Exhibit 4(f)

                         INVESTMENT ADVISORY AGREEMENT

                       SUPPLEMENT, dated May 1, 2003, to

                         INVESTMENT ADVISORY AGREEMENT

Supplement  made this 1st day of May,  2003,  by and  between  Mutual of America
Capital  Management  Corporation,  a Delaware  corporation (the "Adviser"),  and
Mutual  of  America  Investment   Corporation,   a  Maryland   corporation  (the
"Company"),  supplementing the investment  advisory agreement dated the 21st day
of April 1993,  as previously  supplemented,  by and between the Adviser and the
Company (the "Investment Advisory Agreement").

                                   WITNESSETH

WHEREAS, the Company desires the Adviser to provide investment advisory services
with respect to the management of the assets of the Aggressive  Allocation Fund,
Moderate  Allocation  Fund  and  Conservative  Allocation  Fund  (together,  the
"Allocation  Funds") of the Company,  in the manner and on the terms hereinafter
provided, and the Adviser has agreed to provide such services.

NOW,  THEREFORE,  in  consideration  of the premises  and the mutual  agreements
herein contained,  the Investment  Advisory Agreement is hereby  supplemented as
follows:

1.    Engagement  of  Investment  Advisory  Services.  The  Company  engages the
      Adviser to provide  investment  advisory and  management  services for the
      Allocation  Funds,  in the manner  described  in the  Investment  Advisory
      Agreement  and the  Company's  Registration  Statement  on Form  N-1A,  as
      amended.

2.    Advisory Fee. Paragraph 6 of the Investment  Advisory Agreement is amended
      by adding the following sentence at the end thereof:

            As  compensation  for  its  investment   advisory  services  to  the
            Allocation   Funds,   the  Adviser   shall   receive  no  additional
            compensation from the Company.

IN WITNESS  WHEREOF,  the  undersigned  have  executed  this  Supplement  to the
Investment  Advisory Agreement by their duly authorized  officers as of the date
first written above.


MUTUAL OF AMERICA                              MUTUAL OF AMERICA
CAPITAL MANAGEMENT CORPORATION                 INVESTMENT CORPORATION


By                                             By
   ------------------------------                  ----------------------------
   Name:                                           Name:
   Title:                                          Title: