N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23449

Mutual of America Variable Insurance Portfolios, Inc.

(Exact name of registrant as specified in charter)

320 Park Avenue, New York, N.Y. 10022

(Address of principal executive offices) (Zip code)

Chris W. Festog

Chairman of the Board, President and Chief Executive Officer

Mutual of America Variable Insurance Portfolios, Inc.

320 Park Avenue

New York, NY 10022

(Name and address of agent for service)

Registrant’s telephone number, including area code:

(212) 224-1600

Date of fiscal year end: December 31

Date of reporting period: June 30, 2022

ITEM 1.    REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders follows:

JUNE 30, 2022

Semi-Annual Reports of Mutual of America Variable Insurance Portfolios

This report is not to be construed as an offering for sale of any Variable Policy. No offering is made except in conjunction with a prospectus, which must precede or accompany this report.

CONTENTS

	Page
Semi-Annual Report of Mutual of America Variable Insurance Portfolios, Inc.
President’s Message		1
Portfolio Management Discussions		3
Asset Allocations		10
Expense Example		15
Portfolios of Investments in Securities:
Equity Index Portfolio		23
All America Portfolio		29
Small Cap Value Portfolio		39
Small Cap Growth Portfolio		41
Small Cap Equity Index Portfolio		43
Mid Cap Value Portfolio		50
Mid-Cap Equity Index Portfolio		52
International Portfolio		57
Retirement Income Portfolio		61
2015 Retirement Portfolio		61
2020 Retirement Portfolio		61
2025 Retirement Portfolio		62
2030 Retirement Portfolio		62
2035 Retirement Portfolio		63
2040 Retirement Portfolio		63
2045 Retirement Portfolio		64
2050 Retirement Portfolio		64
2055 Retirement Portfolio		65
2060 Retirement Portfolio		65
Conservative Allocation Portfolio		66
Moderate Allocation Portfolio		66
Aggressive Allocation Portfolio		66
Money Market Portfolio		67
Mid-Term Bond Portfolio		68
Bond Portfolio		71
Footnotes to Portfolios of Investments in Securities		77
Statements of Assets and Liabilities		78
Statements of Operations		82
Statements of Changes in Net Assets		86
Financial Highlights		94
Notes to Financial Statements		104
Additional Information		124

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

We are pleased to present the Mutual of America Variable Insurance Portfolios, Inc. (the “Investment Company”) Semi-Annual Report. The Investment Company’s Portfolios launched on January 24, 2020. This Report includes important information regarding the performance and financial position of the Investment Company’s Portfolios for the six months ended June 30, 2022.

Mid-Year Economic Perspective: Volatility and Uncertainty Reign

A look into the rearview mirror at U.S. financial markets from the first half of 2022 is dismal, and the view ahead — at least for the short-term — is murky. The stock market just weathered its worst first six months of a year since 1970, with the S&P 500^® Index down 20.0% through June 30. Bond prices also underperformed, with the 10-year Treasury down 11.3%.

There were some bright spots in the economy, including strong jobs growth, near-record-low unemployment rates, sturdy corporate balance sheets, healthy consumer spending and a still relatively low interest rate environment.

However, four key issues continue to drive a historically turbulent period for both stock and bond investors: the combination of inflation at multidecade highs, the U.S. Federal Reserve (Fed) continuing to tighten monetary policy by raising interest rates, the ongoing war between Russia and Ukraine, and the lingering impact of the global pandemic.

Inflation Takes Centerstage

The volatility seen in the first half of 2022 represents a departure from recent years, which were characterized by steady growth and, until April of 2021, inflation rates below 3.0%. By June of this year, inflation reached a 40-year high, with the government reporting that consumer prices climbed 9.1% year over year — the highest level since November of 1981.

Commodity prices helped drive up inflation last year and were already elevated at the start of 2022; however, the war in Ukraine exacerbated the problem. With fears of potential supply disruption in the oil markets, crude oil prices surged above $100 per barrel. At the same time, costs skyrocketed for major inputs in the products Americans use daily, from aluminum to coffee to wheat, and manufacturers passed those along through higher prices.

Consumers Hit Hard

Faced with price increases on everything from gas and food to housing and entertainment, consumers are feeling the pain. The U.S. Department of Agriculture’s forecasts for consumer food price inflation continue to rise, with all food prices rising 5% to 6% — at least double the 20-year average for food price increases of 2.4%. And gas prices topped an average of $5.00 per gallon for the first time ever in June, but did ease during July, providing a modicum of relief during the summer travel season.

Still, the price increases have not stopped consumer demand for products and services. The unleashing of savings amassed during the pandemic (including from government support) and steady wage increases, helped exacerbate manufacturing backlogs and supply-chain bottlenecks.

Federal Reserve Balancing Act

Faced with the persistent rise of inflation, the Fed shifted (arguably too late) from an accommodative monetary posture to a more aggressive approach — triggering a series of interest rate hikes designed to slow the economy down and reduce inflation. With further rates hikes likely and a Fed target interest rate at 3.66% by year-end, it remains to be seen whether the Fed’s efforts will succeed without tipping the economy into a recession.

Regardless of whether the country is heading into a recession, the short-to-intermediate term economic outlook is likely to remain murky and the markets unsettled. Most advisors are recommending that investors should continue to monitor the current economic environment, and ensure their portfolio aligns with their risk tolerance and time horizon.

The total return performance (net of investment management and other operating expenses) for each of the Investment Company Portfolios is reflected below:

Total Returns — Six Months Ended June 30, 2022
Equity Index Portfolio	-19.90%
All America Portfolio	-19.99%
Small Cap Value Portfolio	-14.05%
Small Cap Growth Portfolio	-30.08%
Small Cap Equity Index Portfolio	-19.00%
Mid Cap Value Portfolio	-13.56%

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Total Returns — Six Months Ended June 30, 2022 (Continued)
Mid-Cap Equity Index Portfolio	-19.51%
International Portfolio	-15.62%
Retirement Income Portfolio	-10.51%
2015 Retirement Portfolio	-11.37%
2020 Retirement Portfolio	-12.91%
2025 Retirement Portfolio	-14.49%
2030 Retirement Portfolio	-16.06%
2035 Retirement Portfolio	-17.10%
2040 Retirement Portfolio	-17.90%
2045 Retirement Portfolio	-18.14%
2050 Retirement Portfolio	-18.22%
2055 Retirement Portfolio	-18.29%
2060 Retirement Portfolio	-18.32%
Conservative Allocation Portfolio	-12.21%
Moderate Allocation Portfolio	-15.24%
Aggressive Allocation Portfolio	-17.96%
Money Market Portfolio	0.08%
Mid-Term Bond Portfolio	-  5.95%
Bond Portfolio	-  9.42%

The above performance figures do not reflect the deduction of respective Separate Account fees and expenses imposed by Mutual of America Life Insurance Company. All Portfolio performances presented throughout this report are historical, reflect the full reinvestment of dividends paid, and should not be considered indicative of future results.

The pages that immediately follow include brief discussions of each Portfolio’s performance for the six months ended June 30, 2022, compared to its relevant index.

Following the discussions are the graphical representations of the asset allocations of each Portfolio and an illustration of each Portfolio’s operating expenses. The portfolios of each Portfolio and financial statements are presented in the pages that follow.

Thank you for your continued investment in our Portfolios.

Sincerely,

Chris W. Festog

Chairman of the Board,

President and Chief Executive Officer

Mutual of America Variable Insurance Portfolios, Inc.

The views expressed in this Semi-Annual Report are subject to change at any time based on market and other conditions and should not be construed as a recommendation. This Report contains forward-looking statements which speak only as of the date they were made and involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed herein. Readers are cautioned not to place undue reliance on our forward-looking statements, as we assume no obligation to update these forward-looking statements. Readers assume any and all responsibility for any investment decision made as a result of the views expressed herein.

S&P^® and S&P 500^® are trademarks of Standard & Poor’s Financial Services LLC.

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EQUITY INDEX PORTFOLIO (Unaudited)

The Equity Index Portfolio’s objective is to replicate the performance of the S&P 500^® Index (S&P 500), which consists of 500 stocks chosen by Standard & Poor’s for market size, liquidity and industry group representation. The S&P 500 is a market-weighted index of 500 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ, with each stock’s weight in the index proportionate to its market value. The weightings make each company’s influence on the S&P 500’s performance directly proportional to that company’s market value.

The Equity Index Portfolio’s performance for the six months ended June 30, 2022, was -19.84% before expenses and -19.90% after expenses. The benchmark returned -19.96%. Note that the Equity Index Portfolio’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

ALL AMERICA PORTFOLIO (Unaudited)

The investment objective of the All America Portfolio is to outperform the S&P 500^® Index (S&P 500). The All America Portfolio is approximately 60% passively invested in the 500 stocks that comprise the S&P 500, with the remaining 40% actively managed, comprised of 20% mid-cap capitalization stocks and 20% small cap stocks, thus providing exposure to all levels of market capitalization among domestic stocks.

For the six months ended June 30, 2022, the S&P 500 of large capitalization stocks decreased by 19.96% on a total return basis, while the Russell^® Midcap Core Index was down 21.57% and the Russell Midcap^® Value Index was down 16.23%. The Russell 2000^® Growth Index down 29.45% and the Russell 2000^® Value Index down 17.31%.

The All America Portfolio’s return for the six months ended June 30, 2022, before expenses was -19.78% and -19.99% after expenses versus the benchmark return of -19.96%.

SMALL CAP VALUE PORTFOLIO (Unaudited)

The investment objective of the Small Cap Value Portfolio is capital appreciation. The Small Cap Value Portfolio generally invests in companies that are below $3 billion in market capitalization and have lower price-to-book characteristics than the overall market.

For the six months ended June 30, 2022, the Small Cap Value Portfolio returned -13.71% before expenses and -14.05% after expenses versus a -17.31% return for the Russell 2000^® Value Index.

SMALL CAP GROWTH PORTFOLIO (Unaudited)

The investment objective of the Small Cap Growth Portfolio is capital appreciation. The Small Cap Growth Portfolio invests in growth stocks within the small capitalization marketplace. The Portfolio returned -29.80% before expenses and -30.08% after expenses for the six months ended June 30, 2022. The Portfolio’s benchmark, the Russell 2000^® Growth Index, returned -29.45% for the comparable period.

SMALL CAP EQUITY INDEX PORTFOLIO (Unaudited)

The Small Cap Equity Index Portfolio invests in the 600 stocks that comprise the S&P SmallCap 600^® Index (S&P SmallCap 600). The S&P SmallCap 600 is a market-weighted index of 600 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P SmallCap 600’s performance directly proportional to that company’s market value.

The Small Cap Equity Index Portfolio’s return for the six months ended June 30, 2022, was -18.94% before expenses and -19.00% after expenses. The return of the S&P SmallCap 600 was -18.94%. Note that the performance of the Small Cap Equity Index Portfolio includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

MID CAP VALUE PORTFOLIO (Unaudited)

The investment objective of the Mid Cap Value Portfolio is to outperform the Russell Midcap^® Value Index. The Mid Cap Value Portfolio generally invests in companies that are between $1 billion and $20 billion in market capitalization and have lower price-to-book characteristics.

For the six months ended June 30, 2022, the Mid Cap Value Portfolio returned -13.28% before expenses and -13.56% after expenses versus a -16.23% return for the Russell Midcap^® Value Index.

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MID-CAP EQUITY INDEX PORTFOLIO (Unaudited)

The Mid-Cap Equity Index Portfolio invests in the 400 stocks that comprise the S&P MidCap 400^® Index (S&P MidCap 400). The S&P MidCap 400 is a market-weighted index of 400 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P MidCap 400’s performance directly proportional to that company’s market value. The companies included in the S&P MidCap 400 tend to be typical of this asset class, the medium-capitalized sector of the U.S. securities market.

The Mid-Cap Equity Index Portfolio’s performance for the six months ended June 30, 2022, was -19.45% before expenses and -19.51% after expenses. The return of the S&P MidCap 400 was -19.54%. Note that the performance of the Mid-Cap Equity Index Portfolio includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

INTERNATIONAL PORTFOLIO (Unaudited)

The International Portfolio seeks capital appreciation by investing, directly or indirectly, mainly in exchange traded Portfolios that invest in stocks of large and mid-cap companies in developed market countries located outside of the United States and Canada that are reflected or contained in the Morgan Stanley Capital International, Inc. Europe, Australasia and Far East^® Index (MSCI EAFE^® Index). Previously, the International Portfolio was invested mainly in exchange traded Portfolios that reflect, replicate or follow the country weightings of the MSCI EAFE^® Index. The Portfolio had also invested a small percentage of assets in exchange traded funds that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries. The Securities and Exchange Commission revoked the exemptive orders that allowed these investments effective on January 19, 2022. The International Portfolio is, and shall continue to be, invested directly in the stocks of companies represented in the MSCI EAFE^® Index, except to the extent that it is permissible to invest in exchange traded funds within the general limitations of the Investment Company Act of 1940.

For the six months ended June 30, 2022, the International Portfolio returned -15.56% before expenses and -15.62% after expenses. The return of the MSCI EAFE benchmark was -19.57%. The Portfolio’s benchmark closes earlier in the day than the actual market for the Portfolio’s investments. This time lag can result in both positive and negative performance differences.

RETIREMENT INCOME PORTFOLIO (Unaudited)

The objective of the Retirement Income Portfolio is current income consistent with the preservation of capital and, to a lesser extent, capital appreciation. The Retirement Income Portfolio invests primarily in the fixed-income Portfolios of the Investment Company and also invests in two equity Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 70% of net assets in fixed-income Portfolios (approximately 35% in the Bond Portfolio, 30% in the Mid-Term Bond Portfolio and 5% in the Money Market Portfolio) and approximately 30% of net assets in equity Portfolios (20% in the Equity Index Portfolio, 5% in the Mid-Cap Equity Index Portfolio and 5% in the International Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the Retirement Income Portfolio is compared to the Morningstar Lifetime Allocation Conservative Income Index. For the six months ended June 30, 2022, the Portfolio returned -10.47% before expenses and -10.51% after expenses, versus a -10.56% return in the benchmark.

2015 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2015 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2015. The 2015 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 67% of net assets in fixed-income Portfolios (35% in the Bond Portfolio, 27% in the Mid-Term Bond Portfolio and 5% in the Money Market Portfolio) and approximately 33% of net assets in equity Portfolios (approximately 23% in the Equity Index Portfolio, 5% in the Mid-Cap Equity Index Portfolio and 5% in the International Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2015 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Conservative 2015 Index. For the six months ended June 30, 2022, the Portfolio returned -11.34% before expenses and 11.37% after expenses, versus a -14.04% return in the benchmark.

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2020 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2020 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2020. The 2020 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 59% of net assets in fixed-income Portfolios (35% in the Bond Portfolio, 19% in the Mid-Term Bond Portfolio and 5% in the Money Market Portfolio) and approximately 41% of net assets in equity Portfolios (approximately 25% in the Equity Index Portfolio, 7% in the Mid-Cap Equity Index Portfolio, 7% in the International Portfolio and 2% in the Small Cap Portfolios, which consists of the Small Cap Growth and Small Cap Value Portfolios) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2020 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2020 Index. For the six months ended June 30, 2022, the Portfolio returned -12.88% before expenses and -12.91% after expenses, versus a -16.74% return in the benchmark.

2025 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2025 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2025. The 2025 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 51% of net assets in equity Portfolios (approximately 30% in the Equity Index Portfolio, 8% in the Mid-Cap Equity Index Portfolio, 10% in the International Portfolio and 3% in the Small Cap Portfolios, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Portfolios) and approximately 49% of net assets in fixed-income Portfolios (32% in the Bond Portfolio, 14% in the Mid-Term Bond Portfolio and 3% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2025 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2025 Index. For the six months ended June 30, 2022, the Portfolio returned -14.46% before expenses and -14.49% after expenses, versus a -17.79% return in the benchmark.

2030 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2030 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2030. The 2030 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 61% of net assets in equity Portfolios (approximately 35% in the Equity Index Portfolio, 10% in the Mid-Cap Equity Index Portfolio, 12% in the International Portfolio and 4% in the Small Cap Portfolios, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Portfolios) and approximately 39% of net assets in fixed-income Portfolios (26% in the Bond Portfolio, 10% in the Mid-Term Bond Portfolio and 3% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2030 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2030 Index. For the period six months ended June 30, 2022, the Portfolio returned -16.03% before expenses and -16.06% after expenses, versus a -18.62% return in the benchmark.

2035 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2035 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2035. The 2035 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 73% of net assets in equity Portfolios (approximately 40% in the Equity Index Portfolio, 13% in the Mid-Cap Equity Index Portfolio, 15% in the International Portfolio and 5% in the Small Cap Portfolios, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Portfolios) and approximately 27% of net assets in fixed-income Portfolios (20% in the Bond Portfolio, 4% in the Mid-Term Bond Portfolio and 3% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2035 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2035 Index. For the six months ended June 30, 2022, the Portfolio returned -17.08% before expenses and -17.10% after expenses, versus a -19.14% return in the benchmark.

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2040 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2040 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2040. The 2040 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 82% of net assets in equity Portfolios (approximately 44% in the Equity Index Portfolio, 14% in the Mid-Cap Equity Index Portfolio, 18% in the International Portfolio and 6% in the Small Cap Portfolios, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Portfolios) and approximately 18% of net assets in fixed-income Portfolios (16% in the Bond Portfolio and 2% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2040 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2040 Index. For the six months ended June 30, 2022, the Portfolio returned -17.88% before expenses and -17.90% after expenses, versus a -19.48% return in the benchmark.

2045 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2045 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2045. The 2045 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 87% of net assets in equity Portfolios (approximately 47% in the Equity Index Portfolio, 14% in the Mid-Cap Equity Index Portfolio, 19% in the International Portfolio and 7% in the Small Cap Portfolios, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Portfolios) and approximately 13% of net assets in fixed-income Portfolios (11% in the Bond Portfolio and 2% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2045 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2045 Index. For the six months ended June 30, 2022, the Portfolio returned -18.12% before expenses and -18.14% after expenses, versus a -19.67% return in the benchmark.

2050 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2050 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2050. The 2050 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 90% of net assets in equity Portfolios (approximately 48% in the Equity Index Portfolio, 14% in the Mid-Cap Equity Index Portfolio, 20% in the International Portfolio and 8% in the Small Cap Portfolios, which consists of the Small Cap Growth, Small Cap Value, and Small Cap Equity Index Portfolios) and approximately 10% of net assets in fixed-income Portfolios (8% in the Bond Portfolio and 2% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2050 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2050 Index. For the six months ended June 30, 2022, the Portfolio returned -18.20% before expenses and -18.22% after expenses, versus a -19.73% return in the benchmark.

2055 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2055 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2055. The 2055 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 92% of net assets in equity Portfolios (approximately 47% in the Equity Index Portfolio, 15% in the Mid-Cap Equity Index Portfolio, 21% in the International Portfolio and 9% in the Small Cap Portfolios, which consists of the Small Cap Growth, Small Cap Value, and Small Cap Equity Index Portfolios) and approximately 8% of net assets in fixed-income Portfolios (7% in the Bond Portfolio and 1% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2055 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2055 Index. For the six months ended June 30, 2022, the Portfolio returned -18.25% before expenses and -18.29% after expenses, versus a -19.75% return in the benchmark.

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2060 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2060 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2060. The 2060 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 94% of net assets in equity Portfolios (approximately 47% in the Equity Index Portfolio, 15% in the Mid-Cap Equity Index Portfolio, 22% in the International Portfolio and 10% in the Small Cap Portfolios, which consists of the Small Cap Growth, Small Cap Value and Small Cap Equity Index Portfolios) and approximately 6% of net assets in fixed-income Portfolios (5% in the Bond Portfolio and 1% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the 2060 Retirement Portfolio is compared to the Morningstar Lifetime Allocation Moderate 2060 Index. For the six months ended June 30, 2022, the Portfolio returned -18.30% before expenses and -18.32% after expenses, versus a -19.77% return in the benchmark.

CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)

The objective of the Conservative Allocation Portfolio is current income and, to a lesser extent, capital appreciation. The Conservative Allocation Portfolio invests primarily in the fixed-income Portfolios of the Investment Company and also invests in the equity Portfolios of the Investment Company. The Conservative Allocation Portfolio’s target allocation is approximately 65% of net assets in fixed-income Portfolios (approximately 30% in the Bond Portfolio and 35% in the Mid-Term Bond Portfolio) and approximately 35% of net assets in equity Portfolios (approximately 25% in the Equity Index Portfolio, 5% in the Mid-Cap Equity Index Portfolio and 5% in the International Portfolio).

Performance for the Conservative Allocation Portfolio is compared to the Morningstar US Moderately Conservative Target Allocation Index. For the six months ended June 30, 2022, the Conservative Allocation Portfolio returned -12.20% before expenses and -12.21% after expenses, versus a -13.85% return in the benchmark.

MODERATE ALLOCATION PORTFOLIO (Unaudited)

The objective of the Moderate Allocation Portfolio is capital appreciation and current income. The Moderate Allocation Portfolio invests in the equity and fixed-income Portfolios of the Investment Company. The Moderate Allocation Portfolio’s target allocation is approximately 60% of net assets in equity Portfolios (approximately 35% of its net assets in the Equity Index Portfolio, 15% in the Mid-Cap Equity Index Portfolio and 10% in the International Portfolio) and approximately 40% of net assets in fixed-income Portfolios (approximately 25% of its net assets in the Bond Portfolio and approximately 15% of its net assets in the Mid-Term Bond Portfolio).

Performance for the Moderate Allocation Portfolio is compared to the Morningstar US Moderate Target Allocation Index. For the six months ended June 30, 2022, the Moderate Allocation Portfolio returned -15.23% before expenses and -15.24% after expenses, versus an -16.05% return for the benchmark.

AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)

The objective of the Aggressive Allocation Portfolio is capital appreciation and, to a lesser extent, current income. The Aggressive Allocation Portfolio invests in the equity and fixed-income Portfolios of the Investment Company. The Aggressive Allocation Portfolio’s target allocation is approximately 80% of net assets in equity Portfolios (approximately 35% of its net assets in the Equity Index Portfolio, 20% in the Mid-Cap Equity Index Portfolio, 5% each in the Small Cap Value Portfolio and Small Cap Growth Portfolios and 15% in the International Portfolio) and approximately 20% of net assets in the Bond Portfolio.

Performance for the Aggressive Allocation Portfolio is compared to the Morningstar US Moderately Aggressive Target Allocation Index. For the six months ended June 30, 2022, the Aggressive Allocation Portfolio returned -17.95% before expenses and -17.96% after expenses, versus a -17.89% return for the benchmark.

MONEY MARKET PORTFOLIO (Unaudited)

The Money Market Portfolio’s investment objective is to realize current income while maintaining liquidity, investment quality and stability of capital through investing in high-quality commercial paper issued by U.S. corporations and securities issued by the U.S. government and its agencies. For the six months ended June 30, 2022, the Money Market Portfolio returned 0.18% before expenses and 0.08% after expenses, compared to a 0.17% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

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The Portfolio’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On June 30, 2022, the Portfolio held 24% in U.S. Treasury Bills, 30% in U.S. agency discount notes and the remainder in commercial paper. The average maturity was 25 days.

The seven-day effective yield as of August 16, 2022, was 1.80%. As with all performance reporting, this yield is not necessarily indicative of future annual yields. Neither the Federal Deposit Insurance Corporation nor any other U.S. government agency insures or guarantees investments in shares of the Money Market Portfolio.

Many of the stimulus measures put into place by the Federal Reserve (the Fed) to combat the effects of the Covid-19 have ended or are in the process of being wound down. The emergence and economic impact of the virus prompted the Fed to cut the Fed Funds target twice: an inter-meeting cut of 50 basis points on March 3, 2020 and a 100 basis point, or 1.00% easing on March 15, 2020. Additionally, the Fed pledged to increase its holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities (MBS) by at least $40 billion per month until progress had been made toward the goals of maximum employment and price stability.

The highest inflation rate since the 1980s, as measured by the Consumer Price Index (CPI), prompted the Fed to raise the Fed Funds rate in March of this year. Rising energy prices, the lagged effect on supply chains from the pandemic and the general increase in the money supply all contributed to the higher figure. The year-over-year (YoY) CPI in June was 9.1%. This is in contrast to the 7.0% YoY recorded in December 2021 and the 1.4% YoY level in December 2020. To combat this, the Fed increased the Fed Funds target range by 25, 50 and 75 basis points at the March, May and June meetings, respectively. Expectations are that the Fed will continue to increase the range at the remaining meetings this year until the target level is greater than 3.00%.

MID-TERM BOND PORTFOLIO (Unaudited)

The Mid-Term Bond Portfolio seeks a high level of return consistent with the preservation of capital through investment in publicly traded debt securities. Under normal circumstances, the portfolio emphasizes corporate issues, particularly BBB-rated bonds, in order to capture incremental income. At this time, we’ve chosen to add U.S. Treasury and U.S. agency exposure to increase the overall quality of the Portfolio. The objective of the Portfolio is to maintain a maturity profile similar to that of the Bloomberg U.S. Intermediate Government/Credit Bond Index benchmark. To achieve the duration target, intermediate corporate and U.S. Treasury maturities are emphasized. In addition, the Portfolio’s corporate positions will remain highly diversified in order to help shield the portfolio from any credit risks.

For the six months ended June 30, 2022, the Mid-Term Bond Portfolio returned -5.74% before expenses and -5.95% after expenses versus a -6.77% return of the Bloomberg Intermediate U.S. Government/Credit Bond Index during the same period. The Portfolio’s outperformance can be attributed in part to its’ greater exposure to Treasuries and lower exposure to credit relative to its’ benchmark. We maintained our “up-in-quality” and short duration stance through this period and expect to continue to do so for the time being.

BOND PORTFOLIO (Unaudited)

The Bond Portfolio’s primary investment objective is to provide as high a level of current income over time as is believed to be consistent with prudent investment risk. It does this by investing primarily in investment grade publicly traded debt securities. A secondary objective is preservation of capital. The securities held by the Bond Portfolio include corporate, U.S. agency and mortgage-backed securities, all of which normally yield more than U.S. Treasury issues.

Over the long term, the Bond Portfolio’s strategy is to overweight corporate bonds, underweight U.S. Treasuries, and market weight mortgage-backed securities. The portfolio’s aim is to maintain a similar maturity profile to the benchmark, the Bloomberg U.S. Aggregate Bond Index, with an overweighting of BBB-rated issuers. To achieve the duration target, intermediate corporate and longer U.S. Treasury maturities are emphasized. The Bond Portfolio also stresses diversification in order to protect it from unexpected credit events.

The benchmark returned -10.35% for six months ended June 30, 2022. The Bond Portfolio returned -9.22% before expenses and -9.42% after expenses during the same period. The Portfolio’s outperformance can be attributed to the contribution of our mortgage-backed securities (MBS) holdings and our decision to hold shorter maturity corporates relative to the benchmark. We maintained our “up-in-quality” stance through this period and expect to do so for the time being.

Many of the stimulus measures put into place by the Federal Reserve (the Fed) to combat the effects of the Covid-19 have ended or are in the process of being wound down. The emergence and economic impact of the virus prompted the Fed to cut the Fed Funds target twice: an inter-meeting cut of 50 basis points on March 3, 2020 and a 100 basis point, or 1.00% easing on March 15, 2020. Additionally, the Fed pledged to increase its holdings of Treasury

8

securities by at least $80 billion per month and of agency MBS by at least $40 billion per month until progress had been made toward the goals of maximum employment and price stability.

The highest inflation rate since the 1980s, as measured by the Consumer Price Index (CPI), prompted the Fed to raise the Fed Funds rate in March of this year. Rising energy prices, the lagged effect on supply chains from the pandemic and the general increase in the money supply all contributed to the higher figure. The year-over-year (YoY) CPI in June was 9.1%. This is in contrast to the 7.0% YoY recorded in December 2021 and the 1.4% YoY level in December 2020. To combat this, the Fed increased the Fed Funds target range by 25, 50 and 75 basis points at the March, May and June meetings, respectively. Expectations are that the Fed will continue to increase the range at the remaining meetings this year until the target level is greater than 3.00%.

The Treasury curve bear flattened year-to-date as shorter-term rates rose more than long term rates. Through June 30, the two-year yield rose 222 basis points or 2.22% and stood at 2.95%. The five-year rate has risen 177 basis points to 3.03% and the long bond, or the thirty year, is 128 basis points higher at 3.18%. The changes in the yield curve are fairly consistent with expected Fed hikes in the Fed Funds rate. It is often said that the Fed controls the front part of the curve and inflation the back end. The Fed’s influence is felt directly out to about five years and the longer end of the curve reflects the Fed’s efforts to slow the economy and curtail inflation.

The Fed’s purchase of $80 billion Treasuries per month and $40 billion MBS per month ended in March. In June, the Fed took additional measures to shrink its balance sheet by starting to reinvest fewer Treasuries and MBS than is produced from the cash flows of its existing portfolio. By September, the Fed plans to buy $60 billion fewer Treasuries and $35 billion fewer MBS per month from the proceeds of the portfolio than it was at the beginning year. This withdrawal of liquidity will take an uneconomic buyer of size out the market and could put additional upward pressure on rates.

Investment grade spreads have moved wider over the course of the last six months. Spreads entered 2022 close to post-economic crisis tights and exited the second quarter at the widest levels since June 2020. Concerns that inflation would hurt corporate and consumer personal finances or the Fed would inadvertently tighten too much and cause a recession were partly responsible for the move.

9

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ASSET ALLOCATIONS AS OF JUNE 30, 2022 (Unaudited)

Equity Index Portfolio	All America Portfolio
Small Cap Value Portfolio	Small Cap Growth Portfolio
Small Cap Equity Index Portfolio	Mid Cap Value Portfolio

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ASSET ALLOCATIONS AS OF JUNE 30, 2022 (Unaudited) (Continued)

Mid-Cap Equity Index Portfolio	International Portfolio
Retirement Income Portfolio	2015 Retirement Portfolio
2020 Retirement Portfolio	2025 Retirement Portfolio

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ASSET ALLOCATIONS AS OF JUNE 30, 2022 (Unaudited) (Continued)

2030 Retirement Portfolio	2035 Retirement Portfolio
2040 Retirement Portfolio	2045 Retirement Portfolio
2050 Retirement Portfolio	2055 Retirement Portfolio

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ASSET ALLOCATIONS AS OF JUNE 30, 2022 (Unaudited) (Continued)

2060 Retirement Portfolio

Conservative Allocation Portfolio

Moderate Allocation Portfolio

Aggressive Allocation Portfolio

Money Market Portfolio

Mid-Term Bond Portfolio

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ASSET ALLOCATIONS AS OF JUNE 30, 2022 (Unaudited) (Continued)

Bond Portfolio

14

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited)

EXAMPLE

As a shareholder of one of the Mutual of America Variable Insurance Portfolios, you incur ongoing costs, including management fees and other Portfolio expenses. You do not incur transactional costs, such as sales charges (loads), redemption fees or exchange fees. Additionally, Mutual of America Capital Management LLC, the Portfolios’ Adviser, has contractually agreed to reimburse the Portfolios’ expenses to the extent that the Total Annual Operating Expenses exceed the rate in the table below (excluding any Acquired Fund Fees, as applicable, and any extraordinary expenses that may arise and charges incurred in trading portfolio securities) from inception of the Portfolios through April 30, 2023. From May 1, 2023 through the termination of the agreement, the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.15% for all Portfolios, excluding the Retirement Portfolios and Allocation Portfolios for which the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.10%This contractual obligation may not be terminated before April 30, 2030, and will continue for succeeding 12 month periods thereafter, unless terminated by either the Investment Company or the Adviser upon proper notice.

Total Annual Portfolio Operating Expenses after Expense Reimbursement through April 30, 2023
Equity Index Portfolio	0.14%
All America Portfolio	0.52%
Small Cap Value Portfolio	0.81%
Small Cap Growth Portfolio	0.81%
Small Cap Equity Index Portfolio	0.15%
Mid Cap Value Portfolio	0.65%
Mid-Cap Equity Index Portfolio	0.14%
International Portfolio	0.13%
Retirement Income Portfolio	0.08%
2015 Retirement Portfolio	0.07%
2020 Retirement Portfolio	0.08%
2025 Retirement Portfolio	0.06%
2030 Retirement Portfolio	0.06%
2035 Retirement Portfolio	0.07%
2040 Retirement Portfolio	0.07%
2045 Retirement Portfolio	0.07%
2050 Retirement Portfolio	0.07%
2055 Retirement Portfolio	0.11%
2060 Retirement Portfolio	0.05%
Conservative Allocation Portfolio	0.02%
Moderate Allocation Portfolio	0.02%
Aggressive Allocation Portfolio	0.02%
Money Market Portfolio	0.20%
Mid-Term Bond Portfolio	0.45%
Bond Portfolio	0.45%

This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual Portfolios. The Example is based on an investment of $1,000 invested at January 1, 2022 and held for the entire period ending June 30, 2022 under the expense reimbursement agreement in effect during that period as described above.

The estimate of expenses does not include fees and charges associated with your variable annuity contract or variable life insurance policy. If those fees and charges were included, the estimate of expenses for the period would be higher and your ending account value would be lower.

ACTUAL EXPENSES

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the

15

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited) (Continued)

period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio with other Portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other Portfolios.

Please note that the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning other non-Mutual of America Portfolios, which may also charge transactional costs, such as sales charges (loads), redemption fees or exchange fees, which the Mutual of America Variable Insurance Portfolios do not charge.

Equity Index Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$800.97		$0.62
Hypothetical (5% return before expenses)		$1,000.00		$1,023.78		$0.70

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

All America Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$800.04		$2.31
Hypothetical (5% return before expenses)		$1,000.00		$1,021.85		$2.61

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.52%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Small Cap Value Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$859.45		$3.73
Hypothetical (5% return before expenses)		$1,000.00		$1,020.38		$4.06

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited) (Continued)

Small Cap Growth Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$699.21		$3.37
Hypothetical (5% return before expenses)		$1,000.00		$1,020.38		$4.06

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Small Cap Equity Index Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$809.99		$0.67
Hypothetical (5% return before expenses)		$1,000.00		$1,023.73		$0.75

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Mid Cap Value Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$864.41		$3.00
Hypothetical (5% return before expenses)		$1,000.00		$1,021.19		$3.26

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Mid-Cap Equity Index Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$804.88		$0.62
Hypothetical (5% return before expenses)		$1,000.00		$1,023.78		$0.70

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited) (Continued)

International Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$843.80		$0.64
Hypothetical (5% return before expenses)		$1,000.00		$1,023.78		$0.70

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.14% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Retirement Income Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$894.92		$1.92
Hypothetical (5% return before expenses)		$1,000.00		$1,022.41		$2.06

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.41% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2015 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$886.32		$1.82
Hypothetical (5% return before expenses)		$1,000.00		$1,022.51		$1.96

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.39% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2020 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$870.88		$1.85
Hypothetical (5% return before expenses)		$1,000.00		$1,022.46		$2.01

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.40% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited) (Continued)

2025 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$855.10		$1.65
Hypothetical (5% return before expenses)		$1,000.00		$1,022.66		$1.81

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.36% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2030 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$839.43		$1.50
Hypothetical (5% return before expenses)		$1,000.00		$1,022.81		$1.66

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.33% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2035 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$829.06		$1.45
Hypothetical (5% return before expenses)		$1,000.00		$1,022.87		$1.61

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.32% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2040 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$820.98		$1.30
Hypothetical (5% return before expenses)		$1,000.00		$1,023.02		$1.45

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.29% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited) (Continued)

2045 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$818.67		$1.35
Hypothetical (5% return before expenses)		$1,000.00		$1,022.97		$1.50

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.30% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2050 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$817.82		$1.35
Hypothetical (5% return before expenses)		$1,000.00		$1,022.97		$1.50

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.30% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2055 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$817.15		$1.53
Hypothetical (5% return before expenses)		$1,000.00		$1,022.76		$1.71

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

2060 Retirement Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$816.78		$1.26
Hypothetical (5% return before expenses)		$1,000.00		$1,023.07		$1.40

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.28% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited) (Continued)

Conservative Allocation Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$877.93		$1.63
Hypothetical (5% return before expenses)		$1,000.00		$1,022.71		$1.76

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.35% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Moderate Allocation Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$847.62		$1.23
Hypothetical (5% return before expenses)		$1,000.00		$1,023.12		$1.35

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.27% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Aggressive Allocation Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$820.37		$1.26
Hypothetical (5% return before expenses)		$1,000.00		$1,023.07		$1.40

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.28% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Money Market Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$1,000.79		$0.99
Hypothetical (5% return before expenses)		$1,000.00		$1,023.47		$1.00

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited) (Continued)

Mid-Term Bond Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$940.53		$2.16
Hypothetical (5% return before expenses)		$1,000.00		$1,022.21		$2.26

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

Bond Portfolio
	Beginning Account Value January 1, 2022		Ending Account Value June 30, 2022		Expenses Paid During Period* January 1, 2022 to June 30, 2022
Actual		$1,000.00		$905.79		$2.12
Hypothetical (5% return before expenses)		$1,000.00		$1,022.21		$2.26

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

22

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (8.7%)
Activision Blizzard, Inc.		2,388	$	185,930
Alphabet, Inc. Cl A*		919		2,002,740
Alphabet, Inc. Cl C*		842		1,841,833
AT&T, Inc.		21,862		458,228
Charter Communications, Inc. Cl A*		354		165,860
Comcast Corp. Cl A		13,652		535,705
DISH Network Corp. Cl A*		766		13,734
Electronic Arts, Inc.		859		104,497
Fox Corp. Cl A		952		30,616
Fox Corp. Cl B		442		13,127
Interpublic Group of Cos., Inc.		1,202		33,091
Live Nation Entertainment, Inc.*		418		34,518
Lumen Technologies, Inc.		2,840		30,984
Match Group, Inc.*		873		60,839
Meta Platforms, Inc. Cl A*		7,004		1,129,395
Netflix, Inc.*		1,357		237,299
News Corp. Cl A		1,186		18,478
News Corp. Cl B		367		5,832
Omnicom Group, Inc.		628		39,947
Paramount Global Cl B		1,858		45,855
Take-Two Interactive Software, Inc.*		483		59,182
T-Mobile US, Inc.*		1,799		242,037
Twitter, Inc.*		2,329		87,081
Verizon Communications, Inc.		12,825		650,869
Walt Disney Co.*		5,562		525,053
Warner Bros Discovery, Inc.*		6,744		90,505
				8,643,235
CONSUMER DISCRETIONARY (10.3%)
Advance Auto Parts, Inc.		187		32,368
Amazon.com, Inc.*		26,721		2,838,037
Aptiv PLC*		827		73,661
AutoZone, Inc.*		61		131,096
Bath & Body Works, Inc.		728		19,598
Best Buy Co., Inc.		618		40,287
Booking Hldgs., Inc.*		125		218,624
BorgWarner, Inc.		731		24,393
Caesars Entertainment, Inc.*		654		25,048
CarMax, Inc.*		491		44,426
Carnival Corp.*		2,478		21,435
Chipotle Mexican Grill, Inc. Cl A*		86		112,424
Darden Restaurants, Inc.		381		43,099
Dollar General Corp.		699		171,563
Dollar Tree, Inc.*		688		107,225
Domino’s Pizza, Inc.		111		43,258
DR Horton, Inc.		979		64,800
eBay, Inc.		1,710		71,256
Etsy, Inc.*		388		28,405
Expedia Group, Inc.*		462		43,811
Ford Motor Co.		12,059		134,217
Garmin Ltd.		466		45,784
General Motors Co.*		4,452		141,396

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Genuine Parts Co.		432	$	57,456
Hasbro, Inc.		400		32,752
Hilton Worldwide Hldgs., Inc.		850		94,724
Home Depot, Inc.		3,156		865,596
Las Vegas Sands Corp.*		1,050		35,269
Lennar Corp. Cl A		790		55,750
LKQ Corp.		795		39,027
Lowe’s Cos., Inc.		2,019		352,659
Marriott International, Inc. Cl A		840		114,248
McDonald’s Corp.		2,258		557,455
MGM Resorts International		1,080		31,266
Mohawk Industries, Inc.*		158		19,606
Newell Brands, Inc.		1,124		21,401
NIKE, Inc. Cl B		3,875		396,025
Norwegian Cruise Line Hldgs. Ltd.*		1,280		14,234
NVR, Inc.*		10		40,041
O’Reilly Automotive, Inc.*		201		126,984
Penn National Gaming, Inc.*		499		15,180
Pool Corp.		122		42,850
PulteGroup, Inc.		726		28,771
PVH Corp.		206		11,721
Ralph Lauren Corp. Cl A		141		12,641
Ross Stores, Inc.		1,073		75,357
Royal Caribbean Cruises Ltd.*		685		23,913
Starbucks Corp.		3,502		267,518
Tapestry, Inc.		769		23,470
Target Corp.		1,412		199,417
Tesla, Inc.*		2,563		1,725,975
TJX Cos., Inc.		3,586		200,278
Tractor Supply Co.		342		66,297
Ulta Beauty, Inc.*		160		61,677
VF Corp.		986		43,552
Whirlpool Corp.		172		26,638
Wynn Resorts Ltd.*		322		18,348
Yum! Brands, Inc.		871		98,867
				10,273,174
CONSUMER STAPLES (6.9%)
Altria Group, Inc.		5,529		230,946
Archer-Daniels-Midland Co.		1,718		133,317
Brown-Forman Corp. Cl B		559		39,219
Campbell Soup Co.		617		29,647
Church & Dwight Co., Inc.		742		68,754
Clorox Co.		376		53,009
Coca-Cola Co.		11,914		749,510
Colgate-Palmolive Co.		2,559		205,078
Conagra Brands, Inc.		1,465		50,162
Constellation Brands, Inc. Cl A		498		116,064
Costco Wholesale Corp.		1,354		648,945
Estee Lauder Cos., Inc. Cl A		708		180,306
General Mills, Inc.		1,839		138,753
Hershey Co.		446		95,961
Hormel Foods Corp.		865		40,966
JM Smucker Co.		331		42,371

The accompanying notes are an integral part of these portfolio schedules.

23

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Kellogg Co.		774	$	55,217
Keurig Dr Pepper, Inc.		2,253		79,734
Kimberly-Clark Corp.		1,029		139,069
Kraft Heinz Co.		2,168		82,688
Kroger Co.		2,003		94,802
Lamb Weston Hldgs., Inc.		442		31,585
McCormick & Co., Inc.		765		63,686
Molson Coors Beverage Co. Cl B		576		31,398
Mondelez International, Inc. Cl A		4,226		262,392
Monster Beverage Corp.*		1,148		106,420
PepsiCo, Inc.		4,222		703,639
Philip Morris International, Inc.		4,734		467,435
Procter & Gamble Co.		7,327		1,053,549
Sysco Corp.		1,556		131,809
Tyson Foods, Inc. Cl A		891		76,680
Walgreens Boots Alliance, Inc.		2,189		82,963
Walmart, Inc.		4,287		521,213
			6,807,287
ENERGY (4.3%)
APA Corp.		1,033		36,052
Baker Hughes Co. Cl A		2,856		82,453
Chevron Corp.		6,000		868,680
ConocoPhillips		3,950		354,750
Coterra Energy, Inc.		2,461		63,469
Devon Energy Corp.		1,874		103,276
Diamondback Energy, Inc.		510		61,787
EOG Resources, Inc.		1,789		197,577
Exxon Mobil Corp.		12,864		1,101,673
Halliburton Co.		2,754		86,365
Hess Corp.		846		89,625
Kinder Morgan, Inc.		5,955		99,806
Marathon Oil Corp.		2,161		48,579
Marathon Petroleum Corp.		1,652		135,811
Occidental Petroleum Corp.		2,719		160,095
ONEOK, Inc.		1,364		75,702
Phillips 66		1,470		120,525
Pioneer Natural Resources Co.		688		153,479
Schlumberger NV		4,316		154,340
Valero Energy Corp.		1,247		132,531
Williams Cos., Inc.		3,720		116,101
			4,242,676
FINANCIALS (11.2%)
Aflac, Inc.		1,810		100,147
Allstate Corp.		840		106,453
American Express Co.		1,863		258,249
American International Group, Inc.		2,419		123,683
Ameriprise Financial, Inc.		336		79,860
Aon PLC Cl A		649		175,022
Arthur J. Gallagher & Co.		642		104,672
Assurant, Inc.		166		28,693

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Bank of America Corp.		21,651	$	673,996
Bank of New York Mellon Corp.		2,269		94,640
Berkshire Hathaway, Inc. Cl B*		5,525		1,508,435
BlackRock, Inc. Cl A		435		264,932
Brown & Brown, Inc.		716		41,771
Capital One Financial Corp.		1,200		125,028
Cboe Global Markets, Inc.		325		36,787
Charles Schwab Corp.		4,606		291,007
Chubb Ltd.		1,294		254,375
Cincinnati Financial Corp.		455		54,136
Citigroup, Inc.		5,930		272,721
Citizens Financial Group, Inc.		1,498		53,464
CME Group, Inc. Cl A		1,098		224,761
Comerica, Inc.		399		29,279
Discover Financial Svcs.		858		81,150
Everest Re Group Ltd.		120		33,634
FactSet Research Systems, Inc.		115		44,226
Fifth Third Bancorp		2,095		70,392
First Republic Bank		548		79,022
Franklin Resources, Inc.		855		19,930
Globe Life, Inc.		277		26,999
Goldman Sachs Group, Inc.		1,049		311,574
Hartford Financial Svcs. Group, Inc.		1,004		65,692
Huntington Bancshares, Inc.		4,395		52,872
Intercontinental Exchange, Inc.		1,705		160,338
Invesco Ltd.		1,028		16,582
iShares Core S&P 500 ETF		1,496		567,208
JPMorgan Chase & Co.		8,969		1,009,999
KeyCorp.		2,848		49,071
Lincoln National Corp.		494		23,104
Loews Corp.		594		35,200
M&T Bank Corp.		548		87,346
MarketAxess Hldgs., Inc.		116		29,697
Marsh & McLennan Cos., Inc.		1,533		237,998
MetLife, Inc.		2,111		132,550
Moody’s Corp.		491		133,537
Morgan Stanley		4,274		325,080
MSCI, Inc. Cl A		248		102,213
Nasdaq, Inc.		353		53,847
Northern Trust Corp.		637		61,458
PNC Financial Svcs. Group, Inc.		1,263		199,264
Principal Financial Group, Inc.		718		47,955
Progressive Corp.		1,786		207,658
Prudential Financial, Inc.		1,145		109,554
Raymond James Financial, Inc.		594		53,110
Regions Financial Corp.		2,854		53,512
S&P Global, Inc.		1,060		357,284
Signature Bank		192		34,408

The accompanying notes are an integral part of these portfolio schedules.

