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071 B000400 196260
071 C000400 340051
071 D000400 58
072 A000400 12
072 B000400 26604
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 1851
072 G000400 0
072 H000400 0
072 I000400 0
072 J000400 0
072 K000400 0
072 L000400 0
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<PAGE> PAGE 21
072 S000400 0
072 T000400 0
072 U000400 0
072 V000400 0
072 W000400 0
072 X000400 1851
072 Y000400 0
072 Z000400 24753
072AA000400 2444
072BB000400 0
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073 A020400 0.0000
073 B000400 0.0070
073 C000400 0.0000
074 A000400 1
074 B000400 0
074 C000400 25193
074 D000400 385333
074 E000400 0
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074 S000400 0
074 T000400 413705
074 U010400 289864
074 U020400 0
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074 W000400 0.0000
074 X000400 3
074 Y000400 0
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<PAGE> PAGE 22
076 000400 0.00
008 A000501 MUTUAL OF AMERICA CAPITAL MANAGEMENT CORP.
008 B000501 A
008 C000501 801-43897
008 D010501 NEW YORK
008 D020501 NY
008 D030501 10103
015 A000501 CHASE MANHATTAN BANK
015 B000501 C
015 C010501 BROOKLYN
015 C020501 NY
015 C030501 11245
015 E010501 X
028 A010500 131
028 A020500 0
028 A030500 0
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028 C020500 10
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028 F010500 1021
028 F020500 911
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<PAGE> PAGE 23
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048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
048 I020500 0.000
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062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 2.7
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.7
062 N000500 80.9
062 O000500 0.0
062 P000500 15.7
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 13.0
064 A000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 N
070 B010500 N
070 B020500 N
070 C010500 Y
070 C020500 N
070 D010500 N
070 D020500 N
<PAGE> PAGE 24
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 N
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 N
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 11448
071 B000500 11170
071 C000500 14903
071 D000500 75
072 A000500 12
072 B000500 994
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<PAGE> PAGE 25
072 T000500 0
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<PAGE> PAGE 26
008 A000601 MUTUAL OF AMERICA CAPITAL MANAGEMENT CORP.
008 B000601 A
008 C000601 801-43897
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10103
015 A000601 CHASE MANHATTAN BANK
015 B000601 C
015 C010601 BROOKLYN
015 C020601 NY
015 C030601 11245
015 E010601 X
028 A010600 437
028 A020600 0
028 A030600 0
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028 C020600 60
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028 F020600 852
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028 G020600 912
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<PAGE> PAGE 27
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062 M000600 30.1
062 N000600 26.3
062 O000600 0.0
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062 R000600 0.0
063 A000600 0
063 B000600 7.0
064 A000600 N
066 A000600 N
067 000600 N
068 A000600 N
068 B000600 N
069 000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
<PAGE> PAGE 28
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 N
070 J020600 N
070 K010600 N
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 Y
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070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600 5614
071 B000600 1422
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<PAGE> PAGE 29
072 U000600 0
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075 B000600 11034
076 000600 0.00
008 A000701 MUTUAL OF AMERICA CAPITAL MANAGEMENT CORP.
<PAGE> PAGE 30
008 B000701 A
008 C000701 801-43897
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10103
015 A000701 CHASE MANHATTAN BANK
015 B000701 C
015 C010701 BROOKLYN
015 C020701 NY
015 C030701 11245
015 E010701 X
028 A010700 567
028 A020700 0
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<PAGE> PAGE 31
048 D020700 0.000
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063 B000700 13.0
066 A000700 Y
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066 C000700 N
066 D000700 N
066 E000700 N
066 F000700 N
066 G000700 Y
067 000700 Y
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 Y
070 C010700 Y
<PAGE> PAGE 32
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
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070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 N
070 J020700 N
070 K010700 N
070 K020700 N
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070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 262505
071 B000700 256063
071 C000700 246111
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072 B000700 10017
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<PAGE> PAGE 33
072 Q000700 0
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<PAGE> PAGE 34
075 A000700 0
075 B000700 246111
076 000700 0.00
008 A000801 MUTUAL OF AMERICA CAPITAL MANAGEMENT CORP.
008 B000801 A
008 C000801 801-43897
008 D010801 NEW YORK
008 D020801 NY
008 D030801 10103
015 A000801 CHASE MANHATTAN BANK
015 B000801 C
015 C010801 BROOKLYN
015 C020801 NY
015 C030801 11245
015 E010801 X
028 A010800 3891
028 A020800 0
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<PAGE> PAGE 35
048 B020800 0.000
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<PAGE> PAGE 36
070 A020800 N
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070 K020800 N
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070 L020800 N
070 M010800 N
070 M020800 N
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071 A000800 272928
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<PAGE> PAGE 37
072 M000800 0
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<PAGE> PAGE 38
074 V020800 0.00
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076 000800 0.00
SIGNATURE BRIAN KEOUGH
TITLE MANAGER
Board of Directors
Mutual of America Investment Corporation:
In planning and performing our audit of the financial statements
of Mutual of America Investment Corporation for the year ended
December 31, 1997, we considered its internal control, including
control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal
control.
The management of Mutual of America Investment Corporation is
responsible for establishing and maintaining internal control.
In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and
related costs of controls. Generally, controls that are
relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are
fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to
the risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute
of Certified Public Accountants. A material weakness is a
condition in which the design or operation of one or more of
the internal control components does not reduce to a relatively
low level the risk that misstatements caused by error or fraud
in amounts that would be material in relation to the financial
statements being audited may occur and not be detected within a
timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above as of December 31, 1997.
This report is intended solely for the information and use of
management, the Board of Directors of Mutual of America
Investment Corporation, and the Securities and Exchange
Commission.
[SIGNATURE ON FILE WITH ORIGINAL]
New York, New York
February 20, 1998
