# EDGAR Filing Document

**Accession Number:** 0000795259
**File Stem:** 0001193125-26-006254
**Filing Date:** 2026-1
**Character Count:** 600713
**Document Hash:** aaf47c5d8b0706e1fddc37ed30bfacfc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-006254.hdr.sgml**: 20260107

**ACCESSION NUMBER**: 0001193125-26-006254

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 354

**FILED AS OF DATE**: 20260107

**DATE AS OF CHANGE**: 20260107

**EFFECTIVENESS DATE**: 20260107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MoA Funds Corp
- **CENTRAL INDEX KEY:** 0000795259

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-06486
- **FILM NUMBER:** 26515581

**BUSINESS ADDRESS:**
- **STREET 1:** 320 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** (212)224-1600

**MAIL ADDRESS:**
- **STREET 1:** 320 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MUTUAL OF AMERICA INVESTMENT CORP
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### MoA Retirement Income Fund (Series ID: S000017196)

---

|  |  |
|:---|:---|
| Class Name                 | Class ID   |
| MoA Retirement Income Fund | C000047651 |

---

### MoA Clear Passage 2020 Fund (Series ID: S000017198)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2020 Fund | C000047653 |

---

### MoA Clear Passage 2025 Fund (Series ID: S000017199)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2025 Fund | C000047654 |

---

### MoA Clear Passage 2030 Fund (Series ID: S000017200)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2030 Fund | C000047655 |

---

### MoA Clear Passage 2035 Fund (Series ID: S000017201)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2035 Fund | C000047656 |

---

### MoA Clear Passage 2040 Fund (Series ID: S000017202)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2040 Fund | C000047657 |

---

### MoA Clear Passage 2045 Fund (Series ID: S000017203)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2045 Fund | C000047658 |

---

### MoA Clear Passage 2050 Fund (Series ID: S000036887)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2050 Fund | C000112889 |

---

### MoA Clear Passage 2055 Fund (Series ID: S000053609)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2055 Fund | C000168453 |

---

### MoA Clear Passage 2060 Fund (Series ID: S000061789)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2060 Fund | C000200088 |

---

### MoA Clear Passage 2065 Fund (Series ID: S000068381)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2065 Fund | C000218763 |

---

### MoA Clear Passage 2070 Fund (Series ID: S000091977)

---

|  |  |
|:---|:---|
| Class Name                  | Class ID   |
| MoA Clear Passage 2070 Fund | C000259883 |

---

## Series and Classes Contracts Data

### MoA Retirement Income Fund (Series ID: S000017196)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000047651 | MoA Retirement Income Fund |  |

### MoA Clear Passage 2020 Fund (Series ID: S000017198)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000047653 | MoA Clear Passage 2020 Fund |  |

### MoA Clear Passage 2025 Fund (Series ID: S000017199)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000047654 | MoA Clear Passage 2025 Fund |  |

### MoA Clear Passage 2030 Fund (Series ID: S000017200)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000047655 | MoA Clear Passage 2030 Fund |  |

### MoA Clear Passage 2035 Fund (Series ID: S000017201)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000047656 | MoA Clear Passage 2035 Fund |  |

### MoA Clear Passage 2040 Fund (Series ID: S000017202)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000047657 | MoA Clear Passage 2040 Fund |  |

### MoA Clear Passage 2045 Fund (Series ID: S000017203)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000047658 | MoA Clear Passage 2045 Fund |  |

### MoA Clear Passage 2050 Fund (Series ID: S000036887)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000112889 | MoA Clear Passage 2050 Fund |  |

### MoA Clear Passage 2055 Fund (Series ID: S000053609)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000168453 | MoA Clear Passage 2055 Fund |  |

### MoA Clear Passage 2060 Fund (Series ID: S000061789)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000200088 | MoA Clear Passage 2060 Fund |  |

### MoA Clear Passage 2065 Fund (Series ID: S000068381)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000218763 | MoA Clear Passage 2065 Fund |  |

### MoA Clear Passage 2070 Fund (Series ID: S000091977)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000259883 | MoA Clear Passage 2070 Fund |  |

?xml version='1.0' encoding='ASCII'? Mutual of America Stat Pro

**MoA Funds**

320 Park Avenue, New York, New York 10022-6839

MoA Funds Corporation (the "Investment Company") is a mutual fund. It currently has these twenty-nine Funds:

MoA Equity Funds:

● MoA Equity Index Fund (MAEIX)

● MoA All America Fund (MAAKX)

● MoA Small Cap Value Fund (MAVKX)

● MoA Small Cap Growth Fund (MAGKX)

● MoA Small Cap Equity Index Fund (MASOX)

● MoA Mid Cap Value Fund (MAMVX)

● MoA Mid Cap Growth Fund (MOAGX)

● MoA Mid Cap Equity Index Fund (MAMEX)

● MoA International Fund (MAIFX)

● MoA Catholic Values Index Fund (MACCX)<sup>TM</sup> 

MoA Fixed Income Funds:

● MoA US Government Money Market Fund (MAAXX)

● MoA Intermediate Bond Fund (MAMBX)

● MoA Core Bond Fund (MABDX)<sup>TM</sup> 

MoA Asset Allocation Funds:

● MoA Balanced Fund (MACHX)

● MoA Conservative Allocation Fund (MACAX)

● MoA Moderate Allocation Fund (MAMOX)

● MoA Aggressive Allocation Fund (MAANX)

MoA Target Date Funds:

● MoA Retirement Income Fund (MARMX)

● MoA Clear Passage 2020 Fund (MURGX)<sup>TM</sup> 

● MoA Clear Passage 2025 Fund (MURHX)<sup>TM</sup> 

● MoA Clear Passage 2030 Fund (MURIX)<sup>TM</sup> 

● MoA Clear Passage 2035 Fund (MURJX)<sup>TM</sup> 

● MoA Clear Passage 2040 Fund (MURLX)<sup>TM</sup> 

● MoA Clear Passage 2045 Fund (MURMX)<sup>TM</sup> 

● MoA Clear Passage 2050 Fund (MURNX)<sup>TM</sup> 

● MoA Clear Passage 2055 Fund (MUROX)<sup>TM</sup> 

● MoA Clear Passage 2060 Fund (MURPX)<sup>TM</sup> 

● MoA Clear Passage 2065 Fund (MURQX)<sup>TM</sup> 

● MoA Clear Passage 2070 Fund (MURUX)<sup>TM</sup> 

**You should read this Prospectus carefully and keep it for future reference.** 

**The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense.**

**Prospectus dated May 1, 2025, as supplemented January 7, 2026**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **[Summary Section](#xx_fdf7bcbd-fa86-49aa-abe0-a549b4f00d79_1)** | 3 |
| [MoA Equity Index Fund](#xx_fdf7bcbd-fa86-49aa-abe0-a549b4f00d79_1) | 3 |
| [MoA All America Fund](#xx_ef3730b0-103d-41ae-b0f4-356d431c0353_1) | 6 |
| [MoA Small Cap Value Fund](#xx_d4ddfe02-7b61-48de-95c2-50d6cd2202e3_1) | 10 |
| [MoA Small Cap Growth Fund](#xx_c1b0a79f-0396-4675-9769-e9ce20d27163_1) | 13 |
| [MoA Small Cap Equity Index Fund](#xx_f9d7950c-c50b-48d5-a741-0a7a73c470c8_1) | 16 |
| [MoA Mid Cap Value Fund](#xx_2fa1bb86-138c-4945-93ff-d06bc6111931_1) | 19 |
| [MoA Mid Cap Growth Fund](#xx_be2d90fa-1fdd-4de8-9781-2f6c6f2bd1a4_1) | 22 |
| [MoA Mid Cap Equity Index Fund](#xx_0106f073-6906-4dca-8b2c-9015a27feb50_1) | 25 |
| [MoA International Fund](#xx_65a29228-c334-4d4a-8706-9f846a647bb4_1) | 28 |
| [MoA Catholic Values Index Fund](#xx_21e8305a-1286-43fc-a8d2-c70974f98249_1)<sup>TM</sup> | 32 |
| [MoA US Government Money Market Fund](#xx_f18e7604-5178-4786-b47d-67fc7b0d2d96_1) | 36 |
| [MoA Intermediate Bond Fund](#xx_881608ca-5fb3-45a8-9e32-7b71e780f93c_1) | 40 |
| [MoA Core Bond Fund](#xx_13330128-577d-4c3f-ae58-77b13ba01936_1)<sup>TM</sup> | 43 |
| [MoA Retirement Income Fund](#xx_8039f47d-87aa-4f19-ba93-d6c17cebb5de_1) | 46 |
| [MoA Clear Passage 2020 Fund](#xx_263ecb6a-b831-4110-a508-cfb0cfb704a6_1)<sup>TM</sup> | 51 |
| [MoA Clear Passage 2025 Fund](#xx_9c6ed77a-edf8-4b76-97a0-19b8c269f1d7_1)<sup>TM</sup> | 57 |
| [MoA Clear Passage 2030 Fund](#xx_ab284ba3-1b5f-46b1-a5ab-ab88c3ed0960_1)<sup>TM</sup> | 63 |
| [MoA Clear Passage 2035 Fund](#xx_0f53ae15-0732-40c2-9a0c-55e27c25c7df_1)<sup>TM</sup> | 69 |
| [MoA Clear Passage 2040 Fund](#xx_39d8a990-e70e-405d-8923-b47e54292bfd_1)<sup>TM</sup> | 75 |
| [MoA Clear Passage 2045 Fund](#xx_66db14db-5b10-4ecc-90a7-33512ee9fa4f_1)<sup>TM</sup> | 81 |
| [MoA Clear Passage 2050 Fund](#xx_d813b704-e08b-4cdd-af0c-470b031e1d0a_1)<sup>TM</sup> | 87 |
| [MoA Clear Passage 2055 Fund](#xx_2fdfa4b4-3cb1-47cb-a285-1ceea2d53f6e_1)<sup>TM</sup> | 93 |
| [MoA Clear Passage 2060 Fund](#xx_7fbb3e4b-e874-4cba-9b35-8469ee065776_1)<sup>TM</sup> | 99 |
| [MoA Clear Passage 2065 Fund](#xx_0eb41ce2-0817-407b-ab21-bb5d63bb11ef_1)<sup>TM</sup> | 105 |
| [MoA Clear Passage 2070 Fund](#xx_95cbc9e5-815f-4494-98fe-4940620a9e0d_1)<sup>TM</sup> | 111 |
| [MoA Balanced Fund](#xx_1c111cb0-26cf-41d6-a3d5-73fe8587606f_1) | 116 |
| [MoA Conservative Allocation Fund](#xx_ea14ed9f-6aad-45b8-be71-6f0f7a55b545_1) | 120 |
| [MoA Moderate Allocation Fund](#xx_10284ac8-ab02-449f-a772-0fe9e07b4a86_1) | 124 |
| [MoA Aggressive Allocation Fund](#xx_ff2c9b59-aa00-4490-b44f-c3b9ec1da87e_1) | 128 |
| [Important Additional Information About All Funds](#xx_ff2c9b59-aa00-4490-b44f-c3b9ec1da87e_5) | 132 |
| [Important Additional Information About All Funds](#xx_891e089e-6a62-4c79-8ffa-a9f3b075bd43_1) | 133 |
| **[Additional Information on Fund Objectives, Principal Investment Strategies and Principal](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_1)**<br> **[Investment Risks](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_1)**<br>| 134 |
| [MoA Equity Index Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_3) | 136 |
| [MoA All America Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_4) | 137 |
| [MoA Small Cap Value Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_5) | 138 |
| [MoA Small Cap Growth Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_5) | 138 |
| [MoA Small Cap Equity Index Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_6) | 139 |
| [MoA Mid Cap Value Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_6) | 139 |
| [MoA Mid Cap Growth Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_7) | 140 |
| [MoA Mid Cap Equity Index Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_7) | 140 |
| [MoA International Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_8) | 141 |
| [MoA Catholic Values Index Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_8)<sup>TM</sup> | 141 |
| [MoA US Government Money Market Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_9) | 142 |
| [MoA Intermediate Bond Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_10) | 143 |
| [MoA Core Bond Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_11)<sup>TM</sup> | 144 |
| [MoA Target Date Funds](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_13)<sup>TM</sup> | 146 |
| [MoA Balanced Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_16) | 149 |
| [MoA Asset Allocation Funds](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_17) | 150 |
| **[Description of Principal Risks](#xx_92e39e53-2131-47e1-8f1b-c8af134d970b_1)** | 153 |
| **[Disclosure of Portfolio Securities Information](#xx_92e39e53-2131-47e1-8f1b-c8af134d970b_8)** | 160 |
| **[Management of the Funds](#xx_69705a3c-b53c-43d3-ab5e-189da7e9c10c_1)** | 161 |
| [The Adviser](#xx_69705a3c-b53c-43d3-ab5e-189da7e9c10c_1) | 161  |

---

------

---

| | |
|:---|:---|
|  | **Page** |
| [Portfolio Managers](#xx_69705a3c-b53c-43d3-ab5e-189da7e9c10c_1) | 161 |
| **[Information About Fund Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_1)** | 164 |
| [Pricing of Fund Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_1) | 164 |
| [Purchase of Fund Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_2) | 165 |
| [Shareholder Servicing Payments](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_5) | 168 |
| [Other Payments to Financial Intermediaries](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_5) | 168 |
| [Breakpoint Discounts](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_6) | 169 |
| [Redemption of Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_6) | 169 |
| [Frequent Purchases and Redemptions of Fund Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_9) | 172 |
| **[FINANCIAL HIGHLIGHTS](#xx_ae71ff9c-e25a-4afa-a71c-4f500844a951_1)** | 176 |

---

------

MoA FUNDS SUMMARY

------

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest significantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **Technology Sector risk:** Companies in the technology sector can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;● **Non-Diversification risk**: The Fund may become classified as "non-diversified" under the 1940 Act as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500® Index. If the Fund becomes non-diversified, it may invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

&nbsp;&nbsp;&nbsp;&nbsp;● **Index Tracking Error risk:** As an index fund, the Fund seeks to track the performance of an 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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 the outlook for a specific security, industry, or market sector. In keeping with the Fund's strategy of seeking to track the index, the Fund does not seek to reduce market exposure or to reduce the effects of a declining market. As a result, the Fund's performance may lag the performance of actively managed funds.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's

------

performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

![](g68044equityindex_19.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 20.52% |
| Worst | First quarter 2020 | (19.62%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Equity Index Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 24.83% | &nbsp;&nbsp; 14.35% | &nbsp;&nbsp; 12.92% |
| Return after taxes on distributions | &nbsp;&nbsp; 22.29% | &nbsp;&nbsp; 12.23% | &nbsp;&nbsp; 11.16% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 16.51% | &nbsp;&nbsp; 10.87% | &nbsp;&nbsp; 10.03% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Erik Wennerstrum, Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, Ron Viener, Senior Vice President of the Adviser, and a portfolio manager of the Fund since May 2024, and Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since March 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information" please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest signficantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **Technology Sector risk:** Companies in the technology sector can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;● **Index Tracking Error risk:** The Fund seeks to track the performance of an index with a portion of its assets, although it may not be successful in doing so. The divergence between the performance of that sleeve 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Passive Investment risk:** Because a sleeve of the Fund is passively managed and seeks to match the performance of its benchmark index, holdings of that sleeve are generally not reallocated based on changes in market conditions or the outlook for a specific security, industry, or market sector. The Fund does not seek to reduce market exposure or to reduce the effects of a declining market with respect to that sleeve. As a result, the Fund's performance may lag the performance of actively managed funds.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

------

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

![](g68044allamerica_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 20.86% |
| Worst | First quarter 2020 | (22.73%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA All America Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 19.12% | &nbsp;&nbsp; 11.88% | &nbsp;&nbsp; 10.60% |
| Return after taxes on distributions | &nbsp;&nbsp; 16.16% | &nbsp;&nbsp; 8.49% | &nbsp;&nbsp; 7.57% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 13.51% | &nbsp;&nbsp; 8.64% | &nbsp;&nbsp; 7.61% |
| Russell 3000<sup>®</sup> Index (Index reflects no deduction for <br> fees and expenses)<br>| &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 12.55% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Thad Pollock, Executive Vice President of the Adviser, and a portfolio manager of the small-cap and mid-cap segments of the Fund since October 2023, Duygu Akyatan, Executive Vice President of the Adviser, and a portfolio manager of the small-cap segment of the Fund since August 2024, Stephen J. Rich, Chairman of the Adviser, and a co-portfolio manager of the small-cap and mid-cap segments of the Fund since April 2022, having previously served as a portfolio manager of these segments from 2004 through 2021, Erik Wennerstrum, Vice President of the Adviser, and a portfolio manager of the Fund since May 2024,

------

Ron Viener, Senior Vice President of the Adviser, and a portfolio manager of the Fund since May 2024, and Jamie A. Zendel, Executive Vice President, and a portfolio manager of the indexed portion of the Fund since 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest significantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **Financial Sector risk:** Companies in the financial industry are subject to extensive government regulation and can be subject to relatively rapid change due to increasingly blurred distinctions between service segments. Companies in the financial industry can also be significantly affected by the availability of capital and the cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

------

![](g68044smallcapvalue_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2020 | 28.82% |
| Worst | First quarter 2020 | (35.76%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Small Cap Value Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 11.29% | &nbsp;&nbsp; 6.93% | &nbsp;&nbsp; 5.94% |
| Return after taxes on distributions | &nbsp;&nbsp; 9.80% | &nbsp;&nbsp; 4.73% | &nbsp;&nbsp; 4.00% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 7.81% | &nbsp;&nbsp; 4.84% | &nbsp;&nbsp; 4.17% |
| Russell 2000<sup>®</sup> Value Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 7.29% | &nbsp;&nbsp; 7.14% |
| Russell 3000<sup>®</sup> Index (Index reflects no deduction for <br> fees and expenses)<br>| &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 12.55% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Thad Pollock, Executive Vice President of the Adviser, and co-portfolio manager of the Fund since October 2023, and Stephen J. Rich, Chairman of the Adviser, and the co-portfolio manager of the Fund since April 2022, having previously served as the portfolio manager of the Fund from its inception in 2005 through 2021, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest significantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **Health Care Sector risk:** Companies in the health care sector are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability, and can be significantly affected by rapid obsolescence and patent expirations.

&nbsp;&nbsp;&nbsp;&nbsp;● **Industrials Sector risk:** Companies in the industrials sector can be significantly affected by changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Companies in the industrials sector may be significantly affected by factors including government regulation, world events, economic conditions and risks for environmental damage and product liability claims.

&nbsp;&nbsp;&nbsp;&nbsp;● **Technology Sector risk:** Companies in the technology sector can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten

------

years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

![](g68044smallcapgrowth_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 28.70% |
| Worst | First quarter 2020 | (21.23%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Small Cap Growth Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 9.92% | &nbsp;&nbsp; 7.61% | &nbsp;&nbsp; 7.61% |
| Return after taxes on distributions | &nbsp;&nbsp; 9.53% | &nbsp;&nbsp; 5.36% | &nbsp;&nbsp; 5.44% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 6.18% | &nbsp;&nbsp; 5.73% | &nbsp;&nbsp; 5.67% |
| Russell 2000<sup>®</sup> Growth Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 15.15% | &nbsp;&nbsp; 6.86% | &nbsp;&nbsp; 8.09% |
| Russell 3000<sup>®</sup> Index (Index reflects no deduction for <br> fees and expenses)<br>| &nbsp;&nbsp; 23.81% | &nbsp;&nbsp; 13.86% | &nbsp;&nbsp; 12.55% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Thad Pollock, Executive Vice President of the Adviser, and portfolio manager of the Fund since August 2024, and Duygu Akyatan, Executive Vice President of the Adviser, and a portfolio manager of the Fund since August 2024, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

the last month of each quarter. Because the Fund seeks to approximate the performance of an index, it expects to have investment exposure to industries and sectors represented in the index to the same extent as the representation of those industries and sectors in the index.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest significantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **Index Tracking Error risk:** As an index fund, the Fund seeks to track the performance of an 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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 the outlook for a specific security, industry, or market sector. In keeping with the Fund's strategy of seeking to track the index, the Fund does not seek to reduce market exposure or to reduce the effects of a declining market. As a result, the Fund's performance may lag the performance of actively managed funds.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

------

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

![](g68044img114c7f901.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 31.08% |
| Worst | First quarter 2020 | (32.32%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **For Life of Fund** | **Inception Date** |
| MoA Small Cap Equity Index <br> Fund<br>|  |  |  | July 2, 2018 |
| Return before taxes | &nbsp;&nbsp; 8.55% | &nbsp;&nbsp; 8.12% | &nbsp;&nbsp; 6.50% |  |
| Return after taxes on distributions | &nbsp;&nbsp; 7.10% | &nbsp;&nbsp; 6.07% | &nbsp;&nbsp; 4.76% |  |
| Return after taxes on distributions <br> and sales of shares<br>| &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; 5.83% | &nbsp;&nbsp; 4.57% |  |
| S&P SmallCap 600<sup>®</sup> Index (Index <br> reflects no deduction for fees and <br> expenses)<br>| &nbsp;&nbsp; 8.70% | &nbsp;&nbsp; 8.36% | &nbsp;&nbsp; 6.65% |  |
| S&P 500<sup>®</sup> Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 14.47% |  |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Erik Wennerstrum, Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, Ron Viener, Senior Vice President of the Adviser, and a portfolio manager of the Fund since May 2024, and Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since March 2014, are primarily responsible of the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest significantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

------

![](g68044midcapvalue_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2020 | 21.60% |
| Worst | First quarter 2020 | (29.88%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Mid Cap Value Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 10.78% | &nbsp;&nbsp; 7.85% | &nbsp;&nbsp; 7.47% |
| Return after taxes on distributions | &nbsp;&nbsp; 9.28% | &nbsp;&nbsp; 5.77% | &nbsp;&nbsp; 5.46% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 7.37% | &nbsp;&nbsp; 5.57% | &nbsp;&nbsp; 5.33% |
| Russell Midcap<sup>®</sup> Value Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 13.07% | &nbsp;&nbsp; 8.59% | &nbsp;&nbsp; 8.10% |
| Russell 1000<sup>®</sup> Index (Index reflects no deduction for <br> fees and expenses)<br>| &nbsp;&nbsp; 24.51% | &nbsp;&nbsp; 14.28% | &nbsp;&nbsp; 12.87% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Thad Pollock, Executive Vice President of the Adviser, and co-portfolio manager of the Fund since October 2023, and Stephen J. Rich, Chairman of the Adviser, and co-portfolio manager of the Fund since April 2022, having previously served as the portfolio manager of the Fund from its inception in 2005 through 2021, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

Under normal circumstances, at least 80% of the Fund's total assets are invested in mid-cap growth stocks, which the Adviser defines as those that have market capitalizations that fall within the market capitalization range of companies in the Russell Mid Cap Growth® Index or other widely recognized indices of mid cap growth companies, and at least 85% of the Fund's total assets are invested in equity securities.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest significantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

**Performance/Annual Return.** Because the Fund is expected to commence operations on or after September 2, 2025, information regarding performance for a full calendar year is not available as of the date of this prospectus.

Updated performance information is available at no cost online at mutualofamerica.com or by calling 800.468.3785.

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

------

**Portfolio Managers.** Thad Pollock, Executive Vice President of the Adviser, and Duygu Akyatan, Executive Vice President of the Adviser, will be the portfolio managers of the Fund at its inception in September 2025, and will be primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest significantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **Index Tracking Error risk:** As an index fund, the Fund seeks to track the performance of an 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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 the outlook for a specific security, industry, or market sector. In keeping with the Fund's strategy of seeking to track the index, the Fund does not seek to reduce market exposure or to reduce the effects of a declining market. As a result, the Fund's performance may lag the performance of actively managed funds.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

------

![](g68044midcapequityindex_18.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2020 | 24.39% |
| Worst | First quarter 2020 | (29.78%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Mid Cap Equity Index Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 13.77% | &nbsp;&nbsp; 10.12% | &nbsp;&nbsp; 9.50% |
| Return after taxes on distributions | &nbsp;&nbsp; 11.10% | &nbsp;&nbsp; 6.92% | &nbsp;&nbsp; 6.80% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 9.58% | &nbsp;&nbsp; 7.20% | &nbsp;&nbsp; 6.85% |
| S&P MidCap 400<sup>®</sup> Index (Index reflects no deduction <br> for fees and expenses)<br>| &nbsp;&nbsp; 13.93% | &nbsp;&nbsp; 10.34% | &nbsp;&nbsp; 9.68% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Erik Wennerstrum, Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, Ron Viener, Senior Vice President of the Adviser, and a portfolio manager of the Fund since May 2024, and Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since March 2014, are primarily responsible of the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

In selecting individual stocks, the Fund will invest primarily in a diversified universe of companies included in the MSCI EAFE Index that Mutual of America Capital Management LLC (the "Adviser") believes to possess the potential for capital appreciation. The Adviser will primarily use multi-factor models to identify stocks and/or ADRs of foreign companies that have the potential to outperform their peers based on criteria such as more attractive valuations and/or fundamentals. The Adviser will sell securities when more attractive alternatives are found, or when it is necessary to bring sector and/or country weights back within desired ranges relative to the benchmark.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;● **Eurozone Investment risk:** The United Kingdom's recent departure from the European Union, commonly known as "Brexit," may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;● **Depositary Receipts risk:** The Fund may invest in securities of foreign issuers in the form of depositary receipts, including ADRs, some of which are not obligated to disclose material information. Depositary Receipts are also generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **ETF risk:** ETFs generally invest substantially all of their assets in securities and are traded on stock exchanges. Their net asset values may differ from the prices of the ETF shares offered on the exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Trading Risk:* ETF shares are listed on exchanges for which there can be no assurance that they will maintain the listing. Also there is no assurance that an active trading market will develop, creating illiquidity and resulting in price volatility. The market price of an ETF may trade at a premium or discount to its net asset value. Trading in ETFs may be halted because of market conditions or extraordinary market volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Investment Company Risk:* The cost of investing in the Fund is higher because in addition to the Fund's direct fees and expenses, it also indirectly bears fees and expenses charged by the underlying ETFs. The underlying ETFs may change their investment objectives or policies without the approval of the Fund, causing the Fund to withdraw its investment at a possibly inopportune time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Leveraging Risk:* ETFs may borrow money or otherwise leverage their holdings by investing in collateral from securities loans and by borrowing money to meet redemption requests. This leveraging results in more volatility and a compounding of all other risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Passive Investment Risk:* Many ETFs are not actively managed; rather the underlying ETF invests in securities that represent its underlying Index, regardless of its investment merit or market trends. Also, an underlying ETF is more susceptible to declines in the market because the underlying ETFs generally do not change their investment strategies to respond to changes in the economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Tracking Error Risk:* Imperfect correlation between the securities of an ETF and those in the Index it intends to track, rounding of prices, changes to the indices and regulatory policies may cause the performance of an ETF to not match the performance of its Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Valuation Risk:* An underlying ETF may value certain securities at higher prices than the prices at which it can sell them.

&nbsp;&nbsp;&nbsp;&nbsp;● **Models and Data risk:** Quantitative models or related data used in managing the Fund may fail to identify profitable opportunities. In addition, failures to properly gather, organize, and analyze large amounts of data or errors in a model or data, or in the application of such models, may result in, among other things, execution and investment allocation failures and investment losses. For example, the models may incorrectly identify opportunities or data used in the construction and application of models may prove to be inaccurate or stale, which may result in misidentified opportunities that may lead to substantial losses for the Fund. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

------

![](g68044international_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2022 | 18.65% |
| Worst | First quarter 2020 | (24.18%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA International Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 5.19% | &nbsp;&nbsp; 5.84% | &nbsp;&nbsp; 5.86% |
| Return after taxes on distributions | &nbsp;&nbsp; 4.14% | &nbsp;&nbsp; 3.48% | &nbsp;&nbsp; 4.16% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 3.64% | &nbsp;&nbsp; 3.79% | &nbsp;&nbsp; 4.00% |
| MSCI EAFE Index (Index reflects no deduction for <br> fees and expenses)<br>| &nbsp;&nbsp; 3.82% | &nbsp;&nbsp; 4.73% | &nbsp;&nbsp; 5.20% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and portfolio manager of the Fund since March 2014, and Eric Lockenvitz, Vice President of the Adviser, and a portfolio manager of the Fund since May 2024, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

promotion of human dignity, reducing arms production, affordable housing/banking, protection of the environment and encouraging corporate responsibility. The Catholic Values Index then reweights the remaining constituents so that the Catholic Values Index's sector exposures approximate the sector exposures of the S&P 500<sup>®</sup> Index.

