# EDGAR Filing Document

**Accession Number:** 0000795259
**File Stem:** 0001193125-25-193652
**Filing Date:** 2025-9
**Character Count:** 956726
**Document Hash:** 5151504cb331e58ca29ecd6ec87c4d3e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-193652.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001193125-25-193652

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 38

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**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:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05084
- **FILM NUMBER:** 251283729

**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
**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:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-06486
- **FILM NUMBER:** 251283728

**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 Equity Index Fund (Series ID: S000009389)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000025733 | MoA Equity Index Fund |  |

### MoA Moderate Allocation Fund (Series ID: S000009390)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000025734 | MoA Moderate Allocation Fund |  |

### MoA Aggressive Allocation Fund (Series ID: S000009391)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000025735 | MoA Aggressive Allocation Fund |  |

### MoA US Government Money Market Fund (Series ID: S000009392)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000025736 | MoA US Government Money Market Fund |  |

### MoA Intermediate Bond Fund (Series ID: S000009394)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000025738 | MoA Intermediate Bond Fund |  |

### MoA Core Bond Fund (Series ID: S000009395)

| Class ID   | Class Name         | Ticker Symbol   |
|:---|:---|:---|
| C000025739 | MoA Core Bond Fund |  |

### MoA All America Fund (Series ID: S000009396)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000025740 | MoA All America Fund |  |

### MoA Small Cap Value Fund (Series ID: S000009397)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000025741 | MoA Small Cap Value Fund |  |

### MoA Small Cap Growth Fund (Series ID: S000009398)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000025742 | MoA Small Cap Growth Fund |  |

### MoA Mid Cap Value Fund (Series ID: S000009399)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000025743 | MoA Mid Cap Value Fund |  |

### MoA Mid Cap Equity Index Fund (Series ID: S000009400)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000025744 | MoA Mid Cap Equity Index Fund |  |

### MoA Balanced Fund (Series ID: S000009402)

| Class ID   | Class Name        | Ticker Symbol   |
|:---|:---|:---|
| C000025746 | MoA Balanced Fund |  |

### MoA Conservative Allocation Fund (Series ID: S000009403)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000025747 | MoA Conservative Allocation Fund |  |

### 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 International Fund (Series ID: S000017204)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000047659 | MoA International 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 Small Cap Equity Index Fund (Series ID: S000061788)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000200087 | MoA Small Cap Equity Index Fund |  |

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

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

### MoA Catholic Values Index Fund (Series ID: S000068380)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000218762 | MoA Catholic Values Index 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 |  |

### MoA Mid Cap Growth Fund (Series ID: S000094842)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000263386 | MoA Mid Cap Growth Fund |  |

?xml version='1.0' encoding='ASCII'? 485BPOS

**As filed with the Securities and Exchange Commission on September 2, 2025** 

**Registration No. 33-6486**

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM N-1A**

**REGISTRATION STATEMENT**

***UNDER*** 

*THE SECURITIES ACT OF 1933* ☒ <br> PRE-EFFECTIVE AMENDMENT NO. ☐ <br> POST-EFFECTIVE AMENDMENT NO. 73 ☒

**AND/OR**

**REGISTRATION STATEMENT**

***UNDER*** 

THE INVESTMENT COMPANY ACT OF 1940 ☒ <br> AMENDMENT NO. 74

------

**MoA FUNDS CORPORATION**

**(Exact Name of Registrant as Specified in Charter)**

------

**320 Park Avenue New York, New York 10022**

**(Address of Principal Executive Office)(Zip Code)**

**Registrant's Telephone Number, including Area Code: (212) 224-1600**

**Joseph R. Gaffoglio, Chairman, CEO and PEO**

**MoA Funds Corporation**

**320 Park Avenue**

**New York, New York 10022-6839**

**(Name and Address of Agent for Service)**

------

***Copy to:***

**Amy Latkin**

**Secretary**

**MoA Funds Corporation**

**320 Park Avenue**

**New York, New York 10022-6839**

**Approximate Date of Proposed Public Offering:**

**As soon as practicable after the effective date of the Registration Statement**

------

---

| | |
|:---|:---|
| It is proposed that this filing will become effective: (check appropriate box) | It is proposed that this filing will become effective: (check appropriate box) |
| ☐ | immediately upon filing pursuant to paragraph (b) of Rule 485. |
| ☒ | on September 2, 2025 pursuant to paragraph (b) of Rule 485. |
| ☐ | 60 days after filing pursuant to paragraph (a)(1) of Rule 485. |
| ☐ | on September 2, 2025 pursuant to paragraph (a)(1) of Rule 485. |
| ☐ | 75 days after filing pursuant to paragraph (a)(2) of Rule 485. |
| ☐ | on September 2, 2025 pursuant to paragraph (a)(2) of Rule 485. |

---

------

**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 September 2, 2025**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **[Summary Section](#xx_be2d90fa-1fdd-4de8-9781-2f6c6f2bd1a4_1)** | 2 |
| [MoA Mid Cap Growth Fund](#xx_be2d90fa-1fdd-4de8-9781-2f6c6f2bd1a4_1) | 2 |
| [Important Additional Information About All Funds](#xx_891e089e-6a62-4c79-8ffa-a9f3b075bd43_1) | 5 |
| **[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>| 6 |
| [MoA Equity Index Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_3) | 8 |
| [MoA All America Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_4) | 9 |
| [MoA Small Cap Value Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_5) | 10 |
| [MoA Small Cap Growth Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_5) | 10 |
| [MoA Small Cap Equity Index Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_6) | 11 |
| [MoA Mid Cap Value Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_6) | 11 |
| [MoA Mid Cap Growth Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_7) | 12 |
| [MoA Mid Cap Equity Index Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_7) | 12 |
| [MoA International Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_8) | 13 |
| [MoA Catholic Values Index Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_8)<sup>TM</sup> | 13 |
| [MoA US Government Money Market Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_9) | 14 |
| [MoA Intermediate Bond Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_10) | 15 |
| [MoA Core Bond Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_11)<sup>TM</sup> | 16 |
| [MoA Target Date Funds](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_13)<sup>TM</sup> | 18 |
| [MoA Balanced Fund](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_16) | 21 |
| [MoA Asset Allocation Funds](#xx_8c2320f1-a9aa-4365-b756-fbd238072477_17) | 22 |
| **[Description of Principal Risks](#xx_92e39e53-2131-47e1-8f1b-c8af134d970b_1)** | 25 |
| **[Disclosure of Portfolio Securities Information](#xx_92e39e53-2131-47e1-8f1b-c8af134d970b_8)** | 32 |
| **[Management of the Funds](#xx_69705a3c-b53c-43d3-ab5e-189da7e9c10c_1)** | 33 |
| [The Adviser](#xx_69705a3c-b53c-43d3-ab5e-189da7e9c10c_1) | 33 |
| [Portfolio Managers](#xx_69705a3c-b53c-43d3-ab5e-189da7e9c10c_1) | 33 |
| **[Information About Fund Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_1)** | 36 |
| [Pricing of Fund Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_1) | 36 |
| [Purchase of Fund Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_2) | 37 |
| [Shareholder Servicing Payments](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_5) | 40 |
| [Other Payments to Financial Intermediaries](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_5) | 40 |
| [Breakpoint Discounts](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_6) | 41 |
| [Redemption of Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_6) | 41 |
| [Frequent Purchases and Redemptions of Fund Shares](#xx_4fc5a8cf-989d-42ca-bab4-d27a124fea8a_9) | 44 |
| **[FINANCIAL HIGHLIGHTS](#xx_ae71ff9c-e25a-4afa-a71c-4f500844a951_1)** | 48 |

---

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MoA FUNDS SUMMARY

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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.

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**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.

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**Important Additional Information About All Funds**

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**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 |

---

**MoA Mid Cap Equity Index 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** | $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 |

---

**MoA Core 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** | $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 |

---

------

(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.

------

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.

------

**MoA Funds** 

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

**You May Obtain More Information**

------

**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 September 2, 2025**

------

**STATEMENT OF ADDITIONAL INFORMATION**

MoA Funds Corporation

320 PARK AVENUE,

NEW YORK, NEW YORK 10022

800.914.8716 ---

| | |
|:---|:---|
| MoA Equity Funds: | MoA Asset Allocation Funds: |
| ●MoA Equity Index Fund (MAEIX) | ●MoA Balanced Fund (MACHX) |
| ●MoA All America Fund (MAAKX) | ●MoA Conservative Allocation Fund (MACAX) |
| ●MoA Small Cap Value Fund (MAVKX) | ●MoA Moderate Allocation Fund (MAMOX) |
| ●MoA Small Cap Growth Fund (MAGKX) | ●MoA Aggressive Allocation Fund (MAANX) |
| ●MoA Small Cap Equity Index Fund (MASOX) | MoA Target Date Funds: |
| ●MoA Mid Cap Value Fund (MAMVX) | ●MoA Retirement Income Fund (MARMX) |
| ●MoA Mid Cap Growth Fund (MOAGX) | ●MoA Clear Passage 2020 Fund (MURGX)<sup>TM</sup> <br>|
| ●MoA Mid Cap Equity Index Fund (MAMEX) | ●MoA Clear Passage 2025 Fund (MURHX)<sup>TM</sup> <br>|
| ●MoA International Fund (MAIFX) | ●MoA Clear Passage 2030 Fund (MURIX)<sup>TM</sup> <br>|
| ●MoA Catholic Values Index Fund (MACCX)<sup>TM</sup> <br>| ●MoA Clear Passage 2035 Fund (MURJX)<sup>TM</sup> <br>|
| MoA Fixed Income Funds: | ●MoA Clear Passage 2040 Fund (MURLX)<sup>TM</sup> <br>|
| ●MoA US Government Money Market Fund (MAAXX) | ●MoA Clear Passage 2045 Fund (MURMX)<sup>TM</sup> <br>|
| ●MoA Intermediate Bond Fund (MAMBX) | ●MoA Clear Passage 2050 Fund (MURNX)<sup>TM</sup> <br>|
| ●MoA Core Bond Fund (MABDX)<sup>TM</sup> <br>| ●MoA Clear Passage 2055 Fund (MUROX)<sup>TM</sup> <br>|
|  | ●MoA Clear Passage 2060 Fund (MURPX)<sup>TM</sup> <br>|
|  | ●MoA Clear Passage 2065 Fund (MURQX)<sup>TM</sup> <br>|
|  | ●MoA Clear Passage 2070 Fund (MURUX)<sup>TM</sup> <br>|

---

------

This Statement of Additional Information (SAI) is not a prospectus. You should read it in conjunction with the MoA Funds (the "Investment Company") Prospectus dated September 2, 2025, and you should keep it for future use. The Investment Company's audited financial statements, and the independent registered public accounting firm's report thereon, included in its Form N-CSR for the period ended December 31, 2024 are incorporated by reference and made a part of this SAI. (See File No. 811-05084, filed February 28, 2025).

Copies of the Prospectus and most recent shareholder report are available to you at no charge. To obtain a copy of either document, you may write to the Investment Company at the above address or call the toll-free telephone number listed above.

------

**Statement of Additional Information dated September 2, 2025**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| **[INVESTMENT COMPANY'S FORM OF OPERATIONS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_1)** | 2  |
| **[INVESTMENT STRATEGIES AND RELATED RISKS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_1)** | 2  |
| [Additional Permitted Investments](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_2) | 3  |
| [Additional Investment Strategies](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_5) | 6  |
| [Additional Information about Specific Types of Securities](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_9) | 10  |
| **[FUNDAMENTAL INVESTMENT RESTRICTIONS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_14)** | 15  |
| **[NON-FUNDAMENTAL INVESTMENT POLICIES](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_15)** | 16  |
| **[DISCLOSURE OF PORTFOLIO SECURITIES INFORMATION](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_16)** | 17  |
| **[MANAGEMENT OF THE INVESTMENT COMPANY](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_18)** | 19  |
| **[INVESTMENT ADVISORY ARRANGEMENTS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_28)** | 29  |
| **[PORTFOLIO TRANSACTIONS AND BROKERAGE](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_37)** | 38  |
| **[PURCHASE, REDEMPTION AND PRICING OF SHARES](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_39)** | 40  |
| **[TAXATION OF THE FUNDS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_41)** | 42  |
| **[DISTRIBUTION ARRANGEMENTS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_52)** | 53  |
| **[OTHER PAYMENTS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_52)** | 53  |
| **[DESCRIPTION OF CORPORATE BOND RATINGS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_53)** | 54  |
| **[INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_54)** | 55  |
| **[LEGAL MATTERS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_54)** | 55  |
| **[OTHER SERVICE PROVIDERS](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_54)** | 55  |
| **[USE OF STANDARD & POOR'S INDICES](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_55)** | 56  |
| **[PROXY VOTING POLICIES AND PROCEDURES](#xx_85c77160-29b5-4be8-b637-fc3d64a1908b_56)** | 57 |

---

------

**INVESTMENT COMPANY'S FORM OF OPERATIONS**

**History and Operating Form**

------

The Investment Company was formed on February 21, 1986 as a Maryland corporation. It is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Investment Company was created to replace a former actively managed separate account of Mutual of America Life Insurance Company ("Insurance Company").

The Investment Company issues separate classes (or series) of stock, each of which represents a separate portfolio of investments (a "Fund"). There are currently twenty-nine MoA Funds: the MoA Equity Index Fund, MoA All America Fund, MoA Mid Cap Value Fund, MoA Mid Cap Growth Fund, MoA Mid Cap Equity Index Fund, MoA Small Cap Value Fund, MoA Small Cap Growth Fund, MoA Small Cap Equity Index Fund, MoA International Fund, MoA Catholic Values Index Fund<sup>TM</sup>, MoA Intermediate Bond Fund, MoA Core Bond Fund<sup>TM</sup>, MoA US Government Money Market Fund, MoA Retirement Income Fund, MoA Clear Passage 2020 Fund<sup>TM</sup>, MoA Clear Passage 2025 Fund<sup>TM</sup>, MoA Clear Passage 2030 Fund<sup>TM</sup>, MoA Clear Passage 2035 Fund<sup>TM</sup>, MoA Clear Passage 2040 Fund<sup>TM</sup>, MoA Clear Passage 2045 Fund<sup>TM</sup>, MoA Clear Passage 2050 Fund<sup>TM</sup>, MoA Clear Passage 2055 Fund<sup>TM</sup>, MoA Clear Passage 2060 Fund<sup>TM</sup>, MoA Clear Passage 2065 Fund<sup>TM</sup>, MoA Clear Passage 2070 Fund<sup>TM</sup> (together, these twelve Funds are sometimes referred to as the "Clear Passage Funds<sup>TM</sup>"), MoA Balanced Fund, MoA Conservative Allocation Fund, MoA Moderate Allocation Fund and MoA Aggressive Allocation Fund (together, these three Funds are sometimes referred to as the "Asset Allocation Funds").

**Offering of Shares**

------

Shares of the Funds are available for purchase in connection with variable annuity contracts supporting qualified retirement plans and also available for purchase by institutional and retail investors. In addition, the shares of the Funds may be made available to other investors without prior advance notice.

**Description of Shares**

------

The authorized capital stock of the Investment Company consists of 19.635 billion shares of common stock, $0.01 par value. The Investment Company currently has twenty-eight classes of common stock, with each class representing a Fund. The Investment Company may establish additional Funds and may allocate its authorized shares either to new classes or to one or more of the existing classes.

All shares of common stock, of whatever class, are entitled to one vote. The votes of all classes are cast on an aggregate basis, except that if the interests of the Funds differ or a matter relates to fewer than all of the Funds, then the voting is on a Fund-by-Fund basis. Examples of matters that would require a Fund-by-Fund vote are changes in the fundamental investment policy of a particular Fund and approval of the Investment Advisory Agreement or a Subadvisory Agreement for the Fund. The shares of each Fund, when issued, will be fully paid and nonassessable and will have no preference, preemptive, conversion, exchange or similar rights. Shares do not have cumulative voting rights. Each issued and outstanding share in a Fund is entitled to participate equally in dividends and other distributions declared by the Fund and in the net assets of that Fund upon liquidation or dissolution remaining after satisfaction of outstanding liabilities. Expenses that are not directly attributable to one or more Funds will be allocated among the Funds using an appropriate methodology, as determined by management, such as based on relative net assets or an equal allocation.

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

**INVESTMENT STRATEGIES AND RELATED RISKS**

The Prospectus describes each Fund's principal investment strategy(ies) and the related risks. You should refer to "Additional Information on Fund Objectives, Principal Investment Strategies and Principal Investment Risks" in the Prospectus to learn about those strategies and risks.

------

**Additional Permitted Investments**

------

The Funds may use investment strategies and purchase types of securities in addition to those discussed in the Prospectus.

**MoA Equity Index Fund, MoA Mid Cap Equity Index Fund, MoA Small Cap Equity Index Fund, and MoA Catholic Values Index Fund**<sup>TM</sup>**:** In addition to common stocks, the Funds may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● futures and options,

&nbsp;&nbsp;&nbsp;&nbsp;● exchange traded funds,

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments, and

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government and U.S. Government agency obligations.

**MoA All America Fund:** In addition to common stocks, Mutual of America Capital Management LLC (the "Adviser" or "Capital Management"), who actively manages approximately 40% of the net assets of the All America Fund (the "Active Assets"), may invest assets in:

&nbsp;&nbsp;&nbsp;&nbsp;● futures and options contracts,

&nbsp;&nbsp;&nbsp;&nbsp;● exchange traded funds,

&nbsp;&nbsp;&nbsp;&nbsp;● securities convertible into common stocks, including warrants and convertible bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments,

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government and U.S. Government agency obligations,

&nbsp;&nbsp;&nbsp;&nbsp;● foreign securities and ADRs, and

&nbsp;&nbsp;&nbsp;&nbsp;● preferred stock.

The portion of the All America Fund invested to replicate the Russell 3000 <sup>®</sup> Index (the "Indexed Assets") also may be invested in:

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments, and

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government and U.S. Government agency obligations.

The Adviser may manage cash allocated to the Active Assets prior to investment in securities.

**MoA Mid Cap Value Fund:** In addition to common stocks, the Mid Cap Value Fund may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● securities convertible into common stocks, including warrants and convertible bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments,

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government and U.S. Government agency obligations,

&nbsp;&nbsp;&nbsp;&nbsp;● foreign securities and ADRs,

&nbsp;&nbsp;&nbsp;&nbsp;● futures and options contracts, and

&nbsp;&nbsp;&nbsp;&nbsp;● preferred stock.

**MoA Small Cap Value Fund:** In addition to common stocks, the Small Cap Value Fund may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● securities convertible into common stocks, including warrants and convertible bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments,

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government and U.S. Government agency obligations,

&nbsp;&nbsp;&nbsp;&nbsp;● foreign securities and ADRs,

&nbsp;&nbsp;&nbsp;&nbsp;● futures and options contracts, and

&nbsp;&nbsp;&nbsp;&nbsp;● preferred stock.

------

**MoA Small Cap Growth Fund:** In addition to common stocks, the Small Cap Growth Fund may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● securities convertible into common stocks, including warrants and convertible bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments,

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government and U.S. Government agency obligations,

&nbsp;&nbsp;&nbsp;&nbsp;● foreign securities and ADRs,

&nbsp;&nbsp;&nbsp;&nbsp;● futures and options contracts, and

&nbsp;&nbsp;&nbsp;&nbsp;● preferred stock.

**MoA Mid Cap Growth Fund:** In addition to common stocks, the Mid Cap Growth Fund may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● securities convertible into common stocks, including warrants and convertible bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● bonds,

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments,

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government and U.S. Government agency obligations,

&nbsp;&nbsp;&nbsp;&nbsp;● foreign securities and ADRs,

&nbsp;&nbsp;&nbsp;&nbsp;● futures and options contracts, and

&nbsp;&nbsp;&nbsp;&nbsp;● preferred stock.

**MoA International Fund:** In addition to common stocks, foreign securities and ADRs, and exchange traded funds, the International Fund may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● futures and options contracts, and

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments.

**MoA Core Bond Fund**<sup>TM</sup> **and MoA Intermediate Bond Fund (the "Bond Funds"):** In addition to investment grade debt securities of the type described in the Prospectus, each Bond Fund may invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● asset-backed securities,

&nbsp;&nbsp;&nbsp;&nbsp;● below-investment grade securities, for up to 20% of its assets,

&nbsp;&nbsp;&nbsp;&nbsp;● foreign securities,

&nbsp;&nbsp;&nbsp;&nbsp;● cash and money market instruments,

&nbsp;&nbsp;&nbsp;&nbsp;● stocks acquired either by conversion of fixed-income securities or by the exercise of warrants attached to fixed income securities,

&nbsp;&nbsp;&nbsp;&nbsp;● preferred stock,

&nbsp;&nbsp;&nbsp;&nbsp;● options, futures contracts and options on futures contracts, and

&nbsp;&nbsp;&nbsp;&nbsp;● equipment trust certificates.

**MoA US Government Money Market Fund:** In addition to 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, the Fund may invest up to 0.5% of its assets in other money market instruments and similar obligations, including:

&nbsp;&nbsp;&nbsp;&nbsp;● negotiable certificates of deposit, bank time deposits, bankers' acceptances and other short-term debt obligations of domestic banks and foreign branches of domestic banks and U.S. branches of foreign banks, which at the time of their most recent annual financial statements show assets in excess of $5 billion;

&nbsp;&nbsp;&nbsp;&nbsp;● certificates of deposit, time deposits and other short-term debt obligations of domestic savings and loan associations, which at the time of their most recent annual financial statements show assets in excess of $1 billion;

&nbsp;&nbsp;&nbsp;&nbsp;● commercial paper; and

------

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

&nbsp;&nbsp;&nbsp;&nbsp;● repurchase agreements covering government securities, certificates of deposit, commercial paper or bankers' acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;● variable amount floating rate notes; and

&nbsp;&nbsp;&nbsp;&nbsp;● debt securities issued by a corporation.

The MoA US Government Money Market Fund may also enter into transactions in options, futures contracts and options on futures contracts on United States Treasury securities.

Under the MoA US Government Money Market Fund's investment policy, the Fund seeks to maintain a net asset value ("NAV") of $1.00 per share. The dollar-weighted average maturity of the securities held by the MoA US Government Money Market Fund will not exceed 60 days and the dollar-weighted average life to maturity will not exceed 120 days.

The securities in the MoA US Government Money Market Fund must meet the following quality requirements —

&nbsp;&nbsp;&nbsp;&nbsp;● All of the securities held by the MoA US Government Money Market Fund will be U.S. dollar denominated securities.

&nbsp;&nbsp;&nbsp;&nbsp;● All of the securities held by the MoA US Government Money Market Fund must have a remaining maturity of 397 calendar days or less or be otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;● All of the securities held by the MoA US Government Money Market Fund must have been determined to present minimal credit risks to the Fund at the time of purchase in accordance with policies and procedures adopted by the Fund's Board of Directors.

The Adviser must provide an ongoing review of whether each security (other than securities issued by a registered money market fund or any U.S. government security) continues to present minimal credit risks. Upon the occurrence of a default with respect to a portfolio security, a portfolio security ceasing to be an eligible security, or an event of insolvency with respect to the issuer of a security or the provider of any guarantee, then the Fund will sell any such securities as soon as practicable, unless the Board of Directors determines that sale of those securities would not be in the best interests of the Fund.

**MoA Clear Passage Funds**<sup>TM</sup>**:** In addition to shares of other Funds of the Investment Company, the Clear Passage Funds may each invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● securities issued or guaranteed by the U.S. Government or a U.S. Government agency or instrumentality; and

&nbsp;&nbsp;&nbsp;&nbsp;● commercial paper and other short-term paper as defined in the 1940 Act.

**MoA Balanced Fund:** In addition to common stocks, the equity portion of the **Balanced** Fund may be invested in:

&nbsp;&nbsp;&nbsp;&nbsp;● securities convertible into common stocks, including warrants,

&nbsp;&nbsp;&nbsp;&nbsp;● preferred stock,

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments,

&nbsp;&nbsp;&nbsp;&nbsp;● U.S. Government and U.S. Government agency obligations,

&nbsp;&nbsp;&nbsp;&nbsp;● foreign securities and ADRs, and

&nbsp;&nbsp;&nbsp;&nbsp;● futures and options contracts.

In addition to investment grade debt securities of the type described in the Prospectus, the fixed-income portion of the Balanced Fund may be invested in:

&nbsp;&nbsp;&nbsp;&nbsp;● asset-backed securities,

&nbsp;&nbsp;&nbsp;&nbsp;● money market instruments,

&nbsp;&nbsp;&nbsp;&nbsp;● non-investment grade debt securities,

&nbsp;&nbsp;&nbsp;&nbsp;● foreign 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;● options, futures contracts and options on futures contracts, and

&nbsp;&nbsp;&nbsp;&nbsp;● equipment trust certificates.

**MoA Asset Allocation Funds:** In addition to shares of other Funds of the Investment Company, the Aggressive Allocation, Moderate Allocation and Conservative Allocation Funds may each invest in:

&nbsp;&nbsp;&nbsp;&nbsp;● securities issued or guaranteed by the U.S. Government or a U.S. Government agency or instrumentality; and

&nbsp;&nbsp;&nbsp;&nbsp;● commercial paper and other short-term paper as defined in the 1940 Act.

**Additional Investment Strategies**

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**Lending of Securities**

The Funds have the authority to lend their securities.

Upon lending securities, a Fund must receive as collateral cash, securities issued or guaranteed by the United States Government or its agencies, or standby letters of credit, not issued by the Fund's banking lending agent. The collateral amount at all times while the loan is outstanding must be maintained in amounts equal to at least 100% of the current market value of the loaned securities.

The Fund will continue to be entitled to receive substitute payments in the amount of interest or dividends on the securities lent. In addition, it will receive a portion of the income generated by the short-term investment of cash received as collateral, or, alternatively, where securities or a letter of credit are used as collateral, a lending fee paid directly to the Fund by the borrower of the securities. A Fund will have the right to terminate a securities loan at any time. The Fund will have the right to regain record ownership of loaned securities in order to exercise beneficial rights, such as voting rights or subscription rights.

Loans of securities will be made only to firms that the Adviser deems creditworthy. There are risks of delay in recovery and even loss of rights in the collateral if the borrower of securities defaults, becomes the subject of bankruptcy proceedings or otherwise is unable to fulfill its obligations or fails financially.

**Repurchase Agreements**

The Funds have the authority to enter into repurchase agreements.

Under a repurchase agreement, a Fund acquires underlying debt instruments for a relatively short period (usually not more than one week or more than one year) subject to an obligation of the seller to repurchase (and the Fund to resell) the instrument at a fixed price and time, thereby determining the yield during the Fund's holding period. This results in a fixed rate of return insulated from market fluctuation during such period. Accrued interest on the underlying security will not be included for purposes of valuing a Fund's assets.

Repurchase agreements have the characteristics of loans by a Fund and will be fully collateralized (either with physical securities or evidence of book entry transfer to the account of the custodian bank) at all times. During the term of the repurchase agreement, the Fund retains the security subject to the repurchase agreement as collateral securing the seller's repurchase obligation, continually monitors the market value of the security subject to the agreement and requires the Fund's seller to deposit with the Fund additional collateral equal to any amount by which the market value of the security subject to the repurchase agreement falls below the resale amount provided under the repurchase agreement.

The Funds will enter into repurchase agreements only with member banks of the Federal Reserve System and with dealers in U.S. Government securities whose creditworthiness has been reviewed and found satisfactory. Securities underlying repurchase agreements will be limited to certificates of deposit, commercial paper, bankers' acceptances, or obligations issued or guaranteed by the United States Government or its agencies or instrumentalities, in which the Funds may otherwise invest.

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A seller of a repurchase agreement could default and not repurchase from a Fund the security that is the subject of the agreement. The Fund would look to the collateral underlying the seller's repurchase agreement, including the securities subject to the repurchase agreement, for satisfaction of the seller's obligation to the Fund. In such event, the Fund might incur disposition costs in liquidating the collateral and might suffer a loss if the value of the collateral declines. There is a risk that if the issuer of the repurchase agreement becomes involved in bankruptcy proceedings, the Fund might be delayed or prevented from liquidating the underlying security or otherwise obtaining it for its own purposes, if the Fund did not have actual or book entry possession of the security.

**When Issued and Delayed Delivery Securities**

The Funds may from time to time in the ordinary course of business purchase fixed income securities on a when-issued or delayed delivery basis, which means that at the time of purchase the price and yield are fixed, but payment and delivery occur at a future date. Upon purchase of a when-issued or delayed delivery security, a Fund will record the transaction and include the security's value in determining its net asset value ("NAV"). When the security is delivered to the Fund, its market value may be more or less than the purchase price. A Fund may enter into commitments for when-issued or delayed delivery securities when it intends to acquire the securities, or for other investment purposes, even when the Fund does not intend to acquire the securities.

**Illiquid Securities**

Each Fund, with respect to not more than 15% of its total assets, may purchase securities that are illiquid investments (i.e., any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment). A Fund may incur higher transaction costs and require more time to complete transactions for the purchase and sale of illiquid securities than for readily marketable securities. When a Fund determines to sell an illiquid security within a relatively short time period, it may have to accept a lower sales price than if the security were readily marketable.

**Options and Futures Contracts**

Each of the Funds other than the Asset Allocation Funds and the Clear Passage Funds may purchase and sell options and futures contracts, as described below.

&nbsp;&nbsp;&nbsp;&nbsp;● A ***call option*** is a short-term contract (generally having a duration of nine months or less) which gives the purchaser of the option the right to purchase the underlying security at a fixed exercise price at any time prior to the expiration of the option regardless of the market price of the security during the option period.

As consideration for writing a covered call option, a Fund (the seller) receives from the purchaser a premium, which the Fund retains whether or not the option is exercised. The seller of the call option has the obligation, upon the exercise of the option by the purchaser, to sell the underlying security at the exercise price at any time during the option period.

&nbsp;&nbsp;&nbsp;&nbsp;● A ***put option*** is a similar short-term contract that gives the purchaser of the option the right to sell the underlying security at a fixed exercise price at any time prior to the expiration of the option regardless of the market price of the security during the option period. As consideration for the put option, a Fund (the purchaser) pays the seller a premium, which the seller retains whether or not the option is exercised. The seller of the put option has the obligation, upon the exercise of the option by the purchaser, to purchase the underlying security at the exercise price at any time during the option period. The buying of a covered put contract limits the downside exposure for the investment in the underlying security to the combination of the exercise price less the premium paid.

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Each Fund may purchase and sell futures contracts, and purchase options on futures contracts, on fixed-income securities or on an index of securities, such as the Standard & Poor's 100 <sup>®</sup> Index, the Standard & Poor's 500 <sup>®</sup> Index or the New York Stock Exchange Composite Index.

&nbsp;&nbsp;&nbsp;&nbsp;● A ***futures contract on fixed income securities*** requires the seller to sell, and the purchaser to buy, a stated quantity of a given type of fixed income security for a fixed price at a specified time in the future. A futures contract or option on a futures contract on a stock index provides for the making and acceptance of a cash settlement equal to the change in value of a hypothetical portfolio of stocks between the time the contract is entered into and the time it is closed out, times a fixed multiplier. Futures contracts may be traded domestically only on exchanges which have been designated as "contract markets" by the Commodity Futures Trading Commission, such as the Chicago Board of Trade.

&nbsp;&nbsp;&nbsp;&nbsp;● An ***option on a futures contract provides*** the purchaser with the right, but not the obligation, to enter into a "long" position in the underlying futures contract (in the case of a call option on a futures contract), or a "short" position in the underlying futures contract (in the case of a put option on a futures contract), at a fixed price up to or on a stated expiration date. Upon exercise of the option by the holder, the contract market clearing house establishes a corresponding short position for the writer of the option, in the case of a call option, or a corresponding long position in the case of a put option. The trading of options on futures contracts subjects the parties to many of the risks associated with the trading of futures contracts, such as, with respect to the writers of options on futures contracts, the payment of margin. In the event that an option is exercised, the parties are subject to all of the risks associated with the trading of futures contracts, such as payment of margin deposits.

&nbsp;&nbsp;&nbsp;&nbsp;● A Fund does not pay or receive a payment upon its purchase or sale of a futures contract. Initially, a Fund will be required to deposit with the Fund's custodian in the broker's name an amount of cash or U.S. Treasury bills known as "initial margin."

&nbsp;&nbsp;&nbsp;&nbsp;● While a futures contract is outstanding, there will be subsequent payments, called "maintenance margin", to and from the broker. These payments will be made on a daily or intraday basis as the price of the underlying instrument or stock index fluctuates, making the long and short positions in the futures contract more or less valuable. This process is known as "mark to market". At any time prior to expiration of the futures contract, a Fund may elect to close the position by taking an opposite position, which will operate to terminate the Fund's position in the futures contract and may require additional transaction costs. A final determination of margin is then made, additional cash is required to be paid by or released to the Fund, and the Fund realizes a loss or gain.

A Fund may use futures contracts to protect against general increases or decreases in the levels of securities prices, in the manner described below.

&nbsp;&nbsp;&nbsp;&nbsp;● When a Fund anticipates a general decrease in the market value of portfolio securities, it may sell futures contracts. If the market value falls, the decline in the Fund's net asset value may be offset, in whole or in part, by corresponding gains on the futures position.

&nbsp;&nbsp;&nbsp;&nbsp;● A Fund may sell futures contracts on fixed-income securities in anticipation of a rise in interest rates that would cause a decline in the value of fixed-income securities held in the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;● A Fund may sell stock index futures contracts in anticipation of a general market wide decline that would reduce the value of its portfolio of stocks.

&nbsp;&nbsp;&nbsp;&nbsp;● When a Fund projects an increase in the cost of fixed-income securities or stocks to be acquired in the future, the Fund may purchase futures contracts on fixed-income securities or stock indexes. If the hedging transaction is successful, the increased cost of securities subsequently acquired may be offset, in whole or in part, by gains on the futures position.

&nbsp;&nbsp;&nbsp;&nbsp;● Instead of purchasing or selling futures contracts, a Fund may purchase call or put options on futures contracts in order to protect against declines in the value of portfolio securities or against increases in the cost of securities to be acquired.

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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;● Purchases of options on futures contracts may present less risk in hedging a portfolio than the purchase and sale of the underlying futures contracts, since the potential loss is limited to the amount of the premium paid for the option, plus related transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● As in the case of purchases and sales of futures contracts, a Fund may be able to offset declines in the value of portfolio securities, or increases in the cost of securities acquired, through gains realized on its purchases of options on futures.

&nbsp;&nbsp;&nbsp;&nbsp;● The Funds also may purchase put options on securities or stock indexes for the same types of securities for hedging purposes. The purchase of a put option on a security or stock index permits a Fund to protect against declines in the value of the underlying security or securities in a manner similar to the sale of futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;● In addition, the Funds may write call options on portfolio securities or on stock indexes for the purpose of increasing their returns and/or to protect the value of their portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;● When a Fund writes an option which expires unexercised or is closed out by the Fund at a profit, it will retain the premium paid for the option, less related transaction costs, which will increase its gross income and will offset in part the reduced value of a portfolio security in connection with which the option may have been written.

&nbsp;&nbsp;&nbsp;&nbsp;● If the price of the security underlying the option moves adversely to the Fund's position, the option may be exercised and the Fund will be required to sell the security at a disadvantageous price, resulting in losses which may be only partially offset by the amount of the premium.

&nbsp;&nbsp;&nbsp;&nbsp;● A call option on a security written by a Fund will be covered through ownership of the security underlying the option or through ownership of an absolute and immediate right to acquire such security upon conversion or exchange of other securities held in its portfolio.

***Risks in futures and options transactions include the following:***

&nbsp;&nbsp;&nbsp;&nbsp;● There may be a lack of liquidity, which could make it difficult or impossible for a Fund to close out existing positions and realize gains or limit losses.

The liquidity of a market in futures contracts or options on futures contracts may be adversely affected by "daily price fluctuation limits," established by the exchanges on which such instruments are traded, which limit the amount of fluctuation in the price of a contract during a single trading day. Once the limit in a particular contract has been reached, no further trading in such contract may occur beyond such limit, thus preventing the liquidation of positions, and requiring traders to make any additional variation margin payments that may be required. Market liquidity in options, futures contracts or options on futures contracts may also be adversely affected by trading halts, suspensions, exchange or clearing house equipment failures, government intervention, insolvency of a brokerage firm or clearing house or other disruptions of normal trading activity.

&nbsp;&nbsp;&nbsp;&nbsp;● The securities held in a Fund's portfolios may not exactly duplicate the security or securities underlying the options, futures contracts or options on futures contracts traded by the Fund, and as a result the price of the portfolio securities being hedged will not move in the same amount or direction as the underlying index, securities or debt obligation.

&nbsp;&nbsp;&nbsp;&nbsp;● A Fund purchasing an option may lose the entire amount of the premium plus related transaction costs.

&nbsp;&nbsp;&nbsp;&nbsp;● For options on futures contracts, changes in the value of the underlying futures contract may not be fully reflected in the value of the option.

&nbsp;&nbsp;&nbsp;&nbsp;● With respect to options and options on futures contracts, the Funds are subject to the risk of market movements between the time that the option is exercised and the time of performance thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;● In writing a covered call option on a security or a stock index, a Fund may incur the risk that changes in the value of the instruments used to cover the position will not correlate precisely with changes in the value of the option or underlying the index or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;● The opening of a futures position and the writing of an option are transactions that involve substantial leverage. As a result, relatively small movements in the price of the contract can result in substantial gains or losses.

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**Additional Information about Specific Types of Securities**

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**Non-Investment Grade Securities**

The Bond Funds may purchase non-investment grade debt securities. In addition, the Bond Funds and the other Funds that purchase debt securities may hold a security that becomes non-investment grade as a result of impairments of the issuer's credit.

Fixed-income securities that are rated in the lower rating categories of the nationally recognized rating services (Ba or lower by Moody's and BB or lower by Standard & Poor's), or unrated securities of comparable quality, are commonly known as non-investment grade securities or "junk bonds". Junk bonds are regarded as being predominantly speculative as to the issuer's ability to make payments of principal and interest. Investment in non-investment grade securities involves substantial risk. Junk bonds may be issued by less creditworthy companies or by larger, highly leveraged companies, and are frequently issued in corporate restructurings, such as mergers and leveraged buy-outs. Such securities are particularly vulnerable to adverse changes in the issuer's industry and in general economic conditions. Junk bonds frequently are junior obligations of their issuers, so that in the event of the issuer's bankruptcy, claims of the holders of junk bonds will be satisfied only after satisfaction of the claims of senior security holders.

Non-investment grade bonds tend to be more volatile than higher-rated fixed-income securities, so that adverse economic events may have a greater impact on the prices of junk bonds than on higher-rated fixed-income securities. Junk bonds generally are purchased and sold through dealers who make a market in such securities for their own accounts. However, there are fewer dealers in the non-investment grade bond market, and the market may be less liquid than the market for higher-rated fixed-income securities, even under normal economic conditions. Also, there may be significant disparities in the prices quoted for junk bonds by various dealers. Adverse economic conditions or investor perceptions (whether or not based on economic fundamentals) may impair the liquidity of this market, and may cause the prices that a Fund may receive for any non-investment grade bonds to be reduced, or might cause a Fund to experience difficulty in liquidating a portion of its portfolio.

**U.S. Government and U.S. Government Agency Obligations**

All of the Funds may invest in U.S. Government and U.S. Government agency obligations. Some of these securities also may be considered money market instruments. Some also may be mortgage-backed securities or zero coupon securities.

***U.S. Government Obligations:*** These securities are issued and guaranteed as to principal and interest by the United States Government. They include a variety of Treasury securities, which differ only in their interest rates, maturities and times of issuance. Treasury bills have a maturity of one year or less. Treasury notes at the time of issuance have maturities of two to ten years and Treasury bonds have a maturity of 30 years.

***U.S. Government Agency Obligations:*** Agencies of the United States Government that issue or guarantee obligations include, among others, Export-Import Bank of the United States, Farmers Home Administration, Federal Housing Administration, Government National Mortgage Association, Student Loan Marketing Association, Maritime Administration, Small Business Administration and the Tennessee Valley Authority.

Instrumentalities of the United States Government that issue or guarantee obligations include, among others Federal Farm Credit Banks, Federal National Mortgage Association, Federal Home Loan Banks, Federal Home Loan Mortgage Corporation, Federal Intermediate Credit Banks, Federal Land Banks and Banks for Cooperatives.

Some of the securities issued by U.S. Government agencies and instrumentalities are supported by the full faith and credit of the U.S. Treasury; others are supported by the right of the issuer to borrow from the Treasury, while others are supported only by the credit of the instrumentality that issued the obligation. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities where it is not obligated to do so.

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**Money Market Instruments**

All of the Funds may purchase money market instruments, which include the following.

***Certificates of Deposit.*** Certificates of deposit are generally short term, interest-bearing negotiable certificates issued by banks or savings and loan associations against funds deposited in the issuing institution.

***Time Deposits.*** Time deposits are deposits in a bank or other financial institution for a specified period of time at a fixed interest rate, for which no negotiable certificate is received.

***Bankers' Acceptance.*** A bankers' acceptance is a draft drawn on a commercial bank by a borrower usually in connection with an international commercial transaction (to finance the import, export, transfer or storage of goods). The borrower is liable for payment as well as the bank, which unconditionally guarantees to pay the draft at its face amount on the maturity date. Most acceptances have maturities of six months or less and are traded in secondary markets prior to maturity.

***Commercial Paper.*** Commercial paper refers to short-term, unsecured promissory notes issued by corporations to finance short-term credit needs. Commercial paper is usually sold on a discount basis and has a maturity at the time of issuance not exceeding nine months.

***Variable Amount Floating Rate Notes.*** Variable floating rate notes are short-term, unsecured promissory notes issued by corporations to finance short-term credit needs. These are interest-bearing notes on which the interest rate generally fluctuates on a weekly basis.

***Corporate Debt Securities.*** Corporate debt securities with a remaining maturity of less than one year tend to become extremely liquid and are traded as money market securities.

***Treasury Bills.*** See *"U.S. Government and U.S. Government Agency Obligations"* above.

**Zero Coupon Securities and Discount Notes; Redeemable Securities**

The Bond Funds and the fixed income portion of the Balanced Fund may invest in discount notes and zero coupon securities. Discount notes mature in one year or less from the date of issuance. Zero coupon securities may be issued by corporations or by certain U.S. Government agencies.

Discount notes and zero coupon securities do not pay interest. Instead, they are issued at prices that are discounted from the principal (par) amount due at maturity. The difference between the issue price and the principal amount due at maturity (or the amount due at the expected redemption date in some cases if the securities are callable) is called "original issue discount". A Fund must accrue original issue discount as income, even if the Fund does not actually receive any payment under the security during the accrual period. The purchase price paid for zero coupon securities at the time of issuance, or upon any subsequent resale, reflects a yield-to-maturity required by the purchaser from the purchase date to the maturity date (or expected redemption date).

Zero coupon securities and discount notes may fluctuate more in market value and be more difficult for a Fund to resell during periods of interest rate changes in the economy than comparable securities that pay interest in cash at regular intervals. The market values of outstanding debt securities generally decline when interest rates are rising, and during such periods a Fund may lose more investment capital 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.

**Foreign Securities and American Depository Receipts (ADRs)**

In addition to investing in domestic securities, each of the Funds other than the MoA US Government Money Market Fund and the Asset Allocation Funds may invest in securities of foreign issuers, including securities traded outside the United States. Foreign issues guaranteed by domestic corporations are considered to be domestic securities.

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ADRs are dollar-denominated receipts issued generally by domestic banks and representing the deposit with the bank of a security of a foreign issuer. ADRs are publicly traded on exchanges or over-the-counter in the United States.

Considerations relevant to investing in foreign securities and ADRs include:

&nbsp;&nbsp;&nbsp;&nbsp;● changes in currency rates or currency exchange control regulations,

&nbsp;&nbsp;&nbsp;&nbsp;● the unavailability of financial information or the difficulty of interpreting financial information prepared under foreign accounting standards,

&nbsp;&nbsp;&nbsp;&nbsp;● lower levels of liquidity and more volatility in foreign securities markets (not applicable to ADRs),

&nbsp;&nbsp;&nbsp;&nbsp;● the impact of political, social or diplomatic developments, and

&nbsp;&nbsp;&nbsp;&nbsp;● the difficulty of assessing economic trends in foreign countries.

The Funds could encounter greater difficulties in bringing legal processes abroad than would be encountered in the United States. Foreign securities may also entail certain other risks, such as the risks of disparate or subpar accounting practices, imposition of dividend or interest withholding or confiscatory taxes, higher brokerage costs, thinner trading markets, currency blockages or transfer restrictions, expropriation, nationalization, military coups, economic sanctions, or other adverse political or economic developments, and less government supervision and regulation of securities exchanges, brokers and listed companies.

**Exchange Traded Funds**

An exchange traded fund (ETF) is a type of investment company. The shares of ETFs are traded on an exchange, similar to shares of stocks. The Equity Index Fund, Small Cap Equity Index Fund, Mid Cap Equity Index Fund, Catholic Values Index Fund, and the passive portion of the All America Fund may invest in ETFs to efficiently and cost effectively keep the Fund fully invested on a daily basis in an attempt to minimize deviation from the performance of its respective index. The International Fund may invest in ETFs that reflect, replicate or closely follow the holdings in the MSCI EAFE Index.

**Convertible Securities**

The Bond Funds and the fixed income portion of the Balanced Fund may invest in convertible securities. Convertible securities can be converted by the holder into common stock of the issuer, at the price and on the terms set forth by the issuer when the convertible securities are initially sold. Convertible securities normally provide a higher yield than the underlying stock but a lower yield than a fixed-income security without the convertibility feature. The price of the convertible security normally will vary to some degree with changes in the price of the underlying stock, although the higher yield tends to make the convertible security less volatile than the underlying common stock. The income component of a convertible security may cushion the security against declines in the price of the underlying asset but may also cause the price of the security to fluctuate depending on the credit quality of the issuer. The price of the convertible security also will vary to some degree inversely with interest rates.

**Equipment Trust Certificates**

The Bond Funds and the fixed income portion of the Balanced Fund may invest in equipment trust certificates. The proceeds of those certificates are used to purchase equipment, such as railroad cars, airplanes or other equipment, which in turn serve as collateral for the related issue of certificates.

The equipment subject to a trust generally is leased by a railroad, airline or other business, and rental payments provide the projected cash flow for the repayment of the equipment trust certificates. Holders of equipment trust certificates must look to the collateral securing the certificates, and any guarantee provided by the lessee or any parent corporation for the payment of lease amounts, in the case of default in the payment of principal and interest on the certificates.

**Asset-Backed Securities**

The Bond Funds and the fixed income portion of the Balanced Fund may invest in securities backed by consumer or credit card loans or other receivables or may purchase interests in pools of such assets.

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Changes in interest rates may significantly affect the value of these securities, and prepayment rates will impact the yield and price of the securities. A decline in interest rates may result in increases in prepayment, and a Fund will have to invest prepayment proceeds at the prevailing lower interest rates. Asset-backed securities generally are not expected to prepay to the same extent as mortgage-backed securities in such circumstances. An increase in interest rates may result in prepayment at a rate slower than was assumed when the security was purchased. The credit quality of asset-backed securities depends primarily on the quality of the underlying assets, the rights of recourse available against the underlying assets and/or the issuer, the level of credit enhancement, if any, provided for the securities, and the credit quality of the credit-support provider, if any. The values of asset-backed securities may be affected by other factors, such as the availability of information concerning the pool of assets and its structure, the market's perception of the asset backing the security, the creditworthiness of the servicing agent for the pool of assets, the originator of the underlying assets, or the entities providing the credit enhancement.

**Mortgage-Backed Securities**

The Bond Funds and the fixed income portion of the Balanced Fund may invest in mortgage-backed securities. You should refer to the discussion of Mortgage-Backed Securities in the Prospectus under **"Description of Principal Risks"**.

**Warrants**

The Bond Funds and the fixed income portion of the Balanced Fund may acquire warrants. A warrant is an option to purchase common stock of an issuer and is issued in conjunction with another security, such as a debt obligation. A warrant specifies the price at which the holder may purchase shares of common stock and usually expires after a period of time. A warrantholder generally may pay cash for the common stock to be purchased or may surrender principal amount of the related debt security the warrantholder owns equal to the purchase price for the stock.

The common stock underlying a warrant may not increase in value after the date the warrant was issued, or may not increase up to the warrant exercise price. In this case, the warrant generally would have little value and could expire unexercised.

**Preferred Stock**

The Bond Funds and the fixed income portion of the Balanced Fund may purchase preferred stock. A corporation may issue a form of equity security called preferred stock. Compared to common stock, preferred stock has advantages in the receipt of dividends and in the receipt of the corporation's assets upon liquidation. Preferred stockholders, however, usually do not have voting rights at meetings of the corporation's shareholders.

An issuer of preferred stock must pay a dividend to holders of preferred stock before it distributes a dividend to holders of common stock. When a corporation issues preferred stock, it sets a dividend rate, or a formula to determine the rate. If a corporation does not have sufficient earnings to pay the specified dividend to preferred stockholders, the unpaid dividend may accrue (cumulate) and become payable when the corporation's earnings increase. Bondholders, in contrast, are entitled to receive interest and principal due, regardless of the issuer's earnings.

Some issues of preferred stock give the holder the right to convert the preferred stock into shares of common stock, when certain conditions are met. A holder of preferred stock that is not convertible, or of preferred stock that is convertible but has not met the conditions for conversion, does not share in the earnings of the issuer other than through the receipt of dividends on the preferred stock. The market value of convertible preferred stock generally fluctuates more than the market value of nonconvertible preferred stock, because the value of the underlying common stock will affect the price of the convertible stock.

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Preferred stock has the risk that a corporation may not have earnings from which to pay the dividends as they become due. Even if a corporation is paying dividends, if the dividend rate is fixed (and not variable), changes in interest rates generally will affect the market value of the preferred stock in the same manner as for debt obligations. The value of preferred stock will usually react more strongly than debt instruments to actual or perceived changes in the issuer's financial condition or prospects, because issuer's preferred stock generally pays dividends only after the issuer makes required payments to holders of its debt instruments and other debt.

***The Use of Futures Contracts, Options, and Certain Swaps***

Each non-money market fund may enter into futures contracts, options, options on futures contracts, or swap agreements as permitted by its investment policies and the Commodity Futures Trading Commission (CFTC) rules. The Adviser to each Fund has claimed an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act (CEA) with respect to each Fund and, therefore, the Adviser is not subject to registration or regulation as commodity pool operator under the CEA with respect to its operation of each Fund.

For the Adviser to remain eligible for this exclusion, each Fund must comply with certain limitations, including limits on its ability to use any futures, options on futures or commodities, swaps, or other financial instruments regulated under the CEA and the rules thereunder ("commodity interests") and limits on the manner in which it holds out its use of such commodity interests. These limitations may restrict each Fund's ability to pursue its investment objectives and strategies, increase the costs of implementing its strategies, result in higher expenses for it, and/or adversely affect its total return. In the event that the Adviser believes that any Fund may no longer be able to comply with or that it may no longer be desirable for it to comply with these limitations, the Adviser may register as a commodity pool operator with the CFTC with respect to such Fund. Any such registration may adversely affect such Fund's performance, for example, by subjecting it to increased costs and expenses. If the Adviser registers as a commodity pool operator with the CFTC with respect to any Fund, the commodity pool operators of any shareholders that are pooled investment vehicles may be unable to rely on certain commodity pool operator registration exemptions.

To the extent required by law, each Fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in an amount sufficient to cover its obligations under the futures contracts and options.

The CFTC and certain futures exchanges have established (and continue to evaluate and revise) limits, referred to as "position limits," on the maximum net long or net short positions which any person or entity may hold or control in particular futures and options on futures contracts. In addition, federal position limits apply to swaps that are economically equivalent to futures contracts that are subject to CFTC set limits. All positions owned or controlled by the same person or entity, even if in different accounts, must be aggregated for purposes of determining whether the applicable position limits have been exceeded, unless an exemption applies. Thus, even if a Fund does not intend to exceed applicable position limits, it is possible that positions of different clients managed by the Adviser and its affiliates may be aggregated for this purpose. It is possible that the trading decisions of the Adviser may have to be modified and that positions held by a Fund may have to be liquidated in order to avoid exceeding such limits. The modification of investment decisions or the elimination of open positions, if it occurs, may adversely affect the performance of the Fund. A violation of position limits could also lead to regulatory action materially adverse to a Fund's investment strategy.

Insurance laws and regulations in States where the Insurance Companies operate govern investments by Separate Accounts.

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**FUNDAMENTAL INVESTMENT RESTRICTIONS**

***The following investment restrictions are fundamental policies.*** The Funds may not change these policies unless a majority of the outstanding voting shares of each affected Fund approves the change. A majority of the outstanding voting shares means the lesser of: (1) 67% or more of the outstanding shares of the Fund present at the meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund. No Fund will:

1. underwrite the securities issued by other companies, except to the extent that the Fund's purchase and sale of portfolio securities may be deemed to be an underwriting;

2. purchase physical commodities or contracts involving physical commodities;

3. based on its investments in individual issuers, be non-diversified as defined under the 1940 Act, which currently restricts a Fund, with respect to 75% of the value of its total assets, from investing more than 5% of its total assets in the securities of any one issuer, other than (i) securities issued or guaranteed by the United States Government or its agencies or instrumentalities ("U.S. Government Securities"), and (ii) securities of other registered investment companies; in addition the MoA US Government Money Market Fund will not invest in any securities that would cause it to fail to comply with applicable diversification requirements for money market funds under the 1940 Act and rules thereunder, as amended from time to time;

4. based on its investment in an issuer's voting securities, be non-diversified as defined under the 1940 Act, which currently restricts a Fund, with respect to 75% of the value of its total assets, from purchasing more than 10% of the outstanding voting securities of any one issuer other than (i) U.S. Government Securities, and (ii) securities of other registered investment companies;

5. issue senior securities, except as permitted under the 1940 Act and the rules thereunder as amended from time to time;

6. invest more than 25% of its assets in the securities of issuers in one industry, other than U.S. Government Securities, except that the MoA US Government Money Market Fund may invest more than 25% of its total assets in the financial services industry. For Funds that invest in other Funds and/or exchange traded funds, the Fund will look through to the underlying Funds and/or exchange traded funds to ensure compliance with this policy;

7. purchase real estate or mortgages directly, but a Fund may invest in mortgage-backed securities and may purchase the securities of companies whose businesses deal in real estate or mortgages, including real estate investment trusts;

8. borrow money, except to the extent permitted by the 1940 Act and rules thereunder, as amended from time to time, which currently limit a Fund's borrowing to 33 <sup>1</sup>∕3% of total assets (including the amount borrowed) minus liabilities (other than borrowings) and require the reduction of any excess borrowing within three business days; or

9. lend assets to other persons (with a Fund's entry into repurchase agreements or the purchase of debt securities not being considered the making of a loan), except to the extent permitted by the 1940 Act and rules thereunder, as amended from time to time, which currently limit a Fund's lending to 33 <sup>1</sup>∕3% of its total assets, or pursuant to any exemptive relief granted by the SEC.

Current 1940 Act provisions applicable to fundamental investment restriction #3 above: The 1940 Act and rules thereunder currently restrict a Fund, with respect to 75% of the value of its total assets, from investing more than 5% of its total assets in the securities of any one issuer, other than (i) securities issued or guaranteed by the United States Government or its agencies or instrumentalities ("U.S. Government Securities"), and (ii) securities of other registered investment companies;

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With respect to fundamental investment restrictions #3 and #4 above: The Equity Index Fund, Mid-Cap Equity Index Fund, Small-Cap Equity Index Fund, and Catholic Values Index Fund will typically be diversified in approximately the same proportion as the index each Fund tracks is diversified. Shareholder approval will not be sought if 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 Fund's respective benchmark index.

Current 1940 Act provisions applicable to fundamental investment restriction #4 above: The 1940 Act and rules thereunder currently restrict a Fund, with respect to 75% of the value of its total assets, from purchasing more than 10% of the outstanding voting securities of any one issuer other than (i) U.S. Government Securities, and (ii) securities of other registered investment companies, and imposes additional restrictions on the MoA US Government Money Market Fund.

With respect to fundamental investment restriction #6 above: The MoA US Government Money Market Fund does not invest more than 25% of its total assets in the financial services industry. At the time of the next shareholder vote, the Fund will seek approval of the shareholders to remove from fundamental investment restriction #6 the language stating "except that the MoA US Government Money Market Fund may invest more than 25% of its total assets in the financial services industry."

With respect to fundamental investment restriction #6 above: The Equity Index Fund, Small Cap Equity Index Fund, Mid-Cap Equity Index Fund and Catholic Values Index Fund will typically be concentrated to approximately the same extent that its underlying index concentrates in the stocks of a particular industry or group of industries.

With respect to fundamental investment restriction #6 above: The International Fund will look through to the investments of the underlying funds to determine the Fund's concentration.

Current 1940 Act provisions applicable to fundamental investment restriction #8 above: The 1940 Act and rules thereunder currently limit a Fund's borrowing to 33 <sup>1</sup>∕3% of total assets (including the amount borrowed) minus liabilities (other than borrowings) and require the reduction of any excess borrowing within three days (excluding Sundays and holidays).

Current 1940 Act provisions applicable to fundamental investment restriction #9 above: The 1940 Act and rules thereunder currently limit a Fund's lending to 33 <sup>1</sup>∕3% of its total assets, with a Fund's entry into repurchase agreements or the purchase of debt securities not being considered the making of a loan for this purpose.

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

**NON-FUNDAMENTAL INVESTMENT POLICIES**

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. Should a Fund takes a temporary defensive position, it may change its allocation among the asset classes in which the Fund invests, including by increasing the percentage of cash or short-term debt securities held by the Fund. In addition, except as otherwise expressly stated, all percentage limitations and requirements as to investments stated in the Prospectus and this Statement of Additional Information apply only at the time of an investment to which the limitation or requirement is applicable and shall not be considered violated unless an excess or deficiency occurs or exists immediately after and as a result of such investment. Accordingly, any later increase or decrease resulting from a change in values, net assets or other circumstances will not be considered in determining whether any investment complies with a Fund's limitation or requirement.

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For purposes of applying any limitations on a Fund's investments in bonds rated of a certain quality, when an investment is rated by more than one nationally recognized securities rating organization, the Adviser will utilize the highest credit rating for that security for purposes of applying any investment policies that incorporate credit ratings (e.g., a policy to invest a certain percentage of a Fund's assets in securities rated investment grade) except where a Fund has a policy to invest a certain minimum percentage of its assets in securities that are rated below investment grade, in which case the Fund will utilize the lowest credit rating that applies to that investment.

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

**DISCLOSURE OF PORTFOLIO SECURITIES INFORMATION**

The policies and procedures of the Investment Company with respect to disclosure of portfolio securities information are set forth in its compliance manual, which has been approved and adopted by the Board of Directors. The top 10 holdings, updated quarterly within 10 business days of quarter-end, may be found at moafunds.com and selecting "OUR FUNDS" and choosing the desired fund. The Investment Company discloses to shareholders and others only information that is made available to the public, on a quarterly basis. With the sole exception of certain disclosures to certain parties ("Recipients") that are for legitimate business purposes and beneficial to the Investment Company, such as providing information reasonably requested by regulatory authorities, by consultants and rating services, no information on portfolio securities will be disclosed to any party until it has first been made available to the public on the Investment Company's website. Requests by Recipients will be reviewed on a case-by-case basis, and aside from the agreements described below, there are no ongoing arrangements for disclosing information to Recipients. Any disclosures to Recipients may be made only with advance approval of the Chief Executive Officer ("CEO"), Chief Compliance Officer ("CCO") and counsel, must contain limitations on use, and, if the requested disclosure should include information not already available to the public as stated above, it must be covered by a confidentiality and nondisclosure agreement.

With respect to the MoA US Government Money Market Fund, the MoA US Government Money Market Fund makes certain portfolio holdings information pursuant to Rule 2a-7 of the Investment Company Act of 1940 available monthly on Mutual of America Life Insurance Company's public website by posting the required information as of the last business day of the previous month, no later than the 5th business day of the month. This information will be maintained on the website for 6 months after posting, and a link is provided to the Fund information on the SEC website. Additionally the Fund provides the SEC with more detailed portfolio holdings information pursuant to Rule 2a-7 via a monthly electronic filing on Form N-MFP. Such information will be submitted electronically to the SEC as of the last business day of the prior month within 5 business days after the end of each month, in an eXtensible Markup Language ("XML") tagged data format. A link to the Form N-MFP filings is provided on Mutual of America Life Insurance Company's public website. Pursuant to Rule 2a-7 of the Investment Company Act of 1940, the MoA US Government Money Market Fund makes certain portfolio holdings information available daily on Mutual of America Life Insurance Company's public website by posting the required information each business day as of the end of the preceding business day. The website includes information for each day of the preceding six months, and a link is provided to the Fund information on the SEC website.

Recipients of non-public portfolio holdings of the Funds, at the present time include third parties that provide pricing services, market research providers and other service providers to the Funds. Entities receiving this information agree to: reasonably ensure that the holdings information will be kept confidential, prevent employee use of the information for their personal benefit, and restrict the nature and type of information that they may disclose to third-parties. Primary reliance is placed on the reputation and experience of the third party in properly handling confidential information and non-disclosure agreements when determining that disclosure is not likely to be harmful to a fund.

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At this time, the entities receiving information described in the prior paragraph under agreements containing confidentiality obligations are listed below. Mutual of America Capital Management LLC as Adviser manages the portfolio and is therefore aware of all portfolio holdings information whether public or non-public on a daily basis.

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| | | |
|:---|:---|:---|
| **Name of Service** <br> **Provider**<br>| **Type of Service Provided**  | **Timing of Release of Portfolio** <br> **Holdings Information** <br>|
| KPMG LLP | Independent Registered Public <br> Accounting Firm<br>| full fund holdings data regularly |
| Deloitte | Independent Registered Public <br> Accounting Firm<br>| full fund holdings, ad-hoc, no lag time |
| Donnelly Financial <br> Solutions (DFIN)<br>| Printer for financial reports | full fund holdings, up to 30 days before <br> filing with the SEC <br>|
| Ropes & Gray LLP | Fund Counsel | full fund holdings, up to 30 days before <br> filing with the SEC<br>|
| ICE Data Services | Fixed income security pricing and fair <br> value equity security pricing <br>| full or partial fund holdings daily, with no <br> lag time<br>|
| Innocap | Risk management services for liquidity <br> and N-PORT<br>| full fund holdings daily, with no lag time |
| Factset Research <br> Systems Inc.<br>| Financial data service  | full or partial fund holdings daily, no lag <br> time<br>|
| Bloomberg Finance, <br> L.P.<br>| Financial Data Service  | full or partial fund holdings daily, no lag <br> time<br>|
| Morningstar | Ratings Agency  | full or partial fund holdings daily, with no <br> lag time<br>|
| Reuters | Financial Data Service  | full or partial fund holdings daily, no lag <br> time<br>|
| The Bank of New York <br> (BNY)<br>| Custodian and Fund accounting  | full fund holdings daily, no lag time |
| Clearwater, LLP | provides analytics and calculates daily <br> shadow NAV<br>| full fund holdings daily, no lag time |
| Foreside Fund <br> Services LLC<br>| Distributor  | full fund holdings, up to 30 days before <br> shareholder distribution <br>|
| Bondedge | provides fixed income quantitative <br> analytical application<br>| full or partial fund holdings daily, no lag <br> time<br>|
| GT Analytics | provides best execution analysis | on a quarterly basis transactions are <br> sent to GT, several days after the end of <br> each quarter<br>|
| WTax | provides foreign tax reclaim recoupment <br> and relief at source filing services<br>| full fund holdings, ad-hoc, no lag time |
| Institutional <br> Shareholder Services <br> (ISS)<br>| Proxy voting services and class action <br> filing services <br>| daily feed of custodial holdings, no lag <br> time<br>|
| Compliance Science | used to monitor persons subject to the <br> codes of ethics for their compliance with <br> the codes of ethics including black-out <br> periods<br>| equity and fixed income transaction <br> data daily, with no lag time<br>|

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Further, it is the Investment Company's policy that neither the Investment Company, nor the Adviser, nor any other party receives any compensation for any disclosure of portfolio securities information by the Investment Company.

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**MANAGEMENT OF THE INVESTMENT COMPANY**

**Directors and Officers**

The tables below show information about the Directors and officers of the Investment Company. The Directors of the Investment Company consist of seven individuals, six of whom are not "interested persons" of the Investment Company as defined in the 1940 Act ("Independent Directors"). The Directors are responsible for the overall supervision of the Investment Company's operations and perform the various duties imposed on the directors of investment companies by the 1940 Act and the laws of Maryland. The Directors elect officers of the Investment Company. The address of each Director and officer is c/o MoA Funds, 320 Park Avenue, New York, New York 10022-6839.

The Investment Company does not hold annual meetings of shareholders, and each Director, except for Mr. Gaffoglio and Mr. Grayson who were appointed by the Board of Directors, has been elected by shareholders to serve until a successor is duly elected at a meeting of shareholders called for the purpose of electing directors. Each officer of the Investment Company has been elected by the Board of Directors to serve until a successor is duly elected. The Independent Directors do not serve as directors of any other investment companies advised by or affiliated with the Adviser or the Insurance Company. The Interested Directors and officers of the Investment Company do not receive compensation from the Investment Company for their service.

The Board has an Audit Committee consisting entirely of the independent directors. The Audit Committee members also comprise the Nominating Committee. The Board has determined that the Board's current structure, with an interested person as Chairman of the Board is satisfactory given the characteristics of the Corporation and its business and the Board considered the potential for conflicts of interest, in its determination with regard to the interested Chairman of the Board. The Board has determined that the Chairman of the Audit Committee has historically functioned as the Lead Director of the disinterested members of the Board of Directors. The Board has determined that the Disinterested Director serving at any given time as Chair of the Audit Committee shall also be the Lead Director who shall preside at separate meetings of the Disinterested Directors, communicate concerns and issues raised by the Disinterested Directors to management and others as appropriate, facilitate the annual Board Self-Assessment and whenever appropriate, shall be the spokesperson for the Disinterested Directors. Currently the Audit Committee Chairman and Lead Director is John W. Sibal.

Board oversight of risk is carried out through Board reports and Audit Committee reports. The Board receives reports from management at each quarterly meeting on, among other things, the operations of the Corporation, the performance of the Corporation's funds, portfolio management matters, and a Chief Compliance Officer Report covering the Corporation's Codes of Ethics, Compliance Policy and other matters. The Audit Committee receives periodic reports from management and the independent auditors oversee the audit of the annual financial statements.

The Board is made up of persons possessing a variety of skills and experience that, at this time, support the conclusion that they should serve on the Board. A brief description of such skills and experience for each Director follows:

&nbsp;&nbsp;&nbsp;&nbsp;● Joseph R. Gaffoglio. Mr. Gaffoglio is the Chairman of MoA Funds since September 2024, the Chief Executive Officer and Principal Executive Officer of MoA Funds since July 2024, and the President and Chief Executive Officer of Mutual of America Capital Management LLC since July 2024, as well as a Portfolio Manager. Prior to that date, Mr. Gaffoglio was the President of Capital Management. Prior to joining Capital Management, he worked as an Associate Quantitative Analyst at Prudential Equity Group, LLC, and as a Senior Associate at PwC. Mr. Gaffoglio is a graduate of Fordham University. He has an MBA from New York University's Stern School of Business and holds the designations of Chartered Financial Analyst and Certified Public Accountant. Mr. Gaffoglio is a member of the CFA Society of New York and the CFA Institute. He holds the Series 7 and Series 63 qualifications from FINRA.

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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;● Carolyn N. Dolan. Ms. Dolan is an Executive Vice President, Head of Fiera Capital's U.S. Private Wealth Group in New York City. Prior thereto she was Managing Principal and Portfolio Manager of Samson Capital Advisors, L.L.C. in New York City, where she served as a member of the Advisory Committee, Investment Committee and Management Committee. She was a co-founder of OFFITBANK, which was merged with Wachovia in 2002, and she remained after the merger as Managing Director of Wachovia's Offit Investment Group. Prior to that, she was employed by Julius Baer Securities, Oppenheimer Capital Corporation and Equitable Life Insurance, in capacities ranging from portfolio manager to analyst. She is a Chartered Financial Analyst (CFA), and received her undergraduate degree from Marymount College, followed by a Master's degree from the Columbia School of Social Work and a Master's degree from Columbia University Business School. She is a Trustee Fellow of Fordham University. In June 2014, Ms. Dolan was elected as a trustee of the Board of Trustees of Market Street Trust Company, where she serves on the Investment and Compensation Committees. She is a member of the Economic Club of New York, and the Women's Forum of New York. She has been a member of the Board of the Investment Company since April 2011.

&nbsp;&nbsp;&nbsp;&nbsp;● Stanley E. Grayson. Mr. Grayson, currently retired, most recently served as the Vice Chairman and Chief Operating Officer at M.R. Beal & Company, until the firm was acquired by Blaylock Robert Van LLC. Prior thereto, he served as the Managing Director and Manager of the Public Finance Department at Prudential Securities, Inc. That position was preceded by his service as a Vice President at Goldman, Sachs & Co. in the Municipal Bond Department, Fixed Income Division. Prior to his career in investment banking, he held several senior positions within the government of the City of New York under the administration of Former Mayor Edward J. Koch, including Deputy Mayor for Finance and Economic Development. Prior thereto, he served as an attorney in the Law Department of Metropolitan Life Insurance Company in New York City. He is the lead independent director of TD Bank, N.A. and TD Bank Group US, and serves as chair of TD Bank's Corporate Governance Committee and chair of its HR/Compensation Committee. He is also a director of Catholic Charities of New York. Mr. Grayson received his Bachelor of Arts in Economics from the College of the Holy Cross, followed by earning a Juris Doctorate from University of Michigan Law School, and is a retired member of the New York State Bar Association. He has been a member of the Board of MoA Funds since November 2017.

&nbsp;&nbsp;&nbsp;&nbsp;● LaSalle D. Leffall, III. Mr. Leffall currently is the Managing Member and Founder of LDL Financial, LLC, a corporate advisory and investment firm with an emphasis on real estate and financial services. Prior thereto, he served as Acting Chief Executive Officer of The NHP Foundation, which owned thousands of affordable housing units in 14 states, and had also served as President, Chief Operating Officer and Chief Financial Officer of that firm. This experience was preceded by six years as a mergers and acquisitions investment banker, first at Credit Suisse First Boston, and then at UBS, where he handled complex commercial and financial transactions, including debt, equity and merger and acquisition matters. Prior to his career in investment banking, Mr. Leffall spent four years at the law firm of Cravath, Swaine & Moore. Mr. Leffall is a member of the Economic Club of Washington, D.C. He is a Board member of Cabot Properties, an industrial real estate company with assets in the U.S., U.K., continental Europe, and Australia, and a Director of Saul Centers, Inc., a real estate investment trust company. He was a director of the Federal Home Loan Bank of Atlanta, where he previously served as chair of the Finance Committee and a member of the Audit and Enterprise Risk and Operations Committees. Mr. Leffall received his Bachelor of Arts in History Magna Cum Laude from Harvard University, followed by simultaneously earning a Juris Doctorate from Harvard Law School Cum Laude and a Master's in Business Administration with second year honors from Harvard Business School. Mr. Leffall is admitted to the bars of New York and Washington, D.C. He was elected to the Investment Company Board in April 2011.

&nbsp;&nbsp;&nbsp;&nbsp;● John W. Sibal. Mr. Sibal currently serves as a Director, President and Chief Executive Officer of Eustis Commercial Mortgage Corporation, a commercial mortgage company in New Orleans, Louisiana. Prior thereto, he served as a Vice President and Treasurer at a New Orleans based savings bank. That

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experience was preceded by working his way up from Economic Analyst to Assistant Treasurer for a multinational energy company, concentrating in economic analysis, finance and corporate planning. Mr. Sibal also served as a Senior Warden and Vestry member of Christ Church Cathedral in New Orleans. Mr. Sibal received a Bachelor of Arts in Economics from Harvard University. He was elected to the Investment Company board in April 2011.

&nbsp;&nbsp;&nbsp;&nbsp;● Margaret M. Smyth. Ms. Smyth is currently a Partner at QIC Global Infrastructure, an ESG-themed infrastructure investment company, and a member of Deloitte's Finance Advisory Council. She was formerly US Chief Financial Officer at National Grid. Previously, she was Vice President of Finance at Con Edison and prior thereto, she was the Chief Financial Officer and Vice President, Finance of Hamilton Sundstrand, in Windsor Locks, Connecticut, a United Technologies company. Prior to that, she was Vice President and Controller of United Technologies Corporation, Vice President and Chief Accounting Officer of 3M Company and Managing Partner at Deloitte Touche. Prior to joining Deloitte Touche, she was Partner in Charge of the North America Media Practice for Arthur Andersen. Ms. Smyth is a Certified Public Accountant (C.P.A.) with a Bachelor's degree in economics from Fordham University and a Master's degree in Accounting from New York University. She serves as a member of the Board of Trustees and the Audit Committee of Concern Worldwide, a member of the Executive Committee of Fordham University President's Council, and a member of the Advisory Council of the Nasdaq Center for Board Excellence. She is also a Director at Remitly, Frontier Communications, Etsy, Pearce Services, and Renewa. Ms. Smyth has been a member of the Board of the Investment Company since 2007. Ms. Smyth currently serves as the Financial Expert for the Audit Committee for MoA Funds.

&nbsp;&nbsp;&nbsp;&nbsp;● William E. Whiston. Mr. Whiston is the Senior Adviser to the Chancellor of the Archdiocese of New York. He recently retired from his position as the Chief Financial Officer for the Archdiocese of New York, where he was responsible for the oversight of the Financial Office and financial operations of various organizations that are directly responsible to the Archdiocese. Prior to joining the Archdiocese, Mr. Whiston was Executive Vice President and member of the United States Management Board at Allied Irish Bank. In his 29 years at Allied Irish Bank, he handled many key functions, including head of acquisitions and brand development, head of e-commerce and information technology head of church and non-profit financial consulting services and head of operations. Mr. Whiston holds an undergraduate degree from Pace University and a Master's in Business Administration from New York University. Mr. Whiston is currently the President of Catholic Indemnity Insurance Company, the CEO of New York Catholic Healthcare Plan, a Director of ArchCare, and a Director of Webster Financial Services Corporation where he is a member of the audit and compensation committees. He has also been honored by the Catholic Church, named as a Knight of the Holy Sepulchre and a member of the Pontifical Equestrian Order of St. Gregory the Great. Mr. Whiston was appointed to fill a vacancy on the Investment Company Board in November 2010, effective February 17, 2011.

**Independent Directors**

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As of March 31, 2025, none of the independent directors or their immediate family members owned beneficially or of record any securities MoA Funds or the distributor of the Funds, or in a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with MoA Funds or any sub-advisers or the distributor of the Funds.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position Held**<br> **With Fund**<br>| **Length of**<br> **Time Served**<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by** <br> **Director**<br>| **Other Directorships**<br> **Held by Director**<br>|
| Carolyn N. Dolan,<br> age 78<br>| Director | &nbsp;&nbsp; since<br> April 2011<br>| &nbsp;&nbsp; Executive Vice <br> President, Head of <br> Direct Client <br> Investments, Fiera <br> Capital Inc.; prior <br> thereto Founding <br> Principal and <br> Portfolio Manager, <br> Samson Capital <br> Advisors LLC<br>| 29 | &nbsp;&nbsp; Director, Market <br> Street Trust <br> Company; Trustee <br> Fellow, Fordham <br> University<br>|
| Stanley E. Grayson,<br> age 74<br>| Director | &nbsp;&nbsp; since<br> November <br> 2017<br>| &nbsp;&nbsp; Vice Chairman and <br> Chief Operating <br> Officer, M.R. Beal & <br> Company (Retired <br> 2014)<br>| 29 | &nbsp;&nbsp; Director, TD Bank, <br> N.A.; Director, TD <br> Bank Group US; <br> Director, Catholic <br> Charities of New <br> York<br>|
| LaSalle D. Leffall, III,<br> age 62<br>| Director | &nbsp;&nbsp; since<br> April 2011<br>| &nbsp;&nbsp; Managing Member <br> and Founder of LDL <br> Financial, LLC<br>| 29 | &nbsp;&nbsp; Board member, <br> Saul Centers, Inc.; <br> Board member, <br> Cabot Properties<br>|
| John W. Sibal,<br> age 72<br>| Director | &nbsp;&nbsp; since<br> April 2011<br>| &nbsp;&nbsp; President & Chief <br> Executive Officer, <br> Eustis Commercial <br> Mortgage <br> Corporation<br>| 29 | &nbsp;&nbsp; Director, Eustis <br> Commercial <br> Mortgage <br> Corporation; <br> Former Chairman, <br> New Orleans <br> Recreation <br> Development <br> Foundation<br>|
| Margaret M. Smyth,<br> age 61<br>| Director | &nbsp;&nbsp; since <br> February <br> 2007<br>| &nbsp;&nbsp; Partner, QIC Global <br> Infrastructure; prior <br> thereto U.S. Chief <br> Financial Officer, <br> National Grid until <br> 2021; prior thereto <br> Vice President of <br> Finance, Con <br> Edison; prior thereto <br> Vice President, <br> Chief Financial <br> Officer, Hamilton <br> Sundstrand, a <br> United <br> Technologies <br> Company<br>| 29 | &nbsp;&nbsp; Director, Remitly, <br> Inc.; Director, <br> Frontier <br> Communications; <br> Director, Etsy, Inc.; <br> Director, Pearce <br> Services; Director, <br> Renewa; Board of <br> Trustees, Concern <br> Worldwide, USA; <br> Executive <br> Committee, <br> Fordham <br> University <br> President's <br> Council; Advisory <br> Council, Nasdaq <br> Center for Board <br> Excellence<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and Age** | **Position Held**<br> **With Fund**<br>| **Length of**<br> **Time Served**<br>| **Principal Occupation(s)**<br> **During Past Five Years**<br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by** <br> **Director**<br>| **Other Directorships**<br> **Held by Director**<br>|
| William E. Whiston,<br> age 71<br>| Director | &nbsp;&nbsp; since <br> February <br> 2011<br>| &nbsp;&nbsp; Chief Financial <br> Officer, the <br> Archdiocese of <br> New York; Adjunct <br> Professor in <br> Finance, Fordham <br> University Graduate <br> School of Business; <br> prior thereto <br> Executive Vice <br> President and <br> member, United <br> States Management <br> Board at Allied Irish <br> Bank<br>| 29 | &nbsp;&nbsp; Director, <br> ArchCare; <br> Director, Webster <br> Financial Services <br> Corporation<br>|

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**Interested Director and Officers**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age and** <br> **Address(1)**<br>| **Position Held** <br> **With Fund**<br>| **Length of** <br> **Time Served**<br>| **Principal Occupation(s)** <br> **During Past Five Years**<br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen** <br>| **Directorships**<br> **Held by Officer**<br> **(During Past Five** <br> **Years)**<br>|
| Jospeh R. Gaffoglio,<br> age 52<br>| &nbsp;&nbsp; Chairman,<br> Chief<br> Executive<br> Officer and<br> Principal<br> Executive<br> Officer<br>| &nbsp;&nbsp; since<br> July 2024<br>| &nbsp;&nbsp; President and Chief <br> Executive Officer, <br> Mutual of America <br> Capital <br> Management since <br> July 2024, and <br> Chairman, Chief <br> Executive Officer <br> and Principal <br> Executive Officer of <br> MoA Funds since <br> September 2024; <br> prior thereto, Chief <br> Executive Officer <br> and Principal <br> Executive Officer of <br> MoA Funds since <br> July 2024, and <br> President, Mutual of <br> America Capital <br> Management<br>| 29 | &nbsp;&nbsp; Mutual of America <br> Holding Company <br> LLC: Mutual of <br> America Securities <br> LLC<br>|

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age and** <br> **Address(1)**<br>| **Position Held** <br> **With Fund**<br>| **Length of** <br> **Time Served**<br>| **Principal Occupation(s)** <br> **During Past Five Years**<br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen** <br>| **Directorships**<br> **Held by Officer**<br> **(During Past Five** <br> **Years)**<br>|
| Jason A. D'Angelo, <br> age 52<br>| &nbsp;&nbsp; Chief Legal <br> Officer<br>| &nbsp;&nbsp; since <br> July 2022<br>| &nbsp;&nbsp; Executive Vice <br> President and <br> General Counsel <br> since July 2022; <br> prior thereto <br> Executive Vice <br> President and <br> Deputy General <br> Counsel since <br> February 2022; <br> prior thereto <br> Partner, Herrick <br> Feinstein LLP<br>| 29 |  |
| Christian Hootman, <br> age 43<br>| &nbsp;&nbsp; Assistant <br> Treasurer<br>| &nbsp;&nbsp; since<br> August <br> 2024<br>| &nbsp;&nbsp; Vice President, <br> Investment <br> Products, Mutual of <br> America Capital <br> Management LLC <br> as of March 2024; <br> prior thereto North <br> American Fund <br> Services <br> Implementation <br> Group Manager and <br> Senior Vice <br> President at Citi <br> Fund Services<br>| 29 |  |
| Amy Latkin, <br> age 47<br>| Secretary | &nbsp;&nbsp; since<br> May 2022<br>| &nbsp;&nbsp; Secretary, MoA <br> Funds and Mutual <br> of America Capital <br> Management LLC <br> since May 2022; <br> Vice President, <br> Associate General <br> Counsel, Mutual of <br> America<br>| 29 |  |
| Kyle Medlin, <br> age 41<br>| &nbsp;&nbsp; Chief <br> Compliance<br> Officer<br>| &nbsp;&nbsp; since <br> April 2023<br>| &nbsp;&nbsp; Senior Vice <br> President and Chief <br> Compliance Officer, <br> Mutual of America <br> since April 2023; <br> prior thereto Vice <br> President, <br> Compliance, Mutual <br> of America<br>| 29 |  |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Age and** <br> **Address(1)**<br>| **Position Held** <br> **With Fund**<br>| **Length of** <br> **Time Served**<br>| **Principal Occupation(s)** <br> **During Past Five Years**<br>| **Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen** <br>| **Directorships**<br> **Held by Officer**<br> **(During Past Five** <br> **Years)**<br>|
| R. Jeffrey Young,<br> age 61<br>| &nbsp;&nbsp; President,<br> Treasurer,<br> Chief<br> Financial<br> Officer and<br> Principal<br> Financial<br> Officer<br>| &nbsp;&nbsp; Since<br> June 2023<br>| &nbsp;&nbsp; Executive Vice <br> President, Mutual of <br> America Capital <br> Management LLC <br> as of May 2022; <br> President, <br> Treasurer, Chief <br> Financial Officer <br> and Principal <br> Financial Officer, <br> MoA Funds as of <br> September 2024; <br> President, MoA <br> Funds as of June <br> 2023; prior thereto <br> Senior Director, FIS <br> Transfer Agency<br>| 29 | &nbsp;&nbsp; Former <br> Independent <br> Trustee, Zell <br> Capital<br>|

---

------

(1) The address of each director and officer is c/o MoA Funds, 320 Park Avenue, New York, New York 10022-6839.

Officers and Directors who are participants under group or individual variable accumulation annuity or life insurance contracts issued by the Insurance Company or Wilton Re, may allocate portions of their account balances to one or more of the Investment Company's Funds. The following table shows the amounts allocated to each Fund under contracts owned by each director of the Investment Company as of December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** |
| **Fund** | **Joseph R.**<br> **Gaffoglio**<br>| **Carolyn N.**<br> **Dolan** <br>| **Stanley E.**<br> **Grayson**<br>| **LaSalle D.**<br> **Leffall**<br>| **John W.**<br> **Sibal**<br>| **Margaret M.**<br> **Smyth**<br>| **William E.**<br> **Whiston**<br>|
| MoA Equity Index |  |  |  |  |  |  |  |
| MoA All America |  |  |  |  |  |  |  |
| MoA Small Cap Value | [$10,001-<br> $50,000]<br>|  |  |  |  |  |  |
| MoA Small Cap Growth |  |  |  |  |  |  |  |
| MoA Small Cap Equity Index |  |  |  |  |  |  |  |
| MoA Mid Cap Value |  |  |  |  |  |  |  |
| MoA Mid Cap Equity Index | [$50,001-<br> $100,000]<br>|  |  |  |  |  |  |
| MoA Balanced | [Over<br> $100,000]<br>|  |  |  |  |  |  |
| MoA International | [$10,001-<br> $50,000]<br>|  |  |  |  |  |  |
| MoA US Government Money <br> Market<br>| [$50,001-<br> $100,000]<br>|  |  |  |  |  |  |
| MoA Catholic Values <br> Index<sup>TM</sup><br>| [$10,001-<br> $50,000]<br>|  |  |  |  |  |  |
| MoA Intermediate Bond | [over<br> $100,000]<br>|  |  |  |  |  |  |
| MoA Core Bond<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Retirement Income |  |  |  |  |  |  |  |
| MoA Clear Passage 2015<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Clear Passage 2020<sup>TM</sup> |  |  |  |  |  |  |  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** | **Dollar Range of Equity Securities in the Funds** |
| **Fund** | **Joseph R.**<br> **Gaffoglio**<br>| **Carolyn N.**<br> **Dolan** <br>| **Stanley E.**<br> **Grayson**<br>| **LaSalle D.**<br> **Leffall**<br>| **John W.**<br> **Sibal**<br>| **Margaret M.**<br> **Smyth**<br>| **William E.**<br> **Whiston**<br>|
| MoA Clear Passage 2025<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Clear Passage 2030<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Clear Passage 2035<sup>TM</sup> | [Over<br> $100,000]<br>|  |  |  |  |  |  |
| MoA Clear Passage 2040<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Clear Passage 2045<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Clear Passage 2050<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Clear Passage 2055<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Clear Passage 2060<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Clear Passage 2065<sup>TM</sup> |  |  |  |  |  |  |  |
| MoA Conservative <br> Allocation<br>|  |  |  |  |  |  |  |
| MoA Moderate Allocation |  |  |  |  |  |  |  |
| MoA Aggressive Allocation |  |  |  |  |  |  |  |
| **Dollar Range of Equity** <br> **Securities in the Funds:**<br>| [Over<br> $100,000]<br>|  |  |  |  |  |  |

---

The officers and directors of the Investment Company own none of its outstanding shares directly, but as shares of separate accounts of the Insurance Company and the American Separate Accounts.

Capital Management and its parent company provide the Independent Directors with business travel and accident insurance and life insurance coverage of $75,000 at no charge to the Funds or the Independent Directors. In addition, in 2024, the Independent Directors were eligible to participate in a program where Capital Management or its parent company provide a matching gift of up to $30,000 to a charity of the Independent Director's selection.

The Investment Company has an Audit Committee consisting of all the independent directors, which meets four times per year prior to each and every quarterly Board meeting. The purposes of the Committee are to assist the Board with its oversight of management and the Investment Company's auditors regarding corporate accounting, financial reporting practices, and the quality and integrity of the Investment Company's financial reports, including the Investment Company's compliance with legal and regulatory requirements, the independent auditors' qualifications and independence, the performance of the Investment Company's internal audit function and of its independent auditors, and the preparation of all reports required by SEC rules. The Audit Committee met four times in 2024. Mr. Sibal is the Chairman of the Audit Committee.

The Investment Company has formed a Nominating Committee consisting of all the independent directors, which meets on an as-needed basis. The purposes of the Nominating Committee are to assist the Board, as necessary by identifying individuals qualified to become Board members; to recommend to the Board the director nominees if any are to be voted on at the next annual meeting of shareholders; to assist the Board in the event of any vacancy on the Board by identifying individuals qualified to become Board members, and to recommend to the Board qualified individuals to fill any such vacancy; and to recommend to the Board director nominees for each Board committee. The Nominating Committee will review and consider nominations from shareholders of record that are made in writing to the Secretary MoA Funds at the time that there is a Board vacancy requiring a shareholder vote. The Nominating Committee met once in 2024.

As of March 31, 2025, the following owned of record and/or beneficially 5% or more of the outstanding shares of MoA Funds:

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Owner Name** | **City, State** | **Owned of**<br> **Record %**<br>|
| MoA Equity Index | Mutual of America Separate Account No. 1 | New York, New York | 6.29% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 19.42% |
|  | Mutual of America Clear Passage 2025 Fund | New York, New York | 5.57% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 8.51% |

---

------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Owner Name** | **City, State** | **Owned of**<br> **Record %**<br>|
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 10.06% |
|  | Mutual of America Clear Passage 2040 Fund | New York, New York | 9.28% |
|  | Mutual of America Clear Passage 2045 Fund | New York, New York | 10.03% |
|  | Mutual of America Clear Passage 2050 Fund | New York, New York | 8.25% |
| MoA All America | Mutual of America Separate Account No. 1 | New York, New York | 12.97% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 79.33% |
| MoA Small Cap Value | Mutual of America Separate Account No. 1 | New York, New York | 11.50% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 34.19% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 6.66% |
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 7.10% |
|  | Mutual of America Clear Passage 2040 Fund | New York, New York | 6.20% |
|  | Mutual of America Clear Passage 2045 Fund | New York, New York | 6.23% |
|  | Mutual of America Clear Passage 2050 Fund | New York, New York | 5.09% |
| MoA Small Cap Growth | Mutual of America Separate Account No. 1 | New York, New York | 13.41% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 47.96% |
|  | Mutual of America Clear Passage 2045 Fund | New York, New York | 6.67% |
|  | Mutual of America Clear Passage 2050 Fund | New York, New York | 5.13% |
| MoA Small Cap Equity Index | Mutual of America Separate Account No. 1 | New York, New York | 5.82.% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 16.75% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 6.98% |
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 6.95% |
|  | Mutual of America Clear Passage 2040 Fund | New York, New York | 11.66% |
|  | Mutual of America Clear Passage 2045 Fund | New York, New York | 12.27% |
|  | Mutual of America Clear Passage 2050 Fund | New York, New York | 9.40% |
|  | Mutual of America Clear Passage 2055 Fund | New York, New York | 8.21% |
| MoA Mid Cap Value | Mutual of America Separate Account No. 1 | New York, New York | 12.37% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 26.12% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 10.93% |
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 9.22% |
|  | Mutual of America Clear Passage 2040 Fund | New York, New York | 5.96% |
|  | Mutual of America Clear Passage 2045 Fund | New York, New York | 6.18% |
|  | Mutual of America Clear Passage 2050 Fund | New York, New York | 9.90% |
|  | Mutual of America Clear Passage 2055 Fund | New York, New York | 5.58% |
| MoA Mid Cap Equity Index | Mutual of America Separate Account No. 1 | New York, New York | 8.46% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 25.91% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 5.34% |
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 7.45% |
|  | Mutual of America Clear Passage 2040 Fund | New York, New York | 8.18% |
|  | Mutual of America Clear Passage 2045 Fund | New York, New York | 8.61% |
|  | Mutual of America Clear Passage 2050 Fund | New York, New York | 7.26% |
| MoA Balanced | Mutual of America Separate Account No. 1 | New York, New York | 12.19% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 85.68% |
| MoA International  | Mutual of America Clear Passage 2025 Fund | New York, New York | 6.46% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 10.11% |
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 12.45% |
|  | Mutual of America Clear Passage 2040 Fund | New York, New York | 13.51% |
|  | Mutual of America Clear Passage 2045 Fund | New York, New York | 15.09% |
|  | Mutual of America Clear Passage 2050 Fund | New York, New York | 12.00% |
|  | Mutual of America Clear Passage 2055 Fund | New York, New York | 7.50% |
| MoA Catholic Values Index<sup>TM</sup> | Mutual of America Life Insurance Company | New York, New York  | 71.04% |
|  | Archdiocese of Kansas City | Kansas City, Kansas | 24.32% |

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------

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Owner Name** | **City, State** | **Owned of**<br> **Record %**<br>|
| MoA US Government Money <br> Market<br>| Mutual of America Separate Account No. 1 | New York, New York | 19.91% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 26.61% |
|  | Mutual of America Clear Passage 2025 Fund | New York, New York | 5.98% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 7.73% |
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 7.64% |
| MoA Intermediate Bond | Mutual of America Separate Account No. 2 | New York, New York | 7.82% |
|  | Mutual of America Moderate Allocation Fund | New York, New York | 6.05% |
|  | Mutual of America Retirement Income Fund | New York, New York | 6.66% |
|  | Mutual of America Clear Passage 2020 Fund | New York, New York | 10.11% |
|  | Mutual of America Clear Passage 2025 Fund | New York, New York | 18.14% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 15.66% |
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 8.02% |
|  | Mutual of America Clear Passage 2040 Fund | New York, New York | 5.43% |
| MoA Core Bond<sup>TM</sup> | Mutual of America Separate Account No. 2 | New York, New York | 12.13% |
|  | Mutual of America Clear Passage 2020 Fund | New York, New York | 7.31% |
|  | Mutual of America Clear Passage 2025 Fund | New York, New York | 15.96% |
|  | Mutual of America Clear Passage 2030 Fund | New York, New York | 17.57% |
|  | Mutual of America Clear Passage 2035 Fund | New York, New York | 14.07% |
|  | Mutual of America Clear Passage 2040 Fund | New York, New York | 7.97% |
| MoA Retirement Income | Mutual of America Separate Account No. 1 | New York, New York | 25.88% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 46.03% |
| MoA Clear Passage 2020<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 27.55% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 58.63% |
| MoA Clear Passage 2025<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 25.89% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 56.20% |
| MoA Clear Passage 2030<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 26.28% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 54.51% |
| MoA Clear Passage 2035<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 26.93% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 51.88% |
| MoA Clear Passage 2040<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 27.26% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 54.24% |
| MoA Clear Passage 2045<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 26.45% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 55.11% |
| MoA Clear Passage 2050<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 26.74% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 54.77% |
| MoA Clear Passage 2055<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 27.42% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 53.07% |
| MoA Clear Passage 2060<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 27.42% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 52.36% |
| MoA Clear Passage 2065<sup>TM</sup> | Mutual of America Separate Account No. 1 | New York, New York | 28.32% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 49.20% |
| MoA Conservative Allocation | Mutual of America Separate Account No. 1 | New York, New York | 26.68% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 70.29% |
| MoA Moderate Allocation | Mutual of America Separate Account No. 1 | New York, New York | 22.71% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 74.91% |
| MoA Aggressive Allocation  | Mutual of America Separate Account No. 1 | New York, New York | 23.26% |
|  | Mutual of America Separate Account No. 2 | New York, New York | 75.26% |

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Set forth below is a table showing compensation paid to the Independent Directors during 2024. The directors and officers as a group own less than 1% of the shares of the Fund.

------

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| | |
|:---|:---|
| **Director Compensation From Investment Company** | **Director Compensation From Investment Company** |
| MoA Equity Index  | $32839 |
| MoA All America | $32839 |
| MoA Small Cap Value | $32839 |
| MoA Small Cap Growth | $32839 |
| MoA Small Equity Index | $32839 |
| MoA Mid Cap Value | $32839 |
| MoA Mid Cap Equity Index | $32839 |
| MoA Balanced | $32839 |
| MoA International | $32839 |
| MoA Catholic Values Index | $32839 |
| MoA US Government Money Market | $32839 |
| MoA Intermediate Bond | $32839 |
| MoA Core Bond | $32839 |
| MoA Retirement Income | $32839 |
| MoA Clear Passage 2015 | $32839 |
| MoA Clear Passage 2020 | $32839 |
| MoA Clear Passage 2025 | $32839 |
| MoA Clear Passage 2030 | $32839 |
| MoA Clear Passage 2035 | $32839 |
| MoA Clear Passage 2040 | $32839 |
| MoA Clear Passage 2045 | $32839 |
| MoA Clear Passage 2050 | $32839 |
| MoA Clear Passage 2055 | $32839 |
| MoA Clear Passage 2060 | $32839 |
| MoA Clear Passage 2065 | $32839 |
| MoA Conservative Allocation  | $32839 |
| MoA Moderate Allocation | $32839 |
| MoA Aggressive Allocation | $32839 |
| Total Compensation | $919500 |

---

In 2024, Directors who are not "interested persons" of the Investment Company received from the Investment Company an annual retainer of $110,000 for all Directors, except for the financial expert and lead director who each receive $115,000 and $132,500, respectively. The Directors who are not "interested persons" also received a fee of $4,000 for each Board or Committee meeting they attend. The total retainer, meeting fees and other expenses are allocated proportionately to the Investment Company.

In 2024, Directors who are not interested persons of the Investment Company did not serve as directors of another investment company in the same complex as the Investment Company.

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

**INVESTMENT ADVISORY ARRANGEMENTS**

**Investment Adviser.** The Investment Company's investment adviser is Mutual of America Capital Management LLC, an indirect wholly-owned subsidiary of the Insurance Company. The Adviser's address is 320 Park Avenue, New York, New York 10022-6839. The Adviser is a registered investment adviser under the Investment Advisers Act of 1940.

Capital Management has served as Adviser since November 1993, when it assumed investment management obligations for the Investment Company from the Insurance Company. The Adviser provides investment management services to the Investment Company, the General Account of the Insurance Company and unaffiliated entities.

------

The Adviser provides advisory services for the Investment Company's Funds, in accordance with the Funds' investment policies, objectives and restrictions as set forth in the Prospectus and this Statement of Additional Information. The Adviser's activities are subject at all times to the supervision and approval of the Investment Company's Board of Directors.

Under the Investment Advisory Agreement, the Adviser agrees to provide investment management services to the Investment Company. These services include:

&nbsp;&nbsp;&nbsp;&nbsp;● performing investment research and evaluating pertinent economic, statistical and financial data;

&nbsp;&nbsp;&nbsp;&nbsp;● consultation with the Investment Company's Board of Directors and furnishing to the Investment Company's Board of Directors recommendations with respect to the overall investment plan;

&nbsp;&nbsp;&nbsp;&nbsp;● implementation of the overall investment plan, including carrying out decisions to acquire or dispose of investments;

&nbsp;&nbsp;&nbsp;&nbsp;● management of investments;

&nbsp;&nbsp;&nbsp;&nbsp;● reporting to the Investment Company's Board of Directors on a regular basis on the implementation of the investment plan and the management of investments;

&nbsp;&nbsp;&nbsp;&nbsp;● maintaining all required records;

&nbsp;&nbsp;&nbsp;&nbsp;● making arrangements for the safekeeping of assets; and

&nbsp;&nbsp;&nbsp;&nbsp;● providing office space facilities, equipment, material and personnel necessary to fulfill its obligations.

The Adviser is responsible for all expenses incurred in performing the investment advisory services, including compensation of officers and payment of office expenses, and for providing investment management services.

**Advisory Fees.** As compensation for its services to each of the Funds of the Investment Company, the Funds pay the Adviser a fee at the following annual rates of net assets, calculated as a daily charge:

MoA Equity Index, MoA Mid Cap Equity Index, and MoA Small Cap Equity Index Funds — .075%

MoA All America, MoA Balanced and MoA Intermediate Bond Funds — .40%

MoA Core Bond Fund — .39%

MoA Small Cap Growth Fund — .75%

MoA Small Cap Value Fund — .75%

MoA Mid Cap Value Fund — .55%

MoA Mid Cap Growth Fund — .55%

MoA Catholic Values Index Fund — .15%

MoA International Fund — .40%

MoA US Government Money Market Fund — .15%

MoA Asset Allocation Funds — .00%

MoA Clear Passage Funds — .05%

**Investment Advisory Fees Paid by Funds to Adviser For Past Three Years** 

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2024** | **2023** | **2022** |
| MoA Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4233081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3595915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3322091 |
| MoA All America Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1232230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1152322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1245574 |
| MoA Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2950487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2928843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3759493 |
| MoA Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3022361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3152220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3773096 |
| MoA Small Cap Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $153785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $136643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114206 |
| MoA Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $987350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $648244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $688700 |
| MoA Mid Cap Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1151505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1145670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1303342 |
| MoA Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $777855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $726464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $773399 |
| MoA International Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4716790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $991782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $852735 |
| MoA Catholic Values Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6434 |
| MoA US Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $793426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $670008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $340706 |
| MoA Intermediate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3678996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3555754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3541315 |

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2024** | **2023** | **2022** |
| MoA Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8341085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7341824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7227364 |
| MoA Retirement Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $101865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $103921 |
| MoA Clear Passage 2020 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $238023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $244319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $269304 |
| MoA Clear Passage 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $561490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $540358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $541634 |
| MoA Clear Passage 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $682197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $599661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $562626 |
| MoA Clear Passage 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $665632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $556957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $504891 |
| MoA Clear Passage 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $566439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $465231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $419149 |
| MoA Clear Passage 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $583895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $479344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $434269 |
| MoA Clear Passage 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $457960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $368610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $327087 |
| MoA Clear Passage 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $255869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $193838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $157978 |
| MoA Clear Passage 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $138706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $94912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $67488 |
| MoA Clear Passage 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $48262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11810 |
| Total Fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36349793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36349793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30348612 |

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**Other Fund Expenses.** Each Fund is responsible for paying its advisory fee and other expenses incurred in its operation, including:

&nbsp;&nbsp;&nbsp;&nbsp;● brokers' commissions, transfer taxes and other fees relating to the Fund's portfolio transactions,

&nbsp;&nbsp;&nbsp;&nbsp;● directors' fees and expenses,

&nbsp;&nbsp;&nbsp;&nbsp;● fees and expenses of its independent registered public accountants for audit and tax compliance services,

&nbsp;&nbsp;&nbsp;&nbsp;● all legal and compliance costs incurred by the Fund in its operations, including as a registered investment company under the Investment Company Act of 1940,

&nbsp;&nbsp;&nbsp;&nbsp;● the cost of the printing and mailing annual and semi-annual reports to shareholders, Proxy Statements, Prospectuses, Prospectus Supplements and Statements of Additional Information,

&nbsp;&nbsp;&nbsp;&nbsp;● the cost of preparation and filing registration statements and amendments thereto,

&nbsp;&nbsp;&nbsp;&nbsp;● bank transaction charges and custodian's fees,

&nbsp;&nbsp;&nbsp;&nbsp;● any proxy solicitors' fees and expenses,

&nbsp;&nbsp;&nbsp;&nbsp;● SEC filing fees,

&nbsp;&nbsp;&nbsp;&nbsp;● any federal, state or local income or other taxes,

&nbsp;&nbsp;&nbsp;&nbsp;● any membership or licensing fees of the Investment Company Institute and similar organizations,

&nbsp;&nbsp;&nbsp;&nbsp;● fidelity bond and directors' liability insurance premiums,

&nbsp;&nbsp;&nbsp;&nbsp;● accounting and recordkeeping services, and

&nbsp;&nbsp;&nbsp;&nbsp;● any extraordinary expenses, such as indemnification payments or damages awarded in litigation or settlements made.

**Portfolio Manager Compensation — Adviser**

This description of the structure of, and the method used to determine the compensation of, the portfolio managers applies to all portfolio managers of the Adviser and the person overseeing the index Funds of the Investment Company.

A discussion regarding the basis for the board of directors approving any investment advisory contract of the Funds is available in the Fund's Form N-CSR for the year ended 2024.

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All portfolio managers of the Adviser receive a fixed base annual salary and may qualify for an annual incentive compensation award, or bonus. The bonus is based upon the pre-tax annual performance of the portions or segments ("portfolio") of Funds managed by the portfolio manager relative to the appropriate nationally recognized benchmarks which have been selected for each portfolio, which can be adjusted by a factor related to the performance of the Insurance Company. The portfolio benchmarks consist of well-recognized indices such as the Standard and Poor's<sup>®</sup> 500 Index, and the Russell 2000<sup>®</sup> Index, which vary by portfolio and are more specifically described by portfolio in the Prospectus and this SAI.

All employees of the Adviser are entitled to health insurance, group life insurance and group disability coverage, a non-contributory defined benefit pension plan, and an employer-matched 401(k) plan. Certain senior management employees are also eligible for a long term performance-based incentive compensation plan. Under the plan, shares are granted each year and generally vest over a three-year period. The value of such shares is based upon increases in the Insurance Company's General Account statutory surplus and the maintenance of certain financial ratios. No relocation plan applies to the portfolio managers.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Title** | **Portfolios Managed/**<br> **Overseen**<br>| **Incentive**<br> **Compensation**<br> **Benchmark**<br>|
| Duygu Akyatan | Executive Vice <br> President, Head of <br> Equity Research<br>| Small Cap (MoA All America Fund)<br> MoA Small Cap Growth Fund<br> MoA Mid Cap Growth Fund<br>| Russell 2000<sup>®</sup> Growth<br> Russell 2000<sup>®</sup> Growth<br> Russell Midcap<sup>®</sup> Growth<br>|
| Joseph R. <br> Gaffoglio<br>| President and <br> Chief Executive <br> Officer<br>| Large Cap Core (MoA Balanced Fund)<br> MoA Clear Passage Funds<br> MoA Asset Allocation Funds<br>| S&P 500<sup>®</sup> <br>S&P 500<sup>®</sup> <br>Bloomberg U.S. Aggregate Bond<br>|
| Eric Lockenvitz | Vice President, <br> Quantitative <br> Research<br>| MoA International Fund | MSCI EAFE |
| Christopher <br> Malfant<br>| Executive Vice <br> President, Head of <br> Fixed Income<br>| MoA Core Bond Fund<sup>TM</sup> <br>Fixed Income (MoA Balanced Fund)<br> MoA Intermediate Bond Fund<br>| Bloomberg U.S. Aggregate Bond<br> Bloomberg U.S. Aggregate Bond<br> Bloomberg Intermediate<br> U.S. Government/Credit<br> Bond<br>|
| Thad Pollock | Executive Vice <br> President, Head of <br> Value Equity<br>| Small Cap (MoA All America Fund)<br> MoA Small Cap Value Fund<br> Mid Cap (MoA All America Fund)<br> MoA Mid Cap Value Fund<br> MoA Mid Cap Growth Fund<br>| Russell 2000<sup>®</sup> Value<br> Russell 2000<sup>®</sup> Value<br> Russell Midcap<sup>®</sup> Value<br> Russell Midcap<sup>®</sup> Value<br> Russell Midcap<sup>®</sup> Growth<br>|
| Stephen J. Rich | Chairman | Small Cap (MoA All America Fund)<br> MoA Small Cap Value Fund<br> Mid Cap (MoA All America Fund)<br> MoA Mid Cap Value Fund<br>| Russell 2000<sup>®</sup> Value<br> Russell 2000<sup>®</sup> Value<br> Russell Midcap<sup>®</sup> Value<br> Russell Midcap<sup>®</sup> Value<br>|
| Jacqueline Sabella | Senior Vice <br> President, Fixed <br> Income<br>| MoA Core Bond Fund<sup>TM</sup> <br>Fixed Income (MoA Balanced Fund)<br> MoA Intermediate Bond Fund<br>| Bloomberg U.S. Aggregate Bond <br> Bloomberg U.S. Aggregate Bond<br> Bloomberg Intermediate<br> U.S. Government/Credit<br> Bond<br>|
| Ron Viener | Senior Vice <br> President, Head of <br> Trading<br>| MoA Equity Index Fund<br> MoA Small Cap Equity Index Fund<br> MoA Mid-Cap Equity Index Fund<br> Equity Index (MoA All America Fund)<br> MoA Catholic Values Index Fund<sup>TM</sup> <br>| S&P 500<sup>®</sup> <br>S&P 600<sup>®</sup> <br>S&P 400<sup>®</sup> <br>Russell 3000<sup>®</sup> <br>S&P 500<sup>®</sup> Catholic Values Index<br>|

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Portfolios Managed/**<br> **Overseen**<br>|
| Erik Wennerstrum | Vice President, <br> Quantitative <br> Research<br>| MoA Equity Index Fund<br> MoA Small Cap Equity Index Fund<br> MoA Mid-Cap Equity Index Fund<br> Equity Index (MoA All America Fund)<br> MoA Catholic Values Index Fund<br>S&P 500<sup>®</sup> <br>S&P 600<sup>®</sup> <br>S&P 400<sup>®</sup> <br>Russell 3000<sup>®</sup> <br>S&P 500<sup>®</sup> Catholic Values Index<br>|
| Jamie A. Zendel | Executive Vice <br> President, Head of <br> Quantitative <br> Strategies<br>| MoA Equity Index Fund<br> MoA Small Cap Equity Index Fund<br> MoA Mid-Cap Equity Index Fund<br> Equity Index (MoA All America Fund)<br> MoA Catholic Values Index Fund<sup>TM</sup> <br>MoA International Fund<br> Large Cap Core (MoA Balanced Fund)<br> MoA Clear Passage Funds<br> MoA Asset Allocation Funds<br>S&P 500<sup>®</sup> <br>S&P 600<sup>®</sup> <br>S&P 400<sup>®</sup> <br>Russell 3000<sup>®</sup> <br>S&P 500<sup>®</sup> Catholic Values Index<br> MSCI EAFE<br> S&P 500<sup>®</sup> <br>S&P 500<sup>®</sup> <br>Bloomberg U.S. Aggregate Bond<br>|

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**Other Information — Adviser**

The Adviser's portfolio managers do not manage funds or portfolios for entities other than clients of the Adviser. In addition to unaffiliated entities, the Adviser manages Funds of the Investment Company, a few individually managed pension plans holding contracts with the Insurance Company, all of which are identified below, and certain institutional clients who have contracted with the Adviser for asset allocation services. Real, potential or apparent conflicts of interest may arise when a portfolio manager has day-to-day portfolio management responsibilities with respect to more than one Fund or account.

It is possible that conflicts of interest may arise when managing each Fund's investments on the one hand and the investments of other accounts for which a portfolio manager is responsible on the other. For example, a portfolio manager may have conflicts of interest in allocating time, resources and investment opportunities across multiple funds and accounts. In addition, the Funds and accounts may have different objectives, benchmarks, time horizons, and fees. Due to differences in the investment strategies or restrictions between each Fund and the other accounts, the portfolio manager may take action with respect to another account that differs from the action taken with respect to each Fund.

In addition, a Fund's trade allocation policies and procedures may give rise to conflicts of interest if the Fund's orders do not get fully executed due to being aggregated with those of other accounts managed by the Adviser. A portfolio manager may execute transactions for another Fund or account that may adversely impact the value of securities held by a Fund. Securities selected for other Funds or accounts may outperform the securities selected for the Fund. If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one Fund or other account, a Fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible Funds and other accounts. The Adviser has adopted several policies and procedures designed to mitigate these potential conflicts, including a Code of Ethics and policies that govern the Adviser's trading practices. The Adviser employs policies for the aggregation and allocation of trades across multiple Funds and multiple accounts. There is no assurance that such policies and procedures will be effective in addressing all conflicts of interest or in ensuring the fair and equitable treatment of all accounts in the aggregate or in each instance. The following information concerning the portfolio managers and the person overseeing the index Funds is in addition to that provided in the Prospectus under the heading, "Portfolio Managers".

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The section under each Portfolio Manager's name entitled "Ownership of Securities" sets forth the dollar range of equity securities in the Investment Company Funds beneficially owned by the Portfolio Manager. The access persons of the Adviser are subject to restrictions contained in the Code of Ethics adopted by the Adviser in accordance with Rule 204A-1 under the Investment Advisers Act of 1940, which addresses conflicts of interest between access persons and a Fund. Trades are allocated pro rata among clients. The information is presented in tabular format followed by more detailed explanatory text.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment**<br> **Companies [Assets**<br> **as of 12/31/24]**<br>| **Other** <br> **Pooled** <br> **Investment**<br> **Vehicles** <br> **[Assets as** <br> **of 12/31/24]**<br>| **Other Accounts** <br> **[Assets as of** <br> **12/31/24]**<br>| **Ownership of** <br> **Securities**<br>|
| Duygu Akyatan | 2 Funds [428.3 million] | 0 | 0 | 0 |
| Joseph R. Gaffoglio | 16 Funds [$10,096.5 <br> million]<br>| 0 | 1 other account: <br> [$91.0 million]<br>| MoA Balanced Fund <br> [Over $100,000]<br> MoA Mid Cap Equity <br> Index [$50,001 - <br> $100,000]<br> MoA Small Cap Value <br> Fund [$10,001 - <br> $50,000]<br> MoA Intermediate <br> Bond Fund [over <br> $100,000]<br> MoA International <br> Fund [$10,001 - <br> $50,000]<br> MoA US Government <br> Money Market Fund <br> [$50,001-$100,000]<br> MoA Clear Passage <br> 2035 Fund [Over <br> $100,000]<br> MOA Catholic Values <br> Index Fund <br> [$10,001-$50,000]<br>|
| Eric Lockenvitz | 1 Fund [$1,654.6 million] | 0 | 0 | MoA Equity Index <br> [$50,001-$100,000]<br> MoA Small Cap Value <br> Fund [$0 - 10,000]<br> MoA Small Cap <br> Growth Fund [$0 - <br> $10,000]<br> MoA International <br> Fund [$0 - $10,000]<br>|
| Christopher Malfant | 3 Funds [$3,178.4 <br> million]<br>| 0 | 3 other accounts:<br> [$6,749.6 million]<br>| MoA Clear Passage <br> 2040 Fund [Over <br> $100,000]<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment**<br> **Companies [Assets**<br> **as of 12/31/24]**<br>| **Other** <br> **Pooled** <br> **Investment**<br> **Vehicles** <br> **[Assets as** <br> **of 12/31/24]**<br>| **Other Accounts** <br> **[Assets as of** <br> **12/31/24]**<br>| **Ownership of** <br> **Securities**<br>|
| Thad Pollock | 7 Funds [$1,130.7 <br> milliion]<br>| 0 | 2 other accounts<br> [$110.3 million]<br>| MoA All America Fund <br> [$0 - $10,000]<br> MoA Mid Cap Equity <br> Index Fund <br> [$50,001-$100,000]<br> MoA Mid Cap Value <br> Fund [over $100,000]<br> MoA Small Cap <br> Growth Fund [over <br> $100,000]<br> MoA Small Cap Equity <br> Index Fund [$10,001 - <br> $50,000]<br> MoA Small Cap Value <br> Fund [over $100,000]<br> MoA Clear Passage <br> 2045 Fund [$0 - <br> $10,000]<br>|
| Stephen Rich | 4 Funds [$662.4 million] | 0 | 1 other account:<br> [$17.2 million]<br>| MoA Small Cap Value <br> Fund<br> [over $100,000] <br> MoA Mid Cap Value <br> Fund [over $100,000]<br>|
| Jacqueline Sabella | 3 Funds [$3,178.4 <br> million]<br>| 0 | 3 other accounts:<br> [$6,749.6 million]<br>| MoA Intermediate <br> Bond Fund [Over <br> $100,000]<br>|
| Ron Viener | 5 Funds [$7,806.1 <br> million]<br>| 0 | 1 other account:<br> [$16.1 million]<br>| MoA All America Fund <br> [$10,001 - $50,000]<br> MoA Equity Index <br> Fund [$10,001 - <br> $50,000]<br> MoA Mid Cap Value <br> Fund [$10,001 - <br> $50,000]<br> MoA Small Cap <br> Growth Fund [$50,001 <br> - $100,000]<br> MoA Small Cap Value <br> Fund [$50,001 - <br> $100,000]<br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment**<br> **Companies [Assets**<br> **as of 12/31/24]**<br>| **Other** <br> **Pooled** <br> **Investment**<br> **Vehicles** <br> **[Assets as** <br> **of 12/31/24]**<br>| **Other Accounts** <br> **[Assets as of** <br> **12/31/24]**<br>| **Ownership of** <br> **Securities**<br>|
| Erik Wennerstrum | 5 Funds [$7,806.1 <br> million]<br>| 0 | 1 other account:<br> [$16.1 million]<br>| MoA Equity Index <br> Fund [$10,001 - <br> $50,000]<br> MoA Mid-Cap Equity <br> Index Fund [$10,001 - <br> $50,000]<br> MoA Small Cap Equity <br> Index Fund [$1,001 - <br> $10,000]<br> MoA Mid Cap Value <br> Fund [$1,001 - <br> $10,000]<br> MoA Small Cap <br> Growth Fund [$1,001 - <br> $10,000]<br> MoA Small Cap Value <br> Fund [$1,001 - <br> $10,000]<br> MoA Small Cap Equity <br> Index Fund [$10,001 - <br> $50,000]<br>|
| Jamie A. Zendel | 21 Funds [$19,434.6 <br> million]<br>| 0 | 2 other accounts:<br> [$107.0 million]<br>| MoA Equity Index <br> Fund [over $100,000]<br> MoA Mid Cap Equity <br> Index Fund [$50,001 - <br> $100,000]<br> MoA US Government <br> Money Market Fund <br> [$10,001-50,000]<br> MoA International <br> Fund <br> [$50,001-$100,000]<br> MoA Clear Passage <br> 2040 Fund<br> [over $100,000]<br>|

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

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| | |
|:---|:---|
| Duygu Akyatan — Executive Vice President | Duygu Akyatan — Executive Vice President |
| ●Length of Service: | With Adviser since 2004; 30 years of investment experience |
| ●Role: | &nbsp;&nbsp; Director of Equity Research with a focus on the healthcare industry and a Portfolio <br> Manager of the MoA Mid Cap Growth Fund, MoA Small Cap Growth Fund and small <br> cap segment of the MoA All America Fund.<br>|
| ●Education: | Undergraduate, Bryn Mawr College |
| Joseph R. Gaffoglio — President and Chief Executive Officer | Joseph R. Gaffoglio — President and Chief Executive Officer |
| ●Length of Service: | With Adviser since 2005; 29 years in the investment management field |
| ●Role: | &nbsp;&nbsp; Focus on quantitative research and risk management, and responsible for <br> rebalancing and reallocation of the investments of the MoA Clear Passage Funds <br> and Asset Allocation Funds, and for managing large cap portfolios for MoA Balanced <br> Fund<br>|

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

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| | |
|:---|:---|
| ●Education: | Undergraduate, Fordham University; MBA New York University; CFA; CPA |
| Eric Lockenvitz — Vice President, Quantitative Research | Eric Lockenvitz — Vice President, Quantitative Research |
| ●Length of Service: | With Adviser since 2023; 12 years investment experience |
| ●Role: | &nbsp;&nbsp; Quantitative research and risk management and a Portfolio Manager of the MoA <br> International Fund.<br>|
| ●Education: | Undergraduate, Lafayette College; CFA |
| Christopher Malfant — Executive Vice President and Head of Fixed Income | Christopher Malfant — Executive Vice President and Head of Fixed Income |
| ●Length of Service: | With Adviser since 2022; 20 years investment experience |
| ●Role: | &nbsp;&nbsp; Sets fixed income strategy and manages the MoA Core Bond Fund, MoA <br> Intermediate Bond Fund and the fixed income portion of the MoA Balanced Fund.<br>|
| ●Education: | &nbsp;&nbsp; Undergraduate, Duke University; MBA, University of Chicago Booth School of <br> Business<br>|
| Thad Pollack — Executive Vice President and Head of Value Equity | Thad Pollack — Executive Vice President and Head of Value Equity |
| ●Length of Service: | With Adviser since 2023; 25 years investment experience |
| ●Role: | &nbsp;&nbsp; Portfolio Manager for the MoA Small Cap Value Fund, MoA Small Cap Growth Fund, <br> MoA Mid Cap Value Fund, MoA Mid Cap Growth Fund and the small cap and <br> mid-cap segments of the MoA All America Fund<br>|
| ●Education: | Undergraduate, Yale University; CFA |
| Stephen J. Rich — Chairman | Stephen J. Rich — Chairman |
| ●Length of Service: | With Adviser since 2004; 33 years investment experience |
| ●Role: | &nbsp;&nbsp; Portfolio Manager for the MoA Small Cap Value Fund, MoA Mid Cap Value Fund and <br> the small cap and mid-cap value segments of the MoA All America Fund<br>|
| ●Education: | Undergraduate, Princeton University; MBA, New York University |
| Jacqueline Sabella — Senior Vice President and Portfolio Manager | Jacqueline Sabella — Senior Vice President and Portfolio Manager |
| ●Length of Service | With Adviser since 2000; 27 years investment experience |
| ●Role | &nbsp;&nbsp; Manager of mortgage-backed securities portfolio of fixed income funds for the MoA <br> Funds<br>|
| ●Education | Undergraduate, Marymount Manhattan College |
| Ron Viener — Senior Vice President, Head of Trading and Middle Office | Ron Viener — Senior Vice President, Head of Trading and Middle Office |
| ●Length of Service: | With Adviser since 2020; 24 years investment experience |
| ●Role: | Equity trading and Portfolio Manager for the MoA Funds index funds |
| ●Education: | Undergraduate, SUNY Albany; MBA New York University |
| Erik Wennerstrum — Vice President and Portfolio Manager | Erik Wennerstrum — Vice President and Portfolio Manager |
| ●Length of Service: | With Adviser since 2019; 10 years investment experience |
| ●Role: | &nbsp;&nbsp; Works with the Adviser's quantitative research group and serves as a portfolio <br> manager of the MoA Funds equity index Funds<br>|
| ●Education: | Undergraduate, James Madison University; CPA |

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| | |
|:---|:---|
| Jamie A. Zendel — Executive Vice President, Quantitative Research, Equity Indexes, Trading and <br> Administration | Jamie A. Zendel — Executive Vice President, Quantitative Research, Equity Indexes, Trading and <br> Administration |
| ●Length of Service: | With Adviser since 2007; 27 years investment experience |
| ●Role: | &nbsp;&nbsp; Portfolio manager for the MoA Funds equity index funds, MoA International Fund, <br> large cap portfolio for the MoA All America Fund, and MoA Clear Passage and MoA <br> Asset Allocation funds<br>|
| ●Education: | Undergraduate, University of Wisconsin — Madison; FRM |

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**Subadvisory Fees.** There were no Subadvisory fees paid during 2024, 2023 or 2022.

**Codes of Ethics.** The Investment Company, the Adviser, and the Insurance Company have adopted codes of ethics under Rule 17j-1 of the 1940 Act. Persons subject to these codes (generally, persons with access to information about the investment programs of the Funds) may not purchase certain securities in which the Investment Company's Funds may invest unless their purchases have been precleared in accordance with the codes and do not occur within certain black-out periods imposed under the codes. The Investment Company has also adopted a code of ethics applicable to its chief executive officer and principal financial and accounting officers as disclosed in its Form N-CSR.

The Adviser has adopted a code of ethics that meets the requirements of Rule 204A-1 under the Investment Advisers Act of 1940.

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

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

**Selection of Brokers and Dealers**

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The Adviser is responsible for decisions to buy and sell securities for the Funds of the Investment Company for which it provides services as well as for selecting brokers and, where applicable, negotiating the amount of the commission rate paid.

&nbsp;&nbsp;&nbsp;&nbsp;● The Adviser selects broker-dealers which, in its best judgment, provide prompt and reliable execution at favorable security prices and reasonable commission rates.

&nbsp;&nbsp;&nbsp;&nbsp;● The Adviser may select broker-dealers that provide it with research services and may cause a Fund to pay such broker-dealers commissions which exceed those other broker-dealers may charge, if in its view the commissions are reasonable in relation to the value of the brokerage and/or research services provided by the broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;● The Adviser may place certain orders with their affiliates, subject to the requirements of the 1940 Act.

