American Century Variable Portfolios NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-05188

AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.

(Exact name of registrant as specified in charter)

4500 MAIN STREET, KANSAS CITY, MISSOURI

64111

(Address of principal executive offices)

(Zip Code)

JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111

(Name and address of agent for service)

Registrant’s telephone number, including area code:

816-531-5575

Date of fiscal year end:

12-31

Date of reporting period:

06-30-2023

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Semiannual Report

			June 30, 2023

			VP Balanced Fund
			Class I (AVBIX)
			Class II (AVBTX)


Table of Contents




Fund Characteristics			2
Shareholder Fee Example			3
Schedule of Investments			4
Statement of Assets and Liabilities			24
Statement of Operations			25
Statement of Changes in Net Assets			26
Notes to Financial Statements			27
Financial Highlights			35


Approval of Management Agreement			37
Liquidity Risk Management Program			41

Additional Information			42

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.


Fund Characteristics


JUNE 30, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			60.7%
U.S. Treasury Securities			11.5%
U.S. Government Agency Mortgage-Backed Securities			9.8%
Corporate Bonds			9.0%
Collateralized Loan Obligations			2.0%
Asset-Backed Securities			1.8%
Collateralized Mortgage Obligations			0.9%
U.S. Government Agency Securities			0.5%
Municipal Securities			0.4%
Affiliated Funds			0.2%
Exchange-Traded Funds			0.2%
Commercial Mortgage-Backed Securities			0.2%
Sovereign Governments and Agencies			0.2%
Bank Loan Obligations			—*
Short-Term Investments			2.1%
Other Assets and Liabilities			0.5%
*Category is less than 0.05% of total net assets.

Top Five Common Stocks Industries*			% of net assets
Software			6.6%
Semiconductors and Semiconductor Equipment			4.5%
Interactive Media and Services			3.6%
Technology Hardware, Storage and Peripherals			3.2%
Health Care Providers and Services			2.7%

*Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund's portfolio holdings.


Shareholder Fee Example

Fund shareholders may incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption/exchange fees; and (2) ongoing costs, including management fees; distribution and service (12b-1) fees; and other fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in your fund and to compare these costs with the ongoing cost of investing in other mutual funds.

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2023 to June 30, 2023.

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then 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 under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. 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 your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period(1) 1/1/23 - 6/30/23	Annualized Expense Ratio(1)
Actual
Class I	$1,000	$1,095.70	$4.26	0.82%
Class II	$1,000	$1,094.30	$5.56	1.07%
Hypothetical
Class I	$1,000	$1,020.73	$4.11	0.82%
Class II	$1,000	$1,019.49	$5.36	1.07%

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.


Schedule of Investments

JUNE 30, 2023 (UNAUDITED)


	Shares/ Principal Amount	Value
COMMON STOCKS — 60.7%
Aerospace and Defense — 0.7%
Lockheed Martin Corp.	5,114	$	2,354,383
Air Freight and Logistics — 0.5%
United Parcel Service, Inc., Class B	10,211	1,830,322
Automobile Components — 0.5%
Aptiv PLC(1)	16,036	1,637,115
Automobiles — 0.7%
Tesla, Inc.(1)	9,579	2,507,495
Banks — 1.7%
Bank of America Corp.	62,192	1,784,288
JPMorgan Chase & Co.	21,075	3,065,148
Regions Financial Corp.	61,216	1,090,869
		5,940,305
Beverages — 1.0%
PepsiCo, Inc.	18,194	3,369,893
Biotechnology — 1.3%
AbbVie, Inc.	16,555	2,230,455
Amgen, Inc.	5,880	1,305,477
Vertex Pharmaceuticals, Inc.(1)	2,469	868,866
		4,404,798
Broadline Retail — 1.5%
Amazon.com, Inc.(1)	39,708	5,176,335
Building Products — 1.0%
Johnson Controls International PLC	35,152	2,395,257
Masco Corp.	18,388	1,055,104
		3,450,361
Capital Markets — 2.6%
Ameriprise Financial, Inc.	4,077	1,354,216
BlackRock, Inc.	2,337	1,615,194
Charles Schwab Corp.	8,929	506,096
Intercontinental Exchange, Inc.	9,528	1,077,426
Morgan Stanley	36,839	3,146,051
S&P Global, Inc.	3,294	1,320,532
		9,019,515
Chemicals — 1.5%
Air Products & Chemicals, Inc.	4,014	1,202,314
Ecolab, Inc.	5,315	992,257
Linde PLC	7,498	2,857,338
		5,051,909
Communications Equipment — 0.7%
Cisco Systems, Inc.	49,992	2,586,586
Consumer Finance — 0.3%
American Express Co.	6,998	1,219,052
Consumer Staples Distribution & Retail — 1.8%
Costco Wholesale Corp.	2,497	1,344,335
Kroger Co.	28,958	1,361,026
Sysco Corp.	27,805	2,063,131


	Shares/ Principal Amount	Value
Target Corp.	11,038	$	1,455,912
		6,224,404
Containers and Packaging — 0.3%
Ball Corp.	18,893	1,099,761
Distributors — 0.4%
LKQ Corp.	23,096	1,345,804
Diversified Telecommunication Services — 0.7%
Verizon Communications, Inc.	66,844	2,485,928
Electric Utilities — 1.1%
NextEra Energy, Inc.	49,934	3,705,103
Electrical Equipment — 0.7%
Eaton Corp. PLC	9,845	1,979,830
Generac Holdings, Inc.(1)	2,401	358,061
		2,337,891
Electronic Equipment, Instruments and Components — 1.1%
CDW Corp.	10,233	1,877,756
Keysight Technologies, Inc.(1)	10,967	1,836,424
		3,714,180
Energy Equipment and Services — 0.8%
Schlumberger NV	54,558	2,679,889
Entertainment — 0.7%
Electronic Arts, Inc.	6,294	816,332
Liberty Media Corp.-Liberty Formula One, Class C(1)	5,362	403,651
Walt Disney Co.(1)	14,203	1,268,044
		2,488,027
Financial Services — 1.8%
Mastercard, Inc., Class A	6,440	2,532,852
Visa, Inc., Class A	15,987	3,796,593
		6,329,445
Food Products — 0.5%
Mondelez International, Inc., Class A	23,750	1,732,325
Ground Transportation — 0.7%
Norfolk Southern Corp.	4,828	1,094,797
Uber Technologies, Inc.(1)	12,562	542,302
Union Pacific Corp.	3,219	658,672
		2,295,771
Health Care Equipment and Supplies — 0.3%
Intuitive Surgical, Inc.(1)	2,054	702,345
ResMed, Inc.	1,913	417,990
		1,120,335
Health Care Providers and Services — 2.7%
Cigna Group	10,174	2,854,824
CVS Health Corp.	23,524	1,626,214
Humana, Inc.	2,086	932,713
UnitedHealth Group, Inc.	8,137	3,910,968
		9,324,719
Hotels, Restaurants and Leisure — 0.7%
Airbnb, Inc., Class A(1)	4,323	554,036
Booking Holdings, Inc.(1)	417	1,126,037
Chipotle Mexican Grill, Inc.(1)	305	652,395
		2,332,468


	Shares/ Principal Amount	Value
Household Products — 0.8%
Colgate-Palmolive Co.	11,307	$	871,091
Procter & Gamble Co.	13,247	2,010,100
		2,881,191
Industrial Conglomerates — 0.5%
Honeywell International, Inc.	8,884	1,843,430
Industrial REITs — 1.1%
Prologis, Inc.	29,832	3,658,298
Insurance — 1.3%
Marsh & McLennan Cos., Inc.	8,804	1,655,856
Prudential Financial, Inc.	14,430	1,273,015
Travelers Cos., Inc.	10,086	1,751,535
		4,680,406
Interactive Media and Services — 3.6%
Alphabet, Inc., Class A(1)	73,694	8,821,172
Meta Platforms, Inc., Class A(1)	12,129	3,480,780
		12,301,952
IT Services — 1.1%
Accenture PLC, Class A	7,251	2,237,514
International Business Machines Corp.	12,705	1,700,056
		3,937,570
Life Sciences Tools and Services — 1.6%
Agilent Technologies, Inc.	14,558	1,750,599
Danaher Corp.	7,465	1,791,600
Thermo Fisher Scientific, Inc.	3,629	1,893,431
		5,435,630
Machinery — 1.4%
Cummins, Inc.	6,903	1,692,340
Deere & Co.	2,580	1,045,390
Parker-Hannifin Corp.	2,590	1,010,204
Xylem, Inc.	9,086	1,023,265
		4,771,199
Oil, Gas and Consumable Fuels — 1.6%
ConocoPhillips	28,468	2,949,570
EOG Resources, Inc.	22,580	2,584,055
		5,533,625
Pharmaceuticals — 2.4%
Bristol-Myers Squibb Co.	36,080	2,307,316
Eli Lilly & Co.	2,176	1,020,500
Merck & Co., Inc.	18,100	2,088,559
Novo Nordisk A/S, B Shares	7,967	1,286,987
Zoetis, Inc.	9,608	1,654,594
		8,357,956
Semiconductors and Semiconductor Equipment — 4.5%
Advanced Micro Devices, Inc.(1)	15,840	1,804,334
Analog Devices, Inc.	11,375	2,215,964
Applied Materials, Inc.	18,849	2,724,434
ASML Holding NV	2,056	1,491,276
GLOBALFOUNDRIES, Inc.(1)	8,314	536,918
NVIDIA Corp.	16,283	6,888,035
		15,660,961


	Shares/ Principal Amount		Value
Software — 6.6%
Adobe, Inc.(1)	1,427		$	697,789
Cadence Design Systems, Inc.(1)	4,570		1,071,756
Microsoft Corp.	53,176		18,108,555
Salesforce, Inc.(1)	8,156		1,723,037
ServiceNow, Inc.(1)	907		509,707
Workday, Inc., Class A(1)	3,268		738,208
			22,849,052
Specialized REITs — 0.4%
Equinix, Inc.	1,599		1,253,520
Specialty Retail — 1.9%
Home Depot, Inc.	11,404		3,542,539
TJX Cos., Inc.	25,103		2,128,483
Tractor Supply Co.	3,555		786,010
			6,457,032
Technology Hardware, Storage and Peripherals — 3.2%
Apple, Inc.	56,997		11,055,708
Textiles, Apparel and Luxury Goods — 0.4%
Deckers Outdoor Corp.(1)	1,979		1,044,239
NIKE, Inc., Class B	4,389		484,414
			1,528,653
TOTAL COMMON STOCKS (Cost $167,308,771)			209,970,302
U.S. TREASURY SECURITIES — 11.5%
U.S. Treasury Bonds, 5.00%, 5/15/37	$	100,000	113,346
U.S. Treasury Bonds, 3.50%, 2/15/39	500,000		479,561
U.S. Treasury Bonds, 4.625%, 2/15/40	400,000		436,445
U.S. Treasury Bonds, 3.00%, 5/15/42	200,000		172,031
U.S. Treasury Bonds, 3.25%, 5/15/42	900,000		803,566
U.S. Treasury Bonds, 3.375%, 8/15/42	1,300,000		1,180,613
U.S. Treasury Bonds, 4.00%, 11/15/42	1,400,000		1,391,688
U.S. Treasury Bonds, 3.875%, 2/15/43	1,300,000		1,267,906
U.S. Treasury Bonds, 2.875%, 5/15/43	300,000		251,121
U.S. Treasury Bonds, 3.875%, 5/15/43	800,000		780,750
U.S. Treasury Bonds, 3.75%, 11/15/43	200,000		191,254
U.S. Treasury Bonds, 2.50%, 2/15/45	600,000		464,848
U.S. Treasury Bonds, 3.00%, 11/15/45	200,000		168,789
U.S. Treasury Bonds, 2.875%, 5/15/49	100,000		82,727
U.S. Treasury Bonds, 2.25%, 8/15/49	300,000		218,156
U.S. Treasury Bonds, 2.375%, 11/15/49	1,000,000		747,324
U.S. Treasury Bonds, 3.00%, 8/15/52	300,000		255,188
U.S. Treasury Bonds, 4.00%, 11/15/52	2,600,000		2,671,500
U.S. Treasury Bonds, 3.625%, 2/15/53	300,000		288,000
U.S. Treasury Notes, 1.00%, 12/15/24(2)	1,000,000		941,328
U.S. Treasury Notes, 3.875%, 1/15/26	200,000		196,297
U.S. Treasury Notes, 4.625%, 3/15/26	3,500,000		3,504,238
U.S. Treasury Notes, 3.625%, 5/15/26	2,400,000		2,341,781
U.S. Treasury Notes, 4.125%, 6/15/26	1,300,000		1,287,000
U.S. Treasury Notes, 0.875%, 6/30/26	100,000		90,123
U.S. Treasury Notes, 1.625%, 10/31/26	1,300,000		1,189,170
U.S. Treasury Notes, 1.75%, 12/31/26	700,000		641,279
U.S. Treasury Notes, 4.00%, 2/29/28	4,200,000		4,169,731


	Shares/ Principal Amount		Value
U.S. Treasury Notes, 1.25%, 4/30/28	$	800,000	$	699,047
U.S. Treasury Notes, 3.50%, 4/30/28	400,000		388,734
U.S. Treasury Notes, 3.625%, 5/31/28	2,400,000		2,347,688
U.S. Treasury Notes, 1.25%, 6/30/28	1,100,000		957,773
U.S. Treasury Notes, 4.00%, 6/30/28	1,500,000		1,491,914
U.S. Treasury Notes, 1.50%, 11/30/28	1,200,000		1,049,930
U.S. Treasury Notes, 1.875%, 2/28/29	600,000		533,695
U.S. Treasury Notes, 2.875%, 4/30/29	300,000		281,391
U.S. Treasury Notes, 3.875%, 12/31/29	500,000		495,742
U.S. Treasury Notes, 3.50%, 1/31/30	1,000,000		970,586
U.S. Treasury Notes, 3.625%, 3/31/30	2,030,000		1,986,757
U.S. Treasury Notes, 3.50%, 4/30/30	500,000		485,547
U.S. Treasury Notes, 3.75%, 5/31/30	1,500,000		1,479,258
U.S. Treasury Notes, 3.75%, 6/30/30	200,000		197,375
TOTAL U.S. TREASURY SECURITIES (Cost $41,463,194)			39,691,197
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 9.8%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities†
FHLMC, VRN, 4.73%, (12-month LIBOR plus 1.87%), 7/1/36	2,805		2,832
FHLMC, VRN, 4.20%, (1-year H15T1Y plus 2.14%), 10/1/36	7,856		7,988
FHLMC, VRN, 4.49%, (1-year H15T1Y plus 2.26%), 4/1/37	9,486		9,595
FHLMC, VRN, 4.24%, (12-month LIBOR plus 1.89%), 7/1/41	2,663		2,630
FHLMC, VRN, 3.11%, (12-month LIBOR plus 1.63%), 1/1/44	8,772		8,797
FHLMC, VRN, 4.86%, (12-month LIBOR plus 1.60%), 6/1/45	10,256		10,285
FHLMC, VRN, 4.20%, (12-month LIBOR plus 1.63%), 8/1/46	31,025		31,138
FHLMC, VRN, 3.07%, (12-month LIBOR plus 1.64%), 9/1/47	25,451		24,861
FNMA, VRN, 5.96%, (6-month LIBOR plus 1.57%), 6/1/35	3,686		3,744
FNMA, VRN, 6.38%, (6-month LIBOR plus 1.57%), 6/1/35	3,881		3,944
FNMA, VRN, 4.28%, (1-year H15T1Y plus 2.15%), 3/1/38	9,884		10,074
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	21,235		20,072
			135,960
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 9.8%
FHLMC, 3.00%, 1/1/50	608,586		537,115
FHLMC, 3.50%, 5/1/50	114,513		105,445
FHLMC, 2.50%, 5/1/51	740,916		632,306
FHLMC, 3.50%, 5/1/51	510,814		470,661
FHLMC, 3.00%, 7/1/51	354,138		313,796
FHLMC, 2.00%, 8/1/51	625,424		512,377
FHLMC, 2.50%, 8/1/51	955,403		813,234
FHLMC, 2.50%, 10/1/51	321,248		275,928
FHLMC, 3.00%, 12/1/51	516,502		455,831
FHLMC, 3.00%, 2/1/52	345,466		305,766
FHLMC, 3.50%, 5/1/52	468,158		429,864
FHLMC, 4.00%, 5/1/52	562,172		528,222
FHLMC, 4.00%, 5/1/52	505,331		477,536
FHLMC, 3.00%, 6/1/52	258,287		228,691
FHLMC, 4.00%, 6/1/52	1,311,062		1,239,016
FHLMC, 5.00%, 7/1/52	275,193		272,063
FHLMC, 4.50%, 8/1/52	164,177		158,882
FHLMC, 4.50%, 10/1/52	1,021,117		984,369
FHLMC, 4.50%, 10/1/52	629,328		605,514
FHLMC, 5.50%, 11/1/52	159,266		159,234


	Shares/ Principal Amount		Value
FHLMC, 6.00%, 11/1/52	$	1,210,915	$	1,228,836
FHLMC, 5.50%, 12/1/52	193,839		193,565
FNMA, 2.00%, 5/1/36	335,872		298,272
FNMA, 2.00%, 1/1/37	445,021		394,996
FNMA, 4.50%, 9/1/41	11,610		11,442
FNMA, 3.50%, 5/1/42	143,364		134,317
FNMA, 3.50%, 6/1/42	33,283		31,182
FNMA, 3.00%, 2/1/50	115,063		102,251
FNMA, 2.50%, 6/1/50	475,043		407,005
FNMA, 2.00%, 3/1/51	144,614		118,711
FNMA, 3.00%, 6/1/51	55,887		49,759
FNMA, 2.50%, 12/1/51	691,693		588,171
FNMA, 2.50%, 2/1/52	233,688		199,559
FNMA, 3.00%, 2/1/52	499,606		442,188
FNMA, 2.00%, 3/1/52	1,122,523		921,053
FNMA, 2.50%, 3/1/52	501,921		429,331
FNMA, 3.00%, 3/1/52	595,176		529,312
FNMA, 3.00%, 4/1/52	208,448		184,486
FNMA, 3.50%, 4/1/52	265,029		241,979
FNMA, 4.00%, 4/1/52	564,941		533,235
FNMA, 4.00%, 4/1/52	294,276		278,192
FNMA, 4.00%, 4/1/52	189,510		178,300
FNMA, 2.50%, 5/1/52	891,325		759,094
FNMA, 3.00%, 5/1/52	414,727		369,015
FNMA, 3.50%, 5/1/52	877,328		801,824
FNMA, 3.50%, 5/1/52	834,015		769,415
FNMA, 3.50%, 5/1/52	740,906		676,246
FNMA, 4.00%, 5/1/52	778,077		731,789
FNMA, 3.00%, 6/1/52	180,759		160,849
FNMA, 4.50%, 7/1/52	560,701		539,482
FNMA, 5.00%, 8/1/52	1,314,653		1,290,382
FNMA, 4.50%, 9/1/52	358,530		348,741
FNMA, 5.00%, 9/1/52	394,185		389,702
FNMA, 5.50%, 10/1/52	639,878		637,463
FNMA, 5.50%, 1/1/53	1,074,555		1,073,915
FNMA, 6.50%, 1/1/53	1,102,524		1,126,478
GNMA, 7.00%, 4/20/26	1,721		1,725
GNMA, 7.50%, 8/15/26	1,363		1,369
GNMA, 6.50%, 5/15/28	536		547
GNMA, 6.50%, 5/15/28	142		145
GNMA, 7.00%, 5/15/31	6,610		6,807
GNMA, 5.50%, 11/15/32	12,865		13,061
GNMA, 4.50%, 1/15/40	11,472		11,328
GNMA, 4.50%, 6/15/41	18,957		18,740
GNMA, 3.00%, 4/20/50	211,776		191,065
GNMA, 3.00%, 5/20/50	216,108		194,862
GNMA, 3.00%, 6/20/50	323,711		292,344
GNMA, 3.00%, 7/20/50	571,918		515,402
GNMA, 2.00%, 10/20/50	1,735,705		1,468,867
GNMA, 2.50%, 11/20/50	704,653		598,644
GNMA, 2.50%, 2/20/51	672,669		585,704


	Shares/ Principal Amount		Value
GNMA, 3.50%, 6/20/51	$	533,559	$	496,406
GNMA, 2.50%, 9/20/51	435,637		377,958
GNMA, 2.50%, 12/20/51	707,381		613,289
GNMA, 5.00%, 4/20/53	627,097		616,680
GNMA, 5.50%, TBA	1,156,000		1,150,672
			33,832,002
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $35,394,373)			33,967,962
CORPORATE BONDS — 9.0%
Aerospace and Defense — 0.2%
Boeing Co., 5.81%, 5/1/50	128,000		127,641
Northrop Grumman Corp., 5.15%, 5/1/40	78,000		76,915
Raytheon Technologies Corp., 4.125%, 11/16/28	210,000		202,399
Raytheon Technologies Corp., 3.125%, 7/1/50	100,000		72,528
Raytheon Technologies Corp., 5.375%, 2/27/53	100,000		103,946
			583,429
Air Freight and Logistics†
GXO Logistics, Inc., 2.65%, 7/15/31	115,000		89,655
Automobiles — 0.2%
American Honda Finance Corp., 5.00%, 5/23/25	110,000		109,594
General Motors Financial Co., Inc., 2.75%, 6/20/25	274,000		258,247
General Motors Financial Co., Inc., 5.85%, 4/6/30	87,000		86,323
Toyota Motor Credit Corp., 4.55%, 5/17/30	190,000		185,478
			639,642
Banks — 1.6%
Banco Santander SA, VRN, 1.72%, 9/14/27	200,000		173,778
Bank of America Corp., VRN, 1.73%, 7/22/27	310,000		276,931
Bank of America Corp., VRN, 2.88%, 10/22/30	751,000		647,181
Bank of America Corp., VRN, 2.57%, 10/20/32	95,000		77,414
Bank of America Corp., VRN, 4.57%, 4/27/33	185,000		174,032
BNP Paribas SA, VRN, 5.34%, 6/12/29(3)	250,000		246,719
Canadian Imperial Bank of Commerce, 5.00%, 4/28/28	135,000		132,921
Citigroup, Inc., VRN, 3.07%, 2/24/28	144,000		132,596
Citigroup, Inc., VRN, 3.52%, 10/27/28	179,000		166,391
Citigroup, Inc., VRN, 4.41%, 3/31/31	65,000		61,149
Citigroup, Inc., VRN, 3.06%, 1/25/33	225,000		187,950
Commonwealth Bank of Australia, 5.32%, 3/13/26	250,000		250,819
Credit Agricole SA, 5.59%, 7/5/26(3)(4)	165,000		164,815
Danske Bank A/S, VRN, 1.55%, 9/10/27(3)	200,000		173,880
HSBC Holdings PLC, VRN, 0.73%, 8/17/24	200,000		198,543
HSBC Holdings PLC, VRN, 2.80%, 5/24/32	280,000		226,604
Intesa Sanpaolo SpA, 6.625%, 6/20/33(3)	200,000		199,443
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	136,000		122,225
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	224,000		192,278
JPMorgan Chase & Co., VRN, 2.52%, 4/22/31	215,000		181,974
JPMorgan Chase & Co., VRN, 2.58%, 4/22/32	165,000		137,111
Lloyds Banking Group PLC, VRN, 5.87%, 3/6/29	112,000		111,186
PNC Financial Services Group, Inc., VRN, 5.58%, 6/12/29	57,000		56,773
Royal Bank of Canada, 6.00%, 11/1/27	175,000		179,279
Societe Generale SA, VRN, 6.69%, 1/10/34(3)	148,000		150,780
Toronto-Dominion Bank, 2.45%, 1/12/32	110,000		90,326
Truist Bank, 3.625%, 9/16/25	250,000		233,678


	Shares/ Principal Amount		Value
Truist Bank, 3.30%, 5/15/26	$	200,000	$	183,496
U.S. Bancorp, VRN, 5.73%, 10/21/26	130,000		129,980
U.S. Bancorp, VRN, 5.78%, 6/12/29	81,000		81,030
Wells Fargo & Co., VRN, 3.20%, 6/17/27	83,000		77,986
Wells Fargo & Co., VRN, 5.39%, 4/24/34	225,000		223,667
			5,642,935
Beverages — 0.2%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.70%, 2/1/36	330,000		321,202
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	165,000		157,844
Keurig Dr Pepper, Inc., 4.05%, 4/15/32	60,000		55,794
PepsiCo, Inc., 1.625%, 5/1/30	80,000		66,545
			601,385
Biotechnology — 0.2%
AbbVie, Inc., 4.40%, 11/6/42	200,000		179,210
Amgen, Inc., 4.05%, 8/18/29	315,000		298,872
Amgen, Inc., 5.25%, 3/2/33	253,000		253,443
Amgen, Inc., 5.65%, 3/2/53	140,000		141,880
			873,405
Building Products†
Fortune Brands Innovations, Inc., 5.875%, 6/1/33	50,000		50,090
Trane Technologies Financing Ltd., 5.25%, 3/3/33	57,000		57,732
			107,822
Capital Markets — 0.8%
Ameriprise Financial, Inc., 5.15%, 5/15/33	155,000		154,009
Bank of New York Mellon Corp., VRN, 4.95%, 4/26/27	98,000		96,840
Charles Schwab Corp., VRN, 5.85%, 5/19/34	50,000		50,779
Goldman Sachs Group, Inc., VRN, 1.76%, 1/24/25	81,000		78,882
Goldman Sachs Group, Inc., VRN, 1.43%, 3/9/27	245,000		219,031
Goldman Sachs Group, Inc., VRN, 1.95%, 10/21/27	252,000		224,256
Goldman Sachs Group, Inc., VRN, 3.81%, 4/23/29	131,000		121,714
Goldman Sachs Group, Inc., VRN, 1.99%, 1/27/32	165,000		129,957
Golub Capital BDC, Inc., 2.50%, 8/24/26	59,000		51,075
Macquarie Group Ltd., VRN, 5.89%, 6/15/34(3)	60,000		58,988
Morgan Stanley, VRN, 1.16%, 10/21/25	198,000		185,150
Morgan Stanley, VRN, 2.63%, 2/18/26	302,000		286,469
Morgan Stanley, VRN, 0.99%, 12/10/26	10,000		8,921
Morgan Stanley, VRN, 5.12%, 2/1/29	45,000		44,408
Morgan Stanley, VRN, 5.16%, 4/20/29	117,000		115,659
Morgan Stanley, VRN, 2.70%, 1/22/31	240,000		204,219
Morgan Stanley, VRN, 2.51%, 10/20/32	185,000		149,511
Nasdaq, Inc., 5.55%, 2/15/34	108,000		108,474
Nasdaq, Inc., 5.95%, 8/15/53	47,000		48,157
Owl Rock Capital Corp., 3.40%, 7/15/26	25,000		22,165
Owl Rock Core Income Corp., 3.125%, 9/23/26	64,000		55,213
State Street Corp., VRN, 5.82%, 11/4/28	90,000		92,264
UBS Group AG, VRN, 1.49%, 8/10/27(3)	220,000		189,094
			2,695,235
Chemicals†
CF Industries, Inc., 4.95%, 6/1/43	80,000		69,370


	Shares/ Principal Amount		Value
Commercial Services and Supplies — 0.1%
Republic Services, Inc., 2.30%, 3/1/30	$	135,000	$	115,307
Republic Services, Inc., 5.00%, 4/1/34	36,000		35,944
Waste Connections, Inc., 3.20%, 6/1/32	142,000		123,882
Waste Management, Inc., 2.50%, 11/15/50	100,000		64,001
			339,134
Construction and Engineering†
Quanta Services, Inc., 2.35%, 1/15/32	165,000		129,962
Containers and Packaging — 0.1%
Sonoco Products Co., 2.25%, 2/1/27	130,000		116,231
WRKCo, Inc., 3.00%, 9/15/24	72,000		69,272
			185,503
Diversified Consumer Services — 0.1%
Duke University, 3.30%, 10/1/46	110,000		85,961
Novant Health, Inc., 3.17%, 11/1/51	85,000		61,096
Pepperdine University, 3.30%, 12/1/59	105,000		74,019
			221,076
Diversified REITs — 0.1%
Federal Realty OP LP, 3.50%, 6/1/30	125,000		108,916
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	150,000		146,972
			255,888
Diversified Telecommunication Services — 0.4%
AT&T, Inc., 5.40%, 2/15/34	70,000		70,155
AT&T, Inc., 4.50%, 5/15/35	142,000		130,617
AT&T, Inc., 4.90%, 8/15/37	127,000		119,295
AT&T, Inc., 4.55%, 3/9/49	80,000		67,985
Ooredoo International Finance Ltd., 2.625%, 4/8/31(3)	200,000		172,700
Sprint Capital Corp., 6.875%, 11/15/28	240,000		254,614
Sprint Capital Corp., 8.75%, 3/15/32	100,000		120,972
Telefonica Emisiones SA, 4.90%, 3/6/48	170,000		142,046
Verizon Communications, Inc., 2.55%, 3/21/31	75,000		62,642
Verizon Communications, Inc., 4.27%, 1/15/36	140,000		126,329
Verizon Communications, Inc., 4.81%, 3/15/39	55,000		51,503
			1,318,858
Electric Utilities — 0.9%
AEP Texas, Inc., 5.40%, 6/1/33	58,000		57,738
Baltimore Gas & Electric Co., 2.25%, 6/15/31	81,000		67,468
Baltimore Gas & Electric Co., 5.40%, 6/1/53	60,000		61,032
CenterPoint Energy Houston Electric LLC, 4.45%, 10/1/32	140,000		134,676
CenterPoint Energy Houston Electric LLC, 4.95%, 4/1/33	60,000		59,927
Commonwealth Edison Co., 5.30%, 2/1/53	106,000		107,956
Duke Energy Carolinas LLC, 2.55%, 4/15/31	54,000		45,863
Duke Energy Corp., 2.55%, 6/15/31	90,000		74,221
Duke Energy Corp., 5.00%, 8/15/52	80,000		73,207
Duke Energy Florida LLC, 1.75%, 6/15/30	140,000		114,044
Duke Energy Florida LLC, 3.85%, 11/15/42	80,000		65,333
Duke Energy Indiana LLC, 5.40%, 4/1/53	23,000		23,220
Duke Energy Progress LLC, 2.00%, 8/15/31	160,000		128,851
Duke Energy Progress LLC, 4.15%, 12/1/44	125,000		103,833
Duke Energy Progress LLC, 5.35%, 3/15/53	50,000		50,415
Entergy Arkansas LLC, 2.65%, 6/15/51	60,000		37,513


	Shares/ Principal Amount		Value
Exelon Corp., 5.15%, 3/15/28	$	80,000	$	79,681
Florida Power & Light Co., 2.45%, 2/3/32	154,000		129,678
Florida Power & Light Co., 4.125%, 2/1/42	69,000		60,663
Georgia Power Co., 4.95%, 5/17/33	60,000		59,257
MidAmerican Energy Co., 4.40%, 10/15/44	110,000		96,148
NextEra Energy Capital Holdings, Inc., 4.90%, 2/28/28	150,000		148,654
NextEra Energy Capital Holdings, Inc., 5.05%, 2/28/33	70,000		68,957
NextEra Energy Capital Holdings, Inc., 5.25%, 2/28/53	57,000		54,947
Northern States Power Co., 3.20%, 4/1/52	90,000		64,684
Northern States Power Co., 5.10%, 5/15/53	110,000		108,418
Oncor Electric Delivery Co. LLC, 4.95%, 9/15/52(3)	60,000		57,983
Pacific Gas & Electric Co., 6.40%, 6/15/33	30,000		29,857
Pacific Gas & Electric Co., 4.20%, 6/1/41	55,000		41,050
PECO Energy Co., 4.375%, 8/15/52	130,000		115,167
Public Service Co. of Colorado, 1.875%, 6/15/31	118,000		94,183
Public Service Electric & Gas Co., 3.10%, 3/15/32	102,000		89,241
Public Service Electric & Gas Co., 4.65%, 3/15/33	82,000		80,528
Southern Co., 5.20%, 6/15/33	70,000		69,477
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	140,000		110,090
Union Electric Co., 3.90%, 4/1/52	94,000		76,850
Union Electric Co., 5.45%, 3/15/53	90,000		91,898
Xcel Energy, Inc., 3.40%, 6/1/30	130,000		115,919
Xcel Energy, Inc., 4.60%, 6/1/32	48,000		45,357
			3,093,984
Energy Equipment and Services†
Schlumberger Investment SA, 4.85%, 5/15/33	55,000		54,114
Entertainment — 0.1%
Warnermedia Holdings, Inc., 3.76%, 3/15/27	78,000		72,787
Warnermedia Holdings, Inc., 4.28%, 3/15/32	37,000		32,831
Warnermedia Holdings, Inc., 5.14%, 3/15/52	95,000		77,417
			183,035
Financial Services — 0.1%
GE Capital Funding LLC, 4.55%, 5/15/32	200,000		194,361
Food Products — 0.3%
JDE Peet's NV, 2.25%, 9/24/31(3)	197,000		152,693
Kraft Heinz Foods Co., 5.00%, 6/4/42	395,000		369,870
Mars, Inc., 4.75%, 4/20/33(3)	190,000		188,419
Mondelez International, Inc., 2.625%, 3/17/27	120,000		110,846
Nestle Holdings, Inc., 4.85%, 3/14/33(3)	150,000		153,172
			975,000
Ground Transportation — 0.3%
Ashtead Capital, Inc., 5.50%, 8/11/32(3)	150,000		145,179
Ashtead Capital, Inc., 5.55%, 5/30/33(3)	200,000		195,152
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	115,000		100,224
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51	70,000		52,341
Burlington Northern Santa Fe LLC, 5.20%, 4/15/54	66,000		67,386
CSX Corp., 4.25%, 3/15/29	110,000		106,573
Union Pacific Corp., 3.55%, 8/15/39	190,000		159,838
United Rentals North America, Inc., 6.00%, 12/15/29(3)	65,000		64,910
			891,603


	Shares/ Principal Amount		Value
Health Care Equipment and Supplies — 0.2%
Baxter International, Inc., 1.92%, 2/1/27	$	88,000	$	78,206
GE HealthCare Technologies, Inc., 5.65%, 11/15/27	280,000		283,550
Zimmer Biomet Holdings, Inc., 1.45%, 11/22/24	310,000		292,066
			653,822
Health Care Providers and Services — 0.6%
Centene Corp., 2.45%, 7/15/28	190,000		162,587
Centene Corp., 4.625%, 12/15/29	85,000		78,314
Centene Corp., 3.375%, 2/15/30	136,000		117,006
CVS Health Corp., 5.25%, 2/21/33	143,000		142,507
CVS Health Corp., 4.78%, 3/25/38	30,000		27,703
CVS Health Corp., 5.05%, 3/25/48	155,000		142,981
CVS Health Corp., 5.625%, 2/21/53	195,000		193,994
Duke University Health System, Inc., 3.92%, 6/1/47	30,000		25,102
Elevance Health, Inc., 5.125%, 2/15/53	61,000		59,199
HCA, Inc., 2.375%, 7/15/31	95,000		76,036
HCA, Inc., 5.50%, 6/1/33	118,000		117,864
HCA, Inc., 5.90%, 6/1/53	130,000		128,907
Kaiser Foundation Hospitals, 3.00%, 6/1/51	105,000		73,609
Roche Holdings, Inc., 2.61%, 12/13/51(3)	200,000		135,706
UnitedHealth Group, Inc., 4.50%, 4/15/33	265,000		258,258
UnitedHealth Group, Inc., 5.875%, 2/15/53	95,000		105,621
UnitedHealth Group, Inc., 5.05%, 4/15/53	120,000		119,365
Universal Health Services, Inc., 1.65%, 9/1/26	147,000		128,585
			2,093,344
Hotels, Restaurants and Leisure — 0.1%
Marriott International, Inc., 3.50%, 10/15/32	80,000		69,158
Starbucks Corp., 4.75%, 2/15/26	155,000		153,623
			222,781
Household Durables†
DR Horton, Inc., 2.50%, 10/15/24	90,000		86,098
Household Products — 0.1%
Clorox Co., 1.80%, 5/15/30	150,000		122,796
Clorox Co., 4.60%, 5/1/32	134,000		130,990
			253,786
Industrial Conglomerates†
Honeywell International, Inc., 4.50%, 1/15/34	120,000		117,454
Insurance — 0.1%
Allstate Corp., 5.25%, 3/30/33	130,000		129,714
Five Corners Funding Trust III, 5.79%, 2/15/33(3)	72,000		73,036
Progressive Corp., 4.95%, 6/15/33	105,000		104,193
			306,943
IT Services†
International Business Machines Corp., 4.75%, 2/6/33	110,000		107,967
Life Sciences Tools and Services†
Danaher Corp., 2.80%, 12/10/51	115,000		79,467
Machinery — 0.1%
John Deere Capital Corp., 4.75%, 1/20/28	253,000		252,975
John Deere Capital Corp., 4.85%, 10/11/29	59,000		58,989
John Deere Capital Corp., 4.70%, 6/10/30	108,000		107,363
			419,327


	Shares/ Principal Amount		Value
Media — 0.3%
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.48%, 10/23/45	$	115,000	$	108,190
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49	75,000		59,065
Comcast Corp., 3.20%, 7/15/36	125,000		102,647
Comcast Corp., 3.75%, 4/1/40	180,000		151,772
Comcast Corp., 2.94%, 11/1/56	125,000		81,491
Cox Communications, Inc., 3.15%, 8/15/24(3)	37,000		35,763
Cox Communications, Inc., 3.85%, 2/1/25(3)	67,000		64,856
Cox Communications, Inc., 5.70%, 6/15/33(3)	105,000		105,957
Fox Corp., 5.48%, 1/25/39	75,000		70,126
Paramount Global, 4.00%, 1/15/26	145,000		138,071
Paramount Global, 4.95%, 1/15/31	105,000		94,665
WPP Finance 2010, 3.75%, 9/19/24	26,000		25,217
			1,037,820
Metals and Mining — 0.1%
Glencore Funding LLC, 2.625%, 9/23/31(3)	170,000		136,980
South32 Treasury Ltd., 4.35%, 4/14/32(3)	120,000		105,408
			242,388
Multi-Utilities — 0.2%
Ameren Corp., 3.50%, 1/15/31	170,000		151,813
Ameren Illinois Co., 4.95%, 6/1/33	70,000		69,488
CenterPoint Energy, Inc., 2.65%, 6/1/31	98,000		81,820
Dominion Energy, Inc., 4.90%, 8/1/41	90,000		80,900
DTE Energy Co., 4.875%, 6/1/28	75,000		73,421
Sempra Energy, 3.25%, 6/15/27	30,000		27,780
Sempra Energy, 5.50%, 8/1/33	160,000		159,062
WEC Energy Group, Inc., 1.375%, 10/15/27	90,000		76,926
			721,210
Office REITs†
Alexandria Real Estate Equities, Inc., 4.50%, 7/30/29	13,000		12,302
Oil, Gas and Consumable Fuels — 0.6%
Aker BP ASA, 6.00%, 6/13/33(3)	150,000		150,147
BP Capital Markets America, Inc., 3.06%, 6/17/41	100,000		75,847
Cenovus Energy, Inc., 2.65%, 1/15/32	100,000		80,783
Diamondback Energy, Inc., 6.25%, 3/15/33	130,000		134,536
Enbridge, Inc., 5.70%, 3/8/33	127,000		128,802
Energy Transfer LP, 5.75%, 2/15/33	121,000		121,958
Energy Transfer LP, 4.90%, 3/15/35	95,000		87,222
Enterprise Products Operating LLC, 4.85%, 3/15/44	94,000		86,875
Equinor ASA, 3.25%, 11/18/49	70,000		52,630
Galaxy Pipeline Assets Bidco Ltd., 2.94%, 9/30/40(3)	308,701		248,413
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	59,000		60,558
MPLX LP, 5.65%, 3/1/53	36,000		33,692
Occidental Petroleum Corp., 6.625%, 9/1/30	140,000		145,600
SA Global Sukuk Ltd., 2.69%, 6/17/31(3)	325,000		280,288
Sabine Pass Liquefaction LLC, 5.00%, 3/15/27	180,000		177,283
Shell International Finance BV, 2.375%, 11/7/29	120,000		104,936
Shell International Finance BV, 4.375%, 5/11/45	70,000		63,188
Western Midstream Operating LP, 6.15%, 4/1/33	67,000		67,621
			2,100,379


	Shares/ Principal Amount		Value
Passenger Airlines†
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 6/20/27(3)	$	7	$	7
Personal Care Products — 0.1%
Kenvue, Inc., 5.10%, 3/22/43(3)	295,000		300,111
Pharmaceuticals — 0.3%
Bristol-Myers Squibb Co., 2.55%, 11/13/50	113,000		73,565
Eli Lilly & Co., 4.875%, 2/27/53	115,000		118,210
Merck & Co., Inc., 5.00%, 5/17/53	36,000		36,498
Pfizer Investment Enterprises Pte. Ltd., 4.75%, 5/19/33	165,000		164,442
Pfizer Investment Enterprises Pte. Ltd., 5.11%, 5/19/43	205,000		205,597
Pfizer Investment Enterprises Pte. Ltd., 5.30%, 5/19/53	130,000		135,261
Utah Acquisition Sub, Inc., 3.95%, 6/15/26	270,000		256,531
Viatris, Inc., 4.00%, 6/22/50	28,000		18,541
			1,008,645
Retail REITs — 0.1%
Kimco Realty OP LLC, 4.60%, 2/1/33	205,000		189,786
NNN REIT, Inc., 4.80%, 10/15/48	96,000		79,297
			269,083
Semiconductors and Semiconductor Equipment — 0.1%
Broadcom, Inc., 3.42%, 4/15/33(3)	75,000		62,754
Intel Corp., 5.20%, 2/10/33	150,000		151,499
Intel Corp., 5.70%, 2/10/53	82,000		83,478
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 5/11/31	190,000		154,946
			452,677
Software†
Oracle Corp., 3.85%, 7/15/36	57,000		47,608
Oracle Corp., 3.60%, 4/1/40	155,000		119,980
			167,588
Specialized REITs — 0.1%
American Tower Corp., 5.55%, 7/15/33	36,000		36,280
Crown Castle, Inc., 4.15%, 7/1/50	83,000		65,972
Equinix, Inc., 2.90%, 11/18/26	130,000		119,311
Equinix, Inc., 1.80%, 7/15/27	80,000		69,389
			290,952
Specialty Retail — 0.1%
Lowe's Cos., Inc., 2.625%, 4/1/31	225,000		190,123
Lowe's Cos., Inc., 5.75%, 7/1/53	165,000		168,263
O'Reilly Automotive, Inc., 4.70%, 6/15/32	93,000		89,609
			447,995
Technology Hardware, Storage and Peripherals — 0.1%
Apple, Inc., 3.95%, 8/8/52	210,000		185,235
Dell International LLC / EMC Corp., 8.10%, 7/15/36	39,000		45,658
			230,893
Trading Companies and Distributors†
Aircastle Ltd., 5.25%, 8/11/25(3)	78,000		75,403
Water Utilities†
Essential Utilities, Inc., 2.70%, 4/15/30	150,000		127,200
Wireless Telecommunication Services†
Vodafone Group PLC, 4.875%, 6/19/49	135,000		119,672
TOTAL CORPORATE BONDS (Cost $33,071,030)			31,090,710


