This Separate Account Fund invests in the Bond Fund of Mutual of America Investment Corporation, of which its primary investment objective is to provide as high a level of current income over time as is believed to be consistent with prudent investment risk. A secondary objective is preservation of capital. The Underlying Fund seeks to achieve its objective by investing primarily in investment-grade, publicly traded debt securities, such bonds, U.S. government and agency securities, including mortgage-backed securities and zero coupon securities.

The performance data shown above 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. Please consider carefully the investment objectives, risks, charges and expenses of the Separate Account investment funds before investing. For this and other information about Mutual of America's products and their Separate Account investment funds, investors should obtain the applicable contract brochure or prospectus and prospectuses of the Underlying Funds by calling the toll-free number, 1-800-468-3785. Please read them carefully before investing. Investments in the Money Market Fund (and in the other Funds) are neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Mutual of America Life Insurance Company is a Registered Broker-Dealer.

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.

Andrew L. Heiskell, Executive Vice President of the Adviser, has responsibility for setting the fixed income investment strategy and overseeing the day-to-day operations of the Bond Fund. He has approximately 35 years of experience in selecting securities for, and managing, fixed-income portfolios. Mr. Heiskell has been employed by the Adviser since 1993.

Gary P. Wetterau, Executive Vice President of the Adviser, joined the Adviser in August 1995 from his position of Assistant Vice President and Portfolio Manager of S.D. Sass. He has approximately 22 years of experience in selecting securities for, and managing, fixed income portfolios. Mr. Wetterau has managed fixed income portfolios for the Adviser and currently manages the mortgage backed securities segment of the fund.