Brokerage commissions are negotiated, as there are no standard rates. All brokerage firms provide the service of execution of the order made. Some brokerage firms routinely provide research and statistical data to their customers, and some firms customarily provide research reports on particular companies and industries to customers that place a certain volume of trades with them.

The Adviser will place orders with brokers providing useful research and statistical data services if reasonable commissions can be negotiated for the total services furnished even though lower commissions may be available from brokers not providing such services. The Adviser uses these services in connection with all investment activities, and some of the data or services obtained in connection with the execution of transactions for the Investment Company may be used in managing other investment accounts. Conversely, data or services obtained in connection with transactions in other accounts may be used by the Adviser in providing investment advice to the Investment Company. To the extent that the Adviser uses research and statistical data services so obtained, its expenses may be reduced.

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At times, transactions for the Investment Company may be executed together with purchases or sales of the same security for other accounts of the Adviser. When making concurrent transactions for several accounts, an effort is made to allocate executions fairly among them. Transactions of this type are executed only when the Adviser believes it to be in the best interests of the affected Fund(s), as well as any other accounts involved. However, the possibility exists that concurrent executions may work out to the disadvantage of the Fund(s) involved.

**Aggregate Brokerage Commissions Paid by the Funds** 

**During its Three Most Recent Fiscal Years** 

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| | | | |
|:---|:---|:---|:---|
|  | **2024** | **2023** | **2022** |
| **<u>MoA Fund</u>** |  |  |  |
| MoA Equity Index | $82874 | $65205 | $51245 |
| MoA All America | $82468 | $52222 | $59744 |
| MoA Small Cap Value | $484149 | $175857 | $145832 |
| MoA Small Cap Growth | $282730 | $350899 | $524388 |
| MoA Small Equity Index | $26629 | $44823 | $33536 |
| MoA Mid Cap Value | $68174 | $45472 | $8059 |
| MoA Mid Cap Equity Index | $90016 | $191478 | $118770 |
| MoA Balanced | $11496 | $12094 | $18619 |
| MoA International | $436522 | $174031 | $158568 |
| MoA Catholic Values Index | $187 | $171 | $118 |
| Total Commissions | $1565244 | $1159107 | $1175723 |

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As of the close of the fiscal year ended December 31, 2024, the Funds listed below owned securities of their "regular broker-dealers" (as defined by Rule 10b-1 under the 1940 Act) or of their parents. (Generally, a regular broker or dealer of an investment company is one of the ten brokers or dealers that received the greatest dollar amount of brokerage commissions from participating in portfolio transactions, engaged as principal in the largest dollar amount of portfolio transactions, or sold the largest dollar amount of portfolio securities during the Fund's most recent fiscal year). The table below sets out the name of the broker or dealer (and, if applicable, parent) and the aggregate value of the securities of the regular broker or dealer (or parent) held by the respective Fund as of December 31, 2024.

**Aggregate Value of the Securities of Regular Brokers or Dealers**

**Held by Fund as of December 31, 2024** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** |
|  | **Barclays**<br> **Capital**<br> **Inc.**<br>| **BNY**<br> **Mellon**<br> **Capital**<br> **Markets,**<br> **LLC**<br>| **Goldman**<br> **Sachs**<br> **& Co,**<br> **LLC**<br>| **J.P. Morgan**<br> **Securities**<br> **LLC**<br>| **Morgan**<br> **Stanley & Co.**<br> **LLC**<br>| **Raymond**<br> **James**<br> **(USA)**<br> **LTD.**<br>| **Stifel,**<br> **Nicolaus &**<br> **Company,**<br> **Incorporated**<br>| **Wells**<br> **Fargo**<br> **Securities**<br> **LLC**<br>|
| MoA Equity Index | $0  | $6477845 | $20844513 | $78259562 | $18085073 | $3295792 | $0 | $27119594 |
| MoA All America  | $0  | $204675  | $658513  | $2472609  | $0  | $861771  | $279203  | $856858  |
| MoA Small Cap Value | $0  | $0  | $0  | $0  | $0  | $0  | $3685219  | $0  |
| MoA Small Cap Growth | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Small Cap Equity Index | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Mid Cap Value | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Mid Cap Equity Index | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Balanced | $0  | $0  | $2043109  | $3987010  | $0  | $0  | $0  | $680779  |
| MoA International | $19434092  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Catholic Values Index | $0  | $0  | $0  | $0  | $27030  | $4815  | $0  | $0  |
| MoA US Government Money <br> Market<br>| $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Intermediate Bond | $2021134  | $0  | $9195720  | $10827958  | $11003896  | $0  | $0  | $9528008  |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** | **Name of Broker or Dealer** |
|  | **Barclays**<br> **Capital**<br> **Inc.**<br>| **BNY**<br> **Mellon**<br> **Capital**<br> **Markets,**<br> **LLC**<br>| **Goldman**<br> **Sachs**<br> **& Co,**<br> **LLC**<br>| **J.P. Morgan**<br> **Securities**<br> **LLC**<br>| **Morgan**<br> **Stanley & Co.**<br> **LLC**<br>| **Raymond**<br> **James**<br> **(USA)**<br> **LTD.**<br>| **Stifel,**<br> **Nicolaus &**<br> **Company,**<br> **Incorporated**<br>| **Wells**<br> **Fargo**<br> **Securities**<br> **LLC**<br>|
| MoA Core Bond | $3031701  | $0  | $21509993  | $22196459  | $21156730  | $0  | $0  | $21492223  |
| MoA Retirement Income | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2015 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2020 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2025 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2030 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2035 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2040 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2045 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2050 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2055 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2060 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Clear Passage 2065 | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Conservative Allocation  | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Moderate Allocation | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0  |
| MoA Aggressive Allocation | $0  | $0  | $0  | $0  | $0  | $0  | $0  | $0 |

---

**Commissions to Affiliated Brokers**

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For the years 2024, 2023 and 2022 no commissions were paid to affiliated brokers.

**Portfolio Turnover**

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The Adviser does not consider portfolio turnover rate to be a limiting factor when the Adviser deems it appropriate to purchase or sell securities for a Fund. The portfolio turnover rate for a Fund in any year will depend on market conditions, and the rate may increase depending on market conditions or if a new portfolio manager for a Fund restructures its holdings. The Adviser does not consider how long a Fund has held a security, or how capital gain upon sale would be characterized, in deciding whether and when to sell that security.

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

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

**Calculation of Net Asset Value**

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A shareholder (including a Separate Account) purchases or redeems shares of a Fund at net asset value. A Fund's net asset value is equal to:

&nbsp;&nbsp;&nbsp;&nbsp;● the sum of the value of the securities the Fund holds,

&nbsp;&nbsp;&nbsp;&nbsp;● plus any cash or other assets, including interest and dividends accrued, and

&nbsp;&nbsp;&nbsp;&nbsp;● minus all liabilities, including accrued expenses.

The net asset value of each Fund is determined once daily immediately after the declaration of dividends, if any, and is determined as of the time of the close of the regular trading session on the New York Stock Exchange (generally 4:00 p.m. Eastern Time) on each day the Exchange is open for trading (a Valuation Day). A Valuation Period for calculation of a Fund's net asset value per share is the period after the close of a Valuation Day and ending at the close of the next Valuation Day.

------

A Fund's net asset value per share is equal to the Fund's net asset value divided by the number of Fund shares outstanding.

**Pricing of Securities Held by the Funds**

------

In determining a Fund's net asset value, the Adviser must value the securities and other assets the Fund owns.

*For all Funds except for MoA US Government Money Market Fund:*

1)

If market quotations are readily available for an investment, the Adviser uses market value as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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").

2)

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 Funds' valuation procedures. See "Pricing of Fund Shares" in the Prospectus.

3)

If a money market security has a remaining maturity of 60 days or less, the Adviser will generally use the amortized cost method of valuation to approximate market value, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Market value will be used instead if the amortized cost value is determined to be materially different from the actual market value of the security.

4)

For stock options and futures contracts, these valuation methodologies generally apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Stock options written by a Fund are valued at the mean of the last bid and asked price on the principal exchange where the option is traded, as of the close of trading on that exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Futures contracts, and options thereon, traded on commodities exchanges are valued at their official settlement price as of the close of such commodities exchanges.

5)

For Funds that invest in underlying investment companies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● For any portion of a Fund's assets that are invested in an underlying investment company, that Fund's net asset value is calculated based on the net asset values of the investment company in which the Fund has invested except for investments in ETFs, which are based on the market value of the ETFs.

*For 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.

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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.

**Frequent Transfers**

------

The Prospectus discloses the Investment Company's policy on frequent transfers.

The Investment Company has no arrangements with any person or entities to permit frequent transfers and no such arrangements are permitted.

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

**TAXATION OF THE FUNDS**

The following discussion of U.S. federal income tax consequences of an investment in the Funds is based on the Internal Revenue Code of 1986, as amended (the "Code"), U.S. Treasury regulations, and other applicable authority, as of the date of this SAI. These authorities are subject to change by legislative or administrative action, possibly with retroactive effect. The following discussion is only a summary of some of the important U.S. federal income tax considerations generally applicable to investments in the Funds. There may be other tax considerations applicable to particular shareholders. Shareholders should consult their own tax advisors regarding their particular situation and the possible application of foreign, state and local tax laws.

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans or tax-advantaged arrangements. Shareholders should consult their tax advisors to determine the suitability of shares of a Fund as an investment through such plans and arrangements and the precise effect of an investment on their particular tax situations. The discussion below does not address the tax considerations applicable to investors through Separate Accounts.

**Taxes on Funds' Investment Earnings and Income**

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Each Fund has in the past elected to be treated as and qualified for the special tax treatment afforded a "regulated investment company" ("RIC") under Subchapter M of the Code, and each Fund intends to continue to qualify and be eligible for treatment under Subchapter M. A Fund will not owe Federal income tax on the ordinary income and net realized capital gains that it distributes to shareholders, if it qualifies for treatment as a RIC.

If any Fund were to fail to qualify for treatment as a RIC, it would be subject to Federal income tax on its ordinary income and net realized capital gains, whether or not it distributes the income and gains to shareholders. If a Fund were to pay Federal income tax, its investment performance would be negatively affected.

To qualify or continue to qualify for treatment as a RIC, a Fund must distribute with respect to each taxable year to its shareholders at least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for dividends paid — generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital losses) and net tax-exempt income, for such year, and must meet several additional requirements. For each Fund, these requirements

------

include the following: (1) the Fund must derive at least 90% of its gross income each taxable year from (a) dividends, interest, payments with respect to securities loans, and gains from the sale or other disposition of securities or foreign currencies or other income (including gains from options, futures, or forward contracts) derived with respect to its business of investing in securities or those currencies and (b) net income from an interest in a "qualified publicly traded partnership" ("QPTP"); and (2) the Fund must diversify its holdings so that, at the close of each quarter of the Fund's taxable year, (a) at least 50% of the value of its total assets must be represented by cash and cash items (including receivables), U.S. Government Securities, securities of other RICs, and other securities that are limited, in respect of any one issuer, to an amount that does not exceed 5% of the value of the Fund's total assets and that does not represent more than 10% of the issuer's outstanding voting securities (equity securities of QPTPs being considered voting securities for these purposes) and (b) not more than 25% of the value of its total assets may be invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in (i) the securities (other than U.S. Government Securities or securities of other RICs) of any one issuer, (ii) the securities (other than securities of other RICs) of two or more issuers the Fund controls that are determined to be engaged in the same, similar, or related trades or businesses, or (iii) the securities of one or more QPTPs (collectively, "RIC Diversification Requirements").

In general, for purposes of the 90% gross income requirement described above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized directly by the RIC.

For purposes of the RIC Diversification Requirements, the term "issuer's outstanding voting securities" will include the equity securities of a qualified publicly traded partnership. Also, for purposes of the RIC Diversification Requirements above, the identification of the issuer (or, in some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the Internal Revenue Service ("IRS") with respect to issuer identification for a particular type of investment may adversely affect a Fund's ability to meet the RIC Diversification Requirements.

If a Fund qualifies as a RIC that is accorded special tax treatment, the Fund will not be subject to federal income tax on income or gains distributed in a timely manner to its shareholders in the form of dividends (including Capital Gain Dividends, as defined below). If a Fund were to fail to meet the income, diversification or distribution test described above, the Fund could in some cases cure such failure, including by paying a Fund-level tax, paying interest or disposing of certain assets. If such Fund were ineligible to or otherwise did not cure such failure for any year, or if such Fund otherwise failed to qualify for treatment as a RIC for any taxable year, then for Federal tax purposes it would be taxed as an ordinary corporation on the full amount of its taxable income for that year without being able to deduct the distributions it makes to its shareholders, and all distributions from earnings and profits, including any distributions of net tax-exempt income (if any) and net capital gains (as defined below), would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders and may be eligible to be treated as "qualified dividend income" in the case of shareholders taxed as individuals, provided, in both cases, the shareholder meets certain holding period and other requirements in respect of a Fund's shares (each as described below). Furthermore, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest, and make substantial distributions before requalifying for RIC treatment.

Each Fund intends to distribute at least annually to its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction) and its net tax-exempt income (if any), and may distribute its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case determined with reference to any loss carryforwards). Any taxable income retained by a Fund will be subject to tax at the Fund level at regular corporate rates.

If a Fund were to fail to distribute in a calendar year at least an amount equal, in general, to the sum of 98% of its ordinary income for such year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year (or November 30 or December 31 if the Fund is eligible to elect and so elects), plus any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on

------

the undistributed amounts. Each Fund intends generally to make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so. Distributions declared by a Fund during October, November and December to shareholders of record on a date in any such month and paid by the Fund during the following January will be treated for federal tax purposes as paid by the Fund and received by shareholders on December 31 of the year in which declared.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a Fund's net investment income. Instead, potentially subject to certain limitations, a Fund may carry net capital losses from any taxable year forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent taxable years. Distributions from capital gains are generally made after applying any available capital loss carryforwards. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund retains or distributes such gains. A Fund may carry net capital losses forward to one or more subsequent taxable years without expiration; any such carryforward losses will retain their character as short-term or long-term. The Fund must apply such carryforwards first against gains of the same character. As of December 31, 2024, the following capital loss carryforwards were available:

**Capital Loss Carryforwards**

**for the year ended December 31, 2024** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **MoA Fund** | **Ordinary** | **Short Term** | **Long Term** | **Total Capital Loss**<br> **Carryforward**<br>|
| MoA International | $55125966 | ($46856383) | ($41134683) | ($32865100) |
| MoA Intermediate Bond | $33186211 | ($667029) | ($54517570) | ($21998388) |
| MoA Core Bond | $81941005 | ($16352481) | ($125962238) | ($60373714) |

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**Taxation of Distributions Received by Shareholders**

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For U.S. federal income tax purposes, distributions of investment income are generally taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined by how long a Fund has owned (or is deemed to have owned) the investments that generated them, rather than how long a shareholder has owned his or her Fund shares. In general, a Fund will recognize long-term capital gain or loss on the disposition of assets the Fund has owned (or is deemed to have owned) for more than one year, and short-term capital gain or loss on the disposition of investments the Fund has owned (or is deemed to have owned) for one year or less. Distributions of net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss) that are properly reported by a Fund as capital gain dividends ("Capital Gain Dividends") generally will be taxable to a shareholder receiving such distributions as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates relative to ordinary income. Distributions from capital gains are generally made after applying any available capital loss carryovers. The IRS and the Department of the Treasury have issued regulations that impose special rules in respect of Capital Gain Dividends received through partnership interests constituting "applicable partnership interests" under Section 1061 of the Code. Distributions of net short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary income. Distributions of investment income properly reported by a Fund as derived from "qualified dividend income" will be taxed in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both the shareholder and Fund level.

The Code generally imposes a 3.8% Medicare contribution tax on the net investment income of certain individuals, trusts and estates to the extent their income exceeds certain threshold amounts. For these purposes, "net investment income" generally includes, among other things, (i) distributions paid by a Fund of net investment income and capital gains , and (ii) any net gain from the sale, redemption, exchange or other taxable disposition of Fund shares. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund.

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If a Fund makes a distribution to a shareholder in excess of the Fund's current and accumulated earnings and profits in any taxable year, the excess distribution will be treated as a return of capital to the extent of such shareholder's tax basis in its shares, and thereafter as capital gain. A return of capital is not taxable, but it reduces a shareholder's tax basis in its shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of its shares.

Shareholders of a Fund will be subject to federal income taxes as described herein on distributions made by the Fund whether received in cash or reinvested in additional shares of the Fund.

Distributions with respect to a Fund's shares are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund's realized income and gains, even though such distributions may economically represent a return of a particular shareholder's investment. Such distributions are likely to occur in respect of shares purchased at a time when a Fund's NAV includes either unrealized gains, or realized but undistributed income or gains, that were therefore included in the price the shareholder paid. Such distributions may reduce the fair market value of the Fund's shares below the shareholder's cost basis in those shares. As described above, a Fund is required to distribute realized income and gains regardless of whether the Fund's NAV also reflects unrealized losses.

In order for some portion of the dividends received by a Fund shareholder to be "qualified dividend income," the Fund must meet holding period and other requirements with respect to the dividend-paying stocks held by the Fund and the shareholder must meet holding period and other requirements with respect to the Fund's shares. In general, a dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (a) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (b) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (c) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (d) if the dividend is received from a foreign corporation that is (i) not eligible for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a foreign corporation readily tradable on an established securities market in the United States) or (ii) treated as a passive foreign investment company ("PFIC").

In general, distributions of investment income properly reported by a Fund as derived from qualified dividend income will be treated as qualified dividend income in the hands of a shareholder taxed as an individual, provided the shareholder meets the holding period and other requirements described above with respect to the Fund's shares. If the aggregate qualified dividends received by a Fund during any taxable year are 95% or more of the Fund's gross income (excluding net long-term capital gain over net short-term capital loss), then 100% of the Fund's dividends (other than dividends properly reported as Capital Gain Dividends) will be eligible to be treated as qualified dividend income.

In general, dividends of net investment income received by corporate shareholders of a Fund will qualify for the dividends-received deduction generally available to corporations only to the extent of the amount of eligible dividends received by a Fund from domestic corporations for the taxable year. A dividend received by a Fund will not be treated as a dividend eligible for the dividends-received deduction (a) if it has been received with respect to any share of stock that the Fund has held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day period beginning 90 days before such date in the case of certain preferred stock) or (b) to the extent that the Fund is under an obligation (pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property. Moreover, the dividends-received deduction may otherwise be disallowed or reduced (x) if the corporate shareholder fails to satisfy the foregoing requirements with respect to its shares of the Fund or (y) by application of various provisions of the Code (for instance, the dividends-received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed funds)).

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Any distribution of income that is attributable to (i) income received by a Fund in lieu of dividends with respect to securities on loan pursuant to a securities lending transaction or (ii) dividend income received by a Fund on securities it temporarily purchased from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.

**Tax Implications of Certain Fund Investments in Other RICs.**

------

If a Fund receives dividends from another mutual fund, an ETF or another company that qualifies as a RIC (each, an "underlying RIC"), and the underlying RIC reports such dividends as qualified dividend income, then the Fund is permitted, in turn, to report a portion of such dividends as "qualified dividend income" when it distributes such portion to its shareholders, provided holding period and other requirements are met.

If a Fund receives dividends from an underlying RIC, and the underlying RIC reports such dividends as eligible for the dividends-received deduction, then the Fund is permitted, in turn, to report a portion of such dividends as eligible for the dividends-received deduction as well when it distributes such portion to its shareholders, provided holding period and other requirements are met.

If an underlying RIC in which a Fund invests elects to pass through tax credit bond credits to its shareholders, then the Fund is permitted in turn to elect to pass through its proportionate share of those tax credits to its shareholders, provided that the Fund meets shareholder notice and other requirements. The foregoing rules may cause the tax treatment of a Fund's gains, losses and distributions to differ at times from the tax treatment that would apply if the Fund invested directly in the types of securities held by the underlying RIC. As a result, investors may receive taxable distributions earlier and recognize higher amounts of capital gain or ordinary income than they otherwise would.

*Special Rules for Debt Obligations.* Some debt obligations with a fixed maturity date of more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the date of issuance) will be treated as debt obligations that are issued originally at a discount. Generally, original issue discount ("OID") is treated as interest income and is included in a Fund's income and required to be distributed by the Fund over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. In addition, payment-in-kind obligations will give rise to income which is required to be distributed and is taxable even though the Fund holding the obligation receives no interest payment in cash on the obligation during the year.

Some debt obligations with a fixed maturity date of more than one year from the date of issuance that are acquired by a Fund in the secondary market may be treated as having "market discount." Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued with OID, its "revised issue price") over the purchase price of such obligation. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt obligation having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt obligation. Alternatively, a Fund may elect to accrue market discount currently, in which case the Fund will be required to include the accrued market discount in the Fund's income (as ordinary income) and thus distribute it over the term of the debt obligation, even though payment of that amount is not received until a later time, upon partial or full repayment or disposition of the debt obligation. If the Fund makes the election referred to in the preceding sentence, then the rate at which the market discount accrues, and thus is included in a Fund's income, will depend upon which of the permitted accrual methods the Fund elects.

If a Fund holds the foregoing kinds of obligations, or other obligations subject to special rules under the Code, the Fund may be required to pay out as an income distribution each year an amount which is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or, if necessary, by disposition of portfolio securities including at a time when it may not be advantageous to do so. These dispositions may cause a Fund to realize higher amounts of short-term capital gains (generally taxed to shareholders at ordinary income tax rates) and, in the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger Capital Gain Dividend than they would have if the Fund had not held such obligations.

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A portion of the OID accrued on certain high yield discount obligations may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer for purposes of the dividends-received deduction. In such cases, if the issuer of the high yield discount obligations is a domestic corporation, dividend payments by a Fund may be eligible for the dividends-received deduction to the extent attributable to the deemed dividend portion of such OID.

*Securities Purchased at a Premium.* Very generally, where a Fund purchases a bond at a price that exceeds the redemption price at maturity – that is, at a premium — the premium is amortizable over the remaining term of the bond. In the case of a taxable bond, if a Fund makes an election applicable to all such bonds it purchases, which election is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4, 2013, the Fund is permitted to deduct any remaining premium allocable to a prior period.

*At-risk or Defaulted Securities.* Investments in debt obligations that are at risk of or in default present special tax issues for the Funds. Tax rules are not entirely clear about issues such as when a Fund may cease to accrue interest, OID or market discount; whether, when or to what extent a Fund should recognize market discount on such a debt obligation; when and to what extent a Fund may take deductions for bad debts or worthless securities; and how a Fund should allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by a Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a RIC and does not become subject to U.S. federal income or excise tax.

*Foreign Currency Transactions.* Any transaction by a Fund in foreign currencies, foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may accelerate a Fund's distributions to shareholders and increase the distributions taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned in subsequent taxable years.

*Passive Foreign Investment Companies.* Equity investments by a Fund in certain PFICs could potentially subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company. This tax cannot be eliminated by making distributions to Fund shareholders. However, a Fund may elect to avoid the imposition of that tax. For example, a Fund may elect to treat a PFIC as a "qualified electing fund" (i.e., make a "QEF election"), in which case the Fund will be required to include its share of the PFIC's income and net capital gains annually, regardless of whether it receives any distribution from the PFIC. A Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold (and, solely for purposes of this mark-to-market election, repurchased) its holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either of these elections therefore may require a Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return. Dividends paid by PFICs will not be eligible to be treated as "qualified dividend income." Because it is not always possible to identify a foreign corporation as a PFIC, a Fund may incur the tax and interest charges described above in some instances.

*Options and Futures.* In general, option premiums received by a Fund are not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call option written by a Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital gain or loss equal to (a) the sum of the strike price and the option

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premium received by the Fund minus (b) the Fund's basis in the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of a Fund's obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example, if an option written by a Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

A Fund's options activities may include transactions constituting straddles for U.S. federal income tax purposes, that is, that trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Such straddles include, for example, positions in a particular security, or an index of securities, and one or more options that offset the former position, including options that are "covered" by a Fund's long position in the subject security. Very generally, where applicable, Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to "substantially similar or related property," to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part of a straddle. Options on single stocks that are not "deep in the money" may constitute qualified covered calls, which generally are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are "in the money" although not "deep in the money" will be suspended during the period that such calls are outstanding. Thus, the straddle rules and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated as short-term capital gains, and distributions that would otherwise constitute "qualified dividend income" or qualify for the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or fail to qualify for the dividends-received deduction, as the case may be.

The tax treatment of certain positions entered into by a Fund, including regulated futures contracts, certain foreign currency positions and certain listed non-equity options, will be governed by section 1256 of the Code ("section 1256 contracts"). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses ("60/40"), although certain foreign currency gains and losses from such contracts may be treated as ordinary in character. Also, section 1256 contracts held by a Fund at the end of each taxable year (and, for purposes of the 4% excise tax, on certain other dates as prescribed under the Code) are "marked to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

*Derivatives, Hedging, and Related Transactions.* In addition to the special rules described above in respect of futures and options transactions, a Fund's transactions in other derivative instruments (e.g., forward contracts and swap agreements), as well as any of its hedging, short sale, securities loan or similar transactions, may be subject to one or more special tax rules (e.g., notional principal contract, straddle, constructive sale, wash sale and short sale rules). These rules may affect whether gains and losses recognized by a Fund are treated as ordinary or capital, accelerate the recognition of income or gains to the Fund, defer losses to the Fund, and cause adjustments in the holding periods of the Fund's securities, thereby affecting whether capital gains and losses are treated as short-term or long-term. These rules could therefore affect the amount, timing and/or character of distributions to shareholders.

Because these and other tax rules applicable to these types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a Fund has made sufficient distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a RIC and avoid a Fund-level tax.

*Book-Tax Differences.* Certain of a Fund's investments in derivative instruments and foreign currency-denominated instruments, and any of the Fund's transactions in foreign currencies and hedging activities, are likely to produce a difference between its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises, and a Fund's book income is less than the sum of its taxable income and net tax-exempt income, the Fund could be required to make distributions exceeding book

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income to qualify as a RIC that is accorded special tax treatment and to avoid an entity-level tax. In the alternative, if a Fund's book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in its shares, and (iii) thereafter as gain from the sale or exchange of a capital asset.

**Foreign Taxation**

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Income, proceeds and gains received by a Fund from sources within foreign countries may be subject to withholding or other foreign taxes, which will reduce the yield on those investments. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If, at the close of a Fund's taxable year, more than 50% of the assets of the Fund consists of the securities of foreign corporations, the Fund may elect to permit shareholders to claim a credit or deduction on their income tax returns for their pro rata portions of qualified taxes paid by the Fund to foreign countries in respect of foreign securities that the Fund has held for at least the minimum period specified in the Code. In such a case, shareholders will include in gross income from foreign sources their pro rata shares of such taxes paid by the Fund.

A shareholder's ability to claim an offsetting foreign tax credit or deduction in respect of foreign taxes paid by a Fund is subject to certain limitations imposed by the Code, which may result in the shareholder's not receiving a full credit or deduction (if any) for the amount of such taxes. Shareholders who do not itemize on their U.S. federal income tax returns may claim a credit (but not a deduction) for such foreign taxes. Even if a Fund is eligible to make such an election for a given year, it may determine not to do so.

If a Fund does not qualify for or does not make such election, shareholders will not be entitled to claim a credit or deduction with respect to foreign taxes paid by the Fund; in that case the foreign tax will nonetheless reduce the Fund's taxable income. Shareholders that are not subject to U.S. federal income tax, and those who invest in a Fund through tax-advantaged accounts (including those who invest through individual retirement accounts or other tax-advantaged retirement plans), generally will receive no benefit from any tax credit or deduction passed through by the Fund, if any. Under certain circumstances, if a Fund receives a refund of foreign taxes paid in respect of a prior year, the value of shares could be affected or any foreign tax credits or deductions passed through to shareholders in respect of the Fund's foreign taxes for the current year could be reduced.

**Backup Withholding**

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A Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund with a correct taxpayer identification number ("TIN"), who has under-reported dividend or interest income, or who fails to certify to the Fund that he or she is not subject to such withholding.

Backup withholding is not an additional tax. Any amounts withheld may be credited against the shareholder's U.S. federal income tax liability, provided the appropriate information is furnished to the IRS.

**Tax-Exempt Shareholders**

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Income of a RIC that would be unrelated business taxable income ("UBTI") if earned directly by a tax-exempt entity generally will not constitute UBTI when distributed to a tax-exempt shareholder of the RIC. Notwithstanding this "blocking" effect, a tax-exempt shareholder could realize UBTI by virtue of its investment in a Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code Section 514(b).

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**Redemptions and Exchanges**

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Redemptions and exchanges of each Fund's shares are taxable events and, accordingly, shareholders may realize gain or loss on these transactions, 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. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term capital gain or loss if the shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of Fund shares held by a shareholder for six months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received) by the shareholder with respect to the shares. Further, subject to the discussion below regarding money market funds, all or a portion of any loss realized upon a taxable disposition of Fund shares will generally be disallowed under the Code's "wash sale" rule if other substantially identical shares are purchased, including by means of dividend reinvestment, within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss. Upon the redemption or exchange of shares of a Fund, the Fund or, in the case of shares purchased through a financial intermediary, the financial intermediary may be required to provide you and the IRS with cost basis and certain other related tax information about the Fund shares you redeemed or exchanged. See the Funds' prospectuses for more information.

A shareholder of the MoA US Government Money Market Fund may elect the "NAV method" for computing gains and losses from redemptions and exchanges. Under the NAV method, rather than computing gain or loss separately for each taxable disposition of Fund shares, an electing shareholder determines gain or loss on an aggregate basis for each "computation period" (which could be a taxable year or certain shorter periods within a taxable year). Gain or loss under the NAV method is based on the change in the aggregate value of the electing shareholder's shares during the applicable period (or, for the first period in which the NAV method applies, the difference between the aggregate value at the end of the period and the adjusted tax basis at the beginning of the period), reduced by the shareholder's purchases of Fund shares (including purchases through reinvestment of dividends) and increased by the proceeds of redemptions of Fund shares during that period. If a shareholder holds shares as a capital asset, any resulting net gain or loss is treated as short-term capital gain or loss. The NAV method election is generally made by a shareholder on a fund-by-fund basis. Additionally, if a shareholder holds the Fund's shares in more than one account, the shareholder is required to treat each account as a separate fund for purposes of these rules. Additionally, the IRS has issued guidance providing that any loss realized on a sale of shares of the Fund will not be disallowed under the "wash sale" rules to the extent the Fund qualifies as a "money market fund" under the 1940 Act.

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.

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 IRS. The imposition of a liquidity fee on a redemption of Fund shares could cause the shareholder to recognize a loss or could decrease the gain or increase the loss the shareholder 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.

**Tax Shelter Reporting**

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Under U.S. Treasury regulations, if a shareholder recognizes a loss of at least $2 million for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct holders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future

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guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Non-U.S. Shareholders**

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Non-U.S. shareholders in a Fund should consult their tax advisors concerning the tax consequences of ownership of shares in the Fund. Distributions by a Fund to shareholders that are not "U.S. persons" within the meaning of the Code ("foreign shareholders") properly reported by the Fund as (1) Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain conditions described below, generally are not subject to withholding of U.S. federal income tax.

In general, the Code defines (1) "short-term capital gain dividends" as distributions of net short-term capital gains in excess of net long-term capital losses and (2) "interest-related dividends" as distributions from U.S.-source interest income of types similar to those not subject to U.S. federal income tax if earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by a Fund in a written notice to shareholders.

The exceptions to withholding for Capital Gain Dividends and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States under special rules regarding the disposition of U.S. real property interests as described below. The exception to withholding for interest-related dividends does not apply to distributions to a foreign shareholder (i) that has not provided a satisfactory statement that the beneficial owner is not a U.S. person, (ii) to the extent that the dividend is attributable to certain interest on an obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (iii) that is within certain foreign countries that have inadequate information exchange with the United States, or (iv) to the extent the dividend is attributable to interest paid by a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation). If a Fund invests in a RIC that pays such distributions to the Fund, such distributions retain their character as not subject to withholding if properly reported when paid by the Fund to foreign shareholders. A RIC is permitted to report such parts of its dividends as are eligible to be treated as interest-related or short-term capital gain dividends, but is not required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if a Fund reports all or a portion of a payment as an interest-related or short-term capital gain dividend to shareholders.

Foreign shareholders should contact their intermediaries regarding the application of withholding rules to their accounts.

Distributions by a Fund to foreign shareholders other than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g., dividends attributable to dividend and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable treaty rate).

A foreign shareholder is not, in general, subject to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of a Fund unless (a) such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (b) in the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during the year of the sale and certain other conditions are met, or (c) the special rules relating to gain attributable to the sale or exchange of "U.S. real property interests" ("USRPIs") apply to the foreign shareholder's sale of shares of the Fund.

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Foreign shareholders with respect to whom income from a Fund is effectively connected with a trade or business conducted by the foreign person within the United States will in general be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation, may also be subject to a branch profits tax. If a foreign shareholder is eligible for the benefits of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described herein, and are urged to consult their tax advisors.

Foreign shareholders of a Fund also may be subject to "wash sale" rules to prevent the avoidance of the tax-filing and – payment obligations discussed above through the sale and repurchase of Fund shares. Foreign shareholders should consult their tax advisors and, if holding shares through intermediaries, their intermediaries, concerning the application of these rules to their investment in a Fund.

In order for a foreign shareholder to qualify for any exemptions from withholding described above or for lower withholding tax rates under income tax treaties, or to establish an exemption from back-up withholding, the foreign shareholder must comply with special certification and filing requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute form). Non-U.S. investors in a Fund should consult their tax advisors in this regard.

Special rules (including withholding and reporting requirements) apply to foreign partnerships and those holding Fund shares through foreign partnerships. Additional considerations may apply to foreign trusts and estates. Investors holding Fund shares through foreign entities should consult their tax advisors about their particular situation.

A foreign shareholder may be subject to state and local tax and to the U.S. federal estate tax in addition to the U.S. federal income tax on income referred to above.

**Shareholder Reporting Obligations With Respect To Foreign Bank and Financial Accounts**

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Shareholders that are U.S. persons and own, directly or indirectly, more than 50% of a Fund by vote or value could be required to report annually their "financial interest" in the Fund's "foreign financial accounts," if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts ("FBAR"). Shareholders should consult a tax advisor, and persons investing in a Fund through an intermediary should contact their intermediary, regarding the applicability to them of this reporting requirement.

**Other Reporting and Withholding Requirements**

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Sections 1471-1474 of the Code and the U.S. Treasury and IRS guidance issued thereunder (collectively, "FATCA") generally require a Fund to obtain information sufficient to identify the status of each of its shareholders under FATCA or under an applicable intergovernmental agreement (an "IGA") between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary dividends it pays. The IRS and the Department of Treasury have issued proposed regulations providing that these withholding rules will not apply to the gross proceeds of share redemptions or Capital Gain Dividends a Fund pays. If a payment by a Fund is subject to FATCA withholding, the Fund is required to withhold even if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., short-term capital gain dividends and interest-related dividends).

Each prospective investor is urged to consult its tax advisor regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor's own situation, including investments through an intermediary.

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**General Considerations**

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The U.S. federal income tax discussion set forth above is for general information only. Prospective investors should consult their tax advisors regarding the specific U.S. federal income tax consequences of purchasing, holding, and disposing of shares of a Fund, as well as the effects of state, local, foreign, and other tax law and any proposed tax law changes.

The tax treatment of the Insurance Companies and the Separate Accounts and the tax implications of an investment in any Contract are described in the prospectus or brochure for the Contract.

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**DISTRIBUTION ARRANGEMENTS**

The Investment Company sells shares of its Funds on a continuous basis. The shares are sold at their respective net asset values, without the imposition of a sales charge. The Investment Company has entered into a Distribution Agreement with Foreside Fund Services, LLC ("Foreside" or the "Distributor") as principal underwriter, for the distribution of the Funds' shares. The address of Foreside Fund Services, LLC is Three Canal Plaza, Suite 100, Portland, ME 04101. Foreside is a broker-dealer registered with the Securities and Exchange Commission and a member of the Financial Industry Regulatory Authority ("FINRA"). Under the Distribution Agreement dated June 30, 2023, as amended from time to time (the "Distribution Agreement"), the Distributor acts as the agent of the Investment Company in connection with the continuous offering of shares of the Funds. During the continuous public offering of shares of the Funds, the Distributor shall use commercially reasonable efforts to distribute the shares. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Funds.

Following an initial two-year term, unless otherwise terminated, the Distribution Agreement with the Distributor will continue in effect for successive one-year terms if approved at least annually by: (a) the vote of the Board of Directors, including the vote of a majority of those members of the Board of Directors who are not parties to the Distribution Agreement or interested persons of any such party, cast in person at a meeting for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund. The Distribution Agreement may be terminated without penalty on not less than 60 days' prior written notice by the Board of Directors or by the Distributor. The termination of the Distribution Agreement with respect to one Fund will not result in the termination of the Distribution Agreement with respect to any other Fund. The Distribution Agreement may also be terminated in the event of its assignment, as defined in the 1940 Act.

The Funds have not historically paid any underwriting commissions and do not expect to do so.

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**OTHER PAYMENTS**

As discussed further in the "About Fund Shares" section of the Prospectus under the heading "Shareholder Servicing Payments," the Funds, along with Capital Management, may make payments to financial intermediaries for providing shareholder services. As of December 31, 2024, the Funds and/or Capital Management had agreed to make shareholder servicing payments with respect to the Funds to the financial intermediaries or their affiliates shown below.

**Recipients of Shareholder Servicing Payments Relating to the Funds**

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1. Charles Schwab & Co., Inc.

2. Mid Atlantic Clearing & Settlement Corp.

3. MSCS Financial Services Division of Broadridge Business Process Outsourcing, LLC

4. Mutual of America Life Insurance Company

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The Funds and/or Capital Management may enter into similar arrangements with other financial intermediaries from time to time. Therefore, the preceding list is subject to change at any time without notice.

In addition, as discussed further in the "About Fund Shares" section of the Prospectus under the sub-heading "Distribution Support Payments" under the heading "Other Payments to Financial Intermediaries," Capital Management intends to make payments, from its own resources, to certain financial intermediaries for marketing and sales support services relating to the Funds.

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**DESCRIPTION OF CORPORATE BOND RATINGS**

Description of Corporate bond ratings of Moody's Investors Services, Inc.:

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| | |
|:---|:---|
| Aaa | &nbsp;&nbsp; Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of <br> investment risk and are generally referred to as "gilt-edge". Interest payments are protected by a <br> large or by an exceptionally stable margin and principal is secure. While the various protective <br> elements are likely to change, such changes as can be visualized are most unlikely to impair the <br> fundamentally strong position of such issues.<br>|
| Aa | &nbsp;&nbsp; Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa <br> group they comprise what are generally known as high-grade bonds. They are rated lower than the <br> best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of <br> protective elements may be of greater amplitude or there may be other elements present which <br> make the long-term risks appear somewhat larger than in Aaa securities.<br>|
| A | &nbsp;&nbsp; Bonds which are rated A possess many favorable investment attributes and are to be considered as <br> upper medium grade obligations. Factors giving security to principal and interest are considered <br> adequate but elements may be present which suggest a susceptibility to impairment sometime in the <br> future.<br>|
| Baa | &nbsp;&nbsp; Bonds which are rated Baa are considered as medium grade obligations, i.e. they are neither highly <br> protected nor poorly secured. Interest payments and principal security appear adequate for the <br> present but certain protective elements may be lacking or may be characteristically unreliable over <br> any great length of time. Such bonds lack outstanding investment characteristics and in fact have <br> speculative characteristics as well.<br>|
| Ba | &nbsp;&nbsp; Bonds which are rated Ba are judged to have speculative elements; their future cannot be <br> considered as well assured. Often the protection of interest and principal payments may be very <br> moderate and thereby not well safeguarded during both good and bad times over the future. <br> Uncertainty of position characterizes bonds in this class.<br>|
| B | &nbsp;&nbsp; Bonds which are rated B generally lack characteristics of the desirable investment. Assurance of <br> interest and principal payments or of maintenance of other terms of the contract over any long <br> period of time may be small.<br>|
| Caa | &nbsp;&nbsp; Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be <br> present elements of danger with respect to principal or interest.<br>|
| Ca | &nbsp;&nbsp; Bonds which are rated Ca represent obligations which are speculative in a high degree. Such issues <br> are often in default or have other marked shortcomings.<br>|
| C | &nbsp;&nbsp; Bonds which are rated C are the lowest rated class of bonds and issues so rated can be regarded <br> as having extremely poor prospects of ever attaining any real investment standing.<br>|

---

Moody's applies numerical modifiers, 1, 2 and 3 in each generic rating classification from Aa through B in its corporate bond rating system. The modifier 1 indicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category.

Description of corporate bond ratings of Standard & Poor's Corporation:

AAA — Debt rated AAA has the highest rating assigned by Standard & Poor's. Capacity to pay interest and repay principal is very strong.

------

---

| | |
|:---|:---|
| A | &nbsp;&nbsp; Debt rated A has a strong capacity to pay interest and repay principal, although it is somewhat <br> more susceptible to the adverse effects of changes in circumstances and economic conditions <br> than debt in higher rated categories.<br>|
| BBB | &nbsp;&nbsp; Debt rated BBB is regarded as having an adequate capacity to pay interest and repay principal. <br> Whereas it normally exhibits adequate protection parameters, adverse economic conditions or <br> changing circumstances are more likely to lead to a weakened capacity to pay interest and repay <br> principal for debt in this category than in higher-rated categories.<br>|
| BB/ <br> B/ <br> CCC/<br> CC<br>| &nbsp;&nbsp; Debt rated BB, B, CCC and CC is regarded, on balance, as predominantly speculative with respect <br> to the issuer's capacity to pay interest and repay principal in accordance with the terms of the <br> obligation. BB indicates the lowest degree of speculation and CC the highest degree of <br> speculation. While such debt will likely have some quality and protective characteristics, these are <br> outweighed by large uncertainties or major risk exposures to adverse conditions.<br>|
| C | The rating C is reserved for income bonds on which no interest is being paid. |
| D | Debt rated D is in default, and payment of interest and/or repayment of principal is in arrears. |

---

Plus (+) or Minus (–): The ratings from "AA" to "BB" may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

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

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

The financial statements of the Investment Company for the year ended December 31, 2024 have been incorporated by reference in the Statement of Additional Information including the report of KPMG LLP, 345 Park Avenue, New York, NY 10154, independent registered public accounting firm.

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

**LEGAL MATTERS**

The legal validity of the shares described in the Prospectus has been passed on by Amy Latkin, Esq, Secretary of the Investment Company.

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

**OTHER SERVICE PROVIDERS**

The Custodian of the securities and other assets held by the Investment Company's Funds (other than shares of the Investment Company's Funds) is The Bank of New York Mellon Corporation ("BNY"), 240 Greenwich Street, New York, NY 10286.

BNY acts as custodian for the Fund and provides related services subject to the terms of a Custodian Agreement. As part of the arrangements with the Custodian, securities purchased outside the United States are maintained in the custody of various foreign branches of the Custodian or in other financial institutions as permitted by law and by the Funds' custodian agreement.

Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the distributor for the Funds pursuant to a Distribution Agreement.

Capital Management serves as an administrator to the Funds. The administrative services provided by Capital Management include, among other items, coordination and supervision of the Funds' other principal service providers; preparing and submitting reports to various regulatory agencies; compliance-related services; internal legal support; preparing and submitting reports and meeting materials to the Board of Directors; maintaining a portion of the Investment Company's records; providing officers to the Funds; and negotiating and administering contractual arrangements with, and monitoring the performance of, service providers to the Funds.

------

Effective July 1, 2023, the Administration Agreement between Capital Management and the Investment Company provides that the Investment Company shall pay to Capital Management an administration fee of 0.03% of each Fund's average daily net assets. Capital Management is currently voluntarily waiving 0.008% of each Fund's administration fee. Capital Management may eliminate this waiver at any time. Prior to July 1, 2023, Capital Management arranged for its affiliate to provide a similar bundle of administrative services to the Funds with the Funds bearing their allocated portion of the costs of providing those services rather than an asset-based fee. The amounts shown as paid by the Funds to Capital Management for the periods prior to July 1, 2023 were determined and paid under that prior arrangement with Capital Management.

The Funds paid Capital Management administration fees of $5,204,411 in 2024, $3,520,106 in 2023 and $2,800,040 in 2022.

BNY also serves as an administrator for the Funds pursuant to a Fund Administration and Accounting Agreement.

BNY Investment Servicing (US) Inc., 240 Greenwich Street, New York, NY 10286, serves as the Funds' transfer agent.

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

**USE OF STANDARD & POOR'S INDICES**

The Equity Index Fund, the Mid-Cap Equity Index Fund, the Small Cap Equity Index Fund, and the Catholic Values Index Fund (together, the Indexed Portfolios) are not sponsored, endorsed, sold or promoted by Standard & Poor's, a division of the McGraw-Hill Companies, Inc. (S&P). S&P makes no representation or warranty, express or implied, to the owners of the Indexed Portfolios or any member of the public regarding the advisability of investing in securities generally or in the Indexed Portfolios particularly or the ability of the S&P 500<sup>®</sup> Index, the S&P MidCap 400<sup>®</sup> Index, the S&P SmallCap 600<sup>®</sup> Index or the S&P 500<sup>®</sup> Catholic Values Index to track general stock market performance. S&P's only relationship to the Investment Company is the licensing of certain trademarks and trade names of S&P and of the S&P 500<sup>®</sup> Index, the S&P MidCap 400<sup>®</sup> Index, S&P SmallCap 600<sup>®</sup> Index, and S&P 500<sup>®</sup> Catholic Values Index which is determined, composed and calculated by S&P without regard to the Indexed Portfolios. S&P has no obligation to take the needs of the Indexed Portfolios or the owners of the Indexed Portfolios into consideration in determining, composing or calculating the S&P 500<sup>®</sup> Index, the S&P MidCap 400<sup>®</sup> Index, the S&P SmallCap 600<sup>®</sup> Index, or the S&P 500<sup>®</sup> Catholic Values Index. S&P is not responsible for and has not participated in the calculation of the net asset values of the Indexed Portfolios, the amount of the shares of the Indexed Portfolios or the timing of the issuance or sale of the Indexed Portfolios. S&P has no obligation or liability in connection with the administration, marketing or trading of the Indexed Portfolios.

S&P does not guarantee the accuracy and/or the completeness of the S&P 500<sup>®</sup> index, the S&P MidCap 400<sup>®</sup> Index, S&P SmallCap 600<sup>®</sup> Index, or the S&P 500<sup>®</sup> Catholic Values Index or any data included therein. S&P makes no warranty, express or implied, as to results to be obtained by the Indexed

Portfolios, owners of the Indexed Portfolios, or any other person or entity from the use of the S&P 500<sup>®</sup> Index, the S&P MidCap 400<sup>®</sup> Index, S&P SmallCap 600<sup>®</sup> Index, or S&P 500<sup>®</sup> Catholic Values Index, or any data included therein. S&P makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the S&P 500<sup>®</sup> Index, the S&P MidCap 400<sup>®</sup> Index, the S&P SmallCap 600<sup>®</sup> Index, the S&P 500<sup>®</sup> Catholic Values Index or any data included therein. Without limiting any of the foregoing, in no event shall S&P have any liability for any special, punitive, indirect, or consequential damages (including lost profits), even if notified of the possibility of such damages.

------

**PROXY VOTING POLICIES AND PROCEDURES**

On April 28, 2022, the Board of Directors of the Investment Company adopted amended Proxy Voting Policies & Procedures ("Proxy Policy"). A copy of the Proxy Policy is attached hereto as APPENDIX "A". A copy of the Proxy Policy and information regarding how the Investment Company voted its proxies relative to portfolio securities during the most recent 12 month period ended June 30 can be obtained free of charge by calling 800.914.8716. The Investment Company's Proxy Voting Record for the shares it owns, which includes how the Investment Company voted its proxies during the most recent 12 month period ended June 30, can be obtained from the Securities and Exchange Commission's website at www.sec.gov, by viewing our Form N-PX on the EDGAR system.

------

**Appendix A** 

**<u>Proxy Voting Policy and Procedures</u>**

**<u>MoA Funds</u>**

The Board of Directors of MoA Funds delegates Mutual of America Capital Management LLC, its investment adviser, to vote all proxies solicited by or with respect to issuers of securities in which the assets of MoA Funds may be invested.

Attached is the updated Proxy Voting Policy and Procedures adopted by the Board of Directors of MoA Funds at its regular Board meeting held on April 28, 2022.

------

**MUTUAL OF AMERICA CAPITAL MANAGEMENT LLC**

**POLICY STATEMENT AND PROCEDURES**

**REGARDING PROXY VOTING**

Adopted on April 28, 2022

**<u>Policy Statement</u>**

It is the policy of Mutual of America Capital Management LLC (the "Adviser"), with respect to assets under its management where it has voting authority:

1. To vote all proxies in the best interests of its clients and, to the extent possible while complying with applicable investment policies, restrictions and limitations to vote all proxies so as to maximize the economic value of the shares held by such clients. Environmental, Social and Corporate Governance factors should be considered when making proxy voting decisions. However, those factors should not be considered if they would have a negative impact on economic value. The Adviser may refrain from voting if it determines that refraining is in the best interest of that client, such as when the cost to the client of voting exceeds the expected benefit to the client.

2. To vote all proxies in accordance with the duly adopted voting policies and restrictions of such clients where such policies and restrictions are applicable.

3. To provide disclosure to clients of the within policies and procedures, to disclose how clients (or their shareholders in the case where a client adopts these policies as its own) may obtain information on how their proxies were voted, and to maintain or cause to be maintained all records of such proxy voting as are, and for the periods, required by law.

4. To comply with the Procedures set forth below.

**<u>Proxy Voting Committee</u>** 

1. A Proxy Voting Committee shall consist of individuals (not to exceed six) designated by the President of the Adviser. The Proxy Voting Committee shall act by majority vote, but in the case of a tie vote the side receiving the vote of the President shall prevail. In the case of a Committee of two or less persons, one member shall constitute a quorum. In the case of the Committee consisting of three or four persons, two members shall constitute a quorum, and for a Committee of five persons, three members shall constitute a quorum.

2. The Proxy Voting Committee shall monitor developments that may affect the Proxy Voting Policy and Procedures, including the Overall Proxy Voting Policy set forth in paragraph 5 of the Procedures Section hereof, voting standards set forth in Appendix A to this document ("Voting Standards") and recommend changes to the Proxy Voting Policy and Procedures.

3. Any decisions not to vote proxies in accordance with the Voting Standards, including Routine or Non-Routine Issues, shall be submitted to the Proxy Committee for approval or consideration of the appropriate action to take. The Proxy Voting Committee may require a discussion with or report from the investment analyst responsible for the company whose proxy is being considered to assist in deciding how to vote in accordance with the Proxy Voting Policy, and may require analysis specific to the issuer or specific to the matter to be voted on. The Proxy Voting Committee will consider additional information regarding a proposal, such as an issuer's or shareholder's subsequently filed additional proxy materials or other information conveyed by an issuer or shareholder proponent. A written explanation of the reasons supporting any action taken by the Committee and the date the Committee decided the issue shall be maintained with the proxy voting records.

4. If a Non-Routine Issue falls into a category for which there is no Voting Standard, or when a matter is highly contested or controversial, the Proxy Voting Committee shall be consulted and should consider whether a higher degree of analysis may be necessary. The Proxy Voting Committee may require a discussion with or a report from the investment analyst responsible for the company whose proxy is

------

being considered, including analysis specific to the issuer or specific to the matter to be voted on, as well as a report, if available, from any proxy service provider then retained, to assist in deciding how to vote in accordance with the Proxy Voting Policy. A written explanation of the reasons supporting any action taken by the Committee and the date the Committee decided the issue shall be maintained with the proxy voting records.

5. Should a vote in accordance with the Voting Standards appear likely to produce a result inconsistent with a stated policy, limitation, or restriction established for any client's account, the President or CEO shall be notified in order to determine the appropriate action. Such action shall be presented to the Proxy Voting Committee for ratification prior to the vote in question. The Proxy Voting Committee can act without a meeting by consent of a majority of its members. Any action taken in such situations shall be governed by prudence and must be compatible with applicable law. Such action shall be memorialized in writing setting forth the nature of the conflict, the reasons for the action taken and the date such action was authorized.

**<u>Procedures</u>** 

1. Proxies will be voted based upon and consistent with (a) criteria established herein as same may be amended in writing by the Proxy Committee from time to time, (b) the Overall Proxy Voting Policy set forth in paragraph 5 below and (c) the Voting Standards set forth in paragraph 4 below . Only a Senior Vice President or higher ranking officer shall be authorized to execute proxies except that a service provider may be engaged to process and execute proxies pursuant to and subject to these Procedures.

2. The following Records of all proxy votes will be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. A brief description of the proxy proposal for each company in the portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The vote cast on each proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The holdings of each account and its holdings as of (or as close as possible to) the record date for the particular proxy vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. A record of any calls or other contacts made regarding a vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A record of the reason for each vote, including whether the proxy was voted according to a specific client restriction, policy, the Voting Standards or other guideline which record may be maintained by a third party proxy service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Notification that a proxy has not been received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Verification that the shares listed on the proxy match the Adviser's records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The name and title of the individual voting the proxy (if available from a service provider).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. A record of any Proxy Voting Committee actions in regard to the proxy vote.

3. Unless the Adviser shall have obtained a written agreement from an experienced and qualified third party to provide proxy voting and records services in compliance with all applicable laws and regulations, records of a current proxy season will be retained in the Adviser's offices until the end of the second year after the expiration of the proxy season in which the votes were made and will be retained in a readily accessible location for a period of not less than three additional years. Proxy statements received on behalf of stock for which the Adviser is authorized to vote proxies will not be retained in paper form because they are available on the EDGAR system where they have been filed by the issuer.

4. The voting guidelines that should be followed consist of the latest version of the Institutional Shareholders Service ("I.S.S.") Proxy Voting Guidelines ("Voting Standards") as set forth on the I.S.S. website. The Proxy Voting Committee has reviewed the Voting Standards and has found them to be generally satisfactory. I.S.S., which is the proxy service provider retained by the Adviser, furnishes research and recommendations for all proxy votes, casts the votes and maintains voting records. The I.S.S. recommendations will be in accordance with the Voting Standards. The Proxy Voting Committee may, in circumstances where the application of the Voting Standards is determined not to be beneficial or appropriate, override the I.S.S. recommendation and instruct I.S.S. to vote as determined by the Proxy Voting Committee.

------

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

5. The current Overall Proxy Voting Policy of the Adviser shall be to vote against anti-takeover proposals, proposals that will weaken Board oversight or corporate governance procedures, and proposals designed to entrench current management. These proposals are generally inherently adverse to the economic value of the stocks to which they relate. This position may be determined to be inappropriate in a particular case and if authorized by the Proxy Voting Committee, a vote that does not comport with this position may be approved. Proxy proposals that do not materially impact the economic value of the stocks to which they relate are considered "Routine Issues" and will generally be voted in favor of the position supported by management of the company whose stock is being voted. Proxy proposals that materially impact the economic value of the stock to which they relate will be voted, consistent with applicable restrictions, in the manner that is most beneficial to the value of such stock.

6. [Reserved.]

7. No officer or employee of the Adviser shall act with respect to proxy votes in any instance in which a conflict of interest exists for that person in applying the Adviser's Voting Standards or satisfying fiduciary responsibilities under ERISA or other applicable laws. Any conflict of interest or questions concerning whether a conflict of interest exists, shall be immediately reported to the Chairman. Further, in cases where there exist material conflicts of interest between the Adviser and its interests, and the economic interests of the Adviser's client owning the shares being voted, the Adviser shall strictly adhere to the Voting Standards, but where such conflict exists and the Proxy Committee is required to decide upon action as provided above, no such action shall be taken absent full disclosure to the affected client of the conflict and it shall be taken only if consent has been received from the client. In assessing the existence of a conflict and the suggested manner of casting a vote in a conflict situation, the recommendations of independent third parties qualified to make recommendations on proxy voting may be sought and communicated to affected clients.

8. It is the policy of the Adviser not to join any group for the purpose of waging a proxy contest or to acquire or trade in the securities of any corporation with the intent to effect any change in control of a corporation. Any solicitation from any person to vote proxies in any accounts shall be promptly reported to the General Counsel and Proxy Voting Committee except for requests merely that the proxies be voted in order to achieve a quorum.

9. No employee of the Adviser may discuss the Adviser's proxy votes with any person not employed by the Adviser or its client or in any way indicate how the Adviser will vote on any issue prior to the vote being cast, nor may any employee of the Adviser disclose how the Adviser has voted except in reports to the Board of Directors of the Adviser or its managed funds, as required by law or pursuant to an agreement with a proxy service provider. All information concerning the Adviser's proxy voting record shall be disclosed and furnished to clients in the manner required to comply with Rule 206(4)-6 under the Investment Advisers Act of 1940.

10. The Adviser shall comply in all respects and in a timely manner with Rule 206(4)-6 under the Investment Advisers Act of 1940, including the timely voting of proxies, the timely provision to clients of a description of the Adviser's proxy voting policies and procedures, provision of a copy of such policies and procedures to clients upon request, disclosure to clients of how to obtain information on how their securities were voted and the implementation of record keeping procedures in full compliance with Rule 204-2, retaining in the manner chosen by the Adviser (which manner shall be as permitted by Rule 204-2) for the required time periods proxy voting policies and procedures, proxy statements received regarding client securities, records of votes cast on behalf of clients, records of client requests for proxy voting information and all documents prepared by the Adviser which were material in making a decision on how to vote or which memorialized basis for a decision for a vote.

11. The Adviser adopts the following procedures to ensure compliance with the Proxy Voting Policy Statement and Procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The President or an Officer of the Adviser designated by the President will ensure that the Adviser is at all times in full and complete compliance with all applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Proxy Voting Committee shall meet at least semiannually to review the overall proxy voting record of all proxies, the conformity of proxy voting actions with the requirements set forth herein, and to review the actions of any and all third party service providers. The Adviser will evaluate the

------

proxy advisory firm to identify and evaluate the Adviser's conflicts of interest, if any, that may arise. The Adviser will assess the proxy advisory firm's capacity and competency to provide voting recommendations and its ability to execute votes in accordance with the Adviser's voting instructions. The Adviser will require the proxy advisory firm to update the Adviser regarding any business changes. The Adviser will assess the firm's updates to its methodologies, guidelines and voting recommendations on an ongoing basis. If the Adviser becomes aware of inaccuracies in the firm's research or determinations, the Adviser will assess the extent to which potential errors, incompleteness, or methodological weakness in the firm's analysis materially affected the firm's research or recommendations that the Adviser utilized. In its periodic review of the proxy advisory firm, the Adviser shall consider the firm's engagement with issuers and process to ensure it has complete and accurate information about the issuer and each matter, and its process to access issuer's views about the firm's voting recommendations in a timely and efficient manner; the firm's effort to correct any identified material deficiencies in its analysis; the firm's disclosure regarding sources of information and methodologies to formulate voting recommendations or execute voting instructions; and the firm's consideration of factors unique to a specific issuer or proposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Proxy Voting Committee shall review and document the adequacy of the within policy statement and procedures on an annual basis, and more frequently when warranted, to ensure they are reasonable and implemented effectively, and are reasonably designed to ensure that the Adviser casts votes on behalf of its clients in the best interest of such clients. As part of the annual review, the Committee will sample the proxy votes it casts on behalf of its clients to ensure compliance with these procedures. The Committee and shall adopt written changes and amendments hereto as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Proxy Voting Committee shall review the Adviser's compliance with the Rules promulgated by the S.E.C., including the semiannual reports on the availability of proxy voting records to its clients, and the disclosure of this document to clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. To the extent it is prudent and in compliance with Rule 206(4)-6 under the Investment Adviser's Act of 1940, the Adviser may retain reputable and qualified third-party service providers to implement the foregoing policies and procedures. When retaining a third-party proxy advisory firm, the Adviser will consider whether the firm has the capacity and competency to adequately analyze the matters for which the Adviser is responsible for voting, including the quality of the firm's staffing, personnel, and technology. The Adviser will consider whether the firm has an effective process for seeking timely input from issuers and clients with respect to proxy voting policies, methodologies and peer group constructions. The Adviser will consider how the firm accounts for unique characteristics regarding the issuer, such as the issuer's size, its governance structure, its industry and unique practices, and its financial performance. The Adviser will consider the firm's methodologies in formulating voting recommendations and any third-party information sources used by the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. It is specifically understood that the Adviser's clients may adopt the within Policy Statement and Procedures, as same may be amended or restated from time to time.

I hereby verify that the foregoing document has been duly adopted as the proxy voting policies and procedures of the Adviser, along with the referenced Voting Standards, which replace all previously adopted statements and procedures regarding proxy voting and Voting Standards.

