This Separate Account Fund invests in the Composite Fund of Mutual of America Investment Corporation, which seeks to achieve capital appreciation and current income, by investing in a diversified portfolio of publicly-traded common stocks, debt securities and money market instruments. This Underlying Fund seeks to achieve long-term growth of its capital and increasing income by investments in common stock and other equity-type securities, and a high level of current income through investments in publicly- traded debt securities and money market instruments.

The Fund invests a portion of its assets in equity and in fixed income securities, where the portion in each category of securities will vary based on the Adviser’s view of current economic and market conditions.

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(%): 36%*

*Excludes all short-term securities.

Thomas J. Dillman, President of the Adviser, joined the Adviser in August 2003. He manages the large cap equity portion of the Fund. 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.

Andrew L. Heiskell, Executive Vice President of the Adviser, manages the fixed income portion of the Fund. He has approximately 37 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 M.D. Sass. He has approximately 21 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.