Fund Information   
 Investment ObjectivePrincipal Investment StrategiesPrincipal Investment Risks
 Performance 

Portfolio Information  
  Portfolio Turnover Rate Asset Allocation
as of 9/30/2018
Equity Industry Allocation  
  Fixed Income Sector Allocation Fixed Income Quality Equity Top Ten Holdings  
  Manager Biography


Fund Information for Mutual of America's Group Products (Except Defined Benefit and Pension Investment Contract), SEP and SIMPLE Contracts Separate Account No. 2 - Standard Pricing
Calvert VP SRI Balanced Portfolio
Investment ObjectiveReturn to Top

The Portfolio seeks to achieve a competitive total return through an actively managed portfolio of stocks, bonds, and money market instruments which offer income and capital growth opportunity.


Principal Investment StrategiesReturn to Top

The Portfolio normally invests at least 80% of its net assets (plus any borrowings for investment purposes) in companies and other issuers that the Adviser determines operate in a manner consistent with or promote The Calvert Principles for Responsible Investment (the "Principles"). The Principles provide a framework for the Adviser's evaluation of investments considering environmental, social and governance factors. The Principles seek to identify companies and other issuers that operate in a manner that is consistent with or promote environmental sustainability and resource efficiency; equitable societies and respect for human rights; and accountable governance and transparency, among other factors. For additional information, please refer to "Appendix A: The Calvert Principles for Responsible Investment." The Portfolio will provide shareholders with at least 60 days' notice before changing this 80% policy.

The Portfolio typically invests approximately 60% of its net assets in stocks and 40% in bonds or other fixed-income investments. Stock investments are primarily common stock in large-cap companies. Fixed-income investments are primarily a wide variety of investment grade debt securities, such as corporate debt securities, mortgage-backed securities (including commercial mortgage-backed securities and collateralized mortgage obligations ("CMOs")) and other asset-backed securities ("ABS"). The Portfolio invests in debt and mortgage-backed securities issued by government-sponsored enterprises ("GSEs") such as the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). The Portfolio may invest up to 25% of its net assets in publicly-traded real estate investment trusts ("REITs").

The Portfolio may invest up to 25% of its net assets in foreign securities, some of which may be issued by companies domiciled in emerging market countries. Foreign securities include, but are not limited to, securities that are issued by foreign governments, supranational entities and foreign corporations. As an alternative to holding foreign stocks directly, the Portfolio may invest in U.S. dollar-denominated securities of foreign companies that trade on U.S. exchanges or in the over-the-counter market (including American Depositary Receipts ("ADRs") which may be sponsored or unsponsored and Global Depositary Receipts ("GDRs").

The Portfolio may invest in investment grade debt securities and below investment grade debt securities ("junk bonds"). The Portfolio may also invest in unrated debt securities. An investment grade debt security is rated BBB- or higher by Standard & Poor's Ratings Services ("S&P") or by Fitch Ratings ("Fitch"), or Baa or higher by Moody's Investors Service, Inc. ("Moody's"), or is an unrated debt security determined by the Adviser to be of comparable credit quality. Below investment grade debt securities ("junk bonds") are rated below BBB- by S&P or Fitch, or below Baa by Moody's, or is an unrated debt security determined by the Adviser to be of comparable credit quality.

The Portfolio invests in a combination of stocks, bonds and money market instruments in an attempt to provide a complete investment portfolio in a single product. The Adviser monitors the Portfolio's allocation and may rebalance or reallocate the Portfolio's assets based on its view of economic and market factors and events. The equity portion of the Portfolio is primarily a large cap U.S. portfolio, although the Portfolio may also invest in foreign stocks and small- and mid-cap stocks. Stocks are selected primarily on the basis of fundamental research, utilizing the information provided by, and the expertise of, the Adviser's research staff and consideration of the responsible investing criteria described below. The portfolio managers may sell a security when they believe it is fully valued, the fundamentals of a company deteriorate, or to pursue alternative investment options.

Investment decisions for the fixed-income portion of the Portfolio are made primarily on the basis of fundamental and quantitative research conducted by the Adviser's research staff and consideration of the responsible investing criteria described below. Management of the fixed-income portion of the Portfolio involves consideration of numerous factors (such as quality of business franchises, financial strength, management quality and security structural and collateral considerations). The portfolio managers may sell a security when the Adviser's price objective is reached, the fundamentals of the investment change or to pursue more attractive investment options. The Portfolio manages duration and any hedging of interest rate risk in the fixed-income portion of the Portfolio through the purchase and sale of U.S. Treasury securities and related futures contracts. The Portfolio does not have a specific target for its average portfolio duration and may invest in bonds and other fixed-income instruments of any maturity.

Incidental to its main investment strategy, the Portfolio may also use futures contracts as a substitute for direct investment in a particular asset class, in order to facilitate the periodic rebalancing of the Portfolio to maintain its target asset allocation, to make tactical asset allocations and to assist in managing cash.

Responsible Investing. In selecting investments for the Portfolio, CRM is guided by The Calvert Principles for Responsible Investment, which provide a framework for considering environmental, social and governance ("ESG") factors that may affect investment performance. For additional information, please refer to "Appendix A: The Calvert Principles for Responsible Investment."


Principal Investment RisksReturn to Top

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

Management Risk. Individual investments of the Portfolio may not perform as expected, and the portfolio management practices may not achieve the desired result. There is a risk that the Adviser may allocate assets to an asset class that underperforms other asset classes.

Stock Market Risk. The market prices of stocks held by the Portfolio may fall.

Common Stock Risk. Although common stocks have a history of long-term growth in value, their prices fluctuate based on changes in a company's financial condition, on overall market and economic conditions, and on investors' perception of a company's well-being.

Large-Cap Company Risk. Large-cap companies may be unable to respond quickly to new competitive challenges such as changes in technology, and also may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion.

Mid-Cap Company Risk. Prices of mid-cap stocks can be more volatile than those of larger, more established companies. Mid-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.

Small-Cap Company Risk. Prices of small-cap stocks can be more volatile than those of larger, more established companies. Small-cap companies are more likely to have more limited product lines, fewer capital resources and less depth of management than larger companies.

Foreign and Emerging Market Investment Risk. Because the Portfolio can invest a portion of its assets in foreign instruments, the value of shares may be adversely affected by changes in currency exchange rates and political, economic and market developments abroad, including the imposition of economic and other sanctions by the United States or another country. Investment markets in emerging market countries are typically smaller, less liquid and more volatile than developed markets, and emerging market securities often involve higher risk than developed market securities. Trading in foreign markets often involves higher expense than trading in the United States. The value of investments denominated in foreign currencies can be adversely affected by changes in foreign currency exchange rates. Depositary receipts are subject to many of the risks associated with investment directly in foreign instruments.

Bond Market Risk. Economic and other events (whether real, expected or perceived) can reduce the demand for investments held by the Portfolio, which may reduce their market prices and cause the value of Portfolio shares to fall. The frequency and magnitude of such changes cannot be predicted. Certain securities and other investments held by the Portfolio can experience downturns in trading activity and, at such times, the supply of such instruments in the market may exceed the demand. At other times, the demand for such instruments may exceed the supply in the market. An imbalance in supply and demand in the market may result in greater price volatility, less liquidity, wider trading spreads and a lack of price transparency in the market. No active trading market may exist for certain investments, which may impair the ability of the Portfolio to sell or to realize the full value of such investments in the event of the need to liquidate such assets. Adverse market conditions may impair the liquidity of some actively traded investments. Fixed income markets have recently experienced a period of relatively high volatility due to rising U.S. treasury yields which, in part, reflect the market's expectations for higher U.S. economic growth and inflation. As a result of the Federal Reserve's recent decision to raise the target fed funds rate following a similar move last year and the possibility that it may continue with such rate increases and/or unwind its quantitative easing program, among other factors, markets could experience continuing high volatility, which could negatively impact the Portfolio's performance.

Risk of Money Market Instruments. Money market instruments may be adversely affected by market and economic events, such as a sharp rise in prevailing short-term interest rates; adverse developments in the banking industry, which issues or guarantees many money market securities; adverse economic, political or other developments affecting domestic issuers of money market securities; changes in the credit quality of issuers' and default by a counterparty.

Interest Rate Risk. A change in interest rates may adversely affect the value of fixed-income securities. When interest rates rise, the value of fixed-income securities will generally fall. Longer-term securities are subject to greater interest rate risk.

Credit Risk. The credit quality of fixed-income securities may deteriorate, which could lead to default or bankruptcy of the issuer where the issuer becomes unable to pay its obligations when due.

Mortgage-Backed and Asset-Backed Securities Risk. The value of investments in mortgage-backed and asset-backed securities is subject to interest rate risk and credit risk. These securities are also subject to the risk that borrowers will prepay the principal on their loans more quickly than expected (prepayment risk) or more slowly than expected (extension risk), which will affect the yield, average life and price of the securities. In addition, faster-than-expected prepayments may cause the Portfolio to invest the prepaid principal in lower yielding securities and slower than expected prepayments may reduce the potential for the Portfolio to invest in higher yielding securities.

Mortgage-Backed Security Risk (Government-Sponsored Enterprises). Debt and mortgage-backed securities issued by GSEs such as FNMA and FHLMC are neither insured nor guaranteed by the U.S. Treasury and are not backed by the full faith and credit of the U.S. government. Such securities are only supported by the credit of the applicable GSE. The U.S. government has provided financial support to FNMA and FHLMC, but there can be no assurance that it will support these or other GSEs in the future.

Collateralized Mortgage Obligation and Structured Asset-Backed Securities Risk. A CMO is a multiclass bond that is backed by a pool of mortgage loans or mortgage-backed securities. A structured ABS is a multiclass bond that is typically backed by a pool of auto loans, credit card receivables, home equity loans or student loans. A CMO or structured ABS is subject to interest rate risk, credit risk, prepayment risk and extension risk. In addition, if the Portfolio holds a class of aCMOor a structured ABS that is subordinated to other classes backed by the same pool of collateral, the likelihood that the Portfolio will receive payments of principal may be substantially limited.

Below-Investment Grade Debt Securities Risk. Investments in below-investment grade debt securities (commonly known as "junk bonds") can involve a substantial risk of loss. Junk bonds are considered to be speculative with respect to the issuer's ability to pay interest and principal. These securities, which are rated below investment grade, have a higher risk of issuer default, are subject to greater price volatility than investment grade securities and may be illiquid.

Unrated Security Risk. Unrated securities may be less liquid than rated securities determined to be of comparable quality by the Adviser. When the Portfolio purchases unrated securities it will depend on the Adviser's analysis of credit risk without the assessment of S&P, Moody's or Fitch.

Real Estate Risks. Real estate investments, such as REITs, are subject to special risks including changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, and the management skill and creditworthiness of the issuer. Changes in underlying real estate values may have an exaggerated effect to the extent that investments concentrate in particular geographic regions or property types.

Active Trading Strategy Risk. The fixed-income portion of the Portfolio employs an active style that seeks to position the Portfolio with securities that offer the greatest price appreciation while minimizing risk. This style can result in higher turnover exceeding 100% and may translate to higher transaction costs.

Futures Contracts Risk. The value of a futures contract tends to increase and decrease in tandem with the value of the underlying instrument. The price of futures can be highly volatile; using them could lower total return, and the potential loss from futures can exceed the Portfolio's initial investment in such contracts. Futures contracts may not provide an effective hedge of the underlying securities or indexes because changes in the prices of futures contracts may not track those of the securities or indexes that they are intended to hedge.

Responsible Investing Risk. Investing primarily in responsible investments carries the risk that, under certain market conditions, the Portfolio may underperform funds that do not utilize a responsible investment strategy. The application of responsible investment criteria may affect the Portfolio's exposure to certain sectors or types of investments, and may impact the Portfolio's relative investment performance depending on whether such sectors or investments are in or out of favor in the market. An investment's ESG performance, or the Adviser's assessment of such performance, may change over time, which could cause the Portfolio to temporarily hold investments that do not comply with the Portfolio's responsible investment criteria. In evaluating an investment, the Adviser is dependent upon information and data that may be incomplete, inaccurate or unavailable, which could cause the Adviser to misanalyse the ESG factors relevant to a particular investment. Successful application of the Portfolio's responsible investment strategy will depend on the Adviser's skill in properly identifying and analyzing material ESG issues.

General Portfolio Investing Risks. The Portfolio is not a complete investment program and there is no guarantee that the Portfolio will achieve its investment objective. It is possible to lose money by investing in the Portfolio. The Portfolio is designed to be a long-term investment vehicle and is not suited for short-term trading. Investors in the Portfolio should have a long-term investment perspective and be able to tolerate potentially sharp declines in value. An investment in the Portfolio is not a deposit in a bank and is not insured.


Performance Return to Top


TOTAL RETURN PERFORMANCE DATA
FOR MUTUAL OF AMERICA GROUP PRODUCTS (EXCEPT DEFINED BENEFIT AND PENSION INVESTMENT CONTRACT), SEP AND SIMPLE CONTRACTS SEPARATE ACCOUNT NO. 2 - STANDARD PRICING
AS OF 11/9/2018
Year to Date 1.50%
FOR PERIODS ENDED 10/31/2018
Prior 3 Months -2.92%
ANNUALIZED
Prior 1 Year 2.73%
Prior 3 Years 4.93%
Prior 5 Years 4.72%
Prior 10 Years 7.74%
Date of Inception1 5/13/1991

1 Date of Inception shown is the date the Underlying Fund became available to the Separate Account, in accordance with a current SEC staff position. An Underlying Fund may have begun operations at an earlier date.



The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and unit values will fluctuate so that units, when redeemed, may be worth more or less than their original cost. Investment Fund total return performance currently may be lower or higher than the figures stated above.

The total return performance data are based on a hypothetical investment of $1,000, which is redeemed at the end of the periods shown. The total return figures reflect the reinvestment of investment income and capital gains and losses, and are net of expenses which include a contract fee, an expense risk fee, administrative charges, a distribution expense charge and Underlying Funds fees and expenses.

The total return figures for periods extending beyond a year are average rates of return and do not reflect the Funds' actual year-to-year results, which varied over the periods shown. Contributions or withdrawals made within a period would experience different rates of return based on the unit values on the dates of such transactions.

Effective September 11, 2013, the subadviser was terminated and the adviser assumed responsibility for the day-to-day management of the equity securities of the Calvert VP SRI Balanced Portfolio.

Portfolio Information for the Calvert VP SRI Balanced Portfolio
Portfolio Turnover RateReturn to Top

Portfolio Turnover Rate(%): 132%*

*Excludes all short-term securities.


Asset Allocation as of 9/30/2018
(reflects most recent information available)
Return to Top

         
  Asset Allocation
Asset Type % of Portfolio
Equities62.6%
Fixed Income36.9%
Cash0.5%
 
The above Portfolio Information is provided to illustrate the types of securities in which the Portfolio may invest. The information is subject to change and may not represent the Portfolio's current or future holdings.

Equity Industry Allocation as of 9/30/2018
Return to Top

         
  Equity Industry Allocation
Industry % of Equity Holdings
Cash0.0%
Materials2.8%
Industrials9.7%
Communication Services8.8%
Consumer Discretionary10.8%
Consumer Staples7.7%
Energy4.7%
Financials12.8%
Health Care14.5%
Information Technology21.7%
Real Estate3.4%
Utilities3.1%
 
The above Portfolio Information is provided to illustrate the types of securities in which the Portfolio may invest. The information is subject to change and may not represent the Portfolio's current or future holdings.

Fixed Income Sector Allocation as of 9/30/2018
Return to Top

         
  Fixed Income Sector Allocation
Sector % of Fixed Income
Holdings
Cash2.4%
U.S. Govt. Treasuries10.2%
U.S. Govt. Agencies7.0%
Mortgage Backed4.8%
Corporate47.4%
Banks & Finance0.0%
Utilities0.0%
Municipals0.0%
Asset Backed28.2%
Telephone0.0%
Foreign & Yankee0.0%
Cash & Other0.0%
 
The above Portfolio Information is provided to illustrate the types of securities in which the Portfolio may invest. The information is subject to change and may not represent the Portfolio's current or future holdings.

Fixed Income Quality as of 9/30/2018
Return to Top

         
  Fixed Income Quality
Rating % of Fixed Income
Holdings
AAA27.4%
AA4.7%
A17.0%
BBB40.0%
BB8.1%
B and Below2.8%
Not Rated0.0%
 
The above Portfolio Information is provided to illustrate the types of securities in which the Portfolio may invest. The information is subject to change and may not represent the Portfolio's current or future holdings.

Equity Top Ten Holdings as of 9/30/2018
(reflects most recent information available)
Return to Top



Company % of Equity Holdings
Apple Inc.4.9%
Alphabet Inc. Class C3.9%
Microsoft Corporation3.5%
Amazon.com Inc.3.0%
Walt Disney Compnay2.7%
Anthem, Inc.2.3%
Verizon Communications Inc.2.3%
Ball Corp.2.0%
Mondelez International, Inc. Class A2.0%
Simon Property Group, Inc.1.9%



The above Portfolio Information is provided to illustrate the types of securities in which the Portfolio may invest. The information is subject to change and may not represent the Portfolio's current or future holdings.
Manager Biography Return to Top


Vishal Khanduja, CFA, Vice President of CRM, has managed the Portfolio since March 2013. Mr. Khanduja manages other Calvert funds and is a Vice President of CRM. Prior to joining CRM on December 31, 2016, he was a Portfolio Manager and Head of the Taxable Fixed Income Team at CIM and prior to July 2012 he was a Portfolio Manager – Global Rates and Currency Team at Columbia Management.

Brian S. Ellis, CFA, Vice President of CRM, has managed the Portfolio since November 2015. Mr. Ellis manages other Calvert funds and is a Vice President of CRM. Prior to joining CRM on December 31, 2016, he was a member of the Taxable Fixed Income Team at CIM since May 2012 and prior thereto a Business Analyst at CIM.

Christopher Madden, CFA, Vice President of CRM, has managed the Portfolio since November 2015. Mr. Madden manages other Calvert funds and is Vice President of CRM. Prior to joining CRM on December 31, 2016, Mr. Madden served as equity analyst and portfolio manager at CIM for more than five years.

Jade Huang, Vice President of CRM, has managed the Portfolio since November 2015. Ms. Huang manages other Calvert funds and is Vice President of CRM. Prior to joining CRM on December 31, 2016, Ms. Huang served as an equity analyst and portfolio manager at CIM for more than five years.

Charles B. Gaffney, Vice President of CRM, has managed the Portfolio since December 31, 2016. Mr. Gaffney is a Vice President of CRM and has been an employee of the Eaton Vance organization for more than five years. He currently manages other funds and portfolios.


Before investing, you should carefully consider the investment objectives, risks, charges and expenses of the variable annuity contract and the underlying investment funds. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses. Please read the contract prospectus or brochure and underlying fund prospectuses and summary prospectuses carefully before investing. The contract prospectus or brochure and underlying fund prospectuses and summary prospectuses can be obtained by mail or by calling 1-800-468-3785.



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