---

| |
|:---|
| MUTUAL OF AMERICA <br> CAPITAL MANAGEMENT LLC<br>|
| By: |
| /s/ Joseph Gaffoglio |
| Joseph Gaffoglio |
| President |
| Dated: April 28, 2022 |

---

------

#### PART C

#### OTHER INFORMATION
**Item 28.** **Exhibits** <br>

---

| | |
|:---|:---|
| 1(a) | [Articles of Incorporation of Mutual of America Investment Corporation (the "Investment Company")](http://www.sec.gov/Archives/edgar/data/795259/000119312523115545/d383176dex991a.htm) |
| 1(b) | [Articles of Amendment, dated September 22, 1986](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 1(c) | [Articles Supplementary, dated July 25, 1988](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 1(d) | [Articles Supplementary, dated February 16, 1993](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 1(e) | [Articles Supplementary, dated October 4, 1993](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 1(f) | [Articles Supplementary, dated April 5, 1994](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 1(g) | [Articles Supplementary, dated April 13, 1995](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 1(h) | [Articles Supplementary, dated September 16, 1997](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 1(i) | [Articles Supplementary, dated April 6, 1999](http://www.sec.gov/Archives/edgar/data/795259/0000950168-99-001207.txt) |
| 1(j) | [Articles Supplementary, dated February 11, 2003](http://www.sec.gov/Archives/edgar/data/795259/000089109203000229/e14159ex1j.txt) |
| 1(k) | [Articles Supplementary, dated April 17, 2003](http://www.sec.gov/Archives/edgar/data/795259/000089109203000829/e14542_ex99-1k.txt) |
| 1(l) | [Articles Supplementary, dated February 24, 2004](http://www.sec.gov/Archives/edgar/data/795259/000110465905006773/a04-11778_1ex99d1l.htm) |
| 1(m) | [Articles Supplementary, dated March 25, 2005](http://www.sec.gov/Archives/edgar/data/795259/000110465905019390/a04-11778_1ex99d1m.htm) |
| 1(n) | [Articles Supplementary, dated December 13, 2005](http://www.sec.gov/Archives/edgar/data/795259/000110465906029053/a06-1054_1ex99d1n.htm) |
| 1(o) | [Articles Supplementary, dated April 12, 2006](http://www.sec.gov/Archives/edgar/data/795259/000110465906029053/a06-1054_1ex99d1o.htm) |
| 1(p) | [Articles Supplementary, dated August 28, 2006](http://www.sec.gov/Archives/edgar/data/795259/000110465907009600/a07-2438_5ex99d1p.htm) |
| 1(q) | [Articles Supplementary, dated September 1, 2006](http://www.sec.gov/Archives/edgar/data/795259/000110465907009600/a07-2438_5ex99d1q.htm) |
| 1(r) | [Articles Supplementary, dated September 10, 2007](http://www.sec.gov/Archives/edgar/data/795259/000110465908028442/a08-1821_1ex99d1r.htm) |
| 1(s) | [Articles Supplementary, dated June 3, 2008](http://www.sec.gov/Archives/edgar/data/795259/000110465909027475/a09-5136_1ex99d1s.htm) |
| 1(t) | [Articles Supplementary, dated September 12, 2008](http://www.sec.gov/Archives/edgar/data/795259/000110465909027475/a09-5136_1ex99d1t.htm) |
| 1(u) | [Articles Supplementary, dated January 12, 2009](http://www.sec.gov/Archives/edgar/data/795259/000110465909027475/a09-5136_1ex99d1u.htm) |
| 1(v) | [Certificate of Correction, dated January 20, 2009](http://www.sec.gov/Archives/edgar/data/795259/000110465909027475/a09-5136_1ex99d1u.htm) |
| 1(w) | [Articles Supplementary, dated May 13, 2009](http://www.sec.gov/Archives/edgar/data/795259/000110465910023891/a10-2962_1ex99d1w.htm) |
| 1(x) | [Articles Supplementary, dated July 28, 2009](http://www.sec.gov/Archives/edgar/data/795259/000110465910023891/a10-2962_1ex99d1x.htm) |
| 1(y) | [Articles Supplementary, dated November 19, 2009](http://www.sec.gov/Archives/edgar/data/795259/000110465910023891/a10-2962_1ex99d1y.htm) |
| 1(z) | [Articles Supplementary, dated January 13, 2009](http://www.sec.gov/Archives/edgar/data/795259/000110465910023891/a10-2962_1ex99d1z.htm) |
| 1(aa) | [Articles Supplementary, dated January 12, 2011](http://www.sec.gov/Archives/edgar/data/795259/000110465911023833/a11-8107_1ex99d1aa.htm) |
| 1(bb) | [Articles Supplementary, dated November 4, 2011](http://www.sec.gov/Archives/edgar/data/795259/000110465912029599/a12-2478_1ex99d1bb.htm) |
| 1(cc) | [Articles Supplementary, dated March 7, 2012](http://www.sec.gov/Archives/edgar/data/795259/000110465912029599/a12-2478_1ex99d1cc.htm) |
| 1(dd) | [Articles Supplementary, dated November 28, 2012](http://www.sec.gov/Archives/edgar/data/795259/000110465913034237/a13-7166_1ex99d1dd.htm) |
| 1(ee) | [Articles Supplementary, dated March 4, 2013](http://www.sec.gov/Archives/edgar/data/795259/000110465913034237/a13-7166_1ex99d1ee.htm) |
| 1(ff) | [Articles Supplementary, dated April 23, 2013](http://www.sec.gov/Archives/edgar/data/795259/000110465913034237/a13-7166_1ex99d1ff.htm) |
| 1(gg) | [Articles Supplementary, dated February 25, 2014](http://www.sec.gov/Archives/edgar/data/795259/000119312514163376/d661576dex991gg.htm) |
| 1(hh) | [Articles Supplementary, dated September 18, 2014](http://www.sec.gov/Archives/edgar/data/795259/000119312515160140/d840752dex991hh.htm) |
| 1(ii) | [Articles Supplementary, dated December 2, 2014](http://www.sec.gov/Archives/edgar/data/795259/000119312515160140/d840752dex991ii.htm) |
| 1(jj) | [Articles Supplementary, dated March 10, 2015](http://www.sec.gov/Archives/edgar/data/795259/000119312515160140/d840752dex991jj.htm) |
| 1(kk) | [Articles Supplementary, dated February 25, 2016](http://www.sec.gov/Archives/edgar/data/795259/000119312516561826/d88605dex991kk.htm) |

---

------

---

| | |
|:---|:---|
| 1(ll) | [Articles Supplementary, dated November 14, 2016](http://www.sec.gov/Archives/edgar/data/795259/000119312517148112/d341816dex991ll.htm) |
| 1(mm) | [Articles Supplementary, dated January 19, 2018](http://www.sec.gov/Archives/edgar/data/795259/000119312518134988/d420519dex991mm.htm) |
| 1(nn) | [Articles Supplementary, dated February 22, 2018](http://www.sec.gov/Archives/edgar/data/795259/000119312518134988/d420519dex991nn.htm) |
| 1(oo) | [Articles Supplementary, dated November 12, 2018](http://www.sec.gov/Archives/edgar/data/795259/000119312519127662/d697181dex991oo.htm) |
| 1(pp) | [Articles Supplementary, dated March 2, 2020](http://www.sec.gov/Archives/edgar/data/795259/000119312520123135/d817400dex991pp.htm) |
| 1(qq) | [Articles Supplementary, dated September 18, 2020](http://www.sec.gov/Archives/edgar/data/795259/000119312521050378/d10443dex991gg.htm) |
| 1(rr) | [Articles of Amendment, dated October 16, 2023.](http://www.sec.gov/Archives/edgar/data/795259/000119312524052096/d673029dex991rr.htm) |
| 1(ss) | [Articles of Amendment and Articles Supplementary, dated August 23, 2024.](http://www.sec.gov/Archives/edgar/data/795259/000119312525025828/) |
| 1(tt) | [Articles Supplementary, dated April 25, 2025.](http://www.sec.gov/Archives/edgar/data/795259/000119312525102915/d898805dex991tt.htm) |
| 1(uu) | [Articles Supplementary, dated September 2, 2025.](d939785dex991uu.htm) |
| 2(a) | [By-Laws of the Investment Company](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 2(b) | [Revision to Article II, Section 2.2 and Article III, Section 3.4 of the By-Laws](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 2(c) | [Revision to Article III, Section 3.8 of the By-Laws](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 2(d) | [Amendment to By-Laws](http://www.sec.gov/Archives/edgar/data/795259/000110465907032718/a07-2438_1ex99d2d.htm) |
| 2(e) | [Amendment to By-Laws](http://www.sec.gov/Archives/edgar/data/795259/000110465908028442/a08-1821_1ex99d2e.htm) |
| 2(f) | [Amendment to By-Laws](http://www.sec.gov/Archives/edgar/data/795259/000110465910023891/a10-2962_1ex99d2f.htm) |
| 2(g) | [Amended and Restated By-Laws of the Investment Company](http://www.sec.gov/Archives/edgar/data/795259/000119312525025828/) |
| 4 | [Investment Advisory Agreement, between the Investment Company and Mutual of America, as investment adviser](d939785dex994.htm) |
| 5 | [Distribution Agreement between the Investment Company and Foreside Fund Services LLC, as Distributor](http://www.sec.gov/Archives/edgar/data/795259/000119312525102915/d898805dex995.htm) |
| 7 | [Custody Agreement between the Investment Company and The Bank of New York Mellon](d939785dex997.htm) |
| 8(a) | [Fee Waiver Agreement between the Investment Company and the Adviser](http://www.sec.gov/Archives/edgar/data/795259/000119312524116939/d673029dex998a.htm) |
| 8(b)(i) | [Amended and Restated Expense Limitation Agreement between the Investment Company and the Adviser](http://www.sec.gov/Archives/edgar/data/795259/000119312525102915/d898805dex998b.htm) |
| 8(b)(ii) | [Amendment to Amended and Restated Expense Limitation Agreement between the Investment Company and the Adviser](d939785dex998bii.htm) |
| 8(c) | [License Agreement by and between Standard & Poor's and Mutual of America Investment Corporation](http://www.sec.gov/Archives/edgar/data/795259/000119312525025828/) |
| 8(d) | [Transfer Agency and Shareholder Services Agreement between BNY Mellon Investment Servicing (US) Inc. and the Investment Company](d939785dex998d.htm) |
| 8(e) | [Fund Administration and Accounting Agreement between the Investment Company and The Bank of New York Mellon](d939785dex998e.htm) |
| 8(f) | [Administration Agreement between the Investment Company and the Adviser](http://www.sec.gov/Archives/edgar/data/795259/000119312524052096/d673029dex998g.htm) |

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------

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| | |
|:---|:---|
| 9(a) | [Consent and Opinion of General Counsel for Equity Index, All America, Aggressive Equity, Composite, Bond, Mid-Term Bond, Short-Term Bond and Money Market Funds, as restated](http://www.sec.gov/Archives/edgar/data/795259/000089109299000345/0000891092-99-000345.txt) |
| 9(b) | [Consent and Opinion of General Counsel for Mid-Cap Equity Index Fund shares](http://www.sec.gov/Archives/edgar/data/795259/0000950168-99-001207.txt) |
| 9(c) | [Consent and Opinion of General Counsel for shares of Allocation Funds](http://www.sec.gov/Archives/edgar/data/795259/000089109203000829/e14542_ex99-9c.txt) |
| 9(d) | [Consent and Opinion of General Counsel for shares of Small Cap Value, Small Cap Growth and Mid Cap Value Funds](http://www.sec.gov/Archives/edgar/data/795259/000110465907032718/a07-2438_1ex99d9d.htm) |
| 9(e) | [Consent and Opinion of General Counsel for shares of Retirement Funds and International Fund](http://www.sec.gov/Archives/edgar/data/795259/000110465907032718/a07-2438_1ex99d9e.htm) |
| 9(f) | [Consent and Opinion of General Counsel for shares of 2050 Retirement Fund](http://www.sec.gov/Archives/edgar/data/795259/000110465912029599/a12-2478_1ex99d9f.htm) |
| 9(g) | [Consent and Opinion of Counsel for shares of 2055 Retirement Fund](http://www.sec.gov/Archives/edgar/data/795259/000119312516561826/d88605dex999g.htm) |
| 9(h) | [Consent and Opinion of Counsel for shares of Small Cap Equity Index Fund and 2060 Retirement Fund](http://www.sec.gov/Archives/edgar/data/795259/000119312518134988/d420519dex999h.htm) |
| 9(i) | [Consent and Opinion of Counsel for shares of Catholic Values Index Fund and 2065 Retirement Fund](http://www.sec.gov/Archives/edgar/data/795259/000119312520123135/d817400dex999i.htm) |
| 9(j) | [Consent and Opinion of Counsel for shares of MoA Clear Passage 2070 Fund](http://www.sec.gov/Archives/edgar/data/795259/000119312525102915/d898805dex999j.htm) |
| 9(k) | [Consent and Opinion of Counsel for shares of MoA Mid Cap Growth Fund](d939785dex999k.htm) |
| 10(a) | [Independent Registered Public Accounting Firm's Consent](http://www.sec.gov/Archives/edgar/data/795259/000119312525102915/d898805dex9910a.htm) |
| 10(b) | [Power of Attorney of Directors](http://www.sec.gov/Archives/edgar/data/795259/000119312525025828/) |
| 16(a) | [Code of Ethics of Mutual of America Investment Corporation](http://www.sec.gov/Archives/edgar/data/795259/000119312518134988/d420519dex9916a.htm) |
| 16(b) | [Code of Ethics of Mutual of America Capital Management LLC](http://www.sec.gov/Archives/edgar/data/795259/000119312518134988/d420519dex9916b.htm) |
| 16(c) | [Code of Ethics of Mutual of America Life Insurance Company](http://www.sec.gov/Archives/edgar/data/795259/000119312518134988/d420519dex9916c.htm) |

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101. INS XBRL Instance—the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document

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#### Item 29. Persons Controlled By or Under Common Control with Registrant
The Adviser is an indirect wholly-owned subsidiary of Mutual of America Life Insurance Company ("Mutual of America"). Mutual of America is a New York mutual life insurance company, and as such no person has the direct or indirect power to control Mutual of America except by virtue of a person's capacity as a director or executive officer. Each holder of an in-force insurance policy or annuity contract issued by Mutual of America has the right to vote for the election of directors of Mutual of America at annual elections and upon other corporate matters where policyholders' votes are taken. Mutual of America's ownership of its subsidiaries is as follows:

Mutual of America, a New York mutual insurance company, wholly owns

• Mutual of America Holding Company LLC, a Delaware limited liability company, and

• Mutual of America Foundation, a New York not-for-profit corporation.

Mutual of America Holding Company LLC wholly owns

• Mutual of America Securities LLC, a Delaware limited liability company,

• Mutual of America Capital Management LLC (the "Adviser"), a Delaware limited liability company,

• 320 Park Analytics LLC, a Delaware limited liability company, and

• Mutual of America Insurance Agency LLC, a Delaware limited liability company.

Mutual of America, through its separate accounts, owns substantially all of the shares of Mutual of America Variable Insurance Portfolio, a Maryland corporation registered under the 1940 Act as a management investment company whose shares are offered only to those separate accounts for funding variable life insurance and variable annuity products.

Mutual of America currently owns a significant amount of the Registrant's outstanding shares.

------

#### Item 30. Indemnification
Articles of Incorporation of the Investment Company. The Articles of Incorporation of the Investment Company provide in substance that no director or officer of the Investment Company shall be liable to the Investment Company or its shareholders for money damages, unless the director or officer is subject to liability by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of duties in the conduct of his or her office.

By-Laws of the Investment Company. The By-Laws of the Investment Company provide for the indemnification of present and former officers and directors of the Investment Company against liability by reason of service to the Investment Company, unless the officer or director is subject to liability by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office (Disabling Conduct). No indemnification shall be made to an officer or director unless there has been a final adjudication on the merits, a dismissal of a proceeding for insufficiency of evidence of Disabling Conduct, or a reasonable determination has been made that no Disabling Conduct occurred. The Investment Company may advance payment of expenses only if the officer or director to be indemnified undertakes to repay the advance unless indemnification is made and if one of the following applies: the officer or director provides a security for his or her undertaking, the Investment Company is insured against losses from any lawful advances, or a reasonable determination has been made that there is reason to believe the officer or director ultimately will be entitled to indemnification.

Insurance. Coverage for the fund and advisor fiduciary errors and omissions liability ("E&O") is provided under an Investment Management insurance policy issued by AIG, with excess coverage by Chubb and CNA to Mutual of America Capital Management LLC /MoA Funds. The aggregate limit of liability under these policies is $25 million, with a $500,000 deductible for MoA Funds and $1,000,000 deductible for the Advisor. Coverage for directors and officers ("D&O") of MoA Funds are provided under an additional independent director's liability ("IDL") policy issued by CNA. The aggregate limit of liability under this policy is $5 million with no deductible for individual insureds for non-indemnifiable losses.

Operating Agreement of the Adviser. The Operating Agreement of Mutual of America Capital Management LLC, the Investment Company's Adviser, provides for the indemnification by the Adviser of present and former directors and officers of the Adviser and of any organization for which service is rendered at the request of the Adviser and permits the advance payment of expenses in certain circumstances for covered persons in connection with suits by third parties and derivative suits. Each covered person must have acted in good faith and in a manner the person reasonably believed to be in or not opposed to the best interests of the Adviser and, with respect to any criminal action or proceeding, had no reasonable cause to believe the conduct was unlawful. If in connection with a derivative suit a covered person shall have been adjudged to be liable to the Adviser, indemnification shall not be made unless and only to the extent that the Delaware Court of Chancery or the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such person is entitled to indemnity. Thus, the officers, directors and managers of the fund and the Adviser are indemnified by the Adviser for their services in connection with the Investment Company to the extent set forth in the Operating Agreement.

Agreement of the Principal Underwriter. The Distribution Agreement between Foreside Fund Services LLC ("Foreside"), the underwriter for the Investment Company, provides for the indemnification by Foreside of the Investment Company and its directors and officers, and the indemnification of Foreside and each of its directors, officers, representatives and any person who controls or previously controlled Foreside within the meaning of Section 15 of the 1933 Act.

Undertaking. Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by

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a director, officer, or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

#### Item 31. Business and Other Connections of the Investment Adviser
Mutual of America Capital Management LLC (the "Adviser") is the investment adviser to the Investment Company, and is registered as an investment adviser under the Investment Advisers Act of 1940. The names, addresses and positions with the Adviser of each Manager and Officer of the Adviser is set forth below.

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| | | |
|:---|:---|:---|
| **Name** | **Positions With Adviser** | **Principal Occupation During Past Two Years** |
| Mark C. Alexander<br> c/o Mutual of America<br> 320 Park Avenue New York, NY 10022 | Manager | Arthur J. Kania Dean and Professor of Law, Villanova University Charles Widger School of Law |
| Theresa A. Bischoff<br> c/o Mutual of America<br> 320 Park Avenue<br> New York, NY 10022 | Manager | Partner, R.C. Consulting, LLC; formerly Chief Executive Officer, American Red Cross of Greater New York |
| Noreen Culhane<br> c/o Mutual of America<br> 320 Park Avenue<br> New York, NY 10022 | Manager | Retired, formerly Executive Vice President, NYSE |
| Nathaniel A. Davis<br> c/o Mutual of America<br> 320 Park Avenue<br> New York, NY 10022 | Manager | Retired, formerly executive Chairman of the Board and Chief Executive Officer, Stride, Inc.; prior thereto Managing Director, Rannd Advisers |
| John E. Haire<br> c/o Mutual of America<br> 320 Park Avenue<br> New York, NY 10022 | Manager | Managing Partner, Haire Media Ventures; formerly CEO, Concern Worldwide, U.S.; formerly CEO, Parade Media Group |
| Christopher C. Quick<br> c/o Mutual of America<br> 320 Park Avenue<br> New York, NY 10022 | Manager | General Partner, Burke & Quick Holdings, LLP; formerly Vice Chairman, Banc of America Specialist |
| James E. Quinn<br> c/o Mutual of America<br> 320 Park Avenue<br> New York, NY 10022 | Manager | Retired, formerly President, Tiffany & Co. |
| John J. Stack<br> c/o Mutual of America<br> 320 Park Avenue<br> New York, NY 10022 | Manager | Retired, formerly Chairman and CEO of Ceska Sporitelna, Prague, Czech Republic |
| Jason A. D' Angelo<br> 320 Park Avenue<br> NY, NY 10022 | General Counsel | Executive Vice President and General Counsel |
| Joseph Gaffoglio<br> 320 Park Avenue<br> NY, NY 10022 | President and Chief Executive Officer | President and Chief Executive Officer of the Adviser as of August 2024; formerly President of the Adviser |

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| | | |
|:---|:---|:---|
| **Name** | **Positions With Adviser** | **Principal Occupation During Past Two Years** |
| Duygu Akyatan<br> 320 Park Avenue<br> NY, NY 10022 | Executive Vice President, Director of Equity Research | Executive Vice President, Director of Equity Research |
| Christopher S. Malfant<br> 320 Park Avenue<br> NY, NY 10022 | Executive Vice President, Head of Fixed Income | Executive Vice President, Head of Fixed Income |
| Kyle Medlin<br> 320 Park Avenue<br> NY, NY 10022 | Senior Vice President and Chief Compliance Officer | Senior Vice President and Chief Compliance Officer of Mutual of America Life Insurance Company |
| Thad Pollock<br> 320 Park Avenue<br> NY, NY 10022 | Executive Vice President, Head of Value Equity | Executive Vice President of the Adviser since October 2023; formerly Portfolio Manager, Cramer Rosenthal McGlynn, LLC |
| Stephen J. Rich<br> 320 Park Avenue<br> NY, NY 10022 | Chairman | Chairman, President and Chief Executive Officer, Mutual of America Life Insurance Company as of September 2024; Chairman of the Adviser as of July 2024; formerly Chairman and Chief Executive of the Adviser |
| R. Jeffrey Young<br> Easton, OH | Executive Vice President, Head of Investment Products | Executive Vice President, Head of Investment Products |
| Jamie A. Zendel<br> 320 Park Avenue<br> NY, NY 10022 | Executive Vice President, Quantitative Research, Equity Indexes, Trading and Administration | Executive Vice President, Quantitative Research, Equity Indexes, Trading and Administration; formerly Senior Vice President and Head of Quantitative Research |
| James P. Accurso<br> 320 Park Avenue<br> NY, NY 10022 | Senior Vice President, Director of Fixed Income Research | Senior Vice President of the Adviser |
| Jacqueline Sabella<br> 320 Park Avenue<br> NY, NY 10022 | Senior Vice President, Fixed Income | Senior Vice President of the Adviser |
| Ron Viener<br> 320 Park Avenue<br> NY, NY 10022 | Senior Vice President, Equities Trader | Senior Vice President of the Adviser |
| Christopher W. Butler<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Equities Research | Vice President of the Adviser |
| Martin F. Fetherston<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Fixed Income | Vice President of the Adviser |
| Kevin Frain<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Equities Research | Vice President of the Adviser |

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| | | |
|:---|:---|:---|
| **Name** | **Positions With Adviser** | **Principal Occupation During Past Two Years** |
| Andrew Hirschfeld<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Fixed Income Quantitative Analyst | Vice President of the Adviser |
| Christian M. Hootman<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Trading and Operations | Vice President of the Adviser since March 2024; formerly Senior Vice President, Citi Fund Services Ohio, Inc. |
| Amy Latkin<br> 320 Park Avenue<br> NY, NY 10022 | Corporate Secretary | Vice President and Senior Counsel of Mutual of America Life Insurance Company |
| Bryant Law<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Fixed Income | Vice President of the Adviser |
| Jay Lewis<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Fixed Income Research | Vice President of the Adviser |
| Eric Lockenvitz<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Quantitative Analyst | Vice President of the Adviser since June 2023; formerly Vice President, Jeffries |
| Isabel Macalintal<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Equities Research | Vice President of the Adviser |
| Tyler Mixter<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Equities Research | Vice President of the Adviser since September 2024; formerly Portfolio Manager, Douglass Winthrop Advisors |
| Bradley Ohlmuller<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Equities | Vice President of the Adviser |
| Nirav Parikh<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Equities Research | Vice President of the Adviser |
| John Polcari<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Fixed Income Research | Vice President of the Adviser |
| Aiden Redmond<br> 320 Park Avenue<br> New York, NY 10022 | Executive Vice President, Head of Institutional Distribution | Executive Vice President of the Adviser since April 2025; formerly Head of Investor Relations, QVIDTVM Inc. |
| Konstantin Tcherepachenets<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Equities Research | Vice President of the Adviser since August 2024; formerly Senior Vice President, Bessemer Investment Management LLC |
| Jerry H. Tempelman<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Fixed Income Analyst | Vice President of the Adviser |
| Erik Wennerstrum<br> 320 Park Avenue<br> NY, NY 10022 | Vice President, Quantitative Research | Vice President of the Adviser |

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**Item 32.** **Principal Underwriters** <br>

Foreside Fund Services, LLC, Three Canal Plaza, Suite 100, Portland, ME 04101, serves as the underwriter for the Funds.

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| | |
|:---|:---|
| **Item 32(a)** | **Fore side Fund Services, LLC (the "Distributor'') serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:**  |

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1. AB Active ETFs, Inc.

2. ABS Long/Short Strategies Fund

3. ActivePassive Core Bond ETF, Series of Trust for Professional Managers

4. ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

5. ActivePassive International Equity ETF, Series of Trust for Professional Managers

6. ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

7. AdvisorShares Trust

8. AFA Private Credit Fund

9. AGF Investments Trust

10. AIM ETF Products Trust

11. Alexis Practical Tactical ETF, Series of Listed Funds Trust

12. AlphaCentric Prime Meridian Income Fund

13. American Century ETF Trust

14. Amplify ETF Trust

15. Applied Finance Dividend Fund, Series of World Funds Trust

16. Applied Finance Explorer Fund, Series of World Funds Trust

17. Applied Finance Select Fund, Series of World Funds Trust

18. ARK ETF Trust

19. ARK Venture Fund

20. Bitwise Funds Trust

21. BondBloxx ETF Trust

22. Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

23. Bridgeway Funds, Inc.

24. Brinker Capital Destinations Trust

25. Brookfield Real Assets Income Fund Inc.

26. Build Funds Trust

27. Calamos Convertible and High Income Fund

28. Calamos Convertible Opportunities and Income Fund

29. Calamos Dynamic Convertible and Income Fund

30. Calamos Global Dynamic Income Fund

31. Calamos Global Total Return Fund

32. Calamos Strategic Total Return Fund

33. Carlyle Tactical Private Credit Fund

34. Cascade Private Capital Fund

35. Catalyst Strategic Income Opportunities Fund

36. CBRE Global Real Estate Income Fund

37. Center Coast Brookfield MLP & Energy Infrastructure Fund

38. Clifford Capital Partners Fund, Series of World Funds Trust

39. Cliffwater Corporate Lending Fund

40. Cliffwater Enhanced Lending Fund

41. Cohen & Steers ETF Trust

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42. Cohen & Steers Infrastructure Fund, Inc.

43. Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

44. CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

45. CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

46. Curasset Capital Management Core Bond Fund, Series of World Funds Trust

47. Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

48. CYBER HORNET S&P 500<sup>®</sup> and Bitcoin 75/25 Strategy ETF, Series of ONEFUND Trust

49. Davis Fundamental ETF Trust

50. Defiance Connective Technologies ETF, Series of ETF Series Solutions

51. Defiance Hotel, Airline, and Cruise ETF, Series of ETF Series Solutions

52. Defiance Next Gen H2 ETF, Series of ETF Series Solutions

53. Defiance Quantum ETF, Series of ETF Series Solutions

54. Denali Structured Return Strategy Fund

55. Dividend Performers ETF, Series of Listed Funds Trust

56. Dodge & Cox Funds

57. DoubleLine ETF Trust

58. DoubleLine Income Solutions Fund

59. DoubleLine Opportunistic Credit Fund

60. DoubleLine Yield Opportunities Fund

61. DriveWealth ETF Trust

62. EIP Investment Trust

63. Ellington Income Opportunities Fund

64. ETF Opportunities Trust

65. Evanston Alternative Opportunities Fund

66. Exchange Listed Funds Trust

67. Exchange Place Advisors Trust

68. FlexShares Trust

69. Forum Funds

70. Forum Funds II

71. Forum Real Estate Income Fund

72. Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

73. Grayscale Funds Trust

74. Guinness Atkinson Funds

75. Harbor ETF Trust

76. Harris Oakmark ETF Trust

77. Hawaiian Tax-Free Trust

78. Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

79. Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

80. Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

81. Horizon Kinetics Medical ETF, Series of Listed Funds Trust

82. Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

83. IDX Funds

84. Innovator ETFs Trust

85. Ironwood Institutional Multi-Strategy Fund LLC

86. Ironwood Multi-Strategy Fund LLC

87. Jensen Quality Growth ETF, Series of Trust for Professional Managers

88. John Hancock Exchange-Traded Fund Trust

89. Kurv ETF Trust

90. LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

91. Mairs & Power Balanced Fund, Series of Trust for Professional Managers

92. Mairs & Power Growth Fund, Series of Trust for Professional Managers

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93. Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

94. Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

95. Manor Investment Funds

96. Milliman Variable Insurance Trust

97. Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

98. Morgan Stanley ETF Trust

99. Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

100. Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

101. Morningstar Funds Trust

102. Mutual of America Investment Corporation

103. NEOS ETF Trust

104. Niagara Income Opportunities Fund

105. NXG Cushing<sup>®</sup> Midstream Energy Fund

106. NXG NextGen Infrastructure Income Fund

107. Opal Dividend Income ETF, Series of Listed Funds Trust

108. OTG Latin American Fund, Series of World Funds Trust

109. Overlay Shares Core Bond ETF, Series of Listed Funds Trust

110. Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

111. Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

112. Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

113. Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

114. Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

115. Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

116. Palmer Square Funds Trust

117. Palmer Square Opportunistic Income Fund

118. Partners Group Private Income Opportunities, LLC

119. Performance Trust Mutual Funds, Series of Trust for Professional Managers

120. Performance Trust Short Term Bond ETF, Series of Trust for Professional Managers

121. Perkins Discovery Fund, Series of World Funds Trust

122. Philotimo Focused Growth and Income Fund, Series of World Funds Trust

123. Plan Investment Fund, Inc.

124. Point Bridge America First ETF, Series of ETF Series Solutions

125. Precidian ETFs Trust

126. Preferred-Plus ETF, Series of Listed Funds Trust

127. Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

128. Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

129. Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

130. Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

131. Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

132. Renaissance Capital Greenwich Funds

133. Reynolds Funds, Inc.

134. RiverNorth Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

135. RiverNorth Patriot ETF, Series of Listed Funds Trust

136. RMB Investors Trust

137. Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

138. Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

139. Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

140. Roundhill Cannabis ETF, Series of Listed Funds Trust

141. Roundhill ETF Trust

142. Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

143. Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

------

144. Roundhill Video Games ETF, Series of Listed Funds Trust

145. Rule One Fund, Series of World Funds Trust

146. Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

147. Six Circles Trust

148. Sound Shore Fund, Inc.

149. SP Funds Trust

150. Sparrow Funds

151. Spear Alpha ETF, Series of Listed Funds Trust

152. STF Tactical Growth & Income ETF, Series of Listed Funds Trust

153. STF Tactical Growth ETF, Series of Listed Funds Trust

154. Strategic Trust

155. Strategy Shares

156. Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

157. Tekla World Healthcare Fund

158. Tema ETF Trust

159. The 2023 ETF Series Trust

160. The 2023 ETF Series Trust II

161. The Cook & Bynum Fund, Series of World Funds Trust

162. The Community Development Fund

163. The Finite Solar Finance Fund

164. The Private Shares Fund

165. The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

166. Third Avenue Trust

167. Third Avenue Variable Series Trust

168. Tidal ETF Trust

169. Tidal Trust II

170. Tidal Trust III

171. TIFF Investment Program

172. Timothy Plan High Dividend Stock Enhanced ETF, Series of The Timothy Plan

173. Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

174. Timothy Plan International ETF, Series of The Timothy Plan

175. Timothy Plan Market Neutral ETF, Series of The Timothy Plan

176. Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

177. Timothy Plan US Large/Mid Core Enhanced ETF, Series of The Timothy Plan

178. Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

179. Total Fund Solution

180. Touchstone ETF Trust

181. T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

182. T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

183. T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

184. T-Rex 2x Long Ether Daily Target ETF

185. TrueShares Active Yield ETF, Series of Listed Funds Trust

186. TrueShares Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

187. TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

188. TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

189. TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

190. TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

191. TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

192. TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

193. TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

194. TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

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195. TrueShares Structured Outcome (May) ETF, Listed Funds Trust

196. TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

197. TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

198. TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

199. TrueShares Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

200. U.S. Global Investors Funds

201. Union Street Partners Value Fund, Series of World Funds Trust

202. Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

203. Vest S&P 500<sup>®</sup> Dividend Aristocrats Target Income Fund, Series of World Funds Trust

204. Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

205. Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

206. Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

207. Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

208. VictoryShares Core Intermediate Bond ETF, Series of Victory Portfolios II

209. VictoryShares Core Plus Intermediate Bond ETF, Series of Victory Portfolios II

210. VictoryShares Corporate Bond ETF, Series of Victory Portfolios II

211. VictoryShares Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

212. VictoryShares Dividend Accelerator ETF, Series of Victory Portfolios II

213. VictoryShares Emerging Markets Value Momentum ETF, Series of Victory Portfolios II

214. VictoryShares Free Cash Flow ETF, Series of Victory Portfolios II

215. VictoryShares Free Cash Flow Growth ETF, Series of Victory Portfolios II

216. VictoryShares Hedged Equity Income ETF, Series of Victory Portfolios II

217. VictoryShares International High Div Volatility Wtd ETF, Series of Victory Portfolios II

218. VictoryShares International Value Momentum ETF, Series of Victory Portfolios II

219. VictoryShares International Volatility Wtd ETF, Series of Victory Portfolios II

220. VictoryShares NASDAQ Next 50 ETF, Series of Victory Portfolios II

221. VictoryShares Short-Term Bond ETF, Series of Victory Portfolios II

222. VictoryShares THB Mid Cap ESG ETF, Series of Victory Portfolios II

223. VictoryShares US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

224. VictoryShares US 500 Volatility Wtd ETF, Series of Victory Portfolios II

225. VictoryShares US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

226. VictoryShares US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

227. VictoryShares US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

228. VictoryShares US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

229. VictoryShares US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

230. VictoryShares US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

231. VictoryShares US Small Mid Cap Value Momentum ETF, Series of Victory Portfolios II

232. VictoryShares US Value Momentum ETF, Series of Victory Portfolios II

233. VictoryShares WestEnd Economic Cycle Bond ETF, Series of Victory Portfolios II

234. VictoryShares WestEnd Global Equity ETF, Series of Victory Portfolios II

235. VictoryShares WestEnd US Sector ETF, Series of Victory Portfolios II

236. Virtus Stone Harbor Emerging Markets Income Fund

237. Volatility Shares Trust

238. WEBs ETF Trust

239. Wellington Global Multi-Strategy Fund

240. West Loop Realty Fund, Series of Investment Managers Series Trust

241. Wilshire Mutual Funds, Inc.

242. Wilshire Variable Insurance Trust

243. WisdomTree Digital Trust

244. WisdomTree Trust

245. XAI Octagon Floating Rate & Alternative Income Term Trust

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---

| | |
|:---|:---|
| **Item 32(b)** | **The following are the Officers and Manager of the Distributor, the Registrant's underwriter. The Distributor's main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.**  |

---

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | President/Manager |  |
| Chris Lanza | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | Vice President |  |
| Kate Macchia | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | Vice President |  |
| Nanette K. Chern | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | Vice President and Chief<br>Compliance Officer |  |
| Kelly B. Whetstone | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | Treasurer |  |
| Weston Sommers | Three Canal Plaza, Suite 100,<br> Portland, ME 04101 | Financial and Operations<br>Principal and Chief Financial<br>Officer |  |

---

---

| | |
|:---|:---|
| **Item 32(c)** | **Not applicable.**  |

---

------

**Item 33.** **Location of Accounts and Records** <br>

The records required to be maintained by Section 31(a) of the Investment Company Act of 1940 and Rule 31a-3 promulgated thereunder will be maintained by the Adviser and Administrator at their offices at 320 Park Avenue, New York, New York 10022, with its Underwriter, Foreside Fund Services, LLC at Three Canal Plaza, Suite 100, Portland, ME 04101, or with its custodian, The Bank of New York Mellon at 240 Greenwich Street, New York, NY 10286, or with its transfer agent, BNY Investment Servicing (US) Inc. at 240 Greenwich Street, New York, NY 10286.

**Item 34.** **Management Services** <br>

Not applicable.

**Item 35.** **Undertakings** <br>

Not applicable.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the registrant certifies that this post-effective amendment to its Registration Statement on Form N-1A meets all the requirements for effectiveness pursuant to Rule 485(b) of the Securities Act, and that it has duly caused this post-effective amendment to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, the State of New York, on the 2nd of September, 2025.

---

| | |
|:---|:---|
| MoA Funds | MoA Funds |
| By: | /s/ Joseph R. Gaffoglio |
|  | Chairman, Chief Executive Officer and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this post-effective amendment to its Registration Statement has been signed below by the following persons in the capacities indicated on September 2, 2025.

---

| | | |
|:---|:---|:---|
| **Signatures** | **Signatures** | **Title** |
| /s/ Joseph R. Gaffoglio | /s/ Joseph R. Gaffoglio | Director; Chairman and Chief Executive<br> Officer (Principal Executive Officer) |
| Joseph R. Gaffoglio | Joseph R. Gaffoglio |  |
| /s/ R. Jeffrey Young | /s/ R. Jeffrey Young | President, Chief Financial Officer and Treasurer<br> (Principal Accounting Officer) |
| R. Jeffrey Young | R. Jeffrey Young |  |
| \* | \* | Director |
| Carolyn N. Dolan | Carolyn N. Dolan |  |
| \* | \* | Director |
| Stanley E. Grayson | Stanley E. Grayson |  |
| \* | \* | Director |
| LaSalle D. Leffall, III | LaSalle D. Leffall, III |  |
| \* | \* | Director |
| John W. Sibal | John W. Sibal |  |
| \* | \* | Director |
| Margaret M. Smyth | Margaret M. Smyth |  |
| \* | \* | Director |
| William E. Whiston | William E. Whiston |  |
| By: | /s/ Jason D'Angelo |  |
|  | Jason D'Angelo |  |
|  | Attorney-in-Fact |  |

---

## Exhibit 99.1

**<u>MoA FUNDS CORPORATION</u>**

**ARTICLES SUPPLEMENTARY** 

MoA Funds Corporation, a Maryland corporation registered as an open-end investment company under the Investment Company Act of 1940, as amended (the "Corporation"), hereby certifies to the State Department of Assessments and Taxation of Maryland that:

**<u>FIRST</u>:** The aggregate number of shares of common stock, $0.01 par value per share (the "Common Stock"), that the Corporation has authority to issue is hereby increased by 500,000,000 shares to 20,135,000,000 shares, with an aggregate par value of $201,350,000. The additional authorized but unissued shares of Common Stock are hereby classified as follows: (a) 100,000,000 shares are classified as shares of the MoA Mid Cap Growth Fund, with the preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption of a class of Common Stock as set forth in the charter of the Corporation (the "Charter"), and (b) 400,000,000 shares are unclassified Common Stock.

**<u>SECOND</u>:** Prior to the foregoing increase and reclassification of shares of Common Stock (the "Increase"), the Corporation had authority to issue 19,635,000,000 shares of Common Stock, with an aggregate par value of $196,350,000. After the Increase, the Corporation has authority to issue 20,135,000,000 shares of Common Stock, with an aggregate par value of $201,350,000. The total number of shares of all classes of Common Stock that the Corporation has authority to issue before and after the Increase are as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Authorized Shares**<br>**(Previous Allocation)** | **Authorized Shares**<br>**(New Allocation)** |
|  MoA Money Market Fund | 5000000000 | 5000000000 |
|  MoA Core Bond Fund | 1525000000 | 1525000000 |
|  MoA Balanced Fund | 150000000 | 150000000 |
|  MoA Mid Cap Equity Index Fund | 1050000000 | 1050000000 |
|  MoA Intermediate Bond Fund | 840000000 | 840000000 |
|  MoA Equity Index Fund | 900000000 | 900000000 |
|  MoA All America Fund | 200000000 | 200000000 |
|  MoA Small Cap Growth Fund | 570000000 | 570000000 |
|  MoA Small Cap Value Fund | 475000000 | 475000000 |
|  MoA Mid Cap Growth Fund | 0 | 100000000 |
|  MoA Mid Cap Value Fund | 100000000 | 100000000 |
|  MoA International Fund | 1275000000 | 1275000000 |
|  MoA Small Cap Equity Index Fund | 200000000 | 200000000 |
|  MoA Catholic Values Index Fund | 100000000 | 100000000 |
|  MoA Conservative Allocation Fund | 215000000 | 215000000 |
|  MoA Moderate Allocation Fund | 370000000 | 370000000 |
|  MoA Aggressive Allocation Fund | 265000000 | 265000000 |
|  MoA Retirement Income Fund | 270000000 | 270000000 |
|  MoA Clear Passage 2020 Fund | 665000000 | 665000000 |
|  MoA Clear Passage 2025 Fund | 1025000000 | 1025000000 |
|  MoA Clear Passage 2030 Fund | 915000000 | 915000000 |
|  MoA Clear Passage 2035 Fund | 845000000 | 845000000 |
|  MoA Clear Passage 2040 Fund | 685000000 | 685000000 |
|  MoA Clear Passage 2045 Fund | 675000000 | 675000000 |
|  MoA Clear Passage 2050 Fund | 470000000 | 470000000 |
|  MoA Clear Passage 2055 Fund | 350000000 | 350000000 |
|  MoA Clear Passage 2060 Fund | 200000000 | 200000000 |
|  MoA Clear Passage 2065 Fund | 100000000 | 100000000 |
|  MoA Clear Passage 2070 Fund | 200000000 | 200000000 |
|  Unclassified Common Stock | 0 | 400000000 |

---

------

**<u>THIRD</u>:** The shares of Common Stock hereby reclassified as specified above have been duly reclassified by the Board of Directors under the authority contained in the charter of the Corporation and in accordance with Section 2-105(c) of the Maryland General Corporation Law. These Articles Supplementary have been approved by the Board of Directors in the manner and by the vote required by law.

**<u>FOURTH</u>:** These Articles Supplementary shall become effective at 5:00 p.m. on September 2, 2025 (the "Effective time").

**<u>FIFTH</u>:** The undersigned officer of the Corporation acknowledges these Articles Supplementary to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned officer acknowledges that, to the best of such officer's knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[SIGNATURE PAGE FOLLOWS]

------

IN WITNESS WHEREOF, the Corporation has caused these Articles Supplementary to be executed in its name and on its behalf by its President and attested by its Secretary on this 20th day of August, 2025.

---

| | |
|:---|:---|
| ATTEST: | MoA FUNDS CORPORATION |
| /s/ Amy Latkin | /s/ R. Jeffrey Young |
| Name: Amy Latkin | Name: R. Jeffrey Young |
| Secretary | President |

---

## Exhibit 99.4

**Restated Investment Advisory Agreement** 

RESTATED INVESTMENT ADVISORY AGREEMENT, made this 29th day of February, 2024, restating the investment advisory agreement dated the 21<sup>st</sup> day of April, 1993, by and between Mutual of America Capital Management LLC (the "Adviser"), a Delaware limited liability company, and MoA Funds Corporation (the "Company"), a Maryland corporation, on behalf of its series listed in <u>Schedule A</u>.

WHEREAS, the Company is engaged in business as a diversified open-end management investment company and is registered as such under the Investment Company Act of 1940 (the "Investment Company Act");

WHEREAS, the Company is comprised of separate Funds, each of which pursues its investment objective through separate investment policies;

WHEREAS, the Adviser renders advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940;

WHEREAS, the Company desires to retain the Adviser to render investment supervisory and corporate administration services to the Company in the manner and on the terms hereinafter set forth; and

WHEREAS, the Company and the Adviser desire to enter into this Restated Investment Advisory Agreement for the purpose of ease of administration and convenience, with all original terms of the Investment Advisory Agreement dated as of April 21, 1993, as amended, incorporated herein, with any omission unintentional except for the omission of amendments that are no longer in force or applicable.

NOW THEREFORE, in consideration of the premises and the mutual agreements herein contained, the Adviser and the Company agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. For the period and on the terms set forth in this Agreement, the Adviser shall manage the
investment and reinvestment of the assets of the existing Funds of the Company, as listed in Schedule A, and of any additional funds created in the future (collectively, the existing and any additional funds are hereinafter referred to as
"Funds"). The Adviser agrees during such period, at its own expense and subject to the supervision of the Board of Directors of the Company, to render the investment advisory services and assume the obligations herein set forth, for the
compensation provided by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Investment Management Services</u>. In carrying out its obligations to manage the investment and
reinvestment of the assets of the Company, the Adviser shall as appropriate and consistent with the limitations set forth in Paragraph 3 hereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Perform research and obtain and evaluate pertinent economic, statistical and financial data relevant to the
investment policies of each of the Funds as set forth in the then effective registration statement for the Company, as amended from time to time, filed with the Securities and Exchange Commission ("Registration Statement");

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Consult with the Board of Directors of the Company and furnish to the Board of Directors of the Company
recommendations with respect to an overall investment plan for each of the Funds for approval, modification or rejection by the Board of Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Seek out, present and recommend specific investment opportunities, consistent with any overall investment plans
approved by the Board of Directors of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Take such steps as are necessary to implement any overall investment plans approved by the Board of Directors
of the Company, including making and carrying out decisions to acquire or dispose of permissible investments, management of investments and any other property of the Company, and providing or obtaining such services as may be necessary in managing,
acquiring or disposing of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Regularly report to the Board of Directors of the Company with respect to the implementation of any approved
overall investment plans and any other activities in connection with management of the assets of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Maintain all required accounts, records, memoranda, instructions or authorizations relating to the acquisition
or disposition of investments for each Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Provide all the office space, facilities, equipment, material and personnel necessary to fulfil its obligations
under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Supplemental Information</u>. If, in the judgment of the Adviser, the Funds of the Company would be
benefitted by supplemental investment research from other persons or entities, outside the context of a specific brokerage transaction, the Adviser is authorized to obtain and pay a reasonable flat fee for such information. Supplemental investment
research shall be limited to statistical and other factual information, advice regarding economic factors and trends and advice as to occasional transactions in specific securities, and shall not involve general advice or recommendations regarding
the purchase or sale of securities. The expenses of the Adviser may not necessarily be reduced as a result of receipt of such supplemental information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Limitations on Management Services</u>. The Adviser shall render investment advisory services with respect
to assets allocated to the Company and effect all purchases and sales of investments for each Fund thereof in a manner consistent with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The investment objectives, policies and restrictions for each Fund of the Company as stated in the Registration
Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Rules and Regulations of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The provisions of the Investment Company Act of 1940.

------

Any investment program undertaken by the Adviser pursuant to this Agreement shall at all times be subject to any directives of the Board of Directors of the Company or any duly constituted committee thereof acting pursuant to like authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Brokerage and Research Services</u>. The Adviser shall, subject to the supervision of the Board of Directors
of the Company, arrange for the placement of orders for each of the Funds, either directly with the issuer, with any broker-dealer or underwriter that specializes in the securities for which the order is made or with any other broker or dealer
selected by the Adviser, subject to the following limitations.

The Adviser is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for the Funds and will use its best efforts to obtain the most favorable net results, taking into account all appropriate factors, including price, dealer spread or commission, if any, size of the transaction and difficulty of execution. However, in addition to seeking the best price and execution, the Adviser may also take into consideration research and statistical information and wire and other quotation services provided to the Adviser. In any event, the Adviser shall select only brokers whose commissions it believes are reasonable. The Adviser will periodically evaluate the statistical data, research and other investment services provided by brokers and dealers to it. Such services may be used by the Adviser in connection with the performance of its obligations under this Agreement or in connection with other advisory activities or investment operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Compensation</u>. As compensation for its investment advisory services to the Company, the Adviser shall
receive an amount from each Fund calculated as a daily charge at the annual rates set forth in <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Expenses</u>. The Adviser shall be responsible for all expenses incurred in performing the investment
advisory services herein set forth, including costs of compensating and furnishing office space for officers and employees of the Adviser connected with investment and economic research, trading and investment management for the Funds of the
Company. All brokers' commissions, transfer taxes and other fees relating to purchases and sales of investments for each Fund of the Company shall be paid out of assets allocated to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Services Not Exclusive</u>. The services rendered by the Adviser pursuant to this Agreement are not to be
deemed exclusive, and the Adviser may render similar services to other entities so long as its services under this Agreement are not impaired or interfered with.

It is understood that the Adviser or its affiliates may use any investment research obtained for the benefit of the Company in providing investment advice to its other investment advisory accounts or for use in managing their own accounts. Conversely, such supplemental information obtained by the placement of business for the Company or other entities advised by the Adviser may be considered by and may be useful to the Adviser in carrying out its obligations to the Company.

------

When the Adviser deems the purchase or sale of a security to be in the best interest of a Fund of the Company as well as other accounts or companies, it may, to the extent permitted by applicable laws and regulations, but will not be obligated to, aggregate the securities to be sold or purchased for such Fund with those to be sold or purchased for other accounts or companies in order to obtain favorable execution and low brokerage commissions. In that event, allocation of the securities purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Company and to such other accounts or companies. The Company recognizes that in some cases this procedure may adversely affect the size of the position obtainable for it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Term of Agreement</u>. This Agreement will continue from year to year but only so long as such continuance
is specifically approved at least annually either (i) by the Board of Directors of the Fund or (ii) by a vote of a majority of the outstanding voting securities of the Fund, provided that in either event such continuance will also be
approved by the vote of a majority of the directors who are not interested persons (as defined in the Investment Company Act) of the Fund or of the Insurance Company, cast in person at a meeting called for the purpose of voting on such approval. In
connection with such approvals, the Board of Directors of the Company shall request and evaluate, and the Adviser shall furnish, such information as may be reasonably necessary to evaluate the terms of this Agreement. This Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Shall not be terminated by the Adviser without the prior approval of a new investment advisory agreement by
vote of a majority of the outstanding shares of each Fund of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Shall be subject to termination, without the payment of any penalty, by the Board of Directors of the Company,
or by vote of a majority of the outstanding shares of the Company, or with respect to a particular Fund by vote of a majority of the outstanding shares of that Fund, in each case on sixty days' written notice to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Shall not be amended without specific approval of such amendment by (i) the Board of Directors of the
Company, or by the vote of a majority of the outstanding shares of each Fund affected by such amendment, and (ii) a majority of those members of the Board of Directors of the Company who are not parties to this Agreement or interested persons
of such a party, cast in person at a meeting called for the purpose of voting on such approval; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Shall automatically terminate upon assignment by either party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Recordkeeping</u>. The Adviser agrees that all accounts and records that it maintains for the Company shall
be the property of the Company and that it will surrender promptly to the designated officers of the Company any or all such accounts and records upon request.

------

The Adviser further agrees to preserve for the period prescribed by the rules and regulations of the Securities and Exchange Commission all such records and accounts as are required to be maintained pursuant to said rules. The Adviser also agrees that it will maintain all records and accounts regarding the investment activities of each of the Funds in a confidential manner. All such accounts or records shall be made available, within five (5) business days of a written request, to the Company's accountants or auditors during regular business hours at the Adviser's offices. In addition, the Adviser will provide any materials as are required to be maintained pursuant to said rules. The Adviser also agrees that it will maintain all records and accounts reasonably related to the investment advisory services provided hereunder, as may reasonably be requested in writing by the members of the Board of Directors of the Company or as may be required by any governmental agency having jurisdiction over the Adviser or the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Interested and Affiliated Persons</u>. It is understood that members, officers, employees or agents of the
Company may also be interested in the Adviser as directors, officers, employees, agents or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Liability of the Adviser</u>. In the absence of willful misfeasance, bad faith, gross negligence or reckless
disregard of obligations or duties on the part of the Adviser (or its officers, directors, agents, employees, controlling persons, and any other person or entity affiliated with the Adviser or retained by it to perform or assist in the performance
of its obligations under this Agreement), neither the Adviser nor any of its officers, directors, employees or agents shall be subject to liability to the Company or any shareholder of the Company for any act or omission in the course of, or
connected with, rendering services hereunder, including without limitation, any error of judgment or mistake of law or for any loss suffered by the Company or any shareholder of the Company in connection with the matters to which this Agreement
relates, except to the extent specified in Section 36(b) of the Investment Company Act concerning loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law</u>. This Agreement is subject to the provisions of the Investment Company Act, as amended,
and the rules and regulations of the Securities and Exchange Commission thereunder, including such exemptions therefrom as the Securities and Exchange Commission may grant. Words and phrases used herein shall be interpreted in accordance with that
Act and those rules and regulations, and such exemptions. Without limiting the generality of the foregoing, (a) the term "assigned" shall not include any transaction exempted from Section 15(a)(4) of the Investment Company Act by
an order of the Securities and Exchange Commission, and (b) as used with respect to the Company or any of its Funds, the term "majority of the outstanding shares" means the lesser of (i) 67% of the shares represented at a meeting at
which more than 50% of the outstanding shares are represented, or (ii) more than 50% of the outstanding shares.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Miscellaneous</u>. The Adviser shall submit to all regulatory and administrative bodies having jurisdiction
over the operations of the Adviser or the Company, present or future, any materials, reasonably related to the investment advisory services provided hereunder, as may be reasonably requested in writing by the Board of Directors of the Company or as
may be required by any governmental agency having jurisdiction.

IN WITNESS WHEREOF, the parties hereto have caused this Investment Advisory Agreement to be duly executed as of the day and year first above written.

---

| | |
|:---|:---|
| Mutual of America Capital Management LLC | MoA Funds Corporation |
| By: /s/ Stephen J. Rich | By: /s/ Chris W. Festog |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stephen J. Rich<br> President and<br> Chief Executive Officer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chris W. Festog<br> Chief Executive Officer And<br> Principal Executive Officer |

---

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**SCHEDULE A** 

*As of June 12, 2025* 

MoA Equity Index Fund

MoA All America Fund

MoA Small Cap Value Fund

MoA Small Cap Growth Fund

MoA Small Cap Equity Index Fund

MoA Mid Cap Value Fund

MoA Mid Cap Growth Fund<sup>1</sup>

MoA Mid Cap Equity Index Fund

MoA Balanced Fund

MoA International Fund

MoA Catholic Values Index Fund<sup>TM</sup>

MoA US Government Money Market Fund

MoA Intermediate Bond Fund

MoA Core Bond Fund<sup>TM</sup>

MoA Aggressive Allocation Fund

MoA Moderate Allocation Fund

MoA Conservative Allocation Fund

MoA Retirement Income Fund

MoA Clear Passage 2020 Fund<sup>TM</sup>

MoA Clear Passage 2025 Fund<sup>TM</sup>

MoA Clear Passage 2030 Fund<sup>TM</sup>

MoA Clear Passage 2035 Fund<sup>TM</sup>

MoA Clear Passage 2040 Fund<sup>TM</sup>

MoA Clear Passage 2045 Fund<sup>TM</sup>

MoA Clear Passage 2050 Fund<sup>TM</sup>

MoA Clear Passage 2055 Fund<sup>TM</sup> 

MoA Clear Passage 2060 Fund<sup>TM</sup>

MoA Clear Passage 2065 Fund<sup>TM</sup>

MoA Clear Passage 2070 Fund<sup>TM</sup>

<sup>1</sup> MoA Mid Cap Growth Fund will be incepted on or about September 2, 2025.

------

**SCHEDULE B** 

**<u>Fee Schedule</u>**

*As of June 12, 2025* 

For the following funds, fees shall be calculated as a daily charge in accordance with the annual rates shown below:

---

| | |
|:---|:---|
| Fund | Fee |
|  MoA Equity Index Fund | 0.075% |
|  MoA All America Fund | 0.40% |
|  MoA Small Cap Value Fund | 0.75% |
|  MoA Small Cap Growth Fund | 0.75% |
|  MoA Small Cap Equity Index Fund | 0.075% |
|  MoA Mid Cap Value Fund | 0.55% |
|  MoA Mid Cap Growth Fund<sup>2</sup> | 0.55% |
|  MoA Mid Cap Equity Index Fund | 0.075% |
|  MoA Balanced Fund | 0.40% |
|  MoA International Fund | 0.40% |
|  MoA Catholic Values Index Fund<sup>TM</sup> | 0.15% |
|  MoA US Government Money Market Fund | 0.15% |
|  MoA Intermediate Bond Fund | 0.40% |
|  MoA Core Bond Fund<sup>TM</sup> | 0.39% |
|  MoA Aggressive Allocation Fund | 0.00% |
|  MoA Moderate Allocation Fund | 0.00% |
|  MoA Conservative Allocation Fund | 0.00% |
|  MoA Retirement Income Fund | 0.05% |
|  MoA Clear Passage 2020 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2025 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2030 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2035 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2040 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2045 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2050 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2055 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2060 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2065 Fund<sup>TM</sup> | 0.05% |
|  MoA Clear Passage 2070 Fund<sup>TM</sup> | 0.05% |

---

<sup>2</sup> MoA Mid Cap Growth Fund will be incepted on or about September 2, 2025.

## Exhibit 99.7

**EXECUTION** 

**CUSTODY AGREEMENT** 

**By and Between** 

**THE BANK OF NEW YORK MELLON** 

**And** 

**EACH MANAGEMENT INVESTMENT COMPANY IDENTIFIED ON APPENDIX I HERETO** 

------

**BNY AND CUSTOMER CONFIDENTIAL** 

**TABLE OF CONTENTS** 

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| | | | |
|:---|:---|:---|:---|
| **1.** | **DEFINITIONS** | **DEFINITIONS** | **1** |
| **2.** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **APPOINTMENT OF CUSTODIAN; ACCOUNTS** | **3** |
|  | 2.1 | Appointment of Custodian | 3 |
|  | 2.2 | Establishment of Accounts | 4 |
| **3.** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** | **4** |
|  | 3.1 | Authorized Persons | 4 |
|  | 3.2 | Instructions | 5 |
|  | 3.3 | BNY Actions Without Instructions | 5 |
|  | 3.4 | Funds Transfers | 6 |
|  | 3.5 | Electronic Access | 7 |
| **4.** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** | **7** |
|  | 4.1 | Use of Subcustodians and Depositories | 7 |
|  | 4.2 | Liability for Subcustodians | 8 |
|  | 4.3 | Liability for Depositories | 8 |
|  | 4.4 | Use of Agents | 8 |
| **5.** | **CORPORATE ACTIONS** | **CORPORATE ACTIONS** | **9** |
|  | 5.1 | Notification | 9 |
|  | 5.2 | Exercise of Rights | 9 |
|  | 5.3 | Partial Redemptions, Payments, Etc. | 9 |
| **6.** | **SETTLEMENT** | **SETTLEMENT** | **9** |
|  | 6.1 | Settlement Instructions | 9 |
|  | 6.2 | Settlement Funds | 9 |
|  | 6.3 | Settlement Practices | 10 |
| **7.** | **TAX MATTERS** | **TAX MATTERS** | **10** |
|  | 7.1 | Tax Obligations | 10 |
|  | 7.2 | Payments | 11 |
| **8.** | **CREDITS AND ADVANCES** | **CREDITS AND ADVANCES** | **11** |
|  | 8.1 | Contractual Settlement and Income | 11 |
|  | 8.2 | Advances | 11 |
|  | 8.3 | Payment | 11 |
|  | 8.4 | Securing Payment | 12 |
|  | 8.5 | Setoff | 12 |
|  | 8.6 | Currency Conversion | 13 |
| **9.** | **STATEMENTS; BOOKS AND RECORDS; AUDIT RIGHTS; THIRD PARTY DATA** | **STATEMENTS; BOOKS AND RECORDS; AUDIT RIGHTS; THIRD PARTY DATA** | **13** |
|  | 9.1 | Statements | 13 |
|  | 9.2 | Books and Records; Audit Rights; Subcertifications | 13 |
|  | 9.3 | Third Party Data | 14 |
| **10.** | **DISCLOSURES** | **DISCLOSURES** | **14** |
|  | 10.1 | Required Disclosure | 14 |
|  | 10.2 | Foreign Exchange Transactions | 15 |
|  | 10.3 | Investment of Cash | 15 |

---

i

------

---

| | | | |
|:---|:---|:---|:---|
| **11.** | **REGULATORY MATTERS** | **REGULATORY MATTERS** | **15** |
|  | 11.1 | USA PATRIOT Act | 15 |
|  | 11.2 | Sanctions; Anti-Money Laundering | 15 |
| **12.** | **COMPENSATION** | **COMPENSATION** | **17** |
|  | 12.1 | Fees and Expenses | 17 |
|  | 12.2 | Other Compensation | 17 |
| **13.** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **REPRESENTATIONS, WARRANTIES AND COVENANTS** | **17** |
|  | 13.1 | BNY | 17 |
|  | 13.2 | Customer | 18 |
| **14.** | **LIABILITY** | **LIABILITY** | **18** |
|  | 14.1 | Standard of Care | 18 |
|  | 14.2 | Limitation of Liability | 18 |
|  | 14.3 | Force Majeure | 19 |
|  | 14.4 | Indemnification | 20 |
| **15.** | **CONFIDENTIALITY** | **CONFIDENTIALITY** | **20** |
|  | 15.1 | Confidentiality Obligations | 20 |
|  | 15.2 | Exceptions | 21 |
| **16.** | **TERM AND TERMINATION** | **TERM AND TERMINATION** | **21** |
|  | 16.1 | Term | 21 |
|  | 16.2 | Termination | 21 |
|  | 16.3 | Effect of Termination | 22 |
|  | 16.4 | Survival | 23 |
| **17.** | **GENERAL** | **GENERAL** | **23** |
|  | 17.1 | Non-Custody Assets | 23 |
|  | 17.2 | Assignment | 23 |
|  | 17.3 | Amendment | 24 |
|  | 17.4 | Governing Law/Forum | 24 |
|  | 17.5 | Business Continuity/Disaster Recovery | 24 |
|  | 17.6 | Non-Fiduciary Status | 25 |
|  | 17.7 | Notices | 25 |
|  | 17.8 | Insurance | 25 |
|  | 17.9 | Several Obligations of Customer and the Series | 25 |
|  | 17.10 | Entire Agreement | 25 |
|  | 17.11 | No Third Party Beneficiaries | 26 |
|  | 17.12 | Counterparts | 26 |
|  | 17.13 | Interpretation | 26 |
|  | 17.14 | No Waiver | 26 |
|  | 17.15 | Headings | 26 |
|  | 17.16 | Severability | 26 |

---

ii

------

**EXECUTION**

**CUSTODY AGREEMENT** 

This Custody Agreement is made and entered into as of the latest date set forth on the signature page hereto (the "**Effective Date**") by and between **THE BANK OF NEW YORK MELLON**, a New York state chartered bank ("**BNY**"), and each management investment company identified on Appendix I hereto, each such investment company acting on its own behalf separately from all other investment companies (each such investment company a "**Customer**"). BNY and Customer are collectively referred to as the "**Parties**" and individually as a "**Party**".

