MUTUAL OF AMERICA SEPARATE ACCOUNT NO 2

485BPOS 1 d814482d485bpos.htm MUTUAL OF AMERICA SEPARATE ACCOUNT NO 2 MUTUAL OF AMERICA SEPARATE ACCOUNT NO 2

As filed with the Securities and Exchange Commission on April 28, 2020

1933 Act Registration No. 333-221999

1940 Act Registration No. 811-03996

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-4

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

POST-EFFECTIVE AMENDMENT No. 4

AND/OR

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

AMENDMENT NO. 172

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

(Exact Name of Registrant)

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

(Name of Depositor)

320 Park Avenue New York, New York 10022-6839

(Address of Depositor’s Principal Executive Office) (Zip Code)

Depositor’s Telephone Number, including Area Code: (212) 224-1600

Amy Latkin

Vice President and Associate General Counsel

Mutual of America Life Insurance Company

320 Park Avenue

New York, New York 10022-6839

(Name and Address of Agent for Service)

Approximate Date of Proposed Public Offering:

As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective (check appropriate box)

☐	immediately upon filing pursuant to paragraph (b) of Rule 485.

☒	on May 1, 2020 pursuant to paragraph (b) of Rule 485.

☐	60 days after filing pursuant to paragraph (a)(1) of Rule 485.

☐	on May 1, 2020 pursuant to paragraph (a)(1) of Rule 485.

Title of Securities Being Registered:

Units of Interest in Separate Accounts under Variable Annuity Contracts

PROSPECTUS

TAX-DEFERRED ANNUITY PLAN,

VOLUNTARY EMPLOYEE CONTRIBUTION CONTRACTS—

VARIABLE ACCUMULATION ANNUITY CONTRACTS

(TDA AND VEC CONTRACTS)

Issued By

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

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

Through its

SEPARATE ACCOUNT NO. 2

The Contracts—We offer group Tax-Deferred Annuity Contracts (“TDA Contracts”), which are group variable accumulation annuity contracts (“Contracts”) to employers to allow their employees to save for retirement. We no longer offer our group Voluntary Employee Contribution (“VEC”) Contract, which we describe in Appendix C.

A Participant or you means an employee under a TDA Contract. A Contract can help you accumulate funds for retirement and other long-term financial needs. You may apply your Account Value to provide fixed monthly Annuity Payments that begin at a future date.

Your Contributions—You may make Contributions in the amounts and at the frequency you choose, subject to restrictions in the Plan and limitations imposed by federal tax laws.

Investment Alternatives for Your Account Value—You may allocate your Account Value to any of the subaccounts of Mutual of America Separate Account No. 2 or to our General Account, unless your employer’s Plan (if any) restricts allocations. You may transfer all or any part of your Account Value among the available Investment Alternatives at any time, without charge. The subaccounts of the Separate Account (“Subaccounts”) invest in funds or portfolios of mutual funds (“Underlying Funds”), which currently are:

•

Mutual of America Investment Corporation: Equity Index, All America, Small Cap Value, Small Cap Growth, Small Cap Equity Index, Mid Cap Value, Mid-Cap Equity Index, Composite, International, Money Market, Mid-Term Bond, Bond, Retirement Income, 2010 Retirement, 2015 Retirement, 2020 Retirement, 2025 Retirement, 2030 Retirement, 2035 Retirement, 2040 Retirement, 2045 Retirement, 2050 Retirement, 2055 Retirement, 2060 Retirement, and 2065 Retirement (together these thirteen Funds may be referred to as the “Retirement Funds”), Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds (together these three Funds may be referred to as the “Allocation Funds”);

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Fidelity^® Variable Insurance Products (“Fidelity VIP”) Funds: Equity-Income, Asset Manager, Contrafund^® and Mid Cap Portfolios;

•

Vanguard Variable Insurance Fund: Diversified Value Portfolio, International Portfolio, Real Estate Index Portfolio and Total Bond Market Index Portfolio;

•

Goldman Sachs: VIT Small Cap Equity Insights Fund and VIT US Equity Insights Fund;

•

American Century Variable Portfolios, Inc.: American Century VP Capital Appreciation Fund;

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American Funds Insurance Series: New World Fund;

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Calvert VP: SRI Balanced Portfolio;

•

Delaware: VIP^® Small Cap Value Series;

•

DWS: Capital Growth VIP;

•

MFS VIT III: MFS^® Mid Cap Value Portfolio;

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Neuberger Berman: Advisers Management Trust Sustainable Equity Portfolio;

•

Invesco Oppenheimer Funds: Invesco Oppenheimer V.I. Main Street Fund^®;

•

PIMCO Variable Insurance Trust: Real Return Portfolio;

•

T. Rowe Price: Blue Chip Growth Portfolio; and

•

Victory: RS Small Cap Growth Equity VIP Series.

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

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from us electronically by signing up for the eDocuments program. (See “Definitions we use in this Prospectus” for a description of eDocuments and how to sign up).

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

We do not guarantee the investment performance of any Subaccount. You have the entire investment risk, including the risk of a decline in value, for amounts you allocate to a Subaccount.

We pay a fixed rate of interest on your Account Value in our General Account, and we change the rate from time to time. This Prospectus describes the Subaccount Investment Alternatives, but there is a brief description of the General Account under “Our General Account.”

Statement of Additional Information—You may obtain at no charge a Statement of Additional Information (SAI), dated the same date as this Prospectus, with additional information about the Contracts and the Separate Account by writing to us at the address at the top of this page or by calling 1-800-574-9267. We have filed the SAI with the Securities and Exchange Commission (SEC) and it is incorporated into this Prospectus by reference. The table of contents for the SAI is at the end of this Prospectus for your review. The SEC maintains a website (http://www.sec.gov) that contains the SAI, material incorporated by reference, and other information regarding registrants that file electronically with the SEC.

Prospectuses—Employers and individuals should read this Prospectus carefully before you purchase a Contract and Employees should read this Prospectus carefully before deciding to become a Participant and keep it for future reference. The summary prospectuses for the Underlying Funds are available on our website www.mutualofamerica.com/prospectus or you can request them by writing to us at the address at the top of this page or by calling 1-800-574-9267. You should read them for complete information about the Underlying Funds. You will receive a copy of the Summary Prospectus for an Underlying Fund when you first invest in that Fund (or, if you have enrolled in eDocuments, you will receive an email with a link to the Summary Prospectus), and you will receive updates to the Summary Prospectuses for the Underlying Funds for the Subaccounts in which you are invested.

•

Capitalized terms unless otherwise defined in the text are described in the section captioned “Definitions We Use in this Prospectus,” and throughout the Prospectus.

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

Dated: May 1, 2020


TABLE OF CONTENTS


	Page
Definitions We Use in this Prospectus		1
Tables of Annual Expenses		4
Summary of Information in this Prospectus		6
About Mutual of America and the Separate Account		12
Underlying Funds in Which Our Separate Account Invests		13
Charges You or Your Employer Will Pay		18
Separate Account Charge		18
Administrative Charges		19
Distribution Expense Charge		19
Expense Risk Charge		20
Separate Account Charge Reduction—Reimbursement from Fidelity, MFS, PIMCO, T. Rowe Price and Victory		20
Separate Account Charge Reduction—Certain National Accounts		21
Expenses of the Underlying Funds		22
Monthly Participant Charge		22
Premium Taxes		23
Employer Charges for Employers with TDA Plans		23
Monthly Fee for Plan-Related Services		24
Loan Interest Under TDA Contracts		24
Purchasing a Contract and Making Contributions		24
Customer Identification		24
Purchase of a Contract; Participation		25
Cancellation
Payment of Contributions		25
Allocation of Contributions		26
Your Account Value in the Subaccounts		26
Accumulation Units in Subaccounts		26
Calculation of Accumulation Unit Values		27
Accumulation Unit Values for Transactions		27
Your Right to Transfer Among Investment Alternatives		27
Our Payment of Account Value to You or a Beneficiary		28
Your Right to Make Withdrawals, including by Specified Payments		28
How to Tell Us an Amount to Transfer or Withdraw		29
Loans under a TDA Contract		29
Death Benefit Prior to Annuity Commencement Date		30
Discontinuance of Contracts or Termination of Participation		31
When We May Postpone Payments		32
You May Obtain an Annuity with Your Account Value		32
Amount of Annuity Payments		32
Annuity Commencement Date		33
Available Forms of Annuity		33
Death Benefit after the Annuity Commencement Date		34
Single Sum for Small Annuity Payments		34
Our General Account		35
Where to Contact Us and Give Us Instructions		36
Administrative Matters		39
Confirmation Statements to Participants		39
Designation of Beneficiary		40
Certain Administrative Provisions		40
Participation in Divisible Surplus		41
Federal Tax Information		41
Your Voting Rights for Meetings of the Underlying Funds		45
Performance Information for the Subaccounts		46
Funding and Other Changes We May Make		47
Our Statement of Additional Information		48
Appendix A: Unit Value Information for the Subaccounts		49
Appendix B: General Account Operations		70
Appendix C: Voluntary Employee Contribution Program Variable Accumulation Annuity Contracts		72

This Prospectus does not offer the Contracts in any jurisdiction where we may not lawfully offer the Contracts for sale. We have not authorized any person to give any information or to make any representations about the Contracts or this offering other than those in this Prospectus. If you receive unauthorized information or representations, you must not rely on them in making any purchase decision.

DEFINITIONS WE USE IN THIS PROSPECTUS

Account Value—The value of a Participant’s Accumulation Units in the Subaccounts plus the value of amounts held in the General Account for the Participant, during the Accumulation Period. Depending on its use in this Prospectus, the term “Account Value” may mean all or any part of your total Account Value.

Accumulation Period—For a Participant, the period under a Contract when Contributions are made or held for the Participant. The Accumulation Period ends at the Annuity Commencement Date, or the date the Participant withdraws the Account Value in full before the Annuity Commencement Date.

Accumulation Unit—A measure we use to calculate the value of a Participant’s interest in each of the Subaccounts. Each Subaccount has its own Accumulation Unit value.

Allocation Funds—the Mutual of America Investment Corporation Conservative Allocation Fund, Moderation Allocation Fund and Aggressive Allocation Fund.

Annuitant—A person who is receiving Annuity Payments or who will receive Annuity Payments after the Annuity Commencement Date. You must be the Annuitant, and the Annuitant cannot be changed; and a Beneficiary who has elected to receive a death benefit in the form of an annuity shall be the Annuitant. You or a Beneficiary also may name a joint Annuitant, except that some Plans require the consent of your Eligible Spouse if your Eligible Spouse is not the joint Annuitant. We use the life expectancy of the Annuitant and joint annuitant, if any, as a factor in determining the amount of monthly Annuity Payments for annuities with a life contingency.

Annuity Commencement Date—The date Annuity Payments become payable under a Contract or become payable as the death benefit for a Beneficiary. A Participant, or a Beneficiary entitled to a death benefit, selects the Annuity Commencement Date, or the Annuity Commencement Date may be imposed under federal tax law provisions in certain circumstances. On the Annuity Commencement Date, all of your Account Value is used to provide Annuity Payments. See “You May Obtain an Annuity with your Account Value—Annuity Commencement Date” for Annuity Commencement Date requirements applicable to TDA Contracts. Annuity Commencement Date is sometimes referred to as “Benefit Commencement Date” in a Contract.

Annuity Payments—A series of equal monthly payments from us. The amount of the Annuity Payments will depend on your Account Value on the Annuity Commencement Date and the form of annuity selected. The Annuity Payments may be for the Annuitant’s life, for a minimum period of time, for the joint lifetime of the Annuitant and the Annuitant’s joint Annuitant, or for such other specified period as we may permit.

Beneficiary(ies)—The person(s) named by a Participant to receive: (1) the death benefit under the Contract if during the Accumulation Period the Participant dies (or if the Participant is not the Annuitant, if the Annuitant dies first), or (2) after the Annuity Commencement Date, any remaining Annuity Payments if the Annuitant dies and the joint Annuitant, if any, dies.

Code—The Internal Revenue Code of 1986, as amended. Depending on the context, the term Code includes the regulations adopted by the Internal Revenue Service for the Code section being discussed.

Commuted Value—The present value of annuity payments due under an income option or method of payment not based on life contingencies.

Complete Order—An order is considered to be complete when all of the requirements for the completion of a transaction have been met. This includes receipt by the Company of all information, remittances and notices necessary to process the given transaction. The Company will inform you of the documents required for your transaction.

Contract(s)—One (or more) of the group (TDA) variable accumulation annuity contracts described in this Prospectus.

Contractholder—An entity to which we have issued a TDA Contract. The Contractholder may be an employer, or an association representing employers or employees.

Contributions—Amounts contributed from time to time under a Contract during the Accumulation Period.

Designated Roth Account—An account maintained for Designated Roth Contributions and earnings (or losses) attributable to Designated Roth Contributions. This term, depending on the context in which it is used, includes Designated Roth Rollover Accounts.

Designated Roth Contributions—Contributions irrevocably designated as Designated Roth Contributions described in Section 402A of the Code.

Designated Roth Rollover Account—An account maintained for rollover Designated Roth Contributions and earnings (or losses) attributable to rollover Designated Roth Contributions.

eDocuments—A feature that offers Participants a way to electronically receive communications and reports, such as quarterly statements, prospectuses, and underlying fund and separate account annual and semi-annual reports. When such documents are available, an email notice is sent to the eDocuments subscriber informing him or her of such availability on the secure “My Account” website maintained by the Company. Participants enroll by consenting to receive through eDocuments all of the documents that we deliver electronically, and are provided instructions on revocation of the consent, including the ability to revoke it immediately by calling a specified toll-free number. Revocation of consent applies to all documents provided through the eDocuments program. You can sign up for eDocuments by completing the Consent Agreement located on our website and indicating your consent to receive documents through the Mutual of America website.

Eligible Spouse—Unless otherwise specified, the person to whom a Participant or Annuitant is legally married in a marriage recognized under federal law.

Employee Contribution Account—An account maintained for employee Contributions, other than Designated Roth Contributions, and earnings (or losses) attributable to such Contributions.

Employer—An organization that established a Plan and that may be named in the Contract.

ERISA—The Employee Retirement Income Security Act of 1974, as amended.

Fidelity VIP Funds—The Equity-Income, Asset Manager, Contrafund^® and Mid Cap Portfolios of Fidelity^® Variable Insurance Products Funds.

General Account—Assets we own that are not in a separate account, but rather are held as part of our general assets. Amounts allocated under the Contracts to the General Account earn interest at a fixed rate that we change from time to time. We sometimes refer to the General Account as the “Interest Accumulation Account” because amounts you allocate to the General Account earn interest at a fixed rate which we change from time to time.

Inactive Plan—a Plan will be considered to be an Inactive Plan as of the last Valuation Day of a calendar quarter if, prior to or during that calendar quarter, contributions have not been remitted for the Plan for the third consecutive calendar month, or the Contractholder has notified us in writing that the Plan is no longer active, provided that if the Plan is aggregated to determine eligibility for Reduced Fees with a Plan that has remitted contributions during the calendar quarter, the Plan will not be treated as an Inactive Plan. See “Aggregation Rule” in the section “Summary of Information in this Prospectus”.

International Funds—the Mutual of America Investment Corporation International Fund, American Funds Insurance Series New World Fund, and Vanguard Variable Insurance Fund International Portfolio.

Investment Alternatives—Our General Account and the Subaccounts. You may allocate your Contributions and transfer your Account Value among the Investment Alternatives, subject to any limitations under a Plan.

Joint Annuitant—An additional person (usually the Eligible Spouse) whose life expectancy is taken into account for a life annuity and who will receive Annuity Payments upon the death of the Annuitant in accordance with the form of annuity selected. A joint annuitant may be designated by the Participant at any time before the Annuity Commencement Date.

Participant—Under a TDA Contract, an employee or former employee for whom we have received Contributions under a Plan.

Plan—For some TDA Contracts, a retirement plan adopted by an employer for which a Contract has been purchased to provide benefits.

Reduced Fee—The reduced Separate Account Annual Expenses, comprised of the administrative charge, distribution expense charge and expense risk charge that apply to participants in plans that are eligible for such reduced Separate Account Annual Expenses as set forth in footnote 2 to the TABLES OF ANNUAL EXPENSES on page 4 and “Charges You or Your Employer Will Pay”.

Retirement Funds—The Mutual of America Investment Corporation Retirement Income, 2010 Retirement, 2015 Retirement, 2020 Retirement, 2025 Retirement, 2030 Retirement, 2035 Retirement, 2040 Retirement, 2045 Retirement, 2050 Retirement, 2055 Retirement, 2060 Retirement and 2065 Retirement Funds.

Rollover Contributions Account—An account maintained for rollover Contributions other than Designated Roth Contributions (or rollover Designated Roth Contributions) and earnings (or losses) attributable to such Contributions.

Separate Account—Mutual of America Separate Account No. 2, a separate account we established to receive and invest deposits made under variable accumulation annuity contracts. The assets of the Separate Account are set aside and kept separate from our other assets.

Subaccount—A division of the Separate Account which invests its assets exclusively in a corresponding Underlying Fund of the same name.

Underlying Funds—The funds or portfolios that are invested in by the Subaccounts.

Valuation Day—Each day that the New York Stock Exchange is open for trading, ending at the close of the New York Stock Exchange that day.

Valuation Period—A period beginning immediately after the end of a Valuation Day and ending on the close of the next Valuation Day. Values of Accumulation Units for a Valuation Period are determined as of the end of the Valuation Day which occurs during the Valuation Period.

Waived Annual Contract Fee—The waiver of the annual contract fee applicable to plans that use the online retirement plan administration system provided by us or a subsidiary and meet the other criteria set forth in footnote 1 to the TABLES OF ANNUAL EXPENSES on page 4 of this Prospectus or for Participants who agree to use eDocuments.

We, us, our, Mutual of America—Refer to Mutual of America Life Insurance Company.

You, your—Refer to a Participant.

TABLES OF ANNUAL EXPENSES

The following tables describe the fees and expenses that you will pay upon becoming a Participant, while you are a Participant, and upon transfer or surrender of your Account Value. State and municipal premium taxes may also be deducted, but we do not currently deduct them. State premium taxes vary and currently are up to 3.5%.

I.	The first table describes fees and expenses you will pay when you become a Participant, when you surrender your Contract or participation interest or when you transfer your Account Value among Investment Alternatives.


	Maximum		Current
Participant Transaction Expenses
Sales Load Imposed on Purchases		0%		0%
Deferred Sales Load		0%		0%
Surrender Fees		0%		0%
Exchange Fees		0%		0%

II.

The next table describes the fees and expenses you will pay periodically during the time that you are a Participant, not including Underlying Fund fees and expenses.


	TDA, VEC Maximum			TDA Standard			TDA Tier 1 Reduced Fees (2)			TDA Tier 2 Reduced Fees (2)
Annual Contract Fee	$	24		$	24	(1)	$	24	(1)	$	24	(1)
Separate Account Annual Expenses (as a percentage of average net assets)
Expense Risk Fee		up to 2.00%	(5)		.20%			.15%			.15%
Administrative Charges		up to 2.00%	(5)		.60%			.05%			.10%
Distribution Expense Charge		up to 2.00%	(5)		.55%			.05%			.10%

Total Separate Account Annual Expenses		2.00%			1.35%	(4)		.25%	(4)		.35%	(4)

	TDA Tier 3 Reduced Fees (2)			TDA Tier 4 Reduced Fees (2)			TDA Tier 5 Reduced Fees (2)			TDA Inactive Plans and VEC (3)
Annual Contract Fee		$24(1)			$24(1)			$24(1)			$24(1)
Separate Account Annual Expenses (as a percentage of average net assets)
Expense Risk Fee		.15%			.20%			.20%			.20%
Administrative Charges		.15%			.20%			.40%			1.10%
Distribution Expense Charge		.15%			.20%			.35%			.35%

Total Separate Account Annual Expenses		.45%	(4)		.60%	(4)		.95%	(4)		1.65%	(4)

(1)

Annual Contract Fee. The Annual Contract Fee of $24.00 is charged at a rate of $2 per month. When referring to the monthly installment of the Annual Contract Fee we use the term “Monthly Participant Charge.” Unless you use eDocuments, a feature that offers Participants a way to electronically receive communications and reports (See “Definitions We Use in this Prospectus” for a description of eDocuments) you pay the lesser of a monthly amount of $2.00, or 1/12 of 1.00% of your Account Value. If you have a Designated Roth Account, the fee will be deducted from your contributions and earnings portions of such account on a pro rata basis. An employer may elect to pay your monthly charges, in which case we do not deduct the Monthly Participant Charge. We currently do not impose this charge each month if you meet the conditions listed in “Charges You or Your Employer Will Pay—Monthly Participant Charge.”

(2)

TDA Reduced Fees. TDA Plans may become eligible for the Tier 1 Reduced Fee, Tier 2 Reduced Fee, Tier 3 Reduced Fee, Tier 4 Reduced Fee or Tier 5 Reduced Fee if they have minimum amounts of assets in the Separate Account and the General Account combined ($50 million for the Tier 1 Reduced Fee, $25 million for the Tier 2 Reduced Fee, $5 million for the Tier 3 Reduced Fee, $2 million for the Tier 4 Reduced Fee and $1 million for the Tier 5 Reduced Fee) and satisfy the other criteria specified in “Charges You or Your Employer Will Pay” and “Charges Under the Contracts.”

(3)

Inactive Plans. An Inactive Plan will no longer be eligible for Standard separate account annual charges or Reduced Fees as of the last Valuation Day of the quarter in which it became an Inactive Plan. For more information see “Charges You or Your Employer Will Pay” and “Charges under the Contracts.”

(4)

Reductions in Separate Account Annual Expenses. All Contracts with assets invested in the Fidelity VIP Funds, MFS VIT III Mid Cap Value Portfolio, PIMCO Variable Insurance Trust Real Return Portfolio, T. Rowe Price Blue Chip Growth Portfolio and Victory RS Small Cap Growth Equity VIP Series qualify for a reduction in the Separate Account fees they pay with respect to the assets invested in such funds equal to reimbursements we receive from service providers to those funds. Additionally, Separate Account Annual Expenses are reduced for Plans that are part of certain national accounts. For more information see “Charges You or Your Employer Will Pay” and “Charges under the Contracts.”

(5)	Expense Risk Fee, Administrative Charges and Distribution Expense Charge may not exceed 2.00% in the aggregate.

III.

Loan Interest (TDA Contracts Only). The next table describes the fees and expenses that you will pay if your TDA Plan offers loans and you take out a loan.


Maximum Loan Interest (TDA Contracts Only)(1)		Higher of the Moody’s^® Corporate Yield Average or 1% above the current rate of interest credited to Account Values held in the General Account
Late Fees		Lesser of $15 or 5% of payment 30-days past due

(1)

Interest is assessed on the loan amount at an adjustable rate which is declared from time to time, and it accrues daily while the loan is outstanding. The interest rate on your loan may vary based on changes to the rate of interest credited to Account Values held in the General Account and the Moody’s^® Corporate Yield Average. See “Charges You or Your Employer Will Pay—Loan Interest Under TDA Contracts” and “Loans under a TDA Contract” for more details.

IV.

Underlying Fund Expenses. The next table shows the minimum and maximum total operating expenses charged by the Underlying Funds that you may pay during the time that you are a Participant. (Underlying Fund expenses may vary from year to year.) These are based on the actual charges incurred by the Underlying Funds during 2019 before any expense reimbursement. You should refer to the summary prospectus of each Underlying Fund for more details concerning the Underlying Fund’s fees and expenses.


	Maximum		Minimum
Total Annual Underlying Fund Operating Expenses (expenses deducted from Underlying Fund assets, including management fees and other expenses, as a percentage of average net assets)		1.38%		0.13%

Example

The Example below is intended to help you compare the cost of being a Participant with the cost of investing in other variable annuity contracts if we were to raise our current fees and expenses to the maximum amounts. These costs include Participant transaction expenses, Participant Charges, Separate Account annual expenses and Underlying Fund fees and expenses. The Example assumes that you invest $10,000 under a Contract for the time periods indicated and that your investment has a 5% annual rate of return each year.

We do not impose a surrender charge when you make a withdrawal of Account Value. As a result, the expenses would be the same whether or not you surrender the Account Value, or apply the Account Value for the purchase of an annuity (annuitize), at the end of the applicable time period.

Example Based on Maximum Costs. This example also assumes the maximum fees and expenses of the Underlying Funds during 2019, with the maximum Annual Contract Fee and the maximum Separate Account Annual Expenses shown in the Table of Expenses. Although your actual costs may be higher or lower, based on these assumptions your costs would be:


	1 Year		3 Years		5 Years		10 Years
Maximum(1)	$	353	$	1,113	$	1,950	$	4,439

(1)	Assumed Contract Fee of $6.45 per $10,000 of Separate Account value and an average Account Value of $37,231.

Accumulation Unit Values for the Subaccounts

For information about the Accumulation Unit values of each of the Subaccounts over a period of time, you should see Appendix A to this Prospectus. The Unit values reflect the investment performance and expenses of the Underlying Funds and the charges we assess on the assets of the Subaccounts. You may obtain a copy of the Separate Account’s most recent annual financial statements by calling us at 1-800-468-3785.

SUMMARY OF INFORMATION IN THIS PROSPECTUS

The discussion below is a summary of information in the Prospectus. The references in the summary direct you to particular sections in the Prospectus where you will find more detailed explanations. This Prospectus describes all of the Contracts, and their material features and benefits, and your rights and obligations under such Contracts.

Contracts We Offer

We offer the group variable accumulation annuity contracts described in this Prospectus to assist with retirement and long-term financial planning. Refer to “Purchasing a Contract and Making Contributions—Purchase of a Contract; Participation.”

Tax Deferred Annuity Contracts (TDA Contracts).

We issue TDA Contracts to Contractholders that have adopted plans under Section 403(b) of the Code. A Contractholder must be a tax-exempt organization under Section 501(c)(3) of the Code or an eligible public school or college, or an association that represents a Section 501(c)(3) tax-exempt organization or eligible public school or college or its employees.

You make Contributions under a TDA Contract through a voluntary salary reduction agreement with your employer on either a pre-tax or a Designated Roth post-tax basis (subject to the provisions of the Plan).

In addition to making Contributions by salary reduction or by a single sum transfer from a tax deferred annuity arrangement maintained under Section 403(b)(1) or 403(b)(7) of the Code, you may make Contributions by rollover of eligible distributions from eligible retirement plans if your employer’s Plan and our Contract issued for the Plan accept rollovers.

For federal income tax purposes:

•

Under Section 403(b) of the Code, you may defer recognition of the Contributions you make by salary reduction, within certain limits, for federal income tax purposes. Alternatively, if permitted by the Plan, you may designate Contributions you make as Designated Roth Contributions, which are made after tax, as described in Section 402A of the Code.

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Amounts that you roll over will not be subject to the limitations on the amount of Contributions from salary reduction permitted during a tax year.

Refer to “Our Payment of Account Value to You or a Beneficiary—Your Right to Make Withdrawals, including by Specified Payments” and “Federal Tax Information” for more details.

Contributions during the Accumulation Period

Your Contributions may be in the amounts and made at times a Plan permits. Your Contributions also must be in the amounts and at a frequency the Employer agrees to, based on your payroll period. We may refuse to accept initial or subsequent Contributions when we deem it appropriate to do so, including because of anti-money laundering laws or regulations or other legal requirements. We must receive each Contribution at our home office, along with a Complete Order containing all information to identify the person for whom and the Contract under which the Contribution is made, before we can credit the Contribution to your Account Value (See “Definitions We Use in this Prospectus” for a description of Complete Order). If an employer sends us Contributions, we will apply the Contributions when we receive the amounts at our home office or receive them by electronic funds transfer, or wire transfer of federal funds into our designated bank account along with a Complete Order containing all required identifying information. Refer to “Purchasing a Contract and Making Contributions—Payment of Contributions” and “Federal Tax Information” for more details.

Minimum Required. We or the Plan may establish minimum Contributions that you may make under the Contracts.

Who May Make Contributions. Under a TDA Contract, you may make Contributions only by salary reduction agreement with your employer, on either a pre-tax or Designated Roth post-tax basis (subject to the provisions of the Plan).

Limits on Amounts of Contributions

The maximum annual Contributions under TDA Contracts are those amounts the Code permits for Plans.

Refer to “Purchasing a Contract and Making Contributions—Payment of Contributions” and “Federal Tax Information” for more details.

Investment Alternatives for Your Account Value

You may allocate Contributions among the Investment Alternatives, subject to any restrictions contained in your Employer’s Plan. You may change your allocation instructions at any time for future Contributions.

The General Account. We pay interest on the portion of your Account Value you allocate to our General Account, at an effective annual yield equal to or greater than the minimum rate if any, set forth in your Contract. In our discretion, we change the current rate of interest from time to time. We have the full investment risk for amounts you allocate to the General Account. We sometimes refer to the General Account Investment Alternative as the Interest Accumulation Account.

This Prospectus serves as a disclosure document for the Subaccounts under the Contracts. Refer to “Our General Account” for a brief description of the General Account.

The Separate Account. The Separate Account has sub-accounts. The name of each Subaccount corresponds to the name of its Underlying Fund. When you allocate Contributions or transfer Account Value to a Subaccount, the Subaccount purchases shares in its Underlying Fund. A Subaccount is called a “variable option,” because you bear the investment risk that your Account Value in the Subaccount will increase or decrease based on the investment performance of the Underlying Fund.

Underlying Funds

The Subaccounts currently invest in forty-nine Underlying Funds, which have different investment objectives, investment policies and risks. You should refer to “Underlying Funds in which Our Separate Account Invests” for more information about the Underlying Funds’ investment objectives, and to the prospectuses of the Underlying Funds that are distributed with this Prospectus.

Charges under the Contracts

We deduct several charges from the net assets of each Subaccount. Refer to “Charges You or Your Employer Will Pay.” TDA Contracts are eligible for the Tier 1 Reduced Fee ($50 million in total assets), Tier 2 Reduced Fee ($25 million in total assets), the Tier 3 Reduced Fee ($5 million in total assets), Tier 4 Reduced Fee ($2 million in total assets) or the Tier 5 Reduced Fee ($1 million in total assets) as discussed in more detail below and in “Charges You or Your Employer Will Pay.” TDA Plans that are Inactive Plans are subject to a higher level of Separate Account Annual Expenses. In addition, all Contracts with assets invested in the Fidelity VIP Funds, MFS VIT III Mid Cap Value Portfolio, PIMCO Variable Insurance Trust Real Return Portfolio, T. Rowe Price Blue Chip Growth Portfolio and Victory RS Small Cap Growth Equity VIP Series, without any requirement that they have a minimum amount of assets in the Separate Account, qualify for a reduction in the Annual Separate Account Expenses equal to the reimbursement we receive from service providers to those funds. Additionally, Separate Account Annual Expenses are reduced for Plans that are part of certain national accounts. These reductions are discussed in more detail below and in “Charges You or Your Employer Will Pay.”

Together, these charges are referred to as the Total Separate Account Annual Expenses. The Total Separate Account Annual Expenses are:

TDA and VEC Standard Fees and Maximum Fees:

For TDA Contracts, the standard Separate Account charges, totaling 1.35%, subject to reduction as noted below for assets in the Fidelity VP Funds, MFS VIT III Mid Cap Value Portfolio, PIMCO Variable Insurance Trust Real Return Portfolio, T. Rowe Price Blue Chip Growth Portfolio, and Victory RS Small Cap Growth Equity VIP Series, include:

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An administrative expense charge at an annual rate of 0.60%;

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A charge at an annual rate of 0.55% for expenses related to the distribution of the Contracts; and

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A charge at an annual rate of 0.20% for assuming certain expense risks under the Contracts.

For VEC contracts, the standard Separate Account charges, totaling 1.65%, include:

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An administrative expense charge at an annual rate of 1.10%;

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A charge at an annual rate of 0.35% for expenses related to the distribution of the Contracts; and

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A charge at an annual rate of 0.20% for assuming certain expense risks under the Contracts.

The administrative expense charge and the distribution expense charge are reduced by reimbursements from certain fund advisers. See “Charges You or Your Employer Will Pay.”

The maximum Separate Account charges that may be charged under the Contracts are 2.00% (1.50% for Contracts issued in Maryland). Each of the administrative expense charge, the distribution expense charge and the expense risk charge may be increased, but only to an aggregate of 2.00% for all such charges.

Reduced Fees for TDA Plans

TDA Plans remitting Contributions and using the online retirement plan administration system provided by us or a subsidiary are eligible for Reduced Fees based on the total assets in the Separate Account and the General Account:


	Total Assets		Separate Account Annual Expenses
Tier 1 Reduced Fee	$	50 million		.25%
Tier 2 Reduced Fee	$	25 million		.35%
Tier 3 Reduced Fee	$	5 million		.45%
Tier 4 Reduced Fee	$	2 million		.60%
Tier 5 Reduced Fee	$	1 million		.95%

For more important details about eligibility for Reduced Fees, loss of eligibility for Reduced Fees additional reductions for certain national accounts, and the effect of the Reduced Fees on fees for assets invested in the Fidelity VIP Funds, MFS VIT III Mid Cap Value Portfolio, PIMCO Variable Insurance Trust Real Return Portfolio, T. Rowe Price Blue Chip Growth Portfolio and Victory RS Small Cap Growth Equity VIP Series, see Charges You or Your Employer Will Pay.

Aggregation Rule. We aggregate the total assets of the Employer’s 403(b) (including TDA), 401(k), 401(a) and governmental 457(b) defined contribution plans in any of our separate accounts and the General Account or under the administration of our subsidiaries to determine the Employer’s eligibility for Reduced Fees. Any entity affiliated with an Employer that is participating in the Employer’s Plan, will be eligible for Reduced Fees provided that the aggregated total assets of the Employer and the affiliated entities in the Employer’s Plan meet the eligibility criteria for the applicable Reduced Fees and the Employer’s Plan is remitting premiums and using the online retirement plan administration system provided by us or a subsidiary. We will aggregate the total assets of Employer Plans that are maintained by a ‘controlled group’ of companies or entities, which includes a group of corporations under section 414(b), a group of trades or businesses under common control under section 414(c), or an affiliated service group under section 414(m) of the Internal Revenue Code of 1986 and that, in accordance with the instructions for Form 5500, file Form 5500 with the Employee Benefits Security Administration as a ‘controlled group.’ For plans that do not file

Form 5500s, we will aggregate the total assets of plans maintained by a controlled group, as defined under Treas. Reg. 1.414(c)-5, upon written representation from the employer as to its status as a controlled group.

Separate Account Charges for TDA Plans That Are Inactive Plans. The Separate Account charges for a Contract funding an Inactive Plan are 1.65%, except in Maryland where they are 1.35%. A Plan will be considered to be an Inactive Plan as of the last Valuation Day of a calendar quarter if, prior to or during that calendar quarter, contributions have not been remitted for the Plan for the third consecutive calendar month, or the Contractholder has notified us that the Plan is no longer active, provided that if the Plan is aggregated to determine eligibility for Reduced Fees with a Plan that has remitted contributions during the calendar quarter, the Plan will not be treated as an Inactive Plan.

Annual Contract Fees. We also deduct from your Account Value an Annual Contract Fee on a monthly basis. The monthly charge is currently $2.00 if you have an Account Value of $2,400 or more at the end of the month, or ¹/₁₂ of 1% of the Account Value at the end of the month if your Account Value is less than $2,400 at the end of the month (which will be less than $2.00). We do not impose the Annual Contract Fee on a monthly basis for any month that your Account Value at the end of the month is less than $300.

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Waiver of Contract Fee for eDocuments Participants. We offer eDocuments, a feature that offers Participants a way to electronically receive communications and reports (see “Definitions We Use in this Prospectus” for a definition of eDocuments). We do not impose the Annual Contract Fee on a monthly basis if you elect to use eDocuments. If you subsequently discontinue using eDocuments, we will reimpose the Annual Contract Fee on a monthly basis.

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Waiver of Contract Fee for Certain Plans. We currently do not impose the Annual Contract Fee on a monthly basis for any month in which a Plan has at least $15 million in Contract assets as of the last day of the month and is using the online retirement plan administration system provided by us or a subsidiary. For purposes of meeting the $15 million threshold to qualify for this waiver, certain affiliated plans are aggregated. The waiver of the Contract Fee for Plans that have at least $15 million in Contract assets will be eliminated effective July 1, 2020.

Refer to “Charges You or Your Employer Will Pay—Administrative Charges” for more details.

If you take out a loan under the terms of your TDA Contract, the interest rate is an adjustable rate we declare from time to time. The TDA Loan rate will not exceed the higher of 1% above the current rate of interest credited to Account Values held in the General Account for TDA Contracts, or the Moody’s^® Corporate Yield Average. See “Loan Interest Under TDA Contracts” for more details. With respect to loans, interest at the credited rate for the loan amount continues to accrue while interest at the loan rate is accruing on the loan. See “Loans under a TDA Contract” for more details.

We provide varying levels of Plan-related administrative services to Employers that have adopted TDA Plans. The fees charged to Employers for such administrative services will depend on the level of service that we are requested to provide. The specific service levels and all applicable charges will be set forth in notices to Employers. We charge Employers sponsoring TDA Plans a monthly fee subject to a waiver. See “Charges You or Your Employer Will Pay—Monthly Fee for Plan-Related Services” for more details.

Expenses of the Underlying Funds. A Subaccount’s value is based on the shares it owns of the Underlying Fund. As a result, the investment management fees and other expenses the Underlying Funds pay will impact the value of the Subaccounts. You should refer to the prospectuses of the Underlying Funds for a complete description of their expenses and deductions from net assets.

Access to Your Account Value by Transfers, Withdrawals or Loans

Transfers

During the Accumulation Period, you may transfer all or a portion of your Account Value among the Investment Alternatives. We do not assess a charge for transfers under the Contracts. Refer to “Our Payment of Account Value to You or a Beneficiary—Your Right to Transfer Among Investment Alternatives” for more details.

Withdrawals

During the Accumulation Period, you may withdraw all or a portion of your Account Value under all Contracts except TDA Contracts. A TDA Participant generally may not withdraw the Account Value until the Participant has reached the age of 59¹/₂, under restrictions in the Code and the TDA Contract. If you are married and are a Participant under a TDA Plan, you may need the written consent of your Eligible Spouse for any withdrawal. In some cases, certain withdrawals may require the approval of the Employer or third party administrator, if applicable. We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to you or electronically transfer funds to your bank account where available.

Specified Payments Option: You may instruct us to withdraw a certain amount (at least $100) each month from the Investment Alternatives you name. Under a TDA Contract, to elect this Option you must either have reached age 59¹/₂ or terminated employment with the Plan sponsor if the TDA Contract is sponsored, after reaching age 55.

Refer to “Our Payment of Account Value to You or a Beneficiary—Your Right to Make Withdrawals, including by Specified Payments” for more details.

We do not charge a fee for withdrawals or partial withdrawals. You may have taxable income upon any withdrawal of your Account Value, except in the case of certain withdrawals from Designated Roth Accounts. You will be taxed at ordinary income tax rates on the amount withdrawn, except for the portion of the withdrawal that is considered to be a return of your after-tax Contributions (if any). The taxable portion of withdrawals, and in certain cases the nontaxable portion of withdrawals from Designated Roth Accounts, may be subject to a 10% tax penalty. The tax penalty is not due if you have reached the age of 59¹/₂, are disabled or in certain other circumstances. Refer to “Federal Tax Information” for more details.

The Code imposes minimum distribution requirements for TDA Contracts when you reach a certain age or in some other circumstances. You may be required to make partial withdrawals of Account Value, or may choose to begin receiving Annuity Payments, to meet the minimum distribution requirements.

Loans

We make available a loan option under TDA Contracts. If you have a loan under a TDA Contract, your Account Value in the General Account after a transfer or withdrawal must be at least equal to the loan collateral security amount.

How to Make Allocation Changes, Transfers and Withdrawals

In Writing. For all Contracts, you may request allocation changes for future Contributions, transfers of Account Value among Investment Alternatives, and withdrawals of Account Value in writing, and you must provide your transaction instructions on our forms. Withdrawal requests must be made in writing and in accordance with our procedures.

Our Home Office, Processing Center and Regional Offices. Our home office address is 320 Park Avenue, New York, New York 10022-6839. The address for our Withdrawal Processing Center, where certain withdrawals are processed (refer to “Where You Should Direct Requests”) and for our Financial Transaction Processing Center, where you may send requests for allocation changes or transfers among Investment Alternatives and written requests for transfer into any of the International Funds by United States Postal Service (“U.S.P.S.”) regular mail, is 1150 Broken Sound Parkway NW, Boca Raton, FL 33487-3598.

You may obtain the address for the Regional Office that provides other services for your Contract by calling 1-800-468-3785 or by visiting our website at www.mutualofamerica.com.

By Telephone or Internet. You may call us at 1-800-468-3785 or visit our website at www.mutualofamerica.com to obtain information about your Account Value, to change allocation instructions among Investment Alternatives for future Contributions and to transfer your Account Value among Investment Alternatives. You will be required to use a password to access our website, and to provide

your personal identification number (PIN) and identifying personal information to provide instructions by telephone. You may not use our toll-free number or website to place orders for the transfer of your Account Value to the Mutual of America Investment Corporation International Fund, the American Funds Insurance Series New World Fund, or the Vanguard Variable Insurance Fund International Portfolio (“Vanguard International Fund”) (together, these Funds may be referred to as the “International Funds”). Transfers into any of the International Funds can be made only in writing and by U.S.P.S. regular mail to our Boca Raton Financial Transaction Processing Center.

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Note that withdrawal requests under TDA and VEC Contracts, as described above must be made in writing and cannot be made by telephone or Internet.

Refer to “Where to Contact Us and Give Us Instructions” for more details.

Confirmation Statements. We will send you confirmation statements (which may be part of your quarterly statements) for your allocation changes (except those done over the Internet) and for your Contributions, transfers of Account Value and withdrawals of Account Value. You must promptly notify us of any error in a confirmation statement. Refer to “Administrative Matters—Confirmation Statements to Participants.”

Note our policy on frequent purchases and redemptions under “Frequent Purchases and Redemptions of Subaccount Accumulation Units.”

Annuitants and Beneficiaries

If you are a Participant under a TDA Contract, you are the Annuitant, and the Annuitant cannot be changed. You should refer to the terms of the Contract or your Certificate for rights that you or a Beneficiary may have. When electing annuity payments, you or a Beneficiary beginning to receive death benefits also may name a joint Annuitant.

You may designate a Beneficiary or Beneficiaries to receive any death benefit due during the Accumulation Period or to receive any remaining payments (or their Commuted Value) due during the Annuity Period. You may change the Beneficiary by giving us written notice on a form we provide.

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A TDA Plan may provide that if you have an Eligible Spouse, your Eligible Spouse will be the Beneficiary unless the Eligible Spouse has consented in writing to the designation of another Beneficiary.

Refer to “Administrative Matters—Designation of Beneficiary” for more details.

Death Benefits during the Accumulation Period

If you die before the Annuity Commencement Date, we will pay a death benefit to your Beneficiary.

The death benefit amount will be your Account Value, less any outstanding loans and interest, as of the date we receive proof of your death, the election of the Beneficiary(ies) telling us how we should pay the death benefit and other information necessary to process the claim. The death benefit will be paid in accordance with the election of the Beneficiary(ies). The Beneficiary will select the form of death benefit, which may be a single sum, a form of annuity or fixed payments.

Refer to “Our Payment of Account Value to You or a Beneficiary—Death Benefit during the Accumulation Period” and “Federal Tax Information—Estate Taxes; Tax Liability of Beneficiary for Death Benefit” for more details.

Annuity Commencement Date and Amount of Monthly Annuity Payment

Your Annuity Commencement Date must be on the first of a month and must be in accordance with the Plan, if any.

Annuity Payments will be fixed at the same amount every month and will be based on your Account Value at the Annuity Commencement Date, the age of the Annuitant, and the form of annuity you select. Each

Contract contains tables of annuity purchase rates. We guarantee that the purchase rates we use to determine the monthly amount of the Annuity Payment, for the form of annuity you select, will be the better of the guaranteed rate in the Contract or our then-current annuity purchase rate at the time of your Annuity Commencement Date. You may choose to make withdrawals of your Account Value, instead of electing to receive Annuity Payments. Refer to “You May Obtain an Annuity with Your Account Value” for more details.

Forms of Annuity Available. We offer several forms of annuity, some of which have guaranteed minimum time periods for payments. If an Annuitant (and contingent annuitant if a joint and survivor annuity) dies before the minimum time period has ended, the Beneficiary will receive the remaining Annuity Payments due. A life annuity protects an Annuitant from outliving the source of income, since the payments continue for the life of the Annuitant.

You may select the annuity form when you designate the Annuity Commencement Date (subject to availability of such options under the Employer’s TDA Plan).

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A TDA Plan may require that if you are married, you will receive a joint and survivor annuity with your Eligible Spouse, unless the Eligible Spouse consents in writing to another form of annuity.

Refer to “You May Obtain an Annuity with Your Account Value—Available Forms of Annuity” for more details.

ABOUT MUTUAL OF AMERICA AND THE SEPARATE ACCOUNT

We are obligated to pay all amounts required on the part of the insurer under the Contracts. We are a mutual life insurance company organized under the laws of the state of New York and we are authorized to transact business in 50 states and the District of Columbia. Our home office address is 320 Park Avenue, New York, New York 10022-6839.

We were incorporated in 1945 as a non-profit retirement association to provide retirement and other benefits for non-profit organizations and their employees in the health and welfare field. In 1978 we reorganized as a mutual life insurance company, and now serve for-profit organizations, not-for-profit organizations, their employees and individuals.

We provide group and individual life insurance, annuities and related services for the pension, retirement, and long-range savings needs of organizations, their employees and individuals including variable accumulation annuity contracts and variable life insurance policies. We invest the assets we derive from our business as permitted under applicable state law. As of December 31, 2019, we had total assets, on a consolidated basis, of approximately $23.7 billion. We are registered as a broker-dealer under the Securities Exchange Act of 1934 as amended, and as an investment adviser under the Investment Advisers Act of 1940 as amended.

Our operations as a life insurance company are reviewed periodically by various independent rating agencies. These agencies, such as A.M. Best Company, S&P Global Ratings, and Fitch Ratings, publish their ratings. From time to time we reprint and distribute the rating reports in whole or in part, or summaries of them, to the public. The ratings concern our operation as a life insurance company and do not imply any guarantees of performance of the Separate Account.

We have no support agreements with, or guarantees from, third parties for the payment of benefits under our Contracts. We are responsible for the payment of all such benefits.

Our Separate Account

We established the Separate Account under a resolution adopted by our Board of Directors on September 22, 1983. The Separate Account is registered with the SEC as a unit investment trust under the Investment Company Act of 1940 as amended (the “1940 Act”). The SEC does not supervise the management or investment practices or policies of the Separate Account or Mutual of America. The 1940 Act, however, does regulate certain actions by the Separate Account.

We divide the Separate Account into distinct Subaccounts. Each Subaccount invests its assets in an Underlying Fund, and the name of each Subaccount reflects the name of the corresponding Underlying Fund. See, “Underlying Funds in which Our Separate Account Invests,” below.

The assets of the Separate Account are our property. The Separate Account assets attributable to Participants’ Account Values and any other annuity contracts funded through the Separate Account cannot be charged with liabilities from other businesses that we conduct. The income, capital gains and capital losses of each Subaccount are credited to, or charged against, the net assets held in that Subaccount. We separately determine each Subaccount’s net assets, without regard to the income, capital gains and capital losses from any of the other Subaccounts or from any other business that we conduct.

The Separate Account and Mutual of America are subject to supervision and regulation by the Superintendent of the Department of Financial Services of the State of New York, and by the insurance regulatory authorities of each state.

Other Variable Annuity Contracts We Issue

In addition to the Contracts described in this Prospectus, we offer other individual and group variable annuity contracts, some of which are not described in this Prospectus but which also participate in the Separate Account.

UNDERLYING FUNDS IN WHICH OUR SEPARATE ACCOUNT INVESTS

Below are summaries of the Underlying Funds’ investment objectives and certain investment policies. The Underlying Funds may not achieve their objectives, and your Account Value allocated to any of the Subaccounts may decline in value. The Underlying Funds sell their shares to the separate accounts of insurance companies and may sell to qualified retirement plans; they do not offer shares for sale to the general public. Mutual of America Investment Corporation sells its shares only to Mutual of America Life Insurance Company Separate Accounts and to American Separate Accounts No. 2 and No. 3.

Selection of Underlying Funds. The Underlying Funds offered through the Contracts are selected by us. Before adding an Underlying Fund, we evaluate a number of important criteria, including, but not limited to, a fund’s category and style; its investment policy and objectives; the investment manager’s investment processes; the fund’s fit within the mix of the existing investment alternatives and managers offered through the Company’s contracts; the fund’s investment management fees; the appropriateness of the fund for long-term investment of retirement plan assets; the expertise and reputation of the investment manager and the experience and stability of the management team, including the portfolio managers; the effectiveness of the investment manager’s research; the competitive historical fund performance; and the manager’s adherence to the stated investment objectives and style. Consideration is also given to the appeal of the investment management firm to current and future Contractholders and Participants.

We review the Underlying Funds periodically and may remove an Underlying Fund or limit its availability to new Contributions and/or Transfers of Account Value if we determine that an Underlying Fund no longer satisfies one or more of the selection criteria. We have included the Mutual of America Investment Corporation Funds at least in part because they are managed by Mutual of America Capital Management LLC, our indirect wholly-owned subsidiary. We benefit from assets invested in Mutual of America Investment Corporation’s Underlying Funds because our subsidiary receives compensation from those Underlying Funds for investment advisory, administrative, transfer agency, distribution, and/or other services provided. Thus, we may receive more revenue with respect to affiliated Underlying Funds than unaffiliated Underlying Funds.

You are responsible for choosing the Subaccounts, and the amounts allocated to each, that are appropriate for your own individual circumstances and your investment goals, financial situation, and risk tolerance. Because investment risk is borne by you, you should carefully consider any decisions that you make regarding investment allocations.

In making your Subaccount selections, we encourage you to thoroughly investigate all of the information that is available to you regarding the Underlying Funds including each Underlying Fund’s prospectus, SAI and annual and semi-annual reports. After you select Subaccounts, you should monitor and periodically re-evaluate your allocations to determine if they are still appropriate.

You bear the risk of any decline in your Account Value resulting from the performance of the Subaccounts you have chosen.

We do not recommend or endorse any particular Subaccount or Underlying Fund and we do not provide investment advice.

You will find more detailed information about the Underlying Funds in their current summary prospectuses. You should read each prospectus carefully for a complete evaluation of the Underlying Funds, their investment objectives, principal investment strategies and the risks related to those strategies before investing.

Shared and Mixed Fund Arrangements. Shares of the Underlying Funds currently are available to the Separate Accounts of a number of insurance companies for both variable annuity and variable life insurance products. The Board of Directors (or Trustees) of each Underlying Fund is responsible for monitoring that Subaccount for the existence of any material irreconcilable conflict between the interests of participants in all separate accounts that invest in the Subaccount. The Board must determine what action, if any, the Underlying Fund should take in response to an irreconcilable conflict. If we believe that a response does not sufficiently protect our Contractholders or Participants, we will take appropriate action, and we may modify or reduce the Investment Alternatives available to you.

Mutual of America Investment Corporation


Portfolio Name		Objective
Equity Index Fund		The Fund seeks investment results that correspond to the investment performance of the Standard & Poor’s 500^® Composite Stock Price Index (the “S&P 500 Index”*).

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

Small Cap Value Fund		The Fund seeks capital appreciation.

Small Cap Growth Fund		The Fund seeks capital appreciation

Small Cap Equity Index Fund		The Fund seeks investment results that correspond to the investment performance of the S&P SmallCap 600^® Index.

Mid Cap Value Fund		The Fund seeks capital appreciation and, to a lesser extent, current income.

Mid-Cap Equity Index Fund		The Fund seeks investment results that correspond to the investment performance of the S&P MidCap 400^® Index.

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

International Fund		The Fund seeks capital appreciation.

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

Mid-Term Bond Fund		The primary investment objective of the Fund is to produce a high level of current income. The secondary investment objective is the preservation of shareholders’ capital.

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


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

2010 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2015 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2020 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2025 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2030 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2035 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2040 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2045 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2050 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2055 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2060 Retirement Fund		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

2065 Retirement Fund**		The Fund seeks to achieve current income and capital appreciation appropriate for the asset allocation associated with its approximate year of retirement which is included in the Fund’s name.

Conservative Allocation Fund		The Fund seeks current income and, to a lesser extent, capital appreciation.

Moderate Allocation Fund		The Fund seeks capital appreciation and current income.

Aggressive Allocation Fund		The Fund seeks capital appreciation and, to a lesser extent, current income.

“Standard & Poor’s,” “S&P,” “S&P 500”, “S&P MidCap 400” and “S&P SmallCap 600” are trademarks of Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and have been licensed for use by Mutual of America Investment Corporation’s Adviser. Standard & Poor’s does not sponsor, endorse, sell or promote the Equity Index Fund, All America Fund,

Small Cap Equity Index Fund or Mid-Cap Equity Index Fund. It has no obligation or liability for the sale or operation of the Funds and makes no representations as to the advisability of investing in the Funds.

**	Available on or after July 1, 2020.

Other Underlying Funds


Portfolio Name		Objective
Fidelity VIP Equity-Income Portfolio		The fund seeks reasonable income. The fund will also consider the potential for capital appreciation. The fund’s goal is to achieve a yield which exceeds the composite yield on the securities comprising the S&P 500^® Index.

Fidelity VIP Asset Manager Portfolio		The fund seeks to obtain high total return with reduced risk over the long term by allocating its assets among stocks, bonds, and short-term instruments.

Fidelity VIP Contrafund^® Portfolio		The fund seeks long-term capital appreciation.

Fidelity VIP Mid Cap Portfolio		The fund seeks long-term growth of capital.

Vanguard Variable Insurance Fund Diversified Value Portfolio^®		The Portfolio seeks to provide long-term capital appreciation and income.

Vanguard Variable Insurance Fund International Portfolio^®		The Portfolio seeks to provide long-term capital appreciation.

Vanguard Variable Insurance Fund Real Estate Index Portfolio^®		The Portfolio seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs and other real estate-related investments.

Vanguard Variable Insurance Fund Total Bond Market Index Portfolio^®		The portfolio seeks to track the performance of a broad, market-weighted index.

Goldman Sachs VIT Small Cap Equity Insights Fund		The Fund seeks long-term growth of capital.

Goldman Sachs VIT US Equity Insights Fund		The Fund seeks long-term growth of capital and dividend income.

American Century VP Capital Appreciation Fund		This fund seeks capital growth.

American Funds Insurance Series New World Fund		The fund’s investment objective is long-term capital appreciation.

Calvert VP SRI Balanced Portfolio		The Portfolio seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments which offer income and capital growth opportunity.

Delaware VIP^® Small Cap Value Series		The fund seeks capital appreciation.

DWS Capital Growth VIP		The fund seeks to provide long-term growth of capital.

MFS VIT III Mid Cap Value Portfolio		The fund’s investment objective is to seek capital appreciation.

Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio		The fund seeks long-term growth of capital by investing primarily in securities of companies that meet the Fund’s environmental, social and governance (ESG) criteria.


Portfolio Name		Objective
Invesco Oppenheimer V.I. Main Street Fund^®		The Fund seeks capital appreciation.

PIMCO Variable Insurance Trust Real Return Portfolio		The Portfolio seeks maximum real return, consistent with preservation of real capital and prudent investment management.

T. Rowe Price Blue Chip Growth Portfolio		The fund seeks to provide long-term capital growth. Income is a secondary objective.

Victory RS Small Cap Growth Equity VIP Series		The fund seeks to provide long-term capital growth.

Investment Advisers for the Underlying Funds

Mutual of America Investment Corporation: Mutual of America Investment Corporation receives investment advice from Mutual of America Capital Management LLC (the “Adviser”), an indirect wholly-owned subsidiary of Mutual of America.

Fidelity VIP Funds: The VIP Equity-Income, Asset Manager, Contrafund^® and Mid Cap Portfolios receive investment advice from Fidelity Management & Research Company (“FMR”). FMR Co., Inc. (FMRC) serves as a sub-adviser for the funds with day-to-day responsibility for choosing investments for the funds. Other investment advisers assist FMR with foreign investments.

Vanguard VIF Portfolios: The Diversified Value Portfolio receives advisory services from Barrow, Hanley, Mewhinney & Strauss, Inc. The International Portfolio receives advisory services from Baillie Gifford Overseas Limited, and Schroder Investment Management North America Inc. The Real Estate Index Portfolio and the Total Bond Market Index Portfolio receive advisory services from The Vanguard Group, Inc.

Goldman Sachs VIT Funds: The Goldman Sachs VIT Small Cap Equity Insights Fund and the Goldman Sachs VIT US Equity Insights Fund receive investment advice from Goldman Sachs Asset Management, L.P, an indirect, wholly-owned subsidiary of The Goldman Sachs Group, Inc. and an affiliate of Goldman Sachs & Co. LLC.

American Century VP Capital Appreciation Fund: The Fund receives investment advice from American Century Investment Management, Inc.

American Funds Insurance Series: The New World Fund receives investment advice from Capital Research and Management Company.

Calvert VP SRI Balanced Portfolio: The Portfolio receives investment advice from Calvert Research and Management (“Calvert”).

Delaware VIP^® Small Cap Value Series: The Fund receives investment advice from Delaware Management Company, a series of Macquarie Investment Management Business Trust (formerly, Delaware Management Business Trust) (a Delaware statutory trust).

DWS Capital Growth VIP: The DWS Capital Growth VIP receives investment advice from DWS Investment Management Americas Inc.

MFS VIT III Mid Cap Value Portfolio: MFS is responsible for managing the fund’s investments, executing transactions, and providing related administrative services and facilities under an Investment Advisory Agreement between the fund and MFS.

Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio: Neuberger Berman Investment Advisers LLC (“Manager”) is the Fund’s investment manager.

Invesco Oppenheimer V.I. Main Street Fund^®A: The Fund receives investment advice from OFI Global Asset Management, Inc., which has entered into a subadvisory agreement with OppenheimerFunds, Inc.

PIMCO Variable Insurance Trust: Real Return Portfolio receives investment advice from Pacific Investment Management Company LLC (“PIMCO”).

T. Rowe Price: Blue Chip Growth Portfolio receives investment advice from T. Rowe Price Associates, Inc. (“T. Rowe Price”).

Victory RS Small Cap Growth Equity VIP Series: Victory Capital Management Inc. serves as the Fund’s investment adviser.

CHARGES YOU OR YOUR EMPLOYER WILL PAY

Separate Account Charge

The standard Annual Separate Account Expense, including the Administrative Charges, Distribution Expense Charge and Expense Risk Charge discussed in more detail below, is 1.35% for TDA Contracts and is 1.65% for VEC Contracts. Certain TDA contracts may be eligible for Reduced Fees. Only TDA contracts can be eligible for Reduced Fees.

Reduced Fees for TDA Contracts:

The standard Annual Separate Account Expense for TDA Plans including the Administrative Charges, Distribution Expense Charge and Expense Risk Charge discussed in more detail below, is 1.35%. Plans that remit contributions and use the online retirement plan administration system provided by us or a subsidiary are eligible for Reduced Fees if they meet the following initial and ongoing criteria:


	Separate Account Annual Expenses		Initial Minimum Total Assets		Minimum Total Assets to Remain Eligible
Tier 1 Reduced Fee		.25%	$	50 million	$	45 million
Tier 2 Reduced Fee		.35%	$	25 million	$	22.5 million
Tier 3 Reduced Fee		.45%	$	5 million	$	4.5 million
Tier 4 Reduced Fee		.60%	$	2 million	$	1.8 million
Tier 5 Reduced Fee		.95%	$	1 million	$	0.9 million

If the Plan has total assets in the Contract, including the Separate Account and the General Account, of at least the amount indicated as “Initial Minimum Total Assets” in the above chart as of the last Valuation Day of a calendar quarter, initially or when being reconsidered after losing eligibility, the Plan may become eligible for the Reduced Fee indicated. After a Plan becomes eligible for the Reduced Fee, it must maintain total assets in the Contract of at least the amount indicated as “Minimum Total Assets to Remain Eligible” in the above chart as of the last Valuation Day of a calendar quarter to remain eligible for the Reduced Fee for the following calendar quarter. Loss of eligibility for the Reduced Fee will occur if the Plan fails to maintain at least the amount indicated as Minimum Total Assets to Remain Eligible in the Contract for any reason; for example, withdrawals from the Plan or the investment performance of the Underlying Funds.

Eligibility for Reduced Fees will be lost irrespective of the amount of a Plan’s assets, if the Plan at any time stops remitting Contributions or does not use the online retirement plan administration system provided by us or a subsidiary. Eligibility for Reduced Fees is determined for new Plans on the date the Plan’s assets are received by the Company and we begin providing administrative services.

TDA Plans That Are Inactive Plans

The Annual Separate Account Expense, including the Administrative Charges, Distribution Expense Charge and Expense Risk Charge is 1.65% for Inactive Plans, except in Maryland where they are 1.35%. A Plan will be considered to be an Inactive Plan as of the last Valuation Day of a calendar quarter if, prior to or during that calendar quarter, contributions have not been remitted for the Plan for the third consecutive calendar month, or the Contractholder has notified us that the Plan is no longer active, provided that if the Plan is aggregated to determine eligibility for Reduced Fees with a Plan that has remitted contributions during the calendar quarter, the Plan will not be treated as an Inactive Plan.

Components of Separate Account Charge

We may increase or decrease the daily and monthly administrative charges described below, subject to any limitations in the Contract. The aggregate fees and charges we impose under the Contracts must be reasonable in relation to the services we provide, the expenses we expect to incur, and the risks we have assumed. You should check your quarterly statements for important messages about the qualification for, or loss of, eligibility for Tier 1, Tier 2, Tier 3, Tier 4 or Tier 5 Reduced Fees, or Standard Fees.

Separate Account charges may not exceed 2.00% in the aggregate. The Monthly Participant Charge may not exceed $2 per month.

Administrative Charges.

We perform administrative functions in connection with the Contracts, including receiving and allocating Contributions, making Annuity Payments as they become due, and preparing and filing all reports that the Separate Account is required to file. The expenses we incur for administrative functions include, but are not limited to, items such as state or other taxes, salaries, rent, postage, telephone, travel, office equipment, costs of outside legal, actuarial, accounting and other professional services, and costs associated with determining the unit values of the Subaccounts. We deduct, on each Valuation Day, from the value of the net assets in each Subaccount a charge for administrative expenses:

•

For each Subaccount, the Administrative Charges are at an annual rate indicated for each contract type:


Type of Contract	Administrative Charges
TDA (Standard)		.60%
TDA Tier 1 Reduced Fees		.05%
TDA Tier 2 Reduced Fees		.10%
TDA Tier 3 Reduced Fees		.15%
TDA Tier 4 Reduced Fees		.20%
TDA Tier 5 Reduced Fees		.40%
TDA Inactive Plans or VEC		1.10%

The Administrative Charge may be increased, but together with the Distribution Expense Charge and Expense Risk Charge, may not exceed 2.00% in the aggregate.

Distribution Expense Charge.

As principal underwriter, we perform all distribution and sales functions and bear all distribution and sales expenses relative to the Contracts. These expenses include the payment of that portion of the salaries of our registered representatives attributable to the sale and distribution of Contracts, as well as expenses for preparation of sales literature and other promotional activities. We deduct, on each Valuation Day, from the value of the net assets in each Subaccount a charge for distribution expenses:

•

For each Subaccount, the Distribution Expense Charge is at an annual rate indicated for each contract type:


Type of Contract	Distribution Expense Charge
TDA (Standard)		.55%
TDA Tier 1 Reduced Fees		.05%
TDA Tier 2 Reduced Fees		.10%
TDA Tier 3 Reduced Fees		.15%
TDA Tier 4 Reduced Fees		.20%
TDA Tier 5 Reduced Fees		.35%
TDA Inactive Plans or VEC		.35%

The Distribution Expense Charge may be increased, but together with the Administrative Charge and Expense Risk Charge, may not exceed 2.00% in the aggregate.

Expense Risk Charge.

We assume certain expense risks under the Contracts. The expense risks we assume arise from our guarantees in the Contracts, including the limitations on administrative charges and our obligation to make Annuity Payments in accordance with annuity tables in the Contracts. We have estimated expenses we expect to incur over the term of the Contracts prior to annuitization and the lengthy period that we may make Annuity Payments. We assume the risk that expenses will be higher than we estimated. We deduct, on each Valuation Day, from the value of the net assets in each Subaccount a charge for expense risks:

•

For each Subaccount, the Expense Risk Charge is at an annual rate indicated for each contract type:


Type of Contract	Expense Risk Charge
TDA (Standard)		.20%
TDA Tier 1 Reduced Fees		.15%
TDA Tier 2 Reduced Fees		.15%
TDA Tier 3 Reduced Fees		.15%
TDA Tier 4 Reduced Fees		.20%
TDA Tier 5 Reduced Fees		.20%
TDA Inactive Plans or VEC		.20%

The Expense Risk Charge may be increased, but together with the Distribution Expense Charge and Administrative Charge, may not exceed 2.00% in the aggregate.

Separate Account Charge Reduction—Reimbursement from Fidelity, MFS, PIMCO, T. Rowe Price and Victory

We currently receive reimbursements for administrative expenses and certain services from the investment advisers to certain of the Underlying Funds. We do not keep any of the reimbursements we receive and we apply all of such reimbursements, to the extent received by us, to reduce the Separate Account Charge applicable to assets invested in those Subaccounts for all contracts. We currently receive the following reimbursements:

•

the transfer agent and distributor for the four Fidelity VIP Funds reimburse us at an annual rate of 0.10% for certain services we provide;

•

the principal underwriter for the MFS VIT III Mid Cap Value Portfolio reimburses us at an annual rate of 0.25% for certain services we provide;

•

the investment adviser for the PIMCO Variable Insurance Trust Real Return Portfolio reimburses us at an annual rate of 0.10% for certain services we provide;

•

the investment adviser for the T. Rowe Price Blue Chip Growth Portfolio reimburses us at an annual rate of 0.25% for administrative services we provide, or at an annual rate of 0.15% if the aggregate dollar value of the shares of that Fund held in Mutual of America separate accounts falls below $250,000,000 at any time during a month; and

•

the distributor for the Victory RS Small Cap Growth Equity VIP Series reimburses us at an annual rate of 0.05% for certain services we provide.

For each Subaccount invested in the Fidelity, MFS, PIMCO, T. Rowe Price or Victory investment alternatives, the following reductions in the Separate Account Charge apply:


Assets invested in:	TDA Standard Fees			TDA Tier 1 Reduced Fees			TDA Tier 2 Reduced Fees			TDA Tier 3 Reduced Fees			TDA Tier 4 Reduced Fees			TDA Tier 5 Reduced Fees			TDA Inactive Plans and VEC
Fidelity Funds		1.25	%		0.15	%		0.25	%		0.35	%		0.50	%		0.85	%		1.55	%
MFS VIT III Mid Cap Value Portfolio		1.10	%		0	%		0.10	%		0.20	%		0.35	%		0.70	%		1.40	%
PIMCO VIT Real Return Portfolio		1.25	%		0.15	%		0.25	%		0.35	%		0.50	%		0.85	%		1.55	%
T. Rowe Price Blue Chip Growth Portfolio		1.10	%¹		0	%¹		0.10	%¹		0.20	%¹		0.35	%¹		0.70	%¹		1.40	%¹
Victory RS Small Cap Growth Equity VIP Series		1.30	%		0.20	%		0.30	%		0.40	%		0.55	%		0.90	%		1.60	%
All Other Funds		1.35	%		0.25	%		0.35	%		0.45	%		0.60	%		0.95	%		1.65	%

If Mutual of America separate account assets in the T. Rowe Price Blue Chip Growth Portfolio fall below $250,000,000 at any time during a month, and we therefore will receive the reduced reimbursement, the Separate Account Annual Expenses for investments in that Subaccount will be: TDA Standard Fees of 1.20%; TDA Tier 1 Reduced Fees of 0.10%; TDA Tier 2 Reduced Fees of 0.20%; TDA Tier 3 Reduced Fees of 0.30%; TDA Tier 4 Reduced Fees of 0.45%; TDA Tier 5 Reduced Fees of 0.80%; and TDA Inactive Plans and VEC fees of 1.50%.

Separate Account Charge Reduction—Certain National Accounts

We reduce the Separate Account charges for certain Contracts of Employers that are member agencies of approved national accounts that meet the following criteria. If the national account has member agencies with total assets in their Contracts, including the Separate Account and the General Account, of at least $325 million as of the last Valuation Day of a calendar quarter, initially or when being reconsidered after losing eligibility, and meets the other criteria discussed in this paragraph, the Contracts will become eligible for the National Account Reduced Separate Account Annual Expenses as of the following calendar quarter as set forth below. After member agencies affiliated with the national account become eligible for National Account Reduced Separate Account Annual Expenses, the total assets in the member agencies’ Contracts must remain above $292.5 million (the “National Account Minimum”) as of the last Valuation Day of a calendar quarter for the Contracts to remain eligible for the National Account Reduced Separate Account Annual Expenses for the following calendar quarter. Loss of eligibility for the National Account Reduced Separate Account Annual Expenses will occur if the total assets in the member agencies’ Contracts fail to maintain at least the National Account Minimum for any reason; for example, withdrawals from Contracts or the investment performance of the Underlying Funds. Additionally, to be eligible for National Account Reduced Separate Account Annual Expenses, the national association or headquarters of the national account must fund its own Plan with a Contract issued by Mutual of America, promote Mutual of America as an “exclusive retirement plan service provider” to its member agencies in its directories and on its website, provide us with information regarding member agencies, allow our participation as a vendor or presenter at its conferences, and allow outbound telephone contact with its member agencies. To be considered a member agency of such a national account, the member agency must have a published corporate mission consistent with that of the national account organization with which it is affiliated.

based on the pricing tier for which that individual Employer qualifies based on the assets in that Employer’s Plan. The regular and National Account Reduced Separate Annual Expenses are as follows:


	Regular Separate Account Annual Expenses		National Account Reduced Separate Account Annual Expenses
Standard Fee		1.35%		1.35%
Tier 1 Reduced Fee		.25%		.25%
Tier 2 Reduced Fee		.35%		.30%
Tier 3 Reduced Fee		.45%		.35%
Tier 4 Reduced Fee		.60%		.40%
Tier 5 Reduced Fee		.95%		.85%

National Account Reduced Separate Account Annual Expenses for each Subaccount invested in the Fidelity, MFS, PIMCO, T. Rowe Price or Victory investment alternatives will be further reduced in the amount of reimbursements we receive with respect to those Underlying Funds (by 0.10% for Fidelity; 0.25% for MFS; 0.10% for PIMCO; 0.25% for T. Rowe Price (subject to reduction as discussed above); and 0.05% for Victory). See “Separate Account Charge Reduction—Reimbursement from Fidelity, MFS, PIMCO, T. Rowe Price and Victory.”

A member agency of a national account that is eligible for the Standard Fee will continue to be eligible to receive a waiver of the employer-paid monthly charges. See “Employer Charges.”

Expenses of the Underlying Funds

Participants and the Subaccounts do not directly pay the advisory fees and other expenses of the Underlying Funds. These fees and expenses are deducted by the Underlying Funds and will impact the value of the shares the Subaccounts own.

Refer to “Tables of Annual Expenses” in this Prospectus, which shows the range of expenses of the Underlying Funds for the most recent calendar year. The prospectuses of the Underlying Funds, which are distributed with this Prospectus, contain a complete description of the Underlying Funds’ fees and expenses.

Monthly Participant Charge

We make an additional deduction for administrative expenses each month, referred to, on an annual basis in the Table of Annual Separate Account Expenses as the Annual Contract Fee, from each Group Participant’s Account Value, unless the Employer has elected to pay this charge on behalf of its Participants. Because we deduct or receive this charge monthly, we refer to the monthly installment as “the Monthly Participant Charge.” The Monthly Group Participant Charge is currently the lesser of:

•

$2.00 per month, or

•

1/12 of 1% of your Account Value, which will apply if your Account Value at the end of the month is less than $2,400.

Monthly Participant Charge—Multiple Group Plans or Group Contracts.

If you are a Participant under more than one Group Contract or more than one Group Plan (except for 401(a) Profit Sharing Plans and 401(a) Defined Contribution Plans), that are not exempt from the Monthly Participant Charge under Waiver of Monthly Participant Charge—Group Plans, below, in any combination, we will only charge you a single Monthly Participant Charge and we will waive it for the other plan or plans which are not otherwise eligible for a waiver of the Monthly Participant Charge (except for 401(a) Profit Sharing Plans and 401(a) Defined Contribution Plans): Group TDA, 403(b), 401(k), or 401(a) Thrift Plans. In this case, we will deduct the single Monthly Participant Charge from the plan that we select, which will typically be the most recent plan paying such charge.

In addition, the employer may elect to pay this charge on behalf of its Participants, in which case it will not be deducted each month from Participants’ Account Values.

Waiver of Monthly Participant Charge—Group Plans.

We do not impose the Monthly Participant Charge under TDA Plans for any month if:

•

Your Account Value at the end of the month is less than $300,

•

You agree to use eDocuments, as of the last day of the month, for as long as your consent to use eDocuments is in effect, or

•

the Employer is remitting premiums, using the online retirement plan administration system provided by us or a subsidiary, and on the last day of the month the consolidated assets of the Employer’s TDA, 403(b), 401(k), 401(a), SEP, SIMPLE and governmental 457 plans were $15 million or more. For purposes of meeting the $15 million threshold for this waiver, we aggregate certain affiliated plans. The waiver of the Monthly Participant Charge for Plans that have at least $15 million in consolidated assets will be eliminated effective July 1, 2020.

eDocuments. We offer eDocuments, a feature that offers Participants a way to electronically receive communications and reports, such as quarterly statements, prospectuses, underlying fund and separate account annual and semi-annual reports. You will be notified by email each time documents become available that you can log on to our website to view the document. You can sign up for eDocuments by completing the Consent Agreement located on our website and indicating your consent to receive documents through the Mutual of America website. The Consent Agreement provides that you will need to log in to Mutual of America’s website to view documents online and to make any necessary updates to your email address. You also must have an email address and have Adobe^® Reader^® software installed on your computer, which you can obtain at no charge.

When you sign up for eDocuments we will waive the monthly participant charge for each month, beginning with the month in which you submit the consent form. Waiver of the monthly participant charge also applies to current eDocuments users. If you do not elect to use eDocuments, you will be charged a $2 monthly participant charge, unless you qualify for a waiver. If you do not elect to use eDocuments, you will receive paper copies of all documents free of charge by regular USPS mail delivery. You may revoke your consent to eDocuments at any time, either online or by calling Mutual of America at 1-800-468-3785 and instructing a customer service representative to revoke your consent, and the $2 monthly participant charge will resume in the month you revoke your consent. Your consent to eDocuments will be revoked when we are notified of your death. If you elect to use eDocuments, if at any time you would like to receive a paper copy of any of these documents, please call Mutual of America at 1-800-468-3785 and we will provide a copy of the requested documents free of charge.

Deduction of Monthly Participant Charge.

We deduct the monthly charge from your Account Value allocated to the General Account, if any. If you do not have enough or any Account Value in the General Account, we will deduct the charge from your General Account and then from your Account Value allocated to one or more of the Subaccounts, in a prescribed order. The prescribed order is determined by us and is set forth in the Statement of Additional Information. We will deduct the full monthly charge from the first Subaccount in the prescribed order with Account Value, and if you do not have enough Account Value in that Subaccount, we will deduct the remainder of the monthly charge from the next Subaccount in the prescribed order with Account Value.

Premium Taxes

We currently do not deduct state and municipal premium taxes from Contributions. We reserve the right to deduct all or a portion of the amount of any applicable taxes, including state and municipal premium taxes, in accordance with the Contracts. State premium taxes vary and currently are up to 3.5%.

Employer Charges

Per Participant Monthly Charge. We charge an Employer a monthly charge for each active Participant. This charge is paid to us by the Employer and not the Participants. The charge is $4.00 for each of the first 50 Participants; $2.00 for each of the next 50 Participants; $1.00 for each of the next 100 Participants; and no charge for active Participants in excess of 200. We waive the charge for member agencies of approved

national accounts and state or regional associations that have designated us as a Preferred Provider, provide us with membership details and allow us to market to their member agencies. We also waive the charge for any Employer for each month in which the consolidated assets of the Employer’s TDA, 403(b), 401(k), 401(a), SEP, SIMPLE and governmental 457 plans are $1 million or more and the Employer is remitting Contributions and is using the online retirement plan administration system provided by us or a subsidiary as of the last day of the month. Certain affiliated plans are aggregated for purposes of the $1 million total. After a Plan becomes eligible for the waiver of the charge, it must maintain total assets in the Contract of at least $900,000 as of the last Valuation Day of a calendar month to remain eligible for the waiver of the charge for the following calendar month. Loss of eligibility for the waiver of the charge will occur if the Plan fails to maintain total assets in the Contract of at least $900,000 for any reason; for example, withdrawals from the Plan or the investment performance of the Underlying Funds.

Monthly Fee for Plan-Related Services

We provide varying levels of Plan-related administrative services to Employers that have adopted TDA Plans and charge such Employers sponsoring TDA Plans a monthly fee subject to a waiver, if applicable. The fees charged to Employers for such administrative services will vary based on the service model selected by the Employer. The specific services and all applicable charges will be set forth in notices to Employers.

Loan Interest Under TDA Contracts

This rate is an adjustable rate we declare from time to time. We will designate an interest rate at the time a Loan is granted. The TDA Loan rate will not exceed the higher of 1% above the current rate of interest credited to Account Values held in the General Account for TDA Contracts, or the Moody’s^® Corporate Yield Average. The Moody’s^® Corporate Yield Average is an average of the composite yield on seasoned corporate bonds published by Moody’s^® Investors Service, Inc., and may increase or decrease over time. Accordingly, the interest rate you pay on your loan may increase or decrease over time.

With respect to loans, interest on the loan amount is at an adjustable rate, is declared from time to time and accrues daily while the loan is outstanding. See “Loans under a TDA Contract” for more details. For collateralized loans, the amount held in the General Account as collateral must equal 120% of the loan amount. The amount held in the General Account as collateral for a loan may earn interest at a rate different and lower than the rates earned by other amounts in the General Account and the interest it earns may be lower than the returns of some or all of the Subaccounts.

Interest earned on the amount in the General Account is not applied as an offset to interest accrued on the Loan; they are separate and independent from each other.

See “Loans under a TDA Contract” for more details.

PURCHASING A CONTRACT AND MAKING CONTRIBUTIONS

Customer Identification

We will require information from you, or your employer, as applicable, necessary to properly identify owners of Contracts as required by the USA PATRIOT Act of 2001, and other applicable laws & regulations.

In order to comply with federal laws and regulations to prevent the funding of terrorism and money laundering activities, we may refuse to accept an initial Contribution, issue a Contract or effect subsequent transactions, including, for example, accepting additional Contributions. These actions will be taken at our sole discretion or when we are required or compelled to do so by a government authority or applicable law.

Purchase of a Contract; Participation

We issue TDA Contracts to employers or other entities that are seeking a funding vehicle for group tax-sheltered annuity arrangements established under Section 403(b) of the Code. Contractholders must be:

•

organizations that qualify for tax-exempt status under Section 501(c)(3) of the Code, or

•

eligible public schools or colleges, or

•

associations that represent such entities or their employees.

If you are an eligible employee of an employer that has adopted a tax-sheltered annuity arrangement funded by a TDA Contract, you may become a Participant by completing our enrollment form.

Acceptance of Plan Asset Transfers for TDA Plans. A Plan Asset Transfer is a transfer to the Company on behalf of the Plan of assets held for the Plan by another financial institution. In connection with a Plan Asset Transfer, we require that the data transferred on behalf of the Plan by the Plan recordkeeper be in a format acceptable to us. We will effectuate transactions under the Contract when we have received a Complete Order (see “Definitions We Use in this Prospectus” for a definition of Complete Order). For a Plan Asset Transfer that we determine is not a Complete Order, we will seek to obtain the necessary information for the transaction to be a Complete Order so the Plan Asset Transfer can be applied as an allocated Contribution under the Contract.

In order to allocate the proper portion of the Plan Asset Transfer to each individual Participant’s account and invest it under the Contract, we must receive a Complete Order. At the direction of the Employer, a Plan Asset Transfer that is not a Complete Order will be held in a non-interest bearing bank account for a short period of time. When we obtain the necessary information required for the Plan Asset Transfer to constitute a Complete Order, we will transfer the Plan Asset Transfer from the non-interest bearing bank account to the Contract as an allocated Contribution and allocate the appropriate amounts to each individual Participant’s account under the Contract and to the investment alternatives available under the Contract as directed. If we do not obtain the necessary information within a reasonable period of time, not to exceed 45 calendar days, we will return the Plan Asset Transfer assets to the Plan trustee, if any, or otherwise to the financial institution designated by the Employer.

Payment of Contributions

You make Contributions to a TDA Contract under a salary reduction arrangement you enter into with your employer, on a pre-tax or a Designated Roth post-tax basis (subject to the provisions of the Plan).

In addition, we also will accept on your behalf a single sum transfer from another tax-deferred annuity arrangement maintained under Section 403(b) of the Code or certain custodial accounts maintained under Section 403(b)(7) of the Code if the Contract was issued by a provider specifically identified in the Plan. Transfers while you are actively employed from any provider not specified in the Plan are prohibited.

The amount of your Contributions may not be greater than the amount permitted under applicable federal law (see “Federal Tax Information”). A Plan may require a minimum Contribution per year for each Participant. We will not accept Contributions for you for time periods after you have terminated participation under the Contract, you cease employment with the Contractholder, or if the TDA Contract has been discontinued or terminated. Under the TDA Contract, no additional contributions, including rollover contributions, may be made by you or on your behalf if your account value under the contract is zero and you have terminated employment with the employer which is the holder of the contract or you are no longer a Participant in that employer’s Plan. However, under IRS regulations certain contracts are exempt from some or all of the requirements of those regulations because no contributions have been made generally after 2004 (or certain other dates). Under such “exempt” contracts, also called “grandfathered contracts,” no contributions, including rollover contributions, may be made by you or on your behalf whether or not you still have an account value under a grandfathered contract and whether or not you have terminated employment or participation with the employer holding such grandfathered contract.

We maintain the following separate Account Values to record Contributions and earnings (or losses):

•

Employee Contribution Account

•

Rollover Contribution Account

•

Designated Roth Account

•

Designated Roth Rollover Account

When we issue a Contract to an Employer, the Employer sends Contributions directly to us. If a Plan provides for a trust, we issue a Contract to the Plan trustees and the Employer sends Contributions to the trustees, who then send us trust assets (the amount of the Contributions). An Employer (or trustees) sends to us Contributions on behalf of Participants, as follows.

•

The Employer must remit to us (or to trustees of the Plan, if any) your Contributions as soon as administratively feasible but no later than 15 days after the end of the month in which the Employer collected the Contributions by salary reduction or payroll deduction.

•

An Employer (or trustees) may remit to us on your behalf an amount, in a single sum, that arises from a transfer from any Plan the Employer maintains, as long as the transfer is permitted by applicable law and the Contract.

The Employer or trustees may make contributions by check, wire transfer or electronic funds transfer.

Contributions made by check should be sent to: Mutual of America, P.O. Box 70249, Philadelphia, PA 19176-0249. To obtain complete details and instructions regarding wire transfers please contact your Regional Office. You can obtain the address for your Regional Office by calling our toll-free number 1-800-468-3785 or by visiting our website at www.mutualofamerica.com.

We will only accept Contributions for you for time prior to your termination of participation under a Contract or prior to the discontinuance of the Contract. See “Discontinuance of a Contract” below.

Minimum. A Plan may specify a minimum amount of Contributions.

Allocation of Contributions

You may allocate Contributions among the Investment Alternatives, subject to any restrictions contained in your Employer’s Plan.

We will allocate a Contribution when we receive it from you or your Employer, along with a Complete Order containing all information and completed documents necessary to process the Contribution, (See “Definitions We Use in this Prospectus” for a description of Complete Order) according to instructions sent with the Contribution, or if no instructions are sent, on the basis of your allocation election currently on our records.

You may change the allocation instructions for future Contributions from time to time. You should periodically review your allocations in light of market conditions and your retirement plans and needs.

YOUR ACCOUNT VALUE IN THE SUBACCOUNTS

Accumulation Units in Subaccounts

We use Accumulation Units to represent Account Values in each Subaccount. We separately value the Accumulation Unit for each Subaccount.

We determine your Account Value in the Separate Account as of any Valuation Day by multiplying the number of Accumulation Units credited to you in each Subaccount by the Accumulation Unit value of that Subaccount at the end of the Valuation Day.

Investment experience by the Subaccounts does not impact the number of Accumulation Units credited to your Account Value. The value of an Accumulation Unit for a Subaccount, however, will change as a result of the Subaccount’s investment experience, in the manner described below.

Calculation of Accumulation Unit Values

We determine Accumulation Unit values for the Subaccounts as of the close of business on each Valuation Day (generally at the close of the New York Stock Exchange on that day). A Valuation Period is from the close of a Valuation Day until the close of the next Valuation Day.

The dollar value of an Accumulation Unit for each Subaccount will vary from Valuation Period to Valuation Period. The changes in Accumulation Unit values for the Subaccounts will reflect:

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changes in the net asset values of the Underlying Funds, depending on the investment experience and expenses of the Underlying Funds, and

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Separate Account charges under the Contracts, with the annual rates calculated as a daily charge. (See “Charges You or Your Employer Will Pay.”)

You may refer to “Appendix A: Unit Value Information for the Subaccounts” in this Prospectus to review changes in Accumulation Unit values for each Subaccount over a period of time.

Accumulation Unit Values for Transactions

When you allocate Contributions to a Subaccount or transfer any Account Value to a Subaccount, we credit Accumulation Units to your Account Value. When you withdraw or transfer any Account Value from a Subaccount, we cancel Accumulation Units from your Account Value.

If the plan in which you are a participant becomes eligible for a Reduced Fee, on the date the plan becomes eligible, your Account Value in each Subaccount will be transferred to Accumulation Units with the same total value that will be charged the Reduced Fee (“Reduced Fee Accumulation Units”). Similarly, if your plan ceases to be eligible for a Reduced Fee, on the date the plan becomes ineligible, we will transfer your Account Value to Accumulation Units with the same total value that will be charged the standard fees.

The Accumulation Unit value for a transaction is the value for the Valuation Period during which we receive the Contribution or request in Complete Order. As a result, we will process the transaction at the Accumulation Unit value we determine at the next close of a Valuation Day in the Valuation Period during which we receive a Complete Order (generally the close of the New York Stock Exchange on that day). If the request is a Complete Order, the amount available for withdrawal is the Account Value at the end of the Valuation Day that we receive (and approve, where required) the Complete Order. Deposits or Requests are deemed to be received by us if received prior to close of the New York Stock Exchange on a day that the New York Stock Exchange is open for trading, or on the next day the New York Stock Exchange is open for trading if they arrive on a day that the New York Stock Exchange is officially closed or following the close of the New York Stock Exchange on a day when it is open.

We calculate the number of Accumulation Units for a transaction by dividing the dollar amount you have allocated to, or withdrawn from, the Subaccount during the Valuation Period by the applicable Accumulation Unit value for the Subaccount for that Valuation Period.

Your Right to Transfer Among Investment Alternatives

You may transfer all or a portion of your Account Value among Subaccounts, and between the Separate Account and the General Account, unless your Plan (if any) limits transfers. There are no tax consequences to you for transfers among Investment Alternatives.

Your request for a transfer will not be binding on us and cannot be effectuated until we receive a Complete Order (see “Definitions We Use in this Prospectus” for a definition of Complete Order) from you. Please note our policy on frequent purchases and redemptions under “Frequent Purchases and Redemptions of Subaccount Accumulation Units .”

OUR PAYMENT OF ACCOUNT VALUE TO YOU OR A BENEFICIARY

Your Right to Make Withdrawals, including by Specified Payments

Under a TDA Contract, your right to withdraw all or any portion of your Account Value is restricted by federal tax law. If you are under age 59¹/₂, you will not be able to withdraw your Account Value, except in circumstances such as death or disability, hardship, or termination of employment. (There are special rules permitting withdrawal of Contributions made on or before January 1, 1989 and withdrawal of earnings and interest credited to your Account Value by that date.) When you make a withdrawal for hardship, you may not withdraw post-1988 earnings or interest on your Contributions under a salary reduction agreement. In addition, if you are married, consent of your Eligible Spouse may be required for withdrawals under TDA Contracts. In some cases, certain withdrawals under 403(b) Plans may require the approval of the Employer, provider, carrier or third party administrator, if applicable.

A full withdrawal from your TDA Contract terminates your participation in the TDA Contract if you have terminated your employment with the Employer or you are no longer covered by the Plan. We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to you or electronically transfer funds to your bank account where available.

Single Sum Payment upon Termination of Employment. Your Plan may provide that, if your Account Value is $1,000 or less (or a higher amount as may be permitted under provisions of the Plan and applicable laws) when you terminate employment with the Employer, we will pay your Account Value to you in a single sum payment.

Specified Payments Option. If you have reached age 59¹/₂ or, for TDA Contracts, terminated employment with the Plan sponsor (if the TDA Contract is sponsored), after reaching age 55 under a TDA Contract you may elect automatic withdrawals of your Account Value.

You must specify an amount, which may not be less than $100, and must tell us the Investment Alternatives from which the withdrawals should be taken. We will send the Specified Payments to you.

When you are receiving Specified Payments under a TDA Contract, you and your employer may continue to make Contributions on your behalf. You also may transfer your Account Value among Investment Alternatives and make other withdrawals when receiving Specified Payments.

Specified Payments will continue until the earliest of:

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your death;

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our receipt of your written request to change or end the Specified Payments;

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your Account Value (or your balance in any Investment Alternative that you have designated for withdrawals) declines so that the remaining balance is not large enough to cover the next Specified Payment due; or

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your Annuity Commencement Date.

If you are subject to the minimum distribution rules under the Code, the Specified Payments for the year should at least total the minimum required annual distribution. (See “Federal Tax Information—Minimum Distributions Under TDA Contracts.”)

Income Tax Consequences of Withdrawals. You should consider the possible federal income tax consequences of any withdrawal, including withdrawals under the Specified Payments Option. You will be taxed at ordinary income tax rates on the portion of your withdrawal that is taxable. You will not be taxed on the amount of any Contributions you made with “after-tax” dollars, but there are special rules under the Code for determining whether a withdrawal, or portion of a withdrawal, will be considered a return to you of after-tax Contributions (See “Federal Tax Information”).

Penalty Tax on Taxable Portion of Withdrawals. There is a 10% federal penalty tax on the taxable amount of withdrawals you make during the Accumulation Period, unless

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you have reached age 59¹/₂

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you are disabled or have died

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the distributions are Annuity Payments over your life (or life expectancy) or over the joint lives (or joint life expectancies) of you and the Beneficiary, or

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in certain other circumstances. See “Federal Tax Information for Participants” for a listing of other circumstances when the penalty tax is not applicable.

How to Tell Us an Amount to Transfer or Withdraw

To tell us the amount of your Account Value to transfer or withdraw, you must specify to us:

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the dollar amount to be taken from each Investment Alternative; or

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for Subaccounts, the number of Accumulation Units to be transferred or withdrawn; or

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the percentage of your Account Value in a particular Investment Alternative to be transferred or withdrawn.

For transfers, you also must specify the Investment Alternative(s) to which you are moving the transferred amount. Your request for a transfer or withdrawal is not binding on us and cannot be effectuated until we receive all information necessary to process your request on the required forms and, in the case of transfers into the Mutual of America Investment Corporation International Fund, the American Funds Insurance Series New World Fund, and the Vanguard Variable Insurance Fund International Portfolio (“Vanguard International Fund”) (together, these Funds may be referred to as the “International Funds”), by U.S.P.S. regular mail to our Financial Transaction Processing Center. Refer to “Where to Contact us and Give us Instructions.”

Loans under a TDA Contract

Unless your Plan does not provide for loans, we make available a loan option under a TDA Contract. You have the right to borrow funds using your Account Value as collateral security. Your Employer’s Plan may or may not permit loans to be taken from or secured by amounts held in a Designated Roth Account. The amount of the loan permitted is governed by the Code and the Contract terms.

We will designate an interest rate at the time a Loan is granted. The Loan interest rate we declare from time to time will not exceed the higher of the Moody’s^® Corporate Yield Average and 1% above the guaranteed rate of interest credited to Account Values held in the General Account. The Moody’s^® Corporate Yield Average is an average of the composite yield on seasoned corporate bonds published by Moody’s^® Investors Service, Inc., and may increase or decrease over time. Accordingly, the interest rate you pay on your loan may increase or decrease over time. Interest earned on the amount in the General Account is not applied as an offset to interest accrued on the Loan; they are separate and independent from each other.

Any loan shall be repaid within five years, except a loan used to purchase a primary residence of the Participant may be repaid over a period not to exceed ten years. Your repayment schedule will provide for substantially level amortization of the loan over the applicable period, which means that your payments will be substantially equal (subject to changes in the interest rate on your loan, if any).

You will be billed for your loan repayments. We will impose a late fee in the amount of the lesser of $15, or 5% of your payment, if your payment is not received within 30 days, which will be included in your next bill.

You will be required to transfer an amount equal to 120% of the loan to serve as collateral security for your loan from the Separate Account to the General Account, unless you already have allocated the required Account Value to the General Account. Collateralized loans are loans for which security in the amount of 120% of the loan amount is required to be transferred into the General Account and held against

repayment of the loan. You must instruct us from which Investment Alternatives the transfer is to be made. We will not permit you to make withdrawals or transfers of the collateral security amount while the loan is outstanding. The interest rate for the loan will not exceed the higher of 1% above the current rate of interest credited to Account Values held in the General Account for TDA Contracts, or the Moody’s^® Corporate Yield Average for the calendar month ending two months before the date on which the rate is determined, and payments of principal and interest on the loan are due no less frequently than quarterly. You will pay interest on the loan, but the amount we hold in the General Account as collateral for your loan will accrue interest. A portion of the collateral equal to the loan amount may earn interest at a rate that is different than, and possibly lower than, the rate earned by other amounts in the General Account. There are no income tax consequences to you from obtaining a loan under the TDA Contract, unless you do not make repayments when they are due.

You can only borrow to the extent that you have allocated a sum equal to 120% of the loan amount to the General Account. If you do not have 120% of the loan amount (in addition to sums already serving as collateral for other loans) in the General Account and do not allocate additional amounts to the General Account from your Account Value allocated to other investment alternatives to achieve such 120%, you cannot borrow that loan amount. We do not transfer amounts to the General Account for purposes of satisfying the collateral requirement on your behalf unless we are instructed by you to transfer from other investment alternatives to the General Account.

All Plans require authorization by the Employer or third party administrator, as applicable, for Participant loans.

See “Charges You or Your Employer Will Pay—Loan Interest Under TDA Contracts” for more information.

Death Benefit Prior to Annuity Commencement Date

We will pay a death benefit to your Beneficiary during the Accumulation Period upon your death.

We will pay the death benefit after we have received at our Home Office:

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due proof of your death, generally a certified copy of your death certificate;

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notification of election by the Beneficiary(ies) of the form of payment of death benefit; and

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claim forms and other information and documents that we inform the beneficiary are necessary for us to process the death benefit request.

The amount of the death benefit will be the value of your Account Value as of the date on which we receive the items listed above less any outstanding loans and interest. Until then, your Account Value will remain allocated as it was on the date of death. (If you were the Annuitant and your Eligible Spouse is the Beneficiary, special rules apply as described below.) If you have more than one beneficiary, each beneficiary’s share of the Account Value will remain allocated as it was on the date of death until we receive the items listed above from such beneficiary. Each beneficiary will continue to bear the risk of loss of their share of the death benefit until their claim is processed.

Form of Payment of Death Benefit. The Beneficiary will elect the form of payment of death benefit as described below. The Code imposes special requirements on the payment of a death benefit, as described below. We will pay the death benefit in a single sum if an option has not been selected by the date the Code requires a payout.

In addition, Participants under TDA Contracts are required to begin taking minimum distributions after they reach a certain age (called the Required Beginning Date), and certain requirements depend on whether the Participant had reached that age at the time of death. Beneficiaries should consult their tax advisers for any additional rules that may apply in their particular circumstances. See “Federal Tax Information—Minimum Distributions under TDA Contracts.”

In general, any method of distribution that a Beneficiary selects must comply with one of the following.

(a) Ten Year Rule. In the case of a death occurring in 2020 or later, the general rule is that we must pay the entire death benefit to the Beneficiary by December 31 of the year that is ten calendar years after the year of the Participant’s death, unless we pay the death benefit in accordance with (b), (c) or (d) below.

(b) Exception for Eligible Designated Beneficiaries. An Eligible Designated Beneficiary, as defined below, may choose to have the entire death benefit distributed in the form of Annuity Payments that begin within one year of the Participant’s death and are payable over a period of time that is not more than the Beneficiary’s life or life expectancy, whichever is longer. For these purposes, an Eligible Designated Beneficiary is a Beneficiary who, at the time of the Participant’s death, is also (a) the Participant’s surviving spouse; (b) the Participant’s minor child; (c) an individual who is no more than 10 years younger than the Participant; (d) a qualifying disabled individual; or (e) a qualifying chronically ill individual. Notwithstanding the foregoing, if the Eligible Designated Beneficiary is a minor child, distributions must be paid in full no later than the end of the tenth year following the child’s attainment of the age of majority.

(c) Beneficiary is the Eligible Spouse. Special rules apply if the only Beneficiary is your surviving Eligible Spouse. A Beneficiary who is your Eligible Spouse may use your Required Beginning Date for determining when minimum distributions must begin. As a consequence, the Beneficiary does not have to begin receiving benefits until the April 1 following the calendar year in which you would have reached age 72 if still alive. Alternatively, a Beneficiary who is an Eligible Spouse, may roll your account balance over to his or her own qualified plan or 403(b) plan, or to his or her own eligible IRA.

(d) Special Rule for Beneficiaries that are Not Individuals. If your Beneficiary is not an individual, such as your estate or certain types of trusts, we must pay the entire death benefit to the Beneficiary by December 31 of the calendar year that is five calendar years after your death. However, if you die after reaching your Required Beginning Date, the Beneficiary is limited to distributions made over your remaining life expectancy.

A Beneficiary under more than one 403(b) plan may take withdrawals from one or more such plans, in accordance with applicable IRS regulations, if permitted by the Plan.

Discontinuance of Contracts or Termination of Participation

Termination of Participation Under TDA Contracts. Your participation under a TDA Contract terminates if you are no longer eligible to participate under the Contract due to termination of employment with the Contractholder, including by death or retirement.

Contributions may no longer be made by you or on your behalf upon your death, retirement or termination of employment with the Contractholder. Termination of participation will not deprive you of your Account Value or change your rights to make transfers or withdrawals. Termination also will not prevent you from electing to receive Annuity Payments, or having a death benefit paid to your Beneficiary.

Discontinuance of TDA Contracts. A Contractholder may discontinue a TDA Contract on the first of a month with at least 30 days notice to us. We may discontinue a Contract upon at least 31 days’ notice to the Contractholder, during which time the Contractholder may cure any remediable defaults, if (1) the Contractholder fails to remit payment of the Contractholder’s administrative charges within 31 days after payment is due; (2) the Contractholder fails to meet the requirements of the Contract or abide by the terms of the Contract; (3) the class of group annuity contracts to which the Contract belongs is discontinued by the Company; or (4) the Contractholder elects not to use the online retirement plan administration system provided by us or a subsidiary. Additionally, the Company may discontinue the Contract without notification to the Contractholder if mail addressed to the Contractholder at the last address on record with the Company has been returned as undeliverable and the Contractholder has not provided the Company with a new address within 60 days of the date such mail is returned. When a TDA Contract is discontinued:

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The Contractholder’s obligations under the Contract continue, except that the Contractholder may not send us any more Contributions, except for repayment of Participant loans.

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Amounts accumulated for Participants remain under the Contract, until withdrawn or transferred.

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If requested by a Contractholder we may transfer to another insurance company or other financial institution all amounts accumulated under the Contract in accordance with the discontinuance rules as described above.

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A transfer will require the consent of Participants who became Participants before a rider was issued in 2009, as determined by the issuance of a rider to the Contract. A Participant whose consent is required but who does not consent to the transfer may choose to leave the accumulated amounts on deposit with us, or may withdraw the amount in whole or in part (subject to any federal tax law restrictions on withdrawals). The transfer to another insurance company or financial institution will be made no later than 30 days (or later date requested by the Contractholder) after we have received a written request from the Contractholder for the transfer and all information necessary to effect the transfer, including individual consents required from certain Participants. A Plan may be terminated upon the distribution of all assets under the Plan.

Following a discontinuance for any of the reasons specified above, with regard to amounts that have not been withdrawn, each Participant whose assets have not been withdrawn can change allocations, make transfers and make full or partial withdrawals, but is not permitted to add assets.

TDA Contracts—Notice of Amendment and Option to Discontinue. In certain instances, we will provide Contractholders with a written notice concerning an amendment of the Contracts, at least 60 days before the effective date of the amendment, along with an explanation of the amendment. A Contractholder may elect to discontinue the Contract if it does not want to accept the amendments by making a written request to Mutual of America and informing us of the insurance company or other financial institution to which amounts under the Contract should be transferred.

When We May Postpone Payments

We will pay any amounts due from the Separate Account for a withdrawal (including a Specified Payments Option withdrawal), death benefit or termination, and will transfer any amount from the Separate Account to the General Account, within seven days, unless:

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The New York Stock Exchange is closed for other than usual weekends or holidays, or trading on that Exchange is restricted as determined by the SEC; or

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The SEC by order permits postponement for the protection of Participants; or

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An emergency exists, as determined by the SEC, as a result of which disposal of securities is not reasonably practicable or it is not reasonably practicable to determine the value of the Separate Account’s net assets.

Additionally, we may postpone any payment from the Subaccount that is invested in the Mutual of America Investment Corporation Money Market Fund, in the event that the Money Market Fund temporarily suspends redemption of shares because the Money Market Fund’s liquidity has fallen below required minimums because of market conditions or other factors.

In order to comply with federal laws and regulations intended to deter money-laundering, terrorism or other suspicious activities, we may refuse to accept, or decline to implement, your withdrawal or transfer orders until it is legally permissible for us to do so.

YOU MAY OBTAIN AN ANNUITY WITH YOUR ACCOUNT VALUE

Amount of Annuity Payments

If your Employer has selected Mutual of America as the annuity provider for annuity benefit distributions, at your Annuity Commencement Date, we will apply your Account Value to purchase a stream of monthly Annuity Payments (an annuity). All of our annuities provide monthly payments. Once Annuity Payments

have begun, you may no longer make Contributions, transfers or withdrawals under the Contract and your employer may no longer make Contributions on your behalf. The amounts of our Annuity Payments for the type of annuity you select will be fixed.

You may elect to receive your Account Value by making partial or full withdrawals, including under the Specified Payments Option, instead of receiving Annuity Payments.

We will fix the amount of each Annuity Payment and we guarantee that we will make the payments, according to the form of annuity you select (refer to “Available Forms of Annuity”). Our guarantee of payment is subject to our financial strength and ability to meet our claims-paying obligations under the Contract, so you should consider our financial strength when electing a benefit option. The amount of the Annuity Payments depends on the annuity form you choose, your age, your joint annuitant’s age, if applicable, the applicable annuity purchase rates and your Account Value. The duration of an annuity can affect your level of benefit, with longer durations generally producing a lower monthly payment, all things being equal.

We guarantee that the purchase rates we use to determine the amount of Annuity Payments will be the better of the guaranteed rates in the Contract or our then-current annuity purchase rate.

The annuity benefits generally are set forth in the Contract we issue. We will issue to each Participant under a TDA Contract an individual certificate setting forth the amount and terms of payment of their annuity benefits. We will send Annuity Payments directly to Annuitants at their last known address, as filed with us.

Annuity Commencement Date

You must notify us in writing of the Annuity Commencement Date in advance, according to our procedures. The Annuity Commencement Date must be on the first of a month and must be in accordance with the Plan and the Code.

Available Forms of Annuity

You may select a form of annuity from the following list (subject to the availability of such annuity under your Employer’s Plan), and in each case, you will be the Annuitant. Your employer’s Plan may contain these special rules for determining the annuity form:

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If you have an Eligible Spouse on the Annuity Commencement Date, you will receive Annuity Payments in the Joint and Survivor Life Annuity, as described below, with your Eligible Spouse as joint annuitant, unless you, no more than ninety days, or one hundred and eighty days, depending on the provisions of the Plan, before the Annuity Commencement Date, select in writing one of the other annuity forms listed below and your Eligible Spouse consents to the form selected.

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If you do not have an Eligible Spouse on the Annuity Commencement Date, you will receive Annuity Payments in the form of a Non-Refund Life Annuity, as described below, unless you, before the Annuity Commencement Date, select in writing a different annuity form.

Life Annuity with Ten Years Period Certain. This annuity form provides for monthly Annuity Payments to the Annuitant during the Annuitant’s lifetime, but if the Annuitant dies before the end of the ten year period, Annuity Payments will be paid to the Beneficiary until the end of the ten year period. After the Beneficiary has begun receiving payments, if the Beneficiary dies before the end of the ten year period, we will pay the Commuted Value of the remaining Annuity Payments to the payee named by the Beneficiary.

Joint and 66²/₃ % Survivor Life Annuity with Ten Year Period Certain. This annuity form provides for monthly Annuity Payments to the Annuitant during the Annuitant’s lifetime and 66²/₃% of that monthly Annuity Payment to the joint annuitant after the Annuitant’s death if the joint annuitant survives the Annuitant. If both the Annuitant and the joint annuitant die before the end of the ten year period, payments continue in the amount last paid until the end of ten years to the Beneficiary. If the Beneficiary dies before the end of the ten year period, we will pay the Commuted Value of the remaining Annuity Payments to the

payee named by the Beneficiary. If a person named as an Annuitant’s joint annuitant dies prior to the Annuity Commencement Date, your election of this annuity form is canceled automatically.

Full Cash Refund Annuity. This annuity form provides for monthly Annuity Payments to the Annuitant during the Annuitant’s lifetime. If the aggregate amount of the monthly Annuity Payments that we made to the Annuitant is less than your Account Value at the Annuity Commencement Date, we will pay the difference to the Beneficiary in a single sum.

Joint and Survivor Life Annuity. Same as the Joint and Survivor Life With Period Certain annuity above, except that payments will end upon the death of the survivor as between the Annuitant and the joint annuitant. There is no guaranteed minimum payment period.

Non-Refund Life Annuity. We make a monthly Annuity Payment until the death of the Annuitant. No amount is payable to any joint annuitant or Beneficiary.

Other Forms. In addition to the forms of annuity listed above, your plan may offer additional forms of annuity as of your Annuity Commencement Date. We may, if offered by your plan, permit you to elect a different period certain for life annuities and joint and survivor life annuities. Currently, in addition to the ten year period, we permit the election of periods certain of three, five and fifteen years. Additionally, we may, if offered by your plan, permit you to elect a different percentage survivorship benefit for joint and survivor life annuities (with or without period certain). Currently, in addition to the 66²/₃% survivorship benefit, we offer survivorship benefits of 50%, 75% and 100%. We have the right to discontinue offering these periods certain and survivorship benefits at any time unless your Contract provides otherwise.

Death Benefit after the Annuity Commencement Date

If an Annuitant (and the joint annuitant if the form is a joint annuity) dies on or after the Annuity Commencement Date, your Beneficiary will receive the death benefit (if any) provided by the form of annuity under which Annuity Payments were made. If you elect a form of annuity that does not provide for a certain period or full cash refund, then no payments or death benefit will be due following the death of the Annuitant (and the Joint Annuitant, as applicable) after the Annuity Commencement Date. See “Available Forms of Annuity” above.

Single Sum for Small Annuity Payments

If your Account Value is $1,000 or less (or less than such greater amount that may be permitted by law and the Plan), then on the Annuity Commencement Date you have requested, or at your Required Beginning Date, as applicable, we will pay your Account Value to you in a single sum payment, and you may not elect to receive Annuity Payments. Alternatively, we may make such single sum payment to an IRA (or Roth IRA for Designated Roth Accounts) established by you (or your employer for you, if the Plan so provides).

OUR GENERAL ACCOUNT

Scope of Prospectus

We have not registered the Contracts under the Securities Act of 1933 for allocations to the General Account, nor is the General Account registered as an investment company under the 1940 Act. Disclosures regarding the fixed portion of the Contracts and the General Account, however, generally are subject to certain provisions of the federal securities laws relating to the accuracy and completeness of statements made in prospectuses. For more details regarding the General Account, see the Contracts themselves.

General Description

Amounts you allocate to the General Account become part of our general assets. Our General Account supports our insurance and annuity obligations, including the Payment of Claims under our Contracts and our Policies, and is subject to the claims of our creditors. The General Account consists of all of our general assets, other than those in the Separate Account and other segregated asset accounts.

We bear the full investment risk for all amounts that Participants allocate to the General Account. We have sole discretion to invest the assets of the General Account, subject to applicable law. Your allocation of your Account Value to the General Account does not entitle you to share in the investment experience of the General Account. You should consider our claims paying ability and financial strength when allocating amounts to the General Account.

We guarantee that we will credit interest for the life of the Contract to Account Values in the General Account at a rate at least equal to the minimum rate required by your Contract, if any. TDA Contracts being newly issued by the Company provide for a minimum rate determined in accordance with the National Association of Insurance Commissioners (“NAIC”) standard non-forfeiture law for annuities, as described below. If your Contract does not set forth a minimum rate, we will credit interest at a rate at least equal to the minimum rate required by applicable state law or if no state law minimum rate is applicable to a Contract, the guaranteed minimum credited interest rate determined by us annually in accordance with the NAIC standard non-forfeiture law for annuities. The NAIC minimum rate is determined in accordance with a formula. The current NAIC minimum rate formula as applied by us is based upon the five-year constant maturity treasury rate reported by the Federal Reserve as of the close of business on the last business day each October. In no event under the current NAIC formula will the minimum guaranteed credited interest rate be less than 1% nor more than 3%. We determine whether the application of the formula will change the minimum guaranteed rate each November, and any change is effective the following January 1. In our sole discretion, we may credit a higher rate of interest to Account Values in the General Account, although we are not obligated to credit interest in excess of the minimum rate. We compound interest daily on Account Values in the General Account, to produce an effective annual yield that is equal to the stated interest rate. The interest rates may be different for the portion of your Account Value in the General Account being held as collateral for a loan. You can find the current rate for your Account Value in the General Account in your quarterly statement or by logging in to the secure “My Account” section of our website, www.mutualofamerica.com.

We reserve the right to credit a higher interest rate than the rate otherwise set for amounts allocated to the General Account when the Employer uses the online retirement plan administration system provided by us or a subsidiary for the transmission and receipt of certain information regarding Participants, Contributions and other Contract information, and in certain other circumstances.

You may refer to the additional information about our General Account’s operations in Appendix B to this Prospectus.

Transfers and Withdrawals

You may transfer any portion of your Account Value to or from the General Account and, to the extent permitted by the Code and the Plan, may withdraw any portion of your Account Value from the General Account prior to the Annuity Commencement Date. See “Your Right to Transfer Among Investment Alternatives,” “Frequent Purchases and Redemptions of Subaccount Accumulation Units” and “Your Right to Make Withdrawals, including by Specified Payments” under “Our Payment of Account Value to You or a Beneficiary.” We have the right to delay certain transfers and withdrawals from the General Account for up to six months following the date that we receive the transaction request.

WHERE TO CONTACT US AND GIVE US INSTRUCTIONS

Transfers, Allocation Changes and Withdrawals by Telephone or Internet

You may generally make requests by telephone or Internet for transfers or withdrawals of Account Value (except for transfers to any of the International Funds) or to change the Investment Alternatives to which we will allocate your future Contributions. We do not accept Internet requests for withdrawals from any Contract or telephone requests for withdrawals from a TDA or VEC Contract.

On any Valuation Day, we will consider requests by telephone or Internet that we receive prior to 4 p.m. Eastern Time (or the close of the New York Stock Exchange, if earlier) as received that day. We will consider requests that we receive at or after 4 p.m. (or the Exchange close) as received the next Valuation Day.

You must use a password to make Internet requests. Your use of the Password constitutes agreement to use our website in accordance with our rules and requirements. To change your Password, you may follow the instructions at our Internet website. To make telephone requests, you will be asked to provide your personal identification number (PIN) and identifying personal information to our Customer Service Representative.

We reserve the right to suspend or terminate at any time the right of Participants to request transfers or reallocations by telephone or Internet. We also reserve the right not to accept powers of attorney or other trading authorizations granted by any Participant to a third party. Either telephone or Internet transactions may not be possible during periods of heavy usage or from time to time for technical reasons, and you should place your order by an alternate method during any such period. The Company’s failure to follow reasonable procedures may result in liability for any losses due to any unauthorized or fraudulent telephone or Internet transfers.

We will not be liable for following instructions communicated by telephone or Internet that we reasonably believe to be genuine. To confirm that instructions communicated by telephone or Internet are genuine, we will ask for personally identifying information to confirm your identity, record all telephone transactions and provide written confirmation of transactions, except for allocation changes made over the Internet.

Frequent Purchases and Redemptions of Subaccount Accumulation Units

The purpose of our Contracts is to assist with the accumulation of long-term retirement savings. Our Contracts are not intended to provide Contractholders and Participants with a means to engage in market timing through frequent transfers of their Account Values in an attempt to take advantage of daily fluctuations in the securities markets.

Excessive frequent transfer practices designed to take advantage of short-term market changes may cause disruption to the efficient administration of portfolio management strategies and increase transaction costs. Under certain market conditions, such transfer practices can harm the investment performance of an Underlying Fund if it involves amounts which are substantial when compared to the net total Underlying Fund assets under management.

Each Underlying Fund has reserved the right to reject any aggregate purchase of Underlying Fund shares that it determines to be inconsistent with their Underlying Fund’s policies and procedures relating to market timing. As such, there is also a risk that excessive frequent transfer practices by individual Contractholders and Participants could cause an Underlying Fund to reject a net purchase order from a Subaccount on behalf of many Contractholders and Participants, thereby compromising our ability to carry out purchase and redemption orders of many of our Contractholders and Participants.

In consideration of the above, we have adopted and implemented the following policies and procedures with regard to frequent transfers.

Transfers into any of the Subaccounts that invest in the International Funds can only be effected by mail. Because of the time difference between the close of the United States securities markets and the close of international securities markets, the International Funds are more likely to be subject to market timing transfers than the other Funds. Accordingly, we have adopted a special administrative rule for transfers into any of the International Funds and for revocations of such transfer requests. You must send in writing, by U.S.P.S. regular mail, to our Financial Transaction Processing Center in Boca Raton, Florida, all requests for transfers into any of the Subaccounts that invest in the International Funds or revocations of such transfer requests. We will not accept orders for transfers of your Account Value to any of the Subaccounts that invest in the International Funds or revocations of such transfer requests placed by any other means, including via our toll free 800 number or our internet website, nor will we accept such transfer orders or revocations made in writing and delivered by fax, hand or express delivery service to our home office in New York City, any Regional Office or our Financial Transaction Processing Center. We will not accept U.S.P.S. regular mail transfer requests (or revocations of such transfer requests) into any of the Subaccounts that invest in the International Funds that are received at the home office in New York City or any Regional Office. To obtain a form for making written transfer requests, you may call our toll free number, 1-800-468-3785. You may revoke an order for transfer into any of the Subaccounts that invest in the International Funds only in writing sent by U.S.P.S. regular mail to our Financial Transaction Processing Center. You may continue to place orders for transfers out of any of the Subaccounts that invest in the International Funds either in writing, by calling our toll-free number, or via our website, www.mutualofamerica.com.

We reserve the right to modify or terminate the administrative rule for transfers to the Subaccounts that invest in International Funds and to extend the rule to other Subaccounts. We also reserve the right to adopt additional rules that would apply to Contractholders and Participants who in our view are repeatedly engaging in short-term trading through transfers of all or a portion of their Account Values in any of the Subaccounts offered under our Contracts. Note: The Mutual of America Investment Corporation Retirement Funds and Allocation Funds may invest in shares of the other Mutual of America Investment Corporation Funds, including the International Fund, and are exempt from the requirement to place orders of such shares by U.S.P.S. regular mail, as indicated above.

We work with the Underlying Funds to discourage Contractholders and Participants from engaging in excessive frequent transfers that could harm any Fund’s investment performance. We periodically meet with the management of the Underlying Funds to discuss any factors that may materially impact investment performance of the Underlying Funds, including excessive frequent transfer activity, if any. We periodically request a description of the Underlying Funds’ procedures and controls used to identify any excessive frequent transfer activity and a report on whether any such activity might have an adverse effect on the investment performance of any of the Underlying Funds. It should be noted that each of the Underlying Funds has established its own internal restrictions or minimums, and may decide to apply its own frequent trading policies and procedures to your transactions in the event it determines that, in its opinion, our procedures do not satisfy its particular policies and procedures. The Underlying Fund policies and procedures, if applied to your transactions, could result in a limit on the number of trades you can request in specified time periods, temporary blockage of trades or other actions. In addition, we may be required to disclose information on participant transfers to the Underlying Funds. We also request assurance that the Underlying Funds are correctly daily valuing their Subaccounts and appropriately using Fair Value Pricing, where required.

We aggregate all daily purchase or redemption orders received from all Contractholders and Participants under the Contracts into a net purchase or redemption of shares of the Underlying Funds. We monitor such aggregate net daily purchase and redemption into or out of each Underlying Fund to make a determination, in our opinion, as to whether such aggregate net trading activity is material in relation to the total assets managed by each of the Underlying Funds, and if so, whether it could have an adverse impact on an Underlying Fund’s investment performance based upon the total net assets under management. We reserve the right to look back from any daily purchase or redemption activity in order to identify frequent transfer activity involving substantial amounts.

Depending on the nature of the net transfer activity, we will determine if there is frequent transfer activity conducted by the same Contractholders and Participants which could adversely impact the investment performance of an Underlying Fund, in view of the total net assets of the Underlying Fund, or could cause an Underlying Fund to reject a net purchase order on behalf of all Contractholders and Participants. In this regard, we can review individual purchase and redemption requests by Contractholders and Participants. If, in our opinion, excessive frequent transfer activity could cause an adverse effect on the investment performance of an Underlying Fund or could cause an Underlying Fund to reject a net purchase order on behalf of all Contractholders and Participants, we will take such actions as are appropriate to discourage such activity from continuing, as noted below. We do not accommodate Participants engaging in market timing. We will take the following actions in the following order:

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contact the Contractholder or Participant and remind them that the Contracts are not designed to be used for such frequent transfers, request that such activity cease, and inform them that their use of the internet or the 800-line privileges for transfer activity will be suspended if the activity does not cease;

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if the activity does not cease, suspend the Contractholder’s or Participant’s internet and 800-line privileges for transfers and require that all future purchase and redemption requests be carried out solely via a signed, written request to initiate any transaction, to be sent to our Financial Transaction Processing Center in Boca Raton via U.S.P.S. regular mail (the “Regular U.S. Mail Rule”);

•

then, in appropriate circumstances reject a transfer request, consistent with applicable law, rule, and regulation.

These procedures are applied uniformly to all Contractholders and Participants, individually and in the aggregate, engaging in such frequent transfer activity. The Contracts seek to provide a high degree of flexibility to Contractholders and Participants in managing their long-term retirement savings and other benefits and to this end do not have “front end” charges on contributions or transfers, or “back end” surrender or redemption charges on transfers or withdrawals. The Contracts permit unlimited, no-fee transfers between and among our General Account and the Subaccounts. We have no arrangements with any person or entities to permit frequent transfer activity and no such arrangements are permitted. We have not set a restriction on the amounts or number of transactions allowed in a given period and have not established a minimum holding period other than as may be applicable regarding the policies as noted above, nor have we set an exchange or redemption fee.

There may be legal and technological limitations on our ability to impose restrictions or limitations on the transfer practices of our Contractholders and Participants which arise out of the state law affecting a Contract and the necessary judgments involved in creating monitoring parameters. Consequently, our ability to discourage excessive frequent transfers that do not involve material or substantial amounts in the Subaccounts may be limited. The detection or deterrence of frequent transfer activity involves judgments that are inherently subjective. Accordingly, there is no assurance that we can restrict all transfer activity that may adversely affect Contractholders or Participants. There can be no assurance that frequent transfers in the Subaccounts will not occur. As a result of the limitations, restrictions and judgments described in this paragraph, it is possible that some participants may succeed in frequent trading activities, and in that eventuality, the effects, if any, of such activities may to some degree impact the other participants in the Separate Account.

Contacting Mutual of America

Our home office address is:

Mutual of America Life Insurance Company

320 Park Avenue

New York, New York 10022-6839

You can obtain the address of your Regional Office by calling our toll-free number, 1-800-468-3785 or by visiting our website at www.mutualofamerica.com.

Participants and TDA Contractholders must send in writing all notices, requests and elections required or permitted under the Contracts, except that you may give certain instructions by telephone or over the Internet, as described above.

