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MUTUAL OF AMERICA INVESTMENT CORPORATION
SUPPLEMENT 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 assume responsibility for the investment of
assets of the Aggressive Growth Portfolio of the Aggressive Equity Fund,
currently managed by Deutsche Morgan Grenfell/C.J. Lawrence Inc., formerly
known as C.J. Lawrence/Dentsche Bank Securities Corporation ("C.J. Lawrence").
The Adviser and C.J. Lawrence have agreed to terminate their Subadvisory
Agreement effective October 1, 1995. As of that date, all references in the
Prospectus to C.J. Lawrence and its Subadvisory Agreement with the Adviser are
deleted, and Charles Rinaldi, a Senior Vice President of the Adviser and the
portfolio manager for the Aggressive Value Portfolio of the Aggressive Equity
Fund since its inception, will serve as portfolio manager for all Fund assets.
September 22, 1995
