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)

James J. Roth

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, 2021

ITEM 1. REPORTS TO STOCKHOLDERS.

The Semi-Annual Report to Shareholders follows:

JUNE 30, 2021

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		58
2015 Retirement Portfolio		58
2020 Retirement Portfolio		58
2025 Retirement Portfolio		59
2030 Retirement Portfolio		59
2035 Retirement Portfolio		60
2040 Retirement Portfolio		60
2045 Retirement Portfolio		60
2050 Retirement Portfolio		61
2055 Retirement Portfolio		61
2060 Retirement Portfolio		61
Conservative Allocation Portfolio		62
Moderate Allocation Portfolio		62
Aggressive Allocation Portfolio		62
Money Market Portfolio		63
Mid-Term Bond Portfolio		64
Bond Portfolio		67
Footnotes to Portfolios of Investments in Securities		73
Statements of Assets and Liabilities		74
Statements of Operations		78
Statements of Changes in Net Assets		82
Financial Highlights		90
Notes to Financial Statements		100
Additional Information		117

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, 2021.

Vaccines and Jobs Drive Optimism

U.S. investors have been extremely optimistic about the financial markets during the first six months of 2021. Much of the strength in the financial markets is due to the approval and rollout of several COVID-19 vaccines. Those vaccines have allowed Americans to resume their lives and return to relative normalcy as restrictions on most businesses throughout the country have been lifted or relaxed. With more than 50% of the U.S. population fully vaccinated, it will be difficult for federal, state or local governments to reimpose broad lockdowns, as these would likely have a meaningful negative economic impact.

In addition, during the first half of this year, the consumer balance sheet has proven to be quite strong. Personal saving peaked this year in March at 26.9% which is significantly higher than pre-pandemic levels in March 2019 of 8.0%. While 6.2 million people reported in June that they were unable to work because their employer closed or lost business due to the pandemic, this is down from 7.9 million in May and is a vast improvement from the double-digit levels experienced last year. Given the general financial health of the consumer and the improving employment situation, the economy is likely to be robust for the foreseeable future.

Market Snapshot

With the backdrop of a strong U.S. economy, equity markets in the second quarter of 2021 added to the gains achieved in the first quarter. Overall, the S&P 500^® Index reached all-time highs on 34 occasions in the first half of 2021. The best returns for the second quarter and year to date were in the cyclical, sensitive sectors, such as energy and financials. However, all domestic and international equities posted mid-to-high single-digit returns for the second quarter alone and high single- to double-digit returns for the year to date. Through June 30, 2021, U.S. equity markets outperformed international equity markets, reflecting the earlier vaccination adoption success in the U.S. It is also worth noting that U.S. small-cap stocks were the best-performing segment of the equity market during the first half of 2021, given their high operating leverage to the reopening of the economy.

In the fixed income markets, the 10-year U.S. Treasury bond rose to 1.76% at the start of the second quarter, as investors worried that strong consumer demand and ample monetary and fiscal liquidity would lead to higher levels of inflation. Once again, the U.S. Federal Reserve (Fed) offered reassurance that price increases would only be temporary and that the Fed would be ready to reduce bond purchases if higher levels of inflation were to evolve. By the end of the quarter, the fixed income markets settled down, and the 10-year Treasury yield had retreated to 1.47%.

Outlook

As this summer has progressed, the Delta variant of the coronavirus has proven quite transmissible, especially among non-vaccinated individuals, leading to a spike in infections in pockets of the U.S. However, as long as the Delta variant can be contained, the economy should remain on strong footing given the strength in consumer spending, declining unemployment levels and moderate levels of inflation. If that is the case, the economic expansion should continue throughout the balance of the year, which would likely continue to boost the already strong equity markets.

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, 2021
Equity Index Portfolio	+15.18%
All America Portfolio	+16.46%
Small Cap Value Portfolio	+25.27%
Small Cap Growth Portfolio	+  9.93%
Small Cap Equity Index Portfolio	+23.42%
Mid Cap Value Portfolio	+22.14%
Mid-Cap Equity Index Portfolio	+17.52%
International Portfolio	+  9.27%
Retirement Income Portfolio	+  3.37%

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Total Returns — Six Months Ended June 30, 2021
2015 Retirement Portfolio	+  4.57%
2020 Retirement Portfolio	+  6.08%
2025 Retirement Portfolio	+  7.73%
2030 Retirement Portfolio	+  9.90%
2035 Retirement Portfolio	+11.38%
2040 Retirement Portfolio	+12.49%
2045 Retirement Portfolio	+12.87%
2050 Retirement Portfolio	+13.25%
2055 Retirement Portfolio	+13.54%
2060 Retirement Portfolio	+13.40%
Conservative Allocation Portfolio	+  4.60%
Moderate Allocation Portfolio	+  8.74%
Aggressive Allocation Portfolio	+11.80%
Money Market Portfolio	-  0.08%
Mid-Term Bond Portfolio	-  0.89%
Bond Portfolio	-  2.29%

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, 2021, 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,

James J. Roth

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, 2021, was 15.26% before expenses and 15.18% after expenses. The benchmark returned 15.25%. 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, 2021, the S&P 500 of large capitalization stocks increased by 15.25% on a total return basis, while the Russell^® Midcap Core Index was up 16.25% and the Russell Midcap^® Value Index was up 19.45%. The Russell 2000^® Growth Index up 8.98% and the Russell 2000^® Value Index up 26.69%.

The All America Portfolio’s return for the six months ended June 30, 2021, before expenses was 16.76% and 16.46% after expenses versus the benchmark return of 15.25%.

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, 2021, the Small Cap Value Portfolio returned 25.77% before expenses and 25.27% after expenses versus a 26.69% return for the Russell 2000^® Value Index. Within the benchmark the best performing sectors were Energy and Retail, while the worst performing sectors were Utilities and Consumer Staples.

Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Fund performance included Health Care and Technology while sectors detracting from Fund performance included Retail and Real Estate.

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 10.37% before expenses and 9.93% after expenses for the six months ended June 30, 2021. The Portfolio’s benchmark, the Russell 2000^® Growth Index, returned 8.98% for the comparable period.

The majority of our outperformance came from the Consumer Discretionary sector which increased 38% for the first six months of the year compared to this sector in the Russell 2000^® Growth Index which increased approximately 25%. The Consumer Discretionary sector was one of the key areas benefitting from the re-opening of the economy.    After Energy, this sector was the second best performing sector in our benchmark.

We struggled in the Industrial sector given the well-above average expected Gross Domestic Product (GDP) growth for 2021. Health Care was also difficult given poor stock selection in the managed care area of healthcare services.

Nonetheless, the portfolio produced a near double digit return for the first six months of the year after a stellar 2020.

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.

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The Small Cap Equity Index Portfolio’s return for the six months ended June 30, 2021, was 23.51% before expenses and 23.42% after expenses. The return of the S&P SmallCap 600 was 23.56%. 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, 2021, the Mid Cap Value Portfolio returned 22.53% before expenses and 22.14% after expenses versus a 19.45% return for the Russell Midcap^® Value Index. Within the benchmark the best performing sectors were Energy and Financials, while the worst performing sectors were Utilities and Consumer Staples.

Stock selection was the primary driver of positive performance versus the benchmark. Sectors contributing to Fund performance included Technology and Health Care while sectors detracting from Fund performance included Basic Materials and Real Estate.

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, 2021, was 17.60% before expenses and 17.52% after expenses. The return of the S&P MidCap 400 was 17.59%. 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). Currently the International Portfolio is invested mainly in exchange traded Portfolios that reflect, replicate or follow the country weightings of the MSCI EAFE^® Index. The Portfolio also has invested a small percentage of assets in exchange traded Portfolios that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries.

For the six months ended June 30, 2021, the International Portfolio returned 9.34% before expenses and 9.27% after expenses. The return of the MSCI EAFE benchmark was 8.83%. 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 75% of net assets in fixed-income Portfolios (approximately 35% in the Bond Portfolio, 25% in the Mid-Term Bond Portfolio and 15% in the Money Market Portfolio) and approximately 25% of net assets in equity Portfolios (20% in the Equity Index Portfolio and 5% in the Mid-Cap Equity Index Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the Retirement Income Portfolio is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (15% weighting) and the S&P 500^® Index (25% weighting). For the six months ended June 30, 2021, the Portfolio returned 3.41% before expenses and 3.37% after expenses, versus a 2.68% return in the weighted benchmark.

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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 (37% in the Bond Portfolio, 20% in the Mid-Term Bond Portfolio and 10% in the Money Market Portfolio) and approximately 33% of net assets in equity Portfolios (approximately 22% in the Equity Index Portfolio, 6% 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 2021).

Performance for the 2015 Retirement Portfolio is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (57% weighting), the FTSE 3-Month Treasury Bill Index (10% weighting) and the S&P 500^® Index (33% weighting). For the six months ended June 30, 2021, the Portfolio returned 4.60% before expenses and 4.57% after expenses, versus a 3.92% return in the weighted benchmark.

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 57% of net assets in fixed-income Portfolios (37% in the Bond Portfolio, 15% in the Mid-Term Bond Portfolio and 5% in the Money Market Portfolio) and approximately 43% of net assets in equity Portfolios (approximately 23% in the Equity Index Portfolio, 8% in the Mid-Cap Equity Index Portfolio, 8% in the International Portfolio and 2% each in 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 2021).

Performance for the 2020 Retirement Portfolio is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (52% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500^® Index (43% weighting). For the six months ended June 30, 2021, the Portfolio returned 6.11% before expenses and 6.08% after expenses, versus a 5.50% return in the weighted 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 53% of net assets in equity Portfolios (approximately 27% in the Equity Index Portfolio, 12% in the Mid-Cap Equity Index Portfolio, 10% in the International Portfolio and 2% each in the Small Cap Growth and Small Cap Value Portfolios) and approximately 47% of net assets in fixed-income Portfolios (32% in the Bond Portfolio, 10% in the Mid-Term Bond Portfolio and 5% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the 2025 Retirement Portfolio is compared to the S&P 500^® Index (53% weighting), the Bloomberg Barclays U.S. Aggregate Bond Index (42% weighting) and the FTSE 3-Month Treasury Bill Index (5% weighting). For the six months ended June 30, 2021, the Portfolio returned 7.76% before expenses and 7.73% after expenses, versus a 7.18% return in the weighted 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 65% of net assets in equity Portfolios (approximately 33% in the Equity Index Portfolio, 15% in the Mid-Cap Equity Index Portfolio, 12% in the International Portfolio 1% in the Small Cap Equity Index Portfolio and 2% each in the Small Cap Growth and Small Cap Value Portfolios) and approximately 35% of net assets in fixed-income Portfolios (25% in the Bond Portfolio, 5% in the Mid-Term Bond Portfolio and 5% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the 2030 Retirement Portfolio is compared to the S&P 500^® Index (65% weighting), the Bloomberg Barclays U.S. Aggregate Bond Index (30% weighting) and the FTSE 3-Month Treasury Bill Index (5% weighting). For the period six months ended June 30, 2021, the Portfolio returned 9.93% before expenses and 9.90% after expenses, versus a 9.22% return in the weighted benchmark.

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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 75% of net assets in equity Portfolios (approximately 37% in the Equity Index Portfolio, 16% in the Mid-Cap Equity Index Portfolio, 15% in the International Portfolio, 3% each in the Small Cap Growth and Small Cap Value Portfolios and 1% in the Small-Cap Equity Index Portfolio) and approximately 25% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the 2035 Retirement Portfolio is compared to the S&P 500^® Index (75% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (25% weighting). For the six months ended June 30, 2021, the Portfolio returned 11.41% before expenses and 11.38% after expenses, versus a 10.86% return in the weighted benchmark.

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 83% of net assets in equity Portfolios (approximately 41% in the Equity Index Portfolio, 17% in the Mid-Cap Equity Index Portfolio, 17% in the International Portfolio, 3% each in the Small Cap Growth and Small Cap Value Portfolios and 2% in the Small-Cap Equity Index Portfolio) and approximately 17% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the 2040 Retirement Portfolio is compared to the S&P 500^® Index (83% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (17% weighting). For the six months ended June 30, 2021, the Portfolio returned 12.52% before expenses and 12.49% after expenses, versus a 12.25% return in the weighted 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 86% of net assets in equity Portfolios (approximately 42% in the Equity Index Portfolio, 17% in the Mid-Cap Equity Index Portfolio, 18% in the International Portfolio, 4% each in the Small Cap Growth and Small Cap Value Portfolios and 1% in the Small-Cap Equity Index Portfolio) and approximately 14% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the 2045 Retirement Portfolio is compared to the S&P 500^® Index (86% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (14% weighting). For the six months ended June 30, 2021, the Portfolio returned 12.90% before expenses and 12.87% after expenses, versus a 12.78% return in the weighted 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 88% of net assets in equity Portfolios (approximately 41% in the Equity Index Portfolio, 18% in the Mid-Cap Equity Index Portfolio, 19% in the International Portfolio, 4% each in the Small Cap Growth and Small Cap Value Portfolios and 2% in the Small-Cap Equity Index Portfolio) and approximately 12% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the 2050 Retirement Portfolio is compared to the S&P 500^® Index (88% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (12% weighting). For the six months ended June 30, 2021, the Portfolio returned 13.28% before expenses and 13.25% after expenses, versus a 13.13% return in the weighted benchmark.

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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 90% of net assets in equity Portfolios (approximately 40% in the Equity Index Portfolio, 19% in the Mid-Cap Equity Index Portfolio, 20% in the International Portfolio, 5% each in the Small Cap Growth and Small Cap Value Portfolios and 1% in the Small-Cap Equity Index Portfolio) and approximately 10% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the 2055 Retirement Portfolio is compared to the S&P 500^® Index (90% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (10% weighting). For the six months ended June 30, 2021, the Portfolio returned 13.60% before expenses and 13.54% after expenses, versus a 13.48% return in the weighted benchmark.

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 92% of net assets in equity Portfolios (approximately 39% in the Equity Index Portfolio, 20% in the Mid-Cap Equity Index Portfolio, 21% in the International Portfolio, 5% each in the Small Cap Growth and Small Cap Value Portfolios and 2% in the Small-Cap Equity Index Portfolio) and approximately 8% of net assets in the Bond (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2021).

Performance for the 2060 Retirement Portfolio is compared to the S&P 500^® Index (92% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (8% weighting). For the six months ended June 30, 2021, the Portfolio returned 13.42% before expenses and 13.40% after expenses, versus a 13.83% return in the weighted 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 Bloomberg Barclays U.S. Aggregate Bond Index (65% weighting) and the S&P 500^® Index (35% weighting). For the six months ended June 30, 2021, the Conservative Allocation Portfolio returned 4.61% before expenses and 4.60% after expenses, versus a 4.08% return in the weighted 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 S&P 500^® Index (60% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (40% weighting). For the six months ended June 30, 2021, the Moderate Allocation Portfolio returned 8.75% before expenses and 8.74% after expenses, versus an 8.28% return for the weighted 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

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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 S&P 500^® Index (80% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (20% weighting). For the six months ended June 30, 2021, the Aggressive Allocation Portfolio returned 11.81% before expenses and 11.80% after expenses, versus a 11.73% return for the weighted 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, 2021, the Money Market Portfolio returned 0.02% before expenses and -0.08% after expenses, compared to a 0.03% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

The Portfolio’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On June 30, 2021, the Portfolio held 39% in U.S. Treasury Bills, 18% in U.S. agency discount notes and the remainder in commercial paper. The average maturity was 29 days.

The seven-day effective yield as of August 17, 2021, was -0.15%. 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 last year by the Federal Reserve (Fed) to combat the effects of the Covid-19 driven slowdown remain. 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. These actions returned the target range to 0-0.25%, a level first seen during the Global Financial Crisis of 2008-2009. This range is expected to persist into 2022 or 2023. Additionally, the Fed pledged to increase its’ holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until progress had been made toward the goals of maximum employment and price stability. These asset purchases help foster smooth market functioning and accommodative financial conditions which supports the flow of credit to households and businesses.

In a departure from historic practice, following the September 2020 meeting, the Fed indicated that it would allow any future inflation to exceed its’ 2% target for a longer period of time relative to the past before taking action to quell price advances by raising rates. This practice has come to be known as FAIT, Flexible Average Inflation Targeting.

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 Barclays 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, 2021, the Mid-Term Bond Portfolio returned -0.67% before expenses and -0.89% after expenses versus a -0.90% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period. The portfolio’s short duration positioning aided the outperformance.

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 Barclays U.S. Aggregate Bond Index, with an overweighting of BBB-rated issuers. To

8

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. Few corporate holdings exceed one-half of one percent of the Portfolio’s value. We will maintain this extreme diversification as part of our risk control.

The fixed income market posted negative returns for the first half of the year. The benchmark returned -1.60% for six months ended June 30, 2021. The Bond Portfolio returned -2.07% before expenses and -2.29% after expenses during the same period. The Portfolio’s underperformance can be attributed to its’ exposure to Treasuries with long maturities, a sector that did not do well through June. In our view, the overall market has become too comfortable with risk taking. In keeping with our objective of preserving capital, we maintained our “up-in-quality” stance through this period and will continue to do so for the time being.

Many of the stimulus measures put into place last year by the Federal Reserve (Fed) to combat the effects of the Covid-19 driven slowdown remain. 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. These actions returned the target range to 0-0.25%, a level first seen during the Global Financial Crisis of 2008-2009. This range is expected to persist into 2022 or 2023. Additionally, the Fed pledged to increase its’ holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until progress had been made toward the goals of maximum employment and price stability. These asset purchases help foster smooth market functioning and accommodative financial conditions which supports the flow of credit to households and businesses.

In a departure from historic practice, following the September 2020 meeting, the Fed indicated that it would allow any future inflation to exceed its’ 2% target for a longer period of time relative to the past before taking action to quell price advances by raising rates. This practice has come to be known as FAIT, Flexible Average Inflation Targeting.

This year has given the Fed ample opportunity to be patient as inflation, measured by the Consumer Price Index (CPI), has risen from 1.4% year-over-year (YoY) in January to 5.4% YoY in June. Fed expectations and statements that the inflation increase is transitory have had a direct and measurable effect on the markets.

Treasury yields experienced a strong updraft in the first quarter as inflation concerns drove rates higher and the yield curve steeper. From December 31, 2020 to March 31, 2021 Two-year Treasury yields rose just 4 basis points, or 0.04%, while the Ten-year yields rose 83 basis points. To put that into perspective, an 83 basis points rise in Ten-year Treasury yields equates to about a 7% loss.

The second quarter brought a reversal of both the rise in yields and the steepening of curve as long rates fell even as short rates, in anticipation of Fed action in 2023, rose slightly. It is not coincidental that rates peaked in March as the Fed became increasingly insistent that inflation is transitory and that expectations of the path of the removal of stimulus measures should be considered through that lens.

Investment grade spreads were similarly affected by the Fed’s stance that inflation is temporary and that no immediate action is required. Spreads entered 2021 close to post-economic crisis tights and exited the second quarter at levels last seen in 2005. Market considerations that the Fed would be forced to start to withdraw stimulus pushed spreads wider through March. However, Fed indications of a preference to continue as is gave a bid to corporate bonds, especially in longer dated securities, and the first half of 2021 finished the year with spreads at the tightest closing level since March 2005.

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ASSET ALLOCATIONS AS OF JUNE 30, 2021 (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, 2021 (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, 2021 (Unaudited) (Continued)

2030 Retirement Portfolio

2035 Retirement Portfolio

2040 Retirement Portfolio

2045 Retirement Portfolio

2050 Retirement Portfolio

2055 Retirement Portfolio

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ASSET ALLOCATIONS AS OF JUNE 30, 2021 (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, 2021 (Unaudited) (Continued)

Bond Portfolio

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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%. 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	0.07%
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, 2021 and held for the entire period ending June 30, 2021 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 period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6),

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EXPENSE EXAMPLE (Unaudited) (Continued)

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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,151.82		$0.75
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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,164.59		$2.79
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, 2021	Ending Account Value June 30, 2021	Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual	$1,000.00	$1,252.68	$4.51
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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EXPENSE EXAMPLE (Unaudited) (Continued)

Small Cap Growth Portfolio
	Beginning Account Value January 1, 2021	Ending Account Value June 30, 2021	Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual	$1,000.00	$1,099.32	$4.21
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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,234.21		$0.83
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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,221.41		$3.57
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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,175.20		$0.75
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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International Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,092.68		$1.76
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 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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,033.69		$2.02
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).

2015 Retirement Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,045.70		$1.93
Hypothetical (5% return before expenses)		$1,000.00		$1,022.56		$1.91

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.38% (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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,060.80		$1.94
Hypothetical (5% return before expenses)		$1,000.00		$1,022.56		$1.91

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.38% (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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EXPENSE EXAMPLE (Unaudited) (Continued)

2025 Retirement Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,077.30		$1.85
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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,099.00		$1.72
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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,113.81		$1.73
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).

2040 Retirement Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,124.91		$1.63
Hypothetical (5% return before expenses)		$1,000.00		$1,022.92		$1.55

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.31% (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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EXPENSE EXAMPLE (Unaudited) (Continued)

2045 Retirement Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,128.69		$1.69
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).

2050 Retirement Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,132.50		$1.64
Hypothetical (5% return before expenses)		$1,000.00		$1,022.92		$1.55

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.31% (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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,135.38		$1.90
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).

2060 Retirement Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,133.98		$1.53
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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EXPENSE EXAMPLE (Unaudited) (Continued)

Conservative Allocation Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,045.98		$1.72
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 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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,087.41		$1.35
Hypothetical (5% return before expenses)		$1,000.00		$1,023.17		$1.30

* Expenses are equal to the Portfolio’s annualized expense ratio of 0.26% (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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$1,117.98		$1.52
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 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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$999.21		$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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EXPENSE EXAMPLE (Unaudited) (Continued)

Mid-Term Bond Portfolio
	Beginning Account Value January 1, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$991.08		$2.22
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, 2021		Ending Account Value June 30, 2021		Expenses Paid During Period* January 1, 2021 to June 30, 2021
Actual		$1,000.00		$977.12		$2.21
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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (10.8%)
Activision Blizzard, Inc.		2,279	$	217,508
Alphabet, Inc. Cl A*		882		2,153,659
Alphabet, Inc. Cl C*		835		2,092,777
AT&T, Inc.		20,941		602,682
Charter Communications, Inc. Cl A*		403		290,744
Comcast Corp. Cl A		13,447		766,748
Discovery, Inc. Cl A*		495		15,187
Discovery, Inc. Cl C*		881		25,531
DISH Network Corp. Cl A*		729		30,472
Electronic Arts, Inc.		839		120,673
Facebook, Inc. Cl A*		7,028		2,443,706
Fox Corp. Cl A		959		35,608
Fox Corp. Cl B		446		15,699
Interpublic Group of Cos., Inc.		1,154		37,494
Live Nation Entertainment, Inc.*		424		37,138
Lumen Technologies, Inc.		2,918		39,656
Netflix, Inc.*		1,300		686,673
News Corp. Cl A		1,147		29,558
News Corp. Cl B		357		8,693
Omnicom Group, Inc.		631		50,474
Take-Two Interactive Software, Inc.*		339		60,010
T-Mobile US, Inc.*		1,719		248,963
Twitter, Inc.*		2,341		161,084
Verizon Communications, Inc.		12,143		680,372
ViacomCBS, Inc. Cl B		1,776		80,275
Walt Disney Co.*		5,329		936,678
				11,868,062
CONSUMER DISCRETIONARY (11.9%)
Advance Auto Parts, Inc.		191		39,182
Amazon.com, Inc.*		1,257		4,324,281
Aptiv PLC*		793		124,763
AutoZone, Inc.*		63		94,010
Best Buy Co., Inc.		654		75,197
Booking Hldgs., Inc.*		120		262,571
BorgWarner, Inc.		703		34,124
Caesars Entertainment, Inc.*		612		63,495
CarMax, Inc.*		479		61,863
Carnival Corp.*		2,341		61,709
Chipotle Mexican Grill, Inc. Cl A*		82		127,128
Darden Restaurants, Inc.		383		55,914
Dollar General Corp.		693		149,958
Dollar Tree, Inc.*		680		67,660
Domino’s Pizza, Inc.		114		53,180
DR Horton, Inc.		962		86,936
eBay, Inc.		1,898		133,259
Etsy, Inc.*		372		76,572
Expedia Group, Inc.*		414		67,776
Ford Motor Co.*		11,500		170,890
Gap, Inc.		609		20,493
Garmin Ltd.		440		63,642
General Motors Co.*		3,744		221,532

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Genuine Parts Co.		424	$	53,623
Hanesbrands, Inc.		1,024		19,118
Hasbro, Inc.		375		35,445
Hilton Worldwide Hldgs., Inc.*		817		98,547
Home Depot, Inc.		3,119		994,618
L Brands, Inc.		687		49,505
Las Vegas Sands Corp.*		963		50,740
Leggett & Platt, Inc.		390		20,206
Lennar Corp. Cl A		809		80,374
LKQ Corp.*		815		40,114
Lowe’s Cos., Inc.		2,073		402,100
Marriott International, Inc. Cl A*		783		106,895
McDonald’s Corp.		2,189		505,637
MGM Resorts International		1,194		50,924
Mohawk Industries, Inc.*		171		32,864
Newell Brands, Inc.		1,110		30,492
NIKE, Inc. Cl B		3,739		577,638
Norwegian Cruise Line Hldgs. Ltd.*		1,085		31,910
NVR, Inc.*		10		49,733
O’Reilly Automotive, Inc.*		204		115,507
Penn National Gaming, Inc.*		436		33,350
Pool Corp.		117		53,663
PulteGroup, Inc.		776		42,346
PVH Corp.*		209		22,486
Ralph Lauren Corp. Cl A		141		16,611
Ross Stores, Inc.		1,046		129,704
Royal Caribbean Cruises Ltd.*		642		54,750
Starbucks Corp.		3,456		386,415
Tapestry, Inc.*		818		35,567
Target Corp.		1,451		350,765
Tesla, Inc.*		2,260		1,536,122
TJX Cos., Inc.		3,537		238,465
Tractor Supply Co.		338		62,888
Ulta Beauty, Inc.*		160		55,323
Under Armour, Inc. Cl A*		553		11,696
Under Armour, Inc. Cl C*		576		10,696
VF Corp.		943		77,364
Whirlpool Corp.		183		39,898
Wynn Resorts Ltd.*		308		37,668
Yum! Brands, Inc.		874		100,536
				13,078,438
CONSUMER STAPLES (5.7%)
Altria Group, Inc.		5,428		258,807
Archer-Daniels-Midland Co.		1,639		99,323
Brown-Forman Corp. Cl B		536		40,168
Campbell Soup Co.		595		27,126
Church & Dwight Co., Inc.		719		61,273
Clorox Co.		364		65,487
Coca-Cola Co.		11,381		615,826
Colgate-Palmolive Co.		2,481		201,829
Conagra Brands, Inc.		1,408		51,223
Constellation Brands, Inc. Cl A		496		116,010
Costco Wholesale Corp.		1,297		513,184

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Estee Lauder Cos., Inc. Cl A		680	$	216,294
General Mills, Inc.		1,789		109,004
Hershey Co.		429		74,723
Hormel Foods Corp.		827		39,489
J M Smucker Co.		321		41,592
Kellogg Co.		739		47,540
Kimberly-Clark Corp.		990		132,442
Kraft Heinz Co.		1,901		77,523
Kroger Co.		2,221		85,087
Lamb Weston Hldgs., Inc.		429		34,603
McCormick & Co., Inc.		730		64,474
Molson Coors Beverage Co. Cl B*		552		29,637
Mondelez International, Inc. Cl A		4,120		257,253
Monster Beverage Corp.*		1,085		99,115
PepsiCo, Inc.		4,052		600,385
Philip Morris International, Inc.		4,571		453,032
Procter & Gamble Co.		7,181		968,932
Sysco Corp.		1,500		116,625
Tyson Foods, Inc. Cl A		865		63,802
Walgreens Boots Alliance, Inc.		2,104		110,691
Walmart, Inc.		4,027		567,888
				6,240,387
ENERGY (2.8%)
APA Corp.		1,109		23,988
Baker Hughes Co. Cl A		2,133		48,782
Cabot Oil & Gas Corp.		1,172		20,463
Chevron Corp.		5,669		593,771
ConocoPhillips		3,958		241,042
Devon Energy Corp.		1,747		50,995
Diamondback Energy, Inc.		531		49,855
EOG Resources, Inc.		1,712		142,849
Exxon Mobil Corp.		12,417		783,264
Halliburton Co.		2,610		60,343
Hess Corp.		805		70,293
Kinder Morgan, Inc.		5,712		104,130
Marathon Oil Corp.		2,312		31,489
Marathon Petroleum Corp.		1,840		111,173
NOV, Inc.*		1,146		17,557
Occidental Petroleum Corp.*		2,464		77,049
ONEOK, Inc.		1,307		72,721
Phillips 66		1,284		110,193
Pioneer Natural Resources Co.		680		110,514
Schlumberger NV		4,101		131,273
Valero Energy Corp.		1,199		93,618
Williams Cos., Inc.		3,563		94,598
				3,039,960
FINANCIALS (13.9%)
Aflac, Inc.		1,854		99,486
Allstate Corp.		878		114,526
American Express Co.		1,908		315,259
American International Group, Inc.		2,517		119,809

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Ameriprise Financial, Inc.		339	$	84,370
Aon PLC Cl A		662		158,059
Arthur J. Gallagher & Co.		601		84,188
Assurant, Inc.		177		27,644
Bank of America Corp.		22,118		911,925
Bank of New York Mellon Corp.		2,366		121,210
Berkshire Hathaway, Inc. Cl B*		5,559		1,544,957
BlackRock, Inc. Cl A		416		363,987
Capital One Financial Corp.		1,324		204,810
Cboe Global Markets, Inc.		312		37,144
Charles Schwab Corp.		4,399		320,291
Chubb Ltd.		1,319		209,642
Cincinnati Financial Corp.		439		51,196
Citigroup, Inc.		6,063		428,957
Citizens Financial Group, Inc.		1,249		57,292
CME Group, Inc. Cl A		1,053		223,952
Comerica, Inc.		409		29,178
Discover Financial Svcs.		894		105,751
Everest Re Group Ltd.		117		29,485
Fifth Third Bancorp		2,065		78,945
First Republic Bank		516		96,580
Franklin Resources, Inc.		799		25,560
Globe Life, Inc.		278		26,479
Goldman Sachs Group, Inc.		998		378,771
Hartford Financial Svcs. Group, Inc.		1,048		64,945
Huntington Bancshares, Inc.		4,328		61,761
Intercontinental Exchange, Inc.		1,651		195,974
Invesco Ltd.		1,110		29,670
iShares Core S&P 500 ETF		7,380		3,172,810
JPMorgan Chase & Co.		8,879		1,381,040
KeyCorp.		2,847		58,790
Lincoln National Corp.		525		32,991
Loews Corp.		656		35,850
M&T Bank Corp.		377		54,782
MarketAxess Hldgs., Inc.		111		51,458
Marsh & McLennan Cos., Inc.		1,492		209,895
MetLife, Inc.		2,182		130,593
Moody’s Corp.		472		171,039
Morgan Stanley		4,366		400,318
MSCI, Inc. Cl A		241		128,472
Nasdaq, Inc.		337		59,245
Northern Trust Corp.		610		70,528
People’s United Financial, Inc.		1,254		21,494
PNC Financial Svcs. Group, Inc.		1,246		237,687
Principal Financial Group, Inc.		742		46,887
Progressive Corp.		1,716		168,528
Prudential Financial, Inc.		1,156		118,455
Raymond James Financial, Inc.		358		46,504
Regions Financial Corp.		2,819		56,887
S&P Global, Inc.		707		290,188
State Street Corp.		1,020		83,926
SVB Financial Group*		159		88,472

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Synchrony Financial		1,586	$	76,953
T. Rowe Price Group, Inc.		665		131,650
Travelers Cos., Inc.		738		110,486
Truist Financial Corp.		3,944		218,892
U.S. Bancorp		3,976		226,513
Unum Group		599		17,012
Wells Fargo & Co.		12,124		549,096
Willis Towers Watson PLC		378		86,948
WR Berkley Corp.		411		30,591
Zions Bancorporation		480		25,373
				15,192,156
HEALTH CARE (12.6%)
Abbott Laboratories		5,211		604,111
AbbVie, Inc.		5,180		583,475
ABIOMED, Inc.*		132		41,199
Agilent Technologies, Inc.		890		131,551
Alexion Pharmaceuticals, Inc.*		648		119,044
Align Technology, Inc.*		211		128,921
AmerisourceBergen Corp. Cl A		434		49,689
Amgen, Inc.		1,685		410,719
Anthem, Inc.		718		274,132
Baxter International, Inc.		1,475		118,738
Becton Dickinson & Co.		853		207,441
Biogen, Inc.*		442		153,051
Bio-Rad Laboratories, Inc. Cl A*		63		40,590
Boston Scientific Corp.*		4,168		178,224
Bristol-Myers Squibb Co.		6,552		437,805
Cardinal Health, Inc.		851		48,584
Catalent, Inc.*		500		54,060
Centene Corp.*		1,709		124,637
Cerner Corp.		884		69,093
Charles River Laboratories International, Inc.*		147		54,378
Cigna Corp.		1,006		238,492
Cooper Cos., Inc.		144		57,063
CVS Health Corp.		3,861		322,162
Danaher Corp.		1,862		499,686
DaVita, Inc.*		205		24,688
DENTSPLY SIRONA, Inc.		640		40,486
Dexcom, Inc.*		283		120,841
Edwards Lifesciences Corp.*		1,823		188,808
Eli Lilly & Co.		2,335		535,929
Gilead Sciences, Inc.		3,678		253,267
HCA Healthcare, Inc.		771		159,397
Henry Schein, Inc.*		413		30,640
Hologic, Inc.*		752		50,173
Humana, Inc.		378		167,348
IDEXX Laboratories, Inc.*		250		157,888
Illumina, Inc.*		428		202,534
Incyte Corp.*		548		46,103
Intuitive Surgical, Inc.*		347		319,115
IQVIA Hldgs., Inc.*		562		136,184
Johnson & Johnson		7,724		1,272,452

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Laboratory Corp. of America Hldgs.*		286	$	78,893
McKesson Corp.		463		88,544
Medtronic PLC		3,946		489,817
Merck & Co., Inc.		7,426		577,520
Mettler-Toledo International, Inc.*		68		94,203
Organon & Co.*		742		22,453
PerkinElmer, Inc.		328		50,647
Perrigo Co. PLC		391		17,927
Pfizer, Inc.		16,418		642,929
Quest Diagnostics, Inc.		383		50,545
Regeneron Pharmaceuticals, Inc.*		307		171,472
ResMed, Inc.		426		105,018
STERIS PLC		286		59,002
Stryker Corp.		961		249,601
Teleflex, Inc.		137		55,045
Thermo Fisher Scientific, Inc.		1,153		581,654
UnitedHealth Group, Inc.		2,768		1,108,418
Universal Health Svcs., Inc. Cl B		229		33,532
Vertex Pharmaceuticals, Inc.*		759		153,037
Viatris, Inc.		3,545		50,658
Waters Corp.*		180		62,210
West Pharmaceutical Svcs., Inc.		217		77,925
Zimmer Biomet Hldgs., Inc.		611		98,261
Zoetis, Inc. Cl A		1,392		259,413
				13,831,422
INDUSTRIALS (8.3%)
3M Co.		1,700		337,671
Alaska Air Group, Inc.*		365		22,013
Allegion PLC		263		36,636
American Airlines Group, Inc.*		1,881		39,896
AMETEK, Inc.		677		90,379
AO Smith Corp.		394		28,392
Boeing Co.*		1,612		386,171
Carrier Global Corp.		2,396		116,446
Caterpillar, Inc.		1,607		349,731
CH Robinson Worldwide, Inc.		390		36,531
Cintas Corp.		258		98,556
Copart, Inc.*		611		80,548
CSX Corp.		6,663		213,749
Cummins, Inc.		428		104,351
Deere & Co.		915		322,730
Delta Air Lines, Inc.*		1,876		81,156
Dover Corp.		422		63,553
Eaton Corp. PLC		1,169		173,222
Emerson Electric Co.		1,759		169,286
Equifax, Inc.		356		85,266
Expeditors International of Washington, Inc.		495		62,667
Fastenal Co.		1,685		87,620
FedEx Corp.		716		213,604

