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:

06-30-2021

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Semiannual Report

			June 30, 2021

			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			25
Statement of Operations			26
Statement of Changes in Net Assets			27
Notes to Financial Statements			28
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, 2021
Types of Investments in Portfolio			% of net assets
Common Stocks			59.1%
U.S. Treasury Securities			16.8%
Corporate Bonds			9.9%
U.S. Government Agency Mortgage-Backed Securities			5.9%
Collateralized Mortgage Obligations			2.7%
Asset-Backed Securities			1.9%
Collateralized Loan Obligations			1.7%
Municipal Securities			0.6%
Exchange-Traded Funds			0.4%
U.S. Government Agency Securities			0.2%
Commercial Mortgage-Backed Securities			0.1%
Bank Loan Obligations			0.1%
Sovereign Governments and Agencies			—*
Temporary Cash Investments			3.4%
Other Assets and Liabilities			(2.8)%

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


Top Five Common Stocks Industries*			% of net assets
Software			6.1%
Semiconductors and Semiconductor Equipment			5.3%
Technology Hardware, Storage and Peripherals			4.1%
IT Services			3.9%
Health Care Providers and Services			3.5%
*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, 2021 to June 30, 2021.

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 1/1/21	Ending Account Value 6/30/21	Expenses Paid During Period(1) 1/1/21 - 6/30/21	Annualized Expense Ratio(1)
Actual
Class I	$1,000	$1,084.30	$4.39	0.85%
Class II	$1,000	$1,082.90	$5.68	1.10%
Hypothetical
Class I	$1,000	$1,020.58	$4.26	0.85%
Class II	$1,000	$1,019.34	$5.51	1.10%

(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, 2021 (UNAUDITED)


	Shares/ Principal Amount	Value
COMMON STOCKS — 59.1%
Aerospace and Defense — 1.3%
Boeing Co. (The)(1)	2,898	$	694,245
Huntington Ingalls Industries, Inc.	4,782	1,007,807
Northrop Grumman Corp.	5,315	1,931,630
Textron, Inc.	14,842	1,020,684
		4,654,366
Air Freight and Logistics — 0.8%
FedEx Corp.	9,372	2,795,949
Auto Components — 0.4%
Magna International, Inc.	15,517	1,437,495
Automobiles — 1.7%
Ford Motor Co.(1)	178,379	2,650,712
General Motors Co.(1)	17,788	1,052,516
Tesla, Inc.(1)	4,014	2,728,316
		6,431,544
Banks — 1.9%
Bank of America Corp.	66,129	2,726,499
Citigroup, Inc.	12,552	888,054
JPMorgan Chase & Co.	8,499	1,321,934
Wells Fargo & Co.	49,106	2,224,011
		7,160,498
Biotechnology — 2.3%
AbbVie, Inc.	23,422	2,638,254
Exelixis, Inc.(1)	51,479	937,947
Incyte Corp.(1)	9,937	836,000
Moderna, Inc.(1)	9,465	2,224,086
Vertex Pharmaceuticals, Inc.(1)	8,732	1,760,633
		8,396,920
Building Products — 1.0%
AO Smith Corp.	12,928	931,592
Masco Corp.	14,051	827,744
Owens Corning	19,192	1,878,897
		3,638,233
Capital Markets — 1.4%
Cboe Global Markets, Inc.	8,187	974,662
Charles Schwab Corp. (The)	15,926	1,159,572
Goldman Sachs Group, Inc. (The)	2,248	853,184
Morgan Stanley	24,122	2,211,746
		5,199,164
Chemicals — 1.0%
Chemours Co. (The)	28,718	999,386
Eastman Chemical Co.	11,336	1,323,478
Sherwin-Williams Co. (The)	4,591	1,250,818
		3,573,682
Commercial Services and Supplies — 0.3%
Waste Management, Inc.	8,551	1,198,081


	Shares/ Principal Amount	Value
Communications Equipment — 0.5%
Cisco Systems, Inc.	27,034	$	1,432,802
Motorola Solutions, Inc.	2,120	459,722
		1,892,524
Construction and Engineering — 0.6%
EMCOR Group, Inc.	6,599	812,931
MasTec, Inc.(1)	14,606	1,549,696
		2,362,627
Consumer Finance — 0.5%
Synchrony Financial	34,418	1,669,961
Containers and Packaging — 0.3%
WestRock Co.	19,930	1,060,675
Distributors — 0.2%
LKQ Corp.(1)	13,167	648,080
Diversified Financial Services — 0.7%
Berkshire Hathaway, Inc., Class B(1)	9,722	2,701,938
Diversified Telecommunication Services — 0.3%
Lumen Technologies, Inc.	71,906	977,203
Electrical Equipment — 1.1%
Eaton Corp. plc	13,211	1,957,606
nVent Electric plc	29,161	910,990
Regal Beloit Corp.	7,600	1,014,676
		3,883,272
Electronic Equipment, Instruments and Components — 0.3%
SYNNEX Corp.	10,229	1,245,483
Entertainment — 0.8%
Electronic Arts, Inc.	7,315	1,052,117
Take-Two Interactive Software, Inc.(1)	5,164	914,131
Walt Disney Co. (The)(1)	5,508	968,141
		2,934,389
Equity Real Estate Investment Trusts (REITs) — 1.0%
Iron Mountain, Inc.	1,895	80,197
Prologis, Inc.	19,606	2,343,505
Simon Property Group, Inc.	9,213	1,202,112
		3,625,814
Food and Staples Retailing — 0.3%
Walmart, Inc.	7,528	1,061,599
Food Products — 0.7%
Tyson Foods, Inc., Class A	36,011	2,656,171
Health Care Equipment and Supplies — 0.7%
Danaher Corp.	8,999	2,414,972
Health Care Providers and Services — 3.5%
AMN Healthcare Services, Inc.(1)	15,009	1,455,573
CVS Health Corp.	13,953	1,164,238
HCA Healthcare, Inc.	14,476	2,992,768
Humana, Inc.	4,191	1,855,440
Laboratory Corp. of America Holdings(1)	134	36,964
McKesson Corp.	9,384	1,794,596
Molina Healthcare, Inc.(1)	5,302	1,341,724
UnitedHealth Group, Inc.	5,791	2,318,948
		12,960,251


	Shares/ Principal Amount	Value
Health Care Technology — 0.2%
Cerner Corp.	10,587	$	827,480
Hotels, Restaurants and Leisure — 0.2%
Yum! Brands, Inc.	6,943	798,653
Household Durables — 0.5%
Mohawk Industries, Inc.(1)	8,879	1,706,455
Industrial Conglomerates — 0.5%
3M Co.	10,012	1,988,684
Interactive Media and Services — 3.4%
Alphabet, Inc., Class A(1)	3,031	7,401,066
Facebook, Inc., Class A(1)	15,148	5,267,111
		12,668,177
Internet and Direct Marketing Retail — 1.9%
Amazon.com, Inc.(1)	2,053	7,062,648
IT Services — 3.9%
Accenture plc, Class A	15,693	4,626,140
Akamai Technologies, Inc.(1)	19,158	2,233,823
Amdocs Ltd.	19,370	1,498,463
Cognizant Technology Solutions Corp., Class A	13,342	924,067
International Business Machines Corp.	14,887	2,182,285
PayPal Holdings, Inc.(1)	9,880	2,879,822
		14,344,600
Leisure Products — 0.2%
Polaris, Inc.	4,065	556,742
Machinery — 0.5%
AGCO Corp.	6,042	787,756
Timken Co. (The)	14,721	1,186,365
		1,974,121
Media — 2.2%
Altice USA, Inc., Class A(1)	57,989	1,979,744
AMC Networks, Inc., Class A(1)	7,895	527,386
Charter Communications, Inc., Class A(1)	3,152	2,274,010
Comcast Corp., Class A	58,982	3,363,154
		8,144,294
Multiline Retail — 0.8%
Target Corp.	12,685	3,066,472
Oil, Gas and Consumable Fuels — 0.7%
Chevron Corp.	23,948	2,508,314
Paper and Forest Products — 0.1%
Louisiana-Pacific Corp.	6,432	387,785
Pharmaceuticals — 1.5%
Bristol-Myers Squibb Co.	43,087	2,879,073
Johnson & Johnson	5,411	891,408
Pfizer, Inc.	44,246	1,732,674
		5,503,155
Professional Services — 0.2%
Robert Half International, Inc.	6,131	545,475
Road and Rail — 0.4%
Landstar System, Inc.	2,427	383,514
Ryder System, Inc.	16,312	1,212,471
		1,595,985


	Shares/ Principal Amount		Value
Semiconductors and Semiconductor Equipment — 5.3%
Applied Materials, Inc.	20,377		$	2,901,685
Broadcom, Inc.	6,076		2,897,280
Intel Corp.	35,306		1,982,079
Micron Technology, Inc.(1)	25,004		2,124,840
NVIDIA Corp.	1,501		1,200,950
NXP Semiconductors NV	12,285		2,527,270
Qorvo, Inc.(1)	9,172		1,794,502
QUALCOMM, Inc.	16,411		2,345,624
STMicroelectronics NV, (New York)	18,407		669,647
Synaptics, Inc.(1)	6,847		1,065,256
			19,509,133
Software — 6.1%
Adobe, Inc.(1)	386		226,057
Autodesk, Inc.(1)	3,169		925,031
Dropbox, Inc., Class A(1)	39,364		1,193,123
Fortinet, Inc.(1)	5,653		1,346,488
HubSpot, Inc.(1)	1,507		878,159
Microsoft Corp.	47,295		12,812,215
Oracle Corp. (New York)	32,976		2,566,852
Palo Alto Networks, Inc.(1)	2,213		821,134
salesforce.com, Inc.(1)	7,679		1,875,749
			22,644,808
Specialty Retail — 2.7%
AutoNation, Inc.(1)	6,771		641,958
Best Buy Co., Inc.	17,096		1,965,698
Home Depot, Inc. (The)	9,389		2,994,058
L Brands, Inc.	8,794		633,696
Lithia Motors, Inc., Class A	2,324		798,619
Lowe's Cos., Inc.	10,611		2,058,216
RH(1)	841		571,039
Williams-Sonoma, Inc.	2,640		421,476
			10,084,760
Technology Hardware, Storage and Peripherals — 4.1%
Apple, Inc.	77,226		10,576,873
HP, Inc.	34,440		1,039,744
Logitech International SA	6,934		838,459
NetApp, Inc.	11,100		908,202
Seagate Technology Holdings plc	20,324		1,787,089
			15,150,367
Textiles, Apparel and Luxury Goods — 0.1%
Crocs, Inc.(1)	4,419		514,902
TOTAL COMMON STOCKS (Cost $166,652,521)			218,163,901
U.S. TREASURY SECURITIES — 16.8%
U.S. Treasury Bonds, 5.00%, 5/15/37	$	100,000	145,773
U.S. Treasury Bonds, 3.50%, 2/15/39	500,000		625,605
U.S. Treasury Bonds, 4.625%, 2/15/40	600,000		861,469
U.S. Treasury Bonds, 1.875%, 2/15/41	1,900,000		1,860,516
U.S. Treasury Bonds, 2.25%, 5/15/41	400,000		416,313
U.S. Treasury Bonds, 3.125%, 11/15/41	100,000		119,242
U.S. Treasury Bonds, 3.00%, 5/15/42	1,700,000		1,990,594