Where You Should Direct Requests

You may request an allocation change or a transfer of any portion of your Account Value among Investment Alternatives (except for transfers to any of the International Funds) by calling our toll-free number, 1-800-468-3785, visiting our website at www.mutualofamerica.com or writing to our Financial Transaction Processing Center. You must send requests for transfer of Account Value to any of the International Funds on our forms by U.S.P.S. regular mail to our Financial Transaction Processing Center. The address is:

Mutual of America Life Insurance Company

Financial Transaction Processing Center

1150 Broken Sound Parkway NW

Boca Raton, FL 33487-3598

For withdrawals, you must make your request according to our procedures, which we may change from time to time. Under our current procedures, you may make a withdrawal request by writing to our Withdrawal Processing Center. Written requests to the Withdrawal Processing Center should be sent to:

Mutual of America Life Insurance Company

Withdrawal Processing Center

1150 Broken Sound Parkway NW

Boca Raton, FL 33487-3598

If you wish to obtain an annuity with your account value, or wish to receive payment under our Specified Payment Option, you should contact your Regional Office. You should use our forms to submit written requests to us; incomplete or unclear forms will be returned without action. In some cases, TDA withdrawal requests may require the approval of the Employer or third party administrator, if applicable.

ADMINISTRATIVE MATTERS

Confirmation Statements to Participants

We will send you a confirmation statement each time you change your allocation instructions (except when you change them via our website), we receive a new Contribution from or for you, you transfer any portion of your Account Value among the Investment Alternatives, the change in the number of Accumulation Units and the change in Accumulation Unit Values attributable to your plan becoming, or ceasing to be, eligible for the Reduced Fee, or you make a withdrawal. The confirmation for a new Contribution or a change in the number of Accumulation Units and the change in Accumulation Unit Values attributable to your plan becoming, or ceasing to be, eligible for the Reduced Fee may be part of your next quarterly (or monthly, if applicable) account statement for TDA Contracts. You should promptly report to us any error in a confirmation statement or quarterly statement. Please report any such error within 30 days after the date of the confirmation or the end of the period covered by the quarterly statement for correction.

Designation of Beneficiary

You may designate a Beneficiary, subject to any limits under your Employer’s Plan or the Code. You may change the Beneficiary while you are living, either before or after the Annuity Commencement Date, by providing us (or your employer when the employer has agreed to hold such information) with written notice of the change. The designation or change in designation will, upon receipt by us, take effect as of the date you signed the written notice, whether or not you are living at the time we receive the notice. Designations or changes in designations made via your employer will be deemed to be received by us at the time your employer enters the information on our system. We will not be liable for any payment or settlement we make before we receive the notice of Beneficiary or change of Beneficiary.

Some TDA Plans require that if a TDA Participant is legally married, the Beneficiary will be the Eligible Spouse unless we have received the Eligible Spouse’s consent to permit another Beneficiary. The consent must:

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be in writing,

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be signed by the Eligible Spouse and witnessed either by a notary public or a Plan representative,

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agree to your election to waive any qualified preretirement survivor annuity and qualified joint and survivor annuity forms of benefit that otherwise would be applicable, and

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agree to the designation of a Beneficiary other than your Eligible Spouse.

If you want to make subsequent Beneficiary designations or selections of forms of annuity benefit, your Eligible Spouse must provide written consent in the same manner.

You should specify a Beneficiary and periodically review your Beneficiary designation. We are required to pay the Beneficiary as shown in our records. You may not change a Beneficiary by naming a different person in your will.

If no Beneficiary designated by you is living at the time of your death during the Accumulation Period, or when the Annuitant dies (and the joint Annuitant, if any dies) during the Annuity Period, the Beneficiary or Beneficiaries will be determined in accordance with the Contract. The Contract lists classes of Beneficiaries in an order of preference. We will pay the surviving family member(s) in the first class of Beneficiaries we find, in this order: your spouse; your children; your parents; and your brothers and sisters. If we do not find family members in these classes, we will pay the executors or administrators of your estate.

Every state has unclaimed property laws which generally declare annuity contracts to be abandoned after a period of inactivity of three to five years from the date the death benefit is due and payable. For example, if the payment of a death benefit has been triggered, but, after a thorough search, we are unable to locate the Beneficiary of the death benefit, or the Beneficiary does not come forward to claim the death benefit in a timely manner, the death benefit will be paid to the abandoned property division or unclaimed property office of the state in which the beneficiary or the contract owner last resided, as shown on our books and records, or to our state of domicile. This “escheatment” is revocable, however, and the state is obligated to pay the death benefit if your Beneficiary steps forward to claim it with the proper documentation. To prevent such escheatment, it is important that you periodically review and update, if necessary, your Beneficiary designations, including full names and complete addresses, if and as they change.

Certain Administrative Provisions

Assignment of Contracts. Contractholders and Participants may not assign or transfer the Contract or any rights under a Contract, except as otherwise required or permitted by law.

Modification or Amendment of Contracts. Our rights and obligations under a Contract cannot be changed or waived, unless one of our duly authorized officers signs a written agreement to the change or waiver. No amendment or endorsement will affect the amount or terms of any Annuity Payments we provide under a Contract that commenced before the amendment or endorsement. See “Our Payment of Account Value to You or a Beneficiary—Discontinuance or Termination of Contracts or Participation.”

We may change a TDA Contract at any time by amendment or replacement, upon not less than 60 days’ written advance notice to the Contractholder, without the consent of the Contractholder, any Participant or the consent of any other person who is or may become entitled to benefits under the Contract. Any change we make may not affect the amount or the terms of Annuity Payments that began before such change.

Evidence of Survival. When payment of a benefit is contingent upon the survival of any person, we may require that evidence of that person’s survival be furnished to us, either by personal endorsement of the check drawn for payment, or by other means satisfactory to us. If satisfactory evidence of survival is not received by us within 30 days following our request for it, we may suspend benefit payments until such evidence is received.

Misstatement of Information. If we pay a benefit under a Contract based on information that you or a Beneficiary misstated to us, we will recalculate the benefit when we learn of the misstatement. We will adjust the amount of the benefit payments, or the amount applied to provide the benefit, or both, to the proper amount we determine based on the corrected information.

If we underpaid benefits due to any misstatement, we will pay the amount of the underpayment in full with the next payment due under the Contract. If we overpaid any benefits due to a misstatement, we will deduct the overpayment to the extent possible from payments as they become due under the Contract. We will include interest on the amount of any underpayments or charge interest on overpayments, at the effective rate then set forth under State insurance law provisions and in accordance with the Contract.

Information and Determination. Contractholders and Participants, as appropriate, must furnish us with the facts and information that we may require for the operation of the Contract including, upon request, the original or photocopy of any pertinent records held by the Contractholder or Participant. A TDA Contractholder should report to us any determination that the Contractholder makes pursuant to the terms of the Plan, if any. We may rely on reports and other information furnished by Contractholders or Participants, and we are not obligated to inquire as to the accuracy or completeness of such reports and information.

Participation in Divisible Surplus

We are a mutual life insurance company and consequently have no stockholders. Contractholders or Participants share in our earnings through any dividends approved by the Company’s Board of Directors. We can give no assurance as to the amount of divisible surplus, if any, that will be available for distribution under the Contracts in the future. The determination of such divisible surplus is within the sole discretion of our Board of Directors. No dividends are anticipated.

FEDERAL TAX INFORMATION

For federal income tax purposes, the Separate Account is not separate from us, and its operations are considered part of our operations. Under existing federal income tax law, we do not pay taxes on the net investment income and realized capital gains earned by the Separate Account. We reserve the right, however, to make a deduction for taxes if in the future we must pay tax on the Separate Account’s operations.

Obtaining Tax Advice

The discussion below of the current federal tax status and consequences for Participants under the Contracts does not cover every possible situation and is for information purposes only. Tax provisions and regulations may change at any time. Tax results may vary depending upon your individual situation, and special rules may apply to you in certain cases. You also may be subject to State and local taxes, which may not correspond to the federal tax provisions. For these reasons, you or the Beneficiary should consult a qualified tax adviser for complete tax information, including advice concerning any state or local tax law limitations or other considerations.

Payments Under Annuity Contracts Generally

Section 72 of the Code describes the income taxation of payments under annuity contracts, either during the accumulation period or after the annuity commencement date. We intend that the provisions of Section 72 will apply to payments we make under TDA Contracts. The general rule is that you must receive a payment under a Contract or Plan in order to be subject to income taxation. You do not include in gross income the interest and investment earnings we credit to your Account Value until you withdraw or otherwise receive such amounts. However, certain assignments or pledges of a Contract or loans under a Contract may be treated as a distribution and accelerate the taxability of investment earnings.

Under general tax rules, when you receive a distribution or Annuity Payments, all or part of the payments will be taxable to you as ordinary income. An important factor in determining the taxable portion is whether you have an investment in the contract, which generally is the amount of after-tax Contributions (not deducted or excluded from gross income) that you have made and not previously withdrawn. The taxation of distributions from Designated Roth Accounts is determined separately from the taxation of your Employee Contribution Account and Rollover Contribution Account. In addition, qualified distributions from Designated Roth Accounts are not taxable. See “Special Treatment for Designated Roth Contributions” below.

A TDA Participant who makes Contributions by salary reduction does not have any investment in the Contract (unless the Participant has a Designated Roth Account or if the Participant has previously defaulted on a loan and received a deemed distribution). The following are general concepts, and you should refer to the discussions below for your type of Contract.

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If you do not have an investment in the contract, you must include in gross income the entire amount received during the tax year.

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If you do have an investment in the contract, you may be able to exclude from gross income a portion of the Annuity Payments or other distribution received.

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The amount you may exclude from gross income each year represents a partial return of your Contributions that were not tax deductible or excludable when made.

•

Generally, the simplified method is used in determining the percentage of a distribution that you may exclude from gross income for a tax year. The nontaxable portion is determined by multiplying the annuity payment you receive by a fraction, the numerator of which is your investment in the contract (less amounts previously received tax free) and the denominator of which is the total anticipated payments from the Contract.

Annuity Payments. If you begin to receive Annuity Payments, or another form of periodic payments such as an installment method for a fixed period or a fixed amount, you may apply the simplified method to determine the amount to exclude from gross income for the tax year of the distribution.

The simplified method continues to apply until you recover the investment in the contract. After that time, you will have to include the full amount of each Annuity Payment in gross income for each taxable year. If your death occurs before you have recovered the investment in the contract, the unrecovered amount may either be deducted on the final income tax return for your last taxable year or by the Beneficiary.

Withdrawals. If you receive amounts (that are not Annuity Payments) under a TDA Contract and you have an investment in the contract, you generally may exclude a portion of the payments from gross income. You may exclude from gross income an amount determined by dividing your investment in the contract by your vested Account Value as of the date of the distribution and multiplying by the amount of the distribution. The Internal Revenue Service may indicate another date for valuing your Account Value for this purpose.

Single Sum Payments. If you receive a single sum payment of the Account Value under a TDA Contract, you must include in gross income, for the tax year in which you receive the payment, the difference between the amount of the payment and your investment in the contract, if any.

Special Treatment for Designated Roth Contributions. If permitted by your Plan, you may irrevocably designate a Contribution as a Designated Roth Contribution, to be deposited into a Designated Roth

Account. While a Designated Roth Contribution is not excludable from your gross income when made, a qualified distribution from a Designated Roth Account is not includible in your gross income when distributed.

A qualified distribution is generally a distribution made:

1.	After the end of the five-year period beginning with the year in which you first made a contribution to any Designated Roth Account under the Plan; and

2.	In one of the following circumstances:

You are age 59¹⁄₂ or older, or

You have died or become disabled.

A deemed distribution due to your default on a loan from your Designated Roth Account is not a qualified distribution, even if it otherwise meets these requirements.

The taxable portion of any distribution from a Designated Roth Account that is not a qualified distribution will be determined by applying the general tax concepts described above as if your Designated Roth Account were a separate contract, i.e., by dividing your investment in the contract (i.e. your Designated Roth Contributions) by your Designated Roth Account balance as of the date of the distribution.

TDA Contracts—Exclusion of Contributions from Gross Income

We offer the TDA Contract for use with tax-sheltered annuity arrangements designed to meet the provisions of Section 403(b) of the Code. Under Section 403(b), Participants who are employees of public schools and organizations that are exempt from tax under Section 501(c)(3) of the Code may exclude from their gross income the Contributions applied to purchase annuity contracts on their behalf. This exclusion is subject to the following limits:

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The aggregate Contributions per year for each employee cannot exceed the contribution limitation in Section 415(c) of the Code.

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For Contributions under a salary reduction agreement, an additional limitation contained in Section 402(g) of the Code is applicable.

Contributions that you may exclude usually are limited to the smaller amount under these provisions. In general, the limitations are as follows:

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Contributions cannot exceed the lesser of $57,000 for 2020 (indexed for inflation in subsequent years) or 100% of your includible compensation;

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Your contributions through a salary reduction agreement may not exceed $19,500 for 2020 (indexed for inflation in future years). If a Plan permits, Participants who are age 50 or older by the end of the calendar year may make an additional contribution of up to $6,500 in 2020 (indexed for inflation in later years). (A special “catch-up” contribution, available to employees with 15 or more years of service with certain qualifying employers who have not made maximum contributions in prior years, may increase that amount by up to $3,000 per year, to a maximum “catch-up” contribution of $15,000.)

You may designate Contributions you make as Designated Roth Contributions described in Section 402A of the Code, if permitted by your Plan. Designated Roth Contributions are not excludable from your gross income.

Penalty Taxes for Premature Withdrawals

In addition to ordinary income taxation, Section 72 of the Code imposes a penalty tax on premature withdrawals, which are withdrawals before you have reached age 59¹/₂. This penalty tax is equal to 10% of the amount of the premature withdrawal that you include in gross income.

In general, the taxable amount of a withdrawal you make before you reach age 59¹/₂ is not subject to a penalty tax if:

1.	You have died or become disabled;

2.	The withdrawals are Annuity Payments made over your life (or life expectancy) or the joint lives (or joint life expectancies) of you and the Beneficiary;

The withdrawals are to pay your medical expenses, or those of your Eligible Spouse or dependents, if the medical expenses would be deductible by you for federal income tax purposes. (Generally, a taxpayer may deduct medical expenses if they are not covered by health insurance or otherwise reimbursed and they exceed 10% of the taxpayer’s adjusted gross income);

4.	You ended your employment with the Employer during or after the year you attained age 55;

5.	You take a qualified birth or adoption distribution; or

6.	You are a qualified individual within the meaning of the Coronavirus Aid, Recovery, and Economy Security Act (“CARES Act”) and your withdrawal is within the limits under the CARES Act.

There may be additional exceptions available in certain circumstances, and special rules may be applicable in connection with the exceptions enumerated above. You should consult a tax advisor with regard to exceptions from the penalty tax.

Minimum Distributions under TDA Contracts

The Code contains a series of rules that require you (or your Beneficiary) to take minimum distributions under TDA Contracts beginning at a certain time (called the “Required Beginning Date”). For Plans subject to Code Section 403(b), you may take the required amount from a Contract we have issued, or from other contracts of the same type that you own.

Under the Coronavirus Aid, Recovery, and Economy Security Act (“CARES Act”), no distributions of Account Value are required in 2020. Beginning in 2021, you generally must begin taking distributions under TDA Contracts must begin by April 1 of the year following the year you attain age 72, unless you are still employed by the TDA Contractholder (employer) (subject to certain restrictions if you own 5% or more of the Plan Sponsor). A Plan, however, may require you if you are still employed to begin receiving minimum distributions at age 72. If you reached age 70¹⁄₂ during a year prior to 2020, you were required to begin taking distributions of Account Value by April 1 of the year following the year you reached age 70¹⁄₂. However, as noted above, the CARES Act waived all minimum required distributions for 2020. However, distributions of your pre-1987 Account Value (if any) generally must begin in the year in which you reach age 75.

We will provide explanatory information to Participants before their Required Beginning Dates. If you do not satisfy the minimum distribution requirements, you may owe a penalty tax equal to 50% of the difference between the required minimum and the actual amount you withdrew. In addition, the Plan may make the minimum payment to you without your consent.

Federal tax law provisions concerning distributions upon the death of a Participant may reduce the period over which a Beneficiary may take or defer receipt of the death benefit. See “Our Payment of Account Value to You or a Beneficiary—Death Benefit during the Accumulation Period.”

Federal Estate Taxes

The death benefit payable to your Beneficiary is included in your estate for federal estate tax purposes in most circumstances. See “Obtaining Tax Advice.”

A Beneficiary will not receive a “stepped-up basis” for the increase in value under your Contract over the amount of your Contributions. The gain under a Contract is called “income in respect of a decedent” (“IRD”), and the Beneficiary may owe income tax at ordinary income rates on the IRD when the Beneficiary receives the death benefit. See “Obtaining Tax Advice.” If your estate pays any estate tax on the death

benefit, the Beneficiary may be able to credit the estate tax paid against the income tax the Beneficiary owes. A Beneficiary should consult a tax adviser for a complete explanation of the rules that will apply to the Beneficiary’s particular situation.

Withholding on Annuity Payments and Other Distributions

We are required to withhold federal income tax on Annuity Payments and other distributions, such as lump sum distributions or withdrawals. In addition, certain states require us to withhold if federal income tax withholding is applicable. In some instances, you may elect to have us not withhold federal income tax. When you (or a Beneficiary) request withdrawals or Annuity Payments, we will give detailed information and advise you (or your Beneficiary) of possible elections to be made. Participants and Beneficiaries should carefully review information they receive from us.

Most withdrawals are subject to mandatory automatic 20% federal income tax withholding unless you elect to have us pay the withdrawal directly, as a tax-free rollover, to another eligible plan or an IRA. The same rules generally apply to payments of death benefits to a Beneficiary, or to payments to an Eligible Spouse or former Eligible Spouse in connection with a divorce or separation decree or court order. A direct rollover to an IRA by a surviving spouse Beneficiary, or a direct transfer to an inherited IRA by a non-spouse Beneficiary, is not subject to federal income tax withholding.

The mandatory 20% tax withholding does not apply to any distribution that is:

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one of a series of substantially equal periodic payments (not less frequently than annually) made for your life (or life expectancy) or the joint lives (or joint life expectancies) of you and your Beneficiary;

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a specified period of 10 years or more;

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a minimum distribution required under Section 401(a)(9) of the Code;

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a hardship withdrawal; or

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a distribution to a qualified individual under the CARES Act.

For all amounts not subject to the mandatory 20% withholding, federal income tax is generally required to be withheld unless the Participant elects not to have federal income tax withheld.

YOUR VOTING RIGHTS FOR MEETINGS OF THE UNDERLYING FUNDS

We will vote the shares of the Underlying Funds owned by the Separate Account at regular and special meetings of the shareholders of the Underlying Funds. We will cast our votes according to instructions we receive from Participants. The number of Underlying Fund shares that we may vote at a meeting of shareholders will be determined as of a record date set by the Board of Directors or Trustees of the Underlying Fund.

We will vote 100% of the shares that a Subaccount owns. If you do not send us voting instructions, we will vote the shares attributable to your Account Value in the same proportion as we vote shares for which we have received voting instructions from Participants. We will determine the number of Accumulation Units attributable to each Participant for purposes of giving voting instructions as of the same record date used by the Underlying Fund. Because there is no required minimum number of shares for which we must receive voting instructions, a small number of participants may control the outcome of the vote.

Each Participant who has the right to give us voting instructions for a shareholders’ meeting of an Underlying Fund will receive information about the matters to be voted on, including the Underlying Fund’s proxy statement and a voting instructions form to return to us.

We may elect to vote the shares of the Underlying Funds held by our Separate Account in our own discretion if the Investment Company Act of 1940 is amended, or if the present interpretation of the Act changes with respect to our voting of these shares.

PERFORMANCE INFORMATION FOR THE SUBACCOUNTS

Money Market Fund

From time to time, we may include quotations of the yield and effective yield of the Separate Account’s Money Market Fund in advertisements, sales literature or reports to Participants. These yield figures show historical performance of the Subaccount assuming a hypothetical investment for the period indicated in the yield quotation. Yield figures do not indicate future performance.

The yield of the Money Market Fund refers to the net investment income generated by the Subaccount over a specified seven-day period (with the ending date stated). We then annualize this income. That is, we assume that the amount of income the Subaccount generates during that week is generated during each week in a 52-week period and we show the income as a percentage.

The effective yield is calculated similarly to yield, except that when we annualize income, we assume that the income earned by an investment in the Subaccount is reinvested. The effective yield will be slightly higher than the yield because of the compounding effect of this assumed reinvestment. Yield and Effective Yield are calculated in accordance with SEC standards. Refer to the Statement of Additional Information under the heading “Yield and Performance Information” for more information.

Yield and effective yield for the Money Market Fund will vary based on its expenses and the performance of the Mutual of America Investment Corporation Money Market Fund, which reflects (among other things) changes in market conditions and the level of its expenses. You can lose money invested in the Money Market Fund. The Money Market Fund had negative returns for periods of time in each calendar year from 2009 through 2017, and for certain pricing tiers in 2018 and 2019.

Total Return of Subaccounts

We advertise performance information for the Subaccounts. Performance information for the Subaccounts is based upon past performance and is not an indication of future performance. Total returns are calculated in accordance with SEC standards and such returns are referred to as “standardized total returns.” The standardized total return contained in such advertising is customarily calculated for one, three, five and ten year periods from the later of the Separate Account’s inception or the Subaccount’s inception. Different periods are used if either the Subaccount or the Separate Account has not been in existence for at least ten years. Total return is determined by comparing the value of an investment in the Subaccount at the beginning of the relevant period to the value of that investment at the end of the period, with deductions from total return for the total annual Underlying Fund operating expenses, any contingent deferred sales charge (we do not currently have such charges), and Separate Account Annual Expenses. Total return quotations are expressed in terms of average annual compounded rates of return for all periods quoted and assume that all dividends and capital gains distributions were reinvested. Total return for a Subaccount will vary based on its expenses and the performance of its Underlying Fund, which reflects (among other things) changes in market conditions and the level of the Underlying Fund’s expenses.

We may include Average Annual Total Returns reflecting reduced fees available to participants in certain plans as described in “Tables of Annual Expenses” and “Charges Under the Contracts” in the Prospectus.

We may include in an advertisement total returns that predate the inception of the Subaccount, by assuming that the Subaccounts had been included in the Separate Account for the periods prior to their inception with the Separate Account and deducting charges equal to those currently assessed by the Separate Account along with actual Underlying Fund charges and expenses. This is a “non-standard” total return calculation. All non-standard total return advertisements are, and must be, accompanied by standardized total returns.

We may also include information in our advertisements that addresses various topics, such as the effects of various current developments on the economy, securities markets, investment strategies and techniques, customer profiles and hypothetical investment scenarios, financial management, tax and retirement planning and other information relevant to investing in the Separate Account and your Contract.

For a detailed description of the methods we use to determine yield and total return for the Subaccounts, see the Statement of Additional Information.

FUNDING AND OTHER CHANGES WE MAY MAKE

We reserve the right to make certain changes to the structure and operation of the Subaccounts at our discretion and without your prior consent. We may add, delete, or substitute Subaccounts for all contractowners or only for certain classes of contractowners. New or substitute Subaccounts may have different fees and expenses, and may only be offered to certain classes of contractowners. In making changes, we will comply with applicable state and federal law and will obtain the approval of Participants and/or the Contractholders, if required.

Substitutions may be made with respect to existing investments or the investment of future purchase payments, or both. We may close Subaccounts to allocations of purchase payments or contract value, or both, at any time in our sole discretion. The underlying funds, which sell their shares to the Subaccounts pursuant to participation agreements, also may terminate these agreements and discontinue offering their shares to the Subaccounts. Substitutions might also occur if shares of an underlying fund should no longer be available, or if investment in any underlying fund’s shares should become inappropriate, in the judgment of our management, for the purposes of the contract, or for any other reason in our sole discretion and, if required, after obtaining any approval that may be required by law or regulation.

We also may:

•

create new Subaccounts of the Separate Account at any time;

•

to the extent permitted by state and federal law, modify, combine or remove Subaccounts in the Separate Account;

•

transfer assets we have determined to be associated with the class of contracts to which the Contracts belong from one Subaccount of the Separate Account to another Subaccount;

•

create additional separate accounts or combine any two or more accounts including the Separate Account;

•

transfer assets we have determined to be attributable to the class of contracts to which the Contracts belong from the Separate Account to another separate account of ours by withdrawing the same percentage of each investment in the Separate Account, with appropriate adjustments to avoid odd lots and fractions;

•

operate the Separate Account as a management investment company under the 1940 Act, or in any other form permitted by law, and designate an investment advisor for its management, which may be us, an affiliate of ours or another person;

•

deregister the Separate Account under the 1940 Act and/or cease to maintain the registration under the Securities Act of 1933 for sales of units of interest under the Contracts; and

•

operate the Separate Account under the general supervision of a committee, any or all the members of which may be interested persons (as defined in the 1940 Act) of ours or our affiliates, or discharge the committee for the Separate Account.

We may modify the provisions of the contracts to reflect changes to the Subaccounts and the Separate Account and to comply with applicable law. We will not make any changes without any regulatory approval that may be required and, if we make any such changes, we will provide you with written notice as may be required under applicable law or regulation.

LEGAL PROCEEDINGS

We are engaged in litigation of various kinds, which in our judgment are not likely to have a material adverse effect on the Separate Account, the ability of the Company to perform under its principal underwriting contract with the Separate Account, or the Company’s ability to meet its obligations under the Contracts. There are no legal proceedings pending to which the Separate Account is a party.

OUR STATEMENT OF ADDITIONAL INFORMATION

The Statement of Additional Information contains more information about the Contracts and our operations. It also contains the most recent audited financial statements of Separate Account No. 2 and Mutual of America.

Table of Contents of Statement of Additional Information


Distribution of the Contracts		Independent Registered Public Accounting Firm
Calculation of Accumulation Unit Values		Additional Information
Yield and Performance Information		Financial Statements
Safekeeping of Separate Account Assets
State Regulation
Periodic Reports

How To Obtain a Statement of Additional Information

You may receive a copy of the Statement of Additional Information at no charge by calling 1-800-574-9267 or by completing the Form below and mailing it to Mutual of America Life Insurance Company, 320 Park Avenue, New York, New York 10022-6839.

The SEC has an Internet website at http://www.sec.gov. You may obtain our Registration Statement for the Contracts, including the SAI, and the Separate Account’s semi-annual and annual financial statement reports through the SEC’s Internet site. You also may obtain copies of these documents, upon your payment of a duplicating fee, by writing to the SEC’s Public Reference Section, 100 F Street, NE, Washington, DC 20549-0102. Call 1-202-551-8090 for information on the operation of the SEC’s Public Reference Room.

(Please cut here)

To: Mutual of America Life Insurance Company

Please send me a copy of the Statement of Additional Information dated May 1, 2020 for the Tax-Deferred Annuity Plan and the Voluntary Employee Contribution Program Contracts offered by Mutual of America. My name and address are as follows:




Name


Street Address


City	State	Zip

APPENDIX A

UNIT VALUE INFORMATION FOR THE SUBACCOUNTS

The tables below show changes in Accumulation Unit values and in the total number of units outstanding for each Subaccount for the ten year period (or from the commencement of operations if less) to December 31, 2019. The information below for each of the ten years (or less, depending on the start date of each fund) ended December 31, 2019 is excerpted from the financial statements of the Separate Account, which have been audited by KPMG LLP, the Separate Account’s independent registered public accounting firm. The Separate Account’s financial statements for the year ended December 31, 2019, along with KPMG LLP’s report thereon, are available to you free of charge by calling 1-800-468-3785.

We calculate Accumulation Unit values from the net asset values of the Underlying Funds. Information for the Goldman Sachs VIT Small Cap Equity Insights Fund, Goldman Sachs VIT US Equity Insights Fund, Delaware VIP^® Small Cap Value Series, Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio, and Victory RS Small Cap Growth Equity VIP Series is based on a partial year because the funds were initially available as subaccounts after July 1, 2019 for investments by Separate Account Participants. The Mutual of America 2065 Retirement Fund will be available on or after July 1, 2020 for investments by Separate Account Participants.

The tables below show three sets of Accumulation Unit values that reflect the highest and lowest levels of annual expenses for active Contracts (Standard Units and Tier 1 Reduced Fee Units, respectively) and the annual expenses for VEC and Inactive Contracts. The information for all other Accumulation Unit values, including Tier 2, Tier 3, Tier 4 and Tier 5 Reduced Fee Units, can be found in the SAI. You may obtain a free copy of the SAI by writing to us at 320 Park Avenue, New York, New York 10022-6839 or by calling 1-800-574-9267.

TDA Standard Units (1.35% Separate Account Annual Expenses) (a)


	Mutual of America Investment Corporation Equity Index Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	6.660	$	7.073	$	5.889	$	5.331	$	5.330	$	4.753	$	3.643	$	3.180	$	3.159	$	2.783

Unit value, end of year	$	8.628	$	6.660	$	7.073	$	5.889	$	5.331	$	5.330	$	4.753	$	3.643	$	3.180	$	3.159

Thousands of accumulation units outstanding, end of year		7,446		7,852		8,490		31,834		53,148		57,445		55,789		59,193		61,506		66,679


	Mutual of America Investment Corporation All America Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	17.746	$	19.610	$	16.633	$	15.100	$	15.288	$	13.919	$	10.663	$	9.406	$	9.497	$	8.147

Unit value, end of year	$	22.473	$	17.746	$	19.610	$	16.633	$	15.100	$	15.288	$	13.919	$	10.663	$	9.406	$	9.497

Thousands of accumulation units outstanding, end of year		896		987		1,124		5,622		9,653		10,455		11,577		12,478		13,523		15,222


	Mutual of America Investment Corporation Small Cap Value Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.053	$	2.436	$	2.279	$	1.921	$	2.013	$	1.937	$	1.516	$	1.329	$	1.379	$	1.091

Unit value, end of year	$	2.412	$	2.053	$	2.436	$	2.279	$	1.921	$	2.013	$	1.937	$	1.516	$	1.329	$	1.379

Thousands of accumulation units outstanding, end of year		6,112		6,766		7,886		30,421		48,899		52,895		60,755		65,627		71,636		75,792

(a)	Separate Account Annual Expenses are 1.35%. Performance between August 1, 2010 and June 30, 2017 reflects Separate Account Annual Expenses of 1.20%. Performance prior to August 1, 2010 reflects Separate Account Annual Expenses of 0.90%.



	Mutual of America Investment Corporation Small Cap Growth Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.152	$	2.494	$	2.040	$	1.910	$	1.980	$	1.896	$	1.359	$	1.303	$	1.350	$	1.023

Unit value, end of year	$	2.668	$	2.152	$	2.494	$	2.040	$	1.910	$	1.980	$	1.896	$	1.359	$	1.303	$	1.350

Thousands of accumulation units outstanding, end of year		7,654		8,346		9,932		34,526		58,519		59,683		73,999		70,509		79,438		81,486


	Mutual of America Investment Corporation Small Cap Equity Index Fund (Standard)
	2019		*2018(4)***
Unit value, beginning of period	$	8.286	$	10.000

Unit value, end of period	$	10.006	$	8.286

Thousands of accumulation units outstanding, end of period		88		45


	Mutual of America Investment Corporation Mid Cap Value Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.892	$	2.232	$	1.967	$	1.714	$	1.794	$	1.596	$	1.264	$	1.153	$	1.192	$	1.013

Unit value, end of year	$	2.371	$	1.892	$	2.232	$	1.967	$	1.714	$	1.794	$	1.596	$	1.264	$	1.153	$	1.192

Thousands of accumulation units outstanding, end of year		2,355		2,445		2,882		9,510		15,486		18,280		15,364		14,987		15,772		15,980


	Mutual of America Investment Corporation Mid-Cap Equity Index Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	4.184	$	4.779	$	4.171	$	3.503	$	3.632	$	3.352	$	2.547	$	2.188	$	2.260	$	1.808

Unit value, end of year	$	5.202	$	4.184	$	4.779	$	4.171	$	3.503	$	3.632	$	3.352	$	2.547	$	2.188	$	2.260

Thousands of accumulation units outstanding, end of year		6,966		7,605		8,925		33,482		58,446		63,510		69,280		66,532		70,910		69,874


	Mutual of America Investment Corporation Composite Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	10.006	$	10.478	$	9.362	$	8.780	$	8.816	$	8.178	$	7.113	$	6.448	$	6.346	$	5.775

Unit value, end of year	$	11.784	$	10.006	$	10.478	$	9.362	$	8.780	$	8.816	$	8.178	$	7.113	$	6.448	$	6.346

Thousands of accumulation units outstanding, end of year		1,066		1,165		1,347		6,487		10,951		11,632		12,383		13,626		14,678		16,413


	Mutual of America Investment Corporation International Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	0.889	$	1.040	$	0.846	$	0.842	$	0.858	$	0.924	$	0.776	$	0.662	$	0.766	$	0.715

Unit value, end of year	$	1.062	$	0.889	$	1.040	$	0.846	$	0.842	$	0.858	$	0.924	$	0.776	$	0.662	$	0.766

Units Outstanding (000’s), end of year		2,392		2,381		2,619		7,235		9,614		8,706		9,019		9,256		7,800		6,707


	Mutual of America Investment Corporation Money Market Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.334	$	2.326	$	2.340	$	2.365	$	2.396	$	2.429	$	2.462	$	2.496	$	2.531	$	2.560

Unit value, end of year	$	2.349	$	2.334	$	2.326	$	2.340	$	2.365	$	2.396	$	2.429	$	2.462	$	2.496	$	2.531

Thousands of accumulation units outstanding, end of year		2,400		2,338		2,589		7,992		9,755		11,341		12,778		15,265		17,362		20,295

(4)	For the period July 2, 2018, (initial availability) to December 31, 2018.


	Mutual of America Investment Corporation Mid-Term Bond Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.387	$	2.406	$	2.382	$	2.329	$	2.343	$	2.297	$	2.338	$	2.290	$	2.180	$	2.060

Unit value, end of year	$	2.498	$	2.387	$	2.406	$	2.382	$	2.329	$	2.343	$	2.297	$	2.338	$	2.290	$	2.180

Thousands of accumulation units outstanding, end of year		3,130		3,163		4,048		13,855		23,061		24,803		27,517		33,149		35,372		38,104


	Mutual of America Investment Corporation Bond Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	6.326	$	6.402	$	6.258	$	6.050	$	6.103	$	5.810	$	5.935	$	5.670	$	5.349	$	5.037

Unit value, end of year	$	6.719	$	6.326	$	6.402	$	6.258	$	6.050	$	6.103	$	5.810	$	5.935	$	5.670	$	5.349

Thousands of accumulation units outstanding, end of year		2,460		2,579		3,310		12,112		19,149		20,888		21,938		23,438		23,165		21,945


	Mutual of America Investment Corporation (Standard)
	Retirement Income Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.466	$	1.504	$	1.419	$	1.352	$	1.362	$	1.294	$	1.220	$	1.152	$	1.113	$	1.031

Unit value, end of year	$	1.617	$	1.466	$	1.504	$	1.419	$	1.352	$	1.362	$	1.294	$	1.220	$	1.152	$	1.113

Units Outstanding (000’s), end of year		2,984		2,271		2,351		7,316		11,481		10,750		9,177		8,962		8,162		5,971


	Mutual of America Investment Corporation (Standard)
	2010 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.474	$	1.524	$	1.415	$	1.340	$	1.351	$	1.279	$	1.158	$	1.068	$	1.049	$	0.951

Unit value, end of year	$	1.645	$	1.474	$	1.524	$	1.415	$	1.340	$	1.351	$	1.279	$	1.158	$	1.068	$	1.049

Units Outstanding (000’s), end of year		835		707		595		2,482		6,188		6,133		6,527		7,087		7,327		7,227


	Mutual of America Investment Corporation (Standard)
	2015 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.478	$	1.545	$	1.414	$	1.329	$	1.341	$	1.267	$	1.117	$	1.022	$	1.013	$	0.912

Unit value, end of year	$	1.682	$	1.478	$	1.545	$	1.414	$	1.329	$	1.341	$	1.267	$	1.117	$	1.022	$	1.013

Units Outstanding (000’s), end of year		2,963		3,481		4,771		15,943		35,223		36,928		37,589		39,009		36,243		33,377


	Mutual of America Investment Corporation (Standard)
	2020 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.499	$	1.583	$	1.425	$	1.328	$	1.343	$	1.266	$	1.088	$	0.986	$	0.983	$	0.871

Unit value, end of year	$	1.738	$	1.499	$	1.583	$	1.425	$	1.328	$	1.343	$	1.266	$	1.088	$	0.986	$	0.983

Units Outstanding (000’s), end of year		13,487		13,933		16,481		50,676		77,960		69,565		64,446		52,040		42,477		34,563


	Mutual of America Investment Corporation (Standard)
	2025 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.562	$	1.670	$	1.478	$	1.362	$	1.380	$	1.293	$	1.081	$	0.969	$	0.972	$	0.851

Unit value, end of year	$	1.846	$	1.562	$	1.670	$	1.478	$	1.362	$	1.380	$	1.293	$	1.081	$	0.969	$	0.972

Units Outstanding (000’s), end of year		21,846		21,287		22,979		57,910		78,228		67,887		63,819		53,778		41,690		32,390


	Mutual of America Investment Corporation (Standard)
	2030 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.613	$	1.749	$	1.527	$	1.396	$	1.416	$	1.321	$	1.081	$	0.962	$	0.972	$	0.842

Unit value, end of year	$	1.941	$	1.613	$	1.749	$	1.527	$	1.396	$	1.416	$	1.321	$	1.081	$	0.962	$	0.972

Units Outstanding (000’s), end of year		21,362		19,799		19,302		46,573		57,899		50,653		47,430		41,160		33,092		24,247


	Mutual of America Investment Corporation (Standard)
	2035 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.615	$	1.767	$	1.528	$	1.388	$	1.410	$	1.318	$	1.059	$	0.937	$	0.954	$	0.819

Unit value, end of year	$	1.969	$	1.615	$	1.767	$	1.528	$	1.388	$	1.410	$	1.318	$	1.059	$	0.937	$	0.954

Units Outstanding (000’s), end of year		19,663		17,199		16,696		41,698		47,810		41,438		38,511		33,044		25,363		20,271


	Mutual of America Investment Corporation (Standard)
	2040 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.605	$	1.767	$	1.524	$	1.382	$	1.407	$	1.322	$	1.052	$	0.929	$	0.952	$	0.812

Unit value, end of year	$	1.967	$	1.605	$	1.767	$	1.524	$	1.382	$	1.407	$	1.322	$	1.052	$	0.929	$	0.952

Units Outstanding (000’s), end of year		17,122		15,396		15,386		34,955		38,613		35,020		35,092		30,913		24,331		18,624


	Mutual of America Investment Corporation (Standard)
	2045 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.587	$	1.754	$	1.510	$	1.368	$	1.395	$	1.315	$	1.042	$	0.921	$	0.946	$	0.806

Unit value, end of year	$	1.949	$	1.587	$	1.754	$	1.510	$	1.368	$	1.395	$	1.315	$	1.042	$	0.921	$	0.946

Units Outstanding (000’s), end of year		19,470		18,216		17,913		42,672		46,205		42,514		41,653		37,864		28,787		21,213


	Mutual of America Investment Corporation (Standard)
	2050 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of period/year	$	1.545	$	1.716	$	1.475	$	1.335	$	1.361	$	1.286	$	1.015	$	1.000

Unit value, end of period/year	$	1.900	$	1.545	$	1.716	$	1.475	$	1.335	$	1.361	$	1.286	$	1.015

Units Outstanding (000’s), end of period/year		13,829		11,511		10,677		19,943		15,046		9,097		4,702		493


	Mutual of America Investment Corporation (Standard)
	2055 Retirement Fund
	2019		2018		2017		*2016(2)***
Unit value, beginning of period/year	$	1.086	$	1.208	$	1.037	$	1.000

Unit value, end of period/year	$	1.333	$	1.086	$	1.208	$	1.037

Units Outstanding (000’s), end of period/year		7,594		4,271		2,159		451


	Mutual of America Investment Corporation (Standard)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.885	$	10.000

Unit value, end of period	$	10.916	$	8.885

Units Outstanding (000’s), end of period		236		34

(1)	For the period October 1, 2012, (initial availability) to December 31, 2012.

(2)	For the period October 1, 2016, (initial availability to December 31, 2016.

(4)	For the period July 2, 2018, (initial availability) to December 31, 2018.


	Mutual of America Investment Corporation Conservative Allocation Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.837	$	1.901	$	1.768	$	1.677	$	1.690	$	1.604	$	1.512	$	1.425	$	1.363	$	1.259	$	1.096

Unit value, end of year	$	2.066	$	1.837	$	1.901	$	1.768	$	1.677	$	1.690	$	1.604	$	1.512	$	1.425	$	1.363	$	1.259

Thousands of accumulation units outstanding, end of year		5,239		5,045		5,725		15,175		25,936		25,746		23,231		23,645		19,459		17,239		13,280


	Mutual of America Investment Corporation Moderate Allocation Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	2.328	$	2.469	$	2.199	$	2.040	$	2.062	$	1.937	$	1.695	$	1.547	$	1.503	$	1.342	$	1.117

Unit value, end of year	$	2.737	$	2.328	$	2.469	$	2.199	$	2.040	$	2.062	$	1.937	$	1.695	$	1.547	$	1.503	$	1.342

Thousands of accumulation units outstanding, end of year		10,504		10,429		12,064		34,284		54,387		55,236		57,199		56,603		51,632		51,013		45,667


	Mutual of America Investment Corporation Aggressive Allocation Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.709	$	2.957	$	2.568	$	2.344	$	2.382	$	2.239	$	1.824	$	1.628	$	1.611	$	1.391

Unit value, end of year	$	3.281	$	2.709	$	2.957	$	2.568	$	2.344	$	2.382	$	2.239	$	1.824	$	1.628	$	1.611

Thousands of accumulation units outstanding, end of year		7,245		7,995		9,194		25,450		36,104		37,261		39,964		42,816		42,489		41,698


	Fidelity VIP Equity-Income Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	71.959	$	79.454	$	71.207	$	61.004	$	64.219	$	59.726	$	47.118	$	40.611	$	40.663	$	35.642

Unit value, end of year	$	90.567	$	71.959	$	79.454	$	71.207	$	61.004	$	64.219	$	59.726	$	47.118	$	40.611	$	40.663

Thousands of accumulation units outstanding, end of year		221		238		296		1,301		2,026		2,291		2,482		2,646		2,871		3,148


	Fidelity VIP Asset Manager Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	46.799	$	50.068	$	44.395	$	43.541	$	43.964	$	42.002	$	36.698	$	32.987	$	34.227	$	30.233

Unit value, end of year	$	54.651	$	46.799	$	50.068	$	44.395	$	43.541	$	43.964	$	42.002	$	36.698	$	32.987	$	34.227

Thousands of accumulation units outstanding, end of year		218		225		261		898		1,525		1,634		1,740		1,961		2,042		2,202


	Fidelity VIP Contrafund^® Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	85.912	$	92.920	$	77.138	$	72.231	$	72.513	$	65.493	$	50.432	$	43.801	$	45.431	$	39.119

Unit value, end of year	$	111.638	$	85.912	$	92.920	$	77.138	$	72.231	$	72.513	$	65.493	$	50.432	$	43.801	$	45.431

Thousands of accumulation units outstanding, end of year		486		544		670		2,751		5,014		5,386		5,767		6,355		6,811		7,505


	Fidelity VIP Mid Cap Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	74.169	$	87.882	$	73.600	$	66.301	$	67.973	$	64.662	$	47.989	$	42.252	$	47.789	$	37.438

Unit value, end of year	$	90.423	$	74.169	$	87.882	$	73.600	$	66.301	$	67.973	$	64.662	$	47.986	$	42.252	$	47.789

Thousands of accumulation units outstanding, end of year		149		162		205		683		1,217		1,328		1,504		1,585		1,763		2,121


	Vanguard Variable Insurance Fund Diversified Value Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	26.423	$	29.471	$	26.378	$	23.651	$	24.519	$	22.596	$	17.672	$	15.353	$	14.952	$	13.817

Unit value, end of year	$	32.768	$	26.423	$	29.471	$	26.378	$	23.651	$	24.519	$	22.596	$	17.672	$	15.353	$	14.952

Thousands of accumulation units outstanding, end of year		456		473		533		1,776		3,415		3,838		3,578		3,570		3,279		3,101


	Vanguard Variable Insurance Fund International Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	30.757	$	35.678	$	25.326	$	25.152	$	25.659	$	27.645	$	22.676	$	19.103	$	22.360	$	19.522

Unit value, end of year	$	39.818	$	30.757	$	35.678	$	25.326	$	25.152	$	25.659	$	27.645	$	22.676	$	19.103	$	22.360

Thousands of accumulation units outstanding, end of year		659		709		833		2,890		4,878		5,122		5,664		4,237		4,409		4,520


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	15.885	$	16.980	$	16.414	$	15.330	$	15.178	$	11.807	$	12.330

Unit value, end of period/year	$	20.148	$	15.885	$	16.980	$	16.414	$	15.330	$	15.178	$	11.807

Thousands of accumulation units outstanding, end of period/year		253		216		263		899		1,384		1,756		150


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Standard)
	2019		*2018(4)***
Unit value, beginning of period	$	10.089	$	10.000

Unit value, end of period	$	10.817	$	10.089

Thousands of accumulation units outstanding, end of period		123		32


	Goldman Sachs VIT US Equity Insights Fund (Standard)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.779

Thousands of accumulation units outstanding, end of period		2


	Goldman Sachs VIT Small Cap Equity Insights Fund (Standard)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.661

Thousands of accumulation units outstanding, end of period		5


			American Century VP Capital Appreciation Fund (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	45.120	$	48.104	$	39.875	$	38.992	$	38.617	$	36.051	$	27.797	$	24.192	$	26.122	$	20.051

Unit value, end of year	$	60.549	$	45.120	$	48.104	$	39.875	$	38.992	$	38.617	$	36.051	$	27.797	$	24.192	$	26.122

Thousands of accumulation units outstanding, end of year		447		469		543		2,235		4,209		4,094		4,833		5,350		5,501		5,890

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.


	American Funds Insurance Series New World Fund^® (Standard)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	24.882	$	29.545	$	23.067	$	22.109	$	23.058	$	25.268	$	23.490

Unit value, end of period/year	$	32.079	$	24.882	$	29.545	$	23.067	$	22.109	$	23.058	$	25.268

Thousands of accumulation units outstanding, end of period/year		53		47		46		79		110		79		34


	Calvert VP SRI Balanced Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	5.524	$	5.753	$	5.203	$	4.882	$	5.052	$	4.665	$	4.001	$	3.665	$	3.547	$	3.197

Unit value, end of year	$	6.780	$	5.524	$	5.753	$	5.203	$	4.882	$	5.052	$	4.665	$	4.001	$	3.665	$	3.547

Thousands of accumulation units outstanding, end of year		2,497		2,558		2,952		8,765		12,937		13,495		14,532		15,622		15,892		16,772


	Delaware VIP^® Small Cap Value Series (Standard)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.855

Thousands of accumulation units outstanding, end of period		6


	DWS Capital Growth VIP (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	87.189	$	89.814	$	72.023	$	69.924	$	65.153	$	58.373	$	43.874	$	38.264	$	40.537	$	35.093

Unit value, end of year	$	117.964	$	87.189	$	89.814	$	72.023	$	69.924	$	65.153	$	58.373	$	43.874	$	38.264	$	40.537

Thousands of accumulation units outstanding, end of year		263		278		312		1,495		2,472		2,411		2,590		2,959		3,166		3,631


	MFS VIT III Mid Cap Value Portfolio (Standard)
	2019		*2018(4)***
Unit value, beginning of period	$	8.776	$	10.000

Unit value, end of period	$	11.381	$	8.776

Thousands of accumulation units outstanding, end of period		26		2


	Neuberger Berman AMT Sustainable Equity Portfolio (Standard)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.987

Thousands of accumulation units outstanding, end of period		14


	Invesco Oppenheimer V.I. Main Street Fund^® (Standard)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	43.740	$	48.133	$	41.699	$	37.810	$	37.034	$	33.863	$	26.006	$	22.522	$	22.796	$	19.837

Unit value, end of year	$	56.997	$	43.740	$	48.133	$	41.699	$	37.810	$	37.034	$	33.863	$	26.006	$	22.522	$	22.796

Thousands of accumulation units outstanding, end of year		100		100		123		346		525		566		501		526		435		460

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.


	PIMCO Variable Insurance Trust Real Return Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	13.033	$	13.483	$	13.134	$	12.640	$	13.131	$	12.879	$	13.220

Unit value, end of period/year	$	13.979	$	13.033	$	13.483	$	13.134	$	12.640	$	13.131	$	12.879

Thousands of accumulation units outstanding, end of period/year		78		81		111		266		508		577		196


	T. Rowe Price Blue Chip Growth Portfolio (Standard)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	30.335	$	30.093	$	22.351	$	22.412	$	20.398	$	18.892	$	16.420

Unit value, end of period/year	$	38.971	$	30.335	$	30.093	$	22.351	$	22.412	$	20.398	$	18.892

Thousands of accumulation units outstanding, end of period/year		537		526		483		746		2,120		649		191


	Victory RS Small Cap Growth Equity VIP Series (Standard)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.456

Thousands of accumulation units outstanding, end of period		5

Tier 1 Reduced Fee (0.25% Separate Account Annual Expenses) Units (b)


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	7.272	$	7.639	$	6.299	$	5.654	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233	$	2.817

Unit value, end of year/period	$	9.525	$	7.272	$	7.639	$	6.299	$	5.654	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233

Thousands of accumulation units outstanding, end of year/period		8,835		8,330		8,924		11,144		10,864		26,165		23,153		21,083		19,183		18,116


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	All America Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	19.378	$	21.179	$	17.791	$	16.015	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721	$	8.374

Unit value, end of year/period	$	24.812	$	19.378	$	21.179	$	17.791	$	16.015	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721

Thousands of accumulation units outstanding, end of year/period		1,088		1,141		1,382		1,552		1,692		3,856		3,887		3,757		3,657		3,693


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Small Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.242	$	2.631	$	2.437	$	2.038	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411	$	1.203

Unit value, end of year/period	$	2.664	$	2.242	$	2.631	$	2.437	$	2.038	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411

Thousands of accumulation units outstanding, end of year/period		7,068		7,108		7,719		9,438		9,641		24,315		23,684		22,328		20,423		18,868

(b)

Separate Account Annual Expenses are 0.25%. Performance between July 1, 2015 and June 30, 2017 reflects Separate Account Annual Expenses of 0.35%. Performance prior to July 1, 2015 reflects Separate Account Annual Expenses of 0.50%. The units were initially offered for availability on August 1, 2010.

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Small Cap Growth Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.350	$	2.694	$	2.182	$	2.026	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382	$	1.114

Unit value, end of year/period	$	2.968	$	2.350	$	2.694	$	2.182	$	2.026	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382

Thousands of accumulation units outstanding, end of year/period		8,665		8,788		9,020		10,183		10,836		26,691		27,028		23,200		21,888		19,920


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Small Cap Equity Index Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.332	$	10.000

Unit value, end of period	$	10.173	$	8.332

Thousands of accumulation units outstanding, end of period		68		20


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Mid Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.066	$	2.410	$	2.104	$	1.818	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220	$	1.067

Unit value, end of year/period	$	2.618	$	2.066	$	2.410	$	2.104	$	1.818	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220

Thousands of accumulation units outstanding, end of year/period		3,147		3,065		3,061		3,860		3,381		7,877		6,729		5,404		4,288		3,722


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Mid-Cap Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	4.569	$	5.162	$	4.462	$	3.716	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313	$	1.932

Unit value, end of year/period	$	5.743	$	4.569	$	5.162	$	4.462	$	3.716	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313

Thousands of accumulation units outstanding, end of year/period		8,056		8,291		8,889		10,650		10,451		28,504		27,009		22,051		19,637		17,743


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Composite Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	10.926	$	11.316	$	10.013	$	9.312	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495	$	5.987

Unit value, end of year/period	$	13.010	$	10.926	$	11.316	$	10.013	$	9.312	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495

Thousands of accumulation units outstanding, end of year/period		1,140		1,233		1,328		1,619		1,635		4,431		4,372		4,075		3,751		3,856


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	International Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	0.962	$	1.113	$	0.897	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777	$	0.688

Unit value, end of year/period	$	1.161	$	0.962	$	1.113	$	0.897	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777

Thousands of accumulation units outstanding, end of year/period		3,110		3,000		2,770		3,069		2,771		6,410		5,878		4,369		2,833		1,800

(4)	For the period July 2, 2018, (initial availability) to December 31, 2018.


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Money Market Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.549	$	2.513	$	2.503	$	2,509	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590	$	2.597

Unit value, end of year/period	$	2.594	$	2.549	$	2.513	$	2.503	$	2.509	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590

Thousands of accumulation units outstanding, end of year/period		2,202		2,145		2,031		2,471		2,117		6,948		6,854		6,022		5,468		4,745


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Mid-Term Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.607	$	2.599	$	2.548	$	2.470	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231	$	2.233

Unit value, end of year/period	$	2.757	$	2.607	$	2.599	$	2.548	$	2.470	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231

Thousands of accumulation units outstanding, end of year/period		4,025		3,892		3,909		5,332		5,036		14,698		13,601		13,311		11,695		10,249


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.909	$	6.915	$	6.694	$	6.417	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474	$	5.460

Unit value, end of year/period	$	7,418	$	6.909	$	6.915	$	6.694	$	6.417	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474

Thousands of accumulation units outstanding, end of year/period		3,144		2,846		3,320		3,930		3,759		10,994		9,702		8,320		7,059		5,497


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Retirement Income Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.585	$	1.609	$	1.503	$	1.421	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129	$	1.087

Unit value, end of year/period	$	1.769	$	1.585	$	1.609	$	1.503	$	1.421	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129

Thousands of accumulation units outstanding, end of year/period		6,084		4,929		2,609		5,905		3,478		8,213		4,455		3,102		2,436		1,767


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2010 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.595	$	1.630	$	1.499	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063	$	0.995

Unit value, end of year/period	$	1.800	$	1.595	$	1.630	$	1.499	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063

Thousands of accumulation units outstanding, end of year/period		1,401		1,371		1,213		2,107		1,975		4,839		4,391		4,048		4,134		3,147


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2015 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.599	$	1.653	$	1.499	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027	$	0.948

Unit value, end of year/period	$	1.840	$	1.599	$	1.653	$	1.499	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027

Thousands of accumulation units outstanding, end of year/period		7,648		8,112		7,378		9,460		8,894		23,681		19,888		15,830		12,380		9,225


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2020 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.621	$	1.694	$	1.510	$	1.396	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996	$	0.905

Unit value, end of year/period	$	1.901	$	1.621	$	1.694	$	1.510	$	1.396	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996

Thousands of accumulation units outstanding, end of year/period		28,867		26,601		21,705		29,605		24,967		53,657		39,323		26,973		19,595		12,436


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2025 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period		1.690	$	1.787	$	1.567	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986	$	0.880

Unit value, end of year/period		2.019	$	1.690	$	1.787	$	1.567	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986

Thousands of accumulation units outstanding, end of year/period		39,711		34,456		27,797		29,959		23,883		30,395		34,873		24,238		15,365		9,411


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2030 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.745	$	1.871	$	1.618	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985	$	0.870

Unit value, end of year/period	$	2.123	$	1.745	$	1.871	$	1.618	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985

Thousands of accumulation units outstanding, end of year/period		35,499		30,264		23,010		22,992		18,503		39,955		27,662		19,813		13,168		7,037


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2035 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.747	$	1.891	$	1.619	$	1.458	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968	$	0.845

Unit value, end of year/period	$	2.154	$	1.747	$	1.891	$	1.619	$	1.458	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968

Thousands of accumulation units outstanding, end of year/period		26,561		23,438		17,731		18,494		14,718		32,459		22,875		16,021		10,303		6,773


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2040 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.736	$	1.890	$	1.615	$	1.452	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965	$	0.839

Unit value, end of year/period	$	2.152	$	1.736	$	1.890	$	1.615	$	1.452	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965

Thousands of accumulation units outstanding, end of year/period		18,756		16,148		13,423		14,291		11,938		29,158		21,648		14,824		8,974		5,981


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2045 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.717	$	1.876	$	1.600	$	1.438	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959	$	0.833

Unit value, end of year/period	$	2.132	$	1.717	$	1.876	$	1.600	$	1.438	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959

Thousands of accumulation units outstanding, end of year/period		20,843		18,257		15,677		16,024		13,333		36,538		28,752		20,104		11,671		6,396


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2050 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of year/period	$	1.630	$	1.791	$	1.524	$	1.368	$	1.384	$	1.298	$	1.017	$	1.000

Unit value, end of year/period	$	2.027	$	1.630	$	1.791	$	1.524	$	1.368	$	1.384	$	1.298	$	1.017

Thousands of accumulation units outstanding, end of year/period		13,133		10,271		7,565		6,602		3,766		6,508		2,556		71


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2055 Retirement Fund
	2019		2018		2017		*2016(2)***
Unit value, beginning of year/period	$	1.111	$	1.222	$	1.039	$	1.000

Unit value, end of year/period	$	1.378	$	1.111	$	1.222	$	1.039

Thousands of accumulation units outstanding, end of year/period		5,366		2,878		1,054		58


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.934	$	10.000

Unit value, end of period	$	11.098	$	8.934

Thousands of accumulation units outstanding, end of period		94		16


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Conservative Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.006	$	2.053	$	1.891	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395	$	1.345

Unit value, end of year/period	$	2.281	$	2.006	$	2.053	$	1.891	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395

Thousands of accumulation units outstanding, end of year/period		5,151		5,069		4,731		5,636		5,129		12,387		9,283		8,127		6,095		4,383


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Moderate Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.542	$	2.666	$	2.352	$	2.164	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538	$	1.422

Unit value, end of year/period	$	3.022	$	2.542	$	2.666	$	2.352	$	2.164	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538

Thousands of accumulation units outstanding, end of year/period		10,936		10,771		9,913		13,369		12,904		30,595		26,308		21,064		16,381		13,906


	Mutual of America Investment Corporation (Tier 1 Reduced Fee)
	Aggressive Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.958	$	3.193	$	2.746	$	2.486	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648	$	1.463

Unit value, end of year/period	$	3.622	$	2.958	$	3.193	$	2.746	$	2.486	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648

Thousands of accumulation units outstanding, end of year/period		7,290		6,929		6,467		8,348		8,639		21,351		19,022		16,619		13,411		10,681

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.


	Fidelity VIP Equity-Income Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	78.577	$	85.810	$	76.163	$	64.702	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620	$	36.336

Unit value, end of year/period	$	99.990	$	78.577	$	85.810	$	76.163	$	64.702	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620

Thousands of accumulation units outstanding, end of year/period		316		324		340		451		443		1,181		1,144		1,027		953		892


	Fidelity VIP Asset Manager Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	51.102	$	54.072	$	47.484	$	46.180	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033	$	31.610

Unit value, end of year/period	$	60.337	$	51.102	$	54.072	$	47.484	$	46.180	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033

Thousands of accumulation units outstanding, end of year/period		241		243		246		341		360		984		941		842		721		632


	Fidelity VIP Contrafund^® Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	93.817	$	100.357	$	82.510	$	76.612	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501	$	39.874

Unit value, end of year/period	$	123.258	$	93.817	$	100.357	$	82.510	$	76.612	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501

Thousands of accumulation units outstanding, end of year/period		664		667		744		949		1,041		2,491		2,398		2,253		2,097		1,939


	Fidelity VIP Mid Cap Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	80.995	$	94.916	$	78.726	$	70.324	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914	$	40.249

Unit value, end of year/period	$	99.837	$	80.995	$	94.916	$	78.726	$	70.324	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914

Thousands of accumulation units outstanding, end of year/period		212		219		223		286		304		720		701		593		507		455

	Vanguard Variable Insurance Fund Diversified Value Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	28.851	$	31.826	$	28.211	$	25.082	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303	$	13.706

Unit value, end of year/period	$	36.175	$	28.851	$	31.826	$	28.211	$	25.082	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303

Thousands of accumulation units outstanding, end of year/period		525		504		570		708		721		1,786		1,514		1,245		988		753

	Vanguard Variable Insurance Fund International Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	33.584	$	38.529	$	27.087	$	26.675	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884	$	19.636

Unit value, end of year/period	$	43.957	$	33.584	$	38.529	$	27.087	$	26.675	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884

Thousands of accumulation units outstanding, end of year/period		851		847		878		1,115		1,182		2,945		2,779		1,815		1,489		1,216



	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	16.608	$	17.592	$	16.841	$	15.597	$	15.323	$	11.837		12.330

Unit value, end of year/period	$	21.338	$	16.608	$	17.592	$	16.841	$	15.597	$	15.323	$	11.837

Thousands of accumulation units outstanding, end of year/period		289		208		225		349		231		570		56


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Tier 1 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.146	$	10.000

Unit value, end of period	$	10.998	$	10.146

Thousands of accumulation units outstanding, end of period		230		23


	Goldman Sachs VIT US Equity Insights Fund (Tier 1 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.839

Thousands of accumulation units outstanding, end of period		13


	Goldman Sachs VIT Small Cap Equity Insights Fund (Tier 1 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.721

Thousands of accumulation units outstanding, end of period		4


	American Century VP Capital Appreciation Fund (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	49.266	$	51.948	$	42.647	$	41.352	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734	$	21.350

Unit value, end of year/period	$	66.844	$	49.266	$	51.948	$	42.647	$	41.352	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734

Thousands of accumulation units outstanding, end of year/period		519		512		571		704		785		1,790		1,754		1,702		1,453		1,410


	American Funds Insurance Series New World Fund^® (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	26.063	$	30.609	$	23.667	$	22.494	$	23.279	$	25.333	$	23.490

Unit value, end of year/period	$	33.974	$	26.063	$	30.609	$	23.667	$	22.494	$	23.279	$	25.333

Thousands of accumulation units outstanding, end of year/period		42		40		41		37		27		40		16


	Calvert VP SRI Balanced Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.032	$	6.213	$	5.564	$	5.177	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630	$	3.311

Unit value, end of year/period	$	7.485	$	6.032	$	6.213	$	5.564	$	5.177	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630

Thousands of accumulation units outstanding, end of year/period		875		641		831		1,893		1,828		5,300		4,901		4,576		3,992		2,976

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.


	Delaware VIP^® Small Cap Value Series (Tier 1 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.916

Thousands of accumulation units outstanding, end of period		12


	DWS Capital Growth VIP (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	95.202	$	96.992	$	77.031	$	74.157	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488	$	35.018

Unit value, end of year/period	$	130.231	$	95.202	$	96.992	$	77.031	$	74.157	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488

Thousands of accumulation units outstanding, end of year/period		334		337		378		450		505		1,079		1,028		1,027		979		1,012


	MFS VIT III Mid Cap Value Portfolio (Tier 1 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.825	$	10.000

Unit value, end of period	$	11.572	$	8.825

Thousands of accumulation units outstanding, end of period		23		2


	Neuberger Berman AMT Sustainable Equity Portfolio (Tier 1 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.146

Unit value, end of period	$	10.998

Thousands of accumulation units outstanding, end of period		230


	Invesco Oppenheimer V.I. Main Street Fund (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	47.759	$	51.980	$	44.598	$	40.100	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331	$	20.223

Unit value, end of year/period	$	62.923	$	47.759	$	51.980	$	44.598	$	40.100	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331

Thousands of accumulation units outstanding, end of year/period		142		129		137		161		132		306		263		228		168		148


	PIMCO Variable Insurance Trust Real Return Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	13.651	$	13.967	$	13.475	$	12.867	$	13.262	$	12.912	$	13.220

Unit value, end of year/period	$	14.804	$	13.651	$	13.967	$	13.475	$	12.867	$	13.262	$	12.912

Thousands of accumulation units outstanding, end of year/period		128		108		83		96		77		242		33


	T. Rowe Price Blue Chip Growth Portfolio (Tier 1 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	31.776	$	31.177	$	22.933	$	22.803	$	20.594	$	18.940	$	16.420

Unit value, end of year/period	$	41.274	$	31.776	$	31.177	$	22.933	$	22.803	$	20.594	$	18.940

Thousands of accumulation units outstanding, end of year/period		825		757		519		292		329		246		62

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.


	Victory RS Small Cap Growth Equity VIP Series (Tier 1 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.515

Thousands of accumulation units outstanding, end of period		10

VEC and Inactive TDA Plans (1.65% Separate Account Annual Expenses) (c)


	Mutual of America Investment Corporation Equity Index Fund (Inactive)						Mutual of America Investment Corporation All America Fund (Inactive)
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	6.630	$	7.063	$	6.395	$	17.667	$	19.581	$	17.846

Unit value, end of year/period	$	8.564	$	6.630	$	7.063	$	22.306	$	17.667	$	19.581

Thousands of accumulation units outstanding, end of year/period		8,660		8,952		10,676		2,102		2,363		2,635


	Mutual of America Investment Corporation Small Cap Value Fund (Inactive )						Mutual of America Investment Corporation Small Cap Growth Fund (Inactive )
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	2.044	$	2.433	$	2.307	$	2.142	$	2.490	$	2.254

Unit value, end of year/period	$	2.395	$	2.044	$	2.433	$	2.668	$	2.142	$	2.490

Thousands of accumulation units outstanding, end of year/period		8,265		9,265		10,486		9,444		10,563		11,993


	Mutual of America Investment Corporation Small Cap Equity Index Fund (Inactive)
	2019		*2018(4)***
Unit value, beginning of year/period	$	8.273	$	10.000

Unit value, end of year/period	$	9.961	$	8.273

Thousands of accumulation units outstanding, end of year/period		13		6


	Mutual of America Investment Corporation Mid Cap Value Fund (Inactive)						Mutual of America Investment Corporation Mid-Cap Equity Index Fund (Inactive )
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	1.883	$	2.229	$	2.035	$	4.165	$	4.773	$	4.391

Unit value, end of year/period	$	2.353	$	1.883	$	2.229	$	5.163	$	4.165	$	4.773

Thousands of accumulation units outstanding, end of year/period		1,282		1,357		1,807		6,703		7,658		9,251

(c)	The units were initially offered for availability on July 1, 2017.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.


	Mutual of America Investment Corporation Composite Fund (Inactive )						Mutual of America Investment Corporation International Fund (Inactive )
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	9.961	$	10.463	$	9.792	$	0.885	$	1.039	$	0.961

Unit value, end of year/period	$	11.697	$	9.961	$	10.463	$	1.054	$	0.885	$	1.039

Thousands of accumulation units outstanding, end of year/period		2,200		2,410		2,785		838		957		925


	Mutual of America Investment Corporation Money Market Fund (Inactive)						Mutual of America Investment Corporation Mid-Term Bond Fund (Inactive)
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	2.324	$	2.323	$	2.331	$	2.377	$	2.403	$	2.411

Unit value, end of year/period	$	2.332	$	2.324	$	2.323	$	2.479	$	2.377	$	2.403

Thousands of accumulation units outstanding, end of year/period		2,368		2,399		2,456		3,213		3,448		3,860


	Mutual of America Investment Corporation Bond Fund (Inactive )
	2019		2018		2017
Unit value, beginning of year/period	$	6.298	$	6.393	$	6.382

Unit value, end of year/period	$	6.669	$	6.298	$	6.393

Thousands of accumulation units outstanding, end of year/period		2,586		2,752		3,133


	Mutual of America Investment Corporation (Inactive)						Mutual of America Investment Corporation (Inactive)
	Retirement Income Fund						2010 Retirement Fund
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	1.459	$	1.501	$	1.463	$	1.468	$	1.521	$	1.470

Unit value, end of year/period	$	1.605	$	1.459	$	1.501	$	1.633	$	1.468	$	1.521

Units Outstanding (000’s), end of year/period		499		479		963		332		259		330


	Mutual of America Investment Corporation (Inactive)						Mutual of America Investment Corporation (Inactive)
	2015 Retirement Fund						2020 Retirement Fund
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	1.471	$	1.542	$	1.480	$	1.492	$	1.581	$	1.501

Unit value, end of year/period	$	1.669	$	1.471	$	1.542	$	1.725	$	1.492	$	1.581

Units Outstanding (000’s), end of year/period		1,859		1,751		1,991		4,465		5,178		5,402


	Mutual of America Investment Corporation (Inactive)
	2025 Retirement Fund
	2019		2018		2017
Unit value, beginning of year/period	$	1.555	$	1.668	$	1.569

Unit value, end of year/period	$	1.832	$	1.555	$	1.668

Units Outstanding (000’s), end of year/period		5,187		5,166		5,328


	Mutual of America Investment Corporation (Inactive)							Mutual of America Investment Corporation (Inactive)
	2030 Retirement Fund							2035 Retirement Fund
	2019		2018			2017		2019		2018		2017
Unit value, beginning of year/period	$	1.606	$	1.746		$	1.628	$	1.608	$	1.764	$	1.636

Unit value, end of year/period	$	1.926	$	1.606		$	1.746	$	1.955	$	1.608	$	1.764

Thousands of accumulation units outstanding, end of year/period		3,957		3,908			3,880		3,608		2,994		3,303


	Mutual of America Investment Corporation (Inactive)							Mutual of America Investment Corporation (Inactive)
	2040 Retirement Fund							2045 Retirement Fund
	2019		2018			2017		2019		2018		2017
Unit value, beginning of year/period	$	1.598	$	1.764		$	1.633	$	1.580	$	1.751	$	1.619

Unit value, end of year/period	$	1.952	$	1.598		$	1.764	$	1.935	$	1.580	$	1.751

Thousands of accumulation units outstanding, end of year/period		4,068		4,154			4,096		4,826		4,608		4,820


	Mutual of America Investment Corporation (Inactive)							Mutual of America Investment Corporation (Inactive)
	2050 Retirement Fund							2055 Retirement Fund
	2019		2018			2017		2019		2018		2017
Unit value, beginning of year/period	$	1.538	$	1.714		$	1.583	$	1.081	$	1.206	$	1.114

Unit value, end of year/period	$	1.886	$	1.538		$	1.714	$	1.323	$	1.081	$	1.206

Thousands of accumulation units outstanding, end of year/period		1,332		986			940		111		52		25


	Mutual of America Investment Corporation (Inactive)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of year/period	$	8.871	$	10.000

Unit value, end of year/period	$	10.867	$	8.871

Thousands of accumulation units outstanding, end of year/period		0		0	(5)


	Mutual of America Investment Corporation Conservative Allocation Fund (Inactive)							Mutual of America Investment Corporation Moderate Allocation Fund (Inactive )
	2019		2018			2017		2019		2018		2017
Unit value, beginning of year/period	$	1.829	$	1.898		$	1.844	$	2.318	$	2.465	$	2.329

Unit value, end of year/period	$	2.051	$	1.829		$	1.898	$	2.717	$	2.318	$	2.465

Thousands of accumulation units outstanding, end of year/period		2,089		2,267			2,100		4,695		4,756		5,183


	Mutual of America Investment Corporation Aggressive Allocation Fund (Inactive )							Fidelity VIP Equity-Income Portfolio (Inactive )
	2019		2018			2017		2019		2018		2017
Unit value, beginning of year/period	$	2.697	$	2.953		$	2.749	$	71.639	$	79.340	$	73.761

Unit value, end of year/period	$	3.256	$	2.697		$	2.953	$	89.895	$	71.639	$	79.340

Thousands of accumulation units outstanding, end of year/period		4,273		4,208			4,741		351		375		444

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	Fewer than 500 units.


	Fidelity VIP Asset Manager Portfolio (Inactive)						Fidelity VIP Contrafund^® Portfolio (Inactive)
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	46.592	$	49.995	$	47.369	$	85.530	$	92.786	$	85.570

Unit value, end of year/period	$	54.247	$	46.592	$	49.995	$	110.807	$	85.530	$	92.786

Thousands of accumulation units outstanding, end of year/period		200		225		250		738		805		979


	Fidelity VIP Mid Cap Portfolio (Inactive)						Vanguard Variable Insurance Fund Diversified Value Portfolio (Inactive)
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	73.839	$	87.754	$	79.729	$	26.306	$	29.428	$	27.999

Unit value, end of year/period	$	89.751	$	73.839	$	87.754	$	32.525	$	26.306	$	29.428

Thousands of accumulation units outstanding, end of year/period		108		128		143		265		272		327


	Vanguard Variable Insurance Fund International Portfolio (Inactive )						Vanguard Variable Insurance Fund Real Estate Index Portfolio (Inactive )
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	30.620	$	35.626	$	31.255	$	15.784	$	16.956	$	16.731

Unit value, end of year/period	$	39.521	$	30.620	$	35.626	$	19.998	$	15.784	$	16.956

Thousands of accumulation units outstanding, end of year/period		614		664		758		85		66		92


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Inactive)
	2019		*2018(4)***
Unit value, beginning of year/period	$	10.074	$	10.000

Unit value, end of year/period	$	10.769	$	10.074

Thousands of accumulation units outstanding, end of year/period		87		10


	Goldman Sachs VIT US Equity Insights Fund (Inactive)						Goldman Sachs VIT Small Cap Equity Insights Fund (Inactive)
	*2019(5)***						*2019(5)***
Unit value, beginning of period	$	10.000					$	10.000

Unit value, end of period	$	10.762					$	10.645

Thousands of accumulation units outstanding, end of period		0						0


	American Century VP Capital Appreciation Fund (Inactive)						American Funds Insurance Series New World Fund^® (Inactive)
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	44.919	$	48.034	$	44.128	$	24.771	$	29.503	$	26.274

Unit value, end of year/period	$	60.098	$	44.919	$	48.034	$	31.841	$	24.771	$	29.503

Thousands of accumulation units outstanding, end of year/period		572		624		739		9		8		7

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.


	Delaware VIP^® Small Cap Value Series (Inactive)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.839

Thousands of accumulation units outstanding, end of period		2


	Calvert VP SRI Balanced Portfolio (Inactive)						DWS Capital Growth VIP (Inactive)
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	5.500	$	5.745	$	5.441	$	86.800	$	89.683	$	81.659

Unit value, end of year/period	$	6.730	$	5.500	$	5.745	$	117.087	$	86.800	$	89.683

Thousands of accumulation units outstanding, end of year/period		1,831		1,901		2,243		607		646		746


	MFS VIT III Mid Cap Value Portfolio (Inactive)						Neuberger Berman AMT Sustainable Equity (Inactive)
	2019		*2018(4)***				*2019(5)***
Unit value, beginning of year/period	$	8.763	$	10.000			$	10.000

Unit value, end of year/period	$	11.330	$	8.763			$	10.970

Thousands of accumulation units outstanding, end of year/period		4		0				0


	Invesco Oppenheimer V.I. Main Street Fund^® (Inactive)						PIMCO Variable Insurance Trust Real Return Portfolio (Inactive)
	2019		2018		2017		2019		2018		2017
Unit value, beginning of year/period	$	43.546	$	48.064	$	45.408	$	12.975	$	13.464	$	13.248

Unit value, end of year/period	$	56.574	$	43.546	$	48.064	$	13.876	$	12.975	$	13.464

Thousands of accumulation units outstanding, end of year/period		49		50		67		20		22		22


	T. Rowe Price Blue Chip Growth Portfolio (Inactive)						Victory RS Small Cap Growth Equity VIP Series (Inactive)
	2019		2018		2017		*2019(5)***
Unit value, beginning of year/period	$	30.200	$	30.049	$	26.501	$	10.000

Unit value, end of year/period	$	38.681	$	30.200	$	30.049	$	10.440

Thousands of accumulation units outstanding, end of year/period		265		315		243		0

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

The dates the Subaccounts commenced operation or became available as sub-accounts are as follows:

Vanguard Variable Insurance Fund Diversified Value and International Portfolios—July 1, 2005; Mutual of America Investment Corporation 2050 Retirement Fund—October 1, 2012; Vanguard Variable Insurance Fund Real Estate Index Portfolio, American Funds Insurance Series New World Fund, PIMCO Variable Insurance Trust Real Return Portfolio, and T. Rowe Price Blue Chip Growth Portfolio—August 5, 2013; Mutual of America Investment Corporation 2055 Retirement Fund—October 1, 2016; and Mutual of America Investment Corporation Small Cap Equity Index Fund, Mutual of America Investment Corporation 2060 Retirement Fund, Vanguard Variable Insurance Fund Total Bond Market Index Portfolio, and MFS VIT III Mid Cap Value Portfolio—July 2, 2018; Goldman Sachs VIT Small Cap Equity Insights Fund, Goldman Sachs VIT US Equity Insights Fund, Delaware VIP^® Small Cap Value Series, Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio, and Victory RS Small Cap Growth Equity VIP Series – July 1, 2019; and Mutual of America 2065 Retirement Fund will become available on or after July 1, 2020 for investments by Separate Account Participants.

APPENDIX B

GENERAL ACCOUNT OPERATIONS

This Appendix B provides more information about our General Account’s operations and the risks of allocating Contributions to the General Account compared to allocating Contributions to the Separate Account. Contributions held in our General Account may pose different risks to Participants and Plans than Contributions supported by assets of our Separate Account.

When a Participant or Plan allocates contributions to our General Account, the contributions are commingled with our corporate funds and assets (excluding Separate Account assets and special deposit funds). We combine in our General Account contributions and premiums from all lines of business. Assets in our General Account are not segregated for the exclusive benefit of any particular policy or obligation, although experience rated General Account policies may share in the experience of the General Account through interest credits, dividends or rate adjustments.

We invest the pooled amounts in our General Account. Most General Account investments are maintained at book value (relating to our purchase price for the investments), while Separate Account investments are maintained at market value, which fluctuates according to market conditions.

Our General Account assets in the aggregate support our General Account obligations under all of our insurance contracts, including (but not limited to) our individual and group life, health, disability, fixed annuity contracts and variable accumulation annuity contracts (other than separate account obligations). General Account assets also are available to us for the conduct of our routine business activities, such as the payment of salaries, rent, other ordinary business expenses and dividends. In the event of our insolvency, funds in our General Account would be available to meet the claims of our general creditors, after payment of amounts due under certain priority claims, including certain amounts owed to Participants. Participants should consider our claims paying ability and financial strength when allocating amounts to the General Account.

We determine and periodically declare the fixed interest rate return (referred to as the credited interest rate) to be credited to amounts under the Contracts held in our General Account, including the extent and frequency credited interest rates may be changed. We also determine the manner in which interest is credited during the term of the Contracts and upon their termination. Members of Mutual of America’s senior management in their discretion from time to time determine credited interest rates upon consideration of the following factors:

•

Reasonable classifications of different types of policies.

•

Expected benefit payments, expenses (including the on-going costs of business operations), risk charges, mortality, persistency and actual investment earnings properly allocable to each class of policies, under generally accepted actuarial and accounting principles.

•

The ability of each class of policies to be self-supporting over the long run and, in addition, to allow for a permanent contribution to our surplus of such magnitude that in combinations with similarly derived contributions from all classes of policies, our long-term financial strength and stability will be assured so that we can meet our long-term obligations to policyholders. In doing so, there is no requirement that each class of policies make a contribution to surplus every year, since uneven incidence of expenses and experience fluctuations may make that impractical.

•

The potential impact of any credited interest rate decision on both short-term and long-term operating gains or losses, including the immediate and long-term impact on our surplus position, as well as the impact of current and anticipated economic and financial market.

•

Compliance with applicable statutory and regulatory requirements.

•

Competitiveness of rates in light of industry practices and trends current at the time.

We use an overall portfolio approach for determining credited interest rates. This means that one rate is applied to all amounts placed in our General Account for each class of contracts without regard to when such

amounts were placed in our General Account. The credited interest rate, when declared, is applied on a daily basis to all funds accumulated in the General Account. We reserve the right to change this credited rate at any time. The credited interest rate may not be less than the minimum annual yield, if any, set forth in a Contract. If we declare a credited interest rate higher than such minimum, the higher credited interest rate will remain in effect until changed.

All amounts accumulated in our General Account (including credited interest) for Participants are guaranteed by us. Amounts held for a Participant are payable in full upon the Participant’s request for transfer, payment, withdrawal or discontinuance, subject to Plan provisions, and the deduction of any otherwise payable administrative charges and subject to any amounts that serve as collateral for loans under a Plan. Generally, Contractholders are provided with a written notice of any changes to the interest rates applicable to amounts in our General Account, prior to the implementation. The credited interest rate applicable to amounts in our General Account is indicated in Participants’ quarterly statements.

We determine the administrative charges, fees, expenses or other amounts (referred to as administrative charges) that are, or may be, assessed against the General Account or Separate Account or deducted by us from Account Values maintained by Participants in the General Account and Subaccounts, including the extent and frequency with which such administrative charges may be modified. Periodically, we review the administrative charges under the Contracts, taking into consideration the types of factors listed above for determining credited interest rates. Subject to the restrictions referred to in the Prospectus, we reserve the right to change the administrative charges. We also reserve the right to change the services we make available to Contractholders and Participants. We will provide written notices to Contractholders, and to Participants when required, when administrative charges are amended, modified, added or deleted, prior to the imposition of any change. Administrative charges are usually payable on a monthly basis, but may be payable on the occurrence of certain events. Each Participant’s quarterly statements reflect direct deductions from the Participant’s Account Value in the Separate Account or General Account. The Annual Pension Fund Report to Contractholders also reflects deductions and charges paid by the Contractholders.

A plan’s legal rights vary for contract amounts under our General Account and Separate Account. In general, we are subject to ERISA’s fiduciary responsibility provisions with respect to the assets of a separate account (other than a separate account registered under the Investment Company Act of 1940 such as the Separate Account) to the extent the investment performance of such assets is passed directly through to plan participants or contractholders. ERISA requires insurers, in administering separate account assets that are subject to ERISA’s fiduciary rules, to act solely in the interest of a plan’s participants and beneficiaries; prohibits self-dealing and conflicts of interest; and requires insurers to adhere to a prudent standard of care. In contrast, ERISA’s fiduciary rules generally do not apply to assets held in the general account of an insurance company if the general account meets the definition of “guaranteed benefit policy” under Section 401(b)(2)(B) of ERISA. We believe that our General Account meets the definition of “guaranteed benefit policy,” and therefore assets held in our General Account are not “plan assets” under ERISA.

State regulation is typically more restrictive with respect to our General Account than our Separate Account. However, state insurance regulation may not provide the same level of protection to plan participants as ERISA regulation. In addition, our General Account contracts often include various guarantees under which we assume risks relating to the funding and distribution of benefits. We do not provide any guarantees with respect to the investment returns on allocations to the Separate Account.

APPENDIX C

VOLUNTARY EMPLOYEE CONTRIBUTION PROGRAM VARIABLE
ACCUMULATION ANNUITY CONTRACTS

A Voluntary Employee Contribution Contract (VEC Contract or Contract) is a group contract. It is designed to provide annuity benefits to employees participating in a retirement plan that qualifies for special federal income tax treatment under Sections 401(a) and 403(a) of the Code (a VEC Plan). Contractholders typically are employers, or the trustees of employers’ retirement plans.

No New Contracts or Contributions. As a result of the Tax Reform Act of 1986, we: (1) ceased issuing new VEC Contracts as of January 1, 1987; and (2) amended previously issued VEC Contracts to prohibit new Contributions on or after January 1, 1987.

Transfers from other Plans or Carriers. A Contractholder can remit to us on your behalf, in a single sum, an amount transferred from another voluntary employee contribution plan, or from a contract between a Contractholder and us, or between the Contractholder and another insurance company.

Available Investment Alternatives. The Investment Alternatives available under a VEC Contract are limited to those available under our VEC Contracts as of January 1, 1987. These Alternatives are the General Account and the following Subaccounts: Mutual of America Investment Corporation Money Market, All America, Bond and Composite Funds.

Refer to “About Mutual of America Life Insurance Company,” “About Our Separate Account,” “Underlying Funds Invested in by Our Separate Account” and “Our General Account” in the Prospectus for additional information about the five available Investment Alternatives.

Transfers and Withdrawals. VEC Participants may make transfers between the Available Investment Alternatives and may make withdrawals of all or part of their Account Values at any time prior to the Annuity Commencement Date, unless the employer’s plan provides otherwise. We may take up to seven days following receipt of your withdrawal request to process the request and mail a check to the Participant. We do not currently charge for transfers or withdrawals made under VEC Contracts.

For information about Subaccount unit values, refer to “Your Account Value in the Subaccounts” in the Prospectus.

Specified Payments Option. If the employer’s plan permits, a Participant in a VEC Contract may elect after attaining age 59¹/₂, or upon early retirement after age 55, to specify an amount (which may not be less than $100) to be withdrawn from the Participant’s Account Value and paid each month to the Participant. The Participant must designate the available Investment Alternative(s) from which we should make the withdrawals.

Charges under the Contracts. Refer to “Tables of Annual Expenses” and “Charges You or Your Employer Will Pay” in the Prospectus, for a description of the Contract and Participant charges under the Contracts.

Death Benefit Prior to Annuity Commencement. If a Participant dies prior to the Annuity Commencement Date, we will pay a death benefit to the Beneficiary the Participant designated to us. The Eligible Spouse will be the Beneficiary, unless the Participant designated a different Beneficiary with the written consent of the Eligible Spouse. See “Administrative Matters—Designation of Beneficiary” in the Prospectus.

See “Our Payment of Account Value to You or a Beneficiary—Death Benefit Prior to Annuity Commencement Date” for additional information about the death benefit we will pay. In general, VEC Contracts are subject to the same rules as TDA Contracts.

Termination by Mutual of America. If, upon our request, the Contractholder does not provide evidence satisfactory to us that the Plan pursuant to which the Contract is issued qualifies for the tax treatment specified under Sections 401(a) and 403(a) of the Code, then we will withdraw and pay to the Contractholder the amounts accumulated under the Contract as of the date of withdrawal; and the Contract will terminate.

Election of Annuity Commencement Date. Unless the employer’s plan provides otherwise, Participants may elect an Annuity Commencement Date that is either the Participant’s Normal Retirement Date (the first day of the calendar month coincident with or next following such Participant’s 65th birthday); Early Retirement Date (the first day of any calendar month within the ten-year period immediately preceding the Participant’s Normal Retirement Date, but no earlier than age 55); or Late Retirement Date (the first day of any calendar month following such Participant’s Normal Retirement Date) but generally no later than the April 1st following the participant’s attaining age 72 for Participants who are no longer actively at work.

Available Forms of Annuity. Unless an election to the contrary is made prior to the Annuity Commencement Date, a Participant who does not have an Eligible Spouse at the Annuity Commencement Date will have annuity benefits paid in the normal form of annuity specified by the employer’s plan, and a Participant who has an Eligible Spouse will have annuity benefits paid on the Joint and Survivor Form, with the Eligible Spouse as the Joint Annuitant. Consent of the Eligible Spouse is required if payment is to be made in any other form. See “You May Obtain an Annuity with Your Account Value—Available Forms of Annuity” and “Administrative Matters Under the Contracts—Designation of Beneficiary” in the Prospectus.

Federal Income Taxation of Annuity Payments. The simplified method is applicable to Annuity Payments made on or after the Annuity Commencement date. The percentage the Participant may exclude is determined by dividing the Participant’s “investment in the contract” by the anticipated payments. Your “investment in the contract” is equal to the total of your non-deductible Contributions which are made in accordance with the provisions of a retirement plan that meets the requirements of either Section 401(a) or Section 403(a) of the Code. The simplified method continues to apply until the “investment in the contract” has been recovered by the Participant. After that time, the Participant will have to include the full amount of each Annuity Payment in his income for each taxable year. In addition, if Annuity Payments from a VEC Contract began before July 2, 1986, the “three year cost recovery” rule may be applicable (see “Federal Tax Information—Obtaining Tax Advice” in the Prospectus).

Federal Income Taxation of Withdrawals. Participants who receive payments under a VEC Contract on and after July 2, 1986 that are not “amounts received as an annuity” or that are received before the Participant’s Annuity Commencement Date generally may exclude only a portion of such payments from gross income. The portion that a Participant may exclude from gross income is generally determined by dividing the Participant’s “investment in the contract” by the value of his vested account value (or, in the case of a retirement plan which is a defined benefit pension plan, the value of the vested accrued benefit) as of the date of the distribution. The Internal Revenue Service may indicate another date for valuing account values for such purposes.

The value of a Participant’s account value on an applicable valuation date under a VEC Contract issued in conjunction with a defined benefit pension plan may be used in lieu of the present value of a Participant’s total vested accrued benefit under such plan if the “separate contract” requirements of Section 72 are met (see “Federal Tax Information—Obtaining Tax Advice” in the Prospectus). A special rule may apply with respect to Participant’s Contributions made before January 1, 1987 that constitute part of the “investment in the contract.” Generally, such Contributions may be withdrawn prior to the Annuity Commencement Date and will not be subject to income taxation (earnings are subject to taxation) if a Participant could have made such a withdrawal under the terms of the retirement plan on or before May 5, 1986 without terminating employment.

Federal Income Taxation of Single Sum Payments. Participants who receive a single sum payment of their entire account value under a VEC Contract must include the entire amount of such payment in their gross income in the tax year in which such payment was received. However, a Participant may exclude from gross income any “investment in the contract” that the Participant had not recovered prior to the payment of the lump sum.

Penalty Taxes. A penalty tax may be due on premature withdrawals under VEC Contracts. VEC Contracts are generally subject to the same rules as TDA Contracts. In the Prospectus, see “Federal Tax Information—Penalty Taxes for Withdrawals.”

Withholding. We are required to withhold federal income taxes from withdrawals under the Contracts. VEC Contracts are generally subject to the same rules as TDA Contracts. In the Prospectus, see “Federal Tax Information—Withholding on Annuity Payments and Other Distributions.”

Contract Administration and Other Matters. See “Where to Contact Us and Give Us Instructions,” “Your Voting Rights for Meetings of the Underlying Funds,” “Performance Information for the Subaccounts,” “Funding and Other Changes We May Make,” “Administrative Matters” “Our Statement of Additional Information” in the Prospectus.

STATEMENT OF ADDITIONAL INFORMATION

FOR

GROUP AND INDIVIDUAL VARIABLE ACCUMULATION ANNUITY CONTRACTS

Issued By

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

320 Park Avenue

New York, New York 10022-6839

Through its

SEPARATE ACCOUNT NO. 2

This Statement of Additional Information (“SAI”) expands upon subjects we discuss in the current Prospectuses for the Contracts that we offer (“Contracts”).

You may obtain a copy of the Prospectus, dated May 1, 2020, by calling 1-800-574-9267 or by writing to Mutual of America Life Insurance Company, 320 Park Avenue, New York, New York 10022-6839. The Prospectus contains definitions of various terms, and we incorporate those terms by reference into this Statement of Additional Information.

This Statement Of Additional Information Is Not A Prospectus And You Should Read It In Conjunction With The Prospectus For The Contracts.

TABLE OF CONTENTS


	Page

Distribution of the Contracts		2
Calculation of Accumulation Unit Values		2
Additional Unit Value Information for the Subaccounts		3
Yield and Performance Information		64
Safekeeping of Separate Account Assets		91
State Regulation		91
Periodic Reports		91
Legal Matters		92
Independent Registered Public Accounting Firm		92
Additional Information		92
Financial Statements		93

Dated: May 1, 2020

DISTRIBUTION OF THE CONTRACTS

Mutual of America Life Insurance Company (“Mutual of America” or the “Company” or “we” or “us” or “our”) is a mutual life insurance company organized under the laws of the state of New York and we are authorized to transact business in 50 states and the District of Columbia. Our home office address is 320 Park Avenue, New York, New York 10022.

Mutual of America is the custodian of the assets of the Separate Account. The custodian has custody of all cash of the Separate Account and handles the collection and distribution of proceeds of shares of the Underlying Funds bought and sold by the Separate Account.

Mutual of America serves as principal underwriter for the Separate Account and the Contracts. We offer the Contracts for sale on a continuous basis through certain of our employees. The only compensation we pay for sales of the Contracts is in the form of salary and incentive compensation if the Company’s annual goals and objectives are met. There are no commissions or fees payable to other persons or entities for sales of the Contracts. The registered representatives who sell the Contracts are eligible to receive a yearly cash incentive payment based largely on aggregate sales by all representatives in the representative’s office compared to sales targets we established for the office in that year, which may be increased based on individual performance in relation to individual sales objectives. Representatives and certain staff from the top five regional offices, as well as other high performing representatives, will receive a trip to a sales conference.

We are registered with the Securities and Exchange Commission (“SEC”) as a broker-dealer and are a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). All persons engaged in selling the Contracts are our licensed agents and are duly qualified registered representatives.

We have no arrangements with any persons or entities to permit frequent transfers of contract value and no such arrangements are permitted.

CALCULATION OF ACCUMULATION UNIT VALUES

When a Participant allocates or transfers Account Value to a Subaccount, the Participant’s interest in the Subaccount is represented by Accumulation Units. Each Subaccount’s Accumulation Units have a different value, based on the value of the Subaccount’s investment in shares of the related Underlying Fund and the charges we deduct from the Separate Account. If any plans are eligible for the Reduced Fee as set forth in the Prospectus, a particular Subaccount will have Accumulation Unit values which reflect Separate Account charges applicable to plans that are not eligible for the Reduced Fee, and will also have Accumulation Units which reflect Separate Account charges for plans that are eligible for the Reduced Fee. To determine the change in a Subaccount’s Accumulation Unit value from the close of one Valuation Day to the close of the next Valuation Day (which we call a Valuation Period), we use an Accumulation Unit Change Factor.

For Subaccounts that invest in shares of the Mutual of America Investment Corporation Funds or the Mutual of America Variable Insurance Portfolios, the Accumulation Unit Change Factor for each Subaccount for any Valuation Period is:

(a)

the ratio of (i) the asset value of the Underlying Fund at the end of the current Valuation Period before any amounts are allocated to or withdrawn from the Subaccount with respect to that Valuation Period, to (ii) the asset value of the Underlying Fund at the end of the preceding Valuation Period, after all allocations and withdrawals were made for that period,

divided by

(b)

1.000000 plus the component of the annual rate of expense risk, distribution expense and Separate Account administrative charges against the Subaccount’s assets for the number of days from the end of the preceding Valuation Period to the end of the current Valuation Period.

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For Subaccounts that invest in shares of the Fidelity, Vanguard, Goldman, American Century, American Funds, Calvert, Delaware, DWS, MFS, Neuberger Berman, Invesco Oppenheimer, PIMCO, T. Rowe Price or Victory Portfolios, the Accumulation Unit Change Factor for each Subaccount for any Valuation Period is:

(a)

the ratio of (i) the share value of the Underlying Fund at the end of the current Valuation Period, adjusted by the Cumulative Dividend Multiplier* for the current Valuation Period, to (ii) the share value of the Underlying Fund at the end of the preceding Valuation Period, adjusted for the Cumulative Dividend Multiplier for the preceding Valuation Period,

divided by

(b)

* The Cumulative Dividend Multiplier is calculated by dividing the share value, after a dividend distribution, into the share value without regard to the dividend distribution, multiplied by the previous Cumulative Dividend Multiplier.

Additional Unit Value Information for the Subaccounts

(Thrift, TDA/VEC and 457 Contracts)

The tables shown below show changes in Accumulation Unit values and in the total number of units outstanding for each Subaccount for the ten year period (or from the commencement of operations if less) to December 31, 2019. The information below for each of the ten years (or less, depending on the start date of each fund) ended December 31, 2019 is excerpted from the financial statements of the Separate Account, which have been audited by KPMG LLP, the Separate Account’s independent registered public accounting firm. The information should be read in conjunction with the financial statements of the Separate Account and the related notes that are included in this SAI. The Separate Account’s financial statements for the year ended December 31, 2019, along with KPMG LLP’s report thereon, are available to you free of charge by calling 1-800-468-3785.

The information for the three sets of Accumulation Unit values that reflect the highest and lowest levels of annual expenses for active Contracts (Standard Units and Tier 1 Reduced Fee Units, respectively) and the annual expenses for Inactive Contracts can be found in Appendix A of the Prospectus for the Contract. The information for all other Accumulation Unit values, including Tier 2, Tier 3, Tier 4 and Tier 5 Reduced Fee Units, are reflected in the tables below.

Tier 2 Reduced Fee (0.35% Separate Account Annual Expenses) Units (a)


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	7.261	$	7.635	$	6.299	$	5.654	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233	$	2.817

Unit value, end of year/period	$	9.501	$	7.261	$	7.635	$	6.299	$	5.654	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233

Thousands of accumulation units outstanding, end of year/period		5,083		4,433		4,824		11,144		10,864		26,165		23,153		21,083		19,183		18,116


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	All America Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	19.348	$	21.168	$	17.791	$	16.015	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721	$	8.374

Unit value, end of year/period	$	24.749	$	19.348	$	21.168	$	17.791	$	16.015	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721

Thousands of accumulation units outstanding, end of year/period		311		322		388		1,552		1,692		3,856		3,887		3,757		3,657		3,693

(a)	Separate Account Annual Expenses are 0.35%. Performance prior to July 1, 2015 reflects Separate Account Annual Expenses of 0.50%. The units were initially offered for availability on August 1, 2010.

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	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Small Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.239	$	2.630	$	2.437	$	2.038	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411	$	1.203

Unit value, end of year/period	$	2.657	$	2.239	$	2.630	$	2.437	$	2.038	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411

Thousands of accumulation units outstanding, end of year/period		2,847		3,234		3,753		9,438		9,641		24,315		23,684		22,328		20,423		18,868


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Small Cap Growth Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.346	$	2.692	$	2.182	$	2.026	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382	$	1.114

Unit value, end of year/period	$	2.960	$	2.346	$	2.692	$	2.182	$	2.026	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382

Thousands of accumulation units outstanding, end of year/period		3,595		3,679		3,781		10,183		10,836		26,691		27,028		23,200		21,888		19,920


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Small Cap Equity Index Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.328	$	10.000

Unit value, end of period	$	10.158	$	8.328

Thousands of accumulation units outstanding, end of period		107		16


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Mid Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.063	$	2.409	$	2.104	$	1.818	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220	$	1.067

Unit value, end of year/period	$	2.611	$	2.063	$	2.409	$	2.104	$	1.818	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220

Thousands of accumulation units outstanding, end of year/period		1,301		1,190		1,573		3,860		3,381		7,877		6,729		5,404		4,288		3,722


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Mid-Cap Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	4.562	$	5.159	$	4.462	$	3.716	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313	$	1.932

Unit value, end of year/period	$	5.728	$	4,562	$	5.159	$	4.462	$	3.716	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313

Thousands of accumulation units outstanding, end of year/period		4,387		4,059		4,396		10,650		10,451		28,504		27,009		22,051		19,637		17,743


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Composite Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	10.909	$	11.310	$	10.013	$	9.312	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495	$	5.987

Unit value, end of year/period	$	12.977	$	10.909	$	11.310	$	10.013	$	9.312	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495

Thousands of accumulation units outstanding, end of year/period		397		401		480		1,619		1,635		4,431		4,372		4,075		3,751		3,856


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	International Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	0.960	$	1.112	$	0.897	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777	$	0.688

Unit value, end of year/period	$	1.158	$	0.960	$	1.112	$	0.897	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777

Thousands of accumulation units outstanding, end of year/period		2,185		2,094		1,729		3,069		2,771		6,410		5,878		4,369		2,833		1,800

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

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	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Money Market Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.545	$	2.511	$	2.503	$	2.509	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590	$	2.597

Unit value, end of year/period	$	2.587	$	2.545	$	2.511	$	2.503	$	2.509	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590

Thousands of accumulation units outstanding, end of year/period		1,214		1,012		950		2,471		2,117		6,948		6,854		6,022		5,468		4,745


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Mid-Term Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.603	$	2.597	$	2.548	$	2.470	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231	$	2.233

Unit value, end of year/period	$	2.750	$	2.603	$	2.597	$	2.548	$	2.470	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231

Thousands of accumulation units outstanding, end of year/period		2,070		2,038		2,280		5,332		5,036		14,698		13,601		13,311		11,695		10,249


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period		6.898	$	6.911	$	6.694	$	6.417	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474	$	5.460

Unit value, end of year/period		7.399	$	6.898	$	6.911	$	6.694	$	6.417	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474

Thousands of accumulation units outstanding, end of year/period		1,636		1,470		1,570		3,930		3,759		10,994		9,702		8,320		7,059		5,497


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Retirement Income Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.583	$	1.608	$	1.503	$	1.421	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129	$	1.087

Unit value, end of year/period	$	1.764	$	1.583	$	1.608	$	1.503	$	1.421	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129

Thousands of accumulation units outstanding, end of year/period		3,251		2,692		3,941		5,905		3,478		8,213		4,455		3,102		2,436		1,767


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2010 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.592	$	1.629	$	1.499	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063	$	0.995

Unit value, end of year/period	$	1.795	$	1.592	$	1.629	$	1.499	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063

Thousands of accumulation units outstanding, end of year/period		498		513		904		2,107		1,975		4,839		4,391		4,048		4,134		3,147


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2015 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.596	$	1.652	$	1.499	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027	$	0.948

Unit value, end of year/period		1.835	$	1.596	$	1.652	$	1.499	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027

Thousands of accumulation units outstanding, end of year/period		4,996		4,813		4,860		9,460		8,894		23,681		19,888		15,830		12,380		9,225


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2020 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.619	$	1.693	$	1.510	$	1.396	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996	$	0.905

Unit value, end of year/period	$	1.896	$	1.619	$	1.693	$	1.510	$	1.396	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996

Thousands of accumulation units outstanding, end of year/period		16,119		13,587		15,098		29,605		24,967		53,657		39,323		26,973		19,595		12,436

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	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2025 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.687	$	1.786	$	1.567	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986	$	0.880

Unit value, end of year/period	$	2.014	$	1.687	$	1.786	$	1.567	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986

Thousands of accumulation units outstanding, end of year/period		20,890		16,443		14,642		29,959		23,883		50,395		34,873		24,238		15,365		9,411


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2030 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.743	$	1.870	$	1.618	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985	$	0.870

Unit value, end of year/period	$	2.117	$	1.743	$	1.870	$	1.618	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985

Thousands of accumulation units outstanding, end of year/period		19,415		15,890		13,763		22,992		18,503		39,955		27,662		19,813		13,168		7,037


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2035 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.744	$	1.890	$	1.619	$	1.458	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968	$	0.845

Unit value, end of year/period	$	2.149	$	1.744	$	1.890	$	1.619	$	1.458	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968

Thousands of accumulation units outstanding, end of year/period		13,340		10,641		9,781		18,494		14,718		32,459		22,875		16,021		10,303		6,773


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2040 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.733	$	1.889	$	1.615	$	1.452	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965	$	0.839

Unit value, end of year/period	$	2.146	$	1.733	$	1.889	$	1.615	$	1.452	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965

Thousands of accumulation units outstanding, end of year/period		11,854		9,533		8,229		14,291		11,938		29,158		21,648		14,824		8,974		5,981


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2045 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.714	$	1.875	$	1.600	$	1.438	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959	$	0.833

Unit value, end of year/period	$	2.127	$	1.714	$	1.875	$	1.600	$	1.438	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959

Thousands of accumulation units outstanding, end of year/period		14,013		10,564		9,588		16,024		13,333		36,538		28,752		20,104		11,671		6,396


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2050 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of year/period	$	1.627	$	1.790	$	1.524	$	1.368	$	1.384	$	1.298	$	1.017	$	1.000

Unit value, end of year/period	$	2.022	$	1.627	$	1.790	$	1.524	$	1.368	$	1.384	$	1.298	$	1.017

Thousands of accumulation units outstanding, end of year/period		10,124		6,117		4,815		6,602		3,766		6,508		2,556		71


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2055 Retirement Fund
	2019		2018		2017		*2016(2)***
Unit value, beginning of year/period	$	1.109	$	1.222	$	1.039	$	1.000

Unit value, end of year/period	$	1.375	$	1.109	$	1.222	$	1.039

Thousands of accumulation units outstanding, end of year/period		4.514		2,438		635		58

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

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	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.930	$	10.000

Unit value, end of period	$	11,081	$	8.930

Thousands of accumulation units outstanding, end of period		87		18


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Conservative Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.003	$	2.052	$	1.891	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395	$	1.345

Unit value, end of year/period	$	2.275	$	2.003	$	2.052	$	1.891	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395

Thousands of accumulation units outstanding, end of year/period		2,888		2,578		2,247		5,636		5,129		12,387		9,283		8,127		6,095		4,383


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Moderate Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.538	$	2.665	$	2.352	$	2.164	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538	$	1.422

Unit value, end of year/period	$	3.014	$	2.538	$	2.665	$	2.352	$	2.164	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538

Thousands of accumulation units outstanding, end of year/period		6,651		6,186		6,430		13,369		12,904		30,595		26,308		21,064		16,381		13,906


	Mutual of America Investment Corporation (Tier 2 Reduced Fee)
	Aggressive Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.953	$	3.191	$	2.746	$	2.486	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648	$	1.463

Unit value, end of year/period	$	3.612	$	2.953	$	3.191	$	2.746	$	2.486	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648

Thousands of accumulation units outstanding, end of year/period		4,039		4,346		4,521		8,348		8,639		21,351		19,022		16,619		13,411		10,681


	Fidelity VIP Equity-Income Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	78.455	$	85.766	$	76.163	$	64.702	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620	$	36.336

Unit value, end of year/period	$	99.736	$	78.455	$	85.766	$	76.163	$	64.702	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620

Thousands of accumulation units outstanding, end of year/period		119		113		143		451		443		1,181		1,144		1,027		953		892


	Fidelity VIP Asset Manager Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	51.023	$	54.044	$	47.484	$	46.180	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033	$	31.610

Unit value, end of year/period	$	60.183	$	51.023	$	54.044	$	47.484	$	46.180	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033

Thousands of accumulation units outstanding, end of year/period		137		153		192		341		360		984		941		842		721		632


	Fidelity VIP Contrafund^® Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	93.673	$	100.305	$	82.510	$	76.612	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501	$	39.874

Unit value, end of year/period	$	122.945	$	93.673	$	100.305	$	82.510	$	76.612	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501

Thousands of accumulation units outstanding, end of year/period		284		295		354		949		1,041		2,491		2,398		2,253		2,097		1,939

(4)	For the period July 2, 3018 (initial availability) to December 31, 2018.

- 7 -


	Fidelity VIP Mid Cap Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	80.870	$	94.867	$	78.726	$	70.324	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914	$	40.249

Unit value, end of year/period	$	99.583	$	80.870	$	94.867	$	78.726	$	70.324	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914

Thousands of accumulation units outstanding, end of year/period		105		110		121		286		304		720		701		593		507		455


	Vanguard Variable Insurance Fund Diversified Value Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	28.806	$	31.809	$	28.211	$	25.082	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303	$	13.706

Unit value, end of year/period	$	36.083	$	28.806	$	31.809	$	28.211	$	25.082	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303

Thousands of accumulation units outstanding, end of year/period		281		245		243		708		721		1,786		1,514		1,245		988		753


	Vanguard Variable Insurance Fund International Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	33.532	$	38.509	$	27.087	$	26.675	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884	$	19.636

Unit value, end of year/period	$	43.846	$	33.532	$	38.509	$	27.087	$	26.675	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884

Thousands of accumulation units outstanding, end of year/period		443		430		467		1,115		1,182		2,945		2,779		1,815		1,489		1,216


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	16.582	$	17.582	$	16.841	$	15.597	$	15.323	$	11.837	$	12.330

Unit value, end of year/period	$	21.284	$	16.582	$	17.582	$	16.841	$	15.597	$	15.323	$	11.837

Thousands of accumulation units outstanding, end of year/period		169		129		145		349		231		570		56


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Tier 2 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.140	$	10.000

Unit value, end of period	$	10.981	$	10.140

Thousands of accumulation units outstanding, end of period		236		36


	Goldman Sachs VIT Small Cap Equity Insights Fund (Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.716

Thousands of accumulation units outstanding, end of period		0


	Goldman Sachs VIT US Equity Insights Fund (Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.981

Thousands of accumulation units outstanding, end of period		236

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 8 -



	American Century VP Capital Appreciation Fund (Tier 2 Reduced Fee)
	2019		2018			2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	49.190	$	51.921		$	42.647	$	41.352	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734	$	21.350

Unit value, end of year/period	$	66.674	$	49.190		$	51.921	$	42.647	$	41.352	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734

Thousands of accumulation units outstanding, end of year/period		224		223			249		704		785		1,790		1,754		1,702		1,453		1,410


	American Funds Insurance Series New World Fund^® (Tier 2 Reduced Fee)
	2019		2018			2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	26.023	$	30.593		$	23.667	$	22.494	$	23.279	$	25.333	$	23.490

Unit value, end of year/period	$	33.888	$	26.023		$	30.593	$	23.667	$	22.494	$	23.279	$	25.333

Thousands of accumulation units outstanding, end of year/period		29		21			24		37		27		40		16


	Calvert VP SRI Balanced Portfolio (Tier 2 Reduced Fee)
	2019		2018			2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.022	$	6.210		$	5.564	$	5.177	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630	$	3.311

Unit value, end of year/period	$	7.466	$	6.022		$	6.210	$	5.564	$	5.177	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630

Thousands of accumulation units outstanding, end of year/period		1,114		1,078			1,227		1,893		1,828		5,300		4,901		4,576		3,992		2,976


	Delaware VIP^® Small Cap Value Series (Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.911

Thousands of accumulation units outstanding, end of period		2


	DWS Capital Growth VIP (Tier 2 Reduced Fee)
	2019		2018			2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	95.056	$	96.942		$	77.031	$	74.157	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488	$	35.018

Unit value, end of year/period	$	129.900	$	95.056		$	96.942	$	77.031	$	74.157	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488

Thousands of accumulation units outstanding, end of year/period		137		124			153		450		505		1,079		1,028		1,027		979		1,012


	MFS VIT III Mid Cap Value Portfolio (Tier 2 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.821	$	10.000

Unit value, end of period	$	11.554	$	8.821

Thousands of accumulation units outstanding, end of period		4		0	(6)


	Neuberger Berman AMT Sustainable Equity Portfolio (Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.554

Thousands of accumulation units outstanding, end of period		4

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

(6)	Fewer than 500 units.

- 9 -



	Invesco Oppenheimer V.I. Main Street Fund^® (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	47.686	$	51.953	$	44.598	$	40.100	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331	$	20.223

Unit value, end of year/period	$	62.763	$	47.686	$	51.953	$	44.598	$	40.100	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331

Thousands of accumulation units outstanding, end of year/period		60		61		54		161		132		306		263		228		168		148


	PIMCO Variable Insurance Trust Real Return Institutional Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	13.629	$	13.960	$	13.475	$	12.867	$	13.262	$	12.912	$	13.220

Unit value, end of year/period	$	14.766	$	13.629	$	13.960	$	13.475	$	12.867	$	13.262	$	12.912

Thousands of accumulation units outstanding, end of year/period		88		78		77		96		77		242		33


	T. Rowe Price Blue Chip Growth Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	31.727	$	31.161	$	22.933	$	22.803	$	20.594	$	18.940	$	16.420

Unit value, end of year/period	$	41.169	$	31.727	$	31.161	$	22.933	$	22.803	$	20.594	$	18.940

Thousands of accumulation units outstanding, end of year/period		323		263		204		292		329		246		62


	Victory RS Small Cap Growth Equity VIP Series (Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.509

Thousands of accumulation units outstanding, end of period		1

Tier 3 Reduced Fee (0.45% Separate Account Annual Expenses) Units (b)


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	7.238	$	7.618	$	6.290	$	5.652	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233	$	2.817

Unit value, end of year/period	$	9.462	$	7.238	$	7.618	$	6.290	$	5.652	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233

Thousands of accumulation units outstanding, end of year/period		22,503		24,020		22,371		18,392		15,480		26,165		23,153		21,083		19,183		18,116

(b)	Separate Account Annual Expenses are 0.45%. Performance prior to July 1, 2015 reflects Separate Account Annual Expenses of 0.50%. The units were initially offered for availability on August 1, 2010.

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 10 -


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	All America Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	19.288	$	21.121	$	17.767	$	16.008	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721	$	8.374

Unit value, end of year/period		24.647	$	19.288	$	21.121	$	17.767	$	16.008	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721

Thousands of accumulation units outstanding, end of year/period		2,060		2,324		2,484		1,958		1,999		3,856		3,887		3,757		3,657		3,693


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Small Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.232	$	2.624	$	2.434	$	2.037	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411	$	1.203

Unit value, end of year/period	$	2.646	$	2.232	$	2.624	$	2.434	$	2.037	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411

Thousands of accumulation units outstanding, end of year/period		16,383		18,295		18,932		15,925		14,190		24,315		23,684		22,328		20,423		18,868


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Small Cap Growth Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.339	$	2.686	$	2.179	$	2.025	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382	$	1.114

Unit value, end of year/period	$	2.948	$	2.339	$	2.686	$	2.179	$	2.025	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382

Thousands of accumulation units outstanding, end of year/period		19,622		22,248		23,020		17,967		16,709		26,691		27,028		23,200		21,888		19,920


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Small Cap Equity Index Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.324	$	10.000

Unit value, end of period	$	10.143	$	8.324

Thousands of accumulation units outstanding, end of period		388		242


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Mid Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.056	$	2.404	$	2.101	$	1.817	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220	$	1.067

Unit value, end of year/period	$	2.601	$	2.056	$	2.404	$	2.101	$	1.817	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220

Thousands of accumulation units outstanding, end of year/period		5,478		5,860		6,026		4,970		4,286		7,877		6,729		5,404		4,288		3,722


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Mid-Cap Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	4.548	$	5.148	$	4.456	$	3.714	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313	$	1.932

Unit value, end of year/period	$	5.704	$	4.548	$	5.148	$	4.456	$	3.714	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313

Thousands of accumulation units outstanding, end of year/period		20,549		22,738		22,363		19,817		18,248		28,504		27,009		22,051		19,637		17,743


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Composite Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	10.876	$	11.286	$	10.000	$	9.308	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495	$	5.987

Unit value, end of year/period	$	12,924	$	10.876	$	11.286	$	10.000	$	9.308	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495

Thousands of accumulation units outstanding, end of year/period		2,960		3,149		2,934		2,389		2,465		4,431		4,372		4,075		3,751		3,856

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 11 -


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	International Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	0.957	$	1.110	$	0.896	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777	$	0.688

Unit value, end of year/period	$	1,153	$	0.957	$	1.110	$	0.896	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777

Thousands of accumulation units outstanding, end of year/period		7,029		7,734		7,725		5,846		4,814		6,410		5,878		4,369		2,833		1,800


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Money Market Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.537	$	2.506	$	2.500	$	2.508	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590	$	2.597

Unit value, end of year/period	$	2.577	$	2.537	$	2.506	$	2.500	$	2.508	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590

Thousands of accumulation units outstanding, end of year/period		5,327		6,554		4,960		3,960		3,869		6,948		6,854		6,022		5,468		4,745


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Mid-Term Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.595	$	2.592	$	2.544	$	2.469	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231	$	2.233

Unit value, end of year/period	$	2.739	$	2.595	$	2.592	$	2.544	$	2.469	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231

Thousands of accumulation units outstanding, end of year/period		11,347		12,285		11,802		10,091		9,654		14,698		13,601		13,311		11,695		10,249


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.877	$	6.896	$	6.686	$	6.414	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474	$	5.460

Unit value, end of year/period	$	7.370	$	6.877	$	6.896	$	6.686	$	6.414	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474

Thousands of accumulation units outstanding, end of year/period		9,663		10,069		9,985		8,290		7,276		10,994		9,702		8,320		7,059		5,497


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Retirement Income Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.578	$	1.605	$	1.501	$	1.420	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129	$	1.087

Unit value, end of year/period	$	1.757	$	1.578	$	1.605	$	1.501	$	1.420	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129

Thousands of accumulation units outstanding, end of year/period		10,859		10,747		9,837		6,154		6,858		8,213		4,455		3,102		2,436		1,767


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2010 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.587	$	1.626	$	1.498	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063	$	0.995

Unit value, end of year/period	$	1.788	$	1.587	$	1.626	$	1.498	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063

Thousands of accumulation units outstanding, end of year/period		1,865		2,897		2,980		2,709		2,679		4,839		4,391		4,048		4,134		3,147


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2015 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.592	$	1.648	$	1.497	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027	$	0.948

Unit value, end of year/period	$	1.828	$	1.592	$	1.648	$	1.497	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027

Thousands of accumulation units outstanding, end of year/period		12,296		14,175		15,432		14,049		15,433		23,681		19,888		15,830		12,380		9,225

- 12 -


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2020 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.614	$	1.689	$	1.508	$	1.395	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996	$	0.905

Unit value, end of year/period	$	1.888	$	1.614	$	1.689	$	1.508	$	1.395	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996

Thousands of accumulation units outstanding, end of year/period		55,235		63,327		58,519		42,341		37,777		53,657		39,323		26,973		19,595		12,436


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2025 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.682	$	1.782	$	1.564	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986	$	0.880

Unit value, end of year/period	$	2.006	$	1.682	$	1.782	$	1.564	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986

Thousands of accumulation units outstanding, end of year/period		85,001		83,410		70,597		47,216		40,002		50,395		34,873		24,238		15,365		9,411


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2030 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.7837	$	1.866	$	1.616	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985	$	0.870

Unit value, end of year/period	$	2.109	$	1.737	$	1.866	$	1.616	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985

Thousands of accumulation units outstanding, end of year/period		71,816		69,769		57,496		40,504		31,802		39,955		27,662		19,813		13,168		7,037


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2035 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.739	$	1.885	$	1.617	$	1.457	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968	$	0.845

Unit value, end of year/period		2.140	$	1.739	$	1.885	$	1.617	$	1.457	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968

Thousands of accumulation units outstanding, end of year/period		61,566		60,016		47,896		33,452		25,679		32,459		22,875		16,021		10,303		6,773


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2040 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period		1.728	$	1.885	$	1.613	$	1.451	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965	$	0.839

Unit value, end of year/period		2.137	$	1.728	$	1.885	$	1.613	$	1.451	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965

Thousands of accumulation units outstanding, end of year/period		52,768		50,684		41,312		29,769		25,000		29,158		21,648		14,824		8,974		5,981


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2045 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.709	$	1.871	$	1.598	$	1.437	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959	$	0.833

Unit value, end of year/period	$	2.118	$	1.709	$	1.871	$	1.598	$	1.437	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959

Thousands of accumulation units outstanding, end of year/period		60,407		60,440		51,041		39,544		32,554		36,538		28,752		20,104		11,671		6,396


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2050 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of year/period	$	1.622	$	1.786	$	1.522	$	1.368	$	1.384	$	1.298	$	1.017	$	1.000

Unit value, end of year/period	$	2.013	$	1.622	$	1.786	$	1.522	$	1.368	$	1.384	$	1.298	$	1.017

Thousands of accumulation units outstanding, end of year/period		43,732		40,949		30,495		19,250		10,796		6,508		2,556		71

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

- 13 -


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2055 Retirement Fund
	2019		2018		2017		*2016(2)***
Unit value, beginning of year/period	$	1.107	$	1.220	$	1.039	$	1.000

Unit value, end of year/period	$	1.371	$	1.107	$	1.220	$	1.039

Thousands of accumulation units outstanding, end of year/period		19,184		11,949		4,496		244


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.926	$	10.000

Unit value, end of period	$	11.065	$	8.926

Thousands of accumulation units outstanding, end of period		457		84


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Conservative Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.997	$	2.048	$	1.888	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395	$	1.345

Unit value, end of year/period	$	2.266	$	1.997	$	2.048	$	1.888	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395

Thousands of accumulation units outstanding, end of year/period		12,877		13,506		14,828		10,429		8,827		12,387		9,283		8,127		6,095		4,383


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Moderate Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.531	$	2.659	$	2.349	$	2.163	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538	$	1.422

Unit value, end of year/period	$	3.002	$	2.531	$	2.659	$	2.349	$	2.163	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538

Thousands of accumulation units outstanding, end of year/period		28,989		31,704		30,570		23,723		19,957		30,595		26,308		21,064		16,381		13,906


	Mutual of America Investment Corporation (Tier 3 Reduced Fee)
	Aggressive Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.944	$	3.185	$	2.743	$	2.485	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648	$	1.463

Unit value, end of year/period	$	3.598	$	2.944	$	3.185	$	2.743	$	2.485	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648

Thousands of accumulation units outstanding, end of year/period		19,884		21,142		20,860		16,261		14,431		21,351		19,022		16,619		13,411		10,681


	Fidelity VIP Equity-Income Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	78.213	$	85.579	$	76.062	$	64.672	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620	$	36.336

Unit value, end of year/period	$	99.329	$	78.213	$	85.579	$	76.062	$	64.672	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620

Thousands of accumulation units outstanding, end of year/period		722		794		834		728		662		1,181		1,144		1,027		953		892


	Fidelity VIP Asset Manager Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	50.868	$	53.929	$	47.423	$	46.160	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033	$	31.610

Unit value, end of year/period	$	59.941	$	50.868	$	53.929	$	47.423	$	46.160	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033

Thousands of accumulation units outstanding, end of year/period		686		744		769		698		611		984		941		842		721		632

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 14 -


	Fidelity VIP Contrafund^® Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	93.382	$	100.085	$	82.399	$	76.577	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501	$	39.874

Unit value, end of year/period	$	122.441	$	93.382	$	100.085	$	82.399	$	76.577	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501

Thousands of accumulation units outstanding, end of year/period		1,413		1,616		1,637		1,373		1,349		2,491		2,398		2,253		2,097		1,939


	Fidelity VIP Mid Cap Portfolio (Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	80.617	$	94.657	$	78.619	$	70.292	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914	$	40.249

Unit value, end of year/period	$	99.173	$	80.617	$	94.657	$	78.619	$	70.292	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914

Thousands of accumulation units outstanding, end of year/period		463		536		533		434		420		720		701		593		507		455


	Vanguard Variable Insurance Fund Diversified Value Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	28.717	$	31.739	$	28.173	$	25.071	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303	$	13.706

Unit value, end of year/period	$	35.935	$	28.717	$	31.739	$	28.173	$	25.071	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303

Thousands of accumulation units outstanding, end of year/period		1,519		1,670		1,680		1,331		1,065		1,786		1,514		1,245		988		753


	Vanguard Variable Insurance Fund International Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	33.427	$	38.424	$	27.051	$	26.663	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884	$	19.636

Unit value, end of year/period	$	43.665	$	33.427	$	38.424	$	27.051	$	26.663	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884

Thousands of accumulation units outstanding, end of year/period		2,354		2,530		2,494		1,955		1,808		2,945		2,779		1,815		1,489		1,216


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	16.530	$	17.543	$	16.818	$	15.590	$	15.323	$	11.837	$	12.330

Unit value, end of year/period	$	21.196	$	16.530	$	17.543	$	16.818	$	15.590	$	15.323	$	11.837

Thousands of accumulation units outstanding, end of year/period		827		712		683		632		365		570		56


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Tier 3 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.135	$	10.000

Unit value, end of period	$	10.965	$	10.135

Thousands of accumulation units outstanding, end of period		870		179


	Goldman Sachs VIT Small Cap Equity Insights Fund (Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.710

Thousands of accumulation units outstanding, end of period		6

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 15 -


	Goldman Sachs VIT US Equity Insights Fund (Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.828

Thousands of accumulation units outstanding, end of period		17


	American Century VP Capital Appreciation Fund (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	49.036	$	51.806	$	42.589	$	41.333	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734	$	21.350

Unit value, end of year/period	$	66.399	$	49.036	$	51.806	$	42.589	$	41.333	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734

Thousands of accumulation units outstanding, end of year/period		1,241		1,315		1,312		1,091		1,081		1,790		1,754		1,702		1,453		1,410


	American Funds Insurance Series New World Fund^® (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	25.942	$	30.526	$	23.636	$	22.484	$	23.279	$	25.333	$	23.490

Unit value, end of year/period	$	33.749	$	25.942	$	30.526	$	23.636	$	22.484	$	23.279	$	25.333

Thousands of accumulation units outstanding, end of year/period		122		121		111		59		33		40		16


	Calvert VP SRI Balanced Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.004	$	6.196	$	5.557	$	5.175	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630	$	3.311

Unit value, end of year/period	$	7.436	$	6.004	$	6.196	$	5.557	$	5.175	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630

Thousands of accumulation units outstanding, end of year/period		4,905		4,985		4,957		4,133		3,682		5,300		4,901		4,576		3,992		2,976


	Delaware VIP^® Small Cap Value Series (Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.905

Thousands of accumulation units outstanding, end of period		20


	DWS Capital Growth VIP (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	94.759	$	96.729	$	76.927	$	74.123	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488	$	35.018

Unit value, end of year/period	$	129.336	$	94.759	$	96.729	$	76.927	$	74.123	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488

Thousands of accumulation units outstanding, end of year/period		683		761		733		657		648		1,079		1,028		1,027		979		1,012


	MFS VIT III Mid Cap Value Portfolio (Tier 3 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.816	$	10.000

Unit value, end of period	$	11.537	$	8.816

Thousands of accumulation units outstanding, end of period		58		8

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 16 -


	Neuberger Berman AMT Sustainable Equity Portfolio (Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.038

Thousands of accumulation units outstanding, end of period		24


	Invesco Oppenheimer V.I. Main Street Fund^® (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	47.538	$	51.840	$	44.539	$	40.082	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331	$	20.223

Unit value, end of year/period	$	62.507	$	47.538	$	51.840	$	44.539	$	40.082	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331

Thousands of accumulation units outstanding, end of year/period		265		261		289		210		186		306		263		228		168		148


	PIMCO Variable Insurance Trust Real Return Institutional Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013(3)
Unit value, beginning of year/period	$	13.587	$	13.928	$	13.456	$	12.861	$	13.262	$	12.912	$	13.220

Unit value, end of year/period	$	14.705	$	13.587	$	13.928	$	13.456	$	12.861	$	13.262	$	12.912

Thousands of accumulation units outstanding, end of year/period		584		521		453		330		233		242		33


	T. Rowe Price Blue Chip Growth Portfolio (Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013(3)
Unit value, beginning of year/period	$	31.628	$	31.092	$	22.902	$	22.792	$	20.594	$	18.940	$	16.420

Unit value, end of year/period	$	40.999	$	31.628	$	31.092	$	22.902	$	22.792	$	20.594	$	18.940

Thousands of accumulation units outstanding, end of year/period		1,981		2,043		1,268		551		543		246		62


	Victory RS Small Cap Growth Equity VIP Series (Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.504

Thousands of accumulation units outstanding, end of period		14

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 17 -

Tier 4 Reduced Fee (0.60% Separate Account Annual Expenses) Units (c)


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	7.166	$	7.554	$	6.247	$	5.621	$	5.585	$	4.951	$	3.772	$	3.273	$	3.232	$	2.834

Unit value, end of year	$	9.354	$	7.166	$	7.554	$	6.247	$	5.621	$	5.585	$	4.951	$	3.772	$	3.273	$	3.232

Units Outstanding (000’s), end of year		10,527		11,869		12,631		15,369		15,362		15,370		15,570		15,134		15,505		15,904



	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	All America Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	19.097	$	20.944	$	17.645	$	15.921	$	16.023	$	14.500	$	11.042	$	9.681	$	9.717	$	8.295

Unit value, end of year	$	24.367	$	19.097	$	20.944	$	17.645	$	15.921	$	16.023	$	14.500	$	11.042	$	9.681	$	9.717

Units Outstanding (000’s), end of year		1,038		1,209		1,278		1,868		2,071		2,249		2,472		2,659		2,995		3,018


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Small Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.209	$	2.602	$	2.417	$	2.026	$	2.109	$	2.018	$	1.569	$	1.368	$	1.411	$	1.110

Unit value, end of year	$	2.615	$	2.209	$	2.602	$	2.417	$	2.026	$	2.109	$	2.018	$	1.569	$	1.368	$	1.411

Units Outstanding (000’s), end of year		6,929		8,502		10,456		15,192		16,346		17,994		19,920		19,523		19,674		19,492


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Small Cap Growth Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.315	$	2.663	$	2.164	$	2.013	$	2.075	$	1.975	$	1.407	$	1.341	$	1.381	$	1.042

Unit value, end of year	$	2.913	$	2.315	$	2.663	$	2.164	$	2.013	$	2.075	$	1.975	$	1.407	$	1.341	$	1.381

Units Outstanding (000’s), end of year		9.156		10,636		12,011		16,304		18,644		20,022		22,393		20,579		21,903		20,384


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Small Cap Equity Index Fund
	2019		2018(4)
Unit value, beginning of period	$	8.317	$	10.000

Unit value, end of period	$	10,120	$	8.317

Units Outstanding (000’s), end of period		137		86


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Mid-Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.036	$	2.384	$	2.087	$	1.807	$	1.880	$	1.662	$	1.309	$	1.187	$	1.220	$	1.031

Unit value, end of year	$	2.571	$	2.036	$	2.384	$	2.087	$	1.807	$	1.880	$	1.662	$	1.309	$	1.187	$	1.220

Units Outstanding (000’s), end of year		3,170		3,469		3,800		4,711		5,050		5,333		4,661		4,028		4,202		3,827

(c)	Separate Account Annual Expenses are 0.60%. Performance prior to August 1, 2010 reflects Separate Account Annual Expenses of 0.50%.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 18 -


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Mid-Cap Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	4.502	$	5.104	$	4.425	$	3.694	$	3.806	$	3.492	$	2.637	$	2.252	$	2.312	$	1.841

Unit value, end of year	$	5.639	$	4.502	$	5.104	$	4.425	$	3.694	$	3.806	$	3.492	$	2.637	$	2.252	$	2.312

Units Outstanding (000’s), end of year		10,168		11,546		13,323		16,973		16,570		17,068		17,942		17,603		18,266		17,871


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Composite Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	10.771	$	11.194	$	9.933	$	9.259	$	9.241	$	8.520	$	7.366	$	6.637	$	6.492	$	5.880

Unit value, end of year	$	12.780	$	10.771	$	11.194	$	9.933	$	9.259	$	9.241	$	8.520	$	7.366	$	6.637	$	6.492

Units Outstanding (000’s), end of year		1,257		1,539		1,652		2,192		2,216		2,404		2,485		2,715		2,995		2,944


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	International Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	0.948	$	1.101	$	0.889	$	0.880	$	0.891	$	0.954	$	0.796	$	0.675	$	0.776	$	0.721

Unit value, end of year	$	1.140	$	0.948	$	1.101	$	0.889	$	0.880	$	0.891	$	0.954	$	0.796	$	0.675	$	0.776

Units Outstanding (000’s), end of year		4,350		4,501		5,471		4,459		4,640		4,407		4,222		3,419		3,093		2,606


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Money Market Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.513	$	2.485	$	2.483	$	2.494	$	2.512	$	2.530	$	2.549	$	2.569	$	2.589	$	2.607

Unit value, end of year	$	2.548	$	2.513	$	2.485	$	2.483	$	2.494	$	2.512	$	2.530	$	2.549	$	2.569	$	2.589

Units Outstanding (000’s), end of year		2,551		2,434		2,168		2,976		3,204		4,149		4,629		4,873		4,996		4,946


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Mid-Term Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.571	$	2.572	$	2.528	$	2.457	$	2.457	$	2.394	$	2.422	$	2.358	$	2.230	$	2.097

Unit value, end of year	$	2.710	$	2.571	$	2.572	$	2.528	$	2.457	$	2.457	$	2.394	$	2.422	$	2.358	$	2.230

Units Outstanding (000’s), end of year		4,286		5,155		5,860		6,933		7,265		8,582		9,099		10,826		10,868		9,893


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	6.812	$	6.842	$	6.642	$	6.382	$	6.399	$	6.054	$	6.147	$	5.837	$	5.473	$	5.129

Unit value, end of year	$	7.289	$	6.812	$	6.842	$	6.642	$	6.382	$	6.399	$	6.054	$	6.147	$	5.837	$	5.473

Units Outstanding (000’s), end of year		4,009		4,763		5,729		6,820		6,722		7,466		7,707		7,343		6,616		5,757


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Retirement Income Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.563	$	1.591	$	1.491	$	1.413	$	1.414	$	1.335	$	1.251	$	1.174	$	1.128	$	1.040

Unit value, end of year	$	1.737	$	1.563	$	1.591	$	1.491	$	1.413	$	1.414	$	1.335	$	1.251	$	1.174	$	1.128

Units Outstanding (000’s), end of year		7,366		7,321		7,912		4,336	$	3,881		3,922		3,406		2,916		1,937		1,196


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2010 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.572	$	1.612	$	1.487	$	1.400	$	1.402	$	1.319	$	1.187	$	1.089	$	1.063	$	0.960

Unit value, end of year	$	1.767	$	1.572	$	1.612	$	1.487	$	1.400	$	1.402	$	1.319	$	1.187	$	1.089	$	1.063

Units Outstanding (000’s), end of year		1,190		1,348		1,500		1,565		2,170		2,570		2,087		1,988		2,221		2,176

- 19 -


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2015 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.576	$	1.634	$	1.486	$	1.388	$	1.392	$	1.307	$	1.145	$	1.042	$	1.027	$	0.920

Unit value, end of year	$	1.807	$	1.576	$	1.634	$	1.486	$	1.388	$	1.392	$	1.307	$	1.145	$	1.042	$	1.027

Units Outstanding (000’s), end of year		7,253		8,779		10,350		12,718		13,332		13,797		12,429		11,983		10,378		7,783


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2020 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.598	$	1.675	$	1.497	$	1.387	$	1.394	$	1.306	$	1.116	$	1.005	$	0.996	$	0.879

Unit value, end of year	$	1.867	$	1.598	$	1.675	$	1.497	$	1.387	$	1.394	$	1.306	$	1.116	$	1.005	$	0.996

Units Outstanding (000’s), end of year		29,945		34,614		36,689		39,926		36,826		33,029		26,321		22,804		15,461		10,191


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2025 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.665	$	1.767	$	1.553	$	1.423	$	1.433	$	1.334	$	1.108	$	0.988	$	0.986	$	0.858

Unit value, end of year	$	1.982	$	1.665	$	1.767	$	1.553	$	1.423	$	1.433	$	1.334	$	1.108	$	0.988	$	0.986

Units Outstanding (000’s), end of year		43,917		44,237		43,563		46,677		38,021		33,956		27,083		16,731		13,167		7,522


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2030 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.720	$	1.850	$	1.604	$	1.457	$	1.469	$	1.363	$	1.108	$	0.981	$	0.985	$	0.849

Unit value, end of year	$	2.084	$	1.720	$	1.850	$	1.604	$	1.457	$	1.469	$	1.363	$	1.108	$	0.981	$	0.985

Units Outstanding (000’s), end of year		44,865		41,634		37,755		38,155		33,205		26,645		21,668		14,561		10,769		8,739


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2035 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.721	$	1.869	$	1.605	$	1.449	$	1.463	$	1.360	$	1.086	$	0.955	$	0.967	$	0.827

Unit value, end of year	$	2.115	$	1.721	$	1.869	$	1.605	$	1.449	$	1.463	$	1.360	$	1.086	$	0.955	$	0.967

Units Outstanding (000’s), end of year		34,034		34,740		33,115		32,296		29,082		24,934		17,745		12,486		8,810		5,448


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2040 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.710	$	1.869	$	1.602	$	1.443	$	1.461	$	1.364	$	1.079	$	0.947	$	0.965	$	0.819

Unit value, end of year	$	2.113	$	1.710	$	1.869	$	1.602	$	1.443	$	1.461	$	1.364	$	1.079	$	0.947	$	0.965

Units Outstanding (000’s), end of year		28,671		28,448		26,662		26,692		23,292		20,906		15,018		11,139		8,428		5,075


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2045 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.691	$	1.855	$	1.587	$	1.429	$	1.448	$	1.356	$	1.069	$	0.939	$	0.959	$	0.813

Unit value, end of year	$	2.094	$	1.691	$	1.855	$	1.587	$	1.429	$	1.448	$	1.356	$	1.069	$	0.939	$	0.959

Units Outstanding (000’s), end of year		32,326		32,116		31,560		32,421		29,561		26,893		21,633		15,539		12,332		7,515


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2050 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012(1)
Unit value, beginning of period/year	$	1,608	$	1.773	$	1.513	$	1.362	$	1.380	$	1.295	$	1.017	$	1.000

Unit value, end of period/year	$	1.992	$	1.608	$	1.773	$	1.513	$	1.362	$	1.380	$	1.295	$	1.017

Units Outstanding (000’s), end of period/year		23,912		22,294		19,548		16,730		10,233		5,263		1,790		103

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

- 20 -


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2055 Retirement Fund
	2019		2018		2017		*2016(2)***
Unit value, beginning of period/year	$	1.103	$	1.218	$	1.038	$	1.000

Unit value, end of period/year	$	1.364	$	1.103	$	1.218	$	1.038

Units Outstanding (000’s), end of period/year		12,447		7,606		4,126		255


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.919	$	10.000

Unit value, end of period	$	11,040	$	8.919

Units Outstanding (000’s), end of period		276		48


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Conservative Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.978	$	2.032	$	1.876	$	1.769	$	1.772	$	1.671	$	1.566	$	1.467	$	1.394	$	1.282

Unit value, end of year	$	2.241	$	1.978	$	2.032	$	1.876	$	1.769	$	1.772	$	1.671	$	1.566	$	1.467	$	1.394

Units Outstanding (000’s), end of year		8,750		9,165		8,404		9,594		9,906		9,729		9,530		7,760		6,340		4,492


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Moderate Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.506	$	2.638	$	2.333	$	2.152	$	2.161	$	2.018	$	1.755	$	1.592	$	1.537	$	1.367

Unit value, end of year	$	2.968	$	2.506	$	2.638	$	2.333	$	2.152	$	2.161	$	2.018	$	1.755	$	1.592	$	1.537

Units Outstanding (000’s), end of year		14,828		16,973		16,866		21,092		21,965		21,927		21,272		19,421		17,456		13,988


	Mutual of America Investment Corporation (Tier 4 Reduced Fee)
	Aggressive Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.916	$	3.158	$	2.724	$	2.472	$	2.496	$	2.332	$	1.889	$	1.676	$	1.648	$	1.416

Unit value, end of year	$	3.557	$	2.916	$	3.158	$	2.724	$	2.472	$	2.496	$	2.332	$	1.889	$	1.676	$	1.648

Units Outstanding (000’s), end of year		8,820		10,447		11,498		14,021		15,927		16,519		16,495		14,372		14,088		12,952


	Fidelity
	VIP Equity Income Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	77.418	$	84.838	$	75.517	$	64.306	$	67.288	$	62.200	$	48.782	$	41.796	$	41.602	$	36.290

Unit value, end of year	$	98.171	$	77.418	$	84.838	$	75.517	$	64.306	$	67.288	$	62.200	$	48.782	$	41.796	$	41.602

Units Outstanding (000’s), end of year		339		396		467		629		673		755		818		778		785		805

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 21 -


	Fidelity
	VIP Asset Manager Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	50.354	$	53.465	$	47.084	$	45.899	$	46.065	$	43.741	$	37.994	$	33.950	$	35.018	$	30.783

Unit value, end of year	$	59.246	$	50.354	$	53.465	$	47.084	$	45.899	$	46.065	$	43.741	$	37.994	$	33.950	$	35.018

Units Outstanding (000’s), end of year		262		327		353		472		568		612		584		589		614		611


	Fidelity
	VIP Contrafund^® Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	92.431	$	99.218	$	81.809	$	76.143	$	75.980	$	68.209	$	52.215	$	45.080	$	46.481	$	39.830

Unit value, end of year	$	121.012	$	92.431	$	99.218	$	81.809	$	76.143	$	75.980	$	68.209	$	52.215	$	45.080	$	46.481

Units Outstanding (000’s), end of year		648		775		930		1,262		1,460		1,601		1,694		1,737		1,776		1,774


	Fidelity
	VIP Mid Cap Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	79.794	$	93.835	$	78.054	$	69.891	$	71.223	$	67.344	$	49.683	$	43.485	$	48.893	$	38.119

Unit value, end of year	$	98.013	$	79.794	$	93.835	$	78.054	$	69.891	$	71.223	$	67.344	$	49.683	$	43.485	$	48.893

Units Outstanding (000’s), end of year		234		276		320		409		453		489		508		492		502		522


	Vanguard
	Variable Insurance Fund Diversified Value Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	28.435	$	31.476	$	27.981	$	24.938	$	25.698	$	23.539	$	18.299	$	15.802	$	15.297	$	14.068

Unit value, end of year	$	35.528	$	28.435	$	31.476	$	27.981	$	24.938	$	25.698	$	23.539	$	18.299	$	15.802	$	15.297

Units Outstanding (000’s), end of year		697		761		868		1,165		1,235		1,289		1,264		1,105		957		828


	Vanguard
	Variable Insurance Fund International Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	33.097	$	38.103	$	26.866	$	26.520	$	26.892	$	28.798	$	23.480	$	19.661	$	22.876	$	19.875

Unit value, end of year	$	43.169	$	33.097	$	38.103	$	26.866	$	26.520	$	26.892	$	28.798	$	23.480	$	19.661	$	22.876

Units Outstanding (000’s), end of year		961		1,148		1,250		1,655		1,840		1,980		2,086		1,470		1,456		1,405


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	16.413	$	17.446	$	16.751	$	15.551	$	15.304	$	11.833	$	12.330

Unit value, end of period/year	$	21.015	$	16.413	$	17.446	$	16.751	$	15.551	$	15.304	$	11.833

Units Outstanding (000’s), end of period/year		393		411		489		625		503		454		53


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Tier 4 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.128	$	10.000

Unit value, end of period	$	10.940	$	10.128

Units Outstanding (000’s), end of period		335		57

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 22 -


	Goldman Sachs VIT Small Cap Equity Insights Fund (Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.702

Units Outstanding (000’s), end of period		5


	Goldman Sachs VIT US Equity Insights Fund (Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.820

Units Outstanding (000’s), end of period		1


	American Century VP Capital Appreciation Fund (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	48.536	$	51.357	$	42.284	$	41.099	$	40.459	$	37.543	$	28.778	$	24.896	$	26.723	$	20.414

Unit value, end of year	$	65.624	$	48.536	$	51.357	$	42.284	$	41.099	$	40.459	$	37.543	$	28.778	$	24.896	$	26.723

Units Outstanding (000’s), end of year		566		671		770		1,042		1,236		1,283		1,364		1,364		1,389		1,315


	American Funds Insurance Series New World Fund^® (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	25.761	$	30.358	$	23.542	$	22.428	$	23.250	$	25.325	$	23.490

Unit value, end of period/year	$	33.462	$	25.761	$	30.358	$	23.542	$	22.428	$	23.250	$	25.325

Units Outstanding (000’s), end of period/year		71		69		81		65		61		47		10


	Calvert VP SRI Balanced Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	5.946	$	6.146	$	5.520	$	5.148	$	5.295	$	4.861	$	4.143	$	3.772	$	3.629	$	3.255

Unit value, end of year	$	7.353	$	5.946	$	6.146	$	5.520	$	5.148	$	5.295	$	4.861	$	4.143	$	3.772	$	3.629

Units Outstanding (000’s), end of year		2,614		2,957		3,092		3,397		3,585		3,935		3,765		3,387		3,641		3,787


	Delaware VIP^® Small Cap Value Series (Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.897

Units Outstanding (000’s), end of period		4


	DWS Capital Growth VIP (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	93.825	$	95.922	$	76.401	$	73.727	$	68.283	$	60.807	$	45.430	$	39.381	$	41.472	$	35.728

Unit value, end of year	$	127.899	$	93.825	$	95.922	$	76.401	$	73.727	$	68.283	$	60.807	$	45.430	$	39.381	$	41.472

Units Outstanding (000’s), end of year		341		378		406		534		635		658		719		754		805		746


	MFS VIT III Mid Cap Value Portfolio (Tier 4 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.810	$	10.000

Unit value, end of period	$	11.511	$	8.810

Units Outstanding (000’s), end of period		37		4

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 23 -


	Neuberger Berman AMT Sustainable Equity Portfolio (Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.029

Units Outstanding (000’s), end of period		8


	Invesco Oppenheimer V.I. Main Street Fund^® (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	47.071	$	51.409	$	44.235	$	39.868	$	38.815	$	35.276	$	26.929	$	23.180	$	23.322	$	20.196

Unit value, end of year	$	61.800	$	47.071	$	51.409	$	44.235	$	39.868	$	38.815	$	35.276	$	26.929	$	23.180	$	23.322

Units Outstanding (000’s), end of year		128		138		171		219		213		201		188		173		153		131


	PIMCO Variable Insurance Trust Real Return Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	13.498	$	13.858	$	13.408	$	12.829	$	13.239	$	12.908	$	13.220

Unit value, end of period/year	$	14.587	$	13.498	$	13.858	$	13.408	$	12.829	$	13.239	$	12.908

Units Outstanding (000’s), end of period/year		247		210		245		262		247		204		48


	T. Rowe Price Blue Chip Growth Portfolio (Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	31.403	$	30.918	$	22.809	$	22.734	$	20.566	$	18.933	$	16.420

Unit value, end of period/year	$	40.646	$	31.403	$	30.918	$	22.809	$	22.734	$	20.566	$	18.933

Units Outstanding (000’s), end of period/year		973		999		791		526		553		200		44


	Victory RS Small Cap Growth Equity VIP Series (Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.496

Units Outstanding (000’s), end of period		7

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 24 -

Tier 5 Reduced Fee (0.95% Separate Account Annual Expenses) (d)


	Mutual of America Investment Corporation Equity Index Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	6.700	$	7.087	$	5.889	$	5.331	$	5.330	$	4.753	$	3.643	$	3.180	$	3.159	$	2.783

Unit value, end of year	$	8.715	$	6.700	$	7.087	$	5.889	$	5.331	$	5.330	$	4.753	$	3.643	$	3.180	$	3.159

Thousands of accumulation units outstanding, end of year		4,894		5,112		5,705		31,834		53,148		57,445		55,789		59,193		61,506		66,679


	Mutual of America Investment Corporation All America Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	17.853	$	19.649	$	16.633	$	15.100	$	15.288	$	13.919	$	10.663	$	9.406	$	9.497	$	8.147

Unit value, end of year	$	22.700	$	17.853	$	19.649	$	16.633	$	15.100	$	15.288	$	13.919	$	10.663	$	9.406	$	9.497

Thousands of accumulation units outstanding, end of year		340		453		642		5,622		9,653		10,455		11,577		12,478		13,523		15,222


	Mutual of America Investment Corporation Small Cap Value Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.065	$	2.441	$	2.279	$	1.921	$	2.013	$	1.937	$	1.516	$	1.329	$	1.379	$	1.091

Unit value, end of year	$	2.437	$	2.065	$	2.441	$	2.279	$	1.921	$	2.013	$	1.937	$	1.516	$	1.329	$	1.379

Thousands of accumulation units outstanding, end of year		3,172		3,634		4,249		30,421		48,899		52,895		60,755		65,627		71,636		75,792


	Mutual of America Investment Corporation Small Cap Growth Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.165	$	2.499	$	2.040	$	1.910	$	1.980	$	1.896	$	1.359	$	1.303	$	1.350	$	1.023

Unit value, end of year	$	2.715	$	2.165	$	2.499	$	2.040	$	1.910	$	1.980	$	1.896	$	1.359	$	1.303	$	1.350

Thousands of accumulation units outstanding, end of year		4,127		4,792		5,252		34,526		58,519		59,683		73,999		70,509		79,438		81,486


	Mutual of America Investment Corporation Small Cap Equity Index Fund (Tier 5 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.303	$	10.000

Unit value, end of period	$	10.066	$	8.303

Thousands of accumulation units outstanding, end of period		60		33


	Mutual of America Investment Corporation Mid Cap Value Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.903	$	2.236	$	1.967	$	1.714	$	1.794	$	1.596	$	1.264	$	1.153	$	1.192	$	1.013

Unit value, end of year	$	2.395	$	1.903	$	2.236	$	1.967	$	1.714	$	1.794	$	1.596	$	1.264	$	1.153	$	1.192

Thousands of accumulation units outstanding, end of year		1,087		1,535		1,752		9,510		15,486		18,280		15,364		14,987		15,772		15,980

(d)	Separate Account Annual Expenses are 0.95%. Performance between August 1, 2010 and June 30, 2017 reflects Total Separate Account Annual Expenses of 1.20%. Performance prior to August 1, 2010 reflects Separate Account Annual Expenses of 0.90%.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 25 -


	Mutual of America Investment Corporation Mid-Cap Equity Index Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	4.209	$	4.789	$	4.171	$	3.503	$	3.632	$	3.352	$	2.547	$	2.188	$	2.260	$	1.808

Unit value, end of year	$	5.254	$	4.209	$	4.789	$	4.171	$	3.503	$	3.632	$	3.352	$	2.547	$	2.188	$	2.260

Thousands of accumulation units outstanding, end of year		4,083		4,573		5,414		33,482		58,446		63,510		69,280		66,532		70,910		69,874


	Mutual of America Investment Corporation Composite Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	10.066	$	10.499	$	9.362	$	8.780	$	8.816	$	8.178	$	7.113	$	6.448	$	6.346	$	5.775

Unit value, end of year	$	11.903	$	10.066	$	10.499	$	9.362	$	8.780	$	8.816	$	8.178	$	7.113	$	6.448	$	6.346

Thousands of accumulation units outstanding, end of year		613		719		827		6,487		10,951		11,632		12,383		13,626		14,678		16,413


	Mutual of America Investment Corporation International Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	0.895	$	1.042	$	0.846	$	0.842	$	0.858	$	0.924	$	0.776	$	0.662	$	0.766	$	0.715

Unit value, end of year	$	1.072	$	0.895	$	1.042	$	0.846	$	0.842	$	0.858	$	0.924	$	0.776	$	0.662	$	0.766

Units Outstanding (000’s), end of year		1,615		2,028		1,707		7,235		9,614		8,706		9,019		9,256		7,800		6,707


	Mutual of America Investment Corporation Money Market Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.348	$	2.331	$	2.340	$	2.365	$	2.396	$	2.429	$	2.462	$	2.496	$	2.531	$	2.560

Unit value, end of year	$	2.373	$	2.348	$	2.331	$	2.340	$	2.365	$	2.396	$	2.429	$	2.462	$	2.496	$	2.531

Thousands of accumulation units outstanding, end of year		1,458		1,748		1,648		7,992		9,755		11,341		12,778		15,265		17,362		20,295


	Mutual of America Investment Corporation Mid-Term Bond Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.402	$	2.411	$	2.382	$	2.329	$	2.343	$	2.297	$	2.338	$	2.290	$	2.180	$	2.060

Unit value, end of year	$	2.523	$	2.402	$	2.411	$	2.382	$	2.329	$	2.343	$	2.297	$	2.338	$	2.290	$	2.180

Thousands of accumulation units outstanding, end of year		1,789		2,118		2,590		13,855		23,061		24,803		27,517		33,149		35,372		38,104


	Mutual of America Investment Corporation Bond Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	6.365	$	6.415	$	6.258	$	6.050	$	6.103	$	5.810	$	5.935	$	5.670	$	5.349	$	5.037

Unit value, end of year	$	6.786	$	6.365	$	6.415	$	6.258	$	6.050	$	6.103	$	5.810	$	5.935	$	5.670	$	5.349

Thousands of accumulation units outstanding, end of year		1,649		1,762		2,164		12,112		19,149		20,888		21,938		23,438		23,165		21,945


	Mutual of America Investment Corporation Retirement Income Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.474	$	1.507	$	1.419	$	1.352	$	1.362	$	1.294	$	1.220	$	1.152	$	1.113	$	1.031

Unit value, end of year	$	1.634	$	1.474	$	1.507	$	1.419	$	1.352	$	1.362	$	1.294	$	1.220	$	1.152	$	1.113

Units Outstanding (000’s), end of year		2,918		2,662		3,021		7,316		11,481		10,750		9,177		8,962		8,162		5,971

- 26 -


	Mutual of America Investment Corporation 2010 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.483	$	1.527	$	1.415	$	1.340	$	1.351	$	1.279	$	1.158	$	1.068	$	1.049	$	0.951

Unit value, end of year	$	1.662	$	1.483	$	1.527	$	1.415	$	1.340	$	1.351	$	1.279	$	1.158	$	1.068	$	1.049

Units Outstanding (000’s), end of year		1,122		800		877		2,482		6,188		6,133		6,527		7,087		7,327		7,227


	Mutual of America Investment Corporation 2015 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.487	$	1.548	$	1.414	$	1.329	$	1.341	$	1.267	$	1.117	$	1.022	$	1.013	$	0.912

Unit value, end of year	$	1.699	$	1.487	$	1.548	$	1.414	$	1.329	$	1.341	$	1.267	$	1.117	$	1.022	$	1.013

Units Outstanding (000’s), end of year		2,808		3,129		4,960		15,943		35,223		36,928		37,589		39,009		36,243		33,377


	Mutual of America Investment Corporation 2020 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.508	$	1.586	$	1.425	$	1.328	$	1.343	$	1.266	$	1.088	$	0.986	$	0.983	$	0.871

Unit value, end of year	$	1.755	$	1.508	$	1.586	$	1.425	$	1.328	$	1.343	$	1.266	$	1.088	$	0.986	$	0.983

Units Outstanding (000’s), end of year		14,103		15,907		17,229		50,676		77,960		69,565		64,446		52,040		42,477		34,563		23,701


	Mutual of America Investment Corporation 2025 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.571	$	1.674	$	1.478	$	1.362	$	1.380	$	1.293	$	1.081	$	0.969	$	0.972	$	0.851	$	0.686

Unit value, end of year	$	1.864	$	1.571	$	1.674	$	1.478	$	1.362	$	1.380	$	1.293	$	1.081	$	0.969	$	0.972	$	0.851

Units Outstanding (000’s), end of year		18,305		20,832		18,776		57,910		78,228		67,887		63,819		53,778		41,690		32,390		20,565


	Mutual of America Investment Corporation 2030 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.623	$	1.752	$	1.527	$	1.396	$	1.416	$	1.321	$	1.081	$	0.962	$	0.972	$	0.842	$	0.672

Unit value, end of year	$	1.960	$	1.623	$	1.752	$	1.527	$	1.396	$	1.416	$	1.321	$	1.081	$	0.962	$	0.972	$	0.842

Units Outstanding (000’s), end of year		17,373		17,692		17,406		46,573		57,899		50,653		47,430		41,160		33,092		24,247		16,971


	Mutual of America Investment Corporation 2035 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.625	$	1.770	$	1.528	$	1.388	$	1.410	$	1.318	$	1.059	$	0.937	$	0.954	$	0.819	$	0.651

Unit value, end of year	$	1.989	$	1.625	$	1.770	$	1.528	$	1.388	$	1.410	$	1.318	$	1.059	$	0.937	$	0.954	$	0.819

Units Outstanding (000’s), end of year		14,680		15,167		15,463		41,698		47,810		41,438		38,511		33,044		25,363		20,271		12,881

- 27 -


	Mutual of America Investment Corporation 2040 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.614	$	1.770	$	1.524	$	1.382	$	1.407	$	1.322	$	1.052	$	0.929	$	0.952	$	0.812	$	0.641

Unit value, end of year	$	1.987	$	1.614	$	1.770	$	1.524	$	1.382	$	1.407	$	1.322	$	1.052	$	0.929	$	0.952	$	0.812

Units Outstanding (000’s), end of year		13,579		12,772		11,921		34,955		38,613		35,020		35,092		30,913		24,331		18,624		11,295


	Mutual of America Investment Corporation 2045 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.596	$	1.757	$	1.510	$	1.368	$	1.395	$	1.315	$	1.042	$	0.921	$	0.946	$	0.806	$	0.638

Unit value, end of year	$	1.969	$	1.596	$	1.757	$	1.510	$	1.368	$	1.395	$	1.315	$	1.042	$	0.921	$	0.946	$	0.806

Units Outstanding (000’s), end of year		13,649		13,857		12,860		42,672		46,205		42,514		41,653		37,864		28,787		21,213		12,807


	Mutual of America Investment Corporation 2050 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of period/year	$	1.554	$	1.720	$	1.475	$	1.335	$	1.361	$	1.286	$	1.015	$	1.000

Unit value, end of period/year	$	1.919	$	1.554	$	1.720	$	1.475	$	1.335	$	1.361	$	1.286	$	1.015

Units Outstanding (000’s), end of period/year		10,806		10,142		8,649		19,943		15,046		9,097		4,702		493


	Mutual of America Investment Corporation 2055 Retirement Fund (Tier 5 Reduced Fee)
	2019		2018		2017		*2016(2)***
Unit value, beginning of period/year	$	1.092	$	1.210	$	1.037	$	1.000

Unit value, end of period/year	$	1.346	$	1.092	$	1.210	$	1.037

Units Outstanding (000’s), end of period/year		4,962		3,554		1,339		451


	Mutual of America Investment Corporation 2060 Retirement Fund (Tier 5 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.903	$	10.000

Unit value, end of period	$	10.982	$	8.903

Units Outstanding (000’s), end of period		117		21


	Mutual of America Investment Corporation Conservative Allocation Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.848	$	1.905	$	1.768	$	1.677	$	1.690	$	1.604	$	1.512	$	1.425	$	1.363	$	1.259

Unit value, end of year	$	2.087	$	1.848	$	1.905	$	1.768	$	1.677	$	1.690	$	1.604	$	1.512	$	1.425	$	1.363

Thousands of accumulation units outstanding, end of year		2,825		3,409		4,252		15,175		25,936		25,746		23,231		23,645		19,459		17,239

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 28 -


	Mutual of America Investment Corporation Moderate Allocation Fund(Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.342	$	2.474	$	2.199	$	2.040	$	2.062	$	1.937	$	1.695	$	1.547	$	1.503	$	1.342

Unit value, end of year	$	2.765	$	2.342	$	2.474	$	2.199	$	2.040	$	2.062	$	1.937	$	1.695	$	1.547	$	1.503

Thousands of accumulation units outstanding, end of year		77,343		8,530		9,778		34,284		54,387		55,236		57,199		56,603		51,632		51,013


	Mutual of America Investment Corporation Aggressive Allocation Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.725	$	2.963	$	2.568	$	2.344	$	2.382	$	2.239	$	1.824	$	1.628	$	1.611	$	1.391

Unit value, end of year	$	3.314	$	2.725	$	2.963	$	2.568	$	2.344	$	2.382	$	2.239	$	1.824	$	1.628	$	1.611

Thousands of accumulation units outstanding, end of year		4,863		5,339		5,778		25,450		36,104		37,261		39,964		42,816		42,489		41,698


	Fidelity VIP Equity-Income Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	72.393	$	79.613	$	71.207	$	61.004	$	64.219	$	59.726	$	47.118	$	40.611	$	40.663	$	35.642

Unit value, end of year	$	91.479	$	72.393	$	79.613	$	71.207	$	61.004	$	64.219	$	59.726	$	47.118	$	40.611	$	40.663

Thousands of accumulation units outstanding, end of year		127		151		195		1,301		2,026		2,291		2,482		2,646		2,871		3,148


	Fidelity VIP Asset Manager Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	47.082	$	50.168	$	44.395	$	43.541	$	43.964	$	42.002	$	36.698	$	32.987	$	34.227	$	30.233

Unit value, end of year	$	55.202	$	47.082	$	50.168	$	44.395	$	43.541	$	43.964	$	42.002	$	36.698	$	32.987	$	34.227

Thousands of accumulation units outstanding, end of year		114		134		177		898		1,525		1,634		1,740		1,961		2,042		2,202


	Fidelity VIP Contrafund^® Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	86.432	$	93.106	$	77.138	$	72.231	$	72.513	$	65.493	$	50.432	$	43.801	$	45.431	$	39.119

Unit value, end of year	$	112.763	$	86.432	$	93.106	$	77.138	$	72.231	$	72.513	$	65.493	$	50.432	$	43.801	$	45.431

Thousands of accumulation units outstanding, end of year		267		314		382		2,751		5,014		5,386		5,767		6,355		6,811		7,505


	Fidelity VIP Mid Cap Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	74.618	$	88.057	$	73.600	$	66.301	$	67.973	$	64.662	$	47.986	$	42.252	$	47.789	$	37.438

Unit value, end of year	$	91.334	$	74.618	$	88.057	$	73.600	$	66.301	$	67.973	$	64.662	$	47.986	$	42.252	$	47.789

Thousands of accumulation units outstanding, end of year		88		118		139		683		1,217		1,328		1,504		1,585		1,763		2,121


	Vanguard Variable Insurance Fund Diversified Value Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	29.583	$	29.530	$	26.378	$	23.651	$	24.519	$	22.596	$	17.672	$	15.353	$	14.952	$	13.817

Unit value, end of year	$	33.098	$	29.583	$	29.530	$	26.378	$	23.651	$	24.519	$	22.596	$	17.672	$	15.353	$	14.952

Thousands of accumulation units outstanding, end of year		241		283		378		1,776		3,415		3,838		3,578		3,570		3,279		3,101


	Vanguard Variable Insurance Fund International Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	30.943	$	35.749	$	25.326	$	25.152	$	25.659	$	27.645	$	22.676	$	19.103	$	22.360	$	19.522

Unit value, end of year	$	40.218	$	30.943	$	35.749	$	25.326	$	25.152	$	25.659	$	27.645	$	22.676	$	19.103	$	22.360

Thousands of accumulation units outstanding, end of year		431		510		576		2,890		4,878		5,122		5,664		4,237		4,409		4,520

- 29 -


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	15.951	$	17.014	$	16.414	$	15.330	$	15.178	$	11.807	$	12.330

Unit value, end of period/year	$	20.351	$	15.951	$	17.014	$	16.414	$	15.330	$	15.178	$	11.807

Thousands of accumulation units outstanding, end of period/year		180		182		169		899		1,384		1,756		150


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Tier 5 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.110	$	10.000

Unit value, end of period	$	10.883	$	10.110

Thousands of accumulation units outstanding, end of period		133		68


	Goldman Sachs Small Cap Equity Insights Fund (Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.683

Thousands of accumulation units outstanding, end of period		9


	Goldman Sachs US Equity Insights Fund (Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.801

Thousands of accumulation units outstanding, end of period		0


	American Century VP Capital Appreciation Fund (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	45.393	$	48.200	$	39.875	$	38.992	$	38.617	$	36.051	$	27.797	$	24.192	$	26.122	$	20.051

Unit value, end of year	$	61.159	$	45.393	$	48.200	$	39.875	$	38.992	$	38.617	$	36.051	$	27.797	$	24.192	$	26.122

Thousands of accumulation units outstanding, end of year		225		253		333		2,235		4,209		4,094		4,833		5,350		5,501		5,890


	American Funds Insurance Series New World Fund^® (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	25.032	$	29.605	$	23.067	$	22.109	$	23.058	$	25.268	$	23.490

Unit value, end of period/year	$	32.403	$	25.032	$	29.605	$	23.067	$	22.109	$	23.058	$	25.268

Thousands of accumulation units outstanding, end of period/year		23		23		20		79		110		79		34


	Calvert VP SRI Balanced Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	5.557	$	5.765	$	5.203	$	4.882	$	5.052	$	4.665	$	4.001	$	3.665	$	3.547	$	3.197

Unit value, end of year	$	6.848	$	5.557	$	5.765	$	5.203	$	4.882	$	5.052	$	4.665	$	4.001	$	3.665	$	3.547

Thousands of accumulation units outstanding, end of year		1,314		1,390		1,517		8,765		12,937		13,495		14,532		15,622		15,892		16,772

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 30 -


	Delaware VIP^® Small Cap Value Series (Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.878

Thousands of accumulation units outstanding, end of period		2


	DWS Capital Growth VIP (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	87.716	$	89.993	$	72.023	$	69.924	$	65.153	$	58.373	$	43.874	$	38.264	$	40.537	$	35.093

Unit value, end of year	$	119.153	$	87.716	$	89.993	$	72.023	$	69.924	$	65.153	$	58.373	$	43.874	$	38.264	$	40.537

Thousands of accumulation units outstanding, end of year		126		151		166		1,495		2,472		2,411		2,590		2,959		3,166		3,631


	MFS VIT III Mid Cap Value Portfolio (Tier 5 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.794	$	10.000

Unit value, end of period	$	11.450	$	8.794

Thousands of accumulation units outstanding, end of period		4		1


	Neuberger Berman AMT Sustainable Equity Portfolio (Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.010

Thousands of accumulation units outstanding, end of period		36


	Invesco Oppenheimer V.I. Main Street Fund^® (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	44.004	$	48.230	$	41.699	$	37.810	$	37.034	$	33.863	$	26.006	$	22.522	$	22.796	$	19.837

Unit value, end of year	$	57.572	$	44.004	$	48.230	$	41.699	$	37.810	$	37.034	$	33.863	$	26.006	$	22.522	$	22.796

Thousands of accumulation units outstanding, end of year		62		66		71		346		525		566		501		526		435		460


	PIMCO Variable Insurance Trust Real Return Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	13.112	$	13.510	$	13.134	$	12.640	$	13.131	$	12.879	$	13.220

Unit value, end of period/year	$	14.120	$	13.112	$	13.510	$	13.134	$	12.640	$	13.131	$	12.879

Thousands of accumulation units outstanding, end of period/year		94		104		85		266		508		577		196


	T. Rowe Price Blue Chip Growth Portfolio (Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	30.518	$	30.153	$	22.351	$	22.412	$	20.398	$	18.892	$	16.420

Unit value, end of period/year	$	39.364	$	30.518	$	30.153	$	22.351	$	22.412	$	20.398	$	18.892

Thousands of accumulation units outstanding, end of period/year		349		428		317		746		2,120		649		191

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 31 -


	Victory RS Small Cap Growth Equity VIP Series (Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000
Unit value, end of period	$	10.477

Thousands of accumulation units outstanding, end of period		2

Certain National Accounts - Tier 2 Reduced Fee (0.30% Separate Account Annual Expenses) Units (e)


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	7,261	$	7.635	$	6.299	$	5.654	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233	$	2.817

Unit value, end of year/period	$	9.503	$	7.261	$	7.635	$	6.299	$	5.654	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233

Thousands of accumulation units outstanding, end of year/period		49		4,433		4,824		11,144		10,864		26,165		23,153		21,083		19,183		18,116


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	All America Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	19.348	$	21.168	$	17.791	$	16.015	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721	$	8.374

Unit value, end of year/period	$	24.755	$	19.348	$	21.168	$	17.791	$	16.015	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721

Thousands of accumulation units outstanding, end of year/period		6		322		388		1,552		1,692		3,856		3,887		3,757		3,657		3,693


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Small Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.239	$	2.630	$	2.437	$	2.038	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411	$	1.203

Unit value, end of year/period	$	2.658	$	2.239	$	2.630	$	2.437	$	2.038	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411

Thousands of accumulation units outstanding, end of year/period		44		3,234		3,753		9,438		9,641		24,315		23,684		22,328		20,423		18,868


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Small Cap Growth Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.346	$	2.692	$	2.182	$	2.026	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382	$	1.114

Unit value, end of year/period	$	2.961	$	2.346	$	2.692	$	2.182	$	2.026	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382

Thousands of accumulation units outstanding, end of year/period		53		3,679		3,781		10,183		10,836		26,691		27,028		23,200		21,888		19,920

(e)

Certain National Accounts - Tier 2 Reduced Fee Separate Account Annual Expenses are 0.30%. Performance prior to July 1, 2019 reflects Separate Account Annual Expenses of .35%. Performance prior to July 1, 2015 reflects Separate Account Annual Expenses of 0.50%. The units were initially offered for availability on July 1, 2019.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 32 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Small Cap Equity Index Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.328	$	10.000

Unit value, end of period	$	10.160	$	8.328

Thousands of accumulation units outstanding, end of period		2		16


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Mid Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.063	$	2.409	$	2.104	$	1.818	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220	$	1.067

Unit value, end of year/period	$	2.612	$	2.063	$	2.409	$	2.104	$	1.818	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220

Thousands of accumulation units outstanding, end of year/period		23		1,190		1,573		3,860		3,381		7,877		6,729		5,404		4,288		3,722


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Mid-Cap Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	4.562	$	5.159	$	4.462	$	3.716	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313	$	1.932

Unit value, end of year/period	$	5.730	$	4,562	$	5.159	$	4.462	$	3.716	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313

Thousands of accumulation units outstanding, end of year/period		53		4,059		4,396		10,650		10,451		28,504		27,009		22,051		19,637		17,743


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Composite Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	10.909	$	11.310	$	10.013	$	9.312	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495	$	5.987

Unit value, end of year/period	$	12.980	$	10.909	$	11.310	$	10.013	$	9.312	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495

Thousands of accumulation units outstanding, end of year/period		2		401		480		1,619		1,635		4,431		4,372		4,075		3,751		3,856


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	International Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	0.960	$	1.112	$	0.897	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777	$	0.688

Unit value, end of year/period	$	1.158	$	0.960	$	1.112	$	0.897	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777

Thousands of accumulation units outstanding, end of year/period		39		2,094		1,729		3,069		2,771		6,410		5,878		4,369		2,833		1,800


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Money Market Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.545	$	2.511	$	2.503	$	2.509	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590	$	2.597

Unit value, end of year/period	$	2.588	$	2.545	$	2.511	$	2.503	$	2.509	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590

Thousands of accumulation units outstanding, end of year/period		23		1,012		950		2,471		2,117		6,948		6,854		6,022		5,468		4,745

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 33 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Mid-Term Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.603	$	2.597	$	2.548	$	2.470	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231	$	2.233

Unit value, end of year/period	$	2.751	$	2.603	$	2.597	$	2.548	$	2.470	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231

Thousands of accumulation units outstanding, end of year/period		20		2,038		2,280		5,332		5,036		14,698		13,601		13,311		11,695		10,249


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.898	$	6.911	$	6.694	$	6.417	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474	$	5.460

Unit value, end of year/period	$	7.401	$	6.898	$	6.911	$	6.694	$	6.417	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474

Thousands of accumulation units outstanding, end of year/period		9		1,470		1,570		3,930		3,759		10,994		9,702		8,320		7,059		5,497


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Retirement Income Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.583	$	1.608	$	1.503	$	1.421	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129	$	1.087

Unit value, end of year/period	$	1.765	$	1.583	$	1.608	$	1.503	$	1.421	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129

Thousands of accumulation units outstanding, end of year/period		8		2,692		3,941		5,905		3,478		8,213		4,455		3,102		2,436		1,767


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2010 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.592	$	1.629	$	1.499	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063	$	0.995

Unit value, end of year/period	$	1.796	$	1.592	$	1.629	$	1.499	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063

Thousands of accumulation units outstanding, end of year/period		1		513		904		2,107		1,975		4,839		4,391		4,048		4,134		3,147


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2015 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.596	$	1.652	$	1.499	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027	$	0.948

Unit value, end of year/period	$	1.835	$	1.596	$	1.652	$	1.499	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027

Thousands of accumulation units outstanding, end of year/period		2		4,813		4,860		9,460		8,894		23,681		19,888		15,830		12,380		9,225


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2020 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.619	$	1.693	$	1.510	$	1.396	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996	$	0.905

Unit value, end of year/period	$	1.896	$	1.619	$	1.693	$	1.510	$	1.396	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996

Thousands of accumulation units outstanding, end of year/period		40		13,587		15,098		29,605		24,967		53,657		39,323		26,973		19,595		12,436

- 34 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2025 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.687	$	1.786	$	1.567	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986	$	0.880

Unit value, end of year/period	$	2.014	$	1.687	$	1.786	$	1.567	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986

Thousands of accumulation units outstanding, end of year/period		49		16,443		14,642		29,959		23,883		50,395		34,873		24,238		15,365		9,411


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2030 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.743	$	1.870	$	1.618	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985	$	0.870

Unit value, end of year/period	$	2.118	$	1.743	$	1.870	$	1.618	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985

Thousands of accumulation units outstanding, end of year/period		20		15,890		13,763		22,992		18,503		39,955		27,662		19,813		13,168		7,037


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2035 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.744	$	1.890	$	1.619	$	1.458	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968	$	0.845

Unit value, end of year/period	$	2.149	$	1.744	$	1.890	$	1.619	$	1.458	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968

Thousands of accumulation units outstanding, end of year/period		129		10,641		9,781		18,494		14,718		32,459		22,875		16,021		10,303		6,773


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2040 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.733	$	1.889	$	1.615	$	1.452	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965	$	0.839

Unit value, end of year/period	$	2.147	$	1.733	$	1.889	$	1.615	$	1.452	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965

Thousands of accumulation units outstanding, end of year/period		42		9,533		8,229		14,291		11,938		29,158		21,648		14,824		8,974		5,981


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2045 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.714	$	1.875	$	1.600	$	1.438	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959	$	0.833

Unit value, end of year/period	$	2.128	$	1.714	$	1.875	$	1.600	$	1.438	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959

Thousands of accumulation units outstanding, end of year/period		84		10,564		9,588		16,024		13,333		36,538		28,752		20,104		11,671		6,396


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2050 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of year/period	$	1.627	$	1.790	$	1.524	$	1.368	$	1.384	$	1.298	$	1.017	$	1.000

Unit value, end of year/period	$	2.022	$	1.627	$	1.790	$	1.524	$	1.368	$	1.384	$	1.298	$	1.017

Thousands of accumulation units outstanding, end of year/period		60		6,117		4,815		6,602		3,766		6,508		2,556		71

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

- 35 -



	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2055 Retirement Fund
	2019		2018		2017		*2016(2)***
Unit value, beginning of year/period	$	1.109	$	1.222	$	1.039	$	1.000

Unit value, end of year/period	$	1.375	$	1.109	$	1.222	$	1.039

Thousands of accumulation units outstanding, end of year/period		95		2,438		635		58


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.930	$	10.000

Unit value, end of period	$	11.084	$	8.930

Thousands of accumulation units outstanding, end of period		1		18


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Conservative Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.003	$	2.052	$	1.891	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395	$	1.345

Unit value, end of year/period	$	2.276	$	2.003	$	2.052	$	1.891	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395

Thousands of accumulation units outstanding, end of year/period		8		2,578		2,247		5,636		5,129		12,387		9,283		8,127		6,095		4,383


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Moderate Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.538	$	2.665	$	2.352	$	2.164	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538	$	1.422

Unit value, end of year/period	$	3.015	$	2.538	$	2.665	$	2.352	$	2.164	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538

Thousands of accumulation units outstanding, end of year/period		32		6,186		6,430		13,369		12,904		30,595		26,308		21,064		16,381		13,906


	Mutual of America Investment Corporation (Certain National Accounts - Tier 2 Reduced Fee)
	Aggressive Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.953	$	3.191	$	2.746	$	2.486	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648	$	1.463

Unit value, end of year/period	$	3.613	$	2.953	$	3.191	$	2.746	$	2.486	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648

Thousands of accumulation units outstanding, end of year/period		46		4,346		4,521		8,348		8,639		21,351		19,022		16,619		13,411		10,681


	Fidelity VIP Equity-Income Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	78.455	$	85.766	$	76.163	$	64.702	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620	$	36.336

Unit value, end of year/period	$	99.761	$	78.455	$	85.766	$	76.163	$	64.702	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620

Thousands of accumulation units outstanding, end of year/period		2		113		143		451		443		1,181		1,144		1,027		953		892

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 36 -


	Fidelity VIP Asset Manager Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	51.023	$	54.044	$	47.484	$	46.180	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033	$	31.610

Unit value, end of year/period	$	60.199	$	51.023	$	54.044	$	47.484	$	46.180	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033

Thousands of accumulation units outstanding, end of year/period		3		153		192		341		360		984		941		842		721		632


	Fidelity VIP Contrafund^® Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	93.673	$	100.305	$	82.510	$	76.612	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501	$	39.874

Unit value, end of year/period	$	122.976	$	93.673	$	100.305	$	82.510	$	76.612	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501

Thousands of accumulation units outstanding, end of year/period		4		295		354		949		1,041		2,491		2,398		2,253		2,097		1,939


	Fidelity VIP Mid Cap Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	80.870	$	94.867	$	78.726	$	70.324	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914	$	40.249

Unit value, end of year/period	$	99.608	$	80.870	$	94.867	$	78.726	$	70.324	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914

Thousands of accumulation units outstanding, end of year/period		1		110		121		286		304		720		701		593		507		455


	Vanguard Variable Insurance Fund Diversified Value Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	28.806	$	31.809	$	28.211	$	25.082	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303	$	13.706

Unit value, end of year/period	$	36.092	$	28.806	$	31.809	$	28.211	$	25.082	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303

Thousands of accumulation units outstanding, end of year/period		3		245		243		708		721		1,786		1,514		1,245		988		753


	Vanguard Variable Insurance Fund International Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	33.532	$	38.509	$	27.087	$	26.675	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884	$	19.636

Unit value, end of year/period	$	43.857	$	33.532	$	38.509	$	27.087	$	26.675	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884

Thousands of accumulation units outstanding, end of year/period		5		430		467		1,115		1,182		2,945		2,779		1,815		1,489		1,216


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	16.582	$	17.582	$	16.841	$	15.597	$	15.323	$	11.837	$	12.330

Unit value, end of year/period	$	21.290	$	16.582	$	17.582	$	16.841	$	15.597	$	15.323	$	11.837

Thousands of accumulation units outstanding, end of year/period		2		129		145		349		231		570		56

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

- 37 -


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.140	$	10.000

Unit value, end of period	$	10.984	$	10.140

Thousands of accumulation units outstanding, end of period		0		36


	Goldman Sachs VIT Small Cap Equity Insights Fund (Certain National Accounts - Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.719

Thousands of accumulation units outstanding, end of period		0


	Goldman Sachs VIT US Equity Insights Fund (Certain National Accounts - Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.836

Thousands of accumulation units outstanding, end of period		0


	American Century VP Capital Appreciation Fund (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	49.190	$	51.921	$	42.647	$	41.352	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734	$	21.350

Unit value, end of year/period	$	66.691	$	49.190	$	51.921	$	42.647	$	41.352	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734

Thousands of accumulation units outstanding, end of year/period		2		223		249		704		785		1,790		1,754		1,702		1,453		1,410


	American Funds Insurance Series New World Fund^® (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	26.023	$	30.593	$	23.667	$	22.494	$	23.279	$	25.333	$	23.490

Unit value, end of year/period	$	33.897	$	26.023	$	30.593	$	23.667	$	22.494	$	23.279	$	25.333

Thousands of accumulation units outstanding, end of year/period		0		21		24		37		27		40		16

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 38 -


	Calvert VP SRI Balanced Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018			2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.022	$	6.210		$	5.564	$	5.177	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630	$	3.311

Unit value, end of year/period	$	7.468	$	6.022		$	6.210	$	5.564	$	5.177	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630

Thousands of accumulation units outstanding, end of year/period		29		1,078			1,227		1,893		1,828		5,300		4,901		4,576		3,992		2,976


	Delaware VIP^® Small Cap Value Series (Certain National Accounts - Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.914

Thousands of accumulation units outstanding, end of period		0


	DWS Capital Growth VIP (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018			2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	95.056	$	96.942		$	77.031	$	74.157	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488	$	35.018

Unit value, end of year/period	$	129.933	$	95.056		$	96.942	$	77.031	$	74.157	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488

Thousands of accumulation units outstanding, end of year/period		1		124			153		450		505		1,079		1,028		1,027		979		1,012


	MFS VIT III Mid Cap Value Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.821	$	10.000

Unit value, end of period	$	11.557	$	8.821

Thousands of accumulation units outstanding, end of period		0		0	(6)


	Neuberger Berman AMT Sustainable Equity Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.046

Thousands of accumulation units outstanding, end of period		0


	Invesco Oppenheimer V.I. Main Street Fund^® (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018			2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	47.686	$	51.953		$	44.598	$	40.100	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331	$	20.223

Unit value, end of year/period	$	62.779	$	47.686		$	51.953	$	44.598	$	40.100	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331

Thousands of accumulation units outstanding, end of year/period		1		61			54		161		132		306		263		228		168		148


	PIMCO Variable Insurance Trust Real Return Institutional Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018			2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	13.629	$	13.960		$	13.475	$	12.867	$	13.262	$	12.912	$	13.220

Unit value, end of year/period	$	14.769	$	13.629		$	13.960	$	13.475	$	12.867	$	13.262	$	12.912

Thousands of accumulation units outstanding, end of year/period		0		78			77		96		77		242		33

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

(6)	Fewer than 500 units.

- 39 -


	T. Rowe Price Blue Chip Growth Portfolio (Certain National Accounts - Tier 2 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	31.727	$	31.161	$	22.933	$	22.803	$	20.594	$	18.940	$	16.420

Unit value, end of year/period	$	41.179	$	31.727	$	31.161	$	22.933	$	22.803	$	20.594	$	18.940

Thousands of accumulation units outstanding, end of year/period		6		263		204		292		329		246		62


	Victory RS Small Cap Growth Equity VIP Series (Certain National Accounts - Tier 2 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.512

Thousands of accumulation units outstanding, end of period		0

Certain National Accounts - Tier 3 Reduced Fee (0.35% Separate Account Annual Expenses) Units (f)


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	7.238	$	7.618	$	6.290	$	5.652	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233	$	2.817

Unit value, end of year/period	$	9.501	$	7.238	$	7.618	$	6.290	$	5.652	$	5.609	$	4.967	$	3.781	$	3.278	$	3.233

Thousands of accumulation units outstanding, end of year/period		1,593		24,020		22,371		18,392		15,480		26,165		23,153		21,083		19,183		18,116


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	All America Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	19.288	$	21.121	$	17.767	$	16.008	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721	$	8.374

Unit value, end of year/period	$	24.749	$	19.288	$	21.121	$	17.767	$	16.008	$	16.090	$	14.547	$	11.068	$	9.695	$	9.721

Thousands of accumulation units outstanding, end of year/period		127		2,324		2,484		1,958		1,999		3,856		3,887		3,757		3,657		3,693


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Small Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.232	$	2.624	$	2.434	$	2.037	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411	$	1.203

Unit value, end of year/period	$	2.657	$	2.232	$	2.624	$	2.434	$	2.037	$	2.119	$	2.025	$	1.573	$	1.369	$	1.411

Thousands of accumulation units outstanding, end of year/period		1,072		18,295		18,932		15,925		14,190		24,315		23,684		22,328		20,423		18,868

(f)

Certain National Accounts—Tier 3 Reduced Separate Account Annual Expenses are 0.35%. Performance prior to July 1, 2019 reflects Separate Account Annual Expenses of .45%. Performance prior to July 1, 2015 reflects Separate Account Annual Expenses of 0.50%. The units were initially offered for availability on July 1, 2019.

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 40 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Small Cap Growth Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.339	$	2.686	$	2.179	$	2.025	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382	$	1.114

Unit value, end of year/period	$	2.960	$	2.339	$	2.686	$	2.179	$	2.025	$	2.084	$	1.982	$	1.411	$	1.343	$	1.382

Thousands of accumulation units outstanding, end of year/period		1,418		22,248		23,020		17,967		16,709		26,691		27,028		23,200		21,888		19,920


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Small Cap Equity Index Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.324	$	10.000

Unit value, end of period	$	10.158	$	8.324

Thousands of accumulation units outstanding, end of period		24		242


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Mid Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.056	$	2.404	$	2.101	$	1.817	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220	$	1.067

Unit value, end of year/period	$	2.611	$	2.056	$	2.404	$	2.101	$	1.817	$	1.889	$	1.668	$	1.312	$	1.188	$	1.220

Thousands of accumulation units outstanding, end of year/period		304		5,860		6,026		4,970		4,286		7,877		6,729		5,404		4,288		3,722


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Mid-Cap Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	4.548	$	5.148	$	4.456	$	3.714	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313	$	1.932

Unit value, end of year/period	$	5.728	$	4.548	$	5.148	$	4.456	$	3.714	$	3.822	$	3.504	$	2.643	$	2.255	$	2.313

Thousands of accumulation units outstanding, end of year/period		1,453		22,738		22,363		19,817		18,248		28,504		27,009		22,051		19,637		17,743


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Composite Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	10.876	$	11.286	$	10.000	$	9.308	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495	$	5.987

Unit value, end of year/period	$	12.977	$	10.876	$	11.286	$	10.000	$	9.308	$	9.278	$	8.547	$	7.383	$	6.646	$	6.495

Thousands of accumulation units outstanding, end of year/period		203		3,149		2,934		2,389		2,465		4,431		4,372		4,075		3,751		3,856


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	International Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	0.957	$	1.110	$	0.896	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777	$	0.688

Unit value, end of year/period	$	1.158	$	0.957	$	1.110	$	0.896	$	0.885	$	0.895	$	0.957	$	0.798	$	0.676	$	0.777

Thousands of accumulation units outstanding, end of year/period		620		7,734		7,725		5,846		4,814		6,410		5,878		4,369		2,833		1,800

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 41 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Money Market Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.537	$	2.506	$	2.500	$	2.508	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590	$	2.597

Unit value, end of year/period	$	2.587	$	2.537	$	2.506	$	2.500	$	2.508	$	2.522	$	2.539	$	2.555	$	2.573	$	2.590

Thousands of accumulation units outstanding, end of year/period		391		6,554		4,960		3,960		3,869		6,948		6,854		6,022		5,468		4,745


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Mid-Term Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.595	$	2.592	$	2.544	$	2.469	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231	$	2.233

Unit value, end of year/period	$	2.750	$	2.595	$	2.592	$	2.544	$	2.469	$	2.466	$	2.401	$	2.427	$	2.360	$	2.231

Thousands of accumulation units outstanding, end of year/period		798		12,285		11,802		10,091		9,654		14,698		13,601		13,311		11,695		10,249


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.877	$	6.896	$	6.686	$	6.414	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474	$	5.460

Unit value, end of year/period	$	7.399	$	6.877	$	6.896	$	6.686	$	6.414	$	6.424	$	6.073	$	6.159	$	5.844	$	5.474

Thousands of accumulation units outstanding, end of year/period		813		10,069		9,985		8,290		7,276		10,994		9,702		8,320		7,059		5,497


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Retirement Income Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.578	$	1.605	$	1.501	$	1.420	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129	$	1.087

Unit value, end of year/period	$	1.764	$	1.578	$	1.605	$	1.501	$	1.420	$	1.420	$	1.340	$	1.254	$	1.176	$	1.129

Thousands of accumulation units outstanding, end of year/period		1,743		10,747		9,837		6,154		6,858		8,213		4,455		3,102		2,436		1,767


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2010 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.587	$	1.626	$	1.498	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063	$	0.995

Unit value, end of year/period	$	1.795	$	1.587	$	1.626	$	1.498	$	1.408	$	1.409	$	1.324	$	1.190	$	1.091	$	1.063

Thousands of accumulation units outstanding, end of year/period		470		2,897		2,980		2,709		2,679		4,839		4,391		4,048		4,134		3,147


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2015 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.592	$	1.648	$	1.497	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027	$	0.948

Unit value, end of year/period	$	1.835	$	1.592	$	1.648	$	1.497	$	1.396	$	1.399	$	1.312	$	1.148	$	1.043	$	1.027

Thousands of accumulation units outstanding, end of year/period		1,905		14,175		15,432		14,049		15,433		23,681		19,888		15,830		12,380		9,225


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2020 RetirementFund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.614	$	1.689	$	1.508	$	1.395	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996	$	0.905

Unit value, end of year/period	$	1.896	$	1.614	$	1.689	$	1.508	$	1.395	$	1.400	$	1.311	$	1.119	$	1.007	$	0.996

Thousands of accumulation units outstanding, end of year/period		9,330		63,327		58,519		42,341		37,777		53,657		39,323		26,973		19,595		12,436

- 42 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2025 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.682	$	1.782	$	1.564	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986	$	0.880

Unit value, end of year/period	$	2.014	$	1.682	$	1.782	$	1.564	$	1.431	$	1.439	$	1.339	$	1.111	$	0.989	$	0.986

Thousands of accumulation units outstanding, end of year/period		11,534		83,410		70,597		47,216		40,002		50,395		34,873		24,238		15,365		9,411


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2030 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.737	$	1.866	$	1.616	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985	$	0.870

Unit value, end of year/period	$	2.117	$	1.737	$	1.866	$	1.616	$	1.466	$	1.476	$	1.368	$	1.111	$	0.982	$	0.985

Thousands of accumulation units outstanding, end of year/period		9,183		69,769		57,496		40,504		31,802		39,955		27,662		19,813		13,168		7,037


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2035 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.739	$	1.885	$	1.617	$	1.457	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968	$	0.845

Unit value, end of year/period	$	2.149	$	1.739	$	1.885	$	1.617	$	1.457	$	1.470	$	1.364	$	1.089	$	0.957	$	0.968

Thousands of accumulation units outstanding, end of year/period		9,079		60,016		47,896		33,452		25,679		32,459		22,875		16,021		10,303		6,773


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2040 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.728	$	1.885	$	1.613	$	1.451	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965	$	0.839

Unit value, end of year/period	$	2.146	$	1.728	$	1.885	$	1.613	$	1.451	$	1.467	$	1.369	$	1.082	$	0.948	$	0.965

Thousands of accumulation units outstanding, end of year/period		7,004		50,684		41,312		29,769		25,000		29,158		21,648		14,824		8,974		5,981


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2045 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.709	$	1.871	$	1.598	$	1.437	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959	$	0.833

Unit value, end of year/period	$	2.127	$	1.709	$	1.871	$	1.598	$	1.437	$	1.454	$	1.361	$	1.071	$	0.941	$	0.959

Thousands of accumulation units outstanding, end of year/period		7,224		60,440		51,041		39,544		32,554		36,538		28,752		20,104		11,671		6,396


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2050 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of year/period	$	1.622	$	1.786	$	1.522	$	1.368	$	1.384	$	1.298	$	1.017	$	1.000

Unit value, end of year/period	$	2.022	$	1.622	$	1.786	$	1.522	$	1.368	$	1.384	$	1.298	$	1.017

Thousands of accumulation units outstanding, end of year/period		5,167		40,949		30,495		19,250		10,796		6,508		2,556		71

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

- 43 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2055 Retirement Fund
	2019		2018		2017		*2016(2)***
Unit value, beginning of year/period	$	1.107	$	1.220	$	1.039	$	1.000

Unit value, end of year/period	$	1.375	$	1.107	$	1.220	$	1.039

Thousands of accumulation units outstanding, end of year/period		2,668		11,949		4,496		244


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.926	$	10.000


Unit value, end of period	$	11.081	$	8.926

Thousands of accumulation units outstanding, end of period		80		84


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Conservative Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	1.997	$	2.048	$	1.888	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395	$	1.345

Unit value, end of year/period	$	2.275	$	1.997	$	2.048	$	1.888	$	1.778	$	1.778	$	1.676	$	1.570	$	1.468	$	1.395

Thousands of accumulation units outstanding, end of year/period		1,664		13,506		14,828		10,429		8,827		12,387		9,283		8,127		6,095		4,383


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Moderate Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.531	$	2.659	$	2.349	$	2.163	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538	$	1.422

Unit value, end of year/period	$	3.014	$	2.531	$	2.659	$	2.349	$	2.163	$	2.170	$	2.025	$	1.759	$	1.594	$	1.538

Thousands of accumulation units outstanding, end of year/period		3,019		31,704		30,570		23,723		19,957		30,595		26,308		21,064		16,381		13,906


	Mutual of America Investment Corporation (Certain National Accounts - Tier 3 Reduced Fee)
	Aggressive Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	2.944	$	3.185	$	2.743	$	2.485	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648	$	1.463

Unit value, end of year/period	$	3.612	$	2.944	$	3.185	$	2.743	$	2.485	$	2.506	$	2.340	$	1.893	$	1.678	$	1.648

Thousands of accumulation units outstanding, end of year/period		1,576		21,142		20,860		16,261		14,431		21,351		19,022		16,619		13,411		10,681


	Fidelity VIP Equity-Income Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	78.213	$	85.579	$	76.062	$	64.672	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620	$	36.336

Unit value, end of year/period	$	99.736	$	78.213	$	85.579	$	76.062	$	64.672	$	67.589	$	62.420	$	48.904	$	41.857	$	41.620

Thousands of accumulation units outstanding, end of year/period		44		794		834		728		662		1,181		1,144		1,027		953		892

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 44 -


	Fidelity VIP Asset Manager Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	50.868	$	53.929	$	47.423	$	46.160	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033	$	31.610

Unit value, end of year/period	$	60.183	$	50.868	$	53.929	$	47.423	$	46.160	$	46.271	$	43.897	$	38.089	$	34.000	$	35.033

Thousands of accumulation units outstanding, end of year/period		54		744		769		698		611		984		941		842		721		632


	Fidelity VIP Contrafund^® Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	93.382	$	100.085	$	82.399	$	76.577	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501	$	39.874

Unit value, end of year/period	$	122.945	$	93.382	$	100.085	$	82.399	$	76.577	$	76.320	$	68.449	$	52.345	$	45.145	$	46.501

Thousands of accumulation units outstanding, end of year/period		95		1,616		1,637		1,373		1,349		2,491		2,398		2,253		2,097		1,939


	Fidelity VIP Mid Cap Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	80.617	$	94.657	$	78.619	$	70.292	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914	$	40.249

Unit value, end of year/period	$	99.583	$	80.617	$	94.657	$	78.619	$	70.292	$	71.543	$	67.582	$	49.807	$	43.549	$	48.914

Thousands of accumulation units outstanding, end of year/period		32		536		533		434		420		720		701		593		507		455


	Vanguard Variable Insurance Fund Diversified Value Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	28.717	$	31.739	$	28.173	$	25.071	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303	$	13.706

Unit value, end of year/period	$	36.083	$	28.717	$	31.739	$	28.173	$	25.071	$	25.804	$	23.613	$	18.341	$	15.823	$	15.303

Thousands of accumulation units outstanding, end of year/period		96		1,670		1,680		1,331		1,065		1,786		1,514		1,245		988		753


	Vanguard Variable Insurance Fund International Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	33.427	$	38.424	$	27.051	$	26.663	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884	$	19.636

Unit value, end of year/period	$	43.846	$	33.427	$	38.424	$	27.051	$	26.663	$	27.003	$	28.890	$	23.533	$	19.688	$	22.884

Thousands of accumulation units outstanding, end of year/period		138		2,530		2,494		1,955		1,808		2,945		2,779		1,815		1,489		1,216


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	16.530	$	17.543	$	16.818	$	15.590	$	15.323	$	11.837	$	12.330

Unit value, end of year/period	$	21.284	$	16.530	$	17.543	$	16.818	$	15.590	$	15.323	$	11.837

Thousands of accumulation units outstanding, end of year/period		33		712		683		632		365		570		56

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

- 45 -


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.135	$	10.000

Unit value, end of period	$	10.981	$	10.135

Thousands of accumulation units outstanding, end of period		57		179


	Goldman Sachs VIT Small Cap Equity Insights Fund (Certain National Accounts - Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.716

Thousands of accumulation units outstanding, end of period		0


	Goldman Sachs VIT US Equity Insights Fund (Certain National Accounts - Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.834

Thousands of accumulation units outstanding, end of period		1


	American Century VP Capital Appreciation Fund (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	49.036	$	51.806	$	42.589	$	41.333	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734	$	21.350

Unit value, end of year/period	$	66.674	$	49.036	$	51.806	$	42.589	$	41.333	$	40.640	$	37.674	$	28.849	$	24.932	$	26.734

Thousands of accumulation units outstanding, end of year/period		86		1,315		1,312		1,091		1,081		1,790		1,754		1,702		1,453		1,410


	American Funds Insurance Series New World Fund^® (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	25.942	$	30.526	$	23.636	$	22.484	$	23.279	$	25.333	$	23.490

Unit value, end of year/period	$	33.888	$	25.942	$	30.526	$	23.636	$	22.484	$	23.279	$	25.333

Thousands of accumulation units outstanding, end of year/period		12		121		111		59		33		40		16


	Calvert VP SRI Balanced Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	6.004	$	6.196	$	5.557	$	5.175	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630	$	3.311

Unit value, end of year/period	$	7.466	$	6.004	$	6.196	$	5.557	$	5.175	$	5.316	$	4.875	$	4.152	$	3.777	$	3.630

Thousands of accumulation units outstanding, end of year/period		291		4,985		4,957		4,133		3,682		5,300		4,901		4,576		3,992		2,976


	Delaware VIP^® Small Cap Value Series (Certain National Accounts - Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.911

Thousands of accumulation units outstanding, end of period		0

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 46 -


	DWS Capital Growth VIP (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	94.759	$	96.729	$	76.927	$	74.123	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488	$	35.018

Unit value, end of year/period	$	129.900	$	94.759	$	96.729	$	76.927	$	74.123	$	68.566	$	61.002	$	45.534	$	39.435	$	41.488

Thousands of accumulation units outstanding, end of year/period		51		761		733		657		648		1,079		1,028		1,027		979		1,012


	MFS VIT III Mid Cap Value Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.816	$	10.000

Unit value, end of period	$	11.554	$	8.816

Thousands of accumulation units outstanding, end of period		2		8


	Neuberger Berman AMT Sustainable Equity Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.043

Thousands of accumulation units outstanding, end of period		1


	Invesco Oppenheimer V.I. Main Street Fund^® (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year/period	$	47.538	$	51.840	$	44.539	$	40.082	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331	$	20.223

Unit value, end of year/period	$	62.763	$	47.538	$	51.840	$	44.539	$	40.082	$	38.975	$	35.388	$	26.990	$	23.211	$	23.331

Thousands of accumulation units outstanding, end of year/period		13		261		289		210		186		306		263		228		168		148


	PIMCO Variable Insurance Trust Real Return Institutional Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	13.587	$	13.928	$	13.456	$	12.861	$	13.262	$	12.912	$	13.220

Unit value, end of year/period	$	14.766	$	13.587	$	13.928	$	13.456	$	12.861	$	13.262	$	12.912

Thousands of accumulation units outstanding, end of year/period		26		521		453		330		233		242		33

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 47 -


	T. Rowe Price Blue Chip Growth Portfolio (Certain National Accounts - Tier 3 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of year/period	$	31.628	$	31.092	$	22.902	$	22.792	$	20.594	$	18.940	$	16.420

Unit value, end of year/period	$	41.169	$	31.628	$	31.092	$	22.902	$	22.792	$	20.594	$	18.940

Thousands of accumulation units outstanding, end of year/period		128		2,043		1,268		551		543		246		62


	Victory RS Small Cap Growth Equity VIP Series (Certain National Accounts - Tier 3 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.509

Thousands of accumulation units outstanding, end of period		1

Certain National Accounts - Tier 4 Reduced Fee (0.40% Separate Account Annual Expenses) Units (g)


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	7.166	$	7.554	$	6.247	$	5.621	$	5.585	$	4.951	$	3.772	$	3.273	$	3.232	$	2.834

Unit value, end of year	$	9.465	$	7.166	$	7.554	$	6.247	$	5.621	$	5.585	$	4.951	$	3.772	$	3.273	$	3.232

Units Outstanding (000’s), end of year		608		11,869		12,631		15,369		15,362		15,370		15,570		15,134		15,505		15,904


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	All America Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	19.097	$	20.944	$	17.645	$	15.921	$	16.023	$	14.500	$	11.042	$	9.681	$	9.717	$	8.295

Unit value, end of year	$	24.654	$	19.097	$	20.944	$	17.645	$	15.921	$	16.023	$	14.500	$	11.042	$	9.681	$	9.717

Units Outstanding (000’s), end of year		34		1,209		1,278		1,868		2,071		2,249		2,472		2,659		2,995		3,018


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Small Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.209	$	2.602	$	2.417	$	2.026	$	2.109	$	2.018	$	1.569	$	1.368	$	1.411	$	1.110

Unit value, end of year	$	2.647	$	2.209	$	2.602	$	2.417	$	2.026	$	2.109	$	2.018	$	1.569	$	1.368	$	1.411

Units Outstanding (000’s), end of year		446		8,502		10,456		15,192		16,346		17,994		19,920		19,523		19,674		19,492

(g)

Certain National Accounts - Tier 4 Reduced Separate Account Annual Expenses are 0.40%. Performance prior to July 1, 2019 reflects Separate Account Annual Expenses of 0.60%. Performance prior to August 1, 2010 reflects Separate Account Annual Expenses of 0.50%. The units were initially offered for availability on July 1, 2019.

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 48 -



	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Small Cap Growth Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.315	$	2.663	$	2.164	$	2.013	$	2.075	$	1.975	$	1.407	$	1.341	$	1.381	$	1.042

Unit value, end of year	$	2.949	$	2.315	$	2.663	$	2.164	$	2.013	$	2.075	$	1.975	$	1.407	$	1.341	$	1.381

Units Outstanding (000’s), end of year		474		10,636		12,011		16,304		18,644		20,022		22,393		20,579		21,903		20,384


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Small Cap Equity Index Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.317	$	10.000

Unit value, end of period	$	10.145	$	8.317

Units Outstanding (000’s), end of period		18		86


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Mid-Cap Value Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.036	$	2.384	$	2.087	$	1.807	$	1.880	$	1.662	$	1.309	$	1.187	$	1.220	$	1.031

Unit value, end of year	$	2.601	$	2.036	$	2.384	$	2.087	$	1.807	$	1.880	$	1.662	$	1.309	$	1.187	$	1.220

Units Outstanding (000’s), end of year		239		3,469		3,800		4,711		5,050		5,333		4,661		4,028		4,202		3,827


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Mid-Cap Equity Index Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	4.502	$	5.104	$	4.425	$	3.694	$	3.806	$	3.492	$	2.637	$	2.252	$	2.312	$	1.841

Unit value, end of year	$	5.706	$	4.502	$	5.104	$	4.425	$	3.694	$	3.806	$	3.492	$	2.637	$	2.252	$	2.312

Units Outstanding (000’s), end of year		618		11,546		13,323		16,973		16,570		17,068		17,942		17,603		18,266		17,871


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Composite Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	10.771	$	11.194	$	9.933	$	9.259	$	9.241	$	8.520	$	7.366	$	6.637	$	6.492	$	5.880

Unit value, end of year	$	12.927	$	10.771	$	11.194	$	9.933	$	9.259	$	9.241	$	8.520	$	7.366	$	6.637	$	6.492

Units Outstanding (000’s), end of year		132		1,539		1,652		2,192		2,216		2,404		2,485		2,715		2,995		2,944


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	International Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	0.948	$	1.101	$	0.889	$	0.880	$	0.891	$	0.954	$	0.796	$	0.675	$	0.776	$	0.721

Unit value, end of year	$	1.154	$	0.948	$	1.101	$	0.889	$	0.880	$	0.891	$	0.954	$	0.796	$	0.675	$	0.776

Units Outstanding (000’s), end of year		254		4,501		5,471		4,459		4,640		4,407		4,222		3,419		3,093		2,606


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Money Market Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.513	$	2.485	$	2.483	$	2.494	$	2.512	$	2.530	$	2.549	$	2.569	$	2.589	$	2.607

Unit value, end of year	$	2.578	$	2.513	$	2.485	$	2.483	$	2.494	$	2.512	$	2.530	$	2.549	$	2.569	$	2.589

Units Outstanding (000’s), end of year		121		2,434		2,168		2,976		3,204		4,149		4,629		4,873		4,996		4,946

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 49 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Mid-Term Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.571	$	2.572	$	2.528	$	2.457	$	2.457	$	2.394	$	2.422	$	2.358	$	2.230	$	2.097

Unit value, end of year	$	2.740	$	2.571	$	2.572	$	2.528	$	2.457	$	2.457	$	2.394	$	2.422	$	2.358	$	2.230

Units Outstanding (000’s), end of year		275		5,155		5,860		6,933		7,265		8,582		9,099		10,826		10,868		9,893


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Bond Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	6.812	$	6.842	$	6.642	$	6.382	$	6.399	$	6.054	$	6.147	$	5.837	$	5.473	$	5.129

Unit value, end of year	$	7.372	$	6.812	$	6.842	$	6.642	$	6.382	$	6.399	$	6.054	$	6.147	$	5.837	$	5.473

Units Outstanding (000’s), end of year		256		4,763		5,729		6,820		6,722		7,466		7,707		7,343		6,616		5,757


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Retirement Income Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.563	$	1.591	$	1.491	$	1.413	$	1.414	$	1.335	$	1.251	$	1.174	$	1.128	$	1.040

Unit value, end of year	$	1.758	$	1.563	$	1.591	$	1.491	$	1.413	$	1.414	$	1.335	$	1.251	$	1.174	$	1.128

Units Outstanding (000’s), end of year		1,215		7,321		7,912		4,336	$	3,881		3,922		3,406		2,916		1,937		1,196


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2010 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.572	$	1.612	$	1.487	$	1.400	$	1.402	$	1.319	$	1.187	$	1.089	$	1.063	$	0.960

Unit value, end of year	$	1.789	$	1.572	$	1.612	$	1.487	$	1.400	$	1.402	$	1.319	$	1.187	$	1.089	$	1.063

Units Outstanding (000’s), end of year		222		1,348		1,500		1,565		2,170		2,570		2,087		1,988		2,221		2,176


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2015 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.576	$	1.634	$	1.486	$	1.388	$	1.392	$	1.307	$	1.145	$	1.042	$	1.027	$	0.920

Unit value, end of year	$	1.828	$	1.576	$	1.634	$	1.486	$	1.388	$	1.392	$	1.307	$	1.145	$	1.042	$	1.027

Units Outstanding (000’s), end of year		764		8,779		10,350		12,718		13,332		13,797		12,429		11,983		10,378		7,783


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2020 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.598	$	1.675	$	1.497	$	1.387	$	1.394	$	1.306	$	1.116	$	1.005	$	0.996	$	0.879

Unit value, end of year	$	1.889	$	1.598	$	1.675	$	1.497	$	1.387	$	1.394	$	1.306	$	1.116	$	1.005	$	0.996

Units Outstanding (000’s), end of year		3,308		34,614		36,689		39,926		36,826		33,029		26,321		22,804		15,461		10,191


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2025 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.665	$	1.767	$	1.553	$	1.423	$	1.433	$	1.334	$	1.108	$	0.988	$	0.986	$	0.858

Unit value, end of year	$	2.006	$	1.665	$	1.767	$	1.553	$	1.423	$	1.433	$	1.334	$	1.108	$	0.988	$	0.986

Units Outstanding (000’s), end of year		6,111		44,237		43,563		46,677		38,021		33,956		27,083		16,731		13,167		7,522

- 50 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2030 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.720	$	1.850	$	1.604	$	1.457	$	1.469	$	1.363	$	1.108	$	0.981	$	0.985	$	0.849

Unit value, end of year	$	2.109	$	1.720	$	1.850	$	1.604	$	1.457	$	1.469	$	1.363	$	1.108	$	0.981	$	0.985

Units Outstanding (000’s), end of year		4,265		41,634		37,755		38,155		33,205		26,645		21,668		14,561		10,769		8,739


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2035 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.721	$	1.869	$	1.605	$	1.449	$	1.463	$	1.360	$	1.086	$	0.955	$	0.967	$	0.827

Unit value, end of year	$	2.141	$	1.721	$	1.869	$	1.605	$	1.449	$	1.463	$	1.360	$	1.086	$	0.955	$	0.967

Units Outstanding (000’s), end of year		3,141		34,740		33,115		32,296		29,082		24,934		17,745		12,486		8,810		5,448


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2040 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.710	$	1.869	$	1.602	$	1.443	$	1.461	$	1.364	$	1.079	$	0.947	$	0.965	$	0.819

Unit value, end of year	$	2.138	$	1.710	$	1.869	$	1.602	$	1.443	$	1.461	$	1.364	$	1.079	$	0.947	$	0.965

Units Outstanding (000’s), end of year		2,036		28,448		26,662		26,692		23,292		20,906		15,018		11,139		8,428		5,075


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2045 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.691	$	1.855	$	1.587	$	1.429	$	1.448	$	1.356	$	1.069	$	0.939	$	0.959	$	0.813

Unit value, end of year	$	2.119	$	1.691	$	1.855	$	1.587	$	1.429	$	1.448	$	1.356	$	1.069	$	0.939	$	0.959

Units Outstanding (000’s), end of year		3,092		32,116		31,560		32,421		29,561		26,893		21,633		15,539		12,332		7,515


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2050 Retirement Fund
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of period/year	$	1.608	$	1.773	$	1.513	$	1.362	$	1.380	$	1.295	$	1.017	$	1.000

Unit value, end of period/year	$	2.014	$	1.608	$	1.773	$	1.513	$	1.362	$	1.380	$	1.295	$	1.017

Units Outstanding (000’s), end of period/year		2,081		22,294		19,548		16,730		10,233		5,263		1,790		103


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2055 Retirement Fund
	2019		2018		2017		*2016(2)***
Unit value, beginning of period/year	$	1.103	$	1.218	$	1.038	$	1.000

Unit value, end of period/year	$	1.371	$	1.103	$	1.218	$	1.038

Units Outstanding (000’s), end of period/year		774		7,606		4,126		255

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

- 51 -


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	2060 Retirement Fund
	2019		*2018(4)***
Unit value, beginning of period	$	8.919	$	10.000

Unit value, end of period	$	11.068	$	8.919

Units Outstanding (000’s), end of period		29		48


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Conservative Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.978	$	2.032	$	1.876	$	1.769	$	1.772	$	1.671	$	1.566	$	1.467	$	1.394	$	1.282

Unit value, end of year	$	2.267	$	1.978	$	2.032	$	1.876	$	1.769	$	1.772	$	1.671	$	1.566	$	1.467	$	1.394

Units Outstanding (000’s), end of year		772		9,165		8,404		9,594		9,906		9,729		9,530		7,760		6,340		4,492


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Moderate Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.506	$	2.638	$	2.333	$	2.152	$	2.161	$	2.018	$	1.755	$	1.592	$	1.537	$	1.367

Unit value, end of year	$	3.002	$	2.506	$	2.638	$	2.333	$	2.152	$	2.161	$	2.018	$	1.755	$	1.592	$	1.537

Units Outstanding (000’s), end of year		1,127		16,973		16,866		21,092		21,965		21,927		21,272		19,421		17,456		13,988


	Mutual of America Investment Corporation (Certain National Accounts - Tier 4 Reduced Fee)
	Aggressive Allocation Fund
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.916	$	3.158	$	2.724	$	2.472	$	2.496	$	2.332	$	1.889	$	1.676	$	1.648	$	1.416

Unit value, end of year	$	3.599	$	2.916	$	3.158	$	2.724	$	2.472	$	2.496	$	2.332	$	1.889	$	1.676	$	1.648

Units Outstanding (000’s), end of year		840		10,447		11,498		14,021		15,927		16,519		16,495		14,372		14,088		12,952


	Fidelity
	VIP Equity Income Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	77.418	$	84.838	$	75.517	$	64.306	$	67.288	$	62.200	$	48.782	$	41.796	$	41.602	$	36.290

Unit value, end of year	$	99.354	$	77.418	$	84.838	$	75.517	$	64.306	$	67.288	$	62.200	$	48.782	$	41.796	$	41.602

Units Outstanding (000’s), end of year		19		396		467		629		673		755		818		778		785		805


	Fidelity
	VIP Asset Manager Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	50.354	$	53.465	$	47.084	$	45.899	$	46.065	$	43.741	$	37.994	$	33.950	$	35.018	$	30.783

Unit value, end of year	$	59.956	$	50.354	$	53.465	$	47.084	$	45.899	$	46.065	$	43.741	$	37.994	$	33.950	$	35.018

Units Outstanding (000’s), end of year		25		327		353		472		568		612		584		589		614		611

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 52 -


	Fidelity
	VIP Contrafund^® Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	92.431	$	99.218	$	81.809	$	76.143	$	75.980	$	68.209	$	52.215	$	45.080	$	46.481	$	39.830

Unit value, end of year	$	122.472	$	92.431	$	99.218	$	81.809	$	76.143	$	75.980	$	68.209	$	52.215	$	45.080	$	46.481

Units Outstanding (000’s), end of year		44		775		930		1,262		1,460		1,601		1,694		1,737		1,776		1,774


	Fidelity
	VIP Mid Cap Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	79.794	$	93.835	$	78.054	$	69.891	$	71.223	$	67.344	$	49.683	$	43.485	$	48.893	$	38.119

Unit value, end of year	$	99.198	$	79.794	$	93.835	$	78.054	$	69.891	$	71.223	$	67.344	$	49.683	$	43.485	$	48.893

Units Outstanding (000’s), end of year		19		276		320		409		453		489		508		492		502		522


	Vanguard
	Variable Insurance Fund Diversified Value Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	28.435	$	31.476	$	27.981	$	24.938	$	25.698	$	23.539	$	18.299	$	15.802	$	15.297	$	14.068

Unit value, end of year	$	35.944	$	28.435	$	31.476	$	27.981	$	24.938	$	25.698	$	23.539	$	18.299	$	15.802	$	15.297

Units Outstanding (000’s), end of year		49		761		868		1,165		1,235		1,289		1,264		1,105		957		828


	Vanguard
	Variable Insurance Fund International Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	33.097	$	38.103	$	26.866	$	26.520	$	26.892	$	28.798	$	23.480	$	19.661	$	22.876	$	19.875

Unit value, end of year	$	43.676	$	33.097	$	38.103	$	26.866	$	26.520	$	26.892	$	28.798	$	23.480	$	19.661	$	22.876

Units Outstanding (000’s), end of year		68		1,148		1,250		1,655		1,840		1,980		2,086		1,470		1,456		1,405


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	16.413	$	17.446	$	16.751	$	15.551	$	15.304	$	11.833	$	12.330

Unit value, end of period/year	$	21.202	$	16.413	$	17.446	$	16.751	$	15.551	$	15.304	$	11.833

Units Outstanding (000’s), end of period/year		21		411		489		625		503		454		53


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.128	$	10.000

Unit value, end of period	$	10.968	$	10.128

Units Outstanding (000’s), end of period		22		57

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 53 -



	Goldman Sachs VIT Small Cap Equity Insights Fund (Certain National Accounts - Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.713

Units Outstanding (000’s), end of period		5


	Goldman Sachs VIT US Equity Insights Fund (Certain National Accounts - Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.831

Units Outstanding (000’s), end of period		0


	American Century VP Capital Appreciation Fund (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	48.536	$	51.357	$	42.284	$	41.099	$	40.459	$	37.543	$	28.778	$	24.896	$	26.723	$	20.414

Unit value, end of year	$	66.416	$	48.536	$	51.357	$	42.284	$	41.099	$	40.459	$	37.543	$	28.778	$	24.896	$	26.723

Units Outstanding (000’s), end of year		39		671		770		1,042		1,236		1,283		1,364		1,364		1,389		1,315


	American Funds Insurance Series New World Fund^® (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	25.761	$	30.358	$	23.542	$	22.428	$	23.250	$	25.325	$	23.490

Unit value, end of period/year	$	33.758	$	25.761	$	30.358	$	23.542	$	22.428	$	23.250	$	25.325

Units Outstanding (000’s), end of period/year		3		69		81		65		61		47		10


	Calvert VP SRI Balanced Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	5.946	$	6.146	$	5.520	$	5.148	$	5.295	$	4.861	$	4.143	$	3.772	$	3.629	$	3.255

Unit value, end of year	$	7.438	$	5.946	$	6.146	$	5.520	$	5.148	$	5.295	$	4.861	$	4.143	$	3.772	$	3.629

Units Outstanding (000’s), end of year		222		2,957		3,092		3,397		3,585		3,935		3,765		3,387		3,641		3,787


	Delaware VIP^® Small Cap Value Series (Certain National Accounts - Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.908

Units Outstanding (000’s), end of period		2


	DWS Capital Growth VIP (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	93.825	$	95.922	$	76.401	$	73.727	$	68.283	$	60.807	$	45.430	$	39.381	$	41.472	$	35.728

Unit value, end of year	$	129.399	$	93.825	$	95.922	$	76.401	$	73.727	$	68.283	$	60.807	$	45.430	$	39.381	$	41.472

Units Outstanding (000’s), end of year		14		378		406		534		635		658		719		754		805		746

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 54 -



	MFS VIT III Mid Cap Value Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.810	$	10.000

Unit value, end of period	$	11.540	$	8.810

Units Outstanding (000’s), end of period		3		4


	Neuberger Berman AMT Sustainable Equity Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.041

Units Outstanding (000’s), end of period		2


	Invesco Oppenheimer V.I. Main Street Fund^® (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	47.071	$	51.409	$	44.235	$	39.868	$	38.815	$	35.276	$	26.929	$	23.180	$	23.322	$	20.196

Unit value, end of year	$	62.523	$	47.071	$	51.409	$	44.235	$	39.868	$	38.815	$	35.276	$	26.929	$	23.180	$	23.322

Units Outstanding (000’s), end of year		5		138		171		219		213		201		188		173		153		131


	PIMCO Variable Insurance Trust Real Return Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	13.498	$	13.858	$	13.408	$	12.829	$	13.239	$	12.908	$	13.220

Unit value, end of period/year	$	14.708	$	13.498	$	13.858	$	13.408	$	12.829	$	13.239	$	12.908

Units Outstanding (000’s), end of period/year		17		210		245		262		247		204		48


	T. Rowe Price Blue Chip Growth Portfolio (Certain National Accounts - Tier 4 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	31.403	$	30.918	$	22.809	$	22.734	$	20.566	$	18.933	$	16.420

Unit value, end of period/year	$	41.010	$	31.403	$	30.918	$	22.809	$	22.734	$	20.566	$	18.933

Units Outstanding (000’s), end of period/year		73		999		791		526		553		200		44


	Victory RS Small Cap Growth Equity VIP Series (Certain National Accounts - Tier 4 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.507

Units Outstanding (000’s), end of period		0

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 55 -

Certain National Accounts - Tier 5 Reduced Fee (0.85% Separate Account Annual Expenses) (h)


	Mutual of America Investment Corporation Equity Index Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	6.700	$	7.087	$	5.889	$	5.331	$	5.330	$	4.753	$	3.643	$	3.180	$	3.159	$	2.783

Unit value, end of year	$	8.719	$	6.700	$	7.087	$	5.889	$	5.331	$	5.330	$	4.753	$	3.643	$	3.180	$	3.159

Thousands of accumulation units outstanding, end of year		337		5,112		5,705		31,834		53,148		57,445		55,789		59,193		61,506		66,679


	Mutual of America Investment Corporation All America Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	17.853	$	19.649	$	16.633	$	15.100	$	15.288	$	13.919	$	10.663	$	9.406	$	9.497	$	8.147

Unit value, end of year	$	22.711	$	17.853	$	19.649	$	16.633	$	15.100	$	15.288	$	13.919	$	10.663	$	9.406	$	9.497

Thousands of accumulation units outstanding, end of year		12		453		642		5,622		9,653		10,455		11,577		12,478		13,523		15,222


	Mutual of America Investment Corporation Small Cap Value Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.065	$	2.441	$	2.279	$	1.921	$	2.013	$	1.937	$	1.516	$	1.329	$	1.379	$	1.091

Unit value, end of year	$	2.438	$	2.065	$	2.441	$	2.279	$	1.921	$	2.013	$	1.937	$	1.516	$	1.329	$	1.379

Thousands of accumulation units outstanding, end of year		147		3,634		4,249		30,421		48,899		52,895		60,755		65,627		71,636		75,792


	Mutual of America Investment Corporation Small Cap Growth Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.165	$	2.499	$	2.040	$	1.910	$	1.980	$	1.896	$	1.359	$	1.303	$	1.350	$	1.023

Unit value, end of year	$	2.716	$	2.165	$	2.499	$	2.040	$	1.910	$	1.980	$	1.896	$	1.359	$	1.303	$	1.350

Thousands of accumulation units outstanding, end of year		215		4,792		5,252		34,526		58,519		59,683		73,999		70,509		79,438		81,486


	Mutual of America Investment Corporation Small Cap Equity Index Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.303	$	10.000

Unit value, end of period	$	10.072	$	8.303

Thousands of accumulation units outstanding, end of period		2		33


	Mutual of America Investment Corporation Mid Cap Value Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.903	$	2.236	$	1.967	$	1.714	$	1.794	$	1.596	$	1.264	$	1.153	$	1.192	$	1.013

Unit value, end of year	$	2.396	$	1.903	$	2.236	$	1.967	$	1.714	$	1.794	$	1.596	$	1.264	$	1.153	$	1.192

Thousands of accumulation units outstanding, end of year		53		1,535		1,752		9,510		15,486		18,280		15,364		14,987		15,772		15,980


	Mutual of America Investment Corporation Mid-Cap Equity Index Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	4.209	$	4.789	$	4.171	$	3.503	$	3.632	$	3.352	$	2.547	$	2.188	$	2.260	$	1.808

Unit value, end of year	$	5.257	$	4.209	$	4.789	$	4.171	$	3.503	$	3.632	$	3.352	$	2.547	$	2.188	$	2.260

Thousands of accumulation units outstanding, end of year		245		4,573		5,414		33,482		58,446		63,510		69,280		66,532		70,910		69,874

(h)

Certain National Accounts - Tier 5 Reduced Separate Account Annual Expenses are 0.85%. Performance prior to July 1, 2019 reflects Separate Account Annual Expenses of 0.95%. Performance between August 1, 2010 and June 30, 2017 reflects Total Separate Account Annual Expenses of 1.20%. Performance prior to August 1, 2010 reflects Separate Account Annual Expenses of 0.90%. The units were initially offered for availability on July 1, 2019.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 56 -


	Mutual of America Investment Corporation Composite Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	10.066	$	10.499	$	9.362	$	8.780	$	8.816	$	8.178	$	7.113	$	6.448	$	6.346	$	5.775

Unit value, end of year	$	11.909	$	10.066	$	10.499	$	9.362	$	8.780	$	8.816	$	8.178	$	7.113	$	6.448	$	6.346

Thousands of accumulation units outstanding, end of year		37		719		827		6,487		10,951		11,632		12,383		13,626		14,678		16,413


	Mutual of America Investment Corporation International Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	0.895	$	1.042	$	0.846	$	0.842	$	0.858	$	0.924	$	0.776	$	0.662	$	0.766	$	0.715

Unit value, end of year	$	1.073	$	0.895	$	1.042	$	0.846	$	0.842	$	0.858	$	0.924	$	0.776	$	0.662	$	0.766

Units Outstanding (000’s), end of year		150		2,028		1,707		7,235		9,614		8,706		9,019		9,256		7,800		6,707


	Mutual of America Investment Corporation Money Market Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.348	$	2.331	$	2.340	$	2.365	$	2.396	$	2.429	$	2.462	$	2.496	$	2.531	$	2.560

Unit value, end of year	$	2.374	$	2.348	$	2.331	$	2.340	$	2.365	$	2.396	$	2.429	$	2.462	$	2.496	$	2.531

Thousands of accumulation units outstanding, end of year		87		1,748		1,648		7,992		9,755		11,341		12,778		15,265		17,362		20,295


	Mutual of America Investment Corporation Mid-Term Bond Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.402	$	2.411	$	2.382	$	2.329	$	2.343	$	2.297	$	2.338	$	2.290	$	2.180	$	2.060

Unit value, end of year	$	2.524	$	2.402	$	2.411	$	2.382	$	2.329	$	2.343	$	2.297	$	2.338	$	2.290	$	2.180

Thousands of accumulation units outstanding, end of year		59		2,118		2,590		13,855		23,061		24,803		27,517		33,149		35,372		38,104


	Mutual of America Investment Corporation Bond Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	6.365	$	6.415	$	6.258	$	6.050	$	6.103	$	5.810	$	5.935	$	5.670	$	5.349	$	5.037

Unit value, end of year	$	6.790	$	6.365	$	6.415	$	6.258	$	6.050	$	6.103	$	5.810	$	5.935	$	5.670	$	5.349

Thousands of accumulation units outstanding, end of year		66		1,762		2,164		12,112		19,149		20,888		21,938		23,438		23,165		21,945


	Mutual of America Investment Corporation Retirement Income Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.474	$	1.507	$	1.419	$	1.352	$	1.362	$	1.294	$	1.220	$	1.152	$	1.113	$	1.031

Unit value, end of year	$	1.634	$	1.474	$	1.507	$	1.419	$	1.352	$	1.362	$	1.294	$	1.220	$	1.152	$	1.113

Units Outstanding (000’s), end of year		352		2,662		3,021		7,316		11,481		10,750		9,177		8,962		8,162		5,971


	Mutual of America Investment Corporation 2010 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.483	$	1.527	$	1.415	$	1.340	$	1.351	$	1.279	$	1.158	$	1.068	$	1.049	$	0.951

Unit value, end of year	$	1.663	$	1.483	$	1.527	$	1.415	$	1.340	$	1.351	$	1.279	$	1.158	$	1.068	$	1.049

Units Outstanding (000’s), end of year		60		800		877		2,482		6,188		6,133		6,527		7,087		7,327		7,227

- 57 -


	Mutual of America Investment Corporation 2015 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.487	$	1.548	$	1.414	$	1.329	$	1.341	$	1.267	$	1.117	$	1.022	$	1.013	$	0.912

Unit value, end of year	$	1.700	$	1.487	$	1.548	$	1.414	$	1.329	$	1.341	$	1.267	$	1.117	$	1.022	$	1.013

Units Outstanding (000’s), end of year		363		3,129		4,960		15,943		35,223		36,928		37,589		39,009		36,243		33,377


	Mutual of America Investment Corporation 2020 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.508	$	1.586	$	1.425	$	1.328	$	1.343	$	1.266	$	1.088	$	0.986	$	0.983	$	0.871

Unit value, end of year	$	1.756	$	1.508	$	1.586	$	1.425	$	1.328	$	1.343	$	1.266	$	1.088	$	0.986	$	0.983

Units Outstanding (000’s), end of year		1,820		15,907		17,229		50,676		77,960		69,565		64,446		52,040		42,477		34,563		23,701


	Mutual of America Investment Corporation 2025 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.571	$	1.674	$	1.478	$	1.362	$	1.380	$	1.293	$	1.081	$	0.969	$	0.972	$	0.851	$	0.686

Unit value, end of year	$	1.865	$	1.571	$	1.674	$	1.478	$	1.362	$	1.380	$	1.293	$	1.081	$	0.969	$	0.972	$	0.851

Units Outstanding (000’s), end of year		2,681		20,832		18,776		57,910		78,228		67,887		63,819		53,778		41,690		32,390		20,565


	Mutual of America Investment Corporation 2030 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.623	$	1.752	$	1.527	$	1.396	$	1.416	$	1.321	$	1.081	$	0.962	$	0.972	$	0.842	$	0.672

Unit value, end of year	$	1.961	$	1.623	$	1.752	$	1.527	$	1.396	$	1.416	$	1.321	$	1.081	$	0.962	$	0.972	$	0.842

Units Outstanding (000’s), end of year		2,123		17,692		17,406		46,573		57,899		50,653		47,430		41,160		33,092		24,247		16,971


	Mutual of America Investment Corporation 2035 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.625	$	1.770	$	1.528	$	1.388	$	1.410	$	1.318	$	1.059	$	0.937	$	0.954	$	0.819	$	0.651

Unit value, end of year	$	1.990	$	1.625	$	1.770	$	1.528	$	1.388	$	1.410	$	1.318	$	1.059	$	0.937	$	0.954	$	0.819

Units Outstanding (000’s), end of year		1,800		15,167		15,463		41,698		47,810		41,438		38,511		33,044		25,363		20,271		12,881


	Mutual of America Investment Corporation 2040 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.614	$	1.770	$	1.524	$	1.382	$	1.407	$	1.322	$	1.052	$	0.929	$	0.952	$	0.812	$	0.641

Unit value, end of year	$	1.988	$	1.614	$	1.770	$	1.524	$	1.382	$	1.407	$	1.322	$	1.052	$	0.929	$	0.952	$	0.812

Units Outstanding (000’s), end of year		1,280		12,772		11,921		34,955		38,613		35,020		35,092		30,913		24,331		18,624		11,295


	Mutual of America Investment Corporation 2045 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010		2009
Unit value, beginning of year	$	1.596	$	1.757	$	1.510	$	1.368	$	1.395	$	1.315	$	1.042	$	0.921	$	0.946	$	0.806	$	0.638

Unit value, end of year	$	1.920	$	1.596	$	1.757	$	1.510	$	1.368	$	1.395	$	1.315	$	1.042	$	0.921	$	0.946	$	0.806

Units Outstanding (000’s), end of year		1,001		13,857		12,860		42,672		46,205		42,514		41,653		37,864		28,787		21,213		12,807

- 58 -


	Mutual of America Investment Corporation 2050 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		*2012(1)***
Unit value, beginning of period/year	$	1.554	$	1.720	$	1.475	$	1.335	$	1.361	$	1.286	$	1.015	$	1.000

Unit value, end of period/year	$	1.920	$	1.554	$	1.720	$	1.475	$	1.335	$	1.361	$	1.286	$	1.015

Units Outstanding (000’s), end of period/year		1,001		10,142		8,649		19,943		15,046		9,097		4,702		493


	Mutual of America Investment Corporation 2055 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		*2016(2)***
Unit value, beginning of period/year	$	1.092	$	1.210	$	1.037	$	1.000

Unit value, end of period/year	$	1.347	$	1.092	$	1.210	$	1.037

Units Outstanding (000’s), end of period/year		465		3,554		1,339		451


	Mutual of America Investment Corporation 2060 Retirement Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.903	$	10.000

Unit value, end of period	$	10.987	$	8.903

Units Outstanding (000’s), end of period		9		21


	Mutual of America Investment Corporation Conservative Allocation Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	1.848	$	1.905	$	1.768	$	1.677	$	1.690	$	1.604	$	1.512	$	1.425	$	1.363	$	1.259

Unit value, end of year	$	2.088	$	1.848	$	1.905	$	1.768	$	1.677	$	1.690	$	1.604	$	1.512	$	1.425	$	1.363

Thousands of accumulation units outstanding, end of year		455		3,409		4,252		15,175		25,936		25,746		23,231		23,645		19,459		17,239


	Mutual of America Investment Corporation Moderate Allocation Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.342	$	2.474	$	2.199	$	2.040	$	2.062	$	1.937	$	1.695	$	1.547	$	1.503	$	1.342

Unit value, end of year	$	2.766	$	2.342	$	2.474	$	2.199	$	2.040	$	2.062	$	1.937	$	1.695	$	1.547	$	1.503

Thousands of accumulation units outstanding, end of year		934		8,530		9,778		34,284		54,387		55,236		57,199		56,603		51,632		51,013

(1)	For the period October 1, 2012 (initial availability) to December 31, 2012.

(2)	For the period October 1, 2016 (initial availability) to December 31, 2016.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

- 59 -


	Mutual of America Investment Corporation Aggressive Allocation Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	2.725	$	2.963	$	2.568	$	2.344	$	2.382	$	2.239	$	1.824	$	1.628	$	1.611	$	1.391

Unit value, end of year	$	3.315	$	2.725	$	2.963	$	2.568	$	2.344	$	2.382	$	2.239	$	1.824	$	1.628	$	1.611

Thousands of accumulation units outstanding, end of year		311		5,339		5,778		25,450		36,104		37,261		39,964		42,816		42,489		41,698


	Fidelity VIP Equity-Income Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	72.393	$	79.613	$	71.207	$	61.004	$	64.219	$	59.726	$	47.118	$	40.611	$	40.663	$	35.642

Unit value, end of year	$	91.526	$	72.393	$	79.613	$	71.207	$	61.004	$	64.219	$	59.726	$	47.118	$	40.611	$	40.663

Thousands of accumulation units outstanding, end of year		6		151		195		1,301		2,026		2,291		2,482		2,646		2,871		3,148


	Fidelity VIP Asset Manager Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	47.082	$	50.168	$	44.395	$	43.541	$	43.964	$	42.002	$	36.698	$	32.987	$	34.227	$	30.233

Unit value, end of year	$	55.230	$	47.082	$	50.168	$	44.395	$	43.541	$	43.964	$	42.002	$	36.698	$	32.987	$	34.227

Thousands of accumulation units outstanding, end of year		12		134		177		898		1,525		1,634		1,740		1,961		2,042		2,202


	Fidelity VIP Contrafund^® Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	86.432	$	93.106	$	77.138	$	72.231	$	72.513	$	65.493	$	50.432	$	43.801	$	45.431	$	39.119

Unit value, end of year	$	112.820	$	86.432	$	93.106	$	77.138	$	72.231	$	72.513	$	65.493	$	50.432	$	43.801	$	45.431

Thousands of accumulation units outstanding, end of year		16		314		382		2,751		5,014		5,386		5,767		6,355		6,811		7,505


	Fidelity VIP Mid Cap Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	74.618	$	88.057	$	73.600	$	66.301	$	67.973	$	64.662	$	47.986	$	42.252	$	47.789	$	37.438

Unit value, end of year	$	91.381	$	74.618	$	88.057	$	73.600	$	66.301	$	67.973	$	64.662	$	47.986	$	42.252	$	47.789

Thousands of accumulation units outstanding, end of year		4		118		139		683		1,217		1,328		1,504		1,585		1,763		2,121


	Vanguard Variable Insurance Fund Diversified Value Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	26.583	$	29.530	$	26.378	$	23.651	$	24.519	$	22.596	$	17.672	$	15.353	$	14.952	$	13.817

Unit value, end of year	$	33.115	$	26.583	$	29.530	$	26.378	$	23.651	$	24.519	$	22.596	$	17.672	$	15.353	$	14.952

Thousands of accumulation units outstanding, end of year		12		283		378		1,776		3,415		3,838		3,578		3,570		3,279		3,101


	Vanguard Variable Insurance Fund International Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	30.943	$	35.749	$	25.326	$	25.152	$	25.659	$	27.645	$	22.676	$	19.103	$	22.360	$	19.522

Unit value, end of year	$	40.239	$	30.943	$	35.749	$	25.326	$	25.152	$	25.659	$	27.645	$	22.676	$	19.103	$	22.360

Thousands of accumulation units outstanding, end of year		30		510		576		2,890		4,878		5,122		5,664		4,237		4,409		4,520

- 60 -


	Vanguard Variable Insurance Fund Real Estate Index Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013(3)
Unit value, beginning of period/year	$	15.951	$	17.014	$	16.414	$	15.330	$	15.178	$	11.807	$	12.330

Unit value, end of period/year	$	20.361	$	15.951	$	17.014	$	16.414	$	15.330	$	15.178	$	11.807

Thousands of accumulation units outstanding, end of period/year		13		182		169		899		1,384		1,756		150


	Vanguard Variable Insurance Fund Total Bond Market Index Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	10.110	$	10.000

Unit value, end of period	$	10.888	$	10.110

Thousands of accumulation units outstanding, end of period		9		68


	Goldman Sachs Small Cap Equity Insights Fund (Certain National Accounts - Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.689

Thousands of accumulation units outstanding, end of period		0


	Goldman Sachs US Equity Insights Fund (Certain National Accounts - Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.888

Thousands of accumulation units outstanding, end of period		9


	American Century VP Capital Appreciation Fund (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	45.393	$	48.200	$	39.875	$	38.992	$	38.617	$	36.051	$	27.797	$	24.192	$	26.122	$	20.051

Unit value, end of year	$	61.190	$	45.393	$	48.200	$	39.875	$	38.992	$	38.617	$	36.051	$	27.797	$	24.192	$	26.122

Thousands of accumulation units outstanding, end of year		18		253		333		2,235		4,209		4,094		4,833		5,350		5,501		5,890


	American Funds Insurance Series New World Fund^® (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	25.032	$	29.605	$	23.067	$	22.109	$	23.058	$	25.268	$	23.490

Unit value, end of period/year	$	32.419	$	25.032	$	29.605	$	23.067	$	22.109	$	23.058	$	25.268

Thousands of accumulation units outstanding, end of period/year		0		23		20		79		110		79		34


	Calvert VP SRI Balanced Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	5.557	$	5.765	$	5.203	$	4.882	$	5.052	$	4.665	$	4.001	$	3.665	$	3.547	$	3.197

Unit value, end of year	$	6.852	$	5.557	$	5.765	$	5.203	$	4.882	$	5.052	$	4.665	$	4.001	$	3.665	$	3.547

Thousands of accumulation units outstanding, end of year		32		1,390		1,517		8,765		12,937		13,495		14,532		15,622		15,892		16,772

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 61 -


	Delaware VIP^® Small Cap Value Series (Certain National Accounts - Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.883

Thousands of accumulation units outstanding, end of period		0


	DWS Capital Growth VIP (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	87.716	$	89.993	$	72.023	$	69.924	$	65.153	$	58.373	$	43.874	$	38.264	$	40.537	$	35.093

Unit value, end of year	$	119.214	$	87.716	$	89.993	$	72.023	$	69.924	$	65.153	$	58.373	$	43.874	$	38.264	$	40.537

Thousands of accumulation units outstanding, end of year		6		151		166		1,495		2,472		2,411		2,590		2,959		3,166		3,631


	MFS VIT III Mid Cap Value Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		*2018(4)***
Unit value, beginning of period	$	8.794	$	10.000

Unit value, end of period	$	11.456	$	8.794

Thousands of accumulation units outstanding, end of period		1		1


	Neuberger Berman AMT Sustainable Equity Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

	$	11.015

Thousands of accumulation units outstanding, end of period		0


	Invesco Oppenheimer V.I. Main Street Fund^® (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		2013		2012		2011		2010
Unit value, beginning of year	$	44.004	$	48.230	$	41.699	$	37.810	$	37.034	$	33.863	$	26.006	$	22.522	$	22.796	$	19.837

Unit value, end of year	$	57.601	$	44.004	$	48.230	$	41.699	$	37.810	$	37.034	$	33.863	$	26.006	$	22.522	$	22.796

Thousands of accumulation units outstanding, end of year		3		66		71		346		525		566		501		526		435		460


	PIMCO Variable Insurance Trust Real Return Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	13.112	$	13.510	$	13.134	$	12.640	$	13.131	$	12.879	$	13.220

Unit value, end of period/year	$	14.127	$	13.112	$	13.510	$	13.134	$	12.640	$	13.131	$	12.879

Thousands of accumulation units outstanding, end of period/year		5		104		85		266		508		577		196


	T. Rowe Price Blue Chip Growth Portfolio (Certain National Accounts - Tier 5 Reduced Fee)
	2019		2018		2017		2016		2015		2014		*2013(3)***
Unit value, beginning of period/year	$	30.518	$	30.153	$	22.351	$	22.412	$	20.398	$	18.892	$	16.420

Unit value, end of period/year	$	39.384	$	30.518	$	30.153	$	22.351	$	22.412	$	20.398	$	18.892

Thousands of accumulation units outstanding, end of period/year		27		428		317		746		2,120		649		191

(3)	For the period August 5, 2013 (initial availability) to December 31, 2013.

(4)	For the period July 2, 2018 (initial availability) to December 31, 2018.

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

- 62 -


	Victory RS Small Cap Growth Equity VIP Series (Certain National Accounts - Tier 5 Reduced Fee)
	*2019(5)***
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.483

Thousands of accumulation units outstanding, end of period		0

(5)	For the period July 1, 2019 (initial availability) to December 31, 2019.

The dates the Subaccounts commenced operation or became available as sub-accounts are as follows:

Mutual of America Investment Corporation Money Market, All America, Bond and Composite Funds — January 1, 1985; DWS Capital Growth VIP, and American Century VP Capital Appreciation Fund — January 3, 1989; Calvert VP SRI Balanced Portfolio (Formerly named Calvert Variable Series, Inc., Social Balanced Portfolio) — May 13, 1991; Mutual of America Investment Corporation Equity Index and Mid-Term Bond Funds — February 5, 1993; Fidelity VIP Equity-Income, Fidelity VIP Contrafund^® and Asset Manager Portfolios — May 1, 1995; Mutual of America Investment Corporation Mid-Cap Equity Index Fund — May 3, 1999; Mutual of America Investment Corporation Conservative, Moderate and Aggressive Allocation Funds — May 20, 2003; Mutual of America Investment Corporation Small Cap Value, Small Cap Growth and Mid Cap Value Funds — July 1, 2005; Mutual of America Investment Corporation International Fund, Retirement Income Fund and 2010, 2015, 2020, 2025, 2030, 2035, 2040, and 2045 Retirement Funds — November 5, 2007; Invesco Oppenheimer V.I. Main Street Fund^®, the Fidelity VIP Mid Cap Portfolio, the Vanguard Variable Insurance Fund Diversified Value and International Portfolios — July 1, 2005; Mutual of America Investment Corporation 2050 Retirement Fund — October 1, 2012; American Funds Insurance Series New World Fund, PIMCO Variable Insurance Trust Real Return Portfolio, T. Rowe Price Blue Chip Growth Portfolio and Vanguard Variable Insurance Fund Real Estate Index Portfolio — August 5, 2013 for investments by Separate Account Participants; Mutual of America Investment Corporation 2055 Retirement Fund — October 1, 2016; and Mutual of America Investment Corporation Small Cap Equity Index Fund, Mutual of America Investment Corporation 2060 Retirement Fund, Vanguard Variable Insurance Fund Total Bond Market Index Portfolio, and MFS VIT III Mid Cap Value Portfolio — July 2, 2018; and Goldman Sachs VIT Small Cap Equity Insights Fund, Goldman Sachs VIT US Equity Insights Fund, Delaware VIP^® Small Cap Value Series, Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio, and Victory RS Small Cap Growth Equity VIP Series — July 1, 2019; and Mutual of America 2065 Retirement Fund will become available on or after July 1, 2020 for investments by Separate Account Participants. The Mutual of America Variable Insurance Portfolios became available on January 24, 2020.

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YIELD AND PERFORMANCE INFORMATION

Money Market Fund

Regulations adopted by the SEC require us to disclose the current annualized yield of the Money Market Fund of the Separate Account for a seven-day period in a manner that does not take into consideration any realized or unrealized gains or losses on shares of the Mutual of America Investment Corporation Money Market Fund and the Mutual of America Variable Insurance Portfolios Money Market Portfolio or on their respective portfolio securities. This is called yield. The SEC also permits us to disclose the effective yield of the Money Market Fund of the Separate Account for the same seven-day period, determined on a compounded basis. This is called the effective yield.

Yield and effective yield reflect our deductions from the Subaccount for administrative and distribution expenses or services and the mortality and expense risk charge accrued during the period. Because of these deductions, the yield for the Money Market Fund of the Separate Account will be lower than the yield for the Mutual of America Investment Corporation Money Market Fund and the Mutual of America Variable Insurance Portfolios Money Market Portfolio.

From time to time, we will include quotations of the yield or performance of the Separate Account’s Money Market Fund in advertisements, sales literature or shareholder reports. These performance figures are calculated in the following manner:

Yield is the net annualized yield based on a specified seven calendar-days calculated at simple interest rates. Yield is calculated by determining the net change, exclusive of capital changes, in the value of a hypothetical preexisting account having a balance of one accumulation unit at the beginning of the period and dividing the difference by the value of the account at the beginning of the base period to obtain the base period return. The yield is annualized by multiplying the base period return by 365/7. The yield figure is stated to the nearest hundredth of one percent.

Effective yield is the net annualized yield for a specified seven calendar days, assuming a reinvestment of the income (compounding). Effective yield is calculated by the same method as yield, except the yield figure is compounded by adding 1, raising the sum to a power equal to 365 divided by 7, and subtracting one from the result, according to the following formula:

Effective Yield = [Base Period Return + 1)^365/7] – 1.

- 64 -

Separate Account for the seven-day period ended December 31, 2019 was 0.90%. The Certain National Accounts—Tier 4 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven-day period ended December 31, 2019 was 0.85%. The Certain National Accounts—Tier 5 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven-day period ended December 31, 2019 was 0.40%. The VEC and Inactive Plan current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven-day period ended December 31, 2019 was -0.40%. The Mutual of America Variable Insurance Portfolios Money Market Portfolio did not commence operations until 2020.

Yield and effective yield are based on historical earnings and show the performance of a hypothetical investment. The yield on amounts held in the Money Market Fund of the Separate Account normally will fluctuate on a daily basis, and therefore the yield for any past period is not an indication or representation of future yield. The Money Market Fund’s actual yield and effective yield are affected by changes in interest rates on money market securities, average portfolio maturity of the Mutual of America Investment Corporation Money Market Fund and the Mutual of America Variable Insurance Portfolios Money Market Portfolio, the types and quality of portfolio securities held by the Mutual of America Investment Corporation Money Market Fund and the Mutual of America Variable Insurance Portfolios Money Market Portfolio, and its operating expenses.