The components of the Catholic Values 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. Under normal circumstances, at least 80% of the Fund's total assets are invested in securities included in the Catholic Values Index, which as of March 31, 2025, included companies with market capitalizations above $6.8 billion. The Fund is rebalanced at approximately the same time that the Catholic Values 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 index excludes companies operating in certain industries while maintaining the sector weights of the S&P 500<sup>®</sup> by redistributing the weights from excluded companies to the remaining companies belonging to the same Global Industry Classification Standard (GICS<sup>®</sup>) sector at each rebalancing. Because the Fund seeks to approximate the performance of an index, it expects to have investment exposure to industries and sectors represented in the index to the same extent as the representation of those industries and sectors in the index. Currently, the Fund invests significantly in the stocks of information technology companies.

The Fund may become non-diversified, as defined under the 1940 Act, as a result of a change in relative market capitalization or index weighting of one or more constituents of the Catholic Values Index to which the Fund is benchmarked. This means that the Fund may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Fund were always managed as a diversified management investment company. The Fund intends to be diversified in approximately the same proportion as the Catholic Values Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status due to a change in the relative market capitalization or index weighting of one or more constituents of the Catholic Values Index.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **New Fund risk:** The Fund is new and has fewer assets than an older fund and therefore, may have higher expenses than an older fund. While the Adviser has contractually agreed to reimburse the Fund's direct operating expenses for, at a minimum, its first three years of operation in order to limit expenses, it may take more time for the Fund's assets to grow large enough to offset high expenses.

&nbsp;&nbsp;&nbsp;&nbsp;● **Catholic Values Investing risk:** The Fund invests in stocks of companies that meet the Catholic Values Index's investment criteria by excluding companies based on their involvement in one or more activities deemed by the investment criteria to be inconsistent with Catholic teachings. There can be no guarantee that the activities of the companies included in the Catholic Values Index will align with the moral and social teachings of the Catholic Church, or that the Catholic Values Index's investment criteria will align fully with all interpretations of Catholic social teachings.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Focused Investment risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest significantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

&nbsp;&nbsp;&nbsp;&nbsp;● **Technology Sector risk:** Companies in the technology sector can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;● **Non-Diversification risk:** The Fund may become classified as "non-diversified" under the 1940 Act as a result of a change in relative market capitalization or index weighting of one or more constituents of the Catholic Values Index. If the Fund becomes non-diversified, it may invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

&nbsp;&nbsp;&nbsp;&nbsp;● **Index Tracking Error risk:** As an index fund, the Fund seeks to track the performance of the Catholic Values 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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 the outlook for a specific security, industry, or market sector. In keeping with the Fund's strategy of seeking to track the index, the Fund does not seek to reduce market exposure or to reduce the effects of a declining market. As a result, the Fund's performance may lag the performance of actively managed funds.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

------

![](g68044img261f37c62.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2020 | 12.12% |
| Worst | Second quarter 2022 | (17.28%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **For Life of Fund** | **Inception Date** |
| MoA Catholic Values Index Fund |  |  | September 30, 2020 |
| Return before taxes | &nbsp;&nbsp; 23.02% | &nbsp;&nbsp; 14.77% |  |
| Return after taxes on distributions | &nbsp;&nbsp; 21.75% | &nbsp;&nbsp; 13.75% |  |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 14.47% | &nbsp;&nbsp; 11.43% |  |
| S&P 500<sup>®</sup> Catholic Values Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 23.51% | &nbsp;&nbsp; 15.16% |  |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for <br> fees and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 15.81% |  |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Erik Wennerstrum, Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, Ron Viener, Senior Vice President of the Adviser, and a portfolio manager of the Fund since May 2024, and Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since March 2014, are primarily responsible of the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information" please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund may generally hold a portion, including, potentially, a significant portion, of its assets in cash, primarily to meet redemptions.

Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. government securities and repurchase agreements that are fully collateralized by U.S. government securities. This policy may be changed only after 60 days' notice to shareholders.

The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund's Adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Money Market risk:** You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Board of Directors of the Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. In addition, the Fund's returns can be adversely affected when yields on eligible investments are low. Money market funds, such as the Fund, and the securities they invest in are also subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities. The Fund may also invest in securities issued by certain U.S. government agencies and U.S. government sponsored enterprises whose obligations are not guaranteed by the U.S. government or supported by the full faith and credit of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;● **Interest Rate risk:** Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Credit risk:** Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;● **Management risk:** The investment techniques and risk analyses applied by the Fund may not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Negative interest rate environment risk:** A negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through a reverse distribution mechanism, such as reverse stock splits, negative dividends or other "share cancellation" mechanisms ("RDM") to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law, and subject to a determination by the Board that implementing an RDM is in the best interests of the Fund and its shareholders. If the Fund uses an RDM, the Fund will maintain a stable price per share, despite losing value, by reducing the number of its outstanding shares. Investors in the Fund would observe a stable share price but a declining number of shares for their investment. The Fund will notify shareholders of any such change. In the event that shares are canceled, tax treatment of distributions and shareholder basis is uncertain. Shareholders should discuss any tax implications of implementing an RDM with their tax adviser. Alternatively, the Fund may discontinue using the amortized cost method of valuation to maintain a stable $1.00 price per share and establish a fluctuating net asset value per share rounded to four decimal places by valuing the Fund's investments at market or fair value. The above risks will also be present in a low interest rate environment.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

------

![](g68044moneymarket_19.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2023 | 1.33% |
| Worst | Third quarter 2020 | (0.30%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA US Government Money Market Fund | &nbsp;&nbsp; 5.09% | &nbsp;&nbsp; 2.30% | &nbsp;&nbsp; 1.55% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Interest Rate risk:** Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Corporate Debt risk:** During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Credit risk:** Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;● **Liquidity risk:** The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;● **Extension risk:** Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;● **Prepayment risk:** Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;● **Call risk:** When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk:** Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

------

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

![](g68044midtermbond_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2023 | 4.09% |
| Worst | First quarter 2022 | (4.15%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Intermediate Bond Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 2.79% | &nbsp;&nbsp; 0.50% | &nbsp;&nbsp; 1.47% |
| Return after taxes on distributions | &nbsp;&nbsp; 1.26% | &nbsp;&nbsp; (0.53%) | &nbsp;&nbsp; 0.45% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 1.64% | &nbsp;&nbsp; (0.03%) | &nbsp;&nbsp; 0.69% |
| Bloomberg U.S. Intermediate Government/Credit <br> Bond Index (Index reflects no deduction for fees and <br> expenses)<br>| &nbsp;&nbsp; 3.00% | &nbsp;&nbsp; 8.60% | &nbsp;&nbsp; 1.71% |
| Bloomberg US Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Christopher Malfant, Executive Vice President of the Adviser and portfolio manager since June 2022, and Jacqueline Sabella, Senior Vice President of the Adviser, and portfolio manager of the fixed income investment strategy since July 2021, and portfolio manager of the mortgage-backed securities segment of the Fund since September 2015, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Interest Rate risk:** Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Corporate Debt risk:** During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Credit risk:** Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;● **Liquidity risk:** The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;● **Extension risk:** Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;● **Prepayment risk:** Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;● **Call risk:** When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk:** Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

------

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

![](g68044bond_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2023 | 6.44% |
| Worst | First quarter 2022 | (5.68%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Core Bond Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 1.17% | &nbsp;&nbsp; (0.82%) | &nbsp;&nbsp; 1.24% |
| Return after taxes on distributions | &nbsp;&nbsp; (0.40%) | &nbsp;&nbsp; (2.08%) | &nbsp;&nbsp; (0.01%) |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; (1.11%) | &nbsp;&nbsp; 0.43% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Christopher Malfant, Executive Vice President of the Adviser and portfolio manager since June 2022, and Jacqueline Sabella, Senior Vice President of the Adviser, and portfolio manager of the fixed income investment strategy since July 2021, and portfolio manager of the mortgage-backed securities segment of the Fund since September 2015, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. Because the Fund primarily invests in funds that invest in fixed income securities, the Fund is primarily subject to Fixed Income risk. Other principal risks include Company, Market, Mid-Cap, and Stock risks, which are described in more detail in the "Principal Risks" section of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk*: Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk:** Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Fund could decline in value, and you could lose money by investing in the Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Retirement Income Fund will have as much as 30% of its assets invested in equity IC Funds.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500<sup>®</sup> and S&P 500<sup>®</sup> Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500<sup>®</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirementincome_18.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2023 | 6.65% |
| Worst | Second quarter 2022 | (6.67%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Retirement Income Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 7.21% | &nbsp;&nbsp; 3.55% | &nbsp;&nbsp; 4.21% |
| Return after taxes on distributions | &nbsp;&nbsp; 5.31% | &nbsp;&nbsp; 1.81% | &nbsp;&nbsp; 2.69% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 4.65% | &nbsp;&nbsp; 2.20% | &nbsp;&nbsp; 2.79% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg Aggregate Bond Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

------

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 24.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 4.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 0.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 6.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 0.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 1.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 5.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 36.3%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 20.1%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk*: Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk**: The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk**: Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period

------

covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2020_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 9.91% |
| Worst | First quarter 2020 | (10.48%) |

---

------

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Clear Passage 2020 Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 8.10% | &nbsp;&nbsp; 4.76% | &nbsp;&nbsp; 5.72% |
| Return after taxes on distributions | &nbsp;&nbsp; 6.11% | &nbsp;&nbsp; 2.26% | &nbsp;&nbsp; 3.61% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 3.04% | &nbsp;&nbsp; 3.90% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 30.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 4.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 0.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 10.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 0.8%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 1.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 3.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 33.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 15.0%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk**: The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk**: The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk**: Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an

------

investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2025_21.jpg)

------

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 11.86% |
| Worst | First quarter 2020 | (13.24%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Clear Passage 2025 Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 9.70% | &nbsp;&nbsp; 5.94% | &nbsp;&nbsp; 6.61% |
| Return after taxes on distributions | &nbsp;&nbsp; 7.45% | &nbsp;&nbsp; 3.47% | &nbsp;&nbsp; 4.59% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 6.69% | &nbsp;&nbsp; 3.97% | &nbsp;&nbsp; 4.65% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 35.8%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 5.8%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 1.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 12.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 1.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 1.2%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 1.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 3.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 27.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 9.9%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than and may not outperform value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security**.** 

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk:** Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an

------

investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2030_17.jpg)

------

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 14.17% |
| Worst | First quarter 2020 | (16.08%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Clear Passage 2030 Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 11.16% | &nbsp;&nbsp; 7.24% | &nbsp;&nbsp; 7.51% |
| Return after taxes on distributions | &nbsp;&nbsp; 8.99% | &nbsp;&nbsp; 4.72% | &nbsp;&nbsp; 5.46% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 7.60% | &nbsp;&nbsp; 4.97% | &nbsp;&nbsp; 5.37% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 41.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 8.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 1.4%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 14.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 1.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 1.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 2.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 21.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 5.0%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk:** Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an

------

investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2035_17.jpg)

------

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 16.10% |
| Worst | First quarter 2020 | (19.18%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Clear Passage 2035 Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 13.05% | &nbsp;&nbsp; 8.31% | &nbsp;&nbsp; 8.28% |
| Return after taxes on distributions | &nbsp;&nbsp; 10.61% | &nbsp;&nbsp; 5.68% | &nbsp;&nbsp; 6.18% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 9.02% | &nbsp;&nbsp; 5.79% | &nbsp;&nbsp; 5.99% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 45.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 10.3%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 1.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 18.6%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 1.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 14.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 4.0%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

------

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2040_18.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 17.39% |
| Worst | First quarter 2020 | (20.69%) |

---

------

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Clear Passage 2040 Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 14.35% | &nbsp;&nbsp; 9.34% | &nbsp;&nbsp; 8.85% |
| Return after taxes on distributions | &nbsp;&nbsp; 11.86% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 6.67% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 9.92% | &nbsp;&nbsp; 6.59% | &nbsp;&nbsp; 6.45% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 47.2%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 10.5%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 1.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 2.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 2.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 20.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 10.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 3.0%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Eurozone Investment risk:** The United Kingdom's recent departure from the European Union, commonly known as "Brexit," may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period

------

covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2045_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 17.70% |
| Worst | First quarter 2020 | (20.98%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Clear Passage 2045 Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 14.90% | &nbsp;&nbsp; 9.68% | &nbsp;&nbsp; 8.99%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| Return after taxes on distributions | &nbsp;&nbsp; 12.40% | &nbsp;&nbsp; 6.84% | &nbsp;&nbsp; 6.75% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 10.31% | &nbsp;&nbsp; 6.85% | &nbsp;&nbsp; 6.54% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 49.3%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 11.3%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 2.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 20.4%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 7.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 1.9%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Eurozone Investment risk:** The United Kingdom's recent departure from the European Union, commonly known as "Brexit," may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period

------

covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2050_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 17.52% |
| Worst | First quarter 2020 | (21.71%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Clear Passage 2050 Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 15.39% | &nbsp;&nbsp; 9.81% | &nbsp;&nbsp; 9.08%  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| Return after taxes on distributions | &nbsp;&nbsp; 13.32% | &nbsp;&nbsp; 7.25% | &nbsp;&nbsp; 7.27% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 10.33% | &nbsp;&nbsp; 7.00% | &nbsp;&nbsp; 6.78% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since May 2014, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 49.4%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 11.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 2.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 21.8%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 3.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 1.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 6.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 0.8%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Eurozone Investment risk:** The United Kingdom's recent departure from the European Union, commonly known as "Brexit," may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period

------

covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2055_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 18.27% |
| Worst | First quarter 2020 | (21.8%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **For Life of Fund** | **Inception Date** |
| MoA Clear Passage 2055 Fund |  |  |  | October 1, 2016 |
| Return before taxes | &nbsp;&nbsp; 15.66% | &nbsp;&nbsp; 10.05% | &nbsp;&nbsp; 10.29% |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **For Life of Fund** | **Inception Date** |
| Return after taxes on <br> distributions<br>| &nbsp;&nbsp; 13.67% | &nbsp;&nbsp; 7.73% | &nbsp;&nbsp; 8.70% |  |
| Return after taxes on distributions <br> and sales of shares<br>| &nbsp;&nbsp; 10.47% | &nbsp;&nbsp; 7.24% | &nbsp;&nbsp; 8.03% |  |
| S&P 500<sup>®</sup> Index (Index reflects <br> no deduction for fees and <br> expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 14.85% |  |
| Bloomberg U.S. Aggregate Bond <br> Index (Index reflects no deduction <br> for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 0.88% |  |
| FTSE 3-month Treasury Bill <br> Index (Index reflects no deduction <br> for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 2.15% |  |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since its inception in October 2016, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 48.4%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 12.7%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 2.2%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 22.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 3.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 2.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 0.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 4.3%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 0.6%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Eurozone Investment risk:** The United Kingdom's recent departure from the European Union, commonly known as "Brexit," may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date, which are riskier than investments in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period

------

covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2060_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 18.60% |
| Worst | First quarter 2020 | (22.52%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **For Life of Fund** | **Inception Date** |
| MoA Clear Passage 2060 Fund |  |  |  | July 2, 2018 |
| Return before taxes | &nbsp;&nbsp; 15.73% | &nbsp;&nbsp; 10.25% | &nbsp;&nbsp; 9.58% |  |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **For Life of Fund** | **Inception Date** |
| Return after taxes on distributions | &nbsp;&nbsp; 13.92% | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; 7.88% |  |
| Return after taxes on distributions <br> and sales of shares<br>| &nbsp;&nbsp; 10.41% | &nbsp;&nbsp; 7.44% | &nbsp;&nbsp; 7.17% |  |
| S&P 500<sup>®</sup> Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 14.47% |  |
| Bloomberg U.S. Aggregate Bond <br> Index (Index reflects no deduction <br> for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.31% |  |
| FTSE 3-month Treasury Bill Index <br> (Index reflects no deduction for <br> fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 2.47% |  |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since its inception in July 2018, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

As of December 31, 2024, the Fund's asset allocation among the underlying funds was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 48.4%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 12.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 2.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 22.5%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 3.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 2.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 3.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 0.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 3.5%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 0.6%

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Eurozone Investment risk:** The United Kingdom's recent departure from the European Union, commonly known as "Brexit," may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period

------

covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

![](g68044retirement2065_17.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Fourth quarter 2020 | 17.80% |
| Worst | Second quarter 2022 | (14.31%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **For Life of Fund** | **Inception Date** |
| MoA Clear Passage 2065 Fund |  |  | August 3, 2020 |
| Return before taxes | &nbsp;&nbsp; 16.01% | &nbsp;&nbsp; 12.76% |  |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **For Life of Fund** | **Inception Date** |
| Return after taxes on distributions | &nbsp;&nbsp; 14.62% | &nbsp;&nbsp; 10.75% |  |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 10.26% | &nbsp;&nbsp; 10.51% |  |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 15.81% |  |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (2.01%) |  |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.76% |  |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since its inception in October 2016, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

The Clear Passage 2070 Fund is designed for investors expecting to retire or to begin withdrawing assets around the year 2070. Under normal circumstances, the asset allocation will change over time according to a predetermined "glide path" as the Clear Passage Fund approaches the Target Retirement Date. The glide path below represents the shifting of asset classes over time. As the glide path shows, generally, the less time that remains until the Target Retirement Date, and for a 10 year period after the Target Retirement Date, the more the Fund will invest in fixed income IC Funds and the less it will invest in equity IC Funds. A Clear Passage Fund that has reached its Target Retirement Date can have 45%, which can vary by plus or minus 10% at the time it reaches its Target Retirement Date, of its assets invested in equity IC Funds.

As of the commencement of operations, the Fund's expected asset allocation among the underlying funds was as follows, but the actual allocations may differ from those shown:

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Equity Index Fund 48.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Equity Index Fund 12.1%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Mid Cap Value Fund 2.6%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA International Fund 22.3%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Equity Index Fund 3.5%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Growth Fund 3.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Small Cap Value Fund 3.3%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA US Government Money Market Fund 0.9%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Core Bond Fund 3.0%

&nbsp;&nbsp;&nbsp;&nbsp;● MoA Intermediate Bond Fund 0.4%

The Fund's actual allocation as of the commencement of operations may differ from that shown above. The Fund has no obligation to provide notice if the allocation differs from that shown.

![](g68044imga23965ab3.jpg)

The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Target Date Funds, but the target allocations are not expected to vary from the chart by more than plus or minus ten percentage points.

------

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the performance of the selected underlying funds. There can be no assurance that either the Fund or the underlying funds will achieve its investment objective. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. These risks include Company, Market, Small-Cap, Mid-Cap, Value Stock, Growth Stock and Stock risks, which are all described in detail in the "Principal Risks" section of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **New Fund risk:** The Fund is new and has fewer assets than an older fund and therefore, may have higher expenses than an older fund. While the Adviser has contractually agreed to reimburse the Fund's direct operating expenses for, at a minimum, its first three years of operation in order to limit expenses, it may take more time for the Fund's assets to grow large enough to offset high expenses.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Growth Stock risk:** Growth stocks generally have above average growth potential, low dividends and high prices relative to standard measures. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Eurozone Investment risk:** The United Kingdom's recent departure from the European Union, commonly known as "Brexit," may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;● **Target Date Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to the same risks as the underlying Investment Company Funds ("IC Funds") in which it invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund is a "fund of funds" where the allocations shift and there is no guarantee that the allocations in the Clear Passage Fund of the IC Funds will prove to be correct under all market and economic conditions. An investment in the Clear Passage Fund could decline in value, and you could lose money by investing in the Clear Passage Fund, even after the Target Retirement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the Fund will provide adequate income at and through your retirement.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund has assets allocated across equity and fixed income IC Funds, and is subject to the risks of investing in both equity and fixed income securities. The Clear Passage Fund has assets allocated to the International Fund and is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The appropriate Clear Passage Fund should suit your anticipated date of retirement, as well as your tolerance for risk and your personal financial goals. An investor with high risk tolerance may prefer a later Target Retirement Date with greater emphasis on capital appreciation; while an investor with lower risk tolerance may prefer an earlier Target Retirement Date with greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

**Performance/Annual Return.** Because the Fund commenced operations on or after May 1, 2025, information regarding performance for a full calendar year is not available as of the date of this prospectus.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, will be portfolio managers of the Fund at its inception in May 2025 and will be primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

**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 Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends (referred to as "extension risk") and as interest rates fall, mortgage-related securities are often prepaid at a faster rate (referred to as "pre-payment risk"). Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Money Market instrument risk:** Money Market instruments may decline in value, based on the performance of the issuer or changes in prevailing interest rates. The returns on money market instruments can be adversely affected when yields on eligible investments are low.

&nbsp;&nbsp;&nbsp;&nbsp;● **Asset Allocation Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The value of your investment will go up or down depending on movements in the asset classes (stocks, bonds, money market instruments) in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Performance of some asset classes may offset performance of others, such as stocks and bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Because the Fund holds both stocks and bonds, the Fund's performance may be lower than that of equity funds or fixed income funds as the performance of stocks and bonds fluctuate.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of three indices that correspond to the equity, fixed income and money market portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500<sup>®</sup> and S&P 500<sup>®</sup> Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted Index of the common stock prices of companies included in the S&P 500<sup>®</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced monthly by market capitalization.

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![](g68044balanced_18.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 11.45% |
| Worst | First quarter 2020 | (11.23%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Balanced Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 17.56% | &nbsp;&nbsp; 9.13% | &nbsp;&nbsp; 8.26% |
| Return after taxes on distributions | &nbsp;&nbsp; 14.99% | &nbsp;&nbsp; 6.91% | &nbsp;&nbsp; 5.86% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 11.79% | &nbsp;&nbsp; 6.53% | &nbsp;&nbsp; 5.76% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |
| FTSE 3-month Treasury Bill Index (Index reflects no <br> deduction for fees and expenses)<br>| &nbsp;&nbsp; 5.45% | &nbsp;&nbsp; 2.54% | &nbsp;&nbsp; 1.79% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Christopher Malfant, Executive Vice President of the Adviser, and a portfolio manager of the Fund since June 2022, Jacqueline Sabella, Senior Vice President of the Adviser, and a portfolio manager of the fixed income portion of the Fund since July 2021, and a portfolio manager of the mortgage-backed securities portion of the Fund since September 2015, Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the large cap equity portion of the Fund since May 2016, and Jamie Zendel, Executive Vice President of the Adviser, and a portfolio manager of the large cap equity portion of the Fund since May 2024, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. The Fund generally invests 65% of its assets in fixed income IC Funds and 35% of its assets in equity IC Funds; therefore the Fund is primarily subject to Fixed Income risk, which is described below and in more detail in the "Principal Risks" section of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk:** Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Asset Allocation Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The value of your investment will go up or down depending on movements in the asset classes (stocks, bonds, money market instruments) in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Performance of some asset classes may offset performance of others, such as stocks and bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Because the Fund holds both stocks and bonds, the Fund's performance may be lower than that of equity funds or fixed income funds as the performance of stocks and bonds fluctuate.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of two indices that correspond to the equity and fixed income portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500<sup>®</sup> and S&P 500<sup>®</sup> Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500<sup>®</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

------

![](g68044img563e2b734.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 7.50% |
| Worst | Second quarter 2022 | (7.65%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Conservative Allocation Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 8.09% | &nbsp;&nbsp; 4.42% | &nbsp;&nbsp; 4.96% |
| Return after taxes on distributions | &nbsp;&nbsp; 6.28% | &nbsp;&nbsp; 2.38% | &nbsp;&nbsp; 3.11% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 5.31% | &nbsp;&nbsp; 2.83% | &nbsp;&nbsp; 3.30% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since its inception in October 2016, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

------

MoA FUNDS SUMMARY

------

expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. The Fund generally invests 60% of its assets in equity IC Funds and 40% of its assets in fixed income IC Funds; therefore the Fund is subject to both equity and fixed income risk. These risks include Market, Large Cap, Mid-Cap, Stock, Fixed Income and Foreign Investment risks, which are described in more detail in the "Principal Risks" section of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Mortgage risk:** The duration of mortgage-related securities and interest rates tend to move together. As interest rates rise, the duration of mortgage-related securities extends and as interest rates fall, mortgage-related securities are often prepaid at a faster rate. Because of interest rate changes, it is not possible to predict the realized yield or average life of a mortgage-backed security.

&nbsp;&nbsp;&nbsp;&nbsp;● **Zero Coupon risk:** Zero coupon securities and discount notes do not pay interest prior to maturity and therefore may be more difficult to sell during periods of interest rate changes. The market value of debt securities declines as interest rates rise; therefore the Fund may lose value if it sells zero coupon securities prior to their maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities*.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Asset Allocation Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The value of your investment will go up or down depending on movements in the asset classes (stocks, bonds, money market instruments) in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Performance of some asset classes may offset performance of others, such as stocks and bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Because the Fund holds both stocks and bonds, the Fund's performance may be lower than that of equity funds or fixed income funds as the performance of stocks and bonds fluctuate.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500® and S&P 500® Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500®.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with

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index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

![](g68044moderateallocation_17.jpg)

**Best and Worst Performing Quarters** 

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| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 11.76% |
| Worst | First quarter 2020 | (12.26%) |

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**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Moderate Allocation Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 11.27% | &nbsp;&nbsp; 7.11% | &nbsp;&nbsp; 7.11% |
| Return after taxes on distributions | &nbsp;&nbsp; 8.70% | &nbsp;&nbsp; 4.23% | &nbsp;&nbsp; 4.68% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 7.95% | &nbsp;&nbsp; 4.82% | &nbsp;&nbsp; 4.91% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since its inception in October 2016, are primarily responsible for the day-to-day management of the Fund.

For important information about "Purchase and Sale of Fund Shares" and "Tax Information," please turn to the corresponding section heading in the "Important Additional Information About All Funds" section on page 129.

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MoA FUNDS SUMMARY

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expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. A Fund is subject to the same risks as the underlying funds in which it invests. The Fund generally invests 80% of its assets in equity IC Funds and 20% of its assets in fixed income IC Funds; therefore the Fund is primarily subject to equity risk. These risks include Market, Small-Cap, Mid-Cap, Large Cap, Stock and Fixed Income risks, which are described in more detail in the "Principal Risks" section of the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **Market risk:** The risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. Events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health emergencies and other unforeseen events could also significantly impact issuers, economies and markets generally.

&nbsp;&nbsp;&nbsp;&nbsp;● **Stock risk:** The value of your investment will go up or down, depending on, among other things, 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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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.

&nbsp;&nbsp;&nbsp;&nbsp;● **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. Mid-cap stocks may also have lower trading volumes than large-cap stocks, and this lower trading volume may cause disproportionate decreases in the market price of mid-cap stocks during times of greater selling pressure.

&nbsp;&nbsp;&nbsp;&nbsp;● **Small-Cap risk:** Small-cap stocks generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations.

&nbsp;&nbsp;&nbsp;&nbsp;● **Foreign Investment risk:** Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time. The International Fund, in which the Fund invests, may invest substantially all or a significant portion of its assets in ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;● **Fixed Income risk:** The value of your investment will go up or down depending on movements in the bond markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Interest Rate risk:* Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Corporate Debt risk:* During periods of economic uncertainty, the value of corporate debt securities may decline relative to the value of U.S. government debt securities. Debt obligations are subject to the risk that issuers may not be able to pay off the principal and interest when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Credit Risk:* Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Liquidity risk:* The prices of debt securities may be subject to significant volatility, particularly as markets become less liquid due to limited dealer inventory of corporate bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Extension risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise, and this may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Prepayment risk:* Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline, and may negatively affect Fund returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Call Risk:* When interest rates decline, an issuer may have an option to call the securities before maturity, resulting in reduced income.

&nbsp;&nbsp;&nbsp;&nbsp;● **U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities.

&nbsp;&nbsp;&nbsp;&nbsp;● **Asset Allocation Fund risk:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The value of your investment will go up or down depending on movements in the asset classes (stocks, bonds, money market instruments) in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Performance of some asset classes may offset performance of others, such as stocks and bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Because the Fund holds both stocks and bonds, the Fund's performance may be lower than that of equity funds or fixed income funds as the performance of stocks and bonds fluctuate.

**Performance/Annual Return.** The bar chart and table below show the average annual returns of the Fund.

Below the bar chart are the Fund's highest and lowest total returns for any calendar quarter during the period covered by the chart, showing the volatility of the Fund's total returns. The numbers in parentheses are negative, representing a loss of principal.

The information indicates some of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for one, five and ten years compare to those of a broad-based, unmanaged index for those periods. A fund's past performance does not necessarily indicate how it will perform in the future.

For investments through an insurance company separate account, note that the total returns and average annual total returns shown do not include charges against the assets of the separate accounts of Mutual of America Life Insurance Company ("Separate Accounts") that purchase Fund shares. If these charges were reflected, returns would be less than those shown.

Updated performance information is available at no cost online at moafunds.com or by calling 800.914.8716.

