N-CSR 1 acqef63023n-csr.htm N-CSR Document


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 number811-05447
AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.
(Exact name of registrant as specified in charter)
4500 MAIN STREET, KANSAS CITY, MISSOURI64111
(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:06-30
Date of reporting period:06-30-2023




ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.







    


image11.jpg
Annual Report
June 30, 2023
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
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Example
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information



















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
image24.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended June 30, 2023. 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 Rally Generated Strong Fiscal-Year Returns

After ending 2022 with modest six-month gains, stocks rallied in the first half of 2023. This bounce back, which occurred despite ongoing volatility and rising interest rates, led to strong 12-month performance for most stock indices. Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign largely fueled the optimism.
Inflation’s pace steadily slowed during the period, which, combined with mounting recession worries, prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still above target and the labor market resilient, policymakers continued to raise rates.

A new challenge emerged in March when several high-profile banks failed. Market unrest escalated, but quick action from regulators helped restore order. Nevertheless, heightened uncertainty surrounding the banking industry and credit availability further fueled recession fears. These worries strengthened investor expectations for a near-term end to central bank tightening and potential rate cuts later in the year.
The Fed, which announced its 10th-consecutive rate hike in May, paused its tightening campaign in June. However, citing still-high inflation and still-strong economic data, policymakers hinted the pause wasn’t permanent. Expectations for rate cuts faded, but many market participants shifted their focus to a potential soft-landing scenario.

Overall, robust performance in the second half of the period propelled the S&P 500 Index to a 12-month return of nearly 20%. U.S. stocks outpaced non-U.S. stocks, large-cap stocks generally outperformed small caps, and growth significantly outperformed value.
Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. American Century Investments has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image25.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of June 30, 2023
Average Annual Returns 
Ticker
Symbol
1 year5 years10 yearsSince
Inception
Inception
Date
Investor ClassBIGRX4.45%6.87%9.12%12/17/90
Russell 1000 Value Index11.54%8.10%9.21%
I ClassAMGIX4.68%7.09%9.34%1/28/98
A ClassAMADX12/15/97
No sales charge4.20%6.61%8.85%
With sales charge-1.79%5.35%8.21%
C ClassACGCX3.43%5.81%8.04%6/28/01
R ClassAICRX3.93%6.35%8.58%8/29/03
R5 ClassAICGX4.64%7.09%8.28%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.
3


Growth of $10,000 Over 10 Years
$10,000 investment made June 30, 2013
Performance for other share classes will vary due to differences in fee structure.

chart-e4be521b60eb48f4af6.jpg
Value on June 30, 2023
Investor Class — $23,939
Russell 1000 Value Index — $24,155

Total Annual Fund Operating Expenses
Investor ClassI ClassA ClassC ClassR ClassR5 Class
0.65%0.45%0.90%1.65%1.15%0.45%
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.













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.
4



Portfolio Commentary

Portfolio Managers: Arun Daniel and Yulin Long

In March 2023, Arun Daniel joined the fund’s management team. Steve Rossi is no longer with the firm.

Performance Summary

Disciplined Core Value returned 4.45%* for the 12-month period ended June 30, 2023. The fund’s benchmark, the Russell 1000 Value Index, returned 11.54% for the same time period. The fund’s return reflects operating expenses, while the index’s return does not.

Financials, Health Care and Consumer Staples Detracted

The market’s performance during this period was heavily influenced by declining inflation, tightening monetary policy and anticipation of the end of the Federal Reserve’s rate-hiking program. Uncertainty about the direction of the economy and the likelihood of a soft landing also played a role.

Stock selection drove the fund’s underperformance in the financials, health care and consumer staples sectors. In financials, the regional bank crisis early in 2023 resulted in a loss of confidence in the banking industry, leading to widespread declines in share prices. The fund’s positions in SVB Financial Group, First Citizens Bancshares and KeyCorp weighed most heavily on relative returns. We eliminated these holdings. In addition, positioning in the capital markets and financial services industries proved to be detrimental to performance compared with the benchmark.

In the health care sector, CVS Health hindered performance in the health care providers and services industry, and Amgen hampered returns in the biotechnology industry. We no longer hold CVS Health as it continues to face headwinds in the form of rising costs in its insurance unit and potential regulation of the pharmacy benefits managers. At Amgen, in addition to facing regulatory and pricing headwinds, the company has seen sales of its first-generation biologics come under pressure from competing products. Lower volumes, revenues and profits have hindered the stock’s performance.

Consumer staples was also an area of weakness. Tyson Foods and Archer-Daniels-Midland were key detractors in the food products industry. Although Tyson has posted rising revenues, margins have come under pressure due to higher input costs, so we exited this position. While Archer-Daniels-Midland has posted strong results, the stock’s price declined through most of the reporting period as commodities prices have come down.

Utilities and Real Estate Contributed

An underweight to the lagging utilities sector was a primary contributor to relative performance. Within this sector, underweights in the electric utilities and multi-utilities industries contributed most to performance compared with the benchmark. In electric utilities, a lack of exposure to NextEra Energy and Duke Energy was particularly beneficial. In multi-utilities, not owning Dominion Energy was especially helpful. The contribution of the real estate sector came largely from a decision to avoid poor-performing residential, office and health care real estate investment trusts (REITs). An underweight in specialized REITs also contributed.






*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.
5


Fund Characteristics
JUNE 30, 2023
Types of Investments in Portfolio% of net assets
Common Stocks99.3%
Short-Term Investments0.4%
Other Assets and Liabilities0.3%
Top Five Industries% of net assets
Oil, Gas and Consumable Fuels6.7%
Pharmaceuticals6.5%
Banks6.2%
Semiconductors and Semiconductor Equipment4.6%
Capital Markets4.5%
6


Shareholder Fee Example

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

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

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual 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 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 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.
7


Beginning
Account Value
1/1/23
Ending
Account Value
6/30/23
Expenses Paid
During Period(1)
1/1/23 - 6/30/23
Annualized
Expense Ratio(1)
Actual
Investor Class$1,000$1,014.20$3.300.66%
I Class$1,000$1,015.40$2.300.46%
A Class$1,000$1,013.00$4.540.91%
C Class$1,000$1,009.20$8.271.66%
R Class$1,000$1,011.80$5.791.16%
R5 Class$1,000$1,015.10$2.300.46%
Hypothetical
Investor Class$1,000$1,021.52$3.310.66%
I Class$1,000$1,022.51$2.310.46%
A Class$1,000$1,020.28$4.560.91%
C Class$1,000$1,016.56$8.301.66%
R Class$1,000$1,019.04$5.811.16%
R5 Class$1,000$1,022.51$2.310.46%
(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.
8


