UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23449
Mutual of America Variable Insurance Portfolios, Inc.
(Exact name of registrant as specified in charter)
320 Park Avenue, New York, N.Y. 10022
(Address of principal executive offices) (Zip code)
Chris W. Festog
Chairman of the Board, Chief Executive Officer and Principal Executive Officer
Mutual of America Variable Insurance Portfolios, Inc.
320 Park Avenue
New York, NY 10022
(Name and address of agent for service)
Registrant’s telephone number, including area code: (212) 224-1600
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
ITEM 1. | REPORTS TO STOCKHOLDERS. |
The Semi-Annual Report to Shareholders follows:
JUNE 30, 2023
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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 24, 2020. This Report includes important information regarding the performance and financial position of the Investment Company’s Portfolios for the six months ended June 30, 2023.
Midyear Economic Perspective: Inflation Eases, Volatility Persists
At the midway point of 2023, there were clear signs that the Federal Reserve’s (Fed) efforts to ease inflation through ongoing interest rate increases were making inroads, but how much more the economy still needs to cool to tame inflation is up for debate. Inflation continues to steadily decline, although it remains above the Fed’s target rate of 2%. And consumers are still experiencing inflation’s effects through higher prices for various goods and services.
During the first quarter, the banking crisis heightened market instability and contributed to increased regulations on small and regional banks, tightened lending standards and weakened demand for loans. We believe one of the consequences of the Fed’s aggressive interest rate hikes will be a significant impact on lending activity and, ultimately, have a dampening effect on the economy.
Despite the slow decline, there are positive indicators that have eased some concerns about a recession. Even with job growth slowing, the labor market remains strong — by June, year-over-year gains in wages topped inflation levels for the first time since 2021. In addition, the equity markets have rebounded from a 20% decline in 2022, posting strong returns through June of 2023.
Inflation Remains Above Fed’s Target Rate
The latest reports from three prominent inflation indicators still show levels above the Fed’s 2.0% target, albeit with significant declines since the Fed began raising rates in early 2022, and since inflation reached its peak last summer.
We believe uncertainty in the economy and markets will likely remain elevated through 2023, continuing to impact consumers. In recent months, prices declined for certain essential services and goods, such as food, although a core inflation indicator that excludes food and fuel costs remained persistently high. Inflationary pressures still exist, though, in areas such as housing, healthcare and automobiles. With these and other factors in mind, we expect the Fed may raise interest rates at least once more this year.
Equities and Bonds Show Strength, but Concerns Remain
Major equity indexes showed positive performance in the first half of 2023. The S&P 500® Index rose 16.9% and the Nasdaq composite jumped 32.3%. The Nasdaq’s performance can be attributed to its focus on select technology-related companies, notably Nvidia and Apple. Mega-cap growth stocks thrived, benefiting from smaller interest rate hikes compared to 2022 and being considered safe-haven investments in a low-growth economic environment. These stocks drove the overall performance of the equity markets.
Despite a slight decline in bond prices since the end of the first quarter of 2023, the bond market showed strength on a year-to-date basis through June, largely driven by the slowing frequency and size of interest rate hikes starting in the latter part of 2022. The persistently inverted yield curve has raised concerns about a potential economic slowdown. Notably, an inverted yield curve has preceded the 10 most recent recessions, underscoring its historical correlation with economic downturns.
Strong Labor Market Beginning to Slow
While the labor market has shown resilience, there are concerns about the Fed’s ability to manage job market growth to curb inflation without significantly increasing the unemployment rate. The Fed’s objective is to prevent wage-price spiral inflation, where higher wages lead to increased costs for companies, which may then pass the burden on to consumers. As the impact of rate hikes continues to slow the economy, we expect to see the unemployment level gradually increase through the balance of 2023 and into next year.
As the Fed does everything within its control to curb inflation in the coming months, we expect market turbulence to remain. In times of uncertainty, investors should be encouraged to keep diversified portfolios and ensure their investments reflect their risk tolerance and financial goals.
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The total return performance (net of investment management and other operating expenses) for each of the Investment Company Portfolios is reflected below:
Total Returns — Six Months Ended June 30, 2023 | ||||
Equity Index Portfolio | 16.67% | |||
All America Portfolio | 12.96% | |||
Small Cap Value Portfolio | 3.61% | |||
Small Cap Growth Portfolio | 13.08% | |||
Small Cap Equity Index Portfolio | 6.03% | |||
Mid Cap Value Portfolio | 3.57% | |||
Mid-Cap Equity Index Portfolio | 8.71% | |||
International Portfolio | 10.84% | |||
Retirement Income Portfolio | 5.14% | |||
2015 Retirement Portfolio | 5.77% | |||
2020 Retirement Portfolio | 6.63% | |||
2025 Retirement Portfolio | 7.76% | |||
2030 Retirement Portfolio | 8.82% | |||
2035 Retirement Portfolio | 10.20% | |||
2040 Retirement Portfolio | 11.26% | |||
2045 Retirement Portfolio | 11.68% | |||
2050 Retirement Portfolio | 11.91% | |||
2055 Retirement Portfolio | 11.95% | |||
2060 Retirement Portfolio | 12.01% | |||
Conservative Allocation Portfolio | 6.61% | |||
Moderate Allocation Portfolio | 9.33% | |||
Aggressive Allocation Portfolio | 10.89% | |||
Money Market Portfolio | 2.30% | |||
Mid-Term Bond Portfolio | 1.22% | |||
Bond Portfolio | 1.92% |
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 ended June 30, 2023, compared to its relevant index.
Following the discussions are the graphical representations of the asset allocations of each Portfolio and an illustration of each Portfolio’s operating expenses. The portfolios of each Portfolio and financial statements are presented in the pages that follow.
Thank you for your continued investment in our Portfolios.
Sincerely,
Chris W. Festog
Chairman of the Board,
Chief Executive Officer and Principal Executive Officer
Mutual of America Variable Insurance Portfolios, Inc.
The views expressed in this Semi-Annual Report are subject to change at any time based on market and other conditions and should not be construed as a recommendation. This Report contains forward-looking statements which speak only as of the date they were made and involve a number of risks and uncertainties that could cause actual results to differ materially from those expressed herein. Readers are cautioned not to place undue reliance on our forward-looking statements, as we assume no obligation to update these forward-looking statements. Readers assume any and all responsibility for any investment decision made as a result of the views expressed herein.
S&P® and S&P 500® are trademarks of Standard & Poor’s Financial Services LLC.
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EQUITY INDEX PORTFOLIO (Unaudited)
The Equity Index Portfolio’s objective is to replicate the performance of the S&P 500® Index (S&P 500), which consists of 500 stocks chosen by Standard & Poor’s for market size, liquidity and industry group representation. The S&P 500 is a market-weighted index of 500 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ, with each stock’s weight in the index proportionate to its market value. The weightings make each company’s influence on the S&P 500’s performance directly proportional to that company’s market value.
The Equity Index Portfolio’s performance for the six months ended June 30, 2023, was 16.76% before expenses and 16.67% after expenses. The return of the S&P 500 was 16.89% over the same period. We note that the Equity Index Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur.
ALL AMERICA PORTFOLIO (Unaudited)
The investment objective of the All America Portfolio is to outperform the S&P 500® Index (S&P 500). The All America Portfolio is approximately 60% passively invested in the 500 stocks that comprise the S&P 500, with the remaining 40% actively managed, comprised of 20% mid-cap capitalization stocks and 20% small cap stocks, thus providing exposure to all levels of market capitalization among domestic stocks.
For the six months ended June 30, 2023, the S&P 500 of large capitalization stocks increased by 16.89% on a total return basis, while the Russell® Midcap Core Index was up 9.01% and the Russell Midcap® Value Index was up 5.23%. The Russell 2000® Growth Index up 13.55% and the Russell 2000® Value Index up 2.50%.
The All America Portfolio’s return for the six months ended June 30, 2023, was 12.96% net of expenses versus the benchmark return of 16.89%. 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. We note that the All America Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur.
SMALL CAP VALUE PORTFOLIO (Unaudited)
The investment objective of the Small Cap Value Portfolio is capital appreciation. The Small Cap Value Portfolio generally invests in companies that are below $3 billion in market capitalization and have lower price-to-book characteristics than the overall market.
For the six months ending June 30, 2023, the Small Cap Value Portfolio outperformed its benchmark, the Russell 2000® Value Index. An attribution analysis shows that the majority of the outperformance came from the Industrial and Consumer Staples sectors. Sectors detracting from performance include Healthcare and Consumer Discretionary. We would also note the S&P 500® 500 Index (+16.9%) outperformed the Russell 2000® Value Index (+2.5%) for the year-to-date period.
For the six months ended June 30, 2023, the Small Cap Value Portfolio returned 4.03% before expenses and 3.61% after expenses versus a 2.50% return for the Russell 2000® Value Index. We note that the Small Cap Value Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur.
SMALL CAP GROWTH PORTFOLIO (Unaudited)
The Portfolio seeks capital appreciation. That is, we invest for long-term growth of capital by investing in companies with small market capitalizations.
Our active small cap growth approach is to seek attractive returns without taking undue risk, which we seek to achieve by investment in companies that have strong fundamentals, a compelling and sustainable business model and are led by a proven management team that has demonstrated the ability to execute on a business plan. Successful investment of capital, we believe, is a significant determinant in a company’s future prospects.
Small cap stocks, as seen, by the Russell 2000® Growth Index, showed strong gains for the six-months ending June 2023. The Portfolio was competitive with its benchmark and its small cap growth peers. For the first half of 2023, the Russell 2000® Growth Index returned 13.55%, while the Small Cap Growth Portfolio showed 13.53% before expenses and 13.08% after expenses for the same period. We note that the Small Cap Growth Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur.
Of the three traditional growth sectors, consumer discretionary and information technology showed double-digit returns and outperformed the small cap growth equity marketplace; Healthcare despite its attractive return did not outperform our Index. Nonetheless, our stock selection in the Materials, Healthcare and Industrial sectors contributed the most of any 3-sectors of the Portfolio for the first six-months of the year.
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Healthcare Equipment & Supplies and Industrial Machinery were the two areas that contributed the most to investment results whereas poor stock selection in the Technology Hardware and Aerospace & Defense industries detracted from overall performance.
For the six-month period, we were underweight non-earning companies. We outperformed in this area but our more conservative positioning did not benefit investment results.
Bottom-up, fundamental company research begins with ideas generation, which leverages the knowledge, depth, and scope of the investment professionals in our organization to identify candidates. We are long term investors with a 3- to 5- year time horizon. We employ a disciplined approach to portfolio construction through understanding and measuring risk.
SMALL CAP EQUITY INDEX PORTFOLIO (Unaudited)
The Small Cap Equity Index Portfolio invests in the 600 stocks that comprise the S&P SmallCap 600® Index (S&P SmallCap 600). The S&P SmallCap 600 is a market-weighted index of 600 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P SmallCap 600’s performance directly proportional to that company’s market value.
The Small Cap Equity Index Portfolio’s return for the six months ended June 30, 2023, was 6.11% before expenses and 6.03% after expenses. The return of the S&P SmallCap 600 was 6.03%. We note that the Small Cap Equity Index Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur.
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 $5 billion and $30 billion in market capitalization and have lower price-to-book characteristics.
For the six months ending June 30, 2023, the Mid Cap Value Portfolio underperformed its benchmark, the Russel Midcap® Value Index. An attribution analysis shows that the majority of the underperformance came from the Consumer Discretionary and Information Technology sectors. Sectors adding to performance include Industrial and Communication Services. We would also note the S&P 500 (+16.9%) outperformed the Russell Midcap® Value Index (+5.2%) for the year-to-date period.
For the six months ended June 30, 2023, the Mid Cap Value Portfolio returned 3.91% before expenses and 3.57% after expenses versus a 5.23% return for the Russell Midcap® Value Index. We note that the Mid Cap Value Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur.
MID-CAP EQUITY INDEX PORTFOLIO (Unaudited)
The Mid-Cap Equity Index Portfolio invests in the 400 stocks that comprise the S&P MidCap 400® Index (S&P MidCap 400). The S&P MidCap 400 is a market-weighted index of 400 stocks traded on the New York Stock Exchange, American Stock Exchange and NASDAQ. The weightings make each company’s influence on the S&P MidCap 400’s performance directly proportional to that company’s market value. The companies included in the S&P MidCap 400 tend to be typical of this asset class, the medium-capitalized sector of the U.S. securities market.
The Mid-Cap Equity Index Portfolio’s performance for the six months ended June 30, 2023, was 8.79% before expenses and 8.71% after expenses. The return of the S&P MidCap 400 was 8.84% over the same period. We note that the Mid-Cap Equity Index Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur.
INTERNATIONAL PORTFOLIO (Unaudited)
The International Portfolio seeks capital appreciation by investing primarily 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). The Fund may also invest in exchange traded funds within the general limitations of the Investment Company Act of 1940.
For the six months ended June 30, 2023, the International Portfolio returned 10.92% before expenses and 10.84% after expenses. The return of the MSCI EAFE benchmark was 11.67%. The slight underperformance of the Portfolio was due to a market preference for growth stocks, whereas the Portfolio tends to favor value and dividend paying stocks as part of its investment strategy. We note that the International Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur.
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TARGET DATE (RETIREMENT) SERIES
All of the Portfolios in the Target Date Series had positive performance during the six month period and exceeded the return of their corresponding Morningstar benchmark. For the six months ended June 30, 2023, the return for the S&P 500® Index was 16.89%, for the Bloomberg U.S. Aggregate Bond Index was 2.09% and for the FTSE 3-Month Treasury Bill Index was 2.39%.
Compared to competitors, our relative underweight to International equities versus Domestic was a positive driver of performance, as U.S. equities outperformed. Our relative overweight to small and mid-capitalization equities relative to other providers was a headwind to performance, as these asset classes trailed large cap stocks.
The equity market had very strong returns in the first half, led by a small number of mega cap companies, as investors bid up stocks in the face of declining inflation and a continued strong labor market. Since the Fed will continue to raise rates until inflation has reached its target of around 2%, and given how far equities have come in the first half of the year, we believe that the second half of this year could be a more difficult investment environment. We continue to believe that our Portfolios are well positioned to continue delivering attractive long-term returns.
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 the equity Portfolios of the Investment Company. The Portfolio’s current target allocation is approximately 70% of net assets in fixed-income and money market Portfolios and approximately 30% of net assets in equity Portfolios.
Performance for the Retirement Income Portfolio is compared to the Bloomberg U.S. Aggregate Bond Index, the FTSE 3-Month Treasury Bill Index and the S&P 500® Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 5.14% net of expenses, versus a 3.75% return for the Morningstar benchmark. We note that the Retirement Income Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 68% of net assets in fixed-income and money market Portfolios and approximately 32% of net assets in equity Portfolios.
Performance for the 2015 Retirement Portfolio is compared to the Bloomberg U.S. Aggregate Bond Index, the FTSE 3-Month Treasury Bill Index and the S&P 500® Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 5.77% net of expenses, versus a 4.32% return for the Morningstar benchmark. We note that the 2015 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 61% of net assets in fixed-income and money market Portfolios and approximately 39% of net assets in equity Portfolios.
Performance for the 2020 Retirement Portfolio is compared to the Bloomberg U.S. Aggregate Bond Index, the FTSE 3-Month Treasury Bill Index and the S&P 500® Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 6.63% net of expenses, versus a 6.13% return for the Morningstar benchmark. We note that the 2020 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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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 49% of net assets in equity Portfolios and approximately 51% of net assets in fixed-income and money market Portfolios.
Performance for the 2025 Retirement Portfolio is compared to the S&P 500® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 7.76% net of expenses, versus a 6.70% return for the Morningstar benchmark. We note that the 2025 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 59% of net assets in equity Portfolios and approximately 41% of net assets in fixed-income and money market Portfolios.
Performance for the 2030 Retirement Portfolio is compared to the S&P 500® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 8.82% net of expenses, versus a 7.43% return for the Morningstar benchmark. We note that the 2030 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 71% of net assets in equity Portfolios and approximately 29% of net assets in the fixed-income and money market Portfolios.
Performance for the 2035 Retirement Portfolio is compared to the S&P 500® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 10.20% net of expenses, versus a 8.29% return for the Morningstar benchmark. We note that the 2035 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 81% of net assets in equity Portfolios and approximately 19% of net assets in the fixed-income and money market Portfolios.
Performance for the 2040 Retirement Portfolio is compared to the S&P 500® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 11.26% net of expenses, versus a 9.10% return for the Morningstar benchmark. We note that the 2040 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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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 funds of the Investment Company. The Portfolio’s current target allocation is approximately 86% of net assets in equity Portfolios and approximately 14% of net assets in the fixed-income and money market Portfolios.
Performance for the 2045 Retirement Portfolio is compared to the S&P 500® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 11.68% net of expenses, versus a 9.65% return for the Morningstar benchmark. We note that the 2045 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 and approximately 12% of net assets in the fixed-income and money market Portfolios.
Performance for the 2050 Retirement Portfolio is compared to the S&P 500® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 11.91% net of expenses, versus a 9.86% return for the Morningstar benchmark. We note that the 2050 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 91% of net assets in equity Portfolios and approximately 9% of net assets in the fixed-income and money market Portfolios.
Performance for the 2055 Retirement Portfolio is compared to the S&P 500® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 11.95% net of expenses, versus a 9.86% return for the Morningstar benchmark. We note that the 2055 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 93% of net assets in equity Portfolios and approximately 7% of net assets in the fixed-income and money market Portfolios.
Performance for the 2060 Retirement Portfolio is compared to the S&P 500® Index, the Bloomberg U.S. Aggregate Bond Index and the FTSE 3-Month Treasury Bill Index. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Portfolio returned 12.01% net of expenses, versus a 9.83% return for the Morningstar benchmark. We note that the 2060 Retirement Portfolio’s net performance reflects direct management fees and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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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 and approximately 35% of net assets in equity Portfolios.
Performance for the Conservative Allocation Portfolio is compared to the Bloomberg U.S. Aggregate Bond Index, which returned 2.09% for the six months ended June 30, 2023, and the S&P 500® Index, which returned 16.89% for the period. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Conservative Allocation Portfolio returned 6.61% net of expenses, versus a 7.09% return for the Morningstar benchmark. We note that the Conservative Allocation Portfolio’s net performance reflects direct operating expenses and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 and approximately 40% of net assets in fixed-income Portfolios.
Performance for the Moderate Allocation Portfolio is compared to the S&P 500® Index, which returned 16.89% for the six months ended June 30, 2023, and the Bloomberg U.S. Aggregate Bond Index, which returned 2.09% for the period. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Moderate Allocation Portfolio returned 9.33% net of expenses, versus a 9.79% return for the Morningstar benchmark. We note that the Moderate Allocation Portfolio’s net performance reflects direct operating expenses and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
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 and approximately 20% of net assets in the fixed-income Portfolios.
Performance for the Aggressive Allocation Portfolio is compared to the S&P 500® Index, which returned 16.89% for the six months ended June 30, 2023, and the Bloomberg U.S. Aggregate Bond Index, which returned 2.09% for the period. In addition, we compare the performance of our Portfolio to an industry benchmark from Morningstar that corresponds to the particular objective of the Portfolio. For the six months ended June 30, 2023, the Aggressive Allocation Portfolio returned 10.89% net of expenses, versus a 11.64% return for the Morningstar benchmark. We note that the Aggressive Allocation Portfolio’s net performance reflects direct operating expenses and the expenses of the underlying funds in which the Portfolio invests, which the indices do not incur.
MONEY MARKET PORTFOLIO (Unaudited)
The Money Market Portfolio’s investment objective is to realize current income while maintaining liquidity, investment quality and stability of capital through investing in high-quality commercial paper issued by U.S. corporations and securities issued by the U.S. government and its agencies. For the six months ended June 30, 2023, the Money Market Portfolio returned 2.40% before expenses and 2.30% after expenses, compared to a 2.39% return for the FTSE 3-Month Treasury Bill Index. We note that the Money Market Portfolio’s net performance reflects management fees and operating expenses, which the index does not incur.
The Portfolio’s strategy will continue to focus on quality, liquidity, and maintaining a relatively short weighted average maturity. On June 30, 2023, the Portfolio held 45.8% in U.S. Treasury Bills, 14.6% in U.S. agency discount notes, and the remainder in commercial paper. The average maturity was 25 days.
The seven-day effective yield as of June 30, 2023, was 4.84%. 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.
8
MID-TERM BOND PORTFOLIO (Unaudited)
The Mid-Term Bond Portfolio is focused on both preservation of capital and providing a high level of current income consistent with prudent investment risk. The Portfolio invests primarily in investment grade publicly traded debt securities. The securities held by the Mid-Term Bond Portfolio include U.S. Treasury bonds and Investment Grade corporate bonds.
Over the longer term, the Mid-Term Bond Portfolio’s strategy is to provide return and income by harvesting the credit risk premium across credit sensitive asset classes and identifying relative value between the major asset classes of its index, the Bloomberg Intermediate U.S. Government/Credit Bond Index. The Portfolio maintains a maturity profile similar to that of its index. The Portfolio’s corporate positions remain highly diversified to help manage the Portfolio’s credit risks.
For the six months ended June 30, 2023, the Mid-Term Bond Portfolio returned 1.45% (before expenses) and 1.22% net of expenses versus a 1.50% return of the Bloomberg Intermediate U.S. Government/Credit Bond Index. We note that the Mid-Term Bond Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur. The Portfolio’s underperformance can be attributed to its underweight positions in both duration and corporate credit securities. As a result of the Portfolio’s smaller exposure to corporates, the Portfolio was outpaced by the benchmark due to the rally in credit that occurred to close the first half of 2023. We maintained our “up-in-quality” and shorter duration stance through this period.
2023 has thus far seen significant market volatility highlighted by the failure of several regional banks in the United States and the hastily arranged takeover of Credit Suisse by UBS. These events sent U.S. Treasury yields plummeting and conversely sent risk asset spreads to much wider levels before recovering to close the first half of the year.
The Treasury curve remains inverted across the Fed’s ‘preferred measure’ of yield curve measurement, the yield spread between the 3-month and 10-year Treasury, which remains in deeply negative territory. Yield curve inversion is considered a reliable indicator for potential recession, and we remain wary of the economic effects of the Fed’s fight against inflation.
The Federal Reserve Chair has maintained that combatting inflation remains one of the primary goals of this Fed and has consistently communicated that rates will need to remain high until the threat of inflation has well passed. As a result, the market has largely traded around inflation data, with rates reflecting the market’s pricing of the next incremental piece of inflation information and thus, the next potential hike by the Fed. We continue to believe that the Fed will remain committed in its fight against inflation.
BOND PORTFOLIO (Unaudited)
The Bond Portfolio is focused on both preservation of capital and providing a high level of current income consistent with prudent investment risk. The Portfolio invests primarily in investment grade publicly traded debt securities. The securities held by the Bond Portfolio include U.S. Treasury, U.S. Agency and Mortgage-Backed securities and Investment Grade corporate bonds.
Over the longer term, the Bond Portfolio’s strategy is to provide return and income by harvesting the credit risk premium across credit sensitive asset classes and identifying relative value between the major asset classes of the Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index (U.S. Treasuries, Mortgage-Backed Securities and Investment Grade Corporate Credit). The Portfolio’s aim is to maintain a similar maturity profile to its benchmark. The Portfolio also stresses diversification to help mitigate or manage the risk of unexpected credit events.
The Portfolio’s benchmark, the Bloomberg U.S. Aggregate Bond Index, returned 2.09% for the six months ended June 30, 2023. The Bond Portfolio returned 2.15% before expenses and 1.92% net of expenses during the same period. We note that the Bond Portfolio’s net performance reflects transaction fees and operating expenses, which the index does not incur. The Portfolio’s outperformance before expenses can be attributed mainly to positive security selection in Mortgage-Backed securities, and an overweight position in U.S. Treasury securities relative to the benchmark. The Portfolio’s relative underweight allocation to Corporate Credit was a detractor from performance. Overall, we remain slightly shorter in duration than the benchmark.
2023 has thus far seen significant market volatility highlighted by the failure of several regional banks in the United States and the hastily arranged takeover of Credit Suisse by UBS. These events sent U.S. Treasury yields plummeting and conversely sent risk asset spreads to much wider levels before recovering to close the first half of the year.
The Treasury curve remains inverted across the Fed’s ‘preferred measure’ of yield curve measurement, the yield spread between the 3-month and 10-year Treasury, which remains in deeply negative territory. Yield curve inversion is considered a reliable indicator for potential recession, and we remain wary of the economic effects of the Fed’s fight against inflation.
The Federal Reserve Chair has maintained that combatting inflation remains one of the primary goals of this Fed and has consistently communicated that rates will need to remain high until the threat of inflation has well passed. As a result, the market has largely traded around inflation data, with rates reflecting the market’s pricing of the next incremental piece of inflation information and thus, the next potential hike by the Fed. We continue to believe that the Fed will remain committed in its fight against inflation.
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
ASSET ALLOCATIONS AS OF JUNE 30, 2023 (Unaudited)
Equity Index Portfolio
All America Portfolio
Small Cap Value Portfolio
Small Cap Growth Portfolio
Small Cap Equity Index Portfolio
Mid Cap Value Portfolio
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
ASSET ALLOCATIONS AS OF JUNE 30, 2023 (Unaudited) (Continued)
Mid-Cap Equity Index Portfolio
International Portfolio
Retirement Income Portfolio
2015 Retirement Portfolio
2020 Retirement Portfolio
2025 Retirement Portfolio
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
ASSET ALLOCATIONS AS OF JUNE 30, 2023 (Unaudited) (Continued)
2030 Retirement Portfolio
2035 Retirement Portfolio
2040 Retirement Portfolio
2045 Retirement Portfolio
2050 Retirement Portfolio
2055 Retirement Portfolio
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
ASSET ALLOCATIONS AS OF JUNE 30, 2023 (Unaudited) (Continued)
2060 Retirement Portfolio
Conservative Allocation Portfolio
Moderate Allocation Portfolio
Aggressive Allocation Portfolio
Money Market Portfolio
Mid-Term Bond Portfolio
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
ASSET ALLOCATIONS AS OF JUNE 30, 2023 (Unaudited) (Continued)
Bond Portfolio
14
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXAMPLE
As a shareholder of one of the Mutual of America Variable Insurance Portfolios, you incur ongoing costs, including management fees and other Portfolio expenses. You do not incur transactional costs, such as sales charges (loads), redemption fees or exchange fees. Additionally, Mutual of America Capital Management LLC, the Portfolios’ Adviser, has contractually agreed to reimburse the Portfolios’ expenses to the extent that the Total Annual Operating Expenses exceed the rate in the table below (excluding any Acquired Fund Fees, as applicable, and any extraordinary expenses that may arise and charges incurred in trading portfolio securities) from inception of the Portfolios through April 30, 2023. From May 1, 2023 through the termination of the agreement, the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.15% for all Portfolios, excluding the Retirement Portfolios and Allocation Portfolios for which the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.10%. This contractual obligation may not be terminated before April 30, 2030, and will continue for succeeding 12 month periods thereafter, unless terminated by either the Investment Company or the Adviser upon proper notice.
Total Annual Portfolio Operating Expenses after Expense Reimbursement through April 30, 2023 | ||||
Equity Index Portfolio* | 0.14% | |||
All America Portfolio | 0.52% | |||
Small Cap Value Portfolio | 0.81% | |||
Small Cap Growth Portfolio | 0.81% | |||
Small Cap Equity Index Portfolio* | 0.15% | |||
Mid Cap Value Portfolio | 0.65% | |||
Mid-Cap Equity Index Portfolio | 0.14% | |||
International Portfolio* | 0.13% | |||
Retirement Income Portfolio | 0.08% | |||
2015 Retirement Portfolio | 0.07% | |||
2020 Retirement Portfolio* | 0.08% | |||
2025 Retirement Portfolio | 0.06% | |||
2030 Retirement Portfolio | 0.06% | |||
2035 Retirement Portfolio | 0.07% | |||
2040 Retirement Portfolio | 0.07% | |||
2045 Retirement Portfolio | 0.07% | |||
2050 Retirement Portfolio | 0.07% | |||
2055 Retirement Portfolio* | 0.11% | |||
2060 Retirement Portfolio | 0.05% | |||
Conservative Allocation Portfolio | 0.02% | |||
Moderate Allocation Portfolio | 0.02% | |||
Aggressive Allocation Portfolio | 0.02% | |||
Money Market Portfolio | 0.20% | |||
Mid-Term Bond Portfolio | 0.45% | |||
Bond Portfolio | 0.45% |
* | Prior to January 22, 2022, the operating expense reimbursement for the Equity Index, Small Cap Equity Index, International, 2020 Retirement and 2055 Retirement Portfolios reflected the expense limitations stated in the Substitution Order, resulting in lower operating expenses than those indicated herein. The expense limitation for the period prior to January 22, 2022 was 0.13%, 0.14%, 0.12%, 0.07% and 0.05%, respectively. |
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, 2023 and held for the entire period ending June 30, 2023 under the expense reimbursement agreement in effect during that period as described above. See footnote (a) for comparable amounts on the Mutual of America Variable Insurance Portfolios if the expense reimbursement in effect May 1, 2023 had been in effect throughout the six months ended June 30, 2023.
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
The estimate of expenses does not include fees and charges associated with your variable annuity contract or variable life insurance policy. If those fees and charges were included, the estimate of expenses for the period would be higher and your ending account value would be lower.
ACTUAL EXPENSES
The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The second line of the tables below provides information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolio with other Portfolios. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other Portfolios.
Please note that the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning other non-Mutual of America Portfolios, which may also charge transactional costs, such as sales charges (loads), redemption fees or exchange fees, which the Mutual of America Variable Insurance Portfolios do not charge.
Equity Index Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,166.73 | $0.91 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.95 | $0.85 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
All America Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,129.56 | $2.80 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.17 | $2.66 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.53%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
Small Cap Value Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,036.14 | $4.24 | |||||||||||||||
Hypothetical | $1,000.00 | $1,020.63 | $4.21 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.84%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Small Cap Growth Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* | ||||||||||||||||
Actual | $1,000.00 | $1,130.76 | $4.44 | |||||||||||||||
Hypothetical | $1,000.00 | $1,020.63 | $4.21 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.84%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Small Cap Equity Index Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,060.31 | $0.87 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.95 | $0.85 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Mid Cap Value Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,035.71 | $3.38 | |||||||||||||||
Hypothetical | $1,000.00 | $1,021.47 | $3.36 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.67%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
Mid-Cap Equity Index Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,087.15 | $0.88 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.95 | $0.85 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.17%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
International Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,108.40 | $0.89 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.95 | $0.85 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.17% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Retirement Income Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,051.44 | $2.39 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.46 | $2.36 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.47% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2015 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,057.73 | $2.35 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.51 | $2.31 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.46% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
2020 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,066.34 | $2.36 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.51 | $2.31 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.46% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2025 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,077.64 | $2.16 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.71 | $2.11 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.42% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2030 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,088.24 | $2.02 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.86 | $1.96 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.39% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2035 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,102.03 | $1.93 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.96 | $1.86 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.37% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
2040 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,112.58 | $1.83 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.06 | $1.76 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.35% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2045 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,116.83 | $1.78 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.11 | $1.71 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2050 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,119.15 | $1.79 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.11 | $1.71 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.34% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2055 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,119.50 | $1.89 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.01 | $1.81 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.36% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
2060 Retirement Portfolio | ||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||
Actual | $1,000.00 | $1,120.12 | $1.68 | |||||||||||||
Hypothetical | $1,000.00 | $1,023.21 | $1.61 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.32% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Conservative Allocation Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,066.07 | $2.05 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.81 | $2.01 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.40% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Moderate Allocation Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,093.26 | $1.71 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.16 | $1.66 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.33% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Aggressive Allocation Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,108.86 | $1.73 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.16 | $1.66 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.33% (reflecting direct expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
Money Market Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,022.96 | $1.15 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.65 | $1.15 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.23%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Mid-Term Bond Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,012.17 | $2.39 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.41 | $2.41 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.48%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Bond Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,019.23 | $2.40 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.41 | $2.41 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.48%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
(a) | Effective May 1, 2023 through the termination of the agreement, the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.15% for all Portfolios, excluding the Retirement Portfolios and Allocation Portfolios for which the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.10%. This contractual obligation may not be terminated before April 30, 2030, and will continue for succeeding 12 month periods thereafter, unless terminated by either the Investment Company or the Adviser upon proper notice. The following expense examples assume this reimbursement agreement was in effect throughout the six month period ended June 30, 2023. |
Equity Index Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,166.73 | $1.24 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.65 | $1.15 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.23%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
22
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
All America Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,129.56 | $2.90 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.07 | $2.76 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.55%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Small Cap Value Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,036.14 | $4.54 | |||||||||||||||
Hypothetical | $1,000.00 | $1,020.33 | $4.51 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Small Cap Growth Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,130.76 | $4.75 | |||||||||||||||
Hypothetical | $1,000.00 | $1,020.33 | $4.51 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.90%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Small Cap Equity Index Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,060.31 | $1.17 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.65 | $1.15 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.23%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
23
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
Mid Cap Value Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,035.71 | $3.53 | |||||||||||||||
Hypothetical | $1,000.00 | $1,021.32 | $3.51 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.70%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Mid-Cap Equity Index Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,087.15 | $1.19 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.65 | $1.15 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.23%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
International Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,108.40 | $1.25 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.60 | $1.20 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.24% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Retirement Income Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,051.44 | $3.00 | |||||||||||||||
Hypothetical | $1,000.00 | $1,021.87 | $2.96 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.59% (reflecting direct expenses and the proportional expense ratios of the underlying funds in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
24
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
2015 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,057.73 | $3.01 | |||||||||||||||
Hypothetical | $1,000.00 | $1,021.87 | $2.96 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.59% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2020 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,066.34 | $2.97 | |||||||||||||||
Hypothetical | $1,000.00 | $1,021.92 | $2.91 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.58% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2025 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,077.64 | $2.83 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.07 | $2.76 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.55% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2030 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,088.24 | $2.74 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.17 | $2.66 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.53% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
25
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
2035 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,102.03 | $2.55 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.36 | $2.46 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.49% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2040 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,112.58 | $2.41 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.51 | $2.31 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.46% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2045 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,116.83 | $2.41 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.51 | $2.31 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.46% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2050 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,119.15 | $2.36 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.56 | $2.26 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.45% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
26
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
2055 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,119.50 | $2.36 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.56 | $2.26 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.45% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
2060 Retirement Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,120.12 | $2.37 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.56 | $2.26 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.45% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Conservative Allocation Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,066.07 | $2.77 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.12 | $2.71 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.54% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Moderate Allocation Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,093.26 | $2.39 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.51 | $2.31 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.46% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
27
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
EXPENSE EXAMPLE (Unaudited) (Continued)
Aggressive Allocation Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,108.86 | $2.41 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.51 | $2.31 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.46% (reflecting direct operating expenses and the proportional expense ratios of the underlying Portfolios in which the Portfolio invests), multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Money Market Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,022.96 | $1.50 | |||||||||||||||
Hypothetical | $1,000.00 | $1,023.31 | $1.51 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.30%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Mid-Term Bond Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,012.17 | $2.74 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.07 | $2.76 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.55%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
Bond Portfolio | ||||||||||||||||||
Beginning Account Value January 1, 2023 | Ending Account Value June 30, 2023 | Expense Paid During Period* January 1, 2023 to June 30, 2023 | ||||||||||||||||
Actual | $1,000.00 | $1,019.23 | $2.70 | |||||||||||||||
Hypothetical | $1,000.00 | $1,022.12 | $2.71 |
* | Expenses are equal to the Portfolio’s annualized expense ratio of 0.54%, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period). |
28
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS: | ||||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (8.2%) | ||||||||
Activision Blizzard, Inc.* | 2,252 | $ | 189,844 | |||||
Alphabet, Inc. Cl A* | 18,705 | 2,238,988 | ||||||
Alphabet, Inc. Cl C* | 16,090 | 1,946,407 | ||||||
AT&T, Inc. | 22,508 | 359,003 | ||||||
Charter Communications, Inc. Cl A* | 328 | 120,497 | ||||||
Comcast Corp. Cl A | 13,096 | 544,139 | ||||||
Electronic Arts, Inc. | 820 | 106,354 | ||||||
Fox Corp. Cl A | 848 | 28,832 | ||||||
Fox Corp. Cl B | 431 | 13,744 | ||||||
Interpublic Group of Cos., Inc. | 1,215 | 46,875 | ||||||
Live Nation Entertainment, Inc.* | 453 | 41,273 | ||||||
Match Group, Inc.* | 876 | 36,661 | ||||||
Meta Platforms, Inc. Cl A* | 6,965 | 1,998,816 | ||||||
Netflix, Inc.* | 1,400 | 616,686 | ||||||
News Corp. Cl A | 1,200 | 23,400 | ||||||
News Corp. Cl B | 370 | 7,296 | ||||||
Omnicom Group, Inc. | 629 | 59,849 | ||||||
Paramount Global Cl B | 1,596 | 25,392 | ||||||
Take-Two Interactive Software, Inc.* | 499 | 73,433 | ||||||
T-Mobile US, Inc.* | 1,814 | 251,965 | ||||||
Verizon Communications, Inc. | 13,236 | 492,247 | ||||||
Walt Disney Co.* | 5,752 | 513,538 | ||||||
Warner Bros Discovery, Inc.* | 6,979 | 87,517 | ||||||
|
| |||||||
9,822,756 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (10.4%) | ||||||||
Advance Auto Parts, Inc. | 187 | 13,146 | ||||||
Amazon.com, Inc.* | 28,104 | 3,663,637 | ||||||
Aptiv PLC* | 851 | 86,879 | ||||||
AutoZone, Inc.* | 58 | 144,615 | ||||||
Bath & Body Works, Inc. | 720 | 27,000 | ||||||
Best Buy Co., Inc. | 613 | 50,235 | ||||||
Booking Hldgs., Inc.* | 117 | 315,939 | ||||||
BorgWarner, Inc. | 737 | 36,047 | ||||||
Caesars Entertainment, Inc.* | 677 | 34,507 | ||||||
CarMax, Inc.* | 499 | 41,766 | ||||||
Carnival Corp.* | 3,162 | 59,540 | ||||||
Chipotle Mexican Grill, Inc. Cl A* | 86 | 183,954 | ||||||
Darden Restaurants, Inc. | 381 | 63,657 | ||||||
Domino’s Pizza, Inc. | 111 | 37,406 | ||||||
DR Horton, Inc. | 978 | 119,013 | ||||||
eBay, Inc. | 1,684 | 75,258 | ||||||
Etsy, Inc.* | 389 | 32,913 | ||||||
Expedia Group, Inc.* | 449 | 49,116 | ||||||
Ford Motor Co. | 12,372 | 187,188 | ||||||
Garmin Ltd. | 482 | 50,268 | ||||||
General Motors Co. | 4,376 | 168,739 | ||||||
Genuine Parts Co. | 443 | 74,969 | ||||||
Hasbro, Inc. | 411 | 26,620 | ||||||
Hilton Worldwide Hldgs., Inc. | 833 | 121,243 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Home Depot, Inc. | 3,189 | $ | 990,631 | |||||
Las Vegas Sands Corp.* | 1,034 | 59,972 | ||||||
Lennar Corp. Cl A | 798 | 99,997 | ||||||
LKQ Corp. | 800 | 46,616 | ||||||
Lowe’s Cos., Inc. | 1,878 | 423,865 | ||||||
Marriott International, Inc. Cl A | 812 | 149,156 | ||||||
McDonald’s Corp. | 2,299 | 686,045 | ||||||
MGM Resorts International | 951 | 41,768 | ||||||
Mohawk Industries, Inc.* | 166 | 17,125 | ||||||
Newell Brands, Inc. | 1,186 | 10,318 | ||||||
NIKE, Inc. Cl B | 3,880 | 428,236 | ||||||
Norwegian Cruise Line Hldgs. Ltd.* | 1,335 | 29,063 | ||||||
NVR, Inc.* | 10 | 63,506 | ||||||
O’Reilly Automotive, Inc.* | 192 | 183,418 | ||||||
Pool Corp. | 123 | 46,081 | ||||||
PulteGroup, Inc. | 703 | 54,609 | ||||||
Ralph Lauren Corp. Cl A | 130 | 16,029 | ||||||
Ross Stores, Inc. | 1,077 | 120,764 | ||||||
Royal Caribbean Cruises Ltd.* | 692 | 71,788 | ||||||
Starbucks Corp. | 3,610 | 357,607 | ||||||
Tapestry, Inc. | 730 | 31,244 | ||||||
Tesla, Inc.* | 8,481 | 2,220,071 | ||||||
TJX Cos., Inc. | 3,626 | 307,448 | ||||||
Tractor Supply Co. | 345 | 76,279 | ||||||
Ulta Beauty, Inc.* | 158 | 74,354 | ||||||
VF Corp. | 1,041 | 19,873 | ||||||
Whirlpool Corp. | 172 | 25,592 | ||||||
Wynn Resorts Ltd. | 326 | 34,429 | ||||||
Yum! Brands, Inc. | 882 | 122,201 | ||||||
|
| |||||||
12,471,740 | ||||||||
|
| |||||||
CONSUMER STAPLES (6.5%) | ||||||||
Altria Group, Inc. | 5,620 | 254,586 | ||||||
Archer-Daniels-Midland Co. | 1,715 | 129,585 | ||||||
Brown-Forman Corp. Cl B | 576 | 38,465 | ||||||
Bunge Ltd. | 474 | 44,722 | ||||||
Campbell Soup Co. | 632 | 28,889 | ||||||
Church & Dwight Co., Inc. | 769 | 77,077 | ||||||
Clorox Co. | 390 | 62,026 | ||||||
Coca-Cola Co. | 12,253 | 737,876 | ||||||
Colgate-Palmolive Co. | 2,612 | 201,228 | ||||||
Conagra Brands, Inc. | 1,502 | 50,647 | ||||||
Constellation Brands, Inc. Cl A | 508 | 125,034 | ||||||
Costco Wholesale Corp. | 1,397 | 752,117 | ||||||
Dollar General Corp. | 690 | 117,148 | ||||||
Dollar Tree, Inc.* | 655 | 93,993 | ||||||
Estee Lauder Cos., Inc. Cl A | 730 | 143,357 | ||||||
General Mills, Inc. | 1,850 | 141,895 | ||||||
Hershey Co. | 464 | 115,861 | ||||||
Hormel Foods Corp. | 912 | 36,681 | ||||||
J M Smucker Co. | 336 | 49,617 |
The accompanying notes are an integral part of these portfolio schedules.
29
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER STAPLES (CONTINUED) | ||||||||
Kellogg Co. | 810 | $ | 54,594 | |||||
Keurig Dr Pepper, Inc. | 2,652 | 82,928 | ||||||
Kimberly-Clark Corp. | 1,063 | 146,758 | ||||||
Kraft Heinz Co. | 2,512 | 89,176 | ||||||
Kroger Co. | 2,057 | 96,679 | ||||||
Lamb Weston Hldgs., Inc. | 458 | 52,647 | ||||||
McCormick & Co., Inc. | 790 | 68,912 | ||||||
Molson Coors Beverage Co. Cl B | 591 | 38,911 | ||||||
Mondelez International, Inc. Cl A | 4,288 | 312,767 | ||||||
Monster Beverage Corp.* | 2,405 | 138,143 | ||||||
PepsiCo, Inc. | 4,338 | 803,484 | ||||||
Philip Morris International, Inc. | 4,887 | 477,069 | ||||||
Procter & Gamble Co. | 7,421 | 1,126,063 | ||||||
Sysco Corp. | 1,595 | 118,349 | ||||||
Target Corp. | 1,453 | 191,651 | ||||||
Tyson Foods, Inc. Cl A | 899 | 45,885 | ||||||
Walgreens Boots Alliance, Inc. | 2,254 | 64,216 | ||||||
Walmart, Inc. | 4,416 | 694,107 | ||||||
|
| |||||||
7,803,143 | ||||||||
|
| |||||||
ENERGY (4.0%) | ||||||||
APA Corp. | 972 | 33,213 | ||||||
Baker Hughes Co. Cl A | 3,187 | 100,741 | ||||||
Chevron Corp. | 5,487 | 863,379 | ||||||
ConocoPhillips | 3,810 | 394,754 | ||||||
Coterra Energy, Inc. | 2,385 | 60,341 | ||||||
Devon Energy Corp. | 2,021 | 97,695 | ||||||
Diamondback Energy, Inc. | 571 | 75,007 | ||||||
EOG Resources, Inc. | 1,841 | 210,684 | ||||||
EQT Corp. | 1,139 | 46,847 | ||||||
Exxon Mobil Corp. | 12,729 | 1,365,185 | ||||||
Halliburton Co. | 2,840 | 93,692 | ||||||
Hess Corp. | 870 | 118,277 | ||||||
Kinder Morgan, Inc. | 6,210 | 106,936 | ||||||
Marathon Oil Corp. | 1,945 | 44,774 | ||||||
Marathon Petroleum Corp. | 1,336 | 155,778 | ||||||
Occidental Petroleum Corp. | 2,263 | 133,064 | ||||||
ONEOK, Inc. | 1,408 | 86,902 | ||||||
Phillips 66 | 1,445 | 137,824 | ||||||
Pioneer Natural Resources Co. | 736 | 152,484 | ||||||
Schlumberger N.V. | 4,487 | 220,401 | ||||||
Targa Resources Corp. | 711 | 54,107 | ||||||
Valero Energy Corp. | 1,139 | 133,605 | ||||||
Williams Cos., Inc. | 3,835 | 125,136 | ||||||
|
| |||||||
4,810,826 | ||||||||
|
| |||||||
FINANCIALS (12.9%) | ||||||||
Aflac, Inc. | 1,732 | 120,894 | ||||||
Allstate Corp. | 828 | 90,285 | ||||||
American Express Co. | 1,871 | 325,928 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
American International Group, Inc. | 2,279 | $ | 131,134 | |||||
Ameriprise Financial, Inc. | 328 | 108,948 | ||||||
Aon PLC Cl A | 644 | 222,309 | ||||||
Arch Capital Group Ltd.* | 1,172 | 87,724 | ||||||
Arthur J. Gallagher & Co. | 675 | 148,210 | ||||||
Assurant, Inc. | 167 | 20,995 | ||||||
Bank of America Corp. | 21,828 | 626,245 | ||||||
Bank of New York Mellon Corp. | 2,261 | 100,660 | ||||||
Berkshire Hathaway, Inc. Cl B* | 5,615 | 1,914,715 | ||||||
BlackRock, Inc. Cl A | 471 | 325,527 | ||||||
Brown & Brown, Inc. | 742 | 51,079 | ||||||
Capital One Financial Corp. | 1,202 | 131,463 | ||||||
Cboe Global Markets, Inc. | 333 | 45,957 | ||||||
Charles Schwab Corp. | 4,679 | 265,206 | ||||||
Chubb Ltd. | 1,304 | 251,098 | ||||||
Cincinnati Financial Corp. | 494 | 48,076 | ||||||
Citigroup, Inc. | 6,129 | 282,179 | ||||||
Citizens Financial Group, Inc. | 1,524 | 39,746 | ||||||
CME Group, Inc. Cl A | 1,133 | 209,934 | ||||||
Comerica, Inc. | 414 | 17,537 | ||||||
Discover Financial Svcs. | 800 | 93,480 | ||||||
Everest Re Group Ltd. | 134 | 45,809 | ||||||
FactSet Research Systems, Inc. | 120 | 48,078 | ||||||
Fidelity National Information Svcs., Inc. | 1,866 | 102,070 | ||||||
Fifth Third Bancorp | 2,144 | 56,194 | ||||||
Fiserv, Inc.* | 2,047 | 258,229 | ||||||
FleetCor Technologies, Inc.* | 232 | 58,251 | ||||||
Franklin Resources, Inc. | 898 | 23,986 | ||||||
Global Payments, Inc. | 825 | 81,279 | ||||||
Globe Life, Inc. | 280 | 30,694 | ||||||
Goldman Sachs Group, Inc. | 1,047 | 337,699 | ||||||
Hartford Financial Svcs. Group, Inc. | 977 | 70,364 | ||||||
Huntington Bancshares, Inc. | 4,545 | 48,995 | ||||||
Intercontinental Exchange, Inc. | 1,762 | 199,247 | ||||||
Invesco Ltd. | 1,442 | 24,240 | ||||||
iShares Core S&P 500 ETF | 2,041 | 909,694 | ||||||
Jack Henry & Associates, Inc. | 230 | 38,486 | ||||||
JPMorgan Chase & Co. | 9,201 | 1,338,193 | ||||||
KeyCorp. | 2,944 | 27,203 | ||||||
Lincoln National Corp. | 485 | 12,494 | ||||||
Loews Corp. | 596 | 35,390 | ||||||
M&T Bank Corp. | 523 | 64,726 | ||||||
MarketAxess Hldgs., Inc. | 118 | 30,848 | ||||||
Marsh & McLennan Cos., Inc. | 1,558 | 293,029 | ||||||
Mastercard, Inc. Cl A | 2,634 | 1,035,952 | ||||||
MetLife, Inc. | 2,026 | 114,530 | ||||||
Moody’s Corp. | 496 | 172,469 |
The accompanying notes are an integral part of these portfolio schedules.
30
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Morgan Stanley | 4,102 | $ | 350,311 | |||||
MSCI, Inc. Cl A | 252 | 118,261 | ||||||
Nasdaq, Inc. | 1,067 | 53,190 | ||||||
Northern Trust Corp. | 656 | 48,636 | ||||||
PayPal Hldgs., Inc.* | 3,513 | 234,422 | ||||||
PNC Financial Svcs. Group, Inc. | 1,257 | 158,319 | ||||||
Principal Financial Group, Inc. | 710 | 53,846 | ||||||
Progressive Corp. | 1,843 | 243,958 | ||||||
Prudential Financial, Inc. | 1,150 | 101,453 | ||||||
Raymond James Financial, Inc. | 601 | 62,366 | ||||||
Regions Financial Corp. | 2,954 | 52,640 | ||||||
S&P Global, Inc. | 1,033 | 414,119 | ||||||
State Street Corp. | 1,053 | 77,059 | ||||||
Synchrony Financial | 1,350 | 45,792 | ||||||
T. Rowe Price Group, Inc. | 707 | 79,198 | ||||||
Travelers Cos., Inc. | 728 | 126,424 | ||||||
Truist Financial Corp. | 4,193 | 127,258 | ||||||
U.S. Bancorp | 4,391 | 145,079 | ||||||
Visa, Inc. Cl A | 5,094 | 1,209,723 | ||||||
Wells Fargo & Co. | 11,814 | 504,222 | ||||||
Willis Towers Watson PLC | 336 | 79,128 | ||||||
WR Berkley Corp. | 633 | 37,701 | ||||||
Zions Bancorporation | 467 | 12,544 | ||||||
|
| |||||||
15,453,127 | ||||||||
|
| |||||||
HEALTH CARE (13.1%) | ||||||||
Abbott Laboratories | 5,475 | 596,884 | ||||||
AbbVie, Inc. | 5,555 | 748,425 | ||||||
Agilent Technologies, Inc. | 930 | 111,832 | ||||||
Align Technology, Inc.* | 225 | 79,569 | ||||||
AmerisourceBergen Corp. | 510 | 98,139 | ||||||
Amgen, Inc. | 1,682 | 373,438 | ||||||
Baxter International, Inc. | 1,592 | 72,532 | ||||||
Becton Dickinson & Co. | 895 | 236,289 | ||||||
Biogen, Inc.* | 455 | 129,607 | ||||||
Bio-Rad Laboratories, Inc. Cl A* | 68 | 25,780 | ||||||
Bio-Techne Corp. | 495 | 40,407 | ||||||
Boston Scientific Corp.* | 4,526 | 244,811 | ||||||
Bristol-Myers Squibb Co. | 6,615 | 423,029 | ||||||
Cardinal Health, Inc. | 802 | 75,845 | ||||||
Catalent, Inc.* | 566 | 24,542 | ||||||
Centene Corp.* | 1,728 | 116,554 | ||||||
Charles River Laboratories International, Inc.* | 161 | 33,850 | ||||||
Cigna Group | 932 | 261,519 | ||||||
Cooper Cos., Inc. | 155 | 59,432 | ||||||
CVS Health Corp. | 4,037 | 279,078 | ||||||
Danaher Corp. | 2,090 | 501,600 | ||||||
DaVita, Inc.* | 174 | 17,482 | ||||||
DENTSPLY SIRONA, Inc. | 669 | 26,773 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Dexcom, Inc.* | 1,221 | $ | 156,911 | |||||
Edwards Lifesciences Corp.* | 1,909 | 180,076 | ||||||
Elevance Health, Inc. | 747 | 331,885 | ||||||
Eli Lilly & Co. | 2,481 | 1,163,539 | ||||||
GE HealthCare Technologies, Inc. | 1,230 | 99,925 | ||||||
Gilead Sciences, Inc. | 3,927 | 302,654 | ||||||
HCA Healthcare, Inc. | 650 | 197,262 | ||||||
Henry Schein, Inc.* | 413 | 33,494 | ||||||
Hologic, Inc.* | 775 | 62,752 | ||||||
Humana, Inc. | 394 | 176,169 | ||||||
IDEXX Laboratories, Inc.* | 261 | 131,082 | ||||||
Illumina, Inc.* | 497 | 93,183 | ||||||
Incyte Corp.* | 582 | 36,229 | ||||||
Insulet Corp.* | 219 | 63,146 | ||||||
Intuitive Surgical, Inc.* | 1,104 | 377,502 | ||||||
IQVIA Hldgs., Inc.* | 584 | 131,266 | ||||||
Johnson & Johnson | 8,182 | 1,354,285 | ||||||
Laboratory Corp. of America Hldgs. | 279 | 67,331 | ||||||
McKesson Corp. | 427 | 182,461 | ||||||
Medtronic PLC | 4,189 | 369,051 | ||||||
Merck & Co., Inc. | 7,989 | 921,851 | ||||||
Mettler-Toledo International, Inc.* | 69 | 90,503 | ||||||
Moderna, Inc.* | 1,033 | 125,510 | ||||||
Molina Healthcare, Inc.* | 184 | 55,428 | ||||||
Organon & Co. | 803 | 16,710 | ||||||
Pfizer, Inc. | 17,773 | 651,914 | ||||||
Quest Diagnostics, Inc. | 353 | 49,618 | ||||||
Regeneron Pharmaceuticals, Inc.* | 339 | 243,585 | ||||||
ResMed, Inc. | 462 | 100,947 | ||||||
Revvity, Inc. | 395 | 46,922 | ||||||
STERIS PLC | 312 | 70,194 | ||||||
Stryker Corp. | 1,064 | 324,616 | ||||||
Teleflex, Inc. | 147 | 35,578 | ||||||
Thermo Fisher Scientific, Inc. | 1,215 | 633,926 | ||||||
UnitedHealth Group, Inc. | 2,932 | 1,409,236 | ||||||
Universal Health Svcs., Inc. Cl B | 199 | 31,396 | ||||||
Vertex Pharmaceuticals, Inc.* | 810 | 285,047 | ||||||
Viatris, Inc. | 3,775 | 37,675 | ||||||
Waters Corp.* | 186 | 49,576 | ||||||
West Pharmaceutical Svcs., Inc. | 233 | 89,116 | ||||||
Zimmer Biomet Hldgs., Inc. | 657 | 95,659 | ||||||
Zoetis, Inc. Cl A | 1,455 | 250,566 | ||||||
|
| |||||||
15,703,193 | ||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
31
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (8.3%) | ||||||||
3M Co. | 1,737 | $ | 173,856 | |||||
Alaska Air Group, Inc.* | 402 | 21,378 | ||||||
Allegion PLC | 277 | 33,246 | ||||||
American Airlines Group, Inc.* | 2,055 | 36,867 | ||||||
AMETEK, Inc. | 725 | 117,363 | ||||||
AO Smith Corp. | 393 | 28,603 | ||||||
Automatic Data Processing, Inc. | 1,301 | 285,947 | ||||||
Axon Enterprise, Inc.* | 220 | 42,926 | ||||||
Boeing Co.* | 1,780 | 375,865 | ||||||
Broadridge Financial Solutions, Inc. | 371 | 61,449 | ||||||
Carrier Global Corp. | 2,629 | 130,688 | ||||||
Caterpillar, Inc. | 1,623 | 399,339 | ||||||
Ceridian HCM Hldg., Inc.* | 488 | 32,681 | ||||||
CH Robinson Worldwide, Inc. | 367 | 34,626 | ||||||
Cintas Corp. | 272 | 135,206 | ||||||
Copart, Inc.* | 1,350 | 123,133 | ||||||
CSX Corp. | 6,401 | 218,274 | ||||||
Cummins, Inc. | 445 | 109,096 | ||||||
Deere & Co. | 849 | 344,006 | ||||||
Delta Air Lines, Inc.* | 2,023 | 96,173 | ||||||
Dover Corp. | 441 | 65,114 | ||||||
Eaton Corp. PLC | 1,254 | 252,179 | ||||||
Emerson Electric Co. | 1,799 | 162,612 | ||||||
Equifax, Inc. | 387 | 91,061 | ||||||
Expeditors International of Washington, Inc. | 482 | 58,385 | ||||||
Fastenal Co. | 1,798 | 106,064 | ||||||
FedEx Corp. | 728 | 180,471 | ||||||
Fortive Corp. | 1,114 | 83,294 | ||||||
Generac Hldgs., Inc.* | 196 | 29,229 | ||||||
General Dynamics Corp. | 708 | 152,326 | ||||||
General Electric Co. | 3,428 | 376,566 | ||||||
Honeywell International, Inc. | 2,096 | 434,920 | ||||||
Howmet Aerospace, Inc. | 1,158 | 57,390 | ||||||
Huntington Ingalls Industries, Inc. | 125 | 28,450 | ||||||
IDEX Corp. | 238 | 51,232 | ||||||
Illinois Tool Works, Inc. | 871 | 217,889 | ||||||
Ingersoll Rand, Inc. | 1,273 | 83,203 | ||||||
Jacobs Solutions, Inc. | 399 | 47,437 | ||||||
JB Hunt Transport Svcs., Inc. | 261 | 47,249 | ||||||
Johnson Controls International PLC | 2,161 | 147,251 | ||||||
L-3 Harris Technologies, Inc. | 597 | 116,875 | ||||||
Leidos Hldgs., Inc. | 432 | 38,223 | ||||||
Lockheed Martin Corp. | 710 | 326,870 | ||||||
Masco Corp. | 709 | 40,682 | ||||||
Nordson Corp. | 169 | 41,942 | ||||||
Norfolk Southern Corp. | 717 | 162,587 | ||||||
Northrop Grumman Corp. | 450 | 205,110 | ||||||
Old Dominion Freight Line, Inc. | 284 | 105,009 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Otis Worldwide Corp. | 1,302 | $ | 115,891 | |||||
PACCAR, Inc. | 1,645 | 137,604 | ||||||
Parker-Hannifin Corp. | 403 | 157,186 | ||||||
Paychex, Inc. | 1,011 | 113,101 | ||||||
Paycom Software, Inc. | 153 | 49,150 | ||||||
Pentair PLC | 519 | 33,527 | ||||||
Quanta Svcs., Inc. | 457 | 89,778 | ||||||
Raytheon Technologies Corp. | 4,601 | 450,714 | ||||||
Republic Svcs., Inc. Cl A | 647 | 99,101 | ||||||
Robert Half International, Inc. | 340 | 25,575 | ||||||
Rockwell Automation, Inc. | 362 | 119,261 | ||||||
Rollins, Inc. | 729 | 31,223 | ||||||
Snap-on, Inc. | 167 | 48,128 | ||||||
Southwest Airlines Co. | 1,873 | 67,821 | ||||||
Stanley Black & Decker, Inc. | 482 | 45,168 | ||||||
Textron, Inc. | 635 | 42,945 | ||||||
Trane Technologies PLC | 718 | 137,325 | ||||||
TransDigm Group, Inc. | 164 | 146,644 | ||||||
Union Pacific Corp. | 1,920 | 392,870 | ||||||
United Airlines Hldgs., Inc.* | 1,032 | 56,626 | ||||||
United Parcel Svc., Inc. Cl B | 2,282 | 409,049 | ||||||
United Rentals, Inc. | 216 | 96,200 | ||||||
Verisk Analytics, Inc. Cl A | 456 | 103,070 | ||||||
Waste Management, Inc. | 1,166 | 202,208 | ||||||
Westinghouse Air Brake Technologies Corp. | 567 | 62,183 | ||||||
WW Grainger, Inc. | 141 | 111,191 | ||||||
Xylem, Inc. | 753 | 84,803 | ||||||
|
| |||||||
9,938,684 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (27.6%) | ||||||||
Accenture PLC Cl A | 1,988 | 613,457 | ||||||
Adobe, Inc.* | 1,444 | 706,102 | ||||||
Advanced Micro Devices, Inc.* | 5,069 | 577,410 | ||||||
Akamai Technologies, Inc.* | 480 | 43,138 | ||||||
Amphenol Corp. Cl A | 1,874 | 159,196 | ||||||
Analog Devices, Inc. | 1,592 | 310,138 | ||||||
ANSYS, Inc.* | 272 | 89,833 | ||||||
Apple, Inc. | 46,549 | 9,029,110 | ||||||
Applied Materials, Inc. | 2,660 | 384,476 | ||||||
Arista Networks, Inc.* | 786 | 127,379 | ||||||
Autodesk, Inc.* | 674 | 137,907 | ||||||
Broadcom, Inc. | 1,313 | 1,138,936 | ||||||
Cadence Design Systems, Inc.* | 859 | 201,453 | ||||||
CDW Corp. | 425 | 77,987 | ||||||
Cisco Systems, Inc. | 12,896 | 667,239 | ||||||
Cognizant Technology Solutions Corp. Cl A | 1,598 | 104,317 | ||||||
Corning, Inc. | 2,408 | 84,376 | ||||||
DXC Technology Co.* | 716 | 19,132 | ||||||
Enphase Energy, Inc.* | 431 | 72,184 | ||||||
EPAM Systems, Inc.* | 182 | 40,904 | ||||||
F5, Inc.* | 190 | 27,789 |
The accompanying notes are an integral part of these portfolio schedules.
32
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Fair Isaac Corp.* | 79 | $ | 63,928 | |||||
First Solar, Inc.* | 312 | 59,308 | ||||||
Fortinet, Inc.* | 2,051 | 155,035 | ||||||
Gartner, Inc.* | 248 | 86,877 | ||||||
Gen Digital, Inc. | 1,790 | 33,204 | ||||||
Hewlett Packard Enterprise Co. | 4,079 | 68,527 | ||||||
HP, Inc. | 2,729 | 83,808 | ||||||
Intel Corp. | 13,132 | 439,134 | ||||||
International Business Machines Corp. | 2,859 | 382,563 | ||||||
Intuit, Inc. | 883 | 404,582 | ||||||
Juniper Networks, Inc. | 1,013 | 31,737 | ||||||
Keysight Technologies, Inc.* | 561 | 93,939 | ||||||
KLA Corp. | 432 | 209,529 | ||||||
Lam Research Corp. | 423 | 271,930 | ||||||
Microchip Technology, Inc. | 1,724 | 154,453 | ||||||
Micron Technology, Inc. | 3,445 | 217,414 | ||||||
Microsoft Corp. | 23,409 | 7,971,701 | ||||||
Monolithic Power Systems, Inc. | 141 | 76,172 | ||||||
Motorola Solutions, Inc. | 529 | 155,145 | ||||||
NetApp, Inc. | 674 | 51,494 | ||||||
NVIDIA Corp. | 7,786 | 3,293,634 | ||||||
NXP Semiconductors N.V. | 817 | 167,224 | ||||||
ON Semiconductor Corp.* | 1,359 | 128,534 | ||||||
Oracle Corp. | 4,845 | 576,991 | ||||||
Palo Alto Networks, Inc.* | 952 | 243,246 | ||||||
PTC, Inc.* | 335 | 47,671 | ||||||
Qorvo, Inc.* | 314 | 32,037 | ||||||
QUALCOMM, Inc. | 3,507 | 417,473 | ||||||
Roper Technologies, Inc. | 335 | 161,068 | ||||||
Salesforce, Inc.* | 3,083 | 651,315 | ||||||
Seagate Technology Hldgs. PLC | 606 | 37,493 | ||||||
ServiceNow, Inc.* | 641 | 360,223 | ||||||
Skyworks Solutions, Inc. | 501 | 55,456 | ||||||
SolarEdge Technologies, Inc.* | 177 | 47,622 | ||||||
Synopsys, Inc.* | 479 | 208,561 | ||||||
TE Connectivity Ltd. | 993 | 139,179 | ||||||
Teledyne Technologies, Inc.* | 148 | 60,844 | ||||||
Teradyne, Inc. | 489 | 54,440 | ||||||
Texas Instruments, Inc. | 2,857 | 514,317 | ||||||
Trimble, Inc.* | 779 | 41,240 | ||||||
Tyler Technologies, Inc.* | 131 | 54,558 | ||||||
VeriSign, Inc.* | 286 | 64,627 | ||||||
Western Digital Corp.* | 1,007 | 38,196 | ||||||
Zebra Technologies Corp. Cl A* | 162 | 47,924 | ||||||
|
| |||||||
33,066,816 | ||||||||
|
| |||||||
MATERIALS (2.5%) | ||||||||
Air Products & Chemicals, Inc. | 700 | 209,671 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
MATERIALS (CONTINUED) | ||||||||
Albemarle Corp. | 369 | $ | 82,320 | |||||
Amcor PLC | 4,633 | 46,237 | ||||||
Avery Dennison Corp. | 254 | 43,637 | ||||||
Ball Corp. | 990 | 57,628 | ||||||
Celanese Corp. Cl A | 315 | 36,477 | ||||||
CF Industries Hldgs., Inc. | 614 | 42,624 | ||||||
Corteva, Inc. | 2,239 | 128,295 | ||||||
Dow, Inc. | 2,226 | 118,557 | ||||||
DuPont de Nemours, Inc. | 1,445 | 103,231 | ||||||
Eastman Chemical Co. | 375 | 31,395 | ||||||
Ecolab, Inc. | 779 | 145,432 | ||||||
FMC Corp. | 394 | 41,110 | ||||||
Freeport-McMoRan, Inc. | 4,512 | 180,480 | ||||||
International Flavors & Fragrances, Inc. | 803 | 63,911 | ||||||
International Paper Co. | 1,093 | 34,768 | ||||||
Linde PLC | 1,542 | 587,625 | ||||||
LyondellBasell Industries N.V. Cl A | 798 | 73,280 | ||||||
Martin Marietta Materials, Inc. | 195 | 90,030 | ||||||
Mosaic Co. | 1,046 | 36,610 | ||||||
Newmont Corp. | 2,503 | 106,778 | ||||||
Nucor Corp. | 791 | 129,708 | ||||||
Packaging Corp. of America | 284 | 37,534 | ||||||
PPG Industries, Inc. | 741 | 109,890 | ||||||
Sealed Air Corp. | 454 | 18,160 | ||||||
Sherwin-Williams Co. | 739 | 196,219 | ||||||
Steel Dynamics, Inc. | 506 | 55,119 | ||||||
Vulcan Materials Co. | 418 | 94,234 | ||||||
Westrock Co. | 806 | 23,430 | ||||||
|
| |||||||
2,924,390 | ||||||||
|
| |||||||
REAL ESTATE (2.5%) | ||||||||
Alexandria Real Estate Equities, Inc. | 496 | 56,291 | ||||||
American Tower Corp. | 1,468 | 284,704 | ||||||
AvalonBay Communities, Inc. | 447 | 84,604 | ||||||
Boston Properties, Inc. | 449 | 25,858 | ||||||
Camden Property Trust | 337 | 36,689 | ||||||
CBRE Group, Inc. Cl A* | 979 | 79,015 | ||||||
CoStar Group, Inc.* | 1,286 | 114,454 | ||||||
Crown Castle, Inc. | 1,366 | 155,642 | ||||||
Digital Realty Trust, Inc. | 917 | 104,419 | ||||||
Equinix, Inc. | 294 | 230,478 | ||||||
Equity Residential | 1,073 | 70,786 | ||||||
Essex Property Trust, Inc. | 203 | 47,563 | ||||||
Extra Space Storage, Inc. | 425 | 63,261 | ||||||
Federal Realty Investment Trust | 230 | 22,257 | ||||||
Healthpeak Properties, Inc. | 1,722 | 34,612 | ||||||
Host Hotels & Resorts, Inc. | 2,240 | 37,699 | ||||||
Invitation Homes, Inc. | 1,830 | 62,952 | ||||||
Iron Mountain, Inc. | 918 | 52,161 | ||||||
Kimco Realty Corp. | 1,951 | 38,474 | ||||||
Mid-America Apartment Communities, Inc. | 367 | 55,733 |
The accompanying notes are an integral part of these portfolio schedules.
33
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Prologis, Inc. | 2,907 | $ | 356,485 | |||||
Public Storage | 499 | 145,648 | ||||||
Realty Income Corp. | 2,119 | 126,695 | ||||||
Regency Centers Corp. | 484 | 29,897 | ||||||
SBA Communications Corp. Cl A | 341 | 79,030 | ||||||
Simon Property Group, Inc. | 1,029 | 118,829 | ||||||
UDR, Inc. | 975 | 41,886 | ||||||
Ventas, Inc. | 1,259 | 59,513 | ||||||
VICI Properties, Inc. Cl A | 3,161 | 99,350 | ||||||
Welltower, Inc. | 1,564 | 126,512 | ||||||
Weyerhaeuser Co. | 2,305 | 77,241 | ||||||
|
| |||||||
2,918,738 | ||||||||
|
| |||||||
UTILITIES (2.5%) | ||||||||
AES Corp. | 2,107 | 43,678 | ||||||
Alliant Energy Corp. | 792 | 41,564 | ||||||
Ameren Corp. | 826 | 67,459 | ||||||
American Electric Power Co., Inc. | 1,621 | 136,488 | ||||||
American Water Works Co., Inc. | 612 | 87,363 | ||||||
Atmos Energy Corp. | 455 | 52,935 | ||||||
CenterPoint Energy, Inc. | 1,987 | 57,921 | ||||||
CMS Energy Corp. | 919 | 53,991 | ||||||
Consolidated Edison, Inc. | 1,092 | 98,717 | ||||||
Constellation Energy Corp. | 1,022 | 93,564 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
UTILITIES (CONTINUED) | ||||||||
Dominion Energy, Inc. | 2,632 | $ | 136,311 | |||||
DTE Energy Co. | 648 | 71,293 | ||||||
Duke Energy Corp. | 2,427 | 217,799 | ||||||
Edison International | 1,206 | 83,757 | ||||||
Entergy Corp. | 665 | 64,751 | ||||||
Evergy, Inc. | 724 | 42,296 | ||||||
Eversource Energy | 1,099 | 77,941 | ||||||
Exelon Corp. | 3,132 | 127,598 | ||||||
FirstEnergy Corp. | 1,714 | 66,640 | ||||||
NextEra Energy, Inc. | 6,370 | 472,654 | ||||||
NiSource, Inc. | 1,300 | 35,555 | ||||||
NRG Energy, Inc. | 725 | 27,108 | ||||||
PG&E Corp.* | 5,089 | 87,938 | ||||||
Pinnacle West Capital Corp. | 357 | 29,081 | ||||||
PPL Corp. | 2,321 | 61,414 | ||||||
Public Svc. Enterprise Group, Inc. | 1,571 | 98,360 | ||||||
Sempra Energy | 991 | 144,280 | ||||||
Southern Co. | 3,433 | 241,168 | ||||||
WEC Energy Group, Inc. | 994 | 87,711 | ||||||
Xcel Energy, Inc. | 1,733 | 107,741 | ||||||
|
| |||||||
3,015,076 | ||||||||
|
| |||||||
TOTAL INDEXED ASSETS-COMMON STOCKS | ||||||||
(Cost: $93,517,038) 98.5% | 117,928,489 | |||||||
|
|
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||
U.S. GOVERNMENT (0.1%) | ||||||||||||||
U.S. Treasury Bill (1) | A-1+ | 5.04 | 07/25/23 | $ | 200,000 | $ | 199,331 | |||||||
|
| |||||||||||||
COMMERCIAL PAPER (1.2%) | ||||||||||||||
Cargill Global Funding PLC† | A-1 | 4.98 | 07/03/23 | 1,400,000 | 1,399,613 | |||||||||
|
| |||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 1,598,944 | ||||||||||||
|
| |||||||||||||
TEMPORARY CASH INVESTMENT (0.1%) | ||||||||||||||
JP Morgan Chase, New York Time Deposit | 4.32 | 07/03/23 | 91,574 | 91,574 | ||||||||||
|
| |||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 91,574 | ||||||||||||
|
| |||||||||||||
TOTAL INVESTMENTS |
| 119,619,007 | ||||||||||||
|
| |||||||||||||
OTHER NET ASSETS 0.1% |
| 127,258 | ||||||||||||
|
| |||||||||||||
NET ASSETS 100.0% |
| $ | 119,746,265 | |||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
34
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (5.8%) | ||||||||
Activision Blizzard, Inc.* | 182 | $ | 15,343 | |||||
Alphabet, Inc. Cl A* | 1,518 | 181,705 | ||||||
Alphabet, Inc. Cl C* | 1,307 | 158,108 | ||||||
AT&T, Inc. | 1,827 | 29,141 | ||||||
Charter Communications, Inc. Cl A* | 27 | 9,919 | ||||||
Comcast Corp. Cl A | 1,063 | 44,168 | ||||||
EchoStar Corp. Cl A* | 742 | 12,866 | ||||||
Electronic Arts, Inc. | 66 | 8,560 | ||||||
Fox Corp. Cl A | 542 | 18,428 | ||||||
Fox Corp. Cl B | 35 | 1,116 | ||||||
IMAX Corp.* | 296 | 5,029 | ||||||
Interpublic Group of Cos., Inc. | 99 | 3,819 | ||||||
Live Nation Entertainment, Inc.* | 37 | 3,371 | ||||||
Match Group, Inc.* | 72 | 3,013 | ||||||
Meta Platforms, Inc. Cl A* | 566 | 162,431 | ||||||
Netflix, Inc.* | 113 | 49,775 | ||||||
News Corp. Cl A | 97 | 1,892 | ||||||
News Corp. Cl B | 31 | 611 | ||||||
Omnicom Group, Inc. | 51 | 4,853 | ||||||
Paramount Global Cl B | 129 | 2,052 | ||||||
Take-Two Interactive Software, Inc.* | 313 | 46,061 | ||||||
TEGNA, Inc. | 2,206 | 35,825 | ||||||
T-Mobile US, Inc.* | 148 | 20,557 | ||||||
Verizon Communications, Inc. | 1,074 | 39,942 | ||||||
Walt Disney Co.* | 466 | 41,605 | ||||||
Warner Bros Discovery, Inc.* | 1,623 | 20,352 | ||||||
ZipRecruiter, Inc.* | 171 | 3,037 | ||||||
|
| |||||||
923,579 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (10.5%) | ||||||||
Advance Auto Parts, Inc. | 16 | 1,125 | ||||||
Amazon.com, Inc.* | 2,281 | 297,351 | ||||||
Aptiv PLC* | 156 | 15,926 | ||||||
AutoZone, Inc.* | 27 | 67,321 | ||||||
Bath & Body Works, Inc. | 59 | 2,212 | ||||||
Best Buy Co., Inc. | 50 | 4,098 | ||||||
Bloomin’ Brands, Inc. | 1,925 | 51,763 | ||||||
Booking Hldgs., Inc.* | 10 | 27,003 | ||||||
BorgWarner, Inc. | 60 | 2,935 | ||||||
Bright Horizons Family Solutions, Inc.* | 124 | 11,464 | ||||||
Caesars Entertainment, Inc.* | 310 | 15,801 | ||||||
Capri Hldgs. Ltd.* | 743 | 26,666 | ||||||
CarMax, Inc.* | 41 | 3,432 | ||||||
Carnival Corp.* | 256 | 4,820 | ||||||
Chipotle Mexican Grill, Inc. Cl A* | 8 | 17,112 | ||||||
Darden Restaurants, Inc. | 208 | 34,753 | ||||||
Domino’s Pizza, Inc. | 10 | 3,370 | ||||||
DR Horton, Inc. | 80 | 9,735 | ||||||
eBay, Inc. | 137 | 6,123 | ||||||
Etsy, Inc.* | 32 | 2,708 | ||||||
Everi Hldgs., Inc.* | 769 | 11,120 | ||||||
Expedia Group, Inc.* | 37 | 4,047 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Five Below, Inc.* | 229 | $ | 45,008 | |||||
Ford Motor Co. | 1,004 | 15,191 | ||||||
Fox Factory Hldg. Corp.* | 102 | 11,068 | ||||||
Garmin Ltd. | 40 | 4,172 | ||||||
General Motors Co. | 355 | 13,689 | ||||||
Genuine Parts Co. | 36 | 6,092 | ||||||
Golden Entertainment, Inc.* | 843 | 35,237 | ||||||
Hasbro, Inc. | 34 | 2,202 | ||||||
Hilton Worldwide Hldgs., Inc. | 68 | 9,897 | ||||||
Home Depot, Inc. | 259 | 80,456 | ||||||
Las Vegas Sands Corp.* | 84 | 4,872 | ||||||
Lennar Corp. Cl A | 65 | 8,145 | ||||||
Lithia Motors, Inc. Cl A | 59 | 17,942 | ||||||
LKQ Corp. | 65 | 3,788 | ||||||
Lowe’s Cos., Inc. | 153 | 34,532 | ||||||
Marriott International, Inc. Cl A | 66 | 12,124 | ||||||
Marriott Vacations Worldwide Corp. | 525 | 64,428 | ||||||
McDonald’s Corp. | 186 | 55,504 | ||||||
MGM Resorts International | 78 | 3,426 | ||||||
Mohawk Industries, Inc.* | 14 | 1,444 | ||||||
Murphy USA, Inc. | 20 | 6,222 | ||||||
Newell Brands, Inc. | 96 | 835 | ||||||
NIKE, Inc. Cl B | 315 | 34,767 | ||||||
Norwegian Cruise Line Hldgs. Ltd.* | 108 | 2,351 | ||||||
NVR, Inc.* | 5 | 31,753 | ||||||
Ollie’s Bargain Outlet Hldgs., Inc.* | 668 | 38,697 | ||||||
O’Reilly Automotive, Inc.* | 16 | 15,285 | ||||||
Pool Corp. | 10 | 3,746 | ||||||
PulteGroup, Inc. | 57 | 4,428 | ||||||
Ralph Lauren Corp. Cl A | 11 | 1,356 | ||||||
Ross Stores, Inc. | 88 | 9,867 | ||||||
Royal Caribbean Cruises Ltd.* | 56 | 5,809 | ||||||
Skyline Champion Corp.* | 112 | 7,330 | ||||||
Sonic Automotive, Inc. Cl A | 710 | 33,846 | ||||||
Starbucks Corp. | 293 | 29,025 | ||||||
Steven Madden Ltd. | 383 | 12,520 | ||||||
Tapestry, Inc. | 60 | 2,568 | ||||||
Taylor Morrison Home Corp. Cl A* | 1,388 | 67,693 | ||||||
Tesla, Inc.* | 688 | 180,098 | ||||||
TJX Cos., Inc. | 294 | 24,928 | ||||||
Tractor Supply Co. | 179 | 39,577 | ||||||
Ulta Beauty, Inc.* | 13 | 6,118 | ||||||
Valvoline, Inc. | 724 | 27,157 | ||||||
VF Corp. | 84 | 1,604 | ||||||
Whirlpool Corp. | 14 | 2,083 | ||||||
Williams-Sonoma, Inc. | 117 | 14,641 | ||||||
Wynn Resorts Ltd. | 27 | 2,851 | ||||||
XPEL, Inc.* | 216 | 18,192 | ||||||
Yum! Brands, Inc. | 71 | 9,837 | ||||||
|
| |||||||
1,685,286 | ||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
35
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER STAPLES (5.4%) | ||||||||
Altria Group, Inc. | 456 | $ | 20,657 | |||||
Archer-Daniels-Midland Co. | 139 | 10,503 | ||||||
BJ’s Wholesale Club Hldgs., Inc.* | 126 | 7,939 | ||||||
Boston Beer Co., Inc. Cl A* | 19 | 5,860 | ||||||
Brown-Forman Corp. Cl B | 47 | 3,139 | ||||||
Bunge Ltd. | 38 | 3,585 | ||||||
Campbell Soup Co. | 52 | 2,377 | ||||||
Church & Dwight Co., Inc. | 368 | 36,885 | ||||||
Clorox Co. | 32 | 5,089 | ||||||
Coca-Cola Co. | 994 | 59,859 | ||||||
Colgate-Palmolive Co. | 213 | 16,410 | ||||||
Conagra Brands, Inc. | 121 | 4,080 | ||||||
Constellation Brands, Inc. Cl A | 231 | 56,856 | ||||||
Costco Wholesale Corp. | 113 | 60,837 | ||||||
Crimson Wine Group Ltd.* | 2,443 | 16,368 | ||||||
Dollar General Corp. | 56 | 9,508 | ||||||
Dollar Tree, Inc.* | 53 | 7,605 | ||||||
Estee Lauder Cos., Inc. Cl A | 59 | 11,586 | ||||||
Freshpet, Inc.* | 407 | 26,785 | ||||||
General Mills, Inc. | 150 | 11,505 | ||||||
Hershey Co. | 38 | 9,489 | ||||||
Hormel Foods Corp. | 74 | 2,976 | ||||||
J M Smucker Co. | 28 | 4,135 | ||||||
Kellogg Co. | 66 | 4,448 | ||||||
Keurig Dr Pepper, Inc. | 216 | 6,754 | ||||||
Kimberly-Clark Corp. | 86 | 11,873 | ||||||
Kraft Heinz Co. | 203 | 7,207 | ||||||
Kroger Co. | 166 | 7,802 | ||||||
Lamb Weston Hldgs., Inc. | 37 | 4,253 | ||||||
McCormick & Co., Inc. | 64 | 5,583 | ||||||
Molson Coors Beverage Co. Cl B | 48 | 3,160 | ||||||
Mondelez International, Inc. Cl A | 348 | 25,383 | ||||||
Monster Beverage Corp.* | 195 | 11,201 | ||||||
PepsiCo, Inc. | 352 | 65,197 | ||||||
Philip Morris International, Inc. | 396 | 38,658 | ||||||
Procter & Gamble Co. | 602 | 91,347 | ||||||
Sysco Corp. | 129 | 9,572 | ||||||
Target Corp. | 117 | 15,432 | ||||||
TreeHouse Foods, Inc.* | 2,032 | 102,372 | ||||||
Tyson Foods, Inc. Cl A | 73 | 3,726 | ||||||
Walgreens Boots Alliance, Inc. | 183 | 5,214 | ||||||
Walmart, Inc. | 358 | 56,270 | ||||||
|
| |||||||
869,485 | ||||||||
|
| |||||||
ENERGY (4.8%) | ||||||||
APA Corp. | 79 | 2,699 | ||||||
Baker Hughes Co. Cl A | 1,754 | 55,444 | ||||||
ChampionX Corp. | 2,061 | 63,974 | ||||||
Cheniere Energy, Inc. | 151 | 23,006 | ||||||
Chesapeake Energy Corp. | 435 | 36,401 | ||||||
Chevron Corp. | 446 | 70,178 | ||||||
ConocoPhillips | 310 | 32,119 | ||||||
Coterra Energy, Inc. | 194 | 4,908 | ||||||
Devon Energy Corp. | 585 | 28,279 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
ENERGY (CONTINUED) | ||||||||
Diamondback Energy, Inc. | 47 | $ | 6,174 | |||||
EOG Resources, Inc. | 150 | 17,166 | ||||||
EQT Corp. | 864 | 35,536 | ||||||
Exxon Mobil Corp. | 1,034 | 110,897 | ||||||
Halliburton Co. | 230 | 7,588 | ||||||
Hess Corp. | 123 | 16,722 | ||||||
Kinder Morgan, Inc. | 504 | 8,679 | ||||||
Marathon Oil Corp. | 158 | 3,637 | ||||||
Marathon Petroleum Corp. | 109 | 12,709 | ||||||
MPLX LP* | 263 | 8,926 | ||||||
Northern Oil & Gas, Inc. | 609 | 20,901 | ||||||
Occidental Petroleum Corp. | 184 | 10,819 | ||||||
ONEOK, Inc. | 114 | 7,036 | ||||||
Ovintiv, Inc. | 582 | 22,157 | ||||||
PDC Energy, Inc. | 581 | 41,332 | ||||||
Phillips 66 | 118 | 11,255 | ||||||
Pioneer Natural Resources Co. | 60 | 12,431 | ||||||
Schlumberger N.V. | 364 | 17,880 | ||||||
Southwestern Energy Co.* | 4,238 | 25,470 | ||||||
Targa Resources Corp. | 58 | 4,414 | ||||||
Valero Energy Corp. | 93 | 10,909 | ||||||
Williams Cos., Inc. | 1,144 | 37,329 | ||||||
|
| |||||||
766,975 | ||||||||
|
| |||||||
FINANCIALS (14.1%) | ||||||||
Aflac, Inc. | 141 | 9,842 | ||||||
Allstate Corp. | 67 | 7,306 | ||||||
American Equity Investment Life Hldg. Co. | 389 | 20,271 | ||||||
American Express Co. | 152 | 26,478 | ||||||
American Financial Group, Inc. | 222 | 26,362 | ||||||
American International Group, Inc. | 185 | 10,645 | ||||||
Ameriprise Financial, Inc. | 207 | 68,757 | ||||||
Aon PLC Cl A | 52 | 17,950 | ||||||
Arch Capital Group Ltd.* | 95 | 7,111 | ||||||
Argo Group International Hldgs. Ltd. | 314 | 9,298 | ||||||
Arthur J. Gallagher & Co. | 54 | 11,857 | ||||||
Assurant, Inc. | 14 | 1,760 | ||||||
Bank of America Corp. | 1,772 | 50,839 | ||||||
Bank of Marin Bancorp | 274 | 4,842 | ||||||
Bank of New York Mellon Corp. | 184 | 8,192 | ||||||
Banner Corp. | 498 | 21,748 | ||||||
Berkshire Hathaway, Inc. Cl B* | 456 | 155,496 | ||||||
BlackRock, Inc. Cl A | 39 | 26,954 | ||||||
Brookline Bancorp, Inc. | 1,607 | 14,045 | ||||||
Brown & Brown, Inc. | 494 | 34,007 | ||||||
Capital One Financial Corp. | 97 | 10,609 | ||||||
Cboe Global Markets, Inc. | 27 | 3,726 | ||||||
Charles Schwab Corp. | 380 | 21,538 | ||||||
Chubb Ltd. | 106 | 20,411 | ||||||
Cincinnati Financial Corp. | 41 | 3,990 | ||||||
Citigroup, Inc. | 497 | 22,882 | ||||||
Citizens Financial Group, Inc. | 124 | 3,234 |
The accompanying notes are an integral part of these portfolio schedules.
36
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
CME Group, Inc. Cl A | 92 | $ | 17,047 | |||||
Comerica, Inc. | 34 | 1,440 | ||||||
Dime Community Bancshares, Inc. | 377 | 6,646 | ||||||
Discover Financial Svcs. | 172 | 20,098 | ||||||
Eastern Bankshares, Inc. | 2,196 | 26,945 | ||||||
Ellington Financial, Inc. | 1,499 | 20,686 | ||||||
Enterprise Financial Svcs. Corp. | 558 | 21,818 | ||||||
Essent Group Ltd. | 651 | 30,467 | ||||||
Euronet Worldwide, Inc.* | 442 | 51,878 | ||||||
Everest Re Group Ltd. | 63 | 21,537 | ||||||
FactSet Research Systems, Inc. | 10 | 4,006 | ||||||
Fidelity National Information Svcs., Inc. | 151 | 8,260 | ||||||
Fifth Third Bancorp | 1,201 | 31,478 | ||||||
First Financial Bankshares, Inc. | 399 | 11,367 | ||||||
First Interstate BancSystem, Inc. Cl A | 868 | 20,693 | ||||||
Fiserv, Inc.* | 166 | 20,941 | ||||||
FleetCor Technologies, Inc.* | 19 | 4,770 | ||||||
Flywire Corp.* | 164 | 5,091 | ||||||
Franklin Resources, Inc. | 73 | 1,950 | ||||||
Global Payments, Inc. | 67 | 6,601 | ||||||
Globe Life, Inc. | 23 | 2,521 | ||||||
Goldman Sachs Group, Inc. | 85 | 27,416 | ||||||
Goosehead Insurance, Inc. Cl A* | 152 | 9,559 | ||||||
Green Dot Corp. Cl A* | 965 | 18,084 | ||||||
Hancock Whitney Corp. | 647 | 24,832 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 142 | 3,550 | ||||||
Hartford Financial Svcs. Group, Inc. | 690 | 49,694 | ||||||
Home BancShares, Inc. | 1,071 | 24,419 | ||||||
Houlihan Lokey, Inc. Cl A | 96 | 9,438 | ||||||
Huntington Bancshares, Inc. | 368 | 3,967 | ||||||
Intercontinental Exchange, Inc. | 143 | 16,170 | ||||||
Invesco Ltd. | 117 | 1,967 | ||||||
iShares Core S&P 500 ETF | 294 | 131,039 | ||||||
iShares Micro-Cap ETF | 87 | 9,509 | ||||||
iShares Russell 2000 Growth ETF | 51 | 12,376 | ||||||
iShares Russell 2000 Value ETF | 60 | 8,448 | ||||||
Jack Henry & Associates, Inc. | 19 | 3,179 | ||||||
JPMorgan Chase & Co. | 747 | 108,644 | ||||||
KeyCorp. | 1,045 | 9,656 | ||||||
Lakeland Financial Corp. | 92 | 4,464 | ||||||
Lincoln National Corp. | 40 | 1,030 | ||||||
Loews Corp. | 49 | 2,910 | ||||||
M&T Bank Corp. | 188 | 23,267 | ||||||
MarketAxess Hldgs., Inc. | 10 | 2,614 | ||||||
Marsh & McLennan Cos., Inc. | 126 | 23,698 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Mastercard, Inc. Cl A | 214 | $ | 84,166 | |||||
MetLife, Inc. | 165 | 9,327 | ||||||
Moelis & Co. Cl A | 233 | 10,564 | ||||||
Moody’s Corp. | 41 | 14,256 | ||||||
Morgan Stanley | 333 | 28,438 | ||||||
MSCI, Inc. Cl A | 57 | 26,749 | ||||||
Nasdaq, Inc. | 86 | 4,287 | ||||||
Northern Trust Corp. | 54 | 4,004 | ||||||
PayPal Hldgs., Inc.* | 286 | 19,085 | ||||||
PJT Partners, Inc. Cl A | 131 | 9,123 | ||||||
PNC Financial Svcs. Group, Inc. | 102 | 12,847 | ||||||
Primerica, Inc. | 278 | 54,977 | ||||||
Principal Financial Group, Inc. | 58 | 4,399 | ||||||
Progressive Corp. | 149 | 19,723 | ||||||
Prudential Financial, Inc. | 94 | 8,293 | ||||||
Raymond James Financial, Inc. | 292 | 30,301 | ||||||
Regions Financial Corp. | 239 | 4,259 | ||||||
Reinsurance Group of America, Inc. | 95 | 13,176 | ||||||
RLI Corp. | 102 | 13,920 | ||||||
S&P Global, Inc. | 84 | 33,675 | ||||||
Selective Insurance Group, Inc. | 345 | 33,103 | ||||||
Starwood Property Trust, Inc. | 1,356 | 26,306 | ||||||
State Street Corp. | 86 | 6,293 | ||||||
Stifel Financial Corp. | 155 | 9,249 | ||||||
Stock Yards Bancorp, Inc. | 356 | 16,152 | ||||||
Synchrony Financial | 339 | 11,499 | ||||||
T. Rowe Price Group, Inc. | 58 | 6,497 | ||||||
Travelers Cos., Inc. | 59 | 10,246 | ||||||
TriCo Bancshares | 369 | 12,251 | ||||||
Truist Financial Corp. | 340 | 10,319 | ||||||
U.S. Bancorp | 356 | 11,762 | ||||||
UMB Financial Corp. | 266 | 16,199 | ||||||
Visa, Inc. Cl A | 414 | 98,317 | ||||||
Voya Financial, Inc. | 438 | 31,409 | ||||||
Webster Financial Corp. | 280 | 10,570 | ||||||
Wells Fargo & Co. | 959 | 40,930 | ||||||
Willis Towers Watson PLC | 28 | 6,594 | ||||||
WR Berkley Corp. | 52 | 3,097 | ||||||
Zions Bancorporation | 38 | 1,021 | ||||||
|
| |||||||
2,253,703 | ||||||||
|
| |||||||
HEALTH CARE (12.6%) | ||||||||
Abbott Laboratories | 444 | 48,405 | ||||||
AbbVie, Inc. | 450 | 60,628 | ||||||
Addus HomeCare Corp.* | 177 | 16,408 | ||||||
Agilent Technologies, Inc. | 314 | 37,758 | ||||||
Align Technology, Inc.* | 57 | 20,157 | ||||||
Alkermes PLC* | 172 | 5,384 | ||||||
Alnylam Pharmaceuticals, Inc.* | 53 | 10,067 | ||||||
AmerisourceBergen Corp. | 42 | 8,082 | ||||||
Amgen, Inc. | 136 | 30,195 | ||||||
Amicus Therapeutics, Inc.* | 460 | 5,778 | ||||||
AMN Healthcare Svcs., Inc.* | 117 | 12,767 |
The accompanying notes are an integral part of these portfolio schedules.
37
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Amphastar Pharmaceuticals, Inc.* | 265 | $ | 15,230 | |||||
Apellis Pharmaceuticals, Inc.* | 113 | 10,294 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 117 | 4,172 | ||||||
Avidity Biosciences, Inc.* | 478 | 5,301 | ||||||
Axsome Therapeutics, Inc.* | 100 | 7,186 | ||||||
Baxter International, Inc. | 129 | 5,877 | ||||||
Becton Dickinson & Co. | 72 | 19,009 | ||||||
BioCryst Pharmaceuticals, Inc.* | 817 | 5,752 | ||||||
Biogen, Inc.* | 98 | 27,915 | ||||||
Bio-Rad Laboratories, Inc. Cl A* | 6 | 2,275 | ||||||
Bio-Techne Corp. | 41 | 3,347 | ||||||
Blueprint Medicines Corp.* | 83 | 5,246 | ||||||
Boston Scientific Corp.* | 367 | 19,851 | ||||||
Bristol-Myers Squibb Co. | 537 | 34,341 | ||||||
Cardinal Health, Inc. | 66 | 6,242 | ||||||
Catalent, Inc.* | 46 | 1,995 | ||||||
Centene Corp.* | 321 | 21,651 | ||||||
Charles River Laboratories International, Inc.* | 13 | 2,733 | ||||||
Chemed Corp. | 29 | 15,708 | ||||||
Cigna Group | 76 | 21,326 | ||||||
Collegium Pharmaceutical, Inc.* | 311 | 6,683 | ||||||
CONMED Corp. | 83 | 11,279 | ||||||
Cooper Cos., Inc. | 13 | 4,985 | ||||||
Corcept Therapeutics, Inc.* | 257 | 5,718 | ||||||
CVS Health Corp. | 327 | 22,605 | ||||||
Danaher Corp. | 169 | 40,560 | ||||||
DaVita, Inc.* | 14 | 1,407 | ||||||
DENTSPLY SIRONA, Inc. | 55 | 2,201 | ||||||
Dexcom, Inc.* | 211 | 27,116 | ||||||
Edwards Lifesciences Corp.* | 155 | 14,621 | ||||||
Elevance Health, Inc. | 61 | 27,102 | ||||||
Eli Lilly & Co. | 201 | 94,265 | ||||||
Encompass Health Corp. | 375 | 25,391 | ||||||
Envista Hldgs. Corp.* | 406 | 13,739 | ||||||
Exact Sciences Corp.* | 112 | 10,517 | ||||||
GE HealthCare Technologies, Inc. | 100 | 8,124 | ||||||
Gilead Sciences, Inc. | 318 | 24,508 | ||||||
Halozyme Therapeutics, Inc.* | 186 | 6,709 | ||||||
HCA Healthcare, Inc. | 53 | 16,084 | ||||||
HealthEquity, Inc.* | 118 | 7,450 | ||||||
Henry Schein, Inc.* | 34 | 2,757 | ||||||
Heron Therapeutics, Inc.* | 824 | 956 | ||||||
Hologic, Inc.* | 63 | 5,101 | ||||||
Humana, Inc. | 53 | 23,698 | ||||||
IDEXX Laboratories, Inc.* | 48 | 24,107 | ||||||
Illumina, Inc.* | 41 | 7,687 | ||||||
Incyte Corp.* | 48 | 2,988 | ||||||
Insmed, Inc.* | 264 | 5,570 | ||||||
Inspire Medical Systems, Inc.* | 30 | 9,739 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Insulet Corp.* | 61 | $ | 17,589 | |||||
Intra-Cellular Therapies, Inc.* | 118 | 7,472 | ||||||
Intuitive Surgical, Inc.* | 89 | 30,433 | ||||||
IQVIA Hldgs., Inc.* | 48 | 10,789 | ||||||
iRhythm Technologies, Inc.* | 69 | 7,198 | ||||||
IVERIC bio, Inc.* | 137 | 5,390 | ||||||
Johnson & Johnson | 665 | 110,071 | ||||||
Karuna Therapeutics, Inc.* | 42 | 9,108 | ||||||
Krystal Biotech, Inc.* | 115 | 13,501 | ||||||
Laboratory Corp. of America Hldgs. | 96 | 23,168 | ||||||
Lantheus Hldgs., Inc.* | 133 | 11,161 | ||||||
LeMaitre Vascular, Inc. | 99 | 6,661 | ||||||
Madrigal Pharmaceuticals, Inc.* | 37 | 8,547 | ||||||
McKesson Corp. | 35 | 14,956 | ||||||
Medtronic PLC | 340 | 29,954 | ||||||
Merck & Co., Inc. | 648 | 74,773 | ||||||
Mettler-Toledo International, Inc.* | 20 | 26,233 | ||||||
Moderna, Inc.* | 84 | 10,206 | ||||||
ModivCare, Inc.* | 76 | 3,436 | ||||||
Molina Healthcare, Inc.* | 15 | 4,519 | ||||||
NanoString Technologies, Inc.* | 410 | 1,660 | ||||||
Neogen Corp.* | 341 | 7,417 | ||||||
NextGen Healthcare, Inc.* | 1,789 | 29,018 | ||||||
Omnicell, Inc.* | 105 | 7,735 | ||||||
Organon & Co. | 65 | 1,353 | ||||||
Orthofix Medical, Inc.* | 562 | 10,150 | ||||||
OrthoPediatrics Corp.* | 121 | 5,306 | ||||||
Penumbra, Inc.* | 43 | 14,795 | ||||||
Pfizer, Inc. | 1,442 | 52,893 | ||||||
Quest Diagnostics, Inc. | 29 | 4,076 | ||||||
QuidelOrtho Corp.* | 144 | 11,932 | ||||||
Regeneron Pharmaceuticals, Inc.* | 28 | 20,119 | ||||||
Repligen Corp.* | 48 | 6,790 | ||||||
ResMed, Inc. | 38 | 8,303 | ||||||
PerkinElmer, Inc. | 33 | 3,920 | ||||||
Roivant Sciences Ltd.* | 326 | 3,286 | ||||||
Shockwave Medical, Inc.* | 32 | 9,133 | ||||||
Silk Road Medical, Inc.* | 190 | 6,173 | ||||||
Simulations Plus, Inc. | 183 | 7,929 | ||||||
STAAR Surgical Co.* | 81 | 4,258 | ||||||
STERIS PLC | 26 | 5,849 | ||||||
Stryker Corp. | 86 | 26,238 | ||||||
Supernus Pharmaceuticals, Inc.* | 1,119 | 33,637 | ||||||
Syneos Health, Inc. Cl A* | 531 | 22,376 | ||||||
Tactile Systems Technology, Inc.* | 361 | 9,000 | ||||||
Teleflex, Inc. | 12 | 2,904 | ||||||
Tenet Healthcare Corp.* | 121 | 9,847 | ||||||
Thermo Fisher Scientific, Inc. | 99 | 51,653 | ||||||
Ultragenyx Pharmaceutical, Inc.* | 136 | 6,274 |
The accompanying notes are an integral part of these portfolio schedules.
38
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
UnitedHealth Group, Inc. | 238 | $ | 114,392 | |||||
Universal Health Svcs., Inc. Cl B | 17 | 2,682 | ||||||
Veeva Systems, Inc. Cl A* | 80 | 15,818 | ||||||
Vericel Corp.* | 506 | 19,010 | ||||||
Vertex Pharmaceuticals, Inc.* | 65 | 22,874 | ||||||
Viatris, Inc. | 307 | 3,064 | ||||||
Waters Corp.* | 16 | 4,265 | ||||||
West Pharmaceutical Svcs., Inc. | 19 | 7,267 | ||||||
Xencor, Inc.* | 122 | 3,046 | ||||||
Zimmer Biomet Hldgs., Inc. | 355 | 51,688 | ||||||
Zoetis, Inc. Cl A | 119 | 20,493 | ||||||
|
| |||||||
2,018,535 | ||||||||
|
| |||||||
INDUSTRIALS (13.3%) | ||||||||
3M Co. | 140 | 14,013 | ||||||
Advanced Drainage Systems, Inc. | 169 | 19,229 | ||||||
Alaska Air Group, Inc.* | 655 | 34,833 | ||||||
Allegion PLC | 23 | 2,760 | ||||||
American Airlines Group, Inc.* | 166 | 2,978 | ||||||
AMETEK, Inc. | 58 | 9,389 | ||||||
AO Smith Corp. | 32 | 2,329 | ||||||
Arcosa, Inc. | 418 | 31,672 | ||||||
Atkore, Inc.* | 86 | 13,411 | ||||||
Automatic Data Processing, Inc. | 105 | 23,078 | ||||||
Axon Enterprise, Inc.* | 166 | 32,390 | ||||||
Bloom Energy Corp. Cl A* | 1,254 | 20,503 | ||||||
Boeing Co.* | 144 | 30,407 | ||||||
Broadridge Financial Solutions, Inc. | 30 | 4,969 | ||||||
Builders FirstSource, Inc.* | 108 | 14,688 | ||||||
Carlisle Cos., Inc. | 166 | 42,584 | ||||||
Carrier Global Corp. | 213 | 10,588 | ||||||
Casella Waste Systems, Inc. Cl A* | 149 | 13,477 | ||||||
Caterpillar, Inc. | 132 | 32,479 | ||||||
Ceridian HCM Hldg., Inc.* | 40 | 2,679 | ||||||
CH Robinson Worldwide, Inc. | 30 | 2,830 | ||||||
Chart Industries, Inc.* | 119 | 19,015 | ||||||
Cintas Corp. | 22 | 10,936 | ||||||
Clean Harbors, Inc.* | 293 | 48,178 | ||||||
Copart, Inc.* | 109 | 9,942 | ||||||
Crane Co. | 304 | 27,092 | ||||||
Crane NXT Co. | 274 | 15,465 | ||||||
CSX Corp. | 520 | 17,732 | ||||||
Cummins, Inc. | 36 | 8,826 | ||||||
Deere & Co. | 69 | 27,958 | ||||||
Delta Air Lines, Inc.* | 164 | 7,797 | ||||||
Deluxe Corp. | 1,355 | 23,685 | ||||||
Dover Corp. | 323 | 47,691 | ||||||
Ducommun, Inc.* | 436 | 18,996 | ||||||
Eaton Corp. PLC | 101 | 20,311 | ||||||
EMCOR Group, Inc. | 112 | 20,695 | ||||||
Emerson Electric Co. | 146 | 13,197 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Encore Wire Corp. | 84 | $ | 15,618 | |||||
EnPro Industries, Inc. | 362 | 48,338 | ||||||
Equifax, Inc. | 32 | 7,530 | ||||||
ESCO Technologies, Inc. | 480 | 49,742 | ||||||
ExlService Hldgs., Inc.* | 50 | 7,553 | ||||||
Expeditors International of Washington, Inc. | 40 | 4,845 | ||||||
Fastenal Co. | 145 | 8,554 | ||||||
Federal Signal Corp. | 461 | 29,518 | ||||||
FedEx Corp. | 59 | 14,626 | ||||||
Fortive Corp. | 90 | 6,729 | ||||||
Franklin Electric Co., Inc. | 144 | 14,818 | ||||||
Generac Hldgs., Inc.* | 98 | 14,615 | ||||||
General Dynamics Corp. | 58 | 12,479 | ||||||
General Electric Co. | 278 | 30,538 | ||||||
Graco, Inc. | 258 | 22,278 | ||||||
HEICO Corp. Cl A | 103 | 14,482 | ||||||
Honeywell International, Inc. | 170 | 35,275 | ||||||
Howmet Aerospace, Inc. | 94 | 4,659 | ||||||
Huntington Ingalls Industries, Inc. | 11 | 2,504 | ||||||
Huron Consulting Group, Inc.* | 157 | 13,331 | ||||||
ICF International, Inc. | 368 | 45,776 | ||||||
IDEX Corp. | 20 | 4,305 | ||||||
Illinois Tool Works, Inc. | 71 | 17,761 | ||||||
Ingersoll Rand, Inc. | 104 | 6,797 | ||||||
Jacobs Solutions, Inc. | 212 | 25,205 | ||||||
JB Hunt Transport Svcs., Inc. | 22 | 3,983 | ||||||
Johnson Controls International PLC | 175 | 11,924 | ||||||
KBR, Inc. | 928 | 60,376 | ||||||
Korn Ferry | 131 | 6,490 | ||||||
L-3 Harris Technologies, Inc. | 125 | 24,471 | ||||||
Leidos Hldgs., Inc. | 113 | 9,998 | ||||||
Lockheed Martin Corp. | 58 | 26,702 | ||||||
Masco Corp. | 57 | 3,271 | ||||||
Masonite International Corp.* | 124 | 12,703 | ||||||
Maximus, Inc. | 86 | 7,268 | ||||||
Mercury Systems, Inc.* | 191 | 6,607 | ||||||
Miller Industries, Inc. | 1,145 | 40,613 | ||||||
Montrose Environmental Group, Inc.* | 43 | 1,811 | ||||||
Mueller Industries, Inc. | 1,093 | 95,397 | ||||||
Nordson Corp. | 14 | 3,475 | ||||||
Norfolk Southern Corp. | 58 | 13,152 | ||||||
Northrop Grumman Corp. | 37 | 16,865 | ||||||
Old Dominion Freight Line, Inc. | 138 | 51,025 | ||||||
Oshkosh Corp. | 137 | 11,863 | ||||||
Otis Worldwide Corp. | 106 | 9,435 | ||||||
PACCAR, Inc. | 133 | 11,125 | ||||||
Parker-Hannifin Corp. | 33 | 12,871 | ||||||
Paychex, Inc. | 82 | 9,173 | ||||||
Paycom Software, Inc. | 13 | 4,176 | ||||||
Pentair PLC | 42 | 2,713 | ||||||
Quanta Svcs., Inc. | 207 | 40,665 | ||||||
Raytheon Technologies Corp. | 373 | 36,539 |
The accompanying notes are an integral part of these portfolio schedules.
39
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Republic Svcs., Inc. Cl A | 53 | $ | 8,118 | |||||
Robert Half International, Inc. | 28 | 2,106 | ||||||
Rockwell Automation, Inc. | 30 | 9,883 | ||||||
Rollins, Inc. | 59 | 2,527 | ||||||
Saia, Inc.* | 31 | 10,615 | ||||||
Snap-on, Inc. | 14 | 4,035 | ||||||
Southwest Airlines Co. | 152 | 5,504 | ||||||
Stanley Black & Decker, Inc. | 178 | 16,680 | ||||||
Textron, Inc. | 52 | 3,517 | ||||||
Trane Technologies PLC | 58 | 11,093 | ||||||
TransDigm Group, Inc. | 14 | 12,518 | ||||||
TransUnion | 178 | 13,943 | ||||||
Trex Co., Inc.* | 431 | 28,256 | ||||||
UFP Industries, Inc. | 548 | 53,183 | ||||||
Union Pacific Corp. | 156 | 31,921 | ||||||
United Airlines Hldgs., Inc.* | 83 | 4,554 | ||||||
United Parcel Svc., Inc. Cl B | 186 | 33,340 | ||||||
United Rentals, Inc. | 18 | 8,017 | ||||||
Univar Solutions, Inc.* | 1,321 | 47,345 | ||||||
Verisk Analytics, Inc. Cl A | 38 | 8,589 | ||||||
Vicor Corp.* | 104 | 5,616 | ||||||
VSE Corp. | 763 | 41,728 | ||||||
Waste Management, Inc. | 95 | 16,475 | ||||||
Werner Enterprises, Inc. | 466 | 20,588 | ||||||
Westinghouse Air Brake Technologies Corp. | 46 | 5,045 | ||||||
WW Grainger, Inc. | 29 | 22,869 | ||||||
Xylem, Inc. | 61 | 6,870 | ||||||
|
| |||||||
2,126,304 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (21.4%) | ||||||||
Accenture PLC Cl A | 161 | 49,681 | ||||||
Adeia, Inc. | 1,350 | 14,863 | ||||||
Adobe, Inc.* | 117 | 57,212 | ||||||
Advanced Micro Devices, Inc.* | 411 | 46,817 | ||||||
Akamai Technologies, Inc.* | 39 | 3,505 | ||||||
Altair Engineering, Inc. Cl A* | 106 | 8,039 | ||||||
Amphenol Corp. Cl A | 431 | 36,613 | ||||||
Analog Devices, Inc. | 129 | 25,130 | ||||||
ANSYS, Inc.* | 23 | 7,596 | ||||||
Apple, Inc. | 3,779 | 733,013 | ||||||
Applied Materials, Inc. | 215 | 31,076 | ||||||
Arista Networks, Inc.* | 63 | 10,210 | ||||||
Asana, Inc.* | 189 | 4,166 | ||||||
Autodesk, Inc.* | 55 | 11,254 | ||||||
Blackline, Inc.* | 82 | 4,413 | ||||||
Broadcom, Inc. | 106 | 91,948 | ||||||
C3.ai, Inc. Cl A* | 198 | 7,213 | ||||||
Cadence Design Systems, Inc.* | 70 | 16,416 | ||||||
Calix, Inc.* | 113 | 5,640 | ||||||
Cambium Networks Corp.* | 417 | 6,347 | ||||||
CDW Corp. | 35 | 6,422 | ||||||
Ciena Corp.* | 292 | 12,407 | ||||||
Cisco Systems, Inc. | 1,046 | 54,120 | ||||||
Cognizant Technology Solutions Corp. Cl A | 130 | 8,486 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Coherent Corp.* | 276 | $ | 14,070 | |||||
Cohu, Inc.* | 171 | 7,107 | ||||||
Corning, Inc. | 195 | 6,833 | ||||||
Couchbase, Inc.* | 227 | 3,591 | ||||||
Credo Technology Group Hldg. Ltd.* | 382 | 6,624 | ||||||
CyberArk Software Ltd.* | 136 | 21,261 | ||||||
Digi International, Inc.* | 254 | 10,005 | ||||||
Domo, Inc. Cl B* | 338 | 4,955 | ||||||
DXC Technology Co.* | 1,164 | 31,102 | ||||||
Enphase Energy, Inc.* | 35 | 5,862 | ||||||
EPAM Systems, Inc.* | 70 | 15,732 | ||||||
F5, Inc.* | 16 | 2,340 | ||||||
Fabrinet* | 85 | 11,040 | ||||||
Fair Isaac Corp.* | 6 | 4,855 | ||||||
First Solar, Inc.* | 26 | 4,942 | ||||||
Five9, Inc.* | 424 | 34,959 | ||||||
Fortinet, Inc.* | 166 | 12,548 | ||||||
Gartner, Inc.* | 21 | 7,356 | ||||||
Gen Digital, Inc. | 145 | 2,690 | ||||||
Grid Dynamics Hldgs., Inc.* | 401 | 3,709 | ||||||
Guidewire Software, Inc.* | 89 | 6,771 | ||||||
Hewlett Packard Enterprise Co. | 1,104 | 18,547 | ||||||
HP, Inc. | 221 | 6,787 | ||||||
indie Semiconductor, Inc. Cl A* | 594 | 5,584 | ||||||
Intel Corp. | 1,065 | 35,614 | ||||||
International Business Machines Corp. | 232 | 31,044 | ||||||
Intuit, Inc. | 72 | 32,990 | ||||||
Juniper Networks, Inc. | 82 | 2,569 | ||||||
Keysight Technologies, Inc.* | 45 | 7,535 | ||||||
KLA Corp. | 36 | 17,461 | ||||||
Lam Research Corp. | 35 | 22,500 | ||||||
MaxLinear, Inc. Cl A* | 594 | 18,747 | ||||||
Microchip Technology, Inc. | 389 | 34,851 | ||||||
Micron Technology, Inc. | 279 | 17,608 | ||||||
Microsoft Corp. | 1,900 | 647,026 | ||||||
MKS Instruments, Inc. | 96 | 10,378 | ||||||
Model N, Inc.* | 171 | 6,047 | ||||||
MongoDB, Inc. Cl A* | 35 | 14,385 | ||||||
Monolithic Power Systems, Inc. | 60 | 32,414 | ||||||
Motorola Solutions, Inc. | 101 | 29,621 | ||||||
NetApp, Inc. | 55 | 4,202 | ||||||
Novanta, Inc.* | 71 | 13,071 | ||||||
NVIDIA Corp. | 632 | 267,349 | ||||||
NXP Semiconductors N.V. | 66 | 13,509 | ||||||
Okta, Inc. Cl A* | 204 | 14,147 | ||||||
ON Semiconductor Corp.* | 110 | 10,404 | ||||||
Onto Innovation, Inc.* | 84 | 9,783 | ||||||
Oracle Corp. | 393 | 46,802 | ||||||
Palo Alto Networks, Inc.* | 200 | 51,102 | ||||||
PDF Solutions, Inc.* | 239 | 10,779 | ||||||
Perficient, Inc.* | 154 | 12,833 |
The accompanying notes are an integral part of these portfolio schedules.
40
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
PTC, Inc.* | 203 | $ | 28,887 | |||||
Q2 Hldgs., Inc.* | 129 | 3,986 | ||||||
Qorvo, Inc.* | 26 | 2,653 | ||||||
QUALCOMM, Inc. | 284 | 33,807 | ||||||
Qualys, Inc.* | 39 | 5,038 | ||||||
Rapid7, Inc.* | 207 | 9,373 | ||||||
Roper Technologies, Inc. | 27 | 12,982 | ||||||
Salesforce, Inc.* | 251 | 53,026 | ||||||
Seagate Technology Hldgs. PLC | 49 | 3,032 | ||||||
Sequans Communications S.A.* | 532 | 1,186 | ||||||
ServiceNow, Inc.* | 52 | 29,222 | ||||||
Silicon Laboratories, Inc.* | 43 | 6,783 | ||||||
Skyworks Solutions, Inc. | 40 | 4,428 | ||||||
SolarEdge Technologies, Inc.* | 14 | 3,767 | ||||||
Splunk, Inc.* | 145 | 15,383 | ||||||
Super Micro Computer, Inc.* | 25 | 6,231 | ||||||
Synaptics, Inc.* | 103 | 8,794 | ||||||
Synopsys, Inc.* | 83 | 36,139 | ||||||
TE Connectivity Ltd. | 81 | 11,353 | ||||||
Teledyne Technologies, Inc.* | 111 | 45,633 | ||||||
Tenable Hldgs., Inc.* | 163 | 7,099 | ||||||
Teradyne, Inc. | 310 | 34,512 | ||||||
Texas Instruments, Inc. | 231 | 41,585 | ||||||
Trimble, Inc.* | 63 | 3,335 | ||||||
TTM Technologies, Inc.* | 532 | 7,395 | ||||||
Tyler Technologies, Inc.* | 11 | 4,581 | ||||||
Varonis Systems, Inc. Cl B* | 243 | 6,476 | ||||||
VeriSign, Inc.* | 24 | 5,423 | ||||||
Viasat, Inc.* | 1,039 | 42,869 | ||||||
Western Digital Corp.* | 82 | 3,110 | ||||||
Workiva, Inc.* | 71 | 7,218 | ||||||
Xperi, Inc.* | 540 | 7,101 | ||||||
Zebra Technologies Corp. Cl A* | 14 | 4,142 | ||||||
Zuora, Inc. Cl A* | 1,800 | 19,746 | ||||||
|
| |||||||
3,432,923 | ||||||||
|
| |||||||
MATERIALS (3.6%) | ||||||||
Air Products & Chemicals, Inc. | 57 | 17,073 | ||||||
Albemarle Corp. | 67 | 14,947 | ||||||
Amcor PLC | 377 | 3,762 | ||||||
Ashland, Inc. | 522 | 45,367 | ||||||
ATI, Inc.* | 283 | 12,517 | ||||||
Avery Dennison Corp. | 21 | 3,608 | ||||||
Avient Corp. | 485 | 19,837 | ||||||
Axalta Coating Systems Ltd.* | 239 | 7,842 | ||||||
Ball Corp. | 80 | 4,657 | ||||||
Celanese Corp. Cl A | 26 | 3,011 | ||||||
CF Industries Hldgs., Inc. | 50 | 3,471 | ||||||
Corteva, Inc. | 181 | 10,371 | ||||||
Crown Hldgs., Inc. | 913 | 79,312 | ||||||
Dow, Inc. | 180 | 9,587 | ||||||
DuPont de Nemours, Inc. | 117 | 8,359 | ||||||
Eastman Chemical Co. | 31 | 2,595 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
MATERIALS (CONTINUED) | ||||||||
Ecolab, Inc. | 64 | $ | 11,948 | |||||
FMC Corp. | 253 | 26,398 | ||||||
Freeport-McMoRan, Inc. | 567 | 22,680 | ||||||
Innospec, Inc. | 121 | 12,153 | ||||||
International Flavors & Fragrances, Inc. | 65 | 5,173 | ||||||
International Paper Co. | 89 | 2,831 | ||||||
Kaiser Aluminum Corp. | 367 | 26,292 | ||||||
Linde PLC | 125 | 47,635 | ||||||
Livent Corp.* | 221 | 6,062 | ||||||
LyondellBasell Industries N.V. Cl A | 65 | 5,969 | ||||||
Martin Marietta Materials, Inc. | 16 | 7,387 | ||||||
Materion Corp. | 211 | 24,096 | ||||||
Mosaic Co. | 85 | 2,975 | ||||||
Newmont Corp. | 385 | 16,424 | ||||||
Nucor Corp. | 64 | 10,495 | ||||||
Orion S.A. | 280 | 5,942 | ||||||
Packaging Corp. of America | 164 | 21,674 | ||||||
PPG Industries, Inc. | 60 | 8,898 | ||||||
Sealed Air Corp. | 37 | 1,480 | ||||||
Sherwin-Williams Co. | 60 | 15,931 | ||||||
Steel Dynamics, Inc. | 165 | 17,973 | ||||||
Vulcan Materials Co. | 122 | 27,504 | ||||||
Westrock Co. | 65 | 1,890 | ||||||
|
| |||||||
576,126 | ||||||||
|
| |||||||
REAL ESTATE (4.0%) | ||||||||
Alexander’s, Inc. | 35 | 6,435 | ||||||
Alexandria Real Estate Equities, Inc. | 212 | 24,060 | ||||||
American Tower Corp. | 119 | 23,079 | ||||||
Americold Realty Trust, Inc. | 290 | 9,367 | ||||||
Apartment Income REIT Corp. | 548 | 19,777 | ||||||
Apartment Investment & Management Co. Cl A | 1,455 | 12,397 | ||||||
AvalonBay Communities, Inc. | 138 | 26,119 | ||||||
Boston Properties, Inc. | 37 | 2,131 | ||||||
Brandywine Realty Trust | 712 | 3,311 | ||||||
Camden Property Trust | 155 | 16,875 | ||||||
CBRE Group, Inc. Cl A* | 80 | 6,457 | ||||||
CoStar Group, Inc.* | 104 | 9,256 | ||||||
Cousins Properties, Inc. | 479 | 10,921 | ||||||
Crown Castle, Inc. | 110 | 12,533 | ||||||
CTO Realty Growth, Inc. | 392 | 6,719 | ||||||
Digital Realty Trust, Inc. | 74 | 8,426 | ||||||
Easterly Government Properties, Inc. Cl A | 984 | 14,268 | ||||||
EastGroup Properties, Inc. | 36 | 6,250 | ||||||
Equinix, Inc. | 24 | 18,814 | ||||||
Equity Commonwealth | 721 | 14,607 | ||||||
Equity Residential | 87 | 5,739 | ||||||
Essex Property Trust, Inc. | 17 | 3,983 | ||||||
Extra Space Storage, Inc. | 35 | 5,210 | ||||||
Federal Realty Investment Trust | 19 | 1,839 |
The accompanying notes are an integral part of these portfolio schedules.