The information in the average annual total returns table shows how the Fund's performance compares with the returns of two indices that correspond to the equity and fixed income portions of the Fund, respectively:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The S&P 500<sup>®</sup> and S&P 500<sup>®</sup> Index refer to the Standard & Poor's 500 Composite Stock Price Index, a market value-weighted index of the common stock prices of companies included in the S&P 500<sup>®</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the Index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

------

![](g68044img53339a795.jpg)

**Best and Worst Performing Quarters** 

---

| | | |
|:---|:---|:---|
|  | **Quarter/Year** | **Total Return** |
| Best | Second quarter 2020 | 16.31% |
| Worst | First quarter 2020 | (18.97%) |

---

**Average Annual Total Returns (for periods ended December 31, 2024)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Comparative Index(es)** | **Past One Year** | **Past Five Years** | **Past Ten Years** |
| MoA Aggressive Allocation Fund |  |  |  |
| Return before taxes | &nbsp;&nbsp; 13.22% | &nbsp;&nbsp; 8.63% | &nbsp;&nbsp; 8.30% |
| Return after taxes on distributions | &nbsp;&nbsp; 10.80% | &nbsp;&nbsp; 5.38% | &nbsp;&nbsp; 5.51% |
| Return after taxes on distributions and sales of <br> shares<br>| &nbsp;&nbsp; 9.20% | &nbsp;&nbsp; 5.95% | &nbsp;&nbsp; 5.79% |
| S&P 500<sup>®</sup> Index (Index reflects no deduction for fees <br> and expenses)<br>| &nbsp;&nbsp; 25.02% | &nbsp;&nbsp; 14.53% | &nbsp;&nbsp; 13.10% |
| Bloomberg U.S. Aggregate Bond Index (Index reflects <br> no deduction for fees and expenses)<br>| &nbsp;&nbsp; 1.25% | &nbsp;&nbsp; (0.33%) | &nbsp;&nbsp; 1.35% |

---

**Investment Adviser.** Mutual of America Capital Management LLC (the "Adviser") is the investment adviser for the Fund.

**Portfolio Managers.** Jamie A. Zendel, Executive Vice President of the Adviser, and a portfolio manager of the Fund since May 2021, and Joseph R. Gaffoglio, President and Chief Executive Officer of the Adviser, and a portfolio manager of the Fund since its inception in October 2016, are primarily responsible for the day-to-day management of the Fund.

------

**Important Additional Information About All Funds**

------

**Purchase and Sale of Fund Shares.** Fund shares held directly by investors may be purchased or redeemed by mail to MoA Funds Corporation, PO Box 534499, Pittsburgh, PA 15253-4499 or by telephone by calling the Investment Company's Customer Service at 800.914.8716. Such investors may purchase shares of the Fund by check or wire. The minimum initial investment in the Fund is $1,000, although the Fund may waive this minimum at its discretion. There is no minimum for subsequent investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange is open.

For investors whose interest in the Fund is through an insurance company Separate Account, you can purchase or redeem Separate Account units that invest in the Fund either by calling or writing to your Mutual of America Regional Office, which can be found on mutualofamerica.com.

Any minimum initial or subsequent investment requirement for Separate Account Units that invest in the Fund is disclosed in the prospectus for your annuity contract or life insurance policy.

Shares held through a financial intermediary, including in a retirement plan, can be purchased or redeemed through the financial intermediary.

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase the Fund through a broker dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Tax Information.** 

For direct investments into the Funds, distributions you receive from the Fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

For investors whose interest in the Fund is through an insurance company Separate Account, no discussion is included as to the federal income tax consequences at the shareholder level. For information concerning the federal tax consequences to purchasers of contracts or policies under a Separate Account accessing this Fund, see the prospectus for your contract or policy.

------

**Important Additional Information About All Funds**

------

**Purchase and Sale of Fund Shares.** Fund shares held directly by investors may be purchased or redeemed by mail to MoA Funds Corporation, PO Box 534499, Pittsburgh, PA 15253-4499 or by telephone by calling the Investment Company's Customer Service at 800.914.8716. Such investors may purchase shares of the Fund by check or wire. The minimum initial investment in the Fund is $1,000, although the Fund may waive this minimum at its discretion. There is no minimum for subsequent investments. Fund shares may be purchased or redeemed on any day the New York Stock Exchange is open.

For investors whose interest in the Fund is through an insurance company Separate Account, you can purchase or redeem Separate Account units that invest in the Fund either by calling or writing to your Mutual of America Regional Office, which can be found on mutualofamerica.com.

Any minimum initial or subsequent investment requirement for Separate Account Units that invest in the Fund is disclosed in the prospectus for your annuity contract or life insurance policy.

Shares held through a financial intermediary, including in a retirement plan, can be purchased or redeemed through the financial intermediary.

**Payments to Broker-Dealers and Other Financial Intermediaries.** If you purchase the Fund through a broker dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**Tax Information.** 

For direct investments into the Funds, distributions you receive from the Fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

For investors whose interest in the Fund is through an insurance company Separate Account, no discussion is included as to the federal income tax consequences at the shareholder level. For information concerning the federal tax consequences to purchasers of contracts or policies under a Separate Account accessing this Fund, see the prospectus for your contract or policy.

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**Additional Information on Fund Objectives, Principal Investment Strategies and Principal Investment Risks**

The Funds sell their shares to the Separate Accounts and also offer them for sale to the general public directly or through financial intermediaries. Each Fund has its own investment objective and tries to achieve that objective with certain investment strategies. The Funds' different investment strategies will affect the return and the risks of investing in each Fund. Each Fund's investment objective is non-fundamental which means that it may be changed by the Investment Company's Board of Directors without shareholder approval. Shareholders will be given written notice of any change to a Fund's investment objective.

Certain Funds have a policy to invest at least 80% of their total assets in the type of securities suggested by the Fund's name (as described below). These Funds may not change such policy without providing shareholders at least 60 days' prior written notice.

Below is additional information regarding each Fund's investment objective, principal investment strategies, and the principal risks of investing in each Fund.

For all actively managed equity portfolios, the Adviser uses a bottom-up approach, combining fundamental company research and a proprietary quantitative research model, with stock selection as the primary focus. The Funds monitor risk exposure on an ongoing basis. A Fund may, from time to time, take temporary defensive positions that are inconsistent with the Fund's principal investment strategies in attempting to respond to adverse market, economic, political or other conditions, which may cause the Fund to not achieve its investment objective.

***Market Capitalization*** 

Market capitalization refers to the aggregate market value of the equity securities that a company has issued. Each of the Equity Index Fund, Mid Cap Equity Index Fund, Small Cap Equity Index Fund, Mid Cap Value Fund, Mid Cap Growth Fund, Small Cap Value Fund and Small Cap Growth Fund invest at least 80% of its total assets in the type of securities suggested by the Fund's name. Each Fund relies on the market capitalization ranges in its benchmark index at the time of purchase to define the range of market cap securities in which it will primarily invest. The market capitalization ranges of companies included in each Index will vary from time to time, and the market capitalization ranges of companies that are generally considered to be large-cap, mid-cap and small-cap will also vary from time to time depending on capitalization levels in the market.

At March 31, 2025, the S&P 500<sup>®</sup> Index included companies with market capitalizations above $5.3 billion; the S&P 500<sup>®</sup> Catholic Values Index included companies with market capitalizations above $6.8 billion; the S&P MidCap 400<sup>®</sup> Index included mid-cap companies with market capitalizations from $2.1 billion up to $70.5 billion; the S&P SmallCap 600<sup>®</sup> Index included small-cap companies with market capitalizations from $427 million up to $12.1 billion; and the Russell 3000<sup>®</sup> Index included companies with market capitalizations from $5.2 million up to $3.3 trillion; the Russell 2000 Value Index included small-cap companies with market capitalizations from $5.2 million up to $14.2 billion; the Russell 2000 Growth Index included small-cap companies with market capitalizations from $5.2 million up to $15.0 billion; the Russell Midcap Value Index included mid-cap companies with market capitalizations from $272.6 million up to $88.3 billion; the Russell Midcap Growth Index included mid-cap companies with market capitalizations from $681 million up to $198 billion; and the Russell 1000 Index included mid-cap companies with market capitalizations from $272.6 million up to $3.3 trillion. The Equity Index Fund and the equities portion of the Asset Allocation Funds invest primarily in large-cap companies; the Mid Cap Value Fund, Mid Cap Growth Fund, and Mid Cap Equity Index Fund invest primarily in mid-cap companies; and the Small Cap Growth Fund, Small Cap Value Fund and Small Cap Equity Index Fund invest primarily in small-cap companies. The All America Fund invests in large-cap, mid-cap and small-cap companies.

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***Descriptions of Fund Indices*** 

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| | | |
|:---|:---|:---|
| Fund | Fund Benchmark Index (es) | Fund Broad-Based Index (es) |
| MoA Equity Index | S&P 500® Index | S&P 500® Index |
| MoA All America | Russell 3000® Index | Russell 3000® Index |
| MoA Small Cap Value | Russell 2000® Value Index | Russell 3000® Index |
| MoA Small Cap Growth | Russell 2000® Growth Index | Russell 3000® Index |
| MoA Small Cap Equity <br> Index<br>| S&P SmallCap 600® Index | S&P 500® Index |
| MoA Mid Cap Growth | Russell Midcap<sup>®</sup> Growth Index | Russell 1000<sup>®</sup> Index |
| MoA Mid Cap Value | Russell Midcap® Value Index | Russell 1000® Index |
| MoA Mid Cap Equity <br> Index<br>| S&P MidCap 400® Index | S&P 500® Index |
| MoA Balanced | S&P 500® Index<br> Bloomberg U.S. Aggregate Bond Index<br> FTSE 3-month Treasury Bill Index<br>| S&P 500® Index,<br> Bloomberg US Aggregate Bond Index,<br> FTSE 3-month Treasury Bill Index<br>|
| MoA International | MSCI EAFE Index | MSCI EAFE Index |
| MoA Catholic Values <br> Index<br>| S&P 500® Catholic Values Index | S&P 500® Index |
| MoA US Government <br> Money Market<br>| FTSE 3-month Treasury Bill Index | FTSE 3-month Treasury Bill Index |
| MoA Intermediate <br> Bond<br>| Bloomberg U.S. Intermediate <br> Government/Credit Bond Index<br>| Bloomberg US Aggregate Bond Index |
| MoA Core Bond | Bloomberg U.S. Aggregate Bond Index | Bloomberg US Aggregate Bond Index |
| MoA Clear Passage <br> Funds<br>| S&P 500® Index<br> Bloomberg U.S. Aggregate Bond Index<br> FTSE 3-month Treasury Bill Index<br>| S&P 500® Index,<br> Bloomberg US Aggregate Bond Index,<br> FTSE 3-month Treasury Bill Index<br>|
| MoA Asset Allocation <br> Funds<br>| S&P 500® Index<br> Bloomberg U.S. Aggregate Bond Index<br>| S&P 500® Index,<br> Bloomberg US Aggregate Bond Index<br>|

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The Standard & Poor's 500<sup>®</sup> Index is designed to measure the performance of 500 top companies in the leading industries of the U.S. economy, and is meant to reflect the risk and return characteristics of the large cap universe.

The Standard & Poor's 500<sup>®</sup> Catholic Values Index excludes from the S&P 500<sup>®</sup> companies that engage in certain activities that are not aligned with the Responsible Investment Guidelines of the U.S. Conference of Catholic Bishops. The S&P 500<sup>®</sup> Catholic Values Index is designed for investors who do not want to breach certain Catholic values in their passive investing strategies.

The Standard & Poor's MidCap 400<sup>®</sup> Index is designed to measure the performance of 400 mid-sized companies in the U.S., reflecting this market segment's distinctive risk and return characteristics.

The Standard & Poor's SmallCap 600<sup>®</sup> Index is designed to measure the performance of 600 small-sized companies in the U.S., reflecting this market segment's distinctive risk and return characteristics.

The Russell 3000<sup>®</sup> Index measures the performance of the largest 3,000 US companies representing approximately 96% of the investable US equity market and is constructed to provide a comprehensive and stable barometer of the broad US equity market.

The Russell 2000<sup>®</sup> Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The Russell 2000<sup>®</sup> is a market capitalization-weighted index of common stock prices of the smallest 2000 companies in the Russell 3000 (a broad index representing approximately 98% of the entire U.S. stock market).

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The Russell 2000<sup>®</sup> Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell Midcap<sup>®</sup> Value Index measures the performance of the mid-capitalization value sector of the U.S. equity market. The Russell Midcap<sup>®</sup> Value Index selects from the bottom 80% of the Russell 1000<sup>®</sup> Index, screening on value factors. The Russell Midcap<sup>®</sup> Growth Index measures the performance of the mid-capitalization growth sector of the U.S. equity market. The Russell Midcap<sup>®</sup> Growth Index selects from the bottom 80% of the Russell 1000<sup>®</sup> Index, screening on growth factors. The Russell 1000<sup>®</sup> Index is a stock market index that represents the 1,000 largest stocks in the Russell 3000<sup>®</sup> Index. The Russell 1000<sup>®</sup> Index comprises over 90% of the total market capitalization of all listed U.S. stocks.

The MSCI EAFE Index is the Morgan Stanley Europe, Australasia and the Far East Index, an unmanaged, market-value weighted index designed to measure the overall condition of overseas equities markets.

The FTSE 3-Month Treasury Bill Index is comprised of equal dollar amounts of 3-month Treasury bills purchased at the beginning of each of three consecutive months. As each bill matures, all proceeds are rolled over or reinvested in a new 3-month bill. The income used to calculate the monthly return is derived by subtracting the original amount invested from the maturity value. The yield curve average is the basis for calculating the return on the Index. The Index is rebalanced quarterly by market capitalization.

The Bloomberg U.S. Aggregate Bond Index represents U.S. fixed rate, investment grade securities, with index components for U.S. government, corporate, mortgage-backed and asset-backed securities. Each bond included in the index must have at least one year to final maturity regardless of call features and a rating of "Baa" or higher (investment grade) by a nationally recognized statistical rating agency.

The Bloomberg U.S. Intermediate Government/Credit Bond Index seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the investment grade credit sector of the United States bond market and the total United States Treasury market as defined by the Bloomberg Capital Intermediate U.S. Government/Credit Bond Index.

"Standard & Poor's<sup>®</sup>," "S&P<sup>®</sup>," the "S&P 500<sup>®</sup> Index", the "S&P MidCap 400<sup>®</sup> Index", the "S&P SmallCap 600<sup>®</sup> Index" and the "S&P 500<sup>®</sup> Catholic Values Index" are trademarks of Standard & Poor's Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and have been licensed for use by Mutual of America Capital Management LLC (the "Adviser"). Standard & Poor's does not sponsor, endorse, sell or promote the Equity Index Fund, Small Cap Equity Index Fund, Mid Cap Equity Index Fund or Catholic Values Index Fund. Standard & Poor's has no obligation or liability for the sale or operation of the Equity Index Fund, Small Cap Equity Index Fund, Mid Cap Equity Index Fund, or Catholic Values Index Fund and makes no representation as to the advisability of investing in the Funds.

"Russell Midcap<sup>®</sup>", "Russell 3000<sup>®</sup>", "Russell 2000<sup>®</sup>," "Russell 2000 Growth<sup>®</sup> Index", "Russell 2000 Value<sup>®</sup> Index", and "Russell 1000<sup>®</sup> Index" are registered trademarks of the Frank Russell Company.

MSCI EAFE Index is a service mark of MSCI. MSCI does not sponsor, endorse, sell or promote iShares Funds which are based on the MSCI EAFE Index and MSCI makes no representations regarding the advisability of investing in shares of such funds.

**MoA Equity Index Fund**

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*Investment Objective.* The Fund seeks investment results (before fees and expenses) that correspond to the investment performance of the Standard & Poor's 500<sup>®</sup> Composite Stock Index (the "S&P 500<sup>®</sup> Index").

*Principal Investment Strategies.* The Fund invests primarily in the 500 common stocks included in the S&P 500<sup>®</sup> Index to replicate, to the extent practicable and cost effective, the weightings of such stocks in the Index.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in securities included in the S&P 500<sup>®</sup> Index.

&nbsp;&nbsp;&nbsp;&nbsp;● Securities in the S&P 500<sup>®</sup> Index generally are issued by large cap companies and are included based on industry weightings and the issuers' leading positions in those industries. See "Market Capitalization" on page 130.

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Because the Fund seeks to approximate the performance of an index, it expects to have investment exposure to industries and sectors represented in the index to the same extent as the representation of those industries and sectors in the index.

The Fund may become non-diversified, as defined under the 1940 Act, as a result of a change in relative market capitalization or index weighting of one or more constituents of the S&P 500<sup>®</sup> Index to which the Fund is benchmarked. This means that the Fund may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Fund were always managed as a diversified management investment company. The Fund intends to be diversified in approximately the same proportion as the S&P 500<sup>®</sup> Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status due to a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500<sup>®</sup> Index.

The Fund attempts to be fully invested at all times and to fully replicate the S&P 500<sup>®</sup> Index to the extent practicable and cost effective. From time to time, the Fund makes adjustments in its portfolio (rebalances) because of changes in the composition of the S&P 500<sup>®</sup> Index or in the valuations of the stocks within the Index relative to other stocks within the Index.

The Fund's investment performance may not precisely duplicate the performance of the S&P 500<sup>®</sup> Index, due to, among other things, cash flows in and out of the Fund and investment timing considerations. The Fund also pays investment advisory and other expenses that are not applicable to an unmanaged index such as the S&P 500<sup>®</sup> Index.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Company risk, Market risk, Focused Investment risk, Technology Sector risk, Non-Diversification risk, Index Tracking Error risk, Passive Investment risk, Large Cap risk and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA All America Fund**

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*Investment Objective.* The Fund seeks to outperform the Russell 3000<sup>®</sup> Index (before fees and expenses) 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.

&nbsp;&nbsp;&nbsp;&nbsp;● ***Indexed Assets.*** Approximately 50% to 70% of the Fund's total assets are invested in a selection of stocks from the 500 common stocks included in the S&P 500<sup>®</sup> Index to replicate, to the extent practicable and cost effective, the weightings of such stocks in the Index with respect to that sleeve of the Fund's total assets. This portion of the All America Fund is called the "Indexed Assets."

&nbsp;&nbsp;&nbsp;&nbsp;● ***Active Assets.*** The Fund invests approximately 30% to 50% of the Fund's total assets to seek to achieve a high level of total return, through both appreciation of capital and, to a lesser extent, current income, by means of a diversified portfolio of primarily common stocks. The Adviser actively manages this portion of the All America Fund. Approximately 10% to 30% of the total assets are invested in mid-cap stocks, and approximately 10% to 30% of the Fund's assets are invested in small-cap stocks. See "Market Capitalization" on page 130.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, the issuers of 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.

The Adviser periodically rebalances assets in the All America Fund to retain the approximate 60%/40% relationship between Indexed Assets and Active Assets, based on then current market values.

Small- and Mid-Capitalization Value Stocks. The Adviser generally invests in stocks that it considers undervalued and with the potential for above average investment returns. The Adviser seeks to identify such securities primarily through consideration of actual, expected earnings and cash flow, seeking securities that it believes have a depressed valuation compared to their previous valuations or compared to a universe of peer companies.

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Small- and Mid-Capitalization Growth Stocks. The Adviser invests in stocks that it considers to be fundamentally sound with the potential for above average earnings growth and long-term capital appreciation, based on bottom-up fundamental company research, including analysis of business models, financial statements, and potential for long-term growth in sales and cash flow.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Active Management risk, Company risk, Market risk, Index Tracking Error risk, Passive Investment risk, Growth Stock risk, Value Stock risk, Large Cap risk, Mid-Cap risk, Small-Cap risk and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Small Cap Value Fund**

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*Investment Objective.* The Fund seeks capital appreciation.

*Principal Investment Strategies.* The Fund invests primarily in value stocks issued by companies with small sized market capitalizations that the Adviser believes to be undervalued in the marketplace in relation to factors such as the company's assets, earnings or growth potential. See "Market Capitalization" on page 130.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in small-cap value stocks, which the Adviser defines as those that have market capitalizations that fall within the market capitalization range of companies in the Russell 2000<sup>®</sup> Value Index, and at least 85% of the Fund's total assets will be invested in equity securities.

Because the Fund seeks to approximate the performance of an index, it expects to have investment exposure to industries and sectors represented in the index to the same extent as the representation of those industries and sectors in the index.

The Adviser seeks to identify small cap stocks that are not widely followed by Wall Street investors, trade at a discount to their peers and have the potential to unlock value. The Adviser uses a "bottom-up" approach in selecting securities for the Fund, which means that the Adviser places primary emphasis on the evaluation of an issuer of securities before purchasing those securities for the Fund, and less emphasis on possible changes in the general economy or the industry in which the issuer operates. The Adviser reviews the universe of companies with small market capitalizations to identify securities with value characteristics that meets its requirements. In evaluating an individual security, the Adviser determines the security's valuation relative to other securities in the same sector or industry.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Active Management risk, Company risk, Market risk, Focused Investment risk, Small-Cap risk, Value Stock risk, Financial Sector risk and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Small Cap Growth Fund**

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*Investment Objective.* The Fund seeks capital appreciation.

*Principal Investment Strategies.* The Fund invests primarily in growth stocks issued by companies with small sized market capitalizations that the Adviser believes to possess above-average growth potential. See "Market Capitalization" on page 130.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in small-cap growth stocks, which the Adviser defines as those that have market capitalizations that fall within the market capitalization range of companies in the Russell 2000<sup>®</sup> Growth Index, and at least 85% of the Fund's total assets will be invested in equity securities.

The Fund may invest significantly in investments in a particular industry, group of industries or sector, particularly at times when issuers in such industry, group of industries or sector represent a significant portion of the Fund's benchmark index. Currently, the Fund invests significantly in the stocks of issuers in the health care, industrials and technology sectors.

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The Adviser seeks to identify companies with clearly articulated growth strategies and compelling business models. The Adviser focuses on a company's growth prospects, industry position and management team. Additionally, the Adviser seeks to identify improving fundamental trends. The Adviser uses a "bottom-up" approach in selecting securities for the Fund, which means that the Adviser places primary emphasis on the evaluation of an issuer of securities before purchasing those securities for the Fund, and less emphasis on possible changes in the general economy or the industry in which the issuer operates. The Adviser reviews the universe of companies with small market capitalizations to identify securities with growth characteristics that meets its requirements. In evaluating an individual security, the Adviser determines the security's valuation relative to other securities in the same sector or industry.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Active Management risk, Company risk, Market risk, Focused Investment risk, Small-Cap risk, Growth stock risk, Health Care Sector risk, Industrials Sector risk,Technology Sector risk, and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Small Cap Equity Index Fund**

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*Investment Objective.* The Fund seeks investment results (before fees and expenses) that that correspond to the investment performance of the S&P SmallCap 600<sup>®</sup> Index.

*Principal Investment Strategies.* The Fund invests primarily in the 600 common stocks included in the S&P SmallCap 600<sup>®</sup> Index to replicate, to the extent practicable and cost effective, the weightings of such stocks in the Index.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in securities included in the S&P SmallCap 600<sup>®</sup> Index.

&nbsp;&nbsp;&nbsp;&nbsp;● Securities in the S&P SmallCap 600<sup>®</sup> Index are generally issued by small cap companies. See "Market Capitalization" on page 130.

Because the Fund seeks to approximate the performance of an index, it expects to have investment exposure to industries and sectors represented in the index to the same extent as the representation of those industries and sectors in the index.

The Fund attempts to be fully invested at all times and to fully replicate the S&P SmallCap 600<sup>®</sup> Index to the extent practicable and cost effective.

From time to time, the Fund makes adjustments in its portfolio (rebalances) because of changes in the composition of the S&P SmallCap 600<sup>®</sup> Index or in the valuations of the stocks within the Index relative to other stocks within the Index.

There is a risk that the Fund's investment performance may not precisely duplicate the performance of the S&P SmallCap 600<sup>®</sup> Index, due to, among other things, cash flows in and out of the Fund and investment timing considerations. The Fund also pays investment advisory and other expenses that are not applicable to an unmanaged index such as the S&P SmallCap 600<sup>®</sup> Index.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Company risk, Market risk, Focused Investment risk, Index Tracking Error risk, Passive Investment risk, Small-Cap risk and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Mid Cap Value Fund**

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*Investment Objective.* The Fund seeks capital appreciation and, to a lesser extent, current income.

*Principal Investment Strategies.* The Fund invests primarily in value stocks issued by companies with mid-sized market capitalizations that the Adviser believes to be undervalued in the marketplace in relation to factors such as the company's assets, earnings or growth potential. See "Market Capitalization" on page 130.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in mid cap value stocks, which the Adviser defines as those that have market capitalizations that fall within the market capitalization range of companies in the Russell Midcap® Value Index, and at least 85% of the Fund's total assets will be invested in equity securities.

The Adviser focuses on high-quality mid-sized companies that exhibit improving fundamentals. The Adviser also seeks to identify companies with a strong industry position with sustainable business models and experienced management teams. The Adviser uses a "bottom-up" approach in selecting securities for the Fund, which means that the Adviser places primary emphasis on the evaluation of an issuer of securities before purchasing those securities for the Fund, and less emphasis on possible changes in the general economy or the industry in which the issuer operates. The Adviser reviews the universe of companies with mid-sized market capitalizations to identify securities with value characteristics that meets its requirements. In evaluating an individual security, the Adviser determines the security's valuation relative to other securities in the same sector or industry.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Active Management risk, Company risk, Market risk, Focused Investment risk, Mid-Cap risk, Value Stock risk and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Mid Cap Growth Fund**

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*Investment Objective.* The Fund seeks capital appreciation.

*Principal Investment Strategies.* The Fund invests primarily in growth stocks issued by companies with mid-sized market capitalizations that the Adviser believes to possess the potential for capital appreciation, based on a bottom-up fundamental stock selection process. The Adviser's investment process includes analysis of a company's business and financial models, as well as understanding its financial statements, to assess the potential for long-term growth in sales and cash flow. The Fund may invest significantly in investments in a particular industry, group of industries or sector, particularly at times when issuers in such industry, group of industries or sector represent a significant portion of the Fund's benchmark index.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in mid-cap growth stocks, which the Adviser defines as those that have market capitalizations that fall within the market capitalization range of companies in the Russell Mid Cap Growth® Index or other widely recognized indices of mid cap growth companies, and at least 85% of the Fund's total assets are invested in equity securities.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Market risk, Active Management risk, Company risk, Mid-Cap risk, Growth Stock risk, Focused Investment risk, and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Mid Cap Equity Index Fund**

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*Investment Objective.* The Fund seeks investment results (before fees and expenses) that correspond to the investment performance of the S&P MidCap 400<sup>®</sup> Index.

*Principal Investment Strategies.* The Fund invests primarily in the 400 common stocks included in the S&P MidCap 400<sup>®</sup> Index to replicate, to the extent practicable and cost effective, the weightings of such stocks in the Index.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in securities included in the S&P MidCap 400<sup>®</sup> Index.

&nbsp;&nbsp;&nbsp;&nbsp;● Securities in the S&P MidCap 400<sup>®</sup> Index are generally issued by mid cap companies. See "Market Capitalization" on page 130.

Because the Fund seeks to approximate the performance of an index, it expects to have investment exposure to industries and sectors represented in the index to the same extent as the representation of those industries and sectors in the index.

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The Fund attempts to be fully invested at all times and to fully replicate S&P MidCap 400<sup>®</sup> Index to the extent practicable and cost effective.

There is a risk that the Fund's investment performance may not precisely duplicate the performance of the S&P MidCap 400<sup>®</sup> Index, due to, among other things, cash flows in and out of the Fund and investment timing considerations. The Fund also pays investment advisory and other expenses that are not applicable to an unmanaged index such as the S&P MidCap 400<sup>®</sup> Index.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Company risk, Market risk, Focused Investment risk, Index Tracking Error risk, Passive Investment risk, Mid-Cap risk and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA International Fund**

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*Investment Objective.* The Fund seeks capital appreciation.

*Principal Investment Strategies.* Under normal circumstances, at least 80% of the Fund's total assets will be invested, directly or indirectly, in stocks of large and mid-cap companies in developed market countries located outside the United States and Canada represented in the Morgan Stanley Capital International, Inc. Europe, Australasia, and Far East Index (the "MSCI EAFE Index") through the purchase of such stocks directly, through the purchase of exchange traded funds (or futures) designed to track the MSCI EAFE Index, and/or through American Depository Receipts ("ADRs"). The Fund may not invest in all of the countries represented in the MSCI EAFE Index or all of the companies within a country represented in the MSCI EAFE Index, or in the same weightings as in the MSCI EAFE Index. The Fund may invest in securities and/or exchange traded funds that invest in countries or securities that may not be included in the MSCI EAFE Index.

In selecting individual stocks, the Fund will invest primarily in a diversified universe of companies included in the MSCI EAFE Index that Mutual of America Capital Management LLC (the "Adviser") believes to possess the potential for capital appreciation. The Adviser will primarily use multi-factor models to identify stocks and/or ADRs of foreign companies that have the potential to outperform their peers based on criteria such as more attractive valuations and/or fundamentals.

