American Century Quantitative Equity Funds NCSR Certified 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

811-05447

AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, 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:

6-30

Date of reporting period:

06-30-2022

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Annual Report

			June 30, 2022

			Disciplined Core Value Fund
			Investor Class (BIGRX)
			I Class (AMGIX)
			A Class (AMADX)
			C Class (ACGCX)
			R Class (AICRX)
			R5 Class (AICGX)


Table of Contents


President's Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			7
Shareholder Fee Example			8
Schedule of Investments			10
Statement of Assets and Liabilities			15
Statement of Operations			16
Statement of Changes in Net Assets			17
Notes to Financial Statements			18
Financial Highlights			24
Report of Independent Registered Public Accounting Firm			27
Management			28
Approval of Management Agreement			31
Liquidity Risk Management Program			35

Additional Information			36

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.


President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended June 30, 2022. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Second-Half Sell-Off Sank Stock Returns

Stock market performance changed dramatically during the 12-month period. In the first half, generally upbeat economic activity and corporate earnings supported solid six-month returns for most broad U.S. and global stock indices. Performance remained positive despite rapidly rising inflation and waning central bank support.

The market climate changed considerably in the period’s second half. Inflation, which was already at multiyear highs, rose to levels last seen in the early 1980s. The massive fiscal and monetary support unleashed during the pandemic was partly to blame. In addition, escalating energy prices, supply chain breakdowns and labor market shortages further aggravated the inflation rate. Russia’s invasion of Ukraine in February also exacerbated global inflationary pressures.

The Federal Reserve responded to surging inflation in March, launching an aggressive rate-hike campaign and ending its asset purchase program. Policymakers indicated taming inflation is their priority, even if the economy slips into recession in the process. Despite a rate-hike total of 1.5 percentage points through June 30, U.S. inflation climbed to a 41-year high of 9.1%.

The combination of accelerating inflation, tighter monetary policy, geopolitical strife and slowing economic growth fueled sharp market volatility and eventually triggered recession fears. U.S. and global stocks erased their first-half gains and plunged for the 12-month period. U.S. stocks generally fared better than non-U.S. stocks, and value stocks outperformed growth stocks. Commodities were a bright spot, rallying amid severe supply/demand imbalances and geopolitical tensions.

Staying Disciplined in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia’s invasion of Ukraine complicates a tense geopolitical backdrop. We will continue to monitor this evolving situation and what it broadly means for our clients and investment exposure.

We appreciate your confidence in us during these extraordinary times. Our firm has a long history of helping clients weather unpredictable markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of June 30, 2022
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	BIGRX	-9.84%	8.82%	10.90%	—	12/17/90
Russell 1000 Value Index	—	-6.82%	7.16%	10.49%	—	—
I Class	AMGIX	-9.67%	9.04%	11.12%	—	1/28/98
A Class	AMADX				—	12/15/97
No sales charge		-10.07%	8.54%	10.63%	—
With sales charge		-15.24%	7.27%	9.97%	—
C Class	ACGCX	-10.76%	7.73%	9.80%	—	6/28/01
R Class	AICRX	-10.30%	8.28%	10.35%	—	8/29/03
R5 Class	AICGX	-9.64%	9.04%	—	8.99%	4/10/17

Average annual returns since inception are presented when ten years of performance history is not available.

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.

Sales charges include initial sales charges and contingent deferred sales charges (CDSCs), as applicable. A Class shares have a 5.75% maximum initial sales charge and may be subject to a maximum CDSC of 1.00%. C Class shares redeemed within 12 months of purchase are subject to a maximum CDSC of 1.00%. The SEC requires that mutual funds provide performance information net of maximum sales charges in all cases where charges could be applied.

Data presented reflect past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. Total returns for periods less than one year are not annualized. Investment return and principal value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains, and none of the charts reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. To obtain performance data current to the most recent month end, please call 1-800-345-2021 or visit americancentury.com. For additional information about the fund, please consult the prospectus.


Growth of $10,000 Over 10 Years
$10,000 investment made June 30, 2012
Performance for other share classes will vary due to differences in fee structure.


Value on June 30, 2022
			Investor Class — $28,159

			Russell 1000 Value Index — $27,139


Total Annual Fund Operating Expenses
Investor Class	I Class	A Class	C Class	R Class	R5 Class
0.66%	0.46%	0.91%	1.66%	1.16%	0.46%

The total annual fund operating expenses shown is as stated in the fund’s prospectus current as of the date of this report. The prospectus may vary from the expense ratio shown elsewhere in this report because it is based on a different time period, includes acquired fund fees and expenses, and, if applicable, does not include fee waivers or expense reimbursements.


Portfolio Commentary

Portfolio Managers: Steven Rossi and Yulin Long

Performance Summary

Disciplined Core Value returned -9.84%* for the year ended June 30, 2022, compared with the -6.82% return of its benchmark, the Russell 1000 Value Index.

Disciplined Core Value lost ground during the fiscal year and underperformed its benchmark, the Russell 1000 Value Index. Disciplined Core Value’s stock selection process incorporates factors of valuation, quality, growth and sentiment, while striving to minimize unintended risks along industries and other risk characteristics. The fund’s returns were primarily driven by allocation and security selection decisions in the consumer discretionary sector. Security selection results among industrials and materials holdings also detracted. In contrast, stock selection in the health care and information technology sectors aided relative performance.

Consumer Discretionary Sector Detracted Most from Relative Performance

Positioning in the consumer discretionary sector was a main source of the portfolio’s underperformance. An overweight to the specialty retail industry detracted, as did overweight positions in Williams-Sonoma and Bath & Body Works. Shares of Williams-Sonoma performed quite well in 2021, easily outpacing the benchmark as the company reported better-than-expected revenues and earnings, but rising inflation and interest rates weighed on the shares’ performance in 2022. Shares of Bath & Body Works also easily outperformed in 2021, fueled by strong sales and earnings. But shares declined sharply in 2022 as inflation and rising rates caused valuations to compress. Stock selections in the hotels, restaurants and leisure industry also detracted. Lack of exposure to McDonald’s in particular was a drag on performance. Shares performed well in 2021, sold off early in 2022 but rebounded through the first half of the year as the company posted better-than-expected sales and earnings, driven by its drive-thru business and its digitization efforts. In the multiline retail industry, shares of Target detracted. The company cited problems with surplus inventories, which may require price reductions to eliminate. We exited our position.

Stocks selection in the industrials sector also hampered relative performance. In the aerospace and defense industry, underweight positions in Raytheon Technologies and Northrop Grumman were the primary drivers. Shares of aerospace and defense industry stocks were favored in 2022 as investors opted increasingly for companies that were perceived as likely to hold up well during a possible economic slowdown. Raytheon performed well as the company posted year-over-year improvements in both revenues and earnings. Shares of Northrop Grumman rose despite the company’s year-over-year decline in organic sales. We terminated our position in Northrop Grumman. The fund’s underweight position in The Boeing Co. detracted as well, primarily due to the timing of the fund’s purchase and exit. The company reported lower revenues and higher costs early in 2022 and said it would have to delay deliveries of its new widebody passenger jetliner. We exited our position in the second quarter of 2022. In the air freight and logistics industry, an overweight position in FedEx also detracted as rising transportation and labor costs reduced earnings. An overweight position in MasTec, a building materials company, also hindered returns in the construction and engineering industry. The company posted strong year-over-year results but lowered earnings guidance for full-year 2022. We exited our position.

*All fund returns referenced in this commentary are for Investor Class shares. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.

Stocks selection in the materials sector was also an area of weakness. An overweight position in The Chemours Co., a specialty chemical company, hindered returns. Although shares performed well early in 2022, they have experienced volatility due to a slowdown in the automobiles industry and to supply chain concerns, so we sold out of our position. In the containers and packaging industry, International Paper also hurt performance. Shares enjoyed a strong run in 2021 prior to the reporting period but declined over the past 12 months despite improvement in earnings year over year. This position was liquidated.

Health Care Contributed the Most to Relative Performance

The health care sector was the leading contributor, primarily due to strong stock selection. In the health care providers and services industry, an overweight position contributed to results, as did positioning in McKesson, a drug distributor. The company reported strong results due in part to distribution of COVID-19 vaccines and its increased guidance for fiscal 2022. In the biotechnology industry, overweight positions in Moderna and AbbVie were also advantageous. Moderna has performed well due to revenues from its COVID-19 vaccine, while AbbVie’s performance was driven by sales of Skyrizi, Rinvoq and Venclexta, and revenues from its aesthetics and neuroscience business.

Stock choices in the information technology sector contributed to performance as well. In the IT services industry, avoiding Twilio, a cloud computing company, was advantageous as shares declined throughout the period. The company has experienced high growth but has not been profitable, and stocks like this have been hit by a change in investor sentiment. In the software industry, underweighting Salesforce.com also helped drive returns. Although the company reported year-over-year improvements in sales and earnings and raised its guidance for fiscal 2023, high-growth companies with high valuations have experienced declines in their shares as investors have shifted to more defensive names. We exited this position. A portfolio-only position in Broadcom, a semiconductor company, also added to returns. The company posted robust results year over year, beating expectations, and shares performed well in the first half of the reporting period. Shares came under pressure in 2022, but we exited our position in order to capitalize on the earlier runup.

A Look Ahead

Our disciplined, objective and systematic investment strategy is designed to take advantage of opportunities at the individual company level. We believe this approach is an effective way to capitalize on market inefficiencies that lead to the mispricing of individual stocks. Our strategy is designed to provide investors with well-diversified and risk-managed exposure to broad U.S. equity market exposure with strong current income. As such, we do not see significant deviations in sector weightings versus the Russell 1000 Value Index. Nevertheless, we can point to select sectors and industries where we are finding more or less investment opportunity.

At period-end, health care was the portfolio’s largest absolute and relative weighting as the investment team’s screens identified a significant number of opportunities in the sector. The industrials and consumer discretionary sectors were also areas of notable active exposure. Conversely, the portfolio’s utilities sector underweight reflects more limited opportunities that align with the team’s stock selection model. Likewise, the portfolio maintains relative underweight positions in financials and communication services, reflecting less compelling opportunities, based on our model.


Fund Characteristics


JUNE 30, 2022
Types of Investments in Portfolio			% of net assets
Common Stocks			99.1%
Short-Term Investments			0.8%
Other Assets and Liabilities			0.1%

Top Five Industries			% of net assets
Health Care Providers and Services			10.3%
Oil, Gas and Consumable Fuels			8.5%
Banks			8.1%
Biotechnology			6.8%
Pharmaceuticals			5.5%


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, 2022 to June 30, 2022.

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.

If you hold Investor Class shares of any American Century Investments fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25.00 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25.00 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

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 1/1/22	Ending Account Value 6/30/22	Expenses Paid During Period(1) 1/1/22 - 6/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$848.60	$3.03	0.66%
I Class	$1,000	$849.40	$2.11	0.46%
A Class	$1,000	$847.50	$4.17	0.91%
C Class	$1,000	$844.30	$7.59	1.66%
R Class	$1,000	$846.50	$5.31	1.16%
R5 Class	$1,000	$849.50	$2.11	0.46%
Hypothetical
Investor Class	$1,000	$1,021.52	$3.31	0.66%
I Class	$1,000	$1,022.51	$2.31	0.46%
A Class	$1,000	$1,020.28	$4.56	0.91%
C Class	$1,000	$1,016.56	$8.30	1.66%
R Class	$1,000	$1,019.04	$5.81	1.16%
R5 Class	$1,000	$1,022.51	$2.31	0.46%

(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, 2022


	Shares	Value
COMMON STOCKS — 99.1%
Aerospace and Defense — 2.6%
Huntington Ingalls Industries, Inc.	112,001	$	24,396,058
Lockheed Martin Corp.	30,283	13,020,478
Raytheon Technologies Corp.	282,754	27,175,487
		64,592,023
Air Freight and Logistics — 0.8%
FedEx Corp.	86,942	19,710,621
Auto Components — 0.4%
BorgWarner, Inc.	279,152	9,315,302
Automobiles — 0.6%
Honda Motor Co. Ltd.	665,900	16,055,568
Banks — 8.1%
Canadian Imperial Bank of Commerce	339,820	16,502,601
Comerica, Inc.	219,568	16,111,900
JPMorgan Chase & Co.	141,905	15,979,922
KeyCorp	1,754,117	30,223,436
Popular, Inc.	308,509	23,733,597
Royal Bank of Canada	287,612	27,849,565
Synovus Financial Corp.	647,807	23,353,442
Wells Fargo & Co.	184,325	7,220,010
Western Alliance Bancorp	239,758	16,926,915
Zions Bancorp NA	430,200	21,897,180
		199,798,568
Beverages — 0.6%
Coca-Cola Co.	226,359	14,240,245
Biotechnology — 6.8%
AbbVie, Inc.	190,852	29,230,892
Amgen, Inc.	92,103	22,408,660
Biogen, Inc.(1)	59,741	12,183,580
Exelixis, Inc.(1)	892,575	18,583,411
Gilead Sciences, Inc.	531,925	32,878,284
Moderna, Inc.(1)	51,418	7,345,061
Regeneron Pharmaceuticals, Inc.(1)	48,168	28,473,550
United Therapeutics Corp.(1)	63,537	14,971,859
		166,075,297
Building Products — 0.8%
Owens Corning	257,474	19,132,893
Capital Markets — 1.5%
Affiliated Managers Group, Inc.	154,803	18,050,030
SEI Investments Co.	120,216	6,494,068
T. Rowe Price Group, Inc.	105,744	12,013,576
		36,557,674
Chemicals — 3.0%
CF Industries Holdings, Inc.	235,200	20,163,696
Eastman Chemical Co.	70,482	6,327,169
LyondellBasell Industries NV, Class A	322,279	28,186,522
Olin Corp.	399,519	18,489,739
		73,167,126


	Shares	Value
Commercial Services and Supplies — 0.2%
ABM Industries, Inc.	139,738	$	6,067,424
Communications Equipment — 0.8%
Nokia Oyj, ADR	2,571,810	11,856,044
Telefonaktiebolaget LM Ericsson, ADR	974,383	7,210,434
		19,066,478
Containers and Packaging — 0.6%
WestRock Co.	366,888	14,616,818
Distributors — 0.4%
LKQ Corp.	182,701	8,968,792
Diversified Consumer Services — 0.4%
H&R Block, Inc.	274,506	9,695,552
Diversified Financial Services — 1.0%
Berkshire Hathaway, Inc., Class B(1)	89,744	24,501,907
Diversified Telecommunication Services — 1.2%
Lumen Technologies, Inc.	2,661,580	29,037,838
Electric Utilities — 0.9%
NRG Energy, Inc.	561,895	21,447,532
Electrical Equipment — 0.2%
Encore Wire Corp.	41,035	4,264,357
Entertainment — 2.3%
Electronic Arts, Inc.	244,163	29,702,429
Nintendo Co. Ltd.	64,000	27,523,605
		57,226,034
Equity Real Estate Investment Trusts (REITs) — 1.2%
Weyerhaeuser Co.	923,744	30,594,401
Food and Staples Retailing — 4.6%
Albertsons Cos., Inc., Class A	950,238	25,390,359
Costco Wholesale Corp.	36,582	17,533,021
Kroger Co.	1,000,085	47,334,023
Walmart, Inc.	180,319	21,923,184
		112,180,587
Food Products — 5.2%
Archer-Daniels-Midland Co.	822,687	63,840,511
Tyson Foods, Inc., Class A	730,137	62,835,590
		126,676,101
Health Care Equipment and Supplies — 1.3%
Hologic, Inc.(1)	470,454	32,602,462
Health Care Providers and Services — 10.3%
Centene Corp.(1)	487,578	41,253,975
CVS Health Corp.	728,514	67,504,107
Elevance Health, Inc.	61,403	29,631,860
Henry Schein, Inc.(1)	204,409	15,686,347
Laboratory Corp. of America Holdings	21,315	4,995,383
McKesson Corp.	191,586	62,497,269
Quest Diagnostics, Inc.	46,885	6,234,767
UnitedHealth Group, Inc.	47,818	24,560,759
		252,364,467
Hotels, Restaurants and Leisure — 0.3%
Boyd Gaming Corp.	143,298	7,129,076
Independent Power and Renewable Electricity Producers — 0.4%
Vistra Corp.	436,347	9,970,529


	Shares	Value
Insurance — 4.3%
Allstate Corp.	145,912	$	18,491,428
Everest Re Group Ltd.	205,339	57,552,415
Progressive Corp.	246,885	28,705,319
		104,749,162
Interactive Media and Services — 0.2%
Alphabet, Inc., Class A(1)	1,822	3,970,612
IT Services — 4.5%
Amdocs Ltd.	357,244	29,761,998
Cognizant Technology Solutions Corp., Class A	395,857	26,716,389
DXC Technology Co.(1)	399,087	12,096,327
International Business Machines Corp.	290,218	40,975,879
		109,550,593
Life Sciences Tools and Services — 0.6%
PerkinElmer, Inc.	107,610	15,304,294
Machinery — 2.8%
AGCO Corp.	159,608	15,753,310
CNH Industrial NV	1,293,533	14,992,047
Oshkosh Corp.	306,913	25,209,834
Snap-on, Inc.	64,980	12,803,009
		68,758,200
Metals and Mining — 0.3%
Nucor Corp.	80,300	8,384,123
Multi-Utilities — 0.2%
Brookfield Infrastructure Partners LP	103,586	3,959,057
Multiline Retail — 0.4%
Kohl's Corp.	299,500	10,689,155
Oil, Gas and Consumable Fuels — 8.5%
APA Corp.	161,238	5,627,206
Cheniere Energy, Inc.	35,049	4,662,569
Chevron Corp.	77,240	11,182,807
Devon Energy Corp.	260,876	14,376,876
Diamondback Energy, Inc.	89,805	10,879,876
Equinor ASA, ADR	1,245,194	43,282,943
Exxon Mobil Corp.	584,914	50,092,035
Oasis Petroleum, Inc.	64,407	7,835,112
Ovintiv, Inc.	175,928	7,774,258
PDC Energy, Inc.	77,294	4,762,083
Phillips 66	209,542	17,180,349
Shell PLC, ADR	467,921	24,467,589
SM Energy Co.	186,534	6,377,598
		208,501,301
Paper and Forest Products — 0.7%
Louisiana-Pacific Corp.	217,055	11,375,853
Sylvamo Corp.	161,480	5,277,166
		16,653,019
Pharmaceuticals — 5.5%
Bristol-Myers Squibb Co.	419,028	32,265,156
Johnson & Johnson	202,932	36,022,459
Merck & Co., Inc.	375,417	34,226,768
Organon & Co.	425,199	14,350,466
Takeda Pharmaceutical Co. Ltd.	288,700	8,109,101


	Shares	Value
Viatris, Inc.	1,023,967	$	10,720,935
		135,694,885
Professional Services — 4.6%
CACI International, Inc., Class A(1)	156,486	44,094,625
FTI Consulting, Inc.(1)	57,621	10,420,758
Jacobs Engineering Group, Inc.	130,006	16,527,663
KBR, Inc.	187,548	9,075,448
Leidos Holdings, Inc.	256,468	25,828,892
Science Applications International Corp.	81,980	7,632,338
		113,579,724
Real Estate Management and Development — 1.6%
CBRE Group, Inc., Class A(1)	99,742	7,342,009
Jones Lang LaSalle, Inc.(1)	184,267	32,220,927
		39,562,936
Road and Rail — 0.9%
Knight-Swift Transportation Holdings, Inc.	229,571	10,626,842
Ryder System, Inc.	68,304	4,853,682
Schneider National, Inc., Class B	290,910	6,510,566
		21,991,090
Semiconductors and Semiconductor Equipment — 1.1%
ASE Technology Holding Co. Ltd., ADR	937,969	4,849,300
Intel Corp.	574,377	21,487,443
		26,336,743
Software — 1.3%
Dropbox, Inc., Class A(1)	242,519	5,090,474
Fortinet, Inc.(1)	163,760	9,265,541
Microsoft Corp.	48,751	12,520,719
Oracle Corp. (New York)	59,039	4,125,055
		31,001,789
Specialty Retail — 3.7%
AutoNation, Inc.(1)	234,714	26,231,637
Bath & Body Works, Inc.	205,662	5,536,421
Dick's Sporting Goods, Inc.	147,987	11,153,780
Lithia Motors, Inc.	47,300	12,998,513
Penske Automotive Group, Inc.	207,817	21,756,362
Williams-Sonoma, Inc.	117,158	12,998,680
		90,675,393
Technology Hardware, Storage and Peripherals — 0.8%
Dell Technologies, Inc., Class C	186,663	8,625,697
Hewlett Packard Enterprise Co.	488,992	6,484,034
Western Digital Corp.(1)	117,144	5,251,566
		20,361,297
Wireless Telecommunication Services — 0.6%
Vodafone Group PLC, ADR	1,023,530	15,946,597
TOTAL COMMON STOCKS (Cost $2,432,261,417)		2,430,725,642
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreements — 0.8%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 4.25%, 5/15/23 - 11/15/43, valued at $2,860,790), in a joint trading account at 1.43%, dated 6/30/22, due 7/1/22 (Delivery value $2,793,816)		2,793,705


	Shares	Value
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.25%, 3/31/28, valued at $17,132,979), at 1.44%, dated 6/30/22, due 7/1/22 (Delivery value $16,797,672)		$	16,797,000
TOTAL SHORT-TERM INVESTMENTS (Cost $19,590,705)		19,590,705
TOTAL INVESTMENT SECURITIES — 99.9% (Cost $2,451,852,122)		2,450,316,347
OTHER ASSETS AND LIABILITIES — 0.1%		1,521,484
TOTAL NET ASSETS — 100.0%		$	2,451,837,831


NOTES TO SCHEDULE OF INVESTMENTS
ADR	-	American Depositary Receipt

(1)Non-income producing.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2022
Assets
Investment securities, at value (cost of $2,451,852,122)	$	2,450,316,347
Foreign currency holdings, at value (cost of $162,567)	163,676
Receivable for investments sold	3,125,409
Receivable for capital shares sold	759,080
Dividends and interest receivable	3,384,533
	2,457,749,045

Liabilities
Disbursements in excess of demand deposit cash	161,656
Payable for investments purchased	3,193,861
Payable for capital shares redeemed	1,215,960
Accrued management fees	1,288,864
Distribution and service fees payable	50,873
	5,911,214

Net Assets	$	2,451,837,831

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	2,517,369,827
Distributable earnings	(65,531,996)
	$	2,451,837,831


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$1,739,617,127	57,756,979	$30.12
I Class, $0.01 Par Value	$466,889,688	15,464,323	$30.19
A Class, $0.01 Par Value	$171,904,713	5,722,079	$30.04*
C Class, $0.01 Par Value	$8,455,122	282,450	$29.93
R Class, $0.01 Par Value	$15,264,568	507,131	$30.10
R5 Class, $0.01 Par Value	$49,706,613	1,645,596	$30.21

*Maximum offering price $31.87 (net asset value divided by 0.9425).

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED JUNE 30, 2022
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $465,577)	$	56,681,525
Interest	61,298
	56,742,823

Expenses:
Management fees	17,464,461
Distribution and service fees:
A Class	474,834
C Class	118,638
R Class	91,700
Directors' fees and expenses	181,677
Other expenses	14,244
	18,345,554

Net investment income (loss)	38,397,269

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	32,887,763
Futures contract transactions	2,306,859
Foreign currency translation transactions	(124,224)
	35,070,398

Change in net unrealized appreciation (depreciation) on:
Investments	(336,450,905)
Futures contracts	(1,062,948)
Translation of assets and liabilities in foreign currencies	(1,200)
	(337,515,053)

Net realized and unrealized gain (loss)	(302,444,655)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(264,047,386)

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED JUNE 30, 2022 AND JUNE 30, 2021
Increase (Decrease) in Net Assets	June 30, 2022		June 30, 2021
Operations
Net investment income (loss)	$	38,397,269	$	35,780,967
Net realized gain (loss)	35,070,398		858,762,414
Change in net unrealized appreciation (depreciation)	(337,515,053)		(95,588,565)
Net increase (decrease) in net assets resulting from operations	(264,047,386)		798,954,816

Distributions to Shareholders
From earnings:
Investor Class	(475,933,439)		(254,331,165)
I Class	(138,393,623)		(54,034,778)
A Class	(47,316,315)		(20,486,205)
C Class	(2,761,020)		(1,325,433)
R Class	(4,304,355)		(1,999,924)
R5 Class	(12,366,658)		(3,500,888)
Decrease in net assets from distributions	(681,075,410)		(335,678,393)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	485,745,933		418,638,776

Net increase (decrease) in net assets	(459,376,863)		881,915,199

Net Assets
Beginning of period	2,911,214,694		2,029,299,495
End of period	$	2,451,837,831	$	2,911,214,694

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2022

1. Organization

American Century Quantitative Equity Funds, 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. Disciplined Core Value 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 by investing in common stocks. Income is a secondary objective.

The fund offers the Investor Class, I Class, A Class, C Class, R Class and R5 Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge.

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. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value. Exchange-traded futures contracts are valued at the settlement price as provided by the appropriate exchange.

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.

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 — 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.

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.

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.

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

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 fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended June 30, 2022 are as follows:


	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.3380% to 0.5200%	0.2500% to 0.3100%	0.64%
I Class		0.0500% to 0.1100%	0.44%
A Class		0.2500% to 0.3100%	0.64%
C Class		0.2500% to 0.3100%	0.64%
R Class		0.2500% to 0.3100%	0.64%
R5 Class		0.0500% to 0.1100%	0.44%

Distribution and Service Fees — The Board of Directors has adopted a separate Master Distribution and Individual Shareholder Services Plan for each of the A Class, C Class and R Class (collectively the plans), pursuant to Rule 12b-1 of the 1940 Act. The plans provide that the A Class will pay ACIS an annual distribution and service fee of 0.25%. The plans provide that the C Class will pay ACIS an annual distribution and service fee of 1.00%, of which 0.25% is paid for individual shareholder services and 0.75% is paid for distribution services. The plans provide that the R Class will pay ACIS an annual distribution and service fee of 0.50%. The fees are computed and accrued daily based on each class’s daily net assets and paid monthly in arrears. The fees are used to pay financial intermediaries for distribution and individual shareholder services. Fees incurred under the plans during the period ended June 30, 2022 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 $12,851,595 and $5,027,919, respectively. The effect of interfund transactions on the Statement of Operations was $(543,915) 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, 2022 were $6,634,703,561 and $6,694,048,566, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended June 30, 2022			Year ended June 30, 2021
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	700,000,000			700,000,000
Sold	4,669,254	$	177,517,658	5,708,618	$	230,950,608
Issued in reinvestment of distributions	13,120,782	455,216,474		6,583,099	242,539,451
Redeemed	(8,107,702)	(306,438,060)		(8,354,506)	(340,087,595)
	9,682,334	326,296,072		3,937,211	133,402,464
I Class/Shares Authorized	210,000,000			140,000,000
Sold	4,843,587	188,303,380		7,751,329	318,793,094
Issued in reinvestment of distributions	3,822,669	132,978,335		1,415,321	52,333,909
Redeemed	(6,700,140)	(252,251,987)		(3,222,185)	(129,132,207)
	1,966,116	69,029,728		5,944,465	241,994,796
A Class/Shares Authorized	50,000,000			50,000,000
Sold	1,593,304	64,416,812		953,219	38,326,670
Issued in reinvestment of distributions	1,191,186	41,206,941		481,393	17,682,254
Redeemed	(1,251,911)	(46,543,599)		(874,730)	(34,463,198)
	1,532,579	59,080,154		559,882	21,545,726
C Class/Shares Authorized	20,000,000			20,000,000
Sold	63,050	2,365,086		171,319	6,899,197
Issued in reinvestment of distributions	72,480	2,499,126		33,007	1,205,196
Redeemed	(155,116)	(5,643,676)		(110,192)	(4,350,721)
	(19,586)	(779,464)		94,134	3,753,672
R Class/Shares Authorized	20,000,000			20,000,000
Sold	149,780	5,779,473		186,216	7,613,452
Issued in reinvestment of distributions	118,390	4,104,295		50,623	1,860,231
Redeemed	(183,609)	(6,791,311)		(209,542)	(8,432,505)
	84,561	3,092,457		27,297	1,041,178
R5 Class/Shares Authorized	40,000,000			40,000,000
Sold	668,304	26,897,892		481,786	19,037,581
Issued in reinvestment of distributions	341,060	11,862,144		91,088	3,369,664
Redeemed	(252,932)	(9,733,050)		(138,196)	(5,506,305)
	756,432	29,026,986		434,678	16,900,940
Net increase (decrease)	14,002,436	$	485,745,933	10,997,667	$	418,638,776

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	$	2,334,685,202	$	96,040,440	—
Short-Term Investments	—		19,590,705		—
	$	2,334,685,202	$	115,631,145	—

7. Derivative Instruments

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. 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 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 $1,933,988 futures contracts purchased.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the year ended June 30, 2022, the effect of equity price risk derivative instruments on the Statement of Operations was $2,306,859 in net realized gain (loss) on futures contract transactions and $(1,062,948) in change in net unrealized appreciation (depreciation) on futures contracts.

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, war, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

The fund’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 tax character of distributions paid during the years ended June 30, 2022 and June 30, 2021 were as follows:


	2022		2021
Distributions Paid From
Ordinary income	$	384,667,461	$	34,853,046
Long-term capital gains	$	296,407,949	$	300,825,347

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 federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:


Federal tax cost of investments	$	2,453,143,792
Gross tax appreciation of investments	$	176,992,916
Gross tax depreciation of investments	(179,820,361)
Net tax appreciation (depreciation) of investments	(2,827,445)
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies	(1,200)
Net tax appreciation (depreciation)	$	(2,828,645)
Undistributed ordinary income	—
Post-October capital loss deferral	$	(62,703,351)

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

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.


Financial Highlights


For a Share Outstanding Throughout the Years Ended June 30 (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	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2022	$43.20	0.50	(3.51)	(3.01)	(0.50)	(9.57)	(10.07)	$30.12	(9.84)%	0.65%	1.31%	234%	$1,739,617
2021	$35.99	0.58	12.52	13.10	(0.58)	(5.31)	(5.89)	$43.20	39.42%	0.66%	1.44%	240%	$2,076,714
2020	$36.82	0.76	(0.07)	0.69	(0.77)	(0.75)	(1.52)	$35.99	1.70%	0.67%	2.08%	100%	$1,588,537
2019	$39.61	0.78	0.63	1.41	(0.73)	(3.47)	(4.20)	$36.82	4.43%	0.67%	2.07%	72%	$1,707,536
2018	$37.90	0.93	4.40	5.33	(0.88)	(2.74)	(3.62)	$39.61	14.32%	0.66%	2.33%	77%	$1,751,738
I Class
2022	$43.28	0.58	(3.53)	(2.95)	(0.57)	(9.57)	(10.14)	$30.19	(9.67)%	0.45%	1.51%	234%	$466,890
2021	$36.05	0.65	12.55	13.20	(0.66)	(5.31)	(5.97)	$43.28	39.70%	0.46%	1.64%	240%	$584,160
2020	$36.88	0.83	(0.07)	0.76	(0.84)	(0.75)	(1.59)	$36.05	1.90%	0.47%	2.28%	100%	$272,307
2019	$39.66	0.85	0.65	1.50	(0.81)	(3.47)	(4.28)	$36.88	4.65%	0.47%	2.27%	72%	$306,583
2018	$37.94	0.99	4.43	5.42	(0.96)	(2.74)	(3.70)	$39.66	14.55%	0.46%	2.53%	77%	$274,687
A Class
2022	$43.11	0.40	(3.50)	(3.10)	(0.40)	(9.57)	(9.97)	$30.04	(10.07)%	0.90%	1.06%	234%	$171,905
2021	$35.93	0.48	12.49	12.97	(0.48)	(5.31)	(5.79)	$43.11	39.04%	0.91%	1.19%	240%	$180,616
2020	$36.76	0.67	(0.07)	0.60	(0.68)	(0.75)	(1.43)	$35.93	1.46%	0.92%	1.83%	100%	$130,398
2019	$39.55	0.69	0.63	1.32	(0.64)	(3.47)	(4.11)	$36.76	4.18%	0.92%	1.82%	72%	$152,312
2018	$37.85	0.83	4.39	5.22	(0.78)	(2.74)	(3.52)	$39.55	14.03%	0.91%	2.08%	77%	$155,233


For a Share Outstanding Throughout the Years Ended June 30 (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	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2022	$43.00	0.10	(3.48)	(3.38)	(0.12)	(9.57)	(9.69)	$29.93	(10.76)%	1.65%	0.31%	234%	$8,455
2021	$35.84	0.17	12.48	12.65	(0.18)	(5.31)	(5.49)	$43.00	38.05%	1.66%	0.44%	240%	$12,987
2020	$36.68	0.39	(0.08)	0.31	(0.40)	(0.75)	(1.15)	$35.84	0.68%	1.67%	1.08%	100%	$7,452
2019	$39.48	0.41	0.63	1.04	(0.37)	(3.47)	(3.84)	$36.68	3.40%	1.67%	1.07%	72%	$9,107
2018	$37.79	0.53	4.39	4.92	(0.49)	(2.74)	(3.23)	$39.48	13.18%	1.66%	1.33%	77%	$8,557
R Class
2022	$43.18	0.31	(3.51)	(3.20)	(0.31)	(9.57)	(9.88)	$30.10	(10.30)%	1.15%	0.81%	234%	$15,265
2021	$35.97	0.38	12.51	12.89	(0.37)	(5.31)	(5.68)	$43.18	38.73%	1.16%	0.94%	240%	$18,245
2020	$36.81	0.58	(0.09)	0.49	(0.58)	(0.75)	(1.33)	$35.97	1.18%	1.17%	1.58%	100%	$14,218
2019	$39.59	0.60	0.64	1.24	(0.55)	(3.47)	(4.02)	$36.81	3.95%	1.17%	1.57%	72%	$24,676
2018	$37.89	0.73	4.40	5.13	(0.69)	(2.74)	(3.43)	$39.59	13.73%	1.16%	1.83%	77%	$25,298
R5 Class
2022	$43.29	0.58	(3.52)	(2.94)	(0.57)	(9.57)	(10.14)	$30.21	(9.64)%	0.45%	1.51%	234%	$49,707
2021	$36.06	0.63	12.57	13.20	(0.66)	(5.31)	(5.97)	$43.29	39.68%	0.46%	1.64%	240%	$38,493
2020	$36.89	0.83	(0.07)	0.76	(0.84)	(0.75)	(1.59)	$36.06	1.90%	0.47%	2.28%	100%	$16,388
2019	$39.66	0.88	0.63	1.51	(0.81)	(3.47)	(4.28)	$36.89	4.68%	0.47%	2.27%	72%	$13,615
2018	$37.95	0.91	4.50	5.41	(0.96)	(2.74)	(3.70)	$39.66	14.52%	0.46%	2.53%	77%	$4,241


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 and do not reflect applicable sales charges, if any. Total returns for periods less than one year are not annualized.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century Quantitative Equity Funds, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Disciplined Core Value Fund (the “Fund”), one of the funds constituting the American Century Quantitative Equity Funds, Inc., as of June 30, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Disciplined Core Value Fund of the American Century Quantitative Equity Funds, Inc., as of June 30, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended June 30, 2021, and the financial highlights for each of the four years in the period ended June 30, 2021, were audited by other auditors, whose report, dated August 17, 2021, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund’s financial statements and financial highlights based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri

August 16, 2022

We have served as the auditor of one or more American Century investment companies since 1997.


Management

The Board of Directors

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not “interested persons,” as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire on December 31 of the year in which they reach their 76th birthday.

Jonathan S. Thomas is an “interested person” because he currently serves as President and Chief Executive Officer of American Century Companies, Inc. (ACC), the parent company of American Century Investment Management, Inc. (ACIM or the advisor). The other directors (more than three-fourths of the total number) are independent. They are not employees, directors or officers of, and have no financial interest in, ACC or any of its wholly owned, direct or indirect, subsidiaries, including ACIM, American Century Investment Services, Inc. (ACIS) and American Century Services, LLC (ACS), and they do not have any other affiliations, positions or relationships that would cause them to be considered “interested persons” under the Investment Company Act. The directors serve in this capacity for eight (in the case of Jonathan S. Thomas, 16; and Jeremy I. Bulow, 9) registered investment companies in the American Century Investments family of funds.

The following table presents additional information about the directors. The mailing address for each director other than Jonathan S. Thomas is 3945 Freedom Circle, Suite #800, Santa Clara, California 95054. The mailing address for Jonathan S. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Tanya S. Beder
(1955)

Director and Board Chair

Since 2011 (Board Chair since 2022)

Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)

Kirby Corporation; Nabors Industries Ltd.; CYS Investments, Inc. (2012-2017)

Jeremy I. Bulow
(1954)

Director

Since 2011

Professor of Economics, Stanford University, Graduate School of Business (1979 to present)

None

Jennifer Cabalquinto
(1968)

Director

Since 2021

Chief Financial Officer, 2K (interactive entertainment) (2021 to present); Special Advisor, GSW Sports, LLC (2020 to 2021); Chief Financial Officer, GSW Sports, LLC (2013 to 2020)

Sabio Holdings Inc.

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Anne Casscells
(1958)

Director

Since 2016

Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present); Lecturer in Accounting, Stanford University, Graduate School of Business (2009 to 2017)

None

Jonathan D. Levin
(1972)

Director

Since 2016

Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)

None

Peter F. Pervere
(1947)

Director

Since 2007

Retired

None

John B. Shoven
(1947)

Director

Since 2002

Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019)

Cadence Design Systems; Exponent; Financial Engines

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries

139

None

The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 (in the case of Robert J. Leach, 15) investment companies in the American Century family of funds. No officer is compensated for his or her service as an officer of the funds. The listed officers are interested persons of the funds and are appointed or re-appointed on an annual basis. The mailing address for each officer listed below is 4500 Main Street, Kansas City, Missouri 64111.


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Patrick Bannigan (1965)	President since 2019	Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak (1968)	General Counsel and Senior Vice President since 2021	General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)


Approval of Management Agreement

At a meeting held on June 21, 2022, 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 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 (the "Directors"), including a majority of the independent Directors, each year. The Board regards this annual evaluation and renewal as one of its most important responsibilities.

The independent Directors have memorialized a statement regarding the relationship between their ongoing obligations to oversee and evaluate the performance of the Advisor and their annual consideration of renewal of the management agreement. In that statement, the independent Directors noted that their assessment of the Advisor’s performance is an ongoing process that takes place over the entire year and is informed by all of the extensive information that the Board and its committees receive and consider over time. This information, together with the additional materials provided specifically in connection with the review, are central to the Board’s assessment of the Advisor’s performance and its determination whether to renew the Fund’s management agreement.

Prior to its consideration of the renewal of the management agreement, the Board requested and reviewed data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund.

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 service levels and quality, compliance and legal services, fund accounting and financial reporting, and fund share distribution;

•the wide range of other programs and services provided by the Advisor and its affiliates 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 similarly-managed funds;

•the compliance policies, procedures, and regulatory experience of the Advisor and its affiliates and certain other Fund service providers;

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

•the Advisor’s strategic plans, generally, and with respect to the ongoing impact of the COVID-19 pandemic response, heightened areas of interest in the mutual fund industry and recent geopolitical issues;

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

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

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

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

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

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

In keeping with its practice, the Board held two meetings and the independent Directors met in private session to discuss the renewal and to review and discuss the information provided in response to their request. The Board held active discussions with the Advisor regarding the renewal of the management agreement. 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 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 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 including:

•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

•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 principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to seek the best execution of fund trades. 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 Portfolio Committee, 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 actions being taken 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 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, either directly or through affiliates or third parties, 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, 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 appropriately 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 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 securities transaction 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 Investment Company Act Rule 12b-1. Under this 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, 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 and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was below the median of the total expense ratios of the Fund’s peer group. 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 by intermediaries. 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 with respect to 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. The Board noted 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. The Board noted that the Advisor may receive proprietary research from broker-dealers that execute fund portfolio transactions. 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 also noted that the assets of those other accounts are, where applicable, 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, concluded that the terms of the management agreement are fair and reasonable and that the management fee charged to the Fund is reasonable in light of the services provided and that the management agreement between the Fund and the Advisor should be renewed for an additional one-year period.


Liquidity Risk Management Program

The Fund has adopted a liquidity risk management program (the “program”). The Fund’s Board of Directors (the "Board") has designated American Century Investment Management, Inc. (“ACIM”) as the administrator of the program. Personnel of ACIM or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Program Administrator, including members of 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 certain Fund’s investments is supported by a third-party liquidity assessment vendor.

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period January 1, 2021 through December 31, 2021. 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

Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding, unless you elect not to have withholding apply*. Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

If you don’t want us to withhold on this amount, you must notify us to not withhold the federal income tax. You may notify us in writing or in certain situations by telephone or through other electronic means. For systematic withdrawals, your withholding election will remain in effect until revoked or changed by filing a new election. You have the right to revoke your election at any time and change your withholding percentage for future distributions.

Remember, even if you elect not to have income tax withheld, you are liable for paying income tax on the taxable portion of your withdrawal. If you elect not to have income tax withheld or you don’t have enough income tax withheld, you may be responsible for payment of estimated tax. You may incur penalties under the estimated tax rules if your withholding and estimated tax payments are not sufficient. You can reduce or defer the income tax on a distribution by directly or indirectly rolling such distribution over to another IRA or eligible plan. You should consult your tax advisor for additional information.

State tax will be withheld if, at the time of your distribution, your address is within one of the mandatory withholding states and you have federal income tax withheld (or as otherwise required by state law). State taxes will be withheld from your distribution in accordance with the respective state rules.

*Some 403(b), 457 and qualified retirement plan distributions may be subject to 20% mandatory withholding, as they are subject to special tax and withholding rules. Your plan administrator or plan sponsor is required to provide you with a special tax notice explaining those rules at the time you request a distribution. If applicable, federal and/or state taxes may be withheld from your distribution amount.

Proxy Voting Policies

Descriptions of the principles and policies that the fund's investment advisor uses in exercising the voting rights associated with the securities purchased and/or held by the fund are available without charge, upon request, by calling 1-800-345-2021 or visiting American Century Investments’ website at americancentury.com/proxy. A description of the policies is also available on the Securities and Exchange Commission’s website at sec.gov. Information regarding how the investment advisor voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on americancentury.com/proxy. It is also available at sec.gov.

Quarterly Portfolio Disclosure

The fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. These portfolio holdings are available on the fund's website at americancentury.com and, upon request, by calling 1-800-345-2021. The fund’s Form N-PORT reports are available on the SEC’s website at sec.gov.

Other Tax Information

The following information is provided pursuant to provisions of the Internal Revenue Code.

The fund hereby designates up to the maximum amount allowable as qualified dividend income for

the fiscal year ended June 30, 2022.

For corporate taxpayers, the fund hereby designates $57,590,717, or up to the maximum amount

allowable, of ordinary income distributions paid during the fiscal year ended June 30, 2022 as

qualified for the corporate dividends received deduction.

The fund hereby designates $296,407,949, or up to the maximum amount allowable, as long-term

capital gain distributions (20% rate gain distributions) for the fiscal year ended June 30, 2022.

The fund hereby designates $346,614,101 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended June 30, 2022.

Notes




Contact Us			americancentury.com
Automated Information Line			1-800-345-8765
Investor Services Representative			1-800-345-2021 or 816-531-5575
Investors Using Advisors			1-800-378-9878
Business, Not-For-Profit, Employer-Sponsored Retirement Plans			1-800-345-3533
Banks and Trust Companies, Broker-Dealers, Financial Professionals, Insurance Companies			1-800-345-6488
Telecommunications Relay Service for the Deaf			711

American Century Quantitative Equity Funds, 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.

©2022 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92991 2208



			Annual Report

			June 30, 2022

			Disciplined Growth Fund
			Investor Class (ADSIX)
			I Class (ADCIX)
			Y Class (ADCYX)
			A Class (ADCVX)
			C Class (ADCCX)
			R Class (ADRRX)
			R5 Class (ADGGX)
			G Class (ACDFX)


Table of Contents


President's Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			7
Shareholder Fee Example			8
Schedule of Investments			10
Statement of Assets and Liabilities			15
Statement of Operations			16
Statement of Changes in Net Assets			17
Notes to Financial Statements			18
Financial Highlights			26
Report of Independent Registered Public Accounting Firm			30
Management			31
Approval of Management Agreement			34
Liquidity Risk Management Program			38

Additional Information			39


President’s Letter

Jonathan Thomas

Dear Investor:

Second-Half Sell-Off Sank Stock Returns

Staying Disciplined in Uncertain Times

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of June 30, 2022
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	ADSIX	-19.47%	10.33%	12.01%	—	9/30/05
Russell 1000 Growth Index	—	-18.77%	14.28%	14.79%	—	—
I Class	ADCIX	-19.31%	10.54%	12.23%	—	9/30/05
Y Class	ADCYX	-19.27%	10.59%	—	10.76%	4/10/17
A Class	ADCVX					9/30/05
No sales charge		-19.69%	10.04%	11.72%	—
With sales charge		-24.32%	8.74%	11.07%	—
C Class	ADCCX	-20.27%	9.23%	10.89%	—	9/28/07
R Class	ADRRX	-19.93%	9.76%	11.44%	—	9/30/05
R5 Class	ADGGX	-19.34%	10.53%	—	10.70%	4/10/17
G Class	ACDFX	—	—	—	-10.34%	5/5/22

Average annual returns since inception are presented when ten years of performance history is not available.

Fund returns would have been lower if a portion of the fees had not been waived.

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C Class average annual returns do not reflect this conversion.


Growth of $10,000 Over 10 Years
$10,000 investment made June 30, 2012
Performance for other share classes will vary due to differences in fee structure.


Value on June 30, 2022
			Investor Class — $31,092

			Russell 1000 Growth Index — $39,745

Ending value of Investor Class would have been lower if a portion of the fees had not been waived.


Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class	G Class
1.01%	0.81%	0.76%	1.26%	2.01%	1.51%	0.81%	0.81%


Portfolio Commentary

Portfolio Managers: Yulin Long and Arun Daniel

In April 2022, Arun Daniel joined the fund’s management team. Tsuyoshi Ozaki is no longer with the firm.

Performance Summary

Disciplined Growth returned -19.47%* for the fiscal year ended June 30, 2022, compared with the -18.77% return of its benchmark, the Russell 1000 Growth Index.

The fund declined in value during the fiscal year and underperformed its benchmark, the Russell 1000 Growth Index. Disciplined Growth’s stock selection process incorporates factors of valuation, quality, growth and sentiment, while striving to minimize unintended risks along industries and other risk characteristics. Positioning in the consumer discretionary and consumer staples sectors was the leading detractor from performance compared with the benchmark. The information technology and energy sectors were the primary contributors to relative performance.

Stock Selection in Consumer Discretionary Detracted Most From Relative Returns

The consumer discretionary sector weighed on relative performance. Within the hotels, restaurants and leisure industry, Booking Holdings was a notable detractor. Shares of the online travel agency moved lower as investors worried about the possibility of recession. The position was sold in favor of better relative opportunities. Specialty retailer Williams-Sonoma also lagged. The cookware and home furnishings company reported better-than-expected earnings and paid an attractive dividend, but its share price was affected by investor concerns about rising inflation, slowing demand and transportation costs.

Stock selection within the consumer staples sector was a headwind for performance. In the beverages industry, a lack of exposure to PepsiCo weighed on performance. Despite rising prices and weakening consumer sentiment, the company beat earnings expectations. In the industrials sector, an underweight position in global aerospace and defense firm Lockheed Martin detracted from relative performance. The tragic war in Ukraine had the effect of causing an increase in defense spending, boosting these shares.

The leading individual detractor was an underweight stake in pharmaceutical company Eli Lilly & Co. Lilly’s recently approved diabetes/weight loss reduction drug tirzepatide was particularly compelling. We had less exposure to the stock than the benchmark, and sold the position during the period.

Allocation and Stock Selection in Several Sectors Contributed to Relative Returns

Security selection in the information technology sector was the largest contributor to relative performance, led by stock choices in the IT services and software industries. In the IT services industry, an underweight position in PayPal Holdings helped relative returns. The financial technology company disappointed investors by delivering lower-than-expected earnings for the first quarter. The fund exited the position during the period. Among software holdings, an overweight position in Palo Alto Networks was a tailwind for the portfolio. The security software maker continued to report strong revenue growth and took market share from many competitors.

An overweight position in the energy sector helped relative performance. Energy prices rose as demand increased following the pandemic’s easing, while Russia’s invasion of Ukraine hurt supply. Positioning in Targa Resources contributed to relative performance. Investors liked the energy

*All fund returns referenced in this commentary are for Investor Class shares. Investor Class returns would have been lower if a portion of the fees had not been waived. Performance for other share classes will vary due to differences in fee structure; when Investor Class performance exceeds that of the fund’s benchmark, other share classes may not. See page 3 for returns for all share classes.

infrastructure company’s steady growth. The fund sold the position during the period. Stock selection in the communication services sector also boosted relative performance. The fund was underweight Netflix, which benefited performance compared with the benchmark, and we sold the position during the period. The streaming company hasn’t grown its subscriber base as quickly as

expected, which disappointed investors. Within the materials sector, stock selection in the chemicals industry was a tailwind for performance. An overweight to fertilizer maker CF Industries Holdings was a key driver behind performance. The company was well positioned when the war in Ukraine disrupted fertilizer supplies.

A Look Ahead

At period-end, information technology was the portfolio’s largest absolute weighting and among the largest overweight positions relative to the benchmark. Exposure to the health care sector increased as the stock selection model identified more opportunities and attractive relative values in the sector. As a result, health care ended the period as the largest overweight. The industrials sector was the largest underweight, although our absolute weighting in the sector increased. In addition, the portfolio was underweight real estate as the team’s stock selection screens identified fewer opportunities in the sector.


Fund Characteristics


JUNE 30, 2022
Types of Investments in Portfolio			% of net assets
Common Stocks			98.1%
Short-Term Investments			1.9%
Other Assets and Liabilities			—*
*Category is less than 0.05% of total net assets.

Top Five Industries			% of net assets
Software			20.4%
Technology Hardware, Storage and Peripherals			12.4%
Semiconductors and Semiconductor Equipment			7.6%
Interactive Media and Services			5.7%
Specialty Retail			5.3%


Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2022 to June 30, 2022 (except as noted).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/22	Ending Account Value 6/30/22	Expenses Paid During Period(1) 1/1/22 - 6/30/22	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$718.10	$4.22	0.99%
I Class	$1,000	$718.50	$3.37	0.79%
Y Class	$1,000	$718.80	$3.15	0.74%
A Class	$1,000	$717.10	$5.28	1.24%
C Class	$1,000	$714.40	$8.46	1.99%
R Class	$1,000	$715.70	$6.34	1.49%
R5 Class	$1,000	$718.30	$3.37	0.79%
G Class	$1,000	$896.60	$0.01(2)	0.01%
Hypothetical
Investor Class	$1,000	$1,019.89	$4.96	0.99%
I Class	$1,000	$1,020.88	$3.96	0.79%
Y Class	$1,000	$1,021.13	$3.71	0.74%
A Class	$1,000	$1,018.65	$6.21	1.24%
C Class	$1,000	$1,014.93	$9.94	1.99%
R Class	$1,000	$1,017.41	$7.45	1.49%
R5 Class	$1,000	$1,020.88	$3.96	0.79%
G Class	$1,000	$1,024.74	$0.05	0.01%

(2)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 57, the number of days in the period from May 5, 2022 (commencement of sale) through June 30, 2022, divided by 365, to reflect the period. Had the class been available for the full period, the expenses paid during the period would have been higher.


Schedule of Investments

JUNE 30, 2022


	Shares	Value
COMMON STOCKS — 98.1%
Aerospace and Defense — 1.3%
Lockheed Martin Corp.	25,008	$	10,752,440
Air Freight and Logistics — 1.0%
United Parcel Service, Inc., Class B	47,849	8,734,356
Automobiles — 2.5%
Tesla, Inc.(1)	32,218	21,696,246
Beverages — 2.0%
Coca-Cola Co.	221,708	13,947,650
Coca-Cola Consolidated, Inc.	5,946	3,352,950
		17,300,600
Biotechnology — 4.9%
AbbVie, Inc.	78,707	12,054,764
Exelixis, Inc.(1)	180,472	3,757,427
Incyte Corp.(1)	114,204	8,676,078
Moderna, Inc.(1)	22,654	3,236,124
Vertex Pharmaceuticals, Inc.(1)	52,116	14,685,768
		42,410,161
Capital Markets — 2.2%
Houlihan Lokey, Inc.	27,355	2,159,130
Moody's Corp.	13,728	3,733,604
S&P Global, Inc.	12,157	4,097,639
SEI Investments Co.	162,916	8,800,722
		18,791,095
Chemicals — 2.2%
CF Industries Holdings, Inc.	66,331	5,686,556
LyondellBasell Industries NV, Class A	89,678	7,843,238
Olin Corp.	120,832	5,592,105
		19,121,899
Commercial Services and Supplies — 0.3%
Rollins, Inc.	82,345	2,875,487
Communications Equipment — 1.0%
Arista Networks, Inc.(1)	65,889	6,176,435
Ubiquiti, Inc.	8,372	2,078,014
		8,254,449
Electrical Equipment — 0.6%
Atkore, Inc.(1)	40,557	3,366,637
Encore Wire Corp.	17,884	1,858,505
		5,225,142
Entertainment — 0.5%
Playtika Holding Corp.(1)	200,234	2,651,098
Take-Two Interactive Software, Inc.(1)	16,249	1,990,990
		4,642,088
Equity Real Estate Investment Trusts (REITs) — 1.0%
Weyerhaeuser Co.	267,287	8,852,545
Food and Staples Retailing — 2.1%
Albertsons Cos., Inc., Class A	227,417	6,076,582
Casey's General Stores, Inc.	18,594	3,439,518


	Shares	Value
Kroger Co.	186,045	$	8,805,510
		18,321,610
Food Products — 0.9%
Hershey Co.	7,918	1,703,637
Pilgrim's Pride Corp.(1)	202,066	6,310,521
		8,014,158
Health Care Equipment and Supplies — 1.3%
ABIOMED, Inc.(1)	10,751	2,660,980
IDEXX Laboratories, Inc.(1)	6,169	2,163,653
Shockwave Medical, Inc.(1)	17,260	3,299,594
Tandem Diabetes Care, Inc.(1)	44,751	2,648,812
		10,773,039
Health Care Providers and Services — 3.1%
Amedisys, Inc.(1)	25,810	2,713,147
AMN Healthcare Services, Inc.(1)	26,498	2,907,096
Henry Schein, Inc.(1)	111,615	8,565,335
Molina Healthcare, Inc.(1)	13,105	3,664,289
UnitedHealth Group, Inc.	16,768	8,612,548
		26,462,415
Health Care Technology — 0.3%
Veeva Systems, Inc., Class A(1)	11,399	2,257,458
Hotels, Restaurants and Leisure — 1.5%
Boyd Gaming Corp.	50,559	2,515,310
Domino's Pizza, Inc.	18,840	7,342,137
SeaWorld Entertainment, Inc.(1)	61,034	2,696,482
		12,553,929
Household Durables — 0.2%
Sonos, Inc.(1)	84,255	1,519,960
Household Products — 0.5%
Colgate-Palmolive Co.	48,953	3,923,093
Insurance — 0.5%
Progressive Corp.	39,228	4,561,040
Interactive Media and Services — 5.7%
Alphabet, Inc., Class A(1)	18,166	39,588,437
Alphabet, Inc., Class C(1)	2,526	5,525,499
Meta Platforms, Inc., Class A(1)	24,763	3,993,034
		49,106,970
Internet and Direct Marketing Retail — 3.8%
Amazon.com, Inc.(1)	297,774	31,626,577
Etsy, Inc.(1)	15,934	1,166,528
		32,793,105
IT Services — 2.3%
Gartner, Inc.(1)	15,349	3,711,849
GoDaddy, Inc., Class A(1)	50,856	3,537,543
Mastercard, Inc., Class A	25,479	8,038,115
Visa, Inc., Class A	20,561	4,048,255
		19,335,762
Leisure Products — 0.1%
YETI Holdings, Inc.(1)	27,339	1,182,959
Life Sciences Tools and Services — 1.1%
Danaher Corp.	7,722	1,957,682
Maravai LifeSciences Holdings, Inc., Class A(1)	87,586	2,488,318


	Shares	Value
Mettler-Toledo International, Inc.(1)	4,029	$	4,628,394
		9,074,394
Machinery — 1.2%
AGCO Corp.	51,192	5,052,650
Lincoln Electric Holdings, Inc.	44,063	5,435,612
		10,488,262
Media — 1.0%
Sirius XM Holdings, Inc.	1,353,363	8,296,115
Oil, Gas and Consumable Fuels — 1.7%
APA Corp.	54,434	1,899,747
Chesapeake Energy Corp.	64,746	5,250,900
Devon Energy Corp.	35,305	1,945,658
Equinor ASA, ADR	96,276	3,346,554
Pioneer Natural Resources Co.	11,195	2,497,381
		14,940,240
Personal Products — 0.5%
Estee Lauder Cos., Inc., Class A	16,987	4,326,079
Pharmaceuticals — 2.7%
Bristol-Myers Squibb Co.	45,678	3,517,206
Johnson & Johnson	14,476	2,569,635
Merck & Co., Inc.	41,502	3,783,737
Novo Nordisk A/S, ADR	35,430	3,947,965
Pfizer, Inc.	171,665	9,000,396
		22,818,939
Professional Services — 0.9%
Insperity, Inc.	32,618	3,256,255
TriNet Group, Inc.(1)	53,114	4,122,709
		7,378,964
Semiconductors and Semiconductor Equipment — 7.6%
Broadcom, Inc.	29,393	14,279,413
Enphase Energy, Inc.(1)	13,914	2,716,569
KLA Corp.	30,445	9,714,391
Kulicke & Soffa Industries, Inc.	45,215	1,935,654
MaxLinear, Inc.(1)	58,650	1,992,927
Monolithic Power Systems, Inc.	4,103	1,575,716
NVIDIA Corp.	134,508	20,390,068
QUALCOMM, Inc.	86,276	11,020,896
STMicroelectronics NV, NY Shares	59,891	1,884,770
		65,510,404
Software — 20.4%
Adobe, Inc.(1)	14,342	5,250,033
Atlassian Corp. PLC, Class A(1)	21,199	3,972,693
Box, Inc., Class A(1)	87,019	2,187,658
Dropbox, Inc., Class A(1)	142,281	2,986,478
Fair Isaac Corp.(1)	22,400	8,980,160
Fortinet, Inc.(1)	167,806	9,494,463
Intuit, Inc.	30,469	11,743,971
Microsoft Corp.	390,244	100,226,366
Palo Alto Networks, Inc.(1)	11,290	5,576,583
Qualys, Inc.(1)	16,085	2,028,962
ServiceNow, Inc.(1)	18,673	8,879,385
Teradata Corp.(1)	132,462	4,902,419


	Shares	Value
Workday, Inc., Class A(1)	45,261	$	6,317,530
Zoom Video Communications, Inc., Class A(1)	20,344	2,196,542
		174,743,243
Specialty Retail — 5.3%
Asbury Automotive Group, Inc.(1)	22,835	3,866,879
AutoNation, Inc.(1)	23,239	2,597,191
Bath & Body Works, Inc.	67,908	1,828,084
Group 1 Automotive, Inc.	18,659	3,168,298
Home Depot, Inc.	48,088	13,189,096
Lowe's Cos., Inc.	43,593	7,614,389
Murphy USA, Inc.	13,037	3,035,926
Ulta Beauty, Inc.(1)	23,336	8,995,561
Williams-Sonoma, Inc.	12,013	1,332,842
		45,628,266
Technology Hardware, Storage and Peripherals — 12.4%
Apple, Inc.	695,701	95,116,241
HP, Inc.	175,313	5,746,760
NetApp, Inc.	79,505	5,186,906
		106,049,907
Textiles, Apparel and Luxury Goods — 1.1%
lululemon athletica, Inc.(1)	10,367	2,826,148
NIKE, Inc., Class B	19,695	2,012,829
Tapestry, Inc.	79,745	2,433,817
Under Armour, Inc., Class A(1)	218,568	1,820,672
		9,093,466
Trading Companies and Distributors — 0.4%
Fastenal Co.	60,614	3,025,851
TOTAL COMMON STOCKS (Cost $637,749,198)		840,836,136
SHORT-TERM INVESTMENTS — 1.9%
Money Market Funds†
State Street Institutional U.S. Government Money Market Fund, Premier Class	67,752	67,751
Repurchase Agreements — 1.9%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 4.25%, 5/15/23 - 11/15/43, valued at $2,350,505), in a joint trading account at 1.43%, dated 6/30/22, due 7/1/22 (Delivery value $2,295,477)		2,295,386
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.25%, 3/31/28, valued at $14,073,022), at 1.44%, dated 6/30/22, due 7/1/22 (Delivery value $13,797,552)		13,797,000
		16,092,386
TOTAL SHORT-TERM INVESTMENTS (Cost $16,160,137)		16,160,137
TOTAL INVESTMENT SECURITIES — 100.0% (Cost $653,909,335)		856,996,273
OTHER ASSETS AND LIABILITIES†		(110,364)
TOTAL NET ASSETS — 100.0%		$	856,885,909


NOTES TO SCHEDULE OF INVESTMENTS
ADR	-	American Depositary Receipt

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

(1)Non-income producing.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2022
Assets
Investment securities, at value (cost of $653,909,335)	$	856,996,273
Receivable for investments sold	57,898,021
Receivable for capital shares sold	1,524,604
Dividends and interest receivable	254,987
	916,673,885

Liabilities
Payable for investments purchased	59,198,931
Payable for capital shares redeemed	243,262
Accrued management fees	326,639
Distribution and service fees payable	19,144
	59,787,976

Net Assets	$	856,885,909

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	709,171,120
Distributable earnings	147,714,789
	$	856,885,909


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$248,368,694	14,046,553	$17.68
I Class, $0.01 Par Value	$97,605,737	5,445,874	$17.92
Y Class, $0.01 Par Value	$95,231	5,299	$17.97
A Class, $0.01 Par Value	$36,572,507	2,124,419	$17.22*
C Class, $0.01 Par Value	$7,819,521	529,735	$14.76
R Class, $0.01 Par Value	$10,480,932	637,210	$16.45
R5 Class, $0.01 Par Value	$1,389,820	77,480	$17.94
G Class, $0.01 Par Value	$454,553,467	25,324,802	$17.95

*Maximum offering price $18.27 (net asset value divided by 0.9425).

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED JUNE 30, 2022
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $3,277)	$	4,572,700
Interest	23,980
	4,596,680

Expenses:
Management fees	5,020,295
Distribution and service fees:
A Class	117,580
C Class	135,264
R Class	68,063
Directors' fees and expenses	33,290
Other expenses	2,195
	5,376,687
Fees waived(1)	(521,671)
	4,855,016

Net investment income (loss)	(258,336)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	5,877,749
Futures contract transactions	198,943
Foreign currency translation transactions	2,406
	6,079,098

Change in net unrealized appreciation (depreciation) on investments	(125,297,390)

Net realized and unrealized gain (loss)	(119,218,292)

Net Increase (Decrease) in Net Assets Resulting from Operations	$	(119,476,628)

(1)Amount consists of $26,999, $13,892, $14, $4,703, $1,353, $1,361, $169 and $473,180 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and G Class, respectively.

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED JUNE 30, 2022 AND JUNE 30, 2021
Increase (Decrease) in Net Assets	June 30, 2022		June 30, 2021
Operations
Net investment income (loss)	$	(258,336)	$	(1,391,367)
Net realized gain (loss)	6,079,098		82,175,714
Change in net unrealized appreciation (depreciation)	(125,297,390)		47,603,870
Net increase (decrease) in net assets resulting from operations	(119,476,628)		128,388,217

Distributions to Shareholders
From earnings:
Investor Class	(52,277,622)		(43,315,076)
I Class	(27,316,430)		(23,331,102)
Y Class	(24,224)		(41,485)
A Class	(9,510,169)		(6,605,695)
C Class	(3,087,061)		(3,987,546)
R Class	(2,743,879)		(1,907,301)
R5 Class	(345,987)		(240,227)
Decrease in net assets from distributions	(95,305,372)		(79,428,432)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	570,318,229		10,212,654

Net increase (decrease) in net assets	355,536,229		59,172,439

Net Assets
Beginning of period	501,349,680		442,177,241
End of period	$	856,885,909	$	501,349,680

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2022

1. Organization

The fund offers the Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and G Class. The A Class may incur an initial sales charge. The A Class and C Class may be subject to a contingent deferred sales charge. Sale of the G Class commenced on May 5, 2022.

2. Significant Accounting Policies

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

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. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 35% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee before and after waiver for each class for the period ended June 30, 2022 are as follows:


	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
			Before Waiver	After Waiver
Investor Class	0.6880% to 0.8700%	0.2500% to 0.3100%	0.99%	0.98%
I Class		0.0500% to 0.1100%	0.79%	0.78%
Y Class		0.0000% to 0.0600%	0.74%	0.73%
A Class		0.2500% to 0.3100%	0.99%	0.98%
C Class		0.2500% to 0.3100%	0.99%	0.98%
R Class		0.2500% to 0.3100%	0.99%	0.98%
R5 Class		0.0500% to 0.1100%	0.79%	0.78%
G Class		0.0500% to 0.1100%	0.79%	0.00%

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended June 30, 2022 were $1,128,362,498 and $1,180,209,568, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended June 30, 2022(1)			Year ended June 30, 2021
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	480,000,000			400,000,000
Sold	1,078,949	$	26,627,251	1,520,837	$	39,264,722
Issued in connection with reorganization (Note 10)	3,195,700	60,476,875		—	—
Issued in reinvestment of distributions	2,133,990	51,194,431		1,738,868	41,937,746
Redeemed	(2,550,844)	(59,802,171)		(2,845,378)	(73,249,106)
	3,857,795	78,496,386		414,327	7,953,362
I Class/Shares Authorized	100,000,000			100,000,000
Sold	694,404	16,374,409		1,130,115	29,321,025
Issued in reinvestment of distributions	1,119,687	27,197,206		955,719	23,243,092
Redeemed	(1,883,997)	(45,277,547)		(2,126,855)	(54,641,025)
	(69,906)	(1,705,932)		(41,021)	(2,076,908)
Y Class/Shares Authorized	40,000,000			40,000,000
Sold	310	7,499		—	—
Issued in reinvestment of distributions	995	24,224		1,704	41,485
Redeemed	(1,853)	(51,553)		(5,288)	(132,608)
	(548)	(19,830)		(3,584)	(91,123)
A Class/Shares Authorized	50,000,000			50,000,000
Sold	430,919	10,224,570		531,794	13,349,743
Issued in reinvestment of distributions	391,802	9,164,238		260,806	6,175,882
Redeemed	(490,219)	(11,512,442)		(420,160)	(10,675,909)
	332,502	7,876,366		372,440	8,849,716
C Class/Shares Authorized	20,000,000			20,000,000
Sold	11,052	248,239		39,930	912,965
Issued in reinvestment of distributions	152,345	3,066,714		187,436	3,964,277
Redeemed	(350,086)	(7,178,279)		(527,323)	(11,884,827)
	(186,689)	(3,863,326)		(299,957)	(7,007,585)
R Class/Shares Authorized	20,000,000			20,000,000
Sold	205,732	4,649,298		134,561	3,289,373
Issued in reinvestment of distributions	122,604	2,743,879		82,771	1,895,443
Redeemed	(200,931)	(4,296,667)		(115,203)	(2,833,461)
	127,405	3,096,510		102,129	2,351,355
R5 Class/Shares Authorized	40,000,000			40,000,000
Sold	30,500	748,335		21,815	563,135
Issued in reinvestment of distributions	14,232	345,987		9,874	240,227
Redeemed	(23,648)	(538,472)		(22,244)	(569,525)
	21,084	555,850		9,445	233,837
G Class/Shares Authorized	550,000,000			N/A
Sold	587,679	11,315,451
Issued in connection with reorganization (Note 10)	24,740,187	474,621,833
Redeemed	(3,064)	(55,079)
	25,324,802	485,882,205
Net increase (decrease)	29,406,445	$	570,318,229	553,779	$	10,212,654

(1)May 5, 2022 (commencement of sale) through June 30, 2022 for the G Class.

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	$	840,836,136	—		—
Short-Term Investments	67,751		$	16,092,386	—
	$	840,903,887	$	16,092,386	—

7. Derivative Instruments

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. 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 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. During the period, the fund participated in equity price risk derivative instruments for temporary investment purposes.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the year ended June 30, 2022, the effect of equity price risk derivative instruments on the Statement of Operations was $198,943 in net realized gain (loss) on futures contract transactions.

8. Risk Factors

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 tax character of distributions paid during the years ended June 30, 2022 and June 30, 2021 were as follows:


	2022		2021
Distributions Paid From
Ordinary income	$	27,571,995	$	13,496,593
Long-term capital gains	$	67,733,377	$	65,931,839

The reclassifications, which are primarily due to merger adjustments, were made to capital $20,565,706 and distributable earnings $(20,565,706).

As of period end, the federal tax cost of investments and the components of distributable earnings on a tax-basis were as follows:


Federal tax cost of investments	$	656,159,539
Gross tax appreciation of investments	$	237,674,059
Gross tax depreciation of investments	(36,837,325)
Net tax appreciation (depreciation) of investments	$	200,836,734
Undistributed ordinary income	—
Post-October capital loss deferral	$	(53,121,945)

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

Loss deferrals represent certain qualified losses that the fund has elected to treat as having been incurred in

the following fiscal year for federal income tax purposes.

10. Reorganization

On December 16, 2021, the Board of Directors approved an agreement and plan of reorganization (the reorganization), whereby the net assets of NT Disciplined Growth Fund, one fund in a series issued by the corporation, were transferred to Disciplined Growth Fund in exchange for shares of Disciplined Growth Fund. The purpose of the transaction was to combine two funds with substantially similar investment objectives and strategies. The financial statements and performance history of Disciplined Growth Fund survived after the reorganization. The reorganization was effective at the close of the NYSE on May 13, 2022.

The reorganization was accomplished by a tax-free exchange of shares. On May 13, 2022, NT Disciplined Growth Fund exchanged its shares for shares of Disciplined Growth Fund as follows:


Original Fund/Class	Shares Exchanged	New Fund/Class	Shares Received
NT Disciplined Growth Fund – Investor Class	4,895,760	Disciplined Growth Fund – Investor Class	3,195,700
NT Disciplined Growth Fund – G Class	37,810,103	Disciplined Growth Fund – G Class	24,740,187

The net assets of NT Disciplined Growth Fund and Disciplined Growth Fund immediately before the reorganization were $535,098,708 and $381,181,403, respectively. NT Disciplined Growth Fund's unrealized appreciation of $122,396,274 was combined with that of Disciplined Growth Fund. Immediately after the reorganization, the combined net assets were $916,280,111.

Assuming the reorganization had been completed on July 1, 2021, the beginning of the annual reporting period, the pro forma results of operations for the period ended June 30, 2022 are as follows:


Net investment income (loss)	$	2,471,642
Net realized and unrealized gain (loss)	(197,415,404)
Net increase (decrease) in net assets resulting from operations	$	(194,943,762)

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of NT Disciplined Growth Fund that have been included in the fund’s Statement of Operations since May 13, 2022.


Financial Highlights


For a Share Outstanding Throughout the Years Ended June 30 (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)
Investor Class
2022	$26.83	(0.06)	(3.76)	(3.82)	—	(5.33)	(5.33)	$17.68	(19.47)%	0.99%	1.00%	(0.14)%	(0.15)%	205%	$248,369
2021	$24.39	(0.07)	7.17	7.10	—	(4.66)	(4.66)	$26.83	31.26%	1.00%	1.01%	(0.28)%	(0.29)%	189%	$273,391
2020	$21.76	(0.02)	4.59	4.57	—	(1.94)	(1.94)	$24.39	22.13%	1.01%	1.02%	(0.10)%	(0.11)%	142%	$238,408
2019	$24.05	0.05	1.08	1.13	(0.04)	(3.38)	(3.42)	$21.76	6.61%	1.02%	1.02%	0.24%	0.24%	105%	$250,920
2018	$22.10	0.05	3.97	4.02	(0.03)	(2.04)	(2.07)	$24.05	18.80%	1.02%	1.02%	0.21%	0.21%	97%	$362,865
I Class
2022	$27.08	(0.02)	(3.81)	(3.83)	—	(5.33)	(5.33)	$17.92	(19.31)%	0.79%	0.80%	0.06%	0.05%	205%	$97,606
2021	$24.54	(0.02)	7.22	7.20	—	(4.66)	(4.66)	$27.08	31.50%	0.80%	0.81%	(0.08)%	(0.09)%	189%	$149,388
2020	$21.84	0.02	4.62	4.64	—	(1.94)	(1.94)	$24.54	22.38%	0.81%	0.82%	0.10%	0.09%	142%	$136,351
2019	$24.13	0.10	1.08	1.18	(0.09)	(3.38)	(3.47)	$21.84	6.82%	0.82%	0.82%	0.44%	0.44%	105%	$213,805
2018	$22.16	0.10	3.99	4.09	(0.08)	(2.04)	(2.12)	$24.13	19.01%	0.82%	0.82%	0.41%	0.41%	97%	$231,261


For a Share Outstanding Throughout the Years Ended June 30 (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)
Y Class
2022	$27.13	(0.01)	(3.82)	(3.83)	—	(5.33)	(5.33)	$17.97	(19.27)%	0.74%	0.75%	0.11%	0.10%	205%	$95
2021	$24.56	(0.01)	7.24	7.23	—	(4.66)	(4.66)	$27.13	31.61%	0.75%	0.76%	(0.03)%	(0.04)%	189%	$159
2020	$21.85	0.04	4.61	4.65	—	(1.94)	(1.94)	$24.56	22.42%	0.76%	0.77%	0.15%	0.14%	142%	$232
2019	$24.14	0.12	1.07	1.19	(0.10)	(3.38)	(3.48)	$21.85	6.87%	0.77%	0.77%	0.49%	0.49%	105%	$579
2018	$22.17	0.11	3.99	4.10	(0.09)	(2.04)	(2.13)	$24.14	19.06%	0.77%	0.77%	0.46%	0.46%	97%	$6
A Class
2022	$26.31	(0.12)	(3.64)	(3.76)	—	(5.33)	(5.33)	$17.22	(19.69)%	1.24%	1.25%	(0.39)%	(0.40)%	205%	$36,573
2021	$24.05	(0.13)	7.05	6.92	—	(4.66)	(4.66)	$26.31	30.93%	1.25%	1.26%	(0.53)%	(0.54)%	189%	$47,150
2020	$21.53	(0.08)	4.54	4.46	—	(1.94)	(1.94)	$24.05	21.84%	1.26%	1.27%	(0.35)%	(0.36)%	142%	$34,139
2019	$23.87	—(3)	1.06	1.06	(0.02)	(3.38)	(3.40)	$21.53	6.32%	1.27%	1.27%	(0.01)%	(0.01)%	105%	$31,650
2018	$21.97	(0.01)	3.95	3.94	—	(2.04)	(2.04)	$23.87	18.48%	1.27%	1.27%	(0.04)%	(0.04)%	97%	$37,832
C Class
2022	$23.41	(0.27)	(3.05)	(3.32)	—	(5.33)	(5.33)	$14.76	(20.27)%	1.99%	2.00%	(1.14)%	(1.15)%	205%	$7,820
2021	$21.99	(0.29)	6.37	6.08	—	(4.66)	(4.66)	$23.41	29.92%	2.00%	2.01%	(1.28)%	(1.29)%	189%	$16,775
2020	$19.98	(0.22)	4.17	3.95	—	(1.94)	(1.94)	$21.99	20.94%	2.01%	2.02%	(1.10)%	(1.11)%	142%	$22,346
2019	$22.55	(0.16)	0.97	0.81	—	(3.38)	(3.38)	$19.98	5.57%	2.02%	2.02%	(0.76)%	(0.76)%	105%	$26,088
2018	$21.00	(0.17)	3.76	3.59	—	(2.04)	(2.04)	$22.55	17.57%	2.02%	2.02%	(0.79)%	(0.79)%	97%	$40,253


For a Share Outstanding Throughout the Years Ended June 30 (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)
R Class
2022	$25.42	(0.17)	(3.47)	(3.64)	—	(5.33)	(5.33)	$16.45	(19.93)%	1.49%	1.50%	(0.64)%	(0.65)%	205%	$10,481
2021	$23.42	(0.19)	6.85	6.66	—	(4.66)	(4.66)	$25.42	30.63%	1.50%	1.51%	(0.78)%	(0.79)%	189%	$12,958
2020	$21.06	(0.13)	4.43	4.30	—	(1.94)	(1.94)	$23.42	21.56%	1.51%	1.52%	(0.60)%	(0.61)%	142%	$9,548
2019	$23.47	(0.06)	1.03	0.97	—	(3.38)	(3.38)	$21.06	6.03%	1.52%	1.52%	(0.26)%	(0.26)%	105%	$9,948
2018	$21.68	(0.06)	3.89	3.83	—	(2.04)	(2.04)	$23.47	18.20%	1.52%	1.52%	(0.29)%	(0.29)%	97%	$10,626
R5 Class
2022	$27.10	(0.01)	(3.82)	(3.83)	—	(5.33)	(5.33)	$17.94	(19.34)%	0.79%	0.80%	0.06%	0.05%	205%	$1,390
2021	$24.55	(0.02)	7.23	7.21	—	(4.66)	(4.66)	$27.10	31.53%	0.80%	0.81%	(0.08)%	(0.09)%	189%	$1,528
2020	$21.85	0.02	4.62	4.64	—	(1.94)	(1.94)	$24.55	22.37%	0.81%	0.82%	0.10%	0.09%	142%	$1,153
2019	$24.14	0.10	1.08	1.18	(0.09)	(3.38)	(3.47)	$21.85	6.82%	0.82%	0.82%	0.44%	0.44%	105%	$957
2018	$22.17	0.10	3.99	4.09	(0.08)	(2.04)	(2.12)	$24.14	19.00%	0.82%	0.82%	0.41%	0.41%	97%	$1,142
G Class
2022(4)	$20.02	0.05	(2.12)	(2.07)	—	—	—	$17.95	(10.34)%	0.01%(5)	0.80%(5)	1.72%(5)	0.93%(5)	205%(6)	$454,553


Notes to Financial Highlights

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

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

(4)May 5, 2022 (commencement of sale) through June 30, 2022.

(5)Annualized.

(6)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2022.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of American Century Quantitative Equity Funds, Inc.:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Disciplined Growth Fund (the “Fund”), one of the funds constituting the American Century Quantitative Equity Funds, Inc., as of June 30, 2022, the related statement of operations, statement of changes in net assets, and financial highlights for the year then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of Disciplined Growth Fund of the American Century Quantitative Equity Funds, Inc., as of June 30, 2022, and the results of its operations, the changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America. The statement of changes in net assets for the year ended June 30, 2021, and the financial highlights for each of the four years in the period ended June 30, 2021, were audited by other auditors, whose report, dated August 17, 2021, expressed an unqualified opinion on such statement of changes in net assets and financial highlights.

Basis for Opinion

/s/ Deloitte & Touche LLP

Kansas City, Missouri

August 16, 2022

We have served as the auditor of one or more American Century investment companies since 1997.


Management

The Board of Directors

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Tanya S. Beder
(1955)

Director and Board Chair

Since 2011 (Board Chair since 2022)

Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)

Kirby Corporation; Nabors Industries Ltd.; CYS Investments, Inc. (2012-2017)

Jeremy I. Bulow
(1954)

Director

Since 2011

Professor of Economics, Stanford University, Graduate School of Business (1979 to present)

None

Jennifer Cabalquinto
(1968)

Director

Since 2021

Chief Financial Officer, 2K (interactive entertainment) (2021 to present); Special Advisor, GSW Sports, LLC (2020 to 2021); Chief Financial Officer, GSW Sports, LLC (2013 to 2020)

Sabio Holdings Inc.

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Anne Casscells
(1958)

Director

Since 2016

None

Jonathan D. Levin
(1972)

Director

Since 2016

Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)

None

Peter F. Pervere
(1947)

Director

Since 2007

Retired

None

John B. Shoven
(1947)

Director

Since 2002

Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019)

Cadence Design Systems; Exponent; Financial Engines

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries

139

None

The Statement of Additional Information has additional information about the fund's directors and is available without charge, upon request, by calling 1-800-345-2021.

Officers


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Patrick Bannigan (1965)	President since 2019	Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
John Pak (1968)	General Counsel and Senior Vice President since 2021	General Counsel and Senior Vice President, ACC (2021 to present). Also serves as General Counsel and Senior Vice President, ACIM, ACS and ACIS. Chief Legal Officer of Investment and Wealth Management, The Bank of New York Mellon (2014 to 2021)
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)


Approval of Management Agreement