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<PAGE> PAGE 12
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<PAGE> PAGE 19
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070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 148576
071 B000400 93327
071 C000400 431977
071 D000400 22
072 A000400 12
072 B000400 32468
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 2245
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<PAGE> PAGE 21
072 Q000400 0
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074 A000400 3
074 B000400 0
074 C000400 6068
074 D000400 454190
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<PAGE> PAGE 22
075 A000400 0
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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
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028 A010500 6
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<PAGE> PAGE 23
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062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
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062 J000500 0.0
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062 L000500 0.0
062 M000500 16.1
062 N000500 71.4
062 O000500 0.0
062 P000500 6.2
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063 A000500 0
063 B000500 10.0
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
<PAGE> PAGE 24
070 D010500 N
070 D020500 N
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 22016
071 B000500 15714
071 C000500 17203
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072 A000500 12
072 B000500 1094
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<PAGE> PAGE 25
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<PAGE> PAGE 26
075 B000500 17203
076 000500 0.00
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
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015 C030601 11245
015 E010601 X
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<PAGE> PAGE 27
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064 A000600 N
066 A000600 N
067 000600 N
068 A000600 N
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070 A010600 Y
070 A020600 N
070 B010600 N
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<PAGE> PAGE 28
070 D020600 N
070 E010600 N
070 E020600 N
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070 H010600 N
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070 I010600 N
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070 Q010600 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
076 000600 0.00
008 A000701 MUTUAL OF AMERICA CAPITAL MANAGEMENT CORP.
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
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<PAGE> PAGE 31
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<PAGE> PAGE 32
070 B020700 Y
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<PAGE> PAGE 33
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<PAGE> PAGE 34
074 X000700 3
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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
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015 C030801 11245
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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SIGNATURE BRIAN KEOUGH
TITLE MANAGER
To the Board of Directors of
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, 1998, 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 limitation 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 controls and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of December 31, 1998.
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]
Arthur Andersen LLP
New York, New York
February 19, 1999
