Mutual of America Investment Corp Shareholder Report

N-CSRS 1 d781311dncsrs.htm MUTUAL OF AMERICA INVESTMENT CORP SHAREHOLDER REPORT Mutual of America Investment Corp Shareholder Report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05084

Mutual of America Investment Corporation

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

James J. Roth

Chairman of the Board, President and Chief Executive Officer

Mutual of America Investment Corporation

320 Park Avenue

New York, NY 10022

(Name and address of agent for service)

Registrant’s telephone number, including area code:

(212) 224-1600

Date of fiscal year end: December 31

Date of reporting period: June 30, 2019

ITEM 1.

REPORTS TO STOCKHOLDERS.

JUNE 30, 2019

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

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

LOGO

320 PARK AVENUE

NEW YORK NY 10022-6839

August 2019

As a valued variable annuity owner, variable life insurance policyholder or participant in a group variable annuity, we are pleased to provide you with the semi-annual fund reports for the investment options you have selected. Included in this booklet are the semi-annual reports of the Mutual of America Investment Corporation Funds. If you have also selected other investments options, you will receive semi-annual reports for those funds in a separate booklet or booklets. The reports provide an update on each portfolio’s performance as of June 30, 2019. Please note that portfolio performance does not take into account the fees charged by the annuity contract or life insurance policy. When viewed net of these contract fees, your performance will be lower. As always, past performance cannot predict or guarantee future returns.

Mutual of America has specialized in providing retirement products and related services to organizations and their employees, as well as individuals, for more than 70 years. As a mutual company, we do not have stockholders and are not publicly traded. We operate solely for the benefit of our customers, managing the Company for their long-term interest, rather than for the short-term demands of stockholders.

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

We hope you will find the enclosed information helpful. We appreciate and value your business and look forward to serving you in the future. If you have any questions, please call your local Mutual of America Regional Office or 1-800-468-3785.

Sincerely,

Mutual of America Life Insurance Company

JUNE 30, 2019

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

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

LOGO

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

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

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

CONTENTS


	Page

Semi-Annual Report of Mutual of America Investment Corporation
President’s Message		1
Portfolio Management Discussions		3
Asset Allocations		11
Expense Example		16
Portfolios of Investments in Securities:
Equity Index Fund		24
All America Fund		30
Small Cap Value Fund		41
Small Cap Growth Fund		43
Small Cap Equity Index Fund		45
Mid Cap Value Fund		51
Mid-Cap Equity Index Fund		53
International Fund		58
Composite Fund		59
Retirement Income Fund		66
2010 Retirement Fund		66
2015 Retirement Fund		66
2020 Retirement Fund		67
2025 Retirement Fund		67
2030 Retirement Fund		68
2035 Retirement Fund		68
2040 Retirement Fund		68
2045 Retirement Fund		69
2050 Retirement Fund		69
2055 Retirement Fund		69
2060 Retirement Fund		70
Conservative Allocation Fund		70
Moderate Allocation Fund		70
Aggressive Allocation Fund		71
Money Market Fund		72
Mid-Term Bond Fund		74
Bond Fund		78
Footnotes to Portfolios of Investments in Securities		89
Statements of Assets and Liabilities		90
Statements of Operations		94
Statements of Changes in Net Assets		98
Financial Highlights		106
Notes to Financial Statements		122
Additional Information		139

MUTUAL OF AMERICA INVESTMENT CORPORATION

We are pleased to present the Mutual of America Investment Corporation (the “Investment Company”) Semi-Annual Report. This Report includes important information regarding the performance and financial position of the Investment Company’s funds for the six months ended June 30, 2019.

During the first half of 2019 (as measured through June 28, 2019), the S&P 500^® Index (S&P 500) advanced 18.5%, following a nearly 15% decline during the last quarter of 2018. Most other equity indexes around the world also posted strong advances. According to the respective MSCI, Inc. country indexes, Europe was up 13.2%, China came in at 11.5%, Japan increased 6.6% and the U.S. jumped 17.6% (including all stocks, not just the stocks that comprise the S&P 500 Index). The MSCI World Index – which represents the performance of large- and mid-cap stocks across 23 developed markets – jumped 15.6%. Of note, these advances came at a time of slowing growth across the globe.

Bond prices also advanced. However, rising bond prices, which translate into falling yields, are generally indicative of rising concern that the economy is heading toward recession. This rare circumstance of rising prices both for stocks and bonds suggests that stock and bond investors had far different outlooks. The yield on the benchmark 10-year Treasury note dropped from a peak of 3.23% in early November 2018, to 2.00% at the end of the second quarter of 2019. That drop in yield represents about an 11% advance in bond prices over a seven-month period, a dramatic move by historical standards, underscoring the bond market’s pessimistic perspective.

Why the discrepancy? In the case of the stock market, the bear market correction at the end of last year was prompted by mounting fear that the Federal Reserve’s (Fed’s) interest rate increases had gone too far and threatened a recession. Interestingly, bond prices began their ascent at the same time stocks started to plummet, suggesting that both markets were in agreement during that period. However, in December, after the Fed’s last rate hike, and under pressure from not only the markets but also the Trump administration to lower the fed funds rate, members of the Fed began to signal a more receptive tone to at least putting rates on hold. Over the first half of 2019, the Fed’s statements after each successive meeting in January, March, May and June became increasingly dovish, to the point of almost guaranteeing one or more rate cuts during the second half of 2019. As anticipated, the Fed lowered the fed funds rate by 25 basis points on Wednesday, July 31, the first reduction in over ten years.

Rising expectations of one or more Fed rate cuts largely accounted for the stock market’s ebullience in the first six months of the year. A setback in trade talks with China in early May caused a 6% pullback in the S&P 500; however, expectations of fruitful talks between President Trump and President Xi prior to the G20 summit in June propelled stocks to new highs. The bond market, however, remained skeptical, as indicated by the fact that the 10-year Treasury yield lingered around the 2.00% level throughout June and July even though the stock market was moving higher.

Then, on August 1, the fragile détente between the U.S. and China hit another setback when President Trump tweeted that he had decided to implement as of September 1 a 10% tariff on the remaining $300 billion of annual U.S. imports from China. From the market high prior to Trump’s tariff announcement until the close on Monday, August 5, the S&P 500 declined 5.6%. The 10-year Treasury note also dropped further to 1.72%. In short, the markets were suggesting that the Fed had done too little and the President had done too much.

While there is no question that growth has slowed globally, Fed policy and the trade issue with China have been the primary drivers of this year’s market behavior and volatility. The effectiveness of Fed policy going forward and the trajectory of trade negotiations between the U.S. and China remain the wild cards for the remainder of the year. With markets likely to experience further periods of heightened volatility, we encourage all of our clients to keep their long-term goals and objectives in mind.

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


Total Returns — Six Months Ended June 30, 2019

Equity Index Fund			+ 18.48%
All America Fund			+ 17.70%
Small Cap Value Fund			+ 11.95%
Small Cap Growth Fund			+ 17.02%
Small Cap Equity Index Fund			+ 13.57%
Mid Cap Value Fund			+ 16.62%
Mid-Cap Equity Index Fund			+ 17.91%
International Fund			+ 13.13%


Total Returns — Six Months Ended June 30, 2019
Composite Fund			+ 11.11%
Retirement Income Fund			+ 7.85%
2010 Retirement Fund			+ 8.68%
2015 Retirement Fund			+ 10.21%
2020 Retirement Fund			+ 11.46%
2025 Retirement Fund			+ 12.73%
2030 Retirement Fund			+ 14.05%
2035 Retirement Fund			+ 15.01%
2040 Retirement Fund			+ 15.28%
2045 Retirement Fund			+ 15.48%
2050 Retirement Fund			+ 15.55%
2055 Retirement Fund			+ 15.41%
2060 Retirement Fund			+ 15.47%
Conservative Allocation Fund			+ 9.13%
Moderate Allocation Fund			+ 12.21%
Aggressive Allocation Fund			+ 14.37%
Money Market Fund			+ 1.14%
Mid-Term Bond Fund			+ 4.53%
Bond Fund			+ 5.59%

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

The pages that immediately follow include brief discussions of each Fund’s performance for the six months ended June 30, 2019, compared to its relevant index.

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

Thank you for your continued investment in our Funds.

Sincerely,

LOGO

James J. Roth

Chairman of the Board,

President and Chief Executive Officer

Mutual of America Investment Corporation

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

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

EQUITY INDEX FUND (Unaudited)

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

The Equity Index Fund’s performance for the six months ended June 30, 2019, was 18.55% before expenses and 18.48% after expenses, finishing slightly below the benchmark return of 18.54%. Note that the Equity Index Fund’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

ALL AMERICA FUND (Unaudited)

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

For the six months ended June 30, 2019, the S&P 500 of large capitalization stocks increased by 18.54% on a total return basis, while the Russell^® Midcap Core Index was up 21.35% and the Russell Midcap^® Value Index was up 18.02%. The Russell 2000^® Growth Index increased 20.36% and the Russell 2000^® Value Index increased 13.47%.

The All America Fund’s return for the six months ended June 30, 2019, before expenses was 17.99% and 17.70% after expenses versus the benchmark return of 18.54% The underperformance of the Fund versus the S&P 500 during the year was due to the underperformance of the small capitalization segments of the fund as compared to the large capitalization benchmark.

SMALL CAP VALUE FUND (Unaudited)

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

For the six months ended June 30, 2019, the Small Cap Value Fund returned 12.40% before expenses and 11.95% after expenses versus a 13.47% return for the Russell 2000^® Value Index. Within the benchmark, the best performing sectors were Industrials and Technology while the worst performing sectors were Consumer Staples and Retail.

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

SMALL CAP GROWTH FUND (Unaudited)

The investment objective of the Small Cap Growth Fund is capital appreciation. The Small Cap Growth Fund invests in growth stocks within the small capitalization marketplace. The Fund returned 17.49% before expenses and 17.02% after expenses during the six months ended June 30, 2019. The Fund’s benchmark, the Russell 2000^® Growth Index, returned 20.36% for the comparable period.

The small cap market peaked August 31, 2018. As of June 30, the small cap growth market had not returned to its old highs unlike some other equity market indices. Nonetheless, the bounce back investors had in the small cap growth market during the first six months of the year was a strong offset to the negative returns investors saw during the second half of 2018.

For the first six months of 2019, the higher end of the small capitalization size range drove returns. The Technology sector was the top performing sector in the Russell 2000^® Growth Index. We outperformed in this sector and it added to nicely to the overall performance of the fund. Performance in Utilities and Real Estate Investment Trusts (REITS) also added to the performance of the fund. The Consumer Discretionary and Industrial sectors were a drag on performance.

Given our concern for excessive valuations in some of the growth industries of the equity marketplace, we struggled to keep up with the market rally in the first half of the calendar year.

SMALL CAP EQUITY INDEX FUND (Unaudited)

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

The Small-Cap Equity Index Fund’s return for the six months ended June 30, 2019, was 13.65% before expenses and 13.57% after expenses, finishing below the 13.69% return of the S&P SmallCap 600. Note that the performance of the Small-Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

MID CAP VALUE FUND (Unaudited)

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

For the six months ended June 30, 2019, the Mid Cap Value Fund returned 17.01% before expenses and 16.62% after expenses versus a 18.02% return for the Russell Midcap^® Value Index. Within the benchmark, the best performing sectors were Technology and Industrials while the worst performing sectors were Retail and Basic Materials.

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

MID-CAP EQUITY INDEX FUND (Unaudited)

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

The Mid-Cap Equity Index Fund’s performance for the six months ended June 30, 2019, was 17.99% before expenses and 17.91% after expenses, finishing below the 17.97% return of the S&P MidCap 400. Note that the performance of the Mid-Cap Equity Index Fund includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

INTERNATIONAL FUND (Unaudited)

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

For the six months ended June 30, 2019, the International Fund returned 13.20% before expenses and 13.13% after expenses, finishing below the 14.03% return of the benchmark. The fund’s benchmark closes earlier in the day than the actual market for the fund’s investments. This time lag can result in both positive and negative performance differences.

COMPOSITE FUND (Unaudited)

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

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

For the six month period ending June 30, 2019, the fixed income portion of the Fund had a total return of 5.82% before expenses. The fixed income market posted the strongest first half return in more than ten years in 2019. The Bloomberg Barclays U.S. Aggregate Index returned 6.11% for the period December 31, 2018 to June 30, 2019. All the asset classes represented in the Index delivered positive results during the period. In general, lower quality bonds outperformed higher and those with longer maturities outperformed shorter.

The Federal Reserve (Fed) governors paused their program to tighten monetary policy that began in December 2015. To that end, they held the Fed Funds target range at 2.25% - 2.50% in the first half. This decision was a bit of a surprise as market expectations early in the year called for additional tightening. As the reporting period progressed, the market instead started to price in one or more easings. Plans to wind down Fed holdings of Treasuries and Mortgages were also scaled back. In March, the Fed announced that the slow down in purchases of Treasuries would end in September and that, beginning in October 2019, principal payments from agency debt and mortgage-backed securities (MBS) will be invested in Treasuries subject to a $20 billion cap. Amounts above $20 billion will be reinvested in agency MBS.

Interest rates fell for much of the first half as concerns about economic growth both domestically and abroad furthered expectations of monetary easing by the Fed. The interest rate curve steepened as yields on short-dated Treasuries fell more than did the yields of long-dated Treasuries. Two-year Treasury Notes yielded 2.49% on December 31, 2018 and 1.76% on June 30, 2019, a 73 basis point drop. Similarly, ten-year yields fell 68 basis points or 0.68% to 2.00%.

Investment grade spreads started the year with a continuation of the widening pattern that characterized much of 2018. After moving to multi-year wides in January, spreads reversed course and moved tighter for much of the six-month period. Lower supply without a significant drop in demand and growing investor comfort with risk in light of the double digit gain in the S&P 500 Index contributed to the strong performance.

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

For the six months ended June 30, 2019, the equity portion of the Fund had a total return of 15.54% (before expenses), underperforming the S&P 500^® Index (S&P 500) which increased 18.54%. The underperformance of the Fund was due to less favorable stock selection, as the dividend paying stocks favored by the Fund’s strategy was generally not in favor during the year.

The Fund’s aggregate performance for the six months ended June 30, 2019, was 11.39% before expenses and 11.11% after expenses, versus a 13.54% return in the weighted benchmark.

RETIREMENT INCOME FUND (Unaudited)

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

Performance for the Retirement Income Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (15% weighting) and the S&P 500^® Index (25% weighting). For the six months ended June 30, 2019, the Fund returned 7.90% before expenses and 7.85% after expenses, versus an 8.44% return in the weighted benchmark.

2010 RETIREMENT FUND (Unaudited)

The objective of the 2010 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2010. The 2010 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 72% of net assets in fixed-income funds (approximately 30% in the Bond Fund, 30% in the Mid-Term Bond Fund and 12% in the Money Market Fund) and approximately 28% of net assets in equity funds (20% in the Equity Index Fund, 6% in the Mid-Cap Equity Index Fund and 2% in the International Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2010 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (12% weighting) and the S&P 500^® Index (28% weighting). For the six months ended June 30, 2019, the Fund returned 8.70% before expenses and 8.68% after expenses, versus an 8.96% return in the weighted benchmark.

2015 RETIREMENT FUND (Unaudited)

The objective of the 2015 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2015. The 2015 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 63% of net assets in fixed-income funds (28% in the Bond Fund, 25% in the Mid-Term Bond Fund and 10% in the Money Market Fund) and approximately 37% of net assets in equity funds (approximately 22% in the Equity Index Fund, 8% in the Mid-Cap Equity Index Fund, 5% in the International Fund and 1% each in the Small Cap Growth and Small Cap Value Funds) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2015 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (53% weighting), the FTSE 3-Month Treasury Bill Index (10% weighting) and the S&P 500^® Index (37% weighting). For the six months ended June 30, 2019, the Fund returned 10.27% before expenses and 10.21% after expenses, versus a 10.17% return in the weighted benchmark.

2020 RETIREMENT FUND (Unaudited)

The objective of the 2020 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2020. The 2020 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 47% of net assets in equity funds (approximately 25% in the Equity Index Fund, 10% in the Mid-Cap Equity Index Fund, 8% in the International Fund and 2% each in the Small Cap Growth and Small Cap Value Funds) and approximately 53% of net assets in fixed-income funds (26% in the Bond Fund, 22% in the Mid-Term Bond Fund and 5% in the Money Market Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2020 Retirement Fund is compared to the S&P 500^® Index (47% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (48% weighting). For the six months ended June 30, 2019, the Fund returned 11.50% before expenses and 11.46% after expenses, versus a 11.67% return in the weighted benchmark.

2025 RETIREMENT FUND (Unaudited)

The objective of the 2025 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2025. The 2025 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 57% of net assets in equity funds (approximately 29% in the Equity Index Fund, 12% in the Mid-Cap Equity Index Fund, 10% in the International Fund and 3% each in the Small Cap Growth and Small Cap Value Funds) and approximately 43% of net assets in fixed-income funds (25% in the Bond Fund and 18% in the Mid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2025 Retirement Fund is compared to the S&P 500^® Index (57% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (43% weighting). For the six months ended June 30, 2019, the Fund returned 12.76% before expenses and 12.73% after expenses, versus a 13.16% return in the weighted benchmark.

2030 RETIREMENT FUND (Unaudited)

The objective of the 2030 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2030. The 2030 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 69% of net assets in equity funds (approximately 33% in the Equity Index Fund, 16% in the Mid-Cap Equity Index Fund, 12% in the International Fund and 4% each in the Small Cap Growth and Small Cap Value Funds) and approximately 31% of net assets in fixed-income funds (23% in the Bond Fund and 8% in the Mid-Term Bond Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2030 Retirement Fund is compared to the S&P 500^® Index (69% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (31% weighting). For the six months ended June 30, 2019, the Fund returned 14.08% before expenses and 14.05% after expenses, versus a 14.66% return in the weighted benchmark.

2035 RETIREMENT FUND (Unaudited)

The objective of the 2035 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2035. The 2035 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 81% of net assets in equity funds (approximately 35% in the Equity Index Fund, 19% in the Mid-Cap Equity Index Fund, 14% in the International Fund and 5% each in the Small Cap Growth and Small Cap Value Funds) and approximately 22% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2035 Retirement Fund is compared to the S&P 500^® Index (78% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (22% weighting). For the six months ended June 30, 2019, the Fund returned 15.06% before expenses and 15.01% after expenses, versus a 15.78% return in the weighted benchmark.

2040 RETIREMENT FUND (Unaudited)

The objective of the 2040 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2040. The 2040 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 85% of net assets in equity funds (approximately 37% in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 16% in the International Fund, 5% each in the Small Cap Growth and Small Cap Value Funds and 1% in the Small-Cap Equity Index Fund) and approximately 15% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2040 Retirement Fund is compared to the S&P 500^® Index (85% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (15% weighting). For the six months ended June 30, 2019, the Fund returned 15.33% before expenses and 15.28% after expenses, versus a 16.66% return in the weighted benchmark.

2045 RETIREMENT FUND (Unaudited)

The objective of the 2045 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2045. The 2045 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 87% of net assets in equity funds (approximately 35% in the Equity Index Fund, 21% in the Mid-Cap Equity Index Fund, 18% in the International Fund, 6% each in the Small Cap Growth and Small Cap Value Funds and 1% in the Small-Cap Equity Index Fund) and approximately 13% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2045 Retirement Fund is compared to the S&P 500^® Index (87% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (13% weighting). For the six months ended June 30, 2019, the Fund returned 15.53% before expenses and 15.48% after expenses, versus a 16.91% return in the weighted benchmark.

2050 RETIREMENT FUND (Unaudited)

The objective of the 2050 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2050. The 2050 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 89% of net assets in equity funds (approximately 34% in the Equity Index Fund, 22% in the Mid-Cap Equity Index Fund, 19% in the International Fund, 6% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 11% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2050 Retirement Fund is compared to the S&P 500^® Index (89% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (11% weighting). For the six months ended June 30, 2019, the Fund returned 15.60% before expenses and 15.55% after expenses, versus a 17.16% return in the weighted benchmark.

2055 RETIREMENT FUND (Unaudited)

The objective of the 2055 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2055. The 2055 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 91% of net assets in equity funds (approximately 33% in the Equity Index Fund, 22% in the Mid-Cap Equity Index Fund, 20% in the International Fund, 7% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 9% of net assets in the Bond Fund (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2055 Retirement Fund is compared to the S&P 500^® Index (91% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (9% weighting). For the six months ended June 30, 2019, the Fund returned 15.47% before expenses and 15.41% after expenses, versus a 17.41% return in the weighted benchmark.

2060 RETIREMENT FUND (Unaudited)

The objective of the 2060 Retirement Fund is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2060. The 2060 Retirement Fund invests in funds of the Investment Company. The Fund’s current target allocation is approximately 93% of net assets in equity funds (approximately 32% in the Equity Index Fund, 23% in the Mid-Cap Equity Index Fund, 20% in the International Fund, 8% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 7% of net assets in the Bond (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2019).

Performance for the 2060 Retirement Fund is compared to the S&P 500^® Index (93% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (7% weighting). For the six months ended June 30, 2019, the Fund returned 15.49% before expenses and 15.47% after expenses, versus a 17.66% return in the weighted benchmark.

CONSERVATIVE ALLOCATION FUND (Unaudited)

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

Performance for the Conservative Allocation Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (65% weighting) and the S&P 500^® Index (35% weighting). For the six months ended June 30, 2019, the Conservative Allocation Fund returned 9.15% before expenses and 9.13% after expenses, versus a 10.43% return in the weighted benchmark.

MODERATE ALLOCATION FUND (Unaudited)

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

Performance for the Moderate Allocation Fund is compared to the S&P 500^® Index (60% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (40% weighting). For the six months ended June 30, 2019, the Moderate Allocation Fund returned 12.22% before expenses and 12.21% after expenses, versus a 13.54% return for the weighted benchmark.

AGGRESSIVE ALLOCATION FUND (Unaudited)

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

Performance for the Aggressive Allocation Fund is compared to the S&P 500^® Index (80% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (20% weighting). For the six months ended June 30, 2019, the Aggressive Allocation Fund returned 14.38% before expenses and 14.37% after expenses, versus an 16.03% return for the weighted benchmark.

MONEY MARKET FUND (Unaudited)

The Money Market Fund’s investment objective is to realize current income while maintaining liquidity, investment quality and stability of capital through investing in high-quality commercial paper issued by U.S. corporations and securities issued by the U.S. government and its agencies. For the six months ended June 30, 2019, the Money Market Fund returned 1.24% before expenses and 1.14% after expenses, compared to a 1.21% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

The Fund’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On June 30, 2019, the fund held 24% U.S. Treasury Bills, 16% U.S. agency discount notes and the remainder in commercial paper. The average maturity was 25 days.

The seven-day effective yield as of August 13, 2019, was 1.97%. As with all performance reporting, this yield is not necessarily indicative of future annual yields. Neither the Federal Deposit Insurance Corporation nor any other U.S. government agency insures or guarantees investments in shares of the Money Market Fund.

MID-TERM BOND FUND (Unaudited)

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

For the six month period ended June 30, 2019, the Mid-Term Bond Fund returned 4.76% before expenses and 4.53% after expenses versus a 4.97% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period. The Fund’s shorter duration and zero exposure to non-U.S. sovereign debt contributed to the relative underperformance.

BOND FUND (Unaudited)

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

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

The fixed income market posted the strongest first half return in more than ten years in 2019. The benchmark returned 6.11% for the period from December 31, 2018 to June 30, 2019. All the asset classes represented in the Index delivered positive results during the period. In general, lower quality bonds outperformed higher and those with longer maturities outperformed shorter. For the six-month period ending June 30, 2019, the Bond Fund returned 5.82% before expenses and 5.59% after expenses. The Fund’s relative underperformance was driven primarily by its underweight position in long-dated securities and zero exposure to non-U.S. sovereign debt.

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited)

Equity Index Fund

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All America Fund

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Small Cap Value Fund

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Small Cap Growth Fund

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Small Cap Equity Index Fund

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Mid Cap Value Fund

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MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited) (Continued)

Mid-Cap Equity Index Fund

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International Fund

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Composite Fund

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Retirement Income Fund

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2010 Retirement Fund

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2015 Retirement Fund

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MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited) (Continued)

2020 Retirement Fund

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2025 Retirement Fund

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2030 Retirement Fund

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2035 Retirement Fund

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2040 Retirement Fund

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2045 Retirement Fund

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MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited) (Continued)

2050 Retirement Fund

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2055 Retirement Fund

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2060 Retirement Fund

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Conservative Allocation Fund

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Moderate Allocation Fund

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Aggressive Allocation Fund

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MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2019 (Unaudited) (Continued)

Money Market Fund

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Mid-Term Bond Fund

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Bond Fund

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MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited)

EXAMPLE

As a shareholder of one of the Mutual of America Investment Corporation Funds, you incur ongoing costs, including management fees and other Fund expenses. You do not incur transactional costs, such as sales charges (loads), redemption fees or exchange fees. Additionally, Mutual of America Capital Management LLC, the Funds’ Adviser, has contractually agreed to reimburse the direct non-advisory operating expenses of any Allocation or Retirement Fund (each a “Fund of Funds”) that has less than $50 million in average daily net assets for the prior calendar year. This contractual obligation remains in effect through April 30, 2020 and will continue for succeeding 12 month periods ending April 30th unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice. Furthermore, the Funds’ Adviser has contractually agreed to reimburse the non-advisory operating expenses of the Small Cap Equity Index Fund to the extent that such operating expenses exceed 0.07% of net assets. This contractual obligation remains in effect through April 30, 2021 and continues into successive 12 month periods ending April 30 unless i) the Investment Company gives not less than 30 days written notice to the Adviser, or ii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.

This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at January 1, 2019 and held for the entire period ending June 30, 2019 under the expense reimbursement agreement in effect during that period as described above.

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

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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


Equity Index Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,184.80		$0.70
Hypothetical (5% return before expenses)		$1,000.00		$1,023.83		$0.65

Expenses are equal to the Fund’s annual expense ratio of 0.13%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)


All America Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,177.01		$2.69
Hypothetical (5% return before expenses)		$1,000.00		$1,021.95		$2.51

Expenses are equal to the Fund’s annual expense ratio of 0.50%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Small Cap Value Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,119.49		$4.25
Hypothetical (5% return before expenses)		$1,000.00		$1,020.38		$4.06

Expenses are equal to the Fund’s annual expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Small Cap Growth Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,170.18		$4.35
Hypothetical (5% return before expenses)		$1,000.00		$1,020.38		$4.06

*	Expenses are equal to the Fund’s annual expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Small Cap Equity Index Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,135.68		$0.74
Hypothetical (5% return before expenses)		$1,000.00		$1,023.78		$0.70

Expenses are equal to the Fund’s annual expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)


Mid Cap Value Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,166.20		$3.59
Hypothetical (5% return before expenses)		$1,000.00		$1,021.09		$3.36

Expenses are equal to the Fund’s annual expense ratio of 0.67%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Mid-Cap Equity Index Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,179.11		$0.70
Hypothetical (5% return before expenses)		$1,000.00		$1,023.83		$0.65

Expenses are equal to the Fund’s annual expense ratio of 0.13%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


International Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,131.32		$1.80
Hypothetical (5% return before expenses)		$1,000.00		$1,022.76		$1.71

Expenses are equal to the Fund’s annual expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Composite Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,111.10		$2.67
Hypothetical (5% return before expenses)		$1,000.00		$1,021.90		$2.56

Expenses are equal to the Fund’s annual expense ratio of 0.51%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)


Retirement Income Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,078.49		$2.27
Hypothetical (5% return before expenses)		$1,000.00		$1,022.26		$2.21

Expenses are equal to the Fund’s annual expense ratio of 0.44% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


2010 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,086.82		$1.91
Hypothetical (5% return before expenses)		$1,000.00		$1,022.61		$1.86

Expenses are equal to the Fund’s annual expense ratio of 0.37% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


2015 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,102.11		$2.14
Hypothetical (5% return before expenses)		$1,000.00		$1,022.41		$2.06

Expenses are equal to the Fund’s annual expense ratio of 0.41% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


2020 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,114.61		$1.94
Hypothetical (5% return before expenses)		$1,000.00		$1,022.61		$1.86

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)


2025 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,127.28		$1.90
Hypothetical (5% return before expenses)		$1,000.00		$1,022.66		$1.81

Expenses are equal to the Fund’s annual expense ratio of 0.36% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


2030 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,140.51		$1.80
Hypothetical (5% return before expenses)		$1,000.00		$1,022.76		$1.71


2035 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,150.10		$1.76
Hypothetical (5% return before expenses)		$1,000.00		$1,022.81		$1.66

Expenses are equal to the Fund’s annual expense ratio of 0.33% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


2040 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,152.81		$1.81
Hypothetical (5% return before expenses)		$1,000.00		$1,022.76		$1.71

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)


2045 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,154.78		$1.81
Hypothetical (5% return before expenses)		$1,000.00		$1,022.76		$1.71


2050 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,155.51		$1.87
Hypothetical (5% return before expenses)		$1,000.00		$1,022.71		$1.76

Expenses are equal to the Fund’s annual expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


2055 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,154.09		$2.03
Hypothetical (5% return before expenses)		$1,000.00		$1,022.56		$1.91

Expenses are equal to the Fund’s annual expense ratio of 0.38% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


2060 Retirement Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,154.69		$1.76
Hypothetical (5% return before expenses)		$1,000.00		$1,022.81		$1.66

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)


Conservative Allocation Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,091.32		$1.97
Hypothetical (5% return before expenses)		$1,000.00		$1,022.56		$1.91

Expenses are equal to the Fund’s annual expense ratio of 0.38% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Moderate Allocation Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,122.09		$1.47
Hypothetical (5% return before expenses)		$1,000.00		$1,023.07		$1.40

Expenses are equal to the Fund’s annual expense ratio of 0.28% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Aggressive Allocation Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,143.71		$1.54
Hypothetical (5% return before expenses)		$1,000.00		$1,023.02		$1.45

Expenses are equal to the Fund’s annual expense ratio of 0.29% (reflecting direct operating expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Money Market Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,011.39		$1.05
Hypothetical (5% return before expenses)		$1,000.00		$1,023.42		$1.05

Expenses are equal to the Fund’s annual expense ratio of 0.21%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)


Mid-Term Bond Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,045.32		$2.28
Hypothetical (5% return before expenses)		$1,000.00		$1,022.21		$2.26

Expenses are equal to the Fund’s annual expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).


Bond Fund
	Beginning Account Value January 1, 2019		Ending Account Value June 30, 2019		Expenses Paid During Period* January 1, 2019 to June 30, 2019
Actual		$1,000.00		$1,055.89		$2.24
Hypothetical (5% return before expenses)		$1,000.00		$1,022.26		$2.21

Expenses are equal to the Fund’s annual expense ratio of 0.44%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (10.0%)
Activision Blizzard, Inc.		94,464	$	4,458,701
Alphabet, Inc. Cl A*		37,025		40,090,670
Alphabet, Inc. Cl C*		37,914		40,981,622
AT&T, Inc.		901,888		30,222,267
CBS Corp. Cl B		43,166		2,153,983
CenturyLink, Inc.		119,067		1,400,228
Charter Communications, Inc. Cl A*		21,194		8,375,445
Comcast Corp. Cl A		558,606		23,617,862
Discovery, Inc. Cl A*		19,403		595,672
Discovery, Inc. Cl C*		44,165		1,256,494
DISH Network Corp. Cl A*		28,538		1,096,144
Electronic Arts, Inc.*		36,518		3,697,813
Facebook, Inc. Cl A*		296,901		57,301,893
Fox Corp. Cl A		43,714		1,601,681
Fox Corp. Cl B		20,026		731,550
Interpublic Group of Cos., Inc.		47,811		1,080,050
Netflix, Inc.*		53,966		19,822,791
News Corp. Cl A		47,760		644,282
News Corp. Cl B		15,403		215,026
Omnicom Group, Inc.		27,096		2,220,517
Take-Two Interactive Software, Inc.*		13,871		1,574,775
TripAdvisor, Inc.*		12,747		590,059
Twitter, Inc.*		90,715		3,165,953
Verizon Communications, Inc.		509,565		29,111,448
Viacom, Inc. Cl B		43,118		1,287,935
Walt Disney Co.		214,726		29,984,339

				307,279,200

CONSUMER DISCRETIONARY (10.0%)
Advance Auto Parts, Inc.		8,806		1,357,357
Amazon.com, Inc.*		51,138		96,836,451
Aptiv PLC		31,837		2,573,385
AutoZone, Inc.*		3,029		3,330,295
Best Buy Co., Inc.		28,628		1,996,230
Booking Hldgs., Inc.*		5,352		10,033,448
BorgWarner, Inc.		25,664		1,077,375
Capri Hldgs. Ltd.*		18,639		646,400
CarMax, Inc.*		20,412		1,772,374
Carnival Corp.		49,374		2,298,360
Chipotle Mexican Grill, Inc. Cl A*		3,027		2,218,428
Darden Restaurants, Inc.		15,196		1,849,809
Dollar General Corp.		31,899		4,311,469
Dollar Tree, Inc.*		29,342		3,151,037
DR Horton, Inc.		41,994		1,811,201
eBay, Inc.		101,151		3,995,464
Expedia Group, Inc.		14,586		1,940,376
Foot Locker, Inc.		13,871		581,472
Ford Motor Co.		485,460		4,966,256
Gap, Inc.		26,127		469,502
Garmin Ltd.		14,964		1,194,127
General Motors Co.		163,025		6,281,353
Genuine Parts Co.		18,071		1,871,794
H&R Block, Inc.		25,121		736,045


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Hanesbrands, Inc.		44,541	$	766,996
Harley-Davidson, Inc.		19,684		705,278
Hasbro, Inc.		14,347		1,516,191
Hilton Worldwide Hldgs., Inc.		35,956		3,514,339
Home Depot, Inc.		136,247		28,335,289
Kohl’s Corp.		20,083		954,947
L Brands, Inc.		27,899		728,164
Leggett & Platt, Inc.		16,181		620,865
Lennar Corp. Cl A		35,219		1,706,713
LKQ Corp.*		38,852		1,033,852
Lowe’s Cos., Inc.		97,435		9,832,166
Macy’s, Inc.		38,015		815,802
Marriott International, Inc. Cl A		33,965		4,764,950
McDonald’s Corp.		94,127		19,546,413
MGM Resorts International		63,079		1,802,167
Mohawk Industries, Inc.*		7,586		1,118,707
Newell Brands, Inc.		48,560		748,795
NIKE, Inc. Cl B		154,779		12,993,697
Nordstrom, Inc.		13,071		416,442
Norwegian Cruise Line Hldgs. Ltd.*		26,622		1,427,738
O’Reilly Automotive, Inc.*		9,645		3,562,091
PulteGroup, Inc.		31,434		993,943
PVH Corp.		9,212		871,824
Ralph Lauren Corp. Cl A		6,430		730,384
Ross Stores, Inc.		45,313		4,491,424
Royal Caribbean Cruises Ltd.		21,136		2,561,895
Starbucks Corp.		149,376		12,522,190
Tapestry, Inc.		35,774		1,135,109
Target Corp.		63,254		5,478,429
Tiffany & Co.		13,410		1,255,712
TJX Cos., Inc.		149,703		7,916,295
Tractor Supply Co.		14,879		1,618,835
Ulta Beauty, Inc.*		6,867		2,382,094
Under Armour, Inc. Cl A*		23,313		590,984
Under Armour, Inc. Cl C*		24,071		534,376
VF Corp.		40,252		3,516,012
Whirlpool Corp.		7,821		1,113,398
Wynn Resorts Ltd.		11,983		1,485,772
Yum! Brands, Inc.		37,833		4,186,978

				307,597,264

CONSUMER STAPLES (7.1%)
Altria Group, Inc.		231,423		10,957,879
Archer-Daniels-Midland Co.		69,068		2,817,974
Brown-Forman Corp. Cl B		20,494		1,135,982
Campbell Soup Co.		23,834		955,028
Church & Dwight Co., Inc.		30,397		2,220,805
Clorox Co.		15,664		2,398,315
Coca-Cola Co.		472,770		24,073,448
Colgate-Palmolive Co.		105,969		7,594,798
Conagra Brands, Inc.		60,050		1,592,526
Constellation Brands, Inc. Cl A		20,553		4,047,708
Costco Wholesale Corp.		54,188		14,319,721
Coty, Inc. Cl A		37,290		499,686

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Estee Lauder Cos., Inc. Cl A		27,083	$	4,959,168
General Mills, Inc.		74,112		3,892,362
Hershey Co.		17,161		2,300,089
Hormel Foods Corp.		33,651		1,364,212
JM Smucker Co.		13,974		1,609,665
Kellogg Co.		30,573		1,637,796
Kimberly-Clark Corp.		42,202		5,624,683
Kraft Heinz Co.		77,070		2,392,253
Kroger Co.		99,273		2,155,217
Lamb Weston Hldgs., Inc.		18,061		1,144,345
McCormick & Co., Inc.		15,139		2,346,696
Molson Coors Brewing Co. Cl B		23,211		1,299,816
Mondelez International, Inc. Cl A		177,676		9,576,736
Monster Beverage Corp.*		48,367		3,087,266
PepsiCo, Inc.		172,830		22,663,198
Philip Morris International, Inc.		191,953		15,074,069
Procter & Gamble Co.		308,840		33,864,306
Sysco Corp.		58,430		4,132,170
Tyson Foods, Inc. Cl A		36,442		2,942,327
Walgreens Boots Alliance, Inc.		95,873		5,241,377
Walmart, Inc.		172,338		19,041,626

				218,963,247

ENERGY (4.9%)
Anadarko Petroleum Corp.		61,964		4,372,180
Apache Corp.		46,629		1,350,842
Baker Hughes, a GE Co. Cl A		63,743		1,569,990
Cabot Oil & Gas Corp.		52,471		1,204,734
Chevron Corp.		235,220		29,270,777
Cimarex Energy Co.		12,599		747,499
Concho Resources, Inc.		24,749		2,553,602
ConocoPhillips		139,593		8,515,173
Devon Energy Corp.		51,465		1,467,782
Diamondback Energy, Inc.		19,121		2,083,615
EOG Resources, Inc.		71,758		6,684,975
Exxon Mobil Corp.		521,248		39,943,234
Halliburton Co.		108,135		2,458,990
Helmerich & Payne, Inc.		13,679		692,431
Hess Corp.		31,542		2,005,125
HollyFrontier Corp.		19,451		900,192
Kinder Morgan, Inc.		240,129		5,013,894
Marathon Oil Corp.		101,456		1,441,690
Marathon Petroleum Corp.		81,762		4,568,861
National Oilwell Varco, Inc.		47,637		1,058,970
Noble Energy, Inc.		59,215		1,326,416
Occidental Petroleum Corp.		92,368		4,644,263
ONEOK, Inc.		50,836		3,498,025
Phillips 66		51,512		4,818,432
Pioneer Natural Resources Co.		20,909		3,217,059
Schlumberger Ltd.		171,351		6,809,489
TechnipFMC PLC		52,102		1,351,526
Valero Energy Corp.		51,367		4,397,529
Williams Cos., Inc.		149,838		4,201,457

				152,168,752


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (12.8%)
Affiliated Managers Group, Inc.		6,365	$	586,471
Aflac, Inc.		91,633		5,022,405
Allstate Corp.		41,031		4,172,442
American Express Co.		84,391		10,417,225
American International Group, Inc.		107,332		5,718,649
Ameriprise Financial, Inc.		16,538		2,400,656
Aon PLC		29,689		5,729,383
Arthur J. Gallagher & Co.		22,863		2,002,570
Assurant, Inc.		7,581		806,467
Bank of America Corp.		1,093,305		31,705,845
Bank of New York Mellon Corp.		108,962		4,810,672
BB&T Corp.		94,696		4,652,414
Berkshire Hathaway, Inc. Cl B*		238,572		50,856,393
BlackRock, Inc. Cl A		14,670		6,884,631
Capital One Financial Corp.		57,539		5,221,089
Cboe Global Markets, Inc.		13,801		1,430,198
Charles Schwab Corp.		147,097		5,911,828
Chubb Ltd.		56,390		8,305,683
Cincinnati Financial Corp.		18,661		1,934,586
Citigroup, Inc.		285,964		20,026,059
Citizens Financial Group, Inc.		56,727		2,005,867
CME Group, Inc. Cl A		44,138		8,567,627
Comerica, Inc.		19,067		1,385,027
Discover Financial Svcs.		39,902		3,095,996
E*TRADE Financial Corp.		30,186		1,346,296
Everest Re Group Ltd.		5,017		1,240,102
Fifth Third Bancorp		90,051		2,512,423
First Republic Bank		20,413		1,993,329
Franklin Resources, Inc.		36,237		1,261,048
Goldman Sachs Group, Inc.		42,001		8,593,405
Hartford Financial Svcs. Group, Inc.		44,519		2,480,599
Huntington Bancshares, Inc.		129,049		1,783,457
Intercontinental Exchange, Inc.		69,542		5,976,439
Invesco Ltd.		49,009		1,002,724
Jefferies Financial Group, Inc.		31,354		602,937
JPMorgan Chase & Co.		401,058		44,838,284
KeyCorp		125,033		2,219,336
Lincoln National Corp.		24,940		1,607,383
Loews Corp.		33,108		1,810,014
M&T Bank Corp.		16,880		2,870,782
MarketAxess Hldgs., Inc.		4,650		1,494,603
Marsh & McLennan Cos., Inc.		63,186		6,302,804
MetLife, Inc.		117,116		5,817,152
Moody’s Corp.		20,363		3,977,098
Morgan Stanley		157,878		6,916,635
MSCI, Inc. Cl A		10,465		2,498,937
Nasdaq, Inc.		14,278		1,373,115
Northern Trust Corp.		26,869		2,418,210
People’s United Financial, Inc.		48,787		818,646

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
PNC Financial Svcs. Group Inc.		55,781	$	7,657,616
Principal Financial Group, Inc.		31,901		1,847,706
Progressive Corp.		71,903		5,747,207
Prudential Financial, Inc.		50,009		5,050,909
Raymond James Financial, Inc.		15,613		1,320,079
Regions Financial Corp.		125,051		1,868,262
S&P Global, Inc.		30,375		6,919,121
State Street Corp.		46,199		2,589,916
SunTrust Banks, Inc.		54,891		3,449,899
SVB Financial Group*		6,501		1,460,060
Synchrony Financial		78,257		2,713,170
T. Rowe Price Group, Inc.		29,218		3,205,507
Torchmark Corp.		12,484		1,116,819
Travelers Cos., Inc.		32,271		4,825,160
U.S. Bancorp		184,746		9,680,690
Unum Group		26,145		877,165
Wells Fargo & Co.		499,768		23,649,022
Willis Towers Watson PLC		15,923		3,049,891
Zions Bancorporation		22,607		1,039,470

				395,473,610

HEALTH CARE (13.8%)
Abbott Laboratories		217,318		18,276,444
AbbVie, Inc.		181,979		13,233,513
ABIOMED, Inc.*		5,525		1,439,207
Agilent Technologies, Inc.		38,962		2,909,293
Alexion Pharmaceuticals, Inc.*		27,637		3,619,894
Align Technology, Inc.*		9,033		2,472,332
Allergan PLC		38,053		6,371,214
AmerisourceBergen Corp. Cl A		19,135		1,631,450
Amgen, Inc.		75,464		13,906,506
Anthem, Inc.		31,690		8,943,235
Baxter International, Inc.		58,460		4,787,874
Becton Dickinson & Co.		33,224		8,372,780
Biogen, Inc.*		23,946		5,600,251
Boston Scientific Corp.*		171,736		7,381,213
Bristol-Myers Squibb Co.		201,430		9,134,850
Cardinal Health, Inc.		36,716		1,729,324
Celgene Corp.*		87,103		8,051,801
Centene Corp.*		50,649		2,656,034
Cerner Corp.		40,003		2,932,220
Cigna Corp.		46,569		7,336,946
Cooper Cos., Inc.		6,083		2,049,302
CVS Health Corp.		159,945		8,715,403
Danaher Corp.		77,531		11,080,731
DaVita, Inc.*		15,627		879,175
DENTSPLY SIRONA, Inc.		28,698		1,674,815
Edwards Lifesciences Corp.*		25,668		4,741,906
Eli Lilly & Co.		106,610		11,811,322
Gilead Sciences, Inc.		156,989		10,606,177
HCA Healthcare, Inc.		32,742		4,425,736
Henry Schein, Inc.*		18,311		1,279,939
Hologic, Inc.*		33,004		1,584,852
Humana, Inc.		16,510		4,380,103
IDEXX Laboratories, Inc.*		10,603		2,919,324
Illumina, Inc.*		18,132		6,675,296


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Incyte Corp.*		21,857	$	1,856,971
Intuitive Surgical, Inc.*		14,242		7,470,641
IQVIA Hldgs., Inc.*		19,385		3,119,046
Johnson & Johnson		328,178		45,708,632
Laboratory Corp. of America Hldgs.*		12,166		2,103,501
McKesson Corp.		23,405		3,145,398
Medtronic PLC		165,057		16,074,901
Merck & Co., Inc.		317,983		26,662,875
Mettler-Toledo International, Inc.*		3,056		2,567,040
Mylan NV*		63,465		1,208,374
Nektar Therapeutics Cl A*		21,399		761,376
PerkinElmer, Inc.		13,675		1,317,449
Perrigo Co. PLC		15,430		734,777
Pfizer, Inc.		682,890		29,582,795
Quest Diagnostics, Inc.		16,598		1,689,842
Regeneron Pharmaceuticals, Inc.*		9,702		3,036,726
ResMed, Inc.		17,666		2,155,782
Stryker Corp.		38,112		7,835,065
Teleflex, Inc.		5,695		1,885,899
Thermo Fisher Scientific, Inc.		49,164		14,438,484
UnitedHealth Group, Inc.		116,940		28,534,529
Universal Health Svcs., Inc. Cl B		10,196		1,329,456
Varian Medical Systems, Inc.*		11,206		1,525,473
Vertex Pharmaceuticals, Inc.*		31,534		5,782,705
Waters Corp.*		8,568		1,844,176
WellCare Health Plans, Inc.*		6,197		1,766,579
Zimmer Biomet Hldgs., Inc.		25,209		2,968,108
Zoetis, Inc. Cl A		58,981		6,693,754

				427,410,816

INDUSTRIALS (9.2%)
3M Co.		71,062		12,317,887
Alaska Air Group, Inc.		15,216		972,455
Allegion PLC		11,603		1,282,712
American Airlines Group, Inc.		48,829		1,592,314
AMETEK, Inc.		28,205		2,562,142
AO Smith Corp.		17,364		818,886
Arconic, Inc.		49,342		1,274,010
Boeing Co.		64,475		23,469,545
Caterpillar, Inc.		70,392		9,593,726
CH Robinson Worldwide, Inc.		16,870		1,422,984
Cintas Corp.		10,442		2,477,782
Copart, Inc.*		24,998		1,868,350
CSX Corp.		94,817		7,335,991
Cummins, Inc.		17,830		3,054,992
Deere & Co.		39,077		6,475,450
Delta Air Lines, Inc.		73,513		4,171,863
Dover Corp.		17,915		1,795,083
Eaton Corp. PLC		52,013		4,331,643
Emerson Electric Co.		75,559		5,041,296
Equifax, Inc.		14,930		2,019,133

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Expeditors International of Washington, Inc.		21,203	$	1,608,460
Fastenal Co.		70,564		2,299,681
FedEx Corp.		29,606		4,861,009
Flowserve Corp.		16,182		852,630
Fortive Corp.		36,226		2,953,143
Fortune Brands Home & Security, Inc.		17,282		987,321
General Dynamics Corp.		33,438		6,079,697
General Electric Co.		1,078,937		11,328,838
Harris Corp.		27,298		5,162,871
Honeywell International, Inc.		89,807		15,679,404
Huntington Ingalls Industries, Inc.		5,127		1,152,242
IHS Markit Ltd.*		44,893		2,860,582
Illinois Tool Works, Inc.		36,930		5,569,413
Ingersoll-Rand PLC		29,722		3,764,886
Jacobs Engineering Group, Inc.		14,135		1,192,853
JB Hunt Transport Svcs., Inc.		10,748		982,475
Johnson Controls International PLC		97,681		4,035,202
Kansas City Southern		12,337		1,502,893
Lockheed Martin Corp.		30,256		10,999,266
Masco Corp.		36,203		1,420,606
Nielsen Hldgs. PLC		43,900		992,140
Norfolk Southern Corp.		32,828		6,543,605
Northrop Grumman Corp.		20,923		6,760,430
PACCAR, Inc.		42,598		3,052,573
Parker-Hannifin Corp.		15,824		2,690,238
Pentair PLC		19,509		725,735
Quanta Svcs., Inc.		17,530		669,471
Raytheon Co.		34,338		5,970,691
Republic Svcs., Inc. Cl A		26,591		2,303,844
Robert Half International, Inc.		14,617		833,315
Rockwell Automation, Inc.		14,591		2,390,443
Rollins, Inc.		18,218		653,480
Roper Technologies, Inc.		12,831		4,699,482
Snap-on, Inc.		6,823		1,130,162
Southwest Airlines Co.		60,543		3,074,374
Stanley Black & Decker, Inc.		18,703		2,704,641
Textron, Inc.		28,633		1,518,694
TransDigm Group, Inc.*		6,052		2,927,958
Union Pacific Corp.		87,210		14,748,083
United Continental Hldgs., Inc.*		27,275		2,387,926
United Parcel Svcs., Inc. Cl B		86,194		8,901,254
United Rentals, Inc.*		9,701		1,286,644
United Technologies Corp.		99,998		13,019,740
Verisk Analytics, Inc. Cl A		20,243		2,964,790
Wabtec Corp.		19,968		1,432,904
Waste Management, Inc.		48,201		5,560,949
WW Grainger, Inc.		5,546		1,487,604
Xylem, Inc.		22,191		1,856,055

				282,458,941


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (21.0%)
Accenture PLC Cl A		78,493	$	14,503,152
Adobe, Inc.*		60,488		17,822,789
Advanced Micro Devices, Inc.*		110,088		3,343,373
Akamai Technologies, Inc.*		20,255		1,623,236
Alliance Data Systems Corp.		5,549		777,581
Amphenol Corp. Cl A		36,903		3,540,474
Analog Devices, Inc.		45,407		5,125,088
ANSYS, Inc.*		10,403		2,130,742
Apple, Inc.		539,717		106,820,789
Applied Materials, Inc.		114,863		5,158,497
Arista Networks, Inc.*		6,523		1,693,501
Autodesk, Inc.*		27,123		4,418,337
Automatic Data Processing, Inc.		53,750		8,886,487
Broadcom, Inc.		48,449		13,946,529
Broadridge Financial Solutions, Inc.		14,339		1,830,803
Cadence Design Systems, Inc.*		34,919		2,472,614
Cisco Systems, Inc.		528,854		28,944,179
Citrix Systems, Inc.		15,454		1,516,656
Cognizant Technology Solutions Corp. Cl A		70,389		4,461,959
Corning, Inc.		96,949		3,221,615
DXC Technology Co.		33,016		1,820,832
F5 Networks, Inc.*		7,351		1,070,526
Fidelity National Information Svcs., Inc.		39,870		4,891,252
Fiserv, Inc.*		48,425		4,414,423
FleetCor Technologies, Inc.*		10,570		2,968,584
FLIR Systems, Inc.		16,702		903,578
Fortinet, Inc.*		18,014		1,384,016
Gartner, Inc.*		11,100		1,786,434
Global Payments, Inc.		19,399		3,106,362
Hewlett Packard Enterprise Co.		165,050		2,467,497
HP, Inc.		185,870		3,864,237
Intel Corp.		552,566		26,451,334
International Business Machines Corp.		109,426		15,089,845
Intuit, Inc.		32,088		8,385,557
IPG Photonics Corp.*		4,367		673,610
Jack Henry & Associates, Inc.		9,503		1,272,642
Juniper Networks, Inc.		42,408		1,129,325
Keysight Technologies, Inc.*		23,222		2,085,568
KLA-Tencor Corp.		19,928		2,355,490
Lam Research Corp.		18,424		3,460,764
Mastercard, Inc. Cl A		111,071		29,381,612
Maxim Integrated Products, Inc.		33,631		2,011,806
Microchip Technology, Inc.		29,269		2,537,622
Micron Technology, Inc.*		136,299		5,259,778
Microsoft Corp.		946,160		126,747,594
Motorola Solutions, Inc.		20,345		3,392,122
NetApp, Inc.		30,588		1,887,280
NVIDIA Corp.		75,452		12,391,482
Oracle Corp.		300,047		17,093,678
Paychex, Inc.		39,454		3,246,670
PayPal Hldgs. Inc.*		145,476		16,651,183
Qorvo, Inc.*		14,674		977,435

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
QUALCOMM, Inc.		149,968	$	11,408,066
Red Hat, Inc.*		21,971		4,125,275
Salesforce.com, Inc.*		95,995		14,565,321
Seagate Technology PLC		31,028		1,462,039
Skyworks Solutions, Inc.		21,215		1,639,283
Symantec Corp.		76,301		1,660,310
Synopsys, Inc.*		18,580		2,391,060
TE Connectivity Ltd.		41,529		3,977,648
Texas Instruments, Inc.		115,660		13,273,142
Total System Svcs., Inc.		20,140		2,583,358
VeriSign, Inc.*		12,943		2,707,158
Visa, Inc. Cl A		214,301		37,191,939
Western Digital Corp.		35,893		1,706,712
Western Union Co.		53,336		1,060,853
Xerox Corp.		24,087		852,921
Xilinx, Inc.		31,403		3,703,042

				647,706,666

MATERIALS (2.7%)
Air Products & Chemicals, Inc.		27,033		6,119,460
Albemarle Corp.		13,128		924,343
Amcor PLC*		199,995		2,297,943
Avery Dennison Corp.		10,447		1,208,509
Ball Corp.		41,497		2,904,375
Celanese Corp. Cl A		15,613		1,683,081
CF Industries Hldgs., Inc.		27,333		1,276,724
Corteva, Inc.*		91,517		2,706,158
Dow, Inc.		92,550		4,563,640
DuPont de Nemours, Inc.		93,004		6,981,810
Eastman Chemical Co.		17,044		1,326,535
Ecolab, Inc.		31,305		6,180,859
FMC Corp.		16,243		1,347,357
Freeport-McMoRan, Inc.		177,942		2,065,907
International Flavors & Fragrances, Inc.		12,538		1,819,138
International Paper Co.		48,826		2,115,142
Linde PLC		67,020		13,457,616
LyondellBasell Industries NV Cl A		37,557		3,234,784
Martin Marietta Materials, Inc.		7,705		1,772,998
Mosaic Co.		43,841		1,097,340
Newmont Goldcorp Corp.		101,396		3,900,704
Nucor Corp.		37,582		2,070,768
Packaging Corp. of America		11,631		1,108,667
PPG Industries, Inc.		29,166		3,403,964
Sealed Air Corp.		19,298		825,569
Sherwin-Williams Co.		10,050		4,605,815
Vulcan Materials Co.		16,280		2,235,407
WestRock Co.		31,790		1,159,381

				84,393,994

REAL ESTATE (3.0%)
Alexandria Real Estate Equities, Inc.		13,945		1,967,500
American Tower Corp.		54,578		11,158,472


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Apartment Investment & Management Co. Cl A		18,308	$	917,597
AvalonBay Communities, Inc.		17,228		3,500,385
Boston Properties, Inc.		19,065		2,459,385
CBRE Group, Inc. Cl A*		38,525		1,976,332
Crown Castle International Corp.		51,336		6,691,648
Digital Realty Trust, Inc.		25,568		3,011,655
Duke Realty Corp.		44,260		1,399,059
Equinix, Inc.		10,402		5,245,625
Equity Residential		45,636		3,464,685
Essex Property Trust, Inc.		8,091		2,362,006
Extra Space Storage, Inc.		15,694		1,665,133
Federal Realty Investment Trust		9,198		1,184,334
HCP, Inc.		58,884		1,883,110
Host Hotels & Resorts, Inc.		91,818		1,672,924
Iron Mountain, Inc.		35,408		1,108,270
Kimco Realty Corp.		52,049		961,866
Macerich Co.		13,088		438,317
Mid-America Apartment Communities, Inc.		14,058		1,655,470
Prologis, Inc.		77,811		6,232,661
Public Storage		18,446		4,393,284
Realty Income Corp.		38,731		2,671,277
Regency Centers Corp.		20,522		1,369,638
SBA Communications Corp. Cl A*		13,996		3,146,861
Simon Property Group, Inc.		38,091		6,085,418
SL Green Realty Corp.		10,423		837,697
UDR, Inc.		34,755		1,560,152
Ventas, Inc.		45,486		3,108,968
Vornado Realty Trust		21,339		1,367,830
Welltower, Inc.		49,788		4,059,216
Weyerhaeuser Co.		91,695		2,415,246

				91,972,021

UTILITIES (3.2%)
AES Corp.		82,016		1,374,588
Alliant Energy Corp.		29,109		1,428,670
Ameren Corp.		30,314		2,276,885
American Electric Power Co., Inc.		60,840		5,354,528
American Water Works Co., Inc.		22,273		2,583,668
Atmos Energy Corp.		14,426		1,522,809
CenterPoint Energy, Inc.		62,070		1,777,064
CMS Energy Corp.		34,976		2,025,460
Consolidated Edison, Inc.		40,312		3,534,556
Dominion Energy, Inc.		98,865		7,644,242
DTE Energy Co.		22,611		2,891,495
Duke Energy Corp.		89,814		7,925,187
Edison International		40,330		2,718,645
Entergy Corp.		23,419		2,410,518
Evergy, Inc.		30,132		1,812,440
Eversource Energy		39,608		3,000,702
Exelon Corp.		119,682		5,737,555
FirstEnergy Corp.		62,080		2,657,645

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
NextEra Energy, Inc.		58,962	$	12,078,955
NiSource, Inc.		46,023		1,325,462
NRG Energy, Inc.		33,007		1,159,206
Pinnacle West Capital Corp.		13,877		1,305,687
PPL Corp.		89,131		2,763,952
Public Svcs. Enterprise Group, Inc.		62,354		3,667,662
Sempra Energy		33,793		4,644,510
Southern Co.		128,062		7,079,267
WEC Energy Group, Inc.		38,891		3,242,343
Xcel Energy, Inc.		63,397		3,771,489

				99,715,190

TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $1,696,146,261) 97.7%				3,015,139,701


	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (1.5%)
U.S. Treasury Bill		A-1+		2.13		08/15/19	$	13,800,000	$	13,763,353
U.S. Treasury Bill		A-1+		2.28		07/05/19		2,000,000		1,999,493
U.S. Treasury Bill		A-1+		2.33		07/23/19		15,500,000		15,478,025
U.S. Treasury Bill (1)		A-1+		2.37		08/08/19		14,150,000		14,114,860

										45,355,731

U.S. GOVERNMENT AGENCIES (0.3%)
FHLB		A-1+		2.25		07/02/19		10,000,000		9,999,375

COMMERCIAL PAPER (0.4%)
Cargill Global Funding PLC†		A-1		2.32		07/01/19		11,200,000		11,200,000

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $66,555,106) 2.2%										66,555,106


			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.66		07/01/19	$	44,291	$	44,291

TOTAL TEMPORARY CASH INVESTMENT (Cost: $44,291) 0.0% (2)										44,291

TOTAL INVESTMENTS (Cost: $1,762,745,658) 99.9%										3,081,739,098

OTHER NET ASSETS 0.1%										3,108,013

NET ASSETS 100.0%									$	3,084,847,111

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (5.4%)
Activision Blizzard, Inc.		4,963	$	234,254
Alphabet, Inc. Cl A*		1,951		2,112,543
Alphabet, Inc. Cl C*		1,995		2,156,415
AT&T, Inc.		47,455		1,590,217
CBS Corp. Cl B		2,283		113,922
CenturyLink, Inc.		6,231		73,277
Charter Communications, Inc. Cl A*		1,120		442,602
Comcast Corp. Cl A		29,437		1,244,596
Discovery, Inc. Cl A*		1,025		31,468
Discovery, Inc. Cl C*		2,342		66,630
DISH Network Corp. Cl A*		1,503		57,730
Electronic Arts, Inc.*		1,923		194,723
Facebook, Inc. Cl A*		15,643		3,019,099
Fox Corp. Cl A		2,306		84,492
Fox Corp. Cl B		1,057		38,612
Interpublic Group of Cos., Inc.		2,514		56,791
Netflix, Inc.*		2,848		1,046,127
News Corp. Cl A		2,508		33,833
News Corp. Cl B		805		11,238
Omnicom Group, Inc.		1,432		117,352
Take-Two Interactive Software, Inc.*		731		82,990
TripAdvisor, Inc.*		673		31,153
Twitter, Inc.*		4,765		166,299
Verizon Communications, Inc.		26,916		1,537,711
Viacom, Inc. Cl B		2,291		68,432
Walt Disney Co.		11,337		1,583,099

				16,195,605

CONSUMER DISCRETIONARY (5.4%)
Advance Auto Parts, Inc.		467		71,983
Amazon.com, Inc.*		2,693		5,099,546
Aptiv PLC		1,685		136,198
AutoZone, Inc.*		159		174,816
Best Buy Co., Inc.		1,510		105,292
Booking Hldgs., Inc.*		282		528,668
BorgWarner, Inc.		1,350		56,673
Capri Hldgs. Ltd.*		981		34,021
CarMax, Inc.*		1,080		93,776
Carnival Corp.		2,594		120,751
Chipotle Mexican Grill, Inc. Cl A*		159		116,528
Darden Restaurants, Inc.		800		97,384
Dollar General Corp.		1,680		227,069
Dollar Tree, Inc.*		1,545		165,917
DR Horton, Inc.		2,207		95,188
eBay, Inc.		5,332		210,614
Expedia Group, Inc.		770		102,433
Foot Locker, Inc.		732		30,685
Ford Motor Co.		25,486		260,722
Gap, Inc.		1,378		24,763
Garmin Ltd.		788		62,882
General Motors Co.		8,574		330,356
Genuine Parts Co.		951		98,505
H&R Block, Inc.		1,323		38,764
Hanesbrands, Inc.		2,362		40,674
Harley-Davidson, Inc.		1,037		37,156

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Hasbro, Inc.		755	$	79,788
Hilton Worldwide Hldgs., Inc.		1,895		185,217
Home Depot, Inc.		7,170		1,491,145
Kohl’s Corp.		1,056		50,213
L Brands, Inc.		1,488		38,837
Leggett & Platt, Inc.		854		32,768
Lennar Corp. Cl A		1,854		89,845
LKQ Corp.*		2,045		54,417
Lowe’s Cos., Inc.		5,104		515,045
Macy’s, Inc.		2,018		43,306
Marriott International, Inc. Cl A		1,799		252,382
McDonald’s Corp.		4,967		1,031,447
MGM Resorts International		3,324		94,967
Mohawk Industries, Inc.*		400		58,988
Newell Brands, Inc.		2,539		39,151
NIKE, Inc. Cl B		8,147		683,941
Nordstrom, Inc.		685		21,824
Norwegian Cruise Line Hldgs. Ltd.*		1,398		74,975
O’Reilly Automotive, Inc.*		510		188,353
PulteGroup, Inc.		1,658		52,426
PVH Corp.		490		46,374
Ralph Lauren Corp. Cl A		341		38,734
Ross Stores, Inc.		2,387		236,599
Royal Caribbean Cruises Ltd.		1,117		135,392
Starbucks Corp.		7,885		660,999
Tapestry, Inc.		1,888		59,906
Target Corp.		3,334		288,758
Tiffany & Co.		702		65,735
TJX Cos., Inc.		7,892		417,329
Tractor Supply Co.		785		85,408
Ulta Beauty, Inc.*		361		125,227
Under Armour, Inc. Cl A*		1,223		31,003
Under Armour, Inc. Cl C*		1,264		28,061
VF Corp.		2,120		185,182
Whirlpool Corp.		413		58,795
Wynn Resorts Ltd.		631		78,238
Yum! Brands, Inc.		1,989		220,123

				16,202,262

CONSUMER STAPLES (3.8%)
Altria Group, Inc.		12,171		576,297
Archer-Daniels-Midland Co.		3,642		148,594
Brown-Forman Corp. Cl B		1,081		59,920
Campbell Soup Co.		1,251		50,127
Church & Dwight Co., Inc.		1,599		116,823
Clorox Co.		828		126,775
Coca-Cola Co.		24,995		1,272,745
Colgate-Palmolive Co.		5,586		400,349
Conagra Brands, Inc.		3,155		83,671
Constellation Brands, Inc. Cl A		1,084		213,483
Costco Wholesale Corp.		2,864		756,841
Coty, Inc. Cl A		1,948		26,103
Estee Lauder Cos., Inc. Cl A		1,428		261,481
General Mills, Inc.		3,883		203,935
Hershey Co.		905		121,297
Hormel Foods Corp.		1,766		71,594

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
JM Smucker Co.		739	$	85,125
Kellogg Co.		1,617		86,623
Kimberly-Clark Corp.		2,237		298,147
Kraft Heinz Co.		4,062		126,084
Kroger Co.		5,254		114,064
Lamb Weston Hldgs., Inc.		949		60,129
McCormick & Co., Inc.		793		122,923
Molson Coors Brewing Co. Cl B		1,217		68,152
Mondelez International, Inc. Cl A		9,355		504,234
Monster Beverage Corp.*		2,545		162,447
PepsiCo, Inc.		9,118		1,195,643
Philip Morris International, Inc.		10,086		792,054
Procter & Gamble Co.		16,315		1,788,940
Sysco Corp.		3,076		217,535
Tyson Foods, Inc. Cl A		1,914		154,536
Walgreens Boots Alliance, Inc.		5,077		277,560
Walmart, Inc.		9,114		1,007,006

				11,551,237

ENERGY (2.7%)
Anadarko Petroleum Corp.		3,276		231,155
Apache Corp.		2,447		70,890
Baker Hughes, a GE Co. Cl A		3,371		83,028
Cabot Oil & Gas Corp.		2,753		63,209
Chevron Corp.		12,414		1,544,798
Cimarex Energy Co.		662		39,276
Concho Resources, Inc.		1,307		134,856
ConocoPhillips		7,369		449,509
Devon Energy Corp.		2,693		76,804
Diamondback Energy, Inc.		1,009		109,951
EOG Resources, Inc.		3,788		352,890
Exxon Mobil Corp.		27,562		2,112,076
Halliburton Co.		5,700		129,618
Helmerich & Payne, Inc.		720		36,446
Hess Corp.		1,657		105,336
HollyFrontier Corp.		1,025		47,437
Kinder Morgan, Inc.		12,683		264,821
Marathon Oil Corp.		5,334		75,796
Marathon Petroleum Corp.		4,308		240,731
National Oilwell Varco, Inc.		2,518		55,975
Noble Energy, Inc.		3,118		69,843
Occidental Petroleum Corp.		4,884		245,568
ONEOK, Inc.		2,687		184,893
Phillips 66		2,720		254,429
Pioneer Natural Resources Co.		1,098		168,938
Schlumberger Ltd.		9,005		357,859
TechnipFMC PLC		2,747		71,257
Valero Energy Corp.		2,713		232,260
Williams Cos., Inc.		7,907		221,712

				8,031,361

FINANCIALS (6.9%)
Affiliated Managers Group, Inc.		334		30,775
Aflac, Inc.		4,849		265,774
Allstate Corp.		2,164		220,057
American Express Co.		4,456		550,049

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
American International Group, Inc.		5,639	$	300,446
Ameriprise Financial, Inc.		870		126,289
Aon PLC		1,565		302,014
Arthur J. Gallagher & Co.		1,203		105,371
Assurant, Inc.		399		42,446
Bank of America Corp.		57,621		1,671,009
Bank of New York Mellon Corp.		5,740		253,421
BB&T Corp.		4,998		245,552
Berkshire Hathaway, Inc. Cl B*		12,597		2,685,302
BlackRock, Inc. Cl A		774		363,238
Capital One Financial Corp.		3,054		277,120
Cboe Global Markets, Inc.		726		75,235
Charles Schwab Corp.		7,752		311,553
Chubb Ltd.		2,977		438,482
Cincinnati Financial Corp.		986		102,219
Citigroup, Inc.		15,085		1,056,402
Citizens Financial Group, Inc.		2,988		105,656
CME Group, Inc. Cl A		2,328		451,888
Comerica, Inc.		1,003		72,858
Discover Financial Svcs.		2,108		163,560
E*TRADE Financial Corp.		1,596		71,182
Everest Re Group Ltd.		265		65,503
Fifth Third Bancorp		4,739		132,218
First Republic Bank		1,074		104,876
Franklin Resources, Inc.		1,920		66,816
Goldman Sachs Group, Inc.		2,214		452,984
Hartford Financial Svcs. Group, Inc.		2,348		130,830
Huntington Bancshares, Inc.		6,826		94,335
Intercontinental Exchange, Inc.		3,668		315,228
Invesco Ltd.		2,611		53,421
Jefferies Financial Group, Inc.		1,646		31,653
JPMorgan Chase & Co.		21,118		2,360,992
KeyCorp		6,565		116,529
Lincoln National Corp.		1,318		84,945
Loews Corp.		1,742		95,235
M&T Bank Corp.		891		151,532
MarketAxess Hldgs., Inc.		245		78,748
Marsh & McLennan Cos., Inc.		3,325		331,669
MetLife, Inc.		6,187		307,308
Moody’s Corp.		1,071		209,177
Morgan Stanley		8,318		364,412
MSCI, Inc. Cl A		551		131,573
Nasdaq, Inc.		754		72,512
Northern Trust Corp.		1,418		127,620
People’s United Financial, Inc.		2,576		43,225
PNC Financial Svcs. Group, Inc.		2,945		404,290
Principal Financial Group, Inc.		1,687		97,711
Progressive Corp.		3,791		303,015
Prudential Financial, Inc.		2,642		266,842
Raymond James Financial, Inc.		823		69,585
Regions Financial Corp.		6,607		98,708
S&P Global, Inc.		1,599		364,236
State Street Corp.		2,431		136,282
SunTrust Banks, Inc.		2,896		182,014
SVB Financial Group*		341		76,585

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Synchrony Financial		4,128	$	143,118
T Rowe Price Group, Inc.		1,536		168,514
Torchmark Corp.		658		58,865
Travelers Cos., Inc.		1,700		254,184
U.S. Bancorp		9,750		510,900
Unum Group		1,378		46,232
Wells Fargo & Co.		26,394		1,248,964
Willis Towers Watson PLC		841		161,085
Zions Bancorporation		1,190		54,716

				20,857,085

HEALTH CARE (7.5%)
Abbott Laboratories		11,467		964,375
AbbVie, Inc.		9,625		699,930
ABIOMED, Inc.*		294		76,584
Agilent Technologies, Inc.		2,056		153,522
Alexion Pharmaceuticals, Inc.*		1,459		191,100
Align Technology, Inc.*		473		129,460
Allergan PLC		2,008		336,199
AmerisourceBergen Corp. Cl A		1,014		86,454
Amgen, Inc.		3,967		731,039
Anthem, Inc.		1,671		471,573
Baxter International, Inc.		3,091		253,153
Becton Dickinson & Co.		1,758		443,034
Biogen, Inc.*		1,264		295,612
Boston Scientific Corp.*		9,058		389,313
Bristol-Myers Squibb Co.		10,634		482,252
Cardinal Health, Inc.		1,939		91,327
Celgene Corp.*		4,589		424,207
Centene Corp.*		2,686		140,854
Cerner Corp.		2,119		155,323
Cigna Corp.		2,469		388,991
Cooper Cos., Inc.		321		108,142
CVS Health Corp.		8,473		461,694
Danaher Corp.		4,097		585,543
DaVita, Inc.*		824		46,358
DENTSPLY SIRONA, Inc.		1,523		88,882
Edwards Lifesciences Corp.*		1,357		250,692
Eli Lilly & Co.		5,623		622,972
Gilead Sciences, Inc.		8,289		560,005
HCA Healthcare, Inc.		1,737		234,790
Henry Schein, Inc.*		968		67,663
Hologic, Inc.*		1,746		83,843
Humana, Inc.		879		233,199
IDEXX Laboratories, Inc.*		558		153,634
Illumina, Inc.*		953		350,847
Incyte Corp.*		1,154		98,044
Intuitive Surgical, Inc.*		752		394,462
IQVIA Hldgs., Inc.*		1,025		164,922
Johnson & Johnson		17,280		2,406,758
Laboratory Corp. of America Hldgs.*		642		111,002
McKesson Corp.		1,237		166,240
Medtronic PLC		8,725		849,728
Merck & Co., Inc.		16,767		1,405,913
Mettler-Toledo International, Inc.*		161		135,240

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Mylan NV*		3,354	$	63,860
Nektar Therapeutics Cl A*		1,131		40,241
PerkinElmer, Inc.		723		69,654
Perrigo Co. PLC		813		38,715
Pfizer, Inc.		36,148		1,565,931
Quest Diagnostics, Inc.		876		89,186
Regeneron Pharmaceuticals, Inc.*		512		160,256
ResMed, Inc.		932		113,732
Stryker Corp.		2,019		415,066
Teleflex, Inc.		301		99,676
Thermo Fisher Scientific, Inc.		2,608		765,917
UnitedHealth Group, Inc.		6,188		1,509,934
Universal Health Svcs., Inc. Cl B		539		70,280
Varian Medical Systems, Inc.*		590		80,317
Vertex Pharmaceuticals, Inc.*		1,661		304,594
Waters Corp.*		452		97,288
WellCare Health Plans, Inc.*		327		93,218
Zimmer Biomet Hldgs., Inc.		1,335		157,183
Zoetis, Inc. Cl A		3,109		352,840

				22,572,763

INDUSTRIALS (5.0%)
3M Co.		3,757		651,238
Alaska Air Group, Inc.		803		51,320
Allegion PLC		612		67,657
American Airlines Group, Inc.		2,575		83,971
AMETEK, Inc.		1,483		134,716
AO Smith Corp.		919		43,340
Arconic, Inc.		2,596		67,029
Boeing Co.		3,410		1,241,274
Caterpillar, Inc.		3,721		507,135
CH Robinson Worldwide, Inc.		889		74,987
Cintas Corp.		550		130,509
Copart, Inc.*		1,311		97,984
CSX Corp.		5,001		386,927
Cummins, Inc.		944		161,745
Deere & Co.		2,075		343,848
Delta Air Lines, Inc.		3,883		220,360
Dover Corp.		949		95,090
Eaton Corp. PLC		2,757		229,603
Emerson Electric Co.		4,000		266,880
Equifax, Inc.		784		106,028
Expeditors International of Washington, Inc.		1,119		84,887
Fastenal Co.		3,722		121,300
FedEx Corp.		1,564		256,793
Flowserve Corp.		854		44,997
Fortive Corp.		1,919		156,437
Fortune Brands Home & Security, Inc.		909		51,931
General Dynamics Corp.		1,760		320,003
General Electric Co.		56,735		595,718
Harris Corp.		1,439		272,158
Honeywell International, Inc.		4,740		827,557
Huntington Ingalls Industries, Inc.		270		60,680
IHS Markit Ltd.*		2,366		150,762

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Illinois Tool Works, Inc.		1,950	$	294,080
Ingersoll-Rand PLC		1,568		198,619
Jacobs Engineering Group, Inc.		746		62,955
JB Hunt Transport Svcs., Inc.		566		51,738
Johnson Controls International PLC		5,179		213,944
Kansas City Southern		655		79,792
Lockheed Martin Corp.		1,597		580,573
Masco Corp.		1,911		74,988
Nielsen Hldgs. PLC		2,310		52,206
Norfolk Southern Corp.		1,729		344,642
Northrop Grumman Corp.		1,104		356,713
PACCAR, Inc.		2,256		161,665
Parker-Hannifin Corp.		838		142,468
Pentair PLC		1,031		38,353
Quanta Svcs., Inc.		925		35,326
Raytheon Co.		1,817		315,940
Republic Svcs., Inc. Cl A		1,399		121,209
Robert Half International, Inc.		768		43,784
Rockwell Automation, Inc.		772		126,477
Rollins, Inc.		965		34,615
Roper Technologies, Inc.		677		247,958
Snap-on, Inc.		360		59,630
Southwest Airlines Co.		3,179		161,430
Stanley Black & Decker, Inc.		989		143,019
Textron, Inc.		1,514		80,303
TransDigm Group, Inc.*		317		153,365
Union Pacific Corp.		4,599		777,737
United Continental Hldgs., Inc.*		1,437		125,809
United Parcel Svcs., Inc. Cl B		4,540		468,846
United Rentals, Inc.*		512		67,907
United Technologies Corp.		5,264		685,373
Verisk Analytics, Inc. Cl A		1,064		155,833
Wabtec Corp.		1,058		75,922
Waste Management, Inc.		2,539		292,924
WW Grainger, Inc.		292		78,323
Xylem, Inc.		1,171		97,942

				14,907,272

INFORMATION TECHNOLOGY (11.4%)
Accenture PLC Cl A		4,142		765,317
Adobe, Inc.*		3,172		934,630
Advanced Micro Devices, Inc.*		5,776		175,417
Akamai Technologies, Inc.*		1,068		85,590
Alliance Data Systems Corp.		293		41,058
Amphenol Corp. Cl A		1,943		186,411
Analog Devices, Inc.		2,406		271,565
ANSYS, Inc.*		546		111,832
Apple, Inc.		28,443		5,629,439
Applied Materials, Inc.		6,102		274,041
Arista Networks, Inc.*		344		89,309
Autodesk, Inc.*		1,429		232,784
Automatic Data Processing, Inc.		2,829		467,719
Broadcom, Inc.		2,579		742,391
Broadridge Financial Solutions, Inc.		756		96,526
Cadence Design Systems, Inc.*		1,828		129,441
Cisco Systems, Inc.		27,892		1,526,529

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Citrix Systems, Inc.		812	$	79,690
Cognizant Technology Solutions Corp. Cl A		3,712		235,304
Corning, Inc.		5,111		169,839
DXC Technology Co.		1,748		96,402
F5 Networks, Inc.*		389		56,650
Fidelity National Information Svcs., Inc.		2,108		258,609
Fiserv, Inc.*		2,553		232,731
FleetCor Technologies, Inc.*		561		157,557
FLIR Systems, Inc.		882		47,716
Fortinet, Inc.*		942		72,374
Gartner, Inc.*		584		93,989
Global Payments, Inc.		1,018		163,012
Hewlett Packard Enterprise Co.		8,720		130,364
HP, Inc.		9,797		203,680
Intel Corp.		29,179		1,396,799
International Business Machines Corp.		5,772		795,959
Intuit, Inc.		1,686		440,602
IPG Photonics Corp.*		232		35,786
Jack Henry & Associates, Inc.		502		67,228
Juniper Networks, Inc.		2,242		59,704
Keysight Technologies, Inc.*		1,225		110,017
KLA-Tencor Corp.		1,052		124,346
Lam Research Corp.		975		183,144
Mastercard, Inc. Cl A		5,844		1,545,913
Maxim Integrated Products, Inc.		1,774		106,121
Microchip Technology, Inc.		1,553		134,645
Micron Technology, Inc.*		7,197		277,732
Microsoft Corp.		49,782		6,668,797
Motorola Solutions, Inc.		1,071		178,568
NetApp, Inc.		1,605		99,029
NVIDIA Corp.		3,970		651,993
Oracle Corp.		15,781		899,044
Paychex, Inc.		2,084		171,492
PayPal Hldgs., Inc.*		7,645		875,047
Qorvo, Inc.*		775		51,623
QUALCOMM, Inc.		7,901		601,029
Red Hat, Inc.*		1,158		217,426
Salesforce.com, Inc.*		5,059		767,602
Seagate Technology PLC		1,634		76,994
Skyworks Solutions, Inc.		1,125		86,929
Symantec Corp.		4,023		87,540
Synopsys, Inc.*		976		125,601
TE Connectivity Ltd.		2,195		210,237
Texas Instruments, Inc.		6,109		701,069
Total System Svcs., Inc.		1,057		135,581
VeriSign, Inc.*		681		142,438
Visa, Inc. Cl A		11,300		1,961,115
Western Digital Corp.		1,900		90,345
Western Union Co.		2,804		55,772
Xerox Corp.		1,271		45,006
Xilinx, Inc.		1,653		194,922

				34,131,111

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (1.5%)
Air Products & Chemicals, Inc.		1,433	$	324,388
Albemarle Corp.		685		48,231
Amcor PLC*		10,586		121,633
Avery Dennison Corp.		550		63,624
Ball Corp.		2,177		152,368
Celanese Corp. Cl A		825		88,935
CF Industries Hldgs., Inc.		1,450		67,730
Corteva, Inc.*		4,881		144,331
Dow, Inc.		4,891		241,175
DuPont de Nemours, Inc.		4,880		366,342
Eastman Chemical Co.		901		70,125
Ecolab, Inc.		1,650		325,776
FMC Corp.		857		71,088
Freeport-McMoRan, Inc.		9,457		109,796
International Flavors & Fragrances, Inc.		656		95,179
International Paper Co.		2,581		111,809
Linde PLC		3,540		710,832
LyondellBasell Industries NV Cl A		1,978		170,365
Martin Marietta Materials, Inc.		407		93,655
Mosaic Co.		2,316		57,969
Newmont Goldcorp Corp.		5,327		204,930
Nucor Corp.		1,985		109,373
Packaging Corp. of America		613		58,431
PPG Industries, Inc.		1,537		179,383
Sealed Air Corp.		1,015		43,422
Sherwin-Williams Co.		528		241,977
Vulcan Materials Co.		859		117,949
WestRock Co.		1,672		60,978

				4,451,794

REAL ESTATE (1.6%)
Alexandria Real Estate Equities, Inc.		734		103,560
American Tower Corp.		2,872		587,180
Apartment Investment & Management Co. Cl A		966		48,416
AvalonBay Communities, Inc.		906		184,081
Boston Properties, Inc.		1,005		129,645
CBRE Group, Inc. Cl A*		2,028		104,036
Crown Castle International Corp.		2,702		352,206
Digital Realty Trust, Inc.		1,356		159,723
Duke Realty Corp.		2,336		73,841
Equinix, Inc.		546		275,342
Equity Residential		2,406		182,664
Essex Property Trust, Inc.		427		124,654
Extra Space Storage, Inc.		828		87,851
Federal Realty Investment Trust		487		62,706
HCP, Inc.		3,113		99,554
Host Hotels & Resorts, Inc.		4,825		87,912
Iron Mountain, Inc.		1,864		58,343
Kimco Realty Corp.		2,739		50,617
Macerich Co.		689		23,075
Mid-America Apartment Communities, Inc.		740		87,142

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Prologis, Inc.		4,096	$	328,090
Public Storage		976		232,454
Realty Income Corp.		2,048		141,251
Regency Centers Corp.		1,086		72,480
SBA Communications Corp. Cl A*		735		165,257
Simon Property Group, Inc.		2,011		321,277
SL Green Realty Corp.		549		44,123
UDR, Inc.		1,829		82,104
Ventas, Inc.		2,404		164,313
Vornado Realty Trust		1,130		72,433
Welltower, Inc.		2,632		214,587
Weyerhaeuser Co.		4,848		127,696

				4,848,613

UTILITIES (1.7%)
AES Corp.		4,319		72,386
Alliant Energy Corp.		1,535		75,338
Ameren Corp.		1,594		119,725
American Electric Power Co., Inc.		3,203		281,896
American Water Works Co., Inc.		1,173		136,068
Atmos Energy Corp.		760		80,226
CenterPoint Energy, Inc.		3,262		93,391
CMS Energy Corp.		1,842		106,670
Consolidated Edison, Inc.		2,123		186,145
Dominion Energy, Inc.		5,214		403,147
DTE Energy Co.		1,189		152,049
Duke Energy Corp.		4,733		417,640
Edison International		2,109		142,168
Entergy Corp.		1,234		127,016
Evergy, Inc.		1,586		95,398
Eversource Energy		2,087		158,111
Exelon Corp.		6,312		302,597
FirstEnergy Corp.		3,278		140,331
NextEra Energy, Inc.		3,111		637,319
NiSource, Inc.		2,424		69,811
NRG Energy, Inc.		1,741		61,144
Pinnacle West Capital Corp.		729		68,592
PPL Corp.		4,686		145,313
Public Svcs. Enterprise Group, Inc.		3,282		193,047
Sempra Energy		1,782		244,918
Southern Co.		6,750		373,140
WEC Energy Group, Inc.		2,049		170,825
Xcel Energy, Inc.		3,341		198,756

				5,253,167

TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $91,773,796 ) 52.9%				159,002,270

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)

Rating**

Rate(%)

Maturity

Face Amount

Value

INDEXED ASSETS:

SHORT-TERM DEBT SECURITIES:

U.S. GOVERNMENT (0.2%)

U.S. Treasury Bill (1)

A-1+

2.39

08/08/19

500,000

498,746

TOTAL INDEXED ASSETS-SHORT TERM-DEBT (0.2%)
(Cost: $498,746) 0.2%

498,746

TOTAL INDEXED ASSETS
(Cost: $92,272,542) 53.1%

159,501,016

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
ACTIVE ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.4%)
CBS Corp. Cl B		4,445	$	221,805
Cogent Communications Hldgs., Inc.		2,570		152,555
Discovery, Inc. Cl A*		4,734		145,333
Discovery, Inc. Cl C*		27,486		781,977
Lions Gate Entertainment Corp. Cl A		2,486		30,454
Lions Gate Entertainment Corp. Cl B		14,613		169,657
MSG Networks, Inc. Cl A*		14,687		304,608
Nexstar Media Group, Inc. Cl A		2,760		278,760
ORBCOMM, Inc.*		59,048		428,098
Shenandoah Telecommunications Co.		7,955		306,427
Take-Two Interactive Software, Inc.*		2,233		253,512
TEGNA, Inc.		21,810		330,422
World Wrestling Entertainment, Inc. Cl A		2,094		151,208
Zayo Group Hldgs., Inc.*		4,484		147,568
Zynga, Inc. Cl A*		67,690		414,940

				4,117,324

CONSUMER DISCRETIONARY (3.9%)
American Axle & Manufacturing Hldgs., Inc.*		19,278		245,987
AutoZone, Inc.*		906		996,120
Bloomin’ Brands, Inc.		39,769		752,032
BorgWarner, Inc.		8,356		350,785
Bright Horizons Family Solutions, Inc.*		1,968		296,912
Capri Hldgs. Ltd.*		1,806		62,632
Dave & Buster’s Entertainment, Inc.		15,850		641,450
Etsy, Inc.*		5,194		318,756
Expedia Group, Inc.		1,151		153,118
Five Below, Inc.*		6,278		753,486
Fox Factory Hldg. Corp.*		1,700		140,267
Grand Canyon Education, Inc.*		2,944		344,507
Haverty Furniture Cos., Inc.		20,185		343,751
Lithia Motors, Inc. Cl A		10,828		1,286,149
Malibu Boats, Inc. Cl A*		2,231		86,674
Marriott International, Inc. Cl A		2,882		404,315
Marriott Vacations Worldwide Corp.		8,025		773,610
NVR, Inc.*		107		360,617
Playa Hotels & Resorts NV*		27,568		212,549
Qurate Retail, Inc.*		4,533		56,164
Ralph Lauren Corp. Cl A		5,335		606,003
Red Rock Resorts, Inc. Cl A		20,098		431,705
Skyline Champion Corp.*		5,621		153,903
Steven Madden Ltd.		14,598		495,602
Taylor Morrison Home Corp. Cl A*		3,220		67,491
Thor Industries, Inc.		5,613		328,080
Tractor Supply Co.		6,451		701,869
Unifi, Inc.*		3,511		63,795

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


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Weight Watchers International, Inc.*		3,642	$	69,562
ZAGG, Inc.*		20,267		141,058

				11,638,949

CONSUMER STAPLES (1.4%)
Calavo Growers, Inc.		1,538		148,786
Church & Dwight Co., Inc.		9,665		706,125
Constellation Brands, Inc. Cl A		7,119		1,402,016
Crimson Wine Group Ltd.*		43,911		351,288
Freshpet, Inc.*		3,008		136,894
Ingredion, Inc.		1,271		104,845
JM Smucker Co.		3,154		363,309
Tyson Foods, Inc. Cl A		1,711		138,146
Vector Group Ltd.		52,197		508,921
WD-40 Co.		1,178		187,349

				4,047,679

ENERGY (1.8%)
Abraxas Petroleum Corp.*		45,160		46,515
Baker Hughes, a GE Co. Cl A		4,789		117,953
Callon Petroleum Co.*		30,326		199,848
Carrizo Oil & Gas, Inc.*		18,124		181,602
Cheniere Energy, Inc.*		4,058		277,770
Continental Resources, Inc.*		9,419		396,446
CrossAmerica Partners LP*		9,761		156,664
Devon Energy Corp.		14,326		408,578
Hess Corp.		2,097		133,306
Kosmos Energy Ltd.		100,836		632,242
Matrix Svcs. Co.*		6,335		128,347
MPLX LP		4,417		142,183
Noble Energy, Inc.		6,939		155,434
PBF Energy, Inc. Cl A		28,805		901,596
PDC Energy, Inc.*		5,994		216,144
ProPetro Hldg. Corp.*		13,879		287,295
Range Resources Corp.		13,317		92,953
Whiting Petroleum Corp.*		7,220		134,870
Williams Cos., Inc.		27,200		762,688

				5,372,434

FINANCIALS (7.6%)
Allegiance Bancshares, Inc.*		7,265		242,215
American Equity Investment Life Hldgs. Co.		13,229		359,300
American Financial Group, Inc.		3,362		344,504
Ameriprise Financial, Inc.		4,635		672,816
AMERISAFE, Inc.		3,238		206,487
Argo Group International Hldgs. Ltd.		3,676		272,208
Associated Banc-Corp.		13,046		275,792
BancFirst Corp.		8,935		497,322
Bank of Marin Bancorp		7,642		313,475
BankUnited, Inc.		6,280		211,887
Banner Corp.		7,757		420,042
Blackstone Mortgage Trust, Inc. Cl A		9,566		340,358
Brookline Bancorp, Inc.		29,777		457,970

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Brown & Brown, Inc.		10,450	$	350,075
Bryn Mawr Bank Corp.		8,486		316,698
Cadence BanCorporation Cl A		10,990		228,592
Cboe Global Markets, Inc.		3,128		324,155
CenterState Bank Corp.		2,686		61,859
Citizens Financial Group, Inc.		3,468		122,628
Columbia Banking System, Inc.		4,419		159,879
Dime Community Bancshares, Inc.		13,324		253,023
Discover Financial Svcs.		6,505		504,723
East West Bancorp, Inc.		6,593		308,355
Ellington Financial, Inc.*		26,121		469,394
Enterprise Financial Svcs. Corp.		9,533		396,573
Essent Group Ltd.*		5,300		249,047
Everest Re Group Ltd.		1,919		474,338
Fifth Third Bancorp		21,684		604,984
First Interstate BancSystem, Inc. Cl A		10,416		412,578
First Merchants Corp.		8,326		315,555
First Republic Bank		3,514		343,142
Flushing Financial Corp.		10,286		228,349
Great Southern Bancorp, Inc.		3,718		222,522
Hartford Financial Svcs. Group, Inc.		13,334		742,970
Heritage Commerce Corp.		10,546		129,188
Heritage Financial Corp.		10,920		322,577
IBERIABANK Corp.		4,703		356,723
Investors Bancorp, Inc.		13,611		151,763
iShares Micro-Cap ETF		3,662		341,262
iShares Russell 2000 Growth ETF		400		80,348
iShares Russell 2000 Value ETF		2,730		328,965
iShares Russell Mid-Cap ETF		2,302		128,613
iShares Russell Mid-Cap Value ETF		5,460		486,650
KeyCorp		45,197		802,247
Lincoln National Corp.		4,290		276,491
Marlin Business Svcs. Corp.		14,708		366,670
Moelis & Co. Cl A		8,285		289,561
Northfield Bancorp, Inc.		21,958		342,764
Peoples Bancorp, Inc.		4,592		148,138
Primerica, Inc.		2,288		274,446
Principal Financial Group, Inc.		4,617		267,417
Progressive Corp.		11,228		897,454
Raymond James Financial, Inc.		4,479		378,699
Reinsurance Group of America, Inc. Cl A		4,321		674,206
Selective Insurance Group, Inc.		8,310		622,336
Starwood Property Trust, Inc.		36,873		837,754
Sterling Bancorp		6,927		147,407
Stifel Financial Corp.		4,558		269,195
Stock Yards Bancorp, Inc.		17,501		632,661
SVB Financial Group*		844		189,554
Synchrony Financial		4,229		146,619
TriCo Bancshares		5,811		219,656
TriState Capital Hldgs., Inc.*		10,904		232,691
UMB Financial Corp.		3,246		213,652
United Financial Bancorp, Inc.		5,624		79,748
Voya Financial, Inc.		7,132		394,400

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


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Wintrust Financial Corp.		1,410	$	103,156
Zions Bancorporation		5,640		259,327

				23,096,153

HEALTH CARE (5.4%)
ABIOMED, Inc.*		728		189,637
Acadia Healthcare Co., Inc.*		5,738		200,543
ACADIA Pharmaceuticals, Inc.*		5,998		160,327
Acceleron Pharma, Inc.*		3,235		132,894
Agilent Technologies, Inc.		8,138		607,664
Alder Biopharmaceuticals, Inc.*		6,072		71,467
Align Technology, Inc.*		1,068		292,312
Alnylam Pharmaceuticals, Inc.*		1,220		88,523
Amicus Therapeutics, Inc.*		11,339		141,511
Array BioPharma, Inc.*		9,823		455,100
Avanos Medical, Inc.*		1,898		82,772
AxoGen, Inc.*		4,806		95,159
BioMarin Pharmaceutical, Inc.*		1,204		103,123
Blueprint Medicines Corp.*		2,408		227,147
Boston Scientific Corp.*		5,910		254,012
Cambrex Corp.*		3,444		161,214
CareDx, Inc.*		3,553		127,872
Centene Corp.*		9,018		472,904
Chemed Corp.		870		313,931
CRISPR Therapeutics AG*		2,159		101,689
Edwards Lifesciences Corp.*		2,573		475,336
Emergent BioSolutions, Inc.*		9,973		481,796
Encompass Health Corp.		2,670		169,171
Exact Sciences Corp.*		4,798		566,356
FibroGen, Inc.*		2,010		90,812
Global Blood Therapeutics, Inc.*		1,870		98,362
Globus Medical, Inc. Cl A*		4,174		176,560
HealthEquity, Inc.*		3,886		254,144
Hill-Rom Hldgs., Inc.		4,364		456,562
Horizon Therapeutics PLC*		11,066		266,248
Humana, Inc.		843		223,648
ICU Medical, Inc.*		699		176,085
Inogen, Inc.*		1,128		75,305
Insmed, Inc.*		4,575		117,120
Insulet Corp.*		1,660		198,171
Intersect ENT, Inc.*		4,472		101,783
iRhythm Technologies, Inc.*		2,303		182,121
Karyopharm Therapeutics, Inc.*		12,361		74,042
LHC Group, Inc.*		2,224		265,946
Madrigal Pharmaceuticals, Inc.*		802		84,058
Magellan Health, Inc.*		1,806		134,059
Masimo Corp.*		1,081		160,874
Medicines Co.*		4,878		177,901
Mettler-Toledo International, Inc.*		485		407,400
Neogen Corp.*		2,783		172,852
NeoGenomics, Inc.*		7,783		170,759
Neurocrine Biosciences, Inc.*		2,321		195,962
Omnicell, Inc.*		3,636		312,805
Pacific Biosciences of California, Inc.*		11,797		71,372
Penumbra, Inc.*		765		122,400

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Portola Pharmaceuticals, Inc.*		4,450	$	120,728
Quidel Corp.*		3,038		180,214
Repligen Corp.*		3,566		306,498
Sage Therapeutics, Inc.*		861		157,640
SeaSpine Hldgs. Corp.*		5,917		78,400
Sientra, Inc.*		34,314		211,374
STAAR Surgical Co.*		5,592		164,293
Supernus Pharmaceuticals, Inc.*		21,404		708,258
Tabula Rasa HealthCare, Inc.*		3,374		168,464
Tactile Systems Technology, Inc.*		3,719		211,685
Tandem Diabetes Care, Inc.*		1,281		82,650
Teladoc Health, Inc.*		2,181		144,840
Ultragenyx Pharmaceutical, Inc.*		2,022		128,397
US Physical Therapy, Inc.		1,768		216,704
Veeva Systems, Inc. Cl A*		2,885		467,687
Vericel Corp.*		20,440		386,112
Waters Corp.*		760		163,582
Wright Medical Group NV*		15,782		470,619
Xencor, Inc.*		5,012		205,141
Zimmer Biomet Hldgs., Inc.		3,636		428,103
Zoetis, Inc. Cl A		3,020		342,740
Zogenix, Inc.*		2,844		135,886

				16,219,826

INDUSTRIALS (6.4%)
AAR Corp.		5,580		205,288
Alaska Air Group, Inc.		9,074		579,919
Altra Industrial Motion Corp.		11,472		411,615
ASGN, Inc.*		2,279		138,107
BG Staffing, Inc.		4,411		83,280
Brink’s Co.		12,340		1,001,761
Builders FirstSource, Inc.*		6,671		112,473
Carlisle Cos., Inc.		4,066		570,907
CH Robinson Worldwide, Inc.		2,330		196,536
Copart, Inc.*		3,001		224,295
Daseke, Inc.*		30,873		111,143
Dover Corp.		3,676		368,335
Echo Global Logistics, Inc.*		10,341		215,817
EMCOR Group, Inc.		5,595		492,920
Encore Wire Corp.		8,505		498,223
EnerSys		1,964		134,534
Exponent, Inc.		4,888		286,144
Fortive Corp.		2,210		180,159
Generac Hldgs., Inc.*		4,168		289,301
Gorman-Rupp Co.		9,495		311,721
Harris Corp.		2,807		530,888
HD Supply Hldgs., Inc.*		5,005		201,601
Heidrick & Struggles International, Inc.		5,979		179,191
Hubbell, Inc. Cl B		1,940		252,976
IAA, Inc.*		13,466		522,211
ICF International, Inc.		1,084		78,915
John Bean Technologies Corp.		1,913		231,722
Kirby Corp.*		4,617		364,743
Knight-Swift Transportation Hldgs., Inc. Cl A		6,258		205,513

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


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Knoll, Inc.		8,416	$	193,400
Kratos Defense & Security Solutions, Inc.*		19,028		435,551
L-3 Technologies, Inc.		4,610		1,130,234
Lennox International, Inc.		2,094		575,850
Lincoln Electric Hldgs., Inc.		3,242		266,881
Miller Industries, Inc.		19,592		602,454
Mueller Industries, Inc.		43,182		1,263,937
Old Dominion Freight Line, Inc.		6,109		911,829
Oshkosh Corp.		2,889		241,203
Quad/Graphics, Inc.		19,278		152,489
Robert Half International, Inc.		2,781		158,545
Rockwell Automation, Inc.		2,874		470,847
Roper Technologies, Inc.		789		288,979
Simpson Manufacturing Co., Inc.		4,783		317,878
Spirit Airlines, Inc.*		11,026		526,271
Stanley Black & Decker, Inc.		2,715		392,616
Teledyne Technologies, Inc.*		2,325		636,748
Trex Co., Inc.*		6,233		446,906
United Rentals, Inc.*		2,330		309,028
Universal Forest Products, Inc.		7,200		274,032
US Ecology, Inc.		1,656		98,598
VSE Corp.		11,441		328,242
Willdan Group, Inc.*		5,715		212,884

				19,215,640

INFORMATION TECHNOLOGY (6.8%)
Akoustis Technologies, Inc.*		14,768		94,515
Altair Engineering, Inc. Cl A*		5,515		222,751
Amphenol Corp. Cl A		4,815		461,952
Analog Devices, Inc.		4,175		471,232
Anixter International, Inc.*		2,866		171,129
Cardtronics PLC Cl A*		7,292		199,217
Ciena Corp.*		1,920		78,970
Cohu, Inc.		13,148		202,874
Comtech Telecommunications Corp.		2,558		71,905
Conduent, Inc.*		10,665		102,277
Cornerstone OnDemand, Inc.*		2,924		169,387
Cray, Inc.*		12,977		451,859
Cypress Semiconductor Corp.		23,748		528,156
DXC Technology Co.		6,856		378,109
EPAM Systems, Inc.*		3,716		643,240
Euronet Worldwide, Inc.*		3,000		504,720
Everspin Technologies, Inc.*		19,366		126,266
F5 Networks, Inc.*		465		67,718
Fidelity National Information Svcs., Inc.		2,009		246,465
Five9, Inc.*		13,391		686,824
Global Payments, Inc.		3,877		620,824
Globant S.A.*		3,202		323,562
Guidewire Software, Inc.*		2,767		280,518
II-VI, Inc.*		9,304		340,154
Itron, Inc.*		2,329		145,726
KEMET Corp.		8,223		154,675
KLA-Tencor Corp.		1,976		233,563

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
LivePerson, Inc.*		6,972	$	195,495
LogMeIn, Inc.		7,616		561,147
Lumentum Hldgs., Inc.*		5,174		276,343
ManTech International Corp. Cl A		2,956		194,653
MaxLinear, Inc. Cl A*		6,069		142,257
Microchip Technology, Inc.		2,422		209,987
MKS Instruments, Inc.		7,287		567,584
Monolithic Power Systems, Inc.		1,465		198,918
Motorola Solutions, Inc.		1,385		230,921
New Relic, Inc.*		3,344		289,289
Palo Alto Networks, Inc.*		963		196,221
Perficient, Inc.*		12,674		434,972
Perspecta, Inc.		10,567		247,373
Plexus Corp.*		2,549		148,785
Pluralsight, Inc. Cl A*		2,330		70,646
Proofpoint, Inc.*		5,869		705,747
PTC, Inc.*		6,730		604,085
Pure Storage, Inc. Cl A*		20,981		320,380
Q2 Hldgs., Inc.*		4,059		309,945
Qorvo, Inc.*		1,733		115,435
Rapid7, Inc.*		11,910		688,874
RealPage, Inc.*		4,300		253,055
Richardson Electronics Ltd.*		41,267		231,095
SailPoint Technologies Hldg., Inc.*		5,265		105,511
Science Applications International Corp.		2,523		218,391
Sequans Communications S.A. ADR*		67,510		60,995
ServiceNow, Inc.*		2,205		605,427
Splunk, Inc.*		3,944		495,958
Square, Inc. Cl A*		2,945		213,601
SYNNEX Corp.		5,838		574,459
Synopsys, Inc.*		2,284		293,928
Total System Svcs., Inc.		1,135		145,586
ViaSat, Inc.*		5,927		479,020
Western Digital Corp.		1,850		87,967
Worldpay, Inc. Cl A*		6,483		794,492
Xilinx, Inc.		2,853		336,426
Xperi Corp.		14,369		295,858
Xura, Inc.*		11,415		285,375	††
Zendesk, Inc.*		5,139		457,525

				20,622,314

MATERIALS (2.2%)
Ashland Global Hldgs., Inc.		4,267		341,232
Berry Global Group, Inc.*		6,200		326,058
Boise Cascade Co.		6,649		186,903
Cleveland-Cliffs, Inc.		26,754		285,465
Crown Hldgs., Inc.*		14,469		884,056
Eastman Chemical Co.		676		52,613
Ferroglobe Representation & Warranty Insurance Trust*		6,080		0	††
FMC Corp.		1,665		138,112
Freeport-McMoRan, Inc.		13,078		151,837
Ingevity Corp.*		3,130		329,182
International Paper Co.		4,465		193,424

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


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Kaiser Aluminum Corp.		851	$	83,066
Mosaic Co.		1,976		49,460
Newmont Goldcorp Corp.		6,710		258,133
Nucor Corp.		2,592		142,819
Olin Corp.		35,326		773,993
Packaging Corp. of America		8,454		805,835
PolyOne Corp.		9,713		304,891
Steel Dynamics, Inc.		16,853		508,961
U.S. Concrete, Inc.*		6,034		299,829
Vulcan Materials Co.		3,436		471,797

				6,587,666

REAL ESTATE (4.4%)
Alexander’s, Inc.		722		267,357
American Campus Communities, Inc.		3,937		181,732
Americold Realty Trust		12,110		392,606
Apartment Investment & Management Co. Cl A		5,106		255,913
AvalonBay Communities, Inc.		1,382		280,795
Brandywine Realty Trust		63,357		907,272
Camden Property Trust		3,212		335,301
Chatham Lodging Trust		8,733		164,792
Chesapeake Lodging Trust		10,886		309,380
Cousins Properties, Inc.		9,229		333,813
Duke Realty Corp.		31,281		988,792
Easterly Government Properties, Inc.		35,937		650,819
Equity LifeStyle Properties, Inc.		1,103		133,838
Essex Property Trust, Inc.		818		238,799
GEO Group, Inc.		25,817		542,415
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,077		86,710
Highwoods Properties, Inc.		7,265		300,044
Host Hotels & Resorts, Inc.		27,197		495,529
Industrial Logistics Properties Trust		11,929		248,362
JBG SMITH Properties		6,403		251,894
Kilroy Realty Corp.		9,276		684,662
Macerich Co.		2,486		83,256
Medical Properties Trust, Inc.		21,317		371,768
Pebblebrook Hotel Trust		7,607		214,365
Pennsylvania REIT		12,018		78,117
Prologis, Inc.		1,664		133,286
QTS Realty Trust, Inc. Cl A		4,403		203,331
Redfin Corp.*		4,815		86,574
Regency Centers Corp.		1,153		76,951
RLJ Lodging Trust		9,554		169,488
Sabra Health Care REIT, Inc.		14,467		284,855
SBA Communications Corp. Cl A*		2,793		627,979
Spirit Realty Capital, Inc.		7,659		326,733
Summit Hotel Properties, Inc.		6,118		70,173
Sun Communities, Inc.		3,290		421,745
Terreno Realty Corp.		25,360		1,243,654
Urstadt Biddle Properties, Inc. Cl A		4,741		99,561
Vornado Realty Trust		2,097		134,418

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Welltower, Inc.		3,685	$	300,438
Weyerhaeuser Co.		4,102		108,047

				13,085,564

UTILITIES (3.0%)
AES Corp.		11,487		192,523
Ameren Corp.		4,915		369,166
Avista Corp.		7,725		344,535
Black Hills Corp.		4,235		331,050
Chesapeake Utilities Corp.		2,633		250,188
Consolidated Edison, Inc.		3,811		334,148
Edison International		7,076		476,993
Entergy Corp.		3,035		312,392
Evergy, Inc.		11,835		711,875
Eversource Energy		2,856		216,371
FirstEnergy Corp.		13,498		577,849


	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
IDACORP, Inc.		3,405	$	341,964
NiSource, Inc.		23,823		686,102
Northwest Natural Hldg. Co.		3,248		225,736
NorthWestern Corp.		4,621		333,405
PNM Resources, Inc.		7,177		365,381
Portland General Electric Co.		6,930		375,398
PPL Corp.		7,697		238,684
Public Svcs. Enterprise Group, Inc.		6,994		411,387
Sempra Energy		5,863		805,811
Spire, Inc.		2,762		231,787
Suburban Propane Partners LP		10,748		261,069
UGI Corp.		12,087		645,566

				9,039,380

TOTAL ACTIVE ASSETS-COMMON STOCKS
(Cost: $113,074,744) 44.3%				133,042,929


	Rating**		Rate(%)		Maturity		Face Amount		Value
ACTIVE ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (2.0%)
FHLB		A-1+		2.00		07/01/19	$	5,900,000	$	5,900,000

TOTAL ACTIVE ASSETS-SHORT-TERM DEBT SECURITIES (Cost: $5,900,000) 2.0%										5,900,000

TOTAL ACTIVE ASSETS (Cost: $118,974,744) 46.3%										138,942,929


			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.66		07/01/19	$	84,729	$	84,729

TOTAL TEMPORARY CASH INVESTMENT (Cost: $84,729) 0.0% (2)										84,729

TOTAL INVESTMENTS (Cost: $211,332,015) 99.4%										298,528,674

OTHER NET ASSETS 0.6%										1,800,475

NET ASSETS 100.0%									$	300,329,149

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (2.2%)
MSG Networks, Inc. Cl A*		137,181	$	2,845,134
ORBCOMM, Inc.*		433,800		3,145,050
TEGNA, Inc.		314,921		4,771,053

				10,761,237

CONSUMER DISCRETIONARY (5.7%)
Bloomin’ Brands, Inc.		165,317		3,126,145
Dave & Buster’s Entertainment, Inc.		32,903		1,331,584
Haverty Furniture Cos., Inc.		139,226		2,371,019
Lithia Motors, Inc. Cl A		73,253		8,700,991
Marriott Vacations Worldwide Corp.		57,262		5,520,057
Playa Hotels & Resorts NV*		405,991		3,130,191
Unifi, Inc.*		52,114		946,911
ZAGG, Inc.*		290,876		2,024,497

				27,151,395

CONSUMER STAPLES (1.7%)
Crimson Wine Group Ltd.*		592,228		4,737,824
Vector Group Ltd.		346,846		3,381,749

				8,119,573

ENERGY (5.7%)
Abraxas Petroleum Corp.*		662,808		682,692
Callon Petroleum Co.*		437,741		2,884,713
Carrizo Oil & Gas, Inc.*		261,599		2,621,222
CrossAmerica Partners LP*		135,653		2,177,231
Matrix Svcs. Co.*		90,316		1,829,802
PBF Energy, Inc. Cl A		236,748		7,410,212
PDC Energy, Inc.*		85,547		3,084,825
ProPetro Hldg. Corp.*		196,655		4,070,758
Range Resources Corp.		85,979		600,134
Whiting Petroleum Corp.*		104,220		1,946,830

				27,308,419

FINANCIALS (30.6%)
American Equity Investment Life Hldg. Co.		201,559		5,474,343
Argo Group International Hldgs. Ltd.		52,796		3,909,544
BancFirst Corp.		132,337		7,365,878
Bank of Marin Bancorp		113,353		4,649,740
Banner Corp.		106,796		5,783,003
Blackstone Mortgage Trust, Inc. Cl A		137,459		4,890,791
Brookline Bancorp, Inc.		449,763		6,917,355
Bryn Mawr Bank Corp.		126,151		4,707,955
Cadence Bancorporation Cl A		156,747		3,260,338
CenterState Bank Corp.		40,029		921,868
Columbia Banking System, Inc.		62,388		2,257,198
Dime Community Bancshares, Inc.		181,873		3,453,768
Ellington Financial, Inc.*		368,318		6,618,675
Enterprise Financial Svcs. Corp.		131,397		5,466,115
Essent Group Ltd.*		76,490		3,594,265
First Interstate BancSystem, Inc. Cl A		158,502		6,278,264
Flushing Financial Corp.		149,747		3,324,383


	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Great Southern Bancorp, Inc.		55,636	$	3,329,815
Heritage Commerce Corp.		166,196		2,035,901
IBERIABANK Corp.		67,552		5,123,819
Investors Bancorp, Inc.		194,481		2,168,463
iShares Russell 2000 ETF		78,500		9,459,250
Marlin Business Svcs. Corp.		218,547		5,448,377
Northfield Bancorp, Inc.		310,272		4,843,346
Peoples Bancorp, Inc.		66,346		2,140,322
Selective Insurance Group, Inc.		126,552		9,477,479
Sterling Bancorp		97,846		2,082,163
Stifel Financial Corp.		65,503		3,868,607
Stock Yards Bancorp, Inc.		252,620		9,132,213
TriCo Bancshares		86,333		3,263,387
UMB Financial Corp.		51,301		3,376,632
United Financial Bancorp, Inc.		81,057		1,149,388
Wintrust Financial Corp.		20,146		1,473,881

				147,246,526

HEALTH CARE (5.0%)
Acadia Healthcare Co., Inc.*		82,879		2,896,621
Avanos Medical, Inc.*		28,379		1,237,608
Emergent BioSolutions, Inc.*		39,479		1,907,230
Magellan Health, Inc.*		26,070		1,935,176
Pacific Biosciences of California, Inc.*		172,027		1,040,763
SeaSpine Hldgs. Corp.*		90,214		1,195,336
Sientra, Inc.*		203,266		1,252,119
Supernus Pharmaceuticals, Inc.*		179,711		5,946,637
Vericel Corp.*		169,168		3,195,584
Wright Medical Group NV*		118,217		3,525,231

				24,132,305

INDUSTRIALS (11.7%)
AAR Corp.		83,131		3,058,390
Builders FirstSource, Inc.*		93,267		1,572,482
Daseke, Inc.*		447,024		1,609,286
EMCOR Group, Inc.		23,339		2,056,166
Encore Wire Corp.		123,766		7,250,212
ICF International, Inc.		16,117		1,173,318
Kratos Defense & Security Solutions, Inc.*		126,520		2,896,043
Miller Industries, Inc.		285,727		8,786,105
Mueller Industries, Inc.		471,157		13,790,765
Quad/Graphics, Inc.		293,700		2,323,167
Spirit Airlines, Inc.*		64,276		3,067,893
Universal Forest Products, Inc.		101,020		3,844,821
VSE Corp.		163,797		4,699,336

				56,127,984

INFORMATION TECHNOLOGY (9.3%)
Anixter International, Inc.*		40,417		2,413,299
Cardtronics PLC Cl A*		61,302		1,674,771
Ciena Corp.*		27,590		1,134,777
Cohu, Inc.		50,116		773,290
Comtech Telecommunications Corp.		37,033		1,040,998
Cray, Inc.*		88,728		3,089,509
Everspin Technologies, Inc.*		122,444		798,335

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Five9, Inc.*		19,430	$	996,565
II-VI, Inc.*		46,804		1,711,154
KEMET Corp.		118,024		2,220,031
Lumentum Hldgs., Inc.*		33,638		1,796,606
ManTech International Corp. Cl A		42,511		2,799,349
MKS Instruments, Inc.		17,134		1,334,567
Perficient, Inc.*		74,411		2,553,786
Perspecta, Inc.		97,754		2,288,421
Plexus Corp.*		36,055		2,104,530
Richardson Electronics Ltd.*		604,858		3,387,205
Sequans Communications S.A. ADR*		923,354		834,250
SYNNEX Corp.		53,956		5,309,270
ViaSat, Inc.*		14,211		1,148,533
Xperi Corp.		111,109		2,287,734
Xura, Inc.*		128,245		3,206,125	††

				44,903,105

MATERIALS (4.4%)
Berry Global Group, Inc.*		49,634		2,610,252
Boise Cascade Co.		96,056		2,700,134
Cleveland-Cliffs, Inc.		384,225		4,099,681
Kaiser Aluminum Corp.		12,208		1,191,623
Olin Corp.		185,318		4,060,318
PolyOne Corp.		140,203		4,400,972
U.S. Concrete, Inc.*		41,570		2,065,613

				21,128,593

REAL ESTATE (12.4%)
Alexander’s, Inc.		6,071		2,248,091
Chatham Lodging Trust		125,416		2,366,600
Chesapeake Lodging Trust		161,093		4,578,263
Cousins Properties, Inc.		132,490		4,792,163
Easterly Government Properties, Inc.		261,675		4,738,934


	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
GEO Group, Inc.		262,678	$	5,518,865
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		47,002		1,324,517
Highwoods Properties, Inc.		104,819		4,329,025
Industrial Logistics Properties Trust		181,832		3,785,742
JBG SMITH Properties		91,400		3,595,676
Medical Properties Trust, Inc.		304,871		5,316,950
Pennsylvania REIT		181,846		1,181,999
RLJ Lodging Trust		137,193		2,433,804
Sabra Health Care REIT, Inc.		207,757		4,090,735
Spirit Realty Capital, Inc.		43,681		1,863,432
Summit Hotel Properties, Inc.		91,507		1,049,585
Terreno Realty Corp.		105,255		5,161,705
Urstadt Biddle Properties, Inc. Cl A		68,042		1,428,882

				59,804,968

UTILITIES (7.6%)
Avista Corp.		110,882		4,945,337
Black Hills Corp.		60,816		4,753,987
IDACORP, Inc.		48,562		4,877,082
Northwest Natural Hldg. Co.		46,247		3,214,167
NorthWestern Corp.		66,264		4,780,947
PNM Resources, Inc.		101,520		5,168,383
Portland General Electric Co.		98,883		5,356,492
Spire, Inc.		39,771		3,337,582

				36,433,977

TOTAL COMMON STOCKS
(Cost: $418,400,933) 96.3%				463,118,082


	Rating**	Rate(%)	Maturity	Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (3.0%)
U.S. Treasury Bill	A-1+	2.28	07/05/19	$	2,000,000	$	1,999,493
U.S. Treasury Bill	A-1+	2.33	07/23/19		10,000,000		9,985,822
U.S. Treasury Bill	A-1+	2.37	08/08/19		2,500,000		2,493,792

							14,479,107

COMMERCIAL PAPER (1.9%)
Cargill Global Funding PLC†	A-1	2.32	07/01/19		8,900,000		8,900,000

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $23,379,107) 4.9%							23,379,107


		Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit		1.66	07/01/19	$	73,305	$	73,305

TOTAL TEMPORARY CASH INVESTMENT (Cost: $73,305) 0.0% (2)							73,305

TOTAL INVESTMENTS (Cost: $441,853,345) 101.2%							486,570,494

OTHER NET ASSETS -1.2%							(5,692,549	)

NET ASSETS 100.0%						$	480,877,945

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (4.3%)
Cogent Communications Hldgs., Inc.		43,236	$	2,566,489
Lions Gate Entertainment Corp. Cl B		247,063		2,868,401
Nexstar Media Group, Inc. Cl A		46,623		4,708,923
ORBCOMM, Inc.*		485,736		3,521,586
Shenandoah Telecommunications Co.		134,119		5,166,264
World Wrestling Entertainment, Inc. Cl A		35,237		2,544,464
Zynga, Inc. Cl A*		456,190		2,796,445

				24,172,572

CONSUMER DISCRETIONARY (12.3%)
American Axle & Manufacturing Hldgs., Inc.*		322,995		4,121,416
Bloomin’ Brands, Inc.		484,138		9,155,050
Dave & Buster’s Entertainment, Inc.		96,187		3,892,688
Etsy, Inc.*		87,653		5,379,265
Five Below, Inc.*		61,049		7,327,101
Fox Factory Hldg. Corp.*		28,475		2,349,472
Grand Canyon Education, Inc.*		23,323		2,729,257
Haverty Furniture Cos., Inc.		177,705		3,026,316
Lithia Motors, Inc. Cl A		42,555		5,054,683
Malibu Boats, Inc. Cl A*		37,507		1,457,147
Marriott Vacations Worldwide Corp.		29,473		2,841,197
Red Rock Resorts, Inc. Cl A		341,100		7,326,828
Skyline Champion Corp.*		94,588		2,589,819
Steven Madden Ltd.		247,887		8,415,764
Thor Industries, Inc.		41,842		2,445,665
Weight Watchers International, Inc.*		61,566		1,175,910

				69,287,578

CONSUMER STAPLES (1.9%)
Calavo Growers, Inc.		25,946		2,510,016
Freshpet, Inc.*		50,792		2,311,544
Vector Group Ltd.		244,828		2,387,073
WD-40 Co.		20,167		3,207,360

				10,415,993

ENERGY (0.9%)
Kosmos Energy Ltd.		769,785		4,826,552


FINANCIALS (7.1%)
Allegiance Bancshares, Inc.*		92,079		3,069,914
AMERISAFE, Inc.		55,399		3,532,794
First Merchants Corp.		141,359		5,357,506
Heritage Financial Corp.		185,286		5,473,349
iShares Micro-Cap ETF		61,653		5,745,443
Moelis & Co. Cl A		140,163		4,898,697
Primerica, Inc.		38,818		4,656,219
Starwood Property Trust, Inc.		147,018		3,340,249
TriState Capital Hldgs., Inc.*		184,485		3,936,910

				40,011,081


	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (25.5%)
ACADIA Pharmaceuticals, Inc.*		101,203	$	2,705,156
Acceleron Pharma, Inc.*		55,132		2,264,823
Alder Biopharmaceuticals, Inc.*		102,626		1,207,908
Amicus Therapeutics, Inc.*		195,666		2,441,912
Array BioPharma, Inc.*		166,803		7,727,983
AxoGen, Inc.*		81,227		1,608,295
Blueprint Medicines Corp.*		40,915		3,859,512
Cambrex Corp.*		58,201		2,724,389
CareDx, Inc.*		60,693		2,184,341
CRISPR Therapeutics AG*		36,226		1,706,245
Emergent BioSolutions, Inc.*		122,841		5,934,449
Exact Sciences Corp.*		23,899		2,821,038
FibroGen, Inc.*		34,412		1,554,734
Global Blood Therapeutics, Inc.*		31,725		1,668,735
Globus Medical, Inc. Cl A*		70,573		2,985,238
HealthEquity, Inc.*		65,415		4,278,141
Horizon Therapeutics PLC*		186,567		4,488,802
ICU Medical, Inc.*		11,833		2,980,851
Inogen, Inc.*		19,048		1,271,645
Insmed, Inc.*		77,625		1,987,200
Insulet Corp.*		28,050		3,348,609
Intersect ENT, Inc.*		77,682		1,768,042
iRhythm Technologies, Inc.*		39,799		3,147,305
Karyopharm Therapeutics, Inc.*		209,029		1,252,084
LHC Group, Inc.*		37,744		4,513,427
Madrigal Pharmaceuticals, Inc.*		13,618		1,427,303
Masimo Corp.*		18,387		2,736,353
Medicines Co.*		82,856		3,021,758
Neogen Corp.*		47,702		2,962,771
NeoGenomics, Inc.*		130,991		2,873,943
Neurocrine Biosciences, Inc.*		22,940		1,936,824
Omnicell, Inc.*		61,387		5,281,124
Portola Pharmaceuticals, Inc.*		75,861		2,058,109
Quidel Corp.*		51,417		3,050,056
Repligen Corp.*		59,616		5,123,995
Sage Therapeutics, Inc.*		14,717		2,694,535
Sientra, Inc.*		342,987		2,112,800
STAAR Surgical Co.*		94,919		2,788,720
Supernus Pharmaceuticals, Inc.*		154,113		5,099,599
Tabula Rasa HealthCare, Inc.*		57,260		2,858,992
Tactile Systems Technology, Inc.*		62,923		3,581,577
Tandem Diabetes Care, Inc.*		21,725		1,401,697
Teladoc Health, Inc.*		36,972		2,455,310
Ultragenyx Pharmaceutical, Inc.*		34,449		2,187,511
US Physical Therapy, Inc.		29,803		3,652,954
Vericel Corp.*		145,877		2,755,616
Wright Medical Group NV*		129,913		3,874,006
Xencor, Inc.*		88,728		3,631,637
Zogenix, Inc.*		46,720		2,232,282

				144,230,336

INDUSTRIALS (17.3%)
Altra Industrial Motion Corp.		194,527		6,979,629
ASGN, Inc.*		37,953		2,299,952
BG Staffing, Inc.		74,729		1,410,884
Brink’s Co.		110,587		8,977,453
Echo Global Logistics, Inc.*		174,282		3,637,265

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
EMCOR Group, Inc.		66,962	$	5,899,352
EnerSys		33,118		2,268,583
Exponent, Inc.		81,772		4,786,933
Generac Hldgs., Inc.*		69,501		4,824,064
Gorman-Rupp Co.		160,495		5,269,051
Heidrick & Struggles International, Inc.		100,871		3,023,104
IAA, Inc.*		95,383		3,698,953
John Bean Technologies Corp.		32,515		3,938,542
Knight-Swift Transportation Hldgs., Inc. Cl A		105,531		3,465,638
Knoll, Inc.		142,797		3,281,475
Kratos Defense & Security Solutions, Inc.*		176,000		4,028,640
Simpson Manufacturing Co., Inc.		80,955		5,380,269
Spirit Airlines, Inc.*		113,822		5,432,724
Teledyne Technologies, Inc.*		23,408		6,410,749
Trex Co., Inc.*		105,219		7,544,202
US Ecology, Inc.		27,845		1,657,891
Willdan Group, Inc.*		96,409		3,591,235

				97,806,588

INFORMATION TECHNOLOGY (20.4%)
Akoustis Technologies, Inc.*		249,021		1,593,734
Altair Engineering, Inc. Cl A*		93,068		3,759,017
Cardtronics PLC Cl A*		51,670		1,411,624
Cohu, Inc.		161,672		2,494,599
Cornerstone OnDemand, Inc.*		49,851		2,887,868
Cray, Inc.*		117,092		4,077,143
Cypress Semiconductor Corp.		187,305		4,165,663
EPAM Systems, Inc.*		34,775		6,019,552
Everspin Technologies, Inc.*		185,845		1,211,709
Five9, Inc.*		203,384		10,431,565
Globant S.A.*		54,664		5,523,797
II-VI, Inc.*		102,685		3,754,164
Itron, Inc.*		39,410		2,465,884
LivePerson, Inc.*		116,903		3,277,960
LogMeIn, Inc.		30,607		2,255,124
Lumentum Hldgs., Inc.*		48,650		2,598,397
MaxLinear, Inc. Cl A*		102,859		2,411,015
MKS Instruments, Inc.		33,826		2,634,707


	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
New Relic, Inc.*		55,816	$	4,828,642
Perficient, Inc.*		129,759		4,453,329
Pluralsight, Inc. Cl A*		39,293		1,191,364
Proofpoint, Inc.*		41,492		4,989,413
Pure Storage, Inc. Cl A*		147,806		2,256,998
Q2 Hldgs., Inc.*		69,357		5,296,101
Rapid7, Inc.*		200,943		11,622,543
SailPoint Technologies Hldg., Inc.*		89,395		1,791,476
Science Applications International Corp.		42,647		3,691,524
SYNNEX Corp.		33,856		3,331,430
ViaSat, Inc.*		28,495		2,302,966
Xperi Corp.		115,366		2,375,386
Zendesk, Inc.*		41,453		3,690,561

				114,795,255

MATERIALS (1.9%)
Berry Global Group, Inc.*		45,817		2,409,518
Ferroglobe Representation & Warranty Insurance Trust*		72,345		0	††
Ingevity Corp.*		52,800		5,552,978
U.S. Concrete, Inc.*		54,518		2,709,003

				10,671,499

REAL ESTATE (4.1%)
Americold Realty Trust		85,485		2,771,424
Easterly Government Properties, Inc.		293,748		5,319,776
Pebblebrook Hotel Trust		130,652		3,681,773
QTS Realty Trust, Inc. Cl A		74,306		3,431,451
Redfin Corp.*		81,320		1,462,134
Terreno Realty Corp.		136,120		6,675,325

				23,341,883

UTILITIES (1.5%)
Chesapeake Utilities Corp.		45,009		4,276,756
Suburban Propane Partners LP		182,387		4,430,180

				8,706,936

TOTAL COMMON STOCKS
(Cost: $478,262,797) 97.2%				548,266,273


	Rating**	Rate(%)	Maturity	Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.3%)
U.S. Treasury Bill	A-1+	2.28	07/05/19	$	2,000,000	$	1,999,493

U.S. GOVERNMENT AGENCIES (1.3%)
FHLB	A-1+	2.25	07/02/19		7,200,000		7,199,550

COMMERCIAL PAPER (2.1%)
Cargill Global Funding PLC†	A-1	2.32	07/01/19		11,600,000		11,600,000

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $20,799,043) 3.7%							20,799,043

TOTAL INVESTMENTS (Cost: $499,061,840) 100.9%							569,065,316

OTHER NET ASSETS -0.9%							(5,143,311	)

NET ASSETS 100.0%						$	563,922,005

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.9%)
ATN International, Inc.		389	$	22,457
Care.com, Inc.*		954		10,475
Cincinnati Bell, Inc.*		1,826		9,039
Cogent Communications Hldgs., Inc.		1,496		88,803
Consolidated Communications Hldgs., Inc.		2,609		12,862
EW Scripps Co. Cl A		2,027		30,993
Frontier Communications Corp.*		3,750		6,562
Gannett Co., Inc.		4,119		33,611
Iridium Communications, Inc.*		3,447		80,177
Marcus Corp.		782		25,775
New Media Investment Group, Inc.		1,954		18,446
QuinStreet, Inc.*		1,405		22,269
Scholastic Corp.		998		33,173
Spok Hldgs., Inc.		642		9,656
TechTarget, Inc.*		781		16,596
Vonage Hldgs. Corp.*		8,017		90,833

				511,727

CONSUMER DISCRETIONARY (13.6%)
Abercrombie & Fitch Co. Cl A		2,389		38,320
American Axle & Manufacturing Hldgs., Inc.*		4,035		51,487
American Public Education, Inc.*		595		17,600
Asbury Automotive Group, Inc.*		698		58,869
Ascena Retail Group, Inc.*		6,280		3,831
Barnes & Noble Education, Inc.*		1,250		4,200
Barnes & Noble, Inc.		2,047		13,694
Big Lots, Inc.		1,432		40,970
BJ’s Restaurants, Inc.		741		32,560
Bloomin’ Brands, Inc.		3,298		62,365
Boot Barn Hldgs., Inc.*		1,021		36,388
Buckle, Inc.		1,026		17,760
Caleres, Inc.		1,519		30,258
Callaway Golf Co.		3,180		54,569
Career Education Corp.*		2,513		47,923
Cato Corp. Cl A		827		10,189
Cavco Industries, Inc.*		305		48,050
Century Communities, Inc.*		987		26,235
Chico’s FAS, Inc.		4,265		14,373
Children’s Place, Inc.		567		54,080
Chuy’s Hldgs., Inc.*		600		13,752
Conn’s, Inc.*		885		15,771
Cooper Tire & Rubber Co.		1,792		56,538
Cooper-Standard Hldgs., Inc.*		582		26,667
Core-Mark Hldg. Co, Inc.		1,645		65,339
Crocs, Inc.*		2,343		46,274
Dave & Buster’s Entertainment, Inc.		1,308		52,935
Designer Brands, Inc. Cl A		2,060		39,490
Dine Brands Global, Inc.		624		59,573
Dorman Products, Inc.*		1,040		90,626
El Pollo Loco Hldgs., Inc.*		782		8,336
Ethan Allen Interiors, Inc.		886		18,659
Express, Inc.*		2,420		6,607
Fiesta Restaurant Group, Inc.*		848		11,143
Fossil Group, Inc.*		1,633		18,779

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Fox Factory Hldg. Corp.*		1,366	$	112,709
GameStop Corp. Cl A		3,674		20,097
Garrett Motion, Inc.*		2,660		40,831
Genesco, Inc.*		622		26,304
Gentherm, Inc.*		1,201		50,238
G-III Apparel Group Ltd.*		1,489		43,806
Group 1 Automotive, Inc.		629		51,509
Guess?, Inc.		1,809		29,215
Haverty Furniture Cos., Inc.		676		11,512
Hibbett Sports, Inc.*		659		11,994
Installed Building Products, Inc.*		754		44,652
iRobot Corp.*		1,008		92,373
JC Penney Co., Inc.*		11,405		13,002
Kirkland’s, Inc.*		507		1,146
Kontoor Brands, Inc.*		1,672		46,849
La-Z-Boy, Inc.		1,677		51,417
LCI Industries		894		80,460
LGI Homes, Inc.*		675		48,215
Liquidity Svcs., Inc.*		963		5,865
Lithia Motors, Inc. Cl A		800		95,024
Lumber Liquidators Hldgs., Inc.*		1,027		11,862
M/I Homes, Inc.*		984		28,083
MarineMax, Inc.*		817		13,431
MDC Hldgs., Inc.		1,762		57,758
Meritage Homes Corp.*		1,288		66,126
Monarch Casino & Resort, Inc.*		425		18,164
Monro, Inc.		1,192		101,678
Motorcar Parts of America, Inc.*		677		14,495
Movado Group, Inc.		589		15,903
Nautilus, Inc.*		1,078		2,382
Office Depot, Inc.		19,678		40,537
Oxford Industries, Inc.		609		46,162
PetMed Express, Inc.		724		11,345
Red Robin Gourmet Burgers, Inc.*		463		14,154
Regis Corp.*		1,050		17,430
Rent-A-Center, Inc.*		1,603		42,688
RH*		573		66,239
Ruth’s Hospitality Group, Inc.		1,014		23,028
Shake Shack, Inc. Cl A*		936		67,579
Shoe Carnival, Inc.		350		9,660
Shutterfly, Inc.*		1,229		62,126
Shutterstock, Inc.		667		26,140
Sleep Number Corp.*		1,082		43,702
Sonic Automotive, Inc. Cl A		861		20,104
Stamps.com, Inc.*		583		26,392
Standard Motor Products, Inc.		719		32,599
Steven Madden Ltd.		2,790		94,720
Strategic Education, Inc.		790		140,620
Sturm Ruger & Co., Inc.		622		33,887
Superior Industries International, Inc.		844		2,920
Tailored Brands, Inc.		1,810		10,444
Tile Shop Hldgs., Inc.		1,383		5,532
TopBuild Corp.*		1,231		101,878
Unifi, Inc.*		524		9,521
Universal Electronics, Inc.*		496		20,346

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Vera Bradley, Inc.*		750	$	9,000
Vista Outdoor, Inc.*		2,073		18,408
Vitamin Shoppe, Inc.*		558		2,199
William Lyon Homes Cl A*		1,182		21,548
Wingstop, Inc.		1,053		99,772
Winnebago Industries, Inc.		1,037		40,080
Wolverine World Wide, Inc.		3,172		87,357
Zumiez, Inc.*		685		17,878

				3,667,305

CONSUMER STAPLES (3.4%)
Andersons, Inc.		941		25,633
Avon Products, Inc.*		15,822		61,389
B&G Foods, Inc.		2,348		48,838
Calavo Growers, Inc.		559		54,078
Cal-Maine Foods, Inc.		1,083		45,183
Central Garden & Pet Co.*		370		9,971
Central Garden & Pet Co. Cl A*		1,481		36,492
Chefs’ Warehouse, Inc.*		826		28,968
Coca-Cola Bottling Co. Consolidated		165		49,376
Darling Ingredients, Inc.*		5,904		117,430
Dean Foods Co.		3,362		3,106
Inter Parfums, Inc.		620		41,224
J&J Snack Foods Corp.		539		86,752
John B Sanfilippo & Son, Inc.		314		25,023
Medifast, Inc.		421		54,014
MGP Ingredients, Inc.		458		30,370
Seneca Foods Corp. Cl A*		237		6,596
SpartanNash Co.		1,304		15,218
United Natural Foods, Inc.*		1,525		13,679
Universal Corp.		894		54,328
Usana Health Sciences, Inc.*		473		37,570
WD-40 Co.		495		78,725

				923,963

ENERGY (3.7%)
Archrock, Inc.		4,707		49,894
Bonanza Creek Energy, Inc.*		675		14,094
C&J Energy Svcs., Inc.*		2,223		26,187
Carrizo Oil & Gas, Inc.*		3,117		31,232
CONSOL Energy, Inc.*		993		26,424
Denbury Resources, Inc.*		16,855		20,900
Diamond Offshore Drilling, Inc.*		2,353		20,871
DMC Global, Inc.		513		32,499
Dril-Quip, Inc.*		1,304		62,592
Era Group, Inc.*		730		6,088
Exterran Corp.*		1,147		16,310
Geospace Technologies Corp.*		490		7,404
Green Plains, Inc.		1,411		15,211
Gulf Island Fabrication, Inc.*		496		3,522
Gulfport Energy Corp.*		5,253		25,792
Helix Energy Solutions Group, Inc.*		5,039		43,487
HighPoint Resources Corp.*		4,082		7,429
KLX Energy Svcs. Hldgs., Inc.*		839		17,141
Laredo Petroleum, Inc.*		5,643		16,365
Matrix Service Co.*		963		19,510

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Nabors Industries Ltd.		12,214	$	35,421
Newpark Resources, Inc.*		3,261		24,197
Noble Corp. PLC*		9,153		17,116
Oil States International, Inc.*		2,179		39,876
Par Pacific Hldgs., Inc.*		1,082		22,203
PDC Energy, Inc.*		2,389		86,147
Penn Virginia Corp.*		488		14,972
ProPetro Hldg. Corp.*		2,675		55,372
Renewable Energy Group, Inc.*		1,345		21,332
REX American Resources Corp.*		202		14,726
Ring Energy, Inc.*		2,131		6,926
SEACOR Hldgs., Inc.*		627		29,789
SRC Energy, Inc.*		8,793		43,613
Superior Energy Svcs., Inc.*		5,724		7,441
TETRA Technologies, Inc.*		4,585		7,473
Unit Corp.*		2,026		18,011
US Silica Hldgs., Inc.		2,666		34,098
Whiting Petroleum Corp.*		3,319		61,999

				1,003,664

FINANCIALS (18.9%)
Ambac Financial Group, Inc.*		1,640		27,634
American Equity Investment Life Hldg. Co.		3,267		88,732
Ameris Bancorp		2,065		80,927
AMERISAFE, Inc.		690		44,001
Apollo Commercial Real Estate Finance, Inc.		4,928		90,626
ARMOUR Residential REIT, Inc.		1,878		35,006
Axos Financial, Inc.*		1,933		52,674
Banc of California, Inc.		1,544		21,570
Banner Corp.		1,124		60,865
Berkshire Hills Bancorp, Inc.		1,634		51,291
Blucora, Inc.*		1,738		52,783
Boston Private Financial Hldg., Inc.		3,005		36,270
Brookline Bancorp, Inc.		2,859		43,971
Capstead Mortgage Corp.		3,068		25,618
Central Pacific Financial Corp.		1,026		30,739
City Hldg. Co.		591		45,070
Columbia Banking System, Inc.		2,642		95,588
Community Bank System, Inc.		1,847		121,607
Customers Bancorp, Inc.*		1,032		21,672
CVB Financial Corp.		3,673		77,243
Dime Community Bancshares, Inc.		1,098		20,851
Donnelley Financial Solutions, Inc.*		1,242		16,568
Eagle Bancorp, Inc.		1,142		61,816
eHealth, Inc.*		679		58,462
Employers Hldgs., Inc.		1,147		48,484
Encore Capital Group, Inc.*		926		31,364
Enova International, Inc.*		1,209		27,867
EZCORP, Inc. Cl A*		1,885		17,851
First BanCorp.		7,756		85,626
First Commonwealth Financial Corp.		3,532		47,576
First Financial Bancorp		3,538		85,690
First Midwest Bancorp, Inc.		4,000		81,880
FirstCash, Inc.		1,544		154,431

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Flagstar Bancorp, Inc.		1,035	$	34,300
Franklin Financial Network, Inc.		444		12,370
Glacier Bancorp, Inc.		3,026		122,704
Granite Point Mortgage Trust, Inc.		1,927		36,979
Great Western Bancorp, Inc.		2,042		72,940
Greenhill & Co., Inc.		648		8,806
Hanmi Financial Corp.		1,111		24,742
HCI Group, Inc.		240		9,713
Heritage Financial Corp.		1,193		35,241
HomeStreet, Inc.*		969		28,721
Hope Bancorp, Inc.		4,323		59,571
Horace Mann Educators Corp.		1,480		59,629
Independent Bank Corp.		1,230		93,665
INTL. FCStone, Inc.*		575		22,764
Invesco Mortgage Capital, Inc.		4,608		74,281
iShares Core S&P Small-Cap ETF		4,462		349,285
James River Group Hldgs. Ltd.		1,081		50,699
LegacyTexas Financial Group, Inc.		1,628		66,276
Meta Financial Group, Inc.		997		27,966
National Bank Hldgs. Corp. Cl A		933		33,868
NBT Bancorp, Inc.		1,569		58,853
New York Mortgage Trust, Inc.		7,463		46,271
NMI Hldgs., Inc. Cl A*		2,429		68,959
Northfield Bancorp, Inc.		1,694		26,443
Northwest Bancshares, Inc.		3,802		66,953
OFG Bancorp		1,551		36,867
Old National Bancorp.		5,373		89,138
Opus Bank		776		16,381
Oritani Financial Corp.		1,375		24,393
Pacific Premier Bancorp, Inc.		1,621		50,056
PennyMac Mortgage Investment Trust		2,736		59,727
Piper Jaffray Cos.		512		38,026
PRA Group, Inc.*		1,630		45,868
Preferred Bank		502		23,720
ProAssurance Corp.		1,927		69,584
Provident Financial Svcs., Inc.		2,199		53,326
Redwood Trust, Inc.		3,468		57,326
RLI Corp.		1,405		120,423
S&T Bancorp, Inc.		1,231		46,138
Safety Insurance Group, Inc.		521		49,563
Seacoast Banking Corp. of Florida*		1,846		46,962
Selective Insurance Group, Inc.		2,125		159,141
ServisFirst Bancshares, Inc.		1,645		56,358
Simmons First National Corp. Cl A		3,446		80,154
Southside Bancshares, Inc.		1,139		36,881
Stewart Information Svcs. Corp.		849		34,376
Third Point Reinsurance Ltd.*		2,677		27,627
Tompkins Financial Corp.		444		36,230
Triumph Bancorp, Inc.*		886		25,738
TrustCo Bank Corp.		3,476		27,530
United Community Banks, Inc.		2,838		81,053
United Fire Group, Inc.		769		37,266
United Insurance Hldgs. Corp.		774		11,037
Universal Insurance Hldgs., Inc.		1,141		31,834
Veritex Hldgs., Inc.		1,642		42,610

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Virtus Investment Partners, Inc.		252	$	27,065
Waddell & Reed Financial, Inc. Cl A		2,691		44,859
Walker & Dunlop, Inc.		1,018		54,168
Westamerica Bancorporation		965		59,454
WisdomTree Investments, Inc.		4,216		26,013
World Acceptance Corp.*		227		37,253

				5,098,497

HEALTH CARE (11.8%)
Acorda Therapeutics, Inc.*		1,439		11,037
Addus Homecare Corp.*		360		26,982
Akorn, Inc.*		3,369		17,350
AMAG Pharmaceuticals, Inc.*		1,219		12,178
AMN Healthcare Svcs., Inc.*		1,670		90,598
Amphastar Pharmaceuticals, Inc.*		1,260		26,599
AngioDynamics, Inc.*		1,335		26,286
ANI Pharmaceuticals, Inc.*		300		24,660
Anika Therapeutics, Inc.*		508		20,635
Arrowhead Pharmaceuticals, Inc.*		3,413		90,444
Assertio Therapeutics, Inc.*		2,311		7,973
BioTelemetry, Inc.*		1,211		58,310
Cambrex Corp.*		1,211		56,687
Cardiovascular Systems, Inc.*		1,250		53,663
Community Health Systems, Inc.*		4,222		11,273
Computer Programs & Systems, Inc.		438		12,172
CONMED Corp.		928		79,409
Corcept Therapeutics, Inc.*		3,757		41,891
CorVel Corp.*		323		28,104
Cross Country Healthcare, Inc.*		1,318		12,363
CryoLife, Inc.*		1,230		36,814
Cutera, Inc.*		503		10,452
Cytokinetics, Inc.*		2,077		23,366
Diplomat Pharmacy, Inc.*		2,041		12,430
Eagle Pharmaceuticals, Inc.*		371		20,657
Emergent BioSolutions, Inc.*		1,626		78,552
Enanta Pharmaceuticals, Inc.*		572		48,265
Endo International PLC*		7,267		29,940
Ensign Group, Inc.		1,787		101,716
HealthStream, Inc.*		916		23,688
Heska Corp.*		251		21,378
HMS Hldgs. Corp.*		3,119		101,024
Innoviva, Inc.*		2,437		35,483
Integer Hldgs. Corp.*		1,075		90,214
Invacare Corp.		1,204		6,249
Lannett Co, Inc.*		1,228		7,442
Lantheus Hldgs., Inc.*		1,398		39,563
LeMaitre Vascular, Inc.		573		16,033
LHC Group, Inc.*		1,050		125,559
Luminex Corp.		1,497		30,898
Magellan Health, Inc.*		861		63,912
Medicines Co.*		2,484		90,591
Medpace Hldgs., Inc.*		938		61,364
Meridian Bioscience, Inc.		1,527		18,141
Merit Medical Systems, Inc.*		1,973		117,512
Mesa Laboratories, Inc.		127		31,031
Momenta Pharmaceuticals, Inc.*		3,522		43,849

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Myriad Genetics, Inc.*		2,626	$	72,950
Natus Medical, Inc.*		1,216		31,239
Neogen Corp.*		1,872		116,270
NeoGenomics, Inc.*		3,682		80,783
NextGen Healthcare, Inc.*		1,715		34,129
Omnicell, Inc.*		1,473		126,722
OraSure Technologies, Inc.*		2,237		20,759
Orthofix Medical, Inc.*		682		36,064
Owens & Minor, Inc.		2,262		7,238
Phibro Animal Health Corp. Cl A		728		23,129
Progenics Pharmaceuticals, Inc.*		3,031		18,701
Providence Svc. Corp.*		397		22,764
REGENXBIO, Inc.*		1,112		57,123
Repligen Corp.*		1,507		129,527
Select Medical Hldgs. Corp.*		3,897		61,845
Spectrum Pharmaceuticals, Inc.*		3,809		32,795
Supernus Pharmaceuticals, Inc.*		1,879		62,176
Surmodics, Inc.*		478		20,635
Tabula Rasa HealthCare, Inc.*		651		32,504
Tactile Systems Technology, Inc.*		615		35,006
Tivity Health, Inc.*		1,715		28,195
US Physical Therapy, Inc.		459		56,260
Vanda Pharmaceuticals, Inc.*		1,898		26,743
Varex Imaging Corp.*		1,371		42,021

				3,170,315

INDUSTRIALS (18.8%)
AAON, Inc.		1,453		72,912
AAR Corp.		1,167		42,934
ABM Industries, Inc.		2,376		95,040
Actuant Corp. Cl A		2,202		54,632
Aegion Corp. Cl A*.		1,122		20,645
Aerojet Rocketdyne Hldgs., Inc.*		2,589		115,910
Aerovironment, Inc.*		762		43,259
Alamo Group, Inc.		344		34,376
Albany International Corp. Cl A		1,091		90,455
Allegiant Travel Co.		461		66,154
American Woodmark Corp.*		537		45,441
Apogee Enterprises, Inc.		961		41,746
Applied Industrial Technologies, Inc.		1,382		85,034
ArcBest Corp.		914		25,693
Arcosa, Inc.		1,732		65,175
Astec Industries, Inc.		807		26,276
Atlas Air Worldwide Hldgs., Inc.*		927		41,381
AZZ, Inc.		937		43,121
Barnes Group, Inc.		1,692		95,327
Brady Corp. Cl A		1,763		86,951
Briggs & Stratton Corp.		1,508		15,442
Chart Industries, Inc.*		1,278		98,253
CIRCOR International, Inc.*		710		32,660
Comfort Systems USA, Inc.		1,326		67,613
Cubic Corp.		1,026		66,156
DXP Enterprises, Inc.*		572		21,673
Echo Global Logistics, Inc.*		998		20,828
Encore Wire Corp.		747		43,759
EnPro Industries, Inc.		743		47,433

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
ESCO Technologies, Inc.		929	$	76,754
Exponent, Inc.		1,853		108,475
Federal Signal Corp.		2,163		57,860
Forrester Research, Inc.		369		17,354
Forward Air Corp.		1,025		60,629
Franklin Electric Co., Inc.		1,379		65,503
FTI Consulting, Inc.*		1,356		113,687
Gibraltar Industries, Inc.*		1,151		46,454
GMS, Inc.*		1,148		25,256
Greenbrier Cos., Inc.		1,164		35,386
Griffon Corp.		1,241		20,998
Harsco Corp.*		2,875		78,890
Hawaiian Hldgs., Inc.		1,721		47,207
Heartland Express, Inc.		1,695		30,629
Heidrick & Struggles International, Inc.		689		20,649
Hillenbrand, Inc.		2,251		89,072
Hub Group, Inc. Cl A*		1,220		51,216
Insteel Industries, Inc.		653		13,595
Interface, Inc. Cl A		2,145		32,883
John Bean Technologies Corp.		1,140		138,088
Kaman Corp.		1,001		63,754
Kelly Svcs., Inc. Cl A		1,116		29,228
Korn/Ferry International		2,021		80,981
Lindsay Corp.		389		31,980
LSC Communications, Inc.		1,204		4,419
Lydall, Inc.*		632		12,766
Marten Transport Ltd.		1,389		25,210
Matson, Inc.		1,532		59,518
Matthews International Corp. Cl A		1,137		39,624
Mercury Systems, Inc.*		1,978		139,152
Mobile Mini, Inc.		1,617		49,205
Moog, Inc. Cl A		1,160		108,588
Mueller Industries, Inc.		2,027		59,330
Multi-Color Corp.		500		24,985
MYR Group, Inc.*		596		22,261
National Presto Industries, Inc.		181		16,885
Navigant Consulting, Inc.		1,410		32,698
Patrick Industries, Inc.*		806		39,647
PGT Innovations, Inc.*		2,094		35,012
Pitney Bowes, Inc.		6,547		28,021
Powell Industries, Inc.		314		11,932
Proto Labs, Inc.*		965		111,959
Quanex Building Products Corp.		1,187		22,422
Raven Industries, Inc.		1,293		46,393
Resources Connection, Inc.		1,082		17,323
RR Donnelley & Sons Co.		2,543		5,010
Saia, Inc.*		927		59,949
Simpson Manufacturing Co., Inc.		1,441		95,769
SkyWest, Inc.		1,839		111,572
SPX Corp.*		1,566		51,709
SPX FLOW, Inc.*		1,523		63,753
Standex International Corp.		453		33,132
Team, Inc.*		1,082		16,576
Tennant Co.		649		39,719
Tetra Tech, Inc.		1,967		154,508

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Titan International, Inc.		1,789	$	8,748
Triumph Group, Inc.		1,784		40,854
TrueBlue, Inc.*		1,437		31,700
UniFirst Corp.		549		103,525
Universal Forest Products, Inc.		2,183		83,085
US Ecology, Inc.		793		47,215
Veritiv Corp.*		463		8,991
Viad Corp.		727		48,156
Vicor Corp.*		583		18,102
Wabash National Corp.		1,981		32,231
WageWorks, Inc.*		1,426		72,427
Watts Water Technologies, Inc. Cl A		992		92,435

				5,069,323

INFORMATION TECHNOLOGY (14.4%)
3D Systems Corp.*		4,229		38,484
8x8, Inc.*		3,453		83,217
ADTRAN, Inc.		1,714		26,139
Advanced Energy Industries, Inc.*		1,363		76,696
Agilysys, Inc.*		634		13,612
Alarm.com Hldgs., Inc.*		1,269		67,892
Anixter International, Inc.*		1,037		61,919
Applied Optoelectronics, Inc.*		670		6,888
Arlo Technologies, Inc.*		2,664		10,683
Axcelis Technologies, Inc.*		1,171		17,624
Badger Meter, Inc.		1,043		62,257
Bel Fuse, Inc. Cl B		361		6,198
Benchmark Electronics, Inc.		1,384		34,766
Bottomline Technologies DE, Inc.*		1,358		60,078
Brooks Automation, Inc.		2,587		100,246
Cabot Microelectronics Corp.		1,040		114,483
CalAmp Corp.*		1,209		14,121
Cardtronics PLC Cl A*		1,340		36,609
CEVA, Inc.*		788		19,188
Cohu, Inc.		1,467		22,636
Comtech Telecommunications Corp.		870		24,456
Control4 Corp.*		960		22,800
Cray, Inc.*		1,476		51,394
CSG Systems International, Inc.		1,192		58,205
CTS Corp.		1,178		32,489
Daktronics, Inc.		1,427		8,805
Diebold Nixdorf, Inc.*		2,744		25,135
Digi International, Inc.*		1,008		12,781
Diodes, Inc.*		1,434		52,155
DSP Group, Inc.*		706		10,138
Ebix, Inc.		785		39,423
Electronics For Imaging, Inc.*		1,546		57,063
ePlus, Inc.*		489		33,712
EVERTEC, Inc.		2,142		70,043
ExlService Hldgs., Inc.*		1,225		81,009
Extreme Networks, Inc.*		4,280		27,692
Fabrinet*		1,318		65,465
FARO Technologies, Inc.*		618		32,494
Finisar Corp.*		4,226		96,649
FormFactor, Inc.*		2,671		41,855
Harmonic, Inc.*		3,182		17,660

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


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Ichor Hldgs. Ltd.*		799	$	18,888
II-VI, Inc.*		2,140		78,238
Insight Enterprises, Inc.*		1,282		74,612
Itron, Inc.*		1,198		74,959
KEMET Corp.		2,090		39,313
Knowles Corp.*		3,250		59,508
Kopin Corp.*		2,412		2,629
Kulicke & Soffa Industries, Inc.		2,329		52,519
LivePerson, Inc.*		2,137		59,922
ManTech International Corp. Cl A		955		62,887
MaxLinear, Inc.*		2,301		53,935
Methode Electronics, Inc.		1,326		37,884
MicroStrategy, Inc. Cl A*		295		42,276
Monotype Imaging Hldgs., Inc.		1,481		24,940
MTS Systems Corp.		642		37,576
Nanometrics, Inc.*		877		30,441
NETGEAR, Inc.*		1,125		28,451
NIC, Inc.		2,401		38,512
OneSpan, Inc.*		1,129		15,998
OSI Systems, Inc.*		603		67,916
Park Electrochemical Corp.		695		11,600
PDF Solutions, Inc.*		998		13,094
Perficient, Inc.*		1,180		40,498
Photronics, Inc.*		2,394		19,631
Plexus Corp.*		1,078		62,923
Power Integrations, Inc.		1,046		83,868
Progress Software Corp.		1,592		69,443
Qualys, Inc.*		1,210		105,367
Rambus, Inc.*		3,949		47,546
Rogers Corp.*		668		115,283
Rudolph Technologies, Inc.*		1,109		30,642
Sanmina Corp.*		2,473		74,882
ScanSource, Inc.*		924		30,085
SMART Global Hldgs., Inc.*		448		10,300
SolarEdge Technologies, Inc.*		1,594		99,561
SPS Commerce, Inc.*		644		65,823
Sykes Enterprises, Inc.*		1,416		38,883
TiVo Corp.		4,504		33,194
TTEC Hldgs., Inc.		494		23,015
TTM Technologies, Inc.*		3,377		34,445
Ultra Clean Hldgs., Inc.*		1,412		19,655
Unisys Corp.*		1,851		17,992
Veeco Instruments, Inc.*		1,731		21,153
Viavi Solutions, Inc.*		8,204		109,031
Virtusa Corp.*		993		44,119
Xperi Corp.		1,768		36,403

				3,894,999

MATERIALS (4.2%)
AdvanSix, Inc.*		1,017		24,845
AK Steel Hldg Corp.*		11,337		26,869
American Vanguard Corp.		937		14,439
Balchem Corp.		1,159		115,865
Boise Cascade Co.		1,385		38,932
Century Aluminum Co.*		1,782		12,314
Clearwater Paper Corp.*		592		10,946

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Ferro Corp.*		2,930	$	46,294
FutureFuel Corp.		922		10,778
Hawkins, Inc.		343		14,890
Haynes International, Inc.		448		14,251
HB Fuller Co.		1,817		84,309
Innophos Hldgs., Inc.		707		20,581
Innospec, Inc.		878		80,109
Kaiser Aluminum Corp.		577		56,321
Koppers Hldgs., Inc.*		741		21,756
Kraton Corp.*		1,141		35,451
Livent Corp.*		5,269		36,461
LSB Industries, Inc.*		727		2,835
Lyondell Bassell Industries — contingent value rights**		448		0	††
Materion Corp.		729		49,433
Mercer International, Inc.		1,555		24,056
Myers Industries, Inc.		1,274		24,550
Neenah, Inc.		598		40,395
Olympic Steel, Inc.		329		4,491
PH Glatfelter Co.		1,578		26,637
Quaker Chemical Corp.		479		97,179
Rayonier Advanced Materials, Inc.		1,793		11,637
Schweitzer-Mauduit International, Inc.		1,108		36,763
Stepan Co.		731		67,186
SunCoke Energy, Inc.*		3,256		28,913
TimkenSteel Corp.*		1,426		11,593
Tredegar Corp.		916		15,224
US Concrete, Inc.*		565		28,075

				1,134,378

REAL ESTATE (6.8%)
Acadia Realty Trust		2,975		81,426
Agree Realty Corp.		1,377		88,197
American Assets Trust, Inc.		1,679		79,115
Armada Hoffler Properties, Inc.		1,880		31,114
CareTrust REIT, Inc.		3,407		81,018
CBL & Associates Properties, Inc.		6,263		6,514
Cedar Realty Trust, Inc.		3,085		8,175
Chatham Lodging Trust		1,667		31,456
Chesapeake Lodging Trust		2,177		61,870
Community Healthcare Trust, Inc.		642		25,301
DiamondRock Hospitality Co.		7,219		74,644
Easterly Government Properties, Inc.		2,435		44,098


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Four Corners Property Trust, Inc.		2,452	$	67,013
Franklin Street Properties Corp. Cl C		3,848		28,398
Getty Realty Corp.		1,219		37,496
Global Net Lease, Inc.		3,001		58,880
Hersha Hospitality Trust Cl A		1,293		21,386
HFF, Inc. Cl A		1,427		64,900
Independence Realty Trust, Inc.		3,227		37,336
Innovative Industrial Properties, Inc. Cl A		354		43,740
iStar, Inc.		2,328		28,914
Kite Realty Group Trust		3,017		45,647
Lexington Realty Trust		7,495		70,528
LTC Properties, Inc.		1,418		64,746
Marcus & Millichap, Inc.*		769		23,724
MAX Hldgs., Inc. Cl A		637		19,594
National Storage Affiliates Trust		2,037		58,951
NorthStar Realty Europe Corp.		1,803		29,623
Office Properties Income Trust		1,722		45,237
Pennsylvania REIT		2,149		13,969
Realogy Hldgs. Corp.		4,133		29,923
Retail Opportunity Investments Corp.		4,099		70,216
RPT Realty		2,882		34,901
Saul Centers, Inc.		416		23,350
Summit Hotel Properties, Inc.		3,759		43,116
Universal Health Realty Income Trust		451		38,303
Urstadt Biddle Properties, Inc. Cl A		1,071		22,491
Washington Prime Group, Inc.		6,719		25,667
Washington Real Estate Investment Trust		2,867		76,635
Whitestone REIT Cl B		1,425		18,083
Xenia Hotels & Resorts, Inc.		4,036		84,151

				1,839,846

UTILITIES (2.1%)
American States Water Co.		1,318		99,166
Avista Corp.		2,366		105,524
California Water Service Group		1,726		87,387
El Paso Electric Co.		1,455		95,157
Northwest Natural Hldg. Co.		1,085		75,408
South Jersey Industries, Inc.		3,303		111,410

				574,052

TOTAL INDEXED ASSETS -COMMON STOCKS
(Cost: $28,317,486) 99.6%				26,888,069


	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.3%)
Citibank, New York Time Deposit		1.66		07/01/19	$	70,766	$	70,766

TOTAL TEMPORARY CASH INVESTMENT
(Cost: $70,766) 0.3%								70,766

TOTAL INVESTMENTS
(Cost: $28,388,252) 99.9%								26,958,835

OTHER NET ASSETS 0.1%								32,123

NET ASSETS 100.0%							$	26,990,958

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (1.7%)
Discovery, Inc. Cl A*		16,930	$	519,751
Discovery, Inc. Cl C*		17,770		505,557
Lions Gate Entertainment Corp. Cl A		8,840		108,290
MSG Networks, Inc. Cl A*		21,903		454,268

				1,587,866

CONSUMER DISCRETIONARY (2.4%)
Capri Hldgs. Ltd.*		6,470		224,380
Marriott Vacations Worldwide Corp.		9,123		879,457
Qurate Retail, Inc.*		17,450		216,205
Ralph Lauren Corp. Cl A		5,037		572,153
Taylor Morrison Home Corp. Cl A*		12,722		266,653

				2,158,848

CONSUMER STAPLES (2.2%)
Constellation Brands, Inc. Cl A		3,279		645,766
Ingredion, Inc.		4,571		377,062
Tyson Foods, Inc. Cl A		6,140		495,744
Vector Group Ltd.		49,264		480,324

				1,998,896

ENERGY (6.2%)
Baker Hughes, a GE Co. Cl A		18,432		453,980
Cheniere Energy, Inc.*		15,507		1,061,454
Devon Energy Corp.		11,220		319,995
Hess Corp.		7,538		479,191
MPLX LP		16,998		547,166
Noble Energy, Inc.		26,701		598,102
PBF Energy, Inc. Cl A		45,343		1,419,236
Range Resources Corp.		25,585		178,583
Williams Cos., Inc.		25,751		722,058

				5,779,765

FINANCIALS (23.6%)
American Financial Group, Inc.		12,849		1,316,637
Ameriprise Financial, Inc.		11,272		1,636,243
Associated Banc-Corp.		50,204		1,061,313
BankUnited, Inc.		23,723		800,414
Citizens Financial Group, Inc.		12,450		440,232
Discover Financial Svcs.		12,401		962,194
Everest Re Group Ltd.		4,106		1,014,921
Fifth Third Bancorp		33,176		925,610
Hartford Financial Svcs. Group, Inc.		21,415		1,193,244
iShares Russell Mid-Cap Value ETF		30,760		2,741,639
KeyCorp		62,392		1,107,458
Lincoln National Corp.		15,429		994,399
Progressive Corp.		23,743		1,897,778
Reinsurance Group of America, Inc. Cl A		7,392		1,153,374
Starwood Property Trust, Inc.		34,048		773,570
SVB Financial Group*		3,169		711,726
Synchrony Financial		15,793		547,543
Voya Financial, Inc.		27,446		1,517,764
Zions Bancorporation		20,230		930,175

				21,726,234

HEALTH CARE (5.9%)
Agilent Technologies, Inc.		16,100		1,202,187
Boston Scientific Corp.*		22,170		952,866


	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Centene Corp.*		14,054	$	736,992
Hill-Rom Hldgs., Inc.		8,790		919,610
Humana, Inc.		3,104		823,491
Zimmer Biomet Hldgs., Inc.		6,613		778,615

				5,413,761

INDUSTRIALS (13.0%)
Alaska Air Group, Inc.		21,680		1,385,569
Harris Corp.		5,293		1,001,065
Kirby Corp.*		12,124		957,796
L-3 Technologies, Inc.		8,347		2,046,434
Mueller Industries, Inc.		36,510		1,068,648
Old Dominion Freight Line, Inc.		13,893		2,073,669
Oshkosh Corp.		10,661		890,087
Stanley Black & Decker, Inc.		10,266		1,484,566
United Rentals, Inc.*		7,919		1,050,297

				11,958,131

INFORMATION TECHNOLOGY (6.3%)
Analog Devices, Inc.		5,583		630,153
DXC Technology Co.		10,227		564,019
F5 Networks, Inc.*		1,906		277,571
KLA-Tencor Corp.		2,330		275,406
LogMeIn, Inc.		5,250		386,820
MKS Instruments, Inc.		2,560		199,398
Perspecta, Inc.		13,053		305,571
Proofpoint, Inc.*		5,400		649,350
PTC, Inc.*		7,380		662,429
Qorvo, Inc.*		5,940		395,663
ViaSat, Inc.*		1,350		109,107
Western Digital Corp.		7,122		338,651
Worldpay, Inc. Cl A*		7,860		963,243

				5,757,381

MATERIALS (9.4%)
Crown Hldgs., Inc.*		34,085		2,082,593
Eastman Chemical Co.		2,417		188,115
FMC Corp.		5,810		481,939
Freeport-McMoRan, Inc.		46,790		543,232
International Paper Co.		17,549		760,223
Mosaic Co.		7,050		176,462
Nucor Corp.		9,932		547,253
Olin Corp.		43,150		945,417
Packaging Corp. of America		21,659		2,064,536
Steel Dynamics, Inc.		28,317		855,173

				8,644,943

REAL ESTATE (12.9%)
Alexander’s, Inc.		1,137		421,031
American Campus Communities, Inc.		14,140		652,703
Apartment Investment & Management Co. Cl A		18,559		930,177
AvalonBay Communities, Inc.		5,202		1,056,942
Brandywine Realty Trust		58,091		831,863
Duke Realty Corp.		51,172		1,617,547
Equity LifeStyle Properties, Inc.		4,221		512,176
GEO Group, Inc.		28,610		601,096
Host Hotels & Resorts, Inc.		46,595		848,961

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Kilroy Realty Corp.		8,734	$	644,657
Macerich Co.		8,560		286,674
Prologis, Inc.		5,967		477,957
Regency Centers Corp.		3,926		262,021
Spirit Realty Capital, Inc.		16,690		711,996
Vornado Realty Trust		7,493		480,301
Welltower, Inc.		13,332		1,086,958
Weyerhaeuser Co.		15,789		415,882

				11,838,942


	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (11.5%)
AES Corp.		41,460	$	694,871
Ameren Corp.		18,208		1,367,603
Consolidated Edison, Inc.		14,115		1,237,603
Edison International		6,761		455,759
Entergy Corp.		10,621		1,093,219
Evergy, Inc.		22,442		1,349,886
Eversource Energy		10,994		832,905
FirstEnergy Corp.		24,306		1,040,540
PPL Corp.		28,507		884,002
Public Svc. Enterprise Group, Inc.		26,919		1,583,375

				10,539,763

TOTAL COMMON STOCKS
(Cost: $69,047,751) 95.2%				87,404,530


	Rating**		Rate(%)	Maturity	Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.7%)
U.S. Treasury Bill		A-1+	2.28	07/05/19	$	500,000	$	499,873
U.S. Treasury Bill		A-1+	2.37	08/08/19		2,000,000		1,995,034

								2,494,907

COMMERCIAL PAPER (2.9%)
Cargill Global Funding PLC†		A-1	2.32	07/01/19		2,600,000		2,600,000

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $5,094,907) 5.6%								5,094,907


			Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit			1.66	07/01/19	$	36,209	$	36,209

TOTAL TEMPORARY CASH INVESTMENT (Cost: $36,209) 0.0% (2)								36,209

TOTAL INVESTMENTS (Cost: $74,178,867) 100.8%								92,535,646

OTHER NET ASSETS -0.8%								(765,580	)

NET ASSETS 100.0%							$	91,770,066

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

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (2.4%)
AMC Networks, Inc. Cl A*		37,980	$	2,069,530
Cable One, Inc.		4,152		4,861,951
Cars.com, Inc.*		51,813		1,021,752
Cinemark Hldgs., Inc.		89,328		3,224,741
John Wiley & Sons, Inc. Cl A		37,970		1,741,304
Live Nation Entertainment, Inc.*		117,874		7,809,153
Meredith Corp.		33,850		1,863,781
New York Times Co. Cl A		119,732		3,905,658
TEGNA, Inc.		181,343		2,747,346
Telephone & Data Systems, Inc.		79,152		2,406,221
World Wrestling Entertainment, Inc. Cl A		36,698		2,649,963
Yelp, Inc. Cl A*		59,946		2,048,954

				36,350,354

CONSUMER DISCRETIONARY (11.6%)
Aaron’s, Inc.		56,965		3,498,221
Adient PLC		73,617		1,786,685
Adtalem Global Education, Inc.*		47,562		2,142,668
American Eagle Outfitters, Inc.		136,530		2,307,357
AutoNation, Inc.*		47,913		2,009,471
Bed Bath & Beyond, Inc.		111,817		1,299,314
Boyd Gaming Corp.		67,264		1,812,092
Brinker International, Inc.		31,778		1,250,464
Brunswick Corp.		73,006		3,350,245
Caesars Entertainment Corp.*		492,873		5,825,759
Carter’s, Inc.		38,064		3,712,763
Cheesecake Factory, Inc.		34,863		1,524,210
Churchill Downs, Inc.		29,710		3,418,730
Cracker Barrel Old Country Store, Inc.		20,124		3,435,770
Dana, Inc.		121,055		2,413,837
Deckers Outdoor Corp.*		24,562		4,322,175
Delphi Technologies PLC		74,783		1,495,660
Dick’s Sporting Goods, Inc.		56,814		1,967,469
Dillard’s, Inc. Cl A		14,998		934,075
Domino’s Pizza, Inc.		34,567		9,619,305
Dunkin’ Brands Group, Inc.		69,523		5,538,202
Eldorado Resorts, Inc.*		54,898		2,529,151
Five Below, Inc.*		47,080		5,650,542
Gentex Corp.		214,519		5,279,313
Goodyear Tire & Rubber Co.		195,057		2,984,372
Graham Hldgs. Co. Cl B		3,666		2,529,650
Helen of Troy Ltd.*		21,183		2,766,288
International Speedway Corp. Cl A		20,046		899,865
Jack in the Box, Inc.		21,753		1,770,477
KB Home		71,556		1,841,136
Marriott Vacations Worldwide Corp.		32,755		3,157,582
Mattel, Inc.*		294,817		3,304,899
Michaels Cos., Inc.*		75,842		659,825
Murphy USA, Inc.*		24,801		2,084,028
NVR, Inc.*		2,845		9,588,361
Ollie’s Bargain Outlet Hldgs., Inc.*		43,361		3,777,177


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Papa John’s International, Inc.		18,991	$	849,277
Penn National Gaming, Inc.*		89,959		1,732,610
Polaris Industries, Inc.		48,041		4,382,780
Pool Corp.		33,382		6,375,962
Sally Beauty Hldgs., Inc.*		101,580		1,355,077
Scientific Games Corp.* Cl A		47,308		937,645
Service Corp. International		153,704		7,190,273
Signet Jewelers Ltd.		43,949		785,808
Six Flags Entertainment Corp.		60,017		2,981,645
Skechers U.S.A., Inc. Cl A*		113,172		3,563,786
Sotheby’s*		27,898		1,621,711
Tempur Sealy International, Inc.*		39,048		2,864,952
Texas Roadhouse, Inc. Cl A		56,517		3,033,267
Thor Industries, Inc.		43,776		2,558,707
Toll Brothers, Inc.		111,858		4,096,240
TRI Pointe Group, Inc.*		119,666		1,432,402
Tupperware Brands Corp.		40,966		779,583
Urban Outfitters, Inc.*		57,322		1,304,075
Visteon Corp.*		23,560		1,380,145
Weight Watchers International, Inc.*		32,988		630,071
Wendy’s Co.		153,439		3,004,336
Williams-Sonoma, Inc.		66,466		4,320,290
Wyndham Destinations, Inc.		78,785		3,458,661
Wyndham Hotels & Resorts, Inc.		82,037		4,572,742

				177,699,183

CONSUMER STAPLES (2.5%)
Boston Beer Co., Inc. Cl A*		7,316		2,763,692
Casey’s General Stores, Inc.		30,786		4,802,308
Edgewell Personal Care Co.*		45,598		1,228,866
Energizer Hldgs., Inc.		53,588		2,070,640
Flowers Foods, Inc.		153,413		3,569,920
Hain Celestial Group, Inc.*		75,372		1,650,647
Ingredion, Inc.		55,783		4,601,540
Lancaster Colony Corp.		16,371		2,432,731
Nu Skin Enterprises, Inc. Cl A		46,726		2,304,526
Post Hldgs., Inc.*		56,033		5,825,751
Sanderson Farms, Inc.		16,366		2,234,941
Sprouts Farmers Market, Inc.*		99,257		1,874,965
Tootsie Roll Industries, Inc.		15,887		586,707
TreeHouse Foods, Inc.*		47,189		2,552,925

				38,500,159

ENERGY (3.0%)
Apergy Corp.*		65,295		2,189,994
Callon Petroleum Co.*		193,127		1,272,707
Chesapeake Energy Corp.*		894,351		1,743,985
CNX Resources Corp.*		165,739		1,211,552
Core Laboratories N.V.		37,323		1,951,246
Ensco Rowan PLC Cl A*		167,088		1,425,261
EQT Corp.		215,176		3,401,933
Equitrans Midstream Corp.		170,978		3,369,976
Matador Resources Co.*		87,578		1,741,051
McDermott International, Inc.*		152,240		1,470,638

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

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Murphy Oil Corp.		137,774	$	3,396,129
Oasis Petroleum, Inc.*		228,088		1,295,540
Oceaneering International, Inc.*		83,918		1,711,088
Patterson-UTI Energy, Inc.		176,582		2,032,459
PBF Energy, Inc. Cl A		99,870		3,125,931
QEP Resources, Inc.*		201,107		1,454,004
Range Resources Corp.		174,287		1,216,523
SM Energy Co.		87,626		1,097,078
Southwestern Energy Co.*		454,296		1,435,575
Transocean Ltd.*		430,254		2,757,928
World Fuel Svcs. Corp.		56,782		2,041,881
WPX Energy, Inc.*		333,538		3,839,022

				45,181,501

FINANCIALS (15.3%)
Alleghany Corp.*		12,156		8,279,573
American Financial Group, Inc.		59,529		6,099,937
Associated Banc-Corp.		137,834		2,913,811
BancorpSouth Bank		77,531		2,251,500
Bank of Hawaii Corp.		34,567		2,865,950
Bank OZK		101,561		3,055,970
Brighthouse Financial, Inc.*		97,351		3,571,808
Brown & Brown, Inc.		196,695		6,589,283
Cathay General Bancorp		64,346		2,310,665
Chemical Financial Corp.		59,940		2,464,133
CNO Financial Group, Inc.		134,865		2,249,548
Commerce Bancshares, Inc.		82,812		4,940,564
Cullen/Frost Bankers, Inc.		52,997		4,963,699
East West Bancorp, Inc.		122,557		5,731,991
Eaton Vance Corp.		96,199		4,149,063
Evercore, Inc. Cl A		34,540		3,059,208
FactSet Research Systems, Inc.		32,291		9,253,309
Federated Investors, Inc. Cl B		80,698		2,622,685
First American Financial Corp.		94,148		5,055,748
First Financial Bankshares, Inc.		114,131		3,514,093
First Horizon National Corp.		265,388		3,962,243
FNB Corp.		271,026		3,189,976
Fulton Financial Corp.		142,519		2,333,036
Genworth Financial, Inc. Cl A*		419,542		1,556,501
Green Dot Corp. Cl A*		40,445		1,977,761
Hancock Whitney Corp.		72,133		2,889,648
Hanover Insurance Group, Inc.		34,165		4,383,370
Home BancShares, Inc.		130,089		2,505,514
Interactive Brokers Group, Inc. Cl A		63,326		3,432,269
International Bancshares Corp.		46,030		1,735,791
Janus Henderson Group PLC		138,115		2,955,661
Kemper Corp.		52,789		4,555,163
Legg Mason, Inc.		72,901		2,790,650
LendingTree, Inc.*		6,284		2,639,469
Mercury General Corp.		22,823		1,426,438
Navient Corp.		178,753		2,439,978
New York Community Bancorp, Inc.		391,942		3,911,581
Old Republic International Corp.		238,769		5,343,650
PacWest Bancorp		99,693		3,871,079
Pinnacle Financial Partners, Inc.		60,986		3,505,475


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Primerica, Inc.		35,796	$	4,293,730
Prosperity Bancshares, Inc.		55,956		3,695,894
Reinsurance Group of America, Inc. Cl A		52,525		8,195,476
RenaissanceRe Hldgs. Ltd.		37,014		6,588,862
SEI Investments Co.		108,030		6,060,483
Signature Bank		46,563		5,626,673
SLM Corp.		364,426		3,542,221
Sterling Bancorp		176,395		3,753,686
Stifel Financial Corp.		59,551		3,517,082
Synovus Financial Corp.		131,975		4,619,125
TCF Financial Corp.		137,322		2,854,924
Texas Capital Bancshares, Inc.*		42,425		2,603,622
Trustmark Corp.		54,553		1,813,887
UMB Financial Corp.		37,260		2,452,453
Umpqua Hldgs. Corp.		183,322		3,041,312
United Bankshares, Inc.		85,881		3,185,326
Valley National Bancorp		278,312		3,000,203
Washington Federal, Inc.		67,805		2,368,429
Webster Financial Corp.		77,580		3,705,997
Wintrust Financial Corp.		47,691		3,489,074
WR Berkley Corp.		121,339		7,999,880

				233,756,130

HEALTH CARE (9.1%)
Acadia Healthcare Co., Inc.*		74,893		2,617,510
Allscripts Healthcare Solutions, Inc.*		140,230		1,630,875
Amedisys, Inc.*		24,517		2,976,609
Avanos Medical, Inc.*		40,144		1,750,680
Bio-Rad Laboratories, Inc. Cl A*		16,935		5,293,712
Bio-Techne Corp.		32,160		6,705,038
Cantel Medical Corp.		30,686		2,474,519
Catalent, Inc.*		121,562		6,589,876
Charles River Laboratories International, Inc.*		41,108		5,833,225
Chemed Corp.		13,358		4,820,101
Covetrus, Inc.*		81,059		1,982,703
Encompass Health Corp.		82,753		5,243,230
Exelixis, Inc.*		252,942		5,405,371
Globus Medical, Inc. Cl A*		64,622		2,733,511
Haemonetics Corp.*		43,186		5,197,003
HealthEquity, Inc.*		45,915		3,002,841
Hill-Rom Hldgs., Inc.		56,351		5,895,442
ICU Medical, Inc.*		14,182		3,572,588
Inogen, Inc.*		15,245		1,017,756
Integra LifeSciences Hldgs. Corp.*		59,960		3,348,766
Ligand Pharmaceuticals, Inc.*		16,502		1,883,703
LivaNova PLC*		40,813		2,936,903
Mallinckrodt PLC*		71,119		652,872
Masimo Corp.*		41,443		6,167,547
Medidata Solutions, Inc.*		52,518		4,753,404
MEDNAX, Inc.*		71,679		1,808,461
Molina Healthcare, Inc.*		52,664		7,538,325
NuVasive, Inc.*		43,796		2,563,818
Patterson Cos., Inc.		69,366		1,588,481

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

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
PRA Health Sciences, Inc.*		49,621	$	4,919,922
Prestige Consumer Healthcare, Inc.*		43,536		1,379,221
STERIS PLC		71,244		10,606,807
Syneos Health, Inc. Cl A*		51,709		2,641,813
Tenet Healthcare Corp.*		71,236		1,471,736
United Therapeutics Corp.*		36,970		2,885,878
West Pharmaceutical Svcs., Inc.		61,966		7,755,045

				139,645,292

INDUSTRIALS (15.3%)
Acuity Brands, Inc.		33,647		4,640,258
AECOM*		132,759		5,024,928
AGCO Corp.		54,499		4,227,487
ASGN, Inc.*		44,545		2,699,427
Avis Budget Group, Inc.*		53,759		1,890,166
Axon Enterprise, Inc.*		51,703		3,319,850
Brink’s Co.		41,976		3,407,612
Carlisle Cos., Inc.		48,269		6,777,450
Clean Harbors, Inc.*		42,695		3,035,615
Colfax Corp.*		80,174		2,247,277
Crane Co.		43,188		3,603,607
Curtiss-Wright Corp.		36,059		4,584,181
Deluxe Corp.		36,721		1,493,076
Donaldson Co., Inc.		106,989		5,441,461
Dycom Industries, Inc.*		26,586		1,565,118
EMCOR Group, Inc.		47,242		4,162,020
EnerSys		36,018		2,467,233
Fluor Corp.		117,876		3,971,242
GATX Corp.		30,391		2,409,702
Genesee & Wyoming, Inc. Cl A*		47,698		4,769,800
Graco, Inc.		139,902		7,020,282
Granite Construction, Inc.		39,435		1,899,978
Healthcare Svcs. Group, Inc.		62,913		1,907,522
Herman Miller, Inc.		49,107		2,195,083
HNI Corp.		36,412		1,288,257
Hubbell, Inc. Cl B		46,030		6,002,312
IDEX Corp.		63,462		10,924,349
Insperity, Inc.		31,551		3,853,639
ITT, Inc.		73,998		4,845,389
JetBlue Airways Corp.*		254,375		4,703,394
Kennametal, Inc.		69,786		2,581,384
Kirby Corp.*		45,326		3,580,754
Knight-Swift Transportation Hldgs., Inc. Cl A		105,035		3,449,349
Landstar System, Inc.		33,702		3,639,479
Lennox International, Inc.		29,790		8,192,250
Lincoln Electric Hldgs., Inc.		52,815		4,347,731
ManpowerGroup, Inc.		50,330		4,861,878
MasTec, Inc.*		52,092		2,684,301
MSA Safety, Inc.		29,623		3,121,968
MSC Industrial Direct Co., Inc. Cl A		37,804		2,807,325
Nordson Corp.		43,523		6,150,235
NOW, Inc.*		91,689		1,353,330
nVent Electric PLC		133,801		3,316,927
Old Dominion Freight Line, Inc.		54,231		8,094,519


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Oshkosh Corp.		59,015	$	4,927,162
Regal Beloit Corp.		36,010		2,942,377
Resideo Technologies, Inc.*		102,549		2,247,874
Ryder System, Inc.		44,715		2,606,885
Stericycle, Inc.*		71,832		3,429,978
Teledyne Technologies, Inc.*		30,722		8,413,834
Terex Corp.		52,625		1,652,425
Timken Co.		57,636		2,959,032
Toro Co.		89,711		6,001,666
Trex Co., Inc.*		49,188		3,526,779
Trinity Industries, Inc.		109,318		2,268,349
Valmont Industries, Inc.		18,485		2,344,083
Watsco, Inc.		26,861		4,392,579
Werner Enterprises, Inc.		36,314		1,128,639
Woodward, Inc.		46,943		5,312,070
XPO Logistics, Inc.*		77,426		4,475,997

				233,188,874

INFORMATION TECHNOLOGY (14.9%)
ACI Worldwide, Inc.*		93,026		3,194,513
Arrow Electronics, Inc.*		71,296		5,081,266
Avnet, Inc.		89,662		4,058,999
Belden, Inc.		33,379		1,988,387
Blackbaud, Inc.		41,765		3,487,377
CACI International, Inc. Cl A*		21,047		4,306,006
CDK Global, Inc.		102,309		5,058,157
Ciena Corp.*		120,859		4,970,931
Cirrus Logic, Inc.*		49,319		2,155,240
Cognex Corp.		144,559		6,935,941
Coherent, Inc.*		20,423		2,785,085
CommVault Systems, Inc.*		32,394		1,607,390
CoreLogic, Inc.*		68,233		2,854,186
Cree, Inc.*		88,970		4,998,335
Cypress Semiconductor Corp.		308,718		6,865,888
Fair Isaac Corp.*		24,340		7,643,247
First Solar, Inc.*		63,941		4,199,645
InterDigital, Inc.		26,644		1,715,874
j2 Global, Inc.		39,241		3,488,132
Jabil, Inc.		116,509		3,681,684
KBR, Inc.		119,375		2,977,212
Leidos Hldgs., Inc.		121,205		9,678,219
Littelfuse, Inc.		20,783		3,676,721
LiveRamp Hldgs., Inc.*		61,224		2,968,140
LogMeIn, Inc.		42,149		3,105,538
Lumentum Hldgs., Inc.*		64,471		3,443,396
Manhattan Associates, Inc.*		54,290		3,763,926
MAXIMUS, Inc.		53,617		3,889,377
MKS Instruments, Inc.		45,984		3,581,694
Monolithic Power Systems, Inc.		33,407		4,536,002
National Instruments Corp.		94,440		3,965,536
NCR Corp.*		101,207		3,147,538
NetScout Systems, Inc.*		58,426		1,483,436
Perspecta, Inc.		117,903		2,760,109
Plantronics, Inc.		27,596		1,022,156
PTC, Inc.*		87,468		7,851,128
Sabre Corp.		231,745		5,144,739
Science Applications International Corp.		42,904		3,713,770

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

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Semtech Corp.*		56,231	$	2,701,899
Silicon Laboratories, Inc.*		36,613		3,785,784
Synaptics, Inc.*		29,224		851,587
SYNNEX Corp.		35,138		3,457,579
Tech Data Corp.*		30,778		3,219,379
Teradata Corp.*		98,756		3,540,403
Teradyne, Inc.		143,963		6,897,267
Trimble, Inc.*		211,270		9,530,390
Tyler Technologies, Inc.*		32,273		6,971,613
Universal Display Corp.		35,905		6,752,294
Versum Materials, Inc.		91,960		4,743,297
ViaSat, Inc.*		48,329		3,905,950
Vishay Intertechnology, Inc.		112,012		1,850,438
WEX, Inc.*		36,338		7,561,938
Zebra Technologies Corp. Cl A*		45,443		9,519,854

				227,074,592

MATERIALS (6.0%)
Allegheny Technologies, Inc.*		105,880		2,668,176
AptarGroup, Inc.		53,115		6,604,319
Ashland Global Hldgs., Inc.		52,927		4,232,572
Cabot Corp.		48,935		2,334,689
Carpenter Technology Corp.		39,721		1,905,814
Chemours Co.		136,967		3,287,208
Commercial Metals Co.		98,764		1,762,937
Compass Minerals International, Inc.		28,564		1,569,592
Domtar Corp.		52,801		2,351,228
Eagle Materials, Inc.		37,179		3,446,493
Greif, Inc. Cl A		22,235		723,749
Ingevity Corp.*		35,180		3,699,881
Louisiana-Pacific Corp.		104,084		2,729,082
Minerals Technologies, Inc.		29,498		1,578,438
NewMarket Corp.		7,307		2,929,669
Olin Corp.		136,580		2,992,468
Owens-Illinois, Inc.		130,685		2,256,930
PolyOne Corp.		65,232		2,047,632
Reliance Steel & Aluminum Co.		56,521		5,348,017
Royal Gold, Inc.		54,985		5,635,413
RPM International, Inc.		110,314		6,741,289
Scotts Miracle-Gro Co.		33,180		3,268,230
Sensient Technologies Corp.		35,733		2,625,661
Silgan Hldgs., Inc.		65,208		1,995,365
Sonoco Products Co.		83,945		5,484,966
Steel Dynamics, Inc.		186,843		5,642,659
United States Steel Corp.		145,671		2,230,223
Valvoline, Inc.		157,571		3,077,362
Worthington Industries, Inc.		32,685		1,315,898

				92,485,960

REAL ESTATE (9.5%)
Alexander & Baldwin, Inc.		56,886		1,314,067
American Campus Communities, Inc.		115,098		5,312,924
Brixmor Property Group, Inc.		249,646		4,463,671
Camden Property Trust		81,048		8,460,601
CoreCivic, Inc.		100,030		2,076,623
CoreSite Realty Corp.		31,181		3,591,116


	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Corporate Office Properties Trust		93,737	$	2,471,845
Cousins Properties, Inc.		121,894		4,408,906
CyrusOne, Inc.		95,128		5,490,788
Douglas Emmett, Inc.		135,505		5,398,519
EastGroup Properties, Inc.		30,841		3,576,939
EPR Properties		63,163		4,711,328
First Industrial Realty Trust, Inc.		106,058		3,896,571
GEO Group, Inc.		101,921		2,141,360
Healthcare Realty Trust, Inc.		108,413		3,395,495
Highwoods Properties, Inc.		86,786		3,584,262
Hospitality Properties Trust		138,094		3,452,350
JBG SMITH Properties		101,283		3,984,473
Jones Lang LaSalle, Inc.		38,334		5,393,210
Kilroy Realty Corp.		84,435		6,232,147
Lamar Advertising Co. Cl A		72,043		5,814,591
Liberty Property Trust		124,353		6,222,624
Life Storage, Inc.		39,126		3,720,100
Mack-Cali Realty Corp.		75,409		1,756,276
Medical Properties Trust, Inc.		330,884		5,770,617
National Retail Properties, Inc.		136,397		7,230,405
Omega Healthcare Investors, Inc.		179,872		6,610,296
Pebblebrook Hotel Trust		109,553		3,087,204
PotlatchDeltic Corp.		56,789		2,213,635
PS Business Parks, Inc.		16,799		2,831,135
Rayonier, Inc.		109,118		3,306,275
Sabra Health Care REIT, Inc.		150,744		2,968,149
Senior Housing Properties Trust		198,624		1,642,620
Tanger Factory Outlet Centers, Inc.		79,547		1,289,457
Taubman Centers, Inc.		51,399		2,098,621
Uniti Group, Inc.		154,520		1,467,940
Urban Edge Properties		100,665		1,744,524
Weingarten Realty Investors		100,192		2,747,265

				145,878,929

UTILITIES (4.4%)
ALLETE, Inc.		43,351		3,607,237
Aqua America, Inc.		180,811		7,480,151
Black Hills Corp.		45,459		3,553,530
Hawaiian Electric Industries, Inc.		91,092		3,967,057
IDACORP, Inc.		42,133		4,231,417
MDU Resources Group, Inc.		165,984		4,282,387
National Fuel Gas Co.		72,173		3,807,126
New Jersey Resources Corp.		74,655		3,715,579
NorthWestern Corp.		42,303		3,052,161
OGE Energy Corp.		168,031		7,151,399
ONE Gas, Inc.		44,085		3,980,875
PNM Resources, Inc.		66,924		3,407,101
Southwest Gas Hldgs., Inc.		44,696		4,005,656
Spire, Inc.		42,641		3,578,433
UGI Corp.		145,382		7,764,853

				67,584,962

TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $1,165,904,982) 94.0%				1,437,345,936

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

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (1.9%)
U.S. Treasury Bill		A-1+		2.17		08/13/19	$	11,500,000	$	11,470,296
U.S. Treasury Bill		A-1+		2.28		07/05/19		2,000,000		1,999,493
U.S. Treasury Bill		A-1+		2.33		07/23/19		5,000,000		4,992,911
U.S. Treasury Bill (1)		A-1+		2.37		08/08/19		11,000,000		10,972,684

										29,435,384

U.S. GOVERNMENT AGENCIES (2.5%)
FHLB		A-1+		2.12		07/02/19		38,600,000		38,597,733

COMMERCIAL PAPER (0.9%)
Cargill Global Funding PLC†		A-1		2.32		07/01/19		7,700,000		7,700,000
Cisco Systems, Inc.†		A-1+		2.28		08/20/19		5,900,000		5,881,398

										13,581,398

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $81,614,515) 5.3%										81,614,515


			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.66		07/01/19	$	38,521	$	38,521

TOTAL TEMPORARY CASH INVESTMENT (Cost: $38,521) 0.0% (2)										38,521

TOTAL INVESTMENTS (Cost: $1,247,558,018) 99.3%										1,518,998,972

OTHER NET ASSETS 0.7%										9,818,145

NET ASSETS 100.0%									$	1,528,817,117

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
FINANCIALS (93.5%)
iShares Core MSCI EAFE ETF		1,323,519	$	81,264,067
iShares Core MSCI Europe ETF		393,284		18,327,035
iShares Core MSCI Pacific ETF		177,010		9,854,147
iShares Edge MSCI Min Vol Emerging Markets ETF		239,149		14,076,310
iShares MSCI EAFE ETF		3,382,851		222,354,796
iShares MSCI EAFE Growth ETF		602,616		48,673,294
iShares MSCI EAFE Small-Cap ETF		177,935		10,213,469
iShares MSCI EAFE Value ETF		906,767		43,588,290
Vanguard FTSE Developed Markets ETF		2,129,980		88,841,466
Vanguard FTSE Europe ETF		424,630		23,312,187
Vanguard FTSE Pacific ETF		220,480		14,569,318

				575,074,379

TOTAL COMMON STOCKS
(Cost: $538,244,247) 93.5%				575,074,379


	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.3%)
U.S. Treasury Bill		A-1+		2.28		07/05/19	$	2,000,000	$	1,999,493
U.S. Treasury Bill		A-1+		2.33		07/23/19		10,000,000		9,985,822
U.S. Treasury Bill		A-1+		2.37		08/08/19		2,000,000		1,995,034

										13,980,349

U.S. GOVERNMENT AGENCIES (2.5%)
FHLB		A-1+		2.25		07/02/19		15,100,000		15,099,056

COMMERCIAL PAPER (1.6%)
Cargill Global Funding PLC†		A-1		2.32		07/01/19		10,000,000		10,000,000

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $39,079,405) 6.4%										39,079,405


			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.66		07/01/19	$	101,452	$	101,452

TOTAL TEMPORARY CASH INVESTMENT (Cost: $101,452) 0.0% (2)										101,452

TOTAL INVESTMENTS (Cost: $577,425,104) 99.9%										614,255,236

OTHER NET ASSETS 0.1%										391,438

NET ASSETS 100.0%									$	614,646,674

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (3.2%)
Comcast Corp. Cl A		70,918	$	2,998,413
Viacom, Inc. Cl B		41,701		1,245,609
Walt Disney Co.		11,695		1,633,090

				5,877,112

CONSUMER DISCRETIONARY (7.9%)
Amazon.com, Inc.*		964		1,825,459
Best Buy Co., Inc.		22,194		1,547,588
Foot Locker, Inc.		16,630		697,130
Genuine Parts Co.		6,308		653,383
Home Depot, Inc.		13,370		2,780,559
Kohl’s Corp.		24,863		1,182,236
PVH Corp.		13,993		1,324,297
Ross Stores, Inc.		13,253		1,313,637
Royal Caribbean Cruises Ltd.		4,686		567,990
Starbucks Corp.		20,404		1,710,467
Tapestry, Inc.		31,823		1,009,744

				14,612,490

CONSUMER STAPLES (2.0%)
Constellation Brands, Inc. Cl A		4,140		815,332
General Mills, Inc.		19,824		1,041,157
PepsiCo, Inc.		13,734		1,800,939

				3,657,428

ENERGY (4.6%)
Anadarko Petroleum Corp.		6,495		458,287
Baker Hughes, a GE Co. Cl A		16,585		408,489
Cimarex Energy Co.		4,914		291,548
Concho Resources, Inc.		7,198		742,690
ConocoPhillips		15,714		958,554
Marathon Petroleum Corp.		40,213		2,247,102
Noble Energy, Inc.		25,223		564,995
Pioneer Natural Resources Co.		4,673		718,988
Valero Energy Corp.		9,063		775,883
Williams Cos., Inc.		52,088		1,460,547

				8,627,083

FINANCIALS (7.3%)
Bank of America Corp.		80,074		2,322,146
Citigroup, Inc.		30,070		2,105,802
Comerica, Inc.		8,309		603,566
Intercontinental Exchange, Inc.		16,639		1,429,956
JPMorgan Chase & Co.		25,116		2,807,969
Morgan Stanley		33,469		1,466,277
Progressive Corp.		10,386		830,153
Synchrony Financial		59,492		2,062,587

				13,628,456

HEALTH CARE (8.1%)
AbbVie, Inc.		25,369		1,844,834
Amgen, Inc.		4,276		787,981
Bristol-Myers Squibb Co.		18,031		817,706
Celgene Corp.*		9,271		857,011
CVS Health Corp.		16,160		880,558


	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Gilead Sciences, Inc.		21,891	$	1,478,956
HCA Healthcare, Inc.		11,449		1,547,561
Humana, Inc.		3,521		934,121
Medtronic PLC		17,080		1,663,421
Merck & Co., Inc.		18,796		1,576,045
UnitedHealth Group, Inc.		11,142		2,718,760

				15,106,954

INDUSTRIALS (5.4%)
Boeing Co.		7,554		2,749,731
Caterpillar, Inc.		9,073		1,236,559
Delta Air Lines, Inc.		31,497		1,787,455
FedEx Corp.		5,114		839,668
Ingersoll-Rand PLC		9,155		1,159,664
Lockheed Martin Corp.		4,786		1,739,902
Parker-Hannifin Corp.		3,309		562,563

				10,075,542

INFORMATION TECHNOLOGY (14.6%)
Apple, Inc.		28,745		5,689,210
Broadcom, Inc.		7,145		2,056,760
Cisco Systems, Inc.		50,058		2,739,674
Citrix Systems, Inc.		7,189		705,528
Corning, Inc.		21,965		729,897
DXC Technology Co.		11,691		644,759
F5 Networks, Inc.*		3,704		539,414
Lam Research Corp.		6,418		1,205,557
Microsoft Corp.		48,057		6,437,716
NetApp, Inc.		9,850		607,745
Texas Instruments, Inc.		10,498		1,204,750
Total System Svcs., Inc.		9,262		1,188,037
Visa, Inc. Cl A		14,342		2,489,054
Xilinx, Inc.		6,439		759,287

				26,997,388

MATERIALS (1.4%)
Celanese Corp. Cl A		5,833		628,797
Eastman Chemical Co.		7,142		555,862
PPG Industries, Inc.		5,640		658,245
WestRock Co.		21,971		801,282

				2,644,186

REAL ESTATE (2.5%)
American Tower Corp.		9,212		1,883,393
Equinix, Inc.		2,990		1,507,827
Simon Property Group, Inc.		7,610		1,215,774

				4,606,994

UTILITIES (1.8%)
NextEra Energy, Inc.		7,511		1,538,704
Sempra Energy		13,064		1,795,516

				3,334,220

Total Common Stocks (Cost: $87,385,543) 58.8%				109,167,853

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (14.7%)
U.S. Treasury Bond		AA+		2.25		08/15/46	$	200,000	$	188,695
U.S. Treasury Bond		AA+		2.88		05/15/49		1,500,000		1,606,641
U.S. Treasury Note		AA+		1.50		02/28/23		500,000		495,820
U.S. Treasury Note		AA+		1.63		02/15/26		750,000		738,603
U.S. Treasury Note		AA+		2.00		02/15/25		500,000		504,844
U.S. Treasury Note		AA+		2.00		11/15/26		800,000		805,594
U.S. Treasury Note		AA+		2.13		05/15/25		750,000		762,246
U.S. Treasury Note		AA+		2.25		02/15/27		1,650,000		1,689,832
U.S. Treasury Note		AA+		2.25		08/15/27		2,600,000		2,661,242
U.S. Treasury Note		AA+		2.25		11/15/27		2,150,000		2,199,803
U.S. Treasury Note		AA+		2.38		05/15/27		1,850,000		1,911,426
U.S. Treasury Note		AA+		2.63		02/15/29		1,500,000		1,580,918
U.S. Treasury Note		AA+		2.88		05/15/28		7,250,000		7,780,156
U.S. Treasury Strip		AA+		0.00		08/15/29		5,500,000		4,438,752

										27,364,572

U.S. GOVERNMENT AGENCIES (11.2%)
MORTGAGE-BACKED OBLIGATIONS (11.2%)
FHLMC		AA+		2.50		09/01/27		177,138		178,727
FHLMC		AA+		2.62		01/25/23		50,000		50,808
FHLMC		AA+		3.00		06/01/27		102,414		104,585
FHLMC		AA+		3.00		08/01/27		115,968		118,608
FHLMC		AA+		3.00		02/01/32		269,946		276,036
FHLMC		AA+		3.00		10/15/37		151,634		154,629
FHLMC		AA+		3.00		11/01/42		178,263		181,803
FHLMC		AA+		3.00		04/01/43		215,190		219,730
FHLMC		AA+		3.50		02/01/32		121,954		126,525
FHLMC		AA+		3.50		01/01/43		213,558		221,785
FHLMC		AA+		3.50		06/01/45		298,983		309,933
FHLMC		AA+		3.50		07/01/45		323,031		336,865
FHLMC		AA+		4.00		02/01/25		18,434		19,146
FHLMC		AA+		4.00		11/01/33		221,941		232,110
FHLMC		AA+		4.00		01/01/38		177,240		187,816
FHLMC		AA+		4.00		03/01/41		96,301		101,602
FHLMC		AA+		4.00		07/01/41		139,402		147,351
FHLMC		AA+		4.00		11/01/42		100,296		105,946
FHLMC		AA+		4.00		01/01/43		168,868		178,380
FHLMC		AA+		4.00		01/01/44		184,092		193,610
FHLMC		AA+		4.00		10/01/44		148,667		155,721
FHLMC		AA+		4.00		06/01/45		293,372		309,144
FHLMC		AA+		4.00		05/01/47		338,674		354,076
FHLMC		AA+		4.00		09/01/48		470,518		488,629
FHLMC		AA+		4.50		08/01/34		20,575		22,093
FHLMC		AA+		4.50		08/15/35		17,247		17,664
FHLMC		AA+		4.50		02/01/44		137,046		145,886
FHLMC		AA+		4.50		05/01/48		437,434		459,808
FHLMC		AA+		5.00		02/01/26		11,513		12,173
FHLMC		AA+		5.00		10/01/40		132,774		144,359
FHLMC		AA+		5.50		07/01/32		24,906		26,862
FHLMC		AA+		5.50		05/01/33		17,686		18,868
FHLMC		AA+		5.50		06/01/37		83,116		92,226
FHLMC		AA+		6.00		03/15/32		24,025		26,918
FHLMC ARM		AA+		4.68		05/01/37		11,582		12,090
FHLMC ARM		AA+		4.73		03/01/37		3,582		3,752
FHLMC ARM		AA+		4.79		04/01/37		13,975		14,739
FHLMC ARM		AA+		4.89		02/01/36		26,524		27,822
FHLMC Strip		AA+		3.00		01/15/43		230,909		238,913

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA		AA+		2.68		12/01/26	$	300,000	$	303,830
FNMA		AA+		2.92		07/01/27		289,703		297,975
FNMA		AA+		3.00		06/01/33		333,512		339,502
FNMA		AA+		3.00		09/01/33		198,504		202,070
FNMA		AA+		3.00		12/01/42		253,693		253,793
FNMA		AA+		3.00		01/01/43		526,604		535,436
FNMA		AA+		3.00		02/01/43		152,949		155,513
FNMA		AA+		3.00		03/01/43		274,996		280,582
FNMA		AA+		3.00		04/01/43		251,130		251,228
FNMA		AA+		3.00		09/01/43		287,790		292,617
FNMA		AA+		3.50		03/25/28		227,517		237,174
FNMA		AA+		3.50		08/01/38		185,414		190,732
FNMA		AA+		3.50		10/01/41		115,697		121,404
FNMA		AA+		3.50		11/01/41		210,296		218,261
FNMA		AA+		3.50		12/01/41		189,521		197,432
FNMA		AA+		3.50		04/01/42		218,633		229,396
FNMA		AA+		3.50		04/01/42		346,168		359,281
FNMA		AA+		3.50		08/01/42		167,773		174,129
FNMA		AA+		3.50		11/25/42		444,263		453,172
FNMA		AA+		3.50		08/01/43		356,969		368,260
FNMA		AA+		3.50		08/01/43		296,897		307,490
FNMA		AA+		3.50		01/01/44		73,351		74,496
FNMA		AA+		3.50		08/25/44		89,102		91,483
FNMA		AA+		3.50		04/01/45		255,818		265,021
FNMA		AA+		3.50		09/01/47		164,339		170,202
FNMA		AA+		3.50		08/01/48		361,558		369,808
FNMA		AA+		3.53		01/01/26		200,000		211,928
FNMA		AA+		4.00		07/25/26		301,065		319,636
FNMA		AA+		4.00		01/01/31		119,058		124,341
FNMA		AA+		4.00		07/01/40		203,998		215,016
FNMA		AA+		4.00		11/01/40		120,910		127,489
FNMA		AA+		4.00		05/01/41		113,616		120,292
FNMA		AA+		4.00		11/01/45		240,271		249,694
FNMA		AA+		4.00		02/01/47		213,331		222,646
FNMA		AA+		4.00		05/01/48		567,830		589,924
FNMA		AA+		4.00		03/01/49		540,815		560,696
FNMA		AA+		4.00		07/01/56		596,438		626,606
FNMA		AA+		4.50		05/01/30		38,310		40,779
FNMA		AA+		4.50		04/01/31		50,834		54,114
FNMA		AA+		4.50		08/01/33		23,102		24,605
FNMA		AA+		4.50		09/01/33		43,586		46,461
FNMA		AA+		4.50		06/01/34		44,340		47,128
FNMA		AA+		4.50		08/01/35		28,392		30,457
FNMA		AA+		4.50		12/01/35		26,828		28,777
FNMA		AA+		4.50		05/01/39		48,237		51,782
FNMA		AA+		4.50		05/01/39		70,402		75,614
FNMA		AA+		4.50		05/01/40		81,865		87,153
FNMA		AA+		4.50		10/01/40		418,564		449,524
FNMA		AA+		4.50		11/01/47		106,304		112,924
FNMA		AA+		4.50		11/01/47		216,175		227,529
FNMA		AA+		5.00		06/01/33		44,837		48,674
FNMA		AA+		5.00		10/01/33		47,709		51,826
FNMA		AA+		5.00		11/01/33		133,737		145,767
FNMA		AA+		5.00		11/01/33		30,469		33,081
FNMA		AA+		5.00		03/01/34		14,912		16,233
FNMA		AA+		5.00		04/01/34		23,540		25,536

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA		AA+		5.00		09/01/35	$	16,563	$	18,089
FNMA		AA+		5.00		11/25/35		61,510		68,233
FNMA		AA+		5.00		08/01/37		125,047		136,508
FNMA		AA+		5.00		05/01/39		57,006		61,939
FNMA		AA+		5.00		06/01/40		30,697		33,352
FNMA		AA+		5.50		03/01/34		7,983		8,508
FNMA		AA+		5.50		05/01/34		88,747		98,188
FNMA		AA+		5.50		07/01/34		32,662		35,671
FNMA		AA+		5.50		09/01/34		43,186		47,174
FNMA		AA+		5.50		09/01/34		12,696		13,967
FNMA		AA+		5.50		10/01/34		19,531		21,660
FNMA		AA+		5.50		02/01/35		34,204		37,945
FNMA		AA+		5.50		02/01/35		27,806		30,848
FNMA		AA+		5.50		08/01/35		11,502		12,688
FNMA		AA+		5.50		08/01/37		5,956		6,598
FNMA		AA+		5.50		11/01/38		3,259		3,424
FNMA		AA+		5.50		06/01/48		9,300		9,623
FNMA		AA+		6.00		05/01/23		9,387		10,275
FNMA		AA+		6.00		04/01/32		1,512		1,655
FNMA		AA+		6.00		05/01/32		9,121		10,341
FNMA		AA+		6.00		04/01/33		55,480		61,403
FNMA		AA+		6.00		05/01/33		30,311		33,181
FNMA		AA+		6.00		06/01/34		13,839		15,408
FNMA		AA+		6.00		09/01/34		9,525		10,548
FNMA		AA+		6.00		10/01/34		23,676		26,151
FNMA		AA+		6.00		12/01/36		23,514		26,622
FNMA		AA+		6.00		01/01/37		25,442		28,811
FNMA		AA+		6.00		04/01/37		4,020		4,291
FNMA		AA+		6.00		05/01/37		3,083		3,243
FNMA		AA+		6.00		06/01/37		1,686		1,769
FNMA		AA+		6.00		10/25/44		73,078		83,452
FNMA		AA+		6.00		02/25/47		65,155		74,686
FNMA		AA+		6.00		12/25/49		29,815		34,026
FNMA		AA+		6.50		05/01/32		4,138		4,589
FNMA		AA+		6.50		05/01/32		22,121		24,534
FNMA		AA+		6.50		07/01/32		3,555		3,943
FNMA		AA+		6.50		07/01/34		15,922		17,723
FNMA		AA+		6.50		05/01/37		18,948		19,829
FNMA		AA+		6.50		09/01/37		6,835		7,581
FNMA		AA+		7.00		04/01/32		3,640		4,124
FNMA		AA+		7.50		06/01/31		3,916		4,480
FNMA		AA+		7.50		02/01/32		3,527		4,053
FNMA		AA+		7.50		06/01/32		2,840		3,392
FNMA		AA+		8.00		04/01/32		1,420		1,492
FNMA Strip		AA+		3.00		08/25/42		178,860		182,445
FRESB Multifamily Mortgage		AA+		3.16		11/25/27		186,035		193,522
FRESB Multifamily Mortgage		AA+		3.30		12/25/27		99,004		103,545
GNMA (3)		AA+		3.50		05/20/31		93,279		97,756
GNMA (3)		AA+		4.00		08/15/41		142,287		151,012
GNMA (3)		AA+		4.00		01/15/42		196,933		209,011
GNMA (3)		AA+		4.00		08/20/42		131,276		136,477
GNMA (3)		AA+		4.50		04/20/31		69,784		73,559
GNMA (3)		AA+		4.50		10/15/40		121,602		131,592
GNMA (3)		AA+		4.50		10/20/43		240,640		254,401
GNMA (3)		AA+		5.00		04/15/39		100,174		110,229

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (3)		AA+		5.00		06/20/39	$	111,139	$	120,522
GNMA (3)		AA+		5.00		11/15/39		55,073		60,618
GNMA (3)		AA+		6.50		04/15/31		1,744		1,916
GNMA (3)		AA+		6.50		10/15/31		2,145		2,489
GNMA (3)		AA+		6.50		12/15/31		1,312		1,441
GNMA (3)		AA+		6.50		05/15/32		6,297		6,917
GNMA (3)		AA+		7.00		05/15/31		2,064		2,391
GNMA (3)		AA+		7.00		05/15/32		634		649
Vendee Mortgage Trust (3)		AA+		5.25		01/15/32		75,037		77,562

										20,808,328

CORPORATE DEBT (12.4%)
COMMUNICATION SERVICES (0.6%)
AT&T, Inc.		BBB		3.00		06/30/22		350,000		355,987
Omnicom Group, Inc.		BBB+		3.63		05/01/22		100,000		103,285
Omnicom Group, Inc.		BBB+		4.45		08/15/20		250,000		255,557
Viacom, Inc.		BBB-		3.25		03/15/23		350,000		348,190

										1,063,019

CONSUMER DISCRETIONARY (2.6%)
Advance Auto Parts, Inc.		BBB-		4.50		12/01/23		100,000		107,256
Amazon.com, Inc.		AA-		5.20		12/03/25		300,000		350,222
AutoZone, Inc.		BBB		4.00		11/15/20		250,000		254,614
Dollar General Corp.		BBB		3.25		04/15/23		300,000		308,051
eBay, Inc.		BBB+		2.88		08/01/21		325,000		327,643
Expedia Group, Inc.		BBB		5.95		08/15/20		250,000		258,988
Family Dollar Stores, Inc.		BBB-		5.00		02/01/21		300,000		309,750
Harman International Industries, Inc.		BBB+		4.15		05/15/25		300,000		318,520
Kohl’s Corp.		BBB		3.25		02/01/23		250,000		251,111
Lowe’s Cos., Inc.		BBB+		3.12		04/15/22		300,000		305,768
Macy’s Retail Hldgs., Inc.		BBB-		2.88		02/15/23		216,000		211,427
Marriott International, Inc.		BBB		3.13		10/15/21		25,000		25,310
Marriott International, Inc.		BBB		3.25		09/15/22		350,000		357,804
Mattel, Inc.		B+		3.15		03/15/23		350,000		332,500
NVR, Inc.		BBB+		3.95		09/15/22		300,000		311,387
O’Reilly Automotive, Inc.		BBB		3.80		09/01/22		300,000		311,441
Tapestry, Inc.		BBB-		4.25		04/01/25		100,000		103,670
Tupperware Brands Corp.		BBB-		4.75		06/01/21		350,000		359,379

										4,804,841

CONSUMER STAPLES (0.7%)
Edgewell Personal Care Co.		BB		4.70		05/19/21		275,000		279,812
Ingredion, Inc.		BBB		4.63		11/01/20		250,000		256,747
Molson Coors Brewing Co.		BBB-		3.50		05/01/22		400,000		410,516
Sysco Corp.		BBB+		2.60		06/12/22		300,000		302,805
Sysco Corp.		BBB+		3.75		10/01/25		100,000		106,126

										1,356,006

ENERGY (0.8%)
Cameron International Corp.		A+		4.50		06/01/21		300,000		307,075
Energen Corp.		BB+		4.63		09/01/21		250,000		252,500
EQT Corp.		BBB-		4.88		11/15/21		210,000		219,539
Marathon Oil Corp.		BBB		2.80		11/01/22		350,000		351,484
Rowan Cos., Inc.		B		4.88		06/01/22		300,000		276,375

										1,406,973

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIALS (2.8%)
Aflac, Inc.	A-		4.00		02/15/22	$	300,000	$	313,362
Alleghany Corp.	BBB+		5.63		09/15/20		300,000		311,184
American Express Co.	BBB		3.63		12/05/24		250,000		262,366
Bank of America Corp.	BBB+		3.95		04/21/25		300,000		314,396
Block Financial LLC	BBB		5.25		10/01/25		350,000		375,008
Capital One Financial Corp.	BBB		4.75		07/15/21		300,000		313,515
Citizens Financial Group, Inc.	BBB		3.75		07/01/24		250,000		253,876
Citizens Financial Group, Inc.	BBB		4.35		08/01/25		100,000		104,911
Fairfax U.S., Inc.†	BBB-		4.88		08/13/24		250,000		264,509
Fifth Third Bancorp	BBB		4.30		01/16/24		300,000		320,232
First Tennessee Bank	BBBu		2.95		12/01/19		350,000		350,398
Lincoln National Corp.	A-		4.00		09/01/23		250,000		264,370
Moody’s Corp.	BBB+		4.50		09/01/22		250,000		264,362
Pacific LifeCorp.†	A-		6.00		02/10/20		23,000		23,425
Prudential Financial, Inc.	A		4.50		11/16/21		250,000		262,750
Signet UK Finance PLC	BB		4.70		06/15/24		250,000		207,500
Synchrony Financial	BBB-		3.70		08/04/26		400,000		396,880
Unum Group	BBB		4.00		03/15/24		150,000		156,368
Voya Financial, Inc.	BBB+		3.65		06/15/26		250,000		256,068
WR Berkley Corp.	BBB+		7.38		09/15/19		250,000		252,310

									5,267,790

HEALTH CARE (1.5%)
Agilent Technologies, Inc.	BBB+		5.00		07/15/20		290,000		297,042
Anthem, Inc.	A		4.35		08/15/20		250,000		255,335
Bio-Rad Laboratories, Inc.	BBB		4.88		12/15/20		200,000		206,221
Medco Health Solutions, Inc.	A-		4.13		09/15/20		250,000		254,697
Owens & Minor, Inc.	B		3.88		09/15/21		400,000		343,000
PerkinElmer, Inc.	BBB		5.00		11/15/21		300,000		313,639
Quest Diagnostics, Inc.	BBB+		4.70		04/01/21		150,000		155,402
Quest Diagnostics, Inc.	BBB+		4.75		01/30/20		250,000		252,968
Thermo Fisher Scientific, Inc.	BBB+		3.60		08/15/21		375,000		383,690
Zimmer Biomet Hldgs., Inc.	BBB		3.15		04/01/22		250,000		254,223

									2,716,217

INDUSTRIALS (0.1%)
JB Hunt Transport Svcs., Inc.	BBB+		3.30		08/15/22		200,000		204,241

INFORMATION TECHNOLOGY (1.1%)
Applied Materials, Inc.	A-		3.90		10/01/25		350,000		375,448
Arrow Electronics, Inc.	BBB-		4.50		03/01/23		300,000		314,114
Fiserv, Inc.	BBB		4.75		06/15/21		360,000		375,860
Ingram Micro, Inc.	NR		5.00		08/10/22		200,000		201,853
Juniper Networks, Inc.	BBB		4.60		03/15/21		350,000		362,155
Symantec Corp.	BB+		4.20		09/15/20		350,000		355,440

									1,984,870

MATERIALS (0.9%)
Freeport-McMoRan, Inc.	BB		3.55		03/01/22		300,000		300,375
Methanex Corp.	BB+		3.25		12/15/19		250,000		250,260
Packaging Corp. of America	BBB		3.90		06/15/22		250,000		259,437
Packaging Corp. of America	BBB		4.50		11/01/23		150,000		160,547
Sherwin-Williams Co.	BBB		3.95		01/15/26		350,000		366,971
Southern Copper Corp.	BBB+		3.50		11/08/22		100,000		101,696
Teck Resources Ltd.	BBB-		4.75		01/15/22		300,000		310,702

									1,749,988

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
REAL ESTATE (0.6%)
Government Properties Income Trust		BBB-		3.75		08/15/19	$	350,000	$	350,107
Healthcare Realty Trust, Inc.		BBB		3.75		04/15/23		250,000		255,571
Hospitality Properties Trust		BBB-		5.00		08/15/22		250,000		262,096
National Retail Properties, Inc.		BBB+		3.80		10/15/22		250,000		259,273

										1,127,047

UTILITIES (0.7%)
Entergy Corp.		BBB		5.13		09/15/20		250,000		255,953
Exelon Corp.		BBB		5.15		12/01/20		340,000		350,577
National Fuel Gas Co.		BBB		4.90		12/01/21		250,000		259,838
National Fuel Gas Co.		BBB		5.20		07/15/25		100,000		108,034
SCANA Corp.		BBB		4.13		02/01/22		300,000		306,371
Southern Co.		BBB+		3.25		07/01/26		50,000		50,760

										1,331,533

TOTAL CORPORATE DEBT										23,012,525

TOTAL LONG-TERM DEBT SECURITIES (Cost: $68,925,360) 38.3%										71,185,425


	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (3.0%)
Cargill Global Funding PLC†		A-1		2.32		07/01/19	$	2,600,000	$	2,600,000
Wisconsin Gas Co.		A-1		2.40		07/01/19		3,000,000		3,000,000

										5,600,000

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $5,600,000) 3.0%										5,600,000


			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.66		07/01/19	$	74,219	$	74,219

TOTAL TEMPORARY CASH INVESTMENT (Cost: $74,219) 0.0% (2)										74,219

TOTAL INVESTMENTS (Cost: $161,985,122) 100.1%										186,027,497

OTHER NET ASSETS -0.1%										(267,050	)

NET ASSETS 100.0%									$	185,760,447

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — RETIREMENT INCOME FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (30.2%)		22,200,280	$	32,969,657
Equity Index Fund (21.2%)		5,164,054		23,097,711
Mid-Cap Equity Index Fund (5.2%)		2,487,702		5,664,395
Mid-Term Bond Fund (30.0%)		30,535,588		32,694,851
Money Market Fund (13.4%)		11,785,246		14,557,820

TOTAL INVESTMENTS (Cost: $102,914,143) 100.0%				108,984,434

OTHER NET ASSETS -0.0% (2)				(1,690	)

NET ASSETS 100.0%			$	108,982,744

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2010 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (30.2%)		5,169,499	$	7,677,228
Equity Index Fund (21.5%)		1,223,635		5,473,058
International Fund (2.9%)		842,208		729,858
Mid-Cap Equity Index Fund (7.6%)		852,909		1,942,040
Mid-Term Bond Fund (28.9%)		6,850,018		7,334,403
Money Market Fund (8.9%)		1,834,385		2,265,939

TOTAL INVESTMENTS (Cost: $23,844,398) 100.0%				25,422,526

OTHER NET ASSETS -0.0% (2)				(747	)

NET ASSETS 100.0%			$	25,421,779

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2015 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (28.4%)		27,830,700	$	41,331,400
Equity Index Fund (26.3%)		8,532,386		38,163,545
International Fund (3.7%)		6,161,645		5,339,681
Mid-Cap Equity Index Fund (10.1%)		6,461,713		14,713,056
Mid-Term Bond Fund (23.8%)		32,344,883		34,632,087
Money Market Fund (5.9%)		6,907,625		8,532,699
Small Cap Growth Fund (0.9%)		896,241		1,323,815
Small Cap Value Fund (0.9%)		828,807		1,260,061

TOTAL INVESTMENTS (Cost: $133,146,378) 100.0%				145,296,344

OTHER NET ASSETS -0.0% (2)				(2,017	)

NET ASSETS 100.0%			$	145,294,327

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2020 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (26.1%)		100,905,145	$	149,854,331
Equity Index Fund (30.3%)		38,938,186		174,162,214
International Fund (6.6%)		43,859,367		38,008,528
Mid-Cap Equity Index Fund (10.9%)		27,445,879		62,493,141
Mid-Term Bond Fund (20.4%)		109,387,519		117,122,639
Money Market Fund (1.7%)		8,031,158		9,920,552
Small Cap Growth Fund (2.0%)		8,032,017		11,863,891
Small Cap Value Fund (2.0%)		7,445,546		11,319,695

TOTAL INVESTMENTS (Cost: $522,182,034) 100.0%				574,744,991

OTHER NET ASSETS -0.0% (2)				(3,547	)

NET ASSETS 100.0%			$	574,741,444

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2025 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (23.5%)		131,152,224	$	194,774,300
Equity Index Fund (34.1%)		63,269,776		282,992,233
International Fund (8.7%)		83,533,949		72,390,520
Mid-Cap Equity Index Fund (12.8%)		46,407,021		105,666,885
Mid-Term Bond Fund (13.5%)		104,627,363		112,025,878
Small Cap Growth Fund (3.9%)		21,942,775		32,411,124
Small Cap Value Fund (3.5%)		19,281,144		29,313,721

TOTAL INVESTMENTS (Cost: $745,112,837) 100.0%				829,574,661

OTHER NET ASSETS -0.0% (2)				(4,585	)

NET ASSETS 100.0%			$	829,570,076

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2030 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (20.9%)		103,911,864	$	154,319,613
Equity Index Fund (36.1%)		59,479,027		266,037,020
International Fund (10.6%)		90,613,376		78,525,552
Mid-Cap Equity Index Fund (17.8%)		57,620,813		131,200,229
Mid-Term Bond Fund (5.3%)		36,626,269		39,216,223
Small Cap Growth Fund (4.9%)		24,248,258		35,816,496
Small Cap Value Fund (4.4%)		21,589,663		32,823,434

TOTAL INVESTMENTS (Cost: $654,716,230) 100.0%				737,938,567

OTHER NET ASSETS -0.0% (2)				(3,919	)

NET ASSETS 100.0%			$	737,934,648

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2035 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (17.8%)		73,950,565	$	109,824,058
Equity Index Fund (38.6%)		53,242,768		238,143,559
International Fund (12.1%)		86,028,103		74,551,954
Mid-Cap Equity Index Fund (20.5%)		55,574,237		126,540,260
Small Cap Growth Fund (5.6%)		23,584,605		34,836,230
Small Cap Value Fund (5.4%)		21,757,530		33,078,648

TOTAL INVESTMENTS (Cost: $539,824,187) 100.0%				616,974,709

OTHER NET ASSETS -0.0% (2)				(2,820	)

NET ASSETS 100.0%			$	616,971,889

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2040 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (13.2%)		44,798,628	$	66,530,488
Equity Index Fund (38.8%)		43,654,618		195,257,808
International Fund (13.9%)		80,982,264		70,179,230
Mid-Cap Equity Index Fund (20.4%)		45,159,843		102,827,112
Smal Cap Equity Index Fund (0.1%)		631,017		593,191
Small Cap Growth Fund (6.9%)		23,342,964		34,479,308
Small Cap Value Fund (6.7%)		22,003,075		33,451,957

TOTAL INVESTMENTS (Cost: $436,631,707) 100.0%				503,319,094

OTHER NET ASSETS -0.0% (2)				(2,713	)

NET ASSETS 100.0%			$	503,316,381

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2045 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (11.2%)		39,759,981	$	59,047,588
Equity Index Fund (37.8%)		44,561,009		199,311,902
International Fund (14.0%)		85,208,805		73,841,951
Mid-Cap Equity Index Fund (21.7%)		50,200,556		114,304,608
Smal Cap Equity Index Fund (0.1%)		590,036		554,667
Small Cap Growth Fund (7.8%)		27,988,944		41,341,770
Small Cap Value Fund (7.4%)		25,605,382		38,928,657

TOTAL INVESTMENTS (Cost: $449,341,781) 100.0%				527,331,143

OTHER NET ASSETS -0.0% (2)				(2,973	)

NET ASSETS 100.0%			$	527,328,170

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2050 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (9.1%)		21,757,687	$	32,312,362
Equity Index Fund (35.8%)		28,470,078		127,340,595
International Fund (16.0%)		65,957,821		57,159,047
Mid-Cap Equity Index Fund (21.7%)		33,946,916		77,295,736
Smal Cap Equity Index Fund (0.3%)		1,000,960		940,958
Small Cap Growth Fund (8.8%)		21,259,263		31,401,526
Small Cap Value Fund (8.3%)		19,371,278		29,450,755

TOTAL INVESTMENTS (Cost: $326,393,578) 100.0%				355,900,979

OTHER NET ASSETS -0.0% (2)				(1,520	)

NET ASSETS 100.0%			$	355,899,459

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2055 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (8.8%)		6,137,027	$	9,114,105
Equity Index Fund (33.7%)		7,792,919		34,856,065
International Fund (16.9%)		20,184,361		17,491,767
Mid-Cap Equity Index Fund (22.0%)		9,986,735		22,739,385
Smal Cap Equity Index Fund (0.3%)		294,323		276,680
Small Cap Growth Fund (9.3%)		6,486,921		9,581,669
Small Cap Value Fund (9.0%)		6,153,512		9,355,375

TOTAL INVESTMENTS (Cost: $100,679,209) 100.0%				103,415,046

OTHER NET ASSETS -0.0% (2)				(225	)

NET ASSETS 100.0%			$	103,414,821

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2060 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (7.0%)		617,715	$	917,370
Equity Index Fund (31.0%)		910,911		4,074,311
International Fund (20.0%)		3,028,386		2,624,399
Mid-Cap Equity Index Fund (22.9%)		1,322,759		3,011,867
Smal Cap Equity Index Fund (1.4%)		190,230		178,827
Small Cap Growth Fund (9.4%)		836,859		1,236,103
Small Cap Value Fund (8.3%)		717,482		1,090,809

TOTAL INVESTMENTS (Cost: $12,566,542) 100.0%				13,133,686

OTHER NET ASSETS -0.0% (2)				(3	)

NET ASSETS 100.0%			$	13,133,683

MUTUAL OF AMERICA INVESTMENT CORPORATION — CONSERVATIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (30.2%)		33,488,509	$	49,733,818
Equity Index Fund (25.7%)		9,487,076		42,433,669
International Fund (4.6%)		8,696,965		7,536,790
Mid-Cap Equity Index Fund (4.8%)		3,496,437		7,961,243
Mid-Term Bond Fund (34.7%)		53,385,504		57,160,553

TOTAL INVESTMENTS (Cost: $153,416,770) 100.0%				164,826,073

OTHER NET ASSETS -0.0% (2)				(258	)

NET ASSETS 100.0%			$	164,825,815

MUTUAL OF AMERICA INVESTMENT CORPORATION — MODERATE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (25.3%)		70,119,524	$	104,134,575
Equity Index Fund (36.1%)		33,321,799		149,041,309
International Fund (9.2%)		43,577,978		37,764,676
Mid-Cap Equity Index Fund (14.5%)		26,259,989		59,792,917
Mid-Term Bond Fund (14.9%)		57,472,199		61,536,231

TOTAL INVESTMENTS (Cost: $349,404,980) 100.0%				412,269,708

OTHER NET ASSETS -0.0% (2)				(542	)

NET ASSETS 100.0%			$	412,269,166

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — AGGRESSIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (20.5%)		42,135,835	$	62,575,970
Equity Index Fund (36.6%)		25,056,216		112,071,118
International Fund (13.9%)		49,116,228		42,564,123
Mid-Cap Equity Index Fund (19.6%)		26,337,214		59,968,756
Small Cap Growth Fund (4.8%)		9,859,394		14,563,065
Small Cap Value Fund (4.6%)		9,303,427		14,144,288

TOTAL INVESTMENTS (Cost: $246,646,244) 100.0%				305,887,320

OTHER NET ASSETS -0.0% (2)				(1,329	)

NET ASSETS 100.0%			$	305,885,991

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (24.1%)
U.S. Treasury Bill	A-1+		2.11		08/29/19	$	1,600,000	$	1,594,494
U.S. Treasury Bill	A-1+		2.15		08/08/19		7,600,000		7,582,772
U.S. Treasury Bill	A-1+		2.20		07/25/19		8,000,000		7,988,299
U.S. Treasury Bill	A-1+		2.26		08/06/19		10,000,000		9,977,515
U.S. Treasury Bill	A-1+		2.30		08/01/19		5,200,000		5,189,741
U.S. Treasury Bill	A-1+		2.35		07/16/19		8,700,000		8,691,500
U.S. Treasury Bill	A-1+		2.38		07/09/19		6,500,000		6,496,580
U.S. Treasury Bill	A-1+		2.39		07/05/19		2,100,000		2,099,444

								49,620,345

U.S. GOVERNMENT AGENCIES (15.9%)
FHLB	A-1+		2.21		08/12/19		11,400,000		11,370,740
FHLB	A-1+		2.21		08/09/19		6,200,000		6,185,223
FHLB	A-1+		2.22		08/14/19		5,000,000		4,986,464
FHLB	A-1+		2.23		07/11/19		2,750,000		2,748,297
FHLB	A-1+		2.28		07/30/19		5,200,000		5,190,491
FHLB	A-1+		2.32		07/31/19		2,300,000		2,295,572

								32,776,787

COMMERCIAL PAPER (60.0%)
Apple, Inc.†	A-1+		2.26		08/15/19		5,100,000		5,085,656
Chevron Corp.†	A-1+		2.39		08/05/19		2,000,000		1,995,372
Chevron Corp.†	A-1+		2.40		07/22/19		6,000,000		5,991,635
Cisco Systems, Inc.†	A-1+		2.43		07/18/19		7,910,000		7,900,961
CME Group, Inc.†	A-1+		2.37		07/10/19		8,000,000		7,995,260
Eli Lilly & Co.†	A-1+		2.40		07/16/19		7,000,000		6,993,029
Emerson Electric Co.†	A-1		2.37		07/11/19		6,400,000		6,395,787
General Dynamics Corp.†	A-1		2.38		07/10/19		4,500,000		4,497,322
General Dynamics Corp.†	A-1		2.43		07/23/19		3,100,000		3,095,415
Hershey Co.†	A-1		2.42		07/15/19		6,000,000		5,994,377
IBM Corp.†	A-1		2.36		07/12/19		4,700,000		4,696,611
IBM Corp.†	A-1		2.46		08/01/19		2,731,000		2,725,238
Intel Corp.†	A-1		2.41		07/11/19		5,595,000		5,591,270
Intercontinental Exchange, Inc.†	A-1		2.39		07/25/19		500,000		499,207
Intercontinental Exchange, Inc.†	A-1		2.48		07/08/19		2,148,000		2,146,968
Intercontinental Exchange, Inc.†	A-1		2.55		08/06/19		300,000		299,238
Intercontinental Exchange, Inc.†	A-1		2.55		07/01/19		5,000,000		5,000,000
J.P. Morgan Securities LLC	A-1		2.36		07/26/19		350,000		349,429
J.P. Morgan Securities LLC	A-1		2.36		08/01/19		770,000		768,442
J.P. Morgan Securities LLC	A-1		2.37		08/23/19		1,130,000		1,126,069
Nestle Capital Corp.†	A-1+		2.27		08/16/19		5,700,000		5,683,540
Nestle Capital Corp.†	A-1+		2.39		08/06/19		1,100,000		1,097,382
Nestle Capital Corp.†	A-1+		2.47		07/02/19		1,200,000		1,199,918
NIKE, Inc.†	A-1+		2.36		07/18/19		1,100,000		1,098,774
Novartis Finance Corp.†	A-1+		2.35		07/02/19		3,400,000		3,399,778
Novartis Finance Corp.†	A-1+		2.36		08/02/19		2,250,000		2,245,300
ONE Gas, Inc.†	A-1		2.38		07/03/19		8,000,000		7,998,942
Simon Property Group LP†	A-1		2.37		08/02/19		6,300,000		6,286,746
Simon Property Group LP†	A-1		2.47		07/09/19		1,700,000		1,699,071
Toyota Motor Credit Corp.	A-1+		2.41		07/10/19		1,800,000		1,798,920
Toyota Motor Credit Corp.	A-1+		2.43		07/08/19		4,600,000		4,597,835

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES (CONTINUED):
COMMERCIAL PAPER (CONTINUED)
Unilever Capital Corp.†	A-1		2.46		07/29/19	$	2,200,000	$	2,195,808
United Parcel Svcs., Inc.†	A-1		2.27		07/12/19		5,000,000		4,996,532

								123,445,832

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $205,842,952) 100.0%									205,842,964

TOTAL INVESTMENTS (Cost: $205,842,952) 100.0%									205,842,964

OTHER NET ASSETS 0.0% (2)									19,062

NET ASSETS 100.0%								$	205,862,026

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (57.4%)
U.S. Treasury Note	AA+		0.75		07/15/19	$	2,500,000	$	2,498,582
U.S. Treasury Note	AA+		1.38		06/30/23		18,000,000		17,743,359
U.S. Treasury Note	AA+		1.38		09/30/23		23,500,000		23,139,238
U.S. Treasury Note	AA+		1.50		10/31/19		3,000,000		2,993,906
U.S. Treasury Note	AA+		1.50		02/28/23		21,000,000		20,824,453
U.S. Treasury Note	AA+		1.50		08/15/26		26,000,000		25,321,562
U.S. Treasury Note	AA+		1.63		07/31/19		13,500,000		13,492,963
U.S. Treasury Note	AA+		1.63		06/30/20		5,500,000		5,481,738
U.S. Treasury Note	AA+		1.63		10/31/23		9,900,000		9,846,633
U.S. Treasury Note	AA+		1.63		05/15/26		26,000,000		25,572,422
U.S. Treasury Note	AA+		1.75		12/31/20		3,500,000		3,494,805
U.S. Treasury Note	AA+		1.75		02/28/22		15,000,000		15,004,688
U.S. Treasury Note	AA+		1.88		05/31/22		19,400,000		19,481,086
U.S. Treasury Note	AA+		2.00		11/30/20		7,500,000		7,514,648
U.S. Treasury Note	AA+		2.00		05/31/24		25,000,000		25,281,250
U.S. Treasury Note	AA+		2.00		06/30/24		23,500,000		23,742,344
U.S. Treasury Note	AA+		2.13		05/15/25		10,200,000		10,366,547
U.S. Treasury Note	AA+		2.38		04/30/26		19,000,000		19,610,078
U.S. Treasury Note	AA+		2.38		05/15/29		19,000,000		19,623,438
U.S. Treasury Note	AA+		2.50		01/31/24		17,000,000		17,550,508
U.S. Treasury Note	AA+		2.50		02/28/26		8,000,000		8,315,938
U.S. Treasury Note	AA+		2.75		09/30/20		2,000,000		2,020,781
U.S. Treasury Note	AA+		2.75		05/31/23		8,000,000		8,302,812
U.S. Treasury Note	AA+		2.88		05/31/25		36,500,000		38,627,266

									365,851,045

U.S. GOVERNMENT AGENCIES (5.8%)
MORTGAGE-BACKED OBLIGATIONS (0.0%) (2)
FHLMC	AA+		7.50		03/15/21		593		607

NON-MORTGAGE-BACKED OBLIGATIONS (5.8%)
FHLMC	AA+		0.00		11/29/19		13,500,000		13,373,078
FNMA	AA+		0.00		10/09/19		23,000,000		22,856,205
Tennessee Valley Authority Strip	AA+		0.00		11/01/20		900,000		875,167

									37,104,450

CORPORATE DEBT (36.1%)
COMMUNICATION SERVICES (1.4%)
AT&T, Inc.	BBB		3.00		02/15/22		2,000,000		2,031,372
Discovery Communications LLC	BBB-		3.50		06/15/22		2,500,000		2,545,875
Omnicom Group, Inc.	BBB+		3.63		05/01/22		2,000,000		2,065,690
Viacom, Inc.	BBB-		3.25		03/15/23		2,500,000		2,487,074

									9,130,011

CONSUMER DISCRETIONARY (4.2%)
Advance Auto Parts, Inc.	BBB-		4.50		01/15/22		500,000		519,543
Advance Auto Parts, Inc.	BBB-		4.50		12/01/23		250,000		268,141
AutoZone, Inc.	BBB		3.70		04/15/22		300,000		310,460
AutoZone, Inc.	BBB		4.00		11/15/20		700,000		712,918
Dollar General Corp.	BBB		3.25		04/15/23		1,047,000		1,075,097
eBay, Inc.	BBB+		2.88		08/01/21		2,100,000		2,117,080
Expedia Group, Inc.	BBB		5.95		08/15/20		2,000,000		2,071,906
Family Dollar Stores, Inc.	BBB-		5.00		02/01/21		2,000,000		2,065,000
Gap, Inc.	BB+		5.95		04/12/21		2,000,000		2,088,244
Harman International Industries, Inc.	BBB+		4.15		05/15/25		2,000,000		2,123,468
Hyatt Hotels Corp.	BBB		5.38		08/15/21		50,000		52,526
Kohl’s Corp.	BBB		3.25		02/01/23		700,000		703,111

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Marriott International, Inc.	BBB		3.13		02/15/23	$	2,000,000	$	2,026,569
Marriott International, Inc.	BBB		3.38		10/15/20		800,000		806,897
Newell Brands, Inc.	BBB-		4.70		08/15/20		525,000		536,192
NVR, Inc.	BBB+		3.95		09/15/22		2,000,000		2,075,917
O’Reilly Automotive, Inc.	BBB		4.63		09/15/21		281,000		293,174
Tapestry, Inc.	BBB-		3.00		07/15/22		2,500,000		2,502,065
Tupperware Brands Corp.	BBB-		4.75		06/01/21		2,000,000		2,053,592
Wyndham Destinations, Inc.	BB-		5.40		04/01/24		2,500,000		2,618,600

									27,020,500

CONSUMER STAPLES (2.9%)
Edgewell Personal Care Co.	BB		4.70		05/19/21		2,000,000		2,035,000
Flowers Foods, Inc.	BBB		4.38		04/01/22		2,000,000		2,089,767
General Mills, Inc.	BBB		2.20		10/21/19		775,000		773,976
Ingredion, Inc.	BBB		4.63		11/01/20		275,000		282,422
Kellogg Co.	BBB		2.65		12/01/23		2,000,000		2,021,309
Keurig Dr Pepper, Inc.	BBB		3.13		12/15/23		2,990,000		3,034,126
Kroger Co.	BBB		2.95		11/01/21		2,000,000		2,022,179
Mead Johnson Nutrition Co.	A-		4.90		11/01/19		3,075,000		3,097,864
Molson Coors Brewing Co.	BBB-		3.50		05/01/22		1,000,000		1,026,290
Sysco Corp.	BBB+		2.60		10/01/20		2,000,000		2,006,369

									18,389,302

ENERGY (2.2%)
Cameron International Corp.	A+		3.60		04/30/22		214,000		219,086
Diamond Offshore Drilling, Inc.	B		3.45		11/01/23		1,500,000		1,260,000
Energen Corp.	BB+		4.63		09/01/21		2,000,000		2,020,000
EQT Corp.	BBB-		4.88		11/15/21		1,250,000		1,306,777
Kinder Morgan, Inc.	BBB		3.05		12/01/19		2,000,000		2,003,585
Marathon Oil Corp.	BBB		2.80		11/01/22		2,000,000		2,008,479
Noble Energy, Inc.	BBB		4.15		12/15/21		2,000,000		2,063,251
Rowan Cos., Inc.	B		4.88		06/01/22		2,000,000		1,842,500
SESI LLC	B+		7.13		12/15/21		2,150,000		1,499,625

									14,223,303

FINANCIALS (11.0%)
Aflac, Inc.	A-		3.63		06/15/23		550,000		576,727
Alleghany Corp.	BBB+		4.95		06/27/22		2,000,000		2,135,621
American Express Credit Corp.	A-		2.25		08/15/19		2,000,000		1,999,548
American International Group, Inc.	BBB+		4.13		02/15/24		2,000,000		2,117,965
Ares Capital Corp.	BBB-		3.63		01/19/22		2,500,000		2,525,520
Assurant, Inc.	BBB		4.00		03/15/23		2,000,000		2,068,820
Block Financial LLC	BBB		5.50		11/01/22		2,472,000		2,636,964
Capital One Financial Corp.	BBB		4.75		07/15/21		2,000,000		2,090,100
Citizens Financial Group, Inc.	BBB		3.75		07/01/24		2,000,000		2,031,005
ERAC USA Finance LLC†	A-		2.35		10/15/19		1,000,000		998,776
Fairfax U.S., Inc.†	BBB-		4.88		08/13/24		750,000		793,526
Fifth Third Bancorp	BBB		4.30		01/16/24		2,500,000		2,668,600
First Tennessee Bank	BBBu		2.95		12/01/19		2,200,000		2,202,500
FS Investment Corp.	NR		4.75		05/15/22		2,675,000		2,703,806
Goldman Sachs Group, Inc.	BBB+		3.20		02/23/23		2,500,000		2,557,562
Huntington Bancshares, Inc.	BBB+		2.30		01/14/22		2,750,000		2,747,509
Infinity Property & Casualty Corp.	BBB-		5.00		09/19/22		2,000,000		2,099,219
JPMorgan Chase & Co.	BBB+		3.88		09/10/24		1,520,000		1,597,220
Legg Mason, Inc.	BBB		3.95		07/15/24		2,000,000		2,091,995
Lincoln National Corp.	A-		4.00		09/01/23		2,000,000		2,114,961
Moody’s Corp.	BBB+		5.50		09/01/20		2,000,000		2,070,557
Morgan Stanley	BBB+		3.13		01/23/23		2,500,000		2,555,494

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIALS (CONTINUED)
People’s United Bank	BBB+		4.00		07/15/24	$	1,750,000	$	1,820,287
PNC Bank NA	A-		3.80		07/25/23		2,500,000		2,623,337
Prospect Capital Corp.	BBB-		4.95		07/15/22		2,500,000		2,513,527
Prospect Capital Corp.	BBB-		5.88		03/15/23		1,925,000		2,026,928
Regions Financial Corp.	BBB+		2.75		08/14/22		2,750,000		2,768,846
Signet UK Finance PLC	BB		4.70		06/15/24		2,000,000		1,660,000
Stifel Financial Corp.	BBB-		4.25		07/18/24		2,000,000		2,098,046
Synchrony Financial	BBB-		2.70		02/03/20		1,000,000		1,000,062
Synchrony Financial	BBB-		3.70		08/04/26		1,500,000		1,488,298
Unum Group	BBB		4.00		03/15/24		2,000,000		2,084,910
Voya Financial, Inc.	BBB+		3.65		06/15/26		2,000,000		2,048,547
WR Berkley Corp.	BBB+		4.63		03/15/22		2,000,000		2,114,771

									69,631,554

HEALTH CARE (4.2%)
AbbVie, Inc.	A-		2.85		05/14/23		2,500,000		2,516,942
Aetna, Inc.	BBB		2.80		06/15/23		2,500,000		2,514,061
Agilent Technologies, Inc.	BBB+		5.00		07/15/20		2,000,000		2,048,564
Anthem, Inc.	A		3.13		05/15/22		2,000,000		2,035,861
Bio-Rad Laboratories, Inc.	BBB		4.88		12/15/20		2,000,000		2,062,211
CVS Health Corp.	BBB		3.38		08/12/24		590,000		604,060
CVS Health Corp.	BBB		3.88		07/20/25		1,500,000		1,566,356
Humana, Inc.	BBB+		3.85		10/01/24		2,500,000		2,613,298
Laboratory Corp. of America Hldgs.	BBB		3.75		08/23/22		600,000		620,146
Laboratory Corp. of America Hldgs.	BBB		4.63		11/15/20		400,000		409,344
Owens & Minor, Inc.	B		3.88		09/15/21		2,000,000		1,715,000
PerkinElmer, Inc.	BBB		5.00		11/15/21		2,000,000		2,090,927
Quest Diagnostics, Inc.	BBB+		4.75		01/30/20		2,000,000		2,023,745
Thermo Fisher Scientific, Inc.	BBB+		3.60		08/15/21		400,000		409,270
Thermo Fisher Scientific, Inc.	BBB+		4.50		03/01/21		1,600,000		1,655,859
Zimmer Biomet Hldgs., Inc.	BBB		3.15		04/01/22		2,000,000		2,033,788

									26,919,432

INDUSTRIALS (1.0%)
Flowserve Corp.	BBB-		3.50		09/15/22		2,000,000		2,034,520
JB Hunt Transport Svsc., Inc.	BBB+		3.30		08/15/22		2,000,000		2,042,407
Verisk Analytics, Inc.	BBB		4.13		09/12/22		2,000,000		2,100,156

									6,177,083

INFORMATION TECHNOLOGY (2.8%)
Adobe, Inc.	A		4.75		02/01/20		2,000,000		2,027,202
Arrow Electronics, Inc.	BBB-		4.50		03/01/23		50,000		52,352
Avnet, Inc.	BBB-		3.75		12/01/21		1,130,000		1,150,810
Avnet, Inc.	BBB-		5.88		06/15/20		950,000		978,366
Fiserv, Inc.	BBB		4.75		06/15/21		1,900,000		1,983,706
Jabil, Inc.	BBB-		4.70		09/15/22		1,976,000		2,064,525
Juniper Networks, Inc.	BBB		4.50		03/15/24		1,500,000		1,602,255
Juniper Networks, Inc.	BBB		4.60		03/15/21		600,000		620,836
Lam Research Corp.	BBB+		2.75		03/15/20		2,000,000		2,001,706
Motorola Solutions, Inc.	BBB-		3.75		05/15/22		2,000,000		2,052,639
Symantec Corp.	BB+		4.20		09/15/20		2,000,000		2,031,087
Total System Svcs., Inc.	BBB-		3.75		06/01/23		950,000		980,212

									17,545,696

MATERIALS (1.6%)
Albemarle Corp.	BBB		4.50		12/15/20		1,065,000		1,092,475
Domtar Corp.	BBB-		4.40		04/01/22		2,000,000		2,080,036
Freeport-McMoRan, Inc.	BB		3.55		03/01/22		250,000		250,313

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
MATERIALS (CONTINUED)
Kinross Gold Corp.		BBB-		5.13		09/01/21	$	750,000	$	772,500
Methanex Corp.		BB+		3.25		12/15/19		2,000,000		2,002,082
Newmont Goldcorp Corp.		BBB		3.50		03/15/22		2,000,000		2,048,613
Sherwin-Williams Co.		BBB		2.25		05/15/20		200,000		199,630
Southern Copper Corp.		BBB+		3.50		11/08/22		2,000,000		2,033,913

										10,479,562

REAL ESTATE (3.1%)
Boston Properties LP		A-		3.80		02/01/24		3,000,000		3,144,720
CBRE Svcs., Inc.		BBB+		5.25		03/15/25		2,000,000		2,206,627
Crown Castle International Corp.		BBB-		3.15		07/15/23		2,500,000		2,547,410
Government Properties Income Trust		BBB-		3.75		08/15/19		2,000,000		2,000,611
HCP, Inc.		BBB+		3.15		08/01/22		750,000		762,973
HCP, Inc.		BBB+		4.00		12/01/22		2,000,000		2,092,711
Hospitality Properties Trust		BBB-		5.00		08/15/22		1,300,000		1,362,899
Jones Lang LaSalle, Inc.		BBB+		4.40		11/15/22		1,410,000		1,465,681
Mack-Cali Realty LP		BB		4.50		04/18/22		1,000,000		985,176
Omega Healthcare Investors, Inc.		BBB-		4.38		08/01/23		1,750,000		1,817,264
Omega Healthcare Investors, Inc.		BBB-		4.50		01/15/25		750,000		782,137
Senior Housing Properties Trust		BBB-		4.75		05/01/24		500,000		505,822

										19,674,031

UTILITIES (1.7%)
Entergy Corp.		BBB		5.13		09/15/20		1,400,000		1,433,337
Exelon Corp.		BBB		5.15		12/01/20		1,500,000		1,546,663
Exelon Generation Co. LLC		BBB+		4.25		06/15/22		1,000,000		1,046,732
National Fuel Gas Co.		BBB		4.90		12/01/21		2,000,000		2,078,707
SCANA Corp.		BBB		4.75		05/15/21		2,000,000		2,049,305
Southern Co.		BBB+		3.25		07/01/26		2,500,000		2,537,981

										10,692,725

TOTAL CORPORATE DEBT										229,883,199

TOTAL LONG-TERM DEBT SECURITIES (Cost: $622,732,743) 99.3%										632,839,301


			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit				1.66		07/01/19	$	272,931	$	272,931

TOTAL TEMPORARY CASH INVESTMENT (Cost: $272,931) 0.0% (2)										272,931

TOTAL INVESTMENTS (Cost: $623,005,674) 99.3%										633,112,232

OTHER NET ASSETS 0.7%										4,219,496

NET ASSETS 100.0%									$	637,331,728

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (34.4%)
U.S. Treasury Bond	AA+	2.25	08/15/46	$	16,500,000	$	15,567,363
U.S. Treasury Bond	AA+	2.75	08/15/47		10,000,000		10,421,484
U.S. Treasury Bond	AA+	2.88	05/15/49		29,000,000		31,061,719
U.S. Treasury Note	AA+	1.50	08/15/26		40,800,000		39,735,375
U.S. Treasury Note	AA+	1.88	05/31/22		2,500,000		2,510,449
U.S. Treasury Note	AA+	2.25	02/15/27		44,000,000		45,062,187
U.S. Treasury Note	AA+	2.25	08/15/27		74,500,000		76,254,824
U.S. Treasury Note	AA+	2.25	11/15/27		51,100,000		52,283,684
U.S. Treasury Note	AA+	2.38	05/15/27		63,750,000		65,866,699
U.S. Treasury Note	AA+	2.63	02/15/29		31,200,000		32,883,094
U.S. Treasury Note	AA+	2.88	05/15/28		39,000,000		41,851,875
U.S. Treasury Note	AA+	3.13	11/15/28		4,000,000		4,385,000
U.S. Treasury Strip	AA+	0.00	08/15/25		20,000,000		17,780,492
U.S. Treasury Strip	AA+	0.00	08/15/26		20,000,000		17,381,997
U.S. Treasury Strip	AA+	0.00	08/15/28		20,000,000		16,558,858
U.S. Treasury Strip	AA+	0.00	08/15/29		20,000,000		16,140,915
U.S. Treasury Strip	AA+	0.00	08/15/33		10,000,000		7,222,802
U.S. Treasury Strip	AA+	0.00	08/15/35		10,000,000		6,813,111
U.S. Treasury Strip	AA+	0.00	08/15/37		10,000,000		6,437,629

							506,219,557

U.S. GOVERNMENT AGENCIES (29.6%)
MORTGAGE-BACKED OBLIGATIONS (28.5%)
FHLMC	AA+	2.50	09/01/27		1,062,829		1,072,362
FHLMC	AA+	2.50	12/01/27		1,047,668		1,057,081
FHLMC	AA+	2.79	10/15/41		779,624		780,571
FHLMC	AA+	2.89	01/15/47		2,905,834		2,902,659
FHLMC	AA+	3.00	06/01/27		558,808		570,657
FHLMC	AA+	3.00	08/01/27		378,032		386,638
FHLMC	AA+	3.00	02/01/32		4,319,134		4,416,572
FHLMC	AA+	3.00	10/15/37		1,039,776		1,060,314
FHLMC	AA+	3.00	12/15/40		1,058,871		1,080,452
FHLMC	AA+	3.00	07/01/42		601,975		622,817
FHLMC	AA+	3.00	10/01/42		1,891,340		1,924,239
FHLMC	AA+	3.00	11/01/42		1,878,633		1,917,060
FHLMC	AA+	3.00	11/01/42		745,990		758,962
FHLMC	AA+	3.00	11/01/42		1,770,628		1,772,415
FHLMC	AA+	3.00	11/01/42		823,104		840,468
FHLMC	AA+	3.00	11/01/42		3,101,314		3,155,262
FHLMC	AA+	3.00	02/01/43		1,577,595		1,604,991
FHLMC	AA+	3.00	03/01/43		1,418,161		1,442,831
FHLMC	AA+	3.00	04/01/43		1,976,022		2,006,742
FHLMC	AA+	3.00	04/01/43		1,183,064		1,208,029
FHLMC	AA+	3.00	04/01/43		830,147		844,586
FHLMC	AA+	3.00	09/15/43		3,001,542		3,054,809
FHLMC	AA+	3.00	04/15/44		990,432		998,160
FHLMC	AA+	3.00	04/15/45		2,573,308		2,604,591
FHLMC	AA+	3.00	09/01/46		1,532,772		1,556,602
FHLMC	AA+	3.00	09/01/46		4,191,718		4,247,796
FHLMC	AA+	3.00	11/01/46		1,280,301		1,281,598
FHLMC	AA+	3.50	02/01/35		2,481,389		2,574,382
FHLMC	AA+	3.50	02/01/35		1,278,669		1,326,581
FHLMC	AA+	3.50	04/01/35		1,077,715		1,113,088
FHLMC	AA+	3.50	02/01/36		1,217,113		1,255,989
FHLMC	AA+	3.50	01/01/41		1,273,144		1,314,639
FHLMC	AA+	3.50	07/01/42		1,652,565		1,718,833
FHLMC	AA+	3.50	10/01/42		1,402,502		1,455,333

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC	AA+		3.50		01/01/43	$	1,153,216	$	1,197,638
FHLMC	AA+		3.50		01/01/43		574,576		596,702
FHLMC	AA+		3.50		05/01/43		1,860,129		1,931,655
FHLMC	AA+		3.50		06/01/43		2,359,506		2,445,190
FHLMC	AA+		3.50		07/01/43		658,062		683,404
FHLMC	AA+		3.50		11/01/43		1,316,108		1,366,703
FHLMC	AA+		3.50		01/01/44		2,222,855		2,308,338
FHLMC	AA+		3.50		05/15/44		2,479,146		2,550,979
FHLMC	AA+		3.50		04/01/45		1,915,883		1,986,331
FHLMC	AA+		3.50		07/01/45		1,938,185		2,021,190
FHLMC	AA+		3.50		09/01/45		1,619,486		1,675,050
FHLMC	AA+		3.50		11/01/45		5,400,854		5,605,539
FHLMC	AA+		3.50		08/01/46		2,438,100		2,526,525
FHLMC	AA+		3.50		09/01/47		8,114,187		8,356,114
FHLMC	AA+		3.50		11/01/47		3,600,082		3,707,420
FHLMC	AA+		3.50		12/01/47		1,848,611		1,903,492
FHLMC	AA+		3.50		07/01/49		4,000,000		4,093,408
FHLMC	AA+		4.00		02/01/25		136,360		141,628
FHLMC	AA+		4.00		05/01/25		54,474		56,697
FHLMC	AA+		4.00		05/01/26		186,726		195,284
FHLMC	AA+		4.00		11/01/33		6,400,354		6,693,615
FHLMC	AA+		4.00		12/01/33		936,561		971,503
FHLMC	AA+		4.00		01/01/38		2,415,106		2,559,218
FHLMC	AA+		4.00		12/15/38		332,223		342,432
FHLMC	AA+		4.00		07/01/41		871,261		920,945
FHLMC	AA+		4.00		12/01/41		535,029		564,502
FHLMC	AA+		4.00		07/01/42		1,928,787		2,040,773
FHLMC	AA+		4.00		08/01/42		659,767		696,024
FHLMC	AA+		4.00		08/01/42		1,326,452		1,399,527
FHLMC	AA+		4.00		09/01/42		730,754		770,097
FHLMC	AA+		4.00		11/01/42		1,163,439		1,228,975
FHLMC	AA+		4.00		12/01/42		896,150		945,504
FHLMC	AA+		4.00		01/01/43		1,308,723		1,382,441
FHLMC	AA+		4.00		01/01/44		1,420,138		1,493,566
FHLMC	AA+		4.00		10/01/44		1,173,060		1,228,002
FHLMC	AA+		4.00		10/01/44		1,508,830		1,581,119
FHLMC	AA+		4.00		10/01/44		1,486,665		1,557,208
FHLMC	AA+		4.00		02/01/45		4,657,265		4,959,284
FHLMC	AA+		4.00		05/01/47		3,386,742		3,540,760
FHLMC	AA+		4.00		02/01/48		1,241,978		1,291,267
FHLMC	AA+		4.00		05/01/48		2,780,390		2,889,461
FHLMC	AA+		4.00		05/01/48		1,113,519		1,158,391
FHLMC	AA+		4.00		09/01/48		6,587,251		6,840,808
FHLMC	AA+		4.00		10/01/48		4,719,546		4,895,162
FHLMC	AA+		4.00		04/01/49		4,904,679		5,088,236
FHLMC	AA+		4.00		04/01/49		4,944,130		5,129,163
FHLMC	AA+		4.50		03/01/34		296,865		317,086
FHLMC	AA+		4.50		08/01/34		154,313		165,696
FHLMC	AA+		4.50		08/15/35		44,424		45,499
FHLMC	AA+		4.50		06/01/37		773,556		831,255
FHLMC	AA+		4.50		12/01/39		103,594		108,270
FHLMC	AA+		4.50		03/01/41		417,745		450,348
FHLMC	AA+		4.50		05/01/48		3,499,469		3,678,463
FHLMC	AA+		4.50		05/01/48		4,536,446		4,769,628
FHLMC	AA+		5.00		02/01/26		43,175		45,648
FHLMC	AA+		5.00		08/01/35		935,262		1,024,280

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC	AA+		5.00		10/01/40	$	597,481	$	649,617
FHLMC	AA+		5.50		03/01/21		13,855		13,971
FHLMC	AA+		5.50		07/01/32		124,529		134,312
FHLMC	AA+		5.50		01/15/33		150,823		166,403
FHLMC	AA+		5.50		05/01/33		104,532		111,523
FHLMC	AA+		5.50		06/01/37		831,165		922,257
FHLMC	AA+		6.00		07/15/29		88,939		97,534
FHLMC	AA+		6.00		03/15/32		105,708		118,439
FHLMC ARM	AA+		4.68		05/01/37		42,466		44,331
FHLMC ARM	AA+		4.70		04/01/37		71,353		75,326
FHLMC ARM	AA+		4.73		03/01/37		16,119		16,884
FHLMC ARM	AA+		4.79		04/01/37		57,647		60,799
FHLMC ARM	AA+		4.89		02/01/36		117,320		123,059
FHLMC Strip	AA+		3.00		01/15/43		2,309,094		2,389,127
FHLMC Strip	AA+		3.50		10/15/47		2,221,479		2,327,955
FNMA	AA+		2.25		01/01/28		1,270,672		1,278,807
FNMA	AA+		2.68		12/01/26		3,000,000		3,038,303
FNMA	AA+		2.80		06/25/37		58,286		58,606
FNMA	AA+		2.92		07/01/27		2,897,034		2,979,749
FNMA	AA+		3.00		06/01/33		1,036,591		1,055,209
FNMA	AA+		3.00		07/01/33		1,940,125		1,974,964
FNMA	AA+		3.00		09/01/33		2,059,484		2,096,473
FNMA	AA+		3.00		04/25/42		1,163,082		1,191,323
FNMA	AA+		3.00		10/01/42		661,079		666,840
FNMA	AA+		3.00		12/01/42		964,316		980,068
FNMA	AA+		3.00		12/01/42		1,522,157		1,522,755
FNMA	AA+		3.00		01/01/43		3,317,604		3,373,248
FNMA	AA+		3.00		02/01/43		1,529,490		1,555,132
FNMA	AA+		3.00		03/01/43		1,787,474		1,823,784
FNMA	AA+		3.00		04/01/43		1,757,913		1,758,595
FNMA	AA+		3.00		02/01/45		1,412,920		1,443,585
FNMA	AA+		3.00		03/01/45		1,791,421		1,792,115
FNMA	AA+		3.00		09/01/46		2,567,178		2,600,319
FNMA	AA+		3.00		01/01/47		1,169,048		1,169,505
FNMA	AA+		3.13		06/25/40		557,965		559,732
FNMA	AA+		3.50		03/01/32		763,216		791,327
FNMA	AA+		3.50		10/01/34		2,019,224		2,093,555
FNMA	AA+		3.50		02/01/35		1,644,336		1,704,890
FNMA	AA+		3.50		08/01/38		1,589,259		1,634,845
FNMA	AA+		3.50		03/01/41		1,363,104		1,416,817
FNMA	AA+		3.50		10/01/41		809,881		849,828
FNMA	AA+		3.50		12/01/41		909,701		947,671
FNMA	AA+		3.50		04/01/42		961,984		1,009,342
FNMA	AA+		3.50		04/01/42		1,153,895		1,197,604
FNMA	AA+		3.50		07/01/42		1,563,901		1,623,141
FNMA	AA+		3.50		08/01/42		1,003,498		1,041,515
FNMA	AA+		3.50		09/01/42		1,225,018		1,271,418
FNMA	AA+		3.50		11/25/42		1,777,052		1,812,689
FNMA	AA+		3.50		12/01/42		2,323,646		2,411,318
FNMA	AA+		3.50		12/01/42		1,194,989		1,266,094
FNMA	AA+		3.50		01/01/43		1,209,432		1,251,083
FNMA	AA+		3.50		03/01/43		1,511,100		1,567,093
FNMA	AA+		3.50		06/01/43		2,863,076		2,971,499
FNMA	AA+		3.50		07/25/43		2,105,949		2,167,396
FNMA	AA+		3.50		08/01/43		3,889,350		4,028,118
FNMA	AA+		3.50		08/01/43		1,812,304		1,869,628

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA	AA+		3.50		10/01/43	$	1,075,673	$	1,138,476
FNMA	AA+		3.50		01/01/44		815,006		827,728
FNMA	AA+		3.50		08/25/44		3,653,171		3,750,785
FNMA	AA+		3.50		04/01/45		3,208,228		3,339,735
FNMA	AA+		3.50		04/01/45		1,918,634		1,987,659
FNMA	AA+		3.50		05/01/45		3,516,408		3,634,792
FNMA	AA+		3.50		10/01/45		3,423,914		3,564,218
FNMA	AA+		3.50		02/01/46		2,248,274		2,318,055
FNMA	AA+		3.50		02/01/46		4,014,400		4,166,693
FNMA	AA+		3.50		08/01/46		3,084,056		3,203,549
FNMA	AA+		3.50		12/01/46		1,442,410		1,478,420
FNMA	AA+		3.50		09/01/47		3,779,807		3,914,639
FNMA	AA+		3.50		10/01/47		4,263,229		4,387,600
FNMA	AA+		3.50		04/01/48		1,799,098		1,837,141
FNMA	AA+		3.50		08/01/48		3,615,580		3,698,084
FNMA	AA+		3.50		07/01/49		3,300,000		3,377,062
FNMA	AA+		3.53		01/01/26		5,000,000		5,298,197
FNMA	AA+		4.00		07/25/26		1,505,324		1,598,182
FNMA	AA+		4.00		05/25/29		1,816,645		1,920,090
FNMA	AA+		4.00		01/01/31		84,493		88,242
FNMA	AA+		4.00		12/01/33		881,105		912,159
FNMA	AA+		4.00		03/01/35		305,324		316,837
FNMA	AA+		4.00		06/01/36		835,013		873,619
FNMA	AA+		4.00		11/01/38		1,146,505		1,208,786
FNMA	AA+		4.00		10/01/40		863,490		914,996
FNMA	AA+		4.00		11/01/40		668,562		704,937
FNMA	AA+		4.00		01/01/41		2,420,778		2,551,237
FNMA	AA+		4.00		02/01/41		935,092		985,977
FNMA	AA+		4.00		05/01/41		721,613		764,018
FNMA	AA+		4.00		08/01/42		1,695,058		1,787,322
FNMA	AA+		4.00		05/01/43		984,089		1,038,775
FNMA	AA+		4.00		09/01/45		988,469		1,031,216
FNMA	AA+		4.00		11/01/45		1,441,628		1,498,163
FNMA	AA+		4.00		02/01/47		3,555,512		3,710,761
FNMA	AA+		4.00		04/01/48		1,288,288		1,338,414
FNMA	AA+		4.00		05/01/48		6,056,857		6,292,527
FNMA	AA+		4.00		09/01/48		1,856,286		1,925,998
FNMA	AA+		4.00		03/01/49		5,899,798		6,116,681
FNMA	AA+		4.00		07/01/56		1,887,463		1,982,929
FNMA	AA+		4.50		05/01/30		212,831		226,551
FNMA	AA+		4.50		04/01/31		341,317		363,334
FNMA	AA+		4.50		08/01/33		135,844		145,028
FNMA	AA+		4.50		08/01/33		87,629		93,329
FNMA	AA+		4.50		09/01/33		221,891		236,527
FNMA	AA+		4.50		10/01/33		218,069		233,339
FNMA	AA+		4.50		10/01/33		100,060		106,578
FNMA	AA+		4.50		05/01/34		126,242		135,199
FNMA	AA+		4.50		06/01/34		180,526		191,878
FNMA	AA+		4.50		07/01/34		107,484		115,171
FNMA	AA+		4.50		01/01/35		464,021		494,805
FNMA	AA+		4.50		08/01/35		141,959		152,283
FNMA	AA+		4.50		12/01/35		151,559		162,564
FNMA	AA+		4.50		05/01/39		528,013		567,109
FNMA	AA+		4.50		05/01/39		797,477		856,087
FNMA	AA+		4.50		05/01/40		409,327		435,767
FNMA	AA+		4.50		07/01/40		2,377,006		2,585,051

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA	AA+		4.50		10/01/40	$	2,790,427	$	2,996,829
FNMA	AA+		4.50		11/01/40		456,359		490,617
FNMA	AA+		4.50		03/01/41		1,474,781		1,583,858
FNMA	AA+		4.50		06/01/41		462,322		496,517
FNMA	AA+		4.50		08/01/41		1,265,992		1,359,513
FNMA	AA+		4.50		10/01/41		162,423		169,736
FNMA	AA+		4.50		11/01/41		851,686		914,676
FNMA	AA+		4.50		01/01/42		84,103		90,317
FNMA	AA+		4.50		07/01/42		1,063,380		1,143,592
FNMA	AA+		4.50		03/01/44		1,223,642		1,301,761
FNMA	AA+		4.50		04/01/44		1,918,777		2,055,586
FNMA	AA+		4.50		11/01/47		3,401,728		3,613,583
FNMA	AA+		4.50		11/01/47		3,930,454		4,136,889
FNMA	AA+		4.50		11/01/47		4,536,508		4,825,968
FNMA	AA+		5.00		09/01/20		8,584		8,783
FNMA	AA+		5.00		10/01/20		32,381		33,131
FNMA	AA+		5.00		10/01/25		71,666		75,730
FNMA	AA+		5.00		09/01/33		427,455		464,345
FNMA	AA+		5.00		10/01/33		308,708		335,346
FNMA	AA+		5.00		11/01/33		339,487		370,024
FNMA	AA+		5.00		03/01/34		66,277		72,146
FNMA	AA+		5.00		04/01/34		139,000		150,785
FNMA	AA+		5.00		04/01/34		36,543		39,889
FNMA	AA+		5.00		04/01/35		125,661		137,256
FNMA	AA+		5.00		06/01/35		79,032		86,314
FNMA	AA+		5.00		09/01/35		198,755		217,068
FNMA	AA+		5.00		09/01/35		83,627		88,370
FNMA	AA+		5.00		11/25/35		512,582		568,611
FNMA	AA+		5.00		08/01/37		545,660		595,670
FNMA	AA+		5.00		05/01/39		388,126		421,711
FNMA	AA+		5.00		09/25/40		1,240,032		1,290,009
FNMA	AA+		5.50		01/01/24		72,426		77,195
FNMA	AA+		5.50		03/01/24		153,973		164,112
FNMA	AA+		5.50		09/01/25		76,477		82,042
FNMA	AA+		5.50		11/01/26		47,589		50,723
FNMA	AA+		5.50		01/01/27		36,052		38,441
FNMA	AA+		5.50		03/01/33		170,513		183,198
FNMA	AA+		5.50		09/01/33		189,242		208,581
FNMA	AA+		5.50		10/01/33		290,157		319,531
FNMA	AA+		5.50		03/01/34		144,092		159,927
FNMA	AA+		5.50		03/01/34		34,211		36,464
FNMA	AA+		5.50		07/01/34		130,646		142,685
FNMA	AA+		5.50		09/01/34		49,514		54,473
FNMA	AA+		5.50		09/01/34		35,468		37,805
FNMA	AA+		5.50		09/01/34		108,764		118,809
FNMA	AA+		5.50		10/01/34		256,988		284,998
FNMA	AA+		5.50		02/01/35		100,102		111,055
FNMA	AA+		5.50		02/01/35		123,135		136,604
FNMA	AA+		5.50		04/01/35		108,814		120,272
FNMA	AA+		5.50		08/01/35		213,021		234,977
FNMA	AA+		5.50		02/25/37		24,896		26,338
FNMA	AA+		5.50		05/01/38		264,618		284,504
FNMA	AA+		5.50		11/01/38		18,051		18,961
FNMA	AA+		5.50		06/01/48		52,699		54,528
FNMA	AA+		6.00		05/01/23		92,379		101,113
FNMA	AA+		6.00		01/01/25		68,787		75,291

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA	AA+		6.00		03/01/28	$	88,151	$	96,486
FNMA	AA+		6.00		04/01/32		5,929		6,489
FNMA	AA+		6.00		05/01/32		122,225		138,567
FNMA	AA+		6.00		04/01/33		316,879		350,708
FNMA	AA+		6.00		03/01/36		22,798		24,755
FNMA	AA+		6.00		12/01/36		90,895		102,910
FNMA	AA+		6.00		01/01/37		123,537		139,899
FNMA	AA+		6.00		04/01/37		20,100		21,455
FNMA	AA+		6.00		05/01/37		13,857		14,576
FNMA	AA+		6.00		06/01/37		7,081		7,431
FNMA	AA+		6.00		07/01/37		56,094		63,550
FNMA	AA+		6.00		08/01/37		69,864		79,292
FNMA	AA+		6.00		12/01/37		38,921		44,157
FNMA	AA+		6.00		10/25/44		371,010		423,679
FNMA	AA+		6.00		02/25/47		788,636		903,997
FNMA	AA+		6.00		12/25/49		298,153		340,255
FNMA	AA+		6.50		05/01/32		56,273		62,413
FNMA	AA+		6.50		05/01/32		86,736		96,200
FNMA	AA+		6.50		09/01/36		18,545		21,090
FNMA	AA+		6.50		05/01/37		85,265		89,229
FNMA	AA+		6.50		07/01/37		13,851		15,362
FNMA	AA+		6.50		09/01/37		26,075		28,920
FNMA	AA+		6.50		05/01/38		22,558		25,019
FNMA	AA+		7.00		01/25/44		243,450		284,320
FNMA	AA+		7.50		06/01/32		40,325		48,166
FNMA	AA+		8.00		04/01/32		18,464		19,391
FNMA Strip	AA+		3.00		08/25/42		993,667		1,013,582
FRESB Multifamily Mortgage	AA+		3.16		11/25/27		1,860,350		1,935,224
FRESB Multifamily Mortgage	AA+		3.30		12/25/27		1,980,087		2,070,895
FRESB Multifamily Mortgage	AA+		3.61		10/25/28		1,241,657		1,321,308
GNMA (3)	AA+		2.68		10/16/47		2,000,000		1,996,448
GNMA (3)	AA+		3.00		07/16/36		1,638,100		1,685,909
GNMA (3)	AA+		3.50		05/20/31		2,331,971		2,443,894
GNMA (3)	AA+		3.50		07/15/42		1,579,527		1,639,396
GNMA (3)	AA+		3.50		11/15/42		867,713		900,428
GNMA (3)	AA+		3.50		03/20/45		3,564,282		3,682,176
GNMA (3)	AA+		3.50		05/20/45		2,249,674		2,330,899
GNMA (3)	AA+		3.70		05/15/42		700,520		729,627
GNMA (3)	AA+		4.00		04/15/24		142,292		148,363
GNMA (3)	AA+		4.00		01/20/41		1,299,561		1,350,317
GNMA (3)	AA+		4.00		03/15/41		495,015		525,801
GNMA (3)	AA+		4.00		08/15/41		920,681		977,133
GNMA (3)	AA+		4.00		11/15/41		605,958		650,769
GNMA (3)	AA+		4.00		12/15/41		1,314,023		1,394,764
GNMA (3)	AA+		4.00		08/20/42		910,178		946,238
GNMA (3)	AA+		4.25		04/20/41		649,216		683,481
GNMA (3)	AA+		4.29		04/15/41		271,959		285,687
GNMA (3)	AA+		4.50		06/20/30		26,926		28,608
GNMA (3)	AA+		4.50		09/15/30		482,184		512,443
GNMA (3)	AA+		4.50		06/20/34		269,757		283,607
GNMA (3)	AA+		4.50		09/15/40		754,324		813,087
GNMA (3)	AA+		4.50		10/15/40		988,018		1,069,189
GNMA (3)	AA+		4.50		10/15/40		262,827		282,876
GNMA (3)	AA+		5.00		04/15/39		807,285		888,318
GNMA (3)	AA+		5.00		06/20/39		972,464		1,054,566
GNMA (3)	AA+		5.00		11/15/39		314,705		346,389

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (3)	AA+		5.00		05/15/40	$	121,763	$	133,900
GNMA (3)	AA+		5.00		06/20/40		95,983		101,546
GNMA (3)	AA+		5.50		01/15/36		65,258		69,574
GNMA (3)	AA+		6.50		04/15/31		6,513		7,154
GNMA (3)	AA+		6.50		12/15/31		18,692		20,534
GNMA (3)	AA+		6.50		05/15/32		24,043		26,412
GNMA (3)	AA+		7.00		05/15/32		2,467		2,522
Vendee Mortgage Trust (3)			5.25		01/15/32		412,702		426,593

									420,049,601

NON-MORTGAGE-BACKED OBLIGATIONS (1.1%)
FHLMC	AA+		0.00		11/29/19		11,000,000		10,896,582
FNMA	AA+		0.00		10/09/19		5,050,000		5,018,428

									15,915,010

CORPORATE DEBT (35.1%)
COMMUNICATION SERVICES (1.3%)
AT&T, Inc.	BBB		3.00		02/15/22		4,000,000		4,062,744
AT&T, Inc.	BBB		3.00		06/30/22		1,000,000		1,017,107
Discovery Communications LLC	BBB-		3.50		06/15/22		5,000,000		5,091,750
Omnicom Group, Inc.	BBB+		3.63		05/01/22		1,000,000		1,032,845
Omnicom Group, Inc.	BBB+		4.45		08/15/20		3,000,000		3,066,688
Viacom, Inc.	BBB-		3.25		03/15/23		5,000,000		4,974,148

									19,245,282

CONSUMER DISCRETIONARY (5.6%)
Advance Auto Parts, Inc.	BBB-		4.50		01/15/22		1,000,000		1,039,087
Advance Auto Parts, Inc.	BBB-		4.50		12/01/23		1,000,000		1,072,563
Amazon.com, Inc.	AA-		5.20		12/03/25		5,000,000		5,837,037
AutoZone, Inc.	BBB		3.25		04/15/25		2,000,000		2,042,413
AutoZone, Inc.	BBB		3.70		04/15/22		700,000		724,405
AutoZone, Inc.	BBB		4.00		11/15/20		3,000,000		3,055,363
Brinker International, Inc.	BB+		3.88		05/15/23		4,000,000		3,950,000
Dollar General Corp.	BBB		3.25		04/15/23		4,000,000		4,107,342
eBay, Inc.	BBB+		2.88		08/01/21		5,000,000		5,040,666
Expedia Group, Inc.	BBB		5.95		08/15/20		4,000,000		4,143,813
Family Dollar Stores, Inc.	BBB-		5.00		02/01/21		4,000,000		4,130,000
Gap, Inc.	BB+		5.95		04/12/21		5,000,000		5,220,610
Harman International Industries, Inc.	BBB+		4.15		05/15/25		5,000,000		5,308,671
Hyatt Hotels Corp.	BBB		5.38		08/15/21		200,000		210,103
Kohl’s Corp.	BBB		3.25		02/01/23		1,804,000		1,812,017
Lowe’s Cos., Inc.	BBB+		3.12		04/15/22		2,000,000		2,038,450
Marriott International, Inc.	BBB		3.13		02/15/23		3,000,000		3,039,854
Marriott International, Inc.	BBB		3.38		10/15/20		3,000,000		3,025,864
Mattel, Inc.	B+		3.15		03/15/23		2,000,000		1,900,000
Mattel, Inc.	B+		4.35		10/01/20		1,000,000		1,006,250
Newell Brands, Inc.	BBB-		4.70		08/15/20		3,000,000		3,063,955
NVR, Inc.	BBB+		3.95		09/15/22		4,000,000		4,151,833
O’Reilly Automotive, Inc.	BBB		3.80		09/01/22		3,250,000		3,373,943
Tapestry, Inc.	BBB-		4.25		04/01/25		2,500,000		2,591,748
Tupperware Brands Corp.	BBB-		4.75		06/01/21		4,000,000		4,107,184
Whirlpool Corp.	BBB		3.70		05/01/25		2,000,000		2,057,254
Whirlpool Corp.	BBB		4.85		06/15/21		1,000,000		1,041,991
Wyndham Destinations, Inc.	BB-		3.90		03/01/23		4,000,000		4,000,000

									83,092,416

CONSUMER STAPLES (1.8%)
Conagra Brands, Inc.	BBB-		4.95		08/15/20		645,000		661,282
Edgewell Personal Care Co.	BB		4.70		05/19/21		4,000,000		4,070,000

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Flowers Foods, Inc.	BBB		4.38		04/01/22	$	4,000,000	$	4,179,535
Ingredion, Inc.	BBB		4.63		11/01/20		3,225,000		3,312,036
Kroger Co.	BBB		2.95		11/01/21		4,800,000		4,853,229
Mead Johnson Nutrition Co.	A-		4.13		11/15/25		1,950,000		2,108,803
Molson Coors Brewing Co.	BBB-		3.50		05/01/22		3,000,000		3,078,872
Sysco Corp.	BBB+		3.75		10/01/25		3,575,000		3,793,990

									26,057,747

ENERGY (2.7%)
Cameron International Corp.	A+		4.50		06/01/21		3,000,000		3,070,754
Devon Energy Corp.	BBB		5.85		12/15/25		2,500,000		2,976,648
Diamond Offshore Drilling, Inc.	B		3.45		11/01/23		3,000,000		2,520,000
Energen Corp.	BB+		4.63		09/01/21		4,000,000		4,040,000
EQT Corp.	BBB-		4.88		11/15/21		4,000,000		4,181,688
Kinder Morgan Energy Partners LP	BBB		4.30		05/01/24		5,000,000		5,313,239
Marathon Oil Corp.	BBB		2.80		11/01/22		4,000,000		4,016,958
Marathon Petroleum Corp.	BBB		5.13		03/01/21		3,300,000		3,444,895
Murphy Oil Corp.	BBB-		4.20		12/01/22		3,525,000		3,555,844
Rowan Cos., Inc.	B		4.88		06/01/22		4,000,000		3,685,000
SESI LLC	B+		7.13		12/15/21		4,500,000		3,138,750

									39,943,776

FINANCIALS (8.7%)
Aflac, Inc.	A-		4.00		02/15/22		3,000,000		3,133,621
Alleghany Corp.	BBB+		4.95		06/27/22		2,000,000		2,135,621
Alleghany Corp.	BBB+		5.63		09/15/20		3,000,000		3,111,837
American Express Co.	BBB		3.63		12/05/24		5,000,000		5,247,314
American International Group, Inc.	BBB+		3.75		07/10/25		5,000,000		5,231,951
Bank of America Corp.	BBB+		3.95		04/21/25		5,000,000		5,239,938
Block Financial LLC	BBB		5.25		10/01/25		3,000,000		3,214,357
Block Financial LLC	BBB		5.50		11/01/22		2,250,000		2,400,149
Capital One Financial Corp.	BBB		4.75		07/15/21		4,000,000		4,180,199
Citigroup, Inc.	BBB		3.88		03/26/25		5,000,000		5,215,037
Citizens Financial Group, Inc.	BBB		3.75		07/01/24		5,000,000		5,077,513
Fairfax U.S., Inc.†	BBB-		4.88		08/13/24		3,500,000		3,703,120
Fifth Third Bancorp	BBB		4.30		01/16/24		5,000,000		5,337,200
First Tennessee Bank	BBBu		2.95		12/01/19		5,000,000		5,005,682
Genworth Hldgs., Inc.	B		7.20		02/15/21		1,750,000		1,715,000
Genworth Hldgs., Inc.	B		7.63		09/24/21		1,300,000		1,274,000
Hartford Financial Svcs.	BBB+		5.50		03/30/20		1,000,000		1,021,783
JPMorgan Chase & Co.	BBB+		3.88		09/10/24		5,000,000		5,254,012
Kemper Corp.	BBB-		4.35		02/15/25		2,000,000		2,091,550
Lincoln National Corp.	A-		4.00		09/01/23		4,000,000		4,229,922
Lincoln National Corp.	A-		4.85		06/24/21		1,000,000		1,045,527
Markel Corp.	BBB		5.35		06/01/21		1,200,000		1,260,077
Marsh & McLennan Cos., Inc.	A-		4.80		07/15/21		3,000,000		3,118,451
Moody’s Corp.	BBB+		4.50		09/01/22		4,000,000		4,229,790
Old Republic International Corp.	BBB+		3.88		08/26/26		5,000,000		5,138,775
Pacific LifeCorp.†	A-		6.00		02/10/20		710,000		723,135
People’s United Bank	BBB+		4.00		07/15/24		2,000,000		2,080,328
Prudential Financial, Inc.	A		4.50		11/16/21		1,000,000		1,050,999
Reinsurance Group of America, Inc.	A		4.70		09/15/23		1,000,000		1,081,875
Reinsurance Group of America, Inc.	A		5.00		06/01/21		3,000,000		3,142,774
Signet UK Finance PLC	BB		4.70		06/15/24		5,000,000		4,150,000
Stifel Financial Corp.	BBB-		4.25		07/18/24		1,500,000		1,573,535
Synchrony Financial	BBB-		2.70		02/03/20		2,250,000		2,250,139
Synchrony Financial	BBB-		3.70		08/04/26		2,750,000		2,728,547
Travelers Cos., Inc.	A		3.90		11/01/20		2,500,000		2,555,194

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIALS (CONTINUED)
Unum Group	BBB		4.00		03/15/24	$	5,000,000	$	5,212,274
Voya Financial, Inc.	BBB+		3.65		06/15/26		5,000,000		5,121,368
Wells Fargo & Co.	BBB+		3.45		02/13/23		4,000,000		4,109,373
Wells Fargo & Co.	BBB+		4.13		08/15/23		1,000,000		1,055,666
WR Berkley Corp.	BBB+		4.63		03/15/22		2,000,000		2,114,771
WR Berkley Corp.	BBB+		7.38		09/15/19		2,000,000		2,018,479

									129,580,883

HEALTH CARE (3.4%)
Agilent Technologies, Inc.	BBB+		5.00		07/15/20		4,000,000		4,097,128
Anthem, Inc.	A		3.30		01/15/23		3,539,000		3,629,397
Anthem, Inc.	A		4.35		08/15/20		2,000,000		2,042,676
Biogen, Inc.	A-		4.05		09/15/25		2,500,000		2,680,144
Bio-Rad Laboratories, Inc.	BBB		4.88		12/15/20		4,000,000		4,124,423
Express Scripts Hldg. Co.	A-		3.50		06/15/24		2,000,000		2,058,719
Humana, Inc.	BBB+		3.85		10/01/24		3,000,000		3,135,958
Laboratory Corp. of America Hldgs.	BBB		3.75		08/23/22		2,000,000		2,067,155
Laboratory Corp. of America Hldgs.	BBB		4.63		11/15/20		1,000,000		1,023,359
Medco Health Solutions, Inc.	A-		4.13		09/15/20		3,000,000		3,056,360
Owens & Minor, Inc.	B		3.88		09/15/21		2,200,000		1,886,500
Owens & Minor, Inc.	B		4.38		12/15/24		2,800,000		2,086,000
PerkinElmer, Inc.	BBB		5.00		11/15/21		4,000,000		4,181,853
Quest Diagnostics, Inc.	BBB+		3.50		03/30/25		700,000		721,908
Quest Diagnostics, Inc.	BBB+		4.75		01/30/20		4,000,000		4,047,490
Thermo Fisher Scientific, Inc.	BBB+		3.60		08/15/21		1,000,000		1,023,174
Thermo Fisher Scientific, Inc.	BBB+		4.50		03/01/21		3,000,000		3,104,736
Zimmer Biomet Hldgs., Inc.	BBB		3.15		04/01/22		5,000,000		5,084,470

									50,051,450

INDUSTRIALS (0.9%)
Flowserve Corp.	BBB-		3.50		09/15/22		4,000,000		4,069,040
Hexcel Corp.	BBB		4.70		08/15/25		3,900,000		4,223,844
Verisk Analytics, Inc.	BBB		4.00		06/15/25		5,000,000		5,336,278

									13,629,162

INFORMATION TECHNOLOGY (3.4%)
Adobe, Inc.	A		4.75		02/01/20		4,000,000		4,054,405
Applied Materials, Inc.	A-		3.90		10/01/25		5,000,000		5,363,545
Arrow Electronics, Inc.	BBB-		4.00		04/01/25		1,000,000		1,025,306
Arrow Electronics, Inc.	BBB-		4.50		03/01/23		1,100,000		1,151,751
Avnet, Inc.	BBB-		4.88		12/01/22		270,000		286,220
Avnet, Inc.	BBB-		5.88		06/15/20		1,100,000		1,132,845
Fidelity National Information Svcs., Inc.	BBB		3.88		06/05/24		5,000,000		5,283,253
Fiserv, Inc.	BBB		4.75		06/15/21		1,000,000		1,044,056
Ingram Micro, Inc.	NR		5.00		08/10/22		1,000,000		1,009,266
Ingram Micro, Inc.	NR		5.45		12/15/24		750,000		766,143
Juniper Networks, Inc.	BBB		4.50		03/15/24		3,000,000		3,204,511
Juniper Networks, Inc.	BBB		4.60		03/15/21		2,000,000		2,069,453
Keysight Technologies, Inc.	BBB-		4.55		10/30/24		5,000,000		5,348,469
Lam Research Corp.	BBB+		2.75		03/15/20		5,000,000		5,004,264
Motorola Solutions, Inc.	BBB-		3.75		05/15/22		4,000,000		4,105,277
Motorola Solutions, Inc.	BBB-		4.00		09/01/24		1,000,000		1,040,812
Symantec Corp.	BB+		4.20		09/15/20		4,000,000		4,062,174
Total System Svcs., Inc.	BBB-		3.75		06/01/23		4,000,000		4,127,207

									50,078,957

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)


	Rating**	Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
MATERIALS (3.6%)
Albemarle Corp.	BBB		4.50		12/15/20	$	2,000,000	$	2,051,596
Carpenter Technology Corp.	BBB-		4.45		03/01/23		3,600,000		3,652,597
Domtar Corp.	BBB-		4.40		04/01/22		5,000,000		5,200,089
Dow Chemical Co.	BBB		3.50		10/01/24		4,800,000		4,986,271
Eastman Chemical Co.	BBB		4.50		01/15/21		2,500,000		2,563,093
Freeport-McMoRan, Inc.	BB		3.55		03/01/22		4,000,000		4,005,000
Kinross Gold Corp.	BBB-		5.13		09/01/21		4,000,000		4,120,000
Methanex Corp.	BB+		3.25		12/15/19		3,400,000		3,403,539
Methanex Corp.	BB+		5.25		03/01/22		600,000		624,893
Newmont Goldcorp Corp.	BBB		3.50		03/15/22		4,000,000		4,097,227
Packaging Corp. of America	BBB		3.90		06/15/22		2,000,000		2,075,500
Packaging Corp. of America	BBB		4.50		11/01/23		2,000,000		2,140,626
Sherwin-Williams Co.	BBB		3.95		01/15/26		5,000,000		5,242,447
Southern Copper Corp.	BBB+		3.50		11/08/22		4,000,000		4,067,826
Teck Resources Ltd.	BBB-		3.75		02/01/23		1,000,000		1,017,266
Teck Resources Ltd.	BBB-		4.75		01/15/22		3,000,000		3,107,017

									52,354,987

REAL ESTATE (2.3%)
Boston Properties LP	A-		3.85		02/01/23		3,000,000		3,129,859
Government Properties Income Trust	BBB-		3.75		08/15/19		4,000,000		4,001,222
HCP, Inc.	BBB+		3.40		02/01/25		3,750,000		3,831,880
Healthcare Realty Trust, Inc.	BBB		3.75		04/15/23		4,000,000		4,089,137
Hospitality Properties Trust	BBB-		5.00		08/15/22		4,550,000		4,770,148
Jones Lang LaSalle, Inc.	BBB+		4.40		11/15/22		4,000,000		4,157,960
Mack-Cali Realty LP	BB		4.50		04/18/22		5,000,000		4,925,878
National Retail Properties, Inc.	BBB+		3.30		04/15/23		1,000,000		1,021,464
National Retail Properties, Inc.	BBB+		3.80		10/15/22		3,000,000		3,111,277
Ventas Realty LP / Ventas Capital Corp.	BBB+		3.25		08/15/22		500,000		511,166
Welltower, Inc.	BBB+		3.75		03/15/23		750,000		780,842

									34,330,833

UTILITIES (1.4%)
Entergy Corp.	BBB		5.13		09/15/20		2,500,000		2,559,529
Exelon Corp.	BBB		5.15		12/01/20		3,000,000		3,093,326
Exelon Generation Co. LLC	BBB+		4.25		06/15/22		1,000,000		1,046,733
National Fuel Gas Co.	BBB		4.90		12/01/21		3,000,000		3,118,061
National Fuel Gas Co.	BBB		5.20		07/15/25		2,000,000		2,160,684
SCANA Corp.	BBB		4.13		02/01/22		4,000,000		4,084,947
SCANA Corp.	BBB		4.75		05/15/21		1,000,000		1,024,653
UIL Hldgs. Corp.	BBB		4.63		10/01/20		2,725,000		2,790,889

									19,878,822

TOTAL CORPORATE DEBT									518,244,315

SOVEREIGN DEBT (0.2%)
Sri Lanka AID	NR		6.59		09/15/28		2,531,278		2,947,628

TOTAL LONG-TERM DEBT SECURITIES (Cost: $1,425,355,116) 99.3%									1,463,376,111


	Rating**	Rate(%)		Maturity		Face Amount		Value

SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (1.0%)
Cargill Global Funding PLC†	A-1		2.32		07/01/19	$	10,100,000	$	10,100,000
Wisconsin Gas Co.	A-1		2.40		07/01/19		4,600,000		4,600,000

									14,700,000

TOTAL SHORT-TERM DEBT SECURITIES (Cost: $14,700,000) 1.0%									14,700,000

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

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2019 (Unaudited)



	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%)
Citibank, New York Time Deposit		1.66		07/01/19	$	74,296	$	74,296

TOTAL TEMPORARY CASH INVESTMENT (Cost: $74,296) 0.0%								74,296

TOTAL INVESTMENTS (Cost: $1,440,129,412) 100.3%								1,478,150,407

OTHER NET ASSETS -0.3%								(4,772,564	)

NET ASSETS 100.0%							$	1,473,377,843

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

MUTUAL OF AMERICA INVESTMENT CORPORATION

FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES

June 30, 2019 (Unaudited)


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

*	Non-income producing security.

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

†

Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2019, the aggregate values of these securities and their percentages of the respective Funds’ net assets were as follows:


Fund	Aggregate Market Value		Percentage of Net Assets
EQUITY INDEX FUND	$	11,200,000		0.4	%
SMALL CAP VALUE FUND	$	8,900,000		1.9	%
SMALL CAP GROWTH FUND	$	11,600,000		2.1	%
MID CAP VALUE FUND	$	2,600,000		2.9	%
MID-CAP EQUITY INDEX FUND	$	13,581,398		0.9	%
INTERNATIONAL FUND	$	10,000,000		1.6	%
COMPOSITE FUND	$	2,887,934		1.6	%
MONEY MARKET FUND	$	114,805,137		55.8	%
MID-TERM BOND FUND	$	1,792,302		0.3	%
BOND FUND	$	14,526,255		1.0	%

††	Level 3 Security.

(1)	This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Funds as of June 30, 2018, was as follows:


Fund	Number of Contracts		Contract Type	Purchased (P) or Sold (S)		Expiration Date		Notional Amount		Underlying Face Amount at Value		Unrealized Gain(Loss)(a)		Face Value of Futures as a Percentage of Total Investments
EQUITY INDEX FUND		461	E-mini S&P 500 Stock Index		P		September 2019	$	67,863,810	$	67,863,810	$	981,550		2.2	%
ALL AMERICA FUND		30	E-mini S&P 500 Stock Index		P		September 2019	$	4,416,300	$	4,416,300	$	11,955		1.5	%
MID-CAP EQUITY INDEX FUND		466	E-mini S&P MidCap 400 Stock Index		P		September 2019	$	90,870,000	$	90,870,000	$	1,922,792		6.0	%

(a)

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

(2)	Percentage is less than 0.05%.

(3)	U.S. Government guaranteed security.

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2019 (Unaudited)


	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
ASSETS
Investments at fair value
(Cost: Equity Index Fund — $1,762,745,658 All America Fund — $211,332,015 Small Cap Value Fund — $441,853,345 Small Cap Growth Fund — $499,061,840 Small Cap Equity Index Fund — $28,388,252 Mid Cap Value Fund — $74,178,867 Mid-Cap Equity Index Fund — $1,247,558,018 International Fund — $577,425,104 Composite Fund — $161,985,122 Retirement Income Fund — $102,914,143 2010 Retirement Fund — $23,844,398 2015 Retirement Fund — $133,146,378 2020 Retirement Fund — $522,182,034 2025 Retirement Fund — $745,112,837)
(Notes 1 and 3)	$	3,081,739,098	$	298,528,674	$	486,570,494	$	569,065,316	$	26,958,835
Cash		98		44,818		86		13,850		154
Interest and dividends receivable		2,482,673		281,503		646,049		282,356		28,365
Receivable for securities sold		2,407,764		4,774,416		4,556,811		4,471,786		1,288,437
Receivable for daily variation on future contracts		313,140		8,738		—		—		—
Shareholder subscriptions receivable		1,838,667		—		86,897		23,638		53,392
Other receivables		—		—		—		—		—


TOTAL ASSETS		3,088,781,440		303,638,149		491,860,337		573,856,946		28,329,183


LIABILITIES
Payable for securities purchased		3,891,826		3,029,789		10,938,935		9,883,480		1,337,876
Shareholder redemptions payable		—		262,824		—		—		—
Accrued expenses		42,503		16,387		43,457		51,461		349


TOTAL LIABILITIES:		3,934,329		3,309,000		10,982,392		9,934,941		1,338,225


NET ASSETS	$	3,084,847,111	$	300,329,149	$	480,877,945	$	563,922,005	$	26,990,958


NUMBER OF SHARES OUTSTANDING (Note 4)		689,692,129		124,506,223		316,286,459		381,884,527		28,711,677


NET ASSET VALUES, offering and redemption price per share		$4.47		$2.41		$1.52		$1.48		$0.94


COMPONENTS OF NET ASSETS
Paid-in capital	$	1,619,520,035	$	180,996,790	$	391,169,817	$	433,611,234	$	28,326,382
Total Distributable Earnings (Loss) (Notes 1 and 5)		1,465,327,076		119,332,359		89,708,128		130,310,771		(1,335,424	)


NET ASSETS	$	3,084,847,111	$	300,329,149	$	480,877,945	$	563,922,005	$	26,990,958

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

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


Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Income Fund			2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund




$	92,535,646	$	1,518,998,972	$	614,255,236	$	186,027,497	$	108,984,434	(a)	$	25,422,526	(a)	$	145,296,344	(a)	$	574,744,991	(a)	$	829,574,661	(a)
	448		242		82		19,544		—			—			—			—			—
	124,776		1,445,894		—		520,456		—			—			—			—			—
	—		10,199,410		—		346		—			—			—			—			—
	—		978,361		—		—		—			—			—			—			—
	—		535,930		399,037		—		—			—			—			—			—
	—		—		—		—		11,843			8,652			—			—			—


	92,660,870		1,532,158,809		614,654,355		186,567,843		108,996,277			25,431,178			145,296,344			574,744,991			829,574,661



	881,490		3,319,850		—		744,040		—			—			—			—			—
	2,439		—		—		52,982		—			—			—			—			—
	6,875		21,842		7,681		10,374		13,533			9,399			2,017			3,547			4,585


	890,804		3,341,692		7,681		807,396		13,533			9,399			2,017			3,547			4,585


$	91,770,066	$	1,528,817,117	$	614,646,674	$	185,760,447	$	108,982,744		$	25,421,779		$	145,294,327		$	574,741,444		$	829,570,076


	58,763,655		671,429,419		709,261,795		99,832,212		90,384,594			25,252,886			135,544,829			458,505,789			612,370,743


	$1.56		$2.28		$0.87		$1.86		$1.21			$1.01			$1.07			$1.25			$1.35



$	68,156,112	$	1,091,256,724	$	553,377,282	$	146,223,228	$	99,370,192		$	22,620,945		$	121,373,964		$	477,858,082		$	689,585,459
	23,613,954		437,560,393		61,269,392		39,537,219		9,612,552			2,800,834			23,920,363			96,883,362			139,984,617


$	91,770,066	$	1,528,817,117	$	614,646,674	$	185,760,447	$	108,982,744		$	25,421,779		$	145,294,327		$	574,741,444		$	829,570,076

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

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

June 30, 2019 (Unaudited)


	2030 Retirement Fund			2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund
ASSETS
Investments at fair value
(Cost: 2030 Retirement Fund — $654,716,230 2035 Retirement Fund — $539,824,187 2040 Retirement Fund — $436,631,707 2045 Retirement Fund — $449,341,781 2050 Retirement Fund — $326,393,578 2055 Retirement Fund — $100,679,209 2060 Retirement Fund — $12,566,542 Conservative Allocation Fund — $153,416,770 Moderate Allocation Fund — $349,404,980 Aggressive Allocation Fund — $246,646,244 Money Market Fund — $205,842,952 Mid-Term Bond Fund — $623,005,674 Bond Fund — $1,440,129,412)
(Notes 1 and 3)	$	737,938,567	(a)	$	616,974,709	(a)	$	503,319,094	(a)	$	527,331,143	(a)	$	355,900,979	(a)
Cash		—			—			—			—			—
Interest and dividends receivable		—			—			—			—			—
Receivable for securities sold		—			—			—			—			—
Receivable for daily variation on future contracts		—			—			—			—			—
Shareholder subscriptions receivable		—			—			—			—			—
Other receivables		—			—			—			—			—


TOTAL ASSETS		737,938,567			616,974,709			503,319,094			527,331,143			355,900,979


LIABILITIES
Payable for securities purchased		—			—			—			—			—
Shareholder redemptions payable		—			—			—			—			—
Accrued expenses		3,919			2,820			2,713			2,973			1,520


TOTAL LIABILITIES		3,919			2,820			2,713			2,973			1,520


NET ASSETS	$	737,934,648		$	616,971,889		$	503,316,381		$	527,328,170		$	355,899,459


NUMBER OF SHARES OUTSTANDING (Note 4)		523,524,717			431,783,921			356,979,466			376,042,902			210,372,654


NET ASSET VALUES, offering and redemption price per share		$1.41			$1.43			$1.41			$1.40			$1.69


COMPONENTS OF NET ASSETS
Paid-in capital	$	607,581,790		$	501,596,208		$	408,797,096		$	417,063,017		$	310,070,528
Total Distributable Earnings (Loss) (Notes 1 and 5)		130,352,858			115,375,681			94,519,285			110,265,153			45,828,931


NET ASSETS	$	737,934,648		$	616,971,889		$	503,316,381		$	527,328,170		$	355,899,459

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

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


2055 Retirement Fund			2060 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund		Mid-Term Bond Fund		Bond Fund




$	103,415,046	(a)	$	13,133,686	(a)	$	164,826,073	(a)	$	412,269,708	(a)	$	305,887,320	(a)	$	205,842,964	$	633,112,232	$	1,478,150,407
	—			—			—			—			—			18,306		241		103
	—			—			—			—			—			—		4,005,492		8,990,294
	—			—			—			—			—			—		—		1,779
	—			—			—			—			—			—		—		—
	—			—			—			—			—			6,190		244,655		638,672
	—			—			—			—			—			—		—		—


	103,415,046			13,133,686			164,826,073			412,269,708			305,887,320			205,867,460		637,362,620		1,487,781,255



	—			—			—			—			—			—		—		14,335,112
	—			—			—			—			—			—		—		—
	225			3			258			542			1,329			5,434		30,892		68,300


	225			3			258			542			1,329			5,434		30,892		14,403,412


$	103,414,821		$	13,133,683		$	164,825,815		$	412,269,166		$	305,885,991		$	205,862,026	$	637,331,728	$	1,473,377,843


	81,304,022			12,716,138			129,652,770			265,288,596			174,856,675			166,654,477		595,240,194		992,103,782


	$1.27			$1.03			$1.27			$1.55			$1.75			$1.2353		$1.07		$1.49



$	97,357,341		$	12,547,662		$	146,528,613		$	324,096,343		$	223,118,253		$	201,339,723	$	607,435,643	$	1,379,617,515
	6,057,480			586,021			18,297,202			88,172,823			82,767,738			4,522,303		29,896,085		93,760,328


$	103,414,821		$	13,133,683		$	164,825,815		$	412,269,166		$	305,885,991		$	205,862,026	$	637,331,728	$	1,473,377,843

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

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2019 (Unaudited)


	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
INVESTMENT INCOME AND EXPENSES
INVESTMENT INCOME
Dividends	$	29,373,141	$	2,733,321	$	5,155,734	$	2,462,028	$	181,902
Interest		869,660		86,713		318,968		225,073		1,069


Total investment income		30,242,801		2,820,034		5,474,702		2,687,101		182,971


EXPENSES
Investment advisory fees (Note 2)		1,093,076		583,761		1,759,721		2,047,862		8,424

Other operating expenses
Accounting and recordkeeping expenses		233,990		41,445		52,167		58,305		18,882
Shareholders reports		10,146		14,748		6,442		7,285		10,480
Custodian expenses		8,610		15,169		2,763		3,623		15,190
Independent directors’ fees and expenses		98,750		9,887		15,895		18,499		762
Audit		50,051		12,979		10,947		13,784		971
Legal and Compliance		57,083		14,803		12,484		15,720		1,107
Administrative		149,221		14,939		24,019		27,954		1,151
Licenses		145,023		8,711		—		—		1,119
Other (including year-end accrual)		33,443		19,824		17,182		18,298		354


Total operating expenses		786,317		152,505		141,899		163,468		50,016


Total expenses before reimbursement		1,879,393		736,266		1,901,620		2,211,330		58,440

Fee waiver and expense reimbursement (Note 2)		—		—		—		—		(42,153	)


Net expenses		1,879,393		736,266		1,901,620		2,211,330		16,287


Net Investment Income (Loss)		28,363,408		2,083,768		3,573,082		475,771		166,684


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS (Note 1)
Net realized gain (loss) on:
Investment securities		20,471,563		10,299,140		7,884,377		13,505,978		153,931
Futures contracts (Note 1)		9,937,517		244,361		—		—		—
Gain distributions from Mutual of America Investment Corp. Funds		—		—		—		—		—


		30,409,080		10,543,501		7,884,377		13,505,978		153,931


Change in net unrealized appreciation (depreciation) of:
Investment securities		422,748,732		33,987,420		39,549,483		67,928,779		2,041,525
Futures contracts (Note 1)		4,143,880		111,248		—		—		—


		426,892,612		34,098,668		39,549,483		67,928,779		2,041,525


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS		457,301,692		44,642,169		47,433,860		81,434,757		2,195,456


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	485,665,100	$	46,725,937	$	51,006,942	$	81,910,528	$	2,362,140

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

(b)

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

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

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


Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Income Fund			2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund


$	1,100,983	$	12,138,398	$	11,028,087	$	1,250,923	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
	54,510		732,873		285,617		1,170,154		—			—			—			—			—


	1,155,493		12,871,271		11,313,704		2,421,077		—			—			—			—			—



	245,536		543,008		211,784		359,859		26,166	(b)		6,198	(b)		35,523	(b)		137,136	(b)		193,478	(b)


	23,704		125,256		56,624		40,496		19,762	(b)		18,960	(b)		20,137	(b)		24,219	(b)		26,483	(b)
	4,505		11,044		5,486		11,569		5,569	(b)		5,900	(b)		5,897	(b)		5,897	(b)		5,897	(b)
	2,028		7,859		1,711		5,827		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	3,024		49,056		19,135		6,094		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	3,970		27,172		1,527		8,001		4,654	(b)		1,102	(b)		6,317	(b)		24,394	(b)		34,422	(b)
	4,529		30,990		1,742		9,125		3,388	(b)		803	(b)		4,601	(b)		17,764	(b)		25,067	(b)
	4,570		74,129		28,916		9,209		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	—		72,044		—		—		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	6,419		31,185		13,804		5,198		(3,879	)(b)		—	(b)		(4,269	)(b)		(12,606	)(b)		(18,503	)(b)


	52,749		428,735		128,945		95,519		29,494			26,765			32,683			59,668			73,366


	298,285		971,743		340,729		455,378		55,660			32,963			68,206			196,804			266,844

	—		—		—		—		—			(26,765	)		—			—			—


	298,285		971,743		340,729		455,378		55,660			6,198			68,206			196,804			266,844


	857,208		11,899,528		10,972,975		1,965,699		(55,660	)		(6,198	)		(68,206	)		(196,804	)		(266,844	)




	968,807		31,348,093		—		1,766,156		465,060	(c)		178,721	(c)		3,070,836	(c)		10,287,830	(c)		11,446,799	(c)
	—		3,642,842		—		—		—			—			—			—			—
	—		—		—		—		—			—			—			—			—


	968,807		34,990,935		—		1,766,156		465,060			178,721			3,070,836			10,287,830			11,446,799



	11,401,016		178,716,028		56,637,613		15,108,149		7,504,140			1,874,520			10,824,279			48,822,654			79,810,380
	—		3,738,562		—		—		—			—			—			—			—


	11,401,016		182,454,590		56,637,613		15,108,149		7,504,140			1,874,520			10,824,279			48,822,654			79,810,380


	12,369,823		217,445,525		56,637,613		16,874,305		7,969,200			2,053,241			13,895,115			59,110,484			91,257,179


$	13,227,031	$	229,345,053	$	67,610,588	$	18,840,004	$	7,913,540		$	2,047,043		$	13,826,909		$	58,913,680		$	90,990,335

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

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Continued)

For the Six Months Ended June 30, 2019 (Unaudited)


	2030 Retirement Fund			2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund
INVESTMENT INCOME AND EXPENSES
INVESTMENT INCOME
Dividends	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
Interest		—			—			—			—			—


Total investment income		—			—			—			—			—


EXPENSES
Investment advisory fees (Note 2)		171,240	(b)		142,382	(b)		116,065	(b)		122,752	(b)		81,114	(b)

Other operating expenses
Accounting and recordkeeping expenses		25,590	(b)		24,431	(b)		23,374	(b)		23,642	(b)		21,970	(b)
Shareholders reports		5,897	(b)		5,897	(b)		5,890	(b)		5,890	(b)		5,890	(b)
Custodian expenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Independent directors’ fees and expenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Audit		30,467	(b)		25,334	(b)		20,651	(b)		21,841	(b)		14,433	(b)
Legal and Compliance		22,187	(b)		18,449	(b)		15,039	(b)		15,904	(b)		10,511	(b)
Administrative		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Licenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Other (including year-end accrual)		(17,807	)(b)		(15,188	)(b)		(12,978	)(b)		(12,913	)(b)		(10,141	)(b)


Total operating expenses		66,334			58,923			51,976			54,364			42,663


Total expenses before reimbursement		237,574			201,305			168,041			177,116			123,777

Fee waiver and expense reimbursement (Note 2)		—			—			—			—			—


Net expenses		237,574			201,305			168,041			177,116			123,777


Net Investment Income (Loss)		(237,574	)		(201,305	)		(168,041	)		(177,116	)		(123,777	)


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS (Note 1)
Net realized gain (loss) on:
Investment securities		9,513,026	(c)		6,499,640	(c)		3,702,767	(c)		3,626,368	(c)		632,343	(c)
Futures contracts (Note 1)		—			—			—			—			—
Gain distributions from Mutual of America Investment Corp. Funds		—			—			—			—			—


		9,513,026			6,499,640			3,702,767			3,626,368			632,343


Change in net unrealized appreciation (depreciation) of:
Investment securities		78,504,988			70,989,290			60,290,389			64,937,967			44,445,313
Futures contracts (Note 1)		—			—			—			—			—


		78,504,988			70,989,290			60,290,389			64,937,967			44,445,313


NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS		88,018,014			77,488,930			63,993,156			68,564,335			45,077,656


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	87,780,440		$	77,287,625		$	63,825,115		$	68,387,219		$	44,953,879

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

(b)

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

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


2055 Retirement Fund			2060 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund			Mid-Term Bond Fund			Bond Fund


$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—		$	—		$	—
	—			—			—			—			—			2,508,530			8,497,360			22,627,908


	—			—			—			—			—			2,508,530			8,497,360			22,627,908



	21,872	(b)		2,070	(b)		—	(b)		—	(b)		—	(b)		152,791			1,199,249			2,696,916


	19,590	(b)		18,794	(b)		20,284	(b)		22,671	(b)		21,647	(b)		34,378			66,880			136,160
	5,890	(b)		5,409	(b)		5,569	(b)		5,569	(b)		5,569	(b)		6,007			9,357			14,185
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		1,849			2,115			7,256
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		6,898			20,312			46,849
	3,895	(b)		369	(b)		6,966	(b)		17,538	(b)		13,002	(b)		7,927			7,642			17,144
	2,836	(b)		269	(b)		5,072	(b)		12,771	(b)		9,468	(b)		9,042			8,716			19,553
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		10,425			30,693			70,794
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—			—			—
	(13,640	)(b)		—	(b)		(4,762	)(b)		(8,926	)(b)		(6,693	)(b)		(18,605	)		4,199			14,454


	18,571			24,841			33,129			49,623			42,993			57,921			149,914			326,395


	40,443			26,911			33,129			49,623			42,993			210,712			1,349,163			3,023,311

	—			(24,841	)		—			—			—			—			—			—


	40,443			2,070			33,129			49,623			42,993			210,712			1,349,163			3,023,311


	(40,443	)		(2,070	)		(33,129	)		(49,623	)		(42,993	)		2,297,818			7,148,197			19,604,597




	14,310	(c)		(13,264	)(c)		545,751	(c)		2,489,428	(c)		2,251,182	(c)		3,259			(118,794	)		(212,184	)
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—


	14,310			(13,264	)		545,751			2,489,428			2,251,182			3,259			(118,794	)		(212,184	)



	11,613,234			920,090			13,208,651			42,534,347			36,450,664			(38	)		19,916,738			56,964,689
	—			—			—			—			—			—			—			—


	11,613,234			920,090			13,208,651			42,534,347			36,450,664			(38	)		19,916,738			56,964,689


	11,627,544			906,826			13,754,402			45,023,775			38,701,846			3,221			19,797,944			56,752,505


$	11,587,101		$	904,756		$	13,721,273		$	44,974,152		$	38,658,853		$	2,301,039		$	26,946,141		$	76,357,102

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

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS


	Equity Index Fund						All America Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	28,363,408		$	51,303,517		$	2,083,768		$	3,945,417
Net realized gain (loss) on investments and futures contracts		30,409,080			59,872,774			10,543,501			20,360,192
Change in net unrealized appreciation (depreciation) of investments and futures contracts		426,892,612			(238,372,855	)		34,098,668			(47,910,269	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		485,665,100			(127,196,564	)		46,725,937			(23,604,660	)


DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(107,012,813	)		—			(20,436,408	)
Return of Capital		—			—			—			—


Total distributions		—			(107,012,813	)		—			(20,436,408	)


CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		105,163,866			251,921,033			2,313,159			5,132,192
Dividends reinvested		—			107,012,813			—			20,436,408
Cost of shares redeemed		(134,591,367	)		(207,699,908	)		(16,784,054	)		(38,189,780	)


NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		(29,427,501	)		151,233,938			(14,470,895	)		(12,621,180	)


INCREASE (DECREASE) IN NET ASSETS		456,237,599			(82,975,439	)		32,255,042			(56,662,248	)

NET ASSETS, BEGINNING OF PERIOD		2,628,609,512			2,711,584,951			268,074,107			324,736,355


NET ASSETS, END OF PERIOD	$	3,084,847,111		$	2,628,609,512		$	300,329,149		$	268,074,107


OTHER INFORMATION:
Shares outstanding at the beginning of period		696,239,527			660,764,208			130,791,956			136,259,701

Shares sold		24,697,169			60,734,671			999,536			2,200,603
Shares issued as reinvestment of dividends		—			24,643,816			—			8,455,221
Shares redeemed		(31,244,567	)		(49,903,168	)		(7,285,269	)		(16,123,569	)


Net increase (decrease)		(6,547,398	)		35,475,319			(6,285,733	)		(5,467,745	)


Shares outstanding at the end of period		689,692,129			696,239,527			124,506,223			130,791,956

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

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


Small Cap Value Fund						Small Cap Growth Fund						Small Cap Equity Index Fund						Mid Cap Value Fund						Mid-Cap Equity Index Fund
For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018†			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018


$	3,573,082		$	5,417,677		$	475,771		$	721,560		$	166,684		$	112,825		$	857,208		$	1,471,704		$	11,899,528		$	22,142,526
	7,884,377			26,004,396			13,505,978			46,288,828			153,931			(203,024	)		968,807			1,922,983			34,990,935			101,405,685

	39,549,483			(103,915,943	)		67,928,779			(115,920,143	)		2,041,525			(3,470,942	)		11,401,016			(16,574,717	)		182,454,590			(284,333,341	)


	51,006,942			(72,493,870	)		81,910,528			(68,909,755	)		2,362,140			(3,561,141	)		13,227,031			(13,180,030	)		229,345,053			(160,785,130	)



	—			(43,728,999	)		—			(39,717,181	)		—			(136,423	)		—			(8,924,532	)		—			(109,431,002	)
	—			—			—			—			—			(965	)		—			—			—			—


	—			(43,728,999	)		—			(39,717,181	)		—			(137,388	)		—			(8,924,532	)		—			(109,431,002	)



	15,004,794			38,386,795			17,514,651			43,996,025			8,835,544			21,675,638			1,942,481			5,341,000			53,450,474			119,784,786
	—			43,728,999			—			39,717,181			—			137,388			—			8,924,532			—			109,431,002
	(13,135,876	)		(43,612,589	)		(18,835,511	)		(46,655,929	)		(1,414,828	)		(906,395	)		(3,441,223	)		(15,513,349	)		(35,346,001	)		(129,665,172	)


	1,868,918			38,503,205			(1,320,860	)		37,057,277			7,420,716			20,906,631			(1,498,742	)		(1,247,817	)		18,104,473			99,550,616


	52,875,860			(77,719,664	)		80,589,668			(71,569,659	)		9,782,856			17,208,102			11,728,289			(23,352,379	)		247,449,526			(170,665,516	)

	428,002,085			505,721,749			483,332,337			554,901,996			17,208,102			—			80,041,777			103,394,156			1,281,367,591			1,452,033,107


$	480,877,945		$	428,002,085		$	563,922,005		$	483,332,337		$	26,990,958		$	17,208,102		$	91,770,066		$	80,041,777		$	1,528,817,117		$	1,281,367,591



	315,131,497			291,434,007			382,867,811			359,318,522			20,786,591			—			59,766,695			60,396,632			663,474,534			619,888,133

	9,963,840			23,639,432			12,135,523			29,169,976			9,444,717			21,543,303			1,285,205			3,234,055			13,867,514			52,594,103
	—			26,270,022			—			24,913,550			—			167,927			—			5,513,245			—			46,453,117
	(8,808,878	)		(26,211,964	)		(13,118,807	)		(30,534,237	)		(1,519,631	)		(924,639	)		(2,288,245	)		(9,377,237	)		(5,912,629	)		(55,460,819	)


	1,154,962			23,697,490			(983,284	)		23,549,289			7,925,086			20,786,591			(1,003,040	)		(629,937	)		7,954,885			43,586,401


	316,286,459			315,131,497			381,884,527			382,867,811			28,711,677			20,786,591			58,763,655			59,766,695			671,429,419			663,474,534

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

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	International Fund						Composite Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	10,972,975		$	14,819,838		$	1,965,699		$	4,050,526
Net realized gain (loss) on investments and futures contracts		—			—			1,766,156			8,205,586
Change in net unrealized appreciation (depreciation) of investments and futures contracts		56,637,613			(90,151,424	)		15,108,149			(17,734,526	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		67,610,588			(75,331,586	)		18,840,004			(5,478,414	)


DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(12,148,302	)		—			(18,147,487	)
Return of Capital		—			—			—			—


Total distributions		—			(12,148,302	)		—			(18,147,487	)


CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		48,384,164			88,808,391			2,753,902			8,858,290
Dividends reinvested		—			12,148,302			—			18,147,487
Cost of shares redeemed		(9,865,511	)		(42,429,454	)		(7,956,172	)		(21,628,078	)


NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		38,518,653			58,527,239			(5,202,270	)		5,377,699

INCREASE (DECREASE) IN NET ASSETS		106,129,241			(28,952,649	)		13,637,734			(18,248,202	)
NET ASSETS, BEGINNING OF PERIOD		508,517,433			537,470,082			172,122,713			190,370,915


NET ASSETS, END OF PERIOD	$	614,646,674		$	508,517,433		$	185,760,447		$	172,122,713


OTHER INFORMATION:
Shares outstanding at the beginning of period		663,808,196			594,344,780			102,773,411			99,760,702

Shares sold		57,493,497			103,838,007			1,521,473			4,789,234
Shares issued as reinvestment of dividends		—			13,966,487			—			9,946,383
Shares redeemed		(12,039,898	)		(48,341,078	)		(4,462,672	)		(11,722,908	)


Net increase (decrease)		45,453,599			69,463,416			(2,941,199	)		3,012,709


Shares outstanding at the end of period		709,261,795			663,808,196			99,832,212			102,773,411

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

100


Retirement Income Fund						2010 Retirement Fund						2015 Retirement Fund						2020 Retirement Fund
For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018


$	(55,660	)	$	1,838,898		$	(6,198	)	$	456,889		$	(68,206	)	$	2,738,955		$	(196,804	)	$	10,067,194
	465,060			1,563,100			178,721			704,848			3,070,836			6,339,331			10,287,830			24,505,516

	7,504,140			(4,604,759	)		1,874,520			(1,604,780	)		10,824,279			(13,342,292	)		48,822,654			(55,831,920	)


	7,913,540			(1,202,761	)		2,047,043			(443,043	)		13,826,909			(4,264,006	)		58,913,680			(21,259,210	)



	—			(3,090,568	)		—			(1,546,101	)		—			(8,984,709	)		—			(23,776,592	)
	—			—			—			—			—			—			—			—


	—			(3,090,568	)		—			(1,546,101	)		—			(8,984,709	)		—			(23,776,592	)



	7,872,618			23,573,287			2,157,420			3,296,291			3,017,138			13,089,181			22,650,036			60,347,677
	—			3,090,568			—			1,546,101			—			8,984,709			—			23,776,592
	(8,233,275	)		(21,759,327	)		(2,775,761	)		(4,410,138	)		(10,006,736	)		(25,354,072	)		(22,010,422	)		(48,752,890	)


	(360,657	)		4,904,528			(618,341	)		432,254			(6,989,598	)		(3,280,182	)		639,614			35,371,379

	7,552,883			611,199			1,428,702			(1,556,890	)		6,837,311			(16,528,897	)		59,553,294			(9,664,423	)
	101,429,861			100,818,662			23,993,077			25,549,967			138,457,016			154,985,913			515,188,150			524,852,573


$	108,982,744		$	101,429,861		$	25,421,779		$	23,993,077		$	145,294,327		$	138,457,016		$	574,741,444		$	515,188,150



	90,717,399			86,397,770			25,901,047			25,359,862			142,345,025			145,270,066			458,042,143			428,449,681

	6,696,069			20,479,659			2,212,680			3,369,969			2,920,290			12,616,643			18,725,450			50,253,586
	—			2,673,992			—			1,597,232			—			8,673,847			—			19,519,809
	(7,028,874	)		(18,834,022	)		(2,860,841	)		(4,426,016	)		(9,720,486	)		(24,215,531	)		(18,261,804	)		(40,180,933	)


	(332,805	)		4,319,629			(648,161	)		541,185			(6,800,196	)		(2,925,041	)		463,646			29,592,462


	90,384,594			90,717,399			25,252,886			25,901,047			135,544,829			142,345,025			458,505,789			458,042,143

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

101

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	2025 Retirement Fund						2030 Retirement Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	(266,844	)	$	12,981,081		$	(237,574	)	$	10,746,246
Net realized gain (loss) on investments and futures contracts		11,446,799			31,656,921			9,513,026			27,340,841
Change in net unrealized appreciation (depreciation) of investments and futures contracts		79,810,380			(83,808,474	)		78,504,988			(80,777,544	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		90,990,335			(39,170,472	)		87,780,440			(42,690,457	)


DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(34,713,526	)		—			(28,749,432	)
Return of Capital		—			—			—			—


Total distributions		—			(34,713,526	)		—			(28,749,432	)


CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		44,089,203			100,541,513			42,960,065			110,358,460
Dividends reinvested		—			34,713,526			—			28,749,432
Cost of shares redeemed		(15,348,379	)		(37,264,538	)		(9,915,910	)		(28,265,110	)


NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		28,740,824			97,990,501			33,044,155			110,842,782

INCREASE (DECREASE) IN NET ASSETS		119,731,159			24,106,503			120,824,595			39,402,893
NET ASSETS, BEGINNING OF PERIOD		709,838,917			685,732,414			617,110,053			577,707,160


NET ASSETS, END OF PERIOD	$	829,570,076		$	709,838,917		$	737,934,648		$	617,110,053


OTHER INFORMATION:
Shares outstanding at the beginning of period		590,617,736			515,854,916			499,279,402			417,986,579

Shares sold		33,628,338			77,021,501			31,682,518			81,176,275
Shares issued as reinvestment of dividends		—			26,138,522			—			20,616,212
Shares redeemed		(11,875,331	)		(28,397,203	)		(7,437,203	)		(20,499,664	)


Net increase (decrease)		21,753,007			74,762,820			24,245,315			81,292,823


Shares outstanding at the end of period		612,370,743			590,617,736			523,524,717			499,279,402

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

102


2035 Retirement Fund						2040 Retirement Fund						2045 Retirement Fund						2050 Retirement Fund
For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018


$	(201,305	)	$	8,438,526		$	(168,041	)	$	6,701,699		$	(177,116	)	$	7,053,386		$	(123,777	)	$	4,386,343
	6,499,640			23,640,354			3,702,767			17,758,905			3,626,368			21,929,981			632,343			11,480,339

	70,989,290			(72,350,523	)		60,290,389			(59,858,047	)		64,937,967			(68,276,695	)		44,445,313			(43,320,775	)


	77,287,625			(40,271,643	)		63,825,115			(35,397,443	)		68,387,219			(39,293,328	)		44,953,879			(27,454,093	)



	—			(23,387,137	)		—			(18,569,497	)		—			(22,005,608	)		—			(10,077,205	)
	—			—			—			—			—			—			—			—


	—			(23,387,137	)		—			(18,569,497	)		—			(22,005,608	)		—			(10,077,205	)



	35,958,086			87,912,910			31,949,346			67,075,551			25,551,749			59,427,642			28,863,992			63,234,612
	—			23,387,137			—			18,569,497			—			22,005,608			—			10,077,205
	(5,719,932	)		(22,366,520	)		(5,116,731	)		(11,806,980	)		(4,722,784	)		(19,372,704	)		(3,207,785	)		(6,989,371	)


	30,238,154			88,933,527			26,832,615			73,838,068			20,828,965			62,060,546			25,656,207			66,322,446

	107,525,779			25,274,747			90,657,730			19,871,128			89,216,184			761,610			70,610,086			28,791,148
	509,446,110			484,171,363			412,658,651			392,787,523			438,111,986			437,350,376			285,289,373			256,498,225


$	616,971,889		$	509,446,110		$	503,316,381		$	412,658,651		$	527,328,170		$	438,111,986		$	355,899,459		$	285,289,373



	410,004,672			345,541,845			337,385,671			283,386,019			360,758,050			315,271,648			194,840,021			154,619,686

	26,046,276			64,050,159			23,516,314			49,388,270			18,907,304			43,877,177			17,687,175			38,536,206
	—			16,432,749			—			13,163,191			—			15,632,425			—			5,910,720
	(4,267,027	)		(16,020,081	)		(3,922,519	)		(8,551,809	)		(3,622,452	)		(14,023,200	)		(2,154,542	)		(4,226,591	)


	21,779,249			64,462,827			19,593,795			53,999,652			15,284,852			45,486,402			15,532,633			40,220,335


	431,783,921			410,004,672			356,979,466			337,385,671			376,042,902			360,758,050			210,372,654			194,840,021

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

103

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Continued)


	2055 Retirement Fund						2060 Retirement Fund						Conservative Allocation Fund
	For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018†			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	(40,443	)	$	936,956		$	(2,070	)	$	10,900		$	(33,129	)	$	3,268,135
Net realized gain (loss) on investments and futures contracts		14,310			2,411,969			(13,264	)		23,311			545,751			3,549,023
Change in net unrealized appreciation (depreciation) of investments and futures contracts		11,613,234			(10,460,646	)		920,090			(352,946	)		13,208,651			(9,969,340	)


NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		11,587,101			(7,111,721	)		904,756			(318,735	)		13,721,273			(3,152,182	)


DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(908,891	)		—			—			—			(9,978,359	)
Return of Capital		—			—			—			—			—			—


Total distributions		—			(908,891	)		—			—			—			(9,978,359	)


CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		21,965,114			44,845,628			8,243,061			4,526,850			10,055,094			15,703,357
Dividends reinvested		—			908,891			—			—			—			9,978,359
Cost of shares redeemed		(433,473	)		(1,747,286	)		(59,519	)		(162,730	)		(8,890,922	)		(19,128,685	)


NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		21,531,641			44,007,233			8,183,542			4,364,120			1,164,172			6,553,031

INCREASE (DECREASE) IN NET ASSETS		33,118,742			35,986,621			9,088,298			4,045,385			14,885,445			(6,577,510	)
NET ASSETS, BEGINNING OF PERIOD		70,296,079			34,309,458			4,045,385			—			149,940,370			156,517,880


NET ASSETS, END OF PERIOD	$	103,414,821		$	70,296,079		$	13,133,683		$	4,045,385		$	164,825,815		$	149,940,370


OTHER INFORMATION:
Shares outstanding at the beginning of period		63,777,224			27,964,164			4,522,127			—			128,699,580			123,302,016

Shares sold		17,894,506			36,533,527			8,254,568			4,678,627			8,272,413			12,641,849
Shares issued as reinvestment of dividends		—			707,938			—			—			—			8,205,267
Shares redeemed		(367,708	)		(1,428,405	)		(60,557	)		(156,500	)		(7,319,223	)		(15,449,552	)


Net Increase (decrease)		17,526,798			35,813,060			8,194,011			4,522,127			953,190			5,397,564


Shares outstanding at the end of period		81,304,022			63,777,224			12,716,138			4,522,127			129,652,770			128,699,580

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

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

104


Moderate Allocation Fund						Aggressive Allocation Fund						Money Market Fund						Mid-Term Bond Fund						Bond Fund
For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018			For the Six Months Ended June 30, 2019 (Unaudited)			For the Year Ended December 31, 2018


$	(49,623	)	$	7,704,119		$	(42,993	)	$	5,201,667		$	2,297,818		$	2,221,203		$	7,148,197		$	13,773,991		$	19,604,597		$	37,592,921
	2,489,428			17,441,312			2,251,182			18,608,014			3,259			1,034			(118,794	)		(1,152,125	)		(212,184	)		(1,162,860	)

	42,534,347			(42,306,403	)		36,450,664			(44,438,353	)		(38	)		(341	)		19,916,738			(9,127,556	)		56,964,689			(33,378,126	)


	44,974,152			(17,160,972	)		38,658,853			(20,628,672	)		2,301,039			2,221,896			26,946,141			3,494,310			76,357,102			3,051,935



	—			(27,841,742	)		—			(21,790,587	)		—			(462,689	)		—			(12,425,048	)		—			(34,954,410	)
	—			—			—			—			—			—			—			—			—			—


	—			(27,841,742	)		—			(21,790,587	)		—			(462,689	)		—			(12,425,048	)		—			(34,954,410	)



	9,489,294			28,953,969			5,139,323			13,617,276			32,282,426			169,828,569			46,726,958			86,963,104			89,833,691			181,636,262
	—			27,841,742			—			21,790,587			—			462,689			—			12,425,048			—			34,954,410
	(13,331,896	)		(37,840,320	)		(9,288,052	)		(26,062,101	)		(38,634,358	)		(32,936,939	)		(23,063,625	)		(61,938,177	)		(38,407,493	)		(113,221,685	)


	(3,842,602	)		18,955,391			(4,148,729	)		9,345,762			(6,351,932	)		137,354,319			23,663,333			37,449,975			51,426,198			103,368,987

	41,131,550			(26,047,323	)		34,510,124			(33,073,497	)		(4,050,893	)		139,113,526			50,609,474			28,519,237			127,783,300			71,466,512
	371,137,616			397,184,939			271,375,867			304,449,364			209,912,919			70,799,393			586,722,254			558,203,017			1,345,594,543			1,274,128,031


$	412,269,166		$	371,137,616		$	305,885,991		$	271,375,867		$	205,862,026		$	209,912,919		$	637,331,728		$	586,722,254		$	1,473,377,843		$	1,345,594,543



	267,950,109			255,351,823			177,406,835			171,830,878			171,848,668			58,802,424			572,739,290			536,217,943			956,663,157			883,024,833

	6,357,853			19,152,826			3,061,396			7,916,032			26,253,071			139,821,287			44,627,970			84,686,753			62,228,817			128,863,445
	—			18,451,265			—			12,557,686			—			381,374			—			12,244,949			—			25,134,852
	(9,019,366	)		(25,005,805	)		(5,611,556	)		(14,897,761	)		(31,447,262	)		(27,156,417	)		(22,127,066	)		(60,410,355	)		(26,788,192	)		(80,359,973	)


	(2,661,513	)		12,598,286			(2,550,160	)		5,575,957			(5,194,191	)		113,046,244			22,500,904			36,521,347			35,440,625			73,638,324


	265,288,596			267,950,109			174,856,675			177,406,835			166,654,477			171,848,668			595,240,194			572,739,290			992,103,782			956,663,157

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

105

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS

Income from investment operations and distributions per share for a Fund share outstanding throughout the six months ended June 30, 2019 and the five years ended December 31, 2018 (or since the Fund’s inception date if in existence less than five years) and other supplementary data with respect to each Fund are presented below and in the pages following:


	Equity Index Fund
	Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Net Asset Value, Beginning of Period	$	3.78		$	4.10		$	3.49		$	3.26		$	3.41		$	3.09


INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.04			0.07			0.07			0.06			0.06			0.06
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		0.65			(0.23	)		0.67			0.32			(0.03	)		0.35


Total From Investment Operations		0.69			(0.16	)		0.74			0.38			0.03			0.41


Less Distributions
From Net Investment Income		—			(0.07	)		(0.06	)		(0.06	)		(0.06	)		(0.05	)
From Net Realized Gains		—			(0.09	)		(0.07	)		(0.09	)		(0.12	)		(0.04	)


Total Distributions		—			(0.16	)		(0.13	)		(0.15	)		(0.18	)		(0.09	)


Net Asset Value, End of Period	$	4.47		$	3.78		$	4.10		$	3.49		$	3.26		$	3.41


Total Return (%)(i)		18.48	(b)		(4.56	)		21.65			11.80			1.24			13.49
Net Assets, End of Period ($ millions)		3,085			2,629			2,712			2,143			1,854			1,789
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		1.95	(c)		1.83			1.85			2.03			1.94			1.82
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.13	(c)		0.13			0.14			0.14			0.15			0.17
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.13	(c)		0.13			0.13	(e)		0.14			0.15			0.17
Portfolio Turnover Rate (%)(a)		1.28	(b)		3.48			5.23			5.58			4.74			8.07

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

(b)	Not annualized.

(c)	Annualized.

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

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

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

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

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

(i)

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

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

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

NA = Not Applicable

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

106


All America Fund																		Small Cap Value Fund
Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

$	2.05		$	2.38		$	2.29		$	2.22		$	2.42		$	2.38		$	1.36		$	1.74		$	1.69		$	1.44		$	1.61		$	1.72



	0.02			0.03			0.03			0.03			0.03			0.03			0.01			0.01			0.03			0.02			0.02			0.02
	0.34			(0.20	)		0.39			0.21			(0.03	)		0.23			0.15			(0.24	)		0.11			0.26			(0.08	)		0.06


	0.36			(0.17	)		0.42			0.24			—			0.26			0.16			(0.23	)		0.14			0.28			(0.06	)		0.08



	—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		—			(0.02	)		(0.01	)		(0.01	)		(0.01	)		(0.02	)
	—			(0.13	)		(0.30	)		(0.14	)		(0.15	)		(0.19	)		—			(0.13	)		(0.08	)		(0.02	)		(0.10	)		(0.17	)


	—			(0.16	)		(0.33	)		(0.17	)		(0.18	)		(0.22	)		—			(0.15	)		(0.09	)		(0.03	)		(0.11	)		(0.19	)


$	2.41		$	2.05		$	2.38		$	2.29		$	2.22		$	2.42		$	1.52		$	1.36		$	1.74		$	1.69		$	1.44		$	1.61


	17.70	(b)		(8.27	)		19.41			11.49			(0.04	)		11.16			11.95	(b)		(14.57	)		8.29			20.04			(3.40	)		5.17
	300			268			325			296			295			324			481			428			506			465			376			393
	1.43	(c)		1.26			1.33			1.42			1.32			1.35			1.52	(c)		1.10			1.75			1.17			1.14			1.02
	0.50	(c)		0.52			0.51			0.53			0.55			0.49			0.81	(c)		0.81			0.81			0.82			0.83			0.84
	0.50	(c)		0.52			0.51			0.53			0.55			0.49			0.81	(c)		0.81			0.80	(e)		0.82			0.83			0.84
	11.61	(b)		17.60			22.28			40.10			14.73			15.38			21.49	(b)		29.58			34.36			32.06			19.03			38.09

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

107

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)


	Small Cap Growth Fund
	Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Net Asset Value, Beginning of Period	$	1.26		$	1.54		$	1.29		$	1.32		$	1.54		$	1.58


INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		—	(h)		—	(h)		—	(h)		—	(h)		—	(h)
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		0.22			(0.17	)		0.30			0.10			(0.03	)		0.09


Total From Investment Operations		0.22			(0.17	)		0.30			0.10			(0.03	)		0.09


Less Distributions
From Net Investment Income		—			—	(h)		—	(h)		—			—			—	(h)
From Net Realized Gains		—			(0.11	)		(0.05	)		(0.13	)		(0.19	)		(0.13	)
Return of Capital		—			—			—			—			—			—


Total Distributions		—			(0.11	)		(0.05	)		(0.13	)		(0.19	)		(0.13	)


Net Asset Value, End of Period	$	1.48		$	1.26		$	1.54		$	1.29		$	1.32		$	1.54


Total Return (%)(i)		17.02	(b)		(12.53	)		23.82			8.10			(2.39	)		5.70
Net Assets, End of Period ($ millions)		564			483			555			433			402			412
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		0.17	(c)		0.13			0.06			0.06			(0.12	)		(0.09	)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.81	(c)		0.81			0.82			0.82			0.83			0.84
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.81	(c)		0.81			0.80	(e)		0.82			0.83			0.84
Portfolio Turnover Rate (%)(a)		30.20	(b)		60.57			62.33			53.80			67.83			67.58

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

(b)	Not annualized.

(c)	Annualized.

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

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

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

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

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

(i)

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

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

NA = Not Applicable

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

108


Small Cap Equity Index Fund						Mid Cap Value Fund																		Mid-Cap Equity Index Fund
Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(g)			Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(g)			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

$	0.83		$	1.00		$	1.34		$	1.71		$	1.57		$	1.46		$	1.63		$	1.53		$	1.93		$	2.34		$	2.17		$	1.95		$	2.16		$	2.08



	0.01			0.01			0.02			0.03			0.03			0.02			0.02			0.02			0.02			0.03			0.03			0.03			0.03			0.03
	0.10			(0.17	)		0.20			(0.24	)		0.20			0.20			(0.08	)		0.19			0.33			(0.26	)		0.31			0.36			(0.08	)		0.17


	0.11			(0.16	)		0.22			(0.21	)		0.23			0.22			(0.06	)		0.21			0.35			(0.23	)		0.34			0.39			(0.05	)		0.20



	—			(0.01	)		—			(0.03	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)		—			(0.03	)		(0.03	)		(0.03	)		(0.02	)		(0.02	)
	—			—	(h)		—			(0.13	)		(0.07	)		(0.09	)		(0.10	)		(0.10	)		—			(0.15	)		(0.14	)		(0.14	)		(0.14	)		(0.10	)
	—			—	(h)		—			—			—			—			—			—			—			—			—			—			—			—


	—			(0.01	)		—			(0.16	)		(0.09	)		(0.11	)		(0.12	)		(0.11	)		—			(0.18	)		(0.17	)		(0.17	)		(0.16	)		(0.12	)


$	0.94		$	0.83		$	1.56		$	1.34		$	1.71		$	1.57		$	1.46		$	1.63		$	2.28		$	1.93		$	2.34		$	2.17		$	1.95		$	2.16


	13.57	(b)		(16.54	)(b)		16.62	(b)		(14.08	)		14.92			16.18			(3.34	)		13.82			17.91	(b)		(11.26	)		16.05			20.51			(2.37	)		9.63
	27			17			92			80			103			98			82			92			1,529			1,281			1,452			1,245			977			1,001
	1.48	(c)		1.51	(c)		1.92	(c)		1.51			1.55			1.48			1.45			1.25			1.64	(c)		1.52			1.46			1.60			1.45			1.31
	0.52	(c)		1.61	(c)		0.67	(c)		0.65			0.64			0.66			0.65			0.64			0.13	(c)		0.14			0.14			0.15			0.16			0.17
	0.14	(c)		0.14	(c)		0.67	(c)		0.65			0.64			0.66			0.65			0.64			0.13	(c)		0.14			0.14	(e)		0.15			0.16			0.17
	38.10	(b)		81.79			7.40	(b)		10.75			24.09			25.80			15.86			40.91			5.00	(b)		20.26			19.36			21.75			21.67			16.29

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

109

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)


	International Fund
	Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Net Asset Value, Beginning of Period	$	0.77		$	0.90		$	0.74		$	0.75		$	0.77		$	0.84


INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.01			0.02			0.02			0.02			0.01			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		0.09			(0.13	)		0.16			(0.01	)		(0.01	)		(0.08	)


Total From Investment Operations		0.10			(0.11	)		0.18			0.01			—			(0.06	)


Less Distributions
From Net Investment Income		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)
From Net Realized Gains		—			—	(h)		—	(h)		—	(h)		—	(h)		—	(h)


Total Distributions		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)


Net Asset Value, End of Period	$	0.87		$	0.77		$	0.90		$	0.74		$	0.75		$	0.77


Total Return (%)(i)		13.13	(b)		(13.36	)		24.47			1.69			(0.63	)		(6.03	)
Net Assets, End of Period ($ millions)		615			509			537			377			319			264
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		3.88	(c)		2.75			2.67			2.94			2.47			3.48
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(j)		0.12	(c)		0.12			0.12			0.13			0.14			0.17
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(j)		0.12	(c)		0.12			0.12	(e)		0.13			0.14			0.17
Portfolio Turnover Rate (%)(a)		—	(b)		—			—			3.08			—			0.61

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

(b)	Not annualized.

(c)	Annualized.

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

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

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

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

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

(i)

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

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

NA = Not Applicable

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

110


Composite Fund																		Retirement Income Fund
Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

$	1.67		$	1.91		$	1.95		$	1.96		$	2.00		$	1.87		$	1.12		$	1.17		$	1.12		$	1.12		$	1.16		$	1.13



	0.02			0.04			0.04			0.04			0.04			0.04			—	(h)		0.02			0.02			0.02			0.02			0.02
	0.17			(0.09	)		0.21			0.11			(0.02	)		0.13			0.09			(0.03	)		0.07			0.04			(0.01	)		0.05


	0.19			(0.05	)		0.25			0.15			0.02			0.17			0.09			(0.01	)		0.09			0.06			0.01			0.07



	—			(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
	—			(0.15	)		(0.25	)		(0.12	)		(0.02	)		—			—			(0.02	)		(0.02	)		(0.04	)		(0.03	)		(0.02	)


	—			(0.19	)		(0.29	)		(0.16	)		(0.06	)		(0.04	)		—			(0.04	)		(0.04	)		(0.06	)		(0.05	)		(0.04	)


$	1.86		$	1.67		$	1.91		$	1.95		$	1.96		$	2.00		$	1.21		$	1.12		$	1.17		$	1.12		$	1.12		$	1.16


	11.11	(b)		(3.20	)		13.37			7.92			0.80			9.10			7.85	(b)		(1.21	)		7.35			6.18			0.49			6.50
	186			172			190			181			180			194			109			101			101			76			63			54
	2.18	(c)		2.16			2.11			2.10			1.93			2.09			(0.11	)(c)		1.82			2.01			2.26			2.35			2.21
	0.51	(c)		0.51			0.51			0.52			0.53			0.49			0.11	(c)		0.08			0.08			0.09			0.09			0.05
	0.51	(c)		0.51			0.50	(e)		0.52			0.53			0.49			0.11	(c)		0.08			0.06	(e)		0.09			0.05			0.05
	19.01	(b)		37.37			60.13			57.40			13.13			12.31			6.87	(b)		21.90			18.54			16.88			22.64			17.63

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

111

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)


	2010 Retirement Fund
	Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Net Asset Value, Beginning of Period	$	0.93		$	1.01		$	0.99		$	1.01		$	1.09		$	1.06


INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		0.02			0.03			0.02			0.02			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		0.08			(0.04	)		0.06			0.04			(0.02	)		0.06


Total From Investment Operations		0.08			(0.02	)		0.09			0.06			—			0.08


Less Distributions
From Net Investment Income		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
From Net Realized Gains		—			(0.04	)		(0.05	)		(0.06	)		(0.06	)		(0.03	)


Total Distributions		—			(0.06	)		(0.07	)		(0.08	)		(0.08	)		(0.05	)


Net Asset Value, End of Period	$	1.01		$	0.93		$	1.01		$	0.99		$	1.01		$	1.09


Total Return (%)(i)		8.68	(b)		(1.93	)		9.06			6.87			0.40			6.93
Net Assets, End of Period ($ millions)		25			24			26			26			26			27
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.05	)(c)		1.83			1.92			2.15			2.10			2.06
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.27	(c)		0.16			0.12			0.12			0.12			0.05
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.05	(c)		0.05			0.01	(e)		0.05			0.05			0.05
Portfolio Turnover Rate (%)(a)		10.13	(b)		22.75			24.48			24.58			23.28			20.45

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

(b)	Not annualized.

(c)	Annualized.

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

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

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

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

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

(i)

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

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

NA = Not Applicable

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

112


2015 Retirement Fund																		2020 Retirement Fund
Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

$	0.97		$	1.07		$	1.03		$	1.05		$	1.13		$	1.10		$	1.12		$	1.23		$	1.14		$	1.12		$	1.18		$	1.13



	—	(h)		0.02			0.02			0.02			0.02			0.02			—	(h)		0.02			0.02			0.02			0.02			0.02
	0.10			(0.06	)		0.09			0.05			(0.02	)		0.06			0.13			(0.08	)		0.13			0.07			(0.01	)		0.06


	0.10			(0.04	)		0.11			0.07			—			0.08			0.13			(0.06	)		0.15			0.09			0.01			0.08



	—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
	—			(0.04	)		(0.05	)		(0.07	)		(0.06	)		(0.03	)		—			(0.03	)		(0.04	)		(0.05	)		(0.05	)		(0.01	)


	—			(0.06	)		(0.07	)		(0.09	)		(0.08	)		(0.05	)		—			(0.05	)		(0.06	)		(0.07	)		(0.07	)		(0.03	)


$	1.07		$	0.97		$	1.07		$	1.03		$	1.05		$	1.13		$	1.25		$	1.12		$	1.23		$	1.14		$	1.12		$	1.18


	10.21	(b)		(3.01	)		10.64			7.72			0.27			7.16			11.46	(b)		(4.04	)		12.52			8.57			0.13			7.36
	145			138			155			146			149			154			575			515			525			426			364			320
	(0.10	)(c)		1.83			1.85			2.07			2.07			2.00			(0.07	)(c)		1.89			1.89			2.03			2.06			1.92
	0.10	(c)		0.07			0.07			0.08			0.07			0.05			0.07	(c)		0.07			0.07			0.07			0.07			0.05
	0.10	(c)		0.07			0.07			0.08			0.07			0.05			0.07	(c)		0.07			0.07			0.07			0.07			0.05
	5.00	(b)		14.75			14.98			12.96			17.75			16.41			6.26	(b)		10.84			7.09			7.99			7.76			9.54

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

113

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)


	2025 Retirement Fund
	Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Net Asset Value, Beginning of Period	$	1.20		$	1.33		$	1.21		$	1.17		$	1.23		$	1.16


INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		0.02			0.02			0.02			0.02			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		0.15			(0.09	)		0.16			0.09			(0.02	)		0.08


Total From Investment Operations		0.15			(0.07	)		0.18			0.11			—			0.10


Less Distributions
From Net Investment Income		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
From Net Realized Gains		—			(0.04	)		(0.04	)		(0.05	)		(0.04	)		(0.01	)


Total Distributions		—			(0.06	)		(0.06	)		(0.07	)		(0.06	)		(0.03	)


Net Asset Value, End of Period	$	1.35		$	1.20		$	1.33		$	1.21		$	1.17		$	1.23


Total Return (%)(i)		12.73	(b)		(5.22	)		14.44			9.84			(0.10	)		8.00
Net Assets, End of Period ($ millions)		830			710			686			504			396			331
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.07	)(c)		1.81			1.81			1.91			1.91			1.75
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.07	(c)		0.06			0.07			0.07			0.07			0.05
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.07	(c)		0.06			0.07			0.07			0.07			0.05
Portfolio Turnover Rate (%)(a)		3.89	(b)		6.74			5.78			5.27			4.36			6.00

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

(b)	Not annualized.

(c)	Annualized.

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

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

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

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

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

(i)

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

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

NA = Not Applicable

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

114


2030 Retirement Fund																		2035 Retirement Fund
Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

$	1.24		$	1.38		$	1.25		$	1.20		$	1.27		$	1.19		$	1.24		$	1.40		$	1.25		$	1.20		$	1.27		$	1.20



	—	(h)		0.02			0.02			0.02			0.02			0.02			—	(h)		0.02			0.02			0.02			0.02			0.01
	0.17			(0.10	)		0.17			0.11			(0.02	)		0.09			0.19			(0.12	)		0.20			0.11			(0.03	)		0.08


	0.17			(0.08	)		0.19			0.13			—			0.11			0.19			(0.10	)		0.22			0.13			(0.01	)		0.09



	—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.01	)
	—			(0.04	)		(0.04	)		(0.06	)		(0.05	)		(0.01	)		—			(0.04	)		(0.05	)		(0.06	)		(0.04	)		(0.01	)


	—			(0.06	)		(0.06	)		(0.08	)		(0.07	)		(0.03	)		—			(0.06	)		(0.07	)		(0.08	)		(0.06	)		(0.02	)


$	1.41		$	1.24		$	1.38		$	1.25		$	1.20		$	1.27		$	1.43		$	1.24		$	1.40		$	1.25		$	1.20		$	1.27


	14.05	(b)		(6.49	)		16.01			10.73			(0.22	)		8.44			15.01	(b)		(7.36	)		17.15			11.43			(0.37	)		8.26
	738			617			578			416			328			277			617			509			484			352			271			230
	(0.07	)(c)		1.74			1.69			1.78			1.81			1.66			(0.07	)(c)		1.64			1.57			1.67			1.68			1.52
	0.07	(c)		0.07			0.07			0.07			0.07			0.05			0.07	(c)		0.07			0.07			0.07			0.07			0.05
	0.07	(c)		0.07			0.07			0.07			0.07			0.05			0.07	(c)		0.07			0.07			0.07			0.07			0.05
	3.05	(b)		5.01			5.75			5.12			4.83			5.52			2.59	(b)		4.00			4.02			4.98			5.16			4.29

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

115

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)


	2040 Retirement Fund
	Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Net Asset Value, Beginning of Period	$	1.22		$	1.39		$	1.24		$	1.19		$	1.26		$	1.20


INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		0.02			0.01			0.02			0.02			0.01
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		0.19			(0.13	)		0.20			0.11			(0.03	)		0.08


Total From Investment Operations		0.19			(0.11	)		0.21			0.13			(0.01	)		0.09


Less Distributions
From Net Investment Income		—			(0.02	)		(0.01	)		(0.02	)		(0.02	)		(0.01	)
From Net Realized Gains		—			(0.04	)		(0.05	)		(0.06	)		(0.04	)		(0.02	)


Total Distributions		—			(0.06	)		(0.06	)		(0.08	)		(0.06	)		(0.03	)


Net Asset Value, End of Period	$	1.41		$	1.22		$	1.39		$	1.24		$	1.19		$	1.26


Total Return (%)(i)		15.28	(b)		(7.94	)		17.40			11.66			(0.64	)		7.71
Net Assets, End of Period ($ millions)		503			413			393			286			222			189
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.07	)(c)		1.60			1.53			1.59			1.58			1.40
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.07	(c)		0.07			0.07			0.07			0.07			0.05
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.07	(c)		0.07			0.07			0.07			0.07			0.05
Portfolio Turnover Rate (%)(a)		1.80	(b)		2.65			4.07			5.23			5.17			4.31

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

(b)	Not annualized.

(c)	Annualized.

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

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

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

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

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

(i)

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

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

NA = Not Applicable

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

116


2045 Retirement Fund																		2050 Retirement Fund																		2055 Retirement Fund
Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,						Period Ended December 31, 2016(f)
Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			Period Ended December 31, 2016(f)

$	1.21		$	1.39		$	1.24		$	1.19		$	1.26		$	1.00		$	1.46		$	1.66		$	1.45		$	1.35		$	1.39		$	1.30		$	1.10		$	1.23		$	1.04		$	1.00



	—	(h)		0.02			0.01			0.02			0.02			—	(h)		—	(h)		0.02			0.01			0.01			0.03			0.01			—	(h)		0.01			—	(h)		—	(h)
	0.19			(0.13	)		0.20			0.12			(0.03	)		0.04			0.23			(0.16	)		0.25			0.14			(0.04	)		0.08			0.17			(0.12	)		0.19			0.04


	0.19			(0.11	)		0.21			0.14			(0.01	)		0.04			0.23			(0.14	)		0.26			0.15			(0.01	)		0.09			0.17			(0.11	)		0.19			0.04



	—			(0.02	)		(0.01	)		(0.02	)		(0.02	)		—			—			(0.02	)		(0.01	)		(0.01	)		(0.01	)		—	(h)		—			(0.01	)		—			—
	—			(0.05	)		(0.05	)		(0.07	)		(0.04	)		—			—			(0.04	)		(0.04	)		(0.04	)		(0.02	)		—	(h)		—			(0.01	)		—			—


	—			(0.07	)		(0.06	)		(0.09	)		(0.06	)		—			—			(0.06	)		(0.05	)		(0.05	)		(0.03	)		—			—			(0.02	)		—			—


$	1.40		$	1.21		$	1.39		$	1.24		$	1.19		$	1.04		$	1.69		$	1.46		$	1.66		$	1.45		$	1.35		$	1.39		$	1.27		$	1.10		$	1.23		$	1.04


	15.48	(b)		(8.29	)		17.62			11.68			(0.69	)		4.01	(b)		15.55	(b)		(8.74	)		17.86			11.78			(0.73	)		7.15			15.41	(b)		(8.88	)		17.99			4.01	(b)
	527			438			437			332			265			3			356			285			256			164			94			50			103			70			34			3
	(0.07	)(c)		1.55			1.45			1.54			1.55			(0.05	)(c)		(0.08	)(c)		1.55			1.47			1.58			1.65			1.47			(0.09	)(c)		1.73			1.90			(0.05	)(c)
	0.07	(c)		0.07			0.07			0.07			0.07			0.50	(c)		0.08	(c)		0.07			0.07			0.08			0.09			0.05			0.09	(c)		0.11			0.14			0.50	(c)
	0.07	(c)		0.07			0.07			0.07			0.07			0.05	(c)		0.08	(c)		0.07			0.07	(e)		0.08			0.05			0.05			0.09	(c)		0.05			0.05			0.05	(c)
	1.65	(b)		3.67			4.46			3.91			4.40			22.25	(b)		1.56	(b)		2.26			3.75			2.67			2.67			1.53			0.31	(b)		3.42			4.32			22.25	(b)

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

117

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)


	2060 Retirement Fund						Conservative Allocation Fund
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(g)			Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			Period Ended December 31, 2018(g)			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Net Asset Value, Beginning of Period	$	0.89		$	1.00		$	1.17		$	1.27		$	1.21		$	1.20		$	1.25		$	1.22


INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		—	(h)		—	(h)		0.03			0.03			0.03			0.02			0.03
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		0.14			(0.11	)		0.10			(0.05	)		0.08			0.04			(0.01	)		0.05


Total From Investment Operations		0.14			(0.11	)		0.10			(0.02	)		0.11			0.07			0.01			0.08


Less Distributions
From Net Investment Income		—			—			—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
From Net Realized Gains		—			—			—			(0.05	)		(0.02	)		(0.03	)		(0.03	)		(0.02	)


Total Distributions		—			—			—			(0.08	)		(0.05	)		(0.06	)		(0.06	)		(0.05	)


Net Asset Value, End of Period	$	1.03		$	0.89		$	1.27		$	1.17		$	1.27		$	1.21		$	1.20		$	1.25


Total Return (%)(i)		15.47	(b)		(10.54	)(b)		9.13	(b)		(2.04	)		8.92			6.71			0.44			6.62
Net Assets, End of Period ($ millions)		13			4			165			150			157			140			128			123
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.05	)(c)		0.74	(b)		(0.04	)(c)		2.11			2.20			2.31			2.32			2.31
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.65	(c)		1.54	(c)		0.04	(c)		0.02			0.02			0.03			0.02			—
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.05	(c)		0.05	(c)		0.04	(c)		0.02			0.02			0.03			0.02			—
Portfolio Turnover Rate (%)(a)		1.76	(b)		6.10			4.75	(b)		11.70			23.64			8.89			10.58			17.24

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

(b)	Not annualized.

(c)	Annualized.

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

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

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

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

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

(i)

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

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

NA = Not Applicable

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

118


Moderate Allocation Fund																		Aggressive Allocation Fund
Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

$	1.39		$	1.56		$	1.44		$	1.41		$	1.52		$	1.45		$	1.53		$	1.77		$	1.63		$	1.60		$	1.77		$	1.69



	—	(h)		0.03			0.03			0.03			0.03			0.03			—	(h)		0.03			0.03			0.03			0.03			0.03
	0.16			(0.09	)		0.17			0.10			(0.03	)		0.09			0.22			(0.14	)		0.24			0.14			(0.05	)		0.11


	0.16			(0.06	)		0.20			0.13			—			0.12			0.22			(0.11	)		0.27			0.17			(0.02	)		0.14



	—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
	—			(0.08	)		(0.05	)		(0.07	)		(0.08	)		(0.02	)		—			(0.10	)		(0.10	)		(0.11	)		(0.12	)		(0.03	)


	—			(0.11	)		(0.08	)		(0.10	)		(0.11	)		(0.05	)		—			(0.13	)		(0.13	)		(0.14	)		(0.15	)		(0.06	)


$	1.55		$	1.39		$	1.56		$	1.44		$	1.41		$	1.52		$	1.75		$	1.53		$	1.77		$	1.63		$	1.60		$	1.77


	12.21	(b)		(4.41	)		13.72			9.08			0.16			7.71			14.37	(b)		(7.13	)		16.64			10.86			(0.38	)		7.66
	412			371			397			347			316			315			306			271			304			264			249			255
	(0.03	)(c)		1.95			1.90			2.08			2.09			1.95			(0.03	)(c)		1.74			1.65			1.74			1.81			1.60
	0.03	(c)		0.02			0.02			0.02			0.02			—			0.03	(c)		0.02			0.02			0.02			0.02			—
	0.03	(c)		0.02			0.02			0.02			0.02			—			0.03	(c)		0.02			0.02			0.02			0.02			—
	1.80	(b)		9.50			12.05			6.65			8.10			13.87			1.15	(b)		9.13			9.55			9.51			7.86			19.61

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

119

MUTUAL OF AMERICA INVESTMENT CORPORATION

FINANCIAL HIGHLIGHTS (Continued)


	Money Market Fund
	Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
	Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

Net Asset Value, Beginning of Period	$	1.2215		$	1.2040		$	1.1972		$	1.20		$	1.20		$	1.20


INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.0138			0.0081			0.0077			—	(h)		—	(h)		—	(h)
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		—	(k)		0.0124			0.0005			—	(h)		—	(h)		—	(h)


Total From Investment Operations		0.0138			0.0205			0.0082			—			—			—


Less Distributions
From Net Investment Income		—			(0.0030	)		(0.0014	)		—			—			—
From Net Realized Gains		—			—			—			—			—			—


Total Distributions		—			(0.0030	)		(0.0014	)		—			—			—


Net Asset Value, End of Period	$	1.2353		$	1.2215		$	1.2040		$	1.20		$	1.20		$	1.20


Total Return (%)(i)		1.14	(b)		1.71			0.70			0.14			(0.11	)		(0.14	)
Net Assets, End of Period ($ millions)		206			210			71			63			67			77
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		2.26	(c)		1.82			0.70			0.13			(0.11	)		(0.14	)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.21	(c)		0.20			0.25			0.28			0.26			0.24
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.21	(c)		0.20			0.24	(e)		0.28			0.26			0.24
Portfolio Turnover Rate (%)(a)		NA			NA			NA			NA			NA			NA

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

(b)	Not annualized.

(c)	Annualized.

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

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

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

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

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

(i)

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

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

NA = Not Applicable

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

120


Mid-Term Bond Fund																		Bond Fund
Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2019 (Unaudited)			Years Ended December 31,
Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014			Six Months Ended June 30, 2019 (Unaudited)			2018			2017			2016			2015			2014

$	1.02		$	1.04		$	1.04		$	1.03		$	1.06		$	1.05		$	1.41		$	1.44		$	1.43		$	1.41		$	1.45		$	1.41



	0.01			0.02			0.02			0.03			0.03			0.03			0.02			0.04			0.04			0.04			0.04			0.04
	0.04			(0.02	)		—	(h)		0.01			(0.03	)		0.02			0.06			(0.03	)		0.01			0.02			(0.03	)		0.04


	0.05			—			0.02			0.04			—			0.05			0.08			0.01			0.05			0.06			0.01			0.08



	—			(0.02	)		(0.02	)		(0.03	)		(0.03	)		(0.03	)		—			(0.04	)		(0.04	)		(0.04	)		(0.05	)		(0.04	)
	—			—	(h)		—	(h)		—	(h)		—	(h)		(0.01	)		—			—			—	(h)		—	(h)		—	(h)		—


	—			(0.02	)		(0.02	)		(0.03	)		(0.03	)		(0.04	)		—			(0.04	)		(0.04	)		(0.04	)		(0.05	)		(0.04	)


$	1.07		$	1.02		$	1.04		$	1.04		$	1.03		$	1.06		$	1.49		$	1.41		$	1.44		$	1.43		$	1.41		$	1.45


	4.53	(b)		0.57			2.32			3.51			0.61			3.22			5.59	(b)		0.17			3.62			4.71			0.33			6.31
	637			587			558			492			452			435			1,473			1,346			1,274			1,108			1,007			956
	2.38	(c)		2.44			2.37			2.45			2.68			2.57			2.83	(c)		2.93			2.98			3.07			2.93			3.59
	0.45	(c)		0.45			0.47			0.46			0.46			0.49			0.44	(c)		0.45			0.45			0.45			0.45			0.48
	0.45	(c)		0.45			0.45	(e)		0.46			0.46			0.49			0.44	(c)		0.45			0.44	(e)		0.45			0.45			0.48
	5.75	(b)		20.12			14.18			17.52			19.07			36.56			6.76	(b)		10.71			10.65			13.54			27.51			15.00

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

121

MUTUAL OF AMERICA INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2019

1.	SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

Mutual of America Investment Corporation (the “Investment Company”) is a diversified, open-end management investment company — a type of company commonly known as a “mutual fund”. It is registered as such under the Investment Company Act of 1940 (the “Investment Company Act”). The Investment Company was formed on February 21, 1986 as a Maryland corporation and principally offers its shares exclusively to separate accounts of Mutual of America Life Insurance Company (“Mutual of America Life”) and a former affiliate that offers the funds through its separate accounts. As a “series” type mutual fund, the Investment Company issues separate classes (or series) of capital stock, each of which represents a separate Fund of investments. At June 30, 2019, there were 27 active funds (collectively, “the Funds”): Equity Index Fund, All America Fund, Small Cap Value Fund, Small Cap Growth Fund, Small Cap Equity Index Fund, Mid Cap Value Fund, Mid-Cap Equity Index Fund, International Fund, Composite Fund, Money Market Fund, Mid-Term Bond Fund, Bond Fund; Retirement Income Fund, 2010 Retirement Fund, 2015 Retirement Fund, 2020 Retirement Fund, 2025 Retirement Fund, 2030 Retirement Fund, 2035 Retirement Fund, 2040 Retirement Fund, 2045 Retirement Fund, 2050 Retirement Fund, 2055 Retirement Fund and 2060 Retirement Fund (collectively, “Retirement Funds”); a Conservative Allocation Fund, a Moderate Allocation Fund and an Aggressive Allocation Fund (collectively, “Allocation Funds”). The 2055 Retirement Fund commenced operations on October 1, 2016. The Small Cap Equity Index Fund and the 2060 Retirement Fund commenced operations on July 2, 2018.

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

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

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

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

•

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

•

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

•

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

As of June 30, 2019, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of three securities in the All America, Small Cap Value, Small Cap Growth and Small Cap Equity Index Funds (see Note 1 below) which were considered Level 3. In addition, non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Furthermore, certain Rule 144A securities not actively traded are considered Level 3; however, there were no such 144A securities as of June 30, 2019. Fair value inputs for all debt securities and temporary cash investments were considered Level 2. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Transfers between levels are reflected based on the fair value at the beginning of a reporting period.

122

MUTUAL OF AMERICA INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

1.	SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

The following is a summary of the inputs used to value the Funds’ investments and other financial instruments as of June 30, 2019:


Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total

Investments at Fair Value:

(See Portfolios of Investments for More Details)
Equity Index Fund
Common Stock-Indexed	$	3,015,139,701		—		—		$	3,015,139,701
Short-Term Debt Securities		—	$	66,555,106		—		$	66,555,106
Temporary Cash Investment		—	$	44,291		—		$	44,291

	$	3,015,139,701	$	66,599,397		—		$	3,081,739,098
All America Fund
Common Stock-Indexed	$	159,002,270		—		—		$	159,002,270
Common Stock-Active	$	132,757,554		—	$	285,375	(1)	$	133,042,929
Short-Term Debt Securities-Indexed		—	$	498,746		—		$	498,746
Short-Term Debt Securities-Active		—	$	5,900,000		—		$	5,900,000
Temporary Cash Investment		—	$	84,729		—		$	84,729

	$	291,759,824	$	6,483,475	$	285,375		$	298,528,674
Small Cap Value Fund
Common Stock	$	459,911,957		—	$	3,206,125	(1)	$	463,118,082
Short-Term Debt Securities		—	$	23,379,107		—		$	23,379,107
Temporary Cash Investment		—	$	73,305		—		$	73,305

	$	459,911,957	$	23,452,412	$	3,206,125		$	486,570,494
Small Cap Growth Fund
Common Stock	$	548,266,273		—		—	(1)	$	548,266,273
Short-Term Debt Securities		—	$	20,799,043		—		$	20,799,043

	$	548,266,273	$	20,799,043		—		$	569,065,316
Small Cap Equity Index Fund
Common Stock-Indexed	$	26,888,069		—		—	(1)	$	26,888,069
Temporary Cash Investment		—	$	70,766		—		$	70,766

	$	26,888,069	$	70,766		—		$	26,958,835
Mid Cap Value Fund
Common Stock	$	87,404,530		—		—		$	87,404,530
Short-Term Debt Securities		—	$	5,094,907		—		$	5,094,907
Temporary Cash Investment		—	$	36,209		—		$	36,209

	$	87,404,530	$	5,131,116		—		$	92,535,646
Mid-Cap Equity Index Fund
Common Stock-Indexed	$	1,437,345,936		—		—		$	1,437,345,936
Short-Term Debt Securities		—	$	81,614,515		—		$	81,614,515
Temporary Cash Investment		—	$	38,521		—		$	38,521

	$	1,437,345,936	$	81,653,036		—		$	1,518,998,972
International Fund
Common Stock	$	575,074,379		—		—		$	575,074,379
Short-Term Debt Securities		—	$	39,079,405		—		$	39,079,405
Temporary Cash Investment		—	$	101,452		—		$	101,452

	$	575,074,379	$	39,180,857		—		$	614,255,236
Composite Fund
Common Stock	$	109,167,853		—		—		$	109,167,853
U.S. Government Debt		—	$	27,364,572		—		$	27,364,572
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	20,808,328		—		$	20,808,328

123

MUTUAL OF AMERICA INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

1.	SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)


Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Long-Term Corporate Debt		—	$	23,012,525		—	$	23,012,525
Short-Term Debt Securities		—	$	5,600,000		—	$	5,600,000
Temporary Cash Investment		—	$	74,219		—	$	74,219

	$	109,167,853	$	76,859,644		—	$	186,027,497
Retirement Income Fund
Common Stock	$	108,984,434		—		—	$	108,984,434
2010 Retirement Fund
Common Stock	$	25,422,526		—		—	$	25,422,526
2015 Retirement Fund
Common Stock	$	145,296,344		—		—	$	145,296,344
2020 Retirement Fund
Common Stock	$	574,744,991		—		—	$	574,744,991
2025 Retirement Fund
Common Stock	$	829,574,661		—		—	$	829,574,661
2030 Retirement Fund
Common Stock	$	737,938,567		—		—	$	737,938,567
2035 Retirement Fund
Common Stock	$	616,974,709		—		—	$	616,974,709
2040 Retirement Fund
Common Stock	$	503,319,094		—		—	$	503,319,094
2045 Retirement Fund
Common Stock	$	527,331,143		—		—	$	527,331,143
2050 Retirement Fund
Common Stock	$	355,900,979		—		—	$	355,900,979
2055 Retirement Fund
Common Stock	$	103,415,046		—		—	$	103,415,046
2060 Retirement Fund
Common Stock	$	13,133,686		—		—	$	13,133,686
Conservative Allocation Fund
Common Stock	$	164,826,073		—		—	$	164,826,073
Moderate Allocation Fund
Common Stock	$	412,269,708		—		—	$	412,269,708
Aggressive Allocation Fund
Common Stock	$	305,887,320		—		—	$	305,887,320
Money Market Fund
U.S. Government Debt		—	$	49,620,345		—	$	49,620,345
U.S. Government Agency Short-Term Debt		—	$	32,776,787		—	$	32,776,787
Commercial Paper		—	$	123,445,832		—	$	123,445,832

		—	$	205,842,964		—	$	205,842,964
Mid-Term Bond Fund
U.S. Government Debt		—	$	365,851,045		—	$	365,851,045
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	607		—	$	607
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	37,104,450		—	$	37,104,450
Long-Term Corporate Debt		—	$	229,883,199		—	$	229,883,199
Temporary Cash Investment		—	$	272,931		—	$	272,931

		—	$	633,112,232		—	$	633,112,232
Bond Fund
U.S. Government Debt		—	$	506,219,557		—	$	506,219,557
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	420,049,601		—	$	420,049,601

124

MUTUAL OF AMERICA INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

1.	SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)


Fund	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	15,915,010		—	$	15,915,010
Long-Term Corporate Debt		—	$	518,244,315		—	$	518,244,315
Sovereign Debt		—	$	2,947,628		—	$	2,947,628
Short-Term Debt Securities		—	$	14,700,000		—	$	14,700,000
Temporary Cash Investment		—	$	74,296		—	$	74,296

		—	$	1,478,150,407		—	$	1,478,150,407

Other Financial Instruments:*

Equity Index Fund	$	981,550		—		—	$	981,550
All America Fund	$	11,955		—		—	$	11,955
Mid-Cap Equity Index Fund	$	1,922,792		—		—	$	1,922,792

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

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


	Fair Value Measurement Using Significant Unobservable Inputs (Level 3) for the Six Months Ended June 30, 2019
	Balance December 31, 2018(a)			Change in Unrealized Gains (Losses)		Transfers Into Level 3		Transfers Out of Level 3		Sales		Balance June 30, 2019(a)			Unrealized Gains/(Losses) of Level 3 Assets Held as of June 30, 2019 Included in Statements of Operations
All America Fund	$	285,375			—		—		—		—	$	285,375		$	30,822
Small Cap Value Fund	$	3,206,125			—		—		—		—	$	3,206,125		$	347,256
Small Cap Growth Fund		—	(b)		—		—		—		—		—	(b)		—	(b)
Small Cap Equity Index Fund		—	(c)		—		—		—		—		—	(c)		—	(c)

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

(b)	Level 3 security, Ferroglobe Representation & Warranty Insurance Trust, with $0 fair value and unrealized gain (loss).

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

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

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

Exchange-traded equity securities are valued at the last reported sales price on the principal exchange on which the security is traded. If there is no trading volume for a particular valuation day, the last bid price is used. For equity securities traded in the over-the-counter market, the security is valued at the last sale price, or if no sale, at the latest bid price available.

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June 30, 2019

1.	SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

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

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

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

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

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

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

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

Futures Contracts — The Equity Index Fund, Mid-Cap Equity Index Fund and a portion of the All America Fund each maintain indexed asset portfolios which are subject to equity price risk. In order to remain more fully invested in the equity markets while minimizing transaction costs, the funds purchase stock index futures contracts. These purchases of futures contracts allow the funds to invest available cash to attempt to efficiently and cost effectively keep the funds fully invested on a daily basis in an attempt to minimize deviation from the performance of the indices. An initial cash margin deposit (represented by cash or Treasury bills) is made upon entering into a futures contract and serves as collateral for the contract. This initial margin, maintained in a segregated account, is equal to approximately 5%-6% of the contract amount, and does not involve the borrowing of funds to finance the transaction. During the period the futures contract is outstanding, changes in the value of the contract are recognized as unrealized appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each trading day. The accumulated unrealized appreciation or depreciation on the contract is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized appreciation or depreciation are incurred, variation margin payments are received or made daily. The net change in unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding.

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June 30, 2019

1.	SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

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

The following table presents the financial statement impacts resulting from the funds’ use of futures contracts at their fair values as of June 30, 2019 and for the six months ended June 30, 2019:


Derivatives not accounted for as hedging instruments	Risk Type		Location on Statements of Assets and Liabilities	Equity Index Fund		All America Fund		Mid-Cap Equity Index Fund
Futures Contracts		Equity	Total Distributable Earnings (Loss)	$	981,550	$	11,955	$	1,922,792


Derivatives not accounted for as hedging instruments	Risk Type		Location on Statements of Operations	Equity Index Fund		All America Fund		Mid-Cap Equity Index Fund
Futures Contracts		Equity	Net realized gain (loss) on Futures contracts	$	9,937,517	$	244,361	$	3,642,842

Futures Contracts		Equity	Change in net unrealized appreciation (depreciation) of Futures contracts	$	4,143,880	$	111,248	$	3,738,562

During the six months ended June 30, 2019, the Equity Index Fund, Mid-Cap Equity Index Fund and the All America Fund held futures contracts with average notional amounts of $78,417,069, $2,659,432 and $63,368,370, respectively.

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

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

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

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


	Equity Index Fund		Mid-Cap Equity Index Fund		Small Cap Growth Fund		Small Cap Value Fund		Small Cap Equity Index Fund		International Fund		Bond Fund		Mid-Term Bond Fund		Money Market Fund
Retirement Income Fund		20%		5%		—		—		—		—		30%		30%		15%
2010 Retirement Fund		20%		6%		—		—		—		2%		30%		30%		12%
2015 Retirement Fund		22%		8%		1%		1%		—		5%		28%		25%		10%
2020 Retirement Fund		25%		10%		2%		2%		—		8%		26%		22%		5%
2025 Retirement Fund		29%		12%		3%		3%		—		10%		25%		18%		—
2030 Retirement Fund		33%		16%		4%		4%		—		12%		23%		8%		—
2035 Retirement Fund		35%		19%		5%		5%		—		14%		22%		—		—
2040 Retirement Fund		37%		21%		5%		5%		1%		16%		15%		—		—
2045 Retirement Fund		35%		21%		6%		6%		1%		18%		13%		—		—
2050 Retirement Fund		34%		22%		6%		6%		2%		19%		11%		—		—
2055 Retirement Fund		33%		22%		7%		7%		2%		20%		9%		—		—
2060 Retirement Fund		32%		23%		8%		8%		2%		20%		7%		—		—

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

1.	SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

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

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


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

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

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


	Equity Index Fund			Mid-Cap Equity Index Fund			Small Cap Growth Fund			Small Cap Value Fund			Small Cap Equity Index Fund		International Fund			Bond Fund			Mid-Term Bond Fund		Money Market Fund
2010 Retirement Fund		—			(1%	)		—			—			—		(1%	)		—			—		2%
2015 Retirement Fund		(3%	)		—			—			—			—		—			(2%	)		—		5%
2020 Retirement Fund		(3%	)		—			—			—			—		—			(2%	)		—		5%
2025 Retirement Fund		(2%	)		—			(1%	)		(1%	)		—		—			—			4%		—
2030 Retirement Fund		—			(1%	)		(1%	)		(1%	)		—		—			1%			2%		—
2035 Retirement Fund		—			(1%	)		(1%	)		(1%	)		—		—			3%			—		—
2040 Retirement Fund		2%			1%			(2%	)		(2%	)		1%		—			—			—		—
2045 Retirement Fund		1%			—			(2%	)		(2%	)		1%		2%			—			—		—
2050 Retirement Fund		2%			1%			(3%	)		(3%	)		2%		1%			—			—		—
2055 Retirement Fund		2%			—			(3%	)		(3%	)		2%		2%			—			—		—
2060 Retirement Fund		2%			—			(2%	)		(2%	)		2%		—			—			—		—

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

1.	SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

As of June 30, 2019, management has evaluated the tax positions taken on the Funds’ filed tax returns for all open tax years and has concluded that no tax provision is required in any of the Funds’ financial statements. Each Fund’s federal and state income, franchise and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

As of June 30, 2019, the Bond, Mid-Term Bond and 2060 Retirement Funds had a capital loss carry forward of $1,626,922, $1,274,200 and $13,264, respectively, to offset net realized capital gains generated after December 31, 2018.

2.	EXPENSES

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


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

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

Effective January 1, 2015, the Investment Company and the Adviser entered into an agreement under which the Adviser agrees to reimburse the direct non-advisory operating expenses of any Allocation or Retirement Fund (each a “Fund of Funds”) that has less than $50 million in average daily net assets for the prior calendar year. This agreement remains in effect through April 30, 2020 and continues into successive 12 month periods ending April 30 unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

3.	INVESTMENTS

The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the six months ended June 30, 2019, were as follows:


	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
Cost of investment purchases	$	65,014,956	$	32,992,131	$	119,217,247	$	185,344,061	$	16,402,028

Proceeds from sales of investments	$	36,456,216	$	43,451,055	$	95,436,007	$	159,121,682	$	8,518,125


	Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Income Fund
Cost of investment purchases	$	6,243,532	$	90,526,378	$	48,019,791	$	33,397,716	$	7,239,167

Proceeds from sales of investments	$	6,716,066	$	69,159,355	$	—	$	37,802,051	$	7,655,484


	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Cost of investment purchases	$	2,521,594	$	7,146,887	$	34,995,501	$	58,746,956	$	53,795,937

Proceeds from sales of investments	$	3,146,133	$	14,204,690	$	34,552,691	$	30,272,976	$	20,989,356


	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund
Cost of investment purchases	$	44,862,234	$	35,066,759	$	28,787,911	$	30,619,722	$	21,766,912

Proceeds from sales of investments	$	14,825,385	$	8,402,185	$	8,136,061	$	5,087,292	$	275,715


	2060 Retirement Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Money Market Fund
Cost of investment purchases	$	8,329,095	$	8,615,846	$	7,151,947	$	3,375,998	$	—

Proceeds from sales of investments	$	147,623	$	7,484,803	$	11,044,173	$	7,567,721	$	—


	Mid-Term Bond Fund		Bond Fund
Cost of investment purchases	$	76,941,945	$	180,319,238

Proceeds from sales of investments	$	34,592,024	$	93,825,123

The cost of short-term security purchases for the Money Market Fund for the six months ended June 30, 2019, was $944,170,882; proceeds from sales for the same period were $950,544,666.

The components of net unrealized appreciation (depreciation) of investments for federal income tax purposes and the cost of investments for federal income tax purposes at June 30, 2019 for each of the funds were as follows:


	Equity Index Fund			All America Fund			Small Cap Value Fund			Small Cap Growth Fund			Small Cap Equity Index Fund
Unrealized Appreciation	$	1,377,522,305		$	97,555,876		$	79,023,465		$	107,368,208		$	1,718,856
Unrealized Depreciation		(82,100,037	)		(14,389,597	)		(32,480,223	)		(38,374,833	)		(3,327,481	)

Net	$	1,295,422,268		$	83,166,279		$	46,543,242		$	68,993,375		$	(1,608,625	)

Tax Cost of Investments	$	1,786,316,830		$	215,362,395		$	440,027,252		$	500,071,941		$	28,567,460

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

3.	INVESTMENTS (CONTINUED)


	Mid Cap Value Fund			Mid-Cap Equity Index Fund			International Fund			Composite Fund			Retirement Income Fund
Unrealized Appreciation	$	22,885,195		$	379,547,938		$	39,202,240		$	27,403,512		$	6,070,290
Unrealized Depreciation		(4,621,984	)		(111,248,456	)		(3,725,661	)		(3,824,037	)		(701,586	)

Net	$	18,263,211		$	268,299,482		$	35,476,579		$	23,579,475		$	5,368,704

Tax Cost of Investments	$	74,272,435		$	1,250,699,490		$	578,778,657		$	162,448,022		$	103,615,729


	2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund			2030 Retirement Fund
Unrealized Appreciation	$	1,578,127		$	12,190,597		$	53,009,650		$	85,764,033		$	84,271,334
Unrealized Depreciation		(175,471	)		(678,240	)		(1,197,525	)		(1,556,741	)		(1,249,328	)

Net	$	1,402,656		$	11,512,357		$	51,812,125		$	84,207,292		$	83,022,006

Tax Cost of Investments	$	24,019,869		$	133,783,987		$	522,932,866		$	745,367,369		$	654,916,561


	2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund			2055 Retirement Fund
Unrealized Appreciation	$	77,795,386		$	67,518,736		$	78,263,586		$	30,998,442		$	3,532,721
Unrealized Depreciation		(792,023	)		(987,672	)		(418,222	)		(1,578,169	)		(803,179	)

Net	$	77,003,363		$	66,531,064		$	77,845,364		$	29,420,273		$	2,729,542

Tax Cost of Investments	$	539,971,346		$	436,788,030		$	449,485,779		$	326,480,706		$	100,685,504


	2060 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund
Unrealized Appreciation	$	570,150		$	11,409,303		$	62,864,728		$	59,241,076		$	12
Unrealized Depreciation		(5,711	)		(907,944	)		(2,070,747	)		(1,698,995	)		0

Net	$	564,439		$	10,501,359		$	60,793,981		$	57,542,081		$	12

Tax Cost of Investments	$	12,569,247		$	154,324,714		$	351,475,727		$	248,345,239		$	205,842,952


	Mid-Term Bond Fund			Bond Fund
Unrealized Appreciation	$	12,682,120		$	44,588,744
Unrealized Depreciation		(2,434,023	)		(6,399,012	)

Net	$	10,248,097		$	38,189,732

Tax Cost of Investments	$	622,864,135		$	1,439,960,675

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

3.	INVESTMENTS (CONTINUED)

Investments in affiliated investment companies during the six month period ended June 30, 2019 were as follows:


Affiliated Investment Company	Value as of December 31, 2018		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities		Sales			Value as of June 30, 2019
Retirement Income Fund
Bond Fund	$	31,350,358	$	1,721,749	$	(30,052	)	$	1,774,247	$	(1,846,645	)	$	32,969,657
Equity Index Fund		20,880,576		1,147,833		513,583			3,286,816		(2,731,097	)		23,097,711
Mid-Cap Equity Index Fund		4,826,371		286,959		(3,106	)		861,945		(307,774	)		5,664,395
Mid-Term Bond Fund		31,395,838		1,942,166		(32,969	)		1,445,714		(2,055,898	)		32,694,851
Money Market Fund		12,978,408		2,140,460		17,604			135,418		(714,070	)		14,557,820

Total	$	101,431,551	$	7,239,167	$	465,060		$	7,504,140	$	(7,655,484	)	$	108,984,434


2010 Retirement Fund
Bond Fund	$	6,965,555	$	1,106,478	$	(5,993	)	$	405,028	$	(793,840	)	$	7,677,228
Equity Index Fund		5,171,070		404,318		193,951			732,945		(1,029,226	)		5,473,058
International Fund		656,485		55,267		6,689			77,946		(66,529	)		729,858
Mid-Cap Equity Index Fund		1,683,552		136,131		(3,373	)		298,104		(172,374	)		1,942,040
Mid-Term Bond Fund		7,199,651		606,478		(19,766	)		341,880		(793,840	)		7,334,403
Money Market Fund		2,317,511		212,922		7,213			18,617		(290,324	)		2,265,939

Total	$	23,993,824	$	2,521,594	$	178,721		$	1,874,520	$	(3,146,133	)	$	25,422,526


2015 Retirement Fund
Bond Fund	$	39,231,397	$	2,632,773	$	51,586		$	2,120,007	$	(2,704,363	)	$	41,331,400
Equity Index Fund		38,020,450		519,781		2,927,901			3,911,020		(7,215,607	)		38,163,545
International Fund		5,047,115		107,343		27,504			617,953		(460,234	)		5,339,681
Mid-Cap Equity Index Fund		12,980,568		171,751		146,793			2,150,319		(736,375	)		14,713,056
Mid-Term Bond Fund		34,870,510		536,723		(82,586	)		1,608,613		(2,301,173	)		34,632,087
Money Market Fund		5,925,624		3,135,578		14,554			59,787		(602,844	)		8,532,699
Small Cap Growth Fund		1,193,714		21,469		(1,883	)		202,562		(92,047	)		1,323,815
Small Cap Value Fund		1,189,654		21,469		(13,033	)		154,018		(92,047	)		1,260,061

Total	$	138,459,032	$	7,146,887	$	3,070,836		$	10,824,279	$	(14,204,690	)	$	145,296,344


2020 Retirement Fund
Bond Fund	$	138,844,588	$	7,962,681	$	(55,084	)	$	7,895,909	$	(4,793,763	)	$	149,854,331
Equity Index Fund		161,411,500		4,924,651		9,696,104			19,863,226		(21,733,267	)		174,162,214
International Fund		32,679,965		2,439,641		190,651			4,102,486		(1,404,215	)		38,008,528
Mid-Cap Equity Index Fund		52,984,517		1,799,550		490,904			8,973,439		(1,755,269	)		62,493,141
Mid-Term Bond Fund		109,028,894		6,959,010		(131,156	)		5,127,483		(3,861,592	)		117,122,639
Money Market Fund		—		10,190,148		359			32,522		(302,477	)		9,920,552
Small Cap Growth Fund		10,135,635		359,910		55,391			1,664,009		(351,054	)		11,863,891
Small Cap Value Fund		10,106,598		359,910		40,661			1,163,580		(351,054	)		11,319,695

Total	$	515,191,697	$	34,995,501	$	10,287,830		$	48,822,654	$	(34,552,691	)	$	574,744,991


2025 Retirement Fund
Bond Fund	$	171,714,563	$	15,936,739	$	143,860		$	9,797,382	$	(2,818,244	)	$	194,774,300
Equity Index Fund		245,923,223		12,004,321		10,004,359			35,451,351		(20,391,021	)		282,992,233
International Fund		59,628,675		5,974,697		291,763			7,622,683		(1,127,298	)		72,390,520
Mid-Cap Equity Index Fund		88,372,118		4,769,634		968,316			14,909,574		(3,352,757	)		105,666,885
Mid-Term Bond Fund		92,132,487		17,199,045		(74,567	)		4,554,333		(1,785,420	)		112,025,878
Small Cap Growth Fund		26,810,524		1,431,260		43,763			4,524,695		(399,118	)		32,411,124
Small Cap Value Fund		25,261,912		1,431,260		69,305			2,950,362		(399,118	)		29,313,721

Total	$	709,843,502	$	58,746,956	$	11,446,799		$	79,810,380	$	(30,272,976	)	$	829,574,661

132

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

3.	INVESTMENTS (CONTINUED)


Affiliated Investment Company	Value as of December 31, 2018		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2019

2030 Retirement Fund
Bond Fund	$	134,127,220	$	13,447,762	$	4,857		$	7,843,220		$	(1,103,446	)	$	154,319,613
Equity Index Fund		228,698,115		12,472,659		9,043,358			33,469,375			(17,646,487	)		266,037,020
International Fund		64,926,507		5,535,513		144,734			8,517,521			(598,723	)		78,525,552
Mid-Cap Equity Index Fund		106,523,484		6,292,653		221,624			19,004,871			(842,403	)		131,200,229
Mid-Term Bond Fund		25,579,948		12,533,068		(6,539	)		1,420,683			(310,937	)		39,216,223
Small Cap Growth Fund		29,296,116		1,757,142		43,650			4,963,268			(243,680	)		35,816,496
Small Cap Value Fund		27,962,582		1,757,140		61,342			3,286,050			(243,680	)		32,823,434

Total	$	617,113,972	$	53,795,937	$	9,513,026		$	78,504,988		$	(20,989,356	)	$	737,938,567


2035 Retirement Fund
Bond Fund	$	89,342,727	$	15,845,955	$	13,042		$	5,378,851		$	(756,517	)	$	109,824,058
Equity Index Fund		200,390,982		11,851,782		5,979,690			31,259,990			(11,338,885	)		238,143,559
International Fund		60,289,779		6,740,713		61,423			7,995,593			(535,554	)		74,551,954
Mid-Cap Equity Index Fund		102,221,496		6,635,070		163,971			18,274,902			(755,179	)		126,540,260
Small Cap Growth Fund		29,156,744		1,894,357		237,077			4,767,677			(1,219,625	)		34,836,230
Small Cap Value Fund		28,047,202		1,894,357		44,437			3,312,277			(219,625	)		33,078,648

Total	$	509,448,930	$	44,862,234	$	6,499,640		$	70,989,290		$	(14,825,385	)	$	616,974,709


2040 Retirement Fund
Bond Fund	$	56,195,340	$	7,435,014	$	7,932		$	3,327,530		$	(435,328	)	$	66,530,488
Equity Index Fund		160,745,248		10,567,408		3,294,410			26,669,422			(6,018,680	)		195,257,808
International Fund		56,365,772		6,730,681		129,689			7,417,437			(464,349	)		70,179,230
Mid-Cap Equity Index Fund		82,489,656		6,022,873		147,055			14,749,422			(581,894	)		102,827,112
Small Cap Equity Index Fund		—		609,522		(81	)		(14,792	)		(1,458	)		593,191
Small Cap Growth Fund		28,459,719		1,850,630		101,428			4,767,769			(700,238	)		34,479,308
Small Cap Value Fund		28,405,629		1,850,631		22,334			3,373,601			(200,238	)		33,451,957

Total	$	412,661,364	$	35,066,759	$	3,702,767		$	60,290,389		$	(8,402,185	)	$	503,319,094


2045 Retirement Fund
Bond Fund	$	50,385,633	$	6,027,429	$	20,837		$	2,956,377		$	(342,688	)	$	59,047,588
Equity Index Fund		166,317,843		7,994,447		3,265,784			27,636,543			(5,902,715	)		199,311,902
International Fund		60,354,007		5,879,180		48,680			7,994,761			(434,677	)		73,841,951
Mid-Cap Equity Index Fund		93,187,217		4,890,461		160,634			16,619,869			(553,573	)		114,304,608
Small Cap Equity Index Fund		—		576,558		(248	)		(15,189	)		(6,454	)		554,667
Small Cap Growth Fund		34,445,818		1,709,918		104,322			5,779,689			(697,977	)		41,341,770
Small Cap Value Fund		33,424,440		1,709,918		26,359			3,965,917			(197,977	)		38,928,657

Total	$	438,114,958	$	28,787,911	$	3,626,368		$	64,937,967		$	(8,136,061	)	$	527,331,143


2050 Retirement Fund
Bond Fund	$	26,895,175	$	4,065,669	$	(4,223	)	$	1,612,843		$	(257,102	)	$	32,312,362
Equity Index Fund		101,884,607		9,130,672		765,153			18,308,973			(2,748,810	)		127,340,595
International Fund		45,368,733		6,122,729		(17,072	)		6,105,808			(421,151	)		57,159,047
Mid-Cap Equity Index Fund		60,834,727		5,958,823		(24,434	)		11,017,890			(491,270	)		77,295,736
Small Cap Equity Index Fund		—		962,362		(4	)		(20,523	)		(877	)		940,958
Small Cap Growth Fund		25,764,072		2,189,733		(31,929	)		4,438,691			(959,041	)		31,401,526
Small Cap Value Fund		24,543,579		2,189,734		(55,148	)		2,981,631			(209,041	)		29,450,755

Total	$	285,290,893	$	30,619,722	$	632,343		$	44,445,313		$	(5,087,292	)	$	355,900,979

133

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

3.	INVESTMENTS (CONTINUED)


Affiliated Investment Company	Value as of December 31, 2018		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2019

2055 Retirement Fund
Bond Fund	$	6,743,960	$	1,947,772	$	(108	)	$	436,045		$	(13,564	)	$	9,114,105
Equity Index Fund		23,382,110		6,861,775		3,957			4,655,051			(46,828	)		34,856,065
International Fund		11,782,573		4,048,327		1,141			1,686,962			(27,236	)		17,491,767
Mid-Cap Equity Index Fund		15,142,836		4,761,220		(4,221	)		2,872,707			(33,157	)		22,739,385
Small Cap Equity Index Fund		—		277,780		—			(994	)		(106	)		276,680
Small Cap Growth Fund		6,618,049		1,935,019		16,817			1,151,696			(139,912	)		9,581,669
Small Cap Value Fund		6,626,777		1,935,019		(3,276	)		811,767			(14,912	)		9,355,375

Total	$	70,296,305	$	21,766,912	$	14,310		$	11,613,234		$	(275,715	)	$	103,415,046


2060 Retirement Fund
Bond Fund	$	309,880	$	574,288	$	42		$	34,744		$	(1,584	)	$	917,370
Equity Index Fund		1,216,545		2,518,535		(142	)		346,609			(7,236	)		4,074,311
International Fund		823,359		1,640,818		(359	)		165,105			(4,524	)		2,624,399
Mid-Cap Equity Index Fund		906,374		1,886,942		(805	)		224,559			(5,203	)		3,011,867
Small Cap Equity Index Fund		—		182,309		(26	)		(3,006	)		(450	)		178,827
Small Cap Growth Fund		392,428		763,102		(305	)		82,691			(1,813	)		1,236,103
Small Cap Value Fund		396,802		763,101		(11,669	)		69,388			(126,813	)		1,090,809

Total	$	4,045,388	$	8,329,095	$	(13,264	)	$	920,090		$	(147,623	)	$	13,133,686


Conservative Allocation Fund
Bond Fund	$	46,783,620	$	2,584,754	$	886		$	2,609,999		$	(2,245,441	)	$	49,733,818
Equity Index Fund		35,543,339		2,153,962		661,912			5,945,657			(1,871,201	)		42,433,669
International Fund		6,608,221		430,792		(15,067	)		887,084			(374,240	)		7,536,790
Mid-Cap Equity Index Fund		6,694,219		430,792		23,068			1,187,404			(374,240	)		7,961,243
Mid-Term Bond Fund		54,311,229		3,015,546		(125,048	)		2,578,507			(2,619,681	)		57,160,553

Total	$	149,940,628	$	8,615,846	$	545,751		$	13,208,651		$	(7,484,803	)	$	164,826,073


Moderate Allocation Fund
Bond Fund	$	99,578,388	$	1,787,988	$	69,850		$	5,459,393		$	(2,761,044	)	$	104,134,575
Equity Index Fund		127,083,025		2,503,181		1,835,672			21,484,892			(3,865,461	)		149,041,309
International Fund		33,756,494		715,195		(37,789	)		4,435,193			(1,104,417	)		37,764,676
Mid-Cap Equity Index Fund		51,271,559		1,072,791		594,910			8,510,282			(1,656,625	)		59,792,917
Mid-Term Bond Fund		59,448,693		1,072,792		26,785			2,644,587			(1,656,626	)		61,536,231

Total	$	371,138,159	$	7,151,947	$	2,489,428		$	42,534,347		$	(11,044,173	)	$	412,269,708


Aggressive Allocation Fund
Bond Fund	$	60,094,565	$	675,199	$	17,628		$	3,302,122		$	(1,513,544	)	$	62,575,970
Equity Index Fund		95,958,921		1,181,601		1,434,589			16,144,710			(2,648,703	)		112,071,118
International Fund		38,220,984		506,399		(41,716	)		5,013,614			(1,135,158	)		42,564,123
Mid-Cap Equity Index Fund		51,635,080		675,199		552,733			8,619,288			(1,513,544	)		59,968,756
Small Cap Growth Fund		12,637,489		168,800		116,383			2,018,779			(378,386	)		14,563,065
Small Cap Value Fund		12,830,158		168,800		171,565			1,352,151			(378,386	)		14,144,288

Total	$	271,377,197	$	3,375,998	$	2,251,182		$	36,450,664		$	(7,567,721	)	$	305,887,320

134

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

4.	CAPITAL SHARE ACTIVITY

The Investment Company has registered an indefinite number of its capital shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. As of June 30, 2019, shares authorized were allocated into the 27 series of Funds as follows:


	Authorized No. of Shares
	Total Shares Allocated
Equity Index Fund		900,000,000
All America Fund		200,000,000
Small Cap Value Fund		425,000,000
Small Cap Growth Fund		570,000,000
Small Cap Equity Index Fund		200,000,000
Mid Cap Value Fund		100,000,000
Mid-Cap Equity Index Fund		850,000,000
International Fund		975,000,000
Composite Fund		150,000,000
Retirement Income Fund		220,000,000
2010 Retirement Fund		50,000,000
2015 Retirement Fund		200,000,000
2020 Retirement Fund		665,000,000
2025 Retirement Fund		925,000,000
2030 Retirement Fund		815,000,000
2035 Retirement Fund		745,000,000
2040 Retirement Fund		585,000,000
2045 Retirement Fund		525,000,000
2050 Retirement Fund		370,000,000
2055 Retirement Fund		200,000,000
2060 Retirement Fund		100,000,000
Conservative Allocation Fund		165,000,000
Moderate Allocation Fund		320,000,000
Aggressive Allocation Fund		215,000,000
Money Market Fund		425,000,000
Mid-Term Bond Fund		790,000,000
Bond Fund		1,425,000,000

Sub-Total		13,110,000,000
Shares to be allocated at the discretion of the Board of Directors		1,640,000,000

Total		14,750,000,000

5.	DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION

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

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

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

135

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

5.	DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED)

Pursuant to shareholders’ instructions, substantially all dividend distributions throughout 2019 and 2018 were immediately reinvested into their respective funds. The tax character of the distributions paid during 2019 and 2018 were as follows:


	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
Ordinary Income (a)
2019	$	0	$	0	$	0	$	0	$	0
2018	$	50,954,024	$	6,759,221	$	7,840,591	$	3,494,643	$	136,423
Long-Term Capital Gains
2019	$	0	$	0	$	0	$	0	$	0
2018	$	56,058,789	$	13,677,187	$	35,888,408	$	36,222,538	$	0
Return of Capital
2019	$	0	$	0	$	0	$	0	$	0
2018	$	0	$	0	$	0	$	0	$	965

	Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Fund
Ordinary Income (a)
2019	$	0	$	0	$	0	$	0	$	0
2018	$	2,211,470	$	23,927,995	$	12,148,302	$	7,731,743	$	1,751,326
Long-Term Capital Gains
2019	$	0	$	0	$	0	$	0	$	0
2018	$	6,713,062	$	85,503,007	$	0	$	10,415,744	$	1,339,242

	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Ordinary Income (a)
2019	$	0	$	0	$	0	$	0	$	0
2018	$	490,991	$	2,885,898	$	9,311,834	$	11,340,011	$	9,023,183
Long-Term Capital Gains
2019	$	0	$	0	$	0	$	0	$	0
2018	$	1,055,110	$	6,098,811	$	14,464,758	$	23,373,515	$	19,726,249

	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund
Ordinary Income (a)
2019	$	0	$	0	$	0	$	0	$	0
2018	$	7,120,325	$	5,677,938	$	6,218,541	$	3,442,823	$	366,872
Long-Term Capital Gains
2019	$	0	$	0	$	0	$	0	$	0
2018	$	16,266,812	$	12,891,559	$	15,787,067	$	6,634,382	$	542,019

	2060 Retirement Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Money Market Fund
Ordinary Income (a)
2019	$	0	$	0	$	0	$	0	$	0
2018	$	0	$	3,300,748	$	7,438,128	$	5,093,663	$	462,689
Long-Term Capital Gains
2019	$	0	$	0	$	0	$	0	$	0
2018	$	0	$	6,677,611	$	20,403,614	$	16,696,924	$	0

136

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

5.	DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED)


	Mid-Term Bond Fund		Bond Fund
Ordinary Income (a)
2019	$	0		0
2018	$	12,347,782	$	34,954,410
Long-Term Capital Gains
2019	$	0	$	0
2018	$	77,266	$	0

Notes:

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

Undistributed net income and gains (losses) — As of June 30, 2019, undistributed net income and undistributed accumulated gain (loss) for federal income tax purposes were as follows:


	Equity Index Fund		All America Fund		Small Cap Value Fund		Small Cap Growth Fund		Small Cap Equity Index Fund
Accumulated undistributed net investment income	$	84,897,772	$	5,788,827	$	7,580,694	$	996,198	$	279,067
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	85,007,036	$	30,377,253	$	35,584,192	$	60,321,198	$	1,934
Net unrealized appreciation (depreciation) of investments and futures contracts	$	1,295,422,268	$	83,166,279	$	46,543,242	$	68,993,375	$	(1,608,625	)

	Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Income Fund
Accumulated undistributed net investment income	$	2,097,885	$	36,551,566	$	25,792,813	$	6,031,464	$	1,908,444
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	3,252,858	$	132,709,345	$	0	$	9,926,280	$	2,391,064
Net unrealized appreciation (depreciation) of investments and futures contracts	$	18,263,211	$	268,299,482	$	35,476,579	$	23,579,475	$	5,368,704

	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Accumulated undistributed net investment income	$	476,056	$	2,895,917	$	10,744,694	$	14,104,082	$	11,887,199
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	928,320	$	9,580,295	$	34,522,988	$	41,940,087	$	35,681,227
Net unrealized appreciation (depreciation) of investments and futures contracts	$	1,402,656	$	11,512,357	$	51,812,125	$	84,207,292	$	83,022,006

	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund
Accumulated undistributed net investment income	$	9,486,781	$	7,589,088	$	8,048,993	$	5,028,164	$	1,071,155
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	29,086,842	$	20,567,174	$	24,547,912	$	11,504,271	$	2,297,226
Net unrealized appreciation (depreciation) of investments and futures contracts	$	77,003,363	$	66,531,064	$	77,845,364	$	29,420,273	$	2,729,542

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MUTUAL OF AMERICA INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2019

5.	DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED)


	2060 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund		Aggressive Allocation Fund		Money Market Fund
Accumulated undistributed net investment income	$	13,446		$	3,384,999		$	8,202,249	$	5,732,958	$	4,522,291
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	10,206		$	4,443,973		$	19,226,216	$	19,535,692	$	0
Net unrealized appreciation (depreciation) of investments and futures contracts	$	564,439		$	10,501,359		$	60,793,981	$	57,542,081	$	12

	Mid-Term Bond Fund			Bond Fund
Accumulated undistributed net investment income	$	20,922,188		$	57,197,518
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	(1,274,200	)	$	(1,626,922	)
Net unrealized appreciation (depreciation) of investments and futures contracts	$	10,248,097		$	38,189,732

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

6.	RECENT ACCOUNTING PRONOUNCEMENTS

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

138

MUTUAL OF AMERICA INVESTMENT CORPORATION

ADDITIONAL INFORMATION

Quarterly Portfolio Schedules

Included in this Semi-Annual Report are schedules of Mutual of America Investment Corporation’s (“Investment Company”) Fund portfolio holdings as of June 30, 2019. The Investment Company files complete schedules of Fund portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q or, starting in 2019, on Form N-PORT and for the second and fourth quarters of each fiscal year on Form N-CSR. The Forms N-Q, N-PORT and N-CSR are available on the SEC’s website at http://www.sec.gov.

Proxy Voting Policies and Procedures

A copy of the Investment Company’s proxy voting policies and procedures can be obtained free of charge by calling 1-800-468-3785. It is also available on the SEC’s website at http://www.sec.gov.

Information regarding how the Investment Company voted proxies relating to portfolio securities during the 12-month period ended June 30, 2019 is available without charge by calling 1-800-468-3785. It is also available on the SEC website.

Code of Ethics

The Investment Company has adopted a Code of Ethics that complies with Rule 17j-1 of the Investment Company Act of 1940 and with the requirements of the Sarbanes-Oxley Act of 2002. A copy of the Code of Ethics is available free of charge, upon request. To obtain a free copy of the Code of Ethics, please call (212) 224-1568 or write to:

Ms. Kathryn A. Lu

Executive Vice President and Chief Compliance Officer

Mutual of America Investment Corporation

320 Park Avenue

New York, NY 10022-6839

Renewal of Investment Advisory Agreements

At its meeting held on February 28, 2019, the Board of Directors of the Investment Company renewed for a one-year period the investment advisory agreement with Mutual of America Capital Management Corporation (the “Adviser”). The Board determined that renewing the agreement with the Adviser was in the best interest of the Investment Company based on the following considerations which are further enumerated below. The Board concluded that Mutual of America Capital Management Corporation has performed extensive services for the Investment Company and has demonstrated satisfactory performance, that its fee is reasonable in comparison to fees charged for similar services to similar funds by other advisers, that the method of calculating the fee is reasonable, that the Adviser has not made excessive profits from the contract and the fee levels reflect that the Funds are appropriately benefiting from economies of scale.

Nature, Extent and Quality of Services

The Board considered the depth of experience and organizational structure of the Adviser. At December 31, 2018, the Adviser had approximately $17 billion of assets under management. The individual portfolio managers that oversee the investment performance of each of the Investment Company’s Funds have extensive experience and knowledge of the specific markets in which they participate. The Adviser adheres to a strict best execution policy which requires it to select broker/dealers based on their ability to execute trades at a favorable and reasonable price. All else being equal, the Advisor will also consider any research that the broker/dealers may provide. The Adviser maintains a highly qualified staff of research analysts and quantitative analysts who assist in the implementation of the disciplined investment policies employed by the portfolio managers to enhance stock selection and manage risk in the portfolios. The Adviser’s quantitative analysts have developed proprietary models that result in daily risk and attribution reports as well as information on stock movements, to enable the portfolio managers to make fully informed decisions on stock selection and to constantly evaluate the structure of each portfolio. When purchasing research and other services, the Adviser uses its own funds to purchase such services from recognized firms that are utilized by the research staff. The Adviser also receives research services from broker/dealers which are utilized to benefit the Funds. The Board was

139

aware of the receipt of these research services when it considered renewing the advisory agreement with the Adviser. The Adviser, at no cost, provides services beyond those set forth in the advisory agreement, such as assistance in the preparation of marketing materials and attendance at client and prospect meetings.

Investment Performance

The Board considered the short- and long-term performance of the Funds. During 2018, the vast majority of the Funds demonstrated gross performance that was above their benchmarks, when considering minimal tracking error. Performance has continued to improve over the past number of years due to changes made in the Adviser’s investment process and personnel, including the creation of the quantitative research group mentioned above.

Cost and Profit

The Board compared the advisory fees charged to each Fund by the Adviser with fees of numerous similar funds. In the case of each Fund, the Adviser’s fee compared favorably with fees charged by other advisers. Finally, the Adviser has not shown excessively high profits from the fees it is paid by the Investment Company.

Economies of Scale

The Board concluded that the reasonableness of the Adviser’s fees, particularly when compared to fees of similar funds that, in most cases, are many times the asset size of the Funds of the Investment Company demonstrates the fact that the Funds are benefiting from economies of scale. The Adviser utilizes the resources at its disposal efficiently. Its fees reflect cost savings and expense discounts, if any, that it realizes from volume increases.

140

MUTUAL OF AMERICA

LIFE INSURANCE COMPANY

320 PARK AVENUE

NEW YORK, NY 10022-6839

www.mutualofamerica.com

LOGO

320 PARK AVENUE

NEW YORK NY 10022-6839

ADDRESS SERVICE REQUESTED

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or call 1-800-468-3785.

M100-MOA

ITEM 2.

CODE OF ETHICS.

Item not applicable to semi-annual report.

ITEM 3.

AUDIT COMMITTEE FINANCIAL EXPERT.

Item not applicable to semi-annual report.

ITEM 4.

PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Item not applicable to semi-annual report.

ITEM 5.

AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6.

INVESTMENTS.

(a)

Not applicable. The complete Schedules of Investment are included as part of the Reports to Stockholders in Item 1.

(b)

Not applicable.

ITEM 7.

DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8.

PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9.

PURCHASES OF EQUITY SECURITES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11.

CONTROLS AND PROCEDURES.

(a)

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

(b)

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

ITEM 12.

DISCLOSURE OF SECURITIES LENDING FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13.

EXHIBITS.

Attached hereto:


(a) (1) Not applicable to semi-annual report.

(2) Exhibit 99.CERT		Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940.

(3) Not applicable.

(b) Exhibit 99.906CERT		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

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

Mutual of America Investment Corporation


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

Date:		September 6, 2019

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


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

Date:		September 6, 2019

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

Date:		September 6, 2019