**RECITALS** 

WHEREAS, Customer wishes to appoint BNY as the custodian of certain of its assets, and BNY is willing to provide such services on the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and intending to be legally bound, Customer and BNY agree as follows.

**1.** **DEFINITIONS** 

Whenever used in this Agreement, the following words have the meanings set forth below:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended.

"**Account**" or "**Accounts**" has the meaning set forth in Section 2.2.

"**Act**" has the meaning set forth in Section 10.1(a).

"**Affiliate**" means, with respect to any entity, any other entity that directly or indirectly controls, is controlled by or under common control with such entity.

"**Affiliate Securities**" has the meaning set forth in Section 8.4.

"**Agreement**" means, collectively, this Custody Agreement, any Exhibits hereto and any other documents incorporated herein by reference.

"**Anti-Money Laundering Laws**" means all anti-money laundering and counter-terrorist financing laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the U.S. Bank Secrecy Act, the U.S.A. PATRIOT Act, the Money Laundering Control Act, and regulations of the U.S. Treasury Department which implement such acts) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Assets**" has the meaning set forth in Section 2.1(a).

"**Authorized Person**" has the meaning set forth in Section 3.1.

"**BNY**" has the meaning set forth in the introductory paragraph.

"**Cash**" means the money and currency of any jurisdiction which BNY accepts for deposit in an Account.

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**EXECUTION**

"**Confidential Information**" means, with respect to a Party, the terms of this Agreement and all non-public business and financial information of such Party (including, with respect to Customer, information regarding the Accounts and including, with respect to BNY, information regarding its practices and procedures related to the services provided hereunder) disclosed to the other Party in connection with this Agreement.

"**Customer**" has the meaning set forth in the introductory paragraph.

"**Data Terms Website**" means *http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf* or any successor website the address of which is provided by BNY to Customer.

"**Depository**" means the Depository Trust Company, Euroclear, Clearstream Banking S.A., the Canadian Depository System, CLS Bank and any other securities depository, book-entry system or clearing agency authorized to act as a system for the central handling of securities pursuant to the laws of the applicable jurisdiction, and any successors to, and/or nominees of, any of the foregoing.

"**Effective Date**" has the meaning set forth in the introductory paragraph.

"**Electronic Access Services**" means such services made available by BNY or a BNY Affiliate to Customer to electronically access information relating to the Accounts and/or transmit Instructions.

"**Electronic Signature**" means an image, representation or symbol inserted into an electronic copy of the Agreement by electronic, digital or other technological methods.

"**Foreign Depository**" means an "Eligible Securities Depository" (as defined in Rule 17f-7 under the 1940 Act) identified by BNY to Customer from time to time.

"**Instructions**" means, with respect to this Agreement, instructions issued to BNY by Customer by way of (a) one of the following methods (each as and to the extent specified by BNY as available for use in connection with the services hereunder): (i) the Electronic Access Services; (ii) third-party electronic communication services containing, where applicable, appropriate authorization codes, passwords or authentication keys, or otherwise appearing on their face to have been transmitted by an Authorized Person or (iii) third-party institutional trade matching utilities used to effect transactions in accordance with such utility's customary procedures or (b) such other method as may be agreed upon by Customer and BNY and that appear on their face to have been transmitted by an Authorized Person.

"**Market Data**" means pricing, valuations or other commercially sourced data applicable to any Security. Market Data also includes security identifiers, bond ratings and classification data.

"**Market Data Providers**" means vendors and analytics providers and any other Person providing Market Data to BNY.

"**Non-Custody Assets**" has the meaning set forth in Section 17.1.

"**Oral Instructions**" means, with respect to this Agreement, spoken instructions issued to BNY and reasonably believed by BNY to be from an Authorized Person.

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**EXECUTION**

"**Party**" or "**Parties**" has the meaning set forth in the introductory paragraph.

"**Person**" or "**Persons**" means any entity or individual.

"**Sanctions**" means all economic sanctions laws, rules, regulations, executive orders and requirements administered by any governmental authority of the United States (including the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury) or any other applicable domestic or foreign authority with jurisdiction over Customer.

"**Securities**" means all (a) debt and equity securities and (b) instruments representing rights or interests therein, including rights to receive, subscribe to or purchase the foregoing; in each case as may be agreed upon from time to time by BNY and Customer and which are from time to time delivered to or received by BNY and/or any Subcustodian for deposit in an Account.

"**Series**" means the respective portfolios, if any, of Customer listed on Appendix I to this Agreement. If no portfolios are listed on Appendix I to this Agreement with respect to Customer then a reference to a Series means such Customer.

"**Standard of Care**" has the meaning set forth in Section 14.1.

"**Subcustodian**" means a bank or other financial institution (other than a Depository) that is selected and used by BNY or a BNY Affiliate (acting as subcustodian) in connection with the settlement of transactions and/or custody of Assets hereunder, and any successors to, and/or nominees of, any of the foregoing.

"**Tax Information**" means all accurate, relevant and necessary information with respect to Customer's Accounts or with respect to Customer's identification or classification for purposes of Tax Obligations, in each case as may be required by applicable tax laws or by a tax authority inquiry, or as may be requested by BNY in connection with the matters in Section 7.

"**Tax Obligations**" means taxes, withholding, certification and reporting requirements, claims for exemptions or refund, interest, penalties, additions to tax and other related expenses.

"**Third Party Data**" has the meaning set forth in Section 9.3(a).

**2.** **APPOINTMENT OF CUSTODIAN; ACCOUNTS** 

**2.1** **Appointment of Custodian** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer hereby appoints BNY as custodian of all Securities and Cash to be held under, and in accordance with
the terms of, this Agreement (collectively, "**Assets** "), and BNY hereby accepts such appointment. The Parties acknowledge and agree that BNY's duties pursuant to such appointment will be limited solely to those duties
expressly undertaken pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, BNY has no obligation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to any Assets until they are actually received in an Account;

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**EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To inquire into, make recommendations, supervise or determine the suitability of any transactions affecting any
Account or to question any Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To monitor the Securities in the Accounts to determine whether Customer complies with limitations on ownership
or any restrictions on investors provided for by local law, regulations or market practice, or provisions in the issuer's articles of incorporation or by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To determine the adequacy of title to, or the validity or genuineness of, any Assets received by it or
delivered by it pursuant to this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) With respect to any matters related to: the establishment, maintenance operation or termination of Customer; or
the offer, sale or distribution of the shares of, or interests in, Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Operational terms, procedures and processes supporting the services described herein are set out in a separate
service level description document ("SLD"), a current version of which will be available upon request at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cash held hereunder may be subject to additional deposit terms and conditions issued by BNY or the applicable
Subcustodian from time to time, including rates of interest and deposit account access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If Customer engages in securities lending activities, such activities will be subject to certain additional
and/or modified terms to be set forth in a separate written agreement between Customer and BNY or a BNY Affiliate.

**2.2** **Establishment of Accounts** 

BNY will establish and maintain a separate account for each Series in which BNY will hold Assets relating to the relevant Series as provided herein (each, an "**Account**," and collectively, the "**Accounts**"). The Account of each Series established under this Agreement shall be maintained separately from the Account of each other Series.

**3.** **AUTHORIZED PERSONS AND INSTRUCTIONS; ELECTRONIC ACCESS** 

**3.1** **Authorized Persons** 

Promptly following the Effective Date, Customer and/or its designee (including any of Customer's investment managers) will furnish BNY with one or more written lists or other documentation acceptable to BNY specifying the names and titles of, or otherwise identifying, all Persons authorized to act on behalf of Customer (with respect to a particular Series, if applicable) with respect to this Agreement (each, an "**Authorized Person**"). Customer will be responsible for keeping such lists and/or other documentation current, and will update such lists and/or other documentation, as necessary from time to time, pursuant to Instructions.

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**EXECUTION**

**3.2** **Instructions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, BNY will have no obligation to take any action
hereunder unless and until it receives Instructions issued in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer will be responsible for ensuring that all Authorized Persons safeguard and treat with extreme care any
user and authorization codes, passwords and authentication keys used in connection with the issuance of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Where Customer may or is required to issue Instructions, such Instructions will be issued by an Authorized
Person. Other than Oral Instructions, Instructions may be in the form of standing Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY will be entitled to deal with any Authorized Person until notified otherwise pursuant to Instructions, and
will be entitled to act and rely upon any Instruction received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Instructions must include all information necessary, and must be delivered using such methods and in such
format as BNY may require and be received within BNY's established cut-off times and otherwise in sufficient time, to enable BNY to act upon such Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY may in its sole discretion decline to act upon any Instructions that do not comply with requirements set
forth in Section 3.2(e) or that conflict with applicable law or regulations or BNY's operating policies and practices, in which event BNY will promptly notify Customer unless prevented from doing so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Customer acknowledges that while it is not part of BNY's normal practices and procedures to accept Oral
Instructions, BNY may in certain limited circumstances accept Oral Instructions. In such event, such Oral Instructions will be deemed to be Instructions for purposes of this Agreement. An Authorized Person issuing such an Oral Instruction will
promptly confirm such Oral Instruction to BNY in writing. Notwithstanding the foregoing, Customer agrees that the fact that such written confirmation is not received by BNY, or that such written confirmation contradicts the Oral Instruction, will in
no way affect (i) BNY's reliance on such Oral Instruction or (ii) the validity or enforceability of transactions authorized by such Oral Instruction and effected by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Customer acknowledges and agrees that it is fully informed of the protections and risks associated with the
various methods of transmitting Instructions to BNY and that there may be more secure methods of transmitting Instructions than the method selected by the sender. Customer agrees that the security procedures, if any, to be followed by Customer and
BNY with respect to the transmission and authentication of Instructions provide to Customer a commercially reasonable degree of protection in light of its particular needs and circumstances.

**3.3** **BNY Actions Without Instructions** 

Notwithstanding anything to the contrary set forth in this Agreement, Customer hereby authorizes BNY, without Instructions, to take any administrative or ministerial actions with

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**EXECUTION**

respect to the Accounts that it deems reasonably necessary or appropriate to perform its obligations under this Agreement, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Receive income and other payments due to the Accounts; provided, however, that BNY will have no duty to pursue
collection of any amount due to an Account, including for Securities in default, if such amount is not paid when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Carry out any exchanges of Securities or other corporate actions not requiring discretionary decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Facilitate access by Customer or its designee to ballots or online systems to assist it in the voting of
proxies received by BNY in its capacity as custodian for eligible positions of Securities held in the Accounts (excluding bankruptcy matters), all of which will be exercised by Customer or its designee and not by BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Forward to Customer or its designee information (or summaries of information) that BNY receives in its capacity
as custodian from Depositories or Subcustodians concerning Securities in the Accounts (excluding bankruptcy matters);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Forward to Customer or its designee an initial notice of bankruptcy cases relating to Securities held in the
Accounts and a notice of any required action related to such bankruptcy cases as may be received by BNY in its capacity as custodian. BNY will take no further action nor provide further notification related to the bankruptcy case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise elected by Customer, and in accordance with BNY's standard terms and conditions, provide
class action filing services for settled claims related to Securities with industry recognized identifiers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Endorse for collection checks, drafts or other negotiable instruments received for the Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Execute and deliver, solely in its capacity as custodian, certificates, documents or instruments incidental to
BNY's performance under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon presentment of a check pursuant to a check redemption process agreed between Customer and BNY, unless
otherwise instructed pursuant to instructions, charge the amount of the check against the cash held in the Account of the relevant Series. If BNY receives timely instructions that a check is not to be honored, BNY will return the check unpaid.

**3.4** **Funds Transfers** 

With respect to each Instruction for a Cash transfer, when the Instruction is to credit or pay a party by both a name and a unique numeric or alpha-numeric identifier (e.g., IBAN or ABA or account number), BNY and any other bank participating in the Cash transfer will be entitled to rely solely on such numeric or alpha-numeric identifier, even if it identifies a party different from the party named. Such reliance on an identifier will apply to beneficiaries named in the Instruction, as well as any financial institution that is designated in the Instruction to act as an intermediary in such Cash transfer. To the extent permitted by applicable law, the Parties will be bound by the rules of any transfer system used to effect a Cash transfer under this Agreement.

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**EXECUTION**

**3.5** **Electronic Access** 

If Customer elects to use the Electronic Access Services in connection with this Agreement, the use thereof will be subject to any terms and conditions contained in a separate written agreement between Customer and BNY or their Affiliates. However, if an Authorized Person elects, with BNY's prior consent, to transmit Instructions through a third-party electronic communications service, BNY will not be responsible or liable for the reliability or availability of any such service.

**4.** **SUBCUSTODIANS, DEPOSITORIES AND AGENTS** 

**4.1** **Use of Subcustodians and Depositories** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will be entitled to utilize Subcustodians and Depositories in connection with its performance hereunder;
provided that BNY will not utilize a Subcustodian that is an "Eligible Foreign Custodian" (as defined in Rule 17f-5 under the 1940 Act) to hold "Foreign Assets" (as defined in such Rule 17f-5) until after BNY is informed, pursuant to such means as determined by BNY, that Customer's board of directors or similar governing body or Customer's "Foreign Custody Manager" (as
defined in such Rule 17f-5) has determined that utilization of such Subcustodian satisfies the applicable requirements of such Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY will only utilize Subcustodians that have entered into an agreement with BNY or a BNY Affiliate, and Assets
held through a Subcustodian will be held subject to the terms and conditions of such Subcustodian's respective agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Assets deposited in a Depository will be held subject to the rules, procedures, terms and conditions of such
Depository. Subcustodians may hold Assets in Depositories in which such Subcustodians participate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with each Depository utilized by BNY that is a "securities depository" (as defined in
Rule 17f-4 under the 1940 Act), BNY (a) will exercise due care in accordance with reasonable commercial standards in discharging its duties as a securities intermediary to obtain and thereafter maintain
Securities or financial assets deposited or held in such Depository and (b) will provide, promptly upon request by Customer, such reports as are available concerning the internal accounting controls and financial strength of BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) With respect to each Foreign Depository, BNY will exercise reasonable care, prudence and diligence (a) to
provide Customer with an analysis of the custody risks associated with maintaining assets with the Foreign Depository and (b) to monitor such custody risks on a continuing basis and promptly notify Customer of any material change in such risks.
Customer acknowledges and agrees that such analysis and monitoring will be made on the basis of, and limited by, information gathered from certain Subcustodians or through publicly available information otherwise obtained by BNY, and will not
include any evaluation of the matters referenced in Section 14.2(b)(i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Unless otherwise required by local law or practice or a particular Subcustodian agreement, Assets deposited
with Subcustodians or Depositories may be held in a commingled account in the name of, as applicable, BNY, a BNY Affiliate or the applicable Subcustodian, for its clients.

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**4.2** **Liability for Subcustodians** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY will exercise the Standard of Care in selecting, retaining and monitoring Subcustodians.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each agreement pursuant to which BNY employs a Subcustodian which is an "Eligible Foreign
Custodian" (as defined in Rule 17f-5 under the 1940 Act) that maintains "Foreign Assets" (as defined in such Rule 17f-5) shall satisfy the requirements
for such agreement set forth in such Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permissible by law or regulation, and not otherwise excluded under contractual arrangements with
a Subcustodian, at Customer's election and request, Customer shall be entitled to be subrogated to the rights of BNY with respect to any claims against a Subcustodian as a consequence of any loss, damage, cost, expense, liability or claim
suffered by Customer if and to the extent that Customer has not been made whole for any such loss, damage, cost, expense, liability or claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to Assets held by a Subcustodian, BNY will be liable to Customer for the activities of such
Subcustodian under this Agreement to the extent that BNY would have been liable to Customer under this Agreement if BNY had performed such activities itself in the relevant market in which such Subcustodian is located; provided, however, that with
respect to Securities held by a Subcustodian that is not a BNY Affiliate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY's liability will be limited solely to the extent resulting directly from BNY's failure to
exercise the Standard of Care in selecting, retaining, and monitoring such Subcustodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To the extent that BNY is not liable pursuant to Section 4.2(d)(i), BNY's sole responsibility to
Customer will be to: (A) take reasonable and appropriate action to recover from such Subcustodian, and (B) forward to Customer any amounts so recovered (exclusive of costs and expenses incurred by BNY in connection therewith).

**4.3** **Liability for Depositories** 

BNY will have no responsibility or liability for the activities of any Depository arising out of or relating to this Agreement or any cost or burden imposed on the transfer or holding of Assets held with such Depository.

**4.4** **Use of Agents** 

BNY may appoint agents, including BNY Affiliates, on such terms and conditions as it deems appropriate to perform its obligations hereunder. Except as otherwise specifically provided in this Agreement, (1) no such appointment will discharge BNY from its obligations hereunder and (2) BNY will be responsible for the acts and omissions of agents appointed by BNY to the same extent that BNY is responsible for its own acts and omissions under this Agreement (for clarity, Depositories are not agents of BNY and BNY's responsibility for Subcustodians is otherwise specifically provided in this Agreement).

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**EXECUTION**

**5.** **CORPORATE ACTIONS** 

**5.1** **Notification** 

BNY will notify Customer or its designee of rights or discretionary corporate actions as promptly as practicable under the circumstances, provided that BNY has actually received, in its capacity as custodian, notice of such right or discretionary corporate action from the relevant issuer, or from a Subcustodian, Depository or third party vendor. Without actual receipt of such notice by BNY, BNY will have no responsibility or liability for failing to so notify Customer.

**5.2** **Exercise of Rights** 

Whenever there are voluntary rights that may be exercised or alternate courses of action that may be taken with respect to Securities in an Account, Customer or its designee will be responsible for making any decisions relating thereto and for instructing BNY to act. In order for BNY to act, Customer must issue Instructions using, or directly referencing, the BNY-issued corporate actions instruction form, and include all the required information fields therein. Such Instructions must be addressed as BNY may request, by the deadline specified by BNY in its sole discretion from time to time, together with any amount which is required to be paid in carrying out any such action. In the event BNY does not receive such Instructions together with any required amount prior to its specified deadlines, BNY will not be liable for failure to take any action relating to, or to exercise any rights conferred by, such Securities.

**5.3** **Partial Redemptions, Payments, Etc.** 

BNY will advise Customer or its designee upon its notification, in its capacity as custodian, of a partial redemption, partial payment or other action with respect to a Security affecting fewer than all such Securities held within an Account. If BNY or any Subcustodian or Depository holds any Securities affected by one of the events described, BNY or such Subcustodian or Depository may select the Securities to participate in such partial redemption, partial payment or other action in any non-discriminatory manner that it customarily uses to make such selection.

**6.** **SETTLEMENT** 

**6.1** **Settlement Instructions** 

Promptly after the execution of each Securities transaction, Customer will issue to BNY Instructions to settle such transaction. Unless otherwise agreed by BNY and subject to Section 8.1, Assets will be credited to the relevant Account only when actually received by BNY.

**6.2** **Settlement Funds** 

For the purpose of settling a Securities transaction, Customer will provide BNY with sufficient immediately available funds or Securities, as applicable, in the relevant Account by such time and date as is required to enable BNY to settle such transaction in the country of settlement and in the currency to be used to settle such transaction.

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**6.3** **Settlement Practices** 

Securities transactions will be settled using practices customary in the jurisdiction or market where the transaction occurs. Customer understands that when BNY is instructed to deliver Securities against payment, delivery of such Securities and receipt of payment related to such Securities may not be completed simultaneously and can also be made without payment. Customer assumes full responsibility for all risks involved in connection with BNY's delivery of Securities or Cash in accordance with such practices.

**7.** **TAX MATTERS** 

**7.1** **Tax Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the extent that BNY has received the Tax Information within the time stipulated, BNY will perform the
following services with respect to Tax Obligations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Unless prohibited by law or regulation, at the reasonable request of Customer, BNY will provide to Customer
such information received by BNY in its capacity as custodian that could, in Customer's reasonable belief, assist Customer or its designee in the submission of any reports or returns with respect to Tax Obligations. An Authorized Person will
inform BNY in writing as to which party or parties will receive information from BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY will, upon receipt of sufficient Tax Information from Customer (as reasonably determined by BNY), file
claims for exemptions or refunds with respect to withheld taxes in those markets where it provides such services and subject to BNY's SLD. Where Customer (for whatever reason) fails or neglects to provide BNY with or to review and confirm the
Tax Information within the time stipulated by BNY, then such failure or neglect may result in the disapplication of withholding tax relief or the obligation on Customer to immediately return amounts already refunded by a tax authority. Customer may,
however, elect to appoint its own tax agent to file claims for exemptions or refunds in any or all markets, with advance notice to BNY of such appointment and subject to such terms as separately agreed in writing between Customer and BNY; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) BNY or the applicable Subcustodian will withhold appropriate amounts, as required by applicable tax laws, with
respect to amounts received and is authorized to debit the relevant Account in the amount of a Tax Obligation and to pay such amount to the appropriate taxing authority.

Customer's receipt of the foregoing services is dependent upon its subscription to BNY's information reporting system, and Customer will be responsible for enrolling its designated Authorized Persons in such system. Customer acknowledges that BNY may, at any time, amend the scope of its tax service offering and notice of such changes will be made available to BNY's customers through its information reporting system. Such changes may require additional documentation, attestations or declarations to be entered into by Customer in order to continue receiving the relevant tax service in a particular market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges that BNY is a service provider and not an economic beneficiary of any transaction.

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**EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will be responsible for understanding its Tax Obligations, and will be solely responsible and liable
for all Tax Obligations with respect to any Assets held on behalf of Customer and any transaction related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Customer will provide BNY with Tax Information reasonably requested by BNY (provided BNY does not already
maintain that information pursuant to its standard custody operating procedures) to enable BNY to comply with BNY's obligations under any applicable tax laws or with any tax authority enquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Customer acknowledges and agrees that none of BNY nor any BNY Affiliate is a tax adviser and none of BNY nor
any BNY Affiliate will, under any circumstances, provide tax advice to Customer. Customer will obtain its own independent tax advice for any tax-related matters or Tax Obligations.

**7.2** **Payments** 

Where BNY receives Instructions to make distributions or transfers out of an Account in order to pay Customer's third party service providers, Customer acknowledges that in making such payments BNY is acting in an administrative capacity, and not as the payor, for tax information reporting and withholding purposes.

**8.** **CREDITS AND ADVANCES** 

**8.1** **Contractual Settlement and Income** 

BNY may, in its sole discretion, as a matter of bookkeeping convenience, credit the relevant Account with the proceeds resulting from the purchase, sale, redemption or other delivery or receipt of Securities, or interest, dividends or other distributions payable on Securities prior to its actual receipt thereof. All such credits will be conditional until BNY's actual receipt of such proceeds and may be reversed by BNY to the extent that such proceeds are not received. Actual receipt of proceeds with respect to a transaction will not be deemed to have occurred, and the transaction will not be considered final, until BNY has received sufficient immediately available funds or Securities specifically applicable to such transaction that, under applicable local law, rule or practice, are irreversible.

**8.2** **Advances** 

If BNY receives an Instruction that, if processed, would result in an overdraft in an Account, BNY may, in its sole discretion, advance funds in any currency hereunder; however, BNY will have no obligation to advance its own funds.

**8.3** **Payment** 

If: (a) BNY has advanced funds to an Account; (b) an overdraft has occurred in an Account (including overdrafts incurred in connection with the settlement of securities transactions, funds transfers or foreign exchange transactions) or (c) Customer is for any other reason indebted to BNY, Customer agrees to pay BNY (on demand or upon becoming aware thereof) the amount of such advance, overdraft or indebtedness, plus accrued interest at a rate then charged by BNY to its institutional custody clients in the relevant currency.

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**EXECUTION**

**8.4** **Securing Payment** 

In order to secure payment of Customer's obligations relating to a Series (whether or not matured) to BNY or any Affiliate of BNY, relating to or arising under this Agreement, and in addition to any preference, lien or other rights and security interest to which BNY or such BNY Affiliate may be entitled under applicable law or any other agreement, Customer hereby pledges and grants to BNY and such BNY Affiliate, and agrees BNY and such BNY Affiliate will have to the maximum extent permitted by law, a continuing first lien and security interest in: (a) all of Customer's and such Series' right, title and interest in and to the Account relating to such Series and the Assets now or hereafter held in such Account (including proceeds thereof) and (b) any other property at any time held by BNY or any BNY Affiliate relating to such Series; provided that Customer does not hereby grant a security interest in any Securities issued by an affiliate (as defined in Section 23A of the U.S. Federal Reserve Act and related implementing regulations (Regulation W, 12 C.F.R. part 223)) of BNY (such securities, "**Affiliate Securities**") with the exception of Affiliate Securities that (i) constitute "eligible affiliated mutual fund securities" as defined in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)) and (ii) meet the requirements in Section 223.24(c) of Regulation W (12 C.F.R. 223.24(c)). Customer represents, warrants and covenants that it owns the Assets in the Accounts, and such other property at any time held by BNY or any BNY Affiliate relating to Customer, free and clear of all liens, claims and security interests (except for those granted in accordance with this Agreement or as otherwise acknowledged in writing by BNY), and that the first lien and security interest granted herein with respect to each Series will be subject to no setoffs, counterclaims or other liens prior to or on a parity with it in favor of any third party (other than specific liens granted preferred status by statute or as otherwise acknowledged in writing by BNY). Customer will take any additional steps reasonably required to assure BNY of such priority security interest, including notifying third parties or obtaining their consent. BNY will with notice to Customer be entitled to collect from the relevant Account sufficient Cash for reimbursement, and if such Cash is insufficient, to sell Securities in such Account to the extent necessary to obtain reimbursement. In this regard, BNY will be entitled to all the rights and remedies of a pledgee, secured creditor and/or securities intermediary under applicable laws, rules and regulations as then in effect as if Customer or the relevant Series is in default. For clarity, the assets of one Series will not be used by BNY pursuant to this Section 8.4 to satisfy the obligations of any other Series.

**8.5** **Setoff** 

BNY has the right to debit any Cash of a Series for any amount payable by Customer in connection with any and all obligations (whether or not matured) of Customer relating to such Series to BNY or any BNY Affiliate, relating to or arising under this Agreement. In addition to the rights of BNY or such BNY Affiliate under applicable law or any other agreement, at any time when Customer has not honored any of its obligations with respect to this Agreement relating to a Series to BNY or such BNY Affiliate, BNY will have the right with notice to Customer to retain or set-off against any such obligations relating to such Series any cash BNY or any BNY Affiliate may directly or indirectly hold with respect to such Series, and any obligations (whether or not matured) that BNY or any BNY Affiliate may have with respect to such Series in any currency. Any such cash or obligation relating to a Series may be transferred to BNY and any BNY Affiliate in order to effect the above rights. For clarity, the assets of one Series will not be used by BNY pursuant to this Section 8.5 to satisfy the obligations of any other Series.

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**8.6** **Currency Conversion** 

BNY is hereby authorized to effect any necessary currency conversions in order to exercise its rights under this Section 8 at BNY's own rate of exchange then prevailing.

**9.** **STATEMENTS; BOOKS AND RECORDS; AUDIT RIGHTS; THIRD PARTY DATA** 

**9.1** **Statements** 

BNY will make available to Customer, through the Electronic Access Services, a monthly statement (or report for such other time period as the Parties may agree upon from time to time) reflecting all transfers to or from the Accounts during such month and all holdings in the Accounts as of the last business day of such month (or as of such other date(s) as the Parties may agree upon from time to time). Customer will promptly review each such statement and, within ninety (90) days of when such statement is made available by BNY, notify BNY of any identified exception or objection thereto.

**9.2** **Books and Records; Audit Rights; Subcertifications** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books and records, directly pertaining to the Accounts, which are in the possession of BNY will be the
property of Customer. Such books and records will be prepared and maintained by BNY in such a manner as will meet the obligations of Customer under the 1940 Act (and the rules thereunder) with respect to the services provided by BNY under this
Agreement. BNY will identify on its books and records the Assets belonging to Customer with respect to each Series whether held directly or indirectly through Subcustodians or Depositories. Securities held in the Accounts will be held in registered
form in the name of BNY or one of its nominees and will be segregated on BNY's books and records from BNY's own property. Customer and its authorized representatives, including without limitation auditors (including internal audit staff
and external auditors) and compliance personnel, will have the right, at Customer's own expense and with reasonable prior written notice to BNY, to have reasonable access to those books and records directly pertaining to the Accounts. Any such
access will occur during BNY's normal business hours and will be subject to BNY's applicable security policies and procedures. Upon Customer's reasonable request, copies of those books and records directly pertaining to the
Accounts will be provided by BNY to Customer or its authorized representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall provide to Customer, if Customer's Chief Executive Officer or Chief Financial Officer is
required to provide a certification as part of Customer's Form N-CSR filing pursuant to regulations promulgated by the Securities and Exchange Commission ()"**SEC**") under the
Sarbanes-Oxley Act of 2002 or as part of such other SEC filing as agreed between Customer and BNY, a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification will be in such form and relating to such matters as agreed to by BNY in advance. BNY shall be required to provide the sub-certification only during the term
of this Agreement with respect to Customer and only if it receives such cooperation as it may reasonably request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation.

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**9.3** **Third Party Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that BNY will be receiving, utilizing and relying on Market Data and other data provided
by Customer and/or by industry-recognized third party sources which provide information related to the services set forth in this Agreement, in connection with its performance of the services hereunder (collectively, "**Third Party Data** "). BNY is entitled to rely without inquiry on all Third Party Data provided to BNY hereunder (and all Instructions related to Third Party Data), and BNY makes no assurances or warranties in relation to the accuracy or completeness of
Third Party Data and will not be responsible or liable for any losses or damages incurred as a result of any Third Party Data that is inaccurate or incomplete. BNY may follow Instructions with respect to Third Party Data, even if such Instructions
direct BNY to override its usual procedures and data sources or if BNY, in performing services for itself or others (including services similar to those performed for Customer), receives different Third Party Data for the same or similar Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although statements and reports provided by BNY hereunder with respect to the Accounts may contain values of,
and pricing information in relation to, Securities held pursuant to this Agreement, BNY does not undertake any duty or responsibility under this Agreement to report such values or pricing information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certain Market Data may be the intellectual property of Market Data Providers, which impose additional terms
and conditions upon Customer's use of such Market Data. Such additional terms and conditions can be found on the Data Terms Website. To the extent that Customer uses the Market Data of a particular Market Data Provider, Customer agrees to the
terms and conditions relating to such Market Data and/or such Market Data Provider as they are posted on the Data Terms Website from time to time.

**10.** **DISCLOSURES** 

**10.1** **Required Disclosure** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to Securities that are registered under the U.S. Securities Exchange Act of 1934, as amended, or
that are issued by an issuer registered under the 1940 Act, the U.S. Shareholder Communications Act of 1985 (the "**Act**") requires BNY to disclose to issuers of such Securities, upon their request, the name, address and securities
position of BNY's clients who are "beneficial owners" (as defined in the Act) of the issuer's Securities, unless the beneficial owner objects to such disclosure. The Act defines a "beneficial owner" as any person
who has or shares the power to vote a security (pursuant to an agreement or otherwise) or who directs the voting of a security. Customer has designated on the signature page hereof whether (i) as beneficial owner, it objects to the disclosure
of its name, address and securities position to any U.S. issuer that requests such information pursuant to the Act for the specific purpose of direct communications between such issuer and Customer or (ii) it requires BNY to contact the
relevant investment manager with respect to relevant Securities to make the decision as to whether it objects to the disclosure of the beneficial owner's name, address and securities position to any U.S. issuer that requests such information
pursuant to the Act.

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**EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to certain Securities issued outside the United States, BNY may disclose information to issuers of
Securities as required by the organizational documents of the relevant issuer or in accordance with local market practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In connection with any disclosure contemplated by this Section 10, Customer agrees to supply BNY with any
required information.

**10.2** **Foreign Exchange Transactions** 

In connection with this Agreement, Customer may enter into foreign exchange transactions (including foreign exchange hedging transactions) with BNY or a BNY Affiliate acting as a principal through customary channels. Customer may issue standing Instructions with respect to any such foreign exchange transactions, subject to any terms, rules or limitations that apply to any foreign exchange facility made available to Customer. With respect to any such foreign exchange transactions, BNY or such BNY Affiliate is acting as a principal counterparty on its own behalf which may retain any profits from such foreign exchange transactions, and is not acting as a fiduciary or agent for, or on behalf of, Customer, a Series, an investment manager or any Account.

**10.3** **Investment of Cash** 

In connection with this Agreement, Customer may issue standing Instructions to invest Cash in one or more sweep investment vehicles. Such investment vehicles may be offered by a BNY Affiliate or by a client of BNY, and BNY may receive compensation therefrom. By making investment vehicles available, BNY and its Affiliates will not be deemed to have recommended, endorsed or guaranteed any such investment vehicle in any way or otherwise to have acted as a fiduciary or agent for, or on behalf of, Customer, its investment manager or any Account. BNY, as custodian, will have no liability for any loss incurred on any such investments. Customer understands that Cash may be uninvested if it is received or reconciled to an Account after the applicable deadline to be swept into Customer's selected investment vehicle.

**11.** **REGULATORY MATTERS** 

**11.1** **USA PATRIOT Act** 

Section 326 of the U.S. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (including its implementing regulations) requires BNY to implement a customer identification program pursuant to which BNY must obtain certain information from Customer in order to verify Customer's identity prior to establishing an Account. Accordingly, prior to establishing an Account, Customer will be required to provide BNY with certain information, including Customer's name, physical address, tax identification number and other pertinent identifying information, to enable BNY to verify Customer's identity. Customer acknowledges that BNY cannot establish an Account unless and until BNY has successfully performed such verification.

**11.2** **Sanctions; Anti-Money Laundering** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Throughout the term of this Agreement, Customer: (i) will have in place and will implement policies and
procedures designed to prevent violations of Sanctions, including measures to accomplish effective and timely scanning of all relevant data

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**EXECUTION**

with respect to its clients (to the extent the Assets are client assets) and with respect to incoming or outgoing assets or transactions relating to this Agreement; (ii) will ensure that neither Customer nor any of its Affiliates, directors, officers, employees or clients (to the extent the Assets are client assets) is an individual or entity that is, or is owned or controlled by an individual or entity that is: (A) the target of Sanctions or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions and (iii) will not, directly or indirectly, use the Accounts in any manner that would result in a violation by Customer or BNY of Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer acknowledges and agrees that, in connection with the services provided by BNY under this Agreement,
each of Customer's investors is not a customer or joint customer with BNY. Customer (and not BNY) has the responsibility to, and will, fulfill any compliance requirement or obligation with respect to each of its investors under all Anti-Money
Laundering Laws. Without limiting any obligation imposed on Customer by Anti-Money Laundering Laws, throughout the term of this Agreement, Customer will maintain a compliance program with respect to its investors that includes the following:
(i) a know-your-customer program in order to understand and verify the identity of each investor, in accordance with the requirements of the Bank Secrecy Act and the relevant regulations thereunder, (ii) a transaction surveillance and
monitoring program, and (iii) a policy for identifying and reporting any suspicious transactions and/or activities with respect to each investor to the appropriate law enforcement and regulatory authorities and to BNY where related to the
services provided by BNY hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer will promptly provide to BNY such information as BNY reasonably requests in connection with the
matters referenced in this Section 11.2, including information regarding (i) the Accounts, (ii) the Assets and the source thereof, (iii) the identity of any individual or entity having or claiming an interest therein, including
any investor, and (iv) Customer's anti-money laundering and Sanctions compliance programs and any related records and/or transaction information, including with respect to any investor, regardless of whether such request is made under USA
PATRIOT Act Section 314(b) (where applicable). Customer will cooperate with BNY and provide assistance reasonably requested by BNY in connection with any anti-money laundering and terrorist financing or Sanctions inquiries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY may decline to act or provide services in respect of any Account, and take such other actions as it, in its
reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Section 11.2. If BNY declines to act or provide services as provided in the preceding sentence, except as otherwise prohibited by applicable
law or official request, BNY will inform Customer as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) While Customer remains responsible for the matters set forth in Section 11.2(a) and Section 11.2(b),
it is noted that certain duties relating to such matters may be delegated by Customer to its transfer agent service provider.

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**12.** **COMPENSATION** 

**12.1** **Fees and Expenses** 

In consideration of BNY's services provided hereunder, Customer will (a) pay to BNY the fees set forth in the mutually agreed upon fee schedule and (b) reimburse BNY for any reasonable and documented out-of-pocket and incidental expenses incurred by BNY in connection therewith. Unless otherwise agreed by the Parties, such amounts will be payable to BNY within thirty (30) days of Customer's receipt of the relevant invoice. Without limiting BNY's other rights set forth in this Agreement, BNY may charge interest on overdue amounts at a rate then charged by BNY to its institutional custody clients in the relevant currency.

**12.2** **Other Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer acknowledges that, as part of BNY's compensation, BNY will earn interest on Cash balances held
by BNY (including disbursement balances, balances arising from purchase and sale transactions and when Cash otherwise remains uninvested, but not including Cash that has been swept pursuant to Instructions) as provided in BNY's compensation
disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Where an error or omission has occurred under this Agreement that results in an unintended gain, provided that
Customer is put in the same or equivalent position as it would have been in had such error or omission not occurred, any such gain will be solely for the account of BNY without any duty to report such gain to Customer.

**13.** **REPRESENTATIONS, WARRANTIES AND COVENANTS** 

**13.1** **BNY** 

BNY represents and warrants that: (a) it is duly organized, validly existing and in good standing in its jurisdiction of organization; (b) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement; (c) there are at the Effective Date no legal or administrative proceedings instituted or threatened against BNY which would materially impair BNY's ability to perform its duties and obligations under this Agreement; (d) its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of BNY or any law or regulation to which it is subject; (e) it is conducting its investment company custody business and will provide its services under this Agreement in compliance in all material respects with all laws and regulations, both state and federal, to which it is subject and has obtained all regulatory approvals necessary to carry on its investment company custody business as now conducted; and (f) the individual executing this Agreement on its behalf has the requisite authority to bind BNY to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms. In addition, BNY acknowledges and agrees that the services provided by BNY pursuant to this Agreement are provided in the context of Customer being an investment company registered under the 1940 Act.

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**13.2** **Customer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Customer represents and warrants that: (i) it is duly organized, validly existing and in good standing in
its jurisdiction of organization; (ii) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement; and (iii) the individual executing this Agreement on its behalf has
the requisite authority to bind Customer to this Agreement including by Electronic Signature, and any such Electronic Signature represents an intent to enter into this Agreement and an agreement with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Customer represents, warrants and covenants that (i) it or the relevant investment manager has determined
that the custody arrangements of each Depository maintaining "Foreign Assets" (as defined in Rule 17f-5 under the 1940 Act) provide reasonable safeguards against the custody risks associated with
maintaining assets with such Depository within the meaning of Rule 17f-7 under the 1940 Act and (ii) it or the relevant investment manager shall manage Customer's borrowings, including without
limitation any advance or overdraft (including any daylight overdraft) in an Account, so that the aggregate of Customer's total borrowings for each Series do not exceed the amount such Series is permitted to borrow under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material respects with all laws and regulations, both state
and federal, to which it is subject and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any
contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

**14.** **LIABILITY** 

**14.1** **Standard of Care** 

In performing its duties under this Agreement, BNY will act without negligence or willful misconduct and exercise the standard of care and diligence that a professional custodian would observe in these affairs taking into account the prevailing rules, practices, procedures and circumstances in the relevant market ("**Standard of Care**").

**14.2** **Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY's liability arising out of or relating to this Agreement will be limited solely to those direct
damages that are caused by BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care. In no event will BNY be liable for any indirect, incidental, consequential, exemplary, punitive or special losses
or damages, or for any loss of revenues, profits or business opportunity, arising out of or relating to this Agreement (whether or not foreseeable and even if BNY has been advised of the possibility of such losses or damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary set forth in this Agreement, in no event will BNY be liable for any
losses or damages arising out of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Customer's decision to invest in or hold Assets in any particular country, including without limitation
any losses or damages arising out of or relating

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**EXECUTION**

to (A) a country's prevailing custody and settlement practices; (B) nationalization, expropriation or other governmental actions; (C) a country's regulation of the banking or securities industry; (D) currency and exchange controls, restrictions, devaluations, redenominations, fluctuations or asset freezes; (E) laws, rules, regulations or orders that at any time prohibit or impose burdens or costs on the transfer of Assets to, by or for the account of Customer or (F) market conditions which prevent the orderly execution of securities transactions or affect the value of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY receiving or transmitting any data to or from Customer or any Authorized Person via any non-secure method of transmission or communication selected by Customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Customer's or an Authorized Person's decision to invest in Securities or to hold Cash in any
currency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The insolvency of any Person, including a Subcustodian that is not a BNY Affiliate, Depository, broker, bank or
a counterparty to the settlement of a transaction or to a foreign exchange transaction, except to the extent arising directly from BNY's failure to exercise reasonable care, prudence and diligence in selecting, retaining, and monitoring a
Subcustodian that is not a BNY Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any inability of BNY, a Subcustodian or any of their respective agents to file claims for exemptions or refunds
or otherwise obtain relief from Tax Obligations due to (A) Customer's failure to provide, or delay in providing, Tax Information to BNY, (B) any failure of Customer to comply with applicable tax laws, or (C) any failure or
refusal of any taxing authority to provide such relief; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The use of any third party appointed or selected by Customer, or by BNY at the express request of Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Customer shall not be liable for any indirect, special or consequential damages.

**14.3** **Force Majeure** 

BNY will not be responsible or liable for any failure or delay in the performance of its obligations under this Agreement to the extent caused, directly or indirectly, by natural disasters, fire, acts of God, acts of war or terrorism, general civil unrest, actual or threatened epidemics, disease, act of any government, governmental authority or police or military authority, declared or threatened state of emergency, legal constraint, the interruption, loss or malfunction of utilities or transportation, communications or computer systems, or any other similar events beyond its reasonable control ("**Force Majeure Events**"); provided that BNY uses commercially reasonable efforts to minimize the effect of any such events and to mitigate any such failure to perform in accordance with the disaster recovery plan and the business continuity plan referenced in Section 17.5. Customer shall not be responsible under this Agreement for temporary delays in the performance of its obligations under this Agreement and correspondingly shall not be liable for any loss, cost, damage or expense attributable to such delay in such performance in consequence of a Force Majeure Event affecting Customer's principal place of business

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operations or administration; provided that Customer uses commercially reasonable efforts to minimize the effect of any such events and to mitigate any such failure to perform in accordance with an industry-standard disaster recovery plan and an industry-standard business continuity plan which Customer hereby confirms it has adopted.

**14.4** **Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the limitations on liability and responsibility provided in this Agreement with respect to Customer,
Customer will indemnify and hold harmless BNY from and against any and all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by BNY arising out of or relating to BNY's performance under
this Agreement, except to the extent resulting from BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care. Customer and BNY agree that the foregoing will include reasonable counsel fees and
expenses incurred by BNY in its successful defense of claims that are asserted by Customer against BNY arising out of or relating to BNY's performance under this Agreement. Any obligations of Customer under this Section 14.4 with respect
to a particular Series will not be satisfied out of the assets of another Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the limitations on liability and responsibility provided in this Agreement with respect to BNY, BNY
shall indemnify and hold harmless Customer from and against any and all losses, costs, expenses, damages and liabilities (including reasonable counsel fees and expenses) incurred by Customer to the extent such loss, cost, expense, damage or
liability results from BNY's failure to perform its obligations under this Agreement in accordance with the Standard of Care.

**15.** **CONFIDENTIALITY** 

**15.1** **Confidentiality Obligations** 

Each of Customer and BNY agrees to use the Confidential Information of the other Party solely to accomplish the purposes of this Agreement and, except in connection with such purposes or as otherwise permitted herein, not to disclose such information to any other Person without the prior written consent of the other Party. Notwithstanding the foregoing, BNY may: (a) use Customer's Confidential Information in connection with certain functions performed on a centralized basis by BNY, its Affiliates and joint ventures and their service providers (including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, compilation and analysis of customer-related data and storage); (b) disclose such information to its Affiliates and joint ventures and to its and their service providers who are subject to confidentiality obligations and (c) store the names and business contact information of Customer's employees and representatives relating to this Agreement on the systems or in the records of its Affiliates and joint ventures and its and their service providers. In addition, BNY may aggregate information regarding Customer and the Accounts on an anonymized basis with other similar client data for BNY's and its Affiliates' reporting, research, product development and distribution, and marketing purposes, so long as such aggregated data represents a sufficiently large sample such that no Customer data can be identified either directly or by inference or implication.

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**15.2** **Exceptions** 

The Parties' respective obligations under Section 15.1 will not apply to any such information: (a) that is, as of the time of its disclosure or thereafter becomes, part of the public domain through a source other than the receiving Party; (b) that was known to the receiving Party as of the time of its disclosure and was not otherwise subject to confidentiality obligations; (c) that is independently developed by the receiving Party without reference to such information; (d) that is subsequently learned from a third party not known to be under a confidentiality obligation to the disclosing Party or (e) that is required to be disclosed pursuant to applicable law, rule, regulation, requirement of any law enforcement agency, court order or other legal process or at the request of a regulatory authority.

**16.** **TERM AND TERMINATION** 

**16.1** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective as between Customer and BNY on the Effective Date and continue, unless
validly terminated pursuant to this Section 16 prior thereto, until the date which is the fifth (5th) anniversary of the date upon which services begin being provided ()"**Service Effective Date**") (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically renew as between Customer and BNY on the final day of the Initial Term and
the final day of each Renewal Term for an additional term which will continue until the first (1st) anniversary of such renewal date (each such additional term being a "**Renewal Term** "), unless Customer, on one hand, or BNY, on the
other hand, gives written notice to the other Party of its intent not to renew and such notice is received by the other Party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a
" **Non-Renewal Notice** "). In the event Customer or BNY provides a Non-Renewal Notice, this Agreement shall terminate as between Customer and BNY on the
last day of the Initial Term or Renewal Term, as applicable.

**16.2** **Termination** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Customer or BNY with respect to Customer materially breaches this Agreement (a "**Defaulting Party**") the other Party (the "**Non Defaulting Party**") may give written notice thereof to the Defaulting Party ()"**Breach Notice** "), and if such material breach shall not have been remedied within thirty
(30) days after the Breach Notice is given, then the Non Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ()"**Breach Termination Notice** "), in which case this
Agreement shall terminate as between Customer and BNY on the thirtieth (30th) day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of
the Initial Term or then-current Renewal Term, as appropriate).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Agreement, if prior to the expiration of, as appropriate, the
Initial Term or the then-current Renewal Term, Customer terminates this Agreement or terminates BNY as the provider of any service ()"**Early Termination** "), other than pursuant to Section 16.2(a), the following terms shall
apply:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the earlier to occur of the effective date of the Early Termination or the commencement date of any
significant activities related to the conversion or transfer of Customer records and accounts to a successor custodian, Customer shall pay to BNY an amount equal to all fees and other charges and amounts that would be due under this Agreement
(excluding reimbursable expenses if not to be incurred) from such payment date through the expiration of, as appropriate, the Initial Term or the then-current Renewal Term as if services had been performed by BNY and accepted by Customer during such
period in accordance with this Agreement ()"**Early Termination Fee** "). The Early Termination Fee will only apply to the extent that the aggregate assets and/or accounts serviced by BNY are materially reduced as a result of the Early
Termination. The Early Termination Fee shall be calculated using the average of the monthly fees and other charges and amounts due to BNY under this Agreement during the last three calendar months immediately preceding the date of the notice of
Early Termination (or, if not given, the date services are terminated hereunder) extrapolated over the remaining term of this Agreement at such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Customer expressly acknowledges and agrees that the Early Termination Fee is not a penalty but is reasonable
compensation to BNY for the termination of this Agreement before the expiration of, as appropriate, the Initial Term or the then-current Renewal Term and prior to receipt by BNY of the compensation upon which the fees and other terms of this
Agreement were based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If Customer gives notice of Early Termination (or an Early Termination without such notice occurs) after
expiration of the notice period specified in Section 16.1(b), the references above to "expiration of, as appropriate, the Initial Term or the then-current Renewal Term" shall be deemed to mean "expiration of the Renewal Term
immediately following, as appropriate, the Initial Term or the then-current Renewal Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) For clarity, merger or closure of a Series in the normal course of business shall not constitute an Early
Termination.

**16.3** **Effect of Termination** 

In addition to Customer's obligations under Section 16.2(b), upon termination hereof Customer will pay to BNY such other compensation as may be due to BNY, and will reimburse BNY for such other amounts payable or reimbursable to BNY hereunder, through the date of termination. As soon as practical following the service of a termination notice (and in any case not less than thirty (30) days before the termination of this Agreement), Customer will give BNY the details of the successor custodian or other person or persons to whom the Assets are to be transferred. BNY will follow such reasonable Instructions as Customer issues concerning the transfer of custody of (i) records and files, (ii) Assets, and (iii) other items ("Deconversion Services"); provided that (a) BNY will have no responsibility or liability for shipping and insurance costs associated therewith and (b) full payment has been made to BNY of its compensation, costs, expenses and other amounts to which it is entitled hereunder. The conversion of information from the formats and specifications of BNY's systems to the formats and specifications of a successor custodian's systems will be as reasonably agreed between

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Customer and BNY. If any Assets remain in any Account after termination, BNY may deliver to Customer such Assets. The terms of this Agreement (including the terms relating to fees payable to BNY) will continue to apply from day to day as between Customer and BNY until any transferable Asset is transferred in accordance with this Section, except that no additional Cash or Securities may be deposited with BNY or any Subcustodian after such date other than with BNY's express prior consent, and Customer will have a continuing obligation to provide BNY as soon as possible with the details of the Person or Persons to whom the remaining Assets are to be transferred.

**16.4** **Survival** 

Any and all provisions of this Agreement which by their nature or effect are required or intended to be observed, kept or performed after the expiration or termination of this Agreement will survive the expiration or any termination of this Agreement and remain binding upon and for the Parties' benefit, including Section 13 (Representations, Warranties and Covenants); Section 14 (Liability); Section 15 (Confidentiality); Section 16.2(b): Section 16.3 (Effect of Termination); Section 16.4 (Survival) and Section 17.4 (Governing Law/Forum).

**17.** **GENERAL** 

**17.1** **Non-Custody Assets** 

At Customer's request pursuant to Instructions, subject to BNY's approval and as an accommodation to Customer, BNY will provide consolidated recordkeeping services reflecting on statements provided to Customer securities and other assets not held by BNY ("**Non-Custody Assets**"). Non-Custody Assets will be designated on BNY's books as "assets not held in custody" or by other similar designation and will not constitute Assets for purposes of this Agreement. Customer acknowledges and agrees that, notwithstanding anything contained elsewhere in this Agreement, (a) Customer will have no security entitlement against BNY with respect to Non-Custody Assets; (b) BNY will rely, without independent verification, on information provided by Customer or its designee regarding Non-Custody Assets (including positions and market valuations) and (c) BNY will have no responsibility whatsoever with respect to Non-Custody Assets or the accuracy of any information maintained on BNY's books or set forth on account statements concerning Non-Custody Assets.

**17.2** **Assignment** 

Neither Customer nor BNY may, without the other Party's prior written consent, assign any of its rights or delegate any of its duties under this Agreement (whether by change of control, operation of law or otherwise); provided, however that BNY may, without the prior written consent of Customer, assign this Agreement or any of its rights, or delegate any of its duties hereunder (a) to any BNY Affiliate; (b) to a successor entity in connection with a sale of a majority or more of BNY's assets, equity interests or voting control, provided that BNY gives Customer ninety (90) days' prior written notice (or such shorter notice as may be commercially practicable under the circumstances, as reasonably determined by BNY in good faith) of such event and such event does not impair the provision of services under this Agreement as between Customer and BNY in any material respect, and the successor entity agrees to be bound by all terms of this Agreement in place of BNY; or (c) as otherwise permitted in this Agreement; provided further that any entity to which this Agreement is assigned by BNY without the prior written consent of Customer pursuant to

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the foregoing item (a), (b) or (c) will satisfy the requirements for serving as a custodian for a registered investment company. Any purported assignment or delegation by Customer or BNY in violation of this provision will be voidable at the option of the other Party. This Agreement will be binding upon, and inure to the benefit of, Customer and BNY and their respective permitted successors and assigns.

**17.3** **Amendment** 

This Agreement may be amended or modified only in a written agreement signed by an authorized representative of each of Customer and BNY. For purposes of the foregoing, email exchanges between the Parties will not be deemed to constitute a written agreement.

**17.4** **Governing Law/Forum** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The substantive laws of the state of New York (without regard to its conflicts of law provisions) will govern
all matters arising out of or relating to this Agreement, including the establishment and maintenance of the Accounts and for purposes of the Uniform Commercial Code and all issues specified in Article 2(1) of the Hague Securities Convention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of Customer and BNY irrevocably agrees that all legal actions or proceedings brought by it against the
other Party arising out of or relating to this Agreement will be brought solely and exclusively before the state or federal courts situated in New York City, New York. Each of Customer and BNY irrevocably submits to personal jurisdiction in such
courts and waives any objection which it may now or hereafter have based on improper venue or *forum non conveniens*. The Parties hereby unconditionally waive, to the fullest extent permitted by applicable law, any right to a jury trial with
respect to any such actions or proceedings.

**17.5** **Business Continuity/Disaster Recovery** 

BNY will implement business continuity and disaster recovery plans designed to minimize interruptions of service and ensure recovery of systems and applications used to provide the services under this Agreement. Such plans will cover the facilities, systems, applications and employees that are critical to the provision of the services hereunder, and BNY shall maintain or arrange with third parties for back-up facilities ("**Back-Up Facilities**") to the primary operations and data centers used by BNY to provide the services ("**Primary Facilities**"). The Back-Up Facilities will be capable of providing the material services in the event an incident to the Primary Facilities significantly interrupts the delivery of a material service from that facility. BNY shall maintain (i) a written disaster recovery plan providing for continued operation of critical components of the BNY systems required for the performance of the services in the event of a significant interruption in the performance of the services, and (ii) a written business continuity plan providing for the continued provision of critical services under this Agreement in the event of a significant disruption to such services, which such plans shall provide, where appropriate to the particular plan, for BNY to (a) maintain the Back-Up Facilities, (b) perform periodic disaster recovery and business continuity testing, and (c) maintain disaster recovery and business continuity capabilities and procedures that are commercially reasonable for a financial institution with BNY's operations. In the event of equipment failures or service disruptions, BNY shall implement the disaster recovery plan or business continuity plan, or both, in accordance with their terms, including using the Back-Up Facilities where appropriate.

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BNY will conduct a test of significant components of its disaster recovery plan and business continuity plan, not less frequently than annually. At Customer's request, BNY will meet with Customer, Customer's Chief Compliance Officer and/or representatives of Customer's board of directors or trustees on an annual basis to provide details about the disaster recovery plan and/or business continuity plan and (in summary fashion) the related test results, and to answer their respective reasonable questions about the same.

**17.6** **Non-Fiduciary Status** 

Customer hereby acknowledges and agrees that BNY is not a fiduciary by virtue of accepting and carrying out its obligations under this Agreement and has not accepted any fiduciary duties, responsibilities or liabilities with respect to its services hereunder, including with respect to the management, investment advisory or sub-advisory functions of Customer.

**17.7** **Notices** 

Other than routine communications in the ordinary course of providing or receiving services hereunder (including Instructions), notices given hereunder will be: (a) addressed to BNY or Customer at the address set forth on the signature page (or such other address as either Party may designate in writing to the other Party) and (b) delivered either (i) by hand delivery, by certified mail, or by overnight delivery service, in each case with receipt acknowledged and postage or charges prepaid, or (ii) by email (as a signed attachment). All notices given in accordance with this Section will be effective upon receipt.

**17.8** **Insurance** 

BNY shall at all times during the term of this Agreement maintain, at its cost, insurance coverage regarding its custody business in such amount and scope as is in its determination commercially adequate and appropriate in connection with the services provided by BNY under this Agreement. BNY shall furnish to Customer a summary of BNY's aforementioned insurance coverage upon request.

**17.9** **Several Obligations of Customer and the Series** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be deemed to be a separate agreement entered into separately between each separate
Customer and BNY. No Customer shall have a right to enforce any provision of this Agreement as it relates to another Customer, and no Customer shall have any obligation with respect to any obligations owed pursuant to this Agreement by any other
Customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any obligations of a Series and its related accounts arising under this Agreement, BNY shall
look for payment or satisfaction of any such obligation solely to the assets and property of such Series and such accounts to which such obligation relates as though Customer had separately contracted with BNY by separate written instrument with
respect to each Series and its accounts.

**17.10** **Entire Agreement** 

This Agreement constitutes the sole and entire agreement between Customer and BNY with respect to the matters dealt with herein, and merges, integrates and supersedes all

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**EXECUTION**

prior and contemporaneous discussions, agreements and understandings between the Parties, whether oral or written, with respect to such matters.

**17.11** **No Third Party Beneficiaries** 

This Agreement is entered into solely between, and may be enforced only by, Customer and BNY. Each of Customer and BNY intends that this Agreement will not, and no provision of this Agreement will be interpreted to, benefit, or create any right or cause of action in or on behalf of, any party or entity other than Customer and BNY.

**17.12** **Counterparts** 

This Agreement may be executed in any number of counterparts, either manually or by Electronic Signature, each of which will be deemed an original, and said counterparts when taken together will constitute one and the same instrument and may be sufficiently evidenced by one set of counterparts. Executed counterparts may be delivered by facsimile or email.

**17.13** **Interpretation** 

The terms and conditions of this Agreement are the result of negotiations between Customer and BNY. Each of Customer and BNY intends that this Agreement will not be construed in favor of or against a Party by reason of the extent to which such Party or its professional advisors participated in the preparation or drafting of this Agreement.

**17.14** **No Waiver** 

No failure or delay by a Party to exercise any right, remedy or power it has under this Agreement will impair or be construed as a waiver of such right, remedy or power. A waiver by a Party of any provision or any breach of any provision will not be construed to be a waiver by such Party of such provision in any other instance or any succeeding breach of such provision or a breach of any other provision.

**17.15** **Headings** 

All section and subsection headings in this Agreement are included for convenience of reference only and will not be considered in the interpretation of the scope or intent of any provision of this Agreement.

**17.16** **Severability** 

The invalidity, illegality or unenforceability of any provision of this Agreement will not affect the validity, legality or enforceability of any other provision, and if any provision is held to be unenforceable as a matter of law, the other provisions will remain in full force and effect. In such case, Customer and BNY will negotiate in good faith to replace each illegal, invalid or unenforceable provision with a valid, legal and enforceable provision that fulfills as closely as possible the original intent of the Parties.

[Signature page follows]

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**EXECUTION**

**IN WITNESS WHEREOF,** the Parties have executed this Agreement as of the Effective Date.

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| | | | |
|:---|:---|:---|:---|
| **THE BANK OF NEW YORK MELLON** | **THE BANK OF NEW YORK MELLON** | **EACH MANAGEMENT INVESTMENT COMPANY IDENTIFIED ON APPENDIX I HERETO** | **EACH MANAGEMENT INVESTMENT COMPANY IDENTIFIED ON APPENDIX I HERETO** |
| By: | <br> ![LOGO](g939785dsp038a.jpg)  | By: | <br> ![LOGO](g939785dsp038b.jpg)  |
| Name: | <br> Shalini O'Suilleabhain | Name: | <br> R. Jeffrey Young |
| Title: | Managing Director | Title: | President |
| Date: | 12/20/2024 | Date: | 12/18/2024 |

---

---

| | |
|:---|:---|
| **Address for Notice:** | **Address for Notice:** |
| The Bank of New York Mellon<br> 240 Greenwich Street<br> New York, New York 10286<br> Attention: Kris Dabrowiecki | [CUSTOMER CONTRACTING ENTITY]<br> 320 Park Avenue<br> New York, NY 10022<br> Attention: General Counsel |

---

Pursuant to Section 10.1(a):

[ ] as beneficial owner, Customer OBJECTS to disclosure

[ ] as beneficial owner, Customer DOES NOT OBJECT to disclosure

[ ] BNY will CONTACT THE RELEVANT INVESTMENT MANAGER with respect to relevant Securities to make the decision whether it objects to disclosure

IF NO BOX IS CHECKED, BNY WILL RELEASE SUCH INFORMATION UNTIL IT RECEIVES A CONTRARY INSTRUCTION FROM CUSTOMER.

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**APPENDIX I** 

MoA Funds Corporation

MoA All America Fund

MoA Balanced Fund

MoA Equity Index Fund

MoA Mid Cap Equity Index Fund

MoA Mid Cap Value Fund

MoA Intermediate Bond Fund

MoA Core Bond Fund

MoA Money Market Fund

MoA Small Cap Value Fund

MoA Small Cap Growth Fund

MoA Small Cap Equity Index Fund

MoA International Fund

MoA Catholic Values Fund

MoA Aggressive Allocation Fund

MoA Conservative Allocation Fund

MoA Moderate Allocation Fund

MoA Retirement Income Fund

MoA Clear Passage 2015 Fund

MoA Clear Passage 2020 Fund

MoA Clear Passage 2025 Fund

MoA Clear Passage 2030 Fund

MoA Clear Passage 2035 Fund

MoA Clear Passage 2040 Fund

MoA Clear Passage 2045 Fund

MoA Clear Passage 2050 Fund

MoA Clear Passage 2055 Fund

MoA Clear Passage 2060 Fund

MoA Clear Passage 2065 Fund

MoA Clear Passage 2070 Fund

## Exhibit 99.8

**AMENDMENT TO AMENDED AND RESTATED** 

**EXPENSE LIMITATION AGREEMENT** 

July 21, 2025

To the Directors of

MoA Funds Corporation

320 Park Avenue

New York, NY 10022

Re: Expense Limitation Agreement

Directors:

This letter ("Letter Amendment Agreement") amends the Amended and Restated Expense Limitation Agreement (the "Expense Limitation Agreement"), dated as of May 1, 2025 by Mutual of America Capital Management LLC, a Delaware limited liability company (the "Adviser"), and accepted and agreed to by MoA Funds Corporation, a Maryland corporation ("MoA Funds"), on behalf of each of the undersigned MoA Funds (each a "Fund"), as of the date set forth above. Capitalized terms used but not defined herein shall have the meanings ascribed in the Expense Limitation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Section 1 of the Expense Limitation Agreement is amended and restated as follows:

The Adviser hereby agrees to waive its investment advisory fee and/or reimburse other ordinary operating expenses of the Funds to the extent necessary to limit the ordinary operating expenses to an amount not to exceed the following annual rates (based on each such Fund's average daily net assets) (each annual rate, an "Annual Limit"):

---

| | |
|:---|:---|
|  MoA Catholic Values Index Fund | 0.08% |
|  MoA Small Cap Equity Index Fund | 0.08% |
|  MoA Mid Cap Growth Fund | 0.08% |
|  MoA Clear Passage 2070 Fund | 0.08% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Section 4 of the Expense Limitation Agreement is amended and restated as follows:

To the extent that the Adviser waives its investment advisory fee and/or reimburses ordinary operating expenses of a Fund to satisfy the Annual Limit set forth in this agreement, the Adviser may seek recoupment from that Fund of a portion or all of such amounts at any time within three years from the date in which such amounts were waived or reimbursed, but only if such recoupment can be achieved without exceeding the Annual Limit in effect at the time of the waiver/reimbursement and any Annual Limit in effect at the time of the recoupment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Except as expressly amended by this Letter Amendment Agreement, the Expense Limitation Agreement is and shall continue to be in full force and effect. This Letter Amendment Agreement is limited as specified and will not constitute a modification, amendment, or waiver of any other provision of the Expense Limitation Agreement.

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| |
|:---|
| Very truly yours,<br>Mutual of America Capital Management LLC |
| ![LOGO](g939785joseph.jpg) |
| Name: Joseph R. Gaffoglio |
| Title: President and Chief Executive Officer |

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ACCEPTED AND AGREED TO ON BEHALF OF:

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| | |
|:---|:---|
| MoA Catholic Values Index Fund<br> MoA Small Cap Equity Index Fund<br> MoA Conservative Allocation Fund<br> MoA Moderate Allocation Fund<br> MoA Aggressive Allocation Fund<br> MoA Retirement Income Fund<br> MoA 2020 Clear Passage Fund<br> MoA 2025 Clear Passage Fund<br> MoA 2030 Clear Passage Fund | MoA 2035 Clear Passage Fund<br> MoA 2040 Clear Passage Fund<br> MoA 2045 Clear Passage Fund<br> MoA 2050 Clear Passage Fund<br> MoA 2055 Clear Passage Fund<br> MoA 2060 Clear Passage Fund<br> MoA 2065 Clear Passage Fund<br> MoA 2070 Clear Passage Fund<br> MoA Mid Cap Growth Fund |

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MoA Funds Corporation

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| | |
|:---|:---|
|  By: | ![LOGO](g939785jeffrey.jpg)  |
|  | Name: R. Jeffrey Young |
|  | Title: President, Treasurer and Chief Financial Officer |

---

## Exhibit 99.8

Confidential And Proprietary EXECUTION

**<u>TRANSFER AGENCY AND SHAREHOLDER SERVICES AGREEMENT</u>**

This Transfer Agency And Shareholder Services Agreement is made as of <u>December 18</u>, 2024 ("**Effective Date**") by and between BNY Mellon Investment Servicing (US) Inc. ("**BNY**"), and MoA Funds Corporation, (the "**Investment Company**") (on behalf of each series listed on Exhibit B to this Agreement, each a "**Fund** and collectively, the "**Funds**"). Capitalized terms, and certain noncapitalized terms, not otherwise defined shall have the meanings set forth in <u>Schedule A</u> (<u>Schedule A</u> also contains an index of defined terms providing the location of all defined terms). The term "Agreement" shall mean this Transfer Agency And Shareholder Services Agreement as constituted on the Effective Date, and thereafter as it may be amended from time to time as provided for herein. All references to "<u>Schedule B</u>" herein mean <u>Schedule B</u> attached hereto as constituted on the Effective Date, and thereafter as it may be amended from time to time (deemed or in writing) pursuant to Section 16 or 19(l).

**<u>Background</u>**

The Investment Company is registered as an open-end management investment company under the 1940 Act and wishes to retain BNY to serve as its transfer agent, registrar, dividend disbursing agent and shareholder servicing agent, or, if applicable, to serve as the transfer agent, registrar, dividend disbursing agent and shareholder servicing agent for each of its series of Funds contained on <u>Schedule B</u>, and BNY wishes to furnish such services.

**<u>Terms</u>**

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Fund and BNY, intending to be legally bound, hereby agree to the statements made in the preceding paragraphs and as follows:

**1. <u>Appointment</u>.** The Fund hereby appoints BNY to serve as transfer agent, registrar, dividend disbursing agent and shareholder servicing agent to the Fund and BNY accepts such appointments and agrees in connection with such appointments to furnish the services expressly set forth in Section 3. BNY shall be under no duty to provide any service to or on behalf of the Fund except as specifically set forth in Section 3 or as BNY and the Fund may specifically agree in a written amendment hereto. BNY shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third-party service providers engaged by the Fund or by any other third party service provider not engaged by BNY. The Fund will provide such information and documentation as BNY may reasonably request in connection with services provided by BNY to the Fund.

**2. <u>Records</u>.** BNY will maintain and preserve all records relating the services provided under this Agreement in accordance with Section 31(a) of the 1940 Act. Data pertaining to the Fund which the Fund is obligated to keep as its books and records pursuant to Section 31(a) of the 1940 Act and which is held in the BNY System due to the services performed hereunder by BNY pursuant to Section 3 ("**Fund Data**") shall be the property of the Fund. Upon the reasonable request of the Fund, BNY shall provide Authorized Persons with (i) access to Fund Data at BNY's facilities during BNY's normal business hours, and (ii) printed output of the Fund Data or copies thereof, at the Fund's expense. BNY shall furnish to the Fund such information pertaining to the shareholder accounts of the Fund and the performance of its duties hereunder as the Fund may from time to time request. BNY shall notify the Fund promptly of any request or demand by any third party to inspect the records of the Fund maintained by it and will act upon the instructions of the Fund in permitting or refusing such inspection.

**3. <u>Services</u>.**

**(a)**  **<u>General Services</u>:** 

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Confidential And Proprietary EXECUTION

(1) Services to be provided on an ongoing basis to the extent applicable to a particular Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept, effect and post Share purchases, redemptions, exchanges and transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Review new share ownership and account applications and if not in good order correspond to a commercially
reasonable extent with submitting persons to complete or correct information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Establish shareholder registrations for shares and shareholder accounts and accept, effect and post changes to
such shareholder registrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Direct payment processing of checks, ACH and wire transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare (A) confirmations of purchase and redemption transactions, and (B) monthly or quarterly
statements of account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provide shareholders and potential investors with toll free telephone access to a shareholder liaison staff
having on-line access to Fund Data for telephone inquiries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Mail duplicate confirmations to broker-dealers of their clients' activity, whether executed through the
broker-dealer or directly with BNY;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) As reasonably requested by the Fund: provide periodic shareholder lists and statistics to the Fund in standard
BNY System reports and certify shareholder lists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Prepare periodic mailing of year-end federal tax and statement information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Provide industry-appropriate detailed data for underwriter/broker confirmations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Notify on a timely basis the Fund's investment adviser, accounting agent, and custodian ()"**Fund Custodian**") of Share activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Perform other participating broker-dealer shareholder services as may be agreed upon from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Calculate 12b-1 payments and such other fees, commissions, concessions and intermediary payables as the Fund
and BNY shall reasonably agree;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Remediation Services, as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) Perform certain administrative and ministerial duties relating to opening, maintaining and processing
transactions for shareholders or financial intermediaries that report transactions to the Funds through the NSCC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) Provide such other services as customarily performed by transfer agents, registrars, dividend disbursing agents
and shareholder servicing agents to registered investment companies.

(2) <u>Purchase of Shares</u>. BNY shall issue and credit an account of an investor, in the manner described in the Fund's prospectus, once it receives:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A purchase order in completed proper form;

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Confidential And Proprietary EXECUTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Proper information to establish a shareholder account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Confirmation of receipt or crediting of funds for such order to the Fund Custodian.

(3) <u>Redemption of Shares</u>. BNY shall process requests to redeem Shares as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All requests to transfer or redeem Shares and payment therefor shall be made in accordance with the
Fund's prospectus, when the shareholder tenders Shares in proper form, accompanied by such documents as BNY reasonably may deem necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BNY reserves the right to refuse to transfer or redeem Shares until it is satisfied that the endorsement on the
instructions is valid and genuine and that the requested transfer or redemption is legally authorized, and it shall incur no liability for the refusal to process transfers or redemptions which BNY, in its reasonable judgment, deems improper or
unauthorized, or until it is reasonably satisfied that there is no basis to any claims adverse to such transfer or redemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) When Shares are redeemed, BNY shall deliver to the Fund Custodian and the Fund or its designee a notification
setting forth the number of Shares redeemed. Such redeemed Shares shall be reflected on appropriate accounts maintained by BNY reflecting outstanding Shares of the Fund and Shares attributed to individual accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) BNY shall, upon receipt of the monies provided to it by the Fund Custodian for the redemption of Shares, pay
such monies as are received from the Fund Custodian, all in accordance with the Written Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BNY shall not process or effect any redemption requests with respect to Shares of the Fund after receipt by BNY
or its agent of notification of the suspension of the determination of the net asset value of the Fund.

(4) <u>Dividends and Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Upon receipt by BNY of Instructions containing all requisite information that may be reasonably requested by BNY, including payment directions and authorization, BNY shall issue Shares in payment of the dividend or distribution, or, upon shareholder election, pay such dividend or distribution in cash. If requested by BNY, the Fund shall furnish a certified resolution of the Fund's Board declaring and authorizing the payment of a dividend or other distribution but BNY shall have no duty to request such.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY shall issue Shares or pay dividends or distributions as provided for in Section 3(a)(4)(A), and pay proceeds of Share redemption transactions as provided for in Section 3(a)(3), after it deducts and withholds all amounts it reasonably determines to be appropriate under any applicable tax laws, rules or regulations or other laws, rules or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) BNY shall (i) mail to the Fund's shareholders such tax forms and other information, or permissible substitute forms or notices, relating to dividends and distributions paid by the Fund as are required to be filed and mailed by applicable law, rule or regulation; and (ii) prepare, maintain and file with the IRS and other appropriate taxing authorities reports relating to all dividends and distributions by the Fund paid to its shareholders (above threshold amounts stipulated by applicable law) as required by tax or other laws, rules or regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Notwithstanding any other provision of this Section 3(a)(4) or this Agreement, and for clarification: (i) BNY's exclusive obligations with respect to any written statement that Section 19(a) of the

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Confidential And Proprietary EXECUTION

1940 Act may require to be issued with respect to the Fund ("**19(a) Statement**") shall be, upon receipt of specific Instructions to such effect, to receive from the Fund the text which is to be printed on the 19(a) Statement, to print such text on appropriate paper stock and to mail such document to shareholders, and (ii) BNY's sole obligation with respect to any dividend or distribution that Section 19(a) of the 1940 Act may require be accompanied by a 19(a) Statement shall be to perform only the conduct expressly directed by Sections 3(a)(4)(A) through (C) and shall expressly exclude any duty associated with any determination of the appropriateness of, or the drafting or other preparation of the text to be printed on, a 19(a) Statement.

(5) <u>Shareholder Account Services</u>. BNY may arrange, in accordance with the Fund's prospectus:

(i) for issuance of Shares obtained through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Any pre-authorized check plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Direct purchases through broker wire orders, checks and applications.

(ii) for a shareholder's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Exchange of Shares for shares of another fund with which the Fund has exchange privileges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Automatic redemption from an account where that shareholder participates in an automatic redemption plan;
and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Redemption of Shares from an account with a checkwriting privilege.

(6) <u>Communications to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY shall collect and print the data necessary for and mail to Fund shareholders the documents listed below and any other communications and documents that are reasonably related in the ordinary course of business to the other services performed by BNY hereunder. The Fund agrees BNY shall be its exclusive provider of such service; provided that the parties mutually agree on fees as part of the Fee Agreement.

(i) Confirmations of purchases and redemptions of Fund Shares;

(ii) Monthly, quarterly statements of account, as directed by the Fund, and annual statements in accordance with
Section 3(a)(1)(v);

(iii) Dividend and distribution notices; and

(iv) Year end information necessary for federal tax filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY shall print or mail to Fund shareholders, or both print and mail to Fund shareholders, such other documents or instruments as the Fund may reasonably request in Instructions, such as prospectuses, periodic reports and other shareholder materials.

(7) <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY shall maintain records of the accounts for each shareholder showing the following information to the extent received by BNY:

(i) Name, address and United States Tax Identification or Social Security number;

(ii) Number and class of Shares held and number and class of Shares for which certificates, if any, have been
issued, including certificate numbers and denominations;

(iii) Historical information regarding the account of each shareholder, including dividends and distributions paid
and the date and price for all transactions on a shareholder's account;

(iv) Any stop or restraining order placed against a shareholder's account;

(v) Any correspondence relating to the current maintenance of a shareholder's account; and

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Confidential And Proprietary EXECUTION

(vi) Information with respect to tax withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY shall maintain the records required by Section 31(a) of the 1940 Act to be kept by the Fund with respect to the Services performed hereunder by BNY on behalf of the Fund, and shall keep such other records in connection with performing the Services as may be specified in the Written Procedures.

(8) <u>Lost or Stolen Certificates</u>. BNY shall place a stop notice against any certificate reported to BNY to be lost or stolen and shall comply with the Securities Laws with respect to the reporting of such certificates. A new certificate shall be issued and registered only upon BNY's receipt of the following, in a form approved in advance by BNY, properly completed and executed by the relevant shareholder:

(i) Lost instrument bond or other indemnity bond issued by a surety company approved by BNY; and

(ii) A release and indemnification agreement.

(9) <u>Shareholder Inspection of Stock Records</u>. Upon a request from any Fund shareholder to inspect stock records, BNY will notify the Fund and the Fund will on a timely basis issue instructions authorizing or denying such inspection access. Absent authorizing instructions from the Fund or legal process compelling access, BNY will deny access to Fund stock records upon such a request. Unless BNY has acted contrary to the Fund's instructions, other than when such contrary action occurs pursuant to legal process, the Fund agrees to and does hereby release and indemnify BNY in accordance with Section 12 from any liability for refusal of permission for a particular shareholder to inspect the Fund's records.

(10) <u>Withdrawal of Shares and Cancellation of Certificates</u>. Upon receipt of Instructions, BNY shall cancel outstanding certificates surrendered by the Fund to reduce the total amount of outstanding shares by the number of shares surrendered by the Fund.

(11) <u>SEC Rule 17Ad-17</u>.

(A) BNY shall perform such services as are required in order to comply with Rule 17Ad-17 of the 1934 Act (the "**Rule 17Ad-17**"), including but not limited to the following:

(i) execution of required database searches for "lost securityholders", as that term is defined in Rule
17Ad-17;

(ii) sending the required written notification to each "unresponsive payee", as that term is defined in
Rule 17Ad-17;

(iii) maintain records to demonstrate compliance with the requirements of Rule 17Ad-17, including written procedures
that describe BNY's methodology for complying with Rule 17Ad-17 and records of the results of the database searches for lost securityholders; and

(iv) retain the records required by Rule 17Ad-17 in accordance with applicable SEC regulations.

(B) For purposes of clarification: Section 3(a)(11)(A) does not obligate BNY to perform the services described therein for broker-controlled accounts, omnibus accounts and similar accounts with respect to which BNY does not receive or maintain information which would permit it to determine whether the account owner is a lost securityholder or an unresponsive payee.

(12) Tax Advantaged Accounts.

(A) Certain definitions:

(i) "**Eligible Assets**" means shares of the Fund and such other assets as the Fund and BNY may
mutually agree.

(ii) "**Participant**" means a beneficial owner of a Custodied Account.

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Confidential And Proprietary EXECUTION

(iii) "**Custodied Account**" means a Tax Advantaged Account with respect to which the Custodian
serves as the custodian.

(iv) "**Tax Advantaged Account**" means (A) any of the following accounts: (i) a
Traditional, SEP, Roth, or SIMPLE individual retirement account within the meaning of Section 408 of the Code, and (ii) a Coverdell educational savings account within the meaning of Section 530 of the Code; (B) which is
facilitated or sponsored by the Fund (or affiliates of the Fund's investment advisor or management company and approved by the Fund) and with respect to which the contributions of Participants are used to purchase or invest solely in Eligible
Assets.

(B) In addition to appropriate services provided to a Custodied Account and Participants in accordance with other provisions of Section 3(a), BNY shall provide the following administrative services to the extent the particular administrative service is appropriate under the Code, subject to applicable terms and conditions of the Code, this Agreement, Written Procedures, Account Documentation and the Fund's prospectus:

(i) Upon receipt of a properly completed application for a Custodied Account, establish a Custodied Account in the
Fund and maintain the Custodied Account thereafter in accordance with this Agreement;

(ii) Process instructions received in good order regarding contributions, including using contribution payments
actually received to purchase appropriate Eligible Assets, and keep appropriate records of contributions for tax reporting purposes;

(iii) Effect instructions for distributions received in good order and establish and maintain a record of the types
and reasons for distributions (*e.g.*, attainment of age 59-1/2, disability, death, return of excess contributions);

(iv) Send blank designation of beneficiary forms to Participants and process designation of beneficiary forms
completed and received from Participants in good order;

(v) Process instructions received in good order for exchanges of Shares, rollovers, direct rollovers, conversions,
reconversions, recharacterizations, return of excess contributions and transfers of assets (or the proceeds of liquidated assets) to a successor custodian or successor trustee;

(vi) Upon receipt in good order of a notification of the death of a Participant, process transfers and distributions
in accordance with instructions received in good order;

(vii) Prepare any annual reports or returns required to be prepared and/or filed by a custodian of Tax Advantaged
Accounts, including, but not limited to, an annual fair market value report, Forms 1099R and 5498; and file same with the Internal Revenue Service and provide same to the Participant or Participant's beneficiary, as applicable;

(viii) Perform applicable federal withholding and send to the Participant or Participant's beneficiary, as
applicable, an annual TEFRA notice regarding required federal tax withholding;

(ix) Upon the receipt after the Service Effective Date of a request to open a Custodied Account, BNY shall provide
appropriate Account Documentation (as defined below) to open the Custodied Account and thereafter as necessary to maintain the Custodied Account in compliance with the Code; and

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Confidential And Proprietary EXECUTION

(x) BNY shall maintain the Account Documentation in compliance with applicable provisions of the Code.

(C) BNY shall arrange for BNY Trust, BNY Mellon Bank or other qualified institution (which may be an Affiliate of BNY) to serve as custodian for the Tax Advantaged Accounts. The institution serving as custodian pursuant to the foregoing authorization is referred to herein as the "**Custodian**". In consideration for such service and the services of the Custodian, the Fund agrees as follows:

(i) The Fund will provide at least thirty (30) days' advance written notice to Participants in
connection with a Fund liquidation or any other event or circumstance or act or course of conduct involving the Fund or assets held in a Custodied Account that would result in an involuntary liquidation of any asset held in a Custodied Account or
would otherwise materially affect the Custodied Account, its operation, the rights or obligations of a Participant, any asset in a Custodied Account or the terms or provisions of a Custodied Account ()"**Material Event** "), regardless
of whether the Material Event was or was not described in an amendment to the Fund's prospectus or statement of additional information, and reimburse BNY and the Custodian for all reasonable costs, including costs of legal counsel, incurred in
determining, in consideration of the Material Event, an appropriate course of conduct under the law, including the Code, and under agreements with Participants and in implementing the course of conduct determined to be appropriate. The Fund shall,
in addition, provide at least sixty (60) days' advance written notice of the Material Event to BNY, or if such notice is impractical due to circumstances beyond the Fund's control, advance written notice that in time and detail
permits BNY a reasonable opportunity to review the circumstances of the Material Event, consult with legal counsel, and prepare, print and mail materials it determines in view of its duties as Custodian under the Code and Account Documentation to be
appropriate to give Participants not less than 30 days advance notice of any consequences of the Material Event on the Custodied Accounts, but in no event shall such advance written notice be given to BNY less than 45 days in advance.

(ii) The Fund, at its cost and expense, at the request of BNY or the Custodian and in accordance with all applicable
provisions of the Code, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) appoint and provide for a qualified successor custodian for all Custodied Accounts in the event this Agreement
expires or is terminated or if any other event or circumstance occurs which constitutes commercially reasonable cause for the Custodian to resign as custodian of the Custodied Accounts or seek appointment of a successor custodian,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) provide for any interim custodial or transfer arrangements made appropriate by any of the circumstances
governed by clause (aa),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) cause all Custodied Accounts and all assets in the Custodied Accounts to transfer to such successor or interim
custodians; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) notify appropriate parties of custodial resignations and appointments.

(iii) The Fund, at its cost and expense, will, prior to the Services Effective Date or such later date as the Fund
and BNY may agree upon as the "**Transfer Date**" (which is hereby defined to mean the date custody of the Tax-Advantaged Accounts is transferred from a prior custodian or trustee to the Custodian and the conversion of the
Tax-Advantaged Accounts from a prior service provider to BNY System occurs), act in accordance with clause (aa), clause (bb) or a combination of clauses (aa) and (bb), pursuant to reasonable instructions received from BNY or the Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) where it has the right to do so, unilaterally amend account documentation of Tax- Advantaged Accounts to
conform such documentation in all material respects to the BNY Account Documentation (as defined in clause (bb) immediately below) and communicate such amendments, or furnish such amended documentation, to account owners; and

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Confidential And Proprietary EXECUTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) require Participants and "**Related Parties**" (which is hereby defined to mean all employers,
advisors or other parties involved in any manner in the creation, sponsorship or administration of Custodied Accounts or their relevant plans or involved in any other capacity with Custodied Accounts or their relevant plans) to adopt, execute or
otherwise agree to "**BNY Account Documentation**" (which is hereby defined to mean disclosure documents, custodial agreements, account agreements and such other forms, agreements and materials which BNY reasonably determines to be
appropriate for the establishment and administration of the Custodied Accounts or relevant plans under applicable law, including the Code, or for performance of the services provided by BNY or the Custodian).

BNY shall not be obligated to convert to the BNY System, or provide a Custodian for, any Tax-Advantaged Accounts of the Fund which BNY determines are not bound by BNY Account Documentation or by account documentation substantially similar in all material respects with the BNY Account Documentation.

(iv) Subsequent to the Transfer Date, at its cost and expense, the Fund will provide to persons applying to become a
Participant or a Related Party, all BNY Account Documentation that BNY or the Custodian has most recently designated as the current version of the BNY Account Documentation, including without limitation all privacy notices of BNY and the Custodian,
obtain the signature of all such persons on the appropriate BNY Account Documentation, and, to the extent requested by BNY, furnish a copy of the executed BNY Account Documentation to BNY. The performance by BNY and the Custodian of the respective
obligations set forth in this Section 3(a)(12) subsequent to the Transfer Date shall be contingent upon the Fund's compliance with this Section 3(a)(12)(C)(iv) and the Fund shall upon the reasonable request of BNY certify to its
compliance with this Section 3(a)(12)(C)(iv) or otherwise verify or provide verification of its compliance with this Section 3(a)(12)(C)(iv).

(v) Subsequent to the Transfer Date, in the event of changes to the BNY Account Documentation or other need to
communicate in writing with Participants or Related Parties: (aa) the Custodian may directly furnish new or revised BNY Account Documentation and any other written notifications, materials and communications which it reasonably determines to be
appropriate to its role as custodian ()"**Related Custodian Materials**") to Participants and Related Parties at the Fund's cost and expense, payable upon being invoiced for same, or (bb) in lieu of the distribution method
provided for in clause (aa) with respect to particular BNY Account Documentation or Related Custodian Materials, the Fund will, at its cost and expense, upon the reasonable request of BNY or the Custodian include such items in a Fund mailing of Fund
materials.

(D) In consideration for BNY or the Custodian furnishing any one or more of the services provided for in this Section 3(a)(12), the Fund shall pay to BNY the related Fees and Reimbursable Expenses as set forth in the Fee Agreement. The Fund may direct BNY to collect such Fees and Reimbursable Expenses from the assets in relevant Tax Advantaged Accounts upon appropriate disclosure to Participants, but shall remain responsible for such Fees and Reimbursable Expenses to the extent it does not so direct BNY or such amounts are not collectable from the Tax Advantaged Accounts.

(13) <u>Print Mail</u>. The Fund hereby engages BNY as its exclusive print/mail service provider with respect to the print/mail items listed in the Fee Agreement at the fees set forth in the Fee Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) <u>Legal Process</u>. (A) In the event (i) BNY directly receives a US Legal Process Item (defined immediately below) that has been properly served, (ii) the Fund receives a US Legal Process Item that has been properly served and delivers the US Legal Process Item to BNY, or (iii) the Fund accepts

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service of a US Legal Process Item that has not been properly served and delivers the US Legal Process Item to BNY and requests that it be serviced by BNY, BNY will act in accordance with the applicable Instructions or Written Procedures in effect between the Fund and BNY. "**US Legal Process Item**" means a Legal Process Item (defined immediately below) which originates from and requires a response to a jurisdiction in the "**United States**", which is hereby defined to mean the states of the United States and the District of Columbia. "**Legal Process Item**" means civil and criminal subpoenas, court orders, civil or criminal seizure or restraining orders, writs of execution, IRS and state tax authority civil or criminal notices including notices of lien or levy, and other functionally equivalent legal process instruments directing the Fund, or BNY in its capacity as transfer agent for the Fund, to take an "**Administrative Action**", which is hereby defined to mean the furnishing of information about a shareholder or a shareholder account, the production of documents within BNY's possession or control relating to a shareholder or a shareholder account, and such other ministerial, transactional, recording, processing or administrative actions with respect to a shareholder or a shareholder account that is within the scope of services provided for in another subsection of this Section 3 or is a service ancillary to those services. For clarification: This Section 3(a)(14) requires BNY only to perform Administrative Actions with respect to a Legal Process Item and does not require BNY to take any other action with respect to a Legal Process Item, including without limitations, the filing of an objection, answer, claim, defense or other pleading, communication with a court, attorney or other person, involvement of any nature in a legal proceeding and actions that by law or common practice are performed by attorneys ("**Legal Response**"). Legal Responses shall be the responsibility of the Fund, including with respect to a Legal Process Item that may require both an Administrative Action and a Legal Response. Notwithstanding the foregoing sentence, BNY may in its reasonable discretion seek to limit or reduce by any reasonable means the scope and coverage of a Legal Process Item and seek extensions of the period to respond without incurring any duty to perform any other conduct that may constitute a Legal Response.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY's only obligations with respect to a Legal Process Item originating from or requiring a response to a jurisdiction other than within the United States, notwithstanding that such legal process item may be directed at BNY as agent of the Fund, shall be (i) if received by BNY, to forward it to the Fund, and (ii) to act in accordance with Instructions received from the Fund but solely to the extent the Instructions direct BNY to take an Administrative Action.

(15) <u>Unclaimed Property Services</u>.

(A) Subject to the further provisions of this Section 3(a)(15) and to Sections 9(f) and 19(c), BNY shall implement procedures on behalf of the Fund that are reasonably designed to assist the Fund to comply with the unclaimed property laws and regulations of the States and Territories of the United States (as defined below) ("**Unclaimed Property Laws**") with respect to Eligible Property (as defined below). In connection with its performance of the foregoing services ("**Unclaimed Property Services**"), BNY shall be entitled to implement procedures consistent with practices adopted by mutual funds and other mutual fund service providers, procedures it determines represent reasonable risk based on the reasoned analysis of counsel, procedures based on communications with the agencies enforcing and administering the Unclaimed Property Laws, the administrative practices of such agencies and interpretations of the Unclaimed Property Laws by such agencies and BNY shall not be liable for reasonable conduct undertaken in accordance with any of the foregoing. For purposes of the foregoing:

(i) "**States and Territories of the United States**" means the states of the United States of
America, the District of Columbia, Guam, Puerto Rico, U.S. Virgin Islands and any territory or commonwealth of the United States of America with a formal local government substantially equivalent to a state government which subsequent to the
Effective Date adopts a statute substantially similar to the Uniform Unclaimed Property Act of 1995 (or its then current successor).

(ii) "**Eligible Property**" means property beneficially owned by a person or entity other than the
Fund

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and held in a bank account maintained by BNY for or on behalf of the Fund, or property held in a Fund shareholder account, which is (x) subject to reporting or escheat under an Unclaimed Property Law, (y) of a nature or type or classification reasonably related to the services performed by BNY under this Agreement (such as cash amounts representing non-negotiated dividend checks and shares in abandoned shareholder accounts), and (z) under the control of BNY.

(B) BNY shall have no liability for any Loss arising (i) with respect to Eligible Property deemed abandoned or unclaimed under an Unclaimed Property Law before the UPS Commencement Date (as defined immediately below) but which was not reported or delivered to the applicable jurisdiction as required by an Unclaimed Property Law; (ii) from any inaccuracy in, or from the absence of any data or information from, any records of the Fund relating to any period prior to the UPS Commencement Date that adversely impacts BNY's ability to perform the Unclaimed Property Services or BNY's ability to comply with an Unclaimed Property Law on behalf of the Fund, including without limitation absences due to the failure to record the occurrence or non-occurrence of events relevant to an Unclaimed Property Law; (iii) from any other failure of any party to comply with an Unclaimed Property Law or to perform a service required for accurate, timely and complete future compliance with an Unclaimed Property Law, other than a failure by BNY to perform in accordance with this Section 3(a)(15) (collectively, "**Compliance Failures**"). BNY will in good faith seek to respond to Compliance Failures of which it becomes aware or respond to a Compliance Failure only upon the request of the Fund and in accordance with a written agreement reached with the Fund regarding the response, but BNY shall have no liability for any course of conduct undertaken in good faith in accordance with the foregoing. The Fund alone shall be exclusively liable for and shall directly pay any fines, penalties, interest or other monetary liability, payment obligations or remediation requirements that arise due to a Compliance Failure. Notwithstanding any other provision of the Agreement, the Fund shall indemnify BNY for all Loss BNY suffers or incurs as a result of or in connection with any Compliance Failure, including without limitation all Loss suffered or incurred as a result of seeking in good faith to respond to the Compliance Failure. In addition to any fees and reimbursement of expenses that BNY may be entitled to under Section 3(a)(15), in the event BNY performs any services in connection with Compliance Failures BNY shall be entitled to be paid fees for such services at the rate set forth in the Fee Agreement, or if no applicable fee is set forth therein, at commercially reasonable rates, and to a reimbursement of all reasonable expenses incurred in connection with such services, and the Fund shall pay BNY such fees and reimburse BNY for such expenses upon being invoiced. "**UPS Commencement Date**" means the date the Fund was converted to the BNY System or, if applicable, the date that individual accounts within the Fund were converted to the BNY System, or, if later than either of the foregoing, the date BNY commenced providing Unclaimed Property Services to the Fund or, if applicable, to an individual account within the Fund.

(C) (i) The Fund shall be the "holder" under all Unclaimed Property Laws, as that term or its equivalent is used and defined in the Unclaimed Property Laws, and BNY acts solely as agent of the Fund in performing the Unclaimed Property Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund hereby authorizes BNY to sign reports, to sign letters, to communicate with government representatives, current and former shareholders and other appropriate third parties and otherwise to act in all manners on behalf of and in the name of the Fund and to utilize all tax identification numbers or other appropriate identifying numbers or data of a Fund ("**Identification Data**") in the scope and manner BNY reasonably determines to be appropriate to perform the Unclaimed Property Services, including for clarification utilizing the Identification Data associated with each specific portfolio of the Fund (including each class, series, tier or other subdivision of a portfolio, if any) for reporting purposes if such is determined to be appropriate based on an Unclaimed Property Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Notwithstanding subsection (ii) above: the Fund is responsible for signing all abandoned property reports and other written instruments appropriate to BNY's performance of services under this Section 3(a)(18) as agent of the Fund and BNY shall not be obligated to sign any such reports or instruments on behalf of the Fund; and to the extent BNY does sign a report or instrument it is for the purpose of facilitating its performance of services under this Section 3(a)(18) and not a waiver of the Fund's obligation hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Fund agrees to execute and deliver to BNY all documentation or instruments that may be requested by BNY to evidence the authorization of subsection (ii) above but agrees that the authority of BNY to act on behalf of and in the name of the Fund as described above and to use the Identification Data shall not be diminished or revoked by the absence of such documentation or instruments, and the Fund irrevocably releases BNY from any and all Claims against BNY on the grounds of absence of the authority granted by subsection (ii) above. This Section 3(a)(18)(B) shall survive any termination of the Agreement.

(D) The Fund agrees, upon the reasonable request of BNY, to:

(i) execute and deliver to BNY in a timely manner any reports, forms, documents and instruments reasonably
determined by BNY to be appropriate in connection with its performance the Unclaimed Property Services;

(ii) respond in a timely manner to requests from BNY for information and requests to review information or reports
related to the Unclaimed Property Services; and

(iii) Provide sufficient letterhead paper of the Fund or its electronic letterhead template for use by BNY in
communications related to the Unclaimed Property Services.

(E) The Fund agrees that upon any termination of the Agreement it will cause all property held in bank accounts maintained by BNY for or on behalf of the Fund, and all property held in Fund shareholder accounts maintained by BNY on a Fund's behalf, to be transferred to the Fund or to a successor service provider and BNY may condition completion of Deconversion Services on the completion of arrangements reasonably satisfactory to BNY for such transfers.

(16) <u>Cost Basis Reporting</u>. In accordance with IRS Regulations, utilizing relevant information provided to BNY in the ordinary course of performing the services provided for in the Agreement, report cost basis information to shareholders on an average cost basis by tax year and Shares, except when the Shareholder requests such reporting to occur on another basis permitted by the Written Procedures.

(17) <u>FATCA Services</u>. BNY shall implement on behalf of the Fund the "**FATCA Services**," which is hereby defined to mean processes and procedures reasonably designed for the Fund to comply on a commercially reasonable, material basis, to the extent applicable, with: (i) Chapter 4 of Subtitle A, Sections 1471 through 1474, of the Code (as defined in clause (ii) of the definition of Code in Schedule A) (the foregoing being commonly referred to as the Foreign Account Tax Compliance Act) ("**FATCA**"), all as in effect as of the Effective Date, and (ii) subject to Sections 9(f) and 19(c) of the Agreement, modifications to FATCA and new Code provisions related to FATCA that become effective after the Effective Date, as agreed to by BNY, pursuant to said Sections.

**(b) <u>Anti-Money Laundering Program Services.</u>** BNY will perform the services described in subsections (1) through (7) of this Section 3(b) and the Fund agrees to pay the fees applicable to the service as set forth in the Fee Agreement ("**AML Services**").

(1) <u>Anti-Money Laundering</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY will perform actions reasonably designed to assist the Fund in complying with Section 352 of the USA PATRIOT Act, as amended, including that BNY will: (i) establish and implement written internal policies, procedures and controls reasonably designed to prevent the Fund from being used for money laundering or the financing of terrorist activities and to achieve compliance with applicable provisions of the Bank Secrecy Act (31 U.S.C. 5311, *et seq*.) ("**Bank Secrecy Act**") and implementing

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regulations thereunder; (ii) provide for independent testing, by an employee who is not responsible for the operation of BNY's anti-money laundering ("**AML**") program or by a qualified outside party, for compliance with BNY's written AML policies and procedures; (iii) designate a person or persons responsible for implementing and monitoring the operation and internal controls of BNY's AML program; (iv) provide ongoing training for appropriate persons, and (v) implement appropriate risk-based procedures for conducting ongoing shareholder due diligence to include but not be limited to (aa) understanding the nature and purpose of shareholder relationships for the purposes of developing a shareholder risk profile, and (bb) conducting ongoing monitoring to identify and report suspicious transactions and, on a risk basis, to maintain and update shareholder information, including information regarding the beneficial owners of legal entity shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY will provide to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of BNY's written AML policies and procedures, or, alternatively, access to such policies and
procedures at a BNY website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a copy of the report prepared by independent accountants covering the independent accountants'
examination of BNY's AML controls and control objectives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a summary of the AML training provided for appropriate BNY personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the parties agree this Section 3(b)(1) relates solely to Fund compliance with Section 352 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(2) <u>Foreign Account Due Diligence</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY will perform the following actions reasonably designed to assist the Fund in complying with requirements regarding a due diligence program for "foreign financial institution" accounts in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 312 of the USA PATRIOT Act, as amended ("**FFI Regulations**"), including that BNY will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement and operate a due diligence program that includes appropriate, specific, risk-based policies,
procedures and controls that are reasonably designed to enable the Fund to detect and report, on an ongoing basis, any known or suspected money laundering activity conducted through or involving any correspondent account established, maintained,
administered or managed by the Fund for a "foreign financial institution" (as defined in 31 CFR 1010.605(f))(" **Foreign Financial Institution** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Conduct due diligence to identify and detect any Foreign Financial Institution accounts in connection with new
accounts and account maintenance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assess the money laundering risk presented by each such Foreign Financial Institution account, based on a
consideration of all appropriate relevant factors (as generally outlined in 31 CFR 1010.610), and assign a risk category to each such Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Apply risk-based procedures and controls to each such Foreign Financial Institution account reasonably designed
to detect and report known or suspected money laundering activity, including a periodic review of the Foreign Financial Institution account activity sufficient to determine consistency with information obtained about the type, purpose and
anticipated activity of the account;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Include procedures to be followed in circumstances in which the appropriate due diligence cannot be performed
with respect to a Foreign Financial Institution account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Adopt and operate enhanced due diligence policies for certain Foreign Financial Institution accounts in
compliance with 31 CFR 1010.610(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Record due diligence program and maintain due diligence records relating to Foreign Financial Institution
accounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Report to the Fund about measures taken under (i)-(vii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Nothing in Section 3(b)(2) shall be construed to require BNY to perform any course of conduct that is not required for Fund compliance with the FFI Regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Without limiting or expanding subsections (A) or (B) above, the parties agree this Section 3(b)(2) relates solely to Fund compliance with Section 312 of the USA PATRIOT Act and does not relate to any other obligation the Fund may have under the USA PATRIOT Act, including without limitation Section 326 thereof.

(3) <u>Customer Identification Program</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY will perform the following actions reasonably designed to assist the Fund in complying with the requirements regarding the implementation, maintenance and application of a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act ("**CIP Regulations**"), including that BNY will do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Implement procedures which require that prior to establishing a new account in the Fund BNY obtain the name,
date of birth (for natural persons only), address and government-issued identification number (collectively, the "**Data Elements**") for the "**Customer**" (defined for purposes of this Agreement as provided in 31 CFR
1024.100(c)) associated with the new account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before
or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which BNY may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31
CFR 1024.220), and may include procedures under which BNY personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the first-level (which will typically be reliance
on results obtained from an information vendor) verification process(es).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR
1024.220(a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Regularly report to the Fund about measures taken under (i)-(iii) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If BNY provides services by which prospective Customers may subscribe for shares in the Fund via the Internet
or telephone, BNY will work with the Fund to notify prospective Customers, consistent with 31 CFR 1024.220(a)(5), about the program conducted by the Fund in accordance with the CIP Regulations.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) To assist the Fund in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by FinCEN (31 CFR § 1020.230) pursuant to the Bank Secrecy Act ("**CDD Rule**"), BNY will maintain and implement written procedures that are reasonably designed to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Obtain information of a nature and in a manner permitted or required by the CCD Rule in order to identify each
natural person who is a "beneficial owner" (as that term is defined in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from
the CDD Rule or an exemption provided for in the CDD Rule applies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Verify the identity of each beneficial owner so identified according to risk based procedures to the extent
reasonable and practicable, in accordance with the minimum requirements of the CDD Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) The Fund desires, after review of the customer identification program services described above, to engage BNY for the provision of the above services as part of its overall compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) Nothing in Section 3(b)(3) shall be construed to require BNY to perform any course of conduct that is not required for Fund compliance with the CIP Regulations, including by way of illustration not limitation the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries which use the facilities of the National Securities Clearing Corporation.

(4) <u>FinCEN Requests Under USA PATRIOT Act Section 314(a)</u>. BNY will provide the services set forth in this Section 3(b)(4) with respect to FinCEN Section 314(a) information requests ("**Information Requests**") received by the Fund. Upon receipt by BNY of an Information Request delivered by the Fund in full compliance with all 314(a) Procedures (as defined below), BNY will compare appropriate information contained in the Information Request against relevant information contained in account records maintained for the Fund. Information relating to potential matches resulting from these comparisons, after review by BNY for quality assurance purposes ("**Comparison Results**"), will be made available to the Fund in a timely manner. In addition, a potential match will be analyzed by BNY in conjunction with other relevant activity contained in records for the particular relevant account, and if, after such analysis, BNY determines that further investigation is warranted because the activity might constitute "suspicious activity", as that term is used for purposes of the USA PATRIOT Act, then BNY will deliver a suspicious activity referral to the Fund. BNY shall have no responsibility for filing reports with FinCEN that may be appropriate based on the Comparison Results or a referral. Such responsibility, as between the Fund and BNY, shall remain with the Fund exclusively. "**314(a) Procedures**" means the procedures adopted from time to time by BNY governing the delivery and processing of Information Requests transmitted by BNY's clients to BNY, including without limitation requirements governing the timeliness, content, completeness, format and mode of transmissions to BNY.

(5) <u>U.S. Government List Matching Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY will compare Appropriate List Matching Data (as defined in subsection (C) below) contained in BNY databases which are maintained for the Fund pursuant to this Agreement ("**Fund List Data**") to "**U.S. Government Lists**", which is hereby defined to mean the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) data promulgated in connection with the list of Specially Designated Nationals published by the Office of
Foreign Asset Control of the U.S. Department of the Treasury ()"**OFAC**") and any other sanctions lists or programs administered by OFAC to the extent such lists or programs remain operative and applicable to the Fund ()"**OFAC Lists** ");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) data promulgated in connection with the published Financial Action Task Force lists ()"**FATF Lists** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) data promulgated in connection with determinations by the Director (the "**Director**") of the
Financial Crimes Enforcement Network of the U.S. Department of the Treasury that a foreign jurisdiction, institution, class of transactions, type of account or other matter is a primary money laundering concern ()"**PMLC Determination** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) data promulgated in connection with any other lists, programs or determinations (A) which BNY determines
to be substantially similar in purpose to any of the foregoing lists, programs or determinations, or (B) which BNY and the Fund agree in writing to add to the service described in this subsection (a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) In the event that following a comparison of Fund List Data to a U.S. Government List as described in subsection (a) BNY determines that any Fund List Data constitutes a "match" with the U.S. Government List in accordance with the criteria applicable to the particular U.S. Government List, BNY:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will notify the Fund of such match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) will send any other notifications required by applicable law or regulation by virtue of the match;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a match to an OFAC List, will to the extent required by applicable law or regulation assist the Fund in
taking appropriate steps to block any transactions or attempted transactions to the extent such action may be required by applicable law or regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a match to the FATF Lists or a PMLC Determination, will to the extent required by applicable law or
regulation conduct a suspicious activity review of accounts related to the match and if suspicious activity is detected will deliver a suspicious activity referral to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if a match to a PMLC Determination, will assist the Fund in taking the appropriate special measures imposed by
the Director; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) will assist the Fund in taking any other appropriate actions required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Appropriate List Matching Data**" means (A) account registration and alternate payee data, to the extent made appropriate by statutes, rules or regulations governing the U.S. Government Lists, (ii) data determined by BNY in light of statutes, rules or regulations governing the U.S. Government Lists to be necessary to provide the services described in this Section 3(b)(5), and (iii) data the parties agree in writing to be necessary to provide the services described in this Section 3(b)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) BNY may fulfill its obligations under this Section 3(b)(5) by utilizing commercially available lists that contain the data promulgated as the U.S. Government Lists, whether such lists consist of data exclusive to one U.S. Government List or of data representing a combination of several watch lists, including several U.S. Government Lists.

(6) <u>Legal Process SAR Referral</u>. Upon the conclusion of the legal process service described in Section 3(a)(14), BNY will review the Legal Process Item and other pertinent account records to determine whether such information reasonably indicates "suspicious activity" has occurred, and if it determines suspicious activity has occurred deliver a suspicious activity referral to the Fund.

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(7) <u>Suspicious Activity Monitoring</u>. BNY will maintain and implement procedures reasonably designed to assist the Fund in complying with rules promulgated by FinCEN under the Bank Secrecy Act (31. C.F.R § 1024.320) with respect to the monitoring for suspicious activity that may occur in connection with the Fund and its shareholders during BNY's performance of transaction processing and recordkeeping services hereunder and if in the course of such monitoring it determines that any of such activities could indicate the existence of suspicious activity and that an investigation of the potential suspicious activity is warranted, then BNY will deliver a suspicious activity referral to the Fund in a timely manner.

(8) BNY agrees to permit governmental authorities with jurisdiction over the Fund to conduct examinations of the operations and records relating to the services performed by BNY under this Section 3(b) upon reasonable advance request and during normal business hours and to furnish copies at the Fund's cost and expense of information reasonably requested by the Fund or such authorities and relevant to the services.

(9) For purposes of clarification: All Written Procedures relating to the services performed by BNY pursuant to this Section 3(b) and any information, written matters or other recorded materials relating to such services and maintained by BNY shall constitute Confidential Information of BNY, except to the extent, if any, such materials constitute Fund records under the Securities Laws.

(10) Notwithstanding any other term of this Section 3(b), application of specific AML Services to particular applying persons, accounts and account owners shall occur in accordance with BNY's Written Procedures. Without limiting the generality of the foregoing, BNY will have no obligation to provide AML Services with respect to shareholder accounts opened by financial intermediaries on behalf of their customers, or with respect to the owners of such accounts, whether opened through public or private electronic communication channels with BNY, Internet portals or applications hosted by BNY, the NSCC or otherwise, unless expressly provided for in the Written Procedures.

(11) Nothing herein is intended to relieve the Fund from obligations it may have under the Bank Secrecy Act, the USA PATRIOT Act, regulations of FinCEN, and all other laws and regulations, as they may be constituted from time to time ("**Fund AML Laws**"), for complying with the Fund AML Laws, ") and for overseeing BNY's performance of the services delegated to it hereunder. Section 3(b) of the Agreement shall not be construed to impose on BNY any obligation other than to engage in the specific course of conduct specified by the provisions therein, and in particular shall not be construed to impose any other obligation on BNY to design, develop, implement, administer, or otherwise manage compliance activities of the Fund. The services provided pursuant to this Section 3(b) may be supplemented or amended at any time and from time to time by BNY, in its reasonable discretion, upon prior notice to the Fund, to address relevant requirements of the Bank Secrecy Act, the USA PATRIOT Act, regulations of FinCEN, and all other laws and regulations, as they may be constituted from time to time ("**Fund AML Laws**") and the description of services contained in Section 3(b) shall be deemed supplemented or amended accordingly without written amendment pursuant to Section 16(a). BNY shall provide to the Fund for its review notice of the nature or content of any such changes that BNY reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(b)(11).

**(c)**  **<u>Red Flags Services</u>** .

(1) BNY will provide the "**Red Flags Services**", which are hereby defined to mean the following services:

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(i) BNY will maintain written controls reasonably designed to detect the occurrence of Red Flags (as defined below)
in connection with (i) account opening and other account activities and transactions conducted directly through BNY with respect to Direct Accounts (as defined below), and (ii) transactions effected directly through BNY by Covered Persons
(as defined below) in Covered Accounts (as defined below). Such controls, as they may be revised from time to time hereunder, are referred to herein as the "**Controls** ". Solely for purposes of the Red Flags Section, the capitalized
terms below will have the respective meaning ascribed to each:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "**Red Flag**" means a pattern, practice, or specific activity or a combination of patterns,
practices or specific activities which may indicate the possible existence of Identity Theft (as defined below) affecting a Registered Owner (as defined below) or a Covered Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) "**Identity Theft**" means a fraud committed or attempted using the identifying information of
another person without authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) "**Registered Owner**" means the owner of record of a Direct Account on the books and records of
the Fund maintained by BNY as registrar of the Fund (the "**Fund Registry** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) "**Covered Person**" means the owner of record of a Covered Account on the Fund Registry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) "**Direct Account**" means an Account established directly with and through BNY as a registered
account on the Fund Registry and through which the owner of record has the ability to directly conduct account and transactional activity with and through BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) "**Covered Account**" means an Account established by a financial intermediary for another as
the owner of record on the Fund Registry and through which such owner of record has the ability to conduct transactions in Fund shares directly with and through BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) "**Account**" means (1) an account holding Fund Shares with respect to which a natural
person is the owner of record, and (2) any other account holding Fund Shares with respect to which there is a reasonably foreseeable risk to the particular account owner's customers from identity theft, including financial, operational,
compliance, reputation, or litigation risks.

(ii) BNY will provide the Fund with a printed copy of or Internet viewing access to the Controls.

(iii) BNY will notify the Fund of Red Flags which it detects and reasonably determines to indicate a significant risk
of Identity Theft to a Registered Owner or Covered Person ()"**Possible Identity Theft**") and assist the Fund in determining the appropriate response of the Fund to the Possible Identity Theft.

(iv) BNY will (A) annually engage an independent auditing firm or other similar firm of independent examiners
to conduct an examination of BNY management's assertion pertaining to the Controls and issue a report on the results of the examination (the "**Examination Report** "), and (B) furnish a copy of the Examination Report to the
Fund; and

(v) Upon the Fund's reasonable request on not more than a quarterly basis, issue a certification in a form
determined to be appropriate by BNY in its reasonable discretion, certifying to BNY's continuing compliance with the Controls after the date of the most recent Examination Report.

(2) The Fund agrees it is responsible for complying with and determining the applicability to the Fund of Section 615(e) of the Fair Credit Reporting Act of 1970, as amended, and regulations promulgated thereunder by the SEC or other applicable federal agency (the "**Red Flags Requirements**"), and for

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determining the extent to which the Red Flags Services assist the Fund in complying with the Red Flags Requirements. This Red Flags Section shall not impose any duty to take any action upon the occurrence of a Red Flag other than as expressly provided for in this Red Flags Section. The Controls and the Red Flags Services may be supplemented or amended at any time and from time to time by BNY in its reasonable sole discretion to address the Red Flags Requirements, as they may be constituted from time to time. BNY shall provide to the Fund for its review notice of the nature or content of any such change that it reasonably believes the Fund should be informed about and consult with the Fund to the extent requested by the Fund due to any responsibilities of the nature described in the first sentence of this Section 3(c)(2).

**(d) <u>Access To And Use Of The BNY System</u>.** The terms of Schedule C to this Agreement shall be separately executed by BNY and the Investment Company prior to the Service Effective Date, at which point it shall become a part of and Schedule to this Agreement, The terms of Schedule C shall apply to the Fund's access to and use of any component of the BNY System (as defined in Schedule C). BNY shall provide the Fund with access to and use of those components of the BNY System for which the Fund pays a fee in accordance with the Fee Agreement or with respect to which the Fee Agreement indicates the fee is included in the Account Fees (as such term is used in the Fee Agreement).

**4.**  **<u>Confidentiality</u>.** 

(a) Each party shall take commercially reasonable measures to keep the Confidential Information (as defined in subsection (b) below) of the other party in confidence and to allow use and disclose of and access to Confidential Information solely in connection with the activities contemplated by this Agreement as authorized by this Agreement or as otherwise expressly agreed in writing. Each party acknowledges that the Confidential Information of the disclosing party will remain the sole property of such party. In complying with the first sentence of this subsection (a), each party shall use at least the same degree of care it uses to protect its own confidential information.

(b) Subject to the exceptions, qualifications and other terms of subsections (c) and (d) below, "**Confidential Information**" means (i) this Agreement and its contents, all compensation agreements, arrangements respecting this Agreement, and disputes pertaining to the Agreement, (ii) information and data of, owned by or about a disclosing party or its affiliates, customers, or subcontractors that may be provided to the other party or become known to the other party in the course of the relationship established by this Agreement, regardless of form or content, including but not limited to (A) competitively sensitive material, and not generally known to the public, including, but not limited to, studies, plans, reports, surveys, summaries, documentation and analyses, regardless of form, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal performance results relating to the past, present or future business activities of the Fund or BNY, their respective subsidiaries and Affiliates and the customers, clients and suppliers of any of them; (B) scientific, technical or technological information, a design, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords the Fund or BNY a competitive advantage over its competitors; (C) a confidential or proprietary concept, documentation, report, data, specification, computer software, source code, object code, flow chart, database, invention, know how, trade secret, whether or not patentable or copyrightable; (D) information related to security, disaster recovery, business continuity and any other operational plans, procedures, practices and protocols; and (E) anything designated as confidential, and (iii) to any extent not included within clause (i) or clause (ii) above, with respect to BNY, the Proprietary Items (as defined in Schedule C), any information within the BNY System accessed by the Fund that is not Company Data (as defined in Schedule C) or any information provided by BNY from within the BNY System that is not Company Data.

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(c) Information or data that would otherwise constitute Confidential Information under subsection (b) above shall not constitute Confidential Information to the extent it:

(i) is already known to the receiving party at the time it is obtained;

(ii) is or becomes publicly known or available through no wrongful act of the receiving party;

(iii) is rightfully received from a third party who, to the receiving party's knowledge, is not under a duty of
confidentiality;

(iv) is released by the protected party to a third party without restriction; or

(v) has been or is independently developed or obtained by the receiving party without reference to the Confidential
Information provided by the protected party.

(d) Confidential Information of a disclosing party may be used or disclosed by the receiving party in the circumstances set forth below but except for such permitted use or disclosure shall remain Confidential Information subject to all applicable terms of this Agreement:

(i) in connection with activities contemplated by this Agreement;

(ii) as required by law or regulation or pursuant to a court order, subpoena, order or request of a governmental or
regulatory or self-regulatory authority or agency, or binding discovery request in pending litigation (provided the receiving party will provide the other party written notice of such requirement or request, to the extent such notice is permitted,
and subject to proper jurisdiction, if applicable);

(iii) in connection with inquiries, examinations, audits or other reviews by a governmental, regulatory or
self-regulatory authority or agency, audits by independent auditors or accountants or requests for advice or opinions from counsel; or

(iv) the information or data is relevant and material to any claim or cause of action between the parties or the
defense of any claim or cause of action asserted against the receiving party.

(e) Subject to the exceptions in (d), each party agrees not to publicly disseminate, broadcast or release Confidential Information of the other party or mutual Confidential Information even if such action otherwise could be construed to be permitted by other provisions of this Section 4.

(f) The provisions of this Section 4 shall survive termination of this Agreement for a period of three (3) years after such termination.

**5. <u>Privacy</u>.** Each party hereto acknowledges and agrees that, subject to the reuse and re-disclosure provisions of Regulation S-P, 17 CFR Part 248.11, it shall take commercially reasonable measures to limit disclosure of the non-public personal information of investors in the Fund obtained under this Agreement to disclosures appropriate to carrying out the activities contemplated by this Agreement or as otherwise permitted by law or regulation. BNY agrees to implement and maintain commercially reasonable security measures to protect "personal information", as that term is defined in 201 CMR 17.00: Standards For The Protection Of Personal Information Of Residents Of The Commonwealth ("**Massachusetts Privacy Regulation**"), consistent with the Massachusetts Privacy Regulation and any applicable federal regulations. BNY will implement and maintain a comprehensive information security program with written policies and procedures reasonably designed to protect the confidentiality and integrity of the non-public personal information of the Fund's current and former shareholders. The information security program will contain administrative, technical and physical safeguards reasonably designed to: (i) protect the security and confidentiality of such information; (ii) protect against any anticipated threats or hazards to the security or integrity of such information; (iii) protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to individuals, and (iv) provide for appropriate disposal of such information. Beginning December 3, 2025, BNY as a transfer agent will be considered a "covered institution" as defined under 17 CFR Part 248.30. BNY will comply in all material respects with the requirements of the amended Regulation S-P as set forth in 17 CFR 248.30 applicable to it as the transfer agent for the Funds upon the effectiveness of such requirements.

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**6. <u>Cooperation with Accountants</u>.** BNY shall cooperate with the independent public accountants for the Fund and shall take commercially reasonable measures to furnish or to make available to such accountants information relating to this Agreement and BNY's performance of the obligations hereunder as requested by such accountants and necessary for the expression of their opinion.

**7. <u>Ownership Rights</u>.** Ownership rights with respect to property utilized in connection with the parties' use of the BNY System shall be governed by applicable provisions of Schedule C.

**8.**  **<u>Disaster Recovery and Business Continuity; Compliance Program</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY shall maintain or arrange with third parties for back-up facilities ()"**Back-Up Facilities**") to the primary operations and data centers used by BNY to provide the services ()"**Primary Facilities** "). The Back-Up Facilities will be capable of providing the material services to be performed by BNY
hereunder in the event an incident to the Primary Facilities significantly interrupts the delivery of a material service from that facility. BNY shall maintain (i) a written comprehensive disaster recovery plan providing for continued operation
of critical components of the BNY System in the event of an significant interruption in the performance or use of the BNY System, and (ii) a written comprehensive business continuity plan providing for the continued provision of critical
services pursuant Section 3 of this Agreement in the event of a significant disruption to such services, which such plans shall provide, where appropriate to the particular plan, for BNY (a) to maintain the Backup Site, (b) perform
periodic disaster recovery and business continuity testing, and (c) maintain disaster recovery and business continuity capabilities procedures that are commercially reasonable for a financial institution. In the event of equipment failures or
service disruptions, BNY shall implement the disaster recovery plan or business continuity plan, or both, in accordance with their terms, including using the Back-Up Facilities where appropriate. Copies of the executive summary of BNY's plans,
shall be provided to the Funds, at least annually. Upon reasonable request by the Fund, BNY will provide the Fund with a high level summary of the most recent disaster recovery and business continuity test results. In the event of a business
disruption that materially impacts BNYs provision of services under this Agreement, BNY will promptly notify the Fund of the disruption and the steps being implemented under the disaster recovery and business continuity plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Compliance Program. BNY maintains and will continue to maintain a comprehensive compliance program reasonably
designed to prevent violations of the federal securities laws pursuant to Rule 38a-1 under the 1940 Act.

**9.**  **<u>Compensation</u>.** 

(a) As compensation for services rendered by BNY during the term of this Agreement, the Fund will pay to BNY such fees and charges (the "**Fees**") as may be agreed to from time to time in writing by the Fund and BNY (the "**Fee Agreement**"). In addition, the Fund agrees to pay, and will be billed separately in arrears for, reasonable expenses incurred by BNY in the performance of its duties hereunder ("**Reimbursable Expenses**").

(b) BNY may establish demand deposit accounts or other accounts in its own name for the benefit of the Fund at BNY Mellon Bank for the purpose of administering funds received by BNY in the course of performing its services hereunder ("**Service Accounts**"). BNY and BNY Mellon Bank may derive a benefit from the funds placed on deposit with BNY Mellon Bank in Service Accounts due to the availability of the funds for use by BNY Mellon Bank in their business operations and BNY takes that possibility of deriving benefit from such funds into consideration when determining the Fees and other

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terms set forth in the Fee Agreement. As of the Effective Date, BNY does not receive any balance credits, interest income, dividend income or other money or money-equivalent benefits ("**Monetary Benefits**") with respect to Service Accounts but reserves the right to retain any Monetary Benefits related to Service Accounts that may accrue to it or be paid to it in the future as well as the right to transfer amounts between Service Accounts for cash administration purposes.