Schedule of Investments

JUNE 30, 2023
SharesValue
COMMON STOCKS — 99.3%
Aerospace and Defense — 2.5%
Huntington Ingalls Industries, Inc.
32,922 $7,493,048 
Lockheed Martin Corp.
42,274 19,462,104 
Parsons Corp.(1)
98,330 4,733,606 
Textron, Inc.
316,516 21,405,977 
53,094,735 
Air Freight and Logistics — 1.0%
FedEx Corp.
66,133 16,394,371 
United Parcel Service, Inc., Class B
28,745 5,152,541 
21,546,912 
Automobile Components — 0.4%
BorgWarner, Inc.
158,934 7,773,462 
Banks — 6.2%
Bank of America Corp.
423,726 12,156,699 
Citigroup, Inc.
366,645 16,880,336 
JPMorgan Chase & Co.
494,943 71,984,510 
Truist Financial Corp.
314,847 9,555,606 
U.S. Bancorp
252,512 8,342,996 
Wells Fargo & Co.
328,726 14,030,026 
132,950,173 
Beverages — 1.5%
Coca-Cola Co.
134,775 8,116,150 
Molson Coors Beverage Co., Class B
131,195 8,637,879 
PepsiCo, Inc.
79,659 14,754,440 
31,508,469 
Biotechnology — 4.2%
Amgen, Inc.
76,952 17,084,883 
Exelixis, Inc.(1)
324,285 6,197,087 
Gilead Sciences, Inc.
422,444 32,557,759 
Regeneron Pharmaceuticals, Inc.(1)
19,869 14,276,671 
Vertex Pharmaceuticals, Inc.(1)
57,697 20,304,151 
90,420,551 
Building Products — 2.3%
Johnson Controls International PLC
128,051 8,725,395 
Masco Corp.
251,892 14,453,563 
Owens Corning
202,980 26,488,890 
49,667,848 
Capital Markets — 4.5%
Affiliated Managers Group, Inc.
66,617 9,985,222 
Ameriprise Financial, Inc.
31,412 10,433,810 
BlackRock, Inc.
5,196 3,591,163 
Cboe Global Markets, Inc.
152,292 21,017,819 
Franklin Resources, Inc.
328,034 8,761,788 
Interactive Brokers Group, Inc., Class A
132,469 11,004,200 
Morgan Stanley
113,749 9,714,165 
Raymond James Financial, Inc.
66,303 6,880,262 
S&P Global, Inc.
29,203 11,707,191 
9


SharesValue
T. Rowe Price Group, Inc.
30,796 $3,449,768 
96,545,388 
Chemicals — 3.7%
Air Products & Chemicals, Inc.
30,679 9,189,281 
Dow, Inc.
310,445 16,534,301 
Huntsman Corp.
177,652 4,800,157 
Linde PLC
31,767 12,105,768 
LyondellBasell Industries NV, Class A
196,975 18,088,214 
Olin Corp.
172,151 8,846,840 
Westlake Corp.
86,180 10,295,925 
79,860,486 
Communications Equipment — 1.8%
Cisco Systems, Inc.
662,738 34,290,064 
Juniper Networks, Inc.
167,109 5,235,525 
39,525,589 
Construction and Engineering — 0.1%
EMCOR Group, Inc.
12,303 2,273,348 
Construction Materials — 0.2%
Eagle Materials, Inc.
22,570 4,207,499 
Consumer Finance — 0.9%
American Express Co.
110,115 19,182,033 
Consumer Staples Distribution & Retail — 2.7%
Costco Wholesale Corp.
11,422 6,149,376 
Kroger Co.
241,625 11,356,375 
Target Corp.
7,095 935,831 
US Foods Holding Corp.(1)
260,118 11,445,192 
Walmart, Inc.
179,422 28,201,550 
58,088,324 
Containers and Packaging — 0.4%
Packaging Corp. of America
70,792 9,355,871 
Distributors — 0.4%
LKQ Corp.
143,775 8,377,769 
Diversified Consumer Services — 0.2%
H&R Block, Inc.
140,099 4,464,955 
Electric Utilities — 1.4%
Constellation Energy Corp.
77,978 7,138,886 
Edison International
29,439 2,044,539 
Evergy, Inc.
230,472 13,464,174 
Pinnacle West Capital Corp.
27,617 2,249,681 
Xcel Energy, Inc.
93,577 5,817,682 
30,714,962 
Electrical Equipment — 0.9%
Atkore, Inc.(1)
16,445 2,564,433 
Hubbell, Inc.
33,436 11,086,040 
nVent Electric PLC
130,996 6,768,564 
20,419,037 
Energy Equipment and Services — 0.6%
Baker Hughes Co.
414,718 13,109,236 
Entertainment — 0.7%
Electronic Arts, Inc.
118,006 15,305,378 
Financial Services — 4.2%
Berkshire Hathaway, Inc., Class B(1)
210,276 71,704,116 
10


SharesValue
Euronet Worldwide, Inc.(1)
77,931 $9,146,761 
PayPal Holdings, Inc.(1)
134,967 9,006,348 
89,857,225 
Food Products — 1.7%
Archer-Daniels-Midland Co.
198,676 15,011,959 
Conagra Brands, Inc.
297,795 10,041,647 
General Mills, Inc.
144,433 11,078,011 
36,131,617 
Gas Utilities — 0.7%
Atmos Energy Corp.
99,326 11,555,587 
ONE Gas, Inc.
42,705 3,280,171 
UGI Corp.
35,780 964,986 
15,800,744 
Ground Transportation — 0.5%
Knight-Swift Transportation Holdings, Inc.
106,336 5,908,028 
Schneider National, Inc., Class B
164,415 4,721,999 
10,630,027 
Health Care Equipment and Supplies — 2.4%
Abbott Laboratories
228,786 24,942,250 
DENTSPLY SIRONA, Inc.
168,568 6,746,091 
GE HealthCare Technologies, Inc.(1)
39,191 3,183,877 
Hologic, Inc.(1)
132,198 10,704,072 
Medtronic PLC
71,398 6,290,164 
51,866,454 
Health Care Providers and Services — 3.5%
Cardinal Health, Inc.
74,465 7,042,155 
Cigna Group
60,546 16,989,208 
Elevance Health, Inc.
50,637 22,497,513 
Henry Schein, Inc.(1)
59,694 4,841,183 
McKesson Corp.
56,212 24,019,950 
75,390,009 
Hotel & Resort REITs — 0.7%
Host Hotels & Resorts, Inc.
852,732 14,351,480 
Hotels, Restaurants and Leisure — 1.2%
Boyd Gaming Corp.
91,392 6,339,863 
Darden Restaurants, Inc.
38,205 6,383,291 
Yum! Brands, Inc.
95,081 13,173,473 
25,896,627 
Household Durables — 0.3%
Mohawk Industries, Inc.(1)
57,821 5,964,814 
Household Products — 3.0%
Colgate-Palmolive Co.
278,141 21,427,982 
Kimberly-Clark Corp.
100,112 13,821,463 
Procter & Gamble Co.
195,797 29,710,237 
64,959,682 
Independent Power and Renewable Electricity Producers — 0.6%
Vistra Corp.
527,574 13,848,818 
Industrial REITs — 0.6%
Prologis, Inc.
97,393 11,943,304 
Insurance — 3.1%
Allstate Corp.
64,015 6,980,196 
11


SharesValue
Everest Re Group Ltd.
26,615 $9,098,604 
Fidelity National Financial, Inc.
95,279 3,430,044 
Hartford Financial Services Group, Inc.
118,661 8,545,965 
Marsh & McLennan Cos., Inc.
73,445 13,813,535 
Progressive Corp.
97,238 12,871,394 
Travelers Cos., Inc.
66,254 11,505,670 
66,245,408 
Interactive Media and Services — 2.4%
Alphabet, Inc., Class A(1)
172,191 20,611,262 
Meta Platforms, Inc., Class A(1)
109,812 31,513,848 
52,125,110 
IT Services — 1.4%
Accenture PLC, Class A
19,303 5,956,520 
Amdocs Ltd.
94,532 9,344,488 
Cognizant Technology Solutions Corp., Class A
234,961 15,338,254 
30,639,262 
Life Sciences Tools and Services — 1.2%
Bio-Rad Laboratories, Inc., Class A(1)
23,285 8,827,809 
Danaher Corp.
61,672 14,801,280 
Thermo Fisher Scientific, Inc.
4,629 2,415,181 
26,044,270 
Machinery — 4.0%
AGCO Corp.
105,538 13,869,804 
Cummins, Inc.
114,073 27,966,137 
Kennametal, Inc.
96,221 2,731,714 
Mueller Industries, Inc.
67,288 5,872,897 
Oshkosh Corp.
59,544 5,155,915 
Parker-Hannifin Corp.
40,364 15,743,574 
Snap-on, Inc.
52,900 15,245,251 
86,585,292 
Media — 1.9%
Comcast Corp., Class A
864,360 35,914,158 
Interpublic Group of Cos., Inc.
121,009 4,668,527 
40,582,685 
Metals and Mining — 0.9%
Nucor Corp.
124,867 20,475,691 
Multi-Utilities — 0.6%
Consolidated Edison, Inc.
135,094 12,212,498 
Oil, Gas and Consumable Fuels — 6.7%
APA Corp.
173,235 5,919,440 
Cheniere Energy, Inc.
86,547 13,186,301 
Chevron Corp.
58,053 9,134,640 
EQT Corp.
184,956 7,607,240 
Exxon Mobil Corp.
665,821 71,409,302 
Marathon Petroleum Corp.
179,320 20,908,712 
Phillips 66
142,880 13,627,894 
Valero Energy Corp.
24,180 2,836,314 
144,629,843 
Pharmaceuticals — 6.5%
Bristol-Myers Squibb Co.
579,186 37,038,945 
Johnson & Johnson
386,260 63,933,755 
Merck & Co., Inc.
203,745 23,510,135 
12


SharesValue
Pfizer, Inc.
435,122 $15,960,275 
140,443,110 
Professional Services — 1.1%
CACI International, Inc., Class A(1)
51,976 17,715,500 
Leidos Holdings, Inc.
76,094 6,732,797 
24,448,297 
Real Estate Management and Development — 1.1%
CBRE Group, Inc., Class A(1)
291,922 23,561,025 
Retail REITs — 0.9%
Simon Property Group, Inc.
158,968 18,357,625 
Semiconductors and Semiconductor Equipment — 4.6%
Amkor Technology, Inc.
261,985 7,794,054 
Analog Devices, Inc.
58,387 11,374,371 
Broadcom, Inc.
23,830 20,670,857 
Intel Corp.
510,802 17,081,219 
KLA Corp.
40,031 19,415,836 
Marvell Technology, Inc.
160,469 9,592,837 
Microchip Technology, Inc.
77,875 6,976,821 
NXP Semiconductors NV
27,896 5,709,753 
98,615,748 
Software — 2.9%
Adobe, Inc.(1)
22,800 11,148,972 
Aspen Technology, Inc.(1)
36,847 6,175,926 
Microsoft Corp.
31,227 10,634,042 
Oracle Corp. (New York)
134,903 16,065,598 
Salesforce, Inc.(1)
41,572 8,782,501 
Synopsys, Inc.(1)
22,065 9,607,322 
62,414,361 
Specialized REITs — 0.5%
Equinix, Inc.
13,632 10,686,670 
Specialty Retail — 2.4%
AutoNation, Inc.(1)
48,613 8,002,186 
Dick's Sporting Goods, Inc.
77,205 10,205,729 
Lithia Motors, Inc.
12,519 3,807,153 
Lowe's Cos., Inc.
67,053 15,133,862 
Penske Automotive Group, Inc.
33,746 5,623,096 
Williams-Sonoma, Inc.
77,979 9,758,292 
52,530,318 
Technology Hardware, Storage and Peripherals — 0.5%
Hewlett Packard Enterprise Co.
584,224 9,814,963 
Textiles, Apparel and Luxury Goods — 0.5%
Tapestry, Inc.
246,089 10,532,609 
Trading Companies and Distributors — 0.1%
United Rentals, Inc.
5,839 2,600,515 
TOTAL COMMON STOCKS
(Cost $1,899,050,326)
2,138,578,126 
SHORT-TERM INVESTMENTS — 0.4%
Money Market Funds
State Street Institutional U.S. Government Money Market Fund, Premier Class
12,183 12,183 
13


SharesValue
Repurchase Agreements — 0.4%
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25% - 4.50%, 5/15/38 - 11/15/40, valued at $1,192,112), in a joint trading account at 5.02%, dated 6/30/23, due 7/3/23 (Delivery value $1,162,027)
$1,161,541 
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.50%, 5/15/46, valued at $6,424,028), at 5.04%, dated 6/30/23, due 7/3/23 (Delivery value $6,300,645)
6,298,000 
7,459,541 
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,471,724)
7,471,724 
TOTAL INVESTMENT SECURITIES — 99.7%
(Cost $1,906,522,050)
2,146,049,850 
OTHER ASSETS AND LIABILITIES — 0.3%
7,075,462 
TOTAL NET ASSETS — 100.0%
$2,153,125,312 

NOTES TO SCHEDULE OF INVESTMENTS
Category is less than 0.05% of total net assets.
(1)Non-income producing.


See Notes to Financial Statements.
14


Statement of Assets and Liabilities
JUNE 30, 2023
Assets
Investment securities, at value (cost of $1,906,522,050)$2,146,049,850 
Receivable for investments sold9,415,063 
Receivable for capital shares sold722,483 
Dividends and interest receivable1,811,642 
2,157,999,038 
Liabilities
Payable for capital shares redeemed3,750,424 
Accrued management fees1,078,835 
Distribution and service fees payable44,467 
4,873,726 
Net Assets$2,153,125,312 
Net Assets Consist of:
Capital (par value and paid-in surplus)$2,160,525,133 
Distributable earnings (loss)(7,399,821)
$2,153,125,312 

Net AssetsShares OutstandingNet Asset Value Per Share*
Investor Class, $0.01 Par Value$1,606,519,26051,982,382$30.91
I Class, $0.01 Par Value$309,724,2059,997,285$30.98
A Class, $0.01 Par Value$165,051,4915,354,615$30.82
C Class, $0.01 Par Value$5,892,437191,855$30.71
R Class, $0.01 Par Value$15,447,030500,163$30.88
R5 Class, $0.01 Par Value$50,490,8891,628,978$31.00
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $32.70 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.


See Notes to Financial Statements.
15


Statement of Operations
YEAR ENDED JUNE 30, 2023
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $433,756)$58,598,253 
Interest511,186 
59,109,439 
Expenses:
Management fees14,385,409 
Distribution and service fees:
A Class425,473 
C Class75,446 
R Class77,909 
Directors' fees and expenses160,923 
Other expenses1,201 
15,126,361 
Net investment income (loss)43,983,078 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions(185,422,714)
Futures contract transactions106,752 
Foreign currency translation transactions(122,343)
(185,438,305)
Change in net unrealized appreciation (depreciation) on:
Investments241,063,575 
Translation of assets and liabilities in foreign currencies5,736 
241,069,311 
Net realized and unrealized gain (loss)55,631,006 
Net Increase (Decrease) in Net Assets Resulting from Operations$99,614,084 


See Notes to Financial Statements.
16


Statement of Changes in Net Assets
YEARS ENDED JUNE 30, 2023 AND JUNE 30, 2022
Increase (Decrease) in Net AssetsJune 30, 2023June 30, 2022
Operations
Net investment income (loss)$43,983,078 $38,397,269 
Net realized gain (loss)(185,438,305)35,070,398 
Change in net unrealized appreciation (depreciation)241,069,311 (337,515,053)
Net increase (decrease) in net assets resulting from operations99,614,084 (264,047,386)
Distributions to Shareholders
From earnings:
Investor Class(29,718,696)(475,933,439)
I Class(7,906,866)(138,393,623)
A Class(2,599,248)(47,316,315)
C Class(60,405)(2,761,020)
R Class(201,207)(4,304,355)
R5 Class(995,965)(12,366,658)
Decrease in net assets from distributions(41,482,387)(681,075,410)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)(356,844,216)485,745,933 
Net increase (decrease) in net assets(298,712,519)(459,376,863)
Net Assets
Beginning of period2,451,837,831 2,911,214,694 
End of period$2,153,125,312 $2,451,837,831 


See Notes to Financial Statements.
17


Notes to Financial Statements

JUNE 30, 2023

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 value of investments of the fund is determined by American Century Investment Management, Inc. (ACIM) (the investment advisor), as the valuation designee, pursuant to its valuation policies and procedures. The Board of Directors oversees the valuation designee and reviews its valuation policies and procedures at least annually. 

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

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

The valuation designee monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; regulatory news, governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The valuation designee also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that it deems appropriate. The valuation designee may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
18


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

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

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

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

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

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

3. Fees and Transactions with Related Parties

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC.
19


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, 2023 are as follows:
Investment Category
Fee Range
Complex
Fee Range
Effective Annual
Management Fee
Investor Class0.3380%
to 0.5200%
0.2500% to 0.3100%0.65%
I Class0.0500% to 0.1100%0.45%
A Class0.2500% to 0.3100%0.65%
C Class0.2500% to 0.3100%0.65%
R Class0.2500% to 0.3100%0.65%
R5 Class0.0500% to 0.1100%0.45%

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, 2023 are detailed in the Statement of Operations.

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

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $14,713,840 and $22,857,546, respectively. The effect of interfund transactions on the Statement of Operations was $(1,387,032) 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, 2023 were $4,152,589,555 and $4,500,350,021, respectively.
20


5. Capital Share Transactions

Transactions in shares of the fund were as follows:
Year ended
June 30, 2023
Year ended
June 30, 2022
SharesAmountSharesAmount
Investor Class/Shares Authorized700,000,000 700,000,000 
Sold2,177,888 $66,707,663 4,669,254 $177,517,658 
Issued in reinvestment of distributions931,606 28,163,136 13,120,782 455,216,474 
Redeemed(8,884,091)(270,666,480)(8,107,702)(306,438,060)
(5,774,597)(175,795,681)9,682,334 326,296,072 
I Class/Shares Authorized210,000,000 210,000,000 
Sold1,837,662 56,513,025 4,843,587 188,303,380 
Issued in reinvestment of distributions252,368 7,642,308 3,822,669 132,978,335 
Redeemed(7,557,068)(230,747,800)(6,700,140)(252,251,987)
(5,467,038)(166,592,467)1,966,116 69,029,728 
A Class/Shares Authorized50,000,000 50,000,000 
Sold735,867 22,479,252 1,593,304 64,416,812 
Issued in reinvestment of distributions75,089 2,266,393 1,191,186 41,206,941 
Redeemed(1,178,420)(35,713,525)(1,251,911)(46,543,599)
(367,464)(10,967,880)1,532,579 59,080,154 
C Class/Shares Authorized20,000,000 20,000,000 
Sold20,645 628,759 63,050 2,365,086 
Issued in reinvestment of distributions1,805 54,560 72,480 2,499,126 
Redeemed(113,045)(3,420,157)(155,116)(5,643,676)
(90,595)(2,736,838)(19,586)(779,464)
R Class/Shares Authorized20,000,000 20,000,000 
Sold114,097 3,495,582 149,780 5,779,473 
Issued in reinvestment of distributions6,348 192,141 118,390 4,104,295 
Redeemed(127,413)(3,878,970)(183,609)(6,791,311)
(6,968)(191,247)84,561 3,092,457 
R5 Class/Shares Authorized40,000,000 40,000,000 
Sold296,817 9,053,869 668,304 26,897,892 
Issued in reinvestment of distributions31,594 957,428 341,060 11,862,144 
Redeemed(345,029)(10,571,400)(252,932)(9,733,050)
(16,618)(560,103)756,432 29,026,986 
Net increase (decrease)(11,723,280)$(356,844,216)14,002,436 $485,745,933 

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).
21


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 1Level 2Level 3
Assets
Investment Securities
Common Stocks$2,138,578,126 — — 
Short-Term Investments12,183 $7,459,541 — 
$2,138,590,309 $7,459,541 — 

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). A fund may incur charges or earn income on cash deposit balances, which are reflected in interest expenses or interest income, respectively. Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the 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 $23,837,547 futures contracts sold.

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, 2023, the effect of equity price risk derivative instruments on the Statement of Operations was $106,752 in net realized gain (loss) on futures contract transactions.

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.


22


9. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2023 and June 30, 2022 were as follows:
20232022
Distributions Paid From
Ordinary income$41,482,387 $384,667,461 
Long-term capital gains— $296,407,949 

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$1,911,338,146 
Gross tax appreciation of investments$260,550,049 
Gross tax depreciation of investments(25,838,345)
Net tax appreciation (depreciation) of investments234,711,704 
Net tax appreciation (depreciation) on derivatives and translation of assets and liabilities in foreign currencies4,536 
Net tax appreciation (depreciation)$234,716,240 
Undistributed ordinary income$3,241,362 
Accumulated short-term capital losses$(245,357,423)

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

Accumulated capital losses represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.
23


Financial Highlights
For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
Per-Share DataRatios 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
2023$30.120.570.761.33(0.54)(0.54)$30.914.45%0.66%1.86%179%$1,606,519 
2022$43.200.50(3.51)(3.01)(0.50)(9.57)(10.07)$30.12(9.84)%0.65%1.31%234%$1,739,617 
2021$35.990.5812.5213.10(0.58)(5.31)(5.89)$43.2039.42%0.66%1.44%240%$2,076,714 
2020$36.820.76(0.07)0.69(0.77)(0.75)(1.52)$35.991.70%0.67%2.08%100%$1,588,537 
2019$39.610.780.631.41(0.73)(3.47)(4.20)$36.824.43%0.67%2.07%72%$1,707,536 
I Class
2023$30.190.640.751.39(0.60)(0.60)$30.984.68%0.46%2.06%179%$309,724 
2022$43.280.58(3.53)(2.95)(0.57)(9.57)(10.14)$30.19(9.67)%0.45%1.51%234%$466,890 
2021$36.050.6512.5513.20(0.66)(5.31)(5.97)$43.2839.70%0.46%1.64%240%$584,160 
2020$36.880.83(0.07)0.76(0.84)(0.75)(1.59)$36.051.90%0.47%2.28%100%$272,307 
2019$39.660.850.651.50(0.81)(3.47)(4.28)$36.884.65%0.47%2.27%72%$306,583 
A Class
2023$30.040.490.761.25(0.47)(0.47)$30.824.20%0.91%1.61%179%$165,051 
2022$43.110.40(3.50)(3.10)(0.40)(9.57)(9.97)$30.04(10.07)%0.90%1.06%234%$171,905 
2021$35.930.4812.4912.97(0.48)(5.31)(5.79)$43.1139.04%0.91%1.19%240%$180,616 
2020$36.760.67(0.07)0.60(0.68)(0.75)(1.43)$35.931.46%0.92%1.83%100%$130,398 
2019$39.550.690.631.32(0.64)(3.47)(4.11)$36.764.18%0.92%1.82%72%$152,312 



For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
Per-Share DataRatios 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
2023$29.930.260.761.02(0.24)(0.24)$30.713.43%1.66%0.86%179%$5,892 
2022$43.000.10(3.48)(3.38)(0.12)(9.57)(9.69)$29.93(10.76)%1.65%0.31%234%$8,455 
2021$35.840.1712.4812.65(0.18)(5.31)(5.49)$43.0038.05%1.66%0.44%240%$12,987 
2020$36.680.39(0.08)0.31(0.40)(0.75)(1.15)$35.840.68%1.67%1.08%100%$7,452 
2019$39.480.410.631.04(0.37)(3.47)(3.84)$36.683.40%1.67%1.07%72%$9,107 
R Class
2023$30.100.410.761.17(0.39)(0.39)$30.883.93%1.16%1.36%179%$15,447 
2022$43.180.31(3.51)(3.20)(0.31)(9.57)(9.88)$30.10(10.30)%1.15%0.81%234%$15,265 
2021$35.970.3812.5112.89(0.37)(5.31)(5.68)$43.1838.73%1.16%0.94%240%$18,245 
2020$36.810.58(0.09)0.49(0.58)(0.75)(1.33)$35.971.18%1.17%1.58%100%$14,218 
2019$39.590.600.641.24(0.55)(3.47)(4.02)$36.813.95%1.17%1.57%72%$24,676 
R5 Class
2023$30.210.630.761.39(0.60)(0.60)$31.004.64%0.46%2.06%179%$50,491 
2022$43.290.58(3.52)(2.94)(0.57)(9.57)(10.14)$30.21(9.64)%0.45%1.51%234%$49,707 
2021$36.060.6312.5713.20(0.66)(5.31)(5.97)$43.2939.68%0.46%1.64%240%$38,493 
2020$36.890.83(0.07)0.76(0.84)(0.75)(1.59)$36.061.90%0.47%2.28%100%$16,388 
2019$39.660.880.631.51(0.81)(3.47)(4.28)$36.894.68%0.47%2.27%72%$13,615 




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


See Notes to Financial Statements.



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, 2023, the related statement of operations for the year then ended, the statements of changes in net assets and financial highlights for the two years in the period 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, 2023, and the results of its operations for the year then ended and the changes in its net assets and the financial highlights for the two years then ended in conformity with accounting principles generally accepted in the United States of America. The financial highlights for each of the three 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 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 audits 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 audits 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 audits 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, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Kansas City, Missouri
August 16, 2023

We have served as the auditor of one or more American Century investment companies since 1997.
27


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 FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by DirectorOther Directorships Held During Past 5 Years
Independent Directors
Tanya S. Beder
(1955)
Director and Board ChairSince 2011 (Board Chair since 2022)Chairman and CEO, SBCC Group Inc. (independent advisory services) (2006 to present)32Kirby Corporation; Nabors Industries Ltd.
Jeremy I. Bulow
(1954)
DirectorSince 2011Professor of Economics, Stanford University, Graduate School of Business (1979 to present)83None
Jennifer Cabalquinto
(1968)
DirectorSince 2021Chief Financial Officer, EMPIRE (digital media distribution) (2023 to present); Chief Financial Officer, 2K (interactive entertainment) (2021 to 2023); Special Advisor, GSW Sports, LLC (2020 to 2021); Chief Financial Officer, GSW Sports, LLC (2013 to 2020)32Sabio Holdings Inc.

28


Name
(Year of Birth)
Position(s) Held with FundsLength of Time ServedPrincipal Occupation(s) During Past 5 YearsNumber of American Century Portfolios Overseen by DirectorOther Directorships Held During Past 5 Years
Independent Directors
Anne Casscells
(1958)
DirectorSince 2016Co-Chief Executive Officer and Chief Investment Officer, Aetos Alternatives Management (investment advisory firm) (2001 to present)32None
Jonathan D. Levin
(1972)
DirectorSince 2016Philip H. Knight Professor and Dean, Graduate School of Business, Stanford University (2016 to present); Professor, Stanford University, (2000 to present)32None
Peter F. Pervere
(1947)
DirectorSince 2007Retired32None
John B. Shoven
(1947)
DirectorSince 2002Charles R. Schwab Professor of Economics, Stanford University (1973 to present, emeritus since 2019)32
Cadence Design Systems; Exponent; Financial Engines
Interested Director
Jonathan S. Thomas
(1963)
DirectorSince 2007President and Chief Executive Officer, ACC (2007 to present). Also serves as Chief Executive Officer, ACS; Director, ACC and other ACC subsidiaries148None
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.
29


Officers

The following table presents certain information about the executive officers of the funds. Each officer serves as an officer for 16 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 FundsPrincipal Occupation(s) During the Past Five Years
Patrick Bannigan
(1965)
President since 2019Executive 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 2018Vice 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 2014Chief 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)
David H. Reinmiller
(1963)
Vice President since 2000Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer
(1960)
Secretary since 2005Attorney, ACC (2003 to present)


30


Approval of Management Agreement

At a meeting held on June 14, 2023, the Fund’s Board of Directors (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under the Investment Company Act of 1940 (the “Investment Company Act”), contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Directors, including a majority of the independent Directors, each year. 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 data providers 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 nature, extent, and quality of investment management, shareholder services, distribution services, and other services provided to the Fund;
the wide range of programs and services the Advisor and other service providers provide to the Fund and its shareholders on a routine and non-routine basis;
the Fund’s investment performance compared to appropriate benchmarks and/or peer groups of other mutual funds with similar investment objectives and strategies;
the cost of owning the Fund compared to the cost of owning similarly-managed funds;
the Advisor’s compliance policies, procedures, and regulatory experience and those of certain other service providers;
the Advisor’s strategic plans, generally, and with respect to areas of heightened interest in the mutual fund industry and certain recent geopolitical and other issues;
the Advisor’s business continuity plans, vendor management practices, and information security practices;
the cost of services provided to the Fund, the profitability of the Fund to the Advisor, and the Advisor’s financial results of operation;
possible economies of scale associated with the Advisor’s management of the Fund;
any collateral benefits derived by the Advisor from the management of the Fund;
fees and expenses associated with any investment by the Fund in other funds;
payments to intermediaries by the Fund and the Advisor and services provided by intermediaries in connection therewith; and
services provided and charges to the Advisor’s other investment management clients.

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.

31


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 but not limited to

constructing and designing the Fund
portfolio research and security selection
initial capitalization/funding
securities trading
Fund administration
custody of Fund assets
daily valuation of the Fund’s portfolio
liquidity monitoring and management
risk management, including information security
shareholder servicing and transfer agency, including shareholder confirmations, recordkeeping, and communications
legal services (except the independent Directors’ counsel)
regulatory and portfolio compliance
financial reporting
marketing and distribution (except amounts paid by the Fund under Rule 12b-1 plans)

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

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and principal investment strategies. Further, the Directors recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its 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 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 discussed the Fund’s performance with the Advisor and was satisfied with the efforts being undertaken by the Advisor. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

32


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

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

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

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is 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 brokerage and other transaction fees and expenses relating to acquisition and disposition of portfolio securities, acquired fund fees and expenses, taxes, interest, extraordinary expenses, fund litigation expenses, fees and expenses of the Fund’s independent Directors (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Investment Company Act Rule 12b-1. Under this unified fee structure, the Advisor is responsible for providing 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 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.

33


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 received over time, 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.

34


Liquidity Risk Management Program

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

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

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

35


Additional Information
 
Retirement Account Information

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.* 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.
You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.
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 according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.
*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.