24

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
State Street Corp.		1,121	$	69,110
SVB Financial Group*		179		70,703
Synchrony Financial		1,531		42,286
T. Rowe Price Group, Inc.		695		78,959
Travelers Cos., Inc.		733		123,972
Truist Financial Corp.		4,066		192,850
U.S. Bancorp		4,129		190,017
Wells Fargo & Co.		11,575		453,393
Willis Towers Watson PLC		341		67,310
WR Berkley Corp.		639		43,618
Zions Bancorp N.A.		462		23,516
			11,131,309
HEALTH CARE (14.8%)
Abbott Laboratories		5,347		580,951
AbbVie, Inc.		5,396		826,451
ABIOMED, Inc.*		139		34,404
Agilent Technologies, Inc.		917		108,912
Align Technology, Inc.*		224		53,014
AmerisourceBergen Corp. Cl A		461		65,222
Amgen, Inc.		1,631		396,822
Baxter International, Inc.		1,538		98,786
Becton Dickinson & Co.		871		214,728
Biogen, Inc.*		447		91,161
Bio-Rad Laboratories, Inc. Cl A*		66		32,670
Bio-Techne Corp.		120		41,597
Boston Scientific Corp.*		4,366		162,721
Bristol-Myers Squibb Co.		6,502		500,654
Cardinal Health, Inc.		832		43,489
Catalent, Inc.*		548		58,795
Centene Corp.*		1,787		151,198
Charles River Laboratories International, Inc.*		155		33,165
Cigna Corp.		969		255,351
Cooper Cos., Inc.		150		46,968
CVS Health Corp.		4,004		371,011
Danaher Corp.		1,976		500,955
DaVita, Inc.*		185		14,793
DENTSPLY SIRONA, Inc.		658		23,510
Dexcom, Inc.*		1,199		89,361
Edwards Lifesciences Corp.*		1,899		180,576
Elevance Health, Inc.		736		355,179
Eli Lilly & Co.		2,408		780,746
Gilead Sciences, Inc.		3,830		236,732
HCA Healthcare, Inc.		695		116,802
Henry Schein, Inc.*		422		32,384
Hologic, Inc.*		762		52,807
Humana, Inc.		387		181,143
IDEXX Laboratories, Inc.*		257		90,138
Illumina, Inc.*		480		88,493
Incyte Corp.*		575		43,683
Intuitive Surgical, Inc.*		1,097		220,179
IQVIA Hldgs., Inc.*		579		125,637
Johnson & Johnson		8,036		1,426,470

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Laboratory Corp. of America Hldgs.		283	$	66,324
McKesson Corp.		444		144,837
Medtronic PLC		4,097		367,706
Merck & Co., Inc.		7,722		704,015
Mettler-Toledo International, Inc.*		70		80,414
Moderna, Inc.*		1,057		150,992
Molina Healthcare, Inc.*		179		50,050
Organon & Co.		774		26,122
PerkinElmer, Inc.		385		54,755
Pfizer, Inc.		17,134		898,336
Quest Diagnostics, Inc.		359		47,740
Regeneron Pharmaceuticals, Inc.*		330		195,073
ResMed, Inc.		447		93,705
STERIS PLC		306		63,082
Stryker Corp.		1,028		204,500
Teleflex, Inc.		143		35,156
Thermo Fisher Scientific, Inc.		1,195		649,220
UnitedHealth Group, Inc.		2,865		1,471,550
Universal Health Svcs., Inc. Cl B		205		20,645
Vertex Pharmaceuticals, Inc.*		782		220,360
Viatris, Inc.		3,702		38,760
Waters Corp.*		184		60,900
West Pharmaceutical Svcs., Inc.		226		68,336
Zimmer Biomet Hldgs., Inc.		640		67,238
Zoetis, Inc. Cl A		1,437		247,006
				14,754,480
INDUSTRIALS (7.7%)
3M Co.		1,738		224,915
Alaska Air Group, Inc.*		385		15,419
Allegion PLC		269		26,335
American Airlines Group, Inc.*		1,983		25,144
AMETEK, Inc.		706		77,582
AO Smith Corp.		397		21,708
Boeing Co.*		1,698		232,151
Carrier Global Corp.		2,590		92,359
Caterpillar, Inc.		1,629		291,200
CH Robinson Worldwide, Inc.		389		39,433
Cintas Corp.		266		99,359
Copart, Inc.*		653		70,955
CSX Corp.		6,640		192,958
Cummins, Inc.		431		83,411
Deere & Co.		853		255,448
Delta Air Lines, Inc.*		1,958		56,723
Dover Corp.		440		53,381
Eaton Corp. PLC		1,219		153,582
Emerson Electric Co.		1,814		144,286
Equifax, Inc.		373		68,177
Expeditors International of Washington, Inc.		512		49,900
Fastenal Co.		1,758		87,759

The accompanying notes are an integral part of these portfolio schedules.

25

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
FedEx Corp.		729	$	165,272
Fortive Corp.		1,095		59,546
Fortune Brands Home & Security, Inc.		399		23,892
Generac Hldgs., Inc.*		195		41,063
General Dynamics Corp.		704		155,760
General Electric Co.		3,361		213,995
Honeywell International, Inc.		2,079		361,351
Howmet Aerospace, Inc.		1,149		36,136
Huntington Ingalls Industries, Inc.		122		26,574
IDEX Corp.		232		42,138
Illinois Tool Works, Inc.		865		157,646
Ingersoll Rand, Inc.		1,240		52,179
Jacobs Engineering Group, Inc.		393		49,962
JB Hunt Transport Svcs., Inc.		256		40,312
Johnson Controls International PLC		2,124		101,697
L-3 Harris Technologies, Inc.		589		142,361
Leidos Hldgs., Inc.		417		41,996
Lockheed Martin Corp.		723		310,861
Masco Corp.		721		36,483
Nielsen Hldgs. PLC		1,098		25,496
Nordson Corp.		164		33,200
Norfolk Southern Corp.		728		165,467
Northrop Grumman Corp.		447		213,921
Old Dominion Freight Line, Inc.		281		72,015
Otis Worldwide Corp.		1,291		91,235
PACCAR, Inc.		1,062		87,445
Parker-Hannifin Corp.		392		96,452
Pentair PLC		506		23,160
Quanta Svcs., Inc.		439		55,024
Raytheon Technologies Corp.		4,542		436,532
Republic Svcs., Inc. Cl A		637		83,364
Robert Half International, Inc.		337		25,238
Rockwell Automation, Inc.		355		70,755
Rollins, Inc.		692		24,165
Snap-on, Inc.		163		32,116
Southwest Airlines Co.*		1,811		65,413
Stanley Black & Decker, Inc.		462		48,445
Textron, Inc.		657		40,123
Trane Technologies PLC		715		92,857
TransDigm Group, Inc.*		159		85,331
Union Pacific Corp.		1,918		409,071
United Airlines Hldgs., Inc.*		998		35,349
United Parcel Svc., Inc. Cl B		2,243		409,437
United Rentals, Inc.*		219		53,197
Verisk Analytics, Inc. Cl A		483		83,602
Waste Management, Inc.		1,167		178,528
Westinghouse Air Brake Technologies Corp.		558		45,801
WW Grainger, Inc.		132		59,985
Xylem, Inc.		550		42,999
				7,607,132

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (26.3%)
Accenture PLC Cl A		1,934	$	536,975
Adobe, Inc.*		1,443		528,225
Advanced Micro Devices, Inc.*		4,949		378,450
Akamai Technologies, Inc.*		490		44,752
Amphenol Corp. Cl A		1,824		117,429
Analog Devices, Inc.		1,598		233,452
ANSYS, Inc.*		266		63,651
Apple, Inc.		46,955		6,419,688
Applied Materials, Inc.		2,698		245,464
Arista Networks, Inc.*		687		64,399
Autodesk, Inc.*		664		114,181
Automatic Data Processing, Inc.		1,276		268,011
Broadcom, Inc.		1,247		605,805
Broadridge Financial Solutions, Inc.		358		51,033
Cadence Design Systems, Inc.*		842		126,325
CDW Corp.		413		65,072
Ceridian HCM Hldg., Inc.*		420		19,774
Cisco Systems, Inc.		12,686		540,931
Citrix Systems, Inc.		381		37,022
Cognizant Technology Solutions Corp. Cl A		1,592		107,444
Corning, Inc.		2,321		73,135
DXC Technology Co.*		746		22,611
Enphase Energy, Inc.*		412		80,439
EPAM Systems, Inc.*		174		51,292
F5, Inc.*		185		28,312
Fidelity National Information Svcs., Inc.		1,865		170,965
Fiserv, Inc.*		1,777		158,100
FleetCor Technologies, Inc.*		237		49,796
Fortinet, Inc.*		2,035		115,140
Gartner, Inc.*		246		59,490
Global Payments, Inc.		860		95,150
Hewlett Packard Enterprise Co.		3,970		52,642
HP, Inc.		3,217		105,453
Intel Corp.		12,487		467,139
International Business Machines Corp.		2,747		387,849
Intuit, Inc.		864		333,020
Jack Henry & Associates, Inc.		223		40,144
Juniper Networks, Inc.		987		28,130
Keysight Technologies, Inc.*		556		76,645
KLA Corp.		456		145,501
Lam Research Corp.		424		180,688
Mastercard, Inc. Cl A		2,623		827,504
Microchip Technology, Inc.		1,698		98,620
Micron Technology, Inc.		3,410		188,505
Microsoft Corp.		22,839		5,865,740
Monolithic Power Systems, Inc.		133		51,077
Motorola Solutions, Inc.		511		107,106
NetApp, Inc.		680		44,363

The accompanying notes are an integral part of these portfolio schedules.

26

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
NortonLifeLock, Inc.		1,777	$	39,023
NVIDIA Corp.		7,647		1,159,209
NXP Semiconductors NV		802		118,720
ON Semiconductor Corp.*		1,327		66,761
Oracle Corp.		4,807		335,865
Paychex, Inc.		982		111,820
Paycom Software, Inc.*		147		41,178
PayPal Hldgs., Inc.*		3,536		246,954
PTC, Inc.*		322		34,241
Qorvo, Inc.*		331		31,220
QUALCOMM, Inc.		3,420		436,871
Roper Technologies, Inc.		323		127,472
Salesforce, Inc.*		3,034		500,731
Seagate Technology Hldgs. PLC		604		43,150
ServiceNow, Inc.*		612		291,018
Skyworks Solutions, Inc.		492		45,579
SolarEdge Technologies, Inc.*		169		46,252
Synopsys, Inc.*		468		142,132
TE Connectivity Ltd.		984		111,340
Teledyne Technologies, Inc.*		143		53,641
Teradyne, Inc.		489		43,790
Texas Instruments, Inc.		2,816		432,678
Trimble, Inc.*		764		44,488
Tyler Technologies, Inc.*		126		41,892
VeriSign, Inc.*		292		48,860
Visa, Inc. Cl A		5,026		989,569
Western Digital Corp.*		956		42,857
Zebra Technologies Corp. Cl A*		161		47,326
				26,147,276
MATERIALS (2.5%)
Air Products & Chemicals, Inc.		678		163,045
Albemarle Corp.		358		74,815
Amcor PLC		4,589		57,041
Avery Dennison Corp.		250		40,468
Ball Corp.		977		67,188
Celanese Corp. Cl A		331		38,929
CF Industries Hldgs., Inc.		637		54,610
Corteva, Inc.		2,210		119,649
Dow, Inc.		2,223		114,729
DuPont de Nemours, Inc.		1,553		86,316
Eastman Chemical Co.		394		35,369
Ecolab, Inc.		758		116,550
FMC Corp.		385		41,199
Freeport-McMoRan, Inc.		4,426		129,505
International Flavors & Fragrances, Inc.		778		92,675
International Paper Co.		1,132		47,352
Linde PLC		1,537		441,934
LyondellBasell Industries NV Cl A		790		69,093
Martin Marietta Materials, Inc.		190		56,856
Mosaic Co.		1,105		52,189

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Newmont Corp.		2,424	$	144,640
Nucor Corp.		812		84,781
Packaging Corp. of America		287		39,463
PPG Industries, Inc.		722		82,553
Sealed Air Corp.		447		25,801
Sherwin-Williams Co.		731		163,678
Vulcan Materials Co.		406		57,693
Westrock Co.		779		31,035
				2,529,156
REAL ESTATE (2.9%)
Alexandria Real Estate Equities, Inc.		453		65,699
American Tower Corp.		1,420		362,938
AvalonBay Communities, Inc.		427		82,945
Boston Properties, Inc.		436		38,795
Camden Property Trust		325		43,706
CBRE Group, Inc. Cl A*		998		73,463
Crown Castle International Corp.		1,322		222,598
Digital Realty Trust, Inc.		870		112,952
Duke Realty Corp.		1,175		64,566
Equinix, Inc.		278		182,652
Equity Residential		1,045		75,470
Essex Property Trust, Inc.		199		52,040
Extra Space Storage, Inc.		410		69,749
Federal Realty OP LP		218		20,871
Healthpeak Properties, Inc.		1,648		42,700
Host Hotels & Resorts, Inc.		2,183		34,229
Iron Mountain, Inc.		887		43,188
Kimco Realty Corp.		1,887		37,306
Mid-America Apartment Communities, Inc.		353		61,659
Prologis, Inc.		2,261		266,007
Public Storage		466		145,704
Realty Income Corp.		1,838		125,462
Regency Centers Corp.		474		28,113
SBA Communications Corp. Cl A		330		105,616
Simon Property Group, Inc.		1,003		95,205
UDR, Inc.		914		42,081
Ventas, Inc.		1,221		62,796
VICI Properties, Inc.		2,941		87,612
Vornado Realty Trust		486		13,895
Welltower, Inc.		1,387		114,219
Weyerhaeuser Co.		2,274		75,315
				2,849,551
UTILITIES (3.0%)
AES Corp.		2,040		42,861
Alliant Energy Corp.		766		44,895
Ameren Corp.		789		71,294
American Electric Power Co., Inc.		1,568		150,434
American Water Works Co., Inc.		555		82,567

The accompanying notes are an integral part of these portfolio schedules.

27

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
American Water Works Co., Inc.		555	$	82,567
Atmos Energy Corp.		424		47,530
CenterPoint Energy, Inc.		1,922		56,853
CMS Energy Corp.		886		59,805
Consolidated Edison, Inc.		1,082		102,898
Constellation Energy Corp.		998		57,173
Dominion Energy, Inc.		2,477		197,689
DTE Energy Co.		592		75,036
Duke Energy Corp.		2,351		252,051
Edison International		1,165		73,675
Entergy Corp.		622		70,062
Evergy, Inc.		701		45,740
Eversource Energy		1,053		88,947
Exelon Corp.		2,993		135,643
FirstEnergy Corp.		1,743		66,914

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
NextEra Energy, Inc.		5,999	$	464,683
NiSource, Inc.		1,239		36,538
NRG Energy, Inc.		725		27,673
Pinnacle West Capital Corp.		345		25,226
PPL Corp.		2,247		60,961
Public Svc. Enterprise Group, Inc.		1,525		96,502
Sempra Energy		960		144,259
Southern Co.		3,245		231,401
WEC Energy Group, Inc.		964		97,017
Xcel Energy, Inc.		1,663		117,674
				3,024,001
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $90,543,174) 98.6%				98,009,277

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.2%)
U.S. Treasury Bill (1)		A-1+		0.82		08/02/22	$	200,000	$	199,855
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $199,855) 0.2%										199,855
							Shares		Value
WARRANTS
ENERGY (0.0%) (2)
Occidental Petroleum Corp.-expiring 08/03/2027*								369	$	13,642
TOTAL WARRANTS (Cost: $1,827) 0.0% (2)										13,642
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (1.2%)
Citibank, New York Time Deposit				0.91		07/01/22	$	1,239,596	$	1,239,596
TOTAL TEMPORARY CASH INVESTMENT (Cost: $1,239,596) 1.2%										1,239,596
TOTAL INVESTMENTS (Cost: $91,984,452) 100.0%										99,462,370
OTHER NET ASSETS 0.0% (2)										79
NET ASSETS 100.0%									$	99,462,449

The accompanying notes are an integral part of these portfolio schedules.

28

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (5.3%)
Activision Blizzard, Inc.		207	$	16,117
Alphabet, Inc. Cl A*		79		172,162
Alphabet, Inc. Cl C*		73		159,684
AT&T, Inc.		1,903		39,887
Charter Communications, Inc. Cl A*		31		14,524
Comcast Corp. Cl A		1,188		46,617
DISH Network Corp. Cl A*		66		1,183
Electronic Arts, Inc.		74		9,002
Fox Corp. Cl A		83		2,669
Fox Corp. Cl B		39		1,158
Interpublic Group of Cos., Inc.		104		2,863
Live Nation Entertainment, Inc.*		36		2,973
Lumen Technologies, Inc.		247		2,695
Match Group, Inc.*		75		5,227
Meta Platforms, Inc. Cl A*		610		98,362
Netflix, Inc.*		118		20,635
News Corp. Cl A		104		1,620
News Corp. Cl B		32		509
Omnicom Group, Inc.		55		3,499
Paramount Global Cl B		161		3,974
Take-Two Interactive Software, Inc.*		42		5,146
T-Mobile US, Inc.*		156		20,988
Twitter, Inc.*		203		7,590
Verizon Communications, Inc.		1,116		56,637
Walt Disney Co.*		484		45,690
Warner Bros Discovery, Inc.*		587		7,878
				749,289
CONSUMER DISCRETIONARY (6.3%)
Advance Auto Parts, Inc.		17		2,942
Amazon.com, Inc.*		2,326		247,044
Aptiv PLC*		72		6,413
AutoZone, Inc.*		6		12,895
Bath & Body Works, Inc.		64		1,723
Best Buy Co., Inc.		54		3,520
Booking Hldgs., Inc.*		11		19,239
BorgWarner, Inc.		63		2,102
Caesars Entertainment, Inc.*		56		2,145
CarMax, Inc.*		43		3,891
Carnival Corp.*		215		1,860
Chipotle Mexican Grill, Inc. Cl A*		8		10,458
Darden Restaurants, Inc.		34		3,846
Dollar General Corp.		61		14,972
Dollar Tree, Inc.*		59		9,195
Domino’s Pizza, Inc.		10		3,897
DR Horton, Inc.		85		5,626
eBay, Inc.		149		6,209
Etsy, Inc.*		34		2,489
Expedia Group, Inc.*		40		3,793
Ford Motor Co.		1,049		11,675

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Garmin Ltd.		41	$	4,028
General Motors Co.*		387		12,291
Genuine Parts Co.		38		5,054
Hasbro, Inc.		35		2,866
Hilton Worldwide Hldgs., Inc.		74		8,247
Home Depot, Inc.		275		75,424
Las Vegas Sands Corp.*		91		3,056
Lennar Corp. Cl A		69		4,870
LKQ Corp.		70		3,436
Lowe’s Cos., Inc.		176		30,742
Marriott International, Inc. Cl A		73		9,929
McDonald’s Corp.		197		48,635
MGM Resorts International		94		2,721
Mohawk Industries, Inc.*		14		1,737
Newell Brands, Inc.		98		1,866
NIKE, Inc. Cl B		337		34,441
Norwegian Cruise Line Hldgs. Ltd.*		111		1,234
NVR, Inc.*		1		4,004
O’Reilly Automotive, Inc.*		18		11,372
Penn National Gaming, Inc.*		44		1,338
Pool Corp.		11		3,864
PulteGroup, Inc.		64		2,536
PVH Corp.		18		1,024
Ralph Lauren Corp. Cl A		13		1,165
Ross Stores, Inc.		94		6,602
Royal Caribbean Cruises Ltd.*		60		2,095
Starbucks Corp.		304		23,223
Tapestry, Inc.		67		2,045
Target Corp.		123		17,371
Tesla, Inc.*		223		150,173
TJX Cos., Inc.		312		17,425
Tractor Supply Co.		30		5,815
Ulta Beauty, Inc.*		14		5,397
VF Corp.		85		3,755
Whirlpool Corp.		15		2,323
Wynn Resorts Ltd.*		28		1,595
Yum! Brands, Inc.		76		8,627
				898,260
CONSUMER STAPLES (4.1%)
Altria Group, Inc.		481		20,091
Archer-Daniels-Midland Co.		149		11,562
Brown-Forman Corp. Cl B		49		3,438
Campbell Soup Co.		54		2,595
Church & Dwight Co., Inc.		64		5,930
Clorox Co.		33		4,652
Coca-Cola Co.		1,037		65,238
Colgate-Palmolive Co.		223		17,871
Conagra Brands, Inc.		127		4,349
Constellation Brands, Inc. Cl A		44		10,255
Costco Wholesale Corp.		117		56,076
Estee Lauder Cos., Inc. Cl A		62		15,790

The accompanying notes are an integral part of these portfolio schedules.

29

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
General Mills, Inc.		160	$	12,072
Hershey Co.		39		8,391
Hormel Foods Corp.		75		3,552
JM Smucker Co.		29		3,712
Kellogg Co.		68		4,851
Keurig Dr Pepper, Inc.		196		6,936
Kimberly-Clark Corp.		89		12,029
Kraft Heinz Co.		188		7,170
Kroger Co.		175		8,283
Lamb Weston Hldgs., Inc.		39		2,787
McCormick & Co., Inc.		66		5,495
Molson Coors Beverage Co. Cl B		50		2,725
Mondelez International, Inc. Cl A		367		22,787
Monster Beverage Corp.*		99		9,177
PepsiCo, Inc.		367		61,164
Philip Morris International, Inc.		412		40,681
Procter & Gamble Co.		637		91,594
Sysco Corp.		135		11,436
Tyson Foods, Inc. Cl A		77		6,627
Walgreens Boots Alliance, Inc.		190		7,201
Walmart, Inc.		373		45,349
				591,866
ENERGY (2.6%)
APA Corp.		90		3,141
Baker Hughes Co. Cl A		248		7,160
Chevron Corp.		522		75,575
ConocoPhillips		344		30,894
Coterra Energy, Inc.		215		5,545
Devon Energy Corp.		164		9,038
Diamondback Energy, Inc.		45		5,452
EOG Resources, Inc.		155		17,118
Exxon Mobil Corp.		1,120		95,917
Halliburton Co.		239		7,495
Hess Corp.		73		7,733
Kinder Morgan, Inc.		518		8,682
Marathon Oil Corp.		189		4,249
Marathon Petroleum Corp.		144		11,838
Occidental Petroleum Corp.		236		13,896
ONEOK, Inc.		118		6,549
Phillips 66		127		10,413
Pioneer Natural Resources Co.		60		13,385
Schlumberger NV		375		13,410
Valero Energy Corp.		108		11,478
Williams Cos., Inc.		323		10,081
				369,049
FINANCIALS (7.2%)
Aflac, Inc.		158		8,742
Allstate Corp.		74		9,378
American Express Co.		162		22,456

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
American International Group, Inc.		211	$	10,788
Ameriprise Financial, Inc.		30		7,130
Aon PLC Cl A		57		15,372
Arthur J. Gallagher & Co.		56		9,130
Assurant, Inc.		15		2,593
Bank of America Corp.		1,885		58,680
Bank of New York Mellon Corp.		197		8,217
Berkshire Hathaway, Inc. Cl B*		481		131,323
BlackRock, Inc. Cl A		38		23,144
Brown & Brown, Inc.		62		3,617
Capital One Financial Corp.		105		10,940
Cboe Global Markets, Inc.		28		3,169
Charles Schwab Corp.		401		25,335
Chubb Ltd.		113		22,214
Cincinnati Financial Corp.		40		4,759
Citigroup, Inc.		516		23,731
Citizens Financial Group, Inc.		131		4,675
CME Group, Inc. Cl A		95		19,446
Comerica, Inc.		35		2,568
Discover Financial Svcs.		75		7,094
Everest Re Group Ltd.		11		3,083
FactSet Research Systems, Inc.		10		3,846
Fifth Third Bancorp		182		6,115
First Republic Bank		48		6,922
Franklin Resources, Inc.		74		1,725
Globe Life, Inc.		25		2,437
Goldman Sachs Group, Inc.		91		27,029
Hartford Financial Svcs. Group, Inc.		88		5,758
Huntington Bancshares, Inc.		382		4,596
Intercontinental Exchange, Inc.		148		13,918
Invesco Ltd.		90		1,452
iShares Core S&P 500 ETF		282		106,920
JPMorgan Chase & Co.		780		87,836
KeyCorp.		247		4,256
Lincoln National Corp.		43		2,011
Loews Corp.		52		3,082
M&T Bank Corp.		47		7,491
MarketAxess Hldgs., Inc.		11		2,816
Marsh & McLennan Cos., Inc.		133		20,648
MetLife, Inc.		184		11,553
Moody’s Corp.		43		11,695
Morgan Stanley		372		28,294
MSCI, Inc. Cl A		22		9,067
Nasdaq, Inc.		31		4,729
Northern Trust Corp.		55		5,306
PNC Financial Svcs. Group, Inc.		110		17,355

The accompanying notes are an integral part of these portfolio schedules.

30

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Principal Financial Group, Inc.		63	$	4,208
Progressive Corp.		155		18,022
Prudential Financial, Inc.		100		9,568
Raymond James Financial, Inc.		51		4,560
Regions Financial Corp.		249		4,669
S&P Global, Inc.		93		31,347
Signature Bank		16		2,867
State Street Corp.		97		5,980
SVB Financial Group*		15		5,925
Synchrony Financial		134		3,701
T. Rowe Price Group, Inc.		61		6,930
Travelers Cos., Inc.		64		10,824
Truist Financial Corp.		354		16,790
U.S. Bancorp		359		16,521
Wells Fargo & Co.		1,007		39,444
Willis Towers Watson PLC		30		5,922
WR Berkley Corp.		55		3,754
Zions Bancorp N.A.		41		2,087
				1,027,560
HEALTH CARE (9.0%)
Abbott Laboratories		466		50,631
AbbVie, Inc.		469		71,832
ABIOMED, Inc.*		12		2,970
Agilent Technologies, Inc.		79		9,383
Align Technology, Inc.*		20		4,733
AmerisourceBergen Corp. Cl A		40		5,659
Amgen, Inc.		142		34,548
Baxter International, Inc.		133		8,543
Becton Dickinson & Co.		75		18,490
Biogen, Inc.*		39		7,954
Bio-Rad Laboratories, Inc. Cl A*		6		2,970
Bio-Techne Corp.		10		3,466
Boston Scientific Corp.*		380		14,163
Bristol-Myers Squibb Co.		566		43,582
Cardinal Health, Inc.		73		3,816
Catalent, Inc.*		48		5,150
Centene Corp.*		155		13,115
Charles River Laboratories International, Inc.*		14		2,996
Cigna Corp.		85		22,399
Cooper Cos., Inc.		13		4,070
CVS Health Corp.		348		32,246
Danaher Corp.		172		43,605
DaVita, Inc.*		17		1,359
DENTSPLY SIRONA, Inc.		58		2,072
Dexcom, Inc.*		104		7,751
Edwards Lifesciences Corp.*		165		15,690
Elevance Health, Inc.		65		31,368
Eli Lilly & Co.		210		68,088
Gilead Sciences, Inc.		333		20,583
HCA Healthcare, Inc.		61		10,252

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Henry Schein, Inc.*		37	$	2,839
Hologic, Inc.*		67		4,643
Humana, Inc.		34		15,914
IDEXX Laboratories, Inc.*		23		8,067
Illumina, Inc.*		42		7,743
Incyte Corp.*		50		3,798
Intuitive Surgical, Inc.*		95		19,067
IQVIA Hldgs., Inc.*		51		11,067
Johnson & Johnson		699		124,080
Laboratory Corp. of America Hldgs.		25		5,859
McKesson Corp.		39		12,722
Medtronic PLC		356		31,951
Merck & Co., Inc.		672		61,266
Mettler-Toledo International, Inc.*		7		8,041
Moderna, Inc.*		92		13,142
Molina Healthcare, Inc.*		15		4,194
Organon & Co.		67		2,261
PerkinElmer, Inc.		34		4,836
Pfizer, Inc.		1,491		78,173
Quest Diagnostics, Inc.		32		4,255
Regeneron Pharmaceuticals, Inc.*		28		16,552
ResMed, Inc.		39		8,176
STERIS PLC		27		5,566
Stryker Corp.		89		17,705
Teleflex, Inc.		13		3,196
Thermo Fisher Scientific, Inc.		104		56,501
UnitedHealth Group, Inc.		249		127,894
Universal Health Svcs., Inc. Cl B		18		1,813
Vertex Pharmaceuticals, Inc.*		68		19,162
Viatris, Inc.		322		3,372
Waters Corp.*		17		5,627
West Pharmaceutical Svcs., Inc.		20		6,047
Zimmer Biomet Hldgs., Inc.		56		5,883
Zoetis, Inc. Cl A		125		21,486
			1,286,382
INDUSTRIALS (4.7%)
3M Co.		151		19,541
Alaska Air Group, Inc.*		34		1,362
Allegion PLC		24		2,349
American Airlines Group, Inc.*		172		2,181
AMETEK, Inc.		62		6,813
AO Smith Corp.		35		1,914
Boeing Co.*		147		20,098
Carrier Global Corp.		226		8,059
Caterpillar, Inc.		142		25,384
CH Robinson Worldwide, Inc.		34		3,447
Cintas Corp.		23		8,591

The accompanying notes are an integral part of these portfolio schedules.

31

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Copart, Inc.*		56	$	6,085
CSX Corp.		578		16,797
Cummins, Inc.		38		7,354
Deere & Co.		75		22,460
Delta Air Lines, Inc.*		170		4,925
Dover Corp.		39		4,732
Eaton Corp. PLC		106		13,355
Emerson Electric Co.		157		12,488
Equifax, Inc.		33		6,032
Expeditors International of Washington, Inc.		45		4,386
Fastenal Co.		153		7,638
FedEx Corp.		64		14,509
Fortive Corp.		95		5,166
Fortune Brands Home & Security, Inc.		35		2,096
Generac Hldgs., Inc.*		17		3,580
General Dynamics Corp.		61		13,496
General Electric Co.		292		18,592
Honeywell International, Inc.		181		31,460
Howmet Aerospace, Inc.		100		3,145
Huntington Ingalls Industries, Inc.		11		2,396
IDEX Corp.		21		3,814
Illinois Tool Works, Inc.		75		13,669
Ingersoll Rand, Inc.		108		4,545
Jacobs Engineering Group, Inc.		35		4,449
JB Hunt Transport Svcs., Inc.		23		3,622
Johnson Controls International PLC		184		8,810
L-3 Harris Technologies, Inc.		52		12,568
Leidos Hldgs., Inc.		37		3,726
Lockheed Martin Corp.		63		27,088
Masco Corp.		63		3,188
Nielsen Hldgs. PLC		95		2,206
Nordson Corp.		14		2,834
Norfolk Southern Corp.		63		14,319
Northrop Grumman Corp.		39		18,664
Old Dominion Freight Line, Inc.		25		6,407
Otis Worldwide Corp.		112		7,915
PACCAR, Inc.		92		7,575
Parker-Hannifin Corp.		34		8,366
Pentair PLC		44		2,014
Quanta Svcs., Inc.		38		4,763
Raytheon Technologies Corp.		395		37,964
Republic Svcs., Inc. Cl A		56		7,329
Robert Half International, Inc.		29		2,172
Rockwell Automation, Inc.		31		6,179
Rollins, Inc.		60		2,095
Snap-on, Inc.		15		2,955
Southwest Airlines Co.*		157		5,671
Stanley Black & Decker, Inc.		41		4,299

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Textron, Inc.		58	$	3,542
Trane Technologies PLC		62		8,052
TransDigm Group, Inc.*		14		7,513
Union Pacific Corp.		167		35,618
United Airlines Hldgs., Inc.*		86		3,046
United Parcel Svc., Inc. Cl B		195		35,595
United Rentals, Inc.*		20		4,858
Verisk Analytics, Inc. Cl A		42		7,270
Waste Management, Inc.		102		15,604
Westinghouse Air Brake Technologies Corp.		49		4,022
WW Grainger, Inc.		12		5,453
Xylem, Inc.		48		3,753
				663,963
INFORMATION TECHNOLOGY (16.0%)
Accenture PLC Cl A		168		46,645
Adobe, Inc.*		125		45,757
Advanced Micro Devices, Inc.*		431		32,959
Akamai Technologies, Inc.*		43		3,927
Amphenol Corp. Cl A		158		10,172
Analog Devices, Inc.		139		20,306
ANSYS, Inc.*		24		5,743
Apple, Inc.		4,088		558,911
Applied Materials, Inc.		235		21,380
Arista Networks, Inc.*		60		5,624
Autodesk, Inc.*		58		9,974
Automatic Data Processing, Inc.		111		23,315
Broadcom, Inc.		109		52,953
Broadridge Financial Solutions, Inc.		31		4,419
Cadence Design Systems, Inc.*		73		10,952
CDW Corp.		36		5,672
Ceridian HCM Hldg., Inc.*		37		1,742
Cisco Systems, Inc.		1,104		47,074
Citrix Systems, Inc.		33		3,207
Cognizant Technology Solutions Corp. Cl A		139		9,381
Corning, Inc.		202		6,365
DXC Technology Co.*		65		1,970
Enphase Energy, Inc.*		36		7,029
EPAM Systems, Inc.*		15		4,422
F5, Inc.*		16		2,449
Fidelity National Information Svcs., Inc.		162		14,851
Fiserv, Inc.*		155		13,790
FleetCor Technologies, Inc.*		21		4,412
Fortinet, Inc.*		180		10,184
Gartner, Inc.*		22		5,320
Global Payments, Inc.		75		8,298
Hewlett Packard Enterprise Co.		345		4,575

The accompanying notes are an integral part of these portfolio schedules.

32

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
HP, Inc.		280	$	9,179
Intel Corp.		1,087		40,665
International Business Machines Corp.		239		33,744
Intuit, Inc.		75		28,908
Jack Henry & Associates, Inc.		20		3,600
Juniper Networks, Inc.		86		2,451
Keysight Technologies, Inc.*		49		6,755
KLA Corp.		40		12,763
Lam Research Corp.		37		15,768
Mastercard, Inc. Cl A		228		71,930
Microchip Technology, Inc.		147		8,538
Micron Technology, Inc.		296		16,363
Microsoft Corp.		1,988		510,578
Monolithic Power Systems, Inc.		12		4,608
Motorola Solutions, Inc.		45		9,432
NetApp, Inc.		59		3,849
NortonLifeLock, Inc.		154		3,382
NVIDIA Corp.		665		100,807
NXP Semiconductors NV		70		10,362
ON Semiconductor Corp.*		115		5,786
Oracle Corp.		418		29,206
Paychex, Inc.		85		9,679
Paycom Software, Inc.*		13		3,642
PayPal Hldgs., Inc.*		308		21,511
PTC, Inc.*		28		2,977
Qorvo, Inc.*		29		2,735
QUALCOMM, Inc.		298		38,067
Roper Technologies, Inc.		28		11,050
Salesforce, Inc.*		264		43,571
Seagate Technology Hldgs. PLC		53		3,786
ServiceNow, Inc.*		53		25,202
Skyworks Solutions, Inc.		43		3,984
SolarEdge Technologies, Inc.*		14		3,831
Synopsys, Inc.*		41		12,452
TE Connectivity Ltd.		86		9,731
Teledyne Technologies, Inc.*		13		4,877
Teradyne, Inc.		43		3,851
Texas Instruments, Inc.		245		37,644
Trimble, Inc.*		66		3,843
Tyler Technologies, Inc.*		11		3,657
VeriSign, Inc.*		26		4,351
Visa, Inc. Cl A		438		86,238
Western Digital Corp.*		83		3,721
Zebra Technologies Corp. Cl A*		14		4,115
				2,276,967

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (1.5%)
Air Products & Chemicals, Inc.		59	$	14,188
Albemarle Corp.		31		6,479
Amcor PLC		399		4,960
Avery Dennison Corp.		22		3,561
Ball Corp.		85		5,845
Celanese Corp. Cl A		29		3,411
CF Industries Hldgs., Inc.		56		4,801
Corteva, Inc.		192		10,395
Dow, Inc.		194		10,012
DuPont de Nemours, Inc.		135		7,503
Eastman Chemical Co.		35		3,142
Ecolab, Inc.		66		10,148
FMC Corp.		34		3,638
Freeport-McMoRan, Inc.		385		11,265
International Flavors & Fragrances, Inc.		68		8,100
International Paper Co.		99		4,141
Linde PLC		134		38,529
LyondellBasell Industries NV Cl A		69		6,035
Martin Marietta Materials, Inc.		17		5,087
Mosaic Co.		97		4,581
Newmont Corp.		211		12,591
Nucor Corp.		71		7,413
Packaging Corp. of America		25		3,438
PPG Industries, Inc.		63		7,204
Sealed Air Corp.		39		2,251
Sherwin-Williams Co.		64		14,330
Vulcan Materials Co.		36		5,116
Westrock Co.		68		2,709
				220,873
REAL ESTATE (1.7%)
Alexandria Real Estate Equities, Inc.		39		5,656
American Tower Corp.		123		31,438
AvalonBay Communities, Inc.		37		7,187
Boston Properties, Inc.		38		3,381
Camden Property Trust		28		3,765
CBRE Group, Inc. Cl A*		87		6,404
Crown Castle International Corp.		115		19,364
Digital Realty Trust, Inc.		75		9,737
Duke Realty Corp.		102		5,605
Equinix, Inc.		24		15,769
Equity Residential		90		6,500
Essex Property Trust, Inc.		18		4,707
Extra Space Storage, Inc.		36		6,124
Federal Realty Investment Trust		19		1,819
Healthpeak Properties, Inc.		143		3,705

The accompanying notes are an integral part of these portfolio schedules.

33

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Host Hotels & Resorts, Inc.		190	$	2,979
Iron Mountain, Inc.		77		3,749
Kimco Realty Corp.		164		3,242
Mid-America Apartment Communities, Inc.		31		5,415
Prologis, Inc.		196		23,059
Public Storage		41		12,820
Realty Income Corp.		159		10,853
Regency Centers Corp.		41		2,432
SBA Communications Corp. Cl A		29		9,281
Simon Property Group, Inc.		87		8,258
UDR, Inc.		79		3,637
Ventas, Inc.		106		5,452
VICI Properties, Inc.		256		7,626
Vornado Realty Trust		42		1,201
Welltower, Inc.		120		9,882
Weyerhaeuser Co.		197		6,525
				247,572
UTILITIES (1.8%)
AES Corp.		177		3,719
Alliant Energy Corp.		67		3,927
Ameren Corp.		69		6,235
American Electric Power Co., Inc.		136		13,048
American Water Works Co., Inc.		48		7,141
Atmos Energy Corp.		36		4,036
CenterPoint Energy, Inc.		167		4,940
CMS Energy Corp.		77		5,198
Consolidated Edison, Inc.		94		8,939
Constellation Energy Corp.		86		4,924
Dominion Energy, Inc.		215		17,159
DTE Energy Co.		52		6,591
Duke Energy Corp.		204		21,871
Edison International		101		6,387
Entergy Corp.		54		6,083
Evergy, Inc.		61		3,980
Eversource Energy		91		7,687
Exelon Corp.		260		11,783
FirstEnergy Corp.		151		5,797
NextEra Energy, Inc.		522		40,434
NiSource, Inc.		107		3,155
NRG Energy, Inc.		64		2,443
Pinnacle West Capital Corp.		30		2,194
PPL Corp.		195		5,290
Public Svc. Enterprise Group, Inc.		133		8,416
Sempra Energy		84		12,623
Southern Co.		282		20,109
WEC Energy Group, Inc.		83		8,353
Xcel Energy, Inc.		144		10,189
				262,651

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
TOTAL INDEXED ASSETS - COMMON STOCKS
(Cost: $7,809,403 ) 60.2%			$	8,594,432
ACTIVE ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (0.9%)
Cardlytics, Inc.*		209		4,663
EchoStar Corp. Cl A*		622		12,005
Fox Corp. Cl A		473		15,212
Take-Two Interactive Software, Inc.*		257		31,490
TEGNA, Inc.		2,281		47,832
Twitter, Inc.*		250		9,348
Warner Bros Discovery, Inc.*		524		7,032
				127,582
CONSUMER DISCRETIONARY (3.8%)
Aptiv PLC*		87		7,749
AutoZone, Inc.*		22		47,280
Bloomin’ Brands, Inc.		1,922		31,943
Bright Horizons Family Solutions, Inc.*		76		6,424
Burlington Stores, Inc.*		38		5,177
Caesars Entertainment, Inc.*		168		6,434
Capri Hldgs. Ltd.*		639		26,205
Darden Restaurants, Inc.		177		20,022
Everi Hldgs., Inc.*		480		7,829
Five Below, Inc.*		255		28,924
Ford Motor Co.		708		7,880
Fox Factory Hldg. Corp.*		83		6,685
Golden Entertainment, Inc.*		570		22,544
Hanesbrands, Inc.		893		9,189
Lithia Motors, Inc. Cl A		59		16,214
Marriott Vacations Worldwide Corp.		488		56,705
Murphy USA, Inc.		36		8,383
NVR, Inc.*		4		16,017
Ollie’s Bargain Outlet Hldgs., Inc.*		505		29,669
Ralph Lauren Corp. Cl A		96		8,607
Skyline Champion Corp.*		169		8,014
Sonic Automotive, Inc. Cl A		802		29,377
Sonos, Inc.*		604		10,896
Steven Madden Ltd.		1,368		44,063
Taylor Morrison Home Corp. Cl A*		1,089		25,439
Tractor Supply Co.		150		29,077
Williams-Sonoma, Inc.		144		15,977
XPEL, Inc.*		262		12,034
				544,757
CONSUMER STAPLES (1.3%)
BJ’s Wholesale Club Hldgs., Inc.*		133		8,289
Boston Beer Co., Inc. Cl A*		69		20,905
Church & Dwight Co., Inc.		305		28,262

The accompanying notes are an integral part of these portfolio schedules.

