Mutual of America All America Fund

Mutual of America Investment Corporation

Investment Objective

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

Principal Investment Strategies

A portion of the Fund's total assets is indexed and a portion is actively managed.

  • Approximately 60% of the Fund’s total assets are invested in the 500 common stocks included in the S&P 500® Index to replicate, to the extent practicable, the weightings of such stocks in the Index with respect to that 60% of the Fund’s total assets. The components of the Index are market capitalization weighted, adjusted for free float, which is the value of shares readily available in the market as held by public investors. The indexed portion of the Fund is rebalanced at approximately the same time that the S&P 500® Index to which that portion of the Fund is benchmarked is rebalanced and reconstituted, which currently occurs on the third Friday of the last month of each quarter.
  • Approximately 40% of the Fund’s total assets are actively managed by the Adviser, with approximately 20% of the Fund’s total assets invested in large and mid-cap growth and value stocks, approximately 10% invested in small-cap growth stocks and approximately 10% in small-cap value stocks. The Adviser generally invests in stocks that it considers undervalued, or to have attractive growth potential, and with the potential for investment returns that outperform their peer companies, based on bottom-up fundamental company research, including analysis of business models, financial statements, measures of earnings and cash flow, and potential for long-term growth in sales and cash flow.

Under normal circumstances, at least 80% of the Fund's total assets are invested in securities of companies that are listed or principally traded on a United States stock exchange.

Principal Investment Risks

As with any mutual fund, loss of money is a risk of investing in the Fund. Additionally, an investment in the Fund is subject to the following risks which are described in more detail in the Statutory Prospectus.
  • General risk: The Fund may not achieve its investment objective. An investment in the Fund could decline in value, and you could lose money by investing in the Fund.
  • Market risk: The risk that prices of securities will go down because of the interplay of market forces may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.
  • Active Management risk: The portfolio manager’s judgments about the attractiveness, value or potential appreciation of the Fund’s investments may prove to be incorrect. The Fund could underperform in comparison to other funds with a similar benchmark or similar objectives and investment strategies if the Fund’s overall investment selections or strategies fail to produce the intended results.
  • Company risk: The price of the stock of a particular company can vary based on a variety of factors, such as the company's financial performance, changes in management and product trends, and the potential for takeover and acquisition. The prices of equity securities of smaller companies may fluctuate more than for more established companies. The equity securities of smaller companies may not be traded as often as for larger companies, therefore it may be difficult to trade securities at a desirable price. Investments in companies with small market capitalizations generally offer greater opportunities for appreciation, but are associated with more risks than for established companies.
  • Index Tracking Error risk: As an index fund, the Fund seeks to track the performance of the index, although it may not be successful in doing so. The divergence between the performance of the Fund and the index, positive or negative, is called tracking error. Tracking error can be caused by many factors such as operating and transaction costs, as well as weighting of each security in the index, and it may be significant.
  • Passive Investment risk: Because the Fund is passively managed and seeks to match the performance of its benchmark index, holdings are generally not reallocated based on changes in market conditions or outlook for a specific security, industry, or market sector. As a result, the Fund’s performance may lag the performance of actively managed funds.
  • Growth Stock risk: Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not outperform value style investing.
  • Value Stock risk: Value stocks are generally undervalued in the marketplace, with high dividends and low prices relative to standard measures. Value stocks may remain undervalued.
  • Large Cap risk: Larger, more established companies may be unable to respond quickly to new competitive challenges and also may not be able to attain the high growth rate of successful smaller companies.
  • Mid-Cap risk: Mid-cap stocks experience more market risk and sharper price fluctuations than for large-cap stocks due to the fact that the earnings of mid-size companies tend to be less predictable and the stocks are traded less frequently. At times it may be difficult for a Fund to sell mid-cap stocks at reasonable prices.
  • Small-Cap risk: Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.
  • Stock risk: The value of your investment will go up or down, depending on movements in the stock markets. The investment results may be better or worse than the results for the stock markets taken as a whole, or than the results of other funds that invest in the same types of securities.

AS OF 8/13/2020
Year to Date 0.59%
Prior 3 Months 12.09%
Prior 1 Year 4.18%
Prior 3 Years 6.40%
Prior 5 Years 6.77%
Prior 10 Years 10.28%
Date of Inception1: 01/01/1985
1 Date of Inception shown is the date the Underlying Fund became available to the Separate Account, in accordance with a current SEC staff position. An Underlying Fund may have begun operations at an earlier date.

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and unit values will fluctuate so that units, when redeemed, may be worth more or less than their original cost. Investment Fund total return performance currently may be lower or higher than the figures stated above.

The total return performance data are based on a hypothetical investment of $1,000, which is redeemed at the end of the periods shown. The total return figures reflect the reinvestment of investment income and capital gains and losses, and are net of expenses which include a contract fee, an expense risk fee, administrative charges, a distribution expense charge and Underlying Funds fees and expenses.

The total return figures for periods extending beyond a year are average rates of return and do not reflect the Funds' actual year-to-year results, which varied over the periods shown. Contributions or withdrawals made within a period would experience different rates of return based on the unit values on the dates of such transactions.

Please note that the current yield quotation more closely reflects the current earnings of the Money Market Fund than the total return performance data.
Portfolio Information for the All America Fund
Portfolio Turnover Rate

Portfolio Turnover Rate(%): 22%**Excludes all short-term securities.

Industry Allocation as of 7/31/2020
Industry% of Portfolio
Communication Services7.3%
Consumer Discretionary10.7%
Consumer Staples5.4%
Health Care15.0%
Information Technology23.0%
Real Estate4.9%
The above Portfolio Information is provided to illustrate the types of securities in which the Portfolio may invest. The information is subject to change and may not represent the Portfolio's current or future holdings.
Top Ten Holdings as of 7/31/2020 (reflects most recent information available)
Company % of Portfolio
Apple Inc3.8%
Microsoft Corp3.4%, Inc.2.9%
Alphabet Inc.1.9%
Facebook Inc.1.3%
Johnson & Johnson0.8%
Berkshire Hathaway, Inc.0.8%
Procter & Gamble Company0.7%
Visa Inc.0.7%
JP Morgan Chase & Co0.6%
The above Portfolio Information is provided to illustrate the types of securities in which the Portfolio may invest. The information is subject to change and may not represent the Portfolio's current or future holdings.
Manager Biography

Joseph R. Gaffoglio, Executive Vice President and Chief Operating Officer and Head of Investment Strategy of the Adviser, joined the Adviser in 2005 and has approximately 24 years of experience in the financial industry. Mr. Gaffoglio’s primary focus has been quantitative research and risk management. He has been responsible for managing the Retirement Funds and Allocation Funds since 2014 and the large cap portions of the All America Fund and Composite Fund since May 2016. Stephen J. Rich, President and Chief Executive Officer of the Adviser, joined the Adviser in February 2004, and has approximately 28 years of experience selecting securities for and managing equity portfolios. Brittain Ezzes, Senior Vice President of the Adviser, joined the Adviser in April 2020 and has approximately 16 years of experience selecting securities for and managing equity portfolios. Ms. Ezzes has co-managed the Small Cap Value Fund and Mid Cap Value Fund, and the small cap and mid-cap value segments of the All America Fund, since May 2020. Marguerite Wagner, Executive Vice President of the Adviser, joined the Adviser in 2005, and has approximately 36 years of experience selecting securities and managing equity portfolios. Jamie A. Zendel, Senior Vice President and Head of Quantitative Research of the Adviser, handles indexed investments. Ms. Zendel joined the Adviser in July 2007 and has approximately 21 years of experience in the financial industry. Ms. Zendel has managed the indexed portfolio of the All America Fund; the Equity Index Fund, Mid-Cap Equity Index Fund, and International Fund since 2014; the Small Cap Equity Index Fund since 2018; and the Catholic Values Index Fund since 2020.

You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 800.468.3785 or visiting Read them carefully before investing.

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