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Clear Passage Funds

A Simple Way to Invest

MoA Clear Passage Funds provide a simple retirement strategy. They offer the advantage of a diversified "fund of funds" approach within a single Fund, with the added benefit of professional asset allocation (the mix of stocks, bonds and money market funds). Each Clear Passage Fund will invest in certain other MoA Funds.

Put another way, the Clear Passage Fund(s) are designed to offer investors a plan that simplifies the asset allocation decision prior to and continuing into retirement. Is a Clear Passage Fund right for you?

Asset Allocation Made Easier

The Clear Passage Fund(s) that are geared to an estimated retirement date have an asset allocation mix among equities (stocks), fixed income (bonds) and short-term investments that is designed to be more aggressive for individuals with a larger time horizon to retirement, and become more conservative as you near retirement.

Choose the Clear Passage Fund with a retirement date closest to when you want to retire. The professionals at Mutual of America Capital Management LLC will manage your asset allocation for you, consistent with each Fund's objective. Learn how the Clear Passage Funds' mix of equities, fixed income and money market funds changes over time.

The Retirement Income Fund

The Retirement Income Fund is intended for investors who have reached retirement or have passed their anticipated retirement year, and seeks current income consistent with preservation of income and, to a lesser extent, capital appreciation.

The Retirement Income Fund is comprised of a mix of primarily fixed income funds, equity funds and a money market fund.

When the Retirement Year Is Reached

Many investors can expect to live for a significant time period after retirement. Although capital preservation becomes a primary consideration during retirement, growth is also an important consideration to help offset the negative impact of inflation.

As a result, a year-specific Clear Passage Fund that has reached its target retirement date may have as much as 45% of its assets invested in equities.

Such a maturing Clear Passage Fund will move toward the allocation mix of the Retirement Income Fund over the 10-year period after the retirement year has been attained.

At any time within 10 years after a Clear Passage Fund has reached its target retirement year, the assets may be transferred into the Retirement Income Fund if approved by the Board of Directors of MoA Funds. The maturing Clear Passage Fund will then cease to exist, and its participants will automatically become participants in the Retirement Income Fund.

The value of a Clear Passage Fund is not guaranteed at any time, including at and after the target date. There is no guarantee that a Clear Passage Fund will correctly predict market or economic conditions, and as with other mutual fund investments, you could lose money. In addition to a retirement date, individuals should consider their risk tolerance, time horizon, personal circumstances and complete financial situation before investing.

You should consider the investment objectives, risks, and charges and expenses of the variable annuity contract and the underlying investment funds carefully before investing. This and other information is contained in the contract prospectus or brochure and underlying funds prospectuses and summary prospectuses, which can be obtained by calling 800.468.3785 or visiting mutualofamerica.com. Read them carefully before investing.

Mutual of America's group and individual retirement products that are variable annuity contracts are suitable for long-term investing, particularly for retirement savings. The value of a variable annuity contract will fluctuate depending on the performance of the Separate Account investment options you choose. Upon redemption, you could receive more or less than the principal amount invested. A variable annuity contract provides no additional tax-deferred treatment of benefits beyond the treatment provided to any qualified retirement plan or IRA by applicable tax law. You should consider a variable annuity contract's other features before making a decision.

Mutual of America Capital Management LLC, the Adviser, may, from time to time, adjust the percentage of assets invested in any specific underlying Fund held by a Clear Passage Fund, as well as the specific underlying Funds themselves. These target allocations are not expected to vary from the charts by more than plus or minus 10 percentage points. Although the Clear Passage Funds will not generally vary beyond the 10-percentage-point target allocation range, a Clear Passage Fund may, at times, determine, in light of market or economic conditions, that this range should be exceeded to protect the Clear Passage Fund or help it to achieve its objective.

As an example of the operation of the Clear Passage Funds, if a shareholder invested in the 2045 Clear Passage Fund in 2022, in approximately five years, in 2027, that Fund will have substantially the same mix of investments as shown for the 2040 Clear Passage Fund. The other Clear Passage Funds, except for the Retirement Income Fund, will operate in the same way.