31,268,227
Small Cap Equity Index Fund (0.7%)		358,740		3,662,734
Small Cap Value Fund (2.0%)		696,778		9,615,535
TOTAL INVESTMENTS (Cost: $501,643,334) 100.0%				491,437,406
OTHER NET ASSETS -0.0% (1)				(96,870	)
NET ASSETS 100.0%			$	491,340,536

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

MoA FUNDS — CLEAR PASSAGE 2025 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2025 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (31.0%)		28,076,228	$	349,549,036
Equity Index Fund (30.4%)		5,880,915		342,798,541
Intermediate Bond Fund (15.0%)		17,534,117		169,028,884
International Fund (10.9%)		15,060,164		123,493,342
Mid Cap Equity Index Fund (5.2%)		2,934,735		58,988,175
Mid Cap Value Fund (0.4%)		254,365		4,141,068
Money Market Fund (4.6%)		4,366,291		51,775,475
Small Cap Equity Index Fund (0.8%)		955,946		9,760,204
Small Cap Value Fund (1.7%)		1,410,411		19,463,675
TOTAL INVESTMENTS (Cost: $1,133,287,882) 100.0%				1,128,998,400
OTHER NET ASSETS -0.0% (1)				(152,406	)
NET ASSETS 100.0%			$	1,128,845,994

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

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

103

MoA FUNDS — CLEAR PASSAGE 2030 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2030 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (25.0%)		26,279,777	$	327,183,223
Equity Index Fund (35.3%)		7,931,409		462,321,802
Intermediate Bond Fund (11.6%)		15,703,226		151,379,099
International Fund (13.0%)		20,709,015		169,813,926
Mid Cap Equity Index Fund (6.2%)		4,049,521		81,395,372
Mid Cap Value Fund (0.5%)		441,591		7,189,094
Money Market Fund (4.3%)		4,735,177		56,149,726
Small Cap Equity Index Fund (1.2%)		1,606,576		16,403,136
Small Cap Growth Fund (1.2%)		1,194,731		15,196,974
Small Cap Value Fund (1.7%)		1,609,207		22,207,060
TOTAL INVESTMENTS (Cost: $1,287,551,567) 100.0%				1,309,239,412
OTHER NET ASSETS -0.0% (1)				(164,931	)
NET ASSETS 100.0%			$	1,309,074,481

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

MoA FUNDS — CLEAR PASSAGE 2035 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2035 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (18.3%)		18,135,075	$	225,781,686
Equity Index Fund (42.2%)		8,914,979		519,654,103
Intermediate Bond Fund (5.8%)		7,453,209		71,848,930
International Fund (15.8%)		23,650,310		193,932,543
Mid Cap Equity Index Fund (8.8%)		5,371,218		107,961,474
Mid Cap Value Fund (0.5%)		387,060		6,301,342
Money Market Fund (3.8%)		3,937,594		46,691,984
Small Cap Equity Index Fund (1.7%)		2,042,347		20,852,358
Small Cap Growth Fund (1.2%)		1,134,871		14,435,564
Small Cap Value Fund (1.9%)		1,723,023		23,777,714
TOTAL INVESTMENTS (Cost: $1,193,321,571) 100.0%				1,231,237,698
OTHER NET ASSETS -0.0% (1)				(168,402	)
NET ASSETS 100.0%			$	1,231,069,296

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

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

104

MoA FUNDS — CLEAR PASSAGE 2040 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2040 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (14.0%)		11,652,731	$	145,076,502
Equity Index Fund (47.1%)		8,382,186		488,597,615
Intermediate Bond Fund (2.3%)		2,459,947		23,713,889
International Fund (17.8%)		22,529,829		184,744,601
Mid Cap Equity Index Fund (9.8%)		5,052,674		101,558,742
Mid Cap Value Fund (0.8%)		519,781		8,462,042
Money Market Fund (2.5%)		2,218,868		26,311,342
Small Cap Equity Index Fund (2.1%)		2,167,135		22,126,451
Small Cap Growth Fund (1.3%)		1,042,643		13,262,420
Small Cap Value Fund (2.3%)		1,747,445		24,114,743
TOTAL INVESTMENTS (Cost: $995,673,106) 100.0%				1,037,968,347
OTHER NET ASSETS -0.0% (1)				(143,554	)
NET ASSETS 100.0%			$	1,037,824,793

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

MoA FUNDS — CLEAR PASSAGE 2045 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2045 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (9.7%)		8,302,317	$	103,363,845
Equity Index Fund (48.0%)		8,811,135		513,601,033
Intermediate Bond Fund (2.1%)		2,340,233		22,559,850
International Fund (19.3%)		25,120,681		205,989,584
Mid Cap Equity Index Fund (10.8%)		5,746,498		115,504,612
Mid Cap Value Fund (0.7%)		435,047		7,082,559
Money Market Fund (2.7%)		2,451,742		29,072,758
Small Cap Equity Index Fund (2.4%)		2,484,088		25,362,539
Small Cap Growth Fund (2.3%)		1,939,650		24,672,346
Small Cap Value Fund (2.0%)		1,561,441		21,547,885
TOTAL INVESTMENTS (Cost: $1,018,632,326) 100.0%				1,068,757,011
OTHER NET ASSETS -0.0% (1)				(132,211	)
NET ASSETS 100.0%			$	1,068,624,800

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

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

105

MoA FUNDS — CLEAR PASSAGE 2050 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2050 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (8.2%)		5,457,588	$	67,946,967
Equity Index Fund (48.1%)		6,840,419		398,727,995
Intermediate Bond Fund (1.5%)		1,317,947		12,705,013
International Fund (19.9%)		20,094,089		164,771,529
Mid Cap Equity Index Fund (11.8%)		4,865,666		97,799,882
Mid Cap Value Fund (1.5%)		790,320		12,866,414
Money Market Fund (2.3%)		1,614,918		19,149,692
Small Cap Equity Index Fund (2.6%)		2,122,256		21,668,235
Small Cap Growth Fund (2.1%)		1,379,810		17,551,187
Small Cap Value Fund (2.0%)		1,208,865		16,682,343
TOTAL INVESTMENTS (Cost: $800,640,205) 100.0%				829,869,257
OTHER NET ASSETS -0.0% (1)				(122,438	)
NET ASSETS 100.0%			$	829,746,819

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

MoA FUNDS — CLEAR PASSAGE 2055 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2055 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (6.8%)		2,469,058	$	30,739,770
Equity Index Fund (49.0%)		3,785,348		220,647,932
Intermediate Bond Fund (1.5%)		683,210		6,586,145
International Fund (20.6%)		11,304,213		92,694,546
Mid Cap Equity Index Fund (11.9%)		2,662,014		53,506,478
Mid Cap Value Fund (1.4%)		403,615		6,570,853
Money Market Fund (1.4%)		521,721		6,186,564
Small Cap Equity Index Fund (2.8%)		1,234,622		12,605,492
Small Cap Growth Fund (2.1%)		763,691		9,714,146
Small Cap Value Fund (2.5%)		819,241		11,305,523
TOTAL INVESTMENTS (Cost: $439,734,474) 100.0%				450,557,449
OTHER NET ASSETS -0.0% (1)				(77,958	)
NET ASSETS 100.0%			$	450,479,491

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

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

106

MoA FUNDS — CLEAR PASSAGE 2060 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2060 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (5.2%)		979,510	$	12,194,896
Equity Index Fund (48.0%)		1,920,828		111,965,072
Intermediate Bond Fund (1.3%)		309,207		2,980,758
International Fund (21.6%)		6,147,200		50,407,039
Mid Cap Equity Index Fund (12.7%)		1,477,830		29,704,376
Mid Cap Value Fund (1.6%)		226,782		3,692,014
Money Market Fund (1.0%)		200,331		2,375,524
Small Cap Equity Index Fund (3.3%)		752,319		7,681,181
Small Cap Growth Fund (2.3%)		423,614		5,388,373
Small Cap Value Fund (3.0%)		504,228		6,958,345
TOTAL INVESTMENTS (Cost: $229,525,253) 100.0%				233,347,578
OTHER NET ASSETS -0.0% (1)				(56,987	)
NET ASSETS 100.0%			$	233,290,591

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

MoA FUNDS — CLEAR PASSAGE 2065 FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — 2065 RETIREMENT FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (99.9%):
AFFILIATED MUTUAL FUNDS (99.9%)
MoA Funds
Core Bond Fund (3.0%)		164,482	$	2,047,795
Equity Index Fund (48.9%)		568,184		33,119,467
Intermediate Bond Fund (0.4%)		28,338		273,176
International Fund (22.3%)		1,842,533		15,108,767
Mid Cap Equity Index Fund (12.1%)		406,446		8,169,571
Mid Cap Value Fund (2.5%)		106,789		1,738,525
Money Market Fund (0.9%)		51,222		607,387
Small Cap Equity Index Fund (3.5%)		229,855		2,346,823
Small Cap Growth Fund (3.0%)		159,867		2,033,509
Small Cap Value Fund (3.3%)		160,965		2,221,319
TOTAL INVESTMENTS (Cost: $64,619,294) 99.9%				67,666,339
OTHER NET ASSETS 0.1%				41,460
NET ASSETS 100.0%			$	67,707,799

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

107

MoA FUNDS — CONSERVATIVE ALLOCATION FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — CONSERVATIVE ALLOCATION FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (30.0%)		3,799,979	$	47,309,741
Equity Index Fund (25.2%)		683,387		39,834,626
Intermediate Bond Fund (34.6%)		5,674,323		54,700,475
International Fund (5.1%)		979,109		8,028,694
Mid Cap Equity Index Fund (5.1%)		404,069		8,121,785
TOTAL INVESTMENTS (Cost: $162,711,729) 100.0%				157,995,321
OTHER NET ASSETS -0.0% (1)				(54,060	)
NET ASSETS 100.0%			$	157,941,261

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

MoA FUNDS — MODERATE ALLOCATION FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — MODERATE ALLOCATION FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (24.3%)		7,858,820	$	97,842,315
Equity Index Fund (35.2%)		2,432,253		141,776,050
Intermediate Bond Fund (14.9%)		6,223,475		59,994,295
International Fund (10.3%)		5,089,728		41,735,768
Mid Cap Equity Index Fund (15.3%)		3,074,604		61,799,549
TOTAL INVESTMENTS (Cost: $392,887,809) 100.0%				403,147,977
OTHER NET ASSETS -0.0% (1)				(57,581	)
NET ASSETS 100.0%			$	403,090,396

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

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

108

MoA FUNDS — AGGRESSIVE ALLOCATION FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — AGGRESSIVE ALLOCATION FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Shares		Value
COMMON STOCKS (100.0%):
AFFILIATED MUTUAL FUNDS (100.0%)
MoA Funds
Core Bond Fund (19.1%)		5,147,938	$	64,091,831
Equity Index Fund (35.2%)		2,027,507		118,183,358
International Fund (15.6%)		6,375,405		52,278,320
Mid Cap Equity Index Fund (20.8%)		3,467,254		69,691,810
Small Cap Growth Fund (4.3%)		1,133,160		14,413,790
Small Cap Value Fund (5.0%)		1,227,127		16,934,354
TOTAL INVESTMENTS (Cost: $321,238,630) 100.0%				335,593,463
OTHER NET ASSETS -0.0% (1)				(56,133	)
NET ASSETS 100.0%			$	335,537,330

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

(1) Percentage is less than 0.05%.

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

109

MoA FUNDS — MONEY MARKET FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Rating*		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (100.4%):
U.S. GOVERNMENT (59.4%)
U.S. Treasury Bill		A-1+		5.29		01/11/24	$	2,250,000	$	2,246,710
U.S. Treasury Bill		A-1+		5.30		01/18/24		24,000,000		23,940,255
U.S. Treasury Bill		A-1+		5.30		01/30/24		50,000,000		49,788,381
U.S. Treasury Bill		A-1+		5.30		02/01/24		9,500,000		9,456,884
U.S. Treasury Bill		A-1+		5.30		02/13/24		39,700,000		39,450,737
U.S. Treasury Bill		A-1+		5.31		01/16/24		55,750,000		55,627,584
U.S. Treasury Bill		A-1+		5.31		02/20/24		40,000,000		39,707,639
U.S. Treasury Bill		A-1+		5.32		01/09/24		10,000,000		9,988,286
U.S. Treasury Bill		A-1+		5.32		01/23/24		27,875,000		27,785,135
U.S. Treasury Bill		A-1+		5.32		02/06/24		49,200,000		48,940,461
U.S. Treasury Bill		A-1+		5.33		01/02/24		41,400,000		41,393,921
										348,325,993
COMMERCIAL PAPER (41.0%)
Air Products & Chemicals, Inc.†		A-1		5.41		01/18/24		20,000,000		19,949,378
Air Products & Chemicals, Inc.†		A-1		5.41		02/08/24		1,800,000		1,789,816
Cargill, Inc.†		A-1		5.32		01/02/24		23,000,000		22,996,608
Cummins, Inc.†		A-1		5.47		01/03/24		5,000,000		4,998,492
Eli Lilly & Co.†		A-1		5.40		01/09/24		5,850,000		5,843,032
Eli Lilly & Co.†		A-1		5.40		01/16/24		16,500,000		16,463,150
Emerson Electric Co.†		A-1		5.40		01/11/24		15,250,000		15,227,252
Emerson Electric Co.†		A-1		5.44		01/18/24		7,000,000		6,982,150
John Deere Capital Corp.†		A-1		5.44		01/16/24		4,000,000		3,991,017
Kenvue, Inc.†		A-1		5.36		01/11/24		5,000,000		4,992,583
Kenvue, Inc.†		A-1		5.38		01/17/24		9,250,000		9,228,006
Microsoft Corp.†		A-1+		5.34		01/09/24		6,000,000		5,992,920
Microsoft Corp.†		A-1+		5.37		01/11/24		17,000,000		16,974,878
Novartis Financial Corp.†		A-1+		5.34		01/09/24		13,000,000		12,984,631
Pfizer, Inc.†		A-1		5.37		02/02/24		15,250,000		15,177,884
Private Export Funding Corp.		NR		5.38		01/31/24		23,000,000		22,897,650
Southern California Gas Co.†		A-1		5.39		01/12/24		15,000,000		14,975,387
Southern California Gas Co.†		A-1		5.41		01/03/24		8,000,000		7,997,609
Unilever Capital Corp.†		A-1		5.38		01/31/24		8,000,000		7,964,400
United Parcel Svc., Inc.†		A-1		5.34		01/18/24		23,000,000		22,942,327
										240,369,170
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $588,695,163)										588,695,163
TOTAL INVESTMENTS (Cost: $588,695,163) 100.4%										588,695,163
OTHER NET ASSETS -0.4%										(2,295,681	)
NET ASSETS 100.0%									$	586,399,482

FOOTNOTES TO PORTFOLIO OF INVESTMENTS

* 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, 2023, the aggregate values of these securities amounts to $217,471,520 and represents 37.1% of net assets.

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

110

MoA FUNDS — INTERMEDIATE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (98.8%):
U.S. GOVERNMENT (67.0%)
U.S. Treasury Note	AA+		0.50		06/30/27	$	18,750,000	$	16,662,598
U.S. Treasury Note	AA+		0.63		11/30/27		23,315,000		20,562,737
U.S. Treasury Note	AA+		0.63		08/15/30		44,500,000		36,163,203
U.S. Treasury Note	AA+		1.50		11/30/28		12,300,000		11,008,500
U.S. Treasury Note	AA+		1.63		05/15/26		26,475,000		24,985,781
U.S. Treasury Note	AA+		1.75		01/31/29		26,200,000		23,663,922
U.S. Treasury Note	AA+		2.00		06/30/24		6,115,000		6,019,214
U.S. Treasury Note	AA+		2.13		05/31/26		35,500,000		33,902,500
U.S. Treasury Note	AA+		2.25		12/31/24		18,100,000		17,651,742
U.S. Treasury Note	AA+		2.38		04/30/26		18,180,000		17,472,684
U.S. Treasury Note	AA+		2.38		05/15/29		19,150,000		17,778,082
U.S. Treasury Note	AA+		2.50		02/28/26		12,250,000		11,824,121
U.S. Treasury Note	AA+		2.63		05/31/27		55,715,000		53,360,171
U.S. Treasury Note	AA+		2.75		04/30/27		21,250,000		20,451,465
U.S. Treasury Note	AA+		2.75		07/31/27		25,600,000		24,590,000
U.S. Treasury Note	AA+		3.00		07/15/25		23,600,000		23,086,516
U.S. Treasury Note	AA+		3.25		06/30/27		12,255,000		11,981,177
U.S. Treasury Note	AA+		3.38		05/15/33		6,010,000		5,780,869
U.S. Treasury Note	AA+		3.50		04/30/28		30,300,000		29,845,500
U.S. Treasury Note	AA+		3.63		03/31/28		35,000,000		34,644,531
U.S. Treasury Note	AA+		3.63		03/31/30		5,700,000		5,620,289
U.S. Treasury Note	AA+		3.75		05/31/30		2,800,000		2,779,438
U.S. Treasury Note	AA+		3.88		11/30/27		34,960,000		34,905,375
U.S. Treasury Note	AA+		3.88		08/15/33		31,420,000		31,444,547
U.S. Treasury Note	AA+		4.13		07/31/28		26,100,000		26,393,625
U.S. Treasury Note	AA+		4.13		11/15/32		27,660,000		28,174,303
U.S. Treasury Note	AA+		4.38		11/30/28		29,900,000		30,628,813
U.S. Treasury Note	AA+		4.38		11/30/30		7,500,000		7,726,172
U.S. Treasury Note	AA+		4.50		11/15/33		4,600,000		4,839,344
U.S. Treasury Note	AA+		4.63		02/28/25		4,390,000		4,386,570
U.S. Treasury Note	AA+		4.63		06/30/25		310,000		310,751
U.S. Treasury Note	AA+		5.00		09/30/25		17,690,000		17,872,428
									636,516,968
U.S. GOVERNMENT AGENCIES (1.3%)
NON-MORTGAGE-BACKED OBLIGATIONS (1.3%)
FFCB	AA+		5.95		05/30/30		5,100,000		5,095,316
FHLMC	AA+		4.88		07/24/26		2,900,000		2,890,467
FHLMC	AA+		5.75		07/17/25		4,400,000		4,397,592
									12,383,375
CORPORATE DEBT (30.5%)
COMMUNICATION SERVICES (2.2%)
AT&T, Inc.	BBB		2.75		06/01/31		4,050,000		3,553,520
Comcast Corp.	A-		2.35		01/15/27		4,100,000		3,853,490
Sprint LLC	BBB-		7.63		03/01/26		2,305,000		2,407,353
T-Mobile USA, Inc.	BBB		3.38		04/15/29		2,295,000		2,135,677
T-Mobile USA, Inc.	BBB		3.75		04/15/27		1,840,000		1,785,431
Verizon Communications, Inc.	BBB+		4.02		12/03/29		2,700,000		2,612,881
Verizon Communications, Inc.	BBB+		4.13		03/16/27		980,000		966,675
Warnermedia Hldgs., Inc.	BBB-		3.76		03/15/27		2,330,000		2,234,519
Warnermedia Hldgs., Inc.	BBB-		6.41		03/15/26		1,500,000		1,501,231
									21,050,777
CONSUMER DISCRETIONARY (3.0%)
Amazon.com, Inc.	AA		1.20		06/03/27		4,009,000		3,620,278
AutoZone, Inc.	BBB		3.25		04/15/25		2,300,000		2,246,069

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

111

MoA FUNDS — INTERMEDIATE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Best Buy Co., Inc.		BBB+		1.95		10/01/30	$	1,735,000	$	1,443,326
Booking Hldgs., Inc.		A-		3.65		03/15/25		1,827,000		1,799,319
Brunswick Corp.		BBB-		0.85		08/18/24		4,520,000		4,373,714
Expedia Group, Inc.		BBB		5.00		02/15/26		1,960,000		1,960,547
Expedia Group, Inc.†		BBB		6.25		05/01/25		1,110,000		1,119,511
General Motors Financial Co., Inc.		BBB		6.05		10/10/25		3,550,000		3,595,659
Genuine Parts Co.		BBB		1.75		02/01/25		2,765,000		2,658,632
Harman International Industries, Inc.		A		4.15		05/15/25		1,945,000		1,915,334
Lowe's Cos., Inc.		BBB+		4.50		04/15/30		2,340,000		2,330,846
Tapestry, Inc.		BBB		7.05		11/27/25		1,310,000		1,340,751
										28,403,986
CONSUMER STAPLES (0.4%)
Bunge Ltd. Finance Corp.		BBB+		3.25		08/15/26		3,900,000		3,743,935
ENERGY (1.4%)
Devon Energy Corp.		BBB		5.25		09/15/24		4,400,000		4,390,327
Energy Transfer LP		BBB		6.05		12/01/26		2,000,000		2,056,734
Pioneer Natural Resources Co.		BBB		5.10		03/29/26		3,000,000		3,021,903
Targa Resources Partners LP/Targa Resources Partners Finance Corp.		BBB-		5.50		03/01/30		1,480,000		1,480,471
Williams Cos., Inc.		BBB		5.40		03/02/26		2,399,000		2,423,991
										13,373,426
FINANCIALS (12.4%)
Aflac, Inc.		A-		1.13		03/15/26		2,075,000		1,916,284
Alleghany Corp.		AA		3.63		05/15/30		2,200,000		2,083,624
American International Group, Inc.		BBB+		4.13		02/15/24		1,945,000		1,946,254
Bank of America Corp.		A-		2.97		02/04/33		3,130,000		2,663,310
Bank of America Corp.		A-		3.42		12/20/28		12,535,000		11,811,366
Barclays PLC		BBB+		5.83		05/09/27		2,000,000		2,017,673
Brown & Brown, Inc.		BBB-		4.20		09/15/24		2,574,000		2,544,010
Capital One Financial Corp.		BBB		4.93		05/10/28		1,475,000		1,451,092
Citigroup, Inc.		BBB+		3.98		03/20/30		7,675,000		7,282,721
Citigroup, Inc.		BBB+		4.14		05/24/25		1,950,000		1,938,355
Citizens Financial Group, Inc.		BBB		3.75		07/01/24		3,693,000		3,617,273
Fifth Third Bancorp		BBB		4.30		01/16/24		2,430,000		2,430,502
Fifth Third Bank N.A.		A-		5.85		10/27/25		1,600,000		1,596,858
Goldman Sachs Group, Inc.		BBB+		2.64		02/24/28		2,935,000		2,720,497
Goldman Sachs Group, Inc.		BBB+		3.85		01/26/27		5,620,000		5,468,966
JPMorgan Chase & Co.		A-		1.47		09/22/27		2,620,000		2,373,370
JPMorgan Chase & Co.		A-		3.51		01/23/29		5,030,000		4,766,901
JPMorgan Chase & Co.		A-		5.35		06/01/34		2,800,000		2,842,426
JPMorgan Chase & Co.		BBB+		5.72		09/14/33		800,000		829,288
KeyBank N.A.		BBB+		4.15		08/08/25		3,475,000		3,372,839
Legg Mason, Inc.		A		3.95		07/15/24		1,945,000		1,927,503
M&T Bank Corp.		BBB+		4.00		07/15/24		1,750,000		1,729,244
Mercury General Corp.		BBB-		4.40		03/15/27		3,030,000		2,901,769
Morgan Stanley		A-		4.43		01/23/30		2,425,000		2,364,510
Morgan Stanley		A-		5.12		02/01/29		4,670,000		4,693,934
Morgan Stanley		A-		5.45		07/20/29		3,920,000		3,997,938
Nasdaq, Inc.		BBB		5.65		06/28/25		2,000,000		2,019,426
PNC Financial Svcs. Group, Inc.		A-		5.81		06/12/26		4,230,000		4,261,347
PNC Financial Svcs. Group, Inc.		A-		6.62		10/20/27		2,200,000		2,283,601
Progressive Corp.		A		2.50		03/15/27		1,950,000		1,832,219
Signet UK Finance PLC		BB-		4.70		06/15/24		1,945,000		1,920,391
Synchrony Financial		BBB-		3.70		08/04/26		1,460,000		1,371,717

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

112

MoA FUNDS — INTERMEDIATE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)			Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIALS (CONTINUED)
Truist Financial Corp.	A-		4.87			01/26/29	$	5,060,000	$	5,002,240
US Bancorp	A		4.65			02/01/29		6,440,000		6,339,119
US Bancorp	A		5.78			06/12/29		1,340,000		1,376,530
Voya Financial, Inc.	BBB+		3.65			06/15/26		1,945,000		1,881,220
Wells Fargo & Co.	BBB+		3.35			03/02/33		3,390,000		2,960,371
Wells Fargo & Co.	BBB+		3.53			03/24/28		3,660,000		3,494,843
										118,031,531
HEALTH CARE (2.4%)
AbbVie, Inc.	A-		4.25			11/14/28		4,046,000		4,028,156
Amgen, Inc.	BBB+		5.15			03/02/28		1,945,000		1,990,136
Baxter International, Inc.	BBB		1.92			02/01/27		4,000,000		3,668,992
CVS Health Corp.	BBB		1.30			08/21/27		2,331,000		2,072,502
CVS Health Corp.	BBB		3.38			08/12/24		575,000		566,798
CVS Health Corp.	BBB		3.88			07/20/25		1,460,000		1,434,970
Elevance Health, Inc.	A		2.88			09/15/29		2,900,000		2,661,617
Humana, Inc.	BBB+		3.85			10/01/24		2,430,000		2,399,079
Thermo Fisher Scientific, Inc.	A-		1.75			10/15/28		4,410,000		3,936,809
										22,759,059
INDUSTRIALS (1.5%)
Boeing Co.	BBB-		2.75			02/01/26		490,000		469,202
Boeing Co.	BBB-		4.88			05/01/25		3,290,000		3,275,515
Lennox International, Inc.	BBB		1.70			08/01/27		3,796,000		3,415,206
Stanley Black & Decker, Inc.	A-		2.30			02/24/25		4,900,000		4,734,747
Verisk Analytics, Inc.	BBB		4.00			06/15/25		2,010,000		1,977,229
										13,871,899
INFORMATION TECHNOLOGY (2.3%)
Apple, Inc.	AA+		2.05			09/11/26		2,050,000		1,933,813
Applied Materials, Inc.	A		3.90			10/01/25		2,140,000		2,111,286
Broadcom Corp./Broadcom Cayman Finance Ltd.	BBB		3.88			01/15/27		2,545,000		2,484,665
Intel Corp.	A		4.88			02/10/28		3,225,000		3,281,401
Oracle Corp.	BBB		2.80			04/01/27		2,115,000		1,996,347
Oracle Corp.	BBB		2.88			03/25/31		1,860,000		1,648,990
PayPal Hldgs., Inc.	A-		2.65			10/01/26		2,620,000		2,489,749
Teledyne Technologies, Inc.	BBB		2.75			04/01/31		2,375,000		2,070,272
VMware LLC	BBB		1.40			08/15/26		3,960,000		3,621,425
										21,637,948
MATERIALS (1.3%)
Ecolab, Inc.	A-		1.65			02/01/27		2,780,000		2,557,778
International Flavors & Fragrances, Inc.†	BBB-		1.23	��		10/01/25		4,019,000		3,721,203
Nucor Corp.	A-		3.95			05/23/25		1,950,000		1,920,412
Packaging Corp. of America	BBB		3.65			09/15/24		4,400,000		4,338,771
										12,538,164
REAL ESTATE (2.8%)
Alexandria Real Estate Equities, Inc.	BBB+		4.50			07/30/29		2,195,000		2,136,844
Boston Properties LP	BBB+		3.25			01/30/31		3,100,000		2,666,565
Boston Properties LP	BBB+		6.50			01/15/34		1,945,000		2,055,996
Equinix, Inc.	BBB		1.45			05/15/26		1,795,000		1,659,062
Host Hotels & Resorts LP	BBB-		4.00			06/15/25		1,890,000		1,846,170
Kimco Realty OP LLC	BBB+		3.25			08/15/26		1,905,000		1,804,222
Kimco Realty OP LLC	BBB+		6.40			03/01/34		3,600,000		3,957,222
NNN REIT, Inc.	BBB+		3.60			12/15/26		1,460,000		1,399,854
Omega Healthcare Investors, Inc.	BBB-		4.50			01/15/25		730,000		718,114

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

113

MoA FUNDS — INTERMEDIATE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
REAL ESTATE (CONTINUED)
Prologis LP	A		1.75		07/01/30	$	2,320,000	$	1,945,181
Realty Income Corp.	A-		5.05		01/13/26		6,250,000		6,251,816
									26,441,046
UTILITIES (0.8%)
American Electric Power Co., Inc.	BBB+		2.03		03/15/24		2,770,000		2,745,870
NextEra Energy Capital Hldgs., Inc.	BBB+		3.55		05/01/27		2,270,000		2,189,219
Southern Co.	BBB		3.25		07/01/26		2,430,000		2,344,419
									7,279,508
TOTAL CORPORATE DEBT									289,131,279
TOTAL LONG-TERM DEBT SECURITIES (Cost: $962,719,977)									938,031,622
SHORT-TERM DEBT SECURITIES (0.4%):
U.S. GOVERNMENT (0.2%)
U.S. Treasury Bill	A-1+		5.31		01/23/24		2,000,000		1,993,557
U.S. GOVERNMENT AGENCIES (0.2%)
FHLB	A-1+		5.20		01/02/24		1,600,000		1,599,769
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $3,593,326)									3,593,326
TOTAL INVESTMENTS (Cost: $966,313,303) 99.2%									941,624,948
OTHER NET ASSETS 0.8%									7,925,145
NET ASSETS 100.0%								$	949,550,093

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations:	FFCB = Federal Farm Credit Bank
	FHLB = Federal Home Loan Bank
	FHLMC = Federal Home Loan Mortgage Corporation

* 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, 2023, the aggregate values of these securities amounts to $4,840,714 and represents 0.5% of net assets.

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

114

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (99.1%):
U.S. GOVERNMENT (36.5%)
U.S. Treasury Bond	AA+		1.13		05/15/40	$	71,625,000	$	46,332,422
U.S. Treasury Bond	AA+		1.13		08/15/40		61,750,000		39,558,594
U.S. Treasury Bond	AA+		1.38		11/15/40		22,500,000		14,983,594
U.S. Treasury Bond	AA+		2.25		08/15/46		29,985,000		21,406,479
U.S. Treasury Bond	AA+		2.75		08/15/47		9,790,000		7,657,616
U.S. Treasury Bond	AA+		2.88		05/15/43		200,000		164,781
U.S. Treasury Bond	AA+		2.88		05/15/49		7,500,000		5,987,109
U.S. Treasury Bond	AA+		3.63		02/15/53		23,570,000		21,864,858
U.S. Treasury Bond	AA+		4.00		11/15/52		30,665,000		30,387,098
U.S. Treasury Bond	AA+		4.13		08/15/53		16,315,000		16,569,922
U.S. Treasury Note	AA+		1.50		11/30/28		11,000,000		9,845,000
U.S. Treasury Note	AA+		1.50		02/15/30		5,800,000		5,060,500
U.S. Treasury Note	AA+		1.63		08/15/29		47,705,000		42,513,355
U.S. Treasury Note	AA+		2.25		08/15/27		25,900,000		24,435,031
U.S. Treasury Note	AA+		2.25		11/15/27		39,090,000		36,775,139
U.S. Treasury Note	AA+		2.38		05/15/27		39,395,000		37,437,561
U.S. Treasury Note	AA+		2.38		05/15/29		2,000,000		1,856,719
U.S. Treasury Note	AA+		2.63		02/15/29		50,655,000		47,754,210
U.S. Treasury Note	AA+		2.88		05/15/28		40,165,000		38,548,987
U.S. Treasury Note	AA+		2.88		08/15/28		55,450,000		53,110,703
U.S. Treasury Note	AA+		2.88		05/15/32		67,545,000		62,711,311
U.S. Treasury Note	AA+		3.13		08/31/27		3,075,000		2,990,437
U.S. Treasury Note	AA+		3.13		11/15/28		3,915,000		3,786,539
U.S. Treasury Note	AA+		3.63		03/31/30		45,720,000		45,080,635
U.S. Treasury Note	AA+		3.75		05/31/30		5,500,000		5,459,609
U.S. Treasury Note	AA+		3.88		11/30/29		35,925,000		35,913,773
U.S. Treasury Note	AA+		3.88		08/15/33		18,100,000		18,114,141
U.S. Treasury Note	AA+		4.00		12/15/25		10,700,000		10,644,828
U.S. Treasury Note	AA+		4.13		07/31/28		17,000,000		17,191,250
U.S. Treasury Note	AA+		4.38		11/30/28		6,000,000		6,146,250
U.S. Treasury Note	AA+		4.50		11/15/33		11,000,000		11,572,344
U.S. Treasury Note	AA+		4.63		02/28/25		1,500,000		1,498,828
U.S. Treasury Note	AA+		5.00		09/30/25		7,000,000		7,072,187
U.S. Treasury Strip	AA+		0.00		08/15/29		3,280,000		2,636,044
U.S. Treasury Strip	AA+		0.00		08/15/33		9,790,000		6,668,290
U.S. Treasury Strip	AA+		0.00		08/15/35		9,790,000		6,118,368
U.S. Treasury Strip	AA+		0.00		08/15/37		9,790,000		5,605,540
									751,460,052
U.S. GOVERNMENT AGENCIES (36.1%)
MORTGAGE-BACKED OBLIGATIONS (34.9%)
FHLMC	AA+		2.00		02/01/51		3,677,102		3,048,605
FHLMC	AA+		2.50		09/01/27		43,492		42,043
FHLMC	AA+		2.50		09/01/27		237,231		229,073
FHLMC	AA+		2.50		12/01/27		339,999		327,149
FHLMC	AA+		2.50		06/01/35		1,775,490		1,639,671
FHLMC	AA+		2.50		10/01/40		3,019,595		2,708,134
FHLMC	AA+		2.50		05/01/42		13,167,851		11,644,207
FHLMC	AA+		2.50		10/01/49		1,800,962		1,553,517
FHLMC	AA+		2.50		01/01/50		1,035,152		905,618
FHLMC	AA+		2.50		01/01/50		1,132,327		976,750
FHLMC	AA+		2.50		05/01/50		3,456,515		2,982,526
FHLMC	AA+		2.50		06/01/50		3,940,327		3,381,769
FHLMC	AA+		2.50		10/01/50		3,796,902		3,254,908
FHLMC	AA+		2.50		02/01/51		604,476		523,067
FHLMC	AA+		2.50		02/01/51		1,036,633		899,712

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

115

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC	AA+		2.50		04/01/51	$	6,152,829	$	5,265,793
FHLMC	AA+		2.50		04/01/51		4,690,383		4,055,300
FHLMC	AA+		2.50		04/01/51		1,990,899		1,721,494
FHLMC	AA+		2.50		05/01/51		7,852,462		6,785,987
FHLMC	AA+		2.50		05/01/51		5,891,184		5,091,078
FHLMC	AA+		2.50		09/01/51		4,137,369		3,558,700
FHLMC	AA+		2.50		10/01/51		2,994,869		2,561,610
FHLMC	AA+		2.50		11/01/51		2,855,619		2,450,302
FHLMC	AA+		3.00		06/01/27		144,311		140,037
FHLMC	AA+		3.00		06/01/27		5,517		5,360
FHLMC	AA+		3.00		08/01/27		6,840		6,645
FHLMC	AA+		3.00		08/01/27		106,889		103,729
FHLMC	AA+		3.00		02/01/32		1,451,717		1,386,358
FHLMC	AA+		3.00		07/01/42		183,870		167,520
FHLMC	AA+		3.00		11/01/42		424,723		381,757
FHLMC	AA+		3.00		11/01/42		17,120		15,617
FHLMC	AA+		3.00		03/01/43		737,701		673,480
FHLMC	AA+		3.00		04/01/43		980,702		895,326
FHLMC	AA+		3.00		04/01/43		4,993,238		4,548,989
FHLMC	AA+		3.00		04/01/43		15,624		14,285
FHLMC	AA+		3.00		04/01/43		3,012,268		2,744,795
FHLMC	AA+		3.00		09/15/43		144,007		139,990
FHLMC	AA+		3.00		04/15/44		212,231		197,729
FHLMC	AA+		3.00		04/15/45		77,471		75,747
FHLMC	AA+		3.00		09/01/46		2,090,250		1,874,036
FHLMC	AA+		3.00		09/01/46		965,217		872,185
FHLMC	AA+		3.00		11/01/46		258,872		229,798
FHLMC	AA+		3.00		05/01/49		2,080,005		1,863,140
FHLMC	AA+		3.00		11/01/49		1,763,989		1,580,073
FHLMC	AA+		3.00		11/01/49		1,718,016		1,538,893
FHLMC	AA+		3.00		12/01/49		1,370,156		1,227,290
FHLMC	AA+		3.00		02/01/50		1,953,919		1,750,201
FHLMC	AA+		3.00		11/01/50		3,613,893		3,224,168
FHLMC	AA+		3.00		04/01/51		1,203,670		1,074,639
FHLMC	AA+		3.00		06/01/52		6,641,624		5,912,713
FHLMC	AA+		3.50		02/01/35		728,479		700,452
FHLMC	AA+		3.50		02/01/35		378,616		364,276
FHLMC	AA+		3.50		04/01/35		346,563		332,012
FHLMC	AA+		3.50		02/01/36		344,846		329,976
FHLMC	AA+		3.50		11/01/39		1,961,668		1,876,550
FHLMC	AA+		3.50		01/01/41		346,918		327,292
FHLMC	AA+		3.50		05/01/42		23,931		22,589
FHLMC	AA+		3.50		07/01/42		892,219		847,915
FHLMC	AA+		3.50		01/01/43		19,712		18,608
FHLMC	AA+		3.50		04/01/43		20,886		19,665
FHLMC	AA+		3.50		06/01/43		637,341		600,588
FHLMC	AA+		3.50		08/15/43		1,161,377		1,111,041
FHLMC	AA+		3.50		11/01/43		17,170		16,208
FHLMC	AA+		3.50		01/01/44		8,324,391		7,848,831
FHLMC	AA+		3.50		04/01/45		791,184		744,965
FHLMC	AA+		3.50		07/01/45		908,606		861,247
FHLMC	AA+		3.50		07/01/45		30,287		28,742
FHLMC	AA+		3.50		09/01/45		452,533		425,625
FHLMC	AA+		3.50		11/01/45		1,862,697		1,767,540

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

116

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC	AA+		3.50		08/01/46	$	787,669	$	740,442
FHLMC	AA+		3.50		12/01/47		426,317		397,509
FHLMC	AA+		3.50		02/01/50		1,219,386		1,137,477
FHLMC	AA+		3.50		09/01/50		2,351,309		2,189,293
FHLMC	AA+		4.00		02/01/25		8,040		7,937
FHLMC	AA+		4.00		05/01/25		4,949		4,881
FHLMC	AA+		4.00		05/01/26		24,782		24,402
FHLMC	AA+		4.00		11/01/33		12,334		12,155
FHLMC	AA+		4.00		12/01/33		440,150		426,803
FHLMC	AA+		4.00		01/01/38		304,658		300,335
FHLMC	AA+		4.00		01/01/38		1,071,313		1,054,772
FHLMC	AA+		4.00		01/15/40		1,546,191		1,523,703
FHLMC	AA+		4.00		03/01/41		6,576		6,398
FHLMC	AA+		4.00		07/01/41		313,018		305,020
FHLMC	AA+		4.00		07/01/41		10,447		10,193
FHLMC	AA+		4.00		11/01/42		5,515		5,358
FHLMC	AA+		4.00		10/01/44		13,198		12,778
FHLMC	AA+		4.00		10/01/44		705,402		682,171
FHLMC	AA+		4.00		10/01/44		395,939		382,899
FHLMC	AA+		4.00		10/01/44		309,249		299,065
FHLMC	AA+		4.00		02/01/45		1,927,968		1,879,620
FHLMC	AA+		4.00		06/01/45		27,869		27,014
FHLMC	AA+		4.00		05/01/47		341,205		328,836
FHLMC	AA+		4.00		02/01/48		303,626		292,617
FHLMC	AA+		4.00		05/01/48		136,994		131,711
FHLMC	AA+		4.00		04/01/52		3,812,227		3,628,083
FHLMC	AA+		4.00		06/01/52		4,919,256		4,699,047
FHLMC	AA+		4.00		08/01/52		4,713,285		4,501,202
FHLMC	AA+		4.23		05/01/30		7,361,000		7,149,149
FHLMC	AA+		4.25		12/01/29		3,250,000		3,173,816
FHLMC	AA+		4.50		03/01/34		2,905		2,887
FHLMC	AA+		4.50		09/01/41		5,860		5,838
FHLMC	AA+		4.50		02/01/44		66,016		65,642
FHLMC	AA+		4.50		05/01/48		849,201		837,140
FHLMC	AA+		4.50		05/01/48		424,920		418,885
FHLMC	AA+		5.00		02/01/26		5,478		5,430
FHLMC	AA+		5.00		02/01/26		229		227
FHLMC	AA+		5.00		10/01/40		245,279		250,331
FHLMC	AA+		5.00		09/01/47		363,304		364,611
FHLMC	AA+		5.00		04/01/52		3,839,148		3,810,197
FHLMC	AA+		5.00		06/01/52		6,219,922		6,157,598
FHLMC	AA+		5.00		12/01/52		18,389,431		18,336,037
FHLMC	AA+		5.50		07/01/32		1,612		1,649
FHLMC	AA+		5.50		01/15/33		54,860		55,740
FHLMC	AA+		5.50		05/01/33		612		627
FHLMC	AA+		5.50		06/01/37		10,093		10,438
FHLMC	AA+		5.50		06/01/53		4,883,325		4,918,205
FHLMC	AA+		5.50		07/01/53		37,135,032		37,356,872
FHLMC	AA+		5.50		07/01/53		2,299,980		2,326,150
FHLMC	AA+		6.00		07/15/29		26,178		26,480
FHLMC	AA+		6.00		09/01/53		3,041,897		3,112,469
FHLMC	AA+		6.50		12/01/52		1,854,694		1,918,450
FHLMC	AA+		6.50		12/01/52		5,389,464		5,592,055
FHLMC ARM	AA+		1.93		10/01/51		11,917,716		10,407,449

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

117

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC ARM	AA+		4.43		04/01/53	$	7,266,751	$	7,011,165
FHLMC ARM	AA+		4.91		04/01/37		29,866		29,813
FHLMC Strip	AA+		3.00		06/15/42		4,338,787		3,974,435
FHLMC Strip	AA+		3.00		01/15/43		715,512		641,797
FHLMC Strip	AA+		3.50		10/15/47		423,726		388,604
FNMA	AA+		1.81		09/01/51		10,642,458		9,197,238
FNMA	AA+		2.00		07/01/36		23,558,857		21,182,775
FNMA	AA+		2.00		10/01/50		3,848,032		3,188,389
FNMA	AA+		2.00		10/01/50		3,385,873		2,815,457
FNMA	AA+		2.00		02/01/51		8,449,623		6,899,098
FNMA	AA+		2.00		03/01/51		6,055,835		5,051,481
FNMA	AA+		2.00		11/01/51		3,217,073		2,642,934
FNMA	AA+		2.16		02/01/32		5,000,000		4,131,701
FNMA	AA+		2.34		05/01/36		9,375,000		7,589,866
FNMA	AA+		2.50		01/01/33		158,460		147,819
FNMA	AA+		2.50		02/01/33		497,298		463,959
FNMA	AA+		2.50		05/01/35		378,615		349,652
FNMA	AA+		2.50		06/01/35		2,769,632		2,557,764
FNMA	AA+		2.50		07/01/35		846,177		781,447
FNMA	AA+		2.50		07/01/35		2,326,265		2,148,230
FNMA	AA+		2.50		09/01/35		3,024,180		2,792,839
FNMA	AA+		2.50		10/01/35		6,491,054		5,994,508
FNMA	AA+		2.50		04/01/42		11,928,668		10,549,983
FNMA	AA+		2.50		05/01/42		4,893,018		4,348,520
FNMA	AA+		2.50		06/01/42		8,560,966		7,570,383
FNMA	AA+		2.50		05/01/43		889,634		769,725
FNMA	AA+		2.50		05/01/46		7,820,757		6,690,368
FNMA	AA+		2.50		10/01/50		1,630,970		1,409,067
FNMA	AA+		2.50		10/01/50		820,820		713,014
FNMA	AA+		2.50		11/01/50		1,514,059		1,315,202
FNMA	AA+		2.50		12/01/50		1,674,782		1,449,908
FNMA	AA+		2.50		12/01/50		2,272,933		1,972,370
FNMA	AA+		2.50		01/01/51		9,342,550		8,085,806
FNMA	AA+		2.50		03/01/51		6,157,668		5,324,422
FNMA	AA+		2.50		03/01/51		6,621,116		5,742,285
FNMA	AA+		2.50		03/01/51		1,573,445		1,353,237
FNMA	AA+		2.50		04/01/51		9,710,985		8,338,162
FNMA	AA+		2.50		04/01/51		4,274,986		3,703,843
FNMA	AA+		2.50		04/01/51		3,653,179		3,152,593
FNMA	AA+		2.50		05/01/51		1,621,480		1,401,662
FNMA	AA+		2.50		05/01/51		2,477,996		2,141,859
FNMA	AA+		2.50		06/01/51		1,782,560		1,526,893
FNMA	AA+		2.50		12/01/51		13,008,516		11,105,712
FNMA	AA+		2.50		04/01/52		5,304,136		4,545,864
FNMA	AA+		2.50		05/01/52		1,943,906		1,662,293
FNMA	AA+		2.77		03/01/32		5,122,000		4,430,661
FNMA	AA+		3.00		06/01/33		516,757		490,286
FNMA	AA+		3.00		07/01/33		687,047		651,861
FNMA	AA+		3.00		09/01/33		823,211		780,723
FNMA	AA+		3.00		03/01/36		779,752		730,968
FNMA	AA+		3.00		09/01/40		849,819		777,205
FNMA	AA+		3.00		04/25/42		60,743		59,809
FNMA	AA+		3.00		12/01/42		507,083		459,639
FNMA	AA+		3.00		02/01/43		12,912		11,762

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

118

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA	AA+		3.00		03/01/43	$	11,133	$	10,166
FNMA	AA+		3.00		09/01/43		130,232		118,903
FNMA	AA+		3.00		02/01/45		878,926		798,289
FNMA	AA+		3.00		03/01/45		228,400		203,142
FNMA	AA+		3.00		09/01/46		1,547,976		1,398,737
FNMA	AA+		3.00		01/01/47		285,127		253,103
FNMA	AA+		3.00		12/01/47		153,358		138,449
FNMA	AA+		3.00		03/01/48		352,871		316,285
FNMA	AA+		3.00		03/01/50		1,345,298		1,203,971
FNMA	AA+		3.00		03/01/50		8,506,787		7,551,382
FNMA	AA+		3.00		05/01/50		2,147,473		1,920,273
FNMA	AA+		3.00		06/01/50		4,103,131		3,668,272
FNMA	AA+		3.00		08/01/50		2,483,910		2,218,352
FNMA	AA+		3.00		01/01/52		10,204,752		9,084,583
FNMA	AA+		3.03		04/01/34		8,697,329		7,586,590
FNMA	AA+		3.10		06/01/29		9,800,000		9,070,009
FNMA	AA+		3.50		03/01/32		245,748		236,847
FNMA	AA+		3.50		09/01/32		14,822		14,262
FNMA	AA+		3.50		07/01/34		423,039		410,948
FNMA	AA+		3.50		10/01/34		632,394		608,419
FNMA	AA+		3.50		02/01/35		526,719		506,427
FNMA	AA+		3.50		08/01/38		16,675		15,683
FNMA	AA+		3.50		10/01/40		30,528		28,980
FNMA	AA+		3.50		03/01/41		526,532		501,390
FNMA	AA+		3.50		10/01/41		479,719		455,572
FNMA	AA+		3.50		12/01/41		366,568		348,116
FNMA	AA+		3.50		04/01/42		853,428		810,518
FNMA	AA+		3.50		08/01/42		21,604		20,371
FNMA	AA+		3.50		12/01/42		733,709		689,983
FNMA	AA+		3.50		01/01/43		83,278		79,091
FNMA	AA+		3.50		01/01/43		395,764		372,942
FNMA	AA+		3.50		04/01/43		104,665		99,380
FNMA	AA+		3.50		08/01/43		1,620,133		1,522,863
FNMA	AA+		3.50		08/01/43		887,437		830,522
FNMA	AA+		3.50		10/01/43		204,492		191,820
FNMA	AA+		3.50		08/01/44		1,147,813		1,055,871
FNMA	AA+		3.50		04/01/45		762,875		718,310
FNMA	AA+		3.50		04/01/45		1,418,354		1,342,559
FNMA	AA+		3.50		05/01/45		1,059,773		996,756
FNMA	AA+		3.50		10/01/45		1,213,565		1,143,921
FNMA	AA+		3.50		02/01/46		502,552		470,683
FNMA	AA+		3.50		02/01/46		1,656,527		1,542,302
FNMA	AA+		3.50		08/01/46		672,952		633,400
FNMA	AA+		3.50		10/01/46		171,588		160,480
FNMA	AA+		3.50		12/01/46		273,479		255,873
FNMA	AA+		3.50		01/01/47		311,430		291,269
FNMA	AA+		3.50		09/01/47		1,244,192		1,169,593
FNMA	AA+		3.50		11/01/47		5,295,046		4,937,233
FNMA	AA+		3.50		04/01/48		159,338		149,502
FNMA	AA+		3.50		03/01/50		2,495,848		2,327,327
FNMA	AA+		3.50		06/01/51		7,131,457		6,564,338
FNMA	AA+		3.50		01/01/52		3,054,547		2,807,965
FNMA	AA+		3.50		02/01/52		6,941,408		6,381,055
FNMA	AA+		3.50		05/01/52		4,536,827		4,201,559

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

119

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA	AA+		3.75		08/01/28	$	5,000,000	$	4,805,559
FNMA	AA+		4.00		01/01/31		87,989		86,173
FNMA	AA+		4.00		03/01/35		128,566		124,635
FNMA	AA+		4.00		06/01/36		276,785		270,662
FNMA	AA+		4.00		10/01/36		296,361		289,804
FNMA	AA+		4.00		10/01/40		344,688		336,291
FNMA	AA+		4.00		11/01/40		6,729		6,538
FNMA	AA+		4.00		01/01/41		24,452		23,791
FNMA	AA+		4.00		05/01/41		184,644		180,057
FNMA	AA+		4.00		05/01/43		2,076,406		2,017,644
FNMA	AA+		4.00		01/01/44		4,064,614		3,943,910
FNMA	AA+		4.00		09/01/45		202,337		196,130
FNMA	AA+		4.00		11/01/45		385,577		374,188
FNMA	AA+		4.00		02/01/47		1,241,179		1,203,092
FNMA	AA+		4.00		11/01/47		510,460		491,948
FNMA	AA+		4.00		04/01/48		215,734		207,414
FNMA	AA+		4.00		04/01/49		6,005,177		5,773,583
FNMA	AA+		4.00		03/01/50		3,713,463		3,550,851
FNMA	AA+		4.00		03/01/52		2,027,210		1,941,524
FNMA	AA+		4.00		07/01/52		4,702,044		4,498,932
FNMA	AA+		4.00		07/01/56		2,605,550		2,506,992
FNMA	AA+		4.50		05/01/30		69,188		68,514
FNMA	AA+		4.50		05/01/34		2,033		2,019
FNMA	AA+		4.50		06/01/34		1,734		1,722
FNMA	AA+		4.50		08/01/35		1,979		1,968
FNMA	AA+		4.50		05/01/39		293,884		294,070
FNMA	AA+		4.50		05/01/39		224,646		225,221
FNMA	AA+		4.50		12/01/39		1,306,876		1,298,269
FNMA	AA+		4.50		05/01/40		188,147		188,230
FNMA	AA+		4.50		07/01/40		915,468		916,023
FNMA	AA+		4.50		10/01/40		175,884		175,284
FNMA	AA+		4.50		03/01/44		393,852		391,167
FNMA	AA+		4.50		04/01/44		805,269		798,712
FNMA	AA+		4.50		11/01/47		846,417		835,768
FNMA	AA+		4.50		11/01/47		1,015,450		1,009,949
FNMA	AA+		4.50		11/01/47		1,189,938		1,183,492
FNMA	AA+		4.50		02/01/49		353,983		348,955
FNMA	AA+		4.50		05/01/50		8,439,354		8,303,171
FNMA	AA+		4.58		02/01/53		9,068,934		8,840,097
FNMA	AA+		5.00		06/01/33		2,664		2,686
FNMA	AA+		5.00		09/01/33		2,113		2,131
FNMA	AA+		5.00		10/01/33		2,888		2,913
FNMA	AA+		5.00		11/01/33		4,064		4,099
FNMA	AA+		5.00		03/01/34		739		745
FNMA	AA+		5.00		04/01/34		527		532
FNMA	AA+		5.00		04/01/34		1,553		1,569
FNMA	AA+		5.00		04/01/35		1,885		1,906
FNMA	AA+		5.00		06/01/35		793		801
FNMA	AA+		5.00		09/01/35		1,225		1,238
FNMA	AA+		5.00		11/25/35		195,102		197,252
FNMA	AA+		5.00		10/01/36		1,491		1,508
FNMA	AA+		5.00		08/01/37		1,376,924		1,390,590
FNMA	AA+		5.00		05/01/39		158,237		161,040
FNMA	AA+		5.00		06/01/40		2,907		2,967

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

120

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA	AA+		5.00		06/01/52	$	14,053,494	$	13,911,520
FNMA	AA+		5.00		09/01/52		12,949,498		12,818,677
FNMA	AA+		5.00		10/01/52		2,133,599		2,112,045
FNMA	AA+		5.00		11/01/52		3,294,126		3,291,012
FNMA	AA+		5.50		01/01/24		34		34
FNMA	AA+		5.50		03/01/24		792		788
FNMA	AA+		5.50		08/01/25		303		301
FNMA	AA+		5.50		11/01/26		9,564		9,548
FNMA	AA+		5.50		03/01/33		76,922		78,628
FNMA	AA+		5.50		02/25/37		5,022		5,121
FNMA	AA+		5.50		05/01/38		1,429,874		1,472,930
FNMA	AA+		5.50		06/01/48		25,591		26,324
FNMA	AA+		5.50		06/01/52		1,103,320		1,112,368
FNMA	AA+		5.50		04/01/53		2,783,223		2,803,102
FNMA	AA+		6.00		03/01/28		26,155		26,466
FNMA	AA+		6.00		05/01/32		46,708		48,662
FNMA	AA+		6.00		04/01/33		93,896		97,863
FNMA	AA+		6.00		05/01/33		2,298		2,395
FNMA	AA+		6.00		09/01/34		699		730
FNMA	AA+		6.00		10/01/34		4,634		4,841
FNMA	AA+		6.00		03/01/36		8,920		9,366
FNMA	AA+		6.00		01/01/37		34,270		35,985
FNMA	AA+		6.00		05/01/37		6,925		7,288
FNMA	AA+		6.00		08/01/37		35,758		37,636
FNMA	AA+		6.00		12/01/37		17,576		18,499
FNMA	AA+		6.00		10/25/44		221,500		224,059
FNMA	AA+		6.00		11/01/52		5,227,978		5,372,510
FNMA	AA+		6.00		09/01/53		11,357,927		11,686,383
FNMA	AA+		6.50		05/01/32		64,677		67,893
FNMA	AA+		6.50		07/01/34		685		724
FNMA	AA+		6.50		09/01/34		346		365
FNMA	AA+		6.50		09/01/36		7,767		8,255
FNMA	AA+		6.50		05/01/37		74,364		79,185
FNMA	AA+		6.50		07/01/37		4,142		4,410
FNMA	AA+		6.50		11/01/53		7,129,038		7,328,342
FNMA	AA+		7.00		04/01/32		123		130
FNMA	AA+		7.50		06/01/31		65		69
FNMA	AA+		7.50		02/01/32		351		378
FNMA	AA+		7.50		06/01/32		17,492		19,018
FNMA	AA+		8.00		04/01/32		14,033		14,726
FNMA Strip	AA+		3.00		08/25/42		450,312		410,488
FRESB Multifamily Mortgage	AA+		2.37		10/25/26		706,793		666,248
FRESB Multifamily Mortgage	AA+		2.92		09/25/24		10,215,977		10,027,088
FRESB Multifamily Mortgage	AA+		3.61		10/25/28		614,473		589,298
GNMA (1)	AA+		2.00		04/20/32		463,835		432,075
GNMA (1)	AA+		2.00		09/20/50		1,762,278		1,440,213
GNMA (1)	AA+		2.50		12/20/50		4,733,831		4,100,825
GNMA (1)	AA+		2.50		03/20/51		1,931,494		1,669,413
GNMA (1)	AA+		2.50		10/20/51		4,382,963		3,812,225
GNMA (1)	AA+		2.50		08/20/52		6,397,039		5,611,123
GNMA (1)	AA+		2.50		03/20/53		6,532,454		5,730,571
GNMA (1)	AA+		2.50		06/20/53		8,018,725		7,030,676
GNMA (1)	AA+		3.00		07/16/36		1,227,552		1,096,125
GNMA (1)	AA+		3.00		01/15/46		880,962		809,723