The Adviser will sell securities when more attractive alternatives are found, or when it is necessary to bring sector and/or country weights back within desired ranges relative to the benchmark. When the quantitative models ("Models") and information and data ("Data") used in managing the Fund prove to be incorrect or incomplete, any investment decisions made in reliance on the Models and Data may not produce the desired results and the Fund may realize losses. All Models are susceptible to input errors which may cause the resulting information to be incorrect.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Active Management risk, Company risk, Market risk, Large Cap risk, Mid-Cap risk, Models and Data risk, Stock risk, Foreign Investment risk, Eurozone Investment risk, Depositary Receipts risk, and ETF risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Catholic Values Index Fund**<sup>TM</sup>

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*Investment Objective.* The Fund seeks investment results (before fees and expenses) that correspond to the investment performance of the Standard & Poor's 500<sup>®</sup> Catholic Values Index (the "***Catholic Values Index***").

*Principal Investment Strategies.* The Fund primarily invests in the common stocks included in the Catholic Values Index to replicate, to the extent practicable and cost effective, the weightings of such stocks in the Catholic Values Index.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in securities included in the Catholic Values Index.

&nbsp;&nbsp;&nbsp;&nbsp;● The Catholic Values Index is designed to provide exposure to U.S. equity securities included in the S&P 500<sup>®</sup> Index while maintaining alignment with the moral and social teachings of the Catholic Church. The Catholic Values Index is based on the S&P 500<sup>®</sup> Index, and generally comprises approximately 500 or less U.S. listed common stocks. All index constituents are members of the S&P 500<sup>®</sup> Index and follow

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the eligibility criteria for that index. From this starting universe, constituents are screened to exclude companies involved in activities which are perceived to be inconsistent with Catholic values as outlined in the Socially Responsible Investment Guidelines of the United States Conference of Catholic Bishops ("USCCB"). The Catholic Values Index then reweights the remaining constituents so that the Catholic Values Index's sector exposures approximate the sector exposures of the S&P 500<sup>®</sup> Index.

&nbsp;&nbsp;&nbsp;&nbsp;● Securities in the S&P 500<sup>®</sup> Index of which the Catholic Values Index is a subset generally are issued by large cap companies and are included based on industry weightings and the issuers' leading positions in those industries. See "*Market Capitalization*" on page 130.

The Catholic Values Index is sponsored by Standard & Poor's Financial Services LLC (the "Index Provider"), which is an organization that is independent of the Fund and Mutual of America Capital Management LLC, the investment adviser for the Fund ("Adviser"). The Index Provider determines the relative weightings of the securities in the Catholic Values Index and publishes information regarding the market value of the Catholic Values. As of March 31, 2025, the Catholic Values Index had 439 constituents. The Fund's investment objective and Catholic Values Index may be changed without shareholder approval.

Because the Fund seeks to approximate the performance of an index, it expects to have investment exposure to industries and sectors represented in the index to the same extent as the representation of those industries and sectors in the index. Currently, the Fund invests significantly in the stocks of information technology companies.

The Fund may become non-diversified, as defined under the 1940 Act, as a result of a change in relative market capitalization or index weighting of one or more constituents of the Catholic Values Index to which the Fund is benchmarked. This means that the Fund may invest a greater percentage of its assets in a limited number of issuers than would be the case if the Fund were always managed as a diversified management investment company. The Fund intends to be diversified in approximately the same proportion as the Catholic Values Index. Shareholder approval will not be sought when the Fund crosses from diversified to non-diversified status due to a change in the relative market capitalization or index weighting of one or more constituents of the Catholic Values Index.

The Fund attempts to be fully invested at all times and to fully replicate the Catholic Values Index to the extent practicable and cost effective. From time to time, the Fund makes adjustments in its portfolio (rebalances) because of changes in the composition of the Catholic Values Index or in the valuations of the stocks within the Catholic Values Index relative to other stocks within the Catholic Values Index.

The Fund's investment performance may not precisely duplicate the performance of the Catholic Values Index, due to, among other things, cash flows in and out of the Fund and investment timing considerations. The Fund also pays investment advisory and other expenses that are not applicable to an unmanaged index such as the Catholic Values Index.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Company risk, Market risk, New Fund risk, Catholic Values Investing risk, Focused Investment risk, Technology Sector risk, Non-Diversification risk, Index Tracking Error risk, Passive Investment risk, Large Cap risk and Stock risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA US Government Money Market Fund**

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*Investment Objective.* The Fund seeks current income to the extent consistent with maintenance of liquidity, investment quality and stability of capital.

*Principal Investment Strategies.* Under normal circumstances, the Fund is a U.S. government money market fund that invests at least 99.5% of its assets in cash, debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises ("GSEs"), and repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund seeks to maintain a net asset value ("NAV") of $1.00 per share.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund will purchase only securities with a remaining maturity of 397 calendar days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation.

&nbsp;&nbsp;&nbsp;&nbsp;● The dollar-weighted average portfolio maturity of the instruments the Fund holds will be 60 days or less and the dollar weighted average life to maturity will be 120 days or less.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund invests only in U.S. dollar denominated securities.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund seeks to invest in securities that present minimal credit risks to the Fund.

The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions.

The Fund intends to qualify as a "government money market fund," as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended ("Investment Company Act"). "Government money market funds" are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully. While the Fund's Board of Directors (the "Board") may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above.

Under normal circumstances, the Fund invests at least 80% of its net assets in U.S. government securities and repurchase agreements that are fully collateralized by U.S. government securities. This policy may be changed only after 60 days' notice to shareholders.

The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund's Adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities.

Although the Fund seeks current income and preservation of principal, within its guidelines, low market interest rates can result in risk to both of these objectives, particularly after fees and expenses of the Investment Company are taken into account. It is possible to lose money invested in this Fund.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Market risk, Money Market risk, U.S. Government Securities risk, Interest Rate risk, Credit risk, Management risk and Negative Interest Rate Environment risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Intermediate Bond Fund**

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*Investment Objective.* The primary investment objective of the Fund is to produce a high level of current income. The secondary investment objective is the preservation of shareholders' capital.

*Principal Investment Strategies.* The Fund invests primarily in investment-grade debt securities. The Fund invests in corporate obligations, U.S. Government securities and U.S. Government agency securities, such as bonds, notes, debentures, zero coupon securities, asset-backed securities, and mortgage-backed securities with ratings that range from AAA to BBB at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in investment-grade debt obligations issued by United States corporations or by the U.S. Government or its agencies.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund may have a significant portion of its assets invested in a particular type of debt security, such as U.S. Government agency securities, zero coupon securities or bonds rated BBB or higher.

&nbsp;&nbsp;&nbsp;&nbsp;● Although the Fund only purchases investment-grade bonds, the Fund may continue to hold certain corporate bonds in the Fund's portfolio that are downgraded to below investment grade, commonly referred to as "high yield" or "junk bonds." At time of purchase, the Fund considers a security to be

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investment grade if the security is rated Baa3/BBB-/BBB- or higher) by Moody's S&P or Fitch, respectively. When ratings for all three agencies are available, the Fund uses the middle rating; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality.

&nbsp;&nbsp;&nbsp;&nbsp;● The Adviser evaluates each security to be purchased and selects securities based on duration, seeking to maintain duration for the Fund overall within +/- 20% of the duration of its benchmark; credit quality as determined by fundamental financial analysis focused on the issuer's ability to repay debt; and interest income anticipated to be generated.

The Adviser uses a "bottom-up" approach in selecting debt securities for the Fund, which means that the Adviser places primary emphasis on the evaluation of an issuer of securities before purchasing those securities for the Fund, and less emphasis on possible changes in the general economy or the industry in which the issuer operates. Its approach generally is to purchase securities for income. In selecting an individual security, the Adviser reviews historical financial measures and considers the price and yield relationship to other securities to determine a proper relative value for the security.

The Fund generally purchases and sells securities without attempting to anticipate interest rate changes in the economy. The Adviser may sell a security in the Fund's portfolio that the Adviser considers to have become overvalued relative to alternative investments, and reinvest in an alternative security.

The percentage of the Fund's portfolio invested in particular types of securities will vary, depending on market conditions and the Adviser's assessment of the income and returns available from corporate securities in relation to the risks of investing in these securities. The Fund may invest in foreign securities.

The Fund may invest in zero coupon securities issued by corporations, the U.S. Government or certain U.S. Government agencies. Zero coupon securities do not pay interest, but rather are issued at prices that are discounted from the principal (par) amount due at maturity.

The Fund may invest in callable debt securities, where the issuer has the right after a period of time to redeem (call) securities prior to their stated maturity date. When interest rates rise, an issuer of debt securities generally is less likely to redeem securities that were issued at a lower interest rate, or for a lower amount of original issue discount in the case of zero coupon securities. In such instance, the period until redemption or maturity of the security may be longer than the purchaser initially anticipated, and the market value of the debt security may decline. If an issuer redeems a security when prevailing interest rates are relatively low, the Fund may be unable to reinvest proceeds in comparable securities with similar yields.

The Fund may invest in mortgage-backed securities, which are securities that represent interests in pools of mortgage loans, or collateralized mortgage obligations secured by pools of mortgage loans ("CMOs"). Holders of mortgage-backed securities receive periodic payments that consist of both interest and principal from the underlying mortgages. Most of the mortgage-backed securities the Fund purchases are considered to be U.S. Government agency securities, with issuers such as the Government National Mortgage Association ("Ginnie Mae") and the Federal National Mortgage Association ("Fannie Mae"). The timely payment of principal and interest is backed by the full faith and credit of the U.S. Government ("full faith and credit") in the case of Ginnie Maes.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Active Management risk, Market risk, Mortgage risk, Zero Coupon risk, Interest Rate risk, U.S. Government Securities risk, Corporate Debt risk, Credit risk, Call risk, Liquidity risk, Extension risk and Prepayment risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Core Bond Fund**<sup>TM</sup>

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*Investment Objective.* The Fund seeks current income, with preservation of shareholders' capital a secondary objective.

*Principal Investment Strategies.* The Fund invests primarily in investment-grade debt securities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's securities holdings will have an average duration that varies according to the Adviser's view of current market conditions, including the interest rate environment.

&nbsp;&nbsp;&nbsp;&nbsp;● Under normal circumstances, at least 80% of the Fund's total assets are invested in investment grade debt obligations issued by U.S. corporations or by the U.S. Government or its agencies.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund invests in corporate obligations, U.S. Government securities and U.S. Government agency securities, such as bonds, notes, debentures, zero coupon securities, asset-backed securities and mortgage-backed securities with ratings that range from AAA to BBB at the time of purchase.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund generally will invest a significant portion of its assets in a particular type of debt security, such as U.S. Government securities, bonds rated BBB or higher and mortgage-backed securities. Although the Fund only purchases investment-grade bonds, the Fund may continue to hold certain corporate bonds in the Fund's portfolio that are downgraded to below investment grade, commonly referred to as "high yield" or "junk bonds." At time of purchase, the Fund considers a security to be investment grade if the security is rated Baa3/BBB-/BBB- or higher) by Moody's S&P or Fitch, respectively. When ratings for all three agencies are available, the Fund uses the middle rating; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality.

&nbsp;&nbsp;&nbsp;&nbsp;● The Adviser evaluates each security to be purchased and selects securities based on duration, seeking to maintain duration for the Fund overall within +/- 20% of the duration of its benchmark; credit quality as determined by fundamental financial analysis focused on the issuer's ability to repay debt; and interest income anticipated to be generated.

The Adviser uses a "bottom-up" approach in selecting debt securities for the Fund, which means that the Adviser places primary emphasis on the evaluation of an issuer of securities before purchasing those securities for the Fund, and less emphasis on possible changes in the general economy or the industry in which the issuer operates. The Adviser evaluates each security to be purchased and selects securities based in part on interest income to be generated. In selecting an individual security, it reviews historical financial measures and considers the price and yield relationship to other securities to determine a proper relative value for the security. The Fund may continue to hold securities that have been downgraded if the Adviser considers the securities to be undervalued due to factors such as lack of liquidity or uncertainty in the marketplace.

The Fund generally purchases and sells securities without attempting to anticipate interest rate changes in the economy. The Adviser may sell a security that it considers to have become overvalued relative to alternative investments, and reinvest in an alternative security.

The percentage of the Fund's portfolio invested in particular types of securities will vary, depending on market conditions and the Adviser's assessment of the income and returns available from corporate securities in relation to the risks of investing in other types of securities.

The Fund may invest in zero coupon securities issued by corporations, the U.S. Government or certain U.S. Government agencies. Zero coupon securities do not pay interest, but rather are issued at prices that are discounted from the principal (par) amount due at maturity. The Fund also invests in foreign securities.

The Fund may invest in callable debt securities, where the issuer has the right after a period of time to redeem (call) securities prior to their stated maturity date. When interest rates rise, an issuer of debt securities generally is less likely to redeem securities that were issued at a lower interest rate, or for a lower amount of original issue discount in the case of zero coupon securities. In such instance, the period until redemption or maturity of the security may be longer than the purchaser initially anticipated, and the market value of the debt security may decline. If an issuer redeems a security when prevailing interest rates are relatively low, the Fund may be unable to reinvest proceeds in comparable securities with similar yields.

The Fund may invest in mortgage-backed securities, which are securities that represent interests in pools of mortgage loans, or collateralized mortgage obligations secured by pools of mortgage loans ("CMOs"). Holders of mortgage-backed securities receive periodic payments that consist of both interest and principal from the underlying mortgages. Most of the mortgage-backed securities the Fund purchases are considered to be U.S.

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Government agency securities, with issuers such as the Government National Mortgage Association ("Ginnie Mae") and the Federal National Mortgage Association ("Fannie Mae"). The timely payment of principal and interest is backed by the full faith and credit of the U.S. Government ("full faith and credit") in the case of Ginnie Maes.

*Principal Investment Risks.* An investment in the Fund is subject to General risk, Active Management risk, Market risk, Mortgage risk, Zero Coupon risk, Interest Rate risk, U.S. Government Securities risk, Corporate Debt risk, Credit risk, Call risk, Liquidity risk, Extension risk and Prepayment risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Target Date Funds**<sup>TM</sup>

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*Investment Objective:* The **Retirement Income Fund** seeks to achieve current income consistent with the preservation of capital and, to a lesser extent, capital appreciation.

The **Clear Passage 2020 Fund**<sup>TM</sup>**, Clear Passage 2025 Fund**<sup>TM</sup>**, Clear Passage 2030 Fund**<sup>TM</sup>**, Clear Passage 2035 Fund**<sup>TM</sup>**, Clear Passage 2040 Fund**<sup>TM</sup>**, Clear Passage 2045 Fund**<sup>TM</sup>**, Clear Passage 2050 Fund**<sup>TM</sup>**, Clear Passage 2055 Fund**<sup>TM</sup>**, Clear Passage 2060 Fund**<sup>TM</sup>**, Clear Passage 2065 Fund**<sup>TM</sup> **and Clear Passage 2070 Fund**<sup>TM</sup> each seek to achieve current income and capital appreciation appropriate for the asset allocation associated with its Target Retirement Date.

The Retirement Income Fund, Clear Passage 2020 Fund, Clear Passage 2025 Fund, Clear Passage 2030 Fund, Clear Passage 2035 Fund, Clear Passage 2040 Fund, Clear Passage 2045 Fund, Clear Passage 2050 Fund, Clear Passage 2055 Fund, Clear Passage 2060 Fund, Clear Passage 2065 Fund and Clear Passage 2070 Fund are sometimes collectively referred to as the "Target Date Funds" or "Clear Passage Funds."

*Principal Investment Strategies:* Each of the Clear Passage Funds is a "fund of funds," which invests substantially all of its assets in shares of other funds of the Investment Company ("IC Funds"). The IC Funds in which the Clear Passage Funds invest are sometimes referred to as "acquired funds" or "underlying funds." Each of the Clear Passage Funds, except for the Retirement Income Fund, invests toward an approximate year of retirement which is included in the Clear Passage Fund's name ("Target Retirement Date"). The Target Retirement Date included in the name of each Clear Passage Fund is the approximate year of retirement that is used in setting the allocations for each Clear Passage Fund. Generally speaking, for each Clear Passage Fund except for the Retirement Income Fund, the more time that remains until a Fund's Target Retirement Date, the more emphasis that Fund will place on achieving capital appreciation and gains, as compared to preserving capital and producing income. The less time that remains until a Clear Passage Fund's Target Retirement Date, the more emphasis that Fund will place on preserving capital and producing income, as compared to achieving capital appreciation and gains. As each Fund's Target Retirement Date approaches, the Adviser will periodically reallocate and change the mix of IC Funds to gradually move toward the objective of preserving capital and producing income. The glide path below represents the shifting of asset classes over time.

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The mix of investments in the Retirement Income Fund is not expected to change over time. The Retirement Income Fund is intended for investors who have passed their retirement date and seek a mix of investments more geared toward the objective of preserving capital and producing income than that offered by the other Clear Passage Funds. The periodic reallocations of the assets of each Clear Passage Fund will be affected by other matters aside from the period of time remaining until the Target Retirement Date, such as current market conditions, the economy, unanticipated events and other factors, so there is no precise timetable or formula for the reallocations of the Clear Passage Funds. The Clear Passage Funds are monitored daily to assure proper application of cash to investments, are expected to be reallocated approximately quarterly or otherwise periodically, and the mix of funds within each Fund is expected to be reviewed at least annually.

A Fund that has reached its Target Retirement Date may not be invested in the mix of IC Funds that is most geared toward preserving capital and producing income (as reflected by the investment targets of the Retirement Income Fund) for up to ten (10) years after reaching its Target Retirement Date, since it is assumed that an investor who retires during the year of the Target Retirement Date will live for many years after that date. A Clear Passage Fund that has reached its Target Retirement Date ("Maturing Retirement Fund") may have as much as 45-55% of its assets invested in equity IC Funds. A Maturing Retirement Fund will continue to move toward the Retirement Income Fund's allocation during the 10 years following its Target Retirement Date. Once a Clear Passage Fund has reached December 31 of its Target Retirement Date, and at any time within ten (10) years after that date, the Investment Company's Board of Directors may in its discretion decide to transfer that Fund's total assets into the Retirement Income Fund by contributing the Maturing Retirement Fund's net assets to the Retirement Income Fund in exchange for shares of the Retirement Income Fund based on the then-current net asset values of the respective Funds, and to the extent allowed by law and regulation, this action would not be subject to shareholder approval. The Maturing Retirement Fund will then cease to exist. The Investment Company's Board of Directors expressly reserves the right to authorize such actions in the best interests of shareholders.

The following table shows the target allocation of each Clear Passage Fund's total assets as of May 1, 2025. The actual allocations at a given date may be different than the target allocations set forth in the table below. The Adviser may from time to time adjust the percentage of assets invested in any specific IC Fund held by a Clear Passage Fund as well as the specific IC Funds themselves, for reasons such as current market conditions, the economy, unanticipated events and other factors. These target allocations by asset class are not expected to vary from the table below by more than plus or minus ten percentage points. Although the Clear Passage Funds will not generally vary beyond the ten percentage point target allocation range, a Fund may at times determine, in light of market or economic conditions, that this range should be exceeded to

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protect the Fund or help it to achieve its objective. There is no guarantee that a Fund will correctly predict market or economic conditions and, as with other mutual fund investments, you could lose money. From time to time, the Adviser may also change the specific IC Funds in which the Fund invests.

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** | **Retirement Funds Tactical Allocations (as of May 1, 2025)** |
|  | **Retirement** <br> **Income** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2020** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2025** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2030**<br> **Fund**<br>| **Clear**<br> **Passage**<br> **2035** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2040** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2045** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2050** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2055** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2060** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2065** <br> **Fund**<br>| **Clear**<br> **Passage**<br> **2070** <br> **Fund**<br>|
| **Equity** | 30% | 35% | 45% | 55% | 65% | 77% | 84% | 87% | 90% | 92% | 94% | 96% |
| **Fixed Income** | 70% | 65% | 55% | 45% | 35% | 23% | 16% | 13% | 10% | 8% | 6% | 4% |
| **Total Assets** | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |

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Generally, the more time that remains until a Fund's Target Retirement Date, the more emphasis that Fund will place on capital appreciation, and thus, the more heavily that Fund will be invested in equity IC Funds. This means that Clear Passage Funds with Target Retirement Dates that are farther in the future will have a greater percentage of their assets subject to the risks of investing in equity securities, which include market risk and company risk, as compared to the Retirement Income Fund and Clear Passage Funds with less time remaining until their Target Retirement Dates. The value of equity securities, and particularly those issued by companies with smaller market capitalizations and those issued by foreign companies, may increase or decrease dramatically at any given time. The value of equity securities is generally considered to be more volatile than that of fixed income securities. Investments in equity securities may have more risk of loss and also more potential to generate greater investment returns over a long-term period than investments in fixed income securities.

Generally, the less time that remains until a Fund's Target Retirement Date, the more emphasis that Fund will place on preserving capital and producing income, and thus, the more heavily that Fund will be invested in fixed income IC Funds. This means that Clear Passage Funds with less time remaining until their Target Retirement Dates and the Retirement Income Fund will have a greater percentage of their assets subject to the risks of investing in fixed income securities, which include market risk, interest rate risk and credit risk, as compared to Clear Passage Funds with more time remaining until their Target Retirement Dates. Fixed income securities may decline in value, depending on various market conditions. The value of fixed income securities is generally considered to be less volatile than that of equity securities. Fixed income securities may have less risk of loss and also less potential to generate greater investment returns over a long-term period than equity securities. It is important to understand that the Clear Passage Funds can allocate 45% of their assets, which can vary by plus or minus 10%, to equity IC Funds at the time the Target Retirement Date is reached and that the Retirement Income Fund will have as much as 30% of its assets invested in equity IC Funds.

More information on the investment strategies of each acquired IC Fund is available elsewhere in this prospectus.

*Principal Investment Risks:* When you invest in a Clear Passage Fund, you should consider that:

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund has market risk, credit risk and other risks based on the underlying IC Funds (stocks, bonds, money market instruments) in which it invests. As a result, you may lose money from your investment, or your investment may increase in value.

&nbsp;&nbsp;&nbsp;&nbsp;● If you are considering investing in a Clear Passage Fund, you should read carefully all risk disclosures contained in this prospectus for the other IC Funds before investing because the Clear Passage Funds will own shares of such other IC Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● There is no guarantee that the allocations and reallocations of the general categories of acquired funds, the specific choices of acquired funds or the mix of such funds in each Clear Passage Fund will prove to be correct under all market and economic conditions, and you could lose money by investing in the Clear Passage Funds, as is possible with all mutual fund investments. An investment in a "fund of funds" in which allocations gradually shift over time also bears the risk that the target allocation mix, at any given time, may not be the ideal allocation mix based on the existing conditions in the financial markets.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● It is important to note that all of the Clear Passage Funds have assets allocated across equity and fixed income IC Funds, and therefore each Clear Passage Fund is subject to the risks of investing in both equity and fixed income securities. It is also important to note that all of the Clear Passage Funds, with the exception of the Retirement Income Fund, have assets allocated to the International Fund, and therefore a portion of the portfolio of each Clear Passage Fund is subject to the risks of investing in international securities.

&nbsp;&nbsp;&nbsp;&nbsp;● It is important to understand that the Clear Passage Funds can allocate 45% of their assets, which can vary by plus or minus 10%, to equity IC Funds at the time the Target Retirement Date is reached and that the Retirement Income Fund will have as much as 30% of its assets invested in equity IC Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● The Clear Passage Fund will continue to have a significant investment in equities at and after your retirement date.

&nbsp;&nbsp;&nbsp;&nbsp;● In addition to your anticipated date of retirement, you must consider whether a Clear Passage Fund will suit your tolerance for risk and your personal financial goals. For example, an investor with high tolerance for fluctuations in the value of their investments may prefer a Clear Passage Fund with a later Target Retirement Date that places a greater emphasis on capital appreciation, while an investor with lower tolerance for such fluctuations may prefer a Clear Passage Fund with an earlier Target Retirement Date that places a greater emphasis on capital preservation and current income. Regardless of what Clear Passage Fund you select, the allocations of a Clear Passage Fund do not take into account current market dynamics or your specific circumstances at any given time, such as varying financial circumstances and risk tolerances.

Depending on where your Clear Passage Fund is in its glide path, an investment in a Clear Passage Fund also may be subject to General risk, Underlying Fund risk, Active Management risk, Company risk, Market risk, New Fund risk, Small-Cap risk, Mid-Cap risk, Value Stock risk, Growth Stock risk, Stock risk, Foreign Investment risk, Interest Rate risk, Corporate Debt risk, Credit risk, Call risk, Liquidity risk, Extension risk, Prepayment risk, Large Cap risk, U.S. Government Securities risk, Zero Coupon risk and Eurozone Investment risk. The Principal Risks for each Target Date Fund are listed in the Summary Prospectus for that Clear Passage Fund. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Balanced Fund**

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*Investment Objective.* The Fund seeks capital appreciation and current income by investing in a diversified portfolio of common stocks, debt securities and money market instruments.

*Principal Investment Strategies.* The Fund invests a portion of its assets in equity and in fixed income (including money market) securities, where the portion in each category of securities will vary based on the Adviser's view of current economic and market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;● Approximately 50% to 70% of the Fund's total assets are invested in the equity portion of the Fund, which generally invests in stocks in the S&P 500<sup>®</sup> Index, as selected by the large cap equity managers of the Adviser. 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.

&nbsp;&nbsp;&nbsp;&nbsp;● Approximately 25% to 45% of the Fund's total assets are invested in the fixed income portion of the Fund, which invests primarily in investment-grade debt securities issued by U.S. corporations or by the U.S. Government or its agencies, including mortgage-backed securities, as managed by the fixed income and mortgage-backed securities managers of the Adviser. The Adviser evaluates each security to be purchased and selects securities based on maturity, credit quality as determined by fundamental analysis and interest income anticipated to be generated.

&nbsp;&nbsp;&nbsp;&nbsp;● Approximately 0% to 10% of the Fund's total assets are invested in the money market portion of the Fund, which invests in debt securities with a remaining maturity of 397 calendar days or less that present minimal credit risks.

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Although the Fund only purchases investment-grade bonds, the Fund may continue to hold certain corporate bonds in the Fund's portfolio that are downgraded to below investment grade, commonly referred to as "junk bonds." At time of purchase, the Fund considers a security to be investment grade if the security is rated Baa3/BBB-/BBB- or higher) by Moody's S&P or Fitch, respectively. When ratings for all three agencies are available, the Fund uses the middle rating; when a rating from only two agencies is available, the lower is used; when only one agency rates a bond, that rating is used. In cases where explicit bond level ratings may not be available, other sources may be used to classify securities by credit quality.

By investing in equity securities and debt securities, the Fund tries to diversify, and thereby mitigate, the specific risks that would exist for an investment in either a stock fund or a bond fund.

As of March 31, 2025, the Fund's net assets were 59% invested in equity securities and 41% invested in fixed-income securities.

For defensive purposes, the Fund may invest up to 75% of its assets in common stock and other equity-type securities, or up to 75% of its assets in debt securities with a remaining maturity of more than one year, or 100% of its assets in money market instruments.

The Fund's strategy for its equity investments is to invest in approximately 60 to 100 stocks, all of which are generally included in the S&P 500<sup>®</sup> Index. The Fund invests in these stocks in a range by economic sector weighting of 50% to 150% of the economic sector weightings of the S&P 500<sup>®</sup> Index.

The Adviser manages the fixed income portion of the Balanced Fund in substantially the same way as it manages the Core Bond Fund, described below.

*Principal Investment Risks.* When you invest in the Balanced Fund, you should consider that:

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund has market risk, credit risk and other risks based on the asset classes (stocks, bonds, money market instruments) in which it invests. As a result, you may lose money from your investment, or your investment may increase in value.

&nbsp;&nbsp;&nbsp;&nbsp;● Different asset classes may have different investment performance, and the positive performance of one class may be offset in whole or in part by the negative performance of another asset class.

&nbsp;&nbsp;&nbsp;&nbsp;● Stock prices and bond prices may increase or decrease at different times especially over the long run, and the performance of these two asset classes may offset each other during certain periods, but there is no assurance they will do so. Because the Balanced Fund holds both asset classes, their performance may be lower than that of equity Funds during periods when stocks outperform bonds and may be lower than that of fixed income Funds during periods when bonds outperform stocks.

An investment in the Fund is subject to General risk, Active Management risk, Company risk, Market risk, Large Cap risk, Stock risk, Mortgage risk, Interest Rate risk, Corporate Debt risk, Credit risk, Call risk, Liquidity risk, Extension risk and Prepayment risk and Money Market Instrument risk. See "Principal Risks" on page 148 for specific information regarding these risks.

**MoA Asset Allocation Funds**

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The Aggressive Allocation Fund, Moderate Allocation Fund and Conservative Allocation Fund are sometimes referred to collectively as the "Asset Allocation Funds."

Each Asset Allocation Fund invests in equity IC Funds and fixed income IC Funds, but each Fund targets different percentages to these asset classes. IC Funds in which the Asset Allocation Funds invest are referred to as acquired funds. The targets reflect three different approaches to asset allocation based on risk tolerance.

