# EDGAR Filing Document

**Accession Number:** 0000827060
**File Stem:** 0000827060-23-000011
**Filing Date:** 2023-2
**Character Count:** 413275
**Document Hash:** 0489d7e7ed561ad845d1f340a1dc956d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000827060-23-000011.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0000827060-23-000011

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.
- **CENTRAL INDEX KEY:** 0000827060
- **IRS NUMBER:** 431819235
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05447
- **FILM NUMBER:** 23658635

**BUSINESS ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111
- **BUSINESS PHONE:** 816-531-5575

**MAIL ADDRESS:**
- **STREET 1:** 4500 MAIN STREET
- **STREET 2:** 9TH FLOOR
- **CITY:** KANSAS CITY
- **STATE:** MO
- **ZIP:** 64111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19970107

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM EQUITY FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BENHAM EQUITIES INC
- **DATE OF NAME CHANGE:** 19880821

## Series and Classes Contracts Data

### DISCIPLINED GROWTH FUND (Series ID: S000005976)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016462 | INVESTOR CLASS | ADSIX           |
| C000016463 | A CLASS        | ADCVX           |
| C000016464 | I CLASS        | ADCIX           |
| C000016465 | R CLASS        | ADRRX           |
| C000055501 | C CLASS        | ADCCX           |
| C000189758 | Y CLASS        | ADCYX           |
| C000189759 | R5 CLASS       | ADGGX           |
| C000236979 | G Class        | ACDFX           |

### EQUITY GROWTH FUND (Series ID: S000005977)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016466 | INVESTOR CLASS | BEQGX           |
| C000016467 | A CLASS        | BEQAX           |
| C000016468 | I CLASS        | AMEIX           |
| C000016469 | C CLASS        | AEYCX           |
| C000016470 | R CLASS        | AEYRX           |
| C000189760 | R5 CLASS       | AEYGX           |

### GLOBAL GOLD FUND (Series ID: S000005978)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016471 | INVESTOR CLASS | BGEIX           |
| C000016472 | A CLASS        | ACGGX           |
| C000055503 | I CLASS        | AGGNX           |
| C000055505 | C CLASS        | AGYCX           |
| C000055506 | R CLASS        | AGGWX           |

### DISCIPLINED CORE VALUE FUND (Series ID: S000005979)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016473 | INVESTOR CLASS | BIGRX           |
| C000016474 | A CLASS        | AMADX           |
| C000016475 | I CLASS        | AMGIX           |
| C000016476 | C CLASS        | ACGCX           |
| C000016477 | R CLASS        | AICRX           |
| C000189761 | R5 CLASS       | AICGX           |

### SMALL COMPANY FUND (Series ID: S000005981)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016484 | INVESTOR CLASS | ASQIX           |
| C000016485 | A CLASS        | ASQAX           |
| C000016486 | I CLASS        | ASCQX           |
| C000016487 | R CLASS        | ASCRX           |
| C000088007 | C CLASS        | ASQCX           |
| C000189764 | R5 CLASS       | ASQGX           |

### UTILITIES FUND (Series ID: S000005982)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000016488 | INVESTOR CLASS | BULIX           |

**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 | Investment Company Act file number | **811-05447** | **811-05447** | **811-05447** |
| **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** | **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** | **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** | **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** | **AMERICAN CENTURY QUANTITATIVE EQUITY FUNDS, INC.** |
| (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) | (Exact name of registrant as specified in charter) |
| **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **4500 MAIN STREET, KANSAS CITY, MISSOURI** | **64111** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |
| **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** | **JOHN PAK<br>4500 MAIN STREET, KANSAS CITY, MISSOURI 64111** |
| (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) | (Name and address of agent for service) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **816-531-5575** | **816-531-5575** |
| Date of fiscal year end: | **06/30** | **06/30** | **06/30** | **06/30** |
| Date of reporting period: | **12-31-2022** | **12-31-2022** | **12-31-2022** | **12-31-2022** |

---

------

**ITEM 1. REPORTS TO STOCKHOLDERS.**

(a) Provided under separate cover.

------

&nbsp;&nbsp;&nbsp;&nbsp;

![image15.jpg](image15.jpg)

---

| |
|:---|
| Semiannual Report |
| December 31, 2022 |
| Disciplined Core Value Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (BIGRX) |
| &nbsp;&nbsp;&nbsp;I Class (AMGIX) |
| &nbsp;&nbsp;&nbsp;A Class (AMADX) |
| &nbsp;&nbsp;&nbsp;C Class (ACGCX) |
| &nbsp;&nbsp;&nbsp;R Class (AICRX) |
| &nbsp;&nbsp;&nbsp;R5 Class (AICGX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i65806b8e1e2348a686d13e3e442f9a02_16) |
| Fund Characteristics | [3](#i65806b8e1e2348a686d13e3e442f9a02_25) |
| Shareholder Fee Example | [4](#i65806b8e1e2348a686d13e3e442f9a02_28) |
| Schedule of Investments | [6](#i65806b8e1e2348a686d13e3e442f9a02_31) |
| Statement of Assets and Liabilities | [11](#i65806b8e1e2348a686d13e3e442f9a02_37) |
| Statement of Operations | [12](#i65806b8e1e2348a686d13e3e442f9a02_40) |
| Statement of Changes in Net Assets | [13](#i65806b8e1e2348a686d13e3e442f9a02_43) |
| Notes to Financial Statements | [14](#i65806b8e1e2348a686d13e3e442f9a02_46) |
| Financial Highlights | [20](#i65806b8e1e2348a686d13e3e442f9a02_49) |
| Additional Information | [23](#i65806b8e1e2348a686d13e3e442f9a02_67) |

---

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<sup>®</sup> 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

![image40.jpg](image40.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending December 31, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Late-Year Rally Led to Gains for Stocks** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the impacts of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening its monetary policy in March with a 25 basis point (bp) rate hike, increased its interest rate target an additional 400 bps through December. After climbing to a 40-year high of 9.1% in June, the annual U.S. inflation rate retreated to 6.5% in December. Inflation in the U.K. and Europe also eased by year-end, but at a much slower pace.

Moderating inflation and mounting recession risk triggered expectations for central banks to slow or conclude their rate-hike campaigns. This sentiment fueled a rally among global stocks and other riskier assets late in the period. However, with inflation still much higher than the Fed's target, policymakers indicated a near-term course change was unlikely, and stocks sold off sharply in December.

Nevertheless, the rally in October and November was sufficient to leave most global and U.S. stock indices with gains for the six-month period. Emerging markets stocks generally declined.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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,

![image21.jpg](image21.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Fund Characteristics

---

| | |
|:---|:---|
| **DECEMBER 31, 2022** | **DECEMBER 31, 2022** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 99.4% |
| Short-Term Investments | 0.3% |
| Other Assets and Liabilities | 0.3% |
| **Top Five Industries** | **% of net assets** |
| Oil, Gas and Consumable Fuels | 11.6% |
| Health Care Providers and Services | 9.9% |
| Banks | 7.3% |
| Pharmaceuticals | 5.8% |
| Insurance | 4.9% |

---

------

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 July 1, 2022 to December 31, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning**<br>**Account Value**<br>**7/1/22** | **Ending**<br>**Account Value**<br>**12/31/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**7/1/22 - 12/31/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $1029.90 | $3.38 | 0.66% |
| I Class | $1000 | $1030.90 | $2.35 | 0.46% |
| A Class | $1000 | $1028.60 | $4.65 | 0.91% |
| C Class | $1000 | $1024.90 | $8.47 | 1.66% |
| R Class | $1000 | $1027.20 | $5.93 | 1.16% |
| R5 Class | $1000 | $1030.90 | $2.35 | 0.46% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.88 | $3.36 | 0.66% |
| I Class | $1000 | $1022.89 | $2.35 | 0.46% |
| A Class | $1000 | $1020.62 | $4.63 | 0.91% |
| C Class | $1000 | $1016.84 | $8.44 | 1.66% |
| R Class | $1000 | $1019.36 | $5.90 | 1.16% |
| R5 Class | $1000 | $1022.89 | $2.35 | 0.46% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, 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

**DECEMBER 31, 2022 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.4%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.3%** | | |
| Lockheed Martin Corp. | 62131 | $30226110 |
| **Air Freight and Logistics — 0.8%** |  |  |
| FedEx Corp. | 107200 | 18567040 |
| **Airlines — 0.2%** |  |  |
| Alaska Air Group, Inc.<sup>(1)</sup> | 106706 | 4581956 |
| **Auto Components — 0.7%** |  |  |
| BorgWarner, Inc. | 396231 | 15948298 |
| **Banks — 7.3%** |  |  |
| East West Bancorp, Inc. | 321343 | 21176504 |
| First Citizens BancShares, Inc., Class A | 11218 | 8507282 |
| JPMorgan Chase & Co. | 206129 | 27641899 |
| KeyCorp | 1203669 | 20967914 |
| Popular, Inc. | 349638 | 23187992 |
| Regions Financial Corp. | 1414305 | 30492416 |
| SVB Financial Group<sup>(1)</sup> | 38484 | 8856708 |
| Wells Fargo & Co. | 266620 | 11008740 |
| Western Alliance Bancorp | 330293 | 19672251 |
|  |  | 171511706 |
| **Biotechnology — 4.4%** |  |  |
| AbbVie, Inc. | 190852 | 30843592 |
| Amgen, Inc. | 110316 | 28973394 |
| Exelixis, Inc.<sup>(1)</sup> | 461384 | 7400599 |
| Gilead Sciences, Inc. | 256010 | 21978459 |
| Regeneron Pharmaceuticals, Inc.<sup>(1)</sup> | 20160 | 14545238 |
|  |  | 103741282 |
| **Building Products — 2.2%** |  |  |
| Builders FirstSource, Inc.<sup>(1)</sup> | 171578 | 11131981 |
| Masco Corp. | 398272 | 18587354 |
| Owens Corning | 257474 | 21962532 |
|  |  | 51681867 |
| **Capital Markets — 2.9%** |  |  |
| Affiliated Managers Group, Inc. | 40377 | 6396928 |
| Morgan Stanley | 111851 | 9509572 |
| Raymond James Financial, Inc. | 241109 | 25762497 |
| SEI Investments Co. | 451318 | 26311839 |
|  |  | 67980836 |
| **Chemicals — 3.7%** |  |  |
| CF Industries Holdings, Inc. | 205294 | 17491049 |
| Dow, Inc. | 317828 | 16015353 |
| Huntsman Corp. | 129282 | 3552669 |
| LyondellBasell Industries NV, Class A | 377371 | 31333114 |
| Olin Corp. | 336024 | 17789111 |
|  |  | 86181296 |
| **Communications Equipment — 0.7%** |  |  |
| Juniper Networks, Inc. | 481382 | 15384969 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Consumer Finance — 0.2%** | | |
| OneMain Holdings, Inc. | 166746 | $5554309 |
| **Containers and Packaging — 1.5%** |  |  |
| WestRock Co. | 1019665 | 35851421 |
| **Distributors — 0.9%** |  |  |
| LKQ Corp. | 378665 | 20224498 |
| **Diversified Consumer Services — 0.7%** |  |  |
| H&R Block, Inc. | 476908 | 17411911 |
| **Diversified Financial Services — 1.6%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 122169 | 37738004 |
| **Electronic Equipment, Instruments and Components — 0.8%** |  |  |
| Sanmina Corp.<sup>(1)</sup> | 150884 | 8644145 |
| Vishay Intertechnology, Inc. | 511611 | 11035449 |
|  |  | 19679594 |
| **Entertainment — 1.5%** |  |  |
| Electronic Arts, Inc. | 245468 | 29991280 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 68137 | 4751875 |
|  |  | 34743155 |
| **Food and Staples Retailing — 2.5%** |  |  |
| Costco Wholesale Corp. | 36582 | 16699683 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 338097 | 10944200 |
| Walmart, Inc. | 214341 | 30391410 |
|  |  | 58035293 |
| **Food Products — 2.6%** |  |  |
| Archer-Daniels-Midland Co. | 578376 | 53702212 |
| Cal-Maine Foods, Inc. | 68992 | 3756614 |
| Hormel Foods Corp. | 101844 | 4638994 |
|  |  | 62097820 |
| **Gas Utilities — 0.9%** |  |  |
| Atmos Energy Corp. | 74859 | 8389448 |
| ONE Gas, Inc. | 43330 | 3280948 |
| UGI Corp. | 273951 | 10155363 |
|  |  | 21825759 |
| **Health Care Equipment and Supplies — 1.0%** |  |  |
| Hologic, Inc.<sup>(1)</sup> | 256367 | 19178815 |
| QuidelOrtho Corp.<sup>(1)</sup> | 38917 | 3334020 |
|  |  | 22512835 |
| **Health Care Providers and Services — 9.9%** |  |  |
| Centene Corp.<sup>(1)</sup> | 256359 | 21024002 |
| Cigna Corp. | 82955 | 27486310 |
| CVS Health Corp. | 765102 | 71299855 |
| Elevance Health, Inc. | 51153 | 26239954 |
| Henry Schein, Inc.<sup>(1)</sup> | 266223 | 21263231 |
| McKesson Corp. | 136512 | 51208381 |
| UnitedHealth Group, Inc. | 28926 | 15335987 |
|  |  | 233857720 |
| **Health Care Technology — 0.2%** |  |  |
| Teladoc Health, Inc.<sup>(1)</sup> | 245109 | 5796828 |
| **Hotels, Restaurants and Leisure — 0.8%** |  |  |
| Boyd Gaming Corp. | 330618 | 18028599 |
| **Household Durables — 0.3%** |  |  |
| Toll Brothers, Inc. | 135943 | 6786274 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Independent Power and Renewable Electricity Producers — 0.9%** | **Independent Power and Renewable Electricity Producers — 0.9%** | |
| AES Corp. | 284680 | $8187397 |
| Vistra Corp. | 535289 | 12418704 |
|  |  | 20606101 |
| **Insurance — 4.9%** |  |  |
| Allstate Corp. | 136523 | 18512519 |
| Everest Re Group Ltd. | 101139 | 33504317 |
| Marsh & McLennan Cos., Inc. | 100017 | 16550813 |
| Progressive Corp. | 160107 | 20767479 |
| Reinsurance Group of America, Inc. | 44623 | 6340482 |
| W R Berkley Corp. | 268909 | 19514726 |
|  |  | 115190336 |
| **Interactive Media and Services — 0.7%** |  |  |
| Alphabet, Inc., Class A<sup>(1)</sup> | 71662 | 6322738 |
| Meta Platforms, Inc., Class A<sup>(1)</sup> | 79600 | 9579064 |
|  |  | 15901802 |
| **IT Services — 3.2%** |  |  |
| Amdocs Ltd. | 112244 | 10202980 |
| Block, Inc.<sup>(1)</sup> | 180841 | 11364049 |
| Cognizant Technology Solutions Corp., Class A | 416590 | 23824782 |
| DXC Technology Co.<sup>(1)</sup> | 90728 | 2404292 |
| International Business Machines Corp. | 101097 | 14243556 |
| MAXIMUS, Inc. | 164386 | 12054425 |
|  |  | 74094084 |
| **Life Sciences Tools and Services — 0.4%** |  |  |
| Bio-Rad Laboratories, Inc., Class A<sup>(1)</sup> | 8767 | 3686436 |
| Thermo Fisher Scientific, Inc. | 9564 | 5266799 |
|  |  | 8953235 |
| **Machinery — 3.5%** |  |  |
| AGCO Corp. | 119832 | 16619500 |
| Cummins, Inc. | 105222 | 25494238 |
| Oshkosh Corp. | 164544 | 14511135 |
| Snap-on, Inc. | 113358 | 25901170 |
|  |  | 82526043 |
| **Media — 0.9%** |  |  |
| Comcast Corp., Class A | 357242 | 12492753 |
| Fox Corp., Class A | 294168 | 8933882 |
|  |  | 21426635 |
| **Metals and Mining — 2.1%** |  |  |
| Nucor Corp. | 270859 | 35701925 |
| Steel Dynamics, Inc. | 141309 | 13805889 |
|  |  | 49507814 |
| **Multiline Retail — 0.7%** |  |  |
| Dillard's, Inc., Class A | 20196 | 6527347 |
| Kohl's Corp. | 131951 | 3331763 |
| Target Corp. | 37872 | 5644443 |
|  |  | 15503553 |
| **Oil, Gas and Consumable Fuels — 11.6%** |  |  |
| APA Corp. | 301180 | 14059083 |
| Cheniere Energy, Inc. | 174745 | 26204760 |
| CNX Resources Corp.<sup>(1)</sup> | 200204 | 3371435 |
| Exxon Mobil Corp. | 1056900 | 116576070 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Marathon Petroleum Corp. | 287610 | $33474928 |
| Ovintiv, Inc. | 179855 | 9120447 |
| PBF Energy, Inc., Class A | 210385 | 8579500 |
| Phillips 66 | 167483 | 17431631 |
| Valero Energy Corp. | 342834 | 43491921 |
|  |  | 272309775 |
| **Pharmaceuticals — 5.8%** |  |  |
| Bristol-Myers Squibb Co. | 538325 | 38732484 |
| Johnson & Johnson | 86611 | 15299833 |
| Merck & Co., Inc. | 84358 | 9359520 |
| Pfizer, Inc. | 1430145 | 73280630 |
|  |  | 136672467 |
| **Professional Services — 4.0%** |  |  |
| CACI International, Inc., Class A<sup>(1)</sup> | 113135 | 34007250 |
| FTI Consulting, Inc.<sup>(1)</sup> | 46400 | 7368320 |
| Leidos Holdings, Inc. | 256468 | 26977869 |
| ManpowerGroup, Inc. | 146384 | 12180612 |
| Science Applications International Corp. | 123533 | 13703516 |
|  |  | 94237567 |
| **Real Estate Management and Development — 1.7%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 369769 | 28457422 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 78693 | 12541304 |
|  |  | 40998726 |
| **Road and Rail — 1.2%** |  |  |
| Knight-Swift Transportation Holdings, Inc. | 127943 | 6705493 |
| Schneider National, Inc., Class B | 931953 | 21807700 |
|  |  | 28513193 |
| **Semiconductors and Semiconductor Equipment — 2.1%** |  |  |
| Broadcom, Inc. | 48427 | 27076988 |
| MaxLinear, Inc.<sup>(1)</sup> | 277767 | 9430190 |
| Micron Technology, Inc. | 65761 | 3286735 |
| NXP Semiconductors NV | 53365 | 8433271 |
|  |  | 48227184 |
| **Software — 1.8%** |  |  |
| Dropbox, Inc., Class A<sup>(1)</sup> | 999310 | 22364558 |
| Synopsys, Inc.<sup>(1)</sup> | 38844 | 12402501 |
| Zoom Video Communications, Inc., Class A<sup>(1)</sup> | 122799 | 8318404 |
|  |  | 43085463 |
| **Specialty Retail — 2.2%** |  |  |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 40934 | 7337419 |
| AutoNation, Inc.<sup>(1)</sup> | 212210 | 22770133 |
| Lithia Motors, Inc. | 26078 | 5339210 |
| Penske Automotive Group, Inc. | 57233 | 6577789 |
| Williams-Sonoma, Inc. | 79119 | 9092355 |
|  |  | 51116906 |
| **Technology Hardware, Storage and Peripherals — 1.1%** |  |  |
| Dell Technologies, Inc., Class C | 291374 | 11719062 |
| Hewlett Packard Enterprise Co. | 950252 | 15166022 |
|  |  | 26885084 |
| **Textiles, Apparel and Luxury Goods — 0.7%** |  |  |
| PVH Corp. | 48589 | 3429897 |
| Tapestry, Inc. | 330571 | 12588144 |
|  |  | 16018041 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Wireless Telecommunication Services — 0.3%** | | |
| T-Mobile US, Inc.<sup>(1)</sup> | 58722 | $8221080 |
| **TOTAL COMMON STOCKS**<br>(Cost $2,183,350,072) |  | **2335944469** |
| **SHORT-TERM INVESTMENTS — 0.3%** |  |  |
| **Money Market Funds**<sup>†</sup> |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 16247 | 16247 |
| **Repurchase Agreements — 0.3%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.375% - 0.50%, 9/15/24 - 5/31/27, valued at $1,031,379), in a joint trading account at 4.20%, dated 12/30/22, due 1/3/23 (Delivery value $1,012,746) |  | 1012274 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 0.625%, 5/15/30, valued at $6,343,411), at 4.26%, dated 12/30/22, due 1/3/23 (Delivery value $6,221,944) |  | 6219000 |
|  |  | 7231274 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $7,247,521) |  | **7247521** |
| **TOTAL INVESTMENT SECURITIES—99.7%**<br>(Cost $2,190,597,593) |  | **2343191990** |
| **OTHER ASSETS AND LIABILITIES — 0.3%** |  | **7475544** |
| **TOTAL NET ASSETS — 100.0%** |  | $**2350667534** |

---

**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

---

| | |
|:---|:---|
| **DECEMBER 31, 2022 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $2,190,597,593) | $2343191990 |
| Receivable for capital shares sold | 488779 |
| Dividends and interest receivable | 11151862 |
|  | 2354832631 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 2858776 |
| Accrued management fees | 1255835 |
| Distribution and service fees payable | 50486 |
|  | 4165097 |
| **Net Assets** | $2350667534 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $2371705517 |
| Distributable earnings | (21037983) |
|  | $2350667534 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $1692032026 | 55168168 | $30.67 |
| I Class, $0.01 Par Value | $414270787 | 13475356 | $30.74 |
| A Class, $0.01 Par Value | $170020563 | 5557531 | $30.59 |
| C Class, $0.01 Par Value | $7720096 | 253210 | $30.49 |
| R Class, $0.01 Par Value | $15785484 | 514958 | $30.65 |
| R5 Class, $0.01 Par Value | $50838578 | 1652870 | $30.76 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $32.46 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $428,272) | $34723100 |
| Interest | 265079 |
|  | 34988179 |
| **Expenses:** |  |
| Management fees | 7488105 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 216891 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 41032 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 39212 |
| Directors' fees and expenses | 81950 |
| Other expenses | 824 |
|  | 7868014 |
| **Net investment income (loss)** | 27120165 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (109738776) |
| Futures contract transactions | 106752 |
| Foreign currency translation transactions | (122343) |
|  | (109754367) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 154130172 |
| Translation of assets and liabilities in foreign currencies | 6625 |
|  | 154136797 |
| **Net realized and unrealized gain (loss)** | 44382430 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $71502595 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** |
| **Increase (Decrease) in Net Assets** | **December 31, 2022** | **June 30, 2022** |
| **Operations** | | |
| Net investment income (loss) | $27120165 | $38397269 |
| Net realized gain (loss) | (109754367) | 35070398 |
| Change in net unrealized appreciation (depreciation) | 154136797 | (337515053) |
| Net increase (decrease) in net assets resulting from operations | 71502595 | (264047386) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (19203474) | (475933439) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (5293767) | (138393623) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (1703370) | (47316315) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (47379) | (2761020) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (135457) | (4304355) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (625135) | (12366658) |
| Decrease in net assets from distributions | (27008582) | (681075410) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (145664310) | 485745933 |
| **Net increase (decrease) in net assets** | (101170297) | (459376863) |
| **Net Assets** |  |  |
| Beginning of period | 2451837831 | 2911214694 |
| End of period | $2350667534 | $2451837831 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**DECEMBER 31, 2022 (UNAUDITED)** 

**1. Organization**

American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Disciplined Core Value Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth by investing in common stocks. Income is a secondary objective.

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

**2. Significant Accounting Policies**

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

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

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

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

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

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

------

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

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**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. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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

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

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

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

------

**3. Fees and Transactions with Related Parties**

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

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

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended December 31, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Category**<br>**Fee Range** | **Complex**<br>**Fee Range** | **Effective Annual**<br>**Management Fee** |
| Investor Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| I Class | 0.3380% to 0.5200% | 0.0500% to 0.1100% | 0.45% |
| A Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| C Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R5 Class | 0.3380% to 0.5200% | 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 December 31, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $13,095,416 and $22,857,546, respectively. The effect of interfund transactions on the Statement of Operations was $(1,387,032) in net realized gain (loss) on investment transactions.

------

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended December 31, 2022 were $2,453,880,748 and $2,593,049,621, respectively.