34

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Constellation Brands, Inc. Cl A		179	$	41,717
Crimson Wine Group Ltd.*		1,816		12,966
Freshpet, Inc.*		202		10,482
TreeHouse Foods, Inc.*		1,629		68,125
				190,746
ENERGY (2.8%)
Baker Hughes Co. Cl A		1,603		46,278
ChampionX Corp.		1,800		35,730
Cheniere Energy, Inc.		305		40,574
Chesapeake Energy Corp.		506		41,037
Devon Energy Corp.		951		52,410
EQT Corp.		1,026		35,294
Hess Corp.		82		8,687
Magnolia Oil & Gas Corp. Cl A		492		10,327
MPLX LP		216		6,296
Northern Oil & Gas, Inc.		615		15,535
Ovintiv, Inc.		479		21,167
PDC Energy, Inc.		556		34,255
Southwestern Energy Co.*		2,417		15,106
Williams Cos., Inc.		1,246		38,887
				401,583
FINANCIALS (6.0%)
American Equity Investment Life Hldg. Co.		439		16,054
American Financial Group, Inc.		193		26,790
Ameriprise Financial, Inc.		205		48,725
Argo Group International Hldgs. Ltd.		270		9,952
Bank of Marin Bancorp		192		6,102
Banner Corp.		404		22,709
Brookline Bancorp, Inc.		1,246		16,584
Brown & Brown, Inc.		434		25,320
Dime Community Bancshares, Inc.		355		10,526
Discover Financial Svcs.		269		25,442
Eastern Bankshares, Inc.		1,879		34,686
Ellington Financial, Inc.		1,177		17,267
Enterprise Financial Svcs. Corp.		516		21,414
Essent Group Ltd.		558		21,706
Everest Re Group Ltd.		43		12,052
Fifth Third Bancorp		830		27,888
First Financial Bankshares, Inc.		151		5,930
First Foundation, Inc.		363		7,434
First Interstate BancSystem, Inc. Cl A		714		27,211
First Republic Bank		171		24,658
Glacier Bancorp, Inc.		186		8,820
Goosehead Insurance, Inc. Cl A		99		4,521

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Green Dot Corp. Cl A*		867	$	21,770
Hancock Whitney Corp.		544		24,116
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		122		4,619
Hartford Financial Svcs. Group, Inc.		591		38,669
Home BancShares, Inc.		912		18,942
Houlihan Lokey, Inc. Cl A		86		6,788
iShares Micro-Cap ETF		47		4,886
iShares Russell 2000 Growth ETF		37		7,633
KeyCorp.		689		11,871
Metropolitan Bank Hldg. Corp.*		174		12,079
Moelis & Co. Cl A		201		7,909
MSCI, Inc. Cl A		29		11,953
Primerica, Inc.		298		35,668
Raymond James Financial, Inc.		201		17,971
Reinsurance Group of America, Inc. Cl A		78		9,149
RLI Corp.		80		9,327
Selective Insurance Group, Inc.		291		25,300
Signature Bank		51		9,140
Silvergate Capital Corp. Cl A*		64		3,426
Starwood Property Trust, Inc.		1,048		21,893
Stifel Financial Corp.		133		7,451
Stock Yards Bancorp, Inc.		474		28,355
SVB Financial Group*		61		24,094
Synchrony Financial		209		5,773
TriCo Bancshares		314		14,331
UMB Financial Corp.		212		18,253
Voya Financial, Inc.		138		8,215
Webster Financial Corp.		325		13,699
Zions Bancorp N.A.		112		5,701
				850,772
HEALTH CARE (3.9%)
Addus HomeCare Corp.*		171		14,241
Agilent Technologies, Inc.		275		32,662
Align Technology, Inc.*		38		8,994
Amicus Therapeutics, Inc.*		396		4,253
AMN Healthcare Svcs., Inc.*		94		10,313
Arrowhead Pharmaceuticals, Inc.*		99		3,486
BioCryst Pharmaceuticals, Inc.*		624		6,602
Biohaven Pharmaceutical Hldg. Co. Ltd.*		75		10,928
Blueprint Medicines Corp.*		87		4,394
CareDx, Inc.*		152		3,265
Centene Corp.*		144		12,183
Chemed Corp.		29		13,612
ChemoCentryx, Inc.*		206		5,105

The accompanying notes are an integral part of these portfolio schedules.

35

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
CONMED Corp.		103	$	9,863
Emergent BioSolutions, Inc.*		169		5,246
Encompass Health Corp.		275		15,414
Envista Hldgs. Corp.*		345		13,296
Exact Sciences Corp.*		69		2,718
Fate Therapeutics, Inc.*		131		3,246
Halozyme Therapeutics, Inc.*		195		8,580
Horizon Therapeutics PLC*		275		21,934
Humana, Inc.		19		8,894
IDEXX Laboratories, Inc.*		26		9,119
Inmode Ltd.*		190		4,258
Insmed, Inc.*		183		3,609
Inspire Medical Systems, Inc.*		38		6,941
Insulet Corp.*		43		9,371
iRhythm Technologies, Inc.*		57		6,158
Krystal Biotech, Inc.*		62		4,071
LHC Group, Inc.*		62		9,656
Madrigal Pharmaceuticals, Inc.*		37		2,648
Medpace Hldgs., Inc.*		52		7,783
Mettler-Toledo International, Inc.*		14		16,083
NanoString Technologies, Inc.*		348		4,420
Neogen Corp.*		184		4,433
NextGen Healthcare, Inc.*		1,697		29,596
Omnicell, Inc.*		135		15,356
OrthoPediatrics Corp.*		154		6,645
Penumbra, Inc.*		43		5,354
QuidelOrtho Corp.*		184		17,881
Repligen Corp.*		38		6,171
SeaSpine Hldgs. Corp.*		1,147		6,481
Sientra, Inc.*		2,790		2,337
Silk Road Medical, Inc.*		107		3,894
Simulations Plus, Inc.		169		8,337
STAAR Surgical Co.*		105		7,448
Supernus Pharmaceuticals, Inc.*		1,011		29,238
Syneos Health, Inc. Cl A*		417		29,891
Tactile Systems Technology, Inc.*		377		2,752
Tandem Diabetes Care, Inc.*		160		9,470
Tenet Healthcare Corp.*		187		9,829
Veeva Systems, Inc. Cl A*		55		10,892
Vericel Corp.*		477		12,011
Xencor, Inc.*		128		3,503
Zimmer Biomet Hldgs., Inc.		278		29,207
Zimvie, Inc.*		16		256
				554,328
INDUSTRIALS (6.7%)
Alaska Air Group, Inc.*		568		22,748
Arcosa, Inc.		335		15,554
Atkore, Inc.*		142		11,787

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Axon Enterprise, Inc.*		163	$	15,187
AZEK Co., Inc. Cl A*		221		3,700
Bloom Energy Corp. Cl A*		309		5,098
Builders FirstSource, Inc.*		722		38,771
Carlisle Cos., Inc.		207		49,392
Casella Waste Systems, Inc. Cl A*		122		8,867
Chart Industries, Inc.*		99		16,571
Clean Harbors, Inc.*		277		24,285
Crane Hldgs. Co.		234		20,489
Deluxe Corp.		1,088		23,577
Dover Corp.		235		28,511
Ducommun, Inc.*		317		13,644
EMCOR Group, Inc.		155		15,959
Encore Wire Corp.		190		19,745
EnPro Industries, Inc.		368		30,150
ESCO Technologies, Inc.		466		31,860
Federal Signal Corp.		484		17,230
Franklin Electric Co., Inc.		135		9,890
Generac Hldgs., Inc.*		82		17,267
Graco, Inc.		258		15,328
HEICO Corp. Cl A		80		8,430
IAA, Inc.*		206		6,751
ICF International, Inc.		262		24,890
Jacobs Engineering Group, Inc.		153		19,450
KBR, Inc.		1,148		55,552
L-3 Harris Technologies, Inc.		66		15,953
ManTech International Corp. Cl A		127		12,122
Masonite International Corp.*		66		5,071
Miller Industries, Inc.		970		21,990
Mueller Industries, Inc.		1,368		72,901
Old Dominion Freight Line, Inc.		173		44,336
Oshkosh Corp.		229		18,810
Quanta Svcs., Inc.		170		21,308
Saia, Inc.*		31		5,828
Simpson Manufacturing Co., Inc.		62		6,238
Stanley Black & Decker, Inc.		93		9,752
Tetra Tech, Inc.		43		5,872
TransUnion		178		14,238
Trex Co., Inc.*		285		15,510
UFP Industries, Inc.		543		37,000
Univar Solutions, Inc.*		1,197		29,769
Vicor Corp.*		84		4,597
VSE Corp.		640		24,051
Werner Enterprises, Inc.		401		15,455
Willdan Group, Inc.*		196		5,406
				956,890
INFORMATION TECHNOLOGY (5.4%)
Altair Engineering, Inc. Cl A*		127		6,668
Ambarella, Inc.*		102		6,677
Amphenol Corp. Cl A		263		16,932

The accompanying notes are an integral part of these portfolio schedules.

36

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Arteris, Inc.*		501	$	3,492
Belden, Inc.		359		19,124
Blackline, Inc.*		85		5,661
Cambium Networks Corp.*		359		5,259
Ciena Corp.*		244		11,151
CMC Materials, Inc.		155		27,046
Cohu, Inc.*		854		23,698
Credo Technology Group Hldg. Ltd.*		339		3,960
Digi International, Inc.*		175		4,238
Domo, Inc. Cl B*		272		7,562
DXC Technology Co.*		956		28,977
EPAM Systems, Inc.*		37		10,907
Euronet Worldwide, Inc.*		450		45,266
Fabrinet*		65		5,272
Five9, Inc.*		405		36,912
ForgeRock, Inc. Cl A*		209		4,477
Globant S.A.*		48		8,352
Guidewire Software, Inc.*		89		6,318
Hewlett Packard Enterprise Co.		773		10,250
II-VI, Inc.*		336		17,119
Keysight Technologies, Inc.*		59		8,133
LivePerson, Inc.*		326		4,610
Lumentum Hldgs., Inc.*		320		25,414
Marvell Technology, Inc.		215		9,359
Maximus, Inc.		105		6,564
MaxLinear, Inc. Cl A*		397		13,490
Microchip Technology, Inc.		158		9,176
MKS Instruments, Inc.		82		8,416
MongoDB, Inc. Cl A*		23		5,968
Monolithic Power Systems, Inc.		48		18,434
Motorola Solutions, Inc.		69		14,462
Novanta, Inc.*		67		8,125
Okta, Inc. Cl A*		63		5,695
Palo Alto Networks, Inc.*		41		20,252
PDF Solutions, Inc.*		250		5,378
Perficient, Inc.*		340		31,175
Ping Identity Hldg. Corp.*		558		10,122
PTC, Inc.*		208		22,118
Q2 Hldgs., Inc.*		117		4,513
Qualys, Inc.*		13		1,640
Rapid7, Inc.*		257		17,168
Richardson Electronics Ltd.*		207		3,035
Sailpoint Technologies Hldgs., Inc.*		296		18,553
Sequans Communications S.A.*		457		1,229
Silicon Laboratories, Inc.*		56		7,852
Splunk, Inc.*		145		12,827
Synaptics, Inc.*		64		7,555
Synopsys, Inc.*		44		13,362
Teledyne Technologies, Inc.*		69		25,883
Tenable Hldgs., Inc.*		37		1,680
Teradyne, Inc.		210		18,805

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Varonis Systems, Inc. Cl B*		72	$	2,111
Viasat, Inc.*		1,023		31,334
Xperi Hldg. Corp.		1,158		16,710
Zendesk, Inc.*		359		26,591
Zuora, Inc. Cl A*		1,887		16,889
				769,946
MATERIALS (2.5%)
Albemarle Corp.		21		4,389
Ashland Global Hldgs., Inc.		446		45,960
Avient Corp.		290		11,623
Coeur Mining, Inc.*		1,662		5,052
Crown Hldgs., Inc.		794		73,183
FMC Corp.		171		18,299
Freeport-McMoRan, Inc.		174		5,091
Innospec, Inc.		97		9,292
Kaiser Aluminum Corp.		391		30,924
Livent Corp.*		232		5,264
Materion Corp.		584		43,058
Newmont Corp.		317		18,916
Orion Engineered Carbons S.A.		608		9,442
Packaging Corp. of America		117		16,087
PPG Industries, Inc.		74		8,462
Steel Dynamics, Inc.		163		10,782
Stepan Co.		80		8,108
Valvoline, Inc.		612		17,644
Vulcan Materials Co.		88		12,504
				354,080
REAL ESTATE (3.0%)
Alexander’s, Inc.		29		6,443
Alexandria Real Estate Equities, Inc.		60		8,702
American Campus Communities, Inc.		154		9,928
Apartment Income REIT Corp.		197		8,195
Apartment Investment & Management Co. Cl A*		1,222		7,821
AvalonBay Communities, Inc.		54		10,490
Brandywine Realty Trust		610		5,880
Camden Property Trust		151		20,307
Cousins Properties, Inc.		417		12,189
CTO Realty Growth, Inc.		108		6,601
Duke Realty Corp.		1,011		55,554
Easterly Government Properties, Inc. Cl A		1,205		22,943
EastGroup Properties, Inc.		66		10,186
Equity Commonwealth*		607		16,711
Essential Properties Realty Trust, Inc.		214		4,599
Gaming & Leisure Properties, Inc.		213		9,768
Highwoods Properties, Inc.		327		11,180

The accompanying notes are an integral part of these portfolio schedules.

37

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Host Hotels & Resorts, Inc.		1,281	$	20,086
Industrial Logistics Properties Trust		85		1,197
Innovative Industrial Properties, Inc. Cl A		33		3,626
Kilroy Realty Corp.		314		16,432
Life Storage, Inc.		52		5,806
LXP Industrial Trust		1,045		11,223
PotlatchDeltic Corp.		489		21,609
Realty Income Corp.		193		13,175
Sabra Health Care REIT, Inc.		1,169		16,331
SBA Communications Corp. Cl A		38		12,162
Sun Communities, Inc.		144		22,948
Welltower, Inc.		366		30,140
Weyerhaeuser Co.		469		15,533
Xenia Hotels & Resorts, Inc.*		418		6,074
				423,839
UTILITIES (2.2%)
AES Corp.		448		9,412
Ameren Corp.		192		17,349

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Atmos Energy Corp.		80	$	8,968
Avista Corp.		348		15,141
Black Hills Corp.		324		23,577
Chesapeake Utilities Corp.		99		12,825
DTE Energy Co.		106		13,435
Entergy Corp.		118		13,291
Evergy, Inc.		699		45,610
Fortis, Inc.		419		19,806
IDACORP, Inc.		46		4,872
NiSource, Inc.		716		21,115
NorthWestern Corp.		237		13,966
NRG Energy, Inc.		487		18,589
ONE Gas, Inc.		64		5,196
Portland General Electric Co.		292		14,112
PPL Corp.		300		8,139
Public Svc. Enterprise Group, Inc.		302		19,111
Sempra Energy		91		13,674
Spire, Inc.		169		12,569
				310,757
TOTAL ACTIVE ASSETS - COMMON STOCKS
(Cost: $5,342,931) 38.5%				5,485,280

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (1.3%)
Citibank, New York Time Deposit		0.91		07/01/22	$	187,408	$	187,408
TOTAL TEMPORARY CASH INVESTMENT (Cost: $187,408) 1.3%								187,408
TOTAL INVESTMENTS (Cost: $13,339,742) 100.0%								14,267,120
OTHER NET ASSETS 0.0% (2)								(3,352	)
NET ASSETS 100.0%							$	14,263,768

The accompanying notes are an integral part of these portfolio schedules.

38

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (3.7%)
EchoStar Corp. Cl A*		4,115	$	79,420
TEGNA, Inc.		14,286		299,577
				378,997
CONSUMER DISCRETIONARY (7.5%)
Bloomin’ Brands, Inc.		6,885		114,429
Capri Hldgs. Ltd.*		2,087		85,588
Golden Entertainment, Inc.*		1,754		69,371
Marriott Vacations Worldwide Corp.		1,230		142,926
Sonic Automotive, Inc. Cl A		3,267		119,670
Steven Madden Ltd.		4,783		154,060
Taylor Morrison Home Corp. Cl A*		3,892		90,917
				776,961
CONSUMER STAPLES (3.5%)
Crimson Wine Group Ltd.*		11,440		81,682
TreeHouse Foods, Inc.*		6,558		274,255
				355,937
ENERGY (7.7%)
ChampionX Corp.		10,342		205,289
EQT Corp.		6,643		228,519
Ovintiv, Inc.		3,179		140,480
PDC Energy, Inc.		3,612		222,535
				796,823
FINANCIALS (24.3%)
American Equity Investment Life Hldg. Co.		2,874		105,102
Argo Group International Hldgs. Ltd.		1,781		65,648
Bank of Marin Bancorp		1,285		40,837
Banner Corp.		2,677		150,474
Brookline Bancorp, Inc.		8,072		107,438
Dime Community Bancshares, Inc.		1,898		56,276
Eastern Bankshares, Inc.		12,018		221,852
Ellington Financial, Inc.		7,721		113,267
Enterprise Financial Svcs. Corp.		3,326		138,029
Essent Group Ltd.		3,574		139,029
First Interstate BancSystem, Inc. Cl A		4,716		179,727
Green Dot Corp. Cl A*		5,920		148,651
Hancock Whitney Corp.		3,472		153,914
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		769		29,114
Home BancShares, Inc.		5,802		120,507
Metropolitan Bank Hldg. Corp.*		1,149		79,763
Moelis & Co. Cl A		1,302		51,234
Selective Insurance Group, Inc.		1,823		158,492
Stifel Financial Corp.		831		46,553
Stock Yards Bancorp, Inc.		3,089		184,784
TriCo Bancshares		2,015		91,965
UMB Financial Corp.		1,424		122,606
				2,505,262

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (5.3%)
BioCryst Pharmaceuticals, Inc.*		3,957	$	41,865
NanoString Technologies, Inc.*		2,526		32,080
NextGen Healthcare, Inc.*		7,655		133,503
SeaSpine Hldgs. Corp.*		7,540		42,601
Sientra, Inc.*		24,903		20,861
Supernus Pharmaceuticals, Inc.*		4,576		132,338
Syneos Health, Inc. Cl A*		1,410		101,069
Vericel Corp.*		1,788		45,022
				549,339
INDUSTRIALS (18.7%)
Arcosa, Inc.		2,215		102,842
Builders FirstSource, Inc.*		2,185		117,335
Deluxe Corp.		6,964		150,910
Encore Wire Corp.		1,201		124,808
EnPro Industries, Inc.		2,371		194,256
ICF International, Inc.		1,143		108,585
KBR, Inc.		2,715		131,379
ManTech International Corp. Cl A		877		83,710
Miller Industries, Inc.		6,126		138,876
Mueller Industries, Inc.		6,179		329,279
UFP Industries, Inc.		2,924		199,241
VSE Corp.		3,981		149,606
Werner Enterprises, Inc.		2,592		99,896
				1,930,723
INFORMATION TECHNOLOGY (7.4%)
Belden, Inc.		2,340		124,652
CMC Materials, Inc.		876		152,853
Cohu, Inc.*		4,172		115,773
Digi International, Inc.*		1,139		27,587
II-VI, Inc.*		963		49,065
Perficient, Inc.*		512		46,945
Richardson Electronics Ltd.*		1,349		19,776
Sequans Communications S.A.*		2,982		8,022
Viasat, Inc.*		1,665		50,999
Xperi Hldg. Corp.		7,663		110,577
Zuora, Inc. Cl A*		6,438		57,620
				763,869
MATERIALS (5.3%)
Avient Corp.		1,895		75,952
Coeur Mining, Inc.*		10,720		32,589
Kaiser Aluminum Corp.		1,819		143,865
Materion Corp.		3,154		232,544
Stepan Co.		578		58,580
				543,530
REAL ESTATE (8.1%)
Alexander’s, Inc.		126		27,992
Apartment Investment & Management Co. Cl A*		8,015		51,296
Cousins Properties, Inc.		2,777		81,172

The accompanying notes are an integral part of these portfolio schedules.

39

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
CTO Realty Growth, Inc.		758	$	46,329
Easterly Government Properties, Inc. Cl A		5,483		104,396
Equity Commonwealth*		3,835		105,578
Highwoods Properties, Inc.		2,197		75,115
Industrial Logistics Properties Trust		547		7,702
LXP Industrial Trust		6,828		73,333
PotlatchDeltic Corp.		3,054		134,956
Sabra Health Care REIT, Inc.		9,078		126,820
				834,689

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (4.9%)
Avista Corp.		2,323	$	101,074
Black Hills Corp.		2,008		146,122
NorthWestern Corp.		1,519		89,514
Portland General Electric Co.		1,866		90,184
Spire, Inc.		1,067		79,353
				506,247
TOTAL COMMON STOCKS
(Cost: $11,318,467) 96.4%				9,942,377

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (3.6%)
Citibank, New York Time Deposit		0.91		07/01/22	$	373,061	$	373,061
TOTAL TEMPORARY CASH INVESTMENT (Cost: $373,061) 3.6%								373,061
TOTAL INVESTMENTS (Cost: $11,691,528) 100.0%								10,315,438
OTHER NET ASSETS 0.0% (2)								20
NET ASSETS 100.0%							$	10,315,458

The accompanying notes are an integral part of these portfolio schedules.

40

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (0.4%)
Cardlytics, Inc.*		2,061	$	45,981
CONSUMER DISCRETIONARY (12.2%)
Bloomin’ Brands, Inc.		8,810		146,422
Everi Hldgs., Inc.*		4,727		77,097
Five Below, Inc.*		686		77,813
Fox Factory Hldg. Corp.*		822		66,204
Golden Entertainment, Inc.*		2,967		117,345
Marriott Vacations Worldwide Corp.		776		90,171
Murphy USA, Inc.		367		85,463
Ollie’s Bargain Outlet Hldgs., Inc.*		1,549		91,004
Skyline Champion Corp.*		1,666		79,002
Sonic Automotive, Inc. Cl A		2,860		104,762
Sonos, Inc.*		6,063		109,376
Steven Madden Ltd.		1,817		58,526
Taylor Morrison Home Corp. Cl A*		2,066		48,262
XPEL, Inc.*		2,626		120,612
				1,272,059
CONSUMER STAPLES (2.5%)
BJ’s Wholesale Club Hldgs., Inc.*		1,311		81,702
Boston Beer Co., Inc. Cl A*		222		67,259
Freshpet, Inc.*		1,015		52,668
TreeHouse Foods, Inc.*		1,460		61,057
				262,686
ENERGY (5.9%)
ChampionX Corp.		2,662		52,841
Chesapeake Energy Corp.		1,908		154,739
Magnolia Oil & Gas Corp. Cl A		4,880		102,431
Northern Oil & Gas, Inc.		6,077		153,505
Southwestern Energy Co.*		23,850		149,062
				612,578
FINANCIALS (6.3%)
First Financial Bankshares, Inc.		1,457		57,216
First Foundation, Inc.		3,544		72,581
Glacier Bancorp, Inc.		1,815		86,067
Goosehead Insurance, Inc. Cl A		953		43,523
Houlihan Lokey, Inc. Cl A		848		66,933
iShares Micro-Cap ETF		457		47,510
iShares Russell 2000 Growth ETF		345		71,177
Primerica, Inc.		791		94,675
RLI Corp.		756		88,142
Silvergate Capital Corp. Cl A*		637		34,099
				661,923
HEALTH CARE (21.3%)
Addus HomeCare Corp.*		1,679		139,827
Amicus Therapeutics, Inc.*		4,096		43,991

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
AMN Healthcare Svcs., Inc.*		929	$	101,921
Arrowhead Pharmaceuticals, Inc.*		950		33,450
Biohaven Pharmaceutical Hldg. Co. Ltd.*		752		109,574
Blueprint Medicines Corp.*		822		41,519
CareDx, Inc.*		1,478		31,747
ChemoCentryx, Inc.*		2,046		50,700
CONMED Corp.		1,013		97,005
Emergent BioSolutions, Inc.*		1,671		51,868
Fate Therapeutics, Inc.*		1,281		31,743
Halozyme Therapeutics, Inc.*		1,929		84,876
Inmode Ltd.*		1,882		42,176
Insmed, Inc.*		1,858		36,640
Inspire Medical Systems, Inc.*		378		69,049
iRhythm Technologies, Inc.*		564		60,929
Krystal Biotech, Inc.*		563		36,967
LHC Group, Inc.*		612		95,313
Madrigal Pharmaceuticals, Inc.*		373		26,699
Medpace Hldgs., Inc.*		511		76,481
Neogen Corp.*		1,761		42,423
NextGen Healthcare, Inc.*		5,105		89,031
Omnicell, Inc.*		1,336		151,970
OrthoPediatrics Corp.*		1,475		63,646
QuidelOrtho Corp.*		826		80,271
Silk Road Medical, Inc.*		1,037		37,736
Simulations Plus, Inc.		1,671		82,430
STAAR Surgical Co.*		1,045		74,122
Supernus Pharmaceuticals, Inc.*		2,976		86,066
Tactile Systems Technology, Inc.*		3,747		27,353
Tandem Diabetes Care, Inc.*		650		38,474
Tenet Healthcare Corp.*		1,854		97,446
Vericel Corp.*		2,056		51,770
Xencor, Inc.*		1,252		34,267
				2,219,480
INDUSTRIALS (16.2%)
Atkore, Inc.*		1,396		115,882
AZEK Co., Inc. Cl A*		2,213		37,045
Bloom Energy Corp. Cl A*		3,098		51,117
Casella Waste Systems, Inc. Cl A*		1,204		87,507
Chart Industries, Inc.*		998		167,045
Ducommun, Inc.*		3,119		134,242
EMCOR Group, Inc.		1,537		158,249
ESCO Technologies, Inc.		2,113		144,466
Federal Signal Corp.		4,705		167,498
Franklin Electric Co., Inc.		1,311		96,044

The accompanying notes are an integral part of these portfolio schedules.

41

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP GROWTH PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
ICF International, Inc.		759	$	72,105
KBR, Inc.		1,587		76,795
Masonite International Corp.*		661		50,785
Saia, Inc.*		311		58,468
Simpson Manufacturing Co., Inc.		622		62,579
Tetra Tech, Inc.		424		57,897
UFP Industries, Inc.		835		56,897
Vicor Corp.*		834		45,645
Willdan Group, Inc.*		1,940		53,505
				1,693,771
INFORMATION TECHNOLOGY (23.0%)
Altair Engineering, Inc. Cl A*		1,194		62,685
Ambarella, Inc.*		1,030		67,424
Arteris, Inc.*		4,839		33,728
Blackline, Inc.*		842		56,077
Cambium Networks Corp.*		3,537		51,817
CMC Materials, Inc.		188		32,804
Cohu, Inc.*		2,373		65,851
Credo Technology Group Hldg. Ltd.*		3,356		39,198
Domo, Inc. Cl B*		2,725		75,755
Fabrinet*		647		52,472
Five9, Inc.*		1,335		121,672
ForgeRock, Inc. Cl A*		2,075		44,446
Globant S.A.*		480		83,520
II-VI, Inc.*		1,621		82,590
LivePerson, Inc.*		3,204		45,304
Lumentum Hldgs., Inc.*		945		75,052
Maximus, Inc.		1,013		63,323
MaxLinear, Inc. Cl A*		3,910		132,862
Novanta, Inc.*		665		80,644
PDF Solutions, Inc.*		2,464		53,001
Perficient, Inc.*		2,487		228,033
Ping Identity Hldg. Corp.*		5,485		99,498
Q2 Hldgs., Inc.*		1,164		44,895
Qualys, Inc.*		128		16,146
Rapid7, Inc.*		2,581		172,411

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Sailpoint Technologies Hldgs., Inc.*		2,935	$	183,966
Silicon Laboratories, Inc.*		548		76,841
Synaptics, Inc.*		629		74,253
Tenable Hldgs., Inc.*		371		16,847
Varonis Systems, Inc. Cl B*		714		20,934
Viasat, Inc.*		2,141		65,579
Zuora, Inc. Cl A*		8,468		75,789
				2,395,417
MATERIALS (4.2%)
Innospec, Inc.		960		91,958
Kaiser Aluminum Corp.		1,140		90,163
Livent Corp.*		2,289		51,937
Materion Corp.		828		61,049
Orion Engineered Carbons S.A.		5,986		92,963
Valvoline, Inc.		1,574		45,378
				433,448
REAL ESTATE (3.0%)
Easterly Government Properties, Inc. Cl A		3,586		68,278
EastGroup Properties, Inc.		654		100,932
Essential Properties Realty Trust, Inc.		2,081		44,721
Innovative Industrial Properties, Inc. Cl A		328		36,037
Xenia Hotels & Resorts, Inc.*		4,129		59,994
				309,962
UTILITIES (2.1%)
Chesapeake Utilities Corp.		903		116,984
IDACORP, Inc.		457		48,405
ONE Gas, Inc.		640		51,962
				217,351
TOTAL COMMON STOCKS
(Cost: $11,118,302) 97.1%				10,124,656

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (2.7%)
Citibank, New York Time Deposit		0.91		07/01/22	$	277,846	$	277,846
TOTAL TEMPORARY CASH INVESTMENT (Cost: $277,846) 2.7%								277,846
TOTAL INVESTMENTS (Cost: $11,396,148) 99.8%								10,402,502
OTHER NET ASSETS 0.2%								18,246
NET ASSETS 100.0%							$	10,420,748

The accompanying notes are an integral part of these portfolio schedules.

42

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (2.0%)
AMC Networks, Inc. Cl A*		222	$	6,465
ATN International, Inc.		81		3,800
Cars.com, Inc.*		485		4,574
Cinemark Hldgs., Inc.*		795		11,941
Cogent Communications Hldgs., Inc.		316		19,200
Consolidated Communications Hldgs., Inc.*		539		3,773
EW Scripps Co. Cl A*		429		5,350
Gannett Co., Inc.*		1,088		3,155
Gogo, Inc.*		507		8,208
Loyalty Ventures, Inc.*		148		528
Marcus Corp.*		163		2,408
QuinStreet, Inc.*		374		3,762
Scholastic Corp.		226		8,129
Shenandoah Telecommunications Co.		371		8,236
TechTarget, Inc.*		197		12,947
Telephone & Data Systems, Inc.		732		11,558
Thryv Hldgs., Inc.*		127		2,844
Yelp, Inc. Cl A*		494		13,718
				130,596
CONSUMER DISCRETIONARY (11.2%)
Aaron’s Co., Inc.		228		3,317
Abercrombie & Fitch Co. Cl A*		374		6,328
Academy Sports & Outdoors, Inc.		634		22,532
Adtalem Global Education, Inc.*		334		12,014
American Axle & Manufacturing Hldgs., Inc.*		849		6,393
American Public Education, Inc.*		139		2,246
America’s Car-Mart, Inc.*		45		4,527
Asbury Automotive Group, Inc.*		164		27,772
Bed Bath & Beyond, Inc.*		592		2,942
Big Lots, Inc.		212		4,446
BJ’s Restaurants, Inc.*		173		3,751
Bloomin’ Brands, Inc.		599		9,955
Boot Barn Hldgs., Inc.*		220		15,160
Brinker International, Inc.*		325		7,160
Buckle, Inc.		219		6,064
Caleres, Inc.		281		7,373
Cato Corp. Cl A		130		1,509
Cavco Industries, Inc.*		63		12,347
Century Communities, Inc.		215		9,669
Cheesecake Factory, Inc.		364		9,617
Chico’s FAS, Inc.*		928		4,612
Children’s Place, Inc.*		96		3,736
Chuy’s Hldgs., Inc.*		141		2,809

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Conn’s, Inc.*		115	$	922
Dave & Buster’s Entertainment, Inc.*		288		9,441
Designer Brands, Inc. Cl A		450		5,877
Dine Brands Global, Inc.		124		8,070
Dorman Products, Inc.*		210		23,039
El Pollo Loco Hldgs., Inc.*		144		1,417
Ethan Allen Interiors, Inc.		164		3,314
Fossil Group, Inc.*		349		1,804
Genesco, Inc.*		96		4,791
Gentherm, Inc.*		246		15,353
G-III Apparel Group Ltd.*		320		6,474
Golden Entertainment, Inc.*		151		5,972
Group 1 Automotive, Inc.		123		20,885
Guess?, Inc.		266		4,535
Haverty Furniture Cos., Inc.		103		2,388
Hibbett, Inc.		91		3,978
Installed Building Products, Inc.		172		14,304
iRobot Corp.*		201		7,387
Jack in the Box, Inc.		156		8,745
Kontoor Brands, Inc.		344		11,479
La-Z-Boy, Inc.		320		7,587
LCI Industries		188		21,033
LGI Homes, Inc.*		155		13,470
Liquidity Svcs., Inc.*		198		2,661
LL Flooring Hldgs., Inc.*		220		2,061
M/I Homes, Inc.*		210		8,329
MarineMax, Inc.*		160		5,779
MDC Hldgs., Inc.		422		13,635
Meritage Homes Corp.*		272		19,720
Monarch Casino & Resort, Inc.*		98		5,750
Monro, Inc.		249		10,677
Motorcar Parts of America, Inc.*		142		1,863
Movado Group, Inc.		120		3,712
National Vision Hldgs., Inc.*		604		16,610
ODP Corp.*		324		9,798
Oxford Industries, Inc.		114		10,116
Patrick Industries, Inc.		162		8,398
Perdoceo Education Corp.*		510		6,008
PetMed Express, Inc.		156		3,104
Rent-A-Center, Inc.		399		7,761
Ruth’s Hospitality Group, Inc.		232		3,772
Sally Beauty Hldgs., Inc.*		794		9,465
Shake Shack, Inc. Cl A*		291		11,489
Shoe Carnival, Inc.		127		2,745
Shutterstock, Inc.		172		9,857
Signet Jewelers Ltd.		351		18,765
Sleep Number Corp.*		165		5,107
Sonic Automotive, Inc. Cl A		145		5,311
Sonos, Inc.*		949		17,120
Standard Motor Products, Inc.		141		6,344
Steven Madden Ltd.		556		17,909

The accompanying notes are an integral part of these portfolio schedules.

43

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Strategic Education, Inc.		170	$	11,999
Sturm Ruger & Co., Inc.		131		8,338
Tri Pointe Homes, Inc.*		767		12,939
Tupperware Brands Corp.*		340		2,156
Unifi, Inc.*		103		1,448
Universal Electronics, Inc.*		94		2,404
Urban Outfitters, Inc.*		476		8,882
Vista Outdoor, Inc.*		416		11,606
Winnebago Industries, Inc.		243		11,800
Wolverine World Wide, Inc.		598		12,056
WW International, Inc.*		396		2,530
XPEL, Inc.*		123		5,649
Zumiez, Inc.*		123		3,198
				727,415
CONSUMER STAPLES (5.4%)
Andersons, Inc.		233		7,687
B&G Foods, Inc.		511		12,152
Calavo Growers, Inc.		132		5,507
Cal-Maine Foods, Inc.		278		13,736
Celsius Hldgs., Inc.*		285		18,599
Central Garden & Pet Co.*		72		3,054
Central Garden & Pet Co. Cl A*		293		11,723
Chefs’ Warehouse, Inc.*		243		9,450
Coca-Cola Consolidated, Inc.		34		19,173
Edgewell Personal Care Co.		391		13,497
elf Beauty, Inc.*		355		10,891
Fresh Del Monte Produce, Inc.		248		7,323
Hostess Brands, Inc. Cl A*		1,026		21,762
Inter Parfums, Inc.		132		9,644
J&J Snack Foods Corp.		111		15,502
John B Sanfilippo & Son, Inc.		66		4,784
Medifast, Inc.		86		15,524
MGP Ingredients, Inc.		93		9,308
National Beverage Corp.		173		8,467
PriceSmart, Inc.		179		12,822
Seneca Foods Corp. Cl A*		45		2,499
Simply Good Foods Co.*		655		24,739
SpartanNash Co.		268		8,086
Tootsie Roll Industries, Inc.		132		4,666
TreeHouse Foods, Inc.*		415		17,355
United Natural Foods, Inc.*		432		17,021
Universal Corp.		182		11,011
USANA Health Sciences, Inc.*		86		6,223
Vector Group Ltd.		977		10,259
WD-40 Co.		102		20,539
				353,003
ENERGY (5.1%)
Archrock, Inc.		1,002		8,286
Bristow Group, Inc.*		172		4,025
Callon Petroleum Co.*		352		13,798

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Civitas Resources, Inc.		535	$	27,975
CONSOL Energy, Inc.*		237		11,703
Core Laboratories N.V.		343		6,795
DMC Global, Inc.*		144		2,596
Dorian LPG Ltd.		205		3,116
Dril-Quip, Inc.*		256		6,605
Green Plains, Inc.*		399		10,841
Helix Energy Solutions Group, Inc.*		1,058		3,280
Helmerich & Payne, Inc.		781		33,630
Laredo Petroleum, Inc.*		107		7,377
Nabors Industries Ltd.*		65		8,703
Oceaneering International, Inc.*		744		7,946
Oil States International, Inc.*		459		2,488
Par Pacific Hldgs., Inc.*		338		5,269
Patterson-UTI Energy, Inc.		1,605		25,295
PBF Energy, Inc. Cl A*		708		20,546
ProPetro Hldg. Corp.*		634		6,340
Ranger Oil Corp.*		157		5,161
REX American Resources Corp.*		38		3,222
RPC, Inc.*		522		3,607
SM Energy Co.		904		30,908
Southwestern Energy Co.*		8,281		51,756
Talos Energy, Inc.*		306		4,734
US Silica Hldgs., Inc.*		560		6,395
World Fuel Svcs. Corp.		467		9,555
				331,952
FINANCIALS (19.9%)
Allegiance Bancshares, Inc.		141		5,324
Ambac Financial Group, Inc.*		334		3,791
American Equity Investment Life Hldg. Co.		573		20,955
Ameris Bancorp		489		19,648
AMERISAFE, Inc.		143		7,437
Apollo Commercial Real Estate Finance, Inc.		980		10,231
ARMOUR Residential REIT, Inc.		765		5,386
Assured Guaranty Ltd.		475		26,500
Axos Financial, Inc.*		398		14,268
B Riley Financial, Inc.		120		5,070
Banc of California, Inc.		393		6,925
BancFirst Corp.		141		13,495
Bancorp, Inc.*		419		8,179
BankUnited, Inc.		607		21,591
Banner Corp.		255		14,334
Berkshire Hills Bancorp, Inc.		351		8,694
Blucora, Inc.*		350		6,461
Brightsphere Investment Group, Inc.		239		4,304
Brookline Bancorp, Inc.		575		7,653

The accompanying notes are an integral part of these portfolio schedules.

44

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Capitol Federal Financial, Inc.		958	$	8,794
Central Pacific Financial Corp.		204		4,376
City Hldg. Co.		111		8,867
Columbia Banking System, Inc.		578		16,560
Community Bank System, Inc.		399		25,249
Customers Bancorp, Inc.*		225		7,628
CVB Financial Corp.		984		24,413
Dime Community Bancshares, Inc.		238		7,057
Donnelley Financial Solutions, Inc.*		207		6,063
Eagle Bancorp, Inc.		238		11,284
eHealth, Inc.*		179		1,670
Ellington Financial, Inc.		420		6,161
Employers Hldgs., Inc.		206		8,629
Encore Capital Group, Inc.*		180		10,399
Enova International, Inc.*		241		6,946
EZCORP, Inc. Cl A*		398		2,989
FB Financial Corp.		263		10,315
First BanCorp.		1,465		18,913
First Bancorp/Southern Pines NC		256		8,934
First Commonwealth Financial Corp.		700		9,394
First Financial Bancorp		701		13,599
First Hawaiian, Inc.		950		21,575
Flagstar Bancorp, Inc.		395		14,003
Franklin BSP Realty Trust, Inc.		621		8,371
Genworth Financial, Inc. Cl A*		3,787		13,368
Granite Point Mortgage Trust, Inc.		400		3,828
Green Dot Corp. Cl A*		402		10,094
Hanmi Financial Corp.		226		5,071
HCI Group, Inc.		59		3,998
Heritage Financial Corp.		260		6,542
Hilltop Hldgs., Inc.		368		9,811
HomeStreet, Inc.		139		4,819
Hope Bancorp, Inc.		893		12,359
Horace Mann Educators Corp.		307		11,783
Independent Bank Corp.		347		27,562
Independent Bank Group, Inc.		269		18,268
Invesco Mortgage Capital, Inc.		245		3,597
iShares Core S&P Small-Cap ETF		1,468		135,658
James River Group Hldgs. Ltd.		277		6,864

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
KKR Real Estate Finance Trust, Inc.		368	$	6,422
Lakeland Financial Corp.		188		12,487
LendingTree, Inc.*		82		3,593
Meta Financial Group, Inc.		218		8,430
Mr Cooper Group, Inc.*		548		20,134
National Bank Hldgs. Corp. Cl A		223		8,534
NBT Bancorp, Inc.		317		11,916
New York Mortgage Trust, Inc.		2,828		7,805
NMI Hldgs., Inc. Cl A*		639		10,639
Northfield Bancorp, Inc.		319		4,157
Northwest Bancshares, Inc.		940		12,032
OFG Bancorp		360		9,144
Pacific Premier Bancorp, Inc.		704		20,585
Palomar Hldgs., Inc.*		177		11,399
Park National Corp.		107		12,974
PennyMac Mortgage Investment Trust		682		9,432
Piper Sandler Cos.		105		11,903
PRA Group, Inc.*		295		10,726
Preferred Bank		101		6,870
ProAssurance Corp.		400		9,452
PROG Hldgs., Inc.*		400		6,600
Provident Financial Svcs., Inc.		558		12,421
Ready Capital Corp.		499		5,948
Redwood Trust, Inc.		892		6,877
Renasant Corp.		414		11,927
S&T Bancorp, Inc.		291		7,982
Safety Insurance Group, Inc.		104		10,098
Seacoast Banking Corp. of Florida		454		15,000
Selectquote, Inc.*		927		2,299
ServisFirst Bancshares, Inc.		362		28,569
Simmons First National Corp. Cl A		940		19,984
SiriusPoint Ltd.*		641		3,474
Southside Bancshares, Inc.		238		8,906
Stewart Information Svcs. Corp.		200		9,950
StoneX Group, Inc.*		127		9,915
Tompkins Financial Corp.		87		6,273
Triumph Bancorp, Inc.*		175		10,948
Trupanion, Inc.*		256		15,427
TrustCo Bank Corp.		142		4,379
Trustmark Corp.		455		13,281
Two Harbors Investment Corp.		2,553		12,714
United Community Banks, Inc.		779		23,518
United Fire Group, Inc.		160		5,477
Universal Insurance Hldgs., Inc.		206		2,684
Veritex Hldgs., Inc.		400		11,704

The accompanying notes are an integral part of these portfolio schedules.

45

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Virtus Investment Partners, Inc.		52	$	8,893
Walker & Dunlop, Inc.		226		21,773
Westamerica BanCorp		199		11,076
WisdomTree Investments, Inc.		815		4,132
World Acceptance Corp.*		28		3,143
WSFS Financial Corp.		480		19,243
				1,289,306
HEALTH CARE (12.2%)
Addus HomeCare Corp.*		119		9,910
Allscripts Healthcare Solutions, Inc.*		861		12,769
AMN Healthcare Svcs., Inc.*		331		36,314
Amphastar Pharmaceuticals, Inc.*		278		9,672
AngioDynamics, Inc.*		287		5,553
ANI Pharmaceuticals, Inc.*		97		2,878
Anika Therapeutics, Inc.*		108		2,411
Apollo Medical Hldgs., Inc.*		282		10,882
Arcus Biosciences, Inc.*		346		8,768
Artivion, Inc.*		298		5,626
Avanos Medical, Inc.*		351		9,596
Avid Bioservices, Inc.*		458		6,989
BioLife Solutions, Inc.*		226		3,121
Cara Therapeutics, Inc.*		314		2,867
Cardiovascular Systems, Inc.*		302		4,337
Coherus Biosciences, Inc.*		477		3,453
Collegium Pharmaceutical, Inc.*		252		4,465
Community Health Systems, Inc.*		939		3,521
Computer Programs & Systems, Inc.*		109		3,485
CONMED Corp.		219		20,971
Contra Progenics Pharmaceuticals, Inc. — contingent value rights*		384		0	††
Corcept Therapeutics, Inc.*		709		16,860
CorVel Corp.*		70		10,309
Covetrus, Inc.*		776		16,102
Cross Country Healthcare, Inc.*		263		5,478
Cutera, Inc.*		122		4,575
Cytokinetics, Inc.*		635		24,949
Dynavax Technologies Corp.*		871		10,966
Eagle Pharmaceuticals, Inc.*		83		3,688
Embecta Corp.*		429		10,862
Emergent BioSolutions, Inc.*		331		10,274
Enanta Pharmaceuticals, Inc.*		136		6,429
Ensign Group, Inc.		390		28,653
Fulgent Genetics, Inc.*		146		7,961

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Glaukos Corp.*		351	$	15,942
Hanger, Inc.*		275		3,938
Harmony Biosciences Hldgs., Inc.*		170		8,291
HealthStream, Inc.*		180		3,908
Heska Corp.*		80		7,561
Innoviva, Inc.*		465		6,863
Inogen, Inc.*		153		3,700
Integer Hldgs. Corp.*		245		17,312
Ironwood Pharmaceuticals, Inc. Cl A*		1,141		13,156
iTeos Therapeutics, Inc.*		150		3,090
Joint Corp.*		107		1,638
Lantheus Hldgs., Inc.*		509		33,609
LeMaitre Vascular, Inc.		143		6,514
Ligand Pharmaceuticals, Inc.*		125		11,152
MEDNAX, Inc.*		639		13,425
Meridian Bioscience, Inc.*		323		9,826
Merit Medical Systems, Inc.*		378		20,514
Mesa Laboratories, Inc.		39		7,954
ModivCare, Inc.*		91		7,690
Myriad Genetics, Inc.*		596		10,829
Natus Medical, Inc.*		257		8,422
Nektar Therapeutics Cl A*		1,382		5,252
NeoGenomics, Inc.*		926		7,547
NextGen Healthcare, Inc.*		416		7,255
Omnicell, Inc.*		327		37,196
OptimizeRx Corp.*		134		3,670
OraSure Technologies, Inc.*		537		1,455
Organogenesis Hldgs., Inc. Cl A*		469		2,289
Orthofix Medical, Inc.*		147		3,460
Owens & Minor, Inc.		565		17,769
Pacira BioSciences, Inc.*		337		19,647
Pennant Group, Inc.*		201		2,575
Phibro Animal Health Corp. Cl A		151		2,889
Prestige Consumer Healthcare, Inc.*		373		21,932
RadNet, Inc.*		346		5,979
REGENXBIO, Inc.*		281		6,941
Select Medical Hldgs. Corp.		766		18,093
Simulations Plus, Inc.		117		5,772
Supernus Pharmaceuticals, Inc.*		396		11,452
Surmodics, Inc.*		104		3,872
uniQure N.V.*		269		5,014
US Physical Therapy, Inc.		96		10,483
Vanda Pharmaceuticals, Inc.*		419		4,567
Varex Imaging Corp.*		295		6,310
Vericel Corp.*		349		8,788
Vir Biotechnology, Inc.*		550		14,009
Xencor, Inc.*		442		12,098

The accompanying notes are an integral part of these portfolio schedules.

46

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Zimvie, Inc.*		155	$	2,482
Zynex, Inc.		165		1,317
				790,141
INDUSTRIALS (15.9%)
AAON, Inc.		311		17,030
AAR Corp.*		245		10,251
ABM Industries, Inc.		496		21,536
Aerojet Rocketdyne Hldgs., Inc.*		555		22,533
AeroVironment, Inc.*		172		14,138
Alamo Group, Inc.		73		8,499
Albany International Corp. Cl A		234		18,437
Allegiant Travel Co.*		113		12,779
American Woodmark Corp.*		123		5,536
Apogee Enterprises, Inc.		165		6,471
Applied Industrial Technologies, Inc.		285		27,409
ArcBest Corp.		182		12,807
Arcosa, Inc.		358		16,622
Astec Industries, Inc.		169		6,892
Atlas Air Worldwide Hldgs., Inc.*		194		11,972
AZZ, Inc.		183		7,470
Barnes Group, Inc.		346		10,774
Boise Cascade Co.		292		17,371
Brady Corp. Cl A		356		16,817
CIRCOR International, Inc.*		150		2,459
Comfort Systems USA, Inc.		267		22,201
CoreCivic, Inc.*		902		10,021
Deluxe Corp.		318		6,891
DXP Enterprises, Inc.*		127		3,890
Encore Wire Corp.		146		15,172
Enerpac Tool Group Corp. Cl A		449		8,540
EnPro Industries, Inc.		154		12,617
ESCO Technologies, Inc.		192		13,127
Exponent, Inc.		384		35,125
Federal Signal Corp.		449		15,984
Forrester Research, Inc.*		81		3,875
Forward Air Corp.		199		18,300
Franklin Electric Co., Inc.		288		21,099
GEO Group, Inc.*		921		6,079
Gibraltar Industries, Inc.*		243		9,416
GMS, Inc.*		319		14,196
Granite Construction, Inc.		336		9,791
Greenbrier Cos., Inc.		242		8,710
Griffon Corp.		355		9,951
Harsco Corp.*		589		4,188
Hawaiian Hldgs., Inc.*		380		5,438
Healthcare Svcs. Group, Inc.		549		9,558
Heartland Express, Inc.		345		4,799
Heidrick & Struggles International, Inc.		146		4,725
Hillenbrand, Inc.		532		21,791

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
HNI Corp.		314	$	10,893
Hub Group, Inc. Cl A*		252		17,877
Insteel Industries, Inc.		144		4,849
Interface, Inc. Cl A		441		5,530
John Bean Technologies Corp.		236		26,059
Kaman Corp.		208		6,500
KAR Auction Svcs., Inc.*		902		13,323
Kelly Svcs., Inc. Cl A		256		5,077
Korn Ferry		399		23,150
Lindsay Corp.		81		10,758
ManTech International Corp. Cl A		204		19,472
Marten Transport Ltd.		437		7,350
Matson, Inc.		300		21,864
Matthews International Corp. Cl A		232		6,651
Meritor, Inc.*		525		19,073
Moog, Inc. Cl A		215		17,069
Mueller Industries, Inc.		422		22,488
MYR Group, Inc.*		126		11,104
National Presto Industries, Inc.		37		2,429
NOW, Inc.*		821		8,029
NV5 Global, Inc.*		88		10,273
Park Aerospace Corp.		144		1,837
PGT Innovations, Inc.*		444		7,388
Pitney Bowes, Inc.		1,209		4,377
Powell Industries, Inc.		67		1,566
Proto Labs, Inc.*		204		9,759
Quanex Building Products Corp.		248		5,642
Resideo Technologies, Inc.*		1,079		20,954
Resources Connection, Inc.		230		4,685
SkyWest, Inc.*		374		7,948
SPX Corp.*		339		17,913
Standex International Corp.		90		7,630
Tennant Co.		138		8,177
Titan International, Inc.*		381		5,753
Trinity Industries, Inc.		519		12,570
Triumph Group, Inc.*		479		6,366
TrueBlue, Inc.*		247		4,421
UFP Industries, Inc.		465		31,685
UniFirst Corp.		113		19,456
Veritiv Corp.*		103		11,181
Viad Corp.*		153		4,224
Wabash National Corp.		363		4,930
				1,031,567
INFORMATION TECHNOLOGY (13.2%)
3D Systems Corp.*		967		9,380
8x8, Inc.*		878		4,522
A10 Networks, Inc.		433		6,227
ADTRAN, Inc.		364		6,381
Advanced Energy Industries, Inc.		278		20,288

The accompanying notes are an integral part of these portfolio schedules.

47

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Agilysys, Inc.*		145	$	6,854
Alarm.com Hldgs., Inc.*		341		21,094
Alpha & Omega Semiconductor Ltd.*		160		5,334
Arlo Technologies, Inc.*		644		4,038
Axcelis Technologies, Inc.*		245		13,436
Badger Meter, Inc.		217		17,553
Benchmark Electronics, Inc.		260		5,866
BM Technologies, Inc.*		25		147
CalAmp Corp.*		267		1,113
Cerence, Inc.*		291		7,342
CEVA, Inc.*		172		5,772
Cohu, Inc.*		360		9,990
Comtech Telecommunications Corp.		197		1,787
Consensus Cloud Solutions, Inc.*		119		5,198
Corsair Gaming, Inc.*		247		3,243
CSG Systems International, Inc.		231		13,786
CTS Corp.		238		8,104
Diebold Nixdorf, Inc.*		544		1,235
Digi International, Inc.*		260		6,297
Digital Turbine, Inc.*		653		11,408
Diodes, Inc.*		335		21,631
Ebix, Inc.		177		2,991
ePlus, Inc.*		199		10,571
EVERTEC, Inc.		440		16,227
ExlService Hldgs., Inc.*		247		36,391
Extreme Networks, Inc.*		971		8,661
Fabrinet*		273		22,140
FARO Technologies, Inc.*		135		4,162
FormFactor, Inc.*		579		22,425
Harmonic, Inc.*		775		6,719
Ichor Hldgs. Ltd.*		212		5,508
Insight Enterprises, Inc.*		260		22,433
InterDigital, Inc.		229		13,923
Itron, Inc.*		334		16,510
Knowles Corp.*		681		11,802
Kulicke & Soffa Industries, Inc.		438		18,751
LivePerson, Inc.*		514		7,268
LiveRamp Hldgs., Inc.*		506		13,060
MaxLinear, Inc. Cl A*		527		17,907
Methode Electronics, Inc.		274		10,149
NETGEAR, Inc.*		213		3,945
NetScout Systems, Inc.*		547		18,516
OneSpan, Inc.*		255		3,034
Onto Innovation, Inc.*		367		25,595
OSI Systems, Inc.*		118		10,082
PC Connection, Inc.		82		3,612
PDF Solutions, Inc.*		219		4,711
Perficient, Inc.*		257		23,564
Photronics, Inc.*		457		8,902
Plantronics, Inc.*		317		12,579

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Plexus Corp.*		206	$	16,171
Progress Software Corp.		324		14,677
Rambus, Inc.*		818		17,579
Rogers Corp.*		139		36,431
Sanmina Corp.*		451		18,369
ScanSource, Inc.*		187		5,823
SMART Global Hldgs., Inc.*		350		5,730
SPS Commerce, Inc.*		267		30,184
TTEC Hldgs., Inc.		136		9,233
TTM Technologies, Inc.*		749		9,362
Ultra Clean Hldgs., Inc.*		334		9,943
Unisys Corp.*		501		6,027
Veeco Instruments, Inc.*		380		7,372
Viavi Solutions, Inc.*		1,690		22,359
Vonage Hldgs. Corp.*		1,873		35,287
Xperi Hldg. Corp.		771		11,126
				855,837
MATERIALS (5.2%)
AdvanSix, Inc.		208		6,956
Allegheny Technologies, Inc.*		921		20,916
American Vanguard Corp.		199		4,448
Arconic Corp.*		785		22,019
Balchem Corp.		238		30,878
Carpenter Technology Corp.		358		9,992
Century Aluminum Co.*		379		2,793
Clearwater Paper Corp.*		125		4,204
Compass Minerals International, Inc.		253		8,954
FutureFuel Corp.		192		1,398
GCP Applied Technologies, Inc.*		400		12,512
Glatfelter Corp.		331		2,277
Hawkins, Inc.		139		5,008
Haynes International, Inc.		92		3,015
HB Fuller Co.		393		23,663
Innospec, Inc.		184		17,625
Kaiser Aluminum Corp.		118		9,333
Koppers Hldgs., Inc.		157		3,554
Livent Corp.*		1,200		27,228
Materion Corp.		152		11,207
Mercer International, Inc.*		299		3,932
Myers Industries, Inc.		269		6,114
Neenah, Inc.		125		4,267
O-I Glass, Inc.*		1,159		16,226
Olympic Steel, Inc.		69		1,777
Quaker Chemical Corp.		100		14,952
Rayonier Advanced Materials, Inc.*		474		1,242
Schweitzer-Mauduit International, Inc.		236		5,928
Stepan Co.		158		16,013
SunCoke Energy, Inc.		619		4,215
Sylvamo Corp.		261		8,529

The accompanying notes are an integral part of these portfolio schedules.

48

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
TimkenSteel Corp.*		307	$	5,744
Tredegar Corp.		191		1,910
Trinseo PLC		268		10,307
Warrior Met Coal, Inc.		383		11,724
				340,860
REAL ESTATE (7.5%)
Acadia Realty Trust		704		10,996
Agree Realty Corp.		558		40,249
Alexander & Baldwin, Inc.		539		9,675
American Assets Trust, Inc.		390		11,583
Anywhere Real Estate, Inc.*		877		8,621
Armada Hoffler Properties, Inc.		502		6,446
Brandywine Realty Trust		1,271		12,252
CareTrust REIT, Inc.		729		13,443
Centerspace		113		9,215
Chatham Lodging Trust*		362		3,783
Community Healthcare Trust, Inc.		175		6,337
DiamondRock Hospitality Co.*		1,564		12,840
Diversified Healthcare Trust		1,773		3,227
Douglas Elliman, Inc.		512		2,452
Easterly Government Properties, Inc. Cl A		673		12,814
Essential Properties Realty Trust, Inc.		973		20,910
Four Corners Property Trust, Inc.		596		15,848
Franklin Street Properties Corp.		689		2,873
Getty Realty Corp.		302		8,003
Global Net Lease, Inc.		769		10,889
Hersha Hospitality Trust Cl A*		245		2,403
Industrial Logistics Properties Trust		485		6,829
Innovative Industrial Properties, Inc. Cl A		208		22,853
iStar, Inc.		615		8,432
LTC Properties, Inc.		292		11,210
LXP Industrial Trust		2,127		22,844
Marcus & Millichap, Inc.		182		6,732
NexPoint Residential Trust, Inc.		171		10,689
Office Properties Income Trust		359		7,162
Orion Office REIT, Inc.		420		4,603
RE/MAX Hldgs., Inc. Cl A		142		3,482
Retail Opportunity Investments Corp.		921		14,533
RPT Realty		631		6,203
Safehold, Inc.		114		4,032
Saul Centers, Inc.		97		4,570
Service Properties Trust		1,225		6,407

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
SITE Centers Corp.		1,348	$	18,158
St Joe Co.		244		9,653
Summit Hotel Properties, Inc.*		794		5,772
Tanger Factory Outlet Centers, Inc.		774		11,006
Uniti Group, Inc.		1,759		16,570
Universal Health Realty Income Trust		95		5,055
Urban Edge Properties		819		12,457
Urstadt Biddle Properties, Inc. Cl A		224		3,629
Veris Residential, Inc.*		594		7,865
Washington Real Estate Investment Trust		649		13,830
Whitestone REIT Cl B		342		3,676
Xenia Hotels & Resorts, Inc.*		848		12,321
				485,432
UTILITIES (2.3%)
American States Water Co.		274		22,334
Avista Corp.		537		23,365
California Water Svcs. Group		399		22,165
Chesapeake Utilities Corp.		131		16,971
Middlesex Water Co.		130		11,398
Northwest Natural Hldg. Co.		254		13,487
South Jersey Industries, Inc.		908		30,999
Unitil Corp.		119		6,988
				147,707
TOTAL INDEXED ASSETS - COMMON STOCKS
(Cost: $7,219,528) 99.9%				6,483,816
WARRANTS
ENERGY (0.0%) (2)
Nabors Industries Ltd. - expiring 06/11/2026*		20		640
TOTAL WARRANTS
(Cost: $210) 0.0% (2)				640
TOTAL INVESTMENTS
(Cost: $7,219,738) 99.9%				6,484,456
OTHER NET ASSETS 0.1%				5,990
NET ASSETS 100.0%			$	6,490,446

The accompanying notes are an integral part of these portfolio schedules.

49

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (1.6%)
Take-Two Interactive Software, Inc.*		375	$	45,949
Warner Bros Discovery, Inc.*		2,091		28,061
				74,010
CONSUMER DISCRETIONARY (6.6%)
Burlington Stores, Inc.*		150		20,435
Capri Hldgs. Ltd.*		1,210		49,622
Hanesbrands, Inc.		3,584		36,879
Marriott Vacations Worldwide Corp.		610		70,882
Ollie’s Bargain Outlet Hldgs., Inc.*		556		32,665
Steven Madden Ltd.		1,772		57,076
Taylor Morrison Home Corp. Cl A*		1,185		27,682
Williams-Sonoma, Inc.		154		17,086
				312,327
CONSUMER STAPLES (3.6%)
Boston Beer Co., Inc. Cl A*		160		48,475
Constellation Brands, Inc. Cl A		184		42,883
TreeHouse Foods, Inc.*		1,856		77,618
				168,976
ENERGY (7.9%)
Baker Hughes Co. Cl A		4,103		118,453
Cheniere Energy, Inc.		433		57,602
Devon Energy Corp.		1,871		103,111
Hess Corp.		323		34,219
MPLX LP		890		25,943
Williams Cos., Inc.		1,113		34,737
				374,065
FINANCIALS (13.7%)
American Financial Group, Inc.		768		106,606
Ameriprise Financial, Inc.		433		102,915
Discover Financial Svcs.		362		34,238
Everest Re Group Ltd.		183		51,291
Fifth Third Bancorp		1,442		48,451
Hartford Financial Svcs. Group, Inc.		597		39,062
KeyCorp.		2,717		46,814
Reinsurance Group of America, Inc.		319		37,416
Signature Bank		213		38,172
Starwood Property Trust, Inc.		1,478		30,875
SVB Financial Group*		107		42,264
Synchrony Financial		766		21,157
Voya Financial, Inc.		444		26,431
Zions Bancorporation		433		22,040
				647,732
HEALTH CARE (7.6%)
Agilent Technologies, Inc.		572		67,937
Centene Corp.*		610		51,612
Envista Hldgs. Corp.*		1,373		52,915
Horizon Therapeutics PLC*		357		28,474

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Humana, Inc.		70	$	32,765
Syneos Health, Inc. Cl A*		778		55,767
Zimmer Biomet Hldgs., Inc.		649		68,184
Zimvie, Inc.*		63		1,009
				358,663
INDUSTRIALS (18.1%)
Alaska Air Group, Inc.*		942		37,727
Builders FirstSource, Inc.*		1,524		81,839
Carlisle Cos., Inc.		316		75,401
Clean Harbors, Inc.*		533		46,728
Crane Hldgs. Co.		929		81,343
Dover Corp.		280		33,970
Jacobs Engineering Group, Inc.		619		78,693
KBR, Inc.		1,165		56,374
L-3 Harris Technologies, Inc.		265		64,050
Mueller Industries, Inc.		1,588		84,625
Old Dominion Freight Line, Inc.		225		57,663
Oshkosh Corp.		463		38,031
Stanley Black & Decker, Inc.		371		38,903
Univar Solutions, Inc.*		3,151		78,365
				853,712
INFORMATION TECHNOLOGY (9.2%)
Ciena Corp.*		996		45,517
DXC Technology Co.*		3,787		114,784
Euronet Worldwide, Inc.*		920		92,543
MKS Instruments, Inc.		326		33,457
PTC, Inc.*		302		32,115
Teledyne Technologies, Inc.*		153		57,392
Teradyne, Inc.		379		33,939
Viasat, Inc.*		757		23,187
				432,934
MATERIALS (9.8%)
Ashland Global Hldgs., Inc.		1,153		118,817
Crown Hldgs., Inc.		1,441		132,817
FMC Corp.		242		25,896
Freeport-McMoRan, Inc.		676		19,780
Newmont Corp.		616		36,757
Packaging Corp. of America		377		51,837
PPG Industries, Inc.		299		34,188
Steel Dynamics, Inc.		661		43,725
				463,817
REAL ESTATE (8.6%)
Alexander’s, Inc.		35		7,776
American Campus Communities, Inc.		593		38,231
Apartment Income REIT Corp.		794		33,030
AvalonBay Communities, Inc.		226		43,901
Brandywine Realty Trust		2,396		23,097
Duke Realty Corp.		1,677		92,151
Gaming & Leisure Properties, Inc.		846		38,798
Kilroy Realty Corp.		358		18,734
Welltower, Inc.		575		47,351
Weyerhaeuser Co.		1,825		60,444
				403,513

The accompanying notes are an integral part of these portfolio schedules.

50

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID CAP VALUE PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (8.6%)
AES Corp.		1,799	$	37,797
Ameren Corp.		790		71,384
Atmos Energy Corp.		298		33,406
Entergy Corp.		456		51,364
Evergy, Inc.		1,603		104,596
PPL Corp.		1,239		33,614
Public Svc. Enterprise Group, Inc.		1,197		75,746
				407,907
TOTAL COMMON STOCKS
(Cost: $4,825,059) 95.3%				4,497,656

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (4.6%)
Citibank, New York Time Deposit		0.91		07/01/22	$	215,564	$	215,564
TOTAL TEMPORARY CASH INVESTMENT (Cost: $215,564) 4.6%								215,564
TOTAL INVESTMENTS (Cost: $5,040,623) 99.9%								4,713,220
OTHER NET ASSETS 0.1%								3,015
NET ASSETS 100.0%							$	4,716,235

The accompanying notes are an integral part of these portfolio schedules.

51

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.5%)
Cable One, Inc.		116	$	149,561
Iridium Communications, Inc.*		3,023		113,544
John Wiley & Sons, Inc. Cl A		1,025		48,954
New York Times Co. Cl A		3,937		109,842
TEGNA, Inc.		5,226		109,589
TripAdvisor, Inc.*		2,364		42,079
World Wrestling Entertainment, Inc. Cl A		1,022		63,865
Ziff Davis, Inc.*		1,118		83,325
				720,759
CONSUMER DISCRETIONARY (13.3%)
Adient PLC*		2,238		66,312
American Eagle Outfitters, Inc.		3,639		40,684
AutoNation, Inc.*		841		93,990
Boyd Gaming Corp.		1,890		94,028
Brunswick Corp.		1,789		116,965
Callaway Golf Co.*		2,749		56,080
Capri Hldgs. Ltd.*		3,486		142,961
Carter’s, Inc.		952		67,097
Choice Hotels International, Inc.		777		86,737
Churchill Downs, Inc.		809		154,948
Columbia Sportswear Co.		788		56,405
Cracker Barrel Old Country Store, Inc.		549		45,836
Crocs, Inc.*		1,454		70,766
Dana, Inc.		3,386		47,641
Deckers Outdoor Corp.*		643		164,190
Dick’s Sporting Goods, Inc.		1,371		103,332
Five Below, Inc.*		1,312		148,820
Foot Locker, Inc.		1,975		49,869
Fox Factory Hldg. Corp.*		995		80,137
GameStop Corp. Cl A*		1,460		178,558
Gap, Inc.		4,980		41,035
Gentex Corp.		5,537		154,870
Goodyear Tire & Rubber Co.*		6,671		71,446
Graham Hldgs. Co. Cl B		93		52,716
Grand Canyon Education, Inc.*		764		71,961
H&R Block, Inc.		3,769		133,121
Hanesbrands, Inc.		8,236		84,748
Harley-Davidson, Inc.		3,481		110,208
Helen of Troy Ltd.*		564		91,599
KB Home		2,048		58,286
Kohl’s Corp.		3,037		108,391
Lear Corp.		1,411		177,631
Leggett & Platt, Inc.		3,154		109,065
Light & Wonder, Inc.*		2,260		106,197
Lithia Motors, Inc. Cl A		684		187,970
Macy’s, Inc.		6,727		123,239
Marriott Vacations Worldwide Corp.		979		113,760
Mattel, Inc.*		8,324		185,875
Murphy USA, Inc.		526		122,490
Nordstrom, Inc.		2,634		55,656

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Ollie’s Bargain Outlet Hldgs., Inc.*		1,378	$	80,958
Papa John’s International, Inc.		753		62,891
Polaris, Inc.		1,322		131,248
RH*		415		88,088
Service Corp. International		3,750		259,200
Six Flags Entertainment Corp.*		1,837		39,863
Skechers U.S.A., Inc. Cl A*		3,185		113,322
Taylor Morrison Home Corp. Cl A*		2,826		66,015
Tempur Sealy International, Inc.		4,145		88,579
Texas Roadhouse, Inc. Cl A		1,610		117,852
Thor Industries, Inc.		1,300		97,149
Toll Brothers, Inc.		2,605		116,183
TopBuild Corp.*		774		129,382
Travel + Leisure Co.		2,018		78,339
Under Armour, Inc. Cl A*		4,456		37,118
Under Armour, Inc. Cl C*		4,785		36,270
Victoria’s Secret & Co.*		1,605		44,892
Visteon Corp.*		664		68,777
Wendy’s Co.		4,048		76,426
Williams-Sonoma, Inc.		1,654		183,511
Wingstop, Inc.		705		52,713
Wyndham Hotels & Resorts, Inc.		2,176		143,007
YETI Hldgs., Inc.*		2,036		88,098
				6,225,501
CONSUMER STAPLES (3.9%)
BellRing Brands, Inc.*		2,577		64,142
BJ’s Wholesale Club Hldgs., Inc.*		3,187		198,614
Boston Beer Co., Inc. Cl A*		222		67,259
Casey’s General Stores, Inc.		876		162,042
Coty, Inc. Cl A*		8,128		65,105
Darling Ingredients, Inc.*		3,814		228,077
Energizer Hldgs., Inc.		1,548		43,886
Flowers Foods, Inc.		4,706		123,862
Grocery Outlet Hldg. Corp.*		2,070		88,244
Hain Celestial Group, Inc.*		2,121		50,353
Ingredion, Inc.		1,564		137,882
Lancaster Colony Corp.		467		60,140
Nu Skin Enterprises, Inc. Cl A		1,185		51,311
Performance Food Group Co.*		3,660		168,287
Pilgrim’s Pride Corp.*		1,136		35,477
Post Hldgs., Inc.*		1,320		108,702
Sanderson Farms, Inc.		500		107,765
Sprouts Farmers Market, Inc.*		2,590		65,579
				1,826,727
ENERGY (3.9%)
Antero Midstream Corp.		7,682		69,522
ChampionX Corp.		4,802		95,320

The accompanying notes are an integral part of these portfolio schedules.

52

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
CNX Resources Corp.*		4,607	$	75,831
DT Midstream, Inc.		2,284		111,962
EQT Corp.		6,984		240,250
Equitrans Midstream Corp.		9,607		61,100
HF Sinclair Corp.		3,531		159,460
Matador Resources Co.		2,621		122,112
Murphy Oil Corp.		3,448		104,095
NOV, Inc.		9,277		156,874
PDC Energy, Inc.		2,254		138,869
Range Resources Corp.*		6,121		151,495
Targa Resources Corp.		5,385		321,323
				1,808,213
FINANCIALS (14.9%)
Affiliated Managers Group, Inc.		914		106,572
Alleghany Corp.*		318		264,926
American Financial Group, Inc.		1,567		217,515
Associated Banc-Corp.		3,543		64,695
Bank of Hawaii Corp.		951		70,754
Bank OZK		2,666		100,055
Brighthouse Financial, Inc.*		1,770		72,605
Cadence Bank		4,333		101,739
Cathay General Bancorp		1,775		69,491
CNO Financial Group, Inc.		2,736		49,494
Commerce Bancshares, Inc.		2,595		170,362
Cullen/Frost Bankers, Inc.		1,347		156,858
East West Bancorp, Inc.		3,351		217,145
Essent Group Ltd.		2,541		98,845
Evercore, Inc. Cl A		958		89,678
Federated Hermes, Inc. Cl B		2,165		68,825
First American Financial Corp.		2,537		134,258
First Financial Bankshares, Inc.		3,032		119,067
First Horizon Corp.		12,634		276,179
FirstCash Hldgs., Inc.		931		64,714
FNB Corp.		7,968		86,533
Fulton Financial Corp.		3,797		54,867
Glacier Bancorp, Inc.		2,563		121,538
Hancock Whitney Corp.		2,040		90,433
Hanover Insurance Group, Inc.		840		122,850
Home BancShares, Inc.		4,468		92,800
Interactive Brokers Group, Inc. Cl A		2,065		113,596
International Bancshares Corp.		1,253		50,220
iShares Core S&P Mid-Cap ETF		613		138,679
Janus Henderson Group PLC		3,962		93,147
Jefferies Financial Group, Inc.		4,525		124,981
Kemper Corp.		1,416		67,826
Kinsale Capital Group, Inc.		508		116,657
Mercury General Corp.		627		27,776
MGIC Investment Corp.		7,312		92,131

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Navient Corp.		3,492	$	48,853
New York Community Bancorp, Inc.		11,029		100,695
Old National Bancorp		6,918		102,317
Old Republic International Corp.		6,770		151,377
PacWest Bancorp		2,775		73,982
Pinnacle Financial Partners, Inc.		1,803		130,375
Primerica, Inc.		909		108,798
Prosperity Bancshares, Inc.		2,176		148,556
Reinsurance Group of America, Inc.		1,581		185,436
RenaissanceRe Hldgs. Ltd.		1,043		163,094
RLI Corp.		941		109,711
SEI Investments Co.		2,464		133,105
Selective Insurance Group, Inc.		1,425		123,890
SLM Corp.		6,357		101,331
Stifel Financial Corp.		2,516		140,946
Synovus Financial Corp.		3,432		123,724
Texas Capital Bancshares, Inc.*		1,198		63,063
UMB Financial Corp.		1,017		87,564
Umpqua Hldgs. Corp.		5,126		85,963
United Bankshares, Inc.		3,206		112,434
Unum Group		4,750		161,595
Valley National Bancorp		9,924		103,309
Voya Financial, Inc.		2,414		143,705
Washington Federal, Inc.		1,541		46,261
Webster Financial Corp.		4,207		177,325
Wintrust Financial Corp.		1,423		114,053
				6,949,273
HEALTH CARE (10.1%)
Acadia Healthcare Co., Inc.*		2,137		144,525
Amedisys, Inc.*		769		80,837
Arrowhead Pharmaceuticals, Inc.*		2,496		87,884
Azenta, Inc.		1,770		127,617
Bruker Corp.		2,362		148,239
Chemed Corp.		354		166,164
Encompass Health Corp.		2,357		132,110
Enovis Corp.*		1,109		60,995
Envista Hldgs. Corp.*		3,840		147,994
Exelixis, Inc.*		7,574		157,691
Globus Medical, Inc. Cl A*		1,872		105,094
Haemonetics Corp.*		1,206		78,607
Halozyme Therapeutics, Inc.*		3,258		143,352
HealthEquity, Inc.*		1,992		122,289
ICU Medical, Inc.*		473		77,756
Inari Medical, Inc.*		802		54,528
Integra LifeSciences Hldgs. Corp.*		1,689		91,257
Jazz Pharmaceuticals PLC*		1,471		229,491
LHC Group, Inc.*		733		114,157

The accompanying notes are an integral part of these portfolio schedules.

53

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
LivaNova PLC*		1,262	$	78,837
Masimo Corp.*		1,206		157,588
Medpace Hldgs., Inc.*		636		95,190
Neogen Corp.*		2,546		61,333
Neurocrine Biosciences, Inc.*		2,257		220,012
NuVasive, Inc.*		1,228		60,368
Option Care Health, Inc.*		3,274		90,984
Patterson Cos., Inc.		2,052		62,176
Penumbra, Inc.*		836		104,099
Perrigo Co. PLC		3,177		128,891
Progyny, Inc.*		1,671		48,542
QuidelOrtho Corp.*		1,182		114,867
R1 RCM, Inc.*		3,170		66,443
Repligen Corp.*		1,217		197,641
Shockwave Medical, Inc.*		845		161,539
Sotera Health Co.*		2,337		45,782
STAAR Surgical Co.*		1,129		80,080
Syneos Health, Inc. Cl A*		2,423		173,681
Tandem Diabetes Care, Inc.*		1,510		89,377
Tenet Healthcare Corp.*		2,544		133,713
United Therapeutics Corp.*		1,070		252,135
				4,693,865
INDUSTRIALS (17.9%)
Acuity Brands, Inc.		817		125,851
AECOM		3,338		217,704
AGCO Corp.		1,443		142,424
ASGN, Inc.*		1,207		108,932
Avis Budget Group, Inc.*		810		119,135
Axon Enterprise, Inc.*		1,676		156,153
Brink’s Co.		1,111		67,449
Builders FirstSource, Inc.*		4,080		219,096
CACI International, Inc. Cl A*		552		155,543
Carlisle Cos., Inc.		1,222		291,581
Chart Industries, Inc.*		846		141,603
Clean Harbors, Inc.*		1,182		103,626
Crane Hldgs. Co.		1,126		98,593
Curtiss-Wright Corp.		908		119,910
Donaldson Co., Inc.		2,918		140,472
Dycom Industries, Inc.*		700		65,128
EMCOR Group, Inc.		1,208		124,376
EnerSys		973		57,368
Esab Corp.		1,077		47,119
Flowserve Corp.		3,084		88,295
Fluor Corp.*		3,353		81,612
FTI Consulting, Inc.*		813		147,031
GATX Corp.		840		79,094
Graco, Inc.		3,997		237,462
GXO Logistics, Inc.*		2,403		103,978
Hexcel Corp.		1,985		103,835
Hubbell, Inc. Cl B		1,268		226,439
IAA, Inc.*		3,165		103,717
Insperity, Inc.		841		83,957
ITT, Inc.		1,973		132,665
JetBlue Airways Corp.*		7,576		63,411
KBR, Inc.		3,297		159,542

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Kennametal, Inc.		1,953	$	45,368
Kirby Corp.*		1,424		86,636
Knight-Swift Transportation Hldgs., Inc. Cl A		3,864		178,865
Landstar System, Inc.		877		127,533
Lennox International, Inc.		781		161,347
Lincoln Electric Hldgs., Inc.		1,373		169,373
ManpowerGroup, Inc.		1,246		95,207
MasTec, Inc.*		1,350		96,741
MDU Resources Group, Inc.		4,802		129,606
Mercury Systems, Inc.*		1,362		87,617
Middleby Corp.*		1,285		161,088
MillerKnoll, Inc.		1,790		47,023
MSA Safety, Inc.		863		104,483
MSC Industrial Direct Co., Inc. Cl A		1,114		83,673
nVent Electric PLC		3,929		123,096
Oshkosh Corp.		1,554		127,646
Owens Corning		2,293		170,393
Regal Rexnord Corp.		1,583		179,702
Ryder System, Inc.		1,208		85,840
Saia, Inc.*		623		117,124
Science Applications International Corp.		1,319		122,799
Simpson Manufacturing Co., Inc.		1,020		102,622
Stericycle, Inc.*		2,174		95,330
Sunrun, Inc.*		4,961		115,889
Terex Corp.		1,638		44,832
Tetra Tech, Inc.		1,268		173,145
Timken Co.		1,594		84,562
Toro Co.		2,468		187,050
Trex Co., Inc.*		2,673		145,465
Univar Solutions, Inc.*		3,998		99,430
Valmont Industries, Inc.		503		112,989
Vicor Corp.*		509		27,858
Watsco, Inc.		783		186,996
Watts Water Technologies, Inc. Cl A		648		79,600
Werner Enterprises, Inc.		1,399		53,917
Woodward, Inc.		1,433		132,538
XPO Logistics, Inc.*		2,336		112,502
				8,368,986
INFORMATION TECHNOLOGY (12.8%)
ACI Worldwide, Inc.*		2,710		70,162
Amkor Technology, Inc.		2,368		40,138
Arrow Electronics, Inc.*		1,560		174,860
Aspen Technology, Inc.*		661		121,412
Avnet, Inc.		2,308		98,967
Belden, Inc.		1,046		55,720
Blackbaud, Inc.*		1,075		62,425
Bread Financial Hldgs., Inc.		1,175		43,545
Calix, Inc.*		1,312		44,792
CDK Global, Inc.		2,758		151,056
Ciena Corp.*		3,594		164,246

The accompanying notes are an integral part of these portfolio schedules.

54

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Cirrus Logic, Inc.*		1,352	$	98,074
CMC Materials, Inc.		675		117,781
Cognex Corp.		4,104		174,502
Coherent, Inc.*		586		156,005
CommVault Systems, Inc.*		1,053		66,234
Concentrix Corp.		1,016		137,810
Envestnet, Inc.*		1,303		68,759
Euronet Worldwide, Inc.*		1,194		120,104
Fair Isaac Corp.*		613		245,752
First Solar, Inc.*		2,341		159,492
Genpact Ltd.		4,022		170,372
II-VI, Inc.*		2,514		128,088
IPG Photonics Corp.*		820		77,187
Jabil, Inc.		3,335		170,785
Kyndryl Hldgs., Inc.*		4,244		41,506
Lattice Semiconductor Corp.*		3,250		157,625
Littelfuse, Inc.		584		148,359
Lumentum Hldgs., Inc.*		1,630		129,455
Manhattan Associates, Inc.*		1,490		170,754
Maximus, Inc.		1,451		90,702
MKS Instruments, Inc.		1,314		134,856
National Instruments Corp.		3,099		96,782
NCR Corp.*		3,226		100,361
Paylocity Hldg. Corp.*		937		163,432
Power Integrations, Inc.		1,377		103,289
Qualys, Inc.*		788		99,398
Sabre Corp.*		7,705		44,920
Sailpoint Technologies Hldgs., Inc.*		2,226		139,526
Semtech Corp.*		1,499		82,400
Silicon Laboratories, Inc.*		864		121,150
SiTime Corp.*		367		59,832
SunPower Corp. Cl A*		1,969		31,130
Synaptics, Inc.*		935		110,377
TD SYNNEX Corp.		975		88,822
Teradata Corp.*		2,473		91,526
Universal Display Corp.		1,025		103,669
Viasat, Inc.*		1,758		53,848
Vishay Intertechnology, Inc.		3,116		55,527
Vontier Corp.		3,802		87,408
Western Union Co.		9,118		150,173
WEX, Inc.*		1,062		165,205
Wolfspeed, Inc.*		2,919		185,211
Xerox Hldgs. Corp.		2,818		41,847
				5,967,358
MATERIALS (6.8%)
Alcoa Corp.		4,355		198,501
AptarGroup, Inc.		1,548		159,769
Ashland Global Hldgs., Inc.		1,198		123,454
Avient Corp.		2,159		86,533
Cabot Corp.		1,332		84,968
Chemours Co.		3,672		117,577
Cleveland-Cliffs, Inc.*		11,275		173,297
Commercial Metals Co.		2,869		94,964

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Eagle Materials, Inc.		932	$	102,464
Greif, Inc. Cl A		628		39,175
Ingevity Corp.*		916		57,836
Louisiana-Pacific Corp.		1,940		101,675
Minerals Technologies, Inc.		779		47,784
NewMarket Corp.		160		48,154
Olin Corp.		3,278		151,706
Reliance Steel & Aluminum Co.		1,464		248,675
Royal Gold, Inc.		1,550		165,509
RPM International, Inc.		3,058		240,726
Scotts Miracle-Gro Co.		955		75,435
Sensient Technologies Corp.		992		79,915
Silgan Hldgs., Inc.		1,988		82,204
Sonoco Products Co.		2,303		131,363
Steel Dynamics, Inc.		4,234		280,079
United States Steel Corp.		6,154		110,218
Valvoline, Inc.		4,208		121,317
Worthington Industries, Inc.		758		33,428
				3,156,726
REAL ESTATE (9.1%)
American Campus Communities, Inc.		3,293		212,300
Apartment Income REIT Corp.		3,709		154,294
Brixmor Property Group, Inc.		7,074		142,966
Corporate Office Properties Trust		2,654		69,508
Cousins Properties, Inc.		3,513		102,685
Douglas Emmett, Inc.		4,151		92,899
EastGroup Properties, Inc.		984		151,861
EPR Properties		1,770		83,066
First Industrial Realty Trust, Inc.		3,117		147,995
Healthcare Realty Trust, Inc.		3,580		97,376
Highwoods Properties, Inc.		2,482		84,860
Hudson Pacific Properties, Inc.		3,415		50,679
Independence Realty Trust, Inc.		5,216		108,128
JBG SMITH Properties		2,568		60,708
Jones Lang LaSalle, Inc.*		1,154		201,788
Kilroy Realty Corp.		2,480		129,778
Kite Realty Group Trust		5,174		89,459
Lamar Advertising Co. Cl A		2,055		180,778
Life Storage, Inc.		1,992		222,427
Macerich Co.		5,068		44,142
Medical Properties Trust, Inc.		14,173		216,422
National Retail Properties, Inc.		4,154		178,622
National Storage Affiliates Trust		1,987		99,489
Omega Healthcare Investors, Inc.		5,555		156,595
Park Hotels & Resorts, Inc.		5,511		74,784
Pebblebrook Hotel Trust		3,103		51,417
Physicians Realty Trust		5,319		92,817

The accompanying notes are an integral part of these portfolio schedules.

55

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
PotlatchDeltic Corp.		1,638	$	72,383
PS Business Parks, Inc.		476		89,083
Rayonier, Inc.		3,455		129,148
Rexford Industrial Realty, Inc.		3,896		224,371
Sabra Health Care REIT, Inc.		5,453		76,178
SL Green Realty Corp.		1,514		69,871
Spirit Realty Capital, Inc.		3,172		119,838
STORE Capital Corp.		5,963		155,515
				4,234,230
UTILITIES (4.1%)
ALLETE, Inc.		1,346		79,118
Black Hills Corp.		1,531		111,411
Essential Utilities, Inc.		5,437		249,286
Hawaiian Electric Industries, Inc.		2,583		105,645

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
IDACORP, Inc.		1,194	$	126,468
National Fuel Gas Co.		2,159		142,602
New Jersey Resources Corp.		2,270		101,083
NorthWestern Corp.		1,278		75,313
OGE Energy Corp.		4,727		182,273
ONE Gas, Inc.		1,277		103,680
PNM Resources, Inc.		2,027		96,850
Portland General Electric Co.		2,103		101,638
Southwest Gas Hldgs., Inc.		1,579		137,499
Spire, Inc.		1,230		91,475
UGI Corp.		4,959		191,467
				1,895,808
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $46,684,440) 98.3%				45,847,446

	Rating**	Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (0.4%)
U.S. Treasury Bill (1)	A-1+		0.82		08/02/22	$	200,000	$	199,855
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $199,855) 0.4%									199,855
		Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (1.3%)
Citibank, New York Time Deposit			0.91		07/01/22	$	605,410	$	605,410
TOTAL TEMPORARY CASH INVESTMENT (Cost: $605,410) 1.3%									605,410
TOTAL INVESTMENTS (Cost: $47,489,705) 100.0%									46,652,711
OTHER NET ASSETS -0.0% (2)									(21,324	)
NET ASSETS 100.0%								$	46,631,387

The accompanying notes are an integral part of these portfolio schedules.

56

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
AUSTRALIA (5.1%)
CONSUMER STAPLES (0.3%)
Woolworths Group Ltd.		1,494	$	36,691
ENERGY (0.3%)
Woodside Energy Group Ltd.		874		19,206
Woodside Energy Group Ltd.*		906		19,187
				38,393
FINANCIALS (0.8%)
National Australia Bank Ltd.		305		5,783
Suncorp Group Ltd.		13,493		102,879
				108,662
HEALTH CARE (0.6%)
Sonic Healthcare Ltd.		3,736		85,143
INDUSTRIALS (0.9%)
Aurizon Hldgs. Ltd.		41,974		110,377
INFORMATION TECHNOLOGY (0.1%)
WiseTech Global Ltd.		617		16,177
MATERIALS (2.1%)
BHP Group Ltd.		9,858		282,229
TOTAL AUSTRALIA				677,672
AUSTRIA (1.0%)
ENERGY (0.7%)
OMV AG		1,840		86,536
FINANCIALS (0.1%)
Raiffeisen Bank International AG		1,525		16,661
MATERIALS (0.2%)
voestalpine AG		1,044		22,313
TOTAL AUSTRIA				125,510
DENMARK (3.8%)
CONSUMER DISCRETIONARY (0.4%)
Pandora A/S		828		52,605
FINANCIALS (0.3%)
Danske Bank A/S		2,977		42,371
HEALTH CARE (2.4%)
Novo Nordisk A/S Cl B		2,861		317,294
INDUSTRIALS (0.7%)
AP Moller - Maersk A/S Cl B		39		91,557
TOTAL DENMARK				503,827
FINLAND (1.9%)
FINANCIALS (0.7%)
Nordea Bank Abp		10,791		95,309
INFORMATION TECHNOLOGY (0.7%)
Nokia OYJ		21,157		98,064
UTILITIES (0.5%)
Fortum OYJ		4,120		62,273
TOTAL FINLAND				255,646

	Shares		Value
COMMON STOCKS (CONTINUED):
FRANCE (10.6%)
COMMUNICATION SERVICES (1.3%)
Orange S.A.		7,822	$	92,171
Publicis Groupe S.A.*		1,707		83,951
				176,122
CONSUMER DISCRETIONARY (3.0%)
EssilorLuxottica S.A.		606		91,877
Faurecia SE*		2,166		43,408
Hermes International		30		33,763
La Francaise des Jeux SAEM†		1,094		37,988
LVMH Moet Hennessy Louis Vuitton SE		301		184,476
				391,512
CONSUMER STAPLES (1.7%)
Carrefour S.A.		6,241		110,786
L’Oreal S.A.		332		115,272
				226,058
FINANCIALS (1.7%)
AXA S.A.		1,188		27,136
BNP Paribas S.A.		2,335		111,688
Societe Generale S.A.		3,672		81,187
				220,011
INDUSTRIALS (2.1%)
Bouygues S.A.		2,976		91,850
Cie de Saint-Gobain		1,914		82,702
Eiffage S.A.		1,083		97,968
				272,520
INFORMATION TECHNOLOGY (0.2%)
Dassault Systemes SE		749		27,743
UTILITIES (0.6%)
Engie S.A.		6,410		74,221
TOTAL FRANCE				1,388,187
GERMANY (6.3%)
COMMUNICATION SERVICES (0.7%)
Deutsche Telekom AG		4,630		92,087
CONSUMER DISCRETIONARY (1.4%)
Bayerische Motoren Werke AG		1,229		95,273
Mercedes-Benz Group AG		1,672		97,107
				192,380
HEALTH CARE (0.7%)
Merck KGaA		515		87,355
INDUSTRIALS (0.8%)
Daimler Truck Hldg. AG*		687		18,093
Deutsche Post AG		2,514		94,919
				113,012
INFORMATION TECHNOLOGY (1.0%)
SAP SE		1,387		126,426
MATERIALS (0.6%)
Covestro AG†		1,791		62,235
HeidelbergCement AG		376		18,154
				80,389

The accompanying notes are an integral part of these portfolio schedules.