When communicating total return to current or prospective Participants, we also may compare the Money Market Fund’s figures to the performance of other variable annuity accounts tracked by mutual fund rating services or to unmanaged indices that may assume reinvestment of dividends but generally do not reflect deductions for administrative and management costs.

Subaccounts Other Than Money Market

From time to time, we may include quotations of a Subaccount’s total return in advertisements, sales literature or shareholder reports. These performance figures are calculated in the following manner:

Average Annual Total Return is the average annual compounded rate of return for the periods of one year, five years and ten years, if applicable, all ended on the date of a recent calendar quarter. In addition, the total return for the life of the Subaccount is given. Total return quotations reflect changes in the price of a Subaccount’s units and assume that all dividends and capital gains distributions during the respective periods were reinvested in Subaccount units. Total return is calculated by finding the average annual compounded rates of return of a hypothetical investment over such periods, according to the following formula (total return is then expressed as a percentage):

T = (ERV/P)^1/n – 1.

Where:

P = a hypothetical initial payment of $1,000

T = average annual total return

n = number of years

ERV = ending redeemable value: ERV is the value, at the end of the applicable period, of a hypothetical $1,000 investment made at the beginning of the applicable period.

- 65 -

See “Performance Information for the Separate Accounts” in the Prospectus.

Average Annual Total Returns (Traditional IRA, Roth IRA, Inherited IRA and

FPA Standard Separate Account Annual Expenses) (a)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.14	%		10.40	%		12.12	%		8.39	%		02/05/93
Mutual of America Investment Corporation All America		27.21	%		8.30	%		10.82	%		9.17	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.04	%		3.96	%		8.40	%		6.35	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		25.46	%		6.58	%		10.28	%		7.15	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		21.31	%		N/A			N/A			0.49	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		25.90	%		6.01	%		9.02	%		6.23	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		24.88	%		7.74	%		11.29	%		8.37	%		05/03/99
Mutual of America Investment Corporation Composite		18.30	%		6.26	%		7.53	%		7.35	%		01/01/85
Mutual of America Investment Corporation International		19.93	%		4.63	%		4.18	%		0.60	%		11/05/07
Mutual of America Investment Corporation Money Market		1.10	%		(0.13	)%		(0.73	)%		2.50	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.09	%		1.56	%		2.08	%		3.51	%		02/05/93
Mutual of America Investment Corporation Bond		6.68	%		2.21	%		3.06	%		5.47	%		01/01/85
Mutual of America Investment Corporation Retirement Income		10.85	%		3.77	%		4.74	%		4.15	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.13	%		4.30	%		5.77	%		4.40	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.31	%		4.91	%		6.45	%		4.64	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		16.48	%		5.57	%		7.29	%		4.99	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		18.72	%		6.27	%		8.20	%		5.40	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		20.84	%		6.80	%		8.85	%		5.80	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		22.51	%		7.20	%		9.31	%		5.85	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.13	%		7.21	%		9.39	%		5.92	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		23.42	%		7.21	%		9.38	%		5.86	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		23.53	%		7.18	%		N/A			9.45	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.28	%		N/A			N/A			9.68	%		10/01/16

- 66 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation 2060 Retirement		23.41	%		N/A			N/A			6.49	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		12.97	%		4.38	%		5.21	%		4.54	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.08	%		6.11	%		7.52	%		6.33	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		21.65	%		6.90	%		9.10	%		7.49	%		05/20/03
Fidelity VIP Equity-Income		26.43	%		7.40	%		9.92	%		7.25	%		05/01/95
Fidelity VIP Asset Manager		17.31	%		4.73	%		6.24	%		5.72	%		05/01/95
Fidelity VIP Contrafund^®		30.53	%		9.30	%		11.20	%		9.73	%		05/01/95
Fidelity Mid Cap		22.46	%		6.16	%		9.36	%		7.86	%		07/01/05
Vanguard VIF Diversified Value		24.57	%		6.25	%		9.16	%		0.00	%		07/01/05
Vanguard VIF International		30.04	%		9.47	%		7.53	%		0.00	%		07/01/05
Vanguard VIF Real Estate Index		27.65	%		6.11	%		N/A			8.19	%		08/05/13
Vanguard VIF Total Bond Market Index		7.70	%		N/A			N/A			5.85	%		07/02/18
American Century VP Capital Appreciation		34.80	%		9.70	%		11.83	%		8.37	%		01/03/89
American Funds Insurance Series New World		29.51	%		7.11	%		N/A			5.20	%		08/05/13
Calvert VP SRI Balanced		23.29	%		6.34	%		7.95	%		5.93	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			8.80	%		07/01/19
DWS Capital Growth VIP		35.91	%		12.90	%		13.03	%		8.90	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			6.86	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.03	%		07/01/19
MFS VIT III Mid Cap Value Portfolio		30.27	%		N/A			N/A			9.49	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.12	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund^®		30.90	%		9.29	%		11.27	%		7.41	%		07/01/05
PIMCO VIT Real Return		7.74	%		1.53	%		N/A			1.09	%		08/05/13
T. Rowe Price Blue Chip Growth		29.05	%		14.12	%		N/A			14.67	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			4.80	%		07/01/19

(a)

Returns reflect the deduction of Separate Account Annual Expenses of 0.90%, excluding the $2 monthly charge. Returns between August 1, 2010 and September 30, 2016 reflect the deduction of Separate Account Annual Expenses of 1.20%. Returns prior to August 1, 2010 reflect the deduction of Separate Account Annual Expenses of 0.90%.

Average Annual Total Returns

(All Other Contracts Standard Separate Account Annual Expenses) (b)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		29.56	%		10.11	%		11.97	%		8.33	%		02/05/93
Mutual of America Investment Corporation All America		26.64	%		8.01	%		10.67	%		9.13	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		17.51	%		3.69	%		8.26	%		6.26	%		07/01/05

- 67 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Small Cap Growth		24.89	%		6.30	%		10.13	%		7.05	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		20.76	%		N/A			N/A			0.04	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		25.33	%		5.73	%		8.87	%		6.13	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		24.32	%		7.45	%		11.14	%		8.30	%		05/03/99
Mutual of America Investment Corporation Composite		17.77	%		5.97	%		7.39	%		7.14	%		01/01/85
Mutual of America Investment Corporation International		19.39	%		4.35	%		4.04	%		0.49	%		11/05/07
Mutual of America Investment Corporation Money Market		0.65	%		(0.40	)%		(0.86	)%		2.31	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		4.62	%		1.28	%		1.94	%		3.46	%		02/05/93
Mutual of America Investment Corporation Bond		6.20	%		1.94	%		2.92	%		5.43	%		01/01/85
Mutual of America Investment Corporation Retirement Income		10.35	%		3.49	%		4.60	%		4.03	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		11.63	%		4.02	%		5.63	%		4.29	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		13.80	%		4.63	%		6.31	%		4.52	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		15.96	%		5.29	%		7.14	%		4.87	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		18.19	%		5.99	%		8.05	%		5.29	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		20.30	%		6.51	%		8.71	%		5.68	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		21.96	%		6.91	%		9.16	%		5.73	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		22.58	%		6.92	%		9.24	%		5.81	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		22.87	%		6.93	%		9.23	%		5.75	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		22.98	%		6.89	%		N/A			9.25	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		22.73	%		0.00	%		N/A			9.23	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		22.86	%		N/A			N/A			6.01	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		12.46	%		4.10	%		5.07	%		4.46	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		17.55	%		5.83	%		7.38	%		6.24	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		21.10	%		6.61	%		8.96	%		7.41	%		05/20/03
Fidelity VIP Equity-Income		25.86	%		7.11	%		9.77	%		7.19	%		05/01/95
Fidelity VIP Asset Manager		16.78	%		4.45	%		6.10	%		5.66	%		05/01/95
Fidelity VIP Contrafund^®		29.94	%		9.01	%		11.05	%		9.67	%		05/01/95

- 68 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Fidelity Mid Cap		21.91	%		5.87	%		9.21	%		7.76	%		07/01/05
Vanguard VIF Diversified Value		24.01	%		5.97	%		9.01	%		6.05	%		07/01/05
Vanguard VIF International		29.46	%		9.18	%		7.38	%		7.07	%		07/01/05
Vanguard VIF Real Estate Index		27.08	%		5.83	%		N/A			7.96	%		08/05/13
Vanguard VIF Total Bond Market Index		7.22	%		N/A			N/A			5.37	%		07/02/18
American Century VP Capital Appreciation		34.19	%		9.41	%		11.68	%		8.32	%		01/03/89
American Funds Insurance Series New World		28.93	%		6.82	%		N/A			4.98	%		08/05/13
Calvert VP SRI Balanced		22.74	%		6.06	%		7.80	%		5.88	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			8.55	%		07/01/19
DWS Capital Growth VIP		35.30	%		12.60	%		12.88	%		8.86	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			6.61	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			7.79	%		07/01/19
MFS VIT III Mid Cap Value		29.68	%		N/A			N/A			9.00	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			9.87	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		30.31	%		9.00	%		11.13	%		7.31	%		07/01/05
PIMCO VIT Real Return		7.26	%		1.26	%		N/A			0.87	%		08/05/13
T. Rowe Price Blue Chip Growth		28.47	%		13.82	%		N/A			14.43	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			4.56	%		07/01/19

(b)

Returns reflect the deduction of Separate Account Annual Expenses of 1.35%, excluding the $2 monthly charge. Returns between August 1, 2010 and June 30, 2017 reflect the deduction of Separate Account Annual Expenses of 1.20%. Returns prior to August 1, 2010 reflect the deduction of Separate Account Annual Expenses of 0.90%

Average Annual Total Returns (Tier 1 Reduced Separate Account Annual Expenses (c)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.99	%		11.17	%		12.88	%		8.73	%		02/05/93
Mutual of America Investment Corporation All America		28.04	%		9.04	%		11.57	%		9.44	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.81	%		4.68	%		9.14	%		6.98	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		26.28	%		7.32	%		11.03	%		7.78	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		22.10	%		N/A			N/A			1.15	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		26.72	%		6.75	%		9.76	%		6.86	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		25.69	%		8.48	%		12.04	%		8.82	%		05/03/99
Mutual of America Investment Corporation Composite		19.07	%		6.99	%		8.26	%		7.61	%		01/01/85
Mutual of America Investment Corporation International		20.71	%		5.35	%		4.88	%		1.24	%		11/05/07

- 69 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Money Market		1.76	%		0.56	%		(0.05	)%		2.76	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.77	%		2.26	%		2.77	%		3.84	%		02/05/93
Mutual of America Investment Corporation Bond		7.38	%		2.92	%		3.76	%		5.73	%		01/01/85
Mutual of America Investment Corporation Retirement Income		11.57	%		4.49	%		5.45	%		4.80	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.86	%		5.02	%		6.49	%		5.06	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		15.06	%		5.63	%		7.18	%		5.30	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		17.24	%		6.30	%		8.01	%		5.65	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		19.50	%		7.00	%		8.93	%		6.07	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		21.63	%		7.53	%		9.59	%		6.46	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		23.31	%		7.94	%		10.05	%		6.51	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.94	%		7.95	%		10.13	%		6.59	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		24.23	%		7.95	%		10.12	%		6.53	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		24.34	%		7.92	%		N/A			10.23	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		24.09	%		N/A			N/A			10.37	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		24.22	%		N/A			N/A			7.19	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		13.70	%		5.10	%		5.93	%		5.08	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.85	%		6.84	%		8.25	%		6.88	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		22.44	%		7.63	%		9.84	%		8.05	%		05/20/03
Fidelity VIP Equity-Income		27.25	%		8.14	%		10.66	%		7.62	%		05/01/95
Fidelity VIP Asset Manager		18.07	%		5.45	%		6.96	%		6.08	%		05/01/95
Fidelity VIP Contrafund		31.38	%		10.06	%		11.95	%		10.11	%		05/01/95
Fidelity VIP Mid Cap		23.26	%		6.89	%		10.10	%		8.49	%		07/01/05
Vanguard VIF Diversified Value		25.38	%		6.99	%		9.90	%		6.77	%		07/01/05
Vanguard VIF International		30.89	%		10.23	%		8.26	%		7.80	%		07/01/05
Vanguard VIF Real Estate Index		28.48	%		6.84	%		N/A			8.93	%		08/05/13
Vanguard VIF Total Bond Market Index		8.40	%		N/A			N/A			6.54	%		07/02/18
American Century VP Capital Appreciation		35.68	%		10.46	%		12.59	%		8.66	%		01/03/89
American Funds Insurance Series New World		30.35	%		7.85	%		N/A			5.93	%		08/05/13
Calvert VP SRI Balanced		24.09	%		7.08	%		8.68	%		6.25	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			9.16	%		07/01/19
DWS Capital Growth VIP		36.79	%		13.68	%		13.80	%		9.20	%		01/03/89

- 70 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			7.21	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.39	%		07/01/19
MFS VIT III Mid Cap Value		31.12	%		N/A			N/A			10.21	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.49	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		31.75	%		10.05	%		12.03	%		8.05	%		07/01/05
PIMCO VIT Real Return		8.45	%		2.22	%		N/A			1.78	%		08/05/13
T. Rowe Price Blue Chip Growth		29.89	%		14.91	%		N/A			15.46	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			5.15	%		07/01/19

(c)

Returns reflect the deduction of Separate Account Annual Expenses of 0.25%, excluding the $2 monthly charge. Returns between July 1, 2015 and June 30, 2017 reflect the deduction of Separate Account Annual Expenses of 0.35%. Returns prior to July 1, 2015 reflect the deduction of Separate Account Annual Expenses of 0.50%.

Average Annual Total Returns (Tier 2 Reduced Separate Account Annual Expenses) (d)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.86	%		11.11	%		12.85	%		8.72	%		02/05/93
Mutual of America Investment Corporation All America		27.91	%		8.99	%		11.54	%		9.43	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.69	%		4.63	%		9.11	%		6.97	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		26.15	%		7.26	%		11.00	%		7.76	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		21.97	%		N/A			N/A			1.05	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		26.59	%		6.69	%		9.73	%		6.84	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		25.57	%		8.42	%		12.01	%		8.81	%		05/03/99
Mutual of America Investment Corporation Composite		18.95	%		6.94	%		8.23	%		7.61	%		01/01/85
Mutual of America Investment Corporation International		20.59	%		5.30	%		4.85	%		1.21	%		11/05/07
Mutual of America Investment Corporation Money Market		1.66	%		0.51	%		(8.00	)%		2.75	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.67	%		2.20	%		2.75	%		3.83	%		02/05/93
Mutual of America Investment Corporation Bond		7.27	%		2.87	%		3.73	%		5.72	%		01/01/85
Mutual of America Investment Corporation Retirement Income		11.46	%		4.43	%		5.42	%		4.78	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.75	%		4.97	%		6.46	%		5.04	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.94	%		5.58	%		7.15	%		5.28	%		11/05/07

- 71 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation 2020 Retirement		17.12	%		6.25	%		7.99	%		5.63	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		19.38	%		6.95	%		8.90	%		6.04	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		21.51	%		7.48	%		9.56	%		6.44	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		23.18	%		7.89	%		10.02	%		6.49	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.81	%		7.89	%		10.10	%		6.57	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		24.10	%		7.90	%		10.09	%		6.51	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		24.21	%		7.87	%		N/A			10.19	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.96	%		N/A			N/A			10.29	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		24.09	%		N/A			N/A			7.08	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		13.59	%		5.05	%		5.90	%		5.07	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.74	%		6.79	%		8.22	%		6.86	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		22.32	%		7.58	%		9.81	%		8.03	%		05/20/03
Fidelity VIP Equity-Income		27.12	%		8.09	%		10.63	%		7.61	%		05/01/95
Fidelity VIP Asset Manager		17.95	%		5.40	%		6.93	%		6.07	%		05/01/95
Fidelity VIP Contrafund		31.25	%		10.00	%		11.92	%		10.10	%		05/01/95
Fidelity VIP Mid Cap		23.14	%		6.83	%		10.07	%		8.48	%		07/01/05
Vanguard VIF Diversified Value		25.26	%		6.93	%		9.87	%		6.75	%		07/01/05
Vanguard VIF International		30.76	%		10.17	%		8.23	%		7.78	%		07/01/05
Vanguard VIF Real Estate Index		28.36	%		6.79	%		N/A			8.89	%		08/05/13
Vanguard VIF Total Bond Market Index		8.29	%		N/A			N/A			6.43	%		07/02/18
American Century VP Capital Appreciation		35.54	%		10.40	%		12.56	%		8.66	%		01/03/89
American Funds Insurance Series New World		30.22	%		7.79	%		N/A			5.88	%		08/05/13
Calvert VP SRI Balanced		23.97	%		7.02	%		8.65	%		6.24	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			9.11	%		07/01/19
DWS Capital Growth VIP		36.66	%		13.62	%		13.77	%		9.19	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			7.16	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.34	%		07/01/19
MFS VIT III Mid Cap Value		30.99	%		N/A			N/A			10.10	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.43	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		31.62	%		9.99	%		12.00	%		8.03	%		07/01/05
PIMCO VIT Real Return		8.34	%		2.17	%		N/A			1.74	%		08/05/13
T. Rowe Price Blue Chip Growth		29.76	%		14.85	%		N/A			15.42	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			5.09	%		07/01/19

(d)	Returns reflect the deduction of Separate Account Annual Expenses of 0.35%, excluding the $2 monthly charge. Returns prior to July 1, 2015 reflect the deduction of Separate Account Annual Expenses of 0.50%.

- 72 -

Average Annual Total Returns (Tier 3 Reduced Separate Account Annual Expenses (e)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.73	%		11.02	%		12.81	%		8.71	%		02/05/93
Mutual of America Investment Corporation All America		27.78	%		8.90	%		11.50	%		9.42	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.57	%		4.54	%		9.07	%		6.93	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		26.02	%		7.18	%		10.95	%		7.73	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		21.85	%		N/A			N/A			0.95	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		26.47	%		6.60	%		9.69	%		6.81	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		25.44	%		8.33	%		11.97	%		8.79	%		05/03/99
Mutual of America Investment Corporation Composite		18.84	%		6.85	%		8.19	%		7.59	%		01/01/85
Mutual of America Investment Corporation International		20.47	%		5.21	%		4.81	%		1.18	%		11/05/07
Mutual of America Investment Corporation Money Market		1.56	%		0.43	%		(0.12	)%		2.74	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.56	%		2.12	%		2.71	%		3.81	%		02/05/93
Mutual of America Investment Corporation Bond		7.16	%		2.78	%		3.69	%		5.71	%		01/01/85
Mutual of America Investment Corporation Retirement Income		11.35	%		4.35	%		5.38	%		4.74	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.64	%		4.88	%		6.40	%		5.00	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.83	%		5.49	%		7.11	%		5.24	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		17.00	%		6.16	%		7.94	%		5.59	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		19.26	%		6.86	%		8.86	%		6.01	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		21.39	%		7.39	%		9.52	%		6.41	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		23.06	%		7.80	%		9.98	%		6.45	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.69	%		7.81	%		10.06	%		6.53	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		23.98	%		7.81	%		10.04	%		6.47	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		24.09	%		7.78	%		N/A			10.13	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.84	%		N/A			N/A			10.18	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		23.97	%		N/A			N/A			6.97	%		07/02/18

- 73 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Conservative Allocation		13.48	%		4.96	%		5.86	%		5.04	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.62	%		6.70	%		8.18	%		6.83	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		22.19	%		7.49	%		9.77	%		8.00	%		05/20/03
Fidelity VIP Equity-Income		27.00	%		8.00	%		10.59	%		7.60	%		05/01/95
Fidelity VIP Asset Manager		17.84	%		5.31	%		6.89	%		6.06	%		05/01/95
Fidelity VIP Contrafund		31.12	%		9.91	%		11.88	%		10.08	%		05/01/95
Fidelity VIP Mid Cap		23.02	%		6.75	%		10.03	%		8.44	%		07/01/05
Vanguard VIF Diversified Value		25.13	%		6.84	%		9.83	%		6.72	%		07/01/05
Vanguard VIF International		30.63	%		10.08	%		8.18	%		7.75	%		07/01/05
Vanguard VIF Real Estate Index		28.23	%		6.70	%		N/A			8.82	%		08/05/13
Vanguard VIF Total Bond Market Index		8.19	%		N/A			N/A			6.33	%		07/02/18
American Century VP Capital Appreciation		35.41	%		10.31	%		12.51	%		8.64	%		01/03/89
American Funds Insurance Series New World		30.09	%		7.71	%		N/A			5.82	%		08/05/13
Calvert VP SRI Balanced		23.85	%		6.94	%		8.61	%		6.22	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			9.05	%		07/01/19
DWS Capital Growth VIP		36.52	%		13.53	%		13.72	%		9.18	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			7.10	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.28	%		07/01/19
MFS VIT III Mid Cap Value		30.86	%		N/A			N/A			9.99	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.38	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		31.49	%		9.90	%		11.95	%		8.00	%		07/01/05
PIMCO VIT Real Return		8.23	%		2.09	%		N/A			1.67	%		08/05/13
T. Rowe Price Blue Chip Growth		29.63	%		14.76	%		N/A			15.34	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			5.04	%		07/01/19

(e)	Returns reflect the deduction of Separate Account Annual Expenses of 0.45%, excluding the $2 monthly charge. Returns prior to July 1, 2015 reflect the deduction of Separate Account Annual Expenses of 0.50%.

Average Annual Total Returns (Tier 4 Reduced Separate Account Annual Expenses) (f)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.53	%		10.86	%		12.68	%		8.66	%		02/05/93
Mutual of America Investment Corporation All America		27.59	%		8.74	%		11.37	%		9.38	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.39	%		4.39	%		8.94	%		18.69	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		25.83	%		7.02	%		10.82	%		7.65	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		21.67	%		N/A			N/A			0.80	%		07/02/18

- 74 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Mid Cap Value		26.28	%		6.45	%		9.56	%		6.72	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		25.25	%		8.18	%		11.84	%		8.72	%		05/03/99
Mutual of America Investment Corporation Composite		18.66	%		6.70	%		8.07	%		7.56	%		01/01/85
Mutual of America Investment Corporation International		20.29	%		5.06	%		4.69	%		1.08	%		11/05/07
Mutual of America Investment Corporation Money Market		1.40	%		0.29	%		(0.23	)%		2.70	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.40	%		1.98	%		2.59	%		3.77	%		02/05/93
Mutual of America Investment Corporation Bond		7.00	%		2.64	%		3.58	%		5.68	%		01/01/85
Mutual of America Investment Corporation Retirement Income		11.18	%		4.20	%		5.26	%		4.65	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.47	%		4.73	%		6.30	%		4.90	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.65	%		5.34	%		6.98	%		5.14	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		16.83	%		6.01	%		7.82	%		5.49	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		19.08	%		6.71	%		8.73	%		5.91	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		21.21	%		7.24	%		9.39	%		6.30	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		22.88	%		7.64	%		9.85	%		6.35	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.51	%		7.65	%		9.93	%		6.43	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		23.79	%		7.65	%		9.92	%		6.37	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		23.90	%		7.62	%		N/A			9.97	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.65	%		N/A			N/A			10.02	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		23.78	%		N/A			N/A			6.81	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		13.31	%		4.81	%		5.74	%		4.97	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.44	%		6.55	%		8.06	%		6.76	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		22.01	%		7.34	%		9.65	%		7.93	%		05/20/03
Fidelity VIP Equity-Income		26.81	%		7.84	%		10.46	%		7.54	%		05/01/95
Fidelity VIP Asset Manager		17.66	%		5.16	%		6.76	%		6.01	%		05/01/95
Fidelity VIP Contrafund		30.92	%		9.75	%		11.75	%		10.03	%		05/01/95
Fidelity VIP Mid Cap		22.83	%		6.59	%		9.90	%		8.36	%		07/01/05
Vanguard VIF Diversified Value		24.95	%		6.69	%		9.70	%		6.64	%		07/01/05
Vanguard VIF International		30.43	%		9.92	%		8.06	%		7.67	%		07/01/05
Vanguard VIF Real Estate Index		28.04	%		6.54	%		N/A			8.67	%		08/05/13

- 75 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Vanguard VIF Total Bond Market Index		8.02	%		N/A			N/A			6.17	%		07/02/18
American Century VP Capital Appreciation		35.21	%		10.15	%		12.38	%		8.60	%		01/03/89
American Funds Insurance Series New World		29.90	%		7.55	%		N/A			5.67	%		08/05/13
Calvert VP SRI Balanced		23.66	%		6.78	%		8.49	%		6.18	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			8.97	%		07/01/19
DWS Capital Growth VIP		36.32	%		13.37	%		13.59	%		9.14	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			7.02	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.20	%		07/01/19
MFS VIT III Mid Cap Value		30.66	%		N/A			N/A			9.83	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.29	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		31.29	%		9.74	%		11.83	%		7.91	%		07/01/05
PIMCO VIT Real Return		8.07	%		1.96	%		N/A			1.55	%		08/05/13
T. Rowe Price Blue Chip Growth		29.43	%		14.59	%		N/A			15.19	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			4.96	%		07/01/19

(f)	Returns reflect the deduction of Separate Account Annual Expenses of 0.60%, excluding the $2 monthly charge. Returns prior to August 1, 2010 reflect the deduction of Separate Account Annual Expenses of 0.50%.

Average Annual Total Returns (Tier 5 Reduced Separate Account Annual Expenses) (g)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.07	%		10.33	%		12.08	%		8.37	%		02/05/93
Mutual of America Investment Corporation All America		27.15	%		8.22	%		10.78	%		9.16	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		17.98	%		3.89	%		8.37	%		6.33	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		25.40	%		6.51	%		10.24	%		7.12	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		21.25	%		N/A			N/A			0.44	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		25.84	%		5.94	%		8.98	%		6.20	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		24.82	%		7.66	%		11.25	%		8.35	%		05/03/99
Mutual of America Investment Corporation Composite		18.24	%		6.18	%		7.50	%		7.17	%		01/01/85
Mutual of America Investment Corporation International		19.87	%		4.56	%		4.14	%		0.58	%		11/05/07
Mutual of America Investment Corporation Money Market		1.05	%		(0.20	)%		(0.76	)%		2.34	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.04	%		1.49	%		2.05	%		3.50	%		02/05/93
Mutual of America Investment Corporation Bond		6.63	%		2.14	%		3.02	%		5.46	%		01/01/85

- 76 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Retirement Income		10.79	%		3.70	%		4.70	%		4.12	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.08	%		4.23	%		5.74	%		4.37	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.25	%		4.84	%		6.42	%		4.61	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		16.42	%		5.50	%		7.25	%		4.96	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		18.66	%		6.20	%		8.16	%		5.37	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		20.78	%		6.72	%		8.81	%		5.77	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		22.45	%		7.13	%		9.27	%		5.82	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.07	%		7.14	%		9.35	%		5.89	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		23.36	%		7.14	%		9.35	%		5.83	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		23.47	%		7.11	%		N/A			9.40	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.22	%		N/A			N/A			9.57	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		23.35	%		N/A			N/A			6.44	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		12.91	%		4.31	%		5.18	%		4.52	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.03	%		6.04	%		7.49	%		6.31	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		21.58	%		6.82	%		9.07	%		7.47	%		05/20/03
Fidelity VIP Equity-Income		26.36	%		7.33	%		9.88	%		7.24	%		05/01/95
Fidelity VIP Asset Manager		17.25	%		4.66	%		6.20	%		5.70	%		05/01/95
Fidelity VIP Contrafund		30.46	%		9.23	%		11.16	%		9.72	%		05/01/95
Fidelity VIP Mid Cap		22.40	%		6.08	%		9.33	%		7.83	%		07/01/05
Vanguard VIF Diversified Value		24.51	%		6.18	%		9.12	%		6.12	%		07/01/05
Vanguard VIF International		29.98	%		9.40	%		7.49	%		7.14	%		07/01/05
Vanguard VIF Real Estate Index		27.59	%		6.04	%		N/A			8.13	%		08/05/13
Vanguard VIF Total Bond Market Index		7.65	%		N/A			N/A			5.80	%		07/02/18
American Century VP Capital Appreciation		34.73	%		9.63	%		11.79	%		8.35	%		01/03/89
American Funds Insurance Series New World		29.44	%		7.04	%		N/A			5.15	%		08/05/13
Calvert VP SRI Balanced		23.23	%		6.27	%		7.91	%		5.92	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			8.78	%		07/01/19
DWS Capital Growth VIP		35.84	%		12.83	%		13.00	%		8.89	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			6.83	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.01	%		07/01/19
MFS VIT III Mid Cap Value		30.20	%		N/A			N/A			9.44	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.10	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		30.83	%		9.22	%		11.24	%		7.39	%		07/01/05

- 77 -


	One Year			Five Years			Ten Years		Life of Fund			Inception Date
PIMCO VIT Real Return		7.69	%		1.46	%		N/A		1.03	%		08/05/13
T. Rowe Price Blue Chip Growth		28.98	%		14.04	%		N/A		14.61	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A		4.77	%		07/01/19

(g)

Returns reflect the deduction of Separate Account Annual Expenses of 0.95%, excluding the $2 monthly charge. Returns between August 1, 2010 and June 30, 2017 reflect the deduction of Separate Account Annual Expenses of 1.20%. Returns prior to August 1, 2010 reflect the deduction of Separate Account Annual Expenses of 0.90%.

Average Annual Total Returns (Certain National Accounts—Tier 2 Reduced Separate Account Annual Expenses) (h)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.89	%		11.12	%		12.86	%		8.72	%		02/05/93
Mutual of America Investment Corporation All America		27.94	%		9.00	%		11.55	%		9.43	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.72	%		4.64	%		9.12	%		6.97	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		26.18	%		7.27	%		11.01	%		7.77	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		22.01	%		N/A			N/A			1.08	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		26.63	%		6.70	%		9.74	%		6.84	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		25.60	%		8.43	%		12.02	%		8.81	%		05/03/99
Mutual of America Investment Corporation Composite		18.98	%		6.94	%		8.24	%		7.61	%		01/01/85
Mutual of America Investment Corporation International		20.62	%		5.31	%		4.86	%		1.22	%		11/05/07
Mutual of America Investment Corporation Money Market		1.68	%		0.51	%		(0.07	)%		2.75	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.69	%		2.21	%		2.75	%		3.83	%		02/05/93
Mutual of America Investment Corporation Bond		7.30	%		2.87	%		3.74	%		5.72	%		01/01/85
Mutual of America Investment Corporation Retirement Income		11.49	%		4.44	%		5.43	%		4.78	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.78	%		4.98	%		6.47	%		5.04	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.97	%		5.59	%		7.16	%		5.28	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		17.15	%		6.26	%		7.99	%		5.63	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		19.41	%		6.96	%		8.91	%		6.05	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		21.54	%		7.49	%		9.57	%		6.45	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		23.22	%		7.90	%		10.03	%		6.49	%		11/05/07

- 78 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation 2040 Retirement		23.85	%		7.90	%		10.11	%		6.57	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		24.13	%		7.91	%		10.10	%		6.51	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		24.24	%		7.88	%		10.19	%		10.20	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.99	%		N/A			N/A			10.31	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		24.13	%		N/A			N/A			7.11	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		13.62	%		5.06	%		5.90	%		5.07	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.77	%		6.80	%		8.23	%		6.86	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		22.35	%		7.59	%		9.82	%		8.03	%		05/20/03
Fidelity VIP Equity-Income		27.16	%		8.10	%		10.64	%		7.62	%		05/01/95
Fidelity VIP Asset Manager		17.98	%		5.40	%		6.94	%		6.08	%		05/01/95
Fidelity VIP Contrafund		31.28	%		10.01	%		11.93	%		10.10	%		05/01/95
Fidelity VIP Mid Cap		23.17	%		6.84	%		10.08	%		8.48	%		07/01/05
Vanguard VIF Diversified Value		25.29	%		6.94	%		9.88	%		6.76	%		07/01/05
Vanguard VIF International		30.79	%		10.19	%		8.24	%		7.78	%		07/01/05
Vanguard VIF Real Estate Index		28.39	%		6.80	%		N/A			8.90	%		08/05/13
Vanguard VIF Total Bond Market Index		8.32	%		N/A			N/A			6.46	%		07/02/18
American Century VP Capital Appreciation		35.58	%		10.41	%		12.57	%		8.66	%		01/03/89
American Funds Insurance Series New World		30.26	%		7.80	%		N/A			5.89	%		08/05/13
Calvert VP SRI Balanced		24.00	%		7.03	%		8.66	%		6.24	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			9.14	%		07/01/19
DWS Capital Growth VIP		36.69	%		13.64	%		13.78	%		9.20	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			7.19	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.36	%		07/01/19
MFS VIT III Mid Cap Value		31.02	%		N/A			N/A			10.13	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.46	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		31.65	%		10.00	%		12.01	%		8.03	%		07/01/05
PIMCO VIT Real Return		8.37	%		2.18	%		N/A			1.75	%		08/05/13
T. Rowe Price Blue Chip Growth		29.79	%		14.87	%		N/A			15.43	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			5.12	%		07/01/19

(h)

Returns reflect the deduction of National Account Reduced Separate Account Annual Expenses of 0.30% excluding the $2 monthly charge. Returns prior to July 1, 2019 reflect the deduction of Separate Account Annual Expenses of 0.35%.Returns prior to July 1, 2015 reflect the deduction of Separate Account Annual Expenses of 0.50%.

Average Annual Total Returns (Certain National Accounts—Tier 3 Reduced Separate Account Annual Expenses (i)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.79	%		11.03	%		12.82	%		8.71	%		02/05/93
Mutual of America Investment Corporation All America		27.85	%		8.91	%		11.51	%		9.42	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.63	%		4.55	%		9.08	%		6.94	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		26.15	%		7.19	%		10.96	%		7.74	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		21.92	%		N/A			N/A			1.05	%		07/02/18

- 79 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Mid Cap Value		26.53	%		6.61	%		9.70	%		6.81	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		25.51	%		8.34	%		11.98	%		8.79	%		05/03/99
Mutual of America Investment Corporation Composite		18.90	%		6.86	%		8.20	%		7.59	%		01/01/85
Mutual of America Investment Corporation International		20.93	%		5.22	%		4.82	%		1.18	%		11/05/07
Mutual of America Investment Corporation Money Market		1.61	%		0.44	%		(0.12	)%		2.74	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.62	%		2.13	%		2.72	%		3.82	%		02/05/93
Mutual of America Investment Corporation Bond		7.22	%		2.79	%		3.70	%		5.71	%		01/01/85
Mutual of America Investment Corporation Retirement Income		11.41	%		4.36	%		5.39	%		4.75	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.70	%		4.89	%		6.41	%		5.01	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.88	%		5.50	%		7.12	%		5.24	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		17.06	%		6.17	%		7.95	%		5.59	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		19.32	%		6.87	%		8.87	%		6.01	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		21.45	%		7.40	%		9.53	%		6.41	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		23.12	%		7.81	%		9.99	%		6.46	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.75	%		7.82	%		10.07	%		6.54	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		24.04	%		7.82	%		10.05	%		6.48	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		24.15	%		7.79	%		N/A			10.14	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.90	%		N/A			N/A			10.20	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		24.03	%		N/A			N/A			7.00	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		13.53	%		4.97	%		5.87	%		5.04	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.68	%		6.71	%		8.19	%		6.84	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		22.26	%		7.50	%		9.78	%		8.01	%		05/20/03
Fidelity VIP Equity-Income		27.06	%		8.01	%		10.60	%		7.60	%		05/01/95
Fidelity VIP Asset Manager		17.90	%		5.32	%		6.90	%		6.06	%		05/01/95
Fidelity VIP Contrafund		31.19	%		9.92	%		11.89	%		10.08	%		05/01/95
Fidelity VIP Mid Cap		23.08	%		6.76	%		10.04	%		8.45	%		07/01/05
Vanguard VIF Diversified Value		25.20	%		6.85	%		9.84	%		6.73	%		07/01/05
Vanguard VIF International		30.69	%		10.09	%		8.19	%		7.75	%		07/01/05
Vanguard VIF Real Estate Index		28.29	%		6.71	%		N/A			8.83	%		08/05/13

- 80 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Vanguard VIF Total Bond Market Index		8.24	%		N/A			N/A			6.36	%		07/02/18
American Century VP Capital Appreciation		35.48	%		10.32	%		12.52	%		8.64	%		01/03/89
American Funds Insurance Series New World		30.16	%		7.72	%		N/A			5.83	%		08/05/13
Calvert VP SRI Balanced		23.91	%		6.95	%		8.62	%		6.23	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			9.11	%		07/01/19
DWS Capital Growth VIP		36.59	%		13.54	%		13.73	%		9.18	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			7.16	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.34	%		07/01/19
MFS VIT III Mid Cap Value		30.92	%		N/A			N/A			10.02	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.43	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		31.55	%		9.91	%		11.96	%		8.00	%		07/01/05
PIMCO VIT Real Return		8.28	%		2.10	%		N/A			1.68	%		08/05/13
T. Rowe Price Blue Chip Growth		29.70	%		14.77	%		N/A			15.35	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			5.09	%		07/01/19

(i)

Returns reflect the deduction of National Account Reduced Separate Account Annual Expenses of 0.35%, excluding the $2 monthly charge. Returns prior to July 1, 2019 reflect the deduction of Separate Account Annual Expenses of 0.45%. Returns prior to July 1, 2015 reflect the deduction of Separate Account Annual Expenses of 0.50%.

Average Annual Total Returns (Certain National Accounts—Tier 4 Reduced Separate Account Annual Expenses) (j)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.66	%		11.03	%		12.82	%		8.66	%		02/05/93
Mutual of America Investment Corporation All America		27.72	%		8.91	%		11.51	%		9.38	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.51	%		4.55	%		9.07	%		18.70	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		25.96	%		7.19	%		10.96	%		7.65	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		21.79	%		N/A			N/A			0.87	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		26.41	%		6.61	%		9.69	%		6.73	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		25.38	%		6.61	%		9.69	%		8.73	%		05/03/99
Mutual of America Investment Corporation Composite		18.78	%		6.86	%		8.20	%		7.56	%		01/01/85
Mutual of America Investment Corporation International		20.41	%		5.22	%		4.82	%		1.09	%		11/05/07
Mutual of America Investment Corporation Money Market		1.51	%		0.43	%		(0.11	)%		2.71	%		01/01/85

- 81 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Mid-Term Bond		5.51	%		2.13	%		2.71	%		3.78	%		02/05/93
Mutual of America Investment Corporation Bond		7.11	%		2.79	%		3.69	%		5.68	%		01/01/85
Mutual of America Investment Corporation Retirement Income		11.30	%		4.36	%		5.39	%		4.65	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.58	%		4.89	%		6.42	%		4.91	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.77	%		5.50	%		7.11	%		5.15	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		16.95	%		6.17	%		7.95	%		5.50	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		19.20	%		6.87	%		8.87	%		5.91	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		21.33	%		7.40	%		9.53	%		6.31	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		23.00	%		7.81	%		9.98	%		6.36	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.63	%		7.82	%		10.07	%		6.44	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		23.92	%		7.82	%		10.05	%		6.38	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		24.03	%		7.79	%		10.13	%		9.98	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.78	%		N/A			N/A			10.05	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		23.91	%		N/A			N/A			6.88	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		13.42	%		4.97	%		5.86	%		4.98	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.56	%		6.71	%		8.19	%		6.77	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		22.13	%		7.50	%		9.78	%		7.94	%		05/20/03
Fidelity VIP Equity-Income		26.94	%		8.01	%		10.60	%		7.55	%		05/01/95
Fidelity VIP Asset Manager		17.78	%		5.32	%		6.39	%		6.01	%		05/01/95
Fidelity VIP Contrafund		31.06	%		9.92	%		11.89	%		10.03	%		05/01/95
Fidelity VIP Mid Cap		22.96	%		6.75	%		10.04	%		8.36	%		07/01/05
Vanguard VIF Diversified Value		25.07	%		6.85	%		9.83	%		6.64	%		07/01/05
Vanguard VIF International		30.56	%		10.09	%		8.19	%		7.67	%		07/01/05
Vanguard VIF Real Estate Index		28.17	%		6.71	%		N/A			8.69	%		08/05/13
Vanguard VIF Total Bond Market Index		8.13	%		N/A			N/A			6.24	%		07/02/18
American Century VP Capital Appreciation		35.34	%		10.32	%		12.52	%		8.60	%		01/03/89
American Funds Insurance Series New World		30.03	%		7.72	%		N/A			5.69	%		08/05/13
Calvert VP SRI Balanced		23.79	%		6.95	%		8.62	%		6.19	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			9.08	%		07/01/19
DWS Capital Growth VIP		36.46	%		13.54	%		13.73	%		9.14	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			7.13	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.31	%		07/01/19

- 82 -


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
MFS VIT III Mid Cap Value		30.79	%		N/A			N/A			9.90	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.41	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		31.42	%		9.91	%		11.96	%		7.92	%		07/01/05
PIMCO VIT Real Return		8.18	%		2.09	%		N/A			1.57	%		08/05/13
T. Rowe Price Blue Chip Growth		29.57	%		14.77	%		N/A			15.21	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			5.07	%		07/01/19

(j)

Returns reflect the deduction of National Account Reduced Separate Account Annual Expenses of 0.40%, excluding the $2 monthly charge. Returns prior to July 1, 2019 reflect the deduction of Separate Account Annual Expenses of 0.60%.Returns prior to August 1, 2010 reflect the deduction of Separate Account Annual Expenses of 0.50%.

Average Annual Total Returns (Certain National Accounts—Tier 5 Reduced Separate Account Annual Expenses) (k)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		30.14	%		10.35	%		12.10	%		8.38	%		02/05/93
Mutual of America Investment Corporation All America		27.21	%		8.24	%		10.80	%		9.16	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		18.04	%		3.91	%		8.38	%		6.34	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		25.46	%		6.53	%		10.25	%		7.13	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		21.31	%		N/A			N/A			0.51	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		25.90	%		5.96	%		8.99	%		6.21	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		24.88	%		7.68	%		11.26	%		8.36	%		05/03/99
Mutual of America Investment Corporation Composite		18.30	%		6.20	%		7.51	%		7.17	%		01/01/85
Mutual of America Investment Corporation International		19.93	%		4.57	%		4.15	%		0.58	%		11/05/07
Mutual of America Investment Corporation Money Market		1.10	%		(0.19	)%		(0.75	)%		2.35	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		5.09	%		1.50	%		2.05	%		3.50	%		02/05/93
Mutual of America Investment Corporation Bond		6.68	%		2.16	%		3.03	%		5.46	%		01/01/85
Mutual of America Investment Corporation Retirement Income		10.85	%		3.71	%		4.71	%		4.13	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		12.13	%		4.24	%		5.74	%		4.38	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		14.31	%		4.85	%		6.43	%		4.62	%		11/05/07

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	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation 2020 Retirement		16.48	%		5.52	%		7.26	%		4.97	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		18.72	%		6.21	%		8.17	%		5.38	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		20.84	%		6.74	%		8.83	%		5.78	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		22.51	%		7.14	%		9.28	%		5.83	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		23.14	%		7.15	%		9.36	%		5.90	%		11/05/07
Mutual of America Investment Corporation 2045 Retirement		23.42	%		7.15	%		9.35	%		5.84	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		23.53	%		7.12	%		9.41	%		9.41	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		23.28	%		N/A			N/A			9.60	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		23.41	%		N/A			N/A			6.51	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		12.97	%		4.32	%		5.18	%		4.53	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		18.09	%		6.05	%		7.50	%		6.31	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		21.65	%		6.84	%		9.08	%		7.48	%		05/20/03
Fidelity VIP Equity-Income		26.43	%		7.34	%		9.89	%		7.24	%		05/01/95
Fidelity VIP Asset Manager		17.31	%		4.67	%		6.21	%		5.71	%		05/01/95
Fidelity VIP Contrafund		30.53	%		9.24	%		11.17	%		9.72	%		05/01/95
Fidelity VIP Mid Cap		22.47	%		6.10	%		9.33	%		7.84	%		07/01/05
Vanguard VIF Diversified Value		24.57	%		6.19	%		9.13	%		6.13	%		07/01/05
Vanguard VIF International		30.04	%		9.42	%		7.50	%		7.15	%		07/01/05
Vanguard VIF Real Estate Index		27.65	%		6.05	%		N/A			8.15	%		08/05/13
Vanguard VIF Total Bond Market Index		7.70	%		N/A			N/A			5.87	%		07/02/18
American Century VP Capital Appreciation		34.80	%		9.64	%		11.80	%		8.36	%		01/03/89
American Funds Insurance Series New World		29.51	%		7.05	%		N/A			5.17	%		08/05/13
Calvert VP SRI Balanced		23.29	%		6.29	%		7.92	%		5.92	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			8.83	%		07/01/19
DWS Capital Growth VIP		35.91	%		12.84	%		13.01	%		8.89	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			6.89	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			8.06	%		07/01/19
MFS VIT III Mid Cap Value		30.27	%		N/A			N/A			9.51	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			10.15	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		30.90	%		9.24	%		11.25	%		7.40	%		07/01/05
PIMCO VIT Real Return		7.74	%		1.47	%		N/A			1.05	%		08/05/13
T. Rowe Price Blue Chip Growth		29.05	%		14.06	%		N/A			14.63	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			4.83	%		07/01/19

- 84 -

(k)

Returns reflect the deduction of National Account Reduced Separate Account Annual Expenses of 0.85%, excluding the $2 monthly charge. Returns prior to July 1, 2019 reflect the deduction of Separate Account Annual Expenses of 0.95%. Returns between August 1, 2010 and June 30, 2017 reflect the deduction of Separate Account Annual Expenses of 1.20%. Returns prior to August 1, 2010 reflect the deduction of Separate Account Annual Expenses of 0.90%.

Average Annual Total Returns (VEC and Inactive Plan Separate Account Annual Expenses) (l)

For the Periods Ended December 31, 2019


	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation Equity Index		29.17	%		9.94	%		11.89	%		8.30	%		02/05/93
Mutual of America Investment Corporation All America		26.26	%		7.84	%		10.59	%		9.11	%		01/01/85
Mutual of America Investment Corporation Small Cap Value		17.15	%		3.53	%		8.18	%		6.20	%		07/01/05
Mutual of America Investment Corporation Small Cap Growth		24.52	%		6.14	%		10.05	%		6.99	%		07/01/05
Mutual of America Investment Corporation Small Cap Equity Index		20.40	%		N/A			N/A			-0.26	%		07/02/18
Mutual of America Investment Corporation Mid Cap Value		24.96	%		5.57	%		8.79	%		6.08	%		07/01/05
Mutual of America Investment Corporation Mid-Cap Equity Index		23.95	%		7.29	%		11.06	%		8.26	%		05/03/99
Mutual of America Investment Corporation Composite		17.42	%		5.81	%		7.31	%		7.11	%		01/01/85
Mutual of America Investment Corporation International		19.04	%		4.19	%		3.96	%		0.43	%		11/05/07
Mutual of America Investment Corporation Money Market		0.35	%		(0.54	)%		(0.93	)%		2.29	%		01/01/85
Mutual of America Investment Corporation Mid-Term Bond		4.30	%		1.13	%		1.87	%		3.43	%		02/05/93
Mutual of America Investment Corporation Bond		5.88	%		1.79	%		2.84	%		5.41	%		01/01/85
Mutual of America Investment Corporation Retirement Income		10.02	%		3.34	%		4.52	%		3.97	%		11/05/07
Mutual of America Investment Corporation 2010 Retirement		11.30	%		3.87	%		5.55	%		4.22	%		11/05/07
Mutual of America Investment Corporation 2015 Retirement		13.46	%		4.47	%		6.23	%		4.46	%		11/05/07
Mutual of America Investment Corporation 2020 Retirement		15.61	%		5.13	%		7.06	%		4.81	%		11/05/07
Mutual of America Investment Corporation 2025 Retirement		17.83	%		5.83	%		7.97	%		5.22	%		11/05/07
Mutual of America Investment Corporation 2030 Retirement		19.94	%		6.35	%		8.62	%		5.62	%		11/05/07
Mutual of America Investment Corporation 2035 Retirement		21.59	%		6.76	%		9.08	%		5.67	%		11/05/07
Mutual of America Investment Corporation 2040 Retirement		22.22	%		6.76	%		9.16	%		5.74	%		11/05/07

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	One Year			Five Years			Ten Years			Life of Fund			Inception Date
Mutual of America Investment Corporation 2045 Retirement		22.50	%		6.77	%		9.15	%		5.68	%		11/05/07
Mutual of America Investment Corporation 2050 Retirement		22.61	%		6.73	%		N/A			9.14	%		10/01/12
Mutual of America Investment Corporation 2055 Retirement		22.36	%		N/A			N/A			8.98	%		10/01/16
Mutual of America Investment Corporation 2060 Retirement		22.49	%		N/A			N/A			5.69	%		07/02/18
Mutual of America Investment Corporation Conservative Allocation		12.12	%		3.95	%		4.99	%		4.41	%		05/20/03
Mutual of America Investment Corporation Moderate Allocation		17.20	%		5.67	%		7.30	%		6.19	%		05/20/03
Mutual of America Investment Corporation Aggressive Allocation		20.74	%		6.45	%		8.88	%		7.36	%		05/20/03
Fidelity VIP Equity-Income		25.48	%		6.95	%		9.69	%		7.16	%		05/01/95
Fidelity VIP Asset Manager		16.43	%		4.29	%		6.02	%		5.63	%		05/01/95
Fidelity VIP Contrafund		29.55	%		8.85	%		10.97	%		9.64	%		05/01/95
Fidelity VIP Mid Cap		21.55	%		5.71	%		9.13	%		7.70	%		07/01/05
Vanguard VIF Diversified Value		23.64	%		5.81	%		8.93	%		5.99	%		07/01/05
Vanguard VIF International		29.07	%		9.02	%		7.30	%		7.01	%		07/01/05
Vanguard VIF Real Estate Index		26.70	%		5.67	%		N/A			7.84	%		08/05/13
Vanguard VIF Total Bond Market Index		6.90	%		N/A			N/A			5.06	%		07/02/18
American Century VP Capital Appreciation		33.79	%		9.24	%		11.60	%		8.29	%		01/03/89
American Funds Insurance Series New World		28.54	%		6.66	%		N/A			4.86	%		08/05/13
Calvert VP SRI Balanced		22.37	%		5.90	%		7.72	%		5.85	%		05/13/91
Delaware VIP Small Cap Value Series		N/A			N/A			N/A			8.39	%		07/01/19
DWS Capital Growth VIP		34.89	%		12.43	%		12.80	%		8.83	%		01/03/89
Goldman Sachs VIT Small Cap Equity Insights		N/A			N/A			N/A			6.45	%		07/01/19
Goldman Sachs VIT US Equity Insights		N/A			N/A			N/A			7.62	%		07/01/19
MFS VIT III Mid Cap Value		29.30	%		N/A			N/A			8.67	%		07/02/18
Neuberger Berman AMT Sustainable Equity		N/A			N/A			N/A			9.70	%		07/01/19
Invesco Oppenheimer V.I. Main Street Fund		29.92	%		8.84	%		11.04	%		7.26	%		07/01/05
PIMCO VIT Real Return		6.94	%		1.11	%		N/A			0.76	%		08/05/13
T. Rowe Price Blue Chip Growth		28.08	%		13.65	%		N/A			14.30	%		08/05/13
Victory RS Small Cap Growth Equity VIP Series		N/A			N/A			N/A			4.40	%		07/01/19

(l)

Returns reflect the deduction of Separate Account Annual Expenses of 1.65%, excluding the $2 monthly charge. Returns between August 1, 2010 and June 30, 2017 reflect the deduction of Separate Account Annual Expenses of 1.20%. Returns prior to August 1, 2010 reflect the deduction of Separate Account Annual Expenses of 0.90%.

- 86 -

The Traditional IRA, Roth IRA, Inherited IRA and FPA standard current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven day period ended December 31, 2019 was 0.35%. All other contracts standard current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven day period ended December 31, 2019 was -0.10%. The Tier 1 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven day period ended December 31, 2019 was 1.02%. The Tier 2 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven day period ended December 31, 2019 was 0.92%. The Tier 3 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven day period ended December 31, 2019 was 0.80%. The Tier 4 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven-day period ended December 31, 2019 was 0.65%. The Tier 5 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven-day period ended December 31, 2019 was 0.30%. The Certain National Accounts—Tier 2 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven day period ended December 31, 2019 was 0.97%. The Certain National Accounts—Tier 3 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven day period ended December 31, 2019 was 0.90%. The Certain National Accounts—Tier 4 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven-day period ended December 31, 2019 was 0.85%. The Certain National Accounts—Tier 5 Reduced Fee current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven-day period ended December 31, 2019 was 0.40%. The VEC and Inactive Plan current yield of the Mutual of America Investment Corporation Money Market Fund of the Separate Account for the seven-day period ended December 31, 2019 was -0.40%. The Mutual of America Variable Insurance Portfolios Money Market Portfolio did not commence operations until 2020.

The returns for the All America Fund (previously called the “Stock Fund”) prior to May 1, 1994 reflect the results of the Underlying Fund prior to a change in its investment objectives and policies and the addition of subadvisers on that date. The All America Fund adopted its current asset allocation model as of May 1, 2014, and returns prior to that date reflect the results of the prior asset allocation model.

The Conservative Allocation Fund, the Moderate Allocation Fund and the Aggressive Allocation Fund adopted their respective asset allocation models as of May 1, 2014, and returns prior to that date reflect the results of their respective prior asset allocation models.

The inception dates are for the Subaccounts in Separate Account No. 2.

In the above tables, we did not deduct the $2.00 monthly contract fee from each Subaccount. For any Participant, the actual treatment of the monthly contract fee and its effect on total return will depend on the Participant’s actual allocation of Account Value (unless the fee has been waived).

If you have Account Value in the General Account, the monthly contract fee would be deducted from the General Account, not any Subaccount. If you do not have Account Value allocated to the General Account, but you do have Account Value allocated to more than one Subaccount, the fee would only be deducted from one of the Subaccounts so that an illustration of total return figures of the other Subaccounts could be lower than shown above.

If you do not have any Account Value in the General Account, we will deduct the $2.00 monthly charge from your Account Value allocated to one or more of the Subaccounts, in the following order (for all Contracts except FPA):

(a)	Mutual of America Investment Corporation Money Market Fund (except if redemption of shares has been suspended),

- 87 -

(b)	Mutual of America Investment Corporation Mid-Term Bond Fund,

(c)	Mutual of America Investment Corporation Bond Fund,

(d)	Mutual of America Investment Corporation Composite Fund,

(e)	Fidelity VIP Asset Manager Portfolio,

(f)	Calvert VP SRI Balanced Portfolio,

(g)	Fidelity VIP Equity-Income Portfolio,

(h)	Mutual of America Investment Corporation All America Fund,

(i)	Mutual of America Investment Corporation Equity Index Fund,

(j)	Mutual of America Investment Corporation Mid-Cap Equity Index Fund,

(k)	Fidelity VIP Contrafund^® Portfolio,

(l)	DWS Capital Growth VIP,

(m)	American Century VP Capital Appreciation Fund,

(n)	Mutual of America Investment Corporation Conservative Allocation Fund,

(o)	Mutual of America Investment Corporation Moderate Allocation Fund,

(p)	Mutual of America Investment Corporation Aggressive Allocation Fund,

(q)	Mutual of America Investment Corporation Small Cap Value Fund,

(r)	Mutual of America Investment Corporation Small Cap Growth Fund,

(s)	Mutual of America Investment Corporation Mid Cap Value Fund,

(t)	Fidelity VIP Mid Cap Portfolio,

(u)	Invesco Oppenheimer V.I. Main Street Fund^®,

(v)	Vanguard VIF Diversified Value Portfolio,

(w)	Vanguard VIF International Portfolio,

(x)	Mutual of America Investment Corporation International Fund

(y)	Mutual of America Investment Corporation Retirement Income Fund,

(z)	Mutual of America Investment Corporation 2010 Retirement Fund,

(aa)	Mutual of America Investment Corporation 2015 Retirement Fund,

(bb)	Mutual of America Investment Corporation 2020 Retirement Fund,

(cc)	Mutual of America Investment Corporation 2025 Retirement Fund,

(dd)	Mutual of America Investment Corporation 2030 Retirement Fund,

(ee)	Mutual of America Investment Corporation 2035 Retirement Fund,

(ff)	Mutual of America Investment Corporation 2040 Retirement Fund,

(gg)	Mutual of America Investment Corporation 2045 Retirement Fund,

(hh)	Mutual of America Investment Corporation 2050 Retirement Fund,

(ii)	Mutual of America Investment Corporation 2055 Retirement Fund,

(jj)	Mutual of America Investment Corporation 2060 Retirement Fund,

- 88 -

(kk)	Mutual of America Investment Corporation 2065 Retirement Fund,

(ll)	American Funds Insurance Series New World Fund^®,

(mm)	PIMCO VIT Real Return Portfolio,

(nn)	T. Rowe Price Blue Chip Growth Portfolio,

(oo)	Vanguard VIF Real Estate Index Portfolio,

(pp)	Mutual of America Investment Corporation Small Cap Equity Index Fund,

(qq)	MFS VIT III Mid Cap Value Portfolio,

(rr)	Vanguard Total Bond Market Index Portfolio,

(ss)	Delaware VIP^® Small Cap Value Series,

(tt)	Goldman Sachs VIT Small Cap Equity Insights Fund,

(uu)	Goldman Sachs VIT US Equity Insights Fund,

(vv) Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio, and

(ww)	Victory RS Small Cap Growth Equity VIP Series.

For FPA Contracts, if you do not have any Account Value in the General Account, we will deduct the $2.00 monthly charge from your Account Value allocated to one or more of the Subaccounts, in the following order:

(a)	Mutual of America Variable Insurance Portfolios Money Market Fund (except if redemption of shares has been suspended),

(b)	Mutual of America Variable Insurance Portfolios Mid-Term Bond Fund,

(c)	Mutual of America Variable Insurance Portfolios Bond Fund,

(d)	Fidelity VIP Asset Manager Portfolio,

(e)	Calvert VP SRI Balanced Portfolio,

(f)	Fidelity VIP Equity-Income Portfolio,

(g)	Mutual of America Variable Insurance Portfolios All America Fund,

(h)	Mutual of America Variable Insurance Portfolios Equity Index Fund,

(i)	Mutual of America Variable Insurance Portfolios Mid-Cap Equity Index Fund,

(j)	Fidelity VIP Contrafund^® Portfolio,

(k)	DWS Capital Growth VIP,

(l)	American Century VP Capital Appreciation Fund,

(m)	Mutual of America Variable Insurance Portfolios Conservative Allocation Fund,

(n)	Mutual of America Variable Insurance Portfolios Moderate Allocation Fund,

(o)	Mutual of America Variable Insurance Portfolios Aggressive Allocation Fund,

(p)	Mutual of America Variable Insurance Portfolios Small Cap Value Fund,

(q)	Mutual of America Variable Insurance Portfolios Small Cap Growth Fund,

(r)	Mutual of America Variable Insurance Portfolios Mid Cap Value Fund,

(s)	Fidelity VIP Mid Cap Portfolio,

- 89 -

(t)	Invesco Oppenheimer V.I. Main Street Fund^®,

(u)	Vanguard VIF Diversified Value Portfolio,

(v)	Vanguard VIF International Portfolio,

(w)	Mutual of America Variable Insurance Portfolios International Fund

(x)	Mutual of America Variable Insurance Portfolios Retirement Income Fund,

(y)	Mutual of America Variable Insurance Portfolios 2010 Retirement Fund,

(z)	Mutual of America Variable Insurance Portfolios 2015 Retirement Fund,

(aa)	Mutual of America Variable Insurance Portfolios 2020 Retirement Fund,

(bb)	Mutual of America Variable Insurance Portfolios 2025 Retirement Fund,

(cc)	Mutual of America Variable Insurance Portfolios 2030 Retirement Fund,

(dd)	Mutual of America Variable Insurance Portfolios 2035 Retirement Fund,

(ee)	Mutual of America Variable Insurance Portfolios 2040 Retirement Fund,

(ff)	Mutual of America Variable Insurance Portfolios 2045 Retirement Fund,

(gg)	Mutual of America Variable Insurance Portfolios 2050 Retirement Fund,

(hh)	Mutual of America Variable Insurance Portfolios 2055 Retirement Fund,

(ii)	Mutual of America Variable Insurance Portfolios 2060 Retirement Fund,

(jj)	American Funds Insurance Series New World Fund^®,

(kk)	PIMCO VIT Real Return Portfolio,

(ll)	T. Rowe Price Blue Chip Growth Portfolio,

(mm)	Vanguard VIF Real Estate Index Portfolio,

(nn)	Mutual of America Variable Insurance Portfolios Small Cap Equity Index Fund,

(oo)	MFS VIT III Mid Cap Value Portfolio,

(pp)	Vanguard Total Bond Market Index Portfolio,

(qq)	Delaware VIP^® Small Cap Value Series,

(rr)	Goldman Sachs VIT Small Cap Equity Insights Fund,

(ss)	Goldman Sachs VIT US Equity Insights Fund,

(tt)	Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio, and

(uu)	Victory RS Small Cap Growth Equity VIP Series.

Performance figures are based on historical earnings and are not guaranteed to reoccur. They are not necessarily indicative of the future investment performance of a particular Subaccount. Total return and yield for a Subaccount will vary based on changes in market conditions and the performance of the Underlying Fund. Unit values will fluctuate so that, when redeemed, they may be worth more or less than their original cost.

When communicating total return to current or prospective Participants, we also may compare a Subaccount’s figures to the performance of other variable annuity accounts tracked by mutual fund rating services or to unmanaged indices that may assume reinvestment of dividends but generally do not reflect deductions for administrative and management costs.

See “Performance Information for the Separate Accounts” in the Prospectus.

- 90 -

SAFEKEEPING OF SEPARATE ACCOUNT ASSETS

We hold title to the Separate Account’s assets, including shares of the Underlying Funds. We maintain records of all purchases and redemptions of Underlying Fund shares by each of the Subaccounts.

STATE REGULATION

We are subject to regulation by the New York State Superintendent of Financial Services (“Superintendent”) as well as by the insurance departments of all the other states and jurisdictions in which we do business.

We must file with the Superintendent an annual statement on a form specified by the National Association of Insurance Commissioners. We also must file with New York and other states a separate statement covering the separate accounts that we maintain, including the Separate Account. Our books and records are subject to review and examination by the Superintendent and the Superintendent’s agents at all times. The Superintendent makes a full examination into our affairs at least every five years. Other states also may periodically conduct a full examination of our operations.

The laws of New York and of other states in which we are licensed to transact business specifically provide for regulation and supervision of the variable annuity activities of life insurance companies. Regulations require certain contract provisions and require us to obtain approval of contract forms. State regulation does not involve any supervision or control over the investment policies of the Separate Account, or the selection of investments therefor, except for verification that any such investments are permissible under applicable law. Generally, the states in which we do business apply the laws of New York in determining permissible investments for us.

PERIODIC REPORTS

Prior to your Annuity Commencement Date, we will provide you, at least quarterly, with a statement as of a specified date covering the period since the last statement. The statement will set forth, for the covered period:

(1)	Amounts added to your Account Value, which will be Deferred Compensation deposits under 457 Contracts or Contributions under Thrift, IRA, FPA and TDA Contracts made by you or on your behalf, including

•

the allocation of contributed amounts to the Separate and General Accounts;

•

the date Deferred Compensation was deducted from your salary or the Contribution was made, as well as any designation of the Contribution as a Designated Roth Contribution (if permitted by your Plan); and

•

the date the amount was credited to your account.

(3)	Interest accrued on amounts allocated for you to the General Account.

(4)	The number and dollar value of Accumulation Units credited to you in each Subaccount;

(5)	The total amounts of all withdrawals and transfers from the General Account and each Subaccount; and

(6)	Any change in your plan’s status with respect to eligibility for the Reduced Fee.

The statement we send to you also will specify your Account Value available to provide a periodic benefit, cash return or death benefit. We will transmit to Participants, at least semi-annually, reports showing the financial condition of the Separate Account and showing the schedules of investments held in each Underlying Fund.

- 91 -

LEGAL MATTERS

All matters of applicable state law pertaining to the Contracts, including our right to issue the Contracts and certain legal matters relating to Federal securities laws, have been passed upon by James J. Roth, Senior Executive Vice President and General Counsel of Mutual of America.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The statements of assets and liabilities of Mutual of America Separate Account No. 2 as of December 31, 2019 and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended and the financial highlights for each of the years or periods in the five-year period then ended have been included herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, appearing elsewhere herein.

The consolidated statutory statements of financial condition of Mutual of America Life Insurance Company and subsidiaries (the “Company”) as of December 31, 2019 and 2018, and the related consolidated statutory statements of operations and surplus, and cash flows for each of the years in the three-year period ended December 31, 2019, have been included herein in reliance upon the reports of KPMG LLP, independent auditors. The audit report, dated March 16, 2020, covering the December 31, 2019, 2018 and 2017 consolidated statutory statements referred to above contains an explanatory paragraph that states that the Company prepared the consolidated statutory financial statements using accounting practices prescribed or permitted by the New York State Department of Financial Services, which practices differs from U.S. generally accepted accounting principles. Accordingly, the KPMG LLP audit report referred to above states that the consolidated statutory financial statements are not intended to be and, therefore, are not presented fairly in conformity with U.S. generally accepted accounting principles and further states that the consolidated statutory financial statements are presented fairly, in all material respects, in conformity with accounting practices prescribed or permitted by the New York State Department of Financial Services.

ADDITIONAL INFORMATION

We have filed with the SEC a registration statement under the Securities Act of 1933, as amended, concerning the Contracts. Not all of the information set forth in the registration statement, amendments and exhibits thereto has been included in this Statement of Additional Information or in the current Prospectus for the Contracts. Statements contained herein concerning the content of the Contracts and other legal instruments are intended to be summaries. For a complete statement of the terms of those documents, reference should be made to the materials filed with the SEC. The SEC has an Internet website at http://www.sec.gov, or you may write to the SEC’s Public Reference Section, 100 F Street, NE, Washington, DC 20549-6009 and obtain copies upon payment of a duplicating fee.

- 92 -

FINANCIAL STATEMENTS

When you allocate Account Value to the Subaccounts, the value of the Account Value in those Subaccounts is impacted primarily by the investment results of the Underlying Fund(s).

Financial statements of the Separate Account for 2019 are included as follows:


	Page

Report of Independent Registered Public Accounting Firm		94

Statements of Assets and Liabilities		97

Statements of Operations		109

Statements of Changes in Net Assets		113

Notes to Financial Statements		121

Financial Statements of Mutual of America for 2019, 2018 and 2017 are included as follows:


	Page

Independent Auditors’ Report		349

Consolidated Statements of Financial Condition		351

Consolidated Statements of Operations and Surplus		352

Consolidated Statements of Cash Flows		353

Notes to Consolidated Financial Statements		354

You should consider our financial statements included in this Statement of Additional Information as bearing on our ability to meet our obligations under the Contracts and to support our General Account.

- 93 -

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of Mutual of America Life Insurance Company and Contract Owners of Mutual of America Separate Account No. 2:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the subaccounts listed in the Appendix, each a subaccount comprising Mutual of America Separate Account No. 2 (the Subaccounts), as of December 31, 2019, the related statements of operations for the year or period listed in the Appendix, the statements of changes in net assets for each of the years or periods listed in the Appendix, and the related notes, including the financial highlights for each of the years or periods indicated in Note 4 (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Subaccounts as of December 31, 2019, the results of its operations for the year or period listed in the Appendix, the changes in its net assets for the years or periods listed in the Appendix, and the financial highlights for each of the years or periods indicated in Note 4, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Subaccounts’ management. Our responsibility is to express an opinion on these financial statements 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 Subaccounts 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 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, 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. Such procedures also included confirmation of securities owned as of December 31, 2019, by correspondence with the transfer agents of the underlying mutual funds. 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. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of Mutual of America Life Insurance Company’s separate accounts since 2002.

LOGO

New York, New York

April 27, 2020

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Appendix

Statement of operations for the year ended December 31, 2019 and the statements of changes in net assets for each of the years in the two-year period then ended.

MUTUAL OF AMERICA INVESTMENT CORPORATION

Equity Index Fund

All America Fund

Small Cap Value Fund

Small Cap Growth Fund

Small Cap Equity Index Fund*

Mid Cap Value Fund

Mid-Cap Equity Index Fund

Composite Fund

International Fund

Money Market Fund

Mid-Term Bond Fund

Bond Fund

Retirement Income Fund

2010 Retirement Fund

2015 Retirement Fund

2020 Retirement Fund

2025 Retirement Fund

2030 Retirement Fund

2035 Retirement Fund

2040 Retirement Fund

2045 Retirement Fund

2050 Retirement Fund

2055 Retirement Fund

2060 Retirement Fund*

Conservative Allocation Fund

Moderate Allocation Fund

Aggressive Allocation Fund

FIDELITY INVESTMENTS VARIABLE INSURANCE PRODUCTS FUNDS

VIP Equity-Income Portfolio

VIP Asset Manager Portfolio

VIP Contrafund Portfolio

VIP Mid Cap Portfolio

VANGUARD VARIABLE INSURANCE FUNDS

VIF Diversified Value Portfolio

VIF International Portfolio

VIF Real Estate Index Portfolio

VIF Total Bond Market Index Portfolio*

AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.

VP Capital Appreciation Fund

AMERICAN FUNDS INSURANCE SERIES

New World Fund

CALVERT VARIABLE SERIES, INC.

VP SRI Balanced Portfolio

DEUTSCHE DWS VARIABLE SERIES I

Capital Growth VIP

- 95 -

INVESCO VARIABLE INSURANCE FUNDS

V.I. Main Street Fund

PIMCO VARIABLE INSURANCE TRUST

VIT Real Return Portfolio

T. ROWE PRICE EQUITY SERIES, INC.

Blue Chip Growth Portfolio

MFS VARIABLE INVESTMENT TRUST III

MFS VIT III Mid Cap Value Portfolio*

* Statement of operations for the year ended December 31, 2019 and the statements of changes in net assets for the year ended December 31, 2019 and for the period from July 2, 2018 (commencement of operations) to December 31, 2018 for these subaccounts.

Statement of operations and the statement of changes in net assets for the period from July 1, 2019 (commencement of operations) to December 31, 2019.

GOLDMAN SACHS VARIABLE INSURANCE TRUST

VIT Small Cap Equity Insights Fund

VIT US Equity Insights Fund

DELAWARE VIP TRUST

VIP Small Cap Value Series

NEUBERGER BERMAN ADVISERS MANAGEMENT TRUST

Sustainable Equity Portfolio

VICTORY VARIABLE INSURANCE FUNDS

RS Small Cap Growth Equity VIP Series

- 96 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Mutual of America Investment Corporation
	Equity Index Fund			All America Fund			Small Cap Value Fund			Small Cap Growth Fund
Investments in Mutual of America Investment Corporation at fair value (Cost: Equity Index Fund—$485,310,262 All America Fund—$219,477,546 Small Cap Value Fund—$143,754,843 Small Cap Growth Fund—$200,049,211)
(Notes 1 and 2)	$	856,215,259		$	252,946,717		$	164,618,047		$	228,333,907
Due From (To) Mutual of America General Account		(18,234	)		(10,725	)		(2,479	)		(1,168	)

Net Assets	$	856,197,025		$	252,935,992		$	164,615,568		$	228,332,739

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	206,996,475		$	63,056,270		$	29,986,228		$	44,126,406

Tier 1 Reduced Fee Units(1)	$	84,156,545		$	26,996,054		$	18,827,325		$	25,715,538

Certain National Accounts—Tier 2 Reduced Fee Units	$	464,134		$	148,537		$	116,090		$	156,261

Tier 2 Reduced Fee Units	$	48,291,737		$	7,709,015		$	7,565,362		$	10,641,623

Certain National Accounts—Tier 3 Reduced Fee Units	$	15,133,193		$	3,136,098		$	2,848,946		$	4,196,360

Certain National Accounts—Tier 4 Reduced Fee Units	$	5,754,861		$	832,695		$	1,179,283		$	1,398,663

Tier 3 Reduced Fee Units	$	212,927,222		$	50,762,158		$	43,350,512		$	57,842,047

Tier 4 Reduced Fee Units	$	98,476,758		$	25,290,066		$	18,120,563		$	26,704,658

Certain National Accounts—Tier 5 Reduced Fee Units	$	2,935,468		$	265,793		$	359,230		$	585,128

Tier 5 Reduced Fee Units	$	42,653,915		$	7,707,451		$	7,728,385		$	11,204,026

Standard Units(2)	$	64,246,382		$	20,137,105		$	14,743,897		$	20,570,224

Inactive and Voluntary Employee Contribution Units	$	74,160,335		$	46,894,750		$	19,789,747		$	25,191,805

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		23,671,589			2,768,377			12,263,684			16,198,943

Tier 1 Reduced Fee Units(1)		8,835,110			1,088,026			7,067,871			8,665,424

Certain National Accounts—Tier 2 Reduced Fee Units		48,838			6,000			43,680			52,776

Tier 2 Reduced Fee Units		5,082,781			311,489			2,847,305			3,595,035

Certain National Accounts—Tier 3 Reduced Fee Units		1,592,792			126,717			1,072,232			1,417,646

Certain National Accounts—Tier 4 Reduced Fee Units		608,042			33,776			445,566			474,359

Tier 3 Reduced Fee Units		22,503,008			2,059,533			16,383,240			19,622,320

Tier 4 Reduced Fee Units		10,527,251			1,037,893			6,928,746			9,165,882

Certain National Accounts—Tier 5 Reduced Fee Units		336,664			11,703			147,348			215,429

Tier 5 Reduced Fee Units		4,894,398			339,537			3,171,622			4,127,140

Standard Units(2)		7,446,345			896,040			6,111,622			7,653,576

Inactive and Voluntary Employee Contribution Units		8,659,782			2,102,309			8,264,606			9,443,522

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	8.745		$	22.777		$	2.445		$	2.724

Tier 1 Reduced Fee Units(1)	$	9.525		$	24.812		$	2.664		$	2.968

Certain National Accounts—Tier 2 Reduced Fee Units	$	9.503		$	24.755		$	2.658		$	2.961

Tier 2 Reduced Fee Units	$	9.501		$	24.749		$	2.657		$	2.960

Certain National Accounts—Tier 3 Reduced Fee Units	$	9.501		$	24.749		$	2.657		$	2.960

Certain National Accounts—Tier 4 Reduced Fee Units	$	9.465		$	24.654		$	2.647		$	2.949

Tier 3 Reduced Fee Units	$	9.462		$	24.647		$	2.646		$	2.948

Tier 4 Reduced Fee Units	$	9.354		$	24.367		$	2.615		$	2.913

Certain National Accounts—Tier 5 Reduced Fee Units	$	8.719		$	22.711		$	2.438		$	2.716

Tier 5 Reduced Fee Units	$	8.715		$	22.700		$	2.437		$	2.715

Standard Units(2)	$	8.628		$	22.473		$	2.412		$	2.688

Inactive and Voluntary Employee Contribution Units	$	8.564		$	22.306		$	2.395		$	2.668

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 97 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund		Mid Cap Value Fund			Mid-Cap Equity Index Fund			Composite Fund
Investments in Mutual of America Investment Corporation at fair value (Cost: Small Cap Equity Index Fund—$11,724,829 Mid Cap Value Fund—$49,807,737 Mid-Cap Equity Index Fund—$368,418,828 Composite Fund—$155,721,413)
(Notes 1 and 2)	$	12,281,069	$	56,897,297		$	469,264,793		$	170,582,423
Due From (To) Mutual of America General Account		82		(425	)		(7,072	)		(9,465	)

Net Assets	$	12,281,151	$	56,896,872		$	469,257,721		$	170,572,958

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	3,114,776	$	10,057,926		$	117,578,274		$	45,892,397

Tier 1 Reduced Fee Units(1)	$	690,698	$	8,239,396		$	46,260,564		$	14,826,621

Certain National Accounts—Tier 2 Reduced Fee Units	$	19,630	$	60,637		$	304,308		$	24,777

Tier 2 Reduced Fee Units	$	1,083,926	$	3,397,827		$	25,126,529		$	5,156,304

Certain National Accounts—Tier 3 Reduced Fee Units	$	246,679	$	794,526		$	8,324,715		$	2,628,238

Certain National Accounts—Tier 4 Reduced Fee Units	$	180,911	$	621,300		$	3,524,669		$	1,703,009

Tier 3 Reduced Fee Units	$	3,937,300	$	14,245,449		$	117,221,594		$	38,252,372

Tier 4 Reduced Fee Units	$	1,381,766	$	8,148,417		$	57,339,779		$	16,061,949

Certain National Accounts—Tier 5 Reduced Fee Units	$	21,202	$	127,816		$	1,287,560		$	442,053

Tier 5 Reduced Fee Units	$	600,253	$	2,602,699		$	21,449,953		$	7,291,902

Standard Units(2)	$	878,521	$	5,584,362		$	36,234,859		$	12,565,829

Inactive and Voluntary Employee Contribution Units	$	125,489	$	3,016,517		$	34,604,917		$	25,727,507

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		309,191		4,185,301			22,302,467			3,842,577

Tier 1 Reduced Fee Units(1)		67,894		3,147,356			8,055,632			1,139,666

Certain National Accounts—Tier 2 Reduced Fee Units		1,932		23,216			53,112			1,909

Tier 2 Reduced Fee Units		106,710		1,301,234			4,386,569			397,356

Certain National Accounts—Tier 3 Reduced Fee Units		24,285		304,272			1,453,322			202,538

Certain National Accounts—Tier 4 Reduced Fee Units		17,832		238,851			617,719			131,735

Tier 3 Reduced Fee Units		388,189		5,477,888			20,549,002			2,959,746

Tier 4 Reduced Fee Units		136,541		3,169,769			10,168,438			1,256,794

Certain National Accounts—Tier 5 Reduced Fee Units		2,105		53,341			244,939			37,120

Tier 5 Reduced Fee Units		59,629		1,086,737			4,082,614			612,631

Standard Units(2)		87,799		2,355,193			6,966,109			1,066,360

Inactive and Voluntary Employee Contribution Units		12,598		1,281,727			6,702,597			2,199,590

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	10.074	$	2.403		$	5.272		$	11.943

Tier 1 Reduced Fee Units(1)	$	10.173	$	2.618		$	5.743		$	13.010

Certain National Accounts—Tier 2 Reduced Fee Units	$	10.160	$	2.612		$	5.730		$	12.980

Tier 2 Reduced Fee Units	$	10.158	$	2.611		$	5.728		$	12.977

Certain National Accounts—Tier 3 Reduced Fee Units	$	10.158	$	2.611		$	5.728		$	12.977

Certain National Accounts—Tier 4 Reduced Fee Units	$	10.145	$	2.601		$	5.706		$	12.927

Tier 3 Reduced Fee Units	$	10.143	$	2.601		$	5.704		$	12.924

Tier 4 Reduced Fee Units	$	10.120	$	2.571		$	5.639		$	12.780

Certain National Accounts—Tier 5 Reduced Fee Units	$	10.072	$	2.396		$	5.257		$	11.909

Tier 5 Reduced Fee Units	$	10.066	$	2.395		$	5.254		$	11.903

Standard Units(2)	$	10.006	$	2.371		$	5.202		$	11.784

Inactive and Voluntary Employee Contribution Units	$	9.961	$	2.353		$	5.163		$	11.697

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 98 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Mutual of America Investment Corporation
	International Fund			Money Market Fund			Mid-Term Bond Fund			Bond Fund
Investments in Mutual of America Investment Corporation at fair value (Cost: International Fund—$23,802,548 Money Market Fund—$45,618,754 Mid-Term Bond Fund—$93,022,332 Bond Fund—$213,239,778)
(Notes 1 and 2)	$	27,938,607		$	46,737,337		$	97,766,395		$	225,900,830
Due From (To) Mutual of America General Account		(147	)		(9,673	)		(7,810	)		(12,786	)

Net Assets	$	27,938,460		$	46,727,664		$	97,758,585		$	225,888,044

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	2,358,022		$	1,439,326		$	14,821,027		$	36,635,284

Tier 1 Reduced Fee Units(1)	$	3,610,926		$	5,711,703		$	11,097,352		$	23,319,506

Certain National Accounts—Tier 2 Reduced Fee Units	$	45,341		$	58,696		$	54,247		$	68,177

Tier 2 Reduced Fee Units	$	2,530,821		$	3,140,205		$	5,693,336		$	12,108,525

Certain National Accounts—Tier 3 Reduced Fee Units	$	718,530		$	1,011,936		$	2,196,123		$	6,017,825

Certain National Accounts—Tier 4 Reduced Fee Units	$	292,834		$	312,427		$	754,484		$	1,886,861

Tier 3 Reduced Fee Units	$	8,107,488		$	13,727,241		$	31,084,108		$	71,216,231

Tier 4 Reduced Fee Units	$	4,960,244		$	6,501,175		$	11,613,347		$	29,221,826

Certain National Accounts—Tier 5 Reduced Fee Units	$	160,730		$	205,704		$	149,451		$	445,756

Tier 5 Reduced Fee Units	$	1,732,062		$	3,460,058		$	4,511,954		$	11,193,731

Standard Units(2)	$	2,538,945		$	5,638,321		$	7,817,074		$	16,530,557

Inactive and Voluntary Employee Contribution Units	$	882,517		$	5,520,872		$	7,966,082		$	17,243,765

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		2,191,501			604,588			5,855,295			5,380,126

Tier 1 Reduced Fee Units(1)		3,109,849			2,202,016			4,024,616			3,143,562

Certain National Accounts—Tier 2 Reduced Fee Units		39,139			22,681			19,719			9,212

Tier 2 Reduced Fee Units		2,185,194			1,213,722			2,070,060			1,636,452

Certain National Accounts—Tier 3 Reduced Fee Units		620,402			391,124			798,496			813,301

Certain National Accounts—Tier 4 Reduced Fee Units		253,821			121,210			275,357			255,967

Tier 3 Reduced Fee Units		7,029,115			5,327,035			11,347,381			9,663,470

Tier 4 Reduced Fee Units		4,350,347			2,551,448			4,285,692			4,008,877

Certain National Accounts—Tier 5 Reduced Fee Units		149,813			86,653			59,212			65,649

Tier 5 Reduced Fee Units		1,615,256			1,458,304			1,788,534			1,649,415

Standard Units(2)		2,391,578			2,400,343			3,129,943			2,460,374

Inactive and Voluntary Employee Contribution Units		837,509			2,367,874			3,213,363			2,585,632

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	1.076		$	2.381		$	2.531		$	6.809

Tier 1 Reduced Fee Units(1)	$	1.161		$	2.594		$	2.757		$	7.418

Certain National Accounts—Tier 2 Reduced Fee Units	$	1.158		$	2.588		$	2.751		$	7.401

Tier 2 Reduced Fee Units	$	1.158		$	2.587		$	2.750		$	7.399

Certain National Accounts—Tier 3 Reduced Fee Units	$	1.158		$	2.587		$	2.750		$	7.399

Certain National Accounts—Tier 4 Reduced Fee Units	$	1.154		$	2.578		$	2.740		$	7.372

Tier 3 Reduced Fee Units	$	1.153		$	2.577		$	2.739		$	7.370

Tier 4 Reduced Fee Units	$	1.140		$	2.548		$	2.710		$	7.289

Certain National Accounts—Tier 5 Reduced Fee Units	$	1.073		$	2.374		$	2.524		$	6.790

Tier 5 Reduced Fee Units	$	1.072		$	2.373		$	2.523		$	6.786

Standard Units(2)	$	1.062		$	2.349		$	2.498		$	6.719

Inactive and Voluntary Employee Contribution Units	$	1.054		$	2.332		$	2.479		$	6.669

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 99 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Mutual of America Investment Corporation
	Retirement Income Fund			2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund
Investments in Mutual of America Investment Corporation at fair value (Cost: Retirement Income Fund—$75,635,311 2010 Retirement Fund—$17,805,264 2015 Retirement Fund—$101,714,259 2020 Retirement Fund—$356,489,835)
(Notes 1 and 2)	$	79,300,275		$	18,006,914		$	106,397,422		$	403,645,436

Due From (To) Mutual of America General Account		(4,621	)		(454	)		(2,826	)		(10,431	)

Net Assets	$	79,295,654		$	18,006,460		$	106,394,596		$	403,635,005

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	14,724,115		$	4,029,152		$	29,215,446		$	74,897,169

Tier 1 Reduced Fee Units(1)	$	10,763,177		$	2,521,380		$	14,070,514		$	54,871,484

Certain National Accounts—Tier 2 Reduced Fee Units	$	13,615		$	1,030		$	3,452		$	75,179

Tier 2 Reduced Fee Units	$	5,736,106		$	894,403		$	9,166,871		$	30,562,233

Certain National Accounts—Tier 3 Reduced Fee Units	$	3,076,107		$	843,207		$	3,495,226		$	17,690,470

Certain National Accounts—Tier 4 Reduced Fee Units	$	2,135,136		$	397,412		$	1,396,929		$	6,249,010

Tier 3 Reduced Fee Units	$	19,082,795		$	3,334,420		$	22,471,703		$	104,304,526

Tier 4 Reduced Fee Units	$	12,796,683		$	2,103,141		$	13,102,448		$	55,892,203

Certain National Accounts—Tier 5 Reduced Fee Units	$	574,617		$	99,784		$	616,568		$	3,196,797

Tier 5 Reduced Fee Units	$	4,766,207		$	1,865,160		$	4,769,820		$	24,756,076

Standard Units(2)	$	4,826,525		$	1,374,353		$	4,982,795		$	23,438,184

Inactive and Voluntary Employee Contribution Units	$	800,571		$	543,018		$	3,102,824		$	7,701,674

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		8,983,081			2,415,961			17,139,442			42,523,124

Tier 1 Reduced Fee Units(1)		6,084,459			1,400,900			7,648,336			28,866,601

Certain National Accounts—Tier 2 Reduced Fee Units		7,714			574			1,881			39,641

Tier 2 Reduced Fee Units		3,250,948			498,205			4,995,619			16,119,253

Certain National Accounts—Tier 3 Reduced Fee Units		1,743,389			469,687			1,904,774			9,330,378

Certain National Accounts—Tier 4 Reduced Fee Units		1,214,645			222,202			764,148			3,308,380

Tier 3 Reduced Fee Units		10,858,675			1,864,826			12,295,563			55,235,362

Tier 4 Reduced Fee Units		7,365,905			1,189,907			7,252,850			29,944,797

Certain National Accounts—Tier 5 Reduced Fee Units		351,577			60,005			362,758			1,820,240

Tier 5 Reduced Fee Units		2,917,672			1,122,183			2,807,740			14,103,093

Standard Units(2)		2,984,369			835,225			2,962,669			13,486,870

Inactive and Voluntary Employee Contribution Units		498,708			332,466			1,858,631			4,464,770

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	1.639		$	1.668		$	1.705		$	1.761

Tier 1 Reduced Fee Units(1)	$	1.769		$	1.800		$	1.840		$	1.901

Certain National Accounts—Tier 2 Reduced Fee Units	$	1.765		$	1.796		$	1.835		$	1.896

Tier 2 Reduced Fee Units	$	1.764		$	1.795		$	1.835		$	1.896

Certain National Accounts—Tier 3 Reduced Fee Units	$	1.764		$	1.795		$	1.835		$	1.896

Certain National Accounts—Tier 4 Reduced Fee Units	$	1.758		$	1.789		$	1.828		$	1.889

Tier 3 Reduced Fee Units	$	1.757		$	1.788		$	1.828		$	1.888

Tier 4 Reduced Fee Units	$	1.737		$	1.767		$	1.807		$	1.867

Certain National Accounts—Tier 5 Reduced Fee Units	$	1.634		$	1.663		$	1.700		$	1.756

Tier 5 Reduced Fee Units	$	1.634		$	1.662		$	1.699		$	1.755

Standard Units(2)	$	1.617		$	1.645		$	1.682		$	1.738

Inactive and Voluntary Employee Contribution Units	$	1.605		$	1.633		$	1.669		$	1.725

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 100 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Mutual of America Investment Corporation
	2025 Retirement Fund			2030 Retirement Fund			2035 Retirement Fund			2040 Retirement Fund
Investments in Mutual of America Investment Corporation at fair value (Cost: 2025 Retirement Fund—$505,289,605 2030 Retirement Fund—$448,143,447 2035 Retirement Fund—$354,016,061 2040 Retirement Fund—$291,023,769)
(Notes 1 and 2)	$	589,954,863		$	531,297,324		$	427,830,984		$	354,977,323

Due From (To) Mutual of America General Account		(16,159	)		(17,884	)		(18,251	)		(18,569	)

Net Assets	$	589,938,704		$	531,279,440		$	427,812,733		$	354,958,754

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	85,602,569		$	54,083,153		$	33,126,546		$	25,189,841

Tier 1 Reduced Fee Units(1)	$	80,175,068		$	75,356,247		$	57,217,355		$	40,355,714

Certain National Accounts—Tier 2 Reduced Fee Units	$	98,683		$	43,028		$	277,453		$	90,203

Tier 2 Reduced Fee Units	$	42,069,451		$	41,108,763		$	28,664,129		$	25,439,752

Certain National Accounts—Tier 3 Reduced Fee Units	$	23,227,780		$	19,442,738		$	19,508,800		$	15,030,724

Certain National Accounts—Tier 4 Reduced Fee Units	$	12,259,707		$	8,995,229		$	6,722,535		$	4,351,960

Tier 3 Reduced Fee Units	$	170,485,796		$	151,443,796		$	131,748,682		$	112,784,847

Tier 4 Reduced Fee Units	$	87,061,625		$	93,510,763		$	71,983,628		$	60,568,161

Certain National Accounts—Tier 5 Reduced Fee Units	$	5,001,644		$	4,163,105		$	3,582,022		$	2,544,270

Tier 5 Reduced Fee Units	$	34,128,450		$	34,053,891		$	29,203,592		$	26,980,470

Standard Units(2)	$	40,324,069		$	41,457,275		$	38,725,119		$	33,679,485

Inactive and Voluntary Employee Contribution Units	$	9,503,862		$	7,621,452		$	7,052,872		$	7,943,327

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		45,759,474			27,497,135			16,595,784			12,634,923

Tier 1 Reduced Fee Units(1)		39,710,620			35,498,849			26,560,824			18,756,229

Certain National Accounts—Tier 2 Reduced Fee Units		48,990			20,316			129,093			42,020

Tier 2 Reduced Fee Units		20,890,165			19,415,030			13,340,231			11,853,989

Certain National Accounts—Tier 3 Reduced Fee Units		11,534,074			9,182,503			9,079,359			7,003,765

Certain National Accounts—Tier 4 Reduced Fee Units		6,110,873			4,264,542			3,140,607			2,035,595

Tier 3 Reduced Fee Units		85,000,605			71,816,244			61,565,553			52,767,705

Tier 4 Reduced Fee Units		43,917,263			44,865,103			34,033,621			28,670,640

Certain National Accounts—Tier 5 Reduced Fee Units		2,681,355			2,122,738			1,799,729			1,279,874

Tier 5 Reduced Fee Units		18,305,404			17,372,653			14,680,365			13,579,302

Standard Units(2)		21,846,391			21,362,440			19,662,821			17,121,676

Inactive and Voluntary Employee Contribution Units		5,187,360			3,956,583			3,607,890			4,068,356

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	1.871		$	1.967		$	1.996		$	1.994

Tier 1 Reduced Fee Units(1)	$	2.019		$	2.123		$	2.154		$	2.152

Certain National Accounts—Tier 2 Reduced Fee Units	$	2.014		$	2.118		$	2.149		$	2.147

Tier 2 Reduced Fee Units	$	2.014		$	2.117		$	2.149		$	2.146

Certain National Accounts—Tier 3 Reduced Fee Units	$	2.014		$	2.117		$	2.149		$	2.146

Certain National Accounts—Tier 4 Reduced Fee Units	$	2.006		$	2.109		$	2.141		$	2.138

Tier 3 Reduced Fee Units	$	2.006		$	2.109		$	2.140		$	2.137

Tier 4 Reduced Fee Units	$	1.982		$	2.084		$	2.115		$	2.113

Certain National Accounts—Tier 5 Reduced Fee Units	$	1.865		$	1.961		$	1.990		$	1.988

Tier 5 Reduced Fee Units	$	1.864		$	1.960		$	1.989		$	1.987

Standard Units(2)	$	1.846		$	1.941		$	1.969		$	1.967

Inactive and Voluntary Employee Contribution Units	$	1.832		$	1.926		$	1.955		$	1.952

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 101 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Mutual of America Investment Corporation
	2045 Retirement Fund			2050 Retirement Fund			2055 Retirement Fund			2060 Retirement Fund
Investments in Mutual of America Investment Corporation at fair value (Cost: 2045 Retirement Fund—$316,227,267 2050 Retirement Fund—$224,271,356 2055 Retirement Fund—$76,028,514 2060 Retirement Fund—$15,136,177)
(Notes 1 and 2)	$	389,464,064		$	259,409,683		$	82,946,461		$	16,403,415

Due From (To) Mutual of America General Account		(47,624	)		(28,256	)		(17,864	)		(4,476	)

Net Assets	$	389,416,440		$	259,381,427		$	82,928,597		$	16,398,939

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	20,363,354		$	10,399,550		$	3,611,537		$	1,185,966

Tier 1 Reduced Fee Units(1)	$	44,446,015		$	26,616,820		$	7,396,833		$	1,045,688

Certain National Accounts—Tier 2 Reduced Fee Units	$	179,049		$	120,859		$	131,234		$	5,601

Tier 2 Reduced Fee Units	$	29,805,276		$	20,466,987		$	6,206,322		$	969,277

Certain National Accounts—Tier 3 Reduced Fee Units	$	15,365,373		$	10,445,755		$	3,668,770		$	880,982

Certain National Accounts—Tier 4 Reduced Fee Units	$	6,552,402		$	4,191,601		$	1,061,659		$	317,633

Tier 3 Reduced Fee Units	$	127,959,508		$	88,045,843		$	26,298,555		$	4,986,006

Tier 4 Reduced Fee Units	$	67,698,326		$	47,643,352		$	16,979,702		$	3,044,468

Certain National Accounts—Tier 5 Reduced Fee Units	$	2,876,758		$	1,922,837		$	626,803		$	102,321

Tier 5 Reduced Fee Units	$	26,876,920		$	20,738,556		$	6,679,861		$	1,281,222

Standard Units(2)	$	37,955,664		$	26,276,297		$	10,120,352		$	2,574,571

Inactive and Voluntary Employee Contribution Units	$	9,337,795		$	2,512,970		$	146,969		$	5,204

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		10,306,207			5,400,133			2,673,899			107,914

Tier 1 Reduced Fee Units(1)		20,843,218			13,133,181			5,366,297			94,222

Certain National Accounts—Tier 2 Reduced Fee Units		84,159			59,771			95,426			505

Tier 2 Reduced Fee Units		14,013,120			10,124,483			4,514,007			87,470

Certain National Accounts—Tier 3 Reduced Fee Units		7,224,118			5,167,242			2,668,385			79,502

Certain National Accounts—Tier 4 Reduced Fee Units		3,092,471			2,081,428			774,275			28,699

Tier 3 Reduced Fee Units		60,407,268			43,732,212			19,184,485			450,612

Tier 4 Reduced Fee Units		32,335,799			23,911,871			12,447,394			275,769

Certain National Accounts—Tier 5 Reduced Fee Units		1,460,214			1,001,361			465,406			9,313

Tier 5 Reduced Fee Units		13,649,391			10,805,614			4,962,392			116,668

Standard Units(2)		19,469,844			13,828,873			7,593,963			235,858

Inactive and Voluntary Employee Contribution Units		4,825,784			1,332,431			111,106			479

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	1.976		$	1.926		$	1.351		$	10.990

Tier 1 Reduced Fee Units(1)	$	2.132		$	2.027		$	1.378		$	11.098

Certain National Accounts—Tier 2 Reduced Fee Units	$	2.128		$	2.022		$	1.375		$	11.084

Tier 2 Reduced Fee Units	$	2.127		$	2.022		$	1.375		$	11.081

Certain National Accounts—Tier 3 Reduced Fee Units	$	2.127		$	2.022		$	1.375		$	11.081

Certain National Accounts—Tier 4 Reduced Fee Units	$	2.119		$	2.014		$	1.371		$	11.068

Tier 3 Reduced Fee Units	$	2.118		$	2.013		$	1.371		$	11.065

Tier 4 Reduced Fee Units	$	2.094		$	1.992		$	1.364		$	11.040

Certain National Accounts—Tier 5 Reduced Fee Units	$	1.970		$	1.920		$	1.347		$	10.987

Tier 5 Reduced Fee Units	$	1.969		$	1.919		$	1.346		$	10.982

Standard Units(2)	$	1.949		$	1.900		$	1.333		$	10.916

Inactive and Voluntary Employee Contribution Units	$	1.935		$	1.886		$	1.323		$	10.867

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 102 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Mutual of America Investment Corporation
	Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund
Investments in Mutual of America Investment Corporation at fair value (Cost: Conservative Allocation Fund—$118,484,713 Moderate Allocation Fund—$267,401,166 Aggressive Allocation Fund—$192,384,301)
(Notes 1 and 2)	$	127,094,974		$	316,642,468		$	234,799,369

Due From (To) Mutual of America General Account		(4,312	)		(8,785	)		(6,193	)

Net Assets	$	127,090,662		$	316,633,683		$	234,793,176

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	32,473,198		$	55,545,562		$	27,174,977

Tier 1 Reduced Fee Units(1)	$	11,749,383		$	33,043,455		$	26,401,017

Certain National Accounts—Tier 2 Reduced Fee Units	$	17,945		$	96,011		$	167,341

Tier 2 Reduced Fee Units	$	6,571,366		$	20,045,305		$	14,589,997

Certain National Accounts—Tier 3 Reduced Fee Units	$	3,787,426		$	9,099,154		$	5,693,173

Certain National Accounts—Tier 4 Reduced Fee Units	$	1,749,733		$	3,385,124		$	3,024,662

Tier 3 Reduced Fee Units	$	29,179,200		$	87,014,399		$	71,536,535

Tier 4 Reduced Fee Units	$	19,612,615		$	44,017,166		$	31,377,638

Certain National Accounts—Tier 5 Reduced Fee Units	$	951,661		$	2,582,810		$	1,029,852

Tier 5 Reduced Fee Units	$	5,894,628		$	20,301,141		$	16,115,907

Standard Units(2)	$	10,821,298		$	28,747,833		$	23,769,057

Inactive and Voluntary Employee Contribution Units	$	4,282,209		$	12,755,723		$	13,913,020

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		15,509,705			20,024,234			8,173,041

Tier 1 Reduced Fee Units(1)		5,151,081			10,936,073			7,289,899

Certain National Accounts—Tier 2 Reduced Fee Units		7,886			31,849			46,313

Tier 2 Reduced Fee Units		2,888,320			6,651,177			4,038,899

Certain National Accounts—Tier 3 Reduced Fee Units		1,664,692			3,019,165			1,576,022

Certain National Accounts—Tier 4 Reduced Fee Units		771,969			1,127,469			840,495

Tier 3 Reduced Fee Units		12,876,912			28,988,875			19,883,698

Tier 4 Reduced Fee Units		8,749,979			14,828,348			8,820,450

Certain National Accounts—Tier 5 Reduced Fee Units		455,835			933,789			310,629

Tier 5 Reduced Fee Units		2,824,897			7,343,422			4,863,445

Standard Units(2)		5,238,174			10,503,579			7,245,263

Inactive and Voluntary Employee Contribution Units		2,088,324			4,695,325			4,272,667

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	2.094		$	2.774		$	3.325

Tier 1 Reduced Fee Units(1)	$	2.281		$	3.022		$	3.622

Certain National Accounts—Tier 2 Reduced Fee Units	$	2.276		$	3.015		$	3.613

Tier 2 Reduced Fee Units	$	2.275		$	3.014		$	3.612

Certain National Accounts—Tier 3 Reduced Fee Units	$	2.275		$	3.014		$	3.612

Certain National Accounts—Tier 4 Reduced Fee Units	$	2.267		$	3.002		$	3.599

Tier 3 Reduced Fee Units	$	2.266		$	3.002		$	3.598

Tier 4 Reduced Fee Units	$	2.241		$	2.968		$	3.557

Certain National Accounts—Tier 5 Reduced Fee Units	$	2.088		$	2.766		$	3.315

Tier 5 Reduced Fee Units	$	2.087		$	2.765		$	3.314

Standard Units(2)	$	2.066		$	2.737		$	3.281

Inactive and Voluntary Employee Contribution Units	$	2.051		$	2.717		$	3.256

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 103 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Fidelity
	VIP Equity-Income Portfolio			VIP Asset Manager Portfolio			VIP Contrafund Portfolio			VIP Mid Cap Portfolio
Investments in Fidelity VIP Portfolios at fair value (Cost: Fidelity VIP Equity-Income Portfolio—$237,347,083 Fidelity VIP Asset Manager Portfolio—$129,172,605 Fidelity VIP Contrafund Portfolio—$535,409,324 Fidelity VIP Mid Cap Portfolio—$160,892,281)
(Notes 1 and 2)	$	264,518,754		$	133,610,776		$	708,411,297		$	167,913,652

Due From (To) Mutual of America General Account		(11,831	)		(9,633	)		(13,943	)		(1,292	)

Net Assets	$	264,506,923		$	133,601,143		$	708,397,354		$	167,912,360

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	45,945,926		$	19,563,635		$	154,655,699		$	30,636,069

Tier 1 Reduced Fee Units(1)	$	31,580,329		$	14,518,235		$	81,824,758		$	21,199,120

Certain National Accounts—Tier 2 Reduced Fee Units	$	216,272		$	175,145		$	509,689		$	109,323

Tier 2 Reduced Fee Units	$	11,828,980		$	8,250,021		$	34,961,957		$	10,475,833

Certain National Accounts—Tier 3 Reduced Fee Units	$	4,411,077		$	3,229,195		$	11,662,843		$	3,171,260

Certain National Accounts—Tier 4 Reduced Fee Units	$	1,885,077		$	1,514,606		$	5,421,000		$	1,902,873

Tier 3 Reduced Fee Units	$	71,700,652		$	41,111,686		$	173,004,340		$	45,925,837

Tier 4 Reduced Fee Units	$	33,249,687		$	15,501,467		$	78,367,790		$	22,947,083

Certain National Accounts—Tier 5 Reduced Fee Units	$	512,388		$	686,237		$	1,801,677		$	326,026

Tier 5 Reduced Fee Units	$	11,625,371		$	6,271,068		$	30,130,167		$	8,080,535

Standard Units(2)	$	20,038,874		$	11,912,653		$	54,241,350		$	13,451,376

Inactive and Voluntary Employee Contribution Units	$	31,512,290		$	10,867,195		$	81,816,084		$	9,687,025

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		500,549			353,203			1,366,849			334,286

Tier 1 Reduced Fee Units(1)		315,834			240,618			663,849			212,338

Certain National Accounts—Tier 2 Reduced Fee Units		2,168			2,909			4,145			1,098

Tier 2 Reduced Fee Units		118,603			137,082			284,370			105,197

Certain National Accounts—Tier 3 Reduced Fee Units		44,228			53,656			94,862			31,845

Certain National Accounts—Tier 4 Reduced Fee Units		18,973			25,262			44,263			19,183

Tier 3 Reduced Fee Units		721,852			685,870			1,412,965			463,090

Tier 4 Reduced Fee Units		338,692			261,644			647,601			234,124

Certain National Accounts—Tier 5 Reduced Fee Units		5,598			12,425			15,969			3,568

Tier 5 Reduced Fee Units		127,082			113,602			267,200			88,472

Standard Units(2)		221,259			217,975			485,870			148,760

Inactive and Voluntary Employee Contribution Units		350,545			200,330			738,363			107,932

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	91.791		$	55.389		$	113.148		$	91.646

Tier 1 Reduced Fee Units(1)	$	99.990		$	60.337		$	123.258		$	99.837

Certain National Accounts—Tier 2 Reduced Fee Units	$	99.761		$	60.199		$	122.976		$	99.608

Tier 2 Reduced Fee Units	$	99.736		$	60.183		$	122.945		$	99.583

Certain National Accounts—Tier 3 Reduced Fee Units	$	99.736		$	60.183		$	122.945		$	99.583

Certain National Accounts—Tier 4 Reduced Fee Units	$	99.354		$	59.956		$	122.472		$	99.198

Tier 3 Reduced Fee Units	$	99.329		$	59.941		$	122.441		$	99.173

Tier 4 Reduced Fee Units	$	98.171		$	59.246		$	121.012		$	98.013

Certain National Accounts—Tier 5 Reduced Fee Units	$	91.526		$	55.230		$	112.820		$	91.381

Tier 5 Reduced Fee Units	$	91.479		$	55.202		$	112.763		$	91.334

Standard Units(2)	$	90.567		$	54.651		$	111.638		$	90.423

Inactive and Voluntary Employee Contribution Units	$	89.895		$	54.247		$	110.807		$	89.751

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 104 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Vanguard
	VIF Diversified Value Portfolio			VIF International Portfolio			VIF Real Estate Index Portfolio			VIF Total Bond Market Index Portfolio
Investments in Vanguard VIF Portfolios at fair value (Cost: Vanguard VIF Diversified Value Portfolio—$167,927,249 Vanguard VIF International Portfolio—$234,059,246 Vanguard VIF Real Estate Index Portfolio—$54,231,734 Vanguard VIF Total Bond Market Index Portfolio—$30,537,789)
(Notes 1 and 2)	$	184,495,122		$	341,898,077		$	56,986,862		$	31,309,225

Due From (To) Mutual of America General Account		(2,224	)		(1,393	)		(33	)		555

Net Assets	$	184,492,898		$	341,896,684		$	56,986,829		$	31,309,780

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	38,709,515		$	62,572,824		$	9,506,207		$	8,297,993

Tier 1 Reduced Fee Units(1)	$	19,000,920		$	37,394,656		$	6,172,423		$	2,534,486

Certain National Accounts—Tier 2 Reduced Fee Units	$	109,783		$	224,092		$	48,244		$	1,250

Tier 2 Reduced Fee Units	$	10,151,306		$	19,406,220		$	3,601,936		$	2,594,598

Certain National Accounts—Tier 3 Reduced Fee Units	$	3,478,427		$	6,036,461		$	711,532		$	624,578

Certain National Accounts—Tier 4 Reduced Fee Units	$	1,759,043		$	2,989,185		$	447,158		$	240,290

Tier 3 Reduced Fee Units	$	54,595,112		$	102,779,397		$	17,524,665		$	9,540,688

Tier 4 Reduced Fee Units	$	24,759,757		$	41,472,311		$	8,257,731		$	3,662,818

Certain National Accounts—Tier 5 Reduced Fee Units	$	385,213		$	1,211,430		$	269,243		$	101,464

Tier 5 Reduced Fee Units	$	7,984,631		$	17,319,397		$	3,668,698		$	1,449,802

Standard Units(2)	$	14,938,585		$	26,234,266		$	5,088,021		$	1,327,486

Inactive and Voluntary Employee Contribution Units	$	8,620,606		$	24,256,445		$	1,690,971		$	934,327

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		1,165,551			1,550,494			465,512			761,930

Tier 1 Reduced Fee Units(1)		525,256			850,704			289,263			230,450

Certain National Accounts—Tier 2 Reduced Fee Units		3,042			5,110			2,266			114

Tier 2 Reduced Fee Units		281,336			442,603			169,230			236,273

Certain National Accounts—Tier 3 Reduced Fee Units		96,402			137,675			33,430			56,876

Certain National Accounts—Tier 4 Reduced Fee Units		48,939			68,439			21,091			21,908

Tier 3 Reduced Fee Units		1,519,295			2,353,805			826,779			870,092

Tier 4 Reduced Fee Units		696,901			960,707			392,944			334,795

Certain National Accounts—Tier 5 Reduced Fee Units		11,633			30,106			13,223			9,319

Tier 5 Reduced Fee Units		241,240			430,634			180,271			133,221

Standard Units(2)		455,888			658,862			252,531			122,719

Inactive and Voluntary Employee Contribution Units		265,047			613,761			84,556			86,764

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	33.211		$	40.357		$	20.421		$	10.891

Tier 1 Reduced Fee Units(1)	$	36.175		$	43.957		$	21.338		$	10.998

Certain National Accounts—Tier 2 Reduced Fee Units	$	36.092		$	43.857		$	21.290		$	10.984

Tier 2 Reduced Fee Units	$	36.083		$	43.846		$	21.284		$	10.981

Certain National Accounts—Tier 3 Reduced Fee Units	$	36.083		$	43.846		$	21.284		$	10.981

Certain National Accounts—Tier 4 Reduced Fee Units	$	35.944		$	43.676		$	21.202		$	10.968

Tier 3 Reduced Fee Units	$	35.935		$	43.665		$	21.196		$	10.965

Tier 4 Reduced Fee Units	$	35.528		$	43.169		$	21.015		$	10.940

Certain National Accounts—Tier 5 Reduced Fee Units	$	33.115		$	40.239		$	20.361		$	10.888

Tier 5 Reduced Fee Units	$	33.098		$	40.218		$	20.351		$	10.883

Standard Units (2)	$	32.768		$	39.818		$	20.148		$	10.817

Inactive and Voluntary Employee Contribution Units	$	32.525		$	39.521		$	19.998		$	10.769

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

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

- 105 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Goldman Sachs						American Century			American Funds
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund			VP Capital Appreciation Fund			New World Fund
Investments in Goldman Sachs VIT Small Cap Equity Insights Fund, Goldman Sachs VIT US Equity Insights Fund, American Century VP Capital Appreciation Fund and American Funds New World Fund, at fair value (Cost: Goldman Sachs VIT Small Cap Equity Insights Fund—$452,368 Goldman Sachs VIT US Equity Insights Fund—$576,169 American Century VP Capital Appreciation Fund—$273,341,288 American Funds New World Fund—$13,412,191)
(Notes 1 and 2)	$	454,097		$	579,716		$	327,230,291		$	15,145,413

Due From (To) Mutual of America General Account		13			9			(3,501	)		(58	)

Net Assets	$	454,110		$	579,725		$	327,226,790		$	15,145,355

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	92,414		$	181,742		$	73,459,946		$	2,965,233

Tier 1 Reduced Fee Units(1)	$	41,085		$	143,471		$	34,660,992		$	1,420,097

Certain National Accounts—Tier 2 Reduced Fee Units	$	—		$	—		$	110,484		$	2,497

Tier 2 Reduced Fee Units	$	4,848		$	30,669		$	14,914,409		$	996,004

Certain National Accounts—Tier 3 Reduced Fee Units	$	242		$	6,345		$	5,730,341		$	414,370

Certain National Accounts—Tier 4 Reduced Fee Units	$	55,312		$	18		$	2,559,620		$	96,630

Tier 3 Reduced Fee Units	$	59,260		$	181,630		$	82,375,452		$	4,109,596

Tier 4 Reduced Fee Units	$	48,933		$	9,575		$	37,144,417		$	2,373,284

Certain National Accounts—Tier 5 Reduced Fee Units	$	—		$	—		$	1,084,862		$	8,634

Tier 5 Reduced Fee Units	$	90,882		$	803		$	13,737,405		$	749,868

Standard Units(2)	$	56,761		$	25,472		$	27,095,360		$	1,709,976

Inactive and Voluntary Employee Contribution Units	$	4,373		$	—		$	34,353,502		$	299,166

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		8,648			16,823			1,197,037			91,200

Tier 1 Reduced Fee Units(1)		3,832			13,236			518,538			41,799

Certain National Accounts—Tier 2 Reduced Fee Units		—			—			1,657			74

Tier 2 Reduced Fee Units		452			2,831			223,692			29,391

Certain National Accounts—Tier 3 Reduced Fee Units		23			586			85,946			12,228

Certain National Accounts—Tier 4 Reduced Fee Units		5,163			2			38,539			2,862

Tier 3 Reduced Fee Units		5,533			16,774			1,240,615			121,769

Tier 4 Reduced Fee Units		4,572			885			566,021			70,924

Certain National Accounts—Tier 5 Reduced Fee Units		—			—			17,729			266

Tier 5 Reduced Fee Units		8,507			74			224,618			23,142

Standard Units(2)		5,324			2,363			447,496			53,304

Inactive and Voluntary Employee Contribution Units		411			—			571,622			9,396

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	10.686		$	10.803		$	61.368		$	32.514

Tier 1 Reduced Fee Units(1)	$	10.721		$	10.839		$	66.844		$	33.974

Certain National Accounts—Tier 2 Reduced Fee Units	$	10.719	(5)	$	10.836	(5)	$	66.691		$	33.897

Tier 2 Reduced Fee Units	$	10.716		$	10.834		$	66.674		$	33.888

Certain National Accounts—Tier 3 Reduced Fee Units	$	10.716		$	10.834		$	66.674		$	33.888

Certain National Accounts—Tier 4 Reduced Fee Units	$	10.713		$	10.831		$	66.416		$	33.758

Tier 3 Reduced Fee Units	$	10.710		$	10.828		$	66.399		$	33.749

Tier 4 Reduced Fee Units	$	10.702		$	10.820		$	65.624		$	33.462

Certain National Accounts—Tier 5 Reduced Fee Units	$	10.689	(5)	$	10.806	(5)	$	61.190		$	32.419

Tier 5 Reduced Fee Units	$	10.683		$	10.801		$	61.159		$	32.403

Standard Units(2)	$	10.661		$	10.779		$	60.549		$	32.079

Inactive and Voluntary Employee Contribution Units	$	10.645		$	10.762	(5)	$	60.098		$	31.841

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

(5)	The Unit Value is derived from the underlying fund or portfolio net asset value.

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

- 106 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	Calvert			Delaware			DWS			Invesco Oppenheimer
	VP SRI Balanced Portfolio			VIP Small Cap Value Series			Capital Growth VIP			V.I. Main Street Fund
Investments in Calvert VP SRI Balanced Portfolio, Delaware VIP Small Cap Value Series, DWS Capital Growth VIP and Invesco Oppenheimer V.I. Main Street Fund at fair value (Cost: Calvert VP SRI Balanced Portfolio—$114,761,609 Delaware VIP Small Cap Value Series—$621,799 DWS Capital Growth VIP—$284,801,296 Invesco Oppenheimer V.I. Main Street Fund/VA—$56,083,259) (Notes 1 and 2)	$	134,731,280		$	669,566		$	405,234,273		$	61,365,958

Due From (To) Mutual of America General Account		(6,674	)		19			(5,486	)		(610	)

Net Assets	$	134,724,606		$	669,585		$	405,228,787		$	61,365,348

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	21,656,210		$	129,489		$	85,545,381		$	10,814,740

Tier 1 Reduced Fee Units(1)	$	6,547,662		$	128,787		$	43,463,063		$	8,945,358

Certain National Accounts—Tier 2 Reduced Fee Units	$	215,271		$	—		$	128,884		$	74,212

Tier 2 Reduced Fee Units	$	8,318,725		$	23,552		$	17,849,679		$	3,765,613

Certain National Accounts—Tier 3 Reduced Fee Units	$	2,175,835		$	169		$	6,683,251		$	820,357

Certain National Accounts—Tier 4 Reduced Fee Units	$	1,649,533		$	19,848		$	1,863,534		$	314,652

Tier 3 Reduced Fee Units	$	36,473,097		$	217,383		$	88,369,512		$	16,566,188

Tier 4 Reduced Fee Units	$	19,221,982		$	46,291		$	43,589,754		$	7,894,164

Certain National Accounts—Tier 5 Reduced Fee Units	$	218,954		$	—		$	672,058		$	148,125

Tier 5 Reduced Fee Units	$	8,996,228		$	16,335		$	15,030,873		$	3,544,771

Standard Units(2)	$	16,928,226		$	65,739		$	30,971,273		$	5,728,218

Inactive and Voluntary Employee Contribution Units	$	12,322,883		$	21,992		$	71,061,525		$	2,748,950

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		3,151,577			11,901			715,497			187,210

Tier 1 Reduced Fee Units(1)		874,779			11,798			333,738			142,163

Certain National Accounts—Tier 2 Reduced Fee Units		28,827			—			992			1,182

Tier 2 Reduced Fee Units		1,114,239			2,159			137,411			59,997

Certain National Accounts—Tier 3 Reduced Fee Units		291,439			16			51,449			13,071

Certain National Accounts—Tier 4 Reduced Fee Units		221,783			1,820			14,401			5,033

Tier 3 Reduced Fee Units		4,905,136			19,934			683,096			265,031

Tier 4 Reduced Fee Units		2,614,276			4,248			340,814			127,737

Certain National Accounts—Tier 5 Reduced Fee Units		31,956			—			5,637			2,572

Tier 5 Reduced Fee Units		1,313,640			1,502			126,148			61,571

Standard Units(2)		2,496,765			6,056			262,548			100,500

Inactive and Voluntary Employee Contribution Units		1,831,113			2,029			606,911			48,590

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	6.872		$	10.880		$	119.561		$	57.768

Tier 1 Reduced Fee Units(1)	$	7.485		$	10.916		$	130.231		$	62.923

Certain National Accounts—Tier 2 Reduced Fee Units	$	7.468		$	10.914	(5)	$	129.933		$	62.779

Tier 2 Reduced Fee Units	$	7.466		$	10.911		$	129.900		$	62.763

Certain National Accounts—Tier 3 Reduced Fee Units	$	7.466		$	10.911		$	129.900		$	62.763

Certain National Accounts—Tier 4 Reduced Fee Units	$	7.438		$	10.908		$	129.399		$	62.523

Tier 3 Reduced Fee Units	$	7.436		$	10.905		$	129.366		$	62.507

Tier 4 Reduced Fee Units	$	7.353		$	10.897		$	127.899		$	61.800

Certain National Accounts—Tier 5 Reduced Fee Units	$	6.852		$	10.883	(5)	$	119.214		$	57.601

Tier 5 Reduced Fee Units	$	6.848		$	10.878		$	119.153		$	57.572

Standard Units(2)	$	6.780		$	10.855		$	117.964		$	56.997

Inactive and Voluntary Employee Contribution Units	$	6.730		$	10.839		$	117.087		$	56.574

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

(5)	The Unit Value is derived from the underlying fund or portfolio net asset value.

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

- 107 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF ASSETS AND LIABILITIES

December 31, 2019


	MFS		Neuberger Berman Advisers Management Trust			PIMCO		T. Rowe Price			Victory
	VIT III Mid Cap Value Portfolio		Sustainable Equity Portfolio			VIT Real Return Portfolio		Blue Chip Growth Portfolio			RS Small Cap Growth Equity VIP Series
Investments in MFS VIT III Mid Cap Value Portfolio, Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio, PIMCO VIT Real Return Portfolio, T. Rowe Price Blue Chip Growth Portfolio and Victory RS Small Cap Growth Equity VIP Series at fair value (Cost: MFS VIT III Mid Cap Value Portfolio—$2,463,034 Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio—$1,306,949 PIMCO VIT Real Return Portfolio—$24,297,904 T. Rowe Price Blue Chip Growth Portfolio—$228,687,664 Victory RS Small Cap Growth Equity VIP Series—$736,682) (Notes 1 and 2)	$	2,585,888	$	1,343,534		$	24,542,699	$	302,161,027		$	656,692

Due From (To) Mutual of America General Account		6		1,219			21		(1,137	)		18

Net Assets	$	2,585,894	$	1,344,753		$	24,542,720	$	302,159,890		$	656,710

Net Assets:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	732,754	$	285,879		$	5,735,236	$	79,604,109		$	251,558

Tier 1 Reduced Fee Units(1)	$	261,240	$	21,592		$	1,890,369	$	34,048,087		$	100,674

Certain National Accounts—Tier 2 Reduced Fee Units	$	976	$	—		$	5,752	$	234,612		$	—

Tier 2 Reduced Fee Units	$	42,442	$	86,995		$	1,292,615	$	13,294,002		$	9,896

Certain National Accounts—Tier 3 Reduced Fee Units	$	28,425	$	15,011		$	389,491	$	5,256,800		$	8,087

Certain National Accounts—Tier 4 Reduced Fee Units	$	37,956	$	24,778		$	253,067	$	3,005,532		$	18

Tier 3 Reduced Fee Units	$	663,609	$	266,880		$	8,591,091	$	81,200,561		$	146,815

Tier 4 Reduced Fee Units	$	428,495	$	89,676		$	3,609,739	$	39,545,773		$	69,813

Certain National Accounts—Tier 5 Reduced Fee Units	$	9,588	$	—		$	75,207	$	1,046,868		$	—

Tier 5 Reduced Fee Units	$	46,352	$	397,160		$	1,323,741	$	13,720,618		$	19,970

Standard Units	$	293,813	$	156,701		$	1,093,118	$	20,939,774		$	47,654

Inactive and Voluntary Employee Contribution Units	$	40,244	$	81		$	283,294	$	10,263,154		$	2,225

Units Outstanding:
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units		63,947		25,960			404,813		2,015,373			24,003

Tier 1 Reduced Fee Units(1)		22,576		1,954			127,697		824,936			9,574

Certain National Accounts—Tier 2 Reduced Fee Units		84		—			389		5,697			—

Tier 2 Reduced Fee Units		3,673		7,878			87,542		322,913			942

Certain National Accounts—Tier 3 Reduced Fee Units		2,460		1,359			26,378		127,688			770

Certain National Accounts—Tier 4 Reduced Fee Units		3,289		2,244			17,206		73,289			2

Tier 3 Reduced Fee Units		57,520		24,179			584,242		1,980,545			13,977

Tier 4 Reduced Fee Units		37,225		8,131			247,466		972,933			6,651

Certain National Accounts—Tier 5 Reduced Fee Units		837		—			5,324		26,581			—

Tier 5 Reduced Fee Units		4,048		36,074			93,750		348,561			1,906

Standard Units(2)		25,815		14,262			78,197		537,315			4,558

Inactive and Voluntary Employee Contribution Units		3,552		7			20,417		265,327			213

Unit Value(3)(4):
Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units	$	11.459	$	11.012		$	14.168	$	39.498		$	10.480

Tier 1 Reduced Fee Units (1)	$	11.572	$	11.049		$	14.804	$	41.274		$	10.515

Certain National Accounts—Tier 2 Reduced Fee Units	$	11.557	$	11.046	(5)	$	14.769	$	41.179		$	10.512	(5)

Tier 2 Reduced Fee Units	$	11.554	$	11.043		$	14.766	$	41.169		$	10.509

Certain National Accounts—Tier 3 Reduced Fee Units	$	11.554	$	11.043		$	14.766	$	41.169		$	10.509

Certain National Accounts—Tier 4 Reduced Fee Units	$	11.540	$	11.041		$	14.708	$	41.010		$	10.507

Tier 3 Reduced Fee Units	$	11.537	$	11.038		$	14.705	$	40.999		$	10.504

Tier 4 Reduced Fee Units	$	11.511	$	11.029		$	14.587	$	40.646		$	10.496

Certain National Accounts—Tier 5 Reduced Fee Units	$	11.456	$	11.015	(5)	$	14.127	$	39.384		$	10.483	(5)

Tier 5 Reduced Fee Units	$	11.450	$	11.010		$	14.120	$	39.364		$	10.477

Standard Units(2)	$	11.381	$	10.987		$	13.979	$	38.971		$	10.456

Inactive and Voluntary Employee Contribution Units	$	11.330	$	10.970		$	13.876	$	38.681		$	10.440

(1)	Includes Certain National Accounts—Tier 1 Reduced Fee Units.