41
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — ALL AMERICA PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Gaming & Leisure Properties, Inc. | 387 | $ | 18,754 | |||||
Healthcare Realty Trust, Inc. Cl A | 500 | 9,430 | ||||||
Healthpeak Properties, Inc. | 769 | 15,457 | ||||||
Highwoods Properties, Inc. | 380 | 9,086 | ||||||
Host Hotels & Resorts, Inc. | 1,165 | 19,607 | ||||||
Invitation Homes, Inc. | 148 | 5,091 | ||||||
Iron Mountain, Inc. | 74 | 4,205 | ||||||
Kilroy Realty Corp. | 107 | 3,220 | ||||||
Kimco Realty Corp. | 158 | 3,116 | ||||||
Life Storage, Inc. | 78 | 10,371 | ||||||
LXP Industrial Trust | 1,227 | 11,963 | ||||||
Mid-America Apartment Communities, Inc. | 30 | 4,556 | ||||||
Phillips Edison & Co., Inc. | 72 | 2,454 | ||||||
Physicians Realty Trust | 1,260 | 17,627 | ||||||
PotlatchDeltic Corp. | 570 | 30,124 | ||||||
Prologis, Inc. | 236 | 28,941 | ||||||
Public Storage | 41 | 11,967 | ||||||
Realty Income Corp. | 365 | 21,823 | ||||||
Regency Centers Corp. | 40 | 2,471 | ||||||
Ryman Hospitality Properties, Inc. | 46 | 4,274 | ||||||
Sabra Health Care REIT, Inc. | 1,367 | 16,090 | ||||||
SBA Communications Corp. Cl A | 112 | 25,957 | ||||||
Simon Property Group, Inc. | 83 | 9,585 | ||||||
Sun Communities, Inc. | 94 | 12,263 | ||||||
UDR, Inc. | 79 | 3,394 | ||||||
Ventas, Inc. | 302 | 14,275 | ||||||
VICI Properties, Inc. Cl A | 256 | 8,046 | ||||||
Welltower, Inc. | 521 | 42,144 | ||||||
Weyerhaeuser Co. | 733 | 24,563 | ||||||
|
| |||||||
659,427 | ||||||||
|
| |||||||
UTILITIES (3.6%) | ||||||||
AES Corp. | 707 | 14,656 | ||||||
Alliant Energy Corp. | 64 | 3,359 | ||||||
Ameren Corp. | 302 | 24,664 | ||||||
American Electric Power Co., Inc. | 131 | 11,030 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
UTILITIES (CONTINUED) | ||||||||
American Water Works Co., Inc. | 50 | $ | 7,137 | |||||
Atmos Energy Corp. | 132 | 15,357 | ||||||
Avista Corp. | 401 | 15,747 | ||||||
Black Hills Corp. | 367 | 22,115 | ||||||
CenterPoint Energy, Inc. | 161 | 4,693 | ||||||
Chesapeake Utilities Corp. | 90 | 10,710 | ||||||
CMS Energy Corp. | 75 | 4,406 | ||||||
Consolidated Edison, Inc. | 89 | 8,046 | ||||||
Constellation Energy Corp. | 83 | 7,599 | ||||||
Dominion Energy, Inc. | 213 | 11,031 | ||||||
DTE Energy Co. | 189 | 20,794 | ||||||
Duke Energy Corp. | 196 | 17,589 | ||||||
Edison International | 98 | 6,806 | ||||||
Entergy Corp. | 191 | 18,598 | ||||||
Evergy, Inc. | 798 | 46,619 | ||||||
Eversource Energy | 89 | 6,312 | ||||||
Exelon Corp. | 254 | 10,348 | ||||||
FirstEnergy Corp. | 139 | 5,404 | ||||||
IDACORP, Inc. | 186 | 19,084 | ||||||
NextEra Energy, Inc. | 517 | 38,361 | ||||||
NiSource, Inc. | 1,210 | 33,093 | ||||||
NorthWestern Corp. | 277 | 15,723 | ||||||
NRG Energy, Inc. | 683 | 25,537 | ||||||
PG&E Corp.* | 413 | 7,137 | ||||||
Pinnacle West Capital Corp. | 29 | 2,362 | ||||||
Portland General Electric Co. | 354 | 16,578 | ||||||
PPL Corp. | 556 | 14,712 | ||||||
Public Svc. Enterprise Group, Inc. | 477 | 29,865 | ||||||
Sempra Energy | 185 | 26,934 | ||||||
Southern Co. | 278 | 19,530 | ||||||
Spire, Inc. | 199 | 12,625 | ||||||
WEC Energy Group, Inc. | 80 | 7,059 | ||||||
Xcel Energy, Inc. | 140 | 8,704 | ||||||
|
| |||||||
570,324 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $13,012,403) 99.1% | 15,882,667 | |||||||
|
|
Rate(%) | Maturity | Face Amount | Value | |||||||||||||
TEMPORARY CASH INVESTMENT (0.7%) | ||||||||||||||||
Brown Brothers Harriman, Grand Cayman Time Deposit | 4.32 | 07/03/23 | $ | 66,207 | $ | 66,207 | ||||||||||
Citibank, New York Time Deposit | 4.32 | 07/03/23 | 43,046 | 43,046 | ||||||||||||
|
| |||||||||||||||
109,253 | ||||||||||||||||
|
| |||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 109,253 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS |
| 15,991,920 | ||||||||||||||
|
| |||||||||||||||
OTHER NET ASSETS 0.2% |
| 36,744 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS 100.0% |
| $ | 16,028,664 | |||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
42
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (2.8%) | ||||||||
EchoStar Corp. Cl A* | 3,943 | $ | 68,371 | |||||
TEGNA, Inc. | 11,724 | 190,398 | ||||||
|
| |||||||
258,769 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (9.6%) | ||||||||
Bloomin’ Brands, Inc. | 6,953 | 186,966 | ||||||
Capri Hldgs. Ltd.* | 2,062 | 74,005 | ||||||
Golden Entertainment, Inc.* | 2,134 | 89,201 | ||||||
Marriott Vacations Worldwide Corp. | 1,135 | 139,287 | ||||||
Sonic Automotive, Inc. Cl A | 2,763 | 131,713 | ||||||
Steven Madden Ltd. | 1,097 | 35,861 | ||||||
Taylor Morrison Home Corp. Cl A* | 4,743 | 231,316 | ||||||
|
| |||||||
888,349 | ||||||||
|
| |||||||
CONSUMER STAPLES (4.1%) | ||||||||
Crimson Wine Group Ltd.* | 12,985 | 87,000 | ||||||
TreeHouse Foods, Inc.* | 5,732 | 288,778 | ||||||
|
| |||||||
375,778 | ||||||||
|
| |||||||
ENERGY (8.3%) | ||||||||
ChampionX Corp. | 8,326 | 258,439 | ||||||
EQT Corp. | 4,099 | 168,592 | ||||||
Ovintiv, Inc. | 3,095 | 117,826 | ||||||
PDC Energy, Inc. | 3,092 | 219,965 | ||||||
|
| |||||||
764,822 | ||||||||
|
| |||||||
FINANCIALS (21.5%) | ||||||||
American Equity Investment Life Hldg. Co. | 2,071 | 107,920 | ||||||
Argo Group International Hldgs. Ltd. | 1,669 | 49,419 | ||||||
Bank of Marin Bancorp | 1,460 | 25,798 | ||||||
Banner Corp. | 2,648 | 115,638 | ||||||
Brookline Bancorp, Inc. | 8,541 | 74,648 | ||||||
Dime Community Bancshares, Inc. | 2,004 | 35,331 | ||||||
Eastern Bankshares, Inc. | 11,674 | 143,240 | ||||||
Ellington Financial, Inc. | 7,968 | 109,958 | ||||||
Enterprise Financial Svcs. Corp. | 2,971 | 116,166 | ||||||
Essent Group Ltd. | 3,464 | 162,115 | ||||||
First Interstate BancSystem, Inc. Cl A | 4,615 | 110,022 | ||||||
Green Dot Corp. Cl A* | 5,128 | 96,099 | ||||||
Hancock Whitney Corp. | 3,439 | 131,989 | ||||||
Hannon Armstrong Sustainable Infrastructure Capital, Inc. | 755 | 18,875 | ||||||
Home BancShares, Inc. | 5,691 | 129,755 | ||||||
iShares Russell 2000 Value ETF | 320 | 45,056 | ||||||
Moelis & Co. Cl A | 1,243 | 56,358 | ||||||
Selective Insurance Group, Inc. | 1,835 | 176,068 | ||||||
Stifel Financial Corp. | 825 | 49,228 | ||||||
Stock Yards Bancorp, Inc. | 1,893 | 85,885 | ||||||
TriCo Bancshares | 1,964 | 65,205 | ||||||
UMB Financial Corp. | 1,418 | 86,356 | ||||||
|
| |||||||
1,991,129 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (5.8%) | ||||||||
Avidity Biosciences, Inc.* | 2,581 | $ | 28,624 | |||||
BioCryst Pharmaceuticals, Inc.* | 4,344 | 30,582 | ||||||
Heron Therapeutics, Inc.* | 4,381 | 5,082 | ||||||
Krystal Biotech, Inc.* | 282 | 33,107 | ||||||
NanoString Technologies, Inc.* | 2,182 | 8,837 | ||||||
NextGen Healthcare, Inc.* | 6,883 | 111,642 | ||||||
Orthofix Medical, Inc.* | 2,986 | 53,927 | ||||||
Supernus Pharmaceuticals, Inc.* | 4,421 | 132,895 | ||||||
Syneos Health, Inc. Cl A* | 1,623 | 68,393 | ||||||
Vericel Corp.* | 1,637 | 61,502 | ||||||
|
| |||||||
534,591 | ||||||||
|
| |||||||
INDUSTRIALS (22.0%) | ||||||||
Arcosa, Inc. | 2,221 | 168,285 | ||||||
Deluxe Corp. | 7,201 | 125,873 | ||||||
Ducommun, Inc.* | 920 | 40,084 | ||||||
Encore Wire Corp. | 451 | 83,854 | ||||||
EnPro Industries, Inc. | 1,883 | 251,437 | ||||||
ICF International, Inc. | 986 | 122,649 | ||||||
KBR, Inc. | 1,427 | 92,841 | ||||||
Miller Industries, Inc. | 6,085 | 215,835 | ||||||
Mueller Industries, Inc. | 4,483 | 391,276 | ||||||
UFP Industries, Inc. | 2,256 | 218,945 | ||||||
VSE Corp. | 4,055 | 221,768 | ||||||
Werner Enterprises, Inc. | 2,478 | 109,478 | ||||||
|
| |||||||
2,042,325 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (5.3%) | ||||||||
Adeia, Inc. | 7,174 | 78,986 | ||||||
Coherent Corp.* | 1,470 | 74,941 | ||||||
Cohu, Inc.* | 906 | 37,653 | ||||||
Digi International, Inc.* | 1,349 | 53,137 | ||||||
MaxLinear, Inc. Cl A* | 1,598 | 50,433 | ||||||
Sequans Communications S.A.* | 2,830 | 6,311 | ||||||
TTM Technologies, Inc.* | 2,831 | 39,351 | ||||||
Viasat, Inc.* | 1,590 | 65,603 | ||||||
Xperi, Inc.* | 2,869 | 37,727 | ||||||
Zuora, Inc. Cl A* | 4,544 | 49,848 | ||||||
|
| |||||||
493,990 | ||||||||
|
| |||||||
MATERIALS (3.4%) | ||||||||
Avient Corp. | 1,768 | 72,311 | ||||||
Kaiser Aluminum Corp. | 1,953 | 139,913 | ||||||
Materion Corp. | 889 | 101,524 | ||||||
|
| |||||||
313,748 | ||||||||
|
| |||||||
REAL ESTATE (8.5%) | ||||||||
Alexander’s, Inc. | 116 | 21,328 | ||||||
Apartment Investment & Management Co. Cl A | 7,735 | 65,902 | ||||||
Cousins Properties, Inc. | 2,547 | 58,072 | ||||||
CTO Realty Growth, Inc. | 2,083 | 35,703 | ||||||
Easterly Government Properties, Inc. Cl A | 5,229 | 75,820 | ||||||
Equity Commonwealth | 3,835 | 77,697 | ||||||
Highwoods Properties, Inc. | 2,019 | 48,274 | ||||||
LXP Industrial Trust | 6,520 | 63,570 |
The accompanying notes are an integral part of these portfolio schedules.
43
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Physicians Realty Trust | 6,690 | $ | 93,593 | |||||
PotlatchDeltic Corp. | 3,033 | 160,294 | ||||||
Sabra Health Care REIT, Inc. | 7,266 | 85,521 | ||||||
|
| |||||||
785,774 | ||||||||
|
| |||||||
UTILITIES (4.7%) | ||||||||
Avista Corp. | 2,134 | 83,802 | ||||||
Black Hills Corp. | 1,950 | 117,507 | ||||||
NorthWestern Corp. | 1,475 | 83,721 | ||||||
Portland General Electric Co. | 1,884 | 88,228 | ||||||
Spire, Inc. | 1,057 | 67,056 | ||||||
|
| |||||||
440,314 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $9,578,576) 96.0% | 8,889,589 | |||||||
|
|
Rate(%) | Maturity | Face Amount | Value | |||||||||
TEMPORARY CASH INVESTMENT (3.5%) | ||||||||||||
Citibank, New York Time Deposit | 4.32 | 07/03/23 | $ | 328,335 | $ | 328,335 | ||||||
|
| |||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 328,335 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS |
| 9,217,924 | ||||||||||
|
| |||||||||||
OTHER NET ASSETS 0.5% |
| 44,940 | ||||||||||
|
| |||||||||||
NET ASSETS 100.0% |
| $ | 9,262,864 | |||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
44
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (0.7%) | ||||||||
IMAX Corp.* | 2,635 | $ | 44,769 | |||||
ZipRecruiter, Inc. Cl A* | 1,527 | 27,119 | ||||||
|
| |||||||
71,888 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (12.0%) | ||||||||
Bloomin’ Brands, Inc. | 5,432 | 146,066 | ||||||
Everi Hldgs., Inc.* | 6,811 | 98,487 | ||||||
Five Below, Inc.* | 378 | 74,292 | ||||||
Fox Factory Hldg. Corp.* | 914 | 99,178 | ||||||
Golden Entertainment, Inc.* | 3,938 | 164,608 | ||||||
Marriott Vacations Worldwide Corp. | 650 | 79,768 | ||||||
Murphy USA, Inc. | 183 | 56,933 | ||||||
Ollie’s Bargain Outlet Hldgs., Inc.* | 1,620 | 93,847 | ||||||
Skyline Champion Corp.* | 988 | 64,665 | ||||||
Sonic Automotive, Inc. Cl A | 1,686 | 80,372 | ||||||
Steven Madden Ltd. | 1,521 | 49,722 | ||||||
Taylor Morrison Home Corp. Cl A* | 1,255 | 61,206 | ||||||
Valvoline, Inc. | 2,386 | 89,499 | ||||||
XPEL, Inc.* | 1,924 | 162,039 | ||||||
|
| |||||||
1,320,682 | ||||||||
|
| |||||||
CONSUMER STAPLES (3.7%) | ||||||||
BJ’s Wholesale Club Hldgs., Inc.* | 1,099 | 69,248 | ||||||
Boston Beer Co., Inc. Cl A* | 186 | 57,370 | ||||||
Freshpet, Inc.* | 1,492 | 98,188 | ||||||
TreeHouse Foods, Inc.* | 3,689 | 185,852 | ||||||
|
| |||||||
410,658 | ||||||||
|
| |||||||
ENERGY (4.6%) | ||||||||
ChampionX Corp. | 4,397 | 136,483 | ||||||
Chesapeake Energy Corp. | 979 | 81,923 | ||||||
Northern Oil & Gas, Inc. | 5,423 | 186,117 | ||||||
Southwestern Energy Co.* | 16,175 | 97,212 | ||||||
|
| |||||||
501,735 | ||||||||
|
| |||||||
FINANCIALS (8.5%) | ||||||||
First Financial Bankshares, Inc. | 3,554 | 101,253 | ||||||
Flywire Corp.* | 1,468 | 45,567 | ||||||
Goosehead Insurance, Inc. Cl A* | 1,345 | 84,587 | ||||||
Houlihan Lokey, Inc. Cl A | 836 | 82,187 | ||||||
iShares Micro-Cap ETF | 777 | 84,926 | ||||||
iShares Russell 2000 Growth ETF | 807 | 195,827 | ||||||
Lakeland Financial Corp. | 817 | 39,641 | ||||||
PJT Partners, Inc. Cl A | 1,155 | 80,434 | ||||||
Primerica, Inc. | 507 | 100,264 | ||||||
RLI Corp. | 900 | 122,823 | ||||||
|
| |||||||
937,509 | ||||||||
|
| |||||||
HEALTH CARE (24.0%) | ||||||||
Addus HomeCare Corp.* | 1,646 | 152,584 | ||||||
Alkermes PLC* | 1,532 | 47,952 | ||||||
Amicus Therapeutics, Inc.* | 4,058 | 50,968 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
AMN Healthcare Svcs., Inc.* | 1,042 | $ | 113,703 | |||||
Amphastar Pharmaceuticals, Inc.* | 2,367 | 136,031 | ||||||
Apellis Pharmaceuticals, Inc.* | 1,013 | 92,284 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 976 | 34,804 | ||||||
Axsome Therapeutics, Inc.* | 888 | 63,812 | ||||||
Blueprint Medicines Corp.* | 688 | 43,482 | ||||||
Collegium Pharmaceutical, Inc.* | 2,712 | 58,281 | ||||||
CONMED Corp. | 730 | 99,200 | ||||||
Corcept Therapeutics, Inc.* | 2,288 | 50,908 | ||||||
Halozyme Therapeutics, Inc.* | 1,617 | 58,325 | ||||||
HealthEquity, Inc.* | 1,048 | 66,171 | ||||||
Insmed, Inc.* | 2,314 | 48,825 | ||||||
Inspire Medical Systems, Inc.* | 268 | 87,003 | ||||||
Intra-Cellular Therapies, Inc.* | 1,051 | 66,549 | ||||||
iRhythm Technologies, Inc.* | 591 | 61,653 | ||||||
IVERIC bio, Inc.* | 1,226 | 48,231 | ||||||
Karuna Therapeutics, Inc.* | 375 | 81,319 | ||||||
Krystal Biotech, Inc.* | 472 | 55,413 | ||||||
Lantheus Hldgs., Inc.* | 1,189 | 99,781 | ||||||
LeMaitre Vascular, Inc. | 865 | 58,197 | ||||||
Madrigal Pharmaceuticals, Inc.* | 312 | 72,072 | ||||||
ModivCare, Inc.* | 666 | 30,110 | ||||||
Neogen Corp.* | 3,015 | 65,576 | ||||||
NextGen Healthcare, Inc.* | 4,275 | 69,340 | ||||||
Omnicell, Inc.* | 928 | 68,366 | ||||||
OrthoPediatrics Corp.* | 1,051 | 46,086 | ||||||
Roivant Sciences Ltd.* | 2,895 | 29,182 | ||||||
Shockwave Medical, Inc.* | 291 | 83,054 | ||||||
Silk Road Medical, Inc.* | 1,692 | 54,973 | ||||||
Simulations Plus, Inc. | 1,605 | 69,545 | ||||||
STAAR Surgical Co.* | 714 | 37,535 | ||||||
Supernus Pharmaceuticals, Inc.* | 2,492 | 74,910 | ||||||
Tactile Systems Technology, Inc.* | 3,138 | 78,230 | ||||||
Tenet Healthcare Corp.* | 1,076 | 87,565 | ||||||
Vericel Corp.* | 1,721 | 64,658 | ||||||
Xencor, Inc.* | 1,049 | 26,194 | ||||||
|
| |||||||
2,632,872 | ||||||||
|
| |||||||
INDUSTRIALS (21.0%) | ||||||||
Atkore, Inc.* | 763 | 118,982 | ||||||
Bloom Energy Corp. Cl A* | 5,120 | 83,712 | ||||||
Casella Waste Systems, Inc. Cl A* | 1,329 | 120,208 | ||||||
Chart Industries, Inc.* | 1,047 | 167,300 | ||||||
Ducommun, Inc.* | 2,365 | 103,043 | ||||||
EMCOR Group, Inc. | 981 | 181,269 | ||||||
ESCO Technologies, Inc. | 1,986 | 205,809 | ||||||
ExlService Hldgs., Inc.* | 445 | 67,222 | ||||||
Federal Signal Corp. | 3,940 | 252,278 | ||||||
Franklin Electric Co., Inc. | 1,286 | 132,329 | ||||||
Huron Consulting Group, Inc.* | 1,378 | 117,006 |
The accompanying notes are an integral part of these portfolio schedules.
45
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
ICF International, Inc. | 1,601 | $ | 199,148 | |||||
Korn Ferry | 1,159 | 57,417 | ||||||
Masonite International Corp.* | 1,099 | 112,582 | ||||||
Maximus, Inc. | 768 | 64,904 | ||||||
Mercury Systems, Inc.* | 1,735 | 60,014 | ||||||
Montrose Environmental Group, Inc.* | 380 | 16,006 | ||||||
Saia, Inc.* | 261 | 89,369 | ||||||
UFP Industries, Inc. | 1,095 | 106,270 | ||||||
Vicor Corp.* | 931 | 50,274 | ||||||
|
| |||||||
2,305,142 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (18.1%) | ||||||||
Altair Engineering, Inc. Cl A* | 940 | 71,290 | ||||||
Asana, Inc. Cl A* | 1,682 | 37,071 | ||||||
BlackLine, Inc.* | 705 | 37,943 | ||||||
C3.ai, Inc. Cl A* | 1,757 | 64,007 | ||||||
Calix, Inc.* | 1,005 | 50,160 | ||||||
Cambium Networks Corp.* | 3,698 | 56,284 | ||||||
Couchbase, Inc.* | 2,029 | 32,099 | ||||||
Credo Technology Group Hldg. Ltd.* | 3,388 | 58,748 | ||||||
CyberArk Software Ltd.* | 437 | 68,316 | ||||||
Domo, Inc. Cl B* | 2,973 | 43,584 | ||||||
Fabrinet* | 758 | 98,449 | ||||||
Five9, Inc.* | 1,399 | 115,348 | ||||||
Grid Dynamics Hldgs., Inc.* | 3,578 | 33,096 | ||||||
indie Semiconductor, Inc. Cl A* | 5,294 | 49,764 | ||||||
MaxLinear, Inc. Cl A* | 2,590 | 81,740 | ||||||
Model N, Inc.* | 1,513 | 53,500 | ||||||
Novanta, Inc.* | 630 | 115,983 | ||||||
Onto Innovation, Inc.* | 766 | 89,216 | ||||||
PDF Solutions, Inc.* | 2,064 | �� | 93,086 | |||||
Perficient, Inc.* | 1,338 | 111,496 |
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Q2 Hldgs., Inc.* | 1,136 | $ | 35,102 | |||||
Qualys, Inc.* | 327 | 42,239 | ||||||
Rapid7, Inc.* | 1,847 | 83,632 | ||||||
Silicon Laboratories, Inc.* | 378 | 59,626 | ||||||
Super Micro Computer, Inc.* | 221 | 55,084 | ||||||
Synaptics, Inc.* | 913 | 77,952 | ||||||
Tenable Hldgs., Inc.* | 1,429 | 62,233 | ||||||
Varonis Systems, Inc. Cl B* | 2,138 | 56,978 | ||||||
Workiva, Inc. Cl A* | 640 | 65,062 | ||||||
Zuora, Inc. Cl A* | 8,427 | 92,444 | ||||||
|
| |||||||
1,991,532 | ||||||||
|
| |||||||
MATERIALS (3.8%) | ||||||||
ATI, Inc.* | 2,506 | 110,840 | ||||||
Avient Corp. | 1,323 | 54,111 | ||||||
Innospec, Inc. | 1,052 | 105,663 | ||||||
Livent Corp.* | 1,938 | 53,159 | ||||||
Materion Corp. | 388 | 44,310 | ||||||
Orion S.A. | 2,491 | 52,859 | ||||||
|
| |||||||
420,942 | ||||||||
|
| |||||||
REAL ESTATE (1.1%) | ||||||||
EastGroup Properties, Inc. | 316 | 54,858 | ||||||
Phillips Edison & Co., Inc. | 646 | 22,016 | ||||||
Ryman Hospitality Properties, Inc. | 410 | 38,097 | ||||||
|
| |||||||
114,971 | ||||||||
|
| |||||||
UTILITIES (1.4%) | ||||||||
Chesapeake Utilities Corp. | 801 | 95,319 | ||||||
IDACORP, Inc. | 619 | 63,509 | ||||||
|
| |||||||
158,828 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $10,011,361) 98.9% | 10,866,759 | |||||||
|
|
Rate(%) | Maturity | Face Amount | Value | |||||||||
TEMPORARY CASH INVESTMENT (1.4%) | ||||||||||||
Citibank, New York Time Deposit | 4.32 | 07/03/23 | $ | 150,397 | $ | 150,397 | ||||||
|
| |||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 150,397 | ||||||||||
|
| |||||||||||
TOTAL INVESTMENTS |
| 11,017,156 | ||||||||||
|
| |||||||||||
OTHER NET ASSETS -0.3% |
| (35,480 | ) | |||||||||
|
| |||||||||||
NET ASSETS 100.0% |
| $ | 10,981,676 | |||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
46
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS: | ||||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (2.5%) | ||||||||
AMC Networks, Inc. Cl A* | 206 | $ | 2,462 | |||||
ATN International, Inc. | 78 | 2,855 | ||||||
Cargurus, Inc. Cl A* | 645 | 14,596 | ||||||
Cars.com, Inc.* | 449 | 8,899 | ||||||
Cinemark Hldgs., Inc.* | 782 | 12,903 | ||||||
Cogent Communications Hldgs., Inc. | 311 | 20,927 | ||||||
Consolidated Communications Hldgs., Inc.* | 540 | 2,068 | ||||||
DISH Network Corp. Cl A* | 1,828 | 12,047 | ||||||
EW Scripps Co. Cl A* | 424 | 3,880 | ||||||
Gogo, Inc.* | 474 | 8,063 | ||||||
John Wiley & Sons, Inc. Cl A | 308 | 10,481 | ||||||
Lumen Technologies, Inc. | 6,677 | 15,090 | ||||||
Marcus Corp. | 178 | 2,640 | ||||||
QuinStreet, Inc.* | 368 | 3,249 | ||||||
Scholastic Corp. | 211 | 8,206 | ||||||
Shenandoah Telecommunications Co. | 364 | 7,073 | ||||||
Shutterstock, Inc. | 175 | 8,517 | ||||||
TechTarget, Inc.* | 187 | 5,821 | ||||||
Telephone & Data Systems, Inc. | 715 | 5,885 | ||||||
Thryv Hldgs., Inc.* | 224 | 5,510 | ||||||
Yelp, Inc. Cl A* | 498 | 18,132 | ||||||
|
| |||||||
179,304 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (13.4%) | ||||||||
Aaron’s Co., Inc. | 224 | 3,167 | ||||||
Abercrombie & Fitch Co. Cl A* | 362 | 13,640 | ||||||
Academy Sports & Outdoors, Inc. | 558 | 30,160 | ||||||
Adtalem Global Education, Inc.* | 316 | 10,851 | ||||||
American Axle & Manufacturing Hldgs., Inc.* | 846 | 6,996 | ||||||
American Eagle Outfitters, Inc. | 1,326 | 15,647 | ||||||
America’s Car-Mart, Inc.* | 42 | 4,191 | ||||||
Asbury Automotive Group, Inc.* | 156 | 37,506 | ||||||
BJ’s Restaurants, Inc.* | 171 | 5,438 | ||||||
Bloomin’ Brands, Inc. | 631 | 16,968 | ||||||
Boot Barn Hldgs., Inc.* | 216 | 18,293 | ||||||
Brinker International, Inc.* | 321 | 11,749 | ||||||
Buckle, Inc. | 216 | 7,474 | ||||||
Caleres, Inc. | 263 | 6,294 | ||||||
Cavco Industries, Inc.* | 59 | 17,405 | ||||||
Century Communities, Inc. | 206 | 15,784 | ||||||
Cheesecake Factory, Inc. | 346 | 11,965 | ||||||
Chico’s FAS, Inc.* | 892 | 4,772 | ||||||
Chuy’s Hldgs., Inc.* | 131 | 5,347 | ||||||
Cracker Barrel Old Country Store, Inc. | 161 | 15,002 | ||||||
Dana, Inc. | 928 | 15,776 | ||||||
Dave & Buster’s Entertainment, Inc.* | 290 | 12,922 | ||||||
Designer Brands, Inc. Cl A | 375 | 3,788 | ||||||
Dine Brands Global, Inc. | 114 | 6,615 | ||||||
Dorman Products, Inc.* | 205 | 16,160 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
El Pollo Loco Hldgs., Inc. | 138 | $ | 1,210 | |||||
Ethan Allen Interiors, Inc. | 165 | 4,666 | ||||||
Frontdoor, Inc.* | 591 | 18,853 | ||||||
Gentherm, Inc.* | 240 | 13,562 | ||||||
G-III Apparel Group Ltd.* | 297 | 5,723 | ||||||
Golden Entertainment, Inc.* | 161 | 6,730 | ||||||
Green Brick Partners, Inc.* | 195 | 11,076 | ||||||
Group 1 Automotive, Inc. | 103 | 26,584 | ||||||
Guess?, Inc. | 217 | 4,221 | ||||||
Hanesbrands, Inc. | 2,526 | 11,468 | ||||||
Haverty Furniture Cos., Inc. | 97 | 2,931 | ||||||
Hibbett, Inc. | 93 | 3,375 | ||||||
Installed Building Products, Inc. | 169 | 23,687 | ||||||
iRobot Corp.* | 197 | 8,914 | ||||||
Jack in the Box, Inc. | 149 | 14,532 | ||||||
Kontoor Brands, Inc. | 361 | 15,198 | ||||||
La-Z-Boy, Inc. | 312 | 8,936 | ||||||
LCI Industries | 183 | 23,124 | ||||||
Leslie’s, Inc.* | 1,077 | 10,113 | ||||||
LGI Homes, Inc.* | 150 | 20,234 | ||||||
M/I Homes, Inc.* | 202 | 17,612 | ||||||
MarineMax, Inc.* | 158 | 5,397 | ||||||
MDC Hldgs., Inc. | 423 | 19,784 | ||||||
Meritage Homes Corp. | 266 | 37,844 | ||||||
Mister Car Wash, Inc.* | 580 | 5,597 | ||||||
Monarch Casino & Resort, Inc. | 97 | 6,834 | ||||||
Monro, Inc. | 227 | 9,223 | ||||||
Movado Group, Inc. | 113 | 3,032 | ||||||
National Vision Hldgs., Inc.* | 565 | 13,724 | ||||||
ODP Corp.* | 246 | 11,518 | ||||||
Oxford Industries, Inc. | 108 | 10,629 | ||||||
Patrick Industries, Inc. | 154 | 12,320 | ||||||
Perdoceo Education Corp.* | 488 | 5,988 | ||||||
Sabre Corp.* | 2,400 | 7,656 | ||||||
Sally Beauty Hldgs., Inc.* | 778 | 9,608 | ||||||
Shake Shack, Inc. Cl A* | 271 | 21,062 | ||||||
Shoe Carnival, Inc. | 123 | 2,888 | ||||||
Signet Jewelers Ltd. | 327 | 21,340 | ||||||
Six Flags Entertainment Corp.* | 536 | 13,925 | ||||||
Sleep Number Corp.* | 161 | 4,392 | ||||||
Sonic Automotive, Inc. Cl A | 115 | 5,482 | ||||||
Sonos, Inc.* | 928 | 15,154 | ||||||
Standard Motor Products, Inc. | 137 | 5,140 | ||||||
Steven Madden Ltd. | 517 | 16,901 | ||||||
Strategic Education, Inc. | 162 | 10,990 | ||||||
Stride, Inc.* | 296 | 11,020 | ||||||
Sturm Ruger & Co., Inc. | 128 | 6,779 | ||||||
Tri Pointe Homes, Inc.* | 724 | 23,791 | ||||||
Upbound Group, Inc. | 364 | 11,331 | ||||||
Urban Outfitters, Inc.* | 435 | 14,412 | ||||||
Victoria’s Secret & Co.* | 565 | 9,848 | ||||||
Vista Outdoor, Inc.* | 413 | 11,428 | ||||||
Winnebago Industries, Inc. | 221 | 14,738 | ||||||
Wolverine World Wide, Inc. | 574 | 8,432 | ||||||
XPEL, Inc.* | 142 | 11,959 | ||||||
|
| |||||||
966,825 | ||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
47
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER STAPLES (4.9%) | ||||||||
Andersons, Inc. | 228 | $ | 10,522 | |||||
B&G Foods, Inc. | 522 | 7,266 | ||||||
Calavo Growers, Inc. | 129 | 3,744 | ||||||
Cal-Maine Foods, Inc. | 275 | 12,375 | ||||||
Central Garden & Pet Co.* | 70 | 2,714 | ||||||
Central Garden & Pet Co. Cl A* | 299 | 10,902 | ||||||
Chefs’ Warehouse, Inc.* | 255 | 9,119 | ||||||
Edgewell Personal Care Co. | 370 | 15,285 | ||||||
elf Beauty, Inc.* | 366 | 41,808 | ||||||
Fresh Del Monte Produce, Inc. | 222 | 5,708 | ||||||
Hain Celestial Group, Inc.* | 647 | 8,094 | ||||||
Hostess Brands, Inc. Cl A* | 960 | 24,307 | ||||||
Inter Parfums, Inc. | 130 | 17,580 | ||||||
J&J Snack Foods Corp. | 109 | 17,261 | ||||||
John B Sanfilippo & Son, Inc. | 65 | 7,623 | ||||||
Medifast, Inc. | 79 | 7,281 | ||||||
MGP Ingredients, Inc. | 112 | 11,903 | ||||||
National Beverage Corp.* | 169 | 8,171 | ||||||
Nu Skin Enterprises, Inc. Cl A | 361 | 11,985 | ||||||
PriceSmart, Inc. | 182 | 13,479 | ||||||
Seneca Foods Corp. Cl A* | 39 | 1,275 | ||||||
Simply Good Foods Co.* | 612 | 22,393 | ||||||
SpartanNash Co. | 254 | 5,718 | ||||||
Tootsie Roll Industries, Inc. | 130 | 4,603 | ||||||
TreeHouse Foods, Inc.* | 367 | 18,489 | ||||||
United Natural Foods, Inc.* | 430 | 8,406 | ||||||
Universal Corp. | 178 | 8,889 | ||||||
USANA Health Sciences, Inc.* | 81 | 5,106 | ||||||
Vector Group Ltd. | 959 | 12,285 | ||||||
WD-40 Co. | 99 | 18,676 | ||||||
|
| |||||||
352,967 | ||||||||
|
| |||||||
ENERGY (4.6%) | ||||||||
Archrock, Inc. | 974 | 9,983 | ||||||
Bristow Group, Inc.* | 170 | 4,884 | ||||||
California Resources Corp. | 509 | 23,053 | ||||||
Callon Petroleum Co.* | 372 | 13,046 | ||||||
Civitas Resources, Inc. | 355 | 24,626 | ||||||
Comstock Resources, Inc. | 662 | 7,679 | ||||||
CONSOL Energy, Inc. | 231 | 15,664 | ||||||
Core Laboratories, Inc. | 338 | 7,858 | ||||||
CVR Energy, Inc. | 211 | 6,322 | ||||||
Dorian LPG Ltd. | 231 | 5,925 | ||||||
Dril-Quip, Inc.* | 247 | 5,748 | ||||||
Green Plains, Inc.* | 431 | 13,895 | ||||||
Helix Energy Solutions Group, Inc.* | 1,030 | 7,601 | ||||||
Helmerich & Payne, Inc. | 742 | 26,304 | ||||||
Nabors Industries Ltd.* | 66 | 6,140 | ||||||
NexTier Oilfield Solutions, Inc.* | 1,083 | 9,682 | ||||||
Northern Oil & Gas, Inc. | 586 | 20,112 | ||||||
Oceaneering International, Inc.* | 729 | 13,632 | ||||||
Oil States International, Inc.* | 465 | 3,474 | ||||||
Par Pacific Hldgs., Inc.* | 406 | 10,804 | ||||||
Patterson-UTI Energy, Inc. | 1,505 | 18,015 | ||||||
ProPetro Hldg. Corp.* | 700 | 5,768 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
ENERGY (CONTINUED) | ||||||||
REX American Resources Corp.* | 111 | $ | 3,864 | |||||
RPC, Inc. | 600 | 4,290 | ||||||
SM Energy Co. | 871 | 27,550 | ||||||
Talos Energy, Inc.* | 780 | 10,819 | ||||||
US Silica Hldgs., Inc.* | 557 | 6,756 | ||||||
Vital Energy, Inc.* | 134 | 6,050 | ||||||
World Kinect Corp. | 449 | 9,285 | ||||||
|
| |||||||
328,829 | ||||||||
|
| |||||||
FINANCIALS (17.3%) | ||||||||
Ambac Financial Group, Inc.* | 328 | 4,671 | ||||||
American Equity Investment Life Hldg. Co. | 457 | 23,814 | ||||||
Ameris Bancorp | 472 | 16,147 | ||||||
AMERISAFE, Inc. | 139 | 7,411 | ||||||
Apollo Commercial Real Estate Finance, Inc. | 940 | 10,641 | ||||||
Arbor Realty Trust, Inc. | 1,308 | 19,385 | ||||||
ARMOUR Residential REIT, Inc. | 1,412 | 7,526 | ||||||
Artisan Partners Asset Management, Inc. Cl A | 494 | 19,419 | ||||||
Assured Guaranty Ltd. | 429 | 23,938 | ||||||
Atlantic Union Bankshares Corp. | 542 | 14,065 | ||||||
Avantax, Inc.* | 279 | 6,244 | ||||||
Axos Financial, Inc.* | 381 | 15,027 | ||||||
B Riley Financial, Inc. | 114 | 5,242 | ||||||
Banc of California, Inc. | 388 | 4,493 | ||||||
BancFirst Corp. | 126 | 11,592 | ||||||
Bancorp, Inc.* | 396 | 12,929 | ||||||
Bank of Hawaii Corp. | 287 | 11,833 | ||||||
BankUnited, Inc. | 538 | 11,594 | ||||||
Banner Corp. | 249 | 10,874 | ||||||
Berkshire Hills Bancorp, Inc. | 320 | 6,634 | ||||||
Bread Financial Hldgs., Inc. | 363 | 11,395 | ||||||
Brightsphere Investment Group, Inc. | 234 | 4,902 | ||||||
Brookline Bancorp, Inc. | 635 | 5,550 | ||||||
Capitol Federal Financial, Inc. | 915 | 5,646 | ||||||
Central Pacific Financial Corp. | 196 | 3,079 | ||||||
City Hldg. Co. | 109 | 9,809 | ||||||
Community Bank System, Inc. | 389 | 18,236 | ||||||
Customers Bancorp, Inc.* | 213 | 6,445 | ||||||
CVB Financial Corp. | 947 | 12,576 | ||||||
Dime Community Bancshares, Inc. | 236 | 4,161 | ||||||
Donnelley Financial Solutions, Inc.* | 183 | 8,332 | ||||||
Eagle Bancorp, Inc. | 222 | 4,697 | ||||||
Ellington Financial, Inc. | 462 | 6,376 | ||||||
Employers Hldgs., Inc. | 195 | 7,295 | ||||||
Encore Capital Group, Inc.* | 170 | 8,265 | ||||||
Enova International, Inc.* | 226 | 12,005 | ||||||
EVERTEC, Inc. | 471 | 17,347 |
The accompanying notes are an integral part of these portfolio schedules.
48
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
EZCORP, Inc. Cl A* | 379 | $ | 3,176 | |||||
FB Financial Corp. | 254 | 7,125 | ||||||
First BanCorp. | 1,300 | 15,886 | ||||||
First Bancorp/Southern Pines NC | 297 | 8,836 | ||||||
First Commonwealth Financial Corp. | 744 | 9,412 | ||||||
First Financial Bancorp | 688 | 14,063 | ||||||
First Hawaiian, Inc. | 922 | 16,605 | ||||||
Franklin BSP Realty Trust, Inc. | 595 | 8,425 | ||||||
Fulton Financial Corp. | 1,195 | 14,244 | ||||||
Genworth Financial, Inc. Cl A* | 3,454 | 17,270 | ||||||
Green Dot Corp. Cl A* | 335 | 6,278 | ||||||
Hanmi Financial Corp. | 221 | 3,300 | ||||||
HCI Group, Inc. | 50 | 3,089 | ||||||
Heritage Financial Corp. | 254 | 4,107 | ||||||
Hilltop Hldgs., Inc. | 334 | 10,508 | ||||||
Hope Bancorp, Inc. | 867 | 7,300 | ||||||
Horace Mann Educators Corp. | 296 | 8,779 | ||||||
Independent Bank Corp. | 319 | 14,199 | ||||||
Independent Bank Group, Inc. | 257 | 8,874 | ||||||
Invesco Mortgage Capital, Inc. | 300 | 3,441 | ||||||
iShares Core S&P Small-Cap ETF | 1,002 | 99,849 | ||||||
James River Group Hldgs. Ltd. | 272 | 4,967 | ||||||
KKR Real Estate Finance Trust, Inc. | 420 | 5,111 | ||||||
Lakeland Financial Corp. | 184 | 8,928 | ||||||
Mercury General Corp. | 193 | 5,842 | ||||||
Moelis & Co. Cl A | 480 | 21,763 | ||||||
Mr Cooper Group, Inc.* | 492 | 24,915 | ||||||
National Bank Hldgs. Corp. Cl A | 273 | 7,928 | ||||||
Navient Corp. | 712 | 13,229 | ||||||
NBT Bancorp, Inc. | 311 | 9,905 | ||||||
New York Mortgage Trust, Inc. | 659 | 6,537 | ||||||
NMI Hldgs., Inc. Cl A* | 602 | 15,544 | ||||||
Northfield Bancorp, Inc. | 296 | 3,250 | ||||||
Northwest Bancshares, Inc. | 919 | 9,741 | ||||||
OFG Bancorp | 344 | 8,971 | ||||||
Pacific Premier Bancorp, Inc. | 693 | 14,331 | ||||||
PacWest Bancorp | 853 | 6,952 | ||||||
Palomar Hldgs., Inc.* | 180 | 10,447 | ||||||
Park National Corp. | 105 | 10,744 | ||||||
Pathward Financial, Inc. | 195 | 9,040 | ||||||
Payoneer Global, Inc.* | 1,482 | 7,128 | ||||||
PennyMac Mortgage Investment Trust | 633 | 8,533 | ||||||
Piper Sandler Cos. | 106 | 13,702 | ||||||
PRA Group, Inc.* | 284 | 6,489 | ||||||
Preferred Bank | 96 | 5,279 | ||||||
ProAssurance Corp. | 391 | 5,900 | ||||||
PROG Hldgs., Inc.* | 338 | 10,857 | ||||||
Provident Financial Svcs., Inc. | 546 | 8,922 | ||||||
Radian Group, Inc. | 1,130 | 28,566 | ||||||
Ready Capital Corp. | 1,167 | 13,164 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Redwood Trust, Inc. | 824 | $ | 5,249 | |||||
Renasant Corp. | 406 | 10,609 | ||||||
S&T Bancorp, Inc. | 282 | 7,668 | ||||||
Safety Insurance Group, Inc. | 108 | 7,746 | ||||||
Seacoast Banking Corp. of Florida | 606 | 13,393 | ||||||
ServisFirst Bancshares, Inc. | 354 | 14,486 | ||||||
Simmons First National Corp. Cl A | 921 | 15,887 | ||||||
SiriusPoint Ltd.* | 620 | 5,599 | ||||||
Southside Bancshares, Inc. | 213 | 5,572 | ||||||
Stellar Bancorp, Inc. | 328 | 7,508 | ||||||
Stewart Information Svcs. Corp. | 197 | 8,105 | ||||||
StoneX Group, Inc.* | 128 | 10,634 | ||||||
Tompkins Financial Corp. | 92 | 5,124 | ||||||
Triumph Financial, Inc.* | 159 | 9,654 | ||||||
Trupanion, Inc.* | 257 | 5,058 | ||||||
TrustCo Bank Corp. | 138 | 3,948 | ||||||
Trustmark Corp. | 442 | 9,335 | ||||||
Two Harbors Investment Corp. | 699 | 9,702 | ||||||
United Community Banks, Inc. | 833 | 20,817 | ||||||
United Fire Group, Inc. | 157 | 3,558 | ||||||
Universal Insurance Hldgs., Inc. | 198 | 3,055 | ||||||
Veritex Hldgs., Inc. | 392 | 7,029 | ||||||
Virtus Investment Partners, Inc. | 50 | 9,873 | ||||||
Walker & Dunlop, Inc. | 225 | 17,795 | ||||||
Washington Federal, Inc. | 476 | 12,623 | ||||||
Westamerica BanCorp | 193 | 7,392 | ||||||
WisdomTree, Inc. | 820 | 5,625 | ||||||
World Acceptance Corp.* | 25 | 3,350 | ||||||
WSFS Financial Corp. | 445 | 16,785 | ||||||
|
| |||||||
1,244,225 | ||||||||
|
| |||||||
HEALTH CARE (10.7%) | ||||||||
AdaptHealth Corp. Cl A* | 553 | 6,730 | ||||||
Addus HomeCare Corp.* | 118 | 10,939 | ||||||
Agiliti, Inc.* | 243 | 4,010 | ||||||
AMN Healthcare Svcs., Inc.* | 287 | 31,317 | ||||||
Amphastar Pharmaceuticals, Inc.* | 273 | 15,689 | ||||||
AngioDynamics, Inc.* | 284 | 2,962 | ||||||
ANI Pharmaceuticals, Inc.* | 100 | 5,383 | ||||||
Anika Therapeutics, Inc.* | 107 | 2,780 | ||||||
Apollo Medical Hldgs., Inc.* | 292 | 9,227 | ||||||
Arcus Biosciences, Inc.* | 381 | 7,738 | ||||||
Artivion, Inc.* | 296 | 5,088 | ||||||
Avanos Medical, Inc.* | 338 | 8,639 | ||||||
Avid Bioservices, Inc.* | 452 | 6,314 | ||||||
BioLife Solutions, Inc.* | 252 | 5,569 | ||||||
Catalyst Pharmaceuticals, Inc.* | 705 | 9,475 | ||||||
Certara, Inc.* | 763 | 13,894 | ||||||
Coherus Biosciences, Inc.* | 484 | 2,067 | ||||||
Collegium Pharmaceutical, Inc.* | 250 | 5,373 | ||||||
Community Health Systems, Inc.* | 919 | 4,044 |
The accompanying notes are an integral part of these portfolio schedules.
49
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Computer Programs & Systems, Inc.* | 103 | $ | 2,543 | |||||
CONMED Corp. | 221 | 30,032 | ||||||
Corcept Therapeutics, Inc.* | 654 | 14,552 | ||||||
CorVel Corp.* | 66 | 12,771 | ||||||
Cross Country Healthcare, Inc.* | 247 | 6,936 | ||||||
Cytek Biosciences, Inc.* | 579 | 4,945 | ||||||
Cytokinetics, Inc.* | 692 | 22,573 | ||||||
Dynavax Technologies Corp.* | 864 | 11,163 | ||||||
Embecta Corp. | 414 | 8,942 | ||||||
Emergent BioSolutions, Inc.* | 325 | 2,389 | ||||||
Enanta Pharmaceuticals, Inc.* | 144 | 3,082 | ||||||
Enhabit, Inc.* | 363 | 4,175 | ||||||
Ensign Group, Inc. | 405 | 38,661 | ||||||
Fulgent Genetics, Inc.* | 144 | 5,332 | ||||||
Glaukos Corp.* | 349 | 24,852 | ||||||
Harmony Biosciences Hldgs., Inc.* | 217 | 7,636 | ||||||
HealthStream, Inc. | 176 | 4,323 | ||||||
Innoviva, Inc.* | 426 | 5,423 | ||||||
Integer Hldgs. Corp.* | 241 | 21,355 | ||||||
Ironwood Pharmaceuticals, Inc. Cl A* | 977 | 10,395 | ||||||
iTeos Therapeutics, Inc.* | 179 | 2,370 | ||||||
LeMaitre Vascular, Inc. | 141 | 9,486 | ||||||
Ligand Pharmaceuticals, Inc.* | 119 | 8,580 | ||||||
Merit Medical Systems, Inc.* | 416 | 34,794 | ||||||
Mesa Laboratories, Inc. | 37 | 4,755 | ||||||
ModivCare, Inc.* | 93 | 4,205 | ||||||
Myriad Genetics, Inc.* | 590 | 13,676 | ||||||
NeoGenomics, Inc.* | 922 | 14,817 | ||||||
NextGen Healthcare, Inc.* | 387 | 6,277 | ||||||
NuVasive, Inc.* | 379 | 15,763 | ||||||
OmniAb, Inc. Cl CR3* | 49 | 0 | †† | |||||
OmniAb, Inc. Cl CR4* | 49 | 0 | †† | |||||
OraSure Technologies, Inc.* | 530 | 2,655 | ||||||
Orthofix Medical, Inc.* | 251 | 4,533 | ||||||
Owens & Minor, Inc.* | 551 | 10,491 | ||||||
Pacira BioSciences, Inc.* | 333 | 13,343 | ||||||
Pediatrix Medical Group, Inc.* | 597 | 8,483 | ||||||
Phibro Animal Health Corp. Cl A | 147 | 2,014 | ||||||
Prestige Consumer Healthcare, Inc.* | 360 | 21,395 | ||||||
Privia Health Group, Inc.* | 677 | 17,676 | ||||||
RadNet, Inc.* | 414 | 13,505 | ||||||
REGENXBIO, Inc.* | 274 | 5,477 | ||||||
Schrodinger, Inc.* | 387 | 19,319 | ||||||
Select Medical Hldgs. Corp. | 754 | 24,022 | ||||||
Simulations Plus, Inc. | 115 | 4,983 | ||||||
Supernus Pharmaceuticals, Inc.* | 394 | 11,844 | ||||||
Tandem Diabetes Care, Inc.* | 467 | 11,460 | ||||||
UFP Technologies, Inc.* | 50 | 9,693 | ||||||
uniQure N.V.* | 303 | 3,472 | ||||||
US Physical Therapy, Inc. | 107 | 12,989 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Vanda Pharmaceuticals, Inc.* | 416 | $ | 2,741 | |||||
Varex Imaging Corp.* | 292 | 6,882 | ||||||
Veradigm, Inc.* | 790 | 9,954 | ||||||
Vericel Corp.* | 344 | 12,924 | ||||||
Vir Biotechnology, Inc.* | 552 | 13,541 | ||||||
Xencor, Inc.* | 437 | 10,912 | ||||||
Zynex, Inc.* | 154 | 1,477 | ||||||
|
| |||||||
769,826 | ||||||||
|
| |||||||
INDUSTRIALS (17.6%) | ||||||||
3D Systems Corp.* | 948 | 9,414 | ||||||
AAON, Inc. | 310 | 29,391 | ||||||
AAR Corp.* | 239 | 13,805 | ||||||
ABM Industries, Inc. | 478 | 20,387 | ||||||
Aerojet Rocketdyne Hldgs., Inc.* | 549 | 30,124 | ||||||
AeroVironment, Inc.* | 183 | 18,717 | ||||||
Alamo Group, Inc. | 75 | 13,793 | ||||||
Albany International Corp. Cl A | 226 | 21,081 | ||||||
Allegiant Travel Co.* | 114 | 14,396 | ||||||
American Woodmark Corp.* | 121 | 9,241 | ||||||
Apogee Enterprises, Inc. | 162 | 7,690 | ||||||
Applied Industrial Technologies, Inc. | 280 | 40,552 | ||||||
ArcBest Corp. | 174 | 17,191 | ||||||
Arcosa, Inc. | 350 | 26,519 | ||||||
Astec Industries, Inc. | 165 | 7,498 | ||||||
AZZ, Inc. | 181 | 7,866 | ||||||
Barnes Group, Inc. | 366 | 15,442 | ||||||
Boise Cascade Co. | 287 | 25,930 | ||||||
Brady Corp. Cl A | 334 | 15,888 | ||||||
CIRCOR International, Inc.* | 148 | 8,355 | ||||||
Comfort Systems USA, Inc. | 259 | 42,528 | ||||||
CoreCivic, Inc.* | 822 | 7,735 | ||||||
CSG Systems International, Inc. | 220 | 11,603 | ||||||
Deluxe Corp. | 315 | 5,506 | ||||||
DXP Enterprises, Inc.* | 106 | 3,859 | ||||||
Dycom Industries, Inc.* | 213 | 24,207 | ||||||
Encore Wire Corp. | 130 | 24,171 | ||||||
Enerpac Tool Group Corp. Cl A | 414 | 11,178 | ||||||
EnPro Industries, Inc. | 151 | 20,163 | ||||||
Enviri Corp.* | 577 | 5,695 | ||||||
ESCO Technologies, Inc. | 187 | 19,379 | ||||||
Federal Signal Corp. | 440 | 28,173 | ||||||
Forrester Research, Inc.* | 82 | 2,385 | ||||||
Forward Air Corp. | 188 | 19,949 | ||||||
Franklin Electric Co., Inc. | 281 | 28,915 | ||||||
GEO Group, Inc.* | 911 | 6,523 | ||||||
Gibraltar Industries, Inc.* | 220 | 13,842 | ||||||
GMS, Inc.* | 299 | 20,691 | ||||||
Granite Construction, Inc. | 318 | 12,650 | ||||||
Greenbrier Cos., Inc. | 231 | 9,956 | ||||||
Griffon Corp. | 344 | 13,863 | ||||||
Hawaiian Hldgs., Inc.* | 373 | 4,017 | ||||||
Healthcare Svcs. Group, Inc. | 537 | 8,017 | ||||||
Heartland Express, Inc. | 337 | 5,530 |
The accompanying notes are an integral part of these portfolio schedules.
50
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Heidrick & Struggles International, Inc. | 145 | $ | 3,838 | |||||
Hillenbrand, Inc. | 503 | 25,794 | ||||||
HNI Corp. | 336 | 9,468 | ||||||
Hub Group, Inc. Cl A* | 237 | 19,036 | ||||||
Insteel Industries, Inc. | 141 | 4,388 | ||||||
Interface, Inc. Cl A | 420 | 3,692 | ||||||
John Bean Technologies Corp. | 230 | 27,899 | ||||||
Kaman Corp. | 204 | 4,963 | ||||||
Kelly Svcs., Inc. Cl A | 237 | 4,174 | ||||||
Kennametal, Inc. | 581 | 16,495 | ||||||
Korn Ferry | 379 | 18,776 | ||||||
Lindsay Corp. | 80 | 9,547 | ||||||
Liquidity Svcs., Inc.* | 169 | 2,789 | ||||||
Marten Transport Ltd. | 417 | 8,966 | ||||||
Masterbrand, Inc.* | 929 | 10,804 | ||||||
Matson, Inc. | 260 | 20,210 | ||||||
Matthews International Corp. Cl A | 221 | 9,419 | ||||||
MillerKnoll, Inc. | 547 | 8,085 | ||||||
Moog, Inc. Cl A | 208 | 22,553 | ||||||
Mueller Industries, Inc. | 412 | 35,959 | ||||||
MYR Group, Inc.* | 121 | 16,739 | ||||||
National Presto Industries, Inc. | 37 | 2,708 | ||||||
NOW, Inc.* | 773 | 8,008 | ||||||
NV5 Global, Inc.* | 91 | 10,080 | ||||||
OPENLANE, Inc.* | 790 | 12,024 | ||||||
PGT Innovations, Inc.* | 425 | 12,389 | ||||||
Pitney Bowes, Inc. | 1,181 | 4,181 | ||||||
Powell Industries, Inc. | 66 | 3,999 | ||||||
Proto Labs, Inc.* | 190 | 6,642 | ||||||
Quanex Building Products Corp. | 241 | 6,471 | ||||||
Resideo Technologies, Inc.* | 1,064 | 18,790 | ||||||
Resources Connection, Inc. | 231 | 3,629 | ||||||
RXO, Inc.* | 845 | 19,156 | ||||||
SkyWest, Inc.* | 322 | 13,112 | ||||||
SPX Technologies, Inc.* | 329 | 27,955 | ||||||
Standex International Corp. | 87 | 12,308 | ||||||
Sun Country Airlines Hldgs., Inc.* | 264 | 5,935 | ||||||
SunPower Corp. Cl A* | 619 | 6,066 | ||||||
Tennant Co. | 134 | 10,869 | ||||||
Titan International, Inc.* | 370 | 4,248 | ||||||
Trinity Industries, Inc. | 587 | 15,092 | ||||||
Triumph Group, Inc.* | 470 | 5,814 | ||||||
TrueBlue, Inc.* | 225 | 3,985 | ||||||
TTEC Hldgs., Inc. | 137 | 4,636 | ||||||
UniFirst Corp. | 110 | 17,051 | ||||||
Veritiv Corp. | 98 | 12,310 | ||||||
Verra Mobility Corp. Cl A* | 1,011 | 19,937 | ||||||
Viad Corp.* | 151 | 4,059 | ||||||
Wabash National Corp. | 344 | 8,820 | ||||||
|
| |||||||
1,267,683 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (13.9%) | ||||||||
8x8, Inc.* | 817 | 3,456 | ||||||
A10 Networks, Inc. | 465 | 6,784 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Adeia, Inc. | 769 | $ | 8,467 | |||||
ADTRAN Hldgs., Inc. | 518 | 5,455 | ||||||
Advanced Energy Industries, Inc. | 272 | 30,314 | ||||||
Agilysys, Inc.* | 144 | 9,884 | ||||||
Alarm.com Hldgs., Inc.* | 361 | 18,656 | ||||||
Alpha & Omega Semiconductor Ltd.* | 161 | 5,281 | ||||||
Arlo Technologies, Inc.* | 663 | 7,233 | ||||||
Avid Technology, Inc.* | 242 | 6,171 | ||||||
Axcelis Technologies, Inc.* | 237 | 43,449 | ||||||
Badger Meter, Inc. | 212 | 31,283 | ||||||
Benchmark Electronics, Inc. | 258 | 6,664 | ||||||
Cerence, Inc.* | 292 | 8,535 | ||||||
CEVA, Inc.* | 170 | 4,343 | ||||||
Clearfield, Inc.* | 92 | 4,356 | ||||||
Cohu, Inc.* | 344 | 14,297 | ||||||
Consensus Cloud Solutions, Inc.* | 127 | 3,937 | ||||||
Corsair Gaming, Inc.* | 295 | 5,233 | ||||||
CTS Corp. | 228 | 9,720 | ||||||
Digi International, Inc.* | 260 | 10,241 | ||||||
Digital Turbine, Inc.* | 653 | 6,060 | ||||||
Diodes, Inc.* | 331 | 30,614 | ||||||
DoubleVerify Hldgs., Inc.* | 637 | 24,792 | ||||||
Ebix, Inc. | 170 | 4,284 | ||||||
ePlus, Inc.* | 195 | 10,978 | ||||||
Extreme Networks, Inc.* | 933 | 24,305 | ||||||
Fabrinet* | 263 | 34,158 | ||||||
FormFactor, Inc.* | 558 | 19,095 | ||||||
Harmonic, Inc.* | 805 | 13,017 | ||||||
Ichor Hldgs. Ltd.* | 210 | 7,875 | ||||||
Insight Enterprises, Inc.* | 210 | 30,731 | ||||||
InterDigital, Inc. | 194 | 18,731 | ||||||
Itron, Inc.* | 329 | 23,721 | ||||||
Knowles Corp.* | 661 | 11,938 | ||||||
Kulicke & Soffa Industries, Inc. | 409 | 24,315 | ||||||
LiveRamp Hldgs., Inc.* | 468 | 13,366 | ||||||
MaxLinear, Inc. Cl A* | 533 | 16,821 | ||||||
Methode Electronics, Inc. | 261 | 8,749 | ||||||
N-able, Inc.* | 487 | 7,018 | ||||||
NETGEAR, Inc.* | 210 | 2,974 | ||||||
NetScout Systems, Inc.* | 488 | 15,104 | ||||||
OneSpan, Inc.* | 257 | 3,814 | ||||||
Onto Innovation, Inc.* | 354 | 41,230 | ||||||
OSI Systems, Inc.* | 113 | 13,315 | ||||||
PC Connection, Inc. | 82 | 3,698 | ||||||
PDF Solutions, Inc.* | 217 | 9,787 | ||||||
Perficient, Inc.* | 252 | 20,999 | ||||||
Photronics, Inc.* | 452 | 11,657 | ||||||
Plexus Corp.* | 200 | 19,648 | ||||||
Progress Software Corp. | 313 | 18,185 | ||||||
Rambus, Inc.* | 787 | 50,502 | ||||||
Rogers Corp.* | 135 | 21,861 | ||||||
Sanmina Corp.* | 422 | 25,434 | ||||||
ScanSource, Inc.* | 180 | 5,321 |
The accompanying notes are an integral part of these portfolio schedules.
51
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INFORMATION TECHNOLOGY (CONTINUED) | ||||||||
Semtech Corp.* | 463 | $ | 11,788 | |||||
SiTime Corp.* | 118 | 13,920 | ||||||
SMART Global Hldgs., Inc.* | 355 | 10,299 | ||||||
SPS Commerce, Inc.* | 264 | 50,704 | ||||||
TTM Technologies, Inc.* | 742 | 10,314 | ||||||
Ultra Clean Hldgs., Inc.* | 323 | 12,423 | ||||||
Veeco Instruments, Inc.* | 374 | 9,604 | ||||||
Viasat, Inc.* | 552 | 22,775 | ||||||
Viavi Solutions, Inc.* | 1,608 | 18,219 | ||||||
Xperi, Inc.* | 308 | 4,050 | ||||||
|
| |||||||
1,001,952 | ||||||||
|
| |||||||
MATERIALS (5.6%) | ||||||||
AdvanSix, Inc. | 200 | 6,996 | ||||||
American Vanguard Corp. | 200 | 3,574 | ||||||
Arconic Corp.* | 725 | 21,446 | ||||||
ATI, Inc.* | 929 | 41,090 | ||||||
Balchem Corp. | 233 | 31,411 | ||||||
Carpenter Technology Corp. | 351 | 19,702 | ||||||
Century Aluminum Co.* | 374 | 3,261 | ||||||
Clearwater Paper Corp.* | 123 | 3,852 | ||||||
Compass Minerals International, Inc. | 247 | 8,398 | ||||||
FutureFuel Corp. | 187 | 1,655 | ||||||
Hawkins, Inc. | 137 | 6,534 | ||||||
Haynes International, Inc. | 92 | 4,676 | ||||||
HB Fuller Co. | 389 | 27,817 | ||||||
Ingevity Corp.* | 246 | 14,307 | ||||||
Innospec, Inc. | 180 | 18,079 | ||||||
Kaiser Aluminum Corp. | 116 | 8,310 | ||||||
Koppers Hldgs., Inc. | 151 | 5,149 | ||||||
Livent Corp.* | 1,299 | 35,632 | ||||||
Materion Corp. | 149 | 17,016 | ||||||
Mativ Hldgs., Inc. | 397 | 6,003 | ||||||
Mercer International, Inc. | 293 | 2,365 | ||||||
Minerals Technologies, Inc. | 236 | 13,615 | ||||||
Myers Industries, Inc. | 266 | 5,168 | ||||||
O-I Glass, Inc.* | 1,122 | 23,932 | ||||||
Olympic Steel, Inc. | 70 | 3,430 | ||||||
Quaker Chemical Corp. | 99 | 19,295 | ||||||
Stepan Co. | 154 | 14,716 | ||||||
SunCoke Energy, Inc. | 605 | 4,761 | ||||||
Sylvamo Corp. | 231 | 9,344 | ||||||
TimkenSteel Corp.* | 283 | 6,104 | ||||||
Trinseo PLC | 254 | 3,218 | ||||||
Warrior Met Coal, Inc. | 376 | 14,645 | ||||||
|
| |||||||
405,501 | ||||||||
|
| |||||||
REAL ESTATE (7.6%) | ||||||||
Acadia Realty Trust | 688 | 9,900 | ||||||
Alexander & Baldwin, Inc. | 525 | 9,754 | ||||||
American Assets Trust, Inc. | 378 | 7,258 | ||||||
Anywhere Real Estate, Inc.* | 798 | 5,331 | ||||||
Armada Hoffler Properties, Inc. | 491 | 5,735 | ||||||
Brandywine Realty Trust | 1,243 | 5,780 | ||||||
CareTrust REIT, Inc. | 719 | 14,279 | ||||||
Centerspace | 109 | 6,688 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
Chatham Lodging Trust | 354 | $ | 3,313 | |||||
Community Healthcare Trust, Inc. | 176 | 5,812 | ||||||
Cushman & Wakefield PLC* | 1,182 | 9,669 | ||||||
DiamondRock Hospitality Co. | 1,516 | 12,143 | ||||||
Douglas Emmett, Inc. | 1,227 | 15,423 | ||||||
Easterly Government Properties, Inc. Cl A | 675 | 9,787 | ||||||
Elme Communities | 634 | 10,423 | ||||||
Essential Properties Realty Trust, Inc. | 1,075 | 25,305 | ||||||
eXp World Hldgs., Inc. | 532 | 10,789 | ||||||
Four Corners Property Trust, Inc. | 628 | 15,951 | ||||||
Getty Realty Corp. | 325 | 10,991 | ||||||
Global Net Lease, Inc. | 751 | 7,720 | ||||||
Hudson Pacific Properties, Inc. | 927 | 3,912 | ||||||
Innovative Industrial Properties, Inc. Cl A | 203 | 14,821 | ||||||
JBG SMITH Properties | 701 | 10,543 | ||||||
Kennedy-Wilson Hldgs., Inc. | 857 | 13,995 | ||||||
LTC Properties, Inc. | 300 | 9,906 | ||||||
LXP Industrial Trust | 2,114 | 20,611 | ||||||
Macerich Co. | 1,554 | 17,514 | ||||||
Marcus & Millichap, Inc. | 176 | 5,546 | ||||||
NexPoint Residential Trust, Inc. | 166 | 7,550 | ||||||
Office Properties Income Trust | 351 | 2,703 | ||||||
Orion Office REIT, Inc. | 410 | 2,710 | ||||||
Outfront Media, Inc. | 1,062 | 16,695 | ||||||
Pebblebrook Hotel Trust | 890 | 12,407 | ||||||
Phillips Edison & Co., Inc. | 847 | 28,866 | ||||||
RE/MAX Hldgs., Inc. Cl A | 131 | 2,523 | ||||||
Retail Opportunity Investments Corp. | 911 | 12,308 | ||||||
RPT Realty | 627 | 6,552 | ||||||
Safehold, Inc. | 292 | 6,929 | ||||||
Saul Centers, Inc. | 94 | 3,462 | ||||||
Service Properties Trust | 1,196 | 10,393 | ||||||
SITE Centers Corp. | 1,316 | 17,398 | ||||||
SL Green Realty Corp. | 466 | 14,003 | ||||||
St Joe Co. | 245 | 11,843 | ||||||
Summit Hotel Properties, Inc. | 777 | 5,058 | ||||||
Sunstone Hotel Investors, Inc. | 1,497 | 15,150 | ||||||
Tanger Factory Outlet Centers, Inc. | 761 | 16,795 | ||||||
Uniti Group, Inc. | 1,724 | 7,965 | ||||||
Universal Health Realty Income Trust | 92 | 4,377 | ||||||
Urban Edge Properties | 850 | 13,116 | ||||||
Urstadt Biddle Properties, Inc. Cl A | 210 | 4,465 | ||||||
Veris Residential, Inc.* | 577 | 9,261 | ||||||
Whitestone REIT Cl B | 336 | 3,259 | ||||||
Xenia Hotels & Resorts, Inc. | 792 | 9,750 | ||||||
|
| |||||||
544,437 | ||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
52
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — SMALL CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
UTILITIES (2.0%) | ||||||||
American States Water Co. | 268 | $ | 23,316 | |||||
Avista Corp. | 548 | 21,520 | ||||||
California Water Service Group | 405 | 20,910 | ||||||
Chesapeake Utilities Corp. | 129 | 15,351 | ||||||
Middlesex Water Co. | 128 | 10,325 | ||||||
Northwest Natural Hldg. Co. | 260 | 11,193 | ||||||
Otter Tail Corp. | 302 | 23,846 | ||||||
SJW Group | 200 | 14,022 | ||||||
Unitil Corp. | 117 | 5,933 | ||||||
|
| |||||||
146,416 | ||||||||
|
| |||||||
TOTAL INDEXED ASSETS-COMMON STOCKS | ||||||||
(Cost: $7,433,346) 100.1% | 7,207,965 | |||||||
|
| |||||||
TOTAL INVESTMENTS | ||||||||
(Cost: $7,433,346) 100.1% | 7,207,965 | |||||||
|
| |||||||
OTHER NET ASSETS -0.1% | (8,462 | ) | ||||||
|
| |||||||
NET ASSETS 100.0% | $ | 7,199,503 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
53
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (2.3%) | ||||||||
Take-Two Interactive Software, Inc.* | 356 | $ | 52,389 | |||||
Warner Bros Discovery, Inc.* | 3,467 | 43,476 | ||||||
|
| |||||||
95,865 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (5.0%) | ||||||||
Capri Hldgs. Ltd.* | 1,170 | 41,991 | ||||||
Marriott Vacations Worldwide Corp. | 468 | 57,433 | ||||||
Ollie’s Bargain Outlet Hldgs., Inc.* | 531 | 30,761 | ||||||
Taylor Morrison Home Corp. Cl A* | 1,168 | 56,963 | ||||||
Williams-Sonoma, Inc. | 164 | 20,523 | ||||||
|
| |||||||
207,671 | ||||||||
|
| |||||||
CONSUMER STAPLES (3.2%) | ||||||||
Constellation Brands, Inc. Cl A | 183 | 45,042 | ||||||
TreeHouse Foods, Inc.* | 1,782 | 89,777 | ||||||
|
| |||||||
134,819 | ||||||||
|
| |||||||
ENERGY (6.2%) | ||||||||
Baker Hughes Co. Cl A | 3,336 | 105,451 | ||||||
Devon Energy Corp. | 1,388 | 67,096 | ||||||
Hess Corp. | 162 | 22,024 | ||||||
MPLX LP* | 867 | 29,426 | ||||||
Williams Cos., Inc. | 1,095 | 35,730 | ||||||
|
| |||||||
259,727 | ||||||||
|
| |||||||
FINANCIALS (15.4%) | ||||||||
American Financial Group, Inc. | 732 | 86,925 | ||||||
Ameriprise Financial, Inc. | 267 | 88,687 | ||||||
Discover Financial Svcs. | 353 | 41,248 | ||||||
Euronet Worldwide, Inc.* | 741 | 86,971 | ||||||
Everest Re Group Ltd. | 174 | 59,483 | ||||||
Fifth Third Bancorp | 1,823 | 47,781 | ||||||
Hartford Financial Svcs. Group, Inc. | 595 | 42,852 | ||||||
KeyCorp. | 2,655 | 24,532 | ||||||
M&T Bank Corp. | 167 | 20,668 | ||||||
Reinsurance Group of America, Inc. | 314 | 43,549 | ||||||
Starwood Property Trust, Inc. | 2,178 | 42,253 | ||||||
Synchrony Financial | 754 | 25,576 | ||||||
Voya Financial, Inc. | 494 | 35,425 | ||||||
|
| |||||||
645,950 | ||||||||
|
| |||||||
HEALTH CARE (7.3%) | ||||||||
Agilent Technologies, Inc. | 349 | 41,967 | ||||||
Biogen, Inc.* | 90 | 25,637 | ||||||
Centene Corp.* | 598 | 40,335 | ||||||
Envista Hldgs. Corp.* | 1,337 | 45,244 | ||||||
Humana, Inc. | 70 | 31,299 | ||||||
Syneos Health, Inc. Cl A* | 746 | 31,437 | ||||||
Zimmer Biomet Hldgs., Inc. | 617 | 89,835 | ||||||
|
| |||||||
305,754 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (20.5%) | ||||||||
Alaska Air Group, Inc.* | 922 | $ | 49,032 | |||||
Builders FirstSource, Inc.* | 329 | 44,744 | ||||||
Carlisle Cos., Inc. | 217 | 55,667 | ||||||
Clean Harbors, Inc.* | 488 | 80,242 | ||||||
Crane Co. | 993 | 88,496 | ||||||
Crane NXT Co. | 903 | 50,966 | ||||||
Dover Corp. | 273 | 40,309 | ||||||
Jacobs Solutions, Inc. | 589 | 70,026 | ||||||
KBR, Inc. | 1,052 | 68,443 | ||||||
L-3 Harris Technologies, Inc. | 256 | 50,117 | ||||||
Mueller Industries, Inc. | 815 | 71,133 | ||||||
Oshkosh Corp. | 453 | 39,225 | ||||||
Stanley Black & Decker, Inc. | 451 | 42,263 | ||||||
Univar Solutions, Inc.* | 3,089 | 110,710 | ||||||
|
| |||||||
861,373 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (7.8%) | ||||||||
Ciena Corp.* | 961 | 40,833 | ||||||
DXC Technology Co.* | 3,642 | 97,314 | ||||||
MKS Instruments, Inc. | 317 | 34,268 | ||||||
PTC, Inc.* | 151 | 21,487 | ||||||
Teledyne Technologies, Inc.* | 146 | 60,022 | ||||||
Teradyne, Inc. | 371 | 41,304 | ||||||
Viasat, Inc.* | 790 | 32,595 | ||||||
|
| |||||||
327,823 | ||||||||
|
| |||||||
MATERIALS (10.1%) | ||||||||
Ashland, Inc. | 1,084 | 94,210 | ||||||
Axalta Coating Systems Ltd.* | 786 | 25,789 | ||||||
Crown Hldgs., Inc. | 1,384 | 120,228 | ||||||
FMC Corp. | 234 | 24,416 | ||||||
Freeport-McMoRan, Inc. | 661 | 26,440 | ||||||
Newmont Corp. | 601 | 25,639 | ||||||
Packaging Corp. of America | 467 | 61,719 | ||||||
Steel Dynamics, Inc. | 408 | 44,443 | ||||||
|
| |||||||
422,884 | ||||||||
|
| |||||||
REAL ESTATE (11.0%) | ||||||||
Alexander’s, Inc. | 48 | 8,825 | ||||||
Americold Realty Trust, Inc. | 970 | 31,331 | ||||||
Apartment Income REIT Corp. | 1,785 | 64,421 | ||||||
AvalonBay Communities, Inc. | 330 | 62,459 | ||||||
Brandywine Realty Trust | 2,345 | 10,904 | ||||||
Gaming & Leisure Properties, Inc. | 1,283 | 62,174 | ||||||
Healthcare Realty Trust, Inc. Cl A | 1,660 | 31,308 | ||||||
Healthpeak Properties, Inc. | 2,070 | 41,607 | ||||||
Kilroy Realty Corp. | 352 | 10,592 | ||||||
Ventas, Inc. | 660 | 31,198 | ||||||
Welltower, Inc. | 567 | 45,865 | ||||||
Weyerhaeuser Co. | 1,797 | 60,217 | ||||||
|
| |||||||
460,901 | ||||||||
|
| |||||||
UTILITIES (8.9%) | ||||||||
AES Corp. | 1,764 | 36,568 | ||||||
Ameren Corp. | 774 | 63,212 | ||||||
Atmos Energy Corp. | 313 | 36,414 |
The accompanying notes are an integral part of these portfolio schedules.
54
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
UTILITIES (CONTINUED) | ||||||||
Entergy Corp. | 451 | $ | 43,914 | |||||
Evergy, Inc. | 1,542 | 90,084 | ||||||
PPL Corp. | 1,213 | 32,096 | ||||||
Public Svc. Enterprise Group, Inc. | 1,153 | 72,189 | ||||||
|
| |||||||
374,477 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $4,202,918) 97.7% | 4,097,244 | |||||||
|
|
Rate(%) | Maturity | Face Amount | Value | |||||||||||||||||
TEMPORARY CASH INVESTMENT (2.6%) | ||||||||||||||||||||
Citibank, New York Time Deposit | 4.32 | 07/03/23 | $ | 107,342 | $ | 107,342 | ||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 107,342 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 4,204,586 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS -0.3% |
| (11,014 | ) | |||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 4,193,572 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
55
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS: | ||||||||
COMMON STOCKS: | ||||||||
COMMUNICATION SERVICES (2.0%) | ||||||||
Cable One, Inc. | 100 | $ | 65,708 | |||||
Frontier Communications Parent, Inc.* | 4,728 | 88,130 | ||||||
Iridium Communications, Inc. | 2,667 | 165,674 | ||||||
New York Times Co. Cl A | 3,470 | 136,649 | ||||||
Nexstar Media Group, Inc. Cl A | 760 | 126,578 | ||||||
TEGNA, Inc. | 4,765 | 77,384 | ||||||
TripAdvisor, Inc.* | 2,246 | 37,036 | ||||||
World Wrestling Entertainment, Inc. Cl A | 919 | 99,684 | ||||||
Ziff Davis, Inc.* | 1,002 | 70,200 | ||||||
ZoomInfo Technologies, Inc. Cl A* | 5,707 | 144,901 | ||||||
|
| |||||||
1,011,944 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (14.5%) | ||||||||
Adient PLC* | 2,006 | 76,870 | ||||||
Aramark | 5,519 | 237,593 | ||||||
Autoliv, Inc. | 1,636 | 139,125 | ||||||
AutoNation, Inc.* | 667 | 109,795 | ||||||
Boyd Gaming Corp. | 1,626 | 112,796 | ||||||
Brunswick Corp. | 1,498 | 129,787 | ||||||
Capri Hldgs. Ltd.* | 2,662 | 95,539 | ||||||
Carter’s, Inc. | 799 | 58,007 | ||||||
Choice Hotels International, Inc. | 562 | 66,046 | ||||||
Churchill Downs, Inc. | 1,396 | 194,281 | ||||||
Columbia Sportswear Co. | 749 | 57,853 | ||||||
Crocs, Inc.* | 1,314 | 147,746 | ||||||
Deckers Outdoor Corp.* | 559 | 294,962 | ||||||
Dick’s Sporting Goods, Inc. | 1,302 | 172,111 | ||||||
Five Below, Inc.* | 1,179 | 231,721 | ||||||
Foot Locker, Inc. | 1,682 | 45,599 | ||||||
Fox Factory Hldg. Corp.* | 896 | 97,225 | ||||||
GameStop Corp. Cl A* | 5,356 | 129,883 | ||||||
Gap, Inc. | 4,518 | 40,346 | ||||||
Gentex Corp. | 4,949 | 144,808 | ||||||
Goodyear Tire & Rubber Co.* | 6,002 | 82,107 | ||||||
Graham Hldgs. Co. Cl B | 81 | 46,290 | ||||||
Grand Canyon Education, Inc.* | 651 | 67,190 | ||||||
H&R Block, Inc. | 3,225 | 102,781 | ||||||
Harley-Davidson, Inc. | 2,771 | 97,567 | ||||||
Helen of Troy Ltd.* | 509 | 54,982 | ||||||
Hilton Grand Vacations, Inc.* | 1,628 | 73,976 | ||||||
KB Home | 1,700 | 87,907 | ||||||
Kohl’s Corp. | 2,345 | 54,052 | ||||||
Lear Corp. | 1,250 | 179,437 | ||||||
Leggett & Platt, Inc. | 2,819 | 83,499 | ||||||
Light & Wonder, Inc. Cl A* | 1,930 | 132,707 | ||||||
Lithia Motors, Inc. Cl A | 583 | 177,296 | ||||||
Macy’s, Inc. | 5,767 | 92,560 | ||||||
Marriott Vacations Worldwide Corp. | 780 | 95,722 | ||||||
Mattel, Inc.* | 7,495 | 146,452 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER DISCRETIONARY (CONTINUED) | ||||||||
Murphy USA, Inc. | 425 | $ | 132,222 | |||||
Nordstrom, Inc. | 2,393 | 48,985 | ||||||
Ollie’s Bargain Outlet Hldgs., Inc.* | 1,219 | 70,617 | ||||||
Papa John’s International, Inc. | 630 | 46,513 | ||||||
Penn Entertainment, Inc.* | 3,264 | 78,434 | ||||||
Planet Fitness, Inc. Cl A* | 1,798 | 121,257 | ||||||
Polaris, Inc. | 1,133 | 137,014 | ||||||
PVH Corp. | 1,330 | 113,010 | ||||||
RH* | 379 | 124,915 | ||||||
Service Corp. International | 3,201 | 206,753 | ||||||
Skechers U.S.A., Inc. Cl A* | 2,844 | 149,765 | ||||||
Taylor Morrison Home Corp. Cl A* | 2,311 | 112,707 | ||||||
Tempur Sealy International, Inc. | 3,644 | 146,015 | ||||||
Texas Roadhouse, Inc. Cl A | 1,419 | 159,325 | ||||||
Thor Industries, Inc. | 1,134 | 117,369 | ||||||
Toll Brothers, Inc. | 2,181 | 172,452 | ||||||
TopBuild Corp.* | 673 | 179,031 | ||||||
Topgolf Callaway Brands Corp.* | 2,948 | 58,518 | ||||||
Travel + Leisure Co. | 1,616 | 65,189 | ||||||
Under Armour, Inc. Cl A* | 3,996 | 28,851 | ||||||
Under Armour, Inc. Cl C* | 4,015 | 26,941 | ||||||
Valvoline, Inc. | 2,943 | 110,392 | ||||||
Visteon Corp.* | 601 | 86,310 | ||||||
Wendy’s Co. | 3,570 | 77,647 | ||||||
Williams-Sonoma, Inc. | 1,391 | 174,070 | ||||||
Wingstop, Inc. | 635 | 127,102 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,819 | 124,729 | ||||||
YETI Hldgs., Inc.* | 1,835 | 71,271 | ||||||
|
| |||||||
7,224,022 | ||||||||
|
| |||||||
CONSUMER STAPLES (4.2%) | ||||||||
BellRing Brands, Inc.* | 2,812 | 102,919 | ||||||
BJ’s Wholesale Club Hldgs., Inc.* | 2,846 | 179,326 | ||||||
Boston Beer Co., Inc. Cl A* | 199 | 61,380 | ||||||
Casey’s General Stores, Inc. | 789 | 192,421 | ||||||
Celsius Hldgs., Inc.* | 862 | 128,602 | ||||||
Coca-Cola Consolidated, Inc. | 98 | 62,330 | ||||||
Coty, Inc. Cl A* | 7,765 | 95,432 | ||||||
Darling Ingredients, Inc.* | 3,379 | 215,546 | ||||||
Energizer Hldgs., Inc. | 1,408 | 47,281 | ||||||
Flowers Foods, Inc. | 4,082 | 101,560 | ||||||
Grocery Outlet Hldg. Corp.* | 1,894 | 57,975 | ||||||
Ingredion, Inc. | 1,398 | 148,118 | ||||||
Lancaster Colony Corp. | 420 | 84,458 | ||||||
Performance Food Group Co.* | 3,307 | 199,214 | ||||||
Pilgrim’s Pride Corp.* | 953 | 20,480 | ||||||
Post Hldgs., Inc.* | 1,134 | 98,261 |
The accompanying notes are an integral part of these portfolio schedules.
56
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
CONSUMER STAPLES (CONTINUED) | ||||||||
Sprouts Farmers Market, Inc.* | 2,182 | $ | 80,145 | |||||
US Foods Hldg. Corp.* | 4,798 | 211,112 | ||||||
|
| |||||||
2,086,560 | ||||||||
|
| |||||||
ENERGY (4.1%) | ||||||||
Antero Midstream Corp. | 7,110 | 82,476 | ||||||
Antero Resources Corp.* | 5,847 | 134,656 | ||||||
ChampionX Corp. | 4,192 | 130,120 | ||||||
Chord Energy Corp. | 880 | 135,344 | ||||||
CNX Resources Corp.* | 3,506 | 62,126 | ||||||
DT Midstream, Inc. | 2,052 | 101,718 | ||||||
Equitrans Midstream Corp. | 9,173 | 87,694 | ||||||
HF Sinclair Corp. | 2,729 | 121,741 | ||||||
Matador Resources Co. | 2,398 | 125,463 | ||||||
Murphy Oil Corp. | 3,107 | 118,998 | ||||||
NOV, Inc. | 8,337 | 133,725 | ||||||
Ovintiv, Inc. | 5,177 | 197,088 | ||||||
PBF Energy, Inc. Cl A | 2,323 | 95,104 | ||||||
PDC Energy, Inc. | 1,852 | 131,751 | ||||||
Range Resources Corp. | 5,109 | 150,205 | ||||||
Southwestern Energy Co.* | 23,319 | 140,147 | ||||||
Valaris Ltd.* | 1,274 | 80,173 | ||||||
|
| |||||||
2,028,529 | ||||||||
|
| |||||||
FINANCIALS (14.2%) | ||||||||
Affiliated Managers Group, Inc. | 765 | 114,666 | ||||||
American Financial Group, Inc. | 1,479 | 175,631 | ||||||
Annaly Capital Management, Inc. | 10,457 | 209,245 | ||||||
Associated Banc-Corp. | 3,195 | 51,855 | ||||||
Bank OZK | 2,283 | 91,685 | ||||||
Brighthouse Financial, Inc.* | 1,416 | 67,048 | ||||||
Cadence Bank | 3,869 | 75,987 | ||||||
Cathay General Bancorp | 1,536 | 49,444 | ||||||
CNO Financial Group, Inc. | 2,426 | 57,423 | ||||||
Columbia Banking System, Inc. | 4,414 | 89,516 | ||||||
Commerce Bancshares, Inc. | 2,404 | 117,075 | ||||||
Cullen/Frost Bankers, Inc. | 1,364 | 146,671 | ||||||
East West Bancorp, Inc. | 2,996 | 158,159 | ||||||
Essent Group Ltd. | 2,272 | 106,330 | ||||||
Euronet Worldwide, Inc.* | 999 | 117,253 | ||||||
Evercore, Inc. Cl A | 747 | 92,322 | ||||||
Federated Hermes, Inc. Cl B | 1,801 | 64,566 | ||||||
First American Financial Corp. | 2,186 | 124,646 | ||||||
First Financial Bankshares, Inc. | 2,751 | 78,376 | ||||||
First Horizon Corp. | 11,388 | 128,343 | ||||||
FirstCash Hldgs., Inc. | 780 | 72,797 | ||||||
FNB Corp. | 7,646 | 87,470 | ||||||
Glacier Bancorp, Inc. | 2,348 | 73,187 | ||||||
Hancock Whitney Corp. | 1,823 | 69,967 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
FINANCIALS (CONTINUED) | ||||||||
Hanover Insurance Group, Inc. | 757 | $ | 85,564 | |||||
Home BancShares, Inc. | 3,994 | 91,063 | ||||||
Interactive Brokers Group, Inc. Cl A | 2,181 | 181,176 | ||||||
International Bancshares Corp. | 1,118 | 49,416 | ||||||
iShares Core S&P Mid-Cap ETF | 2,233 | 583,885 | ||||||
Janus Henderson Group PLC | 2,807 | 76,491 | ||||||
Jefferies Financial Group, Inc. | 3,953 | 131,121 | ||||||
Kemper Corp. | 1,355 | 65,392 | ||||||
Kinsale Capital Group, Inc. | 461 | 172,506 | ||||||
MGIC Investment Corp. | 6,069 | 95,829 | ||||||
New York Community Bancorp, Inc. | 15,290 | 171,860 | ||||||
Old National Bancorp | 6,196 | 86,372 | ||||||
Old Republic International Corp. | 5,766 | 145,130 | ||||||
Pinnacle Financial Partners, Inc. | 1,625 | 92,056 | ||||||
Primerica, Inc. | 768 | 151,880 | ||||||
Prosperity Bancshares, Inc. | 1,996 | 112,734 | ||||||
Reinsurance Group of America, Inc. Cl A | 1,409 | 195,414 | ||||||
RenaissanceRe Hldgs. Ltd. | 1,064 | 198,457 | ||||||
RLI Corp. | 859 | 117,228 | ||||||
SEI Investments Co. | 2,146 | 127,944 | ||||||
Selective Insurance Group, Inc. | 1,281 | 122,912 | ||||||
SLM Corp. | 5,133 | 83,771 | ||||||
SouthState Corp. | 1,608 | 105,806 | ||||||
Starwood Property Trust, Inc. | 6,609 | 128,215 | ||||||
Stifel Financial Corp. | 2,248 | 134,138 | ||||||
Synovus Financial Corp. | 3,094 | 93,593 | ||||||
Texas Capital Bancshares, Inc.* | 1,014 | 52,221 | ||||||
UMB Financial Corp. | 925 | 56,332 | ||||||
United Bankshares, Inc. | 2,850 | 84,559 | ||||||
Unum Group | 3,923 | 187,127 | ||||||
Valley National Bancorp | 8,926 | 69,176 | ||||||
Voya Financial, Inc. | 2,081 | 149,228 | ||||||
Webster Financial Corp. | 3,701 | 139,713 | ||||||
Western Union Co. | 7,929 | 93,007 | ||||||
WEX, Inc.* | 908 | 165,320 | ||||||
Wintrust Financial Corp. | 1,296 | 94,116 | ||||||
|
| |||||||
7,110,414 | ||||||||
|
| |||||||
HEALTH CARE (9.2%) | ||||||||
Acadia Healthcare Co., Inc.* | 1,949 | 155,218 | ||||||
Amedisys, Inc.* | 690 | 63,094 | ||||||
Arrowhead Pharmaceuticals, Inc.* | 2,264 | 80,734 | ||||||
Azenta, Inc.* | 1,380 | 64,418 | ||||||
Bruker Corp. | 2,113 | 156,193 |
The accompanying notes are an integral part of these portfolio schedules.
57
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
HEALTH CARE (CONTINUED) | ||||||||
Chemed Corp. | 319 | $ | 172,793 | |||||
Doximity, Inc. Cl A* | 2,513 | 85,492 | ||||||
Encompass Health Corp. | 2,123 | 143,748 | ||||||
Enovis Corp.* | 1,016 | 65,146 | ||||||
Envista Hldgs. Corp.* | 3,467 | 117,323 | ||||||
Exelixis, Inc.* | 6,895 | 131,764 | ||||||
Globus Medical, Inc. Cl A* | 1,691 | 100,682 | ||||||
Haemonetics Corp.* | 1,069 | 91,015 | ||||||
Halozyme Therapeutics, Inc.* | 2,789 | 100,599 | ||||||
HealthEquity, Inc.* | 1,810 | 114,283 | ||||||
ICU Medical, Inc.* | 429 | 76,444 | ||||||
Inari Medical, Inc.* | 1,089 | 63,315 | ||||||
Integra LifeSciences Hldgs. Corp.* | 1,509 | 62,065 | ||||||
Jazz Pharmaceuticals PLC* | 1,356 | 168,103 | ||||||
Lantheus Hldgs., Inc.* | 1,447 | 121,432 | ||||||
LivaNova PLC* | 1,139 | 58,579 | ||||||
Masimo Corp.* | 1,029 | 169,322 | ||||||
Medpace Hldgs., Inc.* | 524 | 125,849 | ||||||
Neogen Corp.* | 4,579 | 99,593 | ||||||
Neurocrine Biosciences, Inc.* | 2,067 | 194,918 | ||||||
Omnicell, Inc.* | 955 | 70,355 | ||||||
Option Care Health, Inc.* | 3,502 | 113,780 | ||||||
Patterson Cos., Inc. | 1,842 | 61,265 | ||||||
Penumbra, Inc.* | 810 | 278,689 | ||||||
Perrigo Co. PLC | 2,866 | 97,301 | ||||||
Progyny, Inc.* | 1,620 | 63,731 | ||||||
QuidelOrtho Corp.* | 1,143 | 94,709 | ||||||
R1 RCM, Inc.* | 2,923 | 53,929 | ||||||
Repligen Corp.* | 1,097 | 155,182 | ||||||
Shockwave Medical, Inc.* | 776 | 221,478 | ||||||
Sotera Health Co.* | 2,094 | 39,451 | ||||||
STAAR Surgical Co.* | 1,024 | 53,832 | ||||||
Syneos Health, Inc. Cl A* | 2,195 | 92,497 | ||||||
Tenet Healthcare Corp.* | 2,159 | 175,699 | ||||||
United Therapeutics Corp.* | 991 | 218,763 | ||||||
|
| |||||||
4,572,783 | ||||||||
|
| |||||||
INDUSTRIALS (22.2%) | ||||||||
Acuity Brands, Inc. | 674 | 109,916 | ||||||
Advanced Drainage Systems, Inc. | 1,325 | 150,758 | ||||||
AECOM | 2,944 | 249,327 | ||||||
AGCO Corp. | 1,316 | 172,949 | ||||||
ASGN, Inc.* | 1,044 | 78,958 | ||||||
Avis Budget Group, Inc.* | 506 | 115,707 | ||||||
Brink’s Co. | 983 | 66,677 | ||||||
Builders FirstSource, Inc.* | 2,714 | 369,104 | ||||||
BWX Technologies, Inc. | 1,936 | 138,559 | ||||||
CACI International, Inc. Cl A* | 483 | 164,626 | ||||||
Carlisle Cos., Inc. | 1,080 | 277,052 | ||||||
Chart Industries, Inc.* | 889 | 142,053 | ||||||
Clean Harbors, Inc.* | 1,066 | 175,282 | ||||||
Concentrix Corp. | 904 | 72,998 | ||||||
Crane Co. | 1,022 | 91,081 | ||||||
Crane NXT Co. | 1,022 | 57,682 | ||||||
Curtiss-Wright Corp. | 812 | 149,132 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Donaldson Co., Inc. | 2,568 | $ | 160,526 | |||||
EMCOR Group, Inc. | 1,007 | 186,073 | ||||||
EnerSys | 865 | 93,870 | ||||||
Esab Corp. | 1,097 | 72,994 | ||||||
ExlService Hldgs., Inc.* | 704 | 106,346 | ||||||
Exponent, Inc. | 1,077 | 100,506 | ||||||
Flowserve Corp. | 2,777 | 103,166 | ||||||
Fluor Corp.* | 3,033 | 89,777 | ||||||
Fortune Brands Innovations, Inc. | 2,683 | 193,042 | ||||||
FTI Consulting, Inc.* | 720 | 136,944 | ||||||
GATX Corp. | 748 | 96,297 | ||||||
Genpact Ltd. | 3,588 | 134,801 | ||||||
Graco, Inc. | 3,565 | 307,838 | ||||||
GXO Logistics, Inc.* | 2,519 | 158,244 | ||||||
Hertz Global Hldgs., Inc.* | 3,338 | 61,386 | ||||||
Hexcel Corp. | 1,787 | 135,848 | ||||||
Hubbell, Inc. Cl B | 1,135 | 376,321 | ||||||
Insperity, Inc. | 761 | 90,529 | ||||||
ITT, Inc. | 1,745 | 162,651 | ||||||
JetBlue Airways Corp.* | 6,943 | 61,515 | ||||||
KBR, Inc. | 2,874 | 186,982 | ||||||
Kirby Corp.* | 1,271 | 97,803 | ||||||
Knight-Swift Transportation Hldgs., Inc. Cl A | 3,410 | 189,460 | ||||||
Landstar System, Inc. | 761 | 146,523 | ||||||
Lennox International, Inc. | 685 | 223,358 | ||||||
Lincoln Electric Hldgs., Inc. | 1,220 | 242,329 | ||||||
ManpowerGroup, Inc. | 1,068 | 84,799 | ||||||
MasTec, Inc.* | 1,264 | 149,114 | ||||||
Maximus, Inc. | 1,288 | 108,849 | ||||||
MDU Resources Group, Inc. | 4,312 | 90,293 | ||||||
Mercury Systems, Inc.* | 1,233 | 42,649 | ||||||
Middleby Corp.* | 1,134 | 167,639 | ||||||
MSA Safety, Inc. | 782 | 136,037 | ||||||
MSC Industrial Direct Co., Inc. Cl A | 1,001 | 95,375 | ||||||
nVent Electric PLC | 3,508 | 181,258 | ||||||
Oshkosh Corp. | 1,383 | 119,754 | ||||||
Owens Corning | 1,908 | 248,994 | ||||||
Paylocity Hldg. Corp.* | 875 | 161,464 | ||||||
Regal Rexnord Corp. | 1,404 | 216,076 | ||||||
Ryder System, Inc. | 985 | 83,518 | ||||||
Saia, Inc.* | 562 | 192,434 | ||||||
Science Applications International Corp. | 1,144 | 128,677 | ||||||
Simpson Manufacturing Co., Inc. | 904 | 125,204 | ||||||
Stericycle, Inc.* | 1,958 | 90,930 | ||||||
Sunrun, Inc.* | 4,566 | 81,549 | ||||||
Terex Corp. | 1,436 | 85,916 | ||||||
Tetra Tech, Inc. | 1,128 | 184,699 | ||||||
Timken Co. | 1,395 | 127,684 | ||||||
Toro Co. | 2,209 | 224,545 | ||||||
Trex Co., Inc.* | 2,304 | 151,050 | ||||||
UFP Industries, Inc. | 1,315 | 127,621 |
The accompanying notes are an integral part of these portfolio schedules.
58
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
INDUSTRIALS (CONTINUED) | ||||||||
Univar Solutions, Inc.* | 3,341 | $ | 119,741 | |||||
Valmont Industries, Inc. | 446 | 129,808 | ||||||
Vicor Corp.* | 475 | 25,650 | ||||||
Watsco, Inc. | 708 | 270,081 | ||||||
Watts Water Technologies, Inc. Cl A | 581 | 106,747 | ||||||
Werner Enterprises, Inc. | 1,249 | 55,181 | ||||||
WESCO International, Inc. | 955 | 171,002 | ||||||
Woodward, Inc. | 1,272 | 151,254 | ||||||
XPO, Inc.* | 2,454 | 144,786 | ||||||
|
| |||||||
11,077,368 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (10.0%) | ||||||||
ACI Worldwide, Inc.* | 2,294 | 53,152 | ||||||
Allegro MicroSystems, Inc.* | 1,381 | 62,338 | ||||||
Amkor Technology, Inc. | 2,133 | 63,457 | ||||||
Arrow Electronics, Inc.* | 1,197 | 171,446 | ||||||
Aspen Technology, Inc.* | 619 | 103,750 | ||||||
Avnet, Inc. | 1,936 | 97,671 | ||||||
Belden, Inc. | 901 | 86,181 | ||||||
Blackbaud, Inc.* | 959 | 68,262 | ||||||
Calix, Inc.* | 1,221 | 60,940 | ||||||
Ciena Corp.* | 3,159 | 134,226 | ||||||
Cirrus Logic, Inc.* | 1,171 | 94,863 | ||||||
Cognex Corp. | 3,655 | 204,753 | ||||||
Coherent Corp.* | 2,952 | 150,493 | ||||||
CommVault Systems, Inc.* | 932 | 67,682 | ||||||
Dropbox, Inc. Cl A* | 5,758 | 153,566 | ||||||
Dynatrace, Inc.* | 4,591 | 236,299 | ||||||
Envestnet, Inc.* | 1,152 | 68,371 | ||||||
IPG Photonics Corp.* | 662 | 89,913 | ||||||
Jabil, Inc. | 2,810 | 303,283 | ||||||
Kyndryl Hldgs., Inc.* | 4,336 | 57,582 | ||||||
Lattice Semiconductor Corp.* | 2,915 | 280,044 | ||||||
Littelfuse, Inc. | 526 | 153,229 | ||||||
Lumentum Hldgs., Inc.* | 1,455 | 82,542 | ||||||
MACOM Technology Solutions Hldgs., Inc.* | 1,096 | 71,821 | ||||||
Manhattan Associates, Inc.* | 1,314 | 262,642 | ||||||
MKS Instruments, Inc. | 1,216 | 131,449 | ||||||
National Instruments Corp. | 2,785 | 159,859 | ||||||
NCR Corp.* | 2,973 | 74,920 | ||||||
Novanta, Inc.* | 759 | 139,732 | ||||||
Power Integrations, Inc. | 1,215 | 115,024 | ||||||
Qualys, Inc.* | 711 | 91,840 | ||||||
Silicon Laboratories, Inc.* | 678 | 106,948 | ||||||
Super Micro Computer, Inc.* | 967 | 241,025 | ||||||
Synaptics, Inc.* | 837 | 71,463 | ||||||
TD SYNNEX Corp. | 880 | 82,720 | ||||||
Teradata Corp.* | 2,141 | 114,351 | ||||||
Universal Display Corp. | 923 | 133,032 | ||||||
Vishay Intertechnology, Inc. | 2,702 | 79,439 | ||||||
Vontier Corp. | 3,296 | 106,164 | ||||||
Wolfspeed, Inc.* | 2,636 | 146,535 | ||||||
Xerox Hldgs. Corp. | 2,393 | 35,632 | ||||||
|
| |||||||
5,008,639 | ||||||||
|
|
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
MATERIALS (7.1%) | ||||||||
Alcoa Corp. | 3,778 | $ | 128,188 | |||||
AptarGroup, Inc. | 1,388 | 160,814 | ||||||
Ashland, Inc. | 1,029 | 89,430 | ||||||
Avient Corp. | 1,813 | 74,152 | ||||||
Axalta Coating Systems Ltd.* | 4,691 | 153,912 | ||||||
Berry Global Group, Inc. | 2,523 | 162,330 | ||||||
Cabot Corp. | 1,189 | 79,532 | ||||||
Chemours Co. | 3,159 | 116,536 | ||||||
Cleveland-Cliffs, Inc.* | 10,907 | 182,801 | ||||||
Commercial Metals Co. | 2,480 | 130,597 | ||||||
Crown Hldgs., Inc. | 2,542 | 220,824 | ||||||
Eagle Materials, Inc. | 764 | 142,425 | ||||||
Graphic Packaging Hldg. Co. | 6,503 | 156,267 | ||||||
Greif, Inc. Cl A | 550 | 37,889 | ||||||
Knife River Corp.* | 1,078 | 46,893 | ||||||
Louisiana-Pacific Corp. | 1,526 | 114,419 | ||||||
MP Materials Corp.* | 1,956 | 44,753 | ||||||
NewMarket Corp. | 141 | 56,699 | ||||||
Olin Corp. | 2,546 | 130,839 | ||||||
Reliance Steel & Aluminum Co. | 1,245 | 338,130 | ||||||
Royal Gold, Inc. | 1,391 | 159,659 | ||||||
RPM International, Inc. | 2,730 | 244,963 | ||||||
Scotts Miracle-Gro Co. | 867 | 54,352 | ||||||
Sensient Technologies Corp. | 895 | 63,661 | ||||||
Silgan Hldgs., Inc. | 1,775 | 83,230 | ||||||
Sonoco Products Co. | 2,075 | 122,466 | ||||||
United States Steel Corp. | 4,795 | 119,923 | ||||||
Westlake Corp. | 730 | 87,213 | ||||||
Worthington Industries, Inc. | 643 | 44,669 | ||||||
|
| |||||||
3,547,566 | ||||||||
|
| |||||||
REAL ESTATE (7.1%) | ||||||||
Agree Realty Corp. | 1,973 | 129,014 | ||||||
Apartment Income REIT Corp. | 3,160 | 114,044 | ||||||
Brixmor Property Group, Inc. | 6,364 | 140,008 | ||||||
Corporate Office Properties Trust | 2,383 | 56,596 | ||||||
Cousins Properties, Inc. | 3,212 | 73,234 | ||||||
CubeSmart | 4,758 | 212,492 | ||||||
EastGroup Properties, Inc. | 941 | 163,358 | ||||||
EPR Properties | 1,594 | 74,599 | ||||||
First Industrial Realty Trust, Inc. | 2,801 | 147,445 | ||||||
Healthcare Realty Trust, Inc. Cl A | 8,064 | 152,087 | ||||||
Highwoods Properties, Inc. | 2,233 | 53,391 | ||||||
Independence Realty Trust, Inc. | 4,750 | 86,545 | ||||||
Jones Lang LaSalle, Inc.* | 1,012 | 157,670 | ||||||
Kilroy Realty Corp. | 2,232 | 67,161 | ||||||
Kite Realty Group Trust | 4,644 | 103,747 | ||||||
Lamar Advertising Co. Cl A | 1,853 | 183,910 | ||||||
Life Storage, Inc. | 1,802 | 239,594 | ||||||
Medical Properties Trust, Inc. | 12,669 | 117,315 |
The accompanying notes are an integral part of these portfolio schedules.
59
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-CAP EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
REAL ESTATE (CONTINUED) | ||||||||
National Storage Affiliates Trust | 1,739 | $ | 60,569 | |||||
NNN REIT, Inc. | 3,856 | 164,998 | ||||||
Omega Healthcare Investors, Inc. | 4,963 | 152,314 | ||||||
Park Hotels & Resorts, Inc. | 4,566 | 58,536 | ||||||
Physicians Realty Trust | 5,047 | 70,608 | ||||||
PotlatchDeltic Corp. | 1,693 | 89,475 | ||||||
Rayonier, Inc. | 3,139 | 98,565 | ||||||
Rexford Industrial Realty, Inc. | 4,254 | 222,144 | ||||||
Sabra Health Care REIT, Inc. | 4,896 | 57,626 | ||||||
Spirit Realty Capital, Inc. | 2,992 | 117,825 | ||||||
STAG Industrial, Inc. | 3,799 | 136,308 | ||||||
Vornado Realty Trust | 3,413 | 61,912 | ||||||
|
| |||||||
3,563,090 | ||||||||
|
| |||||||
UTILITIES (3.2%) | ||||||||
ALLETE, Inc. | 1,214 | 70,376 | ||||||
Black Hills Corp. | 1,411 | 85,027 | ||||||
Essential Utilities, Inc. | 5,095 | 203,342 |
Shares | Value | |||||||
INDEXED ASSETS (CONTINUED): | ||||||||
COMMON STOCKS (CONTINUED): | ||||||||
UTILITIES (CONTINUED) | ||||||||
Hawaiian Electric Industries, Inc. | 2,321 | $ | 84,020 | |||||
IDACORP, Inc. | 1,072 | 109,987 | ||||||
National Fuel Gas Co. | 1,944 | 99,844 | ||||||
New Jersey Resources Corp. | 2,054 | 96,949 | ||||||
NorthWestern Corp. | 1,266 | 71,858 | ||||||
OGE Energy Corp. | 4,241 | 152,294 | ||||||
ONE Gas, Inc. | 1,172 | 90,021 | ||||||
Ormat Technologies, Inc. | 1,113 | 89,552 | ||||||
PNM Resources, Inc. | 1,818 | 81,992 | ||||||
Portland General Electric Co. | 2,045 | 95,767 | ||||||
Southwest Gas Hldgs., Inc. | 1,390 | 88,474 | ||||||
Spire, Inc. | 1,114 | 70,672 | ||||||
UGI Corp. | 4,433 | 119,558 | ||||||
|
| |||||||
1,609,733 | ||||||||
|
| |||||||
TOTAL INDEXED ASSETS-COMMON STOCKS | ||||||||
(Cost: $43,796,120) 97.8% | 48,840,648 | |||||||
|
|
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||
U.S. GOVERNMENT (0.4%) | ||||||||||||||||||
U.S. Treasury Bill (1) | A-1+ | 5.04 | 07/25/23 | $ | 200,000 | $ | 199,331 | |||||||||||
|
| |||||||||||||||||
COMMERCIAL PAPER (1.6%) | ||||||||||||||||||
Cargill Global Funding PLC† | A-1 | 4.98 | 07/03/23 | 800,000 | 799,779 | |||||||||||||
|
| |||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 999,110 | ||||||||||||||||
|
| |||||||||||||||||
TEMPORARY CASH INVESTMENT (0.1%) | ||||||||||||||||||
Citibank, New York Time Deposit | 4.32 | 07/03/23 | 56,750 | 56,750 | ||||||||||||||
|
| |||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 56,750 | ||||||||||||||||
|
| |||||||||||||||||
TOTAL INVESTMENTS |
| 49,896,508 | ||||||||||||||||
|
| |||||||||||||||||
OTHER NET ASSETS 0.1% |
| 25,433 | ||||||||||||||||
|
| |||||||||||||||||
NET ASSETS 100.0% |
| $ | 49,921,941 | |||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
60
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
AUSTRALIA (6.8%) | ||||||||
CONSUMER DISCRETIONARY (0.3%) | ||||||||
Aristocrat Leisure Ltd. | 1,843 | $ | 47,687 | |||||
|
| |||||||
CONSUMER STAPLES (0.3%) | ||||||||
Woolworths Group Ltd. | 1,437 | 38,078 | ||||||
|
| |||||||
ENERGY (0.2%) | ||||||||
Woodside Energy Group Ltd. | 842 | 19,478 | ||||||
Woodside Energy Group Ltd. | 726 | 16,808 | ||||||
|
| |||||||
36,286 | ||||||||
|
| |||||||
FINANCIALS (1.6%) | ||||||||
ANZ Group Hldgs. Ltd. | 3,654 | 57,846 | ||||||
National Australia Bank Ltd. | 3,625 | 63,761 | ||||||
Suncorp Group Ltd. | 12,980 | 116,637 | ||||||
|
| |||||||
238,244 | ||||||||
|
| |||||||
HEALTH CARE (0.6%) | ||||||||
Sonic Healthcare Ltd. | 3,594 | 85,478 | ||||||
|
| |||||||
INDUSTRIALS (0.7%) | ||||||||
Aurizon Hldgs. Ltd. | 40,377 | 105,642 | ||||||
|
| |||||||
INFORMATION TECHNOLOGY (0.2%) | ||||||||
WiseTech Global Ltd. | 594 | 31,863 | ||||||
|
| |||||||
MATERIALS (2.9%) | ||||||||
BHP Group Ltd. | 11,667 | 350,759 | ||||||
Fortescue Metals Group Ltd. | 6,162 | 91,443 | ||||||
|
| |||||||
442,202 | ||||||||
|
| |||||||
TOTAL AUSTRALIA | 1,025,480 | |||||||
|
| |||||||
AUSTRIA (0.9%) | ||||||||
ENERGY (0.5%) | ||||||||
OMV AG | 1,770 | 75,165 | ||||||
|
| |||||||
FINANCIALS (0.2%) | ||||||||
Raiffeisen Bank International AG* | 1,467 | 23,282 | ||||||
|
| |||||||
MATERIALS (0.2%) | ||||||||
voestalpine AG | 1,005 | 36,119 | ||||||
|
| |||||||
TOTAL AUSTRIA | 134,566 | |||||||
|
| |||||||
DENMARK (4.3%) | ||||||||
CONSUMER DISCRETIONARY (0.8%) | ||||||||
Pandora A/S | 1,295 | 115,755 | ||||||
|
| |||||||
FINANCIALS (0.4%) | ||||||||
Danske Bank A/S* | 2,864 | 69,760 | ||||||
|
| |||||||
HEALTH CARE (2.2%) | ||||||||
Novo Nordisk A/S Cl B | 2,147 | 346,844 | ||||||
|
| |||||||
INDUSTRIALS (0.9%) | ||||||||
AP Moller - Maersk A/S Cl B | 81 | 142,425 | ||||||
|
| |||||||
TOTAL DENMARK | 674,784 | |||||||
|
| |||||||
FINLAND (0.9%) | ||||||||
FINANCIALS (0.9%) | ||||||||
Nordea Bank Abp | 10,381 | 113,067 | ||||||
Sampo OYJ Cl A | 777 | 34,900 | ||||||
|
| |||||||
147,967 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
FRANCE (12.3%) | ||||||||
COMMUNICATION SERVICES (1.5%) | ||||||||
Orange S.A. | 7,525 | $ | 87,948 | |||||
Publicis Groupe S.A. | 1,642 | 131,793 | ||||||
|
| |||||||
219,741 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (2.5%) | ||||||||
Hermes International | 30 | 65,217 | ||||||
La Francaise des Jeux SAEM† | 1,053 | 41,448 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 297 | 280,071 | ||||||
|
| |||||||
386,736 | ||||||||
|
| |||||||
CONSUMER STAPLES (1.3%) | ||||||||
Carrefour S.A. | 6,005 | 113,810 | ||||||
Danone S.A. | 1,476 | 90,463 | ||||||
|
| |||||||
204,273 | ||||||||
|
| |||||||
ENERGY (0.9%) | ||||||||
TotalEnergies SE | 2,554 | 146,625 | ||||||
|
| |||||||
FINANCIALS (2.0%) | ||||||||
AXA S.A. | 2,445 | 72,260 | ||||||
BNP Paribas S.A. | 2,300 | 145,157 | ||||||
Societe Generale S.A. | 3,533 | 91,888 | ||||||
|
| |||||||
309,305 | ||||||||
|
| |||||||
HEALTH CARE (1.2%) | ||||||||
Sanofi | 1,710 | 184,108 | ||||||
|
| |||||||
INDUSTRIALS (2.0%) | ||||||||
Bouygues S.A. | 2,863 | 96,187 | ||||||
Cie de Saint-Gobain | 1,842 | 112,163 | ||||||
Eiffage S.A. | 1,042 | 108,804 | ||||||
|
| |||||||
317,154 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (0.2%) | ||||||||
Dassault Systemes SE | 721 | 31,951 | ||||||
|
| |||||||
UTILITIES (0.7%) | ||||||||
Engie S.A. | 6,166 | 102,691 | ||||||
|
| |||||||
TOTAL FRANCE | 1,902,584 | |||||||
|
| |||||||
GERMANY (4.5%) | ||||||||
COMMUNICATION SERVICES (0.6%) | ||||||||
Deutsche Telekom AG | 4,454 | 97,189 | ||||||
|
| |||||||
CONSUMER DISCRETIONARY (1.7%) | ||||||||
Bayerische Motoren Werke AG | 1,183 | 145,531 | ||||||
Mercedes-Benz Group AG | 1,609 | 129,522 | ||||||
|
| |||||||
275,053 | ||||||||
|
| |||||||
INDUSTRIALS (0.7%) | ||||||||
Deutsche Post AG | 2,419 | 118,209 | ||||||
|
| |||||||
MATERIALS (0.8%) | ||||||||
Covestro AG*† | 1,721 | 89,557 | ||||||
Heidelberg Materials AG | 362 | 29,773 | ||||||
|
| |||||||
119,330 | ||||||||
|
| |||||||
REAL ESTATE (0.3%) | ||||||||
LEG Immobilien SE* | 737 | 42,528 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
61
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
GERMANY (CONTINUED) | ||||||||
UTILITIES (0.4%) | ||||||||
RWE AG | 1,429 | $ | 62,276 | |||||
|
| |||||||
TOTAL GERMANY | 714,585 | |||||||
|
| |||||||
HONG KONG (1.6%) | ||||||||
INDUSTRIALS (0.7%) | ||||||||
CK Hutchison Hldgs. Ltd. | 17,100 | 104,366 | ||||||
|
| |||||||
REAL ESTATE (0.9%) | ||||||||
Henderson Land Development Co. Ltd. | 24,350 | 72,514 | ||||||
Sun Hung Kai Properties Ltd. | 5,500 | 69,490 | ||||||
|
| |||||||
142,004 | ||||||||
|
| |||||||
TOTAL HONG KONG | 246,370 | |||||||
|
| |||||||
ISRAEL (0.8%) | ||||||||
INFORMATION TECHNOLOGY (0.8%) | ||||||||
Check Point Software Technologies Ltd.* | 944 | 118,585 | ||||||
|
| |||||||
ITALY (0.7%) | ||||||||
FINANCIALS (0.7%) | ||||||||
Assicurazioni Generali SpA | 1,470 | 29,897 | ||||||
Poste Italiane SpA† | 7,562 | 81,926 | ||||||
|
| |||||||
111,823 | ||||||||
|
| |||||||
JAPAN (20.3%) | ||||||||
COMMUNICATION SERVICES (0.9%) | ||||||||
Nintendo Co. Ltd. | 3,150 | 143,633 | ||||||
|
| |||||||
CONSUMER DISCRETIONARY (2.8%) | ||||||||
Honda Motor Co. Ltd. | 4,665 | 141,350 | ||||||
Iida Group Hldgs. Co. Ltd. | 4,340 | 73,356 | ||||||
Toyota Motor Corp. | 2,450 | 39,385 | ||||||
Yamaha Motor Co. Ltd. | 3,730 | 107,253 | ||||||
ZOZO, Inc. | 3,100 | 64,322 | ||||||
|
| |||||||
425,666 | ||||||||
|
| |||||||
CONSUMER STAPLES (1.4%) | ||||||||
Japan Tobacco, Inc. | 5,670 | 124,233 | ||||||
Suntory Beverage & Food Ltd. | 2,530 | 91,736 | ||||||
|
| |||||||
215,969 | ||||||||
|
| |||||||
ENERGY (0.7%) | ||||||||
ENEOS Hldgs., Inc. | 27,100 | 93,168 | ||||||
Inpex Corp. | 1,700 | 18,681 | ||||||
|
| |||||||
111,849 | ||||||||
|
| |||||||
FINANCIALS (2.7%) | ||||||||
Dai-ichi Life Hldgs., Inc. | 4,750 | 90,363 | ||||||
Daiwa Securities Group, Inc. | 18,200 | 93,804 | ||||||
Japan Post Insurance Co. Ltd. | 6,260 | 94,101 | ||||||
Mitsubishi UFJ Financial Group, Inc. | 18,500 | 136,393 | ||||||
|
| |||||||
414,661 | ||||||||
|
| |||||||
HEALTH CARE (1.0%) | ||||||||
Takeda Pharmaceutical Co. Ltd. | 4,965 | 156,046 | ||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
JAPAN (CONTINUED) | ||||||||
INDUSTRIALS (7.5%) | ||||||||
AGC, Inc. | 2,075 | $ | 74,666 | |||||
ITOCHU Corp. | 4,220 | 167,660 | ||||||
Marubeni Corp. | 11,900 | 202,866 | ||||||
Mitsubishi Corp. | 4,050 | 195,846 | ||||||
Mitsui & Co. Ltd. | 5,425 | 205,367 | ||||||
Mitsui OSK Lines Ltd. | 1,450 | 34,893 | ||||||
Nippon Yusen KK | 4,635 | 102,958 | ||||||
Sumitomo Corp. | 7,600 | 161,267 | ||||||
Yamato Hldgs. Co. Ltd. | 710 | 12,872 | ||||||
|
| |||||||
1,158,395 | ||||||||
|
| |||||||
INFORMATION TECHNOLOGY (3.3%) | ||||||||
Brother Industries Ltd. | 5,090 | 74,516 | ||||||
Canon, Inc. | 5,000 | 131,461 | ||||||
Keyence Corp. | 275 | 130,695 | ||||||
Seiko Epson Corp. | 5,820 | 90,882 | ||||||
Tokyo Electron Ltd. | 645 | 92,918 | ||||||
|
| |||||||
520,472 | ||||||||
|
| |||||||
TOTAL JAPAN | 3,146,691 | |||||||
|
| |||||||
LUXEMBOURG (0.7%) | ||||||||
MATERIALS (0.6%) | ||||||||
ArcelorMittal S.A. | 3,190 | 87,044 | ||||||
|
| |||||||
REAL ESTATE (0.1%) | ||||||||
Aroundtown S.A.* | 15,558 | 17,943 | ||||||
|
| |||||||
TOTAL LUXEMBOURG | 104,987 | |||||||
|
| |||||||
NETHERLANDS (3.8%) | ||||||||
CONSUMER STAPLES (0.8%) | ||||||||
Koninklijke Ahold Delhaize N.V. | 3,706 | 126,360 | ||||||
|
| |||||||
FINANCIALS (0.9%) | ||||||||
ING Groep N.V. | 10,152 | 136,878 | ||||||
|
| |||||||
INFORMATION TECHNOLOGY (2.1%) | ||||||||
ASML Hldg. N.V. | 449 | 325,702 | ||||||
|
| |||||||
TOTAL NETHERLANDS | 588,940 | |||||||
|
| |||||||
NORWAY (0.9%) | ||||||||
ENERGY (0.8%) | ||||||||
Aker BP ASA | 1,007 | 23,624 | ||||||
Equinor ASA | 2,955 | 86,040 | ||||||
|
| |||||||
109,664 | ||||||||
|
| |||||||
FINANCIALS (0.1%) | ||||||||
Gjensidige Forsikring ASA | 1,081 | 17,316 | ||||||
|
| |||||||
TOTAL NORWAY | 126,980 | |||||||
|
| |||||||
SINGAPORE (0.7%) | ||||||||
FINANCIALS (0.7%) | ||||||||
DBS Group Hldgs. Ltd. | 4,931 | 115,153 | ||||||
|
| |||||||
SPAIN (3.8%) | ||||||||
COMMUNICATION SERVICES (0.7%) | ||||||||
Telefonica S.A. | 27,556 | 111,886 | ||||||
|
| |||||||
CONSUMER DISCRETIONARY (0.3%) | ||||||||
Industria de Diseno Textil S.A. | 1,098 | 42,593 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
62
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
SPAIN (CONTINUED) | ||||||||
FINANCIALS (2.1%) | ||||||||
Banco Bilbao Vizcaya Argentaria S.A. | 22,084 | $ | 169,680 | |||||
Banco Santander S.A. | 42,813 | 158,514 | ||||||
|
| |||||||
328,194 | ||||||||
|
| |||||||
UTILITIES (0.7%) | ||||||||
Redeia Corp. S.A. | 6,275 | 105,537 | ||||||
|
| |||||||
TOTAL SPAIN | 588,210 | |||||||
|
| |||||||
SWEDEN (1.0%) | ||||||||
CONSUMER DISCRETIONARY (0.6%) | ||||||||
H & M Hennes & Mauritz AB Cl B | 5,785 | 99,478 | ||||||
|
| |||||||
FINANCIALS (0.4%) | ||||||||
Svenska Handelsbanken AB Cl A | 7,324 | 61,313 | ||||||
|
| |||||||
UTILITIES (0.0%) (2) | ||||||||
Orron Energy ab | 1,059 | 1,115 | ||||||
|
| |||||||
TOTAL SWEDEN | 161,906 | |||||||
|
| |||||||
SWITZERLAND (10.3%) | ||||||||
CONSUMER DISCRETIONARY (1.9%) | ||||||||
Cie Financiere Richemont S.A. | 1,072 | 182,109 | ||||||
Swatch Group AG | 357 | 104,390 | ||||||
|
| |||||||
286,499 | ||||||||
|
| |||||||
CONSUMER STAPLES (2.0%) | ||||||||
Nestle S.A. | 2,519 | 303,032 | ||||||
|
| |||||||
FINANCIALS (2.2%) | ||||||||
Partners Group Hldg. AG | 100 | 94,289 | ||||||
UBS Group AG | 8,146 | 165,118 | ||||||
Zurich Insurance Group AG | 153 | 72,784 | ||||||
|
| |||||||
332,191 | ||||||||
|
| |||||||
HEALTH CARE (4.2%) | ||||||||
Novartis AG | 3,103 | 312,860 | ||||||
Roche Hldg. AG | 792 | 241,946 | ||||||
Sonova Hldg. AG | 378 | 100,870 | ||||||
|
| |||||||
655,676 | ||||||||
|
| |||||||
TOTAL SWITZERLAND | 1,577,398 | |||||||
|
| |||||||
UNITED KINGDOM (13.9%) | ||||||||
COMMUNICATION SERVICES (0.9%) | ||||||||
Vodafone Group PLC | 87,923 | 82,887 | ||||||
WPP PLC | 5,824 | 61,039 | ||||||
|
| |||||||
143,926 | ||||||||
|
| |||||||
CONSUMER DISCRETIONARY (0.9%) | ||||||||
Barratt Developments PLC | 3,654 | 19,202 | ||||||
Burberry Group PLC | 3,685 | 99,422 | ||||||
Persimmon PLC | 2,865 | 37,326 | ||||||
|
| |||||||
155,950 | ||||||||
|
|
Shares | Value | |||||||
COMMON STOCKS (CONTINUED): | ||||||||
UNITED KINGDOM (CONTINUED) | ||||||||
CONSUMER STAPLES (2.9%) | ||||||||
British American Tobacco PLC | 4,561 | $ | 151,523 | |||||
Diageo PLC | 3,751 | 161,240 | ||||||
Haleon PLC | 5,280 | 21,669 | ||||||
Imperial Brands PLC | 5,441 | 120,419 | ||||||
|
| |||||||
454,851 | ||||||||
|
| |||||||
ENERGY (1.5%) | ||||||||
Shell PLC | 7,959 | 237,402 | ||||||
|
| |||||||
FINANCIALS (2.7%) | ||||||||
3i Group PLC | 4,260 | 105,580 | ||||||
Barclays PLC | 51,591 | 100,776 | ||||||
Direct Line Insurance Group PLC | 17,440 | 30,150 | ||||||
Lloyds Banking Group PLC | 202,091 | 112,016 | ||||||
NatWest Group PLC | 24,246 | 74,099 | ||||||
|
| |||||||
422,621 | ||||||||
|
| |||||||
HEALTH CARE (0.5%) | ||||||||
GSK PLC | 4,224 | 74,851 | ||||||
|
| |||||||
INDUSTRIALS (2.3%) | ||||||||
BAE Systems PLC | 15,691 | 184,995 | ||||||
RELX PLC | 4,958 | 165,383 | ||||||
|
| |||||||
350,378 | ||||||||
|
| |||||||
MATERIALS (2.2%) | ||||||||
Anglo American PLC | 5,604 | 159,547 | ||||||
Rio Tinto PLC | 3,013 | 191,453 | ||||||
|
| |||||||
351,000 | ||||||||
|
| |||||||
TOTAL UNITED KINGDOM | 2,190,979 | |||||||
|
| |||||||
UNITED STATES (6.8%) | ||||||||
FINANCIALS (6.8%) | ||||||||
iShares Core MSCI Emerging Markets ETF | 9,348 | 460,763 | ||||||
iShares MSCI Emerging Markets ex China ETF | 2,479 | 128,858 | ||||||
Vanguard FTSE Emerging Markets ETF | 11,464 | 466,356 | ||||||
|
| |||||||
1,055,977 | ||||||||
|
| |||||||
TOTAL COMMON STOCKS | ||||||||
(Cost: $15,017,222) 95.0% | 14,733,965 | |||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
63
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Rate(%) | Maturity | Face Amount | Value | |||||||||||||
TEMPORARY CASH INVESTMENT (4.5%) | ||||||||||||||||
ANZ, London Time Deposit | 2.77 | 07/03/23 | AUD | 5 | $ | 3 | ||||||||||
BNP Paribas, Paris Time Deposit | 2.80 | 07/03/23 | SGD | 2 | 2 | |||||||||||
HSBC France SA, Paris Time Deposit | 2.37 | 07/03/23 | EUR | 2 | 2 | |||||||||||
HSBC Hong Kong Bank, Hong Kong Time Deposit | 3.47 | 07/03/23 | HKD | 7 | 1 | |||||||||||
Nordea Bank Abp, Oslo Time Deposit | 2.60 | 07/03/23 | NOK | 132 | 12 | |||||||||||
SEB AB, Stockholm Time Deposit | (0.37) | 07/03/23 | JPY | 4,413,189 | 30,591 | |||||||||||
SEB AB, Stockholm Time Deposit | 1.97 | 07/03/23 | DKK | 22 | 3 | |||||||||||
SEB AB, Stockholm Time Deposit | 2.22 | 07/03/23 | SEK | 7 | 1 | |||||||||||
Sumitomo Mitsui Trust Bank, London Time Deposit | 4.32 | 07/03/23 | USD | 664,219 | 664,219 | |||||||||||
|
| |||||||||||||||
694,834 | ||||||||||||||||
|
| |||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 694,834 | ||||||||||||||
|
| |||||||||||||||
TOTAL INVESTMENTS |
| 15,428,799 | ||||||||||||||
|
| |||||||||||||||
OTHER NET ASSETS 0.5% |
| 80,921 | ||||||||||||||
|
| |||||||||||||||
NET ASSETS 100.0% |
| $ | 15,509,720 | |||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
64
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — RETIREMENT INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.8%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (29.2%) | 78,840 | $ | 1,044,634 | |||||
Equity Index Portfolio (22.5%) | 12,259 | 804,667 | ||||||
International Portfolio (1.2%) | 4,667 | 42,471 | ||||||
Mid Cap Value Portfolio (0.7%) | 1,261 | 24,505 | ||||||
Mid-Cap Equity Index Portfolio (4.4%) | 5,854 | 159,918 | ||||||
Mid-Term Bond Portfolio (32.2%) | 115,397 | 1,151,658 | ||||||
Money Market Portfolio (9.6%) | 27,242 | 344,717 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 3,572,570 | |||||||
|
| |||||||
OTHER NET ASSETS 0.2% | 7,025 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 3,579,595 | ||||||
|
|
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2015 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.9%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (30.0%) | 122,449 | $ | 1,622,446 | |||||
Equity Index Portfolio (25.1%) | 20,637 | 1,354,627 | ||||||
International Portfolio (3.8%) | 22,437 | 204,175 | ||||||
Mid Cap Value Portfolio (0.1%) | 272 | 5,285 | ||||||
Mid-Cap Equity Index Portfolio (6.0%) | 11,858 | 323,951 | ||||||
Mid-Term Bond Portfolio (28.5%) | 154,210 | 1,539,016 | ||||||
Money Market Portfolio (6.4%) | 27,431 | 347,108 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 5,396,608 | |||||||
|
| |||||||
OTHER NET ASSETS 0.1% | 5,979 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 5,402,587 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
65
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2020 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (30.1%) | 322,298 | $ | 4,270,453 | |||||
Equity Index Portfolio (26.9%) | 58,102 | 3,813,817 | ||||||
International Portfolio (7.3%) | 113,713 | 1,034,791 | ||||||
Mid Cap Value Portfolio (0.1%) | 329 | 6,395 | ||||||
Mid-Cap Equity Index Portfolio (7.3%) | 38,096 | 1,040,772 | ||||||
Mid-Term Bond Portfolio (21.5%) | 306,474 | 3,058,606 | ||||||
Money Market Portfolio (3.9%) | 43,532 | 550,850 | ||||||
Small Cap Equity Index Portfolio (0.4%) | 5,200 | 50,280 | ||||||
Small Cap Growth Portfolio (0.4%) | 4,218 | 64,199 | ||||||
Small Cap Value Portfolio (2.1%) | 18,965 | 299,086 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 14,189,249 | |||||||
|
| |||||||
OTHER NET ASSETS 0.0% (2) | 4,033 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 14,193,282 | ||||||
|
|
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2025 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (25.8%) | 429,523 | $ | 5,691,185 | |||||
Equity Index Portfolio (31.5%) | 105,933 | 6,953,455 | ||||||
International Portfolio (11.1%) | 270,608 | 2,462,533 | ||||||
Mid Cap Value Portfolio (0.1%) | 1,274 | 24,746 | ||||||
Mid-Cap Equity Index Portfolio (8.8%) | 71,151 | 1,943,851 | ||||||
Mid-Term Bond Portfolio (16.6%) | 367,484 | 3,667,487 | ||||||
Money Market Portfolio (2.7%) | 47,779 | 604,597 | ||||||
Small Cap Equity Index Portfolio (0.8%) | 19,033 | 184,046 | ||||||
Small Cap Growth Portfolio (0.3%) | 4,690 | 71,382 | ||||||
Small Cap Value Portfolio (2.3%) | 31,697 | 499,856 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 22,103,138 | |||||||
|
| |||||||
OTHER NET ASSETS 0.0% (2) | 7,298 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 22,110,436 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
66
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2030 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.9%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (22.4%) | 274,711 | $ | 3,639,915 | |||||
Equity Index Portfolio (37.1%) | 92,010 | 6,039,516 | ||||||
International Portfolio (13.1%) | 234,955 | 2,138,093 | ||||||
Mid Cap Value Portfolio (0.3%) | 2,678 | 52,026 | ||||||
Mid-Cap Equity Index Portfolio (7.5%) | 44,919 | 1,227,178 | ||||||
Mid-Term Bond Portfolio (11.8%) | 192,325 | 1,919,401 | ||||||
Money Market Portfolio (2.6%) | 32,941 | 416,835 | ||||||
Small Cap Equity Index Portfolio (1.2%) | 20,709 | 200,255 | ||||||
Small Cap Growth Portfolio (1.2%) | 12,840 | 195,427 | ||||||
Small Cap Value Portfolio (2.7%) | 27,943 | 440,668 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 16,269,314 | |||||||
|
| |||||||
OTHER NET ASSETS 0.1% | 10,035 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 16,279,349 | ||||||
|
|
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2035 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.9%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (18.2%) | 133,763 | $ | 1,772,364 | |||||
Equity Index Portfolio (41.4%) | 61,443 | 4,033,110 | ||||||
International Portfolio (15.7%) | 168,358 | 1,532,061 | ||||||
Mid Cap Value Portfolio (0.4%) | 1,734 | 33,686 | ||||||
Mid-Cap Equity Index Portfolio (11.5%) | 40,948 | 1,118,688 | ||||||
Mid-Term Bond Portfolio (4.7%) | 46,261 | 461,688 | ||||||
Money Market Portfolio (2.0%) | 15,173 | 192,001 | ||||||
Small Cap Equity Index Portfolio (2.3%) | 23,627 | 228,476 | ||||||
Small Cap Growth Portfolio (1.7%) | 10,891 | 165,766 | ||||||
Small Cap Value Portfolio (2.0%) | 12,108 | 190,940 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 9,728,780 | |||||||
|
| |||||||
OTHER NET ASSETS 0.1% | 10,636 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 9,739,416 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
67
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2040 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.9%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (14.1%) | 87,043 | $ | 1,153,316 | |||||
Equity Index Portfolio (45.6%) | 56,628 | 3,717,050 | ||||||
International Portfolio (17.8%) | 159,233 | 1,449,022 | ||||||
Mid Cap Value Portfolio (0.3%) | 1,319 | 25,627 | ||||||
Mid-Cap Equity Index Portfolio (12.9%) | 38,400 | 1,049,099 | ||||||
Mid-Term Bond Portfolio (0.6%) | 4,933 | 49,227 | ||||||
Money Market Portfolio (1.7%) | 10,641 | 134,657 | ||||||
Small Cap Equity Index Portfolio (1.9%) | 16,282 | 157,447 | ||||||
Small Cap Growth Portfolio (2.5%) | 13,210 | 201,060 | ||||||
Small Cap Value Portfolio (2.5%) | 13,135 | 207,141 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 8,143,646 | |||||||
|
| |||||||
OTHER NET ASSETS 0.1% | 9,998 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 8,153,644 | ||||||
|
|
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2045 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.7%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (10.2%) | 35,977 | $ | 476,698 | |||||
Equity Index Portfolio (47.2%) | 33,425 | 2,194,047 | ||||||
International Portfolio (18.9%) | 96,590 | 878,969 | ||||||
Mid Cap Value Portfolio (0.4%) | 1,118 | 21,726 | ||||||
Mid-Cap Equity Index Portfolio (12.8%) | 21,772 | 594,812 | ||||||
Mid-Term Bond Portfolio (0.9%) | 4,065 | 40,571 | ||||||
Money Market Portfolio (1.3%) | 4,775 | 60,427 | ||||||
Small Cap Equity Index Portfolio (2.3%) | 11,318 | 109,442 | ||||||
Small Cap Growth Portfolio (2.6%) | 7,840 | 119,323 | ||||||
Small Cap Value Portfolio (3.1%) | 9,031 | 142,420 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 4,638,435 | |||||||
|
| |||||||
OTHER NET ASSETS 0.3% | 11,748 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 4,650,183 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
68
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2050 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.8%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (8.5%) | 30,336 | $ | 401,953 | |||||
Equity Index Portfolio (48.3%) | 34,997 | 2,297,225 | ||||||
International Portfolio (19.0%) | 99,482 | 905,282 | ||||||
Mid Cap Value Portfolio (0.5%) | 1,172 | 22,772 | ||||||
Mid-Cap Equity Index Portfolio (12.7%) | 22,124 | 604,415 | ||||||
Mid-Term Bond Portfolio (0.5%) | 2,538 | 25,327 | ||||||
Money Market Portfolio (1.8%) | 6,572 | 83,157 | ||||||
Small Cap Equity Index Portfolio (2.7%) | 13,197 | 127,611 | ||||||
Small Cap Growth Portfolio (2.6%) | 8,169 | 124,330 | ||||||
Small Cap Value Portfolio (3.2%) | 9,575 | 150,996 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 4,743,068 | |||||||
|
| |||||||
OTHER NET ASSETS 0.2% | 10,377 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 4,753,445 | ||||||
|
|
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2055 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.2%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (7.0%) | 6,188 | $ | 81,987 | |||||
Equity Index Portfolio (47.3%) | 8,416 | 552,437 | ||||||
International Portfolio (19.9%) | 25,550 | 232,508 | ||||||
Mid Cap Value Portfolio (0.4%) | 210 | 4,075 | ||||||
Mid-Cap Equity Index Portfolio (13.0%) | 5,547 | 151,542 | ||||||
Mid-Term Bond Portfolio (0.9%) | 1,035 | 10,331 | ||||||
Money Market Portfolio (1.4%) | 1,307 | 16,534 | ||||||
Small Cap Equity Index Portfolio (2.5%) | 2,989 | 28,907 | ||||||
Small Cap Growth Portfolio (3.3%) | 2,524 | 38,411 | ||||||
Small Cap Value Portfolio (3.5%) | 2,631 | 41,496 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 1,158,228 | |||||||
|
| |||||||
OTHER NET ASSETS 0.8% | 9,806 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 1,168,034 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
69
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — 2060 RETIREMENT PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.2%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (5.5%) | 3,378 | $ | 44,761 | |||||
Equity Index Portfolio (46.6%) | 5,782 | 379,515 | ||||||
International Portfolio (21.4%) | 19,137 | 174,145 | ||||||
Mid Cap Value Portfolio (0.7%) | 276 | 5,358 | ||||||
Mid-Cap Equity Index Portfolio (13.2%) | 3,920 | 107,103 | ||||||
Mid-Term Bond Portfolio (0.6%) | 500 | 4,994 | ||||||
Money Market Portfolio (1.0%) | 645 | 8,167 | ||||||
Small Cap Equity Index Portfolio (3.2%) | 2,680 | 25,915 | ||||||
Small Cap Growth Portfolio (3.6%) | 1,924 | 29,281 | ||||||
Small Cap Value Portfolio (3.4%) | 1,783 | 28,119 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 807,358 | |||||||
|
| |||||||
OTHER NET ASSETS 0.8% | 6,873 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 814,231 | ||||||
|
|
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — CONSERVATIVE ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.9%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (24.1%) | 145,209 | $ | 1,924,019 | |||||
Equity Index Portfolio (29.6%) | 35,911 | 2,357,169 | ||||||
International Portfolio (6.2%) | 54,139 | 492,660 | ||||||
Mid-Cap Equity Index Portfolio (6.3%) | 18,384 | 502,256 | ||||||
Mid-Term Bond Portfolio (33.7%) | 269,371 | 2,688,320 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 7,964,424 | |||||||
|
| |||||||
OTHER NET ASSETS 0.1% | 4,972 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 7,969,396 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
70
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MODERATE ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (100.0%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (19.7%) | 305,562 | $ | 4,048,693 | |||||
Equity Index Portfolio (39.4%) | 123,007 | 8,074,196 | ||||||
International Portfolio (10.7%) | 241,126 | 2,194,243 | ||||||
Mid-Cap Equity Index Portfolio (16.0%) | 119,916 | 3,276,104 | ||||||
Mid-Term Bond Portfolio (14.2%) | 291,747 | 2,911,639 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 20,504,875 | |||||||
|
| |||||||
OTHER NET ASSETS 0.0% (2) | 1,587 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 20,506,462 | ||||||
|
|
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — AGGRESSIVE ALLOCATION PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS: | ||||||||
DIVERSIFIED MUTUAL FUNDS (99.8%) | ||||||||
Mutual of America Variable Insurance Portfolios, Inc. | ||||||||
Bond Portfolio (14.6%) | 53,675 | $ | 711,191 | |||||
Equity Index Portfolio (39.1%) | 28,984 | 1,902,530 | ||||||
International Portfolio (14.8%) | 79,093 | 719,749 | ||||||
Mid-Cap Equity Index Portfolio (20.7%) | 36,904 | 1,008,213 | ||||||
Small Cap Growth Portfolio (5.3%) | 16,926 | 257,613 | ||||||
Small Cap Value Portfolio (5.3%) | 16,218 | 255,756 | ||||||
|
| |||||||
TOTAL INVESTMENTS | 4,855,052 | |||||||
|
| |||||||
OTHER NET ASSETS 0.2% | 8,138 | |||||||
|
| |||||||
NET ASSETS 100.0% | $ | 4,863,190 | ||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
71
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||||
U.S. GOVERNMENT (45.8%) | ||||||||||||||||||||
U.S. Treasury Bill | A-1+ | 4.99 | 07/25/23 | $ | 1,500,000 | $ | 1,495,032 | |||||||||||||
U.S. Treasury Bill | A-1+ | 5.01 | 07/27/23 | 1,500,000 | 1,494,597 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 5.01 | 08/01/23 | 1,400,000 | 1,393,987 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 5.02 | 07/18/23 | 2,000,000 | 1,995,277 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 5.06 | 08/08/23 | 1,200,000 | 1,193,639 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 5.07 | 07/05/23 | 1,000,000 | 999,439 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 5.08 | 08/03/23 | 625,000 | 622,107 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 5.11 | 08/15/23 | 3,500,000 | 3,477,800 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 5.13 | 07/20/23 | 3,325,000 | 3,316,044 | |||||||||||||||
U.S. Treasury Bill | A-1+ | 5.15 | 08/10/23 | 900,000 | 894,882 | |||||||||||||||
|
| |||||||||||||||||||
16,882,804 | ||||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT AGENCIES (14.6%) | ||||||||||||||||||||
FHLB | A-1+ | 4.81 | 07/07/23 | 1,400,000 | 1,398,880 | |||||||||||||||
FHLB | A-1+ | 5.09 | 07/24/23 | 2,250,000 | 2,242,726 | |||||||||||||||
FHLB | A-1+ | 5.13 | 07/18/23 | 250,000 | 249,398 | |||||||||||||||
FHLB | A-1+ | 5.23 | 07/19/23 | 200,000 | 199,480 | |||||||||||||||
FNMA | A-1+ | 4.98 | 07/10/23 | 1,300,000 | 1,298,394 | |||||||||||||||
|
| |||||||||||||||||||
5,388,878 | ||||||||||||||||||||
|
| |||||||||||||||||||
COMMERCIAL PAPER (39.6%) | ||||||||||||||||||||
Apple, Inc.† | A-1+ | 5.06 | 07/18/23 | 1,400,000 | 1,396,661 | |||||||||||||||
Cummins, Inc.† | A-1 | 5.23 | 07/24/23 | 1,400,000 | 1,395,349 | |||||||||||||||
Illinois Tool Works, Inc.† | A-1 | 5.26 | 07/31/23 | 650,000 | 647,172 | |||||||||||||||
Johnson & Johnson† | A-1+ | 5.14 | 08/07/23 | 1,400,000 | 1,392,662 | |||||||||||||||
Merck & Co., Inc.† | A-1 | 5.14 | 07/28/23 | 1,400,000 | 1,394,634 | |||||||||||||||
Novartis Financial Corp.† | A-1+ | 5.13 | 07/03/23 | 1,400,000 | 1,399,603 | |||||||||||||||
PepsiCo, Inc.† | A-1 | 5.13 | 08/08/23 | 1,400,000 | 1,392,493 | |||||||||||||||
Private Export Funding Corp. | A-1 | 5.16 | 08/16/23 | 1,400,000 | 1,390,841 | |||||||||||||||
Southern California Gas Co.† | A-1 | 5.10 | 07/05/23 | 1,400,000 | 1,399,208 | |||||||||||||||
Toyota Motor Credit Corp. | A-1+ | 5.23 | 08/04/23 | 1,400,000 | 1,393,138 | |||||||||||||||
Travelers Cos., Inc.† | A-1 | 5.03 | 07/03/23 | 1,400,000 | 1,399,610 | |||||||||||||||
|
| |||||||||||||||||||
14,601,371 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 36,873,053 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 36,873,053 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS 0.0% (2) |
| 1,477 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 36,874,530 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
72
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES: | ||||||||||||||||||||
U.S. GOVERNMENT (46.0%) | ||||||||||||||||||||
U.S. Treasury Note | AA+ | 0.38 | 09/30/27 | $ | 510,000 | $ | 434,058 | |||||||||||||
U.S. Treasury Note | AA+ | 0.50 | 04/30/27 | 600,000 | 520,031 | |||||||||||||||
U.S. Treasury Note | AA+ | 0.50 | 10/31/27 | 510,000 | 435,293 | |||||||||||||||
U.S. Treasury Note | AA+ | 0.63 | 11/30/27 | 505,000 | 432,505 | |||||||||||||||
U.S. Treasury Note | AA+ | 0.63 | 08/15/30 | 220,000 | 175,269 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.13 | 02/15/31 | 630,000 | 518,076 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.50 | 08/15/26 | 715,000 | 653,527 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.50 | 11/30/28 | 1,490,000 | 1,303,284 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.63 | 09/30/26 | 430,000 | 393,903 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.75 | 01/31/29 | 220,000 | 194,477 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.38 | 04/30/26 | 250,000 | 235,752 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.38 | 05/15/29 | 630,000 | 574,383 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.63 | 05/31/27 | 1,570,000 | 1,475,187 | |||||||||||||||
U.S. Treasury Note | AA+ | 3.25 | 06/30/27 | 165,000 | 158,684 | |||||||||||||||
U.S. Treasury Note | AA+ | 3.38 | 05/15/33 | 180,000 | 173,587 | |||||||||||||||
U.S. Treasury Note | AA+ | 3.50 | 04/30/28 | 900,000 | 874,547 | |||||||||||||||
U.S. Treasury Note | AA+ | 3.88 | 03/31/25 | 120,000 | 117,642 | |||||||||||||||
U.S. Treasury Note | AA+ | 4.13 | 11/15/32 | 635,000 | 648,891 | |||||||||||||||
U.S. Treasury Note | AA+ | 4.63 | 02/28/25 | 100,000 | 99,223 | |||||||||||||||
|
| |||||||||||||||||||
9,418,319 | ||||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT AGENCIES (26.3%) | ||||||||||||||||||||
NON-MORTGAGE-BACKED OBLIGATIONS (26.3%) | ||||||||||||||||||||
FFCB | AA+ | 2.45 | 02/23/28 | 500,000 | 453,017 | |||||||||||||||
FFCB | AA+ | 4.00 | 01/13/26 | 1,000,000 | 982,898 | |||||||||||||||
FHLB | AA+ | 0.50 | 04/14/25 | 840,000 | 777,164 | |||||||||||||||
FHLB | AA+ | 0.83 | 02/10/27 | 1,200,000 | 1,053,742 | |||||||||||||||
FHLMC | AA+ | 1.50 | 02/12/25 | 400,000 | 377,590 | |||||||||||||||
FNMA | AA+ | 0.50 | 06/17/25 | 1,500,000 | 1,377,124 | |||||||||||||||
FNMA | AA+ | 0.63 | 04/22/25 | 400,000 | 369,926 | |||||||||||||||
|
| |||||||||||||||||||
5,391,461 | ||||||||||||||||||||
|
| |||||||||||||||||||
CORPORATE DEBT (26.7%) | ||||||||||||||||||||
COMMUNICATION SERVICES (1.7%) | ||||||||||||||||||||
AT&T, Inc. | BBB | 2.75 | 06/01/31 | 50,000 | 42,188 | |||||||||||||||
Comcast Corp. | A- | 2.35 | 01/15/27 | 100,000 | 91,817 | |||||||||||||||
T-Mobile USA, Inc. | BBB | 3.38 | 04/15/29 | 50,000 | 45,152 | |||||||||||||||
TWDC Enterprises 18 Corp. | A- | 1.85 | 07/30/26 | 50,000 | 45,645 | |||||||||||||||
Verizon Communications, Inc. | BBB+ | 4.02 | 12/03/29 | 78,000 | 73,030 | |||||||||||||||
Warnermedia Hldgs., Inc. | BBB- | 3.76 | 03/15/27 | 55,000 | 51,302 | |||||||||||||||
|
| |||||||||||||||||||
349,134 | ||||||||||||||||||||
|
| |||||||||||||||||||
CONSUMER DISCRETIONARY (2.5%) | ||||||||||||||||||||
Amazon.com, Inc. | AA | 1.20 | 06/03/27 | 40,000 | 35,096 | |||||||||||||||
AutoZone, Inc. | BBB | 3.25 | 04/15/25 | 55,000 | 52,637 | |||||||||||||||
Best Buy Co., Inc. | BBB+ | 1.95 | 10/01/30 | 45,000 | 36,249 | |||||||||||||||
Booking Hldgs., Inc. | A- | 3.65 | 03/15/25 | 40,000 | 38,836 | |||||||||||||||
Brunswick Corp. | BBB- | 0.85 | 08/18/24 | 100,000 | 94,024 | |||||||||||||||
General Motors Financial Co., Inc. | BBB | 6.05 | 10/10/25 | 30,000 | 30,052 | |||||||||||||||
Genuine Parts Co. | BBB | 1.75 | 02/01/25 | 75,000 | 70,245 | |||||||||||||||
Harman International Industries, Inc. | A | 4.15 | 05/15/25 | 55,000 | 53,394 | |||||||||||||||
Lowe’s Cos., Inc. | BBB+ | 4.00 | 04/15/25 | 35,000 | 34,073 | |||||||||||||||
Travel + Leisure Co. | BB- | 5.65 | 04/01/24 | 70,000 | 69,198 | |||||||||||||||
|
| |||||||||||||||||||
513,804 | ||||||||||||||||||||
|
| |||||||||||||||||||
CONSUMER STAPLES (1.1%) | ||||||||||||||||||||
Bunge Ltd. Finance Corp. | BBB+ | 3.25 | 08/15/26 | 100,000 | 94,068 | |||||||||||||||
Kellogg Co. | BBB | 2.65 | 12/01/23 | 55,000 | 54,461 |
The accompanying notes are an integral part of these portfolio schedules.
73
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
CORPORATE DEBT (CONTINUED) | ||||||||||||||||||||
CONSUMER STAPLES (CONTINUED) | ||||||||||||||||||||
Keurig Dr Pepper, Inc. | BBB | 3.13 | 12/15/23 | $ | 80,000 | $ | 79,037 | |||||||||||||
|
| |||||||||||||||||||
227,566 | ||||||||||||||||||||
|
| |||||||||||||||||||
ENERGY (1.3%) | ||||||||||||||||||||
Chevron USA, Inc. | AA- | 1.02 | 08/12/27 | 70,000 | 60,863 | |||||||||||||||
Devon Energy Corp. | BBB | 5.25 | 09/15/24 | 100,000 | 99,195 | |||||||||||||||
Exxon Mobil Corp. | AA- | 2.28 | 08/16/26 | 70,000 | 64,934 | |||||||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | BBB- | 5.50 | 03/01/30 | 35,000 | 33,683 | |||||||||||||||
|
| |||||||||||||||||||
258,675 | ||||||||||||||||||||
|
| |||||||||||||||||||
FINANCIALS (9.7%) | ||||||||||||||||||||
Aflac, Inc. | A- | 1.13 | 03/15/26 | 45,000 | 40,275 | |||||||||||||||
Alleghany Corp. | AA | 3.63 | 05/15/30 | 55,000 | 51,055 | |||||||||||||||
Allstate Corp. | A- | 0.75 | 12/15/25 | 15,000 | 13,434 | |||||||||||||||
American International Group, Inc. | BBB+ | 4.13 | 02/15/24 | 55,000 | 54,482 | |||||||||||||||
Bank of America Corp. | A- | 1.32 | 06/19/26 | 70,000 | 64,121 | |||||||||||||||
Bank of America Corp. | A- | 2.55 | 02/04/28 | 70,000 | 63,181 | |||||||||||||||
Bank of America Corp. | A- | 3.37 | 01/23/26 | 80,000 | 76,649 | |||||||||||||||
Bank of America Corp. | A- | 3.42 | 12/20/28 | 150,000 | 137,554 | |||||||||||||||
Brown & Brown, Inc. | BBB- | 4.20 | 09/15/24 | 60,000 | 58,590 | |||||||||||||||
Capital One Financial Corp. | BBB | 4.93 | 05/10/28 | 35,000 | 33,209 | |||||||||||||||
Citigroup, Inc. | BBB+ | 1.46 | 06/09/27 | 70,000 | 62,166 | |||||||||||||||
Citigroup, Inc. | BBB+ | 4.14 | 05/24/25 | 50,000 | 49,127 | |||||||||||||||
FactSet Research Systems, Inc. | BBB- | 2.90 | 03/01/27 | 60,000 | 55,044 | |||||||||||||||
Fairfax U.S., Inc.† | BBB | 4.88 | 08/13/24 | 20,000 | 19,606 | |||||||||||||||
Fifth Third Bancorp | BBB | 4.30 | 01/16/24 | 70,000 | 69,054 | |||||||||||||||
Goldman Sachs Group, Inc. | BBB+ | 2.64 | 02/24/28 | 65,000 | 58,977 | |||||||||||||||
JPMorgan Chase & Co. | A- | 1.47 | 09/22/27 | 60,000 | 52,969 | |||||||||||||||
JPMorgan Chase & Co. | A- | 2.95 | 02/24/28 | 70,000 | 64,272 | |||||||||||||||
JPMorgan Chase & Co. | A- | 3.51 | 01/23/29 | 70,000 | 64,706 | |||||||||||||||
JPMorgan Chase & Co. | BBB+ | 3.88 | 09/10/24 | 35,000 | 34,170 | |||||||||||||||
JPMorgan Chase & Co. | A- | 5.35 | 06/01/34 | 55,000 | 55,438 | |||||||||||||||
JPMorgan Chase & Co. | BBB+ | 5.72 | 09/14/33 | 25,000 | 25,362 | |||||||||||||||
Legg Mason, Inc. | A | 3.95 | 07/15/24 | 55,000 | 53,693 | |||||||||||||||
Lincoln National Corp. | BBB+ | 4.00 | 09/01/23 | 55,000 | 54,710 | |||||||||||||||
Mercury General Corp. | BBB | 4.40 | 03/15/27 | 85,000 | 80,389 | |||||||||||||||
Morgan Stanley | A- | 2.48 | 01/21/28 | 70,000 | 63,170 | |||||||||||||||
Morgan Stanley | A- | 4.43 | 01/23/30 | 25,000 | 23,786 | |||||||||||||||
Morgan Stanley | A- | 5.12 | 02/01/29 | 75,000 | 73,968 | |||||||||||||||
Progressive Corp. | A | 2.50 | 03/15/27 | 50,000 | 45,842 | |||||||||||||||
Signet UK Finance PLC | BB- | 4.70 | 06/15/24 | 55,000 | 53,378 | |||||||||||||||
Stifel Financial Corp. | BBB- | 4.25 | 07/18/24 | 80,000 | 78,311 | |||||||||||||||
Synchrony Financial | BBB- | 3.70 | 08/04/26 | 40,000 | 35,891 | |||||||||||||||
Truist Financial Corp. | A- | 4.87 | 01/26/29 | 35,000 | 33,641 | |||||||||||||||
Voya Financial, Inc. | BBB+ | 3.65 | 06/15/26 | 55,000 | 51,876 | |||||||||||||||
Wells Fargo & Co. | BBB+ | 3.00 | 10/23/26 | 70,000 | 64,979 | |||||||||||||||
Wells Fargo & Co. | BBB+ | 3.35 | 03/02/33 | 50,000 | 42,793 | |||||||||||||||
Wells Fargo & Co. | BBB+ | 3.53 | 03/24/28 | 35,000 | 32,667 | |||||||||||||||
|
| |||||||||||||||||||
1,992,535 | ||||||||||||||||||||
|
| |||||||||||||||||||
HEALTH CARE (2.5%) | ||||||||||||||||||||
AbbVie, Inc. | BBB+ | 4.25 | 11/14/28 | 100,000 | 96,996 | |||||||||||||||
Amgen, Inc. | BBB+ | 5.15 | 03/02/28 | 55,000 | 54,951 | |||||||||||||||
Baxter International, Inc. | BBB | 1.92 | 02/01/27 | 100,000 | 88,822 | |||||||||||||||
CVS Health Corp. | BBB | 3.38 | 08/12/24 | 15,000 | 14,619 | |||||||||||||||
CVS Health Corp. | BBB | 3.88 | 07/20/25 | 40,000 | 38,876 |
The accompanying notes are an integral part of these portfolio schedules.
74
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — MID-TERM BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
CORPORATE DEBT (CONTINUED) | ||||||||||||||||||||
HEALTH CARE (CONTINUED) | ||||||||||||||||||||
Elevance Health, Inc. | A | 2.88 | 09/15/29 | $ | 70,000 | $ | 61,684 | |||||||||||||
Humana, Inc. | BBB+ | 3.85 | 10/01/24 | 70,000 | 68,361 | |||||||||||||||
Thermo Fisher Scientific, Inc. | A- | 1.75 | 10/15/28 | 100,000 | 86,168 | |||||||||||||||
|
| |||||||||||||||||||
510,477 | ||||||||||||||||||||
|
| |||||||||||||||||||
INDUSTRIALS (1.4%) | ||||||||||||||||||||
Boeing Co. | BBB- | 4.88 | 05/01/25 | 70,000 | 69,005 | |||||||||||||||
Lennox International, Inc. | BBB | 1.70 | 08/01/27 | 100,000 | 86,903 | |||||||||||||||
Stanley Black & Decker, Inc. | A | 2.30 | 02/24/25 | 100,000 | 94,635 | |||||||||||||||
Verisk Analytics, Inc. | BBB | 4.00 | 06/15/25 | 45,000 | 43,670 | |||||||||||||||
|
| |||||||||||||||||||
294,213 | ||||||||||||||||||||
|
| |||||||||||||||||||
INFORMATION TECHNOLOGY (2.6%) | ||||||||||||||||||||
Apple, Inc. | AA+ | 2.05 | 09/11/26 | 100,000 | 92,149 | |||||||||||||||
Applied Materials, Inc. | A | 3.90 | 10/01/25 | 65,000 | 63,557 | |||||||||||||||
Intel Corp. | A | 4.88 | 02/10/28 | 90,000 | 89,660 | |||||||||||||||
Microsoft Corp. | AAA | 2.40 | 08/08/26 | 70,000 | 65,694 | |||||||||||||||
Oracle Corp. | BBB | 2.88 | 03/25/31 | 45,000 | 38,417 | |||||||||||||||
PayPal Hldgs., Inc. | A- | 2.65 | 10/01/26 | 95,000 | 88,269 | |||||||||||||||
Teledyne Technologies, Inc. | BBB | 2.75 | 04/01/31 | 100,000 | 83,510 | |||||||||||||||
|
| |||||||||||||||||||
521,256 | ||||||||||||||||||||
|
| |||||||||||||||||||
MATERIALS (1.3%) | ||||||||||||||||||||
Ecolab, Inc. | A- | 1.65 | 02/01/27 | 60,000 | 53,915 | |||||||||||||||
International Flavors & Fragrances, Inc.† | BBB- | 1.23 | 10/01/25 | 80,000 | 71,318 | |||||||||||||||
Nucor Corp. | A- | 3.95 | 05/23/25 | 50,000 | 48,479 | |||||||||||||||
Packaging Corp. of America | BBB | 3.65 | 09/15/24 | 100,000 | 97,931 | |||||||||||||||
|
| |||||||||||||||||||
271,643 | ||||||||||||||||||||
|
| |||||||||||||||||||
REAL ESTATE (1.7%) | ||||||||||||||||||||
Boston Properties LP | BBB+ | 3.25 | 01/30/31 | 100,000 | 81,475 | |||||||||||||||
Boston Properties LP | BBB+ | 6.50 | 01/15/34 | 30,000 | 30,189 | |||||||||||||||
Crown Castle, Inc. | BBB | 3.15 | 07/15/23 | 70,000 | 70,026 | |||||||||||||||
Omega Healthcare Investors, Inc. | BBB- | 4.38 | 08/01/23 | 50,000 | 50,085 | |||||||||||||||
Omega Healthcare Investors, Inc. | BBB- | 4.50 | 01/15/25 | 20,000 | 19,165 | |||||||||||||||
Prologis LP | A | 1.75 | 07/01/30 | 40,000 | 32,136 | |||||||||||||||
Realty Income Corp. | A- | 5.05 | 01/13/26 | 65,000 | 64,427 | |||||||||||||||
|
| |||||||||||||||||||
347,503 | ||||||||||||||||||||
|
| |||||||||||||||||||
UTILITIES (0.9%) | ||||||||||||||||||||
American Electric Power Co., Inc. | BBB+ | 2.03 | 03/15/24 | 65,000 | 63,213 | |||||||||||||||
NextEra Energy Capital Hldgs., Inc. | BBB+ | 3.55 | 05/01/27 | 50,000 | 47,100 | |||||||||||||||
Southern Co. | BBB | 3.25 | 07/01/26 | 70,000 | 65,842 | |||||||||||||||
|
| |||||||||||||||||||
176,155 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL CORPORATE DEBT |
| 5,462,961 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL LONG-TERM DEBT SECURITIES |
| 20,272,741 | ||||||||||||||||||
|
| |||||||||||||||||||
TEMPORARY CASH INVESTMENT (0.5%) | ||||||||||||||||||||
JP Morgan Chase, New York Time Deposit |
| 4.32 | 07/03/23 | 105,581 | 105,581 | |||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 105,581 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 20,378,322 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS 0.5% |
| 110,596 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 20,488,918 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
75
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES: | ||||||||||||||||||||
U.S. GOVERNMENT (42.9%) | ||||||||||||||||||||
U.S. Treasury Bond | AA+ | 1.13 | 05/15/40 | $ | 1,425,000 | $ | 923,745 | |||||||||||||
U.S. Treasury Bond | AA+ | 1.13 | 08/15/40 | 1,100,000 | 707,266 | |||||||||||||||
U.S. Treasury Bond | AA+ | 1.38 | 11/15/40 | 250,000 | 167,266 | |||||||||||||||
U.S. Treasury Bond | AA+ | 2.25 | 08/15/46 | 615,000 | 449,310 | |||||||||||||||
U.S. Treasury Bond | AA+ | 2.75 | 08/15/47 | 210,000 | 168,919 | |||||||||||||||
U.S. Treasury Bond | AA+ | 2.88 | 05/15/49 | 300,000 | 247,957 | |||||||||||||||
U.S. Treasury Bond | AA+ | 3.63 | 02/15/53 | 510,000 | 489,441 | |||||||||||||||
U.S. Treasury Bond | AA+ | 4.00 | 11/15/52 | 465,000 | 477,642 | |||||||||||||||
U.S. Treasury Note | AA+ | 0.50 | 04/30/27 | 1,150,000 | 996,727 | |||||||||||||||
U.S. Treasury Note | AA+ | 0.63 | 05/15/30 | 275,000 | 220,301 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.13 | 08/31/28 | 150,000 | 129,240 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.25 | 05/31/28 | 825,000 | 719,619 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.25 | 06/30/28 | 550,000 | 478,758 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.50 | 02/15/30 | 350,000 | 299,769 | |||||||||||||||
U.S. Treasury Note | AA+ | 1.63 | 08/15/29 | 1,045,000 | 911,232 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.25 | 08/15/27 | 1,555,000 | 1,437,464 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.25 | 11/15/27 | 1,065,000 | 980,923 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.38 | 05/15/27 | 1,105,000 | 1,028,945 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.63 | 02/15/29 | 1,045,000 | 968,299 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.88 | 05/15/28 | 835,000 | 787,868 | |||||||||||||||
U.S. Treasury Note | AA+ | 2.88 | 05/15/32 | 625,000 | 579,492 | |||||||||||||||
U.S. Treasury Note | AA+ | 3.13 | 11/15/28 | 85,000 | 80,972 | |||||||||||||||
U.S. Treasury Note | AA+ | 4.63 | 02/28/25 | 175,000 | 173,640 | |||||||||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/28 | 420,000 | 340,387 | |||||||||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/29 | 90,000 | 70,365 | |||||||||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/33 | 210,000 | 141,138 | |||||||||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/35 | 210,000 | 129,961 | |||||||||||||||
U.S. Treasury Strip | AA+ | 0.00 | 08/15/37 | 210,000 | 119,567 | |||||||||||||||
|
| |||||||||||||||||||
14,226,213 | ||||||||||||||||||||
|
| |||||||||||||||||||
U.S. GOVERNMENT AGENCIES (32.7%) | ||||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (32.7%) | ||||||||||||||||||||
FHLMC | AA+ | 2.00 | 11/01/50 | 82,848 | 68,115 | |||||||||||||||
FHLMC | AA+ | 2.00 | 02/01/51 | 172,018 | 142,159 | |||||||||||||||
FHLMC | AA+ | 2.50 | 12/01/27 | 11,269 | 10,655 | |||||||||||||||
FHLMC | AA+ | 2.50 | 06/01/35 | 23,218 | 21,195 | |||||||||||||||
FHLMC | AA+ | 2.50 | 10/01/49 | 61,572 | 52,683 | |||||||||||||||
FHLMC | AA+ | 2.50 | 11/01/50 | 228,747 | 195,872 | |||||||||||||||
FHLMC | AA+ | 2.50 | 04/01/51 | 178,364 | 152,127 | |||||||||||||||
FHLMC | AA+ | 2.50 | 10/01/51 | 108,808 | 92,333 | |||||||||||||||
FHLMC | AA+ | 2.50 | 02/01/52 | 268,235 | 227,785 | |||||||||||||||
FHLMC | AA+ | 3.00 | 02/01/32 | 26,509 | 24,950 | |||||||||||||||
FHLMC | AA+ | 3.00 | 11/01/42 | 6,501 | 5,811 | |||||||||||||||
FHLMC | AA+ | 3.00 | 03/01/43 | 18,861 | 17,026 | |||||||||||||||
FHLMC | AA+ | 3.00 | 04/01/43 | 16,981 | 15,329 | |||||||||||||||
FHLMC | AA+ | 3.00 | 04/01/43 | 104,553 | 94,387 | |||||||||||||||
FHLMC | AA+ | 3.00 | 04/01/43 | 109,191 | 98,577 | |||||||||||||||
FHLMC | AA+ | 3.00 | 09/15/43 | 4,132 | 3,988 | |||||||||||||||
FHLMC | AA+ | 3.00 | 04/15/45 | 3,423 | 3,338 | |||||||||||||||
FHLMC | AA+ | 3.00 | 09/01/46 | 43,439 | 38,888 | |||||||||||||||
FHLMC | AA+ | 3.00 | 09/01/46 | 27,722 | 24,966 | |||||||||||||||
FHLMC | AA+ | 3.00 | 11/01/46 | 8,933 | 7,897 | |||||||||||||||
FHLMC | AA+ | 3.00 | 05/01/49 | 49,504 | 43,993 | |||||||||||||||
FHLMC | AA+ | 3.00 | 11/01/49 | 37,369 | 33,194 | |||||||||||||||
FHLMC | AA+ | 3.00 | 11/01/49 | 48,923 | 43,649 | |||||||||||||||
FHLMC | AA+ | 3.00 | 06/01/52 | 277,358 | 245,583 | |||||||||||||||
FHLMC | AA+ | 3.50 | 02/01/35 | 31,222 | 29,545 |
The accompanying notes are an integral part of these portfolio schedules.
76
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||
FHLMC | AA+ | 3.50 | 02/01/36 | $ | 18,529 | $ | 17,533 | |||||||
FHLMC | AA+ | 3.50 | 11/01/39 | 40,666 | 38,203 | |||||||||
FHLMC | AA+ | 3.50 | 01/01/41 | 29,533 | 27,654 | |||||||||
FHLMC | AA+ | 3.50 | 06/01/43 | 16,956 | 15,758 | |||||||||
FHLMC | AA+ | 3.50 | 01/01/44 | 108,363 | 101,455 | |||||||||
FHLMC | AA+ | 3.50 | 11/01/45 | 24,918 | 23,220 | |||||||||
FHLMC | AA+ | 3.50 | 08/01/47 | 66,271 | 61,271 | |||||||||
FHLMC | AA+ | 3.50 | 12/01/47 | 21,914 | 20,224 | |||||||||
FHLMC | AA+ | 4.00 | 02/01/25 | 7,324 | 7,151 | |||||||||
FHLMC | AA+ | 4.00 | 05/01/25 | 7,488 | 7,317 | |||||||||
FHLMC | AA+ | 4.00 | 01/01/38 | 21,383 | 20,891 | |||||||||
FHLMC | AA+ | 4.00 | 01/15/40 | 88,756 | 86,462 | |||||||||
FHLMC | AA+ | 4.00 | 10/01/44 | 25,511 | 24,404 | |||||||||
FHLMC | AA+ | 4.00 | 05/01/47 | 11,672 | 11,132 | |||||||||
FHLMC | AA+ | 4.00 | 04/01/52 | 221,108 | 207,979 | |||||||||
FHLMC | AA+ | 4.00 | 08/01/52 | 277,570 | 261,456 | |||||||||
FHLMC | AA+ | 4.50 | 08/15/35 | 11,824 | 11,410 | |||||||||
FHLMC | AA+ | 4.50 | 05/01/48 | 18,092 | 17,743 | |||||||||
FHLMC | AA+ | 4.50 | 05/01/48 | 8,762 | 8,599 | |||||||||
FHLMC | AA+ | 5.00 | 02/01/26 | 7,635 | 7,559 | |||||||||
FHLMC | AA+ | 5.00 | 09/01/47 | 367,114 | 360,154 | |||||||||
FHLMC | AA+ | 5.00 | 06/01/52 | 85,115 | 83,621 | |||||||||
FHLMC | AA+ | 5.00 | 12/01/52 | 247,853 | 242,971 | |||||||||
FHLMC | AA+ | 6.50 | 12/01/52 | 149,063 | 153,629 | |||||||||
FHLMC ARM | AA+ | 1.93 | 10/01/51 | 594,414 | 515,525 | |||||||||
FHLMC ARM | AA+ | 4.43 | 04/01/53 | 98,138 | 93,445 | |||||||||
FHLMC Strip | AA+ | 3.00 | 06/15/42 | 88,962 | 81,819 | |||||||||
FHLMC Strip | AA+ | 3.00 | 01/15/43 | 23,500 | 21,261 | |||||||||
FHLMC Strip | AA+ | 3.50 | 10/15/47 | 11,197 | 10,350 | |||||||||
FNMA | AA+ | 1.82 | 09/01/51 | 439,859 | 381,897 | |||||||||
FNMA | AA+ | 2.00 | 11/01/35 | 157,004 | 140,002 | |||||||||
FNMA | AA+ | 2.00 | 07/01/36 | 402,036 | 358,688 | |||||||||
FNMA | AA+ | 2.00 | 10/01/50 | 80,740 | 66,401 | |||||||||
FNMA | AA+ | 2.00 | 10/01/50 | 187,039 | 154,000 | |||||||||
FNMA | AA+ | 2.00 | 11/01/51 | 87,008 | 71,225 | |||||||||
FNMA | AA+ | 2.00 | 03/01/52 | 183,417 | 150,452 | |||||||||
FNMA | AA+ | 2.34 | 05/01/36 | 175,000 | 138,670 | |||||||||
FNMA | AA+ | 2.50 | 02/01/33 | 16,589 | 15,068 | |||||||||
FNMA | AA+ | 2.50 | 05/01/35 | 15,033 | 13,722 | |||||||||
FNMA | AA+ | 2.50 | 10/01/35 | 100,672 | 92,633 | |||||||||
FNMA | AA+ | 2.50 | 04/01/42 | 175,576 | 152,466 | |||||||||
FNMA | AA+ | 2.50 | 05/01/46 | 87,653 | 75,393 | |||||||||
FNMA | AA+ | 2.50 | 01/01/51 | 527,338 | 452,545 | |||||||||
FNMA | AA+ | 2.50 | 04/01/51 | 162,472 | 138,454 | |||||||||
FNMA | AA+ | 2.50 | 12/01/51 | 633,651 | 538,209 | |||||||||
FNMA | AA+ | 3.00 | 09/01/33 | 19,725 | 18,453 | |||||||||
FNMA | AA+ | 3.00 | 03/01/36 | 16,838 | 15,617 | |||||||||
FNMA | AA+ | 3.00 | 04/25/42 | 5,815 | 5,712 | |||||||||
FNMA | AA+ | 3.00 | 02/01/45 | 17,521 | 15,816 | |||||||||
FNMA | AA+ | 3.00 | 03/01/45 | 2,926 | 2,598 | |||||||||
FNMA | AA+ | 3.00 | 01/01/47 | 10,917 | 9,652 | |||||||||
FNMA | AA+ | 3.00 | 12/01/47 | 6,534 | 5,822 | |||||||||
FNMA | AA+ | 3.00 | 03/01/50 | 87,405 | 77,673 | |||||||||
FNMA | AA+ | 3.00 | 01/01/52 | 285,160 | 251,321 | |||||||||
FNMA | AA+ | 3.03 | 04/01/34 | 24,605 | 21,442 | |||||||||
FNMA | AA+ | 3.50 | 07/01/34 | 19,338 | 18,530 |
The accompanying notes are an integral part of these portfolio schedules.
77
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||
FNMA | AA+ | 3.50 | 10/01/34 | $ | 20,271 | $ | 19,183 | |||||||
FNMA | AA+ | 3.50 | 01/01/43 | 9,009 | 8,374 | |||||||||
FNMA | AA+ | 3.50 | 08/01/43 | 34,869 | 32,446 | |||||||||
FNMA | AA+ | 3.50 | 08/01/43 | 16,538 | 15,410 | |||||||||
FNMA | AA+ | 3.50 | 08/01/44 | 26,567 | 24,085 | |||||||||
FNMA | AA+ | 3.50 | 04/01/45 | 56,295 | 51,934 | |||||||||
FNMA | AA+ | 3.50 | 05/01/45 | 38,504 | 35,817 | |||||||||
FNMA | AA+ | 3.50 | 10/01/45 | 49,554 | 45,768 | |||||||||
FNMA | AA+ | 3.50 | 02/01/46 | 35,527 | 33,042 | |||||||||
FNMA | AA+ | 3.50 | 02/01/46 | 13,222 | 12,297 | |||||||||
FNMA | AA+ | 3.50 | 09/01/47 | 56,902 | 52,921 | |||||||||
FNMA | AA+ | 3.50 | 11/01/47 | 102,823 | 94,905 | |||||||||
FNMA | AA+ | 3.50 | 04/01/48 | 4,813 | 4,381 | |||||||||
FNMA | AA+ | 3.50 | 06/01/51 | 279,822 | 255,882 | |||||||||
FNMA | AA+ | 3.50 | 01/01/52 | 85,246 | 77,830 | |||||||||
FNMA | AA+ | 3.50 | 05/01/52 | 184,049 | 168,378 | |||||||||
FNMA | AA+ | 4.00 | 01/01/31 | 29,400 | 28,690 | |||||||||
FNMA | AA+ | 4.00 | 10/01/36 | 10,172 | 9,800 | |||||||||
FNMA | AA+ | 4.00 | 05/01/43 | 55,142 | 53,021 | |||||||||
FNMA | AA+ | 4.00 | 01/01/44 | 77,374 | 74,394 | |||||||||
FNMA | AA+ | 4.00 | 11/01/45 | 14,359 | 13,731 | |||||||||
FNMA | AA+ | 4.00 | 02/01/47 | 20,712 | 19,824 | |||||||||
FNMA | AA+ | 4.00 | 04/01/49 | 141,849 | 135,249 | |||||||||
FNMA | AA+ | 4.00 | 03/01/50 | 69,011 | 65,425 | |||||||||
FNMA | AA+ | 4.00 | 07/01/52 | 95,353 | 89,852 | |||||||||
FNMA | AA+ | 4.00 | 07/01/56 | 17,684 | 16,629 | |||||||||
FNMA | AA+ | 4.50 | 05/01/30 | 66,548 | 65,315 | |||||||||
FNMA | AA+ | 4.50 | 12/01/39 | 35,484 | 34,940 | |||||||||
FNMA | AA+ | 4.50 | 07/01/40 | 57,937 | 55,427 | |||||||||
FNMA | AA+ | 4.50 | 07/01/42 | 73,687 | 72,768 | |||||||||
FNMA | AA+ | 4.50 | 04/01/44 | 15,049 | 14,825 | |||||||||
FNMA | AA+ | 4.50 | 11/01/47 | 18,635 | 18,358 | |||||||||
FNMA | AA+ | 4.50 | 11/01/47 | 16,040 | 15,998 | |||||||||
FNMA | AA+ | 4.50 | 11/01/47 | 22,113 | 21,700 | |||||||||
FNMA | AA+ | 4.50 | 02/01/49 | 13,925 | 13,635 | |||||||||
FNMA | AA+ | 4.50 | 05/01/50 | 148,440 | 144,391 | |||||||||
FNMA | AA+ | 4.81 | 09/01/29 | 99,512 | 99,339 | |||||||||
FNMA | AA+ | 5.00 | 10/01/25 | 13,799 | 13,662 | |||||||||
FNMA | AA+ | 5.00 | 08/01/37 | 36,404 | 36,663 | |||||||||
FNMA | AA+ | 5.00 | 06/01/52 | 458,792 | 450,050 | |||||||||
FNMA | AA+ | 5.50 | 09/01/25 | 12,548 | 12,490 | |||||||||
FNMA | AA+ | 5.50 | 05/01/38 | 42,821 | 43,843 | |||||||||
FNMA | AA+ | 6.00 | 03/01/36 | 9,520 | 9,660 | |||||||||
FNMA | AA+ | 6.00 | 04/01/37 | 7,686 | 7,782 | |||||||||
FNMA | AA+ | 6.00 | 12/01/37 | 16,402 | 17,005 | |||||||||
FRESB Multifamily Mortgage | AA+ | 2.37 | 10/25/26 | 21,030 | 19,254 | |||||||||
FRESB Multifamily Mortgage | AA+ | 3.61 | 10/25/28 | 13,067 | 12,303 | |||||||||
GNMA (3) | AA+ | 2.50 | 10/20/51 | 91,543 | 77,477 | |||||||||
GNMA (3) | AA+ | 3.00 | 07/16/36 | 31,921 | 29,101 | |||||||||
GNMA (3) | AA+ | 3.00 | 01/15/46 | 49,961 | 44,996 | |||||||||
GNMA (3) | AA+ | 3.00 | 03/15/46 | 64,951 | 58,497 | |||||||||
GNMA (3) | AA+ | 3.00 | 07/15/46 | 82,699 | 74,479 | |||||||||
GNMA (3) | AA+ | 3.00 | 02/20/47 | 22,635 | 20,224 | |||||||||
GNMA (3) | AA+ | 3.00 | 10/20/51 | 96,765 | 84,537 | |||||||||
GNMA (3) | AA+ | 3.50 | 02/20/42 | 8,608 | 7,881 | |||||||||
GNMA (3) | AA+ | 3.50 | 07/15/42 | 22,084 | 20,829 |
The accompanying notes are an integral part of these portfolio schedules.
78
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
U.S. GOVERNMENT AGENCIES (CONTINUED) | ||||||||||||||||||||
MORTGAGE-BACKED OBLIGATIONS (CONTINUED) | ||||||||||||||||||||
GNMA (3) | AA+ | 3.50 | 03/20/45 | $ | 18,691 | $ | 16,888 | |||||||||||||
GNMA (3) | AA+ | 3.50 | 05/20/45 | 25,596 | 23,986 | |||||||||||||||
GNMA (3) | AA+ | 4.00 | 04/15/24 | 11,745 | 11,643 | |||||||||||||||
GNMA (3) | AA+ | 4.00 | 01/20/41 | 16,554 | 15,971 | |||||||||||||||
GNMA (3) | AA+ | 4.00 | 08/15/41 | 11,723 | 11,408 | |||||||||||||||
GNMA (3) | AA+ | 4.00 | 12/15/41 | 18,939 | 18,424 | |||||||||||||||
GNMA (3) | AA+ | 4.00 | 08/20/42 | 7,537 | 7,318 | |||||||||||||||
GNMA (3) | AA+ | 4.50 | 10/15/40 | 28,771 | 28,419 | |||||||||||||||
GNMA (3) | AA+ | 5.00 | 06/20/39 | 11,007 | 10,823 | |||||||||||||||
GNMA (3) | AA+ | 5.50 | 01/15/36 | 31,016 | 31,135 | |||||||||||||||
|
| |||||||||||||||||||
10,829,414 | ||||||||||||||||||||
|
| |||||||||||||||||||
CORPORATE DEBT (21.3%) | ||||||||||||||||||||
COMMUNICATION SERVICES (1.5%) | ||||||||||||||||||||
AT&T, Inc. | BBB | 2.75 | 06/01/31 | 85,000 | 71,719 | |||||||||||||||
Comcast Corp. | A- | 3.40 | 04/01/30 | 160,000 | 147,009 | |||||||||||||||
T-Mobile USA, Inc. | BBB | 3.38 | 04/15/29 | 85,000 | 76,759 | |||||||||||||||
Verizon Communications, Inc. | BBB+ | 4.02 | 12/03/29 | 60,000 | 56,177 | |||||||||||||||
Warnermedia Hldgs., Inc. | BBB- | 4.28 | 03/15/32 | 90,000 | 79,819 | |||||||||||||||
Warnermedia Hldgs., Inc. | BBB- | 6.41 | 03/15/26 | 50,000 | 50,041 | |||||||||||||||
|
| |||||||||||||||||||
481,524 | ||||||||||||||||||||
|
| |||||||||||||||||||
CONSUMER DISCRETIONARY (1.8%) | ||||||||||||||||||||
Amazon.com, Inc. | AA | 1.20 | 06/03/27 | 80,000 | 70,192 | |||||||||||||||
AutoZone, Inc. | BBB | 3.25 | 04/15/25 | 115,000 | 110,060 | |||||||||||||||
AutoZone, Inc. | BBB | 3.75 | 04/18/29 | 35,000 | 32,358 | |||||||||||||||
Best Buy Co., Inc. | BBB+ | 1.95 | 10/01/30 | 65,000 | 52,359 | |||||||||||||||
Brunswick Corp. | BBB- | 2.40 | 08/18/31 | 140,000 | 107,324 | |||||||||||||||
General Motors Financial Co., Inc. | BBB | 6.05 | 10/10/25 | 50,000 | 50,087 | |||||||||||||||
Harman International Industries, Inc. | A | 4.15 | 05/15/25 | 105,000 | 101,933 | |||||||||||||||
Lowe’s Cos., Inc. | BBB+ | 4.00 | 04/15/25 | 30,000 | 29,205 | |||||||||||||||
Whirlpool Corp. | BBB | 3.70 | 05/01/25 | 40,000 | 38,699 | |||||||||||||||
|
| |||||||||||||||||||
592,217 | ||||||||||||||||||||
|
| |||||||||||||||||||
CONSUMER STAPLES (0.5%) | ||||||||||||||||||||
Bunge Ltd. Finance Corp. | BBB+ | 2.75 | 05/14/31 | 60,000 | 50,366 | |||||||||||||||
Hormel Foods Corp. | A- | 1.80 | 06/11/30 | 60,000 | 50,077 | |||||||||||||||
Sysco Corp. | BBB | 3.75 | 10/01/25 | 75,000 | 72,521 | |||||||||||||||
|
| |||||||||||||||||||
172,964 | ||||||||||||||||||||
|
| |||||||||||||||||||
ENERGY (0.7%) | ||||||||||||||||||||
Devon Energy Corp. | BBB | 5.85 | 12/15/25 | 50,000 | 50,379 | |||||||||||||||
Energy Transfer LP | BBB- | 5.55 | 02/15/28 | 30,000 | 29,916 | |||||||||||||||
Kinder Morgan Energy Partners LP | BBB | 4.30 | 05/01/24 | 105,000 | 103,582 | |||||||||||||||
Targa Resources Partners LP/Targa Resources Partners Finance Corp. | BBB- | 5.50 | 03/01/30 | 60,000 | 57,742 | |||||||||||||||
|
| |||||||||||||||||||
241,619 | ||||||||||||||||||||
|
| |||||||||||||||||||
FINANCIALS (8.2%) | ||||||||||||||||||||
Aflac, Inc. | A- | 1.13 | 03/15/26 | 85,000 | 76,074 | |||||||||||||||
Alleghany Corp. | AA | 3.63 | 05/15/30 | 85,000 | 78,904 | |||||||||||||||
Allstate Corp. | A- | 0.75 | 12/15/25 | 30,000 | 26,868 | |||||||||||||||
American Express Co. | BBB | 3.63 | 12/05/24 | 105,000 | 101,982 | |||||||||||||||
Bank of America Corp. | A- | 2.97 | 02/04/33 | 185,000 | 154,221 | |||||||||||||||
Bank of America Corp. | A- | 3.37 | 01/23/26 | 60,000 | 57,487 | |||||||||||||||
Bank of America Corp. | BBB+ | 3.95 | 04/21/25 | 105,000 | 101,681 | |||||||||||||||
Block Financial LLC | BBB | 5.25 | 10/01/25 | 65,000 | 63,571 | |||||||||||||||
Capital One Financial Corp. | BBB | 4.93 | 05/10/28 | 60,000 | 56,929 |
The accompanying notes are an integral part of these portfolio schedules.