57

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
GERMANY (CONTINUED)
REAL ESTATE (0.5%)
LEG Immobilien SE		766	$	63,748
UTILITIES (0.6%)
E.ON SE		9,930		83,641
TOTAL GERMANY				839,038
HONG KONG (2.1%)
INDUSTRIALS (0.9%)
CK Hutchison Hldgs. Ltd.		17,500		118,724
REAL ESTATE (1.2%)
Henderson Land Development Co. Ltd.		25,000		93,962
Sun Hung Kai Properties Ltd.		5,500		65,122
				159,084
TOTAL HONG KONG				277,808
IRELAND (0.1%)
MATERIALS (0.1%)
CRH PLC		431		14,850
ISRAEL (0.9%)
INFORMATION TECHNOLOGY (0.9%)
Check Point Software Technologies Ltd.*		981		119,466
ITALY (1.1%)
COMMUNICATION SERVICES (0.3%)
Telecom Italia SpA*		150,451		39,450
FINANCIALS (0.8%)
Assicurazioni Generali SpA		1,528		24,406
Poste Italiane SpA†		7,861		73,551
				97,957
TOTAL ITALY				137,407
JAPAN (19.2%)
COMMUNICATION SERVICES (1.3%)
Nintendo Co. Ltd.		400		171,991
CONSUMER DISCRETIONARY (3.3%)
Aisin Corp.		2,800		86,647
Honda Motor Co. Ltd.		4,800		115,712
Iida Group Hldgs. Co. Ltd.		4,500		69,073
Toyota Motor Corp.		2,500		38,566
Yamaha Motor Co. Ltd.		3,900		71,602
ZOZO, Inc.		3,200		57,886
				439,486
CONSUMER STAPLES (1.5%)
Japan Tobacco, Inc.		5,800		100,489
Suntory Beverage & Food Ltd.		2,600		98,166
				198,655
ENERGY (0.9%)
ENEOS Hldgs., Inc.		28,100		105,715
Inpex Corp.		1,700		18,221
				123,936

	Shares		Value
COMMON STOCKS (CONTINUED):
JAPAN (CONTINUED)
FINANCIALS (2.1%)
Dai-ichi Life Hldgs., Inc.		4,900	$	90,611
Daiwa Securities Group, Inc.		18,800		84,164
Japan Post Insurance Co. Ltd.		6,500		104,011
				278,786
HEALTH CARE (1.4%)
Otsuka Hldgs. Co. Ltd.		1,300		46,397
Takeda Pharmaceutical Co. Ltd.		5,100		143,224
				189,621
INDUSTRIALS (5.9%)
AGC, Inc.		2,100		73,776
ITOCHU Corp.		4,300		115,984
Marubeni Corp.		12,300		110,330
Mitsubishi Corp.		4,200		125,058
Mitsui & Co. Ltd.		5,600		123,035
Nippon Yusen KK		1,600		109,684
Sumitomo Corp.		7,900		107,368
Yamato Hldgs. Co. Ltd.		700		11,200
				776,435
INFORMATION TECHNOLOGY (2.2%)
Brother Industries Ltd.		5,200		91,474
Canon, Inc.		5,100		115,552
Seiko Epson Corp.		6,000		84,866
				291,892
MATERIALS (0.6%)
Sumitomo Chemical Co. Ltd.		21,700		84,912
TOTAL JAPAN				2,555,714
LUXEMBOURG (1.6%)
HEALTH CARE (0.6%)
Eurofins Scientific SE		961		75,898
MATERIALS (0.6%)
ArcelorMittal S.A.		3,316		74,362
REAL ESTATE (0.4%)
Aroundtown S.A.		16,173		51,728
TOTAL LUXEMBOURG				201,988
NETHERLANDS (4.0%)
CONSUMER STAPLES (0.8%)
Koninklijke Ahold Delhaize N.V.		3,852		100,264
FINANCIALS (0.5%)
ING Groep N.V.		6,913		68,104
INDUSTRIALS (1.0%)
Wolters Kluwer N.V.		1,408		136,460
INFORMATION TECHNOLOGY (1.7%)
ASML Hldg. N.V.		466		220,156
TOTAL NETHERLANDS				524,984

The accompanying notes are an integral part of these portfolio schedules.

58

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
NORWAY (0.9%)
ENERGY (0.7%)
Aker BP ASA*		2,885	$	91,981
FINANCIALS (0.2%)
Gjensidige Forsikring ASA		1,124		22,883
TOTAL NORWAY			114,864
PORTUGAL (0.8%)
CONSUMER STAPLES (0.8%)
Jeronimo Martins SGPS S.A.		4,663		101,086
SPAIN (2.5%)
COMMUNICATION SERVICES (1.1%)
Telefonica S.A.		28,540		145,712
CONSUMER DISCRETIONARY (0.2%)
Industria de Diseno Textil S.A.		1,141		25,930
FINANCIALS (0.3%)
Banco Bilbao Vizcaya Argentaria S.A.		7,628		34,651
UTILITIES (0.9%)
Red Electrica Corp. S.A.		6,523		123,478
TOTAL SPAIN				329,771
SWEDEN (1.1%)
CONSUMER DISCRETIONARY (0.5%)
H & M Hennes & Mauritz AB Cl B		6,013		72,162
ENERGY (0.0%) (2)
Lundin Energy AB		3,034		2,063
FINANCIALS (0.2%)
Svenska Handelsbanken AB Cl A		3,625		31,112
INDUSTRIALS (0.4%)
Securitas AB Cl B		5,442		47,044
TOTAL SWEDEN				152,381
SWITZERLAND (9.4%)
CONSUMER DISCRETIONARY (1.4%)
Cie Financiere Richemont S.A.		841		90,470
Swatch Group AG		371		88,136
				178,606
CONSUMER STAPLES (1.5%)
Nestle S.A.		1,675		195,782
FINANCIALS (1.4%)
Partners Group Hldg. AG		51		46,063
UBS Group AG		8,468		136,914
				182,977
HEALTH CARE (5.1%)
Novartis AG		3,225		273,446

	Shares		Value
COMMON STOCKS (CONTINUED):
SWITZERLAND (CONTINUED)
HEALTH CARE (CONTINUED)
Roche Hldg. AG		823	$	275,158
Sonova Hldg. AG		383		122,413
				671,017
TOTAL SWITZERLAND				1,228,382
UNITED KINGDOM (11.9%)
COMMUNICATION SERVICES (1.6%)
Vodafone Group PLC		91,400		142,094
WPP PLC		6,054		61,143
			203,237
CONSUMER DISCRETIONARY (1.3%)
Barratt Developments PLC		3,798		21,241
Kingfisher PLC		24,324		72,680
Persimmon PLC		2,978		67,744
			161,665
CONSUMER STAPLES (3.0%)
British American Tobacco PLC		4,741		203,186
Imperial Brands PLC		5,647		126,403
J Sainsbury PLC		27,691		68,902
			398,491
FINANCIALS (3.0%)
3i Group PLC		4,322		58,570
Barclays PLC		52,921		98,944
Direct Line Insurance Group PLC		18,129		55,637
Lloyds Banking Group PLC		210,083		108,071
NatWest Group PLC		27,144		72,239
			393,461
HEALTH CARE (0.9%)
GSK PLC		5,488		118,256
INDUSTRIALS (1.2%)
BAE Systems PLC		16,109		163,061
MATERIALS (0.9%)
Anglo American PLC		3,190		114,019
TOTAL UNITED KINGDOM				1,552,190
UNITED STATES (7.2%)
FINANCIALS (7.2%)
iShares Core MSCI Emerging Markets ETF		8,207		402,635
iShares MSCI Emerging Markets ex China ETF		2,577		123,078
Vanguard FTSE Emerging Markets ETF		10,221		425,705
			951,418
TOTAL COMMON STOCKS
(Cost: $14,626,012) 91.5%				12,052,189

The accompanying notes are an integral part of these portfolio schedules.

59

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — INTERNATIONAL PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (6.2%)
BBVA, Madrid Time Deposit		0.91		07/01/22	USD	811,862	$	811,862
Sumitomo Mitsui Trust Bank, London Time Deposit		(0.36)		07/01/22	JPY	411,908		3,035
Sumitomo Mitsui Trust Bank, London Time Deposit		0.52		07/01/22	GBP	1		2
								814,899
TOTAL TEMPORARY CASH INVESTMENT (Cost: $814,899) 6.2%								814,899
TOTAL INVESTMENTS (Cost: $15,440,912) 97.7%								12,867,088
OTHER NET ASSETS 2.3%								308,226
NET ASSETS 100.0%							$	13,175,314

The accompanying notes are an integral part of these portfolio schedules.

60

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — RETIREMENT INCOME PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (34.3%)		121,464	$	1,657,982
Equity Index Portfolio (19.9%)		16,668		961,233
International Portfolio (0.9%)		4,683		42,241
Mid-Cap Equity Index Portfolio (5.7%)		10,914		275,045
Mid-Term Bond Portfolio (27.2%)		130,314		1,318,773
Money Market Portfolio (11.9%)		46,883		577,594
TOTAL INVESTMENTS (Cost: $5,149,129) 99.9%				4,832,868
OTHER NET ASSETS 0.1%				6,348
NET ASSETS 100.0%			$	4,839,216

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2015 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (33.6%)		132,287	$	1,805,714
Equity Index Portfolio (21.8%)		20,333		1,172,627
International Portfolio (5.4%)		31,947		288,160
Mid-Cap Equity Index Portfolio (5.6%)		11,843		298,441
Mid-Term Bond Portfolio (24.3%)		129,280		1,308,316
Money Market Portfolio (9.2%)		40,304		496,540
TOTAL INVESTMENTS (Cost: $5,498,073) 99.9%				5,369,798
OTHER NET ASSETS 0.1%				6,234
NET ASSETS 100.0%			$	5,376,032

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2020 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (32.2%)		337,260	$	4,603,593
Equity Index Portfolio (23.5%)		58,447		3,370,645
International Portfolio (8.4%)		134,010		1,208,771
Mid-Cap Equity Index Portfolio (8.2%)		46,445		1,170,426
Mid-Term Bond Portfolio (21.0%)		296,601		3,001,606
Money Market Portfolio (4.1%)		47,323		583,014
Small Cap Growth Portfolio (1.1%)		9,578		154,491
Small Cap Value Portfolio (1.5%)		13,032		213,587
TOTAL INVESTMENTS (Cost: $14,542,785) 100.0%				14,306,133
OTHER NET ASSETS 0.0% (2)				2,422
NET ASSETS 100.0%			$	14,308,555

The accompanying notes are an integral part of these portfolio schedules.

61

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2025 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (27.8%)		450,655	$	6,151,446
Equity Index Portfolio (27.8%)		106,935		6,166,954
International Portfolio (10.2%)		249,389		2,249,487
Mid-Cap Equity Index Portfolio (11.8%)		103,914		2,618,626
Mid-Term Bond Portfolio (16.2%)		354,359		3,586,112
Money Market Portfolio (1.3%)		23,384		288,095
Small Cap Equity Index Portfolio (0.2%)		4,599		43,923
Small Cap Growth Portfolio (2.0%)		27,067		436,592
Small Cap Value Portfolio (2.7%)		36,696		601,447
TOTAL INVESTMENTS (Cost: $22,266,553) 100.0%				22,142,682
OTHER NET ASSETS 0.0% (2)				4,381
NET ASSETS 100.0%			$	22,147,063

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2030 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (21.3%)		219,941	$	3,002,192
Equity Index Portfolio (34.1%)		83,214		4,798,945
International Portfolio (12.7%)		198,620		1,791,552
Mid-Cap Equity Index Portfolio (15.4%)		86,070		2,168,953
Mid-Term Bond Portfolio (8.0%)		111,646		1,129,858
Money Market Portfolio (1.6%)		18,272		225,115
Small Cap Equity Index Portfolio (0.5%)		6,430		61,408
Small Cap Growth Portfolio (2.7%)		23,211		374,392
Small Cap Value Portfolio (3.7%)		31,383		514,362
TOTAL INVESTMENTS (Cost: $14,166,744) 100.0%				14,066,777
OTHER NET ASSETS 0.0% (2)				5,986
NET ASSETS 100.0%			$	14,072,763

The accompanying notes are an integral part of these portfolio schedules.

62

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2035 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (22.7%)		126,565	$	1,727,608
Equity Index Portfolio (37.6%)		49,608		2,860,909
International Portfolio (15.1%)		126,929		1,144,895
Mid-Cap Equity Index Portfolio (15.6%)		46,975		1,183,767
Mid-Term Bond Portfolio (0.6%)		4,914		49,725
Money Market Portfolio (0.7%)		4,055		49,960
Small Cap Equity Index Portfolio (1.1%)		8,915		85,140
Small Cap Growth Portfolio (3.0%)		13,981		225,513
Small Cap Value Portfolio (3.5%)		16,357		268,086
TOTAL INVESTMENTS (Cost: $7,685,555) 99.9%				7,595,603
OTHER NET ASSETS 0.1%				6,065
NET ASSETS 100.0%			$	7,601,668

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2040 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (13.8%)		65,397	$	892,665
Equity Index Portfolio (42.3%)		47,506		2,739,678
International Portfolio (17.8%)		127,832		1,153,044
Mid-Cap Equity Index Portfolio (16.7%)		42,979		1,083,078
Money Market Portfolio (0.8%)		4,234		52,162
Small Cap Equity Index Portfolio (2.2%)		14,919		142,472
Small Cap Growth Portfolio (2.9%)		11,854		191,205
Small Cap Value Portfolio (3.4%)		13,333		218,524
TOTAL INVESTMENTS (Cost: $6,675,069) 99.9%				6,472,828
OTHER NET ASSETS 0.1%				6,284
NET ASSETS 100.0%			$	6,479,112

The accompanying notes are an integral part of these portfolio schedules.

63

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2045 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.8%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (11.6%)		29,784	$	406,549
Equity Index Portfolio (42.6%)		25,988		1,498,752
International Portfolio (18.4%)		71,578		645,632
Mid-Cap Equity Index Portfolio (16.2%)		22,630		570,273
Money Market Portfolio (0.8%)		2,335		28,769
Small Cap Equity Index Portfolio (1.5%)		5,683		54,276
Small Cap Growth Portfolio (4.0%)		8,691		140,187
Small Cap Value Portfolio (4.7%)		10,017		164,176
TOTAL INVESTMENTS (Cost: $3,516,924) 99.8%				3,508,614
OTHER NET ASSETS 0.2%				7,254
NET ASSETS 100.0%			$	3,515,868

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2050 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.8%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (9.8%)		24,999	$	341,230
Equity Index Portfolio (41.5%)		25,107		1,447,920
International Portfolio (19.2%)		74,434		671,391
Mid-Cap Equity Index Portfolio (17.2%)		23,837		600,695
Money Market Portfolio (0.8%)		2,347		28,920
Small Cap Equity Index Portfolio (2.5%)		9,303		88,842
Small Cap Growth Portfolio (4.0%)		8,585		138,475
Small Cap Value Portfolio (4.8%)		10,202		167,213
TOTAL INVESTMENTS (Cost: $3,544,389) 99.8%				3,484,686
OTHER NET ASSETS 0.2%				7,249
NET ASSETS 100.0%			$	3,491,935

The accompanying notes are an integral part of these portfolio schedules.

64

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2055 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (8.8%)		5,312	$	72,511
Equity Index Portfolio (40.7%)		5,836		336,575
International Portfolio (19.0%)		17,435		157,261
Mid-Cap Equity Index Portfolio (18.4%)		6,059		152,684
Money Market Portfolio (0.2%)		173		2,131
Small Cap Equity Index Portfolio (1.8%)		1,549		14,791
Small Cap Growth Portfolio (4.5%)		2,312		37,298
Small Cap Value Portfolio (5.6%)		2,808		46,028
TOTAL INVESTMENTS (Cost: $856,186) 99.0%				819,279
OTHER NET ASSETS 1.0%				7,898
NET ASSETS 100.0%			$	827,177

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2060 RETIREMENT PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (98.8%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (8.2%)		3,292	$	44,934
Equity Index Portfolio (36.8%)		3,496		201,591
International Portfolio (19.8%)		11,984		108,097
Mid-Cap Equity Index Portfolio (20.6%)		4,477		112,828
Money Market Portfolio (0.1%)		29		362
Small Cap Equity Index Portfolio (2.1%)		1,223		11,675
Small Cap Growth Portfolio (4.9%)		1,670		26,938
Small Cap Value Portfolio (6.3%)		2,097		34,375
TOTAL INVESTMENTS (Cost: $886,771) 98.8%				540,800
OTHER NET ASSETS 1.2%				6,312
NET ASSETS 100.0%			$	547,112

The accompanying notes are an integral part of these portfolio schedules.

65

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — CONSERVATIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (26.7%)		169,798	$	2,317,747
Equity Index Portfolio (26.1%)		39,145		2,257,497
International Portfolio (5.4%)		52,304		471,779
Mid-Cap Equity Index Portfolio (5.6%)		19,142		482,391
Mid-Term Bond Portfolio (36.1%)		309,261		3,129,723
TOTAL INVESTMENTS (Cost: $9,069,006) 99.9%				8,659,137
OTHER NET ASSETS 0.1%				5,272
NET ASSETS 100.0%			$	8,664,409

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MODERATE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (22.4%)		315,383	$	4,304,984
Equity Index Portfolio (36.5%)		121,719		7,019,543
International Portfolio (10.1%)		214,694		1,936,537
Mid-Cap Equity Index Portfolio (15.1%)		114,978		2,897,443
Mid-Term Bond Portfolio (15.9%)		300,960		3,045,713
TOTAL INVESTMENTS (Cost: $19,381,678) 100.0%				19,204,220
OTHER NET ASSETS 0.0% (2)				2,550
NET ASSETS 100.0%			$	19,206,770

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — AGGRESSIVE ALLOCATION PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.8%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (16.7%)		49,580	$	676,766
Equity Index Portfolio (37.6%)		26,403		1,522,648
International Portfolio (14.4%)		64,446		581,299
Mid-Cap Equity Index Portfolio (20.3%)		32,523		819,570
Small Cap Growth Portfolio (5.2%)		13,136		211,891
Small Cap Value Portfolio (5.6%)		13,710		224,708
TOTAL INVESTMENTS (Cost: $3,964,067) 99.8%				4,036,882
OTHER NET ASSETS 0.2%				6,942
NET ASSETS 100.0%			$	4,043,824

The accompanying notes are an integral part of these portfolio schedules.

66

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MONEY MARKET PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (23.8%)
U.S. Treasury Bill		A-1+		0.76		07/12/22	$	570,000	$	569,868
U.S. Treasury Bill		A-1+		0.84		07/19/22		1,125,000		1,124,530
U.S. Treasury Bill		A-1+		0.85		07/05/22		300,000		299,972
										1,994,370
U.S. GOVERNMENT AGENCIES (30.0%)
FHLB		A-1+		0.81		07/11/22		325,000		324,927
FHLB		A-1+		0.83		07/19/22		330,000		329,864
FHLB		A-1+		0.84		07/08/22		600,000		599,902
FHLB		A-1+		1.62		08/19/22		500,000		498,897
FHLB		A-1+		1.71		09/01/22		360,000		358,823
FHLMC		A-1+		1.62		08/29/22		400,000		398,938
										2,511,351
COMMERCIAL PAPER (46.2%)
Apple, Inc.†		A-1+		1.55		08/02/22		325,000		324,552
Eli Lilly & Co.†		A-1+		0.88		07/01/22		325,000		325,000
Emerson Electric Co.†		A-1		1.83		08/23/22		325,000		324,129
J.P. Morgan Securities LLC		A-1		1.08		07/18/22		325,000		324,834
Johnson & Johnson†		A-1+		1.62		08/29/22		325,000		324,137
Nestle Capital Corp.†		A-1+		0.95		07/25/22		330,000		329,791
Novartis Financial Corp.†		A-1+		1.58		07/11/22		325,000		324,858
PepsiCo, Inc.†		A-1		1.75		08/23/22		325,000		324,163
Qualcomm, Inc.†		A-1		0.95		07/20/22		300,000		299,850
Toyota Motor Credit Corp.		A-1+		1.14		07/14/22		325,000		324,866
Unilever Capital Corp.†		A-1		0.97		07/18/22		325,000		324,851
Walmart, Inc.†		A-1+		0.93		07/11/22		325,000		324,916
										3,875,947
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $8,381,792) 100.0%										8,381,668
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (4.3%)
JP Morgan Chase, New York Time Deposit				0.91		07/01/22	$	360,312	$	360,312
TOTAL TEMPORARY CASH INVESTMENT (Cost: $360,312) 4.3%										360,312
TOTAL INVESTMENTS (Cost: $8,742,104) 104.3%										8,741,980
OTHER NET ASSETS -4.3%										(363,581	)
NET ASSETS 100.0%									$	8,378,399

The accompanying notes are an integral part of these portfolio schedules.

67

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (44.8%)
U.S. Treasury Note		AA+		0.38		09/30/27	$	450,000	$	391,430
U.S. Treasury Note		AA+		0.50		04/30/27		700,000		619,555
U.S. Treasury Note		AA+		0.50		10/31/27		450,000		393,152
U.S. Treasury Note		AA+		0.63		11/30/27		500,000		439,063
U.S. Treasury Note		AA+		0.63		08/15/30		200,000		165,812
U.S. Treasury Note		AA+		0.75		05/31/26		150,000		137,244
U.S. Treasury Note		AA+		0.88		06/30/26		100,000		91,801
U.S. Treasury Note		AA+		1.13		02/15/31		550,000		472,613
U.S. Treasury Note		AA+		1.50		08/15/26		625,000		586,963
U.S. Treasury Note		AA+		1.50		11/30/28		1,300,000		1,180,461
U.S. Treasury Note		AA+		1.63		05/15/26		825,000		781,849
U.S. Treasury Note		AA+		1.63		09/30/26		380,000		358,462
U.S. Treasury Note		AA+		1.75		01/31/29		200,000		184,398
U.S. Treasury Note		AA+		2.00		05/31/24		685,000		672,611
U.S. Treasury Note		AA+		2.00		06/30/24		685,000		672,076
U.S. Treasury Note		AA+		2.38		04/30/26		520,000		507,528
U.S. Treasury Note		AA+		2.38		05/15/29		550,000		526,904
U.S. Treasury Note		AA+		2.50		01/31/24		125,000		124,062
U.S. Treasury Note		AA+		2.50		02/28/26		450,000		441,352
										8,747,336
U.S. GOVERNMENT AGENCIES (28.4%)
NON-MORTGAGE-BACKED OBLIGATIONS (28.4%)
FHLB		AA+		0.50		04/14/25		840,000		783,056
FHLMC		AA+		0.25		06/26/23		1,500,000		1,459,922
FHLMC		AA+		1.50		02/12/25		400,000		384,499
FNMA		AA+		0.50		06/17/25		1,500,000		1,391,415
FNMA		AA+		0.50		11/07/25		100,000		91,810
FNMA		AA+		0.63		04/22/25		400,000		374,042
FNMA		AA+		0.83		02/10/27		1,200,000		1,069,008
										5,553,752
CORPORATE DEBT (25.8%)
COMMUNICATION SERVICES (1.1%)
AT&T, Inc.		BBB		2.75		06/01/31		50,000		43,175
Comcast Corp.		A-		2.35		01/15/27		100,000		93,216
Verizon Communications, Inc.		BBB+		4.02		12/03/29		78,000		75,545
										211,936
CONSUMER DISCRETIONARY (3.3%)
Amazon.com, Inc.		AA		1.20		06/03/27		40,000		35,590
AutoZone, Inc.		BBB		3.25		04/15/25		55,000		53,957
Best Buy Co., Inc.		BBB+		1.95		10/01/30		100,000		79,427
Booking Hldgs., Inc.		A-		3.65		03/15/25		40,000		39,932
Brunswick Corp.		BBB-		0.85		08/18/24		100,000		92,413
Dollar General Corp.		BBB		3.25		04/15/23		30,000		29,852
Genuine Parts Co.		BBB		1.75		02/01/25		75,000		70,663
Harman International Industries, Inc.		A-		4.15		05/15/25		55,000		55,270
Kohl’s Corp.		BBB-		3.25		02/01/23		20,000		19,906
Lowe’s Cos., Inc.		BBB+		4.00		04/15/25		35,000		35,116
Marriott International, Inc.		BBB		3.13		02/15/23		55,000		54,854
Travel + Leisure Co.		BB-		5.65		04/01/24		70,000		68,775
										635,755
CONSUMER STAPLES (1.2%)
Bunge Ltd. Finance Corp.		BBB		3.25		08/15/26		100,000		94,909
Kellogg Co.		BBB		2.65		12/01/23		55,000		54,468

The accompanying notes are an integral part of these portfolio schedules.

68

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
CONSUMER STAPLES (CONTINUED)
Keurig Dr Pepper, Inc.	BBB	3.13	12/15/23	$	80,000	$	79,965
							229,342
ENERGY (0.7%)
Devon Energy Corp.	BBB	5.25	09/15/24		100,000		102,014
Targa Resources Partners LP/Targa Resources Partners Finance Corp.	BBB-	5.50	03/01/30		35,000		33,396
							135,410
FINANCIALS (7.9%)
Aflac, Inc.	A-	1.13	03/15/26		45,000		40,600
Allstate Corp.	A-	0.75	12/15/25		100,000		89,993
American International Group, Inc.	BBB+	4.13	02/15/24		55,000		55,343
Bank of America Corp.	A-	3.37	01/23/26		80,000		77,479
Brown & Brown, Inc.	BBB-	4.20	09/15/24		60,000		59,793
Capital One Financial Corp.	BBB	4.93	05/10/28		35,000		34,663
Citigroup, Inc.	BBB+	4.14	05/24/25		50,000		49,796
FactSet Research Systems, Inc.	BBB-	2.90	03/01/27		60,000		56,100
Fairfax U.S., Inc.†	BBB	4.88	08/13/24		20,000		19,947
Fifth Third Bancorp	BBB	4.30	01/16/24		70,000		70,310
Goldman Sachs Group, Inc.	BBB+	2.64	02/24/28		65,000		58,993
Goldman Sachs Group, Inc.	BBB+	3.20	02/23/23		70,000		70,024
JPMorgan Chase & Co.	A-	1.47	09/22/27		60,000		52,624
JPMorgan Chase & Co.	BBB+	3.88	09/10/24		40,000		39,921
Legg Mason, Inc.	A	3.95	07/15/24		55,000		55,283
Lincoln National Corp.	A-	4.00	09/01/23		55,000		55,287
Mercury General Corp.	BBB	4.40	03/15/27		85,000		83,036
Morgan Stanley	A-	3.13	01/23/23		70,000		69,976
Progressive Corp.	A	2.50	03/15/27		50,000		47,261
Prospect Capital Corp.	BBB-	4.95	07/15/22		70,000		70,037
Prospect Capital Corp.	BBB-	5.88	03/15/23		55,000		55,248
Signet UK Finance PLC	BB-	4.70	06/15/24		55,000		53,075
Stifel Financial Corp.	BBB-	4.25	07/18/24		55,000		55,036
Synchrony Financial	BBB-	3.70	08/04/26		40,000		37,036
Unum Group	BBB	4.00	03/15/24		95,000		94,976
Voya Financial, Inc.	BBB+	3.65	06/15/26		55,000		53,244
Wells Fargo & Co.	BBB+	3.53	03/24/28		35,000		33,150
							1,538,231
HEALTH CARE (2.7%)
AbbVie, Inc.	BBB+	4.25	11/14/28		100,000		99,039
Aetna, Inc.	BBB	2.80	06/15/23		70,000		69,132
Baxter International, Inc.	BBB	1.92	02/01/27		100,000		89,553
CVS Health Corp.	BBB	3.38	08/12/24		15,000		14,908
CVS Health Corp.	BBB	3.88	07/20/25		40,000		39,748
Elevance Health, Inc.	A	2.88	09/15/29		70,000		63,064
Humana, Inc.	BBB+	3.85	10/01/24		70,000		69,902
Thermo Fisher Scientific, Inc.	A-	1.75	10/15/28		100,000		87,425
							532,771
INDUSTRIALS (2.4%)
Boeing Co.	BBB-	4.88	05/01/25		70,000		69,742
Deere & Co.	A	2.75	04/15/25		35,000		34,234
General Dynamics Corp.	A-	3.25	04/01/25		35,000		34,709
JB Hunt Transport Svcs., Inc.	BBB+	3.30	08/15/22		55,000		55,088
Lennox International, Inc.	BBB	1.70	08/01/27		100,000		87,393
Stanley Black & Decker, Inc.	A	2.30	02/24/25		100,000		96,780
Verisk Analytics, Inc.	BBB	4.00	06/15/25		45,000		44,638

The accompanying notes are an integral part of these portfolio schedules.

69

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-TERM BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
INDUSTRIALS (CONTINUED)
Verisk Analytics, Inc.		BBB		4.13		09/12/22	$	55,000	$	55,095
										477,679
INFORMATION TECHNOLOGY (2.4%)
Apple, Inc.		AA+		2.05		09/11/26		100,000		94,151
Applied Materials, Inc.		A		3.90		10/01/25		100,000		100,624
Global Payments, Inc.		BBB-		3.75		06/01/23		25,000		24,820
Intel Corp.		A+		3.40		03/25/25		75,000		74,878
PayPal Hldgs., Inc.		A-		2.65		10/01/26		95,000		90,086
Teledyne Technologies, Inc.		BBB		2.75		04/01/31		100,000		83,594
										468,153
MATERIALS (1.7%)
Ecolab, Inc.		A-		1.65		02/01/27		60,000		54,862
International Flavors & Fragrances, Inc.†		BBB		1.23		10/01/25		80,000		72,172
Nucor Corp.		A-		3.95		05/23/25		50,000		49,719
Packaging Corp. of America		BBB		3.65		09/15/24		100,000		99,547
Southern Copper Corp.		BBB+		3.50		11/08/22		55,000		54,974
										331,274
REAL ESTATE (1.5%)
Boston Properties LP		BBB+		3.25		01/30/31		100,000		85,770
Crown Castle International Corp.		BBB-		3.15		07/15/23		70,000		69,239
Duke Realty LP		BBB+		1.75		07/01/30		40,000		32,715
Jones Lang LaSalle, Inc.		BBB+		4.40		11/15/22		40,000		40,044
Omega Healthcare Investors, Inc.		BBB-		4.38		08/01/23		50,000		50,154
Omega Healthcare Investors, Inc.		BBB-		4.50		01/15/25		20,000		19,822
										297,744
UTILITIES (0.9%)
American Electric Power Co., Inc.		BBB+		2.03		03/15/24		65,000		62,880
NextEra Energy Capital Hldgs., Inc.		BBB+		3.55		05/01/27		50,000		48,272
Southern Co.		BBB		3.25		07/01/26		70,000		66,984
										178,136
TOTAL CORPORATE DEBT										5,036,431
TOTAL LONG-TERM DEBT SECURITIES (Cost: $20,744,566) 99.0%										19,337,519
							Shares		Value
COMMON STOCKS:
ENERGY (0.2%)
Diamond Offshore Drilling, Inc.*								1,392	$	8,199
Superior Energy Svcs., Inc.*								928		23,381	††
Valaris Ltd.*								245		10,349
										41,929
TOTAL COMMON STOCKS (Cost: $134,334) 0.2%										41,929
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.4%)
Citibank, New York Time Deposit				0.91		07/01/22	$	74,367	$	74,367
TOTAL TEMPORARY CASH INVESTMENT (Cost: $74,367) 0.4%										74,367
TOTAL INVESTMENTS (Cost: $20,953,267) 99.6%										19,453,815
OTHER NET ASSETS 0.4%										73,258
NET ASSETS 100.0%									$	19,527,073

The accompanying notes are an integral part of these portfolio schedules.

70

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (43.9%)
U.S. Treasury Bond	AA+	1.13	05/15/40	$	1,425,000	$	991,933
U.S. Treasury Bond	AA+	1.13	08/15/40		1,100,000		759,945
U.S. Treasury Bond	AA+	1.38	11/15/40		250,000		180,049
U.S. Treasury Bond	AA+	2.25	08/15/46		615,000		495,892
U.S. Treasury Bond	AA+	2.75	08/15/47		210,000		187,786
U.S. Treasury Bond	AA+	2.88	05/15/49		300,000		279,715
U.S. Treasury Note	AA+	0.50	04/30/27		1,800,000		1,593,141
U.S. Treasury Note	AA+	0.63	03/31/27		350,000		312,443
U.S. Treasury Note	AA+	0.63	05/15/30		275,000		229,303
U.S. Treasury Note	AA+	1.13	08/31/28		150,000		133,494
U.S. Treasury Note	AA+	1.25	05/31/28		1,025,000		923,301
U.S. Treasury Note	AA+	1.25	06/30/28		550,000		494,764
U.S. Treasury Note	AA+	1.50	02/15/30		350,000		314,371
U.S. Treasury Note	AA+	1.63	08/15/29		1,045,000		951,440
U.S. Treasury Note	AA+	2.25	08/15/27		1,555,000		1,493,590
U.S. Treasury Note	AA+	2.25	11/15/27		1,065,000		1,021,027
U.S. Treasury Note	AA+	2.38	05/15/27		1,105,000		1,069,692
U.S. Treasury Note	AA+	2.63	04/15/25		200,000		197,828
U.S. Treasury Note	AA+	2.63	02/15/29		1,045,000		1,017,446
U.S. Treasury Note	AA+	2.88	05/15/28		835,000		825,247
U.S. Treasury Note	AA+	3.13	11/15/28		85,000		85,176
U.S. Treasury Strip	AA+	0.00	08/15/26		420,000		370,922
U.S. Treasury Strip	AA+	0.00	08/15/28		420,000		347,762
U.S. Treasury Strip	AA+	0.00	08/15/29		420,000		336,995
U.S. Treasury Strip	AA+	0.00	08/15/33		210,000		147,899
U.S. Treasury Strip	AA+	0.00	08/15/35		210,000		137,934
U.S. Treasury Strip	AA+	0.00	08/15/37		210,000		128,804
							15,027,899
U.S. GOVERNMENT AGENCIES (32.8%)
MORTGAGE-BACKED OBLIGATIONS (32.8%)
FHLMC	AA+	2.00	11/01/50		84,952		74,060
FHLMC	AA+	2.00	02/01/51		178,764		156,349
FHLMC	AA+	2.50	12/01/27		13,845		13,425
FHLMC	AA+	2.50	06/01/35		27,417		26,245
FHLMC	AA+	2.50	10/01/49		67,304		61,037
FHLMC	AA+	2.50	11/01/50		265,818		240,793
FHLMC	AA+	2.50	04/01/51		189,839		171,045
FHLMC	AA+	2.50	10/01/51		118,766		107,007
FHLMC	AA+	3.00	02/01/32		31,896		31,791
FHLMC	AA+	3.00	11/01/42		6,896		6,380
FHLMC	AA+	3.00	03/01/43		20,912		19,976
FHLMC	AA+	3.00	04/01/43		18,778		17,946
FHLMC	AA+	3.00	04/01/43		118,032		112,845
FHLMC	AA+	3.00	04/01/43		123,262		117,313
FHLMC	AA+	3.00	09/15/43		6,151		6,136
FHLMC	AA+	3.00	04/15/45		5,084		5,076
FHLMC	AA+	3.00	09/01/46		47,185		44,680
FHLMC	AA+	3.00	09/01/46		29,500		28,389
FHLMC	AA+	3.00	11/01/46		9,605		8,886
FHLMC	AA+	3.00	05/01/49		56,768		53,020
FHLMC	AA+	3.00	11/01/49		42,129		39,348
FHLMC	AA+	3.00	11/01/49		52,060		48,926
FHLMC	AA+	3.50	02/01/35		36,379		36,380
FHLMC	AA+	3.50	02/01/36		21,111		21,060
FHLMC	AA+	3.50	11/01/39		44,263		43,278
FHLMC	AA+	3.50	01/01/41		33,439		32,902

The accompanying notes are an integral part of these portfolio schedules.

71

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FHLMC	AA+	3.50	06/01/43	$	18,915	$	18,499
FHLMC	AA+	3.50	01/01/44		121,894		119,786
FHLMC	AA+	3.50	11/01/45		32,458		31,880
FHLMC	AA+	3.50	08/01/47		68,441		66,983
FHLMC	AA+	3.50	12/01/47		25,337		24,773
FHLMC	AA+	3.50	03/01/52		497,522		479,462
FHLMC	AA+	4.00	02/01/25		16,266		16,441
FHLMC	AA+	4.00	05/01/25		14,007		14,157
FHLMC	AA+	4.00	01/01/38		25,574		26,449
FHLMC	AA+	4.00	01/15/40		100,000		98,373
FHLMC	AA+	4.00	10/01/44		30,350		30,565
FHLMC	AA+	4.00	05/01/47		13,660		13,692
FHLMC	AA+	4.00	04/01/52		239,440		237,653
FHLMC	AA+	4.50	08/15/35		14,985		15,372
FHLMC	AA+	4.50	05/01/48		20,608		20,950
FHLMC	AA+	4.50	05/01/48		10,465		10,646
FHLMC	AA+	5.00	02/01/26		13,310		13,598
FHLMC	AA+	5.00	09/01/47		374,435		383,008
FHLMC	AA+	5.00	06/01/52		98,068		100,351
FHLMC ARM	AA+	1.92	10/01/51		636,919		584,252
FHLMC Strip	AA+	3.00	06/15/42		97,836		94,057
FHLMC Strip	AA+	3.00	01/15/43		26,921		25,434
FHLMC Strip	AA+	3.50	10/15/47		13,201		12,781
FNMA	AA+	1.83	09/01/51		478,586		438,090
FNMA	AA+	2.00	11/01/35		173,997		162,619
FNMA	AA+	2.00	07/01/36		461,477		431,431
FNMA	AA+	2.00	10/01/50		87,507		76,345
FNMA	AA+	2.00	10/01/50		194,073		169,246
FNMA	AA+	2.50	02/01/33		19,717		18,106
FNMA	AA+	2.50	05/01/35		27,598		26,405
FNMA	AA+	2.50	10/01/35		113,425		109,351
FNMA	AA+	2.50	05/01/46		92,221		83,620
FNMA	AA+	2.50	10/01/50		82,559		74,473
FNMA	AA+	2.50	01/01/51		603,371		547,576
FNMA	AA+	2.50	04/01/51		178,235		160,590
FNMA	AA+	2.50	04/01/51		180,474		162,772
FNMA	AA+	2.50	08/01/51		294,648		266,528
FNMA	AA+	2.50	08/01/51		274,053		247,004
FNMA	AA+	2.50	12/01/51		680,711		613,313
FNMA	AA+	3.00	09/01/33		23,398		22,981
FNMA	AA+	3.00	03/01/36		19,613		19,262
FNMA	AA+	3.00	04/25/42		11,990		11,964
FNMA	AA+	3.00	12/01/42		5,827		5,391
FNMA	AA+	3.00	02/01/45		18,469		17,593
FNMA	AA+	3.00	03/01/45		3,189		2,952
FNMA	AA+	3.00	01/01/47		11,746		10,872
FNMA	AA+	3.00	12/01/47		8,503		7,970
FNMA	AA+	3.00	03/01/50		94,552		88,329
FNMA	AA+	3.00	09/01/50		285,827		266,996
FNMA	AA+	3.00	01/01/52		297,649		277,777
FNMA	AA+	3.50	07/01/34		24,557		24,569
FNMA	AA+	3.50	10/01/34		23,564		23,564
FNMA	AA+	3.50	01/01/43		10,149		9,926
FNMA	AA+	3.50	08/01/43		39,829		39,002
FNMA	AA+	3.50	08/01/43		18,674		18,352

The accompanying notes are an integral part of these portfolio schedules.

72

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
FNMA	AA+	3.50	08/01/44	$	28,677	$	27,480
FNMA	AA+	3.50	04/01/45		64,206		62,401
FNMA	AA+	3.50	05/01/45		42,692		41,893
FNMA	AA+	3.50	10/01/45		56,175		54,669
FNMA	AA+	3.50	02/01/46		40,281		39,388
FNMA	AA+	3.50	02/01/46		15,989		15,612
FNMA	AA+	3.50	09/01/47		64,217		62,800
FNMA	AA+	3.50	11/01/47		115,344		112,752
FNMA	AA+	3.50	04/01/48		5,520		5,310
FNMA	AA+	3.50	02/01/50		26,965		26,206
FNMA	AA+	4.00	01/01/31		36,172		36,781
FNMA	AA+	4.00	10/01/36		11,778		11,976
FNMA	AA+	4.00	05/01/43		62,245		62,950
FNMA	AA+	4.00	01/01/44		88,811		89,825
FNMA	AA+	4.00	11/01/45		17,429		17,467
FNMA	AA+	4.00	02/01/47		24,776		24,946
FNMA	AA+	4.00	04/01/49		159,082		159,220
FNMA	AA+	4.00	03/01/50		86,468		85,788
FNMA	AA+	4.00	07/01/56		19,354		19,348
FNMA	AA+	4.50	05/01/30		86,955		88,023
FNMA	AA+	4.50	12/01/39		41,531		42,688
FNMA	AA+	4.50	07/01/40		65,873		65,906
FNMA	AA+	4.50	07/01/42		82,297		84,931
FNMA	AA+	4.50	04/01/44		17,490		17,916
FNMA	AA+	4.50	11/01/47		19,697		20,331
FNMA	AA+	4.50	11/01/47		21,614		22,173
FNMA	AA+	4.50	11/01/47		24,354		24,730
FNMA	AA+	4.50	02/01/49		14,727		14,876
FNMA	AA+	4.50	05/01/50		168,681		169,928
FNMA	AA+	5.00	10/01/25		24,100		24,621
FNMA	AA+	5.00	08/01/37		45,237		47,565
FNMA	AA+	5.00	05/01/52		233,492		238,962
FNMA	AA+	5.00	06/01/52		299,855		306,686
FNMA	AA+	5.50	09/01/25		22,608		23,483
FNMA	AA+	5.50	05/01/38		49,180		52,711
FNMA	AA+	6.00	03/01/36		10,259		10,834
FNMA	AA+	6.00	04/01/37		8,850		9,210
FNMA	AA+	6.00	12/01/37		17,777		19,317
FRESB Multifamily Mortgage	AA+	2.37	10/25/26		26,632		25,383
FRESB Multifamily Mortgage	AA+	3.61	10/25/28		16,128		15,762
GNMA (3)	AA+	3.00	07/16/36		34,323		32,651
GNMA (3)	AA+	3.00	01/15/46		52,878		50,201
GNMA (3)	AA+	3.00	03/15/46		67,867		64,439
GNMA (3)	AA+	3.00	07/15/46		85,163		80,848
GNMA (3)	AA+	3.00	02/20/47		23,339		22,040
GNMA (3)	AA+	3.50	02/20/42		9,733		9,401
GNMA (3)	AA+	3.50	07/15/42		23,051		23,030
GNMA (3)	AA+	3.50	03/20/45		24,432		23,939
GNMA (3)	AA+	3.50	05/20/45		27,961		27,580
GNMA (3)	AA+	4.00	04/15/24		28,275		28,888
GNMA (3)	AA+	4.00	01/20/41		17,217		17,356
GNMA (3)	AA+	4.00	08/15/41		14,112		14,461
GNMA (3)	AA+	4.00	12/15/41		19,688		19,965
GNMA (3)	AA+	4.00	08/20/42		8,738		8,905
GNMA (3)	AA+	4.50	10/15/40		32,404		34,393

The accompanying notes are an integral part of these portfolio schedules.