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

121

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (1)	AA+		3.00		03/15/46	$	3,467,340	$	3,184,405
GNMA (1)	AA+		3.00		07/15/46		2,165,510		1,988,805
GNMA (1)	AA+		3.00		02/20/47		1,107,839		1,008,985
GNMA (1)	AA+		3.00		10/20/51		6,194,424		5,570,528
GNMA (1)	AA+		3.00		08/20/52		3,578,824		3,245,630
GNMA (1)	AA+		3.50		02/20/42		313,662		295,165
GNMA (1)	AA+		3.50		07/15/42		862,825		819,406
GNMA (1)	AA+		3.50		11/15/42		167,363		157,895
GNMA (1)	AA+		3.50		03/20/45		776,694		734,028
GNMA (1)	AA+		3.50		05/20/45		956,362		903,827
GNMA (1)	AA+		3.50		12/20/50		334,459		310,873
GNMA (1)	AA+		3.70		05/15/42		380,819		366,841
GNMA (1)	AA+		4.00		04/15/24		3,605		3,588
GNMA (1)	AA+		4.00		01/20/41		1,944		1,899
GNMA (1)	AA+		4.00		03/15/41		177,693		173,435
GNMA (1)	AA+		4.00		08/15/41		1,196		1,167
GNMA (1)	AA+		4.00		11/15/41		274,163		267,594
GNMA (1)	AA+		4.00		12/15/41		1,898		1,850
GNMA (1)	AA+		4.00		01/15/42		23,983		23,386
GNMA (1)	AA+		4.00		08/20/42		244,280		238,583
GNMA (1)	AA+		4.00		09/20/50		747		711
GNMA (1)	AA+		4.25		04/20/41		320,559		317,148
GNMA (1)	AA+		4.29		04/15/41		7,819		7,729
GNMA (1)	AA+		4.50		06/20/30		12,566		12,284
GNMA (1)	AA+		4.50		09/15/30		149,297		145,949
GNMA (1)	AA+		4.50		04/20/31		5,374		5,253
GNMA (1)	AA+		4.50		06/20/34		88,299		88,894
GNMA (1)	AA+		4.50		09/15/40		387,715		387,886
GNMA (1)	AA+		4.50		10/15/40		412,738		412,921
GNMA (1)	AA+		4.50		10/20/43		11,332		11,281
GNMA (1)	AA+		5.00		06/20/39		402,009		403,638
GNMA (1)	AA+		5.00		05/15/40		39,630		40,508
GNMA (1)	AA+		5.00		06/20/40		23,195		23,601
GNMA (1)	AA+		5.50		01/15/36		52,754		54,033
GNMA (1)	AA+		6.50		04/15/31		4,708		4,857
GNMA (1)	AA+		6.50		10/15/31		157		163
GNMA (1)	AA+		6.50		12/15/31		4,856		4,894
GNMA (1)	AA+		6.50		05/15/32		6,869		7,038
GNMA (1)	AA+		7.00		05/15/31		161		168
GNMA (1)	AA+		7.00		05/15/32		740		744
									718,370,003
NON-MORTGAGE-BACKED OBLIGATIONS (1.2%)
FFCB	AA+		6.22		06/06/33		10,200,000		10,193,366
FHLMC	AA+		4.88		07/24/26		6,300,000		6,279,289
FHLMC	AA+		5.75		07/17/25		9,425,000		9,419,843
									25,892,498
CORPORATE DEBT (26.4%)
COMMUNICATION SERVICES (2.5%)
AT&T, Inc.	BBB		2.75		06/01/31		10,048,000		8,816,240
Comcast Corp.	A-		3.40		04/01/30		9,395,000		8,798,474
Discovery Communications LLC	BBB-		3.95		06/15/25		500,000		489,020
Sprint LLC	BBB-		7.63		03/01/26		4,400,000		4,595,381
T-Mobile USA, Inc.	BBB		3.38		04/15/29		4,580,000		4,262,047

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

122

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PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
COMMUNICATION SERVICES (CONTINUED)
T-Mobile USA, Inc.	BBB		3.75		04/15/27	$	6,105,000	$	5,923,944
Verizon Communications, Inc.	BBB+		4.02		12/03/29		5,450,000		5,274,149
Verizon Communications, Inc.	BBB+		4.13		03/16/27		5,570,000		5,494,267
Warnermedia Hldgs., Inc.	BBB-		4.28		03/15/32		5,845,000		5,354,416
Warnermedia Hldgs., Inc.	BBB-		6.41		03/15/26		3,420,000		3,422,807
									52,430,745
CONSUMER DISCRETIONARY (2.6%)
Amazon.com, Inc.	AA		1.20		06/03/27		4,100,000		3,702,455
AutoZone, Inc.	BBB		3.25		04/15/25		7,363,000		7,190,349
AutoZone, Inc.	BBB		3.75		04/18/29		1,795,000		1,716,483
Best Buy Co., Inc.	BBB+		1.95		10/01/30		1,625,000		1,351,818
Brunswick Corp.	BBB-		2.40		08/18/31		7,055,000		5,700,400
Expedia Group, Inc.	BBB		5.00		02/15/26		5,170,000		5,171,442
Expedia Group, Inc.†	BBB		6.25		05/01/25		4,326,000		4,363,069
General Motors Co.	BBB		6.13		10/01/25		500,000		506,699
General Motors Financial Co., Inc.	BBB		6.05		10/10/25		6,425,000		6,507,637
Harman International Industries, Inc.	A		4.15		05/15/25		4,970,000		4,894,195
Lowe's Cos., Inc.	BBB+		4.50		04/15/30		5,050,000		5,030,244
McDonald's Corp.	BBB+		3.50		07/01/27		3,230,000		3,143,213
Tapestry, Inc.	BBB		7.05		11/27/25		1,770,000		1,811,549
Whirlpool Corp.	BBB		3.70		05/01/25		1,960,000		1,918,002
									53,007,555
CONSUMER STAPLES (0.5%)
Bunge Ltd. Finance Corp.	BBB+		2.75		05/14/31		4,150,000		3,615,768
Hormel Foods Corp.	A-		1.80		06/11/30		3,600,000		3,064,638
Sysco Corp.	BBB		3.75		10/01/25		3,550,000		3,471,214
									10,151,620
ENERGY (1.0%)
Devon Energy Corp.	BBB		5.85		12/15/25		2,450,000		2,478,316
Energy Transfer LP	BBB		5.55		02/15/28		1,775,000		1,816,110
Pioneer Natural Resources Co.	BBB		5.10		03/29/26		6,320,000		6,366,143
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	BBB-		5.50		03/01/30		3,100,000		3,100,987
Williams Cos., Inc.	BBB		5.40		03/02/26		7,630,000		7,709,483
									21,471,039
FINANCIALS (9.8%)
Aflac, Inc.	A-		1.13		03/15/26		4,380,000		4,044,976
Alleghany Corp.	AA		3.63		05/15/30		4,660,000		4,413,493
Bank of America Corp.	A-		2.97		02/04/33		26,230,000		22,319,047
Barclays PLC	BBB+		5.83		05/09/27		3,000,000		3,026,509
Block Financial LLC	BBB		5.25		10/01/25		2,985,000		2,966,558
Capital One Financial Corp.	BBB		4.93		05/10/28		3,165,000		3,113,698
Citigroup, Inc.	BBB+		3.79		03/17/33		10,865,000		9,787,161
Citigroup, Inc.	BBB+		3.98		03/20/30		4,460,000		4,232,044
Citigroup, Inc.	BBB+		4.41		03/31/31		1,000,000		958,171
Citizens Financial Group, Inc.	BBB		3.75		07/01/24		5,000,000		4,897,472
Fairfax Financial Hldgs. Ltd.†	BBB		6.00		12/07/33		5,010,000		5,151,748
Fifth Third Bancorp	BBB+		1.71		11/01/27		1,000,000		901,793
Fifth Third Bancorp	BBB		4.30		01/16/24		4,895,000		4,895,806
Fifth Third Bank N.A.	A-		5.85		10/27/25		2,400,000		2,395,288
Goldman Sachs Group, Inc.	BBB+		2.60		02/07/30		9,000,000		7,913,399
Goldman Sachs Group, Inc.	BBB+		2.64		02/24/28		500,000		463,458

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

123

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PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
FINANCIALS (CONTINUED)
Goldman Sachs Group, Inc.	BBB+		3.85		01/26/27	$	4,930,000	$	4,797,509
JPMorgan Chase & Co.	A-		1.47		09/22/27		6,245,000		5,657,136
JPMorgan Chase & Co.	A-		5.35		06/01/34		4,625,000		4,695,079
JPMorgan Chase & Co.	BBB+		5.72		09/14/33		11,590,000		12,014,316
Kemper Corp.	BBB-		3.80		02/23/32		4,500,000		3,807,164
Kemper Corp.	BBB-		4.35		02/15/25		1,960,000		1,918,529
KeyBank N.A.	BBB+		4.15		08/08/25		9,108,000		8,840,234
M&T Bank Corp.	BBB+		4.00		07/15/24		2,000,000		1,976,279
Mercury General Corp.	BBB		4.40		03/15/27		3,330,000		3,189,073
Morgan Stanley	A-		2.70		01/22/31		10,000,000		8,768,240
Morgan Stanley	A-		5.45		07/20/29		5,455,000		5,563,458
Old Republic International Corp.	BBB+		3.88		08/26/26		4,895,000		4,716,455
PNC Financial Svcs. Group, Inc.	A-		4.76		01/26/27		1,000,000		992,378
PNC Financial Svcs. Group, Inc.	A-		5.81		06/12/26		5,020,000		5,057,201
PNC Financial Svcs. Group, Inc.	A-		6.88		10/20/34		3,635,000		4,044,616
Signet UK Finance PLC	BB-		4.70		06/15/24		4,945,000		4,882,435
Synchrony Financial	BBB-		3.70		08/04/26		2,745,000		2,579,016
Truist Financial Corp.	A-		4.87		01/26/29		7,855,000		7,765,335
U.S. Bancorp	A		1.45		05/12/25		1,000,000		952,924
U.S. Bancorp	A		4.65		02/01/29		7,920,000		7,795,935
U.S. Bancorp	A		5.78		06/12/29		1,500,000		1,540,892
Voya Financial, Inc.	BBB+		3.65		06/15/26		4,970,000		4,807,025
Wells Fargo & Co.	BBB+		2.57		02/11/31		1,000,000		866,302
Wells Fargo & Co.	BBB+		3.35		03/02/33		9,115,000		7,959,817
Wells Fargo & Co.	BBB+		3.53		03/24/28		6,200,000		5,920,226
									202,588,195
HEALTH CARE (2.3%)
AbbVie, Inc.	A-		4.25		11/14/28		8,830,000		8,791,057
Amgen, Inc.	BBB+		5.25		03/02/33		2,800,000		2,873,443
Baxter International, Inc.	BBB		2.54		02/01/32		2,697,000		2,266,558
CVS Health Corp.	BBB		3.75		04/01/30		9,660,000		9,102,118
Elevance Health, Inc.	A		2.88		09/15/29		7,245,000		6,649,455
Humana, Inc.	BBB+		3.85		10/01/24		2,935,000		2,897,652
Merck & Co., Inc.	A+		2.15		12/10/31		6,450,000		5,513,759
Thermo Fisher Scientific, Inc.	A-		2.00		10/15/31		10,046,000		8,480,583
									46,574,625
INDUSTRIALS (1.2%)
Boeing Co.	BBB-		2.20		02/04/26		500,000		472,599
Boeing Co.	BBB-		2.75		02/01/26		4,901,000		4,692,980
Boeing Co.	BBB-		4.88		05/01/25		4,870,000		4,848,559
Hexcel Corp.	BB+		4.95		08/15/25		3,820,000		3,785,509
Lennox International, Inc.	BBB		1.70		08/01/27		4,935,000		4,439,948
Verisk Analytics, Inc.	BBB		4.00		06/15/25		5,895,000		5,798,888
									24,038,483
INFORMATION TECHNOLOGY (3.0%)
Apple, Inc.	AA+		2.05		09/11/26		5,750,000		5,424,111
Applied Materials, Inc.	A		3.90		10/01/25		6,435,000		6,348,656
Arrow Electronics, Inc.	BBB-		4.00		04/01/25		980,000		961,806
Broadcom Corp./Broadcom Cayman Finance Ltd.	BBB		3.88		01/15/27		6,470,000		6,316,615
Broadcom, Inc.	BBB		3.15		11/15/25		500,000		484,271
Intel Corp.	A		5.20		02/10/33		4,670,000		4,885,660
Keysight Technologies, Inc.	BBB		4.55		10/30/24		4,895,000		4,845,761

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

124

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

	Rating*		Rate(%)		Maturity		Face Amount			Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
INFORMATION TECHNOLOGY (CONTINUED)
Mastercard, Inc.		A+		3.30		03/26/27	$	2,300,000		$	2,232,298
Motorola Solutions, Inc.		BBB-		4.00		09/01/24		980,000			967,867
Oracle Corp.		BBB		2.80		04/01/27		3,410,000			3,218,696
Oracle Corp.		BBB		4.90		02/06/33		4,580,000			4,565,137
PayPal Hldgs., Inc.		A-		2.65		10/01/26		8,380,000			7,963,396
QUALCOMM, Inc.		A		4.25		05/20/32		1,785,000			1,774,844
Teledyne Technologies, Inc.		BBB		2.75		04/01/31		5,800,000			5,055,821
VMware LLC		BBB		1.40		08/15/26		6,860,000			6,273,478
											61,318,417
MATERIALS (0.7%)
AptarGroup, Inc.		BBB-		3.60		03/15/32		4,430,000			3,997,575
Eagle Materials, Inc.		BBB		2.50		07/01/31		5,700,000			4,846,933
Sherwin-Williams Co.		BBB		3.95		01/15/26		4,895,000			4,800,739
Sherwin-Williams Co.		BBB		4.25		08/08/25		500,000			494,492
											14,139,739
REAL ESTATE (2.5%)
Alexandria Real Estate Equities, Inc.		BBB+		4.75		04/15/35		6,545,000			6,365,416
Boston Properties LP		BBB+		3.25		01/30/31		6,488,000			5,580,863
Boston Properties LP		BBB+		6.50		01/15/34		3,435,000			3,631,027
Equinix, Inc.		BBB		1.45		05/15/26		7,345,000			6,788,753
Healthpeak OP LLC		BBB+		3.40		02/01/25		4,170,000			4,074,671
Host Hotels & Resorts LP		BBB-		4.00		06/15/25		4,357,000			4,255,959
Kimco Realty OP LLC		BBB+		6.40		03/01/34		5,800,000			6,375,524
NNN REIT, Inc.		BBB+		3.60		12/15/26		3,145,000			3,015,438
NNN REIT, Inc.		BBB+		4.00		11/15/25		500,000			489,754
Prologis LP		A		1.75		07/01/30		3,906,000			3,274,947
Realty Income Corp.		A-		4.85		03/15/30		1,780,000			1,792,682
Realty Income Corp.		A-		5.05		01/13/26		6,521,000			6,522,894
											52,167,928
UTILITIES (0.3%)
National Fuel Gas Co.		BBB-		5.20		07/15/25		1,960,000			1,950,782
NextEra Energy Capital Hldgs., Inc.		BBB+		3.55		05/01/27		4,777,000			4,607,005
Southern Co.		BBB		3.25		07/01/26		50,000	��		48,239
											6,606,026
TOTAL CORPORATE DEBT											544,494,372
SOVEREIGN DEBT (0.1%)
Sri Lanka AID		NR		6.59		09/15/28		1,524,010			1,566,371	††
TOTAL LONG-TERM DEBT SECURITIES (Cost: $2,192,133,067)											2,041,783,296
SHORT-TERM DEBT SECURITIES (0.4%):
U.S. GOVERNMENT AGENCIES (0.4%)
FHLB		A-1+		5.20		01/02/24		7,800,000			7,798,873
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $7,798,873)											7,798,873
TOTAL INVESTMENTS (Cost: $2,199,931,940) 99.5%											2,049,582,169
OTHER NET ASSETS 0.5%											10,531,063
NET ASSETS 100.0%										$	2,060,113,232

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

125

MoA FUNDS — CORE BOND FUND

(FORMERLY MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND)

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

December 31, 2023

FOOTNOTES TO PORTFOLIO OF INVESTMENTS IN SECURITIES

Abbreviations:	ARM = Adjustable Rate Mortgage
	FFCB = Federal Farm Credit Bank
	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

* 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, 2023, the aggregate values of these securities amounts to $9,514,817 and represents 0.5% of net assets.

†† Level 3 Security.

(1) U.S. Government guaranteed security.

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

126

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MoA FUNDS

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2023

	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 — $2,777,692,282 All America Fund — $213,415,641 Small Cap Value Fund — $348,890,715 Small Cap Growth Fund — $365,812,024 Small Cap Equity Index Fund — $188,690,678 Mid Cap Value Fund — $131,900,402 Mid Cap Equity Index Fund — $1,238,595,054 Balanced Fund — $145,206,044 International Fund — $1,339,409,668 Catholic Values Index Fund — $4,500,313 Retirement Income Fund — $214,431,113 Clear Passage 2015 Fund — $115,289,680 Clear Passage 2020 Fund — $501,643,334)
(Notes 2 and 4)	$	5,196,906,070	$	298,807,629	$	407,185,122	$	416,021,643	$	204,946,682
Cash		—		14,240		—		—		—
Foreign cash		—		1,530		—		—		—
(Cost: All America Fund — $1,494 International Fund — $ — )
Interest and dividends receivable		4,810,723		300,019		437,694		233,583		269,695
Receivable for securities sold		—		261,163		2,052,859		—		1,263,290
Receivable for daily variation on future contracts		—		—		—		—		—
Shareholder subscriptions receivable		3,228,703		—		2,154,569		240,359		130,979
Due from the Adviser		34,635		2,001		2,689		2,752		3,000
Other receivables		—		236,737		—		—		—
TOTAL ASSETS		5,204,980,131		299,623,319		411,832,933		416,498,337		206,613,646
LIABILITIES
Due to custodian bank		398,861		—		—		195		167
Payable for securities purchased		122,686		171,158		2,051,626		—		1,495,068
Payable for daily variation on future contracts		204,568		3,768		—		—		—
Shareholder redemptions payable		2,704,490		69,547		31,489		16,543		26,543
Payable to the Adviser		323,273		99,506		251,263		258,078		12,486
Accrued expenses		637,549		134,132		122,019		133,797		45,335
TOTAL LIABILITIES:		4,391,427		478,111		2,456,397		408,613		1,579,599
NET ASSETS	$	5,200,588,704	$	299,145,208	$	409,376,536	$	416,089,724	$	205,034,047
NUMBEROF SHARES OUTSTANDING (Note 5)		89,220,905		13,864,620		29,655,222		32,712,005		20,074,684
NET ASSET VALUES, offering and redemption price per share		$58.29		$21.58		$13.80		$12.72		$10.21
COMPONENTSOF NET ASSETS
Paid-in capital	$	2,746,867,530	$	211,517,581	$	353,806,472	$	377,837,345	$	190,722,837
Total Distributable Earnings (Loss) (Notes 2 and 6)		2,453,721,174		87,627,627		55,570,064		38,252,379		14,311,210
NET ASSETS	$	5,200,588,704	$	299,145,208	$	409,376,536	$	416,089,724	$	205,034,047

(a) The Target Date and Allocation Funds are invested in affiliated investment companies of MoA Funds Corporation.

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

128

Mid Cap Value Fund		Mid Cap Equity Index Fund		Balanced Fund		International Fund		Catholic Values Index Fund		Retirement Income Fund			Clear Passage 2015 Fund			Clear Passage 2020 Fund
$	156,780,814	$	1,499,449,575	$	185,694,046	$	1,452,304,910	$	5,686,221	$	207,428,240	(a)	$	111,541,555	(a)	$	491,437,406	(a)
	—		—		11,329		—		6,938		997			548			2,322
	—		—		—		—		—		—			—			—
	191,116		2,152,215		483,901		6,450,067		5,818		—			—			—
	777,161		1,339,008		48,365		—		—		—			—			—
	—		—		—		14,820		—		—			—			—
	169,451		665,239		413,311		1,230,873		2,173		—			—			—
	1,046		9,940		1,247		9,631		53,414		1,373			729			3,286
	—		—		—		—		—		—			—			—
	157,919,588		1,503,615,977		186,652,199		1,460,010,301		5,754,564		207,430,610			111,542,832			491,443,014
	—		303,097		—		2,477		—		—			—			—
	643,999		1,906,078		—		—		2,150		—			—			—
	—		157,420		—		—		—		—			—			—
	18,252		74,924		—		116,199		168		—			—			—
	71,736		92,586		62,043		90,120		713		8,570			4,542			20,516
	39,824		180,955		52,449		74,827		14,377		62,340			41,910			81,962
	773,811		2,715,060		114,492		283,623		17,408		70,910			46,452			102,478
$	157,145,777	$	1,500,900,917	$	186,537,707	$	1,459,726,678	$	5,737,156	$	207,359,700		$	111,496,380		$	491,340,536
	9,654,349		74,653,665		9,913,926		177,964,034		424,687		19,017,410			12,914,287			48,246,361
	$16.28		$20.10		$18.82		$8.20		$13.51		$10.90			$8.63			$10.18
$	129,471,263	$	1,229,881,772	$	145,180,004	$	1,440,973,832	$	4,548,104	$	219,470,185		$	117,246,313		$	509,071,432
	27,674,514		271,019,145		41,357,703		18,752,846		1,189,052		(12,110,485	)		(5,749,933	)		(17,730,896	)
$	157,145,777	$	1,500,900,917	$	186,537,707	$	1,459,726,678	$	5,737,156	$	207,359,700		$	111,496,380		$	491,340,536

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

129

MoA FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

December 31, 2023

	Clear Passage 2025 Fund			Clear Passage 2030 Fund			Clear Passage 2035 Fund			Clear Passage 2040 Fund			Clear Passage 2045 Fund
ASSETS
Investments at fair value
(Cost: Clear Passage 2025 Fund — $1,133,287,882 Clear Passage 2030 Fund — $1,287,551,567 Clear Passage 2035 Fund — $1,193,321,571 Clear Passage 2040 Fund — $995,673,106 Clear Passage 2045 Fund — $1,018,632,326 Clear Passage 2050 Fund — $800,640,205 Clear Passage 2055 Fund — $439,734,474 Clear Passage 2060 Fund — $229,525,253 Clear Passage 2065 Fund — $64,619,294 Conservative Allocation Fund — $162,711,729 Moderate Allocation Fund — $392,887,809 Aggressive Allocation Fund — $321,238,630 Money Market Fund — $588,695,163)
(Notes 2 and 4)	$	1,128,998,400	(a)	$	1,309,239,412	(a)	$	1,231,237,698	(a)	$	1,037,968,347	(a)	$	1,068,757,011	(a)
Cash		5,188			5,865			5,480			4,589			4,720
Foreign cash		—			—			—			—			—
Interest and dividends receivable		—			—			—			—			—
Receivable for securities sold		—			—			—			—			—
Receivable for daily variation on future contracts		—			—			—			—			—
Shareholder subscriptions receivable		—			—			—			—			—
Due from the Adviser		7,544			8,697			8,204			6,884			7,086
Other receivables		—			—			—			—			—
TOTAL ASSETS		1,129,011,132			1,309,253,974			1,231,251,382			1,037,979,820			1,068,768,817
LIABILITIES
Due to custodian bank		—			—			—			—			—
Payable for securities purchased		—			—			—			—			—
Payable for daily variation on future contracts		—			—			—			—			—
Shareholder redemptions payable		—			—			—			—			—
Payable to the Adviser		47,108			54,268			51,224			42,969			44,225
Accrued expenses		118,030			125,225			130,862			112,058			99,792
TOTAL LIABILITIES		165,138			179,493			182,086			155,027			144,017
NET ASSETS	$	1,128,845,994		$	1,309,074,481		$	1,231,069,296		$	1,037,824,793		$	1,068,624,800
NUMBEROF SHARES OUTSTANDING (Note 5)		95,398,941			101,358,436			91,087,947			76,507,647			79,927,633
NET ASSET VALUES, offering and redemption price per share		$11.83			$12.92			$13.52			$13.56			$13.37
COMPONENTSOF NET ASSETS
Paid-in capital	$	1,137,708,002		$	1,278,770,746		$	1,171,171,141		$	975,479,793		$	995,818,382
Total Distributable Earnings (Loss) (Notes 2 and 6)		(8,862,008	)		30,303,735			59,898,155			62,345,000			72,806,418
NET ASSETS	$	1,128,845,994		$	1,309,074,481		$	1,231,069,296		$	1,037,824,793		$	1,068,624,800

(a) The Target Date and Allocation Funds are invested in affiliated investment companies of MoA Funds Corporation.

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

130

Clear Passage 2050 Fund			Clear Passage 2055 Fund			Clear Passage 2060 Fund			Clear Passage 2065 Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund
$	829,869,257	(a)	$	450,557,449	(a)	$	233,347,578	(a)	$	67,666,339	(a)	$	157,995,321	(a)	$	403,147,977	(a)	$	335,593,463	(a)	$	588,695,163
	3,650			1,958			995			308			873			1,974			1,646			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			389,102
	5,488			2,974			16,885			112,782			1,062			2,675			2,244			3,961
	—			—			—			—			—			—			—			—
	829,878,395			450,562,381			233,365,458			67,779,429			157,997,256			403,152,626			335,597,353			589,088,226
	—			—			—			—			—			—			—			29,526
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			2,526,206
	34,249			18,558			9,558			2,785			—			—			—			74,231
	97,327			64,332			65,309			68,845			55,995			62,230			60,023			58,781
	131,576			82,890			74,867			71,630			55,995			62,230			60,023			2,688,744
$	829,746,819		$	450,479,491		$	233,290,591		$	67,707,799		$	157,941,261		$	403,090,396		$	335,537,330		$	586,399,482
	48,668,561			32,950,909			19,968,768			5,692,295			14,155,969			30,615,098			23,285,344			49,452,048
	$17.05			$13.67			$11.68			$11.89			$11.16			$13.17			$14.41			$11.858
$	783,657,265		$	430,570,139		$	225,270,245		$	64,945,483		$	164,290,590		$	386,421,342		$	314,313,639		$	585,768,940
	46,089,554			19,909,352			8,020,346			2,762,316			(6,349,329	)		16,669,054			21,223,691			630,542
$	829,746,819		$	450,479,491		$	233,290,591		$	67,707,799		$	157,941,261		$	403,090,396		$	335,537,330		$	586,399,482

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

131

MoA FUNDS

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

December 31, 2023

	Intermediate Bond Fund			Core Bond Fund
ASSETS
Investments at fair value
(Cost: Intermediate Bond Fund — $966,313,303 Core Bond Fund — $2,199,931,940)
(Notes 2 and 4)	$	941,624,948		$	2,049,582,169
Cash		15,813			—
Foreign cash		—			—
Interest and dividends receivable		7,684,470			14,104,773
Receivable for securities sold		—			3,811,425
Receivable for daily variation on future contracts		—			—
Shareholder subscriptions receivable		857,057			1,510,267
Due from the Adviser		6,375			13,771
Other receivables		—			—
TOTAL ASSETS		950,188,663			2,069,022,405
LIABILITIES
Due to custodian bank		—			166,693
Payable for securities purchased		—			7,576,335
Payable for daily variation on future contracts		—			—
Shareholder redemptions payable		220,101			420,319
Payable to the Adviser		318,546			615,972
Accrued expenses		99,923			129,854
TOTAL LIABILITIES		638,570			8,909,173
NET ASSETS	$	949,550,093		$	2,060,113,232
NUMBEROF SHARES OUTSTANDING (Note 5)		98,461,581			165,444,728
NET ASSET VALUES, offering and redemption price per share		$9.64			$12.45
COMPONENTSOF NET ASSETS
Paid-in capital	$	1,015,194,229		$	2,300,087,414
Total Distributable Earnings (Loss) (Notes 2 and 6)		(65,644,136	)		(239,974,182	)
NET ASSETS	$	949,550,093		$	2,060,113,232