(2)	Includes Certain National Accounts—Standard Units.

(3)	Rounded to the nearest $0.001. Inputs used to derive each subaccount’s ending unit value are rounded to six decimal places. Refer to Note 5 for further information regarding the daily calculation of Accumulation Unit Values.

(4)	The difference between the recalculated and stated Unit Value is due to rounding.

(5)	The Unit Value is derived from the underlying fund or portfolio net asset value.

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

- 108 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2019


	Mutual of America Investment Corporation
	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund			Small Cap Equity Index Fund			Mid Cap Value Fund
Investment Income and Expenses:
Dividend Income (Note 1)	$	12,648,294	$	3,004,117	$	1,344,662	$	201,672		$	149,591		$	709,477
Expenses (Note 3)		5,815,965		2,080,559		1,260,352		1,700,891			61,283			370,037

Net Investment Income (Loss)		6,832,329		923,558		84,310		(1,499,219	)		88,308			339,440

Net Realized and Unrealized Gain (Loss) on Investments (Note 1):
Net realized gain (loss) on investment transactions		17,685,128		3,107,542		3,083,512		2,993,752			(183,175	)		485,374
Realized gain from distributions		14,039,502		15,991,438		9,294,034		18,141,530			97,446			1,306,127

Net realized gain (loss) on investments		31,724,630		19,098,980		12,377,546		21,135,282			(85,729	)		1,791,501

Net change in unrealized appreciation (depreciation) on investments		161,336,393		37,053,967		14,366,865		29,309,420			1,533,739			9,802,445

Net Realized and Unrealized Gain (Loss) on Investments		193,061,023		56,152,947		26,744,411		50,444,702			1,448,010			11,593,946

Net Increase (Decrease) in Net Assets Resulting From Operations	$	199,893,352	$	57,076,505	$	26,828,721	$	48,945,483		$	1,536,318		$	11,933,386


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund		Composite Fund		International Fund		Money Market Fund		Mid-Term Bond Fund		Bond Fund
Investment Income and Expenses:
Dividend Income (Note 1)	$	5,322,896	$	3,570,282	$	611,925	$	535,987	$	2,084,246	$	5,581,510
Expenses (Note 3)		3,311,735		1,367,640		164,645		348,927		687,725		1,554,958

Net Investment Income (Loss)		2,011,161		2,202,642		447,280		187,060		1,396,521		4,026,552

Net Realized and Unrealized Gain (Loss) on Investments (Note 1):
Net realized gain (loss) on investment transactions		8,001,405		1,016,145		254,038		352,538		390,981		980,746
Realized gain from distributions		29,140,285		7,212,618		—		—		—		—

Net realized gain (loss) on investments		37,141,690		8,228,763		254,038		352,538		390,981		980,746

Net change in unrealized appreciation (depreciation) on investments		57,696,728		16,760,690		4,003,647		42,422		3,221,810		9,396,258

Net Realized and Unrealized Gain (Loss) on Investments		94,838,418		24,989,453		4,257,685		394,960		3,612,791		10,377,004

Net Increase (Decrease) in Net Assets Resulting From Operations	$	96,849,579	$	27,192,095	$	4,704,965	$	582,020	$	5,009,312	$	14,403,556

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

- 109 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2019


	Mutual of America Investment Corporation
	Retirement Income Fund		2010 Retirement Fund			2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Investment Income and Expenses:
Dividend Income (Note 1)	$	1,106,699	$	321,632		$	2,068,141	$	7,132,228	$	8,748,337	$	7,409,696
Expenses (Note 3)		404,128		118,651			674,964		2,406,094		3,203,787		2,822,375

Net Investment Income (Loss)		702,571		202,981			1,393,177		4,726,134		5,544,550		4,587,321

Net Realized and Unrealized Gain (Loss) on Investments (Note 1):
Net realized gain (loss) on investment transactions		317,916		(62,249	)		455,340		3,447,451		2,362,331		1,789,740
Realized gain from distributions		1,116,882		506,443			4,652,870		16,087,311		18,914,069		16,311,532

Net realized gain (loss) on investments		1,434,798		444,194			5,108,210		19,534,762		21,276,400		18,101,272

Net change in unrealized appreciation (depreciation) on investments		4,574,252		1,333,559			7,281,645		33,377,180		60,104,080		62,393,910

Net Realized and Unrealized Gain (Loss) on Investments		6,009,050		1,777,753			12,389,855		52,911,942		81,380,480		80,495,182

Net Increase (Decrease) in Net Assets Resulting From Operations	$	6,711,621	$	1,980,734		$	13,783,032	$	57,638,076	$	86,925,030	$	85,082,503


	Mutual of America Investment Corporation
	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund		2060 Retirement Fund
Investment Income and Expenses:
Dividend Income (Note 1)	$	5,731,519	$	4,597,270	$	5,147,225	$	3,045,286	$	608,623	$	6,794
Expenses (Note 3)		2,286,886		1,934,859		2,113,964		1,321,971		375,914		52,208

Net Investment Income (Loss)		3,444,633		2,662,411		3,033,261		1,723,315		232,709		(45,414	)

Net Realized and Unrealized Gain (Loss) on Investments (Note 1):
Net realized gain (loss) on investment transactions		1,327,973		1,106,170		945,215		256,157		30,733		(1,697	)
Realized gain from distributions		13,646,250		10,216,015		13,379,053		6,584,538		1,297,136		13,417

Net realized gain (loss) on investments		14,974,223		11,322,185		14,324,268		6,840,695		1,327,869		11,720

Net change in unrealized appreciation (depreciation) on investments		55,177,405		48,117,794		52,120,716		35,609,396		10,053,524		1,454,262

Net Realized and Unrealized Gain (Loss) on Investments		70,151,628		59,439,979		66,444,984		42,450,091		11,381,393		1,465,982

Net Increase (Decrease) in Net Assets Resulting From Operations	$	73,596,261	$	62,102,390	$	69,478,245	$	44,173,406	$	11,614,102	$	1,420,568

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

- 110 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2019


	Mutual of America Investment Corporation						Fidelity
	Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		VIP Equity-Income Portfolio		VIP Asset Manager Portfolio			VIP Contrafund Portfolio
Investment Income and Expenses:
Dividend Income (Note 1)	$	2,419,793	$	6,011,734	$	4,193,993	$	4,953,440	$	2,282,552		$	3,035,377
Expenses (Note 3)		839,981		2,061,919		1,534,012		1,621,149		786,540			4,462,827

Net Investment Income (Loss)		1,579,812		3,949,815		2,659,981		3,332,291		1,496,012			(1,427,450	)

Net Realized and Unrealized Gain (Loss) on Investments (Note 1):
Net realized gain (loss) on investment transactions		480,840		3,170,986		2,637,602		630,873		(267,679	)		12,108,123
Realized gain from distributions		2,786,675		12,267,015		12,644,626		15,577,156		5,298,704			74,128,841

Net realized gain (loss) on investments		3,267,515		15,438,001		15,282,228		16,208,029		5,031,025			86,236,964

Net change in unrealized appreciation (depreciation) on investments		9,505,600		30,070,109		24,783,530		37,679,470		13,890,185			88,967,512

Net Realized and Unrealized Gain (Loss) on Investments		12,773,115		45,508,110		40,065,758		53,887,499		18,921,210			175,204,476

Net Increase (Decrease) in Net Assets Resulting From Operations	$	14,352,927	$	49,457,925	$	42,725,739	$	57,219,790	$	20,417,222		$	173,777,026


	Fidelity			Vanguard									Goldman Sachs
	VIP Mid Cap Portfolio			VIF Diversified Value Portfolio		VIF International Portfolio		VIF Real Estate Index Portfolio			VIF Total Bond Market Index Portfolio		VIT Small Cap Equity Insights Fund†
Investment Income and Expenses:
Dividend Income (Note 1)	$	1,399,738		$	4,854,738	$	4,438,152	$	1,251,044		$	203,005	$	1,419
Expenses (Note 3)		983,466			1,178,056		2,199,172		330,120			99,146		464

Net Investment Income (Loss)		416,272			3,676,682		2,238,980		920,924			103,859		955

Net Realized and Unrealized Gain (Loss) on Investments (Note 1):
Net realized gain (loss) on investment transactions		(70,786	)		246,866		5,990,451		(75,008	)		33,408		4,617
Realized gain from distributions		17,985,391			9,636,922		9,678,549		2,260,927			—		6,242

Net realized gain (loss) on investments		17,914,605			9,883,788		15,669,000		2,185,919			33,408		10,859

Net change in unrealized appreciation (depreciation) on investments		14,783,192			23,635,435		63,289,264		7,928,888			695,615		1,729

Net Realized and Unrealized Gain (Loss) on Investments		32,697,797			33,519,223		78,958,264		10,114,807			729,023		12,588

Net Increase (Decrease) in Net Assets Resulting From Operations	$	33,114,069		$	37,195,905	$	81,197,244	$	11,035,731		$	832,882	$	13,543

†	For the period from July 1, 2019 (initial offering date of units) to December 31, 2019.

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

- 111 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF OPERATIONS

For the Year Ended December 31, 2019


	Goldman Sachs		American Century			American Funds		Calvert		Delaware			DWS
	VIT US Equity Insights Fund†		VP Capital Appreciation Fund			New World Fund		VP SRI Balanced Portfolio		VIP Small Cap Value Series†			Capital Growth VIP
Investment Income and Expenses:
Dividend Income (Note 1)	$	5,274	$	124,046		$	161,439	$	1,929,075	$	—		$	1,552,621
Expenses (Note 3)		749		2,348,717			87,372		971,151		924			3,079,355

Net Investment Income (Loss)		4,525		(2,224,671	)		74,067		957,924		(924	)		(1,526,734	)

Net Realized and Unrealized Gain (Loss) on Investments (Note 1):
Net realized gain (loss) on investment transactions		4,047		2,856,366			83,130		1,081,326		218			7,934,445
Realized gain from distributions		15,193		48,827,424			474,914		4,440,719		—			39,866,144

Net realized gain (loss) on investments		19,240		51,683,790			558,044		5,522,045		218			47,800,589

Net change in unrealized appreciation (depreciation) on investments		3,547		36,408,811			2,498,142		18,635,013		47,767			62,832,571

Net Realized and Unrealized Gain (Loss) on Investments		22,787		88,092,601			3,056,186		24,157,058		47,985			110,633,160

Net Increase (Decrease) in Net Assets Resulting From Operations	$	27,312	$	85,867,930		$	3,130,253	$	25,114,982	$	47,061		$	109,106,426


	Invesco Oppenheimer		MFS			Neuberger Berman Advisers Management Trust			PIMCO			T. Rowe Price			Victory
	V.I. Main Street Fund		VIT III Mid Cap Value Portfolio			Sustainable Equity Portfolio†			VIT Real Return Portfolio			Blue Chip Growth Portfolio			RS Small Cap Growth Equity VIP Series†
Investment Income and Expenses:
Dividend Income (Note 1)	$	571,386	$	14,856		$	1,861		$	405,682		$	—		$	—
Expenses (Note 3)		372,159		5,456			1,885			121,648			1,257,088			813

Net Investment Income (Loss)		199,227		9,400			(24	)		284,034			(1,257,088	)		(813	)

Net Realized and Unrealized Gain (Loss) on Investments (Note 1):
Net realized gain (loss) on investment transactions		363,028		(12,772	)		263			(50,840	)		8,904,158			(1,897	)
Realized gain from distributions		8,601,561		97,853			24,795			—			7,527,316			119,956

Net realized gain (loss) on investments		8,964,589		85,081			25,058			(50,840	)		16,431,474			118,059

Net change in unrealized appreciation (depreciation) on investments		5,070,306		160,331			36,585			1,417,943			53,917,469			(79,990	)

Net Realized and Unrealized Gain (Loss) on Investments		14,034,895		245,412			61,643			1,367,103			70,348,943			38,069

Net Increase (Decrease) in Net Assets Resulting From Operations	$	14,234,122	$	254,812		$	61,619		$	1,651,137		$	69,091,855		$	37,256

†	For the period from July 1, 2019 (initial offering date of units) to December 31, 2019.

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

- 112 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,


	Mutual of America Investment Corporation
	Equity Index Fund						All America Fund						Small Cap Value Fund
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	6,832,329		$	5,783,405		$	923,558		$	970,515		$	84,310		$	1,153,872
Net realized gain (loss) on investments		31,724,630			34,616,372			19,098,980			17,054,279			12,377,546			18,766,613
Net change in unrealized appreciation (depreciation) on investments		161,336,393			(78,066,210	)		37,053,967			(39,397,956	)		14,366,865			(47,925,104	)

Net Increase (Decrease) in net assets resulting from operations		199,893,352			(37,666,433	)		57,076,505			(21,373,162	)		26,828,721			(28,004,619	)

From Unit Transactions:
Contributions		67,667,749			93,089,929			11,373,638			15,993,629			9,736,216			12,896,367
Withdrawals		(67,019,757	)		(88,582,109	)		(23,384,709	)		(29,957,816	)		(15,376,722	)		(19,846,571	)
Net transfers		(8,947,039	)		(5,471,643	)		(9,650,606	)		(8,237,324	)		(9,260,014	)		(11,218,962	)
Contract fees (Note 3)		(88,290	)		(87,423	)		(52,119	)		(54,898	)		(12,520	)		(13,349	)

Net Increase (Decrease) from unit transactions		(8,387,337	)		(1,051,246	)		(21,713,796	)		(22,256,409	)		(14,913,040	)		(18,182,515	)

Net Increase (Decrease) in Net Assets		191,506,015			(38,717,679	)		35,362,709			(43,629,571	)		11,915,681			(46,187,134	)
Net Assets:
Beginning of Year		664,691,010			703,408,689			217,573,283			261,202,854			152,699,887			198,887,021

End of Year	$	856,197,025		$	664,691,010		$	252,935,992		$	217,573,283		$	164,615,568		$	152,699,887


	Mutual of America Investment Corporation
	Small Cap Growth Fund						Small Cap Equity Index Fund						Mid Cap Value Fund
	2019			2018			2019			2018†			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	(1,499,219	)	$	(1,872,284	)	$	88,308		$	27,385		$	339,440		$	531,229
Net realized gain (loss) on investments		21,135,282			20,907,161			(85,729	)		(20,002	)		1,791,501			6,070,451
Net change in unrealized appreciation (depreciation) on investments		29,309,420			(49,306,809	)		1,533,739			(977,499	)		9,802,445			(14,656,417	)

Net Increase (Decrease) in net assets resulting from operations		48,945,483			(30,271,932	)		1,536,318			(970,116	)		11,933,386			(8,054,737	)

From Unit Transactions:
Contributions		14,861,558			19,171,357			3,561,584			1,772,437			5,312,556			6,141,827
Withdrawals		(20,221,000	)		(24,028,911	)		(660,162	)		(199,084	)		(4,837,688	)		(7,443,057	)
Net transfers		(12,587,616	)		(10,919,028	)		2,246,903			4,993,361			(1,954,836	)		(5,092,582	)
Contract fees (Note 3)		(4,532	)		(4,470	)		(75	)		(15	)		(2,313	)		(2,265	)

Net Increase (Decrease) from unit transactions		(17,951,590	)		(15,781,052	)		5,148,250			6,566,699			(1,482,281	)		(6,396,077	)

Net Increase (Decrease) in Net Assets		30,993,893			(46,052,984	)		6,684,568			5,596,583			10,451,105			(14,450,814	)
Net Assets:
Beginning of Year/Period		197,338,846			243,391,830			5,596,583			—			46,445,767			60,896,581

End of Year/Period	$	228,332,739		$	197,338,846		$	12,281,151		$	5,596,583		$	56,896,872		$	46,445,767

†	For the period from July 2, 2018 (initial offering date of units) to December 31, 2018.

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

- 113 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund						Composite Fund						International Fund
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	2,011,161		$	2,699,518		$	2,202,642		$	1,934,124		$	447,280		$	422,335
Net realized gain (loss) on investments		37,141,690			40,729,124			8,228,763			13,610,156			254,038			415,113
Net change in unrealized appreciation (depreciation) on investments		57,696,728			(96,954,077	)		16,760,690			(21,835,089	)		4,003,647			(4,645,618	)

Net Increase (Decrease) in net assets resulting from operations		96,849,579			(53,525,435	)		27,192,095			(6,290,809	)		4,704,965			(3,808,170	)

From Unit Transactions:
Contributions		32,789,580			48,718,412			9,411,421			16,124,994			4,072,751			4,759,529
Withdrawals		(37,649,424	)		(51,720,084	)		(14,708,910	)		(18,353,096	)		(2,808,743	)		(3,399,635	)
Net transfers		(17,293,897	)		(29,240,443	)		(3,524,469	)		(2,406,644	)		(1,460,194	)		(1,895,934	)
Contract fees (Note 3)		(36,914	)		(39,433	)		(50,225	)		(51,016	)		(828	)		(938	)

Net Increase (Decrease) from unit transactions		(22,190,655	)		(32,281,548	)		(8,872,183	)		(4,685,762	)		(197,014	)		(536,978	)

Net Increase (Decrease) in Net Assets		74,658,924			(85,806,983	)		18,319,912			(10,976,571	)		4,507,951			(4,345,148	)
Net Assets:
Beginning of Year		394,598,797			480,405,780			152,253,046			163,229,617			23,430,509			27,775,657

End of Year	$	469,257,721		$	394,598,797		$	170,572,958		$	152,253,046		$	27,938,460		$	23,430,509


	Mutual of America Investment Corporation
	Money Market Fund						Mid-Term Bond Fund						Bond Fund
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	187,060		$	(226,080	)	$	1,396,521		$	1,378,583		$	4,026,552		$	4,213,617
Net realized gain (loss) on investments		352,538			143,411			390,981			221,787			980,746			436,065
Net change in unrealized appreciation (depreciation) on investments		42,422			468,747			3,221,810			(1,839,371	)		9,396,258			(6,300,231	)

Net Increase (Decrease) in net assets resulting from operations		582,020			386,078			5,009,312			(239,001	)		14,403,556			(1,650,549	)

From Unit Transactions:
Contributions		6,332,007			6,025,938			8,010,192			10,189,517			20,184,843			21,824,825
Withdrawals		(7,003,118	)		(5,512,077	)		(10,810,355	)		(12,376,009	)		(25,126,874	)		(28,579,197	)
Net transfers		(1,298,722	)		5,002,918			(791,911	)		(5,139,928	)		4,954,592			(15,873,355	)
Contract fees (Note 3)		(59,740	)		(62,990	)		(49,111	)		(53,329	)		(81,225	)		(88,451	)

Net Increase (Decrease) from unit transactions		(2,029,573	)		5,453,789			(3,641,185	)		(7,379,749	)		(68,664	)		(22,716,178	)

Net Increase (Decrease) in Net Assets		(1,447,553	)		5,839,867			1,368,127			(7,618,750	)		14,334,892			(24,366,727	)
Net Assets:
Beginning of Year		48,175,217			42,335,350			96,390,458			104,009,208			211,553,152			235,919,879

End of Year	$	46,727,664		$	48,175,217		$	97,758,585		$	96,390,458		$	225,888,044		$	211,553,152

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

- 114 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,


	Mutual of America Investment Corporation
	Retirement Income Fund						2010 Retirement Fund						2015 Retirement Fund
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	702,571		$	620,339		$	202,981		$	223,089		$	1,393,177		$	1,306,650
Net realized gain (loss) on investments		1,434,798			997,339			444,194			745,789			5,108,210			5,126,190
Net change in unrealized appreciation (depreciation) on investments		4,574,252			(2,695,933	)		1,333,559			(1,393,377	)		7,281,645			(10,118,756	)

Net Increase (Decrease) in net assets resulting from operations		6,711,621			(1,078,255	)		1,980,734			(424,499	)		13,783,032			(3,685,916	)

From Unit Transactions:
Contributions		21,196,097			14,323,958			2,552,112			1,892,070			8,916,744			15,159,545
Withdrawals		(9,427,749	)		(11,010,331	)		(3,151,009	)		(2,959,226	)		(12,692,595	)		(17,168,833	)
Net transfers		2,165,973			(2,538,570	)		314,583			387,226			(467,593	)		(6,300,922	)
Contract fees (Note 3)		(25,302	)		(21,850	)		(2,647	)		(2,931	)		(15,881	)		(17,910	)

Net Increase (Decrease) from unit transactions		13,909,019			753,207			(286,961	)		(682,861	)		(4,259,325	)		(8,328,120	)

Net Increase (Decrease) in Net Assets		20,620,640			(325,048	)		1,693,773			(1,107,360	)		9,523,707			(12,014,036	)
Net Assets:
Beginning of Year		58,675,014			59,000,062			16,312,687			17,420,047			96,870,889			108,884,925

End of Year	$	79,295,654		$	58,675,014		$	18,006,460		$	16,312,687		$	106,394,596		$	96,870,889


	Mutual of America Investment Corporation
	2020 Retirement Fund						2025 Retirement Fund						2030 Retirement Fund
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,726,134		$	3,821,704		$	5,544,550		$	4,094,431		$	4,587,321		$	3,134,331
Net realized gain (loss) on investments		19,534,762			12,968,255			21,276,400			17,025,325			18,101,272			13,959,666
Net change in unrealized appreciation (depreciation) on investments		33,377,180			(33,314,818	)		60,104,080			(48,395,281	)		62,393,910			(45,931,644	)

Net Increase (Decrease) in net assets resulting from operations		57,638,076			(16,524,859	)		86,925,030			(27,275,525	)		85,082,503			(28,837,647	)

From Unit Transactions:
Contributions		53,431,312			68,512,381			102,037,473			97,150,199			93,086,699			87,694,331
Withdrawals		(45,265,427	)		(48,732,009	)		(46,828,394	)		(42,955,377	)		(32,617,599	)		(31,991,213	)
Net transfers		(5,460,127	)		(9,363,749	)		5,440,924			(7,086,508	)		500,472			1,310,616
Contract fees (Note 3)		(58,536	)		(58,082	)		(86,194	)		(79,774	)		(92,162	)		(82,086	)

Net Increase (Decrease) from unit transactions		2,647,222			10,358,541			60,563,809			47,028,540			60,877,410			56,931,648

Net Increase (Decrease) in Net Assets		60,285,298			(6,166,318	)		147,488,839			19,753,015			145,959,913			28,094,001
Net Assets:
Beginning of Year		343,349,707			349,516,025			442,449,865			422,696,850			385,319,527			357,225,526

End of Year	$	403,635,005		$	343,349,707		$	589,938,704		$	442,449,865		$	531,279,440		$	385,319,527

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

- 115 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,


	Mutual of America Investment Corporation
	2035 Retirement Fund						2040 Retirement Fund						2045 Retirement Fund
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,444,633		$	2,303,422		$	2,662,411		$	1,768,940		$	3,033,261		$	2,108,303
Net realized gain (loss) on investments		14,974,223			11,293,475			11,322,185			8,889,124			14,324,268			11,838,223
Net change in unrealized appreciation (depreciation) on investments		55,177,405			(40,114,711	)		48,117,794			(34,108,455	)		52,120,716			(41,270,824	)

Net Increase (Decrease) in net assets resulting from operations		73,596,261			(26,517,814	)		62,102,390			(23,450,391	)		69,478,245			(27,324,298	)

From Unit Transactions:
Contributions		74,251,550			68,644,417			66,618,764			59,815,170			69,856,606			60,059,700
Withdrawals		(24,629,644	)		(26,147,734	)		(21,703,722	)		(24,631,720	)		(29,297,008	)		(27,356,503	)
Net transfers		(4,567,975	)		53,514			(4,871,859	)		(108,428	)		(1,924,328	)		(2,331,742	)
Contract fees (Note 3)		(93,706	)		(84,957	)		(92,669	)		(83,502	)		(139,423	)		(131,527	)

Net Increase (Decrease) from unit transactions		44,960,225			42,465,240			39,950,514			34,991,520			38,495,847			30,239,928

Net Increase (Decrease) in Net Assets		118,556,486			15,947,426			102,052,904			11,541,129			107,974,092			2,915,630
Net Assets:
Beginning of Year		309,256,247			293,308,821			252,905,850			241,364,721			281,442,348			278,526,718

End of Year	$	427,812,733		$	309,256,247		$	354,958,754		$	252,905,850		$	389,416,440		$	281,442,348


	Mutual of America Investment Corporation
	2050 Retirement Fund						2055 Retirement Fund						2060 Retirement Fund
	2019			2018			2019			2018			2019			2018†
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,723,315		$	979,342		$	232,709		$	(23,546	)	$	(45,414	)	$	(2,891	)
Net realized gain (loss) on investments		6,840,695			4,403,412			1,327,869			406,615			11,720			3,039
Net change in unrealized appreciation (depreciation) on investments		35,609,396			(23,178,242	)		10,053,524			(4,451,838	)		1,454,262			(187,024	)

Net Increase (Decrease) in net assets resulting from operations		44,173,406			(17,795,488	)		11,614,102			(4,068,769	)		1,420,568			(186,876	)

From Unit Transactions:
Contributions		66,163,955			55,706,897			38,272,697			27,744,800			12,135,830			1,762,718
Withdrawals		(20,665,896	)		(18,318,701	)		(5,740,265	)		(3,253,898	)		(913,578	)		(147,173	)
Net transfers		(2,980,140	)		(935,690	)		152,054			186,522			1,638,138			704,060
Contract fees (Note 3)		(143,548	)		(134,906	)		(80,516	)		(46,965	)		(14,018	)		(730	)

Net Increase (Decrease) from unit transactions		42,374,371			36,317,600			32,603,970			24,630,459			12,846,372			2,318,875

Net Increase (Decrease) in Net Assets		86,547,777			18,522,112			44,218,072			20,561,690			14,266,940			2,131,999
Net Assets:
Beginning of Year/Period		172,833,650			154,311,538			38,710,525			18,148,835			2,131,999			—

End of Year/Period	$	259,381,427		$	172,833,650		$	82,928,597		$	38,710,525		$	16,398,939		$	2,131,999

†	For the period from July 2, 2018 (initial offering date of units) to December 31, 2018.

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

- 116 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,


	Mutual of America Investment Corporation
	Conservative Allocation Fund						Moderate Allocation Fund						Aggressive Allocation Fund
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	1,579,812		$	1,526,790		$	3,949,815		$	3,385,196		$	2,659,981		$	2,159,354
Net realized gain (loss) on investments		3,267,515			5,377,293			15,438,001			18,390,973			15,282,228			15,743,767
Net change in unrealized appreciation (depreciation) on investments		9,505,600			(9,884,505	)		30,070,109			(36,134,458	)		24,783,530			(34,646,265	)

Net Increase (Decrease) in net assets resulting from operations		14,352,927			(2,980,422	)		49,457,925			(14,358,289	)		42,725,739			(16,743,144	)

From Unit Transactions:
Contributions		15,570,278			15,869,046			31,577,746			38,568,812			22,338,220			23,824,271
Withdrawals		(14,089,329	)		(14,431,331	)		(30,913,759	)		(33,760,615	)		(19,149,009	)		(23,205,660	)
Net transfers		5,585,177			(2,694,769	)		(6,355,636	)		(6,304,391	)		(9,044,238	)		(8,570,209	)
Contract fees (Note 3)		(25,833	)		(26,456	)		(49,225	)		(52,071	)		(32,637	)		(34,970	)

Net Increase (Decrease) from unit transactions		7,040,293			(1,283,510	)		(5,740,874	)		(1,548,265	)		(5,887,664	)		(7,986,568	)

Net Increase (Decrease) in Net Assets		21,393,220			(4,263,932	)		43,717,051			(15,906,554	)		36,838,075			(24,729,712	)
Net Assets:
Beginning of Year		105,697,442			109,961,374			272,916,632			288,823,186			197,955,101			222,684,813

End of Year	$	127,090,662		$	105,697,442		$	316,633,683		$	272,916,632		$	234,793,176		$	197,955,101


	Fidelity
	VIP Equity-Income Portfolio						VIP Asset Manager Portfolio						VIP Contrafund Portfolio
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	3,332,291		$	3,889,820		$	1,496,012		$	1,364,771		$	(1,427,450	)	$	8,828
Net realized gain (loss) on investments		16,208,029			14,143,869			5,031,025			4,493,331			86,236,964			80,232,203
Net change in unrealized appreciation (depreciation) on investments		37,679,470			(39,985,886	)		13,890,185			(13,507,343	)		88,967,512			(122,963,270	)

Net Increase (Decrease) in net assets resulting from operations		57,219,790			(21,952,197	)		20,417,222			(7,649,241	)		173,777,026			(42,722,239	)

From Unit Transactions:
Contributions		16,502,620			18,785,553			10,780,385			12,935,744			31,902,515			45,089,349
Withdrawals		(23,634,826	)		(31,238,129	)		(13,753,629	)		(18,382,962	)		(57,928,328	)		(83,742,356	)
Net transfers		(6,763,283	)		(16,991,440	)		(4,111,102	)		(5,927,145	)		(25,169,361	)		(35,018,713	)
Contract fees (Note 3)		(60,207	)		(63,042	)		(52,327	)		(55,307	)		(48,181	)		(51,168	)

Net Increase (Decrease) from unit transactions		(13,955,696	)		(29,507,058	)		(7,136,673	)		(11,429,670	)		(51,243,355	)		(73,722,888	)

Net Increase (Decrease) in Net Assets		43,264,094			(51,459,255	)		13,280,549			(19,078,911	)		122,533,671			(116,445,127	)
Net Assets:
Beginning of Year		221,242,829			272,702,084			120,320,594			139,399,505			585,863,683			702,308,810

End of Year	$	264,506,923		$	221,242,829		$	133,601,143		$	120,320,594		$	708,397,354		$	585,863,683

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

- 117 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,


	Fidelity						Vanguard
	VIP Mid Cap Portfolio						VIF Diversified Value Portfolio						VIF International Portfolio
	2019			2018			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	416,272		$	35,899		$	3,676,682		$	3,217,294		$	2,238,980		$	161,553
Net realized gain (loss) on investments		17,914,605			18,736,235			9,883,788			10,026,318			15,669,000			16,280,319
Net change in unrealized appreciation (depreciation) on investments		14,783,192			(45,458,826	)		23,635,435			(29,989,326	)		63,289,264			(58,930,115	)

Net Increase (Decrease) in net assets resulting from operations		33,114,069			(26,686,692	)		37,195,905			(16,745,714	)		81,197,244			(42,488,243	)

From Unit Transactions:
Contributions		12,807,582			17,132,595			17,628,424			20,430,737			25,629,531			35,908,290
Withdrawals		(17,147,016	)		(22,469,425	)		(17,018,565	)		(23,831,126	)		(27,392,186	)		(36,406,924	)
Net transfers		(12,069,621	)		(8,260,846	)		(6,054,000	)		(10,511,882	)		(13,366,540	)		(12,009,343	)
Contract fees (Note 3)		(6,000	)		(6,226	)		(10,945	)		(11,332	)		(5,536	)		(5,638	)

Net Increase (Decrease) from unit transactions		(16,415,055	)		(13,603,902	)		(5,455,086	)		(13,923,603	)		(15,134,731	)		(12,513,615	)

Net Increase (Decrease) in Net Assets		16,699,014			(40,290,594	)		31,740,819			(30,669,317	)		66,062,513			(55,001,858	)
Net Assets:
Beginning of Year		151,213,346			191,503,940			152,752,079			183,421,396			275,834,171			330,836,029

End of Year	$	167,912,360		$	151,213,346		$	184,492,898		$	152,752,079		$	341,896,684		$	275,834,171


	Vanguard												Goldman Sachs
	VIF Real Estate Index Portfolio						VIF Total Bond Market Index Portfolio						VIT Small Cap Equity Insights Fund
	2019			2018			2019			2018†			2019††
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	920,924		$	950,772		$	103,859		$	(10,890	)	$	955
Net realized gain (loss) on investments		2,185,919			804,636			33,408			(2,670	)		10,859
Net change in unrealized appreciation (depreciation) on investments		7,928,888			(4,376,178	)		695,615			75,821			1,729

Net Increase (Decrease) in net assets resulting from operations		11,035,731			(2,620,770	)		832,882			62,261			13,543

From Unit Transactions:
Contributions		8,072,429			7,490,555			6,720,777			1,686,369			224,515
Withdrawals		(4,904,493	)		(5,053,131	)		(947,175	)		(106,458	)		(106	)
Net transfers		4,729,949			(5,831,841	)		19,472,868			3,588,277			216,158
Contract fees (Note 3)		(621	)		(629	)		(21	)		—			—

Net Increase (Decrease) from unit transactions		7,897,264			(3,395,046	)		25,246,449			5,168,188			440,567

Net Increase (Decrease) in Net Assets		18,932,995			(6,015,816	)		26,079,331			5,230,449			454,110
Net Assets:
Beginning of Year/Period		38,053,834			44,069,650			5,230,449			—			—

End of Year/Period	$	56,986,829		$	38,053,834		$	31,309,780		$	5,230,449		$	454,110

†	For the period July 2, 2018 (initial offering date of units) to December 31, 2018.

††	For the period July 1, 2019 (initial offering date of units) to December 31, 2019.

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

- 118 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,


	Goldman Sachs			American Century						American Funds
	VIT US Equity Insights Fund			VP Capital Appreciation Fund						New World Fund
	2019†			2019			2018			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	4,525		$	(2,224,671	)	$	(2,239,694	)	$	74,067		$	47,860
Net realized gain (loss) on investments		19,240			51,683,790			6,153,482			558,044			483,167
Net change in unrealized appreciation (depreciation) on investments		3,547			36,408,811			(18,196,750	)		2,498,142			(2,362,276	)

Net Increase (Decrease) in net assets resulting from operations		27,312			85,867,930			(14,282,962	)		3,130,253			(1,831,249	)

From Unit Transactions:
Contributions		205,932			19,036,020			20,373,564			2,812,649			2,798,695
Withdrawals		(264	)		(26,769,189	)		(32,488,201	)		(1,418,538	)		(1,219,058	)
Net transfers		346,751			2,265,845			(9,949,392	)		84,036			(1,642,377	)
Contract fees (Note 3)		(6	)		(15,046	)		(16,098	)		(409	)		(418	)

Net Increase (Decrease) from unit transactions		552,413			(5,482,370	)		(22,080,127	)		1,477,738			(63,158	)

Net Increase (Decrease) in Net Assets		579,725			80,385,560			(36,363,089	)		4,607,991			(1,894,407	)
Net Assets:
Beginning of Year/Period		—			246,841,230			283,204,319			10,537,364			12,431,771

End of Year/Period	$	579,725		$	327,226,790		$	246,841,230		$	15,145,355		$	10,537,364


	Calvert						Delaware			DWS
	VP SRI Balanced Portfolio						VIP Small Cap Value Series			Capital Growth VIP
	2019			2018			2019†			2019			2018
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	957,924		$	1,091,401		$	(924	)	$	(1,526,734	)	$	(537,866	)
Net realized gain (loss) on investments		5,522,045			12,345,049			218			47,800,589			39,657,659
Net change in unrealized appreciation (depreciation) on investments		18,635,013			(17,271,380	)		47,767			62,832,571			(47,091,989	)

Net Increase (Decrease) in net assets resulting from operations		25,114,982			(3,834,930	)		47,061			109,106,426			(7,972,196	)

From Unit Transactions:
Contributions		10,365,708			10,621,971			174,848			20,088,494			24,824,357
Withdrawals		(11,821,977	)		(16,729,079	)		(4,336	)		(31,318,807	)		(44,682,147	)
Net transfers		3,335,743			(750,428	)		452,012			(2,944,197	)		9,321,956
Contract fees (Note 3)		(35,117	)		(37,050	)		—			(25,117	)		(25,405	)

Net Increase (Decrease) from unit transactions		1,844,357			(6,894,586	)		622,524			(14,199,627	)		(10,561,239	)

Net Increase (Decrease) in Net Assets		26,959,339			(10,729,516	)		669,585			94,906,799			(18,533,435	)
Net Assets:
Beginning of Year/Period		107,765,267			118,494,783			—			310,321,988			328,855,423

End of Year/Period	$	134,724,606		$	107,765,267		$	669,585		$	405,228,787		$	310,321,988

†	For the period July 1, 2019 (initial offering date of units) to December 31, 2019.

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

- 119 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

STATEMENTS OF CHANGES IN NET ASSETS

For the Years Ended December 31,


	Invesco Oppenheimer						MFS						Neuberger Berman Advisers Management Trust
	V.I. Main Street Fund						VIT III Mid Cap Value Portfolio						Sustainable Equity Portfolio
	2019			2018			2018			2018†			2019†
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	199,227		$	235,823		$	9,400		$	997		$	(24)
Net realized gain (loss) on investments		8,964,589			6,039,262			85,081			6,494			25,058
Net change in unrealized appreciation (depreciation) on investments		5,070,306			(10,503,719	)		160,331			(37,477	)		36,585

Net Increase (Decrease) in net assets resulting from operations		14,234,122			(4,228,634	)		254,812			(29,986	)		61,619

From Unit Transactions:
Contributions		5,801,318			6,234,568			502,753			156,475			696,443
Withdrawals		(4,634,164	)		(6,381,176	)		(42,756	)		(163	)		(455	)
Net transfers		122,541			(6,422,337	)		1,584,629			160,164			587,148
Contract fees (Note 3)		(3,043	)		(3,211	)		(33	)		(1	)		(2	)

Net Increase (Decrease) from unit transactions		1,286,652			(6,572,156	)		2,044,593			316,475			1,283,134

Net Increase (Decrease) in Net Assets		15,520,774			(10,800,790	)		2,299,405			286,489			1,344,753
Net Assets:
Beginning of Year/Period		45,844,574			56,645,364			286,489			—			—

End of Year/Period	$	61,365,348		$	45,844,574		$	2,585,894		$	286,489		$	1,344,753


	PIMCO						T. Rowe Price						Victory
	VIT Real Return Portfolio						Blue Chip Growth Portfolio						RS Small Cap Growth Equity VIP Series
	2019			2018			2019			2018			2019†
Increase (Decrease) in Net Assets:
From Operations:
Net investment income (loss)	$	284,034		$	427,911		$	(1,257,088	)	$	6,642,616		$	(813	)
Net realized gain (loss) on investments		(50,840	)		(209,919	)		16,431,474			4,221,836			118,059
Net change in unrealized appreciation (depreciation) on investments		1,417,943			(759,161	)		53,917,469			(14,376,241	)		(79,990	)

Net Increase (Decrease) in net assets resulting from operations		1,651,137			(541,169	)		69,091,855			(3,511,789	)		37,256

From Unit Transactions:
Contributions		2,637,934			3,729,680			41,771,930			43,896,290			227,225
Withdrawals		(2,486,142	)		(2,411,826	)		(26,440,796	)		(27,634,033	)		(303	)
Net transfers		2,795,640			(1,381,911	)		(19,182,828	)		58,282,621			392,532
Contract fees (Note 3)		(378	)		(334	)		(4,509	)		(3,597	)		—

Net Increase (Decrease) from unit transactions		2,947,054			(64,391	)		(3,856,203	)		74,541,281			619,454

Net Increase (Decrease) in Net Assets		4,598,191			(605,560	)		65,235,652			71,029,492			656,710
Net Assets:
Beginning of Year/Period		19,944,529			20,550,089			236,924,238			165,894,746			—

End of Year/Period	$	24,542,720		$	19,944,529		$	302,159,890		$	236,924,238		$	656,710

†	For the period July 1, 2019 (initial offering date of units) to December 31, 2019.

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

- 120 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS

December 31, 2019

1. Significant Accounting Policies and Organization

Mutual of America Separate Account No. 2 (“Separate Account No. 2”) of Mutual of America Life Insurance Company (“the Company”) was established in conformity with New York Insurance Law and commenced operations on June 4, 1984. On October 31, 1986, Separate Account No. 2 was reorganized into a unit investment trust. It is registered as such under the Investment Company Act of 1940. Separate Account No. 2 is divided into subaccounts (“Subaccounts”). As of December 31, 2019, Separate Account No. 2 consists of 48 distinct Subaccounts. Each invests in shares of one of 27 funds of Mutual of America Investment Corporation: the Money Market, All America, Equity Index, Mid-Cap Equity Index, Mid Cap Value, Small Cap Growth, Small Cap Value, Small Cap Equity Index, Composite, Bond, Mid-Term Bond, International, Conservative Allocation, Moderate Allocation, Aggressive Allocation, Retirement Income, 2010 Retirement, 2015 Retirement, 2020 Retirement, 2025 Retirement, 2030 Retirement, 2035 Retirement, 2040 Retirement, 2045 Retirement, 2050 Retirement, 2055 Retirement and 2060 Retirement Funds; the VIP Equity-Income, VIP Contrafund, VIP Asset Manager and VIP Mid Cap Portfolios of Fidelity Investments Variable Insurance Products Funds (“Fidelity”); the VIF Diversified Value, VIF International, VIF Real Estate Index Portfolios and VIF Total Bond Market Index Portfolios of Vanguard Variable Insurance Funds (“Vanguard”); the VIT Small Cap Equity Insights Fund and VIT US Equity Insights Fund of Goldman Sachs Variable Insurance Trust (“Goldman Sachs”); the VP Capital Appreciation Fund of American Century Variable Portfolios, Inc. (“American Century”); the New World Fund of the American Funds Insurance Series (“American Funds”); the VP SRI Balanced Portfolio of Calvert Variable Series, Inc. (“Calvert”); the VIP Small Cap Value Series of Delaware VIP Trust (“Delaware”); the Capital Growth VIP fund of Deutsche DWS Variable Series I (“DWS”); the V.I. Main Street Fund of AIM Variable Insurance Funds (Invesco Variable Insurance Funds) (“Invesco Oppenheimer”); the MFS VIT III Mid Cap Value Portfolio of the MFS Variable Investment Trust III (“MFS”); the Sustainable Equity Portfolio of Neuberger Berman Advisers Management Trust (“Neuberger Berman”); the VIT Real Return Portfolio of the PIMCO Variable Insurance Trust (“PIMCO”); the Blue Chip Growth Portfolio of the T. Rowe Price Equity Series, Inc. (“T. Rowe Price”) and the RS Small Cap Growth Equity VIP Series of Victory Variable Insurance Funds (“Victory”).

The Mutual of America 2055 Retirement Fund became available to Separate Account No. 2 as an investment alternative on October 1, 2016. On July 2, 2018, the Mutual of America Small Cap Equity Index Fund, the Mutual of America 2060 Retirement Fund, the Vanguard VIF Total Bond Market Index Portfolio and the MFS VIT III Mid Cap Value Portfolio became available to Separate Account No. 2 as investment alternatives. On July 1, 2019, the Goldman Sachs VIT Small Cap Equity Insights Fund, the Goldman Sachs US Equity Insights Fund, the Delaware VIP Small Cap Value Series, the Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio and the Victory RS Small Cap Growth Equity VIP Series became available to Separate Account No. 2 as investment alternatives.

Separate Account No. 2 was formed by the Company to support the operations of the Company’s group and individual variable accumulation annuity contracts (“Contracts”). The assets of Separate Account No. 2 are the property of the Company. The portion of Separate Account No. 2’s assets applicable to the Contracts will not be charged with liabilities arising out of any other business the Company may conduct.

The Subaccounts 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

- 121 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

1. Significant Accounting Policies and Organization (Continued)

accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures regarding the reported amounts of revenue and expenses during the reporting period. Actual results, however, may differ from those estimates.

The following is a summary of the significant accounting policies consistently followed by Separate Account No. 2, which are in conformity with GAAP:

Fair Value — Separate Account No. 2 values its investments at fair value. Fair value is an estimate of the price Separate Account No. 2 would receive upon selling an investment 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 investments.

•

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 Separate Account No. 2’s own assumptions in determining the fair value of investments).

As of December 31, 2019, management determined that the fair value inputs for all of Separate Account No. 2 investments, which consist solely of investments in mutual funds registered with the SEC, were considered Level 1. The inputs used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

The following is a summary of the inputs used to value Separate Account No. 2’s investments as of December 31, 2019:


Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Investments at Fair Value:
Mutual of America Investment Corporation Funds:
Equity Index Fund	$	856,215,259		—		—	$	856,215,259
All America Fund	$	252,946,717		—		—	$	252,946,717
Small Cap Value Fund	$	164,618,047		—		—	$	164,618,047
Small Cap Growth Fund	$	228,333,907		—		—	$	228,333,907
Small Cap Equity Index Fund	$	12,281,069		—		—	$	12,281,069
Mid Cap Value Fund	$	56,897,297		—		—	$	56,897,297
Mid-Cap Equity Index Fund	$	469,264,793		—		—	$	469,264,793
Composite Fund	$	170,582,423		—		—	$	170,582,423
International Fund	$	27,938,607		—		—	$	27,938,607
Money Market Fund	$	46,737,337		—		—	$	46,737,337
Mid-Term Bond Fund	$	97,766,395		—		—	$	97,766,395

- 122 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

1. Significant Accounting Policies and Organization (Continued)


Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Bond Fund	$	225,900,830		—		—	$	225,900,830
Retirement Income Fund	$	79,300,275		—		—	$	79,300,275
2010 Retirement Fund	$	18,006,914		—		—	$	18,006,914
2015 Retirement Fund	$	106,397,422		—		—	$	106,397,422
2020 Retirement Fund	$	403,645,436		—		—	$	403,645,436
2025 Retirement Fund	$	589,954,863		—		—	$	589,954,863
2030 Retirement Fund	$	531,297,324		—		—	$	531,297,324
2035 Retirement Fund	$	427,830,984		—		—	$	427,830,984
2040 Retirement Fund	$	354,977,323		—		—	$	354,977,323
2045 Retirement Fund	$	389,464,064		—		—	$	389,464,064
2050 Retirement Fund	$	259,409,683		—		—	$	259,409,683
2055 Retirement Fund	$	82,946,461		—		—	$	82,946,461
2060 Retirement Fund	$	16,403,415		—		—	$	16,403,415
Conservative Allocation Fund	$	127,094,974		—		—	$	127,094,974
Moderate Allocation Fund	$	316,642,468		—		—	$	316,642,468
Aggressive Allocation Fund	$	234,799,369		—		—	$	234,799,369
Fidelity Portfolios:
VIP Equity-Income — “Initial” Class	$	264,518,754		—		—	$	264,518,754
VIP Asset Manager — “Initial” Class	$	133,610,776		—		—	$	133,610,776
VIP Contrafund — “Initial” Class	$	708,411,297		—		—	$	708,411,297
VIP Mid Cap — “Initial” Class	$	167,913,652		—		—	$	167,913,652
Vanguard Portfolios:
VIF Diversified Value	$	184,495,122		—		—	$	184,495,122
VIF International	$	341,898,077		—		—	$	341,898,077
VIF Real Estate Index	$	56,986,862		—		—	$	56,986,862
VIF Total Bond Market Index	$	31,309,225		—		—	$	31,309,225
Goldman Sachs Portfolios:
VIT Small Cap Equity Insights Fund — Class “I”	$	454,097		—		—	$	454,097
VIT US Equity Insights Fund — Class “I”	$	579,716		—		—	$	579,716
American Century VP Capital Appreciation Fund — Class “Y”	$	327,230,291		—		—	$	327,230,291
American Funds New World Fund — Class “1”	$	15,145,413		—		—	$	15,145,413
Calvert VP SRI Balanced Portfolio — Class “I”	$	134,731,280		—		—	$	134,731,280
Delaware VIP Small Cap Value Series — “Standard” Class	$	669,566		—		—	$	669,566
DWS Capital Growth VIP — Class “A”	$	405,234,273		—		—	$	405,234,273
Invesco Oppenheimer V.I. Main Street Fund — Series “I” Shares	$	61,365,958		—		—	$	61,365,958
MFS VIT III Mid Cap Value Portfolio — “Initial” Class	$	2,585,888		—		—	$	2,585,888

- 123 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

1. Significant Accounting Policies and Organization (Continued)


Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Neuberger Berman Advisors Management Trust Sustainable Equity Portfolio — Class “I”	$	1,343,534		—		—	$	1,343,534
PIMCO VIT Real Return Portfolio — “Institutional” Class	$	24,542,699		—		—	$	24,542,699
T. Rowe Price Blue Chip Growth Portfolio — “Blue Chip Growth” Class	$	302,161,027		—		—	$	302,161,027
Victory RS Small Cap Growth Equity VIP Series — Class “I”	$	656,692		—		—	$	656,692

During 2019, there were no transfers of investments between Level 1, Level 2 or Level 3.

Investment Valuation — Investments are made in shares of Mutual of America Investment Corporation, Fidelity, Vanguard, Goldman Sachs, American Century, American Funds, Calvert, Delaware, DWS, Invesco Oppenheimer, MFS, Neuberger Berman, PIMCO, T. Rowe Price and Victory (“Underlying Funds”), and are fair valued based on the reported net asset values of the respective funds or portfolios, which in turn value their investments at fair value.

Investment Income — Dividend distributions made by the Underlying Funds, representing a distribution of their accumulated income are recognized as investment income while distributions of capital gains are recognized as realized gains from distributions. All dividend distributions and distributions of capital gains are recognized on the ex-dividend dates of each Underlying Fund by each Subaccount and are immediately fully reinvested in additional shares of the Underlying Funds at their respective ex-dividend net asset values. As such, the ultimate effect of the dividends and distributions paid to the Subaccounts has no impact on their respective unit values.

Investment Transactions — Investment transactions are recorded on the trade date. Realized gains and losses on sales of investments are determined based on the identified cost basis of the security determined on a first-in, first-out (“FIFO”) basis. Effective January 1, 2018, the Company switched from the average cost method to the FIFO method for accounting for the cost of shareholder transactions and was applied on a prospective basis.

Federal Income Taxes — Separate Account No. 2 is treated as a part of the Company and not taxed separately as a “regulated investment company” under existing law. The Company is taxed as a life insurance company under the life insurance tax provisions of the Internal Revenue Code. No provision for income taxes is required in the accompanying financial statements. Taxes are generally the responsibility of contract owners upon termination or withdrawal.

- 124 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

2. Investments

The number of shares owned by Separate Account No. 2 (rounded to the nearest share) and their respective net asset values (rounded to the nearest cent) per share at December 31, 2019 were as follows:


	Number of Shares		Net Asset Value Per Share
Mutual of America Investment Corporation Funds:
Equity Index Fund		178,773,417	$	4.79
All America Fund		104,360,987		2.42
Small Cap Value Fund		108,931,141		1.51
Small Cap Growth Fund		156,077,618		1.46
Small Cap Equity Index Fund		12,372,789		0.99
Mid Cap Value Fund		34,775,323		1.64
Mid-Cap Equity Index Fund		208,993,586		2.25
Composite Fund		91,333,126		1.87
International Fund		30,865,967		0.91
Money Market Fund		37,952,231		1.23
Mid-Term Bond Fund		91,946,633		1.06
Bond Fund		152,985,703		1.48
Retirement Income Fund		65,613,985		1.21
2010 Retirement Fund		18,030,191		1.00
2015 Retirement Fund		101,435,598		1.05
2020 Retirement Fund		324,891,690		1.24
2025 Retirement Fund		432,271,669		1.36
2030 Retirement Fund		371,049,814		1.43
2035 Retirement Fund		293,288,837		1.46
2040 Retirement Fund		245,072,569		1.45
2045 Retirement Fund		271,955,399		1.43
2050 Retirement Fund		148,463,757		1.75
2055 Retirement Fund		62,306,218		1.33
2060 Retirement Fund		14,754,616		1.11
Conservative Allocation Fund		100,016,348		1.27
Moderate Allocation Fund		204,174,814		1.55
Aggressive Allocation Fund		135,237,746		1.74
Fidelity Portfolios:
VIP Equity-Income — “Initial” Class		11,128,261		23.77
VIP Asset Manager — “Initial” Class		8,772,868		15.23
VIP Contrafund — “Initial” Class		19,058,684		37.17
VIP Mid Cap — “Initial” Class		5,096,014		32.95
Vanguard Portfolios:
VIF Diversified Value		11,215,509		16.45
VIF International		11,789,589		29.00
VIF Real Estate Index		4,147,515		13.74
VIF Total Bond Market Index		2,564,228		12.21

- 125 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

2. Investments (Continued)


	Number of Shares		Net Asset Value Per Share
Goldman Sachs Portfolios:
VIT Small Cap Equity Insights Fund — Class “I”		35,982	$	12.62
VIT US Equity Insights Fund — Class “I”		32,332		17.93
American Century VP Capital Appreciation Fund — Class “Y”		20,337,495		16.09
American Funds New World Fund — Class “1”		586,123		25.84
Calvert VP SRI Balanced Portfolio — Class “I”		58,834,620		2.29
Delaware VIP Small Cap Value Series — “Standard” Class		17,482		38.30
DWS Capital Growth VIP — Class “A”		12,191,163		33.24
Invesco Oppenheimer V.I. Main Street Fund — Series “I” Shares		2,084,442		29.44
MFS VIT III Mid Cap Value Portfolio — “Initial” Class		295,868		8.74
Neuberger Berman Advisors Management Trust Sustainable Equity Portfolio — Class “I”		49,964		26.89
PIMCO VIT Real Return Portfolio — “Institutional” Class		1,941,669		12.64
T. Rowe Price Blue Chip Growth Portfolio — “Blue Chip Growth” Class		7,751,694		38.98
Victory RS Small Cap Growth Equity VIP Series — Class “I”		39,182		16.76

The cost of investment purchases and proceeds from sales of investments for the year ended December 31, 2019 were as follows:


	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund		Mid Cap Value Fund
Cost of investment purchases	$	25,640,277	$	3,074,519	$	4,890,427	$	2,804,009	$	6,644,555	$	2,845,962

Proceeds from sales of investments	$	39,552,638	$	26,722,150	$	21,004,593	$	22,391,263	$	1,557,895	$	4,696,780


	Mid-Cap Equity Index Fund		Composite Fund		International Fund		Money Market Fund		Mid-Term Bond Fund		Bond Fund
Cost of investment purchases	$	7,607,216	$	4,005,677	$	1,871,744	$	7,638,294	$	4,431,667	$	16,059,225

Proceeds from sales of investments	$	32,938,324	$	14,234,453	$	2,233,238	$	9,993,018	$	8,755,658	$	17,653,523

- 126 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

2. Investments (Continued)



	Retirement Income Fund		2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Cost of investment purchases	$	20,795,963	$	3,033,747	$	6,230,593	$	26,885,379	$	71,995,458	$	68,623,570

Proceeds from sales of investments	$	7,288,179	$	3,439,077	$	11,163,002	$	26,600,926	$	14,623,029	$	10,553,538


	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund		2060 Retirement Fund
Cost of investment purchases	$	49,789,769	$	43,599,431	$	40,821,720	$	44,072,348	$	32,519,291	$	12,873,717

Proceeds from sales of investments	$	7,101,097	$	5,567,970	$	4,396,581	$	2,996,475	$	276,119	$	75,293


	Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Fidelity VIP Equity- Income Portfolio		Fidelity VIP Asset Manager Portfolio		Fidelity VIP Contrafund Portfolio
Cost of investment purchases	$	14,134,193	$	11,208,313	$	6,028,698	$	6,323,092	$	3,642,754	$	2,340,100

Proceeds from sales of investments	$	7,931,252	$	19,002,837	$	13,444,794	$	21,807,573	$	11,543,132	$	57,840,588


	Fidelity VIP Mid Cap Portfolio		Vanguard VIF Diversified Value Portfolio		Vanguard VIF International Portfolio		Vanguard VIF Real Estate Index Portfolio		Vanguard VIF Total Bond Market Index Portfolio		Goldman Sachs VIT Small Cap Equity Insights Fund
Cost of investment purchases	$	1,659,883	$	7,267,645	$	4,908,213	$	11,657,346	$	25,965,342	$	514,077

Proceeds from sales of investments	$	19,055,689	$	13,897,185	$	22,207,077	$	4,090,182	$	818,575	$	73,987


	Goldman Sachs VIT US Equity Insights Fund		American Century VP Capital Appreciation Fund		American Funds New World Fund		Calvert VP SRI Balanced Portfolio		Delaware VIP Small Cap Value Series		DWS Capital Growth VIP
Cost of investment purchases	$	768,688	$	12,620,428	$	2,518,501	$	8,576,745	$	624,805	$	8,653,254

Proceeds from sales of investments	$	217,033	$	20,421,453	$	1,128,077	$	7,696,330	$	3,224	$	25,767,681


	Invesco Oppenheimer V.I. Main Street Fund		Neuberger Berman AMT Sustainable Equity Portfolio		MFS VIT III Mid Cap Value Portfolio		PIMCO VIT Real Return Portfolio		T. Rowe Price Blue Chip Growth Portfolio		Victory RS Small Cap Growth Equity VIP Series
Cost of investment purchases	$	5,051,038	$	1,319,731	$	2,234,375	$	5,000,108	$	22,674,671	$	645,035

Proceeds from sales of investments	$	4,135,717	$	39,701	$	195,244	$	2,176,034	$	27,786,721	$	26,412

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

3. Expenses

The following charges are made by the Company from the value of net assets of the funds:

Administrative Charges — In connection with its administrative functions, the Company deducted daily charges from the value of the net assets of all Subaccounts. Prior to July 1, 2015, these fees were deducted at an annual rate of .15% for Tier 1 Reduced Fee Units; at an annual rate of .20% for Tier 2 Reduced Fee Units; and at an annual rate of .50% for Standard Units. Effective from July 1, 2015 to June 30, 2017, these fees were deducted at an annual rate of .10% for Tier 1 Reduced Fee Units; at an annual rate of .15% for Tier 2 Reduced Fee Units; at an annual rate of .20% for Tier 3 Reduced Fee Units; and at an annual rate of .50% for Standard Units. Effective October 1, 2016, the fees deducted at an annual rate for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity (“FPA”) Contracts were reduced to .35% from 0.50%. There was no change in the annual rate charged for Tier 1 Reduced Fee Units, Tier 2 Reduced Fee Units or Tier 3 Reduced Fee Units. Effective July 1, 2017, these fees were deducted at an annual rate of .05% for Tier 1 Reduced Fee Units; at an annual rate of .10% for Tier 2 Reduced Fee Units; at an annual rate of .15% for Tier 3 Reduced Fee Units; at an annual rate of .20% for Tier 4 Reduced Fee Units; at an annual rate of .40% for Tier 5 Reduced Fee Units; at an annual rate of .60% for Standard Units; and at an annual rate of 1.10% for Inactive Units. There was no change in the annual rate charged for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts.

Distribution Expense Charges — As principal underwriter, the Company performs all distribution and sales functions and bears all distribution and sales expenses relative to the Contracts. For providing these services, the Company deducted daily charges from the value of the net assets of each Subaccount to cover such expenses. Prior to July 1, 2015, these fees were deducted at an annual rate of .15% for Tier 1 Reduced Fee Units; at an annual rate of .20% for Tier 2 Reduced Fee Units; and at an annual rate of .50% for Standard Units. Effective from July 1, 2015 to June 30, 2017, these fees were deducted at an annual rate of .10% for Tier 1 Reduced Fee Units; at an annual rate of .15% for Tier 2 Reduced Fee Units; at an annual rate of .20% for Tier 3 Reduced Fee Units; and at an annual rate of .50% for Standard Units. Effective October 1, 2016, the fees deducted at an annual rate for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts were reduced to .35% from 0.50%. There was no change in the annual rate charged for Tier 1 Reduced Fee Units, Tier 2 Reduced Fee Units or Tier 3 Reduced Fee Units. Effective July 1, 2017, these fees were deducted at an annual rate of .05% for Tier 1 Reduced Fee Units; at an annual rate of .10% for Tier 2 Reduced Fee Units; at an annual rate of .15% for Tier 3 Reduced Fee Units; at an annual rate of .20% for Tier 4 Reduced Fee Units; at an annual rate of .35% for Tier 5 Reduced Fee Units; at an annual rate of .55% for Standard Units; and at an annual rate of .35% for Inactive Units. There was no change in the annual rate charged for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts.

Expense Risk Fee — For assuming expense risks under the Contracts, the Company deducted daily charges from the value of the net assets of each Subaccount. Prior to July 1, 2015, these fees were deducted at an annual rate of .20%. Effective from July 1, 2015 to June 30, 2017, these fees were deducted at an annual rate of .15% for Tier 1 Reduced Fee and Tier 2 Reduced Fee Units; and at an annual rate of .20% for Tier 3 Reduced Fee and Standard Units, including Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts. Effective July 1, 2017, these fees were deducted at an annual rate of .15% for Tier 1 Reduced Fee, Tier 2 Reduced Fee Units and Tier 3 Reduced Fee Units; and at an annual rate of .20% for Tier 4 Reduced Fee Units, Tier 5 Reduced Fee Units, Standard Units and Inactive Units.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

3. Expenses (Continued)

There was no change in the annual rate charged for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts.

Prior to July 1, 2015, Participants in plans with assets of at least $5 million (measured on the last day of each calendar quarter for eligibility in the following quarter) and where the Employer is using Hotline Plus, were issued Tier 1 Reduced Fee Units in the Separate Accounts. Also, Participants in plans with assets of at least $2 million but less than $5 million (measured on the last day of each calendar quarter for eligibility in the following quarter) and where the Employer is using Hotline Plus, were issued Tier 2 Reduced Fee Units in the Separate Accounts.

Effective from July 1, 2015 to June 30, 2017, Participants that had previously qualified to receive Tier 1 Reduced Fee Units but with assets in plans in the Separate Accounts of at least $20 million remained in Tier 1 Reduced Fee Units. Participants that had previously qualified to receive Tier 1 Reduced Fee Units but with assets in plans in the Separate Accounts of less than $20 million but greater than $5 million were issued Tier 2 Reduced Fee Units. Participants that had previously qualified to receive Tier 2 Reduced Fee Units with assets in plans in the Separate Accounts of less than $5 million but greater than $2 million were issued Tier 3 Reduced Fee Units. The effective rate of total Separate Account charges during 2015 were .42% for Tier 1 Reduced Fee Units, .47% for Tier 2 Reduced Fee Units and .60% for Tier 3 Reduced Fee Units. These fees were subject to reduction as noted below for all plans with assets in the American Century VP Capital Appreciation Fund, MFS VIT III Mid Cap Value Portfolio, PIMCO VIT Real Return Portfolio, Fidelity VIP Portfolios and T. Rowe Price Blue Chip Growth Portfolio.

Prior to October 1, 2016, total Separate Account charges to Standard Units for Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts were 1.20%. Effective October 1, 2016, these fees were deducted at an annual rate of .90%. The effective rate of total Separate Account Charges during 2016 were 1.12% for Traditional IRA, Roth IRA, Inherited IRA and FPA Contract units. The total Separate Account charges for Standard Units of the remaining contracts remained 1.20%. These fees were subject to reduction as noted below for all plans with assets in the American Century VP Capital Appreciation Fund, MFS VIT III Mid Cap Value Portfolio, PIMCO VIT Real Return Portfolio, Fidelity VIP Portfolios and T. Rowe Price Blue Chip Growth Portfolio.

Effective July 1, 2017, total assets in Separate Accounts plans were combined with any assets held in the General Account (aggregated total assets) to determine eligibility for Reduced Fees. Any entity affiliated with an Employer that is participating in the Employer’s Plan, will be eligible for Reduced Fees provided that the aggregated total assets of the Employer and the affiliated entities in the Employer’s Plan meet the eligibility criteria for the applicable Reduced Fees and the Employer’s Plan is remitting premiums and using Mutual of America SponsorConnect^SM. We will aggregate the total assets of Employer Plans that are maintained by a ‘controlled group’ of companies or entities, which includes a group of corporations under section 414(b), a group of trades or businesses under common control under section 414(c), or an affiliated service group under section 414(m) of the Internal Revenue Code of 1986 and that, in accordance with the instructions for Form 5500, file Form 5500 with the Employee Benefits Security Administration as a ‘controlled group.’ For plans that do not file Form 5500s, we will aggregate the total assets of plans maintained by a controlled group, as defined under Treas. Reg. 1.414(c)-5, upon written representation from the employer as to its status as a controlled group. In addition, participants

- 129 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

3. Expenses (Continued)

with aggregated total assets of at least the amounts listed in the table below qualified for Reduced Fees and were issued Units in the corresponding tiers:


	Total Assets
Tier 1 Reduced Fee	$	50 million
Tier 2 Reduced Fee	$	25 million
Tier 3 Reduced Fee	$	5 million
Tier 4 Reduced Fee	$	2 million
Tier 5 Reduced Fee	$	1 million

Also effective July 1, 2017, the Separate Account charges for a Contract funding an Inactive Plan are 1.65%. A Plan will be considered to be an Inactive Plan as of the last day of a calendar quarter if, prior to or during that calendar quarter, contributions have not been remitted for the Plan for the third consecutive calendar month, or the Contractholder has notified us that the Plan is no longer active, provided that if the Plan is aggregated to determine eligibility for Reduced Fees with a Plan that has remitted contributions during the calendar quarter, the Plan will not be treated as an Inactive Plan. There was no change in the annual rate charged for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts.

The table below shows the changes to the Standard and Reduced Fee tiers held by Contractholders as a result of the July 1, 2017 changes to Separate Account charges, along with the corresponding annual total Separate Account expense charge and qualifying asset levels:


Before July 1, 2017:					After July 1, 2017:
Units Held	Separate Account Annual Expense Rate			Minimum Qualified Separate Account Assets	Units Held	Separate Account Annual Expense Rate			Minimum Qualified Aggregated Total Assets
Tier 1 Reduced Fee		.35	%	$20 million	Tier 1 Reduced Fee		.25	%	$50 million
Tier 2 Reduced Fee		.45	%	$5 million	Tier 2 Reduced Fee		.35	%	$25 million
Tier 3 Reduced Fee		.60	%	$2 million	Tier 3 Reduced Fee		.45	%	$5 million
Standard		1.20	%	Less than $2 million	Tier 4 Reduced Fee		.60	%	$2 million
				Less than $2 million	Tier 5 Reduced Fee		.95	%	$1 million
					Standard		1.35	%	Less than $1 million

Monthly charges equaling the lesser of $2.00 or ¹/₁₂ of 1% of account value may also be deducted and are reflected as unit transactions in the accompanying financial statements under “Contract fees” in the Statements of Changes in Net Assets.

On October 9, 2017, all assets of the American Century Subaccount were invested in a new share class of the American Century VP Capital Appreciation Fund, Class Y, with total fund operating expenses at the end of 2017 of 0.62% (annualized, net of expense waivers), rather than the previous share class, Class I, with total fund operating expenses at the end of 2017 of 0.99% (net of expense waivers). As of that date, the investment adviser for the American Century VP Capital Appreciation Fund ceased to reimburse us for administrative expenses, and therefore no further reductions to the American Century Subaccount occurred as a result of discontinuing the reimbursement arrangement. The effective administrative rate charged in 2017 was at an annual rate of .71% for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts; at an annual rate of .11% for Tier 1 Reduced Fee Units; at an annual rate of .16% for Tier 2

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

3. Expenses (Continued)

Reduced Fee Units; at an annual rate of .26% for Tier 3 Reduced Fee Units; at an annual rate of .41% for Tier 4 Reduced Fee Units; at an annual rate of .88% for Tier 5 Reduced Fee Units; at an annual rate of 1.08% for Standard Units; and at an annual rate of 1.23% for Inactive Units.

During December 2017, the Mutual of America separate account assets in the T. Rowe Price Blue Chip Growth Portfolio exceeded $250,000,000. As a result, effective December 1, 2017, the investment adviser for the T. Rowe Price Blue Chip Growth Portfolio increased the reimbursement to the Company to an annual rate of .25% from .15%. From December 1, 2017 through March 13, 2018, the T. Rowe Price Subaccounts continued to be credited at the lower reimbursement rate of .15%. To correct for the overcharge of expenses during this period, the Company increased the value of units in the Subaccounts in March of 2018 so that the total effective rate charged in 2017 was at an annual rate of .74% for Standard Units of Traditional IRA, Roth IRA, Inherited IRA and FPA Contracts; at an annual rate of .14% for Tier 1 Reduced Fee Units; at an annual rate of .19% for Tier 2 Reduced Fee Units; at an annual rate of .29% for Tier 3 Reduced Fee Units; at an annual rate of .44% for Tier 4 Reduced Fee Units; at an annual rate of .92% for Tier 5 Reduced Fee Units; at an annual rate of 1.12% for Standard Units; and at an annual rate of 1.27% for Inactive Units.

The expense rates contained in Note 4 of the Financial Highlights reflect the weighted average of the expense charge in effect during the year.

Annual Separate Account expenses before July 1, 2015 are summarized, as follows:


	Standard			Tier 1 Reduced Fee			Tier 2 Reduced Fee
Separate Account Annual Expenses
(as a percentage of net assets)
Expense Risk Fee		.20	%		.20	%		.20	%
Administrative Charges		.50	%		.15	%		.20	%
Distribution Expense Charges		.50	%		.15	%		.20	%

Total Separate Account Annual Expenses		1.20	%(a)		.50	%(a)		.60	%(a)

Annual Separate Account expenses effective July 1, 2015 and before July 1, 2017 are summarized, as follows:


	Standard			Tier 1 Reduced Fee			Tier 2 Reduced Fee			Tier 3 Reduced Fee
Separate Account Annual Expenses
(as a percentage of net assets)
Expense Risk Fee		.20	%		.15	%		.15	%		.20	%
Administrative Charges		.50	%		.10	%		.15	%		.20	%
Distribution Expense Charges		.50	%		.10	%		.15	%		.20	%

Total Separate Account Annual Expenses		1.20	%(a)		.35	%(a)		.45	%(a)		.60	%(a)

- 131 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

3. Expenses (Continued)

Annual Separate Account expenses effective July 1, 2017 are summarized, as follows:


	Standard			Tier 1 Reduced Fee			Tier 2 Reduced Fee			Tier 3 Reduced Fee			Tier 4 Reduced Fee			Tier 5 Reduced Fee			Voluntary Employee Contribution and Inactive Plans
Separate Account Annual Expenses
(as a percentage of net assets)
Expense Risk Fee		.20	%		.15	%		.15	%		.15	%		.20	%		.20	%		.20	%
Administrative Charges		.60	%		.05	%		.10	%		.15	%		.20	%		.40	%		1.10	%
Distribution Expense Charges		.55	%		.05	%		.10	%		.15	%		.20	%		.35	%		.35	%

Total Separate Account Annual Expenses		1.35	%(a)		.25	%(a)		.35	%(a)		.45	%(a)		.60	%(a)		.95	%(a)		1.65	%(a)

Annual Separate Account expenses for Traditional IRA, Roth IRA, Inherited IRA and FPA Contract units are summarized, as follows:


	Prior to October 1, 2016 for Traditional IRA, Roth IRA, Inherited IRA and FPA Standard			Effective October 1, 2016 for Traditional IRA, Roth IRA, Inherited IRA and FPA Standard
Separate Account Annual Expenses
(as a percentage of net assets)
Expense Risk Fee		.20	%		.20	%
Administrative Charges		.50	%		.35	%
Distribution Expense Charges		.50	%		.35	%

Total Separate Account Annual Expenses		1.20	%(a)		.90	%(a)

(a)

Adviser Reimbursements. All Contracts with assets invested in the American Century VP Capital Appreciation Fund, up until October 9, 2017, Fidelity portfolios, PIMCO Variable Insurance Trust Real Return Institutional Portfolio, T. Rowe Price Blue Chip Growth Portfolio and Victory RS Small Cap Growth Equity VIP Series qualified for a reduction in the fees they paid equal to reimbursements the Company received from service providers to those funds. The investment adviser for the American Century VP Capital Appreciation Fund reimbursed the Company at an annual rate of .25% for administrative expenses until October 9, 2017; the principal underwriter for the MFS VIT III Mid Cap Value Portfolio reimbursed the Company at an annual rate of .25% for certain services the Company provided; the investment adviser for the PIMCO Variable Trust Real Return Institutional Portfolio reimbursed the Company at an annual rate of .10% for certain services the Company provided; the transfer agent and distributor for the four Fidelity portfolios reimbursed the Company at an annual rate of .10% for certain services that the Company provided; the investment adviser for the T. Rowe Price Blue Chip Growth Portfolio reimbursed the Company at an annual rate of .15% for administrative expenses the Company provided, or at an annual rate of .25% if the aggregate dollar value of the shares that fund held in Mutual of America separate accounts exceeded $250,000,000 at all times during a month; and the distributor for the Victory RS Small Cap Growth Equity VIP Series reimbursed the Company at an annual rate of .05% for certain services provided.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

3. Expenses (Continued)

Effective July 1, 2019, the Company reduced the Separate Account charges for certain Contracts of Employers that are member agencies of approved national accounts that meet the following criteria. If the national account has member agencies with total assets in their Contracts, including the Separate Account and the General Account, of at least $325 million as of the last Valuation Day of a calendar quarter, initially or when being reconsidered after losing eligibility, and meets the other criteria discussed in this paragraph, the Contracts will become eligible for the National Account Reduced Separate Account Annual Expenses as set forth below. After member agencies affiliated with the national account become eligible for National Account Reduced Separate Account Annual Expenses, the total assets in the member agencies’ Contracts must remain above $292.5 million (the “National Account Minimum”) as of the last Valuation Day of a calendar quarter for the Contracts to remain eligible for the National Account Reduced Separate Account Annual Expenses for the following calendar quarter. Loss of eligibility for the National Account Reduced Separate Account Annual Expenses will occur if the total assets in the member agencies’ Contracts fail to maintain at least the National Account Minimum for any reason; for example, withdrawals from Contracts or the investment performance of the Underlying Funds. Additionally, to be eligible for National Account Reduced Separate Account Annual Expenses, the national association or headquarters of the national account must fund its own Plan with a Contract issued by Mutual of America, promote Mutual of America as an “exclusive retirement plan service provider” to its member agencies in its directories and on its website, provide us with information regarding member agencies, allow our participation as a vendor or presenter at its conferences, and allow outbound telephone contact with its member agencies. To be considered a member agency of such a national account, the member agency must have a published corporate mission consistent with that of the national account organization with which it is affiliated.

National Account Reduced Separate Account Annual Expenses will be determined for each Employer that is a member agency of a qualifying National Account, if the Employer is otherwise eligible for Reduced Fees, based on the pricing tier for which that individual Employer qualifies based on the assets in that Employer’s Plan. The regular and National Account Reduced Separate Annual Expenses are as follows:


	Regular Separate Account Annual Expenses			National Account Reduced Separate Account Annual Expenses
Standard Fee		1.35	%		1.35	%
Tier 1 Reduced Fee		.25	%		.25	%
Tier 2 Reduced Fee		.35	%		.30	%
Tier 3 Reduced Fee		.45	%		.35	%
Tier 4 Reduced Fee		.60	%		.40	%
Tier 5 Reduced Fee		.95	%		.85	%

A member agency of a national account that is eligible for the Standard Fee will continue to be eligible to receive a waiver of the employer-paid monthly charges.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights

Traditional IRA, Roth IRA, Inherited IRA and Individual Flexible Premium Deferred Annuity Contract Units


	Mutual of America Investment Corporation
	Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	6.719		$	7.105		$	5.893		$	5.331

Unit value, end of year	$	8.745		$	6.719		$	7.105		$	5.893

Units outstanding (000’s), beginning of year/period(1)		24,871			22,054			19,676			—
Units Issued (000’s)(1)		3,333			8,717			6,413			20,959
Units Redeemed (000’s)(1)		(4,532	)		(5,900	)		(4,035	)		(1,283	)

Units Outstanding (000’s), end of year/period(1)		23,672			24,871			22,054			19,676

Net Assets (000’s), end of year/period	$	206,996		$	167,118		$	156,686		$	115,960

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.65%			1.58%			1.60%			1.76%

Total Return (C)		30.14%			-5.42%			20.55%			10.55%


	Mutual of America Investment Corporation
	All America Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	17.905		$	19.697		$	16.645		$	15.100

Unit value, end of year	$	22.777		$	17.905		$	19.697		$	16.645

Units outstanding (000’s), beginning of year/period(1)		3,014			2,957			2,915			—
Units Issued (000’s)(1)		193			548			387			3,099
Units Redeemed (000’s)(1)		(439	)		(491	)		(345	)		(184	)

Units Outstanding (000’s), end of year/period(1)		2,768			3,014			2,957			2,915

Net Assets (000’s), end of year/period	$	63,056		$	53,962		$	58,245		$	48,529

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.25%			1.27%			1.23%			1.36%

Total Return (C)		27.21%			-9.10%			18.33%			10.24%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

Prior to October 1, 2016, participants in Traditional IRA, Roth IRA, Inherited IRA and FPA held units of Standard. The equivalent prior year history for the year or period ending in 2015, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 134 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Value Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	2.071		$	2.447		$	2.280		$	1.921

Unit value, end of year	$	2.445		$	2.071		$	2.447		$	2.280

Units outstanding (000’s), beginning of year/period(1)		14,280			15,011			14,961			—
Units Issued (000’s)(1)		2,302			2,184			3,640			15,473
Units Redeemed (000’s)(1)		(4,318	)		(2,915	)		(3,590	)		(512	)

Units Outstanding (000’s), end of year/period(1)		12,264			14,280			15,011			14,961

Net Assets (000’s), end of year/period	$	29,986		$	29,582		$	36,732		$	34,117

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		0.83%			1.42%			0.56%			0.86%

Total Return (C)		18.04%			-15.35%			7.31%			18.69%


	Mutual of America Investment Corporation
	Small Cap Growth Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year/period	$	2.171		$	2.505		$	2.041		$	1.910

Unit value, end of year/period	$	2.724		$	2.171		$	2.505		$	2.041

Units outstanding (000’s), beginning of year/period(1)		18,618			18,900			16,162			—
Units Issued (000’s)(1)		1,521			4,285			5,361			17,144
Units Redeemed (000’s)(1)		(3,940	)		(4,567	)		(2,623	)		(982	)

Units Outstanding (000’s), end of year/period(1)		16,199			18,618			18,900			16,162

Net Assets (000’s), end of year/period	$	44,126		$	40,425		$	47,343		$	32,993

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		0.09%			0.01%			0.02%			—

Total Return (C)		25.46%			-13.32%			22.71%			6.89%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 135 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(3)
Unit value, beginning of year/period	$	8.305		$	10.000

Unit value, end of year/period	$	10.074		$	8.305

Units outstanding (000’s), beginning of year/period		226			—
Units Issued (000’s)		241			240
Units Redeemed (000’s)		(158	)		(14	)

Units Outstanding (000’s), end of year/period		309			226

Net Assets (000’s), end of year/period	$	3,115		$	1,873

Expense Ratio (A)		0.90%			0.90%	(D)

Investment Income Ratio (B)		1.66%			1.22%	(E)

Total Return (C)		21.31%			-16.95%	(E)


	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.909		$	2.242		$	1.969		$	1.714

Unit value, end of year	$	2.403		$	1.909		$	2.242		$	1.969

Units outstanding (000’s), beginning of year/period(1)		4,424			5,266			6,245			—
Units Issued (000’s)(1)		627			1,715			1,762			6,601
Units Redeemed (000’s)(1)		(866	)		(2,557	)		(2,741	)		(356	)

Units Outstanding (000’s), end of year/period(1)		4,185			4,424			5,266			6,245

Net Assets (000’s), end of year/period	$	10,058		$	8,444		$	11,805		$	12,293

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.35%			1.67%			1.04%			1.30%

Total Return (C)		25.90%			-14.85%			13.88%			14.88%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016. Not applicable to the Mutual of America Small Cap Equity Index Fund.

(2)

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 136 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	4.222		$	4.801		$	4.175		$	3.503

Unit value, end of year	$	5.272		$	4.222		$	4.801		$	4.175

Units outstanding (000’s), beginning of year/period(1)		23,653			24,161			25,400			—
Units Issued (000’s)(1)		1,968			5,472			5,851			27,102
Units Redeemed (000’s)(1)		(3,319	)		(5,980	)		(7,090	)		(1,702	)

Units Outstanding (000’s), end of year/period(1)		22,302			23,653			24,161			25,400

Net Assets (000’s), end of year/period	$	117,578		$	99,857		$	115,992		$	106,037

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.20%			1.35%			1.10%			1.24%

Total Return (C)		24.88%			-12.06%			15.00%			19.16%


	Mutual of America Investment Corporation
	Composite Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	10.095		$	10.525		$	9.369		$	8.780

Unit value, end of year	$	11.943		$	10.095		$	10.525		$	9.369

Units outstanding (000’s), beginning of year/period(1)		4,029			3,726			3,511			—
Units Issued (000’s)(1)		205			910			572			3,637
Units Redeemed (000’s)(1)		(391	)		(607	)		(357	)		(126	)

Units Outstanding (000’s), end of year/period(1)		3,843			4,029			3,726			3,511

Net Assets (000’s), end of year/period	$	45,892		$	40,672		$	39,220		$	32,891

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.20%			2.06%			2.04%			2.05%

Total Return (C)		18.30%			-4.08%			12.34%			6.71%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 137 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	International Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	0.897		$	1.045		$	0.847		$	0.842

Unit value, end of year	$	1.076		$	0.897		$	1.045		$	0.847

Units outstanding (000’s), beginning of year/period(1)		2,324			2,592			2,110			—
Units Issued (000’s)(1)		281			555			929			2,147
Units Redeemed (000’s)(1)		(413	)		(823	)		(447	)		(37	)

Units Outstanding (000’s), end of year/period(1)		2,192			2,324			2,592			2,110

Net Assets (000’s), end of year/period	$	2,358		$	2,085		$	2,708		$	1,787

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.38%			2.24%			2.16%			2.23%

Total Return (C)		19.93%			-14.14%			23.35%			0.55%


	Mutual of America Investment Corporation
	Money Market Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	2.355		$	2.336		$	2.341		$	2.365

Unit value, end of year	$	2.381		$	2.355		$	2.336		$	2.341

Units outstanding (000’s), beginning of year/period(1)		955			624			584			—
Units Issued (000’s)(1)		634			809			249			757
Units Redeemed (000’s)(1)		(984	)		(478	)		(209	)		(173	)

Units Outstanding (000’s), end of year/period(1)		605			955			624			584

Net Assets (000’s), end of year/period	$	1,439		$	2,250		$	1,458		$	1,368

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.15%			0.25%			0.12%			—

Total Return (C)		1.10%			0.79%			-0.21%			-0.99%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 138 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	2.409		$	2.417		$	2.384		$	2.329

Unit value, end of year	$	2.531		$	2.409		$	2.417		$	2.384

Units outstanding (000’s), beginning of year/period(1)		6,216			7,040			7,483			—
Units Issued (000’s)(1)		670			768			1,333			7,852
Units Redeemed (000’s)(1)		(1,031	)		(1,592	)		(1,776	)		(369	)

Units Outstanding (000’s), end of year/period(1)		5,855			6,216			7,040			7,483

Net Assets (000’s), end of year/period	$	14,821		$	14,973		$	17,016		$	17,836

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.14%			2.12%			2.14%			2.59%

Total Return (C)		5.09%			-0.34%			1.39%			2.34%


	Mutual of America Investment Corporation
	Bond Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	6.383		$	6.431		$	6.263		$	6.050

Unit value, end of year	$	6.809		$	6.383		$	6.431		$	6.263

Units outstanding (000’s), beginning of year/period(1)		5,515			6,056			6,014			—
Units Issued (000’s)(1)		1,409			943			1,491			6,544
Units Redeemed (000’s)(1)		(1,544	)		(1,484	)		(1,449	)		(530	)

Units Outstanding (000’s), end of year/period(1)		5,380			5,515			6,056			6,014

Net Assets (000’s), end of year/period	$	36,635		$	35,199		$	38,946		$	37,667

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.54%			2.64%			2.70%			2.76%

Total Return (C)		6.68%			-0.74%			2.67%			3.53%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 139 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Retirement Income Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.479		$	1.510		$	1.420		$	1.352

Unit value, end of year	$	1.639		$	1.479		$	1.510		$	1.420

Units outstanding (000’s), beginning of year/period(1)		6,928			6,992			5,384			—
Units Issued (000’s)(1)		3,599			2,864			3,492			5,734
Units Redeemed (000’s)(1)		(1,544	)		(2,928	)		(1,884	)		(350	)

Units Outstanding (000’s), end of year/period(1)		8,983			6,928			6,992			5,384

Net Assets (000’s), end of year/period	$	14,724		$	10,245		$	10,560		$	7,644

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.70%			1.71%			1.85%			2.12%

Total Return (C)		10.85%			-2.10%			6.38%			4.99%


	Mutual of America Investment Corporation
	2010 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.487		$	1.530		$	1.416		$	1.340

Unit value, end of year	$	1.668		$	1.487		$	1.530		$	1.416

Units outstanding (000’s), beginning of year/period(1)		2,711			2,588			2,834			—
Units Issued (000’s)(1)		634			485			1,009			3,064
Units Redeemed (000’s)(1)		(929	)		(362	)		(1,255	)		(230	)

Units Outstanding (000’s), end of year/period(1)		2,416			2,711			2,588			2,834

Net Assets (000’s), end of year/period	$	4,029		$	4,032		$	3,960		$	4,013

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.87%			1.96%			2.19%			2.27%

Total Return (C)		12.13%			-2.81%			8.07%			5.67%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 140 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2015 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.491		$	1.551		$	1.415		$	1.329

Unit value, end of year	$	1.705		$	1.491		$	1.551		$	1.415

Units outstanding (000’s), beginning of year/period(1)		18,408			18,174			17,444			—
Units Issued (000’s)(1)		1,594			5,070			5,295			18,375
Units Redeemed (000’s)(1)		(2,863	)		(4,836	)		(4,565	)		(931	)

Units Outstanding (000’s), end of year/period(1)		17,139			18,408			18,174			17,444

Net Assets (000’s), end of year/period	$	29,215		$	27,449		$	28,196		$	24,686

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.03%			1.93%			2.03%			2.32%

Total Return (C)		14.31%			-3.89%			9.63%			6.51%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.512		$	1.590		$	1.426		$	1.328

Unit value, end of year	$	1.761		$	1.512		$	1.590		$	1.426

Units outstanding (000’s), beginning of year/period(1)		45,053			40,834			32,047			—
Units Issued (000’s)(1)		4,576			14,978			14,875			34,582
Units Redeemed (000’s)(1)		(7,106	)		(10,759	)		(6,088	)		(2,535	)

Units Outstanding (000’s), end of year/period(1)		42,523			45,053			40,834			32,047

Net Assets (000’s), end of year/period	$	74,897		$	68,127		$	64,929		$	45,703

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.89%			1.74%			1.68%			1.92%

Total Return (C)		16.48%			-4.90%			11.50%			7.35%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 141 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2025 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.576		$	1.678		$	1.479		$	1.362

Unit value, end of year	$	1.871		$	1.576		$	1.678		$	1.479

Units outstanding (000’s), beginning of year/period(1)		43,510			38,970			30,076			—
Units Issued (000’s)(1)		8,218			14,408			13,165			31,361
Units Redeemed (000’s)(1)		(5,969	)		(9,868	)		(4,271	)		(1,285	)

Units Outstanding (000’s), end of year/period(1)		45,759			43,510			38,970			30,076

Net Assets (000’s), end of year/period	$	85,603		$	68,559		$	65,376		$	44,494

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.71%			1.58%			1.44%			1.72%

Total Return (C)		18.72%			-6.07%			13.40%			8.61%


	Mutual of America Investment Corporation
	2030 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.628		$	1.756		$	1.528		$	1.396

Unit value, end of year	$	1.967		$	1.628		$	1.756		$	1.528

Units outstanding (000’s), beginning of year/period(1)		27,698			22,923			15,660			—
Units Issued (000’s)(1)		4,828			8,327			9,126			16,430
Units Redeemed (000’s)(1)		(5,029	)		(3,552	)		(1,863	)		(770	)

Units Outstanding (000’s), end of year/period(1)		27,497			27,698			22,923			15,660

Net Assets (000’s), end of year/period	$	54,083		$	45,083		$	40,263		$	23,926

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.62%			1.46%			1.33%			1.65%

Total Return (C)		20.84%			-7.33%			14.96%			9.48%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 142 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2035 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.629		$	1.775		$	1.529		$	1.388

Unit value, end of year	$	1.996		$	1.629		$	1.775		$	1.529

Units outstanding (000’s), beginning of year/period(1)		17,406			14,875			10,804			—
Units Issued (000’s)(1)		1,766			4,220			5,487			11,305
Units Redeemed (000’s)(1)		(2,576	)		(1,689	)		(1,416	)		(501	)

Units Outstanding (000’s), end of year/period(1)		16,596			17,406			14,875			10,804

Net Assets (000’s), end of year/period	$	33,127		$	28,360		$	26,400		$	16,517

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.55%			1.38%			1.25%			1.54%

Total Return (C)		22.51%			-8.19%			16.09%			10.18%


	Mutual of America Investment Corporation
	2040 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.619		$	1.775		$	1.526		$	1.382

Unit value, end of year	$	1.994		$	1.619		$	1.775		$	1.526

Units outstanding (000’s), beginning of year/period(1)		12,442			9,695			7,487			—
Units Issued (000’s)(1)		1,814			4,406			3,008			7,935
Units Redeemed (000’s)(1)		(1,621	)		(1,659	)		(800	)		(448	)

Units Outstanding (000’s), end of year/period(1)		12,635			12,442			9,695			7,487

Net Assets (000’s), end of year/period	$	25,190		$	20,145		$	17,205		$	11,422

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.52%			1.35%			1.19%			1.48%

Total Return (C)		23.13%			-8.77%			16.33%			10.41%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 143 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.601		$	1.761		$	1.511		$	1.368

Unit value, end of year	$	1.976		$	1.601		$	1.761		$	1.511

Units outstanding (000’s), beginning of year/period(1)		10,067			8,305			6,677			—
Units Issued (000’s)(1)		1,600			2,837			2,291			6,773
Units Redeemed (000’s)(1)		(1,361	)		(1,075	)		(663	)		(96	)

Units Outstanding (000’s), end of year/period(1)		10,306			10,067			8,305			6,677

Net Assets (000’s), end of year/period	$	20,363		$	16,115		$	14,628		$	10,090

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.54%			1.37%			1.19%			1.49%

Total Return (C)		23.42%			-9.11%			16.56%			10.43%


	Mutual of America Investment Corporation
	2050 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.559		$	1.724		$	1.476		$	1.335

Unit value, end of year	$	1.926		$	1.559		$	1.724		$	1.476

Units outstanding (000’s), beginning of year/period(1)		5,631			4,779			3,473			—
Units Issued (000’s)(1)		1,467			1,821			1,653			3,845
Units Redeemed (000’s)(1)		(1,698	)		(969	)		(347	)		(372	)

Units Outstanding (000’s), end of year/period(1)		5,400			5,631			4,779			3,473

Net Assets (000’s), end of year/period	$	10,400		$	8,778		$	8,237		$	5,125

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.42%			1.21%			0.96%			1.07%

Total Return (C)		23.53%			-9.56%			16.80%			10.53%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 144 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2055 Retirement Fund
	Years Ended December 31,									Period Ended December 31, 2016(1)
Selected Per Unit and Supplementary Data:	2019			2018			2017			Period Ended December 31, 2016(1)
Unit value, beginning of year/period	$	1.096		$	1.213		$	1.038		$	1.000

Unit value, end of year/period	$	1.351		$	1.096		$	1.213		$	1.038

Units outstanding (000’s), beginning of year/period		2,387			1,083			41			—
Units Issued (000’s)		592			1,872			1,157			41
Units Redeemed (000’s)		(305	)		(568	)		(115	)		—	(D)

Units Outstanding (000’s), end of year/period		2,674			2,387			1,083			41

Net Assets (000’s), end of year/period	$	3,612		$	2,615		$	1,314		$	42

Expense Ratio (A)		0.90%			0.90%			0.90%			0.90%	(E)

Investment Income Ratio (B)		1.04%			0.59%			—			—

Total Return (C)		23.28%			-9.70%			16.92%			3.77%	(F)


	Mutual of America Investment Corporation 2060 Retirement Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(2)
Unit value, beginning of year/period	$	8.905		$	10.000

Unit value, end of year/period	$	10.990		$	8.905

Units outstanding (000’s), beginning of year/period		17			—
Units Issued (000’s)		103			19
Units Redeemed (000’s)		(12	)		(2	)

Units Outstanding (000’s), end of year/period		108			17

Net Assets (000’s), end of year/period	$	1,186		$	148

Expense Ratio (A)		0.90%			0.90%	(E)

Investment Income Ratio (B)		0.09%			—

Total Return (C)		23.41%			-10.95%	(F)

(1)	For the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

(E)	Annualized.

(F)	Not annualized.

- 145 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Conservative Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	1.853		$	1.909		$	1.769		$	1.677

Unit value, end of year	$	2.094		$	1.853		$	1.909		$	1.769

Units outstanding (000’s), beginning of year/period(1)		13,786			13,214			10,843			—
Units Issued (000’s)(1)		4,087			3,725			4,720			11,513
Units Redeemed (000’s)(1)		(2,363	)		(3,153	)		(2,349	)		(670	)

Units Outstanding (000’s), end of year/period(1)		15,510			13,786			13,214			10,843

Net Assets (000’s), end of year/period	$	32,473		$	25,552		$	25,231		$	19,181

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.06%			2.12%			2.12%			2.32%

Total Return (C)		12.97%			-2.93%			7.93%			5.51%


	Mutual of America Investment Corporation
	Moderate Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	2.349		$	2.480		$	2.201		$	2.040

Unit value, end of year	$	2.774		$	2.349		$	2.480		$	2.201

Units outstanding (000’s), beginning of year/period(1)		22,043			21,263			19,415			—
Units Issued (000’s)(1)		1,855			4,730			5,391			20,098
Units Redeemed (000’s)(1)		(3,874	)		(3,950	)		(3,543	)		(683	)

Units Outstanding (000’s), end of year/period(1)		20,024			22,043			21,263			19,415

Net Assets (000’s), end of year/period	$	55,546		$	51,780		$	52,730		$	42,726

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.02%			1.89%			1.86%			2.17%

Total Return (C)		18.08%			-5.27%			12.69%			7.86%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 146 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Aggressive Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	2.733		$	2.970		$	2.570		$	2.344

Unit value, end of year	$	3.325		$	2.733		$	2.970		$	2.570

Units outstanding (000’s), beginning of year/period(1)		8,911			8,941			8,300			—
Units Issued (000’s)(1)		711			1,468			1,686			8,674
Units Redeemed (000’s)(1)		(1,449	)		(1,498	)		(1,045	)		(374	)

Units Outstanding (000’s), end of year/period(1)		8,173			8,911			8,941			8,300

Net Assets (000’s), end of year/period	$	27,175		$	24,357		$	26,556		$	21,327

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.91%			1.71%			1.57%			1.99%

Total Return (C)		21.65%			-7.97%			15.58%			9.62%


	Fidelity
	VIP Equity-Income Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	72.604		$	79.807		$	71.260		$	61.004

Unit value, end of year	$	91.791		$	72.604		$	79.807		$	71.260

Units outstanding (000’s), beginning of year/period(1)		541			577			624			—
Units Issued (000’s)(1)		59			90			114			654
Units Redeemed (000’s)(1)		(99	)		(126	)		(161	)		(30	)

Units Outstanding (000’s), end of year/period(1)		501			541			577			624

Net Assets (000’s), end of year/period	$	45,946		$	39,266		$	46,056		$	44,432

Expense Ratio (A)		0.80%	(D)		0.80%	(D)		0.80%	(D)		1.02%	(D)

Investment Income Ratio (B)		2.02%			2.21%			1.67%			2.38%

Total Return (C)		26.43%			-9.03%			11.99%			16.81%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.12% in 2016 and 0.90% in 2017 through 2019.

- 147 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Asset Manager Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	47.217		$	50.290		$	44.427		$	43.541

Unit value, end of year	$	55.389		$	47.217		$	50.290		$	44.427

Units outstanding (000’s), beginning of year/period(1)		392			416			413			—
Units Issued (000’s)(1)		22			71			91			454
Units Redeemed (000’s)(1)		(61	)		(95	)		(88	)		(41	)

Units Outstanding (000’s), end of year/period(1)		353			392			416			413

Net Assets (000’s), end of year/period	$	19,564		$	18,529		$	20,907		$	18,360

Expense Ratio (A)		0.80%	(D)		0.80%	(D)		0.80%	(D)		1.02%	(D)

Investment Income Ratio (B)		1.79%			1.66%			1.88%			1.45%

Total Return (C)		17.31%			-6.11%			13.19%			2.04%


	Fidelity
	VIP Contrafund Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	86.683		$	93.333		$	77.195		$	72.231

Unit value, end of year	$	113.148		$	86.683		$	93.333		$	77.195

Units outstanding (000’s), beginning of year/period(1)		1,504			1,578			1,555			—
Units Issued (000’s)(1)		63			240			287			1,625
Units Redeemed (000’s)(1)		(200	)		(314	)		(264	)		(70	)

Units Outstanding (000’s), end of year/period(1)		1,367			1,504			1,578			1,555

Net Assets (000’s), end of year/period	$	154,656		$	130,367		$	147,292		$	120,068

Expense Ratio (A)		0.80%	(D)		0.80%	(D)		0.80%	(D)		1.02%	(D)

Investment Income Ratio (B)		0.46%			0.70%			0.99%			0.79%

Total Return (C)		30.53%			-7.12%			20.91%			6.87%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.12% in 2016 and 0.90% in 2017 through 2019.

- 148 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Mid Cap Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	74.835		$	88.272		$	73.654		$	66.301

Unit value, end of year	$	91.646		$	74.835		$	88.272		$	73.654

Units outstanding (000’s), beginning of year/period(1)		389			404			380			—
Units Issued (000’s)(1)		24			74			99			405
Units Redeemed (000’s)(1)		(79	)		(89	)		(75	)		(25	)

Units Outstanding (000’s), end of year/period(1)		334			389			404			380

Net Assets (000’s), end of year/period	$	30,636		$	29,119		$	35,690		$	28,012

Expense Ratio (A)		0.80%	(D)		0.80%	(D)		0.80%	(D)		1.02%	(D)

Investment Income Ratio (B)		0.85%			0.64%			0.70%			0.50%

Total Return (C)		22.46%			-15.22%			19.85%			11.09%


	Vanguard
	VIF Diversified Value Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	26.660		$	29.602		$	26.397		$	23.651

Unit value, end of year	$	33.211		$	26.660		$	29.602		$	26.397

Units outstanding (000’s), beginning of year/period(1)		1,290			1,364			1,388			—
Units Issued (000’s)(1)		91			267			342			1,473
Units Redeemed (000’s)(1)		(215	)		(341	)		(366	)		(85	)

Units Outstanding (000’s), end of year/period(1)		1,166			1,290			1,364			1,388

Net Assets (000’s), end of year/period	$	38,710		$	34,393		$	40,389		$	36,631

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.88%			2.57%			2.77%			2.66%

Total Return (C)		24.57%			-9.94%			12.14%			11.61%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.12% in 2016 and 0.90% in 2017 through 2019.

- 149 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF International Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	31.034		$	35.837		$	25.345		$	25.152

Unit value, end of year	$	40.357		$	31.034		$	35.837		$	25.345

Units outstanding (000’s), beginning of year/period(1)		1,691			1,626			1,438			—
Units Issued (000’s)(1)		95			368			462			1,512
Units Redeemed (000’s)(1)		(236	)		(303	)		(274	)		(74	)

Units Outstanding (000’s), end of year/period(1)		1,550			1,691			1,626			1,438

Net Assets (000’s), end of year/period	$	62,573		$	52,474		$	58,259		$	36,451

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.44%			0.78%			1.06%			1.44%

Total Return (C)		30.04%			-13.40%			41.39%			0.77%


	Vanguard
	VIF Real Estate Index Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year/period	$	15.997		$	17.056		$	16.426		$	15.330

Unit value, end of year/period	$	20.421		$	15.997		$	17.056		$	16.426

Units outstanding (000’s), beginning of year/period(1)		412			478			664			—
Units Issued (000’s)(1)		214			117			181			1,031
Units Redeemed (000’s)(1)		(160	)		(183	)		(367	)		(367	)

Units Outstanding (000’s), end of year/period(1)		466			412			478			664

Net Assets (000’s), end of year/period	$	9,506		$	6,598		$	8,151		$	10,908

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		2.54%			3.04%			2.57%			2.08%

Total Return (C)		27.65%			-6.21%			3.84%			7.15%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 150 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF Total Bond Market Index Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	10.112		$	10.000

Unit value, end of year/period	$	10.891		$	10.112

Units outstanding (000’s), beginning of year/period		112			—
Units Issued (000’s)		726			147
Units Redeemed (000’s)		(76	)		(35	)

Units Outstanding (000’s), end of year/period		762			112

Net Assets (000’s), end of year/period	$	8,298		$	1,132

Expense Ratio (A)		0.90%			0.90%	(D)

Investment Income Ratio (B)		1.32%			—

Total Return (C)		7.70%			1.12%	(E)


	Goldman Sachs
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund
	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000		$	10.000

Unit value, end of period	$	10.686		$	10.803

Units outstanding (000’s), beginning of period		—			—
Units Issued (000’s)		14			23
Units Redeemed (000’s)		(5	)		(6	)

Units Outstanding (000’s), end of period		9			17

Net Assets (000’s), end of period	$	92		$	182

Expense Ratio (A)		0.90%	(D)		0.90%	(D)

Investment Income Ratio (B)		1.00%	(E)		2.17%	(E)

Total Return (C)		6.86%	(E)		8.03%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 151 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	American Century
	VP Capital Appreciation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	45.525		$	48.318		$	39.905		$	38.992

Unit value, end of year	$	61.368		$	45.525		$	48.318		$	39.905

Units outstanding (000’s), beginning of year/period(1)		1,162			1,147			1,164			—
Units Issued (000’s)(1)		225			260			253			1,287
Units Redeemed (000’s)(1)		(190	)		(245	)		(270	)		(123	)

Units Outstanding (000’s), end of year/period(1)		1,197			1,162			1,147			1,164

Net Assets (000’s), end of year/period	$	73,460		$	52,907		$	55,416		$	46,443

Expense Ratio (A)		0.90%	(D)		0.90%	(D)		0.71%	(D)		0.87%	(D)

Investment Income Ratio (B)		0.04%			—			—			—

Total Return (C)		34.80%			-5.78%			21.08%			2.34%


	American Funds
	New World Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	25.106		$	29.677		$	23.085		$	22.109

Unit value, end of year	$	32.514		$	25.106		$	29.677		$	23.085

Units outstanding (000’s), beginning of year/period(1)		79			83			61			—
Units Issued (000’s)(1)		25			19			40			65
Units Redeemed (000’s)(1)		(13	)		(23	)		(18	)		(4	)

Units Outstanding (000’s), end of year/period(1)		91			79			83			61

Net Assets (000’s), end of year/period	$	2,965		$	1,999		$	2,466		$	1,419

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.26%			1.08%			1.35%			1.19%

Total Return (C)		29.51%			-15.40%			28.56%			4.41%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by American Century, the expense ratio would have been 1.12% in 2016 and 0.90% in 2017.

- 152 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Calvert
	VP SRI Balanced Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	5.573		$	5.779		$	5.206		$	4.882

Unit value, end of year	$	6.872		$	5.573		$	5.779		$	5.206

Units outstanding (000’s), beginning of year/period(1)		3,155			3,008			2,895			—
Units Issued (000’s)(1)		414			553			481			3,026
Units Redeemed (000’s)(1)		(417	)		(406	)		(368	)		(131	)

Units Outstanding (000’s), end of year/period(1)		3,152			3,155			3,008			2,895

Net Assets (000’s), end of year/period	$	21,656		$	17,587		$	17,379		$	15,073

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.58%			1.77%			2.01%			1.86%

Total Return (C)		23.29%			-3.55%			10.99%			6.65%


	Delaware
	VIP Small Cap Value Series
	Period Ended December 31, 2019(3)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(3)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.880

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		15
Units Redeemed (000’s)		(3	)

Units Outstanding (000’s), end of period		12

Net Assets (000’s), end of period	$	129

Expense Ratio (A)		0.90%	(D)

Investment Income Ratio (B)		—

Total Return (C)		8.80%	(E)

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 153 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	DWS
	Capital Growth VIP(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year/period	$	87.972		$	90.214		$	72.077		$	69.924

Unit value, end of year/period	$	119.561		$	87.972		$	90.214		$	72.077

Units outstanding (000’s), beginning of year/period(1)		742			637			526			—
Units Issued (000’s)(1)		86			213			208			589
Units Redeemed (000’s)(1)		(113	)		(108	)		(97	)		(63	)

Units Outstanding (000’s), end of year/period(1)		715			742			637			526

Net Assets (000’s), end of year/period	$	85,545		$	65,302		$	57,478		$	37,920

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		0.42%			0.71%			0.71%			0.82%

Total Return (C)		35.91%			-2.48%			25.16%			3.08%


	Invesco Oppenheimer
	V.I. Main Street Fund (2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	44.132		$	48.347		$	41.730		$	37.810

Unit value, end of year	$	57.768		$	44.132		$	48.347		$	41.730

Units outstanding (000’s), beginning of year/period(1)		191			215			196			—
Units Issued (000’s)(1)		44			44			74			220
Units Redeemed (000’s)(1)		(48	)		(68	)		(55	)		(24	)

Units Outstanding (000’s), end of year/period(1)		187			191			215			196

Net Assets (000’s), end of year/period	$	10,815		$	8,446		$	10,377		$	8,185

Expense Ratio (A)		0.90%			0.90%			0.90%			1.12%

Investment Income Ratio (B)		1.06%			1.16%			1.26%			1.10%

Total Return (C)		30.90%			-8.72%			15.86%			10.37%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

- 154 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	MFS
	VIT III Mid Cap Value Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	8.796		$	10.000

Unit value, end of year/period	$	11.459		$	8.796

Units outstanding (000’s), beginning of year/period		14			—
Units Issued (000’s)		71			14
Units Redeemed (000’s)		(21	)		—	(G)

Units Outstanding (000’s), end of year/period		64			14

Net Assets (000’s), end of year/period	$	733		$	127

Expense Ratio (A)		0.65%	(F)		0.65%	(D)(F)

Investment Income Ratio (B)		1.30%			0.90%	(E)

Total Return (C)		30.27%			-12.04%	(E)


	Neuberger Berman Advisers Management Trust
	Sustainable Equity Portfolio
	Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.012

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		26
Units Redeemed (000’s)		—	(G)

Units Outstanding (000’s), end of period		26

Net Assets (000’s), end of period	$	286

Expense Ratio (A)		0.90%	(D)

Investment Income Ratio (B)		0.38%	(E)

Total Return (C)		10.12%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 0.90%.

(G)	Less than 500 units.

- 155 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	PIMCO
	VIT Real Return Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	13.149		$	13.543		$	13.144		$	12.640

Unit value, end of year	$	14.168		$	13.149		$	13.543		$	13.144

Units outstanding (000’s), beginning of year/period(1)		366			420			424			—
Units Issued (000’s)(1)		108			119			109			459
Units Redeemed (000’s)(1)		(69	)		(173	)		(113	)		(35	)

Units Outstanding (000’s), end of year/period(1)		405			366			420			424

Net Assets (000’s), end of year/period	$	5,735		$	4,808		$	5,687		$	5,568

Expense Ratio (A)		0.80%	(D)		0.80%	(D)		0.80%	(D)		1.02%	(D)

Investment Income Ratio (B)		1.82%			2.63%			2.53%			2.47%

Total Return (C)		7.74%			-2.90%			3.03%			3.99%


	T. Rowe Price
	Blue Chip Growth Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016
Unit value, beginning of year	$	30.608		$	30.227		$	22.368		$	22.412

Unit value, end of year	$	39.498		$	30.608		$	30.227		$	22.368

Units outstanding (000’s), beginning of year/period(1)		2,286			1,591			649			—
Units Issued (000’s)(1)		391			1,487			1,223			747
Units Redeemed (000’s)(1)		(662	)		(792	)		(281	)		(98	)

Units Outstanding (000’s), end of year/period(1)		2,015			2,286			1,591			649

Net Assets (000’s), end of year/period	$	79,604		$	69,974		$	48,100		$	14,506

Expense Ratio (A)		0.65%	(E)		0.65%	(E)		0.75%	(E)		0.97%	(E)

Investment Income Ratio (B)		—			3.36%			—			—

Total Return (C)		29.05%			1.26%			35.13%			-0.20%

(1)	Unit activity in 2016 for the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by PIMCO, the expense ratio would have been 1.12% in 2016 and 0.90% in 2017 through 2019.

(E)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 1.12% in 2016 and 0.90% in 2017 through 2019.

- 156 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Victory
	RS Small Cap Growth Equity VIP Series
	Period Ended December 31, 2019(1)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.480

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		24
Units Redeemed (000’s)		—	(G)

Units Outstanding (000’s), end of period		24

Net Assets (000’s), end of period	$	252

Expense Ratio (A)		0.85%	(D)(F)

Investment Income Ratio (B)		—

Total Return (C)		4.80%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by Victory, the expense ratio would have been 0.90%.

(G)	Less than 500 units.

- 157 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Tier 1 Reduced Fee Units*


	Mutual of America Investment Corporation
	Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	7.272		$	7.639		$	6.299

Unit value, end of year	$	9.525		$	7.272		$	7.639

Units outstanding (000’s), beginning of year/period(1)		8,330			8,924			—
Units Issued (000’s)(1)		1,529			1,865			9,555
Units Redeemed (000’s)(1)		(1,024	)		(2,459	)		(631	)

Units Outstanding (000’s), end of year/period(1)		8,835			8,330			8,924

Net Assets (000’s), end of year/period	$	84,157		$	60,571		$	68,169

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.65%			1.58%			1.60%

Total Return (C)		30.99%			-4.80%			21.27%


	Mutual of America Investment Corporation
	All America Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	19.378		$	21.179		$	17.791

Unit value, end of year	$	24.812		$	19.378		$	21.179

Units outstanding (000’s), beginning of year/period(1)		1,141			1,382			—
Units Issued (000’s)(1)		87			180			1,460
Units Redeemed (000’s)(1)		(140	)		(421	)		(78	)

Units Outstanding (000’s), end of year/period(1)		1,088			1,141			1,382

Net Assets (000’s), end of year/period	$	26,996		$	22,111		$	29,260

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.25%			1.27%			1.23%

Total Return (C)		28.04%			-8.50%			19.04%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

Prior to July 1, 2017, participants in Tier 1 Reduced Fee held units of Tier 3 Reduced Fee from January 1, 2014 through June 30, 2015 and Tier 2 Reduced Fee units from July 1, 2015 through June 30, 2017. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Tier 2 Reduced Fee Units for the Fund for 2015 through 2016.

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

- 158 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Value Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.242		$	2.631		$	2.437

Unit value, end of year	$	2.664		$	2.242		$	2.631

Units outstanding (000’s), beginning of year/period(1)		7,108			7,719			—
Units Issued (000’s)(1)		725			1,256			8,160
Units Redeemed (000’s)(1)		(765	)		(1,867	)		(441	)

Units Outstanding (000’s), end of year/period(1)		7,068			7,108			7,719

Net Assets (000’s), end of year/period	$	18,827		$	15,938		$	20,312

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		0.83%			1.42%			0.56%

Total Return (C)		18.81%			-14.79%			7.95%


	Mutual of America Investment Corporation
	Small Cap Growth Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	2.350		$	2.694		$	2.182

Unit value, end of year/period	$	2.968		$	2.350		$	2.694

Units outstanding (000’s), beginning of year/period(1)		8,788			9,020			—
Units Issued (000’s)(1)		992			1,801			9,507
Units Redeemed (000’s)(1)		(1,115	)		(2,033	)		(487	)

Units Outstanding (000’s), end of year/period(1)		8,665			8,788			9,020

Net Assets (000’s), end of year/period	$	25,716		$	20,652		$	24,295

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		0.09%			0.01%			0.02%

Total Return (C)		26.28%			-12.75%			23.44%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 159 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(3)
Unit value, beginning of year/period	$	8.332		$	10.000

Unit value, end of year/period	$	10.173		$	8.332

Units outstanding (000’s), beginning of year/period		20			—
Units Issued (000’s)		67			24
Units Redeemed (000’s)		(19	)		(4	)

Units Outstanding (000’s), end of year/period		68			20

Net Assets (000’s), end of year/period	$	691		$	165

Expense Ratio (A)		0.25%			0.25%	(D)

Investment Income Ratio (B)		1.66%			1.22%	(E)

Total Return (C)		22.10%			-16.68%	(E)


	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.066		$	2.410		$	2.104

Unit value, end of year	$	2.618		$	2.066		$	2.410

Units outstanding (000’s), beginning of year/period(1)		3,065			3,061			—
Units Issued (000’s)(1)		421			542			3,361
Units Redeemed (000’s)(1)		(339	)		(538	)		(300	)

Units Outstanding (000’s), end of year/period(1)		3,147			3,065			3,061

Net Assets (000’s), end of year/period	$	8,239		$	6,332		$	7,379

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.35%			1.67%			1.04%

Total Return (C)		26.72%			-14.30%			14.56%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 160 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	4.569		$	5.162		$	4.462

Unit value, end of year	$	5.743		$	4.569		$	5.162

Units outstanding (000’s), beginning of year/period(1)		8,291			8,889			—
Units Issued (000’s)(1)		1,104			1,529			9,515
Units Redeemed (000’s)(1)		(1,339	)		(2,127	)		(626	)

Units Outstanding (000’s), end of year/period(1)		8,056			8,291			8,889

Net Assets (000’s), end of year/period	$	46,261		$	37,878		$	45,883

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.20%			1.35%			1.10%

Total Return (C)		25.69%			-11.49%			15.69%


	Mutual of America Investment Corporation
	Composite Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	10.926		$	11.316		$	10.013

Unit value, end of year	$	13.010		$	10.926		$	11.316

Units outstanding (000’s), beginning of year/period(1)		1,233			1,328			—
Units Issued (000’s)(1)		84			210			1,396
Units Redeemed (000’s)(1)		(177	)		(305	)		(68	)

Units Outstanding (000’s), end of year/period(1)		1,140			1,233			1,328

Net Assets (000’s), end of year/period	$	14,827		$	13,472		$	15,033

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.20%			2.06%			2.04%

Total Return (C)		19.07%			-3.45%			13.01%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 161 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	International Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	0.962		$	1.113		$	0.897

Unit value, end of year	$	1.161		$	0.962		$	1.113

Units outstanding (000’s), beginning of year/period(1)		3,000			2,770			—
Units Issued (000’s)(1)		455			789			2,909
Units Redeemed (000’s)(1)		(345	)		(559	)		(139	)

Units Outstanding (000’s), end of year/period(1)		3,110			3,000			2,770

Net Assets (000’s), end of year/period	$	3,611		$	2,886		$	3,083

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.38%			2.24%			2.16%

Total Return (C)		20.71%			-13.58%			24.09%


	Mutual of America Investment Corporation
	Money Market Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.549		$	2.513		$	2.503

Unit value, end of year	$	2.594		$	2.549		$	2.513

Units outstanding (000’s), beginning of year/period(1)		2,145			2,031			—
Units Issued (000’s)(1)		931			1,188			2,451
Units Redeemed (000’s)(1)		(874	)		(1,074	)		(420	)

Units Outstanding (000’s), end of year/period(1)		2,202			2,145			2,031

Net Assets (000’s), end of year/period	$	5,712		$	5,467		$	5,104

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.15%			0.25%			0.12%

Total Return (C)		1.76%			1.45%			0.39%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 162 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.607		$	2.599		$	2.548

Unit value, end of year	$	2.757		$	2.607		$	2.599

Units outstanding (000’s), beginning of year/period(1)		3,892			3,909			—
Units Issued (000’s)(1)		783			1,007			4,143
Units Redeemed (000’s)(1)		(650	)		(1,024	)		(234	)

Units Outstanding (000’s), end of year/period(1)		4,025			3,892			3,909

Net Assets (000’s), end of year/period	$	11,097		$	10,147		$	10,157

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.14%			2.12%			2.14%

Total Return (C)		5.77%			0.32%			2.00%


	Mutual of America Investment Corporation
	Bond Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	6.909		$	6.915		$	6.694

Unit value, end of year	$	7.418		$	6.909		$	6.915

Units outstanding (000’s), beginning of year/period(1)		2,846			3,320			—
Units Issued (000’s)(1)		638			592			3,509
Units Redeemed (000’s)(1)		(340	)		(1,066	)		(189	)

Units Outstanding (000’s), end of year/period(1)		3,144			2,846			3,320

Net Assets (000’s), end of year/period	$	23,320		$	19,663		$	22,954

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.54%			2.64%			2.70%

Total Return (C)		7.38%			-0.09%			3.29%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 163 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Retirement Income Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.585		$	1.609		$	1.503

Unit value, end of year	$	1.769		$	1.585		$	1.609

Units outstanding (000’s), beginning of year/period(1)		4,929			2,609			—
Units Issued (000’s)(1)		1,740			2,877			2,735
Units Redeemed (000’s)(1)		(585	)		(557	)		(126	)

Units Outstanding (000’s), end of year/period(1)		6,084			4,929			2,609

Net Assets (000’s), end of year/period	$	10,763		$	7,815		$	4,197

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.70%			1.71%			1.85%

Total Return (C)		11.57%			-1.45%			7.01%


	Mutual of America Investment Corporation
	2010 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.595		$	1.630		$	1.499

Unit value, end of year	$	1.800		$	1.595		$	1.630

Units outstanding (000’s), beginning of year/period(1)		1,371			1,213			—
Units Issued (000’s)(1)		229			782			1,513
Units Redeemed (000’s)(1)		(199	)		(624	)		(300	)

Units Outstanding (000’s), end of year/period(1)		1,401			1,371			1,213

Net Assets (000’s), end of year/period	$	2,521		$	2,186		$	1,977

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.87%			1.96%			2.19%

Total Return (C)		12.86%			-2.18%			8.72%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 164 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2015 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.599		$	1.653		$	1.499

Unit value, end of year	$	1.840		$	1.599		$	1.653

Units outstanding (000’s), beginning of year/period(1)		8,112			7,378			—
Units Issued (000’s)(1)		910			2,299			7,803
Units Redeemed (000’s)(1)		(1,374	)		(1,565	)		(425	)

Units Outstanding (000’s), end of year/period(1)		7,648			8,112			7,378

Net Assets (000’s), end of year/period	$	14,071		$	12,971		$	12,193

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.03%			1.93%			2.03%

Total Return (C)		15.06%			-3.25%			10.29%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.621		$	1.694		$	1.510

Unit value, end of year	$	1.901		$	1.621		$	1.694

Units outstanding (000’s), beginning of year/period(1)		26,601			21,705			—
Units Issued (000’s)(1)		5,699			8,926			22,801
Units Redeemed (000’s)(1)		(3,433	)		(4,030	)		(1,096	)

Units Outstanding (000’s), end of year/period(1)		28,867			26,601			21,705

Net Assets (000’s), end of year/period	$	54,871		$	43,130		$	36,764

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.89%			1.74%			1.68%

Total Return (C)		17.24%			-4.28%			12.17%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 165 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2025 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.690		$	1.787		$	1.567

Unit value, end of year	$	2.019		$	1.690		$	1.787

Units outstanding (000’s), beginning of year/period(1)		34,456			27,797			—
Units Issued (000’s)(1)		9,802			10,984			28,732
Units Redeemed (000’s)(1)		(4,547	)		(4,325	)		(935	)

Units Outstanding (000’s), end of year/period(1)		39,711			34,456			27,797

Net Assets (000’s), end of year/period	$	80,175		$	58,216		$	49,675

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.71%			1.58%			1.44%

Total Return (C)		19.50%			-5.46%			14.08%


	Mutual of America Investment Corporation
	2030 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.745		$	1.871		$	1.618

Unit value, end of year	$	2.123		$	1.745		$	1.871

Units outstanding (000’s), beginning of year/period(1)		30,264			23,010			—
Units Issued (000’s)(1)		7,067			10,305			23,630
Units Redeemed (000’s)(1)		(1,832	)		(3,051	)		(620	)

Units Outstanding (000’s), end of year/period(1)		35,499			30,264			23,010

Net Assets (000’s), end of year/period	$	75,356		$	52,820		$	43,055

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.62%			1.46%			1.33%

Total Return (C)		21.63%			-6.73%			15.65%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 166 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2035 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.747		$	1.891		$	1.619

Unit value, end of year	$	2.154		$	1.747		$	1.891

Units outstanding (000’s), beginning of year/period(1)		23,438			17,731			—
Units Issued (000’s)(1)		5,051			7,405			18,217
Units Redeemed (000’s)(1)		(1,928	)		(1,698	)		(486	)

Units Outstanding (000’s), end of year/period(1)		26,561			23,438			17,731

Net Assets (000’s), end of year/period	$	57,217		$	40,946		$	33,520

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.55%			1.38%			1.25%

Total Return (C)		23.31%			-7.59%			16.78%


	Mutual of America Investment Corporation
	2040 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.736		$	1.890		$	1.615

Unit value, end of year	$	2.152		$	1.736		$	1.890

Units outstanding (000’s), beginning of year/period(1)		16,148			13,423			—
Units Issued (000’s)(1)		4,508			5,027			13,781
Units Redeemed (000’s)(1)		(1,900	)		(2,302	)		(358	)

Units Outstanding (000’s), end of year/period(1)		18,756			16,148			13,423

Net Assets (000’s), end of year/period	$	40,356		$	28,033		$	25,375

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.52%			1.35%			1.19%

Total Return (C)		23.94%			-8.17%			17.03%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 167 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.717		$	1.876		$	1.600

Unit value, end of year	$	2.132		$	1.717		$	1.876

Units outstanding (000’s), beginning of year/period(1)		18,257			15,677			—
Units Issued (000’s)(1)		4,364			4,410			16,595
Units Redeemed (000’s)(1)		(1,778	)		(1,830	)		(918	)

Units Outstanding (000’s), end of year/period(1)		20,843			18,257			15,677

Net Assets (000’s), end of year/period	$	44,446		$	31,340		$	29,415

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.54%			1.37%			1.19%

Total Return (C)		24.23%			-8.52%			17.25%


	Mutual of America Investment Corporation
	2050 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.630		$	1.791		$	1.524

Unit value, end of year	$	2.027		$	1.630		$	1.791

Units outstanding (000’s), beginning of year/period(1)		10,271			7,565			—
Units Issued (000’s)(1)		4,100			3,931			7,998
Units Redeemed (000’s)(1)		(1,238	)		(1,225	)		(433	)

Units Outstanding (000’s), end of year/period(1)		13,133			10,271			7,565

Net Assets (000’s), end of year/period	$	26,617		$	16,742		$	13,545

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.42%			1.21%			0.96%

Total Return (C)		24.34%			-8.96%			17.50%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 168 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2055 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	1.111		$	1.222		$	1.039

Unit value, end of year/period	$	1.378		$	1.111		$	1.222

Units outstanding (000’s), beginning of year/period(1)		2,878			1,054			—
Units Issued (000’s)(1)		2,908			2,252			1,105
Units Redeemed (000’s)(1)		(420	)		(428	)		(51	)

Units Outstanding (000’s), end of year/period(1)		5,366			2,878			1,054

Net Assets (000’s), end of year/period	$	7,397		$	3,197		$	1,288

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.04%			0.59%			—

Total Return (C)		24.09%			-9.11%			17.62%


	Mutual of America Investment Corporation 2060 Retirement Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(3)
Unit value, beginning of year/period	$	8.934		$	10.000

Unit value, end of year/period	$	11.098		$	8.934

Units outstanding (000’s), beginning of year/period		16			—
Units Issued (000’s)		81			16
Units Redeemed (000’s)		(3	)		—	(F)

Units Outstanding (000’s), end of year/period		94			16

Net Assets (000’s), end of year/period	$	1,046		$	147

Expense Ratio (A)		0.25%			0.25%	(D)

Investment Income Ratio (B)		0.09%			—

Total Return (C)		24.22%			-10.66%	(E)

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

Prior to July 1, 2017, participants in Tier 1 Reduced Fee held units of Tier 3 Reduced Fee from January 1, 2014 through June 30, 2015 and Tier 2 Reduced Fee units from July 1, 2015 through June 30, 2017. The equivalent prior period history for the 2055 Retirement Fund from October 1, 2016 (Initial Offering Date of Units) to December 31, 2016 are not included here. They appear in the section of the Financial Highlights under Tier 2 Reduced Fee Units for the Fund for 2016.

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 169 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Conservative Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.006		$	2.053		$	1.891

Unit value, end of year	$	2.281		$	2.006		$	2.053

Units outstanding (000’s), beginning of year/period(1)		5,069			4,731			—
Units Issued (000’s)(1)		779			1,201			5,047
Units Redeemed (000’s)(1)		(697	)		(863	)		(316	)

Units Outstanding (000’s), end of year/period(1)		5,151			5,069			4,731

Net Assets (000’s), end of year/period	$	11,749		$	10,169		$	9,714

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.06%			2.12%			2.12%

Total Return (C)		13.70%			-2.29%			8.58%


	Mutual of America Investment Corporation
	Moderate Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.542		$	2.666		$	2.352

Unit value, end of year	$	3.022		$	2.542		$	2.666

Units outstanding (000’s), beginning of year/period(1)		10,771			9,913			—
Units Issued (000’s)(1)		1,580			2,552			10,385
Units Redeemed (000’s)(1)		(1,415	)		(1,694	)		(472	)

Units Outstanding (000’s), end of year/period(1)		10,936			10,771			9,913

Net Assets (000’s), end of year/period	$	33,043		$	27,381		$	26,431

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.02%			1.89%			1.86%

Total Return (C)		18.85%			-4.65%			13.36%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 170 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Aggressive Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.958		$	3.193		$	2.746

Unit value, end of year	$	3.622		$	2.958		$	3.193

Units outstanding (000’s), beginning of year/period(1)		6,929			6,467			—
Units Issued (000’s)(1)		1,117			1,530			6,855
Units Redeemed (000’s)(1)		(756	)		(1,068	)		(388	)

Units Outstanding (000’s), end of year/period(1)		7,290			6,929			6,467

Net Assets (000’s), end of year/period	$	26,401		$	20,495		$	20,651

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.91%			1.71%			1.57%

Total Return (C)		22.44%			-7.37%			16.27%


	Fidelity
	VIP Equity-Income Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	78.577		$	85.810		$	76.163

Unit value, end of year	$	99.990		$	78.577		$	85.810

Units outstanding (000’s), beginning of year/period(1)		324			340			—
Units Issued (000’s)(1)		37			62			365
Units Redeemed (000’s)(1)		(45	)		(78	)		(25	)

Units Outstanding (000’s), end of year/period(1)		316			324			340

Net Assets (000’s), end of year/period	$	31,580		$	25,420		$	29,218

Expense Ratio (A)		0.15%	(D)		0.15%	(D)		0.20%	(D)

Investment Income Ratio (B)		2.02%			2.21%			1.67%

Total Return (C)		27.25%			-8.43%			12.67%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.30% in 2017 and 0.25% in 2017 through 2019.

- 171 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Asset Manager Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	51.102		$	54.072		$	47.484

Unit value, end of year	$	60.337		$	51.102		$	54.072

Units outstanding (000’s), beginning of year/period(1)		243			246			—
Units Issued (000’s)(1)		37			52			259
Units Redeemed (000’s)(1)		(39	)		(55	)		(13	)

Units Outstanding (000’s), end of year/period(1)		241			243			246

Net Assets (000’s), end of year/period	$	14,518		$	12,401		$	13,287

Expense Ratio (A)		0.15%	(D)		0.15%	(D)		0.20%	(D)

Investment Income Ratio (B)		1.79%			1.66%			1.88%

Total Return (C)		18.07%			-5.49%			13.87%


	Fidelity
	VIP Contrafund Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	93.817		$	100.357		$	82.510

Unit value, end of year	$	123.258		$	93.817		$	100.357

Units outstanding (000’s), beginning of year/period(1)		667			744			—
Units Issued (000’s)(1)		75			109			778
Units Redeemed (000’s)(1)		(78	)		(186	)		(34	)

Units Outstanding (000’s), end of year/period(1)		664			667			744

Net Assets (000’s), end of year/period	$	81,825		$	62,597		$	74,685

Expense Ratio (A)		0.15%	(D)		0.15%	(D)		0.20%	(D)

Investment Income Ratio (B)		0.46%			0.70%			0.99%

Total Return (C)		31.38%			-6.52%			21.63%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.30% in 2017 and 0.25% in 2017 through 2019.

- 172 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Mid Cap Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	80.995		$	94.916		$	78.726

Unit value, end of year	$	99.837		$	80.995		$	94.916

Units outstanding (000’s), beginning of year/period(1)		219			223			—
Units Issued (000’s)(1)		26			42			233
Units Redeemed (000’s)(1)		(33	)		(46	)		(10	)

Units Outstanding (000’s), end of year/period(1)		212			219			223

Net Assets (000’s), end of year/period	$	21,199		$	17,748		$	21,167

Expense Ratio (A)		0.15%	(D)		0.15%	(D)		0.20%	(D)

Investment Income Ratio (B)		0.85%			0.64%			0.70%

Total Return (C)		23.26%			-14.67%			20.56%


	Vanguard
	VIF Diversified Value Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	28.851		$	31.826		$	28.211

Unit value, end of year	$	36.175		$	28.851		$	31.826

Units outstanding (000’s), beginning of year/period(1)		504			570			—
Units Issued (000’s)(1)		100			127			617
Units Redeemed (000’s)(1)		(79	)		(193	)		(47	)

Units Outstanding (000’s), end of year/period(1)		525			504			570

Net Assets (000’s), end of year/period	$	19,001		$	14,540		$	18,141

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.88%			2.57%			2.77%

Total Return (C)		25.38%			-9.35%			12.81%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.30% in 2017 and 0.25% in 2017 through 2019.

- 173 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF International Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	33.584		$	38.529		$	27.087

Unit value, end of year	$	43.957		$	33.584		$	38.529

Units outstanding (000’s), beginning of year/period(1)		847			878			—
Units Issued (000’s)(1)		119			200			912
Units Redeemed (000’s)(1)		(115	)		(231	)		(34	)

Units Outstanding (000’s), end of year/period(1)		851			847			878

Net Assets (000’s), end of year/period	$	37,395		$	28,461		$	33,813

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.44%			0.78%			1.06%

Total Return (C)		30.89%			-12.84%			42.24%


	Vanguard
	VIF Real Estate Index Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	16.608		$	17.592		$	16.841

Unit value, end of year/period	$	21.338		$	16.608		$	17.592

Units outstanding (000’s), beginning of year/period(1)		208			225			—
Units Issued (000’s)(1)		130			90			302
Units Redeemed (000’s)(1)		(49	)		(107	)		(77	)

Units Outstanding (000’s), end of year/period(1)		289			208			225

Net Assets (000’s), end of year/period	$	6,172		$	3,447		$	3,958

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		2.54%			3.04%			2.57%

Total Return (C)		28.48%			-5.59%			4.46%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 174 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF Total Bond Market Index Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	10.146		$	10.000

Unit value, end of year/period	$	10.998		$	10.146

Units outstanding (000’s), beginning of year/period		23			—
Units Issued (000’s)		246			23
Units Redeemed (000’s)		(39	)		—	(H)

Units Outstanding (000’s), end of year/period		230			23

Net Assets (000’s), end of year/period	$	2,534		$	229

Expense Ratio (A)		0.25%			0.25%	(E)

Investment Income Ratio (B)		1.32%			—

Total Return (C)		8.40%			1.46%	(F)


	Goldman Sachs
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund
	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000		$	10.000

Unit value, end of period	$	10.721		$	10.839

Units outstanding (000’s), beginning of period		—			—
Units Issued (000’s)		9			13
Units Redeemed (000’s)		(5	)		—	(F)

Units Outstanding (000’s), end of period		4			13

Net Assets (000’s), end of period	$	41		$	143

Expense Ratio (A)		0.25%	(D)		0.25%	(D)

Investment Income Ratio (B)		1.00%	(E)		2.17%	(E)

Total Return (C)		7.21%	(E)		8.39%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 175 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	American Century
	VP Capital Appreciation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	49.266		$	51.948		$	42.647

Unit value, end of year	$	66.844		$	49.266		$	51.948

Units outstanding (000’s), beginning of year/period(1)		512			571			—
Units Issued (000’s)(1)		86			99			604
Units Redeemed (000’s)(1)		(79	)		(158	)		(33	)

Units Outstanding (000’s), end of year/period(1)		519			512			571

Net Assets (000’s), end of year/period	$	34,661		$	25,233		$	29,684

Expense Ratio (A)		0.25%			0.25%			0.11%	(D)

Investment Income Ratio (B)		0.04%			—			—

Total Return (C)		35.68%			-5.16%			21.81%


	American Funds
	New World Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	26.063		$	30.609		$	23.667

Unit value, end of year	$	33.974		$	26.063		$	30.609

Units outstanding (000’s), beginning of year/period(1)		40			41			—
Units Issued (000’s)(1)		9			15			43
Units Redeemed (000’s)(1)		(7	)		(16	)		(2	)

Units Outstanding (000’s), end of year/period(1)		42			40			41

Net Assets (000’s), end of year/period	$	1,420		$	1,042		$	1,256

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.26%			1.08%			1.35%

Total Return (C)		30.35%			-14.85%			29.33%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by American Century, the expense ratio would have been 0.30% in 2017.

- 176 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Calvert
	VP SRI Balanced Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	6.032		$	6.213		$	5.564

Unit value, end of year	$	7.485		$	6.032		$	6.213

Units outstanding (000’s), beginning of year/period(1)		641			831			—
Units Issued (000’s)(1)		309			143			886
Units Redeemed (000’s)(1)		(75	)		(333	)		(55	)

Units Outstanding (000’s), end of year/period(1)		875			641			831

Net Assets (000’s), end of year/period	$	6,548		$	3,867		$	5,164

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.58%			1.77%			2.01%

Total Return (C)		24.09%			-2.92%			11.66%


	Delaware
	VIP Small Cap Value Series
	Period Ended December 31, 2019(3)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(3)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.916

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		12
Units Redeemed (000’s)		—

Units Outstanding (000’s), end of period		12

Net Assets (000’s), end of period	$	129

Expense Ratio (A)		0.25%	(D)

Investment Income Ratio (B)		—

Total Return (C)		9.16%	(E)

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 177 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	DWS
	Capital Growth VIP(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	95.202		$	96.992		$	77.031

Unit value, end of year/period	$	130.231		$	95.202		$	96.992

Units outstanding (000’s), beginning of year/period(1)		337			378			—
Units Issued (000’s)(1)		49			79			402
Units Redeemed (000’s)(1)		(52	)		(120	)		(24	)

Units Outstanding (000’s), end of year/period(1)		334			337			378

Net Assets (000’s), end of year/period	$	43,463		$	32,036		$	36,709

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		0.42%			0.71%			0.71%

Total Return (C)		36.79%			-1.85%			25.91%


	Invesco Oppenheimer
	V.I. Main Street Fund (2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	47.759		$	51.980		$	44.598

Unit value, end of year	$	62.923		$	47.759		$	51.980

Units outstanding (000’s), beginning of year/period(1)		129			137			—
Units Issued (000’s)(1)		32			30			147
Units Redeemed (000’s)(1)		(19	)		(38	)		(10	)

Units Outstanding (000’s), end of year/period(1)		142			129			137

Net Assets (000’s), end of year/period	$	8,945		$	6,141		$	7,126

Expense Ratio (A)		0.25%			0.25%			0.30%

Investment Income Ratio (B)		1.06%			1.16%			1.26%

Total Return (C)		31.75%			-8.12%			16.55%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

- 178 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	MFS
	VIT III Mid Cap Value Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	8.825		$	10.000

Unit value, end of year/period	$	11.572		$	8.825

Units outstanding (000’s), beginning of year/period		2			—
Units Issued (000’s)		23			2
Units Redeemed (000’s)		(2	)		—	(G)

Units Outstanding (000’s), end of year/period		23			2

Net Assets (000’s), end of year/period	$	261		$	22

Expense Ratio (A)		0.00%			0.00%	(D)(F)

Investment Income Ratio (B)		1.30%			0.90%	(E)

Total Return (C)		31.12%			-11.75%	(E)


	Neuberger Berman Advisers Management Trust
	Sustainable Equity Portfolio
	Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.049

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		2
Units Redeemed (000’s)		—	(G)

Units Outstanding (000’s), end of period		2

Net Assets (000’s), end of period	$	22

Expense Ratio (A)		0.25%	(D)

Investment Income Ratio (B)		0.38%	(E)

Total Return (C)		10.49%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 0.25%.

(G)	Less than 500 units.

- 179 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	PIMCO
	VIT Real Return Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	13.651		$	13.967		$	13.475

Unit value, end of year	$	14.804		$	13.651		$	13.967

Units outstanding (000’s), beginning of year/period(1)		108			83			—
Units Issued (000’s)(1)		56			51			97
Units Redeemed (000’s)(1)		(36	)		(26	)		(14	)

Units Outstanding (000’s), end of year/period(1)		128			108			83

Net Assets (000’s), end of year/period	$	1,890		$	1,468		$	1,154

Expense Ratio (A)		0.15%	(D)		0.15%	(D)		0.20%	(D)

Investment Income Ratio (B)		1.82%			2.63%			2.53%

Total Return (C)		8.45%			-2.27%			3.65%


	T. Rowe Price
	Blue Chip Growth Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	31.776		$	31.177		$	22.933

Unit value, end of year	$	41.274		$	31.776		$	31.177

Units outstanding (000’s), beginning of year/period(1)		757			519			—
Units Issued (000’s)(1)		251			516			553
Units Redeemed (000’s)(1)		(183	)		(278	)		(34	)

Units Outstanding (000’s), end of year/period(1)		825			757			519

Net Assets (000’s), end of year/period	$	34,048		$	24,043		$	16,176

Expense Ratio (A)		0.00%	(E)		0.00%	(E)		0.14%	(E)

Investment Income Ratio (B)		—			3.36%			—

Total Return (C)		29.89%			1.92%			35.94%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by PIMCO, the expense ratio would have been 0.30% in 2017 and 0.25% in 2018 through 2019.

(E)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 0.30% in 2017 and 0.25% in 2018 through 2019.

- 180 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Victory
	RS Small Cap Growth Equity VIP Series
	Period Ended December 31, 2019(1)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.515

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		10
Units Redeemed (000’s)		—	(G)

Units Outstanding (000’s), end of period		10

Net Assets (000’s), end of period	$	101

Expense Ratio (A)(F)		0.20%	(D)

Investment Income Ratio (B)		—

Total Return (C)		5.15%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by Victory, the expense ratio would have been 0.25%.

(G)	Less than 500 units.

- 181 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Certain National Accounts Tier 2 Reduced Fee Units*

Year Ended December 31,


	Mutual of America Investment Corporation
	Equity Index Fund(2)			All America Fund(2)			Small Cap Value Fund(2)			Small Cap Growth Fund(2)			Small Cap Equity Index Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	7.260		$	19.348		$	2.239		$	2.346		$	8.328

Unit value, end of year	$	9.503		$	24.755		$	2.658		$	2.961		$	10.160

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		51			6			51			58			2
Units Redeemed (000’s)(1)		(2	)		—	(D)		(7	)		(5	)		—

Units Outstanding (000’s), end of period(1)		49			6			44			53			2

Net Assets (000’s), end of period	$	464		$	149		$	117		$	156		$	20

Expense Ratio (A)		0.32%			0.32%			0.32%			0.32%			0.32%

Investment Income Ratio (B)		1.65%			1.25%			0.83%			0.09%			1.66%

Total Return (C)		30.89%			27.94%			18.72%			26.18%			22.01%


	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)			Mid-Cap Equity Index Fund(2)			Composite Fund(2)			International Fund(2)			Money Market Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.063		$	4.562		$	10.909		$	0.960		$	2.545

Unit value, end of year	$	2.612		$	5.730		$	12.980		$	1.158		$	2.588

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		23			53			2			42			23
Units Redeemed (000’s)(1)		—	(D)		—	(D)		—	(D)		(3	)		—

Units Outstanding (000’s), end of period(1)		23			53			2			39			23

Net Assets (000’s), end of period	$	61		$	304		$	25		$	45		$	59

Expense Ratio (A)		0.32%			0.32%			0.32%			0.32%			0.32%

Investment Income Ratio (B)		1.35%			1.20%			2.20%			2.38%			1.15%

Total Return (C)		26.63%			25.60%			18.98%			20.62%			1.68%

*	Includes 401(k) and 401(k) SIMPLE Plans.

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

Prior to July 1, 2019, participants in Certain National Accounts Tier 2 Reduced Fee held units of Tier 2 Reduced Fee. The equivalent prior year history for the years or period ending in 2015 through 2018, as applicable, are not included here. They appear in the section of the Financial Highlights under Tier 2 Reduced Fee Units for the Fund for 2015 through 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

- 182 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)			Bond Fund(2)			Retirement Income Fund(2)			2010 Retirement Fund(2)			2015 Retirement Fund(2)
	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.603		$	6.897		$	1.583		$	1.592		$	1.596

Unit value, end of year	$	2.751		$	7.401		$	1.765		$	1.796		$	1.835

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		20			9			8			1			2
Units Redeemed (000’s)(1)		—	(D)		—	(D)		—	(D)		—	(D)		—

Units Outstanding (000’s), end of period(1)		20			9			8			1			2

Net Assets (000’s), end of period	$	54		$	68		$	14		$	1		$	4

Expense Ratio (A)		0.32%			0.32%			0.32%			0.32%			0.32%

Investment Income Ratio (B)		2.14%			2.54%			1.70%			1.87%			2.03%

Total Return (C)		5.69%			7.30%			11.49%			12.78%			14.97%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)			2025 Retirement Fund(2)			2030 Retirement Fund(2)			2035 Retirement Fund(2)			2040 Retirement Fund(2)
	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	1.619		$	1.687		$	1.743		$	1.744		$	1.733

Unit value, end of year	$	1.896		$	2.014		$	2.118		$	2.149		$	2.147

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		40			50			21			129			42
Units Redeemed (000’s)(1)		—			(1	)		(1	)		—	(D)		—

Units Outstanding (000’s), end of period(1)		40			49			20			129			42

Net Assets (000’s), end of period	$	75		$	99		$	43		$	277		$	90

Expense Ratio (A)		0.32%			0.32%			0.32%			0.32%			0.32%

Investment Income Ratio (B)		1.89%			1.71%			1.62%			1.55%			1.52%

Total Return (C)		17.15%			19.41%			21.54%			23.22%			23.85%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

- 183 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)		2050 Retirement Fund(2)			2055 Retirement Fund(2)			2060 Retirement Fund(2)			Conservative Allocation Fund(2)
	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019		2019			2019			2019			2019
Unit value, beginning of year	$	1.714	$	1.627		$	1.110		$	8.930		$	2.002

Unit value, end of year	$	2.128	$	2.022		$	1.375		$	11.084		$	2.276

Units outstanding (000’s), beginning of period		—		—			—			—			—
Units Issued (000’s)		84		60			96			1			8
Units Redeemed (000’s)		—		—			(1	)		—			—

Units Outstanding (000’s), end of period		84		60			95			1			8

Net Assets (000’s), end of period	$	179	$	121		$	131		$	6		$	18

Expense Ratio (A)		0.32%		0.32%			0.32%			0.32%			0.32%

Investment Income Ratio (B)		1.54%		1.42%			1.04%			0.09%			2.06%

Total Return (C)		24.13%		24.24%			23.99%			24.13%			13.62%


	Mutual of America Investment Corporation					Fidelity
	Moderate Allocation Fund(2)		Aggressive Allocation Fund(2)			VIP Equity- Income Portfolio(2)			VIP Asset Manager Portfolio(2)			VIP Contrafund Portfolio(2)
	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019		2019			2019			2019			2019
Unit value, beginning of year	$	2.538	$	2.953		$	78.455		$	51.023		$	93.673

Unit value, end of year	$	3.015	$	3.613		$	99.761		$	60.199		$	122.976

Units outstanding (000’s), beginning of period(1)		—		—			—			—			—
Units Issued (000’s)(1)		32		49			2			3			5
Units Redeemed (000’s)(1)		—		(3	)		—			—			(1	)

Units Outstanding (000’s), end of period(1)		32		46			2			3			4

Net Assets (000’s), end of period	$	96	$	167		$	216		$	175		$	510

Expense Ratio (A)		0.32%		0.32%			0.22%	(E)		0.22%	(E)		0.22%	(E)

Investment Income Ratio (B)		2.02%		1.91%			2.02%			1.79%			0.46%

Total Return (C)		18.77%		22.35%			27.16%			17.98%			31.28%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

(E)	Absent reimbursement by Fidelity, the expense ratio would have been 0.32%.

- 184 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity			Vanguard
	VIP Mid Cap Portfolio(2)			VIF Diversified Value Portfolio(2)			VIF International Portfolio(2)			VIF Real Estate Index Portfolio(2)			VIF Total Bond Market Index Portfolio(2)
	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	80.870		$	28.806		$	33.531		$	16.582		$	10.140

Unit value, end of year	$	99.608		$	36.092		$	43.857		$	21.290		$	10.984

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		1			3			5			2			—	(D)
Units Redeemed (000’s)(1)		—	(D)		—			—	(D)		—	(D)		—

Units Outstanding (000’s), end of period(1)		1			3			5			2			—	(D)

Net Assets (000’s), end of period	$	109		$	110		$	224		$	48		$	1

Expense Ratio (A)		0.22%	(G)		0.32%			0.32%			0.32%			0.32%

Investment Income Ratio (B)		0.85%			2.88%			1.44%			2.54%			1.32%

Total Return (C)		23.17%			25.29%			30.79%			28.39%			8.32%


	Goldman Sachs						American Century			American Funds			Calvert
	VIT Small Cap Equity Insights Fund(3)			VIT US Equity Insights Fund(3)			VP Capital Appreciation Fund(2)			New World Fund(2)			VP SRI Balanced Portfolio(2)
	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	10.000		$	10.000		$	49.190		$	26.023		$	6.022

Unit value, end of year	$	10.719	(H)	$	10.836	(H)	$	66.691		$	33.897		$	7.468

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		—			—			2			—	(D)		29
Units Redeemed (000’s)(1)		—			—			—	(D)		—			—	(D)

Units Outstanding (000’s), end of period(1)		—			—			2			—	(D)		29

Net Assets (000’s), end of period	$	—		$	—		$	110		$	2		$	215

Expense Ratio (A)		0.32%	(E)		0.32%	(E)		0.32%			0.32%			0.32%

Investment Income Ratio (B)		1.00%	(F)		2.17%	(F)		0.04%			1.26%			1.58%

Total Return (C)		7.19%	(F)(I)		8.36%	(F)(I)		35.58%			30.26%			24.00%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019. Not applicable to the Goldman Sachs VIT Small Cap Equity Insights Fund and Goldman Sachs VIT US Equity Insights Fund.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

(E)	Annualized.

(F)	Not Annualized.

(G)	Absent reimbursement by Fidelity, the expense ratio would have been 0.32%.

(H)	The Subaccount does not have any Units issued as of the end of the year or period. The Unit Value is calculated based on the underlying fund or portfolio’s net asset value adjusted for a daily expense factor.

(I)	The total return is derived from the change in value of the underlying fund or portfolio net asset value for the period adjusted for dividends, as applicable, and reduced by the Separate Account charges against the Subaccount’s assets for the number of days in the period.

- 185 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Delaware			DWS			Invesco Oppenheimer			MFS			Neuberger Berman Advisers Management Trust
	VIP Small Cap Value Series(3)			Capital Growth VIP(2)			V.I. Main Street Fund(2)			VIT III Mid Cap Value Portfolio(2)			Sustainable Equity Portfolio(3)
	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	10.000		$	95.056		$	47.686		$	8.821		$	10.000

Unit value, end of year	$	10.914	(K)	$	129.933		$	62.779		$	11.557		$	11.046	(K)

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		—			1			1			—	(D)		—
Units Redeemed (000’s)(1)		—			—	(D)		—	(D)		—			—

Units Outstanding (000’s), end of period(1)		—			1			1			—	(D)		—

Net Assets (000’s), end of period	$	—		$	129		$	74		$	1		$	—

Expense Ratio (A)		0.32%	(E)		0.32%			0.32%			0.07%	(G)		0.32%	(E)

Investment Income Ratio (B)		—			0.42%			1.06%			1.30%			0.38%	(F)

Total Return (C)		9.14%	(F)(L)		36.69%			31.65%			31.02%			10.46%	(F)(L)


	PIMCO			T. Rowe Price			Victory

	VIT Real Return Portfolio(2)			Blue Chip Growth Portfolio(2)			RS Small Cap Growth Equity VIP Series(3)
	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019
Unit value, beginning of year	$	13.629		$	31.727		$	10.000

Unit value, end of year	$	14.769		$	41.179		$	10.512	(K)

Units outstanding (000’s), beginning of period(1)		—			—			—
Units Issued (000’s)(1)		—	(D)		6			—
Units Redeemed (000’s)(1)		—			—	(D)		—

Units Outstanding (000’s), end of period(1)		—	(D)		6			—

Net Assets (000’s), end of period	$	6		$	235		$	—

Expense Ratio (A)		0.22%	(H)		0.07%	(I)		0.27%	(E)(J)

Investment Income Ratio (B)		1.82%			—			—

Total Return (C)		8.37%			29.79%			5.12%	(F)(L)

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019. Not applicable to the Delaware VIP Small Cap Value Series, Neuberger Berman Advisers Management Trust Sustainable Equity Portfolio and Victory RS Small Cap Growth Equity VIP Series.

(2)

Prior to July 1, 2019, participants in Certain National Accounts Tier 2 Reduced Fee held units of Tier 2 Reduced Fee. The equivalent prior year history for the year or period ending in 2018, as applicable, are not included here. They appear in the section of the Financial Highlights under Tier 2 Reduced Fee Units for the Fund for 2018.

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

(E)	Annualized.

(F)	Not Annualized.

(G)	Absent reimbursement by MFS, the expense ratio would have been 0.32%.

(H)	Absent reimbursement by PIMCO, the expense ratio would have been 0.32%.

(I)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 0.32%.

(J)	Absent reimbursement by Victory, the expense ratio would have been 0.32%.

(K)	The Subaccount does not have any Units issued as of the end of the year or period. The Unit Value is calculated based on the underlying fund or portfolio’s net asset value adjusted for a daily expense factor.

(L)	The total return is derived from the change in value of the underlying fund or portfolio net asset value for the period adjusted for dividends, as applicable, and reduced by the Separate Account charges against the Subaccount’s assets for the number of days in the period.

- 186 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Tier 2 Reduced Fee Units*


	Mutual of America Investment Corporation
	Equity Index Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	7.261		$	7.635		$	6.299		$	5.654		$	5.609

Unit value, end of year	$	9.501		$	7.261		$	7.635		$	6.299		$	5.654

Units outstanding (000’s), beginning of year/period(1)		4,433			4,824			11,144			10,864			—
Units Issued (000’s)(1)		1,593			1,472			3,165			2,646			11,612
Units Redeemed (000’s)(1)		(943	)		(1,863	)		(9,485	)		(2,366	)		(748	)

Units Outstanding (000’s), end of year/period(1)		5,083			4,433			4,824			11,144			10,864

Net Assets (000’s), end of year/period	$	48,291		$	32,184		$	36,829		$	70,195		$	61,430

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.65%			1.58%			1.60%			1.76%			1.59%

Total Return (C)		30.86%			-4.90%			21.21%			11.40%			0.81%


	Mutual of America Investment Corporation
	All America Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	19.348		$	21.168		$	17.791		$	16.015		$	16.090

Unit value, end of year	$	24.749		$	19.348		$	21.168		$	17.791		$	16.015

Units outstanding (000’s), beginning of year/period(1)		322			388			1,552			1,692			—
Units Issued (000’s)(1)		84			96			227			242			1,792
Units Redeemed (000’s)(1)		(95	)		(162	)		(1,391	)		(382	)		(100	)

Units Outstanding (000’s), end of year/period(1)		311			322			388			1,552			1,692

Net Assets (000’s), end of year/period	$	7,709		$	6,228		$	8,203		$	27,612		$	27,103

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.25%			1.27%			1.23%			1.36%			1.35%

Total Return (C)		27.91%			-8.59%			18.98%			11.09%			-0.47%

*	Includes 401(k) Plans.

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 187 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Value Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.239		$	2.630		$	2.437		$	2.038		$	2.119

Unit value, end of year	$	2.657		$	2.239		$	2.630		$	2.437		$	2.038

Units outstanding (000’s), beginning of year/period(1)		3,234			3,753			9,438			9,641			—
Units Issued (000’s)(1)		703			836			2,253			1,604			10,500
Units Redeemed (000’s)(1)		(1,090	)		(1,355	)		(7,938	)		(1,807	)		(859	)

Units Outstanding (000’s), end of year/period(1)		2,847			3,234			3,753			9,438			9,641

Net Assets (000’s), end of year/period	$	7,565		$	7,239		$	9,871		$	23,005		$	19,648

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		0.83%			1.42%			0.56%			0.86%			0.83%

Total Return (C)		18.69%			-14.88%			7.90%			19.61%			-3.82%


	Mutual of America Investment Corporation
	Small Cap Growth Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year/period	$	2.346		$	2.692		$	2.182		$	2.026		$	2.084

Unit value, end of year/period	$	2.960		$	2.346		$	2.692		$	2.182		$	2.026

Units outstanding (000’s), beginning of year/period(1)		3,679			3,781			10,183			10,836			—
Units Issued (000’s)(1)		951			1,186			2,426			1,714			12,022
Units Redeemed (000’s)(1)		(1,035	)		(1,288	)		(8,828	)		(2,367	)		(1,186	)

Units Outstanding (000’s), end of year/period(1)		3,595			3,679			3,781			10,183			10,836

Net Assets (000’s), end of year/period	$	10,642		$	8,634		$	10,180		$	22,221		$	21,951

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		0.09%			0.01%			0.02%			—			—

Total Return (C)		26.15%			-12.84%			23.38%			7.72%			-2.80%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 188 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(3)
Unit value, beginning of year/period	$	8.328		$	10.000

Unit value, end of year/period	$	10.158		$	8.328

Units outstanding (000’s), beginning of year/period		16			—
Units Issued (000’s)		111			17
Units Redeemed (000’s)		(20	)		(1	)

Units Outstanding (000’s), end of year/period		107			16

Net Assets (000’s), end of year/period	$	1,084		$	135

Expense Ratio (A)		0.35%			0.35%	(D)

Investment Income Ratio (B)		1.66%			1.22%	(E)

Total Return (C)		21.97%			-16.72%	(E)



	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.063		$	2.409		$	2.104		$	1.818		$	1.889

Unit value, end of year	$	2.611		$	2.063		$	2.409		$	2.104		$	1.818

Units outstanding (000’s), beginning of year/period(1)		1,190			1,573			3,860			3,381			—
Units Issued (000’s)(1)		372			349			943			1,022			3,887
Units Redeemed (000’s)(1)		(261	)		(732	)		(3,230	)		(543	)		(506	)

Units Outstanding (000’s), end of year/period(1)		1,301			1,190			1,573			3,860			3,381

Net Assets (000’s), end of year/period	$	3,398		$	2,455		$	3,790		$	8,121		$	6,146

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.35%			1.67%			1.04%			1.30%			1.06%

Total Return (C)		26.59%			-14.38%			14.50%			15.76%			-3.76%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 189 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	4.562		$	5.159		$	4.462		$	3.716		$	3.822

Unit value, end of year	$	5.728		$	4.562		$	5.159		$	4.462		$	3.716

Units outstanding (000’s), beginning of year/period(1)		4,059			4,396			10,650			10,451			—
Units Issued (000’s)(1)		1,487			1,082			3,071			2,377			11,306
Units Redeemed (000’s)(1)		(1,159	)		(1,419	)		(9,325	)		(2,178	)		(855	)

Units Outstanding (000’s), end of year/period(1)		4,387			4,059			4,396			10,650			10,451

Net Assets (000’s), end of year/period	$	25,127		$	18,514		$	22,678		$	47,517		$	38,830

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.20%			1.35%			1.10%			1.24%			1.12%

Total Return (C)		25.57%			-11.58%			15.63%			20.08%			-2.78%


	Mutual of America Investment Corporation
	Composite Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	10.909		$	11.310		$	10.013		$	9.312		$	9.278

Unit value, end of year	$	12.977		$	10.909		$	11.310		$	10.013		$	9.312

Units outstanding (000’s), beginning of year/period(1)		401			480			1,619			1,635			—
Units Issued (000’s)(1)		104			130			298			342			1,791
Units Redeemed (000’s)(1)		(108	)		(209	)		(1,437	)		(358	)		(156	)

Units Outstanding (000’s), end of year/period(1)		397			401			480			1,619			1,635

Net Assets (000’s), end of year/period	$	5,156		$	4,379		$	5,430		$	16,208		$	15,221

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.20%			2.06%			2.04%			2.05%			2.09%

Total Return (C)		18.95%			-3.55%			12.96%			7.53%			0.36%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 190 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	International Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	0.960		$	1.112		$	0.897		$	0.885		$	0.895

Unit value, end of year	$	1.158		$	0.960		$	1.112		$	0.897		$	0.885

Units outstanding (000’s), beginning of year/period(1)		2,094			1,729			3,069			2,771			—
Units Issued (000’s)(1)		443			994			1,273			932			3,034
Units Redeemed (000’s)(1)		(352	)		(629	)		(2,613	)		(634	)		(263	)

Units Outstanding (000’s), end of year/period(1)		2,185			2,094			1,729			3,069			2,771

Net Assets (000’s), end of year/period	$	2,531		$	2,011		$	1,923		$	2,753		$	2,453

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.38%			2.24%			2.16%			2.23%			2.63%

Total Return (C)		20.59%			-13.67%			24.02%			1.33%			-1.05%


	Mutual of America Investment Corporation
	Money Market Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.545		$	2.511		$	2.503		$	2.509		$	2.522

Unit value, end of year	$	2.587		$	2.545		$	2.511		$	2.503		$	2.509

Units outstanding (000’s), beginning of year/period(1)		1,012			950			2,471			2,117			—
Units Issued (000’s)(1)		639			491			996			853			2,896
Units Redeemed (000’s)(1)		(437	)		(429	)		(2,517	)		(499	)		(779	)

Units Outstanding (000’s), end of year/period(1)		1,214			1,012			950			2,471			2,117

Net Assets (000’s), end of year/period	$	3,140		$	2,576		$	2,386		$	6,184		$	5,310

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.15%			0.25%			0.12%			—			—

Total Return (C)		1.66%			1.34%			0.33%			-0.23%			-0.54%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 191 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.603		$	2.597		$	2.548		$	2.470		$	2.466

Unit value, end of year	$	2.750		$	2.603		$	2.597		$	2.548		$	2.470

Units outstanding (000’s), beginning of year/period(1)		2,038			2,280			5,332			5,036			—
Units Issued (000’s)(1)		707			662			1,429			1,227			5,660
Units Redeemed (000’s)(1)		(675	)		(904	)		(4,481	)		(931	)		(624	)

Units Outstanding (000’s), end of year/period(1)		2,070			2,038			2,280			5,332			5,036

Net Assets (000’s), end of year/period	$	5,693		$	5,305		$	5,921		$	13,583		$	12,441

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.14%			2.12%			2.14%			2.59%			2.28%

Total Return (C)		5.67%			0.21%			1.95%			3.13%			0.17%


	Mutual of America Investment Corporation
	Bond Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	6.898		$	6.911		$	6.694		$	6.417		$	6.424

Unit value, end of year	$	7.399		$	6.898		$	6.911		$	6.694		$	6.417

Units outstanding (000’s), beginning of year/period(1)		1,470			1,570			3,930			3,759			—
Units Issued (000’s)(1)		668			559			1,153			1,035			4,228
Units Redeemed (000’s)(1)		(502	)		(659	)		(3,513	)		(864	)		(469	)

Units Outstanding (000’s), end of year/period(1)		1,636			1,470			1,570			3,930			3,759

Net Assets (000’s), end of year/period	$	12,109		$	10,139		$	10,851		$	26,308		$	24,119

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.54%			2.64%			2.70%			2.76%			3.08%

Total Return (C)	$	7.27%			-0.19%			3.24%			4.33%			-0.11%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 192 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Retirement Income Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.583		$	1.608		$	1.503		$	1.421		$	1.420

Unit value, end of year	$	1.764		$	1.583		$	1.608		$	1.503		$	1.421

Units outstanding (000’s), beginning of year/period(1)		2,692			3,941			5,905			3,478			—
Units Issued (000’s)(1)		1,860			1,268			1,255			3,009			4,023
Units Redeemed (000’s)(1)		(1,301	)		(2,517	)		(3,219	)		(582	)		(545	)

Units Outstanding (000’s), end of year/period(1)		3,251			2,692			3,941			5,905			3,478

Net Assets (000’s), end of year/period	$	5,736		$	4,262		$	6,337		$	8,878		$	4,943

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.70%			1.71%			1.85%			2.12%			1.76%

Total Return (C)		11.46%			-1.55%			6.96%			5.80%			0.06%


	Mutual of America Investment Corporation
	2010 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.592		$	1.629		$	1.499		$	1.408		$	1.409

Unit value, end of year	$	1.795		$	1.592		$	1.629		$	1.499		$	1.408

Units outstanding (000’s), beginning of year/period(1)		513			904			2,107			1,975			—
Units Issued (000’s)(1)		53			484			564			681			2,300
Units Redeemed (000’s)(1)		(68	)		(875	)		(1,767	)		(549	)		(325	)

Units Outstanding (000’s), end of year/period(1)		498			513			904			2,107			1,975

Net Assets (000’s), end of year/period	$	894		$	817		$	1,473		$	3,159		$	2,781

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.87%			1.96%			2.19%			2.27%			2.13%

Total Return (C)		12.75%			-2.28%			8.66%			6.48%			-0.03%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 193 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2015 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.596		$	1.652		$	1.499		$	1.396		$	1.399

Unit value, end of year	$	1.835		$	1.596		$	1.652		$	1.499		$	1.396

Units outstanding (000’s), beginning of year/period(1)		4,813			4,860			9,460			8,894			—
Units Issued (000’s)(1)		1,220			2,033			3,469			2,436			10,873
Units Redeemed (000’s)(1)		(1,037	)		(2,080	)		(8,069	)		(1,870	)		(1,979	)

Units Outstanding (000’s), end of year/period(1)		4,996			4,813			4,860			9,460			8,894

Net Assets (000’s), end of year/period	$	9,167		$	7,683		$	8,027		$	14,177		$	12,418

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.03%			1.93%			2.03%			2.32%			2.05%

Total Return (C)		14.94%			-3.35%			10.23%			7.33%			-0.17%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.619		$	1.693		$	1.510		$	1.396		$	1.400

Unit value, end of year	$	1.896		$	1.619		$	1.693		$	1.510		$	1.396

Units outstanding (000’s), beginning of year/period(1)		13,587			15,098			29,605			24,967			—
Units Issued (000’s)(1)		5,941			5,628			7,991			8,281			29,578
Units Redeemed (000’s)(1)		(3,409	)		(7,139	)		(22,498	)		(3,643	)		(4,611	)

Units Outstanding (000’s), end of year/period(1)		16,119			13,587			15,098			29,605			24,967

Net Assets (000’s), end of year/period	$	30,562		$	21,994		$	25,560		$	44,707		$	34,853

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.89%			1.74%			1.68%			1.92%			1.75%

Total Return (C)		17.12%			-4.38%			12.11%			8.18%			-0.30%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 194 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2025 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.687		$	1.786		$	1.567		$	1.431		$	1.439

Unit value, end of year	$	2.014		$	1.687		$	1.786		$	1.567		$	1.431

Units outstanding (000’s), beginning of year/period(1)		16,443			14,642			29,959			23,883			—
Units Issued (000’s)(1)		8,785			6,495			10,450			8,750			26,214
Units Redeemed (000’s)(1)		(4,338	)		(4,694	)		(25,767	)		(2,674	)		(2,331	)

Units Outstanding (000’s), end of year/period(1)		20,890			16,443			14,642			29,959			23,883

Net Assets (000’s), end of year/period	$	42,069		$	27,739		$	26,153		$	46,932		$	34,185

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.71%			1.58%			1.44%			1.72%			1.60%

Total Return (C)		19.38%			-5.55%			14.02%			9.44%			-0.53%


	Mutual of America Investment Corporation
	2030 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.743		$	1.870		$	1.618		$	1.466		$	1.476

Unit value, end of year	$	2.117		$	1.743		$	1.870		$	1.618		$	1.466

Units outstanding (000’s), beginning of year/period(1)		15,890			13,763			22,992			18,503			—
Units Issued (000’s)(1)		6,920			5,841			11,822			6,500			20,269
Units Redeemed (000’s)(1)		(3,395	)		(3,714	)		(21,051	)		(2,011	)		(1,766	)

Units Outstanding (000’s), end of year/period(1)		19,415			15,890			13,763			22,992			18,503

Net Assets (000’s), end of year/period	$	41,109		$	27,689		$	25,740		$	37,198		$	27,133

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.62%			1.46%			1.33%			1.65%			1.55%

Total Return (C)		21.51%			-6.82%			15.59%			10.33%			-0.65%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 195 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2035 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.744		$	1.890		$	1.619		$	1.458		$	1.470

Unit value, end of year	$	2.149		$	1.744		$	1.890		$	1.619		$	1.458

Units outstanding (000’s), beginning of year/period(1)		10,641			9,781			18,494			14,718			—
Units Issued (000’s)(1)		5,202			4,466			7,923			5,706			16,385
Units Redeemed (000’s)(1)		(2,503	)		(3,606	)		(16,636	)		(1,930	)		(1,667	)

Units Outstanding (000’s), end of year/period(1)		13,340			10,641			9,781			18,494			14,718

Net Assets (000’s), end of year/period	$	28,664		$	18,561		$	18,481		$	29,939		$	21,459

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.55%			1.38%			1.25%			1.54%			1.45%

Total Return (C)		23.18%			-7.69%			16.72%			11.03%			-0.80%


	Mutual of America Investment Corporation
	2040 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.733		$	1.889		$	1.615		$	1.452		$	1.467

Unit value, end of year	$	2.146		$	1.733		$	1.889		$	1.615		$	1.452

Units outstanding (000’s), beginning of year/period(1)		9,533			8,229			14,291			11,938			—
Units Issued (000’s)(1)		4,561			3,765			6,379			3,994			13,487
Units Redeemed (000’s)(1)		(2,240	)		(2,461	)		(12,441	)		(1,641	)		(1,549	)

Units Outstanding (000’s), end of year/period(1)		11,854			9,533			8,229			14,291			11,938

Net Assets (000’s), end of year/period	$	25,440		$	16,524		$	15,549		$	23,084		$	17,332

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.52%			1.35%			1.19%			1.48%			1.39%

Total Return (C)		23.81%			-8.26%			16.97%			11.26%			-1.06%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 196 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.714		$	1.875		$	1.600		$	1.438		$	1.454

Unit value, end of year	$	2.127		$	1.714		$	1.875		$	1.600		$	1.438

Units outstanding (000’s), beginning of year/period(1)		10,564			9,588			16,024			13,333			—
Units Issued (000’s)(1)		6,198			4,004			8,009			4,416			15,188
Units Redeemed (000’s)(1)		(2,749	)		(3,028	)		(14,445	)		(1,725	)		(1,855	)

Units Outstanding (000’s), end of year/period(1)		14,013			10,564			9,588			16,024			13,333

Net Assets (000’s), end of year/period	$	29,805		$	18,106		$	17,980		$	25,642		$	19,173

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.54%			1.37%			1.19%			1.49%			1.41%

Total Return (C)		24.10%			-8.61%			17.19%			11.28%			-1.11%


	Mutual of America Investment Corporation
	2050 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.627		$	1.790		$	1.524		$	1.368		$	1.384

Unit value, end of year	$	2.022		$	1.627		$	1.790		$	1.524		$	1.368

Units outstanding (000’s), beginning of year/period(1)		6,117			4,815			6,602			3,766			—
Units Issued (000’s)(1)		6,061			3,318			5,086			3,778			4,128
Units Redeemed (000’s)(1)		(2,054	)		(2,016	)		(6,873	)		(942	)		(362	)

Units Outstanding (000’s), end of year/period(1)		10,124			6,117			4,815			6,602			3,766

Net Assets (000’s), end of year/period	$	20,467		$	9,955		$	8,617		$	10,060		$	5,153

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.42%			1.21%			0.96%			1.07%			0.83%

Total Return (C)		24.21%			-9.06%			17.44%			11.38%			-1.15%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 197 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2055 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,									Period Ended December 31, 2016(1)
Selected Per Unit and Supplementary Data:	2019			2018			2017			Period Ended December 31, 2016(1)
Unit value, beginning of year/period	$	1.109		$	1.222		$	1.039		$	1.000

Unit value, end of year/period	$	1.375		$	1.109		$	1.222		$	1.039

Units outstanding (000’s), beginning of year/period		2,438			635			58			—
Units Issued (000’s)		3,066			2,022			967			58
Units Redeemed (000’s)		(990	)		(219	)		(390	)		—

Units Outstanding (000’s), end of year/period		4,514			2,438			635			58

Net Assets (000’s), end of year/period	$	6,206		$	2,704		$	776		$	60

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%	(D)

Investment Income Ratio (B)		1.04%			0.59%			—			—

Total Return (C)		23.96%			-9.20%			17.56%			3.91%	(E)


	Mutual of America Investment Corporation
	2060 Retirement Fund
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(2)
Unit value, beginning of year/period	$	8.930		$	10.000

Unit value, end of year/period	$	11.081		$	8.930

Units outstanding (000’s), beginning of year/period		18			—
Units Issued (000’s)		78			19
Units Redeemed (000’s)		(9	)		(1	)

Units Outstanding (000’s), end of year/period		87			18

Net Assets (000’s), end of year/period	$	969		$	164

Expense Ratio (A)		0.35%			0.35%	(D)

Investment Income Ratio (B)		0.09%			—

Total Return (C)		24.09%			-10.70%	(E)

(1)	For the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 198 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Conservative Allocation Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.003		$	2.052		$	1.891		$	1.778		$	1.778

Unit value, end of year	$	2.275		$	2.003		$	2.052		$	1.891		$	1.778

Units outstanding (000’s), beginning of year/period(1)		2,578			2,247			5,636			5,129			—
Units Issued (000’s)(1)		790			1,095			1,654			1,597			5,741
Units Redeemed (000’s)(1)		(480	)		(764	)		(5,043	)		(1,090	)		(612	)

Units Outstanding (000’s), end of year/period(1)		2,888			2,578			2,247			5,636			5,129

Net Assets (000’s), end of year/period	$	6,571		$	5,163		$	4,611		$	10,658		$	9,122

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.06%			2.12%			2.12%			2.32%			2.07%

Total Return (C)		13.59%			-2.39%			8.52%			6.32%			0.01%


	Mutual of America Investment Corporation
	Moderate Allocation Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.538		$	2.665		$	2.352		$	2.164		$	2.170

Unit value, end of year	$	3.014		$	2.538		$	2.665		$	2.352		$	2.164

Units outstanding (000’s), beginning of year/period(1)		6,186			6,430			13,369			12,904			—
Units Issued (000’s)(1)		2,039			1,993			3,287			2,954			13,970
Units Redeemed (000’s)(1)		(1,574	)		(2,237	)		(10,226	)		(2,489	)		(1,066	)

Units Outstanding (000’s), end of year/period(1)		6,651			6,186			6,430			13,369			12,904

Net Assets (000’s), end of year/period	$	20,045		$	15,701		$	17,134		$	31,443		$	27,922

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.02%			1.89%			1.86%			2.17%			2.04%

Total Return (C)		18.74%			-4.75%			13.30%			8.69%			-0.27%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Aggressive Allocation Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.953		$	3.191		$	2.746		$	2.486		$	2.506

Unit value, end of year	$	3.612		$	2.953		$	3.191		$	2.746		$	2.486

Units outstanding (000’s), beginning of year/period(1)		4,346			4,521			8,348			8,639			—
Units Issued (000’s)(1)		1,038			1,381			2,353			1,645			9,052
Units Redeemed (000’s)(1)		(1,345	)		(1,556	)		(6,180	)		(1,936	)		(413	)

Units Outstanding (000’s), end of year/period(1)		4,039			4,346			4,521			8,348			8,639

Net Assets (000’s), end of year/period	$	14,590		$	12,835		$	14,430		$	22,924		$	21,477

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.91%			1.71%			1.57%			1.99%			1.83%

Total Return (C)		22.32%			-7.46%			16.21%			10.46%			-0.81%


	Fidelity
	VIP Equity-Income Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	78.455		$	85.766		$	76.163		$	64.702		$	67.589

Unit value, end of year	$	99.736		$	78.455		$	85.766		$	76.163		$	64.702

Units outstanding (000’s), beginning of year/period(1)		113			143			451			443			—
Units Issued (000’s)(1)		36			32			86			102			493
Units Redeemed (000’s)(1)		(30	)		(62	)		(394	)		(94	)		(50	)

Units Outstanding (000’s), end of year/period(1)		119			113			143			451			443

Net Assets (000’s), end of year/period	$	11,829		$	8,885		$	12,236		$	34,357		$	28,652

Expense Ratio (A)		0.25%	(D)		0.25%	(D)		0.25%	(D)		0.25%	(D)		0.32%	(D)

Investment Income Ratio (B)		2.02%			2.21%			1.67%			2.38%			3.10%

Total Return (C)		27.12%			-8.52%			12.61%			17.71%			-4.27%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.42% in 2015 and 0.35% in 2016 through 2019.

- 200 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Asset Manager Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	51.023		$	54.044		$	47.484		$	46.180		$	46.271

Unit value, end of year	$	60.183		$	51.023		$	54.044		$	47.484		$	46.180

Units outstanding (000’s), beginning of year/period(1)		153			192			341			360			—
Units Issued (000’s)(1)		40			39			109			50			418
Units Redeemed (000’s)(1)		(56	)		(78	)		(258	)		(69	)		(58	)

Units Outstanding (000’s), end of year/ period(1)		137			153			192			341			360

Net Assets (000’s), end of year/period	$	8,250		$	7,783		$	10,381		$	16,206		$	16,640

Expense Ratio (A)		0.25%	(D)		0.25%	(D)		0.25%	(D)		0.25%	(D)		0.25%	(D)

Investment Income Ratio (B)		1.79%			1.66%			1.88%			1.45%			1.56%

Total Return (C)		17.95%			-5.59%			13.81%			2.82%			-0.20%


	Fidelity
	VIP Contrafund Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	93.673		$	100.305		$	82.510		$	76.612		$	76.320

Unit value, end of year	$	122.945		$	93.673		$	100.305		$	82.510		$	76.612

Units outstanding (000’s), beginning of year/period(1)		295			354			949			1,041			—
Units Issued (000’s)(1)		71			76			201			137			1,137
Units Redeemed (000’s)(1)		(82	)		(135	)		(796	)		(229	)		(96	)

Units Outstanding (000’s), end of year/ period(1)		284			295			354			949			1,041

Net Assets (000’s), end of year/period	$	34,962		$	27,617		$	35,552		$	78,275		$	79,699

Expense Ratio (A)		0.25%	(D)		0.25%	(D)		0.25%	(D)		0.25%	(D)		0.32%	(D)

Investment Income Ratio (B)		0.46%			0.70%			0.99%			0.79%			1.02%

Total Return (C)		31.25%			-6.61%			21.57%			7.70%			0.38%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)

Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee. The equivalent prior year history for the year or period ending in 2014, as applicable, are not included here. They appear in the section of the Financial Highlights under Tier 3 Reduced Fee Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.42% in 2015 and 0.35% in 2016 through 2019.

- 201 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	VIP Mid Cap Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	80.870		$	94.867		$	78.726		$	70.324		$	71.543

Unit value, end of year	$	99.583		$	80.870		$	94.867		$	78.726		$	70.324

Units outstanding (000’s), beginning of year/period(1)		110			121			286			304			—
Units Issued (000’s)(1)		22			25			87			43			341
Units Redeemed (000’s)(1)		(27	)		(36	)		(252	)		(61	)		(37	)

Units Outstanding (000’s), end of year/ period(1)		105			110			121			286			304

Net Assets (000’s), end of year/period	$	10,476		$	8,887		$	11,438		$	22,477		$	21,351

Expense Ratio (A)		0.25%	(D)		0.25%	(D)		0.25%	(D)		0.25%	(D)		0.32%	(D)

Investment Income Ratio (B)		0.85%			0.64%			0.70%			0.50%			0.49%

Total Return (C)		23.14%			-14.75%			20.50%			11.95%			-1.70%


	Vanguard
	VIF Diversified Value Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	28.806		$	31.809		$	28.211		$	25.082		$	25.804

Unit value, end of year	$	36.083		$	28.806		$	31.809		$	28.211		$	25.082

Units outstanding (000’s), beginning of year/period(1)		245			243			708			721			—
Units Issued (000’s)(1)		114			108			174			150			801
Units Redeemed (000’s)(1)		(78	)		(106	)		(639	)		(163	)		(80	)

Units Outstanding (000’s), end of year/ period(1)		281			245			243			708			721

Net Assets (000’s), end of year/period	$	10,151		$	7,054		$	7,735		$	19,966		$	18,071

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.88%			2.57%			2.77%			2.66%			2.56%

Total Return (C)		25.26%			-9.44%			12.75%			12.47%			-2.80%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.42% in 2015 and 0.35% in 2016 through 2019.

- 202 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF International Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	33.532		$	38.509		$	27.087		$	26.675		$	27.003

Unit value, end of year	$	43.846		$	33.532		$	38.509		$	27.087		$	26.675

Units outstanding (000’s), beginning of year/period(1)		430			467			1,115			1,182			—
Units Issued (000’s)(1)		124			135			248			188			1,292
Units Redeemed (000’s)(1)		(111	)		(172	)		(896	)		(255	)		(110	)

Units Outstanding (000’s), end of year/period(1)		443			430			467			1,115			1,182

Net Assets (000’s), end of year/period	$	19,406		$	14,415		$	18,001		$	30,201		$	31,542

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.44%			0.78%			1.06%			1.44%			1.86%

Total Return (C)		30.76%			-12.92%			42.17%			1.55%			-1.22%


	Vanguard
	VIF Real Estate Index Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year/period	$	16.582		$	17.582		$	16.841		$	15.597		$	15.323

Unit value, end of year/period	$	21.284		$	16.582		$	17.582		$	16.841		$	15.597

Units outstanding (000’s), beginning of year/period(1)		129			145			349			231			—
Units Issued (000’s)(1)		88			47			118			264			313
Units Redeemed (000’s)(1)		(48	)		(63	)		(322	)		(146	)		(82	)

Units Outstanding (000’s), end of year/period(1)		169			129			145			349			231

Net Assets (000’s), end of year/period	$	3,602		$	2,134		$	2,541		$	5,885		$	3,599

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		2.54%			3.04%			2.57%			2.08%			2.09%

Total Return (C)		28.36%			-5.69%			4.40%			7.98%			1.79%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

- 203 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF Total Bond Market Index Portfolio
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	10.140		$	10.000

Unit value, end of year/period	$	10.981		$	10.140

Units outstanding (000’s), beginning of year/period		36			—
Units Issued (000’s)		232			36
Units Redeemed (000’s)		(32	)		—	(F)

Units Outstanding (000’s), end of year/period		236			36

Net Assets (000’s), end of year/period	$	2,595		$	360

Expense Ratio (A)		0.35%			0.35%	(D)

Investment Income Ratio (B)		1.32%			—

Total Return (C)		8.29%			1.40%	(E)


	Goldman Sachs
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000		$	10.000

Unit value, end of period	$	10.716		$	10.834

Units outstanding (000’s), beginning of period		—			—
Units Issued (000’s)		1			3
Units Redeemed (000’s)		(1	)		—	(F)

Units Outstanding (000’s), end of period		—	(F)		3

Net Assets (000’s), end of period	$	5		$	31

Expense Ratio (A)		0.35%	(D)		0.35%	(D)

Investment Income Ratio (B)		1.00%	(E)		2.17%	(E)

Total Return (C)		7.16%	(E)		8.34%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 204 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	American Century
	VP Capital Appreciation Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	49.190		$	51.921		$	42.647		$	41.352		$	40.640

Unit value, end of year	$	66.674		$	49.190		$	51.921		$	42.647		$	41.352

Units outstanding (000’s), beginning of year/period(1)		223			249			704			785			—
Units Issued (000’s)(1)		73			64			155			118			849
Units Redeemed (000’s)(1)		(72	)		(90	)		(610	)		(199	)		(64	)

Units Outstanding (000’s), end of year/period(1)		224			223			249			704			785

Net Assets (000’s), end of year/period	$	14,914		$	10,970		$	12,945		$	30,002		$	32,479

Expense Ratio (A)		0.35%			0.35%			0.16%	(D)		0.10%	(D)		0.17%	(D)

Investment Income Ratio (B)		0.04%			—			—			—			—

Total Return (C)		35.54%			-5.26%			21.75%			3.13%			1.75%


	American Funds
	New World Fund(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	26.023		$	30.593		$	23.667		$	22.494		$	23.279

Unit value, end of year	$	33.888		$	26.023		$	30.593		$	23.667		$	22.494

Units outstanding (000’s), beginning of year/period(1)		21			24			37			27			—
Units Issued (000’s)(1)		13			10			20			18			30
Units Redeemed (000’s)(1)		(5	)		(13	)		(33	)		(8	)		(3	)

Units Outstanding (000’s), end of year/period(1)		29			21			24			37			27

Net Assets (000’s), end of year/period	$	996		$	550		$	727		$	882		$	604

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.26%			1.08%			1.35%			1.19%			0.90%

Total Return (C)		30.22%			-14.94%			29.26%			5.22%			-3.37%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by American Century, the expense ratio would have been 0.42% in 2015 and 0.35% in 2016 through 2017.

- 205 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Calvert
	VP SRI Balanced Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	6.022		$	6.210		$	5.564		$	5.177		$	5.316

Unit value, end of year	$	7.466		$	6.022		$	6.210		$	5.564		$	5.177

Units outstanding (000’s), beginning of year/period(1)		1,078			1,227			1,893			1,828			—
Units Issued (000’s)(1)		253			303			499			365			1,932
Units Redeemed (000’s)(1)		(217	)		(452	)		(1,165	)		(300	)		(104	)

Units Outstanding (000’s), end of year/period(1)		1,114			1,078			1,227			1,893			1,828

Net Assets (000’s), end of year/period	$	8,319		$	6,492		$	7,617		$	10,534		$	9,464

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.58%			1.77%			2.01%			1.86%			0.12%

Total Return (C)		23.97%			-3.02%			11.60%			7.47%			-2.61%


	Delaware
	VIP Small Cap Value Series
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(3)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(3)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.911

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		3
Units Redeemed (000’s)		(1	)

Units Outstanding (000’s), end of period		2

Net Assets (000’s), end of period	$	24

Expense Ratio (A)		0.35%	(D)

Investment Income Ratio (B)		—

Total Return (C)		9.11%	(E)

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015. Not applicable to the Delaware VIP Small Cap Value Series.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 206 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	DWS
	Capital Growth VIP(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year/period	$	95.056		$	96.942		$	77.031		$	74.157		$	68.566

Unit value, end of year/period	$	129.900		$	95.056		$	96.942		$	77.031		$	74.157

Units outstanding (000’s), beginning of year/period(1)		124			153			450			505			—
Units Issued (000’s)(1)		47			47			117			73			538
Units Redeemed (000’s)(1)		(34	)		(76	)		(414	)		(128	)		(33	)

Units Outstanding (000’s), end of year/period(1)		137			124			153			450			505

Net Assets (000’s), end of year/period	$	17,850		$	11,764		$	14,815		$	34,629		$	37,419

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		0.42%			0.71%			0.71%			0.82%			0.69%

Total Return (C)		36.66%			-1.95%			25.85%			3.88%			8.15%


	Invesco Oppenheimer
	V.I. Main Street Fund (2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	47.686		$	51.953		$	44.598		$	40.100		$	38.975

Unit value, end of year	$	62.763		$	47.686		$	51.953		$	44.598		$	40.100

Units outstanding (000’s), beginning of year/period(1)		61			54			161			132			—
Units Issued (000’s)(1)		20			30			45			60			142
Units Redeemed (000’s)(1)		(21	)		(23	)		(152	)		(31	)		(10	)

Units Outstanding (000’s), end of year/period(1)		60			61			54			161			132

Net Assets (000’s), end of year/period	$	3,766		$	2,916		$	2,818		$	7,182		$	5,281

Expense Ratio (A)		0.35%			0.35%			0.35%			0.35%			0.42%

Investment Income Ratio (B)		1.06%			1.16%			1.26%			1.10%			0.92%

Total Return (C)		31.62%			-8.21%			16.49%			11.22%			2.89%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	MFS
	VIT III Mid Cap Value Portfolio
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	8.821		$	10.000

Unit value, end of year/period	$	11.554		$	8.821

Units outstanding (000’s), beginning of year/period		—	(G)		—
Units Issued (000’s)		5			—	(G)
Units Redeemed (000’s)		(1	)		—

Units Outstanding (000’s), end of year/period		4			—	(G)

Net Assets (000’s), end of year/period	$	42		$	1

Expense Ratio (A)		0.10%	(F)		0.10%	(D)(F)

Investment Income Ratio (B)		1.30%			0.90%	(E)

Total Return (C)		30.99%			-11.79%	(E)


	Neuberger Berman Advisers Management Trust
	Sustainable Equity Portfolio
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.043

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		8
Units Redeemed (000’s)		—	(G)

Units Outstanding (000’s), end of period		8

Net Assets (000’s), end of period	$	87

Expense Ratio (A)		0.35%	(D)

Investment Income Ratio (B)		0.38%	(E)

Total Return (C)		10.43%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 0.35%.

(G)	Less than 500 units.

- 208 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	PIMCO
	VIT Real Return Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	13.629		$	13.960		$	13.475		$	12.867		$	13.262

Unit value, end of year	$	14.766		$	13.629		$	13.960		$	13.475		$	12.867

Units outstanding (000’s), beginning of year/period(1)		78			77			96			77			—
Units Issued (000’s)(1)		31			29			71			57			99
Units Redeemed (000’s)(1)		(21	)		(28	)		(90	)		(38	)		(22	)

Units Outstanding (000’s), end of year/period(1)		88			78			77			96			77

Net Assets (000’s), end of year/period	$	1,293		$	1,065		$	1,073		$	1,292		$	984

Expense Ratio (A)(D)		0.25%			0.25%			0.25%			0.25%			0.32%

Investment Income Ratio (B)		1.82%			2.63%			2.53%			2.47%			4.27%

Total Return (C)		8.34%			-2.37%			3.60%			4.72%			-2.97%


	T. Rowe Price
	Blue Chip Growth Portfolio(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	31.727		$	31.161		$	22.933		$	22.803		$	20.594

Unit value, end of year	$	41.169		$	31.727		$	31.161		$	22.933		$	22.803

Units outstanding (000’s), beginning of year/period(1)		263			204			292			329			—
Units Issued (000’s)(1)		168			217			316			184			365
Units Redeemed (000’s)(1)		(108	)		(158	)		(404	)		(221	)		(36	)

Units Outstanding (000’s), end of year/period(1)		323			263			204			292			329

Net Assets (000’s), end of year/period	$	13,294		$	8,357		$	6,360		$	6,702		$	7,496

Expense Ratio (A)		0.10%	(E)		0.10%	(E)		0.19%	(E)		0.20%	(E)		0.27%	(E)

Investment Income Ratio (B)		—			3.36%			—			—			—

Total Return (C)		29.76%			1.82%			35.87%			0.57%			10.73%

(1)	Unit activity in 2015 for the period July 1, 2015 (Initial Offering Date of Units) to December 31, 2015.

(2)	Prior to July 1, 2015, participants in Tier 2 Reduced Fee held units of Tier 3 Reduced Fee.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by PIMCO, the expense ratio would have been 0.42% in 2015 and 0.35% in 2016 through 2019.

(E)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 0.42% in 2015 and 0.35% in 2016 through 2019.

- 209 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)



	Victory
	RS Small Cap Growth Equity VIP Series
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.509

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		3
Units Redeemed (000’s)		(2	)

Units Outstanding (000’s), end of period		1

Net Assets (000’s), end of period	$	10

Expense Ratio (A)		0.35%	(D)

Investment Income Ratio (B)		—

Total Return (C)		5.09%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 210 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Certain National Accounts Tier 3 Reduced Fee Units*

Year Ended December 31,


	Mutual of America Investment Corporation
	Equity Index Fund(2)			All America Fund(2)			Small Cap Value Fund(2)			Small Cap Growth Fund(2)			Small Cap Equity Index Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	7.238		$	19.288		$	2.231		$	2.339		$	8.324

Unit value, end of year	$	9.501		$	24.749		$	2.657		$	2.960		$	10.158

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		1,677			136			1,106			1,491			24
Units Redeemed (000’s)(1)		(84	)		(9	)		(34	)		(73	)		—	(D)

Units Outstanding (000’s), end of period(1)		1,593			127			1,072			1,418			24

Net Assets (000’s), end of period	$	15,133		$	3,136		$	2,849		$	4,196		$	247

Expense Ratio (A)		0.40%			0.40%			0.40%			0.40%			0.40%

Investment Income Ratio (B)		1.65%			1.25%			0.83%			0.09%			1.66%

Total Return (C)		30.79%			27.85%			18.63%			26.09%			21.92%


	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)			Mid-Cap Equity Index Fund(2)			Composite Fund(2)			International Fund(2)			Money Market Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.056		$	4.548		$	10.876		$	0.957		$	2.537

Unit value, end of year	$	2.611		$	5.728		$	12.977		$	1.158		$	2.587

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		334			1,535			227			791			473
Units Redeemed (000’s)(1)		(30	)		(82	)		(24	)		(171	)		(82	)

Units Outstanding (000’s), end of period(1)		304			1,453			203			620			391

Net Assets (000’s), end of period	$	795		$	8,325		$	2,628		$	719		$	1,012

Expense Ratio (A)		0.40%			0.40%			0.40%			0.40%			0.40%

Investment Income Ratio (B)		1.35%			1.20%			2.20%			2.38%			1.15%

Total Return (C)		26.53%			25.51%			18.90%			20.53%			1.61%

*	Includes 401(k) and 401(k) SIMPLE Plans.

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

Prior to July 1, 2019, participants in Certain National Accounts Tier 3 Reduced Fee held units of Tier 3 Reduced Fee. The equivalent prior year history for the years or period ending in 2015 through 2018, as applicable, are not included here. They appear in the section of the Financial Highlights under Tier 3 Reduced Fee Units for the Fund for 2015 through 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

- 211 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)			Bond Fund(2)			Retirement Income Fund(2)			2010 Retirement Fund(2)			2015 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.595		$	6.877		$	1.578		$	1.587		$	1.591

Unit value, end of year	$	2.750		$	7.399		$	1.764		$	1.795		$	1.835

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		853			921			1,948			480			2,110
Units Redeemed (000’s)(1)		(55	)		(108	)		(205	)		(10	)		(205	)

Units Outstanding (000’s), end of period(1)		798			813			1,743			470			1,905

Net Assets (000’s), end of period	$	2,196		$	6,017		$	3,076		$	843		$	3,495

Expense Ratio (A)		0.40%			0.40%			0.40%			0.40%			0.40%

Investment Income Ratio (B)		2.14%			2.54%			1.70%			1.87%			2.03%

Total Return (C)		5.62%			7.22%			11.41%			12.70%			14.88%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)			2025 Retirement Fund(2)			2030 Retirement Fund(2)			2035 Retirement Fund(2)			2040 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	1.614		$	1.682		$	1.737		$	1.739		$	1.728

Unit value, end of year	$	1.896		$	2.014		$	2.117		$	2.149		$	2.146

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		10,029			11,822			9,440			9,200			7,224
Units Redeemed (000’s)(1)		(699	)		(288	)		(257	)		(121	)		(220	)

Units Outstanding (000’s), end of period(1)		9,330			11,534			9,183			9,079			7,004

Net Assets (000’s), end of period	$	17,690		$	23,228		$	19,443		$	19,509		$	15,031

Expense Ratio (A)		0.40%			0.40%			0.40%			0.40%			0.40%

Investment Income Ratio (B)		1.89%			1.71%			1.62%			1.55%			1.52%

Total Return (C)		17.06%			19.32%			21.45%			23.12%			23.75%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

Prior to July 1, 2019, participants in Certain National Accounts Tier 3 Reduced Fee held units of Tier 3 Reduced Fee. The equivalent prior year history for the years or periods ending in 2015, as applicable, are not included here. They appear in the section of the Financial Highlights under Tier 3 Reduced Fee Units for the Fund for the years or periods ending in 2015.

(A)(B)(C) Refer to explanatory notes.

- 212 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)			2050 Retirement Fund(2)			2055 Retirement Fund(2)			2060 Retirement Fund(2)			Conservative Allocation Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	1.709		$	1.622		$	1.107		$	8.926		$	1.997

Unit value, end of year	$	2.127		$	2.022		$	1.375		$	11.081		$	2.275

Units outstanding (000’s), beginning of period		—			—			—			—			—
Units Issued (000’s)		7,667			5,383			2,833			83			1,846
Units Redeemed (000’s)		(443	)		(216	)		(165	)		(3	)		(182	)

Units Outstanding (000’s), end of period		7,224			5,167			2,668			80			1,664

Net Assets (000’s), end of period	$	15,365		$	10,446		$	3,669		$	881		$	3,787

Expense Ratio (A)		0.40%			0.40%			0.40%			0.40%			0.40%

Investment Income Ratio (B)		1.54%			1.42%			1.04%			0.09%			2.06%

Total Return (C)		24.04%			24.15%			23.90%			24.03%			13.53%


	Mutual of America Investment Corporation						Fidelity
	Moderate Allocation Fund(2)			Aggressive Allocation Fund(2)			VIP Equity-Income Portfolio(2)			VIP Asset Manager Portfolio(2)			VIP Contrafund Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.531		$	2.944		$	78.213		$	50.868		$	93.381

Unit value, end of year	$	3.014		$	3.612		$	99.736		$	60.183		$	122.945

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		3,141			1,630			45			58			100
Units Redeemed (000’s)(1)		(122	)		(54	)		(1	)		(4	)		(5	)

Units Outstanding (000’s), end of period(1)		3,019			1,576			44			54			95

Net Assets (000’s), end of period	$	9,099		$	5,693		$	4,411		$	3,229		$	11,663

Expense Ratio (A)		0.40%			0.40%			0.30%	(D)		0.30%	(D)		0.30%	(D)

Investment Income Ratio (B)		2.02%			1.91%			2.02%			1.79%			0.46%

Total Return (C)		18.68%			22.26%			27.06%			17.90%			31.19%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.40%.

- 213 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity			Vanguard
	VIP Mid Cap Portfolio(2)			VIF Diversified Value Portfolio(2)			VIF International Portfolio(2)			VIF Real Estate Index Portfolio(2)			VIF Total Bond Market Index Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	80.617		$	28.717		$	33.427		$	16.530		$	10.135

Unit value, end of year	$	99.583		$	36.083		$	43.846		$	21.284		$	10.981

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		40			110			148			37			59
Units Redeemed (000’s)(1)		(8	)		(14	)		(10	)		(4	)		(2	)

Units Outstanding (000’s), end of period(1)		32			96			138			33			57

Net Assets (000’s), end of period	$	3,171		$	3,478		$	6,036		$	712		$	625

Expense Ratio (A)		0.30%	(D)		0.40%			0.40%			0.40%			0.40%

Investment Income Ratio (B)		0.85%			2.88%			1.44%			2.54%			1.32%

Total Return (C)		23.08%			25.20%			30.69%			28.29%			8.24%


	Goldman Sachs						American Century			American Funds			Calvert
	VIT Small Cap Equity Insights Fund(3)			VIT US Equity Insights Fund(3)			VP Capital Appreciation Fund(2)			New World Fund(2)			VP SRI Balanced Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	10.000		$	10.000		$	49.036		$	25.942		$	6.004

Unit value, end of year	$	10.716		$	10.834		$	66.674		$	33.888		$	7.466

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		—	(E)		1			98			15			297
Units Redeemed (000’s)(1)		—			—			(12	)		(3	)		(6	)

Units Outstanding (000’s), end of period(1)		—	(E)		1			86			12			291

Net Assets (000’s), end of period	$	—	(F)	$	6		$	5,730		$	414		$	2,176

Expense Ratio (A)		0.40%	(G)		0.40%			0.40%			0.40%			0.40%

Investment Income Ratio (B)		1.00%	(G)		2.17%			0.04%			1.26%			1.58%

Total Return (C)		7.16%	(H)		8.34%			35.48%			30.16%			23.91%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.40%

- 214 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Delaware			DWS			Invesco Oppenheimer			MFS			Neuberger Berman Advisers Management Trust
	VIP Small Cap Value Series(3)			Capital Growth VIP(2)			V.I. Main Street Fund(2)			VIT III Mid Cap Value Portfolio(2)			Sustainable Equity Portfolio(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	10.000		$	94.759		$	47.538		$	8.816		$	10.000

Unit value, end of year	$	10.911		$	129.900		$	62.763		$	11.554		$	11.043

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		—	(D)		54			16			3			1
Units Redeemed (000’s)(1)		—			(3	)		(3	)		(1	)		—

Units Outstanding (000’s), end of period(1)		—	(D)		51			13			2			1

Net Assets (000’s), end of period	$	—	(E)	$	6,683		$	820		$	28		$	15

Expense Ratio (A)		0.40%	(F)		0.40%			0.40%			0.15%			0.40%	(F)

Investment Income Ratio (B)		—			0.42%			1.06%			1.30%			0.38%	(G)

Total Return (C)		9.11%	(G)		36.59%			31.55%			30.92%			10.43%	(G)


	PIMCO			T. Rowe Price			Victory
	VIT Real Return Portfolio(2)			Blue Chip Growth Portfolio(2)			RS Small Cap Growth Equity VIP Series(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019
Unit value, beginning of year	$	13.587		$	31.628		$	10.000

Unit value, end of year	$	14.766		$	41.169		$	10.509

Units outstanding (000’s), beginning of period(1)		—			—			—
Units Issued (000’s)(1)		28			154			1
Units Redeemed (000’s)(1)		(2	)		(26	)		—

Units Outstanding (000’s), end of period(1)		26			128			1

Net Assets (000’s), end of period	$	389		$	5,257		$	8

Expense Ratio (A)		0.30%	(D)(H)		0.15%	(E)(I)		0.35%	(F)(J)

Investment Income Ratio (B)		1.82%			—			—

Total Return (C)		8.28%			29.70%			5.09%	(G)

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

(E)	Less than $500.

(F)	Annualized.

(G)	Not annualized.

(H)	Absent reimbursement by PIMCO, the expense ratio would have been 0.40%.

(I)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 0.40%.

(J)	Absent reimbursement by Victory, the expense ratio would have been 0.40%.

- 215 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Defined Contribution Plans – Certain National Accounts Tier 4 Reduced Fee Units*

Year Ended December 31,


	Mutual of America Investment Corporation
	Equity Index Fund(2)			All America Fund(2)			Small Cap Value Fund(2)			Small Cap Growth Fund(2)			Small Cap Equity Index Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	7.166		$	19.097		$	2.209		$	2.315		$	8.317

Unit value, end of year	$	9.465		$	24.654		$	2.647		$	2.949		$	10.145

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		705			43			507			558			18
Units Redeemed (000’s)(1)		(97	)		(9	)		(61	)		(84	)		—	(D)

Units Outstanding (000’s), end of period(1)		608			34			446			474			18

Net Assets (000’s), end of period	$	5,755		$	833		$	1,179		$	1,399		$	181

Expense Ratio (A)		0.50%			0.50%			0.50%			0.50%			0.50%

Investment Income Ratio (B)		1.65%			1.25%			0.83%			0.09%			1.66%

Total Return (C)		30.66%			27.72%			18.51%			25.96%			21.79%


	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)			Mid-Cap Equity Index Fund(2)			Composite Fund(2)			International Fund(2)			Money Market Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.036		$	4.502		$	10.771		$	0.948		$	2.512

Unit value, end of year	$	2.601		$	5.706		$	12.927		$	1.154		$	2.578

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		288			689			152			296			125
Units Redeemed (000’s)(1)		(49	)		(71	)		(20	)		(42	)		(4	)

Units Outstanding (000’s), end of period(1)		239			618			132			254			121

Net Assets (000’s), end of period	$	621		$	3,525		$	1,703		$	293		$	312

Expense Ratio (A)		0.50%			0.50%			0.50%			0.50%			0.50%

Investment Income Ratio (B)		1.35%			1.20%			2.20%			2.38%			1.15%

Total Return (C)		26.41%			25.38%			18.78%			20.41%			1.51%

*	Includes 401(k) and 401(k) SIMPLE Plans.

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

Prior to July 1, 2019, participants in Certain National Accounts Tier 4 Reduced Fee held units of Tier 4 Reduced Fee. The equivalent prior year history for the years or period ending in 2015 through 2018, as applicable, are not included here. They appear in the section of the Financial Highlights under Tier 4 Reduced Fee Units for the Fund for 2015 through 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

- 216 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)			Bond Fund(2)			Retirement Income Fund(2)			2010 Retirement Fund(2)			2015 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.570		$	6.812		$	1.562		$	1.572		$	1.576

Unit value, end of year	$	2.740		$	7.372		$	1.758		$	1.789		$	1.828

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		326			334			1,262			239			949
Units Redeemed (000’s)(1)		(51	)		(78	)		(47	)		(17	)		(185	)

Units Outstanding (000’s), end of period(1)		275			256			1,215			222			764

Net Assets (000’s), end of period	$	754		$	1,887		$	2,135		$	397		$	1,397

Expense Ratio (A)		0.50%			0.50%			0.50%			0.50%			0.50%

Investment Income Ratio (B)		2.14%			2.54%			1.70%			1.87%			2.03%

Total Return (C)		5.51%			7.11%			11.30%			12.58%			14.77%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)			2025 Retirement Fund(2)			2030 Retirement Fund(2)			2035 Retirement Fund(2)			2040 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	1.597		$	1.665		$	1.720		$	1.721		$	1.710

Unit value, end of year	$	1.889		$	2.006		$	2.109		$	2.141		$	2.138

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		4,166			6,558			4,843			3,316			2,351
Units Redeemed (000’s)(1)		(858	)		(447	)		(578	)		(175	)		(315	)

Units Outstanding (000’s), end of period(1)		3,308			6,111			4,265			3,141			2,036

Net Assets (000’s), end of period	$	6,249		$	12,260		$	8,995		$	6,723		$	4,352

Expense Ratio (A)		0.50%			0.50%			0.50%			0.50%			0.50%

Investment Income Ratio (B)		1.89%			1.71%			1.62%			1.55%			1.52%

Total Return (C)		16.95%			19.20%			21.33%			23.00%			23.63%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(A)(B)(C) Refer to explanatory notes.

- 217 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)			2050 Retirement Fund(2)			2055 Retirement Fund(2)			2060 Retirement Fund(2)			Conservative Allocation Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	1.691		$	1.608		$	1.103		$	8.919		$	1.978

Unit value, end of year	$	2.119		$	2.014		$	1.371		$	11.068		$	2.267

Units outstanding (000’s), beginning of period		—			—			—			—			—
Units Issued (000’s)		3,345			2,361			888			31			1,148
Units Redeemed (000’s)		(253	)		(280	)		(114	)		(2	)		(376	)

Units Outstanding (000’s), end of period		3,092			2,081			774			29			772

Net Assets (000’s), end of period	$	6,552		$	4,192		$	1,062		$	318		$	1,750

Expense Ratio (A)		0.50%			0.50%			0.50%			0.50%			0.50%

Investment Income Ratio (B)		1.54%			1.42%			1.04%			0.09%			2.06%

Total Return (C)		23.92%			24.03%			23.78%			23.91%			13.42%


	Mutual of America Investment Corporation						Fidelity
	Moderate Allocation Fund(2)			Aggressive Allocation Fund(2)			VIP Equity- Income Portfolio(2)			VIP Asset Manager Portfolio(2)			VIP Contrafund Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.506		$	2.916		$	77.418		$	50.354		$	92.431

Unit value, end of year	$	3.002		$	3.599		$	99.354		$	59.956		$	122.472

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		1,266			950			24			28			49
Units Redeemed (000’s)(1)		(139	)		(110	)		(5	)		(3	)		(5	)

Units Outstanding (000’s), end of period(1)		1,127			840			19			25			44

Net Assets (000’s), end of period	$	3,385		$	3,025		$	1,885		$	1,515		$	5,421

Expense Ratio (A)		0.50%			0.50%			0.40%	(D)		0.40%	(D)		0.40%	(D)

Investment Income Ratio (B)		2.02%			1.91%			2.02%			1.79%			0.46%

Total Return (C)		18.56%			22.13%			26.94%			17.78%			31.06%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.50%.

- 218 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity			Vanguard
	VIP Mid Cap Portfolio(2)			VIF Diversified Value Portfolio(2)			VIF International Portfolio(2)			VIF Real Estate Index Portfolio(2)			VIF Total Bond Market Index Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	79.793		$	28.435		$	33.097		$	16.413		$	10.128

Unit value, end of year	$	99.198		$	35.944		$	43.676		$	21.202		$	10.968

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		21			57			78			22			22
Units Redeemed (000’s)(1)		(2	)		(8	)		(10	)		(1	)		—	(E)

Units Outstanding (000’s), end of period(1)		19			49			68			21			22

Net Assets (000’s), end of period	$	1,903		$	1,759		$	2,989		$	447		$	240

Expense Ratio (A)		0.40%	(D)		0.50%			0.50%			0.50%			0.50%

Investment Income Ratio (B)		0.85%			2.88%			1.44%			2.54%			1.32%

Total Return (C)		22.96%			25.07%			30.56%			28.17%			8.13%


	Goldman Sachs						American Century			American Funds			Calvert
	VIT Small Cap Equity Insights Fund(3)			VIT US Equity Insights Fund(3)			VP Capital Appreciation Fund(2)			New World Fund(2)			VP SRI Balanced Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	10.000		$	10.000		$	48.536		$	25.761		$	5.946

Unit value, end of year	$	10.713		$	10.831		$	66.416		$	33.758		$	7.438

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		5			1			42			4			227
Units Redeemed (000’s)(1)		—	(E)		—	(E)		(3	)		(1	)		(5	)

Units Outstanding (000’s), end of period(1)		5			—	(E)		39			3			222

Net Assets (000’s), end of period	$	55		$	—	(F)	$	2,560		$	97		$	1,650

Expense Ratio (A)		0.50%	(G)		0.50%	(G)		0.50%			0.50%			0.50%

Investment Income Ratio (B)		1.00%	(H)		2.17%	(H)		0.04%			1.26%			1.58%

Total Return (C)		7.13%	(H)		8.31%	(H)		35.34%			30.03%			23.79%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.50%

(E)	Less than 500 units.

(F)	Less than $500.

(G)	Annualized.

(H)	Not annualized.

- 219 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Delaware			DWS			Invesco Oppenheimer			MFS			Neuberger Berman Advisers Management Trust
	VIP Small Cap Value Series(3)			Capital Growth VIP(2)			V.I. Main Street Fund(2)			VIT III Mid Cap Value Portfolio(2)			Sustainable Equity Portfolio(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	10.000		$	93.825		$	47.071		$	8.810		$	10.000

Unit value, end of year	$	10.908		$	129.399		$	62.523		$	11.540		$	11.041

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		2			19			5			3			2
Units Redeemed (000’s)(1)		—	(D)		(5	)		—	(D)		—	(D)		—

Units Outstanding (000’s), end of period(1)		2			14			5			3			2

Net Assets (000’s), end of period	$	20		$	1,864		$	315		$	38		$	25

Expense Ratio (A)		0.50%	(F)		0.50%			0.50%			0.25%	(H)		0.50%	(F)

Investment Income Ratio (B)		—			0.42%			1.06%			1.30%			0.38%	(G)

Total Return (C)		9.08%	(G)		36.46%			31.42%			30.79%			10.41%	(G)


	PIMCO			T. Rowe Price			Victory
	VIT Real Return Portfolio(2)			Blue Chip Growth Portfolio(2)			RS Small Cap Growth Equity VIP Series(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019
Unit value, beginning of year	$	13.498		$	31.403		$	10.000

Unit value, end of year	$	14.708		$	41.010		$	10.507

Units outstanding (000’s), beginning of period(1)		—			—			—
Units Issued (000’s)(1)		18			88			—	(D)
Units Redeemed (000’s)(1)		(1	)		(15	)		—

Units Outstanding (000’s), end of period(1)		17			73			—	(D)

Net Assets (000’s), end of period	$	253		$	3,006		$	—	(E)

Expense Ratio (A)		0.40%	(I)		0.25%	(J)		0.45%	(F)(K)

Investment Income Ratio (B)		1.82%			—			—

Total Return (C)		8.18%			29.57%			5.07%	(G)

*	Includes 401(k) and 401(k) SIMPLE Plans.

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

(E)	Less than $500.

(F)	Annualized.

(G)	Not annualized.

(H)	Absent reimbursement by MFS, the expense ratio would have been 0.50%.

(I)	Absent reimbursement by PIMCO, the expense ratio would have been 0.50%.

(J)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 0.50%.

(K)	Absent reimbursement by Victory, the expense ratio would have been 0.50%.

- 220 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Tier 3 Reduced Fee Units*


	Mutual of America Investment Corporation
	Equity Index Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	7.238		$	7.618		$	6.290		$	5.652		$	5.609

Unit value, end of year	$	9.462		$	7.238		$	7.618		$	6.290		$	5.652

Units outstanding (000’s), beginning of year		24,020			22,371			18,392			15,480			26,165
Units Issued (000’s)		4,736			6,561			10,027			7,074			4,899
Units Redeemed (000’s)		(6,253	)		(4,912	)		(6,048	)		(4,162	)		(15,584	)

Units Outstanding (000’s), end of year		22,503			24,020			22,371			18,392			15,480

Net Assets (000’s), end of year	$	212,927		$	173,863		$	170,420		$	115,693		$	87,487

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.65%			1.58%			1.60%			1.76%			1.59%

Total Return (C)		30.73%			-4.99%			21.11%			11.30%			0.76%


	Mutual of America Investment Corporation
	All America Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	19.288		$	21.121		$	17.767		$	16.008		$	16.090

Unit value, end of year	$	24.647		$	19.288		$	21.121		$	17.767		$	16.008

Units outstanding (000’s), beginning of year		2,324			2,484			1,958			1,999			3,856
Units Issued (000’s)		281			317			1,065			591			465
Units Redeemed (000’s)		(545	)		(477	)		(539	)		(632	)		(2,322	)

Units Outstanding (000’s), end of year		2,060			2,324			2,484			1,958			1,999

Net Assets (000’s), end of year	$	50,762		$	44,833		$	52,467		$	34,786		$	32,005

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.25%			1.27%			1.23%			1.36%			1.35%

Total Return (C)		27.78%			-8.68%			18.88%			10.99%			-0.51%

*	Includes 401(k) Plans.

(A)(B)(C) Refer to explanatory notes.

- 221 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Value Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.232		$	2.624		$	2.434		$	2.037		$	2.119

Unit value, end of year	$	2.646		$	2.232		$	2.624		$	2.434		$	2.037

Units outstanding (000’s), beginning of year		18,295			18,932			15,925			14,190			24,315
Units Issued (000’s)		2,459			3,733			8,864			5,446			4,276
Units Redeemed (000’s)		(4,371	)		(4,370	)		(5,857	)		(3,711	)		(14,401	)

Units Outstanding (000’s), end of year		16,383			18,295			18,932			15,925			14,190

Net Assets (000’s), end of year	$	43,351		$	40,827		$	49,680		$	38,764		$	28,905

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		0.83%			1.42%			0.56%			0.86%			0.83%

Total Return (C)		18.57%			-14.96%			7.80%			19.50%			-3.86%


	Mutual of America Investment Corporation
	Small Cap Growth Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year/period	$	2.339		$	2.686		$	2.179		$	2.025		$	2.084

Unit value, end of year/period	$	2.948		$	2.339		$	2.686		$	2.179		$	2.025

Units outstanding (000’s), beginning of year		22,248			23,020			17,967			16,709			26,691
Units Issued (000’s)		3,250			4,691			10,911			6,098			6,264
Units Redeemed (000’s)		(5,876	)		(5,463	)		(5,858	)		(4,840	)		(16,246	)

Units Outstanding (000’s), end of year		19,622			22,248			23,020			17,967			16,709

Net Assets (000’s), end of year	$	57,842		$	52,039		$	61,833		$	39,151		$	33,832

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		0.09%			0.01%			0.02%			—			—

Total Return (C)		26.02%			-12.92%			23.27%			7.62%			-2.85%

(A)(B)(C) Refer to explanatory notes.

- 222 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	8.324		$	10.000

Unit value, end of year/period	$	10.143		$	8.324

Units outstanding (000’s), beginning of year/period		242			—
Units Issued (000’s)		241			277
Units Redeemed (000’s)		(95	)		(35	)

Units Outstanding (000’s), end of year/period		388			242

Net Assets (000’s), end of year/period	$	3,937		$	2,017

Expense Ratio (A)		0.45%			0.45%	(D)

Investment Income Ratio (B)		1.66%			1.22%	(E)

Total Return (C)		21.85%			-16.76%	(E)


	Mutual of America Investment Corporation
	Mid Cap Value Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.056		$	2.404		$	2.101		$	1.817		$	1.889

Unit value, end of year	$	2.601		$	2.056		$	2.404		$	2.101		$	1.817

Units outstanding (000’s), beginning of year		5,860			6,026			4,970			4,286			7,877
Units Issued (000’s)		1,136			1,403			3,183			1,870			2,280
Units Redeemed (000’s)		(1,518	)		(1,569	)		(2,127	)		(1,186	)		(5,871	)

Units Outstanding (000’s), end of year		5,478			5,860			6,026			4,970			4,286

Net Assets (000’s), end of year	$	14,245		$	12,049		$	14,485		$	10,443		$	7,787

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.35%			1.67%			1.04%			1.30%			1.06%

Total Return (C)		26.47%			-14.46%			14.41%			15.66%			-3.80%

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 223 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	4.548		$	5.148		$	4.456		$	3.714		$	3.822

Unit value, end of year	$	5.704		$	4.548		$	5.148		$	4.456		$	3.714

Units outstanding (000’s), beginning of year		22,738			22,363			19,817			18,248			28,504
Units Issued (000’s)		3,503			5,460			10,094			6,919			5,368
Units Redeemed (000’s)		(5,692	)		(5,085	)		(7,548	)		(5,350	)		(15,624	)

Units Outstanding (000’s), end of year		20,549			22,738			22,363			19,817			18,248

Net Assets (000’s), end of year	$	117,222		$	103,401		$	115,116		$	88,298		$	67,770

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.20%			1.35%			1.10%			1.24%			1.12%

Total Return (C)		25.44%			-11.66%			15.53%			19.97%			-2.83%


	Mutual of America Investment Corporation
	Composite Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	10.876		$	11.286		$	10.000		$	9.308		$	9.278

Unit value, end of year	$	12.924		$	10.876		$	11.286		$	10.000		$	9.308

Units outstanding (000’s), beginning of year		3,149			2,934			2,389			2,465			4,431
Units Issued (000’s)		648			776			1,242			735			670
Units Redeemed (000’s)		(837	)		(561	)		(697	)		(811	)		(2,636	)

Units Outstanding (000’s), end of year		2,960			3,149			2,934			2,389			2,465

Net Assets (000’s), end of year	$	38,252		$	34,250		$	33,117		$	23,885		$	22,948

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.20%			2.06%			2.04%			2.05%			2.09%

Total Return (C)		18.84%			-3.64%			12.86%			7.44%			0.32%

(A)(B)(C) Refer to explanatory notes.

- 224 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	International Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	0.957		$	1.110		$	0.896		$	0.885		$	0.895

Unit value, end of year	$	1.153		$	0.957		$	1.110		$	0.896		$	0.885

Units outstanding (000’s), beginning of year		7,734			7,725			5,846			4,814			6,410
Units Issued (000’s)		1,633			2,417			4,111			2,520			2,416
Units Redeemed (000’s)		(2,338	)		(2,408	)		(2,232	)		(1,488	)		(4,012	)

Units Outstanding (000’s), end of year		7,029			7,734			7,725			5,846			4,814

Net Assets (000’s), end of year	$	8,107		$	7,405		$	8,575		$	5,236		$	4,260

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.38%			2.24%			2.16%			2.23%			2.63%

Total Return (C)		20.47%			-13.74%			23.92%			1.24%			-1.10%


	Mutual of America Investment Corporation
	Money Market Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.537		$	2.506		$	2.500		$	2.508		$	2.522

Unit value, end of year	$	2.577		$	2.537		$	2.506		$	2.500		$	2.508

Units outstanding (000’s), beginning of year		6,554			4,960			3,960			3,869			6,948
Units Issued (000’s)		1,948			3,623			2,741			2,079			2,112
Units Redeemed (000’s)		(3,175	)		(2,029	)		(1,741	)		(1,988	)		(5,191	)

Units Outstanding (000’s), end of year		5,327			6,554			4,960			3,960			3,869

Net Assets (000’s), end of year	$	13,727		$	16,630		$	12,431		$	9,899		$	9,702

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.15%			0.25%			0.12%			—			—

Total Return (C)		1.56%			1.25%			0.25%			-0.31%			-0.59%

(A)(B)(C) Refer to explanatory notes.

- 225 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.595		$	2.592		$	2.544		$	2.469		$	2.466

Unit value, end of year	$	2.739		$	2.595		$	2.592		$	2.544		$	2.469

Units outstanding (000’s), beginning of year		12,285			11,802			10,091			9,654			14,698
Units Issued (000’s)		2,226			3,471			5,119			3,707			3,465
Units Redeemed (000’s)		(3,164	)		(2,988	)		(3,408	)		(3,270	)		(8,509	)

Units Outstanding (000’s), end of year		11,347			12,285			11,802			10,091			9,654

Net Assets (000’s), end of year	$	31,084		$	31,878		$	30,588		$	25,675		$	23,839

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.14%			2.12%			2.14%			2.59%			2.28%

Total Return (C)		5.56%			0.12%			1.86%			3.04%			0.13%


	Mutual of America Investment Corporation
	Bond Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	6.877		$	6.896		$	6.686		$	6.414		$	6.424

Unit value, end of year	$	7.370		$	6.877		$	6.896		$	6.686		$	6.414

Units outstanding (000’s), beginning of year		10,069			9,985			8,290			7,276			10,994
Units Issued (000’s)		2,318			2,419			4,370			3,100			2,635
Units Redeemed (000’s)		(2,724	)		(2,335	)		(2,675	)		(2,086	)		(6,353	)

Units Outstanding (000’s), end of year		9,663			10,069			9,985			8,290			7,276

Net Assets (000’s), end of year	$	71,216		$	69,243		$	68,864		$	55,426		$	46,668

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.54%			2.64%			2.70%			2.76%			3.08%

Total Return (C)		7.16%			-0.28%			3.15%			4.24%			-0.15%

(A)(B)(C) Refer to explanatory notes.

- 226 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Retirement Income Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.578		$	1.605		$	1.501		$	1.420		$	1.420

Unit value, end of year	$	1.757		$	1.578		$	1.605		$	1.501		$	1.420

Units outstanding (000’s), beginning of year		10,747			9,837			6,154			6,858			8,213
Units Issued (000’s)		4,081			4,588			5,543			2,988			5,143
Units Redeemed (000’s)		(3,969	)		(3,678	)		(1,860	)		(3,692	)		(6,498	)

Units Outstanding (000’s), end of year		10,859			10,747			9,837			6,154			6,858

Net Assets (000’s), end of year	$	19,083		$	16,962		$	15,785		$	9,240		$	9,741

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.70%			1.71%			1.85%			2.12%			1.76%

Total Return (C)		11.35%			-1.64%			6.87%			5.71%			0.01%


	Mutual of America Investment Corporation
	2010 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.587		$	1.626		$	1.498		$	1.408		$	1.409

Unit value, end of year	$	1.788		$	1.587		$	1.626		$	1.498		$	1.408

Units outstanding (000’s), beginning of year		2,897			2,980			2,709			2,679			4,839
Units Issued (000’s)		429			583			1,400			1,258			805
Units Redeemed (000’s)		(1,461	)		(666	)		(1,129	)		(1,228	)		(2,965	)

Units Outstanding (000’s), end of year		1,865			2,897			2,980			2,709			2,679

Net Assets (000’s), end of year	$	3,334		$	4,599		$	4,845		$	4,056		$	3,771

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.87%			1.96%			2.19%			2.27%			2.13%

Total Return (C)		12.64%			-2.37%			8.57%			6.39%			-0.08%

(A)(B)(C) Refer to explanatory notes.

- 227 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2015 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.592		$	1.648		$	1.497		$	1.396		$	1.399

Unit value, end of year	$	1.828		$	1.592		$	1.648		$	1.497		$	1.396

Units outstanding (000’s), beginning of year		14,175			15,432			14,049			15,433			23,681
Units Issued (000’s)		2,955			4,353			6,488			5,026			7,521
Units Redeemed (000’s)		(4,834	)		(5,610	)		(5,105	)		(6,410	)		(15,769	)

Units Outstanding (000’s), end of year		12,296			14,175			15,432			14,049			15,433

Net Assets (000’s), end of year	$	22,472		$	22,562		$	25,437		$	21,026		$	21,538

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.03%			1.93%			2.03%			2.32%			2.05%

Total Return (C)		14.83%			-3.44%			10.14%			7.24%			-0.21%


	Mutual of America Investment Corporation
	2020 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.614		$	1.689		$	1.508		$	1.395		$	1.400

Unit value, end of year	$	1.888		$	1.614		$	1.689		$	1.508		$	1.395

Units outstanding (000’s), beginning of year		63,327			58,519			42,341			37,777			53,657
Units Issued (000’s)		16,591			20,314			28,265			18,082			19,422
Units Redeemed (000’s)		(24,683	)		(15,506	)		(12,087	)		(13,518	)		(35,302	)

Units Outstanding (000’s), end of year		55,235			63,327			58,519			42,341			37,777

Net Assets (000’s), end of year	$	104,305		$	102,205		$	98,858		$	63,856		$	52,713

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.89%			1.74%			1.68%			1.92%			1.75%

Total Return (C)		17.00%			-4.46%			12.01%			8.08%			-0.34%

(A)(B)(C) Refer to explanatory notes.

- 228 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2025 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.682		$	1.782		$	1.564		$	1.431		$	1.439

Unit value, end of year	$	2.006		$	1.682		$	1.782		$	1.564		$	1.431

Units outstanding (000’s), beginning of year		83,410			70,597			47,216			40,002			50,395
Units Issued (000’s)		26,094			26,852			37,390			19,028			20,193
Units Redeemed (000’s)		(24,503	)		14,039			(14,009	)		(11,814	)		(30,586	)

Units Outstanding (000’s), end of year		85,001			83,410			70,597			47,216			40,002

Net Assets (000’s), end of year	$	170,486		$	140,282		$	125,829		$	73,869		$	57,232

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.71%			1.58%			1.44%			1.72%			1.60%

Total Return (C)		19.26%			-5.64%			13.93%			9.35%			-0.58%


	Mutual of America Investment Corporation
	2030 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.737		$	1.866		$	1.616		$	1.466		$	1.476

Unit value, end of year	$	2.109		$	1.737		$	1.866		$	1.616		$	1.466

Units outstanding (000’s), beginning of year		69,769			57,496			40,504			31,802			39,955
Units Issued (000’s)		20,936			22,772			28,953			16,557			15,196
Units Redeemed (000’s)		(18,889	)		(10,499	)		(11,961	)		(7,855	)		(23,349	)

Units Outstanding (000’s), end of year		71,816			69,769			57,496			40,504			31,802

Net Assets (000’s), end of year	$	151,444		$	121,204		$	107,293		$	65,445		$	46,614

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.62%			1.46%			1.33%			1.65%			1.55%

Total Return (C)		21.39%			-6.91%			15.49%			10.23%			-0.69%

(A)(B)(C) Refer to explanatory notes.

- 229 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2035 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.739		$	1.885		$	1.617		$	1.457		$	1.470

Unit value, end of year	$	2.140		$	1.739		$	1.885		$	1.617		$	1.457

Units outstanding (000’s), beginning of year		60,016			47,896			33,452			25,679			32,459
Units Issued (000’s)		19,662			20,940			23,937			14,976			11,909
Units Redeemed (000’s)		(18,112	)		(8,820	)		(9,493	)		(7,203	)		(18,689	)

Units Outstanding (000’s), end of year		61,566			60,016			47,896			33,452			25,679

Net Assets (000’s), end of year	$	131,749		$	104,364		$	90,306		$	54,081		$	37,424

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.55%			1.38%			1.25%			1.54%			1.45%

Total Return (C)		23.06%			-7.77%			16.62%			10.93%			-0.85%


	Mutual of America Investment Corporation
	2040 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.728		$	1.885		$	1.613		$	1.451		$	1.467

Unit value, end of year	$	2.137		$	1.728		$	1.885		$	1.613		$	1.451

Units outstanding (000’s), beginning of year		50,684			41,312			29,769			25,000			29,158
Units Issued (000’s)		16,131			16,287			21,036			11,823			12,106
Units Redeemed (000’s)		(14,047	)		(7,455	)		(9,493	)		(7,054	)		(16,264	)

Units Outstanding (000’s), end of year		52,768			50,684			41,312			29,769			25,000

Net Assets (000’s), end of year	$	112,785		$	87,583		$	77,887		$	48,023		$	36,280

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.52%			1.35%			1.19%			1.48%			1.39%

Total Return (C)		23.69%			-8.35%			16.87%			11.16%			-1.11%

(A)(B)(C) Refer to explanatory notes.

- 230 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.709		$	1.871		$	1.598		$	1.437		$	1.454

Unit value, end of year	$	2.118		$	1.709		$	1.871		$	1.598		$	1.437

Units outstanding (000’s), beginning of year		60,440			51,041			39,544			32,554			36,538
Units Issued (000’s)		16,285			18,446			24,221			15,320			14,920
Units Redeemed (000’s)		(16,318	)		(9,047	)		(12,724	)		(8,330	)		(18,904	)

Units Outstanding (000’s), end of year		60,407			60,440			51,041			39,544			32,554

Net Assets (000’s), end of year	$	127,960		$	103,266		$	95,511		$	63,194		$	46,791

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.54%			1.37%			1.19%			1.49%			1.41%

Total Return (C)		23.98%			-8.69%			17.09%			11.18%			-1.16%


	Mutual of America Investment Corporation
	2050 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.622		$	1.786		$	1.522		$	1.368		$	1.384

Unit value, end of year	$	2.013		$	1.622		$	1.786		$	1.522		$	1.368

Units outstanding (000’s), beginning of year		40,949			30,495			19,250			10,796			6,508
Units Issued (000’s)		16,132			17,176			18,305			11,340			8,341
Units Redeemed (000’s)		(13,349	)		(6,722	)		(7,060	)		(2,886	)		(4,053	)

Units Outstanding (000’s), end of year		43,732			40,949			30,495			19,250			10,796

Net Assets (000’s), end of year	$	88,046		$	66,439		$	54,445		$	29,295		$	14,764

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.42%			1.21%			0.96%			1.07%			0.83%

Total Return (C)		24.09%			-9.14%			17.34%			11.28%			-1.20%

(A)(B)(C) Refer to explanatory notes.

- 231 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2055 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,									Period Ended December 31, 2016(1)
Selected Per Unit and Supplementary Data:	2019			2018			2017			Period Ended December 31, 2016(1)
Unit value, beginning of year/period	$	1.107		$	1.220		$	1.039		$	1.000

Unit value, end of year/period	$	1.371		$	1.107		$	1.220		$	1.039

Units outstanding (000’s), beginning of year/period		11,949			4,496			244			—
Units Issued (000’s)		12,259			9,799			4,665			269
Units Redeemed (000’s)		(5,024	)		(2,346	)		(413	)		(25	)

Units Outstanding (000’s), end of year/period		19,184			11,949			4,496			244

Net Assets (000’s), end of year/period	$	26,299		$	13,227		$	5,486		$	253

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%	(D)

Investment Income Ratio (B)		1.04%			0.59%			—			—

Total Return (C)		23.84%			-9.28%			17.46%			3.88%	(E)


	Mutual of America Investment Corporation
	2060 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(2)
Unit value, beginning of year/period	$	8.926		$	10.000

Unit value, end of year/period	$	11.065		$	8.926

Units outstanding (000’s), beginning of year/period		84			—
Units Issued (000’s)		460			87
Units Redeemed (000’s)		(93	)		(3	)

Units Outstanding (000’s), end of year/period		451			84

Net Assets (000’s), end of year/period	$	4,986		$	749

Expense Ratio (A)		0.45%			0.45%	(D)

Investment Income Ratio (B)		0.09%			—

Total Return (C)		23.97%			-10.74%	(E)

(1)	For the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 232 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Conservative Allocation Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.997		$	2.048		$	1.888		$	1.778		$	1.778

Unit value, end of year	$	2.266		$	1.997		$	2.048		$	1.888		$	1.778

Units outstanding (000’s), beginning of year		13,506			14,828			10,429			8,827			12,387
Units Issued (000’s)		3,523			3,345			7,814			4,537			4,277
Units Redeemed (000’s)		(4,152	)		(4,667	)		(3,415	)		(2,935	)		(7,837	)

Units Outstanding (000’s), end of year		12,877			13,506			14,828			10,429			8,827

Net Assets (000’s), end of year	$	29,179		$	26,970		$	30,364		$	19,695		$	15,691

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.06%			2.12%			2.12%			2.32%			2.07%

Total Return (C)		13.48%			-2.48%			8.43%			6.23%			-0.04%


	Mutual of America Investment Corporation
	Moderate Allocation Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.531		$	2.659		$	2.349		$	2.163		$	2.170

Unit value, end of year	$	3.002		$	2.531		$	2.659		$	2.349		$	2.163

Units outstanding (000’s), beginning of year		31,704			30,570			23,723			19,957			30,595
Units Issued (000’s)		5,755			7,359			14,186			9,243			8,019
Units Redeemed (000’s)		(8,470	)		(6,225	)		(7,339	)		(5,477	)		(18,657	)

Units Outstanding (000’s), end of year		28,989			31,704			30,570			23,723			19,957

Net Assets (000’s), end of year	$	87,014		$	80,229		$	81,289		$	55,721		$	43,167

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.02%			1.89%			1.86%			2.17%			2.04%

Total Return (C)		18.62%			-4.84%			13.21%			8.59%			-0.31%

(A)(B)(C) Refer to explanatory notes.

- 233 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Aggressive Allocation Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.944		$	3.185		$	2.743		$	2.485		$	2.506

Unit value, end of year	$	3.598		$	2.944		$	3.185		$	2.743		$	2.485

Units outstanding (000’s), beginning of year		21,142			20,860			16,261			14,431			21,351
Units Issued (000’s)		3,954			4,427			9,220			5,666			4,941
Units Redeemed (000’s)		(5,212	)		(4,145	)		(4,621	)		(3,836	)		(11,861	)

Units Outstanding (000’s), end of year		19,884			21,142			20,860			16,261			14,431

Net Assets (000’s), end of year	$	71,537		$	62,247		$	66,430		$	44,598		$	35,861

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.91%			1.71%			1.57%			1.99%			1.83%

Total Return (C)		22.19%			-7.55%			16.11%			10.37%			-0.85%


	Fidelity
	VIP Equity-Income Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	78.213		$	85.579		$	76.062		$	64.672		$	67.589

Unit value, end of year	$	99.329		$	78.213		$	85.579		$	76.062		$	64.672

Units outstanding (000’s), beginning of year		794			834			728			662			1,181
Units Issued (000’s)		114			156			351			248			180
Units Redeemed (000’s)		(186	)		(196	)		(245	)		(182	)		(699	)

Units Outstanding (000’s), end of year		722			794			834			728			662

Net Assets (000’s), end of year	$	71,701		$	62,137		$	71,335		$	55,349		$	42,835

Expense Ratio (A)		0.35%	(D)		0.35%	(D)		0.35%	(D)		0.35%	(D)		0.37%	(D)

Investment Income Ratio (B)		2.02%			2.21%			1.67%			2.38%			3.10%

Total Return (C)		27.00%			-8.61%			12.51%			17.61%			-4.32%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.47% in 2015 and 0.45% in 2016 through 2019.

- 234 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Asset Manager Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	50.868		$	53.929		$	47.423		$	46.160		$	46.271

Unit value, end of year	$	59.941		$	50.868		$	53.929		$	47.423		$	46.160

Units outstanding (000’s), beginning of year		744			769			698			611			984
Units Issued (000’s)		112			158			308			242			220
Units Redeemed (000’s)		(170	)		(183	)		(237	)		(155	)		(593	)

Units Outstanding (000’s), end of year		686			744			769			698			611

Net Assets (000’s), end of year	$	41,112		$	37,840		$	41,479		$	33,119		$	28,219

Expense Ratio (A)		0.35%	(D)		0.35%	(D)		0.35%	(D)		0.35%	(D)		0.37%	(D)

Investment Income Ratio (B)		1.79%			1.66%			1.88%			1.45%			1.56%

Total Return (C)		17.84%			-5.67%			13.72%			2.74%			-0.24%


	Fidelity
	VIP Contrafund Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	93.382		$	100.085		$	82.399		$	76.577		$	76.320

Unit value, end of year	$	122.441		$	93.382		$	100.085		$	82.399		$	76.577

Units outstanding (000’s), beginning of year		1,616			1,637			1,373			1,349			2,491
Units Issued (000’s)		179			314			700			436			369
Units Redeemed (000’s)		(382	)		(335	)		(436	)		(412	)		(1,511	)

Units Outstanding (000’s), end of year		1,413			1,616			1,637			1,373			1,349

Net Assets (000’s), end of year	$	173,004		$	150,927		$	163,794		$	113,175		$	103,269

Expense Ratio (A)		0.35%	(D)		0.35%	(D)		0.35%	(D)		0.35%	(D)		0.37%	(D)

Investment Income Ratio (B)		0.46%			0.70%			0.99%			0.79%			1.02%

Total Return (C)		31.12%			-6.70%			21.46%			7.60%			0.34%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.47% in 2015 and 0.45% in 2016 through 2019.

- 235 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Mid Cap Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	80.617		$	94.657		$	78.619		$	70.292		$	71.543

Unit value, end of year	$	99.173		$	80.617		$	94.657		$	78.619		$	70.292

Units outstanding (000’s), beginning of year		536			533			434			420			720
Units Issued (000’s)		76			133			241			139			143
Units Redeemed (000’s)		(149	)		(130	)		(142	)		(125	)		(443	)

Units Outstanding (000’s), end of year		463			536			533			434			420

Net Assets (000’s), end of year	$	45,926		$	43,219		$	50,408		$	34,160		$	29,517

Expense Ratio (A)		0.35%	(D)		0.35%	(D)		0.35%	(D)		0.35%	(D)		0.37%	(D)

Investment Income Ratio (B)		0.85%			0.64%			0.70%			0.50%			0.49%

Total Return (C)		23.02%			-14.83%			20.40%			11.85%			-1.75%


	Vanguard
	VIF Diversified Value Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	28.717		$	31.739		$	28.173		$	25.071		$	25.804

Unit value, end of year	$	35.935		$	28.717		$	31.739		$	28.173		$	25.071

Units outstanding (000’s), beginning of year		1,670			1,680			1,331			1,065			1,786
Units Issued (000’s)		289			419			863			564			425
Units Redeemed (000’s)		(440	)		(429	)		(514	)		(298	)		(1,146	)

Units Outstanding (000’s), end of year		1,519			1,670			1,680			1,331			1,065

Net Assets (000’s), end of year	$	54,595		$	47,962		$	53,334		$	37,503		$	26,671

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.88%			2.57%			2.77%			2.66%			2.56%

Total Return (C)		25.13%			-9.52%			12.66%			12.37%			-2.84%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.47% in 2015 and 0.45% in 2016 through 2019.

- 236 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF International Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	33.427		$	38.424		$	27.051		$	26.663		$	27.003

Unit value, end of year	$	43.665		$	33.427		$	38.424		$	27.051		$	26.663

Units outstanding (000’s), beginning of year		2,530			2,494			1,955			1,808			2,945
Units Issued (000’s)		386			574			1,114			627			574
Units Redeemed (000’s)		(562	)		(538	)		(575	)		(480	)		(1,711	)

Units Outstanding (000’s), end of year		2,354			2,530			2,494			1,955			1,808

Net Assets (000’s), end of year	$	102,779		$	84,556		$	95,831		$	52,880		$	48,212

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.44%			0.78%			1.06%			1.44%			1.86%

Total Return (C)		30.63%			-13.01%			42.05%			1.46%			-1.26%


	Vanguard
	VIF Real Estate Index Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	16.530		$	17.543		$	16.818		$	15.590		$	15.323

Unit value, end of year	$	21.196		$	16.530		$	17.543		$	16.818		$	15.590

Units outstanding (000’s), beginning of year		712			683			632			365			570
Units Issued (000’s)		349			260			389			528			519
Units Redeemed (000’s)		(234	)		(231	)		(338	)		(261	)		(724	)

Units Outstanding (000’s), end of year		827			712			683			632			365

Net Assets (000’s), end of year	$	17,525		$	11,762		$	11,980		$	10,625		$	5,687

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		2.54%			3.04%			2.57%			2.08%			2.09%

Total Return (C)		28.23%			-5.78%			4.31%			7.88%			1.74%

(A)(B)(C) Refer to explanatory notes.

- 237 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF Total Bond Market Index Portfolio
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year	$	10.135		$	10.000

Unit value, end of year	$	10.965		$	10.135

Units outstanding (000’s), beginning of year		179			—
Units Issued (000’s)		854			203
Units Redeemed (000’s)		(163	)		(24	)

Units Outstanding (000’s), end of year		870			179

Net Assets (000’s), end of year	$	9,541		$	1,816

Expense Ratio (A)		0.45%			0.45%	(D)

Investment Income Ratio (B)		1.32%			—

Total Return (C)		8.19%			1.35%	(E)


	Goldman Sachs
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000		$	10.000

Unit value, end of period	$	10.710		$	10.828

Units outstanding (000’s), beginning of period		—			—
Units Issued (000’s)		6			34
Units Redeemed (000’s)		—	(F)		(17	)

Units Outstanding (000’s), end of period		6			17

Net Assets (000’s), end of period	$	59		$	182

Expense Ratio (A)		0.45%	(D)		0.45%	(D)

Investment Income Ratio (B)		1.00%	(E)		2.17%	(E)

Total Return (C)		7.10%	(E)		8.28%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 238 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	American Century
	VP Capital Appreciation Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	49.036		$	51.806		$	42.589		$	41.333		$	40.640

Unit value, end of year	$	66.399		$	49.036		$	51.806		$	42.589		$	41.333

Units outstanding (000’s), beginning of year		1,315			1,312			1,091			1,081			1,790
Units Issued (000’s)		276			275			599			368			462
Units Redeemed (000’s)		(350	)		(272	)		(378	)		(358	)		(1,171	)

Units Outstanding (000’s), end of year		1,241			1,315			1,312			1,091			1,081

Net Assets (000’s), end of year	$	82,375		$	64,477		$	67,986		$	46,482		$	44,691

Expense Ratio (A)		0.45%			0.45%			0.26%	(D)		0.20%	(D)		0.22%	(D)

Investment Income Ratio (B)		0.04%			—			—			—			—

Total Return (C)		35.41%			-5.35%			21.64%			3.04%			1.71%


	American Funds
	New World Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	25.492		$	30.526		$	23.636		$	22.484		$	23.279

Unit value, end of year	$	33.749		$	25.492		$	30.526		$	23.636		$	22.484

Units outstanding (000’s), beginning of year		121			111			59			33			40
Units Issued (000’s)		41			49			77			39			31
Units Redeemed (000’s)		(40	)		(39	)		(25	)		(13	)		(38	)

Units Outstanding (000’s), end of year		122			121			111			59			33

Net Assets (000’s), end of year	$	4,110		$	3,174		$	3,375		$	1,401		$	735

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.26%			1.08%			1.35%			1.19%			0.90%

Total Return (C)		30.09%			-15.01%			29.15%			5.13%			-3.42%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by American Century, the expense ratio would have been 0.47% in 2015 and 0.45% in 2016 through 2019.

