MFS® VIT III Mid Cap Value Portfolio

Mutual of America Investment Corporation



Fund Information for Mutual of America's Group Products (Except Defined Benefit and Pension Investment Contract), SEP and SIMPLE Contracts Separate Account No. 2 - Standard Pricing
MFS® VIT III Mid Cap Value Portfolio

Investment Objective

The fund’s investment objective is to seek capital appreciation.


Principal Investment Strategies

MFS (Massachusetts Financial Services Company, the fund's investment adviser) normally invests at least 80% of the fund's net assets in issuers with medium market capitalizations. MFS generally defines medium market capitalization issuers as issuers with market capitalizations similar to those of issuers included in the Russell Midcap® Value Index (the Index) over the last 13 months at the time of purchase. As of March 31, 2019, the range of the market capitalizations of the issuers in the Index was between approximately $593.6 million and $42.1 billion.

MFS normally invests the fund's assets primarily in equity securities. Equity securities include common stocks, equity interests in real estate investment trusts (REITs), and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer.

MFS focuses on investing the fund's assets in the stocks of companies it believes are undervalued compared to their perceived worth (value companies).

MFS may invest the fund's assets in foreign securities.

MFS normally invests the fund's assets across different industries and sectors, but MFS may invest a significant percentage of the fund's assets in issuers in a single industry or sector.

MFS uses an active bottom-up investment approach to buying and selling investments for the fund. Investments are selected primarily based on fundamental analysis of individual issuers. Quantitative screening tools that systematically evaluate issuers may also be considered.

For purposes of the fund's 80% policy, net assets include the amount of any borrowings for investment purposes.


Principal Investment Risks

As with any mutual fund, the fund may not achieve its objective and/or you could lose money on your investment in the fund. An investment in the fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency.

An investment in the Fund is subject to the following risks which are described in more detail in the Statutory Prospectus.
  • Equity Market/Company Risk: Equity markets are volatile and can decline significantly in response to, or investor perceptions of, issuer, market, economic, industry, political, regulatory, geopolitical, and other conditions. These conditions can affect a single issuer or type of security, issuers within a broad market sector, industry or geographic region, or the equity markets in general. Certain events can have a dramatic adverse effect on equity markets and may lead to periods of high volatility in an equity market or a segment of an equity market.

  • Value Company Risk: The stocks of value companies can continue to be undervalued for long periods of time and not realize their expected value and can be more volatile than the market in general.

  • Mid Cap Risk: The stocks of mid cap companies can be more volatile and their shares can be less liquid than those of larger companies.

  • Foreign Risk: Exposure to foreign markets through issuers or currencies can involve additional risks relating to market, economic, industry, political, regulatory, geopolitical, and other conditions. These factors can make foreign investments, especially those in emerging and frontier markets, more volatile and less liquid than U.S. investments. In addition, foreign markets can react differently to these conditions than the U.S. market.

  • Real Estate Investment Trust Risk: The risks of investing in REITs include certain risks associated with the direct ownership of real estate and the real estate industry in general. These include risks related to general, regional and local economic conditions; difficulties in valuing and disposing of real estate; fluctuations in interest rates and property tax rates; shifts in zoning laws, environmental regulations and other governmental action; cash flow dependency; increased operating expenses; lack of availability of mortgage funds; losses due to natural disasters; overbuilding; losses due to casualty or condemnation; changes in property values and rental rates; the management skill and creditworthiness of the REIT manager; and other factors. The securities of smaller real estate­-related issuers can be more volatile and less liquid than securities of larger issuers and their issuers can have more limited-financial resources.

  • Focus Risk: Issuers in a single industry, sector, country, or region can react similarly to market, currency, political, economic, regulatory, geopolitical, and other conditions, and the fund's performance will be affected by the conditions in the industries, sectors, countries and regions to which the fund is exposed.

  • Liquidity Risk: It may be difficult to value, and it may not be possible to sell, certain investments, types of investments, and/or investments in certain segments of the market, and the fund may have to sell certain of these investments at prices or times that are not advantageous in order to meet redemptions or other cash needs.

  • Investment Selection Risk: MFS' investment analysis and its selection of investments may not produce the intended results and/or can lead to an investment focus that results in the fund underperforming other funds with similar investment strategies and/or underperforming the markets in which the fund invests.


Performance

TOTAL RETURN PERFORMANCE DATA
FOR MUTUAL OF AMERICA GROUP PRODUCTS (EXCEPT DEFINED BENEFIT AND PENSION INVESTMENT CONTRACT), SEP AND SIMPLE CONTRACTS SEPARATE ACCOUNT NO. 2 - STANDARD PRICING
AS OF 8/19/2019
periodvalue
Year to Date 16.29%
FOR PERIODS ENDED 07/31/2019
periodvalue
Prior 3 Months 0.50%
ANNUALIZED
periodvalue
Prior 1 Year 2.12%
Prior 3 Years N/A
Prior 5 Years N/A
Prior 10 Years* 4.98%
Date of Inception1: 07/02/2018

* Or since inception if the Fund has been in existence for less than 120 months.

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.


Portfolio Information for the MFS® VIT III Mid Cap Value Portfolio
Portfolio Turnover Rate

Portfolio Turnover Rate(%): N/A%*

*Excludes all short-term securities.


Industry Allocation as of 6/30/2019
Industry% of Portfolio
Cash1.6%
Basic Materials7.2%
Capital Goods11.9%
Communication Services1.6%
Consumer Cyclicals9.1%
Consumer Staples5.6%
Energy6.3%
Financials21.9%
Health Care5.7%
Technology12.1%
Utilities9.7%
Real Estate7.3%

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 6/30/2019
(reflects most recent information available)

Company % of Portfolio
Hartford Financial Services Group Inc./The1.5%
Nasdaq Inc.1.4%
Stanley Black & Decker Inc.1.2%
Public Service Enterprise Group Inc.1.1%
KeyCorp1.1%
Life Storage Inc.1.1%
Analog Devices Inc.1.1%
Plains GP Holdings LP1.1%
SunTrust Banks Inc.1.1%
Pioneer Natural Resources Co.1.1%

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

Kevin Schmitz, Portfolio Manager, employed in the investment area of MFS since 2002.

Brooks Taylor, Portfolio Manager, employed in the investment area of MFS since 1996.


Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying investment funds. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses. Please read the contract prospectus or brochure and underlying fund prospectuses and summary prospectuses carefully before investing. The contract prospectus or brochure and underlying fund prospectuses and summary prospectuses can be obtained by mail or by calling

Interest Account

Investment Options