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

132

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MoA FUNDS

STATEMENTS OF OPERATIONS

For the year ended December 31, 2023

	Equity Index Fund			All America Fund			Small Cap Value Fund			Small Cap Growth Fund			Small Cap Equity Index Fund
INVESTMENT INCOME
Dividends (Note 2 and 4)	$	78,832,625	(a)	$	4,615,918	(a)	$	9,580,620		$	2,590,459	(a)	$	3,465,243	(a)
Interest		3,132,492			271,772			657,548			446,443			4,868
Total investment income		81,965,117			4,887,690			10,238,168			3,036,902			3,470,111
EXPENSES
Investment advisory fees (Note 3)		3,595,915			1,152,322			2,928,843			3,152,220			136,643
Other operating expenses (Note 3)
Fund administration expenses		594,856			96,611			110,395			113,308			88,225
Shareholders reports		8,908			8,755			9,099			9,063			8,870
Custodian expenses		48,457			32,671			17,770			19,067			24,691
Transfer agent fees		66,504			11,798			10,790			12,467			3,625
Independent directors’ fees and expenses		137,020			18,480			21,569			22,714			15,726
Professional fees		50,787			48,022			48,021			48,021			50,787
Legal and Compliance		227,024			12,195			35,817			43,830			8,081
Administrative		931,881			55,378			77,578			80,945			35,609
Licenses		1,075,692			62,363			—			—			38,693
Fees and registration		134,929			27,241			34,953			34,973			33,375
Miscellaneous fees		21,050			3,601			3,041			4,107			2,038
Total operating expenses		3,297,108			377,115			369,033			388,495			309,720
Total expenses before reimbursement		6,893,023			1,529,437			3,297,876			3,540,715			446,363
Fee waiver and expense reimbursement (Note 3)		(199,756	)		(11,652	)		(15,546	)		(16,214	)		(189,470	)
Net expenses		6,693,267			1,517,785			3,282,330			3,524,501			256,893
Net Investment Income (Loss)		75,271,850			3,369,905			6,955,838			(487,599	)		3,213,218
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS (Note 2)
Net realized gain (loss) on:
Investment securities (Note 2 and 4)		225,760,937			21,640,281			6,761,421			5,352,858			3,345,321
Futures contracts (Note 2)		8,538,175			315,579			—			—			—
Foreign currency translation		—			—			—			—			—
Gain distributions from MoA Funds (Note 4)		—			—			—			—			—
		234,299,112			21,955,860			6,761,421			5,352,858			3,345,321
Change in net unrealized appreciation (depreciation) of:
Investment securities (Note 2 and 4)		796,017,423			27,770,546			22,652,196			56,274,192			21,369,619
Futures contracts (Note 2)		4,612,338			170,621			—			—			—
Foreign currency translation		—			32			—			—			—
		800,629,761			27,941,199			22,652,196			56,274,192			21,369,619
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS		1,034,928,873			49,897,059			29,413,617			61,627,050			24,714,940
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS	$	1,110,200,723		$	53,266,964		$	36,369,455		$	61,139,451		$	27,928,158

(a) Net of foreign taxes as follows:

Equity Index Fund	$	20,762
All America Fund	$	1,009
Small Cap Growth Fund	$	1,409
Small Cap Equity Index Fund	$	2,971
International Fund	$	5,264,754
Catholic Values Index Fund	$	312

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

134

Mid Cap Value Fund			Mid Cap Equity Index Fund			Balanced Fund			International Fund			Catholic Values Index Fund			Retirement Income Fund			Clear Passage 2015 Fund			Clear Passage 2020 Fund
$	2,585,262		$	26,268,729		$	2,214,435		$	49,669,704	(a)	$	80,843	(a)	$	5,210,748		$	2,811,694		$	12,675,559
	179,071			932,201			2,552,988			2,767,011			198			—			—			10
	2,764,333			27,200,930			4,767,423			52,436,715			81,041			5,210,748			2,811,694			12,675,569
	648,244			1,145,670			726,464			991,782			7,545			101,865			54,983			244,319
	76,020			262,022			95,829			218,340			20,113			44,447			41,275			50,591
	9,103			8,948			8,794			8,965			8,871			9,119			9,003			9,003
	16,095			33,585			17,892			72,058			16,541			29,551			26,597			39,668
	5,482			27,282			7,881			8,583			1,357			8,658			5,357			19,504
	13,705			55,730			15,579			46,103			10,679			26,244			26,244			26,244
	48,035			50,787			49,335			51,486			45,994			39,875			39,754			39,754
	6,138			89,447			9,497			71,201			604			12,574			7,426			32,313
	23,891			292,703			35,720			260,086			1,010			30,386			16,310			72,433
	—			290,655			—			—			15,000			—			—			—
	20,755			50,639			17,197			67,866			18,254			27,477			16,241			41,682
	2,179			10,476			2,524			2,840			1,766			2,349			2,153			3,607
	221,403			1,172,274			260,248			807,528			140,189			230,680			190,360			334,799
	869,647			2,317,944			986,712			1,799,310			147,734			332,545			245,343			579,118
	(4,946	)		(58,146	)		(7,296	)		(54,432	)		(136,883	)		(8,103	)		(4,349	)		(19,315	)
	864,701			2,259,798			979,416			1,744,878			10,851			324,442			240,994			559,803
	1,899,632			24,941,132			3,788,007			50,691,837			70,190			4,886,306			2,570,700			12,115,766
	4,175,249			105,248,645			8,019,421			(49,172,526	)		82,259			(5,167,342	)		(477,790	)		(3,035,510	)
	—			(1,103,415	)		—			1,286,716			—			—			—			—
	—			—			—			(265,370	)		—			—			—			—
	—			—			—			—			—			2,240,427			1,274,719			6,748,143
	4,175,249			104,145,230			8,019,421			(48,151,180	)		82,259			(2,926,915	)		796,929			3,712,633
	5,967,408			98,257,996			13,578,314			232,042,001			1,010,543			17,208,934			7,589,493			39,233,618
	—			949,340			—			2,187,985			—			—			—			—
	—			—			—			179,429			—			—			—			—
	5,967,408			99,207,336			13,578,314			234,409,415			1,010,543			17,208,934			7,589,493			39,233,618
	10,142,657			203,352,566			21,597,735			186,258,235			1,092,802			14,282,019			8,386,422			42,946,251
$	12,042,289		$	228,293,698		$	25,385,742		$	236,950,072		$	1,162,992		$	19,168,325		$	10,957,122		$	55,062,017

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

135

MoA FUNDS

STATEMENTS OF OPERATIONS (Continued)

For the year ended December 31, 2023

	Clear Passage 2025 Fund			Clear Passage 2030 Fund			Clear Passage 2035 Fund			Clear Passage 2040 Fund			Clear Passage 2045 Fund
INVESTMENT INCOME
Dividends (Note 2 and 4)	$	28,015,642		$	30,678,420		$	28,279,639		$	23,251,631		$	23,750,706
Interest		21			25			23			19			20
Total investment income		28,015,663			30,678,445			28,279,662			23,251,650			23,750,726
EXPENSES
Investment advisory fees (Note 3)		540,358			599,661			556,957			465,231			479,344
Other operating expenses (Note 3)
Fund administration expenses		65,898			68,721			66,578			62,043			62,732
Shareholders reports		9,003			9,003			9,001			9,001			9,003
Custodian expenses		55,201			57,891			55,567			49,770			51,083
Transfer agent fees		39,864			42,559			39,192			32,629			33,631
Independent directors’ fees and expenses		26,244			26,244			26,244			26,244			26,244
Professional fees		39,754			39,754			39,280			39,280			39,280
Legal and Compliance		64,979			67,423			60,924			50,109			49,031
Administrative		163,570			185,055			173,626			145,246			149,633
Licenses		—			—			—			—			—
Fees and registration		48,416			60,483			84,007			66,798			54,260
Miscellaneous fees		5,170			5,168			4,731			4,266			4,349
Total operating expenses		518,099			562,301			559,150			485,386			479,246
Total expenses before reimbursement		1,058,457			1,161,962			1,116,107			950,617			958,590
Fee waiver and expense reimbursement (Note 3)		(43,619	)		(49,348	)		(46,301	)		(38,732	)		(39,902	)
Net expenses		1,014,838			1,112,614			1,069,806			911,885			918,688
Net Investment Income (Loss)		27,000,825			29,565,831			27,209,856			22,339,765			22,832,038
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS (Note 2)
Net realized gain (loss) on:
Investment securities (Note 2 and 4)		4,550,051			17,957,272			14,285,399			14,935,922			14,278,557
Futures contracts (Note 2)		—			—			—			—			—
Foreign currency translation		—			—			—			—			—
Gain distributions from MoA Funds (Note 4)		18,559,697			24,812,075			28,990,228			27,354,931			29,226,488
		23,109,748			42,769,347			43,275,627			42,290,853			43,505,045
Change in net unrealized appreciation (depreciation) of:
Investment securities (Note 2 and 4)		88,078,173			98,615,265			108,464,009			97,973,374			107,248,024
Futures contracts (Note 2)		—			—			—			—			—
Foreign currency translation		—			—			—			—			—
		88,078,173			98,615,265			108,464,009			97,973,374			107,248,024
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS		111,187,921			141,384,612			151,739,636			140,264,227			150,753,069
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS	$	138,188,746		$	170,950,443		$	178,949,492		$	162,603,992		$	173,585,107

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

136

Clear Passage 2050 Fund			Clear Passage 2055 Fund			Clear Passage 2060 Fund			Clear Passage 2065 Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund
$	18,174,163		$	9,700,059		$	4,859,354		$	1,318,215		$	3,762,608		$	9,091,624		$	7,357,386		$	—
	15			8			—			—			—			15			12			22,934,576
	18,174,178			9,700,067			4,859,354			1,318,215			3,762,608			9,091,639			7,357,398			22,934,576
	368,610			193,838			94,912			24,742			—			—			—			670,008
	57,360			48,776			43,952			40,604			43,328			48,265			46,474			101,381
	9,003			9,003			9,002			9,001			9,031			9,032			9,032			9,143
	45,391			36,928			31,724			27,673			25,632			31,752			31,825			18,216
	25,849			13,688			6,929			2,454			7,180			15,695			12,820			7,713
	26,244			26,244			26,244			26,244			26,244			26,244			26,244			20,922
	39,280			39,280			39,280			39,280			39,875			39,875			39,885			44,765
	38,957			18,839			8,035			1,402			10,577			25,280			19,956			23,486
	115,619			61,597			31,009			8,650			23,633			58,783			48,725			93,696
	—			—			—			—			—			—			—			—
	57,925			46,398			38,541			31,922			20,262			16,872			19,478			57,899
	3,675			1,575			2,048			1,780			2,323			3,179			2,863			1,601
	419,303			302,328			236,764			189,010			208,085			274,977			257,302			378,822
	787,913			496,166			331,676			213,752			208,085			274,977			257,302			1,048,830
	(30,831	)		(16,426	)		(8,269	)		(191,317	)		(6,302	)		(15,675	)		(12,993	)		(20,866	)
	757,082			479,740			323,407			22,435			201,783			259,302			244,309			1,027,964
	17,417,096			9,220,327			4,535,947			1,295,780			3,560,825			8,832,337			7,113,089			21,906,612
	15,791,439			2,493,648			(607,856	)		(1,613,679	)		(764,011	)		8,253,968			7,972,440			19,453
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	23,297,046			12,913,439			6,773,185			1,964,180			2,155,786			9,875,756			10,363,957			—
	39,088,485			15,407,087			6,165,329			350,501			1,391,775			18,129,724			18,336,397			19,453
	78,824,585			46,935,365			24,876,342			7,896,117			11,860,687			28,967,265			26,593,289			(6,226	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	78,824,585			46,935,365			24,876,342			7,896,117			11,860,687			28,967,265			26,593,289			(6,226	)
	117,913,070			62,342,452			31,041,671			8,246,618			13,252,462			47,096,989			44,929,686			13,227
$	135,330,166		$	71,562,779		$	35,577,618		$	9,542,398		$	16,813,287		$	55,929,326		$	52,042,775		$	21,919,839

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

137

MoA FUNDS

STATEMENTS OF OPERATIONS (Continued)

For the year ended December 31, 2023

	Intermediate Bond Fund			Core Bond Fund
INVESTMENT INCOME
Dividends (Note 2 and 4)	$	—		$	—
Interest		25,385,974			63,717,723
Total investment income		25,385,974			63,717,723
EXPENSES
Investment advisory fees (Note 3)		3,555,754			7,341,824
Other operating expenses (Note 3)
Fund administration expenses		177,661			319,334
Shareholders reports		9,046			8,735
Custodian expenses		18,836			25,512
Transfer agent fees		10,355			18,036
Independent directors’ fees and expenses		34,571			61,284
Professional fees		54,830			54,830
Legal and Compliance		48,115			94,921
Administrative		178,142			376,216
Licenses		—			—
Fees and registration		44,593			102,196
Miscellaneous fees		2,993			4,758
Total operating expenses		579,142			1,065,822
Total expenses before reimbursement		4,134,896			8,407,646
Fee waiver and expense reimbursement (Note 3)		(36,648	)		(77,506	)
Net expenses		4,098,248			8,330,140
Net Investment Income (Loss)		21,287,726			55,387,583
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS (Note 2)
Net realized gain (loss) on:
Investment securities (Note 2 and 4)		(37,964,215	)		(53,609,907	)
Futures contracts (Note 2)		—			—
Foreign currency translation		—			—
Gain distributions from MoA Funds (Note 4)		—			—
		(37,964,215	)		(53,609,907	)
Change in net unrealized appreciation (depreciation) of:
Investment securities (Note 2 and 4)		58,344,928			95,878,693
Futures contracts (Note 2)		—			—
Foreign currency translation		—			—
		58,344,928			95,878,693
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS		20,380,713			42,268,786
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS	$	41,668,439		$	97,656,369

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

138

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MoA FUNDS

STATEMENTS OF CHANGES IN NET ASSETS

For the years ended December 31,

	Equity Index Fund						All America Fund
	2023			2022			2023			2022
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	75,271,850		$	66,757,418		$	3,369,905		$	3,335,920
Net realized gain (loss) on investments, futures contracts and foreign currency translations		234,299,112			75,607,436			21,955,860			24,550,532
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations		800,629,761			(1,063,180,440	)		27,941,199			(92,732,444	)
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		1,110,200,723			(920,815,586	)		53,266,964			(64,845,992	)
DISTRIBUTIONS (Notes 2 and 6)
From Distributable Earnings		(272,893,639	)		(185,149,240	)		(27,503,248	)		(39,115,338	)
Total distributions		(272,893,639	)		(185,149,240	)		(27,503,248	)		(39,115,338	)
CAPITAL TRANSACTIONS (Note 5)
Net proceeds from sale of shares		561,250,860			635,973,464			4,277,338			6,021,366
Dividends reinvested		272,885,172			185,143,439			27,498,410			39,107,389
Cost of shares redeemed		(801,125,488	)		(376,392,969	)		(39,538,366	)		(34,443,027	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		33,010,544			444,723,934			(7,762,618	)		10,685,728
INCREASE (DECREASE)IN NET ASSETS		870,317,628			(661,240,892	)		18,001,098			(93,275,602	)
NET ASSETS, BEGINNINGOF YEAR		4,330,271,076			4,991,511,968			281,144,110			374,419,712
NET ASSETS, ENDOF YEAR	$	5,200,588,704		$	4,330,271,076		$	299,145,208		$	281,144,110
OTHER INFORMATION (Note 5):
Shares outstanding at the beginning of year		88,695,161			79,982,941			14,228,687			13,500,649
Shares sold		10,268,431			11,996,663			202,111			249,461
Shares issued as reinvestment of dividends		4,783,972			3,788,193			1,303,928			1,937,457
Shares redeemed		(14,526,659	)		(7,072,636	)		(1,870,106	)		(1,458,880	)
Net Increase (decrease)		525,744			8,712,220			(364,067	)		728,038
Shares outstanding at the end of year		89,220,905			88,695,161			13,864,620			14,228,687

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

140

Small Cap Value Fund						Small Cap Growth Fund						Small Cap Equity Index Fund						Mid Cap Value Fund
2023			2022			2023			2022			2023			2022			2023			2022
$	6,955,838		$	5,737,695		$	(487,599	)	$	(254,918	)	$	3,213,218		$	2,343,852		$	1,899,632		$	1,679,484
	6,761,421			29,653,968			5,352,858			1,473,274			3,345,321			4,524,929			4,175,249			4,786,931
	22,652,196			(90,285,803	)		56,274,192			(188,322,716	)		21,369,619			(31,708,157	)		5,967,408			(21,442,122	)
	36,369,455			(54,894,140	)		61,139,451			(187,104,360	)		27,928,158			(24,839,376	)		12,042,289			(14,975,707	)
	(24,891,911	)		(42,397,172	)		(313,463	)		(22,756,978	)		(5,743,901	)		(11,085,072	)		(3,979,115	)		(10,349,334	)
	(24,891,911	)		(42,397,172	)		(313,463	)		(22,756,978	)		(5,743,901	)		(11,085,072	)		(3,979,115	)		(10,349,334	)
	34,984,683			31,065,090			22,355,063			29,129,955			38,912,496			79,506,672			69,168,632			20,410,945
	24,890,500			42,394,879			313,463			22,756,989			5,743,901			11,085,071			3,979,115			10,349,334
	(74,899,376	)		(143,370,789	)		(99,782,265	)		(82,805,792	)		(40,312,283	)		(18,937,893	)		(39,049,305	)		(21,578,581	)
	(15,024,193	)		(69,910,820	)		(77,113,739	)		(30,918,848	)		4,344,114			71,653,850			34,098,442			9,181,698
	(3,546,649	)		(167,202,132	)		(16,287,751	)		(240,780,186	)		26,528,371			35,729,402			42,161,616			(16,143,343	)
	412,923,185			580,125,317			432,377,475			673,157,661			178,505,676			142,776,274			114,984,161			131,127,504
$	409,376,536		$	412,923,185		$	416,089,724		$	432,377,475		$	205,034,047		$	178,505,676		$	157,145,777		$	114,984,161
	30,715,648			35,118,423			39,257,270			41,508,728			19,649,648			12,322,568			7,347,633			6,825,903
	2,597,500			2,043,565			1,886,345			2,330,039			4,143,071			8,005,433			4,533,937			1,122,650
	1,869,933			3,122,953			27,691			2,055,916			588,376			1,221,648			248,803			662,555
	(5,527,859	)		(9,569,293	)		(8,459,301	)		(6,637,413	)		(4,306,411	)		(1,900,001	)		(2,476,024	)		(1,263,475	)
	(1,060,426	)		(4,402,775	)		(6,545,265	)		(2,251,458	)		425,036			7,327,080			2,306,716			521,730
	29,655,222			30,715,648			32,712,005			39,257,270			20,074,684			19,649,648			9,654,349			7,347,633

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

141

MoA FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

For the years ended December 31,

	Mid Cap Equity Index Fund						Balanced Fund
	2023			2022			2023			2022
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	24,941,132		$	27,506,284		$	3,788,007		$	3,506,628
Net realized gain (loss) on investments, futures contracts and foreign currency translations		104,145,230			142,009,087			8,019,421			5,868,516
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations		99,207,336			(440,596,004	)		13,578,314			(35,422,109	)
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		228,293,698			(271,080,633	)		25,385,742			(26,046,965	)
DISTRIBUTIONS (Notes 2 and 6)
From Distributable Earnings		(127,782,556	)		(213,584,975	)		(11,120,619	)		(12,277,737	)
Total distributions		(127,782,556	)		(213,584,975	)		(11,120,619	)		(12,277,737	)
CAPITAL TRANSACTIONS (Note 5)
Net proceeds from sale of shares		129,626,886			165,253,302			5,512,608			6,725,476
Dividends reinvested		127,776,762			213,575,955			11,120,619			12,277,743
Cost of shares redeemed		(457,086,919	)		(412,434,396	)		(24,347,307	)		(18,770,119	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		(199,683,271	)		(33,605,139	)		(7,714,080	)		233,100
INCREASE (DECREASE)IN NET ASSETS		(99,172,129	)		(518,270,747	)		6,551,043			(38,091,602	)
NET ASSETS, BEGINNINGOF YEAR		1,600,073,046			2,118,343,793			179,986,664			218,078,266
NET ASSETS, ENDOF YEAR	$	1,500,900,917		$	1,600,073,046		$	186,537,707		$	179,986,664
OTHER INFORMATION (Note 5):
Shares outstanding at the beginning of year		84,605,273			84,330,880			10,349,539			10,298,831
Shares sold		6,512,947			7,607,429			296,111			350,314
Shares issued as reinvestment of dividends		6,499,082			11,222,841			597,384			699,928
Shares redeemed		(22,963,637	)		(18,555,877	)		(1,329,108	)		(999,534	)
Net Increase (decrease)		(9,951,608	)		274,393			(435,613	)		50,708
Shares outstanding at the end of year		74,653,665			84,605,273			9,913,926			10,349,539

(a) The 2022 Statement of Changes in Net Assets for the Clear Passage 2015 Fund includes a reclassification of $794,776 from Net realized gain (loss) on investments, futures contracts and foreign currency translations to Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations due to a prior year error related to incorrect cost relief on investments purchases and sales. Management has deemed the error to be immaterial to the financial statements taken as a whole.

(b) In 2021, the Clear Passage 2015 Fund had accrued a non-recurring capital contribution from Mutual of America Capital Management LLC of $410,599 to reflect the estimated lost opportunity cost arising when a portion of the portfolio was uninvested. The 2022 amount disclosed includes adjustments to the prior accrual to record the final settlement amount of the capital contribution accrued as of December 31, 2021.

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

142

International Fund						Catholic Values Index Fund						Retirement Income Fund						Clear Passage 2015 Fund
2023			2022			2023			2022			2023			2022			2023			2022
$	50,691,837		$	46,678,953		$	70,190		$	58,426		$	4,886,306		$	3,274,990		$	2,570,700		$	1,898,167
	(48,151,180	)		(44,747,937	)		82,259			24,194			(2,926,915	)		1,806,071			796,929			3,071,036	(a)
	234,409,415			(137,326,488	)		1,010,543			(1,044,276	)		17,208,934			(30,156,953	)		7,589,493			(21,804,211	)(a)
	236,950,072			(135,395,472	)		1,162,992			(961,656	)		19,168,325			(25,075,892	)		10,957,122			(16,835,008	)
	(71,735,676	)		(128,449,333	)		(139,550	)		(100,841	)		(6,433,914	)		(12,388,504	)		(4,339,140	)		(2,139,121	)
	(71,735,676	)		(128,449,333	)		(139,550	)		(100,841	)		(6,433,914	)		(12,388,504	)		(4,339,140	)		(2,139,121	)
	190,924,234			221,811,724			687,494			859,469			33,437,306			39,814,630			11,046,350			9,303,328	(b)
	71,735,676			128,449,290			139,550			100,841			6,433,914			12,388,511			4,339,140			2,139,115
	(169,726,954	)		(87,647,628	)		(532,969	)		(56,655	)		(48,345,483	)		(35,359,111	)		(23,105,040	)		(20,382,860	)
	92,932,956			262,613,386			294,075			903,655			(8,474,263	)		16,844,030			(7,719,550	)		(8,940,417	)
	258,147,352			(1,231,419	)		1,317,517			(158,842	)		4,260,148			(20,620,366	)		(1,101,568	)		(27,914,546	)
	1,201,579,326			1,202,810,745			4,419,639			4,578,481			203,099,552			223,719,918			112,597,948			140,512,494
$	1,459,726,678		$	1,201,579,326		$	5,737,156		$	4,419,639		$	207,359,700		$	203,099,552		$	111,496,380		$	112,597,948
	166,036,582			129,918,710			402,782			325,700			19,840,515			18,254,992			13,852,904			14,861,652
	24,538,784			27,911,844			54,609			72,909			3,145,079			3,590,949			1,301,857			1,095,325
	9,317,776			19,471,161			10,659			9,179			603,501			1,194,992			516,862			260,784
	(21,929,108	)		(11,265,133	)		(43,363	)		(5,006	)		(4,571,685	)		(3,200,418	)		(2,757,336	)		(2,364,857	)
	11,927,452			36,117,872			21,905			77,082			(823,105	)		1,585,523			(938,617	)		(1,008,748	)
	177,964,034			166,036,582			424,687			402,782			19,017,410			19,840,515			12,914,287			13,852,904

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

143

MoA FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

For the years ended December 31,

	Clear Passage 2020 Fund						Clear Passage 2025 Fund
	2023			2022			2023			2022
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	12,115,766		$	8,858,102		$	27,000,825		$	18,262,523
Net realized gain (loss) on investments, futures contracts and foreign currency translations		3,712,633			15,338,489			23,109,748			34,300,785
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations		39,233,618			(103,381,868	)		88,078,173			(215,094,967	)
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		55,062,017			(79,185,277	)		138,188,746			(162,531,659	)
DISTRIBUTIONS (Notes 2 and 6)
From Distributable Earnings		(22,899,461	)		(49,585,310	)		(57,398,524	)		(96,519,672	)
Total distributions		(22,899,461	)		(49,585,310	)		(57,398,524	)		(96,519,672	)
CAPITAL TRANSACTIONS (Note 5)
Net proceeds from sale of shares		36,143,624			41,943,763			111,356,373			118,330,078
Dividends reinvested		22,899,461			49,585,216			57,398,524			96,519,684
Cost of shares redeemed		(103,471,027	)		(80,257,248	)		(177,368,777	)		(101,936,666	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		(44,427,942	)		11,271,731			(8,613,880	)		112,913,096
INCREASE (DECREASE)IN NET ASSETS		(12,265,386	)		(117,498,856	)		72,176,342			(146,138,235	)
NET ASSETS, BEGINNINGOF YEAR		503,605,922			621,104,778			1,056,669,652			1,202,807,887
NET ASSETS, ENDOF YEAR	$	491,340,536		$	503,605,922		$	1,128,845,994		$	1,056,669,652
OTHER INFORMATION (Note 5):
Shares outstanding at the beginning of year		52,737,634			51,097,902			96,200,741			86,096,717
Shares sold		3,625,135			3,986,082			9,635,433			9,767,196
Shares issued as reinvestment of dividends		2,295,120			5,112,152			4,945,749			8,677,602
Shares redeemed		(10,411,528	)		(7,458,502	)		(15,382,982	)		(8,340,774	)
Net Increase (decrease)		(4,491,273	)		1,639,732			(801,800	)		10,104,024
Shares outstanding at the end of year		48,246,361			52,737,634			95,398,941			96,200,741

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

144

Clear Passage 2030 Fund						Clear Passage 2035 Fund						Clear Passage 2040 Fund						Clear Passage 2045 Fund
2023			2022			2023			2022			2023			2022			2023			2022
$	29,565,831		$	18,777,079		$	27,209,856		$	17,150,547		$	22,339,765		$	14,155,671		$	22,832,038		$	14,581,490
	42,769,347			41,263,510			43,275,627			46,769,231			42,290,853			47,408,339			43,505,045			54,579,823
	98,615,265			(235,555,260	)		108,464,009			(234,549,597	)		97,973,374			(204,771,679	)		107,248,024			(219,763,157	)
	170,950,443			(175,514,671	)		178,949,492			(170,629,819	)		162,603,992			(143,207,669	)		173,585,107			(150,601,844	)
	(73,897,218	)		(101,701,045	)		(65,036,438	)		(101,798,354	)		(58,597,797	)		(94,956,921	)		(61,440,943	)		(102,503,613	)
	(73,897,218	)		(101,701,045	)		(65,036,438	)		(101,798,354	)		(58,597,797	)		(94,956,921	)		(61,440,943	)		(102,503,613	)
	144,218,851			141,688,771			155,310,004			154,214,764			126,765,781			115,247,483			106,970,849			122,719,931
	73,897,218			101,701,037			65,036,438			101,798,362			58,597,797			94,956,926			61,440,943			102,503,596
	(131,145,428	)		(71,785,670	)		(126,628,726	)		(61,288,381	)		(99,080,596	)		(49,929,206	)		(86,751,838	)		(54,152,173	)
	86,970,641			171,604,138			93,717,716			194,724,745			86,282,982			160,275,203			81,659,954			171,071,354
	184,023,866			(105,611,578	)		207,630,770			(77,703,428	)		190,289,177			(77,889,387	)		193,804,118			(82,034,103	)
	1,125,050,615			1,230,662,193			1,023,438,526			1,101,141,954			847,535,616			925,425,003			874,820,682			956,854,785
$	1,309,074,481		$	1,125,050,615		$	1,231,069,296		$	1,023,438,526		$	1,037,824,793		$	847,535,616		$	1,068,624,800		$	874,820,682
	94,524,726			80,707,269			83,915,573			68,807,569			69,936,961			57,286,669			73,598,703			59,930,841
	11,410,972			10,813,700			11,913,020			11,350,693			9,714,297			8,483,166			8,327,566			9,168,287
	5,831,430			8,474,692			4,969,516			8,289,115			4,464,920			7,757,340			4,764,609			8,532,986
	(10,408,692	)		(5,470,935	)		(9,710,162	)		(4,531,804	)		(7,608,531	)		(3,590,214	)		(6,763,245	)		(4,033,411	)
	6,833,710			13,817,457			7,172,374			15,108,004			6,570,686			12,650,292			6,328,930			13,667,862
	101,358,436			94,524,726			91,087,947			83,915,573			76,507,647			69,936,961			79,927,633			73,598,703

