This Separate Account Fund invests in the All America Fund of Mutual of America Investment Corporation which seeks to outperform the S&P 500® Index by investing in a diversified portfolio of primarily common stocks. This Underlying Fund invests approximately 60% of its assets (the Indexed Assets) to replicate, to the extent practicable, investment results that correspond to the performance of the S&P 500® Index. The Underlying Fund invests the remaining approximately 40% of its assets (the Active 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 with a broad exposure to the market

A portion of the Fund’s assets is indexed and a portion is actively managed.

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

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. Before investing in our variable accumulation annuity contracts, you should consider the investment objectives, risks, charges and expenses (a contract fee, Separate Account expenses and Underlying Funds expenses) carefully. This and other information is contained in the contract prospectus or brochure and Underlying Funds prosectuses. Please read the prospectuses and brochure carefully before investing. The prospectuses and brochure can be obtained by mail or by calling 1-800-468-3785.

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.

Portfolio Turnover Rate(%): 23%*

*Excludes all short-term securities.

Thomas J. Dillman, President of the Adviser, joined the Adviser in August 2003. Prior to joining the Adviser, Mr. Dillman was Director of Equity Research at Deutsche Bank, and prior to that he was head of research at State Street Research. He has approximately 31 years of investment management experience, with an emphasis on senior research roles. He manages the large cap value and large cap growth segments of the Fund.

Stephen J. Rich, Executive Vice President of the Adviser, joined the Adviser in February 2004 from his position as Vice President, Senior Portfolio Manager at J.P. Morgan Fleming Investment Management Inc. He has approximately 21 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. He manages the small and mid cap value segment of the Fund.

Marguerite Wagner, Executive Vice President of the Adviser, joined the Adviser in 2005 from her position as Managing Director, Citigroup Asset Management. She was employed by Citigroup in various portfolio management roles from 1985 until she joined the Adviser. Ms. Wagner has approximately 27 years of experience selecting securities and managing portfolios. She manages the small cap growth segment of the Fund.

Benjamin L. Heben, Second Vice President of the Adviser, oversees the indexed portion of the fund. Mr. Heben joined the Adviser in July 2010 from Intrepid Capital Management, Inc., and has approximately 9 years of experience in the financial industry.