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:

06-30-2024

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.

SEMIANNUAL SHAREHOLDER REPORT

VP Avantis Global Equity Allocation Fund ACI logo.jpg


Class I (AVVPX)			June 30, 2024

This semi-annual shareholder report contains important information about VP Avantis Global Equity Allocation Fund for the period January 1, 2024 to June 30, 2024. You can find additional information about the fund at americancentury.com/vpdocs. You can also request this information by contacting us at 1-800-345-2021.


What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
	Costs of $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$23	0.44%


Fund Statistics
Net Assets	$564,719
Management Fees (dollars paid during the reporting period)	$1,107
Portfolio Turnover Rate	0	%
Total Number of Portfolio Holdings	18


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)
	Domestic Equity Funds	64.6%
	International Equity Funds	35.0%
	Short-Term Investments	10.4%
	Other Assets and Liabilities	(10.0)%


For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/vpdocs.


American Century Investment Services, Inc., Distributor
©2024 American Century Proprietary Holdings, Inc. All rights reserved.

S-24936643

SEMIANNUAL SHAREHOLDER REPORT

VP Avantis Global Equity Allocation Fund ACI logo.jpg


Class II (AVVAX)			June 30, 2024


What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
	Costs of $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class II	$36	0.69%


Fund Statistics
Net Assets	$564,719
Management Fees (dollars paid during the reporting period)	$1,107
Portfolio Turnover Rate	0	%
Total Number of Portfolio Holdings	18


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)
	Domestic Equity Funds	64.6%
	International Equity Funds	35.0%
	Short-Term Investments	10.4%
	Other Assets and Liabilities	(10.0)%


For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/vpdocs.


American Century Investment Services, Inc., Distributor
©2024 American Century Proprietary Holdings, Inc. All rights reserved.

S-24936635

SEMIANNUAL SHAREHOLDER REPORT

VP Avantis Global Equity Allocation Fund ACI logo.jpg


Class Y (AVVYX)			June 30, 2024


What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
The below table explains the costs that you would have paid within the reporting period.
	Costs of $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Y	$5	0.09%


Fund Statistics
Net Assets	$564,719
Management Fees (dollars paid during the reporting period)	$1,107
Portfolio Turnover Rate	0	%
Total Number of Portfolio Holdings	18


Fund Holdings


Types of Investments in Portfolio (as a % of net assets)
	Domestic Equity Funds	64.6%
	International Equity Funds	35.0%
	Short-Term Investments	10.4%
	Other Assets and Liabilities	(10.0)%


For additional information about the fund, including its Prospectus, Statement of Additional Information, financial statements, holdings and proxy voting information, scan the QR code or visit americancentury.com/vpdocs.


American Century Investment Services, Inc., Distributor
©2024 American Century Proprietary Holdings, Inc. All rights reserved.

S-24936627

ITEM 2. CODE OF ETHICS.

Not applicable for semiannual report filings.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable for semiannual report filings.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable for semiannual report filings.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable for semiannual report filings.

ITEM 6. INVESTMENTS.

(a) The schedule of investments is included as part of the report to stockholders filed under Item 7 of this Form.

(b) Not applicable.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

(a)



			Semiannual Financial Statements and Other Information

			June 30, 2024

			VP Avantis® Global Equity Allocation Fund
			Class I (AVVPX)
			Class II (AVVAX)
			Class Y (AVVYX)


Table of Contents


Schedule of Investments			2
Statement of Assets and Liabilities			3
Statement of Operations			4
Statement of Changes in Net Assets			5
Notes to Financial Statements			6
Financial Highlights			11

Approval of Management Agreement			12


Schedule of Investments

JUNE 30, 2024 (UNAUDITED)


	Shares	Value
UNDERLYING FUNDS(1) — 99.6%
Domestic Equity Funds — 64.6%
Avantis Inflation Focused Equity ETF	454	$	28,183
Avantis Real Estate ETF	370	15,252
Avantis U.S. Equity ETF	1,101	99,299
Avantis U.S. Large Cap Equity ETF	1,492	93,653
Avantis U.S. Large Cap Value ETF	908	57,059
Avantis U.S. Mid Cap Equity ETF(2)	279	16,545
Avantis U.S. Mid Cap Value ETF	280	16,702
Avantis U.S. Small Cap Equity ETF	507	25,304
Avantis U.S. Small Cap Value ETF	145	13,009
		365,006
International Equity Funds — 35.0%
Avantis Emerging Markets Equity ETF	472	28,834
Avantis Emerging Markets Small Cap Equity ETF	99	5,487
Avantis Emerging Markets Value ETF	232	11,310
Avantis International Equity ETF(2)	1,364	84,923
Avantis International Large Cap Value ETF	740	38,806
Avantis International Small Cap Equity ETF	271	14,038
Avantis International Small Cap Value ETF	217	14,094
		197,492
TOTAL UNDERLYING FUNDS (Cost $505,956)		562,498
SHORT-TERM INVESTMENTS — 10.4%
Money Market Funds — 10.4%
State Street Institutional U.S. Government Money Market Fund, Premier Class	2,111	2,111
State Street Navigator Securities Lending Government Money Market Portfolio(3)	56,725	56,725
TOTAL SHORT-TERM INVESTMENTS (Cost $58,836)		58,836
TOTAL INVESTMENT SECURITIES — 110.0% (Cost $564,792)		621,334
OTHER ASSETS AND LIABILITIES — (10.0)%		(56,615)
TOTAL NET ASSETS — 100.0%		$	564,719


NOTES TO SCHEDULE OF INVESTMENTS

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

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $55,442. 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 $56,725.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2024 (UNAUDITED)
Assets
Investment securities - affiliates, at value (cost of $505,956) — including $55,442 of securities on loan	$	562,498
Investment made with cash collateral received for securities on loan, at value (cost of $56,725)	56,725
Investment securities - unaffiliated, at value (cost of $2,111)	2,111
Total investment securities, at value (cost of $564,792)	621,334
Interest receivable	15
Securities lending receivable	294
	621,643

Liabilities
Payable for collateral received for securities on loan	56,725
Accrued management fees	188
Distribution fees payable	11
	56,924

Net Assets	$	564,719

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	510,185
Distributable earnings (loss)	54,534
	$	564,719


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Class I, $0.01 Par Value	$451,730	40,755	$11.08
Class II, $0.01 Par Value	$56,335	5,083	$11.08
Class Y, $0.01 Par Value	$56,654	5,111	$11.08

See Notes to Financial Statements.


Statement of Operations


FOR THE SIX MONTHS ENDED JUNE 30, 2024 (UNAUDITED)
Investment Income (Loss)
Income:
Income distributions from underlying funds	$	5,726
Securities lending, net	760
Interest	84
	6,570

Expenses:
Management fees	1,671
Distribution fees - Class II	68
Directors' fees and expenses	8
	1,747
Fees waived(1)	(564)
	1,183

Net investment income (loss)	5,387

Change in net unrealized appreciation (depreciation) on investments in underlying funds	34,041



Net Increase (Decrease) in Net Assets Resulting from Operations	$	39,428

(1)Amount consists of $451, $56 and $57 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, 2024 (UNAUDITED) AND PERIOD ENDED DECEMBER 31, 2023
Increase (Decrease) in Net Assets	June 30, 2024		December 31, 2023(1)
Operations
Net investment income (loss)	$	5,387	$	4,634
Net realized gain (loss)	—		(1,844)
Change in net unrealized appreciation (depreciation)	34,041		22,501
Net increase (decrease) in net assets resulting from operations	39,428		25,291

Distributions to Shareholders
From earnings:
Class I	(4,424)		(3,684)
Class II	(484)		(403)
Class Y	(649)		(541)
Decrease in net assets from distributions	(5,557)		(4,628)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	5,557		504,628

Net increase (decrease) in net assets	39,428		525,291

Net Assets
Beginning of period	525,291		—
End of period	$	564,719	$	525,291

(1)July 20, 2023 (fund inception) through December 31, 2023.

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2024 (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 Avantis Global Equity Allocation Fund (the fund) is one fund in a series issued by the corporation. The fund operates as a “fund of funds,” meaning substantially all of the fund's assets will be invested in Avantis exchange-traded funds (ETFs) (the underlying funds). The underlying funds generally represent a broadly diversified basket of equity securities. The fund will assume the risks associated with the underlying funds. Additional information and attributes of each underlying fund are available at avantisinvestors.com. The fund’s investment objective is to seek long-term capital appreciation. The fund offers Class I, Class II and Class Y. All classes of the fund commenced sale on July 20, 2023, the fund's inception date.

2. Significant Accounting Policies

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

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

Open-end management investment companies are valued at the reported NAV per share. Exchange-traded funds are listed or traded on a domestic securities exchange and are valued at the last reported sales price or at the official closing price as provided by the exchange.

Security Transactions — Security transactions are accounted for as of the trade date. Net realized gains and losses are determined on the identified cost basis, which is also used for federal income tax purposes.

Investment Income — Income and capital gain distributions, if any, from the underlying funds are recorded as of the ex-dividend date. Long-term capital gain distributions, if any, from the underlying funds are a component of net realized gain (loss). 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.

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

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

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

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

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, 2024.


Remaining Contractual Maturity of Agreements
	Overnight and Continuous		<30 days	Between 30 & 90 days	>90 days	Total
Securities Lending Transactions(1)
Underlying Funds	$	56,725	—	—	—	$	56,725
Gross amount of recognized liabilities for securities lending transactions						$	56,725

(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

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. ACIM serves as the investment advisor for the underlying funds. ACIM owns 100% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

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 investment advisor will waive the portion of the fund's management fee equal to the expenses attributable to the management fees of the American Century Investments funds in which the fund invests. The amount of this waiver will fluctuate depending on the fund's daily allocation to such funds. This waiver is expected to remain in effect permanently and it cannot be terminated without the approval of the Board of Directors.

The annual management fee and the effective annual management fee after waiver for each class for the period ended June 30, 2024 are as follows:


	Annual Management Fee	Effective Annual Management Fee After Waiver
Class I	0.65%	0.44%
Class II	0.65%	0.44%
Class Y	0.30%	0.09%

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, 2024 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.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended June 30, 2024 were $6,274 and $0, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Six months ended June 30, 2024			Period ended December 31, 2023(1)
	Shares	Amount		Shares	Amount
Class I/Shares Authorized	50,000,000			50,000,000
Sold	—	—		40,000	$	400,000
Issued in reinvestment of distributions	399	$	4,424	356	3,684
	399	4,424		40,356	403,684
Class II/Shares Authorized	50,000,000			50,000,000
Sold	—	—		5,000	50,000
Issued in reinvestment of distributions	44	484		39	403
	44	484		5,039	50,403
Class Y/Shares Authorized	50,000,000			50,000,000
Sold	—	—		5,000	50,000
Issued in reinvestment of distributions	59	649		52	541
	59	649		5,052	50,541
Net increase (decrease)	502	$	5,557	50,447	$	504,628

(1)July 20, 2023 (fund inception) through December 31, 2023.

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.

As of period end, the fund's investment securities were classified as Level 1. The Schedule of Investments provides additional information on the fund's portfolio holdings.

7. Risk Factors

The value of the fund’s shares will go up and down based on the performance of the underlying funds in which it invests. The value of the underlying funds' shares will, in turn, fluctuate based on the performance of the securities they own and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

8. 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	$	564,792
Gross tax appreciation of investments	$	56,938
Gross tax depreciation of investments	(396)
Net tax appreciation (depreciation) of investments	$	56,542

The cost of investments for federal income tax purposes was the same as the cost for financial reporting purposes.

As of December 31, 2023, the fund had accumulated short-term capital losses of $(1,844), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

9. Investments in Underlying Funds

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

10. Affiliated Fund Transactions

A summary of transactions for each underlying fund for the period ended June 30, 2024 follows (amounts in thousands):


Underlying Fund	Beginning Value		Purchase Cost		Sales Cost	Change in Net Unrealized Appreciation (Depreciation)		Ending Value		Ending Shares	Net Realized Gain (Loss)	Distributions Received(1)
Avantis Inflation Focused Equity ETF	$	26	—		—	$	2	$	28	—	—	—
Avantis Real Estate ETF	15		—		—	—		15		—	—	—
Avantis U.S. Equity ETF	90		—		—	9		99		1	—	$	1
Avantis U.S. Large Cap Equity ETF	83		—		—	11		94		1	—	1
Avantis U.S. Large Cap Value ETF	52		—		—	5		57		1	—	1
Avantis U.S. Mid Cap Equity ETF(2)	16		—		—	1		17		—	—	—
Avantis U.S. Mid Cap Value ETF	16		—		—	1		17		—	—	—
Avantis U.S. Small Cap Equity ETF	26		—		—	(1)		25		1	—	—
Avantis U.S. Small Cap Value ETF	13		—		—	—		13		—	—	—
Avantis Emerging Markets Equity ETF	27		—		—	2		29		—	—	—
Avantis Emerging Markets Small Cap Equity ETF	5		—		—	—		5		—	—	—
Avantis Emerging Markets Value ETF	10		—		—	1		11		—	—	—
Avantis International Equity ETF(2)	80		$	3	—	2		85		1	—	2
Avantis International Large Cap Value ETF	37		1		—	1		39		1	—	1
Avantis International Small Cap Equity ETF	13		1		—	—		14		—	—	—
Avantis International Small Cap Value ETF	13		1		—	—		14		—	—	—
	$	522	$	6	—	$	34	$	562	6	—	$	6

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

(2)Security, or a portion thereof, is on loan.


Financial Highlights


For a Share Outstanding Throughout the Periods Indicated
Per-Share Data								Ratios and Supplemental Data
		Income From Investment Operations*:						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	Distributions From Net Investment Income	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
2024(3)	$10.41	0.11	0.67	0.78	(0.11)	$11.08	7.49%	0.44%	0.65%	1.98%	1.77%	0%	$452
2023(4)	$10.00	0.09	0.41	0.50	(0.09)	$10.41	5.03%	0.44%	0.65%	2.10%	1.89%	24%	$420
Class II
2024(3)	$10.41	0.09	0.68	0.77	(0.10)	$11.08	7.36%	0.69%	0.90%	1.73%	1.52%	0%	$56
2023(4)	$10.00	0.08	0.41	0.49	(0.08)	$10.41	4.91%	0.69%	0.90%	1.85%	1.64%	24%	$52
Class Y
2024(3)	$10.41	0.12	0.68	0.80	(0.13)	$11.08	7.67%	0.09%	0.30%	2.33%	2.12%	0%	$57
2023(4)	$10.00	0.11	0.41	0.52	(0.11)	$10.41	5.19%	0.09%	0.30%	2.45%	2.24%	24%	$53


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, 2024 (unaudited).

(4)July 20, 2023 (fund inception) through December 31, 2023.

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

†Ratios for periods less than one year are annualized. Zero balances may reflect amounts less than 0.005%.

See Notes to Financial Statements.


Approval of Management Agreement

At a meeting held on June 27, 2024, the Fund’s Board of Directors (the “Board”) unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Directors, including a majority of the independent Directors.

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

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

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

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

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

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

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

•the Advisor’s strategic plans, generally, and with respect to the Advisor’s response to investment management industry challenges;

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

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

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

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

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

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

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

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

Factors Considered

The Directors considered all of the information provided by the Advisor, the independent consultant and data providers, and the independent Directors’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Directors did not identify any single factor as being all-important or controlling, and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including without limitation the following:

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

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

•liquidity monitoring and management

•risk management, including information security

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

•legal services (except the independent Directors’ counsel)

•regulatory and portfolio compliance

•financial reporting

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

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

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

Shareholder and Other Services. Under the management agreement, the Advisor provides the Fund with a comprehensive package of transfer agency, shareholder, and other services. The Board, directly and through its various committees, regularly reviews reports and evaluations of such services at its regular meetings. These reports include, but are not limited to, information regarding the operational efficiency and accuracy of the shareholder and transfer agency services provided, staffing levels, shareholder satisfaction, technology support (including information security), new products and services offered to Fund shareholders, securities trading activities, portfolio valuation services, auditing services, and legal and operational compliance activities. The Board found the services provided by the Advisor to the Fund under the management agreement to be competitive and of high quality.

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

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

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

Comparison to Other Funds’ Fees. The management agreement provides that the Fund pays the Advisor a single, all-inclusive (or unified) management fee for providing all services necessary for the management and operation of the Fund, other than brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, fees and expenses of the Fund’s independent Directors (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1. Under the unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, distribution charges, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider comparing the Fund’s unified fee to the total expense ratios of its peers. The unified fee

charged to shareholders of the Fund was below 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 concluded that the management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

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

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

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

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

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


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©2024 American Century Proprietary Holdings, Inc. All rights reserved. CL-SAN-98350 2408

(b) The information required by Item 13 of Form N-1A is included as part of the financial statements filed under Item 7(a) of this Form.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

None.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

None.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The remuneration paid to directors, officers and others is included as part of the report to stockholders filed under Item 7 of this Form.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.



A statement regarding the basis for the board of directors’ approval of the investment advisory contract is included as part of the reports to stockholders filed under Item 7 of this Form.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

During the reporting period, there were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) are effective based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Not applicable for semiannual report filings.

(a)(2) Not applicable for semiannual report filings.

(a)(3) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) A certification by the registrant’s chief executive officer and chief financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:

American Century Variable Portfolios, Inc.

By:

/s/ Patrick Bannigan

Name:

Patrick Bannigan

Title:

President

Date:

August 23, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:	/s/ Patrick Bannigan
	Name:	Patrick Bannigan
	Title:	President
		(principal executive officer)

Date:	August 23, 2024


By:	/s/ R. Wes Campbell
	Name:	R. Wes Campbell
	Title:	Treasurer and
		Chief Financial Officer
		(principal financial officer)

Date:	August 23, 2024

American Century Variable Portfolios N-CSRSCertified semi-annual shareholder report (management investment company)