Mutual of America Variable Insurance Portfolios N-CSRCertified 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: December 31, 2020

The Annual Report to Shareholders follows:

DECEMBER 31, 2020

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”) 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 period ended December 31, 2020.

2020 was a remarkable year in so many ways and will not soon be forgotten. Financial markets came to a screeching halt in March due to pandemic-driven lockdowns of economies around the globe. Driven by the fallout of the pandemic, the equity markets experienced the fastest dive into a bear market in history, as the S&P 500^® Index (S&P 500) declined 34% in just 33 days. The U.S. economy plunged into an immediate recession, with Gross Domestic Product (GDP) declining by 31.4% in the second quarter alone. The U.S. Federal Reserve (Fed) dropped the Fed Funds target rate from 1.50 — 1.25% to 0 — 0.25% and aggressively reinstituted its quantitative easing program to support liquidity in the financial markets. The federal government responded quickly and decisively by ramping up fiscal spending to support small businesses and the more than 20 million people who lost their jobs as the recession began. Almost as quickly as things deteriorated, the U.S. stock markets began recovering toward the end of the second quarter, including recording their best April since 1987; and by the third quarter, the GDP rebounded and grew at an annual rate of 33.4%. In the final months of the year, the markets continued to respond positively to advances in COVID-19 therapeutics and vaccines, as well as to the outcome of a contentious U.S. presidential election, won by Joseph R. Biden Jr., who was sworn in as the 46th president on January 20. Remarkably, when all was said and done, the U.S. stock market, as measured by the S&P 500, finished 2020 at 3,756 — up 18.4% and at an all-time high, having set 33 record highs during the year.

Market Update

Overall, the U.S. equity markets posted a strong fourth quarter, which created positive returns for all major indexes for 2020. Large-cap equities finished the year with the S&P 500 up a robust 18.4%. The Nasdaq and Russell 1000^® Growth Indexes were solidly in positive territory, up 45.1% and 38.5%, respectively. The Russell 2000^® Index returned 31.4% in the fourth quarter and finished the year up 19.9%. Even the Russell 1000^® Value Index was up 2.8% after struggling earlier in the year. However, the gap between growth and value stocks is staggering, as reflected in the 35.7% gap (after reaching a record high of 39.9% in August) between the performance of the Russell 1000^® Growth Index (up 38.5%) and the Russell 1000^® Value Index (up 2.8%).

The fixed income market was also strong in 2020, with interest rates at historic lows after falling more than one percentage point since the beginning of the year. Demand for bonds was strong, especially after the Fed announced its willingness to purchase bonds of U.S. corporations on March 23. Since then, investment-grade bonds rallied 22.0%, as measured by the Bloomberg Barclays U.S. Corporate Bond Index. For the year, that Index posted an aggregate total return of 9.9%. Even more impressive in 2020, the 10-year Treasury bond and 30-year Treasury bond returned 10.6% and 18.6%, respectively.

Outlook

The U.S. economy continues to recover from the massive dislocation brought on by the COVID-19 pandemic. Assuming there is a significant degree of fiscal policy support, the consensus expectation of economists for the U.S. economy is for it to grow approximately 4.0% in 2021. The unemployment rate should continue moving down from its current 6.7% level to approximately 5.5% by year-end. Recent strength in the 10-year Treasury yield and an accelerating economy could allow the yield to push higher within a range of roughly 1.25% to 1.50%. Housing finished the year strong and should provide positive multiplier effects to the overall economy. Politically, with the Democrats in control of the White House and holding slim majorities in both chambers of Congress, we expect a continued high level of federal spending and fiscal transfers to households. The Biden administration is asking for a $1.9 trillion stimulus package, billed as the American Rescue Plan. The centerpiece of the plan provides direct payment of $1,400, on top of the $600 approved in December, to eligible recipients as a way to help households recover from the impact of the pandemic. Meanwhile, the Federal Reserve appears to be staying on the sidelines with an interest rate increase until inflation and employment goals are satisfied. We are optimistic that the economy will continue to show improvement in the coming year. As the economy heals in 2021, we would expect to become more optimistic about U.S. stocks, especially value-oriented stocks, which lagged in the equity market’s recovery last year.

1

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 24, 2020 (commencement of operations) to December 31, 2020, 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:

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.

2

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

3

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 24, 2020 (commencement of operations) to December 31, 2020, was 16.17% before expenses and 16.01% after expenses. The benchmark returned 15.96%. Note that the Equity Index Portfolio’s performance includes expenses, such as transaction costs and management fees, which are not applicable to the benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

4

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 24, 2020 (commencement of operations) to December 31, 2020, the S&P 500 of large capitalization stocks increased by 15.96% on a total return basis, while the Russell^® Midcap Core Index was up 15.19% and the Russell Midcap^® Value Index was up 4.51%. The Russell 2000^® Growth Index up 32.67% and the Russell 2000^® Value Index up 6.99%.

The All America Portfolio’s return for the period from January 24, 2020 (commencement of operations) to December 31, 2020, before expenses was 15.64% and 15.08% after expenses versus the benchmark return of 15.96% 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.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

5

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 24, 2020 (commencement of operations) to December 31, 2020, the Small Cap Value Portfolio returned -1.27% before expenses and -2.02% after expenses versus a 6.99% return for the Russell 2000^® Value Index. Within the benchmark, the best performing sectors were Retail and Consumer Staples while the worst performing sectors were Energy and Real Estate.

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

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

6

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 40.98% before expenses and 39.92% after expenses for the period from January 24, 2020 (commencement of operations) to December 31, 2020. The Portfolio’s benchmark, the Russell 2000^® Growth Index, returned 32.67% for the comparable period.

Holding to our investment discipline buoyed our performance during the market downdraft of the first quarter as non-earners, highly levered and cyclical companies declined sharply. As the market recovered in the second quarter, we kept pace. For the second half of the year, we participated in the ongoing rally with stocks that benefited from the economy re-opening in the Consumer Discretionary sector.

For this time period, Health Care and Technology contributed the most to our outperformance while the Consumer Discretionary and Financials sectors detracted from the overall performance. Our returns were driven by stock selection as opposed to sector allocation.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

7

SMALL CAP EQUITY INDEX PORTFOLIO (Unaudited)

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

The Small Cap Equity Index Portfolio’s return for the period from January 24, 2020 (commencement of operations) to December 31, 2020, was 11.67% before expenses and 11.52% after expenses. The return of the S&P SmallCap 600 was 11.75%. 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.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.    

8

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 24, 2020 (commencement of operations) to December 31, 2020, the Mid Cap Value Portfolio returned 3.86% before expenses and 3.19% after expenses versus a 4.51% return for the Russell Midcap^® Value Index. Within the benchmark, the best performing sectors were Basic Materials and Technology while the worst performing sectors were Energy and Real Estate.

Sector allocation was the primary driver of negative performance versus the benchmark. Sectors contributing to Portfolio performance included Consumer Cyclicals and Financials while sectors detracting from Portfolio performance included Industrials and Energy.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

9

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 24, 2020 (commencement of operations) to December 31, 2020, was 13.11% before expenses and 12.96% after expenses. The return of the S&P MidCap 400 was 13.47%. 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.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

10

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 24, 2020 (commencement of operations) to December 31, 2020, the International Portfolio returned 8.62% before expenses and 8.47% after expenses. The return of the MSCI EAFE benchmark was 7.82%. 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.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. The line representing the performance return of the International Portfolio includes expenses, such as direct management fees and expenses of the underlying ETFs in which the Fund invests that reduce returns, while the performance return line of the Index does not. Past performance is not indicative of future results.

11

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 6.96% before expenses and 6.88% after expenses, versus an 8.68% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

12

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 7.45% before expenses and 7.38% after expenses, versus a 10.18% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

13

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 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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 8.67% before expenses and 8.60% after expenses, versus a 11.58% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

14

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 9.70% before expenses and 9.64% after expenses, versus a 12.89% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

15

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 10.95% before expenses and 10.89% after expenses, versus a 13.95% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

16

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 12.07% before expenses and 12.00% after expenses, versus a 14.70% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

17

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 12.72% before expenses and 12.65% after expenses, versus a 15.16% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

18

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 12.88% before expenses and 12.81% after expenses, versus a 15.27% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

19

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 12.99% before expenses and 12.92% after expenses, versus a 15.39% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

20

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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 12.83% before expenses and 12.71% after expenses, versus a 15.50% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

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2060 RETIREMENT PORTFOLIO (Unaudited)

The objective of the 2060 Retirement Portfolio is current income and capital appreciation appropriate for the asset allocation associated with a target retirement in 2060. The 2060 Retirement Portfolio invests in Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 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 24, 2020 (commencement of operations) to December 31, 2020, the Portfolio returned 13.23% before expenses and 13.18% after expenses, versus a 15.60% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

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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 24, 2020 (commencement of operations) to December 31, 2020, the Conservative Allocation Portfolio returned 8.10% before expenses and 8.08% after expenses, versus a 10.78% return in the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

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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 24, 2020 (commencement of operations) to December 31, 2020, the Moderate Allocation Portfolio returned 10.12% before expenses and 10.10% after expenses, versus a 13.35% return for the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

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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 24, 2020 (commencement of operations) to December 31, 2020, the Aggressive Allocation Portfolio returned 12.53% before expenses and 12.51% after expenses, versus a 14.90% return for the weighted benchmark.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

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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 24, 2020 (commencement of operations) to December 31, 2020, the Money Market Portfolio returned 0.47% before expenses and 0.28% after expenses, compared to a 0.48% return for the FTSE 3-Month Treasury Bill Index. Note that the benchmark performance does not reflect any expenses.