	Shares/ Principal Amount		Value
COLLATERALIZED LOAN OBLIGATIONS — 2.0%
ABPCI Direct Lending Fund CLO IV Ltd., Series 2017-2A, Class BR, VRN, 7.19%, (3-month LIBOR plus 1.90%), 10/27/33(3)	$	200,000	$	190,525
ACREC LLC, Series 2023-FL2, Class A, VRN, 7.32%, (1-month SOFR plus 2.23%), 2/19/38(3)	183,000		182,872
AIMCO CLO 10 Ltd., Series 2019-10A, Class BR, VRN, 6.87%, (3-month LIBOR plus 1.60%), 7/22/32(3)	260,000		254,383
Arbor Realty Commercial Real Estate Notes Ltd., Series 2021-FL2, Class A, VRN, 6.29%, (1-month LIBOR plus 1.10%), 5/15/36(3)	210,500		206,816
Ares XL CLO Ltd., Series 2016-40A, Class BRR, VRN, 7.06%, (3-month LIBOR plus 1.80%), 1/15/29(3)	250,000		243,447
BDS Ltd., Series 2021-FL7, Class C, VRN, 6.86%, (1-month LIBOR plus 1.70%), 6/16/36(3)	200,000		189,342
BDS Ltd., Series 2021-FL8, Class A, VRN, 6.08%, (1-month LIBOR plus 0.92%), 1/18/36(3)	231,943		227,747
BDS Ltd., Series 2021-FL8, Class C, VRN, 6.71%, (1-month LIBOR plus 1.55%), 1/18/36(3)	200,000		189,662
BDS Ltd., Series 2021-FL8, Class D, VRN, 7.06%, (1-month LIBOR plus 1.90%), 1/18/36(3)	150,000		141,297
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 6.27%, (3-month LIBOR plus 1.02%), 4/20/31(3)	200,000		198,330
BXMT Ltd., Series 2020-FL2, Class A, VRN, 6.12%, (1-month SOFR plus 1.01%), 2/15/38(3)	150,615		143,474
BXMT Ltd., Series 2020-FL2, Class C, VRN, 6.87%, (1-month SOFR plus 1.76%), 2/15/38(3)	386,000		336,967
Canyon Capital CLO Ltd., Series 2017-1A, Class BR, VRN, 6.86%, (3-month LIBOR plus 1.60%), 7/15/30(3)	125,000		122,987
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 7.52%, (3-month LIBOR plus 2.20%), 8/14/30(3)	225,000		220,411
Cerberus Loan Funding XXXI LP, Series 2021-1A, Class A, VRN, 6.76%, (3-month LIBOR plus 1.50%), 4/15/32(3)	139,741		138,867
Cerberus Loan Funding XXXIII LP, Series 2021-3A, Class A, VRN, 6.82%, (3-month LIBOR plus 1.56%), 7/23/33(3)	275,000		268,908
Cerberus Loan Funding XXXIX LP, Series 2022-3A, Class A, VRN, 7.39%, (3-month SOFR plus 2.40%), 1/20/33(3)	250,000		249,172
Cerberus Loan Funding XXXVI LP, Series 2021-6A, Class A, VRN, 6.66%, (3-month LIBOR plus 1.40%), 11/22/33(3)	54,350		54,164
FS Rialto Issuer LLC, Series 2022-FL6, Class A, SEQ, VRN, 7.66%, (1-month SOFR plus 2.58%), 8/17/37(3)	216,000		215,704
Goldentree Loan Opportunities XI Ltd., Series 2015-11A, Class BR2, VRN, 6.61%, (3-month LIBOR plus 1.35%), 1/18/31(3)	125,000		124,058
KKR CLO 18 Ltd., Series 2018, Class BR, VRN, 6.86%, (3-month LIBOR plus 1.60%), 7/18/30(3)	200,000		194,928
KKR CLO 22 Ltd., Series 2022A, Class A, VRN, 6.40%, (3-month LIBOR plus 1.15%), 7/20/31(3)	175,000		174,017
KREF Ltd., Series 2021-FL2, Class B, VRN, 6.81%, (1-month LIBOR plus 1.65%), 2/15/39(3)	300,000		284,904
MF1 Ltd., Series 2021-FL7, Class AS, VRN, 6.61%, (1-month LIBOR plus 1.45%), 10/16/36(3)	350,000		338,368
Octagon Investment Partners XV Ltd., Series 2013-1A, Class BRR, VRN, 6.77%, (3-month LIBOR plus 1.50%), 7/19/30(3)	275,000		266,762
Palmer Square Loan Funding Ltd., Series 2021-3A, Class A2, VRN, 6.65%, (3-month LIBOR plus 1.40%), 7/20/29(3)	100,000		98,654


	Shares/ Principal Amount		Value
Palmer Square Loan Funding Ltd., Series 2022-2A, Class A2, VRN, 6.89%, (3-month SOFR plus 1.90%), 10/15/30(3)	$	250,000	$	245,378
PFP Ltd., Series 2021-8, Class C, VRN, 6.96%, (1-month LIBOR plus 1.80%), 8/9/37(3)	292,000		275,851
Shelter Growth CRE Issuer Ltd., Series 2023-FL5, Class A, VRN, 7.75%, (1-month SOFR plus 2.75%), 5/19/38(3)	186,500		185,814
Sound Point CLO XXII Ltd., Series 2019-1A, Class BR, VRN, 6.95%, (3-month LIBOR plus 1.70%), 1/20/32(3)	260,000		251,327
TCW CLO Ltd., Series 2018-1A, Class BR, VRN, 6.91%, (3-month LIBOR plus 1.65%), 4/25/31(3)	275,000		268,933
THL Credit Wind River CLO Ltd., Series 2013-2A, Class BR2, VRN, 6.83%, (3-month LIBOR plus 1.57%), 10/18/30(3)	200,000		197,855
TSTAT Ltd., Series 2022-1A, Class B, VRN, 8.32%, (3-month SOFR plus 3.27%), 7/20/31(3)	200,000		200,028
Wind River CLO Ltd., Series 2013-1A, Class A1RR, VRN, 6.23%, (3-month LIBOR plus 0.98%), 7/20/30(3)	174,025		173,068
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $7,238,250)			7,055,020
ASSET-BACKED SECURITIES — 1.8%
321 Henderson Receivables VI LLC, Series 2010-1A, Class B, SEQ, 9.31%, 7/15/61(3)	145,097		147,825
Aaset Trust, Series 2021-2A, Class A, SEQ, 2.80%, 1/15/47(3)	226,014		192,248
Aligned Data Centers Issuer LLC, Series 2021-1A, Class B, 2.48%, 8/15/46(3)	226,000		194,079
Applebee's Funding LLC / IHOP Funding LLC, Series 2019-1A, Class A2II, SEQ, 4.72%, 6/5/49(3)	297,000		274,498
Blackbird Capital Aircraft, Series 2021-1A, Class A, SEQ, 2.44%, 7/15/46(3)	239,738		206,850
Castlelake Aircraft Structured Trust, Series 2017-1R, Class A, SEQ, 2.74%, 8/15/41(3)	137,994		125,379
Clsec Holdings 22t LLC, Series 2021-1, Class B, 3.46%, 5/11/37(3)	508,115		415,806
DI Issuer LLC, Series 2021-1A, Class A2, SEQ, 3.72%, 9/15/51(3)	628,191		554,686
Edgeconnex Data Centers Issuer LLC, Series 2022-1, Class A2, SEQ, 4.25%, 3/25/52(3)	334,621		305,467
FirstKey Homes Trust, Series 2021-SFR1, Class D, 2.19%, 8/17/38(3)	300,000		258,138
FirstKey Homes Trust, Series 2021-SFR1, Class E1, 2.39%, 8/17/38(3)	200,000		171,240
Flexential Issuer, Series 2021-1A, Class A2, SEQ, 3.25%, 11/27/51(3)	414,000		361,919
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(3)	73,227		65,232
Goodgreen Trust, Series 2020-1A, Class A, SEQ, 2.63%, 4/15/55(3)	182,934		151,689
Goodgreen Trust, Series 2021-1A, Class A, SEQ, 2.66%, 10/15/56(3)	141,669		116,139
J.G. Wentworth XLII LLC, Series 2018-2A, Class B, 4.70%, 10/15/77(3)	190,691		164,682
J.G. Wentworth XXXIX LLC, Series 2017-2A, Class B, 5.09%, 9/17/74(3)	56,471		49,044
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, SEQ, 2.64%, 10/15/46(3)	379,107		330,148
MAPS Trust, Series 2021-1A, Class A, SEQ, 2.52%, 6/15/46(3)	440,518		383,149


	Shares/ Principal Amount		Value
Navigator Aircraft ABS Ltd., Series 2021-1, Class A, SEQ, 2.77%, 11/15/46(3)	$	378,199	$	329,862
New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class B1, 2.41%, 10/20/61(3)	500,000		417,568
Progress Residential Trust, Series 2021-SFR3, Class C, 2.09%, 5/17/26(3)	200,000		176,241
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(3)	59,489		54,576
Stack Infrastructure Issuer LLC, Series 2019-1A, Class A2, SEQ, 4.54%, 2/25/44(3)	351,146		345,855
Stack Infrastructure Issuer LLC, Series 2021-1A, Class A2, SEQ, 1.88%, 3/26/46(3)	228,000		199,808
Taco Bell Funding LLC, Series 2016-1A, Class A23, SEQ, 4.97%, 5/25/46(3)	188,000		181,288
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(3)	35,368		33,986
TOTAL ASSET-BACKED SECURITIES (Cost $7,067,229)			6,207,402
COLLATERALIZED MORTGAGE OBLIGATIONS — 0.9%
Private Sponsor Collateralized Mortgage Obligations — 0.8%
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33	774		696
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 7.65%, (1-month LIBOR plus 2.50%), 7/25/29(3)	130,000		129,972
Bellemeade RE Ltd., Series 2019-3A, Class M1C, VRN, 7.10%, (1-month LIBOR plus 1.95%), 7/25/29(3)	91,190		91,420
CHNGE Mortgage Trust, Series 2022-1, Class A1, SEQ, VRN, 3.01%, 1/25/67(3)	222,830		198,652
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	273		248
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2, SEQ, VRN, 1.38%, 2/25/66(3)	91,108		75,370
Credit Suisse Mortgage Trust, Series 2021-RPL3, Class A1, SEQ, VRN, 2.00%, 1/25/60(3)	124,265		105,024
Deephaven Residential Mortgage Trust, Series 2020-2, Class M1, VRN, 4.11%, 5/25/65(3)	200,000		183,502
Eagle RE Ltd., Series 2021-1, Class M1C, VRN, 7.77%, (30-day average SOFR plus 2.70%), 10/25/33(3)	221,015		221,436
GCAT Trust, Series 2021-CM2, Class A1, SEQ, VRN, 2.35%, 8/25/66(3)	337,881		303,771
GCAT Trust, Series 2021-NQM1, Class A3, SEQ, VRN, 1.15%, 1/25/66(3)	79,447		65,562
Home RE Ltd., Series 2021-1, Class M1B, VRN, 6.70%, (1-month LIBOR plus 1.55%), 7/25/33(3)	31,004		30,986
Home RE Ltd., Series 2022-1, Class M1A, VRN, 7.92%, (30-day average SOFR plus 2.85%), 10/25/34(3)	150,000		150,957
JP Morgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.45%, 1/25/47(3)	28,380		25,137
JP Morgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(3)	61,338		53,909
MFA Trust, Series 2021-INV2, Class A3, SEQ, VRN, 2.26%, 11/25/56(3)	233,432		196,095
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 5.90%, (1-month LIBOR plus 0.75%), 5/25/55(3)	216,667		215,161


	Shares/ Principal Amount		Value
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(3)	$	298,632	$	231,483
Sofi Mortgage Trust, Series 2016-1A, Class 1A4, SEQ, VRN, 3.00%, 11/25/46(3)	5,855		5,184
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(3)	156,000		139,121
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(3)	75,550		65,114
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(3)	90,660		78,174
			2,566,974
U.S. Government Agency Collateralized Mortgage Obligations — 0.1%
FHLMC, Series 2020-DNA5, Class M2, VRN, 7.87%, (30-day average SOFR plus 2.80%), 10/25/50(3)	82,072		83,487
FHLMC, Series 2023-HQA2, Class M1A, VRN, 7.07%, (30-day average SOFR plus 2.00%), 6/25/43(3)	150,000		150,000
FNMA, Series 2013-C01, Class M2, VRN, 10.40%, (1-month LIBOR plus 5.25%), 10/25/23	145,836		147,496
FNMA, Series 2014-C02, Class 2M2, VRN, 7.75%, (1-month LIBOR plus 2.60%), 5/25/24	25,244		25,472
FNMA, Series 2017-C03, Class 1M2C, VRN, 8.15%, (1-month LIBOR plus 3.00%), 10/25/29	40,000		40,860
			447,315
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $3,295,988)			3,014,289
U.S. GOVERNMENT AGENCY SECURITIES — 0.5%
FHLMC, 6.25%, 7/15/32	700,000		813,731
FNMA, 0.75%, 10/8/27	600,000		520,797
FNMA, 0.875%, 8/5/30	500,000		402,189
Tennessee Valley Authority, 1.50%, 9/15/31	100,000		80,875
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $1,918,580)			1,817,592
MUNICIPAL SECURITIES — 0.4%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	70,000		82,621
California State University Rev., 2.98%, 11/1/51	200,000		144,278
Dallas Area Rapid Transit Rev., 6.00%, 12/1/44	25,000		28,633
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	85,000		70,522
Golden State Tobacco Securitization Corp. Rev., 2.75%, 6/1/34	225,000		183,527
Houston GO, 3.96%, 3/1/47	25,000		22,213
Los Angeles Department of Airports Rev., 6.58%, 5/15/39	25,000		27,735
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47	200,000		153,659
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	20,000		20,613
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	65,000		81,574
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	85,000		103,755
New York City Municipal Water Finance Authority Rev. (New York City Water & Sewer System), 5.95%, 6/15/42	45,000		51,187
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	100,000		73,427
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	40,000		40,096


		Shares/ Principal Amount		Value
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60		$	100,000	$	70,453
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40		45,000		47,652
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36		25,000		27,523
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32		30,000		31,382
State of California GO, 4.60%, 4/1/38		120,000		115,257
State of California GO, 7.55%, 4/1/39		70,000		88,362
State of California GO, 7.30%, 10/1/39		15,000		18,145
State of California GO, 7.60%, 11/1/40		20,000		25,587
Texas Natural Gas Securitization Finance Corp. Rev., 5.17%, 4/1/41		20,000		20,622
University of California Rev., 3.07%, 5/15/51		70,000		49,590
TOTAL MUNICIPAL SECURITIES (Cost $1,855,637)				1,578,413
AFFILIATED FUNDS(5) — 0.2%
American Century Emerging Markets Bond ETF (Cost $780,675)		21,000		793,905
EXCHANGE-TRADED FUNDS — 0.2%
iShares Core S&P 500 ETF (Cost $654,211)		1,539		685,948
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.2%
BX Commercial Mortgage Trust, Series 2020-VIV2, Class C, VRN, 3.66%, 3/9/44(3)		$	179,280	146,899
BX Commercial Mortgage Trust, Series 2020-VIVA, Class D, VRN, 3.67%, 3/11/44(3)		138,000		110,463
BX Commercial Mortgage Trust, Series 2021-VOLT, Class F, VRN, 7.59%, (1-month LIBOR plus 2.40%), 9/15/36(3)		200,000		187,052
ELP Commercial Mortgage Trust, Series 2021-ELP, Class E, VRN, 7.31%, (1-month LIBOR plus 2.12%), 11/15/38(3)		193,000		185,594
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $722,789)				630,008
SOVEREIGN GOVERNMENTS AND AGENCIES — 0.2%
Germany — 0.2%
Bundesrepublik Deutschland Bundesanleihe, 0.00%, 5/15/35(6)	EUR	650,000		533,625
Peru†
Peruvian Government International Bond, 5.625%, 11/18/50		$	30,000	31,047
Uruguay†
Uruguay Government International Bond, 4.125%, 11/20/45		20,000		18,260
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $581,338)				582,932
BANK LOAN OBLIGATIONS(7)†
Pharmaceuticals†
Horizon Therapeutics USA Inc., 2021 Term Loan B2, 6.95%, (1-month SOFR plus 1.75%), 3/15/28 (Cost $124,962)		125,000		124,788
SHORT-TERM INVESTMENTS — 2.1%
Money Market Funds — 1.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class		3,430,568		3,430,568


	Shares/ Principal Amount		Value
Treasury Bills(8) — 1.1%
U.S. Treasury Bills, 5.24%, 6/13/24	$	4,000,000	$	3,802,966
TOTAL SHORT-TERM INVESTMENTS (Cost $7,238,364)			7,233,534
TOTAL INVESTMENT SECURITIES — 99.5% (Cost $308,715,391)			344,444,002
OTHER ASSETS AND LIABILITIES — 0.5%			1,642,794
TOTAL NET ASSETS — 100.0%			$	346,086,796


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	512,637	EUR	474,122	Goldman Sachs & Co.	9/15/23	$	(6,572)
USD	317,148	EUR	289,059	Bank of America N.A.	9/29/23	377
USD	615,103	EUR	561,143	JPMorgan Chase Bank N.A.	9/29/23	161
USD	317,172	EUR	289,059	Morgan Stanley	9/29/23	401
USD	31,605	EUR	28,835	Morgan Stanley	9/29/23	5
						$	(5,628)


FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
U.S. Treasury 2-Year Notes	74	September 2023	$	15,047,437	$	(148,488)
U.S. Treasury 5-Year Notes	42	September 2023	4,497,938		(45,160)
U.S. Treasury 10-Year Notes	30	September 2023	3,367,969		(20,502)
U.S. Treasury 10-Year Ultra Notes	30	September 2023	3,553,125		(30,993)
U.S. Treasury Long Bonds	13	September 2023	1,649,781		(21,025)
U.S. Treasury Ultra Bonds	1	September 2023	136,219		(1,565)
			$	28,252,469	$	(267,733)

^Amount represents value and unrealized appreciation (depreciation).


CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS
Reference Entity	Type	Fixed Rate Received (Paid) Quarterly	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value^
Markit CDX North America Investment Grade Index Series 40	Buy	(1.00)%	6/20/28	$	6,500,000	$	(73,148)	$	(26,066)	$	(99,214)

^The value for credit default swap agreements serves as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability or profit at the period end. Increasing values in absolute terms when compared to the notional amount of the credit default swap agreement represent a deterioration of the referenced entity's credit soundness and an increased likelihood or risk of a credit event occurring as defined in the agreement.


CENTRALLY CLEARED TOTAL RETURN SWAP AGREEMENTS
Floating Rate Index	Pay/Receive Floating Rate Index at Termination	Fixed Rate	Termination Date	Notional Amount		Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Value
CPURNSA	Receive	2.90%	10/11/23	$	550,000	$	140	$	1,953	$	2,093
CPURNSA	Receive	2.97%	10/14/23	$	800,000	145		2,380		2,525
CPURNSA	Receive	2.97%	10/14/23	$	800,000	144		2,381		2,525
						$	429	$	6,714	$	7,143


NOTES TO SCHEDULE OF INVESTMENTS
CDX	–	Credit Derivatives Indexes
CPURNSA	–	U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
EUR	–	Euro
FHLMC	–	Federal Home Loan Mortgage Corporation
FNMA	–	Federal National Mortgage Association
GNMA	–	Government National Mortgage Association
GO	–	General Obligation
H15T1Y	–	Constant Maturity U.S. Treasury Note Yield Curve Rate Index
LIBOR	–	London Interbank Offered Rate
SEQ	–	Sequential Payer
SOFR	–	Secured Overnight Financing Rate
TBA	–	To-Be-Announced. Security was purchased on a forward commitment basis with an approximate principal amount and maturity date. Actual principal amount and maturity date will be determined upon settlement.
USD	–	United States Dollar
VRN	–	Variable Rate Note. The rate adjusts periodically based upon the terms set forth in the security’s offering documents. The rate shown is effective at the period end and the reference rate and spread, if any, is indicated. The security's effective maturity date may be shorter than the final maturity date shown.

†Category is less than 0.05% of total net assets.

(1)Non-income producing.

(2)Security, or a portion thereof, has been pledged at the custodian bank or with a broker for collateral requirements on forward commitments, forward foreign currency exchange contracts, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $734,236.

(3)Security was purchased pursuant to Rule 144A or Section 4(2) under the Securities Act of 1933 and may be sold in transactions exempt from registration, normally to qualified institutional investors. The aggregate value of these securities at the period end was $20,780,703, which represented 6.0% of total net assets.

(4)When-issued security. The issue price and yield are fixed on the date of the commitment, but payment and delivery are scheduled for a future date.

(5)Investments are funds within the American Century Investments family of funds and are considered affiliated funds.

(6)Security is a zero-coupon bond. Zero-coupon securities may be issued at a substantial discount from their value at maturity.

(7)The interest rate on a bank loan obligation adjusts periodically based on a predetermined schedule. Rate or range of rates shown is effective at period end. The maturity date on a bank loan obligation may be less than indicated as a result of contractual or optional prepayments. These prepayments cannot be predicted with certainty.

(8)The rate indicated is the yield to maturity at purchase for non-interest bearing securities. For interest bearing securities, the stated coupon rate is shown.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2023 (UNAUDITED)
Assets
Investment securities - unaffiliated, at value (cost of $307,934,716)	$	343,650,097
Investment securities - affiliated, at value (cost of $780,675)	793,905
Total investment securities, at value (cost of $308,715,391)	344,444,002
Receivable for investments sold	3,505,547
Receivable for capital shares sold	186,714
Receivable for variation margin on futures contracts	23,510
Receivable for variation margin on swap agreements	609
Unrealized appreciation on forward foreign currency exchange contracts	944
Interest and dividends receivable	983,280
	349,144,606

Liabilities
Payable for investments purchased	2,761,584
Payable for capital shares redeemed	23,900
Payable for variation margin on swap agreements	8,248
Unrealized depreciation on forward foreign currency exchange contracts	6,572
Accrued management fees	228,443
Distribution fees payable	29,063
	3,057,810

Net Assets	$	346,086,796

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	336,705,953
Distributable earnings (loss)	9,380,843
	$	346,086,796


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Class I, $0.01 Par Value	$201,982,244	27,774,274	$7.27
Class II, $0.01 Par Value	$144,104,552	19,815,580	$7.27

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED JUNE 30, 2023 (UNAUDITED)
Investment Income (Loss)
Income:
Interest (net of foreign taxes withheld of $399)	$	2,662,306
Dividends (including $18,104 from affiliated funds and net of foreign taxes withheld of $2,610)	1,655,934
	4,318,240

Expenses:
Management fees	1,457,708
Distribution fees - Class II	171,850
Directors' fees and expenses	5,465
Other expenses	2,079
	1,637,102
Fees waived(1)	(116,480)
	1,520,622

Net investment income (loss)	2,797,618

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	(5,605,436)
Forward foreign currency exchange contract transactions	(13,159)
Futures contract transactions	(646,806)
Swap agreement transactions	(109,328)
Foreign currency translation transactions	(1,072)
	(6,375,801)

Change in net unrealized appreciation (depreciation) on:
Investments (including $6,300 from affiliated funds)	33,659,875
Forward foreign currency exchange contracts	432
Futures contracts	(58,027)
Swap agreements	10,916
Translation of assets and liabilities in foreign currencies	60
	33,613,256

Net realized and unrealized gain (loss)	27,237,455

Net Increase (Decrease) in Net Assets Resulting from Operations	$	30,035,073

(1)Amount consists of $67,718 and $48,762 for Class I and Class II, respectively.

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED JUNE 30, 2023 (UNAUDITED) AND YEAR ENDED DECEMBER 31, 2022
Increase (Decrease) in Net Assets	June 30, 2023		December 31, 2022
Operations
Net investment income (loss)	$	2,797,618	$	3,884,519
Net realized gain (loss)	(6,375,801)		(19,104,741)
Change in net unrealized appreciation (depreciation)	33,613,256		(53,600,264)
Net increase (decrease) in net assets resulting from operations	30,035,073		(68,820,486)

Distributions to Shareholders
From earnings:
Class I	(1,886,725)		(33,151,886)
Class II	(1,177,847)		(23,855,577)
Decrease in net assets from distributions	(3,064,572)		(57,007,463)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(25,395)		48,324,101

Net increase (decrease) in net assets	26,945,106		(77,503,848)

Net Assets
Beginning of period	319,141,690		396,645,538
End of period	$	346,086,796	$	319,141,690

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2023 (UNAUDITED)

1. Organization

American Century Variable Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. VP Balanced Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek long-term capital growth and current income by investing approximately 60% of its assets in equity securities and the remainder in bonds and other fixed-income securities. The fund offers Class I and Class II.

2. Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by the fund in preparation of its financial statements. The fund is an investment company and follows accounting and reporting guidance in accordance with accounting principles generally accepted in the United States of America. This may require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from these estimates. Management evaluated the impact of events or transactions occurring through the date the financial statements were issued that would merit recognition or disclosure.

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Fixed income securities are valued at the evaluated mean as provided by independent pricing services or at the mean of the most recent bid and asked prices as provided by investment dealers. Corporate bonds, U.S. Treasury and Government Agency securities, bank loan obligations, municipal securities and sovereign governments and agencies are valued using market models that consider trade data, quotations from dealers and active market makers, relevant yield curve and spread data, creditworthiness, trade data or market information on comparable securities, and other relevant security specific information. Mortgage-related and asset-backed securities are valued based on models that consider trade data, prepayment and default projections, benchmark yield and spread data and estimated cash flows of each tranche of the issuer. Collateralized loan obligations are valued based on discounted cash flow models that consider trade and economic data, prepayment assumptions and default projections. Fixed income securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange. Swap agreements are valued at an evaluated mean as provided by independent pricing services or independent brokers. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

If the valuation designee determines that the market price for a portfolio security is not readily available or is believed by the valuation designee to be unreliable, such security is valued at fair value as determined in good faith by the valuation designee, in accordance with its policies and procedures. Circumstances that may cause the fund to determine that market quotations are not available or reliable include, but are not limited to: when there is a significant event subsequent to the market quotation; trading in a security has been halted during the trading day; or trading in a security is insufficient or did not take place due to a closure or holiday.

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

Investment Income — Interest income less foreign taxes withheld, if any, is recorded on the accrual basis and includes paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income. Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes.

Foreign Currency Translations — All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

Forward Commitments — The fund may engage in securities transactions on a forward commitment basis. In these transactions, the securities’ prices and yields are fixed on the date of the commitment. The fund may sell a to-be-announced (TBA) security and at the same time make a commitment to purchase the same security at a future date at a specified price. Conversely, the fund may purchase a TBA security and at the same time make a commitment to sell the same security at a future date at a specified price. These types of transactions are known as “TBA roll” transactions and are accounted for as purchases and sales. The fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet the purchase price.

Income Tax Status — It is the fund's policy to distribute substantially all net investment income and net realized gains to shareholders and to otherwise qualify as a regulated investment company under provisions of the Internal Revenue Code. Accordingly, no provision has been made for income taxes. The fund files U.S. federal, state, local and non-U.S. tax returns as applicable. The fund's tax returns are subject to examination by the relevant taxing authority until expiration of the applicable statute of limitations, which is generally three years from the date of filing but can be longer in certain jurisdictions. At this time, management believes there are no uncertain tax positions which, based on their technical merit, would not be sustained upon examination and for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

Multiple Class — All shares of the fund represent an equal pro rata interest in the net assets of the class to which such shares belong, and have identical voting, dividend, liquidation and other rights and the same terms and conditions, except for class specific expenses and exclusive rights to vote on matters affecting only individual classes. Income, non-class specific expenses, and realized and unrealized capital gains and losses of the fund are allocated to each class of shares based on their relative net assets.

Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid quarterly. Distributions from net realized gains, if any, are generally declared and paid annually.

Indemnifications — Under the corporation’s organizational documents, its officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the fund. In addition, in the normal course of business, the fund enters into contracts that provide general indemnifications. The maximum exposure under these arrangements is unknown as this would involve future claims that may be made against a fund. The risk of material loss from such claims is considered by management to be remote.

3. Fees and Transactions with Related Parties

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). The management fee schedule ranges from 0.80% to 0.90% for each class. From January 1, 2023 through July 31, 2023, the investment advisor agreed to waive 0.07% of the fund's management fee. Effective August 1, 2023, the investment advisor agreed to increase the amount of the waiver from 0.07% to 0.13% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2024 and cannot terminate it prior to such date without the approval of the Board of Directors. The effective annual management fee for each class for the period ended June 30, 2023 was 0.89% before waiver and 0.82% after waiver.

Distribution Fees — The Board of Directors has adopted the Master Distribution Plan (the plan) for Class II, pursuant to Rule 12b-1 of the 1940 Act. The plan provides that Class II will pay ACIS an annual distribution fee equal to 0.25%. The fee is computed and accrued daily based on the Class II daily net assets and paid monthly in arrears. The distribution fee provides compensation for expenses incurred in connection with distributing shares of Class II including, but not limited to, payments to brokers, dealers, and financial institutions that have entered into sales agreements with respect to shares of the fund. Fees incurred under the plan during the period ended June 30, 2023 are detailed in the Statement of Operations.

Directors' Fees and Expenses — The Board of Directors is responsible for overseeing the investment advisor’s management and operations of the fund. The directors receive detailed information about the fund and its investment advisor regularly throughout the year, and meet at least quarterly with management of the investment advisor to review reports about fund operations. The fund's officers do not receive compensation from the fund.

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended June 30, 2023 totaled $119,244,480, of which $61,241,825 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended June 30, 2023 totaled $126,448,641, of which $55,689,012 represented U.S. Treasury and Government Agency obligations.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Six months ended June 30, 2023			Year ended December 31, 2022
	Shares	Amount		Shares	Amount
Class I/Shares Authorized	150,000,000			150,000,000
Sold	1,403,424	$	9,843,692	1,570,561	$	11,794,505
Issued in reinvestment of distributions	268,411	1,886,725		4,315,806	33,151,886
Redeemed	(1,425,183)	(9,972,053)		(2,596,921)	(19,352,623)
	246,652	1,758,364		3,289,446	25,593,768
Class II/Shares Authorized	75,000,000			75,000,000
Sold	799,835	5,640,916		1,944,115	14,780,292
Issued in reinvestment of distributions	167,612	1,177,847		3,100,203	23,855,577
Redeemed	(1,230,437)	(8,602,522)		(2,196,424)	(15,905,536)
	(262,990)	(1,783,759)		2,847,894	22,730,333
Net increase (decrease)	(16,338)	$	(25,395)	6,137,340	$	48,324,101

6. Affiliated Fund Transactions

A summary of transactions for each affiliated fund for the period ended June 30, 2023 follows (amounts in thousands):


Affiliated Fund(1)	Beginning Value		Purchase Cost	Sales Cost	Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)	Distributions Received(2)
American Century Emerging Markets Bond ETF	$	788	—	—	$	6	$	794	21	—	$	18

(1)Investments are funds within the American Century Investments family of funds and are considered affiliated funds. Additional information and attributes of each affiliated fund are available at americancentury.com.

(2)Distributions received includes distributions from net investment income and from capital gains, if any.

7. Investments in Affiliated Funds

The fund does not invest in an affiliated fund for the purpose of exercising management or control; however, investments by the fund within its investment strategy may represent a significant portion of an affiliated fund's net assets.

8. Fair Value Measurements

The fund's investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks	$	207,192,039	$	2,778,263	—
U.S. Treasury Securities	—		39,691,197		—
U.S. Government Agency Mortgage-Backed Securities	—		33,967,962		—
Corporate Bonds	—		31,090,710		—
Collateralized Loan Obligations	—		7,055,020		—
Asset-Backed Securities	—		6,207,402		—
Collateralized Mortgage Obligations	—		3,014,289		—
U.S. Government Agency Securities	—		1,817,592		—
Municipal Securities	—		1,578,413		—
Affiliated Funds	793,905		—		—
Exchange-Traded Funds	685,948		—		—
Commercial Mortgage-Backed Securities	—		630,008		—
Sovereign Governments and Agencies	—		582,932		—
Bank Loan Obligations	—		124,788		—
Short-Term Investments	3,430,568		3,802,966		—
	$	212,102,460	$	132,341,542	—
Other Financial Instruments
Swap Agreements	—		$	7,143	—
Forward Foreign Currency Exchange Contracts	—		944		—
	—		$	8,087	—

Liabilities
Other Financial Instruments
Futures Contracts	$	267,733	—		—
Swap Agreements	—		$	99,214	—
Forward Foreign Currency Exchange Contracts	—		6,572		—
	$	267,733	$	105,786	—

9. Derivative Instruments

Credit Risk — The fund is subject to credit risk in the normal course of pursuing its investment objectives. The value of a bond generally declines as the credit quality of its issuer declines. Credit default swap agreements enable a fund to buy/sell protection against a credit event of a specific issuer or index. A fund may attempt to enhance returns by selling protection or attempt to mitigate credit risk by buying protection. The buyer/seller of credit protection against a security or basket of securities may pay/receive an up-front or periodic payment to compensate for/against potential default events. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively.

The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments. The fund's average notional amount held during the period was $7,947,120.

Foreign Currency Risk — The fund is subject to foreign currency exchange rate risk in the normal course of pursuing its investment objectives. The value of foreign investments held by a fund may be significantly affected by changes in foreign currency exchange rates. The dollar value of a foreign security generally decreases when the value of the dollar rises against the foreign currency in which the security is denominated and tends to increase when the value of the dollar declines against such foreign currency. A fund may enter into forward foreign currency exchange contracts to reduce a fund's exposure to foreign currency exchange rate fluctuations. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. The net U.S. dollar value of foreign currency underlying all contractual commitments held by a fund and the resulting unrealized appreciation or depreciation are determined daily. Realized gain or loss is recorded upon settlement of the contract. Net realized and unrealized gains or losses occurring during the holding period of forward foreign currency exchange contracts are a component of net realized gain (loss) on forward foreign currency exchange contract transactions and change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts, respectively. A fund bears the risk of an unfavorable change in the foreign currency exchange rate underlying the forward contract. Additionally, losses, up to the fair value, may arise if the counterparties do not perform under the contract terms. The fund's average U.S. dollar exposure to foreign currency risk derivative instruments held during the period was $1,934,133.

Interest Rate Risk — The fund is subject to interest rate risk in the normal course of pursuing its investment objectives. The value of bonds generally declines as interest rates rise. A fund may enter into futures contracts based on a bond index or a specific underlying security. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the futures contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to interest rate risk derivative instruments held during the period was $22,651,729 futures contracts purchased.

Other Contracts — A fund may enter into total return swap agreements in order to attempt to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets or gain exposure to certain markets in the most economical way possible. A fund will segregate cash, cash equivalents or other appropriate liquid securities on its records in amounts sufficient to meet requirements. Changes in value, including the periodic amounts of interest to be paid or received on swap agreements, are recorded as unrealized appreciation (depreciation) on swap agreements. Upon entering into a centrally cleared swap, a fund is required to deposit cash or securities (initial margin) with a financial intermediary in an amount equal to a certain percentage of the notional amount. A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the value and is a component of unrealized gains and losses. Realized gain or loss is recorded upon receipt or payment of a periodic settlement or termination of swap agreements. Net realized and unrealized gains or losses occurring during the holding period of swap agreements are a component of net realized gain (loss) on swap agreement transactions and change in net unrealized appreciation (depreciation) on swap agreements, respectively. The risks of entering into swap agreements include the possible lack of liquidity, failure of the counterparty to meet its obligations, and that there may be unfavorable changes in the underlying investments or instruments, including inflationary risk. The fund's average notional amount held during the period was $2,150,000.

Value of Derivative Instruments as of June 30, 2023


	Asset Derivatives			Liability Derivatives
Type of Risk Exposure	Location on Statement of Assets and Liabilities	Value		Location on Statement of Assets and Liabilities	Value
Credit Risk	Receivable for variation margin on swap agreements*	—		Payable for variation margin on swap agreements*	$	8,248
Foreign Currency Risk	Unrealized appreciation on forward foreign currency exchange contracts	$	944	Unrealized depreciation on forward foreign currency exchange contracts	6,572
Interest Rate Risk	Receivable for variation margin on futures contracts*	23,510		Payable for variation margin on futures contracts*	—
Other Contracts	Receivable for variation margin on swap agreements*	609		Payable for variation margin on swap agreements*	—
		$	25,063		$	14,820

*Included in the unrealized appreciation (depreciation) on futures contracts or centrally cleared swap agreements, as applicable, as reported in the Schedule of Investments.

Effect of Derivative Instruments on the Statement of Operations for the Six Months Ended June 30, 2023


	Net Realized Gain (Loss)			Change in Net Unrealized Appreciation (Depreciation)
Type of Risk Exposure	Location on Statement of Operations	Value		Location on Statement of Operations	Value
Credit Risk	Net realized gain (loss) on swap agreement transactions	$	(109,328)	Change in net unrealized appreciation (depreciation) on swap agreements	$	311
Foreign Currency Risk	Net realized gain (loss) on forward foreign currency exchange contract transactions	(13,159)		Change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts	432
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(646,806)		Change in net unrealized appreciation (depreciation) on futures contracts	(58,027)
Other Contracts	Net realized gain (loss) on swap agreement transactions	—		Change in net unrealized appreciation (depreciation) on swap agreements	10,605
		$	(769,293)		$	(46,679)

10. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund may invest in instruments that have variable or floating coupon rates based on the London Interbank Offered Rate (LIBOR). LIBOR is a benchmark interest rate intended to be representative of the rate at which certain major international banks lend to one another over short-terms. Financial institutions have started the process of phasing out LIBOR and the transition process to a replacement rate may lead to increased volatility or illiquidity in markets for instruments that rely on LIBOR. This could result in a change to the value of such instruments or a change in the cost of temporary borrowing for the fund.

11. Federal Tax Information

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:


Federal tax cost of investments	$	309,442,603
Gross tax appreciation of investments	$	52,877,987
Gross tax depreciation of investments	(17,876,588)
Net tax appreciation (depreciation) of investments	$	35,001,399

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of December 31, 2022, the fund had accumulated short-term capital losses of $(14,465,741) and accumulated long-term capital losses of $(4,599,115), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.


Financial Highlights


For a Share Outstanding Throughout the Years Ended December 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Class I
2023(3)	$6.70	0.06	0.58	0.64	(0.07)	—	(0.07)	$7.27	9.57%	0.82%(4)	0.89%(4)	1.81%(4)	1.74%(4)	37%	$201,982
2022	$9.56	0.09	(1.57)	(1.48)	(0.09)	(1.29)	(1.38)	$6.70	(17.27)%	0.83%	0.90%	1.24%	1.17%	92%	$184,541
2021	$8.73	0.06	1.27	1.33	(0.07)	(0.43)	(0.50)	$9.56	15.77%	0.83%	0.88%	0.63%	0.58%	195%	$231,837
2020	$8.18	0.08	0.84	0.92	(0.09)	(0.28)	(0.37)	$8.73	12.53%	0.85%	0.89%	1.03%	0.99%	189%	$201,325
2019	$7.09	0.11	1.27	1.38	(0.12)	(0.17)	(0.29)	$8.18	19.85%	0.79%	0.90%	1.48%	1.37%	115%	$177,510
2018	$7.53	0.12	(0.40)	(0.28)	(0.11)	(0.05)	(0.16)	$7.09	(3.83)%	0.76%	0.90%	1.55%	1.41%	120%	$142,595
Class II
2023(3)	$6.70	0.05	0.58	0.63	(0.06)	—	(0.06)	$7.27	9.43%	1.07%(4)	1.14%(4)	1.56%(4)	1.49%(4)	37%	$144,105
2022	$9.56	0.07	(1.57)	(1.50)	(0.07)	(1.29)	(1.36)	$6.70	(17.47)%	1.08%	1.15%	0.99%	0.92%	92%	$134,601
2021	$8.73	0.03	1.27	1.30	(0.04)	(0.43)	(0.47)	$9.56	15.48%	1.08%	1.13%	0.38%	0.33%	195%	$164,809
2020	$8.18	0.06	0.85	0.91	(0.08)	(0.28)	(0.36)	$8.73	12.27%	1.10%	1.14%	0.78%	0.74%	189%	$139,620
2019	$7.10	0.09	1.26	1.35	(0.10)	(0.17)	(0.27)	$8.18	19.39%	1.04%	1.15%	1.23%	1.12%	115%	$109,422
2018	$7.53	0.10	(0.39)	(0.29)	(0.09)	(0.05)	(0.14)	$7.10	(3.93)%	1.01%	1.15%	1.30%	1.16%	120%	$74,928


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized. The total returns presented do not include the fees and charges assessed with investments in variable insurance products, those charges are disclosed in the separate account prospectus. The inclusion of such fees and charges would lower total return.

(3)Six months ended June 30, 2023 (unaudited).

(4)Annualized.

*The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations or precisely reflect the class expense differentials due to the timing of transactions in shares of the fund in relation to income earned and/or fluctuations in the fair value of the fund's investments.

See Notes to Financial Statements.


Approval of Management Agreement

At a meeting held on June 28, 2023, the Fund’s Board of Directors (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Directors, including a majority of the independent Directors, each year.

Prior to its consideration of the renewal of the management agreement, the Directors requested and reviewed data and information compiled by the Advisor and certain independent data providers concerning the Fund. This review was in addition to the oversight and evaluation undertaken by the Board and its committees on a continual basis and the information received was supplemental to the information that the Board and its committees receive and consider over time.

In connection with its consideration of the renewal of the management agreement, the Board’s review and evaluation of the services provided by the Advisor and its affiliates included, but was not limited to

•the nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Fund;

•the wide range of programs and services the Advisor and other service providers provide to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance compared to appropriate benchmarks and/or peer groups of other mutual funds with similar investment objectives and strategies;

•the cost of owning the Fund compared to the cost of owning similarly-managed funds;

•the Advisor’s compliance policies, procedures, and regulatory experience and those of certain other service providers;

•the Advisor’s strategic plans, generally, and with respect to areas of heightened regulatory interest in the mutual fund industry and certain recent geopolitical and other issues;

•the Advisor’s business continuity plans, vendor management practices, and information security practices;

•the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the Advisor’s financial results of operation;

•possible economies of scale associated with the Advisor’s management of the Fund;

•any collateral benefits derived by the Advisor from the management of the Fund;

•fees and expenses associated with any investment by the Fund in other funds;

•payments to intermediaries by the Fund and the Advisor and services provided by intermediaries in connection therewith; and

•services provided and charges to the Advisor's other investment management clients.

The Board held two meetings to consider the renewal. The independent Directors also met in private session multiple times to review and discuss the information provided in response to their request. The independent Directors held active discussions with the Advisor regarding the renewal of the management agreement, requesting supplemental information, and reviewing information provided by the Advisor in response thereto. The independent Directors had the benefit of the advice of their independent counsel throughout the process.

Factors Considered

The Directors considered all of the information provided by the Advisor, the independent data providers, and independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors.

In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services which include, without limitation, the following:

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

•liquidity monitoring and management

•risk management, including information security

•shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications

•legal services (except the independent Directors’ counsel)

•regulatory and portfolio compliance

•financial reporting

•marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

The Board noted that many of these services have expanded over time in terms of both quantity and complexity in response to shareholder demands, competition in the industry, changing distribution channels, and the changing regulatory environment.

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to monitor trading activities, and in particular to seek the best execution of fund trades, and to evaluate the use of and payment for research. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Fund Performance Review Committee, provides oversight of the investment performance process. It regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Board discusses with the Advisor the reasons for such results and any actions being taken to improve performance and may conduct special reviews until performance improves. The Fund’s performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. In relation to industry peers, the Fund was above the median of its peer performance universe as identified by a third-party service provider for the three-, five-, and ten-year periods and below the median for the one-year period. The Board discussed the Fund's performance with the Advisor, including steps being taken to address underperformance, and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services

provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

Costs of Services and Profitability. The Advisor provides detailed information concerning its cost of providing various services to the Fund, its profitability in managing the Fund (pre- and post-distribution), and its financial results of operation. The Directors have reviewed with the Advisor the methodology used to prepare this financial information. This information is considered in evaluating the Advisor’s financial condition, its ability to continue to provide services under the management agreement, and the reasonableness of the terms of the current management agreement. The Board concluded that the Advisor’s profits were reasonable in light of the services provided to the Fund.

Ethics. The Board generally considers the Advisor’s commitment to providing quality services to shareholders and to conducting its business ethically. They noted that the Advisor’s practices generally meet or exceed industry best practices.

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is sharing economies of scale, to the extent they exist, through its fee structure, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders enhanced and expanded content and services. The Board also noted that economies of scale are shared with the Fund and its shareholders through management fee breakpoints that serve to reduce the effective management fee as the assets of the Fund grow.

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, fees and expenses of the Fund’s independent Directors (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee charged to shareholders of the Fund was above the median of the total expense ratios of the Fund’s peer expense universe. In addition, the Board reviewed the Fund’s position relative to the narrower set of its expense group peers. The Board and the Advisor agreed to a temporary reduction of the Fund's annual unified management fee of 0.13% (e.g., the Class I unified fee will be reduced from 0.89% to 0.76%) for at least one year, beginning August 1, 2023. The Board concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

Comparison to Fees and Services Provided to Other Clients of the Advisor. The Board also requested and received information from the Advisor concerning the nature of the services, fees, costs, and profitability of its advisory services to advisory clients other than the Fund. They observed that these varying types of client accounts require different services and involve different regulatory and entrepreneurial risks than the management of the Fund. The Board analyzed this information and concluded that the fees charged and services provided to the Fund were reasonable by comparison.

Payments to Intermediaries. The Directors also requested and received a description of payments made to intermediaries by the Fund and the Advisor and services provided in response thereto. These payments include various payments made by the Fund or the Advisor to different types of intermediaries and recordkeepers for distribution and service activities provided for the Fund. The Directors reviewed such information and received representations from the Advisor that all such payments by the Fund were made pursuant to the Fund's Rule 12b-1 Plan and that all such payments by the Advisor were made from the Advisor’s resources and reasonable profits.

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. They concluded that the Advisor’s primary business is managing funds and it generally does not use fund or shareholder information to generate profits in other lines of business, and therefore does not derive any significant collateral benefits from them. To the extent there are potential collateral benefits, the Board has been advised and has taken this into consideration in its review of the management contract with the Fund. The Board noted that additional assets from other clients may offer the Advisor some benefit from increased leverage with prospective clients, service providers, and counterparties. Additionally, the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions, which the Board concluded is likely to benefit other clients of the Advisor, as well as Fund shareholders. The Board also determined that the Advisor is able to provide investment management services to certain clients other than the Fund, at least in part, due to its existing infrastructure built to serve the fund complex. The Board concluded that appropriate allocation methodologies had been employed to assign resources and the cost of those resources to these other clientsand, where expressly provided, these other client assets may be included with the assets of the Fund to determine breakpoints in the management fee schedule.

Existing Relationship. The Board also considered whether there was any reason for not continuing the existing arrangement with the Advisor. In this regard, the Board was mindful of the potential disruptions of the Fund’s operations and various risks, uncertainties, and other effects that could occur as a result of a decision not to continue such relationship. In particular, the Board recognized that most shareholders have invested in the Fund on the strength of the Advisor’s industry standing and reputation and in the expectation that the Advisor will have a continuing role in providing advisory services to the Fund.

Conclusion of the Directors. As a result of this process, the Board, including all of the independent Directors, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and received over time, determined that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.


Liquidity Risk Management Program

The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Directors (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates, including members of ACIM’s Investment Oversight Committee who are members of ACIM’s Investment Management and Global Analytics departments, conduct the day-to-day operation of the program pursuant to the program.

Under the program, ACIM manages the Fund’s liquidity risk, which is the risk that the Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund. This risk is managed by monitoring the degree of liquidity of the Fund’s investments, limiting the amount of the Fund’s illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. ACIM’s process of determining the degree of liquidity of certain investments held by the Fund is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2022 through December 31, 2022. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.


Additional Information

Proxy Voting Policies

A description of the policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund is available without charge, upon request, by calling 1-800-378-9878. It is also available on American Century Investments’ website at americancentury.com/proxy and on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings 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. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-378-9878. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

Notes




Contact Us			americancentury.com
Automated Information Line			1-800-345-8765
Investment Professional Service Representatives			1-800-345-6488
Telecommunications Relay Service for the Deaf			711

American Century Variable Portfolios, Inc.

Investment Advisor: American Century Investment Management, Inc. Kansas City, Missouri

This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

©2023 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92976 2308



			Semiannual Report

			June 30, 2023

			VP Capital Appreciation Fund
			Class I (AVCIX)
			Class II (AVCWX)
			Class Y (AVCYX)


Table of Contents




Fund Characteristics			2
Shareholder Fee Example			3
Schedule of Investments			4
Statement of Assets and Liabilities			8
Statement of Operations			9
Statement of Changes in Net Assets			10
Notes to Financial Statements			11
Financial Highlights			17


Approval of Management Agreement			19
Liquidity Risk Management Program			23

Additional Information			24


Fund Characteristics


JUNE 30, 2023
Types of Investments in Portfolio			% of net assets
Common Stocks			97.6%
Short-Term Investments			3.2%
Other Assets and Liabilities			(0.8)%

Top Five Industries			% of net assets
Software			11.6%
Life Sciences Tools and Services			9.1%
Hotels, Restaurants and Leisure			5.6%
Biotechnology			5.5%
Capital Markets			5.3%


Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2023 to June 30, 2023.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/23	Ending Account Value 6/30/23	Expenses Paid During Period(1) 1/1/23 - 6/30/23	Annualized Expense Ratio(1)
Actual
Class I	$1,000	$1,144.90	$4.89	0.92%
Class II	$1,000	$1,144.70	$5.69	1.07%
Class Y	$1,000	$1,147.50	$3.04	0.57%
Hypothetical
Class I	$1,000	$1,020.23	$4.61	0.92%
Class II	$1,000	$1,019.49	$5.36	1.07%
Class Y	$1,000	$1,021.97	$2.86	0.57%


Schedule of Investments

JUNE 30, 2023 (UNAUDITED)


	Shares	Value
COMMON STOCKS — 97.6%
Aerospace and Defense — 3.8%
CAE, Inc.(1)	133,176	$	2,980,690
Curtiss-Wright Corp.	44,604	8,191,971
HEICO Corp.	34,942	6,182,637
		17,355,298
Automobile Components — 2.5%
Aptiv PLC(1)	77,047	7,865,728
Mobileye Global, Inc., Class A(1)(2)	91,400	3,511,588
		11,377,316
Beverages — 2.3%
Celsius Holdings, Inc.(1)	72,881	10,873,116
Biotechnology — 5.5%
Amicus Therapeutics, Inc.(1)	290,911	3,653,842
BioMarin Pharmaceutical, Inc.(1)	37,542	3,254,141
Cytokinetics, Inc.(1)	163,963	5,348,473
Neurocrine Biosciences, Inc.(1)	71,010	6,696,243
Sarepta Therapeutics, Inc.(1)	43,465	4,977,612
Viking Therapeutics, Inc.(1)	100,545	1,629,834
		25,560,145
Broadline Retail — 0.2%
Etsy, Inc.(1)	10,766	910,911
Building Products — 1.5%
Trane Technologies PLC	36,181	6,919,978
Capital Markets — 5.3%
Ares Management Corp., Class A	79,428	7,652,888
LPL Financial Holdings, Inc.	36,620	7,962,287
MSCI, Inc.	18,774	8,810,450
		24,425,625
Chemicals — 2.3%
Avient Corp.	114,852	4,697,447
Element Solutions, Inc.	300,325	5,766,240
		10,463,687
Commercial Services and Supplies — 1.9%
Republic Services, Inc.	56,418	8,641,545
Communications Equipment — 0.8%
Arista Networks, Inc.(1)	22,418	3,633,061
Containers and Packaging — 1.2%
Avery Dennison Corp.	31,353	5,386,445
Electrical Equipment — 4.2%
AMETEK, Inc.	52,223	8,453,859
Plug Power, Inc.(1)(2)	64,868	673,979
Regal Rexnord Corp.	48,890	7,524,171
Vertiv Holdings Co.	115,212	2,853,801
		19,505,810
Electronic Equipment, Instruments and Components — 2.9%
Cognex Corp.	109,561	6,137,607
Keysight Technologies, Inc.(1)	42,074	7,045,292
		13,182,899


	Shares	Value
Entertainment — 2.7%
Spotify Technology SA(1)	47,012	$	7,547,777
Take-Two Interactive Software, Inc.(1)	35,015	5,152,807
		12,700,584
Financial Services — 0.9%
Adyen NV(1)	2,360	4,086,736
Food Products — 3.1%
Hershey Co.	56,883	14,203,685
Ground Transportation — 1.3%
Norfolk Southern Corp.	26,222	5,946,101
Health Care Equipment and Supplies — 4.7%
Dexcom, Inc.(1)	88,727	11,402,307
GE HealthCare Technologies, Inc.(1)	42,431	3,447,095
Glaukos Corp.(1)	50,699	3,610,276
Lantheus Holdings, Inc.(1)	37,082	3,111,921
		21,571,599
Health Care Providers and Services — 1.0%
R1 RCM, Inc.(1)	255,737	4,718,348
Hotels, Restaurants and Leisure — 5.6%
Airbnb, Inc., Class A(1)	77,897	9,983,280
Chipotle Mexican Grill, Inc.(1)	1,709	3,655,551
Hilton Worldwide Holdings, Inc.	82,729	12,041,206
		25,680,037
Insurance — 1.0%
Ryan Specialty Holdings, Inc.(1)	102,945	4,621,201
Interactive Media and Services — 0.9%
Match Group, Inc.(1)	98,272	4,112,683
IT Services — 1.3%
Cloudflare, Inc., Class A(1)	89,690	5,863,035
Life Sciences Tools and Services — 9.1%
Agilent Technologies, Inc.	66,465	7,992,416
Avantor, Inc.(1)	227,528	4,673,425
Bio-Techne Corp.	87,158	7,114,708
IQVIA Holdings, Inc.(1)	58,311	13,106,563
Mettler-Toledo International, Inc.(1)	6,965	9,135,573
		42,022,685
Machinery — 2.3%
Graco, Inc.	58,498	5,051,302
Parker-Hannifin Corp.	14,253	5,559,240
		10,610,542
Media — 1.9%
Trade Desk, Inc., Class A(1)	112,027	8,650,725
Metals and Mining — 0.2%
Capstone Copper Corp.(1)	249,165	1,130,388
Oil, Gas and Consumable Fuels — 3.3%
Excelerate Energy, Inc., Class A	79,187	1,609,872
Hess Corp.	100,687	13,688,397
		15,298,269
Professional Services — 3.2%
Jacobs Solutions, Inc.	61,850	7,353,347
Paycom Software, Inc.	7,051	2,265,063
Verisk Analytics, Inc.	23,632	5,341,541
		14,959,951


	Shares	Value
Semiconductors and Semiconductor Equipment — 5.2%
Enphase Energy, Inc.(1)	23,399	$	3,918,865
Marvell Technology, Inc.	69,253	4,139,944
Monolithic Power Systems, Inc.	12,053	6,511,392
Teradyne, Inc.	83,696	9,317,876
		23,888,077
Software — 11.6%
Cadence Design Systems, Inc.(1)	40,316	9,454,908
Datadog, Inc., Class A(1)	60,227	5,925,132
DocuSign, Inc.(1)	73,041	3,731,665
HubSpot, Inc.(1)	18,960	10,088,426
Manhattan Associates, Inc.(1)	48,096	9,613,429
Palantir Technologies, Inc., Class A(1)	322,980	4,951,283
Palo Alto Networks, Inc.(1)	38,568	9,854,510
		53,619,353
Specialty Retail — 2.2%
Burlington Stores, Inc.(1)	33,746	5,311,283
Chewy, Inc., Class A(1)	64,760	2,556,077
Five Below, Inc.(1)	12,929	2,541,066
		10,408,426
Textiles, Apparel and Luxury Goods — 1.7%
lululemon athletica, Inc.(1)	7,046	2,666,911
On Holding AG, Class A(1)	156,128	5,152,224
		7,819,135
TOTAL COMMON STOCKS (Cost $360,431,129)		450,147,396
SHORT-TERM INVESTMENTS — 3.2%
Money Market Funds — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class	22,653	22,653
State Street Navigator Securities Lending Government Money Market Portfolio(3)	1,004,671	1,004,671
		1,027,324
Repurchase Agreements — 3.0%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25% - 4.50%, 5/15/38 - 11/15/40, valued at $2,182,263), in a joint trading account at 5.02%, dated 6/30/23, due 7/3/23 (Delivery value $2,127,189)		2,126,299
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 4.125%, 11/15/32, valued at $11,759,612), at 5.04%, dated 6/30/23, due 7/3/23 (Delivery value $11,533,842)		11,529,000
		13,655,299
TOTAL SHORT-TERM INVESTMENTS (Cost $14,682,623)		14,682,623
TOTAL INVESTMENT SECURITIES — 100.8% (Cost $375,113,752)		464,830,019
OTHER ASSETS AND LIABILITIES — (0.8)%		(3,684,710)
TOTAL NET ASSETS — 100.0%		$	461,145,309


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	3,526,347	CAD	4,636,494	Goldman Sachs & Co.	9/29/23	$	21,776
USD	89,964	CAD	119,278	Goldman Sachs & Co.	9/29/23	(194)
USD	606,088	EUR	553,086	Bank of America N.A.	9/29/23	(23)
USD	756,723	EUR	689,700	Bank of America N.A.	9/29/23	900
USD	1,467,648	EUR	1,338,899	JPMorgan Chase Bank N.A.	9/29/23	385
USD	133,565	EUR	122,342	JPMorgan Chase Bank N.A.	9/29/23	(507)
USD	756,778	EUR	689,700	Morgan Stanley	9/29/23	956
						$	23,293


NOTES TO SCHEDULE OF INVESTMENTS
CAD	–	Canadian Dollar
EUR	–	Euro
USD	–	United States Dollar

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,288,452. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,309,175, which includes securities collateral of $304,504.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2023 (UNAUDITED)
Assets
Investment securities, at value (cost of $374,109,081) — including $1,288,452 of securities on loan	$	463,825,348
Investment made with cash collateral received for securities on loan, at value (cost of $1,004,671)	1,004,671
Total investment securities, at value (cost of $375,113,752)	464,830,019
Cash	33,906
Receivable for investments sold	799,803
Receivable for capital shares sold	73,319
Unrealized appreciation on forward foreign currency exchange contracts	24,017
Dividends and interest receivable	116,370
Securities lending receivable	3,674
	465,881,108

Liabilities
Payable for collateral received for securities on loan	1,004,671
Payable for investments purchased	3,375,960
Payable for capital shares redeemed	116,337
Unrealized depreciation on forward foreign currency exchange contracts	724
Accrued management fees	237,344
Distribution fees payable	763
	4,735,799

Net Assets	$	461,145,309

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	354,364,434
Distributable earnings (loss)	106,780,875
	$	461,145,309


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Class I, $0.01 Par Value	$88,299,925	6,544,469	$13.49
Class II, $0.01 Par Value	$3,628,602	275,166	$13.19
Class Y, $0.01 Par Value	$369,216,782	26,687,793	$13.83

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED JUNE 30, 2023 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends	$	1,150,494
Interest	178,828
Securities lending, net	7,565
	1,336,887

Expenses:
Management fees	1,585,726
Distribution fees - Class II	4,756
Directors' fees and expenses	7,359
	1,597,841
Fees waived(1)	(176,586)
	1,421,255

Net investment income (loss)	(84,368)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	20,129,853
Forward foreign currency exchange contract transactions	(169,888)
Foreign currency translation transactions	(633)
	19,959,332

Change in net unrealized appreciation (depreciation) on:
Investments	41,045,489
Forward foreign currency exchange contracts	47,713
Translation of assets and liabilities in foreign currencies	(57)
	41,093,145

Net realized and unrealized gain (loss)	61,052,477

Net Increase (Decrease) in Net Assets Resulting from Operations	$	60,968,109

(1)Amount consists of $33,419, $1,522 and $141,645 for Class I, Class II and Class Y, respectively.

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED JUNE 30, 2023 (UNAUDITED) AND YEAR ENDED DECEMBER 31, 2022
Increase (Decrease) in Net Assets	June 30, 2023		December 31, 2022
Operations
Net investment income (loss)	$	(84,368)	$	(903,544)
Net realized gain (loss)	19,959,332		(62,327)
Change in net unrealized appreciation (depreciation)	41,093,145		(179,208,357)
Net increase (decrease) in net assets resulting from operations	60,968,109		(180,174,228)

Distributions to Shareholders
From earnings:
Class I	(123,093)		(12,876,968)
Class II	(5,824)		(578,124)
Class Y	(510,337)		(54,098,814)
Decrease in net assets from distributions	(639,254)		(67,553,906)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	(25,262,210)		19,348,259

Net increase (decrease) in net assets	35,066,645		(228,379,875)

Net Assets
Beginning of period	426,078,664		654,458,539
End of period	$	461,145,309	$	426,078,664

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2023 (UNAUDITED)

1. Organization

American Century Variable Portfolios, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. VP Capital Appreciation Fund (the fund) is one fund in a series issued by the corporation. The fund’s investment objective is to seek capital growth. The fund offers Class I, Class II and Class Y.

2. Significant Accounting Policies

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Forward foreign currency exchange contracts are valued at the mean of the appropriate forward exchange rate at the close of the NYSE as provided by an independent pricing service.

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Securities lending income is net of fees and rebates earned by the lending agent for its services.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that ACIM has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

Joint Trading Account — Pursuant to an Exemptive Order issued by the Securities and Exchange Commission, the fund, along with certain other funds in the American Century Investments family of funds, may transfer uninvested cash balances into a joint trading account. These balances are invested in one or more repurchase agreements that are collateralized by U.S. Treasury or Agency obligations.

Distributions to Shareholders — Distributions from net investment income and net realized gains, if any, are generally declared and paid annually.

Securities Lending — Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of June 30, 2023.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	1,004,671	—	—	—	$	1,004,671
Gross amount of recognized liabilities for securities lending transactions						$	1,004,671

(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The rate of the fee is determined by applying a fee rate calculation formula. This formula takes into account the fund's assets as well as certain assets, if any, of other clients of the investment advisor outside the American Century Investments family of funds (such as subadvised funds and separate accounts), as well as exchange-traded funds managed by the investment advisor, that use very similar investment teams and strategies (strategy assets). During the period ended June 30, 2023, the investment advisor agreed to waive 0.08% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2024 and cannot terminate it prior to such date without the approval of the Board of Directors.

The management fee schedule range and the effective annual management fee before and after waiver for each class for the period ended June 30, 2023 are as follows:


		Effective Annual Management Fee
	Management Fee Schedule Range	Before Waiver	After Waiver
Class I	0.90% to 1.00%	1.00%	0.92%
Class II	0.80% to 0.90%	0.90%	0.82%
Class Y	0.55% to 0.65%	0.65%	0.57%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended June 30, 2023 were $126,998,288 and $155,200,342, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Six months ended June 30, 2023			Year ended December 31, 2022
	Shares	Amount		Shares	Amount
Class I/Shares Authorized	195,000,000			195,000,000
Sold	182,767	$	2,300,635	455,200	$	6,010,537
Issued in reinvestment of distributions	9,959	123,093		889,908	12,876,968
Redeemed	(400,099)	(5,078,467)		(1,064,655)	(13,553,429)
	(207,373)	(2,654,739)		280,453	5,334,076
Class II/Shares Authorized	25,000,000			25,000,000
Sold	39,188	472,559		82,620	1,039,983
Issued in reinvestment of distributions	482	5,824		40,799	578,124
Redeemed	(73,794)	(920,069)		(112,685)	(1,427,526)
	(34,124)	(441,686)		10,734	190,581
Class Y/Shares Authorized	180,000,000			180,000,000
Sold	163,078	2,119,575		475,060	6,084,883
Issued in reinvestment of distributions	40,279	510,337		3,662,750	54,098,814
Redeemed	(1,911,889)	(24,795,697)		(3,480,760)	(46,360,095)
	(1,708,532)	(22,165,785)		657,050	13,823,602
Net increase (decrease)	(1,950,029)	$	(25,262,210)	948,237	$	19,348,259

6. Fair Value Measurements

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund's portfolio holdings.


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks	$	441,949,582	$	8,197,814	—
Short-Term Investments	1,027,324		13,655,299		—
	$	442,976,906	$	21,853,113	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	24,017	—

Liabilities
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	724	—

7. Derivative Instruments

The value of foreign currency risk derivative instruments as of June 30, 2023, is disclosed on the Statement of Assets and Liabilities as an asset of $24,017 in unrealized appreciation on forward foreign currency exchange contracts and a liability of $724 in unrealized depreciation on forward foreign currency exchange contracts. For the six months ended June 30, 2023, the effect of foreign currency risk derivative instruments on the Statement of Operations was $(169,888) in net realized gain (loss) on forward foreign currency exchange contract transactions and $47,713 in change in net unrealized appreciation (depreciation) on forward foreign currency exchange contracts.

8. Risk Factors

The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

9. Federal Tax Information

As of period end, the components of investments for federal income tax purposes were as follows:


Federal tax cost of investments	$	378,928,836
Gross tax appreciation of investments	$	109,149,532
Gross tax depreciation of investments	(23,248,349)
Net tax appreciation (depreciation) of investments	$	85,901,183

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on wash sales.

As of December 31, 2022, the fund had late-year ordinary loss deferrals of $(1,612), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.


Financial Highlights


For a Share Outstanding Throughout the Years Ended December 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Class I
2023(3)	$11.80	(0.02)	1.73	1.71	—	(0.02)	(0.02)	$13.49	14.49%	0.92%(4)	1.00%(4)	(0.31)%(4)	(0.39)%(4)	29%	$88,300
2022	$18.71	(0.06)	(4.83)	(4.89)	—	(2.02)	(2.02)	$11.80	(28.11)%	0.92%	1.00%	(0.47)%	(0.55)%	52%	$79,646
2021	$19.27	(0.12)	1.97	1.85	—	(2.41)	(2.41)	$18.71	11.16%	0.91%	0.99%	(0.65)%	(0.73)%	41%	$121,050
2020	$15.96	(0.06)	5.21	5.15	—	(1.84)	(1.84)	$19.27	42.46%	0.90%	1.00%	(0.41)%	(0.51)%	83%	$119,549
2019	$14.17	(0.03)	4.65	4.62	—	(2.83)	(2.83)	$15.96	35.56%	0.88%	1.00%	(0.18)%	(0.30)%	94%	$90,134
2018	$15.03	(0.05)	(0.73)	(0.78)	—	(0.08)	(0.08)	$14.17	(5.20)%	0.93%	1.00%	(0.29)%	(0.36)%	103%	$145,373
Class II
2023(3)	$11.54	(0.03)	1.70	1.67	—	(0.02)	(0.02)	$13.19	14.47%	1.07%(4)	1.15%(4)	(0.46)%(4)	(0.54)%(4)	29%	$3,629
2022	$18.37	(0.08)	(4.73)	(4.81)	—	(2.02)	(2.02)	$11.54	(28.25)%	1.07%	1.15%	(0.62)%	(0.70)%	52%	$3,569
2021	$18.99	(0.14)	1.93	1.79	—	(2.41)	(2.41)	$18.37	11.05%	1.06%	1.14%	(0.80)%	(0.88)%	41%	$5,485
2020	$15.78	(0.08)	5.13	5.05	—	(1.84)	(1.84)	$18.99	42.29%	1.05%	1.15%	(0.56)%	(0.66)%	83%	$2,235
2019	$14.06	(0.05)	4.60	4.55	—	(2.83)	(2.83)	$15.78	35.32%	1.03%	1.15%	(0.33)%	(0.45)%	94%	$1,411
2018	$14.94	(0.07)	(0.73)	(0.80)	—	(0.08)	(0.08)	$14.06	(5.36)%	1.08%	1.15%	(0.44)%	(0.51)%	103%	$1,053


For a Share Outstanding Throughout the Years Ended December 31 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations*:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Class Y
2023(3)	$12.07	—(5)	1.78	1.78	—	(0.02)	(0.02)	$13.83	14.75%	0.57%(4)	0.65%(4)	0.04%(4)	(0.04)%(4)	29%	$369,217
2022	$19.03	(0.02)	(4.92)	(4.94)	—	(2.02)	(2.02)	$12.07	(27.92)%	0.57%	0.65%	(0.12)%	(0.20)%	52%	$342,863
2021	$19.50	(0.06)	2.00	1.94	—	(2.41)	(2.41)	$19.03	11.57%	0.56%	0.64%	(0.30)%	(0.38)%	41%	$527,924
2020	$16.09	(0.01)	5.28	5.27	(0.02)	(1.84)	(1.86)	$19.50	43.00%	0.55%	0.65%	(0.06)%	(0.16)%	83%	$550,919
2019	$14.23	0.03	4.67	4.70	(0.01)	(2.83)	(2.84)	$16.09	36.02%	0.53%	0.65%	0.17%	0.05%	94%	$427,083
2018	$15.05	0.01	(0.75)	(0.74)	—	(0.08)	(0.08)	$14.23	(4.92)%	0.58%	0.65%	0.06%	(0.01)%	103%	$318,830


Notes to Financial Highlights

(1)Computed using average shares outstanding throughout the period.

(3)Six months ended June 30, 2023 (unaudited).

(4)Annualized.

(5)Per-share amount was less than $0.005.

See Notes to Financial Statements.


Approval of Management Agreement