79
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
CORPORATE DEBT (CONTINUED) | ||||||||||||||||||||
FINANCIALS (CONTINUED) | ||||||||||||||||||||
Citigroup, Inc. | BBB+ | 3.79 | 03/17/33 | $ | 105,000 | $ | 92,768 | |||||||||||||
Citigroup, Inc. | BBB | 3.88 | 03/26/25 | 105,000 | 101,399 | |||||||||||||||
Fairfax U.S., Inc.† | BBB | 4.88 | 08/13/24 | 75,000 | 73,524 | |||||||||||||||
Fifth Third Bancorp | BBB | 4.30 | 01/16/24 | 105,000 | 103,581 | |||||||||||||||
Goldman Sachs Group, Inc. | BBB+ | 2.60 | 02/07/30 | 160,000 | 136,268 | |||||||||||||||
JPMorgan Chase & Co. | A- | 1.47 | 09/22/27 | 75,000 | 66,212 | |||||||||||||||
JPMorgan Chase & Co. | BBB+ | 3.88 | 09/10/24 | 95,000 | 92,748 | |||||||||||||||
JPMorgan Chase & Co. | A- | 5.35 | 06/01/34 | 90,000 | 90,717 | |||||||||||||||
JPMorgan Chase & Co. | BBB+ | 5.72 | 09/14/33 | 140,000 | 142,029 | |||||||||||||||
Kemper Corp. | BBB- | 3.80 | 02/23/32 | 85,000 | 70,205 | |||||||||||||||
Kemper Corp. | BBB- | 4.35 | 02/15/25 | 40,000 | 38,494 | |||||||||||||||
Lincoln National Corp. | BBB+ | 4.00 | 09/01/23 | 85,000 | 84,552 | |||||||||||||||
Mercury General Corp. | BBB | 4.40 | 03/15/27 | 65,000 | 61,474 | |||||||||||||||
Morgan Stanley | A- | 2.70 | 01/22/31 | 160,000 | 136,079 | |||||||||||||||
Old Republic International Corp. | BBB+ | 3.88 | 08/26/26 | 105,000 | 98,783 | |||||||||||||||
Reinsurance Group of America, Inc. | A | 4.70 | 09/15/23 | 20,000 | 19,951 | |||||||||||||||
Signet UK Finance PLC | BB- | 4.70 | 06/15/24 | 105,000 | 101,902 | |||||||||||||||
Stifel Financial Corp. | BBB- | 4.25 | 07/18/24 | 70,000 | 68,522 | |||||||||||||||
Synchrony Financial | BBB- | 3.70 | 08/04/26 | 55,000 | 49,350 | |||||||||||||||
Truist Financial Corp. | A- | 4.87 | 01/26/29 | 70,000 | 67,282 | |||||||||||||||
Voya Financial, Inc. | BBB+ | 3.65 | 06/15/26 | 105,000 | 99,036 | |||||||||||||||
Wells Fargo & Co. | BBB+ | 3.35 | 03/02/33 | 160,000 | 136,937 | |||||||||||||||
Wells Fargo & Co. | BBB+ | 3.53 | 03/24/28 | 60,000 | 56,001 | |||||||||||||||
|
| |||||||||||||||||||
2,705,531 | ||||||||||||||||||||
|
| |||||||||||||||||||
HEALTH CARE (2.6%) | ||||||||||||||||||||
AbbVie, Inc. | BBB+ | 4.25 | 11/14/28 | 160,000 | 155,194 | |||||||||||||||
Amgen, Inc. | BBB+ | 5.25 | 03/02/33 | 50,000 | 50,064 | |||||||||||||||
Baxter International, Inc. | BBB | 2.54 | 02/01/32 | 55,000 | 44,551 | |||||||||||||||
CVS Health Corp. | BBB | 3.75 | 04/01/30 | 175,000 | 160,523 | |||||||||||||||
Elevance Health, Inc. | A | 2.88 | 09/15/29 | 135,000 | 118,963 | |||||||||||||||
Evernorth Health, Inc. | A- | 3.50 | 06/15/24 | 40,000 | 39,069 | |||||||||||||||
Humana, Inc. | BBB+ | 3.85 | 10/01/24 | 65,000 | 63,478 | |||||||||||||||
Merck & Co., Inc. | A+ | 2.15 | 12/10/31 | 130,000 | 107,710 | |||||||||||||||
Thermo Fisher Scientific, Inc. | A- | 2.00 | 10/15/31 | 160,000 | 130,534 | |||||||||||||||
|
| |||||||||||||||||||
870,086 | ||||||||||||||||||||
|
| |||||||||||||||||||
INDUSTRIALS (1.0%) | ||||||||||||||||||||
Boeing Co. | BBB- | 4.88 | 05/01/25 | 90,000 | 88,721 | |||||||||||||||
Hexcel Corp. | BB+ | 4.95 | 08/15/25 | 80,000 | 78,020 | |||||||||||||||
Verisk Analytics, Inc. | BBB | 4.00 | 06/15/25 | 175,000 | 169,830 | |||||||||||||||
|
| |||||||||||||||||||
336,571 | ||||||||||||||||||||
|
| |||||||||||||||||||
INFORMATION TECHNOLOGY (2.7%) | ||||||||||||||||||||
Apple, Inc. | AA+ | 2.05 | 09/11/26 | 140,000 | 129,008 | |||||||||||||||
Applied Materials, Inc. | A | 3.90 | 10/01/25 | 135,000 | 132,003 | |||||||||||||||
Arrow Electronics, Inc. | BBB- | 4.00 | 04/01/25 | 20,000 | 19,203 | |||||||||||||||
Intel Corp. | A | 5.20 | 02/10/33 | 85,000 | 85,806 | |||||||||||||||
Keysight Technologies, Inc. | BBB | 4.55 | 10/30/24 | 105,000 | 103,221 | |||||||||||||||
Motorola Solutions, Inc. | BBB- | 4.00 | 09/01/24 | 20,000 | 19,527 | |||||||||||||||
Oracle Corp. | BBB | 4.90 | 02/06/33 | 80,000 | 77,656 | |||||||||||||||
PayPal Hldgs., Inc. | A- | 2.65 | 10/01/26 | 175,000 | 162,601 | |||||||||||||||
QUALCOMM, Inc. | A | 4.25 | 05/20/32 | 35,000 | 34,082 | |||||||||||||||
Teledyne Technologies, Inc. | BBB | 2.75 | 04/01/31 | 175,000 | 146,142 | |||||||||||||||
|
| |||||||||||||||||||
909,249 | ||||||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
80
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC. — BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS IN SECURITIES (Continued)
June 30, 2023 (Unaudited)
Rating** | Rate(%) | Maturity | Face Amount | Value | ||||||||||||||||
LONG-TERM DEBT SECURITIES (CONTINUED): | ||||||||||||||||||||
CORPORATE DEBT (CONTINUED) | ||||||||||||||||||||
MATERIALS (0.9%) | ||||||||||||||||||||
AptarGroup, Inc. | BBB- | 3.60 | 03/15/32 | $ | 85,000 | $ | 72,917 | |||||||||||||
Eagle Materials, Inc. | BBB | 2.50 | 07/01/31 | 163,000 | 132,939 | |||||||||||||||
Sherwin-Williams Co. | BBB | 3.95 | 01/15/26 | 105,000 | 101,668 | |||||||||||||||
|
| |||||||||||||||||||
307,524 | ||||||||||||||||||||
|
| |||||||||||||||||||
REAL ESTATE (1.0%) | ||||||||||||||||||||
Alexandria Real Estate Equities, Inc. | BBB+ | 4.75 | 04/15/35 | 15,000 | 13,918 | |||||||||||||||
Boston Properties LP | BBB+ | 3.25 | 01/30/31 | 150,000 | 122,212 | |||||||||||||||
Boston Properties LP | BBB+ | 6.50 | 01/15/34 | 30,000 | 30,189 | |||||||||||||||
Healthpeak OP LLC | BBB+ | 3.40 | 02/01/25 | 80,000 | 76,856 | |||||||||||||||
Prologis LP | A | 1.75 | 07/01/30 | 70,000 | 56,238 | |||||||||||||||
Realty Income Corp. | A- | 4.85 | 03/15/30 | 35,000 | 33,834 | |||||||||||||||
|
| |||||||||||||||||||
333,247 | ||||||||||||||||||||
|
| |||||||||||||||||||
UTILITIES (0.4%) | ||||||||||||||||||||
National Fuel Gas Co. | BBB- | 5.20 | 07/15/25 | 40,000 | 39,182 | |||||||||||||||
NextEra Energy Capital Hldgs., Inc. | BBB+ | 3.55 | 05/01/27 | 95,000 | 89,489 | |||||||||||||||
|
| |||||||||||||||||||
128,671 | ||||||||||||||||||||
|
| |||||||||||||||||||
TOTAL CORPORATE DEBT |
| 7,079,203 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL LONG-TERM DEBT SECURITIES |
| 32,134,830 | ||||||||||||||||||
|
| |||||||||||||||||||
SHORT-TERM DEBT SECURITIES: | ||||||||||||||||||||
COMMERCIAL PAPER (2.1%) | ||||||||||||||||||||
Cargill Global Funding PLC† | A-1 | 5.00 | 07/03/23 | 700,000 | 699,806 | |||||||||||||||
|
| |||||||||||||||||||
TOTAL SHORT-TERM DEBT SECURITIES |
| 699,806 | ||||||||||||||||||
|
| |||||||||||||||||||
TEMPORARY CASH INVESTMENT (0.3%) | ||||||||||||||||||||
JP Morgan Chase, New York Time Deposit |
| 4.32 | 07/03/23 | 76,464 | 76,464 | |||||||||||||||
|
| |||||||||||||||||||
TOTAL TEMPORARY CASH INVESTMENT |
| 76,464 | ||||||||||||||||||
|
| |||||||||||||||||||
TOTAL INVESTMENTS |
| 32,911,100 | ||||||||||||||||||
|
| |||||||||||||||||||
OTHER NET ASSETS 0.7% |
| 246,416 | ||||||||||||||||||
|
| |||||||||||||||||||
NET ASSETS 100.0% |
| $ | 33,157,516 | |||||||||||||||||
|
|
The accompanying notes are an integral part of these portfolio schedules.
81
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
FOOTNOTES TO PORTFOLIOS OF INVESTMENTS IN SECURITIES
June 30, 2023 (Unaudited)
Abbreviations: | FFCB = Federal Farm Credit Bank | |
FHLB = Federal Home Loan Bank | ||
FHLMC = Federal Home Loan Mortgage Corporation | ||
FNMA = Federal National Mortgage Association | ||
FRESB = Federal Home Loan Mortgage Corporation Multifamily Securitization Small Loan Balance | ||
GNMA = Government National Mortgage Association |
* | Non-income producing security. |
** | Ratings as per Standard & Poor’s Corporation. |
† | Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2023, the aggregate values of these securities and their percentages of the respective Portfolios’ net assets were as follows: |
Portfolio | Aggregate Market Value | Percentage of Net Assets | ||||||
EQUITY INDEX PORTFOLIO | $ | 1,399,613 | 1.2 | % | ||||
MID-CAP EQUITY INDEX PORTFOLIO | $ | 799,779 | 1.6 | % | ||||
INTERNATIONAL PORTFOLIO | $ | 212,931 | 1.4 | % | ||||
MONEY MARKET PORTFOLIO | $ | 11,817,392 | 32.0 | % | ||||
MID-TERM BOND PORTFOLIO | $ | 90,924 | 0.4 | % | ||||
BOND PORTFOLIO | $ | 773,330 | 2.3 | % |
†† | Level 3 Security (see Note 1). |
(1) | This security, or a portion thereof, has been segregated to cover initial margin requirements on open futures contracts. Information on futures contracts outstanding in the Portfolios as of June 30, 2023, was as follows: |
Portfolio | Number of Contracts | Contract Type | Purchased (P) or Sold (S) | Expiration Date | Notional Value | Value/ Unrealized Gain(Loss)(a) | Face Value of Futures as a % of Total Investments | |||||||||||||||||||
EQUITY INDEX PORTFOLIO | 4 | E-mini S&P 500 Stock Index | P | September 2023 | $ | 897,650 | $ | 27,840 | 0.8 | % | ||||||||||||||||
MID-CAP EQUITY INDEX PORTFOLIO | 2 | E-mini S&P MidCap 400 Stock Index | P | September 2023 | $ | 528,820 | $ | 15,350 | 1.1 | % |
(a) | Includes the cumulative appreciation(depreciation) of futures contracts, which is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. The Receivable or Payable for Daily Variation on Futures Contracts in the Statements of Assets and Liabilities only includes the current day’s variation margin payable or receivable. |
(2) | Percentage is less than 0.05%. |
(3) | U.S. Government guaranteed security. |
82
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2023 (Unaudited)
Equity Index Portfolio | All America Portfolio | Small Cap Value Portfolio | Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments at fair value | ||||||||||||||||||||
(Cost: Equity Index Portfolio — $95,207,556 All America Portfolio — $13,121,656 Small Cap Value Portfolio — $9,906,911 Small Cap Growth Portfolio — $10,161,758 Small Cap Equity Index Portfolio — $7,433,346 Mid Cap Value Portfolio — $4,310,260 Mid Cap Equity Index Portfolio — $44,851,980 International Portfolio — $15,712,056 Retirement Income Portfolio — $3,740,899 2015 Retirement Portfolio — $5,353,484 2020 Retirement Portfolio — $14,093,973 2025 Retirement Portfolio — $22,938,440) |
| |||||||||||||||||||
(Notes 1 and 3) | $ | 119,619,007 | $ | 15,991,920 | $ | 9,217,924 | $ | 11,017,156 | $ | 7,207,965 | ||||||||||
Cash | 1,261 | 50,224 | 1,223 | 857 | 9,740 | |||||||||||||||
Interest and dividends receivable | 75,809 | 11,679 | 7,822 | 4,831 | 7,834 | |||||||||||||||
Receivable for securities sold | 23,075 | 42,096 | 181,525 | 100,928 | — | |||||||||||||||
Receivable for daily variation on future contracts | 10,500 | — | — | — | — | |||||||||||||||
Shareholder subscriptions receivable | 88,198 | — | 2,496 | 1,447 | 835 | |||||||||||||||
Due from the Adviser | 193,964 | 27,090 | 29,105 | 29,901 | 21,415 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL ASSETS | 120,011,814 | 16,123,009 | 9,440,095 | 11,155,120 | 7,247,789 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LIABILITIES | ||||||||||||||||||||
Due to custodian bank | — | — | — | — | — | |||||||||||||||
Payable for securities purchased | 2,155 | 43,784 | 138,717 | 132,091 | 4,255 | |||||||||||||||
Shareholder redemptions payable | 4,077 | 985 | 8 | — | 16,606 | |||||||||||||||
Payable to the Adviser | 7,173 | 5,136 | 5,612 | 6,600 | 434 | |||||||||||||||
Accrued expenses | 252,144 | 44,440 | 32,894 | 34,753 | 26,991 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL LIABILITIES | 265,549 | 94,345 | 177,231 | 173,444 | 48,286 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 119,746,265 | $ | 16,028,664 | $ | 9,262,864 | $ | 10,981,676 | $ | 7,199,503 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NUMBEROF SHARES OUTSTANDING (Note 4) | 1,824,202 | 517,889 | 587,353 | 721,484 | 744,742 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSET VALUES, offering and redemption price per share | $65.64 | $30.95 | $15.77 | $15.22 | $9.67 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
COMPONENTSOF NET ASSETS | ||||||||||||||||||||
Paid-in capital | $ | 91,667,248 | $ | 12,720,173 | $ | 9,577,326 | $ | 10,676,136 | $ | 7,599,655 | ||||||||||
Total Distributable Earnings (Loss) (Notes 1 and 5) | 28,079,017 | 3,308,491 | (314,462 | ) | 305,540 | (400,152 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 119,746,265 | $ | 16,028,664 | $ | 9,262,864 | $ | 10,981,676 | $ | 7,199,503 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | The Retirement and Allocation Portfolios are invested in affiliated investment companies of Mutual of America Variable Insurance Portfolios. |
The accompanying notes are an integral part of these financial statements.
84
Mid Cap Value Portfolio | Mid-Cap Equity Index Portfolio | International Portfolio | Retirement Income Portfolio | 2015 Retirement Portfolio | 2020 Retirement Portfolio | 2025 Retirement Portfolio | ||||||||||||||||||||
$ | 4,204,586 | $ | 49,896,508 | $ | 15,428,799 | $ | 3,572,570 | (a) | $ | 5,396,608 | (a) | $ | 14,189,249 | (a) | $ | 22,103,138 | (a) | |||||||||
628 | 2,679 | 2,029 | — | — | — | — | ||||||||||||||||||||
4,810 | 55,980 | 76,431 | — | — | — | — | ||||||||||||||||||||
— | 523 | — | — | — | — | — | ||||||||||||||||||||
— | 9,540 | — | — | — | — | — | ||||||||||||||||||||
1,047 | 8,155 | 11,584 | — | — | — | — | ||||||||||||||||||||
17,773 | 84,786 | 35,396 | 17,973 | 16,786 | 16,782 | 22,523 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
4,228,844 | 50,058,171 | 15,554,239 | 3,590,543 | 5,413,394 | 14,206,031 | 22,125,661 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
— | — | 256 | — | — | — | — | ||||||||||||||||||||
— | 11,306 | — | — | — | — | — | ||||||||||||||||||||
14,982 | 1,320 | 73 | — | — | — | — | ||||||||||||||||||||
1,870 | 2,978 | 937 | 151 | 220 | 578 | 894 | ||||||||||||||||||||
18,420 | 120,626 | 43,253 | 10,797 | 10,587 | 12,171 | 14,331 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
35,272 | 136,230 | 44,519 | 10,948 | 10,807 | 12,749 | 15,225 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 4,193,572 | $ | 49,921,941 | $ | 15,509,720 | $ | 3,579,595 | $ | 5,402,587 | $ | 14,193,282 | $ | 22,110,436 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
215,790 | 1,827,228 | 1,704,578 | 296,771 | 499,868 | 1,090,256 | 1,461,028 | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
| $19.43 |
| $27.32 | $9.10 | $12.06 | $10.81 | $13.02 | $15.13 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 4,155,841 | $ | 42,873,621 | $ | 15,436,366 | $ | 3,891,954 | $ | 5,256,065 | $ | 13,521,963 | $ | 20,484,940 | |||||||||||||
37,731 | 7,048,320 | 73,354 | (312,359 | ) | 146,522 | 671,319 | 1,625,496 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
$ | 4,193,572 | $ | 49,921,941 | $ | 15,509,720 | $ | 3,579,595 | $ | 5,402,587 | $ | 14,193,282 | $ | 22,110,436 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
85
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
STATEMENTS OF ASSETS AND LIABILITIES (Continued)
June 30, 2023 (Unaudited)
2030 Retirement Portfolio | 2035 Retirement Portfolio | 2040 Retirement Portfolio | 2045 Retirement Portfolio | 2050 Retirement Portfolio | ||||||||||||||||
ASSETS | ||||||||||||||||||||
Investments at fair value | ||||||||||||||||||||
(Cost: 2030 Retirement Portfolio — $16,042,978 2035 Retirement Portfolio — $9,256,856 2040 Retirement Portfolio — $7,844,147 2045 Retirement Portfolio — $4,339,041 2050 Retirement Portfolio — $4,582,441 2055 Retirement Portfolio — $1,116,937 2060 Retirement Portfolio — $808,233 Conservative Allocation Portfolio — $8,077,548 Moderate Allocation Portfolio — $19,544,948 Aggressive Allocation Portfolio — $4,490,850 Money Market Portfolio — $36,873,053 Mid Term Bond Portfolio — $21,938,914 Bond Portfolio — $37,406,301) |
| |||||||||||||||||||
(Notes 1 and 3) | $ | 16,269,314 | (a) | $ | 9,728,780 | (a) | $ | 8,143,646 | (a) | $ | 4,638,435 | (a) | $ | 4,743,068 | (a) | |||||
Cash | — | — | — | — | — | |||||||||||||||
Interest and dividends receivable | — | — | — | — | — | |||||||||||||||
Receivable for securities sold | — | — | — | — | — | |||||||||||||||
Receivable for daily variation on future contracts | — | — | — | — | — | |||||||||||||||
Shareholder subscriptions receivable | — | — | — | — | — | |||||||||||||||
Due from the Adviser | 20,989 | 20,052 | 19,629 | 15,199 | 17,741 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL ASSETS | 16,290,303 | 9,748,832 | 8,163,275 | 4,653,634 | 4,760,809 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
LIABILITIES | ||||||||||||||||||||
Due to custodian bank | — | — | — | — | — | |||||||||||||||
Payable for securities purchased | — | — | — | — | — | |||||||||||||||
Shareholder redemptions payable | — | — | — | — | — | |||||||||||||||
Payable to the Adviser | 656 | 388 | 327 | 184 | 190 | |||||||||||||||
Accrued expenses | 10,298 | 9,028 | 9,304 | 3,267 | 7,174 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
TOTAL LIABILITIES | 10,954 | 9,416 | 9,631 | 3,451 | 7,364 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 16,279,349 | $ | 9,739,416 | $ | 8,153,644 | $ | 4,650,183 | $ | 4,753,445 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NUMBEROF SHARES OUTSTANDING (Note 4) | 956,459 | 560,045 | 460,993 | 261,521 | 225,928 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSET VALUES, offering and redemption price per share | $17.02 | $17.39 | $17.69 | $17.78 | $21.04 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
COMPONENTSOF NET ASSETS | ||||||||||||||||||||
Paid-in capital | $ | 14,950,731 | $ | 8,766,484 | $ | 7,073,922 | $ | 4,076,469 | $ | 4,171,224 | ||||||||||
Total Distributable Earnings (Loss) (Notes 1 and 5) | 1,328,618 | 972,932 | 1,079,722 | 573,714 | 582,221 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NET ASSETS | $ | 16,279,349 | $ | 9,739,416 | $ | 8,153,644 | $ | 4,650,183 | $ | 4,753,445 | ||||||||||
|
|
|
|
|
|
|
|
|
|
(a) | The Retirement and Allocation Portfolios are invested in affiliated investment companies of Mutual of America Variable Insurance Portfolios. |
The accompanying notes are an integral part of these financial statements.
86
2055 Retirement Portfolio | 2060 Retirement Portfolio | Conservative Allocation Portfolio | Moderate Allocation Portfolio | Aggressive Allocation Portfolio | Money Market Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | |||||||||||||||||||||||
$ | 1,158,228 | (a) | $ | 807,358 | (a) | $ | 7,964,424 | (a) | $ | 20,504,875 | (a) | $ | 4,855,052 | (a) | $ | 36,873,053 | $ | 20,378,322 | $ | 32,911,100 | ||||||||||
— | — | 98 | 98 | 98 | 16,085 | 254 | 1,614 | |||||||||||||||||||||||
— | — | — | — | — | — | 117,986 | 181,759 | |||||||||||||||||||||||
— | — | — | — | — | — | — | 56,078 | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | 1,672 | 10,464 | 31,090 | |||||||||||||||||||||||
17,370 | 10,877 | 16,354 | 13,864 | 18,228 | 32,523 | 38,832 | 64,285 | |||||||||||||||||||||||
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|
|
|
|
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|
|
|
|
|
|
|
|
|
| |||||||||||||||
1,175,598 | 818,235 | 7,980,876 | 20,518,837 | 4,873,378 | 36,923,333 | 20,545,858 | 33,245,926 | |||||||||||||||||||||||
|
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— | 18 | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||
— | — | — | — | — | 548 | 466 | 249 | |||||||||||||||||||||||
46 | 33 | — | — | — | 4,490 | 6,758 | 2,206 | |||||||||||||||||||||||
7,518 | 3,953 | 11,480 | 12,375 | 10,188 | 43,765 | 49,716 | 85,955 | |||||||||||||||||||||||
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| |||||||||||||||
7,564 | 4,004 | 11,480 | 12,375 | 10,188 | 48,803 | 56,940 | 88,410 | |||||||||||||||||||||||
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| |||||||||||||||
$ | 1,168,034 | $ | 814,231 | $ | 7,969,396 | $ | 20,506,462 | $ | 4,863,190 | $ | 36,874,530 | $ | 20,488,918 | $ | 33,157,516 | |||||||||||||||
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| |||||||||||||||
68,497 | 56,693 | 609,812 | 1,182,231 | 234,052 | 2,913,980 | 2,052,338 | 2,501,745 | |||||||||||||||||||||||
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| |||||||||||||||
$17.05 | $14.36 | $13.07 | $17.35 | $20.78 | $12.654 | $9.98 | $13.25 | |||||||||||||||||||||||
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$ | 1,080,518 | $ | 770,626 | $ | 7,894,675 | $ | 18,502,133 | $ | 4,216,433 | $ | 36,084,661 | $ | 21,944,628 | $ | 37,596,514 | |||||||||||||||
87,516 | 43,605 | 74,721 | 2,004,329 | 646,757 | 789,869 | (1,455,710 | ) | (4,438,998 | ) | |||||||||||||||||||||
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$ | 1,168,034 | $ | 814,231 | $ | 7,969,396 | $ | 20,506,462 | $ | 4,863,190 | $ | 36,874,530 | $ | 20,488,918 | $ | 33,157,516 | |||||||||||||||
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The accompanying notes are an integral part of these financial statements.
87
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
STATEMENTS OF OPERATIONS
For the Six Months Ended June 30, 2023 (Unaudited)
Equity Index Portfolio | All America Portfolio | Small Cap Value Portfolio | Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | ||||||||||||||||
INVESTMENT INCOMEAND EXPENSES | ||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends (Notes 1 and 3) | $ | 909,851 | (a) | $ | 124,833 | (a) | $ | 117,079 | $ | 29,415 | (a) | $ | 61,998 | (a) | ||||||
Interest | 32,697 | 4,168 | 6,485 | 4,381 | 142 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total investment income | 942,548 | 129,001 | 123,564 | 33,796 | 62,140 | |||||||||||||||
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|
|
|
|
|
|
| |||||||||||
EXPENSES | ||||||||||||||||||||
Investment advisory fees (Note 2) | 40,589 | 29,993 | 35,333 | 39,213 | 2,653 | |||||||||||||||
Other operating expenses (Note 2) | ||||||||||||||||||||
Fund administration expenses | 190,757 | 35,925 | 26,964 | 28,346 | 22,142 | |||||||||||||||
Shareholders reports | 3,841 | 4,006 | 3,570 | 3,549 | 3,838 | |||||||||||||||
Custodian expenses | 3,685 | 1,994 | 454 | 1,130 | 4,006 | |||||||||||||||
Transfer agent fees | 10,365 | 2,265 | 1,273 | 1,409 | 990 | |||||||||||||||
Independent directors’ fees and expenses | 648 | 337 | 318 | 325 | 302 | |||||||||||||||
Professional fees | 21,816 | 19,819 | 19,819 | 19,819 | 21,862 | |||||||||||||||
Legal and Compliance | 38,294 | 9,350 | 3,740 | 4,000 | 4,990 | |||||||||||||||
Administrative | 117,025 | 18,696 | 11,160 | 11,347 | 8,974 | |||||||||||||||
Licenses | 10,331 | 1,964 | — | — | 743 | |||||||||||||||
Fees and registration | 1,081 | 87 | 200 | 219 | 69 | |||||||||||||||
Miscellaneous fees | 4,815 | 1,530 | 1,280 | 1,461 | 1,211 | |||||||||||||||
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| |||||||||||
Total operating expenses | 402,658 | 95,973 | 68,778 | 71,605 | 69,127 | |||||||||||||||
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| |||||||||||
Total expenses before reimbursement | 443,247 | 125,966 | 104,111 | 110,818 | 71,780 | |||||||||||||||
Fee waiver and expense reimbursement (Note 2) | (351,297 | ) | (86,208 | ) | (64,614 | ) | (66,897 | ) | (65,613 | ) | ||||||||||
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| |||||||||||
Net expenses | 91,950 | 39,758 | 39,497 | 43,921 | 6,167 | |||||||||||||||
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| |||||||||||
Net Investment Income (Loss) | 850,598 | 89,243 | 84,067 | (10,125 | ) | 55,973 | ||||||||||||||
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NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS (Note 1) | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investment securities (Notes 1 and 3) | 273,717 | 54,523 | 72,069 | (18,761 | ) | (60,231 | ) | |||||||||||||
Futures contracts (Note 1) | 39,191 | — | — | — | — | |||||||||||||||
Foreign currency translations | — | — | — | — | — | |||||||||||||||
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312,908 | 54,523 | 72,069 | (18,761 | ) | (60,231 | ) | ||||||||||||||
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Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investment securities (Notes 1 and 3) | 15,781,588 | 1,705,648 | 179,525 | 1,318,793 | 430,646 | |||||||||||||||
Futures contracts (Note 1) | 76,428 | — | — | — | — | |||||||||||||||
Foreign currency translations | — | — | — | — | — | |||||||||||||||
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15,858,016 | 1,705,648 | 179,525 | 1,318,793 | 430,646 | ||||||||||||||||
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NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS | 16,170,924 | 1,760,171 | 251,594 | 1,300,032 | 370,415 | |||||||||||||||
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NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | $ | 17,021,522 | $ | 1,849,414 | $ | 335,661 | $ | 1,289,907 | $ | 426,388 | ||||||||||
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(a) | Net of foreign taxes as follows: |
Equity Index Portfolio | $ | 310 | ||
All America Portfolio | 175 | |||
Small Cap Growth Portfolio | 17 | |||
Small Cap Equity Index Portfolio | 59 | |||
Mid-Cap Equity Index Portfolio | 258 | |||
International Portfolio | 48,977 |
The accompanying notes are an integral part of these financial statements.
88
Mid Cap Value Portfolio | Mid-Cap Equity Index Portfolio | International Portfolio | Retirement Income Portfolio | 2015 Retirement Portfolio | 2020 Retirement Portfolio | 2025 Retirement Portfolio | ||||||||||||||||||||||
$ | 42,859 | $ | 415,867 | (a) | $ | 389,495 | (a) | $ | — | $ | — | $ | — | $ | — | |||||||||||||
2,966 | 20,992 | 8,480 | — | — | — | — | ||||||||||||||||||||||
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45,825 | 436,859 | 397,975 | — | — | — | — | ||||||||||||||||||||||
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11,534 | 18,143 | 5,555 | 973 | 1,310 | 3,546 | 5,351 | ||||||||||||||||||||||
17,145 | 90,986 | 32,438 | 10,623 | 10,641 | 10,812 | 10,953 | ||||||||||||||||||||||
3,573 | 3,722 | 3,648 | 3,522 | 3,571 | 3,571 | 3,568 | ||||||||||||||||||||||
425 | 3,197 | 1,961 | 1,519 | 1,488 | 2,136 | 3,272 | ||||||||||||||||||||||
718 | 5,322 | 328 | 759 | 840 | 2,174 | 3,357 | ||||||||||||||||||||||
296 | 455 | 329 | 281 | 281 | 281 | 281 | ||||||||||||||||||||||
19,530 | 21,611 | 22,103 | 16,723 | 16,612 | 16,612 | 16,612 | ||||||||||||||||||||||
2,298 | 22,069 | — | 573 | 981 | 1,990 | 2,315 | ||||||||||||||||||||||
5,647 | 56,823 | 12,743 | 162 | 177 | 479 | 737 | ||||||||||||||||||||||
— | 4,722 | — | — | — | — | — | ||||||||||||||||||||||
27 | 917 | 477 | 97 | — | 131 | 470 | ||||||||||||||||||||||
978 | 3,188 | 1,148 | 746 | 704 | 397 | 55 | ||||||||||||||||||||||
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50,637 | 213,012 | 75,175 | 35,005 | 35,295 | 38,583 | 41,620 | ||||||||||||||||||||||
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62,171 | 231,155 | 80,730 | 35,978 | 36,605 | 42,129 | 46,971 | ||||||||||||||||||||||
(48,196 | ) | (190,553 | ) | (68,693 | ) | (33,993 | ) | (34,056 | ) | (34,803 | ) | (37,292 | ) | |||||||||||||||
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13,975 | 40,602 | 12,037 | 1,985 | 2,549 | 7,326 | 9,679 | ||||||||||||||||||||||
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| |||||||||||||||
31,850 | 396,257 | 385,938 | (1,985 | ) | (2,549 | ) | (7,326 | ) | (9,679 | ) | ||||||||||||||||||
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| |||||||||||||||
(1,553 | ) | (77,453 | ) | 1,880 | (69,810 | ) | (755 | ) | 133,076 | 1,527,147 | ||||||||||||||||||
— | (701 | ) | — | — | — | — | — | |||||||||||||||||||||
— | — | (1,628 | ) | — | — | — | — | |||||||||||||||||||||
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(1,553 | ) | (78,154 | ) | 252 | (69,810 | ) | (755 | ) | 133,076 | 1,527,147 | ||||||||||||||||||
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| |||||||||||||||
140,104 | 3,697,574 | 1,135,924 | 283,733 | 300,084 | 784,531 | 104,901 | ||||||||||||||||||||||
— | 32,590 | — | — | — | — | — | ||||||||||||||||||||||
— | — | 603 | — | — | — | — | ||||||||||||||||||||||
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140,104 | 3,730,164 | 1,136,527 | 283,733 | 300,084 | 784,531 | 104,901 | ||||||||||||||||||||||
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| |||||||||||||||
138,551 | 3,652,010 |
| 1,136,779 |
| 213,923 | 299,329 | 917,607 | 1,632,048 | ||||||||||||||||||||
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| |||||||||||||||
$ | 170,401 |
| $ | 4,048,267 | $ | 1,522,717 | $ | 211,938 | $ | 296,780 | $ | 910,281 | $ | 1,622,369 | ||||||||||||||
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The accompanying notes are an integral part of these financial statements.
89
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
STATEMENTS OF OPERATIONS (Continued)
For the Six Months Ended June 30, 2023 (Unaudited)
2030 Retirement Portfolio | 2035 Retirement Portfolio | 2040 Retirement Portfolio | 2045 Retirement Portfolio | 2050 Retirement Portfolio | ||||||||||||||||
INVESTMENT INCOMEAND EXPENSES | ||||||||||||||||||||
INVESTMENT INCOME | ||||||||||||||||||||
Dividends (Notes 1 and 3) | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Interest | — | — | — | — | — | |||||||||||||||
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| |||||||||||
Total investment income | — | — | — | — | — | |||||||||||||||
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|
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|
|
| |||||||||||
EXPENSES | ||||||||||||||||||||
Investment advisory fees (Note 2) | 3,833 | 2,182 | 1,894 | 1,058 | 1,088 | |||||||||||||||
Other operating expenses (Note 2) | ||||||||||||||||||||
Fund administration expenses | 9,307 | 7,606 | 8,069 | 5,635 | 6,786 | |||||||||||||||
Shareholders reports | 3,832 | 3,832 | 3,832 | 4,561 | 3,832 | |||||||||||||||
Custodian expenses | 2,103 | 2,997 | 1,806 | 2,190 | 1,567 | |||||||||||||||
Transfer agent fees | 2,202 | 1,190 | 1,019 | 657 | 584 | |||||||||||||||
Independent directors’ fees and expenses | 310 | 310 | 310 | 310 | 309 | |||||||||||||||
Professional fees | 16,657 | 16,659 | 16,659 | 19,293 | 16,659 | |||||||||||||||
Legal and Compliance | — | — | — | — | — | |||||||||||||||
Administrative | — | — | — | — | — | |||||||||||||||
Licenses | — | — | — | — | — | |||||||||||||||
Fees and registration | 507 | 413 | 357 | — | — | |||||||||||||||
Miscellaneous fees | 1,059 | 994 | 990 | 957 | 957 | |||||||||||||||
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|
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| |||||||||||
Total operating expenses | 35,977 | 34,001 | 33,042 | 33,603 | 30,694 | |||||||||||||||
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|
|
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| |||||||||||
Total expenses before reimbursement | 39,810 | 36,183 | 34,936 | 34,661 | 31,782 | |||||||||||||||
Fee waiver and expense reimbursement (Note 2) | (32,830 | ) | (31,891 | ) | (31,232 | ) | (32,589 | ) | (29,651 | ) | ||||||||||
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|
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|
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| |||||||||||
Net expenses | 6,980 | 4,292 | 3,704 | 2,072 | 2,131 | |||||||||||||||
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|
|
|
|
|
|
| |||||||||||
Net Investment Income (Loss) | (6,980 | ) | (4,292 | ) | (3,704 | ) | (2,072 | ) | (2,131 | ) | ||||||||||
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| |||||||||||
NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS (Note 1) | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investment securities (Notes 1 and 3) | 186,425 | 22,368 | 57,453 | 23,712 | 144,300 | |||||||||||||||
Futures contracts (Note 1) | — | — | — | — | — | |||||||||||||||
Foreign currency translations | — | — | — | — | — | |||||||||||||||
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186,425 | 22,368 | 57,453 | 23,712 | 144,300 | ||||||||||||||||
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| |||||||||||
Change in net unrealized appreciation (depreciation) of: | ||||||||||||||||||||
Investment securities (Notes 1 and 3) | 1,118,788 | 838,370 | 752,934 | (c) | 450,156 | 348,790 | ||||||||||||||
Futures contracts (Note 1) | — | — | — | — | — | |||||||||||||||
Foreign currency translations | — | — | — | — | — | |||||||||||||||
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1,118,788 | 838,370 | 752,934 | 450,156 | 348,790 | ||||||||||||||||
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NET REALIZEDAND UNREALIZED GAIN (LOSS)ON INVESTMENTS, FUTURES CONTRACTSAND FOREIGN CURRENCY TRANSLATIONS | 1,305,213 | 860,738 | 810,387 | 473,868 | 493,090 | |||||||||||||||
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| |||||||||||
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | $ | 1,298,233 | $ | 856,446 | $ | 806,683 | $ | 471,796 | $ | 490,959 | ||||||||||
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The accompanying notes are an integral part of these financial statements.
90
2055 Retirement Portfolio | 2060 Retirement Portfolio | Conservative Allocation Portfolio | Moderate Allocation Portfolio | Aggressive Allocation Portfolio | Money Market Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | |||||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
— | — | — | — | — | 820,813 | 236,801 | 432,763 | |||||||||||||||||||||||||
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| |||||||||||||||||
— | — | — | — | — | 820,813 | 236,801 | 432,763 | |||||||||||||||||||||||||
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| |||||||||||||||||
257 | 194 | — | — | — | 26,018 | 41,357 | 64,161 | |||||||||||||||||||||||||
7,155 | 6,909 | 10,702 | 10,548 | 10,614 | 55,142 | 46,059 | 72,297 | |||||||||||||||||||||||||
3,830 | 3,147 | 3,543 | 3,541 | 3,542 | 3,503 | 3,608 | 3,759 | |||||||||||||||||||||||||
1,570 | 1,125 | 1,398 | 2,003 | 1,767 | 845 | 438 | 646 | |||||||||||||||||||||||||
164 | 124 | 1,358 | 3,002 | 668 | 1,598 | 716 | 1,316 | |||||||||||||||||||||||||
309 | 310 | 281 | 281 | 281 | 307 | 350 | 403 | |||||||||||||||||||||||||
16,659 | 14,638 | 16,723 | 16,723 | 16,723 | 18,598 | 23,076 | 23,076 | |||||||||||||||||||||||||
— | — | 1,693 | 3,710 | 78 | 7,871 | — | 465 | |||||||||||||||||||||||||
— | 275 | 294 | 657 | 142 | 41,771 | 23,982 | 35,600 | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
34 | 87 | 48 | 57 | 39 | 194 | 343 | 755 | |||||||||||||||||||||||||
930 | 851 | 601 | 177 | 768 | 914 | 2,486 | 1,822 | |||||||||||||||||||||||||
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| |||||||||||||||||
30,651 | 27,466 | 36,641 | 40,699 | 34,622 | 130,743 | 101,058 | 140,139 | |||||||||||||||||||||||||
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| |||||||||||||||||
30,908 | 27,660 | 36,641 | 40,699 | 34,622 | 156,761 | 142,415 | 204,300 | |||||||||||||||||||||||||
(30,268 | ) | (27,337 | ) | (34,767 | ) | (36,054 | ) | (33,540 | ) | (116,076 | ) | (92,430 | ) | (125,250 | ) | |||||||||||||||||
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| |||||||||||||||||
640 | 323 | 1,874 | 4,645 | 1,082 | 40,685 | 49,985 | 79,050 | |||||||||||||||||||||||||
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(640 | ) | (323 | ) | (1,874 | ) | (4,645 | ) | (1,082 | ) | 780,128 | 186,816 | 353,713 | ||||||||||||||||||||
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| ||||||||||||||||||||||||||||||
5,809 | (406,497 | ) | (29,383 | ) | 42,626 | 15,866 | 2,908 | (195,178 | ) | (288,526 | ) | |||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
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5,809 | (406,497 | ) | (29,383 | ) | 42,626 | 15,866 | 2,908 | (195,178 | ) | (288,526 | ) | |||||||||||||||||||||
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111,099 | 494,692 | 554,063 | 1,734,466 | 460,252 | — | 260,082 | 564,788 | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
— | — | — | — | — | — | — | — | |||||||||||||||||||||||||
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111,099 | 494,692 | 554,063 | 1,734,466 | 460,252 | — | 260,082 | 564,788 | |||||||||||||||||||||||||
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| 116,908 |
| 88,195 | 524,680 | 1,777,092 | 476,118 | 2,908 | 64,904 | 276,262 | |||||||||||||||||||||||
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$ | 116,268 |
| $ | 87,872 | $ | 522,806 | $ | 1,772,447 | $ | 475,036 | $ | 783,036 | $ | 251,720 | $ | 629,975 | ||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
91
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
STATEMENTS OF CHANGES IN NET ASSETS
Equity Index Portfolio | All America Portfolio | |||||||||||||||
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | |||||||||||||
INCREASE (DECREASE)IN NET ASSETS | ||||||||||||||||
FROM OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | 850,598 | $ | 1,618,840 | $ | 89,243 | $ | 170,681 | ||||||||
Net realized gain (loss) on investments, futures contracts and foreign currency translations | 312,908 | 1,179,061 | 54,523 | 227,127 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | 15,858,016 | (25,340,325 | ) | 1,705,648 | (3,567,296 | ) | ||||||||||
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| |||||||||
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | 17,021,522 | (22,542,424 | ) | 1,849,414 | (3,169,488 | ) | ||||||||||
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DISTRIBUTIONS (Notes 1 and 5) | ||||||||||||||||
From Distributable Earnings | — | (4,578,108 | ) | — | (934,576 | ) | ||||||||||
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Total distributions | — | (4,578,108 | ) | — | (934,576 | ) | ||||||||||
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CAPITAL TRANSACTIONS (Note 4) | ||||||||||||||||
Net proceeds from sale of shares | 6,218,301 | 14,815,819 | 131,253 | 702,722 | ||||||||||||
Dividends reinvested | — | 4,578,108 | — | 934,576 | ||||||||||||
Cost of shares redeemed | (5,634,195 | ) | (14,015,144 | ) | (463,128 | ) | (939,124 | ) | ||||||||
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NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | 584,106 | 5,378,783 | (331,875 | ) | 698,174 | |||||||||||
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INCREASE (DECREASE)IN NET ASSETS | 17,605,628 | (21,741,749 | ) | 1,517,539 | (3,405,890 | ) | ||||||||||
NET ASSETS, BEGINNINGOF PERIOD | 102,140,637 | 123,882,386 | 14,511,125 | 17,917,015 | ||||||||||||
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NET ASSETS, ENDOF PERIOD | $ | 119,746,265 | $ | 102,140,637 | $ | 16,028,664 | $ | 14,511,125 | ||||||||
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OTHER INFORMATION (Note 4): | ||||||||||||||||
Shares outstanding at the beginning of period | 1,815,565 | 1,720,549 | 529,565 | 502,377 | ||||||||||||
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Shares sold | 103,019 | 234,693 | 4,529 | 22,638 | ||||||||||||
Shares issued as reinvestment of dividends | — | 83,756 | — | 35,029 | ||||||||||||
Shares redeemed | (94,382 | ) | (223,433 | ) | (16,205 | ) | (30,479 | ) | ||||||||
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Net Increase (decrease) | 8,637 | 95,016 | (11,676 | ) | 27,188 | |||||||||||
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| |||||||||
Shares outstanding at the end of period | 1,824,202 | 1,815,565 | 517,889 | 529,565 | ||||||||||||
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The accompanying notes are an integral part of these financial statements.
92
Small Cap Value Portfolio | Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | Mid Cap Value Portfolio | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | |||||||||||||||||||||||||
$ | 84,067 | $ | 130,377 | $ | (10,125 | ) | $ | (3,621 | ) | $ | 55,973 | $ | 106,520 | $ | 31,850 | $ | 64,726 | |||||||||||||||
72,069 | 135,175 | (18,761 | ) | (481,201 | ) | (60,231 | ) | 269,704 | (1,553 | ) | 60,805 | |||||||||||||||||||||
179,525 | (1,490,390 | ) | 1,318,793 | (3,826,331 | ) | 430,646 | (1,637,338 | ) | 140,104 | (684,021 | ) | |||||||||||||||||||||
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335,661 | (1,224,838 | ) | 1,289,907 | (4,311,153 | ) | 426,388 | (1,261,114 | ) | 170,401 | (558,490 | ) | |||||||||||||||||||||
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— | (1,191,596 | ) | — | (2,037,474 | ) | — | (526,589 | ) | — | (247,806 | ) | |||||||||||||||||||||
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— | (1,191,596 | ) | — | (2,037,474 | ) | — | (526,589 | ) | — | (247,806 | ) | |||||||||||||||||||||
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155,975 | 2,030,587 | 469,024 | 889,613 | 447,061 | 2,034,063 | 314,802 | 2,180,022 | |||||||||||||||||||||||||
— | 1,191,596 | — | 2,037,474 | — | 526,589 | — | 247,806 | |||||||||||||||||||||||||
(1,277,473 | ) | (2,693,297 | ) | (835,212 | ) | (2,135,987 | ) | (697,161 | ) | (1,336,833 | ) | (863,062 | ) | (982,500 | ) | |||||||||||||||||
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| |||||||||||||||||
| (1,121,498 | ) | 528,886 | (366,188 | ) | 791,100 | (250,100 | ) | 1,223,819 | (548,260 | ) | 1,445,328 | ||||||||||||||||||||
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(785,837 | ) | (1,887,548 | ) | 923,719 | (5,557,527 | ) | 176,288 | (563,884 | ) | (377,859 | ) | 639,032 | ||||||||||||||||||||
10,048,701 | 11,936,249 | 10,057,957 | 15,615,484 | 7,023,215 | 7,587,099 | 4,571,431 | 3,932,399 | |||||||||||||||||||||||||
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$ | 9,262,864 | $ | 10,048,701 | $ | 10,981,676 | $ | 10,057,957 | $ | 7,199,503 | $ | 7,023,215 | $ | 4,193,572 | $ | 4,571,431 | |||||||||||||||||
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660,378 | 626,045 | 747,164 | 676,788 | 770,315 | 643,592 | 243,656 | 175,973 | |||||||||||||||||||||||||
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10,175 | 115,923 | 32,519 | 51,124 | 48,683 | 196,415 | 16,591 | 101,745 | |||||||||||||||||||||||||
— | 79,919 | — | 150,924 | — | 57,960 | — | 13,852 | |||||||||||||||||||||||||
(83,200 | ) | (161,509 | ) | (58,199 | ) | (131,672 | ) | (74,256 | ) | (127,652 | ) | (44,457 | ) | (47,914 | ) | |||||||||||||||||
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(73,025 | ) | 34,333 | (25,680 | ) | 70,376 | (25,573 | ) | 126,723 | (27,866 | ) | 67,683 | |||||||||||||||||||||
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587,353 | 660,378 | 721,484 | 747,164 | 744,742 | 770,315 | 215,790 | 243,656 | |||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
93
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
Mid-Cap Equity Index Portfolio | International Portfolio | |||||||||||||||
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | |||||||||||||
INCREASE (DECREASE)IN NET ASSETS | ||||||||||||||||
FROM OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | 396,257 | $ | 819,499 | $ | 385,938 | $ | 574,785 | ||||||||
Net realized gain (loss) on investments, futures contracts and foreign currency translations | (78,154 | ) | 1,312,137 | 252 | (603,132 | ) | ||||||||||
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | 3,730,164 | (10,061,557 | ) | 1,136,527 | (1,661,350 | ) | ||||||||||
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| |||||||||
NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | 4,048,267 | (7,929,921 | ) | 1,522,717 | (1,689,697 | ) | ||||||||||
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DISTRIBUTIONS (Notes 1 and 5) | ||||||||||||||||
From Distributable Earnings | — | (3,610,022 | ) | — | (1,714,903 | ) | ||||||||||
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Total distributions | — | (3,610,022 | ) | — | (1,714,903 | ) | ||||||||||
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CAPITAL TRANSACTIONS (Note 4) | ||||||||||||||||
Net proceeds from sale of shares | 1,656,771 | 3,259,162 | 925,603 | 2,389,920 | ||||||||||||
Dividends reinvested | — | 3,610,022 | — | 1,714,903 | ||||||||||||
Cost of shares redeemed | (3,346,894 | ) | (7,190,733 | ) | (1,068,864 | ) | (1,977,090 | ) | ||||||||
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NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | (1,690,123 | ) | (321,549 | ) | (143,261 | ) | 2,127,733 | |||||||||
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| |||||||||
INCREASE (DECREASE)IN NET ASSETS | 2,358,144 | (11,861,492 | ) | 1,379,456 | (1,276,867 | ) | ||||||||||
NET ASSETS, BEGINNINGOF PERIOD | 47,563,797 | 59,425,289 | 14,130,264 | 15,407,131 | ||||||||||||
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NET ASSETS, ENDOF PERIOD | $ | 49,921,941 | $ | 47,563,797 | $ | 15,509,720 | $ | 14,130,264 | ||||||||
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OTHER INFORMATION (Note 4): | ||||||||||||||||
Shares outstanding at the beginning of period | 1,892,386 | 1,898,109 | 1,721,302 | 1,441,403 | ||||||||||||
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Shares sold | 63,041 | 118,335 | 105,391 | 264,505 | ||||||||||||
Shares issued as reinvestment of dividends | — | 150,606 | — | 241,536 | ||||||||||||
Shares redeemed | (128,199 | ) | (274,664 | ) | (122,115 | ) | (226,142 | ) | ||||||||
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Net Increase (decrease) | (65,158 | ) | (5,723 | ) | (16,724 | ) | 279,899 | |||||||||
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Shares outstanding at the end of period | 1,827,228 | 1,892,386 | 1,704,578 | 1,721,302 | ||||||||||||
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The accompanying notes are an integral part of these financial statements.
94
Retirement Income Portfolio | 2015 Retirement Portfolio | 2020 Retirement Portfolio | 2025 Retirement Portfolio | |||||||||||||||||||||||||||
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | |||||||||||||||||||||||
$ | (1,985 | ) | $ | 54,376 | $ | (2,549 | ) | $ | 64,151 | $ | (7,326 | ) | $ | 182,313 | $ | (9,679 | ) | $ | 298,164 | |||||||||||
(69,810 | ) | (125,086 | ) | (755 | ) | 47,523 | 133,076 | 345,318 | 1,527,147 | 812,275 | ||||||||||||||||||||
283,733 | (529,706 | ) | 300,084 | (861,031 | ) | 784,531 | (2,630,839 | ) | 104,901 | (4,658,677 | ) | |||||||||||||||||||
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| 211,938 |
| (600,416 | ) | 296,780 | (749,357 | ) | 910,281 | (2,103,208 | ) | 1,622,369 | (3,548,238 | ) | |||||||||||||||||
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— | (309,082 | ) | — | (269,892 | ) | — | (849,948 | ) | — | (886,214 | ) | |||||||||||||||||||
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— | (309,082 | ) | — | (269,892 | ) | — | (849,948 | ) | — | (886,214 | ) | |||||||||||||||||||
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19,655 | 507,893 | 62,041 | 212,685 | 124,570 | 1,390,496 | 876,668 | 1,534,745 | |||||||||||||||||||||||
— | 309,082 | — | 269,892 | — | 849,948 | — | 886,214 | |||||||||||||||||||||||
(1,373,514 | ) | (528,023 | ) | (128,728 | ) | (651,616 | ) | (1,056,338 | ) | (1,319,441 | ) | (1,934,232 | ) | (2,255,448 | ) | |||||||||||||||
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| (1,353,859 | ) | 288,952 | (66,687 | ) | (169,039 | ) | (931,768 | ) | 921,003 | (1,057,564 | ) | 165,511 | |||||||||||||||||
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(1,141,921 | ) | (620,546 | ) | 230,093 | (1,188,288 | ) | (21,487 | ) | (2,032,153 | ) | 564,805 | (4,268,941 | ) | |||||||||||||||||
4,721,516 | 5,342,062 | 5,172,494 | 6,360,782 | 14,214,769 | 16,246,922 | 21,545,631 | 25,814,572 | |||||||||||||||||||||||
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$ | 3,579,595 | $ | 4,721,516 | $ | 5,402,587 | $ | 5,172,494 | $ | 14,193,282 | $ | 14,214,769 | $ | 22,110,436 | $ | 21,545,631 | |||||||||||||||
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411,505 | 387,161 | 506,218 | 519,947 | 1,164,069 | 1,086,595 | 1,534,214 | 1,520,096 | |||||||||||||||||||||||
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1,660 | 40,201 | 5,876 | 18,299 | 9,883 | 100,850 | 59,800 | 99,910 | |||||||||||||||||||||||
— | 27,820 | — | 27,428 | — | 72,894 | — | 66,683 | |||||||||||||||||||||||
(116,394 | ) | (43,677 | ) | (12,226 | ) | (59,456 | ) | (83,696 | ) | (96,270 | ) | (132,986 | ) | (152,475 | ) | |||||||||||||||
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(114,734 | ) | 24,344 | (6,350 | ) | (13,729 | ) | (73,813 | ) | 77,474 | (73,186 | ) | 14,118 | ||||||||||||||||||
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296,771 | 411,505 | 499,868 | 506,218 | 1,090,256 | 1,164,069 | 1,461,028 | 1,534,214 | |||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
95
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
2030 Retirement Portfolio | 2035 Retirement Portfolio | |||||||||||||||
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | |||||||||||||
INCREASE (DECREASE)IN NET ASSETS | ||||||||||||||||
FROM OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | (6,980 | ) | $ | 197,598 | $ | (4,292 | ) | $ | 111,389 | ||||||
Net realized gain (loss) on investments, futures contracts and foreign currency translations | 186,425 | 922,263 | 22,368 | 411,433 | ||||||||||||
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | 1,118,788 | (3,593,692 | ) | 838,370 | (1,856,844 | ) | ||||||||||
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NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | 1,298,233 | (2,473,831 | ) | 856,446 | (1,334,022 | ) | ||||||||||
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DISTRIBUTIONS (Notes 1 and 5) | ||||||||||||||||
From Distributable Earnings | — | (186,415 | ) | — | (305,716 | ) | ||||||||||
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Total distributions | — | (186,415 | ) | — | (305,716 | ) | ||||||||||
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CAPITAL TRANSACTIONS (Note 4) | ||||||||||||||||
Net proceeds from sale of shares | 1,058,817 | 2,152,652 | 958,390 | 1,521,127 | ||||||||||||
Dividends reinvested | — | 186,415 | — | 305,716 | ||||||||||||
Cost of shares redeemed | (674,864 | ) | (1,760,362 | ) | (9,707 | ) | (742,861 | ) | ||||||||
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NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | 383,953 | 578,705 | 948,683 | 1,083,982 | ||||||||||||
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INCREASE (DECREASE)IN NET ASSETS | 1,682,186 | (2,081,541 | ) | 1,805,129 | (555,756 | ) | ||||||||||
NET ASSETS, BEGINNINGOF PERIOD | 14,597,163 | 16,678,704 | 7,934,287 | 8,490,043 | ||||||||||||
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NET ASSETS, ENDOF PERIOD | $ | 16,279,349 | $ | 14,597,163 | $ | 9,739,416 | $ | 7,934,287 | ||||||||
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OTHER INFORMATION (Note 4): | ||||||||||||||||
Shares outstanding at the beginning of period | 933,418 | 898,476 | 502,809 | 437,126 | ||||||||||||
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Shares sold | 64,676 | 130,763 | 57,832 | 88,547 | ||||||||||||
Shares issued as reinvestment of dividends | — | 12,690 | — | 20,796 | ||||||||||||
Shares redeemed | (41,635 | ) | (108,511 | ) | (596 | ) | (43,660 | ) | ||||||||
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Net Increase (decrease) | 23,041 | 34,942 | 57,236 | 65,683 | ||||||||||||
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Shares outstanding at the end of period | 956,459 | 933,418 | 560,045 | 502,809 | ||||||||||||
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The accompanying notes are an integral part of these financial statements.
