Victory RS Small Cap Growth Equity VIP Series

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 PricingVictory RS Small Cap Growth Equity VIP Series

Investment Objective

The Victory RS Small Cap Growth Equity VIP Series (“Fund”) seeks to provide long-term capital growth.

Principal Investment Strategies

The Adviser pursues the Fund's investment objective by investing, under normal circumstances, at least 80% of its assets in equity securities of small-capitalization companies, which may include common stocks, preferred stocks, or other securities convertible into common stock. The Fund typically invests in equity securities of U.S. companies but may also invest any portion of its assets in foreign securities, including depositary receipts such as American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs).

The Adviser currently considers a company to be a small-capitalization company if its market capitalization (at the time of purchase) is less than $3 billion or 120% of the market capitalization of the largest company included in the Russell 2000® Index ("Index") (currently, approximately $10.6 billion, based on the size of the largest company in the Index on March 31, 2019), whichever is greater. The size of companies in the Index changes with market conditions and the composition of the Index.

The Adviser employs both fundamental analysis and quantitative screening in seeking to identify companies that the Adviser believes will produce sustainable earnings growth over a multi-year horizon. Investment candidates typically exhibit some or all of the following key criteria: strong organic revenue growth, expanding margins and profitability, innovative products or services, defensible competitive advantages, growing market share, and experienced management teams. The Adviser seeks to categorize each potential investment based on its view of a company's stage of development on a spectrum that identifies companies as promising, developing, or proven. Valuation is an integral part of the growth investment process. Purchase decisions are based on the Adviser's expectation of the potential reward relative to risk of each security based in part on the Adviser's proprietary earnings calculations.

The Adviser regularly reviews the Fund's investments and will sell securities when the Adviser believes the securities are no longer attractive because (1) of a deterioration in rank of the security in accordance with the Adviser's process, (2) of price appreciation, (3) of a change in the fundamental outlook of the company or (4) other investments available are considered to be more attractive.

As a result of the Adviser's investment process, the Fund's investments may be focused in one or more economic sectors from time to time, including the information technology sector.

Principal Investment Risks

An investment in the Fund is subject to the following risks which are described in more detail in the Statutory Prospectus.

The Fund's investments are subject to the following principal risks:

Equity Risk — The value of the equity securities in which the Fund invests may decline in response to developments affecting individual companies and/or general economic conditions. A company's earnings or dividends may not increase as expected. Price changes may be temporary or last for extended periods.

Small Capitalization Stock Risk — Small-sized companies may be subject to a number of risks not associated with larger, more established companies, potentially making their stock prices more volatile and increasing the risk of loss. Smaller companies may have limited markets, product lines, or financial resources and lack management experience and may experience higher failure rates than larger companies.

Foreign Securities Risk — Foreign securities (including depositary receipts) are subject to political, regulatory, and economic risks not present in domestic investments. Foreign securities could be affected by factors not present in the U.S., including expropriation, confiscation of property, and difficulties in enforcing contracts. Compared to U.S. companies, there generally is less publicly available information about foreign companies and there may be less governmental regulation and supervision of foreign companies. Foreign securities generally experience more volatility than their domestic counterparts. In addition, to the extent investments are made in a limited number of countries, events in those countries will have a more significant impact on the Fund. Fluctuations in the exchange rates between the U.S. dollar and foreign currencies, currency exchange control regulations, and restrictions or prohibitions on the repatriation of foreign currencies may negatively affect an investment.

Sector Risk — To the extent the Fund focuses in one or more sectors, such as the information technology sector, market or economic factors impacting those sectors could have a significant effect on the value of the Fund's investments and could make the Fund's performance more volatile. For example, the values of companies in the information technology sector are particularly vulnerable to economic downturns, short product cycles and aggressive pricing, market competition and changes in government regulation.

Stock Market Risk — Overall stock market risks may affect the value of the Fund. Factors such as domestic and international economic growth and market conditions, interest rate levels and political events affect

Liquidity risk — Lack of a ready market or restrictions on resale may limit the ability of the Fund to dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Adviser. In addition, the Fund, by itself or together with other accounts managed by the Adviser, may hold a position in a security that is large relative to the typical trading volume for that security, which can make it difficult for the Fund to dispose of the position at an advantageous time or price. Illiquid securities and relatively less liquid securities may also be difficult to value. Liquidity risk may also refer to the risk that the Fund may not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, unusually high volume of redemptions, or other reasons. To meet redemption requests or to raise cash to pursue other investment opportunities, the Fund may be forced to sell securities at an unfavorable time and/or under unfavorable conditions, which may adversely affect the Fund.

Investment Style Risk — Different types of investment styles, for example growth or value, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, the Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or that have different investment styles.