- 239 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Calvert
	VP SRI Balanced Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	6.004		$	6.196		$	5.557		$	5.175		$	5.316

Unit value, end of year	$	7.436		$	6.004		$	6.196		$	5.557		$	5.175

Units outstanding (000’s), beginning of year		4,985			4,957			4,133			3,682			5,300
Units Issued (000’s)		1,001			1,104			1,810			1,137			1,069
Units Redeemed (000’s)		(1,081	)		(1,076	)		(986	)		(686	)		(2,687	)

Units Outstanding (000’s), end of year		4,905			4,985			4,957			4,133			3,682

Net Assets (000’s), end of year	$	36,473		$	29,930		$	30,716		$	22,966		$	19,057

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.58%			1.77%			2.01%			1.86%			0.12%

Total Return (C)		23.85%			-3.10%			11.50%			7.38%			-2.65%



	Delaware
	VIP Small Cap Value Series
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.905

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		20
Units Redeemed (000’s)		—	(F)

Units Outstanding (000’s), end of period		20

Net Assets (000’s), end of period	$	217

Expense Ratio (A)		0.45%	(D)

Investment Income Ratio (B)		—

Total Return (C)		9.05%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 240 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	DWS
	Capital Growth VIP
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	94.759		$	96.729		$	76.927		$	74.123		$	68.566

Unit value, end of year	$	129.366		$	94.759		$	96.729		$	76.927		$	74.123

Units outstanding (000’s), beginning of year		761			733			657			648			1,079
Units Issued (000’s)		131			196			339			217			224
Units Redeemed (000’s)		(209	)		(168	)		(263	)		(208	)		(655	)

Units Outstanding (000’s), end of year		683			761			733			657			648

Net Assets (000’s), end of year	$	88,370		$	72,132		$	70,947		$	50,518		$	48,027

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		0.42%			0.71%			0.71%			0.82%			0.69%

Total Return (C)		36.52%			-2.04%			25.74%			3.78%			8.10%


	Invesco Oppenheimer
	V.I. Main Street Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	47.538		$	51.840		$	44.539		$	40.082		$	38.975

Unit value, end of year	$	62.507		$	47.538		$	51.840		$	44.539		$	40.082

Units outstanding (000’s), beginning of year		261			289			210			186			306
Units Issued (000’s)		64			72			162			100			76
Units Redeemed (000’s)		(60	)		(100	)		(83	)		(76	)		(196	)

Units Outstanding (000’s), end of year		265			261			289			210			186

Net Assets (000’s), end of year	$	16,566		$	12,420		$	14,960		$	9,358		$	7,442

Expense Ratio (A)		0.45%			0.45%			0.45%			0.45%			0.47%

Investment Income Ratio (B)		1.06%			1.16%			1.26%			1.10%			0.92%

Total Return (C)		31.49%			-8.30%			16.39%			11.12%			2.84%

(A)(B)(C) Refer to explanatory notes.

- 241 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	MFS VIT III Mid Cap Value Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(1)
Unit value, beginning of year	$	8.816		$	10.000

Unit value, end of year	$	11.537		$	8.816

Units outstanding (000’s), beginning of year		8			—
Units Issued (000’s)		55			11
Units Redeemed (000’s)		(5	)		(3	)

Units Outstanding (000’s), end of year		58			8

Net Assets (000’s), end of year	$	664		$	73

Expense Ratio (A)		0.20%	(F)		0.20%	(D)(F)

Investment Income Ratio (B)		1.30%			0.90%	(E)

Total Return (C)		30.86%			-11.84%	(E)


	Neuberger Berman Advisers Management Trust
	Sustainable Equity Portfolio
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.038

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		28
Units Redeemed (000’s)		(4	)

Units Outstanding (000’s), end of period		24

Net Assets (000’s), end of period	$	267

Expense Ratio (A)		0.45%	(D)

Investment Income Ratio (B)		0.38%	(E)

Total Return (C)		10.38%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 0.45%.

- 242 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	PIMCO
	VIT Real Return Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	13.587		$	13.928		$	13.456		$	12.861		$	13.262

Unit value, end of year	$	14.705		$	13.587		$	13.928		$	13.456		$	12.861

Units outstanding (000’s), beginning of year		521			453			330			233			242
Units Issued (000’s)		200			221			270			211			217
Units Redeemed (000’s)		(137	)		(153	)		(147	)		(114	)		(226	)

Units Outstanding (000’s), end of year		584			521			453			330			233

Net Assets (000’s), end of year	$	8,591		$	7,074		$	6,304		$	4,445		$	2,998

Expense Ratio (A)(D)		0.35%			0.35%			0.35%			0.35%			0.37%

Investment Income Ratio (B)		1.82%			2.63%			2.53%			2.47%			4.27%

Total Return (C)		8.23%			-2.45%			3.51%			4.63%			-3.02%


	T. Rowe Price
	Blue Chip Growth Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	31.628		$	31.092		$	22.902		$	22.792		$	20.594

Unit value, end of year	$	40.999		$	31.628		$	31.092		$	22.902		$	22.792

Units outstanding (000’s), beginning of year		2,043			1,268			551			543			246
Units Issued (000’s)		682			1,289			946			441			594
Units Redeemed (000’s)		(744	)		(514	)		(229	)		(433	)		(297	)

Units Outstanding (000’s), end of year		1,981			2,043			1,268			551			543

Net Assets (000’s), end of year	$	81,201		$	64,631		$	39,419		$	12,623		$	12,368

Expense Ratio (A)(E)		0.20%			0.20%			0.29%			0.30%			0.32%

Investment Income Ratio (B)		—			3.36%			—			—			—

Total Return (C)		29.63%			1.72%			35.76%			0.48%			10.68%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by PIMCO, the expense ratio would have been 0.47% in 2015 and 0.45% in 2016 through 2019.

(E)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 0.50% in 2014, 0.47% in 2015 and 0.45% in 2016 through 2018.

- 243 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Victory
	RS Small Cap Growth Equity VIP Series
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.504

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		15
Units Redeemed (000’s)		(1	)

Units Outstanding (000’s), end of period		14

Net Assets (000’s), end of period	$	147

Expense Ratio (A)		0.40%	(D)(F)

Investment Income Ratio (B)		—

Total Return (C)		5.04%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by Victory, the expense ratio would have been 0.45%.

- 244 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Tier 4 Reduced Fee Units*


	Mutual of America Investment Corporation
	Equity Index Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	7.166		$	7.554		$	6.247		$	5.621		$	5.585

Unit value, end of year	$	9.354		$	7,166		$	7.554		$	6.247		$	5.621

Units outstanding (000’s), beginning of year		11,869			12,631			15,369			15,362			15,370
Units Issued (000’s)		2,803			3,618			7,304			5,832			4,486
Units Redeemed (000’s)		(4,145	)		(4,380	)		(10,042	)		(5,825	)		(4,494	)

Units Outstanding (000’s), end of year		10,527			11,869			12,631			15,369			15,362

Net Assets (000’s), end of year	$	98,477		$	85,060		$	95,415		$	96,013		$	86,351

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.65%			1.58%			1.60%			1.76%			1.59%

Total Return (C)		30.53%			-5.13%			20.92%			11.13%			0.64%


	Mutual of America Investment Corporation
	All America Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	19.097		$	20.944		$	17.645		$	15.921		$	16.023

Unit value, end of year	$	24.367		$	19.097		$	20.944		$	17.645		$	15.921

Units outstanding (000’s), beginning of year		1,209			1,278			1,868			2,071			2,249
Units Issued (000’s)		197			300			686			573			410
Units Redeemed (000’s)		(368	)		(369	)		(1,276	)		(776	)		(588	)

Units Outstanding (000’s), end of year		1,038			1,209			1,278			1,868			2,071

Net Assets (000’s), end of year	$	25,290		$	23,081		$	26,777		$	32,968		$	32,969

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.25%			1.27%			1.23%			1.36%			1.35%

Total Return (C)		27.59%			-8.82%			18.70%			10.82%			-0.63%

*	Includes 401(k) Plans.

(A)(B)(C) Refer to explanatory notes.

- 245 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Value Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.209		$	2.602		$	2.417		$	2.026		$	2.109

Unit value, end of year	$	2.615		$	2.209		$	2.602		$	2.417		$	2.026

Units outstanding (000’s), beginning of year		8,502			10,456			15,192			16,346			17,994
Units Issued (000’s)		1,314			1,754			5,640			4,651			3,380
Units Redeemed (000’s)		(2,887	)		(3,708	)		(10,376	)		(5,805	)		(5,028	)

Units Outstanding (000’s), end of year		6,929			8,502			10,456			15,192			16,346

Net Assets (000’s), end of year	$	18,121		$	18,782		$	27,203		$	36,718		$	33,110

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		0.83%			1.42%			0.56%			0.86%			0.83%

Total Return (C)		18.39%			-15.09%			7.64%			19.32%			-3.98%


	Mutual of America Investment Corporation
	Small Cap Growth Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year/period	$	2.315		$	2.663		$	2.164		$	2.013		$	2.075

Unit value, end of year/period	$	2.913		$	2.315		$	2.663		$	2.164		$	2.013

Units outstanding (000’s), beginning of year/period		10,636			12,011			16,304			18,644			20,022
Units Issued (000’s)		2,065			2,695			6,833			4,973			4,833
Units Redeemed (000’s)		(3,535	)		(4,070	)		(11,126	)		(7,313	)		(6,211	)

Units Outstanding (000’s), end of year/period		9,166			10,636			12,011			16,304			18,644

Net Assets (000’s), end of year/period	$	26,705		$	24,625		$	31,985		$	35,275		$	37,539

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		0.09%			0.01%			0.02%			—			—

Total Return (C)		25.83%			-13.05%			23.08%			7.45%			-2.97%

(A)(B)(C) Refer to explanatory notes.

- 246 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(1)
Unit value, beginning of year/period	$	8.317		$	10.000

Unit value, end of year/period	$	10.120		$	8.317

Units outstanding (000’s), beginning of year/period		86			—
Units Issued (000’s)		122			115
Units Redeemed (000’s)		(71	)		(29	)

Units Outstanding (000’s), end of year/period		137			86

Net Assets (000’s), end of year/period	$	1,382		$	711

Expense Ratio (A)		0.60%			0.60%	(D)

Investment Income Ratio (B)		1.66%			1.22%	(E)

Total Return (C)		21.67%			-16.83%	(E)


	Mutual of America Investment Corporation
	Mid Cap Value Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.036		$	2.384		$	2.087		$	1.807		$	1.880

Unit value, end of year	$	2.571		$	2.036		$	2.384		$	2.087		$	1.807

Units outstanding (000’s), beginning of year		3,469			3,800			4,711			5,050			5,333
Units Issued (000’s)		868			969			2,507			1,880			1,777
Units Redeemed (000’s)		(1,167	)		(1,300	)		(3,418	)		(2,219	)		(2,060	)

Units Outstanding (000’s), end of year		3,170			3,469			3,800			4,711			5,050

Net Assets (000’s), end of year	$	8,148		$	7,061		$	9,058		$	9,830		$	9,124

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.35%			1.67%			1.04%			1.30%			1.06%

Total Return (C)		26.28%			-14.59%			14.23%			15.49%			-3.92%

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 247 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	4.502		$	5.104		$	4.425		$	3.694		$	3.806

Unit value, end of year	$	5.639		$	4.502		$	5.104		$	4.425		$	3.694

Units outstanding (000’s), beginning of year		11,546			13,323			16,973			16,570			17,068
Units Issued (000’s)		2,190			2,856			7,661			6,408			4,799
Units Redeemed (000’s)		(3,568	)		(4,633	)		(11,311	)		(6,005	)		(5,297	)

Units Outstanding (000’s), end of year		10,168			11,546			13,323			16,973			16,570

Net Assets (000’s), end of year	$	57,340		$	51,980		$	68,002		$	75,101		$	61,202

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.20%			1.35%			1.10%			1.24%			1.12%

Total Return (C)		25.25%			-11.79%			15.35%			19.79%			-2.95%


	Mutual of America Investment Corporation
	Composite Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	10.771		$	11.194		$	9.933		$	9.259		$	9.241

Unit value, end of year	$	12.780		$	10.771		$	11.194		$	9.933		$	9.259

Units outstanding (000’s), beginning of year		1,539			1,652			2,192			2,216			2,404
Units Issued (000’s)		285			416			902			648			538
Units Redeemed (000’s)		(567	)		(529	)		(1,442	)		(672	)		(726	)

Units Outstanding (000’s), end of year		1,257			1,539			1,652			2,192			2,216

Net Assets (000’s), end of year	$	16,062		$	16,576		$	18,496		$	21,774		$	20,519

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.20%			2.06%			2.04%			2.05%			2.09%

Total Return (C)		18.66%			-3.78%			12.69%			7.28%			0.20%

(A)(B)(C) Refer to explanatory notes.

- 248 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	International Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	0.948		$	1.101		$	0.889		$	0.880		$	0.891

Unit value, end of year	$	1.140		$	0.948		$	1.101		$	0.889		$	0.880

Units outstanding (000’s), beginning of year		4,501			5,471			4,459			4,640			4,407
Units Issued (000’s)		1,450			1,220			3,827			2,201			1,781
Units Redeemed (000’s)		(1,601	)		(2,190	)		(2,815	)		(2,382	)		(1,548	)

Units Outstanding (000’s), end of year		4,350			4,501			5,471			4,459			4,640

Net Assets (000’s), end of year	$	4,960		$	4,266		$	6,022		$	3,967		$	4,083

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.38%			2.24%			2.16%			2.23%			2.63%

Total Return (C)		20.29%			-13.88%			23.73%			1.08%			-1.22%


	Mutual of America Investment Corporation
	Money Market Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.513		$	2.485		$	2.483		$	2.494		$	2.512

Unit value, end of year	$	2.548		$	2.513		$	2.485		$	2.483		$	2.494

Units outstanding (000’s), beginning of year		2,434			2,168			2,976			3,204			4,149
Units Issued (000’s)		1,097			1,360			1,802			1,536			1,859
Units Redeemed (000’s)		(980	)		(1,094	)		(2,610	)		(1,764	)		(2,804	)

Units Outstanding (000’s), end of year		2,551			2,434			2,168			2,976			3,204

Net Assets (000’s), end of year	$	6,501		$	6,116		$	5,388		$	7,388		$	7,991

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.15%			0.25%			0.12%			—			—

Total Return (C)		1.40%			1.10%			0.10%			-0.46%			-0.70%

(A)(B)(C) Refer to explanatory notes.

- 249 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.571		$	2.572		$	2.528		$	2.457		$	2.457

Unit value, end of year	$	2.710		$	2.571		$	2.572		$	2.528		$	2.457

Units outstanding (000’s), beginning of year		5,155			5,860			6,933			7,265			8,582
Units Issued (000’s)		1,060			1,557			3,513			2,850			1,974
Units Redeemed (000’s)		(1,929	)		(2,262	)		(4,586	)		(3,182	)		(3,291	)

Units Outstanding (000’s), end of year		4,286			5,155			5,860			6,933			7,265

Net Assets (000’s), end of year	$	11,613		$	13,254		$	15,070		$	17,528		$	17,851

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.14%			2.12%			2.14%			2.59%			2.28%

Total Return (C)		5.40%			0.03%			1.72%			2.89%			0.01%


	Mutual of America Investment Corporation
	Bond Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	6.812		$	6.842		$	6.642		$	6.382		$	6.399

Unit value, end of year	$	7.289		$	6.812		$	6.842		$	6.642		$	6.382

Units outstanding (000’s), beginning of year		4,763			5,729			6,820			6,722			7,466
Units Issued (000’s)		965			1,145			3,208			2,775			2,055
Units Redeemed (000’s)		(1,719	)		(2,111	)		(4,299	)		(2,677	)		(2,799	)

Units Outstanding (000’s), end of year		4,009			4,763			5,729			6,820			6,722

Net Assets (000’s), end of year	$	29,222		$	32,445		$	39,195		$	45,304		$	42,899

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.54%			2.64%			2.70%			2.76%			3.08%

Total Return (C)		7.00%			-0.43%			3.00%			4.08%			-0.26%

(A)(B)(C) Refer to explanatory notes.

- 250 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Retirement Income Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.563		$	1.591		$	1.491		$	1.413		$	1.414

Unit value, end of year	$	1.737		$	1.563		$	1.591		$	1.491		$	1.413

Units outstanding (000’s), beginning of year		7,321			7,912			4,336			3,881			3,922
Units Issued (000’s)		3,567			3,014			7,566			2,630			3,037
Units Redeemed (000’s)		(3,522	)		(3,605	)		(3,990	)		(2,175	)		(3,078	)

Units Outstanding (000’s), end of year		7,366			7,321			7,912			4,336			3,881

Net Assets (000’s), end of year	$	12,797		$	11,440		$	12,589		$	6,464		$	5,481

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.70%			1.71%			1.85%			2.12%			1.76%

Total Return (C)		11.18%			-1.79%			6.71%			5.55%			-0.10%


	Mutual of America Investment Corporation
	2010 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.572		$	1.612		$	1.487		$	1.400		$	1.402

Unit value, end of year	$	1.767		$	1.572		$	1.612		$	1.487		$	1.400

Units outstanding (000’s), beginning of year		1,348			1,500			1,565			2,170			2,570
Units Issued (000’s)		266			334			724			731			619
Units Redeemed (000’s)		(424	)		(486	)		(789	)		(1,336	)		(1,019	)

Units Outstanding (000’s), end of year		1,190			1,348			1,500			1,565			2,170

Net Assets (000’s), end of year	$	2,103		$	2,119		$	2,418		$	2,327		$	3,038

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.87%			1.96%			2.19%			2.27%			2.13%

Total Return (C)		12.47%			-2.51%			8.41%			6.24%			-0.20%

(A)(B)(C) Refer to explanatory notes.

- 251 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2015 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.576		$	1.634		$	1.486		$	1.388		$	1.392

Unit value, end of year	$	1.807		$	1.576		$	1.634		$	1.486		$	1.388

Units outstanding (000’s), beginning of year		8,779			10,350			12,718			13,332			13,797
Units Issued (000’s)		1,363			2,690			4,715			4,982			6,381
Units Redeemed (000’s)		(2,889	)		(4,261	)		(7,083	)		(5,596	)		(6,846	)

Units Outstanding (000’s), end of year		7,253			8,779			10,350			12,718			13,332

Net Assets (000’s), end of year	$	13,102		$	13,832		$	16,914		$	18,898		$	18,502

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.03%			1.93%			2.03%			2.32%			2.05%

Total Return (C)		14.65%			-3.59%			9.98%			7.08%			-0.33%


	Mutual of America Investment Corporation
	2020 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.597		$	1.675		$	1.497		$	1.387		$	1.394

Unit value, end of year	$	1.867		$	1.598		$	1.675		$	1.497		$	1.387

Units outstanding (000’s), beginning of year		34,614			36,689			39,926			36,826			33,029
Units Issued (000’s)		8,740			12,275			20,971			18,225			15,218
Units Redeemed (000’s)		(13,409	)		(14,350	)		(24,208	)		(15,125	)		(11,421	)

Units Outstanding (000’s), end of year		29,945			34,614			36,689			39,926			36,826

Net Assets (000’s), end of year	$	55,892		$	55,301		$	61,446		$	59,785		$	51,095

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.89%			1.74%			1.68%			1.92%			1.75%

Total Return (C)		16.83%			-4.61%			11.85%			7.92%			-0.46%

(A)(B)(C) Refer to explanatory notes.

- 252 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2025 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.665		$	1.767		$	1.553		$	1.423		$	1.433

Unit value, end of year	$	1.982		$	1.665		$	1.767		$	1.553		$	1.423

Units outstanding (000’s), beginning of year		44,237			43,563			46,677			38,021			33,956
Units Issued (000’s)		16,337			14,745			25,061			21,577			15,489
Units Redeemed (000’s)		(16,657	)		(14,071	)		(28,175	)		(12,921	)		(11,424	)

Units Outstanding (000’s), end of year		43,917			44,237			43,563			46,677			38,021

Net Assets (000’s), end of year	$	87,062		$	73,646		$	76,976		$	72,505		$	54,090

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.71%			1.58%			1.44%			1.72%			1.60%

Total Return (C)		19.08%			-5.78%			13.76%			9.19%			-0.70%


	Mutual of America Investment Corporation
	2030 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.720		$	1.850		$	1.604		$	1.457		$	1.469

Unit value, end of year	$	2.084		$	1.720		$	1.850		$	1.604		$	1.457

Units outstanding (000’s), beginning of year		41,634			37,755			38,155			33,205			26,645
Units Issued (000’s)		15,638			15,625			22,269			16,823			14,336
Units Redeemed (000’s)		(12,407	)		(11,746	)		(22,669	)		(11,873	)		(7,776	)

Units Outstanding (000’s), end of year		44,865			41,634			37,755			38,155			33,205

Net Assets (000’s), end of year	$	93,511		$	71,595		$	69,847		$	61,209		$	48,396

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.62%			1.46%			1.33%			1.65%			1.55%

Total Return (C)		21.21%			-7.05%			15.32%			10.07%			-0.82%

(A)(B)(C) Refer to explanatory notes.

- 253 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2035 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.721		$	1.869		$	1.605		$	1.449		$	1.463

Unit value, end of year	$	2.115		$	1.721		$	1.869		$	1.605		$	1.449

Units outstanding (000’s), beginning of year		34,740			33,115			32,296			29,082			24,934
Units Issued (000’s)		12,036			11,819			19,678			13,851			12,077
Units Redeemed (000’s)		(12,742	)		(10,194	)		(18,859	)		(10,637	)		(7,929	)

Units Outstanding (000’s), end of year		34,034			34,740			33,115			32,296			29,082

Net Assets (000’s), end of year	$	71,984		$	59,797		$	61,898		$	51,839		$	42,143

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.55%			1.38%			1.25%			1.54%			1.45%

Total Return (C)		22.88%			-7.91%			16.45%			10.77%			-0.97%


	Mutual of America Investment Corporation
	2040 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.710		$	1.869		$	1.602		$	1.443		$	1.461

Unit value, end of year	$	2.113		$	1.710		$	1.869		$	1.602		$	1.443

Units outstanding (000’s), beginning of year		28,448			26,662			26,692			23,292			20,906
Units Issued (000’s)		9,967			9,613			15,512			11,458			9,881
Units Redeemed (000’s)		(9,744	)		(7,827	)		(15,542	)		(8,058	)		(7,495	)

Units Outstanding (000’s), end of year		28,671			28,448			26,662			26,692			23,292

Net Assets (000’s), end of year	$	60,568		$	48,660		$	49,835		$	42,752		$	33,610

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.52%			1.35%			1.19%			1.48%			1.39%

Total Return (C)		23.51%			-8.49%			16.69%			11.00%			-1.23%

(A)(B)(C) Refer to explanatory notes.

- 254 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.691		$	1.855		$	1.587		$	1.429		$	1.448

Unit value, end of year	$	2.094		$	1.691		$	1.855		$	1.587		$	1.429

Units outstanding (000’s), beginning of year		32,116			31,560			32,421			29,561			26,893
Units Issued (000’s)		10,610			10,241			19,259			13,135			11,301
Units Redeemed (000’s)		(10,390	)		(9,685	)		(20,120	)		(10,275	)		(8,633	)

Units Outstanding (000’s), end of year		32,336			32,116			31,560			32,421			29,561

Net Assets (000’s), end of year	$	67,698		$	54,316		$	58,545		$	51,441		$	42,247

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.54%			1.37%			1.19%			1.49%			1.41%

Total Return (C)		23.79%			-8.83%			16.92%			11.02%			-1.28%


	Mutual of America Investment Corporation
	2050 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.608		$	1.773		$	1.513		$	1.362		$	1.380

Unit value, end of year	$	1.992		$	1.608		$	1.773		$	1.513		$	1.362

Units outstanding (000’s), beginning of year		22,295			19,548			16,730			10,233			5,263
Units Issued (000’s)		9,930			9,490			14,995			11,028			7,237
Units Redeemed (000’s)		(8,313	)		(6,743	)		(12,177	)		(4,531	)		(2,267	)

Units Outstanding (000’s), end of year		23,912			22,295			19,548			16,730			10,233

Net Assets (000’s), end of year	$	47,643		$	35,852		$	34,651		$	25,312		$	13,933

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.42%			1.21%			0.96%			1.07%			0.83%

Total Return (C)		23.90%			-9.28%			17.16%			11.12%			-1.32%

(A)(B)(C) Refer to explanatory notes.

- 255 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2055 Retirement Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,									Period Ended December 31, 2016(1)
Selected Per Unit and Supplementary Data:	2019			2018			2017			Period Ended December 31, 2016(1)
Unit value, beginning of year/period	$	1.103		$	1.218		$	1.038		$	1.000

Unit value, end of year/period	$	1.364		$	1.103		$	1.218		$	1.038

Units outstanding (000’s), beginning of year		7,606			4,126			255			—
Units Issued (000’s)		7,679			6,040			4,860			303
Units Redeemed (000’s)		(2,838	)		(2,560	)		(989	)		(48	)

Units Outstanding (000’s), end of year		12,447			7,606			4,126			255

Net Assets (000’s), end of year	$	16,980		$	8,391		$	5,025		$	265

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%	(D)

Investment Income Ratio (B)		1.04%			0.59%			—			—

Total Return (C)		23.65%			-9.42%			17.28%			3.85%	(E)


	Mutual of America Investment Corporation
	2060 Retirement Fund
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(2)
Unit value, beginning of year/period	$	8.919		$	10.000

Unit value, end of year/period	$	11.040		$	8.919

Units outstanding (000’s), beginning of year/period		48			—
Units Issued (000’s)		293			61
Units Redeemed (000’s)		(65	)		(13	)

Units Outstanding (000’s), end of year/period		276			48

Net Assets (000’s), end of year/period	$	3,044		$	431

Expense Ratio (A)		0.60%			0.60%	(D)

Investment Income Ratio (B)		0.09%			—

Total Return (C)		23.78%			-10.81%	(E)

(1)	For the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 256 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Conservative Allocation Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.978		$	2.032		$	1.876		$	1.769		$	1.772

Unit value, end of year	$	2.241		$	1.978		$	2.032		$	1.876		$	1.769

Units outstanding (000’s), beginning of year		9,165			8,404			9,594			9,906			9,729
Units Issued (000’s)		2,511			2,863			5,275			4,132			4,416
Units Redeemed (000’s)		(2,926	)		(2,102	)		(6,465	)		(4,444	)		(4,239	)

Units Outstanding (000’s), end of year		8,750			9,165			8,404			9,594			9,906

Net Assets (000’s), end of year	$	19,613		$	18,131		$	17,072		$	18,003		$	17,522

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.06%			2.12%			2.12%			2.32%			2.07%

Total Return (C)		13.31%			-2.63%			8.27%			6.08%			-0.16%


	Mutual of America Investment Corporation
	Moderate Allocation Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.506		$	2.638		$	2.333		$	2.152		$	2.161

Unit value, end of year	$	2.968		$	2.506		$	2.638		$	2.333		$	2.152

Units outstanding (000’s), beginning of year		16,973			16,866			21,092			21,965			21,927
Units Issued (000’s)		3,605			5,328			9,737			7,276			6,183
Units Redeemed (000’s)		(5,750	)		(5,221	)		(13,963	)		(8,149	)		(6,145	)

Units Outstanding (000’s), end of year		14,828			16,973			16,866			21,092			21,965

Net Assets (000’s), end of year	$	44,017		$	42,539		$	44,487		$	49,214		$	47,266

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.02%			1.89%			1.86%			2.17%			2.04%

Total Return (C)		18.44%			-4.98%			13.04%			8.43%			-0.44%

(A)(B)(C) Refer to explanatory notes.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Aggressive Allocation Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.916		$	3.158		$	2.724		$	2.472		$	2.496

Unit value, end of year	$	3.557		$	2.916		$	3.158		$	2.724		$	2.472

Units outstanding (000’s), beginning of year		10,447			11,498			14,021			15,927			16,519
Units Issued (000’s)		1,991			2,710			6,300			4,344			3,972
Units Redeemed (000’s)		(3,618	)		(3,761	)		(8,823	)		(6,250	)		(4,564	)

Units Outstanding (000’s), end of year		8,820			10,447			11,498			14,021			15,927

Net Assets (000’s), end of year	$	31,378		$	30,460		$	36,317		$	38,196		$	39,370

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.91%			1.71%			1.57%			1.99%			1.83%

Total Return (C)		22.01%			-7.69%			15.94%			10.20%			-0.97%


	Fidelity
	VIP Equity-Income Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	77.418		$	84.838		$	75.517		$	64.306		$	67.288

Unit value, end of year	$	98.171		$	77.418		$	84.838		$	75.517		$	64.306

Units outstanding (000’s), beginning of year		396			467			629			673			755
Units Issued (000’s)		64			88			247			210			150
Units Redeemed (000’s)		(121	)		(159	)		(409	)		(254	)		(232	)

Units Outstanding (000’s), end of year		339			396			467			629			673

Net Assets (000’s), end of year	$	33,250		$	30,636		$	39,581		$	47,519		$	43,307

Expense Ratio (A)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)

Investment Income Ratio (B)		2.02%			2.21%			1.67%			2.38%			3.10%

Total Return (C)		26.81%			-8.75%			12.34%			17.43%			-4.43%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.60%.

- 258 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Asset Manager Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	50.354		$	53.465		$	47.084		$	45.899		$	46.065

Unit value, end of year	$	59.246		$	50.354		$	53.465		$	47.084		$	45.899

Units outstanding (000’s), beginning of year		327			353			472			568			612
Units Issued (000’s)		47			91			180			141			141
Units Redeemed (000’s)		(112	)		(117	)		(299	)		(237	)		(185	)

Units Outstanding (000’s), end of year		262			327			353			472			568

Net Assets (000’s), end of year	$	15,501		$	16,462		$	18,871		$	22,238		$	26,086

Expense Ratio (A)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)

Investment Income Ratio (B)		1.79%			1.66%			1.88%			1.45%			1.56%

Total Return (C)		17.66%			-5.82%			13.55%			2.58%			-0.36%


	Fidelity
	VIP Contrafund Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2017			2016
Unit value, beginning of year	$	92.431		$	99.218		$	81.809		$	81.809		$	76.143

Unit value, end of year	$	121.012		$	92.431		$	99.218		$	99.218		$	81.809

Units outstanding (000’s), beginning of year		775			930			1,262			1,262			1,460
Units Issued (000’s)		98			159			480			480			347
Units Redeemed (000’s)		(225	)		(314	)		(812	)		(812	)		(545	)

Units Outstanding (000’s), end of year		648			775			930			930			1,262

Net Assets (000’s), end of year	$	78,368		$	71,651		$	92,287		$	92,287		$	103,255

Expense Ratio (A)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)

Investment Income Ratio (B)		0.46%			0.70%			0.99%			0.99%			0.79%

Total Return (C)		30.92%			-6.84%			21.28%			21.28%			7.44%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.60%.

- 259 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Mid Cap Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	79.794		$	93.835		$	78.054		$	69.891		$	71.223

Unit value, end of year	$	98.013		$	79.794		$	93.835		$	78.054		$	69.891

Units outstanding (000’s), beginning of year		276			320			409			453			489
Units Issued (000’s)		50			73			174			130			110
Units Redeemed (000’s)		(92	)		(117	)		(263	)		(174	)		(146	)

Units Outstanding (000’s), end of year		234			276			320			409			453

Net Assets (000’s), end of year	$	22,947		$	21,998		$	29,985		$	31,948		$	31,690

Expense Ratio (A)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)

Investment Income Ratio (B)		0.85%			0.64%			0.70%			0.50%			0.49%

Total Return (C)		22.83%			-14.96%			20.22%			11.68%			-1.87%


	Vanguard
	VIF Diversified Value Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	28.435		$	31.476		$	27.981		$	24.938		$	25.698

Unit value, end of year	$	35.528		$	28.435		$	31.476		$	27.981		$	24.938

Units outstanding (000’s), beginning of year		761			868			1,165			1,235			1,289
Units Issued (000’s)		167			250			517			467			355
Units Redeemed (000’s)		(231	)		(357	)		(814	)		(537	)		(409	)

Units Outstanding (000’s), end of year		697			761			868			1,165			1,235

Net Assets (000’s), end of year	$	24,760		$	21,637		$	27,324		$	32,606		$	30,780

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.88%			2.57%			2.77%			2.66%			2.56%

Total Return (C)		24.95%			-9.66%			12.49%			12.20%			-2.96%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 0.60%.

- 260 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF International Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	33.097		$	38.103		$	26.866		$	26.520		$	26.892

Unit value, end of year	$	43.169		$	33.097		$	38.103		$	26.866		$	26.520

Units outstanding (000’s), beginning of year		1,148			1,250			1,655			1,840			1,980
Units Issued (000’s)		193			313			692			512			436
Units Redeemed (000’s)		(380	)		(415	)		(1,097	)		(697	)		(576	)

Units Outstanding (000’s), end of year		961			1,148			1,250			1,655			1,840

Net Assets (000’s), end of year	$	41,472		$	37,992		$	47,642		$	44,461		$	48,816

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.44%			0.78%			1.06%			1.44%			1.86%

Total Return (C)		30.43%			-13.14%			41.83%			1.30%			-1.38%


	Vanguard
	VIF Real Estate Index Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	16.413		$	17.446		$	16.751		$	15.551		$	15.304

Unit value, end of year	$	21.015		$	16.413		$	17.446		$	16.751		$	15.551

Units outstanding (000’s), beginning of year		411			489			625			503			454
Units Issued (000’s)		173			126			313			481			445
Units Redeemed (000’s)		(191	)		(204	)		(449	)		(359	)		(396	)

Units Outstanding (000’s), end of year		393			411			489			625			503

Net Assets (000’s), end of year	$	8,258		$	6,739		$	8,533		$	10,463		$	7,816

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		2.54%			3.04%			2.57%			2.08%			2.09%

Total Return (C)		28.04%			-5.92%			4.15%			7.71%			1.62%

(A)(B)(C) Refer to explanatory notes.

- 261 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF Total Bond Market Index Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	10.128		$	10.000

Unit value, end of year/period	$	10.940		$	10.128

Units outstanding (000’s), beginning of year/period		57			—
Units Issued (000’s)		349			58
Units Redeemed (000’s)		(71	)		(1	)

Units Outstanding (000’s), end of year/period		335			57

Net Assets (000’s), end of year/period	$	3,663		$	580

Expense Ratio (A)		0.60%			0.60%	(D)

Investment Income Ratio (B)		1.32%			—

Total Return (C)		8.02%			1.28%	(E)


	Goldman Sachs
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000		$	10.000

Unit value, end of period	$	10.702		$	10.820

Units outstanding (000’s), beginning of period		—			—
Units Issued (000’s)		5			1
Units Redeemed (000’s)		—	(F)		—	(F)

Units Outstanding (000’s), end of period		5			1

Net Assets (000’s), end of period	$	49		$	10

Expense Ratio (A)		0.60%	(D)		0.60%	(D)

Investment Income Ratio (B)		1.00%	(E)		2.17%	(E)

Total Return (C)		7.02%	(E)		8.20%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 262 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	American Century
	VP Capital Appreciation Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	48.536		$	51.357		$	42.284		$	41.099		$	40.459

Unit value, end of year	$	65.624		$	48.536		$	51.357		$	42.284		$	41.099

Units outstanding (000’s), beginning of year		671			770			1,042			1,236			1,283
Units Issued (000’s)		132			146			456			321			341
Units Redeemed (000’s)		(237	)		(245	)		(728	)		(515	)		(388	)

Units Outstanding (000’s), end of year		566			671			770			1,042			1,236

Net Assets (000’s), end of year	$	37,144		$	32,547		$	39,539		$	44,075		$	50,788

Expense Ratio (A)		0.60%			0.60%			0.41%	(D)		0.35%	(D)		0.35%	(D)

Investment Income Ratio (B)		0.04%			—			—			—			—

Total Return (C)		35.21%			-5.49%			21.46%			2.88%			1.58%


	American Funds
	New World Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	25.761		$	30.358		$	23.542		$	22.428		$	23.250

Unit value, end of year	$	33.462		$	25.761		$	30.358		$	23.542		$	22.428

Units outstanding (000’s), beginning of year		69			81			65			61			47
Units Issued (000’s)		29			28			51			30			34
Units Redeemed (000’s)		(27	)		(40	)		(35	)		(26	)		(20	)

Units Outstanding (000’s), end of year		71			69			81			65			61

Net Assets (000’s), end of year	$	2,373		$	1,791		$	2,451		$	1,520		$	1,371

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.26%			1.08%			1.35%			1.19%			0.90%

Total Return (C)		29.90%			-15.15%			28.95%			4.97%			-3.53%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by American Century, the expense ratio would have been 0.60%.

- 263 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Calvert
	VP SRI Balanced Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	5.946		$	6.146		$	5.520		$	5.148		$	5.295

Unit value, end of year	$	7.353		$	5.946		$	6.146		$	5.520		$	5.148

Units outstanding (000’s), beginning of year		2,957			3,092			3,397			3,585			3,935
Units Issued (000’s)		627			809			1,593			941			818
Units Redeemed (000’s)		(970	)		(944	)		(1,898	)		(1,129	)		(1,168	)

Units Outstanding (000’s), end of year		2,614			2,957			3,092			3,397			3,585

Net Assets (000’s), end of year	$	19,222		$	17,581		$	19,005		$	18,753		$	18,458

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.58%			1.77%			2.01%			1.86%			0.12%

Total Return (C)		23.66%			-3.25%			11.34%			7.22%			-2.77%


	Delaware
	VIP Small Cap Value Series
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.897

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		4
Units Redeemed (000’s)		—	(F)

Units Outstanding (000’s), end of period		4

Net Assets (000’s), end of period	$	46

Expense Ratio (A)		0.60%	(D)

Investment Income Ratio (B)		—

Total Return (C)		8.97%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 264 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	DWS
	Capital Growth VIP
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	93.825		$	95.922		$	76.401		$	73.727		$	68.283

Unit value, end of year	$	127.899		$	93.825		$	95.922		$	76.401		$	73.727

Units outstanding (000’s), beginning of year		378			406			534			635			658
Units Issued (000’s)		80			107			229			166			154
Units Redeemed (000’s)		(117	)		(135	)		(357	)		(267	)		(177	)

Units Outstanding (000’s), end of year		341			378			406			534			635

Net Assets (000’s), end of year	$	43,590		$	35,511		$	38,965		$	40,773		$	46,816

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		0.42%			0.71%			0.71%			0.82%			0.69%

Total Return (C)		36.32%			-2.19%			25.55%			3.63%			7.97%


	Invesco Oppenheimer
	V.I. Main Street Fund
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	47.071		$	51.409		$	44.235		$	39.868		$	38.815

Unit value, end of year	$	61.800		$	47.071		$	51.409		$	44.235		$	39.868

Units outstanding (000’s), beginning of year		138			171			219			213			201
Units Issued (000’s)		36			40			102			91			80
Units Redeemed (000’s)		(46	)		(73	)		(150	)		(85	)		(68	)

Units Outstanding (000’s), end of year		128			138			171			219			213

Net Assets (000’s), end of year	$	7,894		$	6,498		$	8,801		$	9,682		$	8,483

Expense Ratio (A)		0.60%			0.60%			0.60%			0.60%			0.60%

Investment Income Ratio (B)		1.06%			1.16%			1.26%			1.10%			0.92%

Total Return (C)		31.29%			-8.44%			16.22%			10.95%			2.71%

(A)(B)(C) Refer to explanatory notes.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	MFS
	VIT III Mid Cap Value Portfolio
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	8.810		$	10.000

Unit value, end of year/period	$	11.511		$	8.810

Units outstanding (000’s), beginning of year/period		4			—
Units Issued (000’s)		42			4
Units Redeemed (000’s)		(9	)		—	(G)

Units Outstanding (000’s), end of year/period		37			4

Net Assets (000’s), end of year/period	$	428		$	35

Expense Ratio (A)		0.35%	(F)		0.35%	(D)(F)

Investment Income Ratio (B)		1.30%			0.90%	(E)

Total Return (C)		30.66%			-11.90%	(E)


	Neuberger Berman Advisers Management Trust
	Sustainable Equity Portfolio
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.029

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		8
Units Redeemed (000’s)		—	(G)

Units Outstanding (000’s), end of period		8

Net Assets (000’s), end of period	$	90

Expense Ratio (A)		0.60%	(D)

Investment Income Ratio (B)		0.38%	(E)

Total Return (C)		10.29%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 0.60%.

(G)	Less than 500 units.

- 266 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	PIMCO
	VIT Real Return Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	13.498		$	13.858		$	13.408		$	12.829		$	13.239

Unit value, end of year	$	14.587		$	13.498		$	13.858		$	13.408		$	12.829

Units outstanding (000’s), beginning of year		210			245			262			247			204
Units Issued (000’s)		124			79			177			137			167
Units Redeemed (000’s)		(87	)		(114	)		(194	)		(122	)		(124	)

Units Outstanding (000’s), end of year		247			210			245			262			247

Net Assets (000’s), end of year	$	3,610		$	2,834		$	3,390		$	3,506		$	3,169

Expense Ratio (A)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)		0.50%	(D)

Investment Income Ratio (B)		1.82%			2.63%			2.53%			2.47%			4.27%

Total Return (C)		8.07%			-2.60%			3.36%			4.51%			-3.10%


	T. Rowe Price
	Blue Chip Growth Portfolio
Selected Per Unit and Supplementary Data:	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	31.403		$	30.918		$	22.809		$	22.734		$	20.566

Unit value, end of year	$	40.646		$	31.403		$	30.918		$	22.809		$	22.734

Units outstanding (000’s), beginning of year		999			791			526			553			200
Units Issued (000’s)		403			663			743			372			470
Units Redeemed (000’s)		(429	)		(455	)		(478	)		(399	)		(117	)

Units Outstanding (000’s), end of year		973			999			791			526			553

Net Assets (000’s), end of year	$	39,546		$	31,373		$	24,450		$	11,990		$	12,580

Expense Ratio (A)		0.35%	(E)		0.35%	(E)		0.44%	(E)		0.45%	(E)		0.45%	(E)

Investment Income Ratio (B)		—			3.36%			—			—			—

Total Return (C)		29.43%			1.57%			35.55%			0.33%			10.54%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by PIMCO, the expense ratio would have been 0.60%.

(E)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 0.60%.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Victory
	RS Small Cap Growth Equity VIP Series
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.496

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		8
Units Redeemed (000’s)		(1	)

Units Outstanding (000’s), end of period		7

Net Assets (000’s), end of period	$	70

Expense Ratio (A)		0.55%	(D)(F)

Investment Income Ratio (B)		—

Total Return (C)		4.96%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by Victory, the expense ratio would have been 0.60%.

- 268 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Certain National Accounts Tier 5 Reduced Fee Units*

Year Ended December 31,


	Mutual of America Investment Corporation
	Equity Index Fund(2)			All America Fund(2)			Small Cap Value Fund(2)			Small Cap Growth Fund(2)			Small Cap Equity Index Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	6.700		$	17.853		$	2.065		$	2.165		$	8.303

Unit value, end of year	$	8.719		$	22.711		$	2.438		$	2.716		$	10.072

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		354			13			178			242			2
Units Redeemed (000’s)(1)		(17	)		(1	)		(31	)		(27	)		—	(D)

Units Outstanding (000’s), end of period(1)		337			12			147			215			2

Net Assets (000’s), end of period	$	2,935		$	266		$	359		$	585		$	21

Expense Ratio (A)		0.90%			0.90%			0.90%			0.90%			0.90%

Investment Income Ratio (B)		1.65%			1.25%			0.83%			0.09%			1.66%

Total Return (C)		30.14%			27.21%			18.04%			25.46%			21.31%


	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)			Mid-Cap Equity Index Fund(2)			Composite Fund(2)			International Fund(2)			Money Market Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	1.903		$	4.209		$	10.066		$	0.895		$	2.348

Unit value, end of year	$	2.396		$	5.257		$	11.909		$	1.073		$	2.374

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		70			270			41			154			103
Units Redeemed (000’s)(1)		(17	)		(25	)		(4	)		(4	)		(16	)

Units Outstanding (000’s), end of period(1)		53			245			37			150			87

Net Assets (000’s), end of period	$	128		$	1,288		$	442		$	161		$	206

Expense Ratio (A)		0.90%			0.90%			0.90%			0.90%			0.90%

Investment Income Ratio (B)		1.35%			1.20%			2.20%			2.38%			1.15%

Total Return (C)		25.90%			24.88%			18.30%			19.93%			1.10%

*	Includes 401(k) and 401(k) SIMPLE Plans.

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

Prior to July 1, 2019, participants in Certain National Accounts Tier 5 Reduced Fee held units of Standard from January 1, 2015 to June 30, 2017 and Tier 5 Reduced Fee from July 1, 2017 to June 30, 2019. The equivalent prior year history for the years or period ending in 2015 through 2018, as applicable, are not included here. They appear in the section of the Financial Highlights for the Fund under Standard for 2015 through 2016 and Tier 5 Reduced Fee Units for 2017 through 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

- 269 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)			Bond Fund(2)			Retirement Income Fund(2)			2010 Retirement Fund(2)			2015 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.402		$	6.365		$	1.474		$	1.483		$	1.487

Unit value, end of year	$	2.524		$	6.790		$	1.634		$	1.663		$	1.700

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		89			73			389			60			399
Units Redeemed (000’s)(1)		(30	)		(7	)		(37	)		—	(D)		(36	)

Units Outstanding (000’s), end of period(1)		59			66			352			60			363

Net Assets (000’s), end of period	$	149		$	446		$	575		$	100		$	617

Expense Ratio (A)		0.90%			0.90%			0.90%			0.90%			0.90%

Investment Income Ratio (B)		2.14%			2.54%			1.70%			1.87%			2.03%

Total Return (C)		5.09%			6.68%			10.85%			12.13%			14.31%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)			2025 Retirement Fund(2)			2030 Retirement Fund(2)			2035 Retirement Fund(2)			2040 Retirement Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	1.508		$	1.571		$	1.623		$	1.624		$	1.614

Unit value, end of year	$	1.756		$	1.865		$	1.961		$	1.990		$	1.988

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		2,081			2,844			2,230			1,943			1,407
Units Redeemed (000’s)(1)		(261	)		(163	)		(107	)		(143	)		(127	)

Units Outstanding (000’s), end of period(1)		1,820			2,681			2,123			1,800			1,280

Net Assets (000’s), end of period	$	3,197		$	5,002		$	4,163		$	3,582		$	2,544

Expense Ratio (A)		0.90%			0.90%			0.90%			0.90%			0.90%

Investment Income Ratio (B)		1.89%			1.71%			1.62%			1.55%			1.52%

Total Return (C)		16.48%			18.72%			20.84%			22.51%			23.14%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

- 270 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)			2050 Retirement Fund(2)			2055 Retirement Fund(2)			2060 Retirement Fund(2)			Conservative Allocation Fund(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	1.596		$	1.554		$	1.092		$	8.902		$	1.848

Unit value, end of year	$	1.970		$	1.920		$	1.347		$	10.987		$	2.088

Units outstanding (000’s), beginning of period		—			—			—			—			—
Units Issued (000’s)		1,647			1,161			539			9			584
Units Redeemed (000’s)		(187	)		(160	)		(74	)		—	(D)		(128	)

Units Outstanding (000’s), end of period		1,460			1,001			465			9			456

Net Assets (000’s), end of period	$	2,877		$	1,923		$	627		$	102		$	952

Expense Ratio (A)		0.90%			0.90%			0.90%			0.90%			0.90%

Investment Income Ratio (B)		1.54%			1.42%			1.04%			0.09%			2.06%

Total Return (C)		23.42%			23.53%			23.28%			23.41%			12.97%


	Mutual of America Investment Corporation						Fidelity
	Moderate Allocation Fund(2)			Aggressive Allocation Fund(2)			VIP Equity- Income Portfolio(2)			VIP Asset Manager Portfolio(2)			VIP Contrafund Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	2.342		$	2.725		$	72.393		$	47.082		$	86.432

Unit value, end of year	$	2.766		$	3.315		$	91.526		$	55.230		$	112.820

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		1,061			342			6			13			19
Units Redeemed (000’s)(1)		(127	)		(31	)		—	(D)		(1	)		(3	)

Units Outstanding (000’s), end of period(1)		934			311			6			12			16

Net Assets (000’s), end of period	$	2,583		$	1,030		$	512		$	686		$	1,802

Expense Ratio (A)		0.90%			0.90%			0.80%	(E)		0.80%	(E)		0.80%	(E)

Investment Income Ratio (B)		2.02%			1.91%			2.02%			1.79%			0.46%

Total Return (C)		18.09%			21.65%			26.43%			17.31%			30.53%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

(E)	Absent reimbursement by Fidelity, the expense ratio would have been 0.90%.

- 271 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity			Vanguard
	VIP Mid Cap Portfolio(2)			VIF Diversified Value Portfolio(2)			VIF International Portfolio(2)			VIF Real Estate Index Portfolio(2)			VIF Total Bond Market Index Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	74.617		$	26.583		$	30.943		$	15.951		$	10.110

Unit value, end of year	$	91.381		$	33.115		$	40.239		$	20.361		$	10.888

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		5			17			32			14			17
Units Redeemed (000’s)(1)		(1	)		(5	)		(2	)		(1	)		(8	)

Units Outstanding (000’s), end of period(1)		4			12			30			13			9

Net Assets (000’s), end of period	$	326		$	385		$	1,211		$	269		$	101

Expense Ratio (A)		0.80%	(G)		0.90%			0.90%			0.90%			0.90%

Investment Income Ratio (B)		0.85%			2.88%			1.44%			2.54%			1.32%

Total Return (C)		22.47%			24.57%			30.04%			27.65%			7.70%


	Goldman Sachs						American Century			American Funds			Calvert
	VIT Small Cap Equity Insights Fund(3)			VIT US Equity Insights Fund(3)			VP Capital Appreciation Fund(2)			New World Fund(2)			VP SRI Balanced Portfolio(2)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019			2019			2019
Unit value, beginning of year	$	10.000		$	10.000		$	45.393		$	25.032		$	5.557

Unit value, end of year	$	10.689	(H)	$	10.806	(H)	$	61.190		$	32.419		$	6.852

Units outstanding (000’s), beginning of period(1)		—			—			—			—			—
Units Issued (000’s)(1)		—			—			19			—	(D)		32
Units Redeemed (000’s)(1)		—			—			(1	)		—	(D)		—	(D)

Units Outstanding (000’s), end of period(1)		—			—			18			—	(D)		32

Net Assets (000’s), end of period	$	—		$	—		$	1,085		$	9		$	219

Expense Ratio (A)		0.90%	(E)		0.90%	(E)		0.90%			0.90%			0.90%

Investment Income Ratio (B)		1.00%	(F)		2.17%	(F)		0.04%			1.26%			1.58%

Total Return (C)		6.89%	(F)(I)		8.06%	(F)(I)		34.80%			29.51%			23.29%

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Less than 500 units.

(E)	Annualized.

(F)	Not annualized.

(G)	Absent reimbursement by Fidelity, the expense ratio would have been 0.90%

(H)	The Subaccount does not have any Units issued as of the end of the year or period. The Unit Value is calculated based on the underlying fund or portfolio’s net asset value adjusted for a daily expense factor.

(I)	The total return is derived from the change in value of the underlying fund or portfolio net asset value for the period adjusted for dividends, as applicable, and reduced by the Separate Account charges against the Subaccount’s assets for the number of days in the period.

- 272 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Delaware			DWS			Invesco Oppenheimer		MFS			Neuberger Berman Advisers Management Trust
	VIP Small Cap Value Series(3)			Capital Growth VIP(2)			V.I. Main Street Fund(2)		VIT III Mid Cap Value Portfolio(2)			Sustainable Equity Portfolio(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019		2019			2019
Unit value, beginning of year	$	10.000		$	87.716		$	44.044	$	8.794		$	10.000

Unit value, end of year	$	10.883	(J)	$	119.214		$	57.601	$	11.456		$	11.015	(J)

Units outstanding (000’s), beginning of period(1)		—			—			—		—			—
Units Issued (000’s)(1)		—			7			3		1			—
Units Redeemed (000’s)(1)		—			(1	)		—		—			—

Units Outstanding (000’s), end of period(1)		—			6			3		1			—

Net Assets (000’s), end of period	$	—		$	672		$	148	$	10		$	—

Expense Ratio (A)		0.90%	(D)		0.90%			0.90%		0.65%	(F)		0.90%	(D)

Investment Income Ratio (B)		—			0.42%			1.06%		1.30%			0.38%	(E)

Total Return (C)		8.83%	(E)(K)		35.91%			30.90%		30.27%			10.15%	(E)(K)


	PIMCO			T. Rowe Price			Victory
	VIT Real Return Portfolio(2)			Blue Chip Growth Portfolio(2)			RS Small Cap Growth Equity VIP Series(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2019			2019
Unit value, beginning of year	$	13.111		$	30.518		$	10.000

Unit value, end of year	$	14.127		$	39.384		$	10.483	(J)

Units outstanding (000’s), beginning of period(1)		—			—			—
Units Issued (000’s)(1)		5			32			—
Units Redeemed (000’s)(1)		—			(5	)		—

Units Outstanding (000’s), end of period(1)		5			27			—

Net Assets (000’s), end of period	$	75		$	1,047		$	—

Expense Ratio (A)		0.80%	(G)		0.65%	(H)		0.85%	(D)(I)

Investment Income Ratio (B)		1.82%			—			—

Total Return (C)		7.74%			29.05%			4.83%	(E)(K)

(1)	Unit activity for the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(2)

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 0.90%.

(G)	Absent reimbursement by PIMCO, the expense ratio would have been 0.90%.

(H)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 0.90%.

(I)	Absent reimbursement by Victory, the expense ratio would have been 0.90%.

(J)	The Subaccount does not have any Units issued as of the end of the year or period. The Unit Value is calculated based on the underlying fund or portfolio’s net asset value adjusted for a daily expense factor.

(K)	The total return is derived from the change in value of the underlying fund or portfolio net asset value for the period adjusted for dividends, as applicable, and reduced by the Separate Account charges against the Subaccount’s assets for the number of days in the period.

- 273 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Tier 5 Reduced Fee Units*


	Mutual of America Investment Corporation
	Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	6.700		$	7.087		$	5.889

Unit value, end of year	$	8.715		$	6.700		$	7.087

Units outstanding (000’s), beginning of year/period(1)		5,112			5,705			—
Units Issued (000’s)(1)		1,801			1,997			6,759
Units Redeemed (000’s)(1)		(2,019	)		(2,590	)		(1,054	)

Units Outstanding (000’s), end of year/period(1)		4,894			5,112			5,705

Net Assets (000’s), end of year/period	$	42,654		$	34,250		$	40,433

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.65%			1.58%			1.60%

Total Return (C)		30.07%			-5.47%			20.35%


	Mutual of America Investment Corporation
	All America Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	17.853		$	19.649		$	16.633

Unit value, end of year	$	22.700		$	17.853		$	19.649

Units outstanding (000’s), beginning of year/period(1)		453			642			—
Units Issued (000’s)(1)		87			147			744
Units Redeemed (000’s)(1)		(200	)		(336	)		(102	)

Units Outstanding (000’s), end of year/period(1)		340			453			642

Net Assets (000’s), end of year/period	$	7,707		$	8,094		$	12,607

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.25%			1.27%			1.23%

Total Return (C)		27.15%			-9.14%			18.13%

*	Includes 401(k) Plans.

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 274 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Value Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.065		$	2.441		$	2.279

Unit value, end of year	$	2.437		$	2.065		$	2.441

Units outstanding (000’s), beginning of year/period(1)		3,634			4,249			—
Units Issued (000’s)(1)		934			1,295			5,164
Units Redeemed (000’s)(1)		(1,396	)		(1,910	)		(915	)

Units Outstanding (000’s), end of year/period(1)		3,172			3,634			4,249

Net Assets (000’s), end of year/period	$	7,728		$	7,506		$	10,371

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		0.83%			1.42%			0.56%

Total Return (C)		17.98%			-15.39%			7.13%


	Mutual of America Investment Corporation
	Small Cap Growth Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	2.165		$	2.499		$	2.040

Unit value, end of year/period	$	2.715		$	2.165		$	2.499

Units outstanding (000’s), beginning of year/period(1)		4,792			5,252			—
Units Issued (000’s)(1)		1,349			1,885			6,267
Units Redeemed (000’s)(1)		(2,014	)		(2,345	)		(1,015	)

Units Outstanding (000’s), end of year/period(1)		4,127			4,792			5,252

Net Assets (000’s), end of year/period	$	11,204		$	10,375		$	13,123

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		0.09%			0.01%			0.02%

Total Return (C)		25.40%			-13.36%			22.50%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 275 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(3)
Unit value, beginning of year/period	$	8.303		$	10.000

Unit value, end of year/period	$	10.066		$	8.303

Units outstanding (000’s), beginning of year/period		33			—
Units Issued (000’s)		40			35
Units Redeemed (000’s)		(13	)		(2	)

Units Outstanding (000’s), end of year/period		60			33

Net Assets (000’s), end of year/period	$	600		$	272

Expense Ratio (A)		0.95%			0.95%	(D)

Investment Income Ratio (B)		1.66%			1.22%	(E)

Total Return (C)		21.25%			-16.97%	(E)


	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.903		$	2.236		$	1.967

Unit value, end of year	$	2.395		$	1.903		$	2.236

Units outstanding (000’s), beginning of year/period(1)		1,535			1,752			—
Units Issued (000’s)(1)		403			557			2,056
Units Redeemed (000’s)(1)		(851	)		(774	)		(304	)

Units Outstanding (000’s), end of year/period(1)		1,087			1,535			1,752

Net Assets (000’s), end of year/period	$	2,603		$	2,922		$	3,918

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.35%			1.67%			1.04%

Total Return (C)		24.84%			-14.89%			13.69%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 276 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	4.209		$	4.789		$	4.171

Unit value, end of year	$	5.254		$	4.209		$	4.789

Units outstanding (000’s), beginning of year/period(1)		4,573			5,414			—
Units Issued (000’s)(1)		1,328			1,539			6,575
Units Redeemed (000’s)(1)		(1,818	)		(2,380	)		(1,161	)

Units Outstanding (000’s), end of year/period(1)		4,083			4,573			5,414

Net Assets (000’s), end of year/period	$	21,450		$	19,250		$	25,927

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.20%			1.35%			1.10%

Total Return (C)		24.82%			-12.10%			14.80%


	Mutual of America Investment Corporation
	Composite Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	10.066		$	10.499		$	9.362

Unit value, end of year	$	11.903		$	10.066		$	10.499

Units outstanding (000’s), beginning of year/period(1)		719			827			—
Units Issued (000’s)(1)		174			241			914
Units Redeemed (000’s)(1)		(280	)		(349	)		(87	)

Units Outstanding (000’s), end of year/period(1)		613			719			827

Net Assets (000’s), end of year/period	$	7,292		$	7,237		$	8,682

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.20%			2.06%			2.04%

Total Return (C)		18.24%			-4.12%			12.15%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 277 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	International Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	0.895		$	1.042		$	0.846

Unit value, end of year	$	1.072		$	0.895		$	1.042

Units outstanding (000’s), beginning of year/period(1)		2,028			1,707			—
Units Issued (000’s)(1)		726			1,090			2,249
Units Redeemed (000’s)(1)		(1,139	)		(769	)		(542	)

Units Outstanding (000’s), end of year/period(1)		1,615			2,028			1,707

Net Assets (000’s), end of year/period	$	1,732		$	1,814		$	1,779

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.38%			2.24%			2.16%

Total Return (C)		19.87%			-14.18%			23.14%


	Mutual of America Investment Corporation
	Money Market Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.348		$	2.331		$	2.340

Unit value, end of year	$	2.373		$	2.348		$	2.331

Units outstanding (000’s), beginning of year/period(1)		1,748			1,648			—
Units Issued (000’s)(1)		701			888			1,935
Units Redeemed (000’s)(1)		(991	)		(788	)		(287	)

Units Outstanding (000’s), end of year/period(1)		1,458			1,748			1,648

Net Assets (000’s), end of year/period	$	3,460		$	4,103		$	3,842

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.15%			0.25%			0.12%

Total Return (C)		1.05%			0.74%			-0.38%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 278 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.402		$	2.411		$	2.382

Unit value, end of year	$	2.523		$	2.402		$	2.411

Units outstanding (000’s), beginning of year/period(1)		2,118			2,590			—
Units Issued (000’s)(1)		573			877			3,086
Units Redeemed (000’s)(1)		(902	)		(1,349	)		(496	)

Units Outstanding (000’s), end of year/period(1)		1,789			2,118			2,590

Net Assets (000’s), end of year/period	$	4,512		$	5,088		$	6,245

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.14%			2.12%			2.14%

Total Return (C)		5.04%			-0.38%			1.22%


	Mutual of America Investment Corporation
	Bond Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	6.365		$	6.415		$	6.258

Unit value, end of year	$	6.786		$	6.365		$	6.415

Units outstanding (000’s), beginning of year/period(1)		1,762			2,164			—
Units Issued (000’s)(1)		555			761			2,597
Units Redeemed (000’s)(1)		(668	)		(1,163	)		(433	)

Units Outstanding (000’s), end of year/period(1)		1,649			1,762			2,164

Net Assets (000’s), end of year/period	$	11,194		$	11,214		$	13,885

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.54%			2.64%			2.70%

Total Return (C)		6.63%			-0.79%			2.50%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 279 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Retirement Income Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.474		$	1.507		$	1.419

Unit value, end of year	$	1.634		$	1.474		$	1.507

Units outstanding (000’s), beginning of year/period(1)		2,662			3,021			—
Units Issued (000’s)(1)		2,212			1,646			3,425
Units Redeemed (000’s)(1)		(1,956	)		(2,005	)		(404	)

Units Outstanding (000’s), end of year/period(1)		2,918			2,662			3,021

Net Assets (000’s), end of year/period	$	4,766		$	3,924		$	4,552

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.70%			1.71%			1.85%

Total Return (C)		10.79%			-2.14%			6.20%


	Mutual of America Investment Corporation
	2010 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.483		$	1.527		$	1.415

Unit value, end of year	$	1.662		$	1.483		$	1.527

Units outstanding (000’s), beginning of year/period(1)		767			877			—
Units Issued (000’s)(1)		583			195			992
Units Redeemed (000’s)(1)		(228	)		(305	)		(115	)

Units Outstanding (000’s), end of year/period(1)		1,122			767			877

Net Assets (000’s), end of year/period	$	1,865		$	1,138		$	1,339

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.87%			1.96%			2.19%

Total Return (C)		12.08%			-2.86%			7.89%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 280 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2015 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.487		$	1.548		$	1.414

Unit value, end of year	$	1.699		$	1.487		$	1.548

Units outstanding (000’s), beginning of year/period(1)		3,129			4,960			—
Units Issued (000’s)(1)		915			745			5,797
Units Redeemed (000’s)(1)		(1,236	)		(2,576	)		(837	)

Units Outstanding (000’s), end of year/period(1)		2,808			3,129			4,960

Net Assets (000’s), end of year/period	$	4,770		$	4,653		$	7,677

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.03%			1.93%			2.03%

Total Return (C)		14.25%			-3.93%			9.45%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.508		$	1.586		$	1.425

Unit value, end of year	$	1.755		$	1.508		$	1.586

Units outstanding (000’s), beginning of year/period(1)		15,907			17,229			—
Units Issued (000’s)(1)		5,206			5,737			21,467
Units Redeemed (000’s)(1)		(7,010	)		(7,059	)		(4,238	)

Units Outstanding (000’s), end of year/period(1)		14,103			15,907			17,229

Net Assets (000’s), end of year/period	$	24,756		$	23,985		$	27,330

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.89%			1.74%			1.68%

Total Return (C)		16.42%			-4.95%			11.31%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 281 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2025 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.571		$	1.674		$	1.478

Unit value, end of year	$	1.864		$	1.571		$	1.674

Units outstanding (000’s), beginning of year/period(1)		20,832			18,776			—
Units Issued (000’s)(1)		8,499			10,116			21,900
Units Redeemed (000’s)(1)		(11,026	)		(8,060	)		(3,124	)

Units Outstanding (000’s), end of year/period(1)		18,305			20,832			18,776

Net Assets (000’s), end of year/period	$	34,128		$	32,731		$	31,422

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.71%			1.58%			1.44%

Total Return (C)		18.66%			-6.12%			13.21%


	Mutual of America Investment Corporation
	2030 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.623		$	1.752		$	1.527

Unit value, end of year	$	1.960		$	1.623		$	1.752

Units outstanding (000’s), beginning of year/period(1)		17,692			17,406			—
Units Issued (000’s)(1)		8,189			7,399			19,930
Units Redeemed (000’s)(1)		(8,508	)		(7,113	)		(2,524	)

Units Outstanding (000’s), end of year/period(1)		17,373			17,692			17,406

Net Assets (000’s), end of year/period	$	34,054		$	28,712		$	30,499

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.62%			1.46%			1.33%

Total Return (C)		20.78%			-7.38%			14.77%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 282 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2035 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.625		$	1.770		$	1.528

Unit value, end of year	$	1.989		$	1.625		$	1.770

Units outstanding (000’s), beginning of year/period(1)		15,167			15,463			—
Units Issued (000’s)(1)		6,249			5,482			18,604
Units Redeemed (000’s)(1)		(6,736	)		(5,778	)		(3,141	)

Units Outstanding (000’s), end of year/period(1)		14,680			15,167			15,463

Net Assets (000’s), end of year/period	$	29,204		$	24,641		$	27,376

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.55%			1.38%			1.25%

Total Return (C)		22.45%			-8.24%			15.89%


	Mutual of America Investment Corporation
	2040 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.614		$	1.770		$	1.524

Unit value, end of year	$	1.987		$	1.614		$	1.770

Units outstanding (000’s), beginning of year/period(1)		12,772			11,921			—
Units Issued (000’s)(1)		6,769			5,161			13,708
Units Redeemed (000’s)(1)		(5,962	)		(4,310	)		(1,787	)

Units Outstanding (000’s), end of year/period(1)		13,579			12,772			11,921

Net Assets (000’s), end of year/period	$	26,980		$	20,618		$	21,104

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.52%			1.35%			1.19%

Total Return (C)		23.07%			-8.81%			16.13%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 283 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.596		$	1.757		$	1.510

Unit value, end of year	$	1.969		$	1.596		$	1.757

Units outstanding (000’s), beginning of year/period(1)		13,857			12,860			—
Units Issued (000’s)(1)		6,116			6,686			14,957
Units Redeemed (000’s)(1)		(6,324	)		(5,689	)		(2,097	)

Units Outstanding (000’s), end of year/period(1)		13,649			13,857			12,860

Net Assets (000’s), end of year/period	$	26,877		$	22,119		$	22,596

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.54%			1.37%			1.19%

Total Return (C)		23.36%			-9.16%			16.36%


	Mutual of America Investment Corporation
	2050 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.554		$	1.720		$	1.475

Unit value, end of year	$	1.919		$	1.554		$	1.720

Units outstanding (000’s), beginning of year/period(1)		10,142			8,649			—
Units Issued (000’s)(1)		5,371			5,058			9,758
Units Redeemed (000’s)(1)		(4,707	)		(3,565	)		(1,109	)

Units Outstanding (000’s), end of year/period(1)		10,806			10,142			8,649

Net Assets (000’s), end of year/period	$	20,739		$	15,766		$	14,872

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.42%			1.21%			0.96%

Total Return (C)		23.47%			-9.60%			16.60%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 284 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2055 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	1.092		$	1.210		$	1.037

Unit value, end of year/period	$	1.346		$	1.092		$	1.210

Units outstanding (000’s), beginning of year/period(1)		3,554			1,339			—
Units Issued (000’s)(1)		3,738			3,262			1,741
Units Redeemed (000’s)(1)		(2,330	)		(1,047	)		(402	)

Units Outstanding (000’s), end of year/period(1)		4,962			3,554			1,339

Net Assets (000’s), end of year/period	$	6,680		$	3,883		$	1,621

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.04%			0.59%			—

Total Return (C)		23.22%			-9.74%			16.72%


	Mutual of America Investment Corporation 2060 Retirement Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(3)
Unit value, beginning of year/period	$	8.903		$	10.000

Unit value, end of year/period	$	10.982		$	8.903

Units outstanding (000’s), beginning of year/period		21			—
Units Issued (000’s)		126			24
Units Redeemed (000’s)		(30	)		(3	)

Units Outstanding (000’s), end of year/period		117			21

Net Assets (000’s), end of year/period	$	1,281		$	191

Expense Ratio (A)		0.95%			0.95%	(D)

Investment Income Ratio (B)		0.09%			—

Total Return (C)		23.35%			-10.97%	(E)

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 285 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Conservative Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.848		$	1.905		$	1.768

Unit value, end of year	$	2.087		$	1.848		$	1.905

Units outstanding (000’s), beginning of year/period(1)		3,409			4,252			—
Units Issued (000’s)(1)		1,470			1,251			5,371
Units Redeemed (000’s)(1)		(2,054	)		(2,094	)		(1,119	)

Units Outstanding (000’s), end of year/period(1)		2,825			3,409			4,252

Net Assets (000’s), end of year/period	$	5,895		$	6,299		$	8,099

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.06%			2.12%			2.12%

Total Return (C)		12.91%			-2.97%			7.75%


	Mutual of America Investment Corporation
	Moderate Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.342		$	2.474		$	2.199

Unit value, end of year	$	2.765		$	2.342		$	2.474

Units outstanding (000’s), beginning of year/period(1)		8,530			9,778			—
Units Issued (000’s)(1)		2,281			(2,977	)		11,346
Units Redeemed (000’s)(1)		(3,468	)		(4,225	)		(1,568	)

Units Outstanding (000’s), end of year/period(1)		7,343			8,530			9,778

Net Assets (000’s), end of year/period	$	20,301		$	19,980		$	24,189

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.02%			1.89%			1.86%

Total Return (C)		18.03%			-5.32%			12.50%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 286 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Aggressive Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.725		$	2.963		$	2.568

Unit value, end of year	$	3.314		$	2.725		$	2.963

Units outstanding (000’s), beginning of year/period(1)		5,339			5,778			—
Units Issued (000’s)(1)		1,519			1,842			6,929
Units Redeemed (000’s)(1)		(1,995	)		(2,281	)		(1,151	)

Units Outstanding (000’s), end of year/period(1)		4,863			5,339			5,778

Net Assets (000’s), end of year/period	$	16,116		$	14,550		$	17,118

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.91%			1.71%			1.57%

Total Return (C)		21.58%			-8.01%			15.39%


	Fidelity
	VIP Equity-Income Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	72.393		$	79.613		$	71.207

Unit value, end of year	$	91.479		$	72.393		$	79.613

Units outstanding (000’s), beginning of year/period(1)		151			195			—
Units Issued (000’s)(1)		36			46			236
Units Redeemed (000’s)(1)		(60	)		(90	)		(41	)

Units Outstanding (000’s), end of year/period(1)		127			151			195

Net Assets (000’s), end of year/period	$	11,625		$	10,921		$	15,562

Expense Ratio (A)		0.85%	(D)		0.85%	(D)		0.97%	(D)

Investment Income Ratio (B)		2.02%			2.21%			1.67%

Total Return (C)		26.36%			-9.07%			11.81%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.07% in 2017 and 0.95% in 2017 through 2019.

- 287 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Asset Manager Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	47.082		$	50.168		$	44.395

Unit value, end of year	$	55.202		$	47.082		$	50.168

Units outstanding (000’s), beginning of year/period(1)		134			177			—
Units Issued (000’s)(1)		27			31			219
Units Redeemed (000’s)(1)		(47	)		(74	)		(42	)

Units Outstanding (000’s), end of year/period(1)		114			134			177

Net Assets (000’s), end of year/period	$	6,271		$	6,288		$	8,875

Expense Ratio (A)		0.85%	(D)		0.85%	(D)		0.97%	(D)

Investment Income Ratio (B)		1.79%			1.66%			1.88%

Total Return (C)		17.25%			-6.15%			13.00%


	Fidelity
	VIP Contrafund Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	86.432		$	93.106		$	77.138

Unit value, end of year	$	112.763		$	86.432		$	93.106

Units outstanding (000’s), beginning of year/period(1)		314			382			—
Units Issued (000’s)(1)		70			101			445
Units Redeemed (000’s)(1)		(117	)		(169	)		(63	)

Units Outstanding (000’s), end of year/period(1)		267			314			382

Net Assets (000’s), end of year/period	$	30,130		$	27,137		$	35,590

Expense Ratio (A)		0.85%	(D)		0.85%	(D)		0.97%	(D)

Investment Income Ratio (B)		0.46%			0.70%			0.99%

Total Return (C)		30.46%			-7.17%			20.70%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.07% in 2017 and 0.95% in 2017 through 2019.

- 288 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Mid Cap Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	74.618		$	88.057		$	73.600

Unit value, end of year	$	91.334		$	74.618		$	88.057

Units outstanding (000’s), beginning of year/period(1)		118			139			—
Units Issued (000’s)(1)		29			40			170
Units Redeemed (000’s)(1)		(59	)		(61	)		(31	)

Units Outstanding (000’s), end of year/period(1)		88			118			139

Net Assets (000’s), end of year/period	$	8,081		$	8,770		$	12,274

Expense Ratio (A)		0.85%	(D)		0.85%	(D)		0.97%	(D)

Investment Income Ratio (B)		0.85%			0.64%			0.70%

Total Return (C)		22.40%			-15.26%			19.64%


	Vanguard
	VIF Diversified Value Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	26.583		$	29.530		$	26.378

Unit value, end of year	$	33.098		$	26.583		$	29.530

Units outstanding (000’s), beginning of year/period(1)		283			378			—
Units Issued (000’s)(1)		85			121			470
Units Redeemed (000’s)(1)		(127	)		(216	)		(92	)

Units Outstanding (000’s), end of year/period(1)		241			283			378

Net Assets (000’s), end of year/period	$	7,985		$	7,528		$	11,168

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.88%			2.57%			2.77%

Total Return (C)		24.51%			-9.98%			11.95%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.07% in 2017 and 0.95% in 2017 through 2019.

- 289 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF International Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	30.943		$	35.749		$	25.326

Unit value, end of year	$	40.218		$	30.943		$	35.749

Units outstanding (000’s), beginning of year/period(1)		510			576			—
Units Issued (000’s)(1)		135			196			674
Units Redeemed (000’s)(1)		(214	)		(262	)		(98	)

Units Outstanding (000’s), end of year/period(1)		431			510			576

Net Assets (000’s), end of year/period	$	17,319		$	15,785		$	20,588

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.44%			0.78%			1.06%

Total Return (C)		29.98%			-13.44%			41.15%


	Vanguard
	VIF Real Estate Index Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	15.951		$	17.014		$	16.414

Unit value, end of year/period	$	20.351		$	15.951		$	17.014

Units outstanding (000’s), beginning of year/period(1)		182			169			—
Units Issued (000’s)(1)		87			91			235
Units Redeemed (000’s)(1)		(89	)		(78	)		(66	)

Units Outstanding (000’s), end of year/period(1)		180			182			169

Net Assets (000’s), end of year/period	$	3,669		$	2,902		$	2,882

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		2.54%			3.04%			2.57%

Total Return (C)		27.59%			-6.25%			3.66%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 290 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF Total Bond Market Index Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	10.110		$	10.000

Unit value, end of year/period	$	10.883		$	10.110

Units outstanding (000’s), beginning of year/period		68			—
Units Issued (000’s)		127			101
Units Redeemed (000’s)		(62	)		(33	)

Units Outstanding (000’s), end of year/period		133			68

Net Assets (000’s), end of year/period	$	1,450		$	689

Expense Ratio (A)		0.95%			0.95%	(D)

Investment Income Ratio (B)		1.32%			—

Total Return (C)		7.65%			1.10%	(E)


	Goldman Sachs
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund
	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000		$	10.000

Unit value, end of period	$	10.683		$	10.801

Units outstanding (000’s), beginning of period		—			—
Units Issued (000’s)		9			—	(F)
Units Redeemed (000’s)		—	(F)		—

Units Outstanding (000’s), end of period		9			—	(F)

Net Assets (000’s), end of period	$	91		$	1

Expense Ratio (A)		0.95%	(D)		0.95%	(D)

Investment Income Ratio (B)		1.00%	(E)		2.17%	(E)

Total Return (C)		6.83%	(E)		8.01%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 291 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	American Century
	VP Capital Appreciation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	45.393		$	48.200		$	39.875

Unit value, end of year	$	61.159		$	45.393		$	48.200

Units outstanding (000’s), beginning of year/period(1)		253			333			—
Units Issued (000’s)(1)		83			72			399
Units Redeemed (000’s)(1)		(111	)		(152	)		(66	)

Units Outstanding (000’s), end of year/period(1)		225			253			333

Net Assets (000’s), end of year/period	$	13,737		$	11,493		$	16,033

Expense Ratio (A)		0.95%			0.95%			0.88%	(D)

Investment Income Ratio (B)		0.04%			—			—

Total Return (C)		34.73%			-5.82%			20.88%


	American Funds
	New World Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	25.032		$	29.605		$	23.067

Unit value, end of year	$	32.403		$	25.032		$	29.605

Units outstanding (000’s), beginning of year/period(1)		23			20			—
Units Issued (000’s)(1)		11			24			24
Units Redeemed (000’s)(1)		(11	)		(21	)		(4	)

Units Outstanding (000’s), end of year/period(1)		23			23			20

Net Assets (000’s), end of year/period	$	750		$	593		$	589

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.26%			1.08%			1.35%

Total Return (C)		29.44%			-15.44%			28.34%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by American Century, the expense ratio would have been 1.07% in 2017.

- 292 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Calvert
	VP SRI Balanced Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	5.557		$	5.765		$	5.203

Unit value, end of year	$	6.848		$	5.557		$	5.765

Units outstanding (000’s), beginning of year/period(1)		1,390			1,517			—
Units Issued (000’s)(1)		484			470			1,861
Units Redeemed (000’s)(1)		(560	)		(597	)		(344	)

Units Outstanding (000’s), end of year/period(1)		1,314			1,390			1,517

Net Assets (000’s), end of year/period	$	8,996		$	7,726		$	8,747

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.58%			1.77%			2.01%

Total Return (C)		23.23%			-3.59%			10.80%


	Delaware
	VIP Small Cap Value Series
	Period Ended December 31, 2019(3)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(3)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.878

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		2

Units Redeemed (000’s)		—	(F)

Units Outstanding (000’s), end of period		2

Net Assets (000’s), end of period	$	16

Expense Ratio (A)		0.95%	(D)

Investment Income Ratio (B)		—

Total Return (C)		8.78%	(E)

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 293 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	DWS
	Capital Growth VIP(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	87.716		$	89.993		$	72.023

Unit value, end of year/period	$	119.153		$	87.716		$	89.993

Units outstanding (000’s), beginning of year/period(1)		151			166			—
Units Issued (000’s)(1)		42			62			197
Units Redeemed (000’s)(1)		(67	)		(77	)		(31	)

Units Outstanding (000’s), end of year/period(1)		126			151			166

Net Assets (000’s), end of year/period	$	15,031		$	13,237		$	14,980

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		0.42%			0.71%			0.71%

Total Return (C)		35.84%			-2.53%			24.95%


	Invesco Oppenheimer
	V.I. Main Street Fund (2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	44.004		$	48.230		$	41.699

Unit value, end of year	$	57.572		$	44.004		$	48.230

Units outstanding (000’s), beginning of year/period(1)		66			71			—
Units Issued (000’s)(1)		20			32			87
Units Redeemed (000’s)(1)		(24	)		(37	)		(16	)

Units Outstanding (000’s), end of year/period(1)		62			66			71

Net Assets (000’s), end of year/period	$	3,545		$	2,915		$	3,440

Expense Ratio (A)		0.95%			0.95%			1.07%

Investment Income Ratio (B)		1.06%			1.16%			1.26%

Total Return (C)		30.83%			-8.76%			15.66%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 294 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	MFS
	VIT III Mid Cap Value Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	8.794		$	10.000

Unit value, end of year/period	$	11.450		$	8.794

Units outstanding (000’s), beginning of year/period		1			—
Units Issued (000’s)		13			1
Units Redeemed (000’s)		(10	)		—	(G)

Units Outstanding (000’s), end of year/period		4			1

Net Assets (000’s), end of year/period	$	46		$	11

Expense Ratio (A)		0.70%	(F)		0.70%	(D)(F)

Investment Income Ratio (B)		1.30%			0.90%	(E)

Total Return (C)		30.20%			-12.06%	(E)


	Neuberger Berman Advisers Management Trust
	Sustainable Equity Portfolio
	Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	11.010

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		36
Units Redeemed (000’s)		—	(G)

Units Outstanding (000’s), end of period		36

Net Assets (000’s), end of period	$	397

Expense Ratio (A)		0.95%	(D)

Investment Income Ratio (B)		0.38%	(E)

Total Return (C)		10.10%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 0.95%.

(G)	Less than 500 units.

- 295 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	PIMCO
	VIT Real Return Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	13.112		$	13.510		$	13.134

Unit value, end of year	$	14.120		$	13.112		$	13.510

Units outstanding (000’s), beginning of year/period(1)		104			85			—
Units Issued (000’s)(1)		48			56			108
Units Redeemed (000’s)(1)		(58	)		(37	)		(23	)

Units Outstanding (000’s), end of year/period(1)		94			104			85

Net Assets (000’s), end of year/period	$	1,324		$	1,361		$	1,145

Expense Ratio (A)		0.85%	(D)		0.85%	(D)		0.97%	(D)

Investment Income Ratio (B)		1.82%			2.63%			2.53%

Total Return (C)		7.69%			-2.95%			2.86%


	T. Rowe Price
	Blue Chip Growth Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	30.158		$	30.153		$	22.351

Unit value, end of year	$	39.364		$	30.158		$	30.153

Units outstanding (000’s), beginning of year/period(1)		428			317			—
Units Issued (000’s)(1)		188			337			381
Units Redeemed (000’s)(1)		(267	)		(226	)		(64	)

Units Outstanding (000’s), end of year/period(1)		349			428			317

Net Assets (000’s), end of year/period	$	13,721		$	13,073		$	9,558

Expense Ratio (A)		0.70%	(E)		0.70%	(E)		0.92%	(E)

Investment Income Ratio (B)		—			3.36%			—

Total Return (C)		28.98%			1.21%			34.91%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Tier 5 Reduced Fee held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by PIMCO, the expense ratio would have been 1.07% in 2017 and 0.95% in 2018 through 2019.

(E)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 1.07% in 2017 and 0.95% in 2018 through 2019.

- 296 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Victory
	RS Small Cap Growth Equity VIP Series
	Period Ended December 31, 2019(1)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.477

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		2

Units Redeemed (000’s)		—	(G)

Units Outstanding (000’s), end of period		2

Net Assets (000’s), end of period	$	20

Expense Ratio (A)(F)		0.90%	(D)

Investment Income Ratio (B)		—

Total Return (C)		4.77%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by Victory, the expense ratio would have been 0.95%.

(G)	Less than 500 units.

- 297 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Standard Units*


	Mutual of America Investment Corporation
	Equity Index Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	6.660		$	7.073		$	5.889		$	5.331		$	5.330

Unit value, end of year	$	8.628		$	6.660		$	7.073		$	5.889		$	5.331

Units outstanding (000’s), beginning of year		7,852			8,490			31,834			53,148			57,445
Units Issued (000’s)		1,511			1,754			3,448			9,752			10,649
Units Redeemed (000’s)		(1,917	)		(2,392	)		(26,792	)		(31,066	)		(14,946	)

Units Outstanding (000’s), end of year		7,446			7,852			8,490			31,834			53,148

Net Assets (000’s), end of year	$	64,246		$	52,295		$	60,054		$	187,473		$	283,348

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.65%			1.58%			1.60%			1.76%			1.59%

Total Return (C)		29.56%			-5.85%			20.11%			10.46%			0.03%


	Mutual of America Investment Corporation
	All America Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	17.746		$	19.610		$	16.633		$	15.100		$	15.288

Unit value, end of year	$	22.473		$	17.746		$	19.610		$	16.633		$	15.100

Units outstanding (000’s), beginning of year		987			1,124			5,622			9,653			10,455
Units Issued (000’s)		79			160			291			625			939
Units Redeemed (000’s)		(170	)		(297	)		(4,789	)		(4,656	)		(1,741	)

Units Outstanding (000’s), end of year		896			987			1,124			5,622			9,653

Net Assets (000’s), end of year	$	20,137		$	17,522		$	22,047		$	93,508		$	145,762

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.25%			1.27%			1.23%			1.36%			1.35%

Total Return (C)		26.64%			-9.50%			17.90%			10.16%			-1.23%

*	Includes 401(k) Plans.

(A)(B)(C) Refer to explanatory notes.

- 298 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Value Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.053		$	2.436		$	2.279		$	1.921		$	2.013

Unit value, end of year	$	2.412		$	2.053		$	2.436		$	2.279		$	1.921

Units outstanding (000’s), beginning of year		6,766			7,886			30,421			48,899			52,895
Units Issued (000’s)		870			1,029			3,274			5,179			6,114
Units Redeemed (000’s)		(1,524	)		(2,149	)		(25,809	)		(23,657	)		(10,110	)

Units Outstanding (000’s), end of year		6,112			6,766			7,886			30,421			48,899

Net Assets (000’s), end of year	$	14,744		$	13,891		$	19,211		$	69,317		$	93,945

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		0.83%			1.42%			0.56%			0.86%			0.83%

Total Return (C)		17.51%			-15.73%			6.91%			18.60%			-4.56%


	Mutual of America Investment Corporation
	Small Cap Growth Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year/period	$	2.152		$	2.494		$	2.040		$	1.910		$	1.980

Unit value, end of year/period	$	2.688		$	2.152		$	2.494		$	2.040		$	1.910

Units outstanding (000’s), beginning of year/period		8,346			9,932			34,526			58,519			59,683
Units Issued (000’s)		1,280			1,474			3,749			5,537			14,510
Units Redeemed (000’s)		(1,972	)		(3,060	)		(28,343	)		(29,530	)		(15,674	)

Units Outstanding (000’s), end of year/period		7,654			8,346			9,932			34,526			58,519

Net Assets (000’s), end of year/period	$	20,570		$	17,960		$	24,768		$	70,428		$	111,758

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		0.09%			0.01%			0.02%			—			—

Total Return (C)		24.89%			-13.71%			22.25%			6.81%			-3.55%

(A)(B)(C) Refer to explanatory notes.

- 299 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(1)
Unit value, beginning of year/period	$	8.286		$	10.000

Unit value, end of year/period	$	10.006		$	8.286

Units outstanding (000’s), beginning of year/period		45			—
Units Issued (000’s)		54			46
Units Redeemed (000’s)		(11	)		(1	)

Units Outstanding (000’s), end of year/period		88			45

Net Assets (000’s), end of year/period	$	879		$	371

Expense Ratio (A)		1.35%			1.35%	(D)

Investment Income Ratio (B)		1.66%			1.22%	(E)

Total Return (C)		20.76%			-17.14%	(E)


	Mutual of America Investment Corporation
	Mid Cap Value Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.892		$	2.232		$	1.967		$	1.714		$	1.794

Unit value, end of year	$	2.371		$	1.892		$	2.232		$	1.967		$	1.714

Units outstanding (000’s), beginning of year		2,445			2,882			9,510			15,486			18,280
Units Issued (000’s)		447			457			1,552			3,546			4,109
Units Redeemed (000’s)		(537	)		(894	)		(8,180	)		(9,522	)		(6,903	)

Units Outstanding (000’s), end of year		2,355			2,445			2,882			9,510			15,486

Net Assets (000’s), end of year	$	5,584		$	4,625		$	6,433		$	18,707		$	26,537

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.35%			1.67%			1.04%			1.30%			1.06%

Total Return (C)		25.33%			-15.24%			13.46%			14.79%			-4.50%

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 300 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	4.184		$	4.779		$	4.171		$	3.503		$	3.632

Unit value, end of year	$	5.202		$	4.184		$	4.779		$	4.171		$	3.503

Units outstanding (000’s), beginning of year		7,605			8,925			33,482			58,446			63,510
Units Issued (000’s)		1,126			1,386			3,664			12,480			11,162
Units Redeemed (000’s)		(1,765	)		(2,706	)		(28,221	)		(37,444	)		(16,226	)

Units Outstanding (000’s), end of year		6,966			7,605			8,925			33,482			58,446

Net Assets (000’s), end of year	$	36,235		$	31,819		$	42,656		$	139,671		$	204,755

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.20%			1.35%			1.10%			1.24%			1.12%

Total Return (C)		24.32%			-12.46%			14.57%			19.07%			-3.53%


	Mutual of America Investment Corporation
	Composite Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	10.006		$	10.478		$	9.362		$	8.780		$	8.816

Unit value, end of year	$	11.784		$	10.006		$	10.478		$	9.362		$	8.780

Units outstanding (000’s), beginning of year		1,165			1,347			6,487			10,951			11,632
Units Issued (000’s)		115			215			396			887			1,139
Units Redeemed (000’s)		(214	)		(397	)		(5,536	)		(5,351	)		(1,820	)

Units Outstanding (000’s), end of year		1,066			1,165			1,347			6,487			10,951

Net Assets (000’s), end of year	$	12,566		$	11,657		$	14,116		$	60,732		$	96,147

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.20%			2.06%			2.04%			2.05%			2.09%

Total Return (C)		17.77%			-4.51%			11.93%			6.63%			-0.41%

(A)(B)(C) Refer to explanatory notes.

- 301 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	International Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	0.889		$	1.040		$	0.846		$	0.842		$	0.858

Unit value, end of year	$	1.062		$	0.889		$	1.040		$	0.846		$	0.842

Units outstanding (000’s), beginning of year		2,381			2,619			7,235			9,614			8,706
Units Issued (000’s)		594			690			1,498			2,623			3,212
Units Redeemed (000’s)		(583	)		(928	)		(6,114	)		(5,002	)		(2,304	)

Units Outstanding (000’s), end of year		2,392			2,381			2,619			7,235			9,614

Net Assets (000’s), end of year	$	2,539		$	2,117		$	2,724		$	6,124		$	8,099

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.38%			2.24%			2.16%			2.23%			2.63%

Total Return (C)		19.39%			-14.52%			22.89%			0.48%			-1.81%


	Mutual of America Investment Corporation
	Money Market Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.334		$	2.326		$	2.340		$	2.365		$	2.396

Unit value, end of year	$	2.349		$	2.334		$	2.326		$	2.340		$	2.365

Units outstanding (000’s), beginning of year		2,338			2,589			7,992			9,755			11,341
Units Issued (000’s)		619			737			1,289			2,374			2,583
Units Redeemed (000’s)		(557	)		(988	)		(6,692	)		(4,137	)		(4,169	)

Units Outstanding (000’s), end of year		2,400			2,338			2,589			7,992			9,755

Net Assets (000’s), end of year	$	5,638		$	5,457		$	6,022		$	18,698		$	23,067

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.15%			0.25%			0.12%			—			—

Total Return (C)		0.65%			0.34%			-0.58%			-1.06%			-1.31%

(A)(B)(C) Refer to explanatory notes.

- 302 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.387		$	2.406		$	2.382		$	2.329		$	2.343

Unit value, end of year	$	2.498		$	2.387		$	2.406		$	2.382		$	2.329

Units outstanding (000’s), beginning of year		3,163			4,048			13,855			23,061			24,803
Units Issued (000’s)		579			489			1,699			3,893			4,759
Units Redeemed (000’s)		(612	)		(1,374	)		(11,506	)		(13,099	)		(6,501	)

Units Outstanding (000’s), end of year		3,130			3,163			4,048			13,855			23,061

Net Assets (000’s), end of year	$	7,817		$	7,551		$	9,739		$	33,000		$	53,712

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.14%			2.12%			2.14%			2.59%			2.28%

Total Return (C)		4.62%			-0.78%			1.02%			2.27%			-0.60%


	Mutual of America Investment Corporation
	Bond Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	6.326		$	6.402		$	6.258		$	6.050		$	6.103

Unit value, end of year	$	6.719		$	6.326		$	6.402		$	6.258		$	6.050

Units outstanding (000’s), beginning of year		2,579			3,310			12,112			19,149			20,888
Units Issued (000’s)		518			504			1,194			4,053			3,635
Units Redeemed (000’s)		(637	)		(1,235	)		(9,996	)		(11,090	)		(5,374	)

Units Outstanding (000’s), end of year		2,460			2,579			3,310			12,112			19,149

Net Assets (000’s), end of year	$	16,531		$	16,317		$	21,194		$	75,803		$	115,846

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.54%			2.64%			2.70%			2.76%			3.08%

Total Return (C)		6.20%			-1.19%			2.30%			3.45%			-0.87%

(A)(B)(C) Refer to explanatory notes.

- 303 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Retirement Income Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.466		$	1.504		$	1.419		$	1.352		$	1.362

Unit value, end of year	$	1.617		$	1.466		$	1.504		$	1.419		$	1.352

Units outstanding (000’s), beginning of year		2,271			2,351			7,316			11,481			10,750
Units Issued (000’s)		2,065			1,087			2,524			4,715			5,704
Units Redeemed (000’s)		(1,352	)		(1,167	)		(7,489	)		(8,880	)		(4,973	)

Units Outstanding (000’s), end of year		2,984			2,271			2,351			7,316			11,481

Net Assets (000’s), end of year	$	4,827		$	3,329		$	3,535		$	10,380		$	15,526

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.70%			1.71%			1.85%			2.12%			1.76%

Total Return (C)		10.35%			-2.53%			5.98%			4.91%			-0.71%


	Mutual of America Investment Corporation
	2010 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.474		$	1.524		$	1.415		$	1.340		$	1.351

Unit value, end of year	$	1.645		$	1.474		$	1.524		$	1.415		$	1.340

Units outstanding (000’s), beginning of year		707			595			2,482			6,188			6,133
Units Issued (000’s)		264			264			655			1,537			1,712
Units Redeemed (000’s)		(136	)		(152	)		(2,542	)		(5,243	)		(1,657	)

Units Outstanding (000’s), end of year		835			707			595			2,482			6,188

Net Assets (000’s), end of year	$	1,374		$	1,042		$	906		$	3,511		$	8,292

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.87%			1.96%			2.19%			2.27%			2.13%

Total Return (C)		11.63%			-3.25%			7.67%			5.59%			-0.80%

(A)(B)(C) Refer to explanatory notes.

- 304 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2015 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.478		$	1.545		$	1.414		$	1.329		$	1.341

Unit value, end of year	$	1.682		$	1.478		$	1.545		$	1.414		$	1.329

Units outstanding (000’s), beginning of year		3,481			4,771			15,943			35,223			36,928
Units Issued (000’s)		580			810			3,240			7,171			10,621
Units Redeemed (000’s)		(1,098	)		(2,100	)		(14,412	)		(26,451	)		(12,326	)

Units Outstanding (000’s), end of year		2,963			3,481			4,771			15,943			35,223

Net Assets (000’s), end of year	$	4,983		$	5,145		$	7,370		$	22,545		$	46,800

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.03%			1.93%			2.03%			2.32%			2.05%

Total Return (C)		13.80%			-4.32%			9.23%			6.43%			-0.93%


	Mutual of America Investment Corporation
	2020 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.499		$	1.583		$	1.425		$	1.328		$	1.343

Unit value, end of year	$	1.738		$	1.499		$	1.583		$	1.425		$	1.328

Units outstanding (000’s), beginning of year		13,933			16,481			50,676			77,960			69,565
Units Issued (000’s)		4,136			5,131			10,746			23,118			29,664
Units Redeemed (000’s)		(4,582	)		(7,679	)		(44,941	)		(50,402	)		(21,269	)

Units Outstanding (000’s), end of year		13,487			13,933			16,481			50,676			77,960

Net Assets (000’s), end of year	$	23,438		$	20,881		$	26,090		$	72,216		$	103,569

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.89%			1.74%			1.68%			1.92%			1.75%

Total Return (C)		15.96%			-5.33%			11.09%			7.27%			-1.06%

(A)(B)(C) Refer to explanatory notes.

- 305 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2025 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.562		$	1.670		$	1.478		$	1.362		$	1.380

Unit value, end of year	$	1.846		$	1.562		$	1.670		$	1.478		$	1.362

Units outstanding (000’s), beginning of year		21,287			22,979			57,910			78,228			67,887
Units Issued (000’s)		7,810			7,216			13,828			26,576			26,487
Units Redeemed (000’s)		(7,251	)		(8,908	)		(48,759	)		(46,894	)		(16,146	)

Units Outstanding (000’s), end of year		21,846			21,287			22,979			57,910			78,228

Net Assets (000’s), end of year	$	40,324		$	33,245		$	38,380		$	85,607		$	106,557

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.71%			1.58%			1.44%			1.72%			1.60%

Total Return (C)		18.19%			-6.49%			12.98%			8.53%			-1.30%


	Mutual of America Investment Corporation
	2030 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.613		$	1.749		$	1.527		$	1.396		$	1.416

Unit value, end of year	$	1.941		$	1.613		$	1.749		$	1.527		$	1.396

Units outstanding (000’s), beginning of year		19,799			19,302			46,573			57,899			50,653
Units Issued (000’s)		7,360			6,650			12,098			18,475			20,065
Units Redeemed (000’s)		(5,797	)		(6,153	)		(39,369	)		(29,801	)		(12,819	)

Units Outstanding (000’s), end of year		21,362			19,799			19,302			46,573			57,899

Net Assets (000’s), end of year	$	41,457		$	31,940		$	33,754		$	71,103		$	80,799

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.62%			1.46%			1.33%			1.65%			1.55%

Total Return (C)		20.30%			-7.75%			14.54%			9.40%			-1.41%

(A)(B)(C) Refer to explanatory notes.

- 306 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2035 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.615		$	1.767		$	1.528		$	1.388		$	1.410

Unit value, end of year	$	1.969		$	1.615		$	1.767		$	1.528		$	1.388

Units outstanding (000’s), beginning of year		17,199			16,696			41,698			47,810			41,438
Units Issued (000’s)		6,945			6,254			9,905			16,519			15,613
Units Redeemed (000’s)		(4,481	)		(5,751	)		(34,907	)		(22,631	)		(9,241	)

Units Outstanding (000’s), end of year		19,663			17,199			16,696			41,698			47,810

Net Assets (000’s), end of year	$	38,725		$	27,774		$	29,500		$	63,701		$	66,337

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.55%			1.38%			1.25%			1.54%			1.45%

Total Return (C)		21.96%			-8.61%			15.66%			10.10%			-1.56%


	Mutual of America Investment Corporation
	2040 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.605		$	1.767		$	1.524		$	1.382		$	1.407

Unit value, end of year	$	1.967		$	1.605		$	1.767		$	1.524		$	1.382

Units outstanding (000’s), beginning of year		15,396			15,386			34,955			38,613			35,020
Units Issued (000’s)		6,922			6,085			8,908			13,821			12,116
Units Redeemed (000’s)		(5,196	)		(6,075	)		(28,477	)		(17,479	)		(8,523	)

Units Outstanding (000’s), end of year		17,122			15,396			15,386			34,955			38,613

Net Assets (000’s), end of year	$	33,679		$	24,706		$	27,183		$	53,285		$	53,351

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.52%			1.35%			1.19%			1.48%			1.39%

Total Return (C)		22.58%			-9.17%			15.90%			10.33%			-1.82%

(A)(B)(C) Refer to explanatory notes.

- 307 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.587		$	1.754		$	1.510		$	1.368		$	1.395

Unit value, end of year	$	1.949		$	1.587		$	1.754		$	1.510		$	1.368

Units outstanding (000’s), beginning of year		18,216			17,913			42,672			46,205			42,514
Units Issued (000’s)		5,986			6,265			9,065			15,040			13,751
Units Redeemed (000’s)		(4,732	)		(5,962	)		(33,824	)		(18,573	)		(10,060	)

Units Outstanding (000’s), end of year		19,470			18,216			17,913			42,672			46,205

Net Assets (000’s), end of year	$	37,956		$	28,902		$	31,411		$	64,436		$	63,229

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.54%			1.37%			1.19%			1.49%			1.41%

Total Return (C)		22.87%			-9.52%			16.13%			10.35%			-1.87%


	Mutual of America Investment Corporation
	2050 Retirement Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.545		$	1.716		$	1.475		$	1.335		$	1.361

Unit value, end of year	$	1.900		$	1.545		$	1.716		$	1.475		$	1.335

Units outstanding (000’s), beginning of year		11,511			10,677			19,943			15,046			9,097
Units Issued (000’s)		5,635			4,613			8,513			12,903			9,765
Units Redeemed (000’s)		(3,317	)		(3,779	)		(17,779	)		(8,006	)		(3,816	)

Units Outstanding (000’s), end of year		13,829			11,511			10,677			19,943			15,046

Net Assets (000’s), end of year	$	26,276		$	17,785		$	18,323		$	29,410		$	20,089

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.42%			1.21%			0.96%			1.07%			0.83%

Total Return (C)		22.98%			-9.96%			16.37%			10.45%			-1.91%

(A)(B)(C) Refer to explanatory notes.

- 308 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2055 Retirement Fund
	Years Ended December 31,									Period Ended December 31, 2016(1)
Selected Per Unit and Supplementary Data:	2019			2018			2017			Period Ended December 31, 2016(1)
Unit value, beginning of year/period	$	1.086		$	1.208		$	1.037		$	1.000

Unit value, end of year/period	$	1.333		$	1.086		$	1.208		$	1.037

Units outstanding (000’s), beginning of year/period		4,271			2,159			451			—
Units Issued (000’s)		4,913			3,801			3,743			451
Units Redeemed (000’s)		(1,590	)		(1,689	)		(2,035	)		—	(F)

Units Outstanding (000’s), end of year/period		7,594			4,271			2,159			451

Net Assets (000’s), end of year/period	$	10,120		$	4,638		$	2,608		$	468

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%	(D)

Investment Income Ratio (B)		1.04%			0.59%			—			—

Total Return (C)		22.73%			-10.10%			16.49%			3.70%	(E)


	Mutual of America Investment Corporation
	2060 Retirement Fund
	Years Ended December 31, 2019			Period Ended December 31, 2018(2)
Selected Per Unit and Supplementary Data:	Years Ended December 31, 2019			Period Ended December 31, 2018(2)
Unit value, beginning of year/period	$	8.885		$	10.000

Unit value, end of year/period	$	10.916		$	8.885

Units outstanding (000’s), beginning of year/period		34			—
Units Issued (000’s)		237			37
Units Redeemed (000’s)		(35	)		(3	)

Units Outstanding (000’s), end of year/period		236			34

Net Assets (000’s), end of year/period	$	2,575		$	302

Expense Ratio (A)		1.35%			1.35%	(D)

Investment Income Ratio (B)		0.09%			—

Total Return (C)		22.86%			-11.15%	(E)

(1)	For the period October 1, 2016 (Initial Offering Date of Units) to December 31, 2016.

(2)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 309 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Conservative Allocation Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	1.837		$	1.901		$	1.768		$	1.677		$	1.690

Unit value, end of year	$	2.066		$	1.837		$	1.901		$	1.768		$	1.677

Units outstanding (000’s), beginning of year		5,045			5,725			15,175			25,936			25,746
Units Issued (000’s)		1,722			1,372			2,776			6,423			7,935
Units Redeemed (000’s)		(1,529	)		(2,052	)		(12,226	)		(17,184	)		(7,745	)

Units Outstanding (000’s), end of year		5,238			5,045			5,725			15,175			25,936

Net Assets (000’s), end of year	$	10,821		$	9,267		$	10,883		$	26,825		$	43,485

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.06%			2.12%			2.12%			2.32%			2.07%

Total Return (C)		12.46%			-3.36%			7.53%			5.43%			-0.76%


	Mutual of America Investment Corporation
	Moderate Allocation Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.328		$	2.469		$	2.199		$	2.040		$	2.062

Unit value, end of year	$	2.737		$	2.328		$	2.469		$	2.199		$	2.040

Units outstanding (000’s), beginning of year		10,429			12,064			34,284			54,387			55,236
Units Issued (000’s)		2,301			2,272			4,490			11,218			11,624
Units Redeemed (000’s)		(2,226	)		(3,907	)		(26,710	)		(31,321	)		(12,473	)

Units Outstanding (000’s), end of year		10,504			10,429			12,064			34,284			54,387

Net Assets (000’s), end of year	$	28,748		$	24,282		$	29,785		$	75,393		$	110,970

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.02%			1.89%			1.86%			2.17%			2.04%

Total Return (C)		17.55%			-5.70%			12.27%			7.78%			-1.04%

(A)(B)(C) Refer to explanatory notes.

- 310 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Aggressive Allocation Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	2.709		$	2.957		$	2.568		$	2.344		$	2.382

Unit value, end of year	$	3.281		$	2.709		$	2.957		$	2.568		$	2.344

Units outstanding (000’s), beginning of year		7,995			9,194			25,450			36,104			37,261
Units Issued (000’s)		1,259			1,476			3,041			5,434			6,181
Units Redeemed (000’s)		(2,009	)		(2,675	)		(19,297	)		(16,088	)		(7,338	)

Units Outstanding (000’s), end of year		7,245			7,995			9,194			25,450			36,104

Net Assets (000’s), end of year	$	23,769		$	21,659		$	27,185		$	65,349		$	84,636

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.91%			1.71%			1.57%			1.99%			1.83%

Total Return (C)		21.10%			-8.38%			15.15%			9.54%			-1.57%


	Fidelity
	VIP Equity-Income Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	71.959		$	79.454		$	71.207		$	61.004		$	64.219

Unit value, end of year	$	90.567		$	71.959		$	79.454		$	71.207		$	61.004

Units outstanding (000’s), beginning of year		238			296			1,301			2,026			2,291
Units Issued (000’s)		31			46			99			280			225
Units Redeemed (000’s)		(48	)		(104	)		(1,104	)		(1,005	)		(490	)

Units Outstanding (000’s), end of year		221			238			296			1,301			2,026

Net Assets (000’s), end of year	$	20,039		$	17,104		$	23,508		$	92,665		$	123,611

Expense Ratio (A)		1.25%	(D)		1.25%	(D)		1.18%	(D)		1.10%	(D)		1.10%	(D)

Investment Income Ratio (B)		2.02%			2.21%			1.67%			2.38%			3.10%

Total Return (C)		25.86%			-9.43%			11.58%			16.73%			-5.01%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.20% in 2015 through 2016, 1.28% in 2017 and 1.35% in 2018 through 2019.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Asset Manager Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	46.799		$	50.068		$	44.395		$	43.541		$	43.964

Unit value, end of year	$	54.651		$	46.799		$	50.068		$	44.395		$	43.541

Units outstanding (000’s), beginning of year		225			261			898			1,525			1,634
Units Issued (000’s)		31			40			85			163			316
Units Redeemed (000’s)		(38	)		(76	)		(722	)		(790	)		(425	)

Units Outstanding (000’s), end of year		218			225			261			898			1,525

Net Assets (000’s), end of year	$	11,913		$	10,541		$	13,083		$	39,855		$	66,429

Expense Ratio (A)		1.25%	(D)		1.25%	(D)		1.18%	(D)		1.10%	(D)		1.10%	(D)

Investment Income Ratio (B)		1.79%			1.66%			1.88%			1.45%			1.56%

Total Return (C)		16.78%			-6.53%			12.78%			1.96%			-0.96%


	Fidelity
	VIP Contrafund Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	85.912		$	92.920		$	77.138		$	72.231		$	72.513

Unit value, end of year	$	111.638		$	85.912		$	92.920		$	77.138		$	72.231

Units outstanding (000’s), beginning of year		544			670			2,751			5,014			5,386
Units Issued (000’s)		58			78			180			403			578
Units Redeemed (000’s)		(116	)		(204	)		(2,261	)		(2,666	)		(950	)

Units Outstanding (000’s), end of year		486			544			670			2,751			5,014

Net Assets (000’s), end of year	$	54,241		$	46,724		$	62,294		$	212,189		$	362,048

Expense Ratio (A)		1.25%	(D)		1.25%	(D)		1.18%	(D)		1.10%	(D)		1.10%	(D)

Investment Income Ratio (B)		0.46%			0.70%			0.99%			0.79%			1.02%

Total Return (C)		29.94%			-7.54%			20.46%			6.79%			-0.39%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.20% in 2015 through 2016, 1.28% in 2017 and 1.35% in 2018 through 2019.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Mid Cap Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	74.169		$	87.882		$	73.600		$	66.301		$	67.973

Unit value, end of year	$	90.423		$	74.169		$	87.882		$	73.600		$	66.301

Units outstanding (000’s), beginning of year		162			205			683			1,217			1,328
Units Issued (000’s)		27			31			80			154			210
Units Redeemed (000’s)		(40	)		(74	)		(558	)		(688	)		(321	)

Units Outstanding (000’s), end of year		149			162			205			683			1,217

Net Assets (000’s), end of year	$	13,451		$	11,998		$	17,977		$	50,260		$	80,679

Expense Ratio (A)		1.25%	(D)		1.25%	(D)		1.18%	(D)		1.10%	(D)		1.10%	(D)

Investment Income Ratio (B)		0.85%			0.64%			0.70%			0.50%			0.49%

Total Return (C)		21.91%			-15.60%			19.41%			11.01%			-2.46%


	Vanguard
	VIF Diversified Value Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	26.423		$	29.471		$	26.378		$	23.651		$	24.519

Unit value, end of year	$	32.768		$	26.423		$	29.471		$	26.378		$	23.651

Units outstanding (000’s), beginning of year		473			533			1,776			3,415			3,838
Units Issued (000’s)		87			117			218			672			645
Units Redeemed (000’s)		(104	)		(177	)		(1,461	)		(2,311	)		(1,068	)

Units Outstanding (000’s), end of year		456			473			533			1,776			3,415

Net Assets (000’s), end of year	$	14,939		$	12,496		$	15,698		$	46,853		$	80,693

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.88%			2.57%			2.77%			2.66%			2.56%

Total Return (C)		24.01%			-10.34%			11.73%			11.53%			-3.54%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.20% in 2015 through 2016, 1.28% in 2017 and 1.35% in 2018 through 2019.

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MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF International Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	30.757		$	35.678		$	25.326		$	25.152		$	25.659

Unit value, end of year	$	39.818		$	30.757		$	35.678		$	25.326		$	25.152

Units outstanding (000’s), beginning of year		709			833			2,890			4,878			5,122
Units Issued (000’s)		116			151			281			602			764
Units Redeemed (000’s)		(166	)		(275	)		(2,338	)		(2,590	)		(1,008	)

Units Outstanding (000’s), end of year		659			709			833			2,890			4,878

Net Assets (000’s), end of year	$	26,234		$	21,810		$	29,706		$	73,198		$	122,741

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.44%			0.78%			1.06%			1.44%			1.86%

Total Return (C)		29.46%			-13.79%			40.87%			0.69%			-1.98%


	Vanguard
	VIF Real Estate Index Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year/period	$	15.855		$	16.980		$	16.414		$	15.330		$	15.178

Unit value, end of year/period	$	20.148		$	15.855		$	16.980		$	16.414		$	15.330

Units outstanding (000’s), beginning of year/period		216			263			899			1,384			1,756
Units Issued (000’s)		115			91			192			2,124			1,146
Units Redeemed (000’s)		(78	)		(138	)		(828	)		(2,609	)		(1,518	)

Units Outstanding (000’s), end of year/period		253			216			263			899			1,384

Net Assets (000’s), end of year/period	$	5,088		$	3,423		$	4,470		$	14,753		$	21,217

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		2.54%			3.04%			2.57%			2.08%			2.09%

Total Return (C)		27.08%			-6.63%			3.45%			7.07%			1.00%

(A)(B)(C) Refer to explanatory notes.

- 314 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF Total Bond Market Index Portfolio
	Period Ended December 31, 2019			Year Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019			Year Ended December 31, 2018(1)
Unit value, beginning of year/period	$	10.089		$	10.000

Unit value, end of year/period	$	10.817		$	10.089

Units outstanding (000’s), beginning of year/period		32			—
Units Issued (000’s)		130			42
Units Redeemed (000’s)		(39	)		(10	)

Units Outstanding (000’s), end of year/period		123			32

Net Assets (000’s), end of year/period	$	1,327		$	325

Expense Ratio (A)		1.35%			1.35%	(D)

Investment Income Ratio (B)		1.32%			—

Total Return (C)		7.22%			0.89%	(E)


	Goldman Sachs
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund
	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000		$	10.000

Unit value, end of period	$	10.661		$	10.779

Units outstanding (000’s), beginning of period		—			—
Units Issued (000’s)		5			2
Units Redeemed (000’s)		—	(F)		—	(F)

Units Outstanding (000’s), end of period		5			2

Net Assets (000’s), end of period	$	57		$	25

Expense Ratio (A)		1.35%	(D)		1.35%	(D)

Investment Income Ratio (B)		1.00%	(E)		2.17%	(E)

Total Return (C)		6.61%	(E)		7.79%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 315 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	American Century
	VP Capital Appreciation Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	45.120		$	48.104		$	39.875		$	38.992		$	38.617

Unit value, end of year	$	60.549		$	45.120		$	48.104		$	39.875		$	38.992

Units outstanding (000’s), beginning of year		469			543			2,235			4,209			4,094
Units Issued (000’s)		99			87			183			383			1,183
Units Redeemed (000’s)		(121	)		(161	)		(1,875	)		(2,357	)		(1,068	)

Units Outstanding (000’s), end of year		447			469			543			2,235			4,209

Net Assets (000’s), end of year	$	27,095		$	21,169		$	26,097		$	89,130		$	164,121

Expense Ratio (A)		1.35%			1.35%			1.08%	(D)		0.95%	(D)		0.95%	(D)

Investment Income Ratio (B)		0.04%			—			—			—			—

Total Return (C)		34.19%			-6.20%			20.64%			2.26%			0.97%


	American Funds
	New World Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	24.882		$	29.545		$	23.067		$	22.109		$	23.058

Unit value, end of year/period	$	32.079		$	24.882		$	29.545		$	23.067		$	22.109

Units outstanding (000’s), beginning of year		47			46			79			110			79
Units Issued (000’s)		17			19			31			55			73
Units Redeemed (000’s)		(11	)		(18	)		(64	)		(86	)		(42	)

Units Outstanding (000’s), end of year		53			47			46			79			110

Net Assets (000’s), end of year	$	1,710		$	1,180		$	1,350		$	1,833		$	2,430

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.26%			1.08%			1.35%			1.19%			0.90%

Total Return (C)		28.93%			-15.78%			28.08%			4.33%			-4.12%

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by American Century, the expense ratio would have been 1.20% in 2015 through 2016, 1.28% in 2017 and 1.35% in 2018 through 2019.

- 316 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Calvert
	VP SRI Balanced Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	5.524		$	5.753		$	5.203		$	4.882		$	5.052

Unit value, end of year	$	6.780		$	5.524		$	5.753		$	5.203		$	4.882

Units outstanding (000’s), beginning of year		2,558			2,952			8,765			12,937			13,495
Units Issued (000’s)		449			396			662			1,210			1,698
Units Redeemed (000’s)		(510	)		(790	)		(6,475	)		(5,382	)		(2,256	)

Units Outstanding (000’s), end of year		2,497			2,558			2,952			8,765			12,937

Net Assets (000’s), end of year	$	16,928		$	14,129		$	16,981		$	45,602		$	63,159

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.58%			1.77%			2.01%			1.86%			0.12%

Total Return (C)		22.74%			-3.98%			10.58%			6.57%			-3.36%


	Delaware
	VIP Small Cap Value Series
	Period Ended December 31, 2019(1)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.855

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		6
Units Redeemed (000’s)		—	(F)

Units Outstanding (000’s), end of period		6

Net Assets (000’s), end of period	$	66

Expense Ratio (A)		1.35%	(D)

Investment Income Ratio (B)		—

Total Return (C)		8.55%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

- 317 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	DWS
	Capital Growth VIP
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year/period	$	87.189		$	89.814		$	72.023		$	69.924		$	65.153

Unit value, end of year/period	$	117.964		$	87.189		$	89.814		$	72.023		$	69.924

Units outstanding (000’s), beginning of year/period		278			312			1,495			2,472			2,411
Units Issued (000’s)		47			64			103			213			447
Units Redeemed (000’s)		(62	)		(98	)		(1,286	)		(1,190	)		(386	)

Units Outstanding (000’s), end of year/period		263			278			312			1,495			2,472

Net Assets (000’s), end of year/period	$	30,971		$	24,238		$	28,029		$	107,660		$	172,881

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		0.42%			0.71%			0.71%			0.82%			0.69%

Total Return (C)		35.30%			-2.92%			24.70%			3.00%			7.32%


	Invesco Oppenheimer
	V.I. Main Street Fund
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	43.740		$	48.133		$	41.699		$	37.810		$	37.034

Unit value, end of year	$	56.997		$	43.740		$	48.133		$	41.699		$	37.810

Units outstanding (000’s), beginning of year		100			123			346			525			566
Units Issued (000’s)		27			23			70			211			134
Units Redeemed (000’s)		(26	)		(46	)		(293	)		(390	)		(175	)

Units Outstanding (000’s), end of year		101			100			123			346			525

Net Assets (000’s), end of year	$	5,728		$	4,353		$	5,923		$	14,445		$	19,857

Expense Ratio (A)		1.35%			1.35%			1.28%			1.20%			1.20%

Investment Income Ratio (B)		1.06%			1.16%			1.26%			1.10%			0.92%

Total Return (C)		30.31%			-9.13%			15.43%			10.28%			2.10%

(A)(B)(C) Refer to explanatory notes.

- 318 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	MFS
	VIT III Mid Cap Value Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year	$	8.776		$	10.000

Unit value, end of year	$	11.381		$	8.776

Units outstanding (000’s), beginning of year		2			—
Units Issued (000’s)		25			3
Units Redeemed (000’s)		(1	)		(1	)

Units Outstanding (000’s), end of year		26			2

Net Assets (000’s), end of year	$	294		$	18

Expense Ratio (A)		1.10%	(F)		1.10%	(D)(F)

Investment Income Ratio (B)		1.30%			1.10%	(E)

Total Return (C)		29.68%			-12.24%	(E)


	Neuberger Berman Advisers Management Trust
	Sustainable Equity Portfolio
	Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.987

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		19
Units Redeemed (000’s)		(5	)

Units Outstanding (000’s), end of period		14

Net Assets (000’s), end of period	$	157

Expense Ratio (A)		1.35%	(D)

Investment Income Ratio (B)		0.38%	(E)

Total Return (C)		9.87%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 1.35%.

- 319 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	PIMCO
	VIT Real Return Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	13.033		$	13.483		$	13.134		$	12.640		$	13.131

Unit value, end of year	$	13.979		$	13.033		$	13.483		$	13.134		$	12.640

Units outstanding (000’s), beginning of year		81			111			266			508			577
Units Issued (000’s)		29			27			135			321			238
Units Redeemed (000’s)		(32	)		(57	)		(290	)		(563	)		(307	)

Units Outstanding (000’s), end of year		78			81			111			266			508

Net Assets (000’s), end of year	$	1,093		$	1,053		$	1,496		$	3,492		$	6,427

Expense Ratio (A)		1.25%	(D)		1.25%	(D)		1.18%	(D)		1.10%	(D)		1.10%	(D)

Investment Income Ratio (B)		1.82%			2.63%			2.53%			2.47%			4.27%

Total Return (C)		7.26%			-3.34%			2.66%			3.91%			-3.74%


	T. Rowe Price
	Blue Chip Growth Portfolio
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017			2016			2015
Unit value, beginning of year	$	30.335		$	30.093		$	22.351		$	22.412		$	20.398

Unit value, end of year	$	38.971		$	30.335		$	30.093		$	22.351		$	22.412

Units outstanding (000’s), beginning of year		526			483			746			2,120			649
Units Issued (000’s)		227			364			674			621			2,055
Units Redeemed (000’s)		(216	)		(321	)		(937	)		(1,995	)		(584	)

Units Outstanding (000’s), end of year		537			526			483			746			2,120

Net Assets (000’s), end of year	$	20,940		$	15,961		$	14,538		$	16,684		$	47,526

Expense Ratio (A)		1.10%	(E)		1.10%	(E)		1.12%	(E)		1.05%	(E)		1.05%	(E)

Investment Income Ratio (B)		—			3.36%			—			—			—

Total Return (C)		28.47%			0.80%			34.64%			-0.27%			9.88%

(A)(B)(C)

Refer to explanatory notes.

(D)	Absent reimbursement by PIMCO, the expense ratio would have been 1.20% in 2015 through 2016, 1.28% in 2017 and 1.35% in 2018 through 2019.

(E)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 1.20% in 2015 through 2016, 1.28% in 2017 and 1.35% in 2018 through 2019.

- 320 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Victory
	RS Small Cap Growth Equity VIP Series
	Period Ended December 31, 2019(1)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.456

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		6
Units Redeemed (000’s)		(1	)

Units Outstanding (000’s), end of period		5

Net Assets (000’s), end of period	$	48

Expense Ratio (A)		1.30%	(D)(F)

Investment Income Ratio (B)		—

Total Return (C)		4.56%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C)

Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by Victory, the expense ratio would have been 1.35%.