36


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, 2023.

For corporate taxpayers, the fund hereby designates $41,482,387, or up to the maximum amount
allowable, of ordinary income distributions paid during the fiscal year ended June 30, 2023 as
qualified for the corporate dividends received deduction.




37


Notes


38


Notes


39


Notes
40






image11.jpg
Contact Usamericancentury.com
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Investor Services Representative1-800-345-2021
or 816-531-5575
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1-800-345-3533
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1-800-345-6488
Telecommunications Relay Service for the Deaf711
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.
©2023 American Century Proprietary Holdings, Inc. All rights reserved.
CL-ANN-92991 2308




    


image11.jpg
Annual Report
June 30, 2023
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
Performance
Portfolio Commentary
Fund Characteristics
Shareholder Fee Example
Schedule of Investments
Statement of Assets and Liabilities
Statement of Operations
Statement of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Report of Independent Registered Public Accounting Firm
Management
Approval of Management Agreement
Liquidity Risk Management Program
Additional Information


















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
image24.jpg Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended June 30, 2023. 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 Rally Generated Strong Fiscal-Year Returns

After ending 2022 with modest six-month gains, stocks rallied in the first half of 2023. This bounce back, which occurred despite ongoing volatility and rising interest rates, led to strong 12-month performance for most stock indices. Investor expectations for the Federal Reserve (Fed) to conclude its rate-hike campaign largely fueled the optimism.
Inflation’s pace steadily slowed during the period, which, combined with mounting recession worries, prompted investors to regularly recalibrate their monetary policy outlooks. However, with inflation still above target and the labor market resilient, policymakers continued to raise rates.

A new challenge emerged in March when several high-profile banks failed. Market unrest escalated, but quick action from regulators helped restore order. Nevertheless, heightened uncertainty surrounding the banking industry and credit availability further fueled recession fears. These worries strengthened investor expectations for a near-term end to central bank tightening and potential rate cuts later in the year.
The Fed, which announced its 10th-consecutive rate hike in May, paused its tightening campaign in June. However, citing still-high inflation and still-strong economic data, policymakers hinted the pause wasn’t permanent. Expectations for rate cuts faded, but many market participants shifted their focus to a potential soft-landing scenario.

Overall, robust performance in the second half of the period propelled the S&P 500 Index to a 12-month return of nearly 20%. U.S. stocks outpaced non-U.S. stocks, large-cap stocks generally outperformed small caps, and growth significantly outperformed value.
Remaining Diligent in Uncertain Times

We expect market volatility to linger as investors navigate a complex environment of persistent inflation, tighter financial conditions, banking industry turbulence and recession risk. In addition, increasingly tense geopolitical considerations complicate the market backdrop.
We appreciate your confidence in us during these extraordinary times. American Century Investments has a long history of helping clients weather unpredictable and volatile markets, and we’re confident we will continue to meet today’s challenges.

Sincerely,
image25.jpg
Jonathan Thomas
President and Chief Executive Officer
American Century Investments
2


Performance
Total Returns as of June 30, 2023
Average Annual Returns
Ticker
Symbol
1 year5 years10 yearsSince
Inception
Inception Date
Investor ClassADSIX22.74%11.05%12.48%9/30/05
Russell 1000 Growth Index27.11%15.13%15.74%
I ClassADCIX22.96%11.27%12.70%9/30/05
Y ClassADCYX23.02%11.32%12.64%4/10/17
A ClassADCVX9/30/05
No sales charge22.43%10.77%12.20%
With sales charge15.39%9.47%11.54%
C ClassADCCX21.48%9.95%11.36%9/28/07
R ClassADRRX22.14%10.49%11.92%9/30/05
R5 ClassADGGX23.01%11.27%12.59%4/10/17
G ClassACDFX23.94%9.58%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.

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.
3


Growth of $10,000 Over 10 Years
$10,000 investment made June 30, 2013
Performance for other share classes will vary due to differences in fee structure.
chart-a55f035a67f04c2da00.jpg
Value on June 30, 2023
Investor Class — $32,422
Russell 1000 Growth Index — $43,154
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 ClassI ClassY ClassA ClassC ClassR ClassR5 ClassG Class
1.00%0.80%0.75%1.25%2.00%1.50%0.80%0.80%
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.















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.
4


Portfolio Commentary

Portfolio Managers: Arun Daniel and Yulin Long

Performance Summary

Disciplined Growth returned 22.74%* for the 12-month period ended June 30, 2023. The fund’s benchmark, the Russell 1000 Growth Index, returned 27.11% for the same time period. The fund’s return reflects operating expenses, while the index’s return does not.

Information Technology, Consumer Discretionary and Health Care Detracted

The market’s performance during this period was heavily influenced by declining inflation, tightening monetary policy and anticipation of the end of the Federal Reserve’s rate-hiking program. Uncertainty about the direction of the economy and the likelihood of a soft landing also played a role.

Stock selection drove the fund’s underperformance in the information technology, consumer discretionary and health care sectors. In information technology, selections in the software industry detracted most from relative performance, where positions in CrowdStrike Holdings and Datadog hurt performance. High-growth technology stocks were generally hit hard in the first half of the reporting period as rising interest rates hurt valuations, then lagged in 2023 so far, when the largest technology stocks did best. We exited our position in Datadog during the period. Holdings in the semiconductors and semiconductor equipment industry also hurt relative returns. Exposure to Enphase Energy and Qualcomm was particularly disadvantageous, as was an underweight to NVIDIA. Shares of NVIDIA benefited from enthusiasm for artificial intelligence-related stocks. We sold our position in Qualcomm.

Consumer discretionary was also an area of weakness. An underweight to the automobiles industry and unfavorable stock selection in the broadline retail industry were the primary detractors. An overweight to specialty retail also hampered returns. In the sector, two notable detractors from relative performance were Tesla and Amazon. We had some exposure to these strong-performing stocks but less than the benchmark.

In the health care sector, overweights in the biotechnology and health care technology industries were the primary reasons for underperformance. In biotechnology, shares of Incyte and Exelixis were the leading detractors, while Veeva Systems was the main detriment in health care technology. Veeva, which provides cloud-based software solutions to life sciences companies, lagged, primarily due to economic weakness among its customer base, which led the company to lower forward guidance early in the period. We sold our holdings of Incyte.

Real Estate and Communication Services Contributed

An underweight to the poor-performing real estate sector was a primary contributor to relative performance. The contribution came largely from a decision to underweight specialized real estate investment trusts (REITs), where avoiding American Tower and Crown Castle proved beneficial. REITs were generally hindered by high inflation, slowing growth and rising interest rates, which challenged REIT fundamentals and drew income-oriented investors away from the sector. In communication services, the portfolio’s underweight position was beneficial, as were stock selection decisions. A position in Meta Platforms was especially helpful. The company benefited from cost-cutting and restructuring efforts and from new investor interest in artificial intelligence.





