# EDGAR Filing Document

**Accession Number:** 0001776030
**File Stem:** 0001193125-23-066156
**Filing Date:** 2023-3
**Character Count:** 593111
**Document Hash:** 966d313a0970ddbf9668f0720e0e4842
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-066156.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-066156

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mutual of America Variable Insurance Portfolios, Inc.
- **CENTRAL INDEX KEY:** 0001776030
- **IRS NUMBER:** 834496521
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23449
- **FILM NUMBER:** 23720139

**BUSINESS ADDRESS:**
- **STREET 1:** 320 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022
- **BUSINESS PHONE:** 212-224-1840

**MAIL ADDRESS:**
- **STREET 1:** 320 PARK AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10022

## Series and Classes Contracts Data

### Equity Index Portfolio (Series ID: S000066343)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000214144 | Equity Index Portfolio Class |  |

### Mid Cap Value Portfolio (Series ID: S000066344)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000214145 | Mid Cap Value Portfolio Class |  |

### Mid-Cap Equity Index Portfolio (Series ID: S000066345)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000214146 | Mid-Cap Equity Index Portfolio Class |  |

### Conservative Allocation Portfolio (Series ID: S000066346)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000214147 | Conservative Allocation Portfolio Class |  |

### Retirement Income Portfolio (Series ID: S000066348)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000214149 | Retirement Income Portfolio Class |  |

### 2015 Retirement Portfolio (Series ID: S000066349)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214150 | 2015 Retirement Portfolio Class |  |

### 2020 Retirement Portfolio (Series ID: S000066350)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214151 | 2020 Retirement Portfolio Class |  |

### 2025 Retirement Portfolio (Series ID: S000066351)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214152 | 2025 Retirement Portfolio Class |  |

### 2030 Retirement Portfolio (Series ID: S000066352)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214153 | 2030 Retirement Portfolio Class |  |

### 2035 Retirement Portfolio (Series ID: S000066353)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214154 | 2035 Retirement Portfolio Class |  |

### Moderate Allocation Portfolio (Series ID: S000066354)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000214155 | Moderate Allocation Portfolio Class |  |

### 2040 Retirement Portfolio (Series ID: S000066355)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214156 | 2040 Retirement Portfolio Class |  |

### 2045 Retirement Portfolio (Series ID: S000066356)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214157 | 2045 Retirement Portfolio Class |  |

### International Portfolio (Series ID: S000066357)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000214158 | International Portfolio Class |  |

### 2050 Retirement Portfolio (Series ID: S000066358)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214159 | 2050 Retirement Portfolio Class |  |

### 2055 Retirement Portfolio (Series ID: S000066359)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214160 | 2055 Retirement Portfolio Class |  |

### Small Cap Equity Index Portfolio (Series ID: S000066360)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000214161 | Small Cap Equity Index Portfolio Class |  |

### 2060 Retirement Portfolio (Series ID: S000066361)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214162 | 2060 Retirement Portfolio Class |  |

### Aggressive Allocation Portfolio (Series ID: S000066362)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000214163 | Aggressive Allocation Portfolio Class |  |

### Money Market Portfolio (Series ID: S000066363)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000214164 | Money Market Portfolio Class |  |

### Mid-Term Bond Portfolio (Series ID: S000066364)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000214165 | Mid-Term Bond Portfolio Class |  |

### Bond Portfolio (Series ID: S000066365)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000214166 | Bond Portfolio Class |  |

### All America Portfolio (Series ID: S000066366)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000214167 | All America Portfolio Class |  |

### Small Cap Value Portfolio (Series ID: S000066367)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000214168 | Small Cap Value Portfolio Class |  |

### Small Cap Growth Portfolio (Series ID: S000066368)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000214169 | Small Cap Growth Portfolio Class |  |

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number 811-23449** 

------

## Mutual of America Variable Insurance Portfolios, Inc.
**(Exact name of registrant as specified in charter)** 

------

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

**(Address of principal executive offices) (Zip code)** 

------

**Chris W. Festog** 

**Chairman of the Board, President, Chief Executive Officer and Principal 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: December 31, 2022** 

------

ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders follows:

------

**DECEMBER 31, 2022** 

## 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.

![LOGO](g384646arcov2new.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
|  **Annual Report of Mutual of America Variable Insurance Portfolios, Inc.** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [President's Message](#toc384646_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Portfolio Management Discussions](#toc384646_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Asset Allocations](#toc384646_3) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Expense Example](#toc384646_4) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolios of Investments in Securities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Equity Index Portfolio](#toc384646_5) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [All America Portfolio](#toc384646_6) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Value Portfolio](#toc384646_7) | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Growth Portfolio](#toc384646_8) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Small Cap Equity Index Portfolio](#toc384646_9) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid Cap Value Portfolio](#toc384646_10) | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid-Cap Equity Index Portfolio](#toc384646_11) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [International Portfolio](#toc384646_12) | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Retirement Income Portfolio](#toc384646_13) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2015 Retirement Portfolio](#toc384646_14) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2020 Retirement Portfolio](#toc384646_15) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2025 Retirement Portfolio](#toc384646_16) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2030 Retirement Portfolio](#toc384646_17) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2035 Retirement Portfolio](#toc384646_18) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2040 Retirement Portfolio](#toc384646_19) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2045 Retirement Portfolio](#toc384646_20) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2050 Retirement Portfolio](#toc384646_21) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2055 Retirement Portfolio](#toc384646_22) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [2060 Retirement Portfolio](#toc384646_23) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Conservative Allocation Portfolio](#toc384646_24) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Moderate Allocation Portfolio](#toc384646_25) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Aggressive Allocation Portfolio](#toc384646_26) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Money Market Portfolio](#toc384646_27) | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Mid-Term Bond Portfolio](#toc384646_28) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Bond Portfolio](#toc384646_29) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Footnotes to Portfolios of Investments in Securities](#toc384646_30) | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#toc384646_31) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#toc384646_32) | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#toc384646_33) | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#toc384646_34) | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#toc384646_35) | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm](#toc384646_36) | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Additional Information](#toc384646_37) | 142 |

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

We are pleased to present the Mutual of America Variable Insurance Portfolios, Inc. (the "Investment Company") 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 year ended December 31, 2022.

Following a year of post-pandemic stimulus and economic recovery, 2022 was characterized by volatility across financial markets and persistently high inflation.

Key factors driving these included the Federal Reserve's (Fed) aggressive interest rate hikes, tight labor markets, strong consumer demand, lingering supply-chain issues and the ongoing war between Russia and the Ukraine.

Given this uncertainty, most stocks struggled during 2022. The S&P 500<sup>®</sup> Index fell 18.1% during 2022 and the Nasdaq<sup>®</sup> fell 32.5%. Bond prices, which had been in a prolonged bull market since the early 1980's, reversed in 2021 and continued slumping in 2022. For the year, the Bloomberg US Aggregate Bond Index fell 13.0%.

In June of 2022, inflation rose to 9.1%, the highest rate in more than 40 years. The Fed approved seven interest rate hikes in 2022 to combat inflation, including four consecutive increases of 0.75%, and ended the year with a target rate of around 4.25% to 4.50%. Against this backdrop, critical segments of the economy began to slow.

Higher interest rates continue to work their way through the economy, softening the housing and auto markets, and prices of non-food-related commodities. Inflation continues at levels not seen in decades, and food prices and labor costs remain high. The Fed will likely continue raising interest rates to slow the economy, creating tighter financial conditions to reduce consumer demand, while hoping to avoid a recession. We do believe the Fed will stop, or pause, raising rates in 2023, which would be a good backdrop for stocks and bonds to improve.

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

---

| | |
|:---|:---|
| **Total Returns — Year Ended December 31, 2022** | **Total Returns — Year Ended December 31, 2022** |
|  Equity Index Portfolio | -18.06% |
|  All America Portfolio | -17.73% |
|  Small Cap Value Portfolio | - 9.81% |
|  Small Cap Growth Portfolio | -28.27% |
|  Small Cap Equity Index Portfolio | -16.30% |
|  Mid Cap Value Portfolio | -10.70% |
|  Mid-Cap Equity Index Portfolio | -13.19% |
|  International Portfolio | -10.59% |
|  Retirement Income Portfolio | -11.01% |
|  2015 Retirement Portfolio | -11.72% |
|  2020 Retirement Portfolio | -12.83% |
|  2025 Retirement Portfolio | -13.64% |
|  2030 Retirement Portfolio | -14.54% |
|  2035 Retirement Portfolio | -15.10% |
|  2040 Retirement Portfolio | -15.48% |
|  2045 Retirement Portfolio | -15.34% |
|  2050 Retirement Portfolio | -15.36% |
|  2055 Retirement Portfolio | -15.30% |
|  2060 Retirement Portfolio | -14.94% |
|  Conservative Allocation Portfolio | -12.32% |
|  Moderate Allocation Portfolio | -13.88% |
|  Aggressive Allocation Portfolio | -15.36% |
|  Money Market Portfolio | 1.35% |
|  Mid-Term Bond Portfolio | - 7.60% |
|  Bond Portfolio | -12.31% |

---

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 year ended December 31, 2022, compared to its relevant index. Also presented are graphs and tables for each Fund (except for the Money Market Portfolio) which illustrates each Fund's respective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Historical total return achieved over specific periods, expressed as an average annual rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Value in dollars of a $10,000 hypothetical investment at the beginning of each specified period; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Historical performance compared to an appropriate 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,

![LOGO](g384646g80a80.jpg)

Chris W. Festog

Chairman of the Board,

President and Chief Executive Officer

Mutual of America Variable Insurance Portfolios, Inc.

*The views expressed in this 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<sup>®</sup> and S&P 500<sup>®</sup> are trademarks of Standard & Poor's Financial Services LLC.* 

------

**EQUITY INDEX PORTFOLIO (Unaudited)** 

The Equity Index Portfolio's objective is to replicate the performance of the S&P 500<sup>®</sup> 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 year ended December 31, 2022, was -17.95% before expenses and -18.06% after expenses. The benchmark returned -18.11%.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a03.jpg)

---

| | | |
|:---|:---|:---|
| **Equity Index Portfolio** | **Equity Index Portfolio** | **Equity Index Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8194 | -18.06% |
|  Since 1/24/20 (Inception) | $12216 | 7.06% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

The line representing the performance return of the Equity Index Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**ALL AMERICA PORTFOLIO (Unaudited)** 

The investment objective of the All America Portfolio is to outperform the S&P 500<sup>®</sup> 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 year ended December 31, 2022, the S&P 500 of large capitalization stocks decreased by 18.11% on a total return basis, while the Russell<sup>®</sup> Midcap Core Index was down 17.32% and the Russell Midcap<sup>®</sup> Value Index was down 12.03%. The Russell 2000<sup>®</sup> Growth Index down 26.36% and the Russell 2000<sup>®</sup> Value Index down 14.48%.

The All America Portfolio's return for the year ended December 31, 2022, before expenses was -17.31% and -17.73% after expenses versus the benchmark return of -18.11%.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a02.jpg)

---

| | | |
|:---|:---|:---|
| **All America Portfolio** | **All America Portfolio** | **All America Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8227 | -17.73% |
|  Since 1/24/20 (Inception) | $12033 | 6.51% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 INDEX** | **S & P 500 INDEX** | **S & P 500 INDEX** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

The line representing the performance return of the All America Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**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 year ended December 31, 2022, the Small Cap Value Portfolio returned -9.08% before expenses and -9.81% after expenses versus a -14.48% return for the Russell 2000<sup>®</sup> Value Index.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a08.jpg)

---

| | | |
|:---|:---|:---|
| **Small Cap Value Portfolio** | **Small Cap Value Portfolio** | **Small Cap Value Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $9019 | -9.81% |
|  Since 1/24/20 (Inception) | $11652 | 5.32% |

---

---

| | | |
|:---|:---|:---|
| **Russell 2000 Value Index** | **Russell 2000 Value Index** | **Russell 2000 Value Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8552 | -14.48% |
|  Since 1/24/20 (Inception) | $11736 | 5.61% |

---

The line representing the performance return of the Small Cap Value Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**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 -27.69% before expenses and -28.27% after expenses for the year ended December 31, 2022. The Portfolio's benchmark, the Russell 2000<sup>®</sup> Growth Index, returned -26.36% for the comparable period. 2022 was a difficult year for growth managers to outperform their benchmarks.

Faster growing companies had a difficult time maintaining their valuations as inflation and higher interest rates set back their prices which are based on future earnings (profits) as opposed to earnings (profits) today. The higher bond yields of 2022 detracted from the attractive characteristics of young growth companies whose potential is in the future. Typically, growth companies are found in the Technology and Consumer Discretionary sectors which were two sectors that underperformed the Fund's benchmark.

The Energy sector was the best performing, showing positive returns, in our benchmark as Russia's invasion of the Ukraine pushed oil and gas prices up significantly. The Consumer Staples area also did well as prices rose and demand remained consistent.

If inflation and interest rates decline and the economy continues to progress, we believe that growth stocks will come back into favor for investors.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a07.jpg)

---

| | | |
|:---|:---|:---|
| **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $7173 | -28.27% |
|  Since 1/24/20 (Inception) | $11066 | 3.51% |

---

---

| | | |
|:---|:---|:---|
| **Russell 2000 Growth Index** | **Russell 2000 Growth Index** | **Russell 2000 Growth Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $7364 | -26.36% |
|  Since 1/24/20 (Inception) | $10046 | 0.16% |

---

The line representing the performance return of the Small Cap Growth Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**SMALL CAP EQUITY INDEX PORTFOLIO (Unaudited)** 

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

The Small Cap Equity Index Portfolio's return for the year ended December 31, 2022, was -16.18% before expenses and -16.30% after expenses. The return of the S&P SmallCap 600 was -16.10%.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a09.jpg)

---

| | | |
|:---|:---|:---|
| **Small Cap Equity Index Portfolio** | **Small Cap Equity Index Portfolio** | **Small Cap Equity Index Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8369 | -16.30% |
|  Since 1/24/20 (Inception) | $11815 | 5.85% |

---

---

| | | |
|:---|:---|:---|
| **S & P 600 Index** | **S & P 600 Index** | **S & P 600 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8390 | -16.10% |
|  Since 1/24/20 (Inception) | $11890 | 6.04% |

---

The line representing the performance return of the Small Cap Equity Index Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**MID CAP VALUE PORTFOLIO (Unaudited)** 

The investment objective of the Mid Cap Value Portfolio is to outperform the Russell Midcap<sup>®</sup> 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 year ended December 31, 2022, the Mid Cap Value Portfolio returned -10.12% before expenses and -10.70% after expenses versus a -12.03% return for the Russell Midcap<sup>®</sup> Value Index.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a06.jpg)

---

| | | |
|:---|:---|:---|
| **Mid Cap Value Portfolio** | **Mid Cap Value Portfolio** | **Mid Cap Value Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8930 | -10.70% |
|  Since 1/24/20 (Inception) | $12339 | 7.43% |

---

---

| | | |
|:---|:---|:---|
| **Russell Mid Cap Value Index** | **Russell Mid Cap Value Index** | **Russell Mid Cap Value Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8797 | -12.03% |
|  Since 1/24/20 (Inception) | $11799 | 5.80% |

---

The line representing the performance return of the Mid Cap Value Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**MID-CAP EQUITY INDEX PORTFOLIO (Unaudited)** 

The Mid-Cap Equity Index Portfolio invests in the 400 stocks that comprise the S&P MidCap 400<sup>®</sup> 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 year ended December 31, 2022, was -13.07% before expenses and -13.19% after expenses. The return of the S&P MidCap 400 was -13.06%.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a04.jpg)

---

| | | |
|:---|:---|:---|
| **Mid-Cap Equity Index Portfolio** | **Mid-Cap Equity Index Portfolio** | **Mid-Cap Equity Index Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8681 | -13.19% |
|  Since 1/24/20 (Inception) | $12214 | 7.05% |

---

---

| | | |
|:---|:---|:---|
| **S & P MidCap 400 Index** | **S & P MidCap 400 Index** | **S & P MidCap 400 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8694 | -13.06% |
|  Since 1/24/20 (Inception) | $12308 | 7.33% |

---

The line representing the performance return of the Mid-Cap Equity Index Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**INTERNATIONAL PORTFOLIO (Unaudited)** 

The International Portfolio seeks capital appreciation by investing 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<sup>®</sup> Index (MSCI EAFE<sup>®</sup> Index). Previously, the International Portfolio was invested mainly in exchange traded funds that reflect, replicate or follow the country weightings of the MSCI EAFE<sup>®</sup> Index. The Portfolio had also invested a small percentage of assets in exchange traded funds that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries. The Securities and Exchange Commission revoked the exemptive orders that allowed these investments effective on January 19, 2022. Commencing in December 2021, the Portfolio began investing directly in the stocks of companies represented in the MSCI EAFE® Index, except to the extent that it is permissible to invest in exchange traded funds within the general limitations of the Investment Company Act of 1940.

For the year ended December 31, 2022, the International Portfolio returned -10.48% before expenses and -10.59% after expenses. The return of the MSCI EAFE benchmark was -14.45%. 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.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a10.jpg)

---

| | | |
|:---|:---|:---|
| **International Portfolio** | **International Portfolio** | **International Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8941 | -10.59% |
|  Since 1/24/20 (Inception) | $10720 | 2.40% |

---

---

| | | |
|:---|:---|:---|
| **MSCI EAFE Index** | **MSCI EAFE Index** | **MSCI EAFE Index** |
| **Period**<br> **Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8555 | -14.45% |
|  Since 1/24/20 (Inception) | $10263 | 0.88% |

---

The line representing the performance return of the International Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**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 three equity Portfolios of the Investment Company. The Portfolio's current target allocation is approximately 70% of net assets in fixed-income Portfolios (approximately 35% in the Bond Portfolio, 30% in the Mid-Term Bond Portfolio and 5% in the Money Market Portfolio) and approximately 30% of net assets in equity Portfolios (20% in the Equity Index Portfolio, 5% in the Mid-Cap Equity Index Portfolio and 5% in the International Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2022).

Performance for the Retirement Income Portfolio is compared to the Bloomberg U.S. Aggregate Bond Index (65% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500<sup>®</sup> Index (30% weighting). For the year ended December 31, 2022, the Portfolio returned -10.94% before expenses and -11.01% after expenses, versus a -13.60% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a14.jpg)

---

| | | |
|:---|:---|:---|
| **Retirement Income Portfolio** | **Retirement Income Portfolio** | **Retirement Income Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8899 | -11.01% |
|  Since 1/24/20 (Inception) | $10086 | 0.29% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the Retirement Income Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2015 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2015 Retirement Portfolio is compared to the Bloomberg U.S. Aggregate Bond Index (62% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500<sup>®</sup> Index (33% weighting). For the year ended December 31, 2022, the Portfolio returned -11.66% before expenses and -11.72% after expenses, versus a -13.74% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a15.jpg)

---

| | | |
|:---|:---|:---|
| **2015 Retirement Portfolio** | **2015 Retirement Portfolio** | **2015 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8828 | -11.72% |
|  Since 1/24/20 (Inception) | $10178 | 0.60% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2015 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2020 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2020 Retirement Portfolio is compared to the Bloomberg U.S. Aggregate Bond Index (54% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the S&P 500<sup>®</sup> Index (41% weighting). For the year ended December 31, 2022, the Portfolio returned -12.77% before expenses and -12.83% after expenses, versus a -14.12% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a16.jpg)

---

| | | |
|:---|:---|:---|
| **2020 Retirement Portfolio** | **2020 Retirement Portfolio** | **2020 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8717 | -12.83% |
|  Since 1/24/20 (Inception) | $10368 | 1.24% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2020 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2025 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2025 Retirement Portfolio is compared to the S&P 500<sup>®</sup> Index (51% weighting), the Bloomberg U.S. Aggregate Bond Index (46% weighting) and the FTSE 3-Month Treasury Bill Index (3% weighting). For the year ended December 31, 2022, the Portfolio returned -13.59% before expenses and -13.64% after expenses, versus a -14.90% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a17.jpg)

---

| | | |
|:---|:---|:---|
| **2025 Retirement Portfolio** | **2025 Retirement Portfolio** | **2025 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total**<br> **Return** |
|  1 Year | $8636 | -13.64% |
|  Since 1/24/20 (Inception) | $10619 | 2.07% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total**<br> **Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total**<br> **Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2025 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2030 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2030 Retirement Portfolio is compared to the S&P 500<sup>®</sup> Index (61% weighting), the Bloomberg U.S. Aggregate Bond Index (36% weighting) and the FTSE 3-Month Treasury Bill Index (3% weighting). For the year ended December 31, 2022, the Portfolio returned -14.49% before expenses and -14.54% after expenses, versus a -15.43% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a18.jpg)

---

| | | |
|:---|:---|:---|
| **2030 Retirement Portfolio** | **2030 Retirement Portfolio** | **2030 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8546 | -14.54% |
|  Since 1/24/20 (Inception) | $10952 | 3.15% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2030 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2035 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2035 Retirement Portfolio is compared to the S&P 500<sup>®</sup> Index (73% weighting), the Bloomberg U.S. Aggregate Bond Index (24% weighting) and the FTSE 3-Month Treasury Bill Index (3% weighting). For the year ended December 31, 2022, the Portfolio returned -15.04% before expenses and -15.10% after expenses, versus a -16.09% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a19.jpg)

---

| | | |
|:---|:---|:---|
| **2035 Retirement Portfolio** | **2035 Retirement Portfolio** | **2035 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8490 | -15.10% |
|  Since 1/24/20 (Inception) | $11178 | 3.87% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2035 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2040 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2040 Retirement Portfolio is compared to the S&P 500<sup>®</sup> Index (82% weighting), the Bloomberg U.S. Aggregate Bond Index (16% weighting) and the FTSE 3-Month Treasury Bill Index (2% weighting). For the year ended December 31, 2022, the Portfolio returned -15.42% before expenses and -15.48% after expenses, versus a -16.75% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a20.jpg)

---

| | | |
|:---|:---|:---|
| **2040 Retirement Portfolio** | **2040 Retirement Portfolio** | **2040 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8452 | -15.48% |
|  Since 1/24/20 (Inception) | $11352 | 4.42% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2040 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2045 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2045 Retirement Portfolio is compared to the S&P 500<sup>®</sup> Index (87% weighting), the Bloomberg U.S. Aggregate Bond Index (11% weighting) and the FTSE 3-Month Treasury Bill Index (2% weighting). For the year ended December 31, 2022, the Portfolio returned -15.28% before expenses and -15.34% after expenses, versus a -17.05% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a21.jpg)

---

| | | |
|:---|:---|:---|
| **2045 Retirement Portfolio** | **2045 Retirement Portfolio** | **2045 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8466 | -15.34% |
|  Since 1/24/20 (Inception) | $11424 | 4.64% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2045 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2050 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2050 Retirement Portfolio is compared to the S&P 500<sup>®</sup> Index (90% weighting), the Bloomberg U.S. Aggregate Bond Index (8% weighting) and the FTSE 3-Month Treasury Bill Index (2% weighting). For the year ended December 31, 2022, the Portfolio returned -15.30% before expenses and -15.36% after expenses, versus a -17.23% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a22.jpg)

---

| | | |
|:---|:---|:---|
| **2050 Retirement Portfolio** | **2050 Retirement Portfolio** | **2050 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8464 | -15.36% |
|  Since 1/24/20 (Inception) | $11463 | 4.76% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2050 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2055 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2055 Retirement Portfolio is compared to the S&P 500<sup>®</sup> Index (92% weighting), the Bloomberg U.S. Aggregate Bond Index (7% weighting) and the FTSE 3-Month Treasury Bill Index (1% weighting). For the year ended December 31, 2022, the Portfolio returned -15.22% before expenses and -15.30% after expenses, versus a -17.48% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a23.jpg)

---

| | | |
|:---|:---|:---|
| **2055 Retirement Portfolio** | **2055 Retirement Portfolio** | **2055 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8470 | -15.30% |
|  Since 1/24/20 (Inception) | $11482 | 4.82% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2055 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**2060 RETIREMENT PORTFOLIO (Unaudited)** 

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

Performance for the 2060 Retirement Portfolio is compared to the S&P 500<sup>®</sup> Index (94% weighting), the Bloomberg U.S. Aggregate Bond Index (5% weighting) and the FTSE 3-Month Treasury Bill Index (1% weighting). For the year ended December 31, 2022, the Portfolio returned -14.90% before expenses and -14.94% after expenses, versus a -17.60% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a24.jpg)

---

| | | |
|:---|:---|:---|
| **2060 Retirement Portfolio** | **2060 Retirement Portfolio** | **2060 Retirement Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8506 | -14.94% |
|  Since 1/24/20 (Inception) | $11555 | 5.05% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

---

| | | |
|:---|:---|:---|
| **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** | **FTSE 3 - Month T-Bill Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $10150 | 1.50% |
|  Since 1/24/20 (Inception) | $10204 | 0.69% |

---

The line representing the performance return of the 2060 Retirement Portfolio includes expenses, such as direct management fees and expenses of the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indices do not. Past performance is not indicative of future results.

------

**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 U.S. Aggregate Bond Index (65% weighting) and the S&P 500<sup>®</sup> Index (35% weighting). For the year ended December 31, 2022, the Conservative Allocation Portfolio returned -12.30% before expenses and -12.32% after expenses, versus a -14.52% return in the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a11.jpg)

---

| | | |
|:---|:---|:---|
| **Conservative Allocation Portfolio** | **Conservative Allocation Portfolio** | **Conservative Allocation Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8768 | -12.32% |
|  Since 1/24/20 (Inception) | $10261 | 0.88% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

The line representing the performance return of the Conservative Allocation Portfolio includes direct operating expenses and expenses in the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indicies do not. Past performance is not indicative of future results.

------

**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<sup>®</sup> Index (60% weighting) and the Bloomberg U.S. Aggregate Bond Index (40% weighting). For the year ended December 31, 2022, the Moderate Allocation Portfolio returned -13.86% before expenses and -13.88% after expenses, versus an -15.79% return for the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a12.jpg)

---

| | | |
|:---|:---|:---|
| **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8612 | -13.88% |
|  Since 1/24/20 (Inception) | $10876 | 2.90% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

The line representing the performance return of the Moderate Allocation Portfolio includes direct operating expenses and expenses in the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indicies do not. Past performance is not indicative of future results.

------

**AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)** 

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

Performance for the Aggressive Allocation Portfolio is compared to the S&P 500<sup>®</sup> Index (80% weighting) and the Bloomberg U.S. Aggregate Bond Index (20% weighting). For the year ended December 31, 2022, the Aggressive Allocation Portfolio returned -15.34% before expenses and -15.36% after expenses, versus a -16.90% return for the benchmark.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a13.jpg)

---

| | | |
|:---|:---|:---|
| **Aggressive Allocation Portfolio** | **Aggressive Allocation Portfolio** | **Aggressive Allocation Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8464 | -15.36% |
|  Since 1/24/20 (Inception) | $11279 | 4.19% |

---

---

| | | |
|:---|:---|:---|
| **S & P 500 Index** | **S & P 500 Index** | **S & P 500 Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8189 | -18.11% |
|  Since 1/24/20 (Inception) | $12222 | 7.08% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

The line representing the performance return of the Aggressive Allocation Portfolio includes direct operating expenses and expenses in the underlying funds in which the Fund invests, that reduce returns while the performance return lines of the Indicies do not. Past performance is not indicative of future results.

------

**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 year ended December 31, 2022, the Money Market Portfolio returned 1.55% before expenses and 1.35% after expenses, compared to a 1.50% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

The Fund's strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On December 31, 2022, the fund held 48% in U.S. Treasury Bills, 23% in U.S. agency discount notes and the remainder in commercial paper. The average maturity was 24 days.

The seven-day effective yield as of February 14, 2023, was 4.25%. 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 Fund.

2022 was a historic year for the Fixed Income market. The Federal Reserve (Fed) pledged to do all it could to combat the effects of inflation, which topped out in June at 9.1% as per the Consumer Price Index on a year over year basis, the highest level for inflation since 1981. As a result, the Board of Governors raised rates throughout 2022 from 0.25% to 4.5% to end the year, giving us 425 basis points of rate increases in under 12 months. This combined to produce the worst annual return in the history of the Bloomberg U.S. Aggregate Index by more than 10%. To put the historic nature of the market's moves over 2022 in context, the U.S. 10-year Treasury Bond sold off over 230 basis points from early 2022 to the year end, producing an annual change that has not been seen since the 1970's.

Ultimately, market debate has centered on what the terminal rate for Fed Funds should be with year-end expectations hovering near 5%. The Federal Reserve Chair has maintained that combatting inflation remains one of the primary goals of this Fed and has consistently communicated that rates will need to remain high until the threat of inflation has well passed. We believe there is little doubt the Fed will stick to its guns.

------

**MID-TERM BOND PORTFOLIO (Unaudited)** 

The Mid-Term Bond Fund 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 increase U.S. Treasury exposure to increase the overall quality of the Fund. The objective of the Fund is to maintain a maturity profile similar to that of the Bloomberg U.S. Intermediate Government/Credit Bond Index benchmark. To achieve the duration target, intermediate corporate and U.S. Treasury maturities are emphasized. The Fund's corporate positions remain highly diversified in order to help shield the portfolio from credit risks.

For the year ended December 31, 2022, the Mid-Term Bond Portfolio returned -7.18% before expenses and -7.60% after expenses versus a -8.23% return of the Bloomberg Intermediate U.S. Government/Credit Bond Index during the same period. The Fund's outperformance can be attributed in part to its' greater exposure to shorter duration corporates and lower exposure to corporates overall relative to its' benchmark. We maintained our "up-in-quality" and short duration stance through this period and expect to continue to do so for the time being.

2022 was a historic year for the Fixed Income market. The Federal Reserve (Fed) pledged to do all it could to combat the effects of inflation, which topped out in June at 9.1% as per the Consumer Price Index on a year over year basis, the highest level for inflation since 1981. As a result, the Board of Governors raised rates throughout 2022 from 0.25% to 4.5% to end the year, giving us 425 basis points of rate increases in under 12 months. This combined to produce the worst annual return in the history of the Bloomberg U.S. Aggregate Index by more than 10%. To put the historic nature of the market's moves over 2022 in context, the U.S. 10-year Treasury Bond sold off over 230 basis points from early 2022 to the year end, producing an annual change that has not been seen since the 1970's.

Ultimately, market debate has centered on what the terminal rate for Fed Funds should be with year-end expectations hovering near 5%. The Federal Reserve Chair has maintained that combatting inflation remains one of the primary goals of this Fed and has consistently communicated that rates will need to remain high until the threat of inflation has well passed. We believe there is little doubt the Fed will stick to its guns.

The Treasury curve inverted across almost any measure during 2022, first with the 2 year – 10 year crossing into negative (inverted) territory in March briefly and then in June for good; followed by the 10 year – 30 year spread crossing in June and hovering around zero for much of the summer. Finally, the Fed's 'preferred measure' of yield curve measurement, the 3 month – 30 year spread, crossed into negative territory in November. All remained there and, in fact, the 2 year – 10 year spread is at its most negative since the 1980's. Yield curve inversion is considered a reliable indicator for potential recession.

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a05.jpg)

---

| | | |
|:---|:---|:---|
| **Mid-Term Bond Portfolio** | **Mid-Term Bond Portfolio** | **Mid-Term Bond Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $9240 | -7.60% |
|  Since 1/24/20 (Inception) | $9477 | -1.81% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Intermediate**<br> **Government/Credit Bond Index** | **Bloomberg U.S. Intermediate**<br> **Government/Credit Bond Index** | **Bloomberg U.S. Intermediate**<br> **Government/Credit Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $9177 | -8.23% |
|  Since 1/24/20 (Inception) | $9548 | -1.57% |

---

The line representing the performance return of the Mid-Term Bond Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**BOND PORTFOLIO (Unaudited)** 

The Bond Fund'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 Fund include U.S. Treasury, U.S. Agency and Mortgage-Backed securities, and Investment Grade Corporate Bonds

Over the longer term, the Bond Fund's strategy is to provide income by carrying an overweight to Corporate bonds, underweight U.S. Treasuries, and market weight mortgage-backed securities. The portfolio's aim is to maintain a similar maturity profile to the benchmark, the Bloomberg U.S. Aggregate Bond Index, with an overweight in BBB-rated issuers. The Bond Fund also stresses diversification in order to protect it from unexpected credit events.

The benchmark returned -13.01% for year ended December 31, 2022. The Bond Portfolio returned -11.92% before expenses and -12.31% after expenses during the same period. The Fund's outperformance can be attributed to the shorter duration corporate positioning and our shorter duration overall relative to the benchmark. We maintained our "up-in-quality" stance through this period and expect to do so for the time being.

2022 was a historic year for the Fixed Income market. The Federal Reserve (Fed) pledged to do all it could to combat the effects of inflation, which topped out in June at 9.1% as per the Consumer Price Index on a year over year basis, the highest level for inflation since 1981. As a result, the Board of Governors raised rates throughout 2022 from 0.25% to 4.5% to end the year, giving us 425 basis points of rate increases in under 12 months. This combined to produce the worst annual return in the history of the Bloomberg U.S. Aggregate Index by more than 10%. To put the historic nature of the market's moves over 2022 in context, the U.S. 10-year Treasury Bond sold off over 230 basis points from early 2022 to the year end, producing an annual change that has not been seen since the 1970's.

Ultimately, market debate has centered on what the terminal rate for Fed Funds should be with year-end expectations hovering near 5%. The Federal Reserve Chair has maintained that combatting inflation remains one of the primary goals of this Fed and has consistently communicated that rates will need to remain high until the threat of inflation has well passed. We believe there is little doubt the Fed will stick to its guns.

The Treasury curve inverted across almost any measure during 2022, first with the 2 year – 10 year crossing into negative (inverted) territory in March briefly and then in June for good; followed by the 10 year – 30 year spread crossing in June and hovering around zero for much of the summer. Finally, the Fed's 'preferred measure' of yield curve measurement, the 3 month – 30 year spread, crossed into negative territory in November. All remained there and, in fact, the 2 year – 10 year spread is at it's most negative since the 1980's. Yield curve inversion is considered a reliable indicator for potential recession.

Over the year, Corporate spreads widened from their year-end level of +92 basis points as geopolitical tensions rose and war broke out in the Ukraine, peaking first in mid-March at +145 basis points. Similarly, spreads on Mortgage-Backed-Securities (MBS) also moved wider by 77 basis points. Overall, spread levels went on a grind tighter through April but then reversed course as the main theme of 2022 emerged: Inflation was not, in fact, 'transitory' and monetary policy was going to have to react more forcefully if it hoped to contain it. Corporate spreads continued to widen over the summer, peaking at +160 basis points in early July as returns dove deeply negative. Over the latter part of the summer, corporate spreads traded in a channel in the 130 – 140 basis points range as some yield motivated buyers emerged for credit. With rates at their multi-year highs, investment grade and MBS spreads also hit their highs for 2022 in October, partially a reflection of forced corporate selling across U.K. pension funds that pressured the market and sent spreads to their widest mark on the year, hitting +165 basis points (for corporates) and +179 basis points (for MBS). As that selling pressure eased, the corporate bond and MBS markets rallied tighter, finishing 2022 at +130 basis points and +145 basis points, respectively.

------

**BOND PORTFOLIO (Unaudited) (Continued)** 

**GROWTH OF A $10,000 INVESTMENT**![LOGO](g384646g00a01.jpg)

---

| | | |
|:---|:---|:---|
| **Bond Portfolio** | **Bond Portfolio** | **Bond Portfolio** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8769 | -12.31% |
|  Since 1/24/20 (Inception) | $8971 | -3.63% |

---

---

| | | |
|:---|:---|:---|
| **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **Period<br>Ended<br>12/31/2022** | **Growth<br>of<br>$10,000** | **Average<br>Annual<br>Total<br>Return** |
|  1 Year | $8699 | -13.01% |
|  Since 1/24/20 (Inception) | $9090 | -3.20% |

---

The line representing the performance return of the Bond Portfolio includes expenses, such as transaction costs and management fees that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **Equity Index Portfolio**<br>![LOGO](g384646g14n01.jpg) <br>| <br> **All America Portfolio**<br>![LOGO](g384646g14n02.jpg) <br>|
| &nbsp;&nbsp;&nbsp; <br> **Small Cap Value Portfolio**<br>![LOGO](g384646g14n03.jpg) <br>| <br> **Small Cap Growth Portfolio**<br>![LOGO](g384646g14n04.jpg) <br>|
| &nbsp;&nbsp;&nbsp; <br> **Small Cap Equity Index Portfolio**<br>![LOGO](g384646g14n05.jpg) <br>| <br> **Mid Cap Value Portfolio**<br>![LOGO](g384646g14n06.jpg) <br>|

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited) (Continued)** 

**Mid-Cap Equity Index Portfolio**![LOGO](g384646g14n07.jpg)

**International Portfolio**![LOGO](g384646g14n08.jpg)

**Retirement Income Portfolio**![LOGO](g384646g14n09.jpg)

**2015 Retirement Portfolio**![LOGO](g384646g14n10.jpg)

**2020 Retirement Portfolio**![LOGO](g384646g14n11.jpg)

**2025 Retirement Portfolio**![LOGO](g384646g14n12.jpg)

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited) (Continued)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **2030 Retirement Portfolio**<br>![LOGO](g384646g14n13.jpg) <br>| <br> **2035 Retirement Portfolio**<br>![LOGO](g384646g14n14.jpg) <br>|
| &nbsp;&nbsp;&nbsp; <br> **2040 Retirement Portfolio**<br>![LOGO](g384646g14n15.jpg) <br>| <br> **2045 Retirement Portfolio**<br>![LOGO](g384646g14n16.jpg) <br>|
| &nbsp;&nbsp;&nbsp; <br> **2050 Retirement Portfolio**<br>![LOGO](g384646g14n17.jpg) <br>| <br> **2055 Retirement Portfolio**<br>![LOGO](g384646g14n18.jpg) <br>|

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited) (Continued)** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; <br> **2060 Retirement Portfolio**<br>![LOGO](g384646g14n19.jpg) <br>| <br> **Conservative Allocation Portfolio**<br>![LOGO](g384646g14n20.jpg) <br>|
| &nbsp;&nbsp;&nbsp; <br> **Moderate Allocation Portfolio**<br>![LOGO](g384646g14n21.jpg) <br>| <br> **Aggressive Allocation Portfolio**<br>![LOGO](g384646g14n22.jpg) <br>|
| &nbsp;&nbsp;&nbsp; <br> **Money Market Portfolio**<br>![LOGO](g384646g14n23.jpg) <br>| <br> **Mid-Term Bond Portfolio**<br>![LOGO](g384646g14n24.jpg) <br>|

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**ASSET ALLOCATIONS AS OF DECEMBER 31, 2022 (Unaudited) (Continued)** 

**Bond Portfolio**![LOGO](g384646g14n25.jpg)

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**EXPENSE EXAMPLE (Unaudited)** 

**EXAMPLE** 

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

---

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

---

\* Prior to January 22, 2022, the operating expense reimbursement for the Equity Index, Small Cap Equity Index, International, 2020 Retirement and 2055 Retirement Portfolios reflected the expense limitations stated in the Substitution Order, resulting in lower operating expenses than those indicated herein. The expense limitation for the period prior to January 22, 2022 was 0.13%, 0.14%, 0.12%, 0.07% and 0.05%, respectively (See Note 2). 

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 July 1, 2022 and held for the entire period ending December 31, 2022 under the expense reimbursement agreement in effect during that period as described above.

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**EXPENSE EXAMPLE (Unaudited) (Continued)** 

**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), 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** | **Equity Index Portfolio** | **Equity Index Portfolio** | **Equity Index Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1022.98 | $0.71 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1024.50 | $0.71 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **All America Portfolio** | **All America Portfolio** | **All America Portfolio** | **All America Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1028.24 | $2.66 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1022.58 | $2.65 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.52%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Value Portfolio** | **Small Cap Value Portfolio** | **Small Cap Value Portfolio** | **Small Cap Value Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1049.36 | $4.18 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1021.12 | $4.13 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**EXPENSE EXAMPLE (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1025.87 | $4.14 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1021.12 | $4.13 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.81%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Equity Index Portfolio** | **Small Cap Equity Index Portfolio** | **Small Cap Equity Index Portfolio** | **Small Cap Equity Index Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1033.33 | $0.77 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1024.45 | $0.77 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.15%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Mid Cap Value Portfolio** | **Mid Cap Value Portfolio** | **Mid Cap Value Portfolio** | **Mid Cap Value Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1033.07 | $3.33 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1021.93 | $3.31 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.65%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Mid-Cap Equity Index Portfolio** | **Mid-Cap Equity Index Portfolio** | **Mid-Cap Equity Index Portfolio** | **Mid-Cap Equity Index Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1078.58 | $0.73 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1024.50 | $0.71 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.14%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**EXPENSE EXAMPLE (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **International Portfolio** | **International Portfolio** | **International Portfolio** | **International Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1059.63 | $0.73 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1024.50 | $0.71 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.14% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Retirement Income Portfolio** | **Retirement Income Portfolio** | **Retirement Income Portfolio** | **Retirement Income Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $994.40 | $2.11 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.09 | $2.14 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.42% (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 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **2015 Retirement Portfolio** | **2015 Retirement Portfolio** | **2015 Retirement Portfolio** | **2015 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $995.95 | $2.01 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.19 | $2.04 |

---

\* 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 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **2020 Retirement Portfolio** | **2020 Retirement Portfolio** | **2020 Retirement Portfolio** | **2020 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1000.87 | $2.02 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.19 | $2.04 |

---

\* 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 184/365 (to reflect the one-half year period). 