96
2040 Retirement Portfolio | 2045 Retirement Portfolio | 2050 Retirement Portfolio | 2055 Retirement Portfolio | |||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | |||||||||||||||||||||||||
$ | (3,704 | ) | $ | 99,412 | $ | (2,072 | ) | $ | 53,925 | $ | (2,131 | ) | $ | 55,338 | $ | (640 | ) | $ | 12,373 | |||||||||||||
57,453 | 700,124 | 23,712 | 219,765 | 144,300 | 249,778 | 5,809 | 57,343 | |||||||||||||||||||||||||
752,934 | (1,946,548 | ) |
| 450,156 |
| (921,151 | ) | 348,790 | (925,727 | ) | 111,099 | (212,380 | ) | |||||||||||||||||||
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806,683 | (1,147,012 | ) | 471,796 | (647,461 | ) | 490,959 | (620,611 | ) | 116,268 | (142,664 | ) | |||||||||||||||||||||
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— | (274,532 | ) | — | (127,417 | ) | — | (247,625 | ) | — | (10,350 | ) | |||||||||||||||||||||
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— | (274,532 | ) | — | (127,417 | ) | — | (247,625 | ) | — | (10,350 | ) | |||||||||||||||||||||
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487,634 | 1,705,407 | 394,201 | 856,987 | 403,131 | 867,618 | 134,072 | 194,560 | |||||||||||||||||||||||||
— | 274,532 | — | 127,417 | — | 247,625 | — | 10,350 | |||||||||||||||||||||||||
(185,393 | ) | (1,684,275 | ) | (114,238 | ) | (319,992 | ) | (114,234 | ) | (262,274 | ) | (5,832 | ) | (27,642 | ) | |||||||||||||||||
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302,241 | 295,664 | 279,963 | 664,412 | 288,897 | 852,969 | 128,240 | 177,268 | |||||||||||||||||||||||||
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1,108,924 | (1,125,880 | ) | 751,759 | (110,466 | ) | 779,856 | (15,267 | ) | 244,508 | 24,254 | ||||||||||||||||||||||
7,044,720 | 8,170,600 | 3,898,424 | 4,008,890 | 3,973,589 | 3,988,856 | 923,526 | 899,272 | |||||||||||||||||||||||||
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$ | 8,153,644 | $ | 7,044,720 | $ | 4,650,183 | $ | 3,898,424 | $ | 4,753,445 | $ | 3,973,589 | $ | 1,168,034 | $ | 923,526 | |||||||||||||||||
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442,973 | 415,674 | 244,935 | 205,380 | 211,307 | 167,012 | 60,626 | 49,382 | |||||||||||||||||||||||||
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29,057 | 97,002 | 23,347 | 50,077 | 20,493 | 42,642 | 8,222 | 12,106 | |||||||||||||||||||||||||
— | 18,650 | — | 8,674 | — | 14,289 | — | 738 | |||||||||||||||||||||||||
(11,037 | ) | (88,353 | ) | (6,761 | ) | (19,196 | ) | (5,872 | ) | (12,636 | ) | (351 | ) | (1,600 | ) | |||||||||||||||||
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18,020 | 27,299 | 16,586 | 39,555 | 14,621 | 44,295 | 7,871 | 11,244 | |||||||||||||||||||||||||
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460,993 | 442,973 | 261,521 | 244,935 | 225,928 | 211,307 | 68,497 | 60,626 | |||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
97
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
2060 Retirement Portfolio | Conservative Allocation Portfolio | |||||||||||||||
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | |||||||||||||
INCREASE (DECREASE)IN NET ASSETS | ||||||||||||||||
FROM OPERATIONS | ||||||||||||||||
Net investment income (loss) | $ | (323 | ) | $ | 8,719 | $ | (1,874 | ) | $ | 110,946 | ||||||
Net realized gain (loss) on investments, futures contracts and foreign currency translations | (406,497 | ) | 447,702 | (29,383 | ) | 151,551 | ||||||||||
Change in net unrealized appreciation (depreciation) of investments, futures contracts and foreign currency translations | 494,692 | (579,823 | ) | 554,063 | (1,521,720 | ) | ||||||||||
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NET INCREASE (DECREASE)IN NET ASSETS RESULTINGFROM OPERATIONS | 87,872 | (123,402 | ) | 522,806 | (1,259,223 | ) | ||||||||||
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DISTRIBUTIONS (Notes 1 and 5) | ||||||||||||||||
From Distributable Earnings | — | (5,758 | ) | — | (564,444 | ) | ||||||||||
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Total distributions | — | (5,758 | ) | — | (564,444 | ) | ||||||||||
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CAPITAL TRANSACTIONS (Note 4) | ||||||||||||||||
Net proceeds from sale of shares | 103,345 | 258,046 | 91,822 | 1,188,901 | ||||||||||||
Dividends reinvested | — | 5,758 | — | 564,444 | ||||||||||||
Cost of shares redeemed | (79,320 | ) | (189,395 | ) | (1,480,030 | ) | (945,407 | ) | ||||||||
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NET INCREASE (DECREASE)IN NET ASSETSFROM CAPITAL TRANSACTIONS | 24,025 | 74,409 | (1,388,208 | ) | 807,938 | |||||||||||
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INCREASE (DECREASE)IN NET ASSETS | 111,897 | (54,751 | ) | (865,402 | ) | (1,015,729 | ) | |||||||||
NET ASSETS, BEGINNINGOF PERIOD | 702,334 | 757,085 | 8,834,798 | 9,850,527 | ||||||||||||
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NET ASSETS, ENDOF PERIOD | $ | 814,231 | $ | 702,334 | $ | 7,969,396 | $ | 8,834,798 | ||||||||
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OTHER INFORMATION (Note 4): | ||||||||||||||||
Shares outstanding at the beginning of period | 54,799 | 49,700 | 720,550 | 656,990 | ||||||||||||
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Shares sold | 7,668 | 19,330 | 7,214 | 87,180 | ||||||||||||
Shares issued as reinvestment of dividends | — | 489 | — | 48,080 | ||||||||||||
Shares redeemed | (5,774 | ) | (14,720 | ) | (117,952 | ) | (71,700 | ) | ||||||||
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Net Increase (decrease) | 1,894 | 5,099 | (110,738 | ) | 63,560 | |||||||||||
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Shares outstanding at the end of period | 56,693 | 54,799 | 609,812 | 720,550 | ||||||||||||
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The accompanying notes are an integral part of these financial statements.
98
Moderate Allocation Portfolio | Aggressive Allocation Portfolio | Money Market Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | For the Six Months Ended June 30, 2023 (Unaudited) | For the Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||
$ | (4,645 | ) | $ | 278,731 | $ | (1,082 | ) | $ | 60,774 | $ | 780,128 | $ | 300,020 | $ | 186,816 | $ | 229,733 | $ | 353,713 | $ | 582,821 | |||||||||||||||||||
42,626 | 794,480 | | 15,866 |
| 272,333 | 2,908 | (19 | ) | (195,178 | ) | (108,166 | ) | (288,526 | ) | (522,259 | ) | ||||||||||||||||||||||||
1,734,466 | (4,325,332 | ) | | 460,252 |
| (1,101,170 | ) | — | — | 260,082 | (1,683,782 | ) | 564,788 | (4,760,251 | ) | |||||||||||||||||||||||||
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1,772,447 | (3,252,121 | ) | 475,036 | (768,063 | ) | 783,036 | 300,001 | 251,720 | (1,562,215 | ) | 629,975 | (4,699,689 | ) | |||||||||||||||||||||||||||
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— | (1,309,914 | ) | — | (212,802 | ) | — | (292,690 | ) | — | (156,410 | ) | — | (526,891 | ) | ||||||||||||||||||||||||||
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— | (1,309,914 | ) | — | (212,802 | ) | — | (292,690 | ) | — | (156,410 | ) | — | (526,891 | ) | ||||||||||||||||||||||||||
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203,319 | 1,534,522 | 225,755 | 477,189 | 3,388,909 | 27,785,265 | 934,349 | 3,982,850 | 2,387,585 | 4,535,144 | |||||||||||||||||||||||||||||||
— | 1,309,914 | — | 212,802 | — | 292,690 | — | 156,410 | — | 526,891 | |||||||||||||||||||||||||||||||
(1,040,088 | ) | (2,297,187 | ) | (199,971 | ) | (403,275 | ) | (2,331,052 | ) | (1,118,474 | ) | (1,941,511 | ) | (2,072,386 | ) | (3,192,750 | ) | (4,415,178 | ) | |||||||||||||||||||||
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(836,769 | ) | 547,249 | 25,784 | 286,716 | 1,057,857 | 26,959,481 | (1,007,162 | ) | 2,066,874 | (805,165 | ) | 646,857 | ||||||||||||||||||||||||||||
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935,678 | (4,014,786 | ) | 500,820 | (694,149 | ) | 1,840,893 | 26,966,792 | (755,442 | ) | 348,249 | (175,190 | ) | (4,579,723 | ) | ||||||||||||||||||||||||||
19,570,784 | 23,585,570 | 4,362,370 | 5,056,519 | 35,033,637 | 8,066,845 | 21,244,360 | 20,896,111 | 33,332,706 | 37,912,429 | |||||||||||||||||||||||||||||||
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$ | 20,506,462 | $ | 19,570,784 | $ | 4,863,190 | $ | 4,362,370 | $ | 36,874,530 | $ | 35,033,637 | $ | 20,488,918 | $ | 21,244,360 | $ | 33,157,516 | $ | 33,332,706 | |||||||||||||||||||||
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1,232,866 | 1,190,092 | 232,751 | 216,316 | 2,831,130 | 655,221 | 2,153,673 | 1,941,203 | 2,564,081 | 2,515,539 | |||||||||||||||||||||||||||||||
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12,255 | 85,802 | 11,365 | 24,177 | 269,668 | 2,242,686 | 92,902 | 400,683 | 178,470 | 329,217 | |||||||||||||||||||||||||||||||
— | 87,796 | — | 12,223 | — | 23,680 | — | 16,041 | — | 41,163 | |||||||||||||||||||||||||||||||
(62,890 | ) | (130,824 | ) | (10,064 | ) | (19,965 | ) | (186,818 | ) | (90,457 | ) | (194,237 | ) | (204,254 | ) | (240,806 | ) | (321,838 | ) | |||||||||||||||||||||
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(50,635 | ) | 42,774 | 1,301 | 16,435 | 82,850 | 2,175,909 | (101,335 | ) | 212,470 | (62,336 | ) | 48,542 | ||||||||||||||||||||||||||||
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1,182,231 | 1,232,866 | 234,052 | 232,751 | 2,913,980 | 2,831,130 | 2,052,338 | 2,153,673 | 2,501,745 | 2,564,081 | |||||||||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
99
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
FINANCIAL HIGHLIGHTS
Income from investment operations and distributions per share for a Portfolio share outstanding for the six months ended June 30, 2023, and the five years ended December 31, 2022 (or since the Portfolio’s inception date if in existence less than five years) and other supplementary data with respect to each Portfolio are presented below and in the pages following:
Equity Index Portfolio | All America Portfolio | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 56.26 | $ | 72.00 | $ | 56.73 | $ | 48.89 | $ | 27.40 | $ | 35.66 | $ | 28.31 | $ | 24.60 | ||||||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.46 | 0.89 | 0.82 | 0.84 | 0.18 | 0.33 | 0.31 | 0.33 | ||||||||||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | 8.92 | (13.97 | ) | 15.26 | 7.00 | 3.37 | (6.71 | ) | 7.34 | 3.38 | ||||||||||||||||||||||
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Total From Investment Operations | 9.38 | (13.08 | ) | 16.08 | 7.84 | 3.55 | (6.38 | ) | 7.65 | 3.71 | ||||||||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||||||||||
From Net Investment Income | — | (0.80 | ) | (0.81 | ) | — | — | (0.26 | ) | (0.30 | ) | — | ||||||||||||||||||||
From Net Realized Gains | — | (1.86 | ) | — | — | — | (1.62 | ) | — | — | ||||||||||||||||||||||
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Total Distributions | — | (2.66 | ) | (0.81 | ) | — | — | (1.88 | ) | (0.30 | ) | — | ||||||||||||||||||||
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Net Asset Value, End of Period | $ | 65.64 | $ | 56.26 | $ | 72.00 | $ | 56.73 | $ | 30.95 | $ | 27.40 | $ | 35.66 | $ | 28.31 | ||||||||||||||||
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Total Return (%)(f) | 16.67 | (b) | (18.06 | ) | 28.51 | 16.01 | (b) | 12.96 | (b) | (17.73 | ) | 27.10 | 15.08 | (b) | ||||||||||||||||||
Net Assets, End of Period ($ millions) | 119.70 | 102.1 | 123.9 | 97.8 | 16.0 | 14.5 | 17.9 | 14.7 | ||||||||||||||||||||||||
Ratio of Net Income (Loss) to Average Net Assets (%) | 1.57 | (c) | 1.50 | 1.29 | 1.80 | (c) | 1.19 | (c) | 1.10 | 0.89 | 1.42 | (c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%) | 0.82 | (c) | 0.92 | 0.78 | 0.98 | (c) | 1.68 | (c) | 1.94 | 1.66 | 1.93 | (c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%) | 0.17 | (c) | 0.14 | 0.13 | 0.14 | (c) | 0.53 | (c) | 0.52 | 0.52 | 0.52 | (c) | ||||||||||||||||||||
Portfolio Turnover Rate (%)(a) | 4.67 | (b) | 10.72 | 21.48 | 39.64 | (b) | 7.84 | (b) | 18.54 | 25.92 | 45.10 | (b) |
† | For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4). |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios. |
(e) | Amount is less than $0.005 per share. |
(f) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
(g) | International Portfolio excludes the expenses of its ETF investments. |
NA = Not Applicable.
The accompanying notes are an integral part of these financial statements.
100
Small Cap Value Portfolio | Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
$ | 15.22 | $ | 19.07 | $ | 14.56 | $ | 14.86 | $ | 13.46 | $ | 23.07 | $ | 20.94 | $ | 14.97 | $ | 9.12 | $ | 11.79 | $ | 10.89 | $ | 9.88 | |||||||||||||||||||||||
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0.16 | 0.20 | 0.11 | 0.25 | (0.01 | ) | — | (e) | (0.06 | ) | (0.02 | ) | 0.08 | 0.14 | 0.17 | 0.10 | |||||||||||||||||||||||||||||||
| 0.39 |
| (2.11 | ) | 4.52 | (0.55 | ) | 1.77 | (6.51 | ) | 2.21 | 5.99 | 0.47 | (2.08 | ) | 2.65 | 1.03 | |||||||||||||||||||||||||||||
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0.55 | (1.91 | ) | 4.63 | (0.30 | ) | 1.76 | (6.51 | ) | 2.15 | 5.97 | 0.55 | (1.94 | ) | 2.82 | 1.13 | |||||||||||||||||||||||||||||||
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— | (0.14 | ) | (0.12 | ) | — | — | — | (0.02 | ) | — | — | (0.13 | ) | (0.15 | ) | (0.08 | ) | |||||||||||||||||||||||||||||
— | (1.80 | ) | — | — | — | (3.10 | ) | — | — | — | (0.60 | ) | (1.77 | ) | (0.04 | ) | ||||||||||||||||||||||||||||||
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— | (1.94 | ) | (0.12 | ) | — | — | (3.10 | ) | (0.02 | ) | — | — | (0.73 | ) | (1.92 | ) | (0.12 | ) | ||||||||||||||||||||||||||||
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$ | 15.77 | $ | 15.22 | $ | 19.07 | $ | 14.56 | $ | 15.22 | $ | 13.46 | $ | 23.07 | $ | 20.94 | $ | 9.67 | $ | 9.12 | $ | 11.79 | $ | 10.89 | |||||||||||||||||||||||
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3.61 | (b) | (9.81 | ) | 31.86 | (2.02 | )(b) | 13.08 | (b) | (28.27 | ) | 10.26 | 39.92 | (b) | 6.03 | (b) | (16.30 | ) | 26.57 | 11.52 | (b) | ||||||||||||||||||||||||||
9.3 | 10.0 | 11.9 | 7.6 | 11.0 | 10.1 | 15.6 | 15.1 | 7.2 | 7.0 | 7.6 | 4.3 | |||||||||||||||||||||||||||||||||||
| 1.78 | (c) | 1.18 | 0.94 | 2.11 | (c) | (0.19 | )(c) | (0.03 | ) | (0.26 | ) | (0.15 | )(c) | 1.58 | (c) | 1.48 | 1.32 | 1.57 | (c) | ||||||||||||||||||||||||||
| 2.21 | (c) | 2.35 | 2.03 | 2.29 | (c) | 2.12 | (c) | 2.46 | 1.88 | 2.06 | (c) | 2.03 | (c) | 2.59 | 2.66 | 2.61 | (c) | ||||||||||||||||||||||||||||
| 0.84 | (c) | 0.81 | 0.81 | 0.81 | (c) | 0.84 | (c) | 0.81 | 0.81 | 0.81 | (c) | 0.17 | (c) | 0.15 | 0.14 | 0.15 | (c) | ||||||||||||||||||||||||||||
5.40 | (b) | 21.45 | 79.96 | 49.88 | (b) | 21.94 | (b) | 67.79 | 60.11 | 96.43 | (b) | 23.36 | (b) | 37.04 | 66.71 | 69.92 | (b) |
The accompanying notes are an integral part of these financial statements.
101
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
FINANCIAL HIGHLIGHTS (Continued)
Mid Cap Value Portfolio | Mid-Cap Equity Index Portfolio | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 18.76 | $ | 22.35 | $ | 16.85 | $ | 16.33 | $ | 25.13 | $ | 31.31 | $ | 25.40 | $ | 22.49 | ||||||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.18 | 0.22 | 0.17 | 0.46 | 0.23 | 0.44 | 0.39 | 0.33 | ||||||||||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | 0.49 | (2.67 | ) | 5.53 | 0.06 | 1.96 | (4.66 | ) | 5.83 | 2.58 | ||||||||||||||||||||||
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Total From Investment Operations | 0.67 | (2.45 | ) | 5.70 | 0.52 | 2.19 | (4.22 | ) | 6.22 | 2.91 | ||||||||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||||||||||
From Net Investment Income | — | (0.16 | ) | (0.20 | ) | — | — | (0.34 | ) | (0.31 | ) | — | ||||||||||||||||||||
From Net Realized Gains | — | (0.98 | ) | — | — | — | (1.62 | ) | — | — | ||||||||||||||||||||||
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Total Distributions | — | (1.14 | ) | (0.20 | ) | — | — | (1.96 | ) | (0.31 | ) | — | ||||||||||||||||||||
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Net Asset Value, End of Period | $ | 19.43 | $ | 18.76 | $ | 22.35 | $ | 16.85 | $ | 27.32 | $ | 25.13 | $ | 31.31 | $ | 25.40 | ||||||||||||||||
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Total Return (%)(f) | 3.57 | (b) | (10.70 | ) | 33.91 | 3.19 | (b) | 8.71 | (b) | (13.19 | ) | 24.56 | 12.96 | (b) | ||||||||||||||||||
Net Assets, End of Period ($ millions) | 4.2 | 4.6 | 3.9 | 1.8 | 49.9 | 47.6 | 59.4 | 49.8 | ||||||||||||||||||||||||
Ratio of Net Income (Loss) to Average Net Assets (%) . . | 1.52 | (c) | 1.40 | 1.52 | 3.17 | (c) | 1.64 | (c) | 1.61 | 1.26 | 1.68 | (c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d)(g) | 2.97 | (c) | 3.20 | 4.26 | 4.25 | (c) | 0.96 | (c) | 1.08 | 0.87 | 1.07 | (c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d)(g) | 0.67 | (c) | 0.65 | 0.65 | 0.65 | (c) | 0.17 | (c) | 0.14 | 0.14 | 0.14 | (c) | ||||||||||||||||||||
Portfolio Turnover Rate (%)(a) | 11.74 | (b) | 18.34 | 51.57 | 27.14 | (b) | 10.36 | (b) | 24.10 | 39.89 | 53.83 | (b) |
† | For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4). |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios. |
(e) | Amount is less than $0.005 per share. |
(f) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
(g) | International Portfolio excludes the expenses of its ETF investments. |
NA = Not Applicable.
The accompanying notes are an integral part of these financial statements.
102
International Portfolio | Retirement Income Portfolio | 2015 Retirement Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
$ | 8.21 | $ | 10.69 | $ | 9.82 | $ | 9.05 | $ | 11.47 | $ | 13.80 | $ | 13.06 | $ | 12.22 | $ | 10.22 | $ | 12.23 | $ | 11.39 | $ | 10.61 | |||||||||||||||||||||||
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0.23 | 0.33 | 0.23 | 0.17 | 0.05 | 0.13 | 0.14 | — | (e) | — | (e) | 0.14 | 0.14 | — | (e) | ||||||||||||||||||||||||||||||||
| 0.66 |
| (1.64 | ) | 0.80 | 0.60 | 0.54 | (1.68 | ) | 0.65 | 0.84 | 0.59 | (1.60 | ) | 0.70 | 0.78 | ||||||||||||||||||||||||||||||
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0.89 | (1.31 | ) | 1.03 | 0.77 | 0.59 | (1.55 | ) | 0.79 | 0.84 | 0.59 | (1.46 | ) | 0.84 | 0.78 | ||||||||||||||||||||||||||||||||
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— | (0.24 | ) | (0.16 | ) | — | — | (0.18 | ) | — | — | — | (0.18 | ) | — | — | |||||||||||||||||||||||||||||||
— | (0.93 | ) | — | — | — | (0.60 | ) | (0.05 | ) | — | — | (0.37 | ) | — | — | |||||||||||||||||||||||||||||||
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— | (1.17 | ) | (0.16 | ) | — | — | (0.78 | ) | (0.05 | ) | — | — | (0.55 | ) | — | — | ||||||||||||||||||||||||||||||
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$ | 9.10 | $ | 8.21 | $ | 10.69 | $ | 9.82 | $ | 12.06 | $ | 11.47 | $ | 13.80 | $ | 13.06 | $ | 10.81 | $ | 10.22 | $ | 12.23 | $ | 11.39 | |||||||||||||||||||||||
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10.84 | (b) | (10.59 | ) | 10.53 | 8.47 | (b) | 5.14 | (b) | (11.01 | ) | 6.05 | 6.88 | (b) | 5.77 | (b) | (11.72 | ) | 7.37 | 7.38 | (b) | ||||||||||||||||||||||||||
15.50 | 14.1 | 15.4 | 12.8 | 3.6 | 4.7 | 5.3 | 3.1 | 5.4 | 5.2 | 6.4 | 6.3 | |||||||||||||||||||||||||||||||||||
| 5.21 | (c) | 4.17 | 2.40 | 2.30 | (c) | (0.10 | )(c) | 1.09 | 1.31 | (0.03 | )(c) | (0.10 | )(c) | 1.14 | 1.11 | (0.04 | )(c) | ||||||||||||||||||||||||||||
| 1.09 | (c) | 1.49 | 1.17 | 1.19 | (c) | 1.85 | (c) | 1.85 | 2.19 | 2.50 | (c) | 1.40 | (c) | 1.64 | 1.49 | 1.10 | (c) | ||||||||||||||||||||||||||||
| 0.16 | (c) | 0.13 | 0.12 | 0.13 | (c) | 0.10 | (c) | 0.08 | 0.08 | 0.08 | (c) | 0.10 | (c) | 0.07 | 0.07 | 0.07 | (c) | ||||||||||||||||||||||||||||
— | (b) | 20.78 | 101.67 | 27.23 | (b) | 2.39 | (b) | 17.17 | 13.95 | 34.72 | (b) | 1.27 | (b) | 12.02 | 16.48 | 14.67 | (b) |
The accompanying notes are an integral part of these financial statements.
103
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
FINANCIAL HIGHLIGHTS (Continued)
2020 Retirement Portfolio | 2025 Retirement Portfolio | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 12.21 | $ | 14.95 | $ | 13.65 | $ | 12.57 | $ | 14.04 | $ | 16.98 | $ | 15.14 | $ | 13.81 | ||||||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | — | (e) | 0.16 | 0.17 | (0.01 | ) | — | (e) | 0.20 | 0.18 | (0.01 | ) | ||||||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | 0.81 | (2.11 | ) | 1.13 | 1.09 | 1.09 | (2.55 | ) | 1.66 | 1.34 | ||||||||||||||||||||||
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Total From Investment Operations | 0.81 | (1.95 | ) | 1.30 | 1.08 | 1.09 | (2.35 | ) | 1.84 | 1.33 | ||||||||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||||||||||
From Net Investment Income | — | (0.21 | ) | — | — | — | (0.21 | ) | — | — | ||||||||||||||||||||||
From Net Realized Gains | — | (0.58 | ) | — | — | — | (0.38 | ) | — | — | ||||||||||||||||||||||
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Total Distributions | — | (0.79 | ) | — | — | — | (0.59 | ) | — | — | ||||||||||||||||||||||
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Net Asset Value, End of Period | $ | 13.02 | $ | 12.21 | $ | 14.95 | $ | 13.65 | $ | 15.13 | $ | 14.04 | $ | 16.98 | $ | 15.14 | ||||||||||||||||
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Total Return (%)(f) | 6.63 | (b) | (12.83 | ) | 9.52 | 8.60 | (b) | 7.76 | (b) | (13.64 | ) | 12.15 | 9.64 | (b) | ||||||||||||||||||
Net Assets, End of Period ($ millions) | 14.2 | 14.2 | 16.2 | 16.6 | 22.1 | 21.5 | 25.8 | 21.6 | ||||||||||||||||||||||||
Ratio of Net Income (Loss) to Average Net Assets (%) | (0.10 | )(c) | 1.23 | 1.13 | (0.06 | )(c) | (0.09 | )(c) | 1.30 | 1.18 | (0.06 | )(c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | 0.59 | (c) | 0.65 | 0.66 | 0.51 | (c) | 0.44 | (c) | 0.43 | 0.50 | 0.44 | (c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | 0.10 | (c) | 0.08 | 0.07 | 0.07 | (c) | 0.09 | (c) | 0.06 | 0.06 | 0.06 | (c) | ||||||||||||||||||||
Portfolio Turnover Rate (%)(a) | 2.34 | (b) | 11.91 | 18.50 | 18.95 | (b) | 4.87 | (b) | 14.98 | 14.62 | 22.54 | (b) |
† | For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4). |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios. |
(e) | Amount is less than $0.005 per share. |
(f) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
(g) | International Portfolio excludes the expenses of its ETF investments. |
NA = Not Applicable.
The accompanying notes are an integral part of these financial statements.
104
2030 Retirement Portfolio | 2035 Retirement Portfolio | 2040 Retirement Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020† | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||
$ | 15.64 | $ | 18.56 | $ | 16.06 | $ | 14.48 | $ | 15.78 | $ | 19.42 | $ | 16.52 | $ | 14.75 | $ | 15.90 | $ | 19.66 | $ | 16.49 | $ | 14.64 | |||||||||||||||||||||||
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(0.01 | ) | 0.21 | 0.19 | (0.01 | ) | (0.03 | ) | 0.21 | 0.21 | (0.01 | ) | (0.02 | ) | 0.23 | 0.21 | (0.01 | ) | |||||||||||||||||||||||||||||
| 1.39 |
| (2.92 | ) | 2.31 | 1.59 | 1.64 | (3.19 | ) | 2.69 | 1.78 | 1.81 | (3.33 | ) | 2.96 | 1.86 | ||||||||||||||||||||||||||||||
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1.38 | (2.71 | ) | 2.50 | 1.58 | 1.61 | (2.98 | ) | 2.90 | 1.77 | 1.79 | (3.10 | ) | 3.17 | 1.85 | ||||||||||||||||||||||||||||||||
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— | (0.21 | ) | — | — | — | (0.21 | ) | — | — | — | (0.23 | ) | — | — | ||||||||||||||||||||||||||||||||
— | — | — | — | — | (0.45 | ) | — | (e) | — | — | (0.43 | ) | — | — | ||||||||||||||||||||||||||||||||
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— | (0.21 | ) | — | — | — | (0.66 | ) | — | — | — | (0.66 | ) | — | — | ||||||||||||||||||||||||||||||||
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$ | 17.02 | $ | 15.64 | $ | 18.56 | $ | 16.06 | $ | 17.39 | $ | 15.78 | $ | 19.42 | $ | 16.52 | $ | 17.69 | $ | 15.90 | $ | 19.66 | $ | 16.49 | |||||||||||||||||||||||
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8.82 | (b) | (14.54 | ) | 15.57 | 10.89 | (b) | 10.20 | (b) | (15.10 | ) | 17.55 | 12.00 | (b) | 11.26 | (b) | (15.48 | ) | 19.22 | 12.65 | (b) | ||||||||||||||||||||||||||
16.3 | 14.6 | 16.7 | 11.9 | 9.70 | 7.9 | 8.5 | 6.0 | 8.2 | 7.0 | 8.2 | 5.2 | |||||||||||||||||||||||||||||||||||
| (0.09 | )(c) | 1.32 | 1.21 | (0.06 | )(c) | (0.10 | )(c) | 1.40 | 1.25 | (0.06 | )(c) | (0.10 | )(c) | 1.45 | 1.24 | (0.05 | )(c) | ||||||||||||||||||||||||||||
| 0.52 | (c) | 0.69 | 0.77 | 0.65 | (c) | 0.83 | (c) | 1.26 | 1.34 | 1.18 | (c) | 0.92 | (c) | 1.40 | 1.41 | 1.40 | (c) | ||||||||||||||||||||||||||||
| 0.09 | (c) | 0.06 | 0.06 | 0.06 | (c) | 0.10 | (c) | 0.07 | 0.07 | 0.07 | (c) | 0.10 | (c) | 0.07 | 0.07 | 0.07 | (c) | ||||||||||||||||||||||||||||
7.34 | (b) | 19.29 | 7.79 | 26.71 | (b) | 1.63 | (b) | 18.96 | 15.23 | 29.41 | (b) | 4.16 | (b) | 29.05 | 12.32 | 32.08 | (b) |
The accompanying notes are an integral part of these financial statements.
105
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
FINANCIAL HIGHLIGHTS (Continued)
2045 Retirement Portfolio | 2050 Retirement Portfolio | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 15.92 | $ | 19.52 | $ | 16.32 | $ | 14.47 | $ | 18.80 | $ | 23.88 | $ | 19.92 | $ | 17.64 | ||||||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | (0.02 | ) | 0.20 | 0.20 | (0.01 | ) | (0.03 | ) | 0.23 | 0.26 | — | (e) | ||||||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | 1.88 | (3.24 | ) | 3.00 | 1.86 | 2.27 | (4.01 | ) | 3.71 | 2.28 | ||||||||||||||||||||||
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Total From Investment Operations | 1.86 | (3.04 | ) | 3.20 | 1.85 | 2.24 | (3.78 | ) | 3.97 | 2.28 | ||||||||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||||||||||
From Net Investment Income | — | (0.19 | ) | — | — | — | (0.25 | ) | — | — | ||||||||||||||||||||||
From Net Realized Gains | — | (0.37 | ) | — | — | — | (1.05 | ) | (0.01 | ) | — | |||||||||||||||||||||
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Total Distributions | — | (0.56 | ) | — | — | — | (1.30 | ) | (0.01 | ) | — | |||||||||||||||||||||
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Capital Contribution from Adviser | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
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Net Asset Value, End of Period | $ | 17.78 | $ | 15.92 | $ | 19.52 | $ | 16.32 | $ | 21.04 | $ | 18.80 | $ | 23.88 | $ | 19.92 | ||||||||||||||||
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Total Return (%)(f) | 11.68 | (b) | (15.34 | ) | 19.61 | 12.81 | (b) | 11.91 | (b) | (15.36 | ) | 19.95 | 12.92 | (b) | ||||||||||||||||||
Net Assets, End of Period ($ millions) | 4.7 | 3.9 | 4.0 | 2.8 | 4.8 | 4.0 | 4.0 | 2.9 | ||||||||||||||||||||||||
Ratio of Net Income (Loss) to Average Net Assets (%) | (0.10 | )(c) | 1.42 | 1.17 | (0.05 | )(c) | (0.10 | )(c) | 1.46 | 1.21 | (0.04 | )(c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | 1.64 | (c) | 2.35 | 2.70 | 2.51 | (c) | 1.46 | (c) | 2.54 | 2.64 | 2.51 | (c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | 0.10 | (c) | 0.07 | 0.07 | 0.07 | (c) | 0.10 | (c) | 0.07 | 0.07 | 0.07 | (c) | ||||||||||||||||||||
Portfolio Turnover Rate (%)(a) | 4.24 | (b) | 13.60 | 12.43 | 21.26 | (b) | 4.68 | (b) | 13.41 | 23.80 | 21.92 | (b) |
† | For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4). |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios. |
(e) | Amount is less than $0.005 per share. |
(f) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
(g) | International Portfolio excludes the expenses of its ETF investments. |
(h) | The 2060 Retirement Portfolio received a non-recurring capital contribution from Mutual of America Capital Management LLC, the Adviser, of $1,590 during the year to reflect an increase in the value of receivables owed to the Portfolio at year-end. |
(i) | The 2060 Retirement Portfolio received a non-recurring capital contribution from Mutual of America Capital Management LLC, the Adviser, during the year. The corresponding impact to the total return was an increase of 0.62% for the period shown. |
NA = Not Applicable.
The accompanying notes are an integral part of these financial statements.
106
2055 Retirement Portfolio | 2060 Retirement Portfolio | Conservative Allocation Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
$ | 15.23 | $ | 18.21 | $ | 15.14 | $ | 13.43 | $ | 12.82 | $ | 15.23 | $ | 12.69 | $ | 11.21 | $ | 12.26 | $ | 14.99 | $ | 13.90 | $ | 12.86 | |||||||||||||||||||||||
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(0.04 | ) | 0.17 | 0.19 | (0.01 | ) | (0.01 | ) | 0.17 | 0.10 | — | (e) | 0.03 | 0.15 | 0.19 | — | (e) | ||||||||||||||||||||||||||||||
| 1.86 |
| (2.97 | ) | 2.88 | 1.72 | 1.55 | (2.46 | ) | 2.44 | 1.41 | 0.78 | (2.03 | ) | 0.96 | 1.04 | ||||||||||||||||||||||||||||||
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1.82 | (2.80 | ) | 3.07 | 1.71 | 1.54 | (2.29 | ) | 2.54 | 1.41 | 0.81 | (1.88 | ) | 1.15 | 1.04 | ||||||||||||||||||||||||||||||||
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— | (0.18 | ) | — | — | — | (0.12 | ) | — | (e) | — | — | (0.24 | ) | — | — | |||||||||||||||||||||||||||||||
— | — | — | — | — | — | — | — | — | (0.61 | ) | (0.06 | ) | — | |||||||||||||||||||||||||||||||||
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— | (0.18 | ) | — | — | — | (0.12 | ) | — | — | — | (0.85 | ) | (0.06 | ) | — | |||||||||||||||||||||||||||||||
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— | — | — | — | — | — | — | 0.07 | (h) | — | — | — | — | ||||||||||||||||||||||||||||||||||
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$ | 17.05 | $ | 15.23 | $ | 18.21 | $ | 15.14 | $ | 14.36 | $ | 12.82 | $ | 15.23 | $ | 12.69 | $ | 13.07 | $ | 12.26 | $ | 14.99 | $ | 13.90 | |||||||||||||||||||||||
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11.95 | (b) | (15.30 | ) | 20.28 | 12.71 | (b) | 12.01 | (b) | (14.94 | ) | 20.02 | 13.18 | (b)(i) | 6.61 | (b) | (12.32 | ) | 8.28 | 8.08 | (b) | ||||||||||||||||||||||||||
1.2 | 0.9 | 0.9 | 0.5 | 0.8 | 0.7 | 0.8 | 0.3 | 8.00 | 8.8 | 9.9 | 9.7 | |||||||||||||||||||||||||||||||||||
| (0.12 | )(c) | 1.41 | 1.28 | (0.08 | )(c) | (0.08 | )(c) | 1.31 | 1.14 | (0.01 | )(c) | (0.05 | )(c) | 1.21 | 1.25 | (0.02 | )(c) | ||||||||||||||||||||||||||||
| 5.98 | (c) | 10.88 | 12.24 | 13.49 | (c) | 7.16 | (c) | 14.38 | 21.07 | 21.39 | (c) | 0.89 | (c) | 0.96 | 0.95 | 0.77 | (c) | ||||||||||||||||||||||||||||
| 0.12 | (c) | 0.11 | 0.05 | 0.11 | (c) | 0.08 | (c) | 0.05 | 0.05 | 0.05 | (c) | 0.05 | (c) | 0.02 | 0.02 | 0.02 | (c) | ||||||||||||||||||||||||||||
2.48 | (b) | 9.85 | 13.07 | 17.48 | (b) | 11.69 | (b) | 37.47 | 26.75 | 52.71 | (b) | 1.11 | (b) | 10.28 | 31.80 | 25.55 | (b) |
The accompanying notes are an integral part of these financial statements.
107
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
FINANCIAL HIGHLIGHTS (Continued)
Moderate Allocation Portfolio | Aggressive Allocation Portfolio | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | |||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||
Net Asset Value, Beginning of Period | $ | 15.87 | $ | 19.82 | $ | 17.28 | $ | 15.70 | $ | 18.74 | $ | 23.38 | $ | 19.74 | $ | 17.54 | ||||||||||||||||
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INCOME (LOSS)FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||||||||||
Net Investment Income (Loss) | 0.01 | 0.23 | 0.23 | — | (e) | (0.01 | ) | 0.26 | 0.26 | — | (e) | |||||||||||||||||||||
Net Realized and Unrealized Gains (Losses) on Investments, Futures Contracts and Foreign Currency Translations | 1.47 | (3.05 | ) | 2.31 | 1.58 | 2.05 | (3.93 | ) | 3.38 | 2.20 | ||||||||||||||||||||||
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Total From Investment Operations | 1.48 | (2.82 | ) | 2.54 | 1.58 | 2.04 | (3.67 | ) | 3.64 | 2.20 | ||||||||||||||||||||||
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Less Distributions | ||||||||||||||||||||||||||||||||
From Net Investment Income | — | (0.26 | ) | — | — | — | (0.25 | ) | — | — | ||||||||||||||||||||||
From Net Realized Gains | — | (0.87 | ) | — | — | — | (0.72 | ) | — | — | ||||||||||||||||||||||
Return of Capital | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
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Total Distributions | — | (1.13 | ) | — | — | — | (0.97 | ) | — | — | ||||||||||||||||||||||
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Net Asset Value, End of Period | $ | 17.35 | $ | 15.87 | $ | 19.82 | $ | 17.28 | $ | 20.78 | $ | 18.74 | $ | 23.38 | $ | 19.74 | ||||||||||||||||
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Total Return (%)(f) | 9.33 | (b) | (13.88 | ) | 14.70 | 10.10 | (b) | 10.89 | (b) | (15.36 | ) | 18.44 | 12.51 | (b) | ||||||||||||||||||
Net Assets, End of Period ($ millions) | 20.5 | 19.6 | 23.6 | 23.2 | 4.9 | 4.4 | 5.1 | 3.9 | ||||||||||||||||||||||||
Ratio of Net Income (Loss) to Average Net Assets (%) | (0.05 | )(c) | 1.35 | 1.19 | (0.02 | )(c) | (0.05 | )(c) | 1.38 | 1.19 | (0.02 | )(c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets Before Expense Reimbursement (%)(d) | 0.41 | (c) | 0.41 | 0.45 | 0.37 | (c) | 1.52 | (c) | 2.09 | 1.99 | 1.39 | (c) | ||||||||||||||||||||
Ratio of Expenses to Average Net Assets After Expense Reimbursement (%)(d) | 0.05 | (c) | 0.02 | 0.02 | 0.02 | (c) | 0.05 | (c) | 0.02 | 0.02 | 0.02 | (c) | ||||||||||||||||||||
Portfolio Turnover Rate (%)(a) | 1.02 | (b) | 11.10 | 32.02 | 24.94 | (b) | 4.41 | (b) | 9.09 | 19.40 | 13.94 | (b) |
† | For the period January 24, 2020 (commencement of operations) through December 31, 2020. On September 25, 2020, the Mutual of America Variable Insurance Portfolios had a 1 for 10 reverse share split. Historical net asset value per share and per share activity have been adjusted to reflect the split on a retroactive basis (Note 4). |
(a) | Portfolio turnover rate excludes all short-term securities. |
(b) | Not annualized. |
(c) | Annualized. |
(d) | Allocation and Retirement Portfolios exclude expenses of the underlying Portfolios. |
(e) | Amount is less than $0.005 per share. |
(f) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year or period reported and includes reinvestment of distributions, if any, and does not reflect the effect of fees and charges associated with your variable annuity contract or variable life insurance policy. Total return does not reflect expenses associated with the separate account such as administrative fees and account charges which, if reflected, would reduce the total returns for all years and periods shown. Past performance is no guarantee of future results. Total returns for periods less than one full year are not annualized. |
(g) | International Portfolio excludes the expenses of its ETF investments. |
NA = Not Applicable.
The accompanying notes are an integral part of these financial statements.
108
Money Market Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | ||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | Six Months Ended June 30, 2023 (Unaudited) | Years Ended December 31, | Period Ended December 31, 2020† | ||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||
$ | 12.374 | $ | 12.312 | $ | 12.328 | $ | 12.325 | $ | 9.86 | $ | 10.76 | $ | 11.19 | $ | 10.72 | $ | 13.00 | $ | 15.07 | $ | 15.70 | $ | 14.96 | |||||||||||||||||||||||
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0.267 | 0.108 | (0.015 | ) | 0.029 | 0.10 | 0.11 | 0.08 | 0.11 | 0.15 | 0.23 | 0.13 | 0.20 | ||||||||||||||||||||||||||||||||||
| 0.013 |
| 0.060 | (0.001 | ) | 0.004 | 0.02 | (0.93 | ) | (0.27 | ) | 0.36 | 0.10 | (2.09 | ) | (0.53 | ) | 0.54 | ||||||||||||||||||||||||||||
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0.280 | 0.168 | (0.016 | ) | 0.033 | 0.12 | (0.82 | ) | (0.19 | ) | 0.47 | 0.25 | (1.86 | ) | (0.40 | ) | 0.74 | ||||||||||||||||||||||||||||||
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— | (0.106 | ) | — | (0.029 | ) | — | (0.08 | ) | (0.11 | ) | — | — | (0.21 | ) | (0.23 | ) | — | |||||||||||||||||||||||||||||
— | — | — | — | — | — | (0.13 | ) | — | — | — | — | (e) | — | |||||||||||||||||||||||||||||||||
— | — | — | (0.001 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
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— | (0.106 | ) | — | (0.030 | ) | — | (0.08 | ) | (0.24 | ) | — | — | (0.21 | ) | (0.23 | ) | — | |||||||||||||||||||||||||||||
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$ | 12.654 | $ | 12.374 | $ | 12.312 | $ | 12.328 | $ | 9.98 | $ | 9.86 | $ | 10.76 | $ | 11.19 | $ | 13.25 | $ | 13.00 | $ | 15.07 | $ | 15.70 | |||||||||||||||||||||||
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2.30 | (b) | 1.35 | (0.16 | ) | 0.28 | (b) | 1.22 | (b) | (7.60 | ) | (1.74 | ) | 4.37 | (b) | 1.92 | (b) | (12.31 | ) | (2.52 | ) | 4.95 | (b) | ||||||||||||||||||||||||
36.9 | 35.0 | 8.1 | 7.5 | 20.5 | 21.2 | 20.9 | 20.3 | 33.2 | 33.3 | 37.9 | 34.2 | |||||||||||||||||||||||||||||||||||
| 4.50 | (c) | 2.22 | (0.13 | ) | 0.27 | (c) | 1.81 | (c) | 1.14 | 0.78 | 1.14 | (c) | 2.15 | (c) | 1.68 | 1.07 | 1.37 | (c) | |||||||||||||||||||||||||||
| 0.90 | (c) | 1.10 | 1.61 | 0.85 | (c) | 1.38 | (c) | 1.44 | 1.39 | 1.40 | (c) | 1.24 | (c) | 1.29 | 1.20 | 1.32 | (c) | ||||||||||||||||||||||||||||
| 0.23 | (c) | 0.20 | 0.20 | 0.20 | (c) | 0.48 | (c) | 0.45 | 0.45 | 0.45 | (c) | 0.48 | (c) | 0.45 | 0.45 | 0.45 | (c) | ||||||||||||||||||||||||||||
NA | NA | NA | NA | 16.71 | (b) | 26.87 | 16.55 | 32.55 | (b) | 8.44 | (b) | 24.99 | 30.27 | 21.69 | (b) |
The accompanying notes are an integral part of these financial statements.
109
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited)
June 30, 2023
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION |
Mutual of America Variable Insurance Portfolios, Inc. (the “Investment Company”) is a diversified, open-end management investment company — a type of company commonly known as a “mutual fund”. It is registered as such under the Investment Company Act of 1940 (the “Investment Company Act”). The Investment Company was formed on April 19, 2019 as a Maryland corporation and principally offers its shares exclusively to separate accounts of Mutual of America Life Insurance Company (“Mutual of America Life”) and a former affiliate that offers the Portfolios through its separate accounts. As a “series” type mutual fund, the Investment Company issues separate classes (or series) of capital stock, each of which represents a separate Portfolio. At June 30, 2023, there were 25 active portfolios (collectively, “the Funds or Portfolios”): Equity Index Portfolio, All America Portfolio, Small Cap Value Portfolio, Small Cap Growth Portfolio, Small Cap Equity Index Portfolio, Mid Cap Value Portfolio, Mid-Cap Equity Index Portfolio, International Portfolio, Money Market Portfolio, Mid-Term Bond Portfolio, Bond Portfolio; Retirement Income Portfolio, 2015 Retirement Portfolio, 2020 Retirement Portfolio, 2025 Retirement Portfolio, 2030 Retirement Portfolio, 2035 Retirement Portfolio, 2040 Retirement Portfolio, 2045 Retirement Portfolio, 2050 Retirement Portfolio, 2055 Retirement Portfolio and 2060 Retirement Portfolio (collectively, “Retirement Portfolios”); a Conservative Allocation Portfolio, a Moderate Allocation Portfolio and an Aggressive Allocation Portfolio (collectively, “Allocation Portfolios”). The Portfolios commenced operations on January 24, 2020 with transfers from the Mutual of America Investment Corporation (the “Investment Corporation”), a registered management investment company affiliated with Mutual of America Life. This transfer was made in order to allow the funds of the Investment Corporation to be offered to additional retail investors starting on December 14, 2020.
Investment Company shares are issued to Mutual of America Life and, on a limited basis, to Wilton Reassurance Life Company of New York (formerly The American Life Insurance Company of New York), for allocation to their Separate Accounts as a funding medium for variable accumulation annuity contracts and variable life insurance policies. In addition, shares of selected equity and fixed income portfolios of the Investment Company are directly issued to one or more of the Investment Company’s Retirement Portfolios and Allocation Portfolios. Mutual of America Securities LLC, a wholly owned subsidiary of Mutual of America Life, acts as principal underwriter for the distribution of the Portfolios’ shares.
The Portfolios follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Codification Topic 946 Financial Services — Investment Companies. The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, expenses and related disclosures. Changes in the economic environment, financial markets and any other parameters used in determining these estimates could cause actual results to differ.
The following is a summary of the significant accounting policies consistently followed by the Investment Company, which are in conformity with GAAP:
Fair Value — The Investment Company values its investments at fair value. Fair value is an estimate of the price the Portfolio would receive upon selling a security in an orderly arms-length transaction. Investments are categorized based on a three-level valuation hierarchy for measurement and disclosure of fair value. The valuation hierarchy is based upon the transparency of inputs used to measure fair value. These inputs are summarized in the three broad levels listed below:
• | Level 1 — quoted prices in active markets for identical securities. |
• | Level 2 — other significant observable inputs (including yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds, trading characteristics, etc.). |
• | Level 3 — significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments). |
As of June 30, 2023, management determined that the fair value inputs for all equity securities were considered Level 1, with the exception of two securities in the Small Cap Equity Index Portfolio (see Note (a) below) which were considered Level 3 and certain securities listed on foreign exchanges which were considered Level 2. Valuation adjustments may be applied to certain securities that were solely traded on a foreign exchange to account for the
110
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
market movement between the close of the foreign market and the close of the New York Stock Exchange. Securities using these valuation adjustments were considered Level 2. In addition, non-registered securities under Rule 144A of the Securities Act of 1933 were considered Level 2. Fair value inputs for all debt securities and temporary cash investments were considered Level 2. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used to value the Portfolios’ investments and other financial instruments as of June 30, 2023:
Portfolio | Level 1 — Quoted Prices | Level 2 — Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
Investments at Fair Value:* | ||||||||||||||||
Equity Index Portfolio | ||||||||||||||||
Common Stock-Indexed | $ | 117,928,489 | $ | — | $ | — | $ | 117,928,489 | ||||||||
Short-Term Debt Securities | — | 1,598,944 | — | 1,598,944 | ||||||||||||
Temporary Cash Investment | — | 91,574 | — | 91,574 | ||||||||||||
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117,928,489 | 1,690,518 | — | 119,619,007 | |||||||||||||
All America Portfolio | ||||||||||||||||
Common Stock | 15,882,667 | — | — | 15,882,667 | ||||||||||||
Temporary Cash Investment | — | 109,253 | — | 109,253 | ||||||||||||
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15,882,667 | 109,253 | — | 15,991,920 | |||||||||||||
Small Cap Value Portfolio | ||||||||||||||||
Common Stock | 8,889,589 | — | — | 8,889,589 | ||||||||||||
Temporary Cash Investment | — | 328,335 | — | 328,335 | ||||||||||||
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8,889,589 | 328,335 | — | 9,217,924 | |||||||||||||
Small Cap Growth Portfolio | ||||||||||||||||
Common Stock | 10,866,759 | — | — | 10,866,759 | ||||||||||||
Temporary Cash Investment | — | 150,397 | — | 150,397 | ||||||||||||
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10,866,759 | 150,397 | — | 11,017,156 | |||||||||||||
Small Cap Equity Index Portfolio | ||||||||||||||||
Common Stock-Indexed | 7,207,965 | — | — | (a) | 7,207,965 | |||||||||||
Mid Cap Value Portfolio | ||||||||||||||||
Common Stock | 4,097,244 | — | — | 4,097,244 | ||||||||||||
Temporary Cash Investment | — | 107,342 | — | 107,342 | ||||||||||||
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4,097,244 | 107,342 | — | 4,204,586 | |||||||||||||
Mid-Cap Equity Index Portfolio | ||||||||||||||||
Common Stock-Indexed | 48,840,648 | — | — | 48,840,648 | ||||||||||||
Short-Term Debt Securities | — | 999,110 | — | 999,110 | ||||||||||||
Temporary Cash Investment | — | 56,750 | — | 56,750 | ||||||||||||
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48,840,648 | 1,055,860 | — | 49,896,508 | |||||||||||||
International Portfolio | ||||||||||||||||
Common Stock | 1,174,562 | 13,559,403 | — | 14,733,965 | ||||||||||||
Temporary Cash Investment | — | 694,834 | — | 694,834 | ||||||||||||
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1,174,562 | 14,254,237 | — | 15,428,799 | |||||||||||||
Retirement Income Portfolio | ||||||||||||||||
Common Stock | 3,572,570 | — | — | 3,572,570 | ||||||||||||
2015 Retirement Portfolio | ||||||||||||||||
Common Stock | 5,396,608 | — | — | 5,396,608 | ||||||||||||
2020 Retirement Portfolio | ||||||||||||||||
Common Stock | 14,189,249 | — | — | 14,189,249 | ||||||||||||
2025 Retirement Portfolio | ||||||||||||||||
Common Stock | 22,103,138 | — | — | 22,103,138 |
111
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Portfolio | Level 1 — Quoted Prices | Level 2 — Significant Observable Inputs | Level 3 — Significant Unobservable Inputs | Total | ||||||||||||
2030 Retirement Portfolio | ||||||||||||||||
Common Stock | $ | 16,269,314 | $ | `— | $ | — | $ | 16,269,314 | ||||||||
2035 Retirement Portfolio | ||||||||||||||||
Common Stock | 9,728,780 | — | — | 9,728,780 | ||||||||||||
2040 Retirement Portfolio | ||||||||||||||||
Common Stock | 8,143,646 | — | — | 8,143,646 | ||||||||||||
2045 Retirement Portfolio | ||||||||||||||||
Common Stock | 4,638,435 | — | — | 4,638,435 | ||||||||||||
2050 Retirement Portfolio | ||||||||||||||||
Common Stock | 4,743,068 | — | — | 4,743,068 | ||||||||||||
2055 Retirement Portfolio | ||||||||||||||||
Common Stock | 1,158,228 | — | — | 1,158,228 | ||||||||||||
2060 Retirement Portfolio | ||||||||||||||||
Common Stock | 807,358 | — | — | 807,358 | ||||||||||||
Conservative Allocation Portfolio | ||||||||||||||||
Common Stock | 7,964,424 | — | — | 7,964,424 | ||||||||||||
Moderate Allocation Portfolio | ||||||||||||||||
Common Stock | 20,504,875 | — | — | 20,504,875 | ||||||||||||
Aggressive Allocation Portfolio | ||||||||||||||||
Common Stock | 4,855,052 | — | — | 4,855,052 | ||||||||||||
Money Market Portfolio | ||||||||||||||||
U.S. Government Debt | — | 16,882,804 | — | 16,882,804 | ||||||||||||
U.S. Government Agency Short-Term Debt | — | 5,388,878 | — | 5,388,878 | ||||||||||||
Commercial Paper | — | 14,601,371 | — | 14,601,371 | ||||||||||||
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— | 36,873,053 | — | 36,873,053 | |||||||||||||
Mid-Term Bond Portfolio | ||||||||||||||||
U.S. Government Debt | — | 9,418,319 | — | 9,418,319 | ||||||||||||
U.S. Government Agency Non-Mortgage-Backed Obligations | — | 5,391,461 | — | 5,391,461 | ||||||||||||
Long-Term Corporate Debt | — | 5,462,961 | — | 5,462,961 | ||||||||||||
Temporary Cash Investment | — | 105,581 | — | 105,581 | ||||||||||||
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— | 20,378,322 | — | 20,378,322 | |||||||||||||
Bond Portfolio | ||||||||||||||||
U.S. Government Debt | — | 14,226,213 | — | 14,226,213 | ||||||||||||
U.S. Government Agency Residential Mortgage-Backed Obligations | — | 10,829,414 | — | 10,829,414 | ||||||||||||
Long-Term Corporate Debt | — | 7,079,203 | — | 7,079,203 | ||||||||||||
Short-Term Debt Securities | 699,806 | 699,806 | ||||||||||||||
Temporary Cash Investment | — | 76,464 | — | 76,464 | ||||||||||||
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— | 32,911,100 | — | 32,911,100 | |||||||||||||
Other Financial Instruments:** | ||||||||||||||||
Equity Index Portfolio | $ | 27,840 | $ | — | $ | — | $ | 27,840 | ||||||||
Mid-Cap Equity Index Portfolio | 15,350 | — | — | 15,350 |
* | See Portfolios of Investments for more details on industry or country classifications, as applicable. |
** | Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, which are valued at the unrealized appreciation/depreciation on the instrument. |
(a) | Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company. |
112
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Fair Value Measurement Using Significant Unobservable Inputs (Level 3) for the Six Months Ended June 30, 2023 | ||||||||||||||||||||||||||||||||||||
Balance December 31, 2022(a) | Change in Unrealized Gains (Losses) | Realized Gains (Losses) | Transfers Into Level 3 | Transfers Out of Level 3 | Purchases | Sales | Balance June 30, 2022(a) | Net Change in Unrealized Gains/(Losses) of Level 3 Assets Held as of June 30, 2023 | ||||||||||||||||||||||||||||
Small Cap Equity Index Portfolio — Indexed Common Stock | $ | — | (b) | $ | — | $ | 442 | $ | — | $ | — | $ | — | $ | 442 | $ | — | $ | — | |||||||||||||||||
Small Cap Equity Index Portfolio — Indexed Common Stock | — | (c) | — | — | — | — | — | — | — | (c) | — |
(a) | Includes securities fair valued using methods determined in good faith by the Adviser and reviewed by the Investment Company Valuation Committee, in accordance with procedures adopted by the Board of Directors of the Investment Company. |
(b) | Level 3 security, Contra Progenics Pharmaceuticals, Inc. — contingent value rights with realized gains of $442, sales of $442 and $0 fair value. |
(c) Level 3 securities, OmniAb, Inc. Cl CR3 and OmniAb, Inc. Cl CR4 — common stocks with $0 fair value.
Security Valuation — Investment securities are carried at fair value as follows:
The Portfolios’ investments are fair valued as of the close of trading on the New York Stock Exchange (“Exchange”) on each day the Exchange is open for trading. The Exchange usually closes at 4:00 pm Eastern Time but sometimes closes earlier. For Portfolios that invest in securities listed on foreign exchanges, the value of the securities may change on days when the Portfolios are closed and there is no possibility to purchase or redeem shares of the Portfolios. Valuation adjustments may be applied to certain securities that were solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the close of the Exchange.
Effective September 8, 2022, the Board of Directors of the Investment Company (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to the Adviser. Pursuant to the Board’s delegation, the Adviser has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities. The valuation procedures permit the Portfolios to utilize independent pricing vendor services, quotations from market makers and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Assumptions utilized by the valuation committee vary depending on the investment being fair-valued and the technique deemed most appropriate to the nature of the investment and how a market participant would fair value the investment. Such techniques involve utilizing market observable spreads for fixed income securities, discounted cash flow models and weighting of company specific events and circumstances as inputs into fair value estimates. A record of the Valuation Committee’s actions is subject to the Board’s review, approval and ratification at its next regularly scheduled quarterly meeting.
Exchange-traded equity securities are valued at the last reported sales price on the principal exchange on which the security is traded. If there is no trading volume for a particular valuation day, the last bid price is used. For equity securities traded in the over-the-counter market, the security is valued at the last sale price, or if no sale, at the latest bid price available.
Short-term debt securities with a maturity of 60 days or less are valued at amortized cost, which approximates fair value for such securities.
113
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Debt securities, including short-term debt securities maturing in excess of 60 days, are valued on the basis of prices obtained from an independent pricing source. The pricing source may utilize various pricing methodologies that incorporate both models (which consider factors such as yield, quality, coupon rate, maturity, issue type, quoted prices for similar securities, prepayment speeds and trading characteristics) and dealer-supplied valuations to derive a valuation.
Temporary cash investments are amounts on deposit with financial institutions that are swept daily into an overnight investment and returned the next business day. These short-term temporary cash investments are valued at cost.
In the rare instance when a price is not available from an independent pricing source or when prices may not reflect fair value, such as when the price provided by the pricing source is not based on a recent trade, these securities are fair valued using the valuation procedures described above, including Level 3 securities.
The Retirement Portfolios and the Allocation Portfolios value their investments in the underlying Portfolios of the Investment Company at their respective net asset values.
Investment Transactions — Investment transactions are accounted for as of the trade date. Realized gains and losses on the sale of securities are computed on the basis of identified cost at the time of sale, determined on the first-in, first-out (“FIFO”) basis.
Futures Contracts — The Equity Index Portfolio and Mid-Cap Equity Index Portfolio each maintain indexed asset portfolios which are subject to equity price risk. In order to remain more fully invested in the equity markets while minimizing transaction costs, the Portfolios purchase stock index futures contracts. These purchases of futures contracts allow the Portfolios to invest available cash to attempt to efficiently and cost effectively keep the Portfolios fully invested on a daily basis in an attempt to minimize deviation from the performance of the indices.
An initial cash margin deposit (represented by Treasury bills) is made upon entering into a futures contract and serves as collateral for the contract. This initial margin, maintained in a segregated account, is equal to approximately 5%-6% of the contract amount, and does not involve the borrowing of funds to finance the transaction. During the period the futures contract is outstanding, changes in the value of the contract are recognized as unrealized appreciation or depreciation by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each trading day. The accumulated unrealized appreciation or depreciation on the contract is included in Total Distributable Earnings (Loss) in the Components of Net Assets section of the Statements of Assets and Liabilities. Futures contracts are valued at the settlement price established each day by the exchange on which traded. Depending upon whether unrealized appreciation or depreciation are incurred, variation margin payments are received or made daily. The net change in unrealized appreciation or depreciation of futures contracts is recorded in the Statements of Operations. When the contract is closed, a realized gain or loss from futures transactions is recorded in the Statements of Operations, equal to the net variation margin received or paid over the period the contract was outstanding.
The “Underlying Face Amount at Value” (appearing in the “Footnotes to Portfolios of Investments in Securities”) representing the aggregate of outstanding contractual amounts under futures contracts reflects the extent of a Portfolio’s exposure to off-balance sheet risk. The use of futures transactions involves the risk of imperfect correlation in the price movements of the contract and the underlying securities. With futures contracts, there is minimal counterparty credit risk to the Portfolio since futures are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.
114
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
The following table presents the financial statement impacts resulting from the Portfolios’ use of futures contracts at their fair values as of June 30, 2023 and for the six months ended June 30, 2023:
Derivatives not accounted | Risk Type | Locations on Statements of Assets and Liabilities | Equity Index Portfolio | Mid-Cap Equity Index Portfolio | ||||||||||
Futures Contracts | Equity | Total Distributable Earnings (Loss) | $ | 27,840 | $ | 15,350 | ||||||||
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Derivatives not accounted | Risk Type | Locations on Statements of Operations | Equity Index Portfolio | Mid-Cap Equity Index Portfolio | ||||||||||
Futures Contracts | Equity | Net realized gain (loss) on Futures contracts | $ | 39,191 | $ | (701 | ) | |||||||
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Futures Contracts | Equity | Change in net unrealized appreciation (depreciation) of Futures contracts | $ | 76,428 | $ | 32,590 | ||||||||
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During the six months ended June 30, 2023, the Equity Index Portfolio and Mid-Cap Equity Index Portfolio held futures contracts with average notional amounts of $874,060 and $500,777, respectively.
Warrants — A warrant is an option to purchase common stock of an issuer and is issued in conjunction with another security, such as a debt obligation. A warrant specifies the price at which the holder may purchase shares of common stock and usually expires after a period of time. A warrant holder generally may pay cash for the common stock to be purchased or may surrender the principal amount of the related debt security the warrant holder owns equal to the purchase price for the stock.
The common stock underlying a warrant may not increase in value after the date the warrant was issued, or may not increase up to the warrant exercise price. In this case, the warrant generally would have little value and could expire unexercised.
Change in International Portfolio Investments — unaudited. — Previously, the International Portfolio was invested mainly in exchange traded funds that reflect, replicate or follow the country weightings of the MSCI EAFE® Index. The Portfolio had also invested a small percentage of assets in exchange traded funds that provide exposure to emerging markets and to companies with small market capitalizations in developed market countries. The Securities and Exchange Commission revoked the exemptive orders that allowed these investments effective on January 19, 2022. Commencing in December 2021, the Portfolio began investing directly in the stocks of companies represented in the MSCI EAFE® Index, except to the extent that it is permissible to invest in exchange traded funds within the general limitations of the Investment Company Act.
Foreign Investment Risk — unaudited. — Foreign markets are subject to the risk of change in currency or exchange rates, economic and political trends in foreign countries, less liquidity, more volatility, more difficulty in enforcing contractual obligations, higher transaction costs and less government supervision and other reporting regulations and requirements than domestic markets. Foreign investment risks are greater in emerging markets than in developed markets. Domestic equities indices could outperform the MSCI EAFE Index for periods of time.