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

145

MoA FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

For the years ended December 31,

	Clear Passage 2050 Fund						Clear Passage 2055 Fund
	2023			2022			2023			2022
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	17,417,096		$	10,836,843		$	9,220,327		$	5,196,334
Net realized gain (loss) on investments, futures contracts and foreign currency translations		39,088,485			36,013,333			15,407,087			18,817,385
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations		78,824,585			(160,653,692	)		46,935,365			(77,604,937	)
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		135,330,166			(113,803,516	)		71,562,779			(53,591,218	)
DISTRIBUTIONS (Notes 2 and 6)
From Distributable Earnings		(51,541,323	)		(73,774,637	)		(20,852,274	)		(35,930,657	)
Total distributions		(51,541,323	)		(73,774,637	)		(20,852,274	)		(35,930,657	)
CAPITAL TRANSACTIONS (Note 5)
Net proceeds from sale of shares		100,928,790			99,472,785			74,424,549			80,910,881
Dividends reinvested		51,541,323			73,774,639			20,852,274			35,930,653
Cost of shares redeemed		(71,231,167	)		(38,406,860	)		(34,565,212	)		(18,082,783	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		81,238,946			134,840,564			60,711,611			98,758,751
INCREASE (DECREASE)IN NET ASSETS		165,027,789			(52,737,589	)		111,422,116			9,236,876
NET ASSETS, BEGINNINGOF YEAR		664,719,030			717,456,619			339,057,375			329,820,499
NET ASSETS, ENDOF YEAR	$	829,746,819		$	664,719,030		$	450,479,491		$	339,057,375
OTHER INFORMATION (Note 5):
Shares outstanding at the beginning of year		43,738,784			35,318,488			28,269,738			20,628,628
Shares sold		6,138,291			5,837,190			5,748,087			5,982,026
Shares issued as reinvestment of dividends		3,117,169			4,825,706			1,597,155			2,977,668
Shares redeemed		(4,325,683	)		(2,242,600	)		(2,664,071	)		(1,318,584	)
Net Increase (decrease)		4,929,777			8,420,296			4,681,171			7,641,110
Shares outstanding at the end of year		48,668,561			43,738,784			32,950,909			28,269,738

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

146

Clear Passage 2060 Fund						Clear Passage 2065 Fund						Conservative Allocation Fund						Moderate Allocation Fund
2023			2022			2023			2022			2023			2022			2023			2022
$	4,535,947		$	2,187,149		$	1,295,780		$	444,531		$	3,560,825		$	2,873,828		$	8,832,337		$	7,204,249
	6,165,329			9,730,940			350,501			1,157,619			1,391,775			3,288,769			18,129,724			19,347,410
	24,876,342			(33,691,165	)		7,896,117			(4,822,240	)		11,860,687			(30,924,059	)		28,967,265			(93,669,040	)
	35,577,618			(21,773,076	)		9,542,398			(3,220,090	)		16,813,287			(24,761,462	)		55,929,326			(67,117,381	)
	(9,588,157	)		(16,336,340	)		(2,176,121	)		(2,365,513	)		(5,593,392	)		(12,728,856	)		(25,506,727	)		(45,633,222	)
	(9,588,157	)		(16,336,340	)		(2,176,121	)		(2,365,513	)		(5,593,392	)		(12,728,856	)		(25,506,727	)		(45,633,222	)
	57,819,106			53,026,596			30,794,535			22,062,249			5,611,685			11,869,732			14,144,412			14,870,396
	9,588,157			16,336,345			2,176,121			2,365,515			5,593,392			12,728,861			25,506,727			45,633,214
	(14,836,038	)		(6,821,447	)		(6,788,364	)		(1,949,777	)		(25,961,885	)		(26,437,392	)		(59,891,956	)		(42,068,962	)
	52,571,225			62,541,494			26,182,292			22,477,987			(14,756,808	)		(1,838,799	)		(20,240,817	)		18,434,648
	78,560,686			24,432,078			33,548,569			16,892,384			(3,536,913	)		(39,329,117	)		10,181,782			(94,315,955	)
	154,729,905			130,297,827			34,159,230			17,266,846			161,478,174			200,807,291			392,908,614			487,224,569
$	233,290,591		$	154,729,905		$	67,707,799		$	34,159,230		$	157,941,261		$	161,478,174		$	403,090,396		$	392,908,614
	15,192,348			9,594,249			3,333,354			1,308,482			15,529,615			15,617,735			32,217,749			30,481,824
	5,258,267			4,607,754			2,773,642			1,968,501			519,616			1,026,720			1,091,011			1,064,442
	861,075			1,590,170			192,652			230,986			512,992			1,210,094			1,981,984			3,689,435
	(1,342,922	)		(599,825	)		(607,353	)		(174,615	)		(2,406,254	)		(2,324,934	)		(4,675,646	)		(3,017,952	)
	4,776,420			5,598,099			2,358,941			2,024,872			(1,373,646	)		(88,120	)		(1,602,651	)		1,735,925
	19,968,768			15,192,348			5,692,295			3,333,354			14,155,969			15,529,615			30,615,098			32,217,749

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

147

MoA FUNDS

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

For the years ended December 31,

	Aggressive Allocation Fund						Money Market Fund
	2023			2022			2023			2022
INCREASE (DECREASE)IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	7,113,089		$	5,536,261		$	21,906,612		$	3,899,030
Net realized gain (loss) on investments, futures contracts and foreign currency translations		18,336,397			23,705,769			19,453			(201	)
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations		26,593,289			(87,924,840	)		(6,226	)		6,226
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS		52,042,775			(58,682,810	)		21,919,839			3,905,055
DISTRIBUTIONS (Notes 2 and 6)
From Distributable Earnings		(25,881,807	)		(38,916,538	)		(21,370,350	)		(3,817,537	)
Total distributions		(25,881,807	)		(38,916,538	)		(21,370,350	)		(3,817,537	)
CAPITAL TRANSACTIONS (Note 5)
Net proceeds from sale of shares		7,980,634			12,733,404			344,546,840			242,716,572
Dividends reinvested		25,881,807			38,916,528			21,369,066			3,817,303
Cost of shares redeemed		(37,193,382	)		(31,720,638	)		(114,942,828	)		(84,949,245	)
NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS		(3,330,941	)		19,929,294			250,973,078			161,584,630
INCREASE (DECREASE)IN NET ASSETS		22,830,027			(77,670,054	)		251,522,567			161,672,148
NET ASSETS, BEGINNINGOF YEAR		312,707,303			390,377,357			334,876,915			173,204,767
NET ASSETS, ENDOF YEAR	$	335,537,330		$	312,707,303		$	586,399,482		$	334,876,915
OTHER INFORMATION (Note 5):
Shares outstanding at the beginning of year		23,506,156			21,851,624			28,299,649			14,644,716
Shares sold		567,811			838,326			29,040,621			20,512,662
Shares issued as reinvestment of dividends		1,847,936			2,873,739			1,804,718			322,789
Shares redeemed		(2,636,559	)		(2,057,533	)		(9,692,940	)		(7,180,518	)
Net Increase (decrease)		(220,812	)		1,654,532			21,152,399			13,654,933
Shares outstanding at the end of year		23,285,344			23,506,156			49,452,048			28,299,649

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

148

Intermediate Bond Fund						Core Bond Fund
2023			2022			2023			2022
$	21,287,726		$	12,546,280		$	55,387,583		$	38,292,760
	(37,964,215	)		(3,628,211	)		(53,609,907	)		(31,728,018	)
	58,344,928			(79,715,539	)		95,878,693			(261,110,491	)
	41,668,439			(70,797,470	)		97,656,369			(254,545,749	)
	(20,734,790	)		(12,745,495	)		(56,075,190	)		(41,632,736	)
	(20,734,790	)		(12,745,495	)		(56,075,190	)		(41,632,736	)
	189,611,880			199,677,516			454,212,820			383,689,912
	20,734,790			12,745,465			56,064,005			41,623,794
	(160,132,833	)		(116,023,185	)		(332,811,407	)		(336,827,436	)
	50,213,837			96,399,796			177,465,418			88,486,270
	71,147,486			12,856,831			219,046,597			(207,692,215	)
	878,402,607			865,545,776			1,841,066,635			2,048,758,850
$	949,550,093		$	878,402,607		$	2,060,113,232		$	1,841,066,635
	93,142,276			83,549,456			150,726,687			143,116,787
	20,040,800			20,305,324			37,294,206			29,886,668
	2,191,840			1,317,723			4,604,851			3,256,301
	(16,913,335	)		(12,030,227	)		(27,181,016	)		(25,533,069	)
	5,319,305			9,592,820			14,718,041			7,609,900
	98,461,581			93,142,276			165,444,728			150,726,687

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

149

MoA FUNDS

FINANCIAL HIGHLIGHTS

Income from investment operations and distributions per share for a Fund share outstanding throughout the five years ended December 31, 2023 (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,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	48.82		$	62.41		$	51.15		$	47.89		$	37.75
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.87			0.79			0.73			0.92			0.81
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		11.79			(12.20	)		13.70			7.52			10.88
Total From Investment Operations		12.66			(11.41	)		14.43			8.44			11.69
Less Distributions
From Net Investment Income		(0.85	)		(0.78	)		(0.70	)		(1.68	)		(0.74	)
From Net Realized Gains		(2.34	)		(1.40	)		(2.47	)		(3.50	)		(0.81	)
Total Distributions		(3.19	)		(2.18	)		(3.17	)		(5.18	)		(1.55	)
Net Asset Value, End of Year	$	58.29		$	48.82		$	62.41		$	51.15		$	47.89
Total Return (%)(g)		26.12			(18.24	)		28.50			18.20			31.31
Net Assets, End of Year ($ millions)		5,201			4,330			4,992			3,714			3,478
Ratio of Net Income (Loss) to Average Net Assets (%)		1.57			1.51			1.27			1.72			1.90
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.14			0.14			0.13			0.15			0.13
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.14			0.14			0.13			0.15			0.13
Portfolio Turnover Rate (%)(a)		4.07			3.14			7.01			5.77			3.01

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

NA = Not Applicable.

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

150

All America Fund															Small Cap Value Fund
Years Ended December 31,															Years Ended December 31,
2023			2022			2021			2020(e)			2019(e)			2023			2022			2021			2020(e)			2019(e)
$	19.76		$	27.73		$	24.18		$	24.24		$	20.50		$	13.44		$	16.52		$	13.45		$	15.11		$13.58
	0.25			0.25			0.25			0.34			0.35			0.24			0.19			0.17			0.23		0.23
	3.67			(5.21	)		6.18			3.31			5.31			1.00			(1.83	)		4.12			(1.03	)	2.30
	3.92			(4.96	)		6.43			3.65			5.66			1.24			(1.64	)		4.29			(0.80	)	2.53
	(0.24	)		(0.25	)		(0.20	)		(0.63	)		(0.30	)		(0.22	)		(0.18	)		(0.09	)		(0.41	)	(0.13)
	(1.86	)		(2.76	)		(2.68	)		(3.08	)		(1.62	)		(0.66	)		(1.26	)		(1.13	)		(0.45	)	(0.87)
	(2.10	)		(3.01	)		(2.88	)		(3.71	)		(1.92	)		(0.88	)		(1.44	)		(1.22	)		(0.86	)	(1.00)
$	21.58		$	19.76		$	27.73		$	24.18		$	24.24		$	13.80		$	13.44		$	16.52		$	13.45		$15.11
	20.33			(17.70	)		27.07			16.78			28.36			9.59			(9.82	)		32.29			(4.01	)	19.10
	299			281			374			320			312			409			413			580			472		518
	1.17			1.07			0.90			1.33			1.43			1.78			1.15			1.03			1.90		1.68
	0.53			0.54			0.49			0.52			0.49			0.84			0.82			0.80			0.82		0.81
	0.53			0.54			0.49			0.52			0.49			0.84			0.82			0.80			0.82		0.81
	31.84			19.24			19.84			24.07			26.06			22.33			8.40			33.93			42.64		43.17

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

151

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	Small Cap Growth Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	11.01		$	16.22		$	17.53		$	14.63		$	12.62
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		(0.01	)		(0.01	)		(0.03	)		(0.02	)		0.02
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		1.73			(4.60	)		1.74			6.01			3.24
Total From Investment Operations		1.72			(4.61	)		1.71			5.99			3.26
Less Distributions
From Net Investment Income		—			—			(0.01	)		(0.06	)		(0.01	)
From Net Realized Gains		(0.01	)		(0.60	)		(3.01	)		(3.03	)		(1.24	)
Return of Capital		—			—			—			—			—
Total Distributions		(0.01	)		(0.60	)		(3.02	)		(3.09	)		(1.25	)
Net Asset Value, End of Year	$	12.72		$	11.01		$	16.22		$	17.53		$	14.63
Total Return (%)(g)		15.63			(28.37	)		10.38			43.31			26.59
Net Assets, End of Year ($ millions)		416			432			673			667			609
Ratio of Net Income (Loss) to Average Net Assets (%)		(0.12	)		(0.05	)		(0.24	)		(0.17	)		0.17
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.84			0.83			0.80			0.81			0.81
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.84			0.83			0.80			0.81			0.81
Portfolio Turnover Rate (%)(a)		49.48			61.61			45.18			70.58			56.25

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

NA = Not Applicable.

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

152

Small Cap Equity Index Fund															Mid Cap Value Fund
Years Ended December 31,															Years Ended December 31,
2023			2022			2021			2020(e)			2019(e)			2023			2022			2021			2020(e)			2019(e)
$	9.08		$	11.59		$	10.74		$	9.93		$	8.28		$	15.65		$	19.21		$	15.53		$	16.36		$	13.39
	0.16			0.13			0.16			0.07			0.14			0.23			0.23			0.26			0.44			0.29
	1.26			(2.03	)		2.62			0.94			1.72			0.85			(2.32	)		5.01			(0.14	)		3.28
	1.42			(1.90	)		2.78			1.01			1.86			1.08			(2.09	)		5.27			0.30			3.57
	(0.15	)		(0.12	)		(0.15	)		(0.07	)		(0.13	)		(0.20	)		(0.29	)		(0.14	)		(0.53	)		(0.21	)
	(0.14	)		(0.49	)		(1.78	)		(0.13	)		(0.08	)		(0.25	)		(1.18	)		(1.45	)		(0.48	)		(0.39	)
	—			—			—			—			—			—			—			—			(0.12	)		—
	(0.29	)		(0.61	)		(1.93	)		(0.20	)		(0.21	)		(0.45	)		(1.47	)		(1.59	)		(1.13	)		(0.60	)
$	10.21		$	9.08		$	11.59		$	10.74		$	9.93		$	16.28		$	15.65		$	19.21		$	15.53		$	16.36
	15.87			(16.31	)		26.56			10.62			22.40			6.96			(10.67	)		34.35			2.82			27.04
	205			179			143			107			29			157			115			131			90			99
	1.76			1.54			1.29			1.51			1.50			1.61			1.34			1.47			2.96			1.85
	0.24			0.25			0.25			0.39			0.42			0.74			0.70			0.65			0.74			0.66
	0.14			0.14			0.14			0.12			0.14			0.73			0.70			0.65			0.74			0.66
	43.99			29.55			69.91			42.67			97.06			29.02			11.44			23.84			23.65			17.65

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

153

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	Mid Cap Equity Index Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	18.91		$	25.12		$	23.07		$	22.45		$	19.31
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.34			0.36			0.33			0.32			0.33
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		2.66			(3.76	)		5.21			2.37			4.57
Total From Investment Operations		3.00			(3.40	)		5.54			2.69			4.90
Less Distributions
From Net Investment Income		(0.28	)		(0.31	)		(0.30	)		(0.59	)		(0.27	)
From Net Realized Gains		(1.53	)		(2.50	)		(3.19	)		(1.48	)		(1.49	)
Return of Capital		—			—			—			—			—
Total Distributions		(1.81	)		(2.81	)		(3.49	)		(2.07	)		(1.76	)
Net Asset Value, End of Year	$	20.10		$	18.91		$	25.12		$	23.07		$	22.45
Total Return (%)(g)		16.25			(13.23	)		24.56			13.50			26.01
Net Assets, End of Year ($ millions)		1,501			1,600			2,118			1,856			1,681
Ratio of Net Income (Loss) to Average Net Assets (%)		1.63			1.58			1.24			1.56			1.67
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.15			0.16			0.14			0.15			0.13
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.15			0.16			0.14			0.15			0.13
Portfolio Turnover Rate (%)(a)		19.60			19.54			25.62			13.14			14.30

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

NA = Not Applicable.

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

154

Balanced Fund
Years Ended December 31,
2023			2022			2021			2020(e)			2019(e)
$	17.39		$	21.18		$	19.16		$	18.68		$	16.75
	0.39			0.35			0.32			0.37			0.39
	2.21			(2.91	)		2.80			1.75			2.78
	2.60			(2.56	)		3.12			2.12			3.17
	(0.40	)		(0.36	)		(0.32	)		(0.77	)		(0.41	)
	(0.77	)		(0.87	)		(0.78	)		(0.87	)		(0.83	)
	—			—			—			—			—
	(1.17	)		(1.23	)		(1.10	)		(1.64	)		(1.24	)
$	18.82		$	17.39		$	21.18		$	19.16		$	18.68
	15.07			(12.02	)		16.48			11.77			19.37
	187			180			218			191			194
	2.09			1.81			1.53			1.76			2.12
	0.54			0.54			0.46			0.54			0.50
	0.54			0.54			0.46			0.54			0.50
	50.33			25.01			23.68			38.58			41.92

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

155

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	International Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	7.24		$	9.26		$	9.34		$	9.05		$	7.66
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.29			0.31			0.20			0.14			0.23
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		1.09			(1.44	)		0.74			0.56			1.36
Total From Investment Operations		1.38			(1.13	)		0.94			0.70			1.59
Less Distributions
From Net Investment Income		(0.42	)		(0.23	)		(0.16	)		(0.38	)		(0.20	)
From Net Realized Gains		—			(0.66	)		(0.86	)		(0.03	)		—
Return of Capital		—			—			—			—	(f)		—
Total Distributions		(0.42	)		(0.89	)		(1.02	)		(0.41	)		(0.20	)
Net Asset Value, End of Year	$	8.20		$	7.24		$	9.26		$	9.34		$	9.05
Total Return (%)(g)		19.55			(11.09	)		10.37			8.19			21.01
Net Assets, End of Year ($ millions)		1,460			1,202			1,203			940			720
Ratio of Net Income (Loss) to Average Net Assets (%)		3.83			4.10			2.05			2.20			3.26
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(h)		0.14			0.13			0.12			0.13			0.12
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(h)		0.13			0.13			0.12			0.13			0.12
Portfolio Turnover Rate (%)(a)		20.14			18.25			123.53			4.69			3.61

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

NA = Not Applicable.

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

156

Catholic Values Index Fund												Retirement Income Fund
Years Ended December 31,									Period Ended December 31, 2020(j)			Years Ended December 31,
2023			2022			2021						2023			2022			2021			2020(e)			2019(e)
$	10.97		$	14.06		$	11.17		$	10.00		$	10.24		$	12.26		$	12.09		$	12.09		$	11.18
	0.17			0.15			0.15			0.04			0.26			0.17			0.15			0.41			0.18
	2.71			(2.98	)		3.07			1.17			0.74			(1.54	)		0.54			0.49			1.14
	2.88			(2.83	)		3.22			1.21			1.00			(1.37	)		0.69			0.90			1.32
	(0.17	)		(0.15	)		(0.14	)		(0.04	)		(0.26	)		(0.17	)		(0.16	)		(0.60	)		(0.20	)
	(0.17	)		(0.11	)		(0.19	)		—	(f)		(0.08	)		(0.48	)		(0.36	)		(0.30	)		(0.21	)
	—			—			—			—			—			—			—			—			—
	(0.34	)		(0.26	)		(0.33	)		(0.04	)		(0.34	)		(0.65	)		(0.52	)		(0.90	)		(0.41	)
$	13.51		$	10.97		$	14.06		$	11.17		$	10.90		$	10.24		$	12.26		$	12.09		$	12.09
	26.37			(20.10	)		28.99			12.12	(b)		9.91			(11.12	)		5.77			7.59			11.85
	6			4			5			3			207			203			224			193			138
	1.39			1.36			1.16			1.57	(c)		2.40			1.58			1.22			4.25			1.87
	2.94			2.53			2.14			2.18	(c)		0.16			0.13			0.11			0.11			0.12
	0.22			0.22			0.22			0.15	(c)		0.16			0.13			0.11			0.11			0.12
	25.23			13.48			9.54			16.38	(b)		25.22			32.16			28.07			23.13			10.49

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

157

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	Clear Passage 2015 Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	8.13		$	9.45		$	9.90		$	10.49		$	9.73
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.20			0.13			0.13			0.39			0.20
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		0.65			(1.27	)		0.63			0.37			1.27
Total From Investment Operations		0.85			(1.14	)		0.76			0.76			1.47
Less Distributions
From Net Investment Income		(0.21	)		(0.13	)		(0.15	)		(0.59	)		(0.22	)
From Net Realized Gains		(0.14	)		(0.02	)		(1.09	)		(0.76	)		(0.49	)
Total Distributions		(0.35	)		(0.15	)		(1.24	)		(1.35	)		(0.71	)
Capital Contribution from Adviser		—			(0.03	)(l)		0.03	(l)		—			—
Net Asset Value, End of Year	$	8.63		$	8.13		$	9.45		$	9.90		$	10.49
Total Return (%)(g)		10.55			(12.38	)		8.11			7.65			15.34
Net Assets, End of Year ($ millions)		111			113			141			140			149
Ratio of Net Income (Loss) to Average Net Assets (%)		2.34			1.53			1.26			3.63			1.81
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.22			0.16			0.13			0.12			0.11
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.22			0.16			0.13			0.12			0.11
Portfolio Turnover Rate (%)(a)		19.08			24.14			24.63			25.28			13.69

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

(l) In 2021, the Clear Passage 2015 Fund had accrued a non-recurring capital contribution from Mutual of America Capital Management LLC of $410,599 to reflect the estimated lost opportunity cost arising when a portion of the portfolio was uninvested. The 2022 amount disclosed includes adjustments to the prior accrual to record the final settlement amount of the capital contribution accrued as of December 31, 2021.

NA = Not Applicable.

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

158

Clear Passage 2020 Fund															Clear Passage 2025 Fund
Years Ended December 31,															Years Ended December 31,
2023			2022			2021			2020(e)			2019(e)			2023			2022			2021			2020(e)			2019(e)
$	9.55		$	12.16		$	11.84		$	12.42		$	11.25		$	10.98		$	13.97		$	13.29		$	13.65		$	12.02
	0.26			0.18			0.16			0.46			0.22			0.29			0.20			0.18			0.48			0.20
	0.86			(1.78	)		0.99			0.62			1.71			1.18			(2.11	)		1.39			0.85			2.15
	1.12			(1.60	)		1.15			1.08			1.93			1.47			(1.91	)		1.57			1.33			2.35
	(0.26	)		(0.18	)		(0.20	)		(0.70	)		(0.23	)		(0.29	)		(0.21	)		(0.23	)		(0.72	)		(0.23	)
	(0.23	)		(0.83	)		(0.63	)		(0.96	)		(0.53	)		(0.33	)		(0.87	)		(0.66	)		(0.97	)		(0.49	)
	(0.49	)		(1.01	)		(0.83	)		(1.66	)		(0.76	)		(0.62	)		(1.08	)		(0.89	)		(1.69	)		(0.72	)
	—			—			—			—			—			—			—			—			—			—
$	10.18		$	9.55		$	12.16		$	11.84		$	12.42		$	11.83		$	10.98		$	13.97		$	13.29		$	13.65
	11.83			(13.06	)		9.80			9.11			17.53			13.59			(13.56	)		11.96			10.26			19.79
	491			504			621			594			608			1,129			1,057			1,203			1,020			946
	2.48			1.65			1.29			3.66			1.85			2.50			1.69			1.29			3.68			1.81
	0.12			0.09			0.08			0.07			0.08			0.10			0.08			0.08			0.07			0.07
	0.11			0.09			0.08			0.07			0.08			0.09			0.08			0.08			0.07			0.07
	21.68			19.16			22.78			22.40			10.33			22.19			18.16			15.42			16.72			5.08

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

159

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	Clear Passage 2030 Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	11.90		$	15.25		$	14.08		$	14.32		$	12.36
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.31			0.22			0.19			0.48			0.20
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		1.48			(2.40	)		1.94			1.10			2.47
Total From Investment Operations		1.79			(2.18	)		2.13			1.58			2.67
Less Distributions
From Net Investment Income		(0.31	)		(0.22	)		(0.26	)		(0.73	)		(0.22	)
From Net Realized Gains		(0.46	)		(0.95	)		(0.70	)		(1.09	)		(0.49	)
Total Distributions		(0.77	)		(1.17	)		(0.96	)		(1.82	)		(0.71	)
Net Asset Value, End of Year	$	12.92		$	11.90		$	15.25		$	14.08		$	14.32
Total Return (%)(g)		15.25			(14.14	)		15.29			11.67			21.93
Net Assets, End of Year ($ millions)		1,309			1,125			1,231			981			854
Ratio of Net Income (Loss) to Average Net Assets (%)		2.46			1.67			1.25			3.67			1.71
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.10			0.08			0.08			0.07			0.07
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.09			0.08			0.08			0.07			0.07
Portfolio Turnover Rate (%)(a)		19.17			15.52			13.45			12.53			4.23

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

NA = Not Applicable.

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

160

Clear Passage 2035 Fund															Clear Passage 2040 Fund
Years Ended December 31,															Years Ended December 31,
2023			2022			2021			2020(e)			2019(e)			2023			2022			2021			2020(e)			2019(e)
$	12.20		$	16.00		$	14.40		$	14.59		$	12.43		$	12.12		$	16.15		$	14.44		$	14.48		$	12.23
	0.31			0.23			0.20			0.48			0.19			0.31			0.23			0.20			0.47			0.18
	1.76			(2.69	)		2.34			1.25			2.70			1.93			(2.75	)		2.64			1.37			2.74
	2.07			(2.46	)		2.54			1.73			2.89			2.24			(2.52	)		2.84			1.84			2.92
	(0.32	)		(0.24	)		(0.29	)		(0.72	)		(0.22	)		(0.31	)		(0.24	)		(0.30	)		(0.70	)		(0.21	)
	(0.43	)		(1.10	)		(0.65	)		(1.20	)		(0.51	)		(0.49	)		(1.27	)		(0.83	)		(1.18	)		(0.46	)
	(0.75	)		(1.34	)		(0.94	)		(1.92	)		(0.73	)		(0.80	)		(1.51	)		(1.13	)		(1.88	)		(0.67	)
$	13.52		$	12.20		$	16.00		$	14.40		$	14.59		$	13.56		$	12.12		$	16.15		$	14.44		$	14.48
	17.26			(15.20	)		17.84			12.61			23.62			18.87			(15.37	)		19.89			13.43			24.25
	1,231			1,023			1,101			846			712			1,038			848			925			708			587
	2.44			1.70			1.25			3.67			1.64			2.40			1.69			1.22			3.59			1.59
	0.10			0.08			0.08			0.07			0.08			0.10			0.08			0.08			0.07			0.08
	0.10			0.08			0.08			0.07			0.08			0.10			0.08			0.08			0.07			0.08
	18.50			16.15			8.93			11.53			3.33			18.97			10.97			11.55			12.53			2.38

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

161

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	Clear Passage 2045 Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	11.89		$	15.97		$	14.28		$	14.32		$	12.14
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.30			0.22			0.19			0.45			0.18
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		1.99			(2.75	)		2.71			1.34			2.75
Total From Investment Operations		2.29			(2.53	)		2.90			1.79			2.93
Less Distributions
From Net Investment Income		(0.31	)		(0.23	)		(0.29	)		(0.68	)		(0.21	)
From Net Realized Gains		(0.50	)		(1.32	)		(0.92	)		(1.15	)		(0.54	)
Total Distributions		(0.81	)		(1.55	)		(1.21	)		(1.83	)		(0.75	)
Net Asset Value, End of Year	$	13.37		$	11.89		$	15.97		$	14.28		$	14.32
Total Return (%)(g)		19.64			(15.59	)		20.57			13.31			24.54
Net Assets, End of Year ($ millions)		1,069			875			957			733			611
Ratio of Net Income (Loss) to Average Net Assets (%)		2.38			1.68			1.19			3.54			1.54
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.10			0.08			0.08			0.07			0.08
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.10			0.08			0.08			0.07			0.08
Portfolio Turnover Rate (%)(a)		14.87			13.09			11.96			10.77			2.56

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(j) Amount is less than $0.00005 per share.

(i) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(j) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

NA = Not Applicable.

