Supplement dated February 9, 2000
to Prospectus dated May 1, 1999
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MUTUAL OF AMERICA INVESTMENT CORPORATION
Mutual of America Investment Corporation (Investment Company) hereby supplements
its Prospectus, dated May 1, 1999, as follows:
All America Fund: Mutual of America Capital Management Corporation (Adviser),
the investment adviser for the Investment Company, and Palley-Needelman Asset
Management, Inc. have agreed to the termination of the subadvisory agreement
between the Adviser and Palley-Needelman relating to approximately 10% of the
assets of the All America Fund. The Adviser has reassumed all investment
management responsibilities for that portion of the Fund, which will continue to
be invested in large capitalization value stocks. Thomas P. Larsen, who has been
managing the Adviser's portion of the actively managed assets of the Fund in a
small capitalization value portfolio, is now responsible for managing this
additional 10% portion of Fund assets. As a consequence: 1) the Adviser will
actively manage approximately 20% of the Fund's assets and each of the two
Subadvisers will manage approximately 10% of the Fund's assets; 2) the
paragraphs on pages 8 and 9 of the prospectus concerning Palley-Needelman are
deleted in their entirety; 3) references in the prospectus to "three
Subadvisers" are changed to "two Subadvisers"; and 4) references to
"Palley-Needelman" and "Subadviser" on page 13 of the prospectus are changed to
"Adviser".
Aggressive Equity Fund: At a special meeting of shareholders of the Investment
Company scheduled for February 28, 2000, Aggressive Equity Fund shareholders who
owned shares as of December 21, 1999 will vote on a proposal to amend the
investment objective of the Fund to read: "The investment objective of the
Aggressive Equity Fund is capital appreciation." If approved, the Fund will
continue to invest in growth and value stocks, but the Adviser will determine
the percentage of Fund assets to be invested in each type of stock, rather than
investing Fund assets approximately equally in each type.