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**EXPENSE EXAMPLE (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **2025 Retirement Portfolio** | **2025 Retirement Portfolio** | **2025 Retirement Portfolio** | **2025 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1099.91 | $1.82 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.39 | $1.84 |

---

\* 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 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **2030 Retirement Portfolio** | **2030 Retirement Portfolio** | **2030 Retirement Portfolio** | **2030 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1018.03 | $1.68 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.54 | $1.68 |

---

\* 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 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **2035 Retirement Portfolio** | **2035 Retirement Portfolio** | **2035 Retirement Portfolio** | **2035 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1024.04 | $1.63 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.59 | $1.63 |

---

\* 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 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **2040 Retirement Portfolio** | **2040 Retirement Portfolio** | **2040 Retirement Portfolio** | **2040 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1029.55 | $1.48 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.74 | $1.48 |

---

\* 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 184/365 (to reflect the one-half year period). 

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**EXPENSE EXAMPLE (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **2045 Retirement Portfolio** | **2045 Retirement Portfolio** | **2045 Retirement Portfolio** | **2045 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1034.17 | $1.49 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.74 | $1.48 |

---

\* 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 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **2050 Retirement Portfolio** | **2050 Retirement Portfolio** | **2050 Retirement Portfolio** | **2050 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1034.89 | $1.49 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.74 | $1.48 |

---

\* 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 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **2055 Retirement Portfolio** | **2055 Retirement Portfolio** | **2055 Retirement Portfolio** | **2055 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1036.57 | $1.63 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.54 | $1.68 |

---

\* 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 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **2060 Retirement Portfolio** | **2060 Retirement Portfolio** | **2060 Retirement Portfolio** | **2060 Retirement Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1041.33 | $1.39 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.84 | $1.38 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.27% (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 184/365 (to reflect the one-half year period). 

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**EXPENSE EXAMPLE (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Conservative Allocation Portfolio** | **Conservative Allocation Portfolio** | **Conservative Allocation Portfolio** | **Conservative Allocation Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $998.71 | $1.76 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.44 | $1.79 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.35% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1016.06 | $1.37 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.84 | $1.38 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.27% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Aggressive Allocation Portfolio** | **Aggressive Allocation Portfolio** | **Aggressive Allocation Portfolio** | **Aggressive Allocation Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1031.77 | $1.43 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1023.79 | $1.43 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.28% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Money Market Portfolio** | **Money Market Portfolio** | **Money Market Portfolio** | **Money Market Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $1012.66 | $1.01 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1024.20 | $1.02 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.20%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**EXPENSE EXAMPLE (Unaudited) (Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Mid-Term Bond Portfolio** | **Mid-Term Bond Portfolio** | **Mid-Term Bond Portfolio** | **Mid-Term Bond Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $982.48 | $2.25 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1022.94 | $2.29 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

---

| | | | |
|:---|:---|:---|:---|
| **Bond Portfolio** | **Bond Portfolio** | **Bond Portfolio** | **Bond Portfolio** |
| | **Beginning**<br> **Account Value**<br> **July 1, 2022** | **Ending**<br> **Account Value**<br> **December 31, 2022** | **Expenses Paid**<br> **During Period\***<br> **July 1, 2022 to**<br> **December 31, 2022** |
|  Actual | $1000.00 | $968.12 | $2.23 |
|  Hypothetical <br>(5% return before expenses) | $1000.00 | $1022.94 | $2.29 |

---

\* Expenses are equal to the Portfolio's annualized expense ratio of 0.45%, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). 

