Mutual of America Small Cap Equity Index Fund

Mutual of America Investment Corporation

Investment Objective

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

Principal Investment Strategies

The Fund invests primarily in the 600 common stocks included in the S&P SmallCap 600® Index to replicate, to the extent practicable, the weightings of such stocks in the Index. The components of the Index are market capitalization weighted, adjusted for free float. Under normal circumstances, at least 80% of the Fund’s total assets are invested in securities included in the S&P SmallCap 600® Index, which as of December 31, 2018, included companies with market capitalizations from $28 million up to $4.2 billion. The Fund is rebalanced at approximately the same time that the S&P SmallCap 600® Index to which the Fund is benchmarked is rebalanced and reconstituted, which currently occurs on the third Friday of the last month of each quarter. The Fund may concentrate its investments in an industry or group of industries to the extent that the index being tracked is also so concentrated.

Principal Investment Risks

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.
  • 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.
  • 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.
  • Concentration risk: The chance that the stocks of a particular industry or group of industries will decline because of adverse developments affecting that industry. Because the Fund concentrates its assets in certain industries to the same extent that the S&P SmallCap 600® Index does, the Fund bears concentration risk.
  • Index risk: The Fund's investment performance may not precisely duplicate the performance of the S&P SmallCap 600® Index due to factors such as operating and transaction costs, as well as weighting of each security in the 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 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.
  • Small-Cap risk: Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations. It may be more difficult for the Fund to sell a small capitalization stock or any stock that trades "over-the-counter," than a larger capitalization stock or stocks that trade on a national or regional stock exchange.
  • 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 3/27/2020
Year to Date -34.35%
Prior 3 Months -11.07%
Prior 1 Year -9.28%
Prior 3 Years N/A
Prior 5 Years N/A
Prior 10 Years* -8.32%
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 Small Cap Equity Index Fund
Portfolio Turnover Rate

Portfolio Turnover Rate(%): N/A%**Excludes all short-term securities.

Industry Allocation as of 2/29/2020
Industry% of Portfolio
Communication Services2.4%
Consumer Discretionary13.5%
Consumer Staples3.2%
Health Care12.3%
Information Technology14.1%
Real Estate8.7%
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 2/29/2020 (reflects most recent information available)
Company % of Portfolio
Exponent Inc0.6%
LHC Group Inc.0.5%
Aerojet Rocketdyne Holdings Inc.0.5%
TopBuild Corp.0.5%
Omnicell Inc0.5%
AMN Healthcare Services Inc.0.5%
Agree Realty Corp0.5%
Strategic Education Inc.0.5%
Glacier Bancorp Inc0.5%
Simpson Manufacturing Co0.5%
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

Jamie A. Zendel, Vice President 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 been responsible for the indexed portfolio of the All America Fund; for the Equity Index Fund, Mid Cap Equity Index Fund, and International Fund since 2014; and for the Small Cap Equity Index Fund since 2018.

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 1-866-954-4321 or visiting

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