Stock prices generally are more volatile than bond prices. Stocks historically have had a larger potential for loss, especially in the short-term, than bonds. The Aggressive Allocation Fund, because it invests primarily in equity Funds, is expected to have more market risk than the other Asset Allocation Funds. The Conservative Allocation Fund, because it invests primarily in bond Funds, is expected to have less market risk but also may have less potential for gain over the long term than the other Asset Allocation Funds.

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***MoA Conservative Allocation Fund*** 

*Investment Objective:* The Fund seeks current income and, to a lesser extent, capital appreciation.

*Principal Investment Strategies:* The Fund invests the majority of its assets in fixed income IC Funds and also invests in equity IC Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's target allocation currently is approximately 35% to 45% of net assets in equity IC Funds and approximately 55% to 65% of net assets in fixed income IC Funds.

The Adviser will periodically rebalance assets in the Fund to maintain an approximate 40%/60% relationship between equity IC Funds and fixed income IC Funds. The Adviser may invest purchases or make redemptions outside of the target allocation to seek to maintain the specified percentages in fixed income IC Funds and equity IC Funds.

From time to time, the Adviser may change the equity IC Funds and fixed income IC Funds in which the Fund invests.

***MoA Moderate Allocation Fund*** 

*Investment Objective:* The Fund seeks capital appreciation and current income.

*Principal Investment Strategies:* The Fund invests in both equity and fixed income IC Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's target allocation currently is approximately 55% to 65% of net assets in equity IC Funds and approximately 35% to 45% of net assets in fixed income IC Funds.

The Adviser will periodically rebalance assets in the Fund to maintain an approximate 60%/40% relationship between equity IC Funds and fixed income IC Funds. The Adviser may invest purchases or make redemptions outside of the target allocation to seek to maintain the specified percentages in fixed income IC Funds and equity IC Funds.

From time to time, the Adviser may change the equity IC Funds and fixed income IC Funds in which the Fund invests.

***MoA Aggressive Allocation Fund*** 

*Investment Objective:* The Fund seeks capital appreciation and, to a lesser extent, current income.

*Principal Investment Strategies:* The Fund invests primarily in equity IC Funds and also in fixed income IC Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund's target allocation currently is approximately 75% to 85% of net assets in equity IC Funds and approximately 15% to 25% of net assets in fixed income IC Funds.

The Adviser will periodically rebalance assets in the Fund to maintain an approximate 80%/20% relationship between equity IC Funds and fixed income IC Funds. The Adviser may invest purchases or make redemptions outside of the target allocation to seek to maintain the specified percentages in fixed income IC Funds and equity IC Funds.

From time to time, the Adviser may change the equity IC Funds and fixed income IC Funds in which the Fund invests.

***Principal Investment Risk for the Asset Allocation Funds:*** 

When you invest in an asset allocation fund, you should consider that:

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund has market risk, credit risk and other risks based on the asset classes (stocks, bonds, money market instruments) in which it invests. As a result, you may lose money from your investment, or your investment may increase in value.

&nbsp;&nbsp;&nbsp;&nbsp;● Different asset classes may have different investment performance, and the positive performance of one class may be offset in whole or in part by the negative performance of another asset class.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;● Stock prices and bond prices may increase or decrease at different times especially over the long run, and the performance of these two asset classes may offset each other during certain periods, but there is no assurance they will do so. Because the Asset Allocation Funds hold two asset classes, their performance may be lower than that of equity Funds during periods when stocks outperform bonds and may be lower than that of fixed income Funds during periods when bonds outperform stocks.

An investment in the Conservative Allocation Fund is also subject to General risk, Underlying Fund risk, Active Management risk, Mortgage risk, Zero Coupon risk, Interest Rate risk, Corporate Debt risk, Credit risk, Call risk, Liquidity risk, Extension risk, Prepayment risk, Stock risk, Large Cap risk, Mid-Cap risk, Foreign Investment Risk, and U.S. Government Securities risk. An investment in the Moderate Allocation Fund is also subject to General risk, Underlying Fund risk, Active Management risk, Market risk, Stock risk, Large Cap risk, Mid-Cap risk, Foreign Investment risk, Mortgage risk, Zero Coupon risk, Interest Rate risk, Corporate Debt risk, Credit risk, Call risk, Liquidity risk, Extension risk, Prepayment Risk, and U.S. Government Securities risk. An investment in the Aggressive Allocation Fund is also subject to General risk, Underlying Fund risk, Active Management risk, Market risk, Stock risk, Large Cap risk, Mid-Cap risk, Small-Cap risk, Foreign Investment, Interest Rate risk, Corporate Debt risk, Credit risk, Call risk, Liquidity risk, Extension risk and, Prepayment risk, and U.S. Government Securities risk. See "Principal Risks" on page 148 for specific information regarding these risks.

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**Description of Principal Risks**

Below are descriptions of the principal risks to which investments in the Funds are subject.

**General risk:** There is no assurance that a Fund will achieve its investment objective. An investment in any Fund could decline in value, and you could lose money by investing in any Fund. The investment results for a Fund may be better or worse than the results for the stock markets taken as a whole, depending on the type of securities in which the Fund invests.

**Active Management risk:** The Fund's portfolio manager makes investment decisions for the Fund, but there is no guarantee that an investment strategy will produce the desired results. Securities selected through the portfolio manager's process may be negatively impacted by factors or events not foreseen in the investment process. As a result, the Fund may have a lower return than if it were managed using another process or strategy. These risks may cause the Fund to underperform its comparative index or other funds with a similar investment objective.

**Call risk:** When interest rates decline, an issuer may have an option to call the securities before maturity. This would result in reduced income.

**Catholic Values Investing risk:** The Fund invests in stocks of companies that meet the Underlying Index's investment criteria by excluding companies based on their involvement in one or more activities deemed by the investment criteria to be inconsistent with Catholic teachings. There can be no guarantee that the activities of the companies included in the Catholic Values Index will align with the moral and social teachings of the Catholic Church, or that the Catholic Values Index's investment criteria will align fully with all interpretations of Catholic social teachings.

**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. This is especially true with respect to equity securities of smaller companies, whose prices may go up and down more than equity securities of larger more established companies. Also, since equity securities of smaller companies may not be traded as often as equity securities of larger, more established companies, it may be difficult or impossible for a Fund to sell securities at a desirable price. Investments in securities of companies with smaller market capitalizations are generally considered to offer greater opportunity for appreciation but also may involve greater risks than customarily associated with more established companies. See "Foreign investment risk" for information on foreign securities.

**Corporate Debt risk:** In periods of economic uncertainty, investors may favor U.S. government debt securities over debt securities of corporate issuers, in which case the value of corporate debt securities may decline in relation to the value of U.S. government debt securities.

**Credit risk:** Debt obligations are generally subject to the risk that the issuer may be unable or unwilling to make principal and interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt. Bonds rated BBB or lower generally have more credit risk than higher-rated securities. Below-investment grade debt — also known as "High-yield bonds" and "junk bonds" — have a higher risk of default and tend to be less liquid than higher-rated securities.

**Depositary Receipts risk:** The Fund may invest in securities of foreign issuers in the form of depositary receipts, including ADRs, or other securities that are convertible into securities of foreign issuers. European Depositary Receipts (issued in Europe) and Global Depositary Receipts (issued throughout the world) each evidence a similar ownership arrangement. The Fund may invest in unsponsored Depositary Receipts. The issuers of unsponsored Depositary Receipts are not obligated to disclose information that is, in the United States, considered material. Therefore, there may be less information available regarding these issuers and there may not be a correlation between such information and the market value of the Depositary Receipts. Depositary Receipts are also generally subject to the same risks as the foreign securities that they evidence or into which they may be converted.

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**ETF risk:** ETFs generally invest substantially all of their assets in securities and are traded on stock exchanges, unlike traditional mutual funds. Their net asset values may differ from the prices of the ETF shares offered on the exchanges. There are also risks associated with investing in ETFs that invest in the securities of companies located throughout the world. See "Foreign investment risk" for information on foreign securities. In addition to the risks of the underlying securities in which an ETF may invest, the following risks are associated with a fund that invests in ETFs:

*Trading Risk:* Although ETFs are listed for trading on national securities exchanges and certain foreign exchanges, there can be no assurance that the requirements necessary to maintain the listing of the shares will continue to be met or will remain unchanged. Also there is no assurance that an active trading market for the shares of the ETFs will develop. The lack of liquidity in an underlying ETF can result in its value being more volatile than the underlying portfolio of securities. The market price of an underlying ETF may trade at a premium or discount to its net asset value. The performance of the Fund could be adversely impacted. Secondary market trading in shares of underlying ETFs may be halted by a national securities exchange because of market conditions or for other reasons. In addition, trading in these shares is subject to trading halts caused by extraordinary market volatility pursuant to "circuit breaker" rules.

*Investment Company Risk:* The Fund indirectly bears fees and expenses charged by the underlying ETFs in which it invests in addition to the Fund's direct fees and expenses. Therefore, the cost of investing in the Fund may be higher than the cost of investing in mutual funds that invest directly in individual stocks and bonds. The underlying ETFs may change their investment objectives or policies without the approval of the Fund. If that were to occur, the Fund might be forced to withdraw its investment from the underlying ETF at a time that is unfavorable to the Fund.

*Passive Investment Risk:* Many ETFs are not actively managed. Each underlying ETF invests in the securities included in, or representative of, its underlying index regardless of its investment merit or market trends. In addition, the underlying ETFs generally do not change their investment strategies to respond to changes in the economy. This means that an underlying ETF may be particularly susceptible to a general decline in the market segment relating to the underlying index.

*Tracking Error Risk:* Imperfect correlation between the securities of an ETF and those in the index it intends to track, rounding of prices, changes to the indices and regulatory policies may cause the performance of an ETF to not match the performance of its index.

**Eurozone Investment risk:** The United Kingdom's departure from the EU, known as "Brexit," may have significant political and financial consequences for Eurozone markets, including greater market volatility and illiquidity, currency fluctuations, deterioration in economic activity, a decrease in business confidence and an increased likelihood of a recession in the United Kingdom. Uncertainty relating to the withdrawal procedures and timeline may have adverse effects on asset valuations and the renegotiation of current trade agreements, as well as an increase in financial regulation of United Kingdom banks. While the full impact of Brexit is unknown, market disruption in the EU and globally may have a negative effect on the value of the Fund's investments. Additionally, the risks related to Brexit could be more pronounced if one or more additional EU member states seek to leave the EU.

**Extension risk:** Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation later than expected. This may occur when interest rates rise. This may negatively affect Fund returns, as the value of the security decreases when principal payments are made later than expected. In addition, because principal payments are made later than expected, the Fund may be prevented from investing proceeds it would otherwise have received at a given time at the higher prevailing interest rates.

**Financial Sector risk:** Companies in the financial sector are subject to extensive government regulation and can be subject to relatively rapid change due to increasingly blurred distinctions between service segments. Companies in the financial sector can also be significantly affected by the availability of capital and the cost of capital, changes in interest rates, the rate of corporate and consumer debt defaults, and price competition.

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**Focused Investment Risk:** The Fund may concentrate in the securities of issuers in a particular industry, group of industries or sector. Because the Fund may invest signficantly in securities of issuers in a particular industry, group of industries, or sector, the Fund's performance depends to a greater extent on the overall condition of that industry, group of industries or sector, and is more susceptible to events affecting, and the risks of issuers operating in, that industry, group of industries or sector.

**Foreign Investment risk:** An investment in foreign securities involves risks not associated with investing in U.S. securities that can adversely affect the Fund's performance. Foreign markets may be less liquid, more volatile and subject to less government supervision than domestic markets. The value of a foreign investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. An investment in foreign securities may be subject to the following risks:

*Currency risk:* The risk that fluctuations in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from an investment in securities denominated in a foreign currency or may widen existing losses. Domestic equities indices could outperform the MSCI EAFE Index for periods of time.

*Settlement risk:* Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for delivery of securities) not typically associated with the settlement of U.S. investments.

*Geographic risk:* The economies and financial markets of certain regions, such as Latin America and the Pacific region, can be highly interdependent and may decline all at the same time.

*Political/Economic risk:* Changes in economic and tax policies, government instability, war or other political or economic actions or factors may have an adverse effect on foreign investments.

*Regulatory risk:* Less information may be available about foreign companies. In general, foreign companies are not subject to uniform accounting, auditing and financial reporting standards or to other regulatory practices and requirements as are U.S. companies.

*Transaction costs risk:* the costs of buying and selling foreign securities, including tax, brokerage and custody costs, generally are higher than those involving domestic transactions.

*Withholding Tax Reclaims Risk:* The Fund may file claims to recover foreign withholding taxes on dividend and interest income (if any) received from issuers in certain countries and capital gains on the disposition of stocks or securities where such withholding tax reclaim is possible. Whether or when the Fund will receive a withholding tax refund is within the control of the tax authorities in such countries.

Information required to make a claim may not be available, such as shareholder information, and some countries have restrictive timing requirements for these forms and/or conflicting or changing form instructions. Accordingly, a Fund may not receive reduced tax rates or potential reclaims even when it might otherwise be entitled to reduced tax rates or a reclaim under a tax treaty.

The net asset value of a Fund may include accruals for such tax refunds. If the likelihood of recovery materially decreases, due to, for example, a change in tax regulation or approach in the foreign country, accruals in the Fund's net asset value for such refunds may be written down partially or in full, which will adversely affect the Fund's net asset value and performance. Shareholders in the Fund at the time an accrual is written down will bear the impact of the resulting reduction in net asset value regardless of whether they were shareholders during the accrual period. Conversely, if the Fund receives a tax refund that has not been previously accrued, shareholders in the Fund at the time of the successful recovery will benefit from the resulting increase in the Fund's net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase in the Fund's net asset value.

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The Fund is not obligated to file claims to recover any amounts withheld by foreign authorities and may choose not to do so in some or all jurisdictions based on, among other things, the associated costs, the materiality of the amount at issue, or an assessment of the potential for a successful recovery. Where the Fund determines to pursue a claim, there can be no assurance of success or that the costs and expenses incurred by a Fund in pursuing a claim will not exceed the amounts recovered, if any.

**Growth Stock risk:** Growth stocks are stocks considered to possess above average growth potential and generally have low dividends and higher prices relative to standard measures, such as earnings and book value. Growth stocks may not achieve their growth potential and may be more volatile than, and may not outperform, value style investing.

**Health Care Sector risk:** Companies in the health care sector are subject to government regulation and reimbursement rates, as well as government approval of products and services, which could have a significant effect on price and availability. Furthermore, the types of products or services produced or provided by health care companies quickly can become obsolete. In addition, pharmaceutical companies and other companies in the health care sectors can be significantly affected by patent expiration.

**Index Tracking Error risk:** Each Index Fund seeks to track the performance of an 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. For example, the Fund may not invest in certain securities in the index, match the securities' weighting to the index, or the Fund may invest in securities not in the index, due to regulatory, operational, custodial or liquidity constraints; corporate transactions; asset valuations; transaction costs and timing; tax considerations; and index rebalancing, which may result in tracking error. The Fund may attempt to offset the effects of not being invested in certain index securities by making substitute investments, but these efforts may not be successful. In addition, cash flows into and out of the Fund, operating expenses and trading costs all affect the ability of the Fund to match the performance of the index, because the index does not have to manage cash flows and does not incur any costs.

**Industrials Sector risk:** Companies in the industrials sector can be significantly affected by changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Companies in the industrials sector may be significantly affected by factors including government regulation, world events, economic conditions and risks for environmental damage and product liability claims.

**Interest Rate risk:** Fixed income securities have an inverse relationship to interest rates, such that bond values decrease as interest rates rise. In general, the longer the term to maturity, the greater impact interest rate changes will have on the value of a security. The Fund faces a heightened level of interest rate risk as the U.S. Federal Reserve (the "Fed") has recently raised interest rates in an attempt to ease inflationary pressures. Further, the Fed's efforts to reduce inflation may contribute to a deterioration in economic conditions and to a general decline in the market values of investment securities.

**Large Cap risk:** Larger more established companies may be unable to respond quickly to new competitive challenges such as changes in technology and consumer tastes. Many larger companies also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

**Liquidity risk:** Liquidity risk exists when particular investments are difficult to purchase or sell. A Fund's investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price, which could prevent the Fund from taking advantage of other investment opportunities. Additionally, the market for certain investments may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Bond markets have consistently grown over the past three decades while the capacity for traditional dealer counterparties to engage in fixed income trading has not kept pace and in some cases has decreased. As a result, dealer inventories of corporate bonds, which provide a core indication of the ability of financial intermediaries to "make markets," are at or near historic lows in relation to market size. Because

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market makers provide stability to a market through their intermediary services, the significant reduction in dealer inventories could potentially lead to decreased liquidity and increased volatility in the fixed income markets. Such issues may be exacerbated during periods of economic uncertainty.

**Management risk:** The investment techniques and risk analyses applied by the Fund may not produce the desired results, and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Fund. There is no guarantee that the investment objective of the Fund will be achieved.

**Market risk:** Market risk, the risk that prices of securities will go down because of the interplay of market forces, which may affect a single issuer, industry or sector of the economy or may affect the market as a whole. The price of securities may fluctuate depending on market conditions, and therefore the value of an investment may increase or decrease dramatically at any time. A Fund may experience a substantial or complete loss on any investment. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. Furthermore, local, regional and global events such as economic recession, war, acts of terrorism, social unrest, natural disasters, public health threats and other unforeseen events could also significantly impact issuers, economies and markets generally, including in ways that cannot necessarily be foreseen.

**Mid-Cap risk:** The market risk associated with mid-cap stocks is generally greater than that associated with large-cap stocks because such stocks tend to experience sharper price fluctuations than large-cap stocks. The additional volatility associated with mid cap stocks is attributable to a number of factors, including the fact that the earnings of mid-size companies tend to be less predictable than those of larger, more established companies. Mid-cap stocks are also not as broadly traded as stocks of companies with larger market capitalizations. At times it may be difficult for a Fund to sell mid-cap stocks at reasonable prices. Additionally, mid-cap companies may have lower trading volume and less liquidity than larger, more established companies. The transaction costs for purchasing and selling mid-size companies may be greater than that of larger companies.

**Models and Data risk:** The Adviser may utilize various quantitative models or related data in connection with providing investment management services to a Fund. There is a possibility that one or all of the quantitative models may fail to identify profitable opportunities. In addition, failures to properly gather, organize, and analyze large amounts of data or errors in a model or data, or in the application of such models, may result in, among other things, execution and investment allocation failures and investment losses. For example, the models may incorrectly identify opportunities or data used in the construction and application of models may prove to be inaccurate or stale, which may result in misidentified opportunities that may lead to substantial losses for a Fund. A given model may be more effective with certain instruments or strategies than others, and there can be no assurance that any model can identify and incorporate all factors that will affect an investment's price or performance. Investments selected using the models may perform differently than expected as a result of, among other things, the market factors used in creating models, the weight given to each such market factor, changes from the market factors' historical trends and technical issues in the construction and implementation of the models (e.g., data problems, and/or software issues). The Adviser's judgments about the weightings among various models and strategies may be incorrect, adversely affecting performance.

**Money Market risk:** You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Board of Directors of the Fund may impose a fee upon sale of your shares. An investment in the Fund is not a bank account and is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. Money market funds and the securities they invest in are also subject to comprehensive regulations. The enactment of new legislation or regulations, as well as changes in interpretation and enforcement of current laws, may affect the manner of operation, performance and/or yield of money market funds.

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**Money Market instrument risk:** Money Market instruments may decline in value, based on the performance of the issuer or changes in prevailing interest rates. The returns on money market instruments can be adversely affected when yields on eligible investments are low.

**Mortgage risk:** A Fund that purchases mortgage related securities is subject to certain additional risks. Rising interest rates tend to extend the duration of mortgage-related securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, a Fund that holds mortgage-related securities may exhibit additional volatility. This is known as extension risk. In addition, mortgage-related securities are subject to prepayment risk. When interest rates fall, the underlying mortgages may be prepaid at a faster rate than previously assumed in pricing the mortgage-backed security, which would shorten the period to maturity, and the security holder may have to reinvest proceeds received at lower yields.

Characteristics of underlying mortgage pools will vary, and it is not possible to precisely predict the realized yield or average life of a particular mortgage-backed security, because of the principal prepayment feature inherent in the security. In addition, terms and features of some underlying mortgages may increase the likelihood of defaults by borrowers due to declining collateral values, inability of borrowers to make scheduled payments upon interest rate resets and other factors.

**Negative interest rate environment risk:** A negative interest rate environment could impact the Fund's ability to maintain a stable $1.00 share price. During a negative interest rate environment, the Fund may reduce the number of shares outstanding on a pro rata basis through a reverse distribution mechanism, such as reverse stock splits, negative dividends or other "share cancellation" mechanisms ("RDM") to seek to maintain a stable $1.00 price per share, to the extent permissible by applicable law, and subject to a determination by the Board that implementing an RDM is in the best interests of the Fund and its shareholders. If the Fund uses an RDM, the Fund will maintain a stable price per share, despite losing value, by reducing the number of its outstanding shares. Investors in the Fund would observe a stable share price but a declining number of shares for their investment. The Fund will notify shareholders of any such change. In the event that shares are canceled, tax treatment of distributions and shareholder basis is uncertain. Shareholders should discuss any tax implications of implementing an RDM with their tax adviser. Alternatively, the Fund may discontinue using the amortized cost method of valuation to maintain a stable $1.00 price per share and establish a fluctuating net asset value per share rounded to four decimal places by valuing the Fund's investments at market or fair value. The above risks will also be present in a low interest rate environment. In a reverse stock split, the number of shares held by each shareholder would be reduced by the same proportional amount. The amount would be calculated such that, immediately after the reverse stock split, each outstanding share would be valued at $1.00. However, each shareholder would own fewer shares and, therefore, would have lost money.

**New Fund risk:** The Fund is new and has fewer assets than an older fund and therefore, may have higher expenses than an older fund. While the Adviser has contractually agreed to reimburse the Fund's direct operating expenses for, at a minimum, its first three years of operation in order to limit expenses, it may take more time for the Fund's assets to grow large enough to offset high expenses.

**Non-Diversification risk:** The Fund may become classified as "non-diversified" under the 1940 Act solely as a result of a change in relative market capitalization or index weighting of one or more constituents of its benchmark index. If the Fund becomes non-diversified, it may invest a greater portion of assets in securities of a smaller number of individual issuers than a diversified fund. As a result, changes in the market value of a single investment could cause greater fluctuations in share price than would occur in a more diversified fund.

**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 the outlook for a specific security, industry, or market sector. In keeping with the Fund's strategy of seeking to track the index, the Fund does not seek to reduce market exposure or to reduce the effects of a declining market. As a result, the Fund's performance may lag the performance of actively managed funds.

**Prepayment risk:** Mortgage-related securities are subject to the risk that the issuer of such a security pays back the principal of such an obligation earlier than expected. This may occur when interest rates decline. This may negatively affect Fund returns, because the Fund may have to reinvest that money at the lower prevailing interest rates. Also, if a security subject to prepayment has been purchased at a premium, the value of the premium would be lost in the event of prepayment.

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**Small-Cap risk:** Securities issued by companies with small-sized market capitalizations generally are subject to greater, less predictable price changes than the securities of companies with larger market capitalizations because such stocks tend to experience sharper price fluctuations than large capitalization stocks. Also, since equity securities issued by companies with small-sized market capitalizations may not be traded as often as equity securities of companies with larger market capitalizations, it may be difficult for a Fund to sell small-capitalization securities at reasonable prices. Small-cap companies may have less access to credit and capital markets, limited availability of information and less liquidity. Small-cap companies may have more limited resources, products and markets than those of larger, more established companies. Securities of small cap companies may be affected more greatly by economic downturns. Companies with small market capitalizations may have limited Wall Street research coverage and low institutional ownership, which may make the stocks more difficult to sell in certain market conditions.

**Stock Risk:** When you invest in a Fund that invests in stocks, you should consider that:

&nbsp;&nbsp;&nbsp;&nbsp;● The Fund is subject to market risk — the value of your investment will go up or down, depending on, among other things, movements in the stock markets. As a result, you may lose money from your investment, or your investment may increase in value.

&nbsp;&nbsp;&nbsp;&nbsp;● The investment results for a particular Fund may be better or worse than the results for the stock markets taken as a whole, depending on the type of securities in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;● The investment results for a particular Fund may be better or worse than the results of other funds that invest in the same types of securities. In other words, stock selection by a Fund's investment adviser(s) will impact the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;● Value stocks and growth stocks usually have different investment results, and either investment style may become out of favor with stock investors at a given time.

**Technology Sector risk:** Companies in the technology sector can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants, and general economic conditions.

**Underlying Fund risk:** A Fund's ability to achieve its investment objective will depend largely on the ability of the Adviser to select the appropriate mix of underlying funds. In addition, achieving the Fund's objective will depend on the performance of the underlying funds which depends on the underlying fund's ability to meet their investment objectives. Additionally, because the Fund invests in underlying funds and pays its own fees and expenses as well as a proportional share of the fees and expenses of the underlying funds in which it invests, the Fund may pay higher fees and expenses than funds that do not invest in other mutual funds. There can be no assurance that either the Fund or the underlying funds will achieve their investment objective.

An investment in underlying funds exposes the investing fund to all of the risks entailed in the investments made by the underlying fund.

**U.S. Government Securities risk:** The Fund invests in securities issued or guaranteed by the U.S. government or its agencies. U.S. government securities are subject to market risk, interest rate risk and credit risk. U.S. government securities include zero coupon securities, which tend to be subject to greater price volatility than interest-paying securities of similar maturities. The Fund may also invest in securities issued by certain U.S. government agencies and U.S. government sponsored enterprises whose obligations are not guaranteed by the U.S. government or supported by the full faith and credit of the United States.

**Value Stock risk:** Value stocks are stocks considered to be undervalued in the marketplace and generally have above average dividends with prices that are considered low as compared with standard measures, such as earnings and book value. Value stocks are subject to the risk that they will remain undervalued. Value stocks are also subject to the risk that the Adviser's measure of intrinsic value may not be accurate and stocks chosen by the Adviser may perform poorly. There are times when growth stocks outperform value stocks. A risk of choosing value style investing is that it will not outperform growth style investing.

**Zero Coupon risk:** Zero coupon securities and discount notes do not pay interest, and they may fluctuate more in market value and be more difficult for a Fund to sell during periods of interest rate changes than comparable securities that pay interest in cash at regular intervals. For example, a Fund may lose a portion of the principal amount of a zero coupon security if it sells the security after an increase in interest rates.

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The market values of outstanding debt securities generally decline when interest rates are rising, and during such periods a Fund may lose more if it sells zero coupon securities prior to their maturity date or expected redemption date than if it sells comparable interest-bearing securities. In general, the longer the remaining term to maturity or expected redemption of a security, the greater the impact on market value from rising interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Disclosure of Portfolio Securities Information**

A description of the Investment Company's policies and procedures with respect to the disclosure of the Investment Company's portfolio securities is available in the Statement of Additional Information. See the back cover for information on how to obtain a copy of the Statement of Additional Information.

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**Management of the Funds**

The Advisory contract is renewed for one year periods, as approved by the Investment Company's Board of Directors. The Advisory contract has been renewed for the year 2025. Information regarding the basis for the approval of the contract renewal by the Board will be included in the Investment Company's Form N-CSR for the period ending June 30, 2025.

**The Adviser**

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Mutual of America Capital Management LLC, 320 Park Avenue, New York, New York 10022-6839 (the "*Adviser*" or "*Capital Management*") is the investment adviser and an administrator for the Funds of the Investment Company. The Adviser is a registered investment adviser which has managed the assets of Mutual of America Life Insurance Company (the "Insurance Company ") and the Funds of the Investment Company since 1993. The Adviser had total assets under management of approximately $18.1 billion at December 31, 2024 including $13.4 billion for the Investment Company. As Adviser and administrator, Capital Management:

&nbsp;&nbsp;&nbsp;&nbsp;● places orders for the purchase and sale of securities,

&nbsp;&nbsp;&nbsp;&nbsp;● engages in securities research,

&nbsp;&nbsp;&nbsp;&nbsp;● makes recommendations to and reports to the Investment Company's Board of Directors,

&nbsp;&nbsp;&nbsp;&nbsp;● supplies administrative, accounting and recordkeeping services for the Funds,

&nbsp;&nbsp;&nbsp;&nbsp;● provides the office space, facilities, equipment, material and personnel necessary to perform its duties, and

&nbsp;&nbsp;&nbsp;&nbsp;● performs reallocation and rebalancing services.