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS:** | **INDEXED ASSETS:** | **INDEXED ASSETS:** |
| COMMON STOCKS: | COMMON STOCKS: | COMMON STOCKS: |
| COMMUNICATION SERVICES (7.1%) | COMMUNICATION SERVICES (7.1%) | COMMUNICATION SERVICES (7.1%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 2208 | $169022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. Cl A\* | 18525 | 1634461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. Cl C\* | 16423 | 1457213 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 22104 | 406935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. Cl A\* | 334 | 113259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. Cl A | 13380 | 467899 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp. Cl A\* | 779 | 10937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 814 | 99455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. Cl A | 939 | 28517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. Cl B | 433 | 12319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. | 1206 | 40172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 443 | 30895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | 2952 | 15409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc.\* | 867 | 35972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. Cl A\* | 6975 | 839371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 1380 | 406934 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. Cl A | 1186 | 21585 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. Cl B | 366 | 6749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 633 | 51634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global Cl B | 1566 | 26434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 489 | 50920 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc.\* | 1853 | 259420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 13025 | 513185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co.\* | 5654 | 491220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 6853 | 64966 |
|  |  | 7254883 |
| CONSUMER DISCRETIONARY (9.6%) | CONSUMER DISCRETIONARY (9.6%) | CONSUMER DISCRETIONARY (9.6%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 187 | 27495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 27527 | 2312268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 840 | 78229 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 59 | 145505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 708 | 29835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 621 | 49810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Hldgs., Inc.\* | 121 | 243849 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 727 | 29262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 665 | 27664 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 491 | 29897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 3105 | 25026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. Cl A\* | 86 | 119324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 379 | 52427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 700 | 172375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 652 | 92219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 110 | 38104 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 971 | 86555 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 1684 | 69836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 390 | 46714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc.\* | 467 | 40909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 12249 | 142456 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| CONSUMER DISCRETIONARY (CONTINUED) | CONSUMER DISCRETIONARY (CONTINUED) | CONSUMER DISCRETIONARY (CONTINUED) |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 476 | $43930 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 4407 | 148252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 437 | 75824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 402 | 24526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Hldgs., Inc. | 839 | 106016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 3175 | 1002856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp.\* | 1019 | 48983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. Cl A | 790 | 71495 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 788 | 42087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 1926 | 383736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. Cl A | 835 | 124323 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 2272 | 598740 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 989 | 33161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 163 | 16662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 1167 | 15264 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. Cl B | 3906 | 457041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Hldgs. Ltd.\* | 1306 | 15986 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 10 | 46126 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 195 | 164586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 122 | 36884 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 707 | 32190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. Cl A | 128 | 13526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 1077 | 125007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.\* | 680 | 33612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 3560 | 353152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 748 | 28484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 1428 | 212829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 8324 | 1025350 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 3602 | 286719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 343 | 77165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 159 | 74582 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 1024 | 28273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 168 | 23765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd.\* | 320 | 26390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 874 | 111942 |
|  |  | 9769223 |
| CONSUMER STAPLES (7.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 5559 | 254102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 1704 | 158216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. Cl B | 567 | 37241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co. | 622 | 35299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 756 | 60941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. | 382 | 53606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. | 12071 | 767836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 2590 | 204066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 1486 | 57508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. Cl A | 503 | 116570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 1372 | 626318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. Cl A | 717 | 177895 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 1840 | 154284 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| CONSUMER STAPLES (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. | 455 | $105364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 897 | 40858 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co. | 330 | 52292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co. | 793 | 56493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 2635 | 93964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 1046 | 141995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 2469 | 100513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. | 2020 | 90052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Hldgs., Inc. | 446 | 39855 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 777 | 64406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. Cl B | 583 | 30036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. Cl A | 4235 | 282263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 1182 | 120008 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 4273 | 771960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 4807 | 486516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 7350 | 1113966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 1572 | 120179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. Cl A | 898 | 55901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 2226 | 83163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 4378 | 620757 |
|  |  | 7174423 |
| ENERGY (5.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 998 | 46587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. Cl A | 3107 | 91750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 5518 | 990426 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 3865 | 456070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 2446 | 60098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 2027 | 124681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 546 | 74682 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 1821 | 235856 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 1139 | 38532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 12774 | 1408972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 2816 | 110810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 861 | 122107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 6134 | 110903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 1970 | 53328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 1454 | 169231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 2256 | 142105 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 1386 | 91060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 1466 | 152581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 737 | 168323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 4397 | 235064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 702 | 51597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 1196 | 151725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. | 3777 | 124263 |
|  |  | 5210751 |
| FINANCIALS (12.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 1755 | 126255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. | 823 | 111599 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| FINANCIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 1854 | $273928 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 2305 | 145768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 331 | 103063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC Cl A | 642 | 192690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 1147 | 72009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 653 | 123117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 164 | 20510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 21647 | 716949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 2281 | 103831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. Cl B\* | 5588 | 1726133 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Inc. Cl A | 466 | 330222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 729 | 41531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 1184 | 110065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 329 | 41280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 4730 | 393820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 1288 | 284133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 488 | 49966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 6007 | 271697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 1528 | 60157 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. Cl A | 1115 | 187498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 406 | 27141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Svcs. | 847 | 82862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group Ltd. | 122 | 40415 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 118 | 47343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 2128 | 69820 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 567 | 69112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 881 | 23241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 280 | 33754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 1051 | 360892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Svcs. Group, Inc. | 987 | 74844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 4474 | 63083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 1732 | 177686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 1410 | 25366 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1870 | 718473 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 9097 | 1219908 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 2893 | 50396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 478 | 14684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 612 | 35698 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 536 | 77752 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Hldgs., Inc. | 116 | 32351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 1539 | 254674 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 2045 | 147997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 488 | 135966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 4089 | 347647 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. Cl A | 248 | 115362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 1051 | 64479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 646 | 57164 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Svcs. Group, Inc. | 1251 | 197583 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| FINANCIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 706 | $59247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. | 1814 | 235294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 1142 | 113583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 600 | 64110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 2898 | 62481 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 1033 | 345993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank | 195 | 22468 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 1138 | 88275 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group\* | 183 | 42116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 1398 | 45938 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 694 | 75688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. | 727 | 136305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 4115 | 177068 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 4193 | 182857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 11818 | 487965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 336 | 82179 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 634 | 46009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorporation | 465 | 22859 |
|  |  | 12342349 |
| HEALTH CARE (15.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 5408 | 593744 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 5484 | 886269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 919 | 137528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 225 | 47453 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 502 | 83186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 1654 | 434407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 1563 | 79666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 884 | 224801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 447 | 123783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. Cl A\* | 66 | 27752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 486 | 40280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 4442 | 205531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 6594 | 474438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 814 | 62572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent, Inc.\* | 558 | 25116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 1757 | 144092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 157 | 34210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp. | 948 | 314110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. | 153 | 50593 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 4075 | 379749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 2032 | 539333 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 171 | 12769 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 666 | 21205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 1198 | 135662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 1917 | 143027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 741 | 380111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 2446 | 894845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 3890 | 333957 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 658 | 157894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 421 | 33625 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| HEALTH CARE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 774 | $57903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 392 | 200778 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 257 | 104846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 487 | 98471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 572 | 45943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 1097 | 291089 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Hldgs., Inc.\* | 576 | 118017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 8109 | 1432455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Hldgs. | 275 | 64757 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 440 | 165053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 4122 | 320362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 7863 | 872400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 70 | 101182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 1025 | 184111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 181 | 59770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 788 | 22009 |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | 391 | 54826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 17409 | 892037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 354 | 55380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.\* | 332 | 239535 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 454 | 94491 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 309 | 57069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 1044 | 255248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 145 | 36196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 1216 | 669639 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2897 | 1535931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Svcs., Inc. Cl B | 199 | 28037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 796 | 229869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 3761 | 41860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 185 | 63377 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Svcs., Inc. | 229 | 53895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Hldgs., Inc. | 650 | 82875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. Cl A | 1446 | 211911 |
|  |  | 15763030 |
| INDUSTRIALS (8.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 1714 | 205543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 393 | 16875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 272 | 28631 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 2015 | 25631 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 712 | 99481 |
| &nbsp;&nbsp;&nbsp;&nbsp; AO Smith Corp. | 394 | 22553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co.\* | 1737 | 330881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 2594 | 107002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 1615 | 386889 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 366 | 33511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 267 | 120583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 1329 | 80923 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 1261 | 97450 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 6521 | 202021 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| INDUSTRIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 437 | $105881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 852 | 365304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.\* | 1988 | 65326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 436 | 59039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 1233 | 193519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 1833 | 176078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 379 | 73662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 494 | 51336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 1776 | 84040 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 742 | 128514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 1098 | 70546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Hldgs., Inc.\* | 197 | 19830 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 698 | 173181 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 3388 | 283881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 2085 | 446816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 1142 | 45006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 124 | 28604 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 233 | 53201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 867 | 191000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 1255 | 65574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 395 | 47428 |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Svcs., Inc. | 257 | 44811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 2136 | 136704 |
| &nbsp;&nbsp;&nbsp;&nbsp; L-3 Harris Technologies, Inc. | 591 | 123052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Hldgs., Inc. | 423 | 44495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 724 | 352219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 699 | 32622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 167 | 39699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 719 | 177176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 449 | 244979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 281 | 79742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 1293 | 101255 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 1078 | 106690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 398 | 115818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 510 | 22940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Svcs., Inc. | 443 | 63128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 4560 | 460195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Svcs., Inc. Cl A | 637 | 82167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International, Inc. | 337 | 24881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 357 | 91952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 717 | 26199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 164 | 37472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co.\* | 1841 | 61986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 458 | 34405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 648 | 45878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 715 | 120184 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 160 | 100744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 1907 | 394882 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Hldgs., Inc.\* | 1013 | 38190 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Svc., Inc. Cl B | 2263 | 393400 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc.\* | 215 | 76415 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| INDUSTRIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. Cl A | 485 | $85564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 1159 | 181824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 564 | 56293 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 140 | 77875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 558 | 61698 |
|  |  | 8623274 |
| INFORMATION TECHNOLOGY (25.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC Cl A | 1954 | 521405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 1442 | 485276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 5000 | 323850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 488 | 41138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. Cl A | 1845 | 140478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 1596 | 261792 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 270 | 65229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 46380 | 6026153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 2669 | 259907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 767 | 93075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 670 | 125203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 1286 | 307174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1256 | 702267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 364 | 48823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 850 | 136544 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 419 | 74825 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Hldg., Inc.\* | 476 | 30535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 12735 | 606695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. Cl A | 1594 | 91161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 2360 | 75378 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 713 | 18895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 421 | 111548 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 178 | 58338 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 185 | 26549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Svcs., Inc. | 1841 | 124912 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 307 | 45986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 1970 | 199108 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc.\* | 229 | 42063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 2012 | 98367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 245 | 82354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 1798 | 38531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 839 | 83329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 3991 | 63696 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 2746 | 73785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 12800 | 338304 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 2804 | 395056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 874 | 340178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 226 | 39677 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| INFORMATION TECHNOLOGY (CONTINUED) | INFORMATION TECHNOLOGY (CONTINUED) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 1006 | $32152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 555 | 94944 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 439 | 165516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 423 | 177787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. Cl A | 2633 | 915573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 1706 | 119847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 3372 | 168533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 23120 | 5544638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 138 | 48798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 518 | 133494 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 675 | 40541 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 7723 | 1128639 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors N.V. | 804 | 127056 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 1341 | 83638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 4766 | 389573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 994 | 114867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc.\* | 151 | 46857 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Hldgs., Inc.\* | 3536 | 251834 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 327 | 39253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 315 | 28552 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 3476 | 382151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 328 | 141726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc.\* | 3101 | 411162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Hldgs. PLC | 596 | 31356 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 626 | 243057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 497 | 45292 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc.\* | 173 | 49006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 474 | 151343 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 987 | 113308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 145 | 57987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 484 | 42277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 2815 | 465094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 765 | 38678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 129 | 41591 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc.\* | 287 | 58961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. Cl A | 5071 | 1053551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.\* | 985 | 31077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. Cl A\* | 160 | 41026 |
|  |  | 25648319 |
| MATERIALS (2.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 687 | 211775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 363 | 78720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 4619 | 55012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 251 | 45431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 973 | 49759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. Cl A | 309 | 31592 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Hldgs., Inc. | 609 | 51887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 2217 | 130315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 2183 | 110001 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| MATERIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 1541 | $105759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 373 | 30377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 768 | 111790 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 390 | 48672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 4433 | 168454 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 790 | 82824 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 1104 | 38232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 1534 | 500360 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. Cl A | 787 | 65345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 193 | 65228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. | 1057 | 46371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 2461 | 116159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 796 | 104921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 287 | 36710 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 728 | 91539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 449 | 22396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 731 | 173488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 517 | 50511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 412 | 72145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock Co. | 788 | 27706 |
|  |  | 2723479 |
| REAL ESTATE (2.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 463 | 67445 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 1444 | 305926 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 433 | 69938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 442 | 29870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 330 | 36920 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. Cl A\* | 980 | 75421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 1343 | 182164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 891 | 89341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 287 | 187994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 1054 | 62186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 201 | 42596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 415 | 61080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 226 | 22835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 1667 | 41792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 2217 | 35583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 1801 | 53382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 901 | 44915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 1918 | 40623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 358 | 56202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 2862 | 322633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 490 | 137293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 1945 | 123371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 477 | 29812 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. Cl A | 334 | 93624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 1014 | 119125 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 949 | 36755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 1239 | 55817 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| REAL ESTATE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 2987 | $96779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 499 | 10384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 1465 | 96031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 2283 | 70773 |
|  |  | 2698610 |
| UTILITIES (3.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. | 2071 | 59562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 778 | 42953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 801 | 71225 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 1593 | 151255 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 563 | 85813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 433 | 48526 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 1952 | 58541 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 900 | 56997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 1100 | 104841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1014 | 87417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 2584 | 158451 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 600 | 70518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 2388 | 245940 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** | **INDEXED ASSETS (CONTINUED):** |
| COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): | COMMON STOCKS (CONTINUED): |
| UTILITIES (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 1184 | $75326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 631 | 70988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 711 | 44743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 1080 | 90547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 3082 | 133235 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 1684 | 70627 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 6163 | 515227 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 1259 | 34522 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 715 | 22751 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp.\* | 4993 | 81186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 350 | 26614 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 2283 | 66709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Svc. Enterprise Group, Inc. | 1547 | 94785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 974 | 150522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. | 3376 | 241080 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 978 | 91697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 1697 | 118977 |
|  |  | 3171575 |
|  TOTAL INDEXED ASSETS-COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $91,750,053) 98.3% |  | 100379916 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **SHORT-TERM DEBT SECURITIES:** | | | | | |
| U.S. GOVERNMENT (0.2%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill (1) | A-1+ | 4.02 | 01/24/23 | $200000 | $199490 |
|  TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.2% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.2% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.2% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.2% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.2% | 199490 |
|  |  | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (1.4%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank, New York Time Deposit | &nbsp;&nbsp;&nbsp;&nbsp; Citibank, New York Time Deposit | 3.59 | 01/03/23 | $1481543 | $1481543 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $1,481,543) 1.4% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $1,481,543) 1.4% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $1,481,543) 1.4% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $1,481,543) 1.4% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $1,481,543) 1.4% | 1481543 |
|  TOTAL INVESTMENTS<br>(Cost: $93,431,086) 99.9% | TOTAL INVESTMENTS<br>(Cost: $93,431,086) 99.9% | TOTAL INVESTMENTS<br>(Cost: $93,431,086) 99.9% | TOTAL INVESTMENTS<br>(Cost: $93,431,086) 99.9% | TOTAL INVESTMENTS<br>(Cost: $93,431,086) 99.9% | 102060949 |
|  OTHER NET ASSETS 0.1% | OTHER NET ASSETS 0.1% | OTHER NET ASSETS 0.1% | OTHER NET ASSETS 0.1% | OTHER NET ASSETS 0.1% | 79688 |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $102140637 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| COMMUNICATION SERVICES (5.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 187 | 14315 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. Cl A\* | 1568 | 138345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc. Cl C\* | 1391 | 123423 |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | 1871 | 34445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc. Cl A\* | 29 | 9834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. Cl A | 1133 | 39621 |
| &nbsp;&nbsp;&nbsp;&nbsp; DISH Network Corp. Cl A\* | 66 | 927 |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp. Cl A\* | 706 | 11776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 69 | 8430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. Cl A | 553 | 16794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp. Cl B | 37 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. | 102 | 3397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc.\* | 162 | 8327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 37 | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | 249 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Match Group, Inc.\* | 74 | 3070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc. Cl A\* | 591 | 71121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 116 | 34206 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. Cl A | 101 | 1838 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp. Cl B | 31 | 572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 53 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paramount Global Cl B | 132 | 2228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 307 | 31968 |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 2100 | 44499 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile US, Inc.\* | 157 | 21980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 1102 | 43419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walt Disney Co.\* | 478 | 41529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 1154 | 10940 |
|  |  | 726260 |
| CONSUMER DISCRETIONARY (9.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 16 | 2352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 2330 | 195720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aptiv PLC\* | 158 | 14715 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 27 | 66587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 60 | 2528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 53 | 4251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 1879 | 37805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Hldgs., Inc.\* | 11 | 22168 |
| &nbsp;&nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 62 | 2495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 124 | 7824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 42 | 8516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 311 | 12938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Hldgs. Ltd.\* | 705 | 40411 |
| &nbsp;&nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 42 | 2557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.\* | 262 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. Cl A\* | 8 | 11100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 210 | 29049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar General Corp. | 59 | 14529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 56 | 7921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 10 | 3464 |
| &nbsp;&nbsp;&nbsp;&nbsp; DR Horton, Inc. | 83 | 7399 |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 143 | 5930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 33 | 3953 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| CONSUMER DISCRETIONARY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Everi Hldgs., Inc.\* | 607 | $8710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc.\* | 40 | 3504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 229 | 40503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | 1037 | 12060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Hldg. Corp.\* | 92 | 8393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garmin Ltd. | 40 | 3692 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | 374 | 12581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 37 | 6420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc.\* | 798 | 29845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc. | 987 | 6277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. | 34 | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilton Worldwide Hldgs., Inc. | 72 | 9098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home Depot, Inc. | 268 | 84650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp.\* | 86 | 4134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp. Cl A | 67 | 6064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. Cl A | 59 | 12080 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 67 | 3578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 163 | 32476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. Cl A | 71 | 10571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 550 | 74025 |
| &nbsp;&nbsp;&nbsp;&nbsp; McDonald's Corp. | 192 | 50598 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | 84 | 2817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 14 | 1431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 35 | 9784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 98 | 1282 |
| &nbsp;&nbsp;&nbsp;&nbsp; NIKE, Inc. Cl B | 330 | 38613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Hldgs. Ltd.\* | 110 | 1346 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVR, Inc.\* | 5 | 23063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Hldgs., Inc.\* | 665 | 31149 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 17 | 14349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 11 | 3326 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 60 | 2732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ralph Lauren Corp. Cl A | 11 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 92 | 10678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd.\* | 58 | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyline Champion Corp.\* | 115 | 5924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. Cl A | 817 | 40254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 301 | 29859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 528 | 16875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 64 | 2437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 121 | 18034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. Cl A\* | 1330 | 40366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 704 | 86719 |
| &nbsp;&nbsp;&nbsp;&nbsp; TJX Cos., Inc. | 305 | 24278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 180 | 40495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 14 | 6567 |
| &nbsp;&nbsp;&nbsp;&nbsp; VF Corp. | 86 | 2374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | 15 | 2122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 114 | 13101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wynn Resorts Ltd.\* | 28 | 2309 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 222 | 13333 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| CONSUMER DISCRETIONARY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 74 | $9478 |
|  |  | 1426781 |
| CONSUMER STAPLES (5.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altria Group, Inc. | 470 | 21484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 145 | 13463 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Hldgs., Inc.\* | 130 | 8601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. Cl A\* | 64 | 21089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown-Forman Corp. Cl B | 48 | 3153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Campbell Soup Co. | 52 | 2951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 369 | 29745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clorox Co. | 32 | 4490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Co. | 1022 | 65009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 219 | 17255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 125 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. Cl A | 229 | 53071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 116 | 52954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crimson Wine Group Ltd.\* | 2301 | 12909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. Cl A | 61 | 15135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 383 | 20211 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Mills, Inc. | 156 | 13081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co. | 38 | 8800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 76 | 3462 |
| &nbsp;&nbsp;&nbsp;&nbsp; J M Smucker Co. | 28 | 4437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co. | 67 | 4773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 223 | 7952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 88 | 11946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 209 | 8508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kroger Co. | 171 | 7623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamb Weston Hldgs., Inc. | 38 | 3396 |
| &nbsp;&nbsp;&nbsp;&nbsp; McCormick & Co., Inc. | 65 | 5388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. Cl B | 49 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mondelez International, Inc. Cl A | 358 | 23861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 100 | 10153 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 361 | 65218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 407 | 41192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 623 | 94422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 133 | 10168 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 1889 | 93279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc. Cl A | 76 | 4731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 188 | 7024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. | 371 | 52604 |
|  |  | 830899 |
| ENERGY (6.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; APA Corp. | 85 | 3968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. Cl A | 1764 | 52091 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 1967 | 57023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 272 | 40789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. | 488 | 46053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron Corp. | 468 | 84001 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 328 | 38704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 208 | 5111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 971 | 59726 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| ENERGY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 46 | $6292 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 154 | 19946 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 1135 | 38397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 1082 | 119345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halliburton Co. | 238 | 9365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 164 | 23258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 519 | 9384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. Cl A | 303 | 7105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Oil Corp. | 167 | 4521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 124 | 14432 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX LP\* | 249 | 8177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 603 | 18584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 191 | 12031 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc. | 117 | 7687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 554 | 28093 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDC Energy, Inc. | 566 | 35930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 125 | 13010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 62 | 14160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 372 | 19887 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 288 | 10031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co.\* | 2370 | 13864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 59 | 4337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 102 | 12940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. | 1134 | 37309 |
|  |  | 875551 |
| FINANCIALS (14.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | 149 | 10719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. | 70 | 9492 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Equity Investment Life Hldg. Co. | 371 | 16925 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | 157 | 23197 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 210 | 28829 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | 196 | 12395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 252 | 78465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC Cl A | 55 | 16508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 97 | 6090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argo Group International Hldgs. Ltd. | 299 | 7729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arthur J. Gallagher & Co. | 55 | 10370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 14 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | 1832 | 60676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 262 | 8615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 193 | 8785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 474 | 29957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. Cl B\* | 473 | 146110 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlackRock, Inc. Cl A | 39 | 27637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 1392 | 19697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 495 | 28200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 101 | 9389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 28 | 3513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 400 | 33304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb Ltd. | 109 | 24045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 41 | 4198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | 508 | 22977 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| FINANCIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 129 | $5079 |
| &nbsp;&nbsp;&nbsp;&nbsp; CME Group, Inc. Cl A | 94 | 15807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comerica, Inc. | 34 | 2273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 359 | 11427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Svcs. | 173 | 16925 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 2090 | 36052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 1427 | 17652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Svcs. Corp. | 575 | 28152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 620 | 24106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group Ltd. | 61 | 20207 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 10 | 4012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1058 | 34713 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 303 | 10423 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. Cl A | 827 | 31963 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Republic Bank | 219 | 26694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 74 | 1952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 212 | 10477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globe Life, Inc. | 24 | 2893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 89 | 30561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. Cl A\* | 97 | 3331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp. Cl A\* | 1001 | 15836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 616 | 29808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 135 | 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Svcs. Group, Inc. | 684 | 51868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 1019 | 23223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. Cl A | 98 | 8542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 378 | 5330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 146 | 14978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Ltd. | 119 | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 371 | 142542 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Micro-Cap ETF | 89 | 9597 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 Growth ETF | 39 | 8366 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 770 | 103257 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 1006 | 17524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | 41 | 1259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loews Corp. | 52 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. | 46 | 6673 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Hldgs., Inc. | 10 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 130 | 21512 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | 174 | 12592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Hldg. Corp.\* | 194 | 11382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. Cl A | 223 | 8556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 42 | 11702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | 347 | 29502 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. Cl A | 57 | 26515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 89 | 5460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Trust Corp. | 55 | 4867 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Svcs. Group, Inc. | 106 | 16742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 278 | 39426 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| FINANCIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 60 | $5035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. | 153 | 19846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 97 | 9648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 252 | 26926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regions Financial Corp. | 245 | 5282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 90 | 12788 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 104 | 13652 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P Global, Inc. | 88 | 29475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 329 | 29153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank | 73 | 8411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 1112 | 20383 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 96 | 7447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 148 | 8639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 372 | 24173 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group\* | 118 | 27156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 336 | 11041 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 59 | 6434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travelers Cos., Inc. | 62 | 11624 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 352 | 17948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. | 348 | 14974 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 355 | 15482 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 254 | 21214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 430 | 26441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 325 | 15385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 1000 | 41290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC | 29 | 7093 |
| &nbsp;&nbsp;&nbsp;&nbsp; WR Berkley Corp. | 54 | 3919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorporation | 160 | 7866 |
|  |  | 2071931 |
| HEALTH CARE (13.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abbott Laboratories | 457 | 50174 |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 464 | 74987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 132 | 13133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 367 | 54922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 57 | 12021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 53 | 12595 |
| &nbsp;&nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 42 | 6960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 140 | 36770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 473 | 5775 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Svcs., Inc.\* | 110 | 11310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 252 | 7061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 65 | 3361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 120 | 4867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 92 | 7096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | 132 | 6728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 64 | 2503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 74 | 18818 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 1148 | 13179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 67 | 18554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. Cl A\* | 6 | 2523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 41 | 3398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 85 | 3724 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| HEALTH CARE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 376 | $17398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 558 | 40148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 69 | 5304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalent, Inc.\* | 47 | 2115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 321 | 26325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 14 | 3051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 29 | 14802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cigna Corp. | 80 | 26507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 319 | 7401 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 85 | 7534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cooper Cos., Inc. | 13 | 4299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 218 | 4428 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | 345 | 32151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 172 | 45652 |
| &nbsp;&nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 15 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 56 | 1783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 214 | 24233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 162 | 12087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 63 | 32317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 207 | 75729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 211 | 2492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 375 | 22429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Hldgs. Corp.\* | 384 | 12929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 112 | 5545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 329 | 28245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 191 | 10868 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 56 | 13438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 36 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 65 | 4863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics PLC\* | 186 | 21167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 53 | 27146 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 48 | 19582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 41 | 8290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Incyte Corp.\* | 49 | 3936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 271 | 5415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 44 | 11083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.\* | 43 | 12659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 93 | 24678 |
| &nbsp;&nbsp;&nbsp;&nbsp; IQVIA Hldgs., Inc.\* | 49 | 10040 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 69 | 6463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 686 | 121182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karuna Therapeutics, Inc.\* | 39 | 7664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 61 | 4832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laboratory Corp. of America Hldgs. | 97 | 22842 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 101 | 4648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 37 | 10739 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 38 | 14255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Hldgs., Inc.\* | 23 | 4885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC | 349 | 27124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 665 | 73782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 20 | 28909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 87 | 15627 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| HEALTH CARE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ModivCare, Inc.\* | 77 | $6909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 15 | 4953 |
| &nbsp;&nbsp;&nbsp;&nbsp; NanoString Technologies, Inc.\* | 391 | 3116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 273 | 4158 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare, Inc.\* | 1740 | 32677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 108 | 5445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organon & Co. | 66 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 151 | 5999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 43 | 9566 |
| &nbsp;&nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | 33 | 4627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 1473 | 75477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 30 | 4693 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 226 | 19361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.\* | 28 | 20202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 48 | 8127 |
| &nbsp;&nbsp;&nbsp;&nbsp; ResMed, Inc. | 38 | 7909 |
| &nbsp;&nbsp;&nbsp;&nbsp; SeaSpine Hldgs. Corp.\* | 1285 | 10730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shockwave Medical, Inc.\* | 46 | 9458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silk Road Medical, Inc.\* | 156 | 8245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc. | 166 | 6071 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 82 | 3980 |
| &nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 26 | 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stryker Corp. | 88 | 21515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 1087 | 38773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc. Cl A\* | 505 | 18523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 370 | 4248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. | 13 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 183 | 8929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 102 | 56170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 136 | 6301 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 245 | 129894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Svcs., Inc. Cl B | 17 | 2395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc. Cl A\* | 80 | 12910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 503 | 13249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 67 | 19348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viatris, Inc. | 318 | 3539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp.\* | 16 | 5481 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Pharmaceutical Svcs., Inc. | 20 | 4707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 125 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Hldgs., Inc. | 347 | 44243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. Cl A | 122 | 17879 |
|  |  | 2018427 |
| INDUSTRIALS (12.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3M Co. | 145 | 17388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 169 | 13853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 640 | 27482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC | 23 | 2421 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 170 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 60 | 8383 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| INDUSTRIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AO Smith Corp. | 34 | $1946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 398 | 21627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc.\* | 88 | 9981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 149 | 24724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp. Cl A\* | 402 | 7686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co.\* | 147 | 28002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 445 | 28872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 162 | 38175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. | 220 | 9075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. Cl A\* | 125 | 9914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 137 | 32820 |
| &nbsp;&nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 31 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 122 | 14058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 23 | 10387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 293 | 33437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.\* | 112 | 6820 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 106 | 8192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Hldgs. Co. | 260 | 26117 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 553 | 17132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc. | 37 | 8965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 73 | 31300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.\* | 168 | 5520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 1290 | 21904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 320 | 43331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 279 | 13939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eaton Corp. PLC | 104 | 16323 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 152 | 22513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emerson Electric Co. | 155 | 14889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Wire Corp. | 81 | 11142 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnPro Industries, Inc. | 373 | 40541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 32 | 6220 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 462 | 40443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 42 | 4365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fastenal Co. | 150 | 7098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 474 | 22027 |
| &nbsp;&nbsp;&nbsp;&nbsp; FedEx Corp. | 62 | 10738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortive Corp. | 93 | 5975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 148 | 11803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Generac Hldgs., Inc.\* | 99 | 9965 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | 59 | 14639 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Electric Co. | 286 | 23964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 258 | 17353 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEICO Corp. Cl A | 103 | 12345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 176 | 37717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 97 | 3823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 11 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 161 | 11689 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 390 | 38630 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 20 | 4567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 74 | 16302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 106 | 5539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 203 | 24374 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| INDUSTRIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JB Hunt Transport Svcs., Inc. | 22 | $3836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson Controls International PLC | 180 | 11520 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1119 | 59083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 158 | 7998 |
| &nbsp;&nbsp;&nbsp;&nbsp; L-3 Harris Technologies, Inc. | 124 | 25818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leidos Hldgs., Inc. | 114 | 11992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 61 | 29676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masco Corp. | 59 | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masonite International Corp.\* | 100 | 8061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 193 | 8635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 1090 | 29059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 1366 | 80594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 14 | 3328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 61 | 15032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 38 | 20733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 162 | 45972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 130 | 11465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 110 | 8614 |
| &nbsp;&nbsp;&nbsp;&nbsp; PACCAR, Inc. | 91 | 9006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 34 | 9894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pentair PLC | 43 | 1934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanta Svcs., Inc. | 208 | 29640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 386 | 38955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Republic Svcs., Inc. Cl A | 54 | 6965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half International, Inc. | 29 | 2141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 31 | 7985 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 60 | 2192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 31 | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snap-on, Inc. | 14 | 3199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Airlines Co.\* | 155 | 5219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 143 | 10742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Textron, Inc. | 55 | 3894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trane Technologies PLC | 61 | 10254 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 14 | 8815 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransUnion | 178 | 10102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 431 | 18244 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 532 | 42161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 162 | 33545 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines Hldgs., Inc.\* | 85 | 3205 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Svc., Inc. Cl B | 191 | 33203 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Rentals, Inc.\* | 19 | 6753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univar Solutions, Inc.\* | 1269 | 40354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. Cl A | 41 | 7233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 99 | 5321 |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 726 | 34035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 99 | 15531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 444 | 17875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 47 | 4691 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 12 | 6675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. | 47 | 5197 |
|  |  | 1791602 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| INFORMATION TECHNOLOGY (19.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC Cl A | 165 | $44029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 1285 | 12182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 123 | 41393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 423 | 27398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 42 | 3541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Altair Engineering, Inc. Cl A\* | 125 | 5684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp. Cl A | 435 | 33121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 136 | 22308 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 23 | 5557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 3927 | 510235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 226 | 22008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 64 | 7766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arteris, Inc.\* | 491 | 2111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 56 | 10465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 108 | 25797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackline, Inc.\* | 83 | 5583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 106 | 59268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 31 | 4158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 72 | 11566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 83 | 5680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cambium Networks Corp.\* | 428 | 9275 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW Corp. | 36 | 6429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceridian HCM Hldg., Inc.\* | 40 | 2566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 276 | 14070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 1079 | 51404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. Cl A | 135 | 7721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 263 | 9231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 346 | 11089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 199 | 6356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Hldg. Ltd.\* | 420 | 5590 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 136 | 17632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 193 | 7054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc. Cl B\* | 347 | 4941 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 1107 | 29335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 36 | 9539 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 70 | 22942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 472 | 44547 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Hldgs., Inc.\* | 46 | 7794 |
| &nbsp;&nbsp;&nbsp;&nbsp; F5, Inc.\* | 16 | 2296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 64 | 8206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Svcs., Inc. | 156 | 10585 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 26 | 3895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 167 | 16879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 374 | 25380 |
| &nbsp;&nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc.\* | 20 | 3674 |
| &nbsp;&nbsp;&nbsp;&nbsp; ForgeRock, Inc. Cl A\* | 252 | 5738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 171 | 8360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 21 | 7059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 153 | 3279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | 72 | 7151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant S.A.\* | 48 | 8072 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| INFORMATION TECHNOLOGY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Hldgs., Inc.\* | 320 | $3590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 89 | 5568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 1111 | 17732 |
| &nbsp;&nbsp;&nbsp;&nbsp; HP, Inc. | 233 | 6261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. | 1083 | 28624 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Business Machines Corp. | 237 | 33391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 74 | 28802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 19 | 3336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 85 | 2717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 47 | 8040 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 38 | 14327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 36 | 15131 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivePerson, Inc.\* | 320 | 3245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc. Cl A | 223 | 77544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 103 | 7553 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. Cl A\* | 594 | 20166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 394 | 27678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 286 | 14294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 1957 | 469328 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | 91 | 7710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Model N, Inc.\* | 102 | 4137 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc. Cl A\* | 35 | 6889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 60 | 21217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 102 | 26286 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 58 | 3483 |
| &nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 179 | 1815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 103 | 13995 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 653 | 95429 |
| &nbsp;&nbsp;&nbsp;&nbsp; NXP Semiconductors N.V. | 68 | 10746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okta, Inc. Cl A\* | 129 | 8815 |
| &nbsp;&nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 113 | 7048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 76 | 5175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 403 | 32941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 123 | 17163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paychex, Inc. | 84 | 9707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc.\* | 13 | 4034 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Hldgs., Inc.\* | 300 | 21366 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 245 | 6987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perficient, Inc.\* | 158 | 11033 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 243 | 29170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Hldgs., Inc.\* | 115 | 3090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 27 | 2447 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 294 | 32322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 39 | 4377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 193 | 6558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 28 | 12099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc.\* | 262 | 34739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seagate Technology Hldgs. PLC | 51 | 2683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequans Communications S.A.\* | 518 | 1720 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 53 | 20578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 50 | 6783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 42 | 3827 |
| &nbsp;&nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc.\* | 14 | 3966 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| INFORMATION TECHNOLOGY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Splunk, Inc.\* | 145 | $12483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 78 | 7422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 84 | 26820 |
| &nbsp;&nbsp;&nbsp;&nbsp; TE Connectivity Ltd. | 84 | 9643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 110 | 43990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenable Hldgs., Inc.\* | 167 | 6371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 306 | 26729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 239 | 39488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 65 | 3286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 11 | 3546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc. Cl B\* | 209 | 5003 |
| &nbsp;&nbsp;&nbsp;&nbsp; VeriSign, Inc.\* | 25 | 5136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 1012 | 32030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc. Cl A | 429 | 89129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp.\* | 83 | 2619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 514 | 4426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp. Cl A\* | 14 | 3590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuora, Inc. Cl A\* | 1731 | 11009 |
|  |  | 2838321 |
| MATERIALS (4.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products & Chemicals, Inc. | 58 | 17879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albemarle Corp. | 68 | 14747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amcor PLC | 391 | 4657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 505 | 54303 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 237 | 7077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 22 | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 474 | 16002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | 83 | 4245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese Corp. Cl A | 27 | 2760 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Industries Hldgs., Inc. | 52 | 4430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corteva, Inc. | 188 | 11051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Hldgs., Inc. | 891 | 73249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dow, Inc. | 185 | 9322 |
| &nbsp;&nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 131 | 8991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 32 | 2606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 65 | 9461 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 250 | 31200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 565 | 21470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 147 | 15120 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 66 | 6919 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Paper Co. | 94 | 3255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 376 | 28561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Linde PLC | 130 | 42403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Livent Corp.\* | 227 | 4511 |
| &nbsp;&nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. Cl A | 67 | 5563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 17 | 5746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 546 | 47780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mosaic Co. | 90 | 3948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 381 | 17983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | 68 | 8963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Engineered Carbons S.A. | 438 | 7801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 145 | 18547 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 143 | 17981 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| MATERIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | 38 | $1895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 62 | 14714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 224 | 21885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 97 | 10327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc. | 731 | 23867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 123 | 21539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westrock Co. | 66 | 2321 |
|  |  | 629061 |
| REAL ESTATE (3.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 35 | 7702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 126 | 18354 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | 122 | 25847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Income REIT Corp. | 226 | 7754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co. Cl A | 1385 | 9861 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 101 | 16314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties, Inc. | 38 | 2568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 673 | 4139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camden Property Trust | 155 | 17341 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc. Cl A\* | 83 | 6388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 456 | 11532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 113 | 15327 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 373 | 6818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 75 | 7520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. Cl A | 937 | 13371 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 50 | 7403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 24 | 15721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Commonwealth | 687 | 17154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 89 | 5251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 17 | 3603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 35 | 5151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 19 | 1920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 234 | 12189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 141 | 3535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 362 | 10129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 1468 | 23561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 152 | 4505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 76 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 328 | 12684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 162 | 3431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Storage, Inc. | 78 | 7683 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 1168 | 11703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 30 | 4710 |
| &nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 543 | 23887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 242 | 27281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage | 41 | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 357 | 22645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 41 | 2562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 1301 | 16171 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. Cl A | 112 | 31395 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| REAL ESTATE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 85 | $9986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 94 | 13442 |
| &nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 80 | 3098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventas, Inc. | 104 | 4685 |
| &nbsp;&nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 252 | 8165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vornado Realty Trust | 42 | 874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 509 | 33365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 709 | 21979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 532 | 7012 |
|  |  | 562993 |
| UTILITIES (4.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. | 682 | 19614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 66 | 3644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 290 | 25787 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 134 | 12723 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 48 | 7316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 126 | 14121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 382 | 16938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 349 | 24549 |
| &nbsp;&nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 165 | 4948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 106 | 12527 |
| &nbsp;&nbsp;&nbsp;&nbsp; CMS Energy Corp. | 76 | 4813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 93 | 8864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 85 | 7328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 218 | 13368 |
| &nbsp;&nbsp;&nbsp;&nbsp; DTE Energy Co. | 188 | 22096 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| UTILITIES (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 202 | $20804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edison International | 100 | 6362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 183 | 20587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 775 | 48771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eversource Energy | 91 | 7629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. | 260 | 11240 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 142 | 5955 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 152 | 16393 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 521 | 43556 |
| &nbsp;&nbsp;&nbsp;&nbsp; NiSource, Inc. | 1211 | 33206 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthWestern Corp. | 264 | 15666 |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 685 | 21797 |
| &nbsp;&nbsp;&nbsp;&nbsp; PG&E Corp.\* | 422 | 6862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 30 | 2281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 338 | 16562 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 541 | 15808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Svc. Enterprise Group, Inc. | 462 | 28307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sempra Energy | 186 | 28744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. | 285 | 20352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 189 | 13014 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 82 | 7688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 143 | 10026 |
|  |  | 600246 |
|  TOTAL COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $13,207,456) 99.0% |  | 14372072 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (1.1%)** | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank, New York Time Deposit | 3.59 | 01/03/23 | 52548 | 52548 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase, New York Time Deposit | 3.59 | 01/03/23 | 105062 | 105063 |
|  |  |  |  | 157611 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $157,611) 1.1% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $157,611) 1.1% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $157,611) 1.1% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $157,611) 1.1% | 157611 |
|  TOTAL INVESTMENTS<br>(Cost: $13,365,067) 100.1% | TOTAL INVESTMENTS<br>(Cost: $13,365,067) 100.1% | TOTAL INVESTMENTS<br>(Cost: $13,365,067) 100.1% | TOTAL INVESTMENTS<br>(Cost: $13,365,067) 100.1% | 14529683 |
|  OTHER NET ASSETS -0.1% | OTHER NET ASSETS -0.1% | OTHER NET ASSETS -0.1% | OTHER NET ASSETS -0.1% | (18558) |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $14511125 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| COMMUNICATION SERVICES (3.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EchoStar Corp. Cl A\* | 4224 | $70456 |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 12560 | 266147 |
|  |  | 336603 |
| CONSUMER DISCRETIONARY (8.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 7449 | 149874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Hldgs. Ltd.\* | 2209 | 126620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc.\* | 1828 | 68367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 1280 | 172275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. Cl A | 3388 | 166927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 1750 | 55930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. Cl A\* | 5081 | 154208 |
|  |  | 894201 |
| CONSUMER STAPLES (3.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Crimson Wine Group Ltd.\* | 13767 | 77233 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 6141 | 303243 |
|  |  | 380476 |
| ENERGY (8.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 8920 | 258591 |
| &nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 6213 | 210186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 3317 | 168205 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDC Energy, Inc. | 3386 | 214943 |
|  |  | 851925 |
| FINANCIALS (25.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Equity Investment Life Hldg. Co. | 2220 | 101276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argo Group International Hldgs. Ltd. | 1788 | 46220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 1565 | 51457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 2837 | 179298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 8323 | 117770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 2147 | 68339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 12499 | 215608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 8537 | 105603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Svcs. Corp. | 3441 | 168471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 3711 | 144284 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. Cl A | 4945 | 191124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp. Cl A\* | 5990 | 94762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 3685 | 178317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 809 | 23445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 6098 | 138973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Bank Hldg. Corp.\* | 1158 | 67940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moelis & Co. Cl A | 1332 | 51109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 1967 | 174296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 884 | 51599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 2223 | 144451 |
| &nbsp;&nbsp;&nbsp;&nbsp; TriCo Bancshares | 2105 | 107334 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 1519 | 126867 |
|  |  | 2548543 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| HEALTH CARE (5.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 4756 | $54599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 1263 | 14916 |
| &nbsp;&nbsp;&nbsp;&nbsp; NanoString Technologies, Inc.\* | 2339 | 18642 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare, Inc.\* | 7375 | 138503 |
| &nbsp;&nbsp;&nbsp;&nbsp; SeaSpine Hldgs. Corp.\* | 7686 | 64178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 4737 | 168969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc. Cl A\* | 1740 | 63823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 1792 | 47201 |
|  |  | 570831 |
| INDUSTRIALS (19.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 2380 | 129329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 1335 | 86615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 7715 | 131001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Wire Corp. | 484 | 66579 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnPro Industries, Inc. | 2232 | 242596 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 1217 | 120544 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 2781 | 146837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 6519 | 173796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 5708 | 336772 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 2417 | 191547 |
| &nbsp;&nbsp;&nbsp;&nbsp; VSE Corp. | 4345 | 203694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 2654 | 106850 |
|  |  | 1936160 |
| INFORMATION TECHNOLOGY (4.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 7686 | 72863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 1575 | 55282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 2068 | 66279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 1156 | 42252 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. Cl A\* | 1419 | 48175 |
| &nbsp;&nbsp;&nbsp;&nbsp; nLight, Inc.\* | 1067 | 10819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequans Communications S.A.\* | 3099 | 10289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 1704 | 53932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 3075 | 26476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuora, Inc. Cl A\* | 6780 | 43121 |
|  |  | 429488 |
| MATERIALS (5.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 1894 | 63941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 1823 | 138475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 2694 | 235752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 580 | 61747 |
|  |  | 499915 |
| REAL ESTATE (7.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 125 | 27507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Investment & Management Co. Cl A | 8287 | 59003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 2729 | 69016 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 2232 | 40801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. Cl A | 5602 | 79941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Commonwealth | 4108 | 102577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 2164 | 60549 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 6986 | 70000 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| REAL ESTATE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 3250 | $142968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 7784 | 96755 |
|  |  | 749117 |
| UTILITIES (5.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 2286 | 101361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 2089 | 146940 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthWestern Corp. | 1580 | 93757 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| UTILITIES (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 2019 | $98931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 1133 | 78019 |
|  |  | 519008 |
| TOTAL COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $10,584,779) 96.7% |  | 9716267 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rate(%)** | **Maturity** | **Face Amount** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (3.3%)** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank, New York Time Deposit | 3.59 | 01/03/23 | $| &nbsp;&nbsp;&nbsp;&nbsp;334070 | $334070 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $334,070) 3.3% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $334,070) 3.3% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $334,070) 3.3% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $334,070) 3.3% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $334,070) 3.3% | 334070 |
|  TOTAL INVESTMENTS<br>(Cost: $10,918,849) 100.0% | TOTAL INVESTMENTS<br>(Cost: $10,918,849) 100.0% | TOTAL INVESTMENTS<br>(Cost: $10,918,849) 100.0% | TOTAL INVESTMENTS<br>(Cost: $10,918,849) 100.0% | TOTAL INVESTMENTS<br>(Cost: $10,918,849) 100.0% | 10050337 |
|  OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | (1636) |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $10048701 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | **COMMON STOCKS:** | **COMMON STOCKS:** |
| COMMUNICATION SERVICES (0.8%) | COMMUNICATION SERVICES (0.8%) | COMMUNICATION SERVICES (0.8%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc.\* | 1496 | $76894 |
| CONSUMER DISCRETIONARY (11.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 5877 | 118245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everi Hldgs., Inc.\* | 5600 | 80360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 408 | 72163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Hldg. Corp.\* | 856 | 78093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc.\* | 4562 | 170619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 702 | 94482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 323 | 90291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Hldgs., Inc.\* | 1752 | 82064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyline Champion Corp.\* | 1069 | 55064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. Cl A | 2326 | 114602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 1646 | 52606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. Cl A\* | 1358 | 41215 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 2059 | 123664 |
|  |  | 1173468 |
| CONSUMER STAPLES (3.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Hldgs., Inc.\* | 1188 | 78598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. Cl A\* | 202 | 66563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 1347 | 71081 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 3268 | 161374 |
|  |  | 377616 |
| ENERGY (7.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 4401 | 127585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Energy Corp. | 1497 | 141272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. Cl A | 2830 | 66364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 5505 | 169664 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 2687 | 93588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co.\* | 21604 | 126383 |
|  |  | 724856 |
| FINANCIALS (6.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 2804 | 96458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 1958 | 96764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. Cl A\* | 863 | 29635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. Cl A | 904 | 78793 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Micro-Cap ETF | 840 | 90577 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 Growth ETF | 250 | 53630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 548 | 77717 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 973 | 127726 |
|  |  | 651300 |
| HEALTH CARE (22.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 1224 | 121776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 4389 | 53590 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Svcs., Inc.\* | 1022 | 105082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 2381 | 66716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 603 | 31181 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | **COMMON STOCKS (CONTINUED):** | **COMMON STOCKS (CONTINUED):** |
| HEALTH CARE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 1055 | $42791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 853 | 65792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 605 | 23662 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 3265 | 37482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 745 | 32638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 2934 | 68069 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 790 | 70026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 2028 | 41189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 1748 | 99461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 2503 | 50010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 405 | 102011 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 640 | 59949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karuna Therapeutics, Inc.\* | 359 | 70543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 510 | 40402 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 936 | 43075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 338 | 98104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Hldgs., Inc.\* | 209 | 44394 |
| &nbsp;&nbsp;&nbsp;&nbsp; ModivCare, Inc.\* | 721 | 64695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 2511 | 38242 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare, Inc.\* | 4624 | 86839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 1005 | 50672 |
| &nbsp;&nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 1336 | 53079 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 761 | 65195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shockwave Medical, Inc.\* | 426 | 87590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silk Road Medical, Inc.\* | 1443 | 76263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc. | 1514 | 55367 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 772 | 37473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 2696 | 96166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 3395 | 38975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 1681 | 82016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 1863 | 49071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 1134 | 29529 |
|  |  | 2279115 |
| INDUSTRIALS (19.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc.\* | 826 | 93685 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp. Cl A\* | 3710 | 70935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. Cl A\* | 1135 | 90017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 1132 | 130440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 2638 | 131794 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 1392 | 206169 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 1914 | 167552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 4262 | 198055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 1391 | 110932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 1491 | 108247 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 1732 | 171555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 1479 | 74867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masonite International Corp.\* | 924 | 74484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 1825 | 81650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 283 | 59339 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 1184 | 93832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 914 | 49128 |
|  |  | 1912681 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | **COMMON STOCKS (CONTINUED):** | **COMMON STOCKS (CONTINUED):** |
| INFORMATION TECHNOLOGY (17.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Altair Engineering, Inc. Cl A\* | 1082 | $49199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arteris, Inc.\* | 4384 | 18851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackline, Inc.\* | 763 | 51327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 769 | 52623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cambium Networks Corp.\* | 4001 | 86702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Hldg. Ltd.\* | 3927 | 52268 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 473 | 61325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Domo, Inc. Cl B\* | 3216 | 45796 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Hldgs., Inc.\* | 432 | 73194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 587 | 75265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five9, Inc.\* | 1021 | 69285 |
| &nbsp;&nbsp;&nbsp;&nbsp; ForgeRock, Inc. Cl A\* | 2290 | 52143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant S.A.\* | 435 | 73150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grid Dynamics Hldgs., Inc.\* | 2947 | 33065 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivePerson, Inc.\* | 2902 | 29426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 918 | 67317 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. Cl A\* | 3292 | 111763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Model N, Inc.\* | 946 | 38370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 968 | 131522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 715 | 48684 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 2232 | 63657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perficient, Inc.\* | 1447 | 101044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Hldgs., Inc.\* | 1053 | 28294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 354 | 39730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 1787 | 60722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 457 | 62001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 726 | 69086 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | **COMMON STOCKS (CONTINUED):** | **COMMON STOCKS (CONTINUED):** |
| INFORMATION TECHNOLOGY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenable Hldgs., Inc.\* | 1546 | $58980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varonis Systems, Inc. Cl B\* | 1930 | 46204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zuora, Inc. Cl A\* | 5572 | 35438 |
|  |  | 1786431 |
| MATERIALS (5.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 2245 | 67036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 1431 | 48311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 1361 | 139992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 651 | 49450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Livent Corp.\* | 2073 | 41190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 894 | 78234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Engineered Carbons S.A. | 4034 | 71846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc. | 2580 | 84237 |
|  |  | 580296 |
| REAL ESTATE (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 473 | 70033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 4957 | 65333 |
|  |  | 135366 |
| UTILITIES (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 904 | 106835 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 342 | 36885 |
|  |  | 143720 |
| TOTAL COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $10,305,138) 97.9% |  | 9841743 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rate(%)** | **Maturity** | **Face Amount** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (2.2%)** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank, New York Time Deposit | 3.59 | 01/03/23 | $| &nbsp;&nbsp;&nbsp;&nbsp;225069 | $225069 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $225,069) 2.2% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $225,069) 2.2% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $225,069) 2.2% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $225,069) 2.2% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $225,069) 2.2% | 225069 |
|  TOTAL INVESTMENTS<br>(Cost: $10,530,207) 100.1% | TOTAL INVESTMENTS<br>(Cost: $10,530,207) 100.1% | TOTAL INVESTMENTS<br>(Cost: $10,530,207) 100.1% | TOTAL INVESTMENTS<br>(Cost: $10,530,207) 100.1% | TOTAL INVESTMENTS<br>(Cost: $10,530,207) 100.1% | 10066812 |
|  OTHER NET ASSETS -0.1% | OTHER NET ASSETS -0.1% | OTHER NET ASSETS -0.1% | OTHER NET ASSETS -0.1% | OTHER NET ASSETS -0.1% | (8855) |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $10057957 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS:** | | |
| COMMON STOCKS: |  |  |
| COMMUNICATION SERVICES (1.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMC Networks, Inc. Cl A\* | 221 | $3463 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATN International, Inc. | 85 | 3851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 488 | 6720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cinemark Hldgs., Inc.\* | 844 | 7309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Hldgs., Inc. | 337 | 19236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Communications Hldgs., Inc.\* | 581 | 2080 |
| &nbsp;&nbsp;&nbsp;&nbsp; EW Scripps Co. Cl A\* | 456 | 6015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gannett Co., Inc.\* | 1149 | 2332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 511 | 7542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus Corp. | 192 | 2763 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 397 | 5697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scholastic Corp. | 234 | 9234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 395 | 6272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 189 | 9964 |
| &nbsp;&nbsp;&nbsp;&nbsp; TechTarget, Inc.\* | 213 | 9385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 786 | 8245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thryv Hldgs., Inc.\* | 242 | 4598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc. Cl A\* | 549 | 15010 |
|  |  | 129716 |
| CONSUMER DISCRETIONARY (12.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aaron's Co., Inc. | 243 | 2904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. Cl A\* | 389 | 8912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 628 | 32998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 358 | 12709 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing Hldgs., Inc.\* | 902 | 7054 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 1370 | 19125 |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 46 | 3324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 175 | 31369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc.\* | 603 | 1514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Big Lots, Inc. | 228 | 3352 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 184 | 4854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 691 | 13903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Hldgs., Inc.\* | 235 | 14692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 347 | 11073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Buckle, Inc. | 233 | 10567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caleres, Inc. | 287 | 6394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 66 | 14932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Communities, Inc. | 223 | 11152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. | 377 | 11955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chico's FAS, Inc.\* | 984 | 4841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Children's Place, Inc.\* | 103 | 3751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chuy's Hldgs., Inc.\* | 142 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 331 | 11731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Designer Brands, Inc. Cl A | 400 | 3912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 124 | 8010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 223 | 18034 |
| &nbsp;&nbsp;&nbsp;&nbsp; El Pollo Loco Hldgs., Inc. | 155 | 1544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 180 | 4756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 642 | 13354 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| CONSUMER DISCRETIONARY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 98 | $4510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 262 | 17106 |
| &nbsp;&nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 337 | 4620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Golden Entertainment, Inc.\* | 173 | 6470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 214 | 5185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 115 | 20743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guess?, Inc. | 240 | 4966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haverty Furniture Cos., Inc. | 105 | 3139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hibbett, Inc. | 101 | 6890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 185 | 15836 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRobot Corp.\* | 215 | 10348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jack in the Box, Inc. | 166 | 11326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 389 | 15556 |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 339 | 7736 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 201 | 18582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leslie's, Inc.\* | 1167 | 14249 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 162 | 15001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Liquidity Svcs., Inc.\* | 213 | 2995 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 216 | 9975 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 170 | 5307 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDC Hldgs., Inc. | 449 | 14188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp.\* | 288 | 26554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 623 | 5750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc.\* | 105 | 8073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monro, Inc. | 248 | 11210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 152 | 1803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Movado Group, Inc. | 125 | 4031 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Vision Hldgs., Inc.\* | 621 | 24070 |
| &nbsp;&nbsp;&nbsp;&nbsp; ODP Corp.\* | 318 | 14482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 118 | 10995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 170 | 10302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perdoceo Education Corp.\* | 529 | 7353 |
| &nbsp;&nbsp;&nbsp;&nbsp; PetMed Express, Inc. | 166 | 2938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rent-A-Center, Inc. | 395 | 8907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ruth's Hospitality Group, Inc. | 239 | 3700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Beauty Hldgs., Inc.\* | 842 | 10542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc. Cl A\* | 294 | 12210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 135 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 364 | 24752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 583 | 13555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sleep Number Corp.\* | 174 | 4520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. Cl A | 132 | 6504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 1001 | 16917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 148 | 5150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 576 | 18409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 176 | 13784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.\* | 322 | 10072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sturm Ruger & Co., Inc. | 139 | 7036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 794 | 14760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Electronics, Inc.\* | 95 | 1977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 472 | 11257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vista Outdoor, Inc.\* | 445 | 10845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 240 | 12648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 620 | 6777 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW International, Inc.\* | 422 | 1629 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| CONSUMER DISCRETIONARY (CONTINUED) | CONSUMER DISCRETIONARY (CONTINUED) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 155 | $9309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 123 | 2674 |
|  |  | 870186 |
| CONSUMER STAPLES (5.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Andersons, Inc. | 245 | 8572 |
| &nbsp;&nbsp;&nbsp;&nbsp; B&G Foods, Inc. | 564 | 6289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 140 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 299 | 16281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 77 | 2884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co. Cl A\* | 327 | 11707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc.\* | 268 | 8919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 408 | 15724 |
| &nbsp;&nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 395 | 21843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 241 | 6312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc.\* | 703 | 11374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hostess Brands, Inc. Cl A\* | 1054 | 23652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inter Parfums, Inc. | 141 | 13609 |
| &nbsp;&nbsp;&nbsp;&nbsp; J&J Snack Foods Corp. | 118 | 17666 |
| &nbsp;&nbsp;&nbsp;&nbsp; John B Sanfilippo & Son, Inc. | 71 | 5774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medifast, Inc. | 86 | 9920 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 122 | 12978 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 184 | 8561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc. Cl A | 389 | 16400 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 197 | 11974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seneca Foods Corp. Cl A\* | 42 | 2560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simply Good Foods Co.\* | 662 | 25176 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpartanNash Co. | 278 | 8407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 140 | 5960 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 398 | 19653 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 459 | 17768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Corp. | 194 | 10245 |
| &nbsp;&nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 88 | 4682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vector Group Ltd. | 1035 | 12275 |
| &nbsp;&nbsp;&nbsp;&nbsp; WD-40 Co. | 107 | 17249 |
|  |  | 358530 |
| ENERGY (4.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Archrock, Inc. | 1053 | 9456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 186 | 5046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Callon Petroleum Co.\* | 403 | 14947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 409 | 23693 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONSOL Energy, Inc. | 258 | 16770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Core Laboratories N.V. | 365 | 7399 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 146 | 2838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 251 | 4756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dril-Quip, Inc.\* | 267 | 7254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 466 | 14213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 1123 | 8288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 829 | 41094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Laredo Petroleum, Inc.\* | 133 | 6839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 71 | 10996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 789 | 13800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 503 | 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Par Pacific Hldgs., Inc.\* | 437 | 10160 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| ENERGY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 1706 | $28729 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProPetro Hldg. Corp.\* | 756 | 7840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ranger Oil Corp. Cl A | 151 | 6105 |
| &nbsp;&nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 123 | 3919 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPC, Inc. | 655 | 5823 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 966 | 33646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 514 | 9704 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Silica Hldgs., Inc.\* | 596 | 7450 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Fuel Svcs. Corp. | 488 | 13337 |
|  |  | 317854 |
| FINANCIALS (19.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambac Financial Group, Inc.\* | 354 | 6174 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Equity Investment Life Hldg. Co. | 547 | 24954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 513 | 24183 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 151 | 7847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. | 1018 | 10954 |
| &nbsp;&nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc. | 1039 | 5850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty Ltd. | 472 | 29387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 421 | 16091 |
| &nbsp;&nbsp;&nbsp;&nbsp; B Riley Financial, Inc. | 126 | 4309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banc of California, Inc. | 441 | 7025 |
| &nbsp;&nbsp;&nbsp;&nbsp; BancFirst Corp. | 138 | 12169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bancorp, Inc.\* | 441 | 12516 |
| &nbsp;&nbsp;&nbsp;&nbsp; BankUnited, Inc. | 608 | 20654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banner Corp. | 269 | 17001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 355 | 10614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blucora, Inc.\* | 377 | 9625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bread Financial Hldgs., Inc. | 393 | 14800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brightsphere Investment Group, Inc. | 255 | 5248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 605 | 8561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 1016 | 8788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 215 | 4360 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Hldg. Co. | 117 | 10892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 619 | 18650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Bank System, Inc. | 423 | 26628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 241 | 6830 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVB Financial Corp. | 1034 | 26625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 255 | 8117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 197 | 7614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 252 | 11106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 451 | 5579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Employers Hldgs., Inc. | 214 | 9230 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 184 | 8821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 248 | 9516 |
| &nbsp;&nbsp;&nbsp;&nbsp; EZCORP, Inc. Cl A\* | 423 | 3447 |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 277 | 10011 |
| &nbsp;&nbsp;&nbsp;&nbsp; First BanCorp. | 1453 | 18482 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| FINANCIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; First Bancorp/Southern Pines NC | 281 | $12038 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 735 | 10268 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 746 | 18076 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 1005 | 26170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 649 | 8372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc. Cl A\* | 3905 | 20657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Point Mortgage Trust, Inc. | 412 | 2208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Green Dot Corp. Cl A\* | 369 | 5838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 240 | 5940 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCI Group, Inc. | 55 | 2177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 277 | 8487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hilltop Hldgs., Inc. | 361 | 10834 |
| &nbsp;&nbsp;&nbsp;&nbsp; HomeStreet, Inc. | 140 | 3861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 940 | 12041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 322 | 12033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 360 | 30395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Group, Inc. | 279 | 16762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc. | 278 | 3539 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P Small-Cap ETF | 1243 | 117638 |
| &nbsp;&nbsp;&nbsp;&nbsp; James River Group Hldgs. Ltd. | 295 | 6168 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. | 452 | 6310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 200 | 14594 |
| &nbsp;&nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 86 | 1834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | 210 | 7182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mr Cooper Group, Inc.\* | 556 | 22312 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Bank Hldgs. Corp. Cl A | 296 | 12453 |
| &nbsp;&nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 337 | 14633 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Mortgage Trust, Inc. | 2919 | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Hldgs., Inc. Cl A\* | 658 | 13752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 331 | 5207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 999 | 13966 |
| &nbsp;&nbsp;&nbsp;&nbsp; OFG Bancorp | 375 | 10335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 748 | 23607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palomar Hldgs., Inc.\* | 199 | 8987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park National Corp. | 114 | 16046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 227 | 9772 |
| &nbsp;&nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust | 700 | 8673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 111 | 14451 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 307 | 10370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Bank | 104 | 7760 |
| &nbsp;&nbsp;&nbsp;&nbsp; ProAssurance Corp. | 425 | 7425 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROG Hldgs., Inc.\* | 394 | 6655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Provident Financial Svcs., Inc. | 593 | 12666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ready Capital Corp. | 774 | 8622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 892 | 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 441 | 16577 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 307 | 10493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 116 | 9774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 559 | 17435 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| FINANCIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 385 | $26530 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simmons First National Corp. Cl A | 999 | 21558 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 669 | 3947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 240 | 8638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 350 | 10311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stewart Information Svcs. Corp. | 214 | 9144 |
| &nbsp;&nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 136 | 12961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 100 | 7758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc.\* | 179 | 8748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 277 | 13166 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrustCo Bank Corp. | 150 | 5639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustmark Corp. | 480 | 16757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. | 680 | 10724 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 836 | 28257 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 171 | 4679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Insurance Hldgs., Inc. | 217 | 2298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritex Hldgs., Inc. | 425 | 11934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 54 | 10338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 242 | 18992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westamerica BanCorp | 212 | 12510 |
| &nbsp;&nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 894 | 4872 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 27 | 1780 |
| &nbsp;&nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 485 | 21990 |
|  |  | 1375085 |
| HEALTH CARE (10.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdaptHealth Corp. Cl A\* | 605 | 11628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 127 | 12635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agiliti, Inc.\* | 262 | 4273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allscripts Healthcare Solutions, Inc.\* | 860 | 15170 |
| &nbsp;&nbsp;&nbsp;&nbsp; AMN Healthcare Svcs., Inc.\* | 341 | 35062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 297 | 8322 |
| &nbsp;&nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 308 | 4241 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 96 | 3862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 115 | 3404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Medical Hldgs., Inc.\* | 312 | 9232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 411 | 8499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 318 | 3854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 366 | 9904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avid Bioservices, Inc.\* | 489 | 6734 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 270 | 4914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cara Therapeutics, Inc.\* | 356 | 3823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardiovascular Systems, Inc.\* | 329 | 4481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 753 | 14006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherus Biosciences, Inc.\* | 508 | 4023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 265 | 6148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 986 | 4259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Computer Programs & Systems, Inc.\* | 112 | 3049 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONMED Corp. | 240 | 21274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Contra Progenics Pharmaceuticals, Inc. — contingent value rights\* | 384 | 0 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| HEALTH CARE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 754 | $15314 |
| &nbsp;&nbsp;&nbsp;&nbsp; CorVel Corp.\* | 72 | 10464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 279 | 7413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cutera, Inc.\* | 141 | 6235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 745 | 34136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 933 | 9927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Pharmaceuticals, Inc.\* | 82 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 455 | 11507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 350 | 4133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 154 | 7164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 391 | 5146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 437 | 41345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 156 | 4646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glaukos Corp.\* | 376 | 16424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmony Biosciences Hldgs., Inc.\* | 234 | 12893 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthStream, Inc.\* | 190 | 4720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heska Corp.\* | 81 | 5035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 495 | 6559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 181 | 3567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Hldgs. Corp.\* | 261 | 17868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc. Cl A\* | 1050 | 13009 |
| &nbsp;&nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc.\* | 194 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Corp.\* | 115 | 1608 |
| &nbsp;&nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 153 | 7041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 127 | 8484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meridian Bioscience, Inc.\* | 345 | 11457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 448 | 31638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 40 | 6648 |
| &nbsp;&nbsp;&nbsp;&nbsp; ModivCare, Inc.\* | 100 | 8973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 638 | 9257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nektar Therapeutics Cl A\* | 1479 | 3343 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 994 | 9185 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextGen Healthcare, Inc.\* | 431 | 8094 |
| &nbsp;&nbsp;&nbsp;&nbsp; NuVasive, Inc.\* | 410 | 16908 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc. Cl CR3\* | 49 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc. Cl CR4\* | 49 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 135 | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 572 | 2757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organogenesis Hldgs., Inc. Cl A\* | 557 | 1498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 158 | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 600 | 11718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 361 | 13938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 645 | 9585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennant Group, Inc.\* | 222 | 2438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. Cl A | 160 | 2146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 390 | 24414 |
| &nbsp;&nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 384 | 7231 |
| &nbsp;&nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 297 | 6736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Select Medical Hldgs. Corp. | 819 | 20336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simulations Plus, Inc. | 127 | 4644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 425 | 15160 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| HEALTH CARE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Surmodics, Inc.\* | 111 | $3787 |
| &nbsp;&nbsp;&nbsp;&nbsp; uniQure N.V.\* | 325 | 7368 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Physical Therapy, Inc. | 103 | 8346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 446 | 3296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 314 | 6374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 372 | 9798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 597 | 15110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 472 | 12291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimvie, Inc.\* | 165 | 1541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zynex, Inc. | 171 | 2379 |
|  |  | 767527 |
| INDUSTRIALS (16.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3D Systems Corp.\* | 1032 | 7637 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAON, Inc. | 331 | 24931 |
| &nbsp;&nbsp;&nbsp;&nbsp; AAR Corp.\* | 263 | 11809 |
| &nbsp;&nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 521 | 23143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerojet Rocketdyne Hldgs., Inc.\* | 596 | 33334 |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 197 | 16875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 81 | 11470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany International Corp. Cl A | 245 | 24155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.\* | 123 | 8363 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 131 | 6401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 175 | 7781 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 304 | 38313 |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcBest Corp. | 193 | 13518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 381 | 20704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 179 | 7278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlas Air Worldwide Hldgs., Inc.\* | 203 | 20462 |
| &nbsp;&nbsp;&nbsp;&nbsp; AZZ, Inc. | 196 | 7879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barnes Group, Inc. | 398 | 16258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boise Cascade Co. | 311 | 21356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brady Corp. Cl A | 365 | 17192 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIRCOR International, Inc.\* | 161 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 282 | 32453 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 905 | 10462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deluxe Corp. | 340 | 5773 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 124 | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encore Wire Corp. | 145 | 19946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. Cl A | 448 | 11402 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnPro Industries, Inc. | 164 | 17825 |
| &nbsp;&nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 204 | 17858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 399 | 39537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 477 | 22166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 89 | 3183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Air Corp. | 210 | 22027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Electric Co., Inc. | 307 | 24483 |
| &nbsp;&nbsp;&nbsp;&nbsp; GEO Group, Inc.\* | 977 | 10698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 244 | 11195 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMS, Inc.\* | 334 | 16633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 344 | 12064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. | 258 | 8651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Griffon Corp. | 373 | 13350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harsco Corp.\* | 626 | 3938 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| INDUSTRIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Hldgs., Inc.\* | 405 | $4155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Svcs. Group, Inc. | 583 | 6996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 367 | 5630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | 156 | 4363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 547 | 23341 |
| &nbsp;&nbsp;&nbsp;&nbsp; HNI Corp. | 326 | 9268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc. Cl A\* | 257 | 20429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 154 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. Cl A | 458 | 4520 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Bean Technologies Corp. | 251 | 22924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaman Corp. | 221 | 4928 |
| &nbsp;&nbsp;&nbsp;&nbsp; KAR Auction Svcs., Inc.\* | 857 | 11184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelly Svcs., Inc. Cl A | 273 | 4614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Korn Ferry | 420 | 21260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lindsay Corp. | 87 | 14168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 453 | 8960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 1017 | 7678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matson, Inc. | 298 | 18628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matthews International Corp. Cl A | 241 | 7336 |
| &nbsp;&nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 594 | 12480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc. Cl A | 228 | 20009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 448 | 26432 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 131 | 12061 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 40 | 2738 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOW, Inc.\* | 869 | 11036 |
| &nbsp;&nbsp;&nbsp;&nbsp; NV5 Global, Inc.\* | 98 | 12967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 153 | 2052 |
| &nbsp;&nbsp;&nbsp;&nbsp; PGT Innovations, Inc.\* | 472 | 8477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 1273 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 72 | 2533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 214 | 5463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 261 | 6180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 1148 | 18885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 252 | 4632 |
| &nbsp;&nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 398 | 6571 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 356 | 23371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Standex International Corp. | 95 | 9729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Hldgs., Inc.\* | 257 | 4076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 147 | 9051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 401 | 6143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 641 | 18954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Group, Inc.\* | 512 | 5386 |
| &nbsp;&nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 258 | 5052 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 485 | 38436 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 119 | 22966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritiv Corp. | 107 | 13023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viad Corp.\* | 163 | 3976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | 378 | 8543 |
|  |  | 1180456 |
| INFORMATION TECHNOLOGY (12.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 877 | 3789 |
| &nbsp;&nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 503 | 8365 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| INFORMATION TECHNOLOGY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adeia, Inc. | 826 | $7830 |
| &nbsp;&nbsp;&nbsp;&nbsp; ADTRAN Hldgs., Inc. | 556 | 10447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 295 | 25305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 156 | 12346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alarm.com Hldgs., Inc.\* | 393 | 19446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 175 | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arlo Technologies, Inc.\* | 695 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avid Technology, Inc.\* | 262 | 6967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 259 | 20554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 231 | 25186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 277 | 7393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 310 | 5744 |
| &nbsp;&nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 183 | 4681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 90 | 8473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 375 | 12019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp. | 218 | 2646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 139 | 7473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 303 | 4112 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 239 | 13671 |
| &nbsp;&nbsp;&nbsp;&nbsp; CTS Corp. | 251 | 9894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 278 | 10161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Digital Turbine, Inc.\* | 709 | 10805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 358 | 27258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ebix, Inc. | 185 | 3693 |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc.\* | 212 | 9387 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 513 | 16611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 1033 | 18914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fabrinet\* | 288 | 36927 |
| &nbsp;&nbsp;&nbsp;&nbsp; FARO Technologies, Inc.\* | 147 | 4323 |
| &nbsp;&nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 606 | 13471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 830 | 10873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ichor Hldgs. Ltd.\* | 227 | 6088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 239 | 23965 |
| &nbsp;&nbsp;&nbsp;&nbsp; InterDigital, Inc. | 234 | 11578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Itron, Inc.\* | 356 | 18031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knowles Corp.\* | 716 | 11757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 457 | 20227 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivePerson, Inc.\* | 551 | 5587 |
| &nbsp;&nbsp;&nbsp;&nbsp; LiveRamp Hldgs., Inc.\* | 523 | 12259 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc. Cl A\* | 569 | 19318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 288 | 12779 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 228 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 539 | 17523 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneSpan, Inc.\* | 278 | 3111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 390 | 26555 |
| &nbsp;&nbsp;&nbsp;&nbsp; OSI Systems, Inc.\* | 124 | 9860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 1570 | 8588 |
| &nbsp;&nbsp;&nbsp;&nbsp; PC Connection, Inc. | 89 | 4174 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 233 | 6645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perficient, Inc.\* | 273 | 19064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 486 | 8179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Plexus Corp.\* | 218 | 22439 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| INFORMATION TECHNOLOGY (CONTINUED) | INFORMATION TECHNOLOGY (CONTINUED) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp. | 339 | $17103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 846 | 30304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Corp.\* | 148 | 17662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabre Corp.\* | 2583 | 15963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 452 | 25895 |
| &nbsp;&nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 199 | 5815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 499 | 14316 |
| &nbsp;&nbsp;&nbsp;&nbsp; SMART Global Hldgs., Inc.\* | 383 | 5699 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 284 | 36474 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTEC Hldgs., Inc. | 149 | 6575 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 804 | 12124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Hldgs., Inc.\* | 358 | 11868 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unisys Corp.\* | 534 | 2729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 405 | 7525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 1781 | 18718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 329 | 2833 |
|  |  | 889662 |
| MATERIALS (5.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 217 | 8250 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Vanguard Corp. | 219 | 4754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arconic Corp.\* | 799 | 16907 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.\* | 1018 | 30397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 253 | 30894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 382 | 14111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 403 | 3297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 132 | 4991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Minerals International, Inc. | 268 | 10988 |
| &nbsp;&nbsp;&nbsp;&nbsp; FutureFuel Corp. | 204 | 1659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawkins, Inc. | 149 | 5751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haynes International, Inc. | 99 | 4523 |
| &nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. | 420 | 30080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innospec, Inc. | 195 | 20058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 126 | 9571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koppers Hldgs., Inc. | 165 | 4653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Livent Corp.\* | 1411 | 28037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materion Corp. | 162 | 14177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mativ Hldgs., Inc. | 433 | 9050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercer International, Inc. | 318 | 3702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 256 | 15544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 288 | 6402 |
| &nbsp;&nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 1221 | 20232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 76 | 2552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 108 | 18025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 504 | 4838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stepan Co. | 167 | 17779 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 657 | 5670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sylvamo Corp. | 261 | 12682 |
| &nbsp;&nbsp;&nbsp;&nbsp; TimkenSteel Corp.\* | 312 | 5669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tredegar Corp. | 198 | 2024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trinseo PLC | 276 | 6268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 407 | 14098 |
|  |  | 387633 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| REAL ESTATE (7.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 747 | $10720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 696 | 49367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 571 | 10695 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | 410 | 10865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 862 | 5508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 533 | 6130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 1350 | 8303 |
| &nbsp;&nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 764 | 14195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centerspace | 119 | 6982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chatham Lodging Trust | 384 | 4712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 185 | 6623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC\* | 1278 | 15924 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 1647 | 13489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Elliman, Inc. | 531 | 2161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. Cl A | 714 | 10189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elme Communities | 689 | 12264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 1119 | 26263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. | 659 | 17088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. | 723 | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp. | 335 | 11340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Net Lease, Inc. | 817 | 10270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hersha Hospitality Trust Cl A | 259 | 2207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. | 1009 | 9818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust | 516 | 1687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. Cl A | 221 | 22398 |
| &nbsp;&nbsp;&nbsp;&nbsp; iStar, Inc. | 681 | 5196 |
| &nbsp;&nbsp;&nbsp;&nbsp; LTC Properties, Inc. | 319 | 11334 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 2169 | 21733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 196 | 6752 |
| &nbsp;&nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 179 | 7790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Office Properties Income Trust | 383 | 5113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion Office REIT, Inc. | 446 | 3809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 1150 | 19067 |
| &nbsp;&nbsp;&nbsp;&nbsp; RE/MAX Hldgs., Inc. Cl A | 144 | 2684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail Opportunity Investments Corp. | 980 | 14729 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPT Realty | 671 | 6737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safehold, Inc. | 191 | 5466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saul Centers, Inc. | 102 | 4149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Properties Trust | 1302 | 9492 |
| &nbsp;&nbsp;&nbsp;&nbsp; SITE Centers Corp. | 1455 | 19875 |
| &nbsp;&nbsp;&nbsp;&nbsp; St Joe Co. | 267 | 10320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. | 841 | 6072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 1655 | 15987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tanger Factory Outlet Centers, Inc. | 821 | 14729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uniti Group, Inc. | 1866 | 10319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust | 100 | 4773 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| REAL ESTATE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Urban Edge Properties | 924 | $13019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Urstadt Biddle Properties, Inc. Cl A | 235 | 4453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veris Residential, Inc.\* | 624 | 9940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whitestone REIT Cl B | 366 | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 896 | 11809 |
|  |  | 540047 |
| UTILITIES (2.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American States Water Co. | 291 | 26932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avista Corp. | 580 | 25717 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Water Service Group | 431 | 26136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 140 | 16545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middlesex Water Co. | 139 | 10935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Natural Hldg. Co. | 276 | 13135 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| UTILITIES (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SJW Group | 209 | $16968 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Industries, Inc. | 964 | 34251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unitil Corp. | 127 | 6523 |
|  |  | 177142 |
|  TOTAL INDEXED ASSETS-COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $7,649,865) 99.6% |  | 6993838 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rate(%)** | **Maturity** | **Face Amount** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (0.4%)** |  |  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase, New York Time Deposit | 3.59 | 01/03/23 | $| 29235 | $29235 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $29,235) 0.4% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $29,235) 0.4% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $29,235) 0.4% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $29,235) 0.4% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $29,235) 0.4% | 29235 |
|  TOTAL INVESTMENTS<br>(Cost: $7,679,100) 100.0% | TOTAL INVESTMENTS<br>(Cost: $7,679,100) 100.0% | TOTAL INVESTMENTS<br>(Cost: $7,679,100) 100.0% | TOTAL INVESTMENTS<br>(Cost: $7,679,100) 100.0% | TOTAL INVESTMENTS<br>(Cost: $7,679,100) 100.0% | 7023073 |
|  OTHER NET ASSETS 0.0% (2) | OTHER NET ASSETS 0.0% (2) | OTHER NET ASSETS 0.0% (2) | OTHER NET ASSETS 0.0% (2) | OTHER NET ASSETS 0.0% (2) | 142 |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $7023215 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| COMMUNICATION SERVICES (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 368 | $38320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 2063 | 19557 |
|  |  | 57877 |
| CONSUMER DISCRETIONARY (6.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 150 | 30414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Hldgs. Ltd.\* | 1209 | 69300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc. | 3550 | 22578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 600 | 80754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Hldgs., Inc.\* | 549 | 25715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 195 | 6232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. Cl A\* | 1206 | 36602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 170 | 19537 |
|  |  | 291132 |
| CONSUMER STAPLES (4.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. Cl A\* | 160 | 52723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc. Cl A | 190 | 44032 |
| &nbsp;&nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 1841 | 90909 |
|  |  | 187664 |
| ENERGY (8.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Baker Hughes Co. Cl A | 3665 | 108227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 437 | 65533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | 1434 | 88205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 331 | 46942 |
| &nbsp;&nbsp;&nbsp;&nbsp; MPLX LP\* | 896 | 29425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. | 1132 | 37243 |
|  |  | 375575 |
| FINANCIALS (14.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 756 | 103784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 441 | 137314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Svcs. | 365 | 35708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everest Re Group Ltd. | 180 | 59628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1458 | 47837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hartford Financial Svcs. Group, Inc. | 615 | 46635 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp. | 2742 | 47766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 325 | 46179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signature Bank | 203 | 23390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | 1496 | 27422 |
| &nbsp;&nbsp;&nbsp;&nbsp; SVB Financial Group\* | 128 | 29458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | 779 | 25598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 511 | 31421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zions Bancorporation | 432 | 21237 |
|  |  | 683377 |
| HEALTH CARE (8.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 580 | 86797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.\* | 618 | 50682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Hldgs. Corp.\* | 1381 | 46498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics PLC\* | 371 | 42220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 73 | 37390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc. Cl A\* | 771 | 28280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zimmer Biomet Hldgs., Inc. | 637 | 81218 |
|  |  | 373085 |
| INDUSTRIALS (17.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 953 | 40922 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| INDUSTRIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 797 | $51709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 225 | 53021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 536 | 61168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Hldgs. Co. | 934 | 93820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dover Corp. | 283 | 38321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 609 | 73123 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 1156 | 61037 |
| &nbsp;&nbsp;&nbsp;&nbsp; L-3 Harris Technologies, Inc. | 265 | 55176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 1434 | 84606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 84 | 23837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 468 | 41273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 373 | 28020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univar Solutions, Inc.\* | 3191 | 101474 |
|  |  | 807507 |
| INFORMATION TECHNOLOGY (9.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 993 | 50623 |
| &nbsp;&nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 3761 | 99667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 915 | 86358 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | 328 | 27792 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.\* | 308 | 36972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 151 | 60386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 384 | 33542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 817 | 25858 |
|  |  | 421198 |
| MATERIALS (10.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 1120 | 120434 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Hldgs., Inc. | 1429 | 117478 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. | 242 | 30202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 683 | 25954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newmont Corp. | 621 | 29311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | 431 | 55129 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 296 | 37219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 652 | 63700 |
|  |  | 479427 |
| REAL ESTATE (5.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexander's, Inc. | 50 | 11003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Income REIT Corp. | 811 | 27826 |
| &nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 229 | 36988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brandywine Realty Trust | 2422 | 14895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 840 | 43756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 364 | 14076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 586 | 38412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 1856 | 57536 |
|  |  | 244492 |
| UTILITIES (9.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AES Corp. | 1822 | 52401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameren Corp. | 800 | 71136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 324 | 36311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entergy Corp. | 467 | 52537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evergy, Inc. | 1593 | 100247 |
| &nbsp;&nbsp;&nbsp;&nbsp; PPL Corp. | 1253 | 36613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Svc. Enterprise Group, Inc. | 1191 | 72973 |
|  |  | 422218 |
|  TOTAL COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,589,330) 95.0% | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $4,589,330) 95.0% | 4343552 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rate(%)** | **Maturity** | **Face Amount** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (5.0%)** | |  | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank, New York Time Deposit | 3.59 | 01/03/23 | $| &nbsp;&nbsp;&nbsp;&nbsp;228220 | $228220 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $228,220) 5.0% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $228,220) 5.0% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $228,220) 5.0% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $228,220) 5.0% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $228,220) 5.0% | 228220 |
|  TOTAL INVESTMENTS<br>(Cost: $4,817,550) 100.0% | TOTAL INVESTMENTS<br>(Cost: $4,817,550) 100.0% | TOTAL INVESTMENTS<br>(Cost: $4,817,550) 100.0% | TOTAL INVESTMENTS<br>(Cost: $4,817,550) 100.0% | TOTAL INVESTMENTS<br>(Cost: $4,817,550) 100.0% | 4571772 |
|  OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | (341) |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $4571431 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS:** | | |
| COMMON STOCKS: |  |  |
| COMMUNICATION SERVICES (2.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cable One, Inc. | 108 | $76881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 4970 | 126636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iridium Communications, Inc.\* | 2801 | 143971 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. Cl A | 957 | 38338 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Times Co. Cl A | 3670 | 119128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. Cl A | 841 | 147200 |
| &nbsp;&nbsp;&nbsp;&nbsp; TEGNA, Inc. | 4973 | 105378 |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 2335 | 41983 |
| &nbsp;&nbsp;&nbsp;&nbsp; World Wrestling Entertainment, Inc. Cl A | 965 | 66122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 1052 | 83213 |
|  |  | 948850 |
| CONSUMER DISCRETIONARY (13.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adient PLC\* | 2113 | 73300 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 763 | 81870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 1769 | 96464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | 1617 | 116553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capri Hldgs. Ltd.\* | 2872 | 164623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc. | 851 | 63493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 618 | 69612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 734 | 155190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 789 | 69101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 495 | 46896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 1376 | 149200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | 2844 | 43030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 590 | 235504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 1240 | 149160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 1237 | 218788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foot Locker, Inc. | 1769 | 66850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Factory Hldg. Corp.\* | 942 | 85939 |
| &nbsp;&nbsp;&nbsp;&nbsp; GameStop Corp. Cl A\* | 5634 | 104004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gap, Inc. | 4703 | 53050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentex Corp. | 5229 | 142595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 6305 | 63996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graham Hldgs. Co. Cl B | 86 | 51962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 684 | 72271 |
| &nbsp;&nbsp;&nbsp;&nbsp; H&R Block, Inc. | 3466 | 126544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc. | 7779 | 49474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 2965 | 123344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 534 | 59226 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home | 1852 | 58986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohl's Corp. | 2601 | 65675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lear Corp. | 1317 | 163334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 2955 | 95240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Light & Wonder, Inc.\* | 2089 | 122415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. Cl A | 610 | 124891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macy's, Inc. | 6041 | 124747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 855 | 115074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 7900 | 140936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 464 | 129707 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| CONSUMER DISCRETIONARY (CONTINUED) | CONSUMER DISCRETIONARY (CONTINUED) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordstrom, Inc. | 2484 | $40092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Hldgs., Inc.\* | 1297 | 60751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 716 | 58934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 3459 | 102732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 1215 | 122715 |
| &nbsp;&nbsp;&nbsp;&nbsp; PVH Corp. | 1454 | 102638 |
| &nbsp;&nbsp;&nbsp;&nbsp; RH\* | 429 | 114625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Service Corp. International | 3429 | 237081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skechers U.S.A., Inc. Cl A\* | 2992 | 125514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. Cl A\* | 2416 | 73326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tempur Sealy International, Inc. | 3812 | 130866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. Cl A | 1491 | 135606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 1197 | 90362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 2350 | 117312 |
| &nbsp;&nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 713 | 111577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 3090 | 61027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 1813 | 65993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. Cl A\* | 4206 | 42733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Under Armour, Inc. Cl C\* | 4393 | 39186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 1812 | 64833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visteon Corp.\* | 627 | 82030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wendy's Co. | 3799 | 85971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 1488 | 171001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 666 | 91655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 1970 | 140481 |
| &nbsp;&nbsp;&nbsp;&nbsp; YETI Hldgs., Inc.\* | 1922 | 79398 |
|  |  | 6421483 |
| CONSUMER STAPLES (3.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 3019 | 77407 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Hldgs., Inc.\* | 3011 | 199208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Beer Co., Inc. Cl A\* | 211 | 69529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 830 | 186211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celsius Hldgs., Inc.\* | 900 | 93636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 102 | 52261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coty, Inc. Cl A\* | 8149 | 69755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 3572 | 223572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energizer Hldgs., Inc. | 1477 | 49553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 4283 | 123093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grocery Outlet Hldg. Corp.\* | 1973 | 57592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 1461 | 143076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lancaster Colony Corp. | 442 | 87207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 3470 | 202613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp.\* | 1002 | 23777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Post Hldgs., Inc.\* | 1212 | 109395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 2360 | 76393 |
|  |  | 1844278 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| ENERGY (3.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 7466 | $80558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 6156 | 190774 |
| &nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 4445 | 128860 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 4024 | 67764 |
| &nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 2156 | 119141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equitrans Midstream Corp. | 9648 | 64642 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 2999 | 155618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 2502 | 143214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 3257 | 140084 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOV, Inc. | 8756 | 182913 |
| &nbsp;&nbsp;&nbsp;&nbsp; PBF Energy, Inc. Cl A | 2547 | 103867 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDC Energy, Inc. | 2055 | 130451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 5387 | 134783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co.\* | 24603 | 143928 |
|  |  | 1786597 |
| FINANCIALS (15.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 840 | 133081 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 1556 | 213608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 10430 | 219864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 3351 | 77375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 892 | 69183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank OZK | 2467 | 98828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 1542 | 79058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Bank | 4067 | 100292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 1658 | 67630 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 2550 | 58267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 2542 | 173034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 1433 | 191592 |
| &nbsp;&nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 3142 | 207058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essent Group Ltd. | 2401 | 93351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc. Cl A | 797 | 86937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federated Hermes, Inc. Cl B | 1884 | 68408 |
| &nbsp;&nbsp;&nbsp;&nbsp; First American Financial Corp. | 2308 | 120801 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 2893 | 99519 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Horizon Corp. | 11962 | 293069 |
| &nbsp;&nbsp;&nbsp;&nbsp; FirstCash Hldgs., Inc. | 837 | 72744 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNB Corp. | 7820 | 102051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 3733 | 62826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 2469 | 122018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 1910 | 92425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. | 792 | 107023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 4228 | 96356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. Cl A | 2293 | 165899 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 1177 | 53859 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P Mid-Cap ETF | 2682 | 648749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus Henderson Group PLC | 2954 | 69478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 4084 | 140000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | 1424 | 70061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 480 | 125530 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| FINANCIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 6622 | $86086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | 2359 | 38806 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Community Bancorp, Inc. | 15165 | 130419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old National Bancorp | 6529 | 117391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | 6310 | 152386 |
| &nbsp;&nbsp;&nbsp;&nbsp; PacWest Bancorp | 2626 | 60267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 1704 | 125074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primerica, Inc. | 823 | 116718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 2035 | 147904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | 1489 | 211572 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Hldgs. Ltd. | 974 | 179440 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 900 | 118143 |
| &nbsp;&nbsp;&nbsp;&nbsp; SEI Investments Co. | 2284 | 133157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 1343 | 119003 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | 5577 | 92578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 2369 | 138279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 3242 | 121737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 1112 | 67065 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 969 | 80931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Umpqua Hldgs. Corp. | 4838 | 86358 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 3001 | 121510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unum Group | 4168 | 171013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valley National Bancorp | 9369 | 105963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 2167 | 133249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Federal, Inc. | 1456 | 48849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Webster Financial Corp. | 3880 | 183679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 1354 | 114440 |
|  |  | 7581991 |
| HEALTH CARE (9.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 2028 | 166945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amedisys, Inc.\* | 724 | 60483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 2359 | 95681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 1672 | 97344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bruker Corp. | 2230 | 152420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 331 | 168952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 2224 | 133017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.\* | 1062 | 56838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envista Hldgs. Corp.\* | 3634 | 122357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 7190 | 115328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc. Cl A\* | 1725 | 128116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 1129 | 88796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 3015 | 171553 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 1884 | 116130 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 449 | 70709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inari Medical, Inc.\* | 1076 | 68391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Hldgs. Corp.\* | 1619 | 90777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 1403 | 223512 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| HEALTH CARE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lantheus Hldgs., Inc.\* | 1534 | $78173 |
| &nbsp;&nbsp;&nbsp;&nbsp; LHC Group, Inc.\* | 691 | 111728 |
| &nbsp;&nbsp;&nbsp;&nbsp; LivaNova PLC\* | 1193 | 66259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Masimo Corp.\* | 1078 | 159490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Hldgs., Inc.\* | 561 | 119162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neogen Corp.\* | 4817 | 73363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 2143 | 255960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 995 | 50168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 3446 | 103690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patterson Cos., Inc. | 1931 | 54126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 846 | 188201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perrigo Co. PLC | 3001 | 102304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 1677 | 52239 |
| &nbsp;&nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 1193 | 102204 |
| &nbsp;&nbsp;&nbsp;&nbsp; R1 RCM, Inc.\* | 3064 | 33551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.\* | 1151 | 194876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shockwave Medical, Inc.\* | 805 | 165516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 2201 | 18334 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 1074 | 52132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc. Cl A\* | 2294 | 84144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 1433 | 64413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 2410 | 117584 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 1016 | 282539 |
|  |  | 4657505 |
| INDUSTRIALS (19.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | 717 | 118742 |
| &nbsp;&nbsp;&nbsp;&nbsp; AECOM | 3113 | 264387 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 1380 | 191392 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 1112 | 90606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 555 | 90981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 1507 | 250056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brink's Co. | 1036 | 55644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 3282 | 212936 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc. Cl A\* | 523 | 157209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 1152 | 271469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 931 | 107279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 1121 | 127929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crane Hldgs. Co. | 1063 | 106778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 854 | 142609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | 2731 | 160774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 656 | 61402 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 1063 | 157441 |
| &nbsp;&nbsp;&nbsp;&nbsp; EnerSys | 910 | 67194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 1151 | 54005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 2913 | 89371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.\* | 3167 | 109768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 2858 | 163220 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 767 | 121800 |
| &nbsp;&nbsp;&nbsp;&nbsp; GATX Corp. | 784 | 83371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 3757 | 252696 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 2644 | 112872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 1876 | 110403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hubbell, Inc. Cl B | 1197 | 280912 |
| &nbsp;&nbsp;&nbsp;&nbsp; IAA, Inc.\* | 2982 | 119280 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| INDUSTRIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 794 | $90198 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 1843 | 149467 |
| &nbsp;&nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 7220 | 46786 |
| &nbsp;&nbsp;&nbsp;&nbsp; KBR, Inc. | 3059 | 161515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kennametal, Inc. | 1797 | 43236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kirby Corp.\* | 1335 | 85907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Hldgs., Inc. Cl A | 3582 | 187733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 801 | 130483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | 718 | 171767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Hldgs., Inc. | 1287 | 185959 |
| &nbsp;&nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 1128 | 93861 |
| &nbsp;&nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 1314 | 112124 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 4533 | 137531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 1292 | 57804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Middleby Corp.\* | 1201 | 160814 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 821 | 118380 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc. Cl A | 1052 | 85948 |
| &nbsp;&nbsp;&nbsp;&nbsp; nVent Electric PLC | 3713 | 142839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 1457 | 128493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 2084 | 177765 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 1474 | 176851 |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc.\* | 2566 | 44135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryder System, Inc. | 1121 | 93682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.\* | 589 | 123502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 1229 | 136333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 950 | 84227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stericycle, Inc.\* | 2055 | 102524 |
| &nbsp;&nbsp;&nbsp;&nbsp; SunPower Corp. Cl A\* | 1902 | 34293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 4750 | 114095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 1504 | 64251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 1181 | 171469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timken Co. | 1476 | 104309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toro Co. | 2323 | 262964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.\* | 2446 | 103539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Univar Solutions, Inc.\* | 3638 | 115688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 475 | 157068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vicor Corp.\* | 496 | 26660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 741 | 184805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. Cl A | 608 | 88908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 1310 | 52741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodward, Inc. | 1341 | 129554 |
| &nbsp;&nbsp;&nbsp;&nbsp; XPO, Inc.\* | 2567 | 85455 |
|  |  | 9058189 |
| INFORMATION TECHNOLOGY (11.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 2506 | 57638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 1450 | 43529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 2239 | 53691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 1372 | 143470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Technology, Inc.\* | 647 | 132894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 2041 | 84865 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| INFORMATION TECHNOLOGY (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Belden, Inc. | 955 | $68665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 994 | 58507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Calix, Inc.\* | 1269 | 86838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ciena Corp.\* | 3303 | 168387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 1228 | 91462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 3855 | 181609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.\* | 3091 | 108494 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommVault Systems, Inc.\* | 993 | 62400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Concentrix Corp. | 945 | 125836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 4492 | 172044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Envestnet, Inc.\* | 1233 | 76076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 1050 | 99099 |
| &nbsp;&nbsp;&nbsp;&nbsp; ExlService Hldgs., Inc.\* | 737 | 124870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 557 | 333409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genpact Ltd. | 3758 | 174071 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 717 | 67878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 3002 | 204736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Hldgs., Inc.\* | 4550 | 50596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 3055 | 198208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 551 | 121330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Hldgs., Inc.\* | 1521 | 79351 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Hldgs., Inc.\* | 1139 | 71734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 1391 | 168867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 1349 | 98922 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | 1275 | 108031 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Instruments Corp. | 2911 | 107416 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Corp.\* | 3063 | 71705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 795 | 108017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Hldg. Corp.\* | 918 | 178331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 1275 | 91443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 771 | 86529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 742 | 100667 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.\* | 358 | 36380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 1032 | 84727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 888 | 84502 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 937 | 88743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradata Corp.\* | 2270 | 76408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Universal Display Corp. | 968 | 104583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 1685 | 53330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 2889 | 62316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 3522 | 68080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Western Union Co. | 8608 | 118532 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.\* | 972 | 159068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolfspeed, Inc.\* | 2769 | 191172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xerox Hldgs. Corp. | 2497 | 36456 |
|  |  | 5525912 |
| MATERIALS (6.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alcoa Corp. | 3945 | 179379 |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 1455 | 160021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 1110 | 119358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 1905 | 64313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cabot Corp. | 1253 | 83750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemours Co. | 3365 | 103036 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| MATERIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 11487 | $185055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. | 2616 | 126353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 822 | 109203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greif, Inc. Cl A | 571 | 38291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 784 | 55225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 1599 | 94661 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.\* | 2058 | 49968 |
| &nbsp;&nbsp;&nbsp;&nbsp; NewMarket Corp. | 152 | 47289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 2840 | 150350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance Steel & Aluminum Co. | 1309 | 264994 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 1463 | 164909 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 2878 | 280461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. | 901 | 43780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 937 | 68326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Hldgs., Inc. | 1865 | 96682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | 2173 | 131923 |
| &nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp. | 5223 | 130836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc. | 3946 | 128837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | 767 | 78648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Industries, Inc. | 676 | 33604 |
|  |  | 2989252 |
| REAL ESTATE (7.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apartment Income REIT Corp. | 3343 | 114698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 6686 | 151572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Office Properties Trust | 2506 | 65006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 3375 | 85354 |
| &nbsp;&nbsp;&nbsp;&nbsp; CubeSmart | 5006 | 201492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 3918 | 61434 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 971 | 143766 |
| &nbsp;&nbsp;&nbsp;&nbsp; EPR Properties | 1672 | 63068 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 2945 | 142126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. Cl A | 8484 | 163487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 2345 | 65613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 4990 | 84131 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBG SMITH Properties | 2206 | 41870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 1059 | 168773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 2345 | 90681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 4884 | 102808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Advertising Co. Cl A | 1945 | 183608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Storage, Inc. | 1894 | 186559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macerich Co. | 4788 | 53913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 13331 | 148507 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Retail Properties, Inc. | 3984 | 182308 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 1884 | 68050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 5220 | 145899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 5012 | 59091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 2930 | 39233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Physicians Realty Trust | 5088 | 73623 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| REAL ESTATE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 1800 | $79182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rayonier, Inc. | 3264 | 107581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 4090 | 223478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 5149 | 64002 |
| &nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 1433 | 48321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spirit Realty Capital, Inc. | 3113 | 124302 |
| &nbsp;&nbsp;&nbsp;&nbsp; STORE Capital Corp. | 5923 | 189891 |
|  |  | 3723427 |
| UTILITIES (3.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ALLETE, Inc. | 1274 | 82186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Black Hills Corp. | 1450 | 101993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 5321 | 253971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. | 2440 | 102114 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 1127 | 121547 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INDEXED ASSETS (CONTINUED):** | | |
| COMMON STOCKS (CONTINUED): |  |  |
| UTILITIES (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 2039 | $129069 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 2145 | 106435 |
| &nbsp;&nbsp;&nbsp;&nbsp; NorthWestern Corp. | 1288 | 76430 |
| &nbsp;&nbsp;&nbsp;&nbsp; OGE Energy Corp. | 4463 | 176512 |
| &nbsp;&nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 1206 | 91318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 1087 | 94004 |
| &nbsp;&nbsp;&nbsp;&nbsp; PNM Resources, Inc. | 1913 | 93335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 1990 | 97510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Hldgs., Inc. | 1375 | 85085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Spire, Inc. | 1170 | 80566 |
| &nbsp;&nbsp;&nbsp;&nbsp; UGI Corp. | 4667 | 173006 |
|  |  | 1865081 |
|  TOTAL INDEXED ASSETS-COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $45,055,611) 97.6% |  | 46402565 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **SHORT-TERM DEBT SECURITIES:** | | | | | |
| U.S. GOVERNMENT (0.4%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill (1) | A-1+ | 4.02 | 01/24/23 | $200000 | $199490 |
|  TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.4% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.4% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.4% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.4% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $199,490) 0.4% | 199490 |
|  |  | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (1.9%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank, New York Time Deposit |  | 3.59 | 01/03/23 | $&nbsp;&nbsp;&nbsp;&nbsp;931371 | $931371 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $931,371) 1.9% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $931,371) 1.9% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $931,371) 1.9% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $931,371) 1.9% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $931,371) 1.9% | 931371 |
|  TOTAL INVESTMENTS<br>(Cost: $46,186,472) 99.9% | TOTAL INVESTMENTS<br>(Cost: $46,186,472) 99.9% | TOTAL INVESTMENTS<br>(Cost: $46,186,472) 99.9% | TOTAL INVESTMENTS<br>(Cost: $46,186,472) 99.9% | TOTAL INVESTMENTS<br>(Cost: $46,186,472) 99.9% | 47533426 |
|  OTHER NET ASSETS 0.1% | OTHER NET ASSETS 0.1% | OTHER NET ASSETS 0.1% | OTHER NET ASSETS 0.1% | OTHER NET ASSETS 0.1% | 30371 |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $47563797 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| AUSTRALIA (6.9%) |  |  |
| CONSUMER DISCRETIONARY (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aristocrat Leisure Ltd. | 1843 | $37977 |
| CONSUMER STAPLES (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woolworths Group Ltd. | 1437 | 32815 |
| ENERGY (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 842 | 20392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Woodside Energy Group Ltd. | 726 | 17467 |
|  |  | 37859 |
| FINANCIALS (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ Group Hldgs. Ltd. | 3654 | 58862 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Australia Bank Ltd. | 3625 | 73601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncorp Group Ltd. | 12980 | 105772 |
|  |  | 238235 |
| HEALTH CARE (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare Ltd. | 3594 | 73142 |
| INDUSTRIALS (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aurizon Hldgs. Ltd. | 40377 | 102293 |
| INFORMATION TECHNOLOGY (0.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; WiseTech Global Ltd. | 594 | 20429 |
| MATERIALS (3.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BHP Group Ltd. | 11667 | 361408 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortescue Metals Group Ltd. | 6162 | 86127 |
|  |  | 447535 |
|  TOTAL AUSTRALIA |  | 990285 |
| AUSTRIA (1.1%) |  |  |
| ENERGY (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; OMV AG | 1770 | 91055 |
| FINANCIALS (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Raiffeisen Bank International AG\* | 1467 | 23922 |
| MATERIALS (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; voestalpine AG | 1005 | 26623 |
|  TOTAL AUSTRIA |  | 141600 |
| DENMARK (4.5%) |  |  |
| CONSUMER DISCRETIONARY (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pandora A/S | 1295 | 91534 |
| FINANCIALS (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danske Bank A/S | 2864 | 56488 |
| HEALTH CARE (2.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S Cl B | 2147 | 291600 |
| INDUSTRIALS (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AP Moller — Maersk A/S Cl B | 81 | 181330 |
|  TOTAL DENMARK |  | 620952 |
| FINLAND (1.1%) |  |  |
| FINANCIALS (1.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp | 10381 | 111205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sampo OYJ Cl A | 777 | 40584 |
|  |  | 151789 |
| FRANCE (11.6%) |  |  |
| COMMUNICATION SERVICES (1.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange S.A. | 7525 | 74667 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| FRANCE (CONTINUED) |  |  |
| COMMUNICATION SERVICES (CONTINUED) | COMMUNICATION SERVICES (CONTINUED) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Publicis Groupe S.A. | 1642 | $104900 |
|  |  | 179567 |
| CONSUMER DISCRETIONARY (2.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hermes International | 30 | 46438 |
| &nbsp;&nbsp;&nbsp;&nbsp; La Francaise des Jeux SAEM† | 1053 | 42373 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE | 297 | 216135 |
|  |  | 304946 |
| CONSUMER STAPLES (1.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrefour S.A. | 6005 | 100444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danone S.A. | 1476 | 77797 |
|  |  | 178241 |
| ENERGY (1.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TotalEnergies SE | 2554 | 160330 |
| FINANCIALS (2.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AXA S.A. | 2445 | 68110 |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A. | 2300 | 130966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Societe Generale S.A. | 3533 | 88625 |
|  |  | 287701 |
| HEALTH CARE (1.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanofi | 1710 | 164897 |
| INDUSTRIALS (1.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bouygues S.A. | 2863 | 85870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de Saint-Gobain | 1842 | 90116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eiffage S.A. | 1042 | 102500 |
|  |  | 278486 |
| INFORMATION TECHNOLOGY (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE | 721 | 25928 |
| UTILITIES (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Engie S.A. | 6166 | 88215 |
|  TOTAL FRANCE |  | 1668311 |
| GERMANY (4.1%) |  |  |
| COMMUNICATION SERVICES (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG | 4454 | 88624 |
| CONSUMER DISCRETIONARY (1.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bayerische Motoren Werke AG | 1183 | 104742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG | 1609 | 105225 |
|  |  | 209967 |
| INDUSTRIALS (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Post AG | 2419 | 90539 |
| MATERIALS (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Covestro AG† | 1721 | 67047 |
| &nbsp;&nbsp;&nbsp;&nbsp; HeidelbergCement AG | 362 | 20514 |
|  |  | 87561 |
| REAL ESTATE (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LEG Immobilien SE | 737 | 48068 |
| UTILITIES (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RWE AG | 1429 | 63176 |
|  TOTAL GERMANY |  | 587935 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| HONG KONG (1.8%) |  |  |
| INDUSTRIALS (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CK Hutchison Hldgs. Ltd. | 17100 | $102442 |
| REAL ESTATE (1.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Henderson Land Development Co. Ltd. | 24350 | 84766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Hung Kai Properties Ltd. | 5500 | 75126 |
|  |  | 159892 |
|  TOTAL HONG KONG |  | 262334 |
| ISRAEL (0.8%) |  |  |
| INFORMATION TECHNOLOGY (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.\* | 944 | 119095 |
| ITALY (0.7%) |  |  |
| FINANCIALS (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assicurazioni Generali SpA | 1470 | 26141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Poste Italiane SpA† | 7562 | 73782 |
|  |  | 99923 |
| JAPAN (19.7%) |  |  |
| COMMUNICATION SERVICES (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nintendo Co. Ltd. | 3150 | 132482 |
| CONSUMER DISCRETIONARY (2.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Honda Motor Co. Ltd. | 4665 | 106432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iida Group Hldgs. Co. Ltd. | 4340 | 65912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Corp. | 2450 | 33433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamaha Motor Co. Ltd. | 3730 | 84325 |
| &nbsp;&nbsp;&nbsp;&nbsp; ZOZO, Inc. | 3100 | 76577 |
|  |  | 366679 |
| CONSUMER STAPLES (1.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Tobacco, Inc. | 5670 | 114339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suntory Beverage & Food Ltd. | 2530 | 86175 |
|  |  | 200514 |
| ENERGY (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ENEOS Hldgs., Inc. | 27100 | 92311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inpex Corp. | 1700 | 18272 |
|  |  | 110583 |
| FINANCIALS (3.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dai-ichi Life Hldgs., Inc. | 4750 | 107300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Securities Group, Inc. | 18200 | 80444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Post Insurance Co. Ltd. | 6260 | 110125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. | 18500 | 124231 |
|  |  | 422100 |
| HEALTH CARE (1.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. | 4965 | 155181 |
| INDUSTRIALS (6.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGC, Inc. | 2075 | 68879 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITOCHU Corp. | 4220 | 132428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marubeni Corp. | 11900 | 136362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Corp. | 4050 | 131518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui & Co. Ltd. | 5425 | 158049 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| JAPAN (CONTINUED) |  |  |
| INDUSTRIALS (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsui OSK Lines Ltd. | 1450 | $36242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Yusen KK | 4635 | 109326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Corp. | 7600 | 126369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yamato Hldgs. Co. Ltd. | 710 | 11254 |
|  |  | 910427 |
| INFORMATION TECHNOLOGY (3.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brother Industries Ltd. | 5090 | 76949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canon, Inc. | 5000 | 108249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keyence Corp. | 275 | 106796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seiko Epson Corp. | 5820 | 84698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Electron Ltd. | 215 | 63190 |
|  |  | 439882 |
|  TOTAL JAPAN |  | 2737848 |
| LUXEMBOURG (0.9%) |  |  |
| MATERIALS (0.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 3190 | 84163 |
| REAL ESTATE (0.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aroundtown S.A. | 15558 | 36243 |
|  TOTAL LUXEMBOURG |  | 120406 |
| NETHERLANDS (3.4%) |  |  |
| CONSUMER STAPLES (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Koninklijke Ahold Delhaize N.V. | 3706 | 106557 |
| FINANCIALS (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ING Groep N.V. | 10152 | 123669 |
| INFORMATION TECHNOLOGY (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Hldg. N.V. | 449 | 244830 |
|  TOTAL NETHERLANDS |  | 475056 |
| NORWAY (1.2%) |  |  |
| ENERGY (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aker BP ASA | 1007 | 31295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinor ASA | 2955 | 106185 |
|  |  | 137480 |
| FINANCIALS (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gjensidige Forsikring ASA | 1081 | 21199 |
|  TOTAL NORWAY |  | 158679 |
| SINGAPORE (0.9%) |  |  |
| FINANCIALS (0.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DBS Group Hldgs. Ltd. | 4931 | 124812 |
| SPAIN (3.5%) |  |  |
| COMMUNICATION SERVICES (0.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Telefonica S.A. | 27556 | 99760 |
| CONSUMER DISCRETIONARY (0.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industria de Diseno Textil S.A. | 1098 | 29165 |
| FINANCIALS (1.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. | 22084 | 133024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Banco Santander S.A. | 42813 | 128022 |
|  |  | 261046 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| SPAIN (CONTINUED) |  |  |
| UTILITIES (0.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Red Electrica Corp. S.A. | 6275 | $109116 |
|  TOTAL SPAIN |  | 499087 |
| SWEDEN (0.9%) |  |  |
| CONSUMER DISCRETIONARY (0.4%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; H & M Hennes & Mauritz AB Cl B | 5785 | 62344 |
| FINANCIALS (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Svenska Handelsbanken AB Cl A | 7324 | 73740 |
| UTILITIES (0.0%) (2) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Orron Energy AB | 1059 | 2289 |
|  TOTAL SWEDEN |  | 138373 |
| SWITZERLAND (10.3%) |  |  |
| CONSUMER DISCRETIONARY (1.7%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A. | 1072 | 138973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swatch Group AG | 357 | 101450 |
|  |  | 240423 |
| CONSUMER STAPLES (2.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nestle S.A. | 2519 | 290921 |
| FINANCIALS (2.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Partners Group Hldg. AG | 100 | 88534 |
| &nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG | 8146 | 151379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zurich Insurance Group AG | 153 | 73134 |
|  |  | 313047 |
| HEALTH CARE (4.3%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis AG | 3103 | 280768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roche Hldg. AG | 792 | 248836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonova Hldg. AG | 378 | 89760 |
|  |  | 619364 |
|  TOTAL SWITZERLAND |  | 1463755 |
| UNITED KINGDOM (15.7%) |  |  |
| COMMUNICATION SERVICES (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC | 87923 | 89041 |
| &nbsp;&nbsp;&nbsp;&nbsp; WPP PLC | 5824 | 57541 |
|  |  | 146582 |
| CONSUMER DISCRETIONARY (1.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Barratt Developments PLC | 3654 | 17453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burberry Group PLC | 3661 | 89007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Persimmon PLC | 2865 | 42009 |
|  |  | 148469 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS (CONTINUED):** | | |
| UNITED KINGDOM (CONTINUED) | UNITED KINGDOM (CONTINUED) |  |
| CONSUMER STAPLES (3.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; British American Tobacco PLC | 4561 | $180425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC | 3751 | 164188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haleon PLC\* | 5280 | 20891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imperial Brands PLC | 5441 | 135542 |
|  |  | 501046 |
| ENERGY (1.6%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shell PLC | 7959 | 224371 |
| FINANCIALS (2.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 3i Group PLC | 4260 | 68702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC | 51591 | 98168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Direct Line Insurance Group PLC | 17440 | 46484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC | 202091 | 110284 |
| &nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC | 24246 | 77326 |
|  |  | 400964 |
| HEALTH CARE (0.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GSK PLC | 4224 | 73004 |
| INDUSTRIALS (2.2%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BAE Systems PLC | 15691 | 162063 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC | 4958 | 137079 |
|  |  | 299142 |
| MATERIALS (3.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Anglo American PLC | 5604 | 219452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rio Tinto PLC | 3013 | 212067 |
|  |  | 431519 |
|  TOTAL UNITED KINGDOM |  | 2225097 |
| UNITED STATES (5.9%) |  |  |
| FINANCIALS (5.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares Core MSCI Emerging Markets ETF | 7643 | 356928 |
| &nbsp;&nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ex China ETF | 2479 | 117678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vanguard FTSE Emerging Markets ETF | 9536 | 371713 |
|  |  | 846319 |
|  TOTAL COMMON STOCKS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $14,850,837) 95.0% |  | 13431656 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rate(%)** | **Maturity** | **Face Amount** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (4.6%)** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp; ANZ, London Time Deposit | 1.56 | 01/03/23 | AUD | 2 | $1 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBVA, Madrid Time Deposit | 3.59 | 01/03/23 | USD | 646185 | 646185 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank, Hong Kong Time Deposit | 2.47 | 01/03/23 | HKD | 7 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Bank, Singapore Time Deposit | 1.80 | 01/03/23 | SGD | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordea Bank Abp, Oslo Time Deposit | 1.00 | 01/02/23 | NOK | 120 | 12 |
|  |  |  |  |  | 646200 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $646,200) 4.6% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $646,200) 4.6% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $646,200) 4.6% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $646,200) 4.6% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $646,200) 4.6% | 646200 |
|  TOTAL INVESTMENTS<br>(Cost: $15,497,037) 99.6% | TOTAL INVESTMENTS<br>(Cost: $15,497,037) 99.6% | TOTAL INVESTMENTS<br>(Cost: $15,497,037) 99.6% | TOTAL INVESTMENTS<br>(Cost: $15,497,037) 99.6% | TOTAL INVESTMENTS<br>(Cost: $15,497,037) 99.6% | 14077856 |
|  OTHER NET ASSETS 0.4% | OTHER NET ASSETS 0.4% | OTHER NET ASSETS 0.4% | OTHER NET ASSETS 0.4% | OTHER NET ASSETS 0.4% | 52408 |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $14130264 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (32.3%) | 117333 | $1525323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (20.6%) | 17284 | 972416 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (0.9%) | 4869 | 39973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (4.9%) | 9264 | 232801 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio (32.6%) | 156254 | 1540663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (8.6%) | 32679 | 404238 |
|  TOTAL INVESTMENTS<br>(Cost: $5,167,476) 99.9% |  | 4715414 |
|  OTHER NET ASSETS 0.1% |  | 6102 |
|  NET ASSETS 100.0% |  | $4721516 |

---

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES**

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (31.3%) | 124300 | $1615899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (22.8%) | 20904 | 1176070 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (3.6%) | 22821 | 187361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (5.9%) | 12193 | 306422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio (29.7%) | 155991 | 1538073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (6.6%) | 27700 | 342645 |
|  TOTAL INVESTMENTS<br>(Cost: $5,423,430) 99.9% |  | 5166470 |
|  OTHER NET ASSETS 0.1% |  | 6024 |
|  NET ASSETS 100.0% |  | $5172494 |

---

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (30.8%) | 336134 | $4369741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (24.5%) | 61873 | 3480984 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (7.0%) | 121163 | 994751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (7.6%) | 42688 | 1072739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio (22.5%) | 324912 | 3203634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (4.1%) | 47255 | 584545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (1.4%) | 15157 | 204016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (2.1%) | 19826 | 301559 |
|  TOTAL INVESTMENTS<br>(Cost: $14,901,224) 100.0% |  | 14211969 |
|  OTHER NET ASSETS 0.0% (2) |  | 2800 |
|  NET ASSETS 100.0% |  | $14214769 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (26.8%) | 444459 | $5777966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (29.1%) | 111366 | 6265444 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (10.8%) | 282803 | 2321813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (8.8%) | 75277 | 1891715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio (17.5%) | 382425 | 3770708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (2.9%) | 50333 | 622625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio (0.8%) | 20141 | 183687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (1.0%) | 15924 | 214341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (2.3%) | 32430 | 493268 |
|  TOTAL INVESTMENTS<br>(Cost: $22,481,770) 100.0% |  | 21541567 |
|  OTHER NET ASSETS 0.0% (2) |  | 4064 |
|  NET ASSETS 100.0% |  | $21545631 |

---

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (21.2%) | 237902 | $3092732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (34.6%) | 89820 | 5053251 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (12.9%) | 229832 | 1886924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (10.5%) | 60955 | 1531806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio (12.7%) | 188504 | 1858645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (2.7%) | 32021 | 396094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio (1.3%) | 19945 | 181898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (1.2%) | 12579 | 169317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (2.9%) | 27672 | 420897 |
|  TOTAL INVESTMENTS<br>(Cost: $15,484,016) 100.0% |  | 14591564 |
|  OTHER NET ASSETS 0.0% (2) |  | 5599 |
|  NET ASSETS 100.0% |  | $14597163 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (18.4%) | 112269 | $1459501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (39.0%) | 55014 | 3095090 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (15.7%) | 152122 | 1248921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (13.2%) | 41799 | 1050406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio (5.2%) | 41709 | 411252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (2.0%) | 12899 | 159564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio (2.5%) | 21418 | 195333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (1.7%) | 10227 | 137656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (2.2%) | 11226 | 170752 |
|  TOTAL INVESTMENTS<br>(Cost: $8,294,921) 99.9% |  | 7928475 |
|  OTHER NET ASSETS 0.1% |  | 5812 |
|  NET ASSETS 100.0% |  | $7934287 |

---

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (15.4%) | 83560 | $1086281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (42.8%) | 53577 | 3014218 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (17.8%) | 153078 | 1256774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (14.9%) | 41660 | 1046920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (1.8%) | 10156 | 125636 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio (2.0%) | 15655 | 142769 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (2.4%) | 12793 | 172188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (2.8%) | 12748 | 193901 |
|  TOTAL INVESTMENTS<br>(Cost: $7,492,122) 99.9% |  | 7038687 |
|  OTHER NET ASSETS 0.1% |  | 6033 |
|  NET ASSETS 100.0% |  | $7044720 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (11.3%) | 33796 | $439342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (45.1%) | 31233 | 1757188 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (19.0%) | 90499 | 742995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (14.6%) | 22700 | 570452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (1.4%) | 4328 | 53532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio (2.4%) | 10493 | 95699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (2.6%) | 7453 | 100311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (3.4%) | 8668 | 131836 |
|  TOTAL INVESTMENTS<br>(Cost: $4,042,117) 99.8% |  | 3891355 |
|  OTHER NET ASSETS 0.2% |  | 7069 |
|  NET ASSETS 100.0% |  | $3898424 |

---

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (9.4%) | 28623 | $372097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (46.3%) | 32666 | 1837771 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (19.2%) | 92880 | 762548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (14.5%) | 22993 | 577803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (0.9%) | 2922 | 36148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio (3.4%) | 14882 | 135726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (2.6%) | 7764 | 104498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (3.5%) | 9201 | 139947 |
|  TOTAL INVESTMENTS<br>(Cost: $4,154,701) 99.8% |  | 3966538 |
|  OTHER NET ASSETS 0.2% |  | 7051 |
|  NET ASSETS 100.0% |  | $3973589 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (7.8%) | 5538 | $71991 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (44.6%) | 7329 | 412306 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (20.0%) | 22514 | 184842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (15.2%) | 5578 | 140176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (1.6%) | 1204 | 14895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio (2.6%) | 2587 | 23595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (3.3%) | 2293 | 30863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (4.0%) | 2417 | 36755 |
|  TOTAL INVESTMENTS<br>(Cost: $985,231) 99.1% |  | 915423 |
|  OTHER NET ASSETS 0.9% |  | 8103 |
|  NET ASSETS 100.0% |  | $923526 |

---

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.1%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (6.1%) | 3296 | $42847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (44.6%) | 5571 | 313419 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (21.6%) | 18507 | 151941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (14.9%) | 4173 | 104873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio (1.1%) | 626 | 7739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio (3.4%) | 2585 | 23571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (3.6%) | 1874 | 25229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (3.8%) | 1738 | 26439 |
|  TOTAL INVESTMENTS<br>(Cost: $1,191,625) 99.1% |  | 696058 |
|  OTHER NET ASSETS 0.9% |  | 6276 |
|  NET ASSETS 100.0% |  | $702334 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.9%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (26.0%) | 176687 | $2296936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (26.6%) | 41881 | 2356207 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (5.8%) | 62199 | 510653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (6.0%) | 21091 | 530006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio (35.5%) | 318043 | 3135902 |
|  TOTAL INVESTMENTS<br>(Cost: $9,496,891) 99.9% |  | 8829704 |
|  OTHER NET ASSETS 0.1% |  | 5094 |
|  NET ASSETS 100.0% |  | $8834798 |