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended <br>December 31, 2022** | **Six months ended <br>December 31, 2022** | **Year ended <br>June 30, 2022** | **Year ended <br>June 30, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 700000000 |  | 700000000 |  |
| Sold | 1244981 | $38204276 | 4669254 | $177517658 |
| Issued in reinvestment of distributions | 599103 | 18208925 | 13120782 | 455216474 |
| Redeemed | (4432895) | (135065153) | (8107702) | (306438060) |
|  | (2588811) | (78651952) | 9682334 | 326296072 |
| **I Class/Shares Authorized** | 210000000 |  | 210000000 |  |
| Sold | 1025710 | 31455550 | 4843587 | 188303380 |
| Issued in reinvestment of distributions | 168261 | 5121326 | 3822669 | 132978335 |
| Redeemed | (3182938) | (98127347) | (6700140) | (252251987) |
|  | (1988967) | (61550471) | 1966116 | 69029728 |
| **A Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 352814 | 10757625 | 1593304 | 64416812 |
| Issued in reinvestment of distributions | 48977 | 1486978 | 1191186 | 41206941 |
| Redeemed | (566339) | (17256427) | (1251911) | (46543599) |
|  | (164548) | (5011824) | 1532579 | 59080154 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 16673 | 507789 | 63050 | 2365086 |
| Issued in reinvestment of distributions | 1407 | 42788 | 72480 | 2499126 |
| Redeemed | (47320) | (1448428) | (155116) | (5643676) |
|  | (29240) | (897851) | (19586) | (779464) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 56298 | 1726596 | 149780 | 5779473 |
| Issued in reinvestment of distributions | 4249 | 129409 | 118390 | 4104295 |
| Redeemed | (52720) | (1616314) | (183609) | (6791311) |
|  | 7827 | 239691 | 84561 | 3092457 |
| **R5 Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 148138 | 4492621 | 668304 | 26897892 |
| Issued in reinvestment of distributions | 19725 | 600985 | 341060 | 11862144 |
| Redeemed | (160589) | (4885509) | (252932) | (9733050) |
|  | 7274 | 208097 | 756432 | 29026986 |
| Net increase (decrease) | (4756465) | $(145664310) | 14002436 | $485745933 |

---

------

**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 | $2335944469 |  |  |
| Short-Term Investments | 16247 | $7231274 |  |
|  | $2335960716 | $7231274 |  |

---

**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 $23,837,547 futures contracts sold.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended December 31, 2022, the effect of equity price risk derivative instruments on the Statement of Operations was $106,752 in net realized gain (loss) on futures contract transactions.

**8. Risk Factors**

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

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

------

**9. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $2194717568 |
| Gross tax appreciation of investments | $212482407 |
| Gross tax depreciation of investments | (64007985) |
| Net tax appreciation (depreciation) of investments | $148474422 |

---

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

As of June 30, 2022, the fund had post-October capital loss deferrals of $(62,703,351), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

------

Financial Highlights

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $30.12 | 0.34 | 0.56 | 0.90 | (0.35) |  | (0.35) | $30.67 | 2.99% | 0.66%<sup>(4)</sup> | 2.20%<sup>(4)</sup> | 103% | $1692032 |
| 2022 | $43.20 | 0.50 | (3.51) | (3.01) | (0.50) | (9.57) | (10.07) | $30.12 | (9.84)% | 0.65% | 1.31% | 234% | $1739617 |
| 2021 | $35.99 | 0.58 | 12.52 | 13.10 | (0.58) | (5.31) | (5.89) | $43.20 | 39.42% | 0.66% | 1.44% | 240% | $2076714 |
| 2020 | $36.82 | 0.76 | (0.07) | 0.69 | (0.77) | (0.75) | (1.52) | $35.99 | 1.70% | 0.67% | 2.08% | 100% | $1588537 |
| 2019 | $39.61 | 0.78 | 0.63 | 1.41 | (0.73) | (3.47) | (4.20) | $36.82 | 4.43% | 0.67% | 2.07% | 72% | $1707536 |
| 2018 | $37.90 | 0.93 | 4.40 | 5.33 | (0.88) | (2.74) | (3.62) | $39.61 | 14.32% | 0.66% | 2.33% | 77% | $1751738 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $30.19 | 0.37 | 0.56 | 0.93 | (0.38) |  | (0.38) | $30.74 | 3.09% | 0.46%<sup>(4)</sup> | 2.40%<sup>(4)</sup> | 103% | $414271 |
| 2022 | $43.28 | 0.58 | (3.53) | (2.95) | (0.57) | (9.57) | (10.14) | $30.19 | (9.67)% | 0.45% | 1.51% | 234% | $466890 |
| 2021 | $36.05 | 0.65 | 12.55 | 13.20 | (0.66) | (5.31) | (5.97) | $43.28 | 39.70% | 0.46% | 1.64% | 240% | $584160 |
| 2020 | $36.88 | 0.83 | (0.07) | 0.76 | (0.84) | (0.75) | (1.59) | $36.05 | 1.90% | 0.47% | 2.28% | 100% | $272307 |
| 2019 | $39.66 | 0.85 | 0.65 | 1.50 | (0.81) | (3.47) | (4.28) | $36.88 | 4.65% | 0.47% | 2.27% | 72% | $306583 |
| 2018 | $37.94 | 0.99 | 4.43 | 5.42 | (0.96) | (2.74) | (3.70) | $39.66 | 14.55% | 0.46% | 2.53% | 77% | $274687 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **A Class** | | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $30.04 | 0.30 | 0.56 | 0.86 | (0.31) |  | (0.31) | $30.59 | 2.86% | 0.91%<sup>(4)</sup> | 1.95%<sup>(4)</sup> | 103% | $170021 |
| 2022 | $43.11 | 0.40 | (3.50) | (3.10) | (0.40) | (9.57) | (9.97) | $30.04 | (10.07)% | 0.90% | 1.06% | 234% | $171905 |
| 2021 | $35.93 | 0.48 | 12.49 | 12.97 | (0.48) | (5.31) | (5.79) | $43.11 | 39.04% | 0.91% | 1.19% | 240% | $180616 |
| 2020 | $36.76 | 0.67 | (0.07) | 0.60 | (0.68) | (0.75) | (1.43) | $35.93 | 1.46% | 0.92% | 1.83% | 100% | $130398 |
| 2019 | $39.55 | 0.69 | 0.63 | 1.32 | (0.64) | (3.47) | (4.11) | $36.76 | 4.18% | 0.92% | 1.82% | 72% | $152312 |
| 2018 | $37.85 | 0.83 | 4.39 | 5.22 | (0.78) | (2.74) | (3.52) | $39.55 | 14.03% | 0.91% | 2.08% | 77% | $155233 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $29.93 | 0.18 | 0.57 | 0.75 | (0.19) |  | (0.19) | $30.49 | 2.49% | 1.66%<sup>(4)</sup> | 1.20%<sup>(4)</sup> | 103% | $7720 |
| 2022 | $43.00 | 0.10 | (3.48) | (3.38) | (0.12) | (9.57) | (9.69) | $29.93 | (10.76)% | 1.65% | 0.31% | 234% | $8455 |
| 2021 | $35.84 | 0.17 | 12.48 | 12.65 | (0.18) | (5.31) | (5.49) | $43.00 | 38.05% | 1.66% | 0.44% | 240% | $12987 |
| 2020 | $36.68 | 0.39 | (0.08) | 0.31 | (0.40) | (0.75) | (1.15) | $35.84 | 0.68% | 1.67% | 1.08% | 100% | $7452 |
| 2019 | $39.48 | 0.41 | 0.63 | 1.04 | (0.37) | (3.47) | (3.84) | $36.68 | 3.40% | 1.67% | 1.07% | 72% | $9107 |
| 2018 | $37.79 | 0.53 | 4.39 | 4.92 | (0.49) | (2.74) | (3.23) | $39.48 | 13.18% | 1.66% | 1.33% | 77% | $8557 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $30.10 | 0.26 | 0.56 | 0.82 | (0.27) |  | (0.27) | $30.65 | 2.72% | 1.16%<sup>(4)</sup> | 1.70%<sup>(4)</sup> | 103% | $15785 |
| 2022 | $43.18 | 0.31 | (3.51) | (3.20) | (0.31) | (9.57) | (9.88) | $30.10 | (10.30)% | 1.15% | 0.81% | 234% | $15265 |
| 2021 | $35.97 | 0.38 | 12.51 | 12.89 | (0.37) | (5.31) | (5.68) | $43.18 | 38.73% | 1.16% | 0.94% | 240% | $18245 |
| 2020 | $36.81 | 0.58 | (0.09) | 0.49 | (0.58) | (0.75) | (1.33) | $35.97 | 1.18% | 1.17% | 1.58% | 100% | $14218 |
| 2019 | $39.59 | 0.60 | 0.64 | 1.24 | (0.55) | (3.47) | (4.02) | $36.81 | 3.95% | 1.17% | 1.57% | 72% | $24676 |
| 2018 | $37.89 | 0.73 | 4.40 | 5.13 | (0.69) | (2.74) | (3.43) | $39.59 | 13.73% | 1.16% | 1.83% | 77% | $25298 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net**<br>**Investment**<br>**Income**<br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income <br>(Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **R5 Class** | | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $30.21 | 0.37 | 0.56 | 0.93 | (0.38) |  | (0.38) | $30.76 | 3.09% | 0.46%<sup>(4)</sup> | 2.40%<sup>(4)</sup> | 103% | $50839 |
| 2022 | $43.29 | 0.58 | (3.52) | (2.94) | (0.57) | (9.57) | (10.14) | $30.21 | (9.64)% | 0.45% | 1.51% | 234% | $49707 |
| 2021 | $36.06 | 0.63 | 12.57 | 13.20 | (0.66) | (5.31) | (5.97) | $43.29 | 39.68% | 0.46% | 1.64% | 240% | $38493 |
| 2020 | $36.89 | 0.83 | (0.07) | 0.76 | (0.84) | (0.75) | (1.59) | $36.06 | 1.90% | 0.47% | 2.28% | 100% | $16388 |
| 2019 | $39.66 | 0.88 | 0.63 | 1.51 | (0.81) | (3.47) | (4.28) | $36.89 | 4.68% | 0.47% | 2.27% | 72% | $13615 |
| 2018 | $37.95 | 0.91 | 4.50 | 5.41 | (0.96) | (2.74) | (3.70) | $39.66 | 14.52% | 0.46% | 2.53% | 77% | $4241 |

---

**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)Six months ended December 31, 2022 (unaudited).

(4)Annualized.

See Notes to Financial Statements.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

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

------

Notes

------

------

---

| | |
|:---|:---|
| ![image15.jpg](image15.jpg) | ![image15.jpg](image15.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored<br>Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers,<br>Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Quantitative Equity Funds, Inc.** | **American Century Quantitative Equity Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91456 2302** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91456 2302** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![image15.jpg](image15.jpg)

---

| |
|:---|
| Semiannual Report |
| December 31, 2022 |
| Disciplined Growth Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (ADSIX) |
| &nbsp;&nbsp;&nbsp;I Class (ADCIX) |
| &nbsp;&nbsp;&nbsp;Y Class (ADCYX) |
| &nbsp;&nbsp;&nbsp;A Class (ADCVX) |
| &nbsp;&nbsp;&nbsp;C Class (ADCCX) |
| &nbsp;&nbsp;&nbsp;R Class (ADRRX) |
| &nbsp;&nbsp;&nbsp;R5 Class (ADGGX) |
| &nbsp;&nbsp;&nbsp;G Class (ACDFX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i65806b8e1e2348a686d13e3e442f9a02_82) |
| Fund Characteristics | [3](#i65806b8e1e2348a686d13e3e442f9a02_91) |
| Shareholder Fee Example | [4](#i65806b8e1e2348a686d13e3e442f9a02_94) |
| Schedule of Investments | [6](#i65806b8e1e2348a686d13e3e442f9a02_97) |
| Statement of Assets and Liabilities | [10](#i65806b8e1e2348a686d13e3e442f9a02_103) |
| Statement of Operations | [11](#i65806b8e1e2348a686d13e3e442f9a02_106) |
| Statement of Changes in Net Assets | [12](#i65806b8e1e2348a686d13e3e442f9a02_109) |
| Notes to Financial Statements | [13](#i65806b8e1e2348a686d13e3e442f9a02_112) |
| Financial Highlights | [20](#i65806b8e1e2348a686d13e3e442f9a02_115) |
| Additional Information | [25](#i65806b8e1e2348a686d13e3e442f9a02_133) |

---

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<sup>®</sup> 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

![image40.jpg](image40.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending December 31, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Late-Year Rally Led to Gains for Stocks** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the impacts of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening its monetary policy in March with a 25 basis point (bp) rate hike, increased its interest rate target an additional 400 bps through December. After climbing to a 40-year high of 9.1% in June, the annual U.S. inflation rate retreated to 6.5% in December. Inflation in the U.K. and Europe also eased by year-end, but at a much slower pace.

Moderating inflation and mounting recession risk triggered expectations for central banks to slow or conclude their rate-hike campaigns. This sentiment fueled a rally among global stocks and other riskier assets late in the period. However, with inflation still much higher than the Fed's target, policymakers indicated a near-term course change was unlikely, and stocks sold off sharply in December.

Nevertheless, the rally in October and November was sufficient to leave most global and U.S. stock indices with gains for the six-month period. Emerging markets stocks generally declined.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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,

![image21.jpg](image21.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Fund Characteristics

---

| | |
|:---|:---|
| **DECEMBER 31, 2022** | **DECEMBER 31, 2022** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 99.5% |
| Short-Term Investments | 0.6% |
| Other Assets and Liabilities | (0.1)% |
| **Top Five Industries** | **% of net assets** |
| Software | 21.7% |
| Technology Hardware, Storage and Peripherals | 12.1% |
| Semiconductors and Semiconductor Equipment | 8.9% |
| Specialty Retail | 6.6% |
| Interactive Media and Services | 5.5% |

---

------

Shareholder Fee Example

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

The example is based on an investment of $1,000 made at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>7/1/22** | **Ending<br>Account Value<br>12/31/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**7/1/22 - 12/31/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $954.80 | $4.93 | 1.00% |
| I Class | $1000 | $955.80 | $3.94 | 0.80% |
| Y Class | $1000 | $955.80 | $3.70 | 0.75% |
| A Class | $1000 | $953.50 | $6.15 | 1.25% |
| C Class | $1000 | $949.90 | $9.83 | 2.00% |
| R Class | $1000 | $952.60 | $7.38 | 1.50% |
| R5 Class | $1000 | $956.30 | $3.94 | 0.80% |
| G Class | $1000 | $959.40 | $0.05 | 0.01% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1020.16 | $5.09 | 1.00% |
| I Class | $1000 | $1021.17 | $4.08 | 0.80% |
| Y Class | $1000 | $1021.43 | $3.82 | 0.75% |
| A Class | $1000 | $1018.90 | $6.36 | 1.25% |
| C Class | $1000 | $1015.12 | $10.16 | 2.00% |
| R Class | $1000 | $1017.64 | $7.63 | 1.50% |
| R5 Class | $1000 | $1021.17 | $4.08 | 0.80% |
| G Class | $1000 | $1025.16 | $0.05 | 0.01% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, 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

**DECEMBER 31, 2022 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Aerospace and Defense — 1.8%** | | |
| Lockheed Martin Corp. | 28416 | $13824100 |
| **Air Freight and Logistics — 2.4%** |  |  |
| Expeditors International of Washington, Inc. | 78761 | 8184843 |
| United Parcel Service, Inc., Class B | 59844 | 10403281 |
|  |  | 18588124 |
| **Automobiles — 1.2%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 77127 | 9500504 |
| **Beverages — 0.2%** |  |  |
| Coca-Cola Co. | 24093 | 1532556 |
| **Biotechnology — 3.1%** |  |  |
| Exelixis, Inc.<sup>(1)</sup> | 390415 | 6262257 |
| Incyte Corp.<sup>(1)</sup> | 14407 | 1157170 |
| Moderna, Inc.<sup>(1)</sup> | 14197 | 2550065 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 51372 | 14835206 |
|  |  | 24804698 |
| **Building Products — 0.6%** |  |  |
| Lennox International, Inc. | 4659 | 1114573 |
| Trex Co., Inc.<sup>(1)</sup> | 84159 | 3562450 |
|  |  | 4677023 |
| **Capital Markets — 2.2%** |  |  |
| Cboe Global Markets, Inc. | 13436 | 1685815 |
| FactSet Research Systems, Inc. | 5975 | 2397230 |
| LPL Financial Holdings, Inc. | 28483 | 6157170 |
| Moody's Corp. | 14104 | 3929656 |
| S&P Global, Inc. | 10652 | 3567781 |
|  |  | 17737652 |
| **Chemicals — 1.2%** |  |  |
| CF Industries Holdings, Inc. | 53806 | 4584271 |
| Olin Corp. | 94720 | 5014477 |
|  |  | 9598748 |
| **Commercial Services and Supplies — 0.4%** |  |  |
| Rollins, Inc. | 88967 | 3250854 |
| **Electronic Equipment, Instruments and Components — 0.4%** |  |  |
| Amphenol Corp., Class A | 45648 | 3475639 |
| **Entertainment — 1.9%** |  |  |
| Electronic Arts, Inc. | 64877 | 7926672 |
| Live Nation Entertainment, Inc.<sup>(1)</sup> | 70217 | 4896934 |
| World Wrestling Entertainment, Inc., Class A | 32095 | 2199149 |
|  |  | 15022755 |
| **Food and Staples Retailing — 2.7%** |  |  |
| Casey's General Stores, Inc. | 38551 | 8648917 |
| Costco Wholesale Corp. | 17309 | 7901558 |
| Sysco Corp. | 64338 | 4918640 |
|  |  | 21469115 |
| **Food Products — 0.6%** |  |  |
| Hershey Co. | 20269 | 4693692 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Health Care Equipment and Supplies — 1.7%** | | |
| Abbott Laboratories | 86470 | $9493541 |
| IDEXX Laboratories, Inc.<sup>(1)</sup> | 7322 | 2987083 |
| Shockwave Medical, Inc.<sup>(1)</sup> | 5027 | 1033602 |
|  |  | 13514226 |
| **Health Care Providers and Services — 3.9%** |  |  |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 22690 | 2332986 |
| Humana, Inc. | 21435 | 10978793 |
| Molina Healthcare, Inc.<sup>(1)</sup> | 12383 | 4089114 |
| UnitedHealth Group, Inc. | 25969 | 13768244 |
|  |  | 31169137 |
| **Health Care Technology — 0.4%** |  |  |
| Doximity, Inc., Class A<sup>(1)</sup> | 39722 | 1333070 |
| Veeva Systems, Inc., Class A<sup>(1)</sup> | 12203 | 1969320 |
|  |  | 3302390 |
| **Hotels, Restaurants and Leisure — 2.5%** |  |  |
| Airbnb, Inc., Class A<sup>(1)</sup> | 68577 | 5863334 |
| Domino's Pizza, Inc. | 7317 | 2534609 |
| Starbucks Corp. | 95167 | 9440566 |
| Wingstop, Inc. | 12928 | 1779151 |
|  |  | 19617660 |
| **Insurance — 0.8%** |  |  |
| Aon PLC, Class A | 15398 | 4621556 |
| Marsh & McLennan Cos., Inc. | 10621 | 1757563 |
|  |  | 6379119 |
| **Interactive Media and Services — 5.5%** |  |  |
| Alphabet, Inc., Class A<sup>(1)</sup> | 363320 | 32055724 |
| Alphabet, Inc., Class C<sup>(1)</sup> | 63687 | 5650947 |
| Meta Platforms, Inc., Class A<sup>(1)</sup> | 20683 | 2488992 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 124152 | 3014411 |
|  |  | 43210074 |
| **Internet and Direct Marketing Retail — 3.4%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 289889 | 24350676 |
| DoorDash, Inc., Class A<sup>(1)</sup> | 28379 | 1385463 |
| Etsy, Inc.<sup>(1)</sup> | 10900 | 1305602 |
|  |  | 27041741 |
| **IT Services — 3.1%** |  |  |
| Gartner, Inc.<sup>(1)</sup> | 22533 | 7574243 |
| GoDaddy, Inc., Class A<sup>(1)</sup> | 50856 | 3805046 |
| Mastercard, Inc., Class A | 25044 | 8708550 |
| VeriSign, Inc.<sup>(1)</sup> | 8808 | 1809515 |
| Visa, Inc., Class A | 14382 | 2988004 |
|  |  | 24885358 |
| **Leisure Products — 0.2%** |  |  |
| YETI Holdings, Inc.<sup>(1)</sup> | 41231 | 1703253 |
| **Life Sciences Tools and Services — 1.4%** |  |  |
| Danaher Corp. | 6403 | 1699484 |
| Maravai LifeSciences Holdings, Inc., Class A<sup>(1)</sup> | 87586 | 1253356 |
| Mettler-Toledo International, Inc.<sup>(1)</sup> | 5334 | 7710030 |
|  |  | 10662870 |
| **Oil, Gas and Consumable Fuels — 3.0%** |  |  |
| Cheniere Energy, Inc. | 55156 | 8271194 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Chevron Corp. | 9029 | $1620615 |
| Exxon Mobil Corp. | 83374 | 9196152 |
| Marathon Petroleum Corp. | 17257 | 2008542 |
| Texas Pacific Land Corp. | 942 | 2208265 |
|  |  | 23304768 |
| **Paper and Forest Products — 0.4%** |  |  |
| Louisiana-Pacific Corp. | 47438 | 2808330 |
| **Personal Products — 0.6%** |  |  |
| Estee Lauder Cos., Inc., Class A | 19897 | 4936645 |
| **Pharmaceuticals — 2.2%** |  |  |
| Merck & Co., Inc. | 118948 | 13197281 |
| Novo Nordisk A/S, ADR | 31860 | 4311932 |
|  |  | 17509213 |
| **Real Estate Management and Development — 0.3%** |  |  |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 77966 | 2511285 |
| **Road and Rail — 0.8%** |  |  |
| Old Dominion Freight Line, Inc. | 7585 | 2152471 |
| Uber Technologies, Inc.<sup>(1)</sup> | 172669 | 4270105 |
|  |  | 6422576 |
| **Semiconductors and Semiconductor Equipment — 8.9%** |  |  |
| Advanced Micro Devices, Inc.<sup>(1)</sup> | 65750 | 4258628 |
| Applied Materials, Inc. | 52759 | 5137671 |
| Broadcom, Inc. | 28299 | 15822820 |
| Enphase Energy, Inc.<sup>(1)</sup> | 9295 | 2462803 |
| MaxLinear, Inc.<sup>(1)</sup> | 38514 | 1307550 |
| Microchip Technology, Inc. | 100211 | 7039823 |
| Monolithic Power Systems, Inc. | 11658 | 4122385 |
| NVIDIA Corp. | 87730 | 12820862 |
| Power Integrations, Inc. | 16439 | 1179005 |
| QUALCOMM, Inc. | 145469 | 15992862 |
|  |  | 70144409 |
| **Software — 21.7%** |  |  |
| Adobe, Inc.<sup>(1)</sup> | 12769 | 4297152 |
| Autodesk, Inc.<sup>(1)</sup> | 32544 | 6081497 |
| Box, Inc., Class A<sup>(1)</sup> | 135908 | 4230816 |
| Cadence Design Systems, Inc.<sup>(1)</sup> | 19792 | 3179387 |
| Crowdstrike Holdings, Inc., Class A<sup>(1)</sup> | 72856 | 7671008 |
| Datadog, Inc., Class A<sup>(1)</sup> | 90347 | 6640504 |
| DocuSign, Inc.<sup>(1)</sup> | 55307 | 3065114 |
| Fair Isaac Corp.<sup>(1)</sup> | 8171 | 4890997 |
| Fortinet, Inc.<sup>(1)</sup> | 51808 | 2532893 |
| Intuit, Inc. | 29276 | 11394805 |
| Microsoft Corp. | 392311 | 94084024 |
| Qualys, Inc.<sup>(1)</sup> | 13735 | 1541479 |
| Salesforce, Inc.<sup>(1)</sup> | 63262 | 8387909 |
| ServiceNow, Inc.<sup>(1)</sup> | 21554 | 8368772 |
| Teradata Corp.<sup>(1)</sup> | 52115 | 1754191 |
| Zoom Video Communications, Inc., Class A<sup>(1)</sup> | 46179 | 3128165 |
|  |  | 171248713 |
| **Specialty Retail — 6.6%** |  |  |
| AutoNation, Inc.<sup>(1)</sup> | 13780 | 1478594 |
| Home Depot, Inc. | 31025 | 9799556 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Lowe's Cos., Inc. | 79705 | $15880424 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 14217 | 11999575 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 22903 | 10743110 |
| Williams-Sonoma, Inc. | 21478 | 2468252 |
|  |  | 52369511 |
| **Technology Hardware, Storage and Peripherals — 12.1%** |  |  |
| Apple, Inc. | 694711 | 90263800 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 197633 | 5288659 |
|  |  | 95552459 |
| **Textiles, Apparel and Luxury Goods — 0.6%** |  |  |
| Deckers Outdoor Corp.<sup>(1)</sup> | 5419 | 2163048 |
| lululemon athletica, Inc.<sup>(1)</sup> | 8869 | 2841450 |
|  |  | 5004498 |
| **Trading Companies and Distributors — 0.7%** |  |  |
| Fastenal Co. | 78960 | 3736387 |
| WW Grainger, Inc. | 3498 | 1945763 |
|  |  | 5682150 |
| **TOTAL COMMON STOCKS**<br>(Cost $606,201,552) |  | **787155845** |
| **SHORT-TERM INVESTMENTS — 0.6%** |  |  |
| **Money Market Funds**<sup>†</sup> |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 8460 | 8460 |
| **Repurchase Agreements — 0.6%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.375% - 0.50%, 9/15/24 - 5/31/27, valued at $642,047), in a joint trading account at 4.20%, dated 12/30/22, due 1/3/23 (Delivery value $630,447) |  | 630153 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 11/15/47, valued at $3,948,433), at 4.26%, dated 12/30/22, due 1/3/23 (Delivery value $3,872,832) |  | 3871000 |
|  |  | 4501153 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $4,509,613) |  | **4509613** |
| **TOTAL INVESTMENT SECURITIES—100.1%**<br>(Cost $610,711,165) |  | **791665458** |
| **OTHER ASSETS AND LIABILITIES — (0.1)%** |  | **(1034567)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**790630891** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

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

(1)Non-income producing.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **DECEMBER 31, 2022 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $610,711,165) | $791665458 |
| Receivable for capital shares sold | 141001 |
| Dividends and interest receivable | 1582867 |
|  | 793389326 |
| **Liabilities** |  |
| Payable for capital shares redeemed | 2455257 |
| Accrued management fees | 286526 |
| Distribution and service fees payable | 16652 |
|  | 2758435 |
| **Net Assets** | $790630891 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $682858182 |
| Distributable earnings | 107772709 |
|  | $790630891 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $221798025 | 13138306 | $16.88 |
| I Class, $0.01 Par Value | $61780782 | 3612624 | $17.10 |
| Y Class, $0.01 Par Value | $539288 | 31454 | $17.15 |
| A Class, $0.01 Par Value | $33281434 | 2027374 | $16.42 |
| C Class, $0.01 Par Value | $5161616 | 368088 | $14.02 |
| R Class, $0.01 Par Value | $10465414 | 668084 | $15.66 |
| R5 Class, $0.01 Par Value | $355128 | 20759 | $17.11 |
| G Class, $0.01 Par Value | $457249204 | 26797695 | $17.06 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $17.42 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $8,154) | $5380652 |
| Interest | 142973 |
|  | 5523625 |
| **Expenses:** |  |
| Management fees | 3784642 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 46078 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 34300 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 27989 |
| Directors' fees and expenses | 29182 |
| Other expenses | 137 |
|  | 3922328 |
| Fees waived<sup>(1)</sup> | (1932026) |
|  | 1990302 |
| **Net investment income (loss)** | 3533323 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (16780184) |
| Futures contract transactions | (101126) |
| Foreign currency translation transactions | (1758) |
|  | (16883068) |
| **Change in net unrealized appreciation (depreciation) on investments** | (22132645) |
| **Net realized and unrealized gain (loss)** | (39015713) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(35482390) |

---

(1)Amount consists of $12,420, $4,268, $10, $1,843, $343, $560, $74 and $1,912,508 for Investor Class, I Class, Y Class, A Class, C Class, R Class, R5 Class and G Class, respectively.