For its investment management services, the Adviser receives compensation from each Fund at an annual rate of the Fund's net assets, calculated as a daily charge. These annual rates are:

&nbsp;&nbsp;&nbsp;&nbsp;● All America, Balanced, and Intermediate Bond Funds — .40%

&nbsp;&nbsp;&nbsp;&nbsp;● Core Bond Fund — .39%

&nbsp;&nbsp;&nbsp;&nbsp;● Small Cap Value and Small Cap Growth Funds — .75%

&nbsp;&nbsp;&nbsp;&nbsp;● Mid Cap Value and Mid Cap Growth Funds — .55%

&nbsp;&nbsp;&nbsp;&nbsp;● Equity Index, Mid Cap Equity Index Funds, and Small Cap Equity Index — .075%

&nbsp;&nbsp;&nbsp;&nbsp;● International Fund — .40%

&nbsp;&nbsp;&nbsp;&nbsp;● Catholic Values Index Fund — .15%

&nbsp;&nbsp;&nbsp;&nbsp;● US Government Money Market Fund — .15%

&nbsp;&nbsp;&nbsp;&nbsp;● Asset Allocation Funds — 0%

&nbsp;&nbsp;&nbsp;&nbsp;● Clear Passage Funds — .05%

The Asset Allocation Funds and the Target Date Funds also indirectly incur advisory fees charged by the underlying Funds in which the Asset Allocation Funds and Target Date Funds invest.

**Portfolio Managers**

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The person(s) primarily responsible for the day-to-day management of the Funds' investment portfolios are listed below. No information is given for the MoA US Government Money Market Fund because of the type of investments it makes. The Statement of Additional Information provides additional information about each portfolio manager's compensation, other accounts managed by the portfolio manager and the portfolio manager's ownership of securities in the Investment Company.

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**Duygu Akyatan**, Executive Vice President of the Adviser, joined the Adviser in 2004 and has approximately 29 years of investment experience in the financial industry. Ms. Akyatan works with the investment research group, with a focus on the healthcare industry, in addition to serving as a portfolio manager of the MoA Small Cap Growth Fund and the small-cap segment of the MoA All America Fund since August 2024 and the MoA Mid Cap Growth Fund since September 2025.

**Joseph R. Gaffoglio**, President and Chief Executive Officer of the Adviser, joined the Adviser in 2005 and has approximately 29 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 MoA Clear Passage Funds and MoA Asset Allocation Funds since May 2014 and the large cap portion of the MoA Balanced Fund since May 2016.

**Eric Lockenvitz**, Vice President, of the Adviser, joined the Adviser in 2023, and has approximately 12 years of experience in the financial industry. Mr. Lockenvitz works with the Adviser's investment research group, in addition to serving as a portfolio manager of the MoA International Fund since May 2024.

**Christopher Malfant**, Executive Vice President of the Adviser, joined the Adviser in June 2022 and has approximately 20 years of experience in the financial industry with a focus on managing fixed income portfolios.

**Thad Pollock,** Executive Vice President of the Adviser, joined the Adviser in October 2023 and has approximatively 25 years of experience selecting securities for and managing equity portfolios.

**Stephen J. Rich,** Chairman of the Adviser, joined the Adviser in February 2004, and has approximately 33 years of experience selecting securities for and managing equity portfolios.

**Jacqueline Sabella,** Senior Vice President of the Adviser, joined the Adviser in January 2000, and has approximately 27 years of experience in selecting securities and managing fixed income portfolios.

**Ron Viener,** Senior Vice President, Equities Trader of the Adviser, joined the Adviser in 2020, and has approximately 24 years of experience in asset management and investing. Mr. Viener works with the Adviser's trading group, in addition to serving as a portfolio manager of the equity index portfolios since May 2024.

**Erik Wennerstrum,** Vice President of the Adviser, joined the Adviser in July 2019, and has approximately 10 years of investment experience. Mr. Wennerstrum works with the Adviser's quantitative research group, in addition to serving as a portfolio manager of the equity index portfolios since May 2021 and a portfolio manager of the indexed portion of the All America Fund since May 2024.

**Jamie A. Zendel,** Executive Vice President, Quantitative Research, Equity Indexes, Trading and Administration of the Adviser, handles indexed investments. Ms. Zendel joined the Adviser in July 2007 and has approximately 27 years of experience in the financial industry. Ms. Zendel manages the indexed portfolio of the MoA All America Fund; the MoA Equity Index Fund, MoA Mid Cap Equity Index Fund, and MoA International Fund since May 2014; the MoA Small Cap Equity Index Fund since May 2018; the MoA Catholic Values Index Fund<sup>TM</sup> since May 2020; the MoA Clear Passage Funds and MoA Asset Allocation Funds since May 2021; and the large cap portion of the MoA Balanced Fund since May 2024.

**<u>MoA Equity Index Fund</u>** 

The Equity Index Fund is managed by Erik Wennerstrum, Ron Viener and Jamie A. Zendel. See "*Portfolio Managers*" for additional information.

**<u>MoA All America Fund</u>** 

The small-cap and mid-cap segments of the Fund are co-managed by Thad Pollock, Duygu Akyatan and Stephen J. Rich. The index portion of the Fund is managed by Erik Wennerstrum, Ron Viener and Jamie A. Zendel. See "*Portfolio Managers*" for additional information.

**<u>MoA Small Cap Value Fund</u>** 

The Small Cap Value Fund is co-managed by Thad Pollock and Stephen J. Rich. See "*Portfolio Managers*" for additional information.

**<u>MoA Small Cap Growth Fund</u>** 

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The Small Cap Growth Fund is co-managed by Thad Pollock and Duygu Akyatan. See "*Portfolio Managers*" for additional information.

**<u>MoA Small Cap Equity Index Fund</u>** 

The Small Cap Equity Index Fund is managed by Erik Wennerstrum, Ron Viener and Jamie A. Zendel. See "*Portfolio Managers*" for additional information.

**<u>MoA Mid Cap Value Fund</u>** 

The Mid Cap Value Fund is co-managed by Thad Pollock and Stephen J. Rich. See "*Portfolio Managers*" for additional information.

**<u>MoA Mid Cap Growth Fund</u>** 

The Mid Cap Growth Fund is co-managed by Thad Pollock and Duygu Akyatan. See *"Portfolio Managers"* for additional information.

**<u>MoA Mid Cap Equity Index Fund</u>** 

The Mid Cap Equity Index Fund is managed by Erik Wennerstrum, Ron Viener and Jamie A. Zendel. See "*Portfolio Managers*" for additional information.

**<u>MoA International Fund</u>** 

The International Fund is managed by Jamie A. Zendel and Eric Lockenvitz. See "*Portfolio Managers*" for additional information.

**<u>MoA Catholic Values Index Fund</u>**<sup>TM</sup>

The Catholic Values Index Fund is managed by Erik Wennerstrum, Ron Viener and Jamie A. Zendel. See "*Portfolio Managers*" for additional information.

**<u>MoA Core Bond Fund</u>**<sup>TM</sup> **<u>and MoA Intermediate Bond Fund</u>** 

The fixed income investment strategy and day-to-day operations of the Core Bond Fund and Intermediate Bond Fund, as well as the mortgage-backed securities segment of each Fund, are managed by Christopher Malfant and Jacqueline Sabella. See *"Portfolio Managers"* for additional information.

**<u>MoA Target Date Funds</u>**<sup>TM</sup>

The Target Date Funds are managed by Joseph R. Gaffoglio and Jamie A. Zendel. See "*Portfolio Managers*" for additional information.

**<u>MoA Balanced Fund</u>** 

The fixed income portion and the mortgage-backed securities segment of the Balanced Fund are managed by Christopher Malfant and Jacqueline Sabella. The large cap equity portion of the Balanced Fund is managed by Joseph R. Gaffoglio and Jamie Zendel. See *"Portfolio Managers"* for additional information.

**<u>MoA Asset Allocation Funds</u>** 

The Asset Allocation Funds are managed by Joseph R. Gaffoglio and Jamie A. Zendel. See "*Portfolio Managers*" for additional information.

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**Information About Fund Shares**

**Pricing of Fund Shares**

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A Fund's net asset value ("NAV") per share is equal to the sum of the value of the securities it holds plus any cash or other assets (including accrued interest and dividends), minus all liabilities (including accrued expenses) divided by the number of shares outstanding. For any portion of a Fund's assets that are invested in an underlying investment company which is not an ETF, that Fund's net asset value is calculated based on the net asset values of the investment companies in which the Fund has invested. The net asset value of the portion of a Fund's net assets that are invested in ETFs is determined based on the market value of the ETF's shares. The Adviser calculates a Fund's net asset value as of the close of trading on The New York Stock Exchange ("Exchange") on each day the Exchange is open for trading (a "Valuation Day"). Fund shares will not be priced on days that the Exchange is not open for trading. The Exchange usually closes at 4:00 pm Eastern Time but sometimes closes earlier. Orders received before that time will be priced at that day's NAV per share. For Funds that invest in securities listed on foreign exchanges, the value of the underlying securities may change on days when you will not be able to purchase or redeem shares of the Fund or the separate account subaccount that invests in that Fund.

The purchase or redemption price of a Fund share is equal to its NAV that we next calculate after we receive the purchase or redemption order. Orders received by the Separate Account sponsor on a business day prior to the close of regular trading on the Exchange and communicated to the Fund or BNY Investment Servicing (US) Inc. (the "Transfer Agent") prior to 9:00 a.m. Eastern Time on the following business day will be effected at the NAV determined on the business day when the order was received by the Separate Account.

In determining a Fund's net asset value, the Adviser uses market value. If a money market security has a remaining maturity of 60 days or less, the Adviser will use the amortized cost method of valuation to approximate market value (the Adviser assumes constant proportionate amortization in value until maturity of any discount or premium).

***Fair Value Pricing***. Except as described below with respect to the MoA US Government Money Market Fund, each Fund values its portfolio investments for purposes of calculating its net asset value using procedures that allow for a variety of methodologies to be used to value the Fund's investments. The specific methodology used for a security may vary based on the market data available for a specific security at the time the Fund calculates its net asset value or based on other considerations. The procedures also permit a level of judgment to be used in the valuation process.

Debt securities, including corporate bonds; obligations of the U.S. Treasury and U.S. Government agencies; foreign sovereign issues; and non-U.S. bonds, are generally valued based upon evaluated or composite quotations obtained from third party pricing services and/or brokers and dealers selected by the Adviser (each a "pricing service"). Equity securities that are traded on a securities exchange are generally valued at their last quoted sale price or official closing price on the primary exchange for such security, as reported by a pricing service. Investments in mutual funds are valued at reported net asset value per share. Short-term obligations with a remaining maturity of sixty days or less may be valued at amortized cost.

If no current market quotation is readily available or reliable for a security, the fair value of the security will be determined in accordance with the procedures. When a Fund uses fair value pricing, it may take into account any factors it deems appropriate. No single standard for determining the fair value of a security can be set forth because fair value depends upon the facts and circumstances with respect to each security. Fair value pricing involves subjective judgments and the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security.

Pursuant to Rule 2a-5 under the 1940 Act, the Fund's Board of Directors has designated the Adviser as each Fund's "valuation designee" to perform each Fund's fair value determinations. The Board of Directors oversees the Adviser in its role as the Valuation Designee and receives reports from the Adviser regarding its process and the valuation of each Fund's investments to assist with such oversight.

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***MoA US Government Money Market Fund.*** In accordance with Rule 2a-7 under the 1940 Act, the securities in the portfolio of a money market fund are generally valued at amortized cost if such value is approximately the same as market value or at market value (based on market-based prices); or, if market value is not available, fair value. The amortized cost method of valuation is an approximation of market value determined by systematically increasing the carrying value of a security if acquired at a discount, or reducing the carrying value if acquired at a premium, so that the carrying value is equal to maturity value on the maturity date. Amortized cost does not take into consideration unrealized capital gains or losses.

The Board has established procedures that require the review of the Fund's securities, at intervals deemed appropriate by it, to determine whether the Fund's net asset value per share computed by using available market quotations deviates from a share value of $1.00 as computed using the amortized cost method. Deviations are reported to the Board periodically and, if any such deviation exceeds 0.5%, the Board must determine what action, if any, needs to be taken. If the Board determines that a deviation exists that may result in a material dilution or other unfair results for shareholders or investors, the Board must cause the Fund to undertake such remedial action, if any, as the Board deems appropriate.

Such action may include withholding dividends, calculating net asset value per share for purposes of sales and redemptions using available market quotations, making redemptions in kind, and/or selling securities before maturity in order to realize capital gains or losses or to shorten average portfolio maturity.

While the amortized cost method provides certainty and consistency in portfolio valuation, it may result in valuations of securities that are either somewhat higher or lower than the prices at which the securities could be sold. This means that during times of declining interest rates the yield on the Fund's shares may be higher than if valuations of securities were made based on actual market prices and estimates of market prices. Accordingly, if using the amortized cost method were to result in a lower portfolio value, a prospective investor in the Fund may obtain a somewhat higher yield than the investor would receive if portfolio valuations were based on actual market values. Existing shareholders, on the other hand, may receive a somewhat lower yield than they would otherwise receive. The opposite would be expected to happen during a period of rising interest rates.

**Purchase of Fund Shares**

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***Purchases of Shares by Direct Investors*** 

You may purchase shares of the Funds by submitting orders directly to the Funds' transfer agent or through investment representatives who may charge additional fees and may require higher minimum investments or impose other limitations on buying and selling shares. If you purchase shares through an investment representative, that party is responsible for transmitting orders by close of business and may have an earlier cut-off time for purchase and sale requests. Consult your investment representative for specific information.

***Purchases of Shares through an Insurance Company Separate Account Financial Intermediary or Retirement Plan*** 

The Investment Company offers shares in the Funds to the Insurance Company and the American Life Insurance Company of New York, now known as Wilton Reassurance Life Company of New York ("Wilton Re") without sales charge, for allocation to their Separate Accounts. See your variable annuity or variable life insurance prospectus or brochure for information on how to purchase and redeem investments in the separate accounts that invest in the Funds. Acceptance by the Insurance Company of an order for allocating account balance to one of the separate account subaccounts constitutes a purchase order for shares of the corresponding Fund of the Investment Company. Shares of the Funds are also offered through retirement plans. See your Summary Plan Description or consult with your plan sponsor for information on how to purchase shares of the Funds through your retirement plan.

***Purchase Orders*** 

The price at which a purchase is effected is based on the NAV next determined after receipt of a purchase order in good order by the Funds' Transfer Agent or an authorized agent. A purchase order is generally in "good order" if an acceptable form of payment accompanies the purchase order and the order includes the

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appropriate application(s) and/or other form(s) and any supporting legal documentation required by the Funds' Transfer Agent or an authorized agent, each in legible form. However, the Funds, their Transfer Agent or other authorized agent may consider a request to be not in good order even after receiving all required information if any of them suspects that the request is fraudulent or otherwise not valid.

The Funds have authorized one or more brokers to receive on their behalf purchase and redemption orders. Such brokers are authorized to designate other intermediaries to accept purchase and redemption order on the Funds' behalf.

It is the responsibility of the investment representative or designated agent to transmit properly completed purchase orders to the Fund in a timely manner.

Investors may be charged a fee if they effect transactions through a financial intermediary, which may be a financial professional, bank, broker, or agent. The Funds have authorized one or more financial intermediaries to receive on their behalf purchase and redemption orders. Such financial intermediaries are authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when a financial intermediary or, if applicable, a financial intermediary's authorized designee, receives the order. A customer order will be priced at a Fund's net asset value next computed after it is received by an authorized financial intermediary or the financial intermediary's authorized designee.

Purchases of the Funds may be made on any business day. This includes any days on which the Funds are open for business, other than weekends and days on which the NYSE is closed, including the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

The minimum initial investment in each Fund is $1,000, although the Fund may waive this minimum at its discretion. There is no minimum for subsequent investments. Shares of the Funds are offered continuously for purchase at the NAV per share of the Fund next determined after a purchase order is received. Investors may purchase shares of the Funds by check or wire, or also by ACH for subsequent purchases, as described below. A Fund or the Adviser may waive its minimum purchase requirement, or a Fund may reject a purchase order, if it is deemed to be in the best interest of either the Fund and/or its shareholders. All purchases must be in U.S. dollars. A fee will be charged for any checks that do not clear. The Funds have established the folllowing preferred methods of payment for fund shares:

● Checks drawn on an account in the name of the investor and made payable to MoA Funds;

● Checks drawn on an account in the name of the investor's company or employer and made payable to MoA Funds; or

● Wire transfers or Automated Clearing House (ACH) transfers from an account in the name of the investor, or the investor's company or employer.

Payment in other forms may be accepted at the discretion of the Funds; however, the Funds generally do not accept such other forms of payment as cash equivalents (such as traveler's checks, cashier's checks, money orders or bank drafts), STAR checks, credit card convenience checks, or certain third party checks. Please specify the name(s) of the Fund or Funds in which you would like to invest on the check or transfer instructions.

***Share Classes*** 

The Investment Company currently offers only one class of shares as described in this Prospectus. At some future date, the Investment Company may offer additional classes of shares. Any Fund or class may be closed at any time for failure to achieve an economical level of assets or for other reasons.

The Funds reserve the right to refuse any purchase order for any reason. The Funds will notify the investor of any such rejection in accordance with industry and regulatory standards, which is generally within three business days. The Funds further reserve the right to close an account (or to take such other steps as the Funds or their agents deem reasonable) for any lawful reason, including but not limited to the suspicion of fraud or other illegal activity in connection with the account.

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A shareholder should contact his/her broker-dealer if he/she wishes to transfer shares from an existing broker-dealer street name account to a street name account with another broker-dealer. The Funds have no specific procedures governing such account transfers.

**Listing a Trusted Contact** 

For shareholders who have a mutual fund account directly with MoA Funds, you have the option of adding a Trusted Contact to our records in the Additional Information Form. The Trusted Contact is someone you authorize us to contact to address any concerns about fraudulent activity or financial exploitation; to inquire about your status as an active shareholder; and/or to disclose account activity or account details if necessary for protecting your account assets. Other than the shareholder, only the named financial professional of record on the account, or a Power of Attorney/guardian/conservator who is named on the account or has submitted instructions, signed in capacity with a Medallion Guarantee, are permitted to execute transactions or make account changes. Your Trusted Contact must be at least 18 years of age, and should not be your financial professional of record or an individual who is already named on the account.

**Instructions for Opening or Adding to an Account** 

*Important Information About Procedures for Opening a New Account* 

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you is that when you open an account, you are required to provide your name, residential address, date of birth, and identification number. We may require other information that will allow us to identify you.

*Foreign Investors* 

Each Fund will only accept new account applications and additional purchases of Fund shares from an established shareholder account that (1) reflects an address located within the U.S. or its territories; or (2) reflects a U.S. military address; and (3) in every case, is associated with a valid U.S. taxpayer identification number. Funds are only offered for sale in the United States and are not available outside the United States. Non-U.S. investors should be aware that U.S. withholding and estate taxes and certain U.S. tax reporting requirements may apply to any investment in the Funds as a U.S. mutual fund.

*Initial Investment:* 

If you would like to open an account, you will first need to complete an Account Application. You can obtain an Account Application from our website at MoAFunds.com/resources#docs-forms or by calling the Investment Company's Customer Service at 800.914.8716.

&nbsp;&nbsp;&nbsp;&nbsp;1. Carefully read and complete an account application. Establishing your account privileges now saves you the inconvenience of having to add them later. Purchase orders must be received by the Fund in "good order". This means your completed account application must be accompanied by payment for the shares you are purchasing.

&nbsp;&nbsp;&nbsp;&nbsp;2. Make check, certified check or wire transfer payable to MoA Funds Corporation and specify the name(s) of the Fund or Funds in which you would like to invest.

&nbsp;&nbsp;&nbsp;&nbsp;3. Mail to: MoA Funds, P.O. Box 534499, Pittsburgh, PA 15253-4499.

*Subsequent Investments:* 

Subsequent investments can be made at any time in any amount. You can make investments in the Funds in the following ways:

● **Through a financial professional.** Contact your financial professional. Some financial professionals may charge a fee and may set different minimum investments or limitations on buying shares.

● **Through the mail.** Complete a new account application and send it with a check payable to the fund. Mail to: MoA Funds, P.O. Box 534499, Pittsburgh, PA 15253-4499.

● **Through express delivery.** Complete a new account application and send it with a check payable to the

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fund. Send to: MoA Funds, Attention: 534499, 500 Ross Street 154-0520, Pittsburgh, PA 15262.

● **By Systematic Purchase.** Complete the appropriate section on the application and send it with your initial investment payable to the fund. Mail to: MoA Funds, P.O. Box 534499, Pittsburgh, PA 15253-4499.

● **By telephone.** Call us at 800.914.8716.

**Shareholder Servicing Payments**

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The Funds, along with Capital Management, may make payments to financial intermediaries, including affiliates of Capital Management, for providing shareholder services, including the types of services that would otherwise be provided directly by a mutual fund's transfer agent. The level of payments made to financial intermediaries may vary by financial intermediary and distribution channel. A number of factors may be considered in determining payments to a financial intermediary, including, without limitation, the nature of the services provided to shareholders or retirement plan participants that invest in the Funds through retirement plans. These services may include sub-accounting, sub-transfer agency, participant recordkeeping, shareholder or participant reporting, shareholder or participant transaction processing, maintaining shareholder records, preparing account statements and/or the provision of call center support and other customer services. Please see the "Other Payments" section of the SAI for a list of recipients of shareholder servicing payments related to the Funds.

Effective June 15, 2023, the Board authorized each Fund to pay up to $10 per account or up to 0.15% of average daily net assets, depending on the terms of the fee assessed by the financial intermediary. For certain distribution channels, the payment amount is set at a per account amount for accounts of intermediaries that charge a per account fee. The amounts in excess of the amount paid by a Fund are borne by Capital Management. These payments are in addition to the annual transfer agency fees paid by a Fund to the Transfer Agent, and may include payments to financial intermediaries that charge networking fees for certain services provided in connection with the maintenance of shareholder accounts through the NSCC.

The Funds also may make additional payments to financial intermediaries that charge networking fees for certain services provided in connection with the maintenance of shareholder accounts through the NSCC. These amounts are generally not subject to the limits described above.

In addition, the Funds and/or Capital Management may make lump sum payments to or reimburse expenses for selected financial intermediaries receiving shareholder servicing payments as compensation for the costs of printing literature for participants, account maintenance fees or fees for establishment of the Funds on the financial intermediary's system or other similar services.

**Other Payments to Financial Intermediaries**

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Capital Management intends to pay additional compensation to selected financial intermediaries under the categories described below. These categories are not mutually exclusive, and a single financial intermediary may receive payments under all categories. Such payments may create an incentive for a financial intermediary or its representatives to recommend or offer shares of a Fund to its customers. The amount of payments made to financial intermediaries may vary. In determining the amount of payments to be made, Capital Management may consider a number of factors, including, without limitation, asset mix and length of relationship with the financial intermediary, the size of the customer/shareholder base of the financial intermediary, the manner in which customers of the financial intermediary make investments in the Funds, the nature and scope of marketing support or services provided by the financial intermediary (as described more fully below) and the costs incurred by the financial intermediary in connection with maintaining the infrastructure necessary or desirable to support investments in the Funds.

These additional payments by Capital Management are made pursuant to agreements between Capital Management and financial intermediaries, and do not change the price paid by investors for the purchase of a Fund share, or the amount a Fund will receive as proceeds from such sales.

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**<u>Distribution Support Payments</u>** 

Capital Management intends to make payments, from its own resources, to certain financial intermediaries, for marketing and sales support services relating to the Funds, including, but not limited to, sales data, business planning assistance, opportunities to educate financial intermediary personnel about the Funds and shareholder financial planning needs, placement on the financial intermediary's preferred or recommended fund list or otherwise identifying the Funds as being part of a group to be accorded a higher degree of marketing support than complexes not making such payments, access to sales meetings, sales representatives and management representatives of the financial intermediary, client servicing, systems infrastructure support and data analytics. These payments are generally based upon one or more of the following factors: average net assets of the Funds attributable to that financial intermediary and its clients, gross sales of the Funds attributable to the financial intermediary, compensation for ticket charges (fees that a financial intermediary firm charges its representatives for effecting transactions in Fund shares), a negotiated lump sum payment or one or more other bases.

**<u>Other Payments</u>** 

Capital Management, from its own resources and not as an expense of the Fund, intends to provide additional compensation to certain financial intermediaries that sell or arrange for the sale of shares of the Funds to the extent not prohibited by laws or the rules of any self-regulatory agency, such as the Financial Industry Regulatory Authority (FINRA). Such compensation provided by Capital Management includes financial assistance to financial intermediaries that enable Capital Management to participate in and/or present at financial intermediary-sponsored conferences or seminars, sales or training programs for invited registered representatives and other financial intermediary employees, financial intermediary entertainment and other financial intermediary-sponsored events, and travel expenses, including lodging incurred by registered representatives and other employees in connection with prospecting, retention and due diligence trips. Capital Management makes payments for entertainment events it deems appropriate, subject to Capital Management's internal guidelines and applicable law. These payments may vary depending upon the nature of the event. Your financial intermediary may charge you fees or commissions in addition to those disclosed in this prospectus. You should consult with your financial intermediary and review carefully any disclosure your financial intermediary provides regarding its services and compensation. Depending on the financial arrangement in place at any particular time, a financial intermediary and its financial consultants may have a financial incentive for recommending a particular fund, including the Funds.

**Breakpoint Discounts**

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Since the Investment Company does not charge front end or back end sales charges, there are no breakpoint discounts.

**Redemption of Shares**

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The Investment Company redeems all full and fractional shares of the Funds for cash. The redemption price is the net asset value per share we next determine. We do not impose any deferred sales charge on redemptions.

We pay redemption proceeds normally within seven days of receipt of the redemption request with cash holdings or through sale of assets by the Fund, unless the Investment Company suspends or delays payment of redemption proceeds as permitted in accordance with SEC regulations.

Investors may be charged a fee if they effect transactions through a financial intermediary, which may be a financial professional, bank, broker, or agent. The Funds have authorized one or more financial intermediaries to receive on their behalf purchase and redemption orders. Such financial intermediaries are authorized to designate other intermediaries to receive purchase and redemption orders on a Fund's behalf. A Fund will be deemed to have received a purchase or redemption order when financial intermediary or, if applicable, a financial intermediary's authorized designee, receives the order. A customer order will be priced at a Fund's net asset value next computed after it is received by an authorized financial intermediary or the financial intermediary's authorized designee.

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*MoA US Government Money Market Fund* 

*Reduction in Number of Shares*. In order to maintain a $1.00 per share net asset value, if the value of the Fund's assets were to decline, the Fund could, if authorized by the Board, reduce the number of its outstanding shares through a reverse stock split. If this happens, although each share would continue to be valued at $1.00 per share, each shareholder will own fewer shares of the Fund and lose money. The Fund could do this in a negative or low interest rate environment. By investing in the Fund, you agree to this reduction should it become necessary to maintain a $1.00 per share net asset value.

*Discretionary Liquidity Fees*.The MoA US Government Money Market Fund does not currently intend to avail itself of the ability to impose discretionary liquidity fees on fund redemptions (such fee not to exceed two percent of the value of the shares redeemed), as permitted under Rule 2a-7 under the 1940 Act. However, the Board reserves the right to change the Fund's policy regarding the imposition of discretionary liquidity fees if the Fund's Board determines that a liquidity fee is in the best interests of the Fund.

*Board Delegation*. The Fund's Board may delegate to the Adviser or the Fund's officers the responsibility to make the discretionary liquidity fee determinations discussed in this section, subject to written guidelines (including guidelines for determining the application and size of liquidity fees) and procedures.

Additional information regarding liquidity fees is included in the SAI.

If the Board of Directors determines that it would not be in the best interests of the Fund to continue operations, the MoA US Government Money Market Fund's assets would be liquidated and your investment in the MoA US Government Money Market Fund would be redeemed and the proceeds handled in accordance with the terms of your life insurance policy or annuity contract, as applicable.

***Instructions for Selling Shares*** 

***Sales of Shares through an Insurance Company Separate Account, Financial Intermediary, or Retirement Plan*** 

For investors whose interest in the Fund is through an insurance company Separate Account, you can redeem Separate Account units that invest in the Fund either by calling or writing to your Mutual of America Regional Office, which can be found on mutualofamerica.com. Acceptance by the Insurance Company of an order for withdrawal of account balance from one of the separate account subaccounts constitutes a redemption order for shares of the corresponding Fund of the Investment Company. Fund shares held through a financial intermediary may be redeemed through the financial intermediary. For investors whose interest in the Fund is through a retirement plan, see your Summary Plan Description or consult with your plan sponsor for information on how to redeem investments through your retirement plan.

***Sales of Shares by Direct Investors*** 

Direct investors may sell their shares at any time. You have the right to have the Funds buy back shares at the NAV next determined after receipt of a redemption request in good order by the Funds' Transfer Agent or an authorized agent. Subject to certain restrictions, shares may be redeemed by telephone or in writing. In addition, shares may be sold through securities dealers, brokers or agents who may charge customary commissions or fees for their services. The Funds, other than the MoA US Government Money Market Fund, do not charge any redemption fees.