---

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (100.0%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (21.4%) | 321274 | $4176564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (36.8%) | 127970 | 7199587 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (10.5%) | 250731 | 2058501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (16.0%) | 124724 | 3134304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio (15.3%) | 304229 | 2999697 |
|  TOTAL INVESTMENTS<br>(Cost: $20,343,192) 100.0% |  | 19568653 |
|  OTHER NET ASSETS 0.0% (2) |  | 2131 |
|  NET ASSETS 100.0% |  | $19570784 |

---

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES**

**December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS:** | | |
| DIVERSIFIED MUTUAL FUNDS (99.8%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual of America Variable Insurance Portfolios, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio (15.9%) | 53304 | $692952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio (37.2%) | 28847 | 1622941 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio (14.8%) | 78648 | 645699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio (21.1%) | 36696 | 922168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio (5.2%) | 16834 | 226592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio (5.6%) | 16119 | 245173 |
|  TOTAL INVESTMENTS<br>(Cost: $4,451,575) 99.8% |  | 4355525 |
|  OTHER NET ASSETS 0.2% |  | 6845 |
|  NET ASSETS 100.0% |  | $4362370 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **SHORT-TERM DEBT SECURITIES:** | | | | | |
| U.S. GOVERNMENT (48.1%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | A-1+ | 3.86 | 01/03/23 | $4500000 | $4499038 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | A-1+ | 3.93 | 01/10/23 | 2800000 | 2797249 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | A-1+ | 4.05 | 01/17/23 | 3325000 | 3319049 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | A-1+ | 4.06 | 01/24/23 | 2000000 | 1994849 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | A-1+ | 4.09 | 02/21/23 | 3850000 | 3827781 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bill | A-1+ | 4.20 | 02/23/23 | 425000 | 422388 |
|  |  |  |  |  | 16860354 |
| U.S. GOVERNMENT AGENCIES (23.2%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB | A-1+ | 4.02 | 01/04/23 | 695000 | 694768 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB | A-1+ | 4.18 | 01/27/23 | 2775000 | 2766683 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB | A-1+ | 4.30 | 02/15/23 | 1250000 | 1243325 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB | A-1+ | 4.35 | 02/17/23 | 2450000 | 2436174 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | A-1+ | 3.60 | 01/09/23 | 1000000 | 999200 |
|  |  |  |  |  | 8140150 |
| COMMERCIAL PAPER (28.6%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cummins, Inc.† | A-1 | 4.43 | 02/06/23 | 1300000 | 1294280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | A-1+ | 4.14 | 01/11/23 | 1050000 | 1048798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hershey Co.† | A-1 | 4.26 | 01/17/23 | 1300000 | 1297545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Honeywell International, Inc.† | A-1 | 4.03 | 01/04/23 | 675000 | 674775 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Securities LLC | A-1 | 4.38 | 02/17/23 | 1300000 | 1292617 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Gas and Electric Co. | A-1+ | 4.16 | 01/05/23 | 1300000 | 1299401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Financial Corp.† | A-1+ | 4.30 | 01/11/23 | 275000 | 274672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novartis Financial Corp.† | A-1+ | 4.31 | 01/17/23 | 375000 | 374283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Export Funding Corp. | AAA | 4.30 | 02/01/23 | 500000 | 498157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procter & Gamble Co.† | A-1+ | 4.00 | 01/03/23 | 853000 | 852811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Motor Credit Corp. | A-1+ | 4.19 | 01/13/23 | 1100000 | 1098475 |
|  |  |  |  |  | 10005814 |
|  TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $35,006,318) 99.9% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $35,006,318) 99.9% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $35,006,318) 99.9% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $35,006,318) 99.9% | TOTAL SHORT-TERM DEBT SECURITIES<br>(Cost: $35,006,318) 99.9% | 35006318 |
|  |  | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (0.1%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citibank, New York Time Deposit |  | 3.59 | 01/03/23 | $35612 | $35612 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $35,612) 0.1% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $35,612) 0.1% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $35,612) 0.1% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $35,612) 0.1% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $35,612) 0.1% | 35612 |
|  TOTAL INVESTMENTS<br>(Cost: $35,041,930) 100.0% | TOTAL INVESTMENTS<br>(Cost: $35,041,930) 100.0% | TOTAL INVESTMENTS<br>(Cost: $35,041,930) 100.0% | TOTAL INVESTMENTS<br>(Cost: $35,041,930) 100.0% | TOTAL INVESTMENTS<br>(Cost: $35,041,930) 100.0% | 35041930 |
|  OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | OTHER NET ASSETS -0.0% (2) | (8293) |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $35033637 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES:** |  |  |  | | |
| U.S. GOVERNMENT (48.1%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.38 | 09/30/27 | $510000 | $429954 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.50 | 04/30/27 | 800000 | 688844 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.50 | 10/31/27 | 510000 | 431368 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.63 | 11/30/27 | 570000 | 484010 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.63 | 08/15/30 | 220000 | 173173 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.75 | 05/31/26 | 170000 | 151612 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.88 | 06/30/26 | 110000 | 98364 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.13 | 02/15/31 | 630000 | 513475 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.50 | 08/15/26 | 715000 | 651711 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.50 | 11/30/28 | 1490000 | 1293914 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.63 | 05/15/26 | 945000 | 869732 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.63 | 09/30/26 | 430000 | 393416 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.75 | 01/31/29 | 220000 | 193239 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.38 | 04/30/26 | 620000 | 585658 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.38 | 05/15/29 | 630000 | 572709 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.50 | 01/31/24 | 50000 | 48818 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.50 | 02/28/26 | 300000 | 284942 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.63 | 05/31/27 | 1570000 | 1479909 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 3.25 | 06/30/27 | 165000 | 159541 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 4.13 | 11/15/32 | 700000 | 714328 |
|  |  |  |  |  | 10218717 |
| U.S. GOVERNMENT AGENCIES (25.8%) |  |  |  |  |  |
| NON-MORTGAGE-BACKED OBLIGATIONS (25.8%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB | AA+ | 0.50 | 04/14/25 | 840000 | 772012 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLB | AA+ | 0.83 | 02/10/27 | 1200000 | 1041470 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 0.25 | 06/26/23 | 1500000 | 1469033 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 1.50 | 02/12/25 | 400000 | 376912 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 0.50 | 06/17/25 | 1500000 | 1364858 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 0.50 | 11/07/25 | 100000 | 89925 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 0.63 | 04/22/25 | 400000 | 367498 |
|  |  |  |  |  | 5481708 |
| CORPORATE DEBT **(**25.1%**)** |  |  |  |  |  |
| COMMUNICATION SERVICES (1.4%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | BBB | 2.75 | 06/01/31 | 50000 | 41436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. | A- | 2.35 | 01/15/27 | 100000 | 90860 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. | BBB- | 3.38 | 04/15/29 | 50000 | 44038 |
| &nbsp;&nbsp;&nbsp;&nbsp; TWDC Enterprises 18 Corp. | BBB+ | 1.85 | 07/30/26 | 50000 | 45184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | BBB+ | 4.02 | 12/03/29 | 78000 | 72856 |
|  |  |  |  |  | 294374 |
| CONSUMER DISCRETIONARY (2.7%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | AA | 1.20 | 06/03/27 | 40000 | 34639 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. | BBB | 3.25 | 04/15/25 | 55000 | 52710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | BBB+ | 1.95 | 10/01/30 | 100000 | 79124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Hldgs., Inc. | A- | 3.65 | 03/15/25 | 40000 | 38983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | BBB- | 0.85 | 08/18/24 | 100000 | 92389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | BBB | 1.75 | 02/01/25 | 75000 | 70026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harman International Industries, Inc. | A- | 4.15 | 05/15/25 | 55000 | 53476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | BBB+ | 4.00 | 04/15/25 | 35000 | 34318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. | BBB | 3.13 | 02/15/23 | 55000 | 55069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | BB- | 5.65 | 04/01/24 | 70000 | 68947 |
|  |  |  |  |  | 579681 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES (CONTINUED):** |  |  |  | | |
| CONSUMER STAPLES (1.1%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. | BBB | 3.25 | 08/15/26 | $100000 | $93153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kellogg Co. | BBB | 2.65 | 12/01/23 | 55000 | 53823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | BBB | 3.13 | 12/15/23 | 80000 | 78503 |
|  |  |  |  |  | 225479 |
| ENERGY (1.2%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chevron USA, Inc. | AA- | 1.02 | 08/12/27 | 70000 | 60032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | BBB | 5.25 | 09/15/24 | 100000 | 100088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | AA- | 2.28 | 08/16/26 | 70000 | 64767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp. | BBB- | 5.50 | 03/01/30 | 35000 | 32932 |
|  |  |  |  |  | 257819 |
| FINANCIALS (9.1%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | A- | 1.13 | 03/15/26 | 45000 | 39869 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. | A- | 0.75 | 12/15/25 | 100000 | 88701 |
| &nbsp;&nbsp;&nbsp;&nbsp; American International Group, Inc. | BBB+ | 4.13 | 02/15/24 | 55000 | 54411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | A- | 1.32 | 06/19/26 | 70000 | 63035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | A- | 2.55 | 02/04/28 | 70000 | 62173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | A- | 3.37 | 01/23/26 | 80000 | 76279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | A- | 3.42 | 12/20/28 | 150000 | 135829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | BBB- | 4.20 | 09/15/24 | 60000 | 58880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | BBB | 4.93 | 05/10/28 | 35000 | 33884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | BBB+ | 1.46 | 06/09/27 | 70000 | 60719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | BBB+ | 4.14 | 05/24/25 | 50000 | 49032 |
| &nbsp;&nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | BBB- | 2.90 | 03/01/27 | 60000 | 54466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax U.S., Inc.† | BBB | 4.88 | 08/13/24 | 20000 | 19508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | BBB | 4.30 | 01/16/24 | 70000 | 69269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | BBB+ | 2.64 | 02/24/28 | 65000 | 57875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | BBB+ | 3.20 | 02/23/23 | 70000 | 70112 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | A- | 1.47 | 09/22/27 | 60000 | 51946 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | A- | 2.95 | 02/24/28 | 70000 | 63322 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | A- | 3.51 | 01/23/29 | 70000 | 63527 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | BBB+ | 3.88 | 09/10/24 | 35000 | 34260 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | BBB+ | 5.72 | 09/14/33 | 25000 | 24401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legg Mason, Inc. | A | 3.95 | 07/15/24 | 55000 | 53854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | BBB+ | 4.00 | 09/01/23 | 55000 | 54567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | BBB | 4.40 | 03/15/27 | 85000 | 79480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | A- | 2.48 | 01/21/28 | 70000 | 62199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | A- | 3.13 | 01/23/23 | 70000 | 70048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progressive Corp. | A | 2.50 | 03/15/27 | 50000 | 46031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prospect Capital Corp. | BBB- | 5.88 | 03/15/23 | 55000 | 55083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet UK Finance PLC | BB- | 4.70 | 06/15/24 | 55000 | 53350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | BBB- | 4.25 | 07/18/24 | 55000 | 53886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | BBB- | 3.70 | 08/04/26 | 40000 | 36796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | BBB+ | 3.65 | 06/15/26 | 55000 | 51860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | BBB+ | 3.00 | 10/23/26 | 70000 | 64695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | BBB+ | 3.53 | 03/24/28 | 35000 | 32410 |
|  |  |  |  |  | 1945757 |
| HEALTH CARE (2.5%) | HEALTH CARE (2.5%) | HEALTH CARE (2.5%) | HEALTH CARE (2.5%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | BBB+ | 4.25 | 11/14/28 | 100000 | 96457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aetna, Inc. | BBB | 2.80 | 06/15/23 | 70000 | 69263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | BBB | 1.92 | 02/01/27 | 100000 | 88659 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | BBB | 3.38 | 08/12/24 | 15000 | 14622 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | BBB | 3.88 | 07/20/25 | 40000 | 39033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | A | 2.88 | 09/15/29 | 70000 | 61500 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES (CONTINUED):** | | | | | |
| HEALTH CARE (CONTINUED) | HEALTH CARE (CONTINUED) | HEALTH CARE (CONTINUED) | HEALTH CARE (CONTINUED) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | BBB+ | 3.85 | 10/01/24 | $70000 | $68590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | A- | 1.75 | 10/15/28 | 100000 | 84690 |
|  |  |  |  |  | 522814 |
| INDUSTRIALS (1.7%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. | BBB- | 4.88 | 05/01/25 | 70000 | 69464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | A | 2.75 | 04/15/25 | 35000 | 33618 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | A- | 3.25 | 04/01/25 | 35000 | 33913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennox International, Inc. | BBB | 1.70 | 08/01/27 | 100000 | 85718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | A | 2.30 | 02/24/25 | 100000 | 94602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | BBB | 4.00 | 06/15/25 | 45000 | 43739 |
|  |  |  |  |  | 361054 |
| INFORMATION TECHNOLOGY (2.1%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | AA+ | 2.05 | 09/11/26 | 100000 | 91279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | A | 3.90 | 10/01/25 | 100000 | 97771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | BBB- | 3.75 | 06/01/23 | 25000 | 24841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | AAA | 2.40 | 08/08/26 | 70000 | 65271 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Hldgs., Inc. | A- | 2.65 | 10/01/26 | 95000 | 87707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. | BBB | 2.75 | 04/01/31 | 100000 | 81770 |
|  |  |  |  |  | 448639 |
| MATERIALS (1.3%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | A- | 1.65 | 02/01/27 | 60000 | 53113 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc.† | BBB- | 1.23 | 10/01/25 | 80000 | 70666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nucor Corp. | A- | 3.95 | 05/23/25 | 50000 | 48919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America | BBB | 3.65 | 09/15/24 | 100000 | 97425 |
|  |  |  |  |  | 270123 |
| REAL ESTATE (1.2%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties LP | BBB+ | 3.25 | 01/30/31 | 100000 | 82668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | BBB | 3.15 | 07/15/23 | 70000 | 69217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | BBB- | 4.38 | 08/01/23 | 50000 | 49715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | BBB- | 4.50 | 01/15/25 | 20000 | 19433 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis LP | A | 1.75 | 07/01/30 | 40000 | 31505 |
|  |  |  |  |  | 252538 |
| UTILITIES (0.8%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | BBB+ | 2.03 | 03/15/24 | 65000 | 62672 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Hldgs., Inc. | BBB+ | 3.55 | 05/01/27 | 50000 | 47106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southern Co. | BBB | 3.25 | 07/01/26 | 70000 | 65821 |
|  |  |  |  |  | 175599 |
|  TOTAL CORPORATE DEBT | TOTAL CORPORATE DEBT | TOTAL CORPORATE DEBT | TOTAL CORPORATE DEBT | TOTAL CORPORATE DEBT | 5333877 |
|  TOTAL LONG-TERM DEBT SECURITIES |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $22,854,976) 99.0% | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $22,854,976) 99.0% | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $22,854,976) 99.0% | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $22,854,976) 99.0% | &nbsp;&nbsp;&nbsp;&nbsp; (Cost: $22,854,976) 99.0% | 21034302 |
|  |  | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **TEMPORARY CASH INVESTMENT (0.3%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase, New York Time Deposit |  | 3.59 | 01/03/23 | $68318 | $68318 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $68,318) 0.3% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $68,318) 0.3% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $68,318) 0.3% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $68,318) 0.3% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $68,318) 0.3% | 68318 |
|  TOTAL INVESTMENTS<br>(Cost: $22,923,294) 99.3% | TOTAL INVESTMENTS<br>(Cost: $22,923,294) 99.3% | TOTAL INVESTMENTS<br>(Cost: $22,923,294) 99.3% | TOTAL INVESTMENTS<br>(Cost: $22,923,294) 99.3% | TOTAL INVESTMENTS<br>(Cost: $22,923,294) 99.3% | 21102620 |
|  OTHER NET ASSETS 0.7% | OTHER NET ASSETS 0.7% | OTHER NET ASSETS 0.7% | OTHER NET ASSETS 0.7% | OTHER NET ASSETS 0.7% | 141740 |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $21244360 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES:** | | | | | |
| U.S. GOVERNMENT (43.3%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond | AA+ | 1.13 | 05/15/40 | $1425000 | $891850 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond | AA+ | 1.13 | 08/15/40 | 1100000 | 683117 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond | AA+ | 1.38 | 11/15/40 | 250000 | 162529 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond | AA+ | 2.25 | 08/15/46 | 615000 | 435233 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond | AA+ | 2.75 | 08/15/47 | 210000 | 163841 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond | AA+ | 2.88 | 05/15/49 | 300000 | 241394 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bond | AA+ | 4.00 | 11/15/52 | 465000 | 465654 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.50 | 04/30/27 | 1800000 | 1549898 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.63 | 03/31/27 | 350000 | 303707 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 0.63 | 05/15/30 | 275000 | 217647 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.13 | 08/31/28 | 150000 | 128074 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.25 | 05/31/28 | 825000 | 714269 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.25 | 06/30/28 | 550000 | 475557 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.50 | 02/15/30 | 350000 | 298266 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 1.63 | 08/15/29 | 1045000 | 906823 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.25 | 08/15/27 | 1555000 | 1438436 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.25 | 11/15/27 | 1065000 | 981381 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.38 | 05/15/27 | 1105000 | 1030197 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.63 | 02/15/29 | 1045000 | 965809 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.88 | 05/15/28 | 835000 | 787868 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 2.88 | 05/15/32 | 800000 | 737250 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Note | AA+ | 3.13 | 11/15/28 | 85000 | 81072 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strip | AA+ | 0.00 | 08/15/28 | 420000 | 334005 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strip | AA+ | 0.00 | 08/15/29 | 90000 | 68667 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strip | AA+ | 0.00 | 08/15/33 | 210000 | 136259 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strip | AA+ | 0.00 | 08/15/35 | 210000 | 124470 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Strip | AA+ | 0.00 | 08/15/37 | 210000 | 114077 |
|  |  |  |  |  | 14437350 |
| U.S. GOVERNMENT AGENCIES (33.6%) |  |  |  |  |  |
| MORTGAGE-BACKED OBLIGATIONS (33.6%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.00 | 11/01/50 | 83905 | 68550 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.00 | 02/01/51 | 175192 | 144285 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.50 | 12/01/27 | 12455 | 11826 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.50 | 06/01/35 | 25294 | 23211 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.50 | 10/01/49 | 63712 | 54513 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.50 | 11/01/50 | 231703 | 198440 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.50 | 04/01/51 | 185680 | 157722 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.50 | 10/01/51 | 113157 | 96041 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 2.50 | 02/01/52 | 277989 | 235834 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 02/01/32 | 28591 | 27349 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 11/01/42 | 6643 | 5964 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 03/01/43 | 20078 | 18268 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 04/01/43 | 17867 | 16257 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 04/01/43 | 108885 | 99082 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 04/01/43 | 115342 | 104960 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 09/15/43 | 4674 | 4556 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 04/15/45 | 4217 | 4127 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 09/01/46 | 44367 | 39749 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 09/01/46 | 28643 | 25725 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 11/01/46 | 9131 | 8083 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 05/01/49 | 50136 | 44377 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 11/01/49 | 50841 | 45294 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.00 | 11/01/49 | 38562 | 34127 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 02/01/35 | 33716 | 32314 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 02/01/36 | 19846 | 18972 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES (CONTINUED):** |  |  |  | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) |  |  |  |  |  |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 11/01/39 | $42479 | $39871 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 01/01/41 | 31194 | 29196 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 06/01/43 | 18007 | 16819 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 01/01/44 | 113976 | 106691 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 11/01/45 | 27996 | 26163 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 08/01/47 | 67271 | 62461 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 3.50 | 12/01/47 | 23058 | 21366 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.00 | 02/01/25 | 11258 | 10987 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.00 | 05/01/25 | 10523 | 10270 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.00 | 01/01/38 | 22711 | 22176 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.00 | 01/15/40 | 100000 | 96682 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.00 | 10/01/44 | 27364 | 26210 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.00 | 05/01/47 | 12054 | 11514 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.00 | 04/01/52 | 232442 | 219033 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.00 | 08/01/52 | 288795 | 271560 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.50 | 08/15/35 | 14405 | 14082 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.50 | 05/01/48 | 9019 | 8850 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 4.50 | 05/01/48 | 18810 | 18383 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 5.00 | 02/01/26 | 10388 | 10340 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 5.00 | 09/01/47 | 370824 | 365836 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 5.00 | 06/01/52 | 85875 | 84814 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 5.00 | 08/01/52 | 98335 | 96975 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC | AA+ | 6.50 | 12/01/52 | 149757 | 154065 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC ARM | AA+ | 1.92 | 10/01/51 | 621916 | 546019 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Strip | AA+ | 3.00 | 06/15/42 | 92976 | 85498 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Strip | AA+ | 3.00 | 01/15/43 | 25481 | 23022 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Strip | AA+ | 3.50 | 10/15/47 | 11968 | 11065 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 1.82 | 09/01/51 | 465588 | 408711 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.00 | 11/01/35 | 165413 | 147547 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.00 | 07/01/36 | 427696 | 381695 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.00 | 10/01/50 | 85020 | 69780 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.00 | 10/01/50 | 190822 | 156736 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.00 | 11/01/51 | 90751 | 74242 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.00 | 03/01/52 | 185972 | 151705 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 02/01/33 | 18131 | 16514 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 05/01/35 | 26702 | 24499 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 10/01/35 | 104407 | 96631 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 04/01/42 | 182379 | 158598 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 05/01/46 | 89506 | 77162 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 01/01/51 | 540837 | 464491 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 04/01/51 | 176263 | 149670 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 04/01/51 | 168052 | 142852 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 08/01/51 | 271174 | 230214 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 08/01/51 | 290001 | 247247 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 2.50 | 12/01/51 | 661228 | 561109 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 09/01/33 | 21514 | 20180 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 03/01/36 | 18221 | 16905 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 04/25/42 | 8871 | 8711 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 12/01/42 | 5472 | 4913 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 02/01/45 | 18100 | 16350 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 03/01/45 | 3075 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 01/01/47 | 11271 | 9980 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 12/01/47 | 7148 | 6341 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 03/01/50 | 90014 | 79683 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.00 | 01/01/52 | 291984 | 256413 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES (CONTINUED):** |  |  |  | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) |  |  |  |  |  |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 07/01/34 | $21118 | $20307 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 10/01/34 | 21811 | 20905 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 01/01/43 | 9501 | 8873 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 08/01/43 | 17433 | 16194 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 08/01/43 | 36694 | 34274 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 08/01/44 | 28022 | 25330 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 04/01/45 | 59670 | 55070 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 05/01/45 | 40219 | 37416 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 10/01/45 | 52414 | 48428 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 02/01/46 | 14139 | 13144 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 02/01/46 | 36406 | 33808 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 09/01/47 | 59353 | 55135 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 11/01/47 | 108899 | 100910 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 04/01/48 | 5038 | 4573 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 02/01/50 | 26635 | 24486 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 06/01/51 | 290104 | 264520 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 3.50 | 05/01/52 | 193892 | 176963 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 01/01/31 | 32343 | 31307 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 10/01/36 | 10852 | 10449 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 05/01/43 | 58223 | 55917 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 01/01/44 | 81964 | 78714 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 11/01/45 | 15882 | 15256 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 02/01/47 | 22062 | 21202 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 04/01/49 | 148397 | 141500 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 03/01/50 | 77592 | 73398 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 07/01/52 | 98314 | 92553 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.00 | 07/01/56 | 18312 | 17539 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 05/01/30 | 75643 | 75060 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 12/01/39 | 37928 | 37386 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 07/01/40 | 62485 | 60101 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 07/01/42 | 76982 | 76315 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 04/01/44 | 16061 | 15779 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 11/01/47 | 22900 | 22480 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 11/01/47 | 17732 | 17686 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 11/01/47 | 19690 | 19414 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 02/01/49 | 14127 | 13843 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 4.50 | 05/01/50 | 153871 | 149663 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 5.00 | 10/01/25 | 18332 | 18248 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 5.00 | 08/01/37 | 39117 | 39944 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 5.00 | 06/01/52 | 496531 | 489664 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 5.50 | 09/01/25 | 17802 | 17850 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 5.50 | 05/01/38 | 46294 | 47834 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 6.00 | 03/01/36 | 9987 | 10210 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 6.00 | 04/01/37 | 8426 | 8592 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA | AA+ | 6.00 | 12/01/37 | 16855 | 17528 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRESB Multifamily Mortgage | AA+ | 2.37 | 10/25/26 | 21244 | 19548 |
| &nbsp;&nbsp;&nbsp;&nbsp; FRESB Multifamily Mortgage | AA+ | 3.61 | 10/25/28 | 13698 | 12832 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 2.50 | 10/20/51 | 97407 | 82476 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.00 | 07/16/36 | 33132 | 30436 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.00 | 01/15/46 | 50736 | 45322 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.00 | 03/15/46 | 66359 | 59265 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.00 | 07/15/46 | 83952 | 74975 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.00 | 02/20/47 | 22988 | 20471 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.00 | 10/20/51 | 97753 | 85109 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.50 | 02/20/42 | 8802 | 8024 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES (CONTINUED):** | | | | | |
| U.S. GOVERNMENT AGENCIES (CONTINUED) |  |  |  |  |  |
| MORTGAGE-BACKED OBLIGATIONS (CONTINUED) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.50 | 07/15/42 | $22577 | $21232 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.50 | 03/20/45 | 21266 | 19340 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 3.50 | 05/20/45 | 27531 | 25682 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 4.00 | 04/15/24 | 20041 | 19848 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 4.00 | 01/20/41 | 16880 | 16257 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 4.00 | 08/15/41 | 12915 | 12502 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 4.00 | 12/15/41 | 19323 | 18763 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 4.00 | 08/20/42 | 7696 | 7458 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 4.50 | 10/15/40 | 29729 | 29540 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 5.00 | 06/20/39 | 11669 | 11636 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA (3) | AA+ | 5.50 | 01/15/36 | 54863 | 55681 |
|  |  |  |  |  | 11183341 |
| CORPORATE DEBT (20.8%) |  |  |  |  |  |
| COMMUNICATION SERVICES (1.0%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. | BBB | 2.75 | 06/01/31 | 85000 | 70441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. | A- | 3.40 | 04/01/30 | 160000 | 145895 |
| &nbsp;&nbsp;&nbsp;&nbsp; T-Mobile USA, Inc. | BBB- | 3.38 | 04/15/29 | 85000 | 74865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | BBB+ | 4.02 | 12/03/29 | 60000 | 56043 |
|  |  |  |  |  | 347244 |
| CONSUMER DISCRETIONARY (2.4%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | AA | 1.20 | 06/03/27 | 80000 | 69279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | AA | 5.20 | 12/03/25 | 105000 | 106902 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. | BBB | 3.25 | 04/15/25 | 115000 | 110212 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoZone, Inc. | BBB | 3.75 | 04/18/29 | 35000 | 32274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | BBB+ | 1.95 | 10/01/30 | 150000 | 118686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brunswick Corp. | BBB- | 2.40 | 08/18/31 | 160000 | 117632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harman International Industries, Inc. | A- | 4.15 | 05/15/25 | 105000 | 102090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | BBB+ | 4.00 | 04/15/25 | 30000 | 29416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc. | BBB | 3.13 | 02/15/23 | 65000 | 65081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp. | BBB | 3.70 | 05/01/25 | 40000 | 38904 |
|  |  |  |  |  | 790476 |
| CONSUMER STAPLES (0.6%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bunge Ltd. Finance Corp. | BBB | 2.75 | 05/14/31 | 60000 | 49243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hormel Foods Corp. | A | 1.80 | 06/11/30 | 60000 | 48819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mead Johnson Nutrition Co. | A- | 4.13 | 11/15/25 | 40000 | 39170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | BBB | 3.75 | 10/01/25 | 75000 | 72574 |
|  |  |  |  |  | 209806 |
| ENERGY (0.7%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Devon Energy Corp. | BBB | 5.85 | 12/15/25 | 50000 | 50903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP | BBB- | 5.55 | 02/15/28 | 30000 | 29758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan Energy Partners LP | BBB | 4.30 | 05/01/24 | 105000 | 103598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Partners LP/Targa Resources Partners Finance Corp. | BBB- | 5.50 | 03/01/30 | 60000 | 56455 |
|  |  |  |  |  | 240714 |
| FINANCIALS (6.8%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aflac, Inc. | A- | 1.13 | 03/15/26 | 85000 | 75307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allstate Corp. | A- | 0.75 | 12/15/25 | 175000 | 155227 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | BBB | 3.63 | 12/05/24 | 105000 | 102223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | A- | 3.37 | 01/23/26 | 60000 | 57209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | BBB+ | 3.95 | 04/21/25 | 105000 | 102187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block Financial LLC | BBB | 5.25 | 10/01/25 | 65000 | 64849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. | BBB | 4.93 | 05/10/28 | 60000 | 58086 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES (CONTINUED):** | | | | | |
| CORPORATE DEBT (CONTINUED) |  |  |  |  |  |
| FINANCIALS (CONTINUED) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | BBB+ | 3.79 | 03/17/33 | $105000 | $89806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | BBB | 3.88 | 03/26/25 | 105000 | 102088 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax U.S., Inc.† | BBB | 4.88 | 08/13/24 | 75000 | 73156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fifth Third Bancorp | BBB | 4.30 | 01/16/24 | 105000 | 103903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | BBB+ | 2.60 | 02/07/30 | 160000 | 133523 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | A- | 1.47 | 09/22/27 | 75000 | 64932 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | BBB+ | 3.88 | 09/10/24 | 95000 | 92993 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | BBB+ | 5.72 | 09/14/33 | 140000 | 136648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | BBB | 3.80 | 02/23/32 | 85000 | 71033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kemper Corp. | BBB | 4.35 | 02/15/25 | 40000 | 38800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln National Corp. | BBB+ | 4.00 | 09/01/23 | 85000 | 84331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mercury General Corp. | BBB | 4.40 | 03/15/27 | 65000 | 60779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | A- | 2.70 | 01/22/31 | 160000 | 132216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Old Republic International Corp. | BBB+ | 3.88 | 08/26/26 | 105000 | 99403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. | A | 4.70 | 09/15/23 | 20000 | 19905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Signet UK Finance PLC | BB- | 4.70 | 06/15/24 | 105000 | 101850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | BBB- | 4.25 | 07/18/24 | 30000 | 29392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Financial | BBB- | 3.70 | 08/04/26 | 55000 | 50595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | BBB+ | 3.65 | 06/15/26 | 105000 | 99006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | BBB+ | 3.53 | 03/24/28 | 60000 | 55560 |
|  |  |  |  |  | 2255007 |
| HEALTH CARE (2.9%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | BBB+ | 4.25 | 11/14/28 | 160000 | 154331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Baxter International, Inc. | BBB | 2.54 | 02/01/32 | 55000 | 43692 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp. | BBB | 3.75 | 04/01/30 | 175000 | 158666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | A | 2.88 | 09/15/29 | 135000 | 118608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | A | 3.30 | 01/15/23 | 75000 | 75039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evernorth Health, Inc. | A- | 3.50 | 06/15/24 | 40000 | 39021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | BBB+ | 3.85 | 10/01/24 | 65000 | 63690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | A+ | 2.15 | 12/10/31 | 130000 | 106157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens & Minor, Inc. | BB- | 4.38 | 12/15/24 | 60000 | 57806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | BBB+ | 3.50 | 03/30/25 | 15000 | 14453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | A- | 2.00 | 10/15/31 | 160000 | 129579 |
|  |  |  |  |  | 961042 |
| INDUSTRIALS (1.6%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boeing Co. | BBB- | 4.88 | 05/01/25 | 90000 | 89311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | A | 2.75 | 04/15/25 | 125000 | 120065 |
| &nbsp;&nbsp;&nbsp;&nbsp; General Dynamics Corp. | A- | 3.25 | 04/01/25 | 65000 | 62982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | BB+ | 4.95 | 08/15/25 | 80000 | 78044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | BBB | 4.00 | 06/15/25 | 175000 | 170095 |
|  |  |  |  |  | 520497 |
| INFORMATION TECHNOLOGY (2.7%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | AA+ | 2.05 | 09/11/26 | 140000 | 127791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | A | 3.90 | 10/01/25 | 205000 | 200430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc. | BBB- | 4.00 | 04/01/25 | 20000 | 19303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Electronics, Inc. | BBB- | 4.50 | 03/01/23 | 25000 | 24947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global Payments, Inc. | BBB- | 3.75 | 06/01/23 | 85000 | 84458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. | BBB | 4.55 | 10/30/24 | 105000 | 103389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | BBB- | 4.00 | 09/01/24 | 20000 | 19630 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Hldgs., Inc. | A- | 2.65 | 10/01/26 | 175000 | 161565 |
| &nbsp;&nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | A | 4.25 | 05/20/32 | 35000 | 33671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. | BBB | 2.75 | 04/01/31 | 175000 | 143098 |
|  |  |  |  |  | 918282 |

---

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

------

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

**PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Rating\*\*** | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
| **LONG-TERM DEBT SECURITIES (CONTINUED):** | | | | | |
| CORPORATE DEBT (CONTINUED) |  |  |  |  |  |
| MATERIALS (0.9%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | BBB- | 3.60 | 03/15/32 | $85000 | $70272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | BBB | 2.50 | 07/01/31 | 163000 | 127864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | BBB | 3.95 | 01/15/26 | 105000 | 102009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teck Resources Ltd. | BBB- | 3.75 | 02/01/23 | 20000 | 20017 |
|  |  |  |  |  | 320162 |
| REAL ESTATE (0.8%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties LP | BBB+ | 3.25 | 01/30/31 | 150000 | 124002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | BBB+ | 3.40 | 02/01/25 | 80000 | 76968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prologis LP | A | 1.75 | 07/01/30 | 70000 | 55133 |
|  |  |  |  |  | 256103 |
| UTILITIES (0.4%) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Fuel Gas Co. | BBB- | 5.20 | 07/15/25 | 40000 | 39791 |
| &nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy Capital Hldgs., Inc. | BBB+ | 3.55 | 05/01/27 | 95000 | 89501 |
|  |  |  |  |  | 129292 |
|  TOTAL CORPORATE DEBT | TOTAL CORPORATE DEBT | TOTAL CORPORATE DEBT | TOTAL CORPORATE DEBT | TOTAL CORPORATE DEBT | 6948625 |
|  TOTAL LONG-TERM DEBT SECURITIES<br>(Cost: $37,629,305) 97.7% | TOTAL LONG-TERM DEBT SECURITIES<br>(Cost: $37,629,305) 97.7% | TOTAL LONG-TERM DEBT SECURITIES<br>(Cost: $37,629,305) 97.7% | TOTAL LONG-TERM DEBT SECURITIES<br>(Cost: $37,629,305) 97.7% | TOTAL LONG-TERM DEBT SECURITIES<br>(Cost: $37,629,305) 97.7% | 32569316 |
|  |  | **Rate(%)** | **Maturity** | **Face Amount** | **Value** |
|  **TEMPORARY CASH INVESTMENT (2.0%)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Chase, New York Time Deposit |  | 3.59 | 01/03/23 | $&nbsp;&nbsp;&nbsp;&nbsp;656143 | $656143 |
|  TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $656,143) 2.0% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $656,143) 2.0% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $656,143) 2.0% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $656,143) 2.0% | TOTAL TEMPORARY CASH INVESTMENT<br>(Cost: $656,143) 2.0% | 656143 |
|  TOTAL INVESTMENTS<br>(Cost: $38,285,448) 99.7% | TOTAL INVESTMENTS<br>(Cost: $38,285,448) 99.7% | TOTAL INVESTMENTS<br>(Cost: $38,285,448) 99.7% | TOTAL INVESTMENTS<br>(Cost: $38,285,448) 99.7% | TOTAL INVESTMENTS<br>(Cost: $38,285,448) 99.7% | 33225459 |
|  OTHER NET ASSETS 0.3% | OTHER NET ASSETS 0.3% | OTHER NET ASSETS 0.3% | OTHER NET ASSETS 0.3% | OTHER NET ASSETS 0.3% | 107247 |
|  NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | NET ASSETS 100.0% | $33332706 |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES** 

**December 31, 2022** 

------

---

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

---

\* Non-income producing security.

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

† Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the aggregate values of these securities and their percentages of the respective Portfolios' net assets were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Aggregate<br>Market<br>Value** | **Percentage<br>of<br>Net Assets** |
|  MONEY MARKET PORTFOLIO | $4768366 | 13.6% |
|  INTERNATIONAL PORTFOLIO | $183202 | 1.3% |
|  MID-TERM BOND PORTFOLIO | $90174 | 0.4% |
|  BOND PORTFOLIO | $73156 | 0.2% |

---

†† Level 3 Security (See Note 1).

(1) This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts.
Information on futures contracts outstanding in the Portfolios as of December 31, 2022, was as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | **Number of<br>Contracts** | **Contract Type** | **Purchased (P)<br>or Sold (S)** | **Expiration<br>Date** | **Notional<br>Value** | **Value/<br>Unrealized<br>Gain(Loss)(a)** | **Face Value<br>of Futures<br>as a %<br>of Total<br>Investments** |
|  EQUITY INDEX PORTFOLIO | 5 | E-mini S&P 500<br>Stock Index | P | March 2023 | $965250 | $(48588) | 0.9% |
|  MID-CAP EQUITY INDEX PORTFOLIO | 2 | E-mini S&P MidCap<br>400 Stock Index | P | March 2023 | $488520 | $(17240) | 1.0% |

---

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

(2) Percentage is less than 0.05%.

(3) U.S. Government guaranteed security.

------

(This page has been left blank intentionally.)

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Index<br>Portfolio** | **All America<br>Portfolio** | **Small Cap<br>Value Portfolio** | **Small Cap<br>Growth Portfolio** | **Small Cap<br>Equity Index<br>Portfolio** |
|  ASSETS |  |  |  |  |  |
|  Investments at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: Equity Index Portfolio — $93,431,086<br> All America Portfolio — $13,365,067<br> Small Cap Value Portfolio — $10,918,849<br> Small Cap Growth Portfolio — $10,530,207<br> Small Cap Equity Index Portfolio — $7,679,100<br> Mid Cap Value Portfolio — $4,817,550<br> Mid-Cap Equity Index Portfolio — $46,186,472<br> International Portfolio — $15,497,037<br> Retirement Income Portfolio — $5,167,476<br> 2015 Retirement Portfolio — $5,423,430<br> 2020 Retirement Portfolio — $14,901,224<br> 2025 Retirement Portfolio — $22,481,770<br> 2030 Retirement Portfolio — $15,484,016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: Equity Index Portfolio — $93,431,086<br> All America Portfolio — $13,365,067<br> Small Cap Value Portfolio — $10,918,849<br> Small Cap Growth Portfolio — $10,530,207<br> Small Cap Equity Index Portfolio — $7,679,100<br> Mid Cap Value Portfolio — $4,817,550<br> Mid-Cap Equity Index Portfolio — $46,186,472<br> International Portfolio — $15,497,037<br> Retirement Income Portfolio — $5,167,476<br> 2015 Retirement Portfolio — $5,423,430<br> 2020 Retirement Portfolio — $14,901,224<br> 2025 Retirement Portfolio — $22,481,770<br> 2030 Retirement Portfolio — $15,484,016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: Equity Index Portfolio — $93,431,086<br> All America Portfolio — $13,365,067<br> Small Cap Value Portfolio — $10,918,849<br> Small Cap Growth Portfolio — $10,530,207<br> Small Cap Equity Index Portfolio — $7,679,100<br> Mid Cap Value Portfolio — $4,817,550<br> Mid-Cap Equity Index Portfolio — $46,186,472<br> International Portfolio — $15,497,037<br> Retirement Income Portfolio — $5,167,476<br> 2015 Retirement Portfolio — $5,423,430<br> 2020 Retirement Portfolio — $14,901,224<br> 2025 Retirement Portfolio — $22,481,770<br> 2030 Retirement Portfolio — $15,484,016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: Equity Index Portfolio — $93,431,086<br> All America Portfolio — $13,365,067<br> Small Cap Value Portfolio — $10,918,849<br> Small Cap Growth Portfolio — $10,530,207<br> Small Cap Equity Index Portfolio — $7,679,100<br> Mid Cap Value Portfolio — $4,817,550<br> Mid-Cap Equity Index Portfolio — $46,186,472<br> International Portfolio — $15,497,037<br> Retirement Income Portfolio — $5,167,476<br> 2015 Retirement Portfolio — $5,423,430<br> 2020 Retirement Portfolio — $14,901,224<br> 2025 Retirement Portfolio — $22,481,770<br> 2030 Retirement Portfolio — $15,484,016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: Equity Index Portfolio — $93,431,086<br> All America Portfolio — $13,365,067<br> Small Cap Value Portfolio — $10,918,849<br> Small Cap Growth Portfolio — $10,530,207<br> Small Cap Equity Index Portfolio — $7,679,100<br> Mid Cap Value Portfolio — $4,817,550<br> Mid-Cap Equity Index Portfolio — $46,186,472<br> International Portfolio — $15,497,037<br> Retirement Income Portfolio — $5,167,476<br> 2015 Retirement Portfolio — $5,423,430<br> 2020 Retirement Portfolio — $14,901,224<br> 2025 Retirement Portfolio — $22,481,770<br> 2030 Retirement Portfolio — $15,484,016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: Equity Index Portfolio — $93,431,086<br> All America Portfolio — $13,365,067<br> Small Cap Value Portfolio — $10,918,849<br> Small Cap Growth Portfolio — $10,530,207<br> Small Cap Equity Index Portfolio — $7,679,100<br> Mid Cap Value Portfolio — $4,817,550<br> Mid-Cap Equity Index Portfolio — $46,186,472<br> International Portfolio — $15,497,037<br> Retirement Income Portfolio — $5,167,476<br> 2015 Retirement Portfolio — $5,423,430<br> 2020 Retirement Portfolio — $14,901,224<br> 2025 Retirement Portfolio — $22,481,770<br> 2030 Retirement Portfolio — $15,484,016) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Notes 1 and 3) | $102060949 | $14529683 | $10050337 | $10066812 | $7023073 |
|  Cash | 3036 | 428 | 1814 | 589 |  |
|  Interest and dividends receivable | 86736 | 13194 | 9120 | 5870 | 9287 |
|  Receivable for securities sold | 19122 | 3067 | 81 |  |  |
|  Shareholder subscriptions receivable | 47950 | 19 | 2100 | 1444 | 1709 |
|  Due from the Adviser | 20902 |  | 8257 | 7252 | 9482 |
|  TOTAL ASSETS | 102238695 | 14546391 | 10071709 | 10081967 | 7043551 |
|  LIABILITIES |  |  |  |  |  |
|  Due to custodian bank |  |  |  |  | 86 |
|  Payable for securities purchased | 402 |  |  |  | 5136 |
|  Payable for daily variation on future contracts | 2688 |  |  |  |  |
|  Shareholder redemptions payable | 2160 | 8777 | 28 | 14 | 52 |
|  Payable to the Adviser | 6640 | 9794 | 6711 | 6503 | 458 |
|  Accrued expenses | 86168 | 16695 | 16269 | 17493 | 14604 |
|  TOTAL LIABILITIES: | 98058 | 35266 | 23008 | 24010 | 20336 |
|  NET ASSETS | $102140637 | $14511125 | $10048701 | $10057957 | $7023215 |
|  NUMBER OF SHARES OUTSTANDING (Note 4) | 1815565 | 529565 | 660378 | 747164 | 770315 |
|  NET ASSET VALUES, offering and redemption price per share | $56.26 | $27.40 | $15.22 | $13.46 | $9.12 |
|  COMPONENTS OF NET ASSETS |  |  |  |  |  |
|  Paid-in capital | $91083142 | $13052048 | $10698824 | $11042324 | $7849755 |
|  Total Distributable Earnings (Loss) (Notes 1 and 5) | 11057495 | 1459077 | (650123) | (984367) | (826540) |
|  NET ASSETS | $102140637 | $14511125 | $10048701 | $10057957 | $7023215 |

---

------

(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.