73

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (3)		AA+		5.00		06/20/39	$	12,680	$	13,220
GNMA (3)		AA+		5.50		01/15/36		56,488		59,131
										11,211,720
CORPORATE DEBT (22.4%)
COMMUNICATION SERVICES (0.8%)
AT&T, Inc.		BBB		2.75		06/01/31		85,000		73,398
Comcast Corp.		A-		3.40		04/01/30		160,000		150,125
Verizon Communications, Inc.		BBB+		4.02		12/03/29		60,000		58,111
										281,634
CONSUMER DISCRETIONARY (3.7%)
Amazon.com, Inc.		AA		1.20		06/03/27		80,000		71,180
Amazon.com, Inc.		AA		5.20		12/03/25		105,000		110,168
AutoZone, Inc.		BBB		3.25		04/15/25		115,000		112,819
AutoZone, Inc.		BBB		3.75		04/18/29		35,000		33,066
Best Buy Co., Inc.		BBB+		1.95		10/01/30		150,000		119,140
Brinker International, Inc.		B		3.88		05/15/23		85,000		83,718
Brunswick Corp.		BBB-		2.40		08/18/31		160,000		118,401
Dick’s Sporting Goods, Inc.		BBB		3.15		01/15/32		85,000		67,157
Dollar General Corp.		BBB		3.25		04/15/23		85,000		84,582
Harman International Industries, Inc.		A-		4.15		05/15/25		105,000		105,515
Kohl’s Corp.		BBB-		3.25		02/01/23		40,000		39,812
Lowe’s Cos., Inc.		BBB+		4.00		04/15/25		30,000		30,099
Marriott International, Inc.		BBB		3.13		02/15/23		65,000		64,828
Mattel, Inc.		BB-		3.15		03/15/23		40,000		39,400
O’Reilly Automotive, Inc.		BBB		3.80		09/01/22		70,000		70,083
Travel + Leisure Co.		BB-		3.90		03/01/23		85,000		83,571
Whirlpool Corp.		BBB		3.70		05/01/25		40,000		39,734
										1,273,273
CONSUMER STAPLES (0.6%)
Bunge Ltd. Finance Corp.		BBB		2.75		05/14/31		60,000		49,523
Hormel Foods Corp.		A		1.80		06/11/30		60,000		50,306
Mead Johnson Nutrition Co.		A-		4.13		11/15/25		40,000		40,408
Sysco Corp.		BBB		3.75		10/01/25		75,000		74,385
										214,622
ENERGY (0.6%)
Devon Energy Corp.		BBB		5.85		12/15/25		50,000		52,043
Kinder Morgan Energy Partners LP		BBB		4.30		05/01/24		105,000		105,212
Targa Resources Partners LP/Targa Resources Partners Finance Corp.		BBB-		5.50		03/01/30		60,000		57,251
										214,506
FINANCIALS (6.4%)
Aflac, Inc.		A-		1.13		03/15/26		85,000		76,688
Allstate Corp.		A-		0.75		12/15/25		175,000		157,488
American Express Co.		BBB		3.63		12/05/24		105,000		104,387
American International Group, Inc.		BBB+		3.75		07/10/25		105,000		103,575
Bank of America Corp.		A-		3.37		01/23/26		60,000		58,109
Bank of America Corp.		BBB+		3.95		04/21/25		105,000		103,562
Block Financial LLC		BBB		5.25		10/01/25		65,000		66,096
Capital One Financial Corp.		BBB		4.93		05/10/28		60,000		59,423
Citigroup, Inc.		BBB+		3.79		03/17/33		105,000		94,604
Citigroup, Inc.		BBB		3.88		03/26/25		105,000		103,534
Fairfax U.S., Inc.†		BBB		4.88		08/13/24		75,000		74,801

The accompanying notes are an integral part of these portfolio schedules.

74

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
FINANCIALS (CONTINUED)
Fifth Third Bancorp	BBB	4.30	01/16/24	$	105,000	$	105,464
JPMorgan Chase & Co.	A-	1.47	09/22/27		75,000		65,780
JPMorgan Chase & Co.	BBB+	3.88	09/10/24		105,000		104,794
Kemper Corp.	BBB	3.80	02/23/32		85,000		75,104
Kemper Corp.	BBB	4.35	02/15/25		40,000		39,848
Lincoln National Corp.	A-	4.00	09/01/23		85,000		85,444
Mercury General Corp.	BBB	4.40	03/15/27		65,000		63,498
Old Republic International Corp.	BBB+	3.88	08/26/26		105,000		102,044
Reinsurance Group of America, Inc.	A	4.70	09/15/23		20,000		20,172
Signet UK Finance PLC	BB-	4.70	06/15/24		105,000		101,325
Stifel Financial Corp.	BBB-	4.25	07/18/24		30,000		30,020
Synchrony Financial	BBB-	3.70	08/04/26		55,000		50,924
Unum Group	BBB	4.00	03/15/24		155,000		154,961
Voya Financial, Inc.	BBB+	3.65	06/15/26		105,000		101,648
Wells Fargo & Co.	BBB+	3.53	03/24/28		60,000		56,829
Wells Fargo & Co.	BBB	4.13	08/15/23		20,000		20,145
							2,180,267
HEALTH CARE (3.0%)
AbbVie, Inc.	BBB+	4.25	11/14/28		160,000		158,463
Baxter International, Inc.	BBB	2.54	02/01/32		55,000		46,429
Biogen, Inc.	BBB+	4.05	09/15/25		50,000		49,485
CVS Health Corp.	BBB	3.75	04/01/30		175,000		163,688
Elevance Health, Inc.	A	2.88	09/15/29		135,000		121,623
Elevance Health, Inc.	A	3.30	01/15/23		75,000		75,102
Evernorth Health, Inc.	A-	3.50	06/15/24		40,000		39,729
Humana, Inc.	BBB+	3.85	10/01/24		65,000		64,909
Merck & Co., Inc.	A+	2.15	12/10/31		130,000		111,824
Owens & Minor, Inc.	BB-	4.38	12/15/24		60,000		58,529
Quest Diagnostics, Inc.	BBB+	3.50	03/30/25		15,000		14,768
Thermo Fisher Scientific, Inc.	A-	2.00	10/15/31		160,000		134,142
							1,038,691
INDUSTRIALS (1.6%)
Boeing Co.	BBB-	4.88	05/01/25		90,000		89,668
Deere & Co.	A	2.75	04/15/25		125,000		122,265
General Dynamics Corp.	A-	3.25	04/01/25		65,000		64,460
Hexcel Corp.	BB+	4.95	08/15/25		80,000		78,141
Verisk Analytics, Inc.	BBB	4.00	06/15/25		175,000		173,592
							528,126
INFORMATION TECHNOLOGY (3.1%)
Apple, Inc.	AA+	2.05	09/11/26		140,000		131,811
Applied Materials, Inc.	A	3.90	10/01/25		205,000		206,280
Arrow Electronics, Inc.	BBB-	4.00	04/01/25		20,000		19,882
Arrow Electronics, Inc.	BBB-	4.50	03/01/23		25,000		25,094
Global Payments, Inc.	BBB-	3.75	06/01/23		85,000		84,388
Intel Corp.	A+	3.40	03/25/25		100,000		99,837
Keysight Technologies, Inc.	BBB	4.55	10/30/24		105,000		106,336
Motorola Solutions, Inc.	BBB-	4.00	09/01/24		20,000		19,909
PayPal Hldgs., Inc.	A-	2.65	10/01/26		175,000		165,947
QUALCOMM, Inc.	A	4.25	05/20/32		35,000		35,630
Teledyne Technologies, Inc.	BBB	2.75	04/01/31		175,000		146,290
							1,041,404
MATERIALS (1.2%)
AptarGroup, Inc.	BBB-	3.60	03/15/32		85,000		75,393

The accompanying notes are an integral part of these portfolio schedules.

75

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2022 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
MATERIALS (CONTINUED)
Eagle Materials, Inc.		BBB		2.50		07/01/31	$	163,000	$	128,737
Sherwin-Williams Co.		BBB		3.95		01/15/26		105,000		104,011
Southern Copper Corp.		BBB+		3.50		11/08/22		85,000		84,959
Teck Resources Ltd.		BBB-		3.75		02/01/23		20,000		19,916
										413,016
REAL ESTATE (1.0%)
Boston Properties LP		BBB+		3.25		01/30/31		150,000		128,656
Duke Realty LP		BBB+		1.75		07/01/30		70,000		57,252
Healthpeak Properties, Inc.		BBB+		3.40		02/01/25		80,000		78,691
Jones Lang LaSalle, Inc.		BBB+		4.40		11/15/22		85,000		85,093
										349,692
UTILITIES (0.4%)
National Fuel Gas Co.		BBB-		5.20		07/15/25		40,000		40,494
NextEra Energy Capital Hldgs., Inc.		BBB+		3.55		05/01/27		95,000		91,716
										132,210
TOTAL CORPORATE DEBT										7,667,441
TOTAL LONG-TERM DEBT SECURITIES (Cost: $37,723,145) 99.1%										33,907,060
							Shares		Value
COMMON STOCKS:
ENERGY (0.2%)
Diamond Offshore Drilling, Inc.*								2,262	$	13,323
Superior Energy Svcs., Inc.*								1,470		37,037	††
Valaris Ltd.*								380		16,052
										66,412
TOTAL COMMON STOCKS (Cost: $212,509) 0.2%										66,412
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.5%)
JP Morgan Chase, New York Time Deposit				0.91		07/01/22	$	161,650	$	161,650
TOTAL TEMPORARY CASH INVESTMENT (Cost: $161,650) 0.5%										161,650
TOTAL INVESTMENTS (Cost: $38,097,304) 99.8%										34,135,122
OTHER NET ASSETS 0.2%										64,092
NET ASSETS 100.0%									$	34,199,214

The accompanying notes are an integral part of these portfolio schedules.

76

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES

June 30, 2022 (Unaudited)

Abbreviations:	FHLB = Federal Home Loan Bank
	FHLMC = Federal Home Loan Mortgage Corporation
	FNMA = Federal National Mortgage Association
	FRESB = Federal Home Loan Mortgage Corporation Multifamily Securitization Small Loan Balance
	GNMA = Government National Mortgage Association

* Non-income producing security.

** Ratings as per Standard & Poor’s Corporation (unaudited).

† Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2022, the aggregate values of these securities and their percentages of the respective Portfolios’ net assets were as follows:

Portfolio	Aggregate Market Value		Percentage of Net Assets
MONEY MARKET PORTFOLIO	$	3,226,247		38.5	%
INTERNATIONAL PORTFOLIO	$	173,774		1.3	%
MID-TERM BOND PORTFOLIO	$	92,119		0.5	%
BOND PORTFOLIO	$	74,801		0.2	%

†† Level 3 Security.

(1) This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Portfolios as of June 30, 2022, was as follows:

Portfolio	Number of Contracts		Contract Type	Purchased (P) or Sold (S)		Expiration Date		Underlying Face Amount at Value		Unrealized Gain(Loss)(a)			Face Value of Futures as a % of Total Investments
EQUITY INDEX PORTFOLIO		5	E-mini S&P 500 Stock Index		P		September 2022	$	947,375	$	(27,663	)		1.0	%
MID-CAP EQUITY INDEX PORTFOLIO		3	E-mini S&P MidCap 400 Stock Index		P		September 2022	$	680,400	$	(39,435	)		1.5	%

(a) Includes the cumulative appreciation(depreciation) of futures contracts, which is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day’s variation margin payable or receivable.

(2) Percentage is less than 0.05%.

(3) U.S. Government guaranteed security.

77

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2022 (Unaudited)

	Equity Index Portfolio		All America Portfolio		Small Cap Value Portfolio		Small Cap Growth Portfolio		Small Cap Equity Index Portfolio
ASSETS
Investments at fair value
(Cost:  Equity Index Portfolio — $91,984,452 All America Portfolio — $13,339,742 Small Cap Value Portfolio — $11,691,528 Small Cap Growth Portfolio — $11,396,148 Small Cap Equity Index Portfolio — $7,219,738 Mid Cap Value Portfolio — $5,040,623 Mid-Cap Equity Index Portfolio — $47,489,705 International Portfolio — $15,440,912 Retirement Income Portfolio — $5,149,129 2015 Retirement Portfolio — $5,498,073 2020 Retirement Portfolio — $14,542,785 2025 Retirement Portfolio — $22,266,553 2030 Retirement Portfolio — $14,166,744)
(Notes 1 and 3)	$	99,462,370	$	14,267,120	$	10,315,438	$	10,402,502	$	6,484,456
Cash		636		10,405		188		160		—
Interest and dividends receivable		77,044		11,333		8,881		5,368		7,597
Receivable for securities sold		13,995		4,739		52		60,346		6,970
Shareholder subscriptions receivable		39,790		352		6,793		6,331		1,974
Due from the Adviser		63,478		21,139		17,189		17,018		27,581
TOTAL ASSETS		99,657,313		14,315,088		10,348,541		10,491,725		6,528,578
LIABILITIES
Due to custodian bank		—		—		—		—		1,992
Payable for securities purchased		402		6,502		—		35,999		—
Payable for daily variation on future contracts		7,937		—		—		—		—
Shareholder redemptions payable		55,850		181		2,375		2,378		3,561
Payable to the Adviser		6,320		4,857		6,623		6,717		414
Accrued expenses		124,355		39,780		24,085		25,883		32,165
TOTAL LIABILITIES:		194,864		51,320		33,083		70,977		38,132
NET ASSETS	$	99,462,449	$	14,263,768	$	10,315,458	$	10,420,748	$	6,490,446
NUMBER OF SHARES OUTSTANDING (Note 4)		1,724,717		500,011		629,464		646,139		679,686
NET ASSET VALUES, offering and redemption price per share		$57.67		$28.53		$16.39		$16.13		$9.55
COMPONENTS OF NET ASSETS
Paid-in capital	$	86,025,623	$	12,287,697	$	10,261,202	$	9,598,541	$	7,030,941
Total Distributable Earnings (Loss) (Notes 1 and 5)		13,436,826		1,976,071		54,256		822,207		(540,495	)
NET ASSETS	$	99,462,449	$	14,263,768	$	10,315,458	$	10,420,748	$	6,490,446

(a) The Retirement and Allocation Portfolios are invested in affiliated investment companies of Mutual of America Variable Insurance Portfolios.

The accompanying notes are an integral part of these financial statements.

78

Mid Cap Value Portfolio			Mid-Cap Equity Index Portfolio		International Portfolio			Retirement Income Portfolio			2015 Retirement Portfolio			2020 Retirement Portfolio			2025 Retirement Portfolio			2030 Retirement Portfolio
$	4,713,220		$	46,652,711	$	12,867,088		$	4,832,868	(a)	$	5,369,798	(a)	$	14,306,133	(a)	$	22,142,682	(a)	$	14,066,777	(a)
	107			340		404			100			100			100			100			100
	3,371			53,254		75,773			—			—			—			—			—
	—			—		247,115			—			—			—			—			—
	4,365			11,909		16,291			—			—			—			—			—
	21,119			30,492		6,966			34,501			35,392			48,431			66,315			50,722
	4,742,182			46,748,706		13,213,637			4,867,469			5,405,290			14,354,664			22,209,097			14,117,599
	—			—		52			—			—			—			—			—
	—			26,544		—			—			—			—			—			—
	—			6,690		—			—			—			—			—			—
	—			16,632		22,568			—			—			—			—			—
	2,211			3,003		845			199			223			601			926			596
	23,736			64,450		14,858			28,054			29,035			45,508			61,108			44,240
	25,947			117,319		38,323			28,253			29,258			46,109			62,034			44,836
$	4,716,235		$	46,631,387	$	13,175,314		$	4,839,216		$	5,376,032		$	14,308,555		$	22,147,063		$	14,072,763
	244,072			1,850,281		1,460,738			391,768			495,911			1,098,869			1,525,269			903,515
	$19.32			$25.20		$9.02			$12.35			$10.84			$13.02			$14.52			$15.58
$	4,772,987		$	43,502,240	$	13,645,015		$	5,023,661		$	5,232,141		$	13,712,856		$	21,460,848		$	14,076,638
	(56,752	)		3,129,147		(469,701	)		(184,445	)		143,891			595,699			686,215			(3,875	)
$	4,716,235		$	46,631,387	$	13,175,314		$	4,839,216		$	5,376,032		$	14,308,555		$	22,147,063		$	14,072,763

The accompanying notes are an integral part of these financial statements.

79

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

June 30, 2022 (Unaudited)

	2035 Retirement Portfolio			2040 Retirement Portfolio			2045 Retirement Portfolio			2050 Retirement Portfolio			2055 Retirement Portfolio
ASSETS
Investments at fair value
(Cost:  2035 Retirement Portfolio — $7,685,555 2040 Retirement Portfolio — $6,675,069 2045 Retirement Portfolio — $3,516,924 2050 Retirement Portfolio — $3,544,389 2055 Retirement Portfolio — $856,186 2060 Retirement Portfolio — $886,771 Conservative Allocation Portfolio — $9,069,006 Moderate Allocation Portfolio — $19,381,678 Aggressive Allocation Portfolio — $3,964,067 Money Market Portfolio — $8,742,104 Mid-Term Bond Portfolio — $20,953,267 Bond Portfolio — $38,097,304)
(Notes 1 and 3)	$	7,595,603	(a)	$	6,472,828	(a)	$	3,508,614	(a)	$	3,484,686	(a)	$	819,279	(a)
Cash		100			100			100			100			100
Interest and dividends receivable		—			—			—			—			—
Receivable for securities sold		—			—			—			—			—
Shareholder subscriptions receivable		—			—			—			—			—
Due from the Adviser		40,217			39,114			34,233			34,148			30,032
TOTAL ASSETS		7,635,920			6,512,042			3,542,947			3,518,934			849,411
LIABILITIES
Due to custodian bank		—			—			—			—			—
Payable for securities purchased		—			—			—			—			—
Payable for daily variation on future contracts		—			—			—			—			—
Shareholder redemptions payable		—			—			—			—			—
Payable to the Adviser		323			272			152			146			35
Accrued expenses		33,929			32,658			26,927			26,853			22,199
TOTAL LIABILITIES		34,252			32,930			27,079			26,999			22,234
NET ASSETS	$	7,601,668		$	6,479,112		$	3,515,868		$	3,491,935		$	827,177
NUMBER OF SHARES OUTSTANDING (Note 4)		472,136			401,515			219,996			178,832			55,596
NET ASSET VALUES, offering and redemption price per share		$16.10			$16.14			$15.98			$19.53			$14.88
COMPONENTS OF NET ASSETS
Paid-in capital	$	7,366,607		$	6,129,700		$	3,406,161		$	3,292,305		$	876,526
Total Distributable Earnings (Loss) (Notes 1 and 5)		235,061			349,412			109,707			199,630			(49,349	)
NET ASSETS	$	7,601,668		$	6,479,112		$	3,515,868		$	3,491,935		$	827,177

(a) The Retirement and Allocation Portfolios are invested in affiliated investment companies of Mutual of America Variable Insurance Portfolios.

The accompanying notes are an integral part of these financial statements.

80

2060 Retirement Portfolio			Conservative Allocation Portfolio			Moderate Allocation Portfolio			Aggressive Allocation Portfolio			Money Market Portfolio		Mid-Term Bond Portfolio			Bond Portfolio
$	540,800	(a)	$	8,659,137	(a)	$	19,204,220	(a)	$	4,036,882	(a)	$	8,741,980	$	19,453,815		$	34,135,122
	100			100			100			100			85		20			82
	—			—			—			—			—		80,903			163,862
	—			—			—			—			—		—			20,273
	—			—			—			—			2,284		8,604			25,148
	27,521			39,096			57,390			33,918			27,726		41,594			64,098
	568,421			8,698,333			19,261,710			4,070,900			8,772,075		19,584,936			34,408,585
	—			—			—			—			—		—			—
	—			—			—			—			358,929		—			99,778
	—			—			—			—			—		—			—
	—			—			—			—			2,387		72			13,146
	24			—			—			—			1,027		6,442			10,968
	21,285			33,924			54,940			27,076			31,333		51,349			85,479
	21,309			33,924			54,940			27,076			393,676		57,863			209,371
$	547,112		$	8,664,409		$	19,206,770		$	4,043,824		$	8,378,399	$	19,527,073		$	34,199,214
	43,978			658,281			1,143,142			210,817			679,956		1,929,652			2,506,282
	$12.44			$13.16			$16.80			$19.18			$12.3220		$10.12			$13.65
$	608,411		$	8,552,639		$	17,969,603		$	3,782,378		$	8,371,886	$	20,783,320		$	37,660,152
	(61,299	)		111,770			1,237,167			261,446			6,513		(1,256,247	)		(3,460,938	)
$	547,112		$	8,664,409		$	19,206,770		$	4,043,824		$	8,378,399	$	19,527,073		$	34,199,214

The accompanying notes are an integral part of these financial statements.

81

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2022 (Unaudited)

	Equity Index Portfolio			All America Portfolio			Small Cap Value Portfolio			Small Cap Growth Portfolio			Small Cap Equity Index Portfolio
INVESTMENT INCOME AND EXPENSES
INVESTMENT INCOME
Dividends	$	849,008		$	122,010		$	100,276		$	37,582		$	52,117
Non-cash dividends		—			—			—			—			—
Interest		1,437			114			319			307			5
Total investment income		850,445			122,124			100,595			37,889			52,122
EXPENSES
Investment advisory fees (Note 2)		41,620			32,270			42,373			46,323			2,710
Other operating expenses
Accounting and recordkeeping expenses		234,260			57,009			44,350			51,430			38,986
Shareholders reports		4,700			7,201			2,589			2,797			4,607
Custodian expenses		18,000			9,894			1,015			5,514			11,031
Independent directors’ fees and expenses		2,778			404			282			321			186
Professional fees		16,450			15,468			15,468			15,468			16,520
Legal and Compliance		42,110			9,080			5,219			7,100			4,016
Administrative		62,159			8,927			5,994			6,835			4,089
Licenses		10,641			1,528			—			—			700
Fees and registration		28,001			5,806			4,085			5,721			2,887
Total operating expenses		419,099			115,317			79,002			95,186			83,022
Total expenses before reimbursement		460,719			147,587			121,375			141,509			85,732
Fee waiver and expense reimbursement (Note 2)		(383,029	)		(105,636	)		(75,612	)		(91,480	)		(80,313	)
Net expenses		77,690			41,951			45,763			50,029			5,419
Net Investment Income (Loss)		772,755			80,173			54,832			(12,140	)		46,703
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS (Note 1)
Net realized gain (loss) on:
Investment securities		1,145,796			137,291			231,081			(175,769	)		168,232
Futures contracts (Note 1)		(188,407	)		—			—			—			—
Foreign currency translation		—			—			—			—			—
		957,389			137,291			231,081			(175,769	)		168,232
Change in net unrealized appreciation (depreciation) of:
Investment securities		(26,419,007	)		(3,804,534	)		(1,997,968	)		(4,356,582	)		(1,716,593	)
Futures contracts (Note 1)		(52,338	)		—			—			—			—
Foreign currency translation		—			—			—			—			—
		(26,471,345	)		(3,804,534	)		(1,997,968	)		(4,356,582	)		(1,716,593	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS		(25,513,956	)		(3,667,243	)		(1,766,887	)		(4,532,351	)		(1,548,361	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(24,741,201	)	$	(3,587,070	)	$	(1,712,055	)	$	(4,544,491	)	$	(1,501,658	)

(a) The Retirement and Allocation Portfolios are invested in affiliated Portfolios of Mutual of America Variable Insurance Portfolios and receive dividend income entirely from these affiliated Portfolios.

(b) The Retirement and Allocation Portfolios incur direct investment management expenses of .05% and .00%, respectively. Certain operating expenses that can be attributed only to the Retirement and Allocation Portfolios were charged directly to those Portfolios, subject to the Adviser’s agreement to reimburse direct non-advisory operating expenses (see Note 2). The Retirement and Allocation Portfolios will also continue to bear their pro-rata share of the non-advisory operating expenses borne by each of the underlying Portfolios in which they invest.

(c) Realized gains and losses for the Retirement and Allocation Portfolios result from the disposition of shares of the underlying Portfolios.

(d) The Retirement and Allocation Portfolios are invested in affiliated Portfolios of Mutual of America Variable Insurance Portfolios and derive unrealized gains and losses entirely from these affiliated Portfolios.

The accompanying notes are an integral part of these financial statements.

82

Mid Cap Value Portfolio			Mid-Cap Equity Index Portfolio			International Portfolio			Retirement Income Portfolio			2015 Retirement Portfolio			2020 Retirement Portfolio			2025 Retirement Portfolio			2030 Retirement Portfolio
$	49,846		$	413,303		$	372,971		$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
	—			—			22,868			—			—			—			—			—
	187			990			727			—			—			—			—			—
	50,033			414,293			396,566			—			—			—			—			—
	13,118			19,827			5,430			1,276	(b)		1,479	(b)		3,837	(b)		5,965	(b)		3,845	(b)
	31,430			126,800			26,417			24,002	(b)		24,145	(b)		24,259	(b)		24,406	(b)		24,243	(b)
	2,553			4,090			2,080			2,028	(b)		1,979	(b)		1,979	(b)		1,966	(b)		1,981	(b)
	2,862			18,383			7,550			3,071	(b)		3,606	(b)		5,057	(b)		5,439	(b)		7,195	(b)
	115			1,329			356			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	15,292			16,450			16,310			13,321	(b)		13,251	(b)		13,251	(b)		13,251	(b)		14,035	(b)
	2,204			23,558			3,278			147	(b)		361	(b)		1,078	(b)		1,245	(b)		674	(b)
	2,658			29,107			7,814			2,735	(b)		3,191	(b)		8,346	(b)		12,756	(b)		8,191	(b)
	—			4,983			—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	1,321			17,370			3,443			1,007	(b)		817	(b)		2,586	(b)		4,101	(b)		2,873	(b)
	58,435			242,070			67,248			46,311			47,350			56,556			63,164			59,192
	71,553			261,897			72,678			47,587			48,829			60,393			69,129			63,037
	(56,050	)		(224,888	)		(63,266	)		(45,546	)		(46,759	)		(54,254	)		(61,971	)		(58,422	)
	15,503			37,009			9,412			2,041			2,070			6,139			7,158			4,615
	34,530			377,284			387,154			(2,041	)		(2,070	)		(6,139	)		(7,158	)		(4,615	)
	738			580,161			14,643			(175,741	)(c)		7,253	(c)		59,741	(c)		90,981	(c)		106,701	(c)
	—			(100,594	)		—			—			—			—			—			—
	—			—			(8,665	)		—			—			—			—			—
	738			479,567			5,978			(175,741	)		7,253			59,741			90,981			106,701
	(765,646	)		(12,199,623	)		(2,816,188	)		(393,905	)(d)		(732,346	)(d)		(2,178,236	)(d)		(3,842,345	)(d)		(2,801,207	)(d)
	—			(68,077	)		—			—			—			—			—			—
	—			—			(1,882	)		—			—			—			—			—
	(765,646	)		(12,267,700	)		(2,818,070	)		(393,905	)		(732,346	)		(2,178,236	)		(3,842,345	)		(2,801,207	)
	(764,908	)		(11,788,133	)		(2,812,092	)		(569,646	)		(725,093	)		(2,118,495	)		(3,751,364	)		(2,694,506	)
$	(730,378	)	$	(11,410,849	)	$	(2,424,938	)	$	(571,687	)	$	(727,163	)	$	(2,124,634	)	$	(3,758,522	)	$	(2,699,121	)

The accompanying notes are an integral part of these financial statements.

83

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF OPERATIONS (Continued)

For the Six Months Ended June 30, 2022 (Unaudited)

	2035 Retirement Portfolio			2040 Retirement Portfolio			2045 Retirement Portfolio			2050 Retirement Portfolio			2055 Retirement Portfolio
INVESTMENT INCOME AND EXPENSES
INVESTMENT INCOME
Dividends	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
Interest		—			—			—			—			—
Total investment income		—			—			—			—			—
EXPENSES
Investment advisory fees (Note 2)		2,033	(b)		1,692	(b)		962	(b)		954	(b)		217	(b)
Other operating expenses
Accounting and recordkeeping expenses		24,115	(b)		24,107	(b)		24,040	(b)		24,040	(b)		23,988	(b)
Shareholders reports		1,981	(b)		1,948	(b)		1,948	(b)		1,948	(b)		1,927	(b)
Custodian expenses		4,322	(b)		4,293	(b)		4,286	(b)		4,221	(b)		4,119	(b)
Independent directors’ fees and expenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Professional fees		13,251	(b)		13,251	(b)		13,251	(b)		13,251	(b)		13,251	(b)
Legal and Compliance		391	(b)		265	(b)		209	(b)		220	(b)		33	(b)
Administrative		4,472	(b)		3,829	(b)		2,129	(b)		2,146	(b)		489	(b)
Licenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Fees and registration		1,394	(b)		1,304	(b)		1,339	(b)		1,290	(b)		1,111	(b)
Total operating expenses		49,926			48,997			47,202			47,116			44,918
Total expenses before reimbursement		51,959			50,689			48,164			48,070			45,135
Fee waiver and expense reimbursement (Note 2)		(49,113	)		(48,319	)		(46,817	)		(46,734	)		(44,658	)
Net expenses		2,846			2,370			1,347			1,336			477
Net Investment Income (Loss)		(2,846	)		(2,370	)		(1,347	)		(1,336	)		(477	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS (Note 1)
Net realized gain (loss) on:
Investment securities		59,187	(c)		350,195	(c)		11,612	(c)		37,399	(c)		5,868	(c)
Futures contracts (Note 1)		—			—			—			—			—
Foreign currency translation		—			—			—			—			—
		59,187			350,195			11,612			37,399			5,868
Change in net unrealized appreciation (depreciation) of:
Investment securities		(1,580,350	)(d)		(1,695,354	)(d)		(778,699	)(d)		(797,267	)(d)		(179,479	)(d)
Futures contracts (Note 1)		—			—			—			—			—
Foreign currency translation		—			—			—			—			—
		(1,580,350	)		(1,695,354	)		(778,699	)		(797,267	)		(179,479	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FUTURES CONTRACTS		(1,521,163	)		(1,345,159	)		(767,087	)		(759,868	)		(173,611	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,524,009	)	$	(1,347,529	)	$	(768,434	)	$	(761,204	)	$	(174,088	)

(a) The Retirement and Allocation Portfolios are invested in affiliated Portfolios of Mutual of America Variable Insurance Portfolios and receive dividend income entirely from these affiliated Portfolios.

(b) The Retirement and Allocation Portfolios incur direct investment management expenses of .05% and .00%, respectively. Certain operating expenses that can be attributed only to the Retirement and Allocation Portfolios were charged directly to those Portfolios, subject to the Adviser’s agreement to reimburse direct non-advisory operating expenses (see Note 2). The Retirement and Allocation Portfolios will also continue to bear their pro-rata share of the non-advisory operating expenses borne by each of the underlying Portfolios in which they invest.

(c) Realized gains and losses for the Retirement and Allocation Portfolios result from the disposition of shares of the underlying Portfolios.

(d) The Retirement and Allocation Portfolios are invested in affiliated Portfolios of Mutual of America Variable Insurance Portfolios and derive unrealized gains and losses entirely from these affiliated Portfolios.

The accompanying notes are an integral part of these financial statements.

84

2060 Retirement Portfolio			Conservative Allocation Portfolio			Moderate Allocation Portfolio			Aggressive Allocation Portfolio			Money Market Portfolio			Mid-Term Bond Portfolio			Bond Portfolio
$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—		$	—		$	—
	—			—			—			—			15,257			143,495			342,431
	—			—			—			—			15,257			143,495			342,431
	178	(b)		—	(b)		—	(b)		—	(b)		6,094			40,248			69,518
	23,925	(b)		24,087	(b)		24,312	(b)		23,999	(b)		38,181			62,271			94,375
	1,948	(b)		1,957	(b)		1,921	(b)		1,869	(b)		2,561			3,616			6,650
	4,098	(b)		3,424	(b)		5,290	(b)		3,986	(b)		1,299			890			1,729
	—	(b)		—	(b)		—	(b)		—	(b)		192			481			847
	13,251	(b)		13,321	(b)		13,321	(b)		13,321	(b)		14,374			16,900			17,954
	27	(b)		641	(b)		1,389	(b)		239	(b)		3,726			5,037			9,086
	427	(b)		5,110	(b)		11,457	(b)		2,503	(b)		4,189			10,425			18,600
	—	(b)		—	(b)		—	(b)		—	(b)		—			—			—
	1,097	(b)		1,099	(b)		3,336	(b)		969	(b)		3,071			5,629			9,981
	44,773			49,639			61,026			46,886			67,593			105,249			159,222
	44,951			49,639			61,026			46,886			73,687			145,497			228,740
	(44,773	)		(48,682	)		(58,889	)		(46,433	)		(65,562	)		(100,218	)		(148,527	)
	178			957			2,137			453			8,125			45,279			80,213
	(178	)		(957	)		(2,137	)		(453	)		7,132			98,216			262,218
	284,035	(c)		595	(c)		171,839	(c)		41,165	(c)		(17	)		(3,098	)		(218,319	)
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	284,035			595			171,839			41,165			(17	)		(3,098	)		(218,319	)
	(430,227	)(d)		(1,264,402	)(d)		(3,728,251	)(d)		(932,305	)(d)		(124	)		(1,362,560	)		(3,662,444	)
	—			—			—			—			—			—			—
	—			—			—			—			—			—			—
	(430,227	)		(1,264,402	)		(3,728,251	)		(932,305	)		(124	)		(1,362,560	)		(3,662,444	)
	(146,192	)		(1,263,807	)		(3,556,412	)		(891,140	)		(141	)		(1,365,658	)		(3,880,763	)
$	(146,370	)	$	(1,264,764	)	$	(3,558,549	)	$	(891,593	)	$	6,991		$	(1,267,442	)	$	(3,618,545	)

The accompanying notes are an integral part of these financial statements.

85

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF CHANGES IN NET ASSETS

	Equity Index Portfolio						All America Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	772,755		$	1,418,946		$	80,173		$	148,225
Net realized gain (loss) on investments and futures contracts		957,389			3,361,944			137,291			1,035,360
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(26,471,345	)		22,417,432			(3,804,534	)		2,756,871
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(24,741,201	)		27,198,322			(3,587,070	)		3,940,456
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(1,402,613	)		—			(148,887	)
Total distributions		—			(1,402,613	)		—			(148,887	)
CAPITAL TRANSACTIONS (Note 4)
Net proceeds from sale of shares		9,568,341			19,837,370			403,990			1,054,449
Dividends reinvested		—			1,402,613			—			148,887
Cost of shares redeemed		(9,247,077	)		(20,998,987	)		(470,167	)		(1,776,509	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		321,264			240,996			(66,177	)		(573,173	)
INCREASE (DECREASE) IN NET ASSETS		(24,419,937	)		26,036,705			(3,653,247	)		3,218,396
NET ASSETS, BEGINNING OF PERIOD		123,882,386			97,845,681			17,917,015			14,698,619
NET ASSETS, END OF PERIOD	$	99,462,449		$	123,882,386		$	14,263,768		$	17,917,015
OTHER INFORMATION (Note 4):
Shares outstanding at the beginning of period		1,720,549			1,724,876			502,377			519,203
Shares sold		144,706			303,659			12,127			32,565
Shares issued as reinvestment of dividends		—			21,417			—			4,522
Shares redeemed		(140,538	)		(329,403	)		(14,493	)		(53,913	)
Net Increase (decrease)		4,168			(4,327	)		(2,366	)		(16,826	)
Shares outstanding at the end of period		1,724,717			1,720,549			500,011			502,377

The accompanying notes are an integral part of these financial statements.

86

Small Cap Value Portfolio						Small Cap Growth Portfolio						Small Cap Equity Index Portfolio						Mid Cap Value Portfolio
For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
$	54,832		$	117,084		$	(12,140	)	$	(41,567	)	$	46,703		$	95,614		$	34,530		$	41,691
	231,081			2,112,110			(175,769	)		2,259,640			168,232			902,131			738			291,238
	(1,997,968	)		181,992			(4,356,582	)		(729,349	)		(1,716,593	)		353,031			(765,646	)		354,635
	(1,712,055	)		2,411,186			(4,544,491	)		1,488,724			(1,501,658	)		1,350,776			(730,378	)		687,564
	—			(103,700	)		—			(12,666	)		—			(1,089,375	)		—			(26,563	)
	—			(103,700	)		—			(12,666	)		—			(1,089,375	)		—			(26,563	)
	1,213,346			10,206,876			366,322			2,837,004			1,062,960			4,462,368			1,831,425			2,551,128
	—			103,700			—			12,666			—			1,089,375			—			26,563
	(1,122,082	)		(8,324,752	)		(1,016,567	)		(3,807,640	)		(657,955	)		(2,516,744	)		(317,211	)		(1,112,530	)
	91,264			1,985,824			(650,245	)		(957,970	)		405,005			3,034,999			1,514,214			1,465,161
	(1,620,791	)		4,293,310			(5,194,736	)		518,088			(1,096,653	)		3,296,400			783,836			2,126,162
	11,936,249			7,642,939			15,615,484			15,097,396			7,587,099			4,290,699			3,932,399			1,806,237
$	10,315,458		$	11,936,249		$	10,420,748		$	15,615,484		$	6,490,446		$	7,587,099		$	4,716,235		$	3,932,399
	626,045			525,025			676,788			720,986			643,592			394,084			175,973			107,166
	65,437			556,861			19,004			124,236			96,125			348,743			83,143			122,133
	—			5,810			—			562			—			94,480			—			1,289
	(62,018	)		(461,651	)		(49,653	)		(168,996	)		(60,031	)		(193,715	)		(15,044	)		(54,615	)
	3,419			101,020			(30,649	)		(44,198	)		36,094			249,508			68,099			68,807
	629,464			626,045			646,139			676,788			679,686			643,592			244,072			175,973

The accompanying notes are an integral part of these financial statements.

87

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	Mid-Cap Equity Index Portfolio						International Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	377,284		$	712,582		$	387,154		$	344,443
Net realized gain (loss) on investments and futures contracts		479,567			4,961,423			5,978			1,881,447
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(12,267,700	)		6,175,729			(2,818,070	)		(858,217	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(11,410,849	)		11,849,734			(2,424,938	)		1,367,673
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(577,063	)		—			(220,053	)
Total distributions		—			(577,063	)		—			(220,053	)
CAPITAL TRANSACTIONS (Note 4)
Net proceeds from sale of shares		1,723,562			8,621,708			1,254,375			3,457,019
Dividends reinvested		—			577,063			—			220,055
Cost of shares redeemed		(3,106,615	)		(10,878,698	)		(1,061,254	)		(2,228,484	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		(1,383,053	)		(1,679,927	)		193,121			1,448,590
INCREASE (DECREASE) IN NET ASSETS		(12,793,902	)		9,592,744			(2,231,817	)		2,596,210
NET ASSETS, BEGINNING OF PERIOD		59,425,289			49,832,545			15,407,131			12,810,921
NET ASSETS, END OF PERIOD	$	46,631,387		$	59,425,289		$	13,175,314		$	15,407,131
OTHER INFORMATION (Note 4):
Shares outstanding at the beginning of period		1,898,109			1,961,739			1,441,403			1,304,758
Shares sold		59,832			291,681			124,710			328,325
Shares issued as reinvestment of dividends		—			19,655			—			21,261
Shares redeemed		(107,660	)		(374,966	)		(105,375	)		(212,941	)
Net Increase (decrease)		(47,828	)		(63,630	)		19,335			136,645
Shares outstanding at the end of period		1,850,281			1,898,109			1,460,738			1,441,403

The accompanying notes are an integral part of these financial statements.

88

Retirement Income Portfolio						2015 Retirement Portfolio						2020 Retirement Portfolio						2025 Retirement Portfolio
For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
$	(2,041	)	$	54,958		$	(2,070	)	$	70,513		$	(6,139	)	$	185,200		$	(7,158	)	$	278,450
	(175,741	)		256,550			7,253			204,286			59,741			692,759			90,981			607,395
	(393,905	)		(80,567	)		(732,346	)		175,832			(2,178,236	)		608,590			(3,842,345	)		1,763,159
	(571,687	)		230,941			(727,163	)		450,631			(2,124,634	)		1,486,549			(3,758,522	)		2,649,004
	—			(18,820	)		—			—			—			—			—			—
	—			(18,820	)		—			—			—			—			—			—
	317,326			2,332,842			183,196			351,660			1,151,559			1,085,973			1,021,399			3,443,116
	—			18,820			—			—			—			—			—			—
	(248,485	)		(272,322	)		(440,783	)		(697,004	)		(965,292	)		(2,949,314	)		(930,386	)		(1,855,736	)
	68,841			2,079,340			(257,587	)		(345,344	)		186,267			(1,863,341	)		91,013			1,587,380
	(502,846	)		2,291,461			(984,750	)		105,287			(1,938,367	)		(376,792	)		(3,667,509	)		4,236,384
	5,342,062			3,050,601			6,360,782			6,255,495			16,246,922			16,623,714			25,814,572			21,578,188
$	4,839,216		$	5,342,062		$	5,376,032		$	6,360,782		$	14,308,555		$	16,246,922		$	22,147,063		$	25,814,572
	387,161			233,634			519,947			549,386			1,086,595			1,217,769			1,520,096			1,425,412
	23,957			172,303			15,515			29,626			81,503			75,758			64,169			212,428
	—			1,392			—			—			—			—			—			—
	(19,350	)		(20,168	)		(39,551	)		(59,065	)		(69,229	)		(206,932	)		(58,996	)		(117,744	)
	4,607			153,527			(24,036	)		(29,439	)		12,274			(131,174	)		5,173			94,684
	391,768			387,161			495,911			519,947			1,098,869			1,086,595			1,525,269			1,520,096

The accompanying notes are an integral part of these financial statements.

89

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STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	2030 Retirement Portfolio						2035 Retirement Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	(4,615	)	$	169,402		$	(2,846	)	$	91,919
Net realized gain (loss) on investments and futures contracts		106,701			234,018			59,187			213,797
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(2,801,207	)		1,557,537			(1,580,350	)		822,167
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(2,699,121	)		1,960,957			(1,524,009	)		1,127,883
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			—			—			(15	)
Total distributions		—			—			—			(15	)
CAPITAL TRANSACTIONS (Note 4)
Net proceeds from sale of shares		1,031,876			3,333,233			982,821			2,112,129
Dividends reinvested		—			—			—			15
Cost of shares redeemed		(938,696	)		(523,916	)		(347,187	)		(753,311	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		93,180			2,809,317			635,634			1,358,833
INCREASE (DECREASE) IN NET ASSETS		(2,605,941	)		4,770,274			(888,375	)		2,486,701
NET ASSETS, BEGINNING OF PERIOD		16,678,704			11,908,430			8,490,043			6,003,342
NET ASSETS, END OF PERIOD	$	14,072,763		$	16,678,704		$	7,601,668		$	8,490,043
OTHER INFORMATION (Note 4):
Shares outstanding at the beginning of period		898,476			741,651			437,126			363,478
Shares sold		59,805			186,925			55,156			115,523
Shares issued as reinvestment of dividends		—			—			—			1
Shares redeemed		(54,766	)		(30,100	)		(20,146	)		(41,876	)
Net Increase (decrease)		5,039			156,825			35,010			73,648
Shares outstanding at the end of period		903,515			898,476			472,136			437,126

The accompanying notes are an integral part of these financial statements.

90

2040 Retirement Portfolio						2045 Retirement Portfolio						2050 Retirement Portfolio						2055 Retirement Portfolio
For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
$	(2,370	)	$	86,192		$	(1,347	)	$	40,818		$	(1,336	)	$	43,188		$	(477	)	$	9,516
	350,195			195,363			11,612			127,910			37,399			205,767			5,868			23,543
	(1,695,354	)		853,967			(778,699	)		439,273			(797,267	)		370,243			(179,479	)		87,795
	(1,347,529	)		1,135,522			(768,434	)		608,001			(761,204	)		619,198			(174,088	)		120,854
	—			—			—			—			—			(2,174	)		—			—
	—			—			—			—			—			(2,174	)		—			—
	1,238,956			2,161,215			532,251			732,318			470,563			979,957			127,684			355,455
	—			—			—			—			—			2,174			—			—
	(1,582,915	)		(329,844	)		(256,839	)		(129,885	)		(206,280	)		(539,232	)		(25,691	)		(28,013	)
	(343,959	)		1,831,371			275,412			602,433			264,283			442,899			101,993			327,442
	(1,691,488	)		2,966,893			(493,022	)		1,210,434			(496,921	)		1,059,923			(72,095	)		448,296
	8,170,600			5,203,707			4,008,890			2,798,456			3,988,856			2,928,933			899,272			450,976
$	6,479,112		$	8,170,600		$	3,515,868		$	4,008,890		$	3,491,935		$	3,988,856		$	827,177		$	899,272
	415,674			315,523			205,380			171,508			167,012			147,036			49,382			29,781
	67,925			118,607			29,950			40,997			21,549			42,993			7,687			21,267
	—			—			—			—			—			96			—			—
	(82,084	)		(18,456	)		(15,334	)		(7,125	)		(9,729	)		(23,113	)		(1,473	)		(1,666	)
	(14,159	)		100,151			14,616			33,872			11,820			19,976			6,214			19,601
	401,515			415,674			219,996			205,380			178,832			167,012			55,596			49,382

The accompanying notes are an integral part of these financial statements.