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** |
| **Increase (Decrease) in Net Assets** | **December 31, 2022** | **June 30, 2022** |
| **Operations** | | |
| Net investment income (loss) | $3533323 | $(258336) |
| Net realized gain (loss) | (16883068) | 6079098 |
| Change in net unrealized appreciation (depreciation) | (22132645) | (125297390) |
| Net increase (decrease) in net assets resulting from operations | (35482390) | (119476628) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | (52277622) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (103214) | (27316430) |
| &nbsp;&nbsp;&nbsp;&nbsp;Y Class | (1156) | (24224) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class |  | (9510169) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class |  | (3087061) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class |  | (2743879) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (2177) | (345987) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (4353143) |  |
| Decrease in net assets from distributions | (4459690) | (95305372) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (26312938) | 570318229 |
| **Net increase (decrease) in net assets** | (66255018) | 355536229 |
| **Net Assets** |  |  |
| Beginning of period | 856885909 | 501349680 |
| End of period | $790630891 | $856885909 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**DECEMBER 31, 2022 (UNAUDITED)** 

**1. Organization**

American Century Quantitative Equity Funds, Inc. (the corporation) is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company and is organized as a Maryland corporation. Disciplined Growth Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek long-term capital growth.

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

**2. Significant Accounting Policies**

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

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

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

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

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

------

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

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

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**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. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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

------

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

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

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

**3. Fees and Transactions with Related Parties**

Certain officers and directors of the corporation are also officers and/or directors of American Century Companies, Inc. (ACC). The corporation's investment advisor, ACIM, the corporation's distributor, American Century Investment Services, Inc. (ACIS), and the corporation's transfer agent, American Century Services, LLC, are wholly owned, directly or indirectly, by ACC. Various funds issued by American Century Asset Allocation Portfolios, Inc. own, in aggregate, 36% of the shares of the fund. Related parties do not invest in the fund for the purpose of exercising management or control.

**Management Fees —** The corporation has entered into a management agreement with ACIM, under which ACIM provides the fund with investment advisory and management services in exchange for a single, unified management fee (the fee) per class. The agreement provides that ACIM will pay all expenses of managing and operating the fund, except brokerage expenses, taxes, interest, fees and expenses of the independent directors (including legal counsel fees), extraordinary expenses, and expenses incurred in connection with the provision of shareholder services and distribution services under a plan adopted pursuant to Rule 12b-1 under the 1940 Act. The fee is computed and accrued daily based on each class's daily net assets and paid monthly in arrears. The difference in the fee among the classes is a result of their separate arrangements for non-Rule 12b-1 shareholder services. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the fund's assets, which do not vary by class. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. During the period ended December 31, 2022, the investment advisor agreed to waive 0.01% of the fund's management fee. The investment advisor expects this waiver to continue until October 31, 2023 and cannot terminate it prior to such date without the approval of the Board of Directors. The investment advisor agreed to waive the G Class's management fee in its entirety. The investment advisor expects this waiver to remain in effect permanently and cannot terminate it without the approval of the Board of Directors.

The Investment Category Fee range, the Complex Fee range and the effective annual management fee before and after waiver for each class for the period ended December 31, 2022 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Investment Category** <br>**Fee Range** | **Complex Fee Range** | **Effective Annual Management Fee** | **Effective Annual Management Fee** |
| | **Investment Category** <br>**Fee Range** | **Complex Fee Range** | **Before Waiver** | **After Waiver** |
| Investor Class | 0.6880% to 0.8700% | 0.2500% to 0.3100% | 1.00% | 0.99% |
| I Class | 0.6880% to 0.8700% | 0.0500% to 0.1100% | 0.80% | 0.79% |
| Y Class | 0.6880% to 0.8700% | 0.0000% to 0.0600% | 0.75% | 0.74% |
| A Class | 0.6880% to 0.8700% | 0.2500% to 0.3100% | 1.00% | 0.99% |
| C Class | 0.6880% to 0.8700% | 0.2500% to 0.3100% | 1.00% | 0.99% |
| R Class | 0.6880% to 0.8700% | 0.2500% to 0.3100% | 1.00% | 0.99% |
| R5 Class | 0.6880% to 0.8700% | 0.0500% to 0.1100% | 0.80% | 0.79% |
| G Class | 0.6880% to 0.8700% | 0.0500% to 0.1100% | 0.80% | 0.00% |

---

------

**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 December 31, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $13,183,485 and $5,793,822, respectively. The effect of interfund transactions on the Statement of Operations was $165,145 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 December 31, 2022 were $671,956,150 and $686,722,858, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**December 31, 2022** | **Six months ended**<br>**December 31, 2022** | **Year ended** <br>**June 30, 2022**<sup>(1)</sup> | **Year ended** <br>**June 30, 2022**<sup>(1)</sup> |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 480000000 |  | 480000000 |  |
| Sold | 396376 | $7128696 | 1078949 | $26627251 |
| Issued in connection with reorganization (Note 10) |  |  | 3195700 | 60476875 |
| Issued in reinvestment of distributions |  |  | 2133990 | 51194431 |
| Redeemed | (1304623) | (23395677) | (2550844) | (59802171) |
|  | (908247) | (16266981) | 3857795 | 78496386 |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 194531 | 3576047 | 694404 | 16374409 |
| Issued in reinvestment of distributions | 5907 | 103188 | 1119687 | 27197206 |
| Redeemed | (2033688) | (35774847) | (1883997) | (45277547) |
|  | (1833250) | (32095612) | (69906) | (1705932) |
| **Y Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 29496 | 531532 | 310 | 7499 |
| Issued in reinvestment of distributions | 66 | 1156 | 995 | 24224 |
| Redeemed | (3407) | (59736) | (1853) | (51553) |
|  | 26155 | 472952 | (548) | (19830) |
| **A Class/Shares Authorized** | 50000000 |  | 50000000 |  |
| Sold | 158411 | 2788240 | 430919 | 10224570 |
| Issued in reinvestment of distributions |  |  | 391802 | 9164238 |
| Redeemed | (255456) | (4482165) | (490219) | (11512442) |
|  | (97045) | (1693925) | 332502 | 7876366 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 2748 | 42184 | 11052 | 248239 |
| Issued in reinvestment of distributions |  |  | 152345 | 3066714 |
| Redeemed | (164395) | (2458725) | (350086) | (7178279) |
|  | (161647) | (2416541) | (186689) | (3863326) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 76803 | 1292473 | 205732 | 4649298 |
| Issued in reinvestment of distributions |  |  | 122604 | 2743879 |
| Redeemed | (45929) | (766677) | (200931) | (4296667) |
|  | 30874 | 525796 | 127405 | 3096510 |
| **R5 Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 9512 | 174776 | 30500 | 748335 |
| Issued in reinvestment of distributions | 124 | 2177 | 14232 | 345987 |
| Redeemed | (66357) | (1143819) | (23648) | (538472) |
|  | (56721) | (966866) | 21084 | 555850 |
| **G Class/Shares Authorized** | 550000000 |  | 550000000 |  |
| Sold | 2151358 | 39863417 | 587679 | 11315451 |
| Issued in connection with reorganization (Note 10) |  |  | 24740187 | 474621833 |
| Issued in reinvestment of distributions | 249750 | 4353143 |  |  |
| Redeemed | (928215) | (18088321) | (3064) | (55079) |
|  | 1472893 | 26128239 | 25324802 | 485882205 |
| Net increase (decrease) | (1526988) | $(26312938) | 29406445 | $570318229 |

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

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**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.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $787155845 |  |  |
| Short-Term Investments | 8460 | $4501153 |  |
|  | $787164305 | $4501153 |  |

---

**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 $9,927,060 futures contracts sold.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended December 31, 2022, the effect of equity price risk derivative instruments on the Statement of Operations was $(101,126) in net realized gain (loss) on futures contract transactions.

**8. Risk Factors**

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

------

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

**9. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $613108887 |
| Gross tax appreciation of investments | $209075255 |
| Gross tax depreciation of investments | (30518684) |
| Net tax appreciation (depreciation) of investments | $178556571 |

---

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

As of June 30, 2022, the fund had post-October capital loss deferrals of $(53,121,945), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

**10. Reorganization**

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

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

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| | | | |
|:---|:---|:---|:---|
| **Original Fund/Class** | **Shares Exchanged** | **New Fund/Class** | **Shares Received** |
| NT Disciplined Growth Fund – Investor Class | 4895760 | Disciplined Growth Fund – Investor Class | 3195700 |
| NT Disciplined Growth Fund – G Class | 37810103 | Disciplined Growth Fund – G Class | 24740187 |

---

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

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

---

| | |
|:---|:---|
| Net investment income (loss) | $2471642 |
| Net realized and unrealized gain (loss) | (197415404) |
| Net increase (decrease) in net assets resulting from operations | $(194943762) |

---

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

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Financial Highlights

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Investor Class** | **Investor Class** | | | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $17.68 | 0.03 | (0.83) | (0.80) |  |  |  | $16.88 | (4.52)% | 1.00%<sup>(4)</sup> | 1.01%<sup>(4)</sup> | 0.28%<sup>(4)</sup> | 0.27%<sup>(4)</sup> | 80% | $221798 |
| 2022 | $26.83 | (0.06) | (3.76) | (3.82) |  | (5.33) | (5.33) | $17.68 | (19.47)% | 0.99% | 1.00% | (0.14)% | (0.15)% | 205% | $248369 |
| 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% | $273391 |
| 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% | $238408 |
| 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% | $250920 |
| 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% | $362865 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $17.92 | 0.04 | (0.83) | (0.79) | (0.03) |  | (0.03) | $17.10 | (4.42)% | 0.80%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 0.48%<sup>(4)</sup> | 0.47%<sup>(4)</sup> | 80% | $61781 |
| 2022 | $27.08 | (0.02) | (3.81) | (3.83) |  | (5.33) | (5.33) | $17.92 | (19.31)% | 0.79% | 0.80% | 0.06% | 0.05% | 205% | $97606 |
| 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% | $149388 |
| 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% | $136351 |
| 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% | $213805 |
| 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% | $231261 |

---

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** | **Y Class** |
| 2022<sup>(3)</sup> | $17.97 | 0.02 | (0.80) | (0.78) | (0.04) |  | (0.04) | $17.15 | (4.42)% | 0.75%<sup>(4)</sup> | 0.76%<sup>(4)</sup> | 0.53%<sup>(4)</sup> | 0.52%<sup>(4)</sup> | 80% | $539 |
| 2022 | $27.13 | (0.01) | (3.82) | (3.83) |  | (5.33) | (5.33) | $17.97 | (19.27)% | 0.74% | 0.75% | 0.11% | 0.10% | 205% | $95 |
| 2021 | $24.56 | (0.01) | 7.24 | 7.23 |  | (4.66) | (4.66) | $27.13 | 31.61% | 0.75% | 0.76% | (0.03)% | (0.04)% | 189% | $159 |
| 2020 | $21.85 | 0.04 | 4.61 | 4.65 |  | (1.94) | (1.94) | $24.56 | 22.42% | 0.76% | 0.77% | 0.15% | 0.14% | 142% | $232 |
| 2019 | $24.14 | 0.12 | 1.07 | 1.19 | (0.10) | (3.38) | (3.48) | $21.85 | 6.87% | 0.77% | 0.77% | 0.49% | 0.49% | 105% | $579 |
| 2018 | $22.17 | 0.11 | 3.99 | 4.10 | (0.09) | (2.04) | (2.13) | $24.14 | 19.06% | 0.77% | 0.77% | 0.46% | 0.46% | 97% | $6 |
| **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** | **A Class** |
| 2022<sup>(3)</sup> | $17.22 | —<sup>(5)</sup> | (0.80) | (0.80) |  |  |  | $16.42 | (4.65)% | 1.25%<sup>(4)</sup> | 1.26%<sup>(4)</sup> | 0.03%<sup>(4)</sup> | 0.02%<sup>(4)</sup> | 80% | $33281 |
| 2022 | $26.31 | (0.12) | (3.64) | (3.76) |  | (5.33) | (5.33) | $17.22 | (19.69)% | 1.24% | 1.25% | (0.39)% | (0.40)% | 205% | $36573 |
| 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% | $47150 |
| 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% | $34139 |
| 2019 | $23.87 | —<sup>(5)</sup> | 1.06 | 1.06 | (0.02) | (3.38) | (3.40) | $21.53 | 6.32% | 1.27% | 1.27% | (0.01)% | (0.01)% | 105% | $31650 |
| 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% | $37832 |

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| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** | **C Class** |
| 2022<sup>(3)</sup> | $14.76 | (0.06) | (0.68) | (0.74) |  |  |  | $14.02 | (5.01)% | 2.00%<sup>(4)</sup> | 2.01%<sup>(4)</sup> | (0.72)%<sup>(4)</sup> | (0.73)%<sup>(4)</sup> | 80% | $5162 |
| 2022 | $23.41 | (0.27) | (3.05) | (3.32) |  | (5.33) | (5.33) | $14.76 | (20.27)% | 1.99% | 2.00% | (1.14)% | (1.15)% | 205% | $7820 |
| 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% | $16775 |
| 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% | $22346 |
| 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% | $26088 |
| 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% | $40253 |
| **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** | **R Class** |
| 2022<sup>(3)</sup> | $16.45 | (0.02) | (0.77) | (0.79) |  |  |  | $15.66 | (4.74)% | 1.50%<sup>(4)</sup> | 1.51%<sup>(4)</sup> | (0.22)%<sup>(4)</sup> | (0.23)%<sup>(4)</sup> | 80% | $10465 |
| 2022 | $25.42 | (0.17) | (3.47) | (3.64) |  | (5.33) | (5.33) | $16.45 | (19.93)% | 1.49% | 1.50% | (0.64)% | (0.65)% | 205% | $10481 |
| 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% | $12958 |
| 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% | $9548 |
| 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% | $9948 |
| 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% | $10626 |

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---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income** <br>**(Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From<br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Operating <br>Expenses <br>(before <br>expense <br>waiver)** | **Net <br>Investment <br>Income <br>(Loss)** | **Net <br>Investment <br>Income (Loss) <br>(before expense waiver)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** | **R5 Class** |
| 2022<sup>(3)</sup> | $17.94 | 0.05 | (0.85) | (0.80) | (0.03) |  | (0.03) | $17.11 | (4.37)% | 0.80%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 0.48%<sup>(4)</sup> | 0.47%<sup>(4)</sup> | 80% | $355 |
| 2022 | $27.10 | (0.01) | (3.82) | (3.83) |  | (5.33) | (5.33) | $17.94 | (19.34)% | 0.79% | 0.80% | 0.06% | 0.05% | 205% | $1390 |
| 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% | $1528 |
| 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% | $1153 |
| 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% | $1142 |
| **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** | **G Class** |
| 2022<sup>(3)</sup> | $17.95 | 0.12 | (0.85) | (0.73) | (0.16) |  | (0.16) | $17.06 | (4.06)% | 0.01%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 1.27%<sup>(4)</sup> | 0.47%<sup>(4)</sup> | 80% | $457249 |
| 2022<sup>(6)</sup> | $20.02 | 0.05 | (2.12) | (2.07) |  |  |  | $17.95 | (10.34)% | 0.01%<sup>(4)</sup> | 0.80%<sup>(4)</sup> | 1.72%<sup>(4)</sup> | 0.93%<sup>(4)</sup> | 205%<sup>(7)</sup> | $454553 |

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**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)Six months ended December 31, 2022 (unaudited).

(4)Annualized.

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

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

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

See Notes to Financial Statements.

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Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

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

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Notes

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Notes

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Notes

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| | |
|:---|:---|
| ![image15.jpg](image15.jpg) | ![image15.jpg](image15.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored<br>Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers,<br>Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Quantitative Equity Funds, Inc.** | **American Century Quantitative Equity Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91454 2302** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91454 2302** |

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&nbsp;&nbsp;&nbsp;&nbsp;

![image15.jpg](image15.jpg)

---

| |
|:---|
| Semiannual Report |
| December 31, 2022 |
| Equity Growth Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (BEQGX) |
| &nbsp;&nbsp;&nbsp;I Class (AMEIX) |
| &nbsp;&nbsp;&nbsp;A Class (BEQAX) |
| &nbsp;&nbsp;&nbsp;C Class (AEYCX) |
| &nbsp;&nbsp;&nbsp;R Class (AEYRX) |
| &nbsp;&nbsp;&nbsp;R5 Class (AEYGX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i65806b8e1e2348a686d13e3e442f9a02_148) |
| Fund Characteristics | [3](#i65806b8e1e2348a686d13e3e442f9a02_157) |
| Shareholder Fee Example | [4](#i65806b8e1e2348a686d13e3e442f9a02_160) |
| Schedule of Investments | [6](#i65806b8e1e2348a686d13e3e442f9a02_163) |
| Statement of Assets and Liabilities | [11](#i65806b8e1e2348a686d13e3e442f9a02_169) |
| Statement of Operations | [12](#i65806b8e1e2348a686d13e3e442f9a02_172) |
| Statement of Changes in Net Assets | [13](#i65806b8e1e2348a686d13e3e442f9a02_175) |
| Notes to Financial Statements | [14](#i65806b8e1e2348a686d13e3e442f9a02_178) |
| Financial Highlights | [21](#i65806b8e1e2348a686d13e3e442f9a02_181) |
| Additional Information | [25](#i65806b8e1e2348a686d13e3e442f9a02_199) |

---

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<sup>®</sup> 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.

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President's Letter

![image40.jpg](image40.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending December 31, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Late-Year Rally Led to Gains for Stocks** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the impacts of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening its monetary policy in March with a 25 basis point (bp) rate hike, increased its interest rate target an additional 400 bps through December. After climbing to a 40-year high of 9.1% in June, the annual U.S. inflation rate retreated to 6.5% in December. Inflation in the U.K. and Europe also eased by year-end, but at a much slower pace.

Moderating inflation and mounting recession risk triggered expectations for central banks to slow or conclude their rate-hike campaigns. This sentiment fueled a rally among global stocks and other riskier assets late in the period. However, with inflation still much higher than the Fed's target, policymakers indicated a near-term course change was unlikely, and stocks sold off sharply in December.

Nevertheless, the rally in October and November was sufficient to leave most global and U.S. stock indices with gains for the six-month period. Emerging markets stocks generally declined.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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,

![image21.jpg](image21.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

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Fund Characteristics

---

| | |
|:---|:---|
| **DECEMBER 31, 2022** | **DECEMBER 31, 2022** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 98.9% |
| Short-Term Investments | 0.5% |
| Other Assets and Liabilities | 0.6% |
| **Top Five Industries** | **% of net assets** |
| Software | 9.4% |
| Oil, Gas and Consumable Fuels | 6.5% |
| Technology Hardware, Storage and Peripherals | 6.3% |
| Semiconductors and Semiconductor Equipment | 6.1% |
| Health Care Providers and Services | 5.9% |

---

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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 July 1, 2022 to December 31, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>7/1/22** | **Ending<br>Account Value<br>12/31/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**7/1/22 - 12/31/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $988.30 | $3.31 | 0.66% |
| I Class | $1000 | $989.40 | $2.31 | 0.46% |
| A Class | $1000 | $987.30 | $4.56 | 0.91% |
| C Class | $1000 | $983.00 | $8.30 | 1.66% |
| R Class | $1000 | $986.00 | $5.81 | 1.16% |
| R5 Class | $1000 | $989.40 | $2.31 | 0.46% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.88 | $3.36 | 0.66% |
| I Class | $1000 | $1022.89 | $2.35 | 0.46% |
| A Class | $1000 | $1020.62 | $4.63 | 0.91% |
| C Class | $1000 | $1016.84 | $8.44 | 1.66% |
| R Class | $1000 | $1019.36 | $5.90 | 1.16% |
| R5 Class | $1000 | $1022.89 | $2.35 | 0.46% |

---

(1)Expenses are equal to the class's annualized expense ratio listed in the table above, multiplied by the average account value over the period, multiplied by 184, 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

**DECEMBER 31, 2022 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.9%** | **Shares** | **Value** |
| **Aerospace and Defense — 2.4%** | | |
| Lockheed Martin Corp. | 72493 | $35267119 |
| Textron, Inc. | 41732 | 2954626 |
|  |  | 38221745 |
| **Air Freight and Logistics — 1.8%** |  |  |
| Expeditors International of Washington, Inc. | 98233 | 10208374 |
| FedEx Corp. | 27836 | 4821195 |
| United Parcel Service, Inc., Class B | 78811 | 13700504 |
|  |  | 28730073 |
| **Automobiles — 0.4%** |  |  |
| Tesla, Inc.<sup>(1)</sup> | 51697 | 6368037 |
| **Banks — 4.8%** |  |  |
| Fifth Third Bancorp | 181716 | 5962102 |
| JPMorgan Chase & Co. | 213875 | 28680638 |
| KeyCorp | 582706 | 10150739 |
| Popular, Inc. | 143172 | 9495167 |
| Regions Financial Corp. | 112814 | 2432270 |
| SVB Financial Group<sup>(1)</sup> | 14822 | 3411135 |
| U.S. Bancorp | 97154 | 4236886 |
| Western Alliance Bancorp | 84261 | 5018585 |
| Zions Bancorp NA | 175203 | 8612979 |
|  |  | 78000501 |
| **Beverages — 1.6%** |  |  |
| Coca-Cola Co. | 329962 | 20988883 |
| PepsiCo, Inc. | 30477 | 5505975 |
|  |  | 26494858 |
| **Biotechnology — 4.2%** |  |  |
| AbbVie, Inc. | 139121 | 22483345 |
| Amgen, Inc. | 9278 | 2436774 |
| Gilead Sciences, Inc. | 33179 | 2848417 |
| Incyte Corp.<sup>(1)</sup> | 126404 | 10152769 |
| Moderna, Inc.<sup>(1)</sup> | 27596 | 4956794 |
| Vertex Pharmaceuticals, Inc.<sup>(1)</sup> | 84939 | 24528684 |
|  |  | 67406783 |
| **Building Products — 0.5%** |  |  |
| Johnson Controls International PLC | 38580 | 2469120 |
| UFP Industries, Inc. | 76574 | 6068490 |
|  |  | 8537610 |
| **Capital Markets — 2.2%** |  |  |
| Cboe Global Markets, Inc. | 63822 | 8007746 |
| LPL Financial Holdings, Inc. | 38870 | 8402528 |
| Raymond James Financial, Inc. | 108641 | 11608291 |
| T. Rowe Price Group, Inc. | 73453 | 8010784 |
|  |  | 36029349 |
| **Chemicals — 3.3%** |  |  |
| CF Industries Holdings, Inc. | 200261 | 17062237 |
| Dow, Inc. | 243065 | 12248045 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| LyondellBasell Industries NV, Class A | 172648 | $14334964 |
| Mosaic Co. | 63504 | 2785921 |
| Olin Corp. | 122027 | 6460109 |
|  |  | 52891276 |
| **Communications Equipment — 0.6%** |  |  |
| Cisco Systems, Inc. | 188080 | 8960131 |
| **Consumer Finance — 0.6%** |  |  |
| American Express Co. | 40503 | 5984318 |
| Synchrony Financial | 92849 | 3051018 |
|  |  | 9035336 |
| **Distributors — 1.4%** |  |  |
| Genuine Parts Co. | 72323 | 12548764 |
| LKQ Corp. | 199474 | 10653906 |
|  |  | 23202670 |
| **Diversified Consumer Services — 0.4%** |  |  |
| ADT, Inc. | 376757 | 3417186 |
| H&R Block, Inc. | 79223 | 2892432 |
|  |  | 6309618 |
| **Diversified Financial Services — 0.8%** |  |  |
| Berkshire Hathaway, Inc., Class B<sup>(1)</sup> | 43920 | 13566888 |
| **Electric Utilities — 0.4%** |  |  |
| FirstEnergy Corp. | 174096 | 7301586 |
| **Entertainment — 2.0%** |  |  |
| Electronic Arts, Inc. | 190163 | 23234116 |
| Netflix, Inc.<sup>(1)</sup> | 30439 | 8975852 |
|  |  | 32209968 |
| **Equity Real Estate Investment Trusts (REITs) — 0.3%** |  |  |
| Host Hotels & Resorts, Inc. | 79922 | 1282748 |
| SBA Communications Corp. | 11601 | 3251876 |
|  |  | 4534624 |
| **Food and Staples Retailing — 1.0%** |  |  |
| Kroger Co. | 302365 | 13479432 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 96851 | 3135067 |
|  |  | 16614499 |
| **Food Products — 1.5%** |  |  |
| Archer-Daniels-Midland Co. | 233359 | 21667383 |
| Cal-Maine Foods, Inc. | 63145 | 3438245 |
|  |  | 25105628 |
| **Health Care Equipment and Supplies — 1.3%** |  |  |
| Abbott Laboratories | 120640 | 13245065 |
| Hologic, Inc.<sup>(1)</sup> | 104254 | 7799242 |
|  |  | 21044307 |
| **Health Care Providers and Services — 5.9%** |  |  |
| AmerisourceBergen Corp. | 42116 | 6979042 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 28687 | 2949597 |
| Cardinal Health, Inc. | 99403 | 7641109 |
| Centene Corp.<sup>(1)</sup> | 108912 | 8931873 |
| Cigna Corp. | 21241 | 7037993 |
| CVS Health Corp. | 177567 | 16547469 |
| Humana, Inc. | 19510 | 9992827 |
| McKesson Corp. | 56648 | 21249798 |
| UnitedHealth Group, Inc. | 28266 | 14986068 |
|  |  | 96315776 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Hotels, Restaurants and Leisure — 2.8%** | | |
| Airbnb, Inc., Class A<sup>(1)</sup> | 58557 | $5006623 |
| Booking Holdings, Inc.<sup>(1)</sup> | 7866 | 15852192 |
| Expedia Group, Inc.<sup>(1)</sup> | 34785 | 3047166 |
| Starbucks Corp. | 121264 | 12029389 |
| Yum! Brands, Inc. | 78969 | 10114350 |
|  |  | 46049720 |
| **Household Durables — 0.5%** |  |  |
| Lennar Corp., Class A | 92937 | 8410799 |
| **Household Products — 2.4%** |  |  |
| Clorox Co. | 36382 | 5105486 |
| Colgate-Palmolive Co. | 32561 | 2565481 |
| Kimberly-Clark Corp. | 128888 | 17496546 |
| Procter & Gamble Co. | 90916 | 13779229 |
|  |  | 38946742 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |  |
| AES Corp. | 163116 | 4691216 |
| **Insurance — 1.4%** |  |  |
| Chubb Ltd. | 41332 | 9117839 |
| Marsh & McLennan Cos., Inc. | 71485 | 11829338 |
| Progressive Corp. | 16758 | 2173680 |
|  |  | 23120857 |
| **Interactive Media and Services — 3.0%** |  |  |
| Alphabet, Inc., Class A<sup>(1)</sup> | 225022 | 19853691 |
| Alphabet, Inc., Class C<sup>(1)</sup> | 232657 | 20643655 |
| Meta Platforms, Inc., Class A<sup>(1)</sup> | 42955 | 5169205 |
| Pinterest, Inc., Class A<sup>(1)</sup> | 103485 | 2512616 |
|  |  | 48179167 |
| **Internet and Direct Marketing Retail — 0.6%** |  |  |
| Amazon.com, Inc.<sup>(1)</sup> | 89998 | 7559832 |
| Etsy, Inc.<sup>(1)</sup> | 23148 | 2772667 |
|  |  | 10332499 |
| **IT Services — 5.4%** |  |  |
| Accenture PLC, Class A | 47185 | 12590845 |
| Akamai Technologies, Inc.<sup>(1)</sup> | 93785 | 7906075 |
| Amdocs Ltd. | 48263 | 4387107 |
| Cognizant Technology Solutions Corp., Class A | 277231 | 15854841 |
| International Business Machines Corp. | 178627 | 25166758 |
| Mastercard, Inc., Class A | 7126 | 2477924 |
| PayPal Holdings, Inc.<sup>(1)</sup> | 205737 | 14652589 |
| Visa, Inc., Class A | 23793 | 4943234 |
|  |  | 87979373 |
| **Life Sciences Tools and Services — 1.0%** |  |  |
| Danaher Corp. | 61563 | 16340052 |
| **Machinery — 2.4%** |  |  |
| Caterpillar, Inc. | 36223 | 8677582 |
| Cummins, Inc. | 65636 | 15902946 |
| Parker-Hannifin Corp. | 39636 | 11534076 |
| Snap-on, Inc. | 11477 | 2622380 |
|  |  | 38736984 |
| **Media — 1.3%** |  |  |
| Charter Communications, Inc., Class A<sup>(1)</sup> | 15406 | 5224174 |
| Comcast Corp., Class A | 228613 | 7994597 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Sirius XM Holdings, Inc. | 1263425 | $7378402 |
|  |  | 20597173 |
| **Metals and Mining — 1.0%** |  |  |
| Cleveland-Cliffs, Inc.<sup>(1)</sup> | 112557 | 1813293 |
| Nucor Corp. | 91224 | 12024236 |
| Steel Dynamics, Inc. | 27577 | 2694273 |
|  |  | 16531802 |
| **Multiline Retail — 0.3%** |  |  |
| Dillard's, Inc., Class A | 13957 | 4510902 |
| **Multi-Utilities — 0.2%** |  |  |
| Consolidated Edison, Inc. | 26611 | 2536294 |
| **Oil, Gas and Consumable Fuels — 6.5%** |  |  |
| APA Corp. | 110555 | 5160707 |
| Cheniere Energy, Inc. | 63087 | 9460527 |
| Chevron Corp. | 13803 | 2477500 |
| ConocoPhillips | 67052 | 7912136 |
| EQT Corp. | 72131 | 2440192 |
| Exxon Mobil Corp. | 318432 | 35123050 |
| Marathon Petroleum Corp. | 118601 | 13803970 |
| PBF Energy, Inc., Class A | 59577 | 2429550 |
| Pioneer Natural Resources Co. | 30524 | 6971376 |
| SM Energy Co. | 44248 | 1541158 |
| Valero Energy Corp. | 137818 | 17483592 |
|  |  | 104803758 |
| **Pharmaceuticals — 4.7%** |  |  |
| Bristol-Myers Squibb Co. | 136613 | 9829305 |
| Eli Lilly & Co. | 14127 | 5168222 |
| Johnson & Johnson | 61625 | 10886056 |
| Merck & Co., Inc. | 243710 | 27039625 |
| Pfizer, Inc. | 458993 | 23518801 |
|  |  | 76442009 |
| **Real Estate Management and Development — 1.0%** |  |  |
| CBRE Group, Inc., Class A<sup>(1)</sup> | 176931 | 13616610 |
| Zillow Group, Inc., Class C<sup>(1)</sup> | 68010 | 2190602 |
|  |  | 15807212 |
| **Road and Rail — 0.4%** |  |  |
| Uber Technologies, Inc.<sup>(1)</sup> | 234299 | 5794214 |
| **Semiconductors and Semiconductor Equipment — 6.1%** |  |  |
| Broadcom, Inc. | 63873 | 35713311 |
| KLA Corp. | 29566 | 11147269 |
| Microchip Technology, Inc. | 252111 | 17710798 |
| Micron Technology, Inc. | 106296 | 5312674 |
| NVIDIA Corp. | 68629 | 10029442 |
| NXP Semiconductors NV | 46512 | 7350291 |
| ON Semiconductor Corp.<sup>(1)</sup> | 105452 | 6577041 |
| QUALCOMM, Inc. | 50074 | 5505136 |
|  |  | 99345962 |
| **Software — 9.4%** |  |  |
| Autodesk, Inc.<sup>(1)</sup> | 37953 | 7092277 |
| Dropbox, Inc., Class A<sup>(1)</sup> | 363082 | 8125775 |
| Gen Digital, Inc. | 223284 | 4784976 |
| Intuit, Inc. | 23351 | 9088676 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Microsoft Corp. | 287876 | $69038422 |
| Oracle Corp. (New York) | 236852 | 19360283 |
| Salesforce, Inc.<sup>(1)</sup> | 136884 | 18149450 |
| ServiceNow, Inc.<sup>(1)</sup> | 22668 | 8801304 |
| Zoom Video Communications, Inc., Class A<sup>(1)</sup> | 106009 | 7181050 |
|  |  | 151622213 |
| **Specialty Retail — 3.8%** |  |  |
| AutoZone, Inc.<sup>(1)</sup> | 3043 | 7504586 |
| Home Depot, Inc. | 41418 | 13082290 |
| Lowe's Cos., Inc. | 98650 | 19655026 |
| O'Reilly Automotive, Inc.<sup>(1)</sup> | 14267 | 12041776 |
| Ulta Beauty, Inc.<sup>(1)</sup> | 19935 | 9350910 |
|  |  | 61634588 |
| **Technology Hardware, Storage and Peripherals — 6.3%** |  |  |
| Apple, Inc. | 674695 | 87663121 |
| HP, Inc. | 414814 | 11146052 |
| NetApp, Inc. | 34827 | 2091710 |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 49003 | 1311320 |
|  |  | 102212203 |
| **Textiles, Apparel and Luxury Goods — 0.4%** |  |  |
| Tapestry, Inc. | 154929 | 5899696 |
| **Trading Companies and Distributors — 0.3%** |  |  |
| United Rentals, Inc.<sup>(1)</sup> | 12587 | 4473672 |
| **TOTAL COMMON STOCKS**<br>(Cost $1,362,189,429) |  | **1601880370** |
| **SHORT-TERM INVESTMENTS — 0.5%** |  |  |
| **Money Market Funds**<sup>†</sup> |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 12852 | 12852 |
| **Repurchase Agreements — 0.5%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.375% - 0.50%, 9/15/24 - 5/31/27, valued at $1,072,847), in a joint trading account at 4.20%, dated 12/30/22, due 1/3/23 (Delivery value $1,053,464) |  | 1052973 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.375%, 11/15/31, valued at $6,598,388), at 4.26%, dated 12/30/22, due 1/3/23 (Delivery value $6,472,062) |  | 6469000 |
|  |  | 7521973 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $7,534,825) |  | **7534825** |
| **TOTAL INVESTMENT SECURITIES—99.4%**<br>(Cost $1,369,724,254) |  | **1609415195** |
| **OTHER ASSETS AND LIABILITIES — 0.6%** |  | **10163044** |
| **TOTAL NET ASSETS — 100.0%** |  | $**1619578239** |

---

**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

---

| | |
|:---|:---|
| **DECEMBER 31, 2022 (UNAUDITED)** | |
| **Assets** | |
| Investment securities, at value (cost of $1,369,724,254) | $1609415195 |
| Receivable for investments sold | 2416922 |
| Receivable for capital shares sold | 1110988 |
| Dividends and interest receivable | 13364759 |
|  | 1626307864 |
| **Liabilities** |  |
| Payable for investments purchased | 2480948 |
| Payable for capital shares redeemed | 3333392 |
| Accrued management fees | 894760 |
| Distribution and service fees payable | 20525 |
|  | 6729625 |
| **Net Assets** | $1619578239 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $1624415097 |
| Distributable earnings | (4836858) |
|  | $1619578239 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $1269889276 | 57485005 | $22.09 |
| I Class, $0.01 Par Value | $278976295 | 12606339 | $22.13 |
| A Class, $0.01 Par Value | $45903545 | 2082874 | $22.04 |
| C Class, $0.01 Par Value | $2392778 | 111621 | $21.44 |
| R Class, $0.01 Par Value | $18260318 | 828270 | $22.05 |
| R5 Class, $0.01 Par Value | $4156027 | 187759 | $22.13 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $23.38 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** | |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $380,075) | $35942723 |
| Interest | 351299 |
|  | 36294022 |
| **Expenses:** |  |
| Management fees | 7980096 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 63491 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 15704 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 49770 |
| Directors' fees and expenses | 99490 |
| Other expenses | 5309 |
|  | 8213860 |
| Fees waived - G Class | (1958867) |
|  | 6254993 |
| **Net investment income (loss)** | 30039029 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (28262750) |
| Futures contract transactions | (7731135) |
| Foreign currency translation transactions | 13378 |
|  | (35980507) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 18499459 |
| Translation of assets and liabilities in foreign currencies | 39022 |
|  | 18538481 |
| **Net realized and unrealized gain (loss)** | (17442026) |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $12597003 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** |
| **Increase (Decrease) in Net Assets** | **December 31, 2022** | **June 30, 2022** |
| **Operations** | | |
| Net investment income (loss) | $30039029 | $22398008 |
| Net realized gain (loss) | (35980507) | 115904296 |
| Change in net unrealized appreciation (depreciation) | 18538481 | (538940047) |
| Net increase (decrease) in net assets resulting from operations | 12597003 | (400637743) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (115743736) | (468693602) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (22744400) | (110801988) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (3641198) | (16884842) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (206488) | (1066880) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (1455050) | (5841970) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (394595) | (1288263) |
| &nbsp;&nbsp;&nbsp;&nbsp;G Class | (77289590) | (3423529) |
| Decrease in net assets from distributions | (221475057) | (608001074) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (1135862390) | 1314783106 |
| **Net increase (decrease) in net assets** | (1344740444) | 306144289 |
| **Net Assets** |  |  |
| Beginning of period | 2964318683 | 2658174394 |
| End of period | $1619578239 | $2964318683 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**DECEMBER 31, 2022 (UNAUDITED)**

**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. Equity 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.

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. Sale of the G Class commenced on May 5, 2022. On December 19, 2022, there were no outstanding G Class shares and the fund discontinued offering G Class.

**2. Significant Accounting Policies**

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

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

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

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

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

------

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

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

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

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**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. The fund may incur charges or earn income on posted collateral balances,

which are reflected in interest expenses or interest income, respectively.

**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**

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

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

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended December 31, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Investment** <br>**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 | 0.3380% to 0.5200% | 0.0500% to 0.1100% | 0.45% |
| A Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| C Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R5 Class | 0.3380% to 0.5200% | 0.0500% to 0.1100% | 0.45% |
| G Class | 0.3380% to 0.5200% | 0.0500% to 0.1100% | 0.00%<sup>(1)</sup> |

---

(1)Effective annual management fee before waiver was 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 December 31, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund purchases and sales were $28,750,281 and $150,320,662, respectively. The effect of interfund transactions on the Statement of Operations was $31,494,852 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 December 31, 2022 were $2,732,637,978 and $4,030,492,299, respectively.

------

**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**December 31, 2022** | **Six months ended**<br>**December 31, 2022** | **Year ended** <br>**June 30, 2022**<sup>(1)</sup> | **Year ended** <br>**June 30, 2022**<sup>(1)</sup> |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 850000000 |  | 850000000 |  |
| Sold | 907345 | $21899098 | 2162223 | $69900163 |
| Issued in reinvestment of distributions | 4780360 | 112518838 | 15083960 | 455919413 |
| Redeemed | (12667318) | (297382727) | (7436309) | (237154442) |
|  | (6979613) | (162964791) | 9809874 | 288665134 |
| **I Class/Shares Authorized** | 140000000 |  | 140000000 |  |
| Sold | 673431 | 16195750 | 1113201 | 36247854 |
| Issued in reinvestment of distributions | 955359 | 22533144 | 3627606 | 109816974 |
| Redeemed | (4437760) | (103527404) | (4310476) | (150952424) |
|  | (2808970) | (64798510) | 430331 | (4887596) |
| **A Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 113120 | 2715107 | 251391 | 7912937 |
| Issued in reinvestment of distributions | 145004 | 3405253 | 525462 | 15858419 |
| Redeemed | (326903) | (7898077) | (687012) | (21744508) |
|  | (68779) | (1777717) | 89841 | 2026848 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 3285 | 76012 | 14076 | 431480 |
| Issued in reinvestment of distributions | 7948 | 181532 | 33111 | 975417 |
| Redeemed | (44290) | (1003820) | (40328) | (1309186) |
|  | (33057) | (746276) | 6859 | 97711 |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 83126 | 1974747 | 149641 | 4863355 |
| Issued in reinvestment of distributions | 61947 | 1455050 | 193595 | 5841930 |
| Redeemed | (130084) | (3078058) | (211365) | (6698922) |
|  | 14989 | 351739 | 131871 | 4006363 |
| **R5 Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 39451 | 962163 | 50658 | 1614330 |
| Issued in reinvestment of distributions | 13379 | 315505 | 33525 | 1014588 |
| Redeemed | (53245) | (1208486) | (62490) | (2140726) |
|  | (415) | 69182 | 21693 | 488192 |
| **G Class/Shares Authorized** | 1300000000 |  | 1300000000 |  |
| Sold | 758320 | 18614646 | 675115 | 17485107 |
| Issued in connection with reorganization (Note 10) |  |  | 38668740 | 1003951333 |
| Issued in reinvestment of distributions | 3277978 | 77289590 | 141176 | 3423529 |
| Redeemed | (43502799) | (1001900253) | (18530) | (473515) |
|  | (39466501) | (905996017) | 39466501 | 1024386454 |
| Net increase (decrease) | (49342346) | $(1135862390) | 49956970 | $1314783106 |

---

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

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**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 | $1601880370 |  |  |
| Short-Term Investments | 12852 | $7521973 |  |
|  | $1601893222 | $7521973 |  |

---

**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 $69,861,992 futures contracts sold.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended December 31, 2022, the effect of equity price risk derivative instruments on the Statement of Operations was $(7,731,135) in net realized gain (loss) on futures contract transactions.

**8. Risk Factors**

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

------

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

**9. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $1385953683 |
| Gross tax appreciation of investments | $272961836 |
| Gross tax depreciation of investments | (49500324) |
| Net tax appreciation (depreciation) of investments | $223461512 |

---

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

As of June 30, 2022, the fund had post-October capital loss deferrals of $(207,117,591), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

**10. Reorganization**

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

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

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| | | | |
|:---|:---|:---|:---|
| **Original Fund/Class** | **Shares Exchanged** | **New Fund/Class** | **Shares Received** |
| NT Equity Growth Fund – G Class | 103,917,236 | Equity Growth Fund – G Class | 38,668,740 |

---

The net assets of NT Equity Growth Fund and Equity Growth Fund immediately before the reorganization were $1,003,951,333 and $2,177,347,539, respectively. NT Equity Growth Fund's unrealized appreciation of $120,051,030 was combined with that of Equity Growth Fund. Immediately after the reorganization, the combined net assets were $3,181,298,872.

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

---

| | |
|:---|:---|
| Net investment income (loss) | $34787810 |
| Net realized and unrealized gain (loss) | (516566533) |
| Net increase (decrease) in net assets resulting from operations | $(481778723) |

---

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

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income (Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income (Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $24.15 | 0.23 | (0.40) | (0.17) | (0.17) | (1.72) | (1.89) | $22.09 | (1.17)% | 0.66%<sup>(4)</sup> | 1.92%<sup>(4)</sup> | 101% | $1269889 |
| 2022 | $36.56 | 0.24 | (3.83) | (3.59) | (0.22) | (8.60) | (8.82) | $24.15 | (14.48)% | 0.65% | 0.80% | 238% | $1556896 |
| 2021 | $30.41 | 0.29 | 9.82 | 10.11 | (0.29) | (3.67) | (3.96) | $36.56 | 35.42% | 0.66% | 0.84% | 186% | $1998353 |
| 2020 | $31.73 | 0.34 | 1.58 | 1.92 | (0.33) | (2.91) | (3.24) | $30.41 | 5.86% | 0.67% | 1.09% | 113% | $1789426 |
| 2019 | $33.36 | 0.39 | 1.56 | 1.95 | (0.37) | (3.21) | (3.58) | $31.73 | 7.21% | 0.67% | 1.23% | 80% | $2289532 |
| 2018 | $31.79 | 0.43 | 4.40 | 4.83 | (0.40) | (2.86) | (3.26) | $33.36 | 15.62% | 0.66% | 1.30% | 84% | $2557773 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $24.19 | 0.24 | (0.39) | (0.15) | (0.19) | (1.72) | (1.91) | $22.13 | (1.06)% | 0.46%<sup>(4)</sup> | 2.12%<sup>(4)</sup> | 101% | $278976 |
| 2022 | $36.61 | 0.30 | (3.84) | (3.54) | (0.28) | (8.60) | (8.88) | $24.19 | (14.32)% | 0.45% | 1.00% | 238% | $372948 |
| 2021 | $30.45 | 0.34 | 9.85 | 10.19 | (0.36) | (3.67) | (4.03) | $36.61 | 35.68% | 0.46% | 1.04% | 186% | $548632 |
| 2020 | $31.76 | 0.40 | 1.59 | 1.99 | (0.39) | (2.91) | (3.30) | $30.45 | 6.10% | 0.47% | 1.29% | 113% | $419610 |
| 2019 | $33.39 | 0.45 | 1.56 | 2.01 | (0.43) | (3.21) | (3.64) | $31.76 | 7.41% | 0.47% | 1.43% | 80% | $445933 |
| 2018 | $31.82 | 0.50 | 4.40 | 4.90 | (0.47) | (2.86) | (3.33) | $33.39 | 15.87% | 0.46% | 1.50% | 84% | $392859 |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income (Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income (Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **A Class** | | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $24.10 | 0.20 | (0.41) | (0.21) | (0.13) | (1.72) | (1.85) | $22.04 | (1.27)% | 0.91%<sup>(4)</sup> | 1.67%<sup>(4)</sup> | 101% | $45904 |
| 2022 | $36.50 | 0.15 | (3.81) | (3.66) | (0.14) | (8.60) | (8.74) | $24.10 | (14.73)% | 0.90% | 0.55% | 238% | $51847 |
| 2021 | $30.36 | 0.20 | 9.81 | 10.01 | (0.20) | (3.67) | (3.87) | $36.50 | 35.10% | 0.91% | 0.59% | 186% | $75252 |
| 2020 | $31.69 | 0.26 | 1.57 | 1.83 | (0.25) | (2.91) | (3.16) | $30.36 | 5.57% | 0.92% | 0.84% | 113% | $61504 |
| 2019 | $33.32 | 0.31 | 1.57 | 1.88 | (0.30) | (3.21) | (3.51) | $31.69 | 6.96% | 0.92% | 0.98% | 80% | $81086 |
| 2018 | $31.76 | 0.35 | 4.39 | 4.74 | (0.32) | (2.86) | (3.18) | $33.32 | 15.32% | 0.91% | 1.05% | 84% | $91750 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $23.48 | 0.10 | (0.38) | (0.28) | (0.04) | (1.72) | (1.76) | $21.44 | (1.70)% | 1.66%<sup>(4)</sup> | 0.92%<sup>(4)</sup> | 101% | $2393 |
| 2022 | $35.92 | (0.09) | (3.71) | (3.80) | (0.04) | (8.60) | (8.64) | $23.48 | (15.34)% | 1.65% | (0.20)% | 238% | $3397 |
| 2021 | $29.98 | (0.05) | 9.66 | 9.61 | —<sup>(5)</sup> | (3.67) | (3.67) | $35.92 | 34.07% | 1.66% | (0.16)% | 186% | $4950 |
| 2020 | $31.34 | 0.03 | 1.55 | 1.58 | (0.03) | (2.91) | (2.94) | $29.98 | 4.80% | 1.67% | 0.09% | 113% | $5880 |
| 2019 | $33.00 | 0.07 | 1.55 | 1.62 | (0.07) | (3.21) | (3.28) | $31.34 | 6.17% | 1.67% | 0.23% | 80% | $7378 |
| 2018 | $31.50 | 0.10 | 4.34 | 4.44 | (0.08) | (2.86) | (2.94) | $33.00 | 14.48% | 1.66% | 0.30% | 84% | $11191 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | | | | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset <br>Value, <br>Beginning <br>of Period** | **Net** <br>**Investment** <br>**Income (Loss)**<sup>(1)</sup> | **Net <br>Realized <br>and <br>Unrealized <br>Gain (Loss)** | **Total From <br>Investment <br>Operations** | **Net <br>Investment <br>Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset <br>Value, <br>End <br>of Period** | **Total** <br>**Return**<sup>(2)</sup> | **Operating <br>Expenses** | **Net <br>Investment <br>Income (Loss)** | **Portfolio <br>Turnover <br>Rate** | **Net <br>Assets, <br>End of <br>Period <br>(in thousands)** |
| **R Class** | | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $24.10 | 0.17 | (0.40) | (0.23) | (0.10) | (1.72) | (1.82) | $22.05 | (1.40)% | 1.16%<sup>(4)</sup> | 1.42%<sup>(4)</sup> | 101% | $18260 |
| 2022 | $36.53 | 0.07 | (3.82) | (3.75) | (0.08) | (8.60) | (8.68) | $24.10 | (14.92)% | 1.15% | 0.30% | 238% | $19602 |
| 2021 | $30.38 | 0.12 | 9.81 | 9.93 | (0.11) | (3.67) | (3.78) | $36.53 | 34.77% | 1.16% | 0.34% | 186% | $24891 |
| 2020 | $31.71 | 0.18 | 1.57 | 1.75 | (0.17) | (2.91) | (3.08) | $30.38 | 5.31% | 1.17% | 0.59% | 113% | $21394 |
| 2019 | $33.34 | 0.23 | 1.57 | 1.80 | (0.22) | (3.21) | (3.43) | $31.71 | 6.69% | 1.17% | 0.73% | 80% | $21413 |
| 2018 | $31.78 | 0.28 | 4.37 | 4.65 | (0.23) | (2.86) | (3.09) | $33.34 | 15.06% | 1.16% | 0.80% | 84% | $22576 |
| **R5 Class** | **R5 Class** |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $24.20 | 0.26 | (0.42) | (0.16) | (0.19) | (1.72) | (1.91) | $22.13 | (1.06)% | 0.46%<sup>(4)</sup> | 2.12%<sup>(4)</sup> | 101% | $4156 |
| 2022 | $36.62 | 0.30 | (3.84) | (3.54) | (0.28) | (8.60) | (8.88) | $24.20 | (14.34)% | 0.45% | 1.00% | 238% | $4553 |
| 2021 | $30.45 | 0.34 | 9.86 | 10.20 | (0.36) | (3.67) | (4.03) | $36.62 | 35.72% | 0.46% | 1.04% | 186% | $6096 |
| 2020 | $31.77 | 0.40 | 1.58 | 1.98 | (0.39) | (2.91) | (3.30) | $30.45 | 6.06% | 0.47% | 1.29% | 113% | $2302 |
| 2019 | $33.39 | 0.45 | 1.57 | 2.02 | (0.43) | (3.21) | (3.64) | $31.77 | 7.44% | 0.47% | 1.43% | 80% | $2069 |
| 2018 | $31.82 | 0.43 | 4.47 | 4.90 | (0.47) | (2.86) | (3.33) | $33.39 | 15.83% | 0.46% | 1.50% | 84% | $1556 |

---

------

**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)Six months ended December 31, 2022 (unaudited).

(4)Annualized.

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

See Notes to Financial Statements.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

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

------

Notes

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Notes

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Notes

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| | |
|:---|:---|
| ![image15.jpg](image15.jpg) | ![image15.jpg](image15.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored<br>Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers,<br>Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Quantitative Equity Funds, Inc.** | **American Century Quantitative Equity Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91455 2302** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91455 2302** |

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------

&nbsp;&nbsp;&nbsp;&nbsp;

![image15.jpg](image15.jpg)

---

| |
|:---|
| Semiannual Report |
| December 31, 2022 |
| Global Gold Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (BGEIX) |
| &nbsp;&nbsp;&nbsp;I Class (AGGNX) |
| &nbsp;&nbsp;&nbsp;A Class (ACGGX) |
| &nbsp;&nbsp;&nbsp;C Class (AGYCX) |
| &nbsp;&nbsp;&nbsp;R Class (AGGWX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i65806b8e1e2348a686d13e3e442f9a02_214) |
| Fund Characteristics | [3](#i65806b8e1e2348a686d13e3e442f9a02_223) |
| Shareholder Fee Example | [4](#i65806b8e1e2348a686d13e3e442f9a02_226) |
| Schedule of Investments | [6](#i65806b8e1e2348a686d13e3e442f9a02_229) |
| Statement of Assets and Liabilities | [8](#i65806b8e1e2348a686d13e3e442f9a02_235) |
| Statement of Operations | [9](#i65806b8e1e2348a686d13e3e442f9a02_238) |
| Statement of Changes in Net Assets | [10](#i65806b8e1e2348a686d13e3e442f9a02_241) |
| Notes to Financial Statements | [11](#i65806b8e1e2348a686d13e3e442f9a02_244) |
| Financial Highlights | [18](#i65806b8e1e2348a686d13e3e442f9a02_247) |
| Additional Information | [21](#i65806b8e1e2348a686d13e3e442f9a02_265) |

---

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<sup>®</sup> 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

![image40.jpg](image40.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending December 31, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Late-Year Rally Led to Gains for Stocks** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the impacts of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening its monetary policy in March with a 25 basis point (bp) rate hike, increased its interest rate target an additional 400 bps through December. After climbing to a 40-year high of 9.1% in June, the annual U.S. inflation rate retreated to 6.5% in December. Inflation in the U.K. and Europe also eased by year-end, but at a much slower pace.

Moderating inflation and mounting recession risk triggered expectations for central banks to slow or conclude their rate-hike campaigns. This sentiment fueled a rally among global stocks and other riskier assets late in the period. However, with inflation still much higher than the Fed's target, policymakers indicated a near-term course change was unlikely, and stocks sold off sharply in December.

Nevertheless, the rally in October and November was sufficient to leave most global and U.S. stock indices with gains for the six-month period. Emerging markets stocks generally declined.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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,

![image21.jpg](image21.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

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Fund Characteristics

---

| | |
|:---|:---|
| **DECEMBER 31, 2022** | **DECEMBER 31, 2022** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 98.8% |
| Short-Term Investments | 1.8% |
| Other Assets and Liabilities | (0.6)% |
| **Top Five Countries** | **% of net assets** |
| Canada | 52.2% |
| Australia | 15.0% |
| United States | 13.5% |
| South Africa | 10.5% |
| China | 4.8% |

---

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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 July 1, 2022 to December 31, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

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---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>7/1/22** | **Ending<br>Account Value<br>12/31/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**7/1/22 - 12/31/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $1038.90 | $3.39 | 0.66% |
| I Class | $1000 | $1040.50 | $2.37 | 0.46% |
| A Class | $1000 | $1038.40 | $4.68 | 0.91% |
| C Class | $1000 | $1034.00 | $8.51 | 1.66% |
| R Class | $1000 | $1036.40 | $5.95 | 1.16% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.88 | $3.36 | 0.66% |
| I Class | $1000 | $1022.89 | $2.35 | 0.46% |
| A Class | $1000 | $1020.62 | $4.63 | 0.91% |
| C Class | $1000 | $1016.84 | $8.44 | 1.66% |
| R Class | $1000 | $1019.36 | $5.90 | 1.16% |

---

(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 184, 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

**DECEMBER 31, 2022 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.8%** | **Shares** | **Value** |
| **Australia — 15.0%** | | |
| Capricorn Metals Ltd.<sup>(1)</sup> | 1801700 | $5649652 |
| Evolution Mining Ltd. | 2017300 | 4124405 |
| Newcrest Mining Ltd. (Sydney) | 1381213 | 19367794 |
| Northern Star Resources Ltd. | 3268317 | 24457852 |
| Perseus Mining Ltd. | 7378500 | 10617405 |
| Ramelius Resources Ltd. | 9376700 | 5995117 |
| Regis Resources Ltd. | 1712000 | 2409468 |
| Silver Lake Resources Ltd.<sup>(1)</sup> | 5241300 | 4266582 |
| West African Resources Ltd.<sup>(1)</sup> | 7568600 | 6122599 |
|  |  | 83010874 |
| **Canada — 52.2%** |  |  |
| Agnico Eagle Mines Ltd. | 256734 | 13341067 |
| Agnico Eagle Mines Ltd. (New York) | 401300 | 20863587 |
| Alamos Gold, Inc. (New York), Class A | 417600 | 4221936 |
| B2Gold Corp. (New York) | 4223900 | 15079323 |
| Barrick Gold Corp. | 2352520 | 40416294 |
| Centerra Gold, Inc. | 519200 | 2688029 |
| Dundee Precious Metals, Inc. | 1250100 | 6010451 |
| Eldorado Gold Corp.<sup>(1)</sup> | 863400 | 7218024 |
| Eldorado Gold Corp. (Toronto)<sup>(1)(2)</sup> | 277300 | 2312199 |
| Endeavour Mining PLC | 819104 | 17531487 |
| Fortuna Silver Mines, Inc.<sup>(1)(2)</sup> | 2523800 | 9464250 |
| Franco-Nevada Corp. (New York) | 281100 | 38364528 |
| IAMGOLD Corp.<sup>(1)(2)</sup> | 1333900 | 3441462 |
| K92 Mining, Inc.<sup>(1)</sup> | 957900 | 5426213 |
| Karora Resources, Inc.<sup>(1)</sup> | 1182100 | 4059649 |
| Kinross Gold Corp. (New York) | 2585657 | 10575337 |
| Lundin Gold, Inc. | 556700 | 5439543 |
| New Gold, Inc.<sup>(1)</sup> | 4165900 | 4082582 |
| OceanaGold Corp.<sup>(1)</sup> | 4872700 | 9284761 |
| Orla Mining Ltd.<sup>(1)</sup> | 441400 | 1786464 |
| Pan American Silver Corp. (NASDAQ)<sup>(2)</sup> | 233100 | 3808854 |
| Silvercorp Metals, Inc. | 978300 | 2875653 |
| SSR Mining, Inc. | 472300 | 7400941 |
| Teck Resources Ltd., Class B | 37400 | 1413411 |
| Torex Gold Resources, Inc.<sup>(1)</sup> | 803864 | 9231968 |
| Wesdome Gold Mines Ltd.<sup>(1)</sup> | 276800 | 1529146 |
| Wheaton Precious Metals Corp. | 567000 | 22158360 |
| Yamana Gold, Inc. (New York)<sup>(2)</sup> | 3466181 | 19237305 |
|  |  | 289262824 |
| **China — 4.8%** |  |  |
| Zhaojin Mining Industry Co. Ltd., H Shares<sup>(1)</sup> | 1599000 | 1767553 |
| Zijin Mining Group Co. Ltd., H Shares | 18682000 | 25108455 |
|  |  | 26876008 |
| **South Africa — 10.5%** |  |  |
| Anglo American Platinum Ltd. | 58100 | 4848833 |

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------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| AngloGold Ashanti Ltd., ADR | 749776 | $14560650 |
| Gold Fields Ltd., ADR<sup>(2)</sup> | 2600000 | 26910000 |
| Harmony Gold Mining Co. Ltd., ADR<sup>(2)</sup> | 1494700 | 5081980 |
| Impala Platinum Holdings Ltd. | 325700 | 4093026 |
| Sibanye Stillwater Ltd. | 971800 | 2576465 |
|  |  | 58070954 |
| **United Kingdom — 2.8%** |  |  |
| Centamin PLC | 6201000 | 8473820 |
| Hochschild Mining PLC | 3930000 | 3340655 |
| Pan African Resources PLC | 18306800 | 3625134 |
|  |  | 15439609 |
| **United States — 13.5%** |  |  |
| Hecla Mining Co. | 486300 | 2703828 |
| Newmont Corp. | 1145580 | 54071376 |
| Royal Gold, Inc. | 158621 | 17879759 |
|  |  | 74654963 |
| **TOTAL COMMON STOCKS**<br>(Cost $392,677,082) |  | **547315232** |
| **SHORT-TERM INVESTMENTS — 1.8%** |  |  |
| **Money Market Funds — 0.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 7588 | 7588 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 2660123 | 2660123 |
|  |  | 2667711 |
| **Repurchase Agreements — 1.3%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.375% - 0.50%, 9/15/24 - 5/31/27, valued at $1,037,491), in a joint trading account at 4.20%, dated 12/30/22, due 1/3/23 (Delivery value $1,018,747) |  | 1018272 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.375%, 11/15/31, valued at $6,381,186), at 4.26%, dated 12/30/22, due 1/3/23 (Delivery value $6,258,961) |  | 6256000 |
|  |  | 7274272 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $9,941,983) |  | **9941983** |
| **TOTAL INVESTMENT SECURITIES—100.6%**<br>(Cost $402,619,065) |  | **557257215** |
| **OTHER ASSETS AND LIABILITIES — (0.6)%** |  | **(3248349)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**554008866** |

---

---

| | | |
|:---|:---|:---|
| **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** | **NOTES TO SCHEDULE OF INVESTMENTS** |
| ADR | – | American Depositary Receipt |

---

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $13,489,549. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $14,019,867, which includes securities collateral of $11,359,744.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **DECEMBER 31, 2022 (UNAUDITED)** | **DECEMBER 31, 2022 (UNAUDITED)** |
| **Assets** | |
| Investment securities, at value (cost of $399,958,942) — including $13,489,549 of securities on loan | $554597092 |
| Investment made with cash collateral received for securities on loan, at value (cost of $2,660,123) | 2660123 |
| Total investment securities, at value (cost of $402,619,065) | 557257215 |
| Cash | 5277 |
| Receivable for capital shares sold | 202452 |
| Dividends and interest receivable | 152635 |
| Securities lending receivable | 2100 |
|  | 557619679 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 2660123 |
| Payable for capital shares redeemed | 641676 |
| Accrued management fees | 300509 |
| Distribution and service fees payable | 8505 |
|  | 3610813 |
| **Net Assets** | $554008866 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $562565500 |
| Distributable earnings | (8556634) |
|  | $554008866 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $481406985 | 47792474 | $10.07 |
| I Class, $0.01 Par Value | $47592354 | 4669025 | $10.19 |
| A Class, $0.01 Par Value | $15617844 | 1586965 | $9.84 |
| C Class, $0.01 Par Value | $2773094 | 297588 | $9.32 |
| R Class, $0.01 Par Value | $6618589 | 680944 | $9.72 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $10.44 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $592,851) | $6067178 |
| Interest | 58601 |
| Securities lending, net | 24992 |
|  | 6150771 |
| **Expenses:** |  |
| Management fees | 1591764 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 18826 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 12855 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 15954 |
| Directors' fees and expenses | 16467 |
| Other expenses | 154 |
|  | 1656020 |
| **Net investment income (loss)** | 4494751 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (22325663) |
| Foreign currency translation transactions | (51024) |
|  | (22376687) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 39518545 |
| Translation of assets and liabilities in foreign currencies | (3341) |
|  | 39515204 |
| **Net realized and unrealized gain (loss)** | 17138517 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $21633268 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** |
| **Increase (Decrease) in Net Assets** | **December 31, 2022** | **June 30, 2022** |
| **Operations** | | |
| Net investment income (loss) | $4494751 | $9546398 |
| Net realized gain (loss) | (22376687) | (27369744) |
| Change in net unrealized appreciation (depreciation) | 39515204 | (116701832) |
| Net increase (decrease) in net assets resulting from operations | 21633268 | (134525178) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (4333174) | (10533623) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (472111) | (1020391) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | (122725) | (301763) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | (11256) | (37861) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | (43764) | (125151) |
| Decrease in net assets from distributions | (4983030) | (12018789) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | 7320344 | (17012253) |
| **Net increase (decrease) in net assets** | 23970582 | (163556220) |
| **Net Assets** |  |  |
| Beginning of period | 530038284 | 693594504 |
| End of period | $554008866 | $530038284 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**DECEMBER 31, 2022 (UNAUDITED)**

**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. Global Gold Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objective is to seek to realize a total return (capital growth and dividends) consistent with investment in securities of companies that are engaged in mining, processing, fabricating or distributing gold or other precious metals throughout the world.

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

**2. Significant Accounting Policies**

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

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

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

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.

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

------

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

**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. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**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. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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

------

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

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

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

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and <br>Continuous** | **<30 days** | **Between <br>30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $2660123 |  |  |  | $2660123 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $2660123 |

---

(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

**3. Fees and Transactions with Related Parties**

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

------

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

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended December 31, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Investment Category Fee Range** | **Complex Fee Range** | **Effective Annual Management Fee** |
| Investor Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| I Class | 0.3380% to 0.5200% | 0.0500% to 0.1100% | 0.45% |
| A Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| C Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |
| R Class | 0.3380% to 0.5200% | 0.2500% to 0.3100% | 0.65% |

---

**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 December 31, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended December 31, 2022 were $154,915,833 and $150,042,641, respectively.

------

**5. Capital Share Transactions**

Transactions in shares of the fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended <br>December 31, 2022** | **Six months ended <br>December 31, 2022** | **Year ended <br>June 30, 2022** | **Year ended <br>June 30, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 800000000 |  | 800000000 |  |
| Sold | 5093740 | $45788969 | 10330701 | $127710014 |
| Issued in reinvestment of distributions | 408256 | 4164207 | 910785 | 10126967 |
| Redeemed | (4884467) | (44707225) | (11844177) | (140869540) |
|  | 617529 | 5245951 | (602691) | (3032559) |
| **I Class/Shares Authorized** | 100000000 |  | 100000000 |  |
| Sold | 1468266 | 13578122 | 1557246 | 19232819 |
| Issued in reinvestment of distributions | 45741 | 472044 | 90755 | 1020232 |
| Redeemed | (948971) | (8510511) | (2980620) | (35853961) |
|  | 565036 | 5539655 | (1332619) | (15600910) |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 232806 | 2044794 | 848416 | 10535940 |
| Issued in reinvestment of distributions | 11985 | 119374 | 27028 | 293579 |
| Redeemed | (481636) | (4134206) | (873378) | (10171868) |
|  | (236845) | (1970038) | 2066 | 657651 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 15755 | 131066 | 43140 | 490131 |
| Issued in reinvestment of distributions | 1192 | 11256 | 3651 | 37861 |
| Redeemed | (37133) | (310340) | (63996) | (726632) |
|  | (20186) | (168018) | (17205) | (198640) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 109275 | 981304 | 503491 | 5808594 |
| Issued in reinvestment of distributions | 4444 | 43732 | 11634 | 125141 |
| Redeemed | (270439) | (2352242) | (420019) | (4771530) |
|  | (156720) | (1327206) | 95106 | 1162205 |
| Net increase (decrease) | 768814 | $7320344 | (1855343) | $(17012253) |

---

**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 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Australia |  | $83010874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | $206332783 | 82930041 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;China |  | 26876008 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;South Africa | 46552630 | 11518324 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;United Kingdom |  | 15439609 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Countries | 74654963 |  |  |
| Short-Term Investments | 2667711 | 7274272 |  |
|  | $330208087 | $227049128 |  |

---

**7. Risk Factors**

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

There are certain risks involved in investing in foreign securities. These risks include those resulting from political events (such as civil unrest, national elections and imposition of exchange controls), social and economic events (such as labor strikes and rising inflation), and natural disasters. Securities of foreign issuers may be less liquid and more volatile. Investing in emerging markets or a significant portion of assets in one country or region may accentuate these risks.

The fund concentrates its investments in a narrow segment of the total market. Because of this, the fund may be subject to greater risk and market fluctuations than a portfolio representing a broader range of industries. Gold stocks are generally considered speculative because of high share price volatility. The price of gold will likely impact the value of the companies in which the fund invests. The price of gold will fluctuate, sometimes considerably. Though many investors believe that gold investments hedge against inflation, currency devaluations and stock market declines, there is no guarantee that these historical inverse relationships will continue.

**8. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| Federal tax cost of investments | $407578558 |
| Gross tax appreciation of investments | $163393429 |
| Gross tax depreciation of investments | (13714772) |
| Net tax appreciation (depreciation) of investments | $149678657 |

---

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

------

As of June 30, 2022, the fund had accumulated short-term capital losses of $(106,185,876) and accumulated long-term capital losses of $(30,629,816), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. Future capital loss carryover utilization in any given year may be subject to Internal Revenue Code limitations.

As of June 30, 2022, the fund had late-year ordinary loss deferrals of $(317,966), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

------

Financial Highlights

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Distributions From Net Investment Income** | **Net Asset<br>Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **Investor Class** | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $9.78 | 0.08 | 0.30 | 0.38 | (0.09) | $10.07 | 3.89% | 0.66%<sup>(4)</sup> | 1.81%<sup>(4)</sup> | 30% | $481407 |
| 2022 | $12.37 | 0.17 | (2.54) | (2.37) | (0.22) | $9.78 | (19.33)% | 0.65% | 1.46% | 57% | $461236 |
| 2021 | $13.64 | 0.13 | (1.26) | (1.13) | (0.14) | $12.37 | (8.30)% | 0.66% | 0.96% | 105% | $590853 |
| 2020 | $9.76 | 0.04 | 3.94 | 3.98 | (0.10) | $13.64 | 41.12% | 0.67% | 0.35% | 50% | $644946 |
| 2019 | $8.58 | 0.07 | 1.11 | 1.18 |  | $9.76 | 13.75% | 0.67% | 0.84% | 47% | $398804 |
| 2018 | $8.25 | 0.04 | 0.29 | 0.33 |  | $8.58 | 4.00% | 0.66% | 0.47% | 37% | $347311 |
| **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $9.89 | 0.09 | 0.31 | 0.40 | (0.10) | $10.19 | 4.05% | 0.46%<sup>(4)</sup> | 2.01%<sup>(4)</sup> | 30% | $47592 |
| 2022 | $12.51 | 0.20 | (2.57) | (2.37) | (0.25) | $9.89 | (19.20)% | 0.45% | 1.66% | 57% | $40601 |
| 2021 | $13.79 | 0.16 | (1.27) | (1.11) | (0.17) | $12.51 | (8.10)% | 0.46% | 1.16% | 105% | $68014 |
| 2020 | $9.88 | 0.06 | 3.98 | 4.04 | (0.13) | $13.79 | 41.34% | 0.47% | 0.55% | 50% | $74730 |
| 2019 | $8.67 | 0.08 | 1.13 | 1.21 |  | $9.88 | 13.96% | 0.47% | 1.04% | 47% | $30608 |
| 2018 | $8.32 | 0.06 | 0.29 | 0.35 |  | $8.67 | 4.21% | 0.46% | 0.67% | 37% | $13464 |

---

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Distributions From Net Investment Income** | **Net Asset<br>Value,<br>End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment<br>Income<br>(Loss)** | **Portfolio<br>Turnover<br>Rate** | **Net Assets,<br>End of Period<br>(in thousands)** |
| **A Class** | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $9.55 | 0.07 | 0.30 | 0.37 | (0.08) | $9.84 | 3.84% | 0.91%<sup>(4)</sup> | 1.56%<sup>(4)</sup> | 30% | $15618 |
| 2022 | $12.09 | 0.14 | (2.48) | (2.34) | (0.20) | $9.55 | (19.57)% | 0.90% | 1.21% | 57% | $17423 |
| 2021 | $13.33 | 0.10 | (1.23) | (1.13) | (0.11) | $12.09 | (8.51)% | 0.91% | 0.71% | 105% | $22022 |
| 2020 | $9.54 | 0.01 | 3.85 | 3.86 | (0.07) | $13.33 | 40.72% | 0.92% | 0.10% | 50% | $15798 |
| 2019 | $8.40 | 0.05 | 1.09 | 1.14 |  | $9.54 | 13.57% | 0.92% | 0.59% | 47% | $10311 |
| 2018 | $8.11 | 0.02 | 0.27 | 0.29 |  | $8.40 | 3.58% | 0.91% | 0.22% | 37% | $7475 |
| **C Class** | **C Class** | **C Class** | **C Class** |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $9.05 | 0.03 | 0.28 | 0.31 | (0.04) | $9.32 | 3.40% | 1.66%<sup>(4)</sup> | 0.81%<sup>(4)</sup> | 30% | $2773 |
| 2022 | $11.46 | 0.05 | (2.34) | (2.29) | (0.12) | $9.05 | (20.13)% | 1.65% | 0.46% | 57% | $2875 |
| 2021 | $12.63 | (0.01) | (1.15) | (1.16) | (0.01) | $11.46 | (9.18)% | 1.66% | (0.04)% | 105% | $3838 |
| 2020 | $9.04 | (0.07) | 3.66 | 3.59 |  | $12.63 | 39.71% | 1.67% | (0.65)% | 50% | $4628 |
| 2019 | $8.03 | (0.01) | 1.02 | 1.01 |  | $9.04 | 12.58% | 1.67% | (0.16)% | 47% | $2994 |
| 2018 | $7.80 | (0.04) | 0.27 | 0.23 |  | $8.03 | 2.95% | 1.66% | (0.53)% | 37% | $2463 |
| **R Class** | **R Class** | **R Class** | **R Class** |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $9.44 | 0.06 | 0.28 | 0.34 | (0.06) | $9.72 | 3.64% | 1.16%<sup>(4)</sup> | 1.31%<sup>(4)</sup> | 30% | $6619 |
| 2022 | $11.94 | 0.11 | (2.44) | (2.33) | (0.17) | $9.44 | (19.69)% | 1.15% | 0.96% | 57% | $7904 |
| 2021 | $13.17 | 0.06 | (1.22) | (1.16) | (0.07) | $11.94 | (8.79)% | 1.16% | 0.46% | 105% | $8868 |
| 2020 | $9.42 | (0.01) | 3.80 | 3.79 | (0.04) | $13.17 | 40.44% | 1.17% | (0.15)% | 50% | $10464 |
| 2019 | $8.32 | 0.02 | 1.08 | 1.10 |  | $9.42 | 13.22% | 1.17% | 0.34% | 47% | $5573 |
| 2018 | $8.05 | —<sup>(5)</sup> | 0.27 | 0.27 |  | $8.32 | 3.35% | 1.16% | (0.03)% | 37% | $5524 |

---

------

**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)Six months ended December 31, 2022 (unaudited).

(4)Annualized.

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

See Notes to Financial Statements.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

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

------

Notes

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Notes

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Notes

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---

| | |
|:---|:---|
| ![image15.jpg](image15.jpg) | ![image15.jpg](image15.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored<br>Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers,<br>Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Quantitative Equity Funds, Inc.** | **American Century Quantitative Equity Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91453 2302** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91453 2302** |

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------

&nbsp;&nbsp;&nbsp;&nbsp;

![image15.jpg](image15.jpg)

---

| |
|:---|
| Semiannual Report |
| December 31, 2022 |
| Small Company Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (ASQIX) |
| &nbsp;&nbsp;&nbsp;I Class (ASCQX) |
| &nbsp;&nbsp;&nbsp;A Class (ASQAX) |
| &nbsp;&nbsp;&nbsp;C Class (ASQCX) |
| &nbsp;&nbsp;&nbsp;R Class (ASCRX) |
| &nbsp;&nbsp;&nbsp;R5 Class (ASQGX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i65806b8e1e2348a686d13e3e442f9a02_280) |
| Fund Characteristics | [3](#i65806b8e1e2348a686d13e3e442f9a02_289) |
| Shareholder Fee Example | [4](#i65806b8e1e2348a686d13e3e442f9a02_292) |
| Schedule of Investments | [6](#i65806b8e1e2348a686d13e3e442f9a02_295) |
| Statement of Assets and Liabilities | [14](#i65806b8e1e2348a686d13e3e442f9a02_301) |
| Statement of Operations | [15](#i65806b8e1e2348a686d13e3e442f9a02_304) |
| Statement of Changes in Net Assets | [16](#i65806b8e1e2348a686d13e3e442f9a02_307) |
| Notes to Financial Statements | [17](#i65806b8e1e2348a686d13e3e442f9a02_310) |
| Financial Highlights | [24](#i65806b8e1e2348a686d13e3e442f9a02_313) |
| Additional Information | [27](#i65806b8e1e2348a686d13e3e442f9a02_331) |

---

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<sup>®</sup> 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

![image40.jpg](image40.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending December 31, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Late-Year Rally Led to Gains for Stocks** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the impacts of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening its monetary policy in March with a 25 basis point (bp) rate hike, increased its interest rate target an additional 400 bps through December. After climbing to a 40-year high of 9.1% in June, the annual U.S. inflation rate retreated to 6.5% in December. Inflation in the U.K. and Europe also eased by year-end, but at a much slower pace.

Moderating inflation and mounting recession risk triggered expectations for central banks to slow or conclude their rate-hike campaigns. This sentiment fueled a rally among global stocks and other riskier assets late in the period. However, with inflation still much higher than the Fed's target, policymakers indicated a near-term course change was unlikely, and stocks sold off sharply in December.

Nevertheless, the rally in October and November was sufficient to leave most global and U.S. stock indices with gains for the six-month period. Emerging markets stocks generally declined.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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,

![image21.jpg](image21.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

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Fund Characteristics

---

| | |
|:---|:---|
| **DECEMBER 31, 2022** | **DECEMBER 31, 2022** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 99.5% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | (0.7)% |
| **Top Five Industries** | **% of net assets** |
| Banks | 9.4% |
| Software | 6.2% |
| Oil, Gas and Consumable Fuels | 5.2% |
| Health Care Equipment and Supplies | 4.7% |
| Equity Real Estate Investment Trusts (REITs) | 4.2% |

---

------

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 July 1, 2022 to December 31, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

------

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>7/1/22** | **Ending <br>Account Value<br>12/31/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**7/1/22 - 12/31/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $1036.80 | $4.42 | 0.86% |
| I Class | $1000 | $1037.60 | $3.39 | 0.66% |
| A Class | $1000 | $1035.00 | $5.69 | 1.11% |
| C Class | $1000 | $1030.90 | $9.52 | 1.86% |
| R Class | $1000 | $1033.70 | $6.97 | 1.36% |
| R5 Class | $1000 | $1038.40 | $3.39 | 0.66% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1020.87 | $4.38 | 0.86% |
| I Class | $1000 | $1021.88 | $3.36 | 0.66% |
| A Class | $1000 | $1019.61 | $5.65 | 1.11% |
| C Class | $1000 | $1015.83 | $9.45 | 1.86% |
| R Class | $1000 | $1018.35 | $6.92 | 1.36% |
| R5 Class | $1000 | $1021.88 | $3.36 | 0.66% |

---

(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 184, 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

**DECEMBER 31, 2022 (UNAUDITED)** 

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 99.5%** | **Shares** | **Value** |
| **Aerospace and Defense — 0.3%** | | |
| AAR Corp.<sup>(1)</sup> | 9226 | $414247 |
| **Auto Components — 0.1%** |  |  |
| American Axle & Manufacturing Holdings, Inc.<sup>(1)</sup> | 23547 | 184138 |
| **Automobiles — 0.4%** |  |  |
| Winnebago Industries, Inc. | 10722 | 565049 |
| **Banks — 9.4%** |  |  |
| Ameris Bancorp | 20520 | 967313 |
| Associated Banc-Corp. | 30624 | 707108 |
| Bancorp, Inc.<sup>(1)</sup> | 14109 | 400413 |
| Bank OZK | 12748 | 510685 |
| Customers Bancorp, Inc.<sup>(1)</sup> | 9774 | 276995 |
| Enterprise Financial Services Corp. | 6683 | 327200 |
| First Foundation, Inc. | 23329 | 334305 |
| Hancock Whitney Corp. | 7658 | 370571 |
| Hanmi Financial Corp. | 22750 | 563063 |
| Heartland Financial USA, Inc. | 17096 | 797016 |
| Hilltop Holdings, Inc. | 18206 | 546362 |
| Hope Bancorp, Inc. | 82189 | 1052841 |
| International Bancshares Corp. | 10473 | 479244 |
| Lakeland Bancorp, Inc. | 17497 | 308122 |
| OceanFirst Financial Corp. | 57574 | 1223448 |
| OFG Bancorp | 37195 | 1025094 |
| Old Second Bancorp, Inc. | 28079 | 450387 |
| Pathward Financial, Inc. | 5880 | 253134 |
| Peoples Bancorp, Inc. | 19065 | 538586 |
| Popular, Inc. | 7110 | 471535 |
| Renasant Corp. | 17132 | 643992 |
| TriCo Bancshares | 14992 | 764442 |
| United Community Banks, Inc. | 18828 | 636386 |
| Univest Financial Corp. | 20275 | 529786 |
|  |  | 14178028 |
| **Beverages — 1.3%** |  |  |
| Celsius Holdings, Inc.<sup>(1)</sup> | 7140 | 742845 |
| Coca-Cola Consolidated, Inc. | 2455 | 1257844 |
|  |  | 2000689 |
| **Biotechnology — 3.3%** |  |  |
| Arcus Biosciences, Inc.<sup>(1)</sup> | 20744 | 428986 |
| Exelixis, Inc.<sup>(1)</sup> | 82882 | 1329427 |
| Halozyme Therapeutics, Inc.<sup>(1)</sup> | 2997 | 170529 |
| Ionis Pharmaceuticals, Inc.<sup>(1)</sup> | 18028 | 680918 |
| Karuna Therapeutics, Inc.<sup>(1)</sup> | 1144 | 224796 |
| Sarepta Therapeutics, Inc.<sup>(1)</sup> | 9121 | 1181899 |
| Syndax Pharmaceuticals, Inc.<sup>(1)</sup> | 11440 | 291148 |
| Vanda Pharmaceuticals, Inc.<sup>(1)</sup> | 28944 | 213896 |
| Vir Biotechnology, Inc.<sup>(1)</sup> | 4103 | 103847 |
| Xencor, Inc.<sup>(1)</sup> | 16551 | 430988 |
|  |  | 5056434 |

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| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Building Products — 2.5%** | | |
| American Woodmark Corp.<sup>(1)</sup> | 7038 | $343877 |
| Apogee Enterprises, Inc. | 6450 | 286767 |
| Builders FirstSource, Inc.<sup>(1)</sup> | 6555 | 425288 |
| Masonite International Corp.<sup>(1)</sup> | 2836 | 228610 |
| Quanex Building Products Corp. | 10324 | 244472 |
| Resideo Technologies, Inc.<sup>(1)</sup> | 20000 | 329000 |
| Simpson Manufacturing Co., Inc. | 2225 | 197269 |
| UFP Industries, Inc. | 20982 | 1662823 |
|  |  | 3718106 |
| **Capital Markets — 2.7%** |  |  |
| BGC Partners, Inc., Class A | 74657 | 281457 |
| Bread Financial Holdings, Inc. | 7966 | 300000 |
| Cohen & Steers, Inc. | 4927 | 318087 |
| Evercore, Inc., Class A | 2086 | 227541 |
| EZCORP, Inc., Class A<sup>(1)</sup> | 48927 | 398755 |
| Moelis & Co., Class A | 26687 | 1023980 |
| PJT Partners, Inc., Class A | 12802 | 943379 |
| StoneX Group, Inc.<sup>(1)</sup> | 6384 | 608395 |
|  |  | 4101594 |
| **Chemicals — 1.6%** |  |  |
| AdvanSix, Inc. | 12369 | 470270 |
| Ingevity Corp.<sup>(1)</sup> | 15659 | 1103020 |
| Livent Corp.<sup>(1)</sup> | 26390 | 524369 |
| Mativ Holdings, Inc. | 13000 | 271700 |
|  |  | 2369359 |
| **Commercial Services and Supplies — 1.8%** |  |  |
| ABM Industries, Inc. | 9553 | 424344 |
| ACCO Brands Corp. | 57292 | 320262 |
| Brink's Co. | 9752 | 523780 |
| Chegg, Inc.<sup>(1)</sup> | 10953 | 276782 |
| Cimpress PLC<sup>(1)</sup> | 5692 | 157156 |
| HealthEquity, Inc.<sup>(1)</sup> | 11584 | 714038 |
| Sabre Corp.<sup>(1)</sup> | 53492 | 330581 |
|  |  | 2746943 |
| **Communications Equipment — 1.1%** |  |  |
| CommScope Holding Co., Inc.<sup>(1)</sup> | 34340 | 252399 |
| Extreme Networks, Inc.<sup>(1)</sup> | 25405 | 465165 |
| Viavi Solutions, Inc.<sup>(1)</sup> | 91733 | 964114 |
|  |  | 1681678 |
| **Construction and Engineering — 1.9%** |  |  |
| EMCOR Group, Inc. | 1507 | 223202 |
| Frontdoor, Inc.<sup>(1)</sup> | 45284 | 941907 |
| Primoris Services Corp. | 15805 | 346761 |
| Sterling Infrastructure, Inc.<sup>(1)</sup> | 19211 | 630121 |
| WillScot Mobile Mini Holdings Corp.<sup>(1)</sup> | 16847 | 760979 |
|  |  | 2902970 |
| **Consumer Finance — 0.5%** |  |  |
| Navient Corp. | 33367 | 548887 |
| OneMain Holdings, Inc. | 6228 | 207455 |
|  |  | 756342 |
| **Distributors — 0.2%** |  |  |
| ScanSource, Inc.<sup>(1)</sup> | 10946 | 319842 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **Diversified Consumer Services — 0.5%** | | |
| Graham Holdings Co., Class B | 1251 | $755867 |
| **Diversified Telecommunication Services — 1.3%** |  |  |
| Cogent Communications Holdings, Inc. | 9894 | 564750 |
| EchoStar Corp., Class A<sup>(1)</sup> | 27087 | 451811 |
| Infinera Corp.<sup>(1)(2)</sup> | 84735 | 571114 |
| Lumen Technologies, Inc. | 81732 | 426641 |
|  |  | 2014316 |
| **Electric Utilities — 0.5%** |  |  |
| Ameresco, Inc., Class A<sup>(1)</sup> | 3741 | 213761 |
| Otter Tail Corp. | 9537 | 559917 |
|  |  | 773678 |
| **Electrical Equipment — 1.3%** |  |  |
| Atkore, Inc.<sup>(1)</sup> | 10596 | 1201798 |
| Encore Wire Corp. | 5201 | 715450 |
|  |  | 1917248 |
| **Electronic Equipment, Instruments and Components — 1.0%** |  |  |
| Benchmark Electronics, Inc. | 25158 | 671467 |
| TTM Technologies, Inc.<sup>(1)</sup> | 21033 | 317178 |
| Vishay Intertechnology, Inc. | 27437 | 591816 |
|  |  | 1580461 |
| **Energy Equipment and Services — 2.0%** |  |  |
| Archrock, Inc. | 36362 | 326531 |
| ChampionX Corp. | 29038 | 841812 |
| Oceaneering International, Inc.<sup>(1)</sup> | 34691 | 606746 |
| Tidewater, Inc.<sup>(1)</sup> | 10751 | 396174 |
| Weatherford International PLC<sup>(1)</sup> | 17357 | 883818 |
|  |  | 3055081 |
| **Entertainment — 0.9%** |  |  |
| World Wrestling Entertainment, Inc., Class A | 19831 | 1358820 |
| **Equity Real Estate Investment Trusts (REITs) — 4.2%** |  |  |
| CareTrust REIT, Inc. | 33321 | 619104 |
| Community Healthcare Trust, Inc. | 13501 | 483336 |
| Corporate Office Properties Trust | 29423 | 763233 |
| Easterly Government Properties, Inc. | 46471 | 663141 |
| Four Corners Property Trust, Inc. | 9472 | 245609 |
| Office Properties Income Trust | 19029 | 254037 |
| Paramount Group, Inc. | 107567 | 638948 |
| PotlatchDeltic Corp. | 34934 | 1536747 |
| STORE Capital Corp. | 23053 | 739079 |
| Universal Health Realty Income Trust | 7128 | 340219 |
|  |  | 6283453 |
| **Food and Staples Retailing — 2.3%** |  |  |
| Ingles Markets, Inc., Class A | 16418 | 1583680 |
| SpartanNash Co. | 10994 | 332459 |
| Sprouts Farmers Market, Inc.<sup>(1)</sup> | 38684 | 1252201 |
| Weis Markets, Inc. | 4535 | 373185 |
|  |  | 3541525 |
| **Food Products — 1.3%** |  |  |
| Cal-Maine Foods, Inc. | 4206 | 229017 |
| Fresh Del Monte Produce, Inc. | 13730 | 359589 |
| Lancaster Colony Corp. | 3945 | 778348 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Seaboard Corp. | 24 | $90605 |
| TreeHouse Foods, Inc.<sup>(1)</sup> | 11869 | 586091 |
|  |  | 2043650 |
| **Gas Utilities — 0.6%** |  |  |
| National Fuel Gas Co. | 10104 | 639583 |
| ONE Gas, Inc. | 2819 | 213455 |
|  |  | 853038 |
| **Health Care Equipment and Supplies — 4.7%** |  |  |
| 10X Genomics, Inc., Class A<sup>(1)</sup> | 21135 | 770160 |
| Avanos Medical, Inc.<sup>(1)</sup> | 16937 | 458315 |
| Enovis Corp.<sup>(1)</sup> | 7487 | 400704 |
| Lantheus Holdings, Inc.<sup>(1)</sup> | 11495 | 585785 |
| Merit Medical Systems, Inc.<sup>(1)</sup> | 13459 | 950475 |
| Novocure Ltd.<sup>(1)</sup> | 5891 | 432105 |
| QuidelOrtho Corp.<sup>(1)</sup> | 8394 | 719114 |
| Shockwave Medical, Inc.<sup>(1)</sup> | 5561 | 1143397 |
| STAAR Surgical Co.<sup>(1)</sup> | 8069 | 391669 |
| Tandem Diabetes Care, Inc.<sup>(1)</sup> | 11659 | 524072 |
| Varex Imaging Corp.<sup>(1)</sup> | 38814 | 787924 |
|  |  | 7163720 |
| **Health Care Providers and Services — 1.6%** |  |  |
| Accolade, Inc.<sup>(1)</sup> | 27761 | 216258 |
| Addus HomeCare Corp.<sup>(1)</sup> | 5186 | 515955 |
| AMN Healthcare Services, Inc.<sup>(1)</sup> | 13488 | 1386836 |
| Fulgent Genetics, Inc.<sup>(1)</sup> | 10779 | 320999 |
|  |  | 2440048 |
| **Hotels, Restaurants and Leisure — 3.3%** |  |  |
| Bloomin' Brands, Inc. | 29043 | 584345 |
| Brinker International, Inc.<sup>(1)</sup> | 14159 | 451814 |
| Golden Entertainment, Inc.<sup>(1)</sup> | 5532 | 206897 |
| Monarch Casino & Resort, Inc.<sup>(1)</sup> | 7607 | 584902 |
| Papa John's International, Inc. | 2697 | 221990 |
| Red Rock Resorts, Inc., Class A | 20101 | 804241 |
| SeaWorld Entertainment, Inc.<sup>(1)</sup> | 17706 | 947448 |
| Texas Roadhouse, Inc. | 4919 | 447383 |
| Wingstop, Inc. | 5045 | 694293 |
|  |  | 4943313 |
| **Household Durables — 1.5%** |  |  |
| La-Z-Boy, Inc. | 15081 | 344149 |
| M/I Homes, Inc.<sup>(1)</sup> | 5763 | 266135 |
| Meritage Homes Corp.<sup>(1)</sup> | 6200 | 571640 |
| Taylor Morrison Home Corp.<sup>(1)</sup> | 21375 | 648731 |
| Tri Pointe Homes, Inc.<sup>(1)</sup> | 20854 | 387676 |
|  |  | 2218331 |
| **Insurance — 3.8%** |  |  |
| Ambac Financial Group, Inc.<sup>(1)</sup> | 15075 | 262908 |
| American Equity Investment Life Holding Co. | 23760 | 1083931 |
| Genworth Financial, Inc., Class A<sup>(1)</sup> | 129954 | 687457 |
| Goosehead Insurance, Inc., Class A<sup>(1)</sup> | 8048 | 276368 |
| Hanover Insurance Group, Inc. | 5281 | 713622 |
| Kinsale Capital Group, Inc. | 3852 | 1007375 |
| Palomar Holdings, Inc.<sup>(1)</sup> | 6894 | 311333 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Reinsurance Group of America, Inc. | 3153 | $448010 |
| Stewart Information Services Corp. | 7606 | 325004 |
| Unum Group | 14374 | 589765 |
|  |  | 5705773 |
| **Interactive Media and Services — 0.4%** |  |  |
| Yelp, Inc.<sup>(1)</sup> | 22616 | 618321 |
| **Internet and Direct Marketing Retail — 0.2%** |  |  |
| Cargurus, Inc.<sup>(1)</sup> | 22246 | 311666 |
| **IT Services — 1.5%** |  |  |
| Amdocs Ltd. | 4604 | 418504 |
| Conduent, Inc.<sup>(1)</sup> | 121350 | 491468 |
| Grid Dynamics Holdings, Inc.<sup>(1)</sup> | 18447 | 206975 |
| MAXIMUS, Inc. | 15813 | 1159567 |
|  |  | 2276514 |
| **Leisure Products — 0.2%** |  |  |
| Malibu Boats, Inc., Class A<sup>(1)</sup> | 5713 | 304503 |
| **Life Sciences Tools and Services — 0.2%** |  |  |
| Syneos Health, Inc.<sup>(1)</sup> | 9264 | 339804 |
| **Machinery — 2.2%** |  |  |
| Hillenbrand, Inc. | 33533 | 1430853 |
| Mueller Industries, Inc. | 26424 | 1559016 |
| Shyft Group, Inc. | 12458 | 309706 |
|  |  | 3299575 |
| **Marine — 1.0%** |  |  |
| Costamare, Inc. | 50856 | 471943 |
| Eagle Bulk Shipping, Inc. | 3888 | 194167 |
| Matson, Inc. | 13892 | 868389 |
|  |  | 1534499 |
| **Media — 1.2%** |  |  |
| E.W. Scripps Co., Class A<sup>(1)</sup> | 21561 | 284389 |
| Liberty Latin America Ltd., Class C<sup>(1)</sup> | 44651 | 339348 |
| Scholastic Corp. | 9008 | 355456 |
| TEGNA, Inc. | 41393 | 877118 |
|  |  | 1856311 |
| **Metals and Mining — 2.0%** |  |  |
| Alpha Metallurgical Resources, Inc. | 5478 | 801924 |
| Arch Resources, Inc. | 2640 | 376965 |
| CONSOL Energy, Inc. | 2110 | 137150 |
| Schnitzer Steel Industries, Inc., Class A | 9520 | 291788 |
| SunCoke Energy, Inc. | 38633 | 333403 |
| TimkenSteel Corp.<sup>(1)</sup> | 26217 | 476363 |
| Warrior Met Coal, Inc. | 15534 | 538098 |
|  |  | 2955691 |
| **Multiline Retail — 0.4%** |  |  |
| Dillard's, Inc., Class A<sup>(2)</sup> | 1758 | 568186 |
| **Oil, Gas and Consumable Fuels — 5.2%** |  |  |
| Callon Petroleum Co.<sup>(1)</sup> | 12647 | 469077 |
| CVR Energy, Inc. | 30023 | 940921 |
| Delek US Holdings, Inc. | 7912 | 213624 |
| Kinetik Holdings, Inc.<sup>(2)</sup> | 19209 | 635434 |
| Laredo Petroleum, Inc.<sup>(1)(2)</sup> | 6401 | 329140 |
| Magnolia Oil & Gas Corp., Class A | 18735 | 439336 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Murphy Oil Corp. | 20939 | $900586 |
| Nabors Industries Ltd.<sup>(1)</sup> | 2064 | 319652 |
| Ovintiv, Inc. | 10276 | 521096 |
| PBF Energy, Inc., Class A | 19724 | 804345 |
| PDC Energy, Inc. | 8707 | 552720 |
| SM Energy Co. | 28127 | 979663 |
| Talos Energy, Inc.<sup>(1)</sup> | 39355 | 743022 |
|  |  | 7848616 |
| **Paper and Forest Products — 0.6%** |  |  |
| Clearwater Paper Corp.<sup>(1)</sup> | 13691 | 517657 |
| Louisiana-Pacific Corp. | 5738 | 339689 |
|  |  | 857346 |
| **Pharmaceuticals — 3.2%** |  |  |
| Corcept Therapeutics, Inc.<sup>(1)</sup> | 65548 | 1331280 |
| Ironwood Pharmaceuticals, Inc.<sup>(1)</sup> | 74219 | 919573 |
| Option Care Health, Inc.<sup>(1)</sup> | 32564 | 979851 |
| Supernus Pharmaceuticals, Inc.<sup>(1)</sup> | 43082 | 1536735 |
|  |  | 4767439 |
| **Professional Services — 3.2%** |  |  |
| CRA International, Inc. | 1511 | 184992 |
| Franklin Covey Co.<sup>(1)</sup> | 9837 | 460076 |
| Insperity, Inc. | 15218 | 1728765 |
| Kelly Services, Inc., Class A | 16855 | 284849 |
| Kforce, Inc. | 7819 | 428716 |
| TriNet Group, Inc.<sup>(1)</sup> | 20092 | 1362238 |
| TrueBlue, Inc.<sup>(1)</sup> | 16297 | 319095 |
|  |  | 4768731 |
| **Real Estate Management and Development — 1.3%** |  |  |
| Compass, Inc., Class A<sup>(1)(2)</sup> | 109310 | 254692 |
| eXp World Holdings, Inc.<sup>(2)</sup> | 25007 | 277078 |
| Jones Lang LaSalle, Inc.<sup>(1)</sup> | 3887 | 619471 |
| Marcus & Millichap, Inc. | 23923 | 824147 |
|  |  | 1975388 |
| **Road and Rail — 0.9%** |  |  |
| ArcBest Corp. | 3797 | 265942 |
| Lyft, Inc., Class A<sup>(1)</sup> | 36412 | 401260 |
| Ryder System, Inc. | 7866 | 657362 |
|  |  | 1324564 |
| **Semiconductors and Semiconductor Equipment — 1.8%** |  |  |
| Alpha & Omega Semiconductor Ltd.<sup>(1)</sup> | 8968 | 256216 |
| Formfactor, Inc.<sup>(1)</sup> | 15149 | 336762 |
| MaxLinear, Inc.<sup>(1)</sup> | 25291 | 858630 |
| Power Integrations, Inc. | 4229 | 303304 |
| Semtech Corp.<sup>(1)</sup> | 13290 | 381290 |
| Veeco Instruments, Inc.<sup>(1)</sup> | 27702 | 514703 |
|  |  | 2650905 |
| **Software — 6.2%** |  |  |
| Alarm.com Holdings, Inc.<sup>(1)</sup> | 11757 | 581736 |
| Appfolio, Inc., Class A<sup>(1)</sup> | 3861 | 406872 |
| Box, Inc., Class A<sup>(1)</sup> | 55562 | 1729645 |
| CommVault Systems, Inc.<sup>(1)</sup> | 15896 | 998905 |
| Digital Turbine, Inc.<sup>(1)</sup> | 17899 | 272781 |

---

------

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| Dropbox, Inc., Class A<sup>(1)</sup> | 50701 | $1134688 |
| LiveRamp Holdings, Inc.<sup>(1)</sup> | 13023 | 305259 |
| Model N, Inc.<sup>(1)</sup> | 19386 | 786296 |
| Nutanix, Inc., Class A<sup>(1)</sup> | 11565 | 301268 |
| Progress Software Corp. | 5838 | 294527 |
| Qualys, Inc.<sup>(1)</sup> | 3917 | 439605 |
| Rapid7, Inc.<sup>(1)</sup> | 8962 | 304529 |
| SPS Commerce, Inc.<sup>(1)</sup> | 5448 | 699687 |
| Tenable Holdings, Inc.<sup>(1)</sup> | 15837 | 604182 |
| Verra Mobility Corp.<sup>(1)</sup> | 41241 | 570363 |
|  |  | 9430343 |
| **Specialty Retail — 3.9%** |  |  |
| Asbury Automotive Group, Inc.<sup>(1)</sup> | 3484 | 624507 |
| AutoNation, Inc.<sup>(1)</sup> | 6800 | 729640 |
| Caleres, Inc. | 8588 | 191341 |
| Chico's FAS, Inc.<sup>(1)</sup> | 45001 | 221405 |
| Foot Locker, Inc. | 14356 | 542513 |
| Group 1 Automotive, Inc. | 4209 | 759177 |
| MarineMax, Inc.<sup>(1)</sup> | 9054 | 282666 |
| Murphy USA, Inc. | 3038 | 849243 |
| Rent-A-Center, Inc. | 10175 | 229446 |
| Signet Jewelers Ltd. | 9951 | 676668 |
| Sonic Automotive, Inc., Class A | 7712 | 379970 |
| World Fuel Services Corp. | 17232 | 470951 |
|  |  | 5957527 |
| **Technology Hardware, Storage and Peripherals — 0.8%** |  |  |
| Pure Storage, Inc., Class A<sup>(1)</sup> | 29392 | 786530 |
| Xerox Holdings Corp. | 33316 | 486414 |
|  |  | 1272944 |
| **Textiles, Apparel and Luxury Goods — 0.9%** |  |  |
| Crocs, Inc.<sup>(1)</sup> | 7761 | 841525 |
| G-III Apparel Group Ltd.<sup>(1)</sup> | 17300 | 237183 |
| Movado Group, Inc. | 7148 | 230523 |
|  |  | 1309231 |
| **Thrifts and Mortgage Finance — 2.7%** |  |  |
| Essent Group Ltd. | 23345 | 907654 |
| Federal Agricultural Mortgage Corp., Class C | 4945 | 557351 |
| Mr. Cooper Group, Inc.<sup>(1)</sup> | 15586 | 625466 |
| NMI Holdings, Inc., Class A<sup>(1)</sup> | 32896 | 687526 |
| Radian Group, Inc. | 47582 | 907389 |
| Walker & Dunlop, Inc. | 5808 | 455812 |
|  |  | 4141198 |
| **Trading Companies and Distributors — 1.1%** |  |  |
| BlueLinx Holdings, Inc.<sup>(1)</sup> | 3391 | 241134 |
| Boise Cascade Co. | 9138 | 627507 |
| Titan Machinery, Inc.<sup>(1)</sup> | 21007 | 834608 |
|  |  | 1703249 |
| **Water Utilities — 0.3%** |  |  |
| California Water Service Group | 7058 | 427997 |
| **Wireless Telecommunication Services — 0.2%** |  |  |
| Telephone & Data Systems, Inc. | 35613 | 373580 |
| **TOTAL COMMON STOCKS**<br>(Cost $145,469,178) |  | **150517869** |

---

------

---

| | | |
|:---|:---|:---|
|<br>**SHORT-TERM INVESTMENTS — 1.2%** | **Shares** | **Value** |
| **Money Market Funds — 0.6%** | | |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 8211 | $8211 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(3)</sup> | 951225 | 951225 |
|  |  | 959436 |
| **Repurchase Agreements — 0.6%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.375% - 0.50%, 9/15/24 - 5/31/27, valued at $129,647), in a joint trading account at 4.20%, dated 12/30/22, due 1/3/23 (Delivery value $127,304) |  | 127245 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 11/15/47, valued at $796,660), at 4.26%, dated 12/30/22, due 1/3/23 (Delivery value $781,370) |  | 781000 |
|  |  | 908245 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $1,867,681) |  | **1867681** |
| **TOTAL INVESTMENT SECURITIES—100.7%**<br>(Cost $147,336,859) |  | **152385550** |
| **OTHER ASSETS AND LIABILITIES — (0.7)%** |  | **(1123864)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**151261686** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**

(1)Non-income producing.

(2)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $1,956,663. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(3)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $1,995,724, which includes securities collateral of $1,044,499.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **DECEMBER 31, 2022 (UNAUDITED)** | **DECEMBER 31, 2022 (UNAUDITED)** |
| **Assets** | |
| Investment securities, at value (cost of $146,385,634) — including $1,956,663 of securities on loan | $151434325 |
| Investment made with cash collateral received for securities on loan, at value (cost of $951,225) | 951225 |
| Total investment securities, at value (cost of $147,336,859) | 152385550 |
| Receivable for capital shares sold | 10997 |
| Dividends and interest receivable | 139563 |
| Securities lending receivable | 638 |
|  | 152536748 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 951225 |
| Payable for capital shares redeemed | 209366 |
| Accrued management fees | 111327 |
| Distribution and service fees payable | 3144 |
|  | 1275062 |
| **Net Assets** | $151261686 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $166217773 |
| Distributable earnings | (14956087) |
|  | $151261686 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Net Assets** | **Shares Outstanding** | **Net Asset Value Per Share\*** |
| Investor Class, $0.01 Par Value | $133840929 | 10411883 | $12.85 |
| I Class, $0.01 Par Value | $5921013 | 457539 | $12.94 |
| A Class, $0.01 Par Value | $8291027 | 667331 | $12.42 |
| C Class, $0.01 Par Value | $382444 | 33651 | $11.37 |
| R Class, $0.01 Par Value | $2389587 | 199911 | $11.95 |
| R5 Class, $0.01 Par Value | $436686 | 33702 | $12.96 |

---

\*Maximum offering price per share was equal to the net asset value per share for all share classes, except Class A, for which the maximum offering price per share was $13.18 (net asset value divided by 0.9425). A contingent deferred sales charge may be imposed on redemptions of Class A and Class C.

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $2,270) | $1171740 |
| Interest | 20317 |
| Securities lending, net | 3147 |
|  | 1195204 |
| **Expenses:** |  |
| Management fees | 668791 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class | 10917 |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class | 1839 |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class | 6086 |
| Directors' fees and expenses | 5297 |
| Other expenses | 28 |
|  | 692958 |
| **Net investment income (loss)** | 502246 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | 1934919 |
| Futures contract transactions | (120013) |
|  | 1814906 |
| **Change in net unrealized appreciation (depreciation) on investments** | 3269743 |
| **Net realized and unrealized gain (loss)** | 5084649 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $5586895 |

---

See Notes to Financial Statements.

------

Statement of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** |
| **Increase (Decrease) in Net Assets** | **December 31, 2022** | **June 30, 2022** |
| **Operations** | | |
| Net investment income (loss) | $502246 | $654040 |
| Net realized gain (loss) | 1814906 | 1580019 |
| Change in net unrealized appreciation (depreciation) | 3269743 | (50083673) |
| Net increase (decrease) in net assets resulting from operations | 5586895 | (47849614) |
| **Distributions to Shareholders** |  |  |
| From earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (176292) | (30335909) |
| &nbsp;&nbsp;&nbsp;&nbsp;I Class | (14145) | (1428164) |
| &nbsp;&nbsp;&nbsp;&nbsp;A Class |  | (2023235) |
| &nbsp;&nbsp;&nbsp;&nbsp;C Class |  | (122842) |
| &nbsp;&nbsp;&nbsp;&nbsp;R Class |  | (560014) |
| &nbsp;&nbsp;&nbsp;&nbsp;R5 Class | (966) | (71696) |
| Decrease in net assets from distributions | (191403) | (34541860) |
| **Capital Share Transactions** |  |  |
| Net increase (decrease) in net assets from capital share transactions (Note 5) | (6357837) | 10957555 |
| **Net increase (decrease) in net assets** | (962345) | (71433919) |
| **Net Assets** |  |  |
| Beginning of period | 152224031 | 223657950 |
| End of period | $151261686 | $152224031 |

---

See Notes to Financial Statements.

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Notes to Financial Statements

**DECEMBER 31, 2022 (UNAUDITED)**

**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. Small Company 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 primarily in common stocks of small companies.

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

**2. Significant Accounting Policies**

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

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

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

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

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

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

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**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. Securities lending income is net of fees and rebates earned by the lending agent for its services.

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

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

**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. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

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

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

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

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

**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities

------

borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and<br>Continuous** | **<30 days** | **Between <br>30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $951225 |  |  |  | $951225 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $951225 |

---

(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

**3. Fees and Transactions with Related Parties**

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

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

The Investment Category Fee range, the Complex Fee range and the effective annual management fee for each class for the period ended December 31, 2022 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Investment Category Fee Range** | **Complex Fee Range** | **Effective Annual** <br>**Management Fee** |
| Investor Class | 0.5380% to 0.7200% | 0.2500% to 0.3100% | 0.85% |
| I Class | 0.5380% to 0.7200% | 0.0500% to 0.1100% | 0.65% |
| A Class | 0.5380% to 0.7200% | 0.2500% to 0.3100% | 0.85% |
| C Class | 0.5380% to 0.7200% | 0.2500% to 0.3100% | 0.85% |
| R Class | 0.5380% to 0.7200% | 0.2500% to 0.3100% | 0.85% |
| R5 Class | 0.5380% to 0.7200% | 0.0500% to 0.1100% | 0.65% |

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**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 December 31, 2022 are detailed in the Statement of Operations.

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

**Interfund Transactions —** The fund may enter into security transactions with other American Century Investments funds and other client accounts of the investment advisor, in accordance with the 1940 Act rules and procedures adopted by the Board of Directors. The rules and procedures require, among other things, that these transactions be effected at the independent current market price of the security. During the period, the interfund sales were $472,537 and there were no interfund purchases. The effect of interfund transactions on the Statement of Operations was $(16,609) 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 December 31, 2022 were $99,719,267 and $105,053,217, respectively.

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**5. Capital Share Transactions** 

Transactions in shares of the fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six months ended**<br>**December 31, 2022** | **Six months ended**<br>**December 31, 2022** | **Year ended <br>June 30, 2022** | **Year ended <br>June 30, 2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
| **Investor Class/Shares Authorized** | 400000000 |  | 40000000 |  |
| Sold | 228517 | $2980237 | 566125 | $9898901 |
| Issued in reinvestment of distributions | 13204 | 169027 | 1815552 | 28979901 |
| Redeemed | (664228) | (8579944) | (1687634) | (28391812) |
|  | (422507) | (5430680) | 694043 | 10486990 |
| **I Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 33339 | 437289 | 76265 | 1426742 |
| Issued in reinvestment of distributions | 1096 | 14126 | 88710 | 1426219 |
| Redeemed | (57524) | (754945) | (162319) | (2777438) |
|  | (23089) | (303530) | 2656 | 75523 |
| **A Class/Shares Authorized** | 30000000 |  | 30000000 |  |
| Sold | 32361 | 405817 | 113792 | 1873187 |
| Issued in reinvestment of distributions |  |  | 128136 | 1976088 |
| Redeemed | (89609) | (1115820) | (209401) | (3378446) |
|  | (57248) | (710003) | 32527 | 470829 |
| **C Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 4009 | 45723 | 1655 | 23705 |
| Issued in reinvestment of distributions |  |  | 8639 | 122842 |
| Redeemed | (9019) | (101834) | (24810) | (383151) |
|  | (5010) | (56111) | (14516) | (236604) |
| **R Class/Shares Authorized** | 20000000 |  | 20000000 |  |
| Sold | 20616 | 249965 | 44763 | 688058 |
| Issued in reinvestment of distributions |  |  | 37192 | 553411 |
| Redeemed | (20189) | (247965) | (73681) | (1130139) |
|  | 427 | 2000 | 8274 | 111330 |
| **R5 Class/Shares Authorized** | 40000000 |  | 40000000 |  |
| Sold | 13358 | 174207 | 5737 | 109361 |
| Issued in reinvestment of distributions | 75 | 966 | 4453 | 71696 |
| Redeemed | (2537) | (34686) | (8087) | (131570) |
|  | 10896 | 140487 | 2103 | 49487 |
| Net increase (decrease) | (496531) | $(6357837) | 725087 | $10957555 |

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**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).

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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.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $150517869 |  |  |
| Short-Term Investments | 959436 | $908245 |  |
|  | $151477305 | $908245 |  |

---

**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 $2,236,665 futures contracts sold.

At period end, the fund did not have any derivative instruments disclosed on the Statement of Assets and Liabilities. For the six months ended December 31, 2022, the effect of equity price risk derivative instruments on the Statement of Operations was $(120,013) in net realized gain (loss) on futures contract transactions.

**8. Risk Factors**

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

The fund invests in common stocks of small companies. Because of this, the fund may be subject to greater risk and market fluctuations than a fund investing in larger, more established companies.

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.

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**9. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Federal tax cost of investments | $147594395 |
| Gross tax appreciation of investments | $15254179 |
| Gross tax depreciation of investments | (10463024) |
| Net tax appreciation (depreciation) of investments | $4791155 |

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

As of June 30, 2022, the fund had accumulated short-term capital losses of $(13,420,483), which represent net capital loss carryovers that may be used to offset future realized capital gains for federal income tax purposes. The capital loss carryovers may be carried forward for an unlimited period. As a result of a shift in

ownership of the fund, the utilization of these capital losses in any given year are limited. Any remaining

accumulated gains after application of this limitation will be distributed to shareholders.

As of June 30, 2022, the fund had post-October capital loss deferrals of $(8,533,500), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment Income<br>(Loss)** | **Portfolio Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $12.41 | 0.04 | 0.42 | 0.46 | (0.02) |  | (0.02) | $12.85 | 3.68% | 0.86%<sup>(4)</sup> | 0.65%<sup>(4)</sup> | 64% | $133841 |
| 2022 | $19.38 | 0.06 | (3.92) | (3.86) | (0.05) | (3.06) | (3.11) | $12.41 | (23.44)% | 0.85% | 0.35% | 205% | $134507 |
| 2021 | $12.10 | 0.02 | 7.29 | 7.31 | (0.03) |  | (0.03) | $19.38 | 60.46% | 0.86% | 0.13% | 142% | $196473 |
| 2020 | $13.28 | 0.06 | (1.14) | (1.08) | (0.10) |  | (0.10) | $12.10 | (8.19)% | 0.87% | 0.45% | 140% | $133205 |
| 2019 | $16.17 | 0.04 | (1.39) | (1.35) | (0.01) | (1.53) | (1.54) | $13.28 | (7.66)% | 0.87% | 0.30% | 99% | $566025 |
| 2018 | $15.04 | 0.02 | 1.91 | 1.93 | (0.02) | (0.78) | (0.80) | $16.17 | 13.18% | 0.86% | 0.11% | 92% | $592615 |
| **I Class** | **I Class** | **I Class** |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $12.50 | 0.06 | 0.41 | 0.47 | (0.03) |  | (0.03) | $12.94 | 3.76% | 0.66%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 64% | $5921 |
| 2022 | $19.49 | 0.09 | (3.94) | (3.85) | (0.08) | (3.06) | (3.14) | $12.50 | (23.27)% | 0.65% | 0.55% | 205% | $6007 |
| 2021 | $12.16 | 0.05 | 7.33 | 7.38 | (0.05) |  | (0.05) | $19.49 | 60.82% | 0.66% | 0.33% | 142% | $9315 |
| 2020 | $13.36 | 0.08 | (1.14) | (1.06) | (0.14) |  | (0.14) | $12.16 | (7.97)% | 0.67% | 0.65% | 140% | $8376 |
| 2019 | $16.26 | 0.07 | (1.40) | (1.33) | (0.04) | (1.53) | (1.57) | $13.36 | (7.50)% | 0.67% | 0.50% | 99% | $18293 |
| 2018 | $15.11 | 0.05 | 1.92 | 1.97 | (0.04) | (0.78) | (0.82) | $16.26 | 13.42% | 0.66% | 0.31% | 92% | $27213 |

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment Income<br>(Loss)** | **Portfolio Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **A Class** | | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $12.00 | 0.03 | 0.39 | 0.42 |  |  |  | $12.42 | 3.50% | 1.11%<sup>(4)</sup> | 0.40%<sup>(4)</sup> | 64% | $8291 |
| 2022 | $18.83 | 0.02 | (3.78) | (3.76) | (0.01) | (3.06) | (3.07) | $12.00 | (23.61)% | 1.10% | 0.10% | 205% | $8693 |
| 2021 | $11.77 | (0.02) | 7.09 | 7.07 | (0.01) |  | (0.01) | $18.83 | 60.14% | 1.11% | (0.12)% | 142% | $13031 |
| 2020 | $12.89 | 0.02 | (1.10) | (1.08) | (0.04) |  | (0.04) | $11.77 | (8.38)% | 1.12% | 0.20% | 140% | $8727 |
| 2019 | $15.78 | —<sup>(5)</sup> | (1.36) | (1.36) |  | (1.53) | (1.53) | $12.89 | (7.90)% | 1.12% | 0.05% | 99% | $14960 |
| 2018 | $14.72 | (0.02) | 1.86 | 1.84 |  | (0.78) | (0.78) | $15.78 | 12.90% | 1.11% | (0.14)% | 92% | $23970 |
| **C Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $11.02 | (0.02) | 0.37 | 0.35 |  |  |  | $11.37 | 3.09% | 1.86%<sup>(4)</sup> | (0.35)%<sup>(4)</sup> | 64% | $382 |
| 2022 | $17.66 | (0.11) | (3.47) | (3.58) |  | (3.06) | (3.06) | $11.02 | (24.14)% | 1.85% | (0.65)% | 205% | $426 |
| 2021 | $11.11 | (0.13) | 6.68 | 6.55 |  |  |  | $17.66 | 58.87% | 1.86% | (0.87)% | 142% | $939 |
| 2020 | $12.22 | (0.07) | (1.04) | (1.11) |  |  |  | $11.11 | (9.08)% | 1.87% | (0.55)% | 140% | $762 |
| 2019 | $15.16 | (0.10) | (1.31) | (1.41) |  | (1.53) | (1.53) | $12.22 | (8.60)% | 1.87% | (0.70)% | 99% | $1508 |
| 2018 | $14.27 | (0.13) | 1.80 | 1.67 |  | (0.78) | (0.78) | $15.16 | 12.01% | 1.86% | (0.89)% | 92% | $1989 |
| **R Class** |  |  |  |  |  |  |  |  |  |  |  |  |  |
| 2022<sup>(3)</sup> | $11.56 | 0.01 | 0.38 | 0.39 |  |  |  | $11.95 | 3.37% | 1.36%<sup>(4)</sup> | 0.15%<sup>(4)</sup> | 64% | $2390 |
| 2022 | $18.29 | (0.02) | (3.65) | (3.67) |  | (3.06) | (3.06) | $11.56 | (23.81)% | 1.35% | (0.15)% | 205% | $2306 |
| 2021 | $11.45 | (0.05) | 6.89 | 6.84 |  |  |  | $18.29 | 59.74% | 1.36% | (0.37)% | 142% | $3497 |
| 2020 | $12.55 | (0.01) | (1.07) | (1.08) | (0.02) |  | (0.02) | $11.45 | (8.59)% | 1.37% | (0.05)% | 140% | $7401 |
| 2019 | $15.45 | (0.03) | (1.34) | (1.37) |  | (1.53) | (1.53) | $12.55 | (8.15)% | 1.37% | (0.20)% | 99% | $10525 |
| 2018 | $14.46 | (0.06) | 1.83 | 1.77 |  | (0.78) | (0.78) | $15.45 | 12.56% | 1.36% | (0.39)% | 92% | $15038 |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From Investment Operations** | **Net Investment Income** | **Net <br>Realized <br>Gains** | **Total <br>Distributions** | **Net Asset<br>Value,<br>End<br>of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating<br>Expenses** | **Net<br>Investment Income<br>(Loss)** | **Portfolio Turnover<br>Rate** | **Net<br>Assets,<br>End of<br>Period<br>(in thousands)** |
| **R5 Class** | | | | | | | | | | | | | |
| 2022<sup>(3)</sup> | $12.51 | 0.06 | 0.42 | 0.48 | (0.03) |  | (0.03) | $12.96 | 3.84% | 0.66%<sup>(4)</sup> | 0.85%<sup>(4)</sup> | 64% | $437 |
| 2022 | $19.51 | 0.09 | (3.95) | (3.86) | (0.08) | (3.06) | (3.14) | $12.51 | (23.26)% | 0.65% | 0.55% | 205% | $285 |
| 2021 | $12.17 | 0.05 | 7.34 | 7.39 | (0.05) |  | (0.05) | $19.51 | 60.77% | 0.66% | 0.33% | 142% | $404 |
| 2020 | $13.37 | 0.08 | (1.14) | (1.06) | (0.14) |  | (0.14) | $12.17 | (7.97)% | 0.67% | 0.65% | 140% | $164 |
| 2019 | $16.27 | 0.07 | (1.40) | (1.33) | (0.04) | (1.53) | (1.57) | $13.37 | (7.49)% | 0.67% | 0.50% | 99% | $282 |
| 2018 | $15.12 | 0.06 | 1.90 | 1.96 | (0.03) | (0.78) | (0.81) | $16.27 | 13.34% | 0.66% | 0.31% | 92% | $213 |

---

**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)Six months ended December 31, 2022 (unaudited).

(4)Annualized.

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

See Notes to Financial Statements.

------

Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

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

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Notes

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---

| | |
|:---|:---|
| ![image15.jpg](image15.jpg) | ![image15.jpg](image15.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored<br>Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers,<br>Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Quantitative Equity Funds, Inc.** | **American Century Quantitative Equity Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91457 2302** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91457 2302** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;

![image15.jpg](image15.jpg)

---

| |
|:---|
| Semiannual Report |
| December 31, 2022 |
| Utilities Fund |
| &nbsp;&nbsp;&nbsp;Investor Class (BULIX) |

---

------

------

**Table of Contents**

---

| | |
|:---|:---|
| President's Letter | [2](#i65806b8e1e2348a686d13e3e442f9a02_346) |
| Fund Characteristics | [3](#i65806b8e1e2348a686d13e3e442f9a02_355) |
| Shareholder Fee Example | [4](#i65806b8e1e2348a686d13e3e442f9a02_358) |
| Schedule of Investments | [6](#i65806b8e1e2348a686d13e3e442f9a02_361) |
| Statement of Assets and Liabilities | [8](#i65806b8e1e2348a686d13e3e442f9a02_367) |
| Statement of Operations | [9](#i65806b8e1e2348a686d13e3e442f9a02_370) |
| Statement of Changes in Net Assets | [10](#i65806b8e1e2348a686d13e3e442f9a02_373) |
| Notes to Financial Statements | [11](#i65806b8e1e2348a686d13e3e442f9a02_376) |
| Financial Highlights | [16](#i65806b8e1e2348a686d13e3e442f9a02_379) |
| Additional Information | [17](#i65806b8e1e2348a686d13e3e442f9a02_397) |

---

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<sup>®</sup> 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

![image40.jpg](image40.jpg) **Jonathan Thomas**

Dear Investor:

Thank you for reviewing this semiannual report for the period ending December 31, 2022. It provides a market overview (below), followed by a schedule of fund investments and other financial information. For additional investment insights, please visit americancentury.com.

**Late-Year Rally Led to Gains for Stocks** 

The reporting period began with financial markets digesting the effects of soaring inflation, escalating market volatility and slowing growth. For more than a year, the impacts of massive fiscal and monetary support, rising energy prices, supply chain breakdowns and labor market shortages had driven inflation to multidecade highs. The Russia-Ukraine war continued to nudge commodity prices even higher, exacerbating inflationary pressures and further damaging global supply chains.

The Federal Reserve (Fed), which began tightening its monetary policy in March with a 25 basis point (bp) rate hike, increased its interest rate target an additional 400 bps through December. After climbing to a 40-year high of 9.1% in June, the annual U.S. inflation rate retreated to 6.5% in December. Inflation in the U.K. and Europe also eased by year-end, but at a much slower pace.

Moderating inflation and mounting recession risk triggered expectations for central banks to slow or conclude their rate-hike campaigns. This sentiment fueled a rally among global stocks and other riskier assets late in the period. However, with inflation still much higher than the Fed's target, policymakers indicated a near-term course change was unlikely, and stocks sold off sharply in December.

Nevertheless, the rally in October and November was sufficient to leave most global and U.S. stock indices with gains for the six-month period. Emerging markets stocks generally declined.

**Staying Disciplined in Uncertain Times**

We expect market volatility to linger as investors navigate a complex environment of high inflation, rising interest rates and economic uncertainty. In addition, Russia's invasion of Ukraine complicates an increasingly tense geopolitical backdrop and threatens global energy markets. We will continue to monitor this evolving situation and what it broadly means for investors across asset classes.

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,

![image21.jpg](image21.jpg)

Jonathan Thomas

President and Chief Executive Officer

American Century Investments

------

Fund Characteristics

---

| | |
|:---|:---|
| **DECEMBER 31, 2022** | **DECEMBER 31, 2022** |
| **Types of Investments in Portfolio** | **% of net assets** |
| Common Stocks | 98.8% |
| Exchange-Traded Funds | 0.8% |
| Short-Term Investments | 1.2% |
| Other Assets and Liabilities | (0.8)% |
| **Top Five Sub-Industries\*** | **% of net assets** |
| Electric Utilities | 59.5% |
| Multi-Utilities | 24.1% |
| Gas Utilities | 5.8% |
| Independent Power Producers and Energy Traders | 5.8% |
| Renewable Electricity | 1.4% |

---

\*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 July 1, 2022 to December 31, 2022.

**Actual Expenses**

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

If you hold Investor Class shares of any American Century Investments mutual fund, or I Class shares of the American Century Diversified Bond Fund, in an American Century Investments account (i.e., not through a financial intermediary or employer-sponsored retirement plan account), American Century Investments may charge you a $25 annual account maintenance fee if the value of those shares is less than $10,000. We will redeem shares automatically in one of your accounts to pay the $25 fee. In determining your total eligible investment amount, we will include your investments in all personal accounts (including American Century Investments brokerage accounts) registered under your Social Security number. Personal accounts include individual accounts, joint accounts, UGMA/UTMA accounts, personal trusts, Coverdell Education Savings Accounts and IRAs (including traditional, Roth, Rollover, SEP-, SARSEP- and SIMPLE-IRAs), and certain other retirement accounts. If you have only business, business retirement, employer-sponsored or American Century Investments brokerage accounts, you are currently not subject to this fee. If you are subject to the account maintenance fee, your account value could be reduced by the fee amount.

**Hypothetical Example for Comparison Purposes**

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

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

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Beginning<br>Account Value<br>7/1/22** | **Ending <br>Account Value<br>12/31/22** | **Expenses Paid**<br>**During Period**<sup>(1)</sup><br>**7/1/22 - 12/31/22** | **Annualized**<br>**Expense Ratio**<sup>(1)</sup> |
| **Actual** | | | | |
| Investor Class | $1000 | $1022.70 | $3.36 | 0.66% |
| **Hypothetical** |  |  |  |  |
| Investor Class | $1000 | $1021.88 | $3.36 | 0.66% |

---

(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 184, 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

**DECEMBER 31, 2022 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|<br>**COMMON STOCKS — 98.8%** | **Shares** | **Value** |
| **Construction and Engineering — 0.9%** | | |
| AECOM | 18603 | $1579953 |
| Quanta Services, Inc. | 7049 | 1004482 |
|  |  | 2584435 |
| **Electric Utilities — 59.5%** |  |  |
| American Electric Power Co., Inc. | 158839 | 15081763 |
| Constellation Energy Corp. | 19290 | 1662991 |
| Duke Energy Corp. | 229921 | 23679564 |
| Edison International | 133219 | 8475393 |
| Entergy Corp. | 132293 | 14882963 |
| Evergy, Inc. | 129693 | 8161580 |
| Exelon Corp. | 277192 | 11983010 |
| FirstEnergy Corp. | 373178 | 15651085 |
| NextEra Energy, Inc. | 384626 | 32154734 |
| OGE Energy Corp. | 196360 | 7766038 |
| Pinnacle West Capital Corp. | 158161 | 12026562 |
| PNM Resources, Inc. | 62852 | 3066549 |
| Southern Co. | 345642 | 24682295 |
| Xcel Energy, Inc. | 48664 | 3411833 |
|  |  | 182686360 |
| **Electrical Components and Equipment — 1.3%** |  |  |
| Eaton Corp. PLC | 6564 | 1030220 |
| Emerson Electric Co. | 16045 | 1541282 |
| nVent Electric PLC | 39936 | 1536338 |
|  |  | 4107840 |
| **Gas Utilities — 5.8%** |  |  |
| Atmos Energy Corp. | 39726 | 4452093 |
| National Fuel Gas Co. | 134893 | 8538727 |
| New Jersey Resources Corp. | 97892 | 4857401 |
|  |  | 17848221 |
| **Independent Power Producers and Energy Traders — 5.8%** |  |  |
| AES Corp. | 535464 | 15399945 |
| Capital Power Corp.<sup>(1)</sup> | 66937 | 2290392 |
|  |  | 17690337 |
| **Multi-Utilities — 24.1%** |  |  |
| Avista Corp. | 189898 | 8420078 |
| Black Hills Corp. | 126877 | 8924528 |
| Consolidated Edison, Inc. | 167939 | 16006266 |
| Dominion Energy, Inc. | 232297 | 14244452 |
| DTE Energy Co. | 35787 | 4206046 |
| NiSource, Inc. | 320533 | 8789015 |
| Sempra Energy | 87185 | 13473570 |
|  |  | 74063955 |
| **Renewable Electricity — 1.4%** |  |  |
| Brookfield Renewable Corp., Class A | 155888 | 4293156 |
| **TOTAL COMMON STOCKS**<br>(Cost $252,284,021) |  | **303274304** |

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------

---

| | | |
|:---|:---|:---|
|<br>**EXCHANGE-TRADED FUNDS — 0.8%** | **Shares** | **Value** |
| Utilities Select Sector SPDR Fund<sup>(1)</sup><br>(Cost $2,459,936) | 35205 | **2481952** |
| **SHORT-TERM INVESTMENTS — 1.2%** |  |  |
| **Money Market Funds — 0.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class | 2160 | $2160 |
| State Street Navigator Securities Lending Government Money Market Portfolio<sup>(2)</sup> | 2534760 | 2534760 |
|  |  | 2536920 |
| **Repurchase Agreements — 0.4%** |  |  |
| BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 0.375% - 0.50%, 9/15/24 - 5/31/27, valued at $173,304), in a joint trading account at 4.20%, dated 12/30/22, due 1/3/23 (Delivery value $170,173) |  | 170094 |
| Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 2.75%, 11/15/47, valued at $1,065,920), at 4.26%, dated 12/30/22, due 1/3/23 (Delivery value $1,045,495) |  | 1045000 |
|  |  | 1215094 |
| **TOTAL SHORT-TERM INVESTMENTS**<br>(Cost $3,752,014) |  | **3752014** |
| **TOTAL INVESTMENT SECURITIES—100.8%**<br>(Cost $258,495,971) |  | **309508270** |
| **OTHER ASSETS AND LIABILITIES — (0.8)%** |  | **(2558835)** |
| **TOTAL NET ASSETS — 100.0%** |  | $**306949435** |

---

**NOTES TO SCHEDULE OF INVESTMENTS**<br>

(1)Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $4,726,528. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers.

(2)Investment of cash collateral from securities on loan. At the period end, the aggregate value of the collateral held by the fund was $4,914,617, which includes securities collateral of $2,379,857.

See Notes to Financial Statements.

------

Statement of Assets and Liabilities

---

| | |
|:---|:---|
| **DECEMBER 31, 2022 (UNAUDITED)** | **DECEMBER 31, 2022 (UNAUDITED)** |
| **Assets** | **Assets** |
| Investment securities, at value (cost of $255,961,211) — including $4,726,528 of securities on loan | $306973510 |
| Investment made with cash collateral received for securities on loan, at value (cost of $2,534,760) | 2534760 |
| Total investment securities, at value (cost of $258,495,971) | 309508270 |
| Cash | 2886 |
| Receivable for capital shares sold | 200269 |
| Dividends and interest receivable | 388734 |
| Securities lending receivable | 416 |
|  | 310100575 |
| **Liabilities** |  |
| Payable for collateral received for securities on loan | 2534760 |
| Payable for capital shares redeemed | 443343 |
| Accrued management fees | 173037 |
|  | 3151140 |
| **Net Assets** | $306949435 |
| **Investor Class Capital Shares, $0.01 Par Value** |  |
| Shares authorized | 300000000 |
| Shares outstanding | 19058810 |
| **Net Asset Value Per Share** | $16.11 |
| **Net Assets Consist of:** |  |
| Capital (par value and paid-in surplus) | $263686524 |
| Distributable earnings | 43262911 |
|  | $306949435 |

---

See Notes to Financial Statements.

------

Statement of Operations

---

| | |
|:---|:---|
| **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** | **FOR THE SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED)** |
| **Investment Income (Loss)** | |
| **Income:** | |
| Dividends (net of foreign taxes withheld of $13,629) | $4854129 |
| Interest | 72417 |
| Securities lending, net | 2602 |
|  | 4929148 |
| **Expenses:** |  |
| Management fees | 1028596 |
| Directors' fees and expenses | 10529 |
| Other expenses | 240 |
|  | 1039365 |
| **Net investment income (loss)** | 3889783 |
| **Realized and Unrealized Gain (Loss)** |  |
| **Net realized gain (loss) on:** |  |
| Investment transactions | (3335534) |
| Foreign currency translation transactions | 28050 |
|  | (3307484) |
| **Change in net unrealized appreciation (depreciation) on:** |  |
| Investments | 6209379 |
| Translation of assets and liabilities in foreign currencies | 212 |
|  | 6209591 |
| **Net realized and unrealized gain (loss)** | 2902107 |
| **Net Increase (Decrease) in Net Assets Resulting from Operations** | $6791890 |

---

See Notes to Financial Statements.

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Statement of Changes in Net Assets

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| | | |
|:---|:---|:---|
| **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** | **SIX MONTHS ENDED DECEMBER 31, 2022 (UNAUDITED) AND YEAR ENDED JUNE 30, 2022** |
| **Increase (Decrease) in Net Assets** | **December 31, 2022** | **June 30, 2022** |
| **Operations** | | |
| Net investment income (loss) | $3889783 | $6037546 |
| Net realized gain (loss) | (3307484) | 15569320 |
| Change in net unrealized appreciation (depreciation) | 6209591 | (5696780) |
| Net increase (decrease) in net assets resulting from operations | 6791890 | 15910086 |
| **Distributions to Shareholders** |  |  |
| From earnings | (18553455) | (23897603) |
| **Capital Share Transactions** |  |  |
| Proceeds from shares sold | 15624002 | 32763217 |
| Proceeds from reinvestment of distributions | 17691994 | 22718447 |
| Payments for shares redeemed | (24492382) | (51706838) |
| Net increase (decrease) in net assets from capital share transactions | 8823614 | 3774826 |
| **Net increase (decrease) in net assets** | (2937951) | (4212691) |
| **Net Assets** |  |  |
| Beginning of period | 309887386 | 314100077 |
| End of period | $306949435 | $309887386 |
| **Transactions in Shares of the Fund** |  |  |
| Sold | 910007 | 1851064 |
| Issued in reinvestment of distributions | 1086399 | 1299477 |
| Redeemed | (1463724) | (2921663) |
| Net increase (decrease) in shares of the fund | 532682 | 228878 |

---

See Notes to Financial Statements.

------

Notes to Financial Statements

**DECEMBER 31, 2022 (UNAUDITED)**

**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. Utilities Fund (the fund) is one fund in a series issued by the corporation. The fund's investment objectives are to seek current income and long-term growth of capital and income. The fund invests at least 80% of its assets in equity securities of companies engaged in the utilities industry. The fund offers the Investor Class.

**2. Significant Accounting Policies**

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

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

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

Open-end management investment companies are valued at the reported NAV per share. Repurchase agreements are valued at cost, which approximates fair value.

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

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

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**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. Securities lending income is net of fees and rebates earned by the lending agent for its services.

**Foreign Currency Translations —** All assets and liabilities initially expressed in foreign currencies are translated into U.S. dollars at prevailing exchange rates at period end. The fund may enter into spot foreign currency exchange contracts to facilitate transactions denominated in a foreign currency. Purchases and sales of investment securities, dividend and interest income, spot foreign currency exchange contracts, and expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Net realized and unrealized foreign currency exchange gains or losses related to investment securities are a component of net realized gain (loss) on investment transactions and change in net unrealized appreciation (depreciation) on investments, respectively.

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

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

**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. The fund may incur charges or earn income on posted collateral balances, which are reflected in interest expenses or interest income, respectively.

**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.

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

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

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**Securities Lending —** Securities are lent to qualified financial institutions and brokers. State Street Bank & Trust Co. serves as securities lending agent to the fund pursuant to a Securities Lending Agreement. The lending of securities exposes the fund to risks such as: the borrowers may fail to return the loaned securities, the borrowers may not be able to provide additional collateral, the fund may experience delays in recovery of the loaned securities or delays in access to collateral, or the fund may experience losses related to the investment collateral. To minimize certain risks, loan counterparties pledge collateral in the form of cash and/or securities. The lending agent has agreed to indemnify the fund in the case of default of any securities borrowed. Cash collateral received is invested in the State Street Navigator Securities Lending Government Money Market Portfolio, a money market mutual fund registered under the 1940 Act. The loans may also be secured by U.S. government securities in an amount at least equal to the market value of the securities loaned, plus accrued interest and dividends, determined on a daily basis and adjusted accordingly. By lending securities, the fund seeks to increase its net investment income through the receipt of interest and fees. Such income is reflected separately within the Statement of Operations. The value of loaned securities and related collateral outstanding at period end, if any, are shown on a gross basis within the Schedule of Investments and Statement of Assets and Liabilities.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** | **Remaining Contractual Maturity of Agreements** |
| | **Overnight and** <br>**Continuous** | **<30 days** | **Between** <br>**30 & 90 days** | **>90 days** | **Total** |
| **Securities Lending Transactions**<sup>(1)</sup> | **Securities Lending Transactions**<sup>(1)</sup> | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange-Traded Funds | $2534760 |  |  |  | $2534760 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | $2534760 |

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(1)Amount represents the payable for cash collateral received for securities on loan. This will generally be in the Overnight and Continuous column as the securities are typically callable on demand.

**3. Fees and Transactions with Related Parties**

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

**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). 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), and extraordinary expenses. The fee is computed and accrued daily based on the daily net assets of the fund and paid monthly in arrears. The fee consists of (1) an Investment Category Fee based on the daily net assets of the fund and certain other accounts managed by the investment advisor that are in the same broad investment category as the fund and (2) a Complex Fee based on the assets of all funds in the American Century Investments family of funds that have the same investment advisor and distributor as the fund. For purposes of determining the Investment Category Fee and Complex Fee, the assets of funds managed by the investment advisor that invest exclusively in the shares of other funds (funds of funds) are not included. The rates for the Investment Category Fee range from 0.3380% to 0.5200% and the rates for the Complex Fee range from 0.2500% to 0.3100%. The effective annual management fee for the period ended December 31, 2022 was 0.65%.

**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.

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**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. There were no interfund transactions during the period.

**4. Investment Transactions**

Purchases and sales of investment securities, excluding short-term investments, for the period ended December 31, 2022 were $205,163,298 and $209,667,099, respectively.

**5. 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.

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| | | | |
|:---|:---|:---|:---|
| | **Level 1** | **Level 2** | **Level 3** |
| **Assets** | | | |
| **Investment Securities** | | | |
| Common Stocks | $300983912 | $2290392 |  |
| Exchange-Traded Funds | 2481952 |  |  |
| Short-Term Investments | 2536920 | 1215094 |  |
|  | $306002784 | $3505486 |  |

---

**6. Risk Factors**

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

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

The fund concentrates its investments in a narrow segment of the total market. Because of this, the fund may be subject to greater risk and market fluctuations than a portfolio representing a broader range of industries.

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**7. Federal Tax Information**

The book-basis character of distributions made during the year from net investment income or net realized gains may differ from their ultimate characterization for federal income tax purposes. These differences reflect the differing character of certain income items and net realized gains and losses for financial statement and tax purposes, and may result in reclassification among certain capital accounts on the financial statements.

As of period end, the components of investments for federal income tax purposes were as follows:

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| | |
|:---|:---|
| Federal tax cost of investments | $259612068 |
| Gross tax appreciation of investments | $51436957 |
| Gross tax depreciation of investments | (1540755) |
| Net tax appreciation (depreciation) of investments | $49896202 |

---

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

As of June 30, 2022, the fund had post-October capital loss deferrals of $(4,648,548), which represent certain qualified losses that the fund has elected to treat as having been incurred in the following fiscal year for federal income tax purposes.

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Financial Highlights

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | **For a Share Outstanding Throughout the Years Ended June 30 (except as noted)** | | | |
| **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | **Per-Share Data** | | | | | | | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | |
| | | **Income From Investment Operations:** | **Income From Investment Operations:** | **Income From Investment Operations:** | **Distributions From:** | **Distributions From:** | **Distributions From:** | | | **Ratio to Average Net Assets of:** | **Ratio to Average Net Assets of:** | | |
| | **Net Asset<br>Value,<br>Beginning<br>of Period** | **Net**<br>**Investment Income**<br>**(Loss)**<sup>(1)</sup> | **Net<br>Realized<br>and<br>Unrealized<br>Gain (Loss)** | **Total From<br>Investment<br>Operations** | **Net<br>Investment<br>Income** | **Net**<br>**Realized**<br>**Gains** | **Total<br>Distributions** | **Net Asset Value, End of Period** | **Total**<br>**Return**<sup>(2)</sup> | **Operating Expenses** | **Net<br>Investment Income<br>(Loss)** | **Portfolio Turnover<br>Rate** | **Net Assets,<br>End of<br>Period<br>(in thousands)** |
| **Investor Class** | **Investor Class** | **Investor Class** | **Investor Class** | | | | | | | | | | |
| 2022<sup>(3)</sup> | $16.73 | 0.21 | 0.19 | 0.40 | (0.21) | (0.81) | (1.02) | $16.11 | 2.27% | 0.66%<sup>(4)</sup> | 2.47%<sup>(4)</sup> | 67% | $306949 |
| 2022 | $17.17 | 0.33 | 0.56 | 0.89 | (0.31) | (1.02) | (1.33) | $16.73 | 4.98% | 0.65% | 1.86% | 140% | $309887 |
| 2021 | $15.91 | 0.41 | 2.08 | 2.49 | (0.39) | (0.84) | (1.23) | $17.17 | 15.95% | 0.66% | 2.34% | 108% | $314100 |
| 2020 | $17.88 | 0.53 | (1.97) | (1.44) | (0.53) |  | (0.53) | $15.91 | (8.39)% | 0.67% | 2.95% | 102% | $321917 |
| 2019 | $16.85 | 0.56 | 1.46 | 2.02 | (0.56) | (0.43) | (0.99) | $17.88 | 12.26% | 0.67% | 3.20% | 64% | $406948 |
| 2018 | $18.14 | 0.58 | (0.58) | —<sup>(5)</sup> | (0.56) | (0.73) | (1.29) | $16.85 | (0.06)% | 0.67% | 3.31% | 48% | $405844 |

---

**Notes to Financial Highlights**

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

(2)Total returns are calculated based on the net asset value of the last business day. Total returns for periods less than one year are not annualized.

(3)Six months ended December 31, 2022 (unaudited).

(4)Annualized.

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

See Notes to Financial Statements.

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Additional Information

**Retirement Account Information** 

As required by law, distributions you receive from certain retirement accounts are subject to federal income tax withholding at the IRS default rate of 10%.\* Tax will be withheld on the total amount withdrawn even though you may be receiving amounts that are not subject to withholding, such as nondeductible contributions. In such case, excess amounts of withholding could occur. You may adjust your withholding election so that a greater or lesser amount will be withheld.

You may elect a different withholding rate, or request zero withholding, by submitting an acceptable IRS Form W-4R election with your distribution request. You may notify us of your W-4R election by telephone, on our distribution forms, on IRS Form W-4R, or through other acceptable electronic means. If your withholding election is for an automatic withdrawal plan, you have the right to revoke your election at any time and any election you make will remain in effect until revoked by filing a new election.

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

State tax will be withheld according to state regulations if, at the time of your distribution, your tax residency is within one of the mandatory withholding states.

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

**Proxy Voting Policies** 

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

**Quarterly Portfolio Disclosure** 

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

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Notes

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Notes

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Notes

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| | |
|:---|:---|
| ![image15.jpg](image15.jpg) | ![image15.jpg](image15.jpg) |
| Contact Us | americancentury.com |
| Automated Information Line | 1-800-345-8765 |
| Investor Services Representative | 1-800-345-2021<br>or 816-531-5575 |
| Investors Using Advisors | 1-800-378-9878 |
| Business, Not-For-Profit, Employer-Sponsored<br>Retirement Plans | 1-800-345-3533 |
| Banks and Trust Companies, Broker-Dealers,<br>Financial Professionals, Insurance Companies | 1-800-345-6488 |
| Telecommunications Relay Service for the Deaf | 711 |
| **American Century Quantitative Equity Funds, Inc.** | **American Century Quantitative Equity Funds, Inc.** |
| **Investment Advisor:**<br>American Century Investment Management, Inc.<br>Kansas City, Missouri | **Investment Advisor:**<br>American Century Investment Management, Inc.<br>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.* | *This report and the statements it contains are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.* |
| **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91451 2302** | **©2023 American Century Proprietary Holdings, Inc. All rights reserved.<br>CL-SAN-91451 2302** |

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(b) None.

**ITEM 2. CODE OF ETHICS.**

Not applicable for semiannual report filings.

**ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.**

Not applicable for semiannual report filings.

**ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.**

Not applicable for semiannual report filings.

**ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.**

Not applicable for semiannual report filings.

**ITEM 6. INVESTMENTS.**

(a) The schedule of investments is included as part of the report to stockholders filed under Item 1 of this Form.

(b) Not applicable.

**ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.**

Not applicable.

**ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.**

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

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**ITEM 11. CONTROLS AND PROCEDURES.**

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

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

**ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.**

Not applicable.

**ITEM 13. EXHIBITS.**

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

(a)(2) <u>[Separate certifications by the registrant's principal executive officer and principal financial officer](acqef123122ex-99cert.htm)</u>, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are filed and attached hereto as EX-99.CERT.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) <u>[A certification by the registrant's chief executive officer and chief financial officer](acqef123122ex-99906cert.htm)</u>, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, is furnished and attached hereto as EX- 99.906CERT.

------

**SIGNATURES**

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

---

| | | |
|:---|:---|:---|
| Registrant: | American Century Quantitative Equity Funds, Inc. | American Century Quantitative Equity Funds, Inc. |
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
| Date: | February 23, 2023 | February 23, 2023 |

---

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

---

| | | |
|:---|:---|:---|
| By: | /s/ Patrick Bannigan | /s/ Patrick Bannigan |
|  | Name: | Patrick Bannigan |
|  | Title: | President |
|  |  | (principal executive officer) |
| Date: | February 23, 2023 | February 23, 2023 |

---

---

| | | |
|:---|:---|:---|
| By: | /s/ R. Wes Campbell | /s/ R. Wes Campbell |
|  | Name: | R. Wes Campbell |
|  | Title: | Treasurer and |
|  |  | Chief Financial Officer |
|  |  | (principal financial officer) |
| Date: | February 23, 2023 | February 23, 2023 |

---

## Ex-99

EX-99.CERT

**CERTIFICATIONS**

I, Patrick Bannigan, certify that:

1. I have reviewed this report on Form N-CSR of American Century Quantitative Equity Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | February 23, 2023 |
| /s/ Patrick Bannigan | /s/ Patrick Bannigan |
| Patrick Bannigan | Patrick Bannigan |
| President | President |
| (principal executive officer) | (principal executive officer) |

---

------

I, R. Wes Campbell, certify that:

1. I have reviewed this report on Form N-CSR of American Century Quantitative Equity Funds, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: | February 23, 2023 |
| /s/ R. Wes Campbell | /s/ R. Wes Campbell |
| R. Wes Campbell | R. Wes Campbell |
| Treasurer and Chief Financial Officer | Treasurer and Chief Financial Officer |
| (principal financial officer) | (principal financial officer) |

---

## Exhibit 99.906

EX-99.906CERT

**CERTIFICATION** 

**<u>PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</u>**

In connection with the shareholder report of American Century Quantitative Equity Funds, Inc. (the "Registrant") on Form N-CSR for the period ending December 31, 2022 (the "Report"), we, the undersigned, certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Report fully complies with the requirements of Section 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

---

| | | | |
|:---|:---|:---|:---|
| Date: | February 23, 2023 |  |  |
|  |  | By: | /s/ Patrick Bannigan |
|  |  |  | Patrick Bannigan |
|  |  |  | President |
|  |  |  | (chief executive officer) |
|  |  | By: | /s/ R. Wes Campbell |
|  |  |  | R. Wes Campbell |
|  |  |  | Treasurer and Chief Financial Officer |
|  |  |  | (chief financial officer) |

---

<br>