Management Risk — The risk that the securities selected by a series' management will underperform the markets, the relevant indices, or the securities selected by other funds with similar investment objectives and investment strategies. The securities and sectors selected may vary from the securities and sectors included in the relevant index.

The portfolio manager may not execute the Fund's principal investment strategy effectively. You may lose money by investing in the Fund. There is no guarantee that the Fund will achieve its objective. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. By itself, the Fund does not constitute a complete investment plan and should be considered a long-term investment for investors who can afford to weather changes in the value of their investment.

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 11/14/2019
periodvalue
Period to Date -2.71%
FOR PERIODS ENDED 10/31/2019
periodvalue
Prior 3 Months -7.63%
ANNUALIZED
periodvalue
Prior 1 Year N/A
Prior 3 Years N/A
Prior 5 Years N/A
Prior 10 Years* -5.59%
Date of Inception1: 07/01/2019
* 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.

The important information displayed below is being provided to help you compare the interest and investment options made available under your retirement plan. If you want additional information about your options, or to receive a free paper copy of the information displayed below, you should contact your plan administrator. You can also view a glossary of financial terms on this site. You may select any of the investment fund links to view additional information about a specific fund, including the fund objective, investment strategy, investment risk, investment performance, portfolio turnover rate, industry allocation, top holdings and the manager biography.
Portfolio Information for the Victory RS Small Cap Growth Equity VIP Series
Portfolio Turnover Rate

Portfolio Turnover Rate(%): 18%**Excludes all short-term securities.

Industry Allocation as of 6/30/2019
Industry% of Portfolio
Cash and Other1.4%
Materials2.5%
Industrials11.7%
Communication Services2.6%
Consumer Discretionary13.1%
Consumer Staples4.1%
Energy1.4%
Financials6.5%
Health Care27.5%
Information Technology29.2%
Real Estate0.0%
Utilities0.0%
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
Euronet Worldwide, Inc.2.4%
Coupa Software, Inc.2.3%
Wix.com Ltd.2.2%
InterXion Holding NV2.1%
Nomad Foods Ltd.2.0%
RingCentral, Inc.2.0%
Cornerstone OnDemand, Inc.2.0%
Dine Brands Global, Inc.1.9%
Masimo Corp.1.8%
Kemper Corp.1.7%
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.
Manager Biography

D. Scott Tracy is the Chief Investment Officer of the RS Investments Growth team and has been a co–portfolio manager and analyst of the Fund (including its predecessor fund) since 2009. From 2001 to 2016, he was with RS Investment Management Co. LLC, which was acquired by the Adviser in 2016. Before joining RS Investments. Mr. Tracy spent three years at Shoreline Investment Management, the in–house asset management arm of Hewlett–Packard, where his research focus included technology and industrial companies. He has also served as an equity analyst at Montgomery Securities. Mr. Tracy is a CFA charterholder. Stephen J. Bishop is a member of the RS Investments Growth team and has been a co-portfolio manager and analyst of the Fund (including its predecessor fund) since 2009. From 1996 to 2016, Mr. Bishop was with RS Investment Management Co. LLC, which was acquired by the Adviser in 2016. Before joining RS Investments, he served as a research analyst primarily covering the technology sector. Mr. Bishop worked as an analyst for two years in the corporate finance department of Dean Witter Reynolds, Inc. Christopher W. Clark is a member of the RS Investments Growth team and has been a co–portfolio manager of the Fund (including its predecessor fund) since 2014. From 2007 to 2016, he was with RS Investment Management Co. LLC, which was acquired by the Adviser in 2016. Before joining RS Investments, Mr. Clark was a research associate at TIAA-CREF for three years, where he focused on global portfolio management and the health care sector. Prior to that, he was a research assistant at Dresdner RCM Global Investors for three years. Mr. Clark is a CFA charterholder. Melissa Chadwick–Dunn is a member of the RS Investments Growth team and has been a co-portfolio manager and analyst of the Fund (including its predecessor fund) since 2009. From 2001 to 2016, she was with RS Investment Management Co. LLC, which was acquired by the Adviser in 2016. Before joining RS Investments, she was an equity analyst for two years at Putnam Investments, where she focused on international small–cap stocks. Prior to that, she spent four years performing corporate finance and mergers–and–acquisition transactions as an investment banker at Lehman Brothers and McDaniels S.A. Paul Leung has been a co-portfolio manager of the Fund since May 2018. Mr. Leung has been an analyst with the RS Growth team since 2012. He joined the Adviser in 2016 in connection with the Adviser's acquisition of RS Investment Management Co. LLC. Prior to that, he worked as a senior investment analyst at Ashfield Capital Partners where he focused on the technology sector. Previously, he held research and financial analyst positions at Sterling Johnston Capital Management, from 2002 to 2010, and Citigroup, from 1999 to 2001. Mr. Leung is a CFA charterholder.

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

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