	Shares/ Principal Amount		Value
U.S. Treasury Bonds, 2.75%, 11/15/42	$	550,000	$	619,545
U.S. Treasury Bonds, 2.875%, 5/15/43	300,000		345,117
U.S. Treasury Bonds, 3.625%, 2/15/44	100,000		129,285
U.S. Treasury Bonds, 2.50%, 2/15/45	1,400,000		1,515,172
U.S. Treasury Bonds, 3.00%, 5/15/45	200,000		235,922
U.S. Treasury Bonds, 3.00%, 11/15/45	200,000		236,523
U.S. Treasury Bonds, 2.50%, 2/15/46	100,000		108,359
U.S. Treasury Bonds, 2.25%, 8/15/46	400,000		413,719
U.S. Treasury Bonds, 2.75%, 8/15/47	100,000		113,781
U.S. Treasury Bonds, 3.375%, 11/15/48	1,160,000		1,481,538
U.S. Treasury Bonds, 2.25%, 8/15/49	400,000		414,500
U.S. Treasury Bonds, 2.375%, 11/15/49	550,000		585,836
U.S. Treasury Bonds, 2.00%, 2/15/50	200,000		196,547
U.S. Treasury Bonds, 1.875%, 2/15/51	100,000		95,469
U.S. Treasury Bonds, 2.375%, 5/15/51	1,500,000		1,601,836
U.S. Treasury Inflation Indexed Notes, 0.125%, 10/15/25	1,337,999		1,456,592
U.S. Treasury Inflation Indexed Notes, 0.25%, 7/15/29	835,216		929,858
U.S. Treasury Inflation Indexed Notes, 0.125%, 7/15/30	2,708,134		2,989,971
U.S. Treasury Inflation Indexed Notes, 0.125%, 1/15/31	1,641,408		1,807,934
U.S. Treasury Notes, 0.125%, 2/28/23	700,000		699,207
U.S. Treasury Notes, 0.50%, 3/15/23	4,600,000		4,623,988
U.S. Treasury Notes, 0.25%, 4/15/23	100,000		100,068
U.S. Treasury Notes, 0.125%, 5/31/23	700,000		698,551
U.S. Treasury Notes, 1.375%, 9/30/23	1,300,000		1,331,586
U.S. Treasury Notes, 0.25%, 11/15/23	2,000,000		1,997,031
U.S. Treasury Notes, 2.875%, 11/30/23	3,400,000		3,608,648
U.S. Treasury Notes, 0.125%, 12/15/23	2,500,000		2,487,305
U.S. Treasury Notes, 0.125%, 1/15/24	1,000,000		994,102
U.S. Treasury Notes, 2.375%, 2/29/24	400,000		421,156
U.S. Treasury Notes, 0.25%, 3/15/24	4,500,000		4,482,773
U.S. Treasury Notes, 0.375%, 4/15/24	1,000,000		998,906
U.S. Treasury Notes, 1.125%, 2/28/25	2,200,000		2,240,648
U.S. Treasury Notes, 0.25%, 5/31/25	200,000		196,680
U.S. Treasury Notes, 0.25%, 8/31/25	2,200,000		2,156,258
U.S. Treasury Notes, 2.625%, 12/31/25	900,000		973,125
U.S. Treasury Notes, 0.375%, 1/31/26	300,000		294,035
U.S. Treasury Notes, 0.50%, 2/28/26	500,000		492,510
U.S. Treasury Notes, 1.375%, 8/31/26	1,300,000		1,331,129
U.S. Treasury Notes, 1.625%, 10/31/26(2)	1,300,000		1,346,770
U.S. Treasury Notes, 1.75%, 12/31/26	700,000		729,750
U.S. Treasury Notes, 1.50%, 1/31/27	100,000		102,824
U.S. Treasury Notes, 1.125%, 2/28/27	1,900,000		1,914,027
U.S. Treasury Notes, 0.625%, 3/31/27	1,300,000		1,272,172
U.S. Treasury Notes, 0.50%, 4/30/27	1,500,000		1,455,176
U.S. Treasury Notes, 0.50%, 6/30/27	200,000		193,484
U.S. Treasury Notes, 0.50%, 8/31/27	800,000		771,625
U.S. Treasury Notes, 0.625%, 12/31/27	1,600,000		1,547,188
U.S. Treasury Notes, 1.25%, 4/30/28	900,000		902,953
U.S. Treasury Notes, 1.125%, 2/15/31	200,000		194,188
U.S. Treasury Notes, 1.625%, 5/15/31	300,000		304,641
TOTAL U.S. TREASURY SECURITIES (Cost $60,745,437)			62,159,520


	Shares/ Principal Amount		Value
CORPORATE BONDS — 9.9%
Aerospace and Defense — 0.2%
Boeing Co. (The), 2.20%, 2/4/26	$	150,000	$	151,458
Boeing Co. (The), 5.81%, 5/1/50	80,000		107,907
Lockheed Martin Corp., 3.80%, 3/1/45	20,000		23,325
Raytheon Technologies Corp., 4.125%, 11/16/28	210,000		241,783
Teledyne Technologies, Inc., 2.25%, 4/1/28	100,000		101,891
			626,364
Airlines — 0.1%
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/25(3)	204,000		219,319
Southwest Airlines Co., 5.125%, 6/15/27	166,000		195,403
			414,722
Automobiles — 0.2%
General Motors Co., 5.15%, 4/1/38	100,000		122,253
General Motors Financial Co., Inc., 2.75%, 6/20/25	274,000		288,630
General Motors Financial Co., Inc., 2.70%, 8/20/27	156,000		162,286
General Motors Financial Co., Inc., 2.70%, 6/10/31	81,000		81,464
Toyota Motor Credit Corp., MTN, 1.90%, 4/6/28	140,000		142,727
			797,360
Banks — 1.2%
Banco Santander SA, 2.96%, 3/25/31	200,000		206,219
Bank of America Corp., MTN, 4.18%, 11/25/27	90,000		100,887
Bank of America Corp., MTN, VRN, 2.09%, 6/14/29	225,000		227,040
Bank of America Corp., MTN, VRN, 2.68%, 6/19/41	375,000		364,495
Bank of America Corp., VRN, 3.42%, 12/20/28	255,000		277,908
Barclays plc, 5.20%, 5/12/26	200,000		228,953
BNP Paribas SA, VRN, 4.375%, 3/1/33(3)	200,000		221,250
Citigroup, Inc., VRN, 1.46%, 6/9/27	210,000		209,344
Citigroup, Inc., VRN, 3.52%, 10/27/28	346,000		379,121
Citigroup, Inc., VRN, 2.57%, 6/3/31	225,000		231,532
FNB Corp., 2.20%, 2/24/23	140,000		142,269
HSBC Holdings plc, VRN, 1.59%, 5/24/27	200,000		200,536
HSBC Holdings plc, VRN, 2.80%, 5/24/32	80,000		82,160
JPMorgan Chase & Co., VRN, 1.58%, 4/22/27	105,000		105,593
JPMorgan Chase & Co., VRN, 2.18%, 6/1/28	180,000		184,445
JPMorgan Chase & Co., VRN, 2.07%, 6/1/29	150,000		151,325
JPMorgan Chase & Co., VRN, 3.16%, 4/22/42	255,000		265,730
PNC Bank N.A., 4.05%, 7/26/28	250,000		289,578
SVB Financial Group, 2.10%, 5/15/28	170,000		172,598
Truist Financial Corp., MTN, VRN, 1.89%, 6/7/29	70,000		70,280
Wells Fargo & Co., MTN, VRN, 2.39%, 6/2/28	140,000		145,290
Wells Fargo & Co., VRN, 2.19%, 4/30/26	19,000		19,734
Wells Fargo & Co., VRN, 3.07%, 4/30/41	210,000		215,805
			4,492,092
Beverages — 0.1%
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 4.90%, 2/1/46	155,000		196,535
Anheuser-Busch InBev Worldwide, Inc., 4.75%, 1/23/29	240,000		286,151
			482,686
Biotechnology — 0.2%
AbbVie, Inc., 3.20%, 11/21/29	145,000		157,598
AbbVie, Inc., 4.55%, 3/15/35	10,000		12,156


	Shares/ Principal Amount		Value
AbbVie, Inc., 4.40%, 11/6/42	$	80,000	$	97,270
Gilead Sciences, Inc., 3.65%, 3/1/26	250,000		275,747
Gilead Sciences, Inc., 1.20%, 10/1/27	40,000		39,021
			581,792
Building Products†
Lennox International, Inc., 1.70%, 8/1/27	50,000		50,036
Capital Markets — 0.8%
Ares Capital Corp., 2.875%, 6/15/28	132,000		134,189
Bain Capital Specialty Finance, Inc., 2.95%, 3/10/26	200,000		204,950
Blackstone Secured Lending Fund, 2.75%, 9/16/26(3)	140,000		141,973
Blue Owl Finance LLC, 3.125%, 6/10/31(3)	150,000		149,184
CI Financial Corp., 4.10%, 6/15/51	170,000		178,007
FS KKR Capital Corp., 3.40%, 1/15/26	250,000		258,639
FS KKR Capital Corp., 2.625%, 1/15/27	60,000		59,394
Goldman Sachs Group, Inc. (The), VRN, 1.43%, 3/9/27	470,000		468,877
Goldman Sachs Group, Inc. (The), VRN, 3.21%, 4/22/42	80,000		83,803
Golub Capital BDC, Inc., 2.50%, 8/24/26	145,000		145,913
Macquarie Group Ltd., VRN, 1.63%, 9/23/27(3)	60,000		59,619
Morgan Stanley, VRN, 1.59%, 5/4/27	410,000		413,080
Morgan Stanley, VRN, 3.22%, 4/22/42	46,000		48,815
Owl Rock Capital Corp., 3.40%, 7/15/26	110,000		114,752
Owl Rock Technology Finance Corp., 4.75%, 12/15/25(3)	111,000		122,169
Owl Rock Technology Finance Corp., 3.75%, 6/17/26(3)	70,000		73,676
Owl Rock Technology Finance Corp., 2.50%, 1/15/27	180,000		177,935
Prospect Capital Corp., 3.71%, 1/22/26	145,000		149,095
			2,984,070
Chemicals — 0.1%
Dow Chemical Co. (The), 3.60%, 11/15/50	140,000		151,547
International Flavors & Fragrances, Inc., 1.83%, 10/15/27(3)	59,000		58,888
			210,435
Commercial Services and Supplies — 0.2%
Republic Services, Inc., 2.30%, 3/1/30	115,000		116,920
Sodexo, Inc., 2.72%, 4/16/31(3)	310,000		316,555
Waste Connections, Inc., 2.60%, 2/1/30	100,000		103,444
Waste Management, Inc., 2.50%, 11/15/50	50,000		46,971
			583,890
Construction and Engineering†
Quanta Services, Inc., 2.90%, 10/1/30	61,000		63,332
Construction Materials†
Eagle Materials, Inc., 2.50%, 7/1/31(4)	76,000		75,392
Consumer Finance — 0.1%
Avolon Holdings Funding Ltd., 4.25%, 4/15/26(3)	150,000		162,679
Avolon Holdings Funding Ltd., 4.375%, 5/1/26(3)	150,000		163,211
			325,890
Containers and Packaging — 0.1%
Amcor Flexibles North America, Inc., 2.69%, 5/25/31	110,000		112,428
Berry Global, Inc., 1.57%, 1/15/26(3)	160,000		160,256
WRKCo, Inc., 3.00%, 9/15/24	72,000		76,307
			348,991
Diversified Consumer Services — 0.1%
Duke University, 3.30%, 10/1/46	110,000		122,179
Novant Health, Inc., 3.17%, 11/1/51	85,000		89,430


	Shares/ Principal Amount		Value
Pepperdine University, 3.30%, 12/1/59	$	105,000	$	105,779
			317,388
Diversified Financial Services — 0.2%
Block Financial LLC, 2.50%, 7/15/28	120,000		120,678
Deutsche Bank AG, VRN, 3.04%, 5/28/32	300,000		305,705
GE Capital Funding LLC, 4.40%, 5/15/30	200,000		233,232
			659,615
Diversified Telecommunication Services — 0.4%
AT&T, Inc., 2.55%, 12/1/33(3)	192,000		190,409
AT&T, Inc., 3.55%, 9/15/55(3)	344,000		345,654
Telefonica Emisiones SA, 4.90%, 3/6/48	320,000		384,219
Verizon Communications, Inc., 4.33%, 9/21/28	103,000		119,917
Verizon Communications, Inc., 1.75%, 1/20/31	235,000		225,377
Verizon Communications, Inc., 2.65%, 11/20/40	201,000		193,788
Verizon Communications, Inc., 2.99%, 10/30/56	80,000		75,332
			1,534,696
Electric Utilities — 0.7%
AEP Texas, Inc., 2.10%, 7/1/30	130,000		127,622
Baltimore Gas and Electric Co., 2.25%, 6/15/31	81,000		81,877
Berkshire Hathaway Energy Co., 3.50%, 2/1/25	190,000		205,340
Berkshire Hathaway Energy Co., 3.80%, 7/15/48	40,000		45,919
Commonwealth Edison Co., 3.20%, 11/15/49	115,000		122,282
DTE Electric Co., 2.25%, 3/1/30	110,000		113,043
Duke Energy Carolinas LLC, 2.55%, 4/15/31	54,000		56,116
Duke Energy Corp., 2.55%, 6/15/31	150,000		152,114
Duke Energy Florida LLC, 1.75%, 6/15/30	120,000		117,699
Duke Energy Florida LLC, 3.85%, 11/15/42	30,000		34,745
Duke Energy Progress LLC, 4.15%, 12/1/44	115,000		139,427
Entergy Arkansas LLC, 2.65%, 6/15/51	60,000		57,036
Exelon Corp., 4.45%, 4/15/46	60,000		72,967
Florida Power & Light Co., 4.125%, 2/1/42	69,000		84,588
Indiana Michigan Power Co., 3.25%, 5/1/51	57,000		59,858
MidAmerican Energy Co., 4.40%, 10/15/44	110,000		136,400
NextEra Energy Capital Holdings, Inc., 3.55%, 5/1/27	50,000		55,293
Northern States Power Co., 3.20%, 4/1/52	90,000		96,310
Pacific Gas and Electric Co., 4.20%, 6/1/41	55,000		54,314
PacifiCorp, 3.30%, 3/15/51	100,000		106,333
Public Service Co. of Colorado, 1.875%, 6/15/31	108,000		107,548
Southern Co. Gas Capital Corp., 1.75%, 1/15/31	120,000		113,731
Southern Co. Gas Capital Corp., 3.95%, 10/1/46	25,000		27,888
Virginia Electric and Power Co., 2.45%, 12/15/50	146,000		134,821
Xcel Energy, Inc., 3.40%, 6/1/30	120,000		131,744
			2,435,015
Electronic Equipment, Instruments and Components†
Vontier Corp., 1.80%, 4/1/26(3)	65,000		64,721
Energy Equipment and Services†
Baker Hughes a GE Co. LLC / Baker Hughes Co-Obligor, Inc., 3.14%, 11/7/29	42,000		45,276
Entertainment†
Netflix, Inc., 4.875%, 4/15/28	99,000		115,214
Equity Real Estate Investment Trusts (REITs) — 0.9%
Agree LP, 2.00%, 6/15/28	200,000		198,572