Regardless of the method used by the Funds for payment (e.g., check, wire or electronic transfer (ACH)), payment for shares redeemed will normally be sent one business day after the request is received in good order by the Transfer Agent, or one business day after the trade has settled for trades submitted through the NSCC, but will in any case be made within seven days after tender. The Funds expect to meet redemption requests, both under normal circumstances and during periods of stressed market conditions, by using cash or by selling portfolio assets to generate cash. The right to redeem shares may be suspended and payment postponed during periods when the NYSE is closed, other than customary weekend and holiday closings, or if permitted by rules of the SEC, during periods when trading on the NYSE is restricted or during any emergency which makes it impracticable for a fund to dispose of its securities or to determine fairly the value of its net assets or during any other period permitted by order of the SEC for the protection of investors. Furthermore,

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any shareholder who purchases shares via check and then requests to redeem those shares will not be entitled to, and the Transfer Agent will not mail, redemption proceeds until checks received for shares purchased have cleared, which may take up to 15 days.

If you are 65 years of age or older, or if we have reason to believe you have a mental or physical impairment that restricts you from protecting your own financial interests, we may temporarily delay the release of redemption proceeds from your account if we reasonably believe that you have been the victim of actual or attempted financial exploitation.

Notice of this temporary delay will be provided to you, and the delay will be for no more than 15 business days while we conduct a review of the suspected financial exploitation. Contacting your Trusted Contact, if you have selected one, may be part of the review.

We may delay an additional 10 business days if we reasonably believe that actual or attempted financial exploitation has occurred or will occur. At the expiration of the delay, if we have not concluded that such exploitation has occurred, the proceeds will be released to you. In some cases, redemptions of shares of the MoA US Government Money Market Fund may be subject to a liquidity fee. See "Redemption of Shares - *MoA US Government Money Market Fund*" above.

You may sell shares:

● **Through a financial professional.** Contact your financial professional. Some financial professionals may charge a fee and may set different minimums on redemptions of accounts.

● **Through the mail.** Send a letter of instruction to: MoA Funds, P.O. Box 534499, Pittsburgh, PA 15253-4499. Be sure to include the registered owner's name, fund and account number and number of shares or dollar value you wish to sell.

● **Through express delivery.** Send a letter of instruction to: MoA Funds, Attention 534499, 500 Ross Street 154-0520, Pittsburgh, PA 15262. Be sure to include the registered owner's name, fund and account number and number of shares or dollar value you wish to sell.

● **By telephone.** Call us at 800.914.8716.

Signature guarantees must be obtained from members of the STAMP (Securities Transfer Agents Medallion Program), MSP (New York Stock Exchange Medallion Program) or SEMP (Stock Exchanges Medallion Program). Members are subject to dollar limitations which must be considered when requesting their guarantee. The Transfer Agent may reject any signature guarantee if it believes the transaction would otherwise be improper.

*Refusal of Redemption Request* 

Payment for shares may be delayed under extraordinary circumstances as permitted by the Securities and Exchange Commission in order to protect remaining shareholders.

*Redemption in Kind* 

The Funds reserve the right to make payment in securities rather than cash, known as "redemption in kind." This could occur under extraordinary circumstances, such as a very large redemption that could affect Fund operations (a redemption of more than 1% of a Fund's net assets). If a Fund deems it advisable for the benefit of all shareholders, redemption in kind will consist of securities equal in market value to your shares. To the extent feasible, the Fund expects that a redemption in kind would be a pro rata allocation of the Fund's portfolio. If you receive securities when redeeming your account, the securities will be subject to market fluctuation and you may incur tax and brokerage charges if the securities are sold. In addition, a redemption is generally a taxable event for shareholders, regardless of whether the redemption is satisfied in cash or in kind.

*Closing of Small Accounts* 

If your account value falls below $1,000 due to redemption activity, the Fund may ask you to increase your balance. If it is still below $1,000 after 60 days, the Fund may close your account and send you the proceeds at the then current NAV.

*Undeliverable Redemption Checks* 

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For any shareholder who chooses to receive distributions in cash: If distribution checks (1) are returned and marked as "undeliverable" or (2) are not cashed within six months, your account will be changed automatically so that all future distributions are reinvested in your account. Checks that are not cashed within six months will be canceled and the money reinvested in the Fund.

**Exchanging Your Shares**

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You can exchange your shares in one Fund for shares of another MoA Funds Corporation Fund. No transaction fees are charged for exchanges. An exchange is considered a sale. Consequently, gains from an exchange may be subject to applicable tax.

You must meet the minimum investment requirements for the Fund into which you are exchanging.

*Instructions for Exchanging Shares* 

Exchanges may be made by sending a written request to MoA Funds Corporation, PO Box 534499, Pittsburgh, PA 15253-4499 or by calling 800.914.8716. Please provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;● Your name and telephone number

&nbsp;&nbsp;&nbsp;&nbsp;● The exact name on your account and account number

&nbsp;&nbsp;&nbsp;&nbsp;● Taxpayer identification number (usually your social security number)

&nbsp;&nbsp;&nbsp;&nbsp;● Dollar value or number of shares to be exchanged

&nbsp;&nbsp;&nbsp;&nbsp;● The name of the Fund from which the exchange is to be made

&nbsp;&nbsp;&nbsp;&nbsp;● The name of the Fund into which the exchange is being made.

Please refer to "Selling your Shares" for important information about telephone transactions.

*Notes on Exchanges* 

&nbsp;&nbsp;&nbsp;&nbsp;● The registration and tax identification numbers of the two accounts must be identical.

&nbsp;&nbsp;&nbsp;&nbsp;● The Exchange Privilege (including automatic exchanges) may be changed or eliminated at any time upon a 60-day notice to shareholders.

**Frequent Purchases and Redemptions of Fund Shares**

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*Fund Policy on Excessive Short-Term Trading for Funds Other Than the MoA US Government Money Market Fund.* The Funds are not intended to provide investors with a means to engage in excessive short-term trading, such as market timing through frequent transfers of their account balances in an attempt to take advantage of daily fluctuations in the securities markets. The Funds seek to detect and deter excessive short-term trading that would disrupt the efficient management of a Fund's portfolio. The Board has adopted an excessive trading policy that is designed to deter excessive trading by investors. There can be no assurance that the policy will deter or prevent excessive short-term trading in all instances.

*Risks of Excessive Short-Term Trading.* Excessive short-term trading in a Fund's shares may disrupt efficient portfolio management and increase transaction costs for all shareholders. Such excessive short-term trading may cause harm to the investment performance of a Fund if transfers involve amounts that are substantial when compared to the Fund's total net assets under management. Risks of excessive short-term trading occurring may be greater for portfolios investing in certain securities, such as funds that invest in securities traded on foreign markets, in small cap stocks that may trade infrequently, and in securities that are illiquid or do not otherwise have readily available market quotations.

*Monitoring for Excessive Short-Term Trading.* The Investment Company monitors the daily purchase and redemption activity for each Fund to seek to detect and deter excessive short-term trading. With regard to accounts held directly through the Investment Company's transfer agent, at the present time, the Funds may seek to impose limits on purchases and sales into and out of any of the Funds (i.e., round trips) within a specified period of time and above specified dollar thresholds. The Funds' transfer agent monitors transaction activity at the account level above levels that officers of the Funds' adviser or the adviser's parent company ("Management") believes may be disruptive to the efficient management of a Fund's portfolio or that may

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cause a Fund to incur material transaction costs in such accounts periodically to seek to identify excessive short-term trading. The Funds reserve the right to impose purchase blocks or take any other action deemed appropriate at any time with respect to trading in shares of the Funds, including suspending or terminating purchase privileges in Fund shares, for any investor who the Funds believe has a history of excessive short-term trading or whose excessive short-term trading, in the judgment of a Funds, has been disruptive to the efficient management of a Fund.

*Certain Omnibus Accounts.* Certain transactions in a Fund's shares may be effected through omnibus or other accounts, such as insurance company separate accounts, that aggregate the transaction activity of many investors, such as retirement plan participants, insurance contract holders or retirement plan participants. In such instances, a financial intermediary, insurance company or retirement plan provider (each an "Intermediary") may have the exclusive relationship with the underlying investors responsible for the transaction activity and, as such, may be in the best position to detect and deter excessive short-term trading. In view of the above, Management or the Funds' transfer agent (i) may request underlying investor/contract holder/plan participant activity reports from the Intermediary, review such activity, and request that the Intermediary take appropriate steps to address any excessive short-term trading identified, (ii) may permit the Intermediary to apply its own policies and procedures to detect and deter excessive short-term trading, or (iii) may take such other action as the Investment Company's Chief Compliance Officer determines appropriate and request the Intermediary provide reports evidencing their application.

*Fund Policy on Excessive Short-Term Trading for the MoA US Government Money Market Fund.* Money market funds are designed to offer investors a liquid option that they may buy and sell as often as they wish. Accordingly, the Board has not adopted policies and procedures designed to discourage excessive or short-term trading of shares of the MoA US Government Money Market Fund. However, since frequent purchases and sales of shares of the Fund could in certain instances harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing costs (such as spreads paid to dealers who trade money market instruments with the Fund) and disrupting portfolio management strategies, the Fund reserves the right, but has no obligation, to reject any purchase or exchange transaction at any time. Except as expressly described in a Fund's prospectus (such as minimum purchase amounts), the Fund has no limits on purchase or exchange transactions.

**Dividends, Capital Gains Distributions and Taxes**

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Each Fund generally declares dividends at least annually to pay out substantially all of the Fund's net investment income and net realized short and long term capital gains. All dividends and capital gains distributions are reinvested in additional shares of the distributing Fund, unless a shareholder elects to receive dividends and distributions in cash.

A Fund may pay dividends of investment income and/or capital gain distributions more frequently than set forth above in order to avoid Fund-level tax. The MoA US Government Money Market Fund generally declares dividends daily and pays them monthly.

The following discussion is a summary of some important U.S. federal income tax considerations generally applicable to an investment in a Fund. Your investment in a Fund may have other tax implications. Please consult your tax advisor about federal, state, local, foreign or other tax laws applicable to you. Investors, including non-U.S. investors, may wish to consult the tax section of the Statement of Additional Information (the "SAI") for additional disclosure.

Each Fund has elected to be treated as a regulated investment company and intends each year to qualify and to be eligible to be treated as such.

A Fund is not subject to federal income tax on ordinary income and net realized capital gains that it distributes to shareholders, as long as it meets the requirements to be treated as a regulated investment company including, but not limited to requirements related to source of income, diversification of assets and minimum distributions. A Fund's failure to qualify as a regulated investment company would result in corporate level taxation, and consequently, a reduction in income available for distribution to shareholders. Each Fund is treated as a separate corporation for federal income tax purposes and must satisfy the tax requirements independently.

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For investors through the insurance company separate accounts, a contractholder or policyowner should refer to the Contract prospectus or brochure for a summary discussion of the tax consequences for increases in account balance and distributions under the Contract. The discussion below does not address the tax considerations applicable to investors through the insurance company separate accounts.

For direct investments into the Funds, distributions you receive from the Fund are subject to federal income tax and generally will be taxed as ordinary income or capital gains, and may also be subject to state or local taxes, unless you are investing through a tax-advantaged retirement account (in which case you may be taxed later, upon withdrawal of your investment from such account).

Distributions from a Fund are taxable whether you receive them in cash or reinvest them in additional shares. If you buy shares when a Fund has realized but not yet distributed ordinary income or capital gains, you will pay full price for the shares and then receive back a portion as a taxable distribution.

Any gain resulting from the redemption, sale or exchange of your shares generally will also be subject to tax, but it is not expected that any gain or loss will be realized in respect of Fund shares of the MoA US Government Money Market Fund because of the Fund's policy to maintain its net asset value at a constant $1.00 per share.

For federal income tax purposes, distributions of investment income generally are taxable to you as ordinary income. Taxes on distributions of capital gains generally are determined by how long a Fund owned (or is deemed to have owned) the investments that generated them, rather than how long you have owned your Fund shares. Distributions from the sale of investments that a Fund owned (or is deemed to have owned) for more than one year that are properly reported by a Fund as capital gain dividends generally will be treated as long-term capital gain includible in your net capital gain and taxed to individuals at reduced rates. Distributions of gains from investments that a Fund owned (or is deemed to have owned) for one year or less generally will be taxable to you as ordinary income when distributed to you by the Fund. Distributions of investment income properly reported by a Fund as derived from "qualified dividend income" are taxed to individuals at the rates applicable to net capital gain, provided holding period and other requirements are met by both the shareholder and the Fund.

There is uncertainty with respect to the tax treatment of liquidity fees received by the MoA US Government Money Market Fund. The tax treatment of liquidity fees may be the subject of future guidance issued by the Internal Revenue Service. The imposition of a liquidity fee on your redemption of Fund shares could cause you to recognize a loss or could decrease the gain or increase the loss you would otherwise recognize. Although there is no definitive guidance, any liquidity fees received by the Fund may result in distributions or gains that would be taxable to the Fund's shareholders.

An additional 3.8% Medicare contribution tax is imposed on the "net investment income" of individuals, estates and trusts to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by a Fund, including any capital gain dividends, and net gains recognized on the redemption of Fund shares.

Distributions by a Fund to retirement plans that qualify for tax-advantaged treatment under federal income tax laws will not be immediately taxable. Special tax rules apply to investments through such plans. You should consult your tax advisor to determine the suitability of a Fund as an investment through such a plan and the tax treatment of distributions (including distributions of amounts attributable to an investment in a Fund) from such a plan.

A Fund's income from or proceeds of dispositions of its investments in non-U.S. assets may be subject to non-U.S. withholding or other taxes, which will reduce the yield on those investments.

Certain of a Fund's investment practices, including derivative transactions and investments in debt obligations issued or purchased at a discount, will be subject to special and complex U.S. federal income tax provisions. These special rules may affect the timing, character, and/or amount of a Fund's distributions, and may require the Fund to sell its investments at a time when it is not advantageous to do so.

Investing in underlying funds could affect the amount, timing, or character of distributions from a Fund, and, therefore, may increase the amount of taxes payable by shareholders.

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If you are not a U.S. person, dividends paid by a Fund that the Fund properly reports as capital gain dividends, short-term capital gain dividends, interest-related dividends, or exempt-interest dividends, each as further defined in the SAI, are not subject to withholding of U.S. federal income tax, provided that certain requirements are met. A Fund is permitted, but is not required, to report any part of its dividends as are eligible for such treatment. A Fund's dividends other than those the Fund so reports as capital gain dividends, short-term capital gain dividends, or interest-related dividends, or exempt-interest dividends, generally will be subject to U.S. withholding tax at a 30% rate (or lower applicable treaty rate). See each Fund's SAI for further information.

The U.S. Treasury and IRS generally require a Fund to obtain information sufficient to identify the status of each shareholder under sections 1471-1474 of the Internal Revenue Code of 1986, as amended, and the U.S. Treasury and IRS guidance issued thereunder (collectively, the "Foreign Account Tax Compliance Act" or "FATCA") or under an applicable intergovernmental agreement between the United States and a foreign government. Please see the SAI for more information on FATCA reporting requirements.

*Cost Basis Reporting.* U.S. Treasury regulations mandate cost basis reporting to shareholders and the IRS for redemptions of Fund Shares (other than shares of the MoA US Government Money Market Fund) acquired on or after January 1, 2012 ("Post Effective Date Shares"). If you acquire and hold shares directly through the Funds and not through a financial intermediary, the Fund will use a default average cost basis methodology for tracking and reporting your cost basis on Post Effective Date Shares, unless you request, in writing, another cost basis reporting methodology.

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**FINANCIAL HIGHLIGHTS**

[To be updated by amendment]

The financial highlights tables are intended to help you understand the Funds' financial performance for the past five years, or for the period of a Fund's operations if shorter. Information for the Catholic Values Index Fund is not available for each of the past five years because the Fund commenced operations on September 30, 2020. Information for the Clear Passage 2065 Fund is not available for each of the past five years because the Fund commenced operations on August 3, 2020. Information for the Clear Passage 2070 Fund is not available because the Fund will commence operations on or about May 1, 2025. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the particular Fund (assuming reinvestment of all dividends and other distributions). This information is excerpted from the financial statements of each Fund, which have been audited by KPMG LLP, the Funds' independent registered public accounting firm, whose report, along with the Investment Company's financial statements, are included in the Investment Company's Form N-CSR, which is available upon request.

For variable annuity owners or participants in a group variable annuity, the total returns shown below do not include charges and expenses imposed at the Separate Account or variable contract level. If they did, the returns shown would have been lower. Investors should refer to their contracts regarding charges and expenses. Therefore, the returns do not represent the rate that a contractholder or policyowner would have earned or lost on the portion of the account balance allocated to the corresponding Fund.

Income from investment operations and distributions per share for each Fund share outstanding throughout each of the five years ended December 31, 2024 (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.

**MoA Equity Index Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $58.29 | $48.82 | $62.41 | $51.15 | $47.89 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.87 | 0.87 | 0.79 | 0.73 | 0.92 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 13.68 | 11.79 | (12.20) | 13.70 | 7.52 |
| Total From Investment Operations | 14.55 | 12.66 | (11.41) | 14.43 | 8.44 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.87) | (0.85) | (0.78) | (0.70) | (1.68) |
| From Net Realized Gains | (5.30) | (2.34) | (1.40) | (2.47) | (3.50) |
| Total Distributions | (6.17) | (3.19) | (2.18) | (3.17) | (5.18) |
| **Net Asset Value, End of Period** | $66.67 | $58.29 | $48.82 | $62.41 | $51.15 |
| Total Return (%)<sup>(b)</sup> | 24.83 | 26.12 | (18.24) | 28.50 | 18.20 |
| Net Assets, End of Year ($ millions) | 5868 | 5201 | 4330 | 4992 | 3714 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.28 | 1.57 | 1.51 | 1.27 | 1.72 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.14 | 0.14 | 0.14 | 0.13 | 0.15 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.13 | 0.14 | 0.14 | 0.13 | 0.15 |
| Portfolio Turnover Rate (%)<sup>(c)</sup> | 8.64 | 4.07 | 3.14 | 7.01 | 5.77 |

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(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) Portfolio turnover rate excludes all short-term securities.

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**MoA All America Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $21.58 | $19.76 | $27.73 | $24.18 | $24.24 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.24 | 0.25 | 0.25 | 0.25 | 0.34 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 3.94 | 3.67 | (5.21) | 6.18 | 3.31 |
| Total From Investment Operations | 4.18 | 3.92 | (4.96) | 6.43 | 3.65 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.23) | (0.24) | (0.25) | (0.20) | (0.63) |
| From Net Realized Gains | (2.47) | (1.86) | (2.76) | (2.68) | (3.08) |
| Total Distributions | (2.70) | (2.10) | (3.01) | (2.88) | (3.71) |
| **Net Asset Value, End of Period** | $23.06 | $21.58 | $19.76 | $27.73 | $24.18 |
| Total Return (%)<sup>(b)</sup> | 19.12 | 20.33 | (17.70) | 27.07 | 16.78 |
| Net Assets, End of Year ($ millions) | 309 | 299 | 281 | 374 | 320 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 0.97 | 1.17 | 1.07 | 0.90 | 1.33 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.51 | 0.53 | 0.54 | 0.49 | 0.52 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.50 | 0.53 | 0.54 | 0.49 | 0.52 |
| Portfolio Turnover Rate (%)<sup>(c)</sup> | 30.64 | 31.84 | 19.24 | 19.84 | 24.07 |

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**MoA Small Cap Value Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $13.80 | $13.44 | $16.52 | $13.45 | $15.11 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.20 | 0.24 | 0.19 | 0.17 | 0.23 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.39 | 1.00 | (1.83) | 4.12 | (1.03) |
| Total From Investment Operations | 1.59 | 1.24 | (1.64) | 4.29 | (0.80) |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.18) | (0.22) | (0.18) | (0.09) | (0.41) |
| From Net Realized Gains | (0.71) | (0.66) | (1.26) | (1.13) | (0.45) |
| Total Distributions | (0.89) | (0.88) | (1.44) | (1.22) | (0.86) |
| **Net Asset Value, End of Period** | $14.50 | $13.80 | $13.44 | $16.52 | $13.45 |
| Total Return (%)<sup>(b)</sup> | 11.29 | 9.59 | (9.82) | 32.29 | (4.01) |
| Net Assets, End of Year ($ millions) | 398 | 409 | 413 | 580 | 472 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.33 | 1.78 | 1.15 | 1.03 | 1.90 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.82 | 0.84 | 0.82 | 0.80 | 0.82 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.81 | 0.84 | 0.82 | 0.80 | 0.82 |
| Portfolio Turnover Rate (%)<sup>(c)</sup> | 47.84 | 22.33 | 8.40 | 33.93 | 42.64 |

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(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) Portfolio turnover rate excludes all short-term securities.

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**MoA Small Cap Growth Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $12.72 | $11.01 | $16.22 | $17.53 | $14.63 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | (0.03) | (0.01) | (0.01) | (0.03) | (0.02) |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.30 | 1.73 | (4.60) | 1.74 | 6.01 |
| Total From Investment Operations | 1.27 | 1.72 | (4.61) | 1.71 | 5.99 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income |  |  |  | (0.01) | (0.06) |
| From Net Realized Gains | (0.22) | (0.01) | (0.60) | (3.01) | (3.03) |
| Total Distributions | (0.22) | (0.01) | (0.60) | (3.02) | (3.09) |
| **Net Asset Value, End of Period** | $13.77 | $12.72 | $11.01 | $16.22 | $17.53 |
| Total Return (%)<sup>(b)</sup> | 9.92 | 15.63 | (28.37) | 10.38 | 43.31 |
| Net Assets, End of Year ($ millions) | 398 | 416 | 432 | 673 | 667 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | (0.19) | (0.12) | (0.05) | (0.24) | (0.17) |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.82 | 0.84 | 0.83 | 0.80 | 0.81 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.81 | 0.84 | 0.83 | 0.80 | 0.81 |
| Portfolio Turnover Rate (%)<sup>(c)</sup> | 43.85 | 49.48 | 61.61 | 45.18 | 70.58 |

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**MoA Small Cap Equity Index Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $10.21 | $9.08 | $11.59 | $10.74 | $9.93 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.18 | 0.16 | 0.13 | 0.16 | 0.07 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.70 | 1.26 | (2.03) | 2.62 | 0.94 |
| Total From Investment Operations | 0.88 | 1.42 | (1.90) | 2.78 | 1.01 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.17) | (0.15) | (0.12) | (0.15) | (0.07) |
| From Net Realized Gains | (0.40) | (0.14) | (0.49) | (1.78) | (0.13) |
| Total Distributions | (0.57) | (0.29) | (0.61) | (1.93) | (0.20) |
| **Net Asset Value, End of Period** | $10.52 | $10.21 | $9.08 | $11.59 | $10.74 |
| Total Return (%)<sup>(b)</sup> | 8.55 | 15.87 | (16.31) | 26.56 | 10.62 |
| Net Assets, End of Year ($ millions) | 210 | 205 | 179 | 143 | 107 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.65 | 1.76 | 1.54 | 1.29 | 1.51 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.25 | 0.24 | 0.25 | 0.25 | 0.39 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.14 | 0.14 | 0.14 | 0.14 | 0.12 |
| Portfolio Turnover Rate (%)<sup>(c)</sup> | 35.80 | 43.99 | 29.55 | 69.91 | 42.67 |

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(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) Portfolio turnover rate excludes all short-term securities.

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**MoA Mid Cap Value Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $16.28 | $15.65 | $19.21 | $15.53 | $16.36 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.26 | 0.23 | 0.23 | 0.26 | 0.44 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.52 | 0.85 | (2.32) | 5.01 | (0.14) |
| Total From Investment Operations | 1.78 | 1.08 | (2.09) | 5.27 | 0.30 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.24) | (0.20) | (0.29) | (0.14) | (0.53) |
| From Net Realized Gains | (0.75) | (0.25) | (1.18) | (1.45) | (0.48) |
| Return of Capital |  |  |  |  | (0.12) |
| Total Distributions | (0.99) | (0.45) | (1.47) | (1.59) | (1.13) |
| **Net Asset Value, End of Period** | $17.07 | $16.28 | $15.65 | $19.21 | $15.53 |
| Total Return (%)<sup>(b)</sup> | 10.78 | 6.96 | (10.67) | 34.35 | 2.82 |
| Net Assets, End of Year ($ millions) | 213 | 157 | 115 | 131 | 90 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.62 | 1.61 | 1.34 | 1.47 | 2.96 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.69 | 0.74 | 0.70 | 0.65 | 0.74 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.68 | 0.73 | 0.70 | 0.65 | 0.74 |
| Portfolio Turnover Rate (%)<sup>(c)</sup> | 38.06 | 29.02 | 11.44 | 23.84 | 23.65 |

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**MoA Mid Cap Equity Index Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $20.10 | $18.91 | $25.12 | $23.07 | $22.45 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.32 | 0.34 | 0.36 | 0.33 | 0.32 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 2.51 | 2.66 | (3.76) | 5.21 | 2.37 |
| Total From Investment Operations | 2.83 | 3.00 | (3.40) | 5.54 | 2.69 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.33) | (0.28) | (0.31) | (0.30) | (0.59) |
| From Net Realized Gains | (1.68) | (1.53) | (2.50) | (3.19) | (1.48) |
| Total Distributions | (2.01) | (1.81) | (2.81) | (3.49) | (2.07) |
| **Net Asset Value, End of Period** | $20.92 | $20.10 | $18.91 | $25.12 | $23.07 |
| Total Return (%)<sup>(b)</sup> | 13.77 | 16.25 | (13.23) | 24.56 | 13.50 |
| Net Assets, End of Year ($ millions) | 1542 | 1501 | 1600 | 2118 | 1856 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.42 | 1.63 | 1.58 | 1.24 | 1.56 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.15 | 0.15 | 0.16 | 0.14 | 0.15 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.15 | 0.15 | 0.16 | 0.14 | 0.15 |
| Portfolio Turnover Rate (%)<sup>(c)</sup> | 24.85 | 19.60 | 19.54 | 25.62 | 13.14 |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) Portfolio turnover rate excludes all short-term securities.

------

**MoA International Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $8.20 | $7.24 | $9.26 | $9.34 | $9.05 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.27 | 0.29 | 0.31 | 0.20 | 0.14 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 2.88 | 1.09 | (1.44) | 0.74 | 0.56 |
| Total From Investment Operations | 0.44 | 1.38 | (1.13) | 0.94 | 0.70 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.33) | (0.42) | (0.23) | (0.16) | (0.38) |
| From Net Realized Gains |  |  | (0.66) | (0.86) | (0.03) |
| Return of Capital |  |  |  |  | — <br><sup>(b)</sup><br>|
| Total Distributions | (0.33) | (0.42) | (0.89) | (1.02) | (0.41) |
| **Net Asset Value, End of Period** | $8.31 | $8.20 | $7.24 | $9.26 | $9.34 |
| Total Return (%)<sup>(c)</sup> | 5.19 | 19.55 | (11.09) | 10.37 | 8.19 |
| Net Assets, End of Year ($ millions) | 1656 | 1460 | 1202 | 1203 | 940 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 3.07 | 3.83 | 4.10 | 2.05 | 2.20 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<br> <sup>(d),(e)</sup><br>| 0.36 | 0.14 | 0.13 | 0.12 | 0.13 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<br> <sup>(d),(e)</sup><br>| 0.25 | 0.13 | 0.13 | 0.12 | 0.13 |
| Portfolio Turnover Rate (%)<sup>(f)</sup> | 37.96 | 20.14 | 18.25 | 123.53 | 4.69 |

---

**MoA Catholic Values Index Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended**<br> **December 31,**<br>|
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(g)</sup><br>|
| **Net Asset Value, Beginning of Year** | $13.51 | $10.97 | $14.06 | $11.17 | $10.00 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.17 | 0.17 | 0.15 | 0.15 | 0.04 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures <br> Contracts<br>| 2.95 | 2.71 | (2.98) | 3.07 | 1.17 |
| Total From Investment Operations | 3.12 | 2.88 | (2.83) | 3.22 | 1.21 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.17) | (0.17) | (0.15) | (0.14) | (0.04) |
| From Net Realized Gains | (0.53) | (0.17) | (0.11) | (0.19) | — <br><sup>(h)</sup><br>|
| Total Distributions | (0.70) | (0.34) | (0.26) | (0.33) | (0.04) |
| **Net Asset Value, End of Period** | $15.93 | $13.51 | $10.97 | $14.06 | $11.17 |
| Total Return (%)<sup>(c)</sup> | 23.02 | 26.37 | (20.10) | 28.99 | 12.12 <br><sup>(i)</sup><br>|
| Net Assets, End of Year ($ millions) | 8 | 6 | 4 | 5 | 3 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.12 | 1.39 | 1.36 | 1.16 | 1.57 <br><sup>(j)</sup><br>|
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<br> <sup>(d),(e)</sup><br>| 3.05 | 2.94 | 2.53 | 2.14 | 2.18 <br><sup>(j)</sup><br>|
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<br> <sup>(d),(e)</sup><br>| 0.21 | 0.22 | 0.22 | 0.22 | 0.15 <br><sup>(j)</sup><br>|
| Portfolio Turnover Rate (%)<sup>(f)</sup> | 25.87 | 25.23 | 13.48 | 9.54 | 16.38 <br><sup>(i)</sup><br>|

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) Amount is less than $0.005 per share.

