This Separate Account Fund invests in the Mid Cap Value Fund of Mutual of America Investment Corporation, which seeks capital appreciation and, to a lesser extent, current income. Such Underlying Fund seeks to achieve its objective by investing in value stocks issued by mid-sized market capitalizations believed to be undervalued in the marketplace in relation to factors such as the company's assets, earnings or growth potential. Under normal market conditions at least 85% of the Fund’s total assets are invested in equity securities and at least 80% of the Fund’s total assets are invested in mid cap value stocks.

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.

Stephen J. Rich, Executive Vice President of the Adviser, manages the Mid Cap Value Fund. He joined the Adviser in February 2004 from his position as Vice President, Senior Portfolio Manager at J.P. Morgan Fleming Asset Management Inc. He has approximately 19 years of experience selecting securities for, and managing, equity portfolios. Mr. Rich was a portfolio manager at J.P. Morgan Fleming for 2 years prior to joining the Adviser where he was responsible for managing small cap portfolios.