	Shares/ Principal Amount		Value
American Homes 4 Rent LP, 2.375%, 7/15/31(4)	$	40,000	$	39,563
American Homes 4 Rent LP, 3.375%, 7/15/51(4)	30,000		30,009
Corporate Office Properties LP, 2.75%, 4/15/31	57,000		57,504
Crown Castle International Corp., 3.80%, 2/15/28	196,000		217,930
EPR Properties, 4.75%, 12/15/26	94,000		102,021
EPR Properties, 4.95%, 4/15/28	243,000		262,692
Federal Realty Investment Trust, 3.625%, 8/1/46	150,000		155,800
GLP Capital LP / GLP Financing II, Inc., 5.375%, 4/15/26	120,000		138,425
Host Hotels & Resorts LP, 4.00%, 6/15/25	155,000		167,888
Hudson Pacific Properties LP, 3.25%, 1/15/30	133,000		140,518
Lexington Realty Trust, 2.70%, 9/15/30	175,000		178,155
National Health Investors, Inc., 3.00%, 2/1/31	305,000		295,586
Omega Healthcare Investors, Inc., 3.375%, 2/1/31	245,000		252,136
Spirit Realty LP, 3.20%, 1/15/27	51,000		54,340
Spirit Realty LP, 4.00%, 7/15/29	237,000		263,453
Spirit Realty LP, 3.20%, 2/15/31	40,000		41,779
STORE Capital Corp., 4.50%, 3/15/28	255,000		288,616
Sun Communities Operating LP, 2.70%, 7/15/31	72,000		72,150
Vornado Realty LP, 3.40%, 6/1/31	160,000		165,603
Welltower, Inc., 2.80%, 6/1/31	220,000		227,547
			3,350,287
Food and Staples Retailing — 0.1%
Kroger Co. (The), 3.875%, 10/15/46	100,000		110,460
Sysco Corp., 5.95%, 4/1/30	153,000		196,426
Walmart, Inc., 4.05%, 6/29/48	110,000		138,382
			445,268
Food Products — 0.1%
Mondelez International, Inc., 2.75%, 4/13/30	152,000		160,254
Health Care Equipment and Supplies†
Zimmer Biomet Holdings, Inc., 3.55%, 3/20/30	65,000		71,204
Health Care Providers and Services — 0.4%
Centene Corp., 2.45%, 7/15/28(4)	90,000		91,328
Centene Corp., 3.375%, 2/15/30	136,000		142,348
Cigna Corp., 2.40%, 3/15/30	130,000		132,745
CVS Health Corp., 4.30%, 3/25/28	130,000		149,465
CVS Health Corp., 1.75%, 8/21/30	100,000		96,526
CVS Health Corp., 4.78%, 3/25/38	30,000		36,962
DaVita, Inc., 4.625%, 6/1/30(3)	150,000		154,420
Duke University Health System, Inc., 3.92%, 6/1/47	30,000		36,203
HCA, Inc., 2.375%, 7/15/31	240,000		237,483
HCA, Inc., 3.50%, 7/15/51	120,000		120,167
Kaiser Foundation Hospitals, 3.00%, 6/1/51	105,000		108,686
Universal Health Services, Inc., 2.65%, 10/15/30(3)	150,000		151,017
			1,457,350
Hotels, Restaurants and Leisure — 0.1%
Marriott International, Inc., 2.85%, 4/15/31	80,000		81,317
Marriott International, Inc., 3.50%, 10/15/32	180,000		191,450
			272,767
Household Durables†
D.R. Horton, Inc., 5.75%, 8/15/23	35,000		38,405
D.R. Horton, Inc., 2.50%, 10/15/24	90,000		94,383
			132,788


	Shares/ Principal Amount		Value
Industrial Conglomerates†
General Electric Co., 4.35%, 5/1/50	$	90,000	$	109,005
Insurance — 0.5%
American International Group, Inc., 6.25%, 5/1/36	105,000		145,990
American International Group, Inc., 4.50%, 7/16/44	120,000		145,861
Athene Global Funding, 2.67%, 6/7/31(3)	300,000		304,251
Athene Holding Ltd., 3.95%, 5/25/51	122,000		131,107
Brighthouse Financial Global Funding, 2.00%, 6/28/28(3)	215,000		215,358
Equitable Financial Life Global Funding, 1.80%, 3/8/28(3)	100,000		99,559
Global Atlantic Fin Co., 3.125%, 6/15/31(3)	82,000		82,664
Nippon Life Insurance Co., VRN, 2.75%, 1/21/51(3)	200,000		196,250
Sammons Financial Group, Inc., 3.35%, 4/16/31(3)	192,000		197,819
SBL Holdings, Inc., 5.00%, 2/18/31(3)	105,000		113,247
Security Benefit Global Funding, 1.25%, 5/17/24(3)	190,000		190,393
			1,822,499
Internet and Direct Marketing Retail — 0.1%
Amazon.com, Inc., 2.10%, 5/12/31	200,000		203,494
Amazon.com, Inc., 2.875%, 5/12/41	165,000		170,448
			373,942
IT Services†
International Business Machines Corp., 2.85%, 5/15/40	114,000		116,123
Life Sciences Tools and Services — 0.1%
Agilent Technologies, Inc., 2.30%, 3/12/31	256,000		256,226
Illumina, Inc., 2.55%, 3/23/31	193,000		196,107
			452,333
Machinery†
Cummins, Inc., 2.60%, 9/1/50	90,000		86,209
Media — 0.4%
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.91%, 7/23/25	124,000		140,561
Charter Communications Operating LLC / Charter Communications Operating Capital, 3.50%, 6/1/41	133,000		134,119
Charter Communications Operating LLC / Charter Communications Operating Capital, 5.125%, 7/1/49	210,000		250,548
Comcast Corp., 3.40%, 4/1/30	264,000		291,674
Comcast Corp., 3.75%, 4/1/40	40,000		45,162
Cox Communications, Inc., 2.60%, 6/15/31(3)	93,000		94,498
Omnicom Group, Inc., 2.60%, 8/1/31	80,000		81,390
Time Warner Cable LLC, 4.50%, 9/15/42	205,000		228,500
ViacomCBS, Inc., 4.375%, 3/15/43	90,000		104,388
			1,370,840
Metals and Mining — 0.1%
Newcrest Finance Pty Ltd., 4.20%, 5/13/50(3)	50,000		57,419
Steel Dynamics, Inc., 3.45%, 4/15/30	70,000		76,342
Teck Resources Ltd., 3.90%, 7/15/30	50,000		53,948
Teck Resources Ltd., 6.25%, 7/15/41	120,000		157,087
			344,796
Multi-Utilities — 0.2%
Ameren Corp., 3.50%, 1/15/31	150,000		164,432
CenterPoint Energy, Inc., 4.25%, 11/1/28	126,000		145,019
CenterPoint Energy, Inc., 2.65%, 6/1/31	58,000		59,149
Dominion Energy, Inc., 4.90%, 8/1/41	90,000		114,004


	Shares/ Principal Amount		Value
NiSource, Inc., 5.65%, 2/1/45	$	105,000	$	145,187
Sempra Energy, 3.25%, 6/15/27	30,000		32,576
WEC Energy Group, Inc., 1.375%, 10/15/27	170,000		166,225
			826,592
Oil, Gas and Consumable Fuels — 0.6%
Aker BP ASA, 3.75%, 1/15/30(3)	150,000		162,025
BP Capital Markets America, Inc., 3.06%, 6/17/41	90,000		90,880
Chevron Corp., 2.00%, 5/11/27	70,000		72,297
Diamondback Energy, Inc., 3.50%, 12/1/29	150,000		160,714
Energy Transfer LP, 3.60%, 2/1/23	30,000		31,137
Energy Transfer LP, 4.25%, 3/15/23	110,000		115,466
Energy Transfer LP, 3.75%, 5/15/30	120,000		130,469
Energy Transfer LP, 4.90%, 3/15/35	95,000		110,161
Enterprise Products Operating LLC, 4.85%, 3/15/44	150,000		183,706
Equinor ASA, 3.25%, 11/18/49	70,000		74,581
Exxon Mobil Corp., 1.57%, 4/15/23	120,000		122,699
Flex Intermediate Holdco LLC, 3.36%, 6/30/31(3)	150,000		152,149
Kinder Morgan Energy Partners LP, 6.50%, 9/1/39	85,000		118,723
MPLX LP, 4.50%, 4/15/38	38,000		43,660
Petroleos Mexicanos, 3.50%, 1/30/23	80,000		81,779
Plains All American Pipeline LP / PAA Finance Corp., 3.80%, 9/15/30	130,000		139,288
Sabine Pass Liquefaction LLC, 5.625%, 3/1/25	230,000		263,065
Suncor Energy, Inc., 3.75%, 3/4/51	100,000		108,371
Transcontinental Gas Pipe Line Co. LLC, 3.25%, 5/15/30	80,000		86,691
			2,247,861
Paper and Forest Products†
Georgia-Pacific LLC, 2.10%, 4/30/27(3)	130,000		134,225
Pharmaceuticals — 0.1%
Astrazeneca Finance LLC, 1.75%, 5/28/28	35,000		35,023
Astrazeneca Finance LLC, 2.25%, 5/28/31	50,000		50,827
Bristol-Myers Squibb Co., 2.55%, 11/13/50	113,000		108,327
Royalty Pharma plc, 2.20%, 9/2/30(3)	75,000		73,626
Viatris, Inc., 2.70%, 6/22/30(3)	124,000		125,487
Viatris, Inc., 4.00%, 6/22/50(3)	43,000		45,553
			438,843
Real Estate Management and Development — 0.1%
Essential Properties LP, 2.95%, 7/15/31	160,000		160,207
Realogy Group LLC / Realogy Co-Issuer Corp., 5.75%, 1/15/29(3)	80,000		83,743
			243,950
Road and Rail — 0.3%
Ashtead Capital, Inc., 4.125%, 8/15/25(3)	200,000		205,125
Burlington Northern Santa Fe LLC, 4.15%, 4/1/45	105,000		127,944
Burlington Northern Santa Fe LLC, 3.30%, 9/15/51	70,000		76,607
CSX Corp., 3.25%, 6/1/27	120,000		131,757
DAE Funding LLC, 3.375%, 3/20/28(3)	215,000		220,464
Norfolk Southern Corp., 2.30%, 5/15/31	53,000		53,644
Union Pacific Corp., 2.40%, 2/5/30	80,000		82,760
Union Pacific Corp., 2.375%, 5/20/31	57,000		58,284
Union Pacific Corp., MTN, 3.55%, 8/15/39	160,000		178,204
			1,134,789