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Fortive Corp.		993	$	69,252
Fortune Brands Home & Security, Inc.		406		40,442
Generac Hldgs., Inc.*		184		76,388
General Dynamics Corp.		671		126,322
General Electric Co.		25,748		346,568
Honeywell International, Inc.		2,037		446,816
Howmet Aerospace, Inc.*		1,146		39,503
Huntington Ingalls Industries, Inc.		117		24,658
IDEX Corp.		222		48,851
IHS Markit Ltd.		1,099		123,813
Illinois Tool Works, Inc.		843		188,461
Ingersoll Rand, Inc.*		1,095		53,447
Jacobs Engineering Group, Inc.		381		50,833
JB Hunt Transport Svcs., Inc.		244		39,760
Johnson Controls International PLC		2,102		144,260
Kansas City Southern		266		75,376
L-3 Harris Technologies, Inc.		601		129,906
Leidos Hldgs., Inc.		389		39,328
Lockheed Martin Corp.		717		271,277
Masco Corp.		744		43,829
Nielsen Hldgs. PLC		1,051		25,928
Norfolk Southern Corp.		734		194,811
Northrop Grumman Corp.		439		159,546
Old Dominion Freight Line, Inc.		278		70,556
Otis Worldwide Corp.		1,183		96,734
PACCAR, Inc.		1,018		90,857
Parker-Hannifin Corp.		379		116,395
Pentair PLC		487		32,868
Quanta Svcs., Inc.		409		37,043
Raytheon Technologies Corp.		4,444		379,118
Republic Svcs., Inc. Cl A		618		67,986
Robert Half International, Inc.		331		29,449
Rockwell Automation, Inc.		340		97,247
Rollins, Inc.		650		22,230
Roper Technologies, Inc.		308		144,822
Snap-on, Inc.		158		35,302
Southwest Airlines Co.*		1,734		92,058
Stanley Black & Decker, Inc.		474		97,165
Teledyne Technologies, Inc.*		136		56,961
Textron, Inc.		662		45,526
Trane Technologies PLC		701		129,082
TransDigm Group, Inc.*		160		103,566
Union Pacific Corp.		1,948		428,424
United Airlines Hldgs., Inc.*		949		49,623
United Parcel Svc., Inc. Cl B		2,121		441,104
United Rentals, Inc.*		212		67,630
Verisk Analytics, Inc. Cl A		475		82,992
Waste Management, Inc.		1,139		159,585
Westinghouse Air Brake Technologies Corp.		521		42,878

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
WW Grainger, Inc.		128	$	56,064
Xylem, Inc.		528		63,339
				9,096,153
INFORMATION TECHNOLOGY (26.6%)
Accenture PLC Cl A		1,864		549,489
Adobe, Inc.*		1,402		821,067
Advanced Micro Devices, Inc.*		3,564		334,767
Akamai Technologies, Inc.*		478		55,735
Amphenol Corp. Cl A		1,753		119,923
Analog Devices, Inc.		1,082		186,277
ANSYS, Inc.*		255		88,500
Apple, Inc.		46,008		6,301,256
Applied Materials, Inc.		2,691		383,198
Arista Networks, Inc.*		161		58,332
Autodesk, Inc.*		645		188,276
Automatic Data Processing, Inc.		1,248		247,878
Broadcom, Inc.		1,198		571,254
Broadridge Financial Solutions, Inc.		340		54,920
Cadence Design Systems, Inc.*		816		111,645
CDW Corp.		411		71,781
Cisco Systems, Inc.		12,360		655,080
Citrix Systems, Inc.		364		42,686
Cognizant Technology Solutions Corp. Cl A		1,547		107,145
Corning, Inc.		2,272		92,925
DXC Technology Co.*		747		29,088
Enphase Energy, Inc.*		398		73,085
F5 Networks, Inc.*		174		32,479
Fidelity National Information Svcs., Inc.		1,819		257,698
Fiserv, Inc.*		1,747		186,737
FleetCor Technologies, Inc.*		244		62,479
Fortinet, Inc.*		398		94,800
Gartner, Inc.*		252		61,034
Global Payments, Inc.		866		162,410
Hewlett Packard Enterprise Co.		3,830		55,841
HP, Inc.		3,523		106,359
Intel Corp.		11,843		664,866
International Business Machines Corp.		2,621		384,212
Intuit, Inc.		801		392,626
IPG Photonics Corp.*		105		22,131
Jack Henry & Associates, Inc.		217		35,482
Juniper Networks, Inc.		961		26,283
Keysight Technologies, Inc.*		540		83,381
KLA Corp.		450		145,895
Lam Research Corp.		418		271,993
Mastercard, Inc. Cl A		2,566		936,821
Maxim Integrated Products, Inc.		787		82,918
Microchip Technology, Inc.		802		120,092

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Micron Technology, Inc.*		3,289	$	279,499
Microsoft Corp.		22,090		5,984,181
Monolithic Power Systems, Inc.		126		47,055
Motorola Solutions, Inc.		498		107,991
NetApp, Inc.		653		53,428
NortonLifeLock, Inc.		1,701		46,301
NVIDIA Corp.		1,827		1,461,783
NXP Semiconductors NV		809		166,427
Oracle Corp.		5,328		414,732
Paychex, Inc.		941		100,969
Paycom Software, Inc.*		144		52,340
PayPal Hldgs., Inc.*		3,445		1,004,149
PTC, Inc.*		308		43,508
Qorvo, Inc.*		330		64,565
QUALCOMM, Inc.		3,308		472,812
Salesforce.com, Inc.*		2,716		663,437
Seagate Technology Hldgs. PLC		584		51,351
ServiceNow, Inc.*		579		318,189
Skyworks Solutions, Inc.		484		92,807
Synopsys, Inc.*		447		123,278
TE Connectivity Ltd.		969		131,019
Teradyne, Inc.		488		65,372
Texas Instruments, Inc.		2,709		520,941
Trimble, Inc.*		736		60,227
Tyler Technologies, Inc.*		119		53,832
VeriSign, Inc.*		290		66,030
Visa, Inc. Cl A		4,962		1,160,215
Western Digital Corp.*		899		63,982
Western Union Co.		1,200		27,564
Xilinx, Inc.		721		104,285
Zebra Technologies Corp. Cl A*		156		82,600
				29,215,713
MATERIALS (2.5%)
Air Products & Chemicals, Inc.		649		186,704
Albemarle Corp.		342		57,613
Amcor PLC		4,522		51,822
Avery Dennison Corp.		243		51,088
Ball Corp.		963		78,022
Celanese Corp. Cl A		330		50,028
CF Industries Hldgs., Inc.		629		32,362
Corteva, Inc.		2,162		95,885
Dow, Inc.		2,191		138,646
DuPont de Nemours, Inc.		1,561		120,837
Eastman Chemical Co.		400		46,700
Ecolab, Inc.		730		150,358
FMC Corp.		377		40,791
Freeport-McMoRan, Inc.		4,298		159,499
International Flavors & Fragrances, Inc.		730		109,062
International Paper Co.		1,149		70,445
Linde PLC		1,526		441,167

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
LyondellBasell Industries NV Cl A		755	$	77,667
Martin Marietta Materials, Inc.		182		64,029
Mosaic Co.		1,014		32,357
Newmont Corp.		2,350		148,943
Nucor Corp.		878		84,227
Packaging Corp. of America		278		37,647
PPG Industries, Inc.		695		117,990
Sealed Air Corp.		446		26,426
Sherwin-Williams Co.		702		191,260
Vulcan Materials Co.		389		67,713
Westrock Co.		781		41,565
				2,770,853
REAL ESTATE (2.5%)
Alexandria Real Estate Equities, Inc.		402		73,140
American Tower Corp.		1,334		360,367
AvalonBay Communities, Inc.		409		85,354
Boston Properties, Inc.		417		47,784
CBRE Group, Inc. Cl A*		984		84,358
Crown Castle International Corp.		1,268		247,387
Digital Realty Trust, Inc.		826		124,280
Duke Realty Corp.		1,100		52,085
Equinix, Inc.		263		211,084
Equity Residential		1,009		77,693
Essex Property Trust, Inc.		190		57,002
Extra Space Storage, Inc.		392		64,217
Federal Realty Investment Trust		208		24,371
Healthpeak Properties, Inc.		1,581		52,631
Host Hotels & Resorts, Inc.*		2,071		35,393
Iron Mountain, Inc.		847		35,845
Kimco Realty Corp.		1,271		26,500
Mid-America Apartment Communities, Inc.		335		56,421
Prologis, Inc.		2,170		259,380
Public Storage		446		134,108
Realty Income Corp.		1,096		73,147
Regency Centers Corp.		463		29,664
SBA Communications Corp. Cl A		320		101,984
Simon Property Group, Inc.		964		125,783
UDR, Inc.		871		42,662
Ventas, Inc.		1,100		62,810
Vornado Realty Trust		460		21,468
Welltower, Inc.		1,225		101,798
Weyerhaeuser Co.		2,197		75,621
				2,744,337
UTILITIES (2.4%)
AES Corp.		1,954		50,941
Alliant Energy Corp.		734		40,928
Ameren Corp.		750		60,030
American Electric Power Co., Inc.		1,466		124,009

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
American Water Works Co., Inc.		532	$	81,997
Atmos Energy Corp.		383		36,810
CenterPoint Energy, Inc.		1,703		41,758
CMS Energy Corp.		849		50,159
Consolidated Edison, Inc.		1,005		72,079
Dominion Energy, Inc.		2,366		174,067
DTE Energy Co.		568		73,613
Duke Energy Corp.		2,256		222,712
Edison International		1,113		64,354
Entergy Corp.		589		58,723
Evergy, Inc.		672		40,609
Eversource Energy		1,007		80,802
Exelon Corp.		2,866		126,992
FirstEnergy Corp.		1,595		59,350
NextEra Energy, Inc.		5,753		421,580
NiSource, Inc.		1,150		28,175
NRG Energy, Inc.		718		28,935
Pinnacle West Capital Corp.		330		27,050

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
PPL Corp.		2,257	$	63,128
Public Svc. Enterprise Group, Inc.		1,481		88,475
Sempra Energy		924		122,411
Southern Co.		3,105		187,884
WEC Energy Group, Inc.		925		82,279
Xcel Energy, Inc.		1,579		104,023
				2,613,873
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $85,813,978) 100.0%				109,691,354
WARRANTS
ENERGY (0.0%) (1)
Occidental Petroleum Corp. — expiring 08/03/2027*		369	$	5,133
TOTAL WARRANTS
(Cost: $1,827) 0.0% (1)				5,133

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.1%)
Citibank, New York Time Deposit		0.01		07/01/21	$	105,064	$	105,064
TOTAL TEMPORARY CASH INVESTMENT (Cost: $105,064) 0.1%								105,064
TOTAL INVESTMENTS (Cost: $85,920,869) 100.1%								109,801,551
OTHER NET ASSETS -0.1%								(60,813	)
NET ASSETS 100.0%							$	109,740,738

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (6.7%)
Activision Blizzard, Inc.		219	$	20,901
Alphabet, Inc. Cl A*		84		205,110
Alphabet, Inc. Cl C*		80		200,505
AT&T, Inc.		1,979		56,956
Charter Communications, Inc. Cl A*		39		28,137
Comcast Corp. Cl A		1,279		72,929
Discovery, Inc. Cl A*		46		1,411
Discovery, Inc. Cl C*		82		2,376
DISH Network Corp. Cl A*		69		2,884
Electronic Arts, Inc.		80		11,506
Facebook, Inc. Cl A*		666		231,575
Fox Corp. Cl A		88		3,268
Fox Corp. Cl B		41		1,443
Interpublic Group of Cos., Inc.		111		3,606
Live Nation Entertainment, Inc.*		40		3,504
Lumen Technologies, Inc.		275		3,737
Netflix, Inc.*		121		63,913
News Corp. Cl A		110		2,835
News Corp. Cl B		34		828
Omnicom Group, Inc.		60		4,799
Take-Two Interactive Software, Inc.*		32		5,665
T-Mobile US, Inc.*		161		23,318
Twitter, Inc.*		223		15,345
Verizon Communications, Inc.		1,152		64,546
ViacomCBS, Inc. Cl B		166		7,503
Walt Disney Co.*		505		88,764
				1,127,364
CONSUMER DISCRETIONARY (7.3%)
Advance Auto Parts, Inc.		18		3,693
Amazon.com, Inc.*		118		405,939
Aptiv PLC*		76		11,957
AutoZone, Inc.*		6		8,953
Best Buy Co., Inc.		63		7,244
Booking Hldgs., Inc.*		12		26,257
BorgWarner, Inc.		67		3,252
Caesars Entertainment, Inc.*		58		6,017
CarMax, Inc.*		45		5,812
Carnival Corp.*		221		5,826
Chipotle Mexican Grill, Inc. Cl A*		8		12,403
Darden Restaurants, Inc.		36		5,256
Dollar General Corp.		66		14,282
Dollar Tree, Inc.*		64		6,368
Domino’s Pizza, Inc.		11		5,131
DR Horton, Inc.		89		8,043
eBay, Inc.		182		12,778
Etsy, Inc.*		35		7,204
Expedia Group, Inc.*		39		6,385
Ford Motor Co.*		1,088		16,168
Gap, Inc.		58		1,952
Garmin Ltd.		42		6,075
General Motors Co.*		356		21,064

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Genuine Parts Co.		40	$	5,059
Hanesbrands, Inc.		97		1,811
Hasbro, Inc.		35		3,308
Hilton Worldwide Hldgs., Inc.*		78		9,408
Home Depot, Inc.		296		94,391
L Brands, Inc.		64		4,612
Las Vegas Sands Corp.*		91		4,795
Leggett & Platt, Inc.		37		1,917
Lennar Corp. Cl A		73		7,253
LKQ Corp.*		77		3,790
Lowe’s Cos., Inc.		195		37,824
Marriott International, Inc. Cl A*		74		10,102
McDonald’s Corp.		209		48,277
MGM Resorts International		113		4,819
Mohawk Industries, Inc.*		17		3,267
Newell Brands, Inc.		104		2,857
NIKE, Inc. Cl B		353		54,535
Norwegian Cruise Line Hldgs. Ltd.*		103		3,029
NVR, Inc.*		1		4,973
O’Reilly Automotive, Inc.*		20		11,324
Penn National Gaming, Inc.*		42		3,213
Pool Corp.		11		5,045
PulteGroup, Inc.		73		3,984
PVH Corp.*		20		2,152
Ralph Lauren Corp. Cl A		13		1,531
Ross Stores, Inc.		99		12,276
Royal Caribbean Cruises Ltd.*		61		5,202
Starbucks Corp.		329		36,785
Tapestry, Inc.*		77		3,348
Target Corp.		137		33,118
Tesla, Inc.*		213		144,776
TJX Cos., Inc.		334		22,518
Tractor Supply Co.		32		5,954
Ulta Beauty, Inc.*		16		5,532
Under Armour, Inc. Cl A*		53		1,121
Under Armour, Inc. Cl C*		54		1,003
VF Corp.		88		7,219
Whirlpool Corp.		18		3,924
Wynn Resorts Ltd.*		29		3,547
Yum! Brands, Inc.		83		9,548
				1,237,206
CONSUMER STAPLES (3.5%)
Altria Group, Inc.		517		24,650
Archer-Daniels-Midland Co.		156		9,454
Brown-Forman Corp. Cl B		51		3,822
Campbell Soup Co.		57		2,599
Church & Dwight Co., Inc.		68		5,795
Clorox Co.		35		6,297
Coca-Cola Co.		1,083		58,601
Colgate-Palmolive Co.		235		19,117
Conagra Brands, Inc.		134		4,875
Constellation Brands, Inc. Cl A		48		11,227
Costco Wholesale Corp.		122		48,272

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (CONTINUED)
Estee Lauder Cos., Inc. Cl A		64	$	20,357
General Mills, Inc.		170		10,358
Hershey Co.		41		7,141
Hormel Foods Corp.		79		3,772
JM Smucker Co.		30		3,887
Kellogg Co.		71		4,568
Kimberly-Clark Corp.		94		12,576
Kraft Heinz Co.		182		7,422
Kroger Co.		212		8,122
Lamb Weston Hldgs., Inc.		41		3,307
McCormick & Co., Inc.		70		6,182
Molson Coors Beverage Co. Cl B*		53		2,845
Mondelez International, Inc. Cl A		391		24,414
Monster Beverage Corp.*		103		9,409
PepsiCo, Inc.		386		57,194
Philip Morris International, Inc.		433		42,915
Procter & Gamble Co.		682		92,022
Sysco Corp.		142		11,040
Tyson Foods, Inc. Cl A		83		6,122
Walgreens Boots Alliance, Inc.		203		10,680
Walmart, Inc.		386		54,434
				593,476
ENERGY (1.7%)
APA Corp.		103		2,228
Baker Hughes Co. Cl A		205		4,688
Cabot Oil & Gas Corp.		111		1,938
Chevron Corp.		540		56,560
ConocoPhillips		372		22,655
Devon Energy Corp.		165		4,816
Diamondback Energy, Inc.		50		4,694
EOG Resources, Inc.		160		13,350
Exxon Mobil Corp.		1,172		73,930
Halliburton Co.		248		5,734
Hess Corp.		75		6,549
Kinder Morgan, Inc.		545		9,935
Marathon Oil Corp.		216		2,942
Marathon Petroleum Corp.		175		10,574
NOV, Inc.*		107		1,639
Occidental Petroleum Corp.		226		7,067
ONEOK, Inc.		123		6,844
Phillips 66		121		10,384
Pioneer Natural Resources Co.		64		10,401
Schlumberger NV		389		12,452
Valero Energy Corp.		113		8,823
Williams Cos., Inc.		338		8,974
				287,177
FINANCIALS (8.0%)
Aflac, Inc.		177		9,498
Allstate Corp.		83		10,826
American Express Co.		183		30,237
American International Group, Inc.		242		11,519

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Ameriprise Financial, Inc.		32	$	7,964
Aon PLC Cl A		62		14,803
Arthur J. Gallagher & Co.		57		7,985
Assurant, Inc.		16		2,499
Bank of America Corp.		2,120		87,408
Bank of New York Mellon Corp.		226		11,578
Berkshire Hathaway, Inc. Cl B*		530		147,298
BlackRock, Inc. Cl A		40		34,999
Capital One Financial Corp.		127		19,645
Cboe Global Markets, Inc.		30		3,572
Charles Schwab Corp.		415		30,216
Chubb Ltd.		125		19,867
Cincinnati Financial Corp.		42		4,898
Citigroup, Inc.		578		40,893
Citizens Financial Group, Inc.		119		5,459
CME Group, Inc. Cl A		100		21,268
Comerica, Inc.		39		2,782
Discover Financial Svcs.		85		10,055
Everest Re Group Ltd.		11		2,772
Fifth Third Bancorp		196		7,493
First Republic Bank		48		8,984
Franklin Resources, Inc.		76		2,431
Globe Life, Inc.		26		2,477
Goldman Sachs Group, Inc.		95		36,055
Hartford Financial Svcs. Group, Inc.		100		6,197
Huntington Bancshares, Inc.		414		5,908
Intercontinental Exchange, Inc.		156		18,517
Invesco Ltd.		107		2,860
iShares Core S&P 500 ETF		469		201,633
JPMorgan Chase & Co.		849		132,053
KeyCorp.		271		5,596
Lincoln National Corp.		51		3,205
Loews Corp.		62		3,388
M&T Bank Corp.		36		5,231
MarketAxess Hldgs., Inc.		11		5,099
Marsh & McLennan Cos., Inc.		142		19,977
MetLife, Inc.		210		12,568
Moody’s Corp.		45		16,307
Morgan Stanley		420		38,510
MSCI, Inc. Cl A		23		12,261
Nasdaq, Inc.		32		5,626
Northern Trust Corp.		58		6,706
People’s United Financial, Inc.		119		2,040
PNC Financial Svcs. Group, Inc.		118		22,510
Principal Financial Group, Inc.		71		4,486
Progressive Corp.		163		16,008
Prudential Financial, Inc.		110		11,272
Raymond James Financial, Inc.		34		4,417
Regions Financial Corp.		267		5,388
S&P Global, Inc.		67		27,500
State Street Corp.		98		8,063
SVB Financial Group*		15		8,346

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Synchrony Financial		152	$	7,375
T. Rowe Price Group, Inc.		63		12,472
Travelers Cos., Inc.		70		10,480
Truist Financial Corp.		377		20,924
U.S. Bancorp		379		21,592
Unum Group		57		1,619
Wells Fargo & Co.		1,152		52,174
Willis Towers Watson PLC		36		8,281
WR Berkley Corp.		39		2,903
Zions Bancorporation		45		2,379
				1,347,352
HEALTH CARE (7.7%)
Abbott Laboratories		493		57,154
AbbVie, Inc.		491		55,306
ABIOMED, Inc.*		13		4,057
Agilent Technologies, Inc.		84		12,416
Alexion Pharmaceuticals, Inc.*		61		11,206
Align Technology, Inc.*		20		12,220
AmerisourceBergen Corp. Cl A		41		4,694
Amgen, Inc.		160		39,000
Anthem, Inc.		68		25,962
Baxter International, Inc.		140		11,270
Becton Dickinson & Co.		80		19,455
Biogen, Inc.*		42		14,543
Bio-Rad Laboratories, Inc. Cl A*		6		3,866
Boston Scientific Corp.*		394		16,847
Bristol-Myers Squibb Co.		620		41,428
Cardinal Health, Inc.		81		4,624
Catalent, Inc.*		48		5,190
Centene Corp.*		162		11,815
Cerner Corp.		83		6,487
Charles River Laboratories International, Inc.*		14		5,179
Cigna Corp.		96		22,759
Cooper Cos., Inc.		14		5,548
CVS Health Corp.		368		30,706
Danaher Corp.		174		46,695
DaVita, Inc.*		20		2,409
DENTSPLY SIRONA, Inc.		61		3,859
Dexcom, Inc.*		27		11,529
Edwards Lifesciences Corp.*		171		17,711
Eli Lilly & Co.		222		50,953
Gilead Sciences, Inc.		349		24,032
HCA Healthcare, Inc.		73		15,092
Henry Schein, Inc.*		39		2,893
Hologic, Inc.*		71		4,737
Humana, Inc.		35		15,495
IDEXX Laboratories, Inc.*		24		15,157
Illumina, Inc.*		41		19,402
Incyte Corp.*		52		4,375
Intuitive Surgical, Inc.*		33		30,348
IQVIA Hldgs., Inc.*		53		12,843
Johnson & Johnson		734		120,919

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Laboratory Corp. of America Hldgs.*		27	$	7,448
McKesson Corp.		44		8,415
Medtronic PLC		374		46,425
Merck & Co., Inc.		704		54,750
Mettler-Toledo International, Inc.*		7		9,697
Organon & Co.*		71		2,148
PerkinElmer, Inc.		31		4,787
Perrigo Co. PLC		37		1,697
Pfizer, Inc.		1,561		61,129
Quest Diagnostics, Inc.		36		4,751
Regeneron Pharmaceuticals, Inc.*		29		16,198
ResMed, Inc.		40		9,861
STERIS PLC		27		5,570
Stryker Corp.		91		23,635
Teleflex, Inc.		13		5,223
Thermo Fisher Scientific, Inc.		109		54,987
UnitedHealth Group, Inc.		264		105,716
Universal Health Svcs., Inc. Cl B		22		3,222
Vertex Pharmaceuticals, Inc.*		72		14,518
Viatris, Inc.		339		4,844
Waters Corp.*		17		5,875
West Pharmaceutical Svcs., Inc.		21		7,541
Zimmer Biomet Hldgs., Inc.		57		9,167
Zoetis, Inc. Cl A		131		24,413
				1,312,198
INDUSTRIALS (5.1%)
3M Co.		161		31,979
Alaska Air Group, Inc.*		34		2,051
Allegion PLC		25		3,483
American Airlines Group, Inc.*		177		3,754
AMETEK, Inc.		64		8,544
AO Smith Corp.		38		2,738
Boeing Co.*		152		36,413
Carrier Global Corp.		228		11,081
Caterpillar, Inc.		150		32,644
CH Robinson Worldwide, Inc.		37		3,466
Cintas Corp.		25		9,550
Copart, Inc.*		58		7,646
CSX Corp.		633		20,307
Cummins, Inc.		41		9,996
Deere & Co.		86		30,333
Delta Air Lines, Inc.*		175		7,570
Dover Corp.		40		6,024
Eaton Corp. PLC		111		16,448
Emerson Electric Co.		167		16,072
Equifax, Inc.		34		8,143
Expeditors International of Washington, Inc.		47		5,950
Fastenal Co.		159		8,268

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
FedEx Corp.		67	$	19,988
Fortive Corp.		93		6,486
Fortune Brands Home & Security, Inc.		38		3,785
Generac Hldgs., Inc.*		17		7,058
General Dynamics Corp.		64		12,049
General Electric Co.		2,432		32,735
Honeywell International, Inc.		193		42,334
Howmet Aerospace, Inc.*		109		3,757
Huntington Ingalls Industries, Inc.		11		2,318
IDEX Corp.		21		4,621
IHS Markit Ltd.		105		11,829
Illinois Tool Works, Inc.		80		17,885
Ingersoll Rand, Inc.*		103		5,028
Jacobs Engineering Group, Inc.		36		4,803
JB Hunt Transport Svcs., Inc.		23		3,748
Johnson Controls International PLC		199		13,657
Kansas City Southern		25		7,084
L-3 Harris Technologies, Inc.		56		12,104
Leidos Hldgs., Inc.		37		3,741
Lockheed Martin Corp.		68		25,728
Masco Corp.		70		4,124
Nielsen Hldgs. PLC		99		2,442
Norfolk Southern Corp.		69		18,313
Northrop Grumman Corp.		42		15,264
Old Dominion Freight Line, Inc.		27		6,853
Otis Worldwide Corp.		112		9,158
PACCAR, Inc.		96		8,568
Parker-Hannifin Corp.		36		11,056
Pentair PLC		46		3,105
Quanta Svcs., Inc.		38		3,442
Raytheon Technologies Corp.		421		35,916
Republic Svcs., Inc. Cl A		58		6,380
Robert Half International, Inc.		31		2,758
Rockwell Automation, Inc.		32		9,153
Rollins, Inc.		61		2,086
Roper Technologies, Inc.		29		13,636
Snap-on, Inc.		15		3,351
Southwest Airlines Co.*		164		8,707
Stanley Black & Decker, Inc.		45		9,225
Teledyne Technologies, Inc.*		13		5,445
Textron, Inc.		63		4,333
Trane Technologies PLC		67		12,337
TransDigm Group, Inc.*		15		9,709
Union Pacific Corp.		185		40,687
United Airlines Hldgs., Inc.*		89		4,654
United Parcel Svc., Inc. Cl B		199		41,386
United Rentals, Inc.*		20		6,380
Verisk Analytics, Inc. Cl A		45		7,863
Waste Management, Inc.		107		14,992
Westinghouse Air Brake Technologies Corp.		50		4,115

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
WW Grainger, Inc.		13	$	5,694
Xylem, Inc.		49		5,878
				860,208
INFORMATION TECHNOLOGY (16.3%)
Accenture PLC Cl A		176		51,883
Adobe, Inc.*		129		75,548
Advanced Micro Devices, Inc.*		334		31,373
Akamai Technologies, Inc.*		45		5,247
Amphenol Corp. Cl A		167		11,425
Analog Devices, Inc.		103		17,732
ANSYS, Inc.*		24		8,329
Apple, Inc.		4,348		595,502
Applied Materials, Inc.		262		37,309
Arista Networks, Inc.*		15		5,435
Autodesk, Inc.*		60		17,514
Automatic Data Processing, Inc.		119		23,636
Broadcom, Inc.		114		54,360
Broadridge Financial Solutions, Inc.		32		5,169
Cadence Design Systems, Inc.*		77		10,535
CDW Corp.		39		6,811
Cisco Systems, Inc.		1,180		62,540
Citrix Systems, Inc.		34		3,987
Cognizant Technology Solutions Corp. Cl A		147		10,181
Corning, Inc.		216		8,834
DXC Technology Co.*		72		2,804
Enphase Energy, Inc.*		36		6,611
F5 Networks, Inc.*		17		3,173
Fidelity National Information Svcs., Inc.		172		24,367
Fiserv, Inc.*		165		17,637
FleetCor Technologies, Inc.*		23		5,889
Fortinet, Inc.*		38		9,051
Gartner, Inc.*		24		5,813
Global Payments, Inc.		81		15,191
Hewlett Packard Enterprise Co.		364		5,307
HP, Inc.		332		10,023
Intel Corp.		1,147		64,393
International Business Machines Corp.		248		36,354
Intuit, Inc.		76		37,253
IPG Photonics Corp.*		10		2,108
Jack Henry & Associates, Inc.		21		3,434
Juniper Networks, Inc.		92		2,516
Keysight Technologies, Inc.*		52		8,029
KLA Corp.		43		13,941
Lam Research Corp.		40		26,028
Mastercard, Inc. Cl A		242		88,352
Maxim Integrated Products, Inc.		75		7,902
Microchip Technology, Inc.		77		11,530

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Micron Technology, Inc.*		321	$	27,279
Microsoft Corp.		2,077		562,659
Monolithic Power Systems, Inc.		12		4,481
Motorola Solutions, Inc.		47		10,192
NetApp, Inc.		62		5,073
NortonLifeLock, Inc.		162		4,410
NVIDIA Corp.		168		134,417
NXP Semiconductors NV		77		15,840
Oracle Corp.		509		39,621
Paychex, Inc.		89		9,550
Paycom Software, Inc.*		14		5,089
PayPal Hldgs., Inc.*		326		95,022
PTC, Inc.*		29		4,097
Qorvo, Inc.*		31		6,065
QUALCOMM, Inc.		315		45,023
Salesforce.com, Inc.*		255		62,289
Seagate Technology Hldgs. PLC		56		4,924
ServiceNow, Inc.*		55		30,225
Skyworks Solutions, Inc.		46		8,820
Synopsys, Inc.*		42		11,583
TE Connectivity Ltd.		93		12,575
Teradyne, Inc.		47		6,296
Texas Instruments, Inc.		259		49,806
Trimble, Inc.*		70		5,728
Tyler Technologies, Inc.*		12		5,428
VeriSign, Inc.*		28		6,375
Visa, Inc. Cl A		470		109,895
Western Digital Corp.*		86		6,121
Western Union Co.		114		2,619
Xilinx, Inc.		68		9,835
Zebra Technologies Corp. Cl A*		15		7,942
				2,760,335
MATERIALS (1.5%)
Air Products & Chemicals, Inc.		61		17,548
Albemarle Corp.		32		5,391
Amcor PLC		429		4,916
Avery Dennison Corp.		23		4,836
Ball Corp.		90		7,292
Celanese Corp. Cl A		32		4,851
CF Industries Hldgs., Inc.		59		3,036
Corteva, Inc.		205		9,092
Dow, Inc.		208		13,162
DuPont de Nemours, Inc.		149		11,534
Eastman Chemical Co.		38		4,436
Ecolab, Inc.		69		14,212
FMC Corp.		36		3,895
Freeport-McMoRan, Inc.		409		15,178
International Flavors & Fragrances, Inc.		69		10,309
International Paper Co.		109		6,683
Linde PLC		144		41,631

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
LyondellBasell Industries NV Cl A		71	$	7,304
Martin Marietta Materials, Inc.		17		5,981
Mosaic Co.		96		3,063
Newmont Corp.		222		14,071
Nucor Corp.		83		7,962
Packaging Corp. of America		26		3,521
PPG Industries, Inc.		65		11,035
Sealed Air Corp.		42		2,488
Sherwin-Williams Co.		66		17,982
Vulcan Materials Co.		37		6,440
Westrock Co.		73		3,885
				261,734
REAL ESTATE (1.5%)
Alexandria Real Estate Equities, Inc.		37		6,732
American Tower Corp.		126		34,038
AvalonBay Communities, Inc.		39		8,139
Boston Properties, Inc.		39		4,469
CBRE Group, Inc. Cl A*		93		7,973
Crown Castle International Corp.		120		23,412
Digital Realty Trust, Inc.		78		11,736
Duke Realty Corp.		105		4,972
Equinix, Inc.		25		20,065
Equity Residential		95		7,315
Essex Property Trust, Inc.		18		5,400
Extra Space Storage, Inc.		37		6,061
Federal Realty Investment Trust		19		2,226
Healthpeak Properties, Inc.		150		4,994
Host Hotels & Resorts, Inc.*		197		3,367
Iron Mountain, Inc.		80		3,386
Kimco Realty Corp.		121		2,523
Mid-America Apartment Communities, Inc.		32		5,389
Prologis, Inc.		205		24,504
Public Storage		42		12,629
Realty Income Corp.		104		6,941
Regency Centers Corp.		44		2,819
SBA Communications Corp. Cl A		30		9,561
Simon Property Group, Inc.		92		12,004
UDR, Inc.		82		4,016
Ventas, Inc.		104		5,938
Vornado Realty Trust		44		2,053
Welltower, Inc.		116		9,640
Weyerhaeuser Co.		208		7,159
				259,461
UTILITIES (1.5%)
AES Corp.		188		4,901
Alliant Energy Corp.		69		3,847
Ameren Corp.		71		5,683
American Electric Power Co., Inc.		140		11,843

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
American Water Works Co., Inc.		50	$	7,706
Atmos Energy Corp.		36		3,460
CenterPoint Energy, Inc.		162		3,972
CMS Energy Corp.		80		4,726
Consolidated Edison, Inc.		95		6,814
Dominion Energy, Inc.		225		16,553
DTE Energy Co.		54		6,998
Duke Energy Corp.		214		21,126
Edison International		105		6,071
Entergy Corp.		56		5,583
Evergy, Inc.		63		3,807
Eversource Energy		95		7,623
Exelon Corp.		274		12,141
FirstEnergy Corp.		150		5,582
NextEra Energy, Inc.		540		39,571
NiSource, Inc.		109		2,671
NRG Energy, Inc.		70		2,821
Pinnacle West Capital Corp.		31		2,541
PPL Corp.		215		6,014
Public Svc. Enterprise Group, Inc.		141		8,423
Sempra Energy		87		11,526
Southern Co.		296		17,911
WEC Energy Group, Inc.		88		7,828
Xcel Energy, Inc.		150		9,882
				247,624
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $8,114,103 ) 60.8%				10,294,135
ACTIVE ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.1%)
Bandwidth, Inc. Cl A*		59		8,138
Cardlytics, Inc.*		123		15,612
Cogent Communications Hldgs., Inc.		139		10,688
Discovery, Inc. Cl A*		243		7,456
Discovery, Inc. Cl C*		156		4,521
Fox Corp. Cl A		473		17,562
Magnite, Inc.*		116		3,926
ORBCOMM, Inc.*		776		8,722
Take-Two Interactive Software, Inc.*		145		25,668
TEGNA, Inc.		1,874		35,156
Twitter, Inc.*		250		17,202
World Wrestling Entertainment, Inc. Cl A		85		4,921
Zynga, Inc. Cl A*		2,124		22,579
				182,151
CONSUMER DISCRETIONARY (4.9%)
Aptiv PLC*		87		13,688
AutoZone, Inc.*		23		34,321
Bed Bath & Beyond, Inc.*		232		7,723