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

162

Clear Passage 2050 Fund															Clear Passage 2055 Fund
Years Ended December 31,															Years Ended December 31,
2023			2022			2021			2020(e)			2019(e)			2023			2022			2021			2020(e)			2019(e)
$	15.20		$	20.31		$	17.92		$	17.47		$	14.64		$	11.99		$	15.99		$	13.98		$	13.31		$	11.02
	0.38			0.28			0.24			0.54			0.19			0.30			0.21			0.18			0.38			0.10
	2.59			(3.52	)		3.45			1.68			3.37			2.05			(2.77	)		2.74			1.41			2.56
	2.97			(3.24	)		3.69			2.22			3.56			2.35			(2.56	)		2.92			1.79			2.66
	(0.39	)		(0.29	)		(0.38	)		(0.81	)		(0.23	)		(0.30	)		(0.23	)		(0.29	)		(0.57	)		(0.12	)
	(0.73	)		(1.58	)		(0.92	)		(0.96	)		(0.50	)		(0.37	)		(1.21	)		(0.62	)		(0.55	)		(0.25	)
	(1.12	)		(1.87	)		(1.30	)		(1.77	)		(0.73	)		(0.67	)		(1.44	)		(0.91	)		(1.12	)		(0.37	)
$	17.05		$	15.20		$	20.31		$	17.92		$	17.47		$	13.67		$	11.99		$	15.99		$	13.98		$	13.31
	19.94			(15.66	)		20.82			13.39			24.65			19.98			(15.77	)		21.11			13.93			24.39
	830			665			717			536			425			450			339			330			220			144
	2.36			1.66			1.18			3.56			1.53			2.38			1.64			1.16			3.66			1.58
	0.11			0.09			0.08			0.08			0.08			0.13			0.11			0.10			0.11			0.12
	0.10			0.09			0.08			0.08			0.08			0.12			0.11			0.10			0.11			0.12
	16.86			12.91			11.57			9.80			2.11			14.85			12.88			10.49			7.28			0.57

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

163

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	Clear Passage 2060 Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	10.18		$	13.58		$	11.87		$	11.12		$	8.95
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.25			0.18			0.16			0.28			0.08
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		1.77			(2.34	)		2.38			1.25			2.11
Total From Investment Operations		2.02			(2.16	)		2.54			1.53			2.19
Less Distributions
From Net Investment Income		(0.25	)		(0.19	)		(0.26	)		(0.42	)		(0.01	)
From Net Realized Gains		(0.27	)		(1.05	)		(0.57	)		(0.36	)		(0.01	)
Total Distributions		(0.52	)		(1.24	)		(0.83	)		(0.78	)		(0.02	)
Net Asset Value, End of Year	$	11.68		$	10.18		$	13.58		$	11.87		$	11.12
Total Return (%)(g)		20.19			(15.72	)		21.60			14.08			24.53
Net Assets, End of Year ($ millions)		233			155			130			72			30
Ratio of Net Income (Loss) to Average Net Assets (%)		2.39			1.62			1.25			4.14			1.95
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.17			0.17			0.16			0.22			0.51
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.17			0.17			0.05			0.05			0.05
Portfolio Turnover Rate (%)(a)		12.15			12.95			14.26			6.7			1.73

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

NA = Not Applicable.

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

164

Clear Passage 2065 Fund												Conservative Allocation Fund
Years Ended December 31,									Period Ended December 31, 2020(e)(k)			Years Ended December 31,
2023			2022			2021						2023			2022			2021			2020(e)			2019(e)
$	10.25		$	13.20		$	11.45		$	10.00		$	10.40		$	12.86		$	12.67		$	12.71		$	11.65
	0.26			0.18			0.16			0.22			0.25			0.19			0.18			0.48			0.24
	1.81			(2.26	)		2.31			1.59			0.91			(1.80	)		0.80			0.67			1.38
	2.07			(2.08	)		2.47			1.81			1.16			(1.61	)		0.98			1.15			1.62
	(0.26	)		(0.19	)		(0.26	)		(0.24	)		(0.26	)		(0.19	)		(0.20	)		(0.74	)		(0.26	)
	(0.17	)		(0.68	)		(0.46	)		(0.12	)		(0.14	)		(0.66	)		(0.59	)		(0.45	)		(0.30	)
	(0.43	)		(0.87	)		(0.72	)		(0.36	)		(0.40	)		(0.85	)		(0.79	)		(1.19	)		(0.56	)
$	11.89		$	10.25		$	13.20		$	11.45		$	11.16		$	10.40		$	12.86		$	12.67		$	12.71
	20.50			(15.54	)		21.73			18.16	(b)		11.22			(12.44	)		7.82			9.32			13.99
	68			34			17			3			158			161			201			188			178
	2.62			1.88			1.44			3.4	(b)		2.24			1.63			1.36			3.81			2.07
	0.43			0.63			1.15			4.61	(c)		0.13			0.08			0.06			0.06			0.05
	0.05			0.05			0.05			0.05	(c)		0.13			0.08			0.06			0.06			0.05
	17.62			16.45			28.1			10.76	(b)		12.65			10.16			16.91			10.07			9.54

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

165

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	Moderate Allocation Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	12.20		$	15.98		$	15.14		$	15.51		$	13.85
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.30			0.24			0.22			0.58			0.29
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		1.53			(2.49	)		1.90			1.13			2.32
Total From Investment Operations		1.83			(2.25	)		2.12			1.71			2.61
Less Distributions
From Net Investment Income		(0.30	)		(0.24	)		(0.28	)		(0.89	)		(0.31	)
From Net Realized Gains		(0.56	)		(1.29	)		(1.00	)		(1.19	)		(0.64	)
Total Distributions		(0.86	)		(1.53	)		(1.28	)		(2.08	)		(0.95	)
Net Asset Value, End of Year	$	13.17		$	12.20		$	15.98		$	15.14		$	15.51
Total Return (%)(g)		15.34			(13.91	)		14.19		��	11.67			19.15
Net Assets, End of Year ($ millions)		403			393			487			444			433
Ratio of Net Income (Loss) to Average Net Assets (%)		2.25			1.71			1.34			3.69			1.91
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.07			0.04			0.03			0.03			0.03
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.07			0.04			0.03			0.03			0.03
Portfolio Turnover Rate (%)(a)		12.56			8.74			14.83			10.69			8.40

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

(b) Not annualized.

(c) Annualized.

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

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

NA = Not Applicable.

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

166

Aggressive Allocation Fund
Years Ended December 31,
2023			2022			2021			2020(e)			2019(e)
$	13.30		$	17.86		$	16.80		$	17.36		$	15.30
	0.32			0.26			0.23			0.59			0.29
	1.94			(3.02	)		2.78			1.60			3.10
	2.26			(2.76	)		3.01			2.19			3.39
	(0.32	)		(0.27	)		(0.35	)		(0.92	)		(0.33	)
	(0.83	)		(1.53	)		(1.60	)		(1.83	)		(1.00	)
	(1.15	)		(1.80	)		(1.95	)		(2.75	)		(1.33	)
$	14.41		$	13.30		$	17.86		$	16.80		$	17.36
	17.52			(15.24	)		18.21			13.72			22.74
	336			313			390			337			320
	2.21			1.66			1.22			3.50			1.69
	0.08			0.05			0.04			0.04			0.04
	0.08			0.05			0.04			0.04			0.04
	10.51			9.54			13.06			10.23			9.06

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

167

MoA FUNDS

FINANCIAL HIGHLIGHTS (Continued)

	Money Market Fund
	Years Ended December 31,
	2023			2022			2021			2020(e)			2019(e)
Net Asset Value, Beginning of Year	$	11.833		$	11.827		$	11.852		$	12.315		$	12.2150
INCOME (LOSS)FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.559			0.157			(0.020	)		0.185			0.3293
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations		0.015			0.003			(0.005	)		(0.148	)		(0.0838	)
Total From Investment Operations		0.574			0.160			(0.025	)		0.037			0.2455
Less Distributions
From Net Investment Income		(0.549	)		(0.154	)		—			(0.499	)		(0.1457	)
From Net Realized Gains		—	(I)		—			—			(0.001	)		—	(i)
Return of Capital		—			—			—			—	(l)		—
Total Distributions		(0.549	)		(0.154	)		—			(0.500	)		(0.1457	)
Net Asset Value, End of Year	$	11.858		$	11.833		$	11.827		$	11.852		$	12.3148
Total Return (%)(g)		4.99			1.31			(0.17	)		0.28			2.01
Net Assets, End of Year ($ millions)		586			335			173			122			154
Ratio of Net Income (Loss) to Average Net Assets (%)		4.90			1.71			(0.20	)		0.40			2.02
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.23			0.24			0.26			0.27			0.24
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.23			0.24			0.26			0.27			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 Target Date Funds exclude expenses of the underlying funds.

(e) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis.

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

(g) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

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

(i) Amount is less than $0.00005 per share.

(j) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(k) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

(l) Amount is less than $0.0005 per share.

NA = Not Applicable.

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

168

Intermediate Bond Fund															Core Bond Fund
Years Ended December 31,															Years Ended December 31,
2023			2022			2021			2020(e)			2019(e)			2023			2022			2021			2020(e)			2019(e)
$	9.43		$	10.36		$	10.79		$	10.63		$	10.24		$	12.21		$	14.32		$	15.01		$	14.77		$	14.07
	0.22			0.14			0.14			0.15			0.21			0.36			0.27			0.23			0.28			0.35
	0.21			(0.93	)		(0.36	)		0.39			0.41			0.24			(2.09	)		(0.60	)		0.67			0.72
	0.43			(0.79	)		(0.22	)		0.54			0.62			0.60			(1.82	)		(0.37	)		0.95			1.07
	(0.22	)		(0.14	)		(0.14	)		(0.38	)		(0.23	)		(0.36	)		(0.29	)		(0.27	)		(0.70	)		(0.37	)
	—			—	(f)		(0.07	)		—	(f)		—			—			—			(0.05	)		(0.01	)		—
	—			—			—			—			—			—			—			—			—	(f)		—
	(0.22	)		(0.14	)		(0.21	)		(0.38	)		(0.23	)		(0.36	)		(0.29	)		(0.32	)		(0.71	)		(0.37	)
$	9.64		$	9.43		$	10.36		$	10.79		$	10.63		$	12.45		$	12.21		$	14.32		$	15.01		$	14.77
	4.62			(7.66	)		(2.02	)		5.05			6.04			5.03			(12.79	)		(2.45	)		6.40			7.65
	950			878			866			829			672			2,060			1,841			2,049			1,873			1,574
	2.39			1.42			1.32			1.79			2.26			2.94			2.07			1.56			2.03			2.70
	0.47			0.45			0.44			0.46			0.45			0.45			0.43			0.43			0.45			0.44
	0.46			0.45			0.44			0.46			0.45			0.44			0.43			0.43			0.45			0.44
	50.30			21.07			17.57			10.72			19.47			34.81			33.44			31.53			28.98			13.36

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

169

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS

December 31, 2023

1. ORGANIZATION

MoA Funds Corporation (formerly, 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 under the Investment Company Act of 1940. The Investment Company was formed on February 21, 1986 as a Maryland corporation and offers its shares to various types of investors, including separate accounts of affiliated insurance companies. The Investment Company issues separate series of capital stock, each of which represents a separate Fund (collectively, “the Funds”). The financial statements for each of the Funds are contained within this report.

The Investment Company changed its name to the MoA Funds Corporation on October 16, 2023. In connection with this change, each Fund changed its name as follows:

Former Fund Name	Current Fund Name
Mutual of America Investment Corporation Equity Index Fund	MoA Equity Index Fund
Mutual of America Investment Corporation All America Fund	MoA All America Fund
Mutual of America Investment Corporation Small Cap Value Fund	MoA Small Cap Value Fund
Mutual of America Investment Corporation Small Cap Growth Fund	MoA Small Cap Growth Fund
Mutual of America Investment Corporation Small Cap Equity Index Fund	MoA Small Cap Equity Index Fund
Mutual of America Investment Corporation Mid Cap Value Fund	MoA Mid Cap Value Fund
Mutual of America Investment Corporation Mid-Cap Equity Index Fund	MoA Mid Cap Equity Index Fund
Mutual of America Investment Corporation Composite Fund	MoA Balanced Fund
Mutual of America Investment Corporation International Fund	MoA International Fund
Mutual of America Investment Corporation Catholic Values Index Fund	MoA Catholic Values Index Fund
Mutual of America Investment Corporation Money Market Fund	MoA Money Market Fund
Mutual of America Investment Corporation Mid-Term Bond Fund	MoA Intermediate Bond Fund
Mutual of America Investment Corporation Bond Fund	MoA Core Bond Fund
Mutual of America Investment Corporation Retirement Income Fund	MoA Retirement Income Fund
Mutual of America Investment Corporation 2015 Retirement Fund	MoA Clear Passage 2015 Fund
Mutual of America Investment Corporation 2020 Retirement Fund	MoA Clear Passage 2020 Fund
Mutual of America Investment Corporation 2025 Retirement Fund	MoA Clear Passage 2025 Fund
Mutual of America Investment Corporation 2030 Retirement Fund	MoA Clear Passage 2030 Fund
Mutual of America Investment Corporation 2035 Retirement Fund	MoA Clear Passage 2035 Fund
Mutual of America Investment Corporation 2040 Retirement Fund	MoA Clear Passage 2040 Fund
Mutual of America Investment Corporation 2045 Retirement Fund	MoA Clear Passage 2045 Fund
Mutual of America Investment Corporation 2050 Retirement Fund	MoA Clear Passage 2050 Fund
Mutual of America Investment Corporation 2055 Retirement Fund	MoA Clear Passage 2055 Fund
Mutual of America Investment Corporation 2060 Retirement Fund	MoA Clear Passage 2060 Fund
Mutual of America Investment Corporation 2065 Retirement Fund	MoA Clear Passage 2065 Fund
Mutual of America Investment Corporation Conservative Allocation Fund	MoA Conservative Allocation Fund
Mutual of America Investment Corporation Moderate Allocation Fund	MoA Moderate Allocation Fund
Mutual of America Investment Corporation Aggressive Allocation Fund	MoA Aggressive Allocation Fund

There were no changes to any of the Funds’ investment objectives as a result of these name changes.

Investment Company shares are issued to retail and institutional investors, such as endowments, foundations, corporations, municipalities and other public entities, and trusts. In addition, shares are issued to Mutual of America Life Insurance Company (“Mutual of America Life”) for allocation to its Separate Accounts as a funding medium for variable accumulation annuity contracts, as well as directly issued to one or more of the Investment Company’s Target Date Funds and the MoA Conservative Allocation, MoA Moderate Allocation and MoA Aggressive Allocation Funds (collectively, “Allocation Funds”). The Board of Directors of the Investment Company have appointed Foreside Fund Services, LLC as principal underwriter for the distribution of the Funds’ shares, commencing July 18, 2023. Prior to this, Mutual of America Securities LLC, a wholly owned subsidiary of Mutual of America Life, served as the principal underwriter for distribution of the Funds’ shares.

170

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES

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, 2023, management determined that the fair value inputs used for all equity securities were considered Level 1, with the exception of three securities in the Small Cap Equity Index Fund and Catholic Values Index Fund (see Note (a) below) which were considered Level 3 and certain securities listed on foreign exchanges which were considered Level 2. Valuation adjustments may be applied to certain securities that were solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the New York Stock Exchange. Securities using these valuation adjustments were considered Level 2. In addition, non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Fair value inputs for all debt securities and temporary cash investments were considered Level 2, with the exception of one debt security in the Core Bond Fund (see Note (a) below) which was considered as Level 3. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Funds’ investments and other financial instruments as of December 31, 2023:

Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Investments at Fair Value:*
Equity Index Fund
Common Stock	$	5,120,772,326		—		—	$	5,120,772,326
Short-Term Debt Securities		—	$	76,133,744		—	$	76,133,744
	$	5,120,772,326	$	76,133,744		—	$	5,196,906,070
All America Fund
Common Stock	$	294,607,913		—		—	$	294,607,913
Short-Term Debt Securities		—	$	3,791,250		—	$	3,791,250
Temporary Cash Investment		—	$	408,466		—	$	408,466
	$	294,607,913	$	4,199,716		—	$	298,807,629
Small Cap Value Fund
Common Stock	$	392,974,289		—		—	$	392,974,289
Short-Term Debt Securities		—	$	13,268,043		—	$	13,268,043
Temporary Cash Investment		—	$	942,790		—	$	942,790
	$	392,974,289	$	14,210,833		—	$	407,185,122

171

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Small Cap Growth Fund
Common Stock	$	409,397,602	$	—		—		$	409,397,602
Short-Term Debt Securities		—	$	6,599,049		—		$	6,599,049
Temporary Cash Investment		—	$	24,992		—		$	24,992
	$	409,397,602	$	6,624,041		—		$	416,021,643
Small Cap Equity Index Fund
Common Stock	$	204,755,070		—		—	(a)	$	204,755,070
Temporary Cash Investment		—	$	191,612		—		$	191,612
	$	204,755,070	$	191,612		—		$	204,946,682
Mid Cap Value Fund
Common Stock	$	151,610,788		—				$	151,610,788
Short-Term Debt Securities		—	$	5,090,034		—		$	5,090,034
Temporary Cash Investment		—	$	79,992		—		$	79,992
	$	151,610,788	$	5,170,026		—		$	156,780,814
Mid Cap Equity Index Fund
Common Stock	$	1,484,370,730		—		—		$	1,484,370,730
Short-Term Debt Securities		—	$	15,078,845		—		$	15,078,845
	$	1,484,370,730	$	15,078,845		—		$	1,499,449,575
Balanced Fund
Common Stock	$	110,707,661		—		—		$	110,707,661
U.S. Government Debt		—	$	22,494,359		—		$	22,494,359
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	23,708,130		—		$	23,708,130
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	1,148,706		—		$	1,148,706
Long-Term Corporate Debt		—	$	17,632,733		—		$	17,632,733
Short-Term Debt Securities		—	$	9,692,383		—		$	9,692,383
Temporary Cash Investment		—	$	310,074		—		$	310,074
	$	110,707,661	$	74,986,385		—		$	185,694,046
International Fund
Common Stock	$	73,636,885	$	1,321,644,163		—		$	1,395,281,048
Short-Term Debt Securities		—	$	52,021,577		—		$	52,021,577
Temporary Cash Investment		—	$	5,002,285		—		$	5,002,285
	$	73,636,885	$	1,378,668,025		—		$	1,452,304,910
Catholic Values Index Fund
Common Stock	$	5,686,221		—		—	(a)	$	5,686,221
Retirement Income Fund
Common Stock	$	207,428,240		—		—		$	207,428,240
Clear Passage 2015 Fund
Common Stock	$	111,541,555		—		—		$	111,541,555
Clear Passage 2020 Fund
Common Stock	$	491,437,406		—		—		$	491,437,406
Clear Passage 2025 Fund
Common Stock	$	1,128,998,400		—		—		$	1,128,998,400
Clear Passage 2030 Fund
Common Stock	$	1,309,239,412		—		—		$	1,309,239,412
Clear Passage 2035 Fund
Common Stock	$	1,231,237,698		—		—		$	1,231,237,698
Clear Passage 2040 Fund
Common Stock	$	1,037,968,347		—		—		$	1,037,968,347

172

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Clear Passage 2045 Fund
Common Stock	$	1,068,757,011	$	—		—		$	1,068,757,011
Clear Passage 2050 Fund
Common Stock	$	829,869,257		—		—		$	829,869,257
Clear Passage 2055 Fund
Common Stock	$	450,557,449		—		—		$	450,557,449
Clear Passage 2060 Fund
Common Stock	$	233,347,578		—		—		$	233,347,578
Clear Passage 2065 Fund
Common Stock	$	67,666,339		—		—		$	67,666,339
Conservative Allocation Fund
Common Stock	$	157,995,321		—		—		$	157,995,321
Moderate Allocation Fund
Common Stock	$	403,147,977		—		—		$	403,147,977
Aggressive Allocation Fund
Common Stock	$	335,593,463		—		—		$	335,593,463
Money Market Fund
U.S. Government Debt		—	$	348,325,993		—		$	348,325,993
Commercial Paper		—	$	240,369,170		—		$	240,369,170
		—	$	588,695,163		—		$	588,695,163
Intermediate Bond Fund
U.S. Government Debt		—	$	636,516,968		—		$	636,516,968
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	12,383,375		—		$	12,383,375
Long-Term Corporate Debt		—	$	289,131,279		—		$	289,131,279
Short-Term Debt Securities		—	$	3,593,326		—		$	3,593,326
		—	$	941,624,948		—		$	941,624,948
Core Bond Fund
U.S. Government Debt		—	$	751,460,052		—		$	751,460,052
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	718,370,003		—		$	718,370,003
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	25,892,498		—		$	25,892,498
Long-Term Corporate Debt		—	$	544,494,372		—		$	544,494,372
Sovereign Debt		—		—	$	1,566,371	(a)	$	1,566,371
Short-Term Debt Securities		—	$	7,798,873		—		$	7,798,873
		—	$	2,048,015,798	$	1,566,371		$	2,049,582,169
Other Financial Instruments:**
Equity Index Fund	$	2,007,303		—		—		$	2,007,303
All America Fund	$	35,588		—		—		$	35,588
Mid Cap Equity Index Fund	$	609,100		—		—		$	609,100
International Fund	$	1,031,225		—		—		$	1,031,225

* See Portfolios of Investments for more details on industry or country classifications, as applicable.

** Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures contracts which are valued at the settlement price established each day by the exchange on which traded.

(a) Includes securities fair valued in good faith by the Adviser, as valuation designee, in accordance with procedures adopted by the Board of Directors of the Investment Company.

173

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

	Fair Value Measurement Using Significant Unobservable Inputs (Level 3) for the year ended December 31, 2023
	Balance December 31, 2022(a)			Change in Unrealized Gains (Losses)			Realized Gains (Losses)		Accrued Discounts/ Premiums		Transfers Into Level 3		Transfers Out of Level 3		Purchases		Sales			Balance December 31, 2023(a)			Net Change in Unrealized Gains (Losses) of Level 3 Assets Held as of December 31, 2023
Small Cap Equity Index Fund — Common Stock		—	(b),(c)		—		$	4,221		—		—		—		—	$	(4,221	)		—	(c)		—
Core Bond Fund — Sovereign Debt	$	1,825,522	(d)	$	(190,435	)		—	$	181,078		—		—		—	$	(249,794	)	$	1,566,371	(d)	$	(190,435	)
Catholic Values Index Fund — Common Stock		—	(e)		—			—		—		—		—		—		—			—	(e)		—

(a) Includes securities fair valued in good faith by the Adviser, as valuation designee, in accordance with procedures adopted by the Board of Directors of the Investment Company.

(b) Level 3 security, Contra Progenics Pharmaceuticals, Inc. - contingent value rights with Realized Gains of $4,221, sales of $(4,221) and $0 fair value.

(c) Level 3 securities, OmniAB, Inc. Cl CR3 and OmniAB, Inc. Cl CR4 - common stocks with $0 fair value.

(d) Level 3 security, Sri Lanka AID, with change in unrealized loss of $(190,435), accrued discounts of $181,078, sales of $(249,794) and $1,566,371 fair value.

(e) Level 3 security, Contra ABIOMED, Inc. - contingent value rights with $0 fair value.

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

The Funds’ investments are 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. For Funds that invest in securities listed on foreign exchanges, the value of the securities may change on days when the Funds are closed and there is no possibility to purchase or redeem shares of the Funds. Valuation adjustments may be applied to certain securities that were solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange.

Effective September 8, 2022, the Board of Directors of the Investment Company (the “Board”) adopted valuation procedures for security valuation under which the Adviser was designated to perform certain fair valuation responsibilities. 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 market value. Assumptions utilized by the valuation committee vary depending on the investment being fair-valued and the technique deemed most appropriate to the nature of the investment and how a market participant would fair value the investment. Such techniques involve utilizing market observable spreads for fixed income securities, discounted cash flow models and weighting of company specific events and circumstances as inputs into fair value estimates. A record of the Valuation Committee’s actions is subject to the Board’s review at its next regularly scheduled quarterly meeting.

174

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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 price is used. For equity securities traded in the over-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 typically 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. These short-term temporary cash investments are valued at cost.

When a price is not available from an independent pricing source or when prices may not reflect market value, such as when the price provided by the pricing source is not based on a recent trade, these securities are fair valued using the valuation procedures described above and are considered Level 3 securities.

The Target Date 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 securities are computed on the basis of identified cost at the time of sale, determined on the first-in, first-out (“FIFO”) basis.

Futures Contracts — The Equity Index Fund, Mid Cap Equity Index Fund, International Fund and a portion of the All America Fund each maintain 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 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 approximately 5%-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.

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 to off-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

��

175

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

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, 2023 and for the year ended December 31, 2023:

Derivatives not accounted for as hedging instruments	Risk Type		Locations on Statements of Assets and Liabilities	Equity Index Fund		All America Fund		Mid Cap Equity Index Fund			International Fund
Futures Contracts		Equity	Total Distributable Earnings (Loss)	$	2,007,303	$	35,588	$	609,100		$	1,031,225
Derivatives not accounted for as hedging instruments	Risk Type		Locations on Statements of Operations	Equity Index Fund		All America Fund		Mid Cap Equity Index Fund			International Fund
Futures Contracts		Equity	Net realized gain (loss) on Futures contracts	$	8,538,175	$	315,579	$	(1,103,415	)	$	1,286,716
Futures Contracts		Equity	Change in net unrealized appreciation (depreciation) of Futures contracts	$	4,612,338	$	170,621	$	949,340		$	2,187,985

During the year ended December 31, 2023, the Equity Index Fund, All America Fund, Mid Cap Equity Index Fund and International Fund held futures contracts with average notional amounts of $65,864,649, $2,325,116, $20,113,688 and $28,751,818, 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.

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

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 the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Foreign source tax withheld from dividends is recorded as a reduction from dividend income. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These amounts are included in Interest and dividends receivable on the Statements of Assets and Liabilities and in Dividends on the Statements of Operations. At year-end December 31, 2023, the International Fund had a withholding tax reclaim receivable amount of $4,050,838.

Foreign Currency Translations — The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions.

176

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Reported net realized gains and losses arise from the sales of portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent of the amounts actually received or paid. The effect of changes in foreign exchange rates on the sale of foreign denominated securities is reflected separately from the fluctuations arising from changes in the market price of securities sold in the net realized gain (loss) on foreign currency translations. The effect of changes in foreign currency translations on securities held is reflected within the change in net unrealized appreciation (depreciation) of Investment securities and is not reflected separately from the fluctuations arising from changes in market prices of securities held.

Distributions to Shareholders (“Dividends”) — Distributions to shareholders are recorded on the ex-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 annually. 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, 2023, 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. Generally, the statute of limitations is open for 3 years after the tax returns are filed. Each Fund’s federal, state and local income 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, 2023, the following Funds had late-year, and capital loss carry-forwards available to offset net realized capital gains generated after December 31, 2022.

	Small Cap Growth Fund			International Fund			Intermediate Bond Fund			Core Bond Fund
Capital loss carry-forward — (short-term)	$	(7,227,213	)	$	(37,921,013	)	$	(724,220	)	$	(15,503,618	)
Capital loss carry-forward — (long term)	$	—		$	(53,469,467	)	$	(37,559,543	)	$	(72,218,470	)

The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

177

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

3. EXPENSES

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
Allocation Funds		.00	%
Target Date Funds		.05	%
Equity Index, Mid Cap Equity Index, Small Cap Equity Index, International Funds(a)		.075	%
Catholic Values Index and Money Market Funds		.15	%
Core Bond Fund		.39	%
All America, Balanced, Intermediate Bond Funds		.40	%
Mid Cap Value Fund		.55	%
Small Cap Value, Small Cap Growth Funds		.75	%

(a) On September 7, 2023, the Board approved, and recommended that shareholders approve, an amendment to the MoA International Fund’s investment advisory agreement that amends the Fund’s management fee to the annual rate of 0.40% of the Fund’s average daily net assets. Subject to shareholder approval, the change in management fee would be effective on or after May 1, 2024.

The Allocation and Target Date Funds incur direct investment management expenses of .00% and ..05%, respectively. Shareholders in the Allocation and Target Date Funds indirectly bear their pro-rata share of the investment management fees incurred by the underlying funds in which they invest. Certain non-investment management operating expenses that can be attributed only to the Allocation and Target Date Funds are charged directly to those Funds.

The Investment Company and the Adviser have entered into an agreement under which the Adviser agrees to reimburse the direct non-investment management operating expenses of any Allocation or Target Date 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, 2024 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. As of December 31, 2023, the Clear Passage 2065 Fund is the only Fund of Funds that qualifies for this expense limitation. The Investment Company and the Adviser have entered into an additional agreement under which the Adviser agrees to reimburse the non-investment management operating expenses of the Small Cap Equity Index Fund and the Catholic Values Index Fund to the extent that such operating expenses exceed 0.07% of the respective Fund’s net assets. This additional agreement remains in effect through April 30, 2024 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.

The Adviser also serves as an administrator for the Investment Company. On June 15, 2023, the Board of Directors of the Funds approved an Administration Agreement between the Funds and the Adviser. Under the terms of this Agreement, which became effective on July 1, 2023, the Adviser agreed to provide certain Administrative Services or bear the cost of certain affiliates providing such services, in exchange for a fee at an annual rate of 0.03% of each Fund’s average daily net assets. The administrative services provided by the Adviser include, among other items, coordination and supervision of the Funds’ other principal service providers; preparing and submitting reports to various regulatory agencies; compliance-related services; internal legal support; preparing and submitting reports and meeting materials to the Board of Directors; maintaining the Investment Company’s records; providing officers to the Funds; and negotiating and administering contractual arrangements with, and monitoring the performance of, service providers to the Funds. The Adviser has agreed to waive 0.008% of this fee for one year. Prior to this, the parent company of the

178

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

3. EXPENSES (CONTINUED)

Adviser was reimbursed by the Funds for the direct and allocated costs of providing similar services. These allocated costs for the period from January 1, 2023 to June 30, 2023 as well as the fees to the Adviser from the Administration Agreement, effective July 1, 2023, are included in Administrative expenses on the Statements of Operations. The effect of the waiver of expenses related to the Administrative Services and any non-investment management operating expense reimbursements by the Adviser are included in Fee waiver and expense reimbursement on the Statements of Operations. Amounts by Fund are listed below.

Fund	Expense Waiver		Expense Reimbursement		Total
Equity Index Fund	$	199,756	$	—	$	199,756
All America Fund		11,652		—		11,652
Small Cap Value Fund		15,546		—		15,546
Small Cap Growth Fund		16,214		—		16,214
Small Cap Equity Index Fund		7,283		182,186		189,470
Mid Cap Value Fund		4,946		—		4,946
Mid Cap Equity Index Fund		58,146		—		58,146
Balanced Fund		7,296		—		7,296
International Fund		54,432		—		54,432
Catholic Values Index Fund		215		136,668		136,883
Retirement Income Fund		8,103		—		8,103
Clear Passage 2015 Fund		4,349		—		4,349
Clear Passage 2020 Fund		19,316		—		19,315
Clear Passage 2025 Fund		43,619		—		43,619
Clear Passage 2030 Fund		49,348		—		49,348
Clear Passage 2035 Fund		46,300		—		46,301
Clear Passage 2040 Fund		38,732		—		38,732
Clear Passage 2045 Fund		39,902		—		39,902
Clear Passage 2050 Fund		30,832		—		30,831
Clear Passage 2055 Fund		16,426		—		16,426
Clear Passage 2060 Fund		8,269		—		8,269
Clear Passage 2065 Fund		2,307		189,010		191,317
Conservative Allocation Fund		6,302		—		6,302
Moderate Allocation Fund		15,675		—		15,675
Aggressive Allocation Fund		12,993		—		12,993
Money Market Fund		20,867		—		20,866
Intermediate Bond Fund		36,647		—		36,648
Core Bond Fund		77,506		—		77,506
	$	852,979	$	507,864	$	1,360,843

179

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

3. EXPENSES (CONTINUED)

For the year ended December 31, 2023, expenses for certain services not included in the Investment Advisory Agreement that are provided to the Funds by the Adviser or an affiliate thereof, totaling approximately $4.0 million, were allocated to the Funds by the Adviser or an affiliate of the Adviser. Amounts by Fund are listed below.

Equity Index Fund	$	1,092,085
All America Fund		52,478
Small Cap Value Fund		107,610
Small Cap Growth Fund		114,752
Small Cap Equity Index Fund		43,207
Mid Cap Value Fund		24,834
Mid Cap Equity Index Fund		380,931
Balanced Fund		37,662
International Fund		342,227
Catholic Values Index Fund		1,416
Retirement Income Fund		23,127
Clear Passage 2015 Fund		12,458
Clear Passage 2020 Fund		55,286
Clear Passage 2025 Fund		124,313
Clear Passage 2030 Fund		140,231
Clear Passage 2035 Fund		130,974
Clear Passage 2040 Fund		109,522
Clear Passage 2045 Fund		110,075
Clear Passage 2050 Fund		87,128
Clear Passage 2055 Fund		46,301
Clear Passage 2060 Fund		23,220
Clear Passage 2065 Fund		6,425
Conservative Allocation Fund		18,040
Moderate Allocation Fund		44,806
Aggressive Allocation Fund		37,071
Money Market Fund		108,915
Intermediate Bond Fund		230,415
Core Bond Fund		481,940
	$	3,987,449

4. 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, 2023, 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	$	192,163,227		$	41,167,316		$	84,438,447		$	203,754,335		$	87,506,581
Proceeds from sales of investments . . . . . . . . . . . . .	$	(350,534,632	)	$	(68,740,011	)	$	(108,363,616	)	$	(273,579,312	)	$	(80,589,325	)
	Mid Cap Value Fund			Mid Cap Equity Index Fund			Balanced Fund			International Fund			Catholic Values Index Fund
Cost of investment purchases	$	67,306,456		$	297,304,602		$	39,829,617		$	379,366,809		$	1,474,592
Proceeds from sales of investments	$	(34,024,300	)	$	(572,277,998	)	$	(54,599,338	)	$	(251,735,878	)	$	(1,267,755	)

180

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

4. INVESTMENTS (CONTINUED)

	Retirement Income Fund			Clear Passage 2015 Fund			Clear Passage 2020 Fund			Clear Passage 2025 Fund			Clear Passage 2030 Fund
Cost of investment purchases	$	51,486,745		$	21,042,748		$	106,217,863		$	240,181,612		$	297,909,322
Proceeds from sales of investments	$	(59,225,713	)	$	(29,219,061	)	$	(154,622,692	)	$	(260,557,940	)	$	(230,373,691	)
	Clear Passage 2035 Fund			Clear Passage 2040 Fund			Clear Passage 2045 Fund			Clear Passage 2050 Fund			Clear Passage 2055 Fund
Cost of investment purchases	$	291,379,848		$	254,272,326		$	215,148,018		$	195,099,980		$	119,738,028
Proceeds from sales of investments	$	(206,403,770	)	$	(176,812,192	)	$	(142,803,267	)	$	(124,618,219	)	$	(57,693,647	)
	Clear Passage 2060 Fund			Clear Passage 2065 Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund
Cost of investment purchases	$	77,451,625		$	35,976,911		$	20,180,067		$	49,531,781		$	33,951,967
Proceeds from sales of investment	$	(23,115,826	)	$	(8,747,682	)	$	(34,761,632	)	$	(76,518,370	)	$	(45,637,509	)
	Intermediate Bond Fund			Core Bond Fund
Cost of investment purchases	$	489,153,403		$	864,908,736
Proceeds from sales of investments	$	(443,436,525	)	$	(647,333,586	)

The cost of short-term security purchases for the Money Market Fund for the year ended December 31, 2023, was $4,906,835,139; proceeds from sales for the same period were $4,675,629,240.

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, 2023 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	$	2,518,094,205		$	95,373,075		$	92,247,532		$	70,502,227		$	34,915,300
Unrealized Depreciation		(121,565,398	)		(12,521,488	)		(32,034,955	)		(24,474,368	)		(22,144,967	)
Net	$	2,396,528,807		$	82,851,587		$	60,212,577		$	46,027,859		$	12,770,333
Tax Cost of Investments	$	2,800,377,263		$	215,920,454		$	346,972,545		$	369,993,784		$	192,176,349
	Mid Cap Value Fund			Mid Cap Equity Index Fund			Balanced Fund			International Fund			Catholic Values Index Fund
Unrealized Appreciation	$	29,139,112		$	343,063,238		$	47,442,442		$	229,695,658		$	1,346,902
Unrealized Depreciation		(3,659,964	)		(92,999,074	)		(7,099,605	)		(125,145,209	)		(179,376	)
Net	$	25,479,148		$	250,064,164		$	40,342,837		$	104,550,449		$	1,167,526
Tax Cost of Investments	$	131,301,666		$	1,249,385,411		$	145,351,209		$	1,347,754,461		$	4,518,695

181

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

4. INVESTMENTS (CONTINUED)

	Retirement Income Fund			Clear Passage 2015 Fund			Clear Passage 2020 Fund			Clear Passage 2025 Fund			Clear Passage 2030 Fund
Unrealized Appreciation	$	6,574,673		$	2,813,942		$	16,456,092		$	47,988,119		$	70,609,855
Unrealized Depreciation		(20,495,853	)		(9,974,623	)		(40,979,059	)		(77,713,137	)		(68,026,394	)
Net . . . . . . . . . . . .	$	(13,921,180	)	$	(7,160,681)		$	(24,522,967	)	$	(29,725,018	)	$	2,583,461
Tax Cost of Investments	$	221,349,420		$	118,702,236		$	515,960,373		$	1,158,723,418		$	1,306,655,951
	Clear Passage 2035 Fund			Clear Passage 2040 Fund			Clear Passage 2045 Fund			Clear Passage 2050 Fund			Clear Passage 2055 Fund
Unrealized Appreciation	$	79,472,416		$	69,025,054		$	77,390,428		$	49,954,555		$	22,413,403
Unrealized Depreciation		(54,415,004	)		(37,782,946	)		(36,430,230	)		(27,773,543	)		(15,257,150	)
Net	$	25,057,412		$	31,242,108		$	40,960,198		$	22,181,012		$	7,156,253
Tax Cost of Investments	$	1,206,180,286		$	1,006,726,239		$	1,027,796,813		$	807,688,245		$	443,401,196
	Clear Passage 2060 Fund			Clear Passage 2065 Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund
Unrealized Appreciation	$	8,698,724		$	3,227,799		$	5,759,103		$	30,699,647		$	29,288,926
Unrealized Depreciation		(7,144,844	)		(2,180,668	)		(14,396,435	)		(25,477,874	)		(18,288,281	)
Net	$	1,553,880		$	1,047,131		$	(8,637,332	)	$	5,221,773		$	11,000,645
Tax Cost of Investments	$	231,793,698		$	66,619,208		$	166,632,653		$	397,926,204		$	324,592,818
	Money Market Fund			Intermediate Bond Fund			Core Bond Fund
Unrealized Appreciation	$	—		$	8,044,052		$	14,834,923
Unrealized Depreciation	$	—			(32,751,636	)		(165,184,694	)
Net	$	—		$	(24,707,584	)	$	(150,349,771	)
Tax Cost of Investments	$	588,695,163		$	966,332,532		$	2,199,931,940

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, PFICs, partnerships, corporate actions and futures contracts.

The Target Date and Allocation Funds are invested in affiliated funds of the Investment Company and receive dividend income and distributions of gains entirely from these affiliated funds. Realized gains and losses result from the disposition of shares of these underlying funds. The Target Date and Allocation Funds also derive unrealized gains and losses entirely from these affiliated funds. Investments in affiliated investment companies during the year ended December 31, 2023 were as follows:

Affiliated Investment Company	Value as of December 31, 2022		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities		Sales			Value as of December 31, 2023		Dividends		Realized Gain, Distributions
Retirement Income Fund
Core Bond Fund	$	65,583,783	$	18,627,230	$	(4,170,03	)	$	5,471,485	$	(17,209,526	)	$	68,302,939	$	1,926,118	$	—
Equity Index Fund		41,768,688		8,932,238		1,940,409			5,740,436		(15,930,732	)		42,451,039		631,878		1,612,902
Intermediate Bond Fund		66,053,918		11,517,656		(2,266,255	)		3,662,607		(14,503,642	)		64,464,284		1,486,467		—

182

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

4. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2022		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities		Sales			Value as of December 31, 2023		Dividends		Realized Gain, Distributions
Retirement Income Fund (continued)
International Fund	$	5,974,874	$	4,026,528	$	(231,382	)	$	1,219,991	$	(2,417,275	)	$	8,572,736	$	354,664	$	—
Mid Cap Equity Index Fund		10,358,234		2,182,570		(450,043	)		1,082,892		(4,406,049	)		8,767,604		130,904		619,925
Mid Cap Value Fund		—		851,105		(5,087	)		15,407		(341,218	)		520,207		3,451		7,310
Money Market Fund		13,386,119		5,349,418		15,049			16,116		(4,417,271	)		14,349,431		677,266		290
Total	$	203,125,616	$	51,486,745	$	(5,167,342	)	$	17,208,934	$	(59,225,713	)	$	207,428,240	$	5,210,748	$	2,240,427
Clear Passage 2015 Fund
Core Bond Fund	$	35,035,999	$	8,173,352	$	(1,796,952	)	$	2,470,209	$	(8,225,313	)	$	35,657,295	$	997,131	$	—
Equity Index Fund		25,589,174		3,762,645		2,231,113			2,347,430		(8,862,442	)		25,067,920		371,847		938,869
Intermediate Bond Fund		33,541,504		3,802,119		(649,985	)		1,332,917		(6,384,680	)		31,641,875		730,880		—
International Fund		5,733,139		861,678		(135,291	)		865,741		(1,155,251	)		6,170,016		309,361		—
Mid Cap Equity Index Fund		6,693,369		867,554		(126,395	)		548,647		(3,289,805	)		4,693,370		76,234		327,732
Mid Cap Value Fund		—		700,520		(3,187	)		16,455		(146,322	)		567,466		3,830		7,963
Money Market Fund		6,012,980		2,874,880		2,907			8,094		(1,155,248	)		7,743,613		322,411		155
Total	$	112,606,165	$	21,042,748	$	(477,790)		$	7,589,493	$	(29,219,061	)	$	111,541,555	$	2,811,694	$	1,274,719
Clear Passage 2020 Fund
Core Bond Fund	$	157,359,812	$	43,757,017	$	(7,378,869	)	$	10,894,477	$	(43,601,709	)	$	161,030,728	$	4,466,107	$	—
Equity Index Fund		123,260,315		14,756,779		12,305,725			9,470,768		(44,777,417	)		115,016,170		1,758,878		4,423,407
Intermediate Bond Fund		113,599,850		9,927,426		(2,297,720	)		4,675,359		(21,010,427	)		104,894,488		2,457,740		—
International Fund		39,996,398		4,647,752		(489,316	)		5,548,966		(10,251,089	)		39,452,711		2,109,581		—
Mid Cap Equity Index Fund		38,046,631		4,348,261		(1,709,184	)		3,981,496		(18,967,509	)		25,699,695		429,740		1,860,709
Mid Cap Value Fund		—		1,441,832		(5,978	)		25,712		(664,448	)		797,118		5,391		11,702
Money Market Fund		16,326,890		20,101,849		12,120			6,717		(5,179,349	)		31,268,227		1,288,233		637
Small Cap Equity Index Fund		—		3,973,305		(2,833	)		356,708		(664,446	)		3,662,734		29,464		43,661
Small Cap Growth Fund		7,253,534		72,416		(3,026,620	)		3,506,652		(7,805,982	)		—		—		—
Small Cap Value Fund		7,800,697		3,191,226		(442,835	)		766,763		(1,700,316	)		9,615,535		130,425		408,027
Total	$	503,644,127	$	106,217,863	$	(3,035,510	)	$	39,233,618	$	(154,622,692	)	$	491,437,406	$	12,675,559	$	6,748,143
Clear Passage 2025 Fund
Core Bond Fund	$	305,931,790	$	100,794,847	$	(10,896,409	)	$	18,328,252	$	(64,609,444	)	$	349,549,036	$	9,324,918	$	—
Equity Index Fund		312,933,990		51,586,099		26,350,775			32,351,663		(80,423,986	)		342,798,541		4,982,363		13,196,924
Intermediate Bond Fund		169,063,789		22,272,544		(2,286,122	)		6,024,588		(26,045,915	)		169,028,884		3,846,855		—
International Fund		111,169,617		17,395,343		(727,094	)		15,392,352		(19,736,876	)		123,493,342		6,259,707		—
Mid Cap Equity Index Fund		88,694,463		11,699,162		(3,596,805	)		9,126,742		(46,935,387	)		58,988,175		1,025,898		4,272,153
Mid Cap Value Fund		—		5,174,049		(11,050	)		192,359		(1,214,290	)		4,141,068		27,122		61,209
Money Market Fund		30,605,943		26,447,141		7,461			35,991		(5,321,061	)		51,775,475		2,105,392		1,059
Small Cap Equity Index Fund		9,063,997		1,392,005		(129,943	)		1,207,833		(1,773,688	)		9,760,204		144,707		133,735

183

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

4. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2022		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of December 31, 2023		Dividends		Realized Gain, Distributions
Clear Passage 2025 Fund (continued)
Small Cap Growth Fund	$	10,491,148	$	277,764	$	(3,619,868	)	$	4,360,274		$	(11,509,318	)	$	—	$	—	$	—
Small Cap Value Fund		18,791,767		3,142,658		(540,894	)		1,058,119			(2,987,975	)		19,463,675		298,680		894,617
Total	$	1,056,746,504	$	240,181,612	$	4,550,051		$	88,078,173		$	(260,557,940	)	$	1,128,998,400	$	28,015,642	$	18,599,697
Clear Passage 2030 Fund
Core Bond Fund	$	258,263,162	$	105,961,313	$	(6,965,496	)	$	13,635,599		$	(43,711,355	)	$	327,183,223	$	8,404,484	$	—
Equity Index Fund		392,901,725		74,687,433		32,512,612			43,355,720			(81,135,688	)		462,321,802		6,559,649		17,651,196
Intermediate Bond Fund		133,456,972		28,736,720		(1,555,967	)		4,775,848			(14,034,474	)		151,379,099		3,254,908		—
International Fund		144,551,474		25,765,062		(251,267	)		19,486,107			(19,737,450	)		169,813,926		8,458,802		—
Mid Cap Equity Index Fund		118,316,092		17,261,884		(4,659,141	)		11,211,224			(60,734,687	)		81,395,372		1,263,981		5,815,739
Mid Cap Value Fund		—		8,467,526		(20,283	)		581,718			(1,839,867	)		7,189,094		44,228		103,439
Money Market Fund		30,556,435		29,452,694		5,361			69,596			(3,934,360	)		56,149,726		2,124,988		1,142
Small Cap Equity Index Fund		14,050,242		2,284,587		(600,968	)		2,372,248			(1,702,973	)		16,403,136		237,238		222,902
Small Cap Growth Fund		13,028,090		1,453,299		(263,560	)		2,290,597			(1,311,452	)		15,196,974		—		11,111
Small Cap Value Fund		20,007,052		3,838,804		(244,019	)		836,608			(2,231,385	)		22,207,060		330,142		1,006,546
Total	$	1,125,131,244	$	297,909,322	$	17,957,272		$	98,615,265		$	(230,373,691	)	$	1,309,239,412	$	30,678,420	$	24,812,075
Clear Passage 2035 Fund
Core Bond Fund	$	190,273,160	$	61,112,792	$	(4,781,005	)	$	9,158,748		$	(29,982,009	)	$	225,781,686	$	6,050,794	$	—
Equity Index Fund		404,897,215		95,511,285		24,390,042			55,544,833			(60,689,272	)		519,654,103		7,174,039		19,940,791
Intermediate Bond Fund		53,289,115		23,923,179		(191,760	)		1,709,829			(6,881,433	)		71,848,930		1,438,327		—
International Fund		160,234,469		32,886,529		260,475			21,545,377			(20,994,307	)		193,932,543		9,590,038		—
Mid Cap Equity Index Fund		135,881,675		23,796,128		(3,740,484	)		12,842,470			(60,818,315	)		107,961,474		1,657,682		7,629,282
Mid Cap Value Fund		—		7,707,263		1,409			408,955			(1,816,285	)		6,301,342		41,983		92,827
Money Market Fund		20,607,650		29,842,844		10,002			30,347			(3,798,859	)		46,691,984		1,682,593		954
Small Cap Equity Index Fund		25,278,501		3,029,967		(311,590	)		2,838,056			(9,982,576	)		20,852,358		358,422		284,699
Small Cap Growth Fund		17,809,192		1,563,680		(2,123,618	)		4,452,597			(7,266,287	)		14,435,564		—		10,580
Small Cap Value Fund		15,241,235		12,006,181		771,928			(67,203	)		(4,174,427	)		23,777,714		285,761		1,031,095
Total	$	1,023,512,212	$	291,379,848	$	14,285,399		$	108,464,009		$	(206,403,770	)	$	1,231,237,698	$	28,279,639	$	28,990,228
Clear Passage 2040 Fund
Core Bond Fund	$	130,963,188	$	31,802,611	$	(3,817,200	)	$	6,803,776		$	(20,675,873	)	$	145,076,502	$	3,944,931	$	—
Equity Index Fund		368,558,087		108,021,974		25,412,283			49,595,348			(62,990,077	)		488,597,615		6,796,532		18,673,978
Intermediate Bond Fund		—		28,232,594		(88,952	)		540,444			(4,970,197	)		23,713,889		282,910		—
International Fund		150,043,314		31,833,265		142,198			20,560,330			(17,834,506	)		184,744,601		9,015,423		—
Mid Cap Equity Index Fund		121,542,874		21,709,200		(3,876,622	)		11,363,288			(49,179,998	)		101,558,742		1,433,707		7,152,498

184

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

4. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2022		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of December 31, 2023		Dividends		Realized Gain, Distributions
Clear Passage 2040 Fund (continued)
Mid Cap Value Fund	$	—	$	9,326,357	$	(14,787	)	$	620,670		$	(1,470,198	)	$	8,462,042	$	53,601	$	123,071
Money Market Fund		15,169,311		13,093,027		5,695			24,917			(1,981,608	)		26,311,342		1,057,178		536
Small Cap Equity Index Fund		17,105,826		4,641,160		126,747			2,234,330			(1,981,612	)		22,126,451		308,196		297,648
Small Cap Growth Fund		20,793,921		1,620,188		(2,464,253	)		5,059,076			(11,746,512	)		13,262,420		—		9,716
Small Cap Value Fund		23,422,396		3,991,950		(489,187	)		1,171,195			(3,981,611	)		24,114,743		359,153		1,097,484
Total	$	847,598,917	$	254,272,326	$	14,935,922		$	97,973,374		$	(176,812,192	)	$	1,037,968,347	$	23,251,631	$	27,354,931
Clear Passage 2045 Fund
Core Bond Fund	$	98,834,398	$	15,885,501	$	(2,433,888	)	$	4,569,518		$	(13,491,684	)	$	103,363,845	$	2,887,180	$	—
Equity Index Fund		407,129,539		80,814,626		22,236,794			58,009,649			(54,589,575	)		513,601,033		7,131,132		19,638,651
Intermediate Bond Fund		—		26,931,636		(89,089	)		460,978			(4,743,675	)		22,559,850		294,618		—
International Fund		166,105,247		34,057,947		(681,410	)		23,612,485			(17,104,685	)		205,989,584		9,964,947		—
Mid Cap Equity Index Fund		126,621,062		21,733,648		(4,121,907	)		12,715,963			(41,444,154	)		115,504,612		1,691,504		8,140,424
Mid Cap Value Fund		—		7,784,106		(9,387	)		551,515			(1,243,675	)		7,082,559		43,968		103,040
Money Market Fund		12,087,927		18,693,010		3,814			23,041			(1,735,034	)		29,072,758		1,053,002		593
Small Cap Equity Index Fund		21,451,539		3,153,045		201,089			2,537,582			(1,980,716	)		25,362,539		367,165		345,304
Small Cap Growth Fund		22,411,203		2,157,474		(655,515	)		3,994,219			(3,235,035	)		24,672,346		—		18,058
Small Cap Value Fund		20,244,764		3,937,025		(171,944	)		773,074			(3,235,034	)		21,547,885		317,190		980,418
Total	$	874,885,679	$	215,148,018	$	14,278,557		$	107,248,024		$	(142,803,267	)	$	1,068,757,011	$	23,750,706	$	29,226,488
Clear Passage 2050 Fund
Core Bond Fund	$	62,633,173	$	10,702,661	$	(1,320,967	)	$	2,623,452		$	(6,691,352	)	$	67,946,967	$	1,904,542	$	—
Equity Index Fund		313,164,907		76,196,160		19,460,029			43,254,683			(53,347,784	)		398,727,995		5,565,498		15,184,851
Intermediate Bond Fund		—		17,494,375		(102,909	)		346,871			(5,033,324	)		12,705,013		170,558		—
International Fund		126,921,770		34,132,947		207,603			17,755,439			(14,246,230	)		164,771,529		7,947,189		—
Mid Cap Equity Index Fund		97,085,708		20,167,893		(2,185,262	)		8,374,635			(25,643,092	)		97,799,882		1,346,814		6,862,505
Mid Cap Value Fund		—		13,537,401		(6,086	)		935,075			(1,599,976	)		12,866,414		79,242		186,703
Money Market Fund		5,959,509		14,619,317		3,051			(7,565	)		(1,424,620	)		19,149,692		600,356		389
Small Cap Equity Index Fund		22,943,291		3,196,091		486,737			1,824,714			(6,782,598	)		21,668,235		312,540		294,037
Small Cap Growth Fund		17,518,375		2,031,370		(845,953	)		3,272,017			(4,424,622	)		17,551,187		—		12,795
Small Cap Value Fund		18,544,739		3,021,765		95,196			445,264			(5,424,621	)		16,682,343		247,424		755,766
Total	$	664,771,472	$	195,099,980	$	15,791,439		$	78,824,585		$	(124,618,219	)	$	829,869,257	$	18,174,163	$	23,297,046

185

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

4. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2022		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of December 31, 2023		Dividends		Realized Gain, Distributions
Clear Passage 2055 Fund
Core Bond Fund	$	26,797,732	$	6,050,588	$	(430,060	)	$	1,025,682		$	(2,704,172	)	$	30,739,770	$	840,873	$	—
Equity Index Fund		153,101,028		55,406,074		4,667,539			27,327,342			(19,854,051	)		220,647,932		2,979,498		8,388,086
Intermediate Bond Fund		—		7,222,154		(15,026	)		134,806			(755,789	)		6,586,145		92,676		—
International Fund		68,012,880		22,046,541		(671,358	)		10,565,175			(7,258,692	)		92,694,546		4,417,384		—
Mid Cap Equity Index Fund		52,016,973		13,493,917		(151,512	)		3,355,739			(15,208,639	)		53,506,478		704,954		3,743,200
Mid Cap Value Fund		—		6,824,832		(626	)		514,017			(767,370	)		6,570,853		41,317		95,078
Money Market Fund		5,504,211		1,014,785		1,003			12,213			(345,648	)		6,186,564		270,417		126
Small Cap Equity Index Fund		8,750,319		3,571,327		129,405			1,191,398			(1,036,957	)		12,605,492		170,652		167,940
Small Cap Growth Fund		11,382,195		1,711,947		(1,609,750	)		3,010,918			(4,781,164	)		9,714,146		—		8,690
Small Cap Value Fund		13,518,717		2,395,863		574,033			(201,925	)		(4,981,165	)		11,305,523		182,288		510,319
Total	$	339,084,055	$	119,738,028	$	2,493,648		$	46,935,365		$	(57,693,647	)	$	450,557,449	$	9,700,059	$	12,913,439
Clear Passage 2060 Fund
Core Bond Fund	$	9,675,621	$	3,212,652	$	(248,637	)	$	481,959		$	(926,699	)	$	12,194,896	$	321,699	$	—
Equity Index Fund		69,742,800		35,277,261		1,540,811			13,849,974			(8,445,774	)		111,965,072		1,473,697		4,231,002
Intermediate Bond Fund		—		3,537,616		(14,047	)		66,797			(609,608	)		2,980,758		40,027		—
International Fund		33,340,517		15,233,330		(396,223	)		5,493,341			(3,263,926	)		50,407,039		2,313,127		—
Mid Cap Equity Index Fund		23,391,345		9,942,912		(734,125	)		2,232,497			(5,128,253	)		29,704,376		386,618		2,076,200
Mid Cap Value Fund		—		3,769,846		1,707			249,290			(328,829	)		3,692,014		23,820		53,255
Money Market Fund		1,843,249		676,272		432			3,928			(148,357	)		2,375,524		98,036		48
Small Cap Equity Index Fund		5,250,810		2,124,592		59,074			730,538			(483,833	)		7,681,181		106,267		103,151
Small Cap Growth Fund		5,647,819		1,341,177		(986,687	)		1,721,533			(2,335,469	)		5,388,373		—		4,196
Small Cap Value Fund		5,851,132		2,335,967		169,839			46,485			(1,445,078	)		6,958,345		96,063		305,333
Total	$	154,743,293	$	77,451,625	$	(607,856	)	$	24,876,342		$	(23,115,826	)	$	233,347,578	$	4,859,354	$	6,773,185
Clear Passage 2065 Fund
Core Bond Fund	$	1,471,957	$	1,070,579	$	(110,674	)	$	137,530		$	(521,597	)	$	2,047,795	$	55,638	$	—
Equity Index Fund		15,639,527		17,352,144		(209,874	)		4,103,598			(3,765,928	)		33,119,467		408,020		1,245,913
Intermediate Bond Fund		—		320,482		(872	)		4,299			(50,733	)		273,176		3,642		—
International Fund		7,800,421		7,429,962		(436,137	)		1,807,960			(1,493,439	)		15,108,767		655,161		—
Mid Cap Equity Index Fund		5,232,610		4,632,116		(597,520	)		970,170			(2,067,805	)		8,169,571		101,040		562,421
Mid Cap Value Fund		—		1,787,421		1,056			102,250			(152,202	)		1,738,525		11,632		25,270	��
Money Market Fund		344,064		330,461		197			545			(67,880	)		607,387		22,507		12
Small Cap Equity Index Fund		1,260,240		1,077,299		(82,142	)		312,226			(220,800	)		2,346,823		30,990		31,370

186

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

4. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2022		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities		Sales			Value as of December 31, 2023		Dividends		Realized Gain, Distributions
Clear Passage 2065 Fund (continued)
Small Cap Growth Fund	$	1,088,956	$	925,199	$	(127,967	)	$	350,970	$	(203,649	)	$	2,033,509	$	—	$	1,364
Small Cap Value Fund		1,316,897		1,051,248		(49,746	)		106,569		(203,649	)		2,221,319		29,585		97,830
Total	$	34,154,672	$	35,976,911	$	(1,613,679	)	$	7,896,117	$	(8,747,682	)	$	67,666,339	$	1,318,215	$	1,964,180
Conservative Allocation Fund
Core Bond Fund	$	43,378,732	$	10,638,519	$	(1,619,132	)	$	2,802,941	$	(7,891,319	)	$	47,309,741	$	1,255,017	$	—
Equity Index Fund		39,928,041		3,556,809		2,814,199			4,357,055		(10,821,478	)		39,834,626		600,234		1,553,659
Intermediate Bond Fund		59,252,216		3,317,958		(1,053,616	)		2,270,576		(9,086,659	)		54,700,475		1,298,870		—
International Fund		9,425,884		767,790		(302,186	)		1,385,299		(3,248,093	)		8,028,694		487,206		—
Mid Cap Equity Index Fund		9,495,337		1,898,991		(603,276	)		1,044,816		(3,714,083	)		8,121,785		121,281		602,127
Total	$	161,480,210	$	20,180,067	$	(764,011	)	$	11,860,687	$	(34,761,632	)	$	157,995,321	$	3,762,608	$	2,155,786
Moderate Allocation Fund
Core Bond Fund	$	89,997,654	$	20,548,164	$	(2,821,740	)	$	5,235,872	$	(15,117,635	)	$	97,842,315	$	2,592,061	$	—
Equity Index Fund		136,694,533		12,491,605		12,847,507			11,745,600		(32,003,195	)		141,776,050		2,081,402		5,459,664
Intermediate Bond Fund		62,183,360		5,488,646		(1,106,897	)		2,412,977		(8,983,791	)		59,994,295		1,366,988		—
International Fund		41,065,211		3,615,263		(377,895	)		5,422,385		(7,989,196	)		41,735,768		2,200,822		—
Mid Cap Equity Index Fund		62,972,575		7,388,103		(287,007	)		4,150,431		(12,424,553	)		61,799,549		850,351		4,416,092
Total	$	392,913,333	$	49,531,781	$	8,253,968		$	28,967,265	$	(76,518,370	)	$	403,147,977	$	9,091,624	$	9,875,756
Aggressive Allocation Fund
Core Bond Fund	$	59,969,222	$	10,108,312	$	(1,317,767	)	$	2,904,150	$	(7,572,086	)	$	64,091,831	$	1,762,188	$	—
Equity Index Fund		109,464,837		9,112,159		10,370,445			9,792,482		(20,556,565	)		118,183,358		1,729,768		4,589,170
International Fund		47,743,406		3,859,559		(538,265	)		6,792,626		(5,579,006	)		52,278,320		2,662,466		—
Mid Cap Equity Index Fund		66,244,079		7,517,353		(281,775	)		4,422,671		(8,210,518	)		69,691,810		939,884		4,981,343
Small Cap Growth Fund		12,400,514		1,908,751		(102,329	)		2,066,522		(1,859,668	)		14,413,790		—		9,721
Small Cap Value Fund		16,891,218		1,445,833		(157,869	)		614,838		(1,859,666	)		16,934,354		263,080		783,723
Total	$	312,713,276	$	33,951,967	$	7,972,440		$	26,593,289	$	(45,637,509	)	$	335,593,463	$	7,357,386	$	10,363,957

5. 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. As of December 31, 2023, shares authorized at par value $0.01 per share were allocated into the 28 series of Funds as follows:

	Authorized No. of Shares
	Total Shares Allocated
Equity Index Fund		900,000,000
All America Fund		200,000,000
Small Cap Value Fund		475,000,000
Small Cap Growth Fund		570,000,000

187

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

5. CAPITAL SHARE ACTIVITY (CONTINUED)

	Authorized No. of Shares
	Total Shares Allocated
Small Cap Equity Index Fund		200,000,000
Mid Cap Value Fund		100,000,000
Mid Cap Equity Index Fund		1,050,000,000
Balanced Fund		150,000,000
International Fund		1,275,000,000
Catholic Values Index Fund		100,000,000
Retirement Income Fund		270,000,000
Clear Passage 2015 Fund		200,000,000
Clear Passage 2020 Fund		665,000,000
Clear Passage 2025 Fund		1,025,000,000
Clear Passage 2030 Fund		915,000,000
Clear Passage 2035 Fund		845,000,000
Clear Passage 2040 Fund		685,000,000
Clear Passage 2045 Fund		675,000,000
Clear Passage 2050 Fund		470,000,000
Clear Passage 2055 Fund		350,000,000
Clear Passage 2060 Fund		200,000,000
Clear Passage 2065 Fund		100,000,000
Conservative Allocation Fund		215,000,000
Moderate Allocation Fund		370,000,000
Aggressive Allocation Fund		265,000,000
Money Market Fund		425,000,000
Intermediate Bond Fund		840,000,000
Core Bond Fund		1,525,000,000
Sub-Total		15,060,000,000
Shares to be allocated at the discretion of the Board of Directors		3,690,000,000
Total		18,750,000,000

6. DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION

Each Fund generally declares dividends at least annually to pay out substantially all of the Fund’s net investment income and net realized short and long term capital gains. All dividends and capital gains distributions are reinvested in additional shares of the distributing Fund, unless a shareholder elects to receive dividends and distributions in cash.

Pursuant to shareholders’ election, substantially all dividend distributions throughout 2023 and 2022 were immediately reinvested into their respective Funds. The tax character of the distributions paid during 2023 and 2022 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)
2023	$	74,340,507	$	3,229,269	$	6,233,886	$	—	$	3,041,639
2022	$	67,341,484	$	3,548,736	$	13,532,113	$	229	$	2,728,310
Long-Term Capital Gains
2023	$	198,553,132	$	24,273,979	$	18,658,025	$	313,463	$	2,702,262
2022	$	117,807,756	$	35,566,602	$	28,865,059	$	22,756,749	$	8,356,762

188

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

6. DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED)

	Mid Cap Value Fund		Mid Cap Equity Index Fund		Balanced Fund		International Fund		Catholic Values Index Fund
Ordinary Income (a)
2023	$	1,643,172	$	23,962,599	$	3,840,541	$	71,735,676	$	67,635
2022	$	2,430,631	$	26,386,156	$	3,714,653	$	31,936,057	$	57,680
Long-Term Capital Gains
2023	$	2,335,943	$	103,819,957	$	7,280,078	$	—	$	71,915
2022	$	7,918,703	$	187,198,819	$	8,563,084	$	96,513,276	$	43,161
	Retirement Income Fund		Clear Passage 2015 Fund		Clear Passage 2020 Fund		Clear Passage 2025 Fund		Clear Passage 2030 Fund
Ordinary Income (a)
2023	$	4,925,605	$	2,608,079	$	12,236,139	$	27,254,324	$	29,856,781
2022	$	3,309,470	$	1,904,712	$	9,083,352	$	18,859,339	$	19,500,288
Long-Term Capital Gains
2023	$	1,508,309	$	1,731,061	$	10,663,322	$	30,144,200	$	44,040,437
2022	$	9,079,034	$	234,409	$	40,501,958	$	77,660,333	$	82,200,757
	Clear Passage 2035 Fund		Clear Passage 2040 Fund		Clear Passage 2045 Fund		Clear Passage 2050 Fund		Clear Passage 2055 Fund
Ordinary Income (a)
2023	$	27,573,276	$	22,653,940	$	23,182,679	$	17,703,503	$	9,386,631
2022	$	17,845,581	$	14,924,068	$	15,349,927	$	11,500,779	$	5,582,814
Long-Term Capital Gains
2023	$	37,463,162	$	35,943,857	$	38,258,264	$	33,837,820	$	11,465,643
2022	$	83,952,773	$	80,032,853	$	87,153,686	$	62,273,858	$	30,347,843
	Clear Passage 2060 Fund		Clear Passage 2065 Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund
Ordinary Income (a)
2023	$	4,626,021	$	1,318,993	$	3,632,321	$	9,026,965	$	7,293,393
2022	$	2,360,512	$	501,122	$	2,856,830	$	7,285,030	$	5,965,212
Long-Term Capital Gains
2023	$	4,962,136	$	857,128	$	1,961,071	$	16,479,762	$	18,588,414
2022	$	13,975,828	$	1,864,391	$	9,872,026	$	38,348,192	$	32,951,326
	Money Market Fund		Intermediate Bond Fund		Core Bond Fund
Ordinary Income (a)
2023	$	21,370,350	$	20,734,790	$	56,075,190
2022	$	3,817,537	$	12,620,086	$	41,632,736
Long-Term Capital Gains
2023	$	—	$	—	$	—
2022	$	—	$	125,409	$	—

Notes:

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

189

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

6. DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED)

Undistributed net income and gains (losses) — As of December 31, 2023, 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	$	4,446,289		$	3,449		$	—		$	—		$	73,260
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	52,746,078		$	4,736,968		$	—		$	(7,277,213	)	$	1,467,617
Post-October Capital Loss Deferred	$	—		$	—		$	(4,642,513	)	$	(498,267	)	$	—
Net unrealized appreciation (depreciation) of investments and futures contracts	$	2,396,528,807		$	82,851,586		$	60,212,577		$	46,027,859		$	12,770,333
	Mid Cap Value Fund			Mid Cap Equity Index Fund			Balanced Fund			International Fund			Catholic Values Index Fund
Accumulated undistributed net investment income	$	57,403		$	1,803,651		$	14,986		$	6,169,751		$	3,580
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	2,137,963		$	19,151,326		$	999,881		$	(91,390,480	)	$	17,946
Post-October Capital Loss Deferred	$	—		$	—		$	—		$	(770,403	)	$	—
Net unrealized appreciation (depreciation) of investments and futures contracts	$	25,479,148		$	250,064,168		$	40,342,837		$	104,550,449		$	1,167,526
	Retirement Income Fund			Clear Passage 2015 Fund			Clear Passage 2020 Fund			Clear Passage 2025 Fund			Clear Passage 2030 Fund
Accumulated undistributed net investment income	$	—		$	—		$	828		$	707		$	—
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	1,810,696		$	1,411,484		$	6,791,243		$	20,862,303		$	27,720,274
Post-October Capital Loss Deferred	$	—		$	(733	)	$	—		$	—		$	—
Net unrealized appreciation (depreciation) of investments and futures contracts	$	(13,921,181	)	$	(7,160,684	)	$	(24,522,967	)	$	(29,725,018	)	$	2,583,461
	Clear Passage 2035 Fund			Clear Passage 2040 Fund			Clear Passage 2045 Fund			Clear Passage 2050 Fund			Clear Passage 2055 Fund
Accumulated undistributed net investment income	$	2,012		$	—		$	—		$	—		$	—
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	34,838,732		$	31,102,892		$	31,846,220		$	23,908,542		$	12,753,099
Post-October Capital Loss Deferred	$	—		$	—		$	—		$	—		$	—
Net unrealized appreciation (depreciation) of investments and futures contracts	$	25,057,411		$	31,242,108		$	40,960,198		$	22,181,012		$	7,156,253

190

MoA FUNDS

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2023

6. DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED)

	Clear Passage 2060 Fund		Clear Passage 2065 Fund			Conservative Allocation Fund			Moderate Allocation Fund		Aggressive Allocation Fund
Accumulated undistributed net investment income	$	—	$	2,193		$	—		$	—	$	—
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	6,466,466	$	1,712,992		$	2,288,004		$	11,447,281	$	10,223,046
Post-October Capital Loss Deferred	$	—	$	—		$	—		$	—	$	—
Net unrealized appreciation (depreciation) of investments and futures contracts	$	1,553,880	$	1,047,131		$	8,637,333		$	5,221,773	$	11,000,645
	Money Market Fund		Intermediate Bond Fund			Core Bond Fund
Accumulated undistributed net investment income	$	630,542	$	617,654		$	946,696
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	—	$	(38,283,763	)	$	(87,722,088	)
Post-October Capital Loss Deferred	$	—	$	(3,270,441	)	$	(2,849,019	)
Net unrealized appreciation (depreciation) of investments and futures contracts	$	—	$	(24,707,586	)	$	(150,349,771	)

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, PFICs, partnerships, corporate actions and futures contracts.

Reclassifications: U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. For the year ended December 31, 2023, the Funds reclassified amounts primarily relating to tax treatment of paydowns, REITs, PFICs and prior year post financial statement adjustments. These reclassifications have no effect on net assets or net asset values per share.

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 additional subsequent events require disclosure and/or adjustment to the financial statements.

191

MoA FUNDS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of the Funds and Board of Directors

MoA Funds Corporation:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the funds listed in the Appendix, each a fund comprising MoA Funds Corporation (formerly Mutual of America Investment Corporation) (the Funds), including the portfolios of investments in securities, as of December 31, 2023, the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of 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, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, 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, 2023, by correspondence with the custodian, brokers, and the transfer agent; when replies were not received from brokers we performed other auditing procedures. 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.

We have served as the auditor of one or more Mutual of America investment companies since 2002.

New York, New York

February 26, 2024

192

Appendix

MoA Equity Index Fund (formerly known as Mutual of America Investment Corporation Equity Index Fund)

MoA All America Fund (formerly known as Mutual of America Investment Corporation All America Fund)

MoA Small Cap Value Fund (formerly known as Mutual of America Investment Corporation Small Cap Value Fund)

MoA Small Cap Growth Fund (formerly known as Mutual of America Investment Corporation Small Cap Growth Fund)

MoA Small Cap Equity Index Fund (formerly known as Mutual of America Investment Corporation Small Cap Equity Index Fund)

MoA Mid Cap Value Fund (formerly known as Mutual of America Investment Corporation Mid Cap Value Fund)

MoA Mid Cap Equity Index Fund (formerly known as Mutual of America Investment Corporation Mid-Cap Equity Index Fund)

MoA Balanced Fund (formerly known as Mutual of America Investment Corporation Composite Fund)

MoA International Fund (formerly known as Mutual of America Investment Corporation International Fund)

MoA Catholic Values Index Fund (formerly known as Mutual of America Investment Corporation Catholic Values Index Fund)

MoA Retirement Income Fund (formerly known as Mutual of America Investment Corporation Retirement Income Fund)

MoA Clear Passage 2015 Fund (formerly known as Mutual of America Investment Corporation 2015 Retirement Fund)

MoA Clear Passage 2020 Fund (formerly known as Mutual of America Investment Corporation 2020 Retirement Fund)

MoA Clear Passage 2025 Fund (formerly known as Mutual of America Investment Corporation 2025 Retirement Fund)

MoA Clear Passage 2030 Fund (formerly known as Mutual of America Investment Corporation 2030 Retirement Fund)

MoA Clear Passage 2035 Fund (formerly known as Mutual of America Investment Corporation 2035 Retirement Fund)

MoA Clear Passage 2040 Fund (formerly known as Mutual of America Investment Corporation 2040 Retirement Fund)

MoA Clear Passage 2045 Fund (formerly known as Mutual of America Investment Corporation 2045 Retirement Fund)

MoA Clear Passage 2050 Fund (formerly known as Mutual of America Investment Corporation 2050 Retirement Fund)

MoA Clear Passage 2055 Fund (formerly known as Mutual of America Investment Corporation 2055 Retirement Fund)

MoA Clear Passage 2060 Fund (formerly known as Mutual of America Investment Corporation 2060 Retirement Fund)

MoA Clear Passage 2065 Fund (formerly known as Mutual of America Investment Corporation 2065 Retirement Fund)

MoA Conservative Allocation Fund (formerly known as Mutual of America Investment Corporation Conservative Allocation Fund)

MoA Moderate Allocation Fund (formerly known as Mutual of America Investment Corporation Moderate Allocation Fund)

MoA Aggressive Allocation Fund (formerly known as Mutual of America Investment Corporation Aggressive Allocation Fund)

MoA Money Market Fund (formerly known as Mutual of America Investment Corporation Money Market Fund)

MoA Intermediate Bond Fund (formerly known as Mutual of America Investment Corporation Mid-Term Bond Fund)

MoA Core Bond Fund (formerly known as Mutual of America Investment Corporation Bond Fund)

193

MoA FUNDS

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 MoA Funds, 320 Park Avenue, New York, New York 10022. The Investment Company does not hold regular annual meetings of shareholders, and each Director, except for Mr. Festog and Mr. Grayson who were appointed by the Board of Directors, 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. The Interested Directors and officers of the Investment Company do not receive compensation from the Investment Company for their service.

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 MoA Funds at 320 Park Avenue, New York, NY 10022-6839, by calling 800.468.3785 or through the following websites: mutualofamerica.com or 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 76	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 Fellow, Fordham University
Stanley E. Grayson, age 73	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 60	Since April 2011	President and Founder, LDL Financial, LLC	Advisory Board member, Cabot Properties
John W. Sibal, age 71	Since April 2011	President & Chief Executive Officer, Eustis Commercial Mortgage Corporation	Director, Eustis Commercial Mortgage Corporation; Director, New Orleans Recreation Development Foundation

194

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 60	Since February 2007	Partner, Queensland Investment Corporation (QIC); prior thereto U.S. Chief Financial Officer, National Grid until 2021; prior thereto Vice President of Finance, Con Edison; prior thereto Vice President, Chief Financial Officer, Hamilton Sundstrand, a United Technologies Company	Director, Lilium N.V.; Director, Remitly, Inc.; Director, Frontier Communications; Director, Etsy, Inc.; Director, CenTrio; Director, Renewa; Board of Trustees, Concern Worldwide, USA; Executive Committee, Fordham University President’s Council
William E. Whiston, age 70	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, Webster Financial Services Corporation; Trustee and Treasurer, Trustees of St. Patrick’s Cathedral in New York City; Trustee, St. Joseph’s Seminary
Interested Director
Name and Age	Length of Time Served	Principal Occupation(s) in Past Five Years	Other Directorships Held by Director
Chris W. Festog, Chairman, Chief Executive Officer and Principal Executive Officer, age 62	Since July 2022	Senior Executive Vice President and Chief Financial Officer, Mutual of America Life Insurance Company since March 2017; Chairman of the Board, President and Chief Executive Officer, MoA Funds since July 2022	Mutual of America Holding Company LLC; Mutual of America Securities LLC

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

195

Officers
Name, Position and Age	Length of Time Served	Principal Occupation(s) in Past Five Years	Other Directorships Held by Officer
Jason A. D’Angelo, Chief Legal Officer, age 51	Since July 2022	Executive Vice President and General Counsel, Mutual of America Life Insurance Company since July 2022; prior thereto Executive Vice President and Deputy General Counsel, Mutual of America Life Insurance Company since February 2022; prior thereto Partner, Herrick Feinstein LLP	None
Richard Fabietti, Assistant Treasurer, age 64	Since October 2023	Vice President, Investor Products, Mutual of America Capital Management LLC since January 2023; prior thereto Senior Vice President, HSBC Global Asset Management (USA) and President, HSBC Funds until 2020	Board Member, Options for Community Living; Former Board Member, Sacramento Braille Transcribers, Inc.
Aferdita Gutierrez, Treasurer, Chief Financial Officer and Principal Financial Officer, age 38	Since July 2022	Executive Vice President, Deputy Treasurer, Mutual of America Life Insurance Company since 2021; prior thereto Senior Vice President, Mutual of America Life Insurance Company	None
Amy Latkin, Secretary, age 46	Since May 2022	Corporate Secretary, MoA Funds and Mutual of America Capital Management LLC since May 2022; Vice President, Associate General Counsel, Mutual of America Life Insurance Company	None
Kyle Medlin, Chief Compliance Officer, age 39	Since July 2008	Senior Vice President and Chief Compliance Officer, Mutual of America Life Insurance Company since April 2023; prior thereto Vice President, Compliance, Mutual of America Life Insurance Company	None

196

Officers
Name, Position and Age	Length of Time Served	Principal Occupation(s) in Past Five Years	Other Directorships Held by Officer
Michelle A. Rozich, Chief Risk Officer, age 50	Since March 2018	Executive Vice President, Enterprise Risk Management and Internal Auditor, since November 2020; prior thereto Senior Vice President and Internal Auditor, Mutual of America Life Insurance Company as of March 2018; Senior Vice President and Internal Auditor, MoA Funds, and Senior Vice President and Internal Auditor, Mutual of America Institutional Funds, Inc. until July 2020; formerly Audit Senior Manager, KPMG LLP	None
R. Jeffrey Young, President, age 59	Since June 2023	Executive Vice President, Mutual of America Capital Management LLC since May 2022; prior thereto Senior Director, FIS Transfer Agency	Former Independent Trustee, Zell Capital

Director Considerations

At their meeting on September 7, 2023, the Board of Directors (the “Board” or the “Directors”) of MoA International Fund (the “Fund”), including by separate vote of the Directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Fund (the “Independent Directors”), approved an amendment (the “Amendment”) to the Fund’s advisory agreement with Mutual of America Capital Management LLC (the “Adviser”) that, if approved by shareholders of the Fund, would increase the rate of the Fund’s management fee from 0.075% of to the rate of 0.40% of the Fund’s net assets, calculated in each case as a daily charge.

In considering whether to approve the Amendment, the Directors took into account a wide variety of information, including all of the information that they had been provided in connection with their most recent consideration of the renewal of the Fund’s Investment Advisory Agreement. A summary of the Directors’ considerations and the conclusions drawn when the Directors most recently determined to renew the Fund’s Investment Advisory Agreement was included in the Fund’s semiannual report for the period ended June 30, 2023, and the information considered at that time and the conclusions then drawn helped to inform the Directors’ evaluation of the Amendment.

In their evaluation of the Amendment, the Directors also considered, among other things, the following information and factors:

• that the Fund had operated principally as fund-of-funds until January 2022, when the Fund’s principal investment strategies were amended and the Fund began to invest directly in the equity securities of developed market issuers;

• That the Fund’s existing investment advisory fee was set at a level that was consistent with the Fund operating as a fund-of funds and that the fee was significantly below the median of the investment advisory fee of the peer group of funds with substantially similar principal investment policies and that was presented to them;

• Information provided by the Adviser regarding the additional portfolio management services and resources required to provide an investment program to the Fund at a time when it is investing principally and directly in developed market equity securities rather than operating principally as a fund-of-funds;

197

• Information provided by the Adviser reflecting that the Fund’s advisory fee and total net expense ratio, if amended as proposed, would continue to be substantially below the median of the advisory fees and total net expense ratios of the group of peer funds with substantially similar principal investment strategies that was presented to them;

• The likely effect on the Adviser’s profitability of the proposed fee change, and the substantial unlikelihood that the Adviser’s profitability would become excessive, or that the fee would require breakpoints to ensure appropriate sharing of economies of scale, prior to the time when the Board would next be asked to consider the renewal of the Fund’s Investment Advisory Agreement;

• Information regarding the fees and expenses that the Fund incurred indirectly when it invested principally in ETFs and other registered investment companies and the decrease in those fees and expenses that the Fund experienced when the Fund began to invest directly in developed market equity securities beginning in January of 2022;

• The Adviser’s undertaking to waive of 0.15% of its fee for the first two years following the effective date of the Amendment;

• The nature, extent, and quality of the services the Adviser has historically provided to the Fund;

• The Fund’s historical performance record, including since the Fund began to invest directly in equity securities of developed market issuers, and that the Adviser did not expect any changes in the nature, extent or quality of the services it provided under the Investment Advisory Agreement; and

• The Adviser’s conflict of interest in respect of the proposed amendment to the Investment Advisory Agreement.

After considering all of the information described above and any other information they determined relevant, the Directors, including the Independent Directors, unanimously approved the Amendment and approved its submission to shareholders of the Fund for approval.

Quarterly Portfolio Schedules

Included in this Annual Report are schedules of MoA Funds’ (“Investment Company”) Fund portfolio holdings as of December 31, 2023. The Investment Company files complete schedules of Fund portfolio holdings, excluding the Money Market Fund, with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Investment Company Fund portfolio holdings are also available for the first and third quarters of the most recent fiscal year through the website, mutualofamerica.com.

The Money Market Fund files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. The Fund portfolio holdings for the prior six months are also available through the website, mutualofamerica.com.

The Form N-PORT and Form N-MFP are available on the SEC’s website at 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 calling 800.468.3785. It is also available on the SEC’s website at sec.gov.

Information regarding how the Investment Company voted proxies relating to portfolio securities during the 12-month period ended June 30, 2023 is available without charge by calling 800.468.3785. It is also available on the SEC website.

198

Code of Ethics

The Investment Company has adopted a Code of Ethics that complies with Rule 17j-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 212.224.1769 or write to:

Mr. Kyle Medlin

Chief Compliance Officer

MoA Funds Corporation

320 Park Avenue

New York, NY 10022-6839

199

Supplemental Dividend Information — Unaudited

Dividends from the Money Market, Intermediate Bond and Core Bond Funds do not qualify for the corporate dividends received deduction. The following are the percentages of the ordinary dividends distributed in 2023 by the other MoA 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		90.67	%		100.00	%		96.99	%		0.00	%		78.03	%
	Mid Cap Value Fund			Mid Cap Equity Index Fund			Balanced Fund			International Fund			Catholic Values Index Fund
Ordinary dividend qualifying percentage		100.00	%		72.06	%		54.81	%		0.00	%		100.00	%
	Retirement Income Fund			Clear Passage 2015 Fund			Clear Passage 2020 Fund			Clear Passage 2025 Fund			Clear Passage 2030 Fund
Ordinary dividend qualifying percentage		14.06	%		15.81	%		17.33	%		21.42	%		25.50	%
	Clear Passage 2035 Fund			Clear Passage 2040 Fund			Clear Passage 2045 Fund			Clear Passage 2050 Fund			Clear Passage 2055 Fund
Ordinary dividend qualifying percentage		31.00	%		35.64	%		37.04	%		38.39	%		39.22	%
	Clear Passage 2060 Fund			Clear Passage 2065 Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund
Ordinary dividend qualifying percentage		40.62	%		39.70	%		18.23	%		29.12	%		36.04	%

Important tax information — Unaudited:

The following amounts of 2023 MoA 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	$	198,553,132	$	24,273,979	$	18,658,025	$	313,463	$	2,702,262
	Mid Cap Value Fund		Mid Cap Equity Index Fund		Balanced Fund		International Fund		Catholic Values Index Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	2,335,943	$	103,819,957	$	7,280,078	$	0.00	$	71,915
	Retirement Income Fund		Clear Passage 2015 Fund		Clear Passage 2020 Fund		Clear Passage 2025 Fund		Clear Passage 2030 Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	1,508,309	$	1,731,061	$	10,663,322	$	30,144,200	$	44,040,437

200

	Clear Passage 2035 Fund		Clear Passage 2040 Fund		Clear Passage 2045 Fund		Clear Passage 2050 Fund		Clear Passage 2055 Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	37,463,162	$	35,943,857	$	38,258,264	$	33,837,820	$	11,465,643
	Clear Passage 2060 Fund		Clear Passage 2065 Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	4,962,136	$	857,128	$	1,961,071	$	16,479,762	$	18,588,414
	Money Market Fund		Intermediate Bond Fund		Core Bond Fund
Dividends qualifying for reduced long-term capital gains tax rate	$	0.00	$	0.00	$	0.00

201

ITEM 2. CODE OF ETHICS.

MoA Funds Corporation (”MoA Funds”) has adopted a Code of Ethics that applies to its principal executive and financial officers, as well as all Access Persons as defined under Rule 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 under Rule 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 requires pre-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 MoA Funds’ 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) MoA Funds’ 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 is currently a Partner at QIC (Queensland Investment Corporation), an ESG-themed global infrastructure investment company, and a member of Deloitte’s Finance Advisory Council. She was formerly U.S. Chief Financial Officer at National Grid. Her experience also includes previously held senior finance positions at Con Edison, Hamilton Sundstrand 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:

     2023: $876,262

     2022: $871,273

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

(e) All non-audit fees are pre-approved by the Audit Committee in advance.

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Not applicable. The complete Schedules of Investment are included as part of the Reports to Stockholders in Item 1.

(b) Not applicable.

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

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITES BY CLOSED-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 Form N-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 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 Rule 30a-2(a) under the Investment Company Act of 1940.
(3) Not applicable.
(b)    Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 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.

	MoA Funds Corporation
By:	/s/ CHRIS W. FESTOG
	Chris W. Festog
	Chairman of the Board,
	Chief Executive Officer and
	Principal Executive Officer of
	MoA Funds Corporation

Date: March 13, 2024

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/ CHRIS W. FESTOG
	Chris W. Festog
	Chairman of the Board,
	Chief Executive Officer and
	Principal Executive Officer of
	MoA Funds Corporation

Date: March 13, 2024

By:	/s/ AFERDITA GUTIERREZ
	Aferdita Gutierrez
	Treasurer, Chief Financial Officer and
	Principal Financial Officer
	MoA Funds Corporation

Date: March 13, 2024