*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.
5


Fund Characteristics
JUNE 30, 2023
Types of Investments in Portfolio% of net assets
Common Stocks99.5%
Short-Term Investments—*
Other Assets and Liabilities0.5%
*Category is less than 0.05% of total net assets.
Top Five Industries% of net assets
Software19.8%
Technology Hardware, Storage and Peripherals14.5%
Semiconductors and Semiconductor Equipment10.4%
Interactive Media and Services7.6%
Specialty Retail5.1%

6


Shareholder Fee Example

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

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

Actual Expenses

The table provides information about actual account values and actual expenses for each class. You may use the information, together with the amount you invested, to estimate the expenses that you paid over the period. First, identify the share class you own. Then simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

If you hold Investor Class shares of any American Century Investments mutual 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 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 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.
7


Beginning
Account Value
1/1/23
Ending
Account Value
6/30/23
Expenses Paid
During Period(1)
1/1/23 - 6/30/23
Annualized
Expense Ratio(1)
Actual
Investor Class$1,000$1,285.50$5.671.00%
I Class$1,000$1,286.50$4.540.80%
Y Class$1,000$1,287.00$4.250.75%
A Class$1,000$1,284.00$7.081.25%
C Class$1,000$1,278.90$11.302.00%
R Class$1,000$1,282.20$8.491.50%
R5 Class$1,000$1,286.20$4.530.80%
G Class$1,000$1,292.00$0.060.01%
Hypothetical
Investor Class$1,000$1,019.84$5.011.00%
I Class$1,000$1,020.83$4.010.80%
Y Class$1,000$1,021.08$3.760.75%
A Class$1,000$1,018.60$6.261.25%
C Class$1,000$1,014.88$9.992.00%
R Class$1,000$1,017.36$7.501.50%
R5 Class$1,000$1,020.83$4.010.80%
G Class$1,000$1,024.75$0.050.01%
(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.
8


Schedule of Investments

JUNE 30, 2023
SharesValue
COMMON STOCKS — 99.5%
Aerospace and Defense — 1.1%
Lockheed Martin Corp.
20,669 $9,515,594 
Air Freight and Logistics — 0.6%
CH Robinson Worldwide, Inc.
23,503 2,217,508 
Expeditors International of Washington, Inc.
25,225 3,055,504 
5,273,012 
Automobiles — 1.9%
Tesla, Inc.(1)
63,778 16,695,167 
Beverages — 0.8%
Monster Beverage Corp.(1)
108,680 6,242,579 
PepsiCo, Inc.
6,833 1,265,609 
7,508,188 
Biotechnology — 2.6%
Exelixis, Inc.(1)
77,981 1,490,217 
Neurocrine Biosciences, Inc.(1)
36,362 3,428,937 
Regeneron Pharmaceuticals, Inc.(1)
5,934 4,263,816 
Vertex Pharmaceuticals, Inc.(1)
40,781 14,351,242 
23,534,212 
Broadline Retail — 4.3%
Amazon.com, Inc.(1)
295,568 38,530,245 
Building Products — 0.4%
Builders FirstSource, Inc.(1)
24,840 3,378,240 
Capital Markets — 1.0%
Moody's Corp.
11,784 4,097,533 
S&P Global, Inc.
11,852 4,751,348 
8,848,881 
Chemicals — 0.5%
Air Products & Chemicals, Inc.
6,144 1,840,312 
Linde PLC
6,945 2,646,601 
4,486,913 
Commercial Services and Supplies — 0.5%
Cintas Corp.
1,866 927,551 
Rollins, Inc.
87,276 3,738,031 
4,665,582 
Communications Equipment — 0.8%
Cisco Systems, Inc.
134,141 6,940,455 
Consumer Staples Distribution & Retail — 2.0%
Costco Wholesale Corp.
32,718 17,614,717 
Electrical Equipment — 0.5%
ABB Ltd.
22,642 890,755 
nVent Electric PLC
45,654 2,358,942 
Schneider Electric SE
4,917 893,304 
4,143,001 
Electronic Equipment, Instruments and Components — 0.3%
Keysight Technologies, Inc.(1)
13,656 2,286,697 
Entertainment — 0.5%
Netflix, Inc.(1)
9,286 4,090,390 
9


SharesValue
Financial Services — 4.4%
Mastercard, Inc., Class A
58,732 $23,099,296 
PayPal Holdings, Inc.(1)
20,181 1,346,678 
Visa, Inc., Class A
62,546 14,853,424 
39,299,398 
Food Products — 0.3%
Hershey Co.
9,801 2,447,310 
Ground Transportation — 1.6%
Old Dominion Freight Line, Inc.
15,744 5,821,344 
Uber Technologies, Inc.(1)
196,271 8,473,019 
14,294,363 
Health Care Equipment and Supplies — 2.0%
Abbott Laboratories
61,615 6,717,267 
Dexcom, Inc.(1)
25,279 3,248,604 
IDEXX Laboratories, Inc.(1)
10,158 5,101,653 
Intuitive Surgical, Inc.(1)
8,203 2,804,934 
17,872,458 
Health Care Providers and Services — 1.5%
Humana, Inc.
9,501 4,248,182 
Molina Healthcare, Inc.(1)
9,919 2,988,000 
UnitedHealth Group, Inc.
12,677 6,093,073 
13,329,255 
Health Care Technology — 0.6%
Veeva Systems, Inc., Class A(1)
29,474 5,827,894 
Hotels, Restaurants and Leisure — 2.9%
Airbnb, Inc., Class A(1)
25,279 3,239,756 
Booking Holdings, Inc.(1)
4,602 12,426,919 
Chipotle Mexican Grill, Inc.(1)
671 1,435,269 
Expedia Group, Inc.(1)
48,070 5,258,377 
Starbucks Corp.
38,663 3,829,957 
26,190,278 
Household Durables — 0.2%
NVR, Inc.(1)
228 1,447,941 
Household Products — 0.6%
Clorox Co.
13,068 2,078,335 
Colgate-Palmolive Co.
43,144 3,323,814 
5,402,149 
Industrial Conglomerates — 0.1%
Siemens AG
4,971 828,670 
Insurance — 1.0%
Kinsale Capital Group, Inc.
2,470 924,274 
Marsh & McLennan Cos., Inc.
43,187 8,122,611 
9,046,885 
Interactive Media and Services — 7.6%
Alphabet, Inc., Class A(1)
326,091 39,033,093 
Alphabet, Inc., Class C(1)
63,687 7,704,216 
Meta Platforms, Inc., Class A(1)
68,808 19,746,520 
Pinterest, Inc., Class A(1)
61,347 1,677,227 
68,161,056 
IT Services — 0.7%
Accenture PLC, Class A
4,888 1,508,339 
Gartner, Inc.(1)
13,439 4,707,816 
6,216,155 
10


SharesValue
Life Sciences Tools and Services — 1.1%
Agilent Technologies, Inc.
18,125 $2,179,531 
Danaher Corp.
13,719 3,292,560 
Mettler-Toledo International, Inc.(1)
3,436 4,506,795 
9,978,886 
Machinery — 1.2%
Caterpillar, Inc.
20,564 5,059,772 
Donaldson Co., Inc.
22,113 1,382,284 
Lincoln Electric Holdings, Inc.
7,145 1,419,212 
Otis Worldwide Corp.
10,118 900,603 
Parker-Hannifin Corp.
6,053 2,360,912 
11,122,783 
Metals and Mining — 0.2%
Nucor Corp.
11,818 1,937,916 
Oil, Gas and Consumable Fuels — 1.9%
Cheniere Energy, Inc.
26,257 4,000,517 
Chevron Corp.
25,375 3,992,756 
ConocoPhillips21,303 2,207,204 
Exxon Mobil Corp.
66,309 7,111,640 
17,312,117 
Pharmaceuticals — 1.6%
Eli Lilly & Co.
26,509 12,432,191 
Novo Nordisk A/S, ADR
13,925 2,253,483 
14,685,674 
Semiconductors and Semiconductor Equipment — 10.4%
Analog Devices, Inc.
22,747 4,431,343 
Applied Materials, Inc.
25,045 3,620,004 
ASML Holding NV
4,826 3,500,437 
Broadcom, Inc.
11,361 9,854,872 
Enphase Energy, Inc.(1)
16,953 2,839,288 
KLA Corp.
9,084 4,405,922 
Lam Research Corp.
13,776 8,856,039 
Microchip Technology, Inc.
94,407 8,457,923 
Monolithic Power Systems, Inc.
8,949 4,834,518 
NVIDIA Corp.
92,933 39,312,518 
ON Semiconductor Corp.(1)
9,510 899,456 
Power Integrations, Inc.
25,061 2,372,525 
93,384,845 
Software — 19.8%
Adobe, Inc.(1)
42,361 20,714,105 
Atlassian Corp., Class A(1)
6,221 1,043,946 
Autodesk, Inc.(1)
12,538 2,565,400 
Cadence Design Systems, Inc.(1)
26,494 6,213,373 
Crowdstrike Holdings, Inc., Class A(1)
11,656 1,711,917 
Fair Isaac Corp.(1)
4,580 3,706,182 
Fortinet, Inc.(1)
111,060 8,395,025 
Intuit, Inc.
14,985 6,865,977 
Microsoft Corp.
288,095 98,107,871 
Oracle Corp. (New York)
21,329 2,540,071 
Palo Alto Networks, Inc.(1)
21,349 5,454,883 
Salesforce, Inc.(1)
12,212 2,579,907 
ServiceNow, Inc.(1)
31,539 17,723,972 
177,622,629 
11


