N-CSRS

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, 2020

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders follows:

JUNE 30, 2020

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.

August 2020

As a valued variable annuity owner 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, 2020. Please note that portfolio performance does not take into account the fees charged by the annuity contract. 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

  Mutual of America Life Insurance Company             320 Park Avenue, New York, NY 10022-6839 mutualofamerica.com

JUNE 30, 2020

Semi-Annual Reports of Mutual of America Investment Corporation Funds

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

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

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

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

CONTENTS

	Page
Semi-Annual Report of Mutual of America Investment Corporation
President’s Message		1
Portfolio Management Discussions		4
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		46
Mid Cap Value Fund		53
Mid-Cap Equity Index Fund		55
International Fund		60
Composite Fund		61
Retirement Income Fund		68
2010 Retirement Fund		68
2015 Retirement Fund		68
2020 Retirement Fund		69
2025 Retirement Fund		69
2030 Retirement Fund		70
2035 Retirement Fund		70
2040 Retirement Fund		70
2045 Retirement Fund		71
2050 Retirement Fund		71
2055 Retirement Fund		71
2060 Retirement Fund		72
Conservative Allocation Fund		73
Moderate Allocation Fund		73
Aggressive Allocation Fund		73
Money Market Fund		74
Mid-Term Bond Fund		76
Bond Fund		80
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, 2020.

During the first half of 2020 (as measured through June 30, 2020), the S&P 500^® Index (S&P 500) declined 3.1%. This was a result of two very different market environments. In the first three months, the S&P 500 was down 19.6%, and in the last three months, it appreciated 20.5%, which was its best quarterly performance since the fourth quarter of 1998. Most other equity indexes — both domestic and around the world — also posted losses. U.S. small cap stocks as measured by the Russell 2000 retreated 13.0%. Internationally, the MSCI EAFE (International Developed Markets Stocks) and MSCI EM (Emerging Markets Stocks) returned -11.3% and -9.8%, respectively.

Bond prices, as measured by the Bloomberg Barclays US Aggregate Bond Index, advanced 6.1%. However, rising bond prices, which translate into falling yields, are generally indicative of rising concern that the economy is slowing and perhaps heading toward recession. The yield on the benchmark 10-year Treasury note started the year at 1.92% and dropped 126 basis points to end the second quarter at 0.66%.

The first six months of this year proved to be a period of unimaginable events and surprises. The Great Lockdown likely tipped the world into its deepest economic contraction since the Great Depression. The Coronavirus has caused a devasting loss of life throughout the world, including the deaths of more than 158,000 Americans through August 3, 2020.¹ Since March 21, 2020, 54 million initial jobless claims have been filed, and the stock market experienced its quickest decline on record. However, as astonishing as the global pandemic and its economic impact have been, the resilience of the American people and the rapid recovery of the financial markets are just as remarkable.

Global stimulus has been massive

The efforts by the Fed and other central banks around the world to provide liquidity to their countries’ economies through direct intervention in credit markets are unprecedented. To date, the U.S. Government has allocated $9.5 trillion in fiscal and monetary stimulus, accounting for approximately 44.4% of its Gross Domestic Product (GDP). Globally, $23.0 trillion of stimulus has been provided, including the commitment by the U.S., with much of the rest coming from the Eurozone and Japan.

The fiscal and monetary support are the driving forces allowing financial markets to stabilize and equity markets to experience a dramatic recovery. Given that the second-quarter GDP came in at -32.9%, which is the sharpest downturn on record, there is likely to be more fiscal stimulus in the coming months. To that end, as the Fed previously stated, it is committed to doing whatever it takes to revive the economy.

Unemployment is high, but better than expected

America’s labor market, measured by the nonfarm payroll report, unexpectedly rebounded in May by adding 2.5 million jobs. June was another strong month, adding another 4.8 million nonfarm payroll jobs. The bounce-back signals the economy is picking up faster than anticipated in response to the damage caused by stay-at-home orders initiated by almost every state in March and April.

While the markets continued to rally on this fast turnaround in hiring, particularly among furloughed workers, some economists have questioned the reliability of these numbers as the unemployment status for many workers is changing rapidly. We think it would be prudent to observe more data points in the coming months before affirming a downward trend in unemployment rates. Moreover, an unemployment level of 11.1% is still extremely high and could take years to return to pre-pandemic levels — in fact, it is roughly double what the nation experienced during the entire financial crisis from 2007 to 2009.

Complicating the landscape even more is the increase in unemployment benefits of $600 a week that was approved by Congress with bipartisan support in late March and ended on July 31. Congress came up with the $600 figure because that amount, together with state benefits, added up to the average weekly wage; therefore, workers would earn their full paycheck while being temporarily laid off. However, job losses have been concentrated among workers who make below-average wages. As a result, about two-thirds of those eligible are collecting more in the enhanced benefits than they earned while working, according to a study by University of Chicago economists. Many argue that this is a disincentive for unemployed workers to return to work. Nonetheless, it is likely that some amount of increase in unemployment benefits will be part of the next round of fiscal stimulus being negotiated by the Administration with Congress.

1 Centers for Disease Control and Prevention (CDC).

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Outlook

While some forecasters predict that the economic bottom in the U.S. is near, few expect the economy to snap back to the way it was before the pandemic. The mandatory closing of businesses and the various steps taken by the federal, state and local governments to deal with the pandemic and the economic pain it has caused may lead to unintended consequences. While the financial markets have responded positively to fiscal and monetary stimulus, along with initial stages of reopening the economy and better unemployment levels, many risks remain in a post-pandemic era. These include the ongoing massive debt burden, the upcoming U.S. presidential election, structurally higher unemployment levels, more government intervention, heightened trade tensions between the U.S. and China, and new ways to conduct business. The possibility of a significant return of the virus looms as well. In short, the financial markets may have rebounded nicely so far, but there are many issues to resolve before the real economy gets back on track.

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, 2020
Equity Index Fund	-   3.16%
All America Fund	-   6.77%
Small Cap Value Fund	- 25.69%
Small Cap Growth Fund	+   1.47%
Small Cap Equity Index Fund	- 18.13%
Mid Cap Value Fund	- 19.01%
Mid-Cap Equity Index Fund	- 12.84%
International Fund	- 11.26%
Composite Fund	-   1.02%
Retirement Income Fund	+   1.66%
2010 Retirement Fund	+   0.61%
2015 Retirement Fund	-   0.53%
2020 Retirement Fund	-   1.59%
2025 Retirement Fund	-   2.97%
2030 Retirement Fund	-   4.44%
2035 Retirement Fund	-   5.80%
2040 Retirement Fund	-   6.53%
2045 Retirement Fund	-   7.11%
2050 Retirement Fund	-   7.64%
2055 Retirement Fund	-   7.68%
2060 Retirement Fund	-   8.10%
Conservative Allocation Fund	+   1.27%
Moderate Allocation Fund	-   2.14%
Aggressive Allocation Fund	-   5.51%
Money Market Fund	+   0.39%
Mid-Term Bond Fund	+   4.62%
Bond Fund	+   6.17%

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, 2020, compared to its relevant index.

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

Thank you for your continued investment in our Funds.

Sincerely,

James J. Roth

Chairman of the Board,

President and Chief Executive Officer

Mutual of America Investment Corporation

The views expressed in this 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.

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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, 2020, was -3.09% before expenses and -3.16% after expenses. The benchmark returned -3.08%. 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, 2020, the S&P 500 of large capitalization stocks decreased by -3.08% on a total return basis, while the Russell^® Midcap Core Index was down -9.12% and the Russell Midcap^® Value Index was down -18.09%. The Russell 2000^® Growth Index decreased -3.06% and the Russell 2000^® Value Index decreased -23.50%.

The All America Fund’s return for the six months ended June 30, 2020, before expenses was -6.54% and -6.77% after expenses versus the benchmark return of -3.08% The underperformance of the Fund versus the S&P 500 during the year was due to the underperformance of the small and mid 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, 2020, the Small Cap Value Fund returned -25.38% before expenses and -25.69% after expenses versus a -23.50% return for the Russell 2000^® Value Index.

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

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 1.89% before expenses and 1.47% after expenses during the six months ended June 30, 2020. The Fund’s benchmark, the Russell 2000^® Growth Index, returned -3.06% for the comparable period.

Holding to our investment discipline buoyed our performance during the market downdraft of the first quarter as non-earners and highly levered companies declined sharply. As the market rallied in the second quarter, we kept pace.

For the six month period, Health Care and Technology contributed the most to our outperformance while the Consumer Discretionary and Financial sectors detracted the most from our performance. Overall stock selection was significantly positive to our performance as opposed to sector allocation.

Given fears of slowing global growth, consumer spending and consumer credit fears remain concerns for the overall equity market.

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.

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The Small Cap Equity Index Fund’s return for the six months ended June 30, 2020, was -18.07% before expenses and -18.13% after expenses. The return of the S&P SmallCap 600 was -17.85%. 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, 2020, the Mid Cap Value Fund returned -18.73% before expenses and -19.01% after expenses versus a -18.09% return for the Russell Midcap^® Value Index.

Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Fund performance included Retail and REITs, while sectors detracting from Fund performance included Insurance and Energy.

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, 2020, was -12.78% before expenses and -12.84% after expenses. The return of the S&P MidCap 400 was -12.78%. 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, 2020, the International Fund returned -11.20% before expenses and -11.26% after expenses. The return of the MSCI EAFE benchmark was -11.34%. 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 months ended June 30, 2020, the fixed income portion of the Fund had a total return of 6.48% before expenses. The Bloomberg Barclays U.S. Aggregate Index returned 6.14% for the six months ended June 30, 2020. All the asset classes represented in the Index delivered positive results during the period. In general, higher quality bonds outperformed lower and those with longer maturities outperformed shorter.

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.

5

For the six months ended June 30, 2020, the equity portion of the Fund had a total return of -5.91% (before expenses), underperforming the S&P 500^® Index (S&P 500) which decreased -3.08%. The underperformance of the Fund was due to less favorable stock selection, as the dividend paying stocks favored by the Fund’s strategy were generally not in favor during the year.

The Fund’s aggregate performance for the six months ended June 30, 2020, was -0.77% before expenses and -1.02% after expenses, versus a 1.57% 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, 2020, the Fund returned 1.73% before expenses and 1.66% after expenses, versus a 3.74% 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 75% of net assets in fixed-income funds (approximately 30% in the Bond Fund, 30% in the Mid-Term Bond Fund and 15% in the Money Market Fund) and approximately 25% of net assets in equity funds (20% in the Equity Index Fund and 5% in the Mid-Cap Equity Index Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2020).

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 (15% weighting) and the S&P 500^® Index (25% weighting). For the six months ended June 30, 2020, the Fund returned 0.63% before expenses and 0.61% after expenses, versus a 3.74 % 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 65% of net assets in fixed-income funds (30% in the Bond Fund, 25% in the Mid-Term Bond Fund and 10% in the Money Market Fund) and approximately 35% of net assets in equity funds (approximately 22% in the Equity Index Fund, 8% in the Mid-Cap Equity Index Fund and 5% in the International Fund) (See Note 1 in the Notes to Financial Statements for additional information on changes to Fund target allocations during 2020).

Performance for the 2015 Retirement Fund is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (55% weighting), the FTSE 3-Month Treasury Bill Index (10% weighting) and the S&P 500^® Index (35% weighting). For the six months ended June 30, 2020, the Fund returned -0.46% before expenses and -0.53% after expenses, versus a 3.26% 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 45% 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 1% each in the Small Cap Growth and Small Cap Value Funds) and approximately 55% of net assets in fixed-income funds (28% 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 2020).

6

Performance for the 2020 Retirement Fund is compared to the S&P 500^® Index (45% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (50% weighting). For the six months ended June 30, 2020, the Fund returned -1.55% before expenses and -1.59% after expenses, versus a 2.70% 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 55% 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 2% each in the Small Cap Growth and Small Cap Value Funds) and approximately 45% of net assets in fixed-income funds (27% 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 2020).

Performance for the 2025 Retirement Fund is compared to the S&P 500^® Index (55% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (45% weighting). For the six months ended June 30, 2020, the Fund returned -2.93% before expenses and -2.97% after expenses, versus a 2.06% 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 67% 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 3% each in the Small Cap Growth and Small Cap Value Funds) and approximately 33% of net assets in fixed-income funds (23% in the Bond Fund and 10% 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 2020).

Performance for the 2030 Retirement Fund is compared to the S&P 500^® Index (67% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (33% weighting). For the six months ended June 30, 2020, the Fund returned -4.40% before expenses and -4.44% after expenses, versus a 0.85% 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 77% of net assets in equity funds (approximately 35% in the Equity Index Fund, 18% in the Mid-Cap Equity Index Fund, 15% in the International Fund, 4% each in the Small Cap Growth and Small Cap Value Funds and 1% in the Small-Cap Equity Index Fund) and approximately 23% 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 2020).

Performance for the 2035 Retirement Fund is compared to the S&P 500^® Index (77% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (23% weighting). For the six months ended June 30, 2020, the Fund returned -5.76% before expenses and -5.80% after expenses, versus a -0.25% 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 84% 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, 4% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 16% 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 2020).

Performance for the 2040 Retirement Fund is compared to the S&P 500^® Index (84% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (16% weighting). For the six months ended June 30, 2020, the Fund returned -6.49% before expenses and -6.53% after expenses, versus a -1.07 return in the weighted benchmark.

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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 86% 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, 5% each in the Small Cap Growth and Small Cap Value Funds and 2% in the Small-Cap Equity Index Fund) and approximately 14% 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 2020).

Performance for the 2045 Retirement Fund is compared to the S&P 500^® Index (86% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (14% weighting). For the six months ended June 30, 2020, the Fund returned -7.07% before expenses and -7.11% after expenses, versus a -1.31% 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 88% 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, 5% each in the Small Cap Growth and Small Cap Value Funds and 3% in the Small-Cap Equity Index Fund) and approximately 12% 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 2020).

Performance for the 2050 Retirement Fund is compared to the S&P 500^® Index (88% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (12% weighting). For the six months ended June 30, 2020, the Fund returned -7.60% before expenses and -7.64% after expenses, versus a -1.55% 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 90% 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 3% in the Small-Cap Equity Index Fund) and approximately 10% 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 2020).

Performance for the 2055 Retirement Fund is compared to the S&P 500^® Index (90% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (10% weighting). For the six months ended June 30, 2020, the Fund returned -7.62% before expenses and -7.68% after expenses, versus a -1.80% 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 92% of net assets in equity funds (approximately 33% in the Equity Index Fund, 23% in the Mid-Cap Equity Index Fund, 20% in the International Fund, 6% each in the Small Cap Growth and Small Cap Value Funds and 4% in the Small-Cap Equity Index Fund) and approximately 8% 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 2020).

Performance for the 2060 Retirement Fund is compared to the S&P 500^® Index (92% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (8% weighting). For the six months ended June 30, 2020, the Fund returned -8.08% before expenses and -8.10% after expenses, versus a -2.05% 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).

8

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, 2020, the Conservative Allocation Fund returned 1.31% before expenses and 1.27% after expenses, versus a 3.82% 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, 2020, the Moderate Allocation Fund returned -2.12% before expenses and -2.14% after expenses, versus a 1.57% 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, 2020, the Aggressive Allocation Fund returned -5.49% before expenses and -5.51% after expenses, versus an -0.60% 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, 2020, the Money Market Fund returned 0.51% before expenses and 0.39% after expenses, compared to a 0.52% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

Early in the year the Federal Reserve governors (the Fed) had telegraphed a neutral stance with respect to adjustments to the Fed Funds target. The emergence and economic impact of the Covid-19 virus quickly changed those plans as the Fed lowered rates twice, an inter-meeting cut of 50 basis points on March 3 and a 100 basis points, or 1.00% easing on March 15. This action returned the target range to 0-0.25%, a level first seen during the Global Financial Crisis of 2008-2009. Additionally, The Fed has implemented eleven programs since March designed to facilitate market liquidity. These programs are independent of the Fed’s commitment to buy Treasuries and mortgage-backed securities. The effect of these measures was the growth of the Fed’s balance sheet from $4.2 trillion in late February to $7.1 trillion in late June and the collapse of the three month Treasury-bill yield from about 1.50% in January to 0.13% at the end of June with a brief period in late March when it yielded less than 0%.

The Fund’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On June 30, 2020, the fund held 29% U.S. Treasury Bills, 13% U.S. agency discount notes and the remainder in commercial paper and corporate bonds with less than three months to maturity. The average maturity was 32 days.

The seven-day effective yield as of August 11, 2020, was -0.07%. 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

9

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. The objective of the Fund is to maintain a maturity profile similar to that of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index benchmark. To achieve the duration target, intermediate corporate and 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.

For the six months ended June 30, 2020, the Mid-Term Bond Fund returned 4.86% before expenses and 4.62% after expenses versus a 5.28% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period. The Fund’s shorter duration relative to its benchmark contributed to the 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-rated issuers. To achieve the duration target, 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. 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 strong returns in the first six months of the year. The benchmark returned 6.14% for the two-quarter period ending June 30, 2020. All the asset classes represented in the Index delivered positive results during the period. In general, higher quality bonds outperformed lower and those with longer maturities outperformed shorter. Much of that was driven by the decrease in interest rates as Treasuries performed best. For the two quarters ending June 30, 2020, the Bond Fund returned 6.40% before expenses and 6.17% after expenses. The Fund’s outperformance was driven primarily by its exposure to intermediate and long-dated Treasuries and its underweight position in long-dated BBB securities.

Early in the year the Federal Reserve governors (the Fed) had telegraphed a neutral stance with respect to adjustments to the Fed Funds target. The emergence and economic impact of the Covid-19 virus quickly changed those plans as the Fed lowered rates twice, an inter-meeting cut of 50 basis points on March 3 and a 100 basis points, or 1.00% easing on March 15. This action returned the target range to 0-0.25%, a level first seen during the Global Financial Crisis of 2008-2009. Additionally, The Fed has implemented eleven programs since March designed to facilitate market liquidity. These programs are independent of the Fed’s commitment to buy Treasuries and mortgage-backed securities. The effect of these measures was the growth of the Fed’s balance sheet from $4.2 trillion in late February to $7.1 trillion in late June and the collapse of the three month Treasury-bill yield from about 1.50% in January to 0.13% at the end of June with a brief period in late March when it yielded less than 0%.

Interest rates traded with a slight downward bias for the first six weeks of the year. In March however, concerns about the strength of the Covid-19 economy and the collapse in crude oil prices served to quickly push yields to all-time lows. On March 9, for example, the thirty-year Treasury yield was less than 1%. Federal Reserve cuts of the Fed Funds target had a visible effect on the shape of the interest rate curve. As would be expected with these actions by the Fed, the curve steepened as yields on short-dated Treasuries fell more than did the yields of long-dated Treasuries. Two-year Treasury Notes yielded 1.57% on December 31, 2019 and 0.15% on June 30, 2020, a 142 basis point drop. Ten-year yields fell 126 basis points or 1.26% to 0.66%. The thirty-year bond yield fell the least with a 98 basis point drop to 1.41%.

Investment grade spreads ended 2019 at close to post-economic crisis tights. Much like Treasury yields, spreads moved without much direction through mid-February. Then, spreads which usually widen as conditions worsen did just that. By March 23, investment grade corporate bond spreads had widened to levels not seen since 2009. Spreads on bonds maturing in less than a year were greater than those of longer paper, a sign of market disfunction. It was about that time the Fed instituted several of the programs designed to restore liquidity and confidence to the market. It was met with some success as, by June 30, corporate spreads had recovered about half the widening of the January through March period.

10

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited)

Equity Index Fund

All America Fund

Small Cap Value Fund

Small Cap Growth Fund

Small Cap Equity Index Fund

Mid Cap Value Fund

11

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)

Mid-Cap Equity Index Fund

International Fund

Composite Fund

Retirement Income Fund

2010 Retirement Fund

2015 Retirement Fund

12

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)

2020 Retirement Fund

2025 Retirement Fund

2030 Retirement Fund

2035 Retirement Fund

2040 Retirement Fund

2045 Retirement Fund

13

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)

2050 Retirement Fund

2055 Retirement Fund

2060 Retirement Fund

Conservative Allocation Fund

Moderate Allocation Fund

Aggressive Allocation Fund

14

MUTUAL OF AMERICA INVESTMENT CORPORATION

ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)

Money Market Fund

Mid-Term Bond Fund

Bond Fund

15

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, 2021 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, 2020 and held for the entire period ending June 30, 2020 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, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$968.42		$0.69
Hypothetical (5% return before expenses)		$1,000.00		$1,023.85		$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 182/366 (to reflect the one-half year period).

16

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

All America Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$932.35		$2.45
Hypothetical (5% return before expenses)		$1,000.00		$1,021.96		$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 182/366 (to reflect the one-half year period).

Small Cap Value Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$743.17		$3.53
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.12

* Expenses are equal to the Fund’s annual expense ratio of 0.82%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Small Cap Growth Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$1,014.66		$4.11
Hypothetical (5% return before expenses)		$1,000.00		$1,020.39		$4.12

* Expenses are equal to the Fund’s annual expense ratio of 0.82%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Small Cap Equity Index Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$818.76		$0.63
Hypothetical (5% return before expenses)		$1,000.00		$1,023.85		$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 182/366 (to reflect the one-half year period).

17

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

Mid Cap Value Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$809.89		$3.14
Hypothetical (5% return before expenses)		$1,000.00		$1,021.00		$3.52

* Expenses are equal to the Fund’s annual expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Mid-Cap Equity Index Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$871.58		$0.70
Hypothetical (5% return before expenses)		$1,000.00		$1,023.79		$0.75

* Expenses are equal to the Fund’s annual expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

International Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$887.43		$1.69
Hypothetical (5% return before expenses)		$1,000.00		$1,022.73		$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 182/366 (to reflect the one-half year period).

Composite Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$989.75		$2.52
Hypothetical (5% return before expenses)		$1,000.00		$1,021.96		$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 182/366 (to reflect the one-half year period).

18

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

Retirement Income Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$1,016.62		$2.41
Hypothetical (5% return before expenses)		$1,000.00		$1,022.12		$2.41

* Expenses are equal to the Fund’s annual expense ratio of 0.48% (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 182/366 (to reflect the one-half year period).

2010 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$1,006.15		$1.95
Hypothetical (5% return before expenses)		$1,000.00		$1,022.57		$1.96

* Expenses are equal to the Fund’s annual expense ratio of 0.39% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

2015 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$994.71		$2.33
Hypothetical (5% return before expenses)		$1,000.00		$1,022.17		$2.36

* Expenses are equal to the Fund’s annual expense ratio of 0.47% (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 182/366 (to reflect the one-half year period).

2020 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$984.11		$1.97
Hypothetical (5% return before expenses)		$1,000.00		$1,022.52		$2.01

* Expenses are equal to the Fund’s annual expense ratio of 0.40% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Fund invests), multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

19

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

2025 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$970.32		$1.86
Hypothetical (5% return before expenses)		$1,000.00		$1,022.62		$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 182/366 (to reflect the one-half year period).

2030 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$955.59		$1.75
Hypothetical (5% return before expenses)		$1,000.00		$1,022.73		$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 182/366 (to reflect the one-half year period).

2035 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30,  2020
Actual		$1,000.00		$942.01		$1.69
Hypothetical (5% return before expenses)		$1,000.00		$1,022.78		$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 182/366 (to reflect the one-half year period).

2040 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30,  2020
Actual		$1,000.00		$934.64		$1.63
Hypothetical (5% return before expenses)		$1,000.00		$1,022.83		$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 182/366 (to reflect the one-half year period).

20

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

2045 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$928.92		$1.68
Hypothetical (5% return before expenses)		$1,000.00		$1,022.78		$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 182/366 (to reflect the one-half year period).

2050 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30,  2020
Actual		$1,000.00		$923.66		$1.72
Hypothetical (5% return before expenses)		$1,000.00		$1,022.73		$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 182/366 (to reflect the one-half year period).

2055 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30,  2020
Actual		$1,000.00		$923.17		$1.96
Hypothetical (5% return before expenses)		$1,000.00		$1,022.47		$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 182/366 (to reflect the one-half year period).

2060 Retirement Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$919.01		$1.57
Hypothetical (5% return before expenses)		$1,000.00		$1,022.88		$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 182/366 (to reflect the one-half year period).

21

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

Conservative Allocation Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$1,012.70		$2.10
Hypothetical (5% return before expenses)		$1,000.00		$1,022.42		$2.11

* Expenses are equal to the Fund’s annual expense ratio of 0.42% (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 182/366 (to reflect the one-half year period).

Moderate Allocation Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30,  2020
Actual		$1,000.00		$978.58		$1.52
Hypothetical (5% return before expenses)		$1,000.00		$1,022.98		$1.56

* Expenses are equal to the Fund’s annual expense ratio of 0.31% (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 182/366 (to reflect the one-half year period).

Aggressive Allocation Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30,  2020
Actual		$1,000.00		$944.91		$1.55
Hypothetical (5% return before expenses)		$1,000.00		$1,022.93		$1.61

* Expenses are equal to the Fund’s annual expense ratio of 0.32% (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 182/366 (to reflect the one-half year period).

Money Market Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30,  2020
Actual		$1,000.00		$1,003.87		$1.25
Hypothetical (5% return before expenses)		$1,000.00		$1,023.29		$1.26

* Expenses are equal to the Fund’s annual expense ratio of 0.25%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

22

MUTUAL OF AMERICA INVESTMENT CORPORATION

EXPENSE EXAMPLE (Unaudited) (Continued)

Mid-Term Bond Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30, 2020
Actual		$1,000.00		$1,046.26		$2.34
Hypothetical (5% return before expenses)		$1,000.00		$1,022.22		$2.31

* Expenses are equal to the Fund’s annual expense ratio of 0.46%, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).

Bond Fund
	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During Period* January 1, 2020 to June 30,  2020
Actual		$1,000.00		$1,061.72		$2.26
Hypothetical (5% return before expenses)		$1,000.00		$1,022.32		$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 182/366 (to reflect the one-half year period).

23

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (10.7%)
Activision Blizzard, Inc.		95,248	$	7,229,323
Alphabet, Inc. Cl A*		36,730		52,084,977
Alphabet, Inc. Cl C*		35,796		50,601,584
AT&T, Inc.		880,357		26,613,192
CenturyLink, Inc.		121,317		1,216,810
Charter Communications, Inc. Cl A*		18,743		9,559,680
Comcast Corp. Cl A		560,452		21,846,419
Discovery, Inc. Cl A*		19,571		412,948
Discovery, Inc. Cl C*		38,884		748,906
DISH Network Corp. Cl A*		31,114		1,073,744
Electronic Arts, Inc.*		35,514		4,689,624
Facebook, Inc. Cl A*		291,207		66,124,373
Fox Corp. Cl A		42,553		1,141,271
Fox Corp. Cl B		19,830		532,237
Interpublic Group of Cos., Inc.		48,631		834,508
Live Nation Entertainment, Inc.*		17,691		784,242
Netflix, Inc.*		53,831		24,495,258
News Corp. Cl A		47,391		562,057
News Corp. Cl B		14,899		178,043
Omnicom Group, Inc.		26,808		1,463,717
Take-Two Interactive Software, Inc.*		14,046		1,960,400
T-Mobile US, Inc.*		69,993		7,289,771
T-Mobile US, Inc. — rights issue exp. 07/31/2020*		46,920		7,883
Twitter, Inc.*		95,193		2,835,799
Verizon Communications, Inc.		510,688		28,154,229
ViacomCBS, Inc. Cl B		66,823		1,558,312
Walt Disney Co.		221,709		24,722,771
				338,722,078
CONSUMER DISCRETIONARY (10.7%)
Advance Auto Parts, Inc.		8,505		1,211,537
Amazon.com, Inc.*		51,246		141,378,490
Aptiv PLC		32,905		2,563,958
AutoZone, Inc.*		2,877		3,245,601
Best Buy Co., Inc.		27,834		2,429,073
Booking Hldgs., Inc.*		4,983		7,934,630
BorgWarner, Inc.		25,266		891,890
CarMax, Inc.*		20,762		1,859,237
Carnival Corp.		58,467		960,028
Chipotle Mexican Grill, Inc. Cl A*		3,147		3,311,777
Darden Restaurants, Inc.		16,026		1,214,290
Dollar General Corp.		31,126		5,929,814
Dollar Tree, Inc.*		29,042		2,691,613
Domino’s Pizza, Inc.		4,807		1,775,898
DR Horton, Inc.		41,510		2,301,729
eBay, Inc.		82,337		4,318,576
Expedia Group, Inc.		16,612		1,365,506
Ford Motor Co.		488,757		2,971,643
Gap, Inc.		25,869		326,467
Garmin Ltd.		17,859		1,741,252
General Motors Co.		154,599		3,911,355
Genuine Parts Co.		17,807		1,548,497
H&R Block, Inc.		24,021		343,020
Hanesbrands, Inc.		43,003		485,504

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Hasbro, Inc.		15,750	$	1,180,462
Hilton Worldwide Hldgs., Inc.		33,988		2,496,419
Home Depot, Inc.		133,360		33,408,014
Kohl’s Corp.		19,211		399,012
L Brands, Inc.		29,262		438,052
Las Vegas Sands Corp.		40,929		1,863,907
Leggett & Platt, Inc.		16,224		570,274
Lennar Corp. Cl A		34,365		2,117,571
LKQ Corp.*		37,071		971,260
Lowe’s Cos., Inc.		93,324		12,609,939
Marriott International, Inc. Cl A		33,169		2,843,578
McDonald’s Corp.		91,779		16,930,472
MGM Resorts International		60,669		1,019,239
Mohawk Industries, Inc.*		7,252		737,964
Newell Brands, Inc.		46,731		742,088
NIKE, Inc. Cl B		152,886		14,990,472
Norwegian Cruise Line Hldgs. Ltd.*		31,805		522,556
NVR, Inc.*		435		1,417,556
O’Reilly Automotive, Inc.*		9,066		3,822,860
PulteGroup, Inc.		31,443		1,070,005
PVH Corp.		8,677		416,930
Ralph Lauren Corp. Cl A		5,951		431,567
Ross Stores, Inc.		43,444		3,703,167
Royal Caribbean Cruises Ltd.		21,350		1,073,905
Starbucks Corp.		143,519		10,561,563
Tapestry, Inc.		33,240		441,427
Target Corp.		60,543		7,260,922
Tiffany & Co.		13,345		1,627,289
TJX Cos., Inc.		145,460		7,354,458
Tractor Supply Co.		14,238		1,876,426
Ulta Beauty, Inc.*		7,037		1,431,467
Under Armour, Inc. Cl A*		23,296		226,903
Under Armour, Inc. Cl C*		24,130		213,309
VF Corp.		39,371		2,399,269
Whirlpool Corp.		7,624		987,537
Wynn Resorts Ltd.		11,805		879,354
Yum! Brands, Inc.		37,138		3,227,664
				340,976,242
CONSUMER STAPLES (6.9%)
Altria Group, Inc.		230,100		9,031,425
Archer-Daniels-Midland Co.		68,224		2,722,138
Brown-Forman Corp. Cl B		22,456		1,429,549
Campbell Soup Co.		20,625		1,023,619
Church & Dwight Co., Inc.		30,165		2,331,755
Clorox Co.		15,230		3,341,005
Coca-Cola Co.		476,056		21,270,182
Colgate-Palmolive Co.		103,766		7,601,897
Conagra Brands, Inc.		59,209		2,082,381
Constellation Brands, Inc. Cl A		20,674		3,616,916
Costco Wholesale Corp.		53,844		16,326,039
Coty, Inc. Cl A		34,793		155,525
Estee Lauder Cos., Inc. Cl A		27,430		5,175,492
General Mills, Inc.		74,186		4,573,567
Hershey Co.		18,178		2,356,232
Hormel Foods Corp.		34,098		1,645,910

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

24

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
JM Smucker Co.		13,967	$	1,477,848
Kellogg Co.		30,794		2,034,252
Kimberly-Clark Corp.		41,755		5,902,069
Kraft Heinz Co.		76,632		2,443,795
Kroger Co.		97,000		3,283,450
Lamb Weston Hldgs., Inc.		17,722		1,132,967
McCormick & Co., Inc.		15,209		2,728,647
Molson Coors Brewing Co. Cl B		23,318		801,207
Mondelez International, Inc. Cl A		174,607		8,927,656
Monster Beverage Corp.*		45,703		3,168,132
PepsiCo, Inc.		169,270		22,387,650
Philip Morris International, Inc.		191,478		13,414,949
Procter & Gamble Co.		300,216		35,896,827
Sysco Corp.		61,594		3,366,728
Tyson Foods, Inc. Cl A		36,185		2,160,606
Walgreens Boots Alliance, Inc.		89,277		3,784,452
Walmart, Inc.		172,586		20,672,351
				218,267,218
ENERGY (2.8%)
Apache Corp.		46,161		623,173
Baker Hughes Co. Cl A		82,054		1,262,811
Cabot Oil & Gas Corp.		49,536		851,028
Chevron Corp.		229,798		20,504,876
Concho Resources, Inc.		24,144		1,243,416
ConocoPhillips		132,736		5,577,567
Devon Energy Corp.		46,744		530,077
Diamondback Energy, Inc.		19,543		817,288
EOG Resources, Inc.		71,057		3,599,748
Exxon Mobil Corp.		522,238		23,354,483
Halliburton Co.		108,072		1,402,775
Hess Corp.		31,706		1,642,688
HollyFrontier Corp.		18,510		540,492
Kinder Morgan, Inc.		238,237		3,614,055
Marathon Oil Corp.		96,920		593,150
Marathon Petroleum Corp.		79,945		2,988,344
National Oilwell Varco, Inc.		48,527		594,456
Noble Energy, Inc.		58,163		521,140
Occidental Petroleum Corp.		108,799		1,991,022
ONEOK, Inc.		54,281		1,803,215
Phillips 66		53,598		3,853,696
Pioneer Natural Resources Co.		20,184		1,971,977
Schlumberger Ltd.		172,941		3,180,385
TechnipFMC PLC		52,134		356,597
Valero Energy Corp.		50,866		2,991,938
Williams Cos., Inc.		147,675		2,808,779
				89,219,176
FINANCIALS (10.0%)
Aflac, Inc.		88,217		3,178,459
Allstate Corp.		38,496		3,733,727
American Express Co.		81,214		7,731,573
American International Group, Inc.		106,387		3,317,147
Ameriprise Financial, Inc.		15,182		2,277,907
Aon PLC Cl A		28,296		5,449,810
Arthur J. Gallagher & Co.		23,574		2,298,229

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Assurant, Inc.		7,387	$	763,003
Bank of America Corp.		967,355		22,974,681
Bank of New York Mellon Corp.		100,160		3,871,184
Berkshire Hathaway, Inc. Cl B*		239,149		42,690,488
BlackRock, Inc. Cl A		19,090		10,386,678
Capital One Financial Corp.		56,252		3,520,813
Cboe Global Markets, Inc.		13,719		1,279,708
Charles Schwab Corp.		143,123		4,828,970
Chubb Ltd.		55,578		7,037,286
Cincinnati Financial Corp.		18,586		1,190,062
Citigroup, Inc.		259,380		13,254,318
Citizens Financial Group, Inc.		53,557		1,351,779
CME Group, Inc. Cl A		44,285		7,198,084
Comerica, Inc.		17,502		666,826
Discover Financial Svcs.		37,772		1,891,999
E*TRADE Financial Corp.		27,292		1,357,231
Everest Re Group Ltd.		4,904		1,011,205
Fifth Third Bancorp		89,414		1,723,902
First Republic Bank		21,355		2,263,416
Franklin Resources, Inc.		34,033		713,672
Globe Life, Inc.		12,184		904,418
Goldman Sachs Group, Inc.		38,233		7,555,605
Hartford Financial Svcs. Group, Inc.		44,328		1,708,844
Huntington Bancshares, Inc.		126,533		1,143,226
Intercontinental Exchange, Inc.		67,242		6,159,367
Invesco Ltd.		45,820		493,023
JPMorgan Chase & Co.		376,354		35,399,857
KeyCorp		123,021		1,498,396
Lincoln National Corp.		24,220		891,054
Loews Corp.		29,530		1,012,584
M&T Bank Corp.		16,095		1,673,397
MarketAxess Hldgs., Inc.		4,593		2,300,726
Marsh & McLennan Cos., Inc.		62,749		6,737,360
MetLife, Inc.		95,908		3,502,560
Moody’s Corp.		19,705		5,413,555
Morgan Stanley		147,698		7,133,813
MSCI, Inc. Cl A		10,314		3,443,019
Nasdaq, Inc.		14,146		1,690,023
Northern Trust Corp.		25,798		2,046,813
People’s United Financial, Inc.		53,064		613,950
PNC Financial Svcs. Group, Inc.		53,045		5,580,864
Principal Financial Group, Inc.		31,883		1,324,420
Progressive Corp.		72,293		5,791,392
Prudential Financial, Inc.		48,971		2,982,334
Raymond James Financial, Inc.		15,105		1,039,677
Regions Financial Corp.		119,879		1,333,054
S&P Global, Inc.		29,799		9,818,175
State Street Corp.		43,765		2,781,266
SVB Financial Group*		6,352		1,369,047
Synchrony Financial		66,648		1,476,920
T. Rowe Price Group, Inc.		28,236		3,487,146
Travelers Cos., Inc.		30,936		3,528,251
Truist Financial Corp.		167,332		6,283,317
U.S. Bancorp		170,112		6,263,524
Unum Group		25,425		421,801
Wells Fargo & Co.		462,345		11,836,032

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

25

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Willis Towers Watson PLC		15,766	$	3,105,114
WR Berkley Corp.		17,317		992,091
Zions Bancorporation		20,342		691,628
				319,389,800
HEALTH CARE (14.5%)
Abbott Laboratories		216,330		19,779,052
AbbVie, Inc.		217,477		21,351,892
ABIOMED, Inc.*		5,466		1,320,367
Agilent Technologies, Inc.		37,969		3,355,321
Alexion Pharmaceuticals, Inc.*		26,880		3,017,011
Align Technology, Inc.*		8,750		2,401,350
AmerisourceBergen Corp. Cl A		18,147		1,828,673
Amgen, Inc.		72,207		17,030,743
Anthem, Inc.		30,588		8,044,032
Baxter International, Inc.		62,281		5,362,394
Becton Dickinson & Co.		36,172		8,654,874
Biogen, Inc.*		19,782		5,292,674
Bio-Rad Laboratories, Inc. Cl A*		2,625		1,185,161
Boston Scientific Corp.*		175,371		6,157,276
Bristol-Myers Squibb Co.		280,478		16,492,106
Cardinal Health, Inc.		35,908		1,874,039
Centene Corp.*		71,854		4,566,322
Cerner Corp.		37,158		2,547,181
Cigna Corp.		44,623		8,373,506
Cooper Cos., Inc.		5,959		1,690,211
CVS Health Corp.		160,379		10,419,824
Danaher Corp.		77,505		13,705,209
DaVita, Inc.*		10,386		821,948
DENTSPLY SIRONA, Inc.		26,775		1,179,707
DexCom, Inc.*		11,299		4,580,615
Edwards Lifesciences Corp.*		75,203		5,197,279
Eli Lilly & Co.		104,341		17,130,705
Gilead Sciences, Inc.		153,244		11,790,593
HCA Healthcare, Inc.		32,565		3,160,759
Henry Schein, Inc.*		17,392		1,015,519
Hologic, Inc.*		31,430		1,791,510
Humana, Inc.		15,769		6,114,430
IDEXX Laboratories, Inc.*		10,379		3,426,731
Illumina, Inc.*		17,815		6,597,785
Incyte Corp.*		21,643		2,250,223
Intuitive Surgical, Inc.*		14,296		8,146,290
IQVIA Hldgs., Inc.*		21,774		3,089,295
Johnson & Johnson		324,251		45,599,418
Laboratory Corp. of America Hldgs.*		11,956		1,986,011
McKesson Corp.		19,714		3,024,522
Medtronic PLC		164,997		15,130,225
Merck & Co., Inc.		311,984		24,125,723
Mettler-Toledo International, Inc.*		2,922		2,353,817
Mylan NV*		64,256		1,033,237
PerkinElmer, Inc.		13,670		1,340,890
Perrigo Co. PLC		16,732		924,778
Pfizer, Inc.		682,883		22,330,274
Quest Diagnostics, Inc.		16,414		1,870,539

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Regeneron Pharmaceuticals, Inc.*		12,206	$	7,612,272
ResMed, Inc.		17,853		3,427,776
STERIS PLC		10,471		1,606,670
Stryker Corp.		39,681		7,150,119
Teleflex, Inc.		5,657		2,059,035
Thermo Fisher Scientific, Inc.		48,315		17,506,457
UnitedHealth Group, Inc.		115,415		34,041,654
Universal Health Svcs., Inc. Cl B		9,523		884,591
Varian Medical Systems, Inc.*		11,273		1,381,168
Vertex Pharmaceuticals, Inc.*		31,568		9,164,506
Waters Corp.*		7,756		1,399,182
West Pharmaceutical Svcs., Inc.		9,080		2,062,704
Zimmer Biomet Hldgs., Inc.		25,383		3,029,715
Zoetis, Inc. Cl A		58,846		8,064,256
				459,852,146
INDUSTRIALS (8.0%)
3M Co.		70,979		11,072,014
Alaska Air Group, Inc.		14,960		542,450
Allegion PLC		11,347		1,159,890
American Airlines Group, Inc.		60,728		793,715
AMETEK, Inc.		28,482		2,545,436
AO Smith Corp.		16,764		789,920
Boeing Co.		66,512		12,191,650
Carrier Global Corp.		99,100		2,202,002
Caterpillar, Inc.		67,140		8,493,210
CH Robinson Worldwide, Inc.		16,528		1,306,704
Cintas Corp.		10,390		2,767,480
Copart, Inc.*		25,595		2,131,296
CSX Corp.		94,529		6,592,452
Cummins, Inc.		18,247		3,161,475
Deere & Co.		38,761		6,091,291
Delta Air Lines, Inc.		70,226		1,969,839
Dover Corp.		17,739		1,712,878
Eaton Corp. PLC		49,121		4,297,105
Emerson Electric Co.		73,755		4,575,023
Equifax, Inc.		14,965		2,572,184
Expeditors International of Washington, Inc.		20,681		1,572,583
Fastenal Co.		70,945		3,039,284
FedEx Corp.		29,625		4,154,018
Flowserve Corp.		16,038		457,404
Fortive Corp.		36,297		2,455,855
Fortune Brands Home & Security, Inc.		17,267		1,103,879
General Dynamics Corp.		28,652		4,282,328
General Electric Co.		1,075,209		7,343,678
Honeywell International, Inc.		86,933		12,569,642
Howmet Aerospace, Inc.		47,886		758,993
Huntington Ingalls Industries, Inc.		5,020		875,940
IDEX Corp.		9,288		1,467,876
IHS Markit Ltd.		55,486		4,189,193

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

26

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Illinois Tool Works, Inc.		35,260	$	6,165,211
Ingersoll Rand, Inc.*		42,732		1,201,624
Jacobs Engineering Group, Inc.		15,845		1,343,656
JB Hunt Transport Svcs., Inc.		10,549		1,269,467
Johnson Controls International PLC		91,862		3,136,169
Kansas City Southern		11,660		1,740,721
L-3 Harris Technologies, Inc.		26,758		4,540,030
Lockheed Martin Corp.		30,242		11,035,911
Masco Corp.		32,707		1,642,218
Nielsen Hldgs. PLC		43,993		653,736
Norfolk Southern Corp.		31,695		5,564,691
Northrop Grumman Corp.		19,072		5,863,496
Old Dominion Freight Line, Inc.		11,709		1,985,729
Otis Worldwide Corp.		49,807		2,832,026
PACCAR, Inc.		42,872		3,208,969
Parker-Hannifin Corp.		15,747		2,885,953
Pentair PLC		20,480		778,035
Quanta Svcs., Inc.		16,843		660,751
Raytheon Technologies Corp.		183,114		11,283,485
Republic Svcs., Inc. Cl A		25,676		2,106,716
Robert Half International, Inc.		14,236		752,088
Rockwell Automation, Inc.		14,217		3,028,221
Rollins, Inc.		17,367		736,187
Roper Technologies, Inc.		12,841		4,985,647
Snap-on, Inc.		6,634		918,875
Southwest Airlines Co.		66,252		2,264,493
Stanley Black & Decker, Inc.		19,016		2,650,450
Teledyne Technologies, Inc.*		4,584		1,425,395
Textron, Inc.		28,302		931,419
Trane Technologies PLC		29,327		2,609,516
TransDigm Group, Inc.		6,163		2,724,354
Union Pacific Corp.		84,235		14,241,611
United Airlines Hldgs., Inc.*		31,504		1,090,353
United Parcel Svc., Inc. Cl B		86,188		9,582,382
United Rentals, Inc.*		8,781		1,308,720
Verisk Analytics, Inc. Cl A		19,749		3,361,280
Waste Management, Inc.		47,565		5,037,609
Westinghouse Air Brake Technologies Corp.		22,374		1,288,071
WW Grainger, Inc.		5,342		1,678,243
Xylem, Inc.		21,966		1,426,911
				253,179,106
INFORMATION TECHNOLOGY (27.2%)
Accenture PLC Cl A		78,503		16,856,164
Adobe, Inc.*		58,821		25,605,370
Advanced Micro Devices, Inc.*		142,784		7,511,866
Akamai Technologies, Inc.*		19,728		2,112,672
Amphenol Corp. Cl A		36,399		3,487,388
Analog Devices, Inc.		45,483		5,578,035
ANSYS, Inc.*		10,455		3,050,037
Apple, Inc.		501,515		182,952,672
Applied Materials, Inc.		111,462		6,737,878
Arista Networks, Inc.*		6,635		1,393,549
Autodesk, Inc.*		26,756		6,399,768

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Automatic Data Processing, Inc.		53,060	$	7,900,103
Broadcom, Inc.		49,210		15,531,168
Broadridge Financial Solutions, Inc.		14,222		1,794,674
Cadence Design Systems, Inc.*		34,394		3,300,448
CDW Corp.		17,391		2,020,486
Cisco Systems, Inc.		523,163		24,400,322
Citrix Systems, Inc.		14,277		2,111,711
Cognizant Technology Solutions Corp. Cl A		66,550		3,781,371
Corning, Inc.		94,275		2,441,723
DXC Technology Co.		30,610		505,065
F5 Networks, Inc.*		7,553		1,053,492
Fidelity National Information Svcs., Inc.		75,900		10,177,431
Fiserv, Inc.*		69,690		6,803,138
FleetCor Technologies, Inc.*		10,248		2,577,679
FLIR Systems, Inc.		16,116		653,826
Fortinet, Inc.*		16,617		2,281,016
Gartner, Inc.*		11,005		1,335,237
Global Payments, Inc.		37,516		6,363,464
Hewlett Packard Enterprise Co.		156,723		1,524,915
HP, Inc.		173,078		3,016,750
Intel Corp.		520,848		31,162,336
International Business Machines Corp.		109,268		13,196,296
Intuit, Inc.		31,984		9,473,341
IPG Photonics Corp.*		4,341		696,253
Jack Henry & Associates, Inc.		9,515		1,751,045
Juniper Networks, Inc.		40,848		933,785
Keysight Technologies, Inc.*		22,954		2,313,304
KLA Corp.		19,114		3,717,291
Lam Research Corp.		17,832		5,767,939
Leidos Hldgs., Inc.		16,584		1,553,423
Mastercard, Inc. Cl A		108,501		32,083,746
Maxim Integrated Products, Inc.		32,888		1,993,342
Microchip Technology, Inc.		30,142		3,174,254
Micron Technology, Inc.*		133,808		6,893,788
Microsoft Corp.		932,780		189,830,058
Motorola Solutions, Inc.		20,789		2,913,163
NetApp, Inc.		26,739		1,186,409
NortonLifeLock, Inc.		65,840		1,305,607
NVIDIA Corp.		74,573		28,331,028
Oracle Corp.		257,964		14,257,670
Paychex, Inc.		39,128		2,963,946
Paycom Software, Inc.*		5,878		1,820,593
PayPal Hldgs., Inc.*		145,102		25,281,122
Qorvo, Inc.*		14,065		1,554,604
QUALCOMM, Inc.		138,494		12,632,038
Salesforce.com, Inc.*		110,192		20,642,267
Seagate Technology PLC		27,316		1,322,368
ServiceNow, Inc.*		23,266		9,424,126
Skyworks Solutions, Inc.		20,724		2,649,771
Synopsys, Inc.*		18,610		3,628,950
TE Connectivity Ltd.		40,648		3,314,844
Texas Instruments, Inc.		112,797		14,321,835

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

27

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Tyler Technologies, Inc.*		4,908	$	1,702,487
VeriSign, Inc.*		12,512		2,587,857
Visa, Inc. Cl A		207,149		40,014,972
Western Digital Corp.		35,542		1,569,179
Western Union Co.		50,866		1,099,723
Xerox Hldgs. Corp.		22,619		345,845
Xilinx, Inc.		30,207		2,972,067
Zebra Technologies Corp. Cl A*		6,607		1,691,062
				865,333,152
MATERIALS (2.5%)
Air Products & Chemicals, Inc.		27,263		6,582,924
Albemarle Corp.		13,065		1,008,749
Amcor PLC		192,343		1,963,822
Avery Dennison Corp.		10,285		1,173,416
Ball Corp.		39,949		2,776,056
Celanese Corp. Cl A		14,343		1,238,375
CF Industries Hldgs., Inc.		26,175		736,564
Corteva, Inc.		93,224		2,497,471
Dow, Inc.		90,849		3,703,005
DuPont de Nemours, Inc.		89,442		4,752,053
Eastman Chemical Co.		16,863		1,174,339
Ecolab, Inc.		30,506		6,069,169
FMC Corp.		15,871		1,581,069
Freeport-McMoRan, Inc.		176,911		2,046,860
International Flavors & Fragrances, Inc.		13,131		1,608,022
International Paper Co.		48,451		1,705,960
Linde PLC		64,901		13,766,151
LyondellBasell Industries NV Cl A		31,669		2,081,287
Martin Marietta Materials, Inc.		7,628		1,575,716
Mosaic Co.		42,849		536,041
Newmont Corp.		98,408		6,075,710
Nucor Corp.		37,612		1,557,513
Packaging Corp. of America		11,718		1,169,456
PPG Industries, Inc.		29,058		3,081,891
Sealed Air Corp.		18,950		622,508
Sherwin-Williams Co.		9,854		5,694,134
Vulcan Materials Co.		16,167		1,872,947
WestRock Co.		31,815		899,092
				79,550,300
REAL ESTATE (2.8%)
Alexandria Real Estate Equities, Inc.		15,425		2,502,706
American Tower Corp.		54,241		14,023,468
Apartment Investment & Management Co. Cl A		18,357		690,958
AvalonBay Communities, Inc.		17,522		2,709,602
Boston Properties, Inc.		18,020		1,628,648
CBRE Group, Inc. Cl A*		41,350		1,869,847
Crown Castle International Corp.		51,147		8,559,450
Digital Realty Trust, Inc.		33,529		4,764,806
Duke Realty Corp.		45,583		1,613,182
Equinix, Inc.		10,991		7,718,979
Equity Residential		43,651		2,567,552
Essex Property Trust, Inc.		8,165		1,871,173

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Extra Space Storage, Inc.		15,952	$	1,473,486
Federal Realty Investment Trust		8,688		740,305
Healthpeak Properties, Inc.		67,069		1,848,422
Host Hotels & Resorts, Inc.		88,335		953,135
Iron Mountain, Inc.		35,546		927,751
Kimco Realty Corp.		54,105		694,708
Mid-America Apartment Communities, Inc.		14,266		1,635,882
Prologis, Inc.		91,407		8,531,015
Public Storage		18,687		3,585,848
Realty Income Corp.		41,596		2,474,962
Regency Centers Corp.		21,243		974,841
SBA Communications Corp. Cl A		13,674		4,073,758
Simon Property Group, Inc.		38,160		2,609,381
SL Green Realty Corp.		9,544		470,424
UDR, Inc.		36,189		1,352,745
Ventas, Inc.		47,400		1,735,788
Vornado Realty Trust		19,630		750,062
Welltower, Inc.		52,626		2,723,396
Weyerhaeuser Co.		90,828		2,039,997
				90,116,277
UTILITIES (3.0%)
AES Corp.		79,769		1,155,853
Alliant Energy Corp.		30,444		1,456,441
Ameren Corp.		30,078		2,116,288
American Electric Power Co., Inc.		60,867		4,847,448
American Water Works Co., Inc.		22,067		2,839,140
Atmos Energy Corp.		14,971		1,490,812
CenterPoint Energy, Inc.		66,665		1,244,636
CMS Energy Corp.		35,113		2,051,301
Consolidated Edison, Inc.		41,160		2,960,639
Dominion Energy, Inc.		103,432		8,396,610
DTE Energy Co.		23,428		2,518,510
Duke Energy Corp.		90,509		7,230,764
Edison International		46,359		2,517,757
Entergy Corp.		24,400		2,288,964
Evergy, Inc.		27,586		1,635,574
Eversource Energy		41,166		3,427,893
Exelon Corp.		119,631		4,341,409
FirstEnergy Corp.		66,486		2,578,327
NextEra Energy, Inc.		60,096		14,433,256
NiSource, Inc.		46,832		1,064,960
NRG Energy, Inc.		30,036		977,972
Pinnacle West Capital Corp.		13,781		1,010,009
PPL Corp.		93,450		2,414,748
Public Svc. Enterprise Group, Inc.		61,842		3,040,153
Sempra Energy		36,089		4,230,713
Southern Co.		129,973		6,739,100
WEC Energy Group, Inc.		39,032		3,421,155
Xcel Energy, Inc.		63,643		3,977,688
				96,408,120
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $1,772,174,623) 99.1%				3,151,013,615

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

28

MUTUAL OF AMERICA INVESTMENT CORPORATION — EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020

	Rating**		Rate(%)	Maturity	Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.8%)
U.S. Treasury Bill		A-1+	0.05	07/02/20	$	3,900,000	$	3,899,993
U.S. Treasury Bill (1)		A-1+	0.14	07/21/20		20,300,000		20,298,547
								24,198,540
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $24,198,540) 0.8%								24,198,540
			Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (0.0%) (2)
Citibank, New York Time Deposit			0.01	07/01/20	$	83,666	$	83,666
TOTAL TEMPORARY CASH INVESTMENT (Cost: $83,666) 0.0% (2)								83,666
TOTAL INVESTMENTS (Cost: $1,796,456,829) 99.9%								3,175,295,821
OTHER NET ASSETS 0.1%								4,043,790
NET ASSETS 100.0%							$	3,179,339,611

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

29

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (6.3%)
Activision Blizzard, Inc.		4,673	$	354,681
Alphabet, Inc. Cl A*		1,811		2,568,089
Alphabet, Inc. Cl C*		1,766		2,496,435
AT&T, Inc.		43,086		1,302,490
CenturyLink, Inc.		6,008		60,260
Charter Communications, Inc. Cl A*		911		464,646
Comcast Corp. Cl A		27,503		1,072,067
Discovery, Inc. Cl A*		976		20,594
Discovery, Inc. Cl C*		1,927		37,114
DISH Network Corp. Cl A*		1,559		53,801
Electronic Arts, Inc.*		1,758		232,144
Facebook, Inc. Cl A*		14,519		3,296,829
Fox Corp. Cl A		2,074		55,625
Fox Corp. Cl B		965		25,900
Interpublic Group of Cos., Inc.		2,353		40,378
Live Nation Entertainment, Inc.*		857		37,991
Netflix, Inc.*		2,666		1,213,137
News Corp. Cl A		2,355		27,930
News Corp. Cl B		737		8,807
Omnicom Group, Inc.		1,303		71,144
Take-Two Interactive Software, Inc.*		694		96,861
T-Mobile US, Inc.*		3,460		360,359
Twitter, Inc.*		4,768		142,039
Verizon Communications, Inc.		25,040		1,380,455
ViacomCBS, Inc. Cl B		3,305		77,073
Walt Disney Co.		10,902		1,215,682
				16,712,531
CONSUMER DISCRETIONARY (6.3%)
Advance Auto Parts, Inc.		418		59,544
Amazon.com, Inc.*		2,533		6,988,091
Aptiv PLC		1,615		125,841
AutoZone, Inc.*		141		159,065
Best Buy Co., Inc.		1,361		118,775
Booking Hldgs., Inc.*		248		394,900
BorgWarner, Inc.		1,249		44,089
CarMax, Inc.*		985		88,207
Carnival Corp.		2,840		46,633
Chipotle Mexican Grill, Inc. Cl A*		156		164,168
Darden Restaurants, Inc.		785		59,479
Dollar General Corp.		1,519		289,385
Dollar Tree, Inc.*		1,428		132,347
Domino’s Pizza, Inc.		237		87,557
DR Horton, Inc.		1,993		110,512
eBay, Inc.		3,979		208,698
Expedia Group, Inc.		823		67,651
Ford Motor Co.		23,566		143,281
Gap, Inc.		1,289		16,267
Garmin Ltd.		881		85,897
General Motors Co.		7,621		192,812
Genuine Parts Co.		874		76,003
H&R Block, Inc.		1,158		16,536
Hanesbrands, Inc.		2,090		23,596
Hasbro, Inc.		769		57,637
Hilton Worldwide Hldgs., Inc.		1,681		123,469

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Home Depot, Inc.		6,479	$	1,623,054
Kohl’s Corp.		949		19,711
L Brands, Inc.		1,397		20,913
Las Vegas Sands Corp.		2,023		92,127
Leggett & Platt, Inc.		792		27,839
Lennar Corp. Cl A		1,657		102,104
LKQ Corp.*		1,831		47,972
Lowe’s Cos., Inc.		4,560		616,147
Marriott International, Inc. Cl A		1,615		138,454
McDonald’s Corp.		4,480		826,426
MGM Resorts International		2,993		50,282
Mohawk Industries, Inc.*		360		36,634
Newell Brands, Inc.		2,292		36,397
NIKE, Inc. Cl B		7,459		731,355
Norwegian Cruise Line Hldgs. Ltd.*		1,539		25,286
NVR, Inc.*		21		68,434
O’Reilly Automotive, Inc.*		450		189,752
PulteGroup, Inc.		1,520		51,726
PVH Corp.		427		20,517
Ralph Lauren Corp. Cl A		290		21,031
Ross Stores, Inc.		2,140		182,414
Royal Caribbean Cruises Ltd.		1,032		51,910
Starbucks Corp.		7,055		519,177
Tapestry, Inc.		1,655		21,978
Target Corp.		3,019		362,068
Tiffany & Co.		661		80,602
TJX Cos., Inc.		7,207		364,386
Tractor Supply Co.		704		92,780
Ulta Beauty, Inc.*		336		68,349
Under Armour, Inc. Cl A*		1,129		10,997
Under Armour, Inc. Cl C*		1,180		10,431
VF Corp.		1,910		116,396
Whirlpool Corp.		376		48,703
Wynn Resorts Ltd.		585		43,577
Yum! Brands, Inc.		1,815		157,742
				16,758,111
CONSUMER STAPLES (4.1%)
Altria Group, Inc.		11,240		441,170
Archer-Daniels-Midland Co.		3,358		133,984
Brown-Forman Corp. Cl B		1,094		69,644
Campbell Soup Co.		1,022		50,722
Church & Dwight Co., Inc.		1,486		114,868
Clorox Co.		758		166,282
Coca-Cola Co.		23,380		1,044,618
Colgate-Palmolive Co.		5,176		379,194
Conagra Brands, Inc.		2,958		104,033
Constellation Brands, Inc. Cl A		1,016		177,749
Costco Wholesale Corp.		2,670		809,571
Coty, Inc. Cl A		1,796		8,028
Estee Lauder Cos., Inc. Cl A		1,362		256,982
General Mills, Inc.		3,658		225,516
Hershey Co.		890		115,362
Hormel Foods Corp.		1,696		81,866
JM Smucker Co.		691		73,115
Kellogg Co.		1,511		99,816

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

30

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Kimberly-Clark Corp.		2,060	$	291,181
Kraft Heinz Co.		3,762		119,970
Kroger Co.		4,771		161,498
Lamb Weston Hldgs., Inc.		876		56,003
McCormick & Co., Inc.		748		134,198
Molson Coors Brewing Co. Cl B		1,141		39,205
Mondelez International, Inc. Cl A		8,626		441,047
Monster Beverage Corp.*		2,275		157,703
PepsiCo, Inc.		8,385		1,109,000
Philip Morris International, Inc.		9,402		658,704
Procter & Gamble Co.		14,940		1,786,376
Sysco Corp.		3,050		166,713
Tyson Foods, Inc. Cl A		1,770		105,687
Walgreens Boots Alliance, Inc.		4,449		188,593
Walmart, Inc.		8,557		1,024,958
				10,793,356
ENERGY (1.6%)
Apache Corp.		2,262		30,537
Baker Hughes, a GE Co. Cl A		3,924		60,390
Cabot Oil & Gas Corp.		2,387		41,009
Chevron Corp.		11,240		1,002,945
Concho Resources, Inc.		1,186		61,079
ConocoPhillips		6,443		270,735
Devon Energy Corp.		2,290		25,969
Diamondback Energy, Inc.		950		39,729
EOG Resources, Inc.		3,495		177,057
Exxon Mobil Corp.		25,458		1,138,482
Halliburton Co.		5,242		68,041
Hess Corp.		1,565		81,083
HollyFrontier Corp.		887		25,900
Kinder Morgan, Inc.		11,673		177,079
Marathon Oil Corp.		4,728		28,935
Marathon Petroleum Corp.		3,891		145,445
National Oilwell Varco, Inc.		2,314		28,347
Noble Energy, Inc.		2,882		25,823
Occidental Petroleum Corp.		5,408		98,966
ONEOK, Inc.		2,638		87,634
Phillips 66		2,628		188,953
Pioneer Natural Resources Co.		991		96,821
Schlumberger Ltd.		8,279		152,251
TechnipFMC PLC		2,506		17,141
Valero Energy Corp.		2,457		144,521
Williams Cos., Inc.		7,261		138,104
				4,352,976
FINANCIALS (5.9%)
Aflac, Inc.		4,331		156,046
Allstate Corp.		1,894		183,699
American Express Co.		3,990		379,848
American International Group, Inc.		5,174		161,325
Ameriprise Financial, Inc.		738		110,730
Aon PLC Cl A		1,393		268,292
Arthur J. Gallagher & Co.		1,144		111,529
Assurant, Inc.		360		37,184
Bank of America Corp.		47,114		1,118,957

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Bank of New York Mellon Corp.		4,858	$	187,762
Berkshire Hathaway, Inc. Cl B*		11,756		2,098,564
BlackRock, Inc. Cl A		933		507,636
Capital One Financial Corp.		2,757		172,561
Cboe Global Markets, Inc.		667		62,218
Charles Schwab Corp.		6,922		233,548
Chubb Ltd.		2,726		345,166
Cincinnati Financial Corp.		908		58,139
Citigroup, Inc.		12,503		638,903
Citizens Financial Group, Inc.		2,579		65,094
CME Group, Inc. Cl A		2,168		352,387
Comerica, Inc.		836		31,852
Discover Financial Svcs.		1,849		92,616
E*TRADE Financial Corp.		1,333		66,290
Everest Re Group Ltd.		242		49,900
Fifth Third Bancorp		4,295		82,808
First Republic Bank		1,035		109,699
Franklin Resources, Inc.		1,675		35,125
Globe Life, Inc.		590		43,796
Goldman Sachs Group, Inc.		1,864		368,364
Hartford Financial Svcs. Group, Inc.		2,160		83,268
Huntington Bancshares, Inc.		6,132		55,403
Intercontinental Exchange, Inc.		3,314		303,562
Invesco Ltd.		2,248		24,188
JPMorgan Chase & Co.		18,399		1,730,610
KeyCorp		5,840		71,131
Lincoln National Corp.		1,161		42,713
Loews Corp.		1,458		49,995
M&T Bank Corp.		772		80,265
MarketAxess Hldgs., Inc.		232		116,213
Marsh & McLennan Cos., Inc.		3,088		331,559
MetLife, Inc.		4,646		169,672
Moody’s Corp.		970		266,488
Morgan Stanley		7,221		348,774
MSCI, Inc. Cl A		517		172,585
Nasdaq, Inc.		695		83,032
Northern Trust Corp.		1,254		99,492
People’s United Financial, Inc.		2,557		29,584
PNC Financial Svcs. Group, Inc.		2,553		268,601
Principal Financial Group, Inc.		1,527		63,432
Progressive Corp.		3,543		283,830
Prudential Financial, Inc.		2,385		145,247
Raymond James Financial, Inc.		735		50,590
Regions Financial Corp.		5,731		63,729
S&P Global, Inc.		1,450		477,746
State Street Corp.		2,122		134,853
SVB Financial Group*		311		67,030
Synchrony Financial		3,241		71,821
T. Rowe Price Group, Inc.		1,375		169,813
Travelers Cos., Inc.		1,521		173,470
Truist Financial Corp.		8,127		305,169
U.S. Bancorp		8,267		304,391
Unum Group		1,226		20,339
WR Berkley Corp.		851		48,754
Wells Fargo & Co.		22,560		577,536

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

31

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Willis Towers Watson PLC		777	$	153,030
Zions Bancorporation		988		33,592
				15,601,545
HEALTH CARE (8.6%)
Abbott Laboratories		10,693		977,661
AbbVie, Inc.		10,651		1,045,715
ABIOMED, Inc.*		274		66,188
Agilent Technologies, Inc.		1,864		164,722
Alexion Pharmaceuticals, Inc.*		1,335		149,841
Align Technology, Inc.*		434		119,107
AmerisourceBergen Corp. Cl A		898		90,491
Amgen, Inc.		3,559		839,426
Anthem, Inc.		1,517		398,941
Baxter International, Inc.		3,084		265,532
Becton Dickinson & Co.		1,781		426,140
Biogen, Inc.*		982		262,734
Bio-Rad Laboratories, Inc. Cl A*		129		58,242
Boston Scientific Corp.*		8,611		302,332
Bristol-Myers Squibb Co.		13,709		806,089
Cardinal Health, Inc.		1,768		92,272
Centene Corp.*		3,492		221,917
Cerner Corp.		1,836		125,858
Cigna Corp.		2,234		419,210
Cooper Cos., Inc.		295		83,674
CVS Health Corp.		7,901		513,328
Danaher Corp.		3,806		673,015
DaVita, Inc.*		515		40,757
DENTSPLY SIRONA, Inc.		1,323		58,291
DexCom, Inc.*		561		227,430
Edwards Lifesciences Corp.*		3,753		259,370
Eli Lilly & Co.		5,092		836,005
Gilead Sciences, Inc.		7,560		581,666
HCA Healthcare, Inc.		1,587		154,034
Henry Schein, Inc.*		859		50,157
Hologic, Inc.*		1,565		89,205
Humana, Inc.		798		309,424
IDEXX Laboratories, Inc.*		513		169,372
Illumina, Inc.*		890		329,611
Incyte Corp.*		1,095		113,847
Intuitive Surgical, Inc.*		707		402,870
IQVIA Hldgs., Inc.*		1,072		152,095
Johnson & Johnson		15,933		2,240,658
Laboratory Corp. of America Hldgs.*		585		97,174
McKesson Corp.		975		149,584
Medtronic PLC		8,095		742,312
Merck & Co., Inc.		15,254		1,179,592
Mettler-Toledo International, Inc.*		144		115,999
Mylan NV*		3,103		49,896
PerkinElmer, Inc.		675		66,211
Perrigo Co. PLC		826		45,653
Pfizer, Inc.		33,573		1,097,837
Quest Diagnostics, Inc.		807		91,966
Regeneron Pharmaceuticals, Inc.*		610		380,427
ResMed, Inc.		873		167,616

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
STERIS PLC		514	$	78,868
Stryker Corp.		1,948		351,010
Teleflex, Inc.		280		101,914
Thermo Fisher Scientific, Inc.		2,384		863,819
UnitedHealth Group, Inc.		5,750		1,695,963
Universal Health Svcs., Inc. Cl B		468		43,473
Varian Medical Systems, Inc.*		547		67,018
Vertex Pharmaceuticals, Inc.*		1,575		457,238
Waters Corp.*		373		67,289
West Pharmaceutical Svcs., Inc.		446		101,318
Zimmer Biomet Hldgs., Inc.		1,248		148,961
Zoetis, Inc. Cl A		2,873		393,716
				22,672,081
INDUSTRIALS (4.7%)
3M Co.		3,485		543,625
AO Smith Corp.		819		38,591
Alaska Air Group, Inc.		740		26,832
Allegion PLC		559		57,141
American Airlines Group, Inc.		2,995		39,145
AMETEK, Inc.		1,389		124,135
Boeing Co.		3,205		587,477
Carrier Global Corp.		4,911		109,122
Caterpillar, Inc.		3,281		415,046
CH Robinson Worldwide, Inc.		813		64,276
Cintas Corp.		507		135,044
Copart, Inc.*		1,253		104,337
CSX Corp.		4,623		322,408
Cummins, Inc.		892		154,548
Deere & Co.		1,897		298,114
Delta Air Lines, Inc.		3,433		96,296
Dover Corp.		867		83,717
Eaton Corp. PLC		2,420		211,702
Emerson Electric Co.		3,610		223,928
Equifax, Inc.		730		125,472
Expeditors International of Washington, Inc.		1,008		76,648
Fastenal Co.		3,466		148,484
FedEx Corp.		1,448		203,038
Flowserve Corp.		783		22,331
Fortive Corp.		1,790		121,111
Fortune Brands Home & Security, Inc.		845		54,021
General Dynamics Corp.		1,401		209,393
General Electric Co.		52,702		359,955
Honeywell International, Inc.		4,227		611,182
Howmet Aerospace, Inc.		2,304		36,518
Huntington Ingalls Industries, Inc.		243		42,401
IDEX Corp.		457		72,224
IHS Markit Ltd.		2,737		206,643
Illinois Tool Works, Inc.		1,734		303,190
Ingersoll Rand, Inc.*		2,093		58,855
Jacobs Engineering Group, Inc.		786		66,653
JB Hunt Transport Svcs., Inc.		512		61,614
Johnson Controls International PLC		4,487		153,186
Kansas City Southern		574		85,693

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

32

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
L-3 Harris Technologies, Inc.		1,298	$	220,232
Lockheed Martin Corp.		1,488		543,001
Masco Corp.		1,593		79,985
Nielsen Hldgs. PLC		2,145		31,875
Norfolk Southern Corp.		1,551		272,309
Northrop Grumman Corp.		935		287,456
Old Dominion Freight Line, Inc.		570		96,666
Otis Worldwide Corp.		2,461		139,933
PACCAR, Inc.		2,091		156,511
Parker-Hannifin Corp.		773		141,668
Pentair PLC		1,000		37,990
Quanta Svcs., Inc.		830		32,561
Raytheon Technologies Corp.		8,860		545,953
Republic Svcs., Inc. Cl A		1,272		104,368
Robert Half International, Inc.		694		36,664
Rockwell Automation, Inc.		700		149,100
Rollins, Inc.		851		36,074
Roper Technologies, Inc.		631		244,992
Snap-on, Inc.		327		45,293
Southwest Airlines Co.		3,253		111,187
Stanley Black & Decker, Inc.		933		130,042
Teledyne Technologies, Inc.*		221		68,720
Textron, Inc.		1,369		45,054
Trane Technologies PLC		1,449		128,932
TransDigm Group, Inc.		302		133,499
Union Pacific Corp.		4,101		693,356
United Airlines Hldgs., Inc.*		1,521		52,642
United Parcel Svc., Inc. Cl B		4,259		473,516
United Rentals, Inc.*		435		64,832
Verisk Analytics, Inc. Cl A		979		166,626
Waste Management, Inc.		2,349		248,783
Westinghouse Air Brake Technologies Corp.		1,091		62,809
WW Grainger, Inc.		262		82,310
Xylem, Inc.		1,086		70,547
				12,389,582
INFORMATION TECHNOLOGY (16.1%)
Accenture PLC Cl A		3,847		826,028
Adobe, Inc.*		2,922		1,271,976
Advanced Micro Devices, Inc.*		7,080		372,479
Akamai Technologies, Inc.*		986		105,591
Amphenol Corp. Cl A		1,787		171,212
Analog Devices, Inc.		2,233		273,855
ANSYS, Inc.*		518		151,116
Apple, Inc.		24,653		8,993,414
Applied Materials, Inc.		5,575		337,009
Arista Networks, Inc.*		327		68,680
Autodesk, Inc.*		1,318		315,252
Automatic Data Processing, Inc.		2,593		386,072
Broadcom, Inc.		2,427		765,985
Broadridge Financial Solutions, Inc.		694		87,576
Cadence Design Systems, Inc.*		1,691		162,268
CDW Corp.		858		99,682
Cisco Systems, Inc.		25,799		1,203,265
Citrix Systems, Inc.		702		103,833

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Cognizant Technology Solutions Corp. Cl A		3,291	$	186,995
Corning, Inc.		4,599		119,114
DXC Technology Co.		1,536		25,344
F5 Networks, Inc.*		369		51,468
Fidelity National Information Svcs., Inc.		3,733		500,558
Fiserv, Inc.*		3,393		331,225
FleetCor Technologies, Inc.*		505		127,023
FLIR Systems, Inc.		792		32,131
Fortinet, Inc.*		813		111,601
Gartner, Inc.*		533		64,669
Global Payments, Inc.		1,803		305,825
Hewlett Packard Enterprise Co.		7,760		75,505
HP, Inc.		8,669		151,101
Intel Corp.		25,620		1,532,845
International Business Machines Corp.		5,381		649,863
Intuit, Inc.		1,575		466,499
IPG Photonics Corp.*		215		34,484
Jack Henry & Associates, Inc.		464		85,390
Juniper Networks, Inc.		2,009		45,926
Keysight Technologies, Inc.*		1,129		113,781
KLA Corp.		942		183,200
Lam Research Corp.		882		285,292
Leidos Hldgs., Inc.		808		75,685
Mastercard, Inc. Cl A		5,354		1,583,178
Maxim Integrated Products, Inc.		1,620		98,188
Microchip Technology, Inc.		1,487		156,596
Micron Technology, Inc.*		6,713		345,854
Microsoft Corp.		45,760		9,312,618
Motorola Solutions, Inc.		1,030		144,334
NetApp, Inc.		1,344		59,633
NortonLifeLock, Inc.		3,274		64,923
NVIDIA Corp.		3,724		1,414,785
Oracle Corp.		12,596		696,181
Paychex, Inc.		1,930		146,197
Paycom Software, Inc.*		290		89,822
PayPal Hldgs., Inc.*		7,124		1,241,215
Qorvo, Inc.*		693		76,597
QUALCOMM, Inc.		6,828		622,782
Salesforce.com, Inc.*		5,462		1,023,196
Seagate Technology PLC		1,368		66,225
ServiceNow, Inc.*		1,159		469,465
Skyworks Solutions, Inc.		1,011		129,266
Synopsys, Inc.*		913		178,035
TE Connectivity Ltd.		1,991		162,366
Texas Instruments, Inc.		5,557		705,572
Tyler Technologies, Inc.*		240		83,251
VeriSign, Inc.*		615		127,200
Visa, Inc. Cl A		10,206		1,971,493
Western Digital Corp.		1,816		80,176
Western Union Co.		2,483		53,682
Xerox Hldgs. Corp.		1,104		16,880
Xilinx, Inc.		1,469		144,535
Zebra Technologies Corp. Cl A*		321		82,160
				42,597,222

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

33

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (1.5%)
Air Products & Chemicals, Inc.		1,328	$	320,659
Albemarle Corp.		644		49,723
Amcor PLC		9,481		96,801
Avery Dennison Corp.		503		57,387
Ball Corp.		1,966		136,617
Celanese Corp. Cl A		710		61,301
CF Industries Hldgs., Inc.		1,293		36,385
Corteva, Inc.		4,543		121,707
Dow, Inc.		4,475		182,401
DuPont de Nemours, Inc.		4,433		235,525
Eastman Chemical Co.		814		56,687
Ecolab, Inc.		1,491		296,635
FMC Corp.		778		77,504
Freeport-McMoRan, Inc.		8,656		100,150
International Flavors & Fragrances, Inc.		645		78,987
International Paper Co.		2,355		82,920
Linde PLC		3,177		673,874
LyondellBasell Industries NV Cl A		1,547		101,669
Martin Marietta Materials, Inc.		374		77,257
Mosaic Co.		2,116		26,471
Newmont Goldcorp Corp.		4,775		294,808
Nucor Corp.		1,811		74,994
Packaging Corp. of America		570		56,886
PPG Industries, Inc.		1,424		151,029
Sealed Air Corp.		935		30,715
Sherwin-Williams Co.		488		281,991
Vulcan Materials Co.		800		92,680
WestRock Co.		1,549		43,775
				3,897,538
REAL ESTATE (1.7%)
Alexandria Real Estate Equities, Inc.		763		123,797
American Tower Corp.		2,685		694,180
Apartment Investment & Management Co. Cl A		893		33,613
AvalonBay Communities, Inc.		844		130,516
Boston Properties, Inc.		874		78,992
CBRE Group, Inc. Cl A*		2,014		91,073
Crown Castle International Corp.		2,512		420,383
Digital Realty Trust, Inc.		1,616		229,650
Duke Realty Corp.		2,218		78,495
Equinix, Inc.		534		375,028
Equity Residential		2,095		123,228
Essex Property Trust, Inc.		394		90,293
Extra Space Storage, Inc.		784		72,418
Federal Realty Investment Trust		424		36,129
Healthpeak Properties, Inc.		3,240		89,294
Host Hotels & Resorts, Inc.		4,250		45,857
Iron Mountain, Inc.		1,736		45,310
Kimco Realty Corp.		2,610		33,512
Mid-America Apartment Communities, Inc.		685		78,549
Prologis, Inc.		4,456		415,878
Public Storage		909		174,428
Realty Income Corp.		2,078		123,641

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Regency Centers Corp.		1,019	$	46,762
SBA Communications Corp. Cl A		674		200,798
Simon Property Group, Inc.		1,844		126,093
SL Green Realty Corp.		462		22,772
UDR, Inc.		1,775		66,350
Ventas, Inc.		2,234		81,809
Vornado Realty Trust		959		36,643
Welltower, Inc.		2,516		130,203
Weyerhaeuser Co.		4,512		101,340
				4,397,034
UTILITIES (1.8%)
AES Corp.		3,990		57,815
Alliant Energy Corp.		1,504		71,951
Ameren Corp.		1,491		104,907
American Electric Power Co., Inc.		2,995		238,522
American Water Works Co., Inc.		1,093		140,625
Atmos Energy Corp.		739		73,590
CenterPoint Energy, Inc.		3,284		61,312
CMS Energy Corp.		1,731		101,125
Consolidated Edison, Inc.		2,018		145,155
Dominion Energy, Inc.		5,062		410,933
DTE Energy Co.		1,159		124,592
Duke Energy Corp.		4,440		354,712
Edison International		2,276		123,610
Entergy Corp.		1,207		113,229
Evergy, Inc.		1,369		81,168
Eversource Energy		2,035		169,454
Exelon Corp.		5,874		213,167
FirstEnergy Corp.		3,256		126,268
NextEra Energy, Inc.		2,952		708,982
NiSource, Inc.		2,316		52,666
NRG Energy, Inc.		1,467		47,765
Pinnacle West Capital Corp.		679		49,764
PPL Corp.		4,644		120,001
Public Svc. Enterprise Group, Inc.		3,060		150,430
Sempra Energy		1,762		206,559
Southern Co.		6,374		330,492
WEC Energy Group, Inc.		1,905		166,973
Xcel Energy, Inc.		3,177		198,562
				4,744,329
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $96,698,443 ) 58.6%				154,916,305

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

34

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
INDEXED ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.0%) (2)
U.S. Treasury Bill		A-1+		0.04		07/02/20	$	10,000	$	10,000
U.S. Treasury Bill (1)		A-1+		0.22		07/21/20		75,000		74,991
										84,991
TOTAL INDEXED ASSETS-SHORT TERM-DEBT (0.0%) (2) (Cost: $84,991) 0.0% (2)										84,991
TOTAL INDEXED ASSETS (Cost: $96,783,434) 58.6%										155,001,296

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

35

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
ACTIVE ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (0.8%)
Cardlytics, Inc.*		1,938	$	135,621
Cogent Communications Hldgs., Inc.		1,866		144,354
Discovery, Inc. Cl A*		3,848		81,192
Discovery, Inc. Cl C*		21,570		415,438
Gray Television, Inc.*		7,422		103,537
ORBCOMM, Inc.*		32,280		124,278
Shenandoah Telecommunications Co.		3,311		163,199
Take-Two Interactive Software, Inc.*		1,739		242,713
TEGNA, Inc.		25,903		288,559
ViacomCBS, Inc. Cl B		3,461		80,710
World Wrestling Entertainment, Inc. Cl A		1,205		52,357
Zynga, Inc. Cl A*		43,548		415,449
				2,247,407
CONSUMER DISCRETIONARY (3.9%)
AutoZone, Inc.*		705		795,325
Bloomin’ Brands, Inc.		42,941		457,751
BorgWarner, Inc.		6,506		229,662
Bright Horizons Family Solutions, Inc.*		1,520		178,144
Capri Hldgs. Ltd.*		14,805		231,402
Chegg, Inc.*		1,937		130,282
Darden Restaurants, Inc.		2,259		171,165
Dollar General Corp.		1,301		247,853
Eldorado Resorts, Inc.*		8,680		347,721
Extended Stay America, Inc.		28,560		319,586
Five Below, Inc.*		8,858		947,009
Foot Locker, Inc.		2,520		73,483
Fox Factory Hldg. Corp.*		2,314		191,160
Grand Canyon Education, Inc.*		1,222		110,628
Haverty Furniture Cos., Inc.		9,412		150,592
Hilton Grand Vacations, Inc.*		1,930		37,732
Johnson Outdoors, Inc. Cl A		1,994		181,494
Lithia Motors, Inc. Cl A		5,025		760,433
Marriott Vacations Worldwide Corp.		9,967		819,387
Meritage Homes Corp.*		2,650		201,718
NVR, Inc.*		83		270,476
Ralph Lauren Corp. Cl A		4,199		304,511
Red Rock Resorts, Inc. Cl A		12,563		137,062
Skyline Champion Corp.*		11,178		272,073
Sonic Automotive, Inc. Cl A		12,536		400,024
Sonos, Inc.*		13,399		196,027
Stamps.com, Inc.*		796		146,217
Steven Madden Ltd.		9,306		229,765
Taylor Morrison Home Corp. Cl A*		3,537		68,229
Thor Industries, Inc.		4,241		451,794
Tractor Supply Co.		4,272		563,007
Williams-Sonoma, Inc.		9,670		793,037
				10,414,749
CONSUMER STAPLES (1.2%)
BJ’s Wholesale Club Hldgs., Inc.*		5,660		210,948
Church & Dwight Co., Inc.		7,525		581,682

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Constellation Brands, Inc. Cl A		5,362	$	938,082
Crimson Wine Group Ltd.*		45,094		243,508
Freshpet, Inc.*		2,899		242,530
Ingredion, Inc.		1,032		85,656
JM Smucker Co.		1,395		147,605
TreeHouse Foods, Inc.*		8,381		367,088
Tyson Foods, Inc. Cl A		1,391		83,056
Vector Group Ltd.		5,413		54,455
WD-40 Co.		856		169,746
				3,124,356
ENERGY (0.7%)
Baker Hughes, a GE Co. Cl A		3,892		59,898
Cheniere Energy, Inc.*		5,962		288,084
Devon Energy Corp.		11,262		127,711
EQT Corp.		5,030		59,857
Hess Corp.		1,704		88,284
Kosmos Energy Ltd.		66,155		109,817
Matrix Svc. Co.*		771		7,494
MPLX LP		4,492		77,622
Noble Energy, Inc.		33,663		301,620
PBF Energy, Inc. Cl A		51,646		528,855
Williams Cos., Inc.		17,120		325,624
				1,974,866
FINANCIALS (5.8%)
American Equity Investment Life Hldg. Co.		12,749		315,028
American Financial Group, Inc.		2,733		173,436
Ameriprise Financial, Inc.		3,716		557,548
Argo Group International Hldgs. Ltd.		5,106		177,842
Associated Banc-Corp.		8,844		120,986
BancFirst Corp.		8,915		361,682
Bank of Marin Bancorp		4,548		151,585
Banner Corp.		8,638		328,244
Brookline Bancorp, Inc.		31,548		318,004
Brown & Brown, Inc.		8,136		331,623
Bryn Mawr Bank Corp.		10,774		298,009
Cboe Global Markets, Inc.		2,435		227,137
Citizens Financial Group, Inc.		2,014		50,833
Columbia Banking System, Inc.		4,712		133,562
Dime Community Bancshares, Inc.		13,072		179,479
Discover Financial Svcs.		6,447		322,931
Ellington Financial, Inc.		27,859		328,179
Enterprise Financial Svcs. Corp.		9,127		284,032
Essent Group Ltd.		13,229		479,816
Everest Re Group Ltd.		1,533		316,105
Fifth Third Bancorp		19,964		384,906
First Financial Bankshares, Inc.		5,290		152,828
First Interstate BancSystem, Inc. Cl A		13,197		408,579
First Merchants Corp.		4,678		128,972
First Republic Bank		2,736		289,989
Flushing Financial Corp.		7,115		81,965
Great Southern Bancorp, Inc.		3,966		160,068

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

36

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,283	$	93,434
Hartford Financial Svcs. Group, Inc.		10,575		407,666
Heritage Commerce Corp.		19,185		143,983
Houlihan Lokey, Inc. Cl A		3,283		182,666
IBERIABANK Corp.		2,727		124,188
Investors Bancorp, Inc.		14,105		119,892
iShares Micro-Cap ETF		1,675		146,177
iShares Russell Mid-Cap ETF		6,390		342,504
iShares Russell Mid-Cap Value ETF		4,590		351,273
KeyCorp		14,358		174,881
Lincoln National Corp.		2,118		77,921
M&T Bank Corp.		3,247		337,590
Marlin Business Svcs. Corp.		8,908		75,362
Moelis & Co. Cl A		10,479		326,526
National Bank Hldgs. Corp. Cl A		2,396		64,692
Northfield Bancorp, Inc.		18,919		217,947
Peoples Bancorp, Inc.		7,853		167,112
Primerica, Inc.		3,121		363,909
Progressive Corp.		3,704		296,727
Raymond James Financial, Inc.		2,401		165,261
Reinsurance Group of America, Inc. Cl A		1,633		128,092
RLI Corp.		1,564		128,404
Safety Insurance Group, Inc.		1,384		105,544
Selective Insurance Group, Inc.		10,272		541,745
Starwood Property Trust, Inc.		41,063		614,303
Sterling Bancorp		7,388		86,587
Stifel Financial Corp.		3,302		156,614
Stock Yards Bancorp, Inc.		18,666		750,373
SVB Financial Group*		819		176,519
Synchrony Financial		2,218		49,150
TriCo Bancshares		7,662		233,308
UMB Financial Corp.		4,326		223,005
Voya Financial, Inc.		14,396		671,573
Webster Financial Corp.		5,391		154,236
Wintrust Financial Corp.		1,503		65,561
Zions Bancorporation		4,682		159,188
				15,487,281
HEALTH CARE (6.1%)
1Life Healthcare, Inc.*		5,080		184,506
ABIOMED, Inc.*		552		133,341
ACADIA Pharmaceuticals, Inc.*		5,860		284,034
Acceleron Pharma, Inc.*		2,049		195,208
Agilent Technologies, Inc.		6,402		565,744
Alder Biopharmaceuticals, Inc. — contingent value rights*		6,072		5,343	††
Align Technology, Inc.*		725		198,969
Alnylam Pharmaceuticals, Inc.*		1,303		192,987
Amicus Therapeutics, Inc.*		10,747		162,065
Arrowhead Pharmaceuticals, Inc.*		1,459		63,014
Biohaven Pharmaceutical Hldg. Co. Ltd.*		2,398		175,318
Blueprint Medicines Corp.*		1,749		136,422
CareDx, Inc.*		3,511		124,395

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Centene Corp.*		6,535	$	415,299
Chemed Corp.		677		305,374
ChemoCentryx, Inc.*		2,467		141,951
CRISPR Therapeutics AG*		1,567		115,159
DexCom, Inc.*		648		262,699
Emergent BioSolutions, Inc.*		5,830		461,036
Encompass Health Corp.		2,919		180,774
Esperion Therapeutics, Inc.*		2,593		133,047
Exact Sciences Corp.*		1,662		144,494
Fate Therapeutics, Inc.*		3,491		119,776
FibroGen, Inc.*		3,150		127,670
Global Blood Therapeutics, Inc.*		2,150		135,730
Globus Medical, Inc. Cl A*		3,031		144,609
Haemonetics Corp.*		1,506		134,877
HealthEquity, Inc.*		4,363		255,977
Hill-Rom Hldgs., Inc.		3,478		381,815
Horizon Therapeutics PLC*		10,549		586,313
Humana, Inc.		685		265,609
IDEXX Laboratories, Inc.*		544		179,607
Incyte Corp.*		1,409		146,494
Inmode Ltd.*		2,371		67,147
Insmed, Inc.*		4,440		122,278
Inspire Medical Systems, Inc.*		1,405		122,263
Intersect ENT, Inc.*		7,015		94,983
Invitae Corp.*		7,609		230,477
iRhythm Technologies, Inc.*		2,056		238,270
Karyopharm Therapeutics, Inc.*		7,460		141,292
Kodiak Sciences, Inc.*		2,193		118,685
Krystal Biotech, Inc.*		1,198		49,621
LHC Group, Inc.*		2,193		382,284
Madrigal Pharmaceuticals, Inc.*		899		101,812
Masimo Corp.*		895		204,051
Medpace Hldgs., Inc.*		1,179		109,671
Mettler-Toledo International, Inc.*		378		304,498
Mirati Therapeutics, Inc.*		1,065		121,591
MyoKardia, Inc.*		1,242		120,002
NanoString Technologies, Inc.*		2,744		80,536
Natera, Inc.*		3,348		166,931
Neogen Corp.*		2,402		186,395
NeoGenomics, Inc.*		5,652		175,099
Neurocrine Biosciences, Inc.*		752		91,744
Nevro Corp.*		1,014		121,143
Omnicell, Inc.*		2,786		196,747
Orchard Therapeutics PLC*		7,267		43,602
OrthoPediatrics Corp.*		2,398		104,937
Pacific Biosciences of California, Inc.*		25,172		86,843
Penumbra, Inc.*		1,234		220,664
Prestige Consumer Healthcare, Inc.*		3,002		112,755
Quidel Corp.*		729		163,106
Repligen Corp.*		1,574		194,562
Sage Therapeutics, Inc.*		2,744		114,096
Schrodinger, Inc.*		1,600		146,512
SeaSpine Hldgs. Corp.*		11,089		116,102
Sientra, Inc.*		69,459		268,806

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

37

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Silk Road Medical, Inc.*		2,611	$	109,375
Simulations Plus, Inc.		4,542		271,703
Sorrento Therapeutics, Inc.*		4,810		30,207
STAAR Surgical Co.*		3,679		226,406
Supernus Pharmaceuticals, Inc.*		20,538		487,778
Syneos Health, Inc. Cl A*		2,521		146,848
Tabula Rasa HealthCare, Inc.*		1,986		108,694
Tactile Systems Technology, Inc.*		2,819		116,791
Tandem Diabetes Care, Inc.*		2,784		275,393
Ultragenyx Pharmaceutical, Inc.*		1,469		114,905
US Physical Therapy, Inc.		1,010		81,830
Veeva Systems, Inc. Cl A*		2,246		526,507
Vericel Corp.*		20,764		286,958
Wright Medical Group NV*		6,321		187,860
Xencor, Inc.*		3,640		117,900
Zimmer Biomet Hldgs., Inc.		3,759		448,675
Zoetis, Inc. Cl A		1,503		205,971
Zogenix, Inc.*		2,066		55,803
Zynex, Inc.*		3,551		88,313
				16,067,078
INDUSTRIALS (5.6%)
Alaska Air Group, Inc.		13,005		471,562
Arcosa, Inc.		4,710		198,762
Axon Enterprise, Inc.*		1,620		158,971
Builders FirstSource, Inc.*		7,826		161,998
Carlisle Cos., Inc.		2,454		293,670
CH Robinson Worldwide, Inc.		1,814		143,415
Clean Harbors, Inc.*		5,130		307,697
Donaldson Co., Inc.		4,875		226,785
Dover Corp.		2,863		276,452
Ducommun, Inc.*		1,180		41,147
EMCOR Group, Inc.		4,748		314,033
Encore Wire Corp.		8,165		398,615
EnPro Industries, Inc.		5,589		275,482
ESCO Technologies, Inc.		3,165		267,537
Exponent, Inc.		3,177		257,115
Federal Signal Corp.		6,672		198,359
Franklin Electric Co., Inc.		2,597		136,394
Generac Hldgs., Inc.*		3,078		375,301
Gorman-Rupp Co.		6,726		209,044
HEICO Corp. Cl A		2,973		241,526
Heidrick & Struggles International, Inc.		4,037		87,280
Hillenbrand, Inc.		7,625		206,409
IAA, Inc.*		8,023		309,447
ICF International, Inc.		3,705		240,195
Kirby Corp.*		1,663		89,070
Knoll, Inc.		3,346		40,788
Kratos Defense & Security Solutions, Inc.*		10,601		165,694
L-3 Harris Technologies, Inc.		3,712		629,815
Lennox International, Inc.		1,631		380,007
Mercury Systems, Inc.*		1,423		111,933
Miller Industries, Inc.		22,503		669,914
MSA Safety, Inc.		845		96,702

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Mueller Industries, Inc.		32,271	$	857,763
Old Dominion Freight Line, Inc.		5,287		896,623
Oshkosh Corp.		2,348		168,164
Quanta Svcs., Inc.		4,679		183,557
Rexnord Corp.		8,535		248,795
Rockwell Automation, Inc.		1,673		356,349
Saia, Inc.*		1,529		169,994
Simpson Manufacturing Co., Inc.		4,653		392,527
SPX FLOW, Inc.*		10,654		398,886
Stanley Black & Decker, Inc.		1,387		193,320
Stericycle, Inc.*		3,131		175,273
Teledyne Technologies, Inc.*		755		234,767
Tetra Tech, Inc.		1,945		153,888
TransUnion		2,328		202,629
Trex Co., Inc.*		4,752		618,093
UFP Industries, Inc.		6,297		311,765
VSE Corp.		13,180		413,720
Werner Enterprises, Inc.		6,436		280,158
WESCO International, Inc. Preferred*		699		18,536
Woodward, Inc.		6,621		513,459
				14,769,385
INFORMATION TECHNOLOGY (6.5%)
Akoustis Technologies, Inc.*		13,195		109,387
Altair Engineering, Inc. Cl A*		2,074		82,441
Amphenol Corp. Cl A		3,749		359,192
Analog Devices, Inc.		3,331		408,514
Blackline, Inc.*		2,162		179,251
Cabot Microelectronics Corp.		1,376		192,007
Cardtronics PLC Cl A*		8,702		208,674
CDW Corp.		1,005		116,761
Ciena Corp.*		2,349		127,222
Cirrus Logic, Inc.*		2,439		150,681
Cloudera, Inc.*		23,370		297,266
Cohu, Inc.		14,156		245,465
Cornerstone OnDemand, Inc.*		2,123		81,863
Domo, Inc. Cl B*		3,057		98,344
DXC Technology Co.		2,345		38,692
EchoStar Corp. Cl A*		2,339		65,399
Enphase Energy, Inc.*		2,793		132,863
EPAM Systems, Inc.*		1,301		327,865
Euronet Worldwide, Inc.*		2,336		223,836
Everspin Technologies, Inc.*		15,186		106,606
Fiserv, Inc.*		4,449		434,311
Five9, Inc.*		6,966		770,927
Global Payments, Inc.		3,734		633,361
Globant S.A.*		1,186		177,722
Guidewire Software, Inc.*		2,155		238,882
II-VI, Inc.*		10,240		483,533
Itron, Inc.*		1,692		112,095
Keysight Technologies, Inc.*		1,431		144,216
KLA Corp.		1,183		230,070
Lam Research Corp.		566		183,078
Lattice Semiconductor Corp.*		6,980		198,162
LivePerson, Inc.*		6,008		248,911

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

38

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
LogMeIn, Inc.		1,166	$	98,842
Lumentum Hldgs., Inc.*		3,300		268,719
ManTech International Corp. Cl A		3,153		215,949
MAXIMUS, Inc.		2,481		174,786
MaxLinear, Inc. Cl A*		9,177		196,938
Microchip Technology, Inc.		1,885		198,509
MKS Instruments, Inc.		3,094		350,365
Monolithic Power Systems, Inc.		1,140		270,180
Motorola Solutions, Inc.		1,927		270,030
New Relic, Inc.*		2,028		139,729
Nokia OYJ		15,428		67,883
NortonLifeLock, Inc.		3,893		77,199
Novanta, Inc.*		1,750		186,847
Okta, Inc. Cl A*		1,527		305,751
Palo Alto Networks, Inc.*		750		172,252
Perficient, Inc.*		9,026		322,950
Perspecta, Inc.		9,494		220,546
Ping Identity Hldg. Corp.*		5,565		178,581
Plexus Corp.*		1,991		140,485
Proofpoint, Inc.*		2,705		300,580
PTC, Inc.*		4,745		369,114
Pure Storage, Inc. Cl A*		13,928		241,372
Q2 Hldgs., Inc.*		2,288		196,288
Qorvo, Inc.*		1,408		155,627
Rapid7, Inc.*		8,065		411,476
Richardson Electronics Ltd.*		37,112		149,932
RingCentral, Inc. Cl A*		507		144,500
Rogers Corp.*		590		73,514
SailPoint Technologies Hldgs., Inc.*		16,145		427,358
Science Applications International Corp.		1,574		122,268
Sequans Communications S.A.*		16,841		103,404
Silicon Laboratories, Inc.*		2,259		226,510
SiTime Corp.*		2,864		135,782
Splunk, Inc.*		2,642		524,965
SYNNEX Corp.		3,589		429,855
Synopsys, Inc.*		1,779		346,905
Twilio, Inc. Cl A*		1,636		358,971
ViaSat, Inc.*		7,708		295,756
Virtusa Corp.*		2,788		90,526
Western Digital Corp.		1,504		66,402
Xilinx, Inc.		1,260		123,971
Xperi Hldg. Corp.		11,658		172,073
Yext, Inc.*		4,053		67,320
Zendesk, Inc.*		4,994		442,120
				17,240,727
MATERIALS (2.1%)
Ashland Global Hldgs., Inc.		2,739		189,265
Berry Global Group, Inc.*		1,658		73,482
Boise Cascade Co.		3,999		150,402
Cleveland-Cliffs, Inc.		8,542		47,152
Coeur Mining, Inc.*		32,666		165,943
Crown Hldgs., Inc.*		11,591		754,922
Ferro Corp.*		13,540		161,669

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Ferroglobe Representation & Warranty Insurance Trust*		6,080	$	0	††
FMC Corp.		1,380		137,476
Freeport-McMoRan, Inc.		16,048		185,675
Innospec, Inc.		2,957		228,428
International Flavors & Fragrances, Inc.		2,151		263,411
International Paper Co.		3,630		127,812
Mosaic Co.		2,665		33,339
Newmont Goldcorp Corp.		13,114		809,659
Nucor Corp.		2,107		87,251
Olin Corp.		13,675		157,126
Packaging Corp. of America		6,789		677,542
PolyOne Corp.		7,864		206,273
Quaker Chemical Corp.		716		132,925
Steel Dynamics, Inc.		3,387		88,367
Stepan Co.		1,949		189,248
Valvoline, Inc.		21,454		414,706
Vulcan Materials Co.		2,131		246,877
				5,528,950
REAL ESTATE (3.3%)
Alexander’s, Inc.		698		168,148
American Campus Communities, Inc.		3,200		111,872
Americold Realty Trust		3,744		135,907
Apartment Investment & Management Co. Cl A		4,150		156,206
AvalonBay Communities, Inc.		1,124		173,816
Brandywine Realty Trust		12,707		138,379
Camden Property Trust		2,501		228,141
Cousins Properties, Inc.		14,585		435,071
CTO Realty Growth, Inc.		2,093		82,673
Duke Realty Corp.		24,811		878,061
Easterly Government Properties, Inc.		31,220		721,807
EastGroup Properties, Inc.		1,308		155,142
Equity Commonwealth		5,846		188,241
Equity LifeStyle Properties, Inc.		1,794		112,089
Essex Property Trust, Inc.		636		145,752
GEO Group, Inc.		26,236		310,372
Highwoods Properties, Inc.		7,749		289,270
Host Hotels & Resorts, Inc.		22,059		238,017
Industrial Logistics Properties Trust		11,388		234,023
JBG SMITH Properties		6,829		201,934
Kilroy Realty Corp.		7,258		426,045
Medical Properties Trust, Inc.		18,028		338,926
Physicians Realty Trust		7,319		128,229
PotlatchDeltic Corp.		6,226		236,775
Prologis, Inc.		3,086		288,017
QTS Realty Trust, Inc. Cl A		6,570		421,071
Redfin Corp.*		5,979		250,580
Regency Centers Corp.		937		42,999
Sabra Health Care REIT, Inc.		11,642		167,994
SBA Communications Corp. Cl A		1,851		551,450
Sun Communities, Inc.		2,562		347,612

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

39

MUTUAL OF AMERICA INVESTMENT CORPORATION — ALL AMERICA FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Terreno Realty Corp.		2,292	$	120,651
Vornado Realty Trust		1,704		65,110
Welltower, Inc.		2,995		154,991
Weyerhaeuser Co.		3,334		74,880
				8,720,251
UTILITIES (2.6%)
AES Corp.		9,337		135,293
Ameren Corp.		3,995		281,088
American States Water Co.		3,157		248,235
Avista Corp.		8,240		299,854
Black Hills Corp.		4,518		255,990
Chesapeake Utilities Corp.		3,569		299,796
Consolidated Edison, Inc.		3,097		222,767
Edison International		3,838		208,441
Entergy Corp.		2,467		231,429
Evergy, Inc.		12,328		730,927

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Eversource Energy		2,322	$	193,353
FirstEnergy Corp.		10,734		416,264
Fortis, Inc.		10,071		383,504
IDACORP, Inc.		2,833		247,519
NiSource, Inc.		25,104		570,865
Northwest Natural Hldg. Co.		2,424		135,235
NorthWestern Corp.		3,954		215,572
PNM Resources, Inc.		6,528		250,936
Portland General Electric Co.		6,302		263,487
PPL Corp.		6,257		161,681
Public Svc. Enterprise Group, Inc.		5,685		279,475
Sempra Energy		4,565		535,156
Spire, Inc.		2,946		193,583
				6,760,450
TOTAL ACTIVE ASSETS -COMMON STOCKS
(Cost: $94,649,035) 38.6%				102,335,500

	Rating**		Rate(%)		Maturity		Face Amount		Value
ACTIVE ASSETS:
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.4%):
U.S. Treasury Bill		A-1+		0.12		07/14/20	$	1,000,000	$	999,957
TOTAL ACTIVE ASSETS-SHORT-TERM DEBT SECURITIES (Cost: $999,957) 0.4%										999,957
TOTAL ACTIVE ASSETS (Cost: $95,648,992) 39.0%										103,335,457
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (1.0%)
Citibank, New York Time Deposit				0.01		07/01/20	$	2,684,950	$	2,684,950
TOTAL TEMPORARY CASH INVESTMENT (Cost: $2,684,950) 1.0%										2,684,950
TOTAL INVESTMENTS (Cost: $195,117,376) 98.6%										261,021,703
OTHER NET ASSETS 1.4%										3,810,978
NET ASSETS 100.0%									$	264,832,681

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

40

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (1.6%)
ORBCOMM, Inc.*		463,447	$	1,784,271
TEGNA, Inc.		381,109		4,245,554
				6,029,825
CONSUMER DISCRETIONARY (8.2%)
Bloomin’ Brands, Inc.		337,750		3,600,415
Capri Hldgs. Ltd.*		132,680		2,073,788
Extended Stay America, Inc.		64,620		723,098
Haverty Furniture Cos., Inc.		133,977		2,143,632
Johnson Outdoors, Inc. Cl A		28,330		2,578,597
Marriott Vacations Worldwide Corp.		80,386		6,608,533
Meritage Homes Corp.*		37,670		2,867,440
Sonic Automotive, Inc. Cl A		185,458		5,917,965
Williams-Sonoma, Inc.		51,520		4,225,155
				30,738,623
CONSUMER STAPLES (2.1%)
Crimson Wine Group Ltd.*		623,027		3,364,346
TreeHouse Foods, Inc.*		95,520		4,183,776
Vector Group Ltd.		46,763		470,436
				8,018,558
ENERGY (2.2%)
Matrix Svc. Co.*		11,250		109,350
Noble Energy, Inc.		392,690		3,518,502
PBF Energy, Inc. Cl A		462,165		4,732,570
				8,360,422
FINANCIALS (27.0%)
American Equity Investment Life Hldg. Co.		181,065		4,474,116
Argo Group International Hldgs. Ltd.		74,826		2,606,190
BancFirst Corp.		112,861		4,578,771
Bank of Marin Bancorp		55,668		1,855,414
Banner Corp.		123,005		4,674,190
Brookline Bancorp, Inc.		463,980		4,676,918
Bryn Mawr Bank Corp.		153,314		4,240,665
Columbia Banking System, Inc.		66,652		1,889,251
Dime Community Bancshares, Inc.		224,464		3,081,891
Ellington Financial, Inc.		393,489		4,635,300
Enterprise Financial Svcs. Corp.		134,946		4,199,520
Essent Group Ltd.		131,885		4,783,469
First Interstate BancSystem, Inc. Cl A		187,788		5,813,917
Flushing Financial Corp.		116,321		1,340,018
Great Southern Bancorp, Inc.		59,439		2,398,958
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		50,213		1,429,062
Heritage Commerce Corp.		272,278		2,043,446
IBERIABANK Corp.		45,958		2,092,927
Investors Bancorp, Inc.		198,423		1,686,596
Marlin Business Svcs. Corp.		145,548		1,231,336
Moelis & Co. Cl A		65,740		2,048,458
Northfield Bancorp, Inc.		277,290		3,194,381
Peoples Bancorp, Inc.		116,181		2,472,332
Safety Insurance Group, Inc.		19,690		1,501,559

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Selective Insurance Group, Inc.		118,338	$	6,241,146
Sterling Bancorp		104,534		1,225,139
Stifel Financial Corp.		47,629		2,259,044
Stock Yards Bancorp, Inc.		269,885		10,849,377
TriCo Bancshares		109,014		3,319,476
UMB Financial Corp.		64,775		3,339,151
Wintrust Financial Corp.		21,523		938,833
				101,120,851
HEALTH CARE (4.5%)
NanoString Technologies, Inc.*		39,660		1,164,021
Pacific Biosciences of California, Inc.*		363,182		1,252,978
Prestige Consumer Healthcare, Inc.*		42,660		1,602,309
SeaSpine Hldgs. Corp.*		160,138		1,676,645
Sientra, Inc.*		431,118		1,668,427
Supernus Pharmaceuticals, Inc.*		203,153		4,824,884
Syneos Health, Inc. Cl A*		35,840		2,087,680
Vericel Corp.*		180,731		2,497,702
				16,774,646
INDUSTRIALS (16.8%)
Arcosa, Inc.		69,390		2,928,258
Builders FirstSource, Inc.*		111,440		2,306,808
Encore Wire Corp.		107,520		5,249,126
EnPro Industries, Inc.		82,350		4,059,032
Hillenbrand, Inc.		112,125		3,035,224
ICF International, Inc.		19,240		1,247,329
Kratos Defense & Security Solutions, Inc.*		152,740		2,387,326
Miller Industries, Inc.		325,021		9,675,875
Mueller Industries, Inc.		345,532		9,184,241
Rexnord Corp.		125,560		3,660,074
SPX FLOW, Inc.*		118,320		4,429,901
UFP Industries, Inc.		90,955		4,503,182
VSE Corp.		186,992		5,869,679
Werner Enterprises, Inc.		93,127		4,053,818
WESCO International, Inc. Preferred*		11,639		308,666
				62,898,539
INFORMATION TECHNOLOGY (10.7%)
Cardtronics PLC Cl A*		65,491		1,570,474
Cirrus Logic, Inc.*		34,680		2,142,531
Cloudera, Inc.*		231,600		2,945,952
Cohu, Inc.		118,924		2,062,142
EchoStar Corp. Cl A*		40,260		1,125,670
Everspin Technologies, Inc.*		120,167		843,572
II-VI, Inc.*		75,344		3,557,744
Lumentum Hldgs., Inc.*		17,787		1,448,396
ManTech International Corp. Cl A		45,416		3,110,542
MKS Instruments, Inc.		18,305		2,072,858
Perficient, Inc.*		40,296		1,441,791
Perspecta, Inc.		98,766		2,294,334
Plexus Corp.*		28,636		2,020,556
Richardson Electronics Ltd.*		593,607		2,398,172

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

41

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Sequans Communications S.A.*		226,544	$	1,390,980
SYNNEX Corp.		51,003		6,108,629
ViaSat, Inc.*		23,461		900,199
Xperi Hldg. Corp.		165,612		2,444,433
				39,878,975
MATERIALS (3.6%)
Berry Global Group, Inc.*		23,496		1,041,343
Boise Cascade Co.		58,104		2,185,291
Cleveland-Cliffs, Inc.		142,294		785,463
Coeur Mining, Inc.*		120,940		614,375
Ferro Corp.*		199,270		2,379,284
Olin Corp.		65,910		757,306
PolyOne Corp.		115,643		3,033,316
Stepan Co.		28,760		2,792,596
				13,588,974
REAL ESTATE (10.9%)
Alexander’s, Inc.		6,487		1,562,718
Cousins Properties, Inc.		141,544		4,222,258
CTO Realty Growth, Inc.		31,229		1,233,546
Easterly Government Properties, Inc.		279,560		6,463,427
Equity Commonwealth		86,000		2,769,200

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
GEO Group, Inc.		289,794	$	3,428,263
Highwoods Properties, Inc.		111,984		4,180,363
Industrial Logistics Properties Trust		166,142		3,414,218
JBG SMITH Properties		97,646		2,887,392
Medical Properties Trust, Inc.		259,409		4,876,889
PotlatchDeltic Corp.		91,725		3,488,302
Sabra Health Care REIT, Inc.		167,566		2,417,977
				40,944,553
UTILITIES (7.5%)
Avista Corp.		118,460		4,310,759
Black Hills Corp.		64,973		3,681,370
IDACORP, Inc.		40,772		3,562,250
Northwest Natural Hldg. Co.		34,991		1,952,148
NorthWestern Corp.		56,183		3,063,097
PNM Resources, Inc.		108,458		4,169,126
Portland General Electric Co.		105,640		4,416,808
Spire, Inc.		42,489		2,791,952
				27,947,510
TOTAL COMMON STOCKS
(Cost: $379,005,765) 95.1%				356,301,476

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (4.0%)
U.S. Treasury Bill		A-1+		0.07		07/02/20	$	6,200,000	$	6,199,988
U.S. Treasury Bill		A-1+		0.09		07/09/20		3,600,000		3,599,925
U.S. Treasury Bill		A-1+		0.10		07/21/20		5,000,000		4,999,736
										14,799,649
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $14,799,649) 4.0%										14,799,649
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.6%)
Citibank, New York Time Deposit				0.01		07/01/20	$	2,102,588	$	2,102,588
TOTAL TEMPORARY CASH INVESTMENT (Cost: $2,102,588) 0.6%										2,102,588
TOTAL INVESTMENTS (Cost: $395,908,002) 99.7%										373,203,713
OTHER NET ASSETS 0.3%										1,279,314
NET ASSETS 100.0%									$	374,483,027

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

42

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (2.6%)
Cardlytics, Inc.*		34,377	$	2,405,703
Cogent Communications Hldgs., Inc.		38,995		3,016,653
Gray Television, Inc.*		146,876		2,048,920
Shenandoah Telecommunications Co.		67,470		3,325,596
World Wrestling Entertainment, Inc. Cl A		24,285		1,055,183
Zynga, Inc. Cl A*		234,070		2,233,028
				14,085,083
CONSUMER DISCRETIONARY (10.9%)
Bloomin’ Brands, Inc.		396,653		4,228,321
Chegg, Inc.*		38,288		2,575,251
Eldorado Resorts, Inc.*		82,473		3,303,868
Extended Stay America, Inc.		256,580		2,871,130
Five Below, Inc.*		70,548		7,542,287
Fox Factory Hldg. Corp.*		45,768		3,780,895
Lithia Motors, Inc. Cl A		43,793		6,627,195
Marriott Vacations Worldwide Corp.		30,591		2,514,886
Red Rock Resorts, Inc. Cl A		260,868		2,846,070
Skyline Champion Corp.*		220,763		5,373,371
Sonos, Inc.*		272,129		3,981,247
Stamps.com, Inc.*		15,755		2,894,036
Steven Madden Ltd.		186,811		4,612,364
Thor Industries, Inc.		36,516		3,890,049
Williams-Sonoma, Inc.		34,922		2,863,953
				59,904,923
CONSUMER STAPLES (2.3%)
BJ’s Wholesale Club Hldgs., Inc.*		111,997		4,174,128
Freshpet, Inc.*		58,494		4,893,608
WD-40 Co.		18,641		3,696,511
				12,764,247
ENERGY (0.3%)
Kosmos Energy Ltd.		256,464		425,730
PBF Energy, Inc. Cl A		102,956		1,054,270
				1,480,000
FINANCIALS (5.8%)
Essent Group Ltd.		80,293		2,912,227
First Financial Bankshares, Inc.		95,866		2,769,569
First Merchants Corp.		95,302		2,627,476
Houlihan Lokey, Inc. Cl A		65,763		3,659,053
iShares Micro-Cap ETF		29,362		2,562,422
Moelis & Co. Cl A		122,322		3,811,554
National Bank Hldgs. Corp. Cl A		48,621		1,312,767
Primerica, Inc.		33,877		3,950,058
RLI Corp.		32,200		2,643,620
Selective Insurance Group, Inc.		43,719		2,305,740
Starwood Property Trust, Inc.		236,656		3,540,374
				32,094,860
HEALTH CARE (32.5%)
1Life Healthcare, Inc.*		90,167		3,274,865
ACADIA Pharmaceuticals, Inc.*		61,624		2,986,915

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Acceleron Pharma, Inc.*		41,269	$	3,931,698
Alder Biopharmaceuticals, Inc. — contingent value rights*		102,015		89,773	††
Amicus Therapeutics, Inc.*		218,128		3,289,370
Arrowhead Pharmaceuticals, Inc.*		28,903		1,248,321
Biohaven Pharmaceutical Hldg. Co. Ltd.*		47,527		3,474,699
Blueprint Medicines Corp.*		35,707		2,785,146
CareDx, Inc.*		74,070		2,624,300
ChemoCentryx, Inc.*		48,790		2,807,377
CRISPR Therapeutics AG*		32,885		2,416,719
Emergent BioSolutions, Inc.*		119,206		9,426,810
Esperion Therapeutics, Inc.*		51,355		2,635,025
Fate Therapeutics, Inc.*		69,171		2,373,257
FibroGen, Inc.*		67,894		2,751,744
Global Blood Therapeutics, Inc.*		42,894		2,707,898
Globus Medical, Inc. Cl A*		61,592		2,938,554
Haemonetics Corp.*		30,610		2,741,432
HealthEquity, Inc.*		86,252		5,060,405
Horizon Therapeutics PLC*		61,310		3,407,610
Inmode Ltd.*		46,921		1,328,803
Insmed, Inc.*		88,643		2,441,228
Inspire Medical Systems, Inc.*		27,804		2,419,504
Intersect ENT, Inc.*		138,803		1,879,393
Invitae Corp.*		160,425		4,859,273
iRhythm Technologies, Inc.*		42,468		4,921,617
Karyopharm Therapeutics, Inc.*		148,024		2,803,575
Kodiak Sciences, Inc.*		46,301		2,505,810
Krystal Biotech, Inc.*		24,174		1,001,287
LHC Group, Inc.*		43,372		7,560,607
Madrigal Pharmaceuticals, Inc.*		18,836		2,133,177
Medpace Hldgs., Inc.*		21,062		1,959,187
Mirati Therapeutics, Inc.*		21,067		2,405,219
MyoKardia, Inc.*		26,197		2,531,154
Natera, Inc.*		67,530		3,367,046
Neogen Corp.*		48,871		3,792,390
NeoGenomics, Inc.*		114,318		3,541,572
Nevro Corp.*		20,321		2,427,750
Omnicell, Inc.*		56,162		3,966,160
Orchard Therapeutics PLC*		143,915		863,490
OrthoPediatrics Corp.*		49,040		2,145,990
Quidel Corp.*		14,419		3,226,107
Repligen Corp.*		31,145		3,849,833
Sage Therapeutics, Inc.*		29,292		1,217,961
Schrodinger, Inc.*		29,266		2,679,888
Sientra, Inc.*		734,310		2,841,780
Silk Road Medical, Inc.*		51,646		2,163,451
Simulations Plus, Inc.		96,869		5,794,704
Sorrento Therapeutics, Inc.*		101,426		636,955
STAAR Surgical Co.*		72,911		4,486,943
Supernus Pharmaceuticals, Inc.*		128,179		3,044,251
Tabula Rasa HealthCare, Inc.*		40,344		2,208,027
Tactile Systems Technology, Inc.*		55,790		2,311,380
Tandem Diabetes Care, Inc.*		55,045		5,445,051

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

43

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Ultragenyx Pharmaceutical, Inc.*		30,063	$	2,351,528
US Physical Therapy, Inc.		20,524		1,662,854
Vericel Corp.*		164,101		2,267,876
Wright Medical Group NV*		117,932		3,504,939
Xencor, Inc.*		77,436		2,508,152
Zogenix, Inc.*		40,774		1,101,306
Zynex, Inc.*		70,261		1,747,391
				178,876,527
INDUSTRIALS (13.5%)
Alaska Air Group, Inc.		36,303		1,316,347
Axon Enterprise, Inc.*		32,026		3,142,711
Clean Harbors, Inc.*		33,163		1,989,117
Ducommun, Inc.*		23,296		812,332
EMCOR Group, Inc.		81,003		5,357,539
ESCO Technologies, Inc.		56,714		4,794,034
Exponent, Inc.		62,836		5,085,318
Federal Signal Corp.		118,344		3,518,367
Franklin Electric Co., Inc.		51,391		2,699,055
Generac Hldgs., Inc.*		35,069		4,275,963
Gorman-Rupp Co.		140,915		4,379,638
Heidrick & Struggles International, Inc.		81,887		1,770,397
IAA, Inc.*		62,294		2,402,680
ICF International, Inc.		48,096		3,118,064
Knoll, Inc.		67,200		819,168
Mercury Systems, Inc.*		28,136		2,213,178
MSA Safety, Inc.		16,769		1,919,044
Saia, Inc.*		30,567		3,398,439
Simpson Manufacturing Co., Inc.		82,517		6,961,134
SPX FLOW, Inc.*		52,735		1,974,398
Tetra Tech, Inc.		39,551		3,129,275
Trex Co., Inc.*		44,844		5,832,859
Woodward, Inc.		41,268		3,200,333
				74,109,390
INFORMATION TECHNOLOGY (21.6%)
Akoustis Technologies, Inc.*		269,257		2,232,141
Altair Engineering, Inc. Cl A*		40,372		1,604,787
Blackline, Inc.*		43,327		3,592,242
Cabot Microelectronics Corp.		27,269		3,805,116
Cardtronics PLC Cl A*		84,117		2,017,126
Cloudera, Inc.*		156,595		1,991,888
Cohu, Inc.		118,308		2,051,461
Cornerstone OnDemand, Inc.*		43,507		1,677,630
Domo, Inc.*		60,543		1,947,668
Enphase Energy, Inc.*		55,534		2,641,752
Everspin Technologies, Inc.*		140,724		987,883
Five9, Inc.*		95,640		10,584,479
Globant S.A.*		23,772		3,562,234
II-VI, Inc.*		104,628		4,940,534
Itron, Inc.*		34,393		2,278,536

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

44

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Lattice Semiconductor Corp.*		137,445	$	3,902,064
LivePerson, Inc.*		122,881		5,090,960
Lumentum Hldgs., Inc.*		42,460		3,457,518
MAXIMUS, Inc.		51,371		3,619,087
MaxLinear, Inc. Cl A*		187,698		4,027,999
New Relic, Inc.*		40,902		2,818,148
Novanta, Inc.*		33,884		3,617,795
Perficient, Inc.*		118,248		4,230,913
Ping Identity Hldg. Corp.*		110,093		3,532,884
Pure Storage, Inc. Cl A*		112,759		1,954,113
Q2 Hldgs., Inc.*		46,198		3,963,326
Rapid7, Inc.*		158,612		8,092,384
Rogers Corp.*		12,739		1,587,279
SailPoint Technologies Hldg., Inc.*		318,724		8,436,624
Science Applications International Corp.		31,095		2,415,460
Silicon Laboratories, Inc.*		44,321		4,444,067
SiTime Corp.*		58,693		2,782,635
ViaSat, Inc.*		51,549		1,977,935
Virtusa Corp.*		55,723		1,809,326
Yext, Inc.*		82,554		1,371,222
				119,047,216
MATERIALS (2.4%)
Coeur Mining, Inc.*		504,657		2,563,660
Ferroglobe Representation & Warranty Insurance Trust*		72,345		0	††
Innospec, Inc.		52,466		4,053,000
Quaker Chemical Corp.		14,419		2,676,889
Valvoline, Inc.		200,253		3,870,892
				13,164,441
REAL ESTATE (4.7%)
Cousins Properties, Inc.		78,845		2,351,946
Easterly Government Properties, Inc.		294,345		6,805,257
EastGroup Properties, Inc.		26,584		3,153,128
Physicians Realty Trust		146,995		2,575,352
QTS Realty Trust, Inc. Cl A		57,897		3,710,619
Redfin Corp.*		110,300		4,622,673
Terreno Realty Corp.		46,880		2,467,763
				25,686,738
UTILITIES (2.0%)
American States Water Co.		62,480		4,912,802
Chesapeake Utilities Corp.		70,608		5,931,072
				10,843,874
TOTAL COMMON STOCKS
(Cost: $469,357,871) 98.6%				542,057,299

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.9%)
U.S. Treasury Bill		A-1+		0.07		07/02/20	$	1,500,000	$	1,499,997
U.S. Treasury Bill		A-1+		0.09		07/09/20		2,500,000		2,499,948
U.S. Treasury Bill		A-1+		0.12		07/21/20		1,000,000		999,934
										4,999,879
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $4,999,879) 0.9%										4,999,879
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.6%)
Citibank, New York Time Deposit				0.01		07/01/20	$	3,110,553	$	3,110,553
TOTAL TEMPORARY CASH INVESTMENT (Cost: $3,110,553) 0.6%										3,110,553
TOTAL INVESTMENTS (Cost: $477,468,303) 100.1%										550,167,731
OTHER NET ASSETS -0.1%										(338,324	)
NET ASSETS 100.0%									$	549,829,407

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

45

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (2.6%)
ATN International, Inc.		479	$	29,013
Cincinnati Bell, Inc.*		2,226		33,056
Cogent Communications Hldgs., Inc.		1,848		142,961
Consolidated Communications Hldgs., Inc.*		3,182		21,542
EW Scripps Co. Cl A		2,426		21,227
Gannett Co., Inc.		5,919		8,168
Glu Mobile, Inc.*		5,864		54,359
Iridium Communications, Inc.*		4,368		111,122
Marcus Corp.		1,026		13,615
Meredith Corp.		1,812		26,365
QuinStreet, Inc.*		2,047		21,412
Scholastic Corp.		1,336		40,000
Shenandoah Telecommunications Co.		2,061		101,587
Spok Hldgs., Inc.		768		7,181
TechTarget, Inc.*		1,007		30,240
Vonage Hldgs. Corp.*		10,167		102,280
				764,128
CONSUMER DISCRETIONARY (14.4%)
Abercrombie & Fitch Co. Cl A		2,720		28,941
American Axle & Manufacturing Hldgs., Inc.*		5,026		38,198
American Public Education, Inc.*		658		19,477
America’s Car-Mart, Inc.*		273		23,989
Asbury Automotive Group, Inc.*		855		66,117
Barnes & Noble Education, Inc.*		1,701		2,722
Bed Bath & Beyond, Inc.		5,762		61,077
Big Lots, Inc.		1,736		72,912
BJ’s Restaurants, Inc.		986		20,647
Bloomin’ Brands, Inc.		3,867		41,222
Boot Barn Hldgs., Inc.*		1,276		27,511
Brinker International, Inc.		1,998		47,952
Buckle, Inc.		1,259		19,741
Caleres, Inc.		1,794		14,962
Callaway Golf Co.		4,116		72,071
Capri Hldgs. Ltd.*		6,569		102,674
Cato Corp. Cl A		939		7,681
Cavco Industries, Inc.*		380		73,283
Century Communities, Inc.*		1,271		38,969
Cheesecake Factory, Inc.		1,864		42,723
Chico’s FAS, Inc.		5,359		7,395
Children’s Place, Inc.		645		24,136
Chuy’s Hldgs., Inc.*		733		10,907
Conn’s, Inc.*		849		8,566
Cooper Tire & Rubber Co.		2,220		61,294
Cooper-Standard Hldgs., Inc.*		750		9,938
Core-Mark Hldg. Co., Inc.		1,986		49,561
Crocs, Inc.*		2,966		109,208
Dave & Buster’s Entertainment, Inc.		2,144		28,580
Designer Brands, Inc. Cl A		2,377		16,092
Dine Brands Global, Inc.		734		30,901
Dorman Products, Inc.*		1,271		85,246
El Pollo Loco Hldgs., Inc.*		872		12,871
Ethan Allen Interiors, Inc.		1,027		12,149

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Express, Inc.*		2,895	$	4,458
Fiesta Restaurant Group, Inc.*		903		5,761
Fossil Group, Inc.*		2,067		9,612
Fox Factory Hldg. Corp.*		1,815		149,937
GameStop Corp. Cl A*		2,927		12,703
Garrett Motion, Inc.*		3,316		18,371
Genesco, Inc.*		616		13,343
Gentherm, Inc.*		1,441		56,055
G-III Apparel Group Ltd.*		1,931		25,663
Group 1 Automotive, Inc.		756		49,873
Guess?, Inc.		1,926		18,624
Haverty Furniture Cos., Inc.		768		12,288
Hibbett Sports, Inc.*		728		15,244
Installed Building Products, Inc.*		931		64,034
iRobot Corp.*		1,230		103,197
Kontoor Brands, Inc.		2,073		36,920
La-Z-Boy, Inc.		2,048		55,419
LCI Industries		1,107		127,283
LGI Homes, Inc.*		957		84,245
Liquidity Svcs., Inc.*		1,214		7,235
Lithia Motors, Inc. Cl A		979		148,152
Lumber Liquidators Hldgs., Inc.*		1,284		17,796
M/I Homes, Inc.*		1,259		43,360
Macy’s, Inc.		13,490		92,811
MarineMax, Inc.*		937		20,979
MDC Hldgs., Inc.		2,209		78,861
Meritage Homes Corp.*		1,555		118,367
Michaels Cos., Inc.*		3,383		23,918
Monarch Casino & Resort, Inc.*		530		18,062
Monro, Inc.		1,457		80,048
Motorcar Parts of America, Inc.*		835		14,754
Movado Group, Inc.		741		8,032
Office Depot, Inc.		24,216		56,908
Oxford Industries, Inc.		741		32,611
Perdoceo Education Corp.*		3,054		48,650
PetMed Express, Inc.		886		31,577
Red Robin Gourmet Burgers, Inc.*		578		5,896
Regis Corp.*		1,078		8,818
Rent-A-Center, Inc.		2,130		59,257
Ruth’s Hospitality Group, Inc.		1,399		11,416
Shake Shack, Inc. Cl A*		1,551		82,172
Shoe Carnival, Inc.		394		11,532
Shutterstock, Inc.		844		29,515
Signet Jewelers Ltd.		2,340		24,032
Sleep Number Corp.*		1,224		50,967
Sonic Automotive, Inc. Cl A		1,059		33,793
Stamps.com, Inc.*		719		132,073
Standard Motor Products, Inc.		881		36,297
Steven Madden Ltd.		3,362		83,008
Sturm Ruger & Co., Inc.		730		55,480
Tupperware Brands Corp.		2,083		9,894
Unifi, Inc.*		645		8,308
Universal Electronics, Inc.*		609		28,513
Vera Bradley, Inc.*		1,028		4,564
Vista Outdoor, Inc.*		2,574		37,194

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

46

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Wingstop, Inc.		1,313	$	182,468
Winnebago Industries, Inc.		1,491		99,330
Wolverine World Wide, Inc.		3,580		85,240
YETI Hldgs., Inc.*		2,952		126,139
Zumiez, Inc.*		884		24,204
				4,224,974
CONSUMER STAPLES (3.7%)
Andersons, Inc.		1,443		19,856
B&G Foods, Inc.		2,843		69,312
Calavo Growers, Inc.		726		45,673
Cal-Maine Foods, Inc.*		1,336		59,425
Central Garden & Pet Co. Cl A*		425		15,296
Central Garden & Pet Co. Cl A*		1,738		58,727
Chefs’ Warehouse, Inc.*		1,372		18,632
Coca-Cola Consolidated, Inc.		204		46,755
Fresh Del Monte Produce, Inc.		1,325		32,621
Inter Parfums, Inc.		777		37,413
J&J Snack Foods Corp.		657		83,524
John B Sanfilippo & Son, Inc.		394		33,620
Medifast, Inc.		523		72,577
MGP Ingredients, Inc.		584		21,436
National Beverage Corp.*		519		31,669
PriceSmart, Inc.		983		59,304
Seneca Foods Corp. Cl A*		297		10,042
SpartanNash Co.		1,562		33,192
United Natural Foods, Inc.*		4,060		73,933
Universal Corp.		1,079		45,868
USANA Health Sciences, Inc.*		537		39,432
Vector Group Ltd.		5,284		53,157
WD-40 Co.		600		118,980
				1,080,444
ENERGY (2.9%)
Archrock, Inc.		5,700		36,993
Bonanza Creek Energy, Inc.*		832		12,330
Callon Petroleum Co.*		17,559		20,193
CONSOL Energy, Inc.*		1,144		5,800
Core Laboratories N.V.		1,970		40,030
Denbury Resources, Inc.*		22,458		6,201
DMC Global, Inc.		649		17,912
Dorian LPG Ltd.*		1,192		9,226
Dril-Quip, Inc.*		1,545		46,026
Exterran Corp.*		1,235		6,657
Geospace Technologies Corp.*		599		4,504
Green Plains, Inc.*		1,487		15,190
Gulfport Energy Corp.*		6,589		7,182
Helix Energy Solutions Group, Inc.*		6,350		22,034
Helmerich & Payne, Inc.		4,757		92,809
Laredo Petroleum, Inc.*		404		5,599
Matador Resources Co.*		4,845		41,183
Matrix Svc. Co.*		1,159		11,265
Nabors Industries Ltd.		311		11,513
Newpark Resources, Inc.*		4,033		8,994
Oasis Petroleum, Inc.*		13,005		9,754
Oceaneering International, Inc.*		4,438		28,359

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Oil States International, Inc.*		2,737	$	13,001
Par Pacific Hldgs., Inc.*		1,720		15,463
Patterson-UTI Energy, Inc.		8,461		29,360
PDC Energy, Inc.*		4,236		52,696
Penn Virginia Corp.*		591		5,632
ProPetro Hldg. Corp.*		3,715		19,095
QEP Resources, Inc.		11,294		14,569
Range Resources Corp.		9,330		52,528
Renewable Energy Group, Inc.*		1,724		42,721
REX American Resources Corp.*		242		16,788
Ring Energy, Inc.*		2,634		3,055
RPC, Inc.*		2,313		7,124
SEACOR Hldgs., Inc.*		780		22,090
SM Energy Co.		4,716		17,685
Southwestern Energy Co.*		23,949		61,309
Talos Energy, Inc.*		901		8,289
US Silica Hldgs., Inc.		3,288		11,870
Valaris PLC Cl A*		8,824		5,752
				858,781
FINANCIALS (17.2%)
Allegiance Bancshares, Inc.		827		20,998
Ambac Financial Group, Inc.*		1,316		18,845
American Equity Investment Life Hldg. Co.		4,007		99,013
Ameris Bancorp		2,880		67,939
AMERISAFE, Inc.		850		51,986
Apollo Commercial Real Estate Finance, Inc.		6,338		62,176
ARMOUR Residential REIT, Inc.		2,856		26,818
Axos Financial, Inc.*		2,297		50,718
Banc of California, Inc.		1,921		20,804
Banner Corp.		1,540		58,520
Berkshire Hills Bancorp, Inc.		1,892		20,850
Blucora, Inc.*		2,118		24,188
Boston Private Financial Hldgs., Inc.		3,570		24,562
Brightsphere Investment Group, Inc.		2,749		34,253
Brookline Bancorp, Inc.		3,468		34,957
Cadence BanCorp Cl A		5,568		49,332
Capstead Mortgage Corp.		4,229		23,217
Central Pacific Financial Corp.		1,228		19,685
City Hldg. Co.		710		46,271
Columbia Banking System, Inc.		3,131		88,748
Community Bank System, Inc.		2,280		130,006
Customers Bancorp, Inc.*		1,265		15,205
CVB Financial Corp.		5,653		105,937
Dime Community Bancshares, Inc.		1,256		17,245
Donnelley Financial Solutions, Inc.*		1,361		11,432
Eagle Bancorp, Inc.		1,402		45,915
eHealth, Inc.*		1,142		112,190
Employers Hldgs., Inc.		1,336		40,280
Encore Capital Group, Inc.*		1,223		41,802
Enova International, Inc.*		1,325		19,703
EZCORP, Inc. Cl A*		2,294		14,452
First BanCorp.		9,580		53,552
First Commonwealth Financial Corp.		4,305		35,645

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

47

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
First Financial Bancorp		4,326	$	60,088
First Midwest Bancorp, Inc.		5,022		67,044
Flagstar Bancorp, Inc.		1,521		44,763
Franklin Financial Network, Inc.		592		15,244
Granite Point Mortgage Trust, Inc.		2,436		17,490
Great Western Bancorp, Inc.		2,410		33,162
Green Dot Corp. Cl A*		2,157		105,866
Greenhill & Co., Inc.		648		6,473
Hanmi Financial Corp.		1,341		13,021
HCI Group, Inc.		277		12,792
Heritage Financial Corp.		1,575		31,500
HomeStreet, Inc.		1,029		25,324
Hope Bancorp, Inc.		5,407		49,853
Horace Mann Educators Corp.		1,811		66,518
Independent Bank Corp.		1,450		97,280
Independent Bank Group, Inc.		1,608		65,156
INTL. FCStone, Inc.*		719		39,545
Invesco Mortgage Capital, Inc.		7,782		29,105
iShares Core S&P Small-Cap ETF		10,978		749,688
James River Group Hldgs. Ltd.		1,339		60,255
Kinsale Capital Group, Inc.		914		141,862
KKR Real Estate Finance Trust, Inc.		1,030		17,077
Meta Financial Group, Inc.		1,414		25,692
National Bank Hldgs. Corp. Cl A		1,354		36,558
NBT Bancorp, Inc.		1,912		58,813
New York Mortgage Trust, Inc.		16,621		43,381
NMI Hldgs., Inc. Cl A*		3,694		59,400
Northfield Bancorp, Inc.		1,912		22,026
Northwest Bancshares, Inc.		5,209		53,262
OFG Bancorp		2,256		30,163
Old National Bancorp.		7,229		99,471
Pacific Premier Bancorp, Inc.		3,554		77,051
Palomar Hldgs., Inc.*		777		66,636
PennyMac Mortgage Investment Trust		4,394		77,027
Piper Sandler Cos.		636		37,626
PRA Group, Inc.*		1,996		77,165
Preferred Bank		598		25,624
ProAssurance Corp.		2,353		34,048
Provident Financial Svcs., Inc.		2,639		38,134
Ready Capital Corp.		1,660		14,425
Redwood Trust, Inc.		5,035		35,245
S&T Bancorp, Inc.		1,666		39,068
Safety Insurance Group, Inc.		641		48,883
Seacoast Banking Corp. of Florida*		2,298		46,879
ServisFirst Bancshares, Inc.		2,023		72,342
Simmons First National Corp. Cl A		4,753		81,324
Southside Bancshares, Inc.		1,368		37,921
Stewart Information Svcs. Corp.		1,038		33,745
Third Point Reinsurance Ltd.*		3,551		26,668
Tompkins Financial Corp.		538		34,846
Triumph Bancorp, Inc.*		974		23,639
TrustCo Bank Corp.		4,260		26,966
United Community Banks, Inc.		3,433		69,072
United Fire Group, Inc.		930		25,770

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
United Insurance Hldgs. Corp.		908	$	7,101
Universal Insurance Hldgs., Inc.		1,311		23,270
Veritex Hldgs., Inc.		2,038		36,073
Virtus Investment Partners, Inc.		319		37,096
Waddell & Reed Financial, Inc. Cl A		2,882		44,700
Walker & Dunlop, Inc.		1,270		64,529
Westamerica Bancorporation		1,183		67,928
WisdomTree Investments, Inc.		5,220		18,113
World Acceptance Corp.*		231		15,135
				5,029,165
HEALTH CARE (12.7%)
Addus HomeCare Corp.*		596		55,166
Allscripts Healthcare Solutions, Inc.*		7,174		48,568
AMAG Pharmaceuticals, Inc.*		1,532		11,720
AMN Healthcare Svcs., Inc.*		2,065		93,421
Amphastar Pharmaceuticals, Inc.*		1,490		33,465
AngioDynamics, Inc.*		1,650		16,781
ANI Pharmaceuticals, Inc.*		418		13,518
Anika Therapeutics, Inc.*		622		23,468
BioTelemetry, Inc.*		1,503		67,921
Cardiovascular Systems, Inc.*		1,545		48,745
Coherus Biosciences, Inc.*		2,679		47,847
Community Health Systems, Inc.*		5,251		15,806
Computer Programs & Systems, Inc.		560		12,762
CONMED Corp.		856		61,623
Contra Progenics Pharmaceuticals, Inc. — contingent value rights*		3,670		37	††
Corcept Therapeutics, Inc.*		4,577		76,985
CorVel Corp.*		387		27,434
Covetrus, Inc.*		4,375		78,269
Cross Country Healthcare, Inc.*		1,655		10,195
CryoLife, Inc.*		1,651		31,650
Cutera, Inc.*		777		9,456
Cytokinetics, Inc.*		2,645		62,343
Eagle Pharmaceuticals, Inc.*		447		21,447
Emergent BioSolutions, Inc.*		1,957		154,760
Enanta Pharmaceuticals, Inc.*		722		36,252
Endo International PLC*		9,081		31,148
Ensign Group, Inc.		2,211		92,530
Glaukos Corp.*		1,758		67,542
Hanger, Inc.*		1,698		28,119
HealthStream, Inc.*		1,118		24,741
Heska Corp.*		372		34,659
HMS Hldgs. Corp.*		3,907		126,548
Innoviva, Inc.*		2,959		41,367
Inogen, Inc.*		803		28,523
Integer Hldgs. Corp.*		1,447		105,703
Invacare Corp.		1,523		9,702
Lannett Co., Inc.*		1,481		10,752
Lantheus Hldgs., Inc.*		4,056		58,001
LeMaitre Vascular, Inc.		735		19,404
Luminex Corp.		1,862		60,571
Magellan Health, Inc.*		977		71,301
Medpace Hldgs., Inc.*		1,186		110,322
Meridian Bioscience, Inc.*		1,879		43,762

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

48

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Merit Medical Systems, Inc.*		2,440	$	111,386
Mesa Laboratories, Inc.		178		38,590
Momenta Pharmaceuticals, Inc.*		5,205		173,170
Myriad Genetics, Inc.*		3,277		37,161
Natus Medical, Inc.*		1,486		32,425
Neogen Corp.*		2,330		180,808
NeoGenomics, Inc.*		4,833		149,726
NextGen Healthcare, Inc.*		2,178		23,914
Omnicell, Inc.*		1,853		130,859
OraSure Technologies, Inc.*		3,159		36,739
Orthofix Medical, Inc.*		843		26,976
Owens & Minor, Inc.		2,786		21,229
Pacira BioSciences, Inc.*		1,863		97,752
Pennant Group, Inc.*		1,165		26,329
Phibro Animal Health Corp. Cl A		893		23,459
Providence Svc. Corp.*		509		40,165
RadNet, Inc.*		1,840		29,201
REGENXBIO, Inc.*		1,407		51,820
Select Medical Hldgs. Corp.*		4,786		70,498
Simulations Plus, Inc.		537		32,123
Spectrum Pharmaceuticals, Inc.*		5,120		17,306
Supernus Pharmaceuticals, Inc.*		2,331		55,361
Surmodics, Inc.*		594		25,685
Tabula Rasa HealthCare, Inc.*		903		49,421
Tactile Systems Technology, Inc.*		845		35,008
Tivity Health, Inc.*		1,937		21,946
US Physical Therapy, Inc.		573		46,424
Vanda Pharmaceuticals, Inc.*		2,395		27,399
Varex Imaging Corp.*		1,708		25,876
Xencor, Inc.*		2,178		70,545
Zynex, Inc.*		675		16,787
				3,750,422
INDUSTRIALS (17.5%)
AAON, Inc.		1,796		97,505
AAR Corp.		1,479		30,571
ABM Industries, Inc.		2,940		106,722
Aegion Corp. Cl A*		1,328		21,075
Aerojet Rocketdyne Hldgs., Inc.*		3,178		125,976
AeroVironment, Inc.*		945		75,250
Alamo Group, Inc.		428		43,930
Albany International Corp. Cl A		1,347		79,082
Allegiant Travel Co. Cl A		574		62,687
American Woodmark Corp.*		686		51,896
Apogee Enterprises, Inc.		1,166		26,865
Applied Industrial Technologies, Inc.		1,698		105,938
ArcBest Corp.		1,112		29,479
Arcosa, Inc.		2,118		89,380
Astec Industries, Inc.		993		45,986
Atlas Air Worldwide Hldgs., Inc.*		1,148		49,398
AZZ, Inc.		1,146		39,331
Barnes Group, Inc.		2,099		83,036
Brady Corp. Cl A		2,132		99,820
Bristow Group, Inc.*		294		4,095
Chart Industries, Inc.*		1,573		76,275
CIRCOR International, Inc.*		876		22,321

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Comfort Systems USA, Inc.		1,599	$	65,159
Cubic Corp.		1,370		65,801
DXP Enterprises, Inc.*		710		14,136
Echo Global Logistics, Inc.*		1,172		25,339
Encore Wire Corp.		906		44,231
Enerpac Tool Group Corp. Cl A		2,356		41,466
EnPro Industries, Inc.		899		44,312
ESCO Technologies, Inc.		1,144		96,702
Exponent, Inc.		2,273		183,954
Federal Signal Corp.		2,661		79,112
Forrester Research, Inc.*		471		15,091
Forward Air Corp.		1,231		61,328
Foundation Building Materials, Inc.*		788		12,301
Franklin Electric Co., Inc.		1,682		88,339
Gibraltar Industries, Inc.*		1,429		68,606
GMS, Inc.*		1,853		45,565
Granite Construction, Inc.		2,067		39,562
Greenbrier Cos., Inc.		1,435		32,646
Griffon Corp.		1,890		35,003
Harsco Corp.*		3,476		46,961
Hawaiian Hldgs., Inc.		2,034		28,557
Heartland Express, Inc.		2,042		42,514
Heidrick & Struggles International, Inc.		845		18,269
Hillenbrand, Inc.		3,295		89,196
Hub Group, Inc. Cl A*		1,469		70,306
Insteel Industries, Inc.		803		15,313
Interface, Inc. Cl A		2,607		21,221
John Bean Technologies Corp.		1,383		118,966
Kaman Corp.		1,223		50,877
Kelly Svcs., Inc. Cl A		1,463		23,137
Korn Ferry		2,421		74,397
Lindsay Corp.		471		43,431
Lydall, Inc.*		783		10,618
Marten Transport Ltd.		1,715		43,149
Matson, Inc.		1,888		54,941
Matthews International Corp. Cl A		1,365		26,072
Meritor, Inc.*		3,193		63,221
Moog, Inc. Cl A		1,322		70,040
Mueller Industries, Inc.		2,500		66,450
MYR Group, Inc.*		728		23,230
National Presto Industries, Inc.		223		19,488
NOW, Inc.*		4,871		42,037
Park Aerospace Corp.		858		9,558
Patrick Industries, Inc.		973		59,596
PGT Innovations, Inc.*		2,571		40,313
Pitney Bowes, Inc.		7,631		19,841
Powell Industries, Inc.		388		10,627
Proto Labs, Inc.*		1,171		131,702
Quanex Building Products Corp.		1,453		20,168
Raven Industries, Inc.		1,574		33,857
Resideo Technologies, Inc.*		5,432		63,663
Resources Connection, Inc.		1,332		15,944
RR Donnelley & Sons Co.		3,194		3,801
Saia, Inc.*		1,156		128,524

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

49

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Simpson Manufacturing Co., Inc.		1,728	$	145,774
SkyWest, Inc.		2,224		72,547
SPX Corp.*		1,970		81,066
SPX FLOW, Inc.*		1,878		70,312
Standex International Corp.		555		31,940
Sunrun, Inc.*		3,506		69,138
Team, Inc.*		1,359		7,570
Tennant Co.		816		53,048
Titan International, Inc.		2,186		3,192
Triumph Group, Inc.		2,309		20,804
TrueBlue, Inc.*		1,590		24,279
UFP Industries, Inc.		2,682		132,786
UniFirst Corp.		671		120,075
US Ecology, Inc.		1,127		38,183
Veritiv Corp.*		552		9,362
Viad Corp.		900		17,118
Vicor Corp.*		805		57,920
Wabash National Corp.		2,321		24,649
Watts Water Technologies, Inc. Cl A		1,206		97,686
WESCO International, Inc. Preferred*		823		21,826
				5,124,531
INFORMATION TECHNOLOGY (13.6%)
3D Systems Corp.*		5,197		36,327
8x8, Inc.*		4,570		73,120
ADTRAN, Inc.		2,117		23,139
Advanced Energy Industries, Inc.*		1,686		114,294
Agilysys, Inc.*		894		16,038
Alarm.com Hldgs., Inc.*		1,888		122,361
Applied Optoelectronics, Inc.*		850		9,240
Arlo Technologies, Inc.*		3,476		8,968
Axcelis Technologies, Inc.*		1,453		40,466
Badger Meter, Inc.		1,280		80,538
Bel Fuse, Inc. Cl B		447		4,796
Benchmark Electronics, Inc.		1,595		34,452
Bottomline Technologies DE, Inc.*		1,667		84,634
Brooks Automation, Inc.		3,275		144,886
CalAmp Corp.*		1,541		12,343
Cardtronics PLC Cl A*		1,573		37,721
CEVA, Inc.*		969		36,260
Cohu, Inc.		1,841		31,923
Comtech Telecommunications Corp.		1,094		18,478
CSG Systems International, Inc.		1,455		60,222
CTS Corp.		1,421		28,477
Daktronics, Inc.		1,659		7,217
Diebold Nixdorf, Inc.*		3,435		20,816
Digi International, Inc.*		1,283		14,947
Diodes, Inc.*		1,843		93,440
DSP Group, Inc.*		1,019		16,182
Ebix, Inc.		1,001		22,382
ePlus, Inc.*		594		41,984
EVERTEC, Inc.		2,616		73,510
ExlService Hldgs., Inc.*		1,513		95,924
Extreme Networks, Inc.*		5,356		23,245
Fabrinet*		1,616		100,871
FARO Technologies, Inc.*		780		41,808

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
FormFactor, Inc.*		3,366	$	98,725
Harmonic, Inc.*		4,293		20,392
Ichor Hldgs. Ltd.*		990		26,314
Insight Enterprises, Inc.*		1,541		75,817
Itron, Inc.*		1,570		104,013
Knowles Corp.*		3,771		57,545
Kulicke & Soffa Industries, Inc.		2,757		57,428
LivePerson, Inc.*		2,718		112,607
ManTech International Corp. Cl A		1,191		81,572
MaxLinear, Inc. Cl A*		2,905		62,341
Methode Electronics, Inc.		1,625		50,798
MicroStrategy, Inc. Cl A*		341		40,337
MTS Systems Corp.		791		13,914
NETGEAR, Inc.*		1,305		33,786
NIC, Inc.		2,944		67,594
OneSpan, Inc.*		1,438		40,163
Onto Innovation, Inc.*		2,096		71,348
OSI Systems, Inc.*		733		54,711
PC Connection, Inc.		481		22,299
PDF Solutions, Inc.*		1,234		24,137
Perficient, Inc.*		1,451		51,917
Photronics, Inc.*		2,904		32,322
Plantronics, Inc.		1,508		22,137
Plexus Corp.*		1,287		90,811
Power Integrations, Inc.		1,313		155,105
Progress Software Corp.		1,979		76,686
Rambus, Inc.*		5,005		76,076
Rogers Corp.*		812		101,175
Sanmina Corp.*		3,006		75,270
ScanSource, Inc.*		1,116		26,884
SMART Global Hldgs., Inc.*		602		16,362
SPS Commerce, Inc.*		1,542		115,835
Sykes Enterprises, Inc.*		1,662		45,971
TTEC Hldgs., Inc.		771		35,898
TTM Technologies, Inc.*		4,377		51,911
Ultra Clean Hldgs., Inc.*		1,761		39,851
Unisys Corp.*		2,317		25,278
Veeco Instruments, Inc.*		2,168		29,246
Viavi Solutions, Inc.*		10,054		128,088
Virtusa Corp.*		1,317		42,763
Xperi Hldg. Corp.		5,073		74,878
				4,001,314
MATERIALS (4.8%)
AdvanSix, Inc.*		1,253		14,710
American Vanguard Corp.		1,171		16,113
Arconic Corp.*		4,254		59,258
Balchem Corp.		1,417		134,417
Boise Cascade Co.		1,732		65,140
Century Aluminum Co.*		2,226		15,871
Clearwater Paper Corp.*		737		26,628
Cleveland-Cliffs, Inc.		17,519		96,705
Ferro Corp.*		3,628		43,318
FutureFuel Corp.		1,134		13,551
GCP Applied Technologies, Inc.*		2,367		43,979
Hawkins, Inc.		415		17,671

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

50

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Haynes International, Inc.		556	$	12,988
HB Fuller Co.		2,261		100,841
Innospec, Inc.		1,083		83,662
Kaiser Aluminum Corp.		695		51,166
Koppers Hldgs., Inc.*		916		17,257
Kraton Corp.*		1,394		24,088
Livent Corp.*		6,459		39,787
Materion Corp.		896		55,095
Mercer International, Inc.*		1,776		14,492
Myers Industries, Inc.		1,576		22,931
Neenah, Inc.		740		36,600
Olympic Steel, Inc.		396		4,653
PH Glatfelter Co.		1,957		31,410
Quaker Chemical Corp.		567		105,264
Rayonier Advanced Materials, Inc.*		2,176		6,115
Schweitzer-Mauduit International, Inc.		1,372		45,839
Stepan Co.		881		85,545
SunCoke Energy, Inc.		3,657		10,825
TimkenSteel Corp.*		1,739		6,765
Tredegar Corp.		1,094		16,848
Trinseo S.A.		1,692		37,495
US Concrete, Inc.*		698		17,310
Warrior Met Coal, Inc.		2,249		34,612
				1,408,949
REAL ESTATE (8.1%)
Acadia Realty Trust		3,818		49,558
Agree Realty Corp.		2,352		154,550
Alexander & Baldwin, Inc.		3,023		36,850
American Assets Trust, Inc.		2,125		59,160
Armada Hoffler Properties, Inc.		2,482		24,696
Brandywine Realty Trust		7,514		81,827
CareTrust REIT, Inc.		4,257		73,050
Cedar Realty Trust, Inc.		3,765		3,727
Chatham Lodging Trust		2,061		12,613
Community Healthcare Trust, Inc.		913		37,342
DiamondRock Hospitality Co.		8,806		48,697
Diversified Healthcare Trust		10,620		46,994
Easterly Government Properties, Inc.		3,286		75,972
Essential Properties Realty Trust, Inc.		4,062		60,280
Four Corners Property Trust, Inc.		3,110		75,884
Franklin Street Properties Corp.		4,733		24,091
Getty Realty Corp.		1,515		44,965
Global Net Lease, Inc.		3,939		65,900
Hersha Hospitality Trust Cl A		1,580		9,101
Independence Realty Trust, Inc.		4,141		47,580

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Industrial Logistics Properties Trust		2,841	$	58,383
Innovative Industrial Properties, Inc. Cl A		820		72,176
Investors Real Estate Trust		536		37,783
iStar, Inc.		3,187		39,264
Kite Realty Group Trust		3,717		42,894
Lexington Realty Trust		12,176		128,457
LTC Properties, Inc.		1,734		65,320
Marcus & Millichap, Inc.*		1,038		29,957
National Storage Affiliates Trust		2,744		78,643
NexPoint Residential Trust, Inc.		962		34,007
Office Properties Income Trust		2,122		55,108
Pennsylvania REIT		2,674		3,637
RE/MAX Hldgs., Inc. Cl A		796		25,018
Realogy Hldgs. Corp.		5,094		37,747
Retail Opportunity Investments Corp.		5,155		58,406
Retail Properties of America, Inc. Cl A		9,429		69,020
RPT Realty		3,543		24,659
Safehold, Inc.		577		33,172
Saul Centers, Inc.		520		16,780
SITE Centers Corp.		6,591		53,387
St Joe Co.*		1,374		26,683
Summit Hotel Properties, Inc.		4,666		27,669
Tanger Factory Outlet Centers, Inc.		4,136		29,490
Uniti Group, Inc.		8,557		80,008
Universal Health Realty Income Trust		557		44,276
Urstadt Biddle Properties, Inc. Cl A		1,324		15,729
Washington Prime Group, Inc.		8,535		7,176
Washington Real Estate Investment Trust		3,628		80,542
Whitestone REIT Cl B		1,843		13,399
Xenia Hotels & Resorts, Inc.		5,022		46,855
				2,368,482
UTILITIES (2.2%)
American States Water Co.		1,623		127,616
Avista Corp.		2,960		107,714
California Water Service Group		2,139		102,030
El Paso Electric Co.		1,793		120,131
Northwest Natural Hldg. Co.		1,340		74,759
South Jersey Industries, Inc.		4,045		101,085
				633,335
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $33,601,296) 99.7%				29,244,525

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

51

MUTUAL OF AMERICA INVESTMENT CORPORATION — SMALL CAP EQUITY INDEX FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.3%)
Citibank, New York Time Deposit		0.01		07/01/20	$	95,459	$	95,459
TOTAL TEMPORARY CASH INVESTMENT (Cost: $95,459) 0.3%								95,459
TOTAL INVESTMENTS (Cost: $33,696,755) 100.0%								29,339,984
OTHER NET ASSETS 0.0% (2)								(10,351	)
NET ASSETS 100.0%							$	29,329,633

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

52

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (0.9%)
Discovery, Inc. Cl A*		17,470	$	368,617
Discovery, Inc. Cl C*		18,337		353,171
				721,788
CONSUMER DISCRETIONARY (4.6%)
Capri Hldgs. Ltd.*		24,151		377,480
Foot Locker, Inc.		11,795		343,942
Hilton Grand Vacations, Inc.*		8,542		166,996
Marriott Vacations Worldwide Corp.		12,436		1,022,364
Ralph Lauren Corp. Cl A		5,197		376,886
Taylor Morrison Home Corp. Cl A*		16,128		311,109
Williams-Sonoma, Inc.		10,790		884,888
				3,483,665
CONSUMER STAPLES (2.6%)
Constellation Brands, Inc. Cl A		4,453		779,052
Ingredion, Inc.		4,717		391,511
TreeHouse Foods, Inc.*		8,420		368,796
Tyson Foods, Inc. Cl A		6,336		378,323
Vector Group Ltd.		9,781		98,397
				2,016,079
ENERGY (4.4%)
Baker Hughes, a GE Co. Cl A		19,021		292,733
Cheniere Energy, Inc.*		10,254		495,473
Devon Energy Corp.		11,579		131,306
EQT Corp.		22,330		265,727
Hess Corp.		7,779		403,030
MPLX LP		21,029		363,381
Noble Energy, Inc.		31,622		283,333
PBF Energy, Inc. Cl A		58,951		603,658
Williams Cos., Inc.		26,573		505,419
				3,344,060
FINANCIALS (19.5%)
American Financial Group, Inc.		13,259		841,416
Ameriprise Financial, Inc.		11,631		1,745,115
Associated Banc-Corp.		39,046		534,149
Citizens Financial Group, Inc.		9,504		239,881
Discover Financial Svcs.		12,797		641,002
Everest Re Group Ltd.		4,237		873,669
Fifth Third Bancorp		34,235		660,051
Hartford Financial Svcs. Group, Inc.		22,099		851,917
iShares Russell Mid-Cap ETF		15,000		804,000
iShares Russell Mid-Cap Value ETF		20,360		1,558,151
KeyCorp.		64,383		784,185
Lincoln National Corp.		9,651		355,060
Progressive Corp.		16,841		1,349,133
Reinsurance Group of America, Inc.		7,628		598,340
Starwood Property Trust, Inc.		35,135		525,620
SVB Financial Group*		3,612		778,494
Synchrony Financial		10,477		232,170
Voya Financial, Inc.		16,432		766,553
Zions Bancorporation		22,145		752,930
				14,891,836
HEALTH CARE (7.8%)
Agilent Technologies, Inc.		15,762		1,392,888
Centene Corp.*		14,503		921,666

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Hill-Rom Hldgs., Inc.		9,070	$	995,705
Horizon Therapeutics PLC*		7,730		429,633
Humana, Inc.		3,203		1,241,963
Zimmer Biomet Hldgs., Inc.		8,341		995,582
				5,977,437
INDUSTRIALS (11.4%)
Alaska Air Group, Inc.		22,372		811,209
HEICO Corp. Cl A		4,740		385,078
Kirby Corp.*		7,351		393,720
L-3 Harris Technologies, Inc.		8,323		1,412,163
Mueller Industries, Inc.		37,675		1,001,401
Old Dominion Freight Line, Inc.		13,015		2,207,214
Oshkosh Corp.		11,001		787,892
Stanley Black & Decker, Inc.		6,324		881,439
Stericycle, Inc.*		14,293		800,122
				8,680,238
INFORMATION TECHNOLOGY (8.0%)
Analog Devices, Inc.		5,761		706,529
Ciena Corp.*		11,083		600,255
DXC Technology Co.		10,554		174,141
KLA Corp.		2,404		467,530
LogMeIn, Inc.		5,140		435,718
MKS Instruments, Inc.		2,641		299,067
Nokia OYJ		72,957		321,011
NortonLifeLock, Inc.		17,935		355,651
Perspecta, Inc.		16,420		381,437
Proofpoint, Inc.*		5,287		587,491
PTC, Inc.*		7,225		562,033
Qorvo, Inc.*		6,129		677,438
ViaSat, Inc.*		5,943		228,033
Western Digital Corp.		7,349		324,458
				6,120,792
MATERIALS (12.0%)
Crown Hldgs., Inc.*		35,173		2,290,818
FMC Corp.		6,304		628,004
Freeport-McMoRan, Inc.		73,912		855,162
International Paper Co.		18,109		637,618
Mosaic Co.		12,141		151,884
Newmont Corp.		16,333		1,008,399
Nucor Corp.		10,249		424,411
Olin Corp.		44,527		511,615
Packaging Corp. of America		22,350		2,230,530
Steel Dynamics, Inc.		15,806		412,379
				9,150,820
REAL ESTATE (12.3%)
Alexander’s, Inc.		1,173		282,576
American Campus Communities, Inc.		14,592		510,136
Apartment Investment & Management Co. Cl A		19,151		720,844
AvalonBay Communities, Inc.		5,368		830,108
Brandywine Realty Trust		56,870		619,314
Duke Realty Corp.		52,806		1,868,804
Equity LifeStyle Properties, Inc.		8,711		544,263

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

53

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID CAP VALUE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
GEO Group, Inc.		29,523	$	349,257
Host Hotels & Resorts, Inc.		20,012		215,929
Kilroy Realty Corp.		8,550		501,885
Prologis, Inc.		14,606		1,363,178
Regency Centers Corp.		4,051		185,900
Vornado Realty Trust		7,732		295,440
Welltower, Inc.		13,758		711,977
Weyerhaeuser Co.		16,293		365,941
				9,365,552
UTILITIES (12.8%)
AES Corp.		42,784		619,940
Ameren Corp.		18,789		1,321,994

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Consolidated Edison, Inc.		14,565	$	1,047,660
Edison International		6,977		378,921
Entergy Corp.		10,960		1,028,158
Evergy, Inc.		23,158		1,373,038
Eversource Energy		11,345		944,698
FirstEnergy Corp.		25,082		972,680
PPL Corp.		29,417		760,135
Public Svc. Enterprise Group, Inc.		27,778		1,365,567
				9,812,791
TOTAL COMMON STOCKS
(Cost: $69,686,861) 96.3%				73,565,058

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.6%)
U.S. Treasury Bill		A-1+		0.09		07/09/20	$	2,000,000	$	1,999,958
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $1,999,958) 2.6%										1,999,958
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (1.6%)
Citibank, New York Time Deposit				0.01		07/01/20	$	1,195,783	$	1,195,783
TOTAL TEMPORARY CASH INVESTMENT (Cost: $1,195,783) 1.6%										1,195,783
TOTAL INVESTMENTS (Cost: $72,882,602) 100.5%										76,760,799
OTHER NET ASSETS -0.5%										(350,276	)
NET ASSETS 100.0%									$	76,410,523

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

54

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.8%)
AMC Networks, Inc. Cl A*		35,032	$	819,398
Cable One, Inc.		4,549		8,073,793
Cinemark Hldgs., Inc.		95,811		1,106,617
John Wiley & Sons, Inc. Cl A		37,964		1,480,596
New York Times Co. Cl A		126,063		5,298,428
TEGNA, Inc.		189,858		2,115,018
Telephone & Data Systems, Inc.		84,738		1,684,591
TripAdvisor, Inc.		87,599		1,665,257
World Wrestling Entertainment, Inc. Cl A		39,410		1,712,365
Yelp, Inc. Cl A*		55,601		1,286,051
				25,242,114
CONSUMER DISCRETIONARY (13.8%)
Aaron’s, Inc.		57,600		2,615,040
Adient PLC*		72,342		1,187,856
Adtalem Global Education, Inc.*		44,309		1,380,225
American Eagle Outfitters, Inc.		135,747		1,479,642
AutoNation, Inc.*		49,667		1,866,486
Boyd Gaming Corp.		69,291		1,448,182
Brunswick Corp.		69,124		4,424,627
Caesars Entertainment Corp.*		476,081		5,774,863
Carter’s, Inc.		36,894		2,977,346
Choice Hotels International, Inc.		27,447		2,165,568
Churchill Downs, Inc.		30,539		4,066,268
Columbia Sportswear Co.		24,649		1,986,216
Cracker Barrel Old Country Store, Inc.		20,418		2,264,560
Dana, Inc.		122,276		1,490,545
Deckers Outdoor Corp.*		24,191		4,750,871
Delphi Technologies PLC*		74,306		1,055,888
Dick’s Sporting Goods, Inc.		57,469		2,371,171
Dunkin’ Brands Group, Inc.		71,462		4,661,466
Eldorado Resorts, Inc.*		72,904		2,920,534
Etsy, Inc.*		97,784		10,387,594
Five Below, Inc.*		48,134		5,146,006
Foot Locker, Inc.		90,698		2,644,754
Gentex Corp.		212,577		5,478,109
Goodyear Tire & Rubber Co.		199,490		1,784,438
Graham Hldgs. Co. Cl B		3,736		1,280,215
Grand Canyon Education, Inc.*		40,536		3,669,724
Grubhub, Inc.*		78,838		5,542,311
Harley-Davidson, Inc.		132,984		3,161,030
Helen of Troy Ltd.*		21,986		4,145,680
Jack in the Box, Inc.		19,402		1,437,494
KB Home		76,931		2,360,243
Lear Corp.		45,333		4,942,204
Marriott Vacations Worldwide Corp.		30,771		2,529,684
Mattel, Inc.*		299,254		2,893,786
Murphy USA, Inc.*		23,364		2,630,553
Nordstrom, Inc.		94,829		1,468,901
Ollie’s Bargain Outlet Hldgs., Inc.*		48,646		4,750,282
Papa John’s International, Inc.		19,176		1,522,766
Penn National Gaming, Inc.*		112,328		3,430,497

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Polaris, Inc.		49,270	$	4,559,939
Pool Corp.		34,172		9,290,342
RH*		14,463		3,599,841
Sally Beauty Hldgs., Inc.*		99,643		1,248,527
Scientific Games Corp.*		47,127		728,583
Service Corp. International		153,559		5,971,910
Six Flags Entertainment Corp.		67,739		1,301,266
Skechers U.S.A., Inc. Cl A*		118,907		3,731,302
Strategic Education, Inc.		19,245		2,956,994
Taylor Morrison Home Corp. Cl A*		113,765		2,194,527
Tempur Sealy International, Inc.*		37,335		2,686,253
Texas Roadhouse, Inc. Cl A		57,806		3,038,861
Thor Industries, Inc.		48,168		5,131,337
Toll Brothers, Inc.		100,917		3,288,885
TopBuild Corp.*		29,148		3,316,168
TRI Pointe Group, Inc.*		115,053		1,690,129
Urban Outfitters, Inc.*		61,468		935,543
Visteon Corp.*		24,024		1,645,644
Wendy’s Co.		153,580		3,344,972
Williams-Sonoma, Inc.		66,546		5,457,438
WW International, Inc.*		40,638		1,031,392
Wyndham Destinations, Inc.		72,561		2,044,769
Wyndham Hotels & Resorts, Inc.		79,393		3,383,730
				194,671,977
CONSUMER STAPLES (3.6%)
BJ’s Wholesale Club Hldgs., Inc.*		105,038		3,914,766
Boston Beer Co., Inc. Cl A*		8,159		4,378,528
Casey’s General Stores, Inc.		31,359		4,688,798
Darling Ingredients, Inc.*		142,458		3,507,316
Edgewell Personal Care Co.*		45,783		1,426,598
Energizer Hldgs., Inc.		54,166		2,572,343
Flowers Foods, Inc.		166,316		3,718,826
Grocery Outlet Hldg. Corp.*		54,540		2,225,232
Hain Celestial Group, Inc.*		68,643		2,162,941
Ingredion, Inc.		57,740		4,792,420
Lancaster Colony Corp.		16,965		2,629,406
Nu Skin Enterprises, Inc. Cl A		45,379		1,734,839
Pilgrim’s Pride Corp.*		44,989		759,864
Post Hldgs., Inc.*		54,744		4,796,669
Sanderson Farms, Inc.		17,215		1,995,046
Sprouts Farmers Market, Inc.*		100,339		2,567,675
Tootsie Roll Industries, Inc.		14,779		506,476
TreeHouse Foods, Inc.*		49,317		2,160,085
				50,537,828
ENERGY (1.4%)
Antero Midstream Corp.		242,659		1,237,561
ChampionX Corp.*		158,901		1,550,874
Cimarex Energy Co.		87,217		2,397,595
CNX Resources Corp.*		161,270		1,394,986
EQT Corp.		220,899		2,628,698

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

55

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Equitrans Midstream Corp.		347,495	$	2,887,684
Murphy Oil Corp.		126,618		1,747,328
PBF Energy, Inc. Cl A		87,912		900,219
Transocean Ltd.*		511,019		935,165
World Fuel Svcs. Corp.		54,654		1,407,887
WPX Energy, Inc.*		356,330		2,273,385
				19,361,382
FINANCIALS (14.6%)
Affiliated Managers Group, Inc.		40,838		3,044,881
Alleghany Corp.		12,402		6,066,314
American Financial Group, Inc.		63,811		4,049,446
Associated Banc-Corp.		135,656		1,855,774
BancorpSouth Bank		85,606		1,946,680
Bank of Hawaii Corp.		35,101		2,155,552
Bank OZK		107,255		2,517,275
Brighthouse Financial, Inc.*		83,030		2,309,895
Brown & Brown, Inc.		203,993		8,314,755
Cathay General Bancorp		68,005		1,788,532
CIT Group, Inc.		86,983		1,803,158
CNO Financial Group, Inc.		126,459		1,968,967
Commerce Bancshares, Inc.		88,389		5,256,494
Cullen/Frost Bankers, Inc.		50,720		3,789,291
East West Bancorp, Inc.		125,369		4,543,373
Eaton Vance Corp.		99,014		3,821,940
Essent Group Ltd.		96,645		3,505,314
Evercore, Inc. Cl A		35,534		2,093,663
FactSet Research Systems, Inc.		32,831		10,783,999
Federated Hermes, Inc. Cl B		83,533		1,979,732
First American Financial Corp.		97,213		4,668,168
First Financial Bankshares, Inc.		127,250		3,676,253
First Horizon National Corp.		271,548		2,704,618
FirstCash, Inc.		35,670		2,407,012
FNB Corp.		282,196		2,116,470
Fulton Financial Corp.		143,753		1,513,719
Genworth Financial, Inc. Cl A*		428,167		989,066
Glacier Bancorp, Inc.		76,649		2,704,943
Hancock Whitney Corp.		78,438		1,662,886
Hanover Insurance Group, Inc.		32,704		3,313,896
Home BancShares, Inc.		132,808		2,042,587
Interactive Brokers Group, Inc. Cl A		67,072		2,801,597
International Bancshares Corp.		48,700		1,559,374
Janus Henderson Group PLC		134,009		2,835,630
Jefferies Financial Group, Inc.		198,247		3,082,741
Kemper Corp.		54,143		3,926,450
Legg Mason, Inc.		72,125		3,588,219
LendingTree, Inc.*		6,563		1,900,185
Mercury General Corp.		23,655		963,941
Navient Corp.		149,092		1,048,117
New York Community Bancorp, Inc.		408,386		4,165,537
Old Republic International Corp.		248,816		4,058,189
PacWest Bancorp		103,919		2,048,243
Pinnacle Financial Partners, Inc.		62,812		2,637,476
Primerica, Inc.		34,980		4,078,668

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Prosperity Bancshares, Inc.		83,338	$	4,948,610
Reinsurance Group of America, Inc.		58,647		4,600,271
RenaissanceRe Hldgs. Ltd.		43,000		7,354,290
RLI Corp.		35,009		2,874,239
SEI Investments Co.		108,700		5,976,326
Selective Insurance Group, Inc.		52,314		2,759,040
Signature Bank		46,799		5,003,749
SLM Corp.		326,257		2,293,587
Sterling Bancorp		172,496		2,021,653
Stifel Financial Corp.		60,009		2,846,227
Synovus Financial Corp.		129,624		2,661,181
TCF Financial Corp.		134,375		3,953,313
Texas Capital Bancshares, Inc.*		43,540		1,344,080
Trustmark Corp.		54,747		1,342,396
UMB Financial Corp.		37,585		1,937,507
Umpqua Hldgs. Corp.		192,924		2,052,711
United Bankshares, Inc.		113,735		3,145,910
Valley National Bancorp		345,613		2,702,694
Washington Federal, Inc.		68,209		1,830,730
Webster Financial Corp.		80,640		2,307,110
Wintrust Financial Corp.		51,287		2,237,139
				206,281,783
HEALTH CARE (10.6%)
Acadia Healthcare Co., Inc.*		75,949		1,907,839
Amedisys, Inc.*		28,162		5,591,284
Arrowhead Pharmaceuticals, Inc.*		89,884		3,882,090
Avanos Medical, Inc.*		41,183		1,210,368
Bio-Techne Corp.		33,076		8,734,379
Cantel Medical Corp.		30,967		1,369,670
Catalent, Inc.*		140,641		10,308,985
Charles River Laboratories International, Inc.*		42,681		7,441,432
Chemed Corp.		13,675		6,168,382
Encompass Health Corp.		85,647		5,304,119
Exelixis, Inc.*		263,377		6,252,570
Globus Medical, Inc. Cl A*		64,752		3,089,318
Haemonetics Corp.*		43,092		3,859,320
HealthEquity, Inc.*		60,880		3,571,830
Hill-Rom Hldgs., Inc.		56,786		6,233,967
ICU Medical, Inc.*		16,782		3,093,091
Integra LifeSciences Hldgs. Corp.*		59,946		2,816,863
LHC Group, Inc.*		25,112		4,377,524
Ligand Pharmaceuticals, Inc.*		13,836		1,547,557
LivaNova PLC*		40,964		1,971,597
Masimo Corp.*		42,817		9,761,848
MEDNAX, Inc.*		73,337		1,254,063
Molina Healthcare, Inc.*		50,520		8,991,550
Nektar Therapeutics Cl A*		152,132		3,523,377
NuVasive, Inc.*		44,040		2,451,266
Patterson Cos., Inc.		72,296		1,590,512
Penumbra, Inc.*		27,933		4,994,979
PRA Health Sciences, Inc.*		55,546		5,404,070

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

56

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Prestige Consumer Healthcare, Inc.*		43,357	$	1,628,489
Quidel Corp.*		31,918		7,141,333
Repligen Corp.*		40,781		5,040,939
Syneos Health, Inc. Cl A*		52,529		3,059,814
Tenet Healthcare Corp.*		90,753		1,643,537
United Therapeutics Corp.*		37,925		4,588,925
				149,806,887
INDUSTRIALS (15.4%)
Acuity Brands, Inc.		34,453		3,298,530
AECOM*		138,859		5,218,321
AGCO Corp.		53,744		2,980,642
ASGN, Inc.*		46,190		3,079,949
Avis Budget Group, Inc.*		46,769		1,070,542
Axon Enterprise, Inc.*		54,556		5,353,580
Brink’s Co.		44,834		2,040,395
Carlisle Cos., Inc.		47,096		5,635,978
Clean Harbors, Inc.*		43,232		2,593,055
Colfax Corp.*		73,171		2,041,471
CoreLogic, Inc.		69,451		4,668,496
Crane Co.		43,182		2,567,602
Curtiss-Wright Corp.		36,497		3,258,452
Deluxe Corp.		36,963		870,109
Donaldson Co., Inc.		108,228		5,034,767
Dycom Industries, Inc.*		27,243		1,113,966
EMCOR Group, Inc.		47,133		3,117,377
EnerSys		37,476		2,412,705
Fluor Corp.		116,505		1,407,380
FTI Consulting, Inc.*		31,805		3,643,263
GATX Corp.		30,566		1,863,915
Generac Hldgs., Inc.*		54,259		6,615,800
Graco, Inc.		145,263		6,971,171
Healthcare Svcs. Group, Inc.		64,558		1,579,089
Herman Miller, Inc.		51,828		1,223,659
Hexcel Corp.		72,497		3,278,314
HNI Corp.		37,590		1,149,126
Hubbell, Inc. Cl B		46,966		5,887,658
Insperity, Inc.		31,296		2,025,790
ITT, Inc.		75,296		4,422,887
JetBlue Airways Corp.*		234,014		2,550,753
KAR Auction Svcs, Inc.		113,410		1,560,522
Kennametal, Inc.		72,204		2,072,977
Kirby Corp.*		51,885		2,778,961
Knight-Swift Transportation Hldgs., Inc. Cl A		105,887		4,416,547
Landstar System, Inc.		33,530		3,765,754
Lennox International, Inc.		30,342		7,069,383
Lincoln Electric Hldgs., Inc.		51,517		4,339,792
ManpowerGroup, Inc.		50,346		3,461,287
MasTec, Inc.*		50,320		2,257,858
Mercury Systems, Inc.*		49,022		3,856,071
Middleby Corp.*		47,094		3,717,600
MSA Safety, Inc.		31,418		3,595,476
MSC Industrial Direct Co., Inc. Cl A		39,772		2,895,799

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Nordson Corp.		44,193	$	8,383,854
nVent Electric PLC		135,522		2,538,327
Oshkosh Corp.		59,086		4,231,739
Owens Corning		94,034		5,243,336
Regal Beloit Corp.		35,106		3,065,456
Ryder System, Inc.		46,724		1,752,617
Stericycle, Inc.*		78,414		4,389,616
Terex Corp.		55,851		1,048,323
Tetra Tech, Inc.		46,406		3,671,643
Timken Co.		57,851		2,631,642
Toro Co.		90,934		6,032,562
Trex Co., Inc.*		51,014		6,635,391
Trinity Industries, Inc.		82,047		1,746,781
Univar Solutions, Inc.*		119,735		2,018,732
Valmont Industries, Inc.		18,456		2,096,971
Watsco, Inc.		28,436		5,053,077
Werner Enterprises, Inc.		50,167		2,183,770
Woodward, Inc.		49,034		3,802,587
XPO Logistics, Inc.*		78,464		6,061,344
				217,350,537
INFORMATION TECHNOLOGY (15.4%)
ACI Worldwide, Inc.*		99,124		2,675,357
Alliance Data Systems Corp.		37,117		1,674,719
Arrow Electronics, Inc.*		67,094		4,608,687
Avnet, Inc.		85,650		2,388,350
Belden, Inc.		33,290		1,083,590
Blackbaud, Inc.		42,536		2,427,955
Cabot Microelectronics Corp.		25,299		3,530,222
CACI International, Inc. Cl A*		21,513		4,665,739
CDK Global, Inc.		104,446		4,326,153
Ceridian HCM Hldg., Inc.*		86,639		6,867,874
Ciena Corp.*		131,764		7,136,338
Cirrus Logic, Inc.*		51,001		3,150,842
Cognex Corp.		147,655		8,817,957
Coherent, Inc.*		20,487		2,683,387
CommVault Systems, Inc.*		36,649		1,418,316
Cree, Inc.*		92,480		5,473,891
Enphase Energy, Inc.*		66,472		3,162,073
Fair Isaac Corp.*		24,977		10,441,385
First Solar, Inc.*		65,031		3,219,035
II-VI, Inc.*		75,147		3,548,441
InterDigital, Inc.		26,293		1,488,973
j2 Global, Inc.*		38,518		2,434,723
Jabil, Inc.		120,700		3,872,056
KBR, Inc.		122,870		2,770,719
Littelfuse, Inc.		20,900		3,566,167
LiveRamp Hldgs., Inc.*		49,277		2,092,794
LogMeIn, Inc.		42,164		3,574,242
Lumentum Hldgs., Inc.*		64,756		5,273,081
Manhattan Associates, Inc.*		54,682		5,151,044
MAXIMUS, Inc.		53,416		3,763,157
MKS Instruments, Inc.		46,338		5,247,315
Monolithic Power Systems, Inc.		36,281		8,598,597
National Instruments Corp.		102,086		3,951,749
NCR Corp.*		110,810		1,919,229

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

57

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
NetScout Systems, Inc.*		54,683	$	1,397,697
Paylocity Hldg. Corp.*		31,241		4,557,750
Perspecta, Inc.		122,746		2,851,390
PTC, Inc.*		89,907		6,993,866
Qualys, Inc.*		29,034		3,020,117
Sabre Corp.		235,342		1,896,857
Science Applications International Corp.		42,751		3,320,898
Semtech Corp.*		56,133		2,931,265
Silicon Laboratories, Inc.*		38,011		3,811,363
SolarEdge Technologies, Inc.*		41,912		5,816,547
Synaptics, Inc.*		29,251		1,758,570
SYNNEX Corp.		34,810		4,169,194
Teradata Corp.*		94,103		1,957,342
Teradyne, Inc.		141,968		11,997,716
Trimble, Inc.*		214,315		9,256,265
Universal Display Corp.		36,626		5,479,982
ViaSat, Inc.*		50,079		1,921,531
Vishay Intertechnology, Inc.		114,859		1,753,897
WEX, Inc.*		37,536		6,193,815
				218,090,219
MATERIALS (5.7%)
Allegheny Technologies, Inc.*		115,681		1,178,789
AptarGroup, Inc.		55,387		6,202,236
Ashland Global Hldgs., Inc.		52,459		3,624,917
Cabot Corp.		48,378		1,792,405
Carpenter Technology Corp.		42,457		1,030,856
Chemours Co.		141,369		2,170,014
Commercial Metals Co.		104,041		2,122,436
Compass Minerals International, Inc.		29,584		1,442,220
Domtar Corp.		47,904		1,011,254
Eagle Materials, Inc.		36,120		2,536,346
Greif, Inc. Cl A		22,982		790,811
Ingevity Corp.*		35,200		1,850,464
Louisiana-Pacific Corp.		95,718		2,455,167
Minerals Technologies, Inc.		29,792		1,398,139
NewMarket Corp.		6,224		2,492,588
O-I Glass, Inc.		132,553		1,190,326
Olin Corp.		138,147		1,587,309
PolyOne Corp.		78,663		2,063,331
Reliance Steel & Aluminum Co.		55,974		5,313,612
Royal Gold, Inc.		55,829		6,940,661
RPM International, Inc.		111,217		8,347,948
Scotts Miracle-Gro Co.		33,915		4,560,550
Sensient Technologies Corp.		36,756		1,917,193
Silgan Hldgs., Inc.		67,196		2,176,478
Sonoco Products Co.		86,822		4,539,922
Steel Dynamics, Inc.		182,443		4,759,938
United States Steel Corp.		189,261		1,366,464
Valvoline, Inc.		163,422		3,158,947
Worthington Industries, Inc.		32,650		1,217,845
				81,239,166

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (9.6%)
American Campus Communities, Inc.		118,464	$	4,141,501
Brixmor Property Group, Inc.		261,300		3,349,866
Camden Property Trust		84,879		7,742,662
CoreCivic, Inc.		105,377		986,329
CoreSite Realty Corp.		35,024		4,240,005
Corporate Office Properties Trust		98,015		2,483,700
Cousins Properties, Inc.		131,153		3,912,294
CyrusOne, Inc.		100,175		7,287,731
Douglas Emmett, Inc.		145,830		4,471,148
EastGroup Properties, Inc.		33,991		4,031,672
EPR Properties		64,871		2,149,176
First Industrial Realty Trust, Inc.		112,136		4,310,508
GEO Group, Inc.		107,814		1,275,440
Healthcare Realty Trust, Inc.		117,136		3,430,913
Highwoods Properties, Inc.		91,551		3,417,599
Hudson Pacific Properties, Inc.		136,316		3,429,711
JBG SMITH Properties		102,533		3,031,901
Jones Lang LaSalle, Inc.		44,184		4,571,277
Kilroy Realty Corp.		94,007		5,518,211
Lamar Advertising Co. Cl A		74,237		4,956,062
Life Storage, Inc.		41,038		3,896,558
Macerich Co.		100,882		904,912
Mack-Cali Realty Corp.		78,397		1,198,690
Medical Properties Trust, Inc.		458,436		8,618,597
National Retail Properties, Inc.		148,590		5,271,973
Omega Healthcare Investors, Inc.		195,896		5,823,988
Park Hotels & Resorts, Inc.		205,529		2,032,682
Pebblebrook Hotel Trust		114,434		1,563,168
Physicians Realty Trust		176,121		3,085,640
PotlatchDeltic Corp.		56,407		2,145,158
PS Business Parks, Inc.		17,313		2,292,241
Rayonier, Inc.		116,944		2,899,042
Sabra Health Care REIT, Inc.		179,172		2,585,452
Service Properties Trust		142,488		1,010,240
Spirit Realty Capital, Inc.		89,333		3,114,148
STORE Capital Corp.		191,112		4,550,377
Taubman Centers, Inc.		53,476		2,019,254
Urban Edge Properties		98,148		1,165,017
Weingarten Realty Investors		105,898		2,004,649
				134,919,492
UTILITIES (4.0%)
ALLETE, Inc.		44,895		2,451,716
Black Hills Corp.		54,209		3,071,482
Essential Utilities, Inc.		189,707		8,013,224
Hawaiian Electric Industries, Inc.		94,849		3,420,255
IDACORP, Inc.		43,944		3,839,387
MDU Resources Group, Inc.		172,275		3,821,060
National Fuel Gas Co.		78,924		3,309,283
New Jersey Resources Corp.		81,603		2,664,338
NorthWestern Corp.		43,881		2,392,392
OGE Energy Corp.		171,881		5,218,307
ONE Gas, Inc.		46,043		3,547,613

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

58

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
PNM Resources, Inc.		68,848	$	2,646,517
Southwest Gas Hldgs., Inc.		47,388		3,272,141
Spire, Inc.		44,230		2,906,353
UGI Corp.		179,517		5,708,641
				56,282,709
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $1,276,610,346) 95.9%				1,353,784,094

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (3.8%)
U.S. Treasury Bill		A-1+		0.09		07/09/20	$	15,000,000	$	14,999,686
U.S. Treasury Bill (1)		A-1+		0.53		07/21/20		29,100,000		29,098,223
U.S. Treasury Bill		A-1+		0.11		07/02/20		9,800,000		9,799,983
										53,897,892
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $53,897,892) 3.8%										53,897,892
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.4%)
Citibank, New York Time Deposit				0.01		07/01/20	$	4,501,850	$	4,501,850
TOTAL TEMPORARY CASH INVESTMENT (Cost: $4,501,850) 0.4%										4,501,850
TOTAL INVESTMENTS (Cost: $1,335,010,088) 100.1%										1,412,183,836
OTHER NET ASSETS -0.1%										(730,435	)
NET ASSETS 100.0%									$	1,411,453,401

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

59

MUTUAL OF AMERICA INVESTMENT CORPORATION — INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

							Shares		Value
COMMON STOCKS:
FINANCIALS (98.5%)
iShares Core MSCI EAFE ETF								2,033,040	$	116,208,566
iShares Core MSCI Emerging Markets ETF								731,880		34,837,488
iShares Core MSCI Europe ETF								387,100		16,552,396
iShares Core MSCI Pacific ETF								174,227		9,181,763
iShares MSCI EAFE ETF								3,955,923		240,797,033
iShares MSCI EAFE Growth ETF								698,656		58,065,300
iShares MSCI EAFE Value ETF								1,447,364		57,851,139
Vanguard FTSE Developed Markets ETF								2,121,236		82,282,744
Vanguard FTSE Europe ETF								417,953		21,035,575
Vanguard FTSE Pacific ETF								532,373		33,885,541
										670,697,545
TOTAL COMMON STOCKS
(Cost: $679,956,721) 98.5%										670,697,545
	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (1.0%)
U.S. Treasury Bill		A-1+		0.10		07/14/20	$	3,700,000	$	3,699,866
U.S. Treasury Bill		A-1+		0.12		07/21/20		2,700,000		2,699,822
										6,399,688
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $6,399,688) 1.0%										6,399,688
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.5%)
Citibank, New York Time Deposit				0.01		07/01/20	$	3,467,301	$	3,467,301
TOTAL TEMPORARY CASH INVESTMENT (Cost: $3,467,301) 0.5%										3,467,301
TOTAL INVESTMENTS (Cost: $689,823,710) 100.0%										680,564,534
OTHER NET ASSETS 0.0% (2)										325,269
NET ASSETS 100.0%									$	680,889,803

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

60

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (3.0%)
AT&T, Inc.		43,307	$	1,309,171
Comcast Corp. Cl A		59,339		2,313,034
ViacomCBS, Inc. Cl B		30,856		719,562
Walt Disney Co.		9,155		1,020,874
				5,362,641
CONSUMER DISCRETIONARY (5.5%)
Best Buy Co., Inc.		20,728		1,808,933
eBay, Inc.		9,878		518,101
Home Depot, Inc.		11,187		2,802,455
PVH Corp.		8,485		407,704
Ross Stores, Inc.		8,542		728,120
Tapestry, Inc.		15,535		206,305
Target Corp.		15,119		1,813,222
TJX Cos., Inc.		16,668		842,734
Whirlpool Corp.		4,434		574,336
				9,701,910
CONSUMER STAPLES (4.0%)
Constellation Brands, Inc. Cl A		6,626		1,159,219
Keurig Dr Pepper, Inc.		7,046		200,107
PepsiCo, Inc.		12,309		1,627,988
Procter & Gamble Co.		20,702		2,475,338
Walmart, Inc.		12,971		1,553,666
				7,016,318
ENERGY (2.0%)
Cabot Oil & Gas Corp.		21,115		362,756
Chevron Corp.		10,448		932,275
ConocoPhillips		11,903		500,164
Noble Energy, Inc.		52,868		473,697
Valero Energy Corp.		11,652		685,371
Williams Cos., Inc.		26,052		495,509
				3,449,772
FINANCIALS (5.0%)
Bank of America Corp.		67,000		1,591,250
Citigroup, Inc.		25,160		1,285,676
Intercontinental Exchange, Inc.		16,186		1,482,637
JPMorgan Chase & Co.		22,378		2,104,875
Morgan Stanley		36,036		1,740,539
Synchrony Financial		28,624		634,308
				8,839,285
HEALTH CARE (8.9%)
AbbVie, Inc.		23,498		2,307,034
Becton Dickinson & Co.		2,935		702,257
Bristol-Myers Squibb Co.		17,657		1,038,231
Bristol-Myers Squibb Co. Right Issue 31/03/21 *		7,757		27,770
Cigna Corp.		5,689		1,067,541
CVS Health Corp.		12,544		814,984
Eli Lilly & Co.		9,170		1,505,531
Gilead Sciences, Inc.		20,120		1,548,033
HCA Healthcare, Inc.		5,450		528,977
Humana, Inc.		3,963		1,536,653
Merck & Co., Inc.		18,203		1,407,638
Quest Diagnostics, Inc.		4,701		535,726

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
UnitedHealth Group, Inc.		9,322	$	2,749,524
				15,769,899
INDUSTRIALS (3.2%)
Eaton Corp. PLC		11,087		969,891
Honeywell International, Inc.		8,457		1,222,798
Lockheed Martin Corp.		4,005		1,461,504
Northrop Grumman Corp.		3,532		1,085,878
Trane Technologies PLC		10,951		974,420
				5,714,491
INFORMATION TECHNOLOGY (17.5%)
Apple, Inc.		22,211		8,102,573
Broadcom, Inc.		5,978		1,886,717
Cisco Systems, Inc.		29,153		1,359,696
DXC Technology Co.		12,750		210,375
Fidelity National Information Svcs., Inc.		9,522		1,276,805
HP, Inc.		61,549		1,072,799
Lam Research Corp.		5,290		1,711,103
Micron Technology, Inc. *		15,169		781,507
Microsoft Corp.		40,210		8,183,137
Motorola Solutions, Inc.		6,046		847,226
NVIDIA Corp.		2,841		1,079,324
QUALCOMM, Inc.		11,564		1,054,753
Visa, Inc. Cl A		13,308		2,570,706
VMware, Inc. Cl A *		2,348		363,611
Western Digital Corp.		6,799		300,176
				30,800,508
MATERIALS (1.9%)
Dow, Inc.		10,518		428,714
Eastman Chemical Co.		5,975		416,099
Freeport-McMoRan, Inc.		33,336		385,697
Newmont Corp.		28,386		1,752,552
WestRock Co.		15,412		435,543
				3,418,605
REAL ESTATE (1.9%)
American Tower Corp.		6,007		1,553,050
Equinix, Inc.		1,997		1,402,493
Ventas, Inc.		8,777		321,413
				3,276,956
UTILITIES (1.9%)
NextEra Energy, Inc.		7,334		1,761,407
NRG Energy, Inc.		27,361		890,874
Sempra Energy		5,501		644,882
				3,297,163
TOTAL COMMON STOCKS
(Cost: $73,999,856) 54.8%				96,647,548

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

61

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (19.3%)
U.S. Treasury Note		AA+		0.63		05/15/30	$	1,375,000	$	1,370,811
U.S. Treasury Note		AA+		1.25		08/31/24		650,000		677,295
U.S. Treasury Note		AA+		1.50		02/28/23		350,000		362,332
U.S. Treasury Note		AA+		1.50		09/30/24		500,000		526,641
U.S. Treasury Note		AA+		1.50		02/15/30		500,000		540,449
U.S. Treasury Note		AA+		1.63		02/15/26		750,000		802,383
U.S. Treasury Note		AA+		1.63		08/15/29		1,750,000		1,909,141
U.S. Treasury Note		AA+		2.00		02/15/25		500,000		539,863
U.S. Treasury Note		AA+		2.00		11/15/26		1,000,000		1,098,086
U.S. Treasury Note		AA+		2.13		05/15/25		1,000,000		1,088,828
U.S. Treasury Note		AA+		2.25		02/15/27		2,000,000		2,234,141
U.S. Treasury Note		AA+		2.25		08/15/27		2,600,000		2,920,328
U.S. Treasury Note		AA+		2.25		11/15/27		2,150,000		2,421,353
U.S. Treasury Note		AA+		2.38		05/15/27		1,850,000		2,087,971
U.S. Treasury Note		AA+		2.63		02/15/29		1,500,000		1,757,578
U.S. Treasury Note		AA+		2.88		05/15/28		7,250,000		8,555,566
U.S. Treasury Strip		AA+		0.00		08/15/29		5,500,000		5,134,553
										34,027,319
U.S. GOVERNMENT AGENCIES (12.0%)
MORTGAGE-BACKED OBLIGATIONS (12.0%)
FHLMC		AA+		2.50		09/01/27		141,429		148,421
FHLMC		AA+		2.50		10/01/34		335,025		350,910
FHLMC		AA+		3.00		06/01/27		78,845		82,981
FHLMC		AA+		3.00		08/01/27		67,222		70,668
FHLMC		AA+		3.00		02/01/32		218,666		232,275
FHLMC		AA+		3.00		10/15/37		112,430		115,491
FHLMC		AA+		3.00		11/01/39		276,212		291,029
FHLMC		AA+		3.00		11/01/42		146,288		158,174
FHLMC		AA+		3.00		04/01/43		158,579		170,566
FHLMC		AA+		3.00		11/01/49		379,860		402,155
FHLMC		AA+		3.00		11/01/49		485,821		511,865
FHLMC		AA+		3.50		02/01/32		98,390		105,247
FHLMC		AA+		3.50		01/01/43		146,606		158,289
FHLMC		AA+		3.50		06/01/45		244,693		266,039
FHLMC		AA+		3.50		07/01/45		267,593		293,703
FHLMC		AA+		4.00		02/01/25		12,735		13,476
FHLMC		AA+		4.00		11/01/33		136,361		144,344
FHLMC		AA+		4.00		01/01/38		153,392		168,357
FHLMC		AA+		4.00		06/15/38		300,000		313,546
FHLMC		AA+		4.00		03/01/41		81,906		89,737
FHLMC		AA+		4.00		07/01/41		112,856		125,389
FHLMC		AA+		4.00		11/01/42		77,945		85,337
FHLMC		AA+		4.00		01/01/43		144,013		158,227
FHLMC		AA+		4.00		01/01/44		148,717		163,322
FHLMC		AA+		4.00		10/01/44		122,671		134,433
FHLMC		AA+		4.00		06/01/45		226,237		247,210
FHLMC		AA+		4.00		05/01/47		201,301		214,437
FHLMC		AA+		4.00		09/01/48		303,936		322,210
FHLMC		AA+		4.50		08/01/34		17,223		18,813
FHLMC		AA+		4.50		08/15/35		11,667		12,705
FHLMC		AA+		4.50		02/01/44		113,396		125,536
FHLMC		AA+		4.50		05/01/48		266,790		287,068
FHLMC		AA+		5.00		02/01/26		8,562		9,343
FHLMC		AA+		5.00		10/01/40		117,188		134,672
FHLMC		AA+		5.50		07/01/32		20,141		22,379
FHLMC		AA+		5.50		05/01/33		16,665		18,350

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

62

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC	AA+	5.50	06/01/37	$	74,603	$	85,569
FHLMC	AA+	6.00	03/15/32		20,376		23,649
FHLMC ARM	AA+	3.56	05/01/37		11,156		11,242
FHLMC ARM	AA+	3.73	03/01/37		3,455		3,494
FHLMC ARM	AA+	3.76	02/01/36		25,373		25,632
FHLMC ARM	AA+	3.86	04/01/37		6,473		6,535
FHLMC Strip	AA+	3.00	01/15/43		183,489		198,892
FNMA	AA+	2.50	06/01/35		497,642		521,237
FNMA	AA+	2.50	03/01/50		298,344		311,877
FNMA	AA+	2.68	12/01/26		300,000		324,504
FNMA	AA+	2.92	07/01/27		284,043		309,509
FNMA	AA+	3.00	05/25/31		336,875		359,072
FNMA	AA+	3.00	06/01/33		280,971		298,380
FNMA	AA+	3.00	09/01/33		165,098		175,939
FNMA	AA+	3.00	12/01/42		208,392		217,270
FNMA	AA+	3.00	01/01/43		475,347		509,264
FNMA	AA+	3.00	02/01/43		129,094		137,906
FNMA	AA+	3.00	03/01/43		238,354		259,152
FNMA	AA+	3.00	04/01/43		199,505		207,993
FNMA	AA+	3.00	09/01/43		248,717		268,831
FNMA	AA+	3.00	03/01/50		150,000		159,863
FNMA	AA+	3.50	03/25/28		204,488		219,583
FNMA	AA+	3.50	08/01/38		166,767		179,890
FNMA	AA+	3.50	10/01/41		99,098		106,467
FNMA	AA+	3.50	11/01/41		175,107		189,514
FNMA	AA+	3.50	12/01/41		141,910		151,466
FNMA	AA+	3.50	04/01/42		290,144		314,053
FNMA	AA+	3.50	04/01/42		190,213		204,536
FNMA	AA+	3.50	08/01/42		144,906		156,846
FNMA	AA+	3.50	11/25/42		145,665		147,118
FNMA	AA+	3.50	08/01/43		250,516		270,528
FNMA	AA+	3.50	08/01/43		309,647		330,344
FNMA	AA+	3.50	01/01/44		56,407		58,728
FNMA	AA+	3.50	08/25/44		50,185		50,902
FNMA	AA+	3.50	04/01/45		217,278		236,154
FNMA	AA+	3.50	09/01/47		135,511		147,222
FNMA	AA+	3.50	08/01/48		197,600		208,098
FNMA	AA+	3.50	08/01/49		334,601		351,789
FNMA	AA+	3.53	01/01/26		200,000		223,920
FNMA	AA+	4.00	07/25/26		262,550		275,846
FNMA	AA+	4.00	01/01/31		96,712		104,115
FNMA	AA+	4.00	07/01/40		166,751		182,876
FNMA	AA+	4.00	11/01/40		92,923		101,974
FNMA	AA+	4.00	05/01/41		70,241		75,831
FNMA	AA+	4.00	11/01/45		184,267		203,281
FNMA	AA+	4.00	02/01/47		165,201		183,186
FNMA	AA+	4.00	05/01/48		343,078		363,828
FNMA	AA+	4.00	03/01/49		400,702		424,758
FNMA	AA+	4.00	07/01/56		513,167		566,054
FNMA	AA+	4.50	05/01/30		30,760		33,449
FNMA	AA+	4.50	04/01/31		41,052		44,807
FNMA	AA+	4.50	08/01/33		19,635		21,449
FNMA	AA+	4.50	09/01/33		35,958		39,269
FNMA	AA+	4.50	06/01/34		42,031		45,656
FNMA	AA+	4.50	08/01/35		25,426		27,775
FNMA	AA+	4.50	12/01/35		21,738		23,838

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

63

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (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	05/01/39	$	59,215	$	66,020
FNMA	AA+	4.50	05/01/39		39,574		43,996
FNMA	AA+	4.50	05/01/40		79,565		86,944
FNMA	AA+	4.50	10/01/40		336,813		374,800
FNMA	AA+	4.50	11/01/47		88,037		96,679
FNMA	AA+	4.50	11/01/47		149,340		161,053
FNMA	AA+	5.00	06/01/33		36,616		41,837
FNMA	AA+	5.00	10/01/33		42,413		48,669
FNMA	AA+	5.00	11/01/33		120,373		138,075
FNMA	AA+	5.00	11/01/33		24,870		28,525
FNMA	AA+	5.00	03/01/34		12,583		14,433
FNMA	AA+	5.00	04/01/34		19,947		22,731
FNMA	AA+	5.00	09/01/35		14,902		17,080
FNMA	AA+	5.00	11/25/35		50,205		58,042
FNMA	AA+	5.00	08/01/37		102,757		117,860
FNMA	AA+	5.00	05/01/39		50,045		55,598
FNMA	AA+	5.00	06/01/40		23,554		27,050
FNMA	AA+	5.50	03/01/34		4,853		5,335
FNMA	AA+	5.50	05/01/34		69,672		79,893
FNMA	AA+	5.50	07/01/34		28,800		32,248
FNMA	AA+	5.50	09/01/34		11,851		13,353
FNMA	AA+	5.50	09/01/34		36,098		41,098
FNMA	AA+	5.50	10/01/34		17,120		19,628
FNMA	AA+	5.50	02/01/35		23,637		27,088
FNMA	AA+	5.50	02/01/35		23,617		27,092
FNMA	AA+	5.50	08/01/35		9,342		10,498
FNMA	AA+	5.50	08/01/37		4,856		5,561
FNMA	AA+	5.50	11/01/38		2,411		2,644
FNMA	AA+	5.50	06/01/48		8,032		9,254
FNMA	AA+	6.00	05/01/23		5,152		5,722
FNMA	AA+	6.00	04/01/32		981		1,090
FNMA	AA+	6.00	05/01/32		7,666		8,899
FNMA	AA+	6.00	04/01/33		43,615		48,856
FNMA	AA+	6.00	05/01/33		19,647		21,857
FNMA	AA+	6.00	06/01/34		13,153		14,941
FNMA	AA+	6.00	09/01/34		8,963		10,069
FNMA	AA+	6.00	10/01/34		16,899		18,826
FNMA	AA+	6.00	12/01/36		22,399		26,074
FNMA	AA+	6.00	01/01/37		19,976		23,257
FNMA	AA+	6.00	04/01/37		3,239		3,681
FNMA	AA+	6.00	05/01/37		2,991		3,347
FNMA	AA+	6.00	06/01/37		683		705
FNMA	AA+	6.00	10/25/44		64,032		76,246
FNMA	AA+	6.00	02/25/47		58,570		70,004
FNMA	AA+	6.00	12/25/49		23,766		27,527
FNMA	AA+	6.50	05/01/32		20,962		23,854
FNMA	AA+	6.50	05/01/32		3,929		4,370
FNMA	AA+	6.50	07/01/34		10,793		12,470
FNMA	AA+	6.50	05/01/37		18,379		19,682
FNMA	AA+	6.50	09/01/37		3,431		3,816
FNMA	AA+	7.00	04/01/32		2,737		3,131
FNMA	AA+	7.50	06/01/31		3,252		3,839
FNMA	AA+	7.50	02/01/32		3,295		3,911
FNMA	AA+	7.50	06/01/32		2,072		2,547
FNMA	AA+	8.00	04/01/32		1,355		1,441
FNMA Strip	AA+	3.00	08/25/42		141,817		149,964

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

64

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FRESB Multifamily Mortgage	AA+	2.37	10/25/26	$	93,783	$	96,593
FRESB Multifamily Mortgage	AA+	3.16	11/25/27		154,277		165,393
FRESB Multifamily Mortgage	AA+	3.30	12/25/27		94,036		101,202
GNMA (3)	AA+	3.00	07/15/46		255,906		272,451
GNMA (3)	AA+	3.50	05/20/31		86,845		94,129
GNMA (3)	AA+	4.00	08/15/41		124,558		136,609
GNMA (3)	AA+	4.00	01/15/42		168,824		183,485
GNMA (3)	AA+	4.00	08/20/42		110,806		120,018
GNMA (3)	AA+	4.50	04/20/31		64,796		69,941
GNMA (3)	AA+	4.50	10/15/40		103,383		118,290
GNMA (3)	AA+	4.50	10/20/43		212,782		231,691
GNMA (3)	AA+	5.00	04/15/39		83,394		96,329
GNMA (3)	AA+	5.00	06/20/39		91,628		104,310
GNMA (3)	AA+	5.00	11/15/39		45,513		52,015
GNMA (3)	AA+	6.50	04/15/31		1,646		1,812
GNMA (3)	AA+	6.50	10/15/31		1,756		2,092
GNMA (3)	AA+	6.50	12/15/31		1,204		1,351
GNMA (3)	AA+	6.50	05/15/32		4,137		4,553
GNMA (3)	AA+	7.00	05/15/31		1,770		2,113
GNMA (3)	AA+	7.00	05/15/32		604		624
Vendee Mortgage Trust (3)	AA+	5.25	01/15/32		51,475		53,814
							21,019,689
CORPORATE DEBT (10.1%)
COMMUNICATION SERVICES (0.5%)
AT&T, Inc.	BBB	3.00	06/30/22		350,000		365,522
Omnicom Group, Inc.	BBB+	3.63	05/01/22		100,000		105,466
ViacomCBS, Inc.	BBB	3.25	03/15/23		350,000		357,579
							828,567
CONSUMER DISCRETIONARY (2.7%)
Advance Auto Parts, Inc.	BBB-	4.50	12/01/23		100,000		108,489
Amazon.com, Inc.	AA-	5.20	12/03/25		300,000		368,085
AutoZone, Inc.	BBB	4.00	11/15/20		250,000		251,056
Dollar General Corp.	BBB	3.25	04/15/23		300,000		320,322
eBay, Inc.	BBB+	2.88	08/01/21		325,000		332,371
Expedia Group, Inc.	BBB-	5.95	08/15/20		250,000		250,073
Family Dollar Stores, Inc.	BBB-	5.00	02/01/21		300,000		305,012
Harman International Industries, Inc.	A-	4.15	05/15/25		300,000		326,405
Kohl’s Corp.	BBB-	3.25	02/01/23		250,000		243,671
Lowe’s Cos., Inc.	BBB+	3.12	04/15/22		300,000		312,213
Lowe’s Cos., Inc.	BBB+	4.00	04/15/25		150,000		171,160
Macy’s Retail Hldgs., Inc.	B	2.88	02/15/23		216,000		171,180
Marriott International, Inc.	BBB-	3.13	10/15/21		25,000		25,052
Marriott International, Inc.	BBB-	3.25	09/15/22		350,000		350,808
Mattel, Inc.	B-	3.15	03/15/23		350,000		329,644
NVR, Inc.	BBB+	3.95	09/15/22		300,000		319,380
O’Reilly Automotive, Inc.	BBB	3.80	09/01/22		300,000		315,093
Tapestry, Inc.	BBB-	4.25	04/01/25		100,000		96,844
Tupperware Brands Corp.	C	4.75	06/01/21		350,000		213,500
							4,810,358
CONSUMER STAPLES (0.6%)
Ingredion, Inc.	BBB	4.63	11/01/20		250,000		252,776
Molson Coors Beverage Co.	BBB-	3.50	05/01/22		400,000		417,383
Sysco Corp.	BBB-	2.60	06/12/22		300,000		309,195
Sysco Corp.	BBB-	3.75	10/01/25		100,000		109,489
							1,088,843

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

65

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
ENERGY (0.4%)
Energen Corp.		BBB-		4.63		09/01/21	$	250,000	$	251,853
EQT Corp.		BB-		4.88		11/15/21		49,000		48,005
Marathon Oil Corp.		BBB-		2.80		11/01/22		350,000		350,367
Valaris PLC		D		4.88		06/01/22		300,000		33,000
										683,225
FINANCIALS (2.3%)
American Express Co.		BBB		3.63		12/05/24		250,000		277,222
Bank of America Corp.		BBB+		3.95		04/21/25		300,000		331,953
Block Financial LLC		BBB		5.25		10/01/25		350,000		385,763
Capital One Financial Corp.		BBB		4.75		07/15/21		300,000		312,819
Citizens Financial Group, Inc.		BBB		3.75		07/01/24		250,000		268,756
Citizens Financial Group, Inc.		BBB		4.35		08/01/25		100,000		110,685
Fairfax U.S., Inc. †		BBB-		4.88		08/13/24		250,000		256,934
Fifth Third Bancorp		BBB		4.30		01/16/24		300,000		330,599
Lincoln National Corp.		A-		4.00		09/01/23		250,000		272,194
Moody’s Corp.		BBB+		4.50		09/01/22		250,000		268,401
Prudential Financial, Inc.		A		4.50		11/16/21		250,000		263,420
Signet UK Finance PLC		B+		4.70		06/15/24		250,000		175,000
Synchrony Financial		BBB-		3.70		08/04/26		400,000		414,018
Unum Group		BBB		4.00		03/15/24		150,000		157,420
Voya Financial, Inc.		BBB+		3.65		06/15/26		250,000		277,048
										4,102,232
HEALTH CARE (0.6%)
Anthem, Inc.		A		4.35		08/15/20		250,000		250,035
Bio-Rad Laboratories, Inc.		BBB		4.88		12/15/20		200,000		203,340
Quest Diagnostics, Inc.		BBB+		4.70		04/01/21		150,000		154,521
Thermo Fisher Scientific, Inc.		BBB+		4.13		03/25/25		150,000		171,326
Zimmer Biomet Hldgs., Inc.		BBB		3.15		04/01/22		250,000		259,505
										1,038,727
INDUSTRIALS (0.4%)
Deere & Co.		A		2.75		04/15/25		200,000		218,514
General Dynamics Corp.		A		3.25		04/01/25		150,000		166,353
JB Hunt Transport Svcs., Inc.		BBB+		3.30		08/15/22		200,000		207,509
										592,376
INFORMATION TECHNOLOGY (1.2%)
Applied Materials, Inc.		A-		3.90		10/01/25		350,000		399,968
Arrow Electronics, Inc.		BBB-		4.50		03/01/23		300,000		318,564
Fiserv, Inc.		BBB		4.75		06/15/21		360,000		374,305
Ingram Micro, Inc.		NR		5.00		08/10/22		200,000		200,030
Intel Corp.		A+		3.40		03/25/25		135,000		151,456
Mastercard, Inc.		A+		3.30		03/26/27		300,000		339,720
NortonLifeLock, Inc.		BB-		4.20		09/15/20		350,000		350,350
										2,134,393
MATERIALS (0.7%)
Freeport-McMoRan, Inc.		BB		3.55		03/01/22		300,000		300,000
Packaging Corp. of America		BBB		4.50		11/01/23		150,000		165,101
Sherwin-Williams Co.		BBB-		3.95		01/15/26		350,000		394,770
Southern Copper Corp.		BBB+		3.50		11/08/22		100,000		104,749
Teck Resources Ltd.		BBB-		4.75		01/15/22		300,000		312,000
										1,276,620

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

66

MUTUAL OF AMERICA INVESTMENT CORPORATION — COMPOSITE FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
REAL ESTATE (0.3%)
Healthcare Realty Trust, Inc.		BBB		3.75		04/15/23	$	250,000	$	260,272
Service Properties Trust		BB+		5.00		08/15/22		250,000		245,515
										505,787
UTILITIES (0.4%)
Exelon Corp.		BBB		5.15		12/01/20		340,000		342,461
National Fuel Gas Co.		BBB-		4.90		12/01/21		250,000		258,597
National Fuel Gas Co.		BBB-		5.20		07/15/25		100,000		105,901
Southern Co.		BBB+		3.25		07/01/26		50,000		55,409
										762,368
TOTAL CORPORATE DEBT										17,823,496
TOTAL LONG-TERM DEBT SECURITIES (Cost: $67,279,524) 41.4%										72,870,504
	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (2.3%)
U.S. Treasury Bill		A-1+		0.07		07/02/20	$	4,000,000	$	3,999,993
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $3,999,993) 2.3%										3,999,993
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (1.5%)
Citibank, New York Time Deposit				0.01		07/01/20	$	2,687,517	$	2,687,517
TOTAL TEMPORARY CASH INVESTMENT (Cost: $2,687,517) 1.5%										2,687,517
TOTAL INVESTMENTS (Cost: $147,966,890) 100.0%										176,205,562
OTHER NET ASSETS -0.0% (2)										(25,942	)
NET ASSETS 100.0%									$	176,179,620

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

67

MUTUAL OF AMERICA INVESTMENT CORPORATION — RETIREMENT INCOME FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (31.0%)		27,255,206	$	42,729,922
Equity Index Fund (20.3%)		6,022,422		27,932,690
Mid-Cap Equity Index Fund (4.5%)		3,173,167		6,209,859
Mid-Term Bond Fund (30.3%)		37,451,289		41,663,174
Money Market Fund (13.9%)		15,460,111		19,112,129
TOTAL INVESTMENTS (Cost: $129,484,040) 100.0%				137,647,774
OTHER NET ASSETS -0.0% (2)				(2,279	)
NET ASSETS 100.0%			$	137,645,495

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2010 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (31.2%)		5,397,222	$	8,461,608
Equity Index Fund (20.3%)		1,184,754		5,495,025
Mid-Cap Equity Index Fund (4.8%)		659,341		1,290,325
Mid-Term Bond Fund (30.3%)		7,384,542		8,215,030
Money Market Fund (13.4%)		2,924,234		3,615,002
TOTAL INVESTMENTS (Cost: $25,400,636) 100.0%				27,076,990
OTHER NET ASSETS -0.0% (2)				(857	)
NET ASSETS 100.0%			$	27,076,133

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2015 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (30.5%)		26,072,306	$	40,875,405
Equity Index Fund (23.3%)		6,714,708		31,143,594
International Fund (4.4%)		7,305,188		5,867,885
Mid-Cap Equity Index Fund (7.9%)		5,433,663		10,633,630
Mid-Term Bond Fund (24.8%)		29,873,232		33,232,866
Money Market Fund (9.1%)		9,806,340		12,122,813
TOTAL INVESTMENTS (Cost: $123,449,443) 100.0%				133,876,193
OTHER NET ASSETS -0.0% (2)				(2,694	)
NET ASSETS 100.0%			$	133,873,499

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

68

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2020 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (27.3%)		95,564,065	$	149,822,569
Equity Index Fund (27.3%)		32,328,705		149,944,286
International Fund (6.1%)		41,627,053		33,436,888
Mid-Cap Equity Index Fund (9.7%)		27,197,178		53,224,632
Mid-Term Bond Fund (21.0%)		103,640,354		115,296,058
Money Market Fund (4.9%)		22,043,854		27,251,098
Small Cap Growth Fund (2.2%)		8,068,436		11,976,755
Small Cap Value Fund (1.5%)		7,224,696		8,113,651
TOTAL INVESTMENTS (Cost: $509,656,392) 100.0%				549,065,937
OTHER NET ASSETS -0.0% (2)				(7,357	)
NET ASSETS 100.0%			$	549,058,580

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2025 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (25.8%)		146,561,917	$	229,775,524
Equity Index Fund (32.7%)		62,958,305		292,007,921
International Fund (8.1%)		89,765,275		72,103,867
Mid-Cap Equity Index Fund (11.4%)		52,058,322		101,877,667
Mid-Term Bond Fund (15.7%)		126,251,803		140,450,460
Small Cap Growth Fund (3.6%)		21,785,554		32,338,389
Small Cap Value Fund (2.7%)		21,217,332		23,827,997
TOTAL INVESTMENTS (Cost: $830,967,327) 100.0%				892,381,825
OTHER NET ASSETS -0.0% (2)				(4,346	)
NET ASSETS 100.0%			$	892,377,479

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

69

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2030 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (23.1%)		121,099,685	$	189,856,574
Equity Index Fund (36.0%)		63,723,769		295,558,233
International Fund (10.1%)		102,647,898		82,451,821
Mid-Cap Equity Index Fund (15.8%)		66,457,904		130,057,520
Mid-Term Bond Fund (7.3%)		53,934,042		59,999,626
Small Cap Growth Fund (4.3%)		23,696,439		35,174,899
Small Cap Value Fund (3.4%)		24,953,122		28,023,454
TOTAL INVESTMENTS (Cost: $766,602,541) 100.0%				821,122,127
OTHER NET ASSETS -0.0% (2)				(3,651	)
NET ASSETS 100.0%			$	821,118,476

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2035 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (21.8%)		95,591,759	$	149,865,988
Equity Index Fund (38.4%)		56,782,786		263,365,147
International Fund (12.0%)		102,642,191		82,447,237
Mid-Cap Equity Index Fund (18.5%)		65,011,533		127,226,985
Small Cap Equity Index Fund (0.0%) (2)		110,730		89,987
Small Cap Growth Fund (5.1%)		23,584,237		35,008,347
Small Cap Value Fund (4.2%)		25,521,129		28,661,351
TOTAL INVESTMENTS (Cost: $639,693,664) 100.0%				686,665,042
OTHER NET ASSETS -0.0% (2)				(3,713	)
NET ASSETS 100.0%			$	686,661,329

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2040 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (16.2%)		58,651,996	$	91,952,899
Equity Index Fund (39.1%)		47,889,132		222,115,349
International Fund (15.0%)		106,422,371		85,483,663
Mid-Cap Equity Index Fund (19.0%)		55,225,752		108,076,300
Small Cap Equity Index Fund (0.4%)		2,554,327		2,075,827
Small Cap Growth Fund (5.5%)		21,085,555		31,299,313
Small Cap Value Fund (4.8%)		24,485,724		27,498,546
TOTAL INVESTMENTS (Cost: $529,094,171) 100.0%				568,501,897
OTHER NET ASSETS -0.0% (2)				(4,724	)
NET ASSETS 100.0%			$	568,497,173

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

70

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2045 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (14.2%)		53,018,503	$	83,120,871
Equity Index Fund (38.0%)		48,063,769		222,925,338
International Fund (15.2%)		110,623,584		88,858,283
Mid-Cap Equity Index Fund (20.1%)		60,384,208		118,171,351
Small Cap Equity Index Fund (0.3%)		2,472,097		2,009,001
Small Cap Growth Fund (6.6%)		26,248,715		38,963,487
Small Cap Value Fund (5.6%)		29,072,901		32,650,148
TOTAL INVESTMENTS (Cost: $539,867,290) 100.0%				586,698,479
OTHER NET ASSETS -0.0% (2)				(5,456	)
NET ASSETS 100.0%			$	586,693,023

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2050 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (12.3%)		32,905,691	$	51,588,588
Equity Index Fund (36.9%)		33,303,150		154,463,872
International Fund (16.6%)		86,392,558		69,394,736
Mid-Cap Equity Index Fund (20.4%)		43,708,715		85,537,561
Small Cap Equity Index Fund (0.7%)		3,739,451		3,038,944
Small Cap Growth Fund (7.1%)		19,851,048		29,466,816
Small Cap Value Fund (6.0%)		22,285,633		25,027,747
TOTAL INVESTMENTS (Cost: $407,680,575) 100.0%				418,518,264
OTHER NET ASSETS -0.0% (2)				(4,191	)
NET ASSETS 100.0%			$	418,514,073

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2055 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (10.8%)		10,906,398	$	17,098,735
Equity Index Fund (35.6%)		12,123,328		56,229,401
International Fund (18.0%)		35,265,068		28,326,631
Mid-Cap Equity Index Fund (20.8%)		16,791,078		32,859,989
Small Cap Equity Index Fund (0.9%)		1,655,478		1,345,359
Small Cap Growth Fund (7.8%)		8,286,715		12,300,766
Small Cap Value Fund (6.1%)		8,566,130		9,620,141
TOTAL INVESTMENTS (Cost: $160,062,406) 100.0%				157,781,022
OTHER NET ASSETS -0.0% (2)				1,676
NET ASSETS 100.0%			$	157,782,698

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

71

MUTUAL OF AMERICA INVESTMENT CORPORATION — 2060 RETIREMENT FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (8.6%)		2,432,927	$	3,814,272
Equity Index Fund (33.4%)		3,203,171		14,856,677
International Fund (19.5%)		10,792,175		8,668,804
Mid-Cap Equity Index Fund (22.2%)		5,051,970		9,886,660
Small Cap Equity Index Fund (3.1%)		1,730,896		1,406,649
Small Cap Growth Fund (6.5%)		1,961,106		2,911,058
Small Cap Value Fund (6.7%)		2,653,855		2,980,396
TOTAL INVESTMENTS (Cost: $44,495,506) 100.0%				44,524,516
OTHER NET ASSETS -0.0% (2)				(104	)
NET ASSETS 100.0%			$	44,524,412

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

72

MUTUAL OF AMERICA INVESTMENT CORPORATION — CONSERVATIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (31.1%)		34,400,978	$	53,932,856
Equity Index Fund (24.4%)		9,117,120		42,286,261
International Fund (4.9%)		10,654,951		8,558,578
Mid-Cap Equity Index Fund (4.4%)		3,913,584		7,658,849
Mid-Term Bond Fund (35.2%)		54,917,848		61,094,074
TOTAL INVESTMENTS (Cost: $160,300,198) 100.0%				173,530,618
OTHER NET ASSETS -0.0% (2)				(390	)
NET ASSETS 100.0%			$	173,530,228

MUTUAL OF AMERICA INVESTMENT CORPORATION — MODERATE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (25.9%)		66,239,063	$	103,847,682
Equity Index Fund (34.6%)		29,847,291		138,435,199
International Fund (9.8%)		48,749,920		39,158,324
Mid-Cap Equity Index Fund (14.1%)		28,851,990		56,463,085
Mid-Term Bond Fund (15.6%)		56,000,331		62,298,296
TOTAL INVESTMENTS (Cost: $355,109,227) 100.0%				400,202,586
OTHER NET ASSETS -0.0% (2)				(1,306	)
NET ASSETS 100.0%			$	400,201,280

MUTUAL OF AMERICA INVESTMENT CORPORATION — AGGRESSIVE ALLOCATION FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Investment Corporation
Bond Fund (21.0%)		39,053,235	$	61,226,530
Equity Index Fund (35.0%)		21,932,974		101,727,676
International Fund (14.9%)		53,799,960		43,214,764
Mid-Cap Equity Index Fund (18.9%)		28,098,469		54,988,451
Small Cap Growth Fund (5.5%)		10,774,434		15,993,527
Small Cap Value Fund (4.7%)		12,163,203		13,659,812
TOTAL INVESTMENTS (Cost: $255,253,046) 100.0%				290,810,760
OTHER NET ASSETS -0.0% (2)				(1,769	)
NET ASSETS 100.0%			$	290,808,991

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

73

MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (28.4%)
U.S. Treasury Bill	A-1+	0.02	07/02/20	$	2,300,000	$	2,299,998
U.S. Treasury Bill	A-1+	0.04	09/24/20		15,050,000		15,044,847
U.S. Treasury Bill	A-1+	0.11	07/09/20		4,200,000		4,199,898
U.S. Treasury Bill	A-1+	0.12	08/20/20		5,700,000		5,699,028
U.S. Treasury Bill	A-1+	0.13	08/04/20		2,300,000		2,299,726
U.S. Treasury Bill	A-1+	0.15	07/23/20		10,250,000		10,249,079
							39,792,576
U.S. GOVERNMENT AGENCIES (12.7%)
FHLB	A-1+	0.11	07/06/20		10,600,000		10,599,841
FHLB	A-1+	0.11	07/22/20		5,000,000		4,999,694
FHLB	A-1+	0.15	08/04/20		1,500,000		1,499,794
FHLB	A-1+	0.15	08/07/20		100,000		99,985
FHLB	A-1+	0.15	08/14/20		550,000		549,899
							17,749,213
COMMERCIAL PAPER (47.5%)
Apple, Inc. †	A-1+	0.13	07/01/20		3,165,000		3,165,000
Apple, Inc. †	A-1+	0.15	07/23/20		2,325,000		2,324,787
Cargill, Inc. †	A-1	0.20	08/03/20		3,000,000		2,999,450
Chevron Corp. †	A-1+	0.20	07/22/20		2,300,000		2,299,732
Coca-Cola Co. †	A-1	0.13	08/13/20		900,000		899,860
Eli Lilly & Co. †	A-1+	0.15	07/28/20		1,750,000		1,749,803
Emerson Electric Co. †	A-1	0.10	07/07/20		1,500,000		1,499,975
Emerson Electric Co. †	A-1	0.13	08/06/20		1,000,000		999,870
Emerson Electric Co. †	A-1	0.15	08/10/20		2,000,000		1,999,667
Exxon Mobil Corp.	A-1+	0.25	09/25/20		300,000		299,869
Exxon Mobil Corp.	A-1+	0.75	07/09/20		5,000,000		4,999,167
General Dynamics Corp. †	A-1	0.13	07/16/20		850,000		849,954
Hershey Co. †	A-1	0.30	07/20/20		3,000,000		2,999,525
J.P. Morgan Securities LLC	A-1	0.12	07/15/20		1,350,000		1,349,937
J.P. Morgan Securities LLC	A-1	0.45	07/23/20		3,700,000		3,698,982
Johnson & Johnson †	A-1+	0.11	07/28/20		3,200,000		3,199,736
Merck & Co., Inc. †	A-1+	0.20	08/19/20		5,000,000		4,998,639
National Rural Utilities	A-1	0.11	07/13/20		1,000,000		999,963
Novartis Finance Corp. †	A-1+	0.13	07/27/20		1,400,000		1,399,869
Novartis Finance Corp. †	A-1+	0.13	07/31/20		3,800,000		3,799,588
One Gas, Inc. †	A-1	0.15	07/31/20		1,600,000		1,599,800
One Gas, Inc. †	A-1	0.18	07/06/20		700,000		699,983
Pfizer, Inc. †	A-1+	0.20	10/06/20		2,250,000		2,248,817
Private Export Fund Corp.	NR	0.17	07/13/20		3,500,000		3,499,802
Private Export Fund Corp.	NR	0.20	07/07/20		1,500,000		1,499,950
Simon Property Group LP †	A-1	0.15	07/20/20		750,000		749,941
Simon Property Group LP †	A-1	0.18	07/21/20		4,500,000		4,499,550
Toyota Motor Credit Corp.	A-1+	0.20	08/11/20		5,250,000		5,248,804
							66,580,020
CORPORATE DEBT (10.4%)
Amazon.com, Inc.	AA-	1.90	08/21/20		5,369,000		5,381,399
Unilever Capital Corp.	A+	2.10	07/30/20		5,130,000		5,137,538
Walmart, Inc.	AA	3.63	07/08/20		4,100,000		4,102,785
							14,621,722
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $138,747,188) 99.0%							138,743,531

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

74

MUTUAL OF AMERICA INVESTMENT CORPORATION — MONEY MARKET FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.3%)
Citibank, New York Time Deposit		0.01		07/01/20	$	374,509	$	374,509
TOTAL TEMPORARY CASH INVESTMENT (Cost: $374,509) 0.3%								374,509
TOTAL INVESTMENTS (Cost: $139,121,697) 99.3%								139,118,040
OTHER NET ASSETS 0.7%								922,917
NET ASSETS 100.0%							$	140,040,957

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

75

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (71.8%)
U.S. Treasury Note	AA+	0.50	04/30/27	$	11,000,000	$	11,017,188
U.S. Treasury Note	AA+	0.50	06/30/27		10,500,000		10,506,563
U.S. Treasury Note	AA+	1.25	08/31/24		22,855,000		23,814,732
U.S. Treasury Note	AA+	1.38	06/30/23		19,450,000		20,145,945
U.S. Treasury Note	AA+	1.38	09/30/23		24,315,000		25,254,357
U.S. Treasury Note	AA+	1.50	10/31/21		14,590,000		14,848,175
U.S. Treasury Note	AA+	1.50	02/28/23		24,315,000		25,171,724
U.S. Treasury Note	AA+	1.50	09/30/24		4,865,000		5,124,213
U.S. Treasury Note	AA+	1.50	08/15/26		29,175,000		31,088,470
U.S. Treasury Note	AA+	1.63	10/31/23		8,755,000		9,172,572
U.S. Treasury Note	AA+	1.63	05/15/26		29,175,000		31,268,534
U.S. Treasury Note	AA+	1.63	09/30/26		17,020,000		18,277,884
U.S. Treasury Note	AA+	1.75	12/31/20		9,725,000		9,800,597
U.S. Treasury Note	AA+	1.75	11/30/21		9,725,000		9,942,673
U.S. Treasury Note	AA+	1.75	02/28/22		14,590,000		14,971,278
U.S. Treasury Note	AA+	1.88	05/31/22		19,450,000		20,084,404
U.S. Treasury Note	AA+	2.00	11/30/20		9,725,000		9,798,317
U.S. Treasury Note	AA+	2.00	05/31/24		24,315,000		26,002,803
U.S. Treasury Note	AA+	2.00	06/30/24		24,315,000		26,032,247
U.S. Treasury Note	AA+	2.13	05/15/25		9,920,000		10,801,175
U.S. Treasury Note	AA+	2.38	04/30/26		18,480,000		20,603,756
U.S. Treasury Note	AA+	2.38	05/15/29		19,450,000		22,444,996
U.S. Treasury Note	AA+	2.50	01/31/24		19,450,000		21,041,709
U.S. Treasury Note	AA+	2.50	02/28/26		19,450,000		21,777,162
U.S. Treasury Note	AA+	2.75	09/30/20		4,865,000		4,896,058
U.S. Treasury Note	AA+	2.75	05/31/23		13,500,000		14,508,281
U.S. Treasury Note	AA+	2.88	05/31/25		35,495,000		39,967,924
							498,363,737
U.S. GOVERNMENT AGENCIES (0.1%)
MORTGAGE-BACKED OBLIGATIONS (0.0%) (2)
FHLMC	AA+	7.50	03/15/21		38		39
NON-MORTGAGE-BACKED OBLIGATIONS (0.1%)
Tennessee Valley Authority Strip	NR	0.00	11/01/20		875,000		873,308
CORPORATE DEBT (27.4%)
COMMUNICATION SERVICES (1.3%)
AT&T, Inc.	BBB	3.00	02/15/22		1,945,000		2,025,256
Discovery Communications LLC	BBB-	3.50	06/15/22		2,430,000		2,528,604
Omnicom Group, Inc.	BBB+	3.63	05/01/22		1,945,000		2,051,324
ViacomCBS, Inc.	BBB	3.25	03/15/23		2,430,000		2,482,617
							9,087,801
CONSUMER DISCRETIONARY (3.6%)
Advance Auto Parts, Inc.	BBB-	4.50	01/15/22		485,000		508,630
Advance Auto Parts, Inc.	BBB-	4.50	12/01/23		245,000		265,797
AutoZone, Inc.	BBB	3.70	04/15/22		290,000		303,388
AutoZone, Inc.	BBB	4.00	11/15/20		680,000		682,873
Dollar General Corp.	BBB	3.25	04/15/23		1,017,000		1,085,890
eBay, Inc.	BBB+	2.88	08/01/21		2,040,000		2,086,269
Expedia Group, Inc.	BBB-	5.95	08/15/20		1,945,000		1,948,889
Family Dollar Stores, Inc.	BBB-	5.00	02/01/21		1,945,000		1,977,497
Harman International Industries, Inc.	A-	4.15	05/15/25		1,945,000		2,116,192
Hyatt Hotels Corp.	BBB-	5.38	08/15/21		50,000		51,402
Kohl’s Corp.	BBB-	3.25	02/01/23		680,000		662,786
Lowe’s Cos., Inc.	BBB+	4.00	04/15/25		1,320,000		1,506,211
Marriott International, Inc.	BBB-	3.13	02/15/23		1,945,000		1,945,914
Marriott International, Inc.	BBB-	3.38	10/15/20		780,000		779,606

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

76

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Newell Brands, Inc.	BB+	4.70	08/15/20	$	510,000	$	510,838
NVR, Inc.	BBB+	3.95	09/15/22		1,945,000		2,070,644
O’Reilly Automotive, Inc.	BBB	4.63	09/15/21		271,000		280,767
Tapestry, Inc.	BBB-	3.00	07/15/22		2,430,000		2,391,002
Tupperware Brands Corp.	C	4.75	06/01/21		1,945,000		1,186,450
Wyndham Destinations, Inc.	BB-	5.40	04/01/24		2,430,000		2,344,950
							24,705,995
CONSUMER STAPLES (2.4%)
Coca-Cola Co.	A+	2.95	03/25/25		1,000,000		1,101,930
Flowers Foods, Inc.	BBB	4.38	04/01/22		1,945,000		2,026,985
Ingredion, Inc.	BBB	4.63	11/01/20		265,000		267,943
Kellogg Co.	BBB	2.65	12/01/23		1,945,000		2,060,864
Keurig Dr Pepper, Inc.	BBB	3.13	12/15/23		2,910,000		3,128,496
Kroger Co.	BBB	2.95	11/01/21		1,945,000		2,002,149
Molson Coors Beverage Co.	BBB-	3.50	05/01/22		975,000		1,017,370
Procter & Gamble Co.	AA-	2.45	03/25/25		2,900,000		3,147,357
Sysco Corp.	BBB-	2.60	10/01/20		1,945,000		1,950,697
							16,703,791
ENERGY (0.8%)
Diamond Offshore Drilling, Inc.	NR	3.45	11/01/23		1,460,000		157,388
Energen Corp.	BBB-	4.63	09/01/21		1,945,000		1,959,413
EQT Corp.	BB-	4.88	11/15/21		279,000		273,336
Marathon Oil Corp.	BBB-	2.80	11/01/22		1,945,000		1,947,041
SESI LLC	CC	7.13	12/15/21		2,090,000		721,050
Valaris PLC	D	4.88	06/01/22		1,945,000		213,950
							5,272,178
FINANCIALS (8.7%)
Aflac, Inc.	A-	3.63	06/15/23		535,000		585,058
Alleghany Corp.	BBB+	4.95	06/27/22		1,945,000		2,072,218
American International Group, Inc.	BBB+	4.13	02/15/24		1,945,000		2,170,043
Ares Capital Corp.	BBB-	3.63	01/19/22		2,430,000		2,472,525
Assurant, Inc.	BBB	4.00	03/15/23		1,945,000		2,074,638
Block Financial LLC	BBB	5.50	11/01/22		2,402,000		2,559,836
Capital One Financial Corp.	BBB	4.75	07/15/21		1,945,000		2,028,113
Citizens Financial Group, Inc.	BBB	3.75	07/01/24		2,000,000		2,150,046
Fairfax U.S., Inc.†	BBB-	4.88	08/13/24		730,000		750,248
Fifth Third Bancorp	BBB	4.30	01/16/24		2,430,000		2,677,856
FS KKR Capital Corp.	NR	4.75	05/15/22		2,600,000		2,579,121
Goldman Sachs Group, Inc.	BBB+	3.20	02/23/23		2,430,000		2,579,234
Huntington Bancshares, Inc.	BBB+	2.30	01/14/22		2,675,000		2,743,978
Infinity Property & Casualty Corp.	BBB	5.00	09/19/22		1,945,000		2,052,519
JPMorgan Chase & Co.	BBB+	3.88	09/10/24		1,480,000		1,640,909
Legg Mason, Inc.	BBB	3.95	07/15/24		1,945,000		2,092,964
Lincoln National Corp.	A-	4.00	09/01/23		1,945,000		2,117,670
Morgan Stanley	BBB+	3.13	01/23/23		2,430,000		2,576,542
People’s United Bank N.A.	BBB+	4.00	07/15/24		1,750,000		1,856,637
PNC Bank NA	A-	3.80	07/25/23		2,500,000		2,715,822
Prospect Capital Corp.	BBB-	4.95	07/15/22		2,430,000		2,210,373
Prospect Capital Corp.	BBB-	5.88	03/15/23		1,870,000		1,870,318
Regions Financial Corp.	BBB+	2.75	08/14/22		2,675,000		2,786,093
Signet UK Finance PLC	B+	4.70	06/15/24		1,945,000		1,361,500
Stifel Financial Corp.	BBB-	4.25	07/18/24		1,945,000		2,069,818
Synchrony Financial	BBB-	3.70	08/04/26		1,460,000		1,511,164
Unum Group	BBB	4.00	03/15/24		1,945,000		2,041,219
Voya Financial, Inc.	BBB+	3.65	06/15/26		1,945,000		2,155,431

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

77

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
FINANCIALS (CONTINUED)
WR Berkley Corp.		BBB+		4.63		03/15/22	$	1,945,000	$	2,049,503
										60,551,396
HEALTH CARE (2.7%)
AbbVie, Inc.		BBB+		2.85		05/14/23		2,430,000		2,562,938
Aetna, Inc.		BBB		2.80		06/15/23		2,430,000		2,560,072
Anthem, Inc.		A		3.13		05/15/22		1,945,000		2,037,329
Bio-Rad Laboratories, Inc.		BBB		4.88		12/15/20		1,945,000		1,977,485
CVS Health Corp.		BBB		3.38		08/12/24		575,000		626,324
CVS Health Corp.		BBB		3.88		07/20/25		1,460,000		1,639,578
Humana, Inc.		BBB+		3.85		10/01/24		2,430,000		2,668,189
Laboratory Corp. of America Hldgs.		BBB		3.75		08/23/22		585,000		617,210
Laboratory Corp. of America Hldgs.		BBB		4.63		11/15/20		390,000		391,027
Thermo Fisher Scientific, Inc.		BBB+		4.13		03/25/25		1,320,000		1,507,665
Zimmer Biomet Hldgs., Inc.		BBB		3.15		04/01/22		1,945,000		2,018,949
										18,606,766
INDUSTRIALS (2.0%)
3M Co.		A+		2.65		04/15/25		3,000,000		3,244,355
Deere & Co.		A		2.75		04/15/25		2,540,000		2,775,132
Flowserve Corp.		BBB-		3.50		09/15/22		1,945,000		2,010,157
General Dynamics Corp.		A		3.25		04/01/25		1,320,000		1,463,910
JB Hunt Transport Svcs., Inc.		BBB+		3.30		08/15/22		1,945,000		2,018,019
Verisk Analytics, Inc.		BBB		4.13		09/12/22		1,945,000		2,080,781
										13,592,354
INFORMATION TECHNOLOGY (2.0%)
Arrow Electronics, Inc.		BBB-		4.50		03/01/23		50,000		53,094
Avnet, Inc.		BBB-		3.75		12/01/21		1,100,000		1,128,745
Fiserv, Inc.		BBB		4.75		06/15/21		1,850,000		1,923,511
Global Payments, Inc.		BBB-		3.75		06/01/23		925,000		997,483
Intel Corp.		A+		3.40		03/25/25		2,000,000		2,243,791
Jabil, Inc.		BBB-		4.70		09/15/22		1,921,000		2,040,474
Juniper Networks, Inc.		BBB		4.50		03/15/24		1,460,000		1,617,874
Motorola Solutions, Inc.		BBB-		3.75		05/15/22		1,945,000		2,044,662
NortonLifeLock, Inc.		BB-		4.20		09/15/20		1,945,000		1,946,945
										13,996,579
MATERIALS (0.7%)
Domtar Corp.		BBB-		4.40		04/01/22		1,945,000		1,987,317
Freeport-McMoRan, Inc.		BB		3.55		03/01/22		245,000		245,000
Kinross Gold Corp.		BBB-		5.13		09/01/21		730,000		750,222
Southern Copper Corp.		BBB+		3.50		11/08/22		1,945,000		2,037,368
										5,019,907
REAL ESTATE (2.2%)
Boston Properties LP		A-		3.80		02/01/24		2,920,000		3,167,045
CBRE Svcs., Inc.		BBB+		5.25		03/15/25		1,945,000		2,193,293
Crown Castle International Corp.		BBB-		3.15		07/15/23		2,430,000		2,593,188
Diversified Healthcare Trust		BB		4.75		05/01/24		485,000		436,196
Healthpeak Properties, Inc.		BBB+		3.15		08/01/22		730,000		765,610
Jones Lang LaSalle, Inc.		BBB+		4.40		11/15/22		1,370,000		1,436,015
Mack-Cali Realty LP		BB-		4.50		04/18/22		975,000		902,305
Omega Healthcare Investors, Inc.		BBB-		4.38		08/01/23		1,700,000		1,764,748
Omega Healthcare Investors, Inc.		BBB-		4.50		01/15/25		730,000		753,491
Service Properties Trust		BB+		5.00		08/15/22		1,265,000		1,242,306
										15,254,197

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

78

MUTUAL OF AMERICA INVESTMENT CORPORATION — MID-TERM BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
UTILITIES (1.0%)
Exelon Corp.	BBB	5.15	12/01/20	$	1,460,000	$	1,470,569
Exelon Generation Co. LLC	BBB+	4.25	06/15/22		975,000		1,032,944
National Fuel Gas Co.	BBB-	4.90	12/01/21		1,945,000		2,011,882
Southern Co.	BBB+	3.25	07/01/26		2,430,000		2,692,894
							7,208,289
TOTAL CORPORATE DEBT							189,999,253
TOTAL LONG-TERM DEBT SECURITIES (Cost: $654,178,364) 99.3%							689,236,337
		Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (0.1%)
Citibank, New York Time Deposit		0.01	07/01/20	$	878,279	$	878,279
TOTAL TEMPORARY CASH INVESTMENT (Cost: $878,279) 0.1%							878,279
TOTAL INVESTMENTS (Cost: $655,056,643) 99.4%							690,114,616
OTHER NET ASSETS 0.6%							4,260,432
NET ASSETS 100.0%						$	694,375,048

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

79

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (42.8%)
U.S. Treasury Bond	AA+	2.25	08/15/46	$	28,885,000	$	34,243,393
U.S. Treasury Bond	AA+	2.75	08/15/47		9,790,000		12,785,511
U.S. Treasury Bond	AA+	2.88	05/15/49		28,395,000		38,393,146
U.S. Treasury Note	AA+	0.63	05/15/30		36,000,000		35,890,312
U.S. Treasury Note	AA+	1.25	08/31/24		20,070,000		20,912,783
U.S. Treasury Note	AA+	1.50	09/30/24		23,000,000		24,225,469
U.S. Treasury Note	AA+	1.50	08/15/26		40,350,000		42,996,393
U.S. Treasury Note	AA+	1.50	02/15/30		5,500,000		5,944,941
U.S. Treasury Note	AA+	1.63	08/15/29		48,955,000		53,406,845
U.S. Treasury Note	AA+	2.25	02/15/27		43,080,000		48,123,389
U.S. Treasury Note	AA+	2.25	08/15/27		72,945,000		81,932,052
U.S. Treasury Note	AA+	2.25	11/15/27		50,035,000		56,349,964
U.S. Treasury Note	AA+	2.38	05/15/27		62,420,000		70,449,260
U.S. Treasury Note	AA+	2.63	02/15/29		48,955,000		57,361,491
U.S. Treasury Note	AA+	2.88	05/15/28		39,165,000		46,217,760
U.S. Treasury Note	AA+	3.13	11/15/28		3,915,000		4,732,868
U.S. Treasury Strip	AA+	0.00	08/15/25		19,580,000		19,172,125
U.S. Treasury Strip	AA+	0.00	08/15/26		19,580,000		18,976,803
U.S. Treasury Strip	AA+	0.00	08/15/28		19,580,000		18,529,946
U.S. Treasury Strip	AA+	0.00	08/15/29		19,580,000		18,279,010
U.S. Treasury Strip	AA+	0.00	08/15/33		9,790,000		8,589,971
U.S. Treasury Strip	AA+	0.00	08/15/35		9,790,000		8,319,487
U.S. Treasury Strip	AA+	0.00	08/15/37		9,790,000		7,980,793
							733,813,712
U.S. GOVERNMENT AGENCIES (30.7%)
MORTGAGE-BACKED OBLIGATIONS (30.7%)
FHLMC	AA+	0.58	10/15/41		616,185		615,710
FHLMC	AA+	0.68	01/15/47		2,329,434		2,334,367
FHLMC	AA+	2.50	09/01/27		848,576		890,321
FHLMC	AA+	2.50	12/01/27		844,565		894,496
FHLMC	AA+	2.50	10/01/34		3,266,498		3,421,375
FHLMC	AA+	2.50	10/01/49		2,808,721		2,936,983
FHLMC	AA+	2.50	01/01/50		1,569,192		1,646,426
FHLMC	AA+	2.50	05/01/50		4,991,934		5,217,906
FHLMC	AA+	2.50	05/01/50		3,977,914		4,103,399
FHLMC	AA+	3.00	06/01/27		430,210		452,687
FHLMC	AA+	3.00	08/01/27		219,128		230,311
FHLMC	AA+	3.00	02/01/32		3,440,340		3,653,630
FHLMC	AA+	3.00	10/15/37		770,949		791,936
FHLMC	AA+	3.00	11/01/39		5,109,921		5,384,038
FHLMC	AA+	3.00	12/15/40		814,860		860,492
FHLMC	AA+	3.00	07/01/42		458,072		497,687
FHLMC	AA+	3.00	11/01/42		1,429,295		1,490,079
FHLMC	AA+	3.00	03/01/43		1,212,518		1,306,421
FHLMC	AA+	3.00	04/01/43		1,733,979		1,868,342
FHLMC	AA+	3.00	04/01/43		11,570,214		12,395,960
FHLMC	AA+	3.00	04/01/43		5,502,679		5,972,061
FHLMC	AA+	3.00	09/15/43		2,205,981		2,263,268
FHLMC	AA+	3.00	04/15/44		756,418		785,038
FHLMC	AA+	3.00	04/15/45		1,868,434		1,920,526
FHLMC	AA+	3.00	09/01/46		1,442,771		1,526,542
FHLMC	AA+	3.00	09/01/46		3,733,029		4,021,069
FHLMC	AA+	3.00	11/01/46		1,000,281		1,036,862
FHLMC	AA+	3.00	05/01/49		4,490,903		4,731,658
FHLMC	AA+	3.00	11/01/49		3,513,702		3,719,935
FHLMC	AA+	3.00	11/01/49		2,817,761		2,968,820

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

80

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC	AA+	3.00	02/01/50	$	4,820,544	$	5,080,657
FHLMC	AA+	3.50	02/01/35		1,859,002		1,987,091
FHLMC	AA+	3.50	02/01/35		1,022,135		1,092,525
FHLMC	AA+	3.50	04/01/35		881,898		939,293
FHLMC	AA+	3.50	02/01/36		909,885		973,109
FHLMC	AA+	3.50	01/01/41		944,613		1,020,949
FHLMC	AA+	3.50	07/01/42		1,537,631		1,696,768
FHLMC	AA+	3.50	06/01/43		1,869,430		2,018,125
FHLMC	AA+	3.50	01/01/44		18,656,556		20,191,091
FHLMC	AA+	3.50	05/15/44		1,459,119		1,492,268
FHLMC	AA+	3.50	04/01/45		1,467,690		1,595,191
FHLMC	AA+	3.50	07/01/45		1,605,557		1,761,664
FHLMC	AA+	3.50	09/01/45		1,289,381		1,385,017
FHLMC	AA+	3.50	11/01/45		4,450,963		4,801,145
FHLMC	AA+	3.50	08/01/46		1,992,421		2,172,735
FHLMC	AA+	3.50	08/01/47		6,447,425		6,837,984
FHLMC	AA+	3.50	09/01/47		6,827,968		7,235,641
FHLMC	AA+	3.50	11/01/47		2,901,299		3,074,744
FHLMC	AA+	3.50	12/01/47		1,414,100		1,498,392
FHLMC	AA+	3.50	07/01/49		3,081,658		3,266,149
FHLMC	AA+	3.50	02/01/50		4,949,740		5,256,013
FHLMC	AA+	4.00	02/01/25		41,868		44,295
FHLMC	AA+	4.00	05/01/26		138,125		146,413
FHLMC	AA+	4.00	11/01/33		3,877,846		4,103,871
FHLMC	AA+	4.00	12/01/33		854,191		916,437
FHLMC	AA+	4.00	01/01/38		2,051,807		2,251,401
FHLMC	AA+	4.00	06/15/38		4,900,000		5,121,254
FHLMC	AA+	4.00	12/15/38		185,994		191,399
FHLMC	AA+	4.00	01/15/40		2,000,000		2,122,076
FHLMC	AA+	4.00	07/01/41		705,350		783,457
FHLMC	AA+	4.00	10/01/44		1,374,647		1,509,223
FHLMC	AA+	4.00	10/01/44		795,986		866,418
FHLMC	AA+	4.00	10/01/44		1,226,713		1,343,943
FHLMC	AA+	4.00	02/01/45		3,986,349		4,449,824
FHLMC	AA+	4.00	05/01/47		1,950,101		2,076,832
FHLMC	AA+	4.00	02/01/48		1,011,636		1,075,536
FHLMC	AA+	4.00	05/01/48		694,670		737,443
FHLMC	AA+	4.00	05/01/48		1,545,360		1,639,166
FHLMC	AA+	4.00	09/01/48		4,133,523		4,382,056
FHLMC	AA+	4.00	10/01/48		2,838,683		3,006,773
FHLMC	AA+	4.00	04/01/49		3,411,813		3,646,057
FHLMC	AA+	4.00	04/01/49		3,572,696		3,786,061
FHLMC	AA+	4.50	05/01/48		2,094,300		2,252,717
FHLMC	AA+	4.50	05/01/48		3,050,071		3,282,073
FHLMC	AA+	5.00	10/01/40		527,344		605,796
FHLMC	AA+	5.50	03/01/21		1,824		1,832
FHLMC	AA+	5.50	01/15/33		123,968		142,054
FHLMC	AA+	6.00	07/15/29		70,846		79,835
FHLMC	AA+	6.00	03/15/32		89,654		104,058
FHLMC ARM	AA+	3.56	05/01/37		40,904		41,222
FHLMC ARM	AA+	3.65	04/01/37		57,116		60,324
FHLMC ARM	AA+	3.73	03/01/37		15,546		15,721
FHLMC ARM	AA+	3.76	02/01/36		112,226		113,372
FHLMC ARM	AA+	3.86	04/01/37		26,700		26,959
FHLMC Strip	AA+	3.00	01/15/43		2,128,475		2,307,146

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

81

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC Strip	AA+	3.50	10/15/47	$	1,680,825	$	1,810,517
FNMA	AA+	0.58	06/25/37		44,430		44,613
FNMA	AA+	0.91	06/25/40		468,174		474,475
FNMA	AA+	2.25	01/01/28		1,113,593		1,171,113
FNMA	AA+	2.50	02/01/33		1,143,366		1,189,376
FNMA	AA+	2.50	06/01/35		3,840,500		4,022,593
FNMA	AA+	2.50	12/01/37		7,276,493		7,622,909
FNMA	AA+	2.50	03/01/50		4,972,403		5,197,958
FNMA	AA+	2.68	12/01/26		2,925,000		3,163,917
FNMA	AA+	2.92	07/01/27		2,793,094		3,043,504
FNMA	AA+	3.00	05/25/31		3,753,747		4,001,093
FNMA	AA+	3.00	06/01/33		873,289		927,399
FNMA	AA+	3.00	07/01/33		1,624,410		1,731,064
FNMA	AA+	3.00	09/01/33		1,671,622		1,781,382
FNMA	AA+	3.00	03/01/36		2,283,822		2,416,666
FNMA	AA+	3.00	01/01/40		4,643,106		4,892,022
FNMA	AA+	3.00	04/25/42		855,781		885,293
FNMA	AA+	3.00	12/01/42		1,229,513		1,281,893
FNMA	AA+	3.00	04/01/43		1,376,583		1,435,151
FNMA	AA+	3.00	02/01/45		1,332,038		1,451,740
FNMA	AA+	3.00	03/01/45		1,284,160		1,338,287
FNMA	AA+	3.00	09/01/46		2,319,421		2,456,968
FNMA	AA+	3.00	01/01/47		947,375		981,518
FNMA	AA+	3.00	03/01/50		2,453,474		2,585,860
FNMA	AA+	3.00	03/01/50		20,000,000		21,315,010
FNMA	AA+	3.00	05/01/50		4,992,216		5,261,603
FNMA	AA+	3.00	06/01/50		6,966,384		7,342,259
FNMA	AA+	3.50	03/01/32		619,730		662,849
FNMA	AA+	3.50	07/01/34		2,039,638		2,192,557
FNMA	AA+	3.50	10/01/34		1,519,020		1,597,188
FNMA	AA+	3.50	02/01/35		1,302,703		1,384,733
FNMA	AA+	3.50	03/01/41		1,231,488		1,358,935
FNMA	AA+	3.50	10/01/41		693,686		745,272
FNMA	AA+	3.50	12/01/41		681,170		727,035
FNMA	AA+	3.50	04/01/42		836,939		899,960
FNMA	AA+	3.50	11/25/42		582,661		588,473
FNMA	AA+	3.50	12/01/42		1,162,852		1,262,910
FNMA	AA+	3.50	01/01/43		962,280		1,038,790
FNMA	AA+	3.50	07/25/43		895,356		905,859
FNMA	AA+	3.50	08/01/43		1,536,325		1,639,013
FNMA	AA+	3.50	08/01/43		3,206,600		3,462,762
FNMA	AA+	3.50	10/01/43		744,766		792,415
FNMA	AA+	3.50	01/01/44		626,747		652,539
FNMA	AA+	3.50	08/01/44		3,846,561		4,004,096
FNMA	AA+	3.50	08/25/44		2,007,396		2,036,097
FNMA	AA+	3.50	04/01/45		1,629,589		1,771,158
FNMA	AA+	3.50	04/01/45		2,716,952		2,969,544
FNMA	AA+	3.50	05/01/45		2,781,784		2,990,445
FNMA	AA+	3.50	10/01/45		2,707,604		2,959,611
FNMA	AA+	3.50	02/01/46		1,728,032		1,846,688
FNMA	AA+	3.50	02/01/46		3,410,916		3,728,421
FNMA	AA+	3.50	08/01/46		2,332,113		2,549,213
FNMA	AA+	3.50	12/01/46		1,026,450		1,086,833
FNMA	AA+	3.50	02/01/47		2,158,591		2,302,096
FNMA	AA+	3.50	09/01/47		2,981,240		3,238,889

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

82

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (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	09/01/47	$	4,228,038	$	4,468,417
FNMA	AA+	3.50	10/01/47		3,403,640		3,604,867
FNMA	AA+	3.50	04/01/48		1,328,631		1,393,617
FNMA	AA+	3.50	08/01/48		1,975,998		2,080,984
FNMA	AA+	3.50	07/01/49		2,365,519		2,486,574
FNMA	AA+	3.50	07/01/49		1,963,686		2,064,559
FNMA	AA+	3.50	07/01/49		2,318,819		2,457,116
FNMA	AA+	3.50	08/01/49		4,001,928		4,207,510
FNMA	AA+	3.50	01/01/50		7,116,927		7,563,770
FNMA	AA+	3.50	02/01/50		4,650,738		4,940,205
FNMA	AA+	3.50	03/01/50		9,546,168		10,142,544
FNMA	AA+	3.53	01/01/26		4,900,000		5,486,038
FNMA	AA+	4.00	07/25/26		1,286,494		1,351,646
FNMA	AA+	4.00	05/25/29		1,621,645		1,693,054
FNMA	AA+	4.00	03/01/35		248,727		269,364
FNMA	AA+	4.00	06/01/36		652,505		702,316
FNMA	AA+	4.00	10/01/36		718,145		772,967
FNMA	AA+	4.00	10/01/40		713,571		797,785
FNMA	AA+	4.00	05/01/41		446,126		481,627
FNMA	AA+	4.00	05/01/43		5,303,519		5,814,472
FNMA	AA+	4.00	01/01/44		9,859,190		10,815,130
FNMA	AA+	4.00	09/01/45		671,323		729,038
FNMA	AA+	4.00	11/01/45		1,068,747		1,179,032
FNMA	AA+	4.00	02/01/47		2,698,287		2,992,035
FNMA	AA+	4.00	11/01/47		1,041,936		1,109,637
FNMA	AA+	4.00	04/01/48		866,661		919,458
FNMA	AA+	4.00	05/01/48		3,545,142		3,759,552
FNMA	AA+	4.00	09/01/48		1,050,242		1,112,707
FNMA	AA+	4.00	03/01/49		4,371,289		4,633,721
FNMA	AA+	4.00	07/01/56		1,591,467		1,755,485
FNMA	AA+	4.50	04/01/31		275,637		300,850
FNMA	AA+	4.50	05/01/39		444,110		495,147
FNMA	AA+	4.50	05/01/39		654,262		727,364
FNMA	AA+	4.50	12/01/39		2,700,288		2,943,563
FNMA	AA+	4.50	05/01/40		397,826		434,718
FNMA	AA+	4.50	07/01/40		1,776,771		1,963,546
FNMA	AA+	4.50	07/01/42		7,025,104		7,798,771
FNMA	AA+	4.50	03/01/44		966,964		1,071,610
FNMA	AA+	4.50	04/01/44		1,581,250		1,740,580
FNMA	AA+	4.50	11/01/47		3,347,179		3,675,738
FNMA	AA+	4.50	11/01/47		2,746,745		3,016,374
FNMA	AA+	4.50	11/01/47		2,660,970		2,869,672
FNMA	AA+	4.50	02/01/49		946,524		1,016,882
FNMA	AA+	5.00	09/01/20		283		297
FNMA	AA+	5.00	10/01/20		1,038		1,091
FNMA	AA+	5.00	11/25/35		418,376		483,686
FNMA	AA+	5.00	08/01/37		2,825,129		3,237,998
FNMA	AA+	5.00	05/01/39		340,734		378,538
FNMA	AA+	5.00	09/25/40		830,325		851,516
FNMA	AA+	5.50	01/01/24		49,657		54,588
FNMA	AA+	5.50	03/01/24		103,633		113,925
FNMA	AA+	5.50	11/01/26		36,634		40,288
FNMA	AA+	5.50	01/01/27		27,802		30,611
FNMA	AA+	5.50	03/01/33		157,691		171,803
FNMA	AA+	5.50	02/25/37		20,449		22,700

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

83

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA	AA+	5.50	05/01/38	$	2,440,024	$	2,798,516
FNMA	AA+	5.50	11/01/38		13,351		14,645
FNMA	AA+	5.50	06/01/48		45,516		52,440
FNMA	AA+	6.00	05/01/23		50,704		56,308
FNMA	AA+	6.00	03/01/28		75,742		84,254
FNMA	AA+	6.00	04/01/32		3,846		4,271
FNMA	AA+	6.00	05/01/32		102,729		119,248
FNMA	AA+	6.00	04/01/33		249,113		279,043
FNMA	AA+	6.00	12/01/36		86,583		100,789
FNMA	AA+	6.00	01/01/37		96,996		112,929
FNMA	AA+	6.00	05/01/37		13,443		15,044
FNMA	AA+	6.00	06/01/37		2,868		2,960
FNMA	AA+	6.00	07/01/37		54,260		63,077
FNMA	AA+	6.00	08/01/37		57,348		66,705
FNMA	AA+	6.00	10/25/44		325,085		387,097
FNMA	AA+	6.00	02/25/47		708,930		847,326
FNMA	AA+	6.00	12/25/49		237,658		275,266
FNMA	AA+	6.50	05/01/32		82,195		93,534
FNMA	AA+	6.50	09/01/36		14,244		15,329
FNMA	AA+	6.50	05/01/37		82,707		88,569
FNMA	AA+	6.50	07/01/37		10,751		12,160
FNMA	AA+	6.50	09/01/37		13,088		14,556
FNMA	AA+	6.50	05/01/38		6,784		7,545
FNMA	AA+	7.00	01/25/44		205,347		237,507
FNMA	AA+	7.50	06/01/32		29,418		36,167
FNMA	AA+	8.00	04/01/32		17,614		18,728
FNMA Strip	AA+	3.00	08/25/42		787,870		833,133
FRESB Multifamily Mortgage	AA+	2.37	10/25/26		1,162,913		1,197,757
FRESB Multifamily Mortgage	AA+	3.16	11/25/27		1,504,204		1,612,579
FRESB Multifamily Mortgage	AA+	3.30	12/25/27		1,833,700		1,973,437
FRESB Multifamily Mortgage	AA+	3.61	10/25/28		1,175,303		1,272,001
GNMA (3)	AA+	2.68	10/16/47		1,145,984		1,152,477
GNMA (3)	AA+	3.00	07/16/36		1,515,121		1,654,913
GNMA (3)	AA+	3.00	08/20/44		2,059,144		2,151,764
GNMA (3)	AA+	3.00	01/15/46		1,249,863		1,330,450
GNMA (3)	AA+	3.00	03/15/46		4,408,819		4,693,287
GNMA (3)	AA+	3.00	07/15/46		2,387,628		2,541,991
GNMA (3)	AA+	3.00	02/20/47		2,844,714		3,038,500
GNMA (3)	AA+	3.50	05/20/31		2,084,273		2,259,104
GNMA (3)	AA+	3.50	02/20/42		1,237,252		1,294,389
GNMA (3)	AA+	3.50	07/15/42		1,446,431		1,546,212
GNMA (3)	AA+	3.50	11/15/42		611,724		651,982
GNMA (3)	AA+	3.50	03/20/45		2,696,892		2,886,689
GNMA (3)	AA+	3.50	05/20/45		1,966,060		2,134,779
GNMA (3)	AA+	3.70	05/15/42		681,608		733,552
GNMA (3)	AA+	4.00	01/20/41		1,040,219		1,127,019
GNMA (3)	AA+	4.00	03/15/41		412,577		453,232
GNMA (3)	AA+	4.00	08/15/41		776,657		851,800
GNMA (3)	AA+	4.00	11/15/41		522,862		583,910
GNMA (3)	AA+	4.00	12/15/41		922,953		1,003,003
GNMA (3)	AA+	4.00	08/20/42		746,097		808,123
GNMA (3)	AA+	4.25	04/20/41		557,427		608,284
GNMA (3)	AA+	4.29	04/15/41		258,711		280,069
GNMA (3)	AA+	4.50	06/20/30		24,272		26,413
GNMA (3)	AA+	4.50	09/15/30		342,208		377,181

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

84

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (3)	AA+	4.50	06/20/34	$	217,247	$	238,479
GNMA (3)	AA+	4.50	09/15/40		732,536		815,075
GNMA (3)	AA+	4.50	10/15/40		788,298		901,963
GNMA (3)	AA+	4.50	10/15/40		196,633		216,402
GNMA (3)	AA+	5.00	04/15/39		642,625		742,298
GNMA (3)	AA+	5.00	06/20/39		778,835		886,631
GNMA (3)	AA+	5.00	11/15/39		260,073		297,229
GNMA (3)	AA+	5.00	05/15/40		104,888		119,784
GNMA (3)	AA+	5.00	06/20/40		72,880		80,272
GNMA (3)	AA+	6.50	04/15/31		6,145		6,763
GNMA (3)	AA+	6.50	12/15/31		17,161		19,251
GNMA (3)	AA+	6.50	05/15/32		15,797		17,385
GNMA (3)	AA+	7.00	05/15/32		2,348		2,428
Vendee Mortgage Trust (3)	AA+	5.25	01/15/32		283,112		295,975
							526,517,565
CORPORATE DEBT (25.4%)
COMMUNICATION SERVICES (0.9%)
AT&T, Inc.	BBB	3.00	02/15/22		3,915,000		4,076,543
AT&T, Inc.	BBB	3.00	06/30/22		980,000		1,023,463
Discovery Communications LLC	BBB-	3.50	06/15/22		4,895,000		5,093,627
Omnicom Group, Inc.	BBB+	3.63	05/01/22		980,000		1,033,572
ViacomCBS, Inc.	BBB	3.25	03/15/23		4,895,000		5,000,992
							16,228,197
CONSUMER DISCRETIONARY (4.8%)
Advance Auto Parts, Inc.	BBB-	4.50	01/15/22		980,000		1,027,748
Advance Auto Parts, Inc.	BBB-	4.50	12/01/23		980,000		1,063,190
Amazon.com, Inc.	AA-	5.20	12/03/25		4,895,000		6,005,916
AutoZone, Inc.	BBB	3.25	04/15/25		1,960,000		2,136,763
AutoZone, Inc.	BBB	3.70	04/15/22		685,000		716,624
AutoZone, Inc.	BBB	4.00	11/15/20		2,935,000		2,947,400
Brinker International, Inc.	B-	3.88	05/15/23		3,915,000		3,621,375
Dollar General Corp.	BBB	3.25	04/15/23		3,915,000		4,180,197
eBay, Inc.	BBB+	2.88	08/01/21		4,895,000		5,006,022
Expedia Group, Inc.	BBB-	5.95	08/15/20		3,915,000		3,917,023
Family Dollar Stores, Inc.	BBB-	5.00	02/01/21		3,915,000		3,980,411
Harman International Industries, Inc.	A-	4.15	05/15/25		4,895,000		5,325,841
Hyatt Hotels Corp.	BBB-	5.38	08/15/21		195,000		200,467
Kohl’s Corp.	BBB-	3.25	02/01/23		1,764,000		1,719,344
Lowe’s Cos., Inc.	BBB+	3.12	04/15/22		1,960,000		2,039,791
Lowe’s Cos., Inc.	BBB+	4.00	04/15/25		3,190,000		3,640,010
Marriott International, Inc.	BBB-	3.13	02/15/23		2,935,000		2,936,379
Marriott International, Inc.	BBB-	3.38	10/15/20		2,935,000		2,933,519
Mattel, Inc.	B-	3.15	03/15/23		1,960,000		1,846,006
McDonald’s Corp.	BBB+	3.50	07/01/27		4,305,000		4,887,425
Newell Brands, Inc.	BB+	4.70	08/15/20		2,935,000		2,935,608
NVR, Inc.	BBB+	3.95	09/15/22		3,915,000		4,167,903
O’Reilly Automotive, Inc.	BBB	3.80	09/01/22		3,180,000		3,339,983
Tapestry, Inc.	BBB-	4.25	04/01/25		2,450,000		2,372,683
Tupperware Brands Corp.	C	4.75	06/01/21		3,915,000		2,388,150
Whirlpool Corp.	BBB	3.70	05/01/25		1,960,000		2,147,962
Whirlpool Corp.	BBB	4.85	06/15/21		980,000		1,019,465
Wyndham Destinations, Inc.	BB-	3.90	03/01/23		3,915,000		3,654,848
							82,158,053

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

85

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
CONSUMER STAPLES (1.3%)
Conagra Brands, Inc.	BBB-	4.95	08/15/20	$	630,000	$	630,123
Flowers Foods, Inc.	BBB	4.38	04/01/22		3,915,000		4,080,024
Ingredion, Inc.	BBB	4.63	11/01/20		3,160,000		3,195,094
Kroger Co.	BBB	2.95	11/01/21		4,700,000		4,838,098
Mead Johnson Nutrition Co.	A-	4.13	11/15/25		1,910,000		2,211,601
Molson Coors Beverage Co.	BBB-	3.50	05/01/22		2,935,000		3,062,543
Sysco Corp.	BBB-	3.75	10/01/25		3,500,000		3,832,109
							21,849,592
ENERGY (1.5%)
Devon Energy Corp.	BBB-	5.85	12/15/25		2,450,000		2,704,692
Diamond Offshore Drilling, Inc.	NR	3.45	11/01/23		2,935,000		316,393
Energen Corp.	BBB-	4.63	09/01/21		3,915,000		3,944,010
EQT Corp.	BB-	4.88	11/15/21		899,000		880,750
Kinder Morgan Energy Partners LP	BBB	4.30	05/01/24		4,895,000		5,345,976
Marathon Oil Corp.	BBB-	2.80	11/01/22		3,915,000		3,919,109
Marathon Petroleum Corp.	BBB	5.13	03/01/21		3,230,000		3,320,957
Murphy Oil Corp.	BB	4.95	12/01/22		3,450,000		3,329,250
SESI LLC	CC	7.13	12/15/21		4,405,000		1,519,725
Valaris PLC	D	4.88	06/01/22		3,915,000		430,650
							25,711,512
FINANCIALS (6.4%)
Alleghany Corp.	BBB+	4.95	06/27/22		1,960,000		2,088,199
American Express Co.	BBB	3.63	12/05/24		4,895,000		5,428,002
American International Group, Inc.	BBB+	3.75	07/10/25		4,895,000		5,417,008
Bank of America Corp.	BBB+	3.95	04/21/25		4,895,000		5,416,359
Block Financial LLC	BBB	5.25	10/01/25		2,935,000		3,234,898
Block Financial LLC	BBB	5.50	11/01/22		2,205,000		2,349,891
Capital One Financial Corp.	BBB	4.75	07/15/21		3,915,000		4,082,294
Citigroup, Inc.	BBB	3.88	03/26/25		4,895,000		5,331,697
Citizens Financial Group, Inc.	BBB	3.75	07/01/24		5,000,000		5,375,114
Fairfax U.S., Inc.†	BBB-	4.88	08/13/24		3,425,000		3,520,000
Fifth Third Bancorp	BBB	4.30	01/16/24		4,895,000		5,394,282
Genworth Hldgs., Inc.	B-	7.20	02/15/21		1,715,000		1,603,525
Genworth Hldgs., Inc.	B-	7.63	09/24/21		1,275,000		1,193,846
JPMorgan Chase & Co.	BBB+	3.88	09/10/24		4,895,000		5,427,195
Kemper Corp.	BBB	4.35	02/15/25		1,960,000		2,113,859
Lincoln National Corp.	A-	4.00	09/01/23		3,915,000		4,262,559
Marsh & McLennan Cos., Inc.	A-	4.80	07/15/21		2,935,000		3,027,886
Moody’s Corp.	BBB+	4.50	09/01/22		3,915,000		4,203,158
Old Republic International Corp.	BBB+	3.88	08/26/26		4,895,000		5,232,519
People’s United Bank N.A.	BBB+	4.00	07/15/24		2,000,000		2,121,871
Prudential Financial, Inc.	A	4.50	11/16/21		980,000		1,032,607
Reinsurance Group of America, Inc.	A	4.70	09/15/23		980,000		1,071,294
Reinsurance Group of America, Inc.	A	5.00	06/01/21		2,935,000		3,055,177
Signet UK Finance PLC	B+	4.70	06/15/24		4,895,000		3,426,500
Stifel Financial Corp.	BBB-	4.25	07/18/24		1,470,000		1,564,335
Synchrony Financial	BBB-	3.70	08/04/26		2,695,000		2,789,444
Travelers Cos., Inc.	A	3.90	11/01/20		2,450,000		2,478,139
Unum Group	BBB	4.00	03/15/24		4,895,000		5,137,156
Voya Financial, Inc.	BBB+	3.65	06/15/26		4,895,000		5,424,595
W R Berkley Corp.	BBB+	4.63	03/15/22		1,960,000		2,065,310
Wells Fargo & Co.	BBB+	3.45	02/13/23		3,915,000		4,159,243
Wells Fargo & Co.	BBB+	4.13	08/15/23		980,000		1,067,079
							110,095,041

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

86

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
HEALTH CARE (1.9%)
Anthem, Inc.	A	3.30	01/15/23	$	3,464,000	$	3,691,884
Anthem, Inc.	A	4.35	08/15/20		1,960,000		1,960,275
Biogen, Inc.	A-	4.05	09/15/25		2,450,000		2,806,924
Bio-Rad Laboratories, Inc.	BBB	4.88	12/15/20		3,915,000		3,980,387
Express Scripts Hldg. Co.	A-	3.50	06/15/24		1,960,000		2,106,304
Humana, Inc.	BBB+	3.85	10/01/24		2,935,000		3,222,689
Laboratory Corp. of America Hldgs.	BBB	3.75	08/23/22		1,960,000		2,067,918
Laboratory Corp. of America Hldgs.	BBB	4.63	11/15/20		980,000		982,579
Owens & Minor, Inc.	B-	4.38	12/15/24		2,740,000		2,349,550
Quest Diagnostics, Inc.	BBB+	3.50	03/30/25		685,000		752,806
Thermo Fisher Scientific, Inc.	BBB+	4.13	03/25/25		3,190,000		3,643,524
Zimmer Biomet Hldgs., Inc.	BBB	3.15	04/01/22		4,895,000		5,081,108
							32,645,948
INDUSTRIALS (1.4%)
Deere & Co.	A	2.75	04/15/25		6,440,000		7,036,160
Flowserve Corp.	BBB-	3.50	09/15/22		3,915,000		4,046,153
General Dynamics Corp.	A	3.25	04/01/25		3,190,000		3,537,781
Hexcel Corp.	BBB	4.70	08/15/25		3,820,000		4,156,918
Verisk Analytics, Inc.	BBB	4.00	06/15/25		4,895,000		5,539,669
							24,316,681
INFORMATION TECHNOLOGY (2.6%)
Applied Materials, Inc.	A-	3.90	10/01/25		4,895,000		5,593,834
Arrow Electronics, Inc.	BBB-	4.00	04/01/25		980,000		1,059,421
Arrow Electronics, Inc.	BBB-	4.50	03/01/23		1,075,000		1,141,521
Avnet, Inc.	BBB-	4.88	12/01/22		265,000		283,482
Fidelity National Information Svcs., Inc.	BBB	3.88	06/05/24		4,895,000		5,402,717
Fiserv, Inc.	BBB	4.75	06/15/21		980,000		1,018,941
Global Payments, Inc.	BBB-	3.75	06/01/23		3,915,000		4,221,781
Ingram Micro, Inc.	NR	5.00	08/10/22		980,000		980,147
Ingram Micro, Inc.	NR	5.45	12/15/24		735,000		740,898
Intel Corp.	A+	3.40	03/25/25		2,500,000		2,804,738
Juniper Networks, Inc.	BBB	4.50	03/15/24		2,935,000		3,252,371
Keysight Technologies, Inc.	BBB	4.55	10/30/24		4,895,000		5,466,490
Mastercard, Inc.	A+	3.30	03/26/27		2,300,000		2,604,522
Motorola Solutions, Inc.	BBB-	3.75	05/15/22		3,915,000		4,115,605
Motorola Solutions, Inc.	BBB-	4.00	09/01/24		980,000		1,081,048
NortonLifeLock, Inc.	BB-	4.20	09/15/20		3,915,000		3,918,915
							43,686,431
MATERIALS (2.4%)
Carpenter Technology Corp.	BBB-	4.45	03/01/23		3,525,000		3,489,221
Domtar Corp.	BBB-	4.40	04/01/22		4,895,000		5,001,500
Dow Chemical Co.	BBB-	3.50	10/01/24		4,700,000		5,073,233
Eastman Chemical Co.	BBB-	4.50	01/15/21		2,450,000		2,466,276
Freeport-McMoRan, Inc.	BB	3.55	03/01/22		3,915,000		3,915,000
Kinross Gold Corp.	BBB-	5.13	09/01/21		3,915,000		4,023,452
Methanex Corp.	BB	5.25	03/01/22		585,000		575,494
Packaging Corp. of America	BBB	4.50	11/01/23		1,960,000		2,157,316
Sherwin-Williams Co.	BBB-	3.95	01/15/26		4,895,000		5,521,149
Southern Copper Corp.	BBB+	3.50	11/08/22		3,915,000		4,100,924
Teck Resources Ltd.	BBB-	3.75	02/01/23		980,000		1,013,075
Teck Resources Ltd.	BBB-	4.75	01/15/22		2,935,000		3,052,400
							40,389,040

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

87

MUTUAL OF AMERICA INVESTMENT CORPORATION — BOND FUND

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

	Rating**		Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
REAL ESTATE (1.5%)
Boston Properties LP		A-	3.85	02/01/23	$	2,935,000	$	3,133,916
Healthcare Realty Trust, Inc.		BBB	3.75	04/15/23		3,915,000		4,075,855
Healthpeak Properties, Inc.		BBB+	3.40	02/01/25		3,670,000		3,955,154
Jones Lang LaSalle, Inc.		BBB+	4.40	11/15/22		3,915,000		4,103,649
Mack-Cali Realty LP		BB-	4.50	04/18/22		4,895,000		4,530,031
National Retail Properties, Inc.		BBB+	3.30	04/15/23		980,000		1,020,545
Service Properties Trust		BB+	5.00	08/15/22		4,455,000		4,375,078
Ventas Realty LP / Ventas Capital Corp.		BBB+	3.25	08/15/22		490,000		501,546
Welltower, Inc.		BBB+	3.75	03/15/23		735,000		777,824
								26,473,598
UTILITIES (0.7%)
Exelon Corp.		BBB	5.15	12/01/20		2,935,000		2,956,246
Exelon Generation Co. LLC		BBB+	4.25	06/15/22		980,000		1,038,241
National Fuel Gas Co.		BBB-	4.90	12/01/21		2,935,000		3,035,925
National Fuel Gas Co.		BBB-	5.20	07/15/25		1,960,000		2,075,656
UIL Hldgs. Corp.		BBB	4.63	10/01/20		2,670,000		2,685,168
								11,791,236
TOTAL CORPORATE DEBT								435,345,329
SOVEREIGN DEBT (0.2%)
Sri Lanka AID		NR	6.59	09/15/28		2,332,085		2,848,256
TOTAL LONG-TERM DEBT SECURITIES (Cost: $1,578,489,238) 99.1%								1,698,524,862
			Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (0.8%)
Citibank, New York Time Deposit			0.01	07/01/20	$	14,337,889	$	14,337,889
TOTAL TEMPORARY CASH INVESTMENT (Cost: $14,337,889) 0.8%								14,337,889
TOTAL INVESTMENTS (Cost: $1,592,827,127) 99.9%								1,712,862,751
OTHER NET ASSETS 0.1%								1,666,815
NET ASSETS 100.0%							$	1,714,529,566

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

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MUTUAL OF AMERICA INVESTMENT CORPORATION

FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES

June 30, 2020 (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, 2020, 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
COMPOSITE FUND	$	256,934		0.1	%
MONEY MARKET FUND	$	44,983,546		32.1	%
MID-TERM BOND FUND	$	750,248		0.1	%
BOND FUND	$	3,520,000		0.2	%

†† 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, 2020, was as follows:

Fund	Number of Contracts		Contract Type	Purchased (P) or Sold (S)		Expiration Date		Underlying Face Amount at Value		Unrealized Gain(Loss)(a)		Face Value of Futures as a % of Total Investments
EQUITY INDEX FUND		175	E-mini S&P 500 Stock Index		P		September 2020	$	27,039,688	$	498,395		0.9	%
ALL AMERICA FUND		27	E-mini S&P 500 Stock Index		P		September 2020	$	4,171,838	$	36,027		1.6	%
MID-CAP EQUITY INDEX FUND		322	E-mini S&P MidCap 400 Stock Index		P		September 2020	$	57,287,020	$	704,105		4.1	%

(a) Includes the cumulative appreciation(depreciation) of futures contracts, which is included in Net Unrealized Appreciation (Depreciation) of Investments and Futures Contracts 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.

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MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2020 (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 — $1,796,456,829 All America Fund — $195,117,376 Small Cap Value Fund — $395,908,002 Small Cap Growth Fund — $477,468,303 Small Cap Equity Index Fund — $33,696,755 Mid Cap Value Fund — $72,882,602 Mid-Cap Equity Index Fund — $1,335,010,088 International Fund — $689,823,710 Composite Fund — $147,966,890 Retirement Income Fund — $129,484,040 2010 Retirement Fund — $25,400,636 2015 Retirement Fund — $123,449,443 2020 Retirement Fund — $509,656,392 2025 Retirement Fund — $830,967,327)
(Notes 1 and 3)	$	3,175,295,821	$	261,021,703	$	373,203,713		$	550,167,731	$	29,339,984
Cash		—		17,749		10			7		—
Interest and dividends receivable		2,481,392		230,537		403,465			241,364		30,039
Receivable for securities sold		—		4,428,031		5,877,549			2,069,445		1,004,108
Receivable for daily variation on future contracts		368,832		38,518		—			—		—
Shareholder subscriptions receivable		1,456,029		—		67,185			94,043		66,372
Other receivables		67,201		—		—			—		—
TOTAL ASSETS		3,179,669,275		265,736,538		379,551,922			552,572,590		30,440,503
LIABILITIES
Due to custodian bank		—		—		—			—		15,009
Payable for securities purchased		—		804,736		4,995,235			2,564,238		1,090,486
Shareholder redemptions payable		329,664		79,691		31,440			120,082		4,842
Accrued expenses		—		19,430		42,220			58,863		533
TOTAL LIABILITIES:		329,664		903,857		5,068,895			2,743,183		1,110,870
NET ASSETS	$	3,179,339,611	$	264,832,681	$	374,483,027		$	549,829,407	$	29,329,633
NUMBER OF SHARES OUTSTANDING (Note 4)		685,481,758		117,197,301		333,472,759			370,425,099		36,091,062
NET ASSET VALUES, offering and redemption price per share		$4.64		$2.26		$1.12			$1.48		$0.81
COMPONENTS OF NET ASSETS
Paid-in capital	$	1,606,443,380	$	163,094,887	$	416,723,717		$	421,423,454	$	34,263,215
Total Distributable Earnings (Loss) (Notes 1 and 5)		1,572,896,231		101,737,794		(42,240,690	)		128,405,953		(4,933,582	)
NET ASSETS	$	3,179,339,611	$	264,832,681	$	374,483,027		$	549,829,407	$	29,329,633

(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.

90

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
$	76,760,799	$	1,412,183,836	$	680,564,534	$	176,205,562	$	137,647,774	(a)	$	27,076,990	(a)	$	133,876,193	(a)	$	549,065,937	(a)	$	892,381,825	(a)
	—		6		5		1,472		—			—			—			—			—
	101,016		1,400,081		—		452,219		—			—			—			—			—
	—		—		—		153		—			—			—			—			—
	—		744,291		—		—		—			—			—			—			—
	329,741		541,712		397,768		34,111		—			—			—			—			—
	19,572		3,355		4,540		7,434		11,843			8,652			—			—			—
	77,211,128		1,414,873,281		680,966,847		176,700,951		137,659,617			27,085,642			133,876,193			549,065,937			892,381,825
	—		—		—		—		—			—			—			—			—
	800,605		3,256,998		—		521,331		—			—			—			—			—
	—		162,882		77,044		—		—			—			—			—			—
	—		—		—		—		14,122			9,509			2,694			7,357			4,346
	800,605		3,419,880		77,044		521,331		14,122			9,509			2,694			7,357			4,346
$	76,410,523	$	1,411,453,401	$	680,889,803	$	176,179,620	$	137,645,495		$	27,076,133		$	133,873,499		$	549,058,580		$	892,377,479
	57,661,398		721,233,654		847,669,804		95,307,540		112,029,948			26,946,017			128,309,628			449,066,532			673,876,417
	$1.33		$1.96		$0.80		$1.85		$1.23			$1.00			$1.04			$1.22			$1.32
$	66,416,290	$	1,198,391,437	$	667,229,815	$	137,766,691	$	125,495,805		$	24,243,265		$	113,790,499		$	466,916,220		$	772,767,495
	9,994,233		213,061,964		13,659,988		38,412,929		12,149,690			2,832,868			20,083,000			82,142,360			119,609,984
$	76,410,523	$	1,411,453,401	$	680,889,803	$	176,179,620	$	137,645,495		$	27,076,133		$	133,873,499		$	549,058,580		$	892,377,479

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

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MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

June 30, 2020 (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 — $766,602,541 2035 Retirement Fund — $639,693,664 2040 Retirement Fund — $529,094,171 2045 Retirement Fund — $539,867,290 2050 Retirement Fund — $407,680,575 2055 Retirement Fund — $160,062,406 2060 Retirement Fund — $44,495,506 Conservative Allocation Fund — $160,300,198 Moderate Allocation Fund — $355,109,227 Aggressive Allocation Fund — $255,253,046 Money Market Fund — $139,121,697 Mid-Term Bond Fund — $655,056,643 Bond Fund — $1,592,827,127)
(Notes 1 and 3)	$	821,122,127	(a)	$	686,665,042	(a)	$	568,501,897	(a)	$	586,698,479	(a)	$	418,518,264	(a)
Cash		—			—			—			—			—
Interest and dividends receivable		—			—			—			—			—
Receivable for securities sold		—			—			—			—			—
Receivable for daily variation on future contracts		—			—			—			—			—
Shareholder subscriptions receivable		—			—			—			—			—
Other receivables		—			—			—			—			—
TOTAL ASSETS		821,122,127			686,665,042			568,501,897			586,698,479			418,518,264
LIABILITIES
Due to custodian bank		—			—			—			—			—
Payable for securities purchased		—			—			—			—			—
Shareholder redemptions payable		—			—			—			—			—
Accrued expenses		3,651			3,713			4,724			5,456			4,191
TOTAL LIABILITIES		3,651			3,713			4,724			5,456			4,191
NET ASSETS	$	821,118,476		$	686,661,329		$	568,497,173		$	586,693,023		$	418,514,073
NUMBER OF SHARES OUTSTANDING (Note 4)		600,119,487			499,698,827			419,921,232			441,022,137			259,323,012
NET ASSET VALUES, offering and redemption price per share		$1.37			$1.37			$1.35			$1.33			$1.61
COMPONENTS OF NET ASSETS
Paid-in capital	$	713,174,609		$	595,852,008		$	494,870,121		$	504,614,298		$	390,006,845
Total Distributable Earnings (Loss) (Notes 1 and 5)		107,943,867			90,809,321			73,627,052			82,078,725			28,507,228
NET ASSETS	$	821,118,476		$	686,661,329		$	568,497,173		$	586,693,023		$	418,514,073

(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.

92

2055 Retirement Fund			2060 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund		Mid-Term Bond Fund		Bond Fund
$	157,781,022	(a)	$	44,524,516	(a)	$	173,530,618	(a)	$	400,202,586	(a)	$	290,810,760	(a)	$	139,118,040	$	690,114,616	$	1,712,862,751
	—			—			—			—			—			7		—		12
	—			—			—			—			—			155,922		3,495,472		8,949,743
	—			—			—			—			—			—		—		816
	—			—			—			—			—			—		—		—
	—			—			—			—			—			780,616		907,741		1,206,607
	1,676			—			—			—			—			1,465		—		—
	157,782,698			44,524,516			173,530,618			400,202,586			290,810,760			140,056,050		694,517,829		1,723,019,929
	—			—			—			—			—			—		—		—
	—			—			—			—			—			—		—		8,261,387
	—			—			—			—			—			15,093		104,882		188,691
	—			104			390			1,306			1,769			—		37,899		40,285
	—			104			390			1,306			1,769			15,093		142,781		8,490,363
$	157,782,698		$	44,524,412		$	173,530,228		$	400,201,280		$	290,808,991		$	140,040,957	$	694,375,048	$	1,714,529,566
	128,382,655			43,577,363			134,848,559			263,701,058			177,266,701			113,281,399		624,177,677		1,093,609,932
	$1.23			$1.02			$1.29			$1.52			$1.64			$1.2362		$1.11		$1.57
$	155,385,040		$	43,711,473		$	152,837,110		$	322,280,656		$	226,618,618		$	135,490,648	$	638,444,951	$	1,532,388,991
	2,397,658			812,939			20,693,118			77,920,624			64,190,373			4,550,309		55,930,097		182,140,575
$	157,782,698		$	44,524,412		$	173,530,228		$	400,201,280		$	290,808,991		$	140,040,957	$	694,375,048	$	1,714,529,566

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

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MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2020 (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	$	31,192,873		$	2,545,836		$	5,358,401		$	2,001,454		$	217,037
Interest		366,494			27,957			79,200			56,460			393
Total investment income		31,559,367			2,573,793			5,437,601			2,057,914			217,430
EXPENSES
Investment advisory fees (Note 2)		1,165,208			530,149			1,500,077			1,999,179			9,891
Other operating expenses
Accounting and recordkeeping expenses		307,096			45,526			57,372			69,871			22,620
Shareholders reports		25,594			38,248			15,471			17,933			25,553
Custodian expenses		27,013			16,072			5,090			8,354			14,054
Independent directors’ fees and expenses		105,898			9,032			13,623			18,170			839
Audit		41,323			9,600			6,889			10,379			597
Legal and Compliance		57,244			13,300			9,544			14,378			827
Administrative		138,117			11,780			17,768			23,698			1,095
Licenses		269,662			13,800			—			—			2,138
Other (including year-end accrual)		76,330			(9,834	)		15,501			12,670			403
Total operating expenses		1,048,277			147,524			141,258			175,453			68,126
Total expenses before reimbursement		2,213,485			677,673			1,641,335			2,174,632			78,017
Fee waiver and expense reimbursement (Note 2)		—			—			—			—			(58,895	)
Net expenses		2,213,485			677,673			1,641,335			2,174,632			19,122
Net Investment Income (Loss)		29,345,882			1,896,120			3,796,266			(116,718	)		198,308
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS (Note 1)
Net realized gain (loss) on:
Investment securities		77,466,763			10,501,520			(47,303,299	)		23,068,337			(616,287	)
Futures contracts (Note 1)		(16,686,266	)		(56,717	)		—			—			—
Gain distributions from Mutual of America Investment Corp. Funds		—			—			—			—			—
		60,780,497			10,444,803			(47,303,299	)		23,068,337			(616,287	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(209,758,203	)		(32,691,505	)		(87,583,112	)		(23,280,287	)		(4,985,108	)
Futures contracts (Note 1)		(1,569,343	)		(58,823	)		—			—			—
		(211,327,546	)		(32,750,328	)		(87,583,112	)		(23,280,287	)		(4,985,108	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS		(150,547,049	)		(22,305,525	)		(134,886,411	)		(211,950	)		(5,601,395	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(121,201,167	)	$	(20,409,405	)	$	(131,090,145	)	$	(328,668	)	$	(5,403,087	)

(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.

94

Mid Cap Vaue 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
$	1,254,815		$	12,502,209		$	7,542,853		$	1,098,795		$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
	11,225			195,941			18,347			1,042,989			—			—			—			—			—
	1,266,040			12,698,150			7,561,200			2,141,784			—			—			—			—			—
	220,701			522,915			239,776			349,457			33,666	(b)		6,564	(b)		33,334	(b)		137,743	(b)		218,440	(b)
	27,923			149,081			78,471			46,866			22,766	(b)		22,219	(b)		22,707	(b)		24,402	(b)		25,713	(b)
	15,459			23,051			12,949			28,712			12,258	(b)		6,298	(b)		12,778	(b)		12,778	(b)		12,769	(b)
	2,455			15,542			4,901			5,799			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	2,734			47,512			21,796			5,955			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	2,905			18,826			950			6,329			5,355	(b)		476	(b)		4,830	(b)		19,956	(b)		31,652	(b)
	4,026			26,080			1,316			8,767			4,665	(b)		461	(b)		4,246	(b)		17,545	(b)		27,827	(b)
	3,565			61,968			28,427			7,766			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	—			120,989			—			—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	(764	)		35,050			22,297			(14,514	)		14,430	(b)		(3,964	)(b)		15,527	(b)		13,247	(b)		11,040	(b)
	58,303			498,099			171,107			95,680			59,474			25,490			60,088			87,928			109,001
	279,004			1,021,014			410,883			445,137			93,140			32,054			93,422			225,671			327,441
	—			—			—			—			—			(25,490	)		—			—			—
	279,004			1,021,014			410,883			445,137			93,140			6,564			93,422			225,671			327,441
	987,036			11,677,136			7,150,317			1,696,647			(93,140	)		(6,564	)		(93,422	)		(225,671	)		(327,441	)
	977,697			37,127,016			(5,255,272	)		644,413			1,104,972	(c)		353,040	(c)		1,203,153	(c)		9,091,998	(c)		12,604,331	(c)
	—			(6,424,734	)		—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—
	977,697			30,702,282			(5,255,272	)		644,413			1,104,972			353,040			1,203,153			9,091,998			12,604,331
	(20,162,576	)		(253,568,807	)		(80,382,888	)		(4,750,181	)		997,763			(148,533	)		(2,201,963	)		(19,936,634	)		(41,932,546	)
	—			(1,003,575	)		—			—			—			—			—			—			—
	(20,162,576	)		(254,572,382	)		(80,382,888	)		(4,750,181	)		997,763			(148,533	)		(2,201,963	)		(19,936,634	)		(41,932,546	)
	(19,184,879	)		(223,870,100	)		(85,638,160	)		(4,105,768	)		2,102,735			204,507			(998,810	)		(10,844,636	)		(29,328,215	)
$	(18,197,843	)	$	(212,192,964	)	$	(78,487,843	)	$	(2,409,121	)	$	2,009,595		$	197,943		$	(1,092,232	)	$	(11,070,307	)	$	(29,655,656	)

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

95

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF OPERATIONS (Continued)

For the Six Months Ended June 30, 2020 (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)		197,616	(b)		164,392	(b)		135,447	(b)		139,894	(b)		98,316	(b)
Other operating expenses
Accounting and recordkeeping expenses		25,375	(b)		24,836	(b)		24,366	(b)		24,438	(b)		23,763	(b)
Shareholders reports		12,780	(b)		12,776	(b)		12,766	(b)		12,765	(b)		12,766	(b)
Custodian expenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Independent directors’ fees and expenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Audit		28,637	(b)		23,825	(b)		19,630	(b)		20,274	(b)		14,249	(b)
Legal and Compliance		25,176	(b)		20,944	(b)		17,258	(b)		17,824	(b)		12,527	(b)
Administrative		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Licenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Other (including year-end accrual)		11,270	(b)		12,033	(b)		12,740	(b)		12,650	(b)		13,617	(b)
Total operating expenses		103,238			94,414			86,760			87,951			76,922
Total expenses before reimbursement		300,854			258,806			222,207			227,845			175,238
Fee waiver and expense reimbursement (Note 2)		—			—			—			—			—
Net expenses		300,854			258,806			222,207			227,845			175,238
Net Investment Income (Loss)		(300,854	)		(258,806	)		(222,207	)		(227,845	)		(175,238	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS (Note 1)
Net realized gain (loss) on:
Investment securities		10,690,296	(c)		8,199,446	(c)		6,738,081	(c)		4,777,289	(c)		(218,089	)(c)
Futures contracts (Note 1)		—			—			—			—			—
Gain distributions from Mutual of America Investment Corp. Funds		—			—			—			—			—
		10,690,296			8,199,446			6,738,081			4,777,289			(218,089	)
Change in net unrealized appreciation (depreciation) of:
Investment securities		(48,020,383	)		(48,614,438	)		(44,096,429	)		(47,057,116	)		(31,069,207	)
Futures contracts (Note 1)		—			—			—			—			—
		(48,020,383	)		(48,614,438	)		(44,096,429	)		(47,057,116	)		(31,069,207	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS		(37,330,087	)		(40,414,992	)		(37,358,348	)		(42,279,827	)		(31,287,296	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(37,630,941	)	$	(40,673,798	)	$	(37,580,555	)	$	(42,507,672	)	$	(31,462,534	)

(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.

96

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)	$	—		$	—	$	—
	—			—			—			—			—			836,892			8,286,167		22,429,716
	—			—			—			—			—			836,892			8,286,167		22,429,716
	35,192	(b)		8,562	(b)		—	(b)		—	(b)		—	(b)		119,486			1,351,365		3,184,191
	22,738	(b)		22,305	(b)		22,846	(b)		23,777	(b)		23,329	(b)		35,652			88,015		186,594
	12,761	(b)		12,764	(b)		12,469	(b)		12,454	(b)		12,439	(b)		15,500			20,543		35,786
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		4,099			5,545		20,974
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		5,426			23,029		55,663
	5,102	(b)		1,243	(b)		6,070	(b)		14,373	(b)		10,376	(b)		3,725			6,209		15,370
	4,485	(b)		1,092	(b)		5,337	(b)		12,636	(b)		9,123	(b)		5,158			8,600		21,292
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		7,077			30,036		72,598
	—	(b)		—	(b)		—	(b)		—	(b)		—	(b)		—			—		—
	15,130	(b)		21,374	(b)		14,643	(b)		13,495	(b)		14,103	(b)		3,106			11,976		28,507
	60,216			58,778			61,365			76,735			69,370			79,743			193,953		436,784
	95,408			67,340			61,365			76,735			69,370			199,229			1,545,318		3,620,975
	—			(58,778	)		—			—			—			—			—		—
	95,408			8,562			61,365			76,735			69,370			199,229			1,545,318		3,620,975
	(95,408	)		(8,562	)		(61,365	)		(76,735	)		(69,370	)		637,663			6,740,849		18,808,741
	(698,120	)(c)		(65,332	)(c)		1,675,592	(c)		9,221,715	(c)		6,610,333	(c)		449			691,043		4,582,797
	—			—			—			—			—			—			—		—
	—			—			—			—			—			—			—		—
	(698,120	)		(65,332	)		1,675,592			9,221,715			6,610,333			449			691,043		4,582,797
	(9,212,605	)		(1,497,384	)		589,970			(19,630,230	)		(24,017,216	)		(3,657	)		23,081,660		73,679,285
	—			—			—			—			—			—			—		—
	(9,212,605	)		(1,497,384	)		589,970			(19,630,230	)		(24,017,216	)		(3,657	)		23,081,660		73,679,285
	(9,910,725	)		(1,562,716	)		2,265,562			(10,408,515	)		(17,406,883	)		(3,208	)		23,772,703		78,262,082
$	(10,006,133	)	$	(1,571,278	)	$	2,204,197		$	(10,485,250	)	$	(17,476,253	)	$	634,455		$	30,513,552	$	97,070,823

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

97

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS

	Equity Index Fund						All America Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	29,345,882		$	58,340,189		$	1,896,120		$	4,244,381
Net realized gain (loss) on investments and futures contracts		60,780,497			65,501,118			10,444,803			23,143,223
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(211,327,546	)		697,582,555			(32,750,328	)		45,580,736
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(121,201,167	)		821,423,862			(20,409,405	)		72,968,340
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(106,988,440	)		—			(23,427,563	)
Return of Capital		—			—			—			—
Total distributions		—			(106,988,440	)		—			(23,427,563	)
CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		101,140,255			271,917,599			2,017,146			5,436,354
Dividends reinvested		—			106,988,440			—			23,427,563
Cost of shares redeemed		(278,743,955	)		(243,806,495	)		(29,237,574	)		(34,016,287	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		(177,603,700	)		135,099,544			(27,220,428	)		(5,152,370	)
INCREASE (DECREASE) IN NET ASSETS		(298,804,867	)		849,534,966			(47,629,833	)		44,388,407
NET ASSETS, BEGINNING OF PERIOD		3,478,144,478			2,628,609,512			312,462,514			268,074,107
NET ASSETS, END OF PERIOD	$	3,179,339,611		$	3,478,144,478		$	264,832,681		$	312,462,514
OTHER INFORMATION:
Shares outstanding at the beginning of period		726,217,158			696,239,527			128,915,074			130,791,956
Shares sold		22,548,100			61,130,333			960,686			2,348,043
Shares issued as reinvestment of dividends		—			24,238,092			—			10,389,278
Shares redeemed		(63,283,500	)		(55,390,794	)		(12,678,459	)		(14,614,203	)
Net increase (decrease)		(40,735,400	)		29,977,631			(11,717,773	)		(1,876,882	)
Shares outstanding at the end of period		685,481,758			726,217,158			117,197,301			128,915,074

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

98

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
$	3,796,266		$	8,010,977		$	(116,718	)	$	951,884		$	198,308		$	385,415		$	987,036		$	1,692,617		$	11,677,136		$	25,088,216
	(47,303,299	)		14,133,562			23,068,337			32,813,123			(616,287	)		264,530			977,697			2,552,254			30,702,282			69,042,179
	(87,583,112	)		59,711,157			(23,280,287	)		93,905,018			(4,985,108	)		4,099,279			(20,162,576	)		17,085,010			(254,572,382	)		241,541,079
	(131,090,145	)		81,855,696			(328,668	)		127,670,025			(5,403,087	)		4,749,224			(18,197,843	)		21,329,881			(212,192,964	)		335,671,474
	—			(31,707,427	)		—			(47,335,647	)		—			(582,155	)		—			(3,524,728	)		—			(118,631,886	)
	—			—			—			—			—			—			—			—			—			—
	—			(31,707,427	)		—			(47,335,647	)		—			(582,155	)		—			(3,524,728	)		—			(118,631,886	)
	14,508,696			42,283,185			12,819,990			39,204,538			9,008,506			20,001,338			2,398,998			4,504,565			52,822,042			140,657,884
	—			31,707,427			—			47,335,647			—			582,155			—			3,524,728			—			118,631,886
	(27,184,250	)		(33,892,240	)		(72,078,075	)		(40,790,740	)		(3,379,356	)		(12,855,094	)		(6,657,809	)		(7,009,046	)		(109,855,451	)		(77,017,175	)
	(12,675,554	)		40,098,372			(59,258,085	)		45,749,445			5,629,150			7,728,399			(4,258,811	)		1,020,247			(57,033,409	)		182,272,595
	(143,765,699	)		90,246,641			(59,586,753	)		126,083,823			226,063			11,895,468			(22,456,654	)		18,825,400			(269,226,373	)		399,312,183
	518,248,726			428,002,085			609,416,160			483,332,337			29,103,570			17,208,102			98,867,177			80,041,777			1,680,679,774			1,281,367,591
$	374,483,027		$	518,248,726		$	549,829,407		$	609,416,160		$	29,329,633		$	29,103,570		$	76,410,523		$	98,867,177		$	1,411,453,401		$	1,680,679,774
	342,935,529			315,131,497			416,566,028			382,867,811			29,319,454			20,786,591			60,426,862			59,766,695			748,512,338			663,474,534
	12,232,120			28,451,861			9,459,730			27,418,602			10,720,295			21,229,648			1,815,839			2,918,489			27,339,493			64,003,430
	—			22,355,954			—			34,866,845			—			585,402			—			2,305,738			—			56,310,136
	(21,694,890	)		(23,003,783	)		(55,600,659	)		(28,587,230	)		(3,948,687	)		(13,282,187	)		(4,581,303	)		(4,564,060	)		(54,618,177	)		(35,275,762	)
	(9,462,770	)		27,804,032			(46,140,929	)		33,698,217			6,771,608			8,532,863			(2,765,464	)		660,167			(27,278,684	)		85,037,804
	333,472,759			342,935,529			370,425,099			416,566,028			36,091,062			29,319,454			57,661,398			60,426,862			721,233,654			748,512,338

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

99

MUTUAL OF AMERICA INVESTMENT CORPORATION

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	International Fund						Composite Fund
	For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	7,150,317		$	19,726,977		$	1,696,647		$	3,897,774
Net realized gain (loss) on investments and futures contracts		(5,255,272	)		2,650,695			644,413			4,398,323
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(80,382,888	)		90,931,193			(4,750,181	)		24,054,627
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(78,487,843	)		113,308,865			(2,409,121	)		32,350,724
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(14,819,838	)		—			(12,225,889	)
Return of Capital		—			—			—			—
Total distributions		—			(14,819,838	)		—			(12,225,889	)
CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		67,298,884			120,758,280			3,759,878			6,373,170
Dividends reinvested		—			14,819,838			—			12,225,889
Cost of shares redeemed		(28,347,633	)		(22,158,183	)		(19,021,201	)		(16,996,543	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		38,951,251			113,419,935			(15,261,323	)		1,602,516
INCREASE (DECREASE) IN NET ASSETS		(39,536,592	)		211,908,962			(17,670,444	)		21,727,351
NET ASSETS, BEGINNING OF PERIOD		720,426,395			508,517,433			193,850,064			172,122,713
NET ASSETS, END OF PERIOD	$	680,889,803		$	720,426,395		$	176,179,620		$	193,850,064
OTHER INFORMATION:
Shares outstanding at the beginning of period		795,911,201			663,808,196			103,790,802			102,773,411
Shares sold		86,918,327			140,994,821			2,065,592			3,501,358
Shares issued as reinvestment of dividends		—			17,562,109			—			6,935,577
Shares redeemed		(35,159,724	)		(26,453,925	)		(10,548,854	)		(9,419,544	)
Net increase (decrease)		51,758,603			132,103,005			(8,483,262	)		1,017,391
Shares outstanding at the end of period		847,669,804			795,911,201			95,307,540			103,790,802

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
$	(93,140	)	$	2,090,746		$	(6,564	)	$	499,144		$	(93,422	)	$	2,613,523		$	(225,671	)	$	10,539,519
	1,104,972			1,584,964			353,040			486,365			1,203,153			6,570,605			9,091,998			24,077,801
	997,763			8,599,820			(148,533	)		2,121,279			(2,201,963	)		11,303,026			(19,936,634	)		55,605,876
	2,009,595			12,275,530			197,943			3,106,788			(1,092,232	)		20,487,154			(11,070,307	)		90,223,196
	—			(3,834,448	)		—			(1,225,655	)		—			(9,405,376	)		—			(34,980,211	)
	—			—			—			—			—			—			—			—
	—			(3,834,448	)		—			(1,225,655	)		—			(9,405,376	)		—			(34,980,211	)
	12,082,696			38,081,176			3,950,858			4,240,092			4,891,208			9,704,401			13,661,606			49,880,521
	—			3,834,448			—			1,225,655			—			9,405,376			—			34,980,211
	(14,501,317	)		(13,732,046	)		(3,935,744	)		(4,476,881	)		(18,471,131	)		(20,102,917	)		(61,994,883	)		(46,829,703	)
	(2,418,621	)		28,183,578			15,114			988,866			(13,579,923	)		(993,140	)		(48,333,277	)		38,031,029
	(409,026	)		36,624,660			213,057			2,869,999			(14,672,155	)		10,088,638			(59,403,584	)		93,274,014
	138,054,521			101,429,861			26,863,076			23,993,077			148,545,654			138,457,016			608,462,164			515,188,150
$	137,645,495		$	138,054,521		$	27,076,133		$	26,863,076		$	133,873,499		$	148,545,654		$	549,058,580		$	608,462,164
	114,227,959			90,717,399			26,897,811			25,901,047			141,618,271			142,345,025			489,747,546			458,042,143
	10,016,891			31,875,702			4,049,488			4,317,773			4,770,880			9,318,655			11,209,642			40,765,417
	—			3,247,586			—			1,260,885			—			9,262,365			—			29,287,363
	(12,214,902	)		(11,612,728	)		(4,001,282	)		(4,581,894	)		(18,079,523	)		(19,307,774	)		(51,890,656	)		(38,347,377	)
	(2,198,011	)		23,510,560			48,206			996,764			(13,308,643	)		(726,754	)		(40,681,014	)		31,705,403
	112,029,948			114,227,959			26,946,017			26,897,811			128,309,628			141,618,271			449,066,532			489,747,546

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	(327,441	)	$	14,893,019		$	(300,854	)	$	12,546,666
Net realized gain (loss) on investments and futures contracts		12,604,331			31,280,109			10,690,296			30,688,504
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(41,932,546	)		98,695,600			(48,020,383	)		97,822,620
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(29,655,656	)		144,868,728			(37,630,941	)		141,057,790
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(44,597,370	)		—			(38,055,400	)
Return of Capital		—			—			—			—
Total distributions		—			(44,597,370	)		—			(38,055,400	)
CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		33,515,796			122,630,496			40,355,912			118,398,762
Dividends reinvested		—			44,597,370			—			38,055,400
Cost of shares redeemed		(57,696,323	)		(31,124,479	)		(35,265,220	)		(22,907,880	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		(24,180,527	)		136,103,387			5,090,692			133,546,282
INCREASE (DECREASE) IN NET ASSETS		(53,836,183	)		236,374,745			(32,540,249	)		236,548,672
NET ASSETS, BEGINNING OF PERIOD		946,213,662			709,838,917			853,658,725			617,110,053
NET ASSETS, END OF PERIOD	$	892,377,479		$	946,213,662		$	821,118,476		$	853,658,725
OTHER INFORMATION:
Shares outstanding at the beginning of period		693,309,402			590,617,736			596,181,783			499,279,402
Shares sold		25,370,791			92,114,736			29,787,360			85,626,778
Shares issued as reinvestment of dividends		—			34,244,845			—			28,030,429
Shares redeemed		(44,803,776	)		(23,667,915	)		(25,849,656	)		(16,754,826	)
Net increase (decrease)		(19,432,985	)		102,691,666			3,937,704			96,902,381
Shares outstanding at the end of period		673,876,417			693,309,402			600,119,487			596,181,783

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
$	(258,806	)	$	10,034,584		$	(222,207	)	$	7,921,399		$	(227,845	)	$	8,045,756		$	(175,238	)	$	5,396,796
	8,199,446			26,009,878			6,738,081			19,938,376			4,777,289			22,796,334			(218,089	)		12,753,198
	(48,614,438	)		89,424,584			(44,096,429	)		77,107,157			(47,057,116	)		80,836,910			(31,069,207	)		56,844,808
	(40,673,798	)		125,469,046			(37,580,555	)		104,966,932			(42,507,672	)		111,679,000			(31,462,534	)		74,994,802
	—			(32,073,983	)		—			(24,453,495	)		—			(28,970,537	)		—			(15,900,092	)
	—			—			—			—			—			—			—			—
	—			(32,073,983	)		—			(24,453,495	)		—			(28,970,537	)		—			(15,900,092	)
	33,598,088			90,053,419			31,922,265			79,727,430			27,852,087			70,672,077			29,783,009			70,704,905
	—			32,073,983			—			24,453,495			—			28,970,537			—			15,900,092
	(17,981,218	)		(13,250,318	)		(12,952,654	)		(10,244,896	)		(9,279,636	)		(9,834,819	)		(5,184,945	)		(5,610,537	)
	15,616,870			108,877,084			18,969,611			93,936,029			18,572,451			89,807,795			24,598,064			80,994,460
	(25,056,928	)		202,272,147			(18,610,944	)		174,449,466			(23,935,221	)		172,516,258			(6,864,470	)		140,089,170
	711,718,257			509,446,110			587,108,117			412,658,651			610,628,244			438,111,986			425,378,543			285,289,373
$	686,661,329		$	711,718,257		$	568,497,173		$	587,108,117		$	586,693,023		$	610,628,244		$	418,514,073		$	425,378,543
	487,900,512			410,004,672			405,333,306			337,385,671			426,390,250			360,758,050			243,450,034			194,840,021
	24,879,545			64,160,092			24,040,281			57,574,655			21,576,196			51,363,476			18,996,339			42,485,971
	—			23,312,986			—			17,955,980			—			21,539,353			—			9,699,815
	(13,081,230	)		(9,577,238	)		(9,452,355	)		(7,583,000	)		(6,944,309	)		(7,270,629	)		(3,123,361	)		(3,575,773	)
	11,798,315			77,895,840			14,587,926			67,947,635			14,631,887			65,632,200			15,872,978			48,610,013
	499,698,827			487,900,512			419,921,232			405,333,306			441,022,137			426,390,250			259,323,012			243,450,034

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	(95,408	)	$	1,627,710		$	(8,562	)	$	272,940		$	(61,365	)	$	3,398,541
Net realized gain (loss) on investments and futures contracts		(698,120	)		3,851,155			(65,332	)		587,588			1,675,592			3,357,874
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(9,212,605	)		15,808,618			(1,497,384	)		1,879,340			589,970			14,439,798
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(10,006,133	)		21,287,483			(1,571,278	)		2,739,868			2,204,197			21,196,213
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(3,354,071	)		—			(36,916	)		—			(7,283,221	)
Return of Capital		—			—			—			—			—			—
Total distributions		—			(3,354,071	)		—			(36,916	)		—			(7,283,221	)
CAPITAL TRANSACTIONS (Note 4)
Proceeds from sale of shares		24,930,485			53,428,649			17,364,379			23,007,706			12,653,115			22,452,378
Dividends reinvested		—			3,354,071			—			36,916			—			7,283,221
Cost of shares redeemed		(1,222,377	)		(931,488	)		(877,373	)		(184,275	)		(19,280,116	)		(15,635,929	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		23,708,108			55,851,232			16,487,006			22,860,347			(6,627,001	)		14,099,670
INCREASE (DECREASE) IN NET ASSETS		13,701,975			73,784,644			14,915,728			25,563,299			(4,422,804	)		28,012,662
NET ASSETS, BEGINNING OF PERIOD		144,080,723			70,296,079			29,608,684			4,045,385			177,953,032			149,940,370
NET ASSETS, END OF PERIOD	$	157,782,698		$	144,080,723		$	44,524,412		$	29,608,684		$	173,530,228		$	177,953,032
OTHER INFORMATION:
Shares outstanding at the beginning of period		108,227,958			63,777,224			26,632,564			4,522,127			140,038,680			128,699,580
Shares sold		21,106,863			42,520,497			17,780,211			22,254,303			10,044,569			18,105,485
Shares issued as reinvestment of dividends		—			2,685,139			—			35,429			—			5,902,229
Shares redeemed		(952,166	)		(754,902	)		(835,412	)		(179,295	)		(15,234,690	)		(12,668,614	)
Net Increase (decrease)		20,154,697			44,450,734			16,944,799			22,110,437			(5,190,121	)		11,339,100
Shares outstanding at the end of period		128,382,655			108,227,958			43,577,363			26,632,564			134,848,559			140,038,680

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, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019			For the Six Months Ended June 30, 2020 (Unaudited)			For the Year Ended December 31, 2019
$	(76,735	)	$	7,770,266		$	(69,370	)	$	5,086,860		$	637,663		$	3,907,987		$	6,740,849		$	14,222,636		$	18,808,741		$	39,345,495
	9,221,715			17,982,766			6,610,333			18,703,831			449			7,867			691,043			231,463			4,582,797			613,919
	(19,630,230	)		44,393,208			(24,017,216	)		36,784,518			(3,657	)		(50	)		23,081,660			21,786,493			73,679,285			65,300,033
	(10,485,250	)		70,146,240			(17,476,253	)		60,575,209			634,455			3,915,804			30,513,552			36,240,592			97,070,823			105,259,447
	—			(24,939,037	)		—			(23,017,468	)		—			(2,221,214	)		—			(13,773,991	)		—			(37,592,921	)
	—			—			—			—			—			—			—			—			—			—
	—			(24,939,037	)		—			(23,017,468	)		—			(2,221,214	)		—			(13,773,991	)		—			(37,592,921	)
	14,357,420			22,742,660			5,070,995			10,675,637			61,782,787			65,898,702			52,070,181			97,647,192			145,473,825			199,467,591
	—			24,939,037			—			23,017,468			—			2,221,214			—			13,773,991			—			37,592,921
	(36,637,432	)		(31,059,974	)		(16,906,297	)		(22,506,167	)		(76,161,569	)		(125,942,141	)		(60,570,256	)		(48,248,467	)		(102,030,665	)		(76,305,998	)
	(22,280,012	)		16,621,723			(11,835,302	)		11,186,938			(14,378,782	)		(57,822,225	)		(8,500,075	)		63,172,716			43,443,160			160,754,514
	(32,765,262	)		61,828,926			(29,311,555	)		48,744,679			(13,744,327	)		(56,127,635	)		22,013,477			85,639,317			140,513,983			228,421,040
	432,966,542			371,137,616			320,120,546			271,375,867			153,785,284			209,912,919			672,361,571			586,722,254			1,574,015,583			1,345,594,543
$	400,201,280		$	432,966,542		$	290,808,991		$	320,120,546		$	140,040,957		$	153,785,284		$	694,375,048		$	672,361,571		$	1,714,529,566		$	1,574,015,583
	279,181,912			267,950,109			184,380,328			177,406,835			124,877,686			171,848,668			632,339,207			572,739,290			1,065,966,871			956,663,157
	9,498,348			15,026,520			3,193,922			6,295,990			50,061,861			53,471,474			47,765,916			92,280,247			94,721,740			135,977,809
	—			16,819,607			—			14,034,639			—			1,811,413			—			13,004,416			—			25,481,336
	(24,979,202	)		(20,614,324	)		(10,307,549	)		(13,357,136	)		(61,658,148	)		(102,253,869	)		(55,927,446	)		(45,684,746	)		(67,078,679	)		(52,155,431	)
	(15,480,854	)		11,231,803			(7,113,627	)		6,973,493			(11,596,287	)		(46,970,982	)		(8,161,530	)		59,599,917			27,643,061			109,303,714
	263,701,058			279,181,912			177,266,701			184,380,328			113,281,399			124,877,686			624,177,677			632,339,207			1,093,609,932			1,065,966,871

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, 2020 and the five years ended December 31, 2019 (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, 2020 (Unaudited)			Years Ended December 31,
				2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	4.79		$	3.78		$	4.10		$	3.49		$	3.26		$	3.41
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.05			0.08			0.07			0.07			0.06			0.06
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.20	)		1.08			(0.23	)		0.67			0.32			(0.03	)
Total From Investment Operations		(0.15	)		1.16			(0.16	)		0.74			0.38			0.03
Less Distributions
From Net Investment Income		—			(0.07	)		(0.07	)		(0.06	)		(0.06	)		(0.06	)
From Net Realized Gains		—			(0.08	)		(0.09	)		(0.07	)		(0.09	)		(0.12	)
Total Distributions		—			(0.15	)		(0.16	)		(0.13	)		(0.15	)		(0.18	)
Net Asset Value, End of Period	$	4.64		$	4.79		$	3.78		$	4.10		$	3.49		$	3.26
Total Return (%)(i)		(3.16	)(b)		31.31			(4.56	)		21.65			11.80			1.24
Net Assets, End of Period ($ millions)		3,179			3,478			2,629			2,712			2,143			1,854
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		1.89	(c)		1.90			1.83			1.85			2.03			1.94
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.14	(c)		0.13			0.13			0.14			0.14			0.15
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.14	(c)		0.13			0.13			0.13	(e)		0.14			0.15
Portfolio Turnover Rate (%)(a)		3.07	(b)		3.01			3.48			5.23			5.58			4.74

(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, 2020 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,
			2019			2018			2017			2016			2015						2019			2018			2017			2016			2015
$	2.42		$	2.05		$	2.38		$	2.29		$	2.22		$	2.42		$	1.51		$	1.36		$	1.74		$	1.69		$	1.44		$	1.61
	0.02			0.04			0.03			0.03			0.03			0.03			0.01			0.02			0.01			0.03			0.02			0.02
	(0.18	)		0.52			(0.20	)		0.39			0.21			(0.03	)		(0.40	)		0.23			(0.24	)		0.11			0.26			(0.08	)
	(0.16	)		0.56			(0.17	)		0.42			0.24			—			(0.39	)		0.25			(0.23	)		0.14			0.28			(0.06	)
	—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		—			(0.01	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)
	—			(0.16	)		(0.13	)		(0.30	)		(0.14	)		(0.15	)		—			(0.09	)		(0.13	)		(0.08	)		(0.02	)		(0.10	)
	—			(0.19	)		(0.16	)		(0.33	)		(0.17	)		(0.18	)		—			(0.10	)		(0.15	)		(0.09	)		(0.03	)		(0.11	)
$	2.26		$	2.42		$	2.05		$	2.38		$	2.29		$	2.22		$	1.12		$	1.51		$	1.36		$	1.74		$	1.69		$	1.44
	(6.77	)(b)		28.36			(8.27	)		19.41			11.49			(0.04	)		(25.69	)(b)		19.10			(14.57	)		8.29			20.04			(3.40	)
	265			312			268			325			296			295			374			518			428			506			465			376
	1.43	(c)		1.43			1.26			1.33			1.42			1.32			1.90	(c)		1.68			1.10			1.75			1.17			1.14
	0.51	(c)		0.49			0.52			0.51			0.53			0.55			0.82	(c)		0.81			0.81			0.81			0.82			0.83
	0.51	(c)		0.49			0.52			0.51			0.53			0.55			0.82	(c)		0.81			0.81			0.80	(e)		0.82			0.83
	11.59	(b)		26.06			17.60			22.28			40.10			14.73			21.87	(b)		43.17			29.58			34.36			32.06			19.03

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, 2020 (Unaudited)			Years Ended December 31,
				2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	1.46		$	1.26		$	1.54		$	1.29		$	1.32		$	1.54
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		0.02			0.32			(0.17	)		0.30			0.10			(0.03	)
Total From Investment Operations		0.02			0.32			(0.17	)		0.30			0.10			(0.03	)
Less Distributions
From Net Investment Income		—			—	(h)		—	(h)		—	(h)		—			—
From Net Realized Gains		—			(0.12	)		(0.11	)		(0.05	)		(0.13	)		(0.19	)
Return of Capital		—			—			—			—			—			—
Total Distributions		—			(0.12	)		(0.11	)		(0.05	)		(0.13	)		(0.19	)
Net Asset Value, End of Period	$	1.48		$	1.46		$	1.26		$	1.54		$	1.29		$	1.32
Total Return (%)(i)		1.47	(b)		26.59			(12.53	)		23.82			8.10			(2.39	)
Net Assets, End of Period ($ millions)		550			609			483			555			433			402
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.04	)(c)		0.17			0.13			0.06			0.06			(0.12	)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.82	(c)		0.81			0.81			0.82			0.82			0.83
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.82	(c)		0.81			0.81			0.80	(e)		0.82			0.83
Portfolio Turnover Rate (%)(a)		37.53	(b)		56.25			60.57			62.33			53.80			67.83

(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.

108

Small Cap Equity Index Fund									Mid Cap Value Fund																		Mid-Cap Equity Index Fund
Six Months Ended June 30, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018(g)			Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,
												2019			2018			2017			2016			2015						2019			2018			2017			2016			2015
$	0.99		$	0.83		$	1.00		$	1.64		$	1.34		$	1.71		$	1.57		$	1.46		$	1.63		$	2.25		$	1.93		$	2.34		$	2.17		$	1.95		$	2.16
	0.01			0.01			0.01			0.02			0.03			0.03			0.03			0.02			0.02			0.02			0.03			0.03			0.03			0.03			0.03
	(0.19	)		0.17			(0.17	)		(0.33	)		0.33			(0.24	)		0.20			0.20			(0.08	)		(0.31	)		0.47			(0.26	)		0.31			0.36			(0.08	)
	(0.18	)		0.18			(0.16	)		(0.31	)		0.36			(0.21	)		0.23			0.22			(0.06	)		(0.29	)		0.50			(0.23	)		0.34			0.39			(0.05	)
	—			(0.01	)		(0.01	)		—			(0.02	)		(0.03	)		(0.02	)		(0.02	)		(0.02	)		—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.02	)
	—			(0.01	)		—	(h)		—			(0.04	)		(0.13	)		(0.07	)		(0.09	)		(0.10	)		—			(0.15	)		(0.15	)		(0.14	)		(0.14	)		(0.14	)
	—			—			—	(h)		—			—			—			—			—			—			—			—			—			—			—			—
	—			(0.02	)		(0.01	)		—			(0.06	)		(0.16	)		(0.09	)		(0.11	)		(0.12	)		—			(0.18	)		(0.18	)		(0.17	)		(0.17	)		(0.16	)
$	0.81		$	0.99		$	0.83		$	1.33		$	1.64		$	1.34		$	1.71		$	1.57		$	1.46		$	1.96		$	2.25		$	1.93		$	2.34		$	2.17		$	1.95
	(18.13	)(b)		22.40			(16.54	)(b)		(19.01	)(b)		27.04			(14.08	)		14.92			16.18			(3.34	)		(12.84	)(b)		26.01			(11.26	)		16.05			20.51			(2.37	)
	29			29			17			76			99			80			103			98			82			1,411			1,681			1,281			1,452			1,245			977
	1.50	(c)		1.50			1.51	(c)		2.46	(c)		1.85			1.51			1.55			1.48			1.45			1.67	(c)		1.67			1.52			1.46			1.60			1.45
	0.59	(c)		0.42			1.61	(c)		0.70	(c)		0.66			0.65			0.64			0.66			0.65			0.15	(c)		0.13			0.14			0.14			0.15			0.16
	0.14	(c)		0.14			0.14	(c)		0.70	(c)		0.66			0.65			0.64			0.66			0.65			0.15	(c)		0.13			0.14			0.14	(e)		0.15			0.16
	35.73	(b)		97.06			81.79			8.38	(b)		17.65			10.75			24.09			25.80			15.86			11.39	(b)		14.30			20.26			19.36			21.75			21.67

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, 2020 (Unaudited)			Years Ended December 31,
				2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	0.91		$	0.77		$	0.90		$	0.74		$	0.75		$	0.77
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.01			0.02			0.02			0.02			0.02			0.01
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.12	)		0.14			(0.13	)		0.16			(0.01	)		(0.01	)
Total From Investment Operations		(0.11	)		0.16			(0.11	)		0.18			0.01			—
Less Distributions
From Net Investment Income		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
From Net Realized Gains		—			—			—	(h)		—	(h)		—	(h)		—	(h)
Total Distributions		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
Net Asset Value, End of Period	$	0.80		$	0.91		$	0.77		$	0.90		$	0.74		$	0.75
Total Return (%)(i)		(11.26	)(b)		21.01			(13.36	)		24.47			1.69			(0.63	)
Net Assets, End of Period ($ millions)		681			720			509			537			377			319
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		2.24	(c)		3.26			2.75			2.67			2.94			2.47
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(j)		0.13	(c)		0.12			0.12			0.12			0.13			0.14
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(j)		0.13	(c)		0.12			0.12			0.12	(e)		0.13			0.14
Portfolio Turnover Rate (%)(a)		6.82	(b)		3.61			—			—			3.08			—

(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.

110

Composite Fund																		Retirement Income Fund
Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,
			2019			2018			2017			2016			2015						2019			2018			2017			2016			2015
$	1.87		$	1.67		$	1.91		$	1.95		$	1.96		$	2.00		$	1.21		$	1.12		$	1.17		$	1.12		$	1.12		$	1.16
	0.02			0.04			0.04			0.04			0.04			0.04			—	(h)		0.02			0.02			0.02			0.02			0.02
	(0.04	)		0.28			(0.09	)		0.21			0.11			(0.02	)		0.02			0.11			(0.03	)		0.07			0.04			(0.01	)
	(0.02	)		0.32			(0.05	)		0.25			0.15			0.02			0.02			0.13			(0.01	)		0.09			0.06			0.01
	—			(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.04	)		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
	—			(0.08	)		(0.15	)		(0.25	)		(0.12	)		(0.02	)		—			(0.02	)		(0.02	)		(0.02	)		(0.04	)		(0.03	)
	—			(0.12	)		(0.19	)		(0.29	)		(0.16	)		(0.06	)		—			(0.04	)		(0.04	)		(0.04	)		(0.06	)		(0.05	)
$	1.85		$	1.87		$	1.67		$	1.91		$	1.95		$	1.96		$	1.23		$	1.21		$	1.12		$	1.17		$	1.12		$	1.12
	(1.02	)(b)		19.37			(3.20	)		13.37			7.92			0.80			1.66	(b)		11.85			(1.21	)		7.35			6.18			0.49
	176			194			172			190			181			180			138			138			101			101			76			63
	1.94	(c)		2.12			2.16			2.11			2.10			1.93			(0.14	)(c)		1.87			1.82			2.01			2.26			2.35
	0.51	(c)		0.50			0.51			0.51			0.52			0.53			0.14	(c)		0.12			0.08			0.08			0.09			0.09
	0.51	(c)		0.50			0.51			0.50	(e)		0.52			0.53			0.14	(c)		0.12			0.08			0.06	(e)		0.09			0.05
	20.66	(b)		41.92			37.37			60.13			57.40			13.13			8.26	(b)		10.49			21.90			18.54			16.88			22.64

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, 2020			Years Ended December 31,
				2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	1.00		$	0.93		$	1.01		$	0.99		$	1.01		$	1.09
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		0.02			0.02			0.03			0.02			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		—	(h)		0.10			(0.04	)		0.06			0.04			(0.02	)
Total From Investment Operations		—			0.12			(0.02	)		0.09			0.06			—
Less Distributions
From Net Investment Income		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
From Net Realized Gains		—			(0.03	)		(0.04	)		(0.05	)		(0.06	)		(0.06	)
Total Distributions		—			(0.05	)		(0.06	)		(0.07	)		(0.08	)		(0.08	)
Net Asset Value, End of Period	$	1.00		$	1.00		$	0.93		$	1.01		$	0.99		$	1.01
Total Return (%)(i)		0.61	(b)		13.15			(1.93	)		9.06			6.87			0.40
Net Assets, End of Period ($ millions)		27			27			24			26			26			26
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.05	)(c)		1.95			1.83			1.92			2.15			2.10
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.24	(c)		0.31			0.16			0.12			0.12			0.12
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.05	(c)		0.05			0.05			0.01	(e)		0.05			0.05
Portfolio Turnover Rate (%)(a)		23.54	(b)		17.52			22.75			24.48			24.58			23.28

(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.

112

2015 Retirement Fund																		2020 Retirement Fund
Six Months Ended June 30, 2020			Years Ended December 31,															Six Months Ended June 30, 2020			Years Ended December 31,
			2019			2018			2017			2016			2015						2019			2018			2017			2016			2015
$	1.05		$	0.97		$	1.07		$	1.03		$	1.05		$	1.13		$	1.24		$	1.12		$	1.23		$	1.14		$	1.12		$	1.18
	—	(h)		0.02			0.02			0.02			0.02			0.02			—	(h)		0.02			0.02			0.02			0.02			0.02
	(0.01	)		0.13			(0.06	)		0.09			0.05			(0.02	)		(0.02	)		0.17			(0.08	)		0.13			0.07			(0.01	)
	(0.01	)		0.15			(0.04	)		0.11			0.07			—			(0.02	)		0.19			(0.06	)		0.15			0.09			0.01
	—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
	—			(0.05	)		(0.04	)		(0.05	)		(0.07	)		(0.06	)		—			(0.05	)		(0.03	)		(0.04	)		(0.05	)		(0.05	)
	—			(0.07	)		(0.06	)		(0.07	)		(0.09	)		(0.08	)		—			(0.07	)		(0.05	)		(0.06	)		(0.07	)		(0.07	)
$	1.04		$	1.05		$	0.97		$	1.07		$	1.03		$	1.05		$	1.22		$	1.24		$	1.12		$	1.23		$	1.14		$	1.12
	(0.53	)(b)		15.34			(3.01	)		10.64			7.72			0.27			(1.59	)(b)		17.53			(4.04	)		12.52			8.57			0.13
	134			149			138			155			146			149			549			608			515			525			426			364
	(0.14	)(c)		1.81			1.83			1.85			2.07			2.07			(0.08	)(c)		1.85			1.89			1.89			2.03			2.06
	0.14	(c)		0.11			0.07			0.07			0.08			0.07			0.08	(c)		0.08			0.07			0.07			0.07			0.07
	0.14	(c)		0.11			0.07			0.07			0.08			0.07			0.08	(c)		0.08			0.07			0.07			0.07			0.07
	7.37	(b)		13.69			14.75			14.98			12.96			17.75			4.37	(b)		10.33			10.84			7.09			7.99			7.76

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, 2020			Years Ended December 31,
				2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	1.36		$	1.20		$	1.33		$	1.21		$	1.17		$	1.23
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		(0.04	)		0.21			(0.09	)		0.16			0.09			(0.02	)
Total From Investment Operations		(0.04	)		0.23			(0.07	)		0.18			0.11			—
Less Distributions
From Net Investment Income		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
From Net Realized Gains		—			(0.05	)		(0.04	)		(0.04	)		(0.05	)		(0.04	)
Total Distributions		—			(0.07	)		(0.06	)		(0.06	)		(0.07	)		(0.06	)
Net Asset Value, End of Period	$	1.32		$	1.36		$	1.20		$	1.33		$	1.21		$	1.17
Total Return (%)(i)		(2.97	)(b)		19.79			(5.22	)		14.44			9.84			(0.10	)
Net Assets, End of Year ($ millions)		892			946			710			686			504			396
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.07	)(c)		1.81			1.81			1.81			1.91			1.91
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.07	(c)		0.07			0.06			0.07			0.07			0.07
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.07	(c)		0.07			0.06			0.07			0.07			0.07
Portfolio Turnover Rate (%)(a)		5.06	(b)		5.08			6.74			5.78			5.27			4.36

(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.

114

2030 Retirement Fund																		2035 Retirement Fund
Six Months Ended June 30, 2020			Years Ended December 31,															Six Months Ended June 30, 2020			Years Ended December 31,
			2019			2018			2017			2016			2015						2019			2018			2017			2016			2015
$	1.43		$	1.24		$	1.38		$	1.25		$	1.20		$	1.27		$	1.46		$	1.24		$	1.40		$	1.25		$	1.20		$	1.27
	—	(h)		0.02			0.02			0.02			0.02			0.02			—	(h)		0.02			0.02			0.02			0.02			0.02
	(0.06	)		0.24			(0.10	)		0.17			0.11			(0.02	)		(0.09	)		0.27			(0.12	)		0.20			0.11			(0.03	)
	(0.06	)		0.26			(0.08	)		0.19			0.13			—			(0.09	)		0.29			(0.10	)		0.22			0.13			(0.01	)
	—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)		—			(0.02	)		(0.02	)		(0.02	)		(0.02	)		(0.02	)
	—			(0.05	)		(0.04	)		(0.04	)		(0.06	)		(0.05	)		—			(0.05	)		(0.04	)		(0.05	)		(0.06	)		(0.04	)
	—			(0.07	)		(0.06	)		(0.06	)		(0.08	)		(0.07	)		—			(0.07	)		(0.06	)		(0.07	)		(0.08	)		(0.06	)
$	1.37		$	1.43		$	1.24		$	1.38		$	1.25		$	1.20		$	1.37		$	1.46		$	1.24		$	1.40		$	1.25		$	1.20
	(4.44	)(b)		21.93			(6.49	)		16.01			10.73			(0.22	)		(5.80	)(b)		23.62			(7.36	)		17.15			11.43			(0.37	)
	821			854			617			578			416			328			687			712			509			484			352			271
	(0.08	)(c)		1.71			1.74			1.69			1.78			1.81			(0.08	)(c)		1.64			1.64			1.57			1.67			1.68
	0.08	(c)		0.07			0.07			0.07			0.07			0.07			0.08	(c)		0.08			0.07			0.07			0.07			0.07
	0.08	(c)		0.07			0.07			0.07			0.07			0.07			0.08	(c)		0.08			0.07			0.07			0.07			0.07
	5.76	(b)		4.23			5.01			5.75			5.12			4.83			4.69	(b)		3.33			4.00			4.02			4.98			5.16

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, 2020 (Unaudited)			Years Ended December 31,
				2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	1.45		$	1.22		$	1.39		$	1.24		$	1.19		$	1.26
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		0.02			0.02			0.01			0.02			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.10	)		0.28			(0.13	)		0.20			0.11			(0.03	)
Total From Investment Operations		(0.10	)		0.30			(0.11	)		0.21			0.13			(0.01	)
Less Distributions
From Net Investment Income		—			(0.02	)		(0.02	)		(0.01	)		(0.02	)		(0.02	)
From Net Realized Gains		—			(0.05	)		(0.04	)		(0.05	)		(0.06	)		(0.04	)
Total Distributions		—			(0.07	)		(0.06	)		(0.06	)		(0.08	)		(0.06	)
Net Asset Value, End of Period	$	1.35		$	1.45		$	1.22		$	1.39		$	1.24		$	1.19
Total Return (%)(i)		(6.53	)(b)		24.25			(7.94	)		17.40			11.66			(0.64	)
Net Assets, End of Period ($ millions)		568			587			413			393			286			222
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.08	)(c)		1.59			1.60			1.53			1.59			1.58
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.08	(c)		0.08			0.07			0.07			0.07			0.07
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.08	(c)		0.08			0.07			0.07			0.07			0.07
Portfolio Turnover Rate (%)(a)		5.01	(b)		2.38			2.65			4.07			5.23			5.17

(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.

116

2045 Retirement Fund																		2050 Retirement Fund																		2055 Retirement Fund
Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,									Period Ended December 31, 2016(f)
			2019			2018			2017			2016			2015						2019			2018			2017			2016			2015						2019			2018			2017
$	1.43		$	1.21		$	1.39		$	1.24		$	1.19		$	1.26		$	1.75		$	1.46		$	1.66		$	1.45		$	1.35		$	1.39		$	1.33		$	1.10		$	1.23		$	1.04		$	1.00
	—	(h)		0.02			0.02			0.01			0.02			0.02			—	(h)		0.02			0.02			0.01			0.01			0.03			—	(h)		0.01			0.01			—	(h)		—	(h)
	(0.10	)		0.27			(0.13	)		0.20			0.12			(0.03	)		(0.14	)		0.34			(0.16	)		0.25			0.14			(0.04	)		(0.10	)		0.26			(0.12	)		0.19			0.04
	(0.10	)		0.29			(0.11	)		0.21			0.14			(0.01	)		(0.14	)		0.36			(0.14	)		0.26			0.15			(0.01	)		(0.10	)		0.27			(0.11	)		0.19			0.04
	—			(0.02	)		(0.02	)		(0.01	)		(0.02	)		(0.02	)		—			(0.02	)		(0.02	)		(0.01	)		(0.01	)		(0.01	)		—			(0.01	)		(0.01	)		—			—
	—			(0.05	)		(0.05	)		(0.05	)		(0.07	)		(0.04	)		—			(0.05	)		(0.04	)		(0.04	)		(0.04	)		(0.02	)		—			(0.03	)		(0.01	)		—			—
	—			(0.07	)		(0.07	)		(0.06	)		(0.09	)		(0.06	)		—			(0.07	)		(0.06	)		(0.05	)		(0.05	)		(0.03	)		—			(0.04	)		(0.02	)		—			—
$	1.33		$	1.43		$	1.21		$	1.39		$	1.24		$	1.19		$	1.61		$	1.75		$	1.46		$	1.66		$	1.45		$	1.35		$	1.23		$	1.33		$	1.10		$	1.23		$	1.04
	(7.11	)(b)		24.54			(8.29	)		17.62			11.68			(0.69	)		(7.64	)(b)		24.65			(8.74	)		17.86			11.78			(0.73	)		(7.68	)(b)		24.39			(8.88	)		17.99			4.01	(b)
	587			611			438			437			332			265			419			425			285			256			164			94			158			144			70			34			3
	(0.08	)(c)		1.54			1.55			1.45			1.54			1.55			(0.09	)(c)		1.53			1.55			1.47			1.58			1.65			(0.14	)(c)		1.58			1.73			1.90			(0.05	)(c)
	0.08	(c)		0.08			0.07			0.07			0.07			0.07			0.09	(c)		0.08			0.07			0.07			0.08			0.09			0.14	(c)		0.12			0.11			0.14			0.50	(c)
	0.08	(c)		0.08			0.07			0.07			0.07			0.07			0.09	(c)		0.08			0.07			0.07	(e)		0.08			0.05			0.14	(c)		0.12			0.05			0.05			0.05	(c)
	4.12	(b)		2.56			3.67			4.46			3.91			4.40			3.81	(b)		2.11			2.26			3.75			2.67			2.67			2.53	(b)		0.57			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, 2020 (Unaudited)			Year Ended December 31, 2019			Period Ended December 31, 2018(g)			Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,
													2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	1.11		$	0.89		$	1.00		$	1.27		$	1.17		$	1.27		$	1.21		$	1.20		$	1.25
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(h)		0.01			—	(h)		—	(h)		0.02			0.03			0.03			0.03			0.02
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.09	)		0.21			(0.11	)		0.02			0.14			(0.05	)		0.08			0.04			(0.01	)
Total From Investment Operations		(0.09	)		0.22			(0.11	)		0.02			0.16			(0.02	)		0.11			0.07			0.01
Less Distributions
From Net Investment Income		—			—	(h)		—			—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
From Net Realized Gains		—			—	(h)		—			—			(0.03	)		(0.05	)		(0.02	)		(0.03	)		(0.03	)
Total Distributions		—			—			—			—			(0.06	)		(0.08	)		(0.05	)		(0.06	)		(0.06	)
Net Asset Value, End of Period	$	1.02		$	1.11		$	0.89		$	1.29		$	1.27		$	1.17		$	1.27		$	1.21		$	1.20
Total Return (%)(i)		(8.10	)(b)		24.53			(10.54	)(b)		1.27	(b)		13.99			(2.04	)		8.92			6.71			0.44
Net Assets, End of Period ($ millions)		45			30			4			174			178			150			157			140			128
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		(0.05	)(c)		1.95			0.74	(b)		(0.07	)(c)		2.07			2.11			2.20			2.31			2.32
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.39	(c)		0.51			1.54	(c)		0.07	(c)		0.05			0.02			0.02			0.03			0.02
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.05	(c)		0.05			0.05	(c)		0.07	(c)		0.05			0.02			0.02			0.03			0.02
Portfolio Turnover Rate (%)(a)		4.68	(b)		1.73			6.10			6.80	(b)		9.54			11.70			23.64			8.89			10.58

(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) 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.

118

Moderate Allocation Fund																		Aggressive Allocation Fund
Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,
			2019			2018			2017			2016			2015						2019			2018			2017			2016			2015
$	1.55		$	1.39		$	1.56		$	1.44		$	1.41		$	1.52		$	1.74		$	1.53		$	1.77		$	1.63		$	1.60		$	1.77
	—	(h)		0.03			0.03			0.03			0.03			0.03			—	(h)		0.03			0.03			0.03			0.03			0.03
	(0.03	)		0.22			(0.09	)		0.17			0.10			(0.03	)		(0.10	)		0.31			(0.14	)		0.24			0.14			(0.05	)
	(0.03	)		0.25			(0.06	)		0.20			0.13			—			(0.10	)		0.34			(0.11	)		0.27			0.17			(0.02	)
	—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)		—			(0.03	)		(0.03	)		(0.03	)		(0.03	)		(0.03	)
	—			(0.06	)		(0.08	)		(0.05	)		(0.07	)		(0.08	)		—			(0.10	)		(0.10	)		(0.10	)		(0.11	)		(0.12	)
	—			(0.09	)		(0.11	)		(0.08	)		(0.10	)		(0.11	)		—			(0.13	)		(0.13	)		(0.13	)		(0.14	)		(0.15	)
$	1.52		$	1.55		$	1.39		$	1.56		$	1.44		$	1.41		$	1.64		$	1.74		$	1.53		$	1.77		$	1.63		$	1.60
	(2.14	)(b)		19.15			(4.41	)		13.72			9.08			0.16			(5.51	)(b)		22.74			(7.13	)		16.64			10.86			(0.38	)
	400			433			371			397			347			316			291			320			271			304			264			249
	(0.04	)(c)		1.91			1.95			1.90			2.08			2.09			(0.05	)(c)		1.69			1.74			1.65			1.74			1.81
	0.04	(c)		0.03			0.02			0.02			0.02			0.02			0.05	(c)		0.04			0.02			0.02			0.02			0.02
	0.04	(c)		0.03			0.02			0.02			0.02			0.02			0.05	(c)		0.04			0.02			0.02			0.02			0.02
	4.50	(b)		8.40			9.50			12.05			6.65			8.10			3.20	(b)		9.06			9.13			9.55			9.51			7.86

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, 2020 (Unaudited)			Years Ended December 31,
				2019			2018			2017			2016			2015
Net Asset Value, Beginning of Period	$	1.2315		$	1.2215		$	1.2040		$	1.1972		$	1.20		$	1.20
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.0088			0.0329			0.0081			0.0077			—	(h)		—	(h)
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(0.0041	)		(0.0083	)		0.0124			0.0005			—	(h)		—	(h)
Total From Investment Operations		0.0047			0.0246			0.0205			0.0082			—			—
Less Distributions
From Net Investment Income		—			(0.0146	)		(0.0030	)		(0.0014	)		—			—
From Net Realized Gains		—			—	(k)		—			—			—			—
Total Distributions		—			(0.0146	)		(0.0030	)		(0.0014	)		—			—
Net Asset Value, End of Period	$	1.2362		$	1.2315		$	1.2215		$	1.2040		$	1.20		$	1.20
Total Return (%)(i)		0.39	(b)		2.01			1.71			0.70			0.14			(0.11	)
Net Assets, End of Period ($ millions)		140			154			210			71			63			67
Ratio of Net Investment Income (Loss) to Average Net Assets (%)		0.80	(c)		2.02			1.82			0.70			0.13			(0.11	)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.25	(c)		0.24			0.20			0.25			0.28			0.26
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.25	(c)		0.24			0.20			0.24	(e)		0.28			0.26
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) 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.

120

Mid-Term Bond Fund																		Bond Fund
Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,															Six Months Ended June 30, 2020 (Unaudited)			Years Ended December 31,
			2019			2018			2017			2016			2015						2019			2018			2017			2016			2015
$	1.06		$	1.02		$	1.04		$	1.04		$	1.03		$	1.06		$	1.48		$	1.41		$	1.44		$	1.43		$	1.41		$	1.45
	0.01			0.02			0.02			0.02			0.03			0.03			0.02			0.04			0.04			0.04			0.04			0.04
	0.04			0.04			(0.02	)		—	(h)		0.01			(0.03	)		0.07			0.07			(0.03	)		0.01			0.02			(0.03	)
	0.05			0.06			—			0.02			0.04			—			0.09			0.11			0.01			0.05			0.06			0.01
	—			(0.02	)		(0.02	)		(0.02	)		(0.03	)		(0.03	)		—			(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.05	)
	—			—			—	(h)		—	(h)		—	(h)		—	(h)		—			—			—			—	(h)		—	(h)		—	(h)
	—			(0.02	)		(0.02	)		(0.02	)		(0.03	)		(0.03	)		—			(0.04	)		(0.04	)		(0.04	)		(0.04	)		(0.05	)
$	1.11		$	1.06		$	1.02		$	1.04		$	1.04		$	1.03		$	1.57		$	1.48		$	1.41		$	1.44		$	1.43		$	1.41
	4.62	(b)		6.04			0.57			2.32			3.51			0.61			6.17	(b)		7.65			0.17			3.62			4.71			0.33
	694			672			587			558			492			452			1,715			1,574			1,346			1,274			1,108			1,007
	1.99	(c)		2.26			2.44			2.37			2.45			2.68			2.30	(c)		2.70			2.93			2.98			3.07			2.93
	0.46	(c)		0.45			0.45			0.47			0.46			0.46			0.44	(c)		0.44			0.45			0.45			0.45			0.45
	0.46	(c)		0.45			0.45			0.45	(e)		0.46			0.46			0.44	(c)		0.44			0.45			0.44	(e)		0.45			0.45
	5.91	(b)		19.47			20.12			14.18			17.52			19.07			17.50	(b)		13.36			10.71			10.65			13.54			27.51

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

121

MUTUAL OF AMERICA INVESTMENT CORPORATION

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2020

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, 2020, 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, 2020, 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 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, 2020. 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. During 2020, there were no transfers between Level 1 and Level 2 securities.

122

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

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, 2020:

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	$	3,151,013,615		—		—		$	3,151,013,615
Short-Term Debt Securities		—	$	24,198,540		—		$	24,198,540
Temporary Cash Investment		—	$	83,666		—		$	83,666
	$	3,151,013,615	$	24,282,206		—		$	3,175,295,821
All America Fund
Common Stock-Indexed	$	154,916,305		—		—		$	154,916,305
Common Stock-Active	$	102,330,157		—	$	5,343	(1)	$	102,335,500
Short-Term Debt Securities-Indexed		—	$	84,991		—		$	84,991
Short-Term Debt Securities-Active		—	$	999,957		—		$	999,957
Temporary Cash Investment		—	$	2,684,950		—		$	2,684,950
	$	257,246,462	$	3,769,898	$	5,343		$	261,021,703
Small Cap Value Fund
Common Stock	$	356,301,476		—		—		$	356,301,476
Short-Term Debt Securities		—	$	14,799,649		—		$	14,799,649
Temporary Cash Investment		—	$	2,102,588		—		$	2,102,588
	$	356,301,476	$	16,902,237				$	373,203,713
Small Cap Growth Fund
Common Stock	$	541,967,526		—	$	89,773	(1)	$	542,057,299
Short-Term Debt Securities		—	$	4,999,879		—		$	4,999,879
Temporary Cash Investment		—	$	3,110,553		—		$	3,110,553
	$	541,967,526	$	8,110,432	$	89,773		$	550,167,731
Small Cap Equity Index Fund
Common Stock-Indexed	$	29,244,488		—	$	37	(1)	$	29,244,525
Temporary Cash Investment		—	$	95,459		—		$	95,459
	$	29,244,488	$	95,459	$	37		$	29,339,984
Mid Cap Value Fund
Common Stock	$	73,565,058		—		—		$	73,565,058
Short-Term Debt Securities		—	$	1,999,958		—		$	1,999,958
Temporary Cash Investment		—	$	1,195,783		—		$	1,195,783
	$	73,565,058	$	3,195,741		—		$	76,760,799
Mid-Cap Equity Index Fund
Common Stock-Indexed	$	1,353,784,094		—		—		$	1,353,784,094
Short-Term Debt Securities		—	$	53,897,892		—		$	53,897,892
Temporary Cash Investment		—	$	4,501,850		—		$	4,501,850
	$	1,353,784,094	$	58,399,742		—		$	1,412,183,836
International Fund
Common Stock	$	670,697,545		—		—		$	670,697,545
Short-Term Debt Securities		—	$	6,399,688		—		$	6,399,688
Temporary Cash Investment		—	$	3,467,301		—		$	3,467,301
	$	670,697,545	$	9,866,989		—		$	680,564,534
Composite Fund
Common Stock	$	96,647,548		—		—		$	96,647,548
U.S. Government Debt		—	$	34,027,319		—		$	34,027,319
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	21,019,689		—		$	21,019,689

123

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

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		—	$	17,823,496		—	$	17,823,496
Short-Term Debt Securities		—	$	3,999,993		—	$	3,999,993
Temporary Cash Investment		—	$	2,687,517		—	$	2,687,517
	$	96,647,548	$	79,558,014		—	$	176,205,562
Retirement Income Fund
Common Stock	$	137,647,774		—		—	$	137,647,774
2010 Retirement Fund
Common Stock	$	27,076,990		—		—	$	27,076,990
2015 Retirement Fund
Common Stock	$	133,876,193		—		—	$	133,876,193
2020 Retirement Fund
Common Stock	$	549,065,937		—		—	$	549,065,937
2025 Retirement Fund
Common Stock	$	892,381,825		—		—	$	892,381,825
2030 Retirement Fund
Common Stock	$	821,122,127		—		—	$	821,122,127
2035 Retirement Fund
Common Stock	$	686,665,042		—		—	$	686,665,042
2040 Retirement Fund
Common Stock	$	568,501,897		—		—	$	568,501,897
2045 Retirement Fund
Common Stock	$	586,698,479		—		—	$	586,698,479
2050 Retirement Fund
Common Stock	$	418,518,264		—		—	$	418,518,264
2055 Retirement Fund
Common Stock	$	157,781,022		—		—	$	157,781,022
2060 Retirement Fund
Common Stock	$	44,524,516		—		—	$	44,524,516
Conservative Allocation Fund
Common Stock	$	173,530,618		—		—	$	173,530,618
Moderate Allocation Fund
Common Stock	$	400,202,586		—		—	$	400,202,586
Aggressive Allocation Fund
Common Stock	$	290,810,760		—		—	$	290,810,760
Money Market Fund
U.S. Government Debt		—	$	39,792,576		—	$	39,792,576
U.S. Government Agency Short-Term Debt		—	$	17,749,213		—	$	17,749,213
Commercial Paper		—	$	66,580,020		—	$	66,580,020
Corporate Debt		—	$	14,621,722		—	$	14,621,722
Temporary Cash Investment		—	$	374,509		—	$	374,509
		—	$	139,118,040		—	$	139,118,040
Mid-Term Bond Fund
U.S. Government Debt		—	$	498,363,737		—	$	498,363,737
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	39		—	$	39
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	873,308		—	$	873,308
Long-Term Corporate Debt		—	$	189,999,253		—	$	189,999,253
Temporary Cash Investment		—	$	878,279		—	$	878,279
		—	$	690,114,616		—	$	690,114,616
Bond Fund
U.S. Government Debt		—	$	733,813,712		—	$	733,813,712
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	526,517,565		—	$	526,517,565

124

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

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		—	$	435,345,329		—	$	435,345,329
Sovereign Debt		—	$	2,848,256		—	$	2,848,256
Temporary Cash Investment		—	$	14,337,889		—	$	14,337,889
		—	$	1,712,862,751		—	$	1,712,862,751
Other Financial Instruments:*
Equity Index Fund	$	498,395		—		—	$	498,395
All America Fund	$	36,027		—		—	$	36,027
Mid-Cap Equity Index Fund	$	704,105		—		—	$	704,105

* 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, 2020
	Balance December 31, 2019(a)		Change in Unrealized Gains (Losses)			Change in Realized Gains (Losses)			Transfers Into Level 3		Transfers Out of Level 3		Purchases			Sales			Balance June 30, 2020(a)			Unrealized Gains/(Losses) of Level 3 Assets Held as of June 30, 2020 Included in Statements of Operations
All America Fund — Active Common Stock	$	176,715	$	(50,386	)(b)	$	62,958	(b)		—		—		—		$	(183,944	)(b)	$	5,343	(b)	$	(50,386	)(b)
Small Cap Value Fund	$	1,925,481	$	(563,673	)(c)	$	705,175	(c)		—		—		—		$	(2,066,983	)(c)		—			—
Small Cap Growth Fund	$	89,773		—			—			—		—		—			—		$	89,773	(d)		—
Small Cap Equity Index Fund		—		—			—			—		—	$	37	(e)		—		$	37	(e)		—

(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 Alder Biopharmaceuticals, Inc. — contingent value rights with $5,343 fair value. Level 3 security, Xura, Inc., with change in unrealized loss of $(50,386), realized gain of $62,958 and sales of $183,944.

(c) Level 3 security, Lyondell Basell Industries — contingent value rights, with realized gain of $407 and sales of $407. Level 3 security, Xura, Inc., with change in unrealized loss of $(563,673), realized gain of $704,768 and sales of $2,066,576.

(d) Level 3 security, Ferroglobe Representation & Warranty Insurance Trust with $0 fair value and Alder Biopharmaceuticals, Inc. — contingent value rights with $89,773 fair value.

(e) Level 3 security Contra Progenics Pharmaceuticals, Inc. — contingent value rights, with $37 fair value and purchase of $37.

125

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

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.

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.

126

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

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.

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, 2020 and for the six months ended June 30, 2020:

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)	$	498,395		$	36,027		$	704,105
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	$	(16,686,266	)	$	(56,717	)	$	(6,424,734	)
Futures Contracts		Equity	Change in net unrealized appreciation (depreciation) of Futures contracts	$	(1,569,343	)	$	(58,823	)	$	(1,003,575	)

During the six months ended June 30, 2020, the Equity Index Fund, All America Fund and Mid-Cap Equity Index Fund held futures contracts with average notional amounts of $62,027,938, $43,015,031 and $2,987,497, 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.

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June 30, 2020

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

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%		5%		—		—		—		—		30%		30%		15%
2015 Retirement Fund		22%		8%		—		—		—		5%		30%		25%		10%
2020 Retirement Fund		25%		10%		1%		1%		—		8%		28%		22%		5%
2025 Retirement Fund		29%		12%		2%		2%		—		10%		27%		18%		—
2030 Retirement Fund		33%		16%		3%		3%		—		12%		23%		10%		—
2035 Retirement Fund		35%		18%		4%		4%		1%		15%		23%		—		—
2040 Retirement Fund		35%		21%		4%		4%		2%		18%		16%		—		—
2045 Retirement Fund		35%		21%		5%		5%		2%		18%		14%		—		—
2050 Retirement Fund		34%		22%		5%		5%		3%		19%		12%		—		—
2055 Retirement Fund		34%		22%		6%		6%		3%		19%		10%		—		—
2060 Retirement Fund		33%		23%		6%		6%		4%		20%		8%		—		—

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%	)		—			—			—		(2%	)		—		—		3%
2015 Retirement Fund		—			—			(1%	)		(1%	)		—		—			2%		—		—
2020 Retirement Fund		—			—			(1%	)		(1%	)		—		—			2%		—		—
2025 Retirement Fund		—			—			(1%	)		(1%	)		—		—			2%		—		—
2030 Retirement Fund		—			—			(1%	)		(1%	)		—		—			—		2%		—
2035 Retirement Fund		—			(1%	)		(1%	)		(1%	)		1%		1%			1%		—		—
2040 Retirement Fund		(2%	)		—			(1%	)		(1%	)		1%		2%			1%		—		—
2045 Retirement Fund		—			—			(1%	)		(1%	)		1%		—			1%		—		—
2050 Retirement Fund		—			—			(1%	)		(1%	)		1%		—			1%		—		—
2055 Retirement Fund		1%			—			(1%	)		(1%	)		1%		(1%	)		1%		—		—
2060 Retirement Fund		1%			—			(2%	)		(2%	)		2%		—			1%		—		—

Investment Income — Interest income, accretion of discount and amortization of premium are recorded daily on an accrual basis using the effective interest method. A debt obligation may cease accrual of income and result in a reduction to interest income when the collection of all or a portion of current and past due interest is in doubt. Dividend

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June 30, 2020

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

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.

As of June 30, 2020, 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, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

The Bond Fund and Mid-Term Bond Fund had a capital loss carry forward of $2,482,246 and $801,962, respectively, to offset net realized capital gains generated after December 31, 2019.

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

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June 30, 2020

2. EXPENSES (CONTINUED)

remains in effect through April 30, 2021 and continues into successive 12 month periods ending April 30 unless i) The Fund of Funds has at least $50 million in average daily net assets for the prior calendar year, ii) the Investment Company gives not less than 30 days written notice to the Adviser, or iii) the Adviser gives 45 days advance notice to the Investment Company before the next May 1 of a given year to terminate the agreement. In that case, the agreement will terminate on the next May 1 following the written notice.

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

3. INVESTMENTS

The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the six months ended June 30, 2020, 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	$	94,151,655	$	30,106,144	$	84,727,999	$	195,520,471	$	16,043,311
Proceeds from sales of investments	$	131,328,311	$	52,918,991	$	85,139,694	$	257,839,536	$	9,633,811
	Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Income Fund
Cost of investment purchases	$	6,487,502	$	173,270,424	$	85,630,145	$	35,135,651	$	11,199,757
Proceeds from sales of investments	$	9,427,031	$	155,376,272	$	43,802,038	$	48,623,190	$	13,711,517
	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Cost of investment purchases	$	6,251,376	$	9,937,492	$	24,277,606	$	44,663,504	$	50,823,810
Proceeds from sales of investments	$	6,242,826	$	23,610,834	$	72,836,527	$	69,171,427	$	46,033,923
	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund
Cost of investment purchases	$	46,553,605	$	46,229,310	$	41,680,301	$	39,602,473	$	27,225,810
Proceeds from sales of investments	$	31,195,506	$	27,481,887	$	23,335,682	$	15,179,640	$	3,613,116
	2060 Retirement Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Money Market Fund
Cost of investment purchases	$	18,110,183	$	11,502,380	$	18,011,263	$	9,264,970	$	—
Proceeds from sales of investments	$	1,631,740	$	18,190,747	$	40,367,991	$	21,169,622	$	—
	Mid-Term Bond Fund		Bond Fund
Cost of investment purchases	$	42,870,011	$	353,267,348
Proceeds from sales of investments	$	39,870,425	$	284,495,719

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June 30, 2020

3. INVESTMENTS (CONTINUED)

The cost of short-term security purchases for the Money Market Fund for the six months ended June 30, 2020, was $963,678,907; proceeds from sales for the same period were $978,779,173.

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, 2020 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	$	1,517,931,257		$	84,661,610		$	39,386,582		$	110,090,766		$	2,013,544
Unrealized Depreciation		(161,054,887	)		(21,892,342	)		(59,699,728	)		(39,818,909	)		(7,236,810	)
Net	$	1,356,876,370		$	62,769,268		$	(20,313,146	)	$	70,271,857		$	(5,223,266	)
Tax Cost of Investments	$	1,818,419,451		$	198,252,435		$	393,516,859		$	479,895,874		$	34,563,250
	Mid Cap Value Fund			Mid-Cap Equity Index Fund			International Fund			Composite Fund			Retirement Income Fund
Unrealized Appreciation	$	15,312,049		$	279,550,249		$	23,100,628		$	32,062,093		$	8,902,467
Unrealized Depreciation		(11,591,284	)		(203,259,929	)		(33,696,960	)		(4,051,579	)		(1,504,992	)
Net	$	3,720,765		$	76,290,320		$	(10,596,332	)	$	28,010,514		$	7,397,475
Tax Cost of Investments	$	73,040,034		$	1,335,893,516		$	691,160,866		$	148,195,048		$	130,250,299
	2010 Retirement Fund			2015 Retirement Fund			2020 Retirement Fund			2025 Retirement Fund			2030 Retirement Fund
Unrealized Appreciation	$	1,813,625		$	11,366,499		$	48,441,516		$	82,938,612		$	77,248,645
Unrealized Depreciation		(348,559	)		(1,623,116	)		(9,974,295	)		(21,825,201	)		(22,844,012	)
Net	$	1,465,066		$	9,743,383		$	38,467,221		$	61,113,411		$	54,404,633
Tax Cost of Investments	$	25,611,924		$	124,132,810		$	510,598,716		$	831,268,414		$	766,717,494
	2035 Retirement Fund			2040 Retirement Fund			2045 Retirement Fund			2050 Retirement Fund			2055 Retirement Fund
Unrealized Appreciation	$	67,115,142		$	57,242,403		$	64,122,321		$	30,550,369		$	6,225,471
Unrealized Depreciation		(20,246,602	)		(17,963,021	)		(17,427,454	)		(20,084,836	)		(8,525,382	)
Net	$	46,868,540		$	39,279,382		$	46,694,867		$	10,465,533		$	(2,299,911	)
Tax Cost of Investments	$	639,796,502		$	529,222,515		$	540,003,612		$	408,052,731		$	160,080,933
	2060 Retirement Fund			Conservative Allocation Fund			Moderate Allocation Fund			Aggressive Allocation Fund			Money Market Fund
Unrealized Appreciation	$	1,214,578		$	14,455,645		$	49,435,562		$	40,649,633		$	78
Unrealized Depreciation		(1,205,666	)		(2,279,415	)		(5,971,773	)		(6,450,931	)		(3,735	)
Net	$	8,912		$	12,176,230		$	43,463,789		$	34,198,702		$	(3,657	)
Tax Cost of Investments	$	44,515,604		$	161,354,388		$	356,738,797		$	256,612,058		$	139,121,697
	Mid-Term Bond Fund			Bond Fund
Unrealized Appreciation	$	41,521,205		$	134,104,572
Unrealized Depreciation		(6,443,675	)		(14,067,127	)
Net	$	35,077,530		$	120,037,445
Tax Cost of Investments	$	655,037,086		$	1,592,825,306

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

3. INVESTMENTS (CONTINUED)

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

Investments in affiliated investment companies during the six months ended June 30, 2020 were as follows:

Affiliated Investment Company	Value as of December 31, 2019		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2020
Retirement Income Fund
Bond Fund	$	40,998,749	$	3,059,927	$	143,773		$	2,337,038		$	(3,809,565	)	$	42,729,922
Equity Index Fund		30,765,719		2,039,951		852,866			(2,143,907	)		(3,581,939	)		27,932,690
Mid-Cap Equity Index Fund		7,335,302		509,988		(51,548	)		(944,149	)		(639,734	)		6,209,859
Mid-Term Bond Fund		40,568,604		3,059,927		107,178			1,729,844			(3,802,379	)		41,663,174
Money Market Fund		18,388,425		2,529,964		52,703			18,937			(1,877,900	)		19,112,129
Total	$	138,056,799	$	11,199,757	$	1,104,972		$	997,763		$	(13,711,517	)	$	137,647,774
2010 Retirement Fund
Bond Fund	$	7,939,153	$	2,138,053	$	107,595		$	371,404		$	(2,094,597	)	$	8,461,608
Equity Index Fund		6,150,823		732,378		331,596			(527,895	)		(1,191,877	)		5,495,025
International Fund		789,092		60,512		(82,178	)		(57,166	)		(710,260	)		—
Mid-Cap Equity Index Fund		2,100,502		213,351		(62,365	)		(238,461	)		(722,702	)		1,290,325
Mid-Term Bond Fund		7,553,300		1,398,567		46,427			305,674			(1,088,938	)		8,215,030
Money Market Fund		2,331,063		1,708,515		11,965			(2,089	)		(434,452	)		3,615,002
Total	$	26,863,933	$	6,251,376	$	353,040		$	(148,533	)	$	(6,242,826	)	$	27,076,990
2015 Retirement Fund
Bond Fund	$	41,149,238	$	2,314,603	$	161,948		$	2,208,212		$	(4,958,596	)	$	40,875,405
Equity Index Fund		39,213,614		872,992		1,781,892			(3,578,205	)		(7,146,699	)		31,143,594
International Fund		6,089,722		1,198,407		(45,004	)		(547,197	)		(828,043	)		5,867,885
Mid-Cap Equity Index Fund		14,874,597		317,451		(340,999	)		(1,696,581	)		(2,520,838	)		10,633,630
Mid-Term Bond Fund		34,253,672		1,805,661		12,333			1,456,657			(4,295,457	)		33,232,866
Money Market Fund		10,268,752		3,396,814		44,055			(3,207	)		(1,583,601	)		12,122,813
Small Cap Growth Fund		1,395,052		15,782		(21,966	)		(76,264	)		(1,312,604	)		—
Small Cap Value Fund		1,303,698		15,782		(389,106	)		34,622			(964,996	)		—
Total	$	148,548,345	$	9,937,492	$	1,203,153		$	(2,201,963	)	$	(23,610,834	)	$	133,876,193
2020 Retirement Fund
Bond Fund	$	153,345,428	$	2,477,484	$	1,003,933		$	8,026,617		$	(15,030,893	)	$	149,822,569
Equity Index Fund		186,776,304		2,319,401		8,282,168			(16,944,847	)		(30,488,740	)		149,944,286
International Fund		41,949,107		742,208		(152,453	)		(4,679,096	)		(4,422,878	)		33,436,888
Mid-Cap Equity Index Fund		66,991,462		927,762		227,063			(8,983,078	)		(5,938,577	)		53,224,632
Mid-Term Bond Fund		120,305,809		2,041,073		123,125			5,154,583			(12,328,532	)		115,296,058
Money Market Fund		14,141,367		15,463,880		5,739			66,482			(2,426,370	)		27,251,098
Small Cap Growth Fund		12,876,632		152,899		(87,093	)		152,629			(1,118,312	)		11,976,755
Small Cap Value Fund		12,083,385		152,899		(310,484	)		(2,729,924	)		(1,082,225	)		8,113,651
Total	$	608,469,494	$	24,277,606	$	9,091,998		$	(19,936,634	)	$	(72,836,527	)	$	549,065,937

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2019		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2020
2025 Retirement Fund
Bond Fund	$	214,209,852	$	14,828,011	$	622,746		$	12,526,236		$	(12,411,321	)	$	229,775,524
Equity Index Fund		329,263,044		7,732,417		11,819,359			(25,685,105	)		(31,121,794	)		292,007,921
International Fund		83,937,897		2,666,351		524,248			(10,166,102	)		(4,858,527	)		72,103,867
Mid-Cap Equity Index Fund		120,715,056		3,199,620		465,423			(16,230,407	)		(6,272,025	)		101,877,667
Mid-Term Bond Fund		127,929,626		14,799,431		127,877			5,853,991			(8,260,465	)		140,450,460
Small Cap Growth Fund		37,025,147		718,837		(855,807	)		131,862			(4,681,650	)		32,338,389
Small Cap Value Fund		33,137,341		718,837		(99,515	)		(8,363,021	)		(1,565,645	)		23,827,997
Total	$	946,217,963	$	44,663,504	$	12,604,331		$	(41,932,546	)	$	(69,171,427	)	$	892,381,825
2030 Retirement Fund
Bond Fund	$	173,643,085	$	12,009,465	$	208,092		$	10,552,370		$	(6,556,438	)	$	189,856,574
Equity Index Fund		316,464,231		11,491,890		8,655,089			(20,551,230	)		(20,501,747	)		295,558,233
International Fund		89,534,554		6,178,852		594,470			(10,470,003	)		(3,386,052	)		82,451,821
Mid-Cap Equity Index Fund		148,364,589		5,571,802		1,325,343			(20,237,309	)		(4,966,905	)		130,057,520
Mid-Term Bond Fund		46,775,369		13,002,061		42,887			2,315,863			(2,136,554	)		59,999,626
Small Cap Growth Fund		41,365,163		1,284,870		(198,675	)		8,674			(7,285,133	)		35,174,899
Small Cap Value Fund		37,515,336		1,284,870		63,090			(9,638,748	)		(1,201,094	)		28,023,454
Total	$	853,662,327	$	50,823,810	$	10,690,296		$	(48,020,383	)	$	(46,033,923	)	$	821,122,127
2035 Retirement Fund
Bond Fund	$	124,173,646	$	20,585,624	$	95,583		$	7,906,100		$	(2,894,965	)	$	149,865,988
Equity Index Fund		279,944,103		10,337,731		7,099,295			(17,789,717	)		(16,226,265	)		263,365,147
International Fund		86,538,474		7,222,667		467,997			(9,878,544	)		(1,903,357	)		82,447,237
Mid-Cap Equity Index Fund		143,878,875		5,524,337		980,109			(19,434,263	)		(3,722,073	)		127,226,985
Small Cap Equity Index Fund		0		104,756		1,821			4,590			(21,180	)		89,987
Small Cap Growth Fund		39,569,557		1,389,245		(468,765	)		258,215			(5,739,905	)		35,008,347
Small Cap Value Fund		37,617,280		1,389,245		23,406			(9,680,819	)		(687,761	)		28,661,351
Total	$	711,721,935	$	46,553,605	$	8,199,446		$	(48,614,438	)	$	(31,195,506	)	$	686,665,042
2040 Retirement Fund
Bond Fund	$	74,199,182	$	14,306,891	$	88,979		$	4,686,328		$	(1,328,481	)	$	91,952,899
Equity Index Fund		233,034,241		10,299,880		7,204,560			(14,803,395	)		(13,619,937	)		222,115,349
International Fund		82,763,293		12,661,644		222,428			(8,707,888	)		(1,455,814	)		85,483,663
Mid-Cap Equity Index Fund		119,231,742		5,928,152		632,566			(15,767,400	)		(1,948,760	)		108,076,300
Small Cap Equity Index Fund		2,200,674		354,771		(14,393	)		(381,975	)		(83,250	)		2,075,827
Small Cap Growth Fund		38,425,748		1,338,986		(1,361,291	)		429,579			(7,533,709	)		31,299,313
Small Cap Value Fund		37,257,942		1,338,986		(34,768	)		(9,551,678	)		(1,511,936	)		27,498,546
Total	$	587,112,822	$	46,229,310	$	6,738,081		$	(44,096,429	)	$	(27,481,887	)	$	568,501,897
2045 Retirement Fund
Bond Fund	$	65,377,999	$	14,272,621	$	60,434		$	4,187,485		$	(777,668	)	$	83,120,871
Equity Index Fund		232,834,690		8,638,101		5,000,709			(13,246,677	)		(10,301,485	)		222,925,338
International Fund		88,761,708		10,442,452		120,801			(9,412,101	)		(1,054,577	)		88,858,283
Mid-Cap Equity Index Fund		130,915,375		5,182,872		340,221			(16,930,609	)		(1,336,508	)		118,171,351
Small Cap Equity Index Fund		2,131,242		310,986		(8,335	)		(369,285	)		(55,607	)		2,009,001
Small Cap Growth Fund		46,690,086		1,416,635		(690,670	)		(38,835	)		(8,413,729	)		38,963,487
Small Cap Value Fund		43,922,587		1,416,634		(45,871	)		(11,247,094	)		(1,396,108	)		32,650,148
Total	$	610,633,687	$	41,680,301	$	4,777,289		$	(47,057,116	)	$	(23,335,682	)	$	586,698,479

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2019		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2020
2050 Retirement Fund
Bond Fund	$	37,272,948	$	12,125,904	$	8,437		$	2,486,811		$	(305,512	)	$	51,588,588
Equity Index Fund		155,314,968		9,384,846		1,127,906			(6,219,352	)		(5,144,496	)		154,463,872
International Fund		68,995,910		8,244,469		37,177			(7,342,507	)		(540,313	)		69,394,736
Mid-Cap Equity Index Fund		91,679,185		6,072,542		25,034			(11,553,259	)		(685,941	)		85,537,561
Small Cap Equity Index Fund		2,957,556		641,681		(3,710	)		(517,814	)		(38,769	)		3,038,944
Small Cap Growth Fund		35,910,848		1,566,515		(964,151	)		196,136			(7,242,532	)		29,466,816
Small Cap Value Fund		33,251,312		1,566,516		(448,782	)		(8,119,222	)		(1,222,077	)		25,027,747
Total	$	425,382,727	$	39,602,473	$	(218,089	)	$	(31,069,207	)	$	(15,179,640	)	$	418,518,264
2055 Retirement Fund
Bond Fund	$	12,075,994	$	4,250,098	$	2,386		$	822,539		$	(52,282	)	$	17,098,735
Equity Index Fund		49,476,683		8,064,294		59,330			(1,159,082	)		(211,824	)		56,229,401
International Fund		25,228,284		5,775,384		18,082			(2,586,833	)		(108,286	)		28,326,631
Mid-Cap Equity Index Fund		31,450,385		5,329,679		3,667			(3,790,664	)		(133,078	)		32,859,989
Small Cap Equity Index Fund		951,280		554,291		57			(154,979	)		(5,290	)		1,345,359
Small Cap Growth Fund		12,664,228		1,626,032		(248,059	)		311,448			(2,052,883	)		12,300,766
Small Cap Value Fund		12,232,199		1,626,032		(533,583	)		(2,655,034	)		(1,049,473	)		9,620,141
Total	$	144,079,053	$	27,225,810	$	(698,120	)	$	(9,212,605	)	$	(3,613,116	)	$	157,781,022
2060 Retirement Fund
Bond Fund	$	1,961,313	$	1,745,924	$	3,033		$	148,976		$	(44,974	)	$	3,814,272
Equity Index Fund		9,503,459		5,523,470		15,270			20,125			(205,647	)		14,856,677
International Fund		5,898,353		3,422,037		(3,367	)		(522,677	)		(125,542	)		8,668,804
Mid-Cap Equity Index Fund		6,764,000		3,935,342		(22,899	)		(645,515	)		(144,268	)		9,886,660
Small Cap Equity Index Fund		502,714		938,628		(1,399	)		(17,976	)		(15,318	)		1,406,649
Small Cap Growth Fund		2,582,811		1,272,391		(48,891	)		154,310			(1,049,563	)		2,911,058
Small Cap Value Fund		2,396,139		1,272,391		(7,079	)		(634,627	)		(46,428	)		2,980,396
Total	$	29,608,789	$	18,110,183	$	(65,332	)	$	(1,497,384	)	$	(1,631,740	)	$	44,524,516
Conservative Allocation Fund
Bond Fund	$	52,787,947	$	3,450,714	$	213,113		$	2,912,846		$	(5,431,764	)	$	53,932,856
Equity Index Fund		45,379,902		2,875,595		1,332,419			(2,694,244	)		(4,607,411	)		42,286,261
International Fund		10,011,276		575,119		36,013			(1,107,603	)		(956,227	)		8,558,578
Mid-Cap Equity Index Fund		9,115,192		575,119		18,370			(1,134,586	)		(915,246	)		7,658,849
Mid-Term Bond Fund		60,659,106		4,025,833		75,677			2,613,557			(6,280,099	)		61,094,074
Total	$	177,953,423	$	11,502,380	$	1,675,592		$	589,970		$	(18,190,747	)	$	173,530,618
Moderate Allocation Fund
Bond Fund	$	106,024,970	$	3,002,816	$	1,058,272		$	5,280,381		$	(11,518,757	)	$	103,847,682
Equity Index Fund		153,952,504		4,203,942		7,469,689			(13,031,716	)		(14,159,220	)		138,435,199
International Fund		43,502,009		4,201,126		(280,462	)		(4,838,327	)		(3,426,022	)		39,158,324
Mid-Cap Equity Index Fund		65,738,985		4,801,690		888,262			(9,807,184	)		(5,158,668	)		56,463,085
Mid-Term Bond Fund		63,749,361		1,801,689		85,954			2,766,616			(6,105,324	)		62,298,296
Total	$	432,967,829	$	18,011,263	$	9,221,715		$	(19,630,230	)	$	(40,367,991	)	$	400,202,586
Aggressive Allocation Fund
Bond Fund	$	62,239,270	$	672,994	$	627,497		$	3,115,746		$	(5,428,977	)	$	61,226,530
Equity Index Fund		112,892,489		1,177,740		4,800,375			(8,267,944	)		(8,874,984	)		101,727,676
International Fund		48,007,424		2,904,745		(76,829	)		(5,337,869	)		(2,282,707	)		43,214,764
Mid-Cap Equity Index Fund		64,512,611		1,772,994		941,829			(9,186,469	)		(3,052,514	)		54,988,451
Small Cap Growth Fund		16,387,345		168,248		162,712			47,616			(772,394	)		15,993,527
Small Cap Value Fund		16,083,156		2,568,249		154,749			(4,388,296	)		(758,046	)		13,659,812
Total	$	320,122,295	$	9,264,970	$	6,610,333		$	(24,017,216	)	$	(21,169,622	)	$	290,810,760

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

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, 2020, shares authorized were allocated into the 29 series of Funds as follows:

	Authorized No. of Shares
	Total Shares Allocated
Equity Index Fund		900,000,000
All America Fund		200,000,000
Small Cap Value Fund		475,000,000
Small Cap Growth Fund		570,000,000
Small Cap Equity Index Fund		200,000,000
Mid Cap Value Fund		100,000,000
Mid-Cap Equity Index Fund		1,050,000,000
International Fund		1,275,000,000
Composite Fund		150,000,000
Retirement Income Fund		270,000,000
2010 Retirement Fund		50,000,000
2015 Retirement Fund		200,000,000
2020 Retirement Fund		665,000,000
2025 Retirement Fund		1,025,000,000
2030 Retirement Fund		915,000,000
2035 Retirement Fund		845,000,000
2040 Retirement Fund		685,000,000
2045 Retirement Fund		675,000,000
2050 Retirement Fund		470,000,000
2055 Retirement Fund		350,000,000
2060 Retirement Fund		200,000,000
2065 Retirement Fund*		100,000,000
Conservative Allocation Fund		215,000,000
Moderate Allocation Fund		370,000,000
Aggressive Allocation Fund		265,000,000
Money Market Fund		425,000,000
Mid-Term Bond Fund		840,000,000
Bond Fund		1,525,000,000
Catholic Values Index Fund*		100,000,000
Sub-Total		15,110,000,000
Shares to be allocated at the discretion of the Board of Directors		3,640,000,000
Total		18,750,000,000

* Fund to commence operations on, or after, July 1, 2020.

5. DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION

On September 19, 2019 and September 20, 2019, required distributions of net investment income and, as applicable, net realized gains relating to 2018 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.

On December 26, 2019, required dividend distribution from net investment income and net realized gains were 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 2019 investment company taxable income and capital gains in 2020 in accordance with Internal Revenue Code Section 855(a).

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

5. DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED)

Pursuant to shareholders’ instructions, substantially all dividend distributions throughout 2020 and 2019 were immediately reinvested into their respective funds. The tax character of the distributions paid during 2020 and 2019 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)
2020	$	0	$	0	$	0	$	0	$	0
2019	$	50,705,532	$	3,705,059	$	4,007,612	$	520,427	$	506,895
Long-Term Capital Gains
2020	$	0	$	0	$	0	$	0	$	0
2019	$	56,282,908	$	19,722,504	$	27,699,815	$	46,815,220	$	75,260
Return of Capital
2020	$	0	$	0	$	0	$	0	$	0
2019	$	0	$	0	$	0	$	0	$	0
	Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund		Composite Fund		Retirement Fund
Ordinary Income (a)
2020	$	0	$	0	$	0	$	0	$	0
2019	$	1,240,677	$	22,769,062	$	14,819,838	$	4,065,765	$	1,908,444
Long-Term Capital Gains
2020	$	0	$	0	$	0	$	0	$	0
2019	$	2,284,051	$	95,862,824	$	0	$	8,160,124	$	1,926,004
	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund		2025 Retirement Fund		2030 Retirement Fund
Ordinary Income (a)
2020	$	0	$	0	$	0	$	0	$	0
2019	$	476,056	$	2,895,917	$	10,744,694	$	14,104,082	$	11,887,199
Long-Term Capital Gains
2020	$	0	$	0	$	0	$	0	$	0
2019	$	749,599	$	6,509,459	$	24,235,517	$	30,493,288	$	26,168,201
	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund		2050 Retirement Fund		2055 Retirement Fund
Ordinary Income (a)
2020	$	0	$	0	$	0	$	0	$	0
2019	$	9,486,781	$	7,589,088	$	8,048,993	$	5,028,164	$	1,071,155
Long-Term Capital Gains
2020	$	0	$	0	$	0	$	0	$	0
2019	$	22,587,202	$	16,864,407	$	20,921,544	$	10,871,928	$	2,282,916
	2060 Retirement Fund		Conservative Allocation Fund		Moderate Allocation Fund		Aggressive Allocation Fund		Money Market Fund
Ordinary Income (a)
2020	$	0	$	0	$	0	$	0	$	0
2019	$	13,446	$	3,384,999	$	8,202,249	$	5,732,958	$	2,221,214
Long-Term Capital Gains
2020	$	0	$	0	$	0	$	0	$	0
2019	$	23,470	$	3,898,222	$	16,736,788	$	17,284,510	$	0

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

5. DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED)

	Mid-Term Bond Fund		Bond Fund
Ordinary Income (a)
2020	$	0	$	0
2019	$	13,773,991	$	37,592,921
Long-Term Capital Gains
2020	$	0	$	0
2019	$	0	$	0

Notes:

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

Undistributed net income and gains (losses) — As of June 30, 2020, 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	$	96,742,565	$	6,065,020	$	11,239,320		$	2,551,162	$	463,099
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	119,277,296	$	32,903,506	$	(33,166,864	)	$	55,699,652	$	(165,615	)
Net unrealized appreciation (depreciation) of investments and futures contracts	$	1,356,876,370	$	62,769,268	$	(20,313,146	)	$	70,271,857	$	(5,223,266	)
	Mid Cap Value Fund		Mid-Cap Equity Index Fund		International Fund			Composite Fund		Retirement Income Fund
Accumulated undistributed net investment income	$	2,489,973	$	34,869,721	$	26,878,287		$	5,688,597	$	2,107,758
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	3,783,495	$	101,901,923	$	(2,621,967	)	$	4,713,818	$	2,737,597
Net unrealized appreciation (depreciation) of investments and futures contracts	$	3,720,765	$	76,290,320	$	(10,596,332	)	$	28,010,514	$	7,397,475
	2010 Retirement Fund		2015 Retirement Fund		2020 Retirement Fund			2025 Retirement Fund		2030 Retirement Fund
Accumulated undistributed net investment income	$	504,828	$	2,654,145	$	10,724,031		$	15,205,333	$	12,928,252
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	869,538	$	7,778,894	$	33,172,169		$	43,618,681	$	40,911,836
Net unrealized appreciation (depreciation) of investments and futures contracts	$	1,465,066	$	9,743,383	$	38,467,221		$	61,113,411	$	54,404,633
	2035 Retirement Fund		2040 Retirement Fund		2045 Retirement Fund			2050 Retirement Fund		2055 Retirement Fund
Accumulated undistributed net investment income	$	10,407,520	$	8,239,164	$	8,396,476		$	5,645,620	$	1,705,810
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	33,790,257	$	26,330,713	$	27,215,227		$	12,571,313	$	3,087,167
Net unrealized appreciation (depreciation) of investments and futures contracts	$	46,868,540	$	39,279,382	$	46,694,867		$	10,465,533	$	(2,299,911	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2020

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	$	287,721		$	3,421,949	$	7,941,711	$	5,258,488	$	4,553,966
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	524,868		$	5,156,304	$	26,591,859	$	24,802,553	$	0
Net unrealized appreciation (depreciation) of investments and futures contracts	$	8,912		$	12,176,230	$	43,463,789	$	34,198,702	$	(3,657	)
	Mid-Term Bond Fund			Bond Fund
Accumulated undistributed net investment income	$	20,963,486		$	60,050,491
Accumulated undistributed net realized gain/(loss) on investments and futures contracts	$	(110,919	)	$	2,052,639
Net unrealized appreciation (depreciation) of investments and futures contracts	$	35,077,530		$	120,037,445

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

6. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-08, which amends guidance on the amortization period of premiums on certain purchased callable debt securities. Specifically, the amendments shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments affect all entities that hold investments in callable debt securities that have an amortized cost basis in excess of the amount that is repayable by the issuer at the earliest call date (that is, at a premium).

For public business entities, the amendments in ASU 2017-08 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Management has evaluated ASU 2017-08 and determined that there is no material impact on the financial statements.

In August 2018, the FASB issued 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 Fund’s 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. The Manager has decided not to early adopt and continues to evaluate the provisions of the ASU and does not expect a material impact to financial statement disclosures.

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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, 2020. 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, 2020 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 27, 2020, 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, 2019, the Adviser had approximately $19 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 2019, 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.

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MUTUAL OF AMERICA

LIFE INSURANCE COMPANY

320 PARK AVENUE

NEW YORK, NY 10022-6839

www.mutualofamerica.com

320 PARK AVENUE

NEW YORK NY 10022-6839

ADDRESS SERVICE REQUESTED

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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 SECURITIES 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 4, 2020

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 4, 2020

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 4, 2020

EX-99.302CERT

Exhibit 99.1 CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, James J. Roth, Chairman of the Board, President and Chief Executive Officer of Mutual of America Investment Corporation, certify that:

1. I have reviewed this report on Form N-CSR of Mutual of America Investment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered in this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 4, 2020

/s/ JAMES J. ROTH

James J. Roth

Chairman of the Board,

President and Chief Executive Officer of

Mutual of America Investment Corporation

Exhibit 99.2 CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Chris W. Festog, Senior Executive Vice President, Chief Financial Officer and Treasurer of Mutual of America Investment Corporation, certify that:

1. I have reviewed this report on Form N-CSR of Mutual of America Investment Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered in this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 4, 2020

/s/ CHRIS W. FESTOG

Chris W. Festog

Senior Executive Vice President,

Chief Financial Officer and Treasurer of

Mutual of America Investment Corporation

EX-99.906CERT

Exhibit 99.906CERT

CERTIFICATION PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Report of Mutual of America Investment Corporation (the “Investment Corp.”) on Form N-CSR for the semi-annual period ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, James J. Roth, Chairman of the Board, President and Chief Executive Officer of the Investment Corp., certify that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Investment Corp. for the period ended June 30, 2020.

Dated: September 4, 2020

/s/ JAMES J. ROTH

James J. Roth

Chairman of the Board,

President and Chief Executive Officer of

Mutual of America Investment Corporation

CERTIFICATION PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

In connection with the Report of Mutual of America Investment Corporation (the “Investment Corp.”) on Form N-CSR for the semi-annual period ended June 30, 2020 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Chris W. Festog, Senior Executive Vice President, Chief Financial Officer and Treasurer of the Investment Corporation, certify that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Investment Corp. for the period ended June 30, 2020.

Dated: September 4, 2020

/s/ CHRIS W. FESTOG

Chris W. Festog

Senior Executive Vice President,

Chief Financial Officer and Treasurer of

Mutual of America Investment Corporation