91

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	2060 Retirement Portfolio						Conservative Allocation Portfolio
	For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	(178	)	$	4,895		$	(957	)	$	122,797
Net realized gain (loss) on investments and futures contracts		284,035			21,543			595			441,588
Change in net unrealized appreciation (depreciation) of investments and futures contracts		(430,227	)		45,450			(1,264,402	)		200,484
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(146,370	)		71,888			(1,264,764	)		764,869
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			(25	)		—			(38,197	)
Total distributions		—			(25	)		—			(38,197	)
CAPITAL TRANSACTIONS (Note 4)
Net proceeds from sale of shares		124,384			462,166			674,412			2,582,479
Dividends reinvested		—			25			—			38,197
Cost of shares redeemed		(187,987	)		(72,249	)		(595,766	)		(3,191,986	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		(63,603	)		389,942			78,646			(571,310	)
INCREASE (DECREASE) IN NET ASSETS		(209,973	)		461,805			(1,186,118	)		155,362
NET ASSETS, BEGINNING OF PERIOD		757,085			295,280			9,850,527			9,695,165
NET ASSETS, END OF PERIOD	$	547,112		$	757,085		$	8,664,409		$	9,850,527
OTHER INFORMATION (Note 4):
Shares outstanding at the beginning of period		49,700			23,277			656,990			697,397
Shares sold		8,888			32,031			46,167			178,463
Shares issued as reinvestment of dividends		—			2			—			2,620
Shares redeemed		(14,610	)		(5,610	)		(44,876	)		(221,490	)
Net Increase (decrease)		(5,722	)		26,423			1,291			(40,407	)
Shares outstanding at the end of period		43,978			49,700			658,281			656,990

The accompanying notes are an integral part of these financial statements.

92

Moderate Allocation Portfolio						Aggressive Allocation Portfolio						Money Market Portfolio						Mid-Term Bond Portfolio						Bond Portfolio
For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021			For the Six Months Ended June 30, 2022 (Unaudited)			For the Year Ended December 31, 2021
$	(2,137	)	$	271,076		$	(453	)	$	55,274		$	7,132		$	(10,312	)	$	98,216		$	156,410		$	262,218		$	376,800
	171,839			1,559,630			41,165			175,444			(17	)		(117	)		(3,098	)		(8,323	)		(218,319	)		80,545
	(3,728,251	)		1,323,216			(932,305	)		534,284			(124	)		—			(1,362,560	)		(509,629	)		(3,662,444	)		(1,331,925	)
	(3,558,549	)		3,153,922			(891,593	)		765,002			6,991			(10,429	)		(1,267,442	)		(361,542	)		(3,618,545	)		(874,580	)
	—			—			—			—			—			—			—			(430,440	)		—			(561,005	)
	—			—			—			—			—			—			—			(430,440	)		—			(561,005	)
	893,569			5,784,904			152,505			1,224,872			664,716			1,311,106			1,081,931			5,120,726			2,425,753			11,681,546
	—			—			—			—			—			—			—			430,440			—			561,005
	(1,713,820	)		(8,553,395	)		(273,607	)		(858,816	)		(360,153	)		(780,407	)		(1,183,527	)		(4,166,322	)		(2,520,423	)		(7,064,637	)
	(820,251	)		(2,768,491	)		(121,102	)		366,056			304,563			530,699			(101,596	)		1,384,844			(94,670	)		5,177,914
	(4,378,800	)		385,431			(1,012,695	)		1,131,058			311,554			520,270			(1,369,038	)		592,862			(3,713,215	)		3,742,329
	23,585,570			23,200,139			5,056,519			3,925,461			8,066,845			7,546,575			20,896,111			20,303,249			37,912,429			34,170,100
$	19,206,770		$	23,585,570		$	4,043,824		$	5,056,519		$	8,378,399		$	8,066,845		$	19,527,073		$	20,896,111		$	34,199,214		$	37,912,429
	1,190,092			1,342,486			216,316			198,822			655,221			612,144			1,941,203			1,813,650			2,515,539			2,176,997
	47,616			309,707			7,315			56,162			53,990			106,420			103,293			465,213			168,136			763,246
	—			—			—			—			—			—			—			39,709			—			37,128
	(94,566	)		(462,101	)		(12,814	)		(38,668	)		(29,255	)		(63,343	)		(114,844	)		(377,369	)		(177,393	)		(461,832	)
	(46,950	)		(152,394	)		(5,499	)		17,494			24,735			43,077			(11,551	)		127,553			(9,257	)		338,542
	1,143,142			1,190,092			210,817			216,316			679,956			655,221			1,929,652			1,941,203			2,506,282			2,515,539

The accompanying notes are an integral part of these financial statements.

93

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FINANCIAL HIGHLIGHTS

Income from investment operations and distributions per share for a Portfolio share outstanding for the six months ended June 30, 2022, the year ended December 31, 2021 and for the period from January 24, 2020 (commencement of operations) through December 31, 2020 and other supplementary data with respect to each Portfolio are presented below and in the pages following:

	Equity Index Portfolio									All America Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	72.00		$	56.73		$	48.89		$	35.66		$	28.31		$	24.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.45			0.82			0.84			0.16			0.31			0.33
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(14.78	)		15.26			7.00			(7.29	)		7.34			3.38
Total From Investment Operations		(14.33	)		16.08			7.84			(7.13	)		7.65			3.71
Less Distributions
From Net Investment Income		—			(0.81	)		—			—			(0.30	)		—
From Net Realized Gains		—			—			—			—			—			—
Total Distributions		—			(0.81	)		—			—			(0.30	)		—
Net Asset Value, End of Period	$	57.67		$	72.00		$	56.73		$	28.53		$	35.66		$	28.31
Total Return (%)(f)		(19.90	)(b)		28.51			16.01	(b)		(19.99	)(b)		27.10			15.08	(b)
Net Assets, End of Period ($ millions)		99.5			123.9			97.8			14.3			17.9			14.7
Ratio of Net Income (Loss) to Average Net Assets (%)		1.39	(c)		1.29			1.80	(c)		0.99	(c)		0.89			1.42	(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.83	(c)		0.78			0.98	(c)		1.83	(c)		1.66			1.93	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.14	(c)		0.13			0.14	(c)		0.52	(c)		0.52			0.52	(c)
Portfolio Turnover Rate (%)(a)		7.50	(b)		21.48			39.64	(b)		8.64	(b)		25.92			45.10	(b)

† For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4).

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios.

(e) Amount is less than $0.005 per share.

(f) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(g) International Portfolio excludes the expenses of its ETF investments.

NA = Not Applicable.

The accompanying notes are an integral part of these financial statements.

94

Small Cap Value Portfolio									Small Cap Growth Portfolio									Small Cap Equity Index Portfolio
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†
$	19.07		$	14.56		$	14.86		$	23.07		$	20.94		$	14.97		$	11.79		$	10.89		$	9.88
	0.09			0.11			0.25			(0.02	)		(0.06	)		(0.02	)		0.07			0.17			0.10
	(2.77	)		4.52			(0.55	)		(6.92	)		2.21			5.99			(2.31	)		2.65			1.03
	(2.68	)		4.63			(0.30	)		(6.94	)		2.15			5.97			(2.24	)		2.82			1.13
	—			(0.12	)		—			—			(0.02	)		—			—			(0.15	)		(0.08	)
	—			—			—			—			—			—			—			(1.77	)		(0.04	)
	—			(0.12	)		—			—			(0.02	)		—			—			(1.92	)		(0.12	)
$	16.39		$	19.07		$	14.56		$	16.13		$	23.07		$	20.94		$	9.55		$	11.79		$	10.89
	(14.05	)(b)		31.86			(2.02	)(b)		(30.08	)(b)		10.26			39.92	(b)		(19.00	)(b)		26.57			11.52	(b)
	10.3			11.9			7.6			10.4			15.6			15.1			6.5			7.6			4.3
	0.97	(c)		0.94			2.11	(c)		(0.20	)(c)		(0.26	)		(0.15	)(c)		1.29	(c)		1.32			1.57	(c)
	2.15	(c)		2.03			2.29	(c)		2.29	(c)		1.88			2.06	(c)		2.38	(c)		2.66			2.61	(c)
	0.81	(c)		0.81			0.81	(c)		0.81	(c)		0.81			0.81	(c)		0.15	(c)		0.14			0.15	(c)
	7.29	(b)		79.96			49.88	(b)		32.25	(b)		60.11			96.43	(b)		18.56	(b)		66.71			69.92	(b)

The accompanying notes are an integral part of these financial statements.

95

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FINANCIAL HIGHLIGHTS (Continued)

	Mid Cap Value Portfolio									Mid-Cap Equity Index Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	22.35		$	16.85		$	16.33		$	31.31		$	25.40		$	22.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.08			0.17			0.46			0.21			0.39			0.33
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(3.11	)		5.53			0.06			(6.32	)		5.83			2.58
Total From Investment Operations		(3.03	)		5.70			0.52			(6.11	)		6.22			2.91
Less Distributions
From Net Investment Income		—			(0.20	)		—			—			(0.31	)		—
From Net Realized Gains		—			—			—			—			—			—
Total Distributions		—			(0.20	)		—			—			(0.31	)		—
Net Asset Value, End of Period	$	19.32		$	22.35		$	16.85		$	25.20		$	31.31		$	25.40
Total Return (%)(f)		(13.56	)(b)		33.91			3.19	(b)		(19.51	)(b)		24.56			12.96	(b)
Net Assets, End of Period ($ millions)		4.7			3.9			1.8			46.6			59.4			49.8
Ratio of Net Income (Loss) to Average Net Assets (%)		1.45	(c)		1.52			3.17	(c)		1.43	(c)		1.26			1.68	(c)
Ratio of Expenses to Average Net Assets Before Expens Reimbursement (%)(d)(g)		3.00	(c)		4.26			4.25	(c)		0.99	(c)		0.87			1.07	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(g)		0.65	(c)		0.65			0.65	(c)		0.14	(c)		0.14			0.14	(c)
Portfolio Turnover Rate (%)(a)		5.24	(b)		51.57			27.14	(b)		11.47	(b)		39.89			53.83	(b)

† For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4).

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios.

(e) Amount is less than $0.005 per share.

(f) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(g) International Portfolio excludes the expenses of its ETF investments.

NA = Not Applicable.

The accompanying notes are an integral part of these financial statements.

96

International Portfolio									Retirement Income Portfolio									2015 Retirement Portfolio
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†
$	10.69		$	9.82		$	9.05		$	13.80		$	13.06		$	12.22		$	12.23		$	11.39	$	10.61
	0.26			0.23			0.17			(0.01	)		0.14			—	(e)		—	(e)		0.14		—	(e)
	(1.93	)		0.80			0.60			(1.44	)		0.65			0.84			(1.39	)		0.70		0.78
	(1.67	)		1.03			0.77			(1.45	)		0.79			0.84			(1.39	)		0.84		0.78
	—			(0.16	)		—			—			—			—			—			—		—
	—			—			—			—			(0.05	)		—			—			—		—
	—			(0.16	)		—			—			(0.05	)		—			—			—		—
$	9.02		$	10.69		$	9.82		$	12.35		$	13.80		$	13.06		$	10.84		$	12.23	$	11.39
	(15.62	)(b)		10.53			8.47	(b)		(10.51	)(b)		6.05			6.88	(b)		(11.37	)(b)		7.37		7.38	(b)
	13.2			15.4			12.8			4.8			5.3			3.1			5.4			6.4		6.3
	5.35	(c)		2.40			2.30	(c)		(0.08	)(c)		1.31			(0.03	)(c)		(0.07	)(c)		1.11		(0.04	)(c)
	1.00	(c)		1.17			1.19	(c)		1.87	(c)		2.19			2.50	(c)		1.65	(c)		1.49		1.10	(c)
	0.13	(c)		0.12			0.13	(c)		0.08	(c)		0.08			0.08	(c)		0.07	(c)		0.07		0.07	(c)
	5.37	(b)		101.67			27.23	(b)		5.84	(b)		13.95			34.72	(b)		3.07	(b)		16.48		14.67	(b)

The accompanying notes are an integral part of these financial statements.

97

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FINANCIAL HIGHLIGHTS (Continued)

	2020 Retirement Portfolio								2025 Retirement Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	14.95		$	13.65	$	12.57		$	16.98		$	15.14	$	13.81
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		(0.01	)		0.17		(0.01	)		(0.01	)		0.18		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(1.92	)		1.13		1.09			(2.45	)		1.66		1.34
Total From Investment Operations		(1.93	)		1.30		1.08			(2.46	)		1.84		1.33
Less Distributions
From Net Investment Income		—			—		—			—			—		—
From Net Realized Gains		—			—		—			—			—		—
Total Distributions		—			—		—			—			—		—
Net Asset Value, End of Period	$	13.02		$	14.95	$	13.65		$	14.52		$	16.98	$	15.14
Total Return (%)(f)		(12.91	)(b)		9.52		8.60	(b)		(14.49	)(b)		12.15		9.64	(b)
Net Assets, End of Period ($ millions)		14.3			16.2		16.6			22.1			25.8		21.6
Ratio of Net Income (Loss) to Average Net Assets (%)		(0.08	)(c)		1.13		(0.06	)(c)		(0.06	)(c)		1.18		(0.06	)(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.79	(c)		0.66		0.51	(c)		0.58	(c)		0.50		0.44	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.08	(c)		0.07		0.07	(c)		0.06	(c)		0.06		0.06	(c)
Portfolio Turnover Rate (%)(a)		6.25	(b)		18.50		18.95	(b)		4.08	(b)		14.62		22.54	(b)

† For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4).

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios.

(e) Amount is less than $0.005 per share.

(f) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(g) International Portfolio excludes the expenses of its ETF investments.

NA = Not Applicable.

The accompanying notes are an integral part of these financial statements.

98

2030 Retirement Portfolio								2035 Retirement Portfolio									2040 Retirement Portfolio
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†
$	18.56		$	16.06	$	14.48		$	19.42		$	16.52		$	14.75		$	19.66		$	16.49	$	14.64
	(0.01	)		0.19		(0.01	)		(0.02	)		0.21			(0.01	)		—	(e)		0.21		(0.01	)
	(2.97	)		2.31		1.59			(3.30	)		2.69			1.78			(3.52	)		2.96		1.86
	(2.98	)		2.50		1.58			(3.32	)		2.90			1.77			(3.52	)		3.17		1.85
	—			—		—			—			—			—			—			—		—
	—			—		—			—			—	(e)		—			—			—		—
	—			—		—			—			—			—			—			—		—
$	15.58		$	18.56	$	16.06		$	16.10		$	19.42		$	16.52		$	16.14		$	19.66	$	16.49
	(16.06	)(b)		15.57		10.89	(b)		(17.10	)(b)		17.55			12.00	(b)		(17.90	)(b)		19.22		12.65	(b)
	14.1			16.7		11.9			7.6			8.5			6.0			6.5			8.2		5.2
	(0.06	)(c)		1.21		(0.06	)(c)		(0.07	)(c)		1.25			(0.06	)(c)		(0.07	)(c)		1.24		(0.05	)(c)
	0.82	(c)		0.77		0.65	(c)		1.28	(c)		1.34			1.18	(c)		1.50	(c)		1.41		1.40	(c)
	0.06	(c)		0.06		0.06	(c)		0.07	(c)		0.07			0.07	(c)		0.07	(c)		0.07		0.07	(c)
	6.07	(b)		7.79		26.71	(b)		5.49	(b)		15.23			29.41	(b)		18.46	(b)		12.32		32.08	(b)

The accompanying notes are an integral part of these financial statements.

99

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FINANCIAL HIGHLIGHTS (Continued)

	2045 Retirement Portfolio								2050 Retirement Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	19.52		$	16.32	$	14.47		$	23.88		$	19.92		$	17.64
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		(0.02	)		0.20		(0.01	)		(0.03	)		0.26			—	(e)
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(3.52	)		3.00		1.86			(4.32	)		3.71			2.28
Total From Investment Operations		(3.54	)		3.20		1.85			(4.35	)		3.97			2.28
Less Distributions
From Net Investment Income		—			—		—			—			—			—
From Net Realized Gains		—			—		—			—			(0.01	)		—
Total Distributions		—			—		—			—			(0.01	)		—
Capital Contribution from Adviser		—			—		—			—			—			—
Net Asset Value, End of Period	$	15.98		$	19.52	$	16.32		$	19.53		$	23.88		$	19.92
Total Return (%)(f)		(18.14	)(b)		19.61		12.81	(b)		(18.22	)(b)		19.95			12.92	(b)
Net Assets, End of Period ($ millions)		3.5			4.0		2.8			3.5			4.0			2.9
Ratio of Net Income (Loss) to Average Net Assets (%)		(0.07	)(c)		1.17		(0.05	)(c)		(0.07	)(c)		1.21			(0.04	)(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		2.50	(c)		2.70		2.51	(c)		2.52	(c)		2.64			2.51	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.07	(c)		0.07		0.07	(c)		0.07	(c)		0.07			0.07	(c)
Portfolio Turnover Rate (%)(a)		7.45	(b)		12.43		21.26	(b)		6.16	(b)		23.80			21.92	(b)

† For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4).

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios.

(e) Amount is less than $0.005 per share.

(f) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(g) International Portfolio excludes the expenses of its ETF investments.

(h) The Portfolio received a non-recurring capital contribution from Mutual of America Capital Management LLC, the Adviser, of $1,590 during the year to reflect an increase in the value of receivables owed to the Portfolio at year-end.

(i) The Portfolio received a non-recurring capital contribution from Mutual of America Capital Management LLC, the Adviser, during the year. The corresponding impact to the total return was an increase of 0.62% for the period shown.

NA = Not Applicable.

The accompanying notes are an integral part of these financial statements.

100

2055 Retirement Portfolio								2060 Retirement Portfolio									Conservative Allocation Portfolio
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†
$	18.21		$	15.14	$	13.43		$	15.23		$	12.69		$	11.21		$	14.99		$	13.90		$	12.86
	(0.03	)		0.19		(0.01	)		0.01			0.10			—	(e)		—	(e)		0.19			—	(e)
	(3.30	)		2.88		1.72			(2.80	)		2.44			1.41			(1.83	)		0.96			1.04
	(3.33	)		3.07		1.71			(2.79	)		2.54			1.41			(1.83	)		1.15			1.04
	—			—		—			—			—	(e)		—			—			—			—
	—			—		—			—			—			—			—			(0.06	)		—
	—			—		—			—			—			—			—			(0.06	)		—
	—			—		—			—			—			0.07	(h)		—			—			—
$	14.88		$	18.21	$	15.14		$	12.44		$	15.23		$	12.69		$	13.16		$	14.99		$	13.90
	(18.29	)(b)		20.28		12.71	(b)		(18.32	)(b)		20.02			13.18	(b)(i)		(12.21	)(b)		8.28			8.08	(b)
	0.8			0.9		0.5			0.5			0.8			0.3			8.7			9.9			9.7
	(0.11	)(c)		1.28		(0.08	)(c)		(0.05	)(c)		1.14			(0.01	)(c)		(0.02	)(c)		1.25			(0.02	)(c)
	10.41	(c)		12.24		13.49	(c)		12.61	(c)		21.07			21.39	(c)		1.04	(c)		0.95			0.77	(c)
	0.11	(c)		0.05		0.11	(c)		0.05	(c)		0.05			0.05	(c)		0.02	(c)		0.02			0.02	(c)
	3.20	(b)		13.07		17.48	(b)		17.66	(b)		26.75			52.71	(b)		6.21	(b)		31.80			25.55	(b)

The accompanying notes are an integral part of these financial statements.

101

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FINANCIAL HIGHLIGHTS (Continued)

	Moderate Allocation Portfolio								Aggressive Allocation Portfolio
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021		Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	19.82		$	17.28	$	15.70		$	23.38		$	19.74	$	17.54
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.01			0.23		—	(e)		—	(e)		0.26		—	(e)
Net Realized and Unrealized Gains (Losses) on Investments and Futures Contracts		(3.03	)		2.31		1.58			(4.20	)		3.38		2.20
Total From Investment Operations		(3.02	)		2.54		1.58			(4.20	)		3.64		2.20
Less Distributions
From Net Investment Income		—			—		—			—			—		—
From Net Realized Gains		—			—		—			—			—		—
Return of Capital		—			—		—			—			—		—
Total Distributions		—			—		—			—			—		—
Net Asset Value, End of Period	$	16.80		$	19.82	$	17.28		$	19.18		$	23.38	$	19.74
Total Return (%)(f)		(15.24	)(b)		14.70		10.10	(b)		(17.96	)(b)		18.44		12.51	(b)
Net Assets, End of Period ($ millions)		19.2			23.6		23.2			4.0			5.1		3.9
Ratio of Net Income (Loss) to Average Net Assets (%)		(0.02	)(c)		1.19		(0.02	)(c)		(0.02	)(c)		1.19		(0.02	)(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.57	(c)		0.45		0.37	(c)		2.07	(c)		1.99		1.39	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.02	(c)		0.02		0.02	(c)		0.02	(c)		0.02		0.02	(c)
Portfolio Turnover Rate (%)(a)		4.13	(b)		32.02		24.94	(b)		3.33	(b)		19.40		13.94	(b)

† For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4).

(a) Portfolio turnover rate excludes all short-term securities.

(b) Not annualized.

(c) Annualized.

(d) Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios.

(e) Amount is less than $0.005 per share.

(f) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized.

(g) International Portfolio excludes the expenses of its ETF investments.

NA = Not Applicable.

The accompanying notes are an integral part of these financial statements.

102

Money Market Portfolio									Mid-Term Bond Portfolio									Bond Portfolio
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Period Ended December 31, 2020†
$	12.3116		$	12.3281		$	12.3251		$	10.76		$	11.19		$	10.72		$	15.07		$	15.70		$	14.96
	0.0105			(0.0157	)		0.0292			0.05			0.08			0.11			0.11			0.13			0.20
	(0.0001	)		(0.0008	)		0.0036			(0.69	)		(0.27	)		0.36			(1.53	)		(0.53	)		0.54
	0.0104			(0.0165	)		0.0328			(0.64	)		(0.19	)		0.47			(1.42	)		(0.40	)		0.74
	—			—			(0.0292	)		—			(0.11	)		—			—			(0.23	)		—
	—			—			—			—			(0.13	)		—			—			—	(e)		—
	—			—			(0.0006	)		—			—			—			—			—			—
	—			—			(0.0298	)		—			(0.24	)		—			—			(0.23	)		—
$	12.3220		$	12.3116		$	12.3281		$	10.12		$	10.76		$	11.19		$	13.65		$	15.07		$	15.70
	0.08	(b)		(0.16	)		0.28	(b)		(5.95	)(b)		(1.74	)		4.37	(b)		(9.42	)(b)		(2.52	)		4.95	(b)
	8.4			8.1			7.5			19.5			20.9			20.3			34.2			37.9			34.2
	0.18	(c)		(0.13	)		0.27	(c)		0.98	(c)		0.78			1.14	(c)		1.47	(c)		1.07			1.37	(c)
	1.81	(c)		1.61			0.85	(c)		1.45	(c)		1.39			1.40	(c)		1.28	(c)		1.20			1.32	(c)
	0.20	(c)		0.20			0.20	(c)		0.45	(c)		0.45			0.45	(c)		0.45	(c)		0.45			0.45	(c)
	NA			NA			NA			14.99	(b)		16.55			32.55	(b)		11.99	(b)		30.27			21.69	(b)

The accompanying notes are an integral part of these financial statements.

103

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2022

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION

Mutual of America Variable Insurance Portfolios, Inc. (the “Investment Company”) is a diversified, open-end management investment company — a type of company commonly known as a “mutual fund”. It is registered as such under the Investment Company Act of 1940 (the “Investment Company Act”). The Investment Company was formed on April 19, 2019 as a Maryland corporation and principally offers its shares exclusively to separate accounts of Mutual of America Life Insurance Company (“Mutual of America Life”) and a former affiliate that offers the Portfolios through its separate accounts. As a “series” type mutual fund, the Investment Company issues separate classes (or series) of capital stock, each of which represents a separate Portfolio of investments. At June 30, 2022, there were 25 active portfolios (collectively, “the Funds or Portfolios”): Equity Index Portfolio, All America Portfolio, Small Cap Value Portfolio, Small Cap Growth Portfolio, Small Cap Equity Index Portfolio, Mid Cap Value Portfolio, Mid-Cap Equity Index Portfolio, International Portfolio, Money Market Portfolio, Mid-Term Bond Portfolio, Bond Portfolio; Retirement Income Portfolio, 2015 Retirement Portfolio, 2020 Retirement Portfolio, 2025 Retirement Portfolio, 2030 Retirement Portfolio, 2035 Retirement Portfolio, 2040 Retirement Portfolio, 2045 Retirement Portfolio, 2050 Retirement Portfolio, 2055 Retirement Portfolio and 2060 Retirement Portfolio (collectively, “Retirement Portfolios”); a Conservative Allocation Portfolio, a Moderate Allocation Portfolio and an Aggressive Allocation Portfolio (collectively, “Allocation Portfolios”). The Portfolios commenced operations on January 24, 2020 with transfers from the Mutual of America Investment Corporation (the “Investment Corporation”), a registered management investment company affiliated with Mutual of America Life. This transfer was made in order to allow the funds of the Investment Corporation to be offered to additional retail investors starting on December 14, 2020.

Investment Company shares are issued to Mutual of America Life and, on a limited basis, to Wilton Reassurance Life Company of New York (formerly The American Life Insurance Company of New York), for allocation to their Separate Accounts as a funding medium for variable accumulation annuity contracts and variable life insurance policies. In addition, shares of selected equity and fixed income portfolios of the Investment Company are directly issued to one or more of the Investment Company’s Retirement Portfolios and Allocation Portfolios.

The Portfolios follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Codification Topic 946 Financial Services — Investment Companies. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.

The following is a summary of the significant accounting policies consistently followed by the Investment Company, which are in conformity with GAAP:

Fair Value — The Investment Company values its investments at fair value. Fair value is an estimate of the price the Portfolio would receive upon selling a security in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. These inputs are summarized in the three broad levels listed below:

• Level 1 — quoted prices in active markets for identical securities.

• Level 2 — other significant observable inputs (including yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.).

• Level 3 — significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments).

As of June 30, 2022, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of two securities in the Small Cap Equity Index, Mid-Term Bond and Bond Portfolios (see Note a below) which were considered Level 3 and securities listed on foreign exchanges which were considered

104

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

Level 2. In addition, non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Furthermore, certain Rule 144A securities not actively traded are considered Level 3; however, there were no such 144A securities as of June 30, 2022. Fair value inputs for all debt securities and temporary cash investments were considered Level 2. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value the Portfolios’ investments and other financial instruments as of June 30, 2022:

Portfolio	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Investments at Fair Value:*
Equity Index Portfolio
Common Stock-Indexed	$	98,009,277		—		—		$	98,009,277
Short-Term Debt Securities		—	$	199,855		—		$	199,855
Warrants	$	13,642		—		—		$	13,642
Temporary Cash Investment		—	$	1,239,596		—		$	1,239,596
	$	98,022,919	$	1,439,451		—		$	99,462,370
All America Portfolio
Common Stock-Indexed	$	8,594,432		—		—		$	8,594,432
Common Stock-Active	$	5,485,280		—		—		$	5,485,280
Temporary Cash Investment		—	$	187,408		—		$	187,408
	$	14,079,712	$	187,408		—		$	14,267,120
Small Cap Value Portfolio
Common Stock	$	9,942,377		—		—		$	9,942,377
Temporary Cash Investment		—	$	373,061		—		$	373,061
	$	9,942,377	$	373,061		—		$	10,315,438
Small Cap Growth Portfolio
Common Stock	$	10,124,656		—		—		$	10,124,656
Temporary Cash Investment		—	$	277,846		—		$	277,846
	$	10,124,656	$	277,846		—		$	10,402,502
Small Cap Equity Index Portfolio
Common Stock-Indexed	$	6,483,816		—		—	(a)	$	6,483,816
Warrants	$	640		—		—		$	640
	$	6,484,456		—		—		$	6,484,456
Mid Cap Value Portfolio
Common Stock	$	4,497,656		—		—		$	4,497,656
Temporary Cash Investment		—	$	215,564		—		$	215,564
	$	4,497,656	$	215,564		—		$	4,713,220
Mid-Cap Equity Index Portfolio
Common Stock-Indexed	$	45,847,446		—		—		$	45,847,446
Short-Term Debt Securities		—	$	199,855		—		$	199,855
Temporary Cash Investment		—	$	605,410		—		$	605,410
	$	45,847,446	$	805,265		—		$	46,652,711
International Portfolio
Common Stock	$	951,418	$	11,100,771		—		$	12,052,189
Temporary Cash Investment		—	$	814,899		—		$	814,899
	$	951,418	$	11,915,670		—		$	12,867,088

105

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

Portfolio	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Retirement Income Portfolio
Common Stock	$	4,832,868		—		—		$	4,832,868
2015 Retirement Portfolio
Common Stock	$	5,369,798		—		—		$	5,369,798
2020 Retirement Portfolio
Common Stock	$	14,306,133		—		—		$	14,306,133
2025 Retirement Portfolio
Common Stock	$	22,142,682		—		—		$	22,142,682
2030 Retirement Portfolio
Common Stock	$	14,066,777		—		—		$	14,066,777
2035 Retirement Portfolio
Common Stock	$	7,595,603		—		—		$	7,595,603
2040 Retirement Portfolio
Common Stock	$	6,472,828		—		—		$	6,472,828
2045 Retirement Portfolio
Common Stock	$	3,508,614		—		—		$	3,508,614
2050 Retirement Portfolio
Common Stock	$	3,484,686		—		—		$	3,484,686
2055 Retirement Portfolio
Common Stock	$	819,279		—		—		$	819,279
2060 Retirement Portfolio
Common Stock	$	540,800		—		—		$	540,800
Conservative Allocation Portfolio
Common Stock	$	8,659,137		—		—		$	8,659,137
Moderate Allocation Portfolio
Common Stock	$	19,204,220		—		—		$	19,204,220
Aggressive Allocation Portfolio
Common Stock	$	4,036,882		—		—		$	4,036,882
Money Market Portfolio
U.S. Government Debt		—	$	1,994,370		—		$	1,994,370
U.S. Government Agency Short-Term Debt		—	$	2,511,351		—		$	2,511,351
Commercial Paper		—	$	3,875,947		—		$	3,875,947
Temporary Cash Investment		—	$	360,312				$	360,312
		—	$	8,741,980		—		$	8,741,980
Mid-Term Bond Portfolio
U.S. Government Debt		—	$	8,747,336		—		$	8,747,336
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	5,553,752		—		$	5,553,752
Long-Term Corporate Debt		—	$	5,036,431		—		$	5,036
Common Stock	$	18,548		—	$	23,381	(a)	$	41,929
Temporary Cash Investment		—	$	74,367		—		$	74,367
	$	18,548	$	19,411,886	$	23,381		$	19,453,815
Bond Portfolio
U.S. Government Debt		—	$	15,027,899		—		$	15,027,899
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	11,211,720		—		$	11,211,720
Long-Term Corporate Debt		—	$	7,667,441		—		$	7,667,441
Common Stock	$	29,375		—	$	37,037	(a)	$	66,412
Temporary Cash Investment		—	$	161,650		—		$	161,650
	$	29,375	$	34,068,710	$	37,037		$	34,135,122

106

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

Portfolio	Level 1 — Quoted Prices			Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs		Total
Other Financial Instruments:**
Equity Index Portfolio	$	(27,663	)		—		—	$	(27,663	)
Mid-Cap Equity Index Portfolio	$	(39,435	)		—		—	$	(39,435	)

* See Portfolios of Investments for more details on industry or country classifications, as applicable.

** Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument.

(a) Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.

	Fair Value Measurement Using Significant Unobservable Inputs (Level 3) for the Six Months Ended June 30, 2022
	Balance December 31, 2021(a)			Change in Unrealized Gains (Losses)		Transfers Into Level 3		Transfers Out of Level 3		Purchases		Sales		Balance June 30, 2022(a)			Net Change in Unrealized Gains/(Losses) of Level 3 Assets Held as of June  30, 2022
Small Cap Equity Index Portfolio — Common Stock	$	—	(b)		—		—		—		—		—	$	—	(b)		—
Mid-Term Bond Portfolio — Common Stock	$	23,381	(c)		—		—		—		—		—	$	23,381	(c)		—
Bond Portfolio —Common Stock	$	37,037	(d)		—		—		—		—		—	$	37,037	(d)		—

(a) Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.

(b) Level 3 security, Contra Progenics Pharmaceuticals, Inc. — contingent value rights with $0 fair value.

(c) Level 3 security, Superior Energy Svcs., Inc. — common stock with $23,381 fair value.

(d) Level 3 security, Superior Energy Svcs., Inc. — common stock with $37,037 fair value.

Security Valuation — Investment securities are carried at fair value as follows:

The Portfolios’ investments are fair valued as of the close of trading on the New York Stock Exchange (“Exchange”) on each day the Exchange is open for trading. The Exchange usually closes at 4:00 pm Eastern Time but sometimes closes earlier. For Portfolios that invest in securities listed on foreign exchanges, the value of the securities may change on days when there is no possibility to purchase or redeem shares of the Portfolios. The Board of Directors of the Investment Company (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to the Adviser. Pursuant to the Board’s delegation, the Adviser has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities. The valuation procedures permit the Portfolios to utilize independent pricing vendor services, quotations from market makers and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval and ratification at its next regularly scheduled quarterly meeting. For fiscal reporting year-end, securities were fair valued at the close of the last business day.

Exchange-traded equity securities are valued at the last reported sales price on the principal exchange on which the security is traded. If there is no trading volume for a particular valuation day, the last bid price is used. For equity securities traded in the over-the-counter market, the security is valued at the last sale price, or if no sale, at the latest bid price available.

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1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

Short-term debt securities with a maturity of 60 days or less are valued at amortized cost, which approximates fair value for such securities.

Debt securities, including short-term debt securities maturing in excess of 60 days, are valued on the basis of prices obtained from an independent pricing source. The pricing source may utilize various pricing methodologies that incorporate both models (which consider factors such as yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds and trading characteristics) and dealer-supplied valuations to derive a valuation.

Temporary cash investments are amounts on deposit with financial institutions that are swept daily into an overnight investment and returned the next business day. Cash equivalents such as short-term temporary cash investments are valued at amortized cost.

In the rare instance when a price is not available from an independent pricing source or when prices may not reflect fair value, such as when the price provided by the pricing source is not based on a recent trade, a calculated fair value is used, as determined in good faith by the Adviser and reviewed by a Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company.

Mutual of America Capital Management LLC (“the Adviser”) uses a market approach to calculate fair value for equity securities which are categorized as Level 3. The Adviser’s valuation is primarily based on information regarding the specific equity issuer, such as the last trade price, financial statements, the relationship of per-share book value to the last trade price, operating information and any corporate actions, such as dividends or returns of capital, that may have occurred since the last trade. The Adviser also considers industry-specific conditions and overall market conditions, to determine whether the last trade price reflects fair value or needs to be adjusted. Generally, absent any significant contrary indications, the last trade price will be used as the calculated fair value.

The Retirement Portfolios and the Allocation Portfolios value their investments in the underlying Portfolios of the Investment Company at their respective net asset values.

Investment Transactions — Investment transactions are accounted for as of the trade date. Realized gains and losses on the sale of short and long-term debt securities are computed on the basis of amortized cost at the time of sale. Realized gains and losses on the sale of equity securities are based on the identified cost basis of the security, determined on the first-in, first-out (“FIFO”) basis.

Futures Contracts — The Equity Index Portfolio and Mid-Cap Equity Index Portfolio each maintain indexed asset portfolios which are subject to equity price risk. In order to remain more fully invested in the equity markets while minimizing transaction costs, the funds purchase stock index futures contracts. These purchases of futures contracts allow the funds to invest available cash to attempt to efficiently and cost effectively keep the funds fully invested on a daily basis in an attempt to minimize deviation from the performance of the indices.

An initial cash margin deposit (represented by cash or Treasury bills) is made upon entering into a futures contract and serves as collateral for the contract. This initial margin, maintained in a segregated account, is equal to approximately 5%-6% of the contract amount, and does not involve the borrowing of funds to finance the transaction. During the period the futures contract is outstanding, changes in the value of the contract are recognized as unrealized appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each trading day. The accumulated unrealized appreciation or depreciation on the contract is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized appreciation or depreciation are incurred, variation margin payments are received or made daily. The net change in unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding.

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1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

The “Underlying Face Amount at Value” (appearing in the “Footnotes to Portfolios of Investments in Securities”) representing the aggregate of outstanding contractual amounts under futures contracts reflects the extent of a Portfolio’s exposure to off-balance sheet risk. The use of futures transactions involves the risk of imperfect correlation in the price movements of the contract and the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Fund since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

The following table presents the financial statement impacts resulting from the portfolios’ use of futures contracts at their fair values as of June 30, 20221 and for the six months ended June 30, 2022:

Derivatives not accounted for as hedging instruments	Risk Type		Location on Statements of Assets and Liabilities	Equity Index Portfolio			Mid-Cap Equity Index Portfolio
Futures Contracts		Equity	Total Distributable Earnings (Loss)	$	(27,663	)	$	(39,435	)
Derivatives not accounted for as hedging instruments	Risk Type		Location on Statements of Operations	Equity Index Portfolio			Mid-Cap Equity Index Portfolio
Futures Contracts		Equity	Net realized gain (loss) on Futures contracts	$	(188,407	)	$	(100,594	)
Futures Contracts		Equity	Change in net unrealized appreciation (depreciation) of Futures contracts	$	(52,338	)	$	(68,077	)

During the six months ended June 30, 2022, the Equity Index Portfolio and Mid-Cap Equity Index Portfolio held futures contracts with average notional amounts of $1,084,565 and $779,493, respectively.

Warrants — A warrant is an option to purchase common stock of an issuer and is issued in conjunction with another security, such as a debt obligation. A warrant specifies the price at which the holder may purchase shares of common stock and usually expires after a period of time. A warrant holder generally may pay cash for the common stock to be purchased or may surrender the principal amount of the related debt security the warrant holder owns equal to the purchase price for the stock.

The common stock underlying a warrant may not increase in value after the date the warrant was issued, or may not increase up to the warrant exercise price. In this case, the warrant generally would have little value and could expire unexercised.

Retirement Portfolios — Each of the Retirement Portfolios invests in equity (stock) Portfolios and fixed income (bond) Portfolios and targets different percentages to these asset classes. The targets reflect varying emphases on achieving capital appreciation and gains versus preserving capital and producing income, depending on the specific Portfolio’s time horizon.

The Retirement Portfolios target their investments in the following underlying Portfolios of the Investment Company in accordance with the percentage allocations noted (unaudited):

	Equity Index Portfolio		Mid-Cap Equity Index Portfolio		Small Cap Portfolios*		International Portfolio		Bond Portfolio		Mid-Term Bond Portfolio		Money Market Portfolio
Retirement Income Portfolio		20%		5%		—		5%		35%		30%		5%
2015 Retirement Portfolio		23%		5%		—		5%		35%		27%		5%
2020 Retirement Portfolio		25%		7%		2%		7%		35%		19%		5%
2025 Retirement Portfolio		30%		8%		3%		10%		32%		14%		3%
2030 Retirement Portfolio		35%		10%		4%		12%		26%		10%		3%
2035 Retirement Portfolio		40%		13%		5%		15%		20%		4%		3%
2040 Retirement Portfolio		44%		14%		6%		18%		16%		—		2%
2045 Retirement Portfolio		47%		14%		7%		19%		11%		—		2%
2050 Retirement Portfolio		48%		14%		8%		20%		8%		—		2%
2055 Retirement Portfolio		47%		15%		9%		21%		7%		—		1%
2060 Retirement Portfolio		47%		15%		10%		22%		5%		—		1%

* May include the Small Cap Growth, Small Cap Value and Small Cap Equity Index Portfolios

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1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

Generally, rebalancing of the Retirement Portfolios’ holdings is performed on a periodic basis and the mix of underlying Portfolios is reviewed annually.

Allocation Portfolios — The Allocation Portfolios target their investments in the following underlying Portfolios of the Investment Company in accordance with the percentage allocations noted (unaudited):

	Equity Index Portfolio		Mid-Cap Equity Index Portfolio		Small Cap Growth Portfolio		Small Cap Value Portfolio		International Portfolio		Bond Portfolio		Mid-Term Bond Portfolio
Conservative Allocation		25%		5%		—		—		5%		30%		35%
Moderate Allocation		35%		15%		—		—		10%		25%		15%
Aggressive Allocation		35%		20%		5%		5%		15%		20%		—

Generally, rebalancing of the Allocation Portfolios’ holdings is performed on a periodic basis.

Change in Target Investments — During the year, the Retirement Portfolios listed below had changes to their target investments. Overall increases (decreases) to the target percentages were as follows (unaudited):

	Equity Index Portfolio		Mid-Cap Equity Index Portfolio			Small Cap Portfolios*			International Portfolio			Bond Portfolio			Mid-Term Bond Portfolio		Money Market Portfolio
Retirement Income Portfolio		—		—			—			5%			—			5%		(10%	)
2015 Retirement Portfolio		1%		(1%	)		—			—			(2%	)		7%		(5%	)
2020 Retirement Portfolio		2%		(1%	)		(2%	)		(1%	)		(2%	)		4%		—
2025 Retirement Portfolio		3%		(4%	)		(1%	)		—			—			4%		(2%	)
2030 Retirement Portfolio		2%		(5%	)		(1%	)		—			1%			5%		(2%	)
2035 Retirement Portfolio		3%		(3%	)		(2%	)		—			(5%	)		4%		3%
2040 Retirement Portfolio		3%		(3%	)		(2%	)		(1%	)		(1%	)		—		2%
2045 Retirement Portfolio		5%		(3%	)		(2%	)		1%			(3%	)		—		2%
2050 Retirement Portfolio		7%		(4%	)		(2%	)		1%			(4%	)		—		2%
2055 Retirement Portfolio		7%		(4%	)		(2%	)		1%			(3%	)		—		1%
2060 Retirement Portfolio		8%		(5%	)		(2%	)		1%			(3%	)		—		1%

* May include the Small Cap Growth, Small Cap Value and Small Cap Equity Index Portfolios

Change in International Portfolio Investments — unaudited. — Previously, the International Portfolio was invested mainly in exchange traded funds that reflect, replicate or follow the country weightings of the MSCI EAFE^® Index. The Portfolio had also invested a small percentage of assets in exchange traded funds that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries. The Securities and Exchange Commission revoked the exemptive orders that allowed these investments effective on January 19, 2022. As of that date, the International Portfolio is invested directly in the stocks of companies represented in the MSCI EAFE^® Index, except to the extent that it is permissible to invest in exchange traded funds within the general limitations of the Investment Company Act.

Investment Income — Interest income, accretion of discount and amortization of premium are recorded daily on an accrual basis using the effective interest method. A debt obligation may cease accrual of income and result in a reduction to interest income when the collection of all or a portion of current and past due interest is in doubt. Dividend income is recorded on the ex-dividend date. Foreign source tax withheld from dividends is recorded as a reduction from dividend income. Should reclamation efforts succeed, such amounts are recorded as income upon collection.

Foreign Currency Translations — The accounting records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Reported net realized gains and losses arise from the sales of portfolio securities, sales of foreign currencies, currency gains or

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1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent of the amounts actually received or paid. The effect of changes in foreign exchange rates on foreign denominated securities is reflected in the net realized gain (loss) on foreign currency translations and change in net unrealized appreciation (depreciation) of foreign currency translations within the Statement of Operations.

Distributions to Shareholders (“Dividends”) — Distributions to shareholders are recorded on the ex-dividend date and are made at least annually. It is the Investment Company’s policy to make distributions of its net investment income and net realized gains, if any, in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Accordingly, periodic reclassifications (which do not impact the Portfolios’ net asset values) are made within the Portfolios’ capital accounts to reflect income and gains available for distribution under Federal income tax regulations.

Federal Income Taxes — Each Portfolio in the Investment Company intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required.

GAAP requires the evaluation of tax positions taken in the course of preparing a portfolio’s tax return to determine whether it is “more-likely-than-not” that tax positions taken in the portfolio’s tax return will be ultimately sustained, and, if not, a tax liability and expense is recorded.