(c) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(d) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(e) International Fund excludes the expenses of its ETF investments.

(f) Portfolio turnover rate excludes all short-term securities.

(g) For the period September 30, 2020 (commencement of operations) through December 31, 2020.

(h) Amount is less than $0.0005 per share.

(i) Not annualized.

(j) Annualized.

------

**MoA Retirement Income Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $10.90 | $10.24 | $12.26 | $12.09 | $12.09 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.35 | 0.26 | 0.17 | 0.15 | 0.41 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.44 | 0.74 | (1.54) | 0.54 | 0.49 |
| Total From Investment Operations | 0.79 | 1.00 | (1.37) | 0.69 | 0.90 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.42) | (0.26) | (0.17) | (0.16) | (0.60) |
| From Net Realized Gains | (0.19) | (0.08) | (0.48) | (0.36) | (0.30) |
| Total Distributions | (0.61) | (0.34) | (0.65) | (0.52) | (0.90) |
| **Net Asset Value, End of Period** | $11.08 | $10.90 | $10.24 | $12.26 | $12.09 |
| Total Return (%)<sup>(b)</sup> | 7.21 | 9.91 | (11.12) | 5.77 | 7.59 |
| Net Assets, End of Year ($ millions) | 208 | 207 | 203 | 224 | 193 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 3.02 | 2.40 | 1.58 | 1.22 | 4.25 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<br> <sup>(c),(d)</sup><br>| 0.18 | 0.16 | 0.13 | 0.11 | 0.11 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<br> <sup>(c),(d)</sup><br>| 0.18 | 0.16 | 0.13 | 0.11 | 0.11 |
| Portfolio Turnover Rate (%)<sup>(e)</sup> | 28.84 | 25.22 | 32.16 | 28.07 | 23.13 |

---

**MoA Clear Passage 2020 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $10.18 | $9.55 | $12.16 | $11.84 | $12.42 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.32 | 0.26 | 0.18 | 0.16 | 0.46 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.50 | 0.86 | (1.78) | 0.99 | 0.62 |
| Total From Investment Operations | 0.82 | 1.12 | (1.60) | 1.15 | 1.08 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.33) | (0.26) | (0.18) | (0.20) | (0.70) |
| From Net Realized Gains | (0.32) | (0.23) | (0.83) | (0.63) | (0.96) |
| Total Distributions | (0.65) | (0.49) | (1.01) | (0.83) | (1.66) |
| **Net Asset Value, End of Period** | $10.35 | $10.18 | $9.55 | $12.16 | $11.84 |
| Total Return (%)<sup>(b)</sup> | 8.10 | 11.83 | (13.06) | 9.80 | 9.11 |
| Net Assets, End of Year ($ millions) | 459 | 491 | 504 | 621 | 594 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.89 | 2.48 | 1.65 | 1.29 | 3.66 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.14 | 0.12 | 0.09 | 0.08 | 0.07 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.11 | 0.09 | 0.08 | 0.07 |
| Portfolio Turnover Rate (%)<sup>(e)</sup> | 17.58 | 21.68 | 19.16 | 22.78 | 22.40 |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(d) International Fund excludes the expenses of its ETF investments.

(e) Portfolio turnover rate excludes all short-term securities.

------

**MoA Clear Passage 2025 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $11.83 | $10.98 | $13.97 | $13.29 | $13.65 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.36 | 0.29 | 0.20 | 0.18 | 0.48 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.78 | 1.18 | (2.11) | 1.39 | 0.85 |
| Total From Investment Operations | 1.14 | 1.47 | (1.91) | 1.57 | 1.33 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.36) | (0.29) | (0.21) | (0.23) | (0.72) |
| From Net Realized Gains | (0.55) | (0.33) | (0.87) | (0.66) | (0.97) |
| Total Distributions | (0.91) | (0.62) | (1.08) | (0.89) | (1.69) |
| **Net Asset Value, End of Period** | $12.06 | $11.83 | $10.98 | $13.97 | $13.29 |
| Total Return (%)<sup>(b)</sup> | 9.70 | 13.59 | (13.56) | 11.96 | 10.26 |
| Net Assets, End of Year ($ millions) | 1111 | 1129 | 1057 | 1203 | 1020 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.73 | 2.50 | 1.69 | 1.29 | 3.68 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.10 | 0.08 | 0.08 | 0.07 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.12 | 0.09 | 0.08 | 0.08 | 0.07 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 20.69 | 22.19 | 18.16 | 15.42 | 16.72 |

---

**MoA Clear Passage 2030 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $12.92 | $11.90 | $15.25 | $14.08 | $14.32 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.35 | 0.31 | 0.22 | 0.19 | 0.48 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.09 | 1.48 | (2.40) | 1.94 | 1.10 |
| Total From Investment Operations | 1.44 | 1.79 | (2.18) | 2.13 | 1.58 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.37) | (0.31) | (0.22) | (0.26) | (0.73) |
| From Net Realized Gains | (0.62) | (0.46) | (0.95) | (0.70) | (1.09) |
| Total Distributions | (0.99) | (0.77) | (1.17) | (0.96) | (1.82) |
| **Net Asset Value, End of Period** | $13.37 | $12.92 | $11.90 | $15.25 | $14.08 |
| Total Return (%)<sup>(b)</sup> | 11.16 | 15.25 | (14.14) | 15.29 | 11.67 |
| Net Assets, End of Year ($ millions) | 1409 | 1309 | 1125 | 1231 | 981 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.53 | 2.46 | 1.67 | 1.25 | 3.67 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.10 | 0.08 | 0.08 | 0.07 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.12 | 0.09 | 0.08 | 0.08 | 0.07 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 20.62 | 19.17 | 15.52 | 13.45 | 12.53 |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(d) Portfolio turnover rate excludes all short-term securities.

------

**MoA Clear Passage 2035 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $13.52 | $12.20 | $16.00 | $14.40 | $14.59 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.34 | 0.31 | 0.23 | 0.20 | 0.48 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.41 | 1.76 | (2.69) | 2.34 | 1.25 |
| Total From Investment Operations | 1.75 | 2.07 | (2.46) | 2.54 | 1.73 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.36) | (0.32) | (0.24) | (0.29) | (0.72) |
| From Net Realized Gains | (0.85) | (0.43) | (1.10) | (0.65) | (1.20) |
| Total Distributions | (1.21) | (0.75) | (1.34) | (0.94) | (1.92) |
| **Net Asset Value, End of Period** | $14.06 | $13.52 | $12.20 | $16.00 | $14.40 |
| Total Return (%)<sup>(b)</sup> | 13.05 | 17.26 | (15.20) | 17.84 | 12.61 |
| Net Assets, End of Year ($ millions) | 1399 | 1231 | 1023 | 1101 | 846 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.33 | 2.44 | 1.70 | 1.25 | 3.67 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.10 | 0.08 | 0.08 | 0.07 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.12 | 0.10 | 0.08 | 0.08 | 0.07 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 19.82 | 18.50 | 16.15 | 8.93 | 11.53 |

---

**MoA Clear Passage 2040 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $13.56 | $12.12 | $16.15 | $14.44 | $14.48 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.32 | 0.31 | 0.23 | 0.20 | 0.47 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.61 | 1.93 | (2.75) | 2.64 | 1.37 |
| Total From Investment Operations | 1.93 | 2.24 | (2.52) | 2.84 | 1.84 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.35) | (0.31) | (0.24) | (0.30) | (0.70) |
| From Net Realized Gains | (0.92) | (0.49) | (1.27) | (0.83) | (1.18) |
| Total Distributions | (1.27) | (0.80) | (1.51) | (1.13) | (1.88) |
| **Net Asset Value, End of Period** | $14.22 | $13.56 | $12.12 | $16.15 | $14.44 |
| Total Return (%)<sup>(b)</sup> | 14.35 | 18.87 | (15.37) | 19.89 | 13.43 |
| Net Assets, End of Year ($ millions) | 1204 | 1038 | 848 | 925 | 708 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.19 | 2.40 | 1.69 | 1.22 | 3.59 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.10 | 0.08 | 0.08 | 0.07 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.12 | 0.10 | 0.08 | 0.08 | 0.07 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 17.81 | 18.97 | 10.97 | 11.55 | 12.53 |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(d) Portfolio turnover rate excludes all short-term securities.

------

**MoA Clear Passage 2045 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $13.37 | $11.89 | $15.97 | $14.28 | $14.32 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.30 | 0.30 | 0.22 | 0.19 | 0.45 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.68 | 1.99 | (2.75) | 2.71 | 1.34 |
| Total From Investment Operations | 1.98 | 2.29 | (2.53) | 2.90 | 1.79 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.34) | (0.31) | (0.23) | (0.29) | (0.68) |
| From Net Realized Gains | (0.94) | (0.50) | (1.32) | (0.92) | (1.15) |
| Total Distributions | (1.28) | (0.81) | (1.55) | (1.21) | (1.83) |
| **Net Asset Value, End of Period** | $14.07 | $13.37 | $11.89 | $15.97 | $14.28 |
| Total Return (%)<sup>(b)</sup> | 14.90 | 19.64 | (15.59) | 20.57 | 13.31 |
| Net Assets, End of Year ($ millions) | 1232 | 1069 | 875 | 957 | 733 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.09 | 2.38 | 1.68 | 1.19 | 3.54 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.10 | 0.08 | 0.08 | 0.07 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.12 | 0.09 | 0.08 | 0.08 | 0.07 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 16.21 | 14.87 | 13.09 | 11.96 | 10.77 |

---

**MoA Clear Passage 2050 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $17.05 | $15.20 | $20.31 | $17.92 | $17.47 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.37 | 0.38 | 0.28 | 0.24 | 0.54 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 2.24 | 2.59 | (3.52) | 3.45 | 1.68 |
| Total From Investment Operations | 2.61 | 2.97 | (3.24) | 3.69 | 2.22 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.42) | (0.39) | (0.29) | (0.38) | (0.81) |
| From Net Realized Gains | (0.93) | (0.73) | (1.58) | (0.92) | (0.96) |
| Total Distributions | (1.35) | (1.12) | (1.87) | (1.30) | (1.77) |
| **Net Asset Value, End of Period** | $18.31 | $17.05 | $15.20 | $20.31 | $17.92 |
| Total Return (%)<sup>(b)</sup> | 15.39 | 19.94 | (15.66) | 20.82 | 13.39 |
| Net Assets, End of Year ($ millions) | 977 | 830 | 665 | 717 | 536 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.01 | 2.36 | 1.66 | 1.18 | 3.56 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.11 | 0.09 | 0.08 | 0.08 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.10 | 0.09 | 0.08 | 0.08 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 13.94 | 16.86 | 12.91 | 11.57 | 9.80 |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(d) Portfolio turnover rate excludes all short-term securities.

------

**MoA Clear Passage 2055 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $13.67 | $11.99 | $15.99 | $13.98 | $13.31 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.29 | 0.30 | 0.21 | 0.18 | 0.38 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.84 | 2.05 | (2.77) | 2.74 | 1.41 |
| Total From Investment Operations | 2.13 | 2.35 | (2.56) | 2.92 | 1.79 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.33) | (0.30) | (0.23) | (0.29) | (0.57) |
| From Net Realized Gains | (0.72) | (0.37) | (1.21) | (0.62) | (0.55) |
| Total Distributions | (1.05) | (0.67) | (1.44) | (0.91) | (1.12) |
| **Net Asset Value, End of Period** | $14.75 | $13.67 | $11.99 | $15.99 | $13.98 |
| Total Return (%)<sup>(b)</sup> | 15.66 | 19.98 | (15.77) | 21.11 | 13.93 |
| Net Assets, End of Year ($ millions) | 561 | 450 | 339 | 330 | 220 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.98 | 2.38 | 1.64 | 1.16 | 3.66 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.15 | 0.13 | 0.11 | 0.10 | 0.11 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.14 | 0.12 | 0.11 | 0.10 | 0.11 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 16.37 | 14.85 | 12.88 | 10.49 | 7.28 |

---

**MoA Clear Passage 2060 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $11.68 | $10.18 | $13.58 | $11.87 | $11.12 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.24 | 0.25 | 0.18 | 0.16 | 0.28 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.59 | 1.77 | (2.34) | 2.38 | 1.25 |
| Total From Investment Operations | 1.83 | 2.02 | (2.16) | 2.54 | 1.53 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.28) | (0.25) | (0.19) | (0.26) | (0.42) |
| From Net Realized Gains | (0.54) | (0.27) | (1.05) | (0.57) | (0.36) |
| Total Distributions | (0.82) | (0.52) | (1.24) | (0.83) | (0.78) |
| **Net Asset Value, End of Period** | $12.69 | $11.68 | $10.18 | $13.58 | $11.87 |
| Total Return (%)<sup>(b)</sup> | 15.73 | 20.19 | (15.72) | 21.60 | 14.08 |
| Net Assets, End of Year ($ millions) | 311 | 233 | 155 | 130 | 72 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 1.95 | 2.39 | 1.62 | 1.25 | 4.14 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.17 | 0.17 | 0.17 | 0.16 | 0.22 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.17 | 0.17 | 0.17 | 0.05 | 0.05 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 15.46 | 12.15 | 12.95 | 14.26 | 6.70 |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(d) Portfolio turnover rate excludes all short-term securities.

------

**MoA Clear Passage 2065 Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended**<br> **December 31,**<br>|
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a),(b)</sup><br>|
| **Net Asset Value, Beginning of Year** | $11.89 | $10.25 | $13.20 | $11.45 | $10.00 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.25 | 0.26 | 0.18 | 0.16 | 0.22 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures <br> Contracts<br>| 1.65 | 1.81 | (2.26) | 2.31 | 1.59 |
| Total From Investment Operations | 1.90 | 2.07 | (2.08) | 2.47 | 1.81 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.29) | (0.26) | (0.19) | (0.26) | (0.24) |
| From Net Realized Gains | (0.34) | (0.17) | (0.68) | (0.46) | (0.12) |
| Total Distributions | (0.63) | (0.43) | (0.87) | (0.72) | (0.36) |
| **Net Asset Value, End of Period** | $13.16 | $11.89 | $10.25 | $13.20 | $11.45 |
| Total Return (%)<sup>(c)</sup> | 16.01 | 20.50 | (15.54) | 21.73 | 18.16 <br><sup>(d)</sup><br>|
| Net Assets, End of Year ($ millions) | 122 | 68 | 34 | 17 | 3 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.11 | 2.62 | 1.88 | 1.44 | 3.40 <br><sup>(d)</sup><br>|
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(e)</sup> | 0.27 | 0.43 | 0.63 | 1.15 | 4.61 <br><sup>(f)</sup><br>|
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(e)</sup> | 0.04 | 0.05 | 0.05 | 0.05 | 0.05 <br><sup>(f)</sup><br>|
| Portfolio Turnover Rate (%)<sup>(g)</sup> | 12.71 | 17.62 | 16.45 | 28.10 | 10.76 <br><sup>(d)</sup><br>|

---

**MoA Balanced Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $18.82 | $17.39 | $21.18 | $19.16 | $18.68 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.43 | 0.39 | 0.35 | 0.32 | 0.37 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 2.88 | 2.21 | (2.91) | 2.80 | 1.75 |
| Total From Investment Operations | 3.31 | 2.60 | (2.56) | 3.12 | 2.12 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.44) | (0.40) | (0.36) | (0.32) | (0.77) |
| From Net Realized Gains | (1.37) | (0.77) | (0.87) | (0.78) | (0.87) |
| Return of Capital | (1.81) |  |  |  |  |
| Total Distributions | (0.63) | (1.17) | (1.23) | (1.10) | (1.64) |
| **Net Asset Value, End of Period** | $20.32 | $18.82 | $17.39 | $21.18 | $19.16 |
| Total Return (%)<sup>(c)</sup> | 17.56 | 15.07 | (12.02) | 16.48 | 11.77 |
| Net Assets, End of Year ($ millions) | 199 | 187 | 180 | 218 | 191 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.07 | 2.09 | 1.81 | 1.53 | 1.76 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.56 | 0.54 | 0.54 | 0.46 | 0.54 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.55 | 0.54 | 0.54 | 0.46 | 0.54 |
| Portfolio Turnover Rate (%)<sup>(g)</sup> | 36.98 | 50.33 | 25.01 | 23.68 | 38.58 |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) For the period August 3, 2020 (commencement of operations) through December 31, 2020.

(c) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(d) Not annualized.

(e) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(f) Annualized.

(g) Portfolio turnover rate excludes all short-term securities.

------

**MoA Conservative Allocation Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $11.16 | $10.40 | $12.86 | $12.67 | $12.71 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.37 | 0.25 | 0.19 | 0.18 | 0.48 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 0.53 | 0.91 | (1.80) | 0.80 | 0.67 |
| Total From Investment Operations | 0.90 | 1.16 | (1.61) | 0.98 | 1.15 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.36) | (0.26) | (0.19) | (0.20) | (0.74) |
| From Net Realized Gains | (0.27) | (0.14) | (0.66) | (0.59) | (0.45) |
| Total Distributions | (0.63) | (0.40) | (0.85) | (0.79) | (1.19) |
| **Net Asset Value, End of Period** | $11.43 | $11.16 | $10.40 | $12.86 | $12.67 |
| Total Return (%)<sup>(b)</sup> | 8.09 | 11.22 | (12.44) | 7.82 | 9.32 |
| Net Assets, End of Year ($ millions) | 153 | 158 | 161 | 201 | 188 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.87 | 2.24 | 1.63 | 1.36 | 3.81 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.14 | 0.13 | 0.08 | 0.06 | 0.06 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.13 | 0.13 | 0.08 | 0.06 | 0.06 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 22.14 | 12.65 | 10.16 | 16.91 | 10.07 |

---

**MoA Moderate Allocation Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $13.17 | $12.20 | $15.98 | $15.14 | $15.51 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.36 | 0.30 | 0.24 | 0.22 | 0.58 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.12 | 1.53 | (2.49) | 1.90 | 1.13 |
| Total From Investment Operations | 1.48 | 1.83 | (2.25) | 2.12 | 1.71 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.39) | (0.30) | (0.24) | (0.28) | (0.89) |
| From Net Realized Gains | (0.83) | (0.56) | (1.29) | (1.00) | (1.19) |
| Total Distributions | (1.22) | (0.86) | (1.53) | (1.28) | (2.08) |
| **Net Asset Value, End of Period** | $13.43 | $13.17 | $12.20 | $15.98 | $15.14 |
| Total Return (%)<sup>(b)</sup> | 11.27 | 15.34 | (13.91) | 14.19 | 11.67 |
| Net Assets, End of Year ($ millions) | 397 | 403 | 393 | 487 | 444 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.49 | 2.25 | 1.71 | 1.34 | 3.69 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.08 | 0.07 | 0.04 | 0.03 | 0.03 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.07 | 0.07 | 0.04 | 0.03 | 0.03 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 15.72 | 12.56 | 8.74 | 14.83 | 10.69 |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(d) Portfolio turnover rate excludes all short-term securities.

------

**MoA Aggressive Allocation Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $14.41 | $13.30 | $17.86 | $16.80 | $17.36 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.33 | 0.32 | 0.26 | 0.23 | 0.59 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | 1.56 | 1.94 | (3.02) | 2.78 | 1.60 |
| Total From Investment Operations | 1.89 | 2.26 | (2.76) | 3.01 | 2.19 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.38) | (0.32) | (0.27) | (0.35) | (0.92) |
| From Net Realized Gains | (0.93) | (0.83) | (1.53) | (1.60) | (1.83) |
| Total Distributions | (1.31) | (1.15) | (1.80) | (1.95) | (2.75) |
| **Net Asset Value, End of Period** | $14.99 | $14.41 | $13.30 | $17.86 | $16.80 |
| Total Return (%)<sup>(b)</sup> | 13.22 | 17.52 | (15.24) | 18.21 | 13.72 |
| Net Assets, End of Year ($ millions) | 335 | 336 | 313 | 390 | 337 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 2.05 | 2.21 | 1.66 | 1.22 | 3.50 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)<sup>(c)</sup> | 0.09 | 0.08 | 0.05 | 0.04 | 0.04 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)<sup>(c)</sup> | 0.08 | 0.08 | 0.05 | 0.04 | 0.04 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 15.97 | 10.51 | 9.54 | 13.06 | 10.23 |

---

**MoA US Government Money Market Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a),(e)</sup><br>|
| **Net Asset Value, Beginning of Year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.04 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.05 | 0.05 | 0.01 | — <br><sup>(f)</sup><br>| 0.01 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | — <br><sup>(f)</sup><br>| 0.01 | — <br><sup>(g)</sup><br>| — <br><sup>(g)</sup><br>| (0.01) |
| Total From Investment Operations | 0.05 | — <br><sup>(g)</sup><br>| 0.01 | — <br><sup>(f)</sup><br>| — <br><sup>(f)</sup><br>|
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.05) | (0.05) | (0.01) |  | 0.04 |
| From Net Realized Gains |  | — <br><sup>(g)</sup><br>|  |  | — <br><sup>(f)</sup><br>|
| Return of Capital |  |  |  |  | — <br><sup>(g)</sup><br>|
| Total Distributions | (0.05) | (0.05) | (0.01) |  | 0.04 |
| Capital Contribution from Adviser | — <br><sup>(g)</sup><br>|  |  |  |  |
| **Net Asset Value, End of Period** | 1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total Return (%)<sup>(b)</sup> | 5.09 <br><sup>(h)</sup><br>| 4.99 | 1.31 | (0.17) | 0.28 |
| Net Assets, End of Year ($ millions) | 516 | 586 | 335 | 173 | 122 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 4.99 | 4.90 | 1.71 | (0.20) | 0.40 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.23 | 0.23 | 0.24 | 0.26 | 0.27 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.22 | 0.23 | 0.24 | 0.26 | 0.27 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | NA | NA | NA | NA | NA |

---

------

(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(c) The Conservative, Aggressive, and Moderate Allocation Funds and Target Date Funds exclude expenses of the underlying funds.

(d) Portfolio turnover rate excludes all short-term securities.

(e) On August 23, 2024, the MoA US Government Money Market Fund, had a stock split with exact split ratio 11.855015:1. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis and the historical split that occurred on September 25, 2020 referenced in note (a).

(f) Amount is less than $0.005 per share.

(g) Amount is less than $0.0005 per share.

(h) The Fund accrued a non-recurring capital contribution from Mutual of America Capital Management LLC of $145 to reflect lost opportunity cost arising when a portion of the portfolio was uninvested. The total return absent the adviser capital contribution was 5.09%.

------

**MoA Intermediate Bond Fund**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $9.64 | $9.43 | $10.36 | $10.79 | $10.63 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.35 | 0.22 | 0.14 | 0.14 | 0.15 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | (0.09) | 0.21 | (0.93) | (0.36) | 0.39 |
| Total From Investment Operations | 0.26 | 0.43 | (0.79) | (0.22) | 0.54 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.35) | (0.22) | (0.14) | (0.14) | (0.38) |
| From Net Realized Gains |  |  | — <br><sup>(b)</sup><br>| (0.07) | — <br><sup>(b)</sup><br>|
| Total Distributions | (0.35) | (0.22) | (0.14) | (0.21) | (0.38) |
| **Net Asset Value, End of Period** | $9.55 | $9.64 | $9.43 | $10.36 | $10.79 |
| Total Return (%)<sup>(c)</sup> | 2.79 | 4.62 | (7.66) | (2.02) | 5.05 |
| Net Assets, End of Year ($ millions) | 899 | 950 | 878 | 866 | 829 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 3.61 | 2.39 | 1.42 | 1.32 | 1.79 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.46 | 0.47 | 0.45 | 0.44 | 0.46 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.46 | 0.46 | 0.45 | 0.44 | 0.46 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 53.52 | 50.30 | 21.07 | 17.57 | 10.72 |

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**MoA Core Bond Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2024** | **2023** | **2022** | **2021** | **2020** <br><sup>(a)</sup><br>|
| **Net Asset Value, Beginning of Year** | $12.45 | $12.21 | $14.32 | $15.01 | $14.77 |
| Income (Loss) from Investment Operations |  |  |  |  |  |
| Net Investment Income (Loss) | 0.46 | 0.36 | 0.27 | 0.23 | 0.28 |
| Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts | (0.32) | 0.24 | (2.09) | (0.60) | 0.67 |
| Total From Investment Operations | 0.14 | 0.60 | (1.82) | (0.37) | 0.95 |
| Less Distributions |  |  |  |  |  |
| From Net Investment Income | (0.47) | (0.36) | (0.29) | (0.27) | (0.70) |
| From Net Realized Gains |  |  |  | (0.05) | (0.01) |
| Return of Capital |  |  |  |  | — <br><sup>(b)</sup><br>|
| Total Distributions | (0.47) | (0.36) | (0.29) | (0.32) | (0.71) |
| **Net Asset Value, End of Period** | $12.12 | $12.45 | $12.21 | $14.32 | $15.01 |
| Total Return (%)<sup>(c)</sup> | 1.20 | 5.03 | (12.79) | (2.45) | 6.40 |
| Net Assets, End of Year ($ millions) | 2209 | 2060 | 1841 | 2049 | 1873 |
| Ratio of Net Investment Income (Loss) to Average Net Assets (%) | 3.78 | 2.94 | 2.07 | 1.56 | 2.03 |
| Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.45 | 0.45 | 0.43 | 0.43 | 0.45 |
| Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.44 | 0.44 | 0.43 | 0.43 | 0.45 |
| Portfolio Turnover Rate (%)<sup>(d)</sup> | 44.53 | 34.81 | 33.44 | 31.53 | 28.98 |

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(a) On September 25, 2020, the MoA Funds, with the exception of the Catholic Values Index Fund which commenced operations on September 30, 2020, had a 1 for 10 reverse share split.

(b) Amount is less than $0.005 per share.

(c) 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. For variable annuity owners or participants in a group variable annuity, the total return does not reflect the effect of fees and charges associated with your variable annuity contract and 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. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(d) Portfolio turnover rate excludes all short-term securities.

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MoA Funds Corporation

<u>Investment Adviser</u>

Mutual of America Capital Management LLC

<u>Fund Counsel</u>

Ropes & Gray LLP

<u>Custodian</u>

The Bank of New York Mellon

<u>Independent Registered Public Accounting Firm</u>

KPMG LLP

<u>Distributor</u>

Foreside Fund Services, LLC

<u>Transfer Agent</u>

BNY Investment Servicing (US) Inc.

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**MoA Funds** 

**320 Park Avenue, New York, New York 10022-6839** 

**You May Obtain More Information**

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**Registration Statement.** We have filed with the SEC a Registration Statement about the Investment Company. The Registration Statement includes this prospectus, a Statement of Additional Information (the "**SAI**"), and exhibits which are incorporated by reference and are legally a part of this Prospectus. You may examine and copy the Registration Statement at the SEC's Public Reference Room in Washington, DC. You may call 800.SEC.0330 to learn about the operation of the Public Reference Room.

**Statement of Additional Information.** The SAI contains additional information about the Investment Company and its Funds. We incorporate the SAI into this Prospectus by reference.

**Semi-annual and Annual Reports.** Additional information about the Funds' investments is available in the Investment Company's annual and semi-annual reports to shareholders. In the annual reports, you will find a discussion (for all Funds except the MoA US Government Money Market Fund) of the market conditions and investment strategies that significantly affected the Funds' performance during its last fiscal year.

**How to Obtain the SAI and Reports.** You may obtain a free copy of the SAI or of the most recent annual and semi-annual reports, by:

&nbsp;&nbsp;&nbsp;&nbsp;● writing to MoA Funds at 320 Park Avenue, New York, NY 10022-6839, or

&nbsp;&nbsp;&nbsp;&nbsp;● calling 800.914.8716 and asking for MoA Funds.

You may obtain the SAI and the annual and semi-annual reports free of charge through the MoA Funds website at moafunds.com.

The SEC has an Internet website at http://www.sec.gov. You may obtain the Investment Company's Registration Statement, including the SAI, and its semi-annual and annual reports through the SEC's Internet site. You also may obtain copies of these documents, upon your payment of a duplicating fee, by electronic request at this e-mail address: publicinfo@sec.gov., or by writing to the SEC's Public Reference Section, Washington, DC 20549-1520.

**Where to Direct Questions.** If you have questions about the operations of the Investment Company, you should contact MoA Funds at 800.914.8716.

*Investment Company Act of 1940 Act File Number 811-5084* 

**Prospectus dated May 1, 2025, as supplemented September 8, 2025**

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