(c) In connection with BNY's performance of transfer agency services, the Fund acknowledges and agrees that:

(i) BNY in its role as transfer agent may be notified of a Fund payment obligation that BNY as transfer agent is
expected to satisfy, such as a same-day settlement obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy the particular payment obligation of the Fund may exceed the amount of funds then
available for transfer in the relevant Service Accounts (such excess amount if transferred by BNY being hereinafter referred to as an "**Overdraft Amount** ");

(ii) BNY is not obligated to transfer any funds representing Overdraft Amounts and may in its sole discretion
decline without liability hereunder to transfer funds representing Overdraft Amounts;

(iii) Notwithstanding the absence of an obligation to do so, BNY may elect to transfer funds representing Overdraft
Amounts (from sources other than the Service Accounts) as a courtesy to a Fund and to maintain BNY's good standing with the NSCC and other participants in the financial services industry and that by electing to transfer funds representing
Overdraft Amounts BNY does not, even if it has transferred such funds as part of a regular pattern of conduct, waive any rights under this Section 9(c) or assume the obligation it has expressly disclaimed in clause (ii) above and BNY may
at any time in its sole discretion and without notice decline to continue to make such transfers;

(iv) The Fund is at all times obligated to pay to BNY an amount of money equal to the Overdraft Amounts that have
not been offset by credits posted to the relevant Service Account subsequent to the transfer of the Overdraft Amount and such amounts are payable, and shall be paid, together with such accrued interest as may be charged by BNY Mellon Bank in
accordance with the Custody Agreement (as defined in Schedule D), by the Fund immediately upon demand by BNY, except that to the extent the Fund repays outstanding Overdraft Amounts and any accrued interest to BNY Mellon Bank pursuant to the eighth
paragraph of Schedule D, the Fund's obligation to repay that amount to BNY pursuant to this Section 9(c)(iv) shall be deemed satisfied; and

(v) Simultaneously with the execution of this Agreement the Fund will execute the letter agreement attached hereto
as Schedule D with BNY Mellon Bank as an affiliated third party institution in which one or more Service Accounts will be established and as the Fund Custodian.

(d) The undersigned hereby represents and warrants to BNY that (i) the terms of this Agreement, (ii) the fees and expenses associated with this Agreement, and (iii) any benefits accruing to BNY or to the adviser or sponsor to the Fund in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, up-front payments, signing payments or periodic payments made or to be made by BNY to such adviser or sponsor or any affiliate of the Fund relating to the Agreement have been fully disclosed to the Board and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses, and any such benefits.

(e) No termination of this Agreement shall cause, and no provision of this Agreement shall be interpreted in any manner that would cause, BNY's right to receive payment of its fees and charges for services actually performed hereunder, and the Fund's obligation to pay such fees and charges, to be barred, limited, abridged, conditioned, reduced, abrogated, or subject to a cap or other limitation or exclusion of any nature.

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(f) Provisions of this Agreement providing for BNY to receive commercially reasonable compensation or fees and reimbursement of expenses from the Fund for services or a course of conduct it might perform supplemental to the services expressly provided for herein or in circumstances outside the ordinary course of business shall not be diminished to any degree solely due to such compensation, fees and reimbursable expenses not being expressly provided for in the Fee Agreement.

(g) In the event the Fund or any class, tier or other subdivision of the Fund is liquidated, ceases operations, dissolves or otherwise winds down operations ("**Dissolution Event**") or effects a final distribution to shareholders (a "**Final Distribution**"), the Fund shall be responsible for paying to BNY all fees and reimbursing BNY for all reasonable expenses associated with services to be provided by BNY in connection with the Dissolution Event or Final Distribution, whether provided pursuant to a specific request of the Fund or provided by BNY due to industry standards or due to obligations under applicable law or regulation by virtue of the services previously performed for Fund ("**Final Expenses**"). The Fund shall (i) as promptly as practicable notify BNY in reasonable detail of actions taken by its Board with respect to any Dissolution Event or Final Distribution or any significant aspect of a Dissolution Event or Final Distribution, and furnish BNY with copies of materials filed with the SEC or other applicable regulatory authority or distributed to shareholders with respect to a Dissolution Event or Final Distribution, (ii) calculate, set aside, reserve and/or withhold, in accordance with applicable law, from the Final Distribution or from any distribution subsequent to Board approval of the Dissolution Event or Final Distribution all amounts necessary to pay the Final Expenses and shall notify BNY as far in advance as practicable of any deadline for submitting materials appropriate or necessary for the determination of such amounts, and (iii) provide sufficient staff or make other accommodations to ensure timely payment of Final Expenses as they come due.

**10.**  **<u>Instructions</u>.** 

(a) Where BNY is required under this Agreement to take action only upon instructions, BNY shall do so upon receipt of Instructions which may be standing Instructions. Any Instructions given to BNY shall bind the Investment Company, Shareholder or a Fund, as applicable.

(b) In acting on any Instruction, BNY is shall assume that (i) the Authorized Person providing such Instructions has complied with any relevant obligations set out in any governing documents of the Fund, (ii) the Authorized Person has the authority to give such Instruction, and (iii) such Instruction is in accordance with applicable law. BNY is under no obligation to review the propriety or legality of any Instructions received by it.

(c) The Investment Company acknowledges and agrees that: (i) any Authorized Person is authorized to give Instructions to BNY for the purposes of this Agreement and BNY shall be entitled to deal with any Authorized Person until notified otherwise pursuant to Instructions; (ii) the Investment Company shall be responsible for ensuring that only Authorized Persons issue Instructions; (iii) BNY shall rely on the authenticity of the signatures and Instructions given, purported to be given or are otherwise authenticated; and (iv) the Investment Company shall ensure that all Authorized Persons safeguard and treat with utmost care any user and authorization codes, passwords and authentication keys used in connection with the issuance of Instructions.

(d) Unless otherwise provided in this Agreement, an Instruction continues in full force and effect until specifically cancelled or superseded by a subsequent Instruction.

(e) Notwithstanding any other provision of this Agreement, Instructions, directions and other communications provided under this Agreement may be given to BNY by letter, or other electronic or electro-mechanical means deemed acceptable by BNY, including the use of applications or portals supported by BNY, subject to such additional terms and conditions BNY may require.

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(f) BNY may apply to an Authorized Person for Instructions with respect to any matter arising in connection with BNY's performance hereunder, and BNY shall not be liable for any action taken or omitted to be taken by it in good faith without gross negligence or willful misconduct in accordance with such Instructions.

(g) BNY may in its sole discretion decline to act upon any Instructions that do not comply with requirements set forth in Section 10 or that conflict with applicable law or regulations or BNY's operating policies and practices, in which event BNY will notify the Investment Company or Fund.

**11.**  **<u>Terms Relating to Liability</u>.** 

(a) BNY's sole and exclusive monetary liability to the Fund (and all persons claiming through or for the Fund) under this Agreement shall be for the money damages (i) that result from BNY's material breaches of the Agreement that constitute the intentional misconduct, reckless disregard of its duties , fraud or negligence in the performance of an obligation under this Agreement ("**Liable Conduct"),** and (ii) that are not excluded by another provision of this Agreement.

(b) BNY's maximum aggregate cumulative monetary liability to the Fund and all persons or entities claiming through the Fund, considered as a whole, for all loss, cost, expense, damages and liabilities under this Agreement, the recovery of which is not excluded by another provision of this Agreement, shall not exceed the fees actually paid to BNY by the Investment Company for services provided hereunder during the twelve (12) full calendar months immediately preceding the last Loss Date, or, if the last Loss Date occurs prior to the completion of twelve (12) full calendar months following the Service Effective Date, the greater of (A) all Fees paid with respect services rendered during the full calendar months that have elapsed subsequent to the Service Effective Date ("**Elapsed Months"),** or (B) the average monthly amount of Fees paid during the Elapsed Months multiplied by 12; provided, however, that such limitation of liability shall not be applicable to any act or omission of BNY or any Affiliate of BNY constituting gross negligence or fraud in the performance of this Agreement.

(c) Notwithstanding any other provision, and for all purposes, of this Agreement:

Neither party nor its Affiliates shall be liable for any Loss (including Loss caused by delays, failure, errors, interruption or loss of data) or breach hereunder occurring directly or indirectly by reason of any event or circumstance, whether foreseeable or unforeseeable, which despite the taking of commercially reasonable measures is beyond its reasonable control, including without limitation: extraordinary forces of nature and natural disasters, such as floods, hurricanes, severe storms (storms with one or more severely destructive forces comparable to hurricane but not meeting technical hurricane criteria), tornados, earthquakes and wildfires; national or local states of emergencies; epidemics; action or inaction of civil or military authority; war, terrorism, riots or insurrection; criminal acts; building or area evacuations ordered by lawful authority; interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; denial of service attacks; non-performance by third parties (other than subcontractors of BNY for causes other than those described herein); or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the foregoing; provided that in all cases BNY maintains and implements a disaster recovery and business continuity plan in accordance with Section 8 (all and any of the foregoing being an "**Event Beyond Reasonable Control")**. Upon the occurrence of an Event Beyond Reasonable Control, the affected Party shall contact the other Party as soon as reasonably practicable and shall be excused from any non-performance caused by the Event Beyond Reasonable Control for so long as the Event Beyond Reasonable Control or damages caused by it prevail and such party continues to use commercially reasonable efforts to attempt to perform the obligation so impacted, including invoking disaster recovery or business continuity plans when applicable.

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(d) BNY shall not be liable for any Loss arising out of any action, omission or conduct of any prior service provider of the Fund occurring prior to the Effective Date or for any failure to discover any action, omission or conduct of any prior service provider of the Fund that caused or could cause Loss.

(e) Notwithstanding any other provision of this Agreement, except to the extent a provision may expressly provide for indemnification of all Loss, in which case indemnification for all Loss shall be permitted, in no event shall BNY, its Affiliates or any of its or their directors, officers, employees, agents or subcontractors be liable under the Agreement under any theory of tort, contract, strict liability or other legal or equitable theory for lost profits, for exemplary, punitive, special, incidental, indirect or consequential damages, or for any other losses which are not direct damages regardless of whether such losses or damages were or should have been foreseeable and regardless of whether any entity or person has been advised of the possibility of such losses or damages, all and each of which such loss is hereby excluded by agreement of the parties.

(f) Upon the actual knowledge by a party of the occurrence of any event which might cause any Loss to the other party, the party with such knowledge shall, as soon as reasonably practicable: (i) notify the other party of the occurrence of such event and (ii) use commercially reasonable efforts to take reasonable steps under the circumstances to mitigate damages for which the other party may become responsible.

(g) With respect to securities data, files, reports, information and research furnished to BNY by third parties (not delegated duties, subcontracted or otherwise engaged by BNY to perform the services hereunder on its behalf) and included in the BNY System ("**Securities Data**"), the Fund acknowledges that BNY makes no warranty concerning the Securities Data and BNY disclaims all responsibility for the Securities Data, including its content, accuracy, completeness, availability or timeliness of delivery, and BNY shall not be liable for Loss caused by Errant Securities Data (as defined below); provided, however, with respect to transaction activity communicated to BNY by the DTCC or NSCC, BNY will maintain commercially reasonable processes and procedures to detect and attempt to resolve rejected transactions. "**Errant Securities Data**" means Securities Data not being provided to BNY with the content and at the time which is standard for the industry or which is required for or used in the performance of any service provided for in the Agreement.

(h) If BNY becomes aware of a matter that involves a signature guarantee, signature validation, or any other guarantee or certification regarding a signature, document or instrument, a fraudulent signature, document or instrument, a document or instrument that is alleged to be fraudulently procured, tendered or negotiated, any other matter involving a payment instrument, a payment or funds transfer system, or a payment clearance system, and any other matter that may give rise to a claim for recovery under applicable law or regulation or the rules of an industry utility (such as the NSCC or NACHA), BNY will take commercially reasonable measures to investigate the facts of the matter and upon the conclusion of the investigation provide to the Fund with access to all materials and information gathered during the investigation not subject to a confidentiality obligation to third parties and thereafter, as between the Fund and BNY, any further action on behalf of the Fund or a shareholder in connection with the matter investigated shall be the sole and exclusive responsibility of the Fund. BNY shall cooperate reasonably to provide information in its possession at the time in any ongoing investigation conducted by the Fund into such matters.

(i) BNY shall be entitled to rely on, and engage in conduct based upon, its reasonable interpretation of "**Legal Authority**" (which is hereby defined to mean all laws and all regulations, rules, legal process and other acts and communications of an official nature of governmental, quasi-governmental bodies, regulatory and self-regulatory bodies) and the analysis and advice of legal counsel, including such reliance and conduct in circumstances when available Legal Authority is in conflict or does not provide unambiguous precedent or guidance. BNY may rely and act in accordance with the analysis and advice of legal counsel that is reasoned notwithstanding the existence or availability of a differing legal analysis or advice or of different interpretations.

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(j) In connection with any dispute or action between the parties to this Agreement , unless recovery of legal fees or expenses is expressly provided for by a particular provision: no party to this Agreement shall be liable to any other party to this Agreement for any costs or expenses of any nature related to legal counsel, legal representation or legal action, including without limitation costs and expenses associated with litigation, threatened litigation and dispute resolution, court costs and costs of arbitration, discovery, experts, settlement and investigation that arise in connection with any claim, indemnification right, action or demand made or sought under this Agreement; each party shall bear its own such costs and expenses.

(k) Any Loss incurred by any party to the Agreement or its Affiliates as a result of any one or more of the events or circumstances described immediately below shall be the responsibility and liability of the Fund and in the event any such Loss is identified by BNY or its Affiliates and BNY complied in all material respects with its Written Procedures as reasonably documented by BNY in any summary information provided to the affected Fund(s) by BNY regarding such Loss:

(i) The acceptance, processing, negotiation or crediting to an account of a payment for the purchase of Shares
(whether a check, permissible cash equivalent, ACH transfer, wire transfer or other permissible payment instrument or method) that is (A) subsequently determined or claimed to be fraudulent, unauthorized or otherwise invalid, (B) an
electronic funds transfer that is returned, reversed, reclaimed or otherwise withdrawn, or (C) an instrument that is dishonored, rejected or returned after the Fund's hold period on new purchases expires;

(ii) Multiple deposit, negotiation or other taking possession of the proceeds of a distribution, such as
(A) the remote deposit of a check through a "smart phone" or other mobile check-depositing application combined with the cashing of the same check at a check cashing agency, or (B) a shareholder reporting a distribution check
as lost, stolen or missing combined with a request for a replacement payment by electronic funds transfer followed by the cashing at a check cashing agency of the check reported lost, stolen or missing; or

(iii) The receipt in good order and the processing of instructions, whether oral, written, electronic, sent via
Internet, automated voice or by other permissible means, regarding the redemption of shares in an account and the distribution of the proceeds of that redemption or any other financial or maintenance transaction, including without limitation
changing the bank account of record, that are subsequently claimed to have been given by someone not authorized to issue instructions for that account (including, for avoidance of doubt, instructions given by persons misrepresenting themselves as an
account owner or other authorized person who accurately presents required security data elements or otherwise satisfies or complies with security and identity verification protocols).

(l) To the extent BNY does not follow the Applicable Procedures in all material respects BNY shall be liable for that portion of the Fraud Loss not otherwise excluded by this Agreement directly arising from such conduct. In the event Fraud Loss is incurred by BNY or its Affiliates and not excludable pursuant to the immediately preceding sentence, the Fund agrees to reimburse BNY within a reasonable period following its receipt of a request from BNY and reasonable evidence of the Fraud Loss.

(m) The Fund assumes exclusive responsibility for the consequences of any Instructions provided by an Authorized Person to BNY, provided that such consequences do not arise out of BNY's Liable Conduct. Absent Liable Conduct on the part of BNY, BNY shall not be liable to the Investment Company or a Fund for any Loss of a Fund, and the Fund shall indemnify and defend BNY in accordance with Section 12 against all Loss, directly or indirectly arising from or incurred due to or in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNYM's reasonable good faith interpretation of an Instruction;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any action or inaction taken or omitted to be taken in reliance on an Instruction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any error, omission, inaccuracy, inconsistency, misrepresentation, fraud, forgery or other defect connected to
or contained in an Instruction.

(n) This Section 11 shall survive termination of this Agreement.

**12.**  **<u>Indemnification</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund agrees to indemnify, defend and hold harmless BNY and its affiliates, and to indemnify, defend and
hold harmless BNY in connection with services it provides pursuant to Section 3(a)(12), and the respective directors, trustees, officers, agents and employees of each, from all Loss related to any Claim arising directly or indirectly from:
(a) conduct of the Fund or a Fund contractor, subcontractor or prior or current service provider in connection with activities contemplated by the Agreement (other than in each case conduct of any Affiliate of BNY); (b) conduct of BNY as
agent of the Fund not involving Liable Conduct and (c) a Fund Error or Errant Securities Data. BNY shall have no liability to the Fund or any person claiming through or for the Fund for any Loss caused in whole or in part by any conduct
described in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the limitations of liability contained in Section 11(a) and (b), BNY agrees to indemnify,
defend and hold harmless the Funds and their respective directors, trustees, officers, agents and employees from and against any monetary damages arising from BNY's Liable Conduct or failure to meet BNY's standard of care under this
Agreement. The Fund shall have no liability to BNY or any person claiming through or for BNY for any Loss caused by any Liable Conduct or failure to meet BNY's standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 12 shall survive termination of this Agreement.

**13.**  **<u>Duration and Termination</u>.** 

(a) This Agreement shall be effective on the Effective Date and continue, unless validly terminated pursuant to this Section 13 prior thereto, until the date which is the fifth (5th) anniversary of the Service Effective Date (the "**Initial Term")**.

(b) (1) This Agreement shall automatically renew on the final day of the Initial Term and the final day of each Renewal Term for an additional term which will continue until the first (1st) anniversary of such renewal date (each such additional term being a "**Renewal Term"),** unless the Funds acting collectively, on one hand, or BNY, on the other hand, gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "**Non-Renewal Notice")**. In the event a party provides a Non-Renewal Notice, this Agreement shall terminate on the last day of the Initial Term or Renewal Term, as applicable, or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In connection with a termination occurring pursuant to a termination notice provided for in Section 13(c) or 13(d) or a Non-Renewal Notice, if Deconversion Services are requested by the Fund BNY shall make good faith efforts to perform the requested Deconversion Services as of the dates reasonably requested by the Fund, subject to BNY's existing work and project schedules and the availability of personnel with requisite expertise, and subject to the condition precedent that all parties reasonably

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expected to receive confidential or proprietary information or intellectual property of BNY in connection with the Deconversion execute a non-disclosure agreement with respect to such information and property satisfactory to BNY. BNY shall not be obligated to perform Trailing Services or Deconversion Services in connection with a termination occurring pursuant to Section 13(f) or a termination pursuant to Section 13(c) due to a failure to pay Fees or Reimbursable Expenses.

(c) If a party (BNY or any Fund) materially breaches this Agreement (a "**Defaulting Party")** the other party (on one hand, BNY; on the other hand, the Funds acting collectively) (the "**Non-Defaulting Party")** may give written notice thereof to the Defaulting Party (BNY or the Funds collectively) ("**Breach Notice"),** and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("**Breach Termination Notice"),** in which case this Agreement shall terminate on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate), or, if later and applicable, the later of the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final Deconversion if more than one) is completed.

(d) (1) Notwithstanding any other provision of this Agreement, if prior to the expiration of, as appropriate, the Initial Term or the then-current Renewal Term, due to a Change of Control or any other reason, the Fund gives notice to BNY terminating this Agreement, other than pursuant to Section 13(c), or terminating BNY as the provider of any service, or the Fund by its action or inaction causes a Constructive Termination to occur (individually and collectively, "**Early Terminations"),** the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the earlier to occur of the effective date of the Early Termination or the commencement date of any
significant activities related to the conversion or transfer of Fund records and accounts to a successor service provider, the Fund shall pay to BNY an amount equal to all fees and other charges and amounts that would be due under the Fee Agreement
(excluding Reimbursable Expenses if not to be incurred) from such payment date through the expiration of, as appropriate, the Initial Term or the then-current Renewal Term as if services had been performed by BNY and accepted by the Fund during such
period in accordance with the Agreement ()"**Early Termination Fee")**. The Early Termination fee will only apply to the extent that the aggregate assets and/or accounts serviced by BNY are materially reduced as a result of the
Early Termination. The Early Termination Fee shall be calculated using the average of the monthly fees and other charges and amounts due to BNY under this Agreement during the last three calendar months immediately preceding the date of the notice
of Early Termination (or, if not given, the date services are terminated hereunder) extrapolated over the remaining term of the Agreement at such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund expressly acknowledges and agrees that the Early Termination Fee is not a penalty but is reasonable
compensation to BNY for a termination of the Agreement before the expiration of, as appropriate, the Initial Term or the then-current Renewal Term and prior to receipt by BNY of the compensation upon which the fees and other terms of this Agreement
were based.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For purposes of this Section 13(d), "**Change in Control"** means a merger,
consolidation, adoption, acquisition, change in control, re-structuring, or re-organization of or any other similar occurrence involving the Fund but shall exclude fund closure or merger of a Fund in the normal course of business.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Fund gives notice of Early Termination (or an Early Termination without such notice occurs due to a
Constructive Termination) after expiration of the notice period specified in Section 13(b), the references above to "expiration of, as appropriate, the Initial Term or the then-current Renewal Term" shall be deemed to mean
"expiration of the Renewal Term immediately following, as appropriate, the Initial Term or the then-current Renewal Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) In the event of an Early Termination, this Agreement will terminate with respect to the affected Funds (or all
Funds, if appropriate) on the last to occur of the date contained in a notice of termination, the day substantially all Services cease to be provided (for avoidance of doubt, other than Trailing Services) or the date the Deconversion (or final
Deconversion if more than one) is completed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding any other provision of this Agreement, if any of the accounts serviced by BNY under this Agreement, or assets in such accounts, are removed from the coverage of this Agreement, other than pursuant to (i) merger or closure of a Fund in the normal course of business; (ii) shareholder transactions (for clarification: redemptions, exchanges, transfers or similar dispositions of Shares in an account occurring pursuant to instructions from a record owner or beneficial owner of the account without direction or coordination among accounts of different owners by an Investment Company, a Fund, an affiliate of either or an Affiliate of such affiliate) ("**Shareholder Transactions")** or (iii) "**Omnibus Conversions",** which are hereby defined to mean broker-dealer initiated consolidations and conversions of individual shareholder accounts into broker-dealer omnibus accounts, and are subsequently serviced by another service provider (including the Fund or an affiliate of the Fund) (collectively, "**Removed Accounts"),** the Fund will be deemed to have caused an Early Termination with respect to such Removed Accounts as of the day immediately preceding the first such removal of assets or accounts and the Fund shall pay BNY within 30 days of such date an Early Termination Fee calculated as if the Removed Accounts constituted a "Fund" ("**Removed Account Fee")**.

(e) (1) In connection with any termination of this Agreement or services by the Fund, whether alone or in conjunction with other Funds, the Fund shall also pay to BNY the amounts described in clauses (A) and (B) below not later than the "**Payment Date",** which is hereby defined to mean (i) the date of termination of the Agreement or service (whether such date is determined by the sending of a Non-Renewal Notice, by designation of a date in a notice of termination or due to the occurrence of a Constructive Termination), or, (ii) if either of the following, or both, should occur before such termination date, the date that either of the following first occurs: (aa) the date of cessation of a substantial portion of the services provided for in Section 3 of the Agreement, or (bb) the date that performance of significant Deconversion Services is scheduled to commence:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) any Fees and Reimbursable Expenses that may be owed by the Fund pursuant to Section 9(a) for services
performed by BNY pursuant to the Agreement through and including the Payment Date (whether already invoiced, pending invoice or estimated in good faith);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the amount estimated in good faith by BNY ()"**Good Faith Estimate")** for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) any services to be provided by BNY following the Payment Date that may relate to a cessation of operations or
the winding up of the affairs of the Fund or a termination of the Agreement, including by way of example and not limitation, answering general shareholder inquiries, furnishing historical shareholder account information to authorized parties,
providing tax services with respect to transactions occurring before the termination such as the filing of final tax forms, maintaining a Service Account for checks not yet cleared, and compliance with record retention requirements
(" **Trailing Services"),** at the fees set forth in the Fee Agreement or, if applicable fees are not provided for therein, at commercially reasonable rates, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) the reasonable out-of-pocket expenses expected to be incurred in performing the Trailing Services
(" **Reimbursable Trailing Expenses");** and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III) if BNY is requested to perform any Deconversion Services (as defined below): (I) fees and charges of BNY
for such Deconversion Services at the rates set forth in the Fee Agreement or, if applicable fees are not provided for therein, fees at commercially reasonable rates, and (II) amounts to reimburse BNY for any reasonable out-of-pocket expenses
reasonably expected to be incurred in performing the Deconversion Services. "**Deconversion Services"** means a Deconversion and any and all other measures taken and conduct engaged in by BNY associated with any transfer or movement
of files, records, materials or information or a conversion thereof, including but not limited to the transfer, movement or duplication of any files, records, materials or information and any conversion of such from the formats and specifications of
the BNY System to the formats and specifications of a successor service provider or as otherwise specified by the Funds. BNY's obligation to perform any Deconversion Services is expressly conditioned on the prior performance by the Funds, to
BNY's reasonable satisfaction, of their obligations under Section 3(a)(12)(C)(ii).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For avoidance of doubt: to the extent BNY performs any services pursuant to Section 3 or Schedule C of the Agreement subsequent to the Payment Date, the Fund shall pay for such services upon being invoiced for such services in accordance with the terms of the invoice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Within 120 days following the Deconversion (or final Deconversion if more than one):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) BNY shall determine any (i) amounts payable by the Fund for services provided pursuant to Section 3
or Schedule C of the Agreement that have not been paid, (ii) amounts payable by the Fund for Trailing Services, for reimbursement of reasonable out-of-pocket expenses incurred in performing the Trailing Services, for Deconversion Services and
for reimbursement of reasonable out-of-pocket expenses incurred in performing the Deconversion Services that have not been paid by the Fund, whether or not included in whole or in part in the Good Faith Estimate, and (iii) amounts paid by the
Fund pursuant to Sections 13(e)(1)(B) and 13(e)(2) in excess of amounts actually owed by the Fund to BNY for the services indicated therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) BNY shall net the amounts determined in accordance with clause (A) above and notify the Fund whether BNY
owes money to the Fund or the Fund owes money to BNY and the amount owed; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Within seven (7) days of the notification provided for by Section 13(e)(3)(B), BNY will pay the Fund any amount it owes the Fund and the Fund shall pay BNY any amount it owes BNY.

(f) Notwithstanding any other provision of this Agreement, BNY may in its sole discretion, upon the happening of any of the following, terminate this Agreement immediately (and, for clarification, immediately cease providing all services hereunder) by sending notice of termination to the Fund: (i) the Fund commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the Fund any such case or proceeding; (ii) the Fund commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the Fund or any substantial part of its property or there is commenced against the Fund any such case or proceeding; (iii) the Fund makes a general assignment for the benefit of creditors; or (iv) the Fund states in any medium, written, electronic or otherwise, any public communication or in any other public manner its inability to pay debts as they come due. BNY may exercise its termination right under this Section 13(f) at

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any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by BNY of its termination right under this Section 13(f) shall be without any prejudice to any other remedies or rights available to BNY and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding clause (iii) of Section 15, notice of termination under this Section 13(f) shall be considered given and effective when given, not when received.

(g) References in this Agreement to a termination of the Agreement on or as of a particular day or date, unless specifically stated to be otherwise, means that termination occurs at 11:59 PM on the particular day or date.

(h) The termination remedies provided for in this Section 13 are the sole and exclusive termination remedies available with respect to this Agreement.

**14.**  **<u>Policies and Procedures</u>.** 

(a) BNY shall perform the services provided for in this Agreement in accordance with applicable law and in accordance with the comprehensive written policies, processes, procedures, manuals, documentation and other operational guidelines of BNY governing the performance of the services in effect at the time the services are performed, which are in compliance with applicable law or regulations, rules of the DTCC, NSCC or similar service providers or governmental, regulatory or self-regulatory authority ("**Standard Procedures")**. BNY may embody in its Standard Procedures, including Standard Procedures for determining whether an instruction it receives is "in good order" ("**IGO**") or is "not in good order" ("**NIGO**"), and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with generally accepted industry practices, principles or standards ("**Industry Standard")**. Likewise, when in connection with a providing a service, including IGO and NIGO determinations, BNY is required to engage in conduct for which it does not have a Standard Procedure or Standard Procedures only partially address the facts and circumstances of a particular issue, BNY may engage in and act in reliance on: a reasoned course of conduct, conduct it reasonably determines to be commercially reasonable or conduct consistent with Industry Standards. For clarification: the published guidelines of the Securities Transfer Association shall constitute an Industry Standard on the subject matter addressed therein. BNY may revise the Standard Procedures in accordance with the provisions of this Section 14(a).

(b) Notwithstanding any other provision of this Agreement, the following terms of this Section 14(b) shall apply in the event facts, circumstances or conditions exist or events occur which would require a service to be provided hereunder other than in accordance with BNY's Standard Procedures, or if BNY is requested by the Fund, or a third party authorized to act for the Fund, to deviate from a Standard Procedure in connection with the performance of a service hereunder or institute a service or procedure with respect to which there is no Standard Procedure (collectively, a "**Non-Standard Procedure"):** 

(i) BNY will make a good faith effort to implement a Non-Standard Procedure if the Fund requests such in writing
and provides all written materials, including descriptions, specifications, business requirements and responses to questions of BNY, that in the sole judgment of BNY exercised reasonably are appropriate to fully evaluate the request.

(ii) BNY will attempt to evaluate the request with existing resources on the basis of the written materials but if
at any time it determines in its sole judgment exercised reasonably that Research is required to fully evaluate the request or the development, implementation or performance of the Non-Standard Procedure, BNY will notify the Fund of the Research
required and resume the evaluation only if the Fund obtains and provides all Research required by BNY or if it authorizes BNY in a writing reasonably satisfactory to BNY to obtain the required Research at the Fund's cost and expense.

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(iii) BNY may at any time after such a request is made, and before or after the written materials and, if applicable,
the Research are furnished in whole or in part, decline without liability or further obligation of any nature hereunder to implement a Non-Standard Procedure (i) for a Bona Fide Reason or (ii) if it determines in its sole judgment
exercised reasonably that it and the Fund are unable to mutually agree in writing to all terms and conditions governing the development, implementation and performance of the Non-Standard Procedure, including without limitation terms and conditions
regarding appropriate procedures, indemnification and payment terms.

(iv) A Non-Standard Procedure that BNY agrees to implement in a written instrument executed by the Fund and BNY is
referred to herein as an "**Exception Procedure**" and BNY shall obligated to perform a Non-Standard Procedure only to the extent expressly provided for in an Exception Procedure. For the avoidance of doubt, conduct engaged in
pursuant to an Exception Procedure that does not entail Liable Conduct is included within the conduct described in clause (b) of Section 12.

(c) In the event that Fund requests documentation, analysis or verification in whatsoever form regarding the commercial reasonableness or industry acceptance of conduct provided for in a Standard Procedure, BNY will cooperate to furnish such materials as it may have in its possession at the time of the request without cost to the Fund, but the Fund agrees to reimburse the costs of legal or expert advice or analysis in obtaining additional materials if requested by the Fund.

(d) If in the course of acting in accordance with a Non-Standard Procedure, BNY encounters questions, issues or uncertainty of a legal or other nature as to the appropriate course of conduct under the Non-Standard Procedure, it shall in certain limited circumstances, subject to the prior approval of the Fund, consult with third parties, such as, without limitation, attorneys, auditors or accountants, to resolve the questions, issues or uncertainty and shall include counsel to the Fund, at the Fund's discretion, and the Fund shall in such circumstances reimburse BNY a portion of the costs associated with such consultation.

**15. Standard of Care; Representations.** BNY hereby agrees to act under this agreement at all times in accordance with the standards of care described below and represents and warrants to the Funds, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

(b) This Agreement has been duly authorized, executed and delivered by BNY in accordance with all requisite action and constitutes a valid and legally binding obligation of BNY, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

(c) It is conducting its business and acting at all times, including pursuant to any Written Procedures, in compliance in all material respects with applicable laws and regulations applicable to the services provided hereunder, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

(d) It is a registered transfer agent under the 1934 Act; and

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(e) BNY shall act in good faith and exercise reasonable care in the performance of its duties under this Agreement consistent with its activities as transfer agent, shareholder servicing and dividend disbursing agent.

**16. <u>Notices</u>.** Notices permitted or required by this Agreement shall be in writing and:

(i) addressed as follows, unless a notice provided in accordance with this Section 16 shall specify a
different address or individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) if to BNY, to BNY Mellon Investment Servicing (US) Inc., 240 Greenwich St, New York, NY 10286, Attention: Legal
Department; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) if to the Fund, at 320 Park Avenue, New York NY 10022 , Attention: General Counsel with a copy to President of
the Investment Company;

(ii) delivered: by hand (personal delivery by an Authorized Person to addressee); private messenger, with signature
of recipient; U.S. Postal Service (with return receipt or other delivery verification provided); overnight national courier service, with signature of recipient, facsimile sending device providing for automatic confirmation of receipt; and

(iii) deemed given on the day received by the receiving party.

**17. <u>Amendments</u>.**

(a) This Agreement, or any term thereof, including without limitation the Schedules hereto, may be changed only by a written amendment signed by all parties to this Agreement.

(b) Notwithstanding subsection (a) above, in the event an officer of the Investment Company or other person acting with apparent authority on behalf of the Investment Company requests that BNY perform some or all of the services provided for in this Agreement for a Portfolio not listed on Schedule B, as amended, and such Portfolio accepts such services and the relevant Investment Company or Portfolio pays amounts provided for in the Fee Agreement as Fees and Reimbursable Expenses, then in the absence of an express written statement to the contrary such services are provided in accordance with the terms of this Agreement, Schedule B is deemed amended to include the particular Portfolio and the Portfolio shall be bound by the terms of this Agreement with respect to all matters addressed herein, except that BNY may at any time thereafter terminate such deemed amendment to this Agreement, and terminate services to such Portfolio, if within 60 days of the first such acceptance of services by the Portfolio the Investment Company and BNY do not execute an written amendment to Schedule B on terms mutually acceptable to BNY and the Investment Company in their respective sole discretion. BNY and the Investment Company each reserve the right to negotiate terms appropriate to such additional Portfolios which differ from the terms herein.

**18 <u>Assignment; Subcontracting</u>.** Except as expressly provided in this Section 18, no party may assign or transfer this Agreement or assign or transfer any right or obligation hereunder without the written consent of the other party and any attempt at such assignment or transfer, or any such assignment or transfer, shall be void. For clarification: "assign" and "transfer" as used in the foregoing sentence are intended to mean conveyances (whether by contract or operation of law) which fully and irrevocably vest in the assignee or transferee exclusively all rights and obligations with respect to the property (tangible or intangible) being conveyed and fully and irrevocably divest the assignor or transferor of all rights and obligations with respect to the property (tangible or intangible) being conveyed. A merger, a sale of a majority or more of the assets, equity interests or voting control, or a transfer by operation of law or pursuant to court order shall be considered a "transfer" under this Section. Notwithstanding the foregoing:

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To the extent appropriate under rules and regulations of the NSCC, BNY may satisfy its obligations with respect to services involving the NSCC through an Affiliate that is a member of the NSCC by delegation or subcontracting; BNY may assign or transfer this Agreement to an Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY gives the Investment Company ninety (90) days' prior written notice (or such shorter notice as may be commercially practicable under the circumstances, as reasonably determined by BNY in good faith) of such assignment or transfer and such assignment or transfer does not impair the Investment Company's receipt of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY; and BNY may subcontract with, hire, engage or otherwise outsource to any third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY of any of its liabilities hereunder.

**19. <u>Facsimile Signatures; Counterparts</u>.** This Agreement may be executed in one or more counterparts; such execution of counterparts may occur by manual signature, facsimile signature, manual signature transmitted by means of facsimile transmission or manual signature contained in an imaged document attached to an email transmission; and each such counterpart executed in accordance with the foregoing shall be deemed an original, with all such counterparts together constituting one and the same instrument. The exchange of executed copies of this Agreement or of executed signature pages to this Agreement by facsimile transmission or as an imaged document attached to an email transmission shall constitute effective execution and delivery hereof and may be used for all purposes in lieu of a manually executed copy of this Agreement.

**20. <u>Miscellaneous</u>.**

(a) <u>Entire Agreement</u>. This Agreement, and the related Fee Agreement, embody the final, complete, exclusive and fully integrated record of the agreement of the parties on the subject matter herein and therein and supersedes all prior agreements, understandings, proposals, responses to requests for proposal, memoranda of understanding or memoranda of any other nature, terms sheets, letters of intent and communications of any other nature relating to such subject matter.

(b) <u>Non-Solicitation</u>. During the effectiveness of this Agreement and for one year thereafter, neither the Fund nor BNY shall not, directly or indirectly, knowingly solicit or recruit for employment or hire, or make a recommendation, or referral or otherwise knowingly assist or facilitate the solicitation or recruitment of any employee of the other party, for employment by any other entity. To "knowingly" solicit, recruit, hire, assist or facilitate, within the meaning of this provision, does not include, and therefore does not prohibit, solicitation, recruitment or hiring of the other party's employee by another entity if such employee was identified solely as a result of the employee's response to a general advertisement in a publication of trade or industry interest or other similar general solicitation.

(c) <u>Changes That Materially Affect Obligations</u>.

(1) The Fund agrees to provide BNY with at least 30 days advance written notice of any new or modified feature, policy, operation, parameter or other aspect of the Fund's business that could impact BNY's provision of the services by requiring revised or new conduct, including without limitation revisions or additions to, or new, Shareholder Materials ("**Company Standards**").

(2) Notwithstanding any other provision of the Agreement, including without limitation the description of services in Section 3:

To the extent that any service or course of conduct of BNY provided hereunder is configured or performed as it is at a particular time in whole or in part due to Company Standards, standards imposed by clearing corporations or other industry-wide service bureaus or organizations, or laws, rules, regulations, orders or

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legal process in effect at such time ("**Service Requirements**") and BNY's performance of a service or a course of conduct related thereto in compliance with any new or amended Service Requirement requires BNY to develop, implement or provide a new or modified service, process, procedure, resource or functionality ("**New Service**"), BNY shall be obligated to develop and perform a New Service only in accordance with a written amendment to this Agreement entered into in its discretion. If in order to perform an obligation under this Agreement BNY develops, implements or provides a new or modified service, process, procedure, resource or functionality that it may not be obligated to the Fund to develop, implement or provide in accordance with the foregoing sentence but that it develops, implements and provides for clients generally due to a new or revised Service Requirement, BNY it shall entitled to commercially reasonable fees and charges and reimbursement of reasonable expenses for such development, implementation and performance if it elects to invoice Company for such, or to such other fees, charges or expense reimbursement as otherwise mutually agreed by the parties.

(d) <u>Captions</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

(e) <u>Requested Information and Documentation</u>. The Fund will provide in a timely manner such information and documentation as BNY may reasonably request in connection with providing services under this Agreement and BNY will not be liable for any Loss incurred by the Fund due to a failure or delay in providing such information or documentation.

(f) <u>Governing Law</u>. This Agreement shall be deemed to be a contract made in Delaware and governed by Delaware law, without regard to its principles of conflicts of law that would apply the law of another jurisdiction. This Agreement will not be governed by the United Nations Convention on Contracts for the International Sale of Goods. The Uniform Computer Information Transaction Act drafted by the National Conference Of Commissioners On Uniform State Laws, or a version thereof, or any law based on or similar to such Act ("**UCITA**"), if and as adopted by the jurisdiction whose laws govern with respect to this Agreement in any form, shall not apply to this Agreement or the activities contemplated hereby. To the extent UCITA is applicable notwithstanding the foregoing, the parties agree to opt out of the applicability of UCITA pursuant to the "opt out" provisions contained therein. The parties hereby waive any right they may have to trial by jury in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this Agreement.

(g) <u>Partial Invalidity</u>. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

(h) <u>Parties in Interest</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Except with respect to those certain provisions providing for rights of the Custodian or obligations of the Fund with respect to the Custodian, and those certain provisions benefitting affiliates of the parties, this Agreement is not for the benefit of any other person or entity and there shall be no third party beneficiaries hereof. Unless expressly provided to the contrary herein: the parties to the Agreement alone shall have the right to enforce its provisions and any action to enforce the Agreement by a person not a party shall be void.

(i) <u>No Representations or Warranties</u>. Except as expressly provided in this Agreement, BNY hereby disclaims all representations and warranties, express or implied, made to the Fund or any other person, including, without limitation, any warranties regarding quality, suitability, merchantability, fitness for a particular purpose or otherwise (irrespective of any course of dealing, custom or usage of trade), warranty of title or non-infringement of any services or any goods provided incidental to services provided under this Agreement. BNY disclaims any warranty of title or non-infringement except as expressly set forth in this Agreement.

(j) <u>Customer Identification Program Notice</u>. To help the U.S. government fight the funding of

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terrorism and money laundering activities, U.S. Federal law requires each financial institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial institution on or after October 1, 2003. Certain of BNY's affiliates are financial institutions, and BNY may, as a matter of policy, request (or may have already requested) the name, address and taxpayer identification number or other government-issued identification number of the Fund or others, and, if such other is a natural person, that person's date of birth. BNY may also ask (and may have already asked) for additional identifying information, and BNY may take steps (and may have already taken steps) to verify the authenticity and accuracy of these data elements.

(k) <u>Use of "Fund"</u>. In the event "Fund" as used in this Agreement refers to Portfolios listed on <u>Schedule B</u>, notwithstanding such use, the Investment Company bears to the extent permitted by law all responsibilities, obligations, liabilities and duties of all such Portfolios to the extent not performed by such Portfolios.

(m) <u>Requests to Transfer Information to Third Parties</u>. In the event that the Fund, other than pursuant to a Standard Procedure, whether by Instructions, Fund Communications or otherwise, requests or instructs BNY to send, deliver, mail, transmit or otherwise transfer to a third party which is not a subcontractor of BNY and which is not the DTCC, NSCC or other SEC-registered clearing corporation, or to make available to such a third party for retrieval from within the BNY System, any information in the BNY System: BNY may decline to provide the information requested on the terms contained in the request due to legal or regulatory concerns, transmission specifications not supported by BNY, or other good faith or bona fide business reasons, but will in good faith discuss the request and attempt to accommodate the Fund with respect to the request, and BNY will not be obligated to act on any such request unless it agrees in writing to the terms of the information transfer. In the event BNY so agrees in writing to transfer information or make it available within the BNY System: the Fund shall pay a reasonable fee for such activities upon being invoiced for same by BNY; BNY shall have no liability or duty with respect to such information after it releases the information or makes it available within the BNY System, as the case may be, provided BNY does not commit Liable Conduct when executing the express instructions of the written information transfer request; BNY shall be entitled to the indemnification provided for at Section 12 pursuant to clause (b) in connection with the activities contemplated by any such written information transfer request, including for the avoidance of doubt third party claims; and BNY may conclusively presume without a duty of independent verification that the Fund has received all applicable third party authorizations.

(n) <u>Service Indemnifications; Survival</u>. Any indemnification provided to BNY by the Fund in connection with any service provided under the Agreement, including by way of illustration and not limitation, indemnifications provided in connection with an Instruction and indemnifications contained in any agreements regarding an Exception Procedure ("**Service Indemnifications**"), shall survive any termination of this Agreement. In addition, Sections 4, 5, 7, 10(d), (e), (g) - (i), 11, 12, 19(e), (i), (m), (n) and (s) and provisions necessary to the interpretation of such Sections and any Service Indemnifications and the enforcement of rights conferred by any of the foregoing shall survive any termination of this Agreement.

(o) <u>Compliance with Law</u>. Each of BNY and the Fund agrees to comply in all material respects with the respective laws, rules, regulations and legal process applicable to the operation of its business. For clarification: With respect to BNY, the foregoing requires compliance with laws, rules, regulations and legal process applicable to BNY directly, not derivatively by virtue of providing services to the Fund. The Fund agrees that BNY is not obligated to assist the Fund with, or bring the Fund into, compliance with laws, rules, regulations and legal process applicable to the Fund, except where BNY has expressly agreed to assume such an obligation hereunder and then it is obligated only to perform strictly in accordance with the express terms of the assumed obligation, including but not limited to those obligations set forth in Sections 3(a)(15), 3(b) and 3(c) hereof. Notwithstanding the foregoing, BNY acknowledges and agrees that the services provided by BNY pursuant to this Agreement are provided in the context of each Fund being an investment company registered under the 1940 Act.

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(p) <u>Further Actions</u>. Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes hereof.

(q) <u>Enterprise Nature of Services</u>. Notwithstanding any other provision of this Agreement, in furnishing the services provided for in this Agreement or any component or segment of such services BNY may utilize any combination of its own employees, facilities, equipment, systems and other resources and the employees, facilities, equipment, systems and other resources of its Affiliates, including employees, facilities, equipment, systems and other resources shared by BNY and its Affiliates, and BNY may satisfy its obligations under this Agreement directly or through Affiliates. References to employees, facilities, equipment, systems or other resources of BNY in this Agreement shall mean employees, facilities, equipment, systems or other resources of BNY and its Affiliates considered collectively. Notwithstanding the foregoing, nothing in this Section 19(q) shall have the effect of transferring any obligation of BNY to any other entity, including Affiliates.

(r) <u>Centralized Functions</u>. The Bank of New York Mellon Corporation is a global financial organization that includes BNY and provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY **Mellon Group")**. The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, operations, technology services, product, client and client-customer communications, relationship management, storage and record retention, compilation and analysis of customer-related data, and other functions in one or more affiliates, subsidiaries and third-party service providers (the "Centralized **Functions")**. Notwithstanding any other provision of the Agreement and subject to the confidentiality obligations herein, the Fund consents to the foregoing centralization of functions, the receipt of services hereunder through the Centralized Functions, in connection with BNY's utilization of the Centralized Functions BNY's disclosure of Fund information, including Confidential Information, and BNY's storage of names and business addresses of Fund employees and employees of its affiliates and sponsors in centralized locations of the BNY Mellon Group or its third party service providers, and to the compilation of aggregated data by the BNY Mellon Group that includes Confidential Information of the Fund and its account owners, that is anonymized and does not permit identification of the Fund or any of its account owners, for use in strategic planning, marketing, product and service research and development and other bona fide business purposes. The BNY Mellon Group shall possess all ownership rights with respect to such aggregated anonymized data.

(s) <u>No Interpretation Against A Party</u>. All parties to the Agreement have had access to and use of legal counsel to the extent each has deemed sufficient and hereby irrevocably and unconditionally waive any claim or defense that this Agreement, or any provision of this Agreement, should be interpreted or construed against a party solely on the basis that the particular party drafted or was responsible for the drafting of the Agreement or a particular provision.

(t) <u>Funds Added After Effective Date</u>. Each Fund that becomes a party to this Agreement pursuant to Section 16(b) or 20(l) agrees to be bound by all terms of this Agreement as if an original signatory hereto and, in addition, each Custodied Portfolio that becomes a party to this Agreement after the Effective Date further agrees to be bound by Schedule D as if an original signatory thereto.

(u) <u>Several Obligations</u>. The parties agree that, notwithstanding anything else herein, the rights and obligations of the Funds hereunder are several and not joint, that no Fund shall be liable for any amount owing by another Fund and that the Funds have executed one instrument for convenience only.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first above written.

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| | | | |
|:---|:---|:---|:---|
| BNY Mellon Investment Servicing (US) Inc. | BNY Mellon Investment Servicing (US) Inc. | MoA Funds Corporation | MoA Funds Corporation |
| By: | ![LOGO](g939785dsp076a.jpg) | By: | ![LOGO](g939785dsp076b.jpg) |
| Name: | <br> Shalini O'Suilleabhain | Name: | <br> R. Jeffrey Young |
| Title: | Managing Director |  | On behalf of the Investment Company and each Fund, each in its individual and separate capacity, as |
|  |  | Title: | President |

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Confidential And Proprietary EXECUTION

**<u>SCHEDULE A</u>**

**<u>Definitions</u>**

As used in this Agreement:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended, and all rules and regulations thereunder.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended, and all rules and regulations thereunder.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended, and all rules and regulations thereunder. .

"<u>Affiliate</u>" means an entity controlled by, controlling or under common control with the subject entity, with "control" for this purpose defined to mean direct or beneficial ownership of 50% or more of the equity interests of an entity and possession of the power to elect 50% or more of the entity's directors, trustees or similar persons performing policy-making functions.

"<u>Authorized Person</u>" means (i) with respect to the Fund, each individual identified to BNY as an Authorized Person on the properly completed version of Schedule E most recently provided to BNY, and (ii) with respect to BNY, employees designated in writing as authorized to receive facsimile transmissions or emails, or both, as Instructions (as provided in the definition of Instructions). Any limitation on the authority of an Authorized Person of the Fund to give Instructions must be expressly set forth in Schedule E next to the individual's name.

"<u>BNY Mellon Bank</u>" means The Bank of New York Mellon, a New York chartered commercial bank and affiliate of BNY, and its lawful successors and assigns.

"<u>BNY Trust</u>" means BNY Mellon Investment Servicing Trust Company, an affiliate of BNY, and its lawful successors and assigns.

"<u>Board</u>" means the Fund's Board of Directors or Board of Trustees, as applicable.

"<u>Bona Fide Reason</u>" means a bona fide legal, commercial or business reason including by way of example and not limitation the following:

(i) the course of conduct is not consistent or compliant with, is in conflict with, or requires a deviation from an
Industry Standard or a Written Procedure;

(ii) the course of conduct is not reasonably necessary or appropriate to or consistent with the services
contemplated by this Agreement or constitutes a change to a service;

(iii) the course of conduct is in conflict or inconsistent with or violates a law, rule, regulation, or order or
legal process of any nature;

(iv) the course of conduct is in conflict or will violate a provision of this Agreement or constitutes a unilateral
amendment of the Agreement;

(v) the course of conduct imposes on BNY a material risk, cost, liability or obligation not contemplated by this
Agreement with adverse consequences to BNY incurred from sources external to BNY, including without limitation, for illustration and not limitation: sanction, criticism, fines, penalties, examination comments or special examination of a
governmental, regulatory or self-regulatory authority; civil, criminal or regulatory action; a loss or downgrading of membership, participation or access rights or privileges in or to organizations providing common services to the financial services
industry; or significant reputational harm.

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Confidential And Proprietary EXECUTION

(vi) the course of conduct imposes on BNY a risk, cost, liability or obligation not contemplated by this Agreement
related to internal matters, such as, without limitation: imposes costs and expenses on BNY that are not adequately recovered by payments the Fund indicates it is willing to pay and BNY reasonably anticipates disputes over invoices; contemplates
higher or additional performance standards; adds gain/loss, operational, strategic, compliance or credit risk; requires performance of a course of conduct customarily performed pursuant to a separate service or fee agreement; requires more than an
incidental increase in the resources required to provide services to the Fund; or is reasonably likely to result in a diversion of resources or disruption in established work flows, course of operations or functioning of controls;

(vii) the course of conduct requires technology, personnel with technological expertise, a technology service or
product or another resource that is not available on a commercially reasonable basis or constitutes a service or function that is not closely related to services commonly performed by organizations acting as transfer agents, registrars, dividend
disbursing agents and shareholder servicing agents to SEC-registered open-end investment companies; or

(viii) BNY lacks sufficient information, analysis or legal advice to determine that the conditions in clauses
(iii) or (v) do not exist and the Funds and BNY fail to reach agreement on a reasonable method of paying any expense of obtaining such information.

"<u>Claim</u>" means any claim, demand, suit, action, obligation, liability, suit, controversy, breach, proceeding or allegation of any nature, claim for indemnification, including any threat of any of the foregoing (including but not limited to those arising out of or related to this Agreement) and regardless of the form of action or legal theory or forum.

"<u>Code</u>" means: (i) when reference is made to a specific Section of the "Code" - the Internal Revenue Code of 1986, as amended, otherwise (ii) the Internal Revenue Code of 1986, as amended, and the regulations promulgated by the IRS under the Internal Revenue Code of 1986, as amended, and the revenue rulings, revenue procedures, technical advice memorandums, notices and announcements published by the IRS with respect to the Internal Revenue Code of 1986, as amended.

"<u>conduct</u>" or "<u>course of conduct</u>" means a single act, two or more acts, a single instance of an action not being taken or of forbearance given, two or more instances of an action not being taken or of forbearance given, or any combination of the foregoing.

"<u>Constructive Termination</u>" means events or circumstances that make it impossible for BNY to perform a substantial portion or all of the services as contemplated by the Agreement on the Effective Date , including without limitation, for clarification, liquidations whether or not pursuant to plans of liquidation or reorganization.

"<u>Deconversion</u>" means the completion of the transfer of Fund data, information and records from the production database and production environment of the Fund in the BNY System to the production database and production environment of the Fund in the computer system of a successor transfer agency services provider with the intention that on the next occurring business day such successor service provider will perform transfer agency services for the Fund utilizing such transferred data, information and records.

"<u>Dedicated Personnel</u>" means individuals employed by or under contract with BNY whose primary duty is providing services to or on behalf of the Fund.

"<u>DTCC</u>" means the Depository Trust Clearing Corporation, and its successors and assigns.

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Confidential And Proprietary EXECUTION

"<u>External Research</u>" means consultation with and the written opinions, analysis, research or other work product of third party technical specialists, legal counsel or other advisors, consultants or professionals.

"<u>FinCEN</u>" means the Financial Crimes Enforcement Network of the U.S. Department of the Treasury.

"<u>Fund Communication</u>" means any Instruction, direction, notice, instrument, data, file or other information or communication of whatsoever nature BNY receives, or reasonably believes it received, from the Fund through a communications media of any nature, including without limitation communications media currently existing, such as telephone, facsimile transmission, telegraph, telegram, US Postal Service, personal delivery, private courier, commercial courier, electronic mail (email), private messaging systems, or messaging systems constituting part of an industry utility (such as the NSCC) service, and communications media that may be developed in the future.

"<u>Fund Error</u>" means the Fund or a third party acting on behalf of the Fund or conveying Fund data or information committing an error, furnishing inaccurate, incorrect or incomplete data or information to BNY or the Custodian or by other act or omission requiring Remediation Services.

"<u>Fund Shares</u>" (see "Shares")

"<u>in good orde</u>r" means in accordance with all applicable requirements set forth in the Written Procedures, including receipt of any required supporting documentation.

"<u>Instructions</u>" means instructions, directions or other communications given from the Investment Company, a Fund or a Shareholder, or any party authorized by the Investment Company, a Fund or a Shareholder, to BNY pursuant to the terms of this Agreement in respect of any of the matters referred to in this Agreement. BNY may, in its sole discretion, also act pursuant to telephonic instructions given by designated persons and such telephonic instructions shall be deemed to be "Instructions" within the meaning of this definition. Any instructions, directions or other communications given to BNY by telephone shall promptly thereafter be confirmed in writing, but BNY will incur no liability for the Fund's failure, or the failure of an investment manager or any other person reasonably believed to be authorized to give an oral instruction, to send such written confirmation or for the failure of any such written confirmation to conform to the telephonic instruction received by BNY.

"<u>Intellectual Property Rights</u>" means copyright, patent, trade secret, trademark and any other proprietary or intellectual property rights.

"<u>Intermediary</u>" means any financial intermediary, dealer, third party administrator and selling group member who have been appointed in writing by the Investment Company to act in such capacity.

"<u>Internal Research</u>" means consultation with and the written opinions, analysis, research or other work product of (i) individuals employed by or under contract with BNY who are not Dedicated Personnel, and (ii) individuals who are Dedicated Personnel but the consultation or opinions, analysis, research or other work product is not incidental to the services performed by such individual for the Fund.

"<u>IRS</u>" means the Internal Revenue Service of the U.S. Department of the Treasury.

"<u>Loss</u>" and "<u>Losses</u>" means any one, or any series of related, losses, costs, damages, expenses, awards, judgments, assessments, fines, penalties, payments or payment obligations, reimbursements, adverse monetary consequences or monetary liabilities or obligations of any nature, including without limitation any of the foregoing arising out of any Claim or out of any obligation of one party to the other under this Agreement, including any obligation to indemnify and defend, and all costs of litigation or threatened litigation such as but not limited to court costs, costs of counsel, discovery, experts, settlement and investigation.

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Confidential And Proprietary EXECUTION

"<u>Loss Date</u>" means the date of occurrence of the event or circumstance causing a particular Loss, or the date of occurrence of the first event or circumstance in a series of events or circumstances causing a particular Loss.

"<u>NSCC</u>" means the National Securities Clearing Corporation, and its successors and assigns.

"<u>Portfolio</u>" means each separate subdivision of the Investment Company, whether characterized or structured as a portfolio, tier, series or otherwise, but excludes classes unless for purposes of Sections 18(f)(1) and 18(f)(2) of the 1940 Act and Rules 18f-2 and 18f-3 promulgated by the SEC under the 1940 Act the class must be provided with rights and liabilities separate and distinct from all other subdivisions of the Investment Company.

"<u>Remediation Services</u>" means the additional services required to be provided hereunder by BNY or the Custodian in connection with a Fund Error in order to correct, remediate, adjust, reprocess, repeat, reverse or otherwise modify conduct previously taken in accordance with the Agreement to achieve the outcome originally intended by the previous conduct.

"<u>Research</u>" means either or both of External Research and Internal Research.

"<u>SEC</u>" means the U.S. Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Services</u>" means the services described in Section 3 and Schedule C of the Agreement.

"<u>Service Effective Date</u>" means the date following the completion of all implementation services, in the case of a Fund that is a new start-up Fund, or the date following the completion of all conversion services, in the case of Fund that BNY will be providing services to as a successor service provider, that the first live transaction is processed by the BNY System for a public customer of the particular Fund on a production basis.

"<u>Shareholder Materials</u>" means the Fund's prospectus and statement of additional information or disclosure materials of similar function, such as a private offering memorandum , and any other materials relating to the Fund provided to Fund shareholders by the Fund.

"<u>Shares</u>" or "<u>Fund Shares</u>" means the shares or other units of beneficial interest of each Fund.

"<u>Written Procedures</u>" means, collectively, Standard Procedures and Exception Procedures.

<u>INDEX OF DEFINED TERMS</u> 

<u>(includes defined terms through Schedule A; excludes terms defined in Schedule C solely for Schedule C)</u> 

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| | |
|:---|:---|
| **<u>Term</u>** | **<u>Location</u>** |
| 1933 Act | Schedule A |
| 1934 Act | Schedule A |
| 1940 Act | Schedule A |
| 19(a) Statement | § 3(a)(4) |
| 314(a) Procedures | § 3(b)(4) |
| Account | § 3(c)(1)(i)(G) |
| Additional Fund | § 19(l) |
| Affiliate | Schedule A |

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| | |
|:---|:---|
| Agreement | Preamble |
| AML | § 3(b)(l)(A) |
| AML Services | § 3(b) |
| Appropriate List Matching Data | § 3(b)(5)(C) |
| Authorized Person | Schedule A |
| Back-Up Facilities | § 8 |
| BNY | Preamble |
| BNY Account Documentation | § 3(a)(12)(C)(iii)(bb) |
| BNY Mellon Bank | Schedule A |
| BNY Mellon Group | § 19(r) |
| BNY System | § 3(d) |
| BNY Trust | Schedule A |
| Bona Fide Reason | Schedule A |
| Breach Notice | § 13(c) |
| Breach Termination Notice | § 13(c) |
| Centralized Functions | § 19(r) |
| Change in Control | § 13(d)(1)(iii) |
| Check Matter | § 11(i) |
| CIP Regulations | § 3(b)(3)(A) |
| Claim | Schedule A |
| Code | Schedule A |
| Company Standards | § 19(c)(1) |
| Comparison Results | § 3(b)(4) |
| Compliance Failures | § 3(a)(15)(B) |
| conduct | Schedule A |
| Confidential Information | § 4(b) |
| Constructive Termination | § 13(d)(1) |
| Controls | § 3(c)(1)(i) |
| course of conduct | Schedule A |
| Covered Account | § 3(c)(1)(i)(F) |
| Covered Person | § 3(c)(1)(i)(D) |
| Custodian | § 3(a)(12)(C) |
| Custodied Account | § 3(a)(12)(A)(iii) |
| Customer | § 3(b)(3)(A)(i) |
| Data Elements | § 3(b)(3)(A)(i) |
| Deconversion | Schedule A |
| Deconversion Services | § 13(e)(1)(B)(III) |
| Dedicated Personnel | Schedule A |
| Defaulting Party | § 13(c) |
| Direct Account | § 3(c)(1)(i)(E) |
| Director | § 3(b)(5)(A)(iii) |
| Dissolution Event | § 9(g) |
| DTCC | Schedule A |
| Early Termination | § 13(d)(1) |
| Early Termination Fee | § 13(d)(1)(i) |
| Effective Date | Preamble |
| Eligible Assets | § 3(a)(12)(A)(i) |
| Eligible Property | § 3(a)(15)(A)(ii) |
| Errant Securities Data | § 11(h) |
| Evaluation Report | § 3(c)(1)(iv) |
| Event Beyond Reasonable Control | § 11(c) |
| Exception Procedure | § 14(b)(iv) |
| External Research | Schedule A |
| FATCA | § 3(a)(17) |
| FATCA Services | § 3(a)(17) |

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| | |
|:---|:---|
| FATF Lists | § 3(b)(5)(A)(ii) |
| Fee Agreement | § 9(a) |
| Fees | § 9(a) |
| FFI Regulations | § 3(b)(2)(A) |
| Final Distribution | § 9(g) |
| Final Expenses | § 9(g) |
| FinCEN | Schedule A |
| Foreign Financial Institution | § 3(b)(2)(A)(i) |
| Fund | Background |
| Fund AML Laws | § 3(b)(10) |
| Fund Communication | Schedule A |
| Fund Custodian | § 3(a)(1)(xii) |
| Fund Data | § 2 |
| Fund Error | Schedule A |
| Fund List Data | § 3(b)(5)(A) |
| Fund Registry | § 3(c)(1)(i)(C) |
| Fund Shares | Schedule A |
| Good Faith Estimate | § 13(e)(1)(B) |
| Identification Data | § 3(a)(15)(C) |
| Identity Theft | § 3(c)(1)(i)(B) |
| IGO | § 14(a) |
| Industry Standard | § 14(a) |
| Information Requests | § 3(b)(4) |
| in good order | Schedule A |
| Initial Claim | § 11(i) |
| Initial Term | § 13(a) |
| Instructions | Schedule A |
| Intellectual Property Rights | Schedule A |
| Internal Research | Schedule A |
| Investment Company | Preamble |
| IRS | Schedule A |
| Legal Authority | § 11(j) |
| Legal Process Item | § 3(a)(14) |
| Liable Conduct | § 11(a) |
| Loss, Losses | Schedule A |
| Loss Date | Schedule A |
| Lost Shareholder Rule | § 3(a)(11)(A) |
| Massachusetts Privacy Regulation | § 5 |
| Material Event | § 3(a)(12)(C)(i) |
| Monetary Benefits | § 9(b) |
| New Service | § 19(c)(2) |
| NIGO | § 14(a) |
| Non-Defaulting Party | § 13(c) |
| Non-Renewal Notice | § 13(b)(1) |
| Non-Standard Procedures | § 14(b) |
| NSCC | Schedule A |
| OFAC | § 3(b)(5)(A)(i) |
| OFAC Lists | § 3(b)(5)(A)(i) |
| Omnibus Conversions | § 13(d)(2) |
| Oral Instruction | Schedule A |
| Overdraft Amount | § 9(c)(i) |
| Participant | § 3(a)(12)(A)(ii) |
| Payment Date | § 13(e)(1) |
| PMLC Determination | § 3(b)(5)(A)(iii) |
| Portfolio | Schedule A |

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| | |
|:---|:---|
| Possible Identity Theft | § 3(c)(1)(iii) |
| Primary Facilities | § 8 |
| Red Flag | § 3(c)(1)(i)(A) |
| Red Flags Requirements | § 3(c)(2) |
| Red Flags Section | § 3(c)(1) |
| Red Flags Services | § 3(c)(1) |
| Registered Owner | § 3(c)(1)(i)(C) |
| Reimbursable Expenses | § 9(a) |
| Reimbursable Trailing Expenses | § 13(e)(1)(B)(II) |
| Related Custodian Materials | § 3(a)(12)(C)(v) |
| Related Parties | § 3(a)(12)(C)(iii)(bb) |
| Remediation Services | Schedule A |
| Removed Accounts | § 13(d)(2) |
| Removed Account Fee | § 13(d)(2) |
| Renewal Term | § 13(b)(1) |
| Research | Schedule A |
| SEC | Schedule A |
| Securities Data | § 11(h) |
| Securities Laws | Schedule A |
| Services | Schedule A |
| Service Accounts | § 9(b) |
| Service Effective Date | Schedule A |
| Service Indemnifications | § 19(n) |
| Service Requirements | § 19(c)(2) |
| Shareholder Materials | Schedule A |
| Shareholder Transactions | § 13(d)(2) |
| Shares | Schedule A |
| Standard Form | § 10(b)(ii)(B) |
| Standard Procedures | § 14(a) |
| States and Territories of the United States | § 3(a)(15)(A)(i) |
| Tax Advantaged Account | § 3(a)(12)(A)(iv) |
| Third Party Institution | § 9(b) |
| Trailing Services | § 13(e)(1)(B)(I) |
| Transfer Date | § 3(a)(12)(C)(iii) |
| UCC | § 11(i) |
| UCC Program | § 11(i) |
| UCITA | § 19(f) |
| Unclaimed Property Laws | § 3(a)(15)(A) |
| Unclaimed Property Services | § 3(a)(15)(A) |
| UPS Commencement Date | § 3(a)(15)(B) |
| U.S. Government Lists | § 3(b)(5)(A) |
| Written Procedures | Schedule A |

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[End of Schedule A]

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**<u>SCHEDULE B</u>**

(Dated: <u>December 18</u>, 20<u>24</u>)

THIS SCHEDULE B is Schedule B to that certain Transfer Agency And Shareholder Services Agreement dated as of <u>December 18</u>, 20<u>24</u>, between BNY Mellon Investment Servicing (US) Inc. and MoA Funds Corporation.