The Portfolio’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On December 31, 2020, the Portfolio held 48% U.S. Treasury Bills, 44% in commercial paper and the remainder in corporate bonds with less than three months to maturity. The average maturity was 25 days.

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 cut twice, an inter-meeting cut of 50 basis points on March 3 and a 100 basis point, 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. This range is expected to persist for more than a year.

The September meeting brought a change in the Fed’s inflation fighting playbook. In the statement following the meeting, the Fed indicated that, in light of inflation running persistently lower than its’ 2% target, it would allow any future inflation to exceed that target for a longer period of time relative to the past before taking action to quell the price rise by raising rates. The long-term effects of this change should be a steepening of the yield curve.

Lastly, the Fed will continue to increase its’ holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until further progress has been made toward the goals of maximum employment and price stability. These asset purchases help foster smooth market functioning and accommodative financials conditions which supports the flow of credit to households and businesses.

The seven-day effective yield as of February 16, 2021, was 0.00%. 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.

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MID-TERM BOND PORTFOLIO (Unaudited)

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

For the period from January 24, 2020 (commencement of operations) to December 31, 2020, the Mid-Term Bond Portfolio returned 4.81% before expenses and 4.37% after expenses versus a 5.56% return of the Bloomberg Barclays Intermediate U.S. Government/Credit Bond Index during the same period. Most of the Portfolio’s underperformance came in the last quarter of the year when, in our view, the overall market became too comfortable with risk taking. We maintained our “up-in-quality” stance through this period and will continue to do so for the time being.

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

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BOND PORTFOLIO (Unaudited)

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

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

For the period from January 24, 2020 (commencement of operations) to December 31, 2020, the Bond Portfolio returned 5.39% before expenses and 4.95% after expenses. The benchmark returned 6.13% during the same time frame. The Portfolio’s underperformance came in the last quarter of the year when, in our view, the overall market became too comfortable with risk taking. In keeping with our objective of preserving capital, we maintained our “up-in-quality” stance through this period and will continue to do so for the time being.

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 cut twice, an inter-meeting cut of 50 basis points on March 3 and a 100 basis point, 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. This range is expected to persist for more than a year.

The September meeting brought a change in the Fed’s inflation fighting playbook. In the statement following the meeting, the Fed indicated that, in light of inflation running persistently lower than its’ 2% target, it would allow any future inflation to exceed that target for a longer period of time relative to the past before taking action to quell the price rise by raising rates. The long-term effects of this change should be a steepening of the yield curve.

Lastly, the Fed will continue to increase its’ holdings of Treasury securities by at least $80 billion per month and of agency mortgage-backed securities by at least $40 billion per month until further progress has been made toward the goals of maximum employment and price stability. These asset purchases help foster smooth market functioning and accommodative financials conditions which supports the flow of credit to households and businesses.

The slight downward bias in interest rates present in the first six weeks of 2020 quickly turned into a collapse. In March, concerns about the strength of the Covid-19 economy and the decline 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 0.12% on December 31, 2020, a 145 basis point drop. Ten-year yields fell 100 basis points or 1.00% to 0.91%. The thirty-year bond yield fell the least with a 74 basis point drop to 1.65%. However, the ten and thirty-year bonds ended the year with yields higher than the low yields of 0.50% and 0.99% reached in August and March respectively. Following the Fed announcement in September, both securities experienced a slow climb in yields that has continued into 2021.

Investment grade spreads entered 2020 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. It was about that time the Fed instituted several programs designed to restore liquidity and confidence to the market. It was met with success as, by December 31, corporate spreads had captured all but 3 basis points, 0.03%, of the widening of the January through March period.

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BOND PORTFOLIO (Unaudited) (Continued)

Performance is for the period from January 24 (commencement of operations) to December 31, 2020. 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.

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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.

ASSET ALLOCATIONS AS OF DECEMBER 31, 2020 (Unaudited)

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ASSET ALLOCATIONS AS OF DECEMBER 31, 2020 (Unaudited) (Continued)

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ASSET ALLOCATIONS AS OF DECEMBER 31, 2020 (Unaudited) (Continued)

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ASSET ALLOCATIONS AS OF DECEMBER 31, 2020 (Unaudited) (Continued)

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ASSET ALLOCATIONS AS OF DECEMBER 31, 2020 (Unaudited) (Continued)

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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 July 1, 2020 and held for the entire period ending December 31, 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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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.

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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)