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap<br>Value<br>Portfolio** | **Mid-Cap<br>Equity Index<br>Portfolio** | **International<br>Portfolio** | **Retirement<br>Income<br>Portfolio** | **2015<br>Retirement<br>Portfolio** | **2020<br>Retirement<br>Portfolio** | **2025<br>Retirement<br>Portfolio** | **2030<br>Retirement<br>Portfolio** |
| $4571772 | $47533426 | $14077856 | $4715414 (a) | $5166470 (a) | $14211969 (a) | $21541567 (a) | $14591564 (a) |
| 825 | 2092 | 960 |  |  |  |  |  |
| 4059 | 58533 | 49262 |  |  |  |  |  |
|  | 7476 |  |  |  |  |  |  |
| 58 | 9524 | 11005 |  |  |  |  |  |
| 6390 | 2654 | 20117 | 16902 | 16347 | 15045 | 19169 | 19630 |
| 4583104 | 47613705 | 14159200 | 4732316 | 5182817 | 14227014 | 21560736 | 14611194 |
|  |  | 296 |  |  |  |  |  |
|  | 1200 |  |  |  |  |  |  |
|  | 2680 |  |  |  |  |  |  |
|  | 895 | 640 |  |  |  |  |  |
| 2125 | 3081 | 882 | 205 | 222 | 611 | 924 | 622 |
| 9548 | 42052 | 27118 | 10595 | 10101 | 11634 | 14181 | 13409 |
| 11673 | 49908 | 28936 | 10800 | 10323 | 12245 | 15105 | 14031 |
| $4571431 | $47563797 | $14130264 | $4721516 | $5172494 | $14214769 | $21545631 | $14597163 |
| 243656 | 1892386 | 1721302 | 411505 | 506218 | 1164069 | 1534214 | 933418 |
| $18.76 | $25.13 | $8.21 | $11.47 | $10.22 | $12.21 | $14.04 | $15.64 |
| $4704101 | $44563744 | $15579627 | $5245813 | $5322752 | $14453731 | $21542504 | $14566778 |
| (132670) | 3000053 | (1449363) | (524297) | (150258) | (238962) | 3127 | 30385 |
| $4571431 | $47563797 | $14130264 | $4721516 | $5172494 | $14214769 | $21545631 | $14597163 |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**STATEMENTS OF ASSETS AND LIABILITIES (Continued)** 

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2035<br>Retirement<br>Portfolio** | **2040<br>Retirement<br>Portfolio** | **2045<br>Retirement<br>Portfolio** | **2050<br>Retirement<br>Portfolio** | **2055<br>Retirement<br>Portfolio** |
|  ASSETS |  |  |  |  |  |
|  Investments at fair value |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost: 2035 Retirement Portfolio — $8,294,921<br> 2040 Retirement Portfolio — $7,492,122<br> 2045 Retirement Portfolio — $4,042,117<br> 2050 Retirement Portfolio — $4,154,701<br> 2055 Retirement Portfolio — $985,231<br> 2060 Retirement Portfolio — $1,191,625<br> Conservative Allocation Portfolio — $9,496,891<br> Moderate Allocation Portfolio — $20,343,192<br> Aggressive Allocation Portfolio — $4,451,575<br> Money Market Portfolio — $35,041,930<br> Mid-Term Bond Portfolio — $22,923,294<br> Bond Portfolio — $38,285,448) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Notes 1 and 3) | $7928475 (a) | $7038687 (a) | $3891355 (a) | $3966538 (a) | $915423 (a) |
|  Cash |  |  |  |  | 61 |
|  Interest and dividends receivable |  |  |  |  |  |
|  Receivable for securities sold |  |  |  |  |  |
|  Shareholder subscriptions receivable |  |  |  |  |  |
|  Due from the Adviser | 20102 | 18877 | 12176 | 19126 | 19535 |
|  TOTAL ASSETS | 7948577 | 7057564 | 3903531 | 3985664 | 935019 |
|  LIABILITIES |  |  |  |  |  |
|  Due to custodian bank |  |  |  |  |  |
|  Payable for securities purchased |  |  |  |  |  |
|  Payable for daily variation on future contracts |  |  |  |  |  |
|  Shareholder redemptions payable |  |  |  |  |  |
|  Payable to the Adviser | 336 | 305 | 166 | 170 | 40 |
|  Accrued expenses | 13954 | 12539 | 4941 | 11905 | 11453 |
|  TOTAL LIABILITIES | 14290 | 12844 | 5107 | 12075 | 11493 |
|  NET ASSETS | $7934287 | $7044720 | $3898424 | $3973589 | $923526 |
|  NUMBER OF SHARES OUTSTANDING (Note 4) | 502809 | 442973 | 244935 | 211307 | 60626 |
|  NET ASSET VALUES, offering and redemption price per share | $15.78 | $15.90 | $15.92 | $18.80 | $15.23 |
|  COMPONENTS OF NET ASSETS |  |  |  |  |  |
|  Paid-in capital | $7817801 | $6771681 | $3796506 | $3882327 | $952278 |
|  Total Distributable Earnings (Loss) (Notes 1 and 5) | 116486 | 273039 | 101918 | 91262 | (28752) |
|  NET ASSETS | $7934287 | $7044720 | $3898424 | $3973589 | $923526 |

---

------

(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.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2060<br>Retirement<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** | **Moderate<br>Allocation<br>Portfolio** | **Aggressive<br>Allocation<br>Portfolio** | **Money<br>Market<br>Portfolio** | **Mid-Term<br>Bond**<br>**Portfolio** | **Bond Portfolio** |
| $696058 (a) | $8829704 (a) | $19568653 (a) | $4355525 (a) | $35041930 | $21102620 | $33225459 |
| 70 | 98 | 98 | 98 | 525 | 641 | 1873 |
|  |  |  |  |  | 91463 | 167928 |
|  |  |  |  |  | 64960 | 104396 |
|  |  |  |  | 1649 | 3942 | 14937 |
| 17169 | 15277 | 12982 | 17490 |  | 10013 | 17485 |
| 713297 | 8845079 | 19581733 | 4373113 | 35044104 | 21273639 | 33532078 |
|  |  |  |  |  |  | 154687 |
|  |  |  |  | 701 | 1096 | 1663 |
| 30 |  |  |  | 4571 | 7264 | 2726 |
| 10933 | 10281 | 10949 | 10743 | 5195 | 20919 | 40296 |
| 10963 | 10281 | 10949 | 10743 | 10467 | 29279 | 199372 |
| $702334 | $8834798 | $19570784 | $4362370 | $35033637 | $21244360 | $33332706 |
| 54799 | 720550 | 1232866 | 232751 | 2831130 | 2153673 | 2564081 |
| $12.82 | $12.26 | $15.87 | $18.74 | $12.374 | $9.86 | $13.00 |
| $746601 | $9282883 | $19338902 | $4190649 | $35026804 | $22951790 | $38401679 |
| (44267) | (448085) | 231882 | 171721 | 6833 | (1707430) | (5068973) |
| $702334 | $8834798 | $19570784 | $4362370 | $35033637 | $21244360 | $33332706 |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**STATEMENTS OF OPERATIONS** 

**For the Year Ended December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **<br>Equity Index<br>Portfolio** | **All America<br>Portfolio** | **Small Cap<br>Value Portfolio** | **Small Cap<br>Growth Portfolio** | **Small Cap<br>Equity<br>Index Portfolio** |
|  INVESTMENT INCOME AND EXPENSES |  |  |  |  |  |
|  INVESTMENT INCOME |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $1746304 (d) | $248465 (d) | $212251 (d) | $87159 (d) | $117209 (d) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash dividends |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 22557 | 2775 | 7411 | 3216 | 54 |
|  Total investment income | 1768861 | 251240 | 219662 | 90375 | 117263 |
|  EXPENSES |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2) | 80800 | 61969 | 82671 | 87033 | 5397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses (Note 2) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration expenses | 425143 | 107639 | 86808 | 95104 | 76892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders reports | 4670 | 6299 | 2541 | 2132 | 5733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian expenses | 26487 | 16121 | 2249 | 6639 | 29612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 18703 | 4920 | 2615 | 3107 | 2029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent directors' fees and expenses | 5976 | 881 | 636 | 702 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 36386 | 36196 | 36196 | 36196 | 36422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and Compliance | 94546 | 27160 | 14531 | 19495 | 10691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative | 228724 | 28140 | 24159 | 25826 | 12785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses | 22221 | 1943 |  |  | 1450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and registration | 1361 | 201 | 138 | 159 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fees | 46667 | 9008 | 5852 | 8625 | 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 910884 | 238508 | 175725 | 197985 | 181175 |
|  Total expenses before reimbursement | 991684 | 300477 | 258396 | 285018 | 186572 |
|  Fee waiver and expense reimbursement (Note 2) | (841663) | (219918) | (169111) | (191022) | (175829) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 150021 | 80559 | 89285 | 93996 | 10743 |
|  Net Investment Income (Loss) | 1618840 | 170681 | 130377 | (3621) | 106520 |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS (Note 1) |  |  |  |  |  |
|  Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 1343293 | 227127 | 135175 | (481201) | 269704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts (Note 1) | (164232) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain distributions from Variable Insurance Portfolios |  |  |  |  |  |
|  | 1179061 | 227127 | 135175 | (481201) | 269704 |
|  Change in net unrealized appreciation (depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (25267062) | (3567296) | (1490390) | (3826331) | (1637338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts (Note 1) | (73263) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation |  |  |  |  |  |
|  | (25340325) | (3567296) | (1490390) | (3826331) | (1637338) |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS | (24161264) | (3340169) | (1355215) | (4307532) | (1367634) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(22542424) | $(3169488) | $(1224838) | $(4311153) | $(1261114) |

---

------

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

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

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap<br>Value Portfolio** | **Mid-Cap<br>Equity Index<br>Portfolio** | **International<br>Portfolio** | **Retirement<br>Income<br>Portfolio** | **2015<br>Retirement<br>Portfolio** | **2020<br>Retirement<br>Portfolio** | **2025<br>Retirement<br>Portfolio** | **2030<br>Retirement<br>Portfolio** |
| $92134 (d) | $877697 (d) | $549190 (d) | $58369 (a) | $68089 (a) | $194096 (a) | $311956 (a) | $206714 (a) |
|  |  | 38595 |  |  |  |  |  |
| 2736 | 13245 | 4825 |  |  |  |  |  |
| 94870 | 890942 | 592610 | 58369 | 68089 | 194096 | 311956 | 206714 |
| 25507 | 38273 | 10342 | 2496 | 2813 | 7431 | 11493 | 7506 |
| 61339 | 232962 | 88898 | 45267 | 44277 | 35717 | 27334 | 35666 |
| 2601 | 4112 | 4622 | 1807 | 1924 | 1924 | 1946 | 1927 |
| 3899 | 24416 | 21127 | 8359 | 8348 | 12168 | 15996 | 16987 |
| 1349 | 10285 |  | 1482 | 1815 | 4751 | 7231 | 4592 |
| 241 | 2907 | 788 |  |  |  |  |  |
| 35985 | 37513 | 37695 | 32645 | 32559 | 32559 | 32559 | 34728 |
| 6796 | 55852 |  | 308 | 600 | 2040 | 2690 | 1963 |
| 8647 | 103440 | 38254 |  |  |  |  |  |
|  | 10606 |  |  |  |  |  |  |
| 52 | 654 | 180 |  |  |  |  |  |
| 1762 | 30205 | 4140 |  |  |  |  |  |
| 122671 | 512952 | 195704 | 89868 | 89523 | 89159 | 87756 | 95863 |
| 148178 | 551225 | 206046 | 92364 | 92336 | 96590 | 99249 | 103369 |
| (118034) | (479782) | (188221) | (88371) | (88398) | (84807) | (85457) | (94253) |
| 30144 | 71443 | 17825 | 3993 | 3938 | 11783 | 13792 | 9116 |
| 64726 | 819499 | 574785 | 54376 | 64151 | 182313 | 298164 | 197598 |
| 60805 | 1418418 | (575467) | (178443)(b) | (37493)(b) | (11369)(b) | 65698 (b) | 311536 (b) |
|  | (106281) |  |  |  |  |  |  |
|  |  | (27665) |  |  |  |  |  |
|  |  |  | 53357 | 85016 | 356687 | 746577 | 610727 |
| 60805 | 1312137 | (603132) | (125086) | 47523 | 345318 | 812275 | 922263 |
| (684021) | (10015675) | (1661545) | (529706)(c) | (861031)(c) | (2630839)(c) | (4658677)(c) | (3593692)(c) |
|  | (45882) |  |  |  |  |  |  |
|  |  | 195 |  |  |  |  |  |
| (684021) | (10061557) | (1661350) | (529706) | (861031) | (2630839) | (4658677) | (3593692) |
| (623216) | (8749420) | (2264482) | <br> (654792)  | (813508) | (2285521) | (3846402) | (2671429) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> (558490)  | $(7929921) | $(1689697) | $(600416) | $(749357) | $(2103208) | $(3548238) | $(2473831) |

---

------

(d) Net of foreign taxes as follows:

---

| | |
|:---|:---|
|  Equity Index Portfolio | $635 |
|  All America Portfolio | $459 |
|  Small Cap Value Portfolio | $17 |
|  Small Cap Growth Portfolio | $81 |
|  Small Cap Equity Index Portfolio | $155 |
|  Mid-Cap Equity Index Portfolio | $2765 |
|  International Portfolio | $&nbsp;&nbsp;&nbsp;&nbsp;54809 |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**STATEMENTS OF OPERATIONS (Continued)** 

**For the Year Ended December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2035<br>Retirement<br>Portfolio** | **2040<br>Retirement<br>Portfolio** | **2045<br>Retirement<br>Portfolio** | **2050<br>Retirement<br>Portfolio** | **2055<br>Retirement<br>Portfolio** |
|  INVESTMENT INCOME AND EXPENSES |  |  |  |  |  |
|  INVESTMENT INCOME |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | $116949 (a) | $104202 (a) | $56593 (a) | $57993 (a) | $13307 (a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest |  |  |  |  |  |
|  Total investment income | 116949 | 104202 | 56593 | 57993 | 13307 |
|  EXPENSES |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees (Note 2) | 3972 | 3422 | 1906 | 1897 | 442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other operating expenses (Note 2) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration expenses | 42645 | 43030 | 47424 | 46723 | 48418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholders reports | 1927 | 1957 | 484 | 1957 | 1973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian expenses | 15106 | 11871 | 10374 | 11083 | 10699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 2423 | 2045 | 1013 | 1154 | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent directors' fees and expenses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 32559 | 32559 | 27247 | 32559 | 32559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal and Compliance | 1521 | 1089 | 1146 | 961 | 365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Licenses |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fees and registration |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous fees |  |  |  |  | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses | 96181 | 92551 | 87688 | 94437 | 95210 |
|  Total expenses before reimbursement | 100153 | 95973 | 89594 | 96334 | 95652 |
|  Fee waiver and expense reimbursement (Note 2) | (94593) | (91183) | (86926) | (93679) | (94718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5560 | 4790 | 2668 | 2655 | 934 |
|  Net Investment Income (Loss) | 111389 | 99412 | 53925 | 55338 | 12373 |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS (Note 1) |  |  |  |  |  |
|  Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | 48442 (b) | 346291 (b) | 12680 (b) | 31643 (b) | 5261 (b) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts (Note 1) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain distributions from Variable Insurance Portfolios | 362991 | 353833 | 207085 | 218135 | 52082 |
|  | 411433 | 700124 | 219765 | 249778 | 57343 |
|  Change in net unrealized appreciation (depreciation) of: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment securities | (1856844)(c) | (1946548)(c) | (921151)(c) | (925727)(c) | (212380)(c) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts (Note 1) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation |  |  |  |  |  |
|  | (1856844) | (1946548) | (921151) | (925727) | (212380) |
|  NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS, FUTURES CONTRACTS AND FOREIGN CURRENCY TRANSLATIONS | (1445411) | (1246424) | (701386) | (675949) | (155037) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $(1334022) | $(1147012) | $(647461) | $(620611) | $(142664) |

---

------

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

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

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

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2060<br>Retirement<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** | **Moderate<br>Allocation<br>Portfolio** | **Aggressive<br>Allocation<br>Portfolio** | **Money<br>Market<br>Portfolio** | **Mid-Term<br>Bond<br>Portfolio** | **Bond<br>Portfolio** |
| $9055 (a) | $112783 (a) | $282853 (a) | $61656 (a) | $— | $— | $— |
|  |  |  |  | 326955 | 320626 | 738813 |
| 9055 | 112783 | 282853 | 61656 | 326955 | 320626 | 738813 |
| 336 |  |  |  | 20201 | 80794 | 135193 |
| 48413 | 41351 | 29494 | 45577 | 58902 | 115914 | 171986 |
| 1957 | 1897 | 1932 | 1977 | 1415 | 2635 | 3314 |
| 11293 | 8246 | 11717 | 10149 | 3961 | 2247 | 3651 |
| 195 | 2940 | 6599 | 1382 | 1892 | 69 | 510 |
|  |  |  |  | 463 | 1111 | 1945 |
| 32559 | 32645 | 32645 | 32645 | 35117 | 37326 | 37326 |
| 153 | 1074 | 2352 | 634 | 9759 |  |  |
|  |  |  |  | 15508 | 42697 | 80065 |
|  |  |  |  | 95 | 244 | 437 |
| 1166 |  |  |  | 1636 | 8020 | 13901 |
| 95736 | 88153 | 84739 | 92364 | 128748 | 210263 | 313135 |
| 96072 | 88153 | 84739 | 92364 | 148949 | 291057 | 448328 |
| (95736) | (86316) | (80617) | (91482) | (122014) | (200164) | (292336) |
| 336 | 1837 | 4122 | 882 | 26935 | 90893 | 155992 |
| 8719 | 110946 | 278731 | 60774 | 300020 | 229733 | 582821 |
| 410711 (b) | (2344)(b) | 174844 (b) | 39221 (b) | (19) | (108166) | (522259) |
| 36991 | 153895 | 619636 | 233112 |  |  |  |
| 447702 | 151551 | 794480 | 272333 | (19) | (108166) | (522259) |
| (579823)(c) | (1521720)(c) | (4325332)(c) | (1101170)(c) |  | (1683782) | (4760251) |
| (579823) | (1521720) | (4325332) | (1101170) |  | (1683782) | (4760251) |
| (132121) | (1370169) | (3530852) | (828837) | (19) | (1791948) | (5282510) |
| $(123402) | $(1259223 ) | $(3252121) | $(768063) | $300001 | $(1562215) | $(4699689) |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

**For the Years Ended December 31,** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Equity Index Portfolio** | <br>**Equity Index Portfolio** | **All America Portfolio** | **All America Portfolio** |
|  | **2022** | **2021** | **2022** | **2021** |
|  INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |
|  FROM OPERATIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1618840 | $1418946 | $170681 | $148225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, futures contracts and foreign currency translations | 1179061 | 3361944 | 227127 | 1035360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | (25340325) | 22417432 | (3567296) | 2756871 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (22542424) | 27198322 | (3169488) | 3940456 |
|  DISTRIBUTIONS (Notes 1 and 5) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Distributable Earnings | (4578108) | (1402613) | (934576) | (148887) |
|  Total distributions | (4578108) | (1402613) | (934576) | (148887) |
|  CAPITAL TRANSACTIONS (Note 4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares | 14815819 | 19837370 | 702722 | 1054449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 4578108 | 1402613 | 934576 | 148887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (14015144) | (20998987) | (939124) | (1776509) |
|  NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | 5378783 | 240996 | 698174 | (573173) |
|  INCREASE (DECREASE) IN NET ASSETS | (21741749) | 26036705 | (3405890) | 3218396 |
|  NET ASSETS, BEGINNING OF YEAR | 123882386 | 97845681 | 17917015 | 14698619 |
|  NET ASSETS, END OF YEAR | $102140637 | $123882386 | $14511125 | $17917015 |
|  OTHER INFORMATION (Note 4): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at the beginning of year | 1720549 | 1724876 | 502377 | 519203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 234693 | 303659 | 22638 | 32565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of dividends | 83756 | 21417 | 35029 | 4522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (223433) | (329403) | (30479) | (53913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | 95016 | (4327) | 27188 | (16826) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at the end of year | 1815565 | 1720549 | 529565 | 502377 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Value Portfolio** | **Small Cap Value Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Equity Index<br>Portfolio** | **Small Cap Equity Index<br>Portfolio** | **Mid Cap Value Portfolio** | **Mid Cap Value Portfolio** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $130377 | $117084 | $(3621) | $(41567) | $106520 | $95614 | $64726 | $41691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 135175 | 2112110 | (481201) | 2259640 | 269704 | 902131 | 60805 | 291238 |
| (1490390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 181992 | (3826331) | (729349) | (1637338) | 353031 | (684021) | 354635 |
| (1224838) | 2411186 | (4311153) | 1488724 | (1261114) | 1350776 | (558490) | 687564 |
| (1191596) | (103700) | (2037474) | (12666) | (526589) | (1089375) | (247806) | (26563) |
| (1191596) | (103700) | (2037474) | (12666) | (526589) | (1089375) | (247806) | (26563) |
| 2030587 | 10206876 | 889613 | 2837004 | 2034063 | 4462368 | 2180022 | 2551128 |
| 1191596 | 103700 | 2037474 | 12666 | 526589 | 1089375 | 247806 | 26563 |
| (2693297) | (8324752) | (2135987) | (3807640) | (1336833) | (2516744) | (982500) | (1112530) |
| 528886 | 1985824 | 791100 | (957970) | 1223819 | 3034999 | 1445328 | 1465161 |
| (1887548) | 4293310 | (5557527) | 518088 | (563884) | 3296400 | 639032 | 2126162 |
| 11936249 | 7642939 | 15615484 | 15097396 | 7587099 | 4290699 | 3932399 | 1806237 |
| $10048701 | $11936249 | $10057957 | $15615484 | $7023215 | $7587099 | $4571431 | $3932399 |
| 626045 | 525025 | 676788 | 720986 | 643592 | 394084 | 175973 | 107166 |
| 115923 | 556861 | 51124 | 124236 | 196415 | 348743 | 101745 | 122133 |
| 79919 | 5810 | 150924 | 562 | 57960 | 94480 | 13852 | 1289 |
| (161509) | (461651) | (131672) | (168996) | (127652) | (193715) | (47914) | (54615) |
| 34333 | 101020 | 70376 | (44198) | 126723 | 249508 | 67683 | 68807 |
| 660378 | 626045 | 747164 | 676788 | 770315 | 643592 | 243656 | 175973 |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**For the Years Ended December 31,** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Mid-Cap Equity Index <br>Portfolio** | **Mid-Cap Equity Index <br>Portfolio** | **International Portfolio** | **International Portfolio** |
|  | **2022** | **2021** | **2022** | **2021** |
|  INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |
|  FROM OPERATIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $819499 | $712582 | $574785 | $344443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, futures contracts and foreign currency translations | 1312137 | 4961423 | (603132) | 1881447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | (10061557) | 6175729 | (1661350) | (858217) |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (7929921) | 11849734 | (1689697) | 1367673 |
|  DISTRIBUTIONS (Notes 1 and 5) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Distributable Earnings | (3610022) | (577063) | (1714903) | (220053) |
|  Total distributions | (3610022) | (577063) | (1714903) | (220053) |
|  CAPITAL TRANSACTIONS (Note 4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares | 3259162 | 8621708 | 2389920 | 3457019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 3610022 | 577063 | 1714903 | 220055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (7190733) | (10878698) | (1977090) | (2228484) |
|  NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | (321549) | (1679927) | 2127733 | 1448590 |
|  INCREASE (DECREASE) IN NET ASSETS | (11861492) | 9592744 | (1276867) | 2596210 |
|  NET ASSETS, BEGINNING OF YEAR | 59425289 | 49832545 | 15407131 | 12810921 |
|  NET ASSETS, END OF YEAR | $47563797 | $59425289 | $14130264 | $15407131 |
|  OTHER INFORMATION (Note 4): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at the beginning of year | 1898109 | 1961739 | 1441403 | 1304758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 118335 | 291681 | 264505 | 328325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of dividends | 150606 | 19655 | 241536 | 21261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (274664) | (374966) | (226142) | (212941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | (5723) | (63630) | 279899 | 136645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at the end of year | 1892386 | 1898109 | 1721302 | 1441403 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>Retirement Income Portfolio** | **<br>Retirement Income Portfolio** | **2015 Retirement Portfolio** | **2015 Retirement Portfolio** | **2020 Retirement Portfolio** | **2020 Retirement Portfolio** | **2025 Retirement Portfolio** | **2025 Retirement Portfolio** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $54376 | $54958 | $64151 | $70513 | $182313 | $185200 | $298164 | $278450 |
| (125086) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 256550 | 47523 | 204286 | 345318 | 692759 | 812275 | 607395 |
| (529706) | (80567) | (861031) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 175832 | (2630839) | 608590 | (4658677) | 1763159 |
| (600416) | 230941 | (749357) | 450631 | (2103208) | 1486549 | (3548238) | 2649004 |
| (309082) | (18820) | (269892) |  | (849948) |  | (886214) |  |
| (309082) | (18820) | (269892) |  | (849948) |  | (886214) |  |
| 507893 | 2332842 | 212685 | 351660 | 1390496 | 1085973 | 1534745 | 3443116 |
| 309082 | 18820 | 269892 |  | 849948 |  | 886214 |  |
| (528023) | (272322) | (651616) | (697004) | (1319441) | (2949314) | (2255448) | (1855736) |
| 288952 | 2079340 | (169039) | (345344) | 921003 | (1863341) | 165511 | 1587380 |
| (620546) | 2291461 | (1188288) | 105287 | (2032153) | (376792) | (4268941) | 4236384 |
| 5342062 | 3050601 | 6360782 | 6255495 | 16246922 | 16623714 | 25814572 | 21578188 |
| $4721516 | $5342062 | $5172494 | $6360782 | $14214769 | $16246922 | $21545631 | $25814572 |
| 387161 | 233634 | 519947 | 549386 | 1086595 | 1217769 | 1520096 | 1425412 |
| 40201 | 172303 | 18299 | 29626 | 100850 | 75758 | 99910 | 212428 |
| 27820 | 1392 | 27428 |  | 72894 |  | 66683 |  |
| (43677) | (20168) | (59456) | (59065) | (96270) | (206932) | (152475) | (117744) |
| 24344 | 153527 | (13729) | (29439) | 77474 | (131174) | 14118 | 94684 |
| 411505 | 387161 | 506218 | 519947 | 1164069 | 1086595 | 1534214 | 1520096 |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**For the Years Ended December 31,** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**2030 Retirement Portfolio** | <br>**2030 Retirement Portfolio** | **2035 Retirement Portfolio** | **2035 Retirement Portfolio** |
|  | **2022** | **2021** | **2022** | **2021** |
|  INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |
|  FROM OPERATIONS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $197598 | $169402 | $111389 | $91919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, futures contracts and foreign currency translations | 922263 | 234018 | 411433 | 213797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | (3593692) | 1557537 | (1856844) | 822167 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (2473831) | 1960957 | (1334022) | 1127883 |
|  DISTRIBUTIONS (Notes 1 and 5) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Distributable Earnings | (186415) |  | (305716) | (15) |
|  Total distributions | (186415) |  | (305716) | (15) |
|  CAPITAL TRANSACTIONS (Note 4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares | 2152652 | 3333233 | 1521127 | 2112129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 186415 |  | 305716 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (1760362) | (523916) | (742861) | (753311) |
|  NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | 578705 | 2809317 | 1083982 | 1358833 |
|  INCREASE (DECREASE) IN NET ASSETS | (2081541) | 4770274 | (555756) | 2486701 |
|  NET ASSETS, BEGINNING OF YEAR | 16678704 | 11908430 | 8490043 | 6003342 |
|  NET ASSETS, END OF YEAR | $14597163 | $16678704 | $7934287 | $8490043 |
|  OTHER INFORMATION (Note 4): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at the beginning of year | 898476 | 741651 | 437126 | 363478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 130763 | 186925 | 88547 | 115523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of dividends | 12690 |  | 20796 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (108511) | (30100) | (43660) | (41876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | 34942 | 156825 | 65683 | 73648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at the end of year | 933418 | 898476 | 502809 | 437126 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<br>2040 Retirement Portfolio** | **<br>2040 Retirement Portfolio** | **2045 Retirement Portfolio** | **2045 Retirement Portfolio** | **2050 Retirement Portfolio** | **2050 Retirement Portfolio** | **2055 Retirement Portfolio** | **2055 Retirement Portfolio** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $99412 | $86192 | $53925 | $40818 | $55338 | $43188 | $12373 | $9516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 700124 | 195363 | 219765 | 127910 | 249778 | 205767 | 57343 | 23543 |
| (1946548) | 853967 | (921151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 439273 | (925727) | 370243 | (212380) | 87795 |
| (1147012) | 1135522 | (647461) | 608001 | (620611) | 619198 | (142664) | 120854 |
| (274532) |  | (127417) |  | (247625) | (2174) | (10350) |  |
| (274532) |  | (127417) |  | (247625) | (2174) | (10350) |  |
| 1705407 | 2161215 | 856987 | 732318 | 867618 | 979957 | 194560 | 355455 |
| 274532 |  | 127417 |  | 247625 | 2174 | 10350 |  |
| (1684275) | (329844) | (319992) | (129885) | (262274) | (539232) | (27642) | (28013) |
| 295664 | 1831371 | 664412 | 602433 | 852969 | 442899 | 177268 | 327442 |
| (1125880) | 2966893 | (110466) | 1210434 | (15267) | 1059923 | 24254 | 448296 |
| 8170600 | 5203707 | 4008890 | 2798456 | 3988856 | 2928933 | 899272 | 450976 |
| $7044720 | $8170600 | $3898424 | $4008890 | $3973589 | $3988856 | $923526 | $899272 |
| 415674 | 315523 | 205380 | 171508 | 167012 | 147036 | 49382 | 29781 |
| 97002 | 118607 | 50077 | 40997 | 42642 | 42993 | 12106 | 21267 |
| 18650 |  | 8674 |  | 14289 | 96 | 738 |  |
| (88353) | (18456) | (19196) | (7125) | (12636) | (23113) | (1600) | (1666) |
| 27299 | 100151 | 39555 | 33872 | 44295 | 19976 | 11244 | 19601 |
| 442973 | 415674 | 244935 | 205380 | 211307 | 167012 | 60626 | 49382 |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**STATEMENTS OF CHANGES IN NET ASSETS (Continued)** 

**For the Years Ended December 31,** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2060 Retirement<br>Portfolio** | **2060 Retirement<br>Portfolio** | **Conservative Allocation<br>Portfolio** | **Conservative Allocation<br>Portfolio** | **Moderate Allocation<br>Portfolio** | **Moderate Allocation<br>Portfolio** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
|  INCREASE (DECREASE) IN NET ASSETS |  |  |  |  |  |  |
|  FROM OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $8719 | $4895 | $110946 | $122797 | $278731 | $271076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments, futures contracts and foreign currency translations | 447702 | 21543 | 151551 | 441588 | 794480 | 1559630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | (579823) | 45450 | (1521720) | 200484 | (4325332) | 1323216 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | (123402) | 71888 | (1259223) | 764869 | (3252121) | 3153922 |
|  DISTRIBUTIONS (Notes 1 and 5) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Distributable Earnings | (5758) | (25) | (564444) | (38197) | (1309914) |  |
|  Total distributions | (5758) | (25) | (564444) | (38197) | (1309914) |  |
|  CAPITAL TRANSACTIONS (Note 4) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares | 258046 | 462166 | 1188901 | 2582479 | 1534522 | 5784904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends reinvested | 5758 | 25 | 564444 | 38197 | 1309914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (189395) | (72249) | (945407) | (3191986) | (2297187) | (8553395) |
|  NET INCREASE (DECREASE) IN NET ASSETS FROM CAPITAL TRANSACTIONS | 74409 | 389942 | 807938 | (571310) | 547249 | (2768491) |
|  INCREASE (DECREASE) IN NET ASSETS | (54751) | 461805 | (1015729) | 155362 | (4014786) | 385431 |
|  NET ASSETS, BEGINNING OF YEAR | 757085 | 295280 | 9850527 | 9695165 | 23585570 | 23200139 |
|  NET ASSETS, END OF YEAR | $702334 | $757085 | $8834798 | $9850527 | $19570784 | $23585570 |
|  OTHER INFORMATION (Note 4): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at the beginning of year | 49700 | 23277 | 656990 | 697397 | 1190092 | 1342486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 19330 | 32031 | 87180 | 178463 | 85802 | 309707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued as reinvestment of dividends | 489 | 2 | 48080 | 2620 | 87796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (14720) | (5610) | (71700) | (221490) | (130824) | (462101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Increase (decrease) | 5099 | 26423 | 63560 | (40407) | 42774 | (152394) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding at the end of year | 54799 | 49700 | 720550 | 656990 | 1232866 | 1190092 |

---

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

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Aggressive Allocation<br>Portfolio** | **Aggressive Allocation<br>Portfolio** | **Money Market Portfolio** | **Money Market Portfolio** | **Mid-Term Bond Portfolio** | **Mid-Term Bond Portfolio** | **Bond Portfolio** | **Bond Portfolio** |
| **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| $60774 | $55274 | $300020 | $(10312) | $229733 | $156410 | $582821 | $376800 |
| 272333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 175444 | (19) | (117) | (108166) | (8323) | (522259) | 80545 |
| (1101170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>534284 |  |  | (1683782) | (509629) | (4760251) | (1331925) |
| (768063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 765002 | 300001 | (10429) | (1562215) | (361542) | (4699689) | (874580) |
| (212802) |  | (292690) |  | (156410) | (430440) | (526891) | (561005) |
| (212802) |  | (292690) |  | (156410) | (430440) | (526891) | (561005) |
| 477189 | 1224872 | 27785265 | 1311106 | 3982850 | 5120726 | 4535144 | 11681546 |
| 212802 |  | 292690 |  | 156410 | 430440 | 526891 | 561005 |
| (403275) | (858816) | (1118474) | (780407) | (2072386) | (4166322) | (4415178) | (7064637) |
| 286716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 366056 | 26959481 | 530699 | 2066874 | 1384844 | 646857 | 5177914 |
| (694149) | 1131058 | 26966792 | 520270 | 348249 | 592862 | (4579723) | 3742329 |
| 5056519 | 3925461 | 8066845 | 7546575 | 20896111 | 20303249 | 37912429 | 34170100 |
| $4362370 | $5056519 | $35033637 | $8066845 | $21244360 | $20896111 | $33332706 | $37912429 |
| 216316 | 198822 | 655221 | 612144 | 1941203 | 1813650 | 2515539 | 2176997 |
| 24177 | 56162 | 2242686 | 106420 | 400683 | 465213 | 329217 | 763246 |
| 12223 |  | 23680 |  | 16041 | 39709 | 41163 | 37128 |
| (19965) | (38668) | (90457) | (63343) | (204254) | (377369) | (321838) | (461832) |
| 16435 | 17494 | 2175909 | 43077 | 212470 | 127553 | 48542 | 338542 |
| 232751 | 216316 | 2831130 | 655221 | 2153673 | 1941203 | 2564081 | 2515539 |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**FINANCIAL HIGHLIGHTS** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity Index Portfolio** | **Equity Index Portfolio** | **Equity Index Portfolio** | **All America Portfolio** | **All America Portfolio** | **All America Portfolio** |
|  | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
|  | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
|  Net Asset Value, Beginning of Year | $72.00 | $56.73 | $48.89 | $35.66 | $28.31 | $24.60 |
|  INCOME (LOSS) FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | 0.89 | 0.82 | 0.84 | 0.33 | 0.31 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | (13.97) | 15.26 | 7.00 | (6.71) | 7.34 | 3.38 |
|  Total From Investment Operations | (13.08) | 16.08 | 7.84 | (6.38) | 7.65 | 3.71 |
|  Less Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Investment Income | (0.80) | (0.81) |  | (0.26) | (0.30) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Realized Gains | (1.86) |  |  | (1.62) |  |  |
|  Total Distributions | (2.66) | (0.81) |  | (1.88) | (0.30) |  |
|  Net Asset Value, End of Year | $56.26 | $72.00 | $56.73 | $27.40 | $35.66 | $28.31 |
|  Total Return (%)(f) | (18.06) | 28.51 | 16.01 (b) | (17.73) | 27.10 | 15.08 (b) |
|  Net Assets, End of Year ($ millions) | 102.1 | 123.9 | 97.8 | 14.5 | 17.9 | 14.7 |
|  Ratio of Net Income (Loss) to Average Net Assets (%) | 1.50 | 1.29 | 1.80 (c) | 1.10 | 0.89 | 1.42 (c) |
|  Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.92 | 0.78 | 0.98 (c) | 1.94 | 1.66 | 1.93 (c) |
|  Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.14 | 0.13 | 0.14 (c) | 0.52 | 0.52 | 0.52 (c) |
|  Portfolio Turnover Rate (%)(a) | 10.72 | 21.48 | 39.64 (b) | 18.54 | 25.92 | 45.10 (b) |

---

------

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

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

(b) Not annualized.

(c) Annualized.

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

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

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

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

NA = Not Applicable.

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Value Portfolio** | **Small Cap Value Portfolio** | **Small Cap Value Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Growth Portfolio** | **Small Cap Equity Index Portfolio** | **Small Cap Equity Index Portfolio** | **Small Cap Equity Index Portfolio** |
| **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
| **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
| $19.07 | $14.56 | $14.86 | $23.07 | $20.94 | $14.97 | $11.79 | $10.89 | $9.88 |
| 0.20 | 0.11 | 0.25 | — (e) | (0.06) | (0.02) | 0.14 | 0.17 | 0.10 |
| <br> (2.11)  | 4.52 | (0.55) | (6.51) | 2.21 | 5.99 | (2.08) | 2.65 | 1.03 |
| (1.91) | 4.63 | (0.30) | (6.51) | 2.15 | 5.97 | (1.94) | 2.82 | 1.13 |
| (0.14) | (0.12) |  |  | (0.02) |  | (0.13) | (0.15) | (0.08) |
| (1.80) |  |  | (3.10) |  |  | (0.60) | (1.77) | (0.04) |
| (1.94) | (0.12) |  | (3.10) | (0.02) |  | (0.73) | (1.92) | (0.12) |
| $15.22 | $19.07 | $14.56 | $13.46 | $23.07 | $20.94 | $9.12 | $11.79 | $10.89 |
| (9.81) | 31.86 | (2.02)(b) | (28.27) | 10.26 | 39.92 (b) | (16.30) | 26.57 | 11.52 (b) |
| 10 | 11.9 | 7.6 | 10.1 | 15.6 | 15.1 | 7 | 7.6 | 4.3 |
| 1.18 | 0.94 | 2.11 (c) | (0.03) | (0.26) | (0.15)(c) | 1.48 | 1.32 | 1.57 (c) |
| 2.35 | 2.03 | 2.29 (c) | 2.46 | 1.88 | 2.06 (c) | 2.59 | 2.66 | 2.61 (c) |
| 0.81 | 0.81 | 0.81 (c) | 0.81 | 0.81 | 0.81 (c) | 0.15 | 0.14 | 0.15 (c) |
| 21.45 | 79.96 | 49.88 (b) | 67.79 | 60.11 | 96.43 (b) | 37.04 | 66.71 | 69.92 (b) |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value Portfolio** | **Mid Cap Value Portfolio** | **Mid Cap Value Portfolio** | **Mid-Cap Equity Index Portfolio** | **Mid-Cap Equity Index Portfolio** | **Mid-Cap Equity Index Portfolio** |
|  | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
|  | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
|  Net Asset Value, Beginning of Year | $22.35 | $16.85 | $16.33 | $31.31 | $25.40 | $22.49 |
|  INCOME (LOSS) FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | 0.22 | 0.17 | 0.46 | 0.44 | 0.39 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | (2.67) | 5.53 | 0.06 | (4.66) | 5.83 | 2.58 |
|  Total From Investment Operations | (2.45) | 5.70 | 0.52 | (4.22) | 6.22 | 2.91 |
|  Less Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Investment Income | (0.16) | (0.20) |  | (0.34) | (0.31) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Realized Gains | (0.98) |  |  | (1.62) |  |  |
|  Total Distributions | (1.14) | (0.20) |  | (1.96) | (0.31) |  |
|  Net Asset Value, End of Year | $18.76 | $22.35 | $16.85 | $25.13 | $31.31 | $25.40 |
|  Total Return (%)(f) | (10.70) | 33.91 | 3.19 (b) | (13.19) | 24.56 | 12.96 (b) |
|  Net Assets, End of Year ($ millions) | 4.6 | 3.9 | 1.8 | 47.6 | 59.4 | 49.8 |
|  Ratio of Net Income (Loss) to Average Net Assets (%) | 1.40 | 1.52 | 3.17 (c) | 1.61 | 1.26 | 1.68 (c) |
|  Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(g) | 3.20 | 4.26 | 4.25 (c) | 1.08 | 0.87 | 1.07 (c) |
|  Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(g) | 0.65 | 0.65 | 0.65 (c) | 0.14 | 0.14 | 0.14 (c) |
|  Portfolio Turnover Rate (%)(a) | 18.34 | 51.57 | 27.14 (b) | 24.10 | 39.89 | 53.83 (b) |

---

------

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

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

(b) Not annualized.

(c) Annualized.

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

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

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

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

NA = Not Applicable.

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **International Portfolio** | **International Portfolio** | **International Portfolio** | **Retirement Income Portfolio** | **Retirement Income Portfolio** | **Retirement Income Portfolio** | **2015 Retirement Portfolio** | **2015 Retirement Portfolio** | **2015 Retirement Portfolio** |
| **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
| **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
| $10.69 | $9.82 | $9.05 | $13.80 | $13.06 | $12.22 | $12.23 | $11.39 | $10.61 |
| 0.33 | 0.23 | 0.17 | 0.13 | 0.14 | — (e) | 0.14 | 0.14 | — (e) |
| (1.64) | 0.80 | 0.60 | (1.68) | 0.65 | 0.84 | (1.60) | 0.70 | 0.78 |
| (1.31) | 1.03 | 0.77 | (1.55) | 0.79 | 0.84 | (1.46) | 0.84 | 0.78 |
| (0.24) | (0.16) |  | (0.18) |  |  | (0.18) |  |  |
| (0.93) |  |  | (0.60) | (0.05) |  | (0.37) |  |  |
| (1.17) | (0.16) |  | (0.78) | (0.05) |  | (0.55) |  |  |
| $8.21 | $10.69 | $9.82 | $11.47 | $13.80 | $13.06 | $10.22 | $12.23 | $11.39 |
| (10.59) | 10.53 | 8.47 (b) | (11.01) | 6.05 | 6.88 (b) | (11.72) | 7.37 | 7.38 (b) |
| 14.1 | 15.4 | 12.8 | 4.7 | 5.3 | 3.1 | 5.2 | 6.4 | 6.3 |
| 4.17 | 2.40 | 2.30 (c) | 1.09 | 1.31 | (0.03)(c) | 1.14 | 1.11 | (0.04)(c) |
| 1.49 | 1.17 | 1.19 (c) | 1.85 | 2.19 | 2.50 (c) | 1.64 | 1.49 | 1.10 (c) |
| 0.13 | 0.12 | 0.13 (c) | 0.08 | 0.08 | 0.08 (c) | 0.07 | 0.07 | 0.07 (c) |
| 20.78 | 101.67 | 27.23 (b) | 17.17 | 13.95 | 34.72 (b) | 12.02 | 16.48 | 14.67 (b) |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2020 Retirement Portfolio** | **2020 Retirement Portfolio** | **2020 Retirement Portfolio** | **2025 Retirement Portfolio** | **2025 Retirement Portfolio** | **2025 Retirement Portfolio** |
|  | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
|  | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
|  Net Asset Value, Beginning of Year | $14.95 | $13.65 | $12.57 | $16.98 | $15.14 | $13.81 |
|  INCOME (LOSS) FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | 0.16 | 0.17 | (0.01) | 0.20 | 0.18 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | (2.11) | 1.13 | 1.09 | (2.55) | 1.66 | 1.34 |
|  Total From Investment Operations | (1.95) | 1.30 | 1.08 | (2.35) | 1.84 | 1.33 |
|  Less Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Investment Income | (0.21) |  |  | (0.21) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Realized Gains | (0.58) |  |  | (0.38) |  |  |
|  Total Distributions | (0.79) |  |  | (0.59) |  |  |
|  Net Asset Value, End of Year | $12.21 | $14.95 | $13.65 | $14.04 | $16.98 | $15.14 |
|  Total Return (%)(f) | (12.83) | 9.52 | 8.60 (b) | (13.64) | 12.15 | 9.64 (b) |
|  Net Assets, End of Year ($ millions) | 14.2 | 16.2 | 16.6 | 21.5 | 25.8 | 21.6 |
|  Ratio of Net Income (Loss) to Average Net Assets (%) | 1.23 | 1.13 | (0.06)(c) | 1.30 | 1.18 | (0.06)(c) |
|  Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(g) | 0.65 | 0.66 | 0.51 (c) | 0.43 | 0.50 | 0.44 (c) |
|  Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(g) | 0.08 | 0.07 | 0.07 (c) | 0.06 | 0.06 | 0.06 (c) |
|  Portfolio Turnover Rate (%)(a) | 11.91 | 18.50 | 18.95 (b) | 14.98 | 14.62 | 22.54 (b) |

---

------

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

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

(b) Not annualized.

(c) Annualized.

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

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

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

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

NA = Not Applicable.

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2030 Retirement Portfolio** | **2030 Retirement Portfolio** | **2030 Retirement Portfolio** | **2035 Retirement Portfolio** | **2035 Retirement Portfolio** | **2035 Retirement Portfolio** | **2040 Retirement Portfolio** | **2040 Retirement Portfolio** | **2040 Retirement Portfolio** |
| **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
| **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
| $18.56 | $16.06 | $14.48 | $19.42 | $16.52 | $14.75 | $19.66 | $16.49 | $14.64 |
| 0.21 | 0.19 | (0.01) | 0.21 | 0.21 | (0.01) | 0.23 | 0.21 | (0.01) |
| (2.92) | 2.31 | 1.59 | (3.19) | 2.69 | 1.78 | (3.33) | 2.96 | 1.86 |
| (2.71) | 2.50 | 1.58 | (2.98) | 2.90 | 1.77 | (3.10) | 3.17 | 1.85 |
| (0.21) |  |  | (0.21) |  |  | (0.23) |  |  |
|  |  |  | (0.45) | — (e) |  | (0.43) |  |  |
| (0.21) |  |  | (0.66) |  |  | (0.66) |  |  |
| $15.64 | $18.56 | $16.06 | $15.78 | $19.42 | $16.52 | $15.90 | $19.66 | $16.49 |
| (14.54) | 15.57 | 10.89 (b) | (15.10) | 17.55 | 12.00 (b) | (15.48) | 19.22 | 12.65 (b) |
| 14.6 | 16.7 | 11.9 | 7.9 | 8.5 | 6.0 | 7.0 | 8.2 | 5.2 |
| 1.32 | 1.21 | (0.06)(c) | 1.40 | 1.25 | (0.06)(c) | 1.45 | 1.24 | (0.05)(c) |
| 0.69 | 0.77 | 0.65 (c) | 1.26 | 1.34 | 1.18 (c) | 1.40 | 1.41 | 1.40 (c) |
| 0.06 | 0.06 | 0.06 (c) | 0.07 | 0.07 | 0.07 (c) | 0.07 | 0.07 | 0.07 (c) |
| 19.29 | 7.79 | 26.71 (b) | 18.96 | 15.23 | 29.41 (b) | 29.05 | 12.32 | 32.08 (b) |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2045 Retirement Portfolio** | **2045 Retirement Portfolio** | **2045 Retirement Portfolio** | **2050 Retirement Portfolio** | **2050 Retirement Portfolio** | **2050 Retirement Portfolio** |
|  | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
|  | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
|  Net Asset Value, Beginning of Year | $19.52 | $16.32 | $14.47 | $23.88 | $19.92 | $17.64 |
|  INCOME (LOSS) FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | 0.20 | 0.20 | (0.01) | 0.23 | 0.26 | — (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | (3.24) | 3.00 | 1.86 | (4.01) | 3.71 | 2.28 |
|  Total From Investment Operations | (3.04) | 3.20 | 1.85 | (3.78) | 3.97 | 2.28 |
|  Less Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Investment Income | (0.19) |  |  | (0.25) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Realized Gains | (0.37) |  |  | (1.05) | (0.01) |  |
|  Total Distributions | (0.56) |  |  | (1.30) | (0.01) |  |
|  Capital Contribution from Adviser |  |  |  |  |  |  |
|  Net Asset Value, End of Year | $15.92 | $19.52 | $16.32 | $18.80 | $23.88 | $19.92 |
|  Total Return (%)(f) | (15.34) | 19.61 | 12.81 (b) | (15.36) | 19.95 | 12.92 (b) |
|  Net Assets, End of Year ($ millions) | 3.9 | 4.0 | 2.8 | 4.0 | 4.0 | 2.9 |
|  Ratio of Net Income (Loss) to Average Net Assets (%) | 1.42 | 1.17 | (0.05)(c) | 1.46 | 1.21 | (0.04)(c) |
|  Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(g) | 2.35 | 2.70 | 2.51 (c) | 2.54 | 2.64 | 2.51 (c) |
|  Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(g) | 0.07 | 0.07 | 0.07 (c) | 0.07 | 0.07 | 0.07 (c) |
|  Portfolio Turnover Rate (%)(a) | 13.60 | 12.43 | 21.26 (b) | 13.41 | 23.80 | 21.92 (b) |

---

------

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

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

(b) Not annualized.

(c) Annualized.

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

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

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

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

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

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

NA = Not Applicable.

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

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **2055 Retirement Portfolio** | **2055 Retirement Portfolio** | **2055 Retirement Portfolio** | **2060 Retirement Portfolio** | **2060 Retirement Portfolio** | **2060 Retirement Portfolio** | **Conservative Allocation Portfolio** | **Conservative Allocation Portfolio** | **Conservative Allocation Portfolio** |
| **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
| **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
| $18.21 | $15.14 | $13.43 | $15.23 | $12.69 | $11.21 | $14.99 | $13.90 | $12.86 |
| 0.17 | 0.19 | (0.01) | 0.17 | 0.10 | — (e) | 0.15 | 0.19 | — (e) |
| (2.97) | 2.88 | 1.72 | (2.46) | 2.44 | 1.41 | (2.03) | 0.96 | 1.04 |
| (2.80) | 3.07 | 1.71 | (2.29) | 2.54 | 1.41 | (1.88) | 1.15 | 1.04 |
| (0.18) |  |  | (0.12) | — (e) |  | (0.24) |  |  |
|  |  |  |  |  |  | (0.61) | (0.06) |  |
| (0.18) |  |  | (0.12) |  |  | (0.85) | (0.06) |  |
|  |  |  |  |  | 0.07 (h) |  |  |  |
| $15.23 | $18.21 | $15.14 | $12.82 | $15.23 | $12.69 | $12.26 | $14.99 | $13.90 |
| (15.30) | 20.28 | 12.71 (b) | (14.94) | 20.02 | 13.18 (b)(i) | (12.32) | 8.28 | 8.08 (b) |
| 0.9 | 0.9 | 0.5 | 0.7 | 0.8 | 0.3 | 8.8 | 9.9 | 9.7 |
| 1.41 | 1.28 | (0.08)(c) | 1.31 | 1.14 | (0.01)(c) | 1.21 | 1.25 | (0.02)(c) |
| 10.88 | 12.24 | 13.49 (c) | 14.38 | 21.07 | 21.39 (c) | 0.96 | 0.95 | 0.77 (c) |
| 0.11 | 0.05 | 0.11 (c) | 0.05 | 0.05 | 0.05 (c) | 0.02 | 0.02 | 0.02 (c) |
| 9.85 | 13.07 | 17.48 (b) | 37.47 | 26.75 | 52.71 (b) | 10.28 | 31.80 | 25.55 (b) |

---

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**FINANCIAL HIGHLIGHTS (Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Moderate Allocation Portfolio** | **Aggressive Allocation Portfolio** | **Aggressive Allocation Portfolio** | **Aggressive Allocation Portfolio** |
|  | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
|  | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
|  Net Asset Value, Beginning of Year | $19.82 | $17.28 | $15.70 | $23.38 | $19.74 | $17.54 |
|  INCOME (LOSS) FROM INVESTMENT OPERATIONS |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Investment Income (Loss) | 0.23 | 0.23 | — (e) | 0.26 | 0.26 | — (e) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | (3.05) | 2.31 | 1.58 | (3.93) | 3.38 | 2.20 |
|  Total From Investment Operations | (2.82) | 2.54 | 1.58 | (3.67) | 3.64 | 2.20 |
|  Less Distributions |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Investment Income | (0.26) |  |  | (0.25) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From Net Realized Gains | (0.87) |  |  | (0.72) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Return of Capital |  |  |  |  |  |  |
|  Total Distributions | (1.13) |  |  | (0.97) |  |  |
|  Net Asset Value, End of Year | $15.87 | $19.82 | $17.28 | $18.74 | $23.38 | $19.74 |
|  Total Return (%)(f) | (13.88) | 14.70 | 10.10 (b) | (15.36) | 18.44 | 12.51 (b) |
|  Net Assets, End of Year ($ millions) | 19.6 | 23.6 | 23.2 | 4.4 | 5.1 | 3.9 |
|  Ratio of Net Income (Loss) to Average Net Assets (%) | 1.35 | 1.19 | (0.02)(c) | 1.38 | 1.19 | (0.02)(c) |
|  Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(g) | 0.41 | 0.45 | 0.37 (c) | 2.09 | 1.99 | 1.39 (c) |
|  Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(g) | 0.02 | 0.02 | 0.02 (c) | 0.02 | 0.02 | 0.02 (c) |
|  Portfolio Turnover Rate (%)(a) | 11.10 | 32.02 | 24.94 (b) | 9.09 | 19.40 | 13.94 (b) |

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------

† 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.

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Money Market Portfolio** | **Money Market Portfolio** | **Money Market Portfolio** | **Mid-Term Bond Portfolio** | **Mid-Term Bond Portfolio** | **Mid-Term Bond Portfolio** | **Bond Portfolio** | **Bond Portfolio** | **Bond Portfolio** |
| **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** | **Years Ended<br>December 31,** | **Years Ended<br>December 31,** | **Period Ended<br>December 31,<br>2020†** |
| **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** | **2022** | **2021** | **Period Ended<br>December 31,<br>2020†** |
| $12.312 | $12.328 | $12.325 | $10.76 | $11.19 | $10.72 | $15.07 | $15.70 | $14.96 |
| 0.108 | (0.015) | 0.029 | 0.11 | 0.08 | 0.11 | 0.23 | 0.13 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>0.060 | (0.001) | 0.004 | (0.93) | (0.27) | 0.36 | (2.09) | (0.53) | 0.54 |
| 0.168 | (0.016) | 0.033 | (0.82) | (0.19) | 0.47 | (1.86) | (0.40) | 0.74 |
| (0.106) |  | (0.029) | (0.08) | (0.11) |  | (0.21) | (0.23) |  |
|  |  |  |  | (0.13) |  |  | — (e) |  |
|  |  | (0.001) |  |  |  |  |  |  |
| (0.106) |  | (0.030) | (0.08) | (0.24) |  | (0.21) | (0.23) |  |
| $12.374 | $12.312 | $12.328 | $9.86 | $10.76 | $11.19 | $13.00 | $15.07 | $15.70 |
| 1.35 | (0.16) | 0.28 (b) | (7.60) | (1.74) | 4.37 (b) | (12.31) | (2.52) | 4.95 (b) |
| 35 | 8.1 | 7.5 | 21.2 | 20.9 | 20.3 | 33.3 | 37.9 | 34.2 |
| 2.22 | (0.13) | 0.27 (c) | 1.14 | 0.78 | 1.14 (c) | 1.68 | 1.07 | 1.37 (c) |
| 1.10 | 1.61 | 0.85 (c) | 1.44 | 1.39 | 1.40 (c) | 1.29 | 1.20 | 1.32 (c) |
| 0.20 | 0.20 | 0.20 (c) | 0.45 | 0.45 | 0.45 (c) | 0.45 | 0.45 | 0.45 (c) |
| NA | NA | NA | 26.87 | 16.55 | 32.55 (b) | 24.99 | 30.27 | 21.69 (b) |

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

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**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

**1.** **SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION** 

Mutual of America Variable Insurance Portfolios, Inc. (the "Investment Company") is a diversified, open-end management investment company — a type of company commonly known as a "mutual fund". It is registered as such under the Investment Company Act of 1940 (the "Investment Company Act"). The Investment Company was formed on April 19, 2019 as a Maryland corporation and principally offers its shares exclusively to separate accounts of Mutual of America Life Insurance Company ("Mutual of America Life") and a former affiliate that offers the Portfolios through its separate accounts. As a "series" type mutual fund, the Investment Company issues separate classes (or series) of capital stock, each of which represents a separate Portfolio of investments. At December 31, 2022, there were 25 active portfolios (collectively, "the Funds or Portfolios"): Equity Index Portfolio, All America Portfolio, Small Cap Value Portfolio, Small Cap Growth Portfolio, Small Cap Equity Index Portfolio, Mid Cap Value Portfolio, Mid-Cap Equity Index Portfolio, International Portfolio, Money Market Portfolio, Mid-Term Bond Portfolio, Bond Portfolio; Retirement Income Portfolio, 2015 Retirement Portfolio, 2020 Retirement Portfolio, 2025 Retirement Portfolio, 2030 Retirement Portfolio, 2035 Retirement Portfolio, 2040 Retirement Portfolio, 2045 Retirement Portfolio, 2050 Retirement Portfolio, 2055 Retirement Portfolio and 2060 Retirement Portfolio (collectively, "Retirement Portfolios"); a Conservative Allocation Portfolio, a Moderate Allocation Portfolio and an Aggressive Allocation Portfolio (collectively, "Allocation Portfolios"). The Portfolios commenced operations on January 24, 2020 with transfers from the Mutual of America Investment Corporation (the "Investment Corporation"), a registered management investment company affiliated with Mutual of America Life. This transfer was made in order to allow the funds of the Investment Corporation to be offered to additional retail investors starting on December 14, 2020.

Investment Company shares are issued to Mutual of America Life and, on a limited basis, to Wilton Reassurance Life Company of New York (formerly The American Life Insurance Company of New York), for allocation to their Separate Accounts as a funding medium for variable accumulation annuity contracts and variable life insurance policies. In addition, shares of select 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. Mutual of America Securities LLC, a wholly owned subsidiary of Mutual of America Life, acts as principal underwriter for the distribution of the Portfolios' shares.

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:

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

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

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

As of December 31, 2022, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of three securities in the Small Cap Equity Index Portfolio (see Note a below) which were considered Level 3 and securities listed on foreign exchanges which were considered Level 2. In addition, non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Furthermore, certain Rule 144A securities not actively traded are considered Level 3; however, there were no such 144A securities as of

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**1.** **SIGNIFICANT ACCOUNTING POLICIES AND ORGANIZATION (CONTINUED)** 

December 31, 2022. Fair value inputs for all debt securities and temporary cash investments were considered Level 2. Valuation adjustments may be applied to certain securities that were solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the New York Stock Exchange. Securities using these valuation adjustments 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 December 31, 2022:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Level 1 — Quoted<br>Prices** | **Level 2 — Significant<br>Observable Inputs** | **Level 3 — Significant<br>Unobservable Inputs** | **Total** |
|  **Investments at Fair Value:\*** |  |  |  |  |
|  Equity Index Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock-Indexed | $100379916 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $100379916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Debt Securities |  | $199490 |  | $199490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $1481543 |  | $1481543 |
|  | $100379916 | $1681033 |  | $102060949 |
|  All America Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | 14372072 |  |  | 14372072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $157611 |  | $157611 |
|  | $14372072 | $157611 |  | $14529683 |
|  Small Cap Value Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $9716267 |  |  | $9716267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $334070 |  | $334070 |
|  | $9716267 | $334070 |  | $10050337 |
|  Small Cap Growth Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $9841743 |  |  | $9841743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $225069 |  | $225069 |
|  | $9841743 | $225069 |  | $10066812 |
|  Small Cap Equity Index Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock-Indexed | $6993838 |  | — (a) | $6993838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $29235 |  | $29235 |
|  | $6993838 | $29235 |  | $7023073 |
|  Mid Cap Value Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $4343552 |  |  | $4343552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $228220 |  | $228220 |
|  | $4343552 | $228220 |  | $4571772 |
|  Mid-Cap Equity Index Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock-Indexed | $46402565 |  |  | $46402565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Debt Securities |  | $199490 |  | $199490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $931371 |  | $931371 |
|  | $46402565 | $1130861 |  | $47533426 |
|  International Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $965415 | $12466241 |  | $13431656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $646200 |  | $646200 |
|  | $965415 | $13112441 |  | $14077856 |
|  Retirement Income Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $4715414 |  |  | $4715414 |
|  2015 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $5166470 |  |  | $5166470 |
|  2020 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $14211969 |  |  | $14211969 |

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**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**1.** **S IGNIFICANT A CCOUNTING P OLICIES AND O RGANIZATION (C ONTINUED)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | **Level 1 — Quoted<br>Prices** | **Level 2 — Significant<br>Observable Inputs** | **Level 3 — Significant<br>Unobservable Inputs** | **Total** |
|  2025 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $21541567 |  |  | $21541567 |
|  2030 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $14591564 |  |  | $14591564 |
|  2035 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $7928475 |  |  | $7928475 |
|  2040 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $7038687 |  |  | $7038687 |
|  2045 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $3891355 |  |  | $3891355 |
|  2050 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $3966538 |  |  | $3966538 |
|  2055 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $915423 |  |  | $915423 |
|  2060 Retirement Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $696058 |  |  | $696058 |
|  Conservative Allocation Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $8829704 |  |  | $8829704 |
|  Moderate Allocation Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $19568653 |  |  | $19568653 |
|  Aggressive Allocation Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stock | $4355525 |  |  | $4355525 |
|  Money Market Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Debt |  | $16860354 |  | $16860354 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Short-Term Debt |  | $8140150 |  | $8140150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | $10005814 |  | $10005814 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $35612 |  | $35612 |
|  |  | $35041930 |  | $35041930 |
|  Mid-Term Bond Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Debt |  | $10218717 |  | $10218717 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Non-Mortgage-Backed Obligations |  | $5481708 |  | $5481708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-Term Corporate Debt |  | $5333877 |  | $5333877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $68318 |  | $68318 |
|  |  | $21102620 |  | $21102620 |
|  Bond Portfolio |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Debt |  | $14437350 |  | $14437350 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Residential Mortgage-Backed Obligations |  | $11183341 |  | $11183341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long-Term Corporate Debt |  | $6948625 |  | $6948625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Temporary Cash Investment |  | $656143 |  | $656143 |
|  |  | $33225459 |  | $33225459 |
|  **Other Financial Instruments:\*\*** |  |  |  |  |
|  Equity Index Portfolio | $(48588) |  |  | $(48588) |
|  Mid-Cap Equity Index Portfolio | $(17240) |  |  | $(17240) |

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------

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

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

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**1.** **S IGNIFICANT A CCOUNTING P OLICIES AND O RGANIZATION (C ONTINUED)** 

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** | **Fair Value Measurement Using Significant Unobservable**<br>**Inputs (Level 3) for the Year Ended December 31, 2022** |
|  | **Balance<br>December 31,<br>2021(a)** | **Change in<br>Unrealized<br>Gains<br>(Losses)** | **Realized<br>Gains<br>(Losses)** | **Transfers<br>Into<br>Level 3** | **Transfers<br>Out of<br>Level 3** | **Purchases** | **Sales** | **Balance<br>December 31,<br>2022(a)** |  | **Net Change in<br>Unrealized**<br>**Gains/(Losses)<br>of Level 3 Assets**<br>**Held as of<br>December 31,<br>2022** |
|  Small Cap Equity Index Portfolio —Indexed Common Stock | $— (b) |  |  |  |  |  |  | $— | (b),(c) |  |
|  Mid-Term Bond Portfolio —Common Stock | $23381 (d) | $31956 | $9623 |  |  |  | $(64960) |  |  |  |
|  Bond Portfolio — Common Stock | $37037 (e) | $50580 | $15283 |  |  |  | $(102900) |  |  |  |

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(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 securities, OmniAb, Inc. C1 CR3 and OmniAb, Inc. C1 CR4 — common stocks with $0 fair value.

(d) Level 3 security, Superior Energy Svcs., Inc. — common stock with change in unrealized gain of $31,956, realized
gain of $9,623 and sales of $64,960.

(e) Level 3 security, Superior Energy Svcs., Inc. — common stock with change in unrealized gain of $50,580, realized
gain of $15,283 and sales of $102,900.

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

The Portfolios' investments are fair valued as of the close of trading on the New York Stock Exchange ("Exchange") on each day the Exchange is open for trading. The Exchange usually closes at 4:00 pm Eastern Time but sometimes closes earlier. For Portfolios that invest in securities listed on foreign exchanges, the value of the securities may change on days when there is no possibility to purchase or redeem shares of the Portfolios. Valuation adjustments may be applied to certain securities that were solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange. Effective September 8, 2022, 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. Assumptions utilized by the valuation committee vary depending on the investment being fair-valued and the technique deemed most appropriate to the nature of the investment and how a market participant would fair value the investment. Such techniques involve utilizing market observable spreads for fixed income securities, discounted cash flow models and weighting of company specific events and circumstances as inputs into fair value estimates. 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.

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**1.** **S IGNIFICANT A CCOUNTING P OLICIES AND O RGANIZATION (C ONTINUED)** 

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.

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 Advisor's valuation for fixed income securities that are considered Level 3 is primarily based on information regarding similar publicly traded fixed income securities taking into account coupon rate, maturity, quality and the existence of government guarantees.

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

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

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

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**1.** **S IGNIFICANT A CCOUNTING P OLICIES AND O RGANIZATION (C ONTINUED)** 

unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding.

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

The following table presents the financial statement impacts resulting from the portfolios' use of futures contracts at their fair values as of December 31, 2022 and for the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Derivatives not accounted<br>for as hedging instruments** | **Risk<br>Type** | **Locations on Statements of Assets and Liabilities** | **Equity Index<br>Portfolio** | **Mid-Cap Equity<br>Index Portfolio** |
|  Futures Contracts | Equity | Total Distributable Earnings (Loss) | $(48588) | $(17240) |
| **Derivatives not accounted<br>for as hedging instruments** | **Risk<br>Type** | **Locations on Statements of Operations** | **Equity Index<br>Portfolio** | **Mid-Cap Equity<br>Index Portfolio** |
|  Futures Contracts | Equity | Net realized gain (loss) on Futures contracts | $(164232) | $(106281) |
|  Futures Contracts | Equity | Change in net unrealized appreciation (depreciation) of Futures contracts | $(73263) | $(45882) |

---

During the year ended December 31, 2022, the Equity Index Portfolio and Mid-Cap Equity Index Portfolio held futures contracts with average notional amounts of $1,117,458 and $754,055 respectively.

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

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

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

As of December 31, 2022, the Retirement Portfolios target their investments in the following underlying Portfolios of the Investment Company in accordance with the percentage allocations noted (unaudited):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity<br>Index<br>Portfolio** | **Mid-Cap<br>Equity<br>Index<br>Portfolio** | **Small Cap<br>Portfolios\*** | **International<br>Portfolio** | **Bond<br>Portfolio** | **Mid-Term<br>Bond<br>Portfolio** | **Money<br>Market<br>Portfolio** |
|  Retirement Income Portfolio | 20% | 5% |  | 5% | 35% | 30% | 5% |
|  2015 Retirement Portfolio | 23% | 5% |  | 5% | 35% | 27% | 5% |
|  2020 Retirement Portfolio | 25% | 7% | 2% | 7% | 35% | 19% | 5% |
|  2025 Retirement Portfolio | 30% | 8% | 3% | 10% | 32% | 14% | 3% |
|  2030 Retirement Portfolio | 35% | 10% | 4% | 12% | 26% | 10% | 3% |
|  2035 Retirement Portfolio | 40% | 13% | 5% | 15% | 20% | 4% | 3% |
|  2040 Retirement Portfolio | 44% | 14% | 6% | 18% | 16% |  | 2% |
|  2045 Retirement Portfolio | 47% | 14% | 7% | 19% | 11% |  | 2% |

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**1.** **S IGNIFICANT A CCOUNTING P OLICIES AND O RGANIZATION (C ONTINUED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity<br>Index<br>Portfolio** | **Mid-Cap<br>Equity<br>Index<br>Portfolio** | **Small Cap<br>Portfolios\*** | **International<br>Portfolio** | **Bond<br>Portfolio** | **Mid-Term<br>Bond<br>Portfolio** | **Money<br>Market<br>Portfolio** |
|  2050 Retirement Portfolio | 48% | 14% | 8% | 20% | 8% | – | 2% |
|  2055 Retirement Portfolio | 47% | 15% | 9% | 21% | 7% | – | 1% |
|  2060 Retirement Portfolio | 47% | 15% | 10% | 22% | 5% | – | 1% |

---

------

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

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

---

------

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

*Change in International Portfolio Investments — unaudited.* — Previously, the International Portfolio was invested mainly in exchange traded funds that reflect, replicate or follow the country weightings of the MSCI EAFE<sup>®</sup> Index. The Portfolio had also invested a small percentage of assets in exchange traded funds that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries. The Securities and Exchange Commission revoked the exemptive orders that allowed these investments effective on January 19, 2022. Commencing in December 2021, the Portfolio began investing directly in the stocks of companies represented in the MSCI EAFE<sup>®</sup> Index, except to the extent that it is permissible to invest in exchange traded funds within the general limitations of the Investment Company Act of 1940.

*Foreign Investment Risk — unaudited.* — Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time.

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**1.** **S IGNIFICANT A CCOUNTING P OLICIES AND O RGANIZATION (C ONTINUED)** 

*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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Foreign source tax withheld from dividends is recorded as a reduction from dividend income. The Portfolios may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These amounts are included in Interest and dividends receivable on the Statements of Assets and Liabilities and in Dividends on the Statements of Operations.

*Foreign Currency Translations* — The accounting records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Reported net realized gains and losses arise from the sales of portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio's books and the U.S. dollar equivalent of the amounts actually received or paid. The effect of changes in foreign exchange rates on foreign denominated securities is reflected in the net realized gain (loss) on foreign currency translations and change in net unrealized appreciation (depreciation) of foreign currency translations within the Statement of Operations.

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

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

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

As of December 31, 2022, management has evaluated the tax positions taken on the Portfolios' filed tax returns for all open tax years and has concluded that no tax provision is required in any of the Portfolios' financial statements. Generally, the statute of limitations is open for 3 years after the tax returns are filed. Each Portfolio's federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Small Cap<br>Growth Portfolio** | **International<br>Portfolio** | **Retirement<br>Income<br>Portfolio** | **Money<br>Market<br>Portfolio** | **Mid-Term<br>Bond Portfolio** |
|  Capital loss carry-forward<br>(short-term) | $(427117) | $(552789) | $(2123) | $(496) | $(3394) |
| &nbsp;&nbsp;&nbsp;&nbsp; (long-term) | $(5009) | $(23277) | $(100852) | $— | $(113095) |
|  | **Bond**<br>**Portfolio** |  |  |  |  |
|  Capital loss carry-forward<br>(short-term) | $(273254) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (long-term) | $(372734) |  |  |  |  |

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**2.** **EXPENSES** 

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

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

---

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

The total expenses of each Portfolio were subject to expense limitations through January 22, 2022, as stated in the exemptive order issued by the Securities and Exchange Commission on October 29, 2019 (the "Substitution Order") arising out of the substitution of the Mutual of America Investment Corporation Funds for comparable Portfolios of the Investment Company in certain contracts and policies issued by the separate accounts of Mutual of America Life and Wilton Reassurance Life Company of New York.

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

---

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

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**2.** **EXPENSES (CONTINUED)** 

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| | |
|:---|:---|
|  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% |

---

\* Prior to January 22, 2022, the operating expense reimbursement for the Equity Index, Small Cap Equity Index, International, 2020 Retirement and 2055 Retirement Portfolios reflected the expense limitations stated in the Substitution Order, resulting in lower operating expenses than those indicated herein. The expense limitation for the period prior to January 22, 2022 was 0.13%, 0.14%, 0.12%, 0.07% and 0.05%, respectively. 

During the year, certain non-advisory operating expenses not included in the Investment Advisory Agreement that are provided to the Portfolios by the Adviser, totaling $1.6 million, were allocated to the Portfolios by the Adviser or an affiliate of the Adviser. Amounts by Portfolio are listed below.

---

| | |
|:---|:---|
|  Equity Index Portfolio | $596740.0 |
|  All America Portfolio | 95200.0 |
|  Small Cap Value Portfolio | 66767.0 |
|  Small Cap Growth Portfolio | 76338.0 |
|  Small Cap Equity Index Portfolio | 41392.0 |
|  Mid Cap Value Portfolio | 26834.0 |
|  Mid-Cap Equity Index Portfolio | 290301.0 |
|  International Portfolio | 73909.0 |
|  Retirement Income Portfolio | 277.0 |
|  2015 Retirement Portfolio | 565.0 |
|  2020 Retirement Portfolio | 1948.0 |
|  2025 Retirement Portfolio | 2548.0 |
|  2030 Retirement Portfolio | 1869.0 |
|  2035 Retirement Portfolio | 1471.0 |
|  2040 Retirement Portfolio | 1047.0 |
|  2045 Retirement Portfolio | 1848.0 |
|  2050 Retirement Portfolio | 938.0 |
|  2055 Retirement Portfolio | 360.0 |
|  2060 Retirement Portfolio | 149.0 |
|  Conservative Allocation Portfolio | 1018.0 |
|  Moderate Allocation Portfolio | 2224.0 |
|  Aggressive Allocation Portfolio | 607.0 |
|  Money Market Portfolio | 43668.0 |
|  Mid-Term Bond Portfolio | 92479.0 |
|  Bond Portfolio | 168426.0 |
|  | $1588923.0 |

---

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**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**3.** **INVESTMENTS** 

The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the year ended December 31, 2022 were as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Index<br>Portfolio** | **All America<br>Portfolio** | **Small Cap<br>Value Portfolio** | **Small Cap<br>Growth Portfolio** | **Small Cap<br>Equity Index<br>Portfolio** |
|  Cost of investment purchases  | $14065770 | $2975493 | $2277169 | $7819692 | $3720008 |
|  Proceeds from sales of investments | $11419561 | $2855617 | $2494506 | $8563813 | $2666466 |
|  | **Mid Cap<br>Value Portfolio** | **Mid-Cap Equity<br>Index<br>Portfolio** | **International<br>Portfolio** | **Retirement<br>Income<br>Portfolio** | **2015<br>Retirement<br>Portfolio** |
|  Cost of investment purchases  | $2103045 | $12125416 | $3774047 | $944602 | $678775 |
|  Proceeds from sales of investments | $809551 | $13845156 | $2878786 | $856794 | $968397 |
|  | **2020<br>Retirement<br>Portfolio** | **2025<br>Retirement<br>Portfolio** | **2030<br>Retirement<br>Portfolio** | **2035<br>Retirement<br>Portfolio** | **2040<br>Retirement<br>Portfolio** |
|  Cost of investment purchases  | $2388266 | $3791271 | $4107092 | $2765050 | $2488419 |
|  Proceeds from sales of investments  | $1777917 | $3467099 | $2906205 | $1512181 | $2013848 |
|  | **2045<br>Retirement<br>Portfolio** | **2050<br>Retirement<br>Portfolio** | **2055<br>Retirement<br>Portfolio** | **2060<br>Retirement<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** |
|  Cost of investment purchases  | $1317656 | $1391740 | $317932 | $366072 | $1455570 |
|  Proceeds from sales of investments  | $519480 | $512746 | $86506 | $251684 | $947081 |
|  | **Moderate<br>Allocation<br>Portfolio** | **Aggressive<br>Allocation<br>Portfolio** | **Mid-Term<br>Bond<br>Portfolio** | **Bond Portfolio** |  |
|  Cost of investment purchases  | $2437004 | $771951 | $7461026 | $8982565 |  |
|  Proceeds from sales of investments  | $2301333 | $403984 | $5381894 | $8573596 |  |

---

The cost of short-term security purchases for the Money Market Portfolio for the year ended December 31, 2022, was $186,352,234. Proceeds from sales for the same period were $159,735,897.

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 December 31, 2022 for each of the Portfolios were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Index<br>Portfolio** | **All America<br>Portfolio** | **Small Cap<br>Value Portfolio** | **Small Cap<br>Growth Portfolio** | **Small Cap<br>Equity Index<br>Portfolio** |
|  Unrealized Appreciation | $8653419 | $2493222 | $18386 | $946704 | $12606 |
|  Unrealized Depreciation | $(665847) | $(1459138) | $(1023434) | $(1498945) | $(863023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net | $7987572 | $1034084 | $(1005048) | $(552241) | $(850417) |
|  Tax Cost of Investments | $94024789 | $13495599 | $11055385 | $10619053 | $7873490 |
|  | **Mid Cap<br>Value Portfolio** | **Mid-Cap Equity<br>Index<br>Portfolio** | **International<br>Portfolio** | **Retirement<br>Income Portfolio** | **2015<br>Retirement<br>Portfolio** |
|  Unrealized Appreciation | $333372 | $6474315 | $875801 | $9248 | $5166470 |
|  Unrealized Depreciation | $(590312) | $(5608704) | $(2320070) | $(485751) | $(5449253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net | $(256940) | $865611 | $(1444269) | $(476503) | $(282783) |
|  Tax Cost of Investments | $4828712 | $46667815 | $15522125 | $5191917 | $5449253 |

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------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**3.** **INVESTMENTS (CONTINUED)** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2020<br>Retirement<br>Portfolio** | **2025<br>Retirement<br>Portfolio** | **2030<br>Retirement<br>Portfolio** | **2035<br>Retirement<br>Portfolio** | **2040<br>Retirement<br>Portfolio** |
|  Unrealized Appreciation | $— | $— | $150935 | $— | $7038687 |
|  Unrealized Depreciation | $(841072) | $(1220121) | $(1206541) | $(430329) | $(7584138) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net | $(841072) | $(1220121) | $(1055606) | $(430329) | $(545451) |
|  Tax Cost of Investments | $15053041 | $22761688 | $15647170 | $8358804 | $7584138 |
|  | **2045<br>Retirement<br>Portfolio** | **2050<br>Retirement<br>Portfolio** | **2055<br>Retirement<br>Portfolio** | **2060<br>Retirement<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** |
|  Unrealized Appreciation | $10245 | $5338 | $— | $— | $65799 |
|  Unrealized Depreciation | $(190530) | $(233400) | $(73905) | $(502517) | $(794460) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net | $(180285) | $(228062) | $(73905) | $(502517) | $(728661) |
|  Tax Cost of Investments | $4071640 | $4194600 | $989328 | $1198575 | $9558365 |
|  | **Moderate<br>Allocation<br>Portfolio** | **Aggressive<br>Allocation<br>Portfolio** | **Money Market<br>Portfolio** | **Mid-Term<br>Bond<br>Portfolio** | **Bond<br>Portfolio** |
|  Unrealized Appreciation | $352025 | $108232 | $— | $— | $— |
|  Unrealized Depreciation | $(1243951) | $(280588) | $— | $(1820674) | $(5067263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net | $(891926) | $(172356) | $— | $(1820674) | $(5067263) |
|  Tax Cost of Investments | $20460579 | $4527881 | $35041930 | $22923294 | $38292722 |

---

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, PFICs, partnerships, corporate actions, and futures contracts.

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

Investments in affiliated investment companies during the year ended December 31, 2022 were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affilited Investment<br>Company** | **Value as of<br>December 31,<br>2021** | **Purchases** | **Realized<br>Gain<br>(Loss) on<br>Investment<br>Securities** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>of Investment<br>Securities** | **Sales** | **Value as of<br>December 31,<br>2022** | **Dividends** | **Realized<br>Gain,<br>Distributions** |
|  Retirement Income Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $1810747 | $203613 | $(31072) | $(224371) | $(233594) | $1525323 | $25851 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 1188613 | 153137 | 18517 | (282256) | (105595) | 972416 | 13451 | 31122 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio |  | 67923 | (3368) | (2818) | (21764) | 39973 | 1151 | 4507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 338570 | 46847 | 28117 | (99331) | (81402) | 232801 | 3725 | 17728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio | 1391130 | 417975 | (11085) | (103587) | (153770) | 1540663 | 10737 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio | 606695 | 55107 | (179552) | 182657 | (260669) | 404238 | 3454 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5335755 | $944602 | $(178443) | $(529706) | $(856794) | $4715414 | $58369 | $53357 |

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**3.** **I NVESTMENTS (C ONTINUED)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affilited Investment<br>Company** | **Value as of<br>December 31,<br>2021** | **Purchases** | **Realized<br>Gain<br>(Loss) on<br>Investment<br>Securities** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>of Investment<br>Securities** | **Sales** | **Value as of<br>December 31,<br>2022** | **Dividends** | **Realized<br>Gain,<br>Distributions** |
|  2015 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $2094731 | $105390 | $(33544) | $(251462) | $(299216) | $1615899 | $27421 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 1540143 | 116181 | 28367 | (359432) | (149189) | 1176070 | 16007 | 37037 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 357344 | 47213 | (28550) | (65066) | (123580) | 187361 | 7440 | 29139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 385463 | 35198 | 5488 | (80470) | (39257) | 306422 | 3958 | 18840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio | 1473347 | 352427 | (10050) | (106471) | (171180) | 1538073 | 10355 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio | 503588 | 22366 | 796 | 1870 | (185975) | 342645 | 2908 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $6354616 | $678775 | $(37493) | $(861031) | $(968397) | $5166470 | $68089 | $85016 |
|  2020 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $5013711 | $579507 | $(39908) | $(657366) | $(526203) | $4369741 | $70210 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 4175866 | 533113 | 72874 | (979925) | (320944) | 3480984 | 46168 | 106942 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 1412551 | 263042 | (66080) | (283947) | (330815) | 994751 | 31403 | 122993 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 1433161 | 198456 | 25388 | (318450) | (265816) | 1072739 | 15593 | 74216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio | 3185495 | 513899 | (10180) | (252708) | (232872) | 3203634 | 23957 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio | 573220 | 74485 | (187) | 2996 | (65969) | 584545 | 4961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 210452 | 99517 | 3667 | (91971) | (17649) | 204016 |  | 29300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 239372 | 126247 | 3057 | (49468) | (17649) | 301559 | 1804 | 23236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $16243828 | $2388266 | $(11369) | $(2630839) | $(1777917) | $14211969 | $194096 | $356687 |
|  2025 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $6770972 | $672523 | $(76669) | $(853457) | $(735403) | $5777966 | $93405 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 7688074 | 902051 | 123032 | (1787154) | (660559) | 6265444 | 84155 | 194904 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 2657012 | 462228 | (6799) | (565084) | (225544) | 2321813 | 58120 | 227635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 3286730 | 360302 | 73089 | (771542) | (1056864) | 1891715 | 34889 | 166056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio | 3816160 | 562844 | (19601) | (294362) | (294333) | 3770708 | 28560 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio | 277555 | 422597 | 166 | 683 | (78376) | 622625 | 5267 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio |  | 205926 | (483) | (4558) | (17198) | 183687 | 2465 | 9258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 619016 | 107603 | (29410) | (236957) | (245911) | 214341 |  | 83111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 694855 | 95197 | 2373 | (146246) | (152911) | 493268 | 5095 | 65613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $25810374 | $3791271 | $65698 | $(4658677) | $(3467099) | $21541567 | $311956 | $746577 |
|  2030 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $3297684 | $711543 | $(42611) | $(414533) | $(459351) | $3092732 | $45973 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 5963849 | 1002090 | 120184 | (1431121) | (601751) | 5053251 | 65999 | 152889 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 2114043 | 487277 | (11302) | (456851) | (246243) | 1886924 | 46569 | 182392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 2673630 | 428123 | 67125 | (650098) | (986974) | 1531806 | 29041 | 138224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio | 1202079 | 887707 | (9354) | (81688) | (140099) | 1858645 | 9037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio | 218273 | 244131 | 80 | 795 | (67185) | 396094 | 3317 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio | 76011 | 152657 | (9703) | (9047) | (28020) | 181898 | 2405 | 9318 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 532022 | 102234 | 194562 | (424710) | (234791) | 169317 |  | 71590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 595242 | 91330 | 2555 | (126439) | (141791) | 420897 | 4373 | 56314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $16672833 | $4107092 | $311536 | $(3593692) | $(2906205) | $14591564 | $206714 | $610727 |

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**3.** **I NVESTMENTS (C ONTINUED)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affilited Investment<br>Company** | **Value as of<br>December 31,<br>2021** | **Purchases** | **Realized<br>Gain<br>(Loss) on<br>Investment<br>Securities** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>of Investment<br>Securities** | **Sales** | **Value as of<br>December 31,<br>2022** | **Dividends** | **Realized<br>Gain,<br>Distributions** |
|  2035 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $1745931 | $370977 | $(52867) | $(206087) | $(398453) | $1459501 | $26288 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 3318186 | 814285 | 60617 | (805986) | (292012) | 3095090 | 38931 | 90184 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 1254632 | 384185 | 3797 | (282265) | (111428) | 1248921 | 29496 | 115522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 1474369 | 312428 | 44977 | (351667) | (429701) | 1050406 | 15697 | 74709 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio |  | 429823 | 15 | 4288 | (22874) | 411252 | 352 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio |  | 176677 | 35 | 7 | (17155) | 159564 | 1325 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio | 98601 | 139333 | 2717 | (26451) | (18867) | 195333 | 2588 | 10298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 300211 | 74409 | (11328) | (122790) | (102846) | 137656 |  | 43013 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 292078 | 62933 | 479 | (65893) | (118845) | 170752 | 2272 | 29265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $8484008 | $2765050 | $48442 | $(1856844) | $(1512181) | $7928475 | $116949 | $362991 |
|  2040 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $1041865 | $460163 | $(5325) | $(120780) | $(289642) | $1086281 | $14239 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 3527806 | 894690 | 204561 | (918446) | (694393) | 3014218 | 39057 | 90446 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 1411985 | 448910 | 30375 | (314888) | (319608) | 1256774 | 31119 | 121882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 1454529 | 357709 | 87979 | (359815) | (493482) | 1046920 | 14892 | 70878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio |  | 128051 | 15 | 132 | (2562) | 125636 | 1068 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio | 181446 | 45022 | 9103 | (48124) | (44678) | 142769 | 1937 | 8979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 282367 | 82479 | 9602 | (123013) | (79247) | 172188 |  | 37311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 264375 | 71395 | 9981 | (61614) | (90236) | 193901 | 1890 | 24337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $8164373 | $2488419 | $346291 | $(1946548) | $(2013848) | $7038687 | $104202 | $353833 |
|  2045 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $408544 | $130152 | $(3316) | $(57089) | $(38949) | $439342 | $6488 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 1754990 | 550211 | 28256 | (427962) | (148307) | 1757188 | 21530 | 49888 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 715363 | 250316 | 1562 | (163867) | (60379) | 742995 | 17551 | 68740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 691813 | 176804 | 15668 | (161782) | (152051) | 570452 | 7888 | 37544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio |  | 58986 | 7 | 104 | (5565) | 53532 | 446 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio | 65732 | 54711 | (23912) | 7931 | (8763) | 95699 | 1272 | 5327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 186773 | 52060 | (6074) | (78213) | (54235) | 100311 |  | 27324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 178435 | 44416 | 489 | (40273) | (51231) | 131836 | 1418 | 18262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $4001650 | $1317656 | $12680 | $(921151) | $(519480) | $3891355 | $56593 | $207085 |
|  2050 Retirement Portfolio |  |  |  |  |  |  |  |  |
|  Bond Portfolio | $343272 | $105672 | $(1942) | $(48507) | $(26398) | $372097 | $5548 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 1695249 | 635358 | 24599 | (396689) | (120746) | 1837771 | 21528 | 49872 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 743882 | 262323 | (4105) | (165833) | (73719) | 762548 | 18861 | 73870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 726750 | 186057 | 16653 | (170000) | (181657) | 577803 | 8486 | 40391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio |  | 39792 | 3 | 129 | (3776) | 36148 | 299 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio | 105333 | 64469 | 1296 | (26350) | (9022) | 135726 | 1810 | 7812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 184784 | 52588 | (5415) | (77745) | (49714) | 104498 |  | 27378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 182358 | 45481 | 554 | (40732) | (47714) | 139947 | 1461 | 18812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $3981628 | $1391740 | $31643 | $(925727) | $(512746) | $3966538 | $57993 | $218135 |

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**3.** **I NVESTMENTS (C ONTINUED)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Affilited Investment<br>Company** | **Value as of<br>December 31,<br>2021** | **Purchases** | **Realized<br>Gain<br>(Loss) on<br>Investment<br>Securities** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>of Investment<br>Securities** | **Sales** | **Value as of<br>December 31,<br>2022** | **Dividends** | **Realized<br>Gain,<br>Distributions** |
|  2055 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $69965 | $18113 | $(515) | $(10086) | $(5486) | $71991 | $1152 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 373218 | 134811 | 3130 | (87433) | (11420) | 412306 | 4886 | 11293 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 164207 | 63942 | 719 | (38446) | (5580) | 184842 | 4312 | 16889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 171023 | 45838 | 2776 | (40419) | (39042) | 140176 | 2118 | 10080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio |  | 14956 | (3) | (8) | (50) | 14895 | 125 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio | 16811 | 11258 | 77 | (4168) | (383) | 23595 | 314 | 1336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 47489 | 15397 | (1021) | (20728) | (10274) | 30863 |  | 7332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 48403 | 13617 | 98 | (11092) | (14271) | 36755 | 400 | 5152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $891116 | $317932 | $5261 | $(212380) | $(86506) | $915423 | $13307 | $52082 |
|  2060 Retirement Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $50504 | $17084 | $20287 | $(27801) | $(17227) | $42847 | $723 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 301974 | 165061 | 79389 | (145205) | (87800) | 313419 | 3025 | 6990 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 148498 | 75608 | 89169 | (119819) | (41515) | 151941 | 3050 | 11942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 149948 | 53609 | 113951 | (147472) | (65163) | 104873 | 1586 | 7550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Portfolio |  | 9490 |  | (9) | (1742) | 7739 | 64 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Equity Index Portfolio | 20119 | 15587 | 43234 | (48094) | (7275) | 23571 | 306 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 39486 | 15405 | 21798 | (39480) | (11980) | 25229 |  | 5358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 40253 | 14228 | 42883 | (51943) | (18982) | 26439 | 301 | 3882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $750782 | $366072 | $410711 | $(579823) | $(251684) | $696058 | $9055 | $36991 |
|  Conservative Allocation Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $2549850 | $393039 | $(28379) | $(332268) | $(285306) | $2296936 | $36368 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 2826183 | 402426 | 40123 | (676180) | (236345) | 2356207 | 31733 | 73474 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 558878 | 121151 | 17 | (122122) | (47271) | 510653 | 12551 | 49156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 600616 | 97277 | 6294 | (126912) | (47269) | 530006 | 6569 | 31265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio | 3309752 | 441677 | (20399) | (264238) | (330890) | 3135902 | 25562 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $9845279 | $1455570 | $(2344) | $(1521720) | $(947081) | $8829704 | $112783 | $153895 |
|  Moderate Allocation Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $4977746 | $451430 | $(48225) | $(626215) | $(578172) | $4176564 | $67800 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 9106163 | 864875 | 172877 | (2140186) | (804142) | 7199587 | 98852 | 228942 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 2386860 | 407430 | 7278 | (513311) | (229756) | 2058501 | 51657 | 202321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 3744841 | 458127 | 60736 | (784768) | (344632) | 3134304 | 39578 | 188373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Term Bond Portfolio | 3367860 | 255142 | (17822) | (260852) | (344631) | 2999697 | 24966 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $23583470 | $2437004 | $174844 | $(4325332) | $(2301333) | $19568653 | $282853 | $619636 |
|  Aggressive Allocation Portfolio |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bond Portfolio | $773741 | $106302 | $(8048) | $(97600) | $(81443) | $692952 | $10863 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Index Portfolio | 1945864 | 239033 | 29528 | (450373) | (141111) | 1622941 | 21717 | 50299 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Portfolio | 707832 | 149074 | (721) | (150008) | (60478) | 645699 | 15762 | 61735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-Cap Equity Index Portfolio | 1044109 | 160804 | 13517 | (215626) | (80636) | 922168 | 11349 | 54019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Growth Portfolio | 310193 | 65616 | 2339 | (131398) | (20158) | 226592 |  | 41759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Small Cap Value Portfolio | 267768 | 51122 | 2606 | (56165) | (20158) | 245173 | 1965 | 25300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $5049507 | $771951 | $39221 | $(1101170) | $(403984) | $4355525 | $61656 | $233112 |

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**4.** **CAPITAL SHARE ACTIVITY** 

The Investment Company has registered an indefinite number of its capital shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. As of December 31, 2022, shares authorized at par value $0.01 per share were allocated into the 25 series of Portfolios as follows:

---

| | |
|:---|:---|
|  | **Authorized No. of Shares** |
|  | **Total Shares<br>Allocated** |
|  Equity Index Portfolio | 30000000 |
|  All America Portfolio | 10000000 |
|  Small Cap Value Portfolio | 10000000 |
|  Small Cap Growth Portfolio | 15000000 |
|  Small Cap Equity Index Portfolio | 10000000 |
|  Mid Cap Value Portfolio | 5000000 |
|  Mid-Cap Equity Index Portfolio | 40000000 |
|  International Portfolio | 25000000 |
|  Retirement Income Portfolio | 5000000 |
|  2015 Retirement Portfolio | 10000000 |
|  2020 Retirement Portfolio | 25000000 |
|  2025 Retirement Portfolio | 25000000 |
|  2030 Retirement Portfolio | 15000000 |
|  2035 Retirement Portfolio | 10000000 |
|  2040 Retirement Portfolio | 10000000 |
|  2045 Retirement Portfolio | 10000000 |
|  2050 Retirement Portfolio | 10000000 |
|  2055 Retirement Portfolio | 10000000 |
|  2060 Retirement Portfolio | 10000000 |
|  Conservative Allocation Portfolio | 10000000 |
|  Moderate Allocation Portfolio | 25000000 |
|  Aggressive Allocation Portfolio | 10000000 |
|  Money Market Portfolio | 10000000 |
|  Mid-Term Bond Portfolio | 35000000 |
|  Bond Portfolio | 40000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-Total | 415000000 |
|  Shares to be allocated at the discretion of the Board of Directors | 135000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | 550000000 |

---

On September 25, 2020, after the close of trading on the New York Stock Exchange, the Portfolios 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.

**5.** **DISTRIBUTIONS TO SHAREHOLDERS AND INCOME TAX INFORMATION** 

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

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

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

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

On October 6, 2022 and October 11, 2022, required distributions of net investment income and, as applicable, net realized gains relating to 2021 were declared and paid for all applicable funds in accordance with Internal Revenue Code Section 855(a). No such distributions were required for the Money Market Portfolios.

On December 19, 2022, required distributions of net investment income and, as applicable, net realized gains were declared and paid by the Small Cap Equity Index and Money Market Portfolios.

Pursuant to shareholders' instructions, substantially all dividend distributions throughout 2022 and 2021 were immediately reinvested into their respective portfolios. The tax character of the distributions paid during 2022 and 2021 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Index<br>Portfolio** | **All America<br>Portfolio** | **Small Cap<br>Value<br>Portfolio** | **Small Cap<br>Growth Portfolio** | **Small Cap<br>Equity Index<br>Portfolio** |
|  <u>Ordinary Income (a)</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $1463295 | $202333 | $85860 | $343180 | $149732 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $1402613 | $148887 | $103700 | $12666 | $464595 |
|  <u>Long-Term Capital Gains</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $3114813 | $732243 | $1105736 | $1694294 | $376857 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— | $— | $— | $— | $624780 |
|  | **Mid Cap<br>Value Portfolio** | **Mid-Cap<br>Equity Index<br>Portfolio** | **International<br>Portfolio** | **Retirement<br>Income<br>Portfolio** | **2015<br>Retirement<br>Portfolio** |
|  <u>Ordinary Income (a)</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $43598 | $626786 | $348798 | $71106 | $88077 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $26563 | $577063 | $220053 | $18820 | $— |
|  <u>Long-Term Capital Gains</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $204208 | $2983236 | $1366105 | $237976 | $181815 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— | $— | $— | $— | $— |
|  | **2020<br>Retirement<br>Portfolio** | **2025<br>Retirement<br>Portfolio** | **2030<br>Retirement<br>Portfolio** | **2035<br>Retirement<br>Portfolio** | **2040<br>Retirement<br>Portfolio** |
|  <u>Ordinary Income (a)</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $223193 | $372193 | $186415 | $98551 | $104111 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— | $— | $— | $— | $— |
|  <u>Long-Term Capital Gains</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $626755 | $514021 | $— | $207165 | $170421 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— | $— | $— | $15 | $— |
|  | **2045<br>Retirement<br>Portfolio** | **2050<br>Retirement<br>Portfolio** | **2055<br>Retirement<br>Portfolio** | **2060<br>Retirement<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** |
|  <u>Ordinary Income (a)</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $44067 | $48489 | $10350 | $5758 | $177860 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— | $2154 | $— | $25 | $38197 |
|  <u>Long-Term Capital Gains</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $83350 | $199136 | $— | $— | $386584 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— | $20 | $— | $— | $— |

---

------

**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**5.** **D ISTRIBUTIONS T O S HAREHOLDERS AND I NCOME T AX I NFORMATION (C ONTINUED)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Moderate<br>Allocation<br>Portfolio** | **Aggressive<br>Allocation<br>Portfolio** | **Money<br>Market<br>Portfolio** | **Mid-Term<br>Bond<br>Portfolio** | **Bond<br>Portfolio** |
|  <u>Ordinary Income (a)</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $302064 | $55398 | $292690 | $156410 | $526892 |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— | $— | $— | $430440 | $561005 |
|  <u>Long-Term Capital Gains</u> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 2022 | $1007850 | $157404 | $— | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; 2021 | $— | $— | $— | $— | $— |

---

------

Notes:

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

*Undistributed net income and gains (losses)* — As of December 31, 2022, undistributed net income and undistributed accumulated gain (loss) for federal income tax purposes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Index<br>Portfolio** | **All America<br>Portfolio** | **Small Cap<br>Value Portfolio** | **Small Cap<br>Growth Portfolio** | **Small Cap<br>Equity Index<br>Portfolio** |
|  Accumulated undistributed net investment income | $1596231 | $160209 | $281113 | $— | $3410 |
|  Accumulated undistributed net realized gain/(loss) on investments | $1449779 | $264784 | $73812 | $(432126) | $21145 |
|  Post-October Capital Loss Deffered | $— | $— | $— | $— | $(678) |
|  Net unrealized appreciation (depreciation) of investments | $7987572 | $1034084 | $(1005048) | $(552241) | $(850417) |
|  | **Mid Cap<br>Value Portfolio** | **Mid-Cap<br>Equity Index<br>Portfolio** | **International<br>Portfolio** | **Retirement<br>Income<br>Portfolio** | **2015<br>Retirement<br>Portfolio** |
|  Accumulated undistributed net investment income | $60168 | $740436 | $570726 | $55181 | $65108 |
|  Accumulated undistributed net realized gain/(loss) on investments | $64102 | $1394006 | $(576066) | $(102975) | $67417 |
|  Net unrealized appreciation (depreciation) of investments | $(256940) | $865611 | $(1444074) | $(476503) | $(282783) |
|  | **2020<br>Retirement<br>Portfolio** | **2025<br>Retirement<br>Portfolio** | **2030<br>Retirement<br>Portfolio** | **2035<br>Retirement<br>Portfolio** | **2040<br>Retirement<br>Portfolio** |
|  Accumulated undistributed net investment income | $190011 | $318108 | $214508 | $122184 | $109221 |
|  Accumulated undistributed net realized gain/(loss) on investments | $412099 | $905140 | $871483 | $424631 | $709269 |
|  Net unrealized appreciation (depreciation) of investments | $(841072) | $(1220121) | $(1055606) | $(430329) | $(545451) |

---

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**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**NOTES TO FINANCIAL STATEMENTS (Continued)** 

**December 31, 2022** 

**5.** **D ISTRIBUTIONS T O S HAREHOLDERS AND I NCOME T AX I NFORMATION (C ONTINUED)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2045<br>Retirement<br>Portfolio** | **2050<br>Retirement<br>Portfolio** | **2055<br>Retirement<br>Portfolio** | **2060<br>Retirement<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** |
|  Accumulated undistributed net investment income | $60421 | $62161 | $14054 | $9943 | $112846 |
|  Accumulated undistributed net realized gain/(loss) on investments | $221782 | $257163 | $31099 | $448307 | $167730 |
|  Net unrealized appreciation (depreciation) of investments | $(180285) | $(228062) | $(73905) | $(502517) | $(728661) |
|  | **Moderate<br>Allocation<br>Portfolio** | **Aggressive<br>Allocation<br>Portfolio** | **Money Market<br>Portfolio** | **Mid-Term<br>Bond Portfolio** | **Bond Portfolio** |
|  Accumulated undistributed net investment income | $284987 | $69108 | $7330 | $229733 | $644276 |
|  Accumulated undistributed net realized gain/(loss) on investments | $838821 | $274969 | $(496) | $(116489) | $(645988) |
|  Post-October Capital Loss Deffered | $— | $— | $(1) | $— | $— |
|  Net unrealized appreciation (depreciation) of investments | $(891926) | $(172356) | $— | $(1820674) | $(5067263) |

---

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

Reclassifications: U.S. GAAP requires that certain components of net assets be adjusted to reflect permanent differences between financial and tax reporting. For the year ended December 31, 2022, the Portfolios reclassified amounts primarily relating to tax treatment of paydowns, REITs, PFICs, and prior year post financial statement adjustments. These reclassifications have no effect on net assets or net asset values per share.

**6.** **RECENT ACCOUNTING PRONOUNCEMENTS** 

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"), which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate ("LIBOR") and other IBOR-based reference rates as of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period from March 12, 2020 through December 31, 2022. Management does not expect any impact on the Funds' investments subject to reference rate-related modifications as a result of the adoption of ASU 2020-04.

On September 8, 2022, in conjunction with the SEC Rule 2a-5, the Adviser, as the fair value designee, convened a quarterly meeting of the valuation committee inclusive of senior personnel of the Adviser, Mutual of America Life and officers of the Funds. Assumptions utilized by the valuation committee varied depending on the investment being fair-valued and the technique deemed most appropriate to the nature of the investment and how a market participant would fair value the investment. Such techniques involved utilizing market observable spreads for fixed income securities, discounted cash flow models and weighting of company specific events and circumstances as inputs into fair value estimates.

**7.** **SUBSEQUENT EVENTS** 

Management, on behalf of the Investment Company, has evaluated the need for disclosures and/or adjustments to the financial statements from subsequent events. As a result of this evaluation, no additional subsequent events require disclosure and/or adjustment to the financial statements.

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders of the Portfolios and Board of Directors

Mutual of America Variable Insurance Portfolios, Inc.:

*Opinion on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities of the Equity Index Portfolio, All America Portfolio, Small Cap Value Portfolio, Small Cap Growth Portfolio, Small Cap Equity Index Portfolio, Mid Cap Value Portfolio, Mid-Cap Equity Index Portfolio, International Portfolio, Retirement Income Portfolio, 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, 2060 Retirement Portfolio, Conservative Allocation Portfolio, Moderate Allocation Portfolio, Aggressive Allocation Portfolio, Money Market Portfolio, Mid-Term Bond Portfolio, Bond Portfolio, each a portfolio comprising Mutual of America Variable Insurance Portfolios, Inc. (the Portfolios), including the portfolios of investments in securities, as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for the two-years then ended, and the related notes (collectively, the financial statements) and the financial highlights for the years or periods indicated therein. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2022, the results of their operations for the year then ended, the changes in their net assets for the two-years then ended, and the financial highlights for each of the years or periods indicated therein, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion* 

These financial statements and financial highlights are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![LOGO](g384646kpmg_sig.jpg)

We have served as the auditor of one or more Mutual of America investment companies since 2002.

New York, New York

February 28, 2023

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**MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.** 

**ADDITIONAL INFORMATION** 

**Directors and Officers — unaudited** 

The tables below show information about the Directors and officers of the Investment Company. The address of each Director and officer is c/o Mutual of America Variable Insurance Portfolios, Inc., 320 Park Avenue, New York, New York 10022. The Investment Company does not hold regular annual meetings of shareholders, and each Director has been elected by shareholders to serve until a successor is duly elected at a meeting of shareholders called for the purpose of electing directors. Each officer of the Investment Company has been elected by the Board of Directors to serve until a successor is duly elected. The Independent Directors do not serve as directors of any other investment companies advised by or affiliated with the Adviser or Mutual of America with the exception of serving on the Board of Directors of Mutual of America Investment Corporation, an affiliated registered management investment company, which also receives investment advice from the Adviser. The Interested Directors and officers of the Investment Company do not receive compensation from the Investment Company for their service. Mr. Festog serves as director of another investment company advised by or affiliated with the Adviser, Mutual of America Investment Corporation.

The Investment Company's Statement of Additional Information ("SAI"), filed with the Securities and Exchange Commission, contains additional information about the Investment Company's Directors and Officers. A copy of the latest SAI can be obtained, without charge, by writing to Mutual of America Variable Insurance Portfolios, Inc. at 320 Park Avenue, New York, NY 10022-6839 or by calling 800.468.3785 or through the following websites: mutualofamerica.com or sec.gov.

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| | | | |
|:---|:---|:---|:---|
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** |
| **Name and Age** | **Length of<br>Time Served** | **Principal Occupation(s)<br>in Past Five Years** | **Other Directorships<br>Held by Director** |
| Carolyn N. Dolan,<br> age 75 | Since<br> April 2011 | Executive Vice President, Head of Direct Client Investments, Fiera Capital Inc.; prior thereto Founding Principal and Portfolio Manager, Samson Capital Advisors LLC | Director, Market Street Trust Company; Trustee Fellow, Fordham University; Mutual of America Investment Corporation |
| Stanley E. Grayson,<br> age 72 | Since<br> November 2017 | Vice Chairman and Chief Operating Officer, M.R. Beal & Company (Retired 2014) | Director, TD Bank, N.A.; Director, YMCA of Greater New York; Trustee, College of the Holy Cross; Director, Mother Cabrini Health Foundation; Mutual of America Investment Corporation |
| LaSalle D. Leffall, III,<br> age 59 | Since<br> April 2011 | President and Founder, LDL Financial, LLC | Advisory Board member, Cabot Properties; Mutual of America Investment Corporation |
| John W. Sibal,<br> age 70 | Since<br> April 2011 | President & Chief Executive Officer, Eustis Commercial Mortgage Corporation | Director, Eustis Commercial Mortgage Corporation; Director, New Orleans Recreation Development Foundation; Mutual of America Investment Corporation |

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| | | | |
|:---|:---|:---|:---|
| **Independent Directors** | **Independent Directors** | **Independent Directors** | **Independent Directors** |
| **Name and Age** | **Length of<br>Time Served** | **Principal Occupation(s)<br>in Past Five Years** | **Other Directorships<br>Held by Director** |
| Margaret M. Smyth,<br> age 59 | Since<br> February 2007 | Partner, Queensland Investment Corporation (QIC); prior thereto U.S. Chief Financial Officer, National Grid until 2021; prior thereto Vice President of Finance, Con Edison; prior thereto Vice President, Chief Financial Officer, Hamilton Sundstrand, a United Technologies Company | Director, Lilium N.V.; Director, Remitly, Inc.; Director, Frontier Communications; Director, Etsy, Inc.; Director, CenTrio; Director, Renewa; Board of Trustees, Concern Worldwide, USA; Executive Committee, Fordham University President's Council; Mutual of America Investment Corporation |
| William E. Whiston,<br> age 69 | Since<br> February 2011 | Chief Financial Officer, the Archdiocese of New York; Adjunct Professor in Finance, Fordham University Graduate School of Business; prior thereto Executive Vice President and member, United States Management Board at Allied Irish Bank | Director, Webster Financial Services Corporation; Trustee and Treasurer, Trustees of St. Patrick's Cathedral in New York City; Trustee, St. Joseph's Seminary; Mutual of America Investment Corporation |
| **Interested Director** |  |  |  |
| **Name and Age** | **Length of<br>Time Served** | **Principal Occupation(s)<br>in Past Five Years** | **Other Directorships<br>Held by Director** |
| Chris W. Festog,<br> Chairman, President, Chief Executive Officer and Principal Executive Officer,<br> age 61 | Since<br> July 2022 | Senior Executive Vice President and Chief Financial Officer, Mutual of America Life Insurance Company since March 2017; Chairman of the Board, President and Chief Executive Officer, Mutual of America Investment Corporation and Mutual of America Variable Insurance Portfolios, Inc. since July 2022 | Mutual of America Investment Corporation; Mutual of America Holding Company LLC; Mutual of America Securities LLC |

---

Mr. Festog is an "interested person" as an officer of the Adviser and of affiliates of the Adviser.

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| | | | |
|:---|:---|:---|:---|
| **Officers** | | | |
| **Name, Position and Age** | **Length of<br>Time Served** | **Principal Occupation(s)<br>in Past Five Years** | **Other Directorships<br>Held by Officer** |
| Jason A. D'Angelo,<br> Chief Legal Officer,<br> age 50 | Since<br> July 2022 | Executive Vice President and General Counsel, Mutual of America Life Insurance Company since July 2022; prior thereto Executive Vice President and Deputy General Counsel, Mutual of America Life Insurance Company since February 2022; prior thereto Partner, Herrick Feinstein LLP |  |
| Aferdita Gutierrez,<br> Treasurer, Chief Financial Officer and Principal Financial Officer,<br> age 37 | Since<br> July 2022 | Executive Vice President, Deputy Treasurer, Mutual of America Life Insurance Company since 2021; prior thereto Senior Vice President, Mutual of America Life Insurance Company |  |
| Amy Latkin,<br> Secretary,<br> age 45 | Since<br> May 2022 | Corporate Secretary, Mutual of America Investment Corporation and Mutual of America Variable Insurance Portfolios, Inc. since May 2022; Vice President, Associate General Counsel, Mutual of America Life Insurance Company |  |
| Kathryn A. Lu,<br> Chief Compliance Officer,<br> age 62 | Since<br> July 2008 | Executive Vice President and Chief Compliance Officer, Mutual of America Life Insurance Company; Executive Vice President and Chief Compliance Officer, Mutual of America Investment Corporation and Mutual of America Variable Insurance Portfolios, Inc., and Executive Vice President and Chief Compliance Officer, Mutual of America Institutional Funds, Inc. until July 2020 |  |
| Christopher M. Miseo,<br> Assistant Treasurer,<br> age 66 | Since<br> March 2013 | Senior Vice President and Director of Accounting and Financial Reporting, Mutual of America Life Insurance Company |  |

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| | | | |
|:---|:---|:---|:---|
| **Officers** | | | |
| **Name, Position and Age** | **Length of<br>Time Served** | **Principal Occupation(s)<br>in Past Five Years** | **Other Directorships<br>Held by Officer** |
| Michelle A. Rozich,<br> Chief Risk Officer,<br> age 49 | Since<br> March 2018 | Executive Vice President, Enterprise Risk Management and Internal Auditor, since November 2020; prior thereto Senior Vice President and Internal Auditor, Mutual of America Life Insurance Company as of March 2018; Senior Vice President and Internal Auditor, Mutual of America Investment Corporation and Mutual of America Variable Insurance Portfolios, Inc., and Senior Vice President and Internal Auditor, Mutual of America Institutional Funds, Inc. until July 2020; formerly Audit Senior Manager, KPMG LLP |  |

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**Quarterly Portfolio Schedules** 

Included in this Annual Report are schedules of Mutual of America Variable Insurance Portfolios, Inc.'s ("Investment Company") portfolio holdings as of December 31, 2022. The Investment Company files complete schedules of portfolio holdings, excluding the Money Market Portfolio, with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Investment Company portfolio holdings are also available for the first and third quarters of the most recent fiscal year through the website, mutualofamerica.com.

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

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

**Proxy Voting Policies and Procedures** 

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

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

**Code of Ethics** 

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

Ms. Kathryn A. Lu

Executive Vice President and Chief Compliance Officer

Mutual of America Variable Insurance Portfolios, Inc.

320 Park Avenue

New York, NY 10022-6839

**Supplemental Dividend Information — Unaudited** 

Dividends from the Money Market, Mid-Term Bond and Bond Portfolios do not qualify for the corporate dividends received deduction. The following are the percentages of the ordinary dividends distributed in 2022 by the other Variable Insurance Portfolios that qualify for the corporate dividends received deduction:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Index<br>Portfolio** | **All America<br>Portfolio** | **Small Cap<br>Value<br>Portfolio** | **Small Cap<br>Growth<br>Portfolio** | **Small Cap<br>Equity<br>Index<br>Portfolio** |
|  Ordinary dividend<br>qualifying percentage | 97.14% | 98.75% | 100.00% | 23.46% | 57.02% |
|  | **Mid Cap<br>Value<br>Portfolio** | **Mid-Cap<br>Equity Index<br>Portfolio** | **International<br>Portfolio** | **Retirement<br>Income<br>Portfolio** | **2015<br>Retirement<br>Portfolio** |
|  Ordinary dividend<br>qualifying percentage | 100.00% | 92.63% | 0.01% | 24.74% | 24.55% |
|  | **2020<br>Retirement<br>Portfolio** | **2025<br>Retirement<br>Portfolio** | **2030<br>Retirement<br>Portfolio** | **2035<br>Retirement<br>Portfolio** | **2040<br>Retirement<br>Portfolio** |
|  Ordinary dividend<br>qualifying percentage | 28.67% | 31.79% | 48.63% | 52.50% | 52.04% |

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------

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2045<br>Retirement<br>Portfolio** | **2050<br>Retirement<br>Portfolio** | **2055<br>Retirement<br>Portfolio** | **2060<br>Retirement<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** |
|  Ordinary dividend<br>qualifying percentage | 60.04% | 58.21% | 58.51% | 53.99% | 24.07% |
|  | **Moderate<br>Allocation<br>Portfolio** | **Aggressive<br>Allocation<br>Portfolio** |  |  |  |
|  Ordinary dividend<br>qualifying percentage | 47.52% | 59.70% |  |  |  |

---

**Important tax information — Unaudited:** 

The following amounts of 2022 Variable Insurance Portfolios long-term capital gains (if any) have been designated as capital gains dividends.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equity Index<br>Portfolio** | **All America<br>Portfolio** | **Small Cap<br>Value<br>Portfolio** | **Small Cap<br>Growth<br>Portfolio** | **Small Cap<br>Equity Index<br>Portfolio** |
|  Dividends qualifying for reduced<br>long-term capital gains tax rate | $3114813 | $732243 | $1105736 | $1694294 | $376857 |
|  | **Mid Cap<br>Value<br>Portfolio** | **Mid-Cap<br>Equity Index<br>Portfolio** | **International<br>Portfolio** | **Retirement<br>Income<br>Portfolio** | **2015<br>Retirement<br>Portfolio** |
|  Dividends qualifying for reduced<br>long-term capital gains tax rate | $204208 | $2983236 | $1366105 | $237976 | $181815 |
|  | **2020<br>Retirement<br>Portfolio** | **2025<br>Retirement<br>Portfolio** | **2030<br>Retirement<br>Portfolio** | **2035<br>Retirement<br>Portfolio** | **2040<br>Retirement<br>Portfolio** |
|  Dividends qualifying for reduced<br>long-term capital gains tax rate | $626755 | $514021 | $— | $207165 | $170421 |
|  | **2045<br>Retirement<br>Portfolio** | **2050<br>Retirement<br>Portfolio** | **2055<br>Retirement<br>Portfolio** | **2060<br>Retirement<br>Portfolio** | **Conservative<br>Allocation<br>Portfolio** |
|  Dividends qualifying for reduced<br>long-term capital gains tax rate | $83350 | $199136 | $— | $— | $386584 |
|  | **Moderate<br>Allocation<br>Portfolio** | **Aggressive<br>Allocation<br>Portfolio** | **Money<br>Market<br>Portfolio** | **Mid-Term<br>Bond<br>Portfolio** | **Bond<br>Portfolio** |
|  Dividends qualifying for reduced<br>long-term capital gains tax rate | $1007850 | $157404 | $— | $— | $— |

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**Renewal of Investment Advisory Agreements** 

At its meeting held on November 10, 2022, the Board of Directors of the Investment Company renewed for a one year period the investment advisory agreement with Mutual of America Capital Management LLC (the "Adviser"). 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 LLC 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, 2022, the Adviser had approximately $20 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

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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 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 commenced operations in 2020, 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.

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ITEM 2. CODE OF ETHICS.

Mutual of America Variable Insurance Portfolios, Inc. (the "Variable Insurance Portfolios") has adopted a Code of Ethics that applies to its principal executive and financial officers, as well as all Access Persons as defined under Rule 17j-1 of the Investment Company Act of 1940. The Code of Ethics consists of two sections. The first section, designated as Section A, is the Code of Ethics required under Rule 17j-1. Section A requires those subject to it to submit periodic reports detailing their securities holdings and transactions (subject to several exemptions contained in the rules) and requires pre-approval for certain securities transactions by such persons, including purchases and sales of reportable securities, investments in initial public offerings and private placements.

The second section, designated as Section B, is to assure compliance with the Code of Ethics requirements of Section 406 of the Sarbanes-Oxley Act of 2002. It applies specifically to the Variable Insurance Portfolios' principal executive and financial officers.

The two sections are not mutually exclusive and must be observed independently by each person to whom they are intended to apply. Section A applies to all individuals while Section B applies to the individuals designated in Section B. Both Sections explicitly require those individuals subject to the provisions of the Code of Ethics to promptly report violations of the Code of Ethics to the Chief Compliance Officer.

There have been no amendments to Section A or B during the period covered by this report.

The Annual Report to Shareholders includes information on how to obtain a copy of the Code of Ethics at no charge.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Mutual of America Variable Insurance Portfolios, Inc.'s Board of Directors has determined that one audit committee financial expert serves on its Audit Committee.

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| | |
|:---|:---|
| (a) (2) | The audit committee financial expert is Margaret M. Smyth. She is a Certified Public Accountant and is currently a Partner at Queensland Investment Corporation, an ESG-themed infrastructure investment company, and a member of Deloitte's Finance Advisory Council. She was formerly U.S. Chief Financial Officer at National Grid. Her experience also includes previously held senior finance positions at Con Edison, Hamilton Sundstrand and United Technologies, and was a partner at Deloitte Touche and Arthur Andersen. Ms. Smyth is considered an independent director.  |

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(a) (3) Not applicable.

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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Aggregate Audit Fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022: $632,991

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021: $506,381

(b), (c), (d) There were no Audit-Related, Tax or Other Fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All non-audit fees are pre-approved by the Audit Committee in advance.

(f), (g), (h) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

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| | |
|:---|:---|
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

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Not applicable.

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ITEM 11. CONTROLS AND PROCEDURES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d384646dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d384646dex99906cert.htm) |

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------

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.

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| | |
|:---|:---|
| By: | /s/ CHRIS W. FESTOG |
|  | Chris W. Festog |
|  | Chairman of the Board, President, |
|  | Chief Executive Officer and<br> Principal Executive Officer of |
|  | Mutual of America Variable Insurance Portfolios, Inc. |

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Date: March 9, 2023

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.

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| | |
|:---|:---|
| By: | /s/ CHRIS W. FESTOG |
|  | Chris W. Festog |
|  | Chairman of the Board, President, |
|  | Chief Executive Officer and<br> Principal Executive Officer of |
|  | Mutual of America Variable Insurance Portfolios, Inc. |

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Date: March 9, 2023

---

| | |
|:---|:---|
| By: | /s/ AFERDITA GUTIERREZ |
|  | Aferdita Gutierrez |
|  | Treasurer, Chief Financial Officer and |
|  | Principal Financial Officer of |
|  | Mutual of America Variable Insurance Portfolios, Inc. |

---

Date: March 9, 2023

## Ex-99.Cert

Exhibit 99.1 CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

------

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

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

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

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

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

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

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

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

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

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

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

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

Date: March 9, 2023

---

| |
|:---|
| /s/ CHRIS W. FESTOG |
| Chris W. Festog |
| Chairman of the Board, President, |
| Chief Executive Officer and<br> Principal Executive Officer of |
| Mutual of America Variable Insurance Portfolios, Inc. |

---

------

Exhibit 99.2 CERT

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

------

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

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

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

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

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

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

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

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

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

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

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

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

Date: March 9, 2023

---

| |
|:---|
| /s/ AFERDITA GUTIERREZ |
| Aferdita Gutierrez |
| Treasurer, Chief Financial Officer and |
| Principal Financial Officer of |
| Mutual of America Variable Insurance Portfolios, Inc. |

---

## Exhibit 99.906

Exhibit 99.906CERT

CERTIFICATION PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

------

In connection with the Report of Mutual of America Variable Insurance Portfolios, Inc. (the "Variable Insurance Portfolios") on Form N-CSR for the annual period ended December 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Chris W. Festog, Chairman of the Board, President, Chief Executive Officer and Principal Executive Officer of the Variable Insurance Portfolios, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Variable Insurance Portfolios for the period ended December 31, 2022.

Dated: March 9, 2023

---

| |
|:---|
| /s/ CHRIS W. FESTOG |
| Chris W. Festog |
| Chairman of the Board, President, |
| Chief Executive Officer and<br> Principal Executive Officer of |
| Mutual of America Variable Insurance Portfolios, Inc. |

---

------

CERTIFICATION PURSUANT TO 18 U.S.C. 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

------

In connection with the Report of Mutual of America Variable Insurance Portfolios, Inc. (the "Variable Insurance Portfolios") on Form N-CSR for the annual period ended December 31, 2022 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Aferdita Gutierrez, Treasurer, Chief Financial Officer and Principal Financial Officer of the Variable Insurance Portfolios, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Variable Insurance Portfolios for the period ended December 31, 2022.

Dated: March 9, 2023

---

| |
|:---|
| /s/ AFERDITA GUTIERREZ |
| Aferdita Gutierrez |
| Treasurer, Chief Financial Officer and |
| Principal Financial Officer of |
| Mutual of America Variable Insurance Portfolios, Inc. |

---