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MUTUAL OF AMERICA INVESTMENT CORPORATION
SUPPLEMENT DATED JULY 3, 1995 TO PROSPECTUS DATED MAY 1, 1995
Mutual of America Capital Management Corporation (the "Adviser"), the
investment adviser for Mutual of America Investment Corporation (the
"Corporation"), has decided to reassume responsibility for the investment of
assets of the All America Fund currently managed by Mitchell Hutchins
Institutional Investors Inc. ("Mitchell Hutchins"). Accordingly, the Adviser
and Mitchell Hutchins have agreed that the Subadvisory Agreement between the
Adviser and Mitchell Hutchins will terminate as of July 14, 1995. The
prospectus of the Corporation is modified as follows, effective July 14, 1995.
ON PAGE 8, UNDER "THE ALL AMERICA FUND": In the second paragraph, the second
sentence is revised to refer to three rather than four Subadvisers and the
reference to Mitchell Hutchins in the fourth sentence is deleted; and in the
third paragraph references to "Mitchell Hutchins" are replaced with "the
Adviser".
ON PAGE 15 UNDER "THE SUBADVISERS": The fourth paragraph referring to Mitchell
Hutchins is deleted in its entirety, and the last paragraph is modified to
delete "Mitchell Hutchins, .50%;".
ON PAGE 16 UNDER "THE PORTFOLIO--ALL AMERICA FUND": The first sentence is
modified to read "The Active Assets of the All America Fund are managed by the
Adviser and three Subadvisers", and the fourth paragraph relating to Mitchell
Hutchins is deleted in its entirety and replaced by the following:
Frederick M. Gallagher, Senior Vice President/Equities of the Adviser, is
responsible for the day-to-day management of the Adviser's portion of the
Active Assets of the Fund. Mr. Gallagher joined the Adviser in June 1995
and previously served as Senior Vice President/Equity Investments at
Continental Asset Management Corporation. He has more than 30 years of
experience in the investment business.