	Shares/ Principal Amount		Value
Semiconductors and Semiconductor Equipment — 0.1%
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.875%, 1/15/27	$	130,000	$	143,723
Microchip Technology, Inc., 4.25%, 9/1/25	269,000		282,494
			426,217
Software — 0.1%
Oracle Corp., 3.60%, 4/1/40	220,000		232,411
salesforce.com, Inc., 1.50%, 7/15/28(4)	140,000		139,820
salesforce.com, Inc., 2.70%, 7/15/41(4)	105,000		105,833
			478,064
Specialty Retail — 0.2%
Home Depot, Inc. (The), 2.50%, 4/15/27	140,000		149,278
Home Depot, Inc. (The), 2.375%, 3/15/51	270,000		250,253
Lowe's Cos., Inc., 1.30%, 4/15/28	130,000		126,949
Lowe's Cos., Inc., 2.625%, 4/1/31	130,000		134,475
			660,955
Technology Hardware, Storage and Peripherals — 0.3%
Apple, Inc., 2.65%, 2/8/51	300,000		293,896
Dell International LLC / EMC Corp., 4.90%, 10/1/26	185,000		213,712
EMC Corp., 3.375%, 6/1/23	285,000		296,689
HP, Inc., 2.65%, 6/17/31(3)	100,000		100,040
Western Digital Corp., 4.75%, 2/15/26	130,000		144,625
			1,048,962
Thrifts and Mortgage Finance†
PennyMac Financial Services, Inc., 4.25%, 2/15/29(3)	51,000		49,206
Trading Companies and Distributors — 0.1%
Aircastle Ltd., 5.25%, 8/11/25(3)	128,000		143,863
Transportation Infrastructure†
GXO Logistics, Inc., 2.65%, 7/15/31(3)(4)	75,000		74,491
Water Utilities — 0.1%
Essential Utilities, Inc., 2.70%, 4/15/30	150,000		155,906
Wireless Telecommunication Services — 0.2%
T-Mobile USA, Inc., 4.75%, 2/1/28	192,000		205,920
T-Mobile USA, Inc., 3.50%, 4/15/31	191,000		197,838
Vodafone Group plc, 4.375%, 2/19/43	115,000		134,532
Vodafone Group plc, VRN, 4.125%, 6/4/81	315,000		314,921
			853,211
TOTAL CORPORATE BONDS (Cost $35,600,489)			36,691,777
U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES — 5.9%
Adjustable-Rate U.S. Government Agency Mortgage-Backed Securities — 0.1%
FHLMC, VRN, 2.26%, (12-month LIBOR plus 1.87%), 7/1/36	4,642		4,922
FHLMC, VRN, 2.34%, (1-year H15T1Y plus 2.14%), 10/1/36	12,303		13,172
FHLMC, VRN, 2.43%, (1-year H15T1Y plus 2.26%), 4/1/37	15,255		16,257
FHLMC, VRN, 2.17%, (12-month LIBOR plus 1.78%), 2/1/38	6,286		6,676
FHLMC, VRN, 2.23%, (12-month LIBOR plus 1.87%), 6/1/38	3,603		3,763
FHLMC, VRN, 2.30%, (12-month LIBOR plus 1.78%), 9/1/40	2,887		3,007
FHLMC, VRN, 2.15%, (12-month LIBOR plus 1.88%), 5/1/41	2,279		2,379
FHLMC, VRN, 2.85%, (12-month LIBOR plus 1.86%), 7/1/41	7,056		7,503
FHLMC, VRN, 2.02%, (12-month LIBOR plus 1.64%), 2/1/43	1,990		2,043
FHLMC, VRN, 1.87%, (12-month LIBOR plus 1.62%), 6/1/43	54		54
FHLMC, VRN, 2.46%, (12-month LIBOR plus 1.65%), 6/1/43	1,623		1,631


	Shares/ Principal Amount		Value
FHLMC, VRN, 2.87%, (12-month LIBOR plus 1.63%), 1/1/44	$	15,144	$	15,805
FHLMC, VRN, 2.59%, (12-month LIBOR plus 1.60%), 6/1/45	28,411		29,741
FHLMC, VRN, 2.24%, (12-month LIBOR plus 1.63%), 8/1/46	74,536		77,604
FHLMC, VRN, 3.05%, (12-month LIBOR plus 1.64%), 9/1/47	57,921		60,396
FNMA, VRN, 1.82%, (6-month LIBOR plus 1.57%), 6/1/35	8,639		9,013
FNMA, VRN, 1.82%, (6-month LIBOR plus 1.57%), 6/1/35	9,702		10,121
FNMA, VRN, 2.36%, (1-year H15T1Y plus 2.16%), 3/1/38	12,595		13,436
FNMA, VRN, 2.07%, (12-month LIBOR plus 1.69%), 1/1/40	1,485		1,546
FNMA, VRN, 2.29%, (12-month LIBOR plus 1.86%), 3/1/40	2,277		2,420
FNMA, VRN, 2.32%, (12-month LIBOR plus 1.77%), 10/1/40	3,943		4,168
FNMA, VRN, 2.06%, (12-month LIBOR plus 1.58%), 3/1/43	1,333		1,368
FNMA, VRN, 3.18%, (12-month LIBOR plus 1.61%), 3/1/47	36,210		37,886
			324,911
Fixed-Rate U.S. Government Agency Mortgage-Backed Securities — 5.8%
FHLMC, 6.50%, 1/1/28	1,172		1,315
FHLMC, 6.50%, 6/1/29	1,942		2,177
FHLMC, 8.00%, 7/1/30	1,241		1,488
FHLMC, 5.50%, 12/1/33	36,737		41,821
FHLMC, 5.50%, 1/1/38	4,958		5,764
FHLMC, 6.00%, 8/1/38	6,853		7,793
FHLMC, 3.50%, 12/1/47	115,700		122,841
FNMA, 6.50%, 1/1/29	3,198		3,629
FNMA, 7.50%, 7/1/29	3,885		3,930
FNMA, 7.50%, 9/1/30	1,708		1,989
FNMA, 6.50%, 1/1/32	2,222		2,491
FNMA, 5.50%, 6/1/33	11,193		12,912
FNMA, 5.50%, 8/1/33	28,204		32,581
FNMA, 5.50%, 1/1/34	15,293		17,554
FNMA, 3.50%, 3/1/34	23,617		25,435
FNMA, 5.50%, 1/1/37	34,970		40,549
FNMA, 5.50%, 2/1/37	8,202		9,525
FNMA, 6.00%, 7/1/37	49,106		58,134
FNMA, 6.50%, 8/1/37	6,227		7,133
FNMA, 3.50%, 1/1/41	141,782		153,222
FNMA, 4.00%, 1/1/41	258,867		288,310
FNMA, 4.00%, 5/1/41	46,232		50,497
FNMA, 4.50%, 9/1/41	15,893		17,552
FNMA, 4.00%, 1/1/42	91,667		100,353
FNMA, 3.50%, 5/1/42	197,019		213,558
FNMA, 3.50%, 6/1/42	42,876		46,531
FNMA, 6.50%, 8/1/47	2,285		2,475
FNMA, 6.50%, 9/1/47	4,603		4,967
FNMA, 6.50%, 9/1/47	222		240
FNMA, 6.50%, 9/1/47	2,434		2,625
FNMA, 3.50%, 3/1/48	457,196		483,514
FNMA, 4.00%, 6/1/48	191,077		204,078
FNMA, 4.50%, 7/1/48	655,005		708,771
FNMA, 4.00%, 8/1/48	496,156		529,509
FNMA, 3.50%, 4/1/49	343,511		361,663
FNMA, 3.50%, 5/1/49	126,312		132,969
FNMA, 4.00%, 6/1/49	979,659		1,043,398


	Shares/ Principal Amount		Value
FNMA, 3.50%, 9/1/49	$	308,539	$	324,841
FNMA, 3.00%, 12/1/49	1,693,162		1,769,816
FNMA, 3.00%, 3/1/50	294,088		307,315
FNMA, 3.00%, 3/1/50	825,373		868,201
FNMA, 3.00%, 6/1/50	173,814		181,500
FNMA, 3.00%, 6/1/50	186,889		195,289
FNMA, 3.00%, 6/1/50	1,906,598		1,988,613
FNMA, 3.00%, 6/1/50	176,397		186,121
FNMA, 3.00%, 8/1/50	671,783		700,173
FNMA, 2.50%, 10/1/50	1,336,107		1,383,646
FNMA, 2.50%, 6/1/51	299,466		310,121
FNMA, 3.00%, 6/1/51	79,750		84,296
GNMA, 2.50%, TBA	3,835,000		3,968,926
GNMA, 3.00%, TBA	1,000,000		1,043,457
GNMA, 7.00%, 4/20/26	4,087		4,509
GNMA, 7.50%, 8/15/26	2,908		3,240
GNMA, 7.00%, 2/15/28	812		815
GNMA, 7.50%, 2/15/28	103		103
GNMA, 6.50%, 5/15/28	214		238
GNMA, 6.50%, 5/15/28	710		792
GNMA, 7.00%, 5/15/31	10,270		12,037
GNMA, 5.50%, 11/15/32	19,991		22,961
GNMA, 4.50%, 1/15/40	14,968		16,903
GNMA, 4.50%, 5/20/41	46,277		51,208
GNMA, 4.50%, 6/15/41	30,526		35,018
GNMA, 3.50%, 3/15/46	251,946		270,832
GNMA, 2.50%, 8/20/46	54,558		56,907
GNMA, 3.00%, 4/20/50	1,147,135		1,201,711
UMBS, 3.00%, TBA	1,650,000		1,720,028
			21,452,910
TOTAL U.S. GOVERNMENT AGENCY MORTGAGE-BACKED SECURITIES (Cost $21,618,499)			21,777,821
COLLATERALIZED MORTGAGE OBLIGATIONS — 2.7%
Private Sponsor Collateralized Mortgage Obligations — 1.5%
ABN Amro Mortgage Corp., Series 2003-4, Class A4, 5.50%, 3/25/33	1,094		1,122
Adjustable Rate Mortgage Trust, Series 2004-4, Class 4A1, VRN, 2.66%, 3/25/35	18,246		18,569
Agate Bay Mortgage Loan Trust, Series 2016-3, Class A3, VRN, 3.50%, 8/25/46(3)	27,768		28,291
Banc of America Mortgage Trust, Series 2004-E, Class 2A6 SEQ, VRN, 2.76%, 6/25/34	12,620		12,902
Bellemeade Re Ltd., Series 2019-3A, Class B1, VRN, 2.59%, (1-month LIBOR plus 2.50%), 7/25/29(3)	130,000		130,238
Bellemeade Re Ltd., Series 2018-2A, Class B1, VRN, 2.74%, (1-month LIBOR plus 2.65%), 8/25/28(3)	500,765		500,793
Bellemeade Re Ltd., Series 2019-3A, Class M1C, VRN, 2.04%, (1-month LIBOR plus 1.95%), 7/25/29(3)	120,000		120,196
Bellemeade Re Ltd., Series 2020-2A, Class M1C, VRN, 4.09%, (1-month LIBOR plus 4.00%), 8/26/30(3)	170,000		173,513
Citigroup Mortgage Loan Trust, Inc., Series 2004-UST1, Class A5, VRN, 2.02%, 8/25/34	11,860		12,148


	Shares/ Principal Amount		Value
COLT Funding LLC, Series 2021-3R, Class A2, VRN, 1.26%, 12/25/64(3)	$	486,611	$	486,944
Countrywide Home Loan Mortgage Pass-Through Trust, Series 2005-17, Class 1A11, 5.50%, 9/25/35	427		414
Credit Suisse Mortgage Trust, Series 2020-NQM1, Class A2 SEQ, 1.41%, 5/25/65(3)	254,535		256,398
Credit Suisse Mortgage Trust, Series 2021-NQM2, Class A2 SEQ, VRN, 1.38%, 2/25/66(3)	185,415		185,636
Credit Suisse Mortgage Trust, Series 2021-NQM3, Class A3 SEQ, VRN, 1.63%, 4/25/66(3)	145,621		145,530
Credit Suisse Mortgage Trust, Series 2021-NQM4, Class A3, SEQ, VRN, 1.56%, 5/25/66(3)	134,000		133,997
Credit Suisse Mortgage Trust, Series 2021-RPL3, Class A1 SEQ, VRN, 2.00%, 1/25/60(3)	183,424		186,225
First Horizon Alternative Mortgage Securities Trust, Series 2004-AA4, Class A1, VRN, 2.37%, 10/25/34	4,083		4,227
GCAT Trust, Series 2021-NQM1, Class A3 SEQ, VRN, 1.15%, 1/25/66(3)	213,266		212,623
GSR Mortgage Loan Trust, Series 2004-7, Class 3A1, VRN, 2.34%, 6/25/34	6,676		6,693
GSR Mortgage Loan Trust, Series 2004-AR5, Class 3A3, VRN, 2.55%, 5/25/34	8,057		7,921
GSR Mortgage Loan Trust, Series 2005-AR1, Class 3A1, VRN, 2.87%, 1/25/35	12,287		12,580
Home RE Ltd., Series 2020-1, Class M1B, VRN, 3.34%, (1-month LIBOR plus 3.25%), 10/25/30(3)	325,000		328,615
Home RE Ltd., Series 2021-1 Class M1B, VRN, 1.64%, (1-month LIBOR plus 1.55%), 7/25/33(3)	140,000		139,712
JPMorgan Mortgage Trust, Series 2013-1, Class 2A2 SEQ, VRN, 2.50%, 3/25/43(3)	9,379		9,499
JPMorgan Mortgage Trust, Series 2017-1, Class A2, VRN, 3.50%, 1/25/47(3)	53,239		54,121
JPMorgan Mortgage Trust, Series 2020-3, Class A15, VRN, 3.50%, 8/25/50(3)	141,309		144,149
MASTR Adjustable Rate Mortgages Trust, Series 2004-13, Class 3A7, VRN, 2.88%, 11/21/34	37,526		37,939
Merrill Lynch Mortgage Investors Trust, Series 2005-3, Class 2A, VRN, 2.17%, 11/25/35	20,836		20,830
Merrill Lynch Mortgage Investors Trust, Series 2005-A2, Class A1, VRN, 2.81%, 2/25/35	15,360		15,503
New Residential Mortgage Loan Trust, Series 2017-1A, Class A1, VRN, 4.00%, 2/25/57(3)	181,426		193,503
Newrez Warehouse Securitization Trust, Series 2021-1, Class A, VRN, 0.84%, (1-month LIBOR plus 0.75%), 5/25/55(3)	250,000		250,624
Oaktown Re V Ltd., Series 2020-2A, Class M1A, VRN, 2.49%, (1-month LIBOR plus 2.40%), 10/25/30(3)	89,441		89,856
PRMI Securitization Trust, Series 2021-1, Class A5, VRN, 2.50%, 4/25/51(3)	344,769		343,484
PSMC Trust, Series 2021-1, Class A11 SEQ, VRN, 2.50%, 3/25/51(3)	267,475		274,718
PSMC Trust, Series 2021-2, Class A3 SEQ, VRN, 2.50%, 5/25/51(3)	150,000		153,984
Sequoia Mortgage Trust, Series 2021-5, Class A4 SEQ, VRN, 2.50%, 7/25/51(3)	180,000		183,713
Sofi Mortgage Trust, Series 2016-1A, Class 1A4 SEQ, VRN, 3.00%, 11/25/46(3)	11,196		11,442


	Shares/ Principal Amount		Value
Starwood Mortgage Residential Trust, Series 2020-2, Class B1E, VRN, 3.00%, 4/25/60(3)	$	156,000	$	156,076
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-8, Class 2A1, VRN, 2.45%, 7/25/34	21,552		22,187
Verus Securitization Trust, Series 2021-R2, Class A2, VRN, 1.12%, 2/25/64(3)	188,527		189,376
Verus Securitization Trust, Series 2021-R2, Class A3, VRN, 1.23%, 2/25/64(3)	226,232		227,249
			5,483,540
U.S. Government Agency Collateralized Mortgage Obligations — 1.2%
FHLMC, Series 2014-DN3, Class M3, VRN, 4.09%, (1-month LIBOR plus 4.00%), 8/25/24	55,776		56,949
FHLMC, Series 2014-DN4, Class M3, VRN, 4.64%, (1-month LIBOR plus 4.55%), 10/25/24	26,531		27,031
FHLMC, Series 2014-HQ1, Class M3, VRN, 4.19%, (1-month LIBOR plus 4.10%), 8/25/24	84,987		85,999
FHLMC, Series 2014-HQ3, Class M3, VRN, 4.84%, (1-month LIBOR plus 4.75%), 10/25/24	455,257		459,018
FHLMC, Series 2015-DNA3, Class M3F, VRN, 3.79%, (1-month LIBOR plus 3.70%), 4/25/28	94,660		97,115
FHLMC, Series 2015-HQ2, Class M3, VRN, 3.34%, (1-month LIBOR plus 3.25%), 5/25/25	35,080		35,625
FHLMC, Series 2016-DNA1, Class M3, VRN, 5.64%, (1-month LIBOR plus 5.55%), 7/25/28	311,288		326,575
FHLMC, Series 2016-DNA2, Class M3, VRN, 4.74%, (1-month LIBOR plus 4.65%), 10/25/28	157,051		164,209
FHLMC, Series 2016-DNA3, Class M3, VRN, 5.09%, (1-month LIBOR plus 5.00%), 12/25/28	234,751		245,652
FHLMC, Series 2016-HQA4, Class M3, VRN, 3.99%, (1-month LIBOR plus 3.90%), 4/25/29	174,893		182,346
FHLMC, Series 2017-DNA1, Class M2, VRN, 3.34%, (1-month LIBOR plus 3.25%), 7/25/29	282,545		293,003
FHLMC, Series 2017-DNA2, Class M2, VRN, 3.54%, (1-month LIBOR plus 3.45%), 10/25/29	70,000		73,210
FHLMC, Series 2018-HQA2, Class M2, VRN, 2.39%, (1-month LIBOR plus 2.30%), 10/25/48(3)	50,000		50,510
FHLMC, Series 2019-DNA2, Class M2, VRN, 2.54%, (1-month LIBOR plus 2.45%), 3/25/49(3)	89,177		90,657
FHLMC, Series 2020-DNA3, Class M2, VRN, 3.09%, (1-month LIBOR plus 3.00%), 6/25/50(3)	131,802		132,651
FHLMC, Series 2020-DNA5, Class M2, VRN, 2.82%, (SOFR plus 2.80%), 10/25/50(3)	250,000		253,968
FHLMC, Series 2020-HQA3, Class M2, VRN, 3.69%, (1-month LIBOR plus 3.60%), 7/25/50(3)	79,489		80,533
FHLMC, Series 5123, Class HI, IO, 5.00%, 1/25/42	275,000		42,109
FNMA, Series 2013-C01, Class M2, VRN, 5.34%, (1-month LIBOR plus 5.25%), 10/25/23	272,314		285,074
FNMA, Series 2014-C02, Class 2M2, VRN, 2.69%, (1-month LIBOR plus 2.60%), 5/25/24	61,200		61,860
FNMA, Series 2014-C03, Class 2M2, VRN, 2.99%, (1-month LIBOR plus 2.90%), 7/25/24	90,980		91,970
FNMA, Series 2014-C04, Class 1M2, VRN, 4.99%, (1-month LIBOR plus 4.90%), 11/25/24	88,275		91,383
FNMA, Series 2014-C04, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 5.00%), 11/25/24	36,150		37,135
FNMA, Series 2015-C03, Class 2M2, VRN, 5.09%, (1-month LIBOR plus 5.00%), 7/25/25	113,313		114,900


	Shares/ Principal Amount		Value
FNMA, Series 2015-C04, Class 1M2, VRN, 5.79%, (1-month LIBOR plus 5.70%), 4/25/28	$	154,229	$	163,625
FNMA, Series 2015-C04, Class 2M2, VRN, 5.64%, (1-month LIBOR plus 5.55%), 4/25/28	355,660		376,979
FNMA, Series 2016-C01, Class 2M2, VRN, 7.04%, (1-month LIBOR plus 6.95%), 8/25/28	209,175		222,028
FNMA, Series 2016-C04, Class 1M2, VRN, 4.34%, (1-month LIBOR plus 4.25%), 1/25/29	160,630		167,823
FNMA, Series 2016-C06, Class 1M2, VRN, 4.34%, (1-month LIBOR plus 4.25%), 4/25/29	87,479		91,028
			4,400,965
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $9,803,272)			9,884,505
ASSET-BACKED SECURITIES — 1.9%
Blackbird Capital Aircraft, Series 2021-1A, Class A SEQ, 2.44%, 7/15/46(3)(4)	300,000		299,947
BRE Grand Islander Timeshare Issuer LLC, Series 2017-1A, Class A SEQ, 2.94%, 5/25/29(3)	71,692		73,505
BRE Grand Islander Timeshare Issuer LLC, Series 2019-A, Class A SEQ, 3.28%, 9/26/33(3)	291,390		305,939
CLI Funding VI LLC, Series 2020-1A, Class A SEQ, 2.08%, 9/18/45(3)	183,000		184,837
Diamond Resorts Owner Trust, Series 2021-1A, Class A SEQ, 1.51%, 11/21/33(3)	373,601		375,592
FirstKey Homes Trust, Series 2021-SER1, Class D, 2.19%, 8/17/28(3)(4)	300,000		299,994
FirstKey Homes Trust, Series 2021-SER1, Class E1, 2.39%, 8/17/28(3)(4)	400,000		399,991
FirstKey Homes Trust, Series 2020-SFR2, Class D, 1.97%, 10/19/37(3)	400,000		398,985
Goodgreen Trust, Series 2018-1A, Class A, VRN, 3.93%, 10/15/53(3)	109,387		116,322
Goodgreen Trust, Series 2020-1A, Class A SEQ, 2.63%, 4/15/55(3)	273,134		282,107
Goodgreen Trust, Series 2021-1A, Class A SEQ, 2.66%, 10/15/56(3)	195,370		197,303
Hilton Grand Vacations Trust, Series 2018-AA, Class B, 3.70%, 2/25/32(3)	196,080		205,356
Mosaic Solar Loan Trust, Series 2021-1A, Class B, 2.05%, 12/20/46(3)	277,527		278,339
Progress Residential Trust, Series 2018-SFR3, Class A SEQ, 3.88%, 10/17/35(3)	349,401		353,341
Progress Residential Trust, Series 2018-SFR3, Class B, 4.08%, 10/17/35(3)	625,000		630,602
Progress Residential Trust, Series 2021-SFR2, Class D, 2.20%, 4/19/38(3)	225,000		225,002
Progress Residential Trust, Series 2021-SFR3, Class B, 1.89%, 5/17/26(3)	400,000		402,106
Progress Residential Trust, Series 2021-SFR3, Class C, 2.09%, 5/17/26(3)	200,000		201,143
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class A SEQ, 3.50%, 6/20/35(3)	77,064		79,711
Sierra Timeshare Receivables Funding LLC, Series 2018-2A, Class B, 3.65%, 6/20/35(3)	83,486		85,735
Sierra Timeshare Receivables Funding LLC, Series 2021-1A, Class C, 1.79%, 11/20/37(3)	172,156		173,044


	Shares/ Principal Amount		Value
TAL Advantage VII LLC, Series 2020-1A, Class A SEQ, 2.05%, 9/20/45(3)	$	184,250	$	186,091
Towd Point Mortgage Trust, Series 2018-2, Class A1, VRN, 3.25%, 3/25/58(3)	267,494		277,479
VSE VOI Mortgage LLC, Series 2016-A, Class A SEQ, 2.54%, 7/20/33(3)	167,506		167,941
VSE VOI Mortgage LLC, Series 2018-A, Class B, 3.72%, 2/20/36(3)	80,909		84,734
Wendy's Funding LLC, Series 2021-1A, Class A2I SEQ, 2.37%, 6/15/51(3)	300,000		303,935
Wingstop Funding LLC, Series 2020-1A, Class A2 SEQ, 2.84%, 12/5/50(3)	389,025		405,439
TOTAL ASSET-BACKED SECURITIES (Cost $6,912,414)			6,994,520
COLLATERALIZED LOAN OBLIGATIONS — 1.7%
Anchorage Credit Opportunities CLO Ltd., Series 2019-1A, Class A1, VRN, 2.14%, (3-month LIBOR plus 1.95%), 1/20/32(3)	275,000		275,684
Ares LV CLO Ltd., Series 2020-55A, Class BR, VRN, 1.85%, (3-month LIBOR plus 1.70%), 7/15/34(3)(4)	375,000		375,000
Bean Creek CLO Ltd., Series 2015-1A, Class AR, VRN, 1.21%, (3-month LIBOR plus 1.02%), 4/20/31(3)	200,000		200,037
Carlyle Global Market Strategies CLO Ltd., Series 2013-1A, Class BRR, VRN, 2.31%, (3-month LIBOR plus 2.20%), 8/14/30(3)(4)	225,000		225,000
CBAM Ltd., Series 2017-3A, Class CR, VRN, 2.60%, (3-month LIBOR plus 2.45%), 7/17/34(3)(4)	275,000		275,000
Cerberus Loan Funding XXXIII LP, Series 2021-3A, Class A, VRN, 1.71%, (3-month LIBOR plus 1.56%), 7/23/33(3)(4)	275,000		275,003
Elmwood CLO II Ltd., Series 2019-2A, Class DR, VRN, 3.19%, (3-month LIBOR plus 3.00%), 4/20/34(3)	175,000		176,191
Elmwood CLO V Ltd., Series 2020-2A, Class BR, VRN, 1.80%, (3-month LIBOR plus 1.65%), 10/20/34(3)(4)	150,000		150,000
Goldentree Loan Management US CLO Ltd., Series 2017-1A, Class CR2, VRN, 2.00%, (3-month LIBOR plus 1.80%), 4/20/34(3)	275,000		271,371
KKR CLO Ltd., Series 2022A, Class A, VRN, 1.34%, (3-month LIBOR plus 1.15%), 7/20/31(3)	175,000		175,121
Madison Park Funding XXII Ltd., Series 2016-22A, Class A1R, VRN, 1.44%, (3-month LIBOR plus 1.26%), 1/15/33(3)	125,000		125,279
Magnetite CLO Ltd., Series 2021-31 A, Class B, VRN, 1.80%, (3-month LIBOR plus 1.65%), 7/15/34(3)(4)	200,000		200,000
Oak Hill Credit Partners X-R Ltd., Series 2014-10RA, Class CR, VRN, 2.19%, (3-month LIBOR plus 2.00%), 4/20/34(3)	325,000		325,812
Octagon Investment Partners 42 Ltd., Series 2019-3A, Class BR, VRN, 1.80%, (3-month LIBOR plus 1.65%), 7/15/34(3)(4)	400,000		400,000
Octagon Investment Partners 51 Ltd., Series 2021-1A, Class C, VRN, 2.08%, (3-month LIBOR plus 1.95%), 7/20/34(3)	100,000		99,849
Octagon Investment Partners 51 Ltd., Series 2021-1A, Class D, VRN, 3.18%, (3-month LIBOR plus 3.05%), 7/20/34(3)	100,000		100,816
Parallel Ltd., Series 2020-1A, Class A1, VRN, 2.01%, (3-month LIBOR plus 1.83%), 7/20/31(3)	375,000		375,561
Park Avenue Institutional Advisers CLO Ltd., Series 2018-1A, Class BR, VRN, 2.29%, (3-month LIBOR plus 2.10%), 10/20/31(3)	275,000		274,322
Rockford Tower CLO Ltd., Series 2021-2A, Class B, VRN, 1.90%, (3-month LIBOR plus 1.75%), 7/20/34(3)(4)	400,000		400,000
Rockford Tower CLO Ltd., Series 2017-1A, Class CR2, VRN, 2.28%, (3-month LIBOR plus 2.10%), 4/20/34(3)	325,000		326,624


	Shares/ Principal Amount		Value
Rockford Tower CLO Ltd., Series 2017-3A, Class A, VRN, 1.38%, (3-month LIBOR plus 1.19%), 10/20/30(3)	$	300,000	$	300,335
Symphony CLO XXII Ltd., Series 2020-22A, Class A1A, VRN, 1.48%, (3-month LIBOR plus 1.29%), 4/18/33(3)	200,000		200,236
Symphony CLO XXV Ltd., Series 2021-25A, Class C, VRN, 2.24%, (3-month LIBOR plus 2.05%), 4/19/34(3)	325,000		323,890
Voya CLO Ltd., Series 2013-2A, Class A1R, VRN, 1.15%, (3-month LIBOR plus 0.97%), 4/25/31(3)	250,000		250,309
Voya CLO Ltd., Series 2016-4A, Class B2R, VRN, 1.63%, (3-month LIBOR plus 1.55%), 7/20/29(3)	350,000		350,000
TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $6,442,996)			6,451,440
MUNICIPAL SECURITIES — 0.6%
Bay Area Toll Authority Rev., 6.92%, 4/1/40	70,000		105,336
California State University Rev., 2.98%, 11/1/51	200,000		205,163
Dallas Area Rapid Transit Rev., 6.00%, 12/1/44	25,000		38,005
Foothill-Eastern Transportation Corridor Agency Rev., 4.09%, 1/15/49	85,000		90,179
Grand Parkway Transportation Corp. Rev., 3.24%, 10/1/52	70,000		71,629
Houston GO, 3.96%, 3/1/47	25,000		30,027
Los Angeles Department of Airports Rev., 6.58%, 5/15/39	25,000		33,598
Metropolitan Transportation Authority Rev., 6.81%, 11/15/40	15,000		22,056
Metropolitan Water Reclamation District of Greater Chicago GO, 5.72%, 12/1/38	200,000		281,738
Michigan Strategic Fund Rev., (Flint Water Advocacy Fund), 3.23%, 9/1/47(4)	200,000		203,171
Missouri Highway & Transportation Commission Rev., 5.45%, 5/1/33	20,000		25,661
New Jersey Turnpike Authority Rev., 7.41%, 1/1/40	65,000		106,849
New Jersey Turnpike Authority Rev., 7.10%, 1/1/41	85,000		136,160
New York City Water & Sewer System Rev., 5.95%, 6/15/42	45,000		68,918
Ohio Turnpike & Infrastructure Commission Rev., 3.22%, 2/15/48	100,000		102,841
Ohio Water Development Authority Water Pollution Control Loan Fund Rev., 4.88%, 12/1/34	30,000		35,912
Port Authority of New York & New Jersey Rev., 4.93%, 10/1/51	40,000		55,532
Regents of the University of California Medical Center Pooled Rev., 3.26%, 5/15/60	100,000		106,470
Rutgers The State University of New Jersey Rev., 5.67%, 5/1/40	45,000		61,483
Sacramento Municipal Utility District Rev., 6.16%, 5/15/36	25,000		34,917
Santa Clara Valley Transportation Authority Rev., 5.88%, 4/1/32	30,000		37,668
State of California GO, 4.60%, 4/1/38	120,000		140,380
State of California GO, 7.55%, 4/1/39	70,000		119,491
State of California GO, 7.30%, 10/1/39	15,000		24,032
State of California GO, 7.60%, 11/1/40	20,000		34,972
TOTAL MUNICIPAL SECURITIES (Cost $1,926,592)			2,172,188
EXCHANGE-TRADED FUNDS — 0.4%
SPDR Bloomberg Barclays Short Term High Yield Bond ETF (Cost $1,387,375)	51,100		1,409,338
U.S. GOVERNMENT AGENCY SECURITIES — 0.2%
FNMA, 0.75%, 10/8/27	$	600,000	585,507
FNMA, 6.625%, 11/15/30	100,000		144,790
TOTAL U.S. GOVERNMENT AGENCY SECURITIES (Cost $719,811)			730,297


	Shares/ Principal Amount		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES — 0.1%
BXMT, Ltd., Series 2020-FL2, Class C, VRN, 1.77%, (1-month LIBOR plus 1.65%), 2/15/38(3) (Cost $386,238)	$	386,000	$	386,130
BANK LOAN OBLIGATIONS — 0.1%
Pharmaceuticals — 0.1%
Horizon Therapeutics USA Inc., 2021 Term Loan B, 2.50%, (1-month LIBOR plus 2.00%), 3/15/28 (Cost $184,224)	184,000		183,080
SOVEREIGN GOVERNMENTS AND AGENCIES†
Peru†
Peruvian Government International Bond, 5.625%, 11/18/50	30,000		41,382
Poland†
Republic of Poland Government International Bond, 3.00%, 3/17/23	10,000		10,453
Uruguay†
Uruguay Government International Bond, 4.125%, 11/20/45	20,000		23,710
TOTAL SOVEREIGN GOVERNMENTS AND AGENCIES (Cost $61,219)			75,545
TEMPORARY CASH INVESTMENTS — 3.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class (Cost $12,647,862)	12,647,862		12,647,862
TOTAL INVESTMENT SECURITIES — 102.8% (Cost $325,088,949)			379,727,924
OTHER ASSETS AND LIABILITIES — (2.8)%			(10,431,745)
TOTAL NET ASSETS — 100.0%			$	369,296,179


FUTURES CONTRACTS PURCHASED
Reference Entity	Contracts	Expiration Date	Notional Amount		Unrealized Appreciation (Depreciation)^
S&P 500 E-Mini	9	September 2021	$	1,929,870	$	10,005
U.S. Treasury Long Bonds	12	September 2021	1,929,000		15,662
U.S. Treasury Ultra Bonds	1	September 2021	192,688		3,144
			$	4,051,558	$	28,811

^Amount represents value and unrealized appreciation (depreciation).

FUTURES CONTRACTS SOLD

Reference Entity

Contracts

Expiration
Date

Notional
Amount

Unrealized
Appreciation
(Depreciation)^

U.S. Treasury 10-Year Ultra Notes

September 2021

883,219

(4,074)

^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 High Yield Index Series 36	Buy	(5.00)%	6/20/26	$	3,300,000	$	(314,024)	$	(25,280)	$	(339,304)

^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	1.78%	8/5/24	$	1,000,000	$	(508)	$	43,814	$	43,306
CPURNSA	Receive	2.34%	2/5/26	$	1,500,000	509		40,671		41,180
CPURNSA	Receive	2.33%	2/8/26	$	1,500,000	509		40,799		41,308
CPURNSA	Receive	2.30%	2/24/26	$	1,500,000	510		41,822		42,332
CPURNSA	Receive	2.40%	2/9/31	$	750,000	508		16,011		16,519
						$	1,528	$	183,117	$	184,645


NOTES TO SCHEDULE OF INVESTMENTS
CDX	-	Credit Derivatives Indexes
CPURNSA	-	U.S. Consumer Price Index Urban Consumers Not Seasonally Adjusted Index
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
IO	-	Interest Only
LIBOR	-	London Interbank Offered Rate
MTN	-	Medium Term Note
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.
UMBS	-	Uniform Mortgage-Backed Securities
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, futures contracts and/or swap agreements. At the period end, the aggregate value of securities pledged was $450,446.

(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 $25,627,369, which represented 6.9% 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.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2021 (UNAUDITED)
Assets
Investment securities, at value (cost of $325,088,949)	$	379,727,924
Cash	1,128
Deposits with broker for futures contracts	110,000
Receivable for investments sold	5,507,307
Receivable for capital shares sold	66,945
Receivable for variation margin on futures contracts	5,936
Receivable for variation margin on swap agreements	4,461
Dividends and interest receivable	609,552
	386,033,253

Liabilities
Payable for investments purchased	16,432,288
Payable for capital shares redeemed	10,446
Payable for variation margin on futures contracts	7,969
Payable for variation margin on swap agreements	603
Accrued management fees	255,021
Distribution fees payable	30,747
	16,737,074

Net Assets	$	369,296,179

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	285,231,097
Distributable earnings	84,065,082
	$	369,296,179


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Class I, $0.01 Par Value	$218,870,390	24,381,181	$8.98
Class II, $0.01 Par Value	$150,425,789	16,756,591	$8.98

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $1,715)	$	1,520,283
Interest	1,217,804
	2,738,087

Expenses:
Management fees	1,568,592
Distribution fees - Class II	180,064
Directors' fees and expenses	4,475
Other expenses	90
	1,753,221
Fees waived(1)	(70,900)
	1,682,321

Net investment income (loss)	1,055,766

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	30,036,481
Futures contract transactions	203,726
Swap agreement transactions	(32,095)
	30,208,112

Change in net unrealized appreciation (depreciation) on:
Investments	(2,702,283)
Futures contracts	14,152
Swap agreements	151,952
	(2,536,179)

Net realized and unrealized gain (loss)	27,671,933

Net Increase (Decrease) in Net Assets Resulting from Operations	$	28,727,699

(1)Amount consists of $42,089 and $28,811 for Class I and Class II, respectively.

See Notes to Financial Statements.


Statement of Changes in Net Assets


SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED) AND YEAR ENDED DECEMBER 31, 2020
Increase (Decrease) in Net Assets	June 30, 2021		December 31, 2020
Operations
Net investment income (loss)	$	1,055,766	$	2,795,736
Net realized gain (loss)	30,208,112		17,174,829
Change in net unrealized appreciation (depreciation)	(2,536,179)		16,651,319
Net increase (decrease) in net assets resulting from operations	28,727,699		36,621,884

Distributions to Shareholders
From earnings:
Class I	(10,905,822)		(8,182,728)
Class II	(7,236,130)		(5,078,102)
Decrease in net assets from distributions	(18,141,952)		(13,260,830)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	17,764,935		30,652,420

Net increase (decrease) in net assets	28,350,682		54,013,474

Net Assets
Beginning of period	340,945,497		286,932,023
End of period	$	369,296,179	$	340,945,497

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2021 (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 Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

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.

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, convertible bonds, 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.

Hybrid 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. Preferred stocks and convertible preferred stocks with perpetual maturities 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.

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.

If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Directors or its delegate, in accordance with policies and procedures adopted by the Board of Directors. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.

The fund 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; 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 fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Directors, or its delegate, deems appropriate. The fund 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 — 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 paydown gain (loss) and accretion of discounts and amortization of premiums. Inflation adjustments related to inflation-linked debt securities are reflected as interest income.

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.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. American Century Investment Management, Inc. (ACIM) (the investment advisor) monitors, on a daily basis, the securities segregated to

ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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) 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, 2021 through July 31, 2021, the investment advisor agreed to waive 0.04% of the fund’s management fee. Effective August 1, 2021, the investment advisor agreed to increase the amount of the waiver from 0.04% to 0.07% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2022 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, 2021 was 0.89% before waiver and 0.85% 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, 2021 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. During the period, the interfund purchases and sales were $1,191,615 and $1,437,333, respectively. The effect of interfund transactions on the Statement of Operations was $227,570 in net realized gain (loss) on investment transactions.

4. Investment Transactions

Purchases of investment securities, excluding short-term investments, for the period ended June 30, 2021 totaled $335,300,387, of which $90,785,930 represented U.S. Treasury and Government Agency obligations.

Sales of investment securities, excluding short-term investments, for the period ended June 30, 2021 totaled $345,932,730, of which $95,771,936 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, 2021			Year ended December 31, 2020
	Shares	Amount		Shares	Amount
Class I/Shares Authorized	150,000,000			150,000,000
Sold	1,432,681	$	12,733,755	3,608,958	$	29,012,147
Issued in reinvestment of distributions	1,267,115	10,905,822		1,159,946	8,182,728
Redeemed	(1,388,741)	(12,336,085)		(3,394,452)	(27,050,942)
	1,311,055	11,303,492		1,374,452	10,143,933
Class II/Shares Authorized	75,000,000			75,000,000
Sold	851,189	7,536,465		3,454,204	27,693,286
Issued in reinvestment of distributions	841,136	7,236,130		723,855	5,078,102
Redeemed	(935,195)	(8,311,152)		(1,549,473)	(12,262,901)
	757,130	6,461,443		2,628,586	20,508,487
Net increase (decrease)	2,068,185	$	17,764,935	4,003,038	$	30,652,420

6. 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	$	218,163,901	—		—
U.S. Treasury Securities	—		$	62,159,520	—
Corporate Bonds	—		36,691,777		—
U.S. Government Agency Mortgage-Backed Securities	—		21,777,821		—
Collateralized Mortgage Obligations	—		9,884,505		—
Asset-Backed Securities	—		6,994,520		—
Collateralized Loan Obligations	—		6,451,440		—
Municipal Securities	—		2,172,188		—
Exchange-Traded Funds	1,409,338		—		—
U.S. Government Agency Securities	—		730,297		—
Commercial Mortgage-Backed Securities	—		386,130		—
Bank Loan Obligations	—		183,080		—
Sovereign Governments and Agencies	—		75,545		—
Temporary Cash Investments	12,647,862		—		—
	$	232,221,101	$	147,506,823	—
Other Financial Instruments
Futures Contracts	$	28,811	—		—
Swap Agreements	—		$	184,645	—
	$	28,811	$	184,645	—

Liabilities
Other Financial Instruments
Futures Contracts	$	4,074	—		—
Swap Agreements	—		$	339,304	—
	$	4,074	$	339,304	—

7. 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. 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 $2,950,000.

contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). 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 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 equity price risk derivative instruments held during the period was $1,210,840 futures contracts purchased.

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. 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 $11,616,138 futures contracts purchased and $3,345,500 futures contracts sold.

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. 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 $5,375,000.

Value of Derivative Instruments as of June 30, 2021


	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*	$	603
Equity Price Risk	Receivable for variation margin on futures contracts*	—		Payable for variation margin on futures contracts*	7,969
Interest Rate Risk	Receivable for variation margin on futures contracts*	$	5,936	Payable for variation margin on futures contracts*	—
Other Contracts	Receivable for variation margin on swap agreements*	4,461		Payable for variation margin on swap agreements*	—
		$	10,397		$	8,572

*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, 2021


	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	$	(31,951)	Change in net unrealized appreciation (depreciation) on swap agreements	$	(25,280)
Equity Price Risk	Net realized gain (loss) on futures contract transactions	215,146		Change in net unrealized appreciation (depreciation) on futures contracts	(3,123)
Interest Rate Risk	Net realized gain (loss) on futures contract transactions	(11,420)		Change in net unrealized appreciation (depreciation) on futures contracts	17,275
Other Contracts	Net realized gain (loss) on swap agreement transactions	(144)		Change in net unrealized appreciation (depreciation) on swap agreements	177,232
		$	171,631		$	166,104

8. 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, 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. However, LIBOR is expected to be phased out and the transition process 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.

The fund’s investment process may result in high portfolio turnover, which could mean high transaction costs, affecting both performance and capital gains tax liabilities to investors.

9. 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	$	325,566,503
Gross tax appreciation of investments	$	57,317,924
Gross tax depreciation of investments	(3,156,503)
Net tax appreciation (depreciation) of investments	$	54,161,421

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


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
2021(3)	$8.73	0.03	0.69	0.72	(0.04)	(0.43)	(0.47)	$8.98	8.43%	0.85%(4)	0.89%(4)	0.69%(4)	0.65%(4)	94%	$218,870
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
2017	$6.97	0.11	0.84	0.95	(0.11)	(0.28)	(0.39)	$7.53	13.91%	0.80%	0.91%	1.52%	1.41%	114%	$136,993
2016	$6.93	0.10	0.36	0.46	(0.11)	(0.31)	(0.42)	$6.97	6.99%	0.82%	0.90%	1.53%	1.45%	101%	$119,724
Class II
2021(3)	$8.73	0.02	0.69	0.71	(0.03)	(0.43)	(0.46)	$8.98	8.29%	1.10%(4)	1.14%(4)	0.44%(4)	0.40%(4)	94%	$150,426
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
2017	$6.97	0.09	0.85	0.94	(0.10)	(0.28)	(0.38)	$7.53	13.63%	1.05%	1.16%	1.27%	1.16%	114%	$54,363
2016(5)	$6.72	0.05	0.26	0.31	(0.06)	—	(0.06)	$6.97	4.67%	1.06%(4)	1.15%(4)	1.13%(4)	1.04%(4)	101%(6)	$19,677


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, 2021 (unaudited).

(4)Annualized.

(5)May 2, 2016 (commencement of sale) through December 31, 2016.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended December 31, 2016.

See Notes to Financial Statements.


Approval of Management Agreement

At a meeting held on June 30, 2021, 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 Section 15(c) of 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 (the “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 extensive data and information compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor. 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 extensive information that the Board and its committees receive and consider throughout the year.

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 following:

•the nature, extent, and quality of investment management, shareholder services, and other services provided and to be provided to the Fund including without limitation portfolio management and trading services, shareholder and intermediary services, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided and to be provided to the Fund and its shareholders on a routine and non-routine basis;

•the Fund’s investment performance, including data comparing the Fund's performance to appropriate benchmarks and/or a peer group of other mutual funds with similar investment objectives and strategies;

•the cost of owning the Fund compared to the cost of owning similar funds;

•the compliance policies, procedures, and regulatory experience of the Advisor and the Fund's service providers;

•the Advisor’s strategic plans, COVID-19 pandemic response, vendor management practices, and social justice initiatives;

•the Advisor’s business continuity plans and cyber security practices;

•financial data showing the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the overall profitability of the Advisor;

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

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

•acquired fund fees and expenses;

•payments and practices in connection with financial intermediaries holding shares of the Fund and the services provided by intermediaries in connection therewith; and

•possible collateral benefits to the Advisor from the management of the Fund.

The Board held two meetings to consider the renewal.. The independent Directors also met in private session three 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 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 cyber 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 within an asset class, 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 approved 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 (portfolio managers, analysts, research assistants, and securities traders) 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 Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was below its benchmark for the one-, three-, five-, and ten-year periods reviewed by the Board. 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 cyber 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), its overall profitability, and its financial condition. 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 current management fee. 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 competitive fee structure, offering competitive fees from fund inception, and through reinvestment in its business, infrastructure, investment capabilities and initiatives to provide shareholders additional 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 expenses, expenses attributable to short sales, taxes, interest, extraordinary 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 Rule 12b-1 under the Investment Company Act. 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 0.07% (e.g., the Class I unified fee will be reduced from 0.89% to 0.82%) for at

least one year, beginning August 1, 2021. 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. The Board found such payments to be reasonable in scope and purpose.

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 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 clients and, 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 throughout the year, determined that the management fee is fair and reasonable in light of the services provided and that the investment management agreement between the Fund and the Advisor should be renewed.


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 conduct the day-to-day operation of the program pursuant to policies and procedures administered by those members of the ACIM’s Investment Oversight Committee who are members of the ACIM’s Investment Management and Global Analytics departments.

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 the Fund’s investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period December 1, 2019 through December 31, 2020. 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 ipro.americancentury.com (for Investment Professionals) 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.

©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-92976 2108



			Semiannual Report

			June 30, 2021

			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, 2021
Types of Investments in Portfolio			% of net assets
Common Stocks			99.5%
Temporary Cash Investments			0.2%
Temporary Cash Investments - Securities Lending Collateral			0.6%
Other Assets and Liabilities			(0.3)%

Top Five Industries			% of net assets
Software			17.0%
Semiconductors and Semiconductor Equipment			5.7%
Health Care Equipment and Supplies			5.4%
IT Services			5.2%
Specialty Retail			4.6%


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, 2021 to June 30, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/21	Ending Account Value 6/30/21	Expenses Paid During Period(1) 1/1/21 - 6/30/21	Annualized Expense Ratio(1)
Actual
Class I	$1,000	$1,090.20	$4.77	0.92%
Class II	$1,000	$1,089.90	$5.54	1.07%
Class Y	$1,000	$1,092.30	$2.96	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, 2021 (UNAUDITED)


	Shares	Value
COMMON STOCKS — 99.5%
Auto Components — 1.7%
Aptiv plc(1)	73,168	$	11,511,521
Beverages — 1.0%
Boston Beer Co., Inc. (The), Class A(1)	7,031	7,177,245
Biotechnology — 3.9%
Alnylam Pharmaceuticals, Inc.(1)	39,450	6,687,564
Argenx SE, ADR(1)	15,512	4,670,198
Horizon Therapeutics plc(1)	80,382	7,526,971
Natera, Inc.(1)	47,946	5,443,309
Turning Point Therapeutics, Inc.(1)	40,111	3,129,460
		27,457,502
Building Products — 1.5%
Trane Technologies plc	57,522	10,592,101
Capital Markets — 4.1%
LPL Financial Holdings, Inc.	87,385	11,795,227
MarketAxess Holdings, Inc.	12,218	5,664,143
MSCI, Inc.	20,366	10,856,707
		28,316,077
Chemicals — 1.5%
Albemarle Corp.	21,096	3,553,832
Element Solutions, Inc.	281,491	6,581,260
		10,135,092
Communications Equipment — 3.9%
Arista Networks, Inc.(1)	41,165	14,914,491
F5 Networks, Inc.(1)	66,063	12,331,320
		27,245,811
Containers and Packaging — 2.7%
Avery Dennison Corp.	64,301	13,518,642
Ball Corp.	67,132	5,439,035
		18,957,677
Electrical Equipment — 4.2%
AMETEK, Inc.	76,774	10,249,329
Generac Holdings, Inc.(1)	13,977	5,802,552
nVent Electric plc	208,334	6,508,354
Plug Power, Inc.(1)	61,227	2,093,351
Rockwell Automation, Inc.	15,770	4,510,535
		29,164,121
Electronic Equipment, Instruments and Components — 3.4%
Cognex Corp.	136,825	11,500,141
Keysight Technologies, Inc.(1)	80,178	12,380,285
		23,880,426
Entertainment — 3.9%
Live Nation Entertainment, Inc.(1)	53,859	4,717,510
ROBLOX Corp., Class A(1)	23,046	2,073,679
Roku, Inc.(1)	28,056	12,884,718
Zynga, Inc., Class A(1)	667,738	7,098,055
		26,773,962


	Shares	Value
Health Care Equipment and Supplies — 5.4%
Align Technology, Inc.(1)	11,374	$	6,949,514
DexCom, Inc.(1)	21,508	9,183,916
IDEXX Laboratories, Inc.(1)	21,745	13,733,055
Teleflex, Inc.	18,536	7,447,579
		37,314,064
Health Care Providers and Services — 2.8%
Amedisys, Inc.(1)	28,621	7,010,142
Encompass Health Corp.	121,878	9,510,140
R1 RCM, Inc.(1)	141,658	3,150,474
		19,670,756
Health Care Technology — 2.7%
Teladoc Health, Inc.(1)	36,952	6,144,748
Veeva Systems, Inc., Class A(1)	40,656	12,641,983
		18,786,731
Hotels, Restaurants and Leisure — 3.2%
Chipotle Mexican Grill, Inc.(1)	5,251	8,140,835
Hilton Worldwide Holdings, Inc.(1)	54,701	6,598,035
Las Vegas Sands Corp.(1)	146,065	7,696,165
		22,435,035
Insurance — 0.6%
SelectQuote, Inc.(1)	221,719	4,270,308
Interactive Media and Services — 3.0%
Match Group, Inc.(1)	68,192	10,995,960
Pinterest, Inc., Class A(1)	128,691	10,160,154
		21,156,114
Internet and Direct Marketing Retail — 1.9%
Chewy, Inc., Class A(1)(2)	67,155	5,352,925
Etsy, Inc.(1)	38,521	7,929,163
		13,282,088
IT Services — 5.2%
EPAM Systems, Inc.(1)	16,650	8,507,484
Okta, Inc.(1)	41,224	10,086,688
Square, Inc., Class A(1)	28,504	6,949,275
Twilio, Inc., Class A(1)	26,809	10,567,036
		36,110,483
Leisure Products — 0.5%
Peloton Interactive, Inc., Class A(1)	27,809	3,448,872
Life Sciences Tools and Services — 4.3%
10X Genomics, Inc., Class A(1)	26,948	5,276,957
Bio-Techne Corp.	18,061	8,132,146
Mettler-Toledo International, Inc.(1)	8,499	11,774,005
Repligen Corp.(1)	23,815	4,753,950
		29,937,058
Machinery — 3.9%
Graco, Inc.	77,153	5,840,482
Parker-Hannifin Corp.	40,298	12,375,919
Rexnord Corp.	111,188	5,563,848
Westinghouse Air Brake Technologies Corp.	39,467	3,248,134
		27,028,383
Personal Products — 1.0%
Shiseido Co. Ltd.	91,900	6,778,431


	Shares	Value
Professional Services — 3.2%
CoStar Group, Inc.(1)	70,080	$	5,804,026
Jacobs Engineering Group, Inc.	51,858	6,918,895
TransUnion	38,504	4,228,124
Verisk Analytics, Inc.	30,056	5,251,384
		22,202,429
Semiconductors and Semiconductor Equipment — 5.7%
Enphase Energy, Inc.(1)	60,538	11,116,593
Marvell Technology, Inc.	172,445	10,058,717
Skyworks Solutions, Inc.	63,591	12,193,574
Teradyne, Inc.	48,690	6,522,512
		39,891,396
Software — 17.0%
Atlassian Corp. plc, Class A(1)	44,761	11,497,311
Autodesk, Inc.(1)	23,149	6,757,193
Cadence Design Systems, Inc.(1)	131,283	17,962,140
Cloudflare, Inc., Class A(1)	37,111	3,927,828
Coupa Software, Inc.(1)	18,321	4,802,117
DocuSign, Inc.(1)	61,640	17,232,695
HubSpot, Inc.(1)	31,370	18,279,926
Manhattan Associates, Inc.(1)	98,141	14,214,743
Palo Alto Networks, Inc.(1)	42,722	15,851,998
RingCentral, Inc., Class A(1)	26,121	7,590,240
		118,116,191
Specialty Retail — 4.6%
Burlington Stores, Inc.(1)	39,175	12,613,958
Carvana Co.(1)	21,398	6,458,345
Five Below, Inc.(1)	30,159	5,828,830
Floor & Decor Holdings, Inc., Class A(1)	65,840	6,959,288
		31,860,421
Textiles, Apparel and Luxury Goods — 1.6%
lululemon athletica, Inc.(1)	29,854	10,895,814
Trading Companies and Distributors — 1.1%
W.W. Grainger, Inc.	17,644	7,728,072
TOTAL COMMON STOCKS (Cost $456,780,610)		692,124,181
TEMPORARY CASH INVESTMENTS — 0.2%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.75%, 5/15/23 - 10/31/27, valued at $519,182), in a joint trading account at 0.01%, dated 6/30/21, due 7/1/21 (Delivery value $508,982)		508,982
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 11/15/42, valued at $863,970), at 0.02%, dated 6/30/21, due 7/1/21 (Delivery value $847,000)		847,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	279,330	279,330
TOTAL TEMPORARY CASH INVESTMENTS (Cost $1,635,312)		1,635,312
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 0.6%
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $4,291,790)	4,291,790	4,291,790
TOTAL INVESTMENT SECURITIES — 100.3% (Cost $462,707,712)		698,051,283
OTHER ASSETS AND LIABILITIES — (0.3)%		(2,427,673)
TOTAL NET ASSETS — 100.0%		$	695,623,610


FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased		Currency Sold		Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
USD	5,745,682	JPY	635,460,930	Bank of America N.A.	9/30/21	$	21,329
USD	200,068	JPY	22,166,280	Bank of America N.A.	9/30/21	390
USD	208,898	JPY	23,076,090	Bank of America N.A.	9/30/21	1,024
						$	22,743


NOTES TO SCHEDULE OF INVESTMENTS
ADR	-	American Depositary Receipt
JPY	-	Japanese Yen
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 $4,197,529. 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 $4,291,790.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2021 (UNAUDITED)
Assets
Investment securities, at value (cost of $458,415,922) — including $4,197,529 of securities on loan	$	693,759,493
Investment made with cash collateral received for securities on loan, at value (cost of $4,291,790)	4,291,790
Total investment securities, at value (cost of $462,707,712)	698,051,283
Receivable for investments sold	1,962,544
Receivable for capital shares sold	246,949
Unrealized appreciation on forward foreign currency exchange contracts	22,743
Dividends and interest receivable	59,913
Securities lending receivable	341
	700,343,773

Liabilities
Payable for collateral received for securities on loan	4,291,790
Payable for capital shares redeemed	78,065
Accrued management fees	349,300
Distribution fees payable	1,008
	4,720,163

Net Assets	$	695,623,610

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	416,897,205
Distributable earnings	278,726,405
	$	695,623,610


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Class I, $0.01 Par Value	$127,427,355	6,947,464	$18.34
Class II, $0.01 Par Value	$4,837,578	268,347	$18.03
Class Y, $0.01 Par Value	$563,358,677	30,241,676	$18.63

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED JUNE 30, 2021 (UNAUDITED)
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $1,665)	$	922,270
Securities lending, net	1,712
Interest	404
	924,386

Expenses:
Management fees	2,362,581
Distribution fees - Class II	4,427
Directors' fees and expenses	8,513
Other expenses	388
	2,375,909
Fees waived(1)	(236,169)
	2,139,740

Net investment income (loss)	(1,215,354)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	45,560,049
Forward foreign currency exchange contract transactions	542,119
Foreign currency translation transactions	(1,339)
	46,100,829

Change in net unrealized appreciation (depreciation) on:
Investments	14,321,582
Forward foreign currency exchange contracts	69,705
Translation of assets and liabilities in foreign currencies	(220)
	14,391,067

Net realized and unrealized gain (loss)	60,491,896

Net Increase (Decrease) in Net Assets Resulting from Operations	$	59,276,542

(1)Amount consists of $42,319, $1,240 and $192,610 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, 2021 (UNAUDITED) AND YEAR ENDED DECEMBER 31, 2020
Increase (Decrease) in Net Assets	June 30, 2021		December 31, 2020
Operations
Net investment income (loss)	$	(1,215,354)	$	(616,522)
Net realized gain (loss)	46,100,829		81,835,893
Change in net unrealized appreciation (depreciation)	14,391,067		118,630,088
Net increase (decrease) in net assets resulting from operations	59,276,542		199,849,459

Distributions to Shareholders
From earnings:
Class I	(14,793,552)		(10,198,085)
Class II	(282,053)		(167,591)
Class Y	(66,710,745)		(46,364,992)
Decrease in net assets from distributions	(81,786,350)		(56,730,668)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	45,429,902		10,955,847

Net increase (decrease) in net assets	22,920,094		154,074,638

Net Assets
Beginning of period	672,703,516		518,628,878
End of period	$	695,623,610	$	672,703,516

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2021 (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.

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.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) 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.

Segregated Assets — In accordance with the 1940 Act, the fund segregates assets on its books and records to cover certain types of investment securities and other financial instruments. ACIM monitors, on a daily basis, the securities segregated to ensure the fund designates a sufficient amount of liquid assets, marked-to-market daily. The fund may also receive assets or be required to pledge assets at the custodian bank or with a broker for collateral requirements.

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, 2021.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Common Stocks	$	4,291,790	—	—	—	$	4,291,790
Gross amount of recognized liabilities for securities lending transactions						$	4,291,790

(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) that use very similar investment teams and strategies (strategy assets). From January 1, 2021 through July 31, 2021, the investment advisor agreed to waive 0.07% of the fund's management fee. Effective August 1, 2021, the investment advisor agreed to increase the amount of the waiver from 0.07% to 0.08% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2022 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, 2021 are as follows:


		Effective Annual Management Fee
	Management Fee Schedule Range	Before Waiver	After Waiver
Class I	0.90% to 1.00%	0.99%	0.92%
Class II	0.80% to 0.90%	0.89%	0.82%
Class Y	0.55% to 0.65%	0.64%	0.57%

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. During the period, the interfund sales were $155,690 and there were no interfund purchases. The effect of interfund transactions on the Statement of Operations was $23,460 in net realized gain (loss) on investment transactions.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended June 30, 2021 were $166,652,864 and $202,506,015, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Six months ended June 30, 2021			Year ended December 31, 2020
	Shares	Amount		Shares	Amount
Class I/Shares Authorized	195,000,000			195,000,000
Sold	244,481	$	4,547,141	656,017	$	9,888,174
Issued in reinvestment of distributions	891,178	14,793,552		996,880	10,198,085
Redeemed	(391,286)	(7,305,451)		(1,098,568)	(16,803,198)
	744,373	12,035,242		554,329	3,283,061
Class II/Shares Authorized	25,000,000			25,000,000
Sold	256,398	4,484,050		31,386	485,471
Issued in reinvestment of distributions	17,283	282,053		16,610	167,591
Redeemed	(123,029)	(2,103,662)		(19,719)	(284,819)
	150,652	2,662,441		28,277	368,243
Class Y/Shares Authorized	180,000,000			180,000,000
Sold	248,298	4,914,410		1,409,658	23,526,949
Issued in reinvestment of distributions	3,959,095	66,710,745		4,492,732	46,364,992
Redeemed	(2,212,821)	(40,892,936)		(4,194,963)	(62,587,398)
	1,994,572	30,732,219		1,707,427	7,304,543
Net increase (decrease)	2,889,597	$	45,429,902	2,290,033	$	10,955,847

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	$	685,345,750	$	6,778,431	—
Temporary Cash Investments	279,330		1,355,982		—
Temporary Cash Investments - Securities Lending Collateral	4,291,790		—		—
	$	689,916,870	$	8,134,413	—
Other Financial Instruments
Forward Foreign Currency Exchange Contracts	—		$	22,743	—

7. Derivative Instruments

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. 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 $11,696,746.

The value of foreign currency risk derivative instruments as of June 30, 2021, is disclosed on the Statement of Assets and Liabilities as an asset of $22,743 in unrealized appreciation on forward foreign currency exchange contracts. For the six months ended June 30, 2021, the effect of foreign currency risk derivative instruments on the Statement of Operations was $542,119 in net realized gain (loss) on forward foreign currency exchange contract transactions and $69,705 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	$	463,930,678
Gross tax appreciation of investments	$	239,580,164
Gross tax depreciation of investments	(5,459,559)
Net tax appreciation (depreciation) of investments	$	234,120,605

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


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
2021(3)	$19.27	(0.06)	1.54	1.48	—	(2.41)	(2.41)	$18.34	9.02%	0.92%(4)	0.99%(4)	(0.65)%(4)	(0.72)%(4)	25%	$127,427
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
2017	$13.98	(0.02)	2.97	2.95	—	(1.90)	(1.90)	$15.03	21.79%	0.99%	1.01%	(0.15)%	(0.17)%	58%	$157,356
2016	$15.02	(0.02)	0.40	0.38	—	(1.42)	(1.42)	$13.98	3.23%	0.99%	1.00%	(0.14)%	(0.15)%	68%	$459,443
Class II
2021(3)	$18.99	(0.07)	1.52	1.45	—	(2.41)	(2.41)	$18.03	8.99%	1.07%(4)	1.14%(4)	(0.80)%(4)	(0.87)%(4)	25%	$4,838
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
2017	$13.92	(0.04)	2.96	2.92	—	(1.90)	(1.90)	$14.94	21.67%	1.14%	1.16%	(0.30)%	(0.32)%	58%	$1,697
2016	$14.98	(0.04)	0.40	0.36	—	(1.42)	(1.42)	$13.92	3.08%	1.14%	1.15%	(0.29)%	(0.30)%	68%	$1,350


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
2021(3)	$19.50	(0.03)	1.57	1.54	—	(2.41)	(2.41)	$18.63	9.23%	0.57%(4)	0.64%(4)	(0.30)%(4)	(0.37)%(4)	25%	$563,359
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
2017(5)	$15.19	0.01	1.03	1.04	—	(1.18)	(1.18)	$15.05	6.78%	0.62%(4)	0.66%(4)	0.25%(4)	0.21%(4)	58%(6)	$366,900


Notes to Financial Highlights

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

(3)Six months ended June 30, 2021 (unaudited).

(4)Annualized.

(5)September 22, 2017 (commencement of sale) through December 31, 2017.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended December 31, 2017.

See Notes to Financial Statements.


Approval of Management Agreement