**<u>Funds</u>**

MoA All America Fund

MoA Balanced Fund

MoA Equity Index Fund

MoA Mid Cap Equity Index Fund

MoA Mid Cap Value Fund

MoA Intermediate Bond Fund

MoA Core Bond Fund

MoA Money Market Fund

MoA Small Cap Value Fund

MoA Small Cap Growth Fund

MoA Small Cap Equity Index Fund

MoA International Fund

MoA Catholic Values Fund

MoA Aggressive Allocation Fund

MoA Conservative Allocation Fund

MoA Moderate Allocation Fund

MoA Retirement Income Fund

MoA Clear Passage 2015 Fund

MoA Clear Passage 2020 Fund

MoA Clear Passage 2025 Fund

MoA Clear Passage 2030 Fund

MoA Clear Passage 2035 Fund

MoA Clear Passage 2040 Fund

MoA Clear Passage 2045 Fund

MoA Clear Passage 2050 Fund

MoA Clear Passage 2055 Fund

MoA Clear Passage 2060 Fund

MoA Clear Passage 2065 Fund

MoA Clear Passage 2070 Fund

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**<u>SCHEDULE C</u>**

**<u>Terms And Conditions Governing Use Of The BNY System</u>**

**[To be separately executed prior to the Service Effective Date]** 

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**<u>Schedule D</u>**

Dated:<u> </u>, 20

The Bank of New York Mellon

240 Greenwich St.

New York, New York 10286

Re: <u>Letter Agreement Relating to the Demand Deposit Accounts Established by BNY Mellon Investment Servicing (US) Inc. at The Bank of New York Mellon for the Benefit of the Fund</u>

Dear Sirs:

This Schedule D constitutes Schedule D to the "**TA Agreement**", which is hereby defined to mean the Transfer Agency And Shareholder Services Agreement, dated as of the date indicated above, between BNY Mellon Investment Servicing (US) Inc. ("**BNY**") and each investment company listed on the signature page to such agreement (each, an "**Investment Company**") and each Portfolio of each such Investment Company contained on Schedule B to such agreement, whether such Portfolio is listed there as of the Effective Date or is added by virtue of Section 16(b) or Section 19(l) of such agreement. Capitalized terms not defined in this Schedule D shall have the meaning ascribed to them in the TA Agreement.

The Investment Companies [and/or the Funds] are each party to a Global Custody Agreement with The Bank of New York Mellon (the "**Bank**") dated as of<u> </u>, 20__. Each respective Global Custody Agreement, as it may have been amended to date, is referred to herein with respect to each Investment Company, and each Fund , as the "**Custody Agreement**".

The TA Agreement provides, among other things, for BNY to provide cash administration services to the Fund, utilizing one or more demand deposit accounts or other accounts established at the Bank in the name of BNY for the benefit of the Fund (the "**DDA**"). In particular, BNY will utilize the DDAs (i) to accept payments for the purchase of Fund shares and forward such payments once funds have been collected to the Bank for deposit into the custody account of the Fund established with the Bank pursuant to the Custody Agreement ("**Custody Account**"); and (ii) in connection with redemptions of Fund shares by Fund shareholders and with cash distributions effected by the Fund, such as dividend payments and capital gains distributions, to accept monies from the Bank drawn from the Custody Account and to remit such amounts to appropriate parties.

In connection with BNY's performance of transfer agency services and in particular the cash administration services described above, BNY may be notified of a Fund payment obligation that BNY as transfer agent is expected to satisfy, such as a same-day settlement obligation with the NSCC, by forwarding payment to the NSCC or other obligee but the amount required to satisfy the particular payment obligation of the Fund may exceed the amount of funds then available for transfer in the relevant DDAs (such excess amount if transferred by BNY being hereinafter referred to as an "**Overdraft Amount**").

The need to transfer an Overdraft Amount may occur due to any one or more of the transfer needs of the Fund that arise in the ordinary course of the Fund's business, such as, by way of illustration, and not limitation: transfers needed in order to satisfy the Fund's same day settlement obligations with the NSCC; and purchase payments being forwarded to the Custody Account one day after receipt while the check representing the payment takes more than one day to clear.

Each Fund, on its own behalf, and not on behalf of any other Fund, acknowledges, consents and agrees with the statements made above and as follows:

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Confidential And Proprietary EXECUTION

Overdraft Amounts shall constitute overdrafts, outstanding indebtedness and an outstanding obligation of the Fund under the Custody Agreement and shall be deemed to be a loan made by the Bank to the Fund.

The Fund agrees that the Bank shall at no time be under any obligation whatsoever to extend credit in connection with the transfer agency activities conducted by BNY on behalf of the Fund and in particular the cash administration activities described herein, including without limitation an extension of credit constituting an Overdraft Amount, even if it has done so as part of a regular pattern of conduct, and that the Bank may at any time in its sole discretion and without notice decline to continue or re-extend any such credit.

Notwithstanding the absence of an obligation to do so, the Bank may in its sole discretion elect to transfer on behalf of the Fund an amount of funds that constitutes an Overdraft Amount and that by electing to transfer funds constituting an Overdraft Amount the Bank does not, even if it has transferred funds constituting Overdraft Amounts as part of a regular pattern of conduct in the past waive any rights under this letter agreement or assume the obligation it has expressly disclaimed in the immediately preceding paragraph and the Bank may at any time in its sole discretion and without notice decline to continue to make such transfers.

The Fund is at all times obligated to pay to the Bank an amount of money equal to the Overdraft Amounts and such amounts are payable, and shall be paid, together with such accrued interest as may be charged by the Bank in accordance with the Custody Agreement, by the Fund immediately upon demand by the Bank, except that to the extent the Fund repays outstanding Overdraft Amounts and any accrued interest to BNY pursuant to Section 9(c)(iv) of the TA Agreement, the Fund's obligation to repay that amount to the Bank pursuant to this letter agreement shall be deemed satisfied

In order to secure repayment of Overdraft Amounts, the Fund agrees that the Bank shall to the maximum extent permitted by law have a continuing lien, security interest, security entitlement and right of setoff in and to any property, including without limitation, any investment property or any financial asset, of the Fund at any time held by the Bank for the benefit of the Fund or in which the Fund may have an interest which is then in the Bank's possession or control or in possession or control of any third party acting on the Bank's behalf. In addition, at any time when the Fund shall not have honored any of its obligations, the Bank shall have the right without notice to the Fund to retain or set-off, against such obligations, any cash the Bank may directly or indirectly hold for the account of the Fund, and any obligations (whether matured or unmatured) that the Bank may have to the Fund.

This Agreement has been duly authorized, executed and delivered by the Fund, constitutes its valid and legally binding obligation, enforceable in accordance with its terms, and no statute, regulation, rule, order, judgment or contract binding on the Fund prohibits its execution or performance of this agreement.

This agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws principles thereof. The parties consent to the exclusive jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The parties hereby waive any right to trial by jury they may have in any action or proceeding involving, directly or indirectly, any matter in any way arising out of, related to, or connected with, this agreement.

A Custodied Portfolio (as defined below) that is added to Schedule B of the TA Agreement after the Effective Date by virtue of Section 16 or 19(l) of the TA Agreement and thereby becomes a party to the TA Agreement shall automatically and without further action by any party become a party to this Schedule D. "**Custodied Portfolio**" means (i) a Portfolio which is party to a custody agreement with The Bank of New York Mellon, or (ii) a Portfolio of an Investment Company that is party to a custody agreement with the Bank of New York Mellon pursuant to which assets of the Portfolio are held in custody.

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Confidential And Proprietary EXECUTION

This agreement may be signed in one or more separate counterparts, each of which shall be an original and all of which taken together shall constitute the same instrument.

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| | | |
|:---|:---|:---|
| Sincerely, | ACKNOWLEDGED AND AGREED: | ACKNOWLEDGED AND AGREED: |
| [Investment Company] | The Bank Of New York Mellon | The Bank Of New York Mellon |
| By: | By: | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Signer |
| Name: |  |  |
| On behalf of the Investment Company and each Fund, each in its individual and separate capacity, as | Name: |  |
| Title: |  |  |

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Confidential And Proprietary EXECUTION

**<u>Schedule E</u>**

**<u>Authorized Persons (All Funds)</u>**

Each of the following individuals is an "Authorized Person" of the "Fund", as those terms are defined and used in the Transfer Agency And Shareholder Services Agreement, dated as of<u> </u>, 20__, by and among BNY Mellon Investment Servicing (US) Inc. and ("Investment Company") and Portfolios of the Investment Company listed on Schedule B to such agreement .

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| |
|:---|
| Name: |
| Name: |
| Name: |
| Name: |
| Name: |
| Name: |
| Name: |
| Name: |

---

Terms not specifically defined in this Schedule E shall have the meaning ascribed elsewhere in the Agreement.

BNY may at all times rely on the most recently dated Schedule E. For clarification: this means that BNY will at all times and under all circumstances rely on and use a properly completed Schedule E until it is replaced by a properly completed Schedule E bearing a later date. A Schedule E will take effect on the date signed by BNY.

For clarification: BNY is not obligated to verify signatures nor issue nor require any security IDs, passwords or other security codes in connection with its interaction with Authorized Persons in such capacity.

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| | |
|:---|:---|
| On Behalf of the Investment Company and<br> each Portfolio of the Investment Company listedon Schedule<br>B to the Agreement, each in its individual and separate<br>capacity: | Acknowledged and accepted:<br>BNY Mellon Investment Servicing (US) Inc. |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| Date: | Date: |

---

## Exhibit 99.8

![LOGO](g939785g79a62.jpg)

**EXECUTION** 

**<u>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

THIS AGREEMENT is made as of <u>December 18, 2024</u> , by and between each investment company referenced on Exhibit A hereto (each a "Fund", collectively the "Funds"), and The Bank of New York Mellon, a New York banking organization ("BNY").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u> :

WHEREAS, each Fund is an investment company registered under the Investment Company Act of 1940, as amended; and

WHEREAS, each Fund desires to retain BNY to provide for the portfolios identified on

Exhibit A hereto (each, a "Series") the services described herein, and BNY is willing to provide such services, all as more fully set forth below;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u>

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations thereunder.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended, and the rules and regulations thereunder.

"<u>Authorized Person</u>" shall mean each person, whether or not an officer or an employee of a Fund, duly authorized by the Board to execute this Agreement and to give Instructions on behalf of such Fund as set forth in Exhibit B hereto and each Authorized Person's scope of authority may be limited by setting forth such limitation in a written document signed by BNY and the applicable Fund. From time to time each Fund may deliver a new Exhibit B to add or delete any person and BNY shall be entitled to rely on the last Exhibit B actually received by BNY.

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**EXECUTION**

"<u>BNY Affiliate</u>" shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation.

"<u>Board</u>" shall mean a Fund's board of directors, or board of trustees, as applicable.

"<u>Confidential Information</u>" shall have the meaning given in Section 22 below.

"<u>Documents</u>" shall mean such documents, including but not limited to, Board resolutions, including resolutions of the Fund's Board authorizing the execution, delivery and performance of this Agreement by the Fund, and opinions of outside counsel, as BNY may reasonably request from time to time, in connection with its provision of services under this Agreement.

"<u>Instructions</u>" shall mean Oral Instructions or written communications actually received by BNY by S.W.I.F.T., tested telex, letter, facsimile transmission or other method or system specified by BNY as available for use in connection with the services hereunder, from an Authorized Person or person reasonably believed in good faith to be an Authorized Person.

"<u>Investment Advisor</u>" shall mean the entity identified by a Fund to BNY as the entity having investment responsibility with respect to the Fund.

"<u>Net Asset Value</u>" shall mean the per share value of a Fund, calculated in the manner described in the Funds' Offering Materials.

"<u>Offering Materials</u>" shall mean a Fund's currently effective prospectus and most recently filed registration statement with the SEC relating to shares of the Fund.

"<u>Oral Instructions</u>" shall mean oral instructions received by BNY under permissible circumstances specified by BNY, in its sole discretion, as being from an Authorized Person or person reasonably believed in good faith by BNY to be an Authorized Person.

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**EXECUTION**

"<u>Organizational Documents</u>" shall mean certified copies of a Fund's articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement, memorandum of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts, Offering Materials, all SEC exemptive orders issued to a Fund, required filings or similar documents of formation or organization, as applicable, delivered to and received by BNY.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Shares</u>" means the shares of beneficial interest of any series or class of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment</u>.

Each Fund hereby appoints BNY as its agent for the term of this Agreement to perform the services described herein. BNY hereby accepts such appointment and agrees to perform the duties hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Each Fund hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by such Fund in accordance with all requisite action of the Board and constitutes a valid and legally binding obligation of such Fund, enforceable in accordance with its terms;

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**EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's Investment Advisor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except with respect to services to be performed by BNY hereunder, it is conducting its business in compliance in all material respects with all laws and regulations, both state and federal, to which it is subject, has made and will continue to make necessary tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents or other contract binding on it which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The method of valuation of securities and the method of computing the Net Asset Value shall be as set forth in the Offering Materials of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms of this Agreement, the fees and expenses associated with this Agreement and any benefits accruing to the Investment Advisor or sponsor of the Fund in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, upfront payments, signing payments or periodic payments made or to be made by BNY to such Investment Advisor or sponsor or any affiliate of the Fund relating to this Agreement have been fully disclosed to the Board of the Fund and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses and any such benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each person named on Exhibit B hereto is duly authorized by such Fund to be an Authorized Person hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without limiting the provisions of Section 22 below, the Fund shall treat as confidential the terms and conditions of this Agreement and shall not disclose nor authorize disclosure thereof to any other person, except (i) to its employees, officers, Board members, regulators, examiners, internal and external accountants, auditors and counsel, (ii) to employees of its affiliates on a need-to-know basis, (iii) for a summary description of this Agreement in the Offering Materials, (iv) to any other person when required by a court order or legal process, (v) as agreed in writing by BNY (which approval will not be unreasonably withheld) or (vi) whenever

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**EXECUTION**

advised by its counsel that it would be liable for a failure to make such disclosure. In addition, BNY acknowledges and agrees that this Agreement will be filed by the Fund with the SEC. The Fund shall instruct any person who may be afforded access to such information of the Fund's obligations of confidentiality hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It shall promptly notify BNY in writing if any statement set forth in this Section 3.1 ceases to be true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 BNY hereby represents and warrants to each Fund, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized, validly existing and in good standing in its jurisdiction of organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has the requisite corporate power and authority to enter into and to carry out the transactions contemplated by this Agreement and to act as administrator pursuant to this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there are no legal or administrative proceedings instituted or threatened against BNY of which BNY has not notified the Fund which would materially impair BNY's ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) its entrance into this Agreement shall not cause a material breach or it to be in material conflict with any other agreement or obligation of BNY or any law or regulation to which it is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) it is conducting its fund administration and fund accounting business and will provide its services under this Agreement in compliance in all material respects with all laws and regulations, both state and federal, to which it is subject and has obtained all regulatory approvals necessary to carry on its fund administration and fund accounting business as now conducted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) it shall promptly notify the Fund in writing of any changes occurring from time to time in BNY's legal or professional status that would materially impair BNY's ability to provide the services set forth in this Agreement to the Fund and it shall promptly notify the Fund in writing if any statement set forth in this Section 3.2 ceases to be true and correct in all material respects.

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**EXECUTION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Delivery of Documents.</u>

Each Fund shall promptly provide, deliver or cause to be delivered from time to time to BNY the Fund's Organizational Documents, Documents and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY to perform its duties hereunder. BNY shall not be deemed to have notice of any information (other than information supplied by BNY) until actually received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Matters Regarding BNY.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction and control of each Fund's Board and the provisions of this Agreement, BNY shall provide to each Fund the administrative services and the valuation and computation services listed on Schedule I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In performing hereunder, BNY shall provide, at its expense, office space, facilities, equipment and personnel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BNY shall not provide any services relating to the management, investment advisory or sub-advisory functions of any Fund, distribution of shares of any Fund, maintenance of any Fund's financial records or other services normally performed by the Funds' respective counsel or independent auditors and the services provided by BNY do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person, and each Fund acknowledges that BNY does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by BNY under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to a Fund, unless the Fund and BNY expressly agree in writing to any such increase in the scope of services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Fund shall cause its officers, advisors, distributor, legal counsel, independent auditors and accountants, transfer agent and other service providers ("Fund Personnel"), to cooperate with BNY and to provide BNY, upon request, with such information, documents and advice relating to such Fund as is within the possession or knowledge of such persons, and which in the opinion of BNY, is necessary in order to enable BNY to perform its

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**EXECUTION**

duties hereunder; provided that BNY rather than the Fund shall be responsible to cause its BNY Affiliates which are providing transfer agent and custodial services to the Fund ("BNY Personnel") to provide BNY with such information, documents and advice relating to such Fund as is within the possession or knowledge of such persons, and which in the opinion of BNY, is necessary in order to enable BNY to perform its duties hereunder. BNY shall not be responsible under this Agreement for, under any duty under this Agreement to inquire into, or be deemed to make any assurances under this Agreement with respect to, the accuracy, validity or propriety of, and shall be entitled under this Agreement to rely upon the accuracy, validity and propriety of, any information, documents or advice provided to BNY in connection with its performance of its duties under this Agreement. Except for information, documents or advice provided to BNY by BNY Personnel, BNY shall not be liable for any loss, damage or expense resulting from or arising out of the failure of a Fund to cause any information, documents or advice to be provided to BNY as provided herein. BNY shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third party service providers engaged by a Fund, or by any affiliate of such Fund or by any other third party service provider to such Fund. In the event that any services performed by BNY hereunder rely upon information obtained from a third party service utilized or subscribed to by BNY which BNY in its reasonable judgement deems reliable, BNY shall not have any responsibility or liability for, be under any duty to inquire into, or be deemed to make any assurances with respect to, the accuracy or completeness of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Fund shall furnish BNY with any and all instructions, explanations, information, specifications and documentation reasonably deemed necessary or requested by BNY in the performance of its duties hereunder, including without limitation (if applicable) the value of any securities lending related collateral investment account(s). BNY shall not be required to include as Fund liabilities and expenses, nor as a reduction of Net Asset Value, any accrual for any federal, state or foreign income taxes unless the Fund shall have specified to BNY in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce Net Asset Value. Each Fund shall also furnish BNY with bid, offer or fair market values of securities if BNY notifies such Fund that the same are not available to BNY from a security pricing or similar service utilized, or subscribed to, by BNY which the Fund directs BNY to utilize, and which BNY in its judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Fund also may furnish BNY with bid, offer or market values

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**EXECUTION**

of securities and instruct BNY in Instructions to use such information in its calculations hereunder. BNY shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY will be entitled to deal with any Authorized Person of any Fund for Instructions with respect to any matter arising in connection with BNY's performance hereunder for such Fund, and BNY shall not be liable for any action taken or omitted to be taken by it in good faith without negligence or willful misconduct in accordance with such Instructions. An application for Instructions may, at the option of BNY, set forth in writing any action proposed to be taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Group"). The BNY Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) each Fund consents to the disclosure of and authorizes BNY to disclose information regarding the Fund ("Customer-Related Data") to the BNY Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) BNY may store the names and business contact information of each Fund's employees and representatives related to this Agreement on the systems or in the records of the BNY Group or its service providers. The BNY Group may aggregate Customer-Related Data on an anonymized basis with other similar client data collected

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**EXECUTION**

and/or calculated by the BNY Group for BNY's and BNY Affiliates' reporting, research, product development and distribution, and marketing purposes, so long as such aggregated data represents a sufficiently large sample such that no Fund can be identified either directly or indirectly or by inference or implication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. BNY is solely responsible for processing such securities, as identified by the applicable Fund or its Authorized Persons, in accordance with U.S. tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) BNY shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and Schedule I attached hereto, and except as otherwise specifically set forth in this Agreement or specifically required by law or regulation to which BNY is subject no covenant or obligation shall be implied against BNY in connection with this Agreement. BNY acknowledges and agrees that the services provided by BNY pursuant to this Agreement are provided in the context of each Fund being an investment company registered under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) BNY, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by a Fund and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of securities; the amounts or formula for calculating the amounts and times of accrual of a Fund's or Series' liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of securities; and the amounts receivable or the amounts payable for the sale or redemption of Fund Shares effected by or on behalf of a Fund. In the event BNY's computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or fair market values of securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY which the Fund directs BNY to utilize, and which BNY in its judgment deems reliable, BNY shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to,

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**EXECUTION**

the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY shall not be required to inquire into any valuation of securities or other assets by a Fund or any third party described in this sub-section (j) even though BNY in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different securities of the same issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BNY, in performing the services required of it under the terms of this Agreement, will treat accrued interest as received unless otherwise instructed by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Allocation of Expenses.</u>

Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the appropriate Fund, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of such Fund's trustees, directors, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase of Fund shares or membership interests, as applicable, fees and expenses incident to the registration or qualification under the Securities Laws and state and other applicable securities laws of the Fund or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material to such Fund's shareholders or members, as applicable, all expenses incidental to holding meetings of such Fund's trustees, directors and shareholders, and extraordinary expenses as may arise, including litigation affecting such Fund and legal obligations relating thereto for which the Fund may have to indemnify its trustees, directors, officers, managers and/or members, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Portfolio Compliance Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Schedule I contains a requirement for BNY to provide a Fund with portfolio compliance services, such services shall be provided pursuant to the terms of this Section 7 (the "Portfolio Compliance Services"). The precise compliance review and testing services to be provided shall be as directed by each Fund and as mutually agreed between BNY and such Fund, and the results of BNY's Portfolio Compliance Services shall be detailed in a portfolio

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compliance summary report (the "Compliance Summary Report") prepared on a periodic basis as mutually agreed. BNY shall have no responsibility or obligation to provide Portfolio Compliance Services other that those services specifically listed in Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Fund will promptly examine each Compliance Summary Report delivered to it by BNY and will notify BNY of any error, omission or discrepancy in such Compliance Summary Report within ten (10) days of the Fund's receipt of the report. The Fund agrees to notify BNY in writing as promptly as practicable if it fails to receive any such Compliance Summary Report. In addition, if the Fund learns of any out-of-compliance condition before receiving a Compliance Summary Report reflecting such condition, the Fund will notify BNY of such condition as promptly as practicable after discovery thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) While BNY will endeavor to identify out-of-compliance conditions by applying BNY's standard of care as provided herein, the parties to this Agreement recognize that in all instances the Fund retains responsibility for portfolio compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Rule 38a-1 and Regulatory Administration Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Schedule I contains a requirement for BNY to provide a Fund with compliance support services related to Rule 38a-1 promulgated under the 1940 Act and/or Regulatory Administration services, such services shall be provided pursuant to the terms of this Section 8 (such services, collectively hereinafter referred to as the "Regulatory Support Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, the Regulatory Support Services provided by BNY under this Agreement are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All work product produced by BNY as outlined at Schedule I in connection with its provision of Regulatory Support Services under this Agreement is subject to review and approval by the applicable Fund and by the Fund's legal counsel. The Regulatory Support Services performed by BNY under this Agreement will be at the request and direction of the Fund and/or its chief compliance officer (the "Fund's CCO"), as applicable. BNY disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund's CCO and the adequacy and effectiveness of the Fund's compliance program.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Standard of Care; Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY hereby covenants to each Fund that for so long as this Agreement shall remain in force it shall, in accordance with all laws and regulations (both state and federal) to which BNY is subject, carry out its duties and obligations and exercise its powers and discretion under this Agreement using its reasonable endeavors and applying the level of skill and expertise that can reasonably be expected of a professional administrator of a registered investment company and shall provide such information regarding the performance of BNY's duties under this Agreement as may reasonably be requested by the Fund from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise provided herein, BNY and any BNY Affiliate shall not be liable for any costs, expenses, damages, liabilities or claims (including attorneys' and accountants' fees) incurred by or asserted against a Fund, except those costs, expenses, damages, liabilities or claims arising out of BNY's or any BNY Affiliate's own bad faith, negligence, willful misconduct, willful misfeasance or reckless disregard of BNY's duties. In no event shall BNY or any BNY Affiliate be liable to any Fund or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. BNY and any BNY Affiliate shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the Fund, or for delays caused by circumstances beyond BNY's reasonable control, unless such loss, damage or expense arises out of the bad faith, negligence, willful misconduct or willful misfeasance of BNY or any BNY Affiliate or reckless disregard of the duties of BNY. The maximum aggregate cumulative liability to a Fund and all persons or entities claiming through the Fund, considered as a whole, for all Losses under this Agreement (excluding Losses arising out of BNY's or any BNY Affiliate's own bad faith, gross negligence, willful misconduct, willful misfeasance or reckless disregard of BNY's duties), the recovery of which is not excluded by another provision of this Agreement, shall not exceed the fees actually paid to BNY by the Fund for services provided

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hereunder during the twelve (12) full calendar months immediately preceding the last date of loss (or, if the last date of loss occurs prior to the completion of twelve (12) full calendar months following the original date of this Agreement, the greater of (A) all fees paid with respect to services rendered during the full calendar months that have elapsed subsequent to the original date of this Agreement ("Elapsed Months") or (B) the average monthly amount of fees paid during the Elapsed Months multiplied by twelve (12)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the limitations on liability and responsibility provided in this Agreement with respect to the Funds, each Fund shall indemnify and hold harmless BNY from and against any and all costs, expenses, damages, liabilities and claims and reasonable attorneys' and accountants' fees relating thereto ("Losses"), including claims asserted by a Fund, which are sustained or incurred against BNY, by reason of or as a result of any action taken or omitted to be taken by BNY without bad faith, negligence, willful misconduct, willful misfeasance or reckless disregard of BNY's duties, or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) such Fund's Offering Materials or Documents (excluding information provided by BNY) or (iii) any Instructions, or arising out of transactions or other activities of such Fund which occurred prior to the commencement of this Agreement; provided, that no Fund shall indemnify BNY for Losses for which BNY is liable under the preceding sub-section 9(b). This indemnity shall be a continuing obligation of each Fund, its successors and assigns, notwithstanding the termination of this Agreement with respect to such Fund. Without limiting the generality of the foregoing, and subject to the limitations on liability and responsibility provided in this Agreement with respect to the Funds, and provided that no Fund shall indemnify BNY for Losses for which BNY is liable under the preceding sub-section 9(b), each Fund shall indemnify BNY against and save BNY harmless from any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following:

&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;I. Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by any third party described above or by or on behalf of the Fund (other than errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by BNY Personnel);

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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;II. Action or inaction taken or omitted to be taken by BNY pursuant to Instructions of the Fund or otherwise without negligence or willful misconduct;

&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;III. Any improper use by the Fund or its agents, distributor or investment advisor of any valuations or computations supplied by BNY pursuant to this Agreement;

&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;IV. The method of valuation of the securities and the method of computing each Series' Net Asset Value; and

&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;V. Any valuations of securities, other assets or the Net Asset Value provided by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Actions taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate, power of attorney, assignment, affidavit or other instrument believed by BNY in good faith to be from an Authorized Person, or upon the opinion of legal counsel for a Fund or BNY's own counsel, shall be conclusively presumed to have been taken or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to the limitations on liability and responsibility provided in this Agreement with respect to BNY, BNY agrees to indemnify and hold harmless each Fund and their respective directors, trustees, officers and employees from and against any Losses sustained or incurred against the Fund by reason of or as a result of BNY's material breach of the standard of care set forth in Section 9(a) of this Agreement or BNY's willful misfeasance, bad faith or negligence in the performance of its duties under this Agreement or reckless disregard by BNY of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Compensation.</u>

For the services provided hereunder, each Fund agrees to pay BNY such compensation as is mutually agreed to in writing by such Fund and BNY from time to time and such reasonable and documented out-of-pocket expenses (e.g., telecommunication charges, postage and delivery charges, costs of independent compliance reviews, record retention costs and reproduction charges) as are incurred by BNY in performing its duties hereunder (provided that unless otherwise agreed by BNY and a Fund, transportation and lodging costs must be pre-approved in writing by

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the Fund in advance of BNY billing the Fund for such costs). Except as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. BNY shall deliver to each Fund invoices for services rendered. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY, each Fund's Net Asset Value shall be computed at the times and in the manner specified in the Fund's Offering Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Records; Visits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books and records pertaining to each Fund and such Fund's Series which are in the possession or under the control of BNY shall be the property of the Fund. The Fund and its authorized representatives, including without limitation its auditors (including internal audit staff and exterior auditors) and compliance personnel, shall have access to such books and records at all times during BNY's normal business hours. Upon the reasonable request of the Fund, copies of any such books and records shall be provided by BNY to the Fund or to an authorized representative, at the Fund's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall keep all books and records with respect to each Series' books of account, records of each Series' securities transactions and all other books and records as BNY or a Fund is required to maintain pursuant to Rule 31a-1 of the 1940 Act in connection with the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Term of Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date first written above and, unless terminated pursuant to its terms, shall continue until 11:59 PM (Eastern time) on the date which is the fifth anniversary of the date upon which services begin being provided ("Service Effective Date") (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless a particular Fund or BNY gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal

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Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate with respect to the relevant Fund at 11:59 PM (Eastern time) on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a Fund or BNY with respect to a particular Fund materially breaches this Agreement (a "Defaulting Party") the other party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the Non-Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"), in which case this Agreement shall terminate as of 11:59 PM (Eastern time) on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice (but not later than the last day of the Initial Term or then-current Renewal Term, as appropriate). In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything contained in this Agreement to the contrary, (i) if in connection with a Change in Control (defined below) a Fund gives notice to BNY terminating this Agreement or terminating it as the provider of any of the services hereunder or (ii) if a Fund otherwise terminates this Agreement, except for a termination by the Fund pursuant to Section 12(c) above, or terminates any of the services hereunder, before the expiration of, as appropriate, the Initial Term or the then-current Renewal Term ("Early Termination"), the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the effective date of the Early Termination and before any conversion of Fund records and accounts to a successor service provider, the Fund shall pay to BNY an amount equal to all fees and other amounts ("Early Termination Fee") calculated as if BNY were to provide all services hereunder until the expiration of, as appropriate, the Initial Term or the then-current Renewal Term. The Early Termination Fee shall be calculated using the average of the monthly fees and other amounts due to BNY under this Agreement during the last three calendar months before the date of the notice of Early Termination (or, if not given, the date services are terminated hereunder). Notwithstanding the foregoing, the Early Termination Fee will only apply to the extent that the aggregate assets and/or accounts serviced by BNY are materially reduced as a result of the Early Termination.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund expressly acknowledges and agrees that the Early Termination Fee is not a penalty but reasonable compensation to BNY for the termination of services before the expiration of, as appropriate, the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For the purposes of this Section 12(d), "Change in Control" means a merger, consolidation, adoption, acquisition, change in control, re-structuring or re-organization of or any other similar occurrence involving a Fund or any affiliate of a Fund but shall exclude Series closures in the normal course of business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If the Fund gives notice of Early Termination (or an Early Termination without such notice occurs) after expiration of the notice period specified in Section 12(b) above, the references above to "expiration of, as appropriate, the Initial Term or the then-current Renewal Term" shall be deemed to mean "expiration of the Renewal Term immediately following, as appropriate, the Initial Term or the then-current Renewal Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If any of the Fund's assets serviced by BNY under this Agreement are removed from the coverage of this Agreement ("Removed Assets") and are subsequently serviced by another service provider (including the Fund or an affiliate of the Fund) and such removal results in a material reduction of the assets to be serviced under the terms of this Agreement: (i) the Fund will be deemed to have caused an Early Termination with respect to such Removed Assets as of the day immediately preceding the first such removal of assets and owe BNY an Early Termination Fee calculated as if the Removed Assets constituted a "Fund"; and (ii) at BNY's option, either (a) the Fund will also be deemed to have caused an Early Termination with respect to all non-Removed Assets as of a date selected by BNY resulting in the Fund owing BNY the Early Termination Fee, or (b) this Agreement will remain in full force and effect with respect to all non-Removed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Agreement, BNY may in its sole discretion terminate this Agreement immediately with respect to a particular Fund by sending notice thereof to the Fund upon the happening of any of the following: (i) the Fund commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against the Fund any such case or proceeding; (ii) the Fund commences as debtor any

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case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for the Fund or any substantial part of its property or there is commenced against the Fund any such case or proceeding; (iii) the Fund makes a general assignment for the benefit of creditors; or (iv) the Fund admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. BNY may exercise its termination right under this Section 12(e) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by BNY of its termination right under this Section 12(e) shall be without any prejudice to any other remedies or rights available to BNY and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 19 below, notice of termination under this Section 12(e) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Force Majeure.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party nor its affiliates shall be liable for any damages (including damages caused by delays, failure, errors, interruption or loss of data) or breach hereunder occurring directly or indirectly by reason of any event or circumstance, whether foreseeable or unforeseeable, which despite the taking of commercially reasonable measures is beyond its reasonable control, including without limitation: extraordinary forces of nature and natural disasters, such as floods, hurricanes, severe storms (storms with one or more severely destructive forces comparable to hurricane but not meeting technical hurricane criteria), tornados, earthquakes and wildfires; national or local states of emergencies; epidemics; action or inaction of civil or military authority; war, terrorism, riots or insurrection; criminal acts; building or area evacuations ordered by lawful authority; interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; denial of service attacks; or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the foregoing (all and any of the foregoing being an "Event Beyond Reasonable Control"). Upon the occurrence of an Event Beyond Reasonable Control, the affected party shall be excused from any non-performance caused by the Event Beyond Reasonable Control for so long as the Event Beyond Reasonable Control or damages caused by it prevail and such party continues to use commercially reasonable efforts to attempt to perform the obligation so impacted, including invoking disaster recovery or business continuity plans when applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall enter into and shall maintain reasonable provisions for emergency use of electronic data processing equipment to the extent appropriate equipment is available. In the event of equipment failures, BNY shall, at no additional expense to the applicable Fund, take reasonable steps to minimize service interruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment.</u>

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY and the Fund to be bound thereby, and authorized or approved by such Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Assignment; Subcontracting.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable or delegable by any Fund without the written consent of BNY, or by BNY without the written consent of the affected Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing: (i) BNY may assign or transfer this Agreement to any BNY Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY gives the relevant Funds thirty (30) days' prior written notice of such assignment or transfer and such assignment or transfer does not impair the provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY; (ii) BNY may subcontract with, hire, engage or otherwise outsource to any BNY Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY of any of its obligations or liabilities hereunder; (iii) BNY may subcontract with, hire, engage or otherwise outsource to an unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement provided that BNY shall be liable for the acts and omissions of such unaffiliated third party subcontractor to the same extent that BNY is liable for its own acts and omissions under this Agreement; and (iv) BNY, in the course of providing certain additional services requested by a Fund, including but not limited to, Typesetting, Money Market Fund or eBoard Book services

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("Vendor Eligible Services") as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with a financial printer or electronic services provider ("Vendor") to provide BNY with the ability to generate certain reports or provide certain functionality. BNY shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY and the Vendor for the provision of such services is then-currently in effect. Upon request, BNY will disclose the identity of the Vendor and the status of the contractual relationship, and a Fund is free in its discretion to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services. To the extent BNY subcontracts with, hires, engages or otherwise outsources to any third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement, this shall in no way relieve BNY of any of its liabilities or obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As compensation for the Vendor Eligible Services rendered by BNY pursuant to this Agreement, the applicable Fund will pay to BNY such fees as may be agreed to in writing by the Fund and BNY. In turn, BNY will be responsible for paying the Vendor's fees. For the avoidance of doubt, BNY anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY will retain the difference between the amount paid to BNY hereunder and the fees BNY pays to the Vendor as compensation for the additional services provided by BNY in the course of making the Vendor Eligible Services available to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law; Consent to Jurisdiction.</u>

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. Each Fund hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that in any jurisdiction any Fund may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, such Fund irrevocably agrees not to claim, and it hereby waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Severability; No Third Party Beneficiaries.</u>

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining

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provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances. A person who is not a party to this Agreement shall have no rights to enforce any provision of this Agreement, and no Fund shall have a right to enforce any provision of this Agreement as it relates to another Fund. BNY shall not be responsible for any costs or fees charged to a Fund or an affiliate of a Fund by consultants, counsel, auditors, public accountants or other service providers retained by the Fund or any such affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>No Waiver.</u>

Each and every right granted to BNY hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY of any right preclude any other or future exercise thereof or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Notices.</u>

All notices, requests, consents and other communications pursuant to this Agreement in writing shall be sent as follows:

if to a Fund, at

MoA Funds

320 Park Avenue

New York, NY 10022

Attention: General Counsel

if to BNY, at

BNY

103 Bellevue Parkway

Wilmington, Delaware 19809

Attention: Head of U.S. Fund Accounting

with a copy to:

BNY

240 Greenwich Street

New York, New York 10286

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Attention: Legal Dept. – Asset Servicing

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Counterparts.</u>

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Several Obligations.</u>

The parties acknowledge that the rights and obligations of the Funds hereunder are several and not joint, that no Fund shall be liable for any amount owing by another Fund and that the Funds have executed one instrument for convenience only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Confidentiality.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BNY shall keep confidential any information relating to a Fund's business and each Fund shall keep confidential any information relating to BNY's business (each, "Confidential Information"), except as expressly agreed in writing by the protected party. Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans and internal performance results relating to the past, present or future business activities of a Fund or BNY and their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula or improvement that is commercially valuable and secret in the sense that its confidentiality affords a Fund or BNY a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential. Notwithstanding the foregoing, as between BNY and a particular Fund information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes publicly known

------

**EXECUTION**

or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory authority request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving party; (g) is Fund information provided by BNY in connection with an independent third party compliance or other review; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving party. Provisions authorizing the disclosure of information shall survive any termination of this Agreement. The obligations set forth in this Section 22 shall survive any termination of this Agreement for a period of one (1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Fund acknowledges for itself and its users that certain information provided by BNY on its websites may be protected by copyrights, trademarks, service marks and/or other intellectual property rights, and as such, each Fund agrees that all such information provided is for the sole and exclusive use of the Fund and its users. Certain information provided by BNY is supplied to BNY pursuant to third party licensing agreements which restrict the use of such information and protect the proprietary rights of the appropriate licensor ("Licensor") with respect to such information. Therefore, each Fund, on behalf of itself and its users, further agrees not to disclose, disseminate, reproduce, redistribute or republish information provided by BNY on its websites in any way without the express written permission of BNY and the Licensor. (Licensor permission to be obtained by BNY prior to BNY providing its permission.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Non-Solicitation</u>.

During the effectiveness of this Agreement with respect to a particular Fund and for one (1) year thereafter, neither the Fund nor BNY shall, directly or indirectly, knowingly solicit or recruit for employment or hire, or make a recommendation or referral or otherwise knowingly assist or facilitate the solicitation or recruitment of any employee of the other party, for employment by such party. To "knowingly" solicit, recruit, hire, assist or facilitate, within the meaning of this provision, does not include, and therefore does not prohibit, solicitation, recruitment or hiring (or the other related activities stated above) of the other party's employee if such employee was identified solely as a result of the employee's response to a general advertisement in a publication of trade or industry interest or other similar general solicitation.

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**EXECUTION**

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the day and year first above written.

---

| | |
|:---|:---|
| MoA FUNDS CORPORATION | MoA FUNDS CORPORATION |
| By: | ![LOGO](g939785dsp114b.jpg) <br>|
|  | on behalf of itself and each Series referenced on Exhibit A hereto |
| Name: | R. Jeffrey Young |
| Title: | President |

---

---

| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | ![LOGO](g939785dsp114a.jpg) <br>|
| Name: | Shalini O'Suilleabhain |
| Title: | Managing Director |

---

------

**<u>EXHIBIT A</u>**

<u>List of Funds/Portfolios</u> 

<u>Name</u> 

---

| |
|:---|
|  MoA Funds Corporation: |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA All America Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Balanced Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Equity Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Equity Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Mid Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Intermediate Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Core Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Money Market Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Value Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Growth Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Small Cap Equity Index Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA International Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Catholic Values Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Aggressive Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Conservative Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Moderate Allocation Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Retirement Income Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2015 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2020 Fund |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2025 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2030 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2035 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2040 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2045 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2050 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2055 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2060 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2065 Fund |
| &nbsp;&nbsp;&nbsp;&nbsp; MoA Clear Passage 2070 Fund |

---

------

**<u>EXHIBIT B</u>**

I, [Name] , of [Fund Name] , a [State] [corporation/trust] (the "Fund"), do hereby certify that:

The following individuals serve in the following positions with the Fund, and each has been duly elected or appointed by the Board of the Fund to each such position and qualified therefor in conformity with the Fund's Organizational Documents, and the signatures set forth opposite their respective names are their true and correct signatures. Each such person is designated as an Authorized Person under the Fund Administration and Accounting Agreement dated as of<u> </u>, 202 , between the Fund and The Bank of New York Mellon.

---

| | | |
|:---|:---|:---|
| Name | Position | Signature |

---

------

**<u>SCHEDULE I</u>**

<u>Schedule of Services</u> 

The services included on this Schedule of Services may be provided by BNY or a BNY Affiliate, collectively referred to herein as "BNY".

**<u>VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES</u>**

BNY shall provide the following valuation support and computation accounting services for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Journalize investment, capital share and income and expense activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain individual ledgers for investment securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain historical tax lots for each security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reconcile cash and investment balances of each Fund with the Fund's custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate various contractual expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate capital gains and losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate daily distribution rate per share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determine net income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain security market quotes and currency exchange rates from pricing services approved by a Fund's
investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund's investment adviser, and in either case, calculate the market value of each Fund's investments in accordance with the Fund's valuation
policies or guidelines; provided, however, that BNY shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments, itself or to
confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY have any liability relating to inaccuracies or otherwise with respect to such information or valuations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate Net Asset Value in the manner specified in the Fund's Offering Materials (which, for the service
described herein, shall include the Fund's Net Asset Value error policy);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transmit or make available a copy of the daily portfolio valuation to a Fund's investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate yields (including SEC yields) and portfolio average dollar-weighted maturity as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate allocations of fund of fund positions using automated functionality in the accounting platform.

**<u>FINANCIAL REPORTING</u>**

BNY shall provide the following financial reporting services for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* *Financial Statement Preparation & Review* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare the Fund's respective class level annual and semi-annual shareholder reports with respect to a Fund
registered on Form N-1A <sup>1</sup>for shareholder delivery, inclusion in Form N-CSR and webhosting;

<sup>1</sup> Requires applicable "Typesetting Services" as described herein.

<sup>2</sup> Requires applicable "Typesetting Services" as described herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare the Fund's annual and semi-annual shareholder reports with respect to a Fund not registered on Form N-1A2 for shareholder delivery and inclusion in Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare the Fund's schedule of portfolio holdings2 for inclusion in Form N-PORT;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare, circulate and maintain the Fund's financial reporting production calendar;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and file (or coordinate the filing of) the Fund's Form 24f-2; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and coordinate the filing of the Fund's monthly website files and Form N-MFP, as applicable to money market funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Modernization Reporting Services* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY shall provide the Modernization Reporting Services set forth in this section to the Funds following a full
service operating model. This operating model requires BNY to include the actual filing of the reports as part of the services noted in this section. Modernization Reporting Services are "Vendor Eligible Services" as contemplated in
Section 15(b)(iv) of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FORM N-PORT. BNY, subject to the limitations described in this section
and its timely receipt of all necessary information related thereto, will, or will cause the Vendor to: (i) collect, aggregate and normalize the data required for the creation of Form N-PORT; (ii) prepare, on a monthly basis, Form N-PORT; and (iii) file Form N-PORT with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The timely receipt of necessary information referred to above will be determined by mutual agreement of BNY and
the Fund in advance of the preparation of the initial Form N-PORT to be filed under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless mutually agreed in writing between BNY and the Fund, BNY will use the same layout and format for every
applicable successive reporting period for Form N-PORT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FORM N-CEN. BNY, subject to the limitations described in this section and
its timely receipt of all necessary information related thereto, will, or will cause the Vendor to: (i) collect, aggregate and normalize the data required for the submission of Form N-CEN; (ii) prepare, on an annual basis, Form N-CEN; and (iii) file Form N-CEN with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The timely receipt of necessary information referred to above will be determined by mutual agreement of BNY and
the Fund in advance of the preparation of the initial Form N-CEN to be filed under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless mutually agreed in writing between BNY and the Fund, BNY will use the same source for obtaining the
information and method for performing the required calculations for every successive Form N-CEN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fixed Income Risk Analytics. BNY shall calculate the portfolio and security-level risk metrics required within
Form N-PORT and Form N-CEN (referenced above in this section).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity Rule Analysis. BNY shall perform a daily analysis for liquidity classifications and monitor liquidity
thresholds per the requirements for Form N-PORT and Form N-CEN (referenced above) and Rule 22e-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The analysis provided by BNY is subject to and dependent upon the Fund providing all necessary security
classifications and percentage thresholds necessary to perform such analysis. The parties hereto acknowledge that the Fund is solely responsible for the adoption, adequacy and effectiveness of the Fund's liquidity risk management program.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY shall not be responsible for: (a) delays in the transmission to it by the Fund, the Fund's adviser
and entities unaffiliated with BNY (collectively, for this Section, "Third Parties") of data required for the preparation of reports described herein, (b) inaccuracies of, errors in or omissions of, such data provided to it by any
Third Party, and (c) validation of such data provided to it by any Third Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund, in a timely manner, shall review and comment on, and, as the Fund deems necessary, cause its counsel
and accountants to review and comment on, the preparation of each report described in this section. The Fund shall provide to BNY timely sign-off of the preparation of each such report and timely authorization
and direction to file each such report. Absent such timely sign-off, authorization and direction by the Fund, BNY shall be excused from its obligations to prepare the affected report and to file the affected
report. BNY is providing the services related to such reports based on the acknowledgement of the Fund that such services, together with the activities of the Fund in accordance with its internal policies, procedures and controls, shall together
satisfy the requirements of the applicable rules and regulations for each such report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For such time as this section remains in effect, BNY shall be responsible for the retention of the filed reports
described in this section in accordance with any applicable rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Typesetting Services (applicable to footnote 1 and the related services stated above)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create financial compositions for the applicable financial report and related EDGAR files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain country codes, industry class codes, security class codes and state codes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create components that will specify the proper grouping and sorting for display of portfolio information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create components that will specify the proper calculation and display of financial data required for each
applicable financial report (except for identified manual entries, which BNY will enter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process, convert and load security and general ledger data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Document publishing, including the output of print-ready PDF files and EDGAR html files (such EDGAR html files
will be limited to one per the applicable financial report and unless mutually agreed to in writing between BNY and the Fund, BNY will use the same layout for production data for every successive reporting period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generate financial reports using the Vendor's capabilities which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• identifying information at the beginning of the shareholder report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• class expense example;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Discussion of Fund Performance (semi-annual shareholder report at Fund option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• key Fund statistics including total advisory fees paid by the Fund, portfolio turnover rate, net assets and
number of holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• graphical representation of holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• material Fund changes (if applicable) (semi-annual shareholder report at Fund option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in and disagreements with accountants in summary form (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statement regarding the availability of certain additional information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional Fund information as mutually agreed in writing between BNY and the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless mutually agreed in writing between BNY and the Fund, BNY will use the same layout and format for every
successive reporting period for the typeset reports. At the request of the Fund and upon the mutual written agreement of BNY and the Fund as to the scope of any changes and additional compensation of BNY, BNY will, or will cause the Vendor to,
change the format or layout of reports from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Typesetting Services (applicable to footnote 2 and the related services stated above)* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create financial compositions for the applicable financial report and related EDGAR files;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain country codes, industry class codes, security class codes and state codes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create components that will specify the proper grouping and sorting for display of portfolio information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Create components that will specify the proper calculation and display of financial data required for each
applicable financial report (except for identified manual entries, which BNY will enter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process, convert and load security and general ledger data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Include data in financial reports provided from external parties to BNY which includes, but is not limited to:
shareholder letters, "Management Discussion and Analysis" commentary, notes on performance, notes to financials, report of independent auditors, Fund management listing, service providers listing and Fund spectrums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Document publishing, including the output of print-ready PDF files and EDGAR html files (such EDGAR html files
will be limited to one per the applicable financial report and unless mutually agreed to in writing between BNY and the Fund, BNY will use the same layout for production data for every successive reporting period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generate financial reports using the Vendor's capabilities which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• front/back cover;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• table of contents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• shareholder letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Management Discussion and Analysis commentary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• sector weighting graphs/tables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disclosure of Fund expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• schedules of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statement of net assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements of assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements of changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• statements of cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial highlights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notes to financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• report of independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional Fund information as mutually agreed in writing between BNY and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless mutually agreed in writing between BNY and the Fund, BNY will use the same layout and format for every
successive reporting period for the typeset reports. At the request of the Fund and upon the mutual written agreement of BNY and the Fund as to the scope of any changes and additional compensation of BNY, BNY will, or will cause the Vendor to,
change the format or layout of reports from time to time.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Money Market Fund Services* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare, on a monthly basis, Form N-MFP, subject to BNY's timely
receipt of all necessary information related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare, on a monthly basis, an electronic file of the portfolio holdings information required by Rule 2a-7(c)(12) promulgated under the 1940 Act for public website disclosure, subject to BNY's timely receipt of all necessary information related thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• File Form N-MFP with the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the electronic file of the portfolio holdings information to the Fund or, at the Fund's written
direction, to an identified third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Neither BNY nor the Vendor, in connection with a particular Money Market Fund Services report, will:
(i) access, post reports to or perform any service on a Fund's website; or (ii) prepare, provide or generate any reports, forms or files not specifically agreed to by BNY in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The applicable Fund acknowledges that it shall be responsible for the retention of any Money Market Fund Services
reports in accordance with Rule 2a-7 promulgated under the 1940 Act or any other applicable rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unless mutually agreed in writing between BNY and a Fund, BNY will use the same layout and format for every
successive reporting period for the Money Market Fund Services reports. At the request of a Fund and upon the mutual written agreement of BNY and the Fund as to the scope of any changes and additional compensation of BNY, BNY will, or will cause the
Vendor to, customize Money Market Fund Services reports from time to time.

**<u>TAX SERVICES</u>**

BNY shall provide the following tax services for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Tax Provision Preparation* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare fiscal year-end tax provision analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process tax adjustments on securities identified by a Fund that require such treatment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare ROCSOP adjusting entries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare financial statement footnote disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from
treatment under U.S. generally accepted accounting principles; this responsibility resides with the Fund or Fund's management. BNY is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Excise Tax Distributions Calculations* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare calendar year tax distribution analysis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Process tax adjustments on securities identified by a Fund that require such treatment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare annual tax-based distribution estimate for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from
treatment under U.S. generally accepted accounting principles; this responsibility resides with the Fund or Fund's management. BNY is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other Tax Services* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare for execution and filing, the federal and state income and excise tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare year-end Investment Company Institute broker/dealer reporting and
prepare fund distribution calculations disseminated to broker/dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate U.S.C. Title 26 Internal Revenue Code ("IRC") §855 and excise tax distribution
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Uncertain Tax Positions* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Documentation of all material tax positions taken by a Fund with respect to specified fiscal years and identified
to BNY ("Tax Positions");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review of a Fund's: (i) tax provision work papers, (ii) excise tax distribution work papers,
(iii) income and excise tax returns, (iv) tax policies and procedures and (v) Subchapter M compliance work papers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determine as to whether or not Tax Positions have been consistently applied, and documentation of any
inconsistencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review relevant statutory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review tax opinions and legal memoranda prepared by tax counsel or tax auditors to a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review standard mutual fund industry practices, to the extent such practices are known to, or may reasonably be
determined by, BNY; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivery of a written report to the applicable Fund detailing such items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *The following are expressly excluded from the Uncertain Tax Positions services: (i) assessment of risk of any challenge by the Internal Revenue Service or other taxing authority against any Tax Position (including, without limitation, whether it is "more likely than not" such Tax Position would be sustained); (ii) calculation of any tax benefit measurement, in whole or in part, that may be required if any "more likely than not" threshold has not been met; and (iii) any tax opinion or tax advice. Additionally, none of the Uncertain Tax Positions services shall be deemed to be or constitute a tax opinion or tax advice.* 

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) The Fund shall provide such information and documentation as BNY may reasonably request in connection with the Uncertain Tax Positions services. The Fund's independent public accountants shall cooperate with BNY and make such information available to BNY as BNY may reasonably request.* 

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Notwithstanding anything to the contrary in this Agreement and without limiting any rights, protections or limitations of liability otherwise provided to BNY pursuant to this Agreement, (i) BNY is authorized and permitted to release such information as is necessary or desirable to be released in connection with the provision of any of the Uncertain Tax Positions services, (ii) management of the Fund is responsible for complying with all uncertain tax positions reporting obligations relating to the Fund and BNY shall have no liability to the Fund or any other entity or governmental authority with respect to any tax positions taken by the Fund, (iii) BNY shall have no liability either for any error or omission of any other service provider (including any accounting firm or tax adviser) to the Fund or for any failure to discover any such error or omission, (iv) the Fund shall be responsible for all filings, tax* 

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*returns and reports on all Tax Positions and for the payment of all taxes and similar items (including without limitation penalties and interest related thereto) and (v) in the event of any error or omission in the performance of a Uncertain Tax Positions service the Fund's exclusive remedy and BNY's sole liability shall be limited to reperformance of the applicable Uncertain Tax Positions service and the preparation and delivery to the Fund of a corrected report, such reperformance, preparation and delivery to be provided at no additional service charge to the Fund.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• IRS CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the Internal Revenue Service, BNY informs the Fund that any U.S. tax advice contained in any communication from BNY to the Fund (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein or therein.

**<u>FUND ADMINISTRATION SERVICES</u>**

BNY shall provide the following fund administration services for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In accordance with Instructions received from a Fund, and subject to portfolio limitations as provided by such
Fund to BNY in writing from time to time, monitor such Fund's compliance, on a post-trade basis, with such portfolio limitations, provided that BNY maintains in the normal course of its business all data necessary to measure the Fund's
compliance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Monitor the Fund's status as a regulated investment company under Subchapter M of the IRC and Subchapter L
of the IRC (if required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Establish appropriate expense accruals and compute expense ratios, maintain expense files and coordinate the
payment of Fund approved invoices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Calculate Fund approved income and per share amounts required for periodic distributions to be made by the
applicable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Produce performance return files for all standard time periods with respect to applicable Funds and share classes
in standard BNY format;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disseminate performance return files in standard BNY format on a monthly basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disseminate benchmark performance return files (provided that the relevant benchmark data is readily available to
BNY in the normal course of BNY's business and at no additional cost to BNY) in standard BNY format on a monthly basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate a Fund's annual audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Supply various normal and customary portfolio and Fund statistical data as requested on an ongoing basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the chief executive officer or chief financial officer of a Fund is required to provide a certification as
part of the Fund's Form N-CSR filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002 or as part of such other SEC filing as agreed between the Fund
and BNY, provide a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification is to be in such form and
relating to such

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matters as agreed to by BNY in advance. BNY shall be required to provide the sub-certification only during the term of this Agreement with respect to the applicable Fund and only if it receives such cooperation as it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation. <br>

**<u>REGULATORY ADMINISTRATION SERVICES</u>**

BNY shall provide the following regulatory administration services for each Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintain a regulatory calendar for each Fund listing various SEC filing and Board approval deadlines;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assemble and distribute board materials for quarterly meetings of the Board, including the drafting of agendas
and resolutions for such quarterly meetings of the Board (with final selection of agenda items made by Fund counsel);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attend (in-person or telephonically) quarterly Board meetings and draft
minutes thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and coordinate the filing of annual post-effective amendments to a Fund's registration statement
(not including the initial registration statement or related to the addition of one or more classes of shares or series or the combining of multiple prospectuses into one prospectus or the splitting of one prospectus into multiple prospectuses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prepare and coordinate the filing of Forms N-CSR (including financial
statements required to be included therein by SEC Release No. IC-34371) and N-PX, as applicable (with the Fund supplying the voting records for Form N-PX in the format required by BNY);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assist the Fund in the handling of SEC examinations by providing requested documents in the possession of BNY
that are on the SEC examination request list; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assist with and/or coordinate such other filings, notices and regulatory matters on such terms and conditions as
BNY and the applicable Fund may mutually agree upon in writing from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *eBoard Book Services*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permit persons or entities entering a valid password to have electronic access, via an Internet-based secure
website, to current quarterly Board meeting materials and such other Board meeting materials as may be agreed between BNY and a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *38a-1 Compliance Support Services* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide compliance policies and procedures related to certain services provided by BNY and, if mutually agreed,
certain of the BNY Affiliates; summary procedures thereof; and periodic certification letters.

## Exhibit 99.9

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| | |
|:---|:---|
| ![LOGO](g939785g0809192225406.jpg) |  |
|  | **Jason D'Angelo**<br> Chief Legal Officer<br> 212.224.1530<br> jason.d'angelo@mutualofamerica.com |

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September 2, 2025

MoA Funds Corporation

320 Park Avenue

New York, NY 10022

**Re: MoA Mid Cap Growth Fund** 

Dear Sirs/Madams:

This opinion is furnished in connection with the filing of Post-Effective Amendment No. 73 to the Registration Statement on Form N-1A (the "Post-Effective Amendment") of MoA Funds Corporation and the proposed offering of common shares, par value $.01 per share, of the MoA Mid Cap Growth Fund as described in the Post-Effective Amendment.

I have reviewed such documents and records as I have deemed necessary to express an informed opinion on the matters covered hereby. It is my opinion that the common shares of the MoA Mid Cap Growth Fund, when issued and sold in accordance with the Post-Effective Amendment and in jurisdictions where such sales have been authorized, will be legally issued, fully paid and non-assessable.

I hereby consent to the use of this opinion as an exhibit to the Post-Effective Amendment and to the reference to my name under the heading "Legal Matters" in the Statement of Additional Information.

Sincerely,

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| |
|:---|
| /s/ Jason D'Angelo |
| Jason D'Angelo |
| Chief Legal Officer |

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MoA Funds 320 Park Avenue, New York, NY 10022-6839 MoAFunds.com