Investment Income — Interest income, accretion of discount and amortization of premium are recorded daily on an accrual basis using the effective interest method. A debt obligation may cease accrual of income and result in a reduction to interest income when the collection of all or a portion of current and past due interest is in doubt. Dividend income is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Foreign source tax withheld from dividends is recorded as a reduction from dividend income. The Portfolios may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These amounts are included in Interest and dividends receivable on the Statements of Assets and Liabilities and in Dividends on the Statements of Operations.
115
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
1. | SIGNIFICANT ACCOUNTING POLICIESAND ORGANIZATION (CONTINUED) |
Foreign Currency Translations — The accounting records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange of such currency against the U.S. dollar to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Reported net realized gains and losses arise from the sales of portfolio securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Portfolio’s books and the U.S. dollar equivalent of the amounts actually received or paid. The effect of changes in foreign exchange rates on foreign denominated securities is reflected in the net realized gain (loss) on foreign currency translations and change in net unrealized appreciation (depreciation) of foreign currency translations within the Statement of Operations.
Distributions to Shareholders (“Dividends”) — Distributions to shareholders are recorded on the ex-dividend date and are made at least annually. It is the Investment Company’s policy to make distributions of its net investment income and net realized gains, if any, in accordance with Federal income tax regulations, which may differ from U.S. generally accepted accounting principles. Accordingly, periodic reclassifications (which do not impact the Portfolios’ net asset values) are made within the Portfolios’ capital accounts to reflect income and gains available for distribution under Federal income tax regulations.
Federal Income Taxes — Each Portfolio in the Investment Company intends to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all of its taxable income to shareholders. Therefore, no federal income or excise tax provision is required.
GAAP requires the evaluation of tax positions taken in the course of preparing a portfolio’s tax return to determine whether it is “more-likely-than-not” that tax positions taken in the portfolio’s tax return will be ultimately sustained, and, if not, a tax liability and expense is recorded.
As of June 30, 2023, management has evaluated the tax positions taken on the Portfolios’ filed tax returns for all open tax years and has concluded that no tax provision is required in any of the Portfolios’ financial statements. Generally, the statute of limitations is open for 3 years after the tax returns are filed. Each Portfolio’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.
As of June 30, 2023, the following Mutual of America Variable Insurance Portfolios had capital loss carry-forwards available to offset net realized capital gains generated after December 31, 2022.
Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | Mid Cap Value Portfolio | Mid-Cap Equity Index Portfolio | |||||||||||||
Capital loss carry-forward — (short-term) | $ | (426,860 | ) | $ | (8,656 | ) | $ | (1,553 | ) | $ | — | |||||
Capital loss carry-forward — (long term) | $ | (13,319 | ) | $ | (51,575 | ) | $ | — | $ | (45,564 | ) | |||||
International Portfolio | Retirement Income Portfolio | 2015 Retirement Portfolio | 2060 Retirement Portfolio | |||||||||||||
Capital loss carry-forward — (short-term) | $ | (550,909 | ) | $ | (910 | ) | $ | — | $ | — | ||||||
Capital loss carry-forward — (long term) | $ | (23,277 | ) | $ | (171,684 | ) | $ | (755 | ) | $ | (406,497 | ) | ||||
Conservative Allocation Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | ||||||||||||||
Capital loss carry-forward — (short-term) | $ | — | $ | — | $ | (279,926 | ) | |||||||||
Capital loss carry-forward — (long term) | $ | (29,383 | ) | $ | (311,667 | ) | $ | (670,470 | ) |
The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
116
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
2. | EXPENSES |
The Investment Company has an Investment Advisory Agreement with Mutual of America Capital Management LLC (“the Adviser”), an indirect wholly-owned subsidiary of Mutual of America Life. For providing investment management services to each of the Portfolios of the Investment Company, the Adviser receives a fee, calculated as a daily charge of the value of the net assets of each portfolio, at the following annual rates:
Portfolio | Annual Investment Management Fee | |||
Retirement Portfolios | .05 | % | ||
Equity Index, Mid-Cap Equity Index, Small Cap Equity Index, International Portfolios | .075 | % | ||
Money Market Portfolio | .15 | % | ||
Bond Portfolio | .39 | % | ||
All America, Mid-Term Bond Portfolios | .40 | % | ||
Mid Cap Value Portfolio | .55 | % | ||
Small Cap Value, Small Cap Growth Portfolios | .75 | % |
The Retirement and Allocation Portfolios incur direct investment management expenses of .05% and .00%, respectively. Shareholders in the Allocation and Retirement Portfolios indirectly bear their pro-rata share of the investment management fees incurred by the underlying Portfolios in which they invest.
The total expenses of each Portfolio were subject to expense limitations through January 22, 2022, as stated in the exemptive order issued by the Securities and Exchange Commission on October 29, 2019 (the “Substitution Order”) arising out of the substitution of the Mutual of America Investment Corporation Funds for comparable Portfolios of the Investment Company in certain contracts and policies issued by the separate accounts of Mutual of America Life and Wilton Reassurance Life Company of New York.
In accordance with the Substitution Order, as of the inception of the Portfolios on January 24, 2020, the Investment Company and the Adviser entered into a reimbursement agreement under which the Adviser agreed to reimburse the Portfolios’ expenses to the extent that the Total Annual Operating Expenses exceed the Total Annual Operating Expenses of the replaced funds for the most recent fiscal year preceding the date of the Substitution Order (excluding any Acquired Fund Fees, as applicable, and any extraordinary expenses that may arise and charges incurred in trading portfolio securities) from inception of the Portfolios through April 30, 2023. In accordance with the reimbursement agreement between the Investment Company and the Adviser, from May 1, 2023 through the termination of the agreement, the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.15% for all Portfolios, excluding the Retirement Portfolios and Allocation Portfolios for which the Adviser will reimburse Other Expenses to the extent that Other Expenses exceed 0.10%. This contractual obligation may not be terminated before April 30, 2030, and will continue for succeeding 12 month periods thereafter, unless terminated by either the Investment Company or the Adviser upon proper notice.
Total Annual Portfolio Operating Expenses after Expense Reimbursement through April 30, 2023 | ||||
Equity Index Portfolio* | 0.14% | |||
All America Portfolio | 0.52% | |||
Small Cap Value Portfolio | 0.81% | |||
Small Cap Growth Portfolio | 0.81% | |||
Small Cap Equity Index Portfolio* | 0.15% | |||
Mid Cap Value Portfolio | 0.65% | |||
Mid-Cap Equity Index Portfolio | 0.14% | |||
International Portfolio* | 0.13% | |||
Retirement Income Portfolio | 0.08% | |||
2015 Retirement Portfolio | 0.07% | |||
2020 Retirement Portfolio* | 0.08% | |||
2025 Retirement Portfolio | 0.06% | |||
2030 Retirement Portfolio | 0.06% | |||
2035 Retirement Portfolio | 0.07% |
117
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
2. | EXPENSES (CONTINUED) |
Total Annual Portfolio Operating Expenses after Expense Reimbursement through April 30, 2023 | ||||
2040 Retirement Portfolio | 0.07% | |||
2045 Retirement Portfolio | 0.07% | |||
2050 Retirement Portfolio | 0.07% | |||
2055 Retirement Portfolio* | 0.11% | |||
2060 Retirement Portfolio | 0.05% | |||
Conservative Allocation Portfolio | 0.02% | |||
Moderate Allocation Portfolio | 0.02% | |||
Aggressive Allocation Portfolio | 0.02% | |||
Money Market Portfolio | 0.20% | |||
Mid-Term Bond Portfolio | 0.45% | |||
Bond Portfolio | 0.45% |
* | Prior to January 22, 2022, the operating expense reimbursement for the Equity Index, Small Cap Equity Index, International, 2020 Retirement and 2055 Retirement Portfolios reflected the expense limitations stated in the Substitution Order, resulting in lower operating expenses than those indicated herein. The expense limitation for the period prior to January 22, 2022 was 0.13%, 0.14%, 0.12%, 0.07% and 0.05%, respectively. |
For the six months ended June 30, 2023, certain non-advisory operating expenses not included in the Investment Advisory Agreement that are provided to the Portfolios by the Adviser, totaling $0.9 million, were allocated to the Portfolios by the Adviser or an affiliate of the Adviser. Amounts by Portfolio are listed below.
Equity Index Portfolio | $ | 307,004 | ||
All America Portfolio | 47,889 | |||
Small Cap Value Portfolio | 28,975 | |||
Small Cap Growth Portfolio | 29,491 | |||
Small Cap Equity Index Portfolio | 23,583 | |||
Mid Cap Value Portfolio | 14,126 | |||
Mid-Cap Equity Index Portfolio | 145,719 | |||
International Portfolio | 33,352 | |||
Retirement Income Portfolio | 735 | |||
2015 Retirement Portfolio | 1,158 | |||
2020 Retirement Portfolio | 2,469 | |||
2025 Retirement Portfolio | 3,265 | |||
2030 Retirement Portfolio | 1,500 | |||
2035 Retirement Portfolio | 574 | |||
2040 Retirement Portfolio | 505 | |||
2045 Retirement Portfolio | 80 | |||
2050 Retirement Portfolio | 179 | |||
2055 Retirement Portfolio | — | |||
2060 Retirement Portfolio | 311 | |||
Conservative Allocation Portfolio | 960 | |||
Moderate Allocation Portfolio | 2,065 | |||
Aggressive Allocation Portfolio | 78 | |||
Money Market Portfolio | 95,117 | |||
Mid-Term Bond Portfolio | 54,964 | |||
Bond Portfolio | 88,347 | |||
|
| |||
$ | 882,446 | |||
|
|
118
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
3. | INVESTMENTS |
The cost of investment purchases and proceeds from sales of investments, excluding short-term securities and futures contracts, for the six months ended June 30, 2023, were as follows:
Equity Index Portfolio | All America Portfolio | Small Cap Value Portfolio | Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | ||||||||||||||||
Cost of investment purchases | $ | 6,567,101 | $ | 1,173,786 | $ | 497,507 | $ | 2,279,041 | $ | 1,670,859 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Proceeds from sales of investments | $ | 5,041,135 | $ | 1,416,856 | $ | 1,569,723 | $ | 2,546,510 | $ | 1,739,911 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Mid Cap Value Portfolio | Mid-Cap Equity Index Portfolio | International Portfolio | Retirement Income Portfolio | 2015 Retirement Portfolio | ||||||||||||||||
Cost of investment purchases | $ | 481,128 | $ | 4,969,733 | $ | 165,649 | $ | 94,651 | $ | 67,040 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Proceeds from sales of investments | $ | 863,217 | $ | 5,790,901 | $ | — | $ | 1,451,418 | $ | 136,231 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2020 Retirement Portfolio | 2025 Retirement Portfolio | 2030 Retirement Portfolio | 2035 Retirement Portfolio | 2040 Retirement Portfolio | ||||||||||||||||
Cost of investment purchases | $ | 334,568 | $ | 1,051,663 | $ | 1,508,805 | $ | 1,083,379 | $ | 612,626 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Proceeds from sales of investments | $ | 1,274,895 | $ | 2,122,140 | $ | 1,136,268 | $ | 143,812 | $ | 318,054 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2045 Retirement Portfolio | 2050 Retirement Portfolio | 2055 Retirement Portfolio | 2060 Retirement Portfolio | Conservative Allocation Portfolio | ||||||||||||||||
Cost of investment purchases | $ | 454,191 | $ | 488,124 | $ | 151,563 | $ | 113,339 | $ | 91,823 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Proceeds from sales of investments | $ | 180,979 | $ | 204,684 | $ | 25,666 | $ | 90,234 | $ | 1,481,783 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Moderate Allocation Portfolio | Aggressive Allocation Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | |||||||||||||||||
Cost of investment purchases | $ | 203,316 | $ | 225,751 | $ | 3,454,274 | $ | 2,747,751 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||||||
Proceeds from sales of investments | $ | 1,044,186 | $ | 202,342 | $ | 4,289,210 | $ | 3,407,165 | ||||||||||||
|
|
|
|
|
|
|
|
The cost of short-term security purchases for the Money Market Portfolio for the six months ended June 30, 2023, was $206,124,588. Proceeds from sales for the same period were $205,076,119.
119
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
3. | INVESTMENTS (CONTINUED) |
The components of net unrealized appreciation (depreciation) of investments for federal income tax purposes and the cost of investments for federal income tax purposes at June 30, 2023 for each of the Portfolios were as follows:
Equity Index Portfolio | All America Portfolio | Small Cap Value Portfolio | Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | ||||||||||||||||
Unrealized Appreciation | $ | 29,785,854 | $ | 3,786,580 | $ | 1,055,869 | $ | 1,711,146 | $ | 927,224 | ||||||||||
Unrealized Depreciation | $ | (5,927,703 | ) | $ | (1,047,290 | ) | $ | (1,876,586 | ) | $ | (956,683 | ) | $ | (1,345,536 | ) | |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | 23,858,151 | $ | 2,739,290 | $ | (820,717 | ) | $ | 754,463 | $ | (418,312 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 95,788,696 | $ | 13,252,630 | $ | 10,038,641 | $ | 10,262,693 | $ | 7,626,277 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Mid Cap Value Portfolio | Mid-Cap Equity Index Portfolio | International Portfolio | Retirement Income Portfolio | 2015 Retirement Portfolio | ||||||||||||||||
Unrealized Appreciation | $ | 336,481 | $ | 9,346,552 | $ | 1,916,027 | $ | 67,573 | $ | 363,556 | ||||||||||
Unrealized Depreciation | $ | (450,813 | ) | $ | (4,795,986 | ) | $ | (2,223,523 | ) | $ | (260,534 | ) | $ | (346,528 | ) | |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | (114,332 | ) | $ | 4,550,566 | $ | (307,496 | ) | $ | (192,961 | ) | $ | 17,028 | |||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 4,318,918 | $ | 45,361,292 | $ | 15,737,144 | $ | 3,765,531 | $ | 5,379,580 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2020 Retirement Portfolio | 2025 Retirement Portfolio | 2030 Retirement Portfolio | 2035 Retirement Portfolio | 2040 Retirement Portfolio | ||||||||||||||||
Unrealized Appreciation | $ | 1,024,425 | $ | 1,691,302 | $ | 1,002,228 | $ | 704,994 | $ | 447,484 | ||||||||||
Unrealized Depreciation | $ | (1,080,966 | ) | $ | (2,806,522 | ) | $ | (939,046 | ) | $ | (296,997 | ) | $ | (240,001 | ) | |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | (56,541 | ) | $ | (1,115,220 | ) | $ | 63,182 | $ | 407,997 | $ | 207,483 | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 14,245,790 | $ | 23,218,358 | $ | 16,206,132 | $ | 9,320,783 | $ | 7,936,163 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
2045 Retirement Portfolio | 2050 Retirement Portfolio | 2055 Retirement Portfolio | 2060 Retirement Portfolio | Conservative Allocation Portfolio | ||||||||||||||||
Unrealized Appreciation | $ | 362,885 | $ | 305,672 | $ | 63,067 | $ | 19,387 | $ | 391,961 | ||||||||||
Unrealized Depreciation | $ | (93,014 | ) | $ | (184,944 | ) | $ | (25,873 | ) | $ | (27,212 | ) | $ | (567,749 | ) | |||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | 269,871 | $ | 120,728 | $ | 37,194 | $ | (7,825 | ) | $ | (175,788 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 4,368,564 | $ | 4,622,340 | $ | 1,121,034 | $ | 815,183 | $ | 8,140,212 | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Moderate Allocation Portfolio | Aggressive Allocation Portfolio | Money Market Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | ||||||||||||||||
Unrealized Appreciation | $ | 1,711,834 | $ | 459,401 | $ | — | $ | 15,275 | $ | 32,058 | ||||||||||
Unrealized Depreciation | $ | (870,000 | ) | $ | (171,505 | ) | $ | — | $ | (1,575,867 | ) | $ | (4,534,533 | ) | ||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net | $ | 841,834 | $ | 287,896 | $ | — | $ | (1,560,592 | ) | $ | (4,502,475 | ) | ||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Tax Cost of Investments | $ | 19,663,041 | $ | 4,567,156 | $ | 36,873,053 | $ | 21,938,914 | $ | 37,413,575 | ||||||||||
|
|
|
|
|
|
|
|
|
|
The difference between the components of distributable earnings for income tax purposes and the amounts reflected in the statements of assets and liabilities arise primarily from federal income tax treatment of wash sales, REITs, PFICs, partnerships, corporate actions and futures contracts.
120
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
3. | INVESTMENTS (CONTINUED) |
The Retirement and Allocation Portfolios are invested in affiliated Portfolios of the Investment Company and receive dividend income entirely from these affiliated Portfolios. Realized gains and losses result from the disposition of shares of these underlying Portfolios. The Retirement and Allocation Portfolios also derive unrealized gains and losses entirely from these affiliated Portfolios. Investments in affiliated investment companies during the six months ended June 30, 2023 were as follows:
Affiliated Investment Company | Value as of December 31, 2022 | Purchases | Realized Gain (Loss) on Investment Securities | Change in Unrealized Appreciation (Depreciation) of Investment Securities | Sales | Value as of June 30, 2023 | ||||||||||||||||||
Retirement Income Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 1,525,323 | $ | 6,879 | $ | (94,413 | ) | $ | 123,790 | $ | 516,945 | $ | 1,044,634 | |||||||||||
Equity Index Portfolio | 972,416 | 3,930 | 65,207 | 69,643 | 306,529 | 804,667 | ||||||||||||||||||
International Portfolio | 39,973 | 50,983 | (91 | ) | 4,253 | 52,647 | 42,471 | |||||||||||||||||
Mid Cap Value Portfolio | — | 25,048 | 17 | 632 | 1,192 | 24,505 | ||||||||||||||||||
Mid-Cap Equity Index Portfolio | 232,801 | 933 | 3,795 | 14,959 | 92,570 | 159,918 | ||||||||||||||||||
Mid-Term Bond Portfolio | 1,540,663 | 5,896 | (45,016 | ) | 62,989 | 412,874 | 1,151,658 | |||||||||||||||||
Money Market Portfolio | 404,238 | 982 | 691 | 7,467 | 68,661 | 344,717 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 4,715,414 | $ | 94,651 | $ | (69,810 | ) | $ | 283,733 | $ | 1,451,418 | $ | 3,572,570 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2015 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 1,615,899 | $ | 21,714 | $ | (4,777 | ) | $ | 36,889 | $ | 47,279 | $ | 1,622,446 | |||||||||||
Equity Index Portfolio | 1,176,070 | 14,024 | 4,946 | 189,095 | 29,508 | 1,354,627 | ||||||||||||||||||
International Portfolio | 187,361 | 3,102 | (219 | ) | 20,367 | 6,436 | 204,175 | |||||||||||||||||
Mid Cap Value Portfolio | — | 5,245 | — | 136 | 96 | 5,285 | ||||||||||||||||||
Mid-Cap Equity Index Portfolio | 306,422 | 2,857 | 1,617 | 24,678 | 11,623 | 323,951 | ||||||||||||||||||
Mid-Term Bond Portfolio | 1,538,073 | 16,996 | (2,379 | ) | 21,179 | 34,853 | 1,539,016 | |||||||||||||||||
Money Market Portfolio | 342,645 | 3,102 | 57 | 7,740 | 6,436 | 347,108 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 5,166,470 | $ | 67,040 | $ | (755 | ) | $ | 300,084 | $ | 136,231 | $ | 5,396,608 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2020 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 4,369,741 | $ | 193,599 | $ | (49,952 | ) | $ | 129,910 | $ | 372,845 | $ | 4,270,453 | |||||||||||
Equity Index Portfolio | 3,480,984 | 30,598 | 47,905 | 511,798 | 257,468 | 3,813,817 | ||||||||||||||||||
International Portfolio | 994,751 | 8,720 | (2,634 | ) | 107,832 | 73,878 | 1,034,791 | |||||||||||||||||
Mid Cap Value Portfolio | — | 10,272 | (150 | ) | 167 | 3,894 | 6,395 | |||||||||||||||||
Mid-Cap Equity Index Portfolio | 1,072,739 | 8,175 | 17,252 | 70,105 | 127,499 | 1,040,772 | ||||||||||||||||||
Mid-Term Bond Portfolio | 3,203,634 | 24,212 | (15,566 | ) | 54,441 | 208,115 | 3,058,606 | |||||||||||||||||
Money Market Portfolio | 584,545 | 6,228 | 630 | 12,279 | 52,832 | 550,850 | ||||||||||||||||||
Small Cap Equity Index Portfolio | — | 50,272 | 15 | 3,891 | 3,898 | 50,280 | ||||||||||||||||||
Small Cap Growth Portfolio | 204,016 | 974 | 135,370 | (116,159 | ) | 160,002 | 64,199 | |||||||||||||||||
Small Cap Value Portfolio | 301,559 | 1,518 | 206 | 10,267 | 14,464 | 299,086 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 14,211,969 | $ | 334,568 | $ | 133,076 | $ | 784,531 | $ | 1,274,895 | $ | 14,189,249 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2025 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 5,777,966 | $ | 435,638 | $ | (80,336 | ) | $ | 187,693 | $ | 629,776 | $ | 5,691,185 | |||||||||||
Equity Index Portfolio | 6,265,444 | 262,999 | 102,243 | 903,482 | 580,713 | 6,953,455 | ||||||||||||||||||
International Portfolio | 2,321,813 | 87,666 | (7,175 | ) | 253,621 | 193,392 | 2,462,533 | |||||||||||||||||
Mid Cap Value Portfolio | — | 30,104 | (188 | ) | 704 | 5,874 | 24,746 | |||||||||||||||||
Mid-Cap Equity Index Portfolio | 1,891,715 | 54,820 | 22,921 | 137,633 | 163,238 | 1,943,851 | ||||||||||||||||||
Mid-Term Bond Portfolio | 3,770,708 | 127,837 | (19,857 | ) | 65,380 | 276,581 | 3,667,487 | |||||||||||||||||
Money Market Portfolio | 622,625 | 26,299 | 707 | 12,996 | 58,030 | 604,597 | ||||||||||||||||||
Small Cap Equity Index Portfolio | 183,687 | 8,767 | (1,744 | ) | 12,671 | 19,335 | 184,046 | |||||||||||||||||
Small Cap Growth Portfolio | 214,341 | 3,662 | 1,510,028 | (1,486,667 | ) | 169,982 | 71,382 | |||||||||||||||||
Small Cap Value Portfolio | 493,268 | 13,871 | 548 | 17,388 | 25,219 | 499,856 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 21,541,567 | $ | 1,051,663 | $ | 1,527,147 | $ | 104,901 | $ | 2,122,140 | $ | 22,103,138 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
121
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
3. | INVESTMENTS (CONTINUED) |
Affiliated Investment Company | Value as of December 31, 2022 | Purchases | Realized Gain (Loss) on Investment Securities | Change in Unrealized Appreciation (Depreciation) of Investment Securities | Sales | Value as of June 30, 2023 | ||||||||||||||||||
2030 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 3,092,732 | $ | 678,083 | $ | (24,775 | ) | $ | 74,634 | $ | 180,759 | $ | 3,639,915 | |||||||||||
Equity Index Portfolio | 5,053,251 | 370,580 | 43,052 | 810,419 | 237,786 | 6,039,516 | ||||||||||||||||||
International Portfolio | 1,886,924 | 127,057 | (3,738 | ) | 208,696 | 80,846 | 2,138,093 | |||||||||||||||||
Mid Cap Value Portfolio | — | 55,583 | (51 | ) | 1,345 | 4,851 | 52,026 | |||||||||||||||||
Mid-Cap Equity Index Portfolio | 1,531,806 | 94,715 | 411,325 | (286,981 | ) | 523,687 | 1,227,178 | |||||||||||||||||
Mid-Term Bond Portfolio | 1,858,645 | 108,672 | (5,432 | ) | 27,230 | 69,714 | 1,919,401 | |||||||||||||||||
Money Market Portfolio | 396,094 | 31,764 | 269 | 8,964 | 20,256 | 416,835 | ||||||||||||||||||
Small Cap Equity Index Portfolio | 181,898 | 18,384 | (4,662 | ) | 15,533 | 10,898 | 200,255 | |||||||||||||||||
Small Cap Growth Portfolio | 169,317 | 10,588 | (229,827 | ) | 243,635 | 1,714 | 195,427 | |||||||||||||||||
Small Cap Value Portfolio | 420,897 | 13,379 | 264 | 15,313 | 9,185 | 440,668 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 14,591,564 | $ | 1,508,805 | $ | 186,425 | $ | 1,118,788 | $ | 1,136,268 | $ | 16,269,314 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2035 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 1,459,501 | $ | 291,676 | $ | (738 | ) | $ | 26,007 | $ | 4,082 | $ | 1,772,364 | |||||||||||
Equity Index Portfolio | 3,095,090 | 391,145 | 885 | 550,154 | 4,164 | 4,033,110 | ||||||||||||||||||
International Portfolio | 1,248,921 | 143,758 | (103 | ) | 140,913 | 1,428 | 1,532,061 | |||||||||||||||||
Mid Cap Value Portfolio | — | 32,792 | — | 928 | 34 | 33,686 | ||||||||||||||||||
Mid-Cap Equity Index Portfolio | 1,050,406 | 105,108 | 22,985 | 73,299 | 133,110 | 1,118,688 | ||||||||||||||||||
Mid-Term Bond Portfolio | 411,252 | 46,127 | (8 | ) | 4,737 | 420 | 461,688 | |||||||||||||||||
Money Market Portfolio | 159,564 | 28,751 | 6 | 3,973 | 293 | 192,001 | ||||||||||||||||||
Small Cap Equity Index Portfolio | 195,333 | 20,959 | 22 | 12,423 | 261 | 228,476 | ||||||||||||||||||
Small Cap Growth Portfolio | 137,656 | 9,584 | (681 | ) | 19,114 | 93 | 165,766 | |||||||||||||||||
Small Cap Value Portfolio | 170,752 | 13,479 | — | 6,822 | 113 | 190,940 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 7,928,475 | $ | 1,083,379 | $ | 22,368 | $ | 838,370 | $ | 143,812 | $ | 9,728,780 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2040 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 1,086,281 | $ | 76,593 | $ | (4,200 | ) | $ | 24,601 | $ | 29,959 | $ | 1,153,316 | |||||||||||
Equity Index Portfolio | 3,014,218 | 268,838 | 18,789 | 502,722 | 87,517 | 3,717,050 | ||||||||||||||||||
International Portfolio | 1,256,774 | 87,773 | (1,381 | ) | 139,102 | 33,246 | 1,449,022 | |||||||||||||||||
Mid Cap Value Portfolio | — | 27,854 | (64 | ) | 670 | 2,833 | 25,627 | |||||||||||||||||
Mid-Cap Equity Index Portfolio | 1,046,920 | 61,134 | 44,100 | 45,175 | 148,230 | 1,049,099 | ||||||||||||||||||
Mid-Term Bond Portfolio | — | 52,853 | (23 | ) | (766 | ) | 2,837 | 49,227 | ||||||||||||||||
Money Market Portfolio | 125,636 | 9,752 | 79 | 2,906 | 3,716 | 134,657 | ||||||||||||||||||
Small Cap Equity Index Portfolio | 142,769 | 9,752 | 261 | 8,395 | 3,730 | 157,447 | ||||||||||||||||||
Small Cap Growth Portfolio | 172,188 | 8,325 | (156 | ) | 22,977 | 2,274 | 201,060 | |||||||||||||||||
Small Cap Value Portfolio | 193,901 | 9,752 | 48 | 7,152 | 3,712 | 207,141 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 7,038,687 | $ | 612,626 | $ | 57,453 | $ | 752,934 | $ | 318,054 | $ | 8,143,646 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2045 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 439,342 | $ | 42,166 | $ | (2,036 | ) | $ | 9,909 | $ | 12,683 | $ | 476,698 | |||||||||||
Equity Index Portfolio | 1,757,188 | 186,464 | 13,777 | 294,007 | 57,389 | 2,194,047 | ||||||||||||||||||
International Portfolio | 742,995 | 76,093 | (662 | ) | 82,693 | 22,150 | 878,969 | |||||||||||||||||
Mid Cap Value Portfolio | — | 22,390 | (31 | ) | 547 | 1,180 | 21,726 | |||||||||||||||||
Mid-Cap Equity Index Portfolio | 570,452 | 50,407 | 12,454 | 38,154 | 76,655 | 594,812 | ||||||||||||||||||
Mid-Term Bond Portfolio | — | 42,390 | (12 | ) | (623 | ) | 1,184 | 40,571 | ||||||||||||||||
Money Market Portfolio | 53,532 | 7,883 | 56 | 1,253 | 2,297 | 60,427 | ||||||||||||||||||
Small Cap Equity Index Portfolio | 95,699 | 10,631 | 263 | 5,742 | 2,893 | 109,442 | ||||||||||||||||||
Small Cap Growth Portfolio | 100,311 | 7,884 | (134 | ) | 13,518 | 2,256 | 119,323 | |||||||||||||||||
Small Cap Value Portfolio | 131,836 | 7,883 | 37 | 4,956 | 2,292 | 142,420 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 3,891,355 | $ | 454,191 | $ | 23,712 | $ | 450,156 | $ | 180,979 | $ | 4,638,435 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
122
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
3. | INVESTMENTS (CONTINUED) |
Affiliated Investment Company | Value as of December 31, 2022 | Purchases | Realized Gain (Loss) on Investment Securities | Change in Unrealized Appreciation (Depreciation) of Investment Securities | Sales | Value as of June 30, 2023 | ||||||||||||||||||
2050 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 372,097 | $ | 33,095 | $ | (1,220 | ) | $ | 8,412 | $ | 10,431 | $ | 401,953 | |||||||||||
Equity Index Portfolio | 1,837,771 | 193,500 | 9,682 | 311,373 | 55,101 | 2,297,225 | ||||||||||||||||||
International Portfolio | 762,548 | 80,626 | (1,407 | ) | 86,324 | 22,809 | 905,282 | |||||||||||||||||
Mid Cap Value Portfolio | — | 22,535 | — | 594 | 357 | 22,772 | ||||||||||||||||||
Mid-Cap Equity Index Portfolio | 577,803 | 53,903 | 135,842 | (83,490 | ) | 79,643 | 604,415 | |||||||||||||||||
Mid-Term Bond Portfolio | — | 25,845 | — | (398 | ) | 120 | 25,327 | |||||||||||||||||
Money Market Portfolio | 36,148 | 48,062 | 37 | 1,196 | 2,286 | 83,157 | ||||||||||||||||||
Small Cap Equity Index Portfolio | 135,726 | 14,435 | 1,576 | 5,249 | 29,375 | 127,611 | ||||||||||||||||||
Small Cap Growth Portfolio | 104,498 | 8,062 | (172 | ) | 14,221 | 2,279 | 124,330 | |||||||||||||||||
Small Cap Value Portfolio | 139,947 | 8,061 | (38 | ) | 5,309 | 2,283 | 150,996 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 3,966,538 | $ | 488,124 | $ | 144,300 | $ | 348,790 | $ | 204,684 | $ | 4,743,068 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2055 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 71,991 | $ | 9,385 | $ | (133 | ) | $ | 1,418 | $ | 674 | $ | 81,987 | |||||||||||
Equity Index Portfolio | 412,306 | 69,088 | 970 | 73,234 | 3,161 | 552,437 | ||||||||||||||||||
International Portfolio | 184,842 | 28,154 | (21 | ) | 20,751 | 1,218 | 232,508 | |||||||||||||||||
Mid Cap Value Portfolio | — | 4,118 | 3 | 99 | 145 | 4,075 | ||||||||||||||||||
Mid-Cap Equity Index Portfolio | 140,176 | 17,953 | 4,905 | 8,418 | 19,910 | 151,542 | ||||||||||||||||||
Mid-Term Bond Portfolio | — | 10,539 | (3 | ) | (159 | ) | 46 | 10,331 | ||||||||||||||||
Money Market Portfolio | 14,895 | 1,340 | — | 356 | 57 | 16,534 | ||||||||||||||||||
Small Cap Equity Index Portfolio | 23,595 | 4,022 | 21 | 1,449 | 180 | 28,907 | ||||||||||||||||||
Small Cap Growth Portfolio | 30,863 | 3,482 | 61 | 4,152 | 147 | 38,411 | ||||||||||||||||||
Small Cap Value Portfolio | 36,755 | 3,482 | 6 | 1,381 | 128 | 41,496 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 915,423 | $ | 151,563 | $ | 5,809 | $ | 111,099 | $ | 25,666 | $ | 1,158,228 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
2060 Retirement Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 42,847 | $ | 5,167 | $ | (23,541 | ) | $ | 24,330 | $ | 4,042 | $ | 44,761 | |||||||||||
Equity Index Portfolio | 313,419 | 48,679 | (66,811 | ) | 121,543 | 37,315 | 379,515 | |||||||||||||||||
International Portfolio | 151,941 | 22,735 | (89,564 | ) | 106,484 | 17,451 | 174,145 | |||||||||||||||||
Mid Cap Value Portfolio | – | 5,329 | – | 141 | 112 | 5,358 | ||||||||||||||||||
Mid-Cap Equity Index Portfolio | 104,873 | 15,171 | (115,145 | ) | 124,826 | 22,622 | 107,103 | |||||||||||||||||
Mid-Term Bond Portfolio | – | 5,110 | – | (79 | ) | 37 | 4,994 | |||||||||||||||||
Money Market Portfolio | 7,739 | 1,034 | 11 | 176 | 793 | 8,167 | ||||||||||||||||||
Small Cap Equity Index Portfolio | 23,571 | 4,024 | (44,500 | ) | 45,956 | 3,136 | 25,915 | |||||||||||||||||
Small Cap Growth Portfolio | 25,229 | 2,990 | (24,957 | ) | 28,366 | 2,347 | 29,281 | |||||||||||||||||
Small Cap Value Portfolio | 26,439 | 3,100 | (41,990 | ) | 42,949 | 2,379 | 28,119 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 696,058 | $ | 113,339 | $ | (406,497 | ) | $ | 494,692 | $ | 90,234 | $ | 807,358 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Conservative Allocation Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 2,296,936 | $ | 27,547 | $ | (55,397 | ) | $ | 101,479 | $ | 446,546 | $ | 1,924,019 | |||||||||||
Equity Index Portfolio | 2,356,207 | 22,956 | 57,498 | 288,451 | 367,943 | 2,357,169 | ||||||||||||||||||
International Portfolio | 510,653 | 4,591 | (3,581 | ) | 55,127 | 74,130 | 492,660 | |||||||||||||||||
Mid-Cap Equity Index Portfolio | 530,006 | 4,591 | 9,039 | 32,448 | 73,828 | 502,256 | ||||||||||||||||||
Mid-Term Bond Portfolio | 3,135,902 | 32,138 | (36,942 | ) | 76,558 | 519,336 | 2,688,320 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 8,829,704 | $ | 91,823 | $ | (29,383 | ) | $ | 554,063 | $ | 1,481,783 | $ | 7,964,424 | |||||||||||
|
|
|
|
|
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|
123
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
3. | INVESTMENTS (CONTINUED) |
Affiliated Investment Company | Value as of December 31, 2022 | Purchases | Realized Gain (Loss) on Investment Securities | Change in Unrealized Appreciation (Depreciation) of Investment Securities | Sales | Value as of June 30, 2023 | ||||||||||||||||||
Moderate Allocation Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 4,176,564 | $ | 50,829 | $ | (32,663 | ) | $ | 113,250 | $ | 259,287 | $ | 4,048,693 | |||||||||||
Equity Index Portfolio | 7,199,587 | 71,162 | 67,207 | 1,104,241 | 368,001 | 8,074,196 | ||||||||||||||||||
International Portfolio | 2,058,501 | 20,331 | (4,270 | ) | 223,436 | 103,755 | 2,194,243 | |||||||||||||||||
Mid-Cap Equity Index Portfolio | 3,134,304 | 30,498 | 23,314 | 245,767 | 157,779 | 3,276,104 | ||||||||||||||||||
Mid-Term Bond Portfolio | 2,999,697 | 30,496 | (10,962 | ) | 47,772 | 155,364 | 2,911,639 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 19,568,653 | $ | 203,316 | $ | 42,626 | $ | 1,734,466 | $ | 1,044,186 | $ | 20,504,875 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Aggressive Allocation Portfolio |
| |||||||||||||||||||||||
Bond Portfolio | $ | 692,952 | $ | 45,150 | $ | (5,843 | ) | $ | 18,401 | $ | 39,469 | $ | 711,191 | |||||||||||
Equity Index Portfolio | 1,622,941 | 79,014 | 15,060 | 257,437 | 71,922 | 1,902,530 | ||||||||||||||||||
International Portfolio | 645,699 | 33,862 | (785 | ) | 70,867 | 29,894 | 719,749 | |||||||||||||||||
Mid-Cap Equity Index Portfolio | 922,168 | 45,151 | 7,155 | 74,764 | 41,025 | 1,008,213 | ||||||||||||||||||
Small Cap Growth Portfolio | 226,592 | 11,287 | (336 | ) | 30,025 | 9,955 | 257,613 | |||||||||||||||||
Small Cap Value Portfolio | 245,173 | 11,287 | 615 | 8,758 | 10,077 | 255,756 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Total | $ | 4,355,525 | $ | 225,751 | $ | 15,866 | $ | 460,252 | $ | 202,342 | $ | 4,855,052 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
124
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
4. | CAPITAL SHARE ACTIVITY |
The Investment Company has registered an indefinite number of its capital shares pursuant to Rule 24f-2 under the Investment Company Act of 1940. As of June 30, 2023, shares authorized at par value $0.01 per share were allocated into the 25 series of Portfolios as follows:
Authorized No. of Shares | ||||
Total Shares Allocated | ||||
Equity Index Portfolio | 30,000,000 | |||
All America Portfolio | 10,000,000 | |||
Small Cap Value Portfolio | 10,000,000 | |||
Small Cap Growth Portfolio | 15,000,000 | |||
Small Cap Equity Index Portfolio | 10,000,000 | |||
Mid Cap Value Portfolio | 5,000,000 | |||
Mid-Cap Equity Index Portfolio | 40,000,000 | |||
International Portfolio | 25,000,000 | |||
Retirement Income Portfolio | 5,000,000 | |||
2015 Retirement Portfolio | 10,000,000 | |||
2020 Retirement Portfolio | 25,000,000 | |||
2025 Retirement Portfolio | 25,000,000 | |||
2030 Retirement Portfolio | 15,000,000 | |||
2035 Retirement Portfolio | 10,000,000 | |||
2040 Retirement Portfolio | 10,000,000 | |||
2045 Retirement Portfolio | 10,000,000 | |||
2050 Retirement Portfolio | 10,000,000 | |||
2055 Retirement Portfolio | 10,000,000 | |||
2060 Retirement Portfolio | 10,000,000 | |||
Conservative Allocation Portfolio | 10,000,000 | |||
Moderate Allocation Portfolio | 25,000,000 | |||
Aggressive Allocation Portfolio | 10,000,000 | |||
Money Market Portfolio | 10,000,000 | |||
Mid-Term Bond Portfolio | 35,000,000 | |||
Bond Portfolio | 40,000,000 | |||
|
| |||
Sub-Total | 415,000,000 | |||
Shares to be allocated at the discretion of the Board of Directors | 135,000,000 | |||
|
| |||
Total | 550,000,000 | |||
|
|
On September 25, 2020, after the close of trading on the New York Stock Exchange, the Portfolios effected a 1 for 10 reverse split, and post-split shares began trading on September 28, 2020. As a result of the reverse split, every ten pre-split shares were automatically exchanged for one post-split share. The effect of the reverse split transaction was to reduce the number of shares outstanding by the reverse split factor and resulted in a proportionate increase in the net asset value per share. These transactions had not changed the net assets or the value of a shareholder’s investment.
5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION |
Each Portfolio generally declares dividends at least annually to pay out substantially all of the Portfolio’s net investment income and net realized short and long term capital gains. All dividends and capital gains distributions are reinvested in additional shares of the distributing Portfolio.
125
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
Pursuant to shareholders’ instructions, substantially all dividend distributions throughout 2022 were immediately reinvested into their respective portfolios. There were no dividend distributions in 2023. The tax character of the distributions paid during 2022 were as follows:
Equity Index Portfolio | All America Portfolio | Small Cap Value Portfolio | Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2022 | $ | 1,463,295 | $ | 202,333 | $ | 85,860 | $ | 343,180 | $ | 149,732 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2022 | $ | 3,114,813 | $ | 732,243 | $ | 1,105,736 | $ | 1,694,294 | $ | 376,857 | ||||||||||
Mid Cap Value Portfolio | Mid-Cap Equity Index Portfolio | International Portfolio | Retirement Income Portfolio | 2015 Retirement Portfolio | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2022 | $ | 43,598 | $ | 626,786 | $ | 348,798 | $ | 71,106 | $ | 88,077 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2022 | $ | 204,208 | $ | 2,983,236 | $ | 1,366,105 | $ | 237,976 | $ | 181,815 | ||||||||||
2020 Retirement Portfolio | 2025 Retirement Portfolio | 2030 Retirement Portfolio | 2035 Retirement Portfolio | 2040 Retirement Portfolio | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2022 | $ | 223,193 | $ | 372,193 | $ | 186,415 | $ | 98,551 | $ | 104,111 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2022 | $ | 626,755 | $ | 514,021 | $ | — | $ | 207,165 | $ | 170,421 | ||||||||||
2045 Retirement Portfolio | 2050 Retirement Portfolio | 2055 Retirement Portfolio | 2060 Retirement Portfolio | Conservative Allocation Portfolio | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2022 | $ | 44,067 | $ | 48,489 | $ | 10,350 | $ | 5,758 | $ | 177,860 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2022 | $ | 83,350 | $ | 199,136 | $ | — | $ | — | $ | 386,584 | ||||||||||
Moderate Allocation Portfolio | Aggressive Allocation Portfolio | Money Market Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | ||||||||||||||||
Ordinary Income (a) | ||||||||||||||||||||
2022 | $ | 302,064 | $ | 55,398 | $ | 292,690 | $ | 156,410 | $ | 526,892 | ||||||||||
Long-Term Capital Gains | ||||||||||||||||||||
2022 | $ | 1,007,850 | $ | 157,404 | $ | — | $ | — | $ | — |
Notes:
(a) | Includes distributions from Portfolio-level net short-term capital gains. |
126
MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
Undistributed net income and gains (losses) — As of June 30, 2023, undistributed net income and undistributed accumulated gain (loss) for federal income tax purposes were as follows:
Equity Index Portfolio | All America Portfolio | Small Cap Value Portfolio | Small Cap Growth Portfolio | Small Cap Equity Index Portfolio | ||||||||||||||||
Accumulated undistributed net investment income | $ | 2,577,686 | $ | 247,879 | $ | 367,878 | $ | — | $ | 55,973 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments | $ | 1,671,020 | $ | 321,322 | $ | 138,377 | $ | (440,179 | ) | $ | (37,813 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 23,858,151 | $ | 2,739,290 | $ | (820,717 | ) | $ | 754,463 | $ | (418,312 | ) | ||||||||
Mid Cap Value Portfolio | Mid-Cap Equity Index Portfolio | International Portfolio | Retirement Income Portfolio | 2015 Retirement Portfolio | ||||||||||||||||
Accumulated undistributed net investment income | $ | 86,542 | $ | 1,105,222 | $ | 955,036 | $ | 55,181 | $ | 65,108 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments | $ | 65,521 | $ | 1,407,882 | $ | (574,186 | ) | $ | (172,594 | ) | $ | 66,935 | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | (114,332 | ) | $ | 4,550,566 | $ | (307,496 | ) | $ | (192,961 | ) | $ | 17,028 | |||||||
2020 Retirement Portfolio | 2025 Retirement Portfolio | 2030 Retirement Portfolio | 2035 Retirement Portfolio | 2040 Retirement Portfolio | ||||||||||||||||
Accumulated undistributed net investment income | $ | 190,011 | $ | 318,108 | $ | 214,508 | $ | 124,156 | $ | 110,594 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments | $ | 542,026 | $ | 2,426,786 | $ | 1,051,095 | $ | 440,779 | $ | 761,645 | ||||||||||
Net unrealized appreciation (depreciation) of investments | $ | (56,541 | ) | $ | (1,115,220 | ) | $ | 63,182 | $ | 407,997 | $ | 207,483 | ||||||||
2045 Retirement Portfolio | 2050 Retirement Portfolio | 2055 Retirement Portfolio | 2060 Retirement Portfolio | Conservative Allocation Portfolio | ||||||||||||||||
Accumulated undistributed net investment income | $ | 63,676 | $ | 64,068 | $ | 17,741 | $ | 9,943 | $ | 112,846 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments | $ | 240,167 | $ | 397,425 | $ | 32,581 | $ | 41,810 | $ | 139,537 | ||||||||||
Net unrealized appreciation (depreciation) of investments | $ | 269,871 | $ | 120,728 | $ | 37,194 | $ | (7,825 | ) | $ | (175,788 | ) | ||||||||
Moderate Allocation Portfolio | Aggressive Allocation Portfolio | Money Market Portfolio | Mid-Term Bond Portfolio | Bond Portfolio | ||||||||||||||||
Accumulated undistributed net investment income | $ | 284,987 | $ | 70,060 | $ | 789,869 | $ | 416,549 | $ | 1,013,872 | ||||||||||
Accumulated undistributed net realized gain/(loss) on investments | $ | 879,633 | $ | 288,801 | $ | — | $ | (311,667 | ) | $ | (950,396 | ) | ||||||||
Net unrealized appreciation (depreciation) of investments | $ | 841,834 | $ | 287,896 | $ | — | $ | (1,560,592 | ) | $ | (4,502,475 | ) |
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)
June 30, 2023
5. | DISTRIBUTIONSTO SHAREHOLDERSAND INCOME TAX INFORMATION (CONTINUED) |
The difference between the components of distributable earnings for income tax purposes and the amounts reflected in the statements of assets and liabilities arise primarily from federal income tax treatment of wash sales, REITs, PFICs, partnerships, corporate actions and futures contracts.
6. | RECENT ACCOUNTING PRONOUNCEMENTS |
The FASB issued Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting in March 2020 and ASU 2021-01 in January 2021 which provided further amendments and clarifications to Topic 848. These ASUs provide optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank Offered Rate (LIBOR), and other interbank-offered based reference rates, through December 31, 2022. In December 2022, FASB issued ASU 2022-06 which defers the sunset date of Topic 848 from December 31, 2022, to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. Management intends to rely upon the relief provided under Topic 848, which is not expected to have a material impact on the Portfolios’ financial statements.
7. | SUBSEQUENT EVENTS |
Management, on behalf of the Investment Company, has evaluated the need for disclosures and/or adjustments to the financial statements from subsequent events. As a result of this evaluation, no additional subsequent events require disclosure and/or adjustment to the financial statements.
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MUTUAL OF AMERICA VARIABLE INSURANCE PORTFOLIOS, INC.
ADDITIONAL INFORMATION
Quarterly Portfolio Schedules
Included in this Semi-Annual Report are schedules of Mutual of America Variable Insurance Portfolios, Inc.’s (“Investment Company”) portfolio holdings as of June 30, 2023. The Investment Company files complete schedules of portfolio holdings, excluding the Money Market Portfolio, with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Investment Company portfolio holdings are also available for the first and third quarters of the most recent fiscal year through the website, mutualofamerica.com.
The Money Market Portfolio files its complete schedule of portfolio holdings with the SEC each month on Form N-MFP. The portfolio holdings for the prior six months are also available through the website, mutualofamerica.com.
The Form N-PORT and N-MFP are available on the SEC’s website at sec.gov.
Proxy Voting Policies and Procedures
A copy of the Investment Company’s proxy voting policies and procedures can be obtained free of charge by calling 800.468.3785. It is also available on the SEC’s website at sec.gov.
Information regarding how the Investment Company voted proxies relating to portfolio securities during the 12-month period ended June 30, 2023 is available without charge by calling 800.468.3785. It is also available on the SEC website.
Code of Ethics
The Investment Company has adopted a Code of Ethics that complies with Rule 17j-1 of the Investment Company Act of 1940 and with the requirements of the Sarbanes-Oxley Act of 2002. A copy of the Code of Ethics is available free of charge, upon request. To obtain a free copy of the Code of Ethics, please call 212.224.1769 or write to:
Mr. Kyle Medlin
Senior Vice President and Chief Compliance Officer
Mutual of America Variable Insurance Portfolios, Inc.
320 Park Avenue
New York, NY 10022-6839
Renewal of the Funds’ Investment Advisory Agreements
At a meeting held in February 2023, the Board of Directors (the “Board” or the “Directors”) of Mutual of America Investment Corporation and Mutual of America Variable Insurance Portfolios, Inc. (each a “Corporation” and together, the “Corporations”) approved the continuation of the investment advisory agreements (collectively, the “Advisory Agreements”) between Mutual of America Capital Management LLC (“Capital Management”) and each Corporation with respect to each series of the Corporations (each series, a “Fund” and collectively, the “Funds”). That included approval by the Directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”)) of the Funds (the “Independent Directors”) voting separately.
The Directors’ determination to approve the continuation of each Advisory Agreement was made on the basis of each Director’s business judgment after an evaluation of all of the information provided to the Directors, including information provided for their consideration at their February 2023 meeting with management and at meetings held in the period leading up to that February 2023 meeting, including portions held outside the presence of management, specifically to review and consider materials related to the proposed continuation of each Advisory Agreement.
The Directors also meet regularly with investment advisory, compliance, operational, and other personnel from Capital Management and regularly review detailed information, presented both orally and in writing, regarding the services performed by Capital Management for the benefit of the Funds, Capital Management’s investment program for each Fund, the performance of each Fund, the fees and expenses of each Fund, and the operations of each Fund. In considering whether to approve the continuation of the Advisory Agreements, each Director took into account information presented to him or her in the past, including over the course of the prior year, to the extent he or she deemed relevant.
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This summary describes a number, but not necessarily all, of the most important factors considered by the Board and the Independent Directors. Individual Directors may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. No single factor was determined to be decisive or controlling. In all their deliberations at the February 2023 meeting, the Independent Directors were advised by independent counsel.
Nature, Extent and Quality of Services
The Directors considered the nature, extent, and quality of the services provided and expected to be provided by Capital Management to each Fund, including the expertise and experience of its investment personnel. In this regard, the Directors considered that Capital Management provides a full investment program for the Funds. In their evaluation of the services provided by Capital Management and the Funds’ contractual relationships with Capital Management, the Directors considered generally the performance record of Capital Management’s portfolio management personnel, including, where applicable, the long-term performance record of the Funds.
The Directors also reviewed reports that compared, among other information, each Fund’s management fee rate and total expense ratio against the management fee rate and total expense ratio of a group of peers maintained by Morningstar, Inc. (“Morningstar”), and each Fund’s performance records for various periods ended December 31, 2022, including the one-year, three-year (where applicable), five-year (where appliable) and ten-year (where applicable) periods, against the performance records of those funds in each Fund’s Morningstar category and the performance of one or more broad-based indices. Where applicable, the Directors inquired about and considered the factors cited by Capital Management that contributed to the underperformance of a Fund relative to its peer group.
The Directors also considered that Capital Management provides a variety of other services to the Funds in addition to investment advisory services, including certain administrative services (and for which Capital Management receives separate compensation) and supervision and monitoring of the Funds’ other service providers. The Directors considered Capital Management’s ongoing efforts to keep the Directors informed about matters relevant to the Funds and their shareholders. The Directors also considered the nature and structure of the Funds’ compliance program. The Directors considered the quality of those non-investment advisory services and determined that their quality appeared to support the continuation of the Funds’ arrangements with Capital Management.
Performance
The Directors evaluated each Fund’s performance history against that of the peer group(s) presented. The Directors noted those Funds that generally had strong performance relative to their peer groups over most or all of the periods presented. The Directors also considered that more than half of the Funds with a performance history of more than three years were rated at least four stars by Morningstar, with only two Funds with three years of performance rated two stars as of December 31, 2022.
In respect of those Funds with relative underperformance, including the All America Fund and Mid-Term Bond Fund, the Directors considered in each case that Fund’s long-term performance as well as the reasons that Capital Management provided for the relative underperformance, including any information Capital Management provided regarding differences between a Fund’s investment strategies or positioning and that generally of the bulk of its peer group. The Directors noted in this regard that the investment positioning and other explanations provided by Capital Management for relative underperformance were consistent with the relevant Fund’s principal investment strategies. The Directors also considered that, while the Small Cap Growth Fund had modestly underperformed its benchmark in the near term, it had strong relative performance over the long term. In addition, in respect of those Funds that seek to approximate the performance of an index, the Directors considered the Fund’s level of tracking error and Capital Management’s comments on the level of that tracking error and the explanation of the contributors to that tracking error.
Relative Levels of the Advisory Fees
The Directors also compared the investment advisory fees of the Funds against peer groups composed of variable annuity funds as well as, in the case of those Funds that were series of Mutual of America Investment Corporation, peer groups comprised of retail funds. The Directors considered that the management fee and total expense ratio comparisons indicated that the overwhelming majority of the Funds’ fees were at or below the median of their peers and in the first or second quartile of the peers presented. The Directors also considered that in the few instances where
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that was not the case, the Fund’s advisory fee was near the median of its group. In addition, the Directors considered information from Capital Management regarding certain challenges that were encountered in presenting a homogenous peer group for certain Funds, such as for the Mutual of America Catholic Values Index Fund, or information they had been provided about relevant differences between a Fund and some meaningful portion of its peer group, such as was the case for Mutual of America Mid Term Bond Fund and Mutual of America Composite Fund.
The Directors considered materials relating to the fees charged by Capital Management to institutional separate accounts for which Capital Management employs investment strategies substantially similar to one or more of the Funds’ investment strategies. The Directors reviewed the management fees that Capital Management charged to its other clients with investment strategies substantially similar to those of a Fund, noting that the level of the Fund’s fees appeared reasonable relative to the fees charged to those other accounts in light of the information they were provided regarding the greater level of services the Funds require and the greater level of risk that Capital Management incurs in sponsoring and managing the Funds relative to separate accounts.
Profitability
The Directors reviewed information as to general estimates of Capital Management’s profitability, including information provided by Capital Management as to the methods it used, and the assumptions it made, in estimating its profitability. In particular, the Directors considered information presented by Capital Management regarding the costs of providing services under the investment advisory agreements for the entire complex. The Directors also considered the various methodologies that could be used to allocate those costs on a fund-by-fund basis and discussed how different reasonable methodologies would result in different levels of profitability. The Directors considered, although profitability was not presented on a Fund-by-Fund basis, the highest potential profit margins that were reasonably estimable on the contracts and considered those potential profit margins in light of the levels of profitability that they understood were achieved by other asset managers in the industry. In doing so, the Directors considered that there was the potential that some of the investment advisory agreements, particularly those relating to the Funds that invest principally in other Funds, might have significantly higher profitability than the profitability shown for the complex, but that such profitability would likely still be in line with the profitability of others in the industry, and that any estimate of profitability should be weighed in light of all other relevant factors, including generally the relative level of each Fund’s advisory fees and its performance history.
Fall-out Benefits
The Directors considered in their evaluation of the proposed renewal of the Advisory Agreements information about both the direct and the indirect benefits to Capital Management from managing the Funds, including, among other things, the ability to offer related retirement products, the scale that the Funds provided in respect of Capital Management and its advisory business generally, the payments or reimbursements that Capital Management receives from the Funds for certain non-advisory services, and the soft dollar credits that the Funds’ trading activity generate and that can be used to purchase research or other services that benefit Capital Management, potentially reduce its own expenses, and may further its overall advisory business.
Economies of Scale
In their evaluation of economies of scale, the Directors considered, among other things, the pricing of the Funds and Capital Management’s reported estimated profitability, and that a number of the Funds had achieved significant scale. The Directors considered that each of those Funds had management fees below or near the median of the peers presented. They noted also that none of the Funds had breakpoints in its advisory fee schedule. The Directors considered that, generally, Capital Management had investment advisory fees that compared quite favorably to the median of the peers presented, even for those Funds that had not achieved significant scale, reflective of the potential that the investment advisory fees were set at a rate that was reasonably designed to share the benefits of economies of scale with shareholders even before some of the Funds had achieved significant scale. The Directors separately noted that Capital Management had agreed to continue in place the expense limitation arrangements for a number of the Funds at current levels for an additional one-year period. The Directors also noted Capital Management’s statement that the Funds are priced competitively, but that Capital Management would be willing to consider implementing breakpoints for certain Funds in the future if assets were to grow significantly from their current levels. The Directors concluded that it was not necessary at the present time to implement breakpoints for any of the Funds.
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Conclusions
On the basis of these considerations as well as others and in the exercise of their business judgment, the Directors determined that they were satisfied with the nature, extent, and quality of the services provided to each Fund under its Advisory Agreement; that it appeared that the management fees paid by each Fund to Capital Management were generally within the range of management fees paid by the peer groups presented, and generally reasonable in light of the services provided, the quality of the portfolio management teams, and each Fund’s performance history; that the information provided regarding the estimated profitability to Capital Management of its relationships with the Funds generally did not appear excessive or such as to preclude continuation of any Fund’s Advisory Agreement; that the absence of breakpoints in any Fund’s management fee did not render that Fund’s fee unreasonable or inappropriate under the circumstances; and that it would be appropriate to approve each Advisory Agreement for an additional one-year period.
Liquidity Risk Management Program
In accordance with Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act of 1940, the Investment Company has adopted a liquidity risk management program (the “Program”) that is designed to assess and manage the liquidity risk of each Fund (the risk that the Fund would be unable to meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund). The Liquidity Rule requires each registered open-end investment company (not including money market funds) to adopt and implement a written Program. The Liquidity Rule further requires that the Board of Directors shall be responsible for reviewing, no less frequently than annually, a written report from the Program Administrator that addresses the operation of the Program and its effectiveness of implementation. The Board has appointed a Liquidity Risk Management Committee (“LRMC”) comprised of officers from multiple departments within Mutual of America Life Insurance Company to serve as the Program Administrator. The Program Administrator is responsible for the implementation and ongoing administration of the Program, which includes assessing each Fund’s liquidity risk under both normal and reasonably foreseeable stressed conditions. Under the Program, each of the Fund’s portfolio investments is classified on a daily basis into one of four liquidity categories based on estimations of the number of days an investment is expected to reasonably be converted into cash in current market conditions without significantly changing the investment’s market value.
In February 2023, as required by the Program and the Liquidity Rule, the LRMC provided the Board with an annual written report (the “Report”) addressing the operation of the Program and assessing the adequacy and effectiveness of its implementation during the past year (the “Reporting Period”). During the Reporting Period, all of the Funds were primarily invested in highly liquid investments (investments that the Fund anticipates can be converted to cash within three business days or less in current market conditions without significantly changing their market value). Each of the Funds were well above the 50% threshold of assets in highly liquid investments to be designated as a Primarily Highly Liquid Fund. As a result, the Funds were not required to adopt, and have not adopted, a “Highly Liquid Investment Minimum” as defined in the Liquidity Rule. During the Reporting Period, the Funds did not approach the 15% limit imposed by the Liquidity Rule on holdings in illiquid investments (investments that cannot be sold or disposed of in seven days or less in current market conditions without the sale of the investment significantly changing the market value of the investment). The Funds did not experience any issues meeting investor redemptions at any time during the Reporting Period. In the Report, the LRMC stated that it believes the Program has operated adequately and effectively to manage each Fund’s liquidity risk during the Reporting Period in compliance with the statutory requirements of the Liquidity Rule. The LRMC also did not recommend any changes to the Program during the Reporting Period.
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ITEM 2. | CODE OF ETHICS. |
Item not applicable to semi-annual report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Item not applicable to semi-annual report.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Item not applicable to semi-annual report.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | INVESTMENTS. |
(a) Not applicable. The complete Schedules of Investment are included as part of the Reports to Stockholders in Item 1.
(b) Not applicable.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
Not applicable.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported in a timely and accurate manner. |
(b) | The registrant’s principal executive officer and principal financial officer are aware of no changes in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
Attached hereto:
(a) (1) Not applicable to semi-annual report. | ||
(2) Exhibit 99.CERT | Certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940. | |
(3) Not applicable. | ||
(b) Exhibit 99.906CERT | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Mutual of America Variable Insurance Portfolios, Inc.
By: | /s/ CHRIS W. FESTOG | |
Chris W. Festog | ||
Chairman of the Board, | ||
Chief Executive Officer and | ||
Principal Executive Officer of | ||
Mutual of America Variable Insurance Portfolios, Inc. |
Date: September 6, 2023
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ CHRIS W. FESTOG | |
Chris W. Festog | ||
Chairman of the Board, | ||
Chief Executive Officer and | ||
Principal Executive Officer of | ||
Mutual of America Variable Insurance Portfolios, Inc. |
Date: September 6, 2023
By: | /s/ AFERDITA GUTIERREZ | |
Aferdita Gutierrez | ||
Treasurer, Chief Financial Officer and | ||
Principal Financial Officer of | ||
Mutual of America Variable Insurance Portfolios, Inc. |
Date: September 6, 2023