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Bloomin’ Brands, Inc.*		1,775	$	48,173
Bright Horizons Family Solutions, Inc.*		112		16,476
Caesars Entertainment, Inc.*		168		17,430
Capri Hldgs. Ltd.*		736		42,092
Darden Restaurants, Inc.		177		25,840
Five Below, Inc.*		274		52,956
Foot Locker, Inc.		121		7,457
Ford Motor Co.*		908		13,493
Fox Factory Hldg. Corp.*		108		16,812
Golden Entertainment, Inc.*		256		11,469
Haverty Furniture Cos., Inc.		178		7,611
Johnson Outdoors, Inc. Cl A		38		4,598
Lithia Motors, Inc. Cl A		98		33,677
Marriott Vacations Worldwide Corp.*		406		64,676
NVR, Inc.*		4		19,893
Oxford Industries, Inc.		208		20,559
Ralph Lauren Corp. Cl A		182		21,442
Red Rock Resorts, Inc. Cl A*		503		21,378
Skyline Champion Corp.*		632		33,685
Sonic Automotive, Inc. Cl A		695		31,094
Sonos, Inc.*		800		28,184
Stamps.com, Inc.*		32		6,409
Steven Madden Ltd.		1,510		66,077
Taylor Morrison Home Corp. Cl A*		933		24,650
Tempur Sealy International, Inc.		611		23,945
Tractor Supply Co.		150		27,909
Williams-Sonoma, Inc.		380		60,667
XPEL, Inc.*		198		16,606
YETI Hldgs., Inc.*		178		16,346
				837,336
CONSUMER STAPLES (1.0%)
BJ’s Wholesale Club Hldgs., Inc.*		193		9,183
Church & Dwight Co., Inc.		312		26,589
Constellation Brands, Inc. Cl A		227		53,093
Crimson Wine Group Ltd.*		1,816		16,598
Freshpet, Inc.*		43		7,007
TreeHouse Foods, Inc.*		1,165		51,866
Tyson Foods, Inc. Cl A		67		4,940
				169,276
ENERGY (1.7%)
Baker Hughes Co. Cl A		808		18,479
ChampionX Corp.*		1,056		27,087
Cheniere Energy, Inc.*		305		26,456
Devon Energy Corp.		2,306		67,313
EQT Corp.*		898		19,989
Hess Corp.		82		7,160
MPLX LP		216		6,396
Northern Oil & Gas, Inc.		389		8,080
PDC Energy, Inc.		546		25,001

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, 2021 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Renewable Energy Group, Inc.*		312	$	19,450
Southwestern Energy Co.*		4,168		23,633
Williams Cos., Inc.		1,246		33,081
				282,125
FINANCIALS (5.8%)
Altabancorp		240		10,394
American Equity Investment Life Hldg. Co.		418		13,510
American Financial Group, Inc.		193		24,071
Ameriprise Financial, Inc.		214		53,261
Argo Group International Hldgs. Ltd.		205		10,625
BancFirst Corp.		145		9,052
Bank of Marin Bancorp		183		5,838
Banner Corp.		385		20,871
Brookline Bancorp, Inc.		1,187		17,746
Brown & Brown, Inc.		338		17,961
Bryn Mawr Bank Corp.		293		12,362
Dime Community Bancshares, Inc.		338		11,364
Discover Financial Svcs.		307		36,315
Eastern Bankshares, Inc.		1,521		31,287
Ellington Financial, Inc.		1,122		21,486
Enterprise Financial Svcs. Corp.		407		18,881
Essent Group Ltd.		471		21,171
Everest Re Group Ltd.		43		10,837
Fifth Third Bancorp		1,294		49,470
First Financial Bankshares, Inc.		155		7,615
First Foundation, Inc.		374		8,419
First Interstate BancSystem, Inc. Cl A		574		24,010
First Republic Bank		141		26,391
Globe Life, Inc.		201		19,145
Goosehead Insurance, Inc. Cl A		101		12,857
Green Dot Corp. Cl A*		800		37,480
Hancock Whitney Corp.		518		23,020
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		116		6,514
Hartford Financial Svcs. Group, Inc.		506		31,357
Houlihan Lokey, Inc. Cl A		141		11,532
Investors Bancorp, Inc.		828		11,807
iShares Micro-Cap ETF		48		7,325
iShares Russell 2000 Growth ETF		39		12,156
KeyCorp.		689		14,228
Lincoln National Corp.		107		6,724
Moelis & Co. Cl A		239		13,597
MSCI, Inc. Cl A		29		15,459
Peoples Bancorp, Inc.		120		3,554
Primerica, Inc.		218		33,384

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Progressive Corp.		181	$	17,776
Raymond James Financial, Inc.		134		17,406
Reinsurance Group of America, Inc. Cl A		78		8,892
RLI Corp.		84		8,785
Selective Insurance Group, Inc.		292		23,696
Signature Bank		51		12,528
Starwood Property Trust, Inc.		1,048		27,426
Stifel Financial Corp.		205		13,296
Stock Yards Bancorp, Inc.		670		34,096
SVB Financial Group*		27		15,024
Synchrony Financial		209		10,141
TriCo Bancshares		299		12,731
UMB Financial Corp.		208		19,356
Voya Financial, Inc.		138		8,487
Webster Financial Corp.		325		17,335
Zions Bancorporation		225		11,893
				981,944
HEALTH CARE (4.9%)
ACADIA Pharmaceuticals, Inc.*		332		8,097
Acceleron Pharma, Inc.*		45		5,647
Agilent Technologies, Inc.		288		42,569
Align Technology, Inc.*		29		17,719
Allakos, Inc.*		50		4,269
Amicus Therapeutics, Inc.*		415		4,001
Arena Pharmaceuticals, Inc.*		97		6,615
Arrowhead Pharmaceuticals, Inc.*		101		8,365
Biohaven Pharmaceutical Hldg. Co. Ltd.*		153		14,853
Blueprint Medicines Corp.*		90		7,916
CareDx, Inc.*		120		10,982
Centene Corp.*		144		10,502
Chemed Corp.		29		13,761
ChemoCentryx, Inc.*		105		1,406
Coherus Biosciences, Inc.*		265		3,665
CONMED Corp.		84		11,544
Emergent BioSolutions, Inc.*		69		4,346
Envista Hldgs. Corp.*		230		9,938
Esperion Therapeutics, Inc.*		153		3,236
Exact Sciences Corp.*		69		8,577
Fate Therapeutics, Inc.*		135		11,717
FibroGen, Inc.*		142		3,781
Hill-Rom Hldgs., Inc.		90		10,223
Horizon Therapeutics PLC*		385		36,051
Humana, Inc.		33		14,610
IDEXX Laboratories, Inc.*		26		16,421
ImmunityBio, Inc.*		247		3,527
Incyte Corp.*		86		7,235
Inmode Ltd.*		74		7,006
Insmed, Inc.*		191		5,436
Inspire Medical Systems, Inc.*		48		9,277

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, 2021 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Insulet Corp.*		44	$	12,078
Intersect ENT, Inc.*		240		4,102
Invitae Corp.*		138		4,655
iRhythm Technologies, Inc.*		60		3,981
Karyopharm Therapeutics, Inc.*		448		4,623
Kodiak Sciences, Inc.*		74		6,882
Krystal Biotech, Inc.*		64		4,352
LHC Group, Inc.*		69		13,818
Madrigal Pharmaceuticals, Inc.*		38		3,702
Medpace Hldgs., Inc.*		58		10,244
Mettler-Toledo International, Inc.*		16		22,166
Mirati Therapeutics, Inc.*		32		5,169
Moderna, Inc.*		86		20,208
NanoString Technologies, Inc.*		337		21,834
Natera, Inc.*		54		6,131
Neogen Corp.*		192		8,840
NeoGenomics, Inc.*		194		8,763
Nevro Corp.*		59		9,782
Novavax, Inc.*		18		3,822
Omnicell, Inc.*		83		12,570
Orchard Therapeutics PLC*		491		2,156
OrthoPediatrics Corp.*		158		9,982
Pacific Biosciences of California, Inc.*		245		8,568
Penumbra, Inc.*		36		9,866
Progyny, Inc.*		119		7,021
Repligen Corp.*		51		10,181
Sage Therapeutics, Inc.*		102		5,795
SeaSpine Hldgs. Corp.*		1,019		20,900
Sientra, Inc.*		4,150		33,034
Silk Road Medical, Inc.*		160		7,658
Simulations Plus, Inc.		142		7,797
Sorrento Therapeutics, Inc.*		575		5,572
STAAR Surgical Co.*		95		14,488
Supernus Pharmaceuticals, Inc.*		776		23,893
Syneos Health, Inc. Cl A*		371		33,201
Tactile Systems Technology, Inc.*		154		8,008
Tandem Diabetes Care, Inc.*		105		10,227
Theravance Biopharma, Inc.*		166		2,411
Ultragenyx Pharmaceutical, Inc.*		64		6,102
Veeva Systems, Inc. Cl A*		55		17,102
Vericel Corp.*		505		26,513
Xencor, Inc.*		123		4,242
Zimmer Biomet Hldgs., Inc.		256		41,168
				826,899
INDUSTRIALS (6.6%)
Alaska Air Group, Inc.*		568		34,256
Arcosa, Inc.		432		25,376
Axon Enterprise, Inc.*		118		20,862

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
AZEK Co., Inc. Cl A*		139	$	5,902
Bloom Energy Corp. Cl A*		294		7,900
Builders FirstSource, Inc.*		853		36,389
Carlisle Cos., Inc.		241		46,123
Casella Waste Systems, Inc. Cl A*		112		7,104
Chart Industries, Inc.*		49		7,170
Clean Harbors, Inc.*		144		13,412
Deluxe Corp.		775		37,022
Dover Corp.		242		36,445
Ducommun, Inc.*		159		8,675
EMCOR Group, Inc.		131		16,138
Encore Wire Corp.		433		32,817
EnPro Industries, Inc.		380		36,917
ESCO Technologies, Inc.		429		40,244
Exponent, Inc.		108		9,635
Federal Signal Corp.		321		12,914
Franklin Electric Co., Inc.		125		10,078
FuelCell Energy, Inc.*		431		3,836
Generac Hldgs., Inc.*		82		34,042
Gorman-Rupp Co.		199		6,854
HEICO Corp. Cl A		120		14,902
IAA, Inc.*		206		11,236
ICF International, Inc.		229		20,120
Jacobs Engineering Group, Inc.		130		17,345
L-3 Harris Technologies, Inc.		94		20,318
Lennox International, Inc.		65		22,802
ManTech International Corp. Cl A		127		10,991
Masonite International Corp.*		84		9,390
Miller Industries, Inc.		924		36,443
Mueller Industries, Inc.		1,369		59,291
Old Dominion Freight Line, Inc.		214		54,313
Oshkosh Corp.		229		28,543
Parsons Corp.*		180		7,085
Plug Power, Inc.*		181		6,188
Quanta Svcs., Inc.		195		17,661
Rexnord Corp.		421		21,067
Rockwell Automation, Inc.		70		20,021
Saia, Inc.*		65		13,617
Simpson Manufacturing Co., Inc.		119		13,142
Stanley Black & Decker, Inc.		81		16,604
Teledyne Technologies, Inc.*		45		18,847
Tetra Tech, Inc.		81		9,885
Trane Technologies PLC		120		22,097
TransUnion		149		16,362
Trex Co., Inc.*		285		29,130
UFP Industries, Inc.		441		32,784
Univar Solutions, Inc.*		488		11,897
Upwork, Inc.*		243		14,164
VSE Corp.		674		33,370
Werner Enterprises, Inc.		356		15,849
Willdan Group, Inc.*		180		6,774
				1,122,349

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, 2021 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (6.3%)
Akoustis Technologies, Inc.*		616	$	6,597
Altair Engineering, Inc. Cl A*		131		9,035
Amphenol Corp. Cl A		312		21,343
Analog Devices, Inc.		91		15,667
Belden, Inc.		259		13,098
Blackline, Inc.*		106		11,795
Cambium Networks Corp.*		273		13,199
Ciena Corp.*		213		12,118
Cloudera, Inc.*		1,071		16,986
CMC Materials, Inc.		69		10,401
Cohu, Inc.*		452		16,629
Concentrix Corp.*		101		16,241
Domo, Inc. Cl B*		258		20,854
DXC Technology Co.*		956		37,226
EchoStar Corp. Cl A*		514		12,485
EPAM Systems, Inc.*		67		34,234
Euronet Worldwide, Inc.*		300		40,605
Everspin Technologies, Inc.*		755		4,855
Five9, Inc.*		383		70,238
Globant S.A.*		57		12,493
Guidewire Software, Inc.*		89		10,032
Hewlett Packard Enterprise Co.		773		11,270
II-VI, Inc.*		371		26,931
Keysight Technologies, Inc.*		59		9,111
KLA Corp.		71		23,019
LivePerson, Inc.*		205		12,964
Lumentum Hldgs., Inc.*		361		29,613
Marvell Technology, Inc.		215		12,541
Maximus, Inc.		108		9,501
MaxLinear, Inc. Cl A*		461		19,588
Microchip Technology, Inc.		79		11,829
MKS Instruments, Inc.		79		14,058
Monolithic Power Systems, Inc.		48		17,926
Motorola Solutions, Inc.		81		17,565
Novanta, Inc.*		81		10,916
Okta, Inc. Cl A*		63		15,415
Palo Alto Networks, Inc.*		41		15,213
Perficient, Inc.*		422		33,937
Ping Identity Hldg. Corp.*		190		4,351
Plexus Corp.*		80		7,313
Proofpoint, Inc.*		120		20,851
PTC, Inc.*		208		29,382
Q2 Hldgs., Inc.*		79		8,104
Qorvo, Inc.*		79		15,456
Rapid7, Inc.*		308		29,146
Richardson Electronics Ltd.*		1,133		9,415
Sailpoint Technologies Hldgs., Inc.*		497		25,382
Sequans Communications S.A.*		678		4,081
Silicon Laboratories, Inc.*		77		11,800
Skyworks Solutions, Inc.		62		11,889
Splunk, Inc.*		110		15,904

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Synaptics, Inc.*		199	$	30,960
Synopsys, Inc.*		74		20,409
Twilio, Inc. Cl A*		55		21,679
Viasat, Inc.*		1,081		53,877
Western Digital Corp.*		72		5,124
Xperi Hldg. Corp.		957		21,284
Zendesk, Inc.*		208		30,023
				1,073,958
MATERIALS (2.6%)
Ashland Global Hldgs., Inc.		446		39,025
Avient Corp.		276		13,568
Chase Corp.		94		9,645
Coeur Mining, Inc.*		2,648		23,514
Crown Hldgs., Inc.		679		69,401
Ferro Corp.*		1,345		29,012
FMC Corp.		214		23,155
Freeport-McMoRan, Inc.		331		12,283
Hawkins, Inc.		135		4,421
International Flavors & Fragrances, Inc.		89		13,296
Kaiser Aluminum Corp.		275		33,960
Materion Corp.		465		35,038
Newmont Corp.		514		32,577
Orion Engineered Carbons S.A.*		417		7,919
Packaging Corp. of America		117		15,844
Steel Dynamics, Inc.		163		9,715
Stepan Co.		76		9,141
Valvoline, Inc.		1,131		36,712
Vulcan Materials Co.		88		15,319
				433,545
REAL ESTATE (2.2%)
Alexander’s, Inc.		29		7,770
American Campus Communities, Inc.		154		7,195
Apartment Income REIT Corp.		197		9,344
Apartment Investment & Management Co. Cl A		1,164		7,810
AvalonBay Communities, Inc.		54		11,269
Brandywine Realty Trust		610		8,363
Camden Property Trust		104		13,798
Cousins Properties, Inc.		397		14,602
CTO Realty Growth, Inc.		103		5,513
Duke Realty Corp.		1,223		57,909
Easterly Government Properties, Inc.		984		20,743
EastGroup Properties, Inc.		59		9,702
Equity Commonwealth		578		15,144
Equity LifeStyle Properties, Inc.		86		6,391
Highwoods Properties, Inc.		312		14,093
Host Hotels & Resorts, Inc.*		864		14,766
Industrial Logistics Properties Trust		459		11,998
Kilroy Realty Corp.		314		21,867

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, 2021 (Unaudited)

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
NexPoint Residential Trust, Inc.		90	$	4,948
PotlatchDeltic Corp.		243		12,915
Realty Income Corp.		193		12,881
Redfin Corp.*		181		11,477
Sabra Health Care REIT, Inc.		820		14,924
Sun Communities, Inc.		144		24,682
Vornado Realty Trust		82		3,827
Welltower, Inc.		326		27,090
Weyerhaeuser Co.		160		5,507
				376,528
UTILITIES (1.7%)
AES Corp.		448		11,679
Ameren Corp.		192		15,368
Atmos Energy Corp.		80		7,689
Avista Corp.		332		14,166
Black Hills Corp.		309		20,280
Chesapeake Utilities Corp.		104		12,514

	Shares		Value
ACTIVE ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
DTE Energy Co.		106	$	13,738
Entergy Corp.		118		11,765
Evergy, Inc.		689		41,636
Fortis, Inc.		419		18,533
NiSource, Inc.		716		17,542
NorthWestern Corp.		217		13,068
NRG Energy, Inc.		376		15,153
Portland General Electric Co.		215		9,907
PPL Corp.		300		8,391
Public Svc. Enterprise Group, Inc.		273		16,309
Sempra Energy		189		25,038
Spire, Inc.		161		11,635
				284,411
TOTAL ACTIVE ASSETS-COMMON STOCKS (Cost: $5,049,345) 38.8%				6,570,522

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.3%)
Citibank, New York Time Deposit		0.01		07/01/21	$	53,009	$	53,009
TOTAL TEMPORARY CASH INVESTMENT (Cost: $53,009) 0.3%								53,009
TOTAL INVESTMENTS (Cost: $13,216,457) 99.9%								16,917,666
OTHER NET ASSETS 0.1%								23,261
NET ASSETS 100.0%							$	16,940,927

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, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (2.4%)
ORBCOMM, Inc.*		7,564	$	85,019
TEGNA, Inc.		17,498		328,263
				413,282
CONSUMER DISCRETIONARY (11.4%)
Bed Bath & Beyond, Inc.*		2,263		75,335
Bloomin’ Brands, Inc.*		10,167		275,932
Capri Hldgs. Ltd.*		4,642		265,476
Golden Entertainment, Inc.*		2,590		116,032
Haverty Furniture Cos., Inc.		1,455		62,216
Johnson Outdoors, Inc. Cl A		226		27,346
Marriott Vacations Worldwide Corp.*		1,658		264,120
Oxford Industries, Inc.		1,675		165,557
Sonic Automotive, Inc. Cl A		4,826		215,915
Steven Madden Ltd.		7,061		308,989
Taylor Morrison Home Corp. Cl A*		5,747		151,836
				1,928,754
CONSUMER STAPLES (2.9%)
Crimson Wine Group Ltd.*		17,185		157,071
TreeHouse Foods, Inc.*		7,519		334,746
				491,817
ENERGY (6.4%)
ChampionX Corp.*		9,922		254,499
Devon Energy Corp.		7,070		206,373
EQT Corp.*		8,862		197,268
PDC Energy, Inc.		5,187		237,513
Renewable Energy Group, Inc.*		3,176		197,992
				1,093,645
FINANCIALS (23.4%)
American Equity Investment Life Hldg. Co.		4,246		137,231
Argo Group International Hldgs. Ltd.		2,166		112,264
BancFirst Corp.		986		61,556
Bank of Marin Bancorp		1,898		60,546
Banner Corp.		3,954		214,346
Brookline Bancorp, Inc.		11,922		178,234
Bryn Mawr Bank Corp.		2,625		110,749
Dime Community Bancshares, Inc.		2,803		94,237
Eastern Bankshares, Inc.		14,827		304,991
Ellington Financial, Inc.		11,401		218,329
Enterprise Financial Svcs. Corp.		3,992		185,189
Essent Group Ltd.		4,648		208,928
First Interstate BancSystem, Inc. Cl A		5,831		243,911
Green Dot Corp. Cl A*		5,876		275,290
Hancock Whitney Corp.		5,129		227,933
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,135		63,730
Investors Bancorp, Inc.		8,433		120,254
Moelis & Co. Cl A		2,457		139,779
Peoples Bancorp, Inc.		986		29,205

	Shares		Value
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Selective Insurance Group, Inc.		2,845	$	230,872
Stifel Financial Corp.		2,030		131,666
Stock Yards Bancorp, Inc.		5,632		286,612
TriCo Bancshares		2,976		126,718
UMB Financial Corp.		2,162		201,196
				3,963,766
HEALTH CARE (6.1%)
Arena Pharmaceuticals, Inc.*		964		65,745
NanoString Technologies, Inc.*		2,046		132,560
SeaSpine Hldgs. Corp.*		7,792		159,814
Sientra, Inc.*		26,020		207,119
Supernus Pharmaceuticals, Inc.*		5,747		176,950
Syneos Health, Inc. Cl A*		2,082		186,318
Vericel Corp.*		2,057		107,993
				1,036,499
INDUSTRIALS (19.6%)
Arcosa, Inc.		3,272		192,197
Builders FirstSource, Inc.*		4,591		195,852
Deluxe Corp.		7,528		359,613
Encore Wire Corp.		3,601		272,920
EnPro Industries, Inc.		3,888		377,719
ICF International, Inc.		1,447		127,133
ManTech International Corp. Cl A		1,317		113,973
Miller Industries, Inc.		7,780		306,843
Mueller Industries, Inc.		9,538		413,091
Rexnord Corp.		4,345		217,424
UFP Industries, Inc.		4,055		301,449
VSE Corp.		6,292		311,517
Werner Enterprises, Inc.		2,994		133,293
				3,323,024
INFORMATION TECHNOLOGY (8.2%)
Belden, Inc.		2,528		127,841
Cloudera, Inc.*		4,296		68,135
Cohu, Inc.*		2,072		76,229
Concentrix Corp.*		984		158,227
EchoStar Corp. Cl A*		5,148		125,045
Everspin Technologies, Inc.*		3,482		22,389
II-VI, Inc.*		1,425		103,441
Perficient, Inc.*		1,094		87,979
Plexus Corp.*		831		75,962
Richardson Electronics Ltd.*		7,608		63,222
Sequans Communications S.A.*		6,563		39,509
Synaptics, Inc.*		713		110,928
Viasat, Inc.*		3,108		154,903
Xperi Hldg. Corp.		7,899		175,674
				1,389,484
MATERIALS (7.0%)
Avient Corp.		2,799		137,599
Coeur Mining, Inc.*		15,830		140,570
Ferro Corp.*		10,846		233,948
Kaiser Aluminum Corp.		1,876		231,667
Materion Corp.		4,607		347,138
Stepan Co.		854		102,711
				1,193,633

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, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (7.1%)
Alexander’s, Inc.		187	$	50,106
Apartment Investment & Management Co. Cl A		11,341		76,098
Cousins Properties, Inc.		4,102		150,871
CTO Realty Growth, Inc.		1,119		59,889
Easterly Government Properties, Inc.		8,099		170,727
Equity Commonwealth		5,664		148,397
Highwoods Properties, Inc.		3,245		146,577
Industrial Logistics Properties Trust		4,814		125,838
PotlatchDeltic Corp.		2,505		133,141
Sabra Health Care REIT, Inc.		7,894		143,671
				1,205,315

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (3.2%)
Avista Corp.		3,432	$	146,444
Black Hills Corp.		2,586		169,719
NorthWestern Corp.		1,831		110,263
Spire, Inc.		1,575		113,825
				540,251
TOTAL COMMON STOCKS
(Cost: $14,819,740) 97.7%				16,579,470

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (2.8%)
Citibank, New York Time Deposit		0.01		07/01/21	$	485,493	$	485,493
TOTAL TEMPORARY CASH INVESTMENT (Cost: $485,493) 2.8%								485,493
TOTAL INVESTMENTS (Cost: $15,305,233) 100.5%								17,064,963
OTHER NET ASSETS -0.5%								(91,050	)
NET ASSETS 100.0%							$	16,973,913

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, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (3.1%)
Bandwidth, Inc. Cl A*		651	$	89,786
Cardlytics, Inc.*		1,344		170,594
Cogent Communications Hldgs., Inc.		1,517		116,642
Magnite, Inc.*		1,267		42,875
World Wrestling Entertainment, Inc. Cl A		928		53,722
Zynga, Inc. Cl A*		4,436		47,155
				520,774
CONSUMER DISCRETIONARY (17.1%)
Bloomin’ Brands, Inc.*		8,586		233,024
Five Below, Inc.*		1,103		213,177
Fox Factory Hldg. Corp.*		1,181		183,834
Lithia Motors, Inc. Cl A		210		72,164
Marriott Vacations Worldwide Corp.*		798		127,121
Red Rock Resorts, Inc. Cl A*		5,541		235,493
Skyline Champion Corp.*		6,879		366,651
Sonic Automotive, Inc. Cl A		2,325		104,021
Sonos, Inc.*		8,358		294,452
Stamps.com, Inc.*		354		70,903
Steven Madden Ltd.		4,473		195,739
Taylor Morrison Home Corp. Cl A*		2,401		63,434
Tempur Sealy International, Inc.		2,504		98,132
Williams-Sonoma, Inc.		1,262		201,478
XPEL, Inc.*		2,193		183,927
YETI Hldgs., Inc.*		1,892		173,723
				2,817,273
CONSUMER STAPLES (1.0%)
BJ’s Wholesale Club Hldgs., Inc.*		2,044		97,254
Freshpet, Inc.*		450		73,332
				170,586
ENERGY (2.1%)
Northern Oil & Gas, Inc.		4,287		89,041
Southwestern Energy Co.*		45,900		260,253
				349,294
FINANCIALS (8.3%)
Altabancorp		2,647		114,642
First Financial Bankshares, Inc.		1,695		83,275
First Foundation, Inc.		4,121		92,764
Goosehead Insurance, Inc. Cl A		1,107		140,921
Green Dot Corp. Cl A*		2,452		114,876
Houlihan Lokey, Inc. Cl A		1,561		127,674
iShares Micro-Cap ETF		531		81,031
iShares Russell 2000 Growth ETF		1,232		384,002
Primerica, Inc.		930		142,420
RLI Corp.		878		91,830
				1,373,435

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (24.9%)
ACADIA Pharmaceuticals, Inc.*		2,426	$	59,170
Acceleron Pharma, Inc.*		471		59,106
Allakos, Inc.*		536		45,758
Amicus Therapeutics, Inc.*		4,763		45,915
Arrowhead Pharmaceuticals, Inc.*		1,104		91,433
Biohaven Pharmaceutical Hldg. Co. Ltd.*		1,653		160,473
Blueprint Medicines Corp.*		955		84,002
CareDx, Inc.*		1,317		120,532
ChemoCentryx, Inc.*		1,205		16,135
Coherus Biosciences, Inc.*		3,053		42,223
CONMED Corp.		907		124,649
Emergent BioSolutions, Inc.*		761		47,935
Esperion Therapeutics, Inc.*		1,611		34,073
Fate Therapeutics, Inc.*		1,488		129,144
FibroGen, Inc.*		1,637		43,593
ImmunityBio, Inc.*		2,709		38,685
Inmode Ltd.*		805		76,217
Insmed, Inc.*		2,158		61,417
Inspire Medical Systems, Inc.*		506		97,790
Intersect ENT, Inc.*		2,907		49,681
Invitae Corp.*		1,519		51,236
iRhythm Technologies, Inc.*		655		43,459
Karyopharm Therapeutics, Inc.*		4,894		50,506
Kodiak Sciences, Inc.*		821		76,353
Krystal Biotech, Inc.*		654		44,472
LHC Group, Inc.*		725		145,188
Madrigal Pharmaceuticals, Inc.*		435		42,373
Medpace Hldgs., Inc.*		661		116,752
Mirati Therapeutics, Inc.*		353		57,020
NanoString Technologies, Inc.*		1,472		95,371
Natera, Inc.*		596		67,664
Neogen Corp.*		2,048		94,290
NeoGenomics, Inc.*		2,018		91,153
Nevro Corp.*		636		105,442
Novavax, Inc.*		193		40,976
Omnicell, Inc.*		911		137,971
Orchard Therapeutics PLC*		5,098		22,380
OrthoPediatrics Corp.*		1,714		108,291
Pacific Biosciences of California, Inc.*		2,640		92,321
Progyny, Inc.*		1,299		76,641
Sage Therapeutics, Inc.*		533		30,280
SeaSpine Hldgs. Corp.*		2,687		55,110
Sientra, Inc.*		16,288		129,652
Silk Road Medical, Inc.*		1,767		84,569
Simulations Plus, Inc.		1,541		84,616
Sorrento Therapeutics, Inc.*		6,223		60,301
STAAR Surgical Co.*		1,041		158,753
Supernus Pharmaceuticals, Inc.*		2,383		73,373

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, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Tactile Systems Technology, Inc.*		1,703	$	88,556
Tandem Diabetes Care, Inc.*		418		40,713
Theravance Biopharma, Inc.*		1,659		24,089
Ultragenyx Pharmaceutical, Inc.*		702		66,936
Vericel Corp.*		3,142		164,955
Xencor, Inc.*		1,456		50,217
				4,099,910
INDUSTRIALS (13.6%)
Arcosa, Inc.		1,270		74,600
AZEK Co., Inc. Cl A*		1,517		64,412
Bloom Energy Corp. Cl A*		3,079		82,733
Casella Waste Systems, Inc. Cl A*		1,236		78,400
Chart Industries, Inc.*		532		77,842
Ducommun, Inc.*		1,736		94,716
EMCOR Group, Inc.		1,404		172,959
ESCO Technologies, Inc.		1,881		176,457
Exponent, Inc.		1,145		102,145
Federal Signal Corp.		3,505		141,006
Franklin Electric Co., Inc.		1,319		106,338
FuelCell Energy, Inc.*		4,741		42,195
Gorman-Rupp Co.		2,230		76,801
ICF International, Inc.		881		77,405
Masonite International Corp.*		900		100,611
Parsons Corp.*		1,969		77,500
Plug Power, Inc.*		1,997		68,277
Saia, Inc.*		711		148,947
Simpson Manufacturing Co., Inc.		1,277		141,032
Tetra Tech, Inc.		858		104,710
Upwork, Inc.*		2,691		156,858
Willdan Group, Inc.*		1,978		74,452
				2,240,396
INFORMATION TECHNOLOGY (22.2%)
Akoustis Technologies, Inc.*		6,792		72,742
Altair Engineering, Inc. Cl A*		1,388		95,730
Blackline, Inc.*		1,111		123,621
Cambium Networks Corp.*		3,027		146,355
Cloudera, Inc.*		5,431		86,136
CMC Materials, Inc.		760		114,562
Cohu, Inc.*		2,758		101,467

	Shares		Value
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Domo, Inc. Cl B*		2,780	$	224,707
Everspin Technologies, Inc.*		4,437		28,530
Five9, Inc.*		1,422		260,781
Globant S.A.*		615		134,796
II-VI, Inc.*		2,186		158,682
LivePerson, Inc.*		2,250		142,290
Lumentum Hldgs., Inc.*		1,484		121,733
Maximus, Inc.		1,178		103,629
MaxLinear, Inc. Cl A*		4,789		203,485
Novanta, Inc.*		860		115,894
Perficient, Inc.*		3,351		269,487
Ping Identity Hldg. Corp.*		2,010		46,029
Q2 Hldgs., Inc.*		868		89,039
Rapid7, Inc.*		3,384		320,228
Sailpoint Technologies Hldgs., Inc.*		5,273		269,292
Silicon Laboratories, Inc.*		806		123,519
Synaptics, Inc.*		1,223		190,274
Viasat, Inc.*		2,390		119,118
				3,662,126
MATERIALS (3.8%)
Chase Corp.*		1,022		104,867
Coeur Mining, Inc.*		11,061		98,222
Hawkins, Inc.		1,489		48,765
Kaiser Aluminum Corp.		914		112,870
Orion Engineered Carbons S.A.*		4,590		87,164
Valvoline, Inc.		5,225		169,603
				621,491
REAL ESTATE (2.2%)
Easterly Government Properties, Inc.		3,383		71,314
EastGroup Properties, Inc.		650		106,892
NexPoint Residential Trust, Inc.		991		54,485
Redfin Corp.*		1,956		124,030
				356,721
UTILITIES (0.8%)
Chesapeake Utilities Corp.		1,049		126,226
TOTAL COMMON STOCKS
(Cost: $12,529,570) 99.1%				16,338,232

	Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (0.7%)
Citibank, New York Time Deposit	0.01	07/01/21	$	106,750	$	106,750
TOTAL TEMPORARY CASH INVESTMENT (Cost: $106,750) 0.7%						106,750
TOTAL INVESTMENTS (Cost: $12,636,320) 99.8%						16,444,982
OTHER NET ASSETS 0.2%						39,984
NET ASSETS 100.0%					$	16,484,966

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.6%)
AMC Networks, Inc. Cl A*		235	$	15,698
ATN International, Inc.		84		3,821
Cincinnati Bell, Inc.*		390		6,014
Cogent Communications Hldgs., Inc.		324		24,912
Consolidated Communications Hldgs., Inc.*		563		4,949
EW Scripps Co. Cl A		442		9,012
Gannett Co., Inc.*		1,037		5,693
Marcus Corp.*		184		3,902
Meredith Corp.*		311		13,510
QuinStreet, Inc.*		378		7,023
Scholastic Corp.		230		8,715
Shenandoah Telecommunications Co.		382		18,531
Spok Hldgs., Inc.		137		1,318
TechTarget, Inc.*		181		14,026
				137,124
CONSUMER DISCRETIONARY (14.4%)
Aaron’s Co., Inc.		262		8,381
Abercrombie & Fitch Co. Cl A*		474		22,008
American Axle & Manufacturing Hldgs., Inc.*		873		9,036
American Public Education, Inc.*		143		4,053
America’s Car-Mart, Inc.*		47		6,661
Asbury Automotive Group, Inc.*		148		25,363
Barnes & Noble Education, Inc.*		244		1,759
Bed Bath & Beyond, Inc.*		817		27,198
Big Lots, Inc.		245		16,172
BJ’s Restaurants, Inc.*		178		8,747
Bloomin’ Brands, Inc.*		620		16,827
Boot Barn Hldgs., Inc.*		224		18,827
Brinker International, Inc.*		350		21,647
Buckle, Inc.		221		10,995
Caleres, Inc.		293		7,996
Cato Corp. Cl A		148		2,497
Cavco Industries, Inc.*		65		14,442
Century Communities, Inc.		225		14,971
Cheesecake Factory, Inc.*		351		19,017
Chico’s FAS, Inc.*		939		6,179
Children’s Place, Inc.*		112		10,423
Chuy’s Hldgs., Inc.*		153		5,701
Conn’s, Inc.*		148		3,774
Cooper-Standard Hldgs., Inc.*		130		3,770
Core-Mark Hldg. Co., Inc.		346		15,573
Dave & Buster’s Entertainment, Inc.*		366		14,860
Designer Brands, Inc. Cl A*		454		7,514
Dine Brands Global, Inc.*		131		11,692
Dorman Products, Inc.*		219		22,704
El Pollo Loco Hldgs., Inc.*		145		2,652
Ethan Allen Interiors, Inc.		168		4,637
Fiesta Restaurant Group, Inc.*		136		1,826
Fossil Group, Inc.*		363		5,184

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
GameStop Corp. Cl A*		425	$	91,009
Genesco, Inc.*		108		6,877
Gentherm, Inc.*		254		18,047
G-III Apparel Group Ltd.*		333		10,942
Group 1 Automotive, Inc.		131		20,230
Guess?, Inc.		293		7,735
Haverty Furniture Cos., Inc.		129		5,516
Hibbett, Inc.*		124		11,114
Installed Building Products, Inc.		173		21,168
iRobot Corp.*		215		20,079
Kontoor Brands, Inc.		362		20,420
La-Z-Boy, Inc.		355		13,149
LCI Industries		193		25,364
LGI Homes, Inc.*		168		27,206
Liquidity Svcs., Inc.*		207		5,268
Lumber Liquidators Hldgs., Inc.*		222		4,684
M/I Homes, Inc.*		223		13,083
Macy’s, Inc.*		2,387		45,258
MarineMax, Inc.*		170		8,286
MDC Hldgs., Inc.		425		21,505
Meritage Homes Corp.*		290		27,283
Monarch Casino & Resort, Inc.*		99		6,551
Monro, Inc.		256		16,259
Motorcar Parts of America, Inc.*		145		3,254
Movado Group, Inc.		129		4,060
ODP Corp.*		410		19,684
Oxford Industries, Inc.		129		12,750
Patrick Industries, Inc.		171		12,483
Perdoceo Education Corp.*		539		6,614
PetMed Express, Inc.		155		4,937
Red Robin Gourmet Burgers, Inc.*		120		3,973
Regis Corp.*		186		1,741
Rent-A-Center, Inc.		457		24,253
Ruth’s Hospitality Group, Inc.*		245		5,642
Sally Beauty Hldgs., Inc.*		865		19,091
Shake Shack, Inc. Cl A*		278		29,752
Shoe Carnival, Inc.		66		4,725
Shutterstock, Inc.		171		16,787
Signet Jewelers Ltd.*		401		32,397
Sleep Number Corp.*		187		20,561
Sonic Automotive, Inc. Cl A		179		8,008
Stamps.com, Inc.*		140		28,041
Standard Motor Products, Inc.		153		6,633
Steven Madden Ltd.		589		25,775
Sturm Ruger & Co., Inc.		135		12,147
Tupperware Brands Corp.*		380		9,025
Unifi, Inc.*		115		2,801
Universal Electronics, Inc.*		105		5,092
Vera Bradley, Inc.*		170		2,106
Vista Outdoor, Inc.*		442		20,456
Winnebago Industries, Inc.		257		17,466
Wolverine World Wide, Inc.		634		21,328
Zumiez, Inc.*		162		7,936
				1,209,637

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER STAPLES (4.0%)
Andersons, Inc.		240	$	7,327
B&G Foods, Inc.		496		16,269
Calavo Growers, Inc.		127		8,054
Cal-Maine Foods, Inc.		287		10,392
Celsius Hldgs., Inc.*		230		17,501
Central Garden & Pet Co.*		75		3,970
Central Garden & Pet Co. Cl A*		304		14,683
Chefs’ Warehouse, Inc.*		250		7,958
Coca-Cola Consolidated, Inc.		35		14,075
Edgewell Personal Care Co.		416		18,263
elf Beauty, Inc.*		297		8,061
Fresh Del Monte Produce, Inc.		233		7,661
Inter Parfums, Inc.		136		9,792
J&J Snack Foods Corp.		115		20,057
John B Sanfilippo & Son, Inc.		67		5,934
Medifast, Inc.		90		25,468
MGP Ingredients, Inc.		100		6,764
National Beverage Corp.		179		8,454
PriceSmart, Inc.		179		16,291
Seneca Foods Corp. Cl A*		51		2,605
Simply Good Foods Co.*		645		23,549
SpartanNash Co.		278		5,368
United Natural Foods, Inc.*		431		15,938
Universal Corp.		188		10,710
USANA Health Sciences, Inc.*		88		9,014
Vector Group Ltd.		980		13,857
WD-40 Co.		104		26,654
				334,669
ENERGY (4.5%)
Archrock, Inc.		991		8,830
Bonanza Creek Energy, Inc.		146		6,872
Bristow Group, Inc.*		177		4,533
Callon Petroleum Co.*		354		20,422
CONSOL Energy, Inc.*		232		4,285
Core Laboratories N.V.		355		13,827
DMC Global, Inc.*		143		8,038
Dorian LPG Ltd.*		208		2,937
Dril-Quip, Inc.*		271		9,168
Green Plains, Inc.*		325		10,927
Helix Energy Solutions Group, Inc.*		1,085		6,195
Helmerich & Payne, Inc.		826		26,952
Laredo Petroleum, Inc.*		74		6,866
Matador Resources Co.		841		30,284
Nabors Industries Ltd.*		49		5,598
Oceaneering International, Inc.*		764		11,895
Oil States International, Inc.*		469		3,682
Par Pacific Hldgs., Inc.*		341		5,736
Patterson-UTI Energy, Inc.		1,438		14,294
PBF Energy, Inc. Cl A*		736		11,261
PDC Energy, Inc.		761		34,846
Penn Virginia Corp.*		117		2,762
ProPetro Hldg. Corp.*		627		5,743
Range Resources Corp.*		1,988		33,319
Renewable Energy Group, Inc.*		365		22,754

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
REX American Resources Corp.*		40	$	3,607
RPC, Inc.*		446		2,208
SM Energy Co.		839		20,665
Southwestern Energy Co.*		4,977		28,220
Talos Energy, Inc.*		244		3,816
US Silica Hldgs., Inc.*		569		6,578
				377,120
FINANCIALS (20.3%)
Allegiance Bancshares, Inc.		142		5,458
Ambac Financial Group, Inc.*		354		5,544
American Equity Investment Life Hldg. Co.		658		21,267
Ameris Bancorp		534		27,036
AMERISAFE, Inc.		148		8,834
Apollo Commercial Real Estate Finance, Inc.		985		15,711
ARMOUR Residential REIT, Inc.		546		6,235
Assured Guaranty Ltd.		577		27,396
Axos Financial, Inc.*		395		18,324
B Riley Financial, Inc.		135		10,193
Banc of California, Inc.		342		5,999
BancFirst Corp.		143		8,928
Bancorp, Inc.*		390		8,974
BankUnited, Inc.		714		30,481
Banner Corp.		266		14,420
Berkshire Hills Bancorp, Inc.		392		10,745
Blucora, Inc.*		371		6,422
Boston Private Financial Hldgs., Inc.		631		9,307
Brightsphere Investment Group, Inc.		456		10,684
Brookline Bancorp, Inc.		599		8,955
Cadence BanCorp Cl A		955		19,940
Capitol Federal Financial, Inc.		989		11,650
Capstead Mortgage Corp.		742		4,556
Central Pacific Financial Corp.		217		5,655
City Hldg. Co.		120		9,029
Columbia Banking System, Inc.		549		21,169
Community Bank System, Inc.		413		31,243
Customers Bancorp, Inc.*		227		8,851
CVB Financial Corp.		978		20,137
Dime Community Bancshares, Inc.		271		9,111
Donnelley Financial Solutions, Inc.*		228		7,524
Eagle Bancorp, Inc.		245		13,740
eHealth, Inc.*		200		11,680
Ellington Financial, Inc.		335		6,415
Employers Hldgs., Inc.		218		9,330
Encore Capital Group, Inc.*		237		11,231
Enova International, Inc.*		281		9,613
EZCORP, Inc. Cl A*		405		2,442
FB Financial Corp.		257		9,591

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
First BanCorp.		1,651	$	19,680
First Bancorp/Southern Pines NC		218		8,918
First Commonwealth Financial Corp.		737		10,370
First Financial Bancorp		745		17,604
First Hawaiian, Inc.		998		28,283
First Midwest Bancorp, Inc.		875		17,351
Flagstar Bancorp, Inc.		364		15,386
Genworth Financial, Inc. Cl A*		3,881		15,136
Granite Point Mortgage Trust, Inc.		422		6,225
Great Western Bancorp, Inc.		422		13,837
Green Dot Corp. Cl A*		417		19,536
Greenhill & Co., Inc.		112		1,743
Hanmi Financial Corp.		235		4,479
HCI Group, Inc.		50		4,972
Heritage Financial Corp.		276		6,906
Hilltop Hldgs., Inc.		498		18,127
HomeStreet, Inc.		164		6,681
Hope Bancorp, Inc.		946		13,414
Horace Mann Educators Corp.		318		11,900
Independent Bank Corp.		253		19,102
Independent Bank Group, Inc.		281		20,788
Invesco Mortgage Capital, Inc.		2,175		8,483
Investors Bancorp, Inc.		1,726		24,613
iShares Core S&P Small-Cap ETF		2,560		289,229
James River Group Hldgs. Ltd.		285		10,693
KKR Real Estate Finance Trust, Inc.		209		4,521
Meta Financial Group, Inc.		244		12,354
Mr Cooper Group, Inc.*		521		17,224
National Bank Hldgs. Corp. Cl A		236		8,907
NBT Bancorp, Inc.		333		11,978
New York Mortgage Trust, Inc.		2,904		12,981
NMI Hldgs., Inc. Cl A*		655		14,724
Northfield Bancorp, Inc.		354		5,806
Northwest Bancshares, Inc.		974		13,285
OFG Bancorp		395		8,737
Old National Bancorp.		1,269		22,347
Pacific Premier Bancorp, Inc.		725		30,660
Palomar Hldgs., Inc.*		167		12,602
Park National Corp.		108		12,681
PennyMac Mortgage Investment Trust		750		15,795
Piper Sandler Cos.		110		14,252
PRA Group, Inc.*		351		13,503
Preferred Bank		104		6,580
ProAssurance Corp.		413		9,396
Provident Financial Svcs., Inc.		555		12,704
Ready Capital Corp.		442		7,015
Redwood Trust, Inc.		865		10,441
Renasant Corp.		431		17,240
S&T Bancorp, Inc.		301		9,421
Safety Insurance Group, Inc.		109		8,533

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Seacoast Banking Corp. of Florida		423	$	14,445
Selectquote, Inc.*		338		6,510
ServisFirst Bancshares, Inc.		379		25,764
Simmons First National Corp. Cl A		830		24,352
SiriusPoint Ltd.*		582		5,861
Southside Bancshares, Inc.		237		9,061
Stewart Information Svcs. Corp.		205		11,621
StoneX Group, Inc.*		128		7,766
Tompkins Financial Corp.		92		7,136
Triumph Bancorp, Inc.*		173		12,845
Trupanion, Inc.*		258		29,696
TrustCo Bank Corp.		148		5,088
Two Harbors Investment Corp.		2,096		15,846
United Community Banks, Inc.		665		21,287
United Fire Group, Inc.		165		4,575
United Insurance Hldgs. Corp.		159		906
Universal Insurance Hldgs., Inc.		218		3,026
Veritex Hldgs., Inc.		379		13,420
Virtus Investment Partners, Inc.		55		15,277
Walker & Dunlop, Inc.		226		23,590
Westamerica BanCorp		206		11,954
WisdomTree Investments, Inc.		859		5,326
World Acceptance Corp.*		30		4,807
WSFS Financial Corp.		364		16,959
				1,708,081
HEALTH CARE (11.4%)
Addus HomeCare Corp.*		116		10,120
Allscripts Healthcare Solutions, Inc.*		1,081		20,009
AMN Healthcare Svcs., Inc.*		362		35,107
Amphastar Pharmaceuticals, Inc.*		281		5,665
AngioDynamics, Inc.*		292		7,922
ANI Pharmaceuticals, Inc.*		76		2,664
Anika Therapeutics, Inc.*		110		4,762
Apollo Medical Hldgs., Inc.*		101		6,344
Avanos Medical, Inc.*		368		13,384
Cara Therapeutics, Inc.*		330		4,709
Cardiovascular Systems, Inc.*		308		13,136
Coherus Biosciences, Inc.*		510		7,053
Collegium Pharmaceutical, Inc.*		270		6,383
Community Health Systems, Inc.*		951		14,683
Computer Programs & Systems, Inc.		98		3,257
CONMED Corp.		223		30,647
Contra Progenics Pharmaceuticals, Inc. — contingent value rights*		384		0	††
Corcept Therapeutics, Inc.*		804		17,688
CorVel Corp.*		70		9,401
Covetrus, Inc.*		764		20,628
Cross Country Healthcare, Inc.*		268		4,425

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
CryoLife, Inc.*		299	$	8,492
Cutera, Inc.*		136		6,668
Cytokinetics, Inc.*		549		10,865
Eagle Pharmaceuticals, Inc.*		89		3,809
Enanta Pharmaceuticals, Inc.*		138		6,073
Endo International PLC*		1,787		8,363
Ensign Group, Inc.		396		34,321
Fulgent Genetics, Inc.*		135		12,451
Glaukos Corp.*		354		30,030
Hanger, Inc.*		295		7,458
HealthStream, Inc.*		193		5,392
Heska Corp.*		76		17,459
Innoviva, Inc.*		481		6,450
Inogen, Inc.*		142		9,254
Integer Hldgs. Corp.*		253		23,833
Invacare Corp.*		268		2,163
Joint Corp.*		101		8,476
Lantheus Hldgs., Inc.*		517		14,290
LeMaitre Vascular, Inc.		131		7,994
Luminex Corp.		337		12,402
Magellan Health, Inc.*		178		16,768
MEDNAX, Inc.*		660		19,899
Meridian Bioscience, Inc.*		332		7,364
Merit Medical Systems, Inc.*		377		24,377
Mesa Laboratories, Inc.		37		10,033
ModivCare, Inc.*		93		15,817
Myriad Genetics, Inc.*		590		18,042
Natus Medical, Inc.*		261		6,781
NeoGenomics, Inc.*		903		40,789
NextGen Healthcare, Inc.*		426		7,067
Omnicell, Inc.*		331		50,130
OraSure Technologies, Inc.*		551		5,587
Organogenesis Hldgs., Inc. Cl A*		383		6,365
Orthofix Medical, Inc.*		150		6,016
Owens & Minor, Inc.		575		24,340
Pacira BioSciences, Inc.*		337		20,449
Pennant Group, Inc.*		195		7,975
Phibro Animal Health Corp. Cl A		156		4,505
Prestige Consumer Healthcare, Inc.*		382		19,902
RadNet, Inc.*		335		11,286
REGENXBIO, Inc.*		267		10,373
Select Medical Hldgs. Corp.		826		34,907
Simulations Plus, Inc.		117		6,424
Spectrum Pharmaceuticals, Inc.*		1,237		4,639
Supernus Pharmaceuticals, Inc.*		406		12,501
Surmodics, Inc.*		106		5,750
Tabula Rasa HealthCare, Inc.*		173		8,650
Tactile Systems Technology, Inc.*		150		7,800
Tivity Health, Inc.*		290		7,630
US Physical Therapy, Inc.		99		11,471
Vanda Pharmaceuticals, Inc.*		425		9,142

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Varex Imaging Corp.*		301	$	8,073
Vericel Corp.*		355		18,637
Xencor, Inc.*		446		15,383
Zynex, Inc.*		149		2,314
				961,416
INDUSTRIALS (16.4%)
AAON, Inc.		313		19,591
AAR Corp.*		254		9,842
ABM Industries, Inc.		514		22,796
Aerojet Rocketdyne Hldgs., Inc.		570		27,525
AeroVironment, Inc.*		172		17,226
Alamo Group, Inc.		75		11,451
Albany International Corp. Cl A		235		20,976
Allegiant Travel Co.*		112		21,728
American Woodmark Corp.*		130		10,620
Apogee Enterprises, Inc.		197		8,024
Applied Industrial Technologies, Inc.		298		27,136
ArcBest Corp.		194		11,289
Arcosa, Inc.		369		21,675
Astec Industries, Inc.		174		10,952
Atlas Air Worldwide Hldgs., Inc.*		211		14,371
AZZ, Inc.		192		9,942
Barnes Group, Inc.		357		18,296
Boise Cascade Co.		301		17,563
Brady Corp. Cl A		372		20,847
Chart Industries, Inc.*		273		39,945
CIRCOR International, Inc.*		155		5,053
Comfort Systems USA, Inc.		278		21,904
CoreCivic, Inc.*		921		9,643
Deluxe Corp.		323		15,430
DXP Enterprises, Inc.*		135		4,495
Echo Global Logistics, Inc.*		204		6,271
Encore Wire Corp.		158		11,975
Enerpac Tool Group Corp. Cl A		460		12,245
EnPro Industries, Inc.		158		15,350
ESCO Technologies, Inc.		199		18,668
Exponent, Inc.		399		35,595
Federal Signal Corp.		464		18,667
Forrester Research, Inc.*		84		3,847
Forward Air Corp.		209		18,758
Franklin Electric Co., Inc.		295		23,783
Gibraltar Industries, Inc.*		250		19,077
GMS, Inc.*		328		15,790
Granite Construction, Inc.		351		14,577
Greenbrier Cos., Inc.		251		10,939
Griffon Corp.		347		8,894
Harsco Corp.*		606		12,374
Hawaiian Hldgs., Inc.*		391		9,529
Heartland Express, Inc.		373		6,389
Heidrick & Struggles International, Inc.		149		6,638
Hillenbrand, Inc.		576		25,390
HNI Corp.		334		14,686
Hub Group, Inc. Cl A*		259		17,089

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Insteel Industries, Inc.		148	$	4,758
Interface, Inc. Cl A		452		6,916
John Bean Technologies Corp.		243		34,657
Kaman Corp.		213		10,735
Kelly Svcs., Inc. Cl A*		256		6,136
Korn Ferry		414		30,036
Lindsay Corp.		83		13,718
Lydall, Inc.*		131		7,928
ManTech International Corp. Cl A		210		18,173
Marten Transport Ltd.		450		7,420
Matrix Svc. Co.*		203		2,131
Matson, Inc.		333		21,312
Matthews International Corp. Cl A		242		8,702
Meritor, Inc.*		556		13,021
Moog, Inc. Cl A		224		18,829
Mueller Industries, Inc.		437		18,926
MYR Group, Inc.*		129		11,729
National Presto Industries, Inc.		39		3,964
NOW, Inc.*		844		8,010
Park Aerospace Corp.		144		2,146
PGT Innovations, Inc.*		456		10,593
Pitney Bowes, Inc.		1,344		11,787
Powell Industries, Inc.		68		2,105
Proto Labs, Inc.*		212		19,462
Quanex Building Products Corp.		257		6,384
Raven Industries, Inc.		275		15,909
Resideo Technologies, Inc.*		1,102		33,060
Resources Connection, Inc.		236		3,389
Saia, Inc.*		202		42,317
SkyWest, Inc.*		386		16,625
SPX Corp.*		347		21,195
SPX FLOW, Inc.		323		21,072
Standex International Corp.		94		8,922
Team, Inc.*		237		1,588
Tennant Co.		143		11,419
Titan International, Inc.*		387		3,282
Triumph Group, Inc.*		467		9,690
TrueBlue, Inc.*		272		7,646
UFP Industries, Inc.		474		35,237
UniFirst Corp.		117		27,453
US Ecology, Inc.*		241		9,042
Veritiv Corp.*		94		5,773
Viad Corp.*		157		7,826
Vicor Corp.*		163		17,236
Wabash National Corp.		397		6,352
Watts Water Technologies, Inc. Cl A		211		30,787
				1,380,249
INFORMATION TECHNOLOGY (13.3%)
3D Systems Corp.*		958		38,291
8x8, Inc.*		842		23,374
ADTRAN, Inc.		371		7,661
Advanced Energy Industries, Inc.		294		33,137

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Agilysys, Inc.*		157	$	8,929
Alarm.com Hldgs., Inc.*		347		29,391
Applied Optoelectronics, Inc.*		189		1,601
Arlo Technologies, Inc.*		622		4,211
Axcelis Technologies, Inc.*		257		10,388
Badger Meter, Inc.		223		21,881
Bel Fuse, Inc. Cl B		78		1,123
Benchmark Electronics, Inc.		274		7,798
BM Technologies, Inc.*		25		311
Bottomline Technologies DE, Inc.*		301		11,161
CalAmp Corp.*		270		3,434
CEVA, Inc.*		175		8,277
Cohu, Inc.*		371		13,649
Comtech Telecommunications Corp.		200		4,832
CSG Systems International, Inc.		252		11,889
CTS Corp.		248		9,216
Daktronics, Inc.*		282		1,858
Diebold Nixdorf, Inc.*		599		7,691
Digi International, Inc.*		261		5,249
Diodes, Inc.*		325		25,925
DSP Group, Inc.*		173		2,560
Ebix, Inc.		180		6,102
ePlus, Inc.*		103		8,929
EVERTEC, Inc.		459		20,035
ExlService Hldgs., Inc.*		256		27,203
Extreme Networks, Inc.*		965		10,769
Fabrinet*		282		27,035
FARO Technologies, Inc.*		139		10,810
FormFactor, Inc.*		594		21,657
Harmonic, Inc.*		774		6,594
Ichor Hldgs. Ltd.*		215		11,567
Insight Enterprises, Inc.*		270		27,003
InterDigital, Inc.		236		17,235
Itron, Inc.*		346		34,593
Knowles Corp.*		711		14,035
Kulicke & Soffa Industries, Inc.		475		29,070
LivePerson, Inc.*		491		31,051
MaxLinear, Inc. Cl A*		525		22,307
Methode Electronics, Inc.		294		14,468
MicroStrategy, Inc. Cl A*		59		39,206
NETGEAR, Inc.*		233		8,929
OneSpan, Inc.*		259		6,615
Onto Innovation, Inc.*		376		27,463
OSI Systems, Inc.*		128		13,010
PC Connection, Inc.		84		3,887
PDF Solutions, Inc.*		226		4,109
Perficient, Inc.*		253		20,346
Photronics, Inc.*		485		6,407
Plantronics, Inc.*		292		12,185
Plexus Corp.*		219		20,019
Power Integrations, Inc.		464		38,076
Progress Software Corp.		337		15,586
Rambus, Inc.*		862		20,438
Rogers Corp.*		143		28,714

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Sanmina Corp.*		498	$	19,402
ScanSource, Inc.*		195		5,485
SMART Global Hldgs., Inc.*		104		4,959
SPS Commerce, Inc.*		275		27,459
Sykes Enterprises, Inc.*		305		16,379
TTEC Hldgs., Inc.		140		14,433
TTM Technologies, Inc.*		763		10,911
Ultra Clean Hldgs., Inc.*		335		17,996
Unisys Corp.*		513		12,984
Veeco Instruments, Inc.*		384		9,231
Viavi Solutions, Inc.*		1,751		30,923
Vonage Hldgs. Corp.*		1,810		26,082
Xperi Hldg. Corp.		803		17,859
				1,113,393
MATERIALS (5.0%)
AdvanSix, Inc.*		215		6,420
Allegheny Technologies, Inc.*		974		20,308
American Vanguard Corp.		208		3,642
Arconic Corp.*		750		26,715
Balchem Corp.		248		32,552
Carpenter Technology Corp.		368		14,801
Century Aluminum Co.*		386		4,976
Clearwater Paper Corp.*		128		3,708
Domtar Corp.*		385		21,160
Ferro Corp.*		633		13,654
FutureFuel Corp.		198		1,901
GCP Applied Technologies, Inc.*		371		8,629
Glatfelter Corp.		340		4,750
Hawkins, Inc.		145		4,749
Haynes International, Inc.		97		3,432
HB Fuller Co.		400		25,444
Innospec, Inc.		188		17,035
Kaiser Aluminum Corp.		121		14,942
Koppers Hldgs., Inc.*		163		5,273
Kraton Corp.*		246		7,943
Livent Corp.*		1,219		23,600
Materion Corp.		156		11,755
Mercer International, Inc.*		303		3,863
Myers Industries, Inc.		276		5,796
Neenah, Inc.		129		6,472
O-I Glass, Inc.*		1,209		19,743
Olympic Steel, Inc.		69		2,028
Quaker Chemical Corp.		101		23,956
Rayonier Advanced Materials, Inc.*		487		3,258
Schweitzer-Mauduit International, Inc.		241		9,732
Stepan Co.		164		19,724
SunCoke Energy, Inc.		635		4,534
TimkenSteel Corp.*		294		4,160
Tredegar Corp.		199		2,740
Trinseo S.A.		297		17,772
US Concrete, Inc.*		124		9,151
Warrior Met Coal, Inc.		394		6,777
				417,095

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (7.4%)
Acadia Realty Trust		661	$	14,516
Agree Realty Corp.		521		36,725
Alexander & Baldwin, Inc.		554		10,149
American Assets Trust, Inc.		384		14,319
Armada Hoffler Properties, Inc.		462		6,140
Brandywine Realty Trust		1,308		17,933
CareTrust REIT, Inc.		741		17,213
Centerspace		99		7,811
Chatham Lodging Trust*		372		4,788
Community Healthcare Trust, Inc.		176		8,353
DiamondRock Hospitality Co.*		1,610		15,617
Diversified Healthcare Trust		1,825		7,628
Easterly Government Properties, Inc.		642		13,533
Essential Properties Realty Trust, Inc.		900		24,336
Four Corners Property Trust, Inc.		583		16,097
Franklin Street Properties Corp.		740		3,892
GEO Group, Inc.		931		6,629
Getty Realty Corp.		286		8,909
Global Net Lease, Inc.		730		13,505
Hersha Hospitality Trust Cl A*		282		3,034
Independence Realty Trust, Inc.		782		14,256
Industrial Logistics Properties Trust		500		13,070
Innovative Industrial Properties, Inc. Cl A		183		34,957
iStar, Inc.		561		11,629
Kite Realty Group Trust		647		14,240
Lexington Realty Trust		2,126		25,406
LTC Properties, Inc.		301		11,555
Mack-Cali Realty Corp.		660		11,319
Marcus & Millichap, Inc.*		185		7,191
NexPoint Residential Trust, Inc.		173		9,512
Office Properties Income Trust		370		10,845
RE/MAX Hldgs., Inc. Cl A		145		4,833
Realogy Hldgs. Corp.*		892		16,252
Retail Opportunity Investments Corp.		910		16,071
Retail Properties of America, Inc. Cl A		1,644		18,824
RPT Realty		622		8,074
Safehold, Inc.		110		8,635
Saul Centers, Inc.		99		4,500
Service Properties Trust		1,262		15,901
SITE Centers Corp.		1,293		19,473
St Joe Co.		239		10,662
Summit Hotel Properties, Inc.*		813		7,585
Tanger Factory Outlet Centers, Inc.		772		14,552
Uniti Group, Inc.		1,788		18,935
Universal Health Realty Income Trust		98		6,032

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Urstadt Biddle Properties, Inc. Cl A		230	$	4,457
Washington Real Estate Investment Trust		648		14,904
Whitestone REIT Cl B		306		2,524
Xenia Hotels & Resorts, Inc.*		871		16,314
				623,635
UTILITIES (1.5%)
American States Water Co.		283		22,515
Avista Corp.		531		22,658
California Water Svc. Group		389		21,605
Chesapeake Utilities Corp.		134		16,124
Northwest Natural Hldg. Co.		235		12,342

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
South Jersey Industries, Inc.		861	$	22,326
Unitil Corp.		115		6,092
			123,662
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $7,076,070) 99.8%				8,386,081
WARRANTS
ENERGY (0.0%) (1)
Nabors Industries Ltd. — expiring 06/11/2026*		20	$	200
TOTAL WARRANTS
(Cost: $210) 0.0% (1)				200

	Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (0.5%)
Citibank, New York Time Deposit	0.01	07/01/21	$	40,301	$	40,301
TOTAL TEMPORARY CASH INVESTMENT (Cost: $40,301) 0.5%						40,301
TOTAL INVESTMENTS (Cost: $7,116,581) 100.3%						8,426,582
OTHER NET ASSETS -0.3%						(27,438	)
NET ASSETS 100.0%					$	8,399,144

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, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
COMMUNICATION SERVICES (2.1%)
Discovery, Inc. Cl A*		698	$	21,415
Discovery, Inc. Cl C*		360		10,433
Take-Two Interactive Software, Inc.*		203		35,935
				67,783
CONSUMER DISCRETIONARY (6.8%)
Capri Hldgs. Ltd.*		685		39,175
Foot Locker, Inc.		332		20,461
Marriott Vacations Worldwide Corp.*		306		48,746
Ralph Lauren Corp. Cl A		147		17,318
Steven Madden Ltd.		1,161		50,806
Taylor Morrison Home Corp. Cl A*		491		12,972
Williams-Sonoma, Inc.		186		29,695
				219,173
CONSUMER STAPLES (2.7%)
Constellation Brands, Inc. Cl A		123		28,769
TreeHouse Foods, Inc.*		1,016		45,232
Tyson Foods, Inc. Cl A		169		12,465
				86,466
ENERGY (5.2%)
Baker Hughes Co. Cl A		2,166		49,536
Cheniere Energy, Inc.*		289		25,068
Devon Energy Corp.		1,258		36,721
Hess Corp.		217		18,949
MPLX LP		594		17,588
Williams Cos., Inc.		746		19,806
				167,668
FINANCIALS (16.9%)
American Financial Group, Inc.		416		51,884
Ameriprise Financial, Inc.		289		71,926
Discover Financial Svcs.		360		42,584
Everest Re Group Ltd.		121		30,493
Fifth Third Bancorp		966		36,930
Hartford Financial Svcs. Group, Inc.		401		24,850
KeyCorp.		1,816		37,500
Lincoln National Corp.		278		17,470
Progressive Corp.		451		44,293
Reinsurance Group of America, Inc. Cl A		215		24,510
Signature Bank		142		34,882
Starwood Property Trust, Inc.		989		25,882
SVB Financial Group*		59		32,829
Synchrony Financial		522		25,328
Voya Financial, Inc.		297		18,266
Zions Bancorporation		495		26,166
				545,793
HEALTH CARE (9.3%)
Agilent Technologies, Inc.		382		56,463
Centene Corp.*		408		29,756
Envista Hldgs. Corp.*		574		24,803

	Shares		Value
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Hill-Rom Hldgs., Inc.		256	$	29,079
Horizon Therapeutics PLC*		238		22,286
Humana, Inc.		85		37,631
Syneos Health, Inc. Cl A*		377		33,738
Zimmer Biomet Hldgs., Inc.		407		65,454
				299,210
INDUSTRIALS (17.9%)
Alaska Air Group, Inc.*		630		37,995
Builders FirstSource, Inc.*		1,020		43,513
Carlisle Cos., Inc.		299		57,223
Dover Corp.		211		31,777
HEICO Corp. Cl A		129		16,019
Jacobs Engineering Group, Inc.		348		46,430
L-3 Harris Technologies, Inc.		236		51,011
Mueller Industries, Inc.		1,062		45,995
Old Dominion Freight Line, Inc.		255		64,719
Oshkosh Corp.		310		38,638
Stanley Black & Decker, Inc.		214		43,868
Teledyne Technologies, Inc.*		26		10,890
Trane Technologies PLC		310		57,083
Univar Solutions, Inc.*		1,309		31,914
				577,075
INFORMATION TECHNOLOGY (11.6%)
Analog Devices, Inc.		164		28,234
Ciena Corp.*		527		29,981
DXC Technology Co.*		2,333		90,847
Euronet Worldwide, Inc.*		439		59,419
KLA Corp.		64		20,749
MKS Instruments, Inc.		76		13,524
Proofpoint, Inc.*		147		25,543
PTC, Inc.*		201		28,393
Qorvo, Inc.*		189		36,978
Viasat, Inc.*		524		26,116
Western Digital Corp.*		209		14,875
				374,659
MATERIALS (9.3%)
Ashland Global Hldgs., Inc.		757		66,237
Crown Hldgs., Inc.		865		88,412
FMC Corp.		301		32,568
Freeport-McMoRan, Inc.		775		28,760
Newmont Corp.		428		27,127
Packaging Corp. of America		252		34,126
Steel Dynamics, Inc.		365		21,754
				298,984
REAL ESTATE (8.1%)
Alexander’s, Inc.		29		7,770
American Campus Communities, Inc.		411		19,202
Apartment Income REIT Corp.		533		25,280
AvalonBay Communities, Inc.		151		31,512
Brandywine Realty Trust		1,601		21,950
Duke Realty Corp.		1,303		61,697
Equity LifeStyle Properties, Inc.		246		18,280
Kilroy Realty Corp.		240		16,714

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, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
Vornado Realty Trust		202	$	9,427
Welltower, Inc.		386		32,077
Weyerhaeuser Co.		459		15,799
				259,708
UTILITIES (7.7%)
AES Corp.		1,204		31,388
Ameren Corp.		529		42,341
Atmos Energy Corp.		198		19,030
Entergy Corp.		306		30,509

	Shares		Value
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
Evergy, Inc.		941	$	56,865
PPL Corp.		829		23,187
Public Svc. Enterprise Group, Inc.		771		46,059
				249,379
TOTAL COMMON STOCKS
(Cost: $2,819,158) 97.6%				3,145,898

	Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (2.6%)
Citibank, New York Time Deposit		0.01		07/01/21	$	83,453	$	83,453
TOTAL TEMPORARY CASH INVESTMENT (Cost: $83,453) 2.6%								83,453
TOTAL INVESTMENTS (Cost: $2,902,611) 100.2%								3,229,351
OTHER NET ASSETS -0.2%								(5,450	)
NET ASSETS 100.0%							$	3,223,901

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS:
COMMON STOCKS:
COMMUNICATION SERVICES (1.8%)
Cable One, Inc.		131	$	250,578
Cinemark Hldgs., Inc.*		2,623		57,575
Iridium Communications, Inc.*		2,833		113,292
John Wiley & Sons, Inc. Cl A		1,050		63,189
New York Times Co. Cl A		3,503		152,556
TEGNA, Inc.		5,324		99,878
Telephone & Data Systems, Inc.		2,402		54,429
TripAdvisor, Inc.*		2,365		95,310
World Wrestling Entertainment, Inc. Cl A		1,092		63,216
Yelp, Inc. Cl A*		1,689		67,492
				1,017,515
CONSUMER DISCRETIONARY (14.4%)
Adient PLC*		2,272		102,694
Adtalem Global Education, Inc.*		1,192		42,483
American Eagle Outfitters, Inc.		3,640		136,609
AutoNation, Inc.*		1,300		123,253
Boyd Gaming Corp.*		1,946		119,660
Brunswick Corp.		1,879		187,186
Callaway Golf Co.*		2,806		94,646
Capri Hldgs. Ltd.*		3,649		208,686
Carter’s, Inc.		1,060		109,360
Choice Hotels International, Inc.		697		82,845
Churchill Downs, Inc.		836		165,745
Columbia Sportswear Co.		737		72,491
Cracker Barrel Old Country Store, Inc.		572		84,919
Crocs, Inc.*		1,573		183,286
Dana, Inc.		3,500		83,160
Deckers Outdoor Corp.*		671		257,711
Dick’s Sporting Goods, Inc.		1,580		158,300
Five Below, Inc.*		1,350		260,915
Foot Locker, Inc.		2,491		153,520
Fox Factory Hldg. Corp.*		1,012		157,528
Gentex Corp.		5,825		192,749
Goodyear Tire & Rubber Co.*		6,729		115,402
Graham Hldgs. Co. Cl B		97		61,488
Grand Canyon Education, Inc.*		1,118		100,587
H&R Block, Inc.		4,375		102,725
Harley-Davidson, Inc.		3,706		169,809
Helen of Troy Ltd.*		590		134,591
Jack in the Box, Inc.		536		59,732
KB Home		2,143		87,263
Kohl’s Corp.		3,768		207,655
Lear Corp.		1,320		231,370
Lithia Motors, Inc. Cl A		718		246,734
Marriott Vacations Worldwide Corp.*		1,030		164,079
Mattel, Inc.*		8,411		169,061
Murphy USA, Inc.		603		80,422
Nordstrom, Inc.*		2,625		95,996

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
CONSUMER DISCRETIONARY (CONTINUED)
Ollie’s Bargain Outlet Hldgs., Inc.*		1,370	$	115,258
Papa John’s International, Inc.		798		83,343
Polaris, Inc.		1,388		190,101
RH*		405		274,995
Scientific Games Corp. Cl A*		1,367		105,861
Service Corp. International		4,055		217,307
Six Flags Entertainment Corp.*		1,833		79,332
Skechers U.S.A., Inc. Cl A*		3,236		161,250
Strategic Education, Inc.		594		45,180
Taylor Morrison Home Corp. Cl A*		3,110		82,166
Tempur Sealy International, Inc.		4,417		173,102
Texas Roadhouse, Inc. Cl A		1,581		152,092
Thor Industries, Inc.		1,335		150,855
Toll Brothers, Inc.		2,708		156,550
TopBuild Corp.*		797		157,631
Travel + Leisure Co.		2,078		123,537
Tri Pointe Homes, Inc.*		2,856		61,204
Urban Outfitters, Inc.*		1,658		68,343
Visteon Corp.*		674		81,514
Wendy’s Co.		4,271		100,027
Williams-Sonoma, Inc.		1,837		293,277
Wingstop, Inc.		717		113,021
WW International, Inc.*		1,157		41,814
Wyndham Hotels & Resorts, Inc.		2,252		162,797
YETI Hldgs., Inc.*		1,809		166,102
				8,361,319
CONSUMER STAPLES (3.3%)
BJ’s Wholesale Club Hldgs., Inc.*		3,307		157,347
Boston Beer Co., Inc. Cl A*		224		228,659
Casey’s General Stores, Inc.		891		173,424
Coty, Inc. Cl A*		6,836		63,848
Darling Ingredients, Inc.*		3,935		265,612
Energizer Hldgs., Inc.		1,401		60,215
Flowers Foods, Inc.		4,748		114,902
Grocery Outlet Hldg. Corp.*		2,100		72,786
Hain Celestial Group, Inc.*		1,972		79,117
Ingredion, Inc.		1,615		146,157
Lancaster Colony Corp.		471		91,143
Nu Skin Enterprises, Inc. Cl A		1,207		68,377
Pilgrim’s Pride Corp.*		1,175		26,061
Post Hldgs., Inc.*		1,427		154,787
Sanderson Farms, Inc.		479		90,038
Sprouts Farmers Market, Inc.*		2,849		70,798
Tootsie Roll Industries, Inc.		424		14,378
TreeHouse Foods, Inc.*		1,356		60,369
				1,938,018
ENERGY (2.0%)
Antero Midstream Corp.		6,907		71,764
ChampionX Corp.*		4,516		115,835

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
ENERGY (CONTINUED)
Cimarex Energy Co.		2,480	$	179,676
CNX Resources Corp.*		5,312		72,562
EQT Corp.*		6,731		149,832
Equitrans Midstream Corp.		9,804		83,432
HollyFrontier Corp.		3,604		118,572
Murphy Oil Corp.		3,500		81,480
Targa Resources Corp.		5,514		245,097
World Fuel Svcs. Corp.		1,525		48,388
				1,166,638
FINANCIALS (17.1%)
Affiliated Managers Group, Inc.		1,004		154,827
Alleghany Corp.*		335		223,468
American Financial Group, Inc.		1,662		207,285
Associated Banc-Corp.		3,685		75,469
BancorpSouth Bank		2,327		65,924
Bank of Hawaii Corp.		974		82,030
Bank OZK		2,915		122,896
Brighthouse Financial, Inc.*		2,069		94,222
Brown & Brown, Inc.		5,642		299,816
Cathay General Bancorp		1,806		71,084
CIT Group, Inc.		2,389		123,249
CNO Financial Group, Inc.		3,173		74,946
Commerce Bancshares, Inc.		2,540		189,382
Cullen/Frost Bankers, Inc.		1,364		152,768
East West Bancorp, Inc.		3,421		245,251
Essent Group Ltd.		2,722		122,354
Evercore, Inc. Cl A		988		139,081
FactSet Research Systems, Inc.		913		306,412
Federated Hermes, Inc. Cl B		2,256		76,501
First American Financial Corp.		2,647		165,040
First Financial Bankshares, Inc.		3,431		168,565
First Horizon Corp.		13,321		230,187
FirstCash, Inc.		989		75,599
FNB Corp.		7,702		94,966
Fulton Financial Corp.		3,921		61,873
Glacier Bancorp, Inc.		2,303		126,849
Hancock Whitney Corp.		2,093		93,013
Hanover Insurance Group, Inc.		866		117,464
Home BancShares, Inc.		3,657		90,255
Interactive Brokers Group, Inc. Cl A		1,949		128,108
International Bancshares Corp.		1,345		57,754
iShares Core S&P Mid-Cap ETF		5,101		1,370,792
Janus Henderson Group PLC		4,115		159,703
Jefferies Financial Group, Inc.		4,824		164,981
Kemper Corp.		1,464		108,190
Kinsale Capital Group, Inc.		517		85,186
LendingTree, Inc.*		266		56,360
Mercury General Corp.		640		41,568
MGIC Investment Corp.		8,183		111,289

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
FINANCIALS (CONTINUED)
Navient Corp.		4,329	$	83,680
New York Community Bancorp, Inc.		11,216		123,600
Old Republic International Corp.		6,835		170,260
PacWest Bancorp		2,820		116,071
Pinnacle Financial Partners, Inc.		1,835		162,012
Primerica, Inc.		951		145,636
PROG Hldgs., Inc.		1,624		78,163
Prosperity Bancshares, Inc.		2,241		160,904
Reinsurance Group of America, Inc. Cl A		1,640		186,960
RenaissanceRe Hldgs. Ltd.		1,197		178,138
RLI Corp.		959		100,302
SEI Investments Co.		2,859		177,172
Selective Insurance Group, Inc.		1,448		117,505
Signature Bank		1,390		341,453
SLM Corp.		7,786		163,039
Sterling Bancorp		4,645		115,150
Stifel Financial Corp.		2,534		164,355
Synovus Financial Corp.		3,584		157,266
Texas Capital Bancshares, Inc.*		1,220		77,458
Trustmark Corp.		1,529		47,093
UMB Financial Corp.		1,049		97,620
Umpqua Hldgs. Corp.		5,321		98,172
United Bankshares, Inc.		3,236		118,114
Valley National Bancorp		9,788		131,453
Washington Federal, Inc.		1,746		55,488
Webster Financial Corp.		2,181		116,335
Wintrust Financial Corp.		1,376		104,067
				9,922,173
HEALTH CARE (10.8%)
Acadia Healthcare Co., Inc.*		2,164		135,791
Amedisys, Inc.*		786		192,515
Arrowhead Pharmaceuticals, Inc.*		2,510		207,878
Bio-Techne Corp.		938		422,344
Chemed Corp.		384		182,208
Emergent BioSolutions, Inc.*		1,098		69,163
Encompass Health Corp.		2,401		187,350
Envista Hldgs. Corp.*		3,877		167,525
Exelixis, Inc.*		7,558		137,707
Globus Medical, Inc. Cl A*		1,871		145,059
Haemonetics Corp.*		1,229		81,901
Halozyme Therapeutics, Inc.*		3,228		146,583
HealthEquity, Inc.*		2,011		161,845
Hill-Rom Hldgs., Inc.		1,603		182,085
ICU Medical, Inc.*		475		97,755
Integra LifeSciences Hldgs. Corp.*		1,713		116,895
Jazz Pharmaceuticals PLC*		1,449		257,400
LHC Group, Inc.*		764		152,999

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
HEALTH CARE (CONTINUED)
Ligand Pharmaceuticals, Inc.*		401	$	52,607
LivaNova PLC*		1,178		99,082
Masimo Corp.*		1,220		295,789
Medpace Hldgs., Inc.*		668		117,989
Molina Healthcare, Inc.*		1,408		356,308
Nektar Therapeutics Cl A*		4,397		75,452
Neogen Corp.*		2,590		119,244
Neurocrine Biosciences, Inc.*		2,280		221,890
NuVasive, Inc.*		1,246		84,454
Patterson Cos., Inc.		2,097		63,728
Penumbra, Inc.*		818		224,181
PRA Health Sciences, Inc.*		1,563		258,223
Progyny, Inc.*		897		52,923
Quidel Corp.*		934		119,664
R1 RCM, Inc.*		3,333		74,126
Repligen Corp.*		1,231		245,732
STAAR Surgical Co.*		1,131		172,477
Syneos Health, Inc. Cl A*		2,442		218,535
Tenet Healthcare Corp.*		2,575		172,499
United Therapeutics Corp.*		1,080		193,763
				6,263,669
INDUSTRIALS (17.6%)
Acuity Brands, Inc.		861		161,033
AECOM*		3,530		223,520
AGCO Corp.		1,490		194,266
ASGN, Inc.*		1,283		124,361
Avis Budget Group, Inc.*		1,247		97,129
Axon Enterprise, Inc.*		1,560		275,808
Brink’s Co.		1,200		92,208
Builders FirstSource, Inc.*		4,995		213,087
CACI International, Inc. Cl A*		567		144,653
Carlisle Cos., Inc.		1,259		240,947
Clean Harbors, Inc.*		1,211		112,793
Colfax Corp.*		2,845		130,329
Crane Co.		1,197		110,567
Curtiss-Wright Corp.		987		117,216
Donaldson Co., Inc.		3,042		193,258
Dycom Industries, Inc.*		742		55,301
EMCOR Group, Inc.		1,316		162,118
EnerSys		1,033		100,955
Flowserve Corp.		3,143		126,726
Fluor Corp.*		3,034		53,702
FTI Consulting, Inc.*		825		112,703
GATX Corp.		854		75,553
Graco, Inc.		4,086		309,310
Healthcare Svcs. Group, Inc.		1,802		56,889
Herman Miller, Inc.		1,423		67,080
Hexcel Corp.*		2,020		126,048
Hubbell, Inc. Cl B		1,310		244,760
IAA, Inc.*		3,250		177,255
Insperity, Inc.		867		78,351
ITT, Inc.		2,076		190,141
JetBlue Airways Corp.*		7,636		128,132
KAR Auction Svcs., Inc.*		3,009		52,808
KBR, Inc.		3,409		130,053

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INDUSTRIALS (CONTINUED)
Kennametal, Inc.		2,016	$	72,415
Kirby Corp.*		1,449		87,867
Knight-Swift Transportation Hldgs., Inc. Cl A		2,954		134,289
Landstar System, Inc.		926		146,327
Lennox International, Inc.		829		290,813
Lincoln Electric Hldgs., Inc.		1,436		189,136
ManpowerGroup, Inc.		1,315		156,367
MasTec, Inc.*		1,362		144,508
Mercury Systems, Inc.*		1,354		89,743
Middleby Corp.*		1,342		232,515
MSA Safety, Inc.		878		145,379
MSC Industrial Direct Co., Inc. Cl A		1,133		101,664
Nordson Corp.		1,303		286,022
nVent Electric PLC		4,044		126,335
Oshkosh Corp.		1,655		206,279
Owens Corning		2,519		246,610
Regal Beloit Corp.		980		130,840
Ryder System, Inc.		1,299		96,555
Science Applications International Corp.		1,398		122,647
Simpson Manufacturing Co., Inc.		1,047		115,631
Stericycle, Inc.*		2,213		158,340
Sunrun, Inc.*		3,885		216,705
Terex Corp.		1,683		80,145
Tetra Tech, Inc.		1,306		159,384
Timken Co.		1,649		132,893
Toro Co.		2,582		283,710
Trex Co., Inc.*		2,782		284,348
Trinity Industries, Inc.		1,951		52,462
Univar Solutions, Inc.*		4,090		99,714
Valmont Industries, Inc.		512		120,858
Watsco, Inc.		794		227,592
Werner Enterprises, Inc.		1,376		61,260
Woodward, Inc.		1,414		173,752
XPO Logistics, Inc.*		2,452		343,010
				10,195,175
INFORMATION TECHNOLOGY (14.1%)
ACI Worldwide, Inc.*		2,849		105,812
Alliance Data Systems Corp.		1,199		124,924
Amkor Technology, Inc.		2,591		61,329
Arrow Electronics, Inc.*		1,789		203,642
Aspen Technology, Inc.*		1,640		225,566
Avnet, Inc.		2,400		96,192
Belden, Inc.		1,079		54,565
Blackbaud, Inc.*		1,177		90,123
Brooks Automation, Inc.		1,792		170,742
CDK Global, Inc.		2,937		145,939
Ceridian HCM Hldg., Inc.*		3,167		303,779
Ciena Corp.*		3,737		212,598
Cirrus Logic, Inc.*		1,387		118,061
CMC Materials, Inc.		705		106,272
Cognex Corp.		4,259		357,969

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
INFORMATION TECHNOLOGY (CONTINUED)
Coherent, Inc.*		592	$	156,489
CommVault Systems, Inc.*		1,110		86,769
Concentrix Corp.*		1,004		161,443
Cree, Inc.*		2,785		272,735
Envestnet, Inc.*		1,312		99,528
Fair Isaac Corp.*		693		348,357
First Solar, Inc.*		2,051		185,636
Genpact Ltd.		4,201		190,851
II-VI, Inc.*		2,529		183,580
J2 Global, Inc.*		1,023		140,714
Jabil, Inc.		3,230		187,728
Lattice Semiconductor Corp.*		3,293		185,001
Littelfuse, Inc.		592		150,836
LiveRamp Hldgs., Inc.*		1,650		77,302
Lumentum Hldgs., Inc.*		1,830		150,115
Manhattan Associates, Inc.*		1,534		222,184
Maximus, Inc.		1,482		130,371
MKS Instruments, Inc.		1,335		237,563
National Instruments Corp.		3,174		134,197
NCR Corp.*		3,157		143,991
NetScout Systems, Inc.*		1,779		50,773
Paylocity Hldg. Corp.*		907		173,056
Qualys, Inc.*		812		81,760
Sabre Corp.*		7,704		96,146
Sailpoint Technologies Hldgs., Inc.*		2,227		113,733
Semtech Corp.*		1,566		107,741
Silicon Laboratories, Inc.*		1,079		165,357
SolarEdge Technologies, Inc.*		1,253		346,292
Synaptics, Inc.*		849		132,087
SYNNEX Corp.		1,000		121,760
Teradata Corp.*		2,643		132,071
Universal Display Corp.		1,035		230,111
Viasat, Inc.*		1,641		81,787
Vishay Intertechnology, Inc.		3,200		72,160
Vontier Corp.		4,071		132,633
WEX, Inc.*		1,079		209,218
Xerox Hldgs. Corp.		3,888		91,329
				8,160,917
MATERIALS (6.2%)
AptarGroup, Inc.		1,585		223,232
Ashland Global Hldgs., Inc.		1,318		115,325
Avient Corp.		2,202		108,250
Cabot Corp.		1,366		77,766
Chemours Co.		3,992		138,922
Cleveland-Cliffs, Inc.*		11,080		238,885
Commercial Metals Co.		2,906		89,272
Compass Minerals International, Inc.		820		48,593
Eagle Materials, Inc.		1,022		145,237
Greif, Inc. Cl A		640		38,752
Ingevity Corp.*		965		78,512
Louisiana-Pacific Corp.		2,466		148,675
Minerals Technologies, Inc.		813		63,959
NewMarket Corp.		176		56,669

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
MATERIALS (CONTINUED)
Olin Corp.		3,455	$	159,828
Reliance Steel & Aluminum Co.		1,536		231,782
Royal Gold, Inc.		1,582		180,506
RPM International, Inc.		3,123		276,948
Scotts Miracle-Gro Co.		981		188,274
Sensient Technologies Corp.		1,020		88,291
Silgan Hldgs., Inc.		1,890		78,435
Sonoco Products Co.		2,426		162,299
Steel Dynamics, Inc.		4,839		288,404
United States Steel Corp.		6,503		156,072
Valvoline, Inc.		4,367		141,753
Worthington Industries, Inc.		843		51,575
			3,576,216
REAL ESTATE (9.4%)
American Campus Communities, Inc.		3,325		155,344
Apartment Income REIT Corp.		3,782		179,380
Brixmor Property Group, Inc.		7,161		163,915
Camden Property Trust		2,356		312,571
CoreSite Realty Corp.		1,037		139,580
Corporate Office Properties Trust		2,709		75,825
Cousins Properties, Inc.		3,585		131,856
CyrusOne, Inc.		2,955		211,342
Douglas Emmett, Inc.		3,978		133,740
EastGroup Properties, Inc.		965		158,694
EPR Properties*		1,803		94,982
First Industrial Realty Trust, Inc.		3,114		162,644
Healthcare Realty Trust, Inc.		3,416		103,163
Highwoods Properties, Inc.		2,509		113,332
Hudson Pacific Properties, Inc.		3,640		101,265
JBG SMITH Properties		2,664		83,943
Jones Lang LaSalle, Inc.*		1,237		241,784
Kilroy Realty Corp.		2,556		178,000
Lamar Advertising Co. Cl A		2,091		218,342
Life Storage, Inc.		1,853		198,920
Macerich Co.		4,034		73,621
Medical Properties Trust, Inc.		14,185		285,119
National Retail Properties, Inc.		4,234		198,490
National Storage Affiliates Trust		1,663		84,081
Omega Healthcare Investors, Inc.		5,676		205,982
Park Hotels & Resorts, Inc.*		5,703		117,539
Pebblebrook Hotel Trust		3,168		74,606
Physicians Realty Trust		5,196		95,970
PotlatchDeltic Corp.		1,617		85,944
PS Business Parks, Inc.		484		71,671
Rayonier, Inc.		3,353		120,473
Rexford Industrial Realty, Inc.		3,233		184,119
Sabra Health Care REIT, Inc.		5,207		94,767
SL Green Realty Corp.		1,673		133,840
Spirit Realty Capital, Inc.		2,772		132,612

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, 2021 (Unaudited)

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
REAL ESTATE (CONTINUED)
STORE Capital Corp.		5,871	$	202,608
Urban Edge Properties		2,653		50,672
Weingarten Realty Investors		2,893		92,779
				5,463,515
UTILITIES (3.2%)
ALLETE, Inc.		1,259		88,105
Black Hills Corp.		1,516		99,495
Essential Utilities, Inc.		5,391		246,369
Hawaiian Electric Industries, Inc.		2,633		111,323
IDACORP, Inc.		1,218		118,755
MDU Resources Group, Inc.		4,852		152,062

	Shares		Value
INDEXED ASSETS (CONTINUED):
COMMON STOCKS (CONTINUED):
UTILITIES (CONTINUED)
National Fuel Gas Co.		2,199	$	114,898
New Jersey Resources Corp.		2,323		91,921
NorthWestern Corp.		1,222		73,589
OGE Energy Corp.		4,827		162,428
ONE Gas, Inc.		1,284		95,170
PNM Resources, Inc.		2,070		100,954
Southwest Gas Hldgs., Inc.		1,399		92,600
Spire, Inc.		1,246		90,048
UGI Corp.		5,033		233,078
			1,870,795
TOTAL INDEXED ASSETS-COMMON STOCKS
(Cost: $47,292,370) 99.9%				57,935,950

	Rate(%)		Maturity	Face Amount	Value
TEMPORARY CASH INVESTMENT (0.1%)
Citibank, New York Time Deposit		0.01	07/01/21	$71,286	$	71,286
TOTAL TEMPORARY CASH INVESTMENT (Cost: $71,286) 0.1%						71,286
TOTAL INVESTMENTS (Cost: $47,363,656) 100.0%						58,007,236
OTHER NET ASSETS -0.0% (1)						(13,189	)
NET ASSETS 100.0%					$	57,994,047

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, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
FINANCIALS (98.9%)
iShares Core MSCI EAFE ETF		31,298	$	2,342,968
iShares Core MSCI Emerging Markets ETF		10,900		730,191
iShares Core MSCI Europe ETF		5,908		338,410
iShares Core MSCI Pacific ETF		2,624		174,102
iShares MSCI EAFE ETF		65,533		5,169,243
iShares MSCI EAFE Growth ETF		10,224		1,096,831
iShares MSCI EAFE Value ETF		19,885		1,029,248
Vanguard FTSE Developed Markets ETF		31,378		1,616,595
Vanguard FTSE Emerging Markets ETF		13,475		731,827
Vanguard FTSE Europe ETF		6,577		442,369
Vanguard FTSE Pacific ETF		8,572		705,561
				14,377,345
TOTAL COMMON STOCKS (Cost: $12,331,450) 98.9%				14,377,345

	Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (1.1%)
Bank of Montreal, London Time Deposit	0.01	07/01/21	$	157,354	$	157,354
TOTAL TEMPORARY CASH INVESTMENT (Cost: $157,354) 1.1%						157,354
TOTAL INVESTMENTS (Cost: $12,488,804) 100.0%						14,534,699
OTHER NET ASSETS -0.0% (1)						(798	)
NET ASSETS 100.0%					$	14,533,901

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

57

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.8%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (28.1%)		71,935	$	1,103,479
Equity Index Portfolio (23.7%)		14,255		931,272
Mid-Cap Equity Index Portfolio (6.5%)		8,563		255,616
Mid-Term Bond Portfolio (27.5%)		97,393		1,080,089
Money Market Portfolio (14.0%)		44,837		552,391
TOTAL INVESTMENTS (Cost: $3,654,791) 99.8%				3,922,847
OTHER NET ASSETS 0.2%				7,121
NET ASSETS 100.0%			$	3,929,968

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (32.5%)		135,463	$	2,078,005
Equity Index Portfolio (22.9%)		22,495		1,469,587
International Portfolio (5.7%)		33,930		364,072
Mid-Cap Equity Index Portfolio (5.9%)		12,611		376,439
Mid-Term Bond Portfolio (23.9%)		137,773		1,527,902
Money Market Portfolio (9.0%)		46,660		574,848
TOTAL INVESTMENTS (Cost: $5,821,933) 99.9%				6,390,853
OTHER NET ASSETS 0.1%				6,822
NET ASSETS 100.0%			$	6,397,675

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (30.3%)		320,671	$	4,919,097
Equity Index Portfolio (24.6%)		61,025		3,986,793
International Portfolio (8.8%)		133,890		1,436,639
Mid-Cap Equity Index Portfolio (8.6%)		46,585		1,390,569
Mid-Term Bond Portfolio (20.6%)		301,149		3,339,746
Money Market Portfolio (4.3%)		56,750		699,159
Small Cap Growth Portfolio (1.3%)		9,529		219,365
Small Cap Value Portfolio (1.5%)		12,987		236,882
TOTAL INVESTMENTS (Cost: $14,423,571) 100.0%				16,228,250
OTHER NET ASSETS 0.0% (1)				4,762
NET ASSETS 100.0%			$	16,233,012

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

58

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (26.1%)		403,289	$	6,186,456
Equity Index Portfolio (28.8%)		104,635		6,835,810
International Portfolio (10.6%)		234,495		2,516,134
Mid-Cap Equity Index Portfolio (12.6%)		99,586		2,972,654
Mid-Term Bond Portfolio (15.8%)		337,042		3,737,794
Money Market Portfolio (0.9%)		18,043		222,287
Small Cap Growth Portfolio (2.5%)		25,857		595,231
Small Cap Value Portfolio (2.7%)		34,986		638,146
TOTAL INVESTMENTS (Cost: $20,524,530) 100.0%				23,704,512
OTHER NET ASSETS 0.0% (1)				5,534
NET ASSETS 100.0%			$	23,710,046

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (19.2%)		175,669	$	2,694,756
Equity Index Portfolio (34.9%)		75,169		4,910,768
International Portfolio (13.3%)		174,249		1,869,687
Mid-Cap Equity Index Portfolio (16.0%)		75,551		2,255,210
Mid-Term Bond Portfolio (8.0%)		100,929		1,119,301
Money Market Portfolio (0.9%)		10,191		125,550
Small Cap Equity Index Portfolio (0.4%)		4,150		55,773
Small Cap Growth Portfolio (3.5%)		21,469		494,218
Small Cap Value Portfolio (3.8%)		29,007		529,081
TOTAL INVESTMENTS (Cost: $11,814,651) 100.0%				14,054,344
OTHER NET ASSETS 0.0% (1)				6,744
NET ASSETS 100.0%			$	14,061,088

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

59

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (19.0%)	$	95,086	$	1,458,622
Equity Index Portfolio (36.4%)		42,816		2,797,147
International Portfolio (15.4%)		110,477		1,185,424
Mid-Cap Equity Index Portfolio (18.7%)		48,078		1,435,121
Small Cap Equity Index Portfolio (1.2%)		6,883		92,509
Small Cap Growth Portfolio (4.4%)		14,775		340,115
Small Cap Value Portfolio (4.8%)		20,311		370,471
TOTAL INVESTMENTS (Cost: $6,393,181) 99.9%				7,679,409
OTHER NET ASSETS 0.1%				6,905
NET ASSETS 100.0%			$	7,686,314

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (13.3%)	$	63,183	$	969,227
Equity Index Portfolio (35.8%)		39,825		2,601,735
International Portfolio (18.1%)		123,004		1,319,831
Mid-Cap Equity Index Portfolio (21.3%)		51,868		1,548,266
Small Cap Equity Index Portfolio (2.3%)		12,495		167,938
Small Cap Growth Portfolio (4.4%)		13,889		319,724
Small Cap Value Portfolio (4.7%)		18,726		341,557
TOTAL INVESTMENTS (Cost: $5,981,487) 99.9%				7,268,278
OTHER NET ASSETS 0.1%				7,035
NET ASSETS 100.0%			$	7,275,313

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.8%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (10.6%)		24,438	$	374,876
Equity Index Portfolio (35.1%)		18,997		1,241,092
International Portfolio (18.7%)		61,668		661,697
Mid-Cap Equity Index Portfolio (21.5%)		25,489		760,834
Small Cap Equity Index Portfolio (2.3%)		6,126		82,328
Small Cap Growth Portfolio (5.6%)		8,546		196,720
Small Cap Value Portfolio (6.0%)		11,587		211,347
TOTAL INVESTMENTS (Cost: $2,836,893) 99.8%				3,528,894
OTHER NET ASSETS 0.2%				7,633
NET ASSETS 100.0%			$	3,536,527

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

60

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.8%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (8.9%)		20,450	$	313,700
Equity Index Portfolio (33.8%)		18,133		1,184,631
International Portfolio (19.6%)		63,961		686,298
Mid-Cap Equity Index Portfolio (22.5%)		26,426		788,808
Small Cap Equity Index Portfolio (3.5%)		9,170		123,249
Small Cap Growth Portfolio (5.5%)		8,437		194,214
Small Cap Value Portfolio (6.0%)		11,462		209,065
TOTAL INVESTMENTS (Cost: $2,759,201) 99.8%				3,499,965
OTHER NET ASSETS 0.2%				7,632
NET ASSETS 100.0%			$	3,507,597

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (8.2%)		4,468	$	68,544
Equity Index Portfolio (33.4%)		4,256		278,060
International Portfolio (19.1%)		14,810		158,908
Mid-Cap Equity Index Portfolio (22.1%)		6,173		184,275
Small Cap Equity Index Portfolio (3.2%)		1,980		26,610
Small Cap Growth Portfolio (6.3%)		2,289		52,683
Small Cap Value Portfolio (6.7%)		3,044		55,531
TOTAL INVESTMENTS (Cost: $704,596) 99.0%				824,611
OTHER NET ASSETS 1.0%				7,971
NET ASSETS 100.0%			$	832,582

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (98.5%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (6.2%)		1,684	$	25,826
Equity Index Portfolio (32.0%)		2,038		133,135
International Portfolio (19.6%)		7,596		81,503
Mid-Cap Equity Index Portfolio (23.6%)		3,284		98,029
Small Cap Equity Index Portfolio (4.5%)		1,396		18,759
Small Cap Growth Portfolio (5.8%)		1,056		24,298
Small Cap Value Portfolio (6.8%)		1,561		28,468
TOTAL INVESTMENTS (Cost: $339,711) 98.5%				410,018
OTHER NET ASSETS 1.5%				6,318
NET ASSETS 100.0%			$	416,336

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

61

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.9%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (26.9%)		173,395	$	2,659,873
Equity Index Portfolio (30.1%)		45,455		2,969,549
International Portfolio (5.8%)		53,185		570,674
Mid-Cap Equity Index Portfolio (5.9%)		19,590		584,752
Mid-Term Bond Portfolio (31.2%)		277,409		3,076,469
TOTAL INVESTMENTS (Cost: $8,914,339) 99.9%				9,861,317
OTHER NET ASSETS 0.1%				6,243
NET ASSETS 100.0%			$	9,867,560

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (100.0%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (19.9%)		279,917	$	4,293,934
Equity Index Portfolio (39.5%)		130,725		8,540,291
International Portfolio (10.6%)		212,510		2,280,227
Mid-Cap Equity Index Portfolio (17.9%)		129,189		3,856,303
Mid-Term Bond Portfolio (12.1%)		236,644		2,624,381
TOTAL INVESTMENTS (Cost: $18,469,340) 100.0%				21,595,136
OTHER NET ASSETS 0.0% (1)				4,375
NET ASSETS 100.0%			$	21,599,511

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Shares		Value
COMMON STOCKS:
DIVERSIFIED MUTUAL FUNDS (99.8%)
Mutual of America Variable Insurance Portfolios, Inc.
Bond Portfolio (15.8%)		51,333	$	787,452
Equity Index Portfolio (36.4%)		27,744		1,812,508
International Portfolio (14.7%)		67,975		729,371
Mid-Cap Equity Index Portfolio (21.2%)		35,268		1,052,765
Small Cap Growth Portfolio (6.4%)		13,883		319,591
Small Cap Value Portfolio (5.3%)		14,526		264,948
TOTAL INVESTMENTS (Cost: $4,057,265) 99.8%				4,966,635
OTHER NET ASSETS 0.2%				7,511
NET ASSETS 100.0%			$	4,974,146

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

62

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (38.9%)
U.S. Treasury Bill	A-1+	0.00	07/29/21	$	450,000	$	450,000
U.S. Treasury Bill	A-1+	0.00	08/03/21		450,000		449,999
U.S. Treasury Bill	A-1+	0.01	08/05/21		350,000		349,998
U.S. Treasury Bill	A-1+	0.01	08/12/21		300,000		299,997
U.S. Treasury Bill	A-1+	0.01	08/17/21		750,000		749,987
U.S. Treasury Bill	A-1+	0.01	08/26/21		300,000		299,994
U.S. Treasury Bill	A-1+	0.02	08/10/21		300,000		299,994
U.S. Treasury Bill	A-1+	0.04	07/20/21		200,000		199,995
							3,099,964
U.S. GOVERNMENT AGENCIES (17.5%)
FHLB	A-1+	0.01	08/20/21		300,000		299,995
FHLB	A-1+	0.02	08/16/21		500,000		499,990
FHLB	A-1+	0.04	07/28/21		600,000		599,982
							1,399,967
COMMERCIAL PAPER (43.0%)
Apple Inc.†	A-1+	0.04	07/12/21		300,000		299,996
Chevron Corp.†	A-1+	0.04	07/06/21		300,000		299,998
Exxon Mobil Corp.	A-1+	0.07	07/16/21		135,000		134,996
Hershey Co.†	A-1	0.10	07/12/21		300,000		299,991
Johnson & Johnson†	A-1+	0.01	07/08/21		300,000		299,999
Kimberly-Clark Corp.†	A-1	0.05	07/08/21		300,000		299,997
Nestle Capital Corp.†	A-1+	0.04	07/12/21		300,000		299,996
Novartis Financial Corp.†	A-1+	0.01	07/06/21		300,000		300,000
Procter & Gamble Co.†	A-1+	0.05	07/12/21		300,000		299,996
Southern California Gas Co.†	A-1	0.07	07/07/21		300,000		299,997
Toyota Motor Credit Corp.	A-1+	0.04	08/10/21		300,000		299,987
Unilever Capital Corp.†	A-1	0.04	08/03/21		300,000		299,989
							3,434,942
TOTAL SHORT-TERM DEBT SECURITIES (Cost: $7,934,873) 99.4%							7,934,873
		Rate(%)	Maturity	Face Amount		Value
TEMPORARY CASH INVESTMENT (0.5%)
Citibank, New York Time Deposit		0.01	07/01/21	$	39,572	$	39,572
TOTAL TEMPORARY CASH INVESTMENT (Cost: $39,572) 0.5%							39,572
TOTAL INVESTMENTS (Cost: $7,974,445) 99.9%							7,974,445
OTHER NET ASSETS 0.1%							5,937
NET ASSETS 100.0%						$	7,980,382

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

63

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (51.2%)
U.S. Treasury Bond	AA+	1.13	05/15/40	$	350,000	$	302,148
U.S. Treasury Note	AA+	0.38	09/30/27		450,000		429,891
U.S. Treasury Note	AA+	0.50	04/30/27		700,000		678,918
U.S. Treasury Note	AA+	0.50	10/31/27		450,000		432,650
U.S. Treasury Note	AA+	0.63	11/30/27		500,000		483,984
U.S. Treasury Note	AA+	0.63	08/15/30		200,000		186,328
U.S. Treasury Note	AA+	0.75	05/31/26		150,000		149,145
U.S. Treasury Note	AA+	0.88	06/30/26		100,000		99,953
U.S. Treasury Note	AA+	1.13	02/15/31		550,000		533,930
U.S. Treasury Note	AA+	1.38	09/30/23		600,000		614,461
U.S. Treasury Note	AA+	1.50	08/15/26		825,000		849,492
U.S. Treasury Note	AA+	1.63	10/31/23		245,000		252,446
U.S. Treasury Note	AA+	1.63	05/15/26		825,000		855,132
U.S. Treasury Note	AA+	1.63	09/30/26		480,000		497,306
U.S. Treasury Note	AA+	2.00	05/31/24		685,000		715,852
U.S. Treasury Note	AA+	2.00	06/30/24		685,000		716,360
U.S. Treasury Note	AA+	2.38	04/30/26		520,000		557,538
U.S. Treasury Note	AA+	2.38	05/15/29		550,000		593,506
U.S. Treasury Note	AA+	2.50	01/31/24		550,000		580,271
U.S. Treasury Note	AA+	2.50	02/28/26		550,000		592,195
							10,121,506
U.S. GOVERNMENT AGENCIES (30.1%)
NON-MORTGAGE-BACKED OBLIGATIONS (30.1%)
FHLB	AA+	0.25	06/03/22		500,000		500,740
FHLB	AA+	0.50	04/14/25		840,000		834,963
FHLB	AA+	2.13	06/10/22		700,000		713,370
FHLMC	AA+	0.25	06/26/23		1,500,000		1,499,975
FHLMC	AA+	1.50	02/12/25		400,000		412,691
FNMA	AA+	0.50	06/17/25		1,500,000		1,490,608
FNMA	AA+	0.50	11/07/25		100,000		98,813
FNMA	AA+	0.63	04/22/25		400,000		399,506
							5,950,666
CORPORATE DEBT (17.8%)
COMMUNICATION SERVICES (0.4%)
Discovery Communications LLC	BBB-	3.50	06/15/22		70,000		71,658
CONSUMER DISCRETIONARY (2.1%)
AutoZone, Inc.	BBB	3.70	04/15/22		10,000		10,182
Dollar General Corp.	BBB	3.25	04/15/23		30,000		31,306
Harman International Industries, Inc.	A-	4.15	05/15/25		55,000		61,013
Kohl’s Corp.	BBB-	3.25	02/01/23		20,000		20,643
Lowe’s Cos., Inc.	BBB+	4.00	04/15/25		35,000		38,726
Marriott International, Inc.	BBB-	3.13	02/15/23		55,000		56,478
NVR, Inc.	BBB+	3.95	09/15/22		55,000		56,793
Tapestry, Inc.	BBB-	3.00	07/15/22		70,000		71,269
Travel + Leisure Co.	BB-	5.65	04/01/24		70,000		76,264
							422,674
CONSUMER STAPLES (1.1%)
Kellogg Co.	BBB	2.65	12/01/23		55,000		57,778
Keurig Dr Pepper, Inc.	BBB	3.13	12/15/23		80,000		84,895
Kroger Co.	BBB	2.95	11/01/21		55,000		55,368
Molson Coors Beverage Co.	BBB-	3.50	05/01/22		25,000		25,657
							223,698

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

64

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2021 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
FINANCIALS (7.4%)
Alleghany Corp.	BBB+	4.95	06/27/22	$	55,000	$	57,444
American International Group, Inc.	BBB+	4.13	02/15/24		55,000		59,889
Ares Capital Corp.	BBB-	3.63	01/19/22		70,000		70,988
Assurant, Inc.	BBB	4.00	03/15/23		55,000		58,058
Block Financial LLC	BBB	5.50	11/01/22		70,000		72,709
Capital One Financial Corp.	BBB	4.75	07/15/21		55,000		55,060
Fairfax U.S., Inc.†	BBB-	4.88	08/13/24		20,000		21,874
Fifth Third Bancorp	BBB	4.30	01/16/24		70,000		75,853
FS KKR Capital Corp.	NR	4.75	05/15/22		75,000		77,206
Goldman Sachs Group, Inc.	BBB+	3.20	02/23/23		70,000		73,029
Huntington Bancshares, Inc.	BBB+	2.30	01/14/22		75,000		75,706
Infinity Property & Casualty Corp.	BBB	5.00	09/19/22		55,000		57,681
JPMorgan Chase & Co.	BBB+	3.88	09/10/24		40,000		43,603
Legg Mason, Inc.	A	3.95	07/15/24		55,000		60,173
Lincoln National Corp.	A-	4.00	09/01/23		55,000		59,014
Morgan Stanley	BBB+	3.13	01/23/23		70,000		72,983
Prospect Capital Corp.	BBB-	4.95	07/15/22		70,000		71,666
Prospect Capital Corp.	BBB-	5.88	03/15/23		55,000		58,478
Signet UK Finance PLC	B+	4.70	06/15/24		55,000		56,650
Stifel Financial Corp.	BBB-	4.25	07/18/24		55,000		60,259
Synchrony Financial	BBB-	3.70	08/04/26		40,000		43,675
Unum Group	BBB	4.00	03/15/24		55,000		59,285
Voya Financial, Inc.	BBB+	3.65	06/15/26		55,000		60,889
WR Berkley Corp.	BBB+	4.63	03/15/22		55,000		56,610
							1,458,782
HEALTH CARE (2.2%)
AbbVie, Inc.	BBB+	2.85	05/14/23		70,000		72,844
Aetna, Inc.	BBB	2.80	06/15/23		70,000		72,853
Anthem, Inc.	A	3.13	05/15/22		55,000		56,350
CVS Health Corp.	BBB	3.38	08/12/24		15,000		16,124
CVS Health Corp.	BBB	3.88	07/20/25		40,000		44,164
Humana, Inc.	BBB+	3.85	10/01/24		70,000		75,927
Thermo Fisher Scientific, Inc.	BBB+	4.13	03/25/25		35,000		38,805
Zimmer Biomet Hldgs., Inc.	BBB	3.15	04/01/22		55,000		55,877
							432,944
INDUSTRIALS (1.3%)
Deere & Co.	A	2.75	04/15/25		35,000		37,340
Flowserve Corp.	BBB-	3.50	09/15/22		55,000		56,441
General Dynamics Corp.	A-	3.25	04/01/25		35,000		37,930
JB Hunt Transport Svcs., Inc.	BBB+	3.30	08/15/22		55,000		56,433
Verisk Analytics, Inc.	BBB	4.13	09/12/22		55,000		57,322
							245,466
INFORMATION TECHNOLOGY (0.8%)
Global Payments, Inc.	BBB-	3.75	06/01/23		25,000		26,306
Intel Corp.	A+	3.40	03/25/25		75,000		81,936
Jabil, Inc.	BBB-	4.70	09/15/22		55,000		57,692
							165,934
MATERIALS (0.3%)
Freeport-McMoRan, Inc.	BB+	3.55	03/01/22		5,000		5,044
Southern Copper Corp.	BBB+	3.50	11/08/22		55,000		56,903
							61,947

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

65

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2021 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
REAL ESTATE (1.7%)
Boston Properties LP		BBB+		3.80		02/01/24	$	80,000	$	85,613
Crown Castle International Corp.		BBB-		3.15		07/15/23		70,000		73,488
Diversified Healthcare Trust		BB-		4.75		05/01/24		15,000		15,375
Jones Lang LaSalle, Inc.		BBB+		4.40		11/15/22		40,000		41,603
Omega Healthcare Investors, Inc.		BBB-		4.38		08/01/23		50,000		53,227
Omega Healthcare Investors, Inc.		BBB-		4.50		01/15/25		20,000		21,843
Service Properties Trust		BB-		5.00		08/15/22		35,000		35,368
										326,517
UTILITIES (0.5%)
Exelon Generation Co. LLC		BBB-		4.25		06/15/22		25,000		25,667
Southern Co.		BBB+		3.25		07/01/26		70,000		75,968
										101,635
TOTAL CORPORATE DEBT										3,511,255
TOTAL LONG-TERM DEBT SECURITIES (Cost: $19,417,253) 99.1%										19,583,427
							Shares		Value
COMMON STOCKS:
ENERGY (0.2%)
Diamond Offshore Drilling, Inc.*								1,392	$	8,491
Superior Energy Svcs., Inc.*								928		23,381	††
Valaris Ltd.*								245		7,076
										38,948
TOTAL COMMON STOCKS (Cost: $134,334) 0.2%										38,948
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.3%)
Citibank, New York Time Deposit				0.01		07/01/21	$	50,941	$	50,941
TOTAL TEMPORARY CASH INVESTMENT (Cost: $50,941) 0.3%										50,941
TOTAL INVESTMENTS (Cost: $19,602,528) 99.6%										19,673,316
OTHER NET ASSETS 0.4%										77,556
NET ASSETS 100.0%									$	19,750,872

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

66

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2021 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (52.8%)
U.S. Treasury Bond	AA+	1.13	05/15/40	$	1,425,000	$	1,230,176
U.S. Treasury Bond	AA+	1.13	08/15/40		1,100,000		946,344
U.S. Treasury Bond	AA+	1.38	11/15/40		250,000		224,570
U.S. Treasury Bond	AA+	2.25	08/15/46		615,000		635,900
U.S. Treasury Bond	AA+	2.75	08/15/47		210,000		238,875
U.S. Treasury Bond	AA+	2.88	05/15/49		605,000		708,441
U.S. Treasury Note	AA+	0.50	04/30/27		2,000,000		1,939,766
U.S. Treasury Note	AA+	0.63	03/31/27		500,000		489,180
U.S. Treasury Note	AA+	0.63	05/15/30		775,000		724,413
U.S. Treasury Note	AA+	1.25	05/31/28		1,025,000		1,027,562
U.S. Treasury Note	AA+	1.25	06/30/28		600,000		600,937
U.S. Treasury Note	AA+	1.50	02/15/30		350,000		353,459
U.S. Treasury Note	AA+	1.63	08/15/29		1,045,000		1,068,798
U.S. Treasury Note	AA+	2.25	02/15/27		345,000		368,732
U.S. Treasury Note	AA+	2.25	08/15/27		1,555,000		1,663,000
U.S. Treasury Note	AA+	2.25	11/15/27		1,065,000		1,139,217
U.S. Treasury Note	AA+	2.38	05/15/27		1,330,000		1,431,776
U.S. Treasury Note	AA+	2.63	02/15/29		1,045,000		1,145,908
U.S. Treasury Note	AA+	2.88	05/15/28		835,000		927,568
U.S. Treasury Note	AA+	3.13	11/15/28		85,000		96,159
U.S. Treasury Strip	AA+	0.00	08/15/26		420,000		398,719
U.S. Treasury Strip	AA+	0.00	08/15/28		420,000		381,692
U.S. Treasury Strip	AA+	0.00	08/15/29		420,000		372,310
U.S. Treasury Strip	AA+	0.00	08/15/33		210,000		168,863
U.S. Treasury Strip	AA+	0.00	08/15/35		210,000		160,629
U.S. Treasury Strip	AA+	0.00	08/15/37		210,000		152,381
							18,595,375
U.S. GOVERNMENT AGENCIES (29.1%)
MORTGAGE-BACKED OBLIGATIONS (29.1%)
FHLMC	AA+	2.00	11/01/40		290,838		296,904
FHLMC	AA+	2.00	11/01/50		92,926		93,888
FHLMC	AA+	2.00	11/01/50		123,262		123,967
FHLMC	AA+	2.00	11/01/50		98,224		99,241
FHLMC	AA+	2.00	12/01/50		97,721		98,975
FHLMC	AA+	2.00	02/01/51		186,268		189,014
FHLMC	AA+	2.50	12/01/27		18,296		19,160
FHLMC	AA+	2.50	06/01/35		36,568		38,216
FHLMC	AA+	2.50	10/01/49		83,663		86,851
FHLMC	AA+	2.50	11/01/50		574,451		594,885
FHLMC	AA+	2.50	11/01/50		296,845		309,374
FHLMC	AA+	2.50	04/01/51		199,250		206,277
FHLMC	AA+	3.00	02/01/32		42,592		45,130
FHLMC	AA+	3.00	11/01/42		10,744		11,070
FHLMC	AA+	3.00	03/01/43		24,014		25,628
FHLMC	AA+	3.00	04/01/43		151,647		161,996
FHLMC	AA+	3.00	04/01/43		160,760		170,977
FHLMC	AA+	3.00	04/01/43		23,561		25,146
FHLMC	AA+	3.00	09/15/43		15,742		15,945
FHLMC	AA+	3.00	04/15/45		15,195		15,405
FHLMC	AA+	3.00	09/01/46		56,358		60,131
FHLMC	AA+	3.00	09/01/46		35,898		37,617
FHLMC	AA+	3.00	11/01/46		14,231		14,605
FHLMC	AA+	3.00	05/01/49		76,022		79,523
FHLMC	AA+	3.00	11/01/49		69,652		73,188
FHLMC	AA+	3.00	11/01/49		41,318		43,317
FHLMC	AA+	3.50	02/01/35		51,005		54,667

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

67

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2021 (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	02/01/36	$	30,006	$	32,165
FHLMC	AA+	3.50	11/01/39		72,071		76,038
FHLMC	AA+	3.50	01/01/41		47,313		50,964
FHLMC	AA+	3.50	06/01/43		28,638		30,719
FHLMC	AA+	3.50	01/01/44		158,587		171,260
FHLMC	AA+	3.50	05/15/44		4,925		4,964
FHLMC	AA+	3.50	11/01/45		42,584		45,932
FHLMC	AA+	3.50	08/01/47		41,949		44,544
FHLMC	AA+	3.50	12/01/47		37,897		40,129
FHLMC	AA+	4.00	02/01/25		30,998		32,934
FHLMC	AA+	4.00	05/01/25		23,611		25,096
FHLMC	AA+	4.00	01/01/38		31,877		35,255
FHLMC	AA+	4.00	06/15/38		100,000		103,180
FHLMC	AA+	4.00	01/15/40		100,000		105,687
FHLMC	AA+	4.00	10/01/44		41,445		45,331
FHLMC	AA+	4.00	05/01/47		25,361		27,238
FHLMC	AA+	4.50	08/15/35		17,752		19,661
FHLMC	AA+	4.50	05/01/48		26,768		28,919
FHLMC	AA+	4.50	05/01/48		16,768		18,118
FHLMC	AA+	5.00	02/01/26		21,653		23,701
FHLMC Strip	AA+	3.00	01/15/43		43,944		45,634
FHLMC Strip	AA+	3.50	10/15/47		21,281		22,657
FNMA	AA+	2.00	03/01/35		157,963		163,233
FNMA	AA+	2.00	11/01/35		187,620		193,674
FNMA	AA+	2.00	11/01/35		190,698		196,852
FNMA	AA+	2.00	02/01/36		98,187		101,356
FNMA	AA+	2.00	08/01/40		168,397		171,908
FNMA	AA+	2.00	10/01/50		185,463		187,470
FNMA	AA+	2.00	10/01/50		98,547		99,628
FNMA	AA+	2.00	10/01/50		70,031		70,757
FNMA	AA+	2.25	01/01/28		25,227		26,396
FNMA	AA+	2.50	02/01/33		25,912		26,826
FNMA	AA+	2.50	05/01/35		46,927		49,054
FNMA	AA+	2.50	10/01/35		141,207		148,409
FNMA	AA+	2.50	05/01/46		99,726		103,389
FNMA	AA+	2.50	10/01/50		98,459		101,946
FNMA	AA+	2.50	04/01/51		199,321		206,588
FNMA	AA+	2.50	04/01/51		199,243		206,344
FNMA	AA+	2.68	12/01/26		75,000		79,068
FNMA	AA+	2.92	07/01/27		46,355		49,331
FNMA	AA+	3.00	09/01/33		30,481		32,399
FNMA	AA+	3.00	03/01/36		27,744		29,193
FNMA	AA+	3.00	04/25/42		32,378		33,007
FNMA	AA+	3.00	12/01/42		8,456		8,708
FNMA	AA+	3.00	04/01/43		8,738		8,998
FNMA	AA+	3.00	02/01/45		21,658		23,265
FNMA	AA+	3.00	03/01/45		5,315		5,472
FNMA	AA+	3.00	01/01/47		16,593		17,032
FNMA	AA+	3.00	12/01/47		13,647		14,278
FNMA	AA+	3.00	03/01/50		131,000		138,848
FNMA	AA+	3.50	07/01/34		42,082		45,428
FNMA	AA+	3.50	10/01/34		31,205		32,888
FNMA	AA+	3.50	01/01/43		14,263		15,391
FNMA	AA+	3.50	08/01/43		25,672		27,799
FNMA	AA+	3.50	08/01/43		54,677		59,004
FNMA	AA+	3.50	08/01/44		39,414		40,976
FNMA	AA+	3.50	04/01/45		41,989		45,243

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

68

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2021 (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	05/01/45	$	59,065	$	63,229
FNMA	AA+	3.50	10/01/45		76,179		82,063
FNMA	AA+	3.50	02/01/46		51,587		55,153
FNMA	AA+	3.50	02/01/46		25,499		27,274
FNMA	AA+	3.50	09/01/47		89,094		96,216
FNMA	AA+	3.50	11/01/47		161,167		170,629
FNMA	AA+	3.50	04/01/48		13,551		14,235
FNMA	AA+	3.50	08/01/49		86,766		91,585
FNMA	AA+	3.50	02/01/50		31,479		33,858
FNMA	AA+	3.53	01/01/26		100,000		106,316
FNMA	AA+	4.00	07/25/26		22,247		22,862
FNMA	AA+	4.00	05/25/29		9,831		9,832
FNMA	AA+	4.00	01/01/31		49,310		52,994
FNMA	AA+	4.00	10/01/36		16,483		17,938
FNMA	AA+	4.00	05/01/43		90,022		98,403
FNMA	AA+	4.00	01/01/44		123,244		134,743
FNMA	AA+	4.00	11/01/45		24,699		26,891
FNMA	AA+	4.00	02/01/47		37,938		41,217
FNMA	AA+	4.00	04/01/49		256,126		272,822
FNMA	AA+	4.00	02/01/50		40,206		42,799
FNMA	AA+	4.00	03/01/50		148,131		160,587
FNMA	AA+	4.00	07/01/56		25,313		28,132
FNMA	AA+	4.50	05/01/30		123,430		133,967
FNMA	AA+	4.50	12/01/39		55,965		61,365
FNMA	AA+	4.50	07/01/40		84,505		91,756
FNMA	AA+	4.50	07/01/42		109,097		121,529
FNMA	AA+	4.50	04/01/44		25,193		27,749
FNMA	AA+	4.50	11/01/47		45,486		49,856
FNMA	AA+	4.50	11/01/47		34,772		38,166
FNMA	AA+	4.50	11/01/47		32,211		35,407
FNMA	AA+	4.50	02/01/49		21,674		23,361
FNMA	AA+	5.00	10/01/25		38,706		42,374
FNMA	AA+	5.00	08/01/37		57,406		65,599
FNMA	AA+	5.50	09/01/25		37,408		41,618
FNMA	AA+	5.50	05/01/38		57,742		66,768
FNMA	AA+	6.00	01/01/25		33,458		37,456
FNMA	AA+	6.00	03/01/36		13,348		14,638
FNMA	AA+	6.00	04/01/37		12,224		13,731
FNMA	AA+	6.00	12/01/37		28,490		33,759
FRESB Multifamily Mortgage	AA+	2.37	10/25/26		32,205		32,582
FRESB Multifamily Mortgage	AA+	3.16	11/25/27		34,846		36,397
FRESB Multifamily Mortgage	AA+	3.30	12/25/27		34,698		36,776
FRESB Multifamily Mortgage	AA+	3.61	10/25/28		21,896		23,255
GNMA (2)	AA+	3.00	07/16/36		36,643		38,338
GNMA (2)	AA+	3.00	01/15/46		55,331		59,492
GNMA (2)	AA+	3.00	03/15/46		76,120		81,850
GNMA (2)	AA+	3.00	07/15/46		56,807		61,084
GNMA (2)	AA+	3.00	02/20/47		29,587		31,182
GNMA (2)	AA+	3.50	05/20/31		80,182		85,904
GNMA (2)	AA+	3.50	02/20/42		15,085		15,693
GNMA (2)	AA+	3.50	07/15/42		30,327		32,604
GNMA (2)	AA+	3.50	03/20/45		37,768		40,092
GNMA (2)	AA+	3.50	05/20/45		46,081		49,944
GNMA (2)	AA+	4.00	04/15/24		50,525		53,613
GNMA (2)	AA+	4.00	01/20/41		21,767		23,495
GNMA (2)	AA+	4.00	08/15/41		15,710		17,222
GNMA (2)	AA+	4.00	12/15/41		27,930		30,998

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

69

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2021 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
U.S. GOVERNMENT AGENCIES (CONTINUED)
MORTGAGE-BACKED OBLIGATIONS (CONTINUED)
GNMA (2)	AA+	4.00	08/20/42	$	13,896	$	14,991
GNMA (2)	AA+	4.50	10/15/40		39,860		45,857
GNMA (2)	AA+	5.00	04/15/39		22,909		26,757
GNMA (2)	AA+	5.00	06/20/39		16,848		18,971
GNMA (2)	AA+	5.50	01/15/36		59,606		66,649
							10,254,004
CORPORATE DEBT (17.3%)
COMMUNICATION SERVICES (0.4%)
AT&T, Inc.	BBB	3.00	06/30/22		20,000		20,450
Discovery Communications LLC	BBB-	3.50	06/15/22		105,000		107,488
							127,938
CONSUMER DISCRETIONARY (3.0%)
Amazon.com, Inc.	AA	5.20	12/03/25		105,000		123,215
AutoZone, Inc.	BBB	3.25	04/15/25		40,000		42,995
AutoZone, Inc.	BBB	3.70	04/15/22		15,000		15,273
Brinker International, Inc.	B	3.88	05/15/23		85,000		87,558
Dollar General Corp.	BBB	3.25	04/15/23		85,000		88,700
Harman International Industries, Inc.	A-	4.15	05/15/25		105,000		116,479
Hyatt Hotels Corp.	BBB-	5.38	08/15/21		5,000		5,017
Kohl’s Corp.	BBB-	3.25	02/01/23		40,000		41,287
Lowe’s Cos., Inc.	BBB+	3.12	04/15/22		40,000		40,608
Lowe’s Cos., Inc.	BBB+	4.00	04/15/25		30,000		33,194
Marriott International, Inc.	BBB-	3.13	02/15/23		65,000		66,747
Mattel, Inc.	B+	3.15	03/15/23		40,000		40,900
NVR, Inc.	BBB+	3.95	09/15/22		85,000		87,772
O’Reilly Automotive, Inc.	BBB	3.80	09/01/22		70,000		72,021
Tapestry, Inc.	BBB-	4.25	04/01/25		50,000		54,404
Travel + Leisure Co.	BB-	3.90	03/01/23		85,000		87,656
Whirlpool Corp.	BBB	3.70	05/01/25		40,000		43,706
							1,047,532
CONSUMER STAPLES (0.8%)
Kroger Co.	BBB	2.95	11/01/21		100,000		100,669
Mead Johnson Nutrition Co.	A-	4.13	11/15/25		40,000		45,001
Molson Coors Beverage Co.	BBB-	3.50	05/01/22		65,000		66,710
Sysco Corp.	BBB-	3.75	10/01/25		75,000		82,521
							294,901
ENERGY (0.5%)
Devon Energy Corp.	BBB-	5.85	12/15/25		50,000		58,686
Kinder Morgan Energy Partners LP	BBB	4.30	05/01/24		105,000		114,412
							173,098
FINANCIALS (5.7%)
Alleghany Corp.	BBB+	4.95	06/27/22		40,000		41,777
American Express Co.	BBB	3.63	12/05/24		105,000		114,723
American International Group, Inc.	BBB+	3.75	07/10/25		105,000		115,705
Bank of America Corp.	BBB+	3.95	04/21/25		105,000		115,232
Block Financial LLC	BBB	5.25	10/01/25		65,000		73,858
Block Financial LLC	BBB	5.50	11/01/22		45,000		46,742
Capital One Financial Corp.	BBB	4.75	07/15/21		85,000		85,092
Citigroup, Inc.	BBB	3.88	03/26/25		105,000		115,192
Fairfax U.S., Inc.†	BBB-	4.88	08/13/24		75,000		82,029
Fifth Third Bancorp	BBB	4.30	01/16/24		105,000		113,779
Genworth Hldgs., Inc.	B-	7.63	09/24/21		25,000		25,385
JPMorgan Chase & Co.	BBB+	3.88	09/10/24		105,000		114,458
Kemper Corp.	BBB	4.35	02/15/25		40,000		43,717

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 (Continued)

June 30, 2021 (Unaudited)

	Rating**	Rate(%)	Maturity	Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
FINANCIALS (CONTINUED)
Lincoln National Corp.	A-	4.00	09/01/23	$	85,000	$	91,203
Moody’s Corp.	BBB+	4.50	09/01/22		85,000		88,226
Old Republic International Corp.	BBB+	3.88	08/26/26		105,000		117,284
Prudential Financial, Inc.	A	4.50	11/16/21		20,000		20,315
Reinsurance Group of America, Inc.	A	4.70	09/15/23		20,000		21,734
Signet UK Finance PLC	B+	4.70	06/15/24		105,000		108,150
Stifel Financial Corp.	BBB-	4.25	07/18/24		30,000		32,869
Synchrony Financial	BBB-	3.70	08/04/26		55,000		60,053
Unum Group	BBB	4.00	03/15/24		105,000		113,181
Voya Financial, Inc.	BBB+	3.65	06/15/26		105,000		116,242
Wells Fargo & Co.	BBB	3.45	02/13/23		85,000		89,105
Wells Fargo & Co.	BBB	4.13	08/15/23		20,000		21,506
WR Berkley Corp.	BBB+	4.63	03/15/22		40,000		41,171
							2,008,728
HEALTH CARE (1.4%)
Anthem, Inc.	A	3.30	01/15/23		75,000		78,231
Biogen, Inc.	A-	4.05	09/15/25		50,000		55,669
Evernorth Health, Inc.	A-	3.50	06/15/24		40,000		42,830
Humana, Inc.	BBB+	3.85	10/01/24		65,000		70,503
Owens & Minor, Inc.	B+	4.38	12/15/24		60,000		62,539
Quest Diagnostics, Inc.	BBB+	3.50	03/30/25		15,000		16,277
Thermo Fisher Scientific, Inc.	BBB+	4.13	03/25/25		65,000		72,067
Zimmer Biomet Hldgs., Inc.	BBB	3.15	04/01/22		105,000		106,674
							504,790
INDUSTRIALS (1.4%)
Deere & Co.	A	2.75	04/15/25		125,000		133,357
Flowserve Corp.	BBB-	3.50	09/15/22		85,000		87,227
General Dynamics Corp.	A-	3.25	04/01/25		65,000		70,442
Hexcel Corp.	BB+	4.95	08/15/25		80,000		88,090
Verisk Analytics, Inc.	BBB	4.00	06/15/25		105,000		116,162
							495,278
INFORMATION TECHNOLOGY (1.5%)
Applied Materials, Inc.	A-	3.90	10/01/25		105,000		117,469
Arrow Electronics, Inc.	BBB-	4.00	04/01/25		20,000		21,696
Arrow Electronics, Inc.	BBB-	4.50	03/01/23		25,000		26,292
Avnet, Inc.	BBB-	4.88	12/01/22		5,000		5,289
Global Payments, Inc.	BBB-	3.75	06/01/23		85,000		89,442
Ingram Micro, Inc.	NR	5.00	08/10/22		20,000		20,560
Ingram Micro, Inc.	NR	5.45	12/15/24		15,000		17,074
Intel Corp.	A+	3.40	03/25/25		100,000		109,248
Keysight Technologies, Inc.	BBB	4.55	10/30/24		105,000		116,612
Motorola Solutions, Inc.	BBB-	4.00	09/01/24		20,000		21,874
							545,556
MATERIALS (1.4%)
Carpenter Technology Corp.	BBB-	4.45	03/01/23		75,000		78,376
Freeport-McMoRan, Inc.	BB+	3.55	03/01/22		85,000		85,744
Packaging Corp. of America	BBB	4.50	11/01/23		40,000		43,215
Sherwin-Williams Co.	BBB	3.95	01/15/26		105,000		117,159
Southern Copper Corp.	BBB+	3.50	11/08/22		85,000		87,941
Teck Resources Ltd.	BBB-	3.75	02/01/23		20,000		20,634
Teck Resources Ltd.	BBB-	4.75	01/15/22		65,000		65,734
							498,803

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, 2021 (Unaudited)

	Rating**		Rate(%)		Maturity		Face Amount		Value
LONG-TERM DEBT SECURITIES (CONTINUED):
CORPORATE DEBT (CONTINUED)
REAL ESTATE (1.0%)
Boston Properties LP		BBB+		3.85		02/01/23	$	65,000	$	67,873
Healthpeak Properties, Inc.		BBB+		3.40		02/01/25		80,000		85,925
Jones Lang LaSalle, Inc.		BBB+		4.40		11/15/22		85,000		88,406
Service Properties Trust		BB-		5.00		08/15/22		95,000		95,997
Ventas Realty LP / Ventas Capital Corp.		BBB+		3.25		08/15/22		10,000		10,233
										348,434
UTILITIES (0.2%)
Exelon Generation Co. LLC		BBB-		4.25		06/15/22		20,000		20,533
National Fuel Gas Co.		BBB-		5.20		07/15/25		40,000		45,062
										65,595
TOTAL CORPORATE DEBT										6,110,653
TOTAL LONG-TERM DEBT SECURITIES (Cost: $34,803,094) 99.2%										34,960,032
							Shares		Value
COMMON STOCKS:
ENERGY (0.2%)
Diamond Offshore Drilling, Inc.*								2,262	$	13,798
Superior Energy Svcs., Inc.*								1,470		37,037	††
Valaris Ltd.*								380		10,975
										61,810
TOTAL COMMON STOCKS (Cost: $212,509) 0.2%										61,810
			Rate(%)		Maturity		Face Amount		Value
TEMPORARY CASH INVESTMENT (0.2%)
Citibank, New York Time Deposit				0.01		07/01/21	$	76,323	$	76,323
TOTAL TEMPORARY CASH INVESTMENT (Cost: $76,323) 0.2%										76,323
TOTAL INVESTMENTS (Cost: $35,091,926) 99.6%										35,098,165
OTHER NET ASSETS 0.4%										158,497
NET ASSETS 100.0%									$	35,256,662

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

72

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES

June 30, 2021 (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
	NR = Not Rated

* 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, 2021, 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	$	2,999,959		37.6	%
MID-TERM BOND PORTFOLIO	$	21,874		0.1	%
BOND PORTFOLIO	$	82,029		0.2	%

†† Level 3 Security.

(1) Percentage is less than 0.05%.

(2) U.S. Government guaranteed security.

73

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF ASSETS AND LIABILITIES

June 30, 2021 (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 — $85,920,869 All America Portfolio — $13,216,457 Small Cap Value Portfolio — $15,305,233 Small Cap Growth Portfolio — $12,636,320 Small Cap Equity Index Portfolio — $7,116,581 Mid Cap Value Portfolio — $2,902,611 Mid-Cap Equity Index Portfolio — $47,363,656 International Portfolio — $12,488,804 Retirement Income Portfolio — $3,654,791 2015 Retirement Portfolio — $5,821,933 2020 Retirement Portfolio — $14,423,571 2025 Retirement Portfolio — $20,524,530 2030 Retirement Portfolio — $11,814,651)
(Notes 1 and 3)	$	109,801,551	$	16,917,666	$	17,064,963	$	16,444,982	$	8,426,582
Cash		—		20,690		6		—		—
Interest and dividends receivable		62,021		10,823		7,358		2,552		7,273
Receivable for securities sold		—		55,947		91,165		361,411		130
Shareholder subscriptions receivable		24,508		35		1,582		2,421		3,704
Other receivables		—		—		—		—		—
TOTAL ASSETS		109,888,080		17,005,161		17,165,074		16,811,366		8,437,689
LIABILITIES
Due to custodian bank		60		—		—		—		10
Payable for securities purchased		94,396		48,710		163,494		310,866		35,323
Shareholder redemptions payable		13,518		470		14,823		545		109
Accrued expenses		39,368		15,054		12,844		14,989		3,103
TOTAL LIABILITIES:		147,342		64,234		191,161		326,400		38,545
NET ASSETS	$	109,740,738	$	16,940,927	$	16,973,913	$	16,484,966	$	8,399,144
NUMBER OF SHARES OUTSTANDING (Note 4)		1,679,878		513,901		930,722		715,991		625,078
NET ASSET VALUES, offering and redemption price per share		$65.33		$32.97		$18.24		$23.02		$13.44
COMPONENTS OF NET ASSETS
Paid-in capital	$	82,992,949	$	12,753,340	$	15,635,972	$	11,144,858	$	6,521,486
Total Distributable Earnings (Loss) (Notes 1 and 5)		26,747,789		4,187,587		1,337,941		5,340,108		1,877,658
NET ASSETS	$	109,740,738	$	16,940,927	$	16,973,913	$	16,484,966	$	8,399,144

(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.

74

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
$	3,229,351	$	58,007,236	$	14,534,699	$	3,922,847	(a)	$	6,390,853	(a)	$	16,228,250	(a)	$	23,704,512	(a)	$	14,054,344	(a)
	—		—		—		100			100			100			100			99
	2,714		44,971		—		—			—			—			—			—
	—		—		—		—			—			—			—			—
	—		26,425		6,060		—			—			—			—			—
	—		—		—		7,021			6,722			4,662			5,434			6,645
	3,232,065		58,078,632		14,540,759		3,929,968			6,397,675			16,233,012			23,710,046			14,061,088
	—		10		—		—			—			—			—			—
	5,286		61,127		—		—			—			—			—			—
	51		2,080		2,187		—			—			—			—			—
	2,827		21,368		4,671		—			—			—			—			—
	8,164		84,585		6,858		—			—			—			—			—
$	3,223,901	$	57,994,047	$	14,533,901	$	3,929,968		$	6,397,675		$	16,233,012		$	23,710,046		$	14,061,088
	156,643		1,942,707		1,354,865		291,143			537,273			1,120,755			1,453,545			796,853
	$20.58		$29.85		$10.73		$13.50			$11.91			$14.48			$16.31			$17.65
$	2,817,583	$	46,175,277	$	12,531,273	$	3,639,589		$	5,700,157		$	14,041,781		$	20,267,516		$	12,130,948
	406,318		11,818,770		2,002,628		290,379			697,518			2,191,231			3,442,530			1,930,140
$	3,223,901	$	57,994,047	$	14,533,901	$	3,929,968		$	6,397,675		$	16,233,012		$	23,710,046		$	14,061,088

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

75

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF ASSETS AND LIABILITIES (Continued)

June 30, 2021 (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 — $6,393,181 2040 Retirement Portfolio — $5,981,487 2045 Retirement Portfolio — $2,836,893 2050 Retirement Portfolio — $2,759,201 2055 Retirement Portfolio — $704,596 2060 Retirement Portfolio — $339,771 Conservative Allocation Portfolio — $8,914,339 Moderate Allocation Portfolio — $18,469,340 Aggressive Allocation Portfolio — $4,057,265 Money Market Portfolio — $7,974,445 Mid-Term Bond Portfolio — $19,602,528 Bond Portfolio — $35,091,926)
(Notes 1 and 3)	$	7,679,409	(a)	$	7,268,278	(a)	$	3,528,894	(a)	$	3,499,965	(a)	$	824,611	(a)
Cash		101			100			100			100			100
Interest and dividends receivable		—			—			—			—			—
Receivable for securities sold		—			—			—			—			—
Shareholder subscriptions receivable		—			—			—			—			—
Other receivables		6,804			6,935			7,533			7,532			7,871
TOTAL ASSETS		7,686,314			7,275,313			3,536,527			3,507,597			832,582
LIABILITIES
Due to custodian bank		—			—			—			—			—
Payable for securities purchased		—			—			—			—			—
Shareholder redemptions payable		—			—			—			—			—
Accrued expenses		—			—			—			—			—
TOTAL LIABILITIES		—			—			—			—			—
NET ASSETS	$	7,686,314		$	7,275,313		$	3,536,527		$	3,507,597		$	832,582
NUMBER OF SHARES OUTSTANDING (Note 4)		417,641			392,126			192,006			155,488			48,429
NET ASSET VALUES, offering and redemption price per share		$18.40			$18.55			$18.42			$22.56			$17.19
COMPONENTS OF NET ASSETS
Paid-in capital	$	6,356,848		$	6,026,508		$	2,880,114		$	2,766,208		$	757,764
Total Distributable Earnings (Loss) (Notes 1 and 5)		1,329,466			1,248,805			656,413			741,389			74,818
NET ASSETS	$	7,686,314		$	7,275,313		$	3,536,527		$	3,507,597		$	832,582

(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.

76

2060 Retirement Portfolio			Conservative Allocation Portfolio			Moderate Allocation Portfolio			Aggressive Allocation Portfolio			Money Market Portfolio			Mid-Term Bond Portfolio		Bond Portfolio
$	410,018	(a)	$	9,861,317	(a)	$	21,595,136	(a)	$	4,966,635	(a)	$	7,974,445		$	19,673,316	$	35,098,165
	100			100			100			101			—			—		—
	—			—			—			—			—			72,752		149,562
	—			—			—			—			—			—		—
	—			—			—			—			8,789			16,275		31,369
	6,218			6,143			4,275			7,410			—			—		—
	416,336			9,867,560			21,599,511			4,974,146			7,983,234			19,762,343		35,279,096
	—			—			—			—			14			—		—
	—			—			—			—			—			—		—
	—			—			—			—			77			35		1,152
	—			—			—			—			2,761			11,436		21,282
	—			—			—			—			2,852			11,471		22,434
$	416,336		$	9,867,560		$	21,599,511		$	4,974,146		$	7,980,382		$	19,750,872	$	35,256,662
	28,942			678,545			1,149,355			225,379			647,727			1,781,358		2,298,056
	$14.39			$14.54			$18.79			$22.07			$12.3206			$11.09		$15.34
$	360,150		$	8,780,615		$	18,005,943		$	4,102,708		$	7,985,315		$	19,147,400	$	34,434,828
	56,186			1,086,945			3,593,568			871,438			(4,933	)		603,472		821,834
$	416,336		$	9,867,560		$	21,599,511		$	4,974,146		$	7,980,382		$	19,750,872	$	35,256,662

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

77

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF OPERATIONS

For the Six Months Ended June 30, 2021 (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	$	735,406		$	112,585		$	92,543		$	37,113		$	43,705
Interest		—			—			13			7			—
Other Income		2,906			720			885			—			224
Total investment income		738,312			113,305			93,441			37,120			43,929
EXPENSES
Investment advisory fees (Note 2)		37,877			31,752			40,320			61,560			2,585
Other operating expenses
Accounting and recordkeeping expenses		201,026			52,396			40,217			50,360			35,230
Shareholders reports		5,964			8,768			3,165			3,171			6,535
Custodian expenses		12,632			11,881			2,521			2,266			35,243
Independent directors’ fees and expenses		2,419			380			258			394			165
Audit		15,426			13,444			13,443			13,444			15,567
Legal and Compliance		41,416			10,311			5,307			8,990			4,154
Administrative		64,074			10,073			6,839			10,413			4,379
Licenses		25,148			2,372			—			—			1,719
Fees and registration		16,038			10,820			9,742			10,349			9,712
Total operating expenses		384,143			120,445			81,492			99,387			112,704
Total expenses before reimbursement		422,020			152,197			121,812			160,947			115,289
Fee waiver and expense reimbursement (Note 2)		(351,316	)		(110,920	)		(78,266	)		(94,462	)		(110,118	)
Net expenses		70,704			41,277			43,546			66,485			5,171
Net Investment Income (Loss)		667,608			72,028			49,895			(29,365	)		38,758
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (Note 1)
Net realized gain (loss) on:
Investment securities		1,321,349			617,824			509,378			1,774,645			457,417
Gain distributions from Mutual of America Variable Insurance Portfolios		—			—			—			—			—
		1,321,349			617,824			509,378			1,774,645			457,417
Change in net unrealized appreciation (depreciation) of:
Investment securities		12,376,514			1,726,168			1,319,844			(283,623	)		681,721
		12,376,514			1,726,168			1,319,844			(283,623	)		681,721
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		13,697,863			2,343,992			1,829,222			1,491,022			1,139,138
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	14,365,471		$	2,416,020		$	1,879,117		$	1,461,657		$	1,177,896

(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.

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
$	28,212		$	370,832		$	177,061		$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)
	—			—			—			—			—			—			—			—
	477			1,625			154			75			96			107			148			203
	28,689			372,457			177,215			75			96			107			148			203
	6,708			20,575			5,150			852	(b)		1,556	(b)		4,044	(b)		5,572	(b)		3,212	(b)
	25,475			119,178			45,108			24,145	(b)		24,209	(b)		24,411	(b)		24,528	(b)		24,339	(b)
	3,174			5,215			2,469			2,192	(b)		2,198	(b)		2,198	(b)		2,198	(b)		2,198	(b)
	2,172			8,169			555			3,383	(b)		4,049	(b)		5,617	(b)		5,235	(b)		5,152	(b)
	59			1,314			329			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	13,090			15,426			17,348			11,320	(b)		11,179	(b)		11,179	(b)		11,179	(b)		11,179	(b)
	1,584			24,356			470			362	(b)		659	(b)		1,716	(b)		2,382	(b)		1,374	(b)
	1,548			34,805			8,714			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	—			13,661			—			—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
	8,421			13,596			6,562			7,751	(b)		7,922	(b)		9,287	(b)		10,452	(b)		9,243	(b)
	55,523			235,720			81,555			49,153			50,216			54,408			55,974			53,485
	62,231			256,295			86,705			50,005			51,772			58,452			61,546			56,697
	(54,303	)		(217,889	)		(77,779	)		(48,642	)		(49,594	)		(52,790	)		(54,860	)		(52,843	)
	7,928			38,406			8,926			1,363			2,178			5,662			6,686			3,854
	20,761			334,051			168,289			(1,288	)		(2,082	)		(5,555	)		(6,538	)		(3,651	)
	129,800			2,789,356			81,459			8,742	(c)		140,559	(c)		497,456	(c)		435,826	(c)		108,127	(c)
	—			—			—			—			—			—			—			—
	129,800			2,789,356			81,459			8,742			140,559			497,456			435,826			108,127
	243,132			5,428,038			945,263			109,845			140,681			471,685			1,224,667			1,095,990
	243,132			5,428,038			945,263			109,845			140,681			471,685			1,224,667			1,095,990
	372,932			8,217,394			1,026,722			118,587			281,240			969,141			1,660,493			1,204,117
$	393,693		$	8,551,445		$	1,195,011		$	117,299		$	279,158		$	963,586		$	1,653,955		$	1,200,466

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

79

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF OPERATIONS (Continued)

For the Six Months Ended June 30, 2021 (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		—			—			—			—			—
Other Income		225			252			256			264			275
Total investment income		225			252			256			264			275
EXPENSES
Investment advisory fees (Note 2)		1,644	(b)		1,538			815			816			156
Other operating expenses
Accounting and recordkeeping expenses		24,215	(b)		24,205	(b)		24,148	(b)		24,149	(b)		24,097	(b)
Shareholders reports		2,198	(b)		2,198	(b)		2,198	(b)		2,198	(b)		2,198	(b)
Custodian expenses		4,684	(b)		4,756	(b)		4,637	(b)		4,637	(b)		4,543	(b)
Independent directors’ fees and expenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Audit		11,179	(b)		11,179	(b)		11,179	(b)		11,179	(b)		11,179	(b)
Legal and Compliance		698	(b)		653	(b)		346	(b)		349	(b)		64	(b)
Administrative		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Licenses		—	(b)		—	(b)		—	(b)		—	(b)		—	(b)
Fees and registration		8,376	(b)		8,275	(b)		7,901	(b)		7,873	(b)		7,428	(b)
Total operating expenses		51,350			51,266			50,409			50,385			49,509
Total expenses before reimbursement		52,994			52,804			51,224			51,201			49,665
Fee waiver and expense reimbursement (Note 2)		(50,692	)		(50,651	)		(50,083	)		(50,058	)		(49,321	)
Net expenses		2,302			2,153			1,141			1,143			344
Net Investment Income (Loss)		(2,077	)		(1,901	)		(885	)		(879	)		(69	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS (Note 1)
Net realized gain (loss) on:
Investment securities		85,190	(c)		44,000	(c)		27,618	(c)		26,351	(c)		6,241	(c)
Gain distributions from Mutual of America Variable Insurance Portfolios		—			—			—			—			—
		85,190			44,000			27,618			26,351			6,241
Change in net unrealized appreciation (depreciation) of:
Investment securities		617,997			647,645			360,885			373,443			65,238
		617,997			647,645			360,885			373,443			65,238
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		703,187			691,645			388,503			399,794			71,479
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	701,110		$	689,744		$	387,618		$	398,915		$	71,410

(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.

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
$	—	(a)	$	—	(a)	$	—	(a)	$	—	(a)	$	—		$	—		$	—
	—			—			—			—			3,179			125,631			254,058
	287			94			183			237			—			—			—
	287			94			183			237			3,179			125,631			254,058
	88	(b)		—	(b)		—	(b)		—	(b)		5,723			39,664			65,581
	24,091	(b)		24,257	(b)		24,488	(b)		24,161	(b)		29,209			59,711			87,079
	2,198	(b)		2,194	(b)		2,282	(b)		2,282	(b)		2,510			7,132			3,590
	4,595	(b)		3,837	(b)		5,130	(b)		4,663	(b)		1,675			774			2,050
	—	(b)		—	(b)		—	(b)		—	(b)		183			475			806
	11,179	(b)		11,320	(b)		11,320	(b)		11,320	(b)		13,443			18,540			18,540
	37	(b)		1,029	(b)		2,409	(b)		457	(b)		3,587			2,151			4,850
	—	(b)		—	(b)		—	(b)		—	(b)		4,845			12,583			21,340
	—	(b)		—	(b)		—	(b)		—	(b)		—			—			—
	7,270	(b)		8,369	(b)		9,927	(b)		7,673	(b)		7,851			7,797			8,538
	49,370			51,006			55,556			50,556			63,303			109,163			146,793
	49,458			51,006			55,556			50,556			69,026			148,827			212,374
	(49,370	)		(50,037	)		(53,286	)		(50,125	)		(61,395	)		(104,205	)		(136,704	)
	88			969			2,270			431			7,631			44,622			75,670
	199			(875	)		(2,087	)		(194	)		(4,452	)		81,009			178,388
	11,456	(c)		145,981	(c)		1,057,441	(c)		45,514	(c)		(120	)		21,235			76,202
	—			—			—			—			—			—			—
	11,456			145,981			1,057,441			45,514			(120	)		21,235			76,202
	31,501			292,929			898,219			438,534			—			(301,949	)		(1,025,948	)
	31,501			292,929			898,219			438,534			—			(301,949	)		(1,025,948	)
	42,957			438,910			1,955,660			484,048			(120	)		(280,714	)		(949,746	)
$	43,156		$	438,035		$	1,953,573		$	483,854		$	(4,572	)	$	(199,705	)	$	(771,358	)

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

81

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, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	667,608		$	1,452,728		$	72,028		$	169,834
Net realized gain (loss) on investments		1,321,349			(574,578	)		617,824			(373,308	)
Change in net unrealized appreciation (depreciation) of investments		12,376,514			11,504,168			1,726,168			1,975,041
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		14,365,471			12,382,318			2,416,020			1,771,567
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			—			—			—
Return of Capital		—			—			—			—
Total distributions		—			—			—			—
CAPITAL TRANSACTIONS (Note 4)
Cost of shares transferred in(a)		—			92,468,415			—			14,403,649
Net proceeds from sale of shares		9,279,587			17,183,123			680,682			788,337
Shares issued in reorganization(c)		—			—			—			—
Dividends reinvested		—			—			—			—
Cost of shares redeemed		(11,750,001	)		(24,188,175	)		(854,394	)		(2,264,934	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		(2,470,414	)		85,463,363			(173,712	)		12,927,052
INCREASE (DECREASE) IN NET ASSETS		11,895,057			97,845,681			2,242,308			14,698,619
NET ASSETS, BEGINNING OF PERIOD		97,845,681			—			14,698,619			—
NET ASSETS, END OF PERIOD	$	109,740,738		$	97,845,681		$	16,940,927		$	14,698,619
OTHER INFORMATION (Notes 4 and 8):
Shares outstanding at the beginning of period		1,724,876			—			519,203			—
Shares transferred in(a)(b)		—			1,891,242			—			585,510
Shares sold(b)		149,461			354,645			21,731			35,058
Shares issued in reorganization(b)(c)		—			—			—			—
Shares issued as reinvestment of dividends		—			—			—			—
Shares redeemed(b)		(194,459	)		(521,011	)		(27,033	)		(101,365	)
Net Increase (decrease)(b)		(44,998	)		1,724,876			(5,302	)		519,203
Shares outstanding at the end of period		1,679,878			1,724,876			513,901			519,203

† For the period from January 24, 2020 (Commencement of Operations) to December 31, 2020.

(a) Transfer of interests from non-qualified plans out of the Funds of Mutual of America Investment Corporation into the Mutual of America Variable Insurance Portfolios on January 24, 2020.

(b) On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical shares outstanding and share activity have been adjusted for periods shown in 2020 to reflect the split on a retroactive basis to the applicable Portfolios.

(c) Reorganization of Mutual of America Variable Insurance Portfolios, Inc. 2010 Retirement Portfolio into the Retirement Income Portfolio on July 31, 2020.

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

82

Small Cap Value Portfolio						Small Cap Growth Portfolio						Small Cap Equity Index Portfolio						Mid Cap Value Portfolio						Mid-Cap Equity Index Portfolio
For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†
$	49,895		$	133,728		$	(29,365	)	$	(15,796	)	$	38,758		$	44,415		$	20,761		$	48,993		$	334,051		$	647,628
	509,378			(1,114,790	)		1,774,645			(198,038	)		457,417			86,791			129,800			(119,976	)		2,789,356			(2,595,845	)
	1,319,844			439,886			(283,623	)		4,092,285			681,721			628,280			243,132			83,608			5,428,038			5,215,542
	1,879,117			(541,176	)		1,461,657			3,878,451			1,177,896			759,486			393,693			12,625			8,551,445			3,267,325
	—			—			—			—			—			(59,724	)		—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			(59,724	)		—			—			—			—
	—			9,394,805			—			12,583,395			—			701,461			—			2,053,847			—			50,110,836
	8,756,509			552,252			2,328,197			2,048,374			4,028,523			3,955,313			1,525,898			153,448			6,003,405			7,745,024
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			59,724			—			—			—			—
	(1,304,652	)		(1,762,942	)		(2,402,284	)		(3,412,824	)		(1,097,974	)		(1,125,561	)		(501,927	)		(413,683	)		(6,393,348	)		(11,290,640	)
	7,451,857			8,184,115			(74,087	)		11,218,945			2,930,549			3,590,937			1,023,971			1,793,612			(389,943	)		46,565,220
	9,330,974			7,642,939			1,387,570			15,097,396			4,108,445			4,290,699			1,417,664			1,806,237			8,161,502			49,832,545
	7,642,939			—			15,097,396			—			4,290,699			—			1,806,237			—			49,832,545			—
$	16,973,913		$	7,642,939		$	16,484,966		$	15,097,396		$	8,399,144		$	4,290,699		$	3,223,901		$	1,806,237		$	57,994,047		$	49,832,545
	525,025			—			720,986			—			394,084			—			107,166			—			1,961,739			—
	—			632,185			—			840,821			—			70,992			—			125,775			—			2,228,498
	479,815			45,344			102,393			121,116			315,999			427,143			74,660			10,984			206,782			370,391
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			5,571			—			—			—			—
	(74,118	)		(152,504	)		(107,388	)		(240,951	)		(85,005	)		(109,622	)		(25,183	)		(29,593	)		(225,814	)		(637,150	)
	405,697			525,025			(4,995	)		720,986			230,994			394,084			49,477			107,166			(19,032	)		1,961,739
	930,722			525,025			715,991			720,986			625,078			394,084			156,643			107,166			1,942,707			1,961,739

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

83

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

STATEMENTS OF CHANGES IN NET ASSETS (Continued)

	International Portfolio						Retirement Income Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	168,289		$	220,054		$	(1,288	)	$	(547	)
Net realized gain (loss) on investments		81,459			(513,069	)		8,742			13,974
Change in net unrealized appreciation (depreciation) of investments		945,263			1,100,632			109,845			158,211
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,195,011			807,617			117,299			171,638
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			—			—			—
Return of Capital		—			—			—			—
Total distributions		—			—			—			—
CAPITAL TRANSACTIONS (Note 4)
Cost of shares transferred in(a)		—			10,297,584			—			1,600,937
Net proceeds from sale of shares		2,131,625			4,413,290			866,115			1,638,875
Shares issued in reorganization(c)		—			—			—			312,727
Dividends reinvested		—			—			—			—
Cost of shares redeemed		(1,603,656	)		(2,707,570	)		(104,047	)		(673,576	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		527,969			12,003,304			762,068			2,878,963
INCREASE (DECREASE) IN NET ASSETS		1,722,980			12,810,921			879,367			3,050,601
NET ASSETS, BEGINNING OF PERIOD		12,810,921			—			3,050,601			—
NET ASSETS, END OF PERIOD	$	14,533,901		$	12,810,921		$	3,929,968		$	3,050,601
OTHER INFORMATION (Notes 4 and 8):
Shares outstanding at the beginning of period		1,304,758			—			233,634			—
Shares transferred in(a)(b)		—			1,137,466			—			131,012
Shares sold(b)		204,416			510,277			65,346			131,611
Shares issued in reorganization(b)(c)		—			—			—			24,918
Shares issued as reinvestment of dividends		—			—			—			—
Shares redeemed(b)		(154,309	)		(342,985	)		(7,837	)		(53,907	)
Net Increase (decrease)(b)		50,107			1,304,758			57,509			233,634
Shares outstanding at the end of period		1,354,865			1,304,758			291,143			233,634

† For the period from January 24, 2020 (Commencement of Operations) to December 31, 2020.

(a) Transfer of interests from non-qualified plans out of the Funds of Mutual of America Investment Corporation into the Mutual of America Variable Insurance Portfolios on January 24, 2020.

(b) On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical shares outstanding and share activity have been adjusted for periods shown in 2020 to reflect the split on a retroactive basis to the applicable Portfolios.

(c) Reorganization of Mutual of America Variable Insurance Portfolios, Inc. 2010 Retirement Portfolio into the Retirement Income Portfolio on July 31, 2020.

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

84

2015 Retirement Portfolio						2020 Retirement Portfolio						2025 Retirement Portfolio						2030 Retirement Portfolio
For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†
$	(2,082	)	$	(2,292	)	$	(5,555	)	$	(8,581	)	$	(6,538	)	$	(11,031	)	$	(3,651	)	$	(6,211	)
	140,559			(9,879	)		497,456			(105,349	)		435,826			(166,401	)		108,127			(414,029	)
	140,681			428,239			471,685			1,332,994			1,224,667			1,955,315			1,095,990			1,143,703
	279,158			416,068			963,586			1,219,064			1,653,955			1,777,883			1,200,466			723,463
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			5,666,011			—			17,111,295			—			21,099,651			—			13,441,633
	236,718			549,428			697,794			1,499,232			1,977,051			2,254,744			1,137,153			1,839,604
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(373,696	)		(376,012	)		(2,052,082	)		(3,205,877	)		(1,499,148	)		(3,554,090	)		(184,961	)		(4,096,270	)
	(136,978	)		5,839,427			(1,354,288	)		15,404,650			477,903			19,800,305			952,192			11,184,967
	142,180			6,255,495			(390,702	)		16,623,714			2,131,858			21,578,188			2,152,658			11,908,430
	6,255,495			—			16,623,714			—			21,578,188			—			11,908,430			—
$	6,397,675		$	6,255,495		$	16,233,012		$	16,623,714		$	23,710,046		$	21,578,188		$	14,061,088		$	11,908,430
	549,386			—			1,217,769			—			1,425,412			—			741,651			—
	—			534,169			—			1,361,444			—			1,527,977			—			928,119
	20,135			50,446			49,395			118,599			124,310			165,705			66,432			124,214
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(32,248	)		(35,229	)		(146,409	)		(262,274	)		(96,177	)		(268,270	)		(11,230	)		(310,682	)
	(12,113	)		549,386			(97,014	)		1,217,769			28,133			1,425,412			55,202			741,651
	537,273			549,386			1,120,755			1,217,769			1,453,545			1,425,412			796,853			741,651

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 (Continued)

	2035 Retirement Portfolio						2040 Retirement Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	(2,077	)	$	(2,930	)	$	(1,901	)	$	(1,938	)
Net realized gain (loss) on investments and securities sold short		85,190			(39,542	)		44,000			(79,671	)
Change in net unrealized appreciation (depreciation) of investments		617,997			668,231			647,645			639,146
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		701,110			625,759			689,744			557,537
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			—			—			—
Return of Capital		—			—			—			—
Total distributions		—			—			—			—
CAPITAL TRANSACTIONS (Note 4)
Cost of shares transferred in(a)		—			5,614,307			—			4,867,389
Net proceeds from sale of shares		1,412,365			962,963			1,540,105			808,397
Cost of shares transferred in		—			—			—			—
Dividends reinvested		—			—			—			—
Cost of shares redeemed		(430,503	)		(1,199,687	)		(158,243	)		(1,029,616	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		981,862			5,377,583			1,381,862			4,646,170
INCREASE (DECREASE) IN NET ASSETS		1,682,972			6,003,342			2,071,606			5,203,707
NET ASSETS, BEGINNING OF PERIOD		6,003,342			—			5,203,707			—
NET ASSETS, END OF PERIOD	$	7,686,314		$	6,003,342		$	7,275,313		$	5,203,707
OTHER INFORMATION (Notes 4 and 8):
Shares outstanding at the beginning of period		363,478			—			315,523			—
Shares transferred in(a)(b)		—			380,633			—			332,507
Shares sold(b)		78,713			67,005			85,912			58,164
Shares issued in reorganization(b)(c)		—			—			—			—
Shares issued as reinvestment of dividends		—			—			—			—
Shares redeemed(b)		(24,550	)		(84,160	)		(9,309	)		(75,148	)
Net Increase (decrease)(b)		54,163			363,478			76,603			315,523
Shares outstanding at the end of period		417,641			363,478			392,126			315,523

† For the period from January 24, 2020 (Commencement of Operations) to December 31, 2020.

(a) Transfer of interests from non-qualified plans out of the Funds of Mutual of America Investment Corporation into the Mutual of America Variable Insurance Portfolios on January 24, 2020.

(b) On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical shares outstanding and share activity have been adjusted for periods shown in 2020 to reflect the split on a retroactive basis to the applicable Portfolios.

(c) Reorganization of Mutual of America Variable Insurance Portfolios, Inc. 2010 Retirement Portfolio into the Retirement Income Portfolio on July 31, 2020.

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

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

86

2045 Retirement Portfolio						2050 Retirement Portfolio						2055 Retirement Portfolio						2060 Retirement Portfolio						Conservative Allocation Portfolio
For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†
$	(885	)	$	(1,003	)	$	(879	)	$	(733	)	$	(69	)	$	(302	)	$	199		$	(20	)	$	(875	)	$	(1,609	)
	27,618			(62,101	)		26,351			(24,114	)		6,241			(51,316	)		11,456			(25,756	)		145,981			(3,530	)
	360,885			331,116			373,443			367,321			65,238			54,777			31,501			38,806			292,929			654,049
	387,618			268,012			398,915			342,474			71,410			3,159			43,156			13,030			438,035			648,910
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	—			2,384,789			—			2,190,996			—			543,138			—			343,594			—			8,257,233
	438,224			389,615			257,330			642,011			329,955			31,691			145,088			105,999	(d)		1,451,573			2,740,216
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	(87,771	)		(243,960	)		(77,581	)		(246,548	)		(19,759	)		(127,012	)		(67,188	)		(167,343	)		(1,717,213	)		(1,951,194	)
	350,453			2,530,444			179,749			2,586,459			310,196			447,817			77,900			282,250			(265,640	)		9,046,255
	738,071			2,798,456			578,664			2,928,933			381,606			450,976			121,056			295,280			172,395			9,695,165
	2,798,456			—			2,928,933			—			450,976			—			295,280			—			9,695,165			—
$	3,536,527		$	2,798,456		$	3,507,597		$	2,928,933		$	832,582		$	450,976		$	416,336		$	295,280		$	9,867,560		$	9,695,165
	171,508			—			147,036			—			29,781			—			23,277			—			697,397			—
	—			164,848			—			124,196			—			40,433			—			30,646			—			642,045
	25,354			27,638			11,935			37,977			19,840			2,445			10,937			9,746			102,258			206,669
	—			—			—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—			—			—
	(4,856	)		(20,978	)		(3,483	)		(15,137	)		(1,192	)		(13,097	)		(5,272	)		(17,115	)		(121,110	)		(151,317	)
	20,498			171,508			8,452			147,036			18,648			29,781			5,665			23,277			(18,852	)		697,397
	192,006			171,508			155,488			147,036			48,429			29,781			28,942			23,277			678,545			697,397

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)

	Moderate Allocation Portfolio						Aggressive Allocation Portfolio
	For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†
INCREASE (DECREASE) IN NET ASSETS
FROM OPERATIONS
Net investment income (loss)	$	(2,087	)	$	(4,425	)	$	(194	)	$	(868	)
Net realized gain (loss) on investments and securities sold short		1,057,441			(587,582	)		45,514			(83,252	)
Change in net unrealized appreciation (depreciation) of investments		898,219			2,227,577			438,534			470,836
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,953,573			1,635,570			483,854			386,716
DISTRIBUTIONS (Notes 1 and 5)
From Distributable Earnings		—			—			—			—
Return of Capital		—			—			—			—
Total distributions		—			—			—			—
CAPITAL TRANSACTIONS (Note 4)
Cost of shares transferred in(a)		—			25,557,770			—			4,887,000
Net proceeds from sale of shares		4,146,341			696,145			818,819			439,039
Cost of shares transferred in		—			—			—			—
Dividends reinvested		—			—			—			—
Cost of shares redeemed		(7,700,542	)		(4,689,346	)		(253,988	)		(1,787,294	)
NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS		(3,554,201	)		21,564,569			564,831			3,538,745
INCREASE (DECREASE) IN NET ASSETS		(1,600,628	)		23,200,139			1,048,685			3,925,461
NET ASSETS, BEGINNING OF PERIOD		23,200,139			—			3,925,461			—
NET ASSETS, END OF PERIOD	$	21,599,511		$	23,200,139		$	4,974,146		$	3,925,461
OTHER INFORMATION (Notes 4 and 8):
Shares outstanding at the beginning of period		1,342,486			—			198,822			—
Shares transferred in(a)(b)		—			1,628,365			—			278,544
Shares sold(b)		224,996			44,789			38,345			26,238
Shares issued in reorganization(b)(c)		—			—			—			—
Shares issued as reinvestment of dividends		—			—			—			—
Shares redeemed(b)		(418,127	)		(330,668	)		(11,788	)		(105,960	)
Net Increase (decrease)(b)		(193,131	)		1,342,486			26,557			198,822
Shares outstanding at the end of period		1,149,355			1,342,486			225,379			198,822

† For the period from January 24, 2020 (Commencement of Operations) to December 31, 2020.

(a) Transfer of interests from non-qualified plans out of the Funds of Mutual of America Investment Corporation into the Mutual of America Variable Insurance Portfolios on January 24, 2020.

(b) On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical shares outstanding and share activity have been adjusted for periods shown in 2020 to reflect the split on a retroactive basis to the applicable Portfolios.

(c) Reorganization of Mutual of America Variable Insurance Portfolios, Inc. 2010 Retirement Portfolio into the Retirement Income Portfolio on July 31, 2020.

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

88

Money Market Portfolio						Mid-Term Bond Portfolio						Bond Portfolio
For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†			For the Six Months Ended June 30, 2021 (Unaudited)			For the Period Ended December 31, 2020†
$	(4,452	)	$	17,863		$	81,009		$	202,752		$	178,388		$	429,225
	(120	)		(361	)		21,235			227,688			76,202			131,780
	—			—			(301,949	)		372,737			(1,025,948	)		1,032,187
	(4,572	)		17,502			(199,705	)		803,177			(771,358	)		1,593,192
	—			(17,863	)		—			—			—			—
	—			(360	)		—			—			—			—
	—			(18,223	)		—			—			—			—
	—			1,531,926			—			16,985,523			—			30,405,919
	673,463			6,941,932			2,635,500			6,631,981			6,636,689			9,659,449
	—			—			—			—			—			—
	—			18,223			—			—			—			—
	(235,084	)		(944,785	)		(2,988,172	)		(4,117,432	)		(4,778,769	)		(7,488,460	)
	438,379			7,547,296			(352,672	)		19,500,072			1,857,920			32,576,908
	433,807			7,546,575			(552,377	)		20,303,249			1,086,562			34,170,100
	7,546,575			—			20,303,249			—			34,170,100			—
$	7,980,382		$	7,546,575		$	19,750,872		$	20,303,249		$	35,256,662		$	34,170,100
	612,144			—			1,813,650			—			2,176,997			—
	—			124,293			—			1,584,305			—			2,032,530
	54,653			562,837			237,272			601,940			432,778			625,976
	—			—			—			—			—			—
	—			1,478			—			—			—			—
	(19,070	)		(76,464	)		(269,564	)		(372,595	)		(311,719	)		(481,509	)
	35,583			612,144			(32,292	)		1,813,650			121,059			2,176,997
	647,727			612,144			1,781,358			1,813,650			2,298,056			2,176,997

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

89

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, 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, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	56.73		$	48.89		$	28.31		$	24.60
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.42			0.84			0.14			0.33
Net Realized and Unrealized Gains (Losses) on Investments		8.18			7.00			4.52			3.38
Total From Investment Operations		8.60			7.84			4.66			3.71
Less Distributions
From Net Investment Income		—			—			—			—
From Net Realized Gains		—			—			—			—
Total Distributions		—			—			—			—
Net Asset Value, End of Period	$	65.33		$	56.73		$	32.97		$	28.31
Total Return (%)(f)		15.18	(b)		16.01	(b)		16.46	(b)		15.08	(b)
Net Assets, End of Period ($ millions)		109.7			97.8			16.9			14.7
Ratio of Net Income (Loss) to Average Net Assets (%)		1.32	(c)		1.80	(c)		0.91	(c)		1.42	(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)		0.84	(c)		0.98	(c)		1.92	(c)		1.93	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)		0.14	(c)		0.14	(c)		0.52	(c)		0.52	(c)
Portfolio Turnover Rate (%)(a)		9.76	(b)		39.64	(b)		17.54	(b)		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.

90

Small Cap Value Portfolio						Small Cap Growth Portfolio						Small Cap Equity Index Portfolio
Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
$	14.56		$	14.86		$	20.94		$	14.97		$	10.89		$	9.88
	(0.05	)		0.25			(0.04	)		(0.02	)		0.06			0.10
	3.73			(0.55	)		2.12			5.99			2.49			1.03
	3.68			(0.30	)		2.08			5.97			2.55			1.13
	—			—			—			—			—			(0.08	)
	—			—			—			—			—			(0.04	)
	—			—			—			—			—			(0.12	)
$	18.24		$	14.56		$	23.02		$	20.94		$	13.44		$	10.89
	25.27	(b)		(2.02	)(b)		9.93	(b)		39.92	(b)		23.42	(b)		11.52	(b)
	17.0			7.6			16.5			15.1			8.4			4.3
	0.93	(c)		2.11	(c)		(0.36	)(c)		(0.15	)(c)		1.12	(c)		1.57	(c)
	2.26	(c)		2.29	(c)		1.96	(c)		2.06	(c)		3.34	(c)		2.61	(c)
	0.81	(c)		0.81	(c)		0.81	(c)		0.81	(c)		0.15	(c)		0.15	(c)
	19.30	(b)		49.88	(b)		39.61	(b)		96.43	(b)		36.15	(b)		69.92	(b)

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

91

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FINANCIAL HIGHLIGHTS (Continued)

	Mid Cap Value Portfolio						Mid-Cap Equity Index Portfolio
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	16.85		$	16.33		$	25.40		$	22.49
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		0.04			0.46			0.17			0.33
Net Realized and Unrealized Gains (Losses) on Investments		3.69			0.06			4.28			2.58
Total From Investment Operations		3.73			0.52			4.45			2.91
Less Distributions
From Net Investment Income		—			—			—			—
From Net Realized Gains		—			—			—			—
Total Distributions		—			—			—			—
Net Asset Value, End of Period	$	20.58		$	16.85		$	29.85		$	25.40
Total Return (%)(f)		22.14	(b)		3.19	(b)		17.52	(b)		12.96	(b)
Net Assets, End of Period ($ millions)		3.2			1.8			58.0			49.8
Ratio of Net Income (Loss) to Average Net Assets (%)		1.70	(c)		3.17	(c)		1.22	(c)		1.68	(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(g)		5.09	(c)		4.25	(c)		0.93	(c)		1.07	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(g)		0.65	(c)		0.65	(c)		0.14	(c)		0.14	(c)
Portfolio Turnover Rate (%)(a)		27.06	(b)		27.14	(b)		22.92	(b)		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.

92

International Portfolio						Retirement Income Portfolio						2015 Retirement Portfolio
Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
$	9.82		$	9.05		$	13.06		$	12.22		$	11.39		$	10.61
	0.12			0.17			—	(e)		—	(e)		—	(e)		—	(e)
	0.79			0.60			0.44			0.84			0.52			0.78
	0.91			0.77			0.44			0.84			0.52			0.78
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
$	10.73		$	9.82		$	13.50		$	13.06		$	11.91		$	11.39
	9.27	(b)		8.47	(b)		3.37	(b)		6.88	(b)		4.57	(b)		7.38	(b)
	14.5			12.8			3.9			3.1			6.4			6.3
	2.45	(c)		2.30	(c)		(0.08	)(c)		(0.03	)(c)		(0.07	)(c)		(0.04	)(c)
	1.26	(c)		1.19	(c)		2.93	(c)		2.50	(c)		1.66	(c)		1.10	(c)
	0.13	(c)		0.13	(c)		0.08	(c)		0.08	(c)		0.07	(c)		0.07	(c)
	5.47	(b)		27.23	(b)		3.29	(b)		34.72	(b)		11.74	(b)		14.67	(b)

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

93

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FINANCIAL HIGHLIGHTS (Continued)

	2020 Retirement Portfolio						2025 Retirement Portfolio
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	13.65		$	12.57		$	15.14		$	13.81
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(e)		(0.01	)		—	(e)		(0.01	)
Net Realized and Unrealized Gains (Losses) on Investments		0.83			1.09			1.17			1.34
Total From Investment Operations		0.83			1.08			1.17			1.33
Less Distributions
From Net Investment Income		—			—			—			—
From Net Realized Gains		—			—			—			—
Total Distributions		—			—			—			—
Net Asset Value, End of Period	$	14.48		$	13.65		$	16.31		$	15.14
Total Return (%)(f)		6.08	(b)		8.60	(b)		7.73	(b)		9.64	(b)
Net Assets, End of Period ($ millions)		16.2			16.6			23.7			21.6
Ratio of Net Income (Loss) to Average Net Assets (%)		(0.07	)(c)		(0.06	)(c)		(0.06	)(c)		(0.06	)(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.72	(c)		0.51	(c)		0.55	(c)		0.44	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.07	(c)		0.07	(c)		0.06	(c)		0.06	(c)
Portfolio Turnover Rate (%)(a)		12.85	(b)		18.95	(b)		12.57	(b)		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.

94

2030 Retirement Portfolio						2035 Retirement Portfolio						2040 Retirement Portfolio
Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
$	16.06		$	14.48		$	16.52		$	14.75		$	16.49		$	14.64
	—	(e)		(0.01	)		—	(e)		(0.01	)		—	(e)		(0.01	)
	1.59			1.59			1.88			1.78			2.06			1.86
	1.59			1.58			1.88			1.77			2.06			1.85
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
$	17.65		$	16.06		$	18.40		$	16.52		$	18.55		$	16.49
	9.90	(b)		10.89	(b)		11.38	(b)		12.00	(b)		12.49	(b)		12.65	(b)
	14.1			11.9			7.7			6.0			7.3			5.2
	(0.06	)(c)		(0.06	)(c)		(0.06	)(c)		(0.06	)(c)		(0.06	)(c)		(0.05	)(c)
	0.88	(c)		0.65	(c)		1.61	(c)		1.18	(c)		1.72	(c)		1.40	(c)
	0.06	(c)		0.06	(c)		0.07	(c)		0.07	(c)		0.07	(c)		0.07	(c)
	4.63	(b)		26.71	(b)		8.09	(b)		29.41	(b)		4.39	(b)		32.08	(b)

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

95

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FINANCIAL HIGHLIGHTS (Continued)

	2045 Retirement Portfolio						2050 Retirement Portfolio
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	16.32		$	14.47		$	19.92		$	17.64
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(e)		(0.01	)		(0.01	)		—	(e)
Net Realized and Unrealized Gains (Losses) on Investments		2.10			1.86			2.65			2.28
Total From Investment Operations		2.10			1.85			2.64			2.28
Less Distributions
From Net Investment Income		—			—			—			—
From Net Realized Gains		—			—			—			—
Total Distributions		—			—			—			—
Capital Contribution from Adviser		—			—			—			—
Net Asset Value, End of Period	$	18.42		$	16.32		$	22.56		$	19.92
Total Return (%)(f)		12.87	(b)		12.81	(b)		13.25	(b)		12.92	(b)
Net Assets, End of Period ($ millions)		3.5			2.8			3.5			2.9
Ratio of Net Income (Loss) to Average Net Assets (%)		(0.05	)(c)		(0.05	)(c)		(0.05	)(c)		(0.04	)(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		3.14	(c)		2.51	(c)		3.13	(c)		2.51	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.07	(c)		0.07	(c)		0.07	(c)		0.07	(c)
Portfolio Turnover Rate (%)(a)		4.55	(b)		21.26	(b)		4.20	(b)		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.

96

2055 Retirement Portfolio						2060 Retirement Portfolio						Conservative Allocation Portfolio
Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
$	15.14		$	13.43		$	12.69		$	11.21		$	13.90		$	12.86
	—	(e)		(0.01	)		0.01			—	(e)		—	(e)		—	(e)
	2.05			1.72			1.69			1.41			0.64			1.04
	2.05			1.71			1.70			1.41			0.64			1.04
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			0.07	(h)		—			—
$	17.19		$	15.14		$	14.39		$	12.69		$	14.54		$	13.90
	13.54	(b)		12.71	(b)		13.40	(b)		13.18	(b)(i)		4.60	(b)		8.08	(b)
	0.8			0.5			0.4			0.3			9.9			9.7
	(0.02	)(c)		(0.08	)(c)		0.11	(c)		(0.01	)(c)		(0.02	)(c)		(0.02	)(c)
	15.84	(c)		13.49	(c)		27.91	(c)		21.39	(c)		1.05	(c)		0.77	(c)
	0.11	(c)		0.11	(c)		0.05	(c)		0.05	(c)		0.02	(c)		0.02	(c)
	5.51	(b)		17.48	(b)		23.26	(b)		52.71	(b)		14.80	(b)		25.55	(b)

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

97

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

FINANCIAL HIGHLIGHTS (Continued)

	Moderate Allocation Portfolio						Aggressive Allocation Portfolio
	Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
Net Asset Value, Beginning of Period	$	17.28		$	15.70		$	19.74		$	17.54
INCOME (LOSS) FROM INVESTMENT OPERATIONS
Net Investment Income (Loss)		—	(e)		—	(e)		—	(e)		—	(e)
Net Realized and Unrealized Gains (Losses) on Investments		1.51			1.58			2.33			2.20
Total From Investment Operations		1.51			1.58			2.33			2.20
Less Distributions
From Net Investment Income		—			—			—			—
From Net Realized Gains		—			—			—			—
Return of Capital		—			—			—			—
Total Distributions		—			—			—			—
Net Asset Value, End of Period	$	18.79		$	17.28		$	22.07		$	19.74
Total Return (%)(f)		8.74	(b)		10.10	(b)		11.80	(b)		12.51	(b)
Net Assets, End of Period ($ millions)		21.6			23.2			5.0			3.9
Ratio of Net Income (Loss) to Average Net Assets (%)		(0.02	)(c)		(0.02	)(c)		(0.01	)(c)		(0.02	)(c)
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)		0.49	(c)		0.37	(c)		2.34	(c)		1.39	(c)
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)		0.02	(c)		0.02	(c)		0.02	(c)		0.02	(c)
Portfolio Turnover Rate (%)(a)		18.35	(b)		24.94	(b)		6.04	(b)		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.

98

Money Market Portfolio						Mid-Term Bond Portfolio						Bond Portfolio
Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†			Six Months Ended June 30, 2021 (Unaudited)			Period Ended December 31, 2020†
$	12.3281		$	12.3251		$	11.19		$	10.72		$	15.70		$	14.96
	(0.0069	)		0.0292			0.05			0.11			0.06			0.20
	(0.0006	)		0.0036			(0.15	)		0.36			(0.42	)		0.54
	(0.0075	)		0.0328			(0.10	)		0.47			(0.36	)		0.74
	—			(0.0292	)		—			—			—			—
	—			—			—			—			—			—
	—			(0.0006	)		—			—			—			—
	—			(0.0298	)		—			—			—			—
$	12.3206		$	12.3281		$	11.09		$	11.19		$	15.34		$	15.70
	(0.08	)(b)		0.28	(b)		(0.89	)(b)		4.37	(b)		(2.29	)(b)		4.95	(b)
	8.0			7.5			19.8			20.3			35.3			34.2
	(0.12	)(c)		0.27	(c)		0.82	(c)		1.14	(c)		1.06	(c)		1.37	(c)
	1.81	(c)		0.85	(c)		1.50	(c)		1.40	(c)		1.26	(c)		1.32	(c)
	0.20	(c)		0.20	(c)		0.45	(c)		0.45	(c)		0.45	(c)		0.45	(c)
	NA			NA			6.85	(b)		32.55	(b)		14.61	(b)		21.69	(b)

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

99

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2021

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, 2021, 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.