SharesValue
Specialty Retail — 5.1%
Home Depot, Inc.
36,044 $11,196,708 
Lowe's Cos., Inc.
61,779 13,943,520 
O'Reilly Automotive, Inc.(1)
7,504 7,168,571 
TJX Cos., Inc.
86,810 7,360,620 
Ulta Beauty, Inc.(1)
12,114 5,700,788 
45,370,207 
Technology Hardware, Storage and Peripherals — 14.5%
Apple, Inc.
655,233 127,095,545 
Pure Storage, Inc., Class A(1)
88,161 3,246,088 
130,341,633 
Textiles, Apparel and Luxury Goods — 1.1%
Deckers Outdoor Corp.(1)
6,787 3,581,228 
lululemon athletica, Inc.(1)
16,455 6,228,218 
9,809,446 
Trading Companies and Distributors — 1.3%
Fastenal Co.
87,692 5,172,951 
Watsco, Inc.
13,418 5,118,565 
WW Grainger, Inc.
2,304 1,816,911 
12,108,427 
TOTAL COMMON STOCKS
(Cost $515,708,756)
891,549,669 
SHORT-TERM INVESTMENTS
Money Market Funds
State Street Institutional U.S. Government Money Market Fund, Premier Class
1,116 1,116 
Repurchase Agreements
BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 4.25% - 4.50%, 5/15/38 - 11/15/40, valued at $48,195), in a joint trading account at 5.02%, dated 6/30/23, due 7/3/23 (Delivery value $46,979)
46,959 
Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 3.625%, 5/15/53, valued at $259,145), at 5.04%, dated 6/30/23, due 7/3/23 (Delivery value $254,107)
254,000 
300,959 
TOTAL SHORT-TERM INVESTMENTS
(Cost $302,075)
302,075 
TOTAL INVESTMENT SECURITIES — 99.5%
(Cost $516,010,831)
891,851,744 
OTHER ASSETS AND LIABILITIES — 0.5%
4,043,165 
TOTAL NET ASSETS — 100.0%
$895,894,909 

NOTES TO SCHEDULE OF INVESTMENTS
ADRAmerican Depositary Receipt
Category is less than 0.05% of total net assets.
(1)Non-income producing.


See Notes to Financial Statements.
12


Statement of Assets and Liabilities
JUNE 30, 2023
Assets
Investment securities, at value (cost of $516,010,831)$891,851,744 
Receivable for investments sold5,745,887 
Receivable for capital shares sold262,722 
Dividends and interest receivable119,815 
897,980,168 
Liabilities
Payable for capital shares redeemed1,757,848 
Accrued management fees310,469 
Distribution and service fees payable16,942 
2,085,259 
Net Assets$895,894,909 
Net Assets Consist of:
Capital (par value and paid-in surplus)$575,026,102 
Distributable earnings (loss)320,868,807 
$895,894,909 

Net AssetsShares OutstandingNet Asset Value Per Share*
Investor Class, $0.01 Par Value$277,356,93012,781,214$21.70
I Class, $0.01 Par Value$66,362,7473,015,867$22.00
Y Class, $0.01 Par Value$516,23223,398$22.06
A Class, $0.01 Par Value$42,946,9552,037,771$21.08
C Class, $0.01 Par Value$3,736,501208,317$17.94
R Class, $0.01 Par Value$13,312,181662,744$20.09
R5 Class, $0.01 Par Value$510,04423,158$22.02
G Class, $0.01 Par Value$491,153,31922,314,317$22.01
*Maximum offering price per share was equal to the net asset value per share for all share classes, except A Class, for which the maximum offering price per share was $22.37 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of A Class and C Class.


See Notes to Financial Statements.
13


Statement of Operations
YEAR ENDED JUNE 30, 2023
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $14,325)$8,763,631 
Interest241,425 
9,005,056 
Expenses:
Management fees7,438,139 
Distribution and service fees:
A Class93,164 
C Class55,109 
R Class57,265 
Directors' fees and expenses58,248 
Other expenses2,510 
7,704,435 
Fees waived(1)
(3,856,147)
3,848,288 
Net investment income (loss)5,156,768 
Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions454,018 
Futures contract transactions(101,126)
Foreign currency translation transactions(8,575)
344,317 
Change in net unrealized appreciation (depreciation) on investments172,753,975 
Net realized and unrealized gain (loss)173,098,292 
Net Increase (Decrease) in Net Assets Resulting from Operations$178,255,060 
(1)Amount consists of $24,619, $7,406, $32, $3,727, $551, $1,145, $96 and $3,818,571 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and G Class, respectively.


See Notes to Financial Statements.
14


Statement of Changes in Net Assets
YEARS ENDED JUNE 30, 2023 AND JUNE 30, 2022
Increase (Decrease) in Net AssetsJune 30, 2023June 30, 2022
Operations
Net investment income (loss)$5,156,768 $(258,336)
Net realized gain (loss)344,317 6,079,098 
Change in net unrealized appreciation (depreciation)172,753,975 (125,297,390)
Net increase (decrease) in net assets resulting from operations178,255,060 (119,476,628)
Distributions to Shareholders
From earnings:
Investor Class— (52,277,622)
I Class(103,214)(27,316,430)
Y Class(1,156)(24,224)
A Class— (9,510,169)
C Class— (3,087,061)
R Class— (2,743,879)
R5 Class(2,177)(345,987)
G Class(5,038,511)— 
Decrease in net assets from distributions(5,145,058)(95,305,372)
Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)(134,101,002)570,318,229 
Net increase (decrease) in net assets39,009,000 355,536,229 
Net Assets
Beginning of period856,885,909 501,349,680 
End of period$895,894,909 $856,885,909 


See Notes to Financial Statements.
15


Notes to Financial Statements

JUNE 30, 2023

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 Growth 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.

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

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

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

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

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

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

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

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

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

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

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

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

3. Fees and Transactions with Related Parties

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

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. During the period ended June 30, 2023, the investment advisor agreed to waive 0.01% of the fund's management fee. The investment advisor expects this waiver to continue until July 31, 2024 and cannot terminate it prior to such date without the approval of the Board of Directors. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

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, 2023 are as follows: