American Century Quantitative Equity Funds NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-05447

AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.

(Exact name of registrant as specified in charter)

4500 MAIN STREET, KANSAS CITY, MISSOURI

64111

(Address of principal executive offices)

(Zip Code)

JOHN PAK
4500 MAIN STREET, KANSAS CITY, MISSOURI 64111

(Name and address of agent for service)

Registrant’s telephone number, including area code:

816-531-5575

Date of fiscal year end:

06-30

Date of reporting period:

06-30-2021

ITEM 1. REPORTS TO STOCKHOLDERS.

(a) Provided under separate cover.



			Annual Report

			June 30, 2021

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


Table of Contents


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

Additional Information			36

Any opinions expressed in this report reflect those of the author as of the date of the report, and do not necessarily represent the opinions of American Century Investments® or any other person in the American Century Investments organization. Any such opinions are subject to change at any time based upon market or other conditions and American Century Investments disclaims any responsibility to update such opinions. These opinions may not be relied upon as investment advice and, because investment decisions made by American Century Investments funds are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any American Century Investments fund. Security examples are used for representational purposes only and are not intended as recommendations to purchase or sell securities. Performance information for comparative indices and securities is provided to American Century Investments by third party vendors. To the best of American Century Investments’ knowledge, such information is accurate at the time of printing.


President’s Letter

Jonathan Thomas

Dear Investor:

Thank you for reviewing this annual report for the period ended June 30, 2021. Annual reports help convey important information about fund returns, including market factors that affected performance. For additional investment insights, please visit americancentury.com.

Stocks Rallied as Optimism Prevailed

The reporting period began with global financial markets experiencing a sweeping recovery from the initial—and severe—effects of the COVID-19 pandemic. Swift and significant action from central banks and federal governments in early 2020 helped reignite investor confidence in the markets and bolster the economic backdrop. These positive influences generally persisted through the second half of 2020, despite ongoing challenges from COVID-19 and the inconsistent lifting of virus-related restrictions.

In the U.S., improving data on manufacturing, employment and housing, along with a late-2020 federal coronavirus aid package and positive vaccine developments, helped sustain the optimism into the new year. Furthermore, political clarity emerged following the January U.S. Senate run-off elections in Georgia, setting the stage for another federal aid package, which passed in March. Outside the U.S., economies recovered but at a slower pace. Virus outbreaks and slower vaccine rollouts led to lingering lockdowns in some regions.

Overall, despite lingering challenges, corporate earnings generally rallied, and global stocks delivered stellar 12-month returns. The U.S. broadly outperformed other developed markets, with the S&P 500 Index returning more than 40% and small caps (Russell 2000 Index) gaining 62%. The broad economic recovery combined with ongoing monetary and fiscal support, reopenings and soaring commodity prices eventually drove inflation and government bond yields higher. U.S. Treasuries and other perceived safe-haven investments, including gold, declined for the period.

The Return to Normal Will Shape Market Dynamics

The return to pre-pandemic life is progressing. As the U.S. economy continues to rebuild from shutdown-related losses, investors likely will face renewed opportunities and challenges. Economic growth, inflation, the virus’s trajectory, supply chain normalization, and the effects of fiscal and monetary policy likely will be among the factors swaying market dynamics.

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

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of June 30, 2021
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	BIGRX	39.42%	14.43%	12.57%	—	12/17/90
Russell 1000 Value Index	—	43.68%	11.87%	11.60%	—	—
I Class	AMGIX	39.70%	14.66%	12.80%	—	1/28/98
A Class	AMADX				—	12/15/97
No sales charge		39.04%	14.14%	12.29%	—
With sales charge		31.06%	12.80%	11.63%	—
C Class	ACGCX	38.05%	13.29%	11.46%	—	6/28/01
R Class	AICRX	38.73%	13.86%	12.01%	—	8/29/03
R5 Class	AICGX	39.68%	—	—	13.93%	4/10/17

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

Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

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

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

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


Growth of $10,000 Over 10 Years
$10,000 investment made June 30, 2011
Performance for other share classes will vary due to differences in fee structure.


Value on June 30, 2021
			Investor Class — $32,718

			Russell 1000 Value Index — $30,001


Total Annual Fund Operating Expenses
Investor Class	I Class	A Class	C Class	R Class	R5 Class
0.67%	0.47%	0.92%	1.67%	1.17%	0.47%

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


Portfolio Commentary

Portfolio Managers: Steven Rossi and Yulin Long

Performance Summary

Disciplined Core Value returned 39.42%* for the year ended June 30, 2021, compared with the 43.68% return of its benchmark, the Russell 1000 Value Index.

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

Financials Sector Detracted Most from Relative Performance

Positioning in the financials sector was a main source of the portfolio’s underperformance. An underweight position to banks, relative to the benchmark, detracted from relative performance, as banks such as Wells Fargo & Co. and Bank of America rallied sharply, driven by lower credit losses and rising optimism amid the economic rebound and strong gains in corporate and investment banking and wealth management revenue. Stock selection among capital markets companies, particularly underweight positions in Morgan Stanley, The Charles Schwab Corp. and The Goldman Sachs Group, were detrimental as the companies advanced amid several prominent acquisitions and higher revenues from increased trading activity and advisory services.

Stock choices in the health care sector also hampered relative performance. Overweight exposure in the biotechnology industry and pharmaceuticals holdings served as the largest sector headwinds. Among biotechnology holdings, overweights in Amgen and AbbVie detracted the most. Amgen’s stock price declined following disappointing late-stage clinical trial results of a heart treatment and disappointing earnings guidance as consumers delayed seeking medical care during the pandemic, leading to lower drug sales. We ultimately exited the position. AbbVie was pressured by patent expiration of its blockbuster rheumatoid arthritis drug and competition from biosimilars. In the pharmaceuticals industry, owning Merck & Co. was detrimental. The company lagged behind its competitors in developing a COVID-19 vaccine and was pressured by lower demand for medication during the pandemic’s closures. The investment team ultimately liquidated the position.

The industrials sector was also an area of weakness. Stock selection among industrial conglomerates detracted notably, particularly an overweight to 3M. Despite earnings and revenue growth, expectations that higher raw materials and logistics costs, along with lower demand for safety equipment like respirators, weighed on the company’s stock price. In the building products industry, an overweight position in Owens Corning detracted from returns, as the building materials maker’s stock declined amid uncertainty around the ongoing effects of COVID-19 on global construction activity and about the likelihood of a bipartisan infrastructure agreement.

*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.

Information Technology Contributed the Most to Relative Performance

Stock choices in the information technology sector were the portfolio’s leading relative contributors. Holdings in the technology hardware, storage and peripherals industry were especially beneficial, particularly a portfolio-only position in Apple. Higher demand for products and services like iPhones and video and music streaming by consumers spending more time at home during the pandemic bolstered Apple’s stock price. The investment team opted to lock in gains and exited the position. Semiconductors and semiconductor equipment companies also aided the sector’s gains. A portfolio-only position in Applied Materials contributed notably as the semiconductor equipment maker posted strong earnings growth amid a sharp rise in demand and ongoing supply shortages of semiconductors following pandemic-driven surges in sales of devices such as PCs and gaming consoles.

Stock selection in the materials sector also contributed to relative performance. Rising demand for industrial metals amid the economic recovery boosted materials prices, benefiting the metals and mining industry, where the portfolio is overweight. Significant contribution came from overweight positions in several steel producers, including Nucor. Positioning among containers and packaging companies also served as a portfolio tailwind. Overweight positions in International Paper and WestRock benefited from pandemic-driven demand for corrugated cardboard packaging from e-commerce companies and strong sales of paper products, particularly to processed foods and beverages makers. The position in International Paper was liquidated.

A Look Ahead

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

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


Fund Characteristics


JUNE 30, 2021
Types of Investments in Portfolio			% of net assets
Common Stocks			94.1%
Exchange-Traded Funds			2.0%
Temporary Cash Investments			3.0%
Other Assets and Liabilities			0.9%

Top Five Industries*			% of net assets
Health Care Providers and Services			6.7%
Banks			6.4%
Semiconductors and Semiconductor Equipment			6.0%
IT Services			5.1%
Software			5.1%
*Exposure indicated excludes Exchange-Traded Funds. The Schedule of Investments provides additional information on the fund's portfolio holdings.


Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual Expenses

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

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

Hypothetical Example for Comparison Purposes

The table also provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio of each class of your fund and an assumed rate of return of 5% per year before expenses, which is not the actual return of a fund’s share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption/exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value 1/1/21	Ending Account Value 6/30/21	Expenses Paid During Period(1) 1/1/21 - 6/30/21	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,164.30	$3.49	0.65%
I Class	$1,000	$1,165.40	$2.42	0.45%
A Class	$1,000	$1,162.70	$4.83	0.90%
C Class	$1,000	$1,158.70	$8.83	1.65%
R Class	$1,000	$1,161.60	$6.16	1.15%
R5 Class	$1,000	$1,165.40	$2.42	0.45%
Hypothetical
Investor Class	$1,000	$1,021.57	$3.26	0.65%
I Class	$1,000	$1,022.56	$2.26	0.45%
A Class	$1,000	$1,020.33	$4.51	0.90%
C Class	$1,000	$1,016.61	$8.25	1.65%
R Class	$1,000	$1,019.09	$5.76	1.15%
R5 Class	$1,000	$1,022.56	$2.26	0.45%

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 181, the number of days in the most recent fiscal half-year, divided by 365, to reflect the one-half year period. Annualized expense ratio reflects actual expenses, including any applicable fee waivers or expense reimbursements and excluding any acquired fund fees and expenses.


Schedule of Investments

JUNE 30, 2021


	Shares	Value
COMMON STOCKS — 94.1%
Aerospace and Defense — 2.2%
Boeing Co. (The)(1)	106,018	$	25,397,672
Huntington Ingalls Industries, Inc.	44,899	9,462,464
Northrop Grumman Corp.	78,930	28,685,530
		63,545,666
Air Freight and Logistics — 1.1%
FedEx Corp.	108,129	32,258,125
Auto Components — 0.7%
BorgWarner, Inc.	113,450	5,506,863
Magna International, Inc.	168,677	15,626,237
		21,133,100
Automobiles — 2.5%
Ford Motor Co.(1)	3,746,875	55,678,562
General Motors Co.(1)	284,835	16,853,687
		72,532,249
Banks — 6.4%
Bank of America Corp.	938,094	38,677,616
Citigroup, Inc.	446,529	31,591,927
Citizens Financial Group, Inc.	248,338	11,391,264
First Horizon Corp.	778,142	13,446,294
JPMorgan Chase & Co.	356,149	55,395,415
Wells Fargo & Co.	789,102	35,738,429
		186,240,945
Beverages — 0.7%
Molson Coors Beverage Co., Class B(1)	375,679	20,170,206
Biotechnology — 3.1%
AbbVie, Inc.	556,310	62,662,758
Exelixis, Inc.(1)	199,650	3,637,623
Moderna, Inc.(1)	104,655	24,591,832
		90,892,213
Building Products — 1.4%
Owens Corning	417,668	40,889,697
Capital Markets — 4.9%
Affiliated Managers Group, Inc.	75,614	11,660,435
Blackstone Group, Inc. (The), Class A	449,400	43,654,716
Cboe Global Markets, Inc.	202,238	24,076,434
Charles Schwab Corp. (The)	133,579	9,725,887
Goldman Sachs Group, Inc. (The)	60,467	22,949,040
Morgan Stanley	253,109	23,207,564
MSCI, Inc.	12,685	6,762,120
		142,036,196
Chemicals — 2.7%
Celanese Corp.	140,186	21,252,198
Chemours Co. (The)	497,037	17,296,888
Dow, Inc.	394,184	24,943,963
Eastman Chemical Co.	122,465	14,297,789
		77,790,838


	Shares	Value
Communications Equipment — 0.6%
Cisco Systems, Inc.	315,617	$	16,727,701
Construction and Engineering — 1.5%
MasTec, Inc.(1)	280,629	29,774,737
Quanta Services, Inc.	169,890	15,386,937
		45,161,674
Consumer Finance — 1.4%
OneMain Holdings, Inc.	275,124	16,482,679
Synchrony Financial	492,072	23,875,333
		40,358,012
Containers and Packaging — 0.7%
WestRock Co.	361,635	19,246,215
Distributors — 0.4%
LKQ Corp.(1)	230,422	11,341,371
Diversified Financial Services — 1.4%
Berkshire Hathaway, Inc., Class B(1)	151,732	42,169,357
Diversified Telecommunication Services — 0.7%
Lumen Technologies, Inc.	1,604,229	21,801,472
Electric Utilities — 0.3%
NRG Energy, Inc.	221,247	8,916,254
Electrical Equipment — 2.5%
Acuity Brands, Inc.	60,550	11,324,667
Eaton Corp. plc	175,778	26,046,784
Hubbell, Inc.	71,239	13,310,295
nVent Electric plc	317,337	9,913,608
Regal Beloit Corp.	82,181	10,971,985
		71,567,339
Electronic Equipment, Instruments and Components — 0.4%
SYNNEX Corp.	107,135	13,044,758
Energy Equipment and Services — 0.9%
Schlumberger NV	789,112	25,259,475
Entertainment — 0.4%
Walt Disney Co. (The)(1)	71,190	12,513,066
Equity Real Estate Investment Trusts (REITs) — 1.8%
Iron Mountain, Inc.	23,870	1,010,179
Prologis, Inc.	293,734	35,110,025
Simon Property Group, Inc.	116,036	15,140,377
		51,260,581
Food and Staples Retailing — 1.6%
Walgreens Boots Alliance, Inc.	445,489	23,437,176
Walmart, Inc.	167,972	23,687,412
		47,124,588
Food Products — 2.0%
General Mills, Inc.	470,000	28,637,100
Tyson Foods, Inc., Class A	407,022	30,021,943
		58,659,043
Gas Utilities — 0.5%
UGI Corp.	301,980	13,984,694
Health Care Equipment and Supplies — 0.6%
Hill-Rom Holdings, Inc.	146,705	16,664,221
Health Care Providers and Services — 6.7%
AMN Healthcare Services, Inc.(1)	93,246	9,042,997


	Shares	Value
CVS Health Corp.	204,853	$	17,092,935
HCA Healthcare, Inc.	284,134	58,741,863
Humana, Inc.	36,092	15,978,650
Laboratory Corp. of America Holdings(1)	75,505	20,828,054
McKesson Corp.	211,878	40,519,549
UnitedHealth Group, Inc.	82,805	33,158,434
		195,362,482
Hotels, Restaurants and Leisure — 1.0%
Bloomin' Brands, Inc.(1)	258,372	7,012,216
Brinker International, Inc.(1)	119,477	7,389,653
Yum! Brands, Inc.	118,967	13,684,774
		28,086,643
Household Durables — 0.8%
Mohawk Industries, Inc.(1)	96,615	18,568,437
PulteGroup, Inc.	78,748	4,297,278
		22,865,715
Household Products — 0.3%
Kimberly-Clark Corp.	35,640	4,767,919
Procter & Gamble Co. (The)	35,903	4,844,392
		9,612,311
Industrial Conglomerates — 1.4%
3M Co.	149,472	29,689,623
Carlisle Cos., Inc.	54,096	10,352,893
		40,042,516
Insurance — 1.3%
Allstate Corp. (The)	79,508	10,371,024
Mercury General Corp.	47,123	3,060,639
Progressive Corp. (The)	258,792	25,415,962
		38,847,625
Interactive Media and Services — 0.8%
Facebook, Inc., Class A(1)	64,031	22,264,219
IT Services — 5.1%
Accenture plc, Class A	114,439	33,735,473
Akamai Technologies, Inc.(1)	194,676	22,699,222
Amdocs Ltd.	207,139	16,024,273
Cognizant Technology Solutions Corp., Class A	311,301	21,560,707
DXC Technology Co.(1)	384,059	14,955,257
International Business Machines Corp.	262,272	38,446,453
		147,421,385
Life Sciences Tools and Services — 0.5%
PerkinElmer, Inc.	71,559	11,049,425
Thermo Fisher Scientific, Inc.	9,264	4,673,410
		15,722,835
Machinery — 2.4%
AGCO Corp.	136,643	17,815,514
Allison Transmission Holdings, Inc.	123,043	4,889,729
Cummins, Inc.	107,692	26,256,386
Timken Co. (The)	246,406	19,857,860
		68,819,489
Media — 3.2%
Altice USA, Inc., Class A(1)	590,487	20,159,226
AMC Networks, Inc., Class A(1)	92,050	6,148,940


	Shares	Value
Charter Communications, Inc., Class A(1)	33,090	$	23,872,780
Comcast Corp., Class A	664,656	37,898,685
Interpublic Group of Cos., Inc. (The)	187,238	6,083,363
		94,162,994
Metals and Mining — 1.4%
Nucor Corp.	245,175	23,519,638
Steel Dynamics, Inc.	293,202	17,474,839
		40,994,477
Multiline Retail — 1.6%
Target Corp.	195,133	47,171,451
Oil, Gas and Consumable Fuels — 3.1%
Cabot Oil & Gas Corp.	297,784	5,199,309
Chevron Corp.	309,195	32,385,084
Diamondback Energy, Inc.	117,124	10,996,772
Exxon Mobil Corp.	268,150	16,914,902
Marathon Oil Corp.	601,431	8,191,490
Marathon Petroleum Corp.	176,217	10,647,031
Williams Cos., Inc. (The)	266,134	7,065,858
		91,400,446
Pharmaceuticals — 3.8%
Bristol-Myers Squibb Co.	410,327	27,418,050
Jazz Pharmaceuticals plc(1)	57,941	10,292,639
Johnson & Johnson	223,659	36,845,584
Pfizer, Inc.	899,023	35,205,741
		109,762,014
Professional Services — 0.2%
Leidos Holdings, Inc.	54,668	5,526,935
Real Estate Management and Development — 0.2%
Jones Lang LaSalle, Inc.(1)	24,861	4,859,331
Road and Rail — 1.2%
Landstar System, Inc.	112,734	17,814,227
Ryder System, Inc.	235,274	17,487,916
		35,302,143
Semiconductors and Semiconductor Equipment — 6.0%
Applied Materials, Inc.	174,691	24,875,998
Broadcom, Inc.	55,634	26,528,517
Intel Corp.	650,433	36,515,309
Micron Technology, Inc.(1)	149,576	12,710,968
NXP Semiconductors NV	108,243	22,267,750
QUALCOMM, Inc.	205,869	29,424,856
Skyworks Solutions, Inc.	65,266	12,514,755
Synaptics, Inc.(1)	63,327	9,852,415
		174,690,568
Software — 5.1%
j2 Global, Inc.(1)	28,995	3,988,262
Microsoft Corp.	222,695	60,328,076
Oracle Corp. (New York)	339,901	26,457,894
Palo Alto Networks, Inc.(1)	38,582	14,315,851
salesforce.com, Inc.(1)	83,258	20,337,432
VMware, Inc., Class A(1)	137,195	21,947,084
		147,374,599


	Shares	Value
Specialty Retail — 2.9%
Best Buy Co., Inc.	319,664	$	36,754,967
Home Depot, Inc. (The)	35,510	11,323,784
Lithia Motors, Inc., Class A	35,679	12,260,731
Lowe's Cos., Inc.	69,808	13,540,658
Williams-Sonoma, Inc.	71,374	11,394,859
		85,274,999
Technology Hardware, Storage and Peripherals — 1.4%
HP, Inc.	522,311	15,768,569
Seagate Technology Holdings plc	289,206	25,429,884
		41,198,453
Thrifts and Mortgage Finance — 0.3%
Radian Group, Inc.	443,785	9,874,216
TOTAL COMMON STOCKS (Cost $2,408,338,042)		2,739,926,902
EXCHANGE-TRADED FUNDS — 2.0%
iShares Russell 1000 Value ETF (Cost $53,187,339)	356,283	56,513,609
TEMPORARY CASH INVESTMENTS — 3.0%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.75%, 5/15/23 - 10/31/27, valued at $28,501,084), in a joint trading account at 0.01%, dated 6/30/21, due 7/1/21 (Delivery value $27,941,136)		27,941,128
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 11/15/42, valued at $47,515,744), at 0.02%, dated 6/30/21, due 7/1/21 (Delivery value $46,584,026)		46,584,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	13,948,872	13,948,872
TOTAL TEMPORARY CASH INVESTMENTS (Cost $88,474,000)		88,474,000
TOTAL INVESTMENT SECURITIES — 99.1% (Cost $2,549,999,381)		2,884,914,511
OTHER ASSETS AND LIABILITIES — 0.9%		26,300,183
TOTAL NET ASSETS — 100.0%		$	2,911,214,694

FUTURES CONTRACTS PURCHASED

Reference Entity

Contracts

Expiration Date

Notional
Amount

Unrealized Appreciation
(Depreciation)^

S&P 500 E-Mini

320

September 2021

68,617,600

1,062,948

^Amount represents value and unrealized appreciation (depreciation).


NOTES TO SCHEDULE OF INVESTMENTS

(1)Non-income producing.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2021
Assets
Investment securities, at value (cost of $2,549,999,381)	$	2,884,914,511
Deposits with broker for futures contracts	3,520,000
Receivable for investments sold	136,282,136
Receivable for capital shares sold	1,330,185
Receivable for variation margin on futures contracts	105,600
Dividends and interest receivable	1,560,453
	3,027,712,885

Liabilities
Payable for investments purchased	113,492,497
Payable for capital shares redeemed	1,498,819
Accrued management fees	1,451,630
Distribution and service fees payable	55,245
	116,498,191

Net Assets	$	2,911,214,694

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	2,031,766,578
Distributable earnings	879,448,116
	$	2,911,214,694


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$2,076,713,732	48,074,645	$43.20
I Class, $0.01 Par Value	$584,160,035	13,498,207	$43.28
A Class, $0.01 Par Value	$180,615,781	4,189,500	$43.11*
C Class, $0.01 Par Value	$12,986,745	302,036	$43.00
R Class, $0.01 Par Value	$18,244,925	422,570	$43.18
R5 Class, $0.01 Par Value	$38,493,476	889,164	$43.29

*Maximum offering price $45.74 (net asset value divided by 0.9425).

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED JUNE 30, 2021
Investment Income (Loss)
Income:
Dividends	$	51,648,138
Interest	21,903
	51,670,041

Expenses:
Management fees	15,151,681
Distribution and service fees:
A Class	381,305
C Class	100,832
R Class	77,519
Directors' fees and expenses	162,691
Other expenses	15,046
	15,889,074

Net investment income (loss)	35,780,967

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	844,414,562
Futures contract transactions	14,347,852
	858,762,414

Change in net unrealized appreciation (depreciation) on:
Investments	(95,767,486)
Futures contracts	178,921
	(95,588,565)

Net realized and unrealized gain (loss)	763,173,849

Net Increase (Decrease) in Net Assets Resulting from Operations	$	798,954,816

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED JUNE 30, 2021 AND JUNE 30, 2020
Increase (Decrease) in Net Assets	June 30, 2021		June 30, 2020
Operations
Net investment income (loss)	$	35,780,967	$	44,006,855
Net realized gain (loss)	858,762,414		45,991,109
Change in net unrealized appreciation (depreciation)	(95,588,565)		(50,295,256)
Net increase (decrease) in net assets resulting from operations	798,954,816		39,702,708

Distributions to Shareholders
From earnings:
Investor Class	(254,331,165)		(67,946,479)
I Class	(54,034,778)		(12,272,211)
A Class	(20,486,205)		(5,399,427)
C Class	(1,325,433)		(260,089)
R Class	(1,999,924)		(665,352)
R5 Class	(3,500,888)		(617,245)
Decrease in net assets from distributions	(335,678,393)		(87,160,803)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	418,638,776		(137,072,165)

Net increase (decrease) in net assets	881,915,199		(184,530,260)

Net Assets
Beginning of period	2,029,299,495		2,213,829,755
End of period	$	2,911,214,694	$	2,029,299,495

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2021

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 (formerly Income & 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 by investing in common stocks. Income is a secondary objective.

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

2. Significant Accounting Policies

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

Investment Valuations — The fund determines the fair value of its investments and computes its net asset value (NAV) per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.

Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price.

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

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

The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s NAV per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of

Directors, or its delegate, deems appropriate. The fund may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.

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

Investment Income — Dividend income less foreign taxes withheld, if any, is recorded as of the ex-dividend date. Distributions received on securities that represent a return of capital or long-term capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The fund may estimate the components of distributions received that may be considered nontaxable distributions or long-term capital gain distributions for income tax purposes. Interest income is recorded on the accrual basis and includes accretion of discounts and amortization of premiums.

Repurchase Agreements — The fund may enter into repurchase agreements with institutions that American Century Investment Management, Inc. (ACIM) (the investment advisor) has determined are creditworthy pursuant to criteria adopted by the Board of Directors. The fund requires that the collateral, represented by securities, received in a repurchase transaction be transferred to the custodian in a manner sufficient to enable the fund to obtain those securities in the event of a default under the repurchase agreement. ACIM monitors, on a daily basis, the securities transferred to ensure the value, including accrued interest, of the securities under each repurchase agreement is equal to or greater than amounts owed to the fund under each repurchase agreement.

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

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

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

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

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. The fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

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

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended June 30, 2021 are as follows:


	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
Investor Class	0.3380% to 0.5200%	0.2500% to 0.3100%	0.65%
I Class		0.0500% to 0.1100%	0.45%
A Class		0.2500% to 0.3100%	0.65%
C Class		0.2500% to 0.3100%	0.65%
R Class		0.2500% to 0.3100%	0.65%
R5 Class		0.0500% 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, 2021 are detailed in the Statement of Operations.

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

Interfund Transactions — The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $105,960,090 and $68,578,457, respectively. The effect of interfund transactions on the Statement of Operations was $25,620,859 in net realized gain (loss) on investment transactions.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended

June 30, 2021 were $5,789,388,677 and $5,709,663,924, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended June 30, 2021			Year ended June 30, 2020
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	700,000,000			370,000,000
Sold	5,708,618	$	230,950,608	2,749,247	$	97,021,684
Issued in reinvestment of distributions	6,583,099	242,539,451		1,711,370	64,723,217
Redeemed	(8,354,506)	(340,087,595)		(6,693,738)	(242,453,016)
	3,937,211	133,402,464		(2,233,121)	(80,708,115)
I Class/Shares Authorized	140,000,000			40,000,000
Sold	7,751,329	318,793,094		1,482,368	52,890,938
Issued in reinvestment of distributions	1,415,321	52,333,909		317,816	12,031,531
Redeemed	(3,222,185)	(129,132,207)		(2,559,456)	(94,053,880)
	5,944,465	241,994,796		(759,272)	(29,131,411)
A Class/Shares Authorized	50,000,000			50,000,000
Sold	953,219	38,326,670		681,396	24,560,801
Issued in reinvestment of distributions	481,393	17,682,254		129,109	4,884,893
Redeemed	(874,730)	(34,463,198)		(1,324,116)	(48,422,778)
	559,882	21,545,726		(513,611)	(18,977,084)
C Class/Shares Authorized	20,000,000			15,000,000
Sold	171,319	6,899,197		45,917	1,621,543
Issued in reinvestment of distributions	33,007	1,205,196		6,114	232,367
Redeemed	(110,192)	(4,350,721)		(92,408)	(3,276,568)
	94,134	3,753,672		(40,377)	(1,422,658)
R Class/Shares Authorized	20,000,000			20,000,000
Sold	186,216	7,613,452		134,521	4,748,380
Issued in reinvestment of distributions	50,623	1,860,231		11,377	431,716
Redeemed	(209,542)	(8,432,505)		(421,061)	(15,387,717)
	27,297	1,041,178		(275,163)	(10,207,621)
R5 Class/Shares Authorized	40,000,000			50,000,000
Sold	481,786	19,037,581		176,026	6,570,965
Issued in reinvestment of distributions	91,088	3,369,664		16,359	616,770
Redeemed	(138,196)	(5,506,305)		(106,978)	(3,813,011)
	434,678	16,900,940		85,407	3,374,724
Net increase (decrease)	10,997,667	$	418,638,776	(3,736,137)	$	(137,072,165)

6. Fair Value Measurements

The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks	$	2,739,926,902	—		—
Exchange-Traded Funds	56,513,609		—		—
Temporary Cash Investments	13,948,872		$	74,525,128	—
	$	2,810,389,383	$	74,525,128	—
Other Financial Instruments
Futures Contracts	$	1,062,948	—		—

7. Derivative Instruments

Equity Price Risk — The fund is subject to equity price risk in the normal course of pursuing its investment objectives. A fund may enter into futures contracts based on an equity index in order to manage its exposure to changes in market conditions. A fund may purchase futures contracts to gain exposure to increases in market value or sell futures contracts to protect against a decline in market value. Upon entering into a futures contract, a fund is required to deposit either cash or securities in an amount equal to a certain percentage of the contract value (initial margin). Subsequent payments (variation margin) are made or received daily, in cash, by a fund. The variation margin is equal to the daily change in the contract value and is recorded as unrealized gains and losses. A fund recognizes a realized gain or loss when the contract is closed or expires. Net realized and unrealized gains or losses occurring during the holding period of futures contracts are a component of net realized gain (loss) on futures contract transactions and change in net unrealized appreciation (depreciation) on futures contracts, respectively. One of the risks of entering into futures contracts is the possibility that the change in value of the contract may not correlate with the changes in value of the underlying securities. The fund's average notional exposure to equity price risk derivative instruments held during the period was $33,449,306 futures contracts purchased.

The value of equity price risk derivative instruments as of June 30, 2021, is disclosed on the Statement of Assets and Liabilities as an asset of $105,600 in receivable for variation margin on futures contracts.* For the year ended June 30, 2021, the effect of equity price risk derivative instruments on the Statement of Operations was $14,347,852 in net realized gain (loss) on futures contract transactions and $178,921 in change in net unrealized appreciation (depreciation) on futures contracts.

*Included in the unrealized appreciation (depreciation) on futures contracts as reported in the Schedule of Investments.

8. Risk Factors

The value of the fund’s shares will go up and down, sometimes rapidly or unpredictably, based on the performance of the securities owned by the fund and other factors generally affecting the securities market. Market risks, including political, regulatory, economic and social developments, can affect the value of the fund’s investments. Natural disasters, public health emergencies, terrorism and other unforeseeable events may lead to increased market volatility and may have adverse long-term effects on world economies and markets generally.

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

9. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2021 and June 30, 2020 were as follows:


	2021		2020
Distributions Paid From
Ordinary income	$	34,853,046	$	44,101,500
Long-term capital gains	$	300,825,347	$	43,059,303

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.

The reclassifications, which are primarily due to tax equalization, were made to capital $48,995,448 and distributable earnings $(48,995,448).

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


Federal tax cost of investments	$	2,554,292,105
Gross tax appreciation of investments	$	358,318,425
Gross tax depreciation of investments	(27,696,019)
Net tax appreciation (depreciation) of investments	$	330,622,406
Undistributed ordinary income	$	308,244,296
Accumulated long-term gains	$	240,581,414

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2021	$35.99	0.58	12.52	13.10	(0.58)	(5.31)	(5.89)	$43.20	39.42%	0.66%	1.44%	240%	$2,076,714
2020	$36.82	0.76	(0.07)	0.69	(0.77)	(0.75)	(1.52)	$35.99	1.70%	0.67%	2.08%	100%	$1,588,537
2019	$39.61	0.78	0.63	1.41	(0.73)	(3.47)	(4.20)	$36.82	4.43%	0.67%	2.07%	72%	$1,707,536
2018	$37.90	0.93	4.40	5.33	(0.88)	(2.74)	(3.62)	$39.61	14.32%	0.66%	2.33%	77%	$1,751,738
2017	$33.91	0.79	4.55	5.34	(0.76)	(0.59)	(1.35)	$37.90	15.95%	0.67%	2.16%	81%	$1,691,048
I Class
2021	$36.05	0.65	12.55	13.20	(0.66)	(5.31)	(5.97)	$43.28	39.70%	0.46%	1.64%	240%	$584,160
2020	$36.88	0.83	(0.07)	0.76	(0.84)	(0.75)	(1.59)	$36.05	1.90%	0.47%	2.28%	100%	$272,307
2019	$39.66	0.85	0.65	1.50	(0.81)	(3.47)	(4.28)	$36.88	4.65%	0.47%	2.27%	72%	$306,583
2018	$37.94	0.99	4.43	5.42	(0.96)	(2.74)	(3.70)	$39.66	14.55%	0.46%	2.53%	77%	$274,687
2017	$33.95	0.86	4.55	5.41	(0.83)	(0.59)	(1.42)	$37.94	16.16%	0.47%	2.36%	81%	$181,620
A Class
2021	$35.93	0.48	12.49	12.97	(0.48)	(5.31)	(5.79)	$43.11	39.04%	0.91%	1.19%	240%	$180,616
2020	$36.76	0.67	(0.07)	0.60	(0.68)	(0.75)	(1.43)	$35.93	1.46%	0.92%	1.83%	100%	$130,398
2019	$39.55	0.69	0.63	1.32	(0.64)	(3.47)	(4.11)	$36.76	4.18%	0.92%	1.82%	72%	$152,312
2018	$37.85	0.83	4.39	5.22	(0.78)	(2.74)	(3.52)	$39.55	14.03%	0.91%	2.08%	77%	$155,233
2017	$33.87	0.69	4.55	5.24	(0.67)	(0.59)	(1.26)	$37.85	15.65%	0.92%	1.91%	81%	$156,863


For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Net Investment Income (Loss)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
C Class
2021	$35.84	0.17	12.48	12.65	(0.18)	(5.31)	(5.49)	$43.00	38.05%	1.66%	0.44%	240%	$12,987
2020	$36.68	0.39	(0.08)	0.31	(0.40)	(0.75)	(1.15)	$35.84	0.68%	1.67%	1.08%	100%	$7,452
2019	$39.48	0.41	0.63	1.04	(0.37)	(3.47)	(3.84)	$36.68	3.40%	1.67%	1.07%	72%	$9,107
2018	$37.79	0.53	4.39	4.92	(0.49)	(2.74)	(3.23)	$39.48	13.18%	1.66%	1.33%	77%	$8,557
2017	$33.82	0.42	4.53	4.95	(0.39)	(0.59)	(0.98)	$37.79	14.77%	1.67%	1.16%	81%	$7,368
R Class
2021	$35.97	0.38	12.51	12.89	(0.37)	(5.31)	(5.68)	$43.18	38.73%	1.16%	0.94%	240%	$18,245
2020	$36.81	0.58	(0.09)	0.49	(0.58)	(0.75)	(1.33)	$35.97	1.18%	1.17%	1.58%	100%	$14,218
2019	$39.59	0.60	0.64	1.24	(0.55)	(3.47)	(4.02)	$36.81	3.95%	1.17%	1.57%	72%	$24,676
2018	$37.89	0.73	4.40	5.13	(0.69)	(2.74)	(3.43)	$39.59	13.73%	1.16%	1.83%	77%	$25,298
2017	$33.91	0.60	4.55	5.15	(0.58)	(0.59)	(1.17)	$37.89	15.34%	1.17%	1.66%	81%	$28,052
R5 Class
2021	$36.06	0.63	12.57	13.20	(0.66)	(5.31)	(5.97)	$43.29	39.68%	0.46%	1.64%	240%	$38,493
2020	$36.89	0.83	(0.07)	0.76	(0.84)	(0.75)	(1.59)	$36.06	1.90%	0.47%	2.28%	100%	$16,388
2019	$39.66	0.88	0.63	1.51	(0.81)	(3.47)	(4.28)	$36.89	4.68%	0.47%	2.27%	72%	$13,615
2018	$37.95	0.91	4.50	5.41	(0.96)	(2.74)	(3.70)	$39.66	14.52%	0.46%	2.53%	77%	$4,241
2017(3)	$37.51	0.20	0.43	0.63	(0.19)	—	(0.19)	$37.95	1.68%	0.47%(4)	2.37%(4)	81%(5)	$175


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.

(3)April 10, 2017 (commencement of sale) through June 30, 2017.

(4)Annualized.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2017.

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Board of Directors of American Century Quantitative Equity Funds, Inc. and Shareholders of Disciplined Core Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Disciplined Core Value Fund (one of the funds constituting American Century Quantitative Equity Funds, Inc., referred to hereafter as the "Fund") as of June 30, 2021, the related statement of operations for the year ended June 30, 2021, the statement of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended

June 30, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. 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 of these financial statements 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 are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 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. 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. Our procedures included confirmation of securities owned as of June 30, 2021 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/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 17, 2021

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


Management

The Board of Directors

The individuals listed below serve as directors of the funds. Each director will continue to serve in this capacity until death, retirement, resignation or removal from office. The board has adopted a mandatory retirement age for directors who are not “interested persons,” as that term is defined in the Investment Company Act (independent directors). Independent directors shall retire by December 31 of the year in which they reach their 75th birthday; provided, however, that on or after January 1, 2022, independent directors shall retire on December 31 of the year in which they reach their 76th birthday.

Mr. 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 Ronald J. Gilson, 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 Mr. Thomas is 1665 Charleston Road, Mountain View, California 94043. The mailing address for Mr. Thomas is 4500 Main Street, Kansas City, Missouri 64111.

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Tanya S. Beder
(1955)

Director

Since 2011

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

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

Jeremy I. Bulow
(1954)

Director

Since 2011

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

None

Anne Casscells
(1958)

Director

Since 2016

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

None

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Ronald J. Gilson
(1946)

Director and Chairman of the Board

Since 1995
(Chairman since 2005)

Charles J. Meyers Professor of Law and Business, Emeritus (since 2018), Stanford Law School (1979 to 2016); Marc and Eva Stern Professor of Law and Business, Columbia University School of Law (1992 to present)

None

Frederick L. A. Grauer
(1946)

Director

Since 2008

Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present)

None

Jonathan D. Levin
(1972)

Director

Since 2016

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

None

Peter F. Pervere
(1947)

Director

Since 2007

Retired

None

John B. Shoven
(1947)

Director

Since 2002

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

Cadence Design Systems; Exponent; Financial Engines

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

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

141

None

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

Officers

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


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Patrick Bannigan (1965)	President since 2019	Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)


Approval of Management Agreement

At a meeting held on June 16, 2021, the Fund’s Board of Directors (the "Board") unanimously approved the renewal of the management agreement pursuant to which American Century Investment Management, Inc. (the “Advisor”) acts as the investment advisor for the Fund. Under Section 15(c) of the Investment Company Act, contracts for investment advisory services are required to be reviewed, evaluated, and approved by a majority of a fund’s Directors, 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 extensive data and analysis relating to the proposed renewal. This information and analysis was compiled by the Advisor and certain independent providers of evaluation data concerning the Fund and the services provided to the Fund by the Advisor.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Factors Considered

The Directors considered all of the information provided by the Advisor, the independent data providers, and the independent Directors’ independent counsel in connection with the approval. They determined that the information was sufficient for them to evaluate the management agreement for the Fund. In connection with their review, the Directors did not identify any single factor as being all-important or controlling and each Director may have attributed different levels of importance to different factors. In deciding to renew the management agreement, the Board based its decision on a number of factors, including the following:

Nature, Extent and Quality of Services — Generally. Under the management agreement, the Advisor is responsible for providing or arranging for all services necessary for the operation of the Fund. The Board noted that the Advisor provides or arranges at its own expense a wide variety of services including:

•constructing and designing the Fund

•portfolio research and security selection

•initial capitalization/funding

•securities trading

•Fund administration

•custody of Fund assets

•daily valuation of the Fund’s portfolio

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

•legal services (except the independent Directors’ counsel)

•regulatory and portfolio compliance

•financial reporting

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

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

Investment Management Services. The nature of the investment management services provided to the Fund is quite complex and allows Fund shareholders access to professional money management, instant diversification of their investments within an asset class, the opportunity to easily diversify among asset classes by investing in or exchanging among various American Century Investments funds, and liquidity. In evaluating investment performance, the Board expects the Advisor to manage the Fund in accordance with its investment objectives and approved strategies. Further, the Directors recognize that the Advisor has an obligation to seek the best execution of fund trades. In providing these services, the Advisor utilizes teams of investment professionals (portfolio managers, analysts, research assistants, and securities traders) who require extensive information technology, research, training, compliance, and other systems to conduct their business. The Board, directly and through its Portfolio Committee, regularly reviews investment performance information for the Fund, together with comparative information for appropriate benchmarks and/or peer groups of similarly-managed funds, over different time horizons. The Directors also review investment performance information during the management agreement renewal process. If performance concerns are identified, the Fund receives special reviews until performance improves, during which the Board discusses with the Advisor the reasons for such results (e.g., market conditions, security selection) and any efforts being undertaken to improve performance. The Fund’s performance was below its benchmark for the

one-, three-, five-, and ten-year periods reviewed by the Board. The Board found the investment management services provided by the Advisor to the Fund to be satisfactory and consistent with the management agreement.

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

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

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

Economies of Scale. The Board also reviewed information provided by the Advisor regarding the possible existence of economies of scale in connection with the management of the Fund. The Board concluded that economies of scale are difficult to measure and predict with precision, especially on a fund-by-fund basis. The Board concluded that the Advisor is appropriately sharing economies of scale, to the extent they exist, through its competitive fee structure, offering competitive fees from fund inception, 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 expenses, expenses attributable to short sales, taxes, interest, extraordinary expenses, fees and expenses of the Fund’s independent Directors (including their independent legal counsel), and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the Investment Company Act. Under this unified fee structure, the Advisor is responsible for providing all investment advisory, custody, audit, administrative, compliance, recordkeeping, marketing, and shareholder services, or arranging and supervising third parties to provide such services. By contrast, most other funds are charged a variety of fees, including an investment advisory fee, a transfer agency fee, an administrative fee, and other expenses. Other than their investment advisory fees and any applicable Rule 12b-1 distribution fees, all other components of the total fees charged by these other funds may be increased without shareholder approval. The Board believes the unified fee structure is a benefit to Fund shareholders because it clearly discloses to shareholders the cost of owning Fund shares, and, since the unified fee cannot be increased without a vote of Fund shareholders, it shifts to the Advisor the risk of increased costs of operating the Fund and provides a direct incentive to minimize administrative inefficiencies. Part of the Board’s analysis of fee levels involves reviewing certain evaluative data compiled by an independent provider and comparing the Fund’s unified fee to the total expense ratio of peer funds. The unified fee charged to shareholders of the Fund was at the median of the total expense ratios of the Fund’s peer group. The Board concluded that the

management fee paid by the Fund to the Advisor under the management agreement is reasonable in light of the services provided to the Fund.

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

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

Collateral or “Fall-Out” Benefits Derived by the Advisor. The Board considered the possible existence of collateral benefits the Advisor may receive as a result of its relationship with the Fund. 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 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 and assisted by the advice of independent legal counsel, taking into account all of the factors discussed above and the information provided by the Advisor and others in connection with its review and throughout the year, concluded that the management agreement between the Fund and the Advisor is fair and reasonable in light of the services provided and should be renewed.


Liquidity Risk Management Program

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

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

The Board reviewed a report prepared by ACIM regarding the operation and effectiveness of the program for the period December 1, 2019 through December 31, 2020. No significant liquidity events impacting the Fund were noted in the report. In addition, ACIM provided its assessment that the program had been effective in managing the Fund’s liquidity risk.


Additional Information

Retirement Account Information

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

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

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

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

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

Proxy Voting Policies

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

Quarterly Portfolio Disclosure

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

Other Tax Information

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

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

the fiscal year ended June 30, 2021.

For corporate taxpayers, the fund hereby designates $34,853,046, or up to the maximum amount

allowable, of ordinary income distributions paid during the fiscal year ended June 30, 2021 as

qualified for the corporate dividends received deduction.

The fund hereby designates $325,539,361, or up to the maximum amount allowable, as long-term

capital gain distributions (20% rate gain distributions) for the fiscal year ended June 30, 2021.

The fund hereby designates $16,441,699 as qualified short-term capital gain distributions for purposes of Internal Revenue Code Section 871 for the fiscal year ended June 30, 2021.

The fund utilized earnings and profits of $41,269,838 distributed to shareholders on redemption of

shares as part of the dividends paid deduction (tax equalization).

Change in Independent Registered Public Accounting Firm

On June 16, 2021, the fund’s Audit and Compliance Committee and Board of Directors approved a change to the fund’s independent registered public accountant. PricewaterhouseCoopers LLP was dismissed and Deloitte & Touche LLP was appointed as the independent registered public accounting firm for the fiscal year ending June 30, 2022.

During the fiscal years ended June 30, 2020 and June 30, 2021, there were no disagreements with PricewaterhouseCoopers LLP on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to their satisfaction would have caused them to make reference to the subject matter of the disagreements in connection with their reports or reportable events, as such term is described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended. The audit reports of PricewaterhouseCoopers LLP on the financial statements of the fund for the fiscal years ended June 30, 2020 and June 30, 2021, did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principles.

During the fiscal years ended June 30, 2020 and June 30, 2021, neither the fund, nor anyone on its behalf, consulted with Deloitte & Touche LLP, on behalf of the fund, regarding the application of accounting principles to a specified transaction (either completed or proposed), the type of audit opinion that might be rendered on the fund’s financial statements, or any matter that was either the subject of a disagreement or a reportable event, as such terms are described in Item 304(a)(1) of Regulation S-K of the Securities Exchange Act of 1934, as amended.

The fund requested that PricewaterhouseCoopers LLP furnish it with a letter addressed to the Securities and Exchange Commission stating whether PricewaterhouseCoopers LLP agrees with the statements contained above. A copy of the letter from PricewaterhouseCoopers LLP to the Securities and Exchange Commission is filed as an exhibit hereto.

Notes




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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.

©2021 American Century Proprietary Holdings, Inc. All rights reserved. CL-ANN-92991 2108



			Annual Report

			June 30, 2021

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


Table of Contents


President's Letter			2
Performance			3
Portfolio Commentary			5
Fund Characteristics			7
Shareholder Fee Example			8
Schedule of Investments			10
Statement of Assets and Liabilities			14
Statement of Operations			15
Statement of Changes in Net Assets			16
Notes to Financial Statements			17
Financial Highlights			24
Report of Independent Registered Public Accounting Firm			28
Management			29
Approval of Management Agreement			32
Liquidity Risk Management Program			36

Additional Information			37


President’s Letter

Jonathan Thomas

Dear Investor:

Stocks Rallied as Optimism Prevailed

The Return to Normal Will Shape Market Dynamics

Sincerely,

Jonathan Thomas

President and Chief Executive Officer

American Century Investments


Performance


Total Returns as of June 30, 2021
			Average Annual Returns
	Ticker Symbol	1 year	5 years	10 years	Since Inception	Inception Date
Investor Class	ADSIX	31.26%	19.66%	14.98%	—	9/30/05
Russell 1000 Growth Index	—	42.50%	23.64%	17.85%	—	—
I Class	ADCIX	31.50%	19.90%	15.21%	—	9/30/05
Y Class	ADCYX	31.61%	—	—	19.37%	4/10/17
A Class	ADCVX					9/30/05
No sales charge		30.93%	19.36%	14.69%	—
With sales charge		23.39%	17.95%	14.02%	—
C Class	ADCCX	29.92%	18.47%	13.84%	—	9/28/07
R Class	ADRRX	30.63%	19.07%	14.41%	—	9/30/05
R5 Class	ADGGX	31.53%	—	—	19.31%	4/10/17

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. Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future.

C Class shares will automatically convert to A Class shares after being held for approximately eight years. C

Class average annual returns do not reflect this conversion.


Growth of $10,000 Over 10 Years
$10,000 investment made June 30, 2011
Performance for other share classes will vary due to differences in fee structure.


Value on June 30, 2021
			Investor Class — $40,418

			Russell 1000 Growth Index — $51,748

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


Total Annual Fund Operating Expenses
Investor Class	I Class	Y Class	A Class	C Class	R Class	R5 Class
1.02%	0.82%	0.77%	1.27%	2.02%	1.52%	0.82%


Portfolio Commentary

Portfolio Managers: Yulin Long and Tsuyoshi Ozaki

Performance Summary

Disciplined Growth returned 31.26%* for the fiscal year ended June 30, 2021, compared with the 42.50% return of its benchmark, the Russell 1000 Growth Index.

The fund advanced during the fiscal year, but underperformed its benchmark, the Russell 1000 Growth Index. Disciplined Growth’s stock selection process incorporates factors of valuation, quality, growth and sentiment, while striving to minimize unintended risks along industries and other risk characteristics. The fund’s relative returns were primarily driven by stock selection decisions in the information technology and health care sectors. Consumer discretionary and communication services sector holdings also weighed on results compared with the benchmark. Positioning in the consumer staples sector and materials sector holdings contributed to relative performance.

Stock Selection in Several Sectors Detracted From Relative Returns

Security selection in the information technology sector was the largest driver of relative underperformance. Stock choices in the software and IT services industries detracted the most from the sector’s performance. Among software holdings, an overweight position in Workday weighed on returns. The enterprise software maker’s projected future sales disappointed investors. In the IT services industry, limited exposure to Mastercard hurt performance as the credit card company’s earnings and revenues benefited from consumers’ stimulus spending, particularly on domestic travel. An overweight position in Jack Henry & Associates also hindered returns. The payment processing company declined on sluggish sales growth in its payments segments and lower corporate revenues. The investment team opted to liquidate the position.

Stock selection in the biotechnology industry drove results in the health care sector. Being overweight to Vertex Pharmaceuticals weighed heavily on the sector’s performance after the company announced it would stop development of a treatment for liver and lung diseases due to safety issues encountered during clinical trials. An overweight position in Incyte was also detrimental as the biotechnology company declined amid patent protection expiration of one of its rare disease drugs. The investment team ultimately exited the position.

In the consumer discretionary sector, the automobiles industry was a leading detractor from returns. An underweight position in Tesla hindered performance amid a sharp rise in global demand for electric vehicles. Stock choices in the communication services sector also weighed on results. Overweight positions to several video game makers drove detraction in the entertainment industry. Despite rising revenues, Electronic Arts’ earnings forecast weighed on investor sentiment. Take-Two Interactive Software’s stock price declined following lower quarterly sales. Lack of new game releases also disappointed investors. The holding was liquidated by the investment team.

Positioning in Consumer Staples Contributed

Positioning in the beverages industry drove the consumer staples sector’s results. An underweight position in PepsiCo served as a key industry tailwind. Despite revenue and earnings growth from sales of snack foods and drinks, stock prices of the multinational food, snack and beverage company declined in early 2021 as investors gravitated toward stocks of more cyclical companies that would benefit as the economy improved. The Coca-Cola Co. declined for similar reasons, and the portfolio’s underweight compared with the benchmark therefore aided relative results. The investment team chose to exit both investments.

*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.

The materials sector was also an area of relative strength. Security selection among chemicals companies was especially additive to the portfolio’s performance. An overweight position in lawn, garden and pest control products holding The Scotts Miracle-Gro Company bolstered the portfolio’s performance. Its Hawthorne Gardening division benefited from rising sales of hydroponic equipment, which has gained increased demand as a growing number of states legalized recreational cannabis use. The position was ultimately exited. Among notable individual contributors to relative performance was EMCOR Group, a leading industrial engineering and construction company. The company was attractive for its earnings and balance sheet quality, while reporting strong results amid the sharp rebound in construction activity. The holding was ultimately exited.

A Look Ahead

At period-end, information technology was the portfolio’s largest absolute and relative weighting as the investment team’s screens identified a significant number of opportunities in the sector. Although exposure to the health care sector was scaled back slightly, it remained a key portfolio overweight. Conversely, the portfolio’s consumer staples sector underweight reflects a lack of opportunities that align with most factors in the team’s stock selection model. Likewise, the investment team reduced the portfolio’s exposure to the industrials sector, positioning it as a relative underweight, given limited investment opportunities based on the model’s factor scores. The team also increased the portfolio’s consumer discretionary sector weight, though it remains slightly underweight, while reducing exposure to the financials sector, moving the fund from an overweight to a modest underweight position.


Fund Characteristics


JUNE 30, 2021
Types of Investments in Portfolio			% of net assets
Common Stocks			99.2%
Temporary Cash Investments			0.3%
Other Assets and Liabilities			0.5%

Top Five Industries			% of net assets
Software			20.7%
Semiconductors and Semiconductor Equipment			10.6%
Interactive Media and Services			10.3%
Technology Hardware, Storage and Peripherals			9.0%
IT Services			7.2%


Shareholder Fee Example

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from January 1, 2021 to June 30, 2021.

Actual Expenses

Hypothetical Example for Comparison Purposes


	Beginning Account Value 1/1/21	Ending Account Value 6/30/21	Expenses Paid During Period(1) 1/1/21 - 6/30/21	Annualized Expense Ratio(1)
Actual
Investor Class	$1,000	$1,104.10	$5.22	1.00%
I Class	$1,000	$1,105.30	$4.18	0.80%
Y Class	$1,000	$1,105.50	$3.92	0.75%
A Class	$1,000	$1,102.70	$6.52	1.25%
C Class	$1,000	$1,098.50	$10.41	2.00%
R Class	$1,000	$1,101.90	$7.82	1.50%
R5 Class	$1,000	$1,105.20	$4.18	0.80%
Hypothetical
Investor Class	$1,000	$1,019.84	$5.01	1.00%
I Class	$1,000	$1,020.83	$4.01	0.80%
Y Class	$1,000	$1,021.08	$3.76	0.75%
A Class	$1,000	$1,018.60	$6.26	1.25%
C Class	$1,000	$1,014.88	$9.99	2.00%
R Class	$1,000	$1,017.36	$7.50	1.50%
R5 Class	$1,000	$1,020.83	$4.01	0.80%


Schedule of Investments

JUNE 30, 2021


	Shares	Value
COMMON STOCKS — 99.2%
Auto Components — 0.3%
Magna International, Inc.	13,795	$	1,277,228
Automobiles — 1.8%
Tesla, Inc.(1)	13,366	9,084,870
Banks — 0.3%
SVB Financial Group(1)	2,518	1,401,091
Beverages — 0.7%
Boston Beer Co., Inc. (The), Class A(1)	3,430	3,501,344
Biotechnology — 4.2%
AbbVie, Inc.	78,350	8,825,344
Moderna, Inc.(1)	6,732	1,581,885
Regeneron Pharmaceuticals, Inc.(1)	16,098	8,991,377
Vertex Pharmaceuticals, Inc.(1)	7,060	1,423,508
		20,822,114
Building Products — 0.3%
AO Smith Corp.	18,196	1,311,204
Capital Markets — 1.4%
Moody's Corp.	9,839	3,565,358
MSCI, Inc.	6,613	3,525,258
		7,090,616
Communications Equipment — 0.5%
Arista Networks, Inc.(1)	7,167	2,596,676
Electrical Equipment — 0.3%
Acuity Brands, Inc.	7,784	1,455,842
Electronic Equipment, Instruments and Components — 1.2%
Cognex Corp.	42,268	3,552,625
Keysight Technologies, Inc.(1)	17,038	2,630,838
		6,183,463
Entertainment — 1.4%
Electronic Arts, Inc.	21,998	3,163,972
Netflix, Inc.(1)	7,175	3,789,907
		6,953,879
Equity Real Estate Investment Trusts (REITs) — 1.3%
American Tower Corp.	10,206	2,757,049
Crown Castle International Corp.	8,346	1,628,304
Simon Property Group, Inc.	18,264	2,383,087
		6,768,440
Health Care Equipment and Supplies — 4.4%
ABIOMED, Inc.(1)	5,400	1,685,394
Align Technology, Inc.(1)	6,034	3,686,774
Edwards Lifesciences Corp.(1)	37,940	3,929,446
Hologic, Inc.(1)	22,918	1,529,089
IDEXX Laboratories, Inc.(1)	9,831	6,208,768
Intuitive Surgical, Inc.(1)	5,676	5,219,876
		22,259,347
Health Care Providers and Services†
Laboratory Corp. of America Holdings(1)	381	105,099


	Shares	Value
Health Care Technology — 1.0%
Cerner Corp.	24,631	$	1,925,159
Veeva Systems, Inc., Class A(1)	9,386	2,918,577
		4,843,736
Hotels, Restaurants and Leisure — 3.5%
Chipotle Mexican Grill, Inc.(1)	1,431	2,218,537
Domino's Pizza, Inc.	7,398	3,451,093
Starbucks Corp.	87,963	9,835,143
Yum China Holdings, Inc.	28,100	1,861,625
		17,366,398
Interactive Media and Services — 10.3%
Alphabet, Inc., Class A(1)	9,651	23,565,715
Alphabet, Inc., Class C(1)	1,101	2,759,458
Facebook, Inc., Class A(1)	72,629	25,253,830
		51,579,003
Internet and Direct Marketing Retail — 6.7%
Amazon.com, Inc.(1)	8,610	29,619,778
Etsy, Inc.(1)	18,236	3,753,698
		33,373,476
IT Services — 7.2%
Accenture plc, Class A	8,687	2,560,841
EPAM Systems, Inc.(1)	5,484	2,802,105
Gartner, Inc.(1)	7,358	1,782,108
Mastercard, Inc., Class A	25,409	9,276,572
PayPal Holdings, Inc.(1)	33,782	9,846,777
Visa, Inc., Class A	42,436	9,922,385
		36,190,788
Life Sciences Tools and Services — 0.7%
IQVIA Holdings, Inc.(1)	6,968	1,688,486
Mettler-Toledo International, Inc.(1)	1,144	1,584,829
		3,273,315
Machinery — 0.9%
Oshkosh Corp.	26,154	3,259,834
Toro Co. (The)	13,076	1,436,791
		4,696,625
Personal Products — 0.6%
Estee Lauder Cos., Inc. (The), Class A	9,851	3,133,406
Pharmaceuticals — 1.3%
Eli Lilly & Co.	29,276	6,719,427
Professional Services — 1.7%
Booz Allen Hamilton Holding Corp.	61,908	5,273,323
CoStar Group, Inc.(1)	21,910	1,814,586
Jacobs Engineering Group, Inc.	11,080	1,478,294
		8,566,203
Road and Rail — 0.8%
Old Dominion Freight Line, Inc.	15,425	3,914,865
Semiconductors and Semiconductor Equipment — 10.6%
Advanced Micro Devices, Inc.(1)	37,003	3,475,692
Applied Materials, Inc.	35,515	5,057,336
Broadcom, Inc.	12,473	5,947,625
Micron Technology, Inc.(1)	36,827	3,129,558
Monolithic Power Systems, Inc.	5,353	1,999,078


	Shares	Value
NVIDIA Corp.	18,752	$	15,003,475
NXP Semiconductors NV	10,250	2,108,630
QUALCOMM, Inc.	70,567	10,086,141
Teradyne, Inc.	9,476	1,269,405
Texas Instruments, Inc.	27,665	5,319,980
		53,396,920
Software — 20.7%
Adobe, Inc.(1)	19,790	11,589,815
Atlassian Corp. plc, Class A(1)	10,557	2,711,671
Autodesk, Inc.(1)	13,542	3,952,910
Box, Inc., Class A(1)	84,865	2,168,301
Cadence Design Systems, Inc.(1)	28,093	3,843,684
Crowdstrike Holdings, Inc., Class A(1)	8,828	2,218,565
DocuSign, Inc.(1)	8,897	2,487,334
Fortinet, Inc.(1)	9,922	2,363,321
Intuit, Inc.	12,535	6,144,281
Microsoft Corp.	188,378	51,031,600
Palo Alto Networks, Inc.(1)	11,018	4,088,229
ServiceNow, Inc.(1)	10,883	5,980,753
Workday, Inc., Class A(1)	13,747	3,281,959
Zscaler, Inc.(1)	9,155	1,978,029
		103,840,452
Specialty Retail — 4.5%
Home Depot, Inc. (The)	34,393	10,967,584
Ross Stores, Inc.	36,619	4,540,756
TJX Cos., Inc. (The)	39,511	2,663,832
Ulta Beauty, Inc.(1)	7,874	2,722,593
Williams-Sonoma, Inc.	9,436	1,506,457
		22,401,222
Technology Hardware, Storage and Peripherals — 9.0%
Apple, Inc.	330,605	45,279,661
Textiles, Apparel and Luxury Goods — 1.6%
lululemon athletica, Inc.(1)	5,524	2,016,094
NIKE, Inc., Class B	38,277	5,913,414
		7,929,508
TOTAL COMMON STOCKS (Cost $291,328,164)		497,316,218
TEMPORARY CASH INVESTMENTS — 0.3%
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.125% - 2.75%, 5/15/23 - 10/31/27, valued at $571,098), in a joint trading account at 0.01%, dated 6/30/21, due 7/1/21 (Delivery value $559,878)		559,878
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 11/15/42, valued at $950,704), at 0.02%, dated 6/30/21, due 7/1/21 (Delivery value $932,001)		932,000
State Street Institutional U.S. Government Money Market Fund, Premier Class	279,505	279,505
TOTAL TEMPORARY CASH INVESTMENTS (Cost $1,771,383)		1,771,383
TOTAL INVESTMENT SECURITIES — 99.5% (Cost $293,099,547)		499,087,601
OTHER ASSETS AND LIABILITIES — 0.5%		2,262,079
TOTAL NET ASSETS — 100.0%		$	501,349,680


NOTES TO SCHEDULE OF INVESTMENTS

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

(1)Non-income producing.

See Notes to Financial Statements.


Statement of Assets and Liabilities


JUNE 30, 2021
Assets
Investment securities, at value (cost of $293,099,547)	$	499,087,601
Receivable for investments sold	11,941,982
Receivable for capital shares sold	138,170
Dividends and interest receivable	88,261
	511,256,014

Liabilities
Payable for investments purchased	9,126,310
Payable for capital shares redeemed	378,871
Accrued management fees	372,733
Distribution and service fees payable	28,420
	9,906,334

Net Assets	$	501,349,680

Net Assets Consist of:
Capital (par value and paid-in surplus)	$	240,683,459
Distributable earnings	260,666,221
	$	501,349,680


	Net Assets	Shares Outstanding	Net Asset Value Per Share
Investor Class, $0.01 Par Value	$273,391,476	10,188,758	$26.83
I Class, $0.01 Par Value	$149,388,289	5,515,780	$27.08
Y Class, $0.01 Par Value	$158,642	5,847	$27.13
A Class, $0.01 Par Value	$47,150,137	1,791,917	$26.31*
C Class, $0.01 Par Value	$16,774,697	716,424	$23.41
R Class, $0.01 Par Value	$12,958,015	509,805	$25.42
R5 Class, $0.01 Par Value	$1,528,424	56,396	$27.10

*Maximum offering price $27.92 (net asset value divided by 0.9425).

See Notes to Financial Statements.


Statement of Operations


YEAR ENDED JUNE 30, 2021
Investment Income (Loss)
Income:
Dividends (net of foreign taxes withheld of $6,667)	$	3,401,526
Interest	3,051
	3,404,577

Expenses:
Management fees	4,443,349
Distribution and service fees:
A Class	100,842
C Class	203,960
R Class	56,252
Directors' fees and expenses	31,808
Other expenses	6,976
	4,843,187
Fees waived(1)	(47,243)
	4,795,944

Net investment income (loss)	(1,391,367)

Realized and Unrealized Gain (Loss)
Net realized gain (loss) on:
Investment transactions	80,460,627
Futures contract transactions	1,714,452
Foreign currency translation transactions	635
	82,175,714
Change in net unrealized appreciation (depreciation) on:
Investments	47,640,237
Futures contracts	(36,367)
	47,603,870

Net realized and unrealized gain (loss)	129,779,584

Net Increase (Decrease) in Net Assets Resulting from Operations	$	128,388,217

(1)Amount consists of $25,960, $13,920, $22, $4,034, $2,040, $1,125 and $142 for Investor Class, I Class, Y Class, A Class, C Class, R Class and R5 Class, respectively.

See Notes to Financial Statements.


Statement of Changes in Net Assets


YEARS ENDED JUNE 30, 2021 AND JUNE 30, 2020
Increase (Decrease) in Net Assets	June 30, 2021		June 30, 2020
Operations
Net investment income (loss)	$	(1,391,367)	$	(458,413)
Net realized gain (loss)	82,175,714		99,531,126
Change in net unrealized appreciation (depreciation)	47,603,870		(12,917,756)
Net increase (decrease) in net assets resulting from operations	128,388,217		86,154,957

Distributions to Shareholders
From earnings:
Investor Class	(43,315,076)		(19,742,797)
I Class	(23,331,102)		(14,515,555)
Y Class	(41,485)		(29,840)
A Class	(6,605,695)		(2,597,617)
C Class	(3,987,546)		(2,101,210)
R Class	(1,907,301)		(775,728)
R5 Class	(240,227)		(64,578)
Decrease in net assets from distributions	(79,428,432)		(39,827,325)

Capital Share Transactions
Net increase (decrease) in net assets from capital share transactions (Note 5)	10,212,654		(138,096,911)

Net increase (decrease) in net assets	59,172,439		(91,769,279)

Net Assets
Beginning of period	442,177,241		533,946,520
End of period	$	501,349,680	$	442,177,241

See Notes to Financial Statements.


Notes to Financial Statements

JUNE 30, 2021

1. Organization

The fund offers the Investor Class, I Class, Y 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

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 funds 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.

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. The fund may elect to treat a portion of its payment to a redeeming shareholder, which represents the pro rata share of undistributed net investment income and net realized gains, as a distribution for federal income tax purposes (tax equalization).

3. Fees and Transactions with Related Parties

Management Fees — The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund’s assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all the funds in the American Century Investments family of funds. During the period ended June 30, 2021, 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, 2022 and cannot terminate it prior to such date 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, 2021 are as follows:


	Investment Category Fee Range	Complex Fee Range	Effective Annual Management Fee
			Before Waiver	After Waiver
Investor Class	0.6880% to 0.8700%	0.2500% to 0.3100%	1.00%	0.99%
I Class		0.0500% to 0.1100%	0.80%	0.79%
Y Class		0.0000% to 0.0600%	0.75%	0.74%
A Class		0.2500% to 0.3100%	1.00%	0.99%
C Class		0.2500% to 0.3100%	1.00%	0.99%
R Class		0.2500% to 0.3100%	1.00%	0.99%
R5 Class		0.0500% to 0.1100%	0.80%	0.79%

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 $11,657,560 and $11,549,426, respectively. The effect of interfund transactions on the Statement of Operations was $1,007,196 in net realized gain (loss) on investment transactions.

4. Investment Transactions

Purchases and sales of investment securities, excluding short-term investments, for the period ended

June 30, 2021 were $874,576,010 and $926,128,611, respectively.

5. Capital Share Transactions

Transactions in shares of the fund were as follows:


	Year ended June 30, 2021			Year ended June 30, 2020
	Shares	Amount		Shares	Amount
Investor Class/Shares Authorized	400,000,000			170,000,000
Sold	1,520,837	$	39,264,722	1,261,048	$	27,858,757
Issued in reinvestment of distributions	1,738,868	41,937,746		889,315	19,280,340
Redeemed	(2,845,378)	(73,249,106)		(3,908,883)	(85,287,974)
	414,327	7,953,362		(1,758,520)	(38,148,877)
I Class/Shares Authorized	100,000,000			100,000,000
Sold	1,130,115	29,321,025		947,512	20,998,104
Issued in reinvestment of distributions	955,719	23,243,092		664,465	14,478,684
Redeemed	(2,126,855)	(54,641,025)		(5,846,700)	(126,745,336)
	(41,021)	(2,076,908)		(4,234,723)	(91,268,548)
Y Class/Shares Authorized	40,000,000			50,000,000
Sold	—	—		547	12,143
Issued in reinvestment of distributions	1,704	41,485		1,368	29,840
Redeemed	(5,288)	(132,608)		(18,978)	(429,123)
	(3,584)	(91,123)		(17,063)	(387,140)
A Class/Shares Authorized	50,000,000			50,000,000
Sold	531,794	13,349,743		238,636	5,163,120
Issued in reinvestment of distributions	260,806	6,175,882		111,662	2,390,694
Redeemed	(420,160)	(10,675,909)		(400,827)	(8,643,889)
	372,440	8,849,716		(50,529)	(1,090,075)
C Class/Shares Authorized	20,000,000			20,000,000
Sold	39,930	912,965		53,988	1,039,561
Issued in reinvestment of distributions	187,436	3,964,277		102,058	2,005,435
Redeemed	(527,323)	(11,884,827)		(445,546)	(8,913,381)
	(299,957)	(7,007,585)		(289,500)	(5,868,385)
R Class/Shares Authorized	20,000,000			20,000,000
Sold	134,561	3,289,373		82,972	1,773,737
Issued in reinvestment of distributions	82,771	1,895,443		37,170	775,728
Redeemed	(115,203)	(2,833,461)		(184,733)	(3,945,878)
	102,129	2,351,355		(64,591)	(1,396,413)
R5 Class/Shares Authorized	40,000,000			50,000,000
Sold	21,815	563,135		20,945	454,916
Issued in reinvestment of distributions	9,874	240,227		2,962	64,578
Redeemed	(22,244)	(569,525)		(20,777)	(456,967)
	9,445	233,837		3,130	62,527
Net increase (decrease)	553,779	$	10,212,654	(6,411,796)	$	(138,096,911)

6. Fair Value Measurements

•Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments.

•Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions).

The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.


	Level 1		Level 2		Level 3
Assets
Investment Securities
Common Stocks	$	496,038,990	$	1,277,228	—
Temporary Cash Investments	279,505		1,491,878		—
	$	496,318,495	$	2,769,106	—

7. Derivative Instruments

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, 2021, the effect of equity price risk derivative instruments on the Statement of Operations was $1,714,452 in net realized gain (loss) on futures contract transactions and $(36,367) in change in net unrealized appreciation (depreciation) on futures contracts.

8. Risk Factors

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

9. Federal Tax Information

The tax character of distributions paid during the years ended June 30, 2021 and June 30, 2020 were as follows:


	2021		2020
Distributions Paid From
Ordinary income	$	13,496,593	$	4,359,897
Long-term capital gains	$	65,931,839	$	35,467,428

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	$	294,549,972
Gross tax appreciation of investments	$	205,417,934
Gross tax depreciation of investments	(880,305)
Net tax appreciation (depreciation) of investments	$	204,537,629
Undistributed ordinary income	$	20,119,780
Accumulated long-term gains	$	36,008,812

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


Financial Highlights


For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Investor Class
2021	$24.39	(0.07)	7.17	7.10	—	(4.66)	(4.66)	$26.83	31.26%	1.00%	1.01%	(0.28)%	(0.29)%	189%	$273,391
2020	$21.76	(0.02)	4.59	4.57	—	(1.94)	(1.94)	$24.39	22.13%	1.01%	1.02%	(0.10)%	(0.11)%	142%	$238,408
2019	$24.05	0.05	1.08	1.13	(0.04)	(3.38)	(3.42)	$21.76	6.61%	1.02%	1.02%	0.24%	0.24%	105%	$250,920
2018	$22.10	0.05	3.97	4.02	(0.03)	(2.04)	(2.07)	$24.05	18.80%	1.02%	1.02%	0.21%	0.21%	97%	$362,865
2017	$18.36	0.11	3.74	3.85	(0.11)	—	(0.11)	$22.10	20.88%	1.02%	1.02%	0.51%	0.51%	124%	$434,242
I Class
2021	$24.54	(0.02)	7.22	7.20	—	(4.66)	(4.66)	$27.08	31.50%	0.80%	0.81%	(0.08)%	(0.09)%	189%	$149,388
2020	$21.84	0.02	4.62	4.64	—	(1.94)	(1.94)	$24.54	22.38%	0.81%	0.82%	0.10%	0.09%	142%	$136,351
2019	$24.13	0.10	1.08	1.18	(0.09)	(3.38)	(3.47)	$21.84	6.82%	0.82%	0.82%	0.44%	0.44%	105%	$213,805
2018	$22.16	0.10	3.99	4.09	(0.08)	(2.04)	(2.12)	$24.13	19.01%	0.82%	0.82%	0.41%	0.41%	97%	$231,261
2017	$18.41	0.15	3.75	3.90	(0.15)	—	(0.15)	$22.16	21.18%	0.82%	0.82%	0.71%	0.71%	124%	$238,480


For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
Y Class
2021	$24.56	(0.01)	7.24	7.23	—	(4.66)	(4.66)	$27.13	31.61%	0.75%	0.76%	(0.03)%	(0.04)%	189%	$159
2020	$21.85	0.04	4.61	4.65	—	(1.94)	(1.94)	$24.56	22.42%	0.76%	0.77%	0.15%	0.14%	142%	$232
2019	$24.14	0.12	1.07	1.19	(0.10)	(3.38)	(3.48)	$21.85	6.87%	0.77%	0.77%	0.49%	0.49%	105%	$579
2018	$22.17	0.11	3.99	4.10	(0.09)	(2.04)	(2.13)	$24.14	19.06%	0.77%	0.77%	0.46%	0.46%	97%	$6
2017(3)	$21.62	0.04	0.63	0.67	(0.12)	—	(0.12)	$22.17	3.07%	0.77%(4)	0.77%(4)	0.74%(4)	0.74%(4)	124%(5)	$5
A Class
2021	$24.05	(0.13)	7.05	6.92	—	(4.66)	(4.66)	$26.31	30.93%	1.25%	1.26%	(0.53)%	(0.54)%	189%	$47,150
2020	$21.53	(0.08)	4.54	4.46	—	(1.94)	(1.94)	$24.05	21.84%	1.26%	1.27%	(0.35)%	(0.36)%	142%	$34,139
2019	$23.87	—(6)	1.06	1.06	(0.02)	(3.38)	(3.40)	$21.53	6.32%	1.27%	1.27%	(0.01)%	(0.01)%	105%	$31,650
2018	$21.97	(0.01)	3.95	3.94	—	(2.04)	(2.04)	$23.87	18.48%	1.27%	1.27%	(0.04)%	(0.04)%	97%	$37,832
2017	$18.28	0.05	3.72	3.77	(0.08)	—	(0.08)	$21.97	20.61%	1.27%	1.27%	0.26%	0.26%	124%	$58,469
C Class
2021	$21.99	(0.29)	6.37	6.08	—	(4.66)	(4.66)	$23.41	29.92%	2.00%	2.01%	(1.28)%	(1.29)%	189%	$16,775
2020	$19.98	(0.22)	4.17	3.95	—	(1.94)	(1.94)	$21.99	20.94%	2.01%	2.02%	(1.10)%	(1.11)%	142%	$22,346
2019	$22.55	(0.16)	0.97	0.81	—	(3.38)	(3.38)	$19.98	5.57%	2.02%	2.02%	(0.76)%	(0.76)%	105%	$26,088
2018	$21.00	(0.17)	3.76	3.59	—	(2.04)	(2.04)	$22.55	17.57%	2.02%	2.02%	(0.79)%	(0.79)%	97%	$40,253
2017	$17.54	(0.09)	3.55	3.46	—	—	—	$21.00	19.73%	2.02%	2.02%	(0.49)%	(0.49)%	124%	$44,456


For a Share Outstanding Throughout the Years Ended June 30 (except as noted)
Per-Share Data										Ratios and Supplemental Data
		Income From Investment Operations:			Distributions From:					Ratio to Average Net Assets of:
	Net Asset Value, Beginning of Period	Net Investment Income (Loss)(1)	Net Realized and Unrealized Gain (Loss)	Total From Investment Operations	Net Investment Income	Net Realized Gains	Total Distributions	Net Asset Value, End of Period	Total Return(2)	Operating Expenses	Operating Expenses (before expense waiver)	Net Investment Income (Loss)	Net Investment Income (Loss) (before expense waiver)	Portfolio Turnover Rate	Net Assets, End of Period (in thousands)
R Class
2021	$23.42	(0.19)	6.85	6.66	—	(4.66)	(4.66)	$25.42	30.63%	1.50%	1.51%	(0.78)%	(0.79)%	189%	$12,958
2020	$21.06	(0.13)	4.43	4.30	—	(1.94)	(1.94)	$23.42	21.56%	1.51%	1.52%	(0.60)%	(0.61)%	142%	$9,548
2019	$23.47	(0.06)	1.03	0.97	—	(3.38)	(3.38)	$21.06	6.03%	1.52%	1.52%	(0.26)%	(0.26)%	105%	$9,948
2018	$21.68	(0.06)	3.89	3.83	—	(2.04)	(2.04)	$23.47	18.20%	1.52%	1.52%	(0.29)%	(0.29)%	97%	$10,626
2017	$18.06	—(6)	3.67	3.67	(0.05)	—	(0.05)	$21.68	20.33%	1.52%	1.52%	0.01%	0.01%	124%	$11,184
R5 Class
2021	$24.55	(0.02)	7.23	7.21	—	(4.66)	(4.66)	$27.10	31.53%	0.80%	0.81%	(0.08)%	(0.09)%	189%	$1,528
2020	$21.85	0.02	4.62	4.64	—	(1.94)	(1.94)	$24.55	22.37%	0.81%	0.82%	0.10%	0.09%	142%	$1,153
2019	$24.14	0.10	1.08	1.18	(0.09)	(3.38)	(3.47)	$21.85	6.82%	0.82%	0.82%	0.44%	0.44%	105%	$957
2018	$22.17	0.10	3.99	4.09	(0.08)	(2.04)	(2.12)	$24.14	19.00%	0.82%	0.82%	0.41%	0.41%	97%	$1,142
2017(3)	$21.62	0.03	0.63	0.66	(0.11)	—	(0.11)	$22.17	3.06%	0.82%(4)	0.82%(4)	0.69%(4)	0.69%(4)	124%(5)	$5


Notes to Financial Highlights

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

(3)April 10, 2017 (commencement of sale) through June 30, 2017.

(4)Annualized.

(5)Portfolio turnover is calculated at the fund level. Percentage indicated was calculated for the year ended June 30, 2017.

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

See Notes to Financial Statements.


Report of Independent Registered Public Accounting Firm

To the Board of Directors of American Century Quantitative Equity Funds, Inc. and Shareholders of Disciplined Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Disciplined Growth Fund (one of the funds constituting American Century Quantitative Equity Funds, Inc., referred to hereafter as the "Fund") as of June 30, 2021, the related statement of operations for the year ended June 30, 2021, the statement of changes in net assets for each of the two years in the period ended June 30, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 17, 2021

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


Management

The Board of Directors

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Tanya S. Beder
(1955)

Director

Since 2011

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

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

Jeremy I. Bulow
(1954)

Director

Since 2011

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

None

Anne Casscells
(1958)

Director

Since 2016

None

Name
(Year of Birth)

Position(s) Held with Funds

Length of Time Served

Principal Occupation(s) During Past 5 Years

Number of American Century Portfolios Overseen by Director

Other Directorships Held During Past 5 Years

Independent Directors

Ronald J. Gilson
(1946)

Director and Chairman of the Board

Since 1995
(Chairman since 2005)

None

Frederick L. A. Grauer
(1946)

Director

Since 2008

Senior Advisor, Credit Sesame, Inc. (credit monitoring firm) (2018 to present); Senior Advisor, Course Hero (an educational technology company) (2015 to present)

None

Jonathan D. Levin
(1972)

Director

Since 2016

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

None

Peter F. Pervere
(1947)

Director

Since 2007

Retired

None

John B. Shoven
(1947)

Director

Since 2002

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

Cadence Design Systems; Exponent; Financial Engines

Interested Director

Jonathan S. Thomas
(1963)

Director

Since 2007

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

141

None

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

Officers


Name (Year of Birth)	Offices with the Funds	Principal Occupation(s) During the Past Five Years
Patrick Bannigan (1965)	President since 2019	Executive Vice President and Director, ACC (2012 to present); Chief Financial Officer, Chief Accounting Officer and Treasurer, ACC (2015 to present). Also serves as President, ACS; Vice President, ACIM; Chief Financial Officer, Chief Accounting Officer and/or Director, ACIM, ACS and other ACC subsidiaries
R. Wes Campbell (1974)	Chief Financial Officer and Treasurer since 2018	Vice President, ACS (2020 to present); Investment Operations and Investment Accounting, ACS (2000 to present)
Amy D. Shelton (1964)	Chief Compliance Officer and Vice President since 2014	Chief Compliance Officer, American Century funds, (2014 to present); Chief Compliance Officer, ACIM (2014 to present); Chief Compliance Officer, ACIS (2009 to present). Also serves as Vice President, ACIS
Charles A. Etherington (1957)	General Counsel since 2007 and Senior Vice President since 2006	Attorney, ACC (1994 to present); Vice President, ACC (2005 to present); General Counsel, ACC (2007 to present). Also serves as General Counsel, ACIM, ACS, ACIS and other ACC subsidiaries; and Senior Vice President, ACIM and ACS
C. Jean Wade (1964)	Vice President since 2012	Senior Vice President, ACS (2017 to present); Vice President, ACS (2000 to 2017)
Robert J. Leach (1966)	Vice President since 2006	Vice President, ACS (2000 to present)
David H. Reinmiller (1963)	Vice President since 2000	Attorney, ACC (1994 to present). Also serves as Vice President, ACIM and ACS
Ward D. Stauffer (1960)	Secretary since 2005	Attorney, ACC (2003 to present)


Approval of Management Agreement