Mutual of America Variable Insurance Portfolios N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23449

Mutual of America Variable Insurance Portfolios, Inc.

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

James J. Roth

Chairman of the Board, President and Chief Executive Officer

Mutual of America Variable Insurance Portfolios, Inc.

320 Park Avenue

New York, NY 10022

(Name and address of agent for service)

Registrant’s telephone number, including area code:

(212) 224-1600

Date of fiscal year end: December 31

Date of reporting period: June 30, 2020

The Semi-Annual Report to Shareholders follows:

JUNE 30, 2020

Semi-Annual Reports of Investment Options Offered by Mutual of America Life Insurance Company

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.

August 2020

As a valued variable annuity owner or variable life insurance policyholder, we are pleased to provide you with the semi-annual fund reports for the investment options you have selected. Included in this booklet are the semi-annual reports of the Mutual of America Variable Insurance Portfolios. If you have also selected other investment options, you will receive semi-annual reports for those funds in a separate booklet or booklets. The reports provide an update on each portfolio’s performance as of June 30, 2020. Please note that portfolio performance does not take into account the fees charged by the annuity contract or life insurance policy. When viewed net of these contract fees, your performance will be lower. As always, past performance cannot predict or guarantee future returns.

Mutual of America has specialized in providing retirement products and related services to organizations and their employees, as well as individuals, for more than 70 years. As a mutual company, we do not have stockholders and are not publicly traded. We operate solely for the benefit of our customers, managing the Company for their long-term interest, rather than for the short-term demands of stockholders.

Since 1945, Mutual of America has remained committed to offering plan sponsors, plan participants and individuals carefully selected, quality products and services at a competitive price and the personal attention they need to help build and preserve assets for a financially secure future. Integrity, prudence, and reliability are the values that have guided us since our inception and that continue to serve us well.

We hope you will find the enclosed information helpful. We appreciate and value your business and look forward to serving you in the future. If you have any questions, please call your local Mutual of America Regional Office or 1-800-468-3785.

Sincerely,

Mutual of America Life Insurance Company

JUNE 30, 2020

Semi-Annual Reports of Mutual of America Variable Insurance Portfolios

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

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Mutual of America. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from Mutual of America electronically by signing up for the eDocuments program. You can sign up for eDocuments by completing the Consent Agreement located on the Mutual of America website and indicating your consent to receive documents through the Mutual of America website.

You may elect to receive all future reports in paper free of charge. You can inform us that you wish to continue receiving paper copies of your shareholder reports by writing to us at 320 Park Avenue, New York, New York 10022, by calling 1-800-574-9267, or by sending an email to mutualofamerica@dfinsolutions.com. Your election to receive reports in paper will apply to all of the Funds.

CONTENTS

MUTUALOF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

We are pleased to present the Mutual of America Variable Insurance Portfolios, Inc. (the “Investment Company”) Semi-Annual Report. The Investment Company’s Portfolios launched on January 27, 2020. This Report includes important information regarding the performance and financial position of the Investment Company’s Portfolios for the period ended June 30, 2020.

During the first half of 2020 (as measured through June 30, 2020), the S&P 500^® Index (S&P 500) declined 3.1%. This was a result of two very different market environments. In the first three months, the S&P 500 was down 19.6%, and in the last three months, it appreciated 20.5%, which was its best quarterly performance since the fourth quarter of 1998. Most other equity indexes — both domestic and around the world — also posted losses. U.S. small cap stocks as measured by the Russell 2000 retreated 13.0%. Internationally, the MSCI EAFE (International Developed Markets Stocks) and MSCI EM (Emerging Markets Stocks) returned -11.3% and -9.8%, respectively.

Bond prices, as measured by the Bloomberg Barclays US Aggregate Bond Index, advanced 6.1%. However, rising bond prices, which translate into falling yields, are generally indicative of rising concern that the economy is slowing and perhaps heading toward recession. The yield on the benchmark 10-year Treasury note started the year at 1.92% and dropped 126 basis points to end the second quarter at 0.66%.