On January 24, 2020, after the close of trading on the New York Stock Exchange, funds of the Investment Corporation with investments from non-qualified plans, including flexible premium annuities and variable universal life plans, were transferred into mutual fund portfolios with similar investment styles issued by the Investment Company. Total assets moved in this transfer were valued at $354.9 million, including $103.6 million of assets in the Retirement Funds and Allocation Funds that resulted in additional redemptions out of the underlying funds of the Investment Corporation. These transfers also included $358 thousand from the Investment Corporation 2010 Retirement Fund into the Investment Company 2010 Retirement Portfolio.

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).

100

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

As of June 30, 2021, 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 1 below) which were considered Level 3. 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, 2021. 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, 2021:

Portfolio	Level 1 — Quoted Prices		Level 2 — Significant Observable Inputs		Level 3 — Significant Unobservable Inputs			Total
Investments at Fair Value:
(See Portfolios of Investments for More Details)
Equity Index Portfolio
Common Stock-Indexed	$	109,691,354		—		—		$	109,691,354
Warrants	$	5,133		—		—		$	5,133
Temporary Cash Investment		—	$	105,064		—		$	105,064
	$	109,696,487	$	105,064		—		$	109,801,551
All America Portfolio
Common Stock-Indexed	$	10,294,135		—		—		$	10,294,135
Common Stock-Active	$	6,570,522		—		—		$	6,570,522
Temporary Cash Investment		—	$	53,009		—		$	53,009
	$	16,864,657	$	53,009		—		$	16,917,666
Small Cap Value Portfolio
Common Stock	$	16,579,470		—		—		$	16,579,470
Temporary Cash Investment		—	$	485,493		—		$	485,493
	$	16,579,470	$	485,493		—		$	17,064,963
Small Cap Growth Portfolio
Common Stock	$	16,338,232		—		—		$	16,338,232
Temporary Cash Investment		—	$	106,750		—		$	106,750
	$	16,338,232	$	106,750		—		$	16,444,982
Small Cap Equity Index Portfolio
Common Stock-Indexed	$	8,386,081		—		—	(1)	$	8,386,081
Warrants	$	200		—		—		$	200
Temporary Cash Investment		—	$	40,301		—		$	40,301
	$	8,386,281	$	40,301		—		$	8,426,582
Mid Cap Value Portfolio
Common Stock	$	3,145,898		—		—		$	3,145,898
Temporary Cash Investment		—	$	83,453		—		$	83,453
	$	3,145,898	$	83,453		—		$	3,229,351
Mid-Cap Equity Index Portfolio
Common Stock-Indexed	$	57,935,950		—		—		$	57,935,950
Temporary Cash Investment		—	$	71,286		—		$	71,286
	$	57,935,950	$	71,286		—		$	58,007,236
International Portfolio
Common Stock	$	14,377,345		—		—		$	14,377,345
Temporary Cash Investment		—	$	157,354		—		$	157,354
	$	14,377,345	$	157,354		—		$	14,534,699

101

MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

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	$	3,922,847		—		—		$	3,922,847
2015 Retirement Portfolio
Common Stock	$	6,390,853		—		—		$	6,390,853
2020 Retirement Portfolio
Common Stock	$	16,228,250		—		—		$	16,228,250
2025 Retirement Portfolio
Common Stock	$	23,704,512		—		—		$	23,704,512
2030 Retirement Portfolio
Common Stock	$	14,054,344		—		—		$	14,054,344
2035 Retirement Portfolio
Common Stock	$	7,679,409		—		—		$	7,679,409
2040 Retirement Portfolio
Common Stock	$	7,268,278		—		—		$	7,268,278
2045 Retirement Portfolio
Common Stock	$	3,528,894		—		—		$	3,528,894
2050 Retirement Portfolio
Common Stock	$	3,499,965		—		—		$	3,499,965
2055 Retirement Portfolio
Common Stock	$	824,611		—		—		$	824,611
2060 Retirement Portfolio
Common Stock	$	410,018		—		—		$	410,018
Conservative Allocation Portfolio
Common Stock	$	9,861,317		—		—		$	9,861,317
Moderate Allocation Portfolio
Common Stock	$	21,595,136		—		—		$	21,595,136
Aggressive Allocation Portfolio
Common Stock	$	4,966,635		—		—		$	4,966,635
Money Market Portfolio
U.S. Government Agency Debt		—	$	3,099,964		—		$	3,099,964
U.S. Government Agency Short-Term Debt		—	$	1,399,967		—		$	1,399,967
Commercial Paper		—	$	3,434,942		—		$	3,434,942
Temporary Cash Investment		—	$	39,572		—		$	39,572
		—	$	7,974,445		—		$	7,974,445
Mid-Term Bond Portfolio
U.S. Government Debt		—	$	10,121,506		—		$	10,121,506
U.S. Government Agency Non-Mortgage-Backed Obligations		—	$	5,950,666		—		$	5,950,666
Long-Term Corporate Debt		—	$	3,511,255		—		$	3,511,255
Common Stock	$	15,567		—	$	23,381	(1)	$	38,948
Temporary Cash Investment		—	$	50,941		—		$	50,941
	$	15,567	$	19,634,368	$	23,381		$	19,673,316
Bond Portfolio
U.S. Government Debt		—	$	18,595,375		—		$	18,595,375
U.S. Government Agency Residential Mortgage-Backed Obligations		—	$	10,254,004		—		$	10,254,004
Long-Term Corporate Debt		—	$	6,110,653		—		$	6,110,653
Common Stock	$	24,773		—	$	37,037	(1)	$	61,810
Temporary Cash Investment		—	$	76,323		—		$	76,323
	$	24,773	$	35,036,355	$	37,037		$	35,098,165

(1) 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

	Fair Value Measurement Using Significant Unobservable Inputs (Level 3) for the Six Months Ended June 30, 2021
	Balance December 31, 2020		Change in Unrealized Gains (Losses)			Transfers Into Level 3		Transfers Out of Level 3		Purchases		Sales		Balance June 30, 2021(a)			Net Change in Unrealized Gains/(Losses) of Level 3 Assets Held as of June 30, 2021
Small Cap Equity Index Portfolio — Common Stock		—		—			—		—		—		—	$	—	(b)		—
Mid-Term Bond Portfolio — Common Stock		—	$	(31,956	)	$	55,337		—		—		—	$	23,381	(c)		—
Bond Portfolio —Common Stock		—	$	(50,580	)	$	87,617		—		—		—	$	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. is a result of a corporate action from SESI LLC transferred into level 3 with $23,381 fair value.

(d) Level 3 security, Superior Energy Svcs., Inc. is a result of a corporate action from SESI LLC transferred into level 3 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. 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.

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

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.

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 Growth Portfolio		Small Cap Value Portfolio		Small Cap Equity Index Portfolio		International Portfolio		Bond Portfolio		Mid-Term Bond Portfolio		Money Market Portfolio
Retirement Income Portfolio		20%		5%		—		—		—		—		35%		25%		15%
2015 Retirement Portfolio		22%		6%		—		—		—		5%		37%		20%		10%
2020 Retirement Portfolio		23%		8%		2%		2%		—		8%		37%		15%		5%
2025 Retirement Portfolio		27%		12%		2%		2%		—		10%		32%		10%		5%
2030 Retirement Portfolio		33%		15%		2%		2%		1%		12%		25%		5%		5%
2035 Retirement Portfolio		37%		16%		3%		3%		1%		15%		25%		—		—
2040 Retirement Portfolio		41%		17%		3%		3%		2%		17%		17%		—		—
2045 Retirement Portfolio		42%		17%		4%		4%		1%		18%		14%		—		—
2050 Retirement Portfolio		41%		18%		4%		4%		2%		19%		12%		—		—
2055 Retirement Portfolio		40%		19%		5%		5%		1%		20%		10%		—		—
2060 Retirement Portfolio		39%		20%		5%		5%		2%		21%		8%		—		—

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

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 Growth Portfolio			Small Cap Value Portfolio			Small Cap Equity Index Portfolio			International Portfolio			Bond Portfolio		Mid-Term Bond Portfolio			Money Market Portfolio
Retirement Income Portfolio		—			—			—			—			—			—			5%		(5%	)		—
2015 Retirement Portfolio		—			(2%	)		—			—			—			—			7%		(5%	)		—
2020 Retirement Portfolio		(2%	)		(2%	)		1%			1%			—			—			9%		(7%	)		—
2025 Retirement Portfolio		(2%	)		—			—			—			—			—			5%		(8%	)		5%
2030 Retirement Portfolio		—			(1%	)		(1%	)		(1%	)		1%			—			2%		(5%	)		5%
2035 Retirement Portfolio		2%			(2%	)		(1%	)		(1%	)		—			—			2%		—			—
2040 Retirement Portfolio		6%			(4%	)		(1%	)		(1%	)		—			(1%	)		1%		—			—
2045 Retirement Portfolio		7%			(4%	)		(1%	)		(1%	)		(1%	)		—			—		—			—
2050 Retirement Portfolio		7%			(4%	)		(1%	)		(1%	)		(1%	)		—			—		—			—
2055 Retirement Portfolio		6%			(3%	)		(1%	)		(1%	)		(2%	)		1%			—		—			—
2060 Retirement Portfolio		6%			(3%	)		(1%	)		(1%	)		(2%	)		1%			—		—			—

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.

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

1. SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)

As of June 30, 2021, management has evaluated the tax positions to be taken on the Portfolios’ tax returns for their initial tax year ending December 31, 2020 and expects that no tax provision will be required in any of the Portfolios’ financial statements.

As of June 30, 2021, the following Mutual of America Variable Insurance Portfolios had capital loss carry-forwards available to offset net realized capital gains generated after December 31, 2020.

	Equity Index Portfolio			All America Portfolio		Small Cap Value Portfolio			Small Cap Growth Portfolio			Small Cap Equity Index Portfolio
Capital loss carry-forward (short-term)	$	—		$	—	$	(558,644	)	$	—		$	—
	Mid Cap Value Portfolio			Mid-Cap Equity Index Portfolio		International Portfolio			Retirement Income Portfolio			2015 Retirement Portfolio
Capital loss carry-forward (short-term)	$	—		$	—	$	(302,676	)	$	(1,754	)	$	—
	2020 Retirement Portfolio			2025 Retirement Portfolio		2030 Retirement Portfolio			2035 Retirement Portfolio			2040 Retirement Portfolio
Capital loss carry-forward (short-term)	$	—		$	—	$	(234,563	)	$	—		$	—
	2045 Retirement Portfolio			2050 Retirement Portfolio		2055 Retirement Portfolio			2060 Retirement Portfolio			Conservative Allocation Portfolio
Capital loss carry-forward (short-term)	$	(13,310	)	$	—	$	(42,843	)	$	(10,253	)	$	—
	Moderate Allocation Portfolio			Aggressive Allocation Portfolio		Money Market Portfolio			Mid-Term Bond Portfolio			Bond Portfolio
Capital loss carry-forward (short-term)	$	—		$	—	$	(481	)	$	—		$	(9,439	)

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

2. EXPENSES (CONTINUED)

Effective January 24, 2020, the Investment Company and the Adviser entered into an agreement under which the Adviser agrees 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%. 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	0.07	%
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	%

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, 2021 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	$	9,893,318	$	2,763,048	$	9,162,906	$	6,378,344	$	5,550,991
Proceeds from sales of investments	$	11,947,913	$	2,836,030	$	2,023,348	$	6,396,955	$	2,447,217

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

3. INVESTMENTS (CONTINUED)

	Mid Cap Value Portfolio		Mid-Cap Equity Index Portfolio		International Portfolio		Retirement Income Portfolio		2015 Retirement Portfolio
Cost of investment purchases	$	1,661,492	$	12,765,134	$	1,356,119	$	866,114	$	736,716
Proceeds from sales of investments	$	631,901		12,496,625	$	740,875	$	112,833	$	883,256
	2020 Retirement Portfolio		2025 Retirement Portfolio		2030 Retirement Portfolio		2035 Retirement Portfolio		2040 Retirement Portfolio
Cost of investment purchases	$	2,097,786	$	3,277,043	$	1,537,142	$	1,512,353	$	1,640,096
Proceeds from sales of investments	$	3,464,116	$	2,812,776	$	596,140	$	540,073	$	267,672
	2045 Retirement Portfolio		2050 Retirement Portfolio		2055 Retirement Portfolio		2060 Retirement Portfolio		Conservative Allocation Portfolio
Cost of investment purchases	$	488,216	$	307,319	$	335,950	$	160,380	$	1,451,565
Proceeds from sales of investments	$	146,547	$	136,361	$	33,876	$	81,283	$	1,724,902
	Moderate Allocation Portfolio		Aggressive Allocation Portfolio		Mid-Term Bond Portfolio		Bond Portfolio
Cost of investment purchases	$	4,146,332	$	818,814	$	1,355,251	$	7,022,140
Proceeds from sales of investments	$	7,708,833	$	261,970	$	1,558,601	$	4,868,942

The cost of short-term security purchases for the Money Market Portfolio for the six months ended June 30,2021, was $36,019,502. Proceeds from sales for the same period were $35,609,918.

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 30,2021 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	$	25,416,816		$	3,925,934		$	2,082,264		$	4,314,102		$	1,407,809
Unrealized Depreciation		(1,823,953	)		(357,126	)		(339,273	)		(596,259	)		(186,341	)
Net	$	23,592,863		$	3,568,808		$	1,742,991		$	3,717,843		$	1,221,468
Tax Cost of Investments	$	86,208,688		$	13,348,858		$	15,321,972		$	12,727,139		$	7,205,114
	Mid Cap Value Portfolio			Mid-Cap Equity Index Portfolio			International Portfolio			Retirement Income Portfolio			2015 Retirement Portfolio
Unrealized Appreciation	$	378,273		$	12,045,435		$	2,045,895		$	280,983		$	569,880
Unrealized Depreciation		(50,000	)		(1,710,704	)		(128,934	)		(12,340	)		(5,917	)
Net	$	328,273		$	10,334,731		$	1,916,961		$	268,643		$	563,963
Tax Cost of Investments	$	2,901,078		$	47,672,505		$	12,617,738		$	3,654,204		$	5,826,890
	2020 Retirement Portfolio			2025 Retirement Portfolio			2030 Retirement Portfolio			2035 Retirement Portfolio			2040 Retirement Portfolio
Unrealized Appreciation	$	1,806,563		$	3,179,982		$	2,239,693		$	1,286,228		$	1,286,791
Unrealized Depreciation		(79,176	)		(166,740	)		(71,339	)		(39,890	)		(74,200	)
Net	$	1,727,387		$	3,013,242		$	2,168,354		$	1,246,338		$	1,212,591
Tax Cost of Investments	$	14,500,863		$	20,691,270		$	11,885,990		$	6,433,071		$	6,055,687

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

3. INVESTMENTS (CONTINUED)

	2045 Retirement Portfolio			2050 Retirement Portfolio			2055 Retirement Portfolio			2060 Retirement Portfolio			Conservative Allocation Portfolio
Unrealized Appreciation	$	692,001		$	740,764		$	120,015		$	70,370		$	946,979
Unrealized Depreciation		(21,393	)		(27,021	)		(2,285	)		(4,155	)		(43,337	)
Net	$	670,608		$	713,743		$	117,730		$	66,215		$	903,642
Tax Cost of Investments	$	2,858,286		$	2,786,222		$	706,881		$	343,803		$	8,957,675
	Moderate Allocation Portfolio			Aggressive Allocation Portfolio			Money Market Portfolio			Mid-Term Bond Portfolio			Bond Portfolio
Unrealized Appreciation	$	3,125,796		$	909,370		$	—		$	319,279		$	643,602
Unrealized Depreciation		(66,789	)		(65,333	)		—			(248,491	)		(637,363	)
Net	$	3,059,007		$	844,037		$	—		$	70,788		$	6,239
Tax Cost of Investments	$	18,536,129		$	4,122,598		$	7,974,445		$	19,602,528		$	35,091,926

Differences between amounts reflected in the Statements of Assets and Liabilities and those computed for federal income tax purposes arise primarily from federal income tax treatment of wash sales, REITs and PFICs.

Investments in affiliated investment companies during the six months ended June 30, 2021 were as follows:

Affiliated Investment Company	Value as of December 31, 2020		Purchases		Realized Gain (Loss) on Investment Securities		Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2021
Retirement Income Portfolio
Bond Portfolio	$	873,980	$	281,894	$	777	$	(19,625	)	$	(33,547	)	$	1,103,479
Equity Index Portfolio		675,294		173,224		5,727		106,222			(29,195	)		931,272
Mid-Cap Equity Index Portfolio		184,314		43,305		1,259		32,343			(5,605	)		255,616
Mid-Term Bond Portfolio		878,914		237,775		979		(8,699	)		(28,880	)		1,080,089
Money Market Portfolio		438,477		129,916		—		(396	)		(15,606	)		552,391
Total	$	3,050,979	$	866,114	$	8,742	$	109,845		$	(112,833	)	$	3,922,847
2015 Retirement Portfolio
Bond Portfolio	$	1,758,992	$	476,497	$	2,732	$	(42,855	)	$	(117,361	)	$	2,078,005
Equity Index Portfolio		1,500,521		52,078		56,687		151,320			(291,019	)		1,469,587
International Portfolio		340,119		11,836		2,197		28,604			(18,684	)		364,072
Mid-Cap Equity Index Portfolio		591,457		17,371		75,927		20,838			(329,154	)		376,439
Mid-Term Bond Portfolio		1,476,059		155,263		3,011		(16,761	)		(89,670	)		1,527,902
Money Market Portfolio		589,005		23,671		5		(465	)		(37,368	)		574,848
Total	$	6,256,153	$	736,716	$	140,559	$	140,681		$	(883,256	)	$	6,390,853
2020 Retirement Portfolio
Bond Portfolio	$	4,279,056	$	1,320,387	$	12,329	$	(112,314	)	$	(580,361	)	$	4,919,097
Equity Index Portfolio		4,443,783		168,887		239,402		356,502			(1,221,781	)		3,986,793
International Portfolio		1,419,442		55,823		19,255		106,285			(164,166	)		1,436,639
Mid-Cap Equity Index Portfolio		1,921,586		64,222		201,952		108,725			(905,916	)		1,390,569
Mid-Term Bond Portfolio		3,385,310		434,066		14,433		(47,100	)		(446,963	)		3,339,746
Money Market Portfolio		767,432		34,889		36		(594	)		(102,604	)		699,159
Small Cap Growth Portfolio		209,841		9,756		7,231		13,700			(21,163	)		219,365
Small Cap Value Portfolio		198,989		9,756		2,818		46,481			(21,162	)		236,882
Total	$	16,625,439	$	2,097,786	$	497,456	$	471,685		$	(3,464,116	)	$	16,228,250

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2020		Purchases		Realized Gain (Loss) on Investment Securities		Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2021
2025 Retirement Portfolio
Bond Portfolio	$	5,252,937	$	1,484,802	$	14,672	$	(132,474	)	$	(433,481	)	$	6,186,456
Equity Index Portfolio		6,574,508		552,944		243,189		699,371			(1,234,202	)		6,835,810
International Portfolio		2,261,346		197,704		17,454		189,544			(149,914	)		2,516,134
Mid-Cap Equity Index Portfolio		2,934,965		237,245		140,097		342,942			(682,595	)		2,972,654
Mid-Term Bond Portfolio		3,518,974		474,271		8,631		(40,174	)		(223,908	)		3,737,794
Money Market Portfolio		—		250,998		—		—			(28,711	)		222,287
Small Cap Growth Portfolio		533,240		39,540		9,503		42,931			(29,983	)		595,231
Small Cap Value Portfolio		503,782		39,539		2,280		122,527			(29,982	)		638,146
Total	$	21,579,752	$	3,277,043	$	435,826	$	1,224,667		$	(2,812,776	)	$	23,704,512
2030 Retirement Portfolio
Bond Portfolio	$	2,421,199	$	372,287	$	1,294	$	(56,959	)	$	(43,065	)	$	2,694,756
Equity Index Portfolio		4,031,407		375,256		23,067		601,703			(120,665	)		4,910,768
International Portfolio		1,460,841		286,458		2,256		142,327			(22,195	)		1,869,687
Mid-Cap Equity Index Portfolio		2,105,768		176,570		78,840		274,915			(380,883	)		2,255,210
Mid-Term Bond Portfolio		1,059,034		86,855		621		(10,023	)		(17,186	)		1,119,301
Money Market Portfolio		—		126,860		—		—			(1,310	)		125,550
Small Cap Equity Index Portfolio		—		55,372		1		662			(262	)		55,773
Small Cap Growth Portfolio		427,843		28,742		1,682		41,238			(5,287	)		494,218
Small Cap Value Portfolio		403,133		28,742		366		102,127			(5,287	)		529,081
Total	$	11,909,225	$	1,537,142	$	108,127	$	1,095,990		$	(596,140	)	$	14,054,344
2035 Retirement Portfolio
Bond Portfolio	$	1,193,953	$	393,013	$	2,102	$	(31,404	)	$	(99,042	)	$	1,458,622
Equity Index Portfolio		2,113,708		512,492		30,242		300,170			(159,465	)		2,797,147
International Portfolio		902,444		261,854		7,493		78,208			(64,575	)		1,185,424
Mid-Cap Equity Index Portfolio		1,174,607		236,054		35,902		166,830			(178,272	)		1,435,121
Small Cap Equity Index Portfolio		66,764		14,123		1,398		14,529			(4,305	)		92,509
Small Cap Growth Portfolio		281,955		47,409		5,802		22,156			(17,207	)		340,115
Small Cap Value Portfolio		270,511		47,408		2,251		67,508			(17,207	)		370,471
Total	$	6,003,942	$	1,512,353	$	85,190	$	617,997		$	(540,073	)	$	7,679,409
2040 Retirement Portfolio
Bond Portfolio	$	710,055	$	298,611	$	940	$	(14,926	)	$	(25,453	)	$	969,227
Equity Index Portfolio		1,813,768		552,203		10,069		290,601			(64,906	)		2,601,735
International Portfolio		928,362		325,022		3,035		91,761			(28,349	)		1,319,831
Mid-Cap Equity Index Portfolio		1,167,249		314,642		24,631		175,153			(133,409	)		1,548,266
Small Cap Equity Index Portfolio		113,362		30,802		3,040		23,899			(3,165	)		167,938
Small Cap Growth Portfolio		241,884		59,407		1,942		22,686			(6,195	)		319,724
Small Cap Value Portfolio		229,529		59,409		343		58,471			(6,195	)		341,557
Total	$	5,204,209	$	1,640,096	$	44,000	$	647,645		$	(267,672	)	$	7,268,278
2045 Retirement Portfolio
Bond Portfolio	$	333,653	$	61,350	$	247	$	(8,086	)	$	(12,288	)	$	374,876
Equity Index Portfolio		967,115		157,714		9,554		150,942			(44,233	)		1,241,092
International Portfolio		496,554		128,879		2,305		49,758			(15,799	)		661,697
Mid-Cap Equity Index Portfolio		625,223		89,548		13,409		98,550			(65,896	)		760,834
Small Cap Equity Index Portfolio		60,449		8,144		246		14,511			(1,022	)		82,328
Small Cap Growth Portfolio		162,641		21,291		1,214		15,229			(3,655	)		196,720
Small Cap Value Portfolio		153,087		21,290		643		39,981			(3,654	)		211,347
Total	$	2,798,722	$	488,216	$	27,618	$	360,885		$	(146,547	)	$	3,528,894

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

3. INVESTMENTS (CONTINUED)

Affiliated Investment Company	Value as of December 31, 2020		Purchases		Realized Gain (Loss) on Investment Securities			Change in Unrealized Appreciation (Depreciation) of Investment Securities			Sales			Value as of June 30, 2021
2050 Retirement Portfolio
Bond Portfolio	$	298,975	$	30,878	$	220		$	(7,064	)	$	(9,309	)	$	313,700
Equity Index Portfolio		979,518		91,062		8,685			144,749			(39,383	)		1,184,631
International Portfolio		547,344		98,892		2,218			52,584			(14,740	)		686,298
Mid-Cap Equity Index Portfolio		681,180		54,569		13,102			104,782			(64,825	)		788,808
Small Cap Equity Index Portfolio		95,068		7,208		421			22,219			(1,667	)		123,249
Small Cap Growth Portfolio		168,135		12,356		1,144			15,798			(3,219	)		194,214
Small Cap Value Portfolio		158,993		12,354		561			40,375			(3,218	)		209,065
Total	$	2,929,213	$	307,319	$	26,351		$	373,443		$	(136,361	)	$	3,499,965
2055 Retirement Portfolio
Bond Portfolio	$	38,145	$	32,995	$	57		$	(678	)	$	(1,975	)	$	68,544
Equity Index Portfolio		149,776		115,922		3,096			24,888			(15,622	)		278,060
International Portfolio		83,748		69,316		539			9,201			(3,896	)		158,908
Mid-Cap Equity Index Portfolio		104,380		70,719		1,981			17,183			(9,988	)		184,275
Small Cap Equity Index Portfolio		14,544		8,651		89			3,635			(309	)		26,610
Small Cap Growth Portfolio		31,007		19,173		344			3,201			(1,042	)		52,683
Small Cap Value Portfolio		29,458		19,174		135			7,808			(1,044	)		55,531
Total	$	451,058	$	335,950	$	6,241		$	65,238		$	(33,876	)	$	824,611
2060 Retirement Portfolio
Bond Portfolio	$	19,339	$	12,179	$	231		$	(548	)	$	(5,375	)	$	25,826
Equity Index Portfolio		92,514		54,907		4,623			11,527			(30,436	)		133,135
International Portfolio		56,122		32,796		1,249			4,807			(13,471	)		81,503
Mid-Cap Equity Index Portfolio		69,014		35,630		2,478			9,298			(18,391	)		98,029
Small Cap Equity Index Portfolio		12,423		6,213		584			2,157			(2,618	)		18,759
Small Cap Growth Portfolio		19,962		9,332		2,292			(292	)		(6,996	)		24,298
Small Cap Value Portfolio		18,590		9,323		(1	)		4,552			(3,996	)		28,468
Total	$	287,964	$	160,380	$	11,456		$	31,501		$	(81,283	)	$	410,018
Conservative Allocation Portfolio
Bond Portfolio	$	2,807,511	$	435,471	$	9,787		$	(77,734	)	$	(515,162	)	$	2,659,873
Equity Index Portfolio		2,645,091		362,889		87,356			311,209			(436,996	)		2,969,549
International Portfolio		534,638		72,577		11,273			38,046			(85,860	)		570,674
Mid-Cap Equity Index Portfolio		508,221		72,578		19,176			70,637			(85,860	)		584,752
Mid-Term Bond Portfolio		3,200,283		508,050		18,389			(49,229	)		(601,024	)		3,076,469
Total	$	9,695,744	$	1,451,565	$	145,981		$	292,929		$	(1,724,902	)	$	9,861,317
Moderate Allocation Portfolio
Bond Portfolio	$	5,308,688	$	1,036,583	$	41,042		$	(167,244	)	$	(1,925,135	)	$	4,293,934
Equity Index Portfolio		8,552,203		1,451,215		589,178			651,179			(2,703,484	)		8,540,291
International Portfolio		2,419,767		414,634		106,679			109,201			(770,054	)		2,280,227
Mid-Cap Equity Index Portfolio		3,734,728		621,950		283,186			371,519			(1,155,080	)		3,856,303
Mid-Term Bond Portfolio		3,186,591		621,950		37,356			(66,436	)		(1,155,080	)		2,624,381
Total	$	23,201,977	$	4,146,332	$	1,057,441		$	898,219		$	(7,708,833	)	$	21,595,136
Aggressive Allocation Portfolio
Bond Portfolio	$	690,171	$	163,762	$	1,074		$	(16,758	)	$	(50,797	)	$	787,452
Equity Index Portfolio		1,400,251		286,588		20,446			202,103			(96,880	)		1,812,508
International Portfolio		588,521		122,823		5,212			50,913			(38,098	)		729,371
Mid-Cap Equity Index Portfolio		795,501		163,763		12,202			132,096			(50,797	)		1,052,765
Small Cap Growth Portfolio		263,343		40,939		4,423			23,585			(12,699	)		319,591
Small Cap Value Portfolio		187,956		40,939		2,157			46,595			(12,699	)		264,948
Total	$	3,925,743	$	818,814	$	45,514		$	438,534		$	(261,970	)	$	4,966,635

111

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

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 30,2021, shares authorized 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

112

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

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

The Portfolios of Mutual of America Variable Insurance Portfolios, Inc. commenced operations on January 24, 2020. On December 21, 2020, required dividend distributions from net investment income, in the amount of $17,863 and $58,585, respectively, were declared and paid by the Money Market Portfolio and the Small Cap Equity Index Portfolio. The Small Cap Equity Index Portfolio also declared and paid $1,139 of long-term capital gains, and the Money Market Portfolio distributed $360 of return of capital.

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NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

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

Undistributed net income and gains (losses) — As of June 30, 2021, 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	$	2,104,593		$	280,537	$	153,595		$	556,347		$	373,420
Accumulated undistributed net realized gain/(loss) on investments	$	1,050,333		$	338,247	$	(558,644	)	$	1,065,967		$	282,770
Net unrealized appreciation (depreciation) of investments	$	23,592,863		$	3,568,808	$	1,742,991		$	3,717,843		$	1,221,468
	Mid Cap Value Portfolio			Mid-Cap Equity Index Portfolio		International Portfolio			Retirement Income Portfolio			2015 Retirement Portfolio
Accumulated undistributed net investment income	$	47,324		$	911,114	$	388,343		$	18,820		$	—
Accumulated undistributed net realized gain/(loss) on investments	$	30,721		$	572,925	$	(302,676	)	$	4,204		$	135,637
Net unrealized appreciation (depreciation) of investments	$	328,273		$	10,334,731	$	1,916,961		$	268,643		$	563,963
	2020 Retirement Portfolio			2025 Retirement Portfolio		2030 Retirement Portfolio			2035 Retirement Portfolio			2040 Retirement Portfolio
Accumulated undistributed net investment income	$	—		$	43,204	$	—		$	—		$	8,888
Accumulated undistributed net realized gain/(loss) on investments	$	469,399		$	386,084	$	(234,563	)	$	83,773		$	27,326
Net unrealized appreciation (depreciation) of investments	$	1,727,387		$	3,013,242	$	2,168,354		$	1,246,338		$	1,212,591
	2045 Retirement Portfolio			2050 Retirement Portfolio		2055 Retirement Portfolio			2060 Retirement Portfolio			Conservative Allocation Portfolio
Accumulated undistributed net investment income	$	—		$	2,154	$	—		$	224		$	56,515
Accumulated undistributed net realized gain/(loss) on investments	$	(13,310	)	$	26,306	$	(42,843	)	$	(10,253	)	$	126,788
Net unrealized appreciation (depreciation) of investments	$	670,608		$	713,743	$	117,730		$	66,215		$	903,642
	Moderate Allocation Portfolio			Aggressive Allocation Portfolio		Money Market Portfolio			Mid-Term Bond Portfolio			Bond Portfolio
Accumulated undistributed net investment income	$	—		$	—	$	—		$	514,051		$	825,034
Accumulated undistributed net realized gain/(loss) on investments	$	536,648		$	27,595	$	(481	)	$	18,633		$	(9,439	)
Net unrealized appreciation (depreciation) of investments	$	3,059,007		$	844,037	$	—		$	70,788		$	6,239

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 and PFICs

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

6. RECENT ACCOUNTING PRONOUNCEMENTS

In August 2018, the FASB issued ASU No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Portfolio’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Funds have complied with ASU 2018-13 for the six months ended June 30, 2021, resulting in i) disclosures for the total unrealized gain or loss attributable to fair value changes in Level 3 securities, and ii) the elimination of the disclosure of the reasons and amounts of transfers between Level 1 and Level 2, and the Funds’ valuation processes for Level 3 securities.

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 will become effective 60 days after publication in the Federal Register, and will have a compliance date 18 months following the effective date. 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.

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.

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2021

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, 2021. The Investment Company files complete schedules of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT and for the second and fourth quarters of each fiscal year on Form N-CSR. The Forms N-PORT and N-CSR are available on the SEC’s website at http://www.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 1-800-468-3785. It is also available on the SEC’s website at http://www.sec.gov.

Information regarding how the Investment Company voted proxies relating to portfolio securities during the 12-month period ended June 30, 2021 is available without charge by calling 1-800-468-3785. 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

Investment Advisory Agreements

At its meeting held on November 6, 2019, the Board of Directors of the Investment Company entered into an investment advisory agreement with Mutual of America Capital Management Corporation (the “Adviser”) for an initial period of two years. The Board determined that the agreement with the Adviser was in the best interest of the Investment Company based on the following considerations which are further enumerated below. The Board concluded that Mutual of America Capital Management Corporation would be performing extensive services for the Investment Company and has demonstrated satisfactory performance in its performance of such services for similar investment companies, that its fee is reasonable in comparison to fees charged for similar services to similar funds by other advisers, that the method of calculating the fee is reasonable, that the Adviser will not make excessive profits from the contract and the fee levels reflect that the Portfolios will appropriately benefit from economies of scale.

Nature, Extent and Quality of Services

The Board considered the depth of experience and organizational structure of the Adviser. At September 30, 2019, the Adviser had approximately $18 billion of assets under management. The individual portfolio managers that oversee the investment performance of each of the Investment Company’s Portfolios have extensive experience and knowledge of the specific markets in which they participate. The Adviser adheres to a strict best execution policy which requires it to select broker/dealers based on their ability to execute trades at a favorable and reasonable price. All else being equal, the Advisor will also consider any research that the broker/dealers may provide. The Adviser maintains a highly qualified staff of research analysts and quantitative analysts who assist in the implementation of the disciplined investment policies employed by the portfolio managers to enhance stock selection and manage risk in the portfolios. The Adviser’s quantitative analysts have developed proprietary models that result in daily risk and attribution reports as well as information on stock movements, to enable the portfolio managers to make fully informed decisions on stock selection and to constantly evaluate the structure of each portfolio. When purchasing research and other services, the Adviser uses its own funds to purchase such services from recognized firms that are utilized by the research staff. The Adviser also receives research services from broker/dealers which are utilized to benefit the Portfolios. The Board was

117

aware of the receipt of these research services when it considered renewing the advisory agreement with the Adviser. The Adviser, at no cost, provides services beyond those set forth in the advisory agreement, such as assistance in the preparation of marketing materials and attendance at client and prospect meetings.

Investment Performance

Although the Portfolios were not yet operational, the Board considered the short- and long-term performance of other investment companies managed by the Adviser, which it determined were favorable due to the Adviser’s investment process and personnel, including the quantitative research group mentioned above.

Cost and Profit

The Board compared the advisory fees charged to each Portfolio by the Adviser with fees of numerous similar funds. In the case of each Portfolio, the Adviser’s fee compared favorably with fees charged by other advisers. Finally, the Adviser has not shown excessively high profits from the fees it is paid by similar investment companies.

Economies of Scale

The Board concluded that the reasonableness of the Adviser’s fees, particularly when compared to fees of similar funds that, in most cases, are many times the asset size of the Portfolios of the Investment Company demonstrates the fact that the Portfolios are benefiting from economies of scale. The Adviser utilizes the resources at its disposal efficiently. Its fees reflect cost savings and expense discounts, if any, that it realizes from volume increases.

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 2021, 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 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.

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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/ JAMES J. ROTH
	James J. Roth
	Chairman of the Board,
	President and Chief Executive Officer of
	Mutual of America Variable Insurance Portfolios, Inc.

Date: September 3, 2021

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/ JAMES J. ROTH
	James J. Roth
	Chairman of the Board,
	President and Chief Executive Officer of
	Mutual of America Variable Insurance Portfolios, Inc.

Date: September 3, 2021

By:	/s/ CHRIS W. FESTOG
	Chris W. Festog
	Senior Executive Vice President,
	Chief Financial Officer and Treasurer of
	Mutual of America Variable Insurance Portfolios, Inc.

Date: September 3, 2021