- 321 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)

Inactive Units


	Mutual of America Investment Corporation
	Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	6.630		$	7.063		$	6.395

Unit value, end of year	$	8.564		$	6.630		$	7.063

Units outstanding (000’s), beginning of year/period(1)		8,952			10,676			—
Units Issued (000’s)(1)		967			1,167			12,030
Units Redeemed (000’s)(1)		(1,259	)		(2,891	)		(1,354	)

Units Outstanding (000’s), end of year/period(1)		8,660			8,952			10,676

Net Assets (000’s), end of year/period	$	74,160		$	59,351		$	75,403

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.65%			1.58%			1.60%

Total Return (C)		29.17%			-6.13%			10.44%


	Mutual of America Investment Corporation
	All America Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	17.667		$	19.581		$	17.846

Unit value, end of year	$	22.306		$	17.667		$	19.581

Units outstanding (000’s), beginning of year/period(1)		2,363			2,635			—
Units Issued (000’s)(1)		127			281			2,965
Units Redeemed (000’s)(1)		(388	)		(553	)		(330	)

Units Outstanding (000’s), end of year/period(1)		2,102			2,363			2,635

Net Assets (000’s), end of year/period	$	46,895		$	41,741		$	51,597

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.25%			1.27%			1.65%

Total Return (C)		26.26%			-9.78%			9.72%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 322 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Value Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.044		$	2.433		$	2.307

Unit value, end of year	$	2.395		$	2.044		$	2.433

Units outstanding (000’s), beginning of year/period(1)		9,265			10,486			—
Units Issued (000’s)(1)		546			909			11,664
Units Redeemed (000’s)(1)		(1,546	)		(2,130	)		(1,178	)

Units Outstanding (000’s), end of year/period(1)		8,265			9,265			10,486

Net Assets (000’s), end of year/period	$	19,790		$	18,936		$	25,508

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		0.83%			1.42%			0.56%

Total Return (C)		17.15%			-15.98%			5.45%


	Mutual of America Investment Corporation
	Small Cap Growth Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	2.142		$	2.490		$	2.254

Unit value, end of year/period	$	2.668		$	2.142		$	2.490

Units outstanding (000’s), beginning of year/period(1)		10,563			11,993			—
Units Issued (000’s)(1)		712			1,172			13,317
Units Redeemed (000’s)(1)		(1,831	)		(2,602	)		(1,324	)

Units Outstanding (000’s), end of year/period(1)		9,444			10,563			11,993

Net Assets (000’s), end of year/period	$	25,192		$	22,629		$	29,864

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		0.09%			0.01%			0.02%

Total Return (C)		24.52%			-13.97%			10.49%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 323 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Small Cap Equity Index Fund(3)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018(3)
Unit value, beginning of year/period	$	8.273		$	10.000

Unit value, end of year/period	$	9.961		$	8.273

Units outstanding (000’s), beginning of year/period		6			—
Units Issued (000’s)		9			6
Units Redeemed (000’s)		(2	)		—

Units Outstanding (000’s), end of year/period		13			6

Net Assets (000’s), end of year/period	$	125		$	53

Expense Ratio (A)		1.65%			1.65%	(D)

Investment Income Ratio (B)		1.66%			1.22%	(E)

Total Return (C)		20.40%			-17.27%	(E)


	Mutual of America Investment Corporation
	Mid Cap Value Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.883		$	2.229		$	2.035

Unit value, end of year	$	2.353		$	1.883		$	2.229

Units outstanding (000’s), beginning of year/period(1)		1,357			1,807			—
Units Issued (000’s)(1)		265			312			2,310
Units Redeemed (000’s)(1)		(340	)		(762	)		(503	)

Units Outstanding (000’s), end of year/period(1)		1,282			1,357			1,807

Net Assets (000’s), end of year/period	$	3,017		$	2,557		$	4,027

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.35%			1.67%			1.04%

Total Return (C)		24.96%			-15.49%			9.52%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 324 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Cap Equity Index Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	4.165		$	4.773		$	4.381

Unit value, end of year	$	5.163		$	4.165		$	4.773

Units outstanding (000’s), beginning of year/period(1)		7,658			9,251			—
Units Issued (000’s)(1)		517			905			10,623
Units Redeemed (000’s)(1)		(1,472	)		(2,498	)		(1,372	)

Units Outstanding (000’s), end of year/period(1)		6,703			7,658			9,251

Net Assets (000’s), end of year/period	$	34,605		$	31,899		$	44,151

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.20%			1.35%			1.10%

Total Return (C)		23.95%			-12.72%			8.69%


	Mutual of America Investment Corporation
	Composite Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	9.961		$	10.463		$	9.792

Unit value, end of year	$	11.697		$	9.961		$	10.463

Units outstanding (000’s), beginning of year/period(1)		2,410			2,785			—
Units Issued (000’s)(1)		161			248			3,150
Units Redeemed (000’s)(1)		(371	)		(623	)		(365	)

Units Outstanding (000’s), end of year/period(1)		2,200			2,410			2,785

Net Assets (000’s), end of year/period	$	25,728		$	24,011		$	29,135

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.20%			2.06%			2.04%

Total Return (C)		17.42%			-4.80%			6.86%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 325 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	International Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	0.885		$	1.039		$	0.961

Unit value, end of year	$	1.054		$	0.885		$	1.039

Units outstanding (000’s), beginning of year/period(1)		957			925			—
Units Issued (000’s)(1)		142			250			1,096
Units Redeemed (000’s)(1)		(261	)		(218	)		(171	)

Units Outstanding (000’s), end of year/period(1)		838			957			925

Net Assets (000’s), end of year/period	$	883		$	847		$	961

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.38%			2.24%			2.16%

Total Return (C)		19.04%			-14.78%			8.04%


	Mutual of America Investment Corporation
	Money Market Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.324		$	2.323		$	2.331

Unit value, end of year	$	2.332		$	2.324		$	2.323

Units outstanding (000’s), beginning of year/period(1)		2,399			2,456			—
Units Issued (000’s)(1)		673			718			2,818
Units Redeemed (000’s)(1)		(704	)		(775	)		(362	)

Units Outstanding (000’s), end of year/period(1)		2,368			2,399			2,456

Net Assets (000’s), end of year/period	$	5,521		$	5,575		$	5,705

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.15%			0.25%			0.12%

Total Return (C)		0.35%			0.04%			-0.37%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 326 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Mid-Term Bond Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.377		$	2.403		$	2.411

Unit value, end of year	$	2.479		$	2.377		$	2.403

Units outstanding (000’s), beginning of year/period(1)		3,448			3,860			—
Units Issued (000’s)(1)		334			483			4,274
Units Redeemed (000’s)(1)		(569	)		(895	)		(414	)

Units Outstanding (000’s), end of year/period(1)		3,213			3,448			3,860

Net Assets (000’s), end of year/period	$	7,966		$	8,195		$	9,274

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.14%			2.12%			0.14%

Total Return (C)		4.30%			-1.08%			-0.34%


	Mutual of America Investment Corporation
	Bond Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	6.298		$	6.393		$	6.382

Unit value, end of year	$	6.669		$	6.298		$	6.393

Units outstanding (000’s), beginning of year/period(1)		2,752			3,133			—
Units Issued (000’s)(1)		305			700			3,635
Units Redeemed (000’s)(1)		(471	)		(1,081	)		(502	)

Units Outstanding (000’s), end of year/period(1)		2,586			2,752			3,133

Net Assets (000’s), end of year/period	$	17,244		$	17,333		$	20,031

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.54%			2.64%			2.70%

Total Return (C)		5.88%			-1.48%			0.17%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 327 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Retirement Income Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.459		$	1.501		$	1.419

Unit value, end of year	$	1.605		$	1.459		$	1.501

Units outstanding (000’s), beginning of year/period(1)		479			963			—
Units Issued (000’s)(1)		171			101			1,078
Units Redeemed (000’s)(1)		(151	)		(585	)		(115	)

Units Outstanding (000’s), end of year/period(1)		499			479			963

Net Assets (000’s), end of year/period	$	801		$	699		$	1,445

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.70%			1.71%			1.85%

Total Return (C)		10.02%			-2.82%			2.61%


	Mutual of America Investment Corporation
	2010 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.468		$	1.521		$	1.470

Unit value, end of year	$	1.633		$	1.468		$	1.521

Units outstanding (000’s), beginning of year/period(1)		259			330			—
Units Issued (000’s)(1)		122			88			388
Units Redeemed (000’s)(1)		(49	)		(159	)		(58	)

Units Outstanding (000’s), end of year/period(1)		332			259			330

Net Assets (000’s), end of year/period	$	543		$	380		$	502

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.87%			1.96%			2.19%

Total Return (C)		11.30%			-3.54%			3.52%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 328 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2015 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.471		$	1.542		$	1.480

Unit value, end of year	$	1.669		$	1.471		$	1.542

Units outstanding (000’s), beginning of year/period(1)		1,751			1,991			—
Units Issued (000’s)(1)		318			990			2,191
Units Redeemed (000’s)(1)		(210	)		(1,230	)		(200	)

Units Outstanding (000’s), end of year/period(1)		1,859			1,751			1,991

Net Assets (000’s), end of year/period	$	3,103		$	2,576		$	3,070

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.03%			1.93%			2.03%

Total Return (C)		13.46%			-4.60%			4.25%


	Mutual of America Investment Corporation
	2020 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.492		$	1.581		$	1.501

Unit value, end of year	$	1.725		$	1.492		$	1.581

Units outstanding (000’s), beginning of year/period(1)		5,178			5,402			—
Units Issued (000’s)(1)		785			1,731			6,837
Units Redeemed (000’s)(1)		(1,498	)		(1,955	)		(1,435	)

Units Outstanding (000’s), end of year/period(1)		4,465			5,178			5,402

Net Assets (000’s), end of year/period	$	7,702		$	7,725		$	8,539

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.89%			1.74%			1.68%

Total Return (C)		15.61%			-5.61%			5.29%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 329 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2025 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.555		$	1.668		$	1.569

Unit value, end of year	$	1.832		$	1.555		$	1.668

Units outstanding (000’s), beginning of year/period(1)		5,166			5,328			—
Units Issued (000’s)(1)		1,872			1,989			6,541
Units Redeemed (000’s)(1)		(1,851	)		(2,151	)		(1,213	)

Units Outstanding (000’s), end of year/period(1)		5,187			5,166			5,328

Net Assets (000’s), end of year/period	$	9,504		$	8,032		$	8,886

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.71%			1.58%			1.44%

Total Return (C)		17.83%			-6.77%			6.32%


	Mutual of America Investment Corporation
	2030 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.606		$	1.746		$	1.527

Unit value, end of year	$	1.926		$	1.606		$	1.746

Units outstanding (000’s), beginning of year/period(1)		3,908			3,880			—
Units Issued (000’s)(1)		1,008			838			4,815
Units Redeemed (000’s)(1)		(959	)		(810	)		(935	)

Units Outstanding (000’s), end of year/period(1)		3,957			3,908			3,880

Net Assets (000’s), end of year/period	$	7,621		$	6,277		$	6,775

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.62%			1.46%			1.33%

Total Return (C)		19.94%			-8.03%			7.24%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 330 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2035 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.608		$	1.764		$	1.528

Unit value, end of year	$	1.955		$	1.608		$	1.764

Units outstanding (000’s), beginning of year/period(1)		2,994			3,303			—
Units Issued (000’s)(1)		1,285			978			3,932
Units Redeemed (000’s)(1)		(671	)		(1,287	)		(629	)

Units Outstanding (000’s), end of year/period(1)		3,608			2,994			3,303

Net Assets (000’s), end of year/period	$	7,053		$	4,813		$	5,828

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.55%			1.38%			1.25%

Total Return (C)		21.59%			-8.88%			7.86%


	Mutual of America Investment Corporation
	2040 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.598		$	1.764		$	1.633

Unit value, end of year	$	1.952		$	1.598		$	1.764

Units outstanding (000’s), beginning of year/period(1)		4,154			4,096			—
Units Issued (000’s)(1)		544			920			4,718
Units Redeemed (000’s)(1)		(630	)		(862	)		(622	)

Units Outstanding (000’s), end of year/period(1)		4,068			4,154			4,096

Net Assets (000’s), end of year/period	$	7,943		$	6,636		$	7,227

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.52%			1.35%			1.19%

Total Return (C)		22.22%			-9.45%			8.02%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 331 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2045 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.580		$	1.751		$	1.619

Unit value, end of year	$	1.935		$	1.580		$	1.751

Units outstanding (000’s), beginning of year/period(1)		4,608			4,820			—
Units Issued (000’s)(1)		1,140			890			5,593
Units Redeemed (000’s)(1)		(922	)		(1,102	)		(773	)

Units Outstanding (000’s), end of year/period(1)		4,826			4,608			4,820

Net Assets (000’s), end of year/period	$	9,338		$	7,278		$	8,440

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.54%			1.37%			1.19%

Total Return (C)		22.22%			-9.79%			8.17%


	Mutual of America Investment Corporation
	2050 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.538		$	1.714		$	1.583

Unit value, end of year	$	1.886		$	1.538		$	1.714

Units outstanding (000’s), beginning of year/period(1)		986			940			—
Units Issued (000’s)(1)		706			369			1,193
Units Redeemed (000’s)(1)		(360	)		(323	)		(253	)

Units Outstanding (000’s), end of year/period(1)		1,332			986			940

Net Assets (000’s), end of year/period	$	2,513		$	1,517		$	1,611

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.42%			1.21%			0.96%

Total Return (C)		22.61%			-10.23%			8.28%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 332 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	2055 Retirement Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	1.081		$	1.206		$	1.114

Unit value, end of year/period	$	1.323		$	1.081		$	1.206

Units outstanding (000’s), beginning of year/period(1)		52			25			—
Units Issued (000’s)(1)		129			31			35
Units Redeemed (000’s)(1)		(70	)		(4	)		(10	)

Units Outstanding (000’s), end of year/period(1)		111			52			25

Net Assets (000’s), end of year/period	$	147		$	56		$	31

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.04%			0.59%			—

Total Return (C)		22.36%			-10.37%			8.26%


	Mutual of America Investment Corporation
	2060 Retirement Fund
	Year Ended December 31, 2019			Period Ended December 31, 2018(3)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(3)
Unit value, beginning of year/period	$	8.871		$	10.000

Unit value, end of year/period	$	10.867		$	8.871

Units outstanding (000’s), beginning of year/period		—	(F)		—
Units Issued (000’s)		1			10
Units Redeemed (000’s)		(1	)		(10	)

Units Outstanding (000’s), end of year/period		—	(F)		—	(F)

Net Assets (000’s), end of year/period	$	5		$	—	(G)
Expense Ratio (A)		1.65%			1.65%	(D)

Investment Income Ratio (B)		0.09%			—

Total Return (C)		22.49%			-11.29%	(E)

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(3)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

(G)	Less than $500.

- 333 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Conservative Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	1.829		$	1.898		$	1.844

Unit value, end of year	$	2.051		$	1.829		$	1.898

Units outstanding (000’s), beginning of year/period(1)		2,267			2,100			—
Units Issued (000’s)(1)		344			683			2,708
Units Redeemed (000’s)(1)		(523	)		(516	)		(608	)

Units Outstanding (000’s), end of year/period(1)		2,088			2,267			2,100

Net Assets (000’s), end of year/period	$	4,282		$	4,146		$	3,986

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.06%			2.12%			2.12%

Total Return (C)		12.12%			-3.65%			2.96%


	Mutual of America Investment Corporation
	Moderate Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.318		$	2.465		$	2.329

Unit value, end of year	$	2.717		$	2.318		$	2.465

Units outstanding (000’s), beginning of year/period(1)		4,756			5,183			—
Units Issued (000’s)(1)		888			856			6,212
Units Redeemed (000’s)(1)		(949	)		(1,283	)		(1,029	)

Units Outstanding (000’s), end of year/period(1)		4,695			4,756			5,183

Net Assets (000’s), end of year/period	$	12,756		$	11,024		$	12,779

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.02%			1.89%			1.86%

Total Return (C)		17.20%			-5.98%			5.83%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 334 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Mutual of America Investment Corporation
	Aggressive Allocation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	2.697		$	2.953		$	2.749

Unit value, end of year	$	3.256		$	2.697		$	2.953

Units outstanding (000’s), beginning of year/period(1)		4,208			4,741			—
Units Issued (000’s)(1)		739			641			5,244
Units Redeemed (000’s)(1)		(674	)		(1,174	)		(503	)

Units Outstanding (000’s), end of year/period(1)		4,273			4,208			4,741

Net Assets (000’s), end of year/period	$	13,913		$	11,350		$	13,998

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.91%			1.71%			1.57%

Total Return (C)		20.74%			-8.66%			7.39%


	Fidelity
	VIP Equity-Income Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	71.639		$	79.340		$	73.761

Unit value, end of year	$	89.895		$	71.639		$	79.340

Units outstanding (000’s), beginning of year/period(1)		375			444			—
Units Issued (000’s)(1)		25			50			495
Units Redeemed (000’s)(1)		(49	)		(119	)		(51	)

Units Outstanding (000’s), end of year/period(1)		351			375			444

Net Assets (000’s), end of year/period	$	31,512		$	26,873		$	35,206

Expense Ratio (A)		1.55%	(D)		1.55%	(D)		1.55%	(D)

Investment Income Ratio (B)		2.02%			2.21%			1.67%

Total Return (C)		25.48%			-9.71%			7.56%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.65%.

- 335 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Asset Manager Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	46.592		$	49.995		$	47.369

Unit value, end of year	$	54.247		$	46.592		$	49.995

Units outstanding (000’s), beginning of year/period(1)		225			250			—
Units Issued (000’s)(1)		17			29			277
Units Redeemed (000’s)(1)		(42	)		(54	)		(27	)

Units Outstanding (000’s), end of year/period(1)		200			225			250

Net Assets (000’s), end of year/period	$	10,867		$	10,476		$	12,516

Expense Ratio (A)		1.55%	(D)		1.55%	(D)		1.55%	(D)

Investment Income Ratio (B)		1.79%			1.66%			1.88%

Total Return (C)		16.43%			-6.81%			5.55%


	Fidelity
	VIP Contrafund Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	85.530		$	92.786		$	85.570

Unit value, end of year	$	110.807		$	85.530		$	92.786

Units outstanding (000’s), beginning of year/period(1)		805			979			—
Units Issued (000’s)(1)		48			77			1,102
Units Redeemed (000’s)(1)		(115	)		(251	)		(123	)

Units Outstanding (000’s), end of year/period(1)		738			805			979

Net Assets (000’s), end of year/period	$	81,816		$	68,843		$	90,815

Expense Ratio (A)		1.55%	(D)		1.55%	(D)		1.55%	(D)

Investment Income Ratio (B)		0.46%			0.70%			0.99%

Total Return (C)		29.55%			-7.82%			8.43%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.65%.

- 336 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Fidelity
	VIP Mid Cap Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	73.839		$	87.754		$	79.729

Unit value, end of year	$	89.751		$	73.839		$	87.754

Units outstanding (000’s), beginning of year/period(1)		128			143			—
Units Issued (000’s)(1)		11			24			171
Units Redeemed (000’s)(1)		(31	)		(39	)		(28	)

Units Outstanding (000’s), end of year/period(1)		108			128			143

Net Assets (000’s), end of year/period	$	9,687		$	9,473		$	12,566

Expense Ratio (A)		1.55%	(D)		1.55%	(D)		1.55%	(D)

Investment Income Ratio (B)		0.85%			0.64%			0.70%

Total Return (C)		21.55%			-15.86%			10.07%


	Vanguard
	VIF Diversified Value Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	26.306		$	29.428		$	27.999

Unit value, end of year	$	32.525		$	26.306		$	29.428

Units outstanding (000’s), beginning of year/period(1)		272			327			—
Units Issued (000’s)(1)		46			50			378
Units Redeemed (000’s)(1)		(53	)		(105	)		(51	)

Units Outstanding (000’s), end of year/period(1)		265			272			327

Net Assets (000’s), end of year/period	$	8,620		$	7,142		$	9,634

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.88%			2.57%			2.77%

Total Return (C)		23.64%			-10.61%			5.11%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by Fidelity, the expense ratio would have been 1.65%.

- 337 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF International Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	30.620		$	35.626		$	31.255

Unit value, end of year	$	39.521		$	30.620		$	35.626

Units outstanding (000’s), beginning of year/period(1)		664			758			—
Units Issued (000’s)(1)		62			74			862
Units Redeemed (000’s)(1)		(112	)		(168	)		(104	)

Units Outstanding (000’s), end of year/period(1)		614			664			758

Net Assets (000’s), end of year/period	$	24,256		$	20,341		$	26,996

Expense Ratio (A)		1.65%			1.65%			1.43%

Investment Income Ratio (B)		1.44%			0.78%			1.06%

Total Return (C)		29.07%			-14.05%			40.67%


	Vanguard
	VIF Real Estate Index Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	15.784		$	16.956		$	16.731

Unit value, end of year/period	$	19.998		$	15.784		$	16.956

Units outstanding (000’s), beginning of year/period(1)		66			92			—
Units Issued (000’s)(1)		35			17			125
Units Redeemed (000’s)(1)		(16	)		(43	)		(33	)

Units Outstanding (000’s), end of year/period(1)		85			66			92

Net Assets (000’s), end of year/period	$	1,691		$	1,049		$	1,555

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		2.54%			3.04%			2.57%

Total Return (C)		26.70%			-6.91%			1.34%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 338 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Vanguard
	VIF Total Bond Market Index Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	10.074		$	10.000

Unit value, end of year/period	$	10.769		$	10.074

Units outstanding (000’s), beginning of year/period		10			—
Units Issued (000’s)		87			19
Units Redeemed (000’s)		(10	)		(9	)

Units Outstanding (000’s), end of year/period		87			10

Net Assets (000’s), end of year/period	$	934		$	100

Expense Ratio (A)		1.65%			1.65%	(E)

Investment Income Ratio (B)		1.32%			—

Total Return (C)		6.90%			0.74%	(F)


	Goldman Sachs
	VIT Small Cap Equity Insights Fund			VIT US Equity Insights Fund
	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)			Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000		$	10.000

Unit value, end of period	$	10.645		$	10.762	(G)

Units outstanding (000’s), beginning of period		—			—
Units Issued (000’s)		—	(F)		2
Units Redeemed (000’s)		—			(2	)

Units Outstanding (000’s), end of period		—	(F)		—

Net Assets (000’s), end of period	$	4		$	—

Expense Ratio (A)		1.65%	(D)		1.65%	(D)

Investment Income Ratio (B)		1.00%	(E)		2.17%	(E)

Total Return (C)		6.45%	(E)		7.62%	(E)(H)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Less than 500 units.

(G)	The Subaccount does not have any Units issued as of the end of the year or period. The Unit Value is calculated based on the underlying fund or portfolio’s net asset value adjusted for a daily expense factor.

(H)	The total return is derived from the change in value of the underlying fund or portfolio net asset value for the period adjusted for dividends, as applicable, and reduced by the Separate Account charges against the Subaccount’s assets for the number of days in the period.

- 339 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	American Century
	VP Capital Appreciation Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	44.919		$	48.034		$	44.128

Unit value, end of year	$	60.098		$	44.919		$	48.034

Units outstanding (000’s), beginning of year/period(1)		624			739			—
Units Issued (000’s)(1)		64			56			839
Units Redeemed (000’s)(1)		(116	)		(171	)		(100	)

Units Outstanding (000’s), end of year/period(1)		572			624			739

Net Assets (000’s), end of year/period	$	34,354		$	28,044		$	35,504

Expense Ratio (A)		1.65%			1.65%			1.51%	(D)

Investment Income Ratio (B)		0.04%			—			—

Total Return (C)		33.79%			-6.49%			8.85%


	American Funds
	New World Fund(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	24.771		$	29.503		$	26.274

Unit value, end of year	$	31.841		$	24.771		$	29.503

Units outstanding (000’s), beginning of year/period(1)		8			7			—
Units Issued (000’s)(1)		3			3			8
Units Redeemed (000’s)(1)		(2	)		(2	)		(1	)

Units Outstanding (000’s), end of year/period(1)		9			8			7

Net Assets (000’s), end of year/period	$	299		$	207		$	218

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.26%			1.08%			1.35%

Total Return (C)		28.54%			-16.04%			12.29%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by American Century, the expense ratio would have been 1.65% in 2017.

- 340 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Calvert
	VP SRI Balanced Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	5.500		$	5.745		$	5.441

Unit value, end of year	$	6.730		$	5.500		$	5.745

Units outstanding (000’s), beginning of year/period(1)		1,901			2,243			—
Units Issued (000’s)(1)		176			154			2,639
Units Redeemed (000’s)(1)		(246	)		(496	)		(396	)

Units Outstanding (000’s), end of year/period(1)		1,831			1,901			2,243

Net Assets (000’s), end of year/period	$	12,323		$	10,454		$	12,886

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.58%			1.77%			2.01%

Total Return (C)		22.37%			-4.27%			5.58%


	Delaware
	VIP Small Cap Value Series
	Period Ended December 31, 2019(3)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(3)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.839

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		2
Units Redeemed (000’s)		—

Units Outstanding (000’s), end of period		2

Net Assets (000’s), end of period	$	22

Expense Ratio (A)		1.65%	(D)

Investment Income Ratio (B)		—

Total Return (C)		8.39%	(E)

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(3)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

- 341 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	DWS
	Capital Growth VIP(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year/period	$	86.800		$	89.683		$	81.659

Unit value, end of year/period	$	117.087		$	86.800		$	89.683

Units outstanding (000’s), beginning of year/period(1)		646			746			—
Units Issued (000’s)(1)		50			72			820
Units Redeemed (000’s)(1)		(89	)		(172	)		(74	)

Units Outstanding (000’s), end of year/period(1)		607			646			746

Net Assets (000’s), end of year/period	$	71,062		$	56,101		$	66,932

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		0.42%			0.71%			0.71%

Total Return (C)		34.89%			-3.21%			9.83%


	Invesco Oppenheimer
	V.I. Main Street Fund (2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	43.546		$	48.064		$	45.408

Unit value, end of year	$	56.574		$	43.546		$	48.064

Units outstanding (000’s), beginning of year/period(1)		50			67			—
Units Issued (000’s)(1)		7			6			79
Units Redeemed (000’s)(1)		(8	)		(23	)		(12	)

Units Outstanding (000’s), end of year/period(1)		49			50			67

Net Assets (000’s), end of year/period	$	2,749		$	2,156		$	3,200

Expense Ratio (A)		1.65%			1.65%			1.65%

Investment Income Ratio (B)		1.06%			1.16%			1.26%

Total Return (C)		29.92%			-9.40%			5.85%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

- 342 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	MFS
	VIT III Mid Cap Value Portfolio
	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Selected Per Unit and Supplementary Data:	Year Ended December 31, 2019			Period Ended December 31, 2018(1)
Unit value, beginning of year/period	$	8.763		$	10.000

Unit value, end of year/period	$	11.330		$	8.763	(H)

Units outstanding (000’s), beginning of year/period		—			—
Units Issued (000’s)		4			—	(G)
Units Redeemed (000’s)		—	(G)		—	(G)

Units Outstanding (000’s), end of year/period		4			—

Net Assets (000’s), end of year/period	$	40		$	—

Expense Ratio (A)		1.40%	(F)		1.40%	(D)(F)

Investment Income Ratio (B)		1.30%			0.90%	(E)

Total Return (C)		29.30%			-12.37%	(E)(I)


	Neuberger Berman Advisers Management Trust
	Sustainable Equity Portfolio
	Period Ended December 31, 2019(2)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(2)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.970

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		—	(G)
Units Redeemed (000’s)		—

Units Outstanding (000’s), end of period		—	(G)

Net Assets (000’s), end of period	$	—	(J)

Expense Ratio (A)		1.65%	(D)

Investment Income Ratio (B)		0.38%	(E)

Total Return (C)		9.70%	(E)

(1)	For the period July 2, 2018 (Initial Offering Date of Units) to December 31, 2018.

(2)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by MFS, the expense ratio would have been 0.25%.

(G)	Less than 500 units.

(H)	The Subaccount does not have any Units issued as of the end of the year or period. The Unit Value is calculated based on the underlying fund or portfolio’s net asset value adjusted for a daily expense factor.

(I)	The total return is derived from the change in value of the underlying fund or portfolio net asset value for the period adjusted for dividends, as applicable, and reduced by the Separate Account charges against the Subaccount’s assets for the number of days in the period.

(J)	Less than $500.

- 343 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	PIMCO
	VIT Real Return Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	12.975		$	13.464		$	13.248

Unit value, end of year	$	13.876		$	12.975		$	13.464

Units outstanding (000’s), beginning of year/period(1)		22			22			—
Units Issued (000’s)(1)		3			9			26
Units Redeemed (000’s)(1)		(5	)		(9	)		(4	)

Units Outstanding (000’s), end of year/period(1)		20			22			22

Net Assets (000’s), end of year/period	$	283		$	283		$	301

Expense Ratio (A)		1.55%	(D)		1.55%	(D)		1.65%	(D)

Investment Income Ratio (B)		1.82%			2.63%			2.53%

Total Return (C)		6.94%			-3.63%			1.63%


	T. Rowe Price
	Blue Chip Growth Portfolio(2)
	Years Ended December 31,
Selected Per Unit and Supplementary Data:	2019			2018			2017
Unit value, beginning of year	$	30.200		$	30.049		$	26.501

Unit value, end of year	$	38.681		$	30.200		$	30.049

Units outstanding (000’s), beginning of year/period(1)		315			243			—
Units Issued (000’s)(1)		71			186			281
Units Redeemed (000’s)(1)		(121	)		(114	)		(38	)

Units Outstanding (000’s), end of year/period(1)		265			315			243

Net Assets (000’s), end of year/period	$	10,263		$	9,513		$	7,294

Expense Ratio (A)		1.40%	(E)		1.40%	(E)		1.48%	(E)

Investment Income Ratio (B)		—			3.36%			—

Total Return (C)		28.08%			0.50%			13.39%

(1)	Unit activity in 2017 for the period July 1, 2017 (Initial Offering Date of Units) to December 31, 2017.

(2)	Prior to July 1, 2017, participants in Inactive units held units of Standard. The equivalent prior year history for the years or period ending in 2015 through 2016, as applicable, are not included here. They appear in the section of the Financial Highlights under Standard Units for the Fund.

(A)(B)(C) Refer to explanatory notes.

(D)	Absent reimbursement by PIMCO, the expense ratio would have been 1.43% in 2017 and 1.65% in 2018 through 2019.

(E)	Absent reimbursement by T. Rowe Price, the expense ratio would have been 1.43% in 2017 and 1.65% in 2018 through 2019.

- 344 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


	Victory
	RS Small Cap Growth Equity VIP Series
	Period Ended December 31, 2019(1)
Selected Per Unit and Supplementary Data:	Period Ended December 31, 2019(1)
Unit value, beginning of period	$	10.000

Unit value, end of period	$	10.440

Units outstanding (000’s), beginning of period		—
Units Issued (000’s)		—	(G)
Units Redeemed (000’s)		—

Units Outstanding (000’s), end of period		—	(G)

Net Assets (000’s), end of period	$	2

Expense Ratio (A)(F)		1.60%	(D)(F)

Investment Income Ratio (B)		—

Total Return (C)		4.40%	(E)

(1)	For the period July 1, 2019 (Initial Offering Date of Units) to December 31, 2019.

(A)(B)(C) Refer to explanatory notes.

(D)	Annualized.

(E)	Not annualized.

(F)	Absent reimbursement by Victory, the expense ratio would have been 1.65%.

(G)	Less than 500 units.

Explanatory notes:

(A)

This ratio represents the annualized Contract expenses of the Separate Account, consisting primarily of administrative, distribution and expense risk charges, for each period indicated. The ratio includes only those expenses that result in a direct reduction to unit values (commonly referred to as Separate Account asset-based charges). Charges made directly to participant accounts through the redemption of units and expenses of the underlying fund are excluded.

(B)

This amount represents the dividends, excluding distributions of capital gains, received by the Subaccount from the underlying fund, net of the underlying fund’s net management fees and expenses, divided by the average net assets of the Subaccount. This ratio excludes those expenses, such as Separate Account asset-based charges, that result in direct reductions in the unit values and charges made directly to participant accounts through the redemption of units. The recognition of investment income by the Subaccount is affected by the timing of the declaration of dividends by the underlying fund in which the Subaccount invests.

(C)

The total return is calculated for each year indicated or from the effective date through the end of the reporting period. It includes changes in the value of the underlying fund, and reflects deductions for all items included in the expense ratio. The total return does not include any expenses assessed through the redemption of units (such as the contingent $2 monthly service charge); inclusion of these expenses in the calculation would result in a reduction in the total return presented.

- 345 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

5. CALCULATION OF ACCUMULATION UNIT VALUES

Interest in the Subaccounts is represented by Accumulation Units. Each Subaccount’s Accumulation Units have a different value, based on the value of the Subaccount’s investment in shares of the related Underlying Fund and the charges we deduct from the Separate Account. To determine the change in a Subaccount’s Accumulation Unit Value from the close of one Valuation Day to the close of the next Valuation Day (Valuation Period), an Accumulation Unit Change Factor is used.

For Subaccounts that invest in shares of the Mutual of America Investment Corporation Funds, the Accumulation Unit Change Factor for each Subaccount for any Valuation Period is as follows:

(a)

The ratio of (i) the asset value of the Underlying Fund at the end of the current Valuation Period before any amounts are allocated to or withdrawn from the Subaccount with respect to that Valuation Period, to (ii) the asset value of the Underlying Fund at the end of the preceding Valuation Period, after all allocations and withdrawals were made for that period,

divided by

(b)

1.000000 plus the component of the annual rate of total Separate Account charges against the Subaccount’s assets for the number of days from the end of the preceding Valuation Period to the end of the current Valuation Period.

For Subaccounts that invest in shares of the Fidelity, DWS, Vanguard, American, T. Rowe Price, PIMCO, MFS, Oppenheimer, American Century or Calvert Portfolios, the Accumulation Unit Change Factor for each Subaccount for any Valuation Period is:

(a)

The ratio of (i) the share value of the Underlying Fund at the end of the current Valuation Period, adjusted by the Cumulative Dividend Multiplier (calculated by dividing the share value, after a dividend distribution, into the share value without regard to the dividend distribution, multiplied by the previous Cumulative Dividend Multiplier) for the current Valuation Period, to (ii) the share value of the Underlying Fund at the end of the preceding Valuation Period, adjusted for the Cumulative Dividend multiplier for the preceding Valuation period,

divided by

(b)

6. SUBSEQUENT EVENTS

On January 24, 2020, the funds of the Mutual of America Investment Corporation (the “Replaced Funds”) were removed as investment alternatives of Separate Account No. 3 as per a substitution transaction approved by the Securities and Exchange Commission. On that date, the assets in the Replaced Funds were transferred into other investment alternatives (the “Replacement Funds”), as follows:


Replaced Funds	Replacement Funds	Amount Transferred
Equity Index Fund	VIP Equity Index Portfolio	$	55,993,862
All America Fund	VIP All America Portfolio	$	13,468,469

- 346 -

MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2

NOTES TO FINANCIAL STATEMENTS (Continued)

December 31, 2019

4. Financial Highlights (Continued)


Replaced Funds	Replacement Funds	Amount Transferred
Small Cap Value Fund	VIP Small Cap Value Portfolio	$	6,034,412
Small Cap Growth Fund	VIP Small Cap Growth Portfolio	$	8,590,845
Small Cap Equity Index Fund	VIP Small Cap Equity Index Portfolio	$	657,096
Mid Cap Value Fund	VIP Mid Cap Value Portfolio	$	2,048,533
Mid-Cap Equity Index Fund	VIP Mid-Cap Equity Index Portfolio	$	35,381,855
Composite Fund	VIP Moderate Allocation Portfolio	$	10,159,787
International Fund	VIP International Portfolio	$	739,715
Money Market Fund	VIP Money Market Portfolio	$	493,664
Mid-Term Bond Fund	VIP Mid-Term Bond Portfolio	$	3,151,850
Bond Fund	VIP Bond Portfolio	$	7,082,500
Retirement Income Fund	VIP Retirement Income Portfolio	$	1,694,562
2010 Retirement Fund	VIP 2010 Retirement Portfolio	$	358,226
2015 Retirement Fund	VIP 2015 Retirement Portfolio	$	5,673,987
2020 Retirement Fund	VIP 2020 Retirement Portfolio	$	17,122,016
2025 Retirement Fund	VIP 2025 Retirement Portfolio	$	20,988,391
2030 Retirement Fund	VIP 2030 Retirement Portfolio	$	13,443,853
2035 Retirement Fund	VIP 2035 Retirement Portfolio	$	5,625,903
2040 Retirement Fund	VIP 2040 Retirement Portfolio	$	4,869,865
2045 Retirement Fund	VIP 2045 Retirement Portfolio	$	2,384,103
2050 Retirement Fund	VIP 2050 Retirement Portfolio	$	2,191,400
2055 Retirement Fund	VIP 2055 Retirement Portfolio	$	543,194
2060 Retirement Fund	VIP 2060 Retirement Portfolio	$	343,611
Conservative Allocation Fund	VIP Conservative Allocation Portfolio	$	8,252,341
Moderate Allocation Fund	VIP Moderate Allocation Portfolio	$	15,150,052
Aggressive Allocation Fund	VIP Aggressive Allocation Portfolio	$	4,815,959

COVID-19 has impacted the economy and many businesses in a variety of ways. Currently, the Company is not experiencing any significant unusual negative activity due to the Coronavirus event and it is premature to determine what impact there could be going forward. Management will continue to closely monitor the situation as it impacts the Company.

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

- 347 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

Consolidated Statutory Financial Statements

For The Years Ended December 31, 2019, 2018 and 2017

Together With Independent Auditors’ Report

- 348 -

INDEPENDENT AUDITORS’ REPORT

To the Board of Directors

Mutual of America Life Insurance Company:

We have audited the accompanying consolidated financial statements of Mutual of America Life Insurance Company and subsidiaries (the “Company”), which comprise the consolidated statutory statements of financial condition as of December 31, 2019 and 2018, and the related consolidated statutory statements of operations and surplus, and cash flow for each of the years in the three-year period ended December 31, 2019, 2018 and 2017 and the related notes to the consolidated statutory financial statements.

Management’s Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services. Management is also responsible for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles

As described in Notes 1 and 9 to the consolidated financial statements, the consolidated financial statements are prepared by the Company using statutory accounting practices prescribed or permitted by the New York State Department of Financial Services, which is a basis of accounting other than U.S. generally accepted accounting principles. Accordingly, the consolidated financial statements are not intended to be presented in accordance with U.S. generally accepted accounting principles.

The effects on the consolidated financial statements of the variances between the statutory accounting practices described in Notes 1 and 9 and U.S. generally accepted accounting principles, although not reasonably determinable, are presumed to be material.

- 349 -

INDEPENDENT AUDITORS’ REPORT (Continued)

Adverse Opinion on U.S. Generally Accepted Accounting Principles

In our opinion, because of the significance of the variances between statutory accounting practices and U.S. generally accepted accounting principles discussed in the Basis for Adverse Opinion on U.S. Generally Accepted Accounting Principles paragraph, the consolidated financial statements referred to above do not present fairly, in accordance with U.S. generally accepted accounting principles, the consolidated financial position of the Company as of December 31, 2019 and 2018, or the results of its consolidated operations or its cash flows for each of the years in the three-year period ended December 31, 2019.

Opinion on Statutory Basis of Accounting

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated financial position of the Company as of December 31, 2019 and 2018, and the results of its consolidated operations and its cash flow for each of the years in the three-year period ended December 31, 2019, in accordance with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services.

LOGO

New York, NY

March 16, 2020

- 350 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

CONSOLIDATED STATUTORY STATEMENTS OF FINANCIAL CONDITION

As of December 31, 2019 and 2018


	2019		2018
ASSETS
General Account assets
Bonds and notes	$	8,032,139,570	$	7,898,817,828
Common stocks		346,516,395		217,074,791
Cash, cash equivalents and short-term investments		117,046,858		104,546,406
Guaranteed funds transferable		8,046,812		9,438,642
Real estate		219,861,582		221,566,243
Policy loans		103,955,869		103,838,746
Investment income accrued		74,643,471		74,531,669
Deferred federal income taxes		70,107,988		53,801,035
Other assets		25,998,402		20,058,272

Total General Account assets		8,998,316,947		8,703,673,632
Separate Account assets		14,667,350,726		11,682,927,248

TOTAL ASSETS	$	23,665,667,673	$	20,386,600,880


LIABILITIES AND SURPLUS
General Account liabilities
Insurance and annuity reserves	$	7,599,450,995	$	7,323,006,804
Other contract holders liabilities and reserves		6,487,466		5,323,705
Interest maintenance reserve		12,739,187		22,142,049
Other liabilities		386,849,733		334,661,098

Total General Account liabilities before asset valuation reserve		8,005,527,381		7,685,133,656
Separate Account reserves and other liabilities		14,667,350,823		11,682,927,248

Total liabilities before asset valuation reserve		22,672,878,204		19,368,060,904
Asset valuation reserve		155,377,388		91,396,765

Total liabilities		22,828,255,592		19,459,457,669


SURPLUS
Assigned surplus		1,150,000		1,150,000
Unassigned surplus		836,262,081		925,993,211

Total surplus		837,412,081		927,143,211

TOTAL LIABILITIES AND SURPLUS	$	23,665,667,673	$	20,386,600,880

See accompanying notes to consolidated statutory financial statements.

- 351 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

CONSOLIDATED STATUTORY STATEMENTS OF OPERATIONS AND SURPLUS

For the Years Ended December 31, 2019, 2018 and 2017


	2019			2018			2017
INCOME
Premium and annuity considerations	$	2,552,012,159		$	2,588,375,252		$	2,699,414,588
Life and disability insurance premiums		8,786,168			9,341,432			10,958,760

Total considerations and premiums		2,560,798,327			2,597,716,684			2,710,373,348

Separate Account investment and administrative fees		110,027,353			105,982,732			98,683,901
Net investment income		330,632,708			330,354,938			345,253,720
Other, net		9,265,861			9,425,577			8,651,933

Total income		3,010,724,249			3,043,479,931			3,162,962,902


DEDUCTIONS
Change in insurance and annuity reserves		487,275,454			76,571,432			437,495,250
Annuity and surrender benefits		2,256,755,208			2,677,121,083			2,424,665,013
Death and disability benefits		5,611,602			10,384,613			7,162,412
Operating expenses		294,145,427			271,604,283			271,583,148

Total deductions		3,043,787,691			3,035,681,411			3,140,905,823

Net (loss) gain before dividends		(33,063,442	)		7,798,520			22,057,079
Dividends to contract holders and policyholders		(57,806	)		(61,719	)		(67,973	)

Net (loss) gain from operations		(33,121,248	)		7,736,801			21,989,106
Federal income tax benefit		20,586			190,871			3,144,223
Net realized capital gains		13,455,138			8,078,372			1,042,090

Net (loss) income		(19,645,524	)		16,006,044			26,175,419

SURPLUS TRANSACTIONS
Change in:
Asset valuation reserve		(63,980,623	)		22,021,697			(27,781,338	)
Unrealized (depreciation) appreciation		53,393,502			(29,396,166	)		15,272,654
Reserve valuation basis		(43,849,651	)		(20,844,803	)		—
Nonadmitted assets:
Prepaid assets and other, net		(6,641,490	)		(3,089,338	)		(553,671	)
Net deferred income tax asset		16,292,656			13,708,510			(8,531,259	)
Accounting related to:
Qualified pension plan		—			(51,999,996	)		—
Nonqualified deferred compensation plan		(3,400,000	)		(200,002	)		(5,700,000	)
Post retirement medical benefit plan		(21,900,000	)		(2,300,000	)		(9,000,000	)

Net change in surplus		(89,731,130	)		(56,094,054	)		(10,118,195	)

SURPLUS
Beginning of year		927,143,211			983,237,265			993,355,460

End of year	$	837,412,081		$	927,143,211		$	983,237,265

See accompanying notes to consolidated statutory financial statements.

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MUTUAL OF AMERICA LIFE INSURANCE COMPANY

CONSOLIDATED STATUTORY STATEMENTS OF CASH FLOW

For the Years Ended December 31, 2019, 2018 and 2017


	2019			2018			2017
CASH FLOWS FROM OPERATIONS:
Premium and other income collected	$	2,560,779,959		$	2,597,885,450			2,710,325,066
Net investment income		336,214,584			333,595,883			344,828,764
Separate account investment and administrative fees		110,023,784			105,977,099			98,681,305
Benefit payments		(2,220,311,130	)		(2,672,078,244	)		(2,411,735,303	)
Net transfers to separate accounts		(244,666,242	)		(108,901,428	)		(258,160,651	)
Investment and operating expenses paid		(263,388,613	)		(215,405,280	)		(250,246,197	)
Other, net		7,730,807			5,867,580			5,423,008
Dividends paid to policyholders		(59,582	)		(63,298	)		(71,731	)

Net cash from operations		286,323,567			46,877,762			239,044,261


CASH FLOWS FROM INVESTMENTS:
Proceeds from investment sold, matured, or repaid:
Bonds and notes		1,463,155,997			1,200,953,485			1,434,658,454
Common stock		279,668,216			115,764,482			85,449,365
Other invested assets		1,451,026			1,984,383			2,838,519
Other		27,619,749			8,921,605			2,735,085

Total		1,771,894,988			1,327,623,955			1,525,681,423

Cost of investments acquired:
Bonds and notes		(1,598,189,689	)		(1,063,004,871	)		(1,541,702,453	)
Common Stock		(347,931,229	)		(188,919,167	)		(176,583,730	)
Real estate		(8,360,354	)		(10,450,634	)		(3,416,200	)
Other		(5,476,302	)		—			(52,653,000	)

Total		(1,959,957,574	)		(1,262,374,672	)		(1,774,355,383	)

Net change in policy loans		(116,316	)		2,790,019			426,105

Net cash (used in) from investment activity		(188,178,902	)		68,039,302			(248,247,855	)


CASH FLOWS FROM FINANCING AND OTHER SOURCES:
Net (withdrawals) deposits on deposit-type contracts		(7,104,672	)		(514,052	)		(2,911,693	)
Other cash applied		(78,539,541	)		(63,223,161	)		(21,000,640	)

Net cash used in financing and other sources		(85,644,213	)		(63,737,213	)		(23,912,333	)

Net change in cash, cash equivalents and short term investments:		12,500,452			51,179,851			(33,115,927	)

CASH, CASH EQUIVALENTS AND SHORT TERM INVESTMENTS:
Beginning of year		104,546,406			53,366,555			86,482,482

End of year	$	117,046,858		$	104,546,406		$	53,366,555

See accompanying notes to consolidated statutory financial statements.

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MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS

December 31, 2019, 2018 and 2017

1. Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying statutory financial statements include the consolidated accounts of Mutual of America Life Insurance Company (“Mutual of America”) and its wholly owned subsidiaries (collectively referred to as the “Company”), as permitted by the New York State Department of Financial Services. Mutual of America Holding Company LLC (“Holdings”) is a wholly-owned subsidiary of Mutual of America. Its purpose is to act as a holding company organization for activities to be carried out by its subsidiary operating companies, which presently consist of Mutual of America Securities LLC (“Securities”), Mutual of America Capital Management LLC (“Capital Management”), and 320 Park Analytics LLC (“320 Park”). Securities, the broker-dealer, is the distributor of Mutual of America Institutional Funds (“Institutional Funds”), an affiliate. Capital Management is the investment advisor (the “Advisor”) to the General Account of Mutual of America, Mutual of America Investment Corporation (Investment Corporation), an affiliate, and Institutional Funds. 320 Park provides independent analysis and/or benchmarking services to assist plan sponsors. All intercompany balances and transactions have been eliminated in consolidation.

Nature of Operations

Mutual of America provides retirement and employee benefit plans in the small to medium-size company market, principally to employees in the not-for-profit social health and welfare field. In recent years, the Company has expanded to include for-profit organizations in the small to medium-size company market. The insurance company in the group is licensed in all 50 states and the District of Columbia. Sales operations are conducted primarily through a network of regional offices staffed by salaried consultants.

Basis of Presentation

The accompanying consolidated statutory financial statements are presented in conformity with statutory accounting practices prescribed or permitted by the New York State Department of Financial Services (“New York Department”). Such practices differ from U.S. Generally Accepted Accounting Principles (“GAAP”). The significant variances between such practices and GAAP are described in Note 9. The ability of the Company to fulfill its obligations to contract holders and policyholders is of primary concern to insurance regulatory authorities.

The National Association of Insurance Commissioners (“NAIC”) has codified Statutory Accounting Principles (“Codification”). The New York Department issued Regulation No. 172 (“Regulation No. 172”), which adopted Codification as the prescribed basis of accounting for its domestic insurers. Periodically, the New York Department amends Regulation No. 172 for revisions in the prescribed basis of accounting. All changes required by Regulation No. 172, as amended through December 31, 2019, are reflected in the accompanying consolidated statutory financial statements.

The preparation of the Company’s consolidated statutory financial statements requires management to make estimates and assumptions that affect the reported amount of assets, liabilities, surplus, income and deductions at the date of the consolidated statutory financial statements. Actual results may differ from these estimates. The most significant estimates include those used in the recognition of other-than-temporary impairments, the valuation of insurance and annuity reserves, the valuation of pension and employee benefit plan liabilities and the valuation of deferred tax assets.

- 354 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

1. Summary of Significant Accounting Policies (Continued)

Asset Valuations

Cash. Cash Equivalents and Short-Term Investments — Cash equivalents are stated at cost, which approximates fair value, and consist of highly liquid investments purchased with maturities of ninety days or less. Short-term investments are stated at cost, which approximates fair value, and consist of highly liquid investments purchased with maturities of one year or less. Cash equivalents and Short-term investment transactions are recorded on a trade date basis.

Bonds and Notes — Investment valuations are prescribed by the NAIC. Bonds in good standing, which include asset-backed and mortgage-backed investments qualifying for amortization, and notes are stated at amortized cost. Amortization of bond premium or discount is calculated using the constant yield interest method taking into consideration specified interest and principal provisions over the life of the bond. Bond and note transactions are recorded on a trade date basis. The fair value of bonds and notes is based upon quoted market prices provided by an independent pricing organization. If quoted market prices are unavailable or an inactive market for the security currently exists, fair value is estimated using internal valuation models and techniques or based upon quoted market prices for comparable investments. At December 31, 2019, there were six securities with a fair value of $28.4 million for which no quoted market prices were available. As such, the Company used internal valuation models and techniques to determine the fair value of these securities. The Company recorded an unrealized gain of $1.5 million to adjust the carrying value of these securities. These securities are required to be reported at the lower of amortized cost or fair value. At December 31, 2018, there were seven securities with a fair value of $32.7 million that were valued using this methodology. Bonds are carried at the lower of amortized cost or fair value when their NAIC rating has fallen to class six and/or are deemed to be impaired. During 2019, one of these securities with an adjusted book value of $1.5 million was disposed of generating a realized capital gain on the sale of $2.3 million.

Payment speeds for mortgage-backed and structured securities are based on cash flows obtained from an independent analytic agency and are applied on a quarterly basis.

Losses that are considered to be other-than-temporary are recognized in net income when incurred. All bonds are subjected to the Company’s quarterly review process for identifying other-than-temporary impairments. This impairment identification process utilizes a screening procedure that includes all bonds in default or not in good standing, as well as bonds with a fair value that is less than 80% of their cost for a continuous six-month period. The Company writes down bonds that it deems to have an other-than-temporary impairment after considering a wide range of factors, including, but not limited to, the extent to which cost exceeds fair value, the duration of that market decline, an analysis of the discounted estimated future cash flows for asset-backed and mortgage-backed securities, an analysis of the financial health and specific prospects for the issuer, the likelihood that the Company will be able to collect all amounts due according to the contractual terms of the debt security in effect at the date of acquisition, consideration as to whether the decline in value is due to general changes in interest rates and credit spreads and the Company’s intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in fair value. If an impairment is determined to be other-than-temporary, a realized capital loss equal to the entire difference between the amortized cost of the bond and its fair value is recorded and a new cost basis for the bond is established. Credit-related other-than-temporary impairment losses are recorded as realized capital losses included in net income (and

- 355 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

1. Summary of Significant Accounting Policies (Continued)

through the asset valuation reserve (“AVR”), whereas interest-related other-than-temporary impairment losses are recorded in the Interest Maintenance Reserve (“IMR”).

Common Stocks — Common stocks in good standing are stated at fair value. Fair value is determined by reference to valuations quoted by an independent pricing organization. Unrealized gains and losses are recorded directly to unassigned surplus. At December 31, 2019 and 2018, common stocks included $10.2 million and $9.1 million, respectively, invested in a Mutual of America sponsored series of mutual funds for institutional investors. At December 31, 2018, common stock also included an $8.1 million (book value $10.0 million) seed money investment in the Mutual of America Investment Corporation Small Cap Equity Index Fund (an affiliated entity) that commenced operations on July 2, 2018. This seed-money investment was liquidated in 2019 and the Company recognized a loss of $0.5 million on that sale. The December 31, 2019 and 2018, investment amounts also include $334.8 million and $199.9 million, respectively, invested in actively managed Large-Cap and Small-Cap Value equity strategies.

Losses that are considered to be other-than-temporary are recognized in net income when incurred. All equity investments are subjected to the Company’s quarterly review process for identifying other-than-temporary impairments. This impairment identification process utilizes a screening procedure that includes all common stock issuers not in good standing, as well as common stocks where the fair value is less than 80% of their cost for a continuous six-month period. The Company writes down common stocks that it deems to have other-than-temporary impairment after considering a wide range of factors, including, but not limited to, the extent to which cost exceeds fair value, the duration of that market decline, an analysis of the financial health and specific prospects for the issuer. The Company also considers other qualitative and quantitative factors in its evaluation of other-than-temporary impairments. Furthermore, any common stock whose fair value is less than its cost basis for a continuous twelve month period is deemed impaired and a realized capital loss is recorded.

Guaranteed Funds Transferable — Guaranteed funds transferable consist of funds held with a former reinsurer and is stated at the total principal amount of future guaranteed transfers to Mutual of America, transferrable through 2030.

Real Estate – Real estate, which is classified as Company occupied property, is carried at cost, including capital improvements, net of accumulated depreciation of $222.2 million and $212.2 million at December 31, 2019 and 2018 , respectively, and is depreciated on a straight-line basis over 39 years. Tenant improvements on real estate investments are depreciated over the shorter of the lease term or the estimated life of the improvement.

Policy Loans — Policy loans are stated at the unpaid principal balance of the loan. During 2019, 2018 and 2017, the Company recognized $0.3 million, $0.3 million and $0.6 million respectively, of realized capital losses on certain loans where the loan value exceeded the associated collateral on the loans and collection efforts on the unpaid balances of the policy loans were unsuccessful. There were no additional unrealized losses recorded in both 2019, 2018 and 2017.

Other — Certain other assets, such as net deferred income tax assets not expected to be realized within three years, furniture and fixtures and prepaid expenses, are considered “non-admitted assets” and are excluded from the consolidated statutory statements of financial condition.

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MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

1. Summary of Significant Accounting Policies (Continued)

Insurance and Annuity Reserves

Reserves for annuity contracts are computed on the net single premium method and represent the estimated present value of future retirement benefits. These reserves, which were $1.5 billion and $1.4 billion at December 31, 2019 and 2018, respectively, are based on mortality and interest rate assumptions (ranging predominately from 4.0% to 5.25% at both December 31, 2019 and 2018,), which meet or exceed statutory requirements and are not subject to discretionary withdrawal.

Reserves for contractual funds not yet used for the purchase of annuities are accumulated at various credited interest rates that, during 2019 and 2018, averaged 2.25% and 1.91%, respectively, and are deemed sufficient to provide contractual surrender values for these funds. These reserves, which were $6.0 billion and $5.9 billion at December 31, 2019 and 2018, respectively, are subject to discretionary withdrawal at book value.

Reserves for guaranteed investment contracts, which were $0.8 million and $5.4 million at December 31, 2019 and 2018, respectively, are accumulated at various guaranteed interest rates, which during 2019 and 2018 averaged 1.33% and 1.67%, respectively, and meet statutory requirements. Reserves for life and disability insurance are based on mortality, morbidity and interest rate assumptions, and meet statutory requirements.

Effective January 1, 2019, the Company voluntarily lowered the interest rate used to value $505.1 million of fixed interest guarantee annuity contracts issued prior to January 1, 2018. Such contracts, which had valuation rates ranging from 4.25% to 5.25%, were lowered to a valuation interest of 4.00%. The effect of this change was to increase policyholder reserves and reduce statutory surplus by $43.8 million at January 1, 2019.

Effective January 1, 2018, the Company voluntarily lowered the interest rate used to value $388.1 million of fixed interest guarantee annuity contracts issued prior to January 1, 2018. Such contracts, which had valuation rates ranging from 5.50% to 6.50%, were lowered to a valuation interest of 5.25%. The effect of this change was to increase policyholder reserves and reduce statutory surplus by $20.8 million at January 1, 2018.

Interest Maintenance and Asset Valuation Reserves

Realized gains and losses, including certain other-than-temporary impairment losses, net of applicable taxes, arising from changes in interest rates are accumulated in the IMR and are amortized into net investment income over the estimated remaining life of the investment sold. All other realized gains and losses are reported in the consolidated statements of operations.

An AVR, applying to the specific risk characteristics of all invested asset categories excluding cash, policy loans and investment income accrued, has been established based on a statutory formula. Realized and unrealized gains and losses, including other-than-temporary impairment losses arising from changes in the creditworthiness of the issuer, are included in the appropriate subcomponent of the AVR. Changes in the AVR are recorded directly to unassigned surplus.

Separate Account Operations

Variable annuity considerations and certain variable life insurance premiums may be allocated at participants’ discretion among investment funds in Separate Accounts. Separate Account funds invest in

- 357 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

1. Summary of Significant Accounting Policies (Continued)

mutual funds, including funds managed by the Advisor, and other funds managed by outside investment advisors. All net realized and unrealized capital gains in the Separate Accounts, which reflect investment performance of the mutual funds in which they invest, accrue directly to participants (net of administrative and other Separate Account charges) and are not reflected in the Company’s Consolidated Statutory Statements of Operations and Surplus. Investment advisory charges are based on the specific fee charged for each of the individual underlying investments of the Separate Accounts and are assessed as a percentage of the plans or participant’s account balance. Certain Separate Account administrative charges are assessed as a percentage of the plan’s or participant’s account balance as determined by the Company’s pricing tiers, which are based on established ranges of plan or participant account balances. In 2019, 2018 and 2017, such charges were equal to approximately 0.83%, 0.84% and 0.87%, respectively, of total average Separate Account assets. Separate Account charges and investment advisory fees paid to the Advisor are included in the Consolidated Statutory Statement of Operations and Surplus. Investments held in the Separate Accounts are stated at fair value and are not available to satisfy liabilities of the General Account. Participants’ corresponding equity in the Separate Accounts are reported as liabilities in the accompanying statements. Premiums and benefits related to the Separate Accounts are combined with the General Account in the accompanying consolidated statutory financial statements. Net operating gains and losses are offset by changes to reserve liabilities in the respective Separate Accounts. These reserves, which were approximately $14.7 billion and $11.7 billion at December 31, 2019 and 2018, respectively are subject to discretionary withdrawal at fair value.

Premiums and Annuity Considerations

All annuity considerations derived from voluntary retirement savings-type plans and defined benefit plans, which represent the vast majority of the Company’s annual premiums, are recognized as income when received. Insurance premiums and annuity considerations derived solely from defined contribution plans are recognized as income when due. Group life and disability insurance premiums are recognized as income over the premium paying period of the related policies. Deposits on deposit-type contracts are recorded directly as a liability when received. Expenses incurred in connection with acquiring new insurance business are charged to operations as incurred.

Investment Income and Expenses

General Account investment income is reported as earned and is presented net of related investment expenses. Operating expenses, including acquisition costs for new business, are charged to operations as incurred. All due and accrued investment amounts greater than 90 days are treated as non-admitted. The investment income amount due and accrued greater than 90 days was $2.1 million and $1.9 million at December 31, 2019 and 2018, respectively.

- 358 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

2. Investments

Valuation

The statement and fair values of investments in fixed maturity securities (bonds and notes) at December 31, 2019 and 2018 are shown below. Excluding U.S. government and government agency investments, the Company is not exposed to any significant concentration of credit risk.


	Statement Value		Gross Unrealized				Fair Value
December 31, 2019 (in millions)	Statement Value		Gains		Losses		Fair Value
Fixed maturities:
Mortgage- and asset-backed securities:
Residential mortgage-backed securities	$	595.1	$	7.8	$	1.0	$	601.9
Commercial mortgage-backed securities		78.5		3.1		—		81.6
Other asset-backed securities		—		—		—		—

Total	$	673.6	$	10.9	$	1.0	$	683.5
U.S. Treasury securities and obligations of U.S. government corporations and agencies		2,775.5		57.1		5.0		2,827.6
Obligations of states and political subdivisions		—		—		—		—
Debt securities issued by foreign governments		—		—		—		—
Corporate securities		4,670.8		216.7		28.7		4,858.8

Total	$	8,119.9	$	284.7	$	34.7	$	8,369.9


	Statement Value		Gross Unrealized				Fair Value
December 31, 2018 (in millions)	Statement Value		Gains		Losses		Fair Value
Fixed maturities:
Mortgage- and asset-backed securities:
Residential mortgage-backed securities	$	863.9	$	11.9	$	15.2	$	860.6
Commercial mortgage-backed securities		—		—		—		—
Other asset-backed securities		10.2		—		—		10.2

Total	$	874.1	$	11.9	$	15.2	$	870.8
U.S. Treasury securities and obligations of U.S. government corporations and agencies		2,508.8		7.1		53.9		2,462.0
Obligations of states and political subdivisions		—		—		—		—
Debt securities issued by foreign governments		3.5		—		—		3.5
Corporate securities		4,597.7		62.2		111.0		4,548.9

Total	$	7,984.1	$	81.2	$	180.1	$	7,885.2

The Company does not have any exposure to subprime mortgage loans, either through direct investment in such loans or through investments in residential mortgage-backed securities, collateralized debt obligations or other similar investment vehicles. As of December 31, 2019, approximately 100% of the $3.4 billion invested in mortgage-backed securities that are included in the captions “U.S. Treasury securities and obligations of U.S. government corporations and agencies” and “Residential mortgage-backed securities” in the immediately preceding table were issued and guaranteed by the United States Treasury, Fannie Mae (FNMA), Freddie Mac (FHLMC) or Ginnie Mae (GNMA). The Company does have investments in publicly traded bonds of financial institutions. These financial institutions may have investments with subprime exposure.

- 359 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

2. Investments (Continued)

Cash equivalents with a statement value and fair value of $65.3 million and $85.6 million at December 31, 2019 and 2018, respectively, and short-term investments with both a statement value and a fair value of $16.6 million are included in the above tables. At December 31, 2019 and 2018, the Company had $3.4 million and $3.3 million, respectively, (par value of $3.5 million in both years) of its long term fixed maturity securities on deposit with various regulatory agencies.

Fair Value

The Company values its financial instruments at fair value. Fair value is an estimate of the price the Company 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. The three levels are as follows:

•

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

•

Level 2 — quoted prices for similar assets in active or non-active markets or 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 assumptions in determining the fair value of investments).

The Company has determined the fair value inputs used to measure all of its assets that are considered financial instruments, which include fixed maturity securities, common stocks, cash, cash equivalents, short term investments, policy loans, guaranteed funds transferrable and Separate Account funds whose net asset values are calculated on a daily basis. Cash, cash equivalents, common stocks, investments in publicly traded mutual funds that are registered with the Securities and Exchange Commission and Separate Account assets were determined to be Level 1. Separate Account liabilities, which are equal to Separate Account assets, are determined to be Level 1 as the value of these liabilities changes in conjunction with the change in Separate Account assets. The vast majority of the Company’s fixed maturity securities (bonds and notes), and all of its policy loans, and other invested assets were determined to be Level 2. Finally, certain fixed maturity securities and the guaranteed funds transferrable, representing less than 1% of the total, for which quoted market prices were unavailable or an inactive market for the security currently exists, were determined to be Level 3. The inputs used for valuing these securities are not necessarily an indication of the risk associated with investing in those securities.

- 360 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

2. Investments (Continued)

The following tables provide fair value information at December 31, 2019 and 2018, about the Company’s assets that are considered financial instruments:


As of December 31, 2019 Financial Instruments (in millions)	Level 1		Level 2		Level 3		Total
Bonds and notes	$	—	$	8,256.4	$	31.4	$	8,287.8
Common stocks		346.5		—		—		346.5
Cash, cash equivalents and short term investments		117.0		—		—		117.0
Policy loans		—		104.0		—		104.0
Guaranteed funds transferrable		—		—		8.3		8.3
Separate Account assets		14,667.4		—		—		14,667.4

Total	$	15,130.9	$	8,360.4	$	39.7	$	23,531.0


As of December 31, 2018 Financial Instruments (in millions)	Level 1		Level 2		Level 3		Total
Bonds and notes	$	—	$	7,767.6	$	32.0	$	7,799.6
Common stocks		217.1		—		—		217.1
Cash, cash equivalents and short term investments		104.5		—		—		104.5
Policy loans		—		103.8		—		103.8
Guaranteed funds transferrable		—		—		10.9		10.9
Separate Account assets		11,682.9		—		—		11,682.9

Total	$	12,004.5	$	7,871.4	$	42.9	$	19,918.8

The fair value of Level 3 assets decreased from $42.9 million at December 31, 2018, to $39.7 million at December 31, 2019, primarily as a result of the change in fair value of Level 3 assets, net of interim paydowns, during the year. The fair value of bonds and notes classified as Level 3 decreased by $0.6 million in 2019 as a result of the redetermination of the fair value, net of paydowns, on these securities during the year. Additionally, during 2019 one Level 3 security with a book adjusted carrying value of $1.5 million was sold and a realized gain of $2.3 million was recognized on the transaction. This amount is included in net realized capital gains not subject to the IMR on the Statement of Operations and Surplus. The guaranteed funds transferrable fair value declined due to the receipt of scheduled principal payments during the year. There were no additional securities added to the Level 3 classification and there were no securities transferred between Levels 1, 2 & 3 during 2019 and 2018.

In determining the fair value of Level 3 bonds and notes, the Company utilized expected cash flows provided by an independent valuation service together with discount rate and default factor assumptions commensurate with the current credit rating of such securities and consistent with those that would be used in pricing similar types of securities based upon market conditions that existed at December 31, 2019 and 2018.

- 361 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

2. Investments (Continued)

Unrealized Gains and Losses

At December 31, 2019 and 2018, net unrealized appreciation (depreciation) reflected in surplus consisted of the following:


December 31 (in millions)	2019			2018			Change		2018			2017			Change
Common Stock	$	35.5		$	(16.7	)	$	52.2	$	(16.7	)		14.3		$	(31.0	)
Bonds and notes		(4.4	)		(5.6	)		1.2		(5.6	)		(7.3	)		1.7
Other assets		(0.9	)		(0.9	)		0.0		(0.9	)		(0.8	)		(.1	)

Net unrealized appreciation (depreciation)	$	30.2		$	(23.2	)	$	53.4	$	(23.2	)	$	6.2		$	(29.4	)

During 2019 net unrealized depreciation related to the Company’s bonds, equity securities and other assets increased by $53.4 million during the year. Net unrealized appreciation of $35.5 million related to equity securities at December 31, 2019, consists of $40.1 million of gross unrealized gains and $4.6 million of gross unrealized losses, of which none of the unrealized losses are greater than 12 months old. Net unrealized depreciation of $16.7 million related to equity securities at December 31, 2018, consisted of $23.3 million of gross unrealized losses and $6.6 million of gross unrealized gains, of which none of the unrealized losses were greater than 12 months old.

Net unrealized appreciation of $14.3 million related to equity securities at December 31, 2017, consisted of $16.1 million of gross unrealized gains and $1.8 million of gross unrealized losses, of which none of the unrealized losses were greater than 12 months old.

The following is an analysis of the fair values and gross unrealized losses as of December 31, 2019 and 2018, aggregated by fixed maturity category and length of time that the securities were in a continuous unrealized loss position. As shown in the table below, total gross unrealized losses as of December 31, 2019 and 2018, were $34.7 million and $180.0 million, respectively, and the majority of such losses related to corporate and U.S. Treasury securities. These unrealized losses arise primarily from general changes in interest rates and credit spread widening and are not due to fundamental credit problems that exist with the specific issuers. The Company has the ability and intent to hold those securities that are in an unrealized loss position for a sufficient period of time in order for them to recover.

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MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

2. Investments (Continued)

The tables that follow exclude $7.4 billion and $1.9 billion at December 31, 2019 and 2018, respectively, of represent the book value of those securities whose fixed maturity securities in an unrealized gain position.


	Twelve Months or Less						Twelve Months or Greater
December 31, 2019 (in millions)	Fair Value		Unrealized Losses		Number of Issues		Fair Value		Unrealized Losses		Number of Issues
Fixed maturities:
Mortgage- and asset-backed securities:
Residential mortgage-backed securities	$	40.3	$	0.2		12	$	112.9	$	0.8		32
Commercial mortgage-backed securities		9.1		0.1		1		—		—		—
Other asset-backed securities		—		—		—		—		—		—

Total	$	49.4	$	0.3		13	$	112.9	$	0.8		32
U.S. Treasury securities and obligations of U.S. government corporations and agencies		324.3		2.1		61		183.2		2.8		70
Obligations of states and political subdivisions		—		—		—		—		—		—
Debt securities issued by foreign governments		—		—		—		—		—		—
Corporate securities		101.3		0.6		31		137.7		27.8		16

Total	$	475.0	$	3.0		105	$	433.8	$	31.4		118


	Twelve Months or Less						Twelve Months or Greater
December 31, 2018 (in millions)	Fair Value		Unrealized Losses		Number of Issues		Fair Value		Unrealized Losses		Number of Issues
Fixed maturities:
Mortgage- and asset-backed securities:
Residential mortgage-backed securities	$	437.2	$	1.6		147	$	376.4	$	12.8		204
Commercial mortgage-backed securities		—		—		—		—		—		—
Other asset-backed securities		9.9		0.1		3		0.3		—		1

Total	$	447.1	$	1.7		150	$	376.7	$	12.8		205
U.S. Treasury securities and obligations of U.S. government corporations and agencies		874.5		6.2		140		1,390.0		48.3		502
Obligations of states and political subdivisions		—		—		—		—		—		—
Debt securities issued by foreign governments		—		—		—		—		—		—
Corporate securities		2,222.4		54.3		423		698.7		56.7		216

Total	$	3,544.0	$	62.2		713	$	2,465.4	$	117.8		923

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MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

2. Investments (Continued)

Realized Capital Gains and Losses

Net realized capital gains (losses) reflected in the Consolidated Statements of Operations and Surplus for the years ended December 31, 2019, 2018 and 2017, were as follows:


December 31 (in millions)	2019			2018			2017
Common Stock	$	10.5		$	6.8		$	7.0
Fixed maturities		3.3			1.6			(5.3	)
Other assets		(0.3	)		(0.3	)		(0.7	)

Net realized capital gains (losses)	$	13.5		$	8.1		$	1.0

At December 31, 2019 and 2018, the book value and fair value of the Company’s mortgage-backed and asset-backed securities portfolios totaled $3.3 billion and $3.3 billion, and $3.4 billion and $3.3 billion, respectively, of which approximately 99% in both 2019 and 2018 are U.S. government agency guaranteed instruments. Investments in loan-backed and asset-backed securities are carried at amortized cost, except for those securities rated as class 6 by the NAIC, which are carried at lower of amortized cost or fair value.

Sales of investments in fixed maturity securities resulted in $3.5 million of net interest rate related gains, $(10.4) million of net interest rate related losses and $(4.2) million of net interest rate related losses being accumulated in the IMR in 2019, 2018 and 2017, respectively, as follows:


December 31 (in millions)	2019			2018			2017
Fixed maturity securities
Proceeds	$	628.6		$	1,047.9		$	1,362.7
Gross realized gains		9.5			—			0.1
Gross realized losses		(6.0	)		(10.4	)		(4.3	)

During 2019, 2018 and 2017, $12.9 million, $15.6 million and $20.1 respectively, of the IMR was amortized and included in net investment income.

Sales of investments in equity securities resulted in $10.5 million of net capital gains, $6.8 million of net capital gains and $7.0 of net capital gains in 2019, 2018 and 2017, respectively, being recognized in net income as follows:


December 31 (in millions)	2019			2018			2017
Equity securities
Proceeds	$	279.7		$	115.8		$	85.4
Gross realized gains		27.6			7.5			7.1
Gross realized losses		(17.1	)		(0.7	)		(0.1	)

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MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

2. Investments (Continued)

Maturities

The statement and fair values of investments in fixed maturity securities by contractual maturity (except for mortgage-backed securities, which are stated at expected maturity) at December 31, 2019, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to prepay obligations with or without prepayment penalties.


December 31, 2019 (in millions)	Statement Value		Fair Value
Due in one year or less	$	483.3	$	489.1
Due after one year through five years		3,798.2		3,902.2
Due after five years through 10 years		3,554.0		3,685.6
Due after 10 years		196.6		210.0

Total	$	8,032.1	$	8,286.9

3. Guaranteed Funds Transferable

In 1980, Mutual of America terminated a reinsurance arrangement and assumed direct ownership of funds held by John Hancock Mutual Life Insurance Company (Hancock), the former reinsurer, and direct liability for the contractual obligations to policyholders. The liability to such policyholders is included as insurance and annuity reserves in the consolidated statutory statements of financial condition. The principal amount of the funds held by the former reinsurer is guaranteed to earn at least 3.125% per year.

The guaranteed funds are transferable to Mutual of America over time through 2030 and are stated at the total principal amount of future guaranteed transfers to Mutual of America of $8.0 million and $9.4 million at December 31, 2019 and 2018, respectively. The actual interest and other allocated investment earnings related to this contract amounted to $0.7 million, $0.6 million and $0.8 million in 2019, 2018 and 2017, respectively, and are included in net investment income.

4. Real Estate

Real estate consists primarily of an office building that Mutual of America purchased for its corporate headquarters. The Company occupies approximately one-third of this office building as its corporate headquarters and leases the remaining space. Depreciation expense was $ 10.1 million, $9.3 million $9.4 million in 2019, 2018 and 2017, respectively.

5. Pension Plan and Postretirement Benefits

Pension Benefit and Other Benefit Plans

The Company has a qualified, noncontributory defined benefit pension plan covering virtually all employees. Benefits are generally based on years of service and final average earnings. The Company’s funding policy is to contribute annually, at a minimum, the amount necessary to satisfy the funding requirements under the Employee Retirement Income Security Act of 1974 (ERISA). The Company also maintains a nonqualified deferred compensation plan that provides benefits to employees whose total compensation or calculated benefit exceeds the maximum allowable limits for qualified retirement plans under ERISA.

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MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

5. Pension Plan and Postretirement Benefits (Continued)

The Company also has two other defined benefit postretirement plans covering substantially all salaried employees. Employees may become eligible for such benefits upon attainment of retirement age while in the employ of the Company and upon satisfaction of service requirements. One plan provides medical, dental and vision benefits and the second plan provides life insurance benefits. The postretirement plans are contributory for those individuals who retire with less than 25 years of eligible service, with retiree contributions adjusted annually, and contain other cost-sharing features, such as deductibles and coinsurance. All benefit plans are underwritten by Mutual of America. To the extent that the claims do not exceed stop-loss limits for single life occurrences, the plans are self-insured. Stop-loss coverage is purchased from an unaffiliated carrier. The postretirement benefit plan expense required to be recorded under these plans was $24.2 million, $21.3 million and $19.6 million in 2019, 2018 and 2017, respectively.

As of January 1, 2019 and 2018 the Company had a total recognized liability for pension benefits of $56.0 million and $15.3 million, respectively, consisting of an unamortized transition liability of $11.7 million and $8.6 million and the accrued benefit cost of $44.3 million and $6.7 million, respectively.

For other benefits, as of January 1, 2019 and 2018 the Company had total recognized liabilities of $112.2 million and $101.5 million, respectively, for the postretirement medical plans and $68.7 million and $68.1 million, respectively, for the nonqualified deferred compensation plans. The $112.2 million and $101.5 million recognized liability for the postretirement medical plans at January 1, 2019 and 2018 consisted of an unamortized transition liability of $5.6 million in both years, and an accrued benefit cost of $106.6 million and $95.9 million, respectively. For the nonqualified deferred compensation plan, the recognized liability at January 1, 2019 and 2018 consisted of an unamortized transition liability of $1.9 million and $2.5 million and a $66.8 million and $65.6 million accrued benefit cost, respectively.

The expected amortization of the unrecognized transition liability will be $5.6 million for the postretirement medical plan and $0.2 million for the nonqualified deferred compensation plan per year through no later than 2022. There was an additional charge to surplus for the post-retirement medical plan of $18.4 million and an additional charge to surplus for the non-qualified deferred compensation plan of $3.4 million in 2019. No additional charge to surplus was required in 2018.

On January 1, 2018 an adjustment to surplus for $15.5 million was recorded for new mortality tables. Furthermore, during 2018 there was an additional charge to surplus of $36.5 million related to the qualified defined benefit plan to adjust the unrecognized transition liability to the expected amortization amount calculated when Statement of Statutory Accounting Principles (“SSAP”) No. 102 was adopted

- 366 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

5. Pension Plan and Postretirement Benefits (Continued)

The following table provides a status of the Company’s pension and postretirement benefit plans as of December 31, 2019 and 2018 (in millions):


	Pension Benefits						Other Benefits
	2019			2018			2019			2018
Accumulated Benefit Obligation	$	310.4		$	285.9		$	47.1		$	52.5

Projected Benefit Obligation	$	393.8		$	357.4		$	218.2		$	190.8
Plan Assets at Fair Value		352.2			295.9			—			—

Funded Status	$	(41.6	)	$	(61.5	)	$	(218.2	)	$	(190.8	)
Accrued Benefit Cost		36.1			(7.7	)		182.6			173.2
Additional Surplus Charge greater than minimum		—			52.0			18.4			0.2

Unrecognized items	$	(5.5	)	$	(17.2	)	$	(17.2	)	$	(17.4	)

Prior Service Costs	$	—		$	—		$	6.4		$	5.9
Unrecognized (Losses) Gains		(138.7	)		(150.6	)		(86.6	)		(61.2	)
Additional Surplus Charge Beyond Minimum		—			—			—			—
Transition asset		133.2			133.4			63.0			37.9

Total Unrecognized Liability	$	(5.5	)	$	(17.2	)	$	(17.2	)	$	(17.4	)

The components of net periodic benefit costs as calculated in the January 1, 2019, 2018 and 2017 plan valuations are as follows:


	Pension Benefits									Other Benefits
December 31 (in millions)	2019			2018			2017			2019			2018			2017
Service costs	$	16.6		$	17.9		$	15.6		$	6.2		$	6.7		$	5.9
Interest cost on Projected Benefit Obligation (PBO)		14.6			13.0			13.1			7.6			7.1			7.0
Expected return on plan assets		(25.8	)		(28.9	)		(24.1	)		—			—			—
Prior services costs		—			—			—			(.8	)		(0.7	)		(0.7	)
Settlement		—			—			—			6.4			1.9			2.4
Amortization of unrecognized net loss (gain)		11.7			8.6			8.4			4.8			6.3			5.0

Net benefit expense	$	17.1		$	10.6		$	13.0		$	24.2		$	21.3		$	19.6

During 2019, 2018 and 207 pension expense for the non-qualified deferred compensation plan included a $6.4 million, $1.9 million and $2.4 million settlement loss, resulting from the level of lump-sum benefit payments made from the non-qualified plan during those years exceeding the plans interest and service cost.

- 367 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

5. Pension Plan and Postretirement Benefits (Continued)

The changes in the PBO and plan assets are as follows:


	Pension Benefits						Other Benefits
December 31 (in millions)	2019			2018			2019			2018
Change in PBO
PBO, beginning of the year	$	357.4		$	359.7		$	190.8		$	194.2
Service costs		16.6			17.9			6.2			6.7
Interest costs		14.6			13.0			7.6			7.1
Change in assumptions/plan amendments		35.3			(5.1	)		29.7			(13.7	)
Actuarial loss (gain)		10.2			8.4			5.6			8.3
Benefits and expenses paid		(40.3	)		(36.5	)		(21.7	)		(11.8	)

PBO, end of year	$	393.8		$	357.4		$	218.2		$	190.8


	Pension Benefits						Other Benefits
December 31 (in millions)	2019			2018			2019			2018
Change in Plan Assets
Plan assets, beginning of the year	$	295.9		$	328.8		$	—		$	—
Employer contributions		25.0			25.0			—			—
Return on plan assets		71.6			(21.4	)		—			—
Benefits and expenses paid		(40.3	)		(36.5	)		—			—

Plan assets, end of year		352.2			295.9			—			—

Plan assets (lower than) PBO	$	(41.6	)	$	(61.5	)	$	(218.2	)	$	(190.8	)

At December 31, 2019 and 2018, all of the pension plan assets are invested in several of the investment funds offered by the Company’s Separate Accounts and in the Company’s General Account, and consisted of approximately 83.0% in equity investments and 17.0% in fixed-income investments and 79% in equity and 21% in fixed-income investments, respectively. A distribution of plan assets by investment objective as of December 31, 2019 and 2018 are as follows:


December 31, (in millions)	2019		2018
Fixed Income Funds	$	56.9	$	62.1
Equity Funds:
Index		168.3		138.5
Growth		73.7		55.7
Balanced		50.2		39.6

Total Level 1 Investments	$	349.1	$	295.9
General Account		3.1		—

Total plan assets	$	352.2	$	295.9

- 368 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

5. Pension Plan and Postretirement Benefits (Continued)

The underlying investments in the funds of the Separate Accounts are based on quoted market prices within an active market and as such are classified as Level 1. Amounts held in the General Account are valued at contract value, which is equal to fair value, and are considered to be cash equivalents that are not subject to fair value evaluation.

The Company made contributions to its defined benefit pension plan of $25.0 million each year in 2019, 2018 and 2017. The Company estimates that it will make a contribution of $15 million to this plan in 2020. Benefits expected to be paid from this plan total $31.2 million in 2020, $30.5 million in 2021, $33.1 million in 2022, $27.8 million in 2023 and $28.2 million in 2024. The aggregate benefits expected to be paid in 2025 through 2029 total approximately $162.8 million. The calculation of expected benefits is based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2019.

The assumptions used in determining the aggregate projected benefit obligation for pension and other benefit plans were as follows:


	Pension Benefits									Postretirement Medical									Non Qualified Deferred
Weighted average Assumptions at December 31	2019			2018			2017			2019			2018			2017			2019			2018			2017
Discount rate		3.00	%		4.10	%		3.50	%		3.40	%		4.30	%		3.70	%		2.80	%		3.90	%		3.25	%
Rate of compensation increase		4.00	%		4.00	%		4.00	%		4.00	%		4.00	%		4.00	%		5.00	%		5.00	%		5.00	%
Expected return on plan assets		8.50	%		8.50	%		8.50	%		—			—			—			—			—			—

The Company’s overall expected long-term rate of return on plan assets was determined based upon the current projected benefit payout period and the current mix of plan investments, which generally consists of approximately 80% equity investments and 20% fixed-income investments. The Company believes that this investment mix properly matches the plan’s benefit obligations. The equity component of the expected long-term rate of return was determined using a combination of the actual rate of return of equities (net of inflation) and an inflation-adjusted equity rate of return (assuming an inflation rate of 3.50%) based upon historical 30-year rolling averages. In selecting the expected long-term rate of return assumption, an underlying inflation assumption of 3.00% was selected, taking into account historical inflation data and future inflation expectations.

The health care cost trend rate assumption had an effect on the amounts reported for the postretirement benefit plans. The assumption is 5.2% for 2019, 5.0% for 2020, 4.8% for 2021, 4.8% for 2022, and 4.8% for 2023 and beyond. Benefits expected to be paid from this plan and the nonqualified deferred compensation plan total $12.5 million in 2020, $15.0 million in 2021, $14.4 million in 2022, $11.1 million in 2023 and $4.9 million in 2024. Aggregated benefits expected to be paid in the period 2025 through 2029 total approximately $64.0 million. The calculation of expected benefits is based on the same assumptions used to measure the Company’s benefit obligation at December 31, 2019.

Savings and Other Incentive Plans

All employees may participate in a Company sponsored savings plan under which the Company matches a portion of the employee’s contributions up to 6% of salary. The Company contributed $3.2 million in both 2019 and 2018 and $3.0 million in 2017. The Company also has a long-term performance-based incentive compensation plan for certain employees and directors. Shares under this

- 369 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

5. Pension Plan and Postretirement Benefits (Continued)

plan are granted each year and generally vest over a three-year period. The value of such shares is equal to the number of shares multiplied by the current share price, which is determined by the level of total assets of the Company. A financial performance threshold measure must also be met in order to receive a payout at the end of the third year. The total expense incurred related to these plans was $13.9 million, $10.7 million and $13.7 million in 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, the accrued liability related to these plans was $24.6 million and $22.6 million, respectively.

6. Commitments and Contingencies

Rental expenses approximated $26.4 million, $25.2 million and $24.5 during 2019, 2018 and 2017, respectively. The approximate minimum rental commitments under non-cancelable operating leases are as follows: $5.5 million in 2020; $4.5 million in 2021; $4.0 million in 2022; $3.1 million in 2023; $2.5 million in 2024 and $5.6 million in 2025 and beyond. Such leases are principally for leased office space and certain data processing equipment, furniture and communications equipment. Certain office space leases provide for adjustments relating to changes in real estate taxes and other expenses.

The Company is involved in various legal actions that have arisen in the course of the Company’s business. In the opinion of management, the ultimate resolution with respect to such lawsuits, as well as other contingencies, will not have a material adverse effect on the Company’s consolidated financial statements.

7. Federal Income Taxes

The Tax Cuts and Jobs Act (TCJA) was signed into law on December 22, 2017. From a corporate perspective, a goal of the tax overhaul was to reduce the corporate tax rate and redesign the taxation of international operations in order to make US companies more competitive around the world. To partially offset the decrease in revenue from these measures, the new law broadens the tax base. To that end, TCJA substantially changes the overall corporate tax structure, including specific changes relative to the taxation of the life insurance industry. TCJA changes that are generally applicable to all corporations include a reduction of the corporate income tax rate from 35% to 21%, repeal of the corporate alternative minimum tax (AMT), changes to the corporate dividend received deduction (DRD), and other changes reducing certain business deductions counterbalanced by inducements favoring capital investments by permitting accelerated write-offs.

TCJA specifically impacts life insurance companies by requiring them to take into account a specific percentage of the increase or decrease in statutory reserves; revising the capitalization rule for deferred acquisition costs; changes the net operating loss carryover rules for life insurance companies; modifies the proration rules; and, other amendments that will have the effect of reducing tax deductions.

The impact on Mutual of America’s surplus is dependent on many factors, but the tax rate reduction from 35% to 21% was a major component as of December 31, 2017. We were required to recognize the effect on deferred tax assets (DTAs) and deferred tax liabilities (DTLs) of a change in tax rates in the period the tax rate change was enacted. Accordingly, the enacted reduction in the U.S. Federal corporate income tax rate resulted in a one-time, non-cash decrease to adjusted net DTAs of $126.6 million at December 31, 2017. As of December 31, 2018, the Company had recorded a receivable of $3.7 million arising from the recognition of the Alternative Minimum Tax (AMT) Credit that became refundable

- 370 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

7. Federal Income Taxes (Continued)

under the 2017 TCJA. The Company received $2.0 million of the above-mentioned receivable in December 2019 and expects to receive the remaining $1.9 million over the next three years. Life insurance companies are required to compute life insurance tax reserves differently under TCJA. Accordingly, the life insurance tax reserve DTA was remeasured, at December 31, 2017, to reflect the effects of the required changes in reserves at the date of enactment and a new DTL was established. The DTL is the difference between the old and new reserve basis and is subject to an 8-year straight-line amortization beginning in 2018. The accounting for the impact of the TCJA on tax reserves is based on reasonable estimates and such amounts have been factored into the measurement of deferred taxes. The foreign tax law changes enacted under TCJA have no impact on Mutual of America.

Mutual of America adopted SSAP No. 101, Income Taxes, a replacement of SSAP No. 10R, effective January 1, 2012. During the first quarter of 2012, Regulation No. 172 was amended to adopt the provisions of SSAP No. 101. This guidance requires that a deferred tax asset (DTA) or deferred tax liability (DTL) be established for temporary differences between the tax and statutory reporting bases of assets and liabilities. The change in Mutual of America’s net Admitted DTA must be recorded as a separate component of gains and losses in surplus. Net DTAs are required to be recorded as an admitted asset to the extent that the amount will be realized within three years, subject to a maximum admitted asset equal to 15% of statutory surplus and to the Company’s risk-based capital ratio exceeding certain thresholds.

A reconciliation of the income tax benefit/(expense) recognized in the Company’s consolidated statutory statement of operations and surplus to the amount obtained by applying the statutory rate of 21% in both 2019 and 2018 and 35% in 2017 to net gain from operations before federal income taxes follows:


December 31 (in millions)	2019			2018			2017
Net (Loss) Gain from Operations	$	(33.1	)	$	7.7		$	22.0
Statutory rate		21	%		21	%		35	%
Tax at statutory rate		7.0			(1.6	)		(7.7	)
Effect of Federal Tax Rate change on net DTA		—			—			(126.6	)
Investment Items		(3.4	)		1.3			5.7
Expense Items		19.4			20.9			14.1
Net operating loss related to Dividend Received Deduction		1.8			0.2			(3.6	)
Nonadmitted Assets		1.4			0.7			0.2
Prior year true-up related to reserves		(2.5	)
Other including LLC adjustment		3.7			3.1			4.3

Total Income Tax (Expense) Benefit	$	27.4		$	24.6		$	(113.6	)

Income Tax Benefit (Expense):
Current — Consolidated	$	—		$	0.3		$	3.6
Deferred — Non-Insurance Companies		—			(0.1	)		(0.5	)

Income Tax Benefit on Operating Earnings	$	—		$	0.2		$	3.1

Deferred Federal Income Tax, in Surplus	$	27.4		$	24.4		$	(116.7	)

Total Income Tax (Expense) Benefit	$	27.4		$	24.6		$	(113.6	)

- 371 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

7. Federal Income Taxes (Continued)

The federal income tax benefits of $27.4 million and $24.6 million in 2019 and 2018, respectively relates primarily to the change in the deferred income tax incurred by Mutual of America. The federal income tax expense of $113.6 million in 2017 is primarily attributable to the change in deferred income tax incurred by Mutual of America as a result of the TCJA tax rate change.

The components of the net DTA recognized in the Company’s consolidated statement of financial condition are as follows:


December 31 (in millions)	2019			2018
Total gross DTAs excluding unrealized (gains) losses	$	250.9		$	222.8
Statutory valuation allowance adjustment		—			—

Total adjusted gross DTAs excluding unrealized (gains) losses	$	250.9		$	222.8
Total gross DTLs excluding unrealized (gains) losses		(10.3	)		(9.6	)

Mutual of America’s net DTA		240.6			213.2
Tax effect of unrealized (gains) losses		(6.6	)		4.6
DTA nonadmitted		(164.9	)		(164.9	)

Mutual of America’s net admitted DTA		69.1			52.9
Non-insurance Subsidiaries DTA’s		1.0			0.9

Total net DTAs	$	70.1		$	53.8

The realizability of the gross and admitted deferred tax assets was supported through the use of certain tax planning strategies. The Company has not recorded a valuation allowance against the deferred tax asset as of December 31, 2019 or December 31, 2018 as management believes that the recognition of the deferred tax asset balance is more likely than not based on the Company’s expected future business operations and tax planning strategies.

At December 31, 2019, Mutual of America’s gross DTA, excluding the tax effect of unrealized (gains) losses, of $250.9 million, consisted of $238.1 million of ordinary DTAs and $12.8 million of capital DTAs. The net increase in the net DTA was $27.4 million excluding unrealized (gains) losses. As shown in the above table, Mutual of America’s net admitted DTA increased by $16.2 million during 2019.

The Company claims the separate account dividend received deduction. The impact of the separate account dividend received deduction (“DRD”) is to reduce the Company’s overall effective tax rate compared to the U.S. statutory tax rate of 21%. In addition, in 2019, the DRD had the initial effect of decreasing the Company’s admissible asset based on projections of future taxable income for the three years following the balance sheet date of the reporting period.

For years prior to the effective date of TCJA, there was a degree of uncertainty regarding the computational aspects of the Company’s separate account dividend received deduction (DRD) for assets held in connection with variable annuity contracts because final regulations have not been issued by the IRS. If such regulations were issued, they could result in the elimination of some or all of the separate account DRD tax benefit that the Company received for years prior to the effective date of the TCJA. For tax years 2018 and forward, TCJA standardized the DRD computation, thus reducing uncertainty regarding the amount of the separate account DRD deduction.

- 372 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

7. Federal Income Taxes (Continued)

The tax effects of temporary differences that give rise to a significant portion of the DTAs and DTLs arise from the differing statutory and tax-basis treatment of assets and liabilities, insurance and annuity reserves, realized capital gains and losses on investment transactions, nonadmitted assets, and net operating loss carryforwards. Effective January 1, 1998, Mutual of America’s pension business became subject to federal income tax. Included in such differences are items resulting from transition rules under the Internal Revenue Code as of January 1, 1998, which accompanied the change in taxation of Mutual of America’s pension business. The transition rules along with the reduced federal income tax rate under TCJA will continue to moderate Mutual of America’s current tax expense over the next several years. As such, Mutual of America incurred a consolidated federal income tax benefit of zero in 2019 and $0.2 million in 2018. At December 31, 2019, the Company had net operating loss carryforwards of approximately $510.3 million, of which $368.1 million are expiring at various dates between 2021 and 2032 and $142.2 million has no expiration, but its utilization is limited to 80% of taxable income. The Company has zero capital loss carryforwards at December 31, 2019.

Mutual of America files a separate federal income tax return and files income tax returns in various states.

8. Fair Value of Financial Instruments

The fair values of financial instruments have been determined using available market information and the valuation methodologies described below. Considerable judgment is often required in interpreting market data to develop estimates of fair value for financial instruments for which quoted market prices are not available or an inactive market for the instrument currently exists. Accordingly, certain fair values presented herein (refer to Note 2) may not necessarily be indicative of amounts that could be realized in a current market exchange. The use of different assumptions or valuation methodologies may have a material effect on the estimated fair value amounts. Amounts related to the Company’s financial instruments at December 31, 2019 and 2018, were as follows:


	2019				2018
	Statement Value		Fair Value		Statement Value		Fair Value
	(in millions)
ASSETS
Bonds and notes	$	8,032.1	$	8,287.8	$	7,898.8	$	7,799.6
Common stocks		346.5		346.5		217.1		217.1
Cash, cash equivalents and short term investments		117.0		117.0		104.5		104.5
Guaranteed funds transferable		8.0		8.3		9.4		10.9
Policy Loans		104.0		104.0		103.8		103.8

Bonds and Notes and Common Stock — Fair value for bonds and notes is determined by reference to market prices quoted by an independent pricing source. If quoted market prices are not available, fair value is determined using internal valuation models and techniques or based upon quoted prices for comparable securities. Fair value for common stocks is determined by reference to valuations quoted by an independent pricing organization.

- 373 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

8. Fair Value of Financial Instruments (Continued)

Cash, Cash Equivalents and Short Term Investments — The carrying value for cash, cash equivalents approximates fair values due to the short-term maturities of these instruments. Short-term investments are stated at cost, which approximates fair value, and consist of highly liquid investments purchased with maturities of one year or less.

Guaranteed Funds Transferable — Fair value for guaranteed funds transferable is determined by reference to market valuations provided by the former reinsurer.

Policy Loans — The majority of policy loans are issued with variable interest rates, which are periodically adjusted based on changes in rates credited to the underlying policies and therefore are considered approximate fair value.

9. Significant Differences Between Statutory Accounting Practices and Generally Accepted Accounting Principles (GAAP)

The accompanying financial statements are presented in conformity with statutory accounting practices prescribed or permitted by the New York Department (“Statutory Accounting”), which practices differ from GAAP. The significant variances between such practices and GAAP are described below. The Company has not computed the variance between Surplus and Net Income calculated in accordance with statutory accounting practices prescribed or permitted by the New York Department and GAAP, as there is no reporting requirement to do so and the costs involved exceed the benefits derived from these calculations. Generally, GAAP results in a more favorable presentation of the Company’s financial condition.

Asset Valuations and Investment Income Recognition

GAAP requires the Company’s bonds and notes to be classified as either held-to-maturity (HTM), available-for-sale (AFS), or trading; whereas for statutory accounting, no such classification is required. In addition, for GAAP, AFS bonds and notes are carried at their fair value with the unrealized gains and losses applied directly to equity; whereas for statutory accounting, all bonds and notes in good standing are carried at their amortized cost.

GAAP requires that unrealized gains and losses arising from the change in fair value of equity securities be reflected as a component of investment income whereas for statutory accounting unrealized gains and losses are reflected as a component of the change in surplus.

Realized capital gains and losses, net of applicable taxes, arising from changes in interest rates are recognized in income currently for GAAP accounting, rather than accumulated in the IMR and amortized into income over the remaining life of the security sold for statutory accounting.

A general formula-based AVR is recorded for statutory accounting purposes, whereas such a reserve is not required under GAAP.

For statutory accounting, certain assets, principally net deferred income tax assets not expected to be realized within three years, furniture and fixtures and prepaid expenses are excluded from the statement of financial condition by a direct charge to surplus; whereas under GAAP, such assets are carried at cost, net of accumulated depreciation.

- 374 -

MUTUAL OF AMERICA LIFE INSURANCE COMPANY

NOTES TO CONSOLIDATED STATUTORY FINANCIAL STATEMENTS (Continued)

December 31, 2019, 2018 and 2017

9. Significant Differences Between Statutory Accounting Practices and Generally Accepted Accounting Principles (GAAP) (Continued)

Policy Acquisition Costs

Under GAAP, policy acquisition costs that are directly related to and vary with the successful acquisition of insurance contracts are deferred and amortized over the estimated life of the applicable policies, rather than being expensed as incurred, as required under statutory accounting.

Insurance and Annuity Reserves

Under statutory accounting practices, the interest rates and mortality and morbidity assumptions used are those which are prescribed or permitted by the New York Department. Under GAAP, for annuities, the interest rate assumptions used are generally those assumed in the pricing of the contract at issue; for disability benefits, the interest rates assumed are those anticipated to be earned over the duration of the benefit period. Under GAAP, mortality and morbidity assumptions are based on Company experience.

Premium Recognition

Insurance contracts that do not subject the insurer to significant mortality or morbidity risk are considered, under GAAP, to be primarily investment contracts. GAAP requires all amounts received from policyholders under these investment contracts to be recorded as a policyholder deposit rather than as premium income.

Deferred Income Taxes

GAAP requires that a deferred tax asset or liability be established to provide for temporary differences between the tax and financial reporting bases of assets and liabilities. Statutory accounting adopted similar accounting principles, except that deferred income tax assets (net of any required valuation allowance) are recognized for statutory accounting only to the extent that they can be utilized within three years; whereas for GAAP, all such assets are recognized (net of any required valuation allowance) regardless of when they will be utilized until they expire. All changes in deferred income tax assets or liabilities are recorded directly as a charge or benefit to surplus for statutory accounting purposes.

Statements of Cash Flow

The Statements of Cash Flow are presented in accordance with statutory accounting. This reporting format differs from GAAP, which requires a reconciliation of net income to net cash from operating activities.

10. Subsequent Events

On January 25, 2020 the Mutual of America Variable Insurance Portfolios (VIP Funds) commenced operations. All separate account business supporting accumulations for non-qualified annuities and variable universal life insurance contracts previously invested in the Mutual of America Investment Corporation were moved to VIP Funds.

The Company has evaluated subsequent events through March 16, 2020, the date the financial statements were available to be issued, and no events have occurred subsequent to the balance sheet date and before the date of evaluation that would require disclosure in the accompanying financial statements.

- 375 -

PART C

OTHER INFORMATION

Item 24.

Financial Statements and Exhibits


(a)		Financial Statements

		The following financial statements are included in Part B of this Form N-4:

		Mutual of America Separate Account No. 2

		Independent Registered Public Accounting Firm’s Report

		Financial Statements for Years Ended December 31, 2018 and 2017

		Mutual of America Life Insurance Company

		Independent Registered Public Accounting Firm’s Report

		Financial Statements for Years Ended December 31, 2018, 2017, and 2016

(b)		Exhibits

(1)		Copy of the resolution of the depositor establishing the registrant. (1)

(2)		Not Applicable.

(3)		Copy of Underwriting and Administration Agreement between Mutual of America Life Insurance Company and Mutual of America Separate Account No. 2, dated June 15, 1984. (1)

(4) (a)(i)		Form of Tax-Deferred Group Annuity Contract and Certificate. (1)

(a)(ii)		Form of Tax-Deferred Group Annuity Contract Amendment. (1)

(5)		Form of Application for Tax-Deferred Group Annuity Contract (Group Annuity Application). (1)

(6)(a)		Amended and Restated Charter of Mutual of America Life Insurance Company, dated November 18, 2010. (1)

(6)(b)		Bylaws of Mutual of America Life Insurance Company. (1)

(7)		Not Applicable.

(8) (a)(i)		Amended and Restated Participation Agreement between Scudder Variable Life Investment Fund and Mutual of America Life Insurance Company, dated February 28, 2001. (1)

(a)(ii)		Amendment to Amended and Restated Participation Agreements between Scudder Variable Life Investment Fund (now known as “DWS Variable Series I”) and Mutual of America Life Insurance Company and the American Life Insurance Company of New York, dated as of April 12, 2007. (1)

(a)(iii)		Amendment to Amended and Restated Participation Agreements between Scudder Variable Life Investment Fund (now known as “DWS Variable Series I”) and Mutual of America Life Insurance Company and the American Life Insurance Company of New York, dated as of October 1, 2007. (1)

(b)(i)		Fund Participation Agreement Separate Account No. 2 between Mutual of America Life Insurance Company, Investors Research Corporation and TCI Portfolios, Inc., dated December 30, 1988. (1)

(b)(ii)		Amendment No. 1 to the Fund Participation Agreement-Separate Account No. 2 between Mutual of America Life Insurance Company, Investors Research Corporation and TCI Portfolios, Inc., dated as of May 1, 1989. (1)

(b)(iii)		Amendment No. 2 to the Fund Participation Agreement-Separate Account No. 2 between Mutual of America Life Insurance Company, American Century Variable Portfolios, Inc., and American Century Investment Management, Inc., dated as of January 3, 2000. (1)

(b)(iv)		Amendment No. 3 to the Fund Participation Agreement-Separate Account No. 2 between Mutual of America Life Insurance Company, American Century Variable Portfolios, Inc., and American Century Investment Management, Inc., dated as of January 2, 2002. (1)

(b)(v)		Shareholder Information Agreement between Mutual of America Life Insurance Company and American Century Investment Services, Inc., effective as of October 15, 2007. (1)

(b)(vi)		Amendment No. 4 to the Fund Participation Agreements between Mutual of America Life Insurance Company, American Century Variable Portfolios, Inc., and American Century Investment Management, Inc., dated as of December 22, 2004. (1)



(b)(vii)		Amendment No. 5 to the Fund Participation Agreement between Mutual of America Life Insurance Company, American Century Investment Services, Inc., and American Century Services, LLC, dated as of January 1, 2012. (1)

(b)(viii)		Amendment No. 6 to the Fund Participation Agreement between Mutual of America Life Insurance Company, American Century Variable Portfolios, Inc., American Century Investment Management, Inc., American Century Investment Services, LLC, and American Century Services, LLC, dated as of October 1, 2017. (1)

(c)(i)		Amended and Restated Participation Agreement and ancillary agreement among the Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation and Mutual of America Life Insurance Company dated as of October 17, 2012. (1)

(c)(ii)		Amendment to Participation Agreement among Vanguard Variable Insurance Fund, The Vanguard Group, Inc., Vanguard Marketing Corporation and Mutual of America Life Insurance Company, effective as of October 1, 2007. (1)

(c)(iii)		Amendment to Schedule C- Large Transaction Table to Vanguard Variable Insurance Fund Participation Agreement, effective as of December 22, 2016. (1)

(d)(i)		Shared Funding Agreement for Separate Accounts with Calvert Distributors, Inc., dated as of February 28, 2001. (1)

(d)(ii)		Information Sharing Agreement between Calvert Distributors, Inc., and Mutual of America Life Insurance Company, effective as of October 1, 2007. (1)

(d)(iii)		Shared Funding Agreement by and among Calvert Variable Series, Inc., Eaton Vance Distributors, Inc. and Mutual of America Life Insurance Company, as of December 22, 2016. (1)

(d)(iv)		Shared Funding Agreement by and Calvert Variable Products, Inc. and Calvert Variable Series, Inc., Eaton Vance Distributors, Inc., and Mutual of America Life Insurance Company, as of September 19, 2019. (5)

(e)(i)		Amended and Restated Participation Agreement among Variable Insurance Products Funds, Fidelity Distributors Corporation and Mutual of America Life Insurance Company dated as of April 29, 2005. (1)

(e)(ii)		Shareholder Information Agreement by and between Fidelity Distributors Corporation and Mutual of America Life Insurance Company, effective as of October 16, 2007. (1)

(e)(iii)		Amendment to the Participation Agreement between Fidelity Distributors Corporation and Mutual of America Life Insurance Company effective as of June 9, 2017. (1)

(f)(i)		Participation Agreement among Oppenheimer Variable Account Funds, Oppenheimer Funds, Inc. and Mutual of America Life Insurance Company, dated as of April 29, 2005. (1)

(f)(ii)		Shareholder Information Agreement by and between OppenheimerFunds Services, OppenheimerFunds Distributor, Inc., and Mutual of America Life Insurance Company, effective as of April 16, 2007. (1)

(f)(iii)		Participation Agreement by and among AIM Variable Insurance Funds (Invesco Variable Insurance Funds), Invesco Distributors, Inc., and Mutual of America Life Insurance Company, dated as of May 2, 2019. (5)

(g)		Fund Participation and Service Agreement and ancillary agreements between Mutual of America Life Insurance Company and American Fund Distributors, Inc., American Funds Service Company, Capital Research and Management Company, and the American Funds Insurance Series, dated as of April 10, 2013. (1)

(h)		Participation Agreement and ancillary agreements among Mutual of America Life Insurance Company and PIMCO Variable Insurance Trust, PIMCO Equity Series VIT, and PIMCO Investments LLC, dated as of April 11, 2013. (1)

(i)(i)		Participation Agreement and ancillary agreements between T. Rowe Price Equity Series, Inc., T. Rowe Price Investment Services, Inc., and Mutual of America Life Insurance Company, dated as of April 11, 2013. (1)

(i)(ii)		Amendment to Participation Agreement between T. Rowe Price Equity Series, Inc., T. Rowe Price Investment Services, Inc., and Mutual of America Life Insurance Company, dated as of May 6, 2013. (1)

(j)(i)		Participation Agreement among MFS Variable Insurance Trust, MFS Variable Insurance Trust II, MFS Variable Insurance Trust III, Mutual of America Life Insurance Company and MFS Fund Distributors, Inc., dated as of May 1, 2018. (2)

(j)(ii)		Rule 22-c2 Shareholder Information Agreement between MFS Fund Distributors, Inc. and Mutual of America Life Insurance Company, dated as of April 2, 2018. (2)

(j)(iii)		Fee Letter between MFS Fund Distributors, Inc. and Mutual of America Life Insurance Company, dated as of May 1, 2018. (2)

(k)		Fund Participation Agreement among Mutual of America Life Insurance Company, Delaware VIP Trust, Delaware Management Company, and Delaware Distributors, L.P., dated as of April 18, 2019. (4)

(l)(i)		Fund Participation Agreement between Neuberger Berman Advisers Management Trust, Neuberger Berman BD LLC, and Mutual of America Life Insurance Company, dated as of April 5, 2019. (4)

(l)(ii)		Amendment to Fund Participation Agreement between Neuberger Berman Advisers Management Trust, Neuberger Berman BD LLC, and Mutual of America Life Insurance Company, dated as of March 11, 2020. (7)



(m)		Participation Agreement among Victory Variable Insurance Funds, Victory Capital Management Inc., Victory Capital Advisers, Inc., and Mutual of America Life Insurance Company, dated as of April 5, 2019. (4)

(n)		Participation Agreement between Goldman Sachs Variable Insurance Trust, Goldman Sachs & Co. LLC, and Mutual of America Life Insurance Company, dated as of April 23, 2019. (4)

(9)		Opinion and consent of counsel as to the legality of the securities being registered. (3)

(10)(a)		Consent of KPMG LLP Relating to the Financial Statements of Mutual of America Separate Account No. 2. (7)

(10)(b)		Consent of KPMG LLP Relating to the Financial Statements of Mutual of America Life Insurance Company. (7)

(11)		Not Applicable.

(12)		Not Applicable.

(13)(a)		Powers of Attorney of Directors. (2)

(13)(b)		Powers of Attorney of Officers. (2)

(1)	Filed with Registration Statement for Mutual of America Separate Account No. 2 on Form N-4 (File No. 333-221999) on December 12, 2017. As incorporated herein by reference.

(2)	Filed with Post-Effective Amendment No. 48 to Registration Statement for Mutual of America Separate Account No. 2 on Form N-4 (File No. 033-05609) on April 27, 2018. As incorporated herein by reference.

(3)	Filed with Registration Statement for Mutual of America Separate Account No. 2 on Form N-4 (File No. 333-221999) on April 27, 2018. As incorporated herein by reference.

(4)	Filed with Post-Effective Amendment No. 50 to Registration Statement for Mutual of America Separate Account No. 2 on Form N-4 (File No. 033-05609) on April 29, 2019. As incorporated herein by reference.

(5)	Filed with Post-Effective Amendment No. 55 to Registration Statement for Mutual of America Separate Account No. 2 on Form N-4 (File No. 002-90201) on November 14, 2019. As incorporated herein by reference.

(6)	Filed with Post-Effective Amendment No. 52 to Registration Statement for Mutual of America Separate Account No. 2 on Form N-4 (File No. 033-05609) on April 28, 2020. As incorporated herein by reference.

(7)	Filed with Post-Effective Amendment No. 4 to Registration Statement for Mutual of America Separate Account No. 2 on Form N-4 (File No. 333-221999) on April 28, 2020.

Item 25.

Directors and Officers of the Depositor


Name and Principal Business Address*		Positions and Offices With Depositor
John R. Greed		Chairman of the Board, President and Chief Executive Officer
Amir Lear		Vice Chairman of the Board
James J. Roth		Director, Senior Executive Vice President and General Counsel
Clifford L. Alexander, Jr.		Director
Rosemary T. Berkery		Director
Kimberly A. Casiano		Director
Wayne A. I. Frederick, M.D.		Director
Earle H. Harbison, Jr.		Director
Maurine A. Haver		Director
Frances R. Hesselbein		Director
Senator Connie Mack		Director
Robert J. McGuire, Esq.		Director
Ellen Ochoa, Ph.D.		Director
Roger B. Porter, Ph.D.		Director
General Dennis J. Reimer		Director
Officers-Directors
Name and Principal Business Address*		Positions and Offices With Depositor
John R. Greed		Chairman, President and Chief Executive Officer
Amir Lear		Vice Chairman
James J. Roth		Director, Senior Executive Vice President and General Counsel


Other Officers
Name and Principal Business Address*		Positions and Offices With Depositor
Christopher Bailey		Executive Vice President, Sales Operations
Simpa Baiye		Senior Vice President and Chief Actuary
Nicholas A. Branchina		Senior Vice President, Corporate Financial Services
Debbie Branson		Senior Vice President, Human Resources
Maria L. Brophy		Senior Vice President, Planning and Analysis
Anne Marie Carroll		Senior Vice President and Associate General Counsel
Tanisha L. Cash		Senior Vice President, Human Resources
Thomas Ciociano		Senior Vice President, Real Estate and Payroll
John Ciesla		Senior Vice President and Chief Information Security Officer, Enterprise Risk Management
John P. Clare		Senior Vice President, Administrative Communications, Product/Proposal Development
Joni L. Clark		Senior Vice President, Client Services
Michael E. Conway		Senior Vice President, Head of Human Resources
Salvatore P. Conza		Senior Vice President, Data Communications, Infrastructure and Operations
Barbara Crane		Senior Vice President, Strategic Communication and Corporate Events
Nicholas S. Curabba		Senior Vice President and Associate General Counsel
Jeffrey W. Donaldson		Executive Vice President, Head of Technology and Chief Digital Officer
Carson J. Dunbar, Jr.		Senior Vice President, Facilities Management,
Chris W. Festog		Senior Executive Vice President and Chief Financial Officer
Ronald Fried		Senior Vice President, Business Relationship Management and Analysis
Thomas E. Gilliam		Executive Vice President and Assistant to the Chairman and Chief Executive Officer
Diana H. Glynn		Senior Vice President and Internal Auditor
Neal S. Goldstein		Senior Vice President and Chief Technology Officer
Aferdita Gutierrez		Senior Vice President, Planning and Analysis
Jared Gutman		Executive Vice President, Administrative Technical Services and Chief Privacy Officer
Joseph Hummel		Executive Vice President, External Affairs
Thomas P. Kelly		Senior Executive Vice President, Administration
Lydia Kieser		Senior Vice President, Application Services
Mark Koehne		Senior Vice President and Actuary
Andrew Kramer		Senior Vice President, Client Services
Nicole Lanni		Senior Vice President, Technical Services
Lisa M. Loughry		Senior Vice President, National Accounts
Kathryn A. Lu		Executive Vice President and Chief Compliance Officer
John R. Luebs		Senior Vice President, Human Resource Services
Sean A. Mannion		Senior Vice President, Training & Marketing Administration
James McCutcheon		Senior Vice President and Associate General Counsel
Dennis McManus		Senior Vice President, Billing and Regulatory Services/Life and Disability Claims
Christopher Miseo		Senior Vice President and Director of Accounting and Financial Reporting
Shannon Moriarty 1150 Broken Sound Parkway NW, Boca Raton, FL 33487-3598		Senior Vice President, Advertising, Direct Response and Telemarketing
Thomasin R. Mullen		Senior Vice President, Corporate Communications
Peter Nicklin		Senior Vice President, Technology and Digital Services
Paul O’Hara		Senior Vice President, Research and Competition
Cynthia G. Pierce		Senior Vice President, National Accounts
William Rose		Senior Executive Vice President and Chief Marketing Officer
James J. Roth		Senior Executive Vice President and General Counsel
Scott H. Rothstein		Executive Vice President and Deputy General Counsel


Michelle A. Rozich		Senior Vice President and Internal Auditor
Howard J. Rubin		Senior Vice President, Application Services
Sonia Samuels		Executive Vice President and Chief Information Officer
Myron Schlanger		Senior Vice President and Associate Treasurer
Brian Q. Severin		Executive Vice President, Deputy Chief Marketing Officer
Subhang Shah		Senior Vice President, Digital Product Management
William G. Shannon		Senior Vice President, Financial Consulting Services
Paul F. Stephen		Senior Vice President and Controller
John Terwilliger 1150 Broken Sound Parkway NW, Boca Raton, FL 33487-3598		Senior Vice President, Facilities Management
Susan Watson		Senior Vice President, Information Technology Governance
Kenneth P. Young		Senior Vice President, Treasury and Project Management

*	The business address of all officers is 320 Park Avenue, New York, New York 10022-6839, unless otherwise noted. The business address of all directors is c/o Mutual of America, 320 Park Avenue, New York, New York 10022-6839.

Item 26.

Persons Controlled By or Under Common Control with the Depositor or the Registrant

The registrant is a separate account of Mutual of America Life Insurance Company (“Mutual of America”) under the New York Insurance law. Under said law the assets allocated to the separate account are the property of Mutual of America.

As a New York mutual life insurance company, no person has the direct or indirect power to control Mutual of America except by virtue of a person’s capacity as a director or executive officer. Each holder of an in-force insurance policy or annuity contract issued by Mutual of America has the right to vote for the election of directors of Mutual of America at annual elections and upon other corporate matters where policyholders’ votes are taken.

Mutual of America wholly owns the following companies:

•

Mutual of America Holding Company LLC, a Delaware limited liability company (see below), and

•

Mutual of America Foundation, a New York not-for-profit corporation.

Mutual of America Holding Company LLC wholly owns the following companies:

•

Mutual of America Securities LLC, a Delaware limited liability company,

•

Mutual of America Capital Management LLC, a Delaware limited liability company, and

•

320 Park Analytics LLC, a Delaware limited liability company.

Mutual of America’s consolidated financial statements include all the above subsidiaries except Mutual of America Foundation.

Mutual of America, through its separate accounts, owns substantially all of the outstanding shares of Mutual of America Investment Corporation, a Maryland corporation registered under the 1940 Act as a management investment company.

Mutual of America currently owns a significant amount, but less than a majority, of the outstanding shares of Mutual of America Institutional Funds, Inc., a Maryland corporation registered under the 1940 Act as a management investment company whose shares are publicly offered to institutional investors.

Item 27.

Number of Contractowners

As of March 31, 2020, there were 436,715 owners in Separate Account No. 2, 86,963 of whom were attributable to Contracts registered under SEC File No. 333-221999; 37,140 of whom were attributable to Contracts registered under SEC File No. 002-90201; 309,061 of whom were attributable to Contracts registered under SEC File No. 33-11023; and 3,551 of whom were attributable to Contracts registered under SEC File No. 33-5609, all of which are qualified.

Item 28.

Indemnification

Charter of Depositor. The Charter of Mutual of America provides in substance that no director or officer shall be personally liable for damages for any breach of duty as a director except when a judgment or other final adjudication establishes that the director’s acts or omissions were in bad faith, involved intentional misconduct or were acts or omissions the director knew or reasonably should have known violated New York Insurance Law or a specific standard of care imposed on directors directly by the New York Insurance Law, or which constituted a knowing violation of any other law or allowed the director to personally gain a financial profit or other advantage to which the director was not legally entitled.

By Laws of Depositor. The By-Laws of Mutual of America provide for the indemnification of present and former officers and directors of the Company (a “person”) against judgments, fines, amounts paid in settlement and reasonable expenses, including attorneys’ fees actually and reasonably incurred, if the person acted in good faith and for a purpose which the person necessarily believed to be in the best interests of the Company, and, with respect to any criminal action or proceeding, had no reasonable cause to believe said conduct was unlawful. Expenses incurred in defending a civil, criminal, administrative or investigative action, suit or proceeding, or threat thereof, may be paid by the Company in advance of the final disposition of such action, suit or proceeding upon an undertaking by or on behalf of the person to repay such amount if it is ultimately determined that such person is not entitled to be indemnified by the Company.

Insurance. Coverage for officers and directors of Mutual of America is provided under an Investment Management insurance policy issued by Chartis, with excess coverage by Chubb, CNA, The Hartford, and Travelers, to Mutual of America Life Insurance Company et al. The aggregate limit of liability under these policies is $35 million, with a $1,000,000 deductible per entity insured and no deductible for individual insureds. Coverage for life insurance company fiduciary liability coverage (errors and omissions) is provided under an Investment Management insurance policy issued by Chartis, with excess coverage by Chartis, The Hartford and CNA, to Mutual of America Life Insurance Company et al. The deductible is $1,000,000 for the entity, with an aggregate limit of liability under the primary policy of $30 million.

Undertaking. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer, or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 29.

Principal Underwriters

(a)

Mutual of America Life Insurance Company, the depositor and principal underwriter of the Registrant, also acts as depositor and principal underwriter of Mutual of America Separate Account No. 3 and as principal underwriter of the Mutual of America Investment Corporation, and The American Separate Account No. 2 and The American Separate Account No. 3 of Wilton Reassurance Life Company of New York, formerly known as The American Life Insurance Company of New York.

(b)	The name, business address and position of each senior officer and director of Mutual of America are listed in Item 25 above.

(c)	The principal underwriter receives no compensation or commissions from the registrant for its services in distributing the variable insurance contracts.

Item 30.

Location of Accounts and Records.

Registrant’s books and records are maintained primarily at 320 Park Avenue, New York, NY 10022. Certain records are maintained at Mutual of America’s Financial Transaction Processing Center, 1150 Broken Sound Parkway NW, Boca Raton, FL 33487-3598.

Item 31.

Management Services.

Not applicable.

Item 32.

Undertakings

The Insurance Company hereby undertakes:

(a) to file a post-effective amendment to this registration statement as frequently as is necessary to ensure that the audited financial statements in the registration statement are never more than 16 months old for so long as payments under the variable annuity contracts may be accepted;

(b) to include either (1) as part of any application to purchase a contract offered by the prospectus, a space that an applicant can check to request a Statement of Additional Information, or (2) a postcard or similar written communication affixed to or included in the prospectus that the applicant can remove to send for a Statement of Additional Information;

(c) to deliver any Statement of Additional Information and any financial statements required to be made available under this Form N-4 promptly upon written or oral request.

The Insurance Company represents that in connection with its offering of the Contracts as funding vehicles for retirement plans meeting the requirements of Section 403(b) of the Internal Revenue Code of 1986, it is relying on a no-action letter dated November 28, 1988, to the American Council of Life Insurance (Ref. No. IP-6-88) regarding Sections 22(e), 27(c)(1), and 17(d) of the Investment Company Act of 1940, and that paragraphs numbered (1) through (4) of that letter will be complied with.

The Insurance Company represents that the fees and charges deducted under the Contracts, described in this Registration Statement, in the aggregate, are reasonable in relation to the services rendered, the expenses expected to be incurred, and the risks assumed by the Insurance Company under the respective Contracts.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the registrant certifies that it meets all the requirements for effectiveness of this post-effective amendment to its Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and that it has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, the State of New York, on the 28th day of April, 2020.


MUTUAL OF AMERICA SEPARATE ACCOUNT NO. 2 (REGISTRANT)

MUTUAL OF AMERICA LIFE INSURANCE COMPANY (DEPOSITOR)

By:		/s/ James J. Roth
		James J. Roth
		Senior Executive Vice President and General Counsel

Pursuant to the requirements of the Securities Act of 1933, this pre-effective amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on April 28, 2020.

PRINCIPAL EXECUTIVE OFFICER:

John R. Greed

President and Chief Executive Officer

PRINCIPAL FINANCIAL OFFICER:

Chris Festog

Senior Executive Vice President and Chief Financial Officer (Chief Accounting Officer)


Signature		Title

*		Chairman of the Board, President and Chief Executive Officer
John R. Greed

*		Vice Chairman of the Board
Amir Lear

*		Senior Executive Vice President and General Counsel; Director
James J. Roth


Signature		Title

*		Director
Clifford L. Alexander, Jr.

*		Director
Rosemary T. Berkery

*		Director
Kimberly A. Casiano

*		Director
Wayne A. I. Frederick, M.D.

*		Director
Earle H. Harbison, Jr.

*		Director
Maurine A. Haver


Signature		Title

*		Director
Frances R. Hesselbein

*		Director
Connie Mack, III

*		Director
Robert J. McGuire

*		Director
Ellen Ochoa, Ph.D.

*		Director
Roger B. Porter, Ph.D.

*		Director
Dennis J. Reimer

*BY: /s/ James J. Roth

James J. Roth

Attorney-in-Fact