The first six months of this year proved to be a period of unimaginable events and surprises. The Great Lockdown likely tipped the world into its deepest economic contraction since the Great Depression. The Coronavirus has caused a devasting loss of life throughout the world, including the deaths of more than 158,000 Americans through August 3, 2020.¹ Since March 21, 2020, 54 million initial jobless claims have been filed, and the stock market experienced its quickest decline on record. However, as astonishing as the global pandemic and its economic impact have been, the resilience of the American people and the rapid recovery of the financial markets are just as remarkable.

Global stimulus has been massive

The efforts by the Fed and other central banks around the world to provide liquidity to their countries’ economies through direct intervention in credit markets are unprecedented. To date, the U.S. Government has allocated $9.5 trillion in fiscal and monetary stimulus, accounting for approximately 44.4% of its Gross Domestic Product (GDP). Globally, $23.0 trillion of stimulus has been provided, including the commitment by the U.S., with much of the rest coming from the Eurozone and Japan.

The fiscal and monetary support are the driving forces allowing financial markets to stabilize and equity markets to experience a dramatic recovery. Given that the second-quarter GDP came in at -32.9%, which is the sharpest downturn on record, there is likely to be more fiscal stimulus in the coming months. To that end, as the Fed previously stated, it is committed to doing whatever it takes to revive the economy.

Unemployment is high, but better than expected

America’s labor market, measured by the nonfarm payroll report, unexpectedly rebounded in May by adding 2.5 million jobs. June was another strong month, adding another 4.8 million nonfarm payroll jobs. The bounce-back signals the economy is picking up faster than anticipated in response to the damage caused by stay-at-home orders initiated by almost every state in March and April.

While the markets continued to rally on this fast turnaround in hiring, particularly among furloughed workers, some economists have questioned the reliability of these numbers as the unemployment status for many workers is changing rapidly. We think it would be prudent to observe more data points in the coming months before affirming a downward trend in unemployment rates. Moreover, an unemployment level of 11.1% is still extremely high and could take years to return to pre-pandemic levels — in fact, it is roughly double what the nation experienced during the entire financial crisis from 2007 to 2009.

Complicating the landscape even more is the increase in unemployment benefits of $600 a week that was approved by Congress with bipartisan support in late March and ended on July 31. Congress came up with the $600 figure because that amount, together with state benefits, added up to the average weekly wage; therefore, workers would earn their full paycheck while being temporarily laid off. However, job losses have been concentrated among workers who make below-average wages. As a result, about two-thirds of those eligible are collecting more in the enhanced benefits than they earned while working, according to a study by University of Chicago economists. Many argue that this is a disincentive for unemployed workers to return to work. Nonetheless, it is likely that some amount of increase in unemployment benefits will be part of the next round of fiscal stimulus being negotiated by the Administration with Congress.

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Outlook

While some forecasters predict that the economic bottom in the U.S. is near, few expect the economy to snap back to the way it was before the pandemic. The mandatory closing of businesses and the various steps taken by the federal, state and local governments to deal with the pandemic and the economic pain it has caused may lead to unintended consequences. While the financial markets have responded positively to fiscal and monetary stimulus, along with initial stages of reopening the economy and better unemployment levels, many risks remain in a post-pandemic era. These include the ongoing massive debt burden, the upcoming U.S. presidential election, structurally higher unemployment levels, more government intervention, heightened trade tensions between the U.S. and China, and new ways to conduct business. The possibility of a significant return of the virus looms as well. In short, the financial markets may have rebounded nicely so far, but there are many issues to resolve before the real economy gets back on track.

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

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 period from January 27, 2020 (commencement of operations) to June 30, 2020, compared to its relevant index.

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

Thank you for your continued investment in our Portfolios.

Sincerely,

James J. Roth

Chairman of the Board,

President and Chief Executive Officer

Mutual of America Variable Insurance Portfolios, Inc.

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

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

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EQUITY INDEX PORTFOLIO (Unaudited)

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

The Equity Index Portfolio’s performance for the period from January 27, 2020 (commencement of operations) to June 30, 2020, was -4.88% before expenses and -4.94% after expenses. The benchmark returned -5.08%. Note that the Equity Index Portfolio’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

ALL AMERICA PORTFOLIO (Unaudited)

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

For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the S&P 500 of large capitalization stocks decreased by -5.08% on a total return basis, while the Russell^® Midcap Core Index was down -10.61% and the Russell Midcap^® Value Index was down -18.44%. The Russell 2000^® Growth Index decreased -4.47% and the Russell 2000^® Value Index decreased -21.77%.

The All America Portfolio’s return for the period ended June 30, 2020, before expenses was -7.92% and -8.13% after expenses versus the benchmark return of -5.08% The underperformance of the Portfolio versus the S&P 500 during the year was due to the underperformance of the small and mid capitalization segments of the Portfolio as compared to the large capitalization benchmark.

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 period from January 27, 2020 (commencement of operations) to June 30, 2020, the Small Cap Value Portfolio returned -24.32% before expenses and -24.58% after expenses versus a -21.77% return for the Russell 2000^® Value Index.

Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Fund performance included Industrials and REITs, while sectors detracting from Fund performance included Health Care and Finance.

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 -0.32% before expenses and -0.67% after expenses for the period from January 27, 2020 (commencement of operations) to June 30, 2020. The Portfolio’s benchmark, the Russell 2000^® Growth Index, returned -4.47% for the comparable period.

Holding to our investment discipline buoyed our performance during the market downdraft of the first quarter as non-earners and highly levered companies declined sharply. As the market rallied in the second quarter, we kept pace.

For the six month period, Health Care and Technology contributed the most to our outperformance while the Consumer Discretionary and Financial sectors detracted the most from our performance. Overall stock selection was significantly positive to our performance as opposed to sector allocation.

Given fears of slowing global growth, consumer spending and consumer credit fears remain concerns for the overall equity market.

SMALL CAP EQUITY INDEX PORTFOLIO (Unaudited)

The Small Cap Equity Index Portfolio invests in the 600 stocks that comprise the S&P SmallCap 600^® Index (S&P SmallCap 600). The S&P SmallCap 600 is a market-weighted index of 600 stocks traded on the New York Stock

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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 period from January 27, 2020 (commencement of operations) to June 30, 2020, was -17.36% before expenses and -17.41% after expenses. The return of the S&P SmallCap 600 was -17.49%. Note that the performance of the Small Cap Equity Index Portfolio includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

MID CAP VALUE PORTFOLIO (Unaudited)

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

For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Mid Cap Value Portfolio returned -18.57% before expenses and -18.81% after expenses versus a -18.44% return for the Russell Midcap^® Value Index.

Stock selection was the primary driver of negative performance versus the benchmark. Sectors contributing to Fund performance included Retail and REITs, while sectors detracting from Fund performance included Insurance and Energy.

MID-CAP EQUITY INDEX PORTFOLIO (Unaudited)

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

The Mid-Cap Equity Index Portfolio’s performance for the period from January 27, 2020 (commencement of operations) to June 30, 2020, was -13.14% before expenses and -13.20% after expenses. The return of the S&P MidCap 400 was -12.92%. Note that the performance of the Mid-Cap Equity Index Portfolio includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

INTERNATIONAL PORTFOLIO (Unaudited)

The International Portfolio seeks capital appreciation by investing, directly or indirectly, mainly in exchange traded Portfolios that invest in stocks of large and mid-cap companies in developed market countries located outside of the United States and Canada that are reflected or contained in the Morgan Stanley Capital International, Inc. Europe, Australasia and Far East^® Index (MSCI EAFE^® Index). Currently the International Portfolio is invested mainly in exchange traded Portfolios that reflect, replicate or follow the country weightings of the MSCI EAFE^® Index. The Portfolio also has invested a small percentage of assets in exchange traded Portfolios that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries.

For the period January 27, 2020 (commencement of operations) to June 30, 2020, the International Portfolio returned -11.10% before expenses and -11.15% after expenses. The return of the MSCI EAFE benchmark was -11.72%. The Portfolio’s benchmark closes earlier in the day than the actual market for the Portfolio’s investments. This time lag can result in both positive and negative performance differences.

RETIREMENT INCOME PORTFOLIO (Unaudited)

The objective of the Retirement Income Portfolio is current income consistent with the preservation of capital and, to a lesser extent, capital appreciation. The Retirement Income Portfolio invests primarily in the fixed-income Portfolios of the Investment Company and also invests in two equity Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 75% of net assets in fixed-income Portfolios (approximately 30% in the Bond, 30% in the Mid-Term Bond Portfolios and 15% in the Money Market Portfolio) and approximately 25% of net assets in equity Portfolios (20% in the Equity Index Portfolio and 5% in the Mid-Cap Equity Index Portfolio).

Performance for the Retirement Income Portfolio is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (15% weighting) and the S&P 500^® Index (25% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned 0.85% before expenses and 0.81% after expenses, versus a 2.39% return in the weighted benchmark.

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2010 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2010 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2010. The 2010 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 75% of net assets in fixed-income Portfolios (approximately 30% in the Bond Portfolio, 30% in the Mid-Term Bond Portfolio and 15% in the Money Market Portfolio) and approximately 25% of net assets in equity Portfolios (20% in the Equity Index Portfolio and 5% in the Mid-Cap Equity Index Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2010 Retirement Portfolio is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (60% weighting), the FTSE 3-Month Treasury Bill Index (15% weighting) and the S&P 500^® Index (25% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -0.10% before expenses and -0.12% after expenses, versus a 2.39% return in the weighted benchmark.

2015 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2015 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a retirement in 2015. The 2015 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 65% of net assets in fixed-income Portfolios (30% in the Bond Portfolio, 25% in the Mid-Term Bond Portfolio and 10% in the Money Market Portfolio) and approximately 35% of net assets in equity Portfolios (approximately 22% in the Equity Index Portfolio, 8% 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 2020).

Performance for the 2015 Retirement Portfolio is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (55% weighting), the FTSE 3-Month Treasury Bill Index (10% weighting) and the S&P 500^® Index (35% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -1.11% before expenses and -1.14% after expenses, versus a 1.78% return in the weighted benchmark.

2020 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2020 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2020. The 2020 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 45% of net assets in equity Portfolios (approximately 25% in the Equity Index Portfolio, 10% in the Mid-Cap Equity Index Portfolio, 8% in the International Portfolio and 1% each in the Small Cap Growth and Small Cap Value Portfolios) and approximately 55% of net assets in fixed-income Portfolios (28% in the Bond Portfolio, 22% in the Mid-Term Bond Portfolio and 5% in the Money Market Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2020 Retirement Portfolio is compared to the S&P 500^® Index (45% weighting), the FTSE 3-Month Treasury Bill Index (5% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (50% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -2.29% before expenses and -2.32% after expenses, versus a 1.09% return in the weighted benchmark.

2025 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2025 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2025. The 2025 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 55% of net assets in equity Portfolios (approximately 29% in the Equity Index Portfolio, 12% in the Mid-Cap Equity Index Portfolio, 10% in the International Portfolio and 2% each in the Small Cap Growth and Small Cap Value Portfolios) and approximately 45% of net assets in fixed-income Portfolios (27% in the Bond Portfolio and 18% in the Mid-Term Bond Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2025 Retirement Portfolio is compared to the S&P 500^® Index (55% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (45% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -3.68% before expenses and -3.71% after expenses, versus a 0.32% return in the weighted benchmark.

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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 67% of net assets in equity Portfolios (approximately 33% in the Equity Index Portfolio, 16% in the Mid-Cap Equity Index Portfolio, 12% in the International Portfolio and 3% each in the Small Cap Growth and Small Cap Value Portfolios) and approximately 33% of net assets in fixed-income Portfolios (23% in the Bond Portfolio and 10% in the Mid-Term Bond Portfolio) (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2030 Retirement Portfolio is compared to the S&P 500^® Index (67% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (33% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -5.20% before expenses and -5.23% after expenses, versus a -0.97% return in the weighted benchmark.

2035 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2035 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2035. The 2035 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 77% of net assets in equity Portfolios (approximately 35% in the Equity Index Portfolio, 18% in the Mid-Cap Equity Index Portfolio, 15% in the International Portfolio, 4% each in the Small Cap Growth and Small Cap Value Portfolios and 1% in the Small-Cap Equity Index Portfolio) and approximately 23% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2035 Retirement Portfolio is compared to the S&P 500^® Index (77% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (23% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -6.40% before expenses and -6.43% after expenses, versus a -2.12% return in the weighted benchmark.

2040 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2040 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2040. The 2040 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 84% of net assets in equity Portfolios (approximately 35% in the Equity Index Portfolio, 21% in the Mid-Cap Equity Index Portfolio, 18% in the International Portfolio, 4% each in the Small Cap Growth and Small Cap Value Portfolios and 2% in the Small-Cap Equity Index Portfolio) and approximately 16% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2040 Retirement Portfolio is compared to the S&P 500^® Index (84% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (16% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -7.22% before expenses and -7.25% after expenses, versus a -2.98% return in the weighted benchmark.

2045 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2045 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2045. The 2045 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 86% of net assets in equity Portfolios (approximately 35% in the Equity Index Portfolio, 21% in the Mid-Cap Equity Index Portfolio, 18% in the International Portfolio, 5% each in the Small Cap Growth and Small Cap Value Portfolios and 2% in the Small-Cap Equity Index Portfolio) and approximately 14% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2045 Retirement Portfolio is compared to the S&P 500^® Index (86% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (14% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -7.67% before expenses and -7.70% after expenses, versus a -3.23% return in the weighted benchmark.

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2050 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2050 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2050. The 2050 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 88% of net assets in equity Portfolios (approximately 34% in the Equity Index Portfolio, 22% in the Mid-Cap Equity Index Portfolio, 19% in the International Portfolio, 5% each in the Small Cap Growth and Small Cap Value Portfolios and 3% in the Small-Cap Equity Index Portfolio) and approximately 12% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2050 Retirement Portfolio is compared to the S&P 500^® Index (88% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (12% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -8.06% before expenses and -8.09% after expenses, versus a -3.49% return in the weighted benchmark.

2055 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2055 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2055. The 2055 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 90% of net assets in equity Portfolios (approximately 34% in the Equity Index Portfolio, 22% in the Mid-Cap Equity Index Portfolio, 19% in the International Portfolio, 6% each in the Small Cap Growth and Small Cap Value Portfolios and 3% in the Small-Cap Equity Index Portfolio) and approximately 10% of net assets in the Bond Portfolio (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2055 Retirement Portfolio is compared to the S&P 500^® Index (90% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (10% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -8.59% before expenses and -8.64% after expenses, versus a -3.74% return in the weighted benchmark.

2060 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2060 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2060. The 2060 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 92% of net assets in equity Portfolios (approximately 33% in the Equity Index Portfolio, 23% in the Mid-Cap Equity Index Portfolio, 20% in the International Portfolio, 6% each in the Small Cap Growth and Small Cap Value Portfolios and 4% in the Small-Cap Equity Index Portfolio) and approximately 8% of net assets in the Bond (See Note 1 in the Notes to Financial Statements for additional information on changes to Portfolio target allocations during 2020).

Performance for the 2060 Retirement Portfolio is compared to the S&P 500^® Index (92% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (8% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Portfolio returned -8.90% before expenses and -8.92% after expenses, versus a -4.01% return in the weighted benchmark.

CONSERVATIVE ALLOCATION PORTFOLIO (Unaudited)

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

Performance for the Conservative Allocation Portfolio is compared to the Bloomberg Barclays U.S. Aggregate Bond Index (65% weighting) and the S&P 500^® Index (35% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Conservative Allocation Portfolio returned 0.03% before expenses and 0.02% after expenses, versus a 2.21% return in the weighted benchmark.

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MODERATE ALLOCATION PORTFOLIO (Unaudited)

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

Performance for the Moderate Allocation Portfolio is compared to the S&P 500^® Index (60% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (40% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Moderate Allocation Portfolio returned -3.52% before expenses and -3.53% after expenses, versus a -0.20% return for the weighted benchmark.

AGGRESSIVE ALLOCATION PORTFOLIO (Unaudited)

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

Performance for the Aggressive Allocation Portfolio is compared to the S&P 500^® Index (80% weighting) and the Bloomberg Barclays U.S. Aggregate Bond Index (20% weighting). For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Aggressive Allocation Portfolio returned -6.39% before expenses and -6.40% after expenses, versus a -2.49% return for the weighted benchmark.

MONEY MARKET PORTFOLIO (Unaudited)

The Money Market Portfolio’s investment objective is to realize current income while maintaining liquidity, investment quality and stability of capital through investing in high-quality commercial paper issued by U.S. corporations and securities issued by the U.S. government and its agencies. For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Money Market Portfolio returned 0.40% before expenses and 0.31% after expenses, compared to a 0.42% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

Early in the year the Federal Reserve governors (the Fed) had telegraphed a neutral stance with respect to adjustments to the Fed Funds target. The emergence and economic impact of the Covid-19 virus quickly changed those plans as the Fed lowered rates twice, an inter-meeting cut of 50 basis points on March 3 and a 100 basis points, or 1.00% easing on March 15. This action returned the target range to 0-0.25%, a level first seen during the Global Financial Crisis of 2008-2009. Additionally, The Fed has implemented eleven programs since March designed to facilitate market liquidity. These programs are independent of the Fed’s commitment to buy Treasuries and mortgage-backed securities. The effect of these measures was the growth of the Fed’s balance sheet from $4.2 trillion in late February to $7.1 trillion in late June and the collapse of the three month Treasury-bill yield from about 1.50% in January to 0.13% at the end of June with a brief period in late March when it yielded less than 0%.

The Portfolio’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On June 30, 2020, the Portfolio held 25% U.S. Treasury Bills, 13% U.S. agency discount notes and the remainder in commercial paper and corporate bonds with less than three months to maturity. The average maturity was 38 days.

The seven-day effective yield as of August 11, 2020, was -0.04%. As with all performance reporting, this yield is not necessarily indicative of future annual yields. Neither the Federal Deposit Insurance Corporation nor any other U.S. government agency insures or guarantees investments in shares of the Money Market Portfolio.

MID-TERM BOND PORTFOLIO (Unaudited)

The Mid-Term Bond Portfolio seeks a high level of return consistent with the preservation of capital through investment in publicly traded debt securities. The portfolio continues to emphasize corporate issues, particularly BBB-rated bonds, in order to capture incremental income. The Portfolio will continue to focus on income, rather than market volatility, to achieve superior returns over market cycles. The objective of the Portfolio is to maintain a maturity

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profile similar to that of the Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index benchmark. To achieve the duration target, intermediate corporate and U.S. Treasury maturities are emphasized. In addition, the Portfolio’s corporate positions will remain highly diversified in order to help shield the portfolio from any credit risks.

For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Mid-Term Bond Portfolio returned 3.94% before expenses and 3.73% after expenses versus a 4.42% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period. The Portfolio’s shorter duration relative to the benchmark contributed to the underperformance.

BOND PORTFOLIO (Unaudited)

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

Over the long term, the Bond Fund’s strategy is to overweight corporate bonds, underweight U.S. Treasuries, and market weight mortgage-backed securities. The portfolio’s aim is to maintain a similar maturity profile to the benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, with an overweighting of BBB-rated issuers. To achieve the duration target, intermediate corporate and longer U.S. Treasury maturities are emphasized. The Bond Fund also stresses diversification in order to protect the Fund from unexpected credit events. Few corporate holdings exceed one-half of one percent of the Fund’s value. This extreme diversification will be maintained going forward as part of our risk control.

For the period from January 27, 2020 (commencement of operations) to June 30, 2020, the Bond Fund returned 4.96% before expenses and 4.75% after expenses. The benchmark returned 4.78% during the same time frame. All the asset classes represented in the Index delivered positive results during the period. In general, higher quality bonds outperformed lower and those with longer maturities outperformed shorter. Much of that was driven by the decrease in interest rates as Treasuries performed best. The Fund’s relative outperformance was driven primarily by its exposure to intermediate and long-dated Treasuries and in its underweight position in long-dated BBB securities.

Early in the year the Federal Reserve governors (the Fed) had telegraphed a neutral stance with respect to adjustments to the Fed Funds target. The emergence and economic impact of the Covid-19 virus quickly changed those plans as the Fed lowered rates twice, an inter-meeting cut of 50 basis points on March 3 and a 100 basis points, or 1.00% easing on March 15. This action returned the target range to 0-0.25%, a level first seen during the Global Financial Crisis of 2008-2009. Additionally, The Fed has implemented eleven programs since March designed to facilitate market liquidity. These programs are independent of the Fed’s commitment to buy Treasuries and mortgage-backed securities. The effect of these measures was the growth of the Fed’s balance sheet from $4.2 trillion in late February to $7.1 trillion in late June and the collapse of the three month Treasury-bill yield from about 1.50% in January to 0.13% at the end of June with a brief period in late March when it yielded less than 0%.

Interest rates traded with a slight downward bias for the first six weeks of the year. In March however, concerns about the strength of the Covid-19 economy and the collapse in crude oil prices served to quickly push yields to all-time lows. On March 9, for example, the thirty-year Treasury yield was less than 1%. Federal Reserve cuts of the Fed Funds target had a visible effect on the shape of the interest rate curve. As would be expected with these actions by the Fed, the curve steepened as yields on short-dated Treasuries fell more than did the yields of long-dated Treasuries. Two-year Treasury Notes yielded 1.57% on December 31, 2019 and 0.15% on June 30, 2020, a 142 basis point drop. Ten-year yields fell 126 basis points or 1.26% to 0.66%. The thirty-year bond yield fell the least with a 98 basis point drop to 1.41%.

Investment grade spreads ended 2019 at close to post-economic crisis tights. Much like Treasury yields, spreads moved without much direction through mid-February. Then, spreads which usually widen as conditions worsen did just that. By March 23, investment grade corporate bond spreads had widened to levels not seen since 2009. Spreads on bonds maturing in less than a year were greater than those of longer paper, a sign of market disfunction. It was about that time the Fed instituted several of the programs designed to restore liquidity and confidence to the market. It was met with some success as, by June 30, corporate spreads had recovered about half the widening of the January through March period.

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited)

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ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)

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ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)

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ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)

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ASSET ALLOCATIONS AS OF JUNE 30, 2020 (Unaudited) (Continued)

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

EXPENSE EXAMPLE (Unaudited)

EXAMPLE

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

This Example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual Portfolios. The Example is based on an investment of $1,000 invested at January 1, 2020 and held for the entire period ending June 30, 2020 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.

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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.

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EXPENSE EXAMPLE (Unaudited) (Continued)

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EXPENSE EXAMPLE (Unaudited) (Continued)

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EXPENSE EXAMPLE (Unaudited) (Continued)

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EXPENSE EXAMPLE (Unaudited) (Continued)

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EXPENSE EXAMPLE (Unaudited) (Continued)

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EXPENSE EXAMPLE (Unaudited) (Continued)

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EXPENSE EXAMPLE (Unaudited) (Continued)

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EXPENSE EXAMPLE (Unaudited) (Continued)

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

PORTFOLIO OF INVESTMENTS IN SECURITIES

June 30, 2020 (Unaudited)

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

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

PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)

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

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PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)

June 30, 2020 (Unaudited)