INTERNAL CONTROL RPT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of American Century Variable Portfolios II, Inc.:

In planning and performing our audit of the financial statements of American Century Variable Portfolios II, Inc. (the “Corporation”), including VP Inflation Protection Fund, as of and for the year ended December 31, 2022, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), we considered the Corporation’s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-CEN, but not for the purpose of expressing an opinion on the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Corporation is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of a company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the company's annual or interim financial statements will not be prevented or detected on a timely basis.

Our consideration of the Corporation’s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the PCAOB. However, we noted no deficiencies in the Corporation’s internal control over financial reporting and its operation, including controls for safeguarding securities, that we consider to be a material weakness, as defined above, as of December 31, 2022.

This report is intended solely for the information and use of management and the Board of Directors of the Corporation and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

February 10, 2023

OTHER REQUIRED INFO

Pursuant to the Fund’s procedures adopted under Rule 10f-3, the Fund’s Board of Directors/Trustees receives a quarterly report in the form of a checklist as to the satisfaction of the applicable conditions of paragraph (c)(1) through (c)(8) of Rule 10f-3.

Fund	VP Inflation Protection
Issuer	Citigroup Inc.
Ticker/Sedol	172967NG2
Principal Amount (US$)	$2,500,000,000
Principal Amount (Foreign$)	N/A
Amount Purchased (US$)	$400,000.00
Amount Purchased (Foreign$)	N/A
Trade Date	2/16/2022
Price (US$)	$100.00
Price-Foreign	N/A
Underwriter	Citigroup Global Markets Inc.
Other Syndicate Members:	Academy Securities Inc., Barclays Capital, BMO Capital Markets Corp., Capital One Securities Inc., CastleOak Securities, Commonwealth Bank of Australia, Deutsche Bank Securities Inc., Intesa Sanpaolo, Lloyds Securities Inc., Mizuho Securities USA LLC,MUFG Securities Americas Inc., nabSecurities LLC, Natixis Securities Americas LLC, PNC Capital Markets LLC, RBC Capital Markets, Santander Investment Securities Inc., Scotia Capital USA Inc., SG Americas Securities LLC, SMBC Nikko Securities America Inc., Standard Chartered Bank (US), TD Securities USA LLC, United Overseas Bank, US Bancorp Investments Inc., American Veterans Group Pbc, ANZ Securities, Banco de Sabadell, BBVA Securities Inc., CIBC World Markets, CL King & Associates, Commerz Markets LLC, Credit Agricole Securities USA Inc., Danske Markets, Desjardins Securities Inc., Erste Group Bank AG, Fifth Third Securities, Global Oak Captial Markets LLC, Huntington Securities Inc., Industrial and Commercial Bank of China, ING Financial Markets LLC, Jefferies LLC, KeyBanc Capital Markets, Mischler Financial Group, National Bank of Canada Financial Inc., Natwest Markets, Netrex Capital Markets LLC, Nomura Securities International, Nordea Bank, Rabo Securities USA Inc., RB International Markets USA LLC, Regions Securities LLC, Roberts & Ryan Investments Inc., Samuel A Ramirez & Co Inc., Tigress Financial Partners LLC, Truist Securities Inc., UBS Securities LLC, UniCredit Capital Markets Inc., Westpac Capital Markets LLC
Underwriting Spread	0.325%
Currency	USD

Fund	VP Inflation Protection
Issuer	Bank of America Corporation
Ticker/Sedol	06051GKM0
Principal Amount (US$)	$3,000,000,000
Principal Amount (Foreign$)	N/A
Amount Purchased (US$)	$760,000.00
Amount Purchased (Foreign$)	N/A
Trade Date	3/17/2022
Price (US$)	$100.00
Price-Foreign	N/A
Underwriter	BofA Securities, Inc.
Other Syndicate Members:	American Veterans Group, PBC, Blaylock Van, LLC, Multi-Bank Securities, Inc., Penserra Securities LLC , Samuel A. Ramirez & Company, Inc., Siebert Williams Shank & Co., LLC, ANZ Securities, Inc., Banco de Sabadell, S.A., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., Commerz Markets LLC, Commonwealth Bank of Australia, Danske Markets Inc., ICBC Standard Bank Plc, ING Financial Markets LLC, Intesa Sanpaolo S.p.A., Mizuho Securities USA LLC, MUFG Securities Americas Inc., nabSecurities, LLC, Natixis Securities Americas LLC, NatWest Markets Securities Inc., Nomura Securities International, Inc., Nordea Bank Abp, PNC Capital Markets LLC, Regions Securities LLC, Santander Investment Securities Inc., SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., SVB Securities LLC, TD Securities (USA) LLC, Westpac Capital Markets LLC
Underwriting Spread	0.250%
Currency	USD

Fund	VP Inflation Protection
Issuer	UBS Group AG
Ticker/Sedol	902613AMO
Principal Amount (US$)	$ 1,200,000,000.00
Principal Amount (Foreign$)	N/A
Amount Purchased (US$)	$117,000.00
Amount Purchased (Foreign$)	N/A
Trade Date	5/3/2022
Price (US$)	$100.00
Price-Foreign	N/A
Underwriter	UBS Securities LLC
Other Syndicate Members:	CIBC, Scotia, BMO, RBC, TD, Wells Fargo, Truist Securities, Inc., U.S. Bancorp, J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, National Bank of Canada, Desjardins Securities Inc., BNY Mellon Capital Markets, LLC, Academy Securities, Inc., AmeriVet Securities, Inc., CastleOak Securities, L.P., Drexel Hamilton, LLC, Blaylock Van, LLC, R. Seelaus, LLC, Roberts & Ryan, UniCredit, Commerz, Natixis, BBVA, ING, Nordea Bank Abp, Lloyds, Barclays, NatWest Markets, Commonwealth Bank of Australia, Nomura, KEXIM Asia Limited, MUFG Securities Americas Inc., Caixa - Banco de Investimento
Underwriting Spread	0.250%
Currency	USD

Fund	VP Inflation Protection
Issuer	Bank of Montreal
Ticker/Sedol	06368D3S1
Principal Amount (US$)	$ 1,300,000,000.00
Principal Amount (Foreign$)	N/A
Amount Purchased (US$)	$ 389,910.30
Amount Purchased (Foreign$)	N/A
Trade Date	5/31/2022
Price (US$)	$99.977
Price-Foreign	N/A
Underwriter	Bank of Montreal, Corp.
Other Syndicate Members:	Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Wells Fargo Securities, LLC, Academy Securities, Inc., BNP Paribas Securities Corp., BofA Securities, Inc., C.L. King & Associates, Inc.C.L. King & Associates, Inc., Citigroup Global Markets Inc., Desjardins Securities Inc., HSBC Securities (USA) Inc., National Bank of Canada Financial Inc., Nomura Securities International, Inc., UBS Securities LLC
Underwriting Spread	0.250%
Currency	USD

Fund	VP Inflation Protection
Issuer	Bank of America Corporation
Ticker/Sedol	06051GKW8
Principal Amount (US$)	$3,000,000,000.00
Principal Amount (Foreign$)	N/A
Amount Purchased (US$)	$720,000.00
Amount Purchased (Foreign$)	N/A
Trade Date	7/19/2022
Price (US$)	$100.00
Price-Foreign	N/A
Underwriter	BofA Securities, Inc.
Other Syndicate Members:	AmeriVet Securities, Inc., Cabrera Capital Markets, LLC, CastleOak Securities, L.P., C.L. King & Associates, Inc., Mischler Financial Group, Inc., R Seelaus & Co., LLC, Banco de Sabadell, S.A., BBVA Securities Inc., BNY Mellon Capital Markets, LLC, Capital One Securities, Inc., CIBC World Markets Corp., Citizens Capital Markets, Inc., Danske Markets Inc., HSBC Securities (USA) Inc., Huntington Securities, Inc., ING Financial Markets LLC, Lloyds Securities Inc., Mashreqbank psc2, Mizuho Securities USA LLC, MUFG Securities Americas Inc., Natixis Securities Americas LLC, NatWest Markets Securities Inc., Nomura Securities International Inc., Nordea Bank Abp, PNC Capital Markets LLC, Scotia Capital (USA) Inc, SG Americas Securities, LLC, SMBC Nikko Securities America, Inc., Standard Chartered Bank, SVB Securities LLC, UniCredit Capital Markets LLC
Underwriting Spread	0.350%
Currency	USD

Fund	VP Inflation Protection
Issuer	Mitsubishi UFJ Financing Group
Ticker/Sedol	606822CQ5
Principal Amount (US$)	$2,000,000,000.00
Principal Amount (Foreign$)	N/A
Amount Purchased (US$)	$709,000.00
Amount Purchased (Foreign$)	N/A
Trade Date	9/6/2022
Price (US$)	$100.00
Price-Foreign	N/A
Underwriter	MUFG Securities Americas Inc.
Other Syndicate Members:	Morgan Stanley & Co. LLC, BofA Securities, Inc., Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Bank of China Limited, BNP Paribas, Crédit Agricole Corporate and Investment Bank, HSBC Securities (USA) Inc., Industrial and Commercial Bank of China Limited, Singapore Branch, Natixis Securities Americas LLC, Nomura Securities International, Inc., Société Générale, TD Securities USA LLC, Wells Fargo Securities, LLC
Underwriting Spread	0.200%
Currency	USD