As of June 30, 2022, management has evaluated the tax positions taken on the Portfolios’ filed tax returns for all open tax years and has concluded that no tax provision is required in any of the Portfolios’ financial statements. Generally, the statute of limitations is open for 3 years after the tax returns are filed. Each Portfolio’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

As of June 30, 2022, the following Mutual of America Variable Insurance Portfolios had capital loss carry-forwards available to offset net realized capital gains generated after December 31, 2021.

	Small Cap Growth Portfolio			Retirement Income Portfolio			2030 Retirement Portfolio			2055 Retirement Portfolio
Capital loss carry-forward (short-term)	$	(175,769	)	$	(1,812	)	$	(18,867	)	$	(20,497	)
(long-term)	$	0		$	(175,683	)	$	0		$	0
	Money Market Portfolio			Mid-Term Bond Portfolio			Bond Portfolio
Capital loss carry-forward (short-term)	$	(495	)	$	(8	)	$	(146,583	)
(long-term)	$	0		$	(11,413	)	$	(181,166	)

The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

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2. EXPENSES

The Investment Company has an Investment Advisory Agreement with Mutual of America Capital Management LLC (“the Adviser”), an indirect wholly-owned subsidiary of Mutual of America Life. For providing investment management services to each of the Portfolios of the Investment Company, the Adviser receives a fee, calculated as a daily charge of the value of the net assets of each portfolio, at the following annual rates:

Portfolio	Annual Investment Management Fee
Retirement Portfolios		.05	%
Equity Index, Mid-Cap Equity Index, Small Cap Equity Index, International Portfolios		.075	%
Money Market Portfolio		.15	%
Bond Portfolio		.39	%
All America, Mid-Term Bond Portfolios		.40	%
Mid Cap Value Portfolio		.55	%
Small Cap Value, Small Cap Growth Portfolios		.75	%

The Retirement and Allocation Portfolios incur direct investment management expenses of .05% and .00%, respectively. Shareholders in the Allocation and Retirement Portfolios indirectly bear their pro-rata share of the investment management fees incurred by the underlying Portfolios in which they invest.

The total expenses of each Portfolio are subject to expense limitations as stated in the exemptive order issued by the Securities and Exchange Commission on October 29, 2019 (the “Substitution Order”) arising out of the substitution of the Mutual of America Investment Corporation Funds for Investment Company Funds in certain contracts and policies issued by the separate accounts of Mutual of America Life and Wilton Reassurance Life Company of New York.

In accordance with the Substitution Order, effective January 24, 2020, the Adviser agreed to reimburse the Portfolios’ expenses to the extent that the Total Annual Operating Expenses exceed the Total Annual Operating Expenses of the replaced funds for the most recent fiscal year preceding the date of the Substitution Order (excluding any Acquired Fund Fees, as applicable, and any extraordinary expenses that may arise and charges incurred in trading portfolio securities) from inception of the Portfolios through April 30, 2023. In accordance with a reimbursement agreement between the Adviser and the Investment Company, from May 1, 2023 through the termination of the agreement, the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.15% for all Portfolios, excluding the Retirement Portfolios and Allocation Portfolios for which the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.10%. This contractual obligation may not be terminated before April 30, 2030, and will continue for succeeding 12 month periods thereafter, unless terminated by either the Investment Company or the Adviser upon proper notice.

Total Annual Portfolio Operating Expenses after Expense Reimbursement through April 30, 2023
Equity Index Portfolio	0.14	%
All America Portfolio	0.52	%
Small Cap Value Portfolio	0.81	%
Small Cap Growth Portfolio	0.81	%
Small Cap Equity Index Portfolio	0.15	%
Mid Cap Value Portfolio	0.65	%
Mid-Cap Equity Index Portfolio	0.14	%
International Portfolio	0.13	%
Retirement Income Portfolio	0.08	%
2015 Retirement Portfolio	0.07	%
2020 Retirement Portfolio	0.08	%
2025 Retirement Portfolio	0.06	%
2030 Retirement Portfolio	0.06	%
2035 Retirement Portfolio	0.07	%
2040 Retirement Portfolio	0.07	%

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2. EXPENSES (CONTINUED)

Total Annual Portfolio Operating Expenses after Expense Reimbursement through April 30, 2023
2045 Retirement Portfolio	0.07	%
2050 Retirement Portfolio	0.07	%
2055 Retirement Portfolio	0.11	%
2060 Retirement Portfolio	0.05	%
Conservative Allocation Portfolio	0.02	%
Moderate Allocation Portfolio	0.02	%
Aggressive Allocation Portfolio	0.02	%
Money Market Portfolio	0.20	%
Mid-Term Bond Portfolio	0.45	%
Bond Portfolio	0.45	%

Commencing January 1, 2022, the operating expense reimbursement for the Equity Index, Small Cap Equity Index, International, 2020 Retirement and 2055 Retirement Portfolios was further modified to reflect the expense limitations stated in the Substitution Order, resulting in lower operating expenses as reflected in the table above.

3. INVESTMENTS

The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the six months ended June 30, 2022 were as follows:

	Equity Index Portfolio		All America Portfolio		Small Cap Value Portfolio		Small Cap Growth Portfolio		Small Cap Equity Index Portfolio
Cost of investment purchases	$	9,773,469	$	1,444,732	$	1,149,237	$	4,007,574	$	1,933,295
Proceeds from sales of investments	$	8,318,054	$	1,401,429	$	812,930	$	4,731,340	$	1,348,119
	Mid Cap Value Portfolio		Mid-Cap Equity Index Portfolio		International Portfolio		Retirement Income Portfolio		2015 Retirement Portfolio
Cost of investment purchases	$	1,791,742	$	6,040,018	$	886,320	$	367,325	$	183,194
Proceeds from sales of investments	$	240,183	$	6,226,536	$	776,857	$	300,566	$	442,919
	2020 Retirement Portfolio		2025 Retirement Portfolio		2030 Retirement Portfolio		2035 Retirement Portfolio		2040 Retirement Portfolio
Cost of investment purchases	$	1,151,541	$	1,071,394	$	1,031,863	$	1,082,810	$	1,288,948
Proceeds from sales of investments	$	970,741	$	987,722	$	943,413	$	450,052	$	1,635,334
	2045 Retirement Portfolio		2050 Retirement Portfolio		2055 Retirement Portfolio		2060 Retirement Portfolio		Conservative Allocation Portfolio
Cost of investment purchases	$	562,243	$	500,556	$	129,677	$	126,374	$	674,410
Proceeds from sales of investments	$	288,192	$	237,630	$	27,903	$	190,164	$	596,745
	Moderate Allocation Portfolio		Aggressive Allocation Portfolio		Mid-Term Bond Portfolio		Bond Portfolio
Cost of investment purchases	$	893,561	$	152,500	$	3,020,239	$	4,652,918
Proceeds from sales of investments	$	1,716,399	$	273,985	$	3,030,367	$	4,287,929

The cost of short-term security purchases for the Money Market Portfolio for the six months ended June 30, 2022, was $58,437,725. Proceeds from sales for the same period were $58,135,897.

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3. INVESTMENTS (CONTINUED)

The components of net unrealized appreciation (depreciation) of investments for federal income tax purposes and the cost of investments for federal income tax purposes at June 30, 2022 for each of the Portfolios were as follows:

	Equity Index Portfolio			All America Portfolio			Small Cap Value Portfolio			Small Cap Growth Portfolio			Small Cap Equity Index Portfolio
Unrealized Appreciation	$	14,294,934		$	2,097,077		$	505,707		$	823,749		$	463,044
Unrealized Depreciation		(7,114,023	)		(1,273,046	)		(1,928,960	)		(1,863,247	)		(1,319,942	)
Net	$	7,180,911		$	824,031		$	(1,423,253	)	$	(1,039,498	)	$	(856,898	)
Tax Cost of Investments	$	92,281,459		$	13,443,089		$	11,738,691		$	11,442,000		$	7,341,354
	Mid Cap Value Portfolio			Mid-Cap Equity Index Portfolio			International Portfolio			Retirement Income Portfolio			2015 Retirement Portfolio
Unrealized Appreciation	$	213,695		$	4,676,377		$	557,644		$	24,192		$	163,145
Unrealized Depreciation		(553,521	)		(5,946,026	)		(3,135,380	)		(340,224	)		(296,392	)
Net	$	(339,826	)	$	(1,269,649	)	$	(2,577,736	)	$	(316,032	)	$	(133,247	)
Tax Cost of Investments	$	5,053,046		$	47,922,360		$	15,442,993		$	5,148,900		$	5,503,045
	2020 Retirement Portfolio			2025 Retirement Portfolio			2030 Retirement Portfolio			2035 Retirement Portfolio			2040 Retirement Portfolio
Unrealized Appreciation	$	483,010		$	864,317		$	423,124		$	178,671		$	10,044
Unrealized Depreciation		(797,001	)		(1,155,297	)		(594,547	)		(308,513	)		(285,347	)
Net	$	(313,991	)	$	(290,980	)	$	(171,423	)	$	(129,842	)	$	(275,303	)
Tax Cost of Investments	$	14,620,124		$	22,433,662		$	14,238,200		$	7,725,445		$	6,748,131
	2045 Retirement Portfolio			2050 Retirement Portfolio			2055 Retirement Portfolio			2060 Retirement Portfolio			Conservative Allocation Portfolio
Unrealized Appreciation	$	68,634		$	30,814		$	253		$	1		$	130,352
Unrealized Depreciation		(97,954	)		(116,208	)		(39,455	)		(350,113	)		(583,616	)
Net	$	(29,320	)	$	(85,394	)	$	(39,202	)	$	(350,112	)	$	(453,264	)
Tax Cost of Investments	$	3,537,934		$	3,570,080		$	858,481		$	890,912		$	9,112,401
	Moderate Allocation Portfolio			Aggressive Allocation Portfolio			Money Market Portfolio			Mid-Term Bond Portfolio			Bond Portfolio
Unrealized Appreciation	$	559,969		$	173,874		$	0		$	163		$	9,174
Unrealized Depreciation		(804,217	)		(166,395	)		(124	)		(1,499,615	)		(3,971,356	)
Net	$	(244,248	)	$	7,479		$	(124	)	$	(1,499,452	)	$	(3,962,182	)
Tax Cost of Investments	$	19,448,468		$	4,029,403		$	8,742,104		$	20,953,267		$	38,097,304

The difference between the components of distributable earnings for income tax purposes and the amounts reflected in the statements of assets and liabilities arise primarily from federal income tax treatment of wash sales, REITs, PFICs, partnerships, corporate actions and futures contracts.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

3. INVESTMENTS (CONTINUED)

Investments in affiliated investment companies during the six months ended June 30, 2022 were as follows:

Affiliated Investment Company	Value as of December 31, 2021		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2022
Retirement Income Portfolio
Bond Portfolio	$	1,810,747	$	111,063	$	(6,371	)	$	(168,407	)	$	(89,050	)	$	1,657,982
Equity Index Portfolio		1,188,613		63,466		11,509			(252,656	)		(49,699	)		961,233
International Portfolio		—		52,737		(65	)		(2,642	)		(7,789	)		42,241
Mid-Cap Equity Index Portfolio		338,570		15,866		2,476			(69,443	)		(12,424	)		275,045
Mid-Term Bond Portfolio		1,391,130		82,068		(3,205	)		(81,310	)		(69,910	)		1,318,773
Money Market Portfolio		606,695		42,125		(180,085	)		180,553			(71,694	)		577,594
Total	$	5,335,755	$	367,325	$	(175,741	)	$	(393,905	)	$	(300,566	)	$	4,832,868
2015 Retirement Portfolio
Bond Portfolio	$	2,094,731	$	67,648	$	(11,759	)	$	(187,137	)	$	(157,769	)	$	1,805,714
Equity Index Portfolio		1,540,143		40,368		19,969			(327,149	)		(100,704	)		1,172,627
International Portfolio		357,344		9,160		780			(57,086	)		(22,038	)		288,160
Mid-Cap Equity Index Portfolio		385,463		10,925		3,716			(78,946	)		(22,717	)		298,441
Mid-Term Bond Portfolio		1,473,347		37,110		(5,422	)		(82,462	)		(114,257	)		1,308,316
Money Market Portfolio		503,588		17,983		(31	)		434			(25,434	)		496,540
Total	$	6,354,616	$	183,194	$	7,253		$	(732,346	)	$	(442,919	)	$	5,369,798
2020 Retirement Portfolio
Bond Portfolio	$	5,013,711	$	425,669	$	(18,876	)	$	(464,681	)	$	(352,230	)	$	4,603,593
Equity Index Portfolio		4,175,866		265,262		56,334			(894,421	)		(232,396	)		3,370,645
International Portfolio		1,412,551		91,922		7,331			(231,008	)		(72,025	)		1,208,771
Mid-Cap Equity Index Portfolio		1,433,161		91,922		15,169			(297,800	)		(72,026	)		1,170,426
Mid-Term Bond Portfolio		3,185,495		173,545		(6,006	)		(185,843	)		(165,585	)		3,001,606
Money Market Portfolio		573,220		57,577		(179	)		658			(48,262	)		583,014
Small Cap Growth Portfolio		210,452		22,828		3,350			(68,030	)		(14,109	)		154,491
Small Cap Value Portfolio		239,372		22,816		2,618			(37,111	)		(14,108	)		213,587
Total	$	16,243,828	$	1,151,541	$	59,741		$	(2,178,236	)	$	(970,741	)	$	14,306,133
2025 Retirement Portfolio
Bond Portfolio	$	6,770,972	$	326,847	$	(15,332	)	$	(625,976	)	$	(305,065	)	$	6,151,446
Equity Index Portfolio		7,688,074		278,986		64,713			(1,601,776	)		(263,043	)		6,166,954
International Portfolio		2,657,012		102,139		9,303			(425,930	)		(93,037	)		2,249,487
Mid-Cap Equity Index Portfolio		3,286,730		118,290		30,093			(670,628	)		(145,859	)		2,618,626
Mid-Term Bond Portfolio		3,816,160		106,416		(3,882	)		(223,756	)		(108,826	)		3,586,112
Money Market Portfolio		277,555		48,931		(30	)		264			(38,625	)		288,095
Small Cap Equity Index Portfolio		—		51,069		(23	)		(3,176	)		(3,947	)		43,923
Small Cap Growth Portfolio		619,016		19,359		3,424			(190,547	)		(14,660	)		436,592
Small Cap Value Portfolio		694,855		19,357		2,715			(100,820	)		(14,660	)		601,447
Total	$	25,810,374	$	1,071,394	$	90,981		$	(3,842,345	)	$	(987,722	)	$	22,142,682

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2021		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2022
2030 Retirement Portfolio
Bond Portfolio	$	3,297,684	$	259,168	$	(12,596	)	$	(300,461	)	$	(241,603	)	$	3,002,192
Equity Index Portfolio		5,963,849		342,915		78,331			(1,271,993	)		(314,157	)		4,798,945
International Portfolio		2,114,043		123,824		10,200			(343,871	)		(112,644	)		1,791,552
Mid-Cap Equity Index Portfolio		2,673,630		148,779		28,940			(552,590	)		(129,806	)		2,168,953
Mid-Term Bond Portfolio		1,202,079		57,593		(2,299	)		(69,582	)		(57,933	)		1,129,858
Money Market Portfolio		218,273		49,192		(32	)		217			(42,535	)		225,115
Small Cap Equity Index Portfolio		76,011		11,519		(2,944	)		(11,591	)		(11,587	)		61,408
Small Cap Growth Portfolio		532,022		19,437		3,899			(164,392	)		(16,574	)		374,392
Small Cap Value Portfolio		595,242		19,436		3,202			(86,944	)		(16,574	)		514,362
Total	$	16,672,833	$	1,031,863	$	106,701		$	(2,801,207	)	$	(943,413	)	$	14,066,777
2035 Retirement Portfolio
Bond Portfolio	$	1,745,931	$	237,029	$	(4,371	)	$	(170,122	)	$	(80,859	)	$	1,727,608
Equity Index Portfolio		3,318,186		368,843		28,673			(721,056	)		(133,737	)		2,860,909
International Portfolio		1,254,632		147,422		3,742			(208,822	)		(52,079	)		1,144,895
Mid-Cap Equity Index Portfolio		1,474,369		152,045		27,653			(320,037	)		(150,263	)		1,183,767
Mid-Term Bond Portfolio		—		56,940		(49	)		(117	)		(7,049	)		49,725
Money Market Portfolio		—		55,205		4			38			(5,287	)		49,960
Small Cap Equity Index Portfolio		98,601		13,298		862			(20,626	)		(6,995	)		85,140
Small Cap Growth Portfolio		300,211		26,014		1,507			(95,328	)		(6,891	)		225,513
Small Cap Value Portfolio		292,078		26,014		1,166			(44,280	)		(6,892	)		268,086
Total	$	8,484,008	$	1,082,810	$	59,187		$	(1,580,350	)	$	(450,052	)	$	7,595,603
2040 Retirement Portfolio
Bond Portfolio	$	1,041,865	$	209,293	$	(2,802	)	$	(84,437	)	$	(271,254	)	$	892,665
Equity Index Portfolio		3,527,806		511,955		197,911			(848,184	)		(649,810	)		2,739,678
International Portfolio		1,411,985		211,949		41,918			(243,446	)		(269,362	)		1,153,044
Mid-Cap Equity Index Portfolio		1,454,529		206,638		80,251			(340,048	)		(318,292	)		1,083,078
Money Market Portfolio		—		52,655		—			42			(535	)		52,162
Small Cap Equity Index Portfolio		181,446		24,779		8,248			(40,349	)		(31,652	)		142,472
Small Cap Growth Portfolio		282,367		35,839		14,288			(94,069	)		(47,220	)		191,205
Small Cap Value Portfolio		264,375		35,840		10,381			(44,863	)		(47,209	)		218,524
Total	$	8,164,373	$	1,288,948	$	350,195		$	(1,695,354	)	$	(1,635,334	)	$	6,472,828
2045 Retirement Portfolio
Bond Portfolio	$	408,544	$	69,944	$	(2,390	)	$	(38,682	)	$	(30,867	)	$	406,549
Equity Index Portfolio		1,754,990		231,161		22,770			(391,544	)		(118,625	)		1,498,752
International Portfolio		715,363		97,327		2,194			(120,872	)		(48,380	)		645,632
Mid-Cap Equity Index Portfolio		691,813		85,911		11,486			(151,728	)		(67,209	)		570,273
Money Market Portfolio		—		33,047		2			22			(4,302	)		28,769
Small Cap Equity Index Portfolio		65,732		8,370		(24,152	)		11,195			(6,869	)		54,276
Small Cap Growth Portfolio		186,773		18,241		858			(59,713	)		(5,972	)		140,187
Small Cap Value Portfolio		178,435		18,242		844			(27,377	)		(5,968	)		164,176
Total	$	4,001,650	$	562,243	$	11,612		$	(778,699	)	$	(288,192	)	$	3,508,614
2050 Retirement Portfolio
Bond Portfolio	$	343,272	$	53,360	$	(1,267	)	$	(33,337	)	$	(20,798	)	$	341,230
Equity Index Portfolio		1,695,249		198,367		20,561			(372,391	)		(93,866	)		1,447,920
International Portfolio		743,882		90,183		3,541			(125,694	)		(40,521	)		671,391
Mid-Cap Equity Index Portfolio		726,750		81,592		11,568			(157,397	)		(61,818	)		600,695
Money Market Portfolio		—		31,553		—			23			(2,656	)		28,920
Small Cap Equity Index Portfolio		105,333		10,965		1,054			(21,728	)		(6,782	)		88,842
Small Cap Growth Portfolio		184,784		17,269		1,007			(58,991	)		(5,594	)		138,475
Small Cap Value Portfolio		182,358		17,267		935			(27,752	)		(5,595	)		167,213
Total	$	3,981,628	$	500,556	$	37,399		$	(797,267	)	$	(237,630	)	$	3,484,686

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2021		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2022
2055 Retirement Portfolio
Bond Portfolio	$	69,965	$	12,280	$	(51	)	$	(6,994	)	$	(2,689	)	$	72,511
Equity Index Portfolio		373,218		52,209		2,981			(81,328	)		(10,505	)		336,575
International Portfolio		164,207		25,699		750			(28,225	)		(5,170	)		157,261
Mid-Cap Equity Index Portfolio		171,023		23,608		1,540			(36,737	)		(6,750	)		152,684
Money Market Portfolio		—		2,162		(2	)		2			(31	)		2,131
Small Cap Equity Index Portfolio		16,811		1,602		69			(3,367	)		(324	)		14,791
Small Cap Growth Portfolio		47,489		6,058		336			(15,366	)		(1,219	)		37,298
Small Cap Value Portfolio		48,403		6,059		245			(7,464	)		(1,215	)		46,028
Total	$	891,116	$	129,677	$	5,868		$	(179,479	)	$	(27,903	)	$	819,279
2060 Retirement Portfolio
Bond Portfolio	$	50,504	$	9,679	$	9,185		$	(14,399	)	$	(10,035	)	$	44,934
Equity Index Portfolio		301,974		49,231		78,620			(141,088	)		(87,146	)		201,591
International Portfolio		148,498		26,211		88,092			(113,497	)		(41,207	)		108,097
Mid-Cap Equity Index Portfolio		149,948		24,424		51,348			(81,945	)		(30,947	)		112,828
Money Market Portfolio		—		2,090		—			—			(1,728	)		362
Small Cap Equity Index Portfolio		20,119		2,666		42,713			(46,604	)		(7,219	)		11,675
Small Cap Growth Portfolio		39,486		6,038		5,688			(18,333	)		(5,941	)		26,938
Small Cap Value Portfolio		40,253		6,035		8,389			(14,361	)		(5,941	)		34,375
Total	$	750,782	$	126,374	$	284,035		$	(430,227	)	$	(190,164	)	$	540,800
Conservative Allocation Portfolio
Bond Portfolio	$	2,549,850	$	202,323	$	(16,395	)	$	(238,323	)	$	(179,708	)	$	2,317,747
Equity Index Portfolio		2,826,183		168,604		24,386			(612,731	)		(148,945	)		2,257,497
International Portfolio		558,878		33,720		862			(91,893	)		(29,788	)		471,779
Mid-Cap Equity Index Portfolio		600,616		33,719		3,650			(125,807	)		(29,787	)		482,391
Mid-Term Bond Portfolio		3,309,752		236,044		(11,908	)		(195,648	)		(208,517	)		3,129,723
Total	$	9,845,279	$	674,410	$	595		$	(1,264,402	)	$	(596,745	)	$	8,659,137
Moderate Allocation Portfolio
Bond Portfolio	$	4,977,746	$	223,390	$	(26,296	)	$	(439,095	)	$	(430,761	)	$	4,304,984
Equity Index Portfolio		9,106,163		312,747		142,420			(1,941,824	)		(599,963	)		7,019,543
International Portfolio		2,386,860		89,357		15,002			(383,263	)		(171,419	)		1,936,537
Mid-Cap Equity Index Portfolio		3,744,841		134,033		50,885			(775,187	)		(257,129	)		2,897,443
Mid-Term Bond Portfolio		3,367,860		134,034		(10,172	)		(188,882	)		(257,127	)		3,045,713
Total	$	23,583,470	$	893,561	$	171,839		$	(3,728,251	)	$	(1,716,399	)	$	19,204,220
Aggressive Allocation Portfolio
Bond Portfolio	$	773,741	$	30,500	$	(3,763	)	$	(68,536	)	$	(55,176	)	$	676,766
Equity Index Portfolio		1,945,864		53,376		24,480			(405,344	)		(95,728	)		1,522,648
International Portfolio		707,832		22,875		3,794			(112,175	)		(41,027	)		581,299
Mid-Cap Equity Index Portfolio		1,044,109		30,500		11,478			(211,812	)		(54,705	)		819,570
Small Cap Growth Portfolio		310,193		7,624		2,820			(95,072	)		(13,674	)		211,891
Small Cap Value Portfolio		267,768		7,625		2,356			(39,366	)		(13,675	)		224,708
Total	$	5,049,507	$	152,500	$	41,165		$	(932,305	)	$	(273,985	)	$	4,036,882

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

4. CAPITAL SHARE ACTIVITY

The Investment Company has registered an indefinite number of its capital shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. As of June 30, 2022, shares authorized at par value $0.01 per share were allocated into the 25 series of Portfolios as follows:

	Authorized No. of Shares
	Total Shares Allocated
Equity Index Portfolio		30,000,000
All America Portfolio		10,000,000
Small Cap Value Portfolio		10,000,000
Small Cap Growth Portfolio		15,000,000
Small Cap Equity Index Portfolio		10,000,000
Mid Cap Value Portfolio		5,000,000
Mid-Cap Equity Index Portfolio		40,000,000
International Portfolio		25,000,000
Retirement Income Portfolio		5,000,000
2015 Retirement Portfolio		10,000,000
2020 Retirement Portfolio		25,000,000
2025 Retirement Portfolio		25,000,000
2030 Retirement Portfolio		15,000,000
2035 Retirement Portfolio		10,000,000
2040 Retirement Portfolio		10,000,000
2045 Retirement Portfolio		10,000,000
2050 Retirement Portfolio		10,000,000
2055 Retirement Portfolio		10,000,000
2060 Retirement Portfolio		10,000,000
Conservative Allocation Portfolio		10,000,000
Moderate Allocation Portfolio		25,000,000
Aggressive Allocation Portfolio		10,000,000
Money Market Portfolio		10,000,000
Mid-Term Bond Portfolio		35,000,000
Bond Portfolio		40,000,000
Sub-Total		415,000,000
Shares to be allocated at the discretion of the Board of Directors		135,000,000
Total		550,000,000

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

4. CAPITAL SHARE ACTIVITY (CONTINUED)

On September 25, 2020, after the close of trading on the New York Stock Exchange, the Portfolios listed below effected a 1 for 10 reverse split, and post-split shares began trading on September 28, 2020. As a result of the reverse split, every ten pre-split shares were automatically exchanged for one post-split share. The effect of the reverse split transaction was to reduce the number of shares outstanding by the reverse split factor and resulted in a proportionate increase in the net asset value per share. These transactions had not changed the net assets or the value of a shareholder’s investment. Shares issued and outstanding immediately prior to and after the reverse share split, not accounting for fractional shares, are listed below.

	Pre-split				Post-split
Portfolio	Shares Outstanding		NAV		Shares Outstanding		NAV
Equity Index Portfolio		17,004,903	$	4.96		1,700,490	$	49.63
All America Portfolio		5,256,558	$	2.38		525,656	$	23.83
Small Cap Value Portfolio		5,400,452	$	1.10		540,045	$	11.04
Small Cap Growth Portfolio		6,765,883	$	1.60		676,588	$	16.01
Small Cap Equity Index Portfolio		3,931,560	$	0.82		393,156	$	8.21
Mid Cap Value Portfolio		1,092,225	$	1.37		109,222	$	13.66
Mid-Cap Equity Index Portfolio		19,325,613	$	1.99		1,932,561	$	19.95
International Portfolio		12,902,585	$	0.84		1,290,259	$	8.38
Retirement Income Portfolio		2,483,647	$	1.25		248,365	$	12.55
2015 Retirement Portfolio		5,405,404	$	1.07		540,540	$	10.74
2020 Retirement Portfolio		12,222,000	$	1.26		1,222,200	$	12.62
2025 Retirement Portfolio		14,112,315	$	1.37		1,411,231	$	13.73
2030 Retirement Portfolio		7,253,464	$	1.42		725,346	$	14.22
2035 Retirement Portfolio		3,473,571	$	1.43		347,357	$	14.34
2040 Retirement Portfolio		3,007,567	$	1.41		300,757	$	14.11
2045 Retirement Portfolio		1,683,211	$	1.39		168,321	$	13.89
2050 Retirement Portfolio		1,386,056	$	1.69		138,606	$	16.86
2055 Retirement Portfolio		288,405	$	1.27		28,840	$	12.75
2060 Retirement Portfolio		219,155	$	1.06		21,916	$	10.61
Conservative Allocation Portfolio		6,319,065	$	1.32		631,906	$	13.17
Moderate Allocation Portfolio		13,702,383	$	1.56		1,370,238	$	15.64
Aggressive Allocation Portfolio		2,127,908	$	1.70		212,791	$	17.05
Money Market Portfolio		6,096,389	$	1.24		609,639	$	12.36
Mid-Term Bond Portfolio		17,837,532	$	1.12		1,783,753	$	11.19
Bond Portfolio		21,793,694	$	1.58		2,179,369	$	15.78

5. DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION

On October 5, 2021 and October 7, 2021, required distributions of net investment income and, as applicable, net realized gains were declared and paid for the applicable portfolios as follows: Equity Index Portfolio, All America Portfolio, Small Cap Value Portfolio, Small Cap Growth Portfolio, Small Cap Equity Index Portfolio, Mid Cap Value Portfolio, Mid-Cap Equity Index Portfolio, International Portfolio, Retirement Income Portfolio, 2035 Retirement Portfolio, 2050 Retirement Portfolio, 2060 Retirement Portfolio, Conservative Allocation Portfolio, Mid-Term Bond Portfolio and Bond Portfolio.

On December 14, 2021, required dividend distributions from net investment income, short-term gains and long-term capital gains, were declared and paid by the Small Cap Equity Index Portfolio.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

5. DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED)

Pursuant to shareholders’ instructions, substantially all dividend distributions throughout 2021 were immediately reinvested into their respective portfolios. There were no dividend distributions in 2022. The tax character of the distributions paid during 2021 was as follows:

	Equity Index Portfolio		All America Portfolio		Small Cap Value Portfolio		Small Cap Growth Portfolio		Small Cap Equity Index Portfolio
Ordinary Income (a)
2021	$	1,402,613	$	148,887	$	103,700	$	12,666	$	464,595
Long-Term Capital Gains
2021	$	—	$	—	$	—	$	—	$	624,780
	Mid Cap Value Portfolio		Mid-Cap Equity Index Portfolio		International Portfolio		Retirement Income Portfolio		2015 Retirement Portfolio
Ordinary Income (a)
2021	$	26,563	$	577,063	$	220,053	$	18,820	$	—
Long-Term Capital Gains
2021	$	—	$	—	$	—	$	—	$	—
	2020 Retirement Portfolio		2025 Retirement Portfolio		2030 Retirement Portfolio		2035 Retirement Portfolio		2040 Retirement Portfolio
Ordinary Income (a)
2021	$	—	$	—	$	—	$	—	$	—
Long-Term Capital Gains
2021	$	—	$	—	$	—	$	15	$	—
	2045 Retirement Portfolio		2050 Retirement Portfolio		2055 Retirement Portfolio		2060 Retirement Portfolio		Conservative Allocation Portfolio
Ordinary Income (a)
2021	$	—	$	2,154	$	—	$	25	$	38,197
Long-Term Capital Gains
2021	$	—	$	20	$	—	$	—	$	—
	Moderate Allocation Portfolio		Aggressive Allocation Portfolio		Money Market Portfolio		Mid-Term Bond Portfolio		Bond Portfolio
Ordinary Income (a)
2021	$	—	$	—	$	—	$	430,440	$	561,005
Long-Term Capital Gains
2021	$	—	$	—	$	—	$	—	$	—

Notes:

(a) Includes distributions from Portfolio-level net short-term capital gains.

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

5. DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION (CONTINUED)

Undistributed net income and gains (losses) — As of June 30, 2022, undistributed net income and undistributed accumulated gain (loss) for federal income tax purposes were as follows:

	Equity Index Portfolio			All America Portfolio			Small Cap Value Portfolio			Small Cap Growth Portfolio			Small Cap Equity Index Portfolio
Accumulated undistributed net investment income	$	2,236,050		$	282,506		$	285,601		$	343,180		$	77,314
Accumulated undistributed net realized gain/(loss) on investments	$	4,019,865		$	869,534		$	1,191,908		$	1,518,525		$	239,089
Net unrealized appreciation (depreciation) of investments	$	7,180,911		$	824,031		$	(1,423,253	)	$	(1,039,498	)	$	(856,898	)
	Mid Cap Value Portfolio			Mid-Cap Equity Index Portfolio			International Portfolio			Retirement Income Portfolio			2015 Retirement Portfolio
Accumulated undistributed net investment income	$	78,128		$	1,004,070		$	741,930		$	71,106		$	88,077
Accumulated undistributed net realized gain/(loss) on investments	$	204,946		$	3,394,726		$	1,366,105		$	60,481		$	189,061
Net unrealized appreciation (depreciation) of investments	$	(339,826	)	$	(1,269,649	)	$	(2,577,736	)	$	(316,032	)	$	(133,247	)
	2020 Retirement Portfolio			2025 Retirement Portfolio			2030 Retirement Portfolio			2035 Retirement Portfolio			2040 Retirement Portfolio
Accumulated undistributed net investment income	$	223,193		$	372,193		$	186,415		$	98,551		$	104,111
Accumulated undistributed net realized gain/(loss) on investments	$	686,497		$	605,002		$	(18,867	)	$	266,352		$	520,604
Net unrealized appreciation (depreciation) of investments	$	(313,991	)	$	(290,980	)	$	(171,423	)	$	(129,842	)	$	(275,303	)
	2045 Retirement Portfolio			2050 Retirement Portfolio			2055 Retirement Portfolio			2060 Retirement Portfolio			Conservative Allocation Portfolio
Accumulated undistributed net investment income	$	44,067		$	48,489		$	10,350		$	5,758		$	177,860
Accumulated undistributed net realized gain/(loss) on investments	$	94,960		$	236,535		$	(20,497	)	$	283,055		$	387,174
Net unrealized appreciation (depreciation) of investments	$	(29,320	)	$	(85,394	)	$	(39,202	)	$	(350,112	)	$	(453,264	)
	Moderate Allocation Portfolio			Aggressive Allocation Portfolio			Money Market Portfolio			Mid-Term Bond Portfolio			Bond Portfolio
Accumulated undistributed net investment income	$	302,064		$	55,398		$	7,132		$	254,626		$	828,993
Accumulated undistributed net realized gain/(loss) on investments	$	1,179,351		$	198,569		$	(495	)	$	(11,421	)	$	(327,749	)
Net unrealized appreciation (depreciation) of investments	$	(244,248	)	$	7,479		$	(124	)	$	(1,499,452	)	$	(3,962,182	)

The difference between the components of distributable earnings for income tax purposes and the amounts reflected in the statements of assets and liabilities arise primarily from federal income tax treatment of wash sales, REITs, PFICs, partnerships, corporate actions and futures contracts.

121

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

6. RECENT ACCOUNTING PRONOUNCEMENTS

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU 2020-04 on the fund’s investments that will undergo reference rate-related modifications as a result of the reference rate reform.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule became effective March 8, 2021 and will have a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Funds.

7. OTHER MATTERS

During 2020, the COVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak. The rapid development and fluidity of this situation precludes any prediction as to its ultimate impact, which may have a continued adverse impact on economic and market conditions and trigger a period of global economic slowdown.

Management is still monitoring developments relating to COVID-19 and are coordinating its operational response based on existing business continuity plans and on guidance from global health organizations, relevant governments and general pandemic response best practices.

Brown Brothers Harriman & Co. (“BBH”) has entered into an agreement with State Street Corporation (“State Street”) under which State Street will acquire BBH’s Investor Services business; which includes its custody, fund accounting and administration, transfer agency, depositary, foreign exchange, trustee and securities lending services. The completion of the transaction is subject to customary closing conditions and regulatory approvals. BBH and State Street are committed to providing uninterrupted service and a seamless transition.

8. REORGANIZATIONS

On July 31, 2020, the Investment Company 2010 Retirement Portfolio (“Transferor Fund”), was reorganized into the Retirement Income Portfolio, (“Surviving Fund”) in accordance with an Agreement and Plan of Reorganization (the “Agreement”) made on February 28, 2020. The Agreement provided for the transfer of all assets of the Transferor Fund for shares of the Surviving Fund and the assumption of the liabilities of the Transferor Fund by the Surviving Fund. The Transferor Fund then ceased operations.

On the reorganization date, the Transferor Fund had the following total investment cost and value, representing the principal assets acquired by the Surviving Fund:

Transferor Fund	Total Investment Value		Total Investment Cost		Unrealized Gain on Investments
2010 Retirement Portfolio	$	312,786	$	305,159	$	7,627

The purpose of the transaction was to combine two portfolios with substantially similar investment objectives and policies.

122

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

8. REORGANIZATIONS (CONTINUED)

The acquisition was accomplished by a tax-free exchange, for tax purposes only, of the following shares on July 31, 2020:

Transferor Fund	Shares(a)		Surviving Fund		Shares(a)		Value
2010 Retirement Portfolio		30,333		Retirement Income Portfolio		24,918	$	312,727

a) Shares adjusted for the 1 for 10 reverse share split on September 25, 2020.

For financial reporting purposes, assets received and shares issued by the Surviving Fund, including the associated cost basis of the acquired investments, were recorded at fair value.

The net assets and net unrealized appreciation immediately before the acquisition were as follows:

Transferor Fund	Net Assets		Unrealized Appreciation on Investments		Surviving Fund		Net Assets
2010 Retirement Portfolio	$	312,727	$	7,627		Retirement Income Portfolio	$	2,038,735

Assuming the acquisition had been completed on January 1, 2020, the Surviving Fund’s unaudited pro forma results of operations for the year ended December 31, 2020 would have been as follows:

Surviving Fund	Net Investment Income (Loss)(a)			Net Realized and Unrealized Gain on Investments(b)		Net Increase in Net Assets Resulting from Operations
Retirement Income Portfolio	$	(648	)	$	173,627	$	172,979

a) Net investment income (loss) as reported in the Statement of Operations (Year ended December 31, 2020) of the Surviving Fund, plus net investment income from the Transferor Fund pre-merger were as follows:

Transferor Fund	Net Investment Income (Loss)
2010 Retirement Portfolio	$	(101	)

b) Net realized and unrealized gain (loss) on investments as reported in the Statement of Operations (Year ended December 31, 2020) of the Surviving Fund, plus net realized and unrealized gain (loss) on investments from the Transferor Fund pre-merger were as follows:

Transferor Fund	Net Realized and Change in Unrealized Gain (Loss) on Investments
2010 Retirement Portfolio	$	1,442

Since both the Transferor Fund and the Surviving Fund sold and redeemed shares throughout the period, it is not practicable to provide pro-forma information on a per-share basis.

Since the combined investment fund had been managed as a single integrated fund since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Transferor Fund that have been included in the Surviving Fund’s Statement of Operations since July 31, 2020.

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ADDITIONAL INFORMATION

Quarterly Portfolio Schedules

Included in this Semi-Annual Report are schedules of Mutual of America Variable Insurance Portfolios, Inc.’s (“Investment Company”) portfolio holdings as of June 30, 2022. The Investment Company files complete schedules of portfolio holdings, excluding the Money Market Portfolio, with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Investment Company portfolio holdings are also available for the first and third quarters of the most recent fiscal year through the website, mutualofamerica.com.

The Money Market Portfolio files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. The portfolio holdings for the prior six months are also available through the website, mutualofamerica.com.

The Form N-PORT and N-MFP are available on the SEC’s website at sec.gov.

Proxy Voting Policies and Procedures

A copy of the Investment Company’s proxy voting policies and procedures can be obtained free of charge by calling 800.468.3785. It is also available on the SEC’s website at sec.gov.

Information regarding how the Investment Company voted proxies relating to portfolio securities during the 12-month period ended June 30, 2022 is available without charge by calling 800.468.3785. It is also available on the SEC website.

Code of Ethics

The Investment Company has adopted a Code of Ethics that complies with Rule 17j-1 of the Investment Company Act of 1940 and with the requirements of the Sarbanes-Oxley Act of 2002. A copy of the Code of Ethics is available free of charge, upon request. To obtain a free copy of the Code of Ethics, please call 212.224.1568 or write to:

Ms. Kathryn A. Lu

Executive Vice President and Chief Compliance Officer

Mutual of America Variable Insurance Portfolios, Inc.

320 Park Avenue

New York, NY 10022-6839

Liquidity Risk Management Program

In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, the Investment Company has adopted a liquidity risk management program (the “Program”) that is designed to assess and manage the liquidity risk of each Fund (the risk that the Fund would be unable to meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund). The Liquidity Rule requires each registered open-end investment company (not including money market funds) to adopt and implement a written Program. The Liquidity Rule further requires that the Board of Directors shall be responsible for reviewing, no less frequently than annually, a written report from the Program Administrator that addresses the operation of the Program and its effectiveness of implementation. The Board has appointed a Liquidity Risk Management Committee (“LRMC”) comprised of officers from multiple departments within Mutual of America Life Insurance Company to serve as the Program Administrator. The Program Administrator is responsible for the implementation and ongoing administration of the Program, which includes assessing each Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, each of the Fund’s portfolio investments is classified on a daily basis into one of four liquidity categories based on estimations of the number of days an investment is expected to reasonably be converted into cash in current market conditions without significantly changing the investment’s market value.

In April 2022, as required by the Program and the Liquidity Rule, the LRMC provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the past year (the “Reporting Period”). During the Reporting Period, all of the Funds were primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). Each of the Funds were well above the 50% threshold of assets in highly liquid investments to be designated as a Primarily Highly

124

Liquid Fund. As a result, the Funds were not required to adopt, and have not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Funds did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The Funds did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the LRMC stated that it believes the Program has operated adequately and effectively to manage each Fund’s liquidity risk during the Reporting Period in compliance with the statutory requirements of the Liquidity Rule. The LRMC also did not recommend any changes to the Program during the Reporting Period.

125

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ITEM 2. CODE OF ETHICS.

Item not applicable to semi-annual report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Item not applicable to semi-annual report.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Item not applicable to semi-annual report.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Not applicable. The complete Schedules of Investment are included as part of the Reports to Stockholders in Item 1.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported in a timely and accurate manner.

(b) The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

Attached hereto:

(a) (1) Not applicable to semi-annual report.
	(2) Exhibit 99.CERT	Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940.
	(3) Not applicable.
	(b)     Exhibit 99.906CERT	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Mutual of America Variable Insurance Portfolios, Inc.

By:	/s/ CHRIS W. FESTOG
	Chris W. Festog
	Chairman of the Board,
	President and Chief Executive Officer of
	Mutual of America Variable Insurance Portfolios, Inc.
Date: September 8, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ CHRIS W. FESTOG
	Chris W. Festog
	Chairman of the Board,
	President and Chief Executive Officer of
	Mutual of America Variable Insurance Portfolios, Inc.
Date: September 8, 2022
By:	/s/ AFERDITA GUTIERREZ
	Aferdita Gutierrez
	Executive Vice President,
	Chief Financial Officer and Treasurer of
	Mutual of America Variable Insurance Portfolios, Inc.
Date: September 8, 2022

EX-99.CERT

Exhibit 99.1 CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Chris W. Festog, Chairman of the Board, President and Chief Executive Officer of Mutual of America Variable Insurance Portfolios, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Mutual of America Variable Insurance Portfolios, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered in this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 8, 2022

/s/ CHRIS W. FESTOG

Chris W. Festog

Chairman of the Board,

President and Chief Executive Officer of

Mutual of America Variable Insurance Portfolios, Inc.

Exhibit 99.2 CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

I, Aferdita Gutierrez, Executive Vice President, Chief Financial Officer and Treasurer of Mutual of America Variable Insurance Portfolios, Inc., certify that:

1. I have reviewed this report on Form N-CSR of Mutual of America Variable Insurance Portfolios, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and changes in net assets of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered in this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: September 8, 2022

/s/ AFERDITA GUTIERREZ

Aferdita Gutierrez

Executive Vice President,

Chief Financial Officer and Treasurer of

Mutual of America Variable Insurance Portfolios, Inc.

EX-99.906 CERT

Exhibit 99.906CERT

CERTIFICATION PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Report of Mutual of America Variable Insurance Portfolios, Inc. (the “Variable Insurance Portfolios”) on Form N-CSR for the semi-annual period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Chris W. Festog, Chairman of the Board, President and Chief Executive Officer of the Variable Insurance Portfolios, certify that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Variable Insurance Portfolios for the period ended June 30, 2022.

Dated: September 8, 2022

/s/ CHRIS W. FESTOG

Chris W. Festog

Chairman of the Board,

President and Chief Executive Officer of

Mutual of America Variable Insurance Portfolios, Inc.

CERTIFICATION PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Report of Mutual of America Variable Insurance Portfolios, Inc. (the “Variable Insurance Portfolios”) on Form N-CSR for the semi-annual period ended June 30, 2022 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Aferdita Gutierrez, Executive Vice President, Chief Financial Officer and Treasurer of the Variable Insurance Portfolios, certify that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Variable Insurance Portfolios for the period ended June 30, 2022.

Dated: September 8, 2022

/s/ AFERDITA GUTIERREZ

Aferdita Gutierrez

Executive Vice President,

Chief Financial Officer and Treasurer of

Mutual